3-1.

()
(1)
(2)
(3)
(4)

5 =
3 =
10 =
4 =

1,000,000(1+0.1)5 = 1,000,0001.6105 = 1,610,500

1,000,000(1+0.1/12)312 = 1,000,0001.3466= 1,346,600
2,000,000(1+0.12/2)102 = 2,000,0003.2071 = 6,414,200
10,000,000(1+0.12/4)44 = 10,000,0001.6047=16,047,000

3-2. ( )
(1) = 10,000,000(1+0.1)5= 10,000,000(0.1, 5)
= 10,000,0001.6105=16,105,000
(2) = 89,000,000(1+0.01)24=89,000,000(0.01, 5)
= 89,000,0001.2697 = 113,003,300
(3) = 105,000,000(0.05, 54)
= 105,000,0002.6533= 278,596,500
3-3. ( )
(1) = 5,000,000(0.01, 50)

= 5,000,000
= 5,000,00064.4632=322,316,000

(2) = 50,000,000(0.14, 10)

= 50,000,000
= 50,000,00019.3373=966,865,000

(3) = 9,000,000(0.04, 40)

= 9,000,000
= 9,000,000 95.0255= 855,229,500

3-4. ( )
(1) = 20,000,000(0.1, 5) = 20,000,0000.6209 = 12,418,000
(2) = 80,000,000(0.01, 24) = 80,000,0000.7876 = 63,008,000
(3) = 100,000,000(0.05, 20) = 100,000,0000.3769 = 37,690,000
3-5. ( )
(1) = 5,000,000(0.01, 50)

0.9901)
= 5,000,000 1 - (0.01
(
= 5,000,00039.1961=195,980,500
50

(2) = 50,000,000(0.12, 10)

0.8929)
= 50,000,000 1 - (0.12
(
= 50,000,0005.6502=282,510,000
10

=0.8929)

(3) = 9,000,000(0.04, 40)

0.9615)
1
= 9,000,000 1 - (0.04
( 1.04
=0.9615)
= 9,000,00019.7928=178,135,200
40

3-6. ( )

.
-1
= (0.01, 36) = ( 1.01)
= 3,000,000
0.01
43.0769 = 3,000,000

=
= 69,643

36

69,643 3 .
3-7. ( )
.
.
= $40,000(0.07, 20)
0.9346)
1
= 40,000 1 - (0.07
( 1.07
= 0.9346)
= 40,000 10.594 = $ 423,760
20

$423,760 $600,000
.
3-8. (, )
(1) 14% 10 1,000,000
.
= 1,000,000(0.14, 10)

= 1,000,000(1.14)10=1,000,0003.7072= 3,707,200
, 3,707,200 .
(2) , 2
3,707,200 .
(0.01, 24) = 3,707,200
0.9901)
1 -( 0.01
= 3,707,200 (v=
21.2434 = 3,707,200 = 174,511

24

1
1.01

=0.9901)

2 174,511 3,707,200
.
3-9. ( )
,
. () 30 .
, 30 10
1 . ,
30 = 30
0

30

31

32

40

1
1

, 30 30 .
30
-1
= A ( 1.08)
= (0.08, 30)=113.2832
0.08
30

(1)

, 10 30 .
30
0.9434)
1
= 1 1 - (0.06
(v= 1.06
=0.9434)
10

= 1(0.06, 10)=17.3601=736,010,000

(2)

(1) (2) .

113.2832 = 736,010,000 =

= 6,497,080

30 6,497,080 10
.
3-10. ( )

35 36 37 60

61

62

1400

70
1400

(1) 61 70 10
60 .
9% :
60
= 14,000,000 (0.09, 10)
0.9174)
1
= 14,000,000 1 - (0.09
( 1.09
=0.9174)
= 14,000,000 6.4177= 89,847,800
10

61 10 ,
60 89,847,800 .
8% :
60
= 14,000,000 (0.08, 10)
0.9259)
= 14,000,000 1 - (0.08
(
= 14,000,000 6.7101= 93,941,400
10

1
1.08

=0.9259)

8% 93,941,400

.
(2) 60 90,000,000 .
10 .
9% :
= 89,847,800 < = 90,000,000
8% :
= 93,941,400 > = 90,000,000
, 60 10
10 ,
.
3-11. ()

ln ln

ln

ln

()

3-12. ()
= =2A

ln ln
ln



ln

1=6 () =

3-13.( )
( )

( )

ln
()


ln

3-14. ( )
(1) , n = 10
10

 ()
(2) , n = 120
10

()

(3) 5 ,
.
5 : ,
5

n=5

5 , 5 :
,
n = 60
5

5 = 5 5

()

3-15. ( )
, 10 2,009 12 31
.
2,009 12 31


= 15.9374

, 20 10 2,009 12 31
.
2,009 12 31

= 851,360

15.9374 x = 851,360 x = 53,419

x 53,419.
3-16. ( )

V0

V20

19

V40

21

20

39

500

40

500

500
20

(V19)

19

=6,295()

()

(1) (= )

62,950,000 0.4044=25,456,980

(2) 40 (= )

=62,950,000 ()=17,127,705

3-17. ( : )

00

90

90

91

92

99

01

02

09

1,000 1,000 1,000 . 1,000

10 (r=10%)
x

10 (r=20%)

1,000 10 1999 1231 (=2000 11

)
10%
1999 1231

10 2000 11
20%
x 10
2000 11

3-18. ()

= 0.1254

3-19. ( )
; =

 %.
17.2737% (1.4395% 12 = 17.2737%).
(solver) ;
-1 : MS office Excel sheet
.
MS office Excel

:
B3 ,
B2,
B1 . ( 2% ) .
- 2 ; MS office Excel

; ( )

- 3


- 4; , ,
: B3
40 40 . 40
B1
.

- 5; ( )
3-20. ( )

=0.015131 .

0.01513112=0.181572 18.16% .
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: MS office Excel sheet

:
B3 ,
B2,
B1 . ( 2% ) .

- 2

; MS office Excel

; ( )

- 3

- 4; , ,

: B3
20 20 . 20
B1
.

- 5;

3-21. ( )
(1) (15) = 100/1000=0.1, (15) =
%
(2)
EAR =

%
m;

EAR =

3-22.()
1 5 + 1 5000 + 2 5000

= 1 5 + 5000
+ 5000


=1 5 + 5000 0.9434 + 5000 0.8900
= 1 5 + 47,170,000 + 44,500,000 = 241,670,000

3-23.( )
) = 5,000,000

= 5,000,000 10.5940 = 52,970,000