FINANCIAL OPERATION 19/04/2021 Turismo

SURNAME...................................………………………….. NAME.....................................................……….

 d d . n . (1 + i)- n 1 - q n . (1 + i)- n
V0 =A (C, d) n =  C +  . an i - V0 = C .
i
 i i 1 + i -q

1a).- Calculate the simple interest rate at which a capital of 100 m.u. was invested, if it
produced a final amount of 300 m.u. at the end of 5 years.
Solution
C n - C0 300 - 100
i= i= = 40%
C0 . n 100 . 5

b).- Calculate the amount that was invested at a quarterly compound interest rate of 2 %
over 36 months, if the final amount obtained was 5,000 m.u.
Solution
i4 = 2% i = (1 + 0.02)4 – 1 = 8.24%
Cn = C0 . (1 + i)n C0 = Cn . (1 + i)- n C0 = 5,000 . (1 + 0.0824)- 3 = 3.942, 47m.u.

c). A financial institution offers an annual nominal interest of 6% on its deposits which is
capitalizable by three-months periods. Calculate the equivalent nominal interest rate it
must pay a customer if he wants the capitalization to take place by six-months periods.
Solution
Jk = ik . k J4 = 6% = i4 . 4 i4 = 1,5% i = (1 + 0.03)4 – 1= 6.14%
ik = (1+ i)1 / k – 1 i2 = (1+0.0614)1 / 2 – 1 = 3.02% J2 = i2 . 2 = 3.02 × 2 = 6.05%

d) Calculate the discount applied by a financial institution when discounting a bill of

exchange of nominal value 500 m.u. which expires within 8 quarters at the fourth-month
simple commercial interest of 3%.

Solution
C0 = Cn . (1 - d . n) C0 = 500 . (1 – (3%×3) . (2)) = 410 m.u.
Dc = = Cn – Co = 500 – 410 = 90 m.u.

e) Which annual compound commercial discount rate was applied to a bill of exchange
with matures in 6 quarters with a nominal value of 500m.u. if we obtained an effective or
discounted value of 400 m.u.?
Solution
1/n 1 / 1.5
C   400 
C0 = Cn . (1 - d) n
d = 1-  0  d = 1-   = 13,82%
 Cn   500 

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 2. Calculate the current value of a fourth-month prepaid annuity of 200 m.u., with a
duration 24 months and with an annual nominal interest of 6% capitalizable every six-
months.
Solution
k 2
J2 = i2 . 2 = 6% i2 = 3% i = (1 + i ) - 1 = (1 + 0.03) – 1= 6,09%
k
1/k
i = (1+ i) -1 i3 = (1+ 0.0609)1 / 3 - 1 = 1.99%
k

 1 − (1 + 0.0199) −6 
=V0 C . an i =
. (1 + i) 200 . a6 . (1 + 0.0199)= 200 .   . (1 +=
0.0199) 1.142,96 m.u.
1.99%
 0.0199 

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3. Calculate the amount of capital that must be deposited in a bank so that in 3 years, an
annuity of 100 m.u. can be obtained at the end of each fourth-month period on a perpetual
basis, if the monthly compound interest rate is 0.75 %.
Solution
V0 = 271,958.20 m.u.

i12 = 0.75% i = (1 + ik)k – 1 i = (1 +0.0075)12 – 1 = 9.38%

ik = (1+ i)1 / k – 1 i3 = (1+0.0938)1 / 3 – 1 = 3,03%

1 1
V0 = C . . (1 + i)- d = 100 ⋅ ⋅ (1 + 0.0303) −3⋅3 =2,533.81m.u.
i 0.0303

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4. Calculate the current value of one annuity whose first capital is 200 m.u. that is at the
end of the first fourth month period, that increase by 10 m.u. each fourth month period
during 2 years, if the valuation rate is a compound six monthly interest rate of 5%.
Solution

i2 = 5% i = (1 + ik)k – 1 i = (1 +0.05)2 – 1 = 10.25%

ik = (1+ i)1 / k – 1 i3 = (1+0.1025)1 / 3 – 1 = 3,31%

 d d . n . (1 + i)- n
V0 =A (C, d) n =  C +  . an -
i
 i i
i

 10  10 . (2*3) . (1 + 0.0331)- 2*3

V0 =  200 +  . a 2*3 - =1,201.35 m.u.
 0.0331  0.0331
0.0331

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5. Calculate the current value of one fourth-month annuity whose first prepayable capital
is 200 m.u. with a fourth-month increase of 1%, with a duration of 10 years if the valuation
rate is a compound six-monthly interest rate of 6%.

i2 = 6% i = (1 + ik)k – 1 i = (1 +0.06)2 – 1 = 12.36%

ik = (1+ i)1 / k – 1 i3 = (1+0.1236)1 / 3 – 1 = 3,96%

1 - q n . (1 + i)- n
V0 = C . ⋅ (1+i)
1 + i -q
1 - 1.0110*3 . (1 + 0.0396)- 10*3
V0 = 200 . ⋅ (1 + 0.0396 ) = 4,154.92 m.u.
1 + 0.0396 - 1.01