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cu 1

n
pv
r
FV

hy tnh gi tr thu c t 8 kz khon pht sinh cui kz 10 triu ng, li 8%


8 kz
10 triu
8% nm
$18.51

cu 2
n
r
FV
PV

tm gi tr ca kz khon c nh pht sinh cui kz ( li gp vo vn ) trong 10 nm, li sut 14%, bit gi tr thu
10 nm
14% kz
723666250.00 ng
($195,204,491.10) ng

cu 3
n
pmt
fv
Rate

mi chui 7 kz khon pht sinh u kz 20 triu ng c gi tr cui kz l 162840180 ng, li sut bao nhiu?
7 kz
20 triu ng
162840180 ng
4%

cu 4
FV
pmt
r
n

mt ngi mun c s tin 200 triu ng, kh nng ngi c th tch ly hng nm l 10 triu ng, nu gi s
th sau bao nhiu nm ngi c c s tin 200 triu ng ?
200 triu
10 triu
12% nm
10.80 nm

cu 5
n
pmt
r
PV

tm hin gi ca chui 10 kz khon c nh tr cui kz 10 triu, li 12%/nm


10 kz
10 triu
12% nm
$56.50 triu

cu 6
FV
r
n
pmt

ng X mun c s vn l 200 triu, u mi qu{ ng phi gi tit kim 1 s tin bng nhau trong 12 qu{, li sut 1
200 triu
12% nm
12 qu
($13.68) triu

cu 7
a/
fv
n
r
PV
b/
PMT
c/
FV

ngy 1/1/2017 bn cn 1000 USD, ngn hng tnh li kp, vi li sut 8%/nm
bn phi gi bao nhiu vo ngy 1/1/2014 c c s tin trong tng lai?
1000 USD
3 nm
8% nm
($793.83)
nu gi s tin bng nhau vo ngy 1/1 mi nm t 2014-2017 c c s tin theo nhu cu th s tin mi l
($308.03)
nu cha m bn c { nh cho bn s tin bn cn trong tng lai bng 2 cch: cho 1 ln 750 USD vo ngy 1/1/20
$944.78 chn phng n B v s tin 750 USD cho ngy 1/1/2014 gi ngn hng n 1/1/2017 nh h

d/
rate
e/
pmt
rate
f/
pmt
g/
effect
cu 8
a/
n
GTCH
STTT
rate
b/
GTCH
STTT
n
pmt
rate
c/
GTCH
STTT
n
rate
pmt
d/
GTCH
STTT
pmt
nper

nu c 750 USD vo ngy 1/1/2014 bn cn ngn hng tr li bao nhiu % c c 1000 USD vo ngy 1/1/201
10%
nu bn c th gi 186 USD vo ngy 1/1 mi nm t 2014-2017 v bn cn c 1000 USD vo ngy 1/1/2017 th b
186 USD
65%
gip bn c 1000 USD vo ngy 1/1/2017, m bn cho bn 400 USD vo ngy 1/1/2014. bn i lm gi 6 kh
ghp li bn nin, vy s tin bn gi mi kz l bao nhiu?
($74.80)
li sut hiu dng (thc t ) m ngn hng tr trong cu f l bao nhiu?
8.27%

sau khi i dy c tr tch ly c 1 t ng, c Tr d kin dng s tin ny mua nh. Ngoi khon tin tch ly c
mun mua, vi li sut 14%/nm, tr li cui kz, thi gian vay ti a l 10 nm. C Tr ang cn nhc mt s vn
nu mua cn h gi 1,5 t ng, tr trc 1 t, s cn li i vay ngn hng tnh li cui kz, ghp li hng thng.
10 nm
1.5 t
1 t
14% nm

trng hp c Tr l cng chc nh nc c vay u i mua nh x hi. Cn h tr gi 1,2 t ng, t l tr tr


Tr vay vi li sut bao nhiu %/ nm, trng hp tr li u kz?
1.2 t
0.6 t
10 nm
7.5 triu
36% nm
bn hy tnh gip c Tr s tin tr gp, nu mua cn h tr gi 1,5 t ng, tr trc s tin c Tr c, s cn li d
1.5 t
1 t
5 nm
14% nm
-11634125.42 ng
c Tr phi tr gp bao nhiu nm trong trng hp mua cn nh tr gi 2 t ng, tr trc 1 t ng, s cn li
2 t
1 t
118 triu
5.97 nm

li sut 14%, bit gi tr thu c l 723666250 ng

0 ng, li sut bao nhiu?

g nm l 10 triu ng, nu gi s tin tch ly hng nm vo ngn hng vo cui mi nm vi li sut 12%/nm

ng nhau trong 12 qu{, li sut 12%/nm. Xc nh s tin gi mi qu{?

n theo nhu cu th s tin mi ln gi l bao nhiu?

o 1 ln 750 USD vo ngy 1/1/2014 hoc gi tit kim cho bn theo phng n b, bn s chn phng n no
ngn hng n 1/1/2017 nh hn 1000 USD

c 1000 USD vo ngy 1/1/2017?

00 USD vo ngy 1/1/2017 th bn cn ngn hng tr li kp hng nm l bao nhiu?

/1/2014. bn i lm gi 6 khon tin vo mi 6 thng sau . Nu li sut ngn hng l 8%

nh. Ngoi khon tin tch ly c Tr c th vay ngn hng thm ti a 70% gi tr cn nh
Tr ang cn nhc mt s vn sau, cn bn l chuyn gia ti chnh trong tng lai t vn:
cui kz, ghp li hng thng.

tr gi 1,2 t ng, t l tr trc 50%. S cn li i vay trong 10 nm, mi thng tr gp 7,5 triu. Vy c

c s tin c Tr c, s cn li d tnh vay ngn hng trong 5 nm, tr gp u hng thng?

, tr trc 1 t ng, s cn li c tr i vay mi nm tr 118 triu?

Chng 3

Cc cng c phn tch nhy

bi 3.1

ti sn giao dch bt ng sn XYZ, c bn 3 cn h chung c nh sau;


cn h
din tch (m2)
n gi/m2 (triu ng)
loi A
300
10
loi B
120
13
loi C
70
15
anh hai la c thu nhp tr hng thng l 16 triu ng
ch Ba Np c thu nhp tr hng thng l 8 triu ng
Ch T ch c thu nhp tr hng thng l 20 triu ng
c bit li sut ngn hng l 12%/nm, ghp li hng thng.
a)
rate
STTT
n
pmt
b)
rate
pmt
STTT
n
PMT
c)
GTCH
STTT
rate
pmt
nper
bi 3.2

a)
ch tiu
chi ph vn chuyn
Thanh ton tin v/ chuyn
STTT
vay ngn hng ngoi thng
li vay
thu nhp khu phi np
thu gtgt hng nhp khu
gi bn

anh hai la c th mua cn h loi no nu thi gian tr gp l 10 nm v s tin tr tr


12% nm
cn h
300 triu ng
loi A
10 nm
loi B
($16.00)
loi C
vy vi s tin tr hng thng l 16 triu ng th Anh Hai La s mua c cn h loi C
ch Ba Np mun mua cn h loi B v tr gp trong 5 nm vy Ch Ba Np phi tr trc
12% nm
8 triu ng
1200.36 triu ng
vy mua c cn h loi B m mi thng
5 nm
($8.00)
ch T ch c s tin tr trc l 1500 triu, mun mua cn h loi A hi ch phi gp tr
3000 triu ng
1500 triu ng
12% nm
20 triu ng
4.7 nm

cng ty Alpha nhp l hng 5400 tn xi mng ca Nht tr gi 45 USD/tn, chi ph giao hn
mt hng v chi ph vn chuyn, khi hng v nhp kho s thanh ton ngay s tin cn li.
vn chuyn bng tin gi ngn hng ca cng ty v vay ngn hng ngoi thng s tin m
tng l 10%, thu thu nhp doanh nghip l 25%. Khi hng v kho, cng ty d tnh bn ng
hy tnh li gp d kin ca thng v ny
n gi/tn
khi lng
thnh tin
45
5400
5103000000
7
5400
793800000
793800000
40%
2041200000
2041200000
1.20% thng
24494400
765450000 ng
666225000 ng
1200000 ng/tn

doanh thu bn hng

6480000000
li gp d kin ca thng v ny
1377000000 ng
nu cng ty p dng t sut li nhun gp trn doanh thu l 6% th cng ty s n nh gi
1.20% thng
24494400
1006029.307 ng/tn
5432558257
5103000000
329558256.6
6%
vy t sut li gp trn doanh thu l 6% th cng ty phi thay i gi bn ca loi xi m

b)
li vay
s tin vay
gi bn
doanh thu bn hng
gi vn hng bn
li gp
t sut li gp trn doanh thu

bi 3.3

a)
rate
ch tiu
xe in(chi ph)
doanh thu
dng tin thun
xe gas (chi ph)
doanh thu
dng tin thun
NPV(xe in)
IRR
NPV(xe gas)
IRR
b)
10%
11%
12%
13%
14%
15%
16%
c)

cng ty D&I phi la chn gia 1 xe nng ti hng chy bng gas vo mt xe nng ti hn
chc nng, cng ty phi chn 1 trong 2. Xe in c gi mua cao hn nhng chi ph hot
ph s dng vn p dng cho c 2 d n u t u l 12%. Tui th ca 2 xe c c t
chy in l 6290$/nm v ca xe chy bng gas l 5000$/nm
hy tnh NPV v IRR cho mi loi xe v ngh cng ty nn chn loi xe no?
12%
0
1
2
22000
6290
6290
-22000
6290
6290
17500
5000
5000
-17500
5000
5000
3860.75 cng ty nn chn xe chy bng in
18%
3057.04
18%
phn tch s bin ng ca NPV ca c 2 xe khi chi ph s dng vn dao ng trong khon
3860.75
5394.59
10%
4610.08 xe chy bng in
11%
3860.75
12%
3144.59
13%
2459.72
14%
1804.40
15%
1176.99
16%

IRR ca xe chy bng in thay i nh th no nu chi ph s dng vn dao ng nh c


18%
10%
11%
12%
13%

20000
21.83%
21.83%
21.83%
21.83%

20500
20.82%
20.82%
20.82%
20.82%

14%
15%
16%
bi 3.4

21.83%
21.83%
21.83%

20.82%
20.82%
20.82%

cng ty bt ng sn Alpha rao bn nh x hi nh sau:


cn h
din tch (m2)
n gi/m2( triu ng)
loi A
85
13
loai B
70
13.2
loai C
50
13.5

d n ny c h tr vay vn t gi 30000 t vi li sut u i 0,5%/thng. Ngi mua nh c th tr trc 30%-60% gi t


hy tnh s tin tr u hng thng ca tng loi cn h tng ng vi t l tr trc v thi gian tr gp theo phng thc t
loi A
STTT
30% pmt
loi B
STTT
30% pmt
loi C
STTT
30% pmt
rate
0.50% thng
n
5 nm
s tin tr hng thng ca cn hi loi A
($14.95)
30%
35%
5.00
-14.95
-13.89
6.00
-12.82
-11.90
7.00
-11.30
-10.49
8.00
-10.16
-9.44
9.00
-9.29
-8.62
10.00
-8.59
-7.97
11.00
-8.02
-7.45
12.00
-7.55
-7.01
13.00
-7.15
-6.64
14.00
-6.82
-6.33
15.00
-6.53
-6.06
s tin tr hng thng ca cn hi loi B
($12.50)
30%
35%
5.00
-12.50
-12.50
6.00
-10.72
-10.72
7.00
-9.45
-9.45
8.00
-8.50
-8.50
9.00
-7.77
-7.77
10.00
-7.18
-7.18
11.00
-6.71
-6.71
12.00
-6.31
-6.31
13.00
-5.98
-5.98
14.00
-5.70
-5.70
15.00
-5.46
-5.46
s tin tr hng thng ca can h loi C
-9.13
30%
35%
5.00
-9.13
-9.13
6.00
-7.83
-7.83

7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00

-6.90
-6.21
-5.67
-5.25
-4.90
-4.61
-4.37
-4.16
-3.99

-6.90
-6.21
-5.67
-5.25
-4.90
-4.61
-4.37
-4.16
-3.99

thnh tin
3000
1560
1050

l 10 nm v s tin tr trc l 300 triu ng


din tch (m2) n gi/m2 (triu ng)
thnh tin
300
10 1415.20835
120
13
1560
70
15
1050
a s mua c cn h loi C
vy Ch Ba Np phi tr trc bao nhiu?

c cn h loi B m mi thng tr 8 triu ng th Ch Ba Np phi tr trc s tin l 1200,36 triu

h loi A hi ch phi gp trong bao nhiu nm?

45 USD/tn, chi ph giao hng tn kho l 7USD/tn. Thu sut thu nhp khu l 15%. Cng ty tr trc 40% tr gi
anh ton ngay s tin cn li. T lc t hng cho n khi nhp hng v kho mt 2 thng. Cng ty thanh ton tin
hng ngoi thng s tin mua hng tr trc vi li sut 1,2%/thng. T gi thc t l 21000 ng. Thu gi tr gia
kho, cng ty d tnh bn ngay cho khch hng vi gi 1200000 ng/ tn.

ng
ng
ng
ng

6% th cng ty s n nh gi bn l bao nhiu ca loi xi mng Nht mua?

hay i gi bn ca loi xi mng Nht mua l 1006029,307 ng/tn

gas vo mt xe nng ti hng chy bng in chuyn ch nguyn liu trong phn xng. Do c hai xe u c cng
cao hn nhng chi ph hot ng thp hn, gi ca xe ny l 22000$, trong khi gi ca xe chy bng gas l 17500$. Chi .
Tui th ca 2 xe c c tnh khon 6 nm. trong khon thi gian ny, cc dng tin pht sinh hng nm cho xe

hn loi xe no?
3

6290
6290

6290
6290

6290
6290

6290
6290

5000
5000

5000
5000

5000
5000

5000
5000

ng vn dao ng trong khon 10%-16% (bc nhy 1%)


3057.04
4276.30
3652.69 xe chy bng gas
3057.04
2487.75
1943.34
1422.41
923.68

s dng vn dao ng nh cu b v gi xe ny trong khon 20000$-24000$ (bc nhy 500$)


21000
19.84%
19.84%
19.84%
19.84%

21500
18.90%
18.90%
18.90%
18.90%

22000
18.00%
18.00%
18.00%
18.00%

22500
17.13%
17.13%
17.13%
17.13%

23000
16.29%
16.29%
16.29%
16.29%

23500
15.48%
15.48%
15.48%
15.48%

19.84%
19.84%
19.84%

18.90%
18.90%
18.90%

18.00%
18.00%
18.00%

17.13%
17.13%
17.13%

16.29%
16.29%
16.29%

thnh tin
1105
924
675

th tr trc 30%-60% gi tr cn h (bc nhy 5%). Thi gian tr gp ti thiu 5 nm ti a 15 nm.


n tr gp theo phng thc tr u mi kz.
($14.95)
($12.50)
($9.13)

40%
-12.82
-10.99
-9.69
-8.71
-7.96
-7.36
-6.87
-6.47
-6.13
-5.84
-5.59

45%
-11.75
-10.07
-8.88
-7.99
-7.30
-6.75
-6.30
-5.93
-5.62
-5.36
-5.13

50%
-10.68
-9.16
-8.07
-7.26
-6.63
-6.13
-5.73
-5.39
-5.11
-4.87
-4.66

55%
-9.61
-8.24
-7.26
-6.53
-5.97
-5.52
-5.16
-4.85
-4.60
-4.38
-4.20

60%
-8.55
-7.33
-6.46
-5.81
-5.31
-4.91
-4.58
-4.31
-4.09
-3.90
-3.73

40%
-12.50
-10.72
-9.45
-8.50
-7.77
-7.18
-6.71
-6.31
-5.98
-5.70
-5.46

45%
-12.50
-10.72
-9.45
-8.50
-7.77
-7.18
-6.71
-6.31
-5.98
-5.70
-5.46

50%
-12.50
-10.72
-9.45
-8.50
-7.77
-7.18
-6.71
-6.31
-5.98
-5.70
-5.46

55%
-12.50
-10.72
-9.45
-8.50
-7.77
-7.18
-6.71
-6.31
-5.98
-5.70
-5.46

60%
-12.50
-10.72
-9.45
-8.50
-7.77
-7.18
-6.71
-6.31
-5.98
-5.70
-5.46

40%
-9.13
-7.83

45%
-9.13
-7.83

50%
-9.13
-7.83

55%
-9.13
-7.83

60%
-9.13
-7.83

15.48%
15.48%
15.48%

-6.90
-6.21
-5.67
-5.25
-4.90
-4.61
-4.37
-4.16
-3.99

-6.90
-6.21
-5.67
-5.25
-4.90
-4.61
-4.37
-4.16
-3.99

-6.90
-6.21
-5.67
-5.25
-4.90
-4.61
-4.37
-4.16
-3.99

-6.90
-6.21
-5.67
-5.25
-4.90
-4.61
-4.37
-4.16
-3.99

-6.90
-6.21
-5.67
-5.25
-4.90
-4.61
-4.37
-4.16
-3.99

rc 40% tr gi
anh ton tin
hu gi tr gia

xe u c cng
s l 17500$. Chi .
nm cho xe

24000
14.70%
14.70%
14.70%
14.70%

14.70%
14.70%
14.70%

phn tch d n cng ty ABC


bi 4.2

cng ty ABC ang d nh u t 1 dy chuyn cng ngh sn xut linh kin in t, d n ny ko


k hoch u t nh sau:
nm 2010
thu t
5000 ngn ng
nh xng
3000 ngn ng
my mc
6000 ngn ng
my mc v nh xng s c khu hao u hng nm, trong thi gian khu hao nh xng l
cn li ca cui nm th 9, c thu hi vo cui nm th 10.
t l vn vay chim 20% trn tng vn u t, li vay 15%/nm. Vn gc v li vay c tr u tr
d n chu thu thu nhp doanh nghip 25%, nhng nm hot ng khng c li hoc l s c m

d kin doanh thu ca cng ty nh sau: VT(ngn ng)


nm

1
6800

2
7400

3
7400

4
7400

5
6800

6
6800

d kin cc chi ph nh sau: VT( ngn ng)


nm
nguyn vt liu
in & nc
bo tr
thu nhn cng

1
3800
300
120
700

thi gian khu hao nh xng


thi gian khu hao my mc
t l vn vay
li vay
thi gian vay
thu thu nhp doanh nghip

2
4200
320
130
730
15
12
20%
15%
5
25%

3
4200
360
140
750

4
4200
360
140
750

5
4200
360
150
750

6
4000
330
150
730

nm
nm
tng vn
nm
nm

bng tnh khu hao nh xng


nm
ti sn u kz
khu hao trong kz
ti sn cui kz

0
3000
3000

1
3000
200
2800

2
2800
200
2600

3
2600
200
2400

4
2400
200
2200

5
2200
200
2000

6
2000
200
1800

1
6000
500
5500

2
5500
500
5000

3
5000
500
4500

4
4500
500
4000

5
4000
500
3500

6
3500
500
3000

1
5000.00
555.56
4444.44

2
4444.44
555.56
3888.89

3
3888.89
555.56
3333.33

4
3333.33
555.56
2777.78

5
2777.78
555.56
2222.22

6
2222.22
555.56
1666.67

bng tnh khu hao my mc


nm
ti sn u kz
khu hao trong kz
ti sn cui kz

0
6000
6000

bng tnh chi ph s dng t


nm
gi tr u kz
chi ph s dng
gi tr cui kz

0
5000
5000

tng gi tr khu hao

0
1
2
3
4
5
6
0 1255.556 1255.556 1255.556 1255.556 1255.556 1255.556

bng k hoch tr n
nm
n u kz
n phi tr
+ tr li
+ tr vn gc
n pht sinh
n cui kz

1
2
3
4
5
2800 2384.716 1907.14 1357.928 726.3335
-835.284 -835.284 -835.284 -835.284 -835.284
($420.00) ($357.71) ($286.07) ($203.69) ($108.95)
($415.28) ($477.58) ($549.21) ($631.59) ($726.33)

2800
2800 2384.716

1907.14 1357.928 726.3335

bng kt qu hot ng kinh doanh


nm
Doanh thu
2. Cc khon gim tr
doanh thu
3. Doanh thu thun v
hot ng kinh doanh
(10=01-02)
4. Chi ph hot ng
kinh doanh, gi vn
hng bn
5. Li nhun gp ca
hot ng kinh doanh
(20=10-11)
6. Doanh thu hot ng
ti chnh
7. Chi ph ti chnh
chi ph li vay
8. Chi ph qun l doanh
nghip
9. Li nhun thun t
hot ng kinh doanh
{30=20+(21-22)-25}
10. Thu nhp khc
11. Chi ph khc
12. Li nhun khc
(40=31-32)
13. Tng li nhun k
ton trc thu
(50=30+40)
14. Chi ph thu TNDN
hin hnh
15. Chi ph thu TNDN
hon li
16. Li nhun sau thu
TNDN (60=50-51-52)
17. Li trn c phiu (*)

0
0

1
6800

2
7400

3
7400

4
7400

5
6800

6
6800

6800

7400

7400

7400

6800

6800

4920

5380

5450

5450

5460

5210

0 624.4444 764.4444 694.4444 694.4444 84.44444 334.4444

-420

-357.707

-286.071

-203.689

-108.95

0.00

204.44

406.74

408.37

490.76

-24.51

334.44

0.00

204.44

406.74

408.37

490.76

-24.51

334.44

0.00

51.11

101.68

102.09

122.69

0.00

83.61

lu chuyn tin t
nm
doanh thu
gi tr thanh l
nh xng
my mc
thu t
vay n
ngn lu vo

0
0
0

1
6800
0

2
7400
0

3
7400
0

4
7400
0

5
6800
0

6
6800
0

2800
2800

6800

7400

7400

7400

6800

6800

cc khon chi
chi u t
nh xng
my mc
thu t
chi hot ng

14000
3000
6000
5000
0

4920
3800
300
120
700
51.11
-835.284
5806.39

5380
4200
320
130
730
101.68
-835.284
6316.97

5450
4200
360
140
750
102.09
-835.284
6387.38

5450
4200
360
140
750
122.69
-835.284
6407.97

5460
4200
360
150
750
0.00
-835.284
6295.28

5210
4000
330
150
730
83.61

nguyn vt liu
in & nc
bo tr
thu nhn cng
thu TNDN
tr n gc v li
ngn lu ra

0.00
0
14000.00

ngn lu rng
r
NPV
IRR
b)

-11200.00
993.61 1083.03 1012.62
992.03
504.72 1506.39
17%
-6137.30
1.02%
NPV ca d n thay i nh th no nu li sut tin vay gim xung hoc tng ln 2%

13%
15%
17%
c)

d)

5293.61

-6137.30
-6043.6
-6137.3
-6232.81

trng hp cc yu t khc khng i v t l vay vn trong tng vn u t tng 10% or 20% th


1.02%
20%
1.02%
30%
0.29%
40%
-0.61%
tnh cc NPV ca d n khi li vay bin ng nh cu 2 v t l vay thay i nh cu 3
-6137.30
13%

20%
-6043.6

30%
-5819.49

40%
-5617.5

15%
17%

-6137.3
-6232.81

-5961.21
-6122.43

-5828.82
-6053.24

nh kin in t, d n ny ko di trong 10 nm t nm 2010 (nm 0) n nm 2020 (nm 10, l nm thanh l{)

hi gian khu hao nh xng l 15 nm, my mc l 12 nm. Gi tr thanh l{ ca my mc v nh xng l gi tr

gc v li vay c tr u trong 5 nm, v bt u tr vo cui nm th nht.


khng c li hoc l s c min thu.

gn ng)
7
6200

8
6000

9
5000

10

7
4000
330
180
730

8
4000
330
140
730

9
2500
250
140
700

10

7
1800
200
1600

8
1600
200
1400

9
1400
200
1200

10

7
3000
500
2500

8
2500
500
2000

9
2000
500
1500

10

7
1666.67
555.56
1111.11

8
1111.11
555.56
555.56

9
555.56
555.56
0.00

10

7
8
9
1255.556 1255.556 1255.556

7
6200

8
6000

9
5000

6200

6000

5000

5240

5200

3590

-295.556

-455.556 154.4444

-295.56

-455.56

154.44

-295.56

-455.56

154.44

0.00

0.00

38.61

10

10

7
6200
0

8
6000
0

9
5000
0

6200

6000

5000

5240
4000
330
180
730
0.00

5200
4000
330
140
730
0.00

3590
2500
250
140
700
38.61

5240.00

5200.00

3628.61

960.00

800.00

1371.39

10
2700
1200
1500

2700

2700.00

g hoc tng ln 2%

n u t tng 10% or 20% th IRR ca d n thay i nh th no?

hay i nh cu 3

CHIT KHU THNG PHIU


Mt thng phiu c gi tr l 500 triu ng o hn vo ngy 13/5/14 c chit khu vo ngy 12/2/14 vi li sut 10%
1)
tnh ph chit khu thng mi v ph chit khu hp l{ cho thng phiu trn?
2)
tnh gi thng phiu trong trng hp chit khu thng mi?
3)
tnh li sut chit khu thc t?
4)
nu ngn hng thng bo cc khon chi ph lin quan nh sau
chi ph ph thu: 500000 ng
t l hoa hng k{ hu: 1,5%
hy tnh li li sut chit khu thc t
vng thng s
mnh gi
500 triu
ngy o hn
5/13/2014
ngy chit khu
2/12/2014
thi gia chit khu
90.00
li sut
10%
chi ph ph thu
0.5 triu
t l hoa hng
1.50%
Tnh ph chit khu thng mi v ph chit khu hp l{

Tnh thi gian chit khu


Ph chit khu thng mi
Ph chit khu hp l

12.5
12.20

2. Gi thng phiu (chit khu thng mi )


487.5
2.1 Lp cng thc, tnh th cng
2.2 S dng hm
PRICEDISC
487.5
TBILLPRICE
487.5
3. Li sut chit khu hiu dng
3.1 Lp cng thc, tnh th cng
3.2 S dng hm
YIELDDISC
INTRATE
4. Li sut chit khu hiu dng
Tnh AGIO
Hoa hng k hu
Lp cng thc, tnh th cng
S dng hm

Ph chit khu thng mi


Lp cng thc, tnh th cng
S dng hm

10.26%
10.26%
14.875
1.875

12.5

Chi ph ph
Tnh li sut chit khu hiu dng
4.1 Lp cng thc, tnh th cng
4.2 S dng hm
YIELDDISC
BI TP T LUYN
bi 1
a)
b)
vng thng s
mnh gi
ngy o hn
ngy chit khu
thi gian chit khu
li sut chit khu

0.5

12.26%

mt thng phiu c gi tr danh ngha 120 triu ng, kz hn 31/12 c chit khu
tnh chi ph thng mi v hin gi tri phiu
cng mt yu cu cu a trong trng hp chit khu l 1/10
120 triu
31-Dec
25-Sep
1-Oct
97
91
10%

tnh chi ph thng mi v hin gi tri phiu


chi ph thng mi
3.233333333 triu
hin gi thng phiu
116.7666667
116.7666667 triu
b) chi ph thng mi
3.033333333 triu
hin gi thng phiu
116.9666667
116.9666667 triu
bi 2
vng thng s
mnh gi
ngy o hn
ngy chit khu
thi gian chit khu
ph chit khu
li sut chit khu
YIELDDISC
INTRATE

bi 3

a)

ngy 10/6, cng ty em chit khu ngn hng 1 thng phiu mnh gi 400 triu
ln lt l 20/7 v 25/7
400 triu
20-Jul
25-Jul
10-Jun
40
45
4.80 triu
10.93%
10.93%
20-Jul

9.72%
9.72%
25-Jul

ngy 10/8 cng ty A em chit khu ngn hng 1 thng phiu mnh gi 500 triu
li sut chit khu: 12%/nm
l ph hu kz: 0,36%
l ph chung: 0,05%
yu cu:
tnh AGIO v s tin ngn hng tr cho cng ty

b)
vng thng s
mnh gi
ngy chit khu
ngy o hn
thi gian chit khu
li sut
l ph hu kz
l ph chung
a) tnh AGIO
ph chit khu thng mi
l ph hu kz
l ph chung
b) li su chit khu thc t
YIELDDISC

tnh li sut chit khu thc t

bi 4

mt thng phiu mnh gi 300 triu ng o hn sau 90 ngy, ba ngn hng X,Y,Z c
ngn hng
li chit khu
l ph k{ hu l ph chung
X
9%
0.50%
0.50%
Y
10%
0.50%
0.20%
Z
10.50%
0.50%
0.10%

a)
b)
c)
vng thng s
thi gian chit khu
mnh gi
ngn hng
ph chit khu thng mi
l ph k{ hu
l ph chung
AGIO
li sut chit khu thc t
AGIO/(MV-AGIO)*360/n
hin gi ca thng phiu

bi 5
vng thng s
mnh gi
thi hn
li chit khu
ph chit khu
gi tr gc ca kz phiu

500 triu
10-Aug
21-Oct
72
12% nm
0.36%
0.05%
12.61 triu
12
0.36
0.25
12.94%

yu cu:
tnh AGIO
ca thng phiu i vi 3 ngn hng
tnh li sut chit khu thc t c 3 ngn hng
theo bn ngi ch thng phiu nn chn chit khu ngn hng no?

90 ngy
300 triu
Y
6.75
0.375
1.5
8.625

Z
7.5
0.375
0.6
8.475

7.875
0.375
0.3
8.55

11.84%
11.63%
11.73%
291.375
291.525
291.45
ngi ch ca thng phiu nn chn ngn hng Y chit khu thng phiu

mt cng ty em chit khu ngn hng 1 kz phiu mnh gi 200 triu ng, cn 4 n
gi tr gc v ph chit khu ca kz phiu trn
200 triu
4 nm
8%

/2/14 vi li sut 10%


ng phiu trn?

31/12 c chit khu ngy 25/9 vi li sut 10%

u mnh gi 400 triu ng vi mc ph chit khu 4,8 triu. Xc nh li sut chit khu nu ngy o hn

u mnh gi 500 triu ng, kz hn 21/10 vi cc iu kin sau

y, ba ngn hng X,Y,Z c cc iu kin chit khu nh sau:

u thng phiu

200 triu ng, cn 4 nm na o hn, li sut chit khu li kp l 8%/nm. Hy xc inh

NH GI CHNG KHON
V D
a)
b)
vng thng s

tri phiu chnh ph c mnh gi 100000 ng, li sut 8,5%, tr li hng nm. Ngy pht hnh
yu cu:
nh gi TP vo ngy 21/10/2013 v 21/10/2014
nu nh u t mua TP trn vi gi 97000 ng vo ngy 21/10/2013 v gi n ngy 21/10/2

NH GI TRI PHIUA25A7:A28A7:A31A7:A34A7:A37A7:A40A7:A43A7:A4
Tri phiu c k hn, tr li hng nm
(TP coupon)
ngy o hn
ngy pht hnh
li sut coupond
sut chit khu
mnh gi
gi tri phiu
nm
li tri phiu

10/21/2017
21/10/13
8.50%
10%
100,000
97,000.00
4.00
8,500

10/21/2014

a.NH GI TRI PHIU VO NGY 21/10/2013


1.p dng cng thc hin gi cho CF tng nm, gi TP = tng hin gi CF ca cc nm
Nm

21/10/13
0

CF
Hin gi CF tng nm
- Cch 1: Tnh th cng
- Cch 2: S dng hm PV
Gi TP

95,245

2.S dng hm NPV

95,245

3.S dng cng thc cho CF u


- Cch 1: Tnh th cng
- Cch 2: S dng hm PV 95,245
4.S dng hm PRICE

21/10/14
1
8,500

21/10/15
2
8,500

21/10/16
3
8,500

21/10/17
4
108,500

7,727
7,727

7,025
7,025

6,386
6,386

74,107
74,107

95245

95.245

b. MUA TRI PHIU VO NGY 21/10/2013, tnh YTM


Gi mua
97,000

Li tc TP (YTM)
1. Hm GOALSEEK
Nm

10%
0.00

1.00

2.00

3.00

4.00

CF
NPV

-97,000
95,245

8,500

8,500

8,500

108,500

2. Hm IRR
Nm

9.43%
0.00

1.00

2.00

3.00

4.00

-97,000

8,500

8,500

8,500

108,500

CF
3. Hm YIELD

9.43%

bi tp t luyn

bi 1
a)
b)
c)

tri phiu chnh ph c mnh gi 100000 ng, li sut 8,5%/nm, tr li 6 thng 1 ln. Ngy ph
yu cu:
nh gi tri phiu vo ngy 21/10/2013
nh gi tri phiu vo ngy 21/4/2015
nu nh u t mua tri phiu vi gi 97000 ng vo ngy 21/10/2015 v gi n ngy o h

NH GI TRI PHIU
ngy o hn
ngy pht hnh
li sut coupond
sut chit khu
mnh gi
gi tri phiu
nm
li tri phiu

10/21/2017
10/21/2013
8.50%
10%
100000
97000
4
4250

4/21/2015 10/21/2015
nm
ng
ng
2.5
6 thng

a.NH GI TRI PHIU VO NGY 21/10/2013


1.p dng cng thc hin gi cho CF tng nm, gi TP = tng hin gi CF ca cc nm
Nm

CF
Hin gi CF tng nm
- Cch 1: Tnh th cng
- Cch 2: S dng hm PV
Gi TP

$95,094.96

4250

4250

4250

4250

4047.62
$4,047.62

3854.88
$3,854.88

3671.31
$3,671.31

3496.49
$3,496.49

2.S dng hm NPV

$95,152.59

3.S dng cng thc cho CF u


- Cch 1: Tnh th cng
- Cch 2: S dng hm PV $95,094.96
4.S dng hm PRICE

95.153 b)

96.753 gi tri phiu ngy 21/04/2015

c. MUA TRI PHIU VO NGY 21/10/2015, tnh YTM


Gi mua
-97000
Li tc TP (YTM)
10.20%
1. Hm GOALSEEK
Nm
0
1

4250

4250

4250

104250

5%
0

CF

-97000

4250

4250

4250

104250

3. Hm YIELD

10.20%

CF
NPV
2. Hm IRR
Nm

bi 2

a)
b)
vng thng tin
ngy o hn
ngy pht hnh
li tri phiu
mnh gi TP
gi th trng
li sut tin gi NH
a) Hm YIELD

-97000
$97,000.00

mt nh u t d nh chi 500 triu ng mua TP cng trnh tuyn Metro2 vi mc gi cho b


ngy pht hnh 15/5/2014, ngy n hn 15/5/2019, li sut tin gi di hn ngn hng l 8,4%
yu cu
tnh sut sinh li thc ca nh u t khi mua tri phiu trn?
vic u t tri phiu c hiu qu hn gi ngn hng ko? Vi mc gi no th vic u t vo tr
5/15/2019
5/15/2014
11.50%
100000
108000
8.40%
9.42%

nm
ng
ng
nm

r li hng nm. Ngy pht hnh 21/10/2013, ngy n hn 21/10/2017, t sut nh u t yu cu l 10%

0/2013 v gi n ngy 21/10/2017, hy tnh li tc TP

m, tr li 6 thng 1 ln. Ngy pht hnh 21/10/2013. ngy n hn 21/10/2017, t sut nh u t yu cu l 10%.

1/10/2015 v gi n ngy o hn, hy tnh li tc tri phiu.

4250

4250

4250

104250

3329.99
$3,329.99

3171.42
$3,171.42

3020.40
$3,020.40

70560.50
$70,560.50

gy 21/04/2015

tuyn Metro2 vi mc gi cho bn l 108000 ng. Tri phiu ny c mnh gi 100000 ng, li sut 11,5%/nm
in gi di hn ngn hng l 8,4%.

mc gi no th vic u t vo tri phiu c hiu qu nh gi ngn hng

BI TON TR GP
thng tin trn hp ng b cn h cao cp nh sau: gi cn h 3 t, thanh ton ngay 40%, s tin cn li tr gp vo cui mi
t l pht khi tt ton hp ng trc khi o hn l 7% tr gi khon vay tr gp.
1 tnh s tin thanh ton mi 6 thng, xc nh r n gc v li l bao nhiu?
2 lp bng thanh ton n vay
3 bn mua mun tt ton hp ng trc hn 1 nm. Tnh tng s tin bn mua ph
bn mua thanh ton?
4 nu bn bn yu cu bn mua thanh ton 570 triu mi 6 thng trong vng 2 nm,

vng thng s
gi tr cn nh
STTT
li sut tr gp
t l pht
thi gian tr
pmt
1. PMT
li IPMT
gc PPMT
2. Bng thanh ton n vay
nm
n u kz
n pht sinh
tr n
tr li
tr n gc
n cui kz

3000
40%
16%
7%
2.00
570.00
($543.46)
($144.00)
($399.46)

triu
nm
tri gi khon vay tr gp
nm cui mi 6 thng tr 1 ln
triu

1
1800

1800
0

-543.457448
($144.00)
($399.46)
1400.542552

1800

3. tnh tng tin li v gc bn mua thanh ton


n cui kz
-969.1285081
tin ph pht
-126
tng s tin bn mua phi tr
-1095.128508
tng s tin bn mua thanh ton
-1086.914896
tr li
-256.0434042
tr n gc
-830.8714919
4. tnh li sut tr gp
rate
20%

triu
triu
triu
triu
triu
triu
nm

tnh s tin thanh ton mi 6 thng, xc nh r s n gc v li vay l bao nhiu


s n gc (PMT)
($570.00)
s tin li (IPMT)
($183.15)

lp bng thanh ton n vay


nm
n u kz
tr n
+ tr n gc

0
0

1
1800
-570
($386.85)

+ tr li
n pht sinh
n cui kz

($183.15)
1800
1800

1413.149928

bn mua tt ton hp ng trc 1 nm, tnh tng s tin bn mua phi thanh ton (n gc v ph pht)?, tnh tng s tin g
s tin bn mua phi thanh ton
-1112.937877
s n gc cn phi thanh ton
-986.9378767
s tin np pht
-126
s tin bn mua thanh ton
s tin gc thanh ton
s tin li thanh ton
bi tp t luyn
bi 1

a)
b)
c)
vng thng s
gi smartphone
STTT
thi gian tr gp

a)
PA1
PA2
PA3
b)
mi thng tr 700 ngn ng
bn nn mua hng th gii di ng
c)
s tin tr gp trong 6 thng
li
tng s tin tr trong 6 thng
gi tr cn li ca smartphone

-1140
-813.0621233
-326.9378767

th gii di ng bn smartphone mi tr gi 7,8 triu ng, khch hng c th mua


theo 3 phng n sau:
PA1: tr trong 1 nm, li sut 1%/thng
PA2: tr trong 1,5 nm, li sut 1,25%/thng
PA3: tr trong 2 nm, li sut 1,4%/thng
yu cu:
tnh s tin thanh ton hng thng ca mi phng n
gi s kh nng chi tr ca bn c ph hp vs PA1, ng thi bit vin thng A bn
700 ngn ng. Bn s mua ca hng no?
gi s kh nng chi tr ca bn c ph hp vs PA2 , sau khi tr gp c 6 thng, b
bn c chp nhn ngh ko?
7.8 triu ng
10%
1 nm
1.5 nm
2 nm
s tin thanh ton ca mi phng n
($0.6237) triu ng
($0.4379) triu ng
($0.3464) triu ng

$8.88 vin thng A


$8.68 tgdd

-2.167912749
-0.45973449
-2.62764724
5.17235276 ln hn 5 triu nn ko chp nhn ngh bn li

bi 2

thng tin t trang web ca nh cung cp nh sau:

asus transformer trio TX201LA


gi bn
t l tr trc
thi gian vay

22890000
50%
12 thng

FE CREDIT
HOME CREDIT
tr trc
11445000
11445000
gp mi thng
1388000
1431000
tng gp+ tr trc
12833000
12876000
li sut tr gp
6.30%
6.87%
PMT theo qu
($4,330,329.99)
($4,472,346.98)
tnh s tin vay v phi tr hng thng khi thi gian vay v t l tr trc thay i theo cc mc sau:
thi gian vay
3
6
t l thanh ton trc
10%
20%
FE CREDIT
tr trc
gp mi thng
tng gp+ tr trc
li sut tr gp

bi 3

HOME CREDIT

11445000
($1,388,000.00)
10057000
6.30%

11445000
($1,431,000.00)
10014000
6.87%

($1,388,000.00)
10%
20%
30%
40%
50%
60%
70%
80%

3
-4602203.927
-5433230.769
-6301921.053
-7203000
-8131973.684
-9085023.256
-10058906.08
-11050867.55

thng tin t trang web ca nh cung cp nh sau:


32900000.00
22900000.00
55800000.00
30%
16740000.00

sofa
serrano
tng
t l tr trc
s tin tr trc
MIRAE ASSET
thi gian vay
3
6
9
12

% thanh ton trc s tin tr hng thng


30.00%
13801000
30.00%
7291000
30.00%
5121000
30.00%
4036000

18
24
phng thc mua tr chm ca cng ty PPF
thi gian vay (thng)
6
9
12
15
18
li sut chit khu ko i theo thi gian tr gp

30.00%
30.00%

2951000
2108000

30%
30%
30%
30%
30%

7877100
5707100
4622100
3971000
3537100

0%, s tin cn li tr gp vo cui mi 6 thng trong 2 nm theo li sut 16%/nm

h r n gc v li l bao nhiu?

n 1 nm. Tnh tng s tin bn mua phi tr (s n gc cn phi thanh ton v ph pht)? Tnh tng s tin li v gc

70 triu mi 6 thng trong vng 2 nm, hy tnh li sut tr gp(nm)? Thc hin yu cu 1,2,3 theo mc li sut va tnh c

mi cui 6 thng

2
1400.542552

3
969.1285081

4
503.2013408

-543.457448
($112.04)
($431.41)
969.1285081

-543.457448
($77.53)
($465.93)
503.2013408

-543.457448
($40.26)
($503.20)
0

2
1413.149928
-570
($426.21)

3
986.9378767
-570
($469.58)

4
517.3587662
-570
($517.36)

($143.79)

($100.42)

($52.64)

986.9378767

517.3587662

n gc v ph pht)?, tnh tng s tin gc v li bn mua thanh ton

7,8 triu ng, khch hng c th mua tr gp theo cch thc sau, thanh ton ngay 10%, tr gp hng thng phn cn li

vs PA1, ng thi bit vin thng A bn smartphone thi hn thanh ton 1 nm, ko cn thanh ton trc, mi thng gp

vs PA2 , sau khi tr gp c 6 thng, bn c th bn li my ang si vs gi 5 triu ng. Nu ch ng trn gc ti chnh

li
li
li

1% thng
1.25% thng
1.40% thng

($2.6276)
$5.1724

o chp nhn ngh bn li

ACS
11445000
1206000
12651000
3.81%
($3,722,667.71)

o cc mc sau:
9
30%

12
40%

ACS

15
50%

18
60%

21
70%

24
80%

15
-1504717
-2447881
-3501916
-4607618
-5735598
-6872961
-8014300
-9157357

18
-1395491
-2378333
-3464306
-4588750
-5726375
-6868454
-8012070
-9156233

21
-1323321
-2339861
-3447454
-4581912
-5723648
-6867355
-8011616
-9156040

3 thng
11445000
($1,206,000.00)
10239000
3.81%
6
-2627856.468
-3441577.261
-4330722.725
-5279121.795
-6273236.842
-7302247.892
-8357755.045
-9433351.808

3%
3%
3%
3%

9
-1987315.97
-2839269.439
-3790988.701
-4810846.198
-5875330.838
-6968403.619
-8079632.024
-9202392.546

12
-1679706.141
-2578157.523
-3587481.832
-4660199.289
-5766947.866
-6891483.468
-8025274.405
-9163921.571

24
-1273826
-2318160
-3439837
-4579425
-5722840
-6867087
-8011524
-9156007

3%
2%

6%
6%
6%
6%
6%

in li v gc

c li sut va tnh c

thng phn cn li

c, mi thng gp
trn gc ti chnh

DANH MC U T- SOLVER

Bi tp t luyn
bn mun thit lp danh mc u t gm 5 chng khon A,B,C,D,E da trn d liu gi trong 11 kz. Sau khi cn nhc cc thn
c t c danh mc ti thiu l 10% trong khi vn t mc tiu gim thiu mc thp nht ri ro ca danh mc
sut sinh li/nm
nm
A
B
C
1
10.74%
10.70%
5.57%
2
28.50%
28.18%
20.39%
3 -22.15%
-21.59% -17.14%
4 -12.02%
-11.75% -10.75%
5
-9.06%
-9.73%
1.80%
6
21.07%
20.39%
9.97%
7
28.61%
28.28%
30.85%
8
33.21%
33.48%
27.85%
9
22.86%
22.55%
25.67%
10
37.44%
38.05%
37.88%
trung bnh
13.92%
14%
13.21%
ma trn hip phng sai
A
A
0.039968344
B
0.03987564
C
0.033174303

B
0.039876
0.039803
0.033111

Wb

Wc

0.033174303
0.033111381
0.030351715

t l
Wa
100%
t sut kz vng
li nhun bnh qun
phng sai sut sinh li
bi 2

0%

tng
0%

100%

0.1392
14%
0.113018

mt danh mc u t gm 3 chng khon A,B,C vi thng tin t sut sinh li v lch tiu chun, h s t
nm
sut sinh li/nm
A
B
C
sut sinh li
20%
18%
33%
lch chun
28%
33%
40%

A
A
B
C
ma trn hip phng sai
A

h s tng quan
B
C
1
0.3694
0.1539
0.3694
1
0.2148
0.1539
0.2148
1

A
B
C

0.28 0.121902
0.103432
0.33
0.043092 0.070884

0.06156
0.08592
0.4

t l
Wa

Wb
40%

t sut li nhun
li nhun bnh qun
phng sai t sut li nhun

Wc
20%

tng
40%

100%

0.248
0.169315

bi 3
kz
hin ti
1 thng sau
tt
xu
li sut thng

t gi
JPY/USD
AUD/USD CAD/USD
GBP/USD EUR/USD
126.65
1.098
1.205
0.511
0.758
135
118
JPY

1.3
1
AUD

1%

1.4
1
CAD

3%

0.7
0.45
GBP

5%

0.8
0.7
EUR

3.70%

4.50%

t l
Wa
10%
li sut tin gi USD sau 1 thng
10.45

Wb

Wc
20%

Wd
40%

We
20%

tng
30%

120%

kz. Sau khi cn nhc cc thng tin trn th trng lin quan, bn mun
i ro ca danh mc

lch tiu chun, h s tng quan nh sau: