公司财务原理Principles of Corporate Finance(11th edition)_课后习题答案Chap002

第11版,课后习题答案,第二章

Chapter 02 - How to Calculate Present Values

CHAPTER 2

How to Calculate Present Values

Answers to Problem Sets

1. If the discount factor is .507, then .507 x 1.126 = $1.

Est time: 01-05

2. DF x 139 = 125. Therefore, DF =125/139 = .899.

Est time: 01-05

3. PV = 374/(1.09)9 = 172.20.

Est time: 01-05

4. PV = 432/1.15 + 137/(1.152) + 797/(1.153) = 376 + 104 + 524 = $1,003.

Est time: 01-05

5. FV = 100 x 1.158 = $305.90.

Est time: 01-05

6. NPV = ?1,548 + 138/.09 = ?14.67 (cost today plus the present value of the

perpetuity).

Est time: 01-05

7. PV = 4/(.14 ? .04) = $40.

Est time: 01-05

8. a. PV = 1/.10 = $10.

b. Since the perpetuity will be worth $10 in year 7, and since that is roughly

double the present value, the approximate PV equals $5.

You must take the present value of years 1–7 and subtract from the total

present value of the perpetuity:

PV = (1/.10)/(1.10)7 = 10/2= $5 (approximately).

2-1

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