罗斯公司理财Chap004全英文题库及答案

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Chapter04-DiscountedCashFlowValuation

31.TheAjaxCo.justdecidedtosave$1,500amonthforthenextfiveyearsasasafetynetforrecessionaryperiods.Themoneywillbesetasideinaseparatesavingsaccountwhichpays3.25%interestcompoundedmonthly.Itdepositsthefirst$1,500today.Ifthecompanyhadwantedtodepositanequivalentlumpsumtoday,howmuchwouldithavehadtodeposit?A.$82,964.59B.$83,189.29C.$83,428.87D.$83,687.23E.$84,998.01

Difficultylevel:Medium

Topic:ANNUITYDUEANDPRESENTVALUEType:PROBLEMS

4-16

Chapter04-DiscountedCashFlowValuation

32.Youneedsomemoneytodayandtheonlyfriendyouhavethathasanyisyour‘miserly'friend.Heagreestoloanyouthemoneyyouneed,ifyoumakepaymentsof$20amonthforthenextsixmonths.Inkeepingwithhisreputation,herequiresthatthefirstpaymentbepaidtoday.Healsochargesyou1.5%interestpermonth.Howmuchmoneyareyouborrowing?A.$113.94B.$115.65C.$119.34D.$119.63E.$119.96

Difficultylevel:Medium

Topic:ANNUITYDUEANDPRESENTVALUEType:PROBLEMS

4-17

Chapter04-DiscountedCashFlowValuation

33.Youbuyanannuitywhichwillpayyou$12,000ayearfortenyears.Thepaymentsarepaidonthefirstdayofeachyear.Whatisthevalueofthisannuitytodayata7%discountrate?A.$84,282.98B.$87,138.04C.$90,182.79D.$96,191.91E.$116,916.21

Difficultylevel:Medium

Topic:ANNUITYDUEANDPRESENTVALUEType:PROBLEMS

4-18

Chapter04-DiscountedCashFlowValuation

34.Youarescheduledtoreceiveannualpaymentsof$10,000foreachofthenext25years.Yourdiscountrateis8.5%.Whatisthedifferenceinthepresentvalueifyoureceivethesepaymentsatthebeginningofeachyearratherthanattheendofeachyear?A.$8,699B.$9,217C.$9,706D.$10,000E.$10,850

Difference=$111,040.97-$102,341.91=$8,699.06=$8,699(rounded)Note:Thedifference=.085?$102,341.91=$8,699.06

Difficultylevel:Medium

Topic:ORDINARYANNUITYVERSUSANNUITYDUEType:PROBLEMS

4-19

Chapter04-DiscountedCashFlowValuation

35.Youarecomparingtwoannuitieswithequalpresentvalues.Theapplicablediscountrateis7.5%.Oneannuitypays$5,000onthefirstdayofeachyearfortwentyyears.Howmuchdoesthesecondannuitypayeachyearfortwentyyearsifitpaysattheendofeachyear?A.$4,651B.$5,075C.$5,000D.$5,375E.$5,405

Becauseeachpaymentisreceivedoneyearlater,thenthecashflowhastoequal:$5,000?(1+.075)=$5,375

Difficultylevel:Medium

Topic:ORDINARYANNUITYVERSUSANNUITYDUEType:PROBLEMS

4-20

Chapter04-DiscountedCashFlowValuation

36.Marthareceives$100onthefirstofeachmonth.Stewartreceives$100onthelastdayofeachmonth.BothMarthaandStewartwillreceivepaymentsforfiveyears.Atan8%discountrate,whatisthedifferenceinthepresentvalueofthesetwosetsofpayments?A.$32.88B.$40.00C.$99.01D.$108.00E.$112.50

Difference=$4,964.72-$4,931.84=$32.88

Difficultylevel:Medium

Topic:ORDINARYANNUITYVERSUSANNUITYDUEType:PROBLEMS

4-21

Chapter04-DiscountedCashFlowValuation

37.Whatisthefuturevalueof$1,000ayearforfiveyearsata6%rateofinterest?A.$4,212.36B.$5,075.69C.$5,637.09D.$6,001.38E.$6,801.91

Difficultylevel:Easy

Topic:ORDINARYANNUITYANDFUTUREVALUEType:PROBLEMS

38.Whatisthefuturevalueof$2,400ayearforthreeyearsatan8%rateofinterest?A.$6,185.03B.$6,847.26C.$7,134.16D.$7,791.36E.$8,414.67

Difficultylevel:Easy

Topic:ORDINARYANNUITYANDFUTUREVALUEType:PROBLEMS

4-22

Chapter04-DiscountedCashFlowValuation

39.Janetplansonsaving$3,000ayearandexpectstoearn8.5%.HowmuchwillJanethaveattheendoftwenty-fiveyearsifsheearnswhatsheexpects?A.$219,317.82B.$230,702.57C.$236,003.38D.$244,868.92E.$256,063.66

Difficultylevel:Easy

Topic:ORDINARYANNUITYANDFUTUREVALUEType:PROBLEMS

4-23

Chapter04-DiscountedCashFlowValuation

40.Toniadds$3,000tohersavingsonthefirstdayofeachyear.Timadds$3,000tohissavingsonthelastdayofeachyear.Theybothearna9%rateofreturn.Whatisthedifferenceintheirsavingsaccountbalancesattheendofthirtyyears?A.$35,822.73B.$36,803.03C.$38,911.21D.$39,803.04E.$40,115.31

Difference=$445,725.65-$408,922.62=$36,803.03Note:Difference=$408,922.62?.09=$36,803.03

Difficultylevel:Medium

Topic:ANNUITYDUEVERSUSORDINARYANNUITYType:PROBLEMS

4-24

Chapter04-DiscountedCashFlowValuation

41.Youborrow$5,600tobuyacar.Thetermsoftheloancallformonthlypaymentsforfouryearsata5.9%rateofinterest.Whatistheamountofeachpayment?A.$103.22B.$103.73C.$130.62D.$131.26E.$133.04

Difficultylevel:Easy

Topic:ORDINARYANNUITYPAYMENTSType:PROBLEMS

4-25

Chapter04-DiscountedCashFlowValuation

42.Youborrow$149,000tobuyahouse.Themortgagerateis7.5%andtheloanperiodis30years.Paymentsaremademonthly.Ifyoupayforthehouseaccordingtotheloanagreement,howmuchtotalinterestwillyoupay?A.$138,086B.$218,161C.$226,059D.$287,086E.$375,059

Totalinterest=($1,041.83?30?12)-$149,000=$226,058.80=$226,059(rounded)

Difficultylevel:Medium

Topic:ORDINARYANNUITYPAYMENTSANDCOSTOFINTERESTType:PROBLEMS

4-26

Chapter04-DiscountedCashFlowValuation

43.TheGreatGiantCorp.hasamanagementcontractwithitsnewlyhiredpresident.Thecontractrequiresalumpsumpaymentof$25millionbepaidtothepresidentuponthe

completionofherfirsttenyearsofservice.Thecompanywantstosetasideanequalamountoffundseachyeartocoverthisanticipatedcashoutflow.Thecompanycanearn6.5%onthesefunds.Howmuchmustthecompanysetasideeachyearforthispurpose?A.$1,775,042.93B.$1,798,346.17C.$1,801,033.67D.$1,852,617.25E.$1,938,018.22

Difficultylevel:Easy

Topic:ORDINARYANNUITYPAYMENTSANDFUTUREVALUEType:PROBLEMS

4-27

Chapter04-DiscountedCashFlowValuation

44.Youretireatage60andexpecttoliveanother27years.Onthedayyouretire,youhave$464,900inyourretirementsavingsaccount.Youareconservativeandexpecttoearn4.5%onyourmoneyduringyourretirement.Howmuchcanyouwithdrawfromyourretirementsavingseachmonthifyouplantodieonthedayyouspendyourlastpenny?A.$2,001.96B.$2,092.05C.$2,398.17D.$2,472.00E.$2,481.27

Difficultylevel:Medium

Topic:ORDINARYANNUITYPAYMENTSANDPRESENTVALUEType:PROBLEMS

4-28

Chapter04-DiscountedCashFlowValuation

45.TheMcDonaldGrouppurchasedapieceofpropertyfor$1.2million.Itpaidadown

paymentof20%incashandfinancedthebalance.Theloantermsrequiremonthly