Bi tp v Hm ti chnh

1. You have just won the lottery. At the end of each of the next 20 years you will receive a
payment of $50,000. If the cost of capital is 10 percent per year, what is the present
value of your lottery winnings?2. A perpetuity is an annuity that is received forever. If I rent out my house and at the
beginning of each year I receive $14,000, what is the value of this perpetuity? Assume
an annual 10 percent cost of capital. (Hint: Use the PV function and let the number of
periods be many!)
3. I now have $250,000 in the bank. At the end of each of the next 20 years I withdraw
$15,000. If I earn 8 percent per year on my investments, how much money will I have
in 20 years?4. I deposit $2,000 per month (at the end of each month) over the next 10 years. My
investments earn 0.8 percent per month. I would like to have $1 million in 10 years.
How much money should I deposit now?5. An NBA player is receiving $15 million at the end of each of the next seven years. He
can earn 6 percent per year on his investments. What is the present value of his future
revenues?
6. At the end of each of the next 20 years I will receive the following amounts:
Open table as spreadsheet
Years Amounts
15

$200

610 $300
1120 $400
Use the PV function to find the present value of these cash flows if the cost of capital is
10 percent. Hint: Begin by computing the value of receiving $400 a year for 20 years
then subtract the value of receiving $100 a year for 10 years, etc.7. We are borrowing $200,000 on a 30 year mortgage with an annual interest rate of 10
percent. Assuming end-of-month payments, determine the monthly payment, interest
payment each month, and amount paid towards principal each month.
Answer each question in Problem 7 assuming beginning-of-month payments.
8. Use the FV function to determine the value to which $100 accumulates in three years if
you are earning 7 percent per year.
9. You have a liability of $1,000,000 due in 10 years. The cost of capital is 10 percent per
year. What amount of money would you need to set aside at the end of each of the next
10 years to meet this liability?
10. You are going to buy a new car. The cost of the car is $50,000. You have been offered
two payment plans:o A 10 percent discount on the sales price of the car, followed by 60 monthly
payments financed at 9 percent per year.
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No discount on the sales price of the car, followed by 60 monthly payments

financed at 2 percent per year.

If you believe your annual cost of capital is 9 percent, which payment plan is a better
deal? Assume all payments occur at the end of the month.
11. I presently have $10,000 in the bank. At the beginning of each of the next 20 years I am
going to invest $4,000 and I expect to earn 6 percent per year on my investments. How
much money will I have in 20 years?
12. A balloon mortgage requires you to pay off part of a loan during a specified time
period and then make a lump sum payment to pay off the remaining portion of the loan.
Suppose you borrow $400,000 on a 20 year balloon mortgage and the interest rate is .5
percent per month. Your end-of-month payments during the first 20 years are required
to pay off $300,000 of your loan and 20 years from now you will have to pay off the
remaining $100,000. Determine your monthly payments for this loan.13. Suppose we have borrowed money at a 14.4 percent annual rate and we make monthly
payments. If we have missed four consecutive monthly payments, how much should
next months payment be to catch up?14. We want to replace a machine in 10 years and we estimate our cost will be $80,000. If
we can earn 8 percent annually on our investments, how much money should we put
aside at the end of each year to cover the cost of the machine?15. We are buying a motorcycle. We pay $1,500 today and $182.50 a month for three
years. If the annual rate of interest is 18 percent, what was the original cost of the
motorcycle?16. Suppose the annual rate of interest is 10 percent. We pay $200 a month for two years,
$300 a month for a year, and $400 a month for two years. What is the present value of
all our payments?17. We can invest $500 at the end of each six-month period for five years. If we want to
have $6,000 after five years, what is the annual rate of return we need on our
investments?
18. I borrow $2,000 and make quarterly payments for two years. The annual rate of interest
is 24 percent. What is the size of each payment?
23. You have a choice of receiving $8,000 each year beginning at age 62 and ending when
you die, or receiving $10,000 each year beginning at age 65 and ending when you die.
If you think you can earn an 8 percent annual return on your investments, which will
net the largest amount?
24. You have just won the lottery and will receive $50,000 a year for 20 years. What rate of
interest would make these payments the equivalent of receiving $500,000 today?
25. I need to borrow $12,000. I can afford payments of $500 per month and the annual rate
of interest is 4.5 percent. How many months will it take to pay off the loan?
Tnh NPV
26. An NBA player is to receive a $1,000,000 signing bonus today and $2,000,000 one
year, two years, and three years from now. Assuming r=0.10 and ignoring tax
considerations, would he be better off receiving $6,000,000 today?
27. A project has the following cash flows:
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Open table as spreadsheet

Now

One year from now Two years from now Three years from now

$4 million $4 million

$4 million

$3 million

If the companys cost of capital is 15 percent, should it proceed with the project?
28. Consider a project with the following cash flows. Determine the projects IRR. If the
annual cost of capital is 20 percent, would you undertake this project?
Open table as spreadsheet
Year 1 Year 2 Year 3
$4,000 $2,000 $4,000
29. Consider the following two projects. Assume a companys cost of capital is 15 percent.
Find the IRR and NPV of each project. Which projects add value to the company? If
the company can choose only a single project, which project should it choose?
Open table as spreadsheet
Year 1 Year 2 Year 3 Year 4
Project 1 $40

$130

$19

$26

Project 2 $80

$36

$36

$36

30. 25-year-old Meg Prior is going to invest $10,000 in her retirement fund at the
beginning of each of the next 40 years. Assume that during each of the next 30 years
Meg will earn 15 percent on her investments and during the last 10 years before she
retires, her investments will earn 5 percent. Determine the IRR associated with her
investments and her final retirement position. How do you know there will be a unique
IRR? How would you interpret the unique IRR?

1. Mt TSC nguyn gi 150 triu ng, d tnh khu hao trong 10 nm. Gi tr o
thi c tnh l 10 triu ng. Tnh lng trch khu hao v gi tr cn li ca tng nm
theo phng php khu hao u.
2. Mt TSC nguyn gi 50 triu ng, d tnh khu hao trong 7 nm. Gi tr o thi
c tnh 10 triu ng. Hy tnh lng trch khu hao v gi tr cn li ca TSC theo
phng php khu hao u (SNL), theo tng s nm s dng (SYD), khu hao theo
phng php s d gim dn (DB)
. C ng ty ia c DDHC bn cn h vi phng th c tr g p c th nh sau gi cn h
00 triu ng, ng i mua tr trc 0 , phn c n li tr u trong 5 nm vi l i sut
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c nh hng nm l 11 . Tnh s tin phi tr hng nm, phn vn v phn l i hng

nm.
4. Mt ng i hin ang 40 tui lp k hoch cho tng lai bng cch mua bo hi m c
u n na nm ng $2000 vi li sut kh ng i 10.5 /nm trong 25 nm lin tc.
Khi 25 nm th bt u ngh hu (65 tui) v s rt trong 10 nm lin tc n khi
ng i 75 tui, vo cui mi nm. Hi ng i c rt u n mi nm bao nhiu
tin. b qua lm pht.
5. h u t ba u nh hin c 50 triu ng nu g i ng n hng th l i sut hin ti
kl
. Tuy nhin c 2 phng n u t nh sau
- A1 H n vn vo d n nu i t m h m, sau 4 nm s thu c 00 triu.
- A2 H n vn vo d n nu i g, mi nm chia c 120 triu. goi ra, n nm th
4 khi thanh l tri g s nhn c thm 100 triu.
. H y xc nh l i sut thc trong cc tr ng hp l i nhp vn theo thng, theo u ,
theo thng, theo tun, theo ngy. c bit l i sut danh ngh a l 10 /nm.
7. C ng ty th k 21 bn cn h tr g p ti cao c Hapy 21 century s 52 Hu nh Tn
ht 7 vi cc loi cn h v uy nh thanh ton nh sau
Din tch

n gi

ng trc

i sut

- Cn h A

120

15.0

30%

1%

- Cn h B

90

15.2

30%

1%

- Can h C

60

15.3

30%

1%

a H y tnh s tin tr g p hng thng tr u vi s tin kh ng i vi th i gian l 5

nm, 10 nm.
b Trong tr ng hp ng i mua cn h A tr g p 5 nm v cho thu. i thng tin
thu l 15 triu/thng v n cui nm th 5 d kin l cn h bn c 2500 triu vy
nh u t c th sinh l i l bao nhiu
v sut sinh l i l bao nhiu IRR . h
vy u t ny c hiu u kh ng?
8) Mt cng ty d nh mua 1 thit b vi gi 50 triu ng, d tnh s dng trong 5
nm vi gi tr cn li d kin l 0. Gi s chi ph vn hnh bnh qun trn mt nm l
9,5 triu ng, thu nhp hng nm d kin l 28 triu . Cho bit thu thu nhp l 28%,
60% tin mua thit b l tin vay vi li sut l
/nm tr u trong nm 5. Khu hao
ti sn theo phng php SLN. Hy tnh NPV ca dng tin m doanh nghip thc
nhn hng nm vi m c chit khu
/nm. Cng ty c nn mua ti sn hay khng.
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