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标题: Reading 5: The Time Value of Money- LOS d, (Part 4)～ Q1-3 [打印本页]

作者: mayanfang1 时间: 2008-12-29 17:25 标题: [2009] Session 2 - Reading 5: The Time Value of Money- LOS d, (Part 4)～ Q1-3

Q1. Assuming a discount rate of 10%, which stream of annual payments has the highest present value?

A) $20 –$5 $20 $110

B) $110 $20 $10 $5

C) –$100 –$100 –$100 $500

Q2. Suppose you are going to deposit $1,000 at the start of this year, $1,500 at the start of next year, and $2,000 at the start of the following year in an savings account. How much money will you have at the end of three years if the rate of interest is 10% each year?

A) $5,346.00.

B) $4,000.00.

C) $5,750.00.

Q3. A firm is evaluating an investment that promises to generate the following annual cash flows:

End of Year Cash Flows

1 $5,000

2 $5,000

3 $5,000

4 $5,000

5 $5,000

6 -0-

7 -0-

8 $2,000

9 $2,000

Given BBC uses an 8% discount rate, this investment should be valued at:

A) $22,043.

B) $19,963.

C) $23,529.

作者: mayanfang1 时间: 2008-12-29 17:26

答案和详解如下：

Q1. Assuming a discount rate of 10%, which stream of annual payments has the highest present value?

A) $20 –$5 $20 $110

B) $110 $20 $10 $5

C) –$100 –$100 –$100 $500

Correct answer is B)

This is an intuition question. The two cash flow streams that contain the $110 payment have the same total cash flow but the correct answer is the one where the $110 occurs earlier. The cash flow stream that has the $500 that occurs four years hence is overwhelmed by the large negative flows that precede it.

A) $5,346.00.

B) $4,000.00.

C) $5,750.00.

Correct answer is A)

Future value of $1,000 for 3 periods at 10% = 1,331
Future value of $1,500 for 2 periods at 10% = 1,815
Future value of $2,000 for 1 period at 10% = 2,200
Total = $5,346

N = 3; PV = -$1,000; I/Y = 10%; CPT → FV = $1,331
N = 2; PV = -$1,500; I/Y = 10%; CPT → FV = $1,815
N = 1; PV = -$2,000; I/Y = 10%; CPT → FV = $2,200

Q3. A firm is evaluating an investment that promises to generate the following annual cash flows:

End of Year Cash Flows

1 $5,000

2 $5,000

3 $5,000

4 $5,000

5 $5,000

6 -0-

7 -0-

8 $2,000

9 $2,000

Given BBC uses an 8% discount rate, this investment should be valued at:

A) $22,043.

B) $19,963.

C) $23,529.

Correct answer is A)

PV(1 - 5): N = 5; I/Y = 8; PMT = -5,000; FV = 0; CPT → PV = 19,963

PV(6 - 7): 0

PV(8): N = 8; I/Y = 8; FV = -2,000; PMT = 0; CPT → PV = 1,080

PV(9): N = 9; I/Y = 8; FV = -2,000; PMT = 0; CPT → PV = 1,000

Total PV = 19,963 + 0 + 1,080 + 1,000 = 22,043.

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