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标题: Reading 5: The Time Value of Money- LOS d, (Part 2)～ Q6-8 [打印本页]

作者: mayanfang1 时间: 2008-12-29 17:12 标题: [2009] Session 2 - Reading 5: The Time Value of Money- LOS d, (Part 2)～ Q6-8

Q6. What is the present value of a 10-year, $100 annual annuity due if interest rates are 0%?

A) $900.

B) $1,000.

C) No solution.

Q7. Justin Banks just won the lottery and is trying to decide between the annual cash flow payment option or the lump sum option. He can earn 8% at the bank and the annual cash flow option is $100,000/year, beginning today for 15 years. What is the annual cash flow option worth to Banks today?

A) $855,947.87.

B) $924,423.70.

C) $1,080,000.00.

Q8. If an investor puts $5,724 per year, starting at the end of the first year, in an account earning 8% and ends up accumulating $500,000, how many years did it take the investor?

A) 87 years.

B) 26 years.

C) 27 years.

作者: mayanfang1 时间: 2008-12-29 17:13

答案和详解如下：

Q6. What is the present value of a 10-year, $100 annual annuity due if interest rates are 0%?

A) $900.

B) $1,000.

C) No solution.

Correct answer is B)

When I/Y = 0 you just sum up the numbers since there is no interest earned.

A) $855,947.87.

B) $924,423.70.

C) $1,080,000.00.

Correct answer is B)

First put your calculator in the BGN.

N = 15; I/Y = 8; PMT = 100,000; CPT → PV = 924,423.70.

Alternatively, do not set your calculator to BGN, simply multiply the ordinary annuity (end of the period payments) answer by 1 + I/Y. You get the annuity due answer and you don’t run the risk of forgetting to reset your calculator back to the end of the period setting. OR N = 14; I/Y = 8; PMT = 100,000; CPT → PV = 824,423.70 + 100,000 = 924,423.70.

Q8. If an investor puts $5,724 per year, starting at the end of the first year, in an account earning 8% and ends up accumulating $500,000, how many years did it take the investor?

A) 87 years.

B) 26 years.

C) 27 years.

Correct answer is C)

I/Y = 8; PMT = -5,724; FV = 500,000; CPT → N = 27.

Remember, you must put the pmt in as a negative (cash out) and the FV in as a positive (cash in) to compute either N or I/Y.

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