答案和详解如下： 13、If 10 equal annual deposits of $1,000 are made into an investment account earning 9 percent starting today, how much will you have in 20 years? A) $35,967. B) $39,204. C) $42,165. D) $23,674. The correct answer was B) Switch to BGN mode. PMT = –1,000; N = 10, I/Y = 9, PV = 0; CPT → FV = 16,560.29. Remember the answer will be one year after the last payment in annuity due FV problems. Now PV10 = 16,560.29; N = 10; I/Y = 9; PMT = 0; CPT → FV = 39,204.23. Switch back to END mode. 14、An annuity will pay eight annual payments of $100, with the first payment to be received three years from now. If the interest rate is 12 percent per year, what is the present value of this annuity? The present value of: A) an ordinary annuity of 8 periods at 12%. B) a lump sum discounted for 3 years, where the lump sum is the present value of an ordinary annuity of 8 periods at 12%. C) a lump sum discounted for 2 years, where the lump sum is the present value of an ordinary annuity of 8 periods at 12%. D) an ordinary annuity for 11 periods at 12%. The correct answer was C) The PV of an ordinary annuity (calculation END mode) gives the value of the payments one period before the first payment, which is a time = 2 value here. To get a time = 0 value, this value must be discounted for two periods (years). 15、An annuity will pay eight annual payments of $100, with the first payment to be received one year from now. If the interest rate is 12 percent per year, what is the present value of this annuity? A) $556.38. B) $1,377.57. C) $1,229.97. D) $496.76. The correct answer was D) n = 8, i/yr = 12%, PMT = -$100, FV = 0, Compute PV = $496.76 16、An investor deposits $4,000 in an account that pays 7.5 percent, compounded annually. How much will this investment be worth after 12 years? A) $9,358. B) $7,600. C) $9,527. D) $5,850. The correct answer was C) N=12; I/Y=7.5; PV=-4,000; PMT=0; CPT FV=$9,527. 17、You borrow $15,000 to buy a car. The loan is to be paid off in monthly payments over 5 years at 12 percent annual interest. What is the amount of each payment? A) $456. B) $334. C) $546. D) $680. The correct answer was B) i = 12/12 = 1; n = 5 *12 = 60; PV = 15,000. Compute PMT = 333.67 18、How much would the following income stream be worth assuming a 12 percent discount rate? § $100 received today § $200 received 1 year from today § $400 received 2 years from today § $300 received 3 years from today A) $1,112.44. B) $721.32. C) $810.98. D) $865.34. The correct answer was C) N | i | FV | PV | 0 | 12 | 100 | 100.00 | 1 | 12 | 200 | 178.57 | 2 | 12 | 400 | 318.88 | 3 | 12 | 300 | 213.53 |
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发表于 2008-4-2 12:11
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