答案和详解如下： Q4. Given the following cash flow stream: End of Year Annual Cash Flow 1 $4,000 2 $2,000 3 -0- 4 -$1,000 Using a 10% discount rate, the present value of this cash flow stream is: A) $3,415. B) $3,636. C) $4,606. Correct answer is C) PV(1): N = 1; I/Y = 10; FV = -4,000; PMT = 0; CPT → PV = 3,636
PV(2): N = 2; I/Y = 10; FV = -2,000; PMT = 0; CPT → PV = 1,653
PV(3): 0
PV(4): N = 4; I/Y = 10; FV = 1,000; PMT = 0; CPT → PV = -683
Total PV = 3,636 + 1,653 + 0 − 683 = 4,606 Q5. Find the future value of the following uneven cash flow stream. Assume end of the year payments. The discount rate is 12%. Year 1 -2,000 Year 2 -3,000 Year 3 6,000 Year 4 25,000 Year 5 30,000 A) $58,164.58. B) $65,144.33. C) $33,004.15. Correct answer is A) N = 4; I/Y = 12; PMT = 0; PV = -2,000; CPT → FV = -3,147.04
N = 3; I/Y = 12; PMT = 0; PV = -3,000; CPT → FV = -4,214.78
N = 2; I/Y = 12; PMT = 0; PV = 6,000; CPT → FV = 7,526.40
N = 1; I/Y = 12; PMT = 0; PV = 25,000; CPT → FV = 28,000.00
N = 0; I/Y = 12; PMT = 0; PV = 30,000; CPT → FV = 30,000.00 Sum the cash flows: $58,164.58. Alternative calculation solution: -2,000 × 1.124 − 3,000 × 1.123 + 6,000 × 1.122 + 25,000 × 1.12 + 30,000 = $58,164.58. | 
发表于 2008-12-29 17:29
| 
