CH4.

Personal Finance (2%)

✎Distinguish between nominal and effective rate of return. (ERR) 分辨名義及實際回報率
本金 (1+利率)^期間 ， 每年/每季/每月。
Deposits (1+rate)^N = Deposits&earnings/interests

12.9.On the first day of 2018, Katie deposited $6000 into a fixed-interest bank account. Suppose the
interest rate on the deposit is 4% per annum compounded annually, find out (to the nearest dollar) the
total amount Katie could withdraw at the end of 2020.
2018 年首天，凱婷在一固定利息的銀行帳戶存入＄6000。若該存款的年利率以複息每年計
為 4%，試找出（至整數元）2020 年年終時凱婷可提取的總金額
A. $6480 B. $6720 C. $6749 D. $7019
6000(1+0.04)^3=6749.184

13.15.A bank launches the following savings plans: 某銀行推出下列儲蓄計劃：

Plan I 計劃一 Plan II 計劃二 Plan III 計劃三
Interest rate 利息 5% per annum 5.5% per annum 6% per annum
Frequency of interest Compounding Quarterly Half-yearly Yearly
複利次數 每季 半年 按年
Which plan(s) offer(s) the highest return after two years?
兩年後，哪項計劃提供的回報最高？
A. Plan I B.Plan II C. Plan III D. Plan I & Plan II
Plan I (1+0.05/4)^8 = 1.104 , 10.4%
Plan II (1+0.055/2)^4 = 1.114 , 11.4%
Plan III (1+6%)^2 = 1.123 , 12.3%

16.19. Katie wants to deposit $500 000 in a bank for half a year. The bank offers him the following
saving plans. Which plan offers the highest return?
凱婷擬把現金$500 000 存入銀行，為期半年。
A.a lump sum interest of $6000 at the end of half a year
A.半年後總利息為$6000 (ANS=$6000)
B.an interest rate of 2.4% p.a., compounding quarterly (R=0.6% , N=2)
B.每季計算複利息，年利率為 2.4% (ANS=$6018)
C.an interest rate of 2.4% p.a., compounding half-yearly (R=1.2% , N=1)
C.每半年計算複利息，年利率為 2.4% (ANS=$6000)
D.an interest rate of 2.4% p.a., compounding annually (R=2.4% , N=1/2)
D.每年計算複利息，年利率為 2.4%(ANS=$5964)

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Net present value 淨現值
Initial cost: 初始成本 xx
Discount rate: 貼現率 xx
Investment period: 投資年期 3 years (DSE 最多考 3 年)

𝟏𝒔𝒕 現金流 𝟐𝒏𝒅 現金流 𝟑𝒓𝒅 現金流

+ + − 初始成本 = 𝑵𝑷𝑽
(𝟏 + 𝑹) (𝟏 + 𝑹)𝟐 (𝟏 + 𝑹)𝟑

*用此公式/ 或用 [正 初始成本 - 現金流] 公式，兩個結果負正相反而數字一樣。

20.8. The following information is related to an investment project

以下是一項投資項目的資料
1.Initial cost: 初始成本 S15 000
2.Discount rate: 貼現率 10%
3.Investment period: 投資年期 3 years
The project will generate cash flows of S6 000 at the end of both Year 1 and Year 2. If the cash flow
at the end of Year 3 is __________________, the net present value of the project is close to zero.
這項目於第一及第二年年終時均會帶來現金流$6000。這項目的淨現值會趨近於零，
如第三年終的現金流是
A. 4 587 B. 5 083 C. 6 105 D. 7 965

𝟔𝟎𝟎𝟎 𝟔𝟎𝟎𝟎 ???

+ + − 𝟏𝟓 𝟎𝟎𝟎 = 𝟎
(𝟏. 𝟏) (𝟏. 𝟏)𝟐 (𝟏. 𝟏)𝟑

16.14.A bank offers a saving plan which requires an initial deposit of $100 000. The plan
generates the following cash flows at the end of subsequent years:
一家銀行提供一個儲蓄計劃，需要初期存款$100 000，
Year 1 20 000
Year 2 35 000
Year 3 55 000
Given a discount rate of 5% p.a., what is the net present value of the saving plan?
假如貼現率為每年 5%，這儲蓄計劃的淨現值是多少？
A. $10 000 B. $9523.81 C. $4761.90 D. $1695.28

𝟐𝟎𝟎𝟎𝟎 𝟑𝟓𝟎𝟎𝟎 𝟓𝟓𝟎𝟎𝟎

+ + − 𝟏𝟎𝟎 𝟎𝟎𝟎 = −𝟏𝟔𝟗𝟓
(𝟏. 𝟎𝟓) (𝟏. 𝟎𝟓)𝟐 (𝟏. 𝟎𝟓)𝟑

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