文档介绍：该【罗斯《公司理财》第9版精要版英文原书课后部分章节答案 】是由【1781111****】上传分享，文档一共【17】页，该文档可以免费在线阅读，需要了解更多关于【罗斯《公司理财》第9版精要版英文原书课后部分章节答案 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。:..CH511,13,18,19,,weuse:PV=FV/(1+r)tPV=$1,000,000/()80=$,,thatis:FV=PV(1+r)tSolvingforr,weget:r=(FV/PV)1/t–1r=($1,260,000/$150)1/112–1=.%TofindtheFVofthefirstprize,weuse:FV=PV(1+r)tFV=$1,260,000()33=$18,056,,weuse:FV=PV(1+r)tFV=$4,000()45=$438,=$4,000()35=$154,!,themoneywillonlybeinvestedforsixyears,=PV(1+r)tFV=$20,000()6=$32,,,thatis:FV=PV(1+r)tSolvingfort,weget:t=ln(FV/PV)/ln(1+r)t=ln($75,000/$10,000)/ln()=,,,you’llwait:2years+=,24,27,42,,wesimplyneedtofindtheFVofalumpsumusingtheequation:FV=PV(1+r)t1/17:..,wewilldividetheinterestratebytwo(poundingperiodsinayear),,weget:FV=$2,100[1+(.084/2)]34=$8,:FVA=C{[(1+r)t–1]/r}FVA=$300[{[1+(.10/12)]360–1}/(.10/12)]=$678,,,weget:EAR=[1+(APR/m)]m–1EAR=[1+(.11/4)]4–1=.%AndnowweusetheEARtofindthePVofeachcashflowasalumpsumandaddthemtogether:PV=$725/+$980/+$1,360/=$2,,thepresentvalueofthe$1,150monthlypaymentsis:PVA=$1,150[(1–{1/[1+(.0635/12)]}360)/(.0635/12)]=$184,$1,150willamounttoaprincipalpaymentof$184,:$240,000–184,=$55,,whichistheFVoftheremainingprincipalwillbe:Balloonpayment=$55,[1+(.0635/12)]360=$368,,weshouldfindthePVofbothoptions,,,plusthe$:PV=$99+$450{1–[1/(1+.07/12)12(3)]}/(.07/12)=$14,:PV=$23,000/[1+(.07/12)]12(3)=$18,:$32,000–18,=$13,:..Inthiscase,,,thePVofthedecisiontobuyshouldbe:$32,000–PVofresaleprice=$14,=$17,,so:Breakevenresaleprice=$17,[1+(.07/12)]12(3)=$21,,18,21,22,,:P=$75({1–[1/(1+.0875)]10}/.0875)+$1,000[1/(1+.0875)10]=$(ortype,asthecasemaybe)theentireequationforthePVofalumpsum,orthePVAequation,montoabbreviatetheequationsas:PVIF=1/(1+r)tR,twhichstandsforPresentValueInterestFactorPVIFA=({1–[1/(1+r)]t}/r)R,:P=$1,068=$46(PVIFA)+$1,000(PVIF)0R%,18R%,18Usingaspreadsheet,financialcalculator,ortrialanderrorwefind:R=%Thisisthesemiannualinterestrate,sotheYTMis:YTM=2?%=%Thecurrentyieldis:Currentyield=Annualcouponpayment/Price=$92/$1,068=.%TheeffectiveannualyieldisthesameastheEAR,sousingtheEARequationfromthepreviouschapter:Effectiveannualyield=(1+)2–1=.%,thecouponpaymentpersixmonthsisone-,:Accruedinterest=$74/2×2/6=$:3/17:..Cleanprice=Dirtyprice–Accruedinterest=$968–=$,thecouponpaymentpersixmonthsisone-,:Accruedinterest=$68/2×4/6=$:Dirtyprice=Cleanprice+Accruedinterest=$1,073+=$1,,,wecanusethebondpriceequation,,sowecancalculatethepriceas:Currentyield=.0755=$80/P0P=$80/.0755=$1,,thebondpriceequationis:P=$1,=$80[(1–(1/)t)/.072]+$1,000/:$1,()t=$1,()t–1,+1,=()===?(orfinancialinstrument),tofindthepriceofthebond,:P=$1,100(PVIFA)(PVIF)+$1,400(PVIFA)(PVIF)+%,%,%,%,28$20,000(PVIF)%,40P=$19,$1,400,wefoundthePVAforthecouponpayments,$20,000parvalue,therefore,thepriceofthebondisthePVofthepar,or:P=$20,000(PVIF)=$5,%,40CH84,18,20,22,,wefindthepriceofthestocktodayis:P=D/(R–g)=$/(.11–.038)=$:..,sowecanfindthepriceofthestockinYear19,,weget:P=$/.06419P=$,sothepricetodaywillbe:P=$/()190P=$-stagedividendgrowthmodelforthisproblem,whichis:P=[D(1+g)/(R–g)]{1–[(1+g)/(1+R)]T}+[(1+g)/(1+R)]T[D(1+g)/(R–g)]001111022P=[$()/(.13–.28)][1–()8]+[()/()]8[$()/(.13–.06)]0P=$,,,(requiredreturn):P=D(1+g)/(R–g)=$()/(.19–.10)=$=D/P=$()/$=.09or9%10Capitalgainsyield=.19–.09=.10or10%X:P=D(1+g)/(R–g)=$/(.19–0)=$=D/P=$/$=.19or19%10Capitalgainsyield=.19–.19=0%Y:P=D(1+g)/(R–g)=$(1–.05)/(.19+.05)=$=D/P=$()/$=.24or24%10Capitalgainsyield=.19–.24=–.05or–5%Z:P=D(1+g)/(R–g)=D(1+g)2(1+g)/(R–g)=$()2()/(.19–.12)=220122$=$()/()+$()2/()2+$/()2=$=D/P=$()/$=.%10Capitalgainsyield=.19–.066=.%Inallcases,therequiredreturnis19%,;conversely,mature,negative-,,,thepriceinYear3willbe:5/17:..P=$()()()()/(.11–.05)=$,plusthePVofthestockpriceinYear3,so:P=$()/()+$()()/+$()()()/+$=$,4,6,9,$19,000inYear1,sothecashflowsareshortby$21,000ofrecapturingtheinitialinvestment,sothepaybackforProjectAis:Payback=1+($21,000/$25,000)=:Cashflows=$14,000+17,000+24,000=$55,$5,000ofrecapturingtheinitialinvestment,sothepaybackforProjectBis:B:Payback=3+($5,000/$270,000)=,,:ValuetodayofYear1cashflow=$4,200/=$3,=$5,300/=$4,=$6,100/=$4,=$7,400/=$4,,$3,,sothediscountedpaybackfora$7,000initialcostis:Discountedpayback=1+($7,000–3,)/$4,=$10,000,thediscountedpaybackis:Discountedpayback=2+($10,000–3,–4,)/$4,=,,$13,000,thediscountedpaybackis:Discountedpayback=3+($13,000–3,–4,–4,)/$4,=:..:e=($1,938,200+2,201,600+1,876,000+1,329,500)/4=$1,836,325Andtheaveragebookvalueis:Averagebookvalue=($15,000,000+0)/2=$7,500,000So,theAARforthisprojectis:AAR=e/Averagebookvalue=$1,836,325/$7,500,000=.%,theequationfortheNPVofthisprojectatan8percentrequiredreturnis:NPV=–$138,000+$28,500(PVIFA)=$40,%,9Atan8percentrequiredreturn,theNPVispositive,:NPV=–$138,000+$28,500(PVIFA)=–$23,%,9Ata20percentrequiredreturn,theNPVisnegative,,:0=–$138,000+$28,500(PVIFA)IRR,9IRR=%:PI=[$7,300/+$6,900/+$5,700/]/$14,000=:PI=[$7,300/+$6,900/+$5,700/]/$14,000=:PI=[$7,300/+$6,900/+$5,700/]/$14,000=:ThedocumentwascreatedwithSpi