LUYỆN TẬP

BÀI TẬP TỰ LUẬN CÓ CÔNG THỨC

Monetary&Financial Market
Mã môn: B01020

I. CHƯƠNG 4
1. Bài tập tính PV, FV
Công thức:
FV CF
PV = n <=>
(1+i) ¿ ¿¿
FV = PV x (1+i)n
1.1. Ví dụ 1
If the interest rate is 10%, what is the present value of a security that pay you $1,100 next year, $ 1,210
the year after, and $ 1,331 the year after that?
Answer:
1,100 1,210 1,331
PV ¿ 1
+ 2
+ 3
(1+10 %) (1+10 %) ( 1+10 %)
= $3,000
1.2. Ví dụ 2 – Bài tập xổ số - Jackpot
(Xem thêm bài tập trang 68 – How much is that Jackpot worth?
ĐỀ 3, Question 1 (1.0 score):
Assume that you just hit the $30 million Jackpot in the New York Lottery, which promises you a
payment of $7.5 million for the next four years. You are clearly excited, but have you really won $30
million? (if interest rate is 8.5%)
Answer:
=> Annual payment = $7.5 million.
=> n = 4 năm
7.5 7.5 7.5 7.5
PV = 1 + 2
+ 3
+ 4
(1+8.5 % ) (1+8.5 % ) (1+8.5 % ) (1+8.5 % )
PV = $24.56 million
1.3. Ví dụ 3
Your aunt is planning to invest in a bank deposit that will pay 7.5 percent interest semiannually. If she
has $5,000 to invest, how much will she have at the end of four years?
Answer:
PV = FV/ (1+i)n
1/ Nếu trả lãi hàng năm: annually
=> Pricipal: 5,000$ => PV = 5,000
=> i = 7,5% => (1+i)4 => (1+7.5%)4
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=> FV = 5000* (1+7.5%)4
2/ Nếu trả lãi semiannually (2 lần một năm)
=> (1+7,5%/2)4 x 2
=> FV = 5000*(1+7,5%/2)4 x 2
3/ Nếu quarterly: => (1+i%/4)^4 (năm) *4
4/ Nếu monthly: => (1+i%/12)^4 (năm) *12
1.4. Ví dụ 4
Find the future value of an investment of $100,000 made today for five years and paying 8.75 percent
for the following compounding periods:
a. Quarterly
b. Monthly
a/ Value of investment after 5 years = FV5

( )
i mn
( )
4×5
0 . 0875
FV 5 =PV × 1+ =$ 100 , 000× 1+
m 4
20
¿ $ 100 , 000×(1. 021875 ) =$154,154 . 24
b/ Value of investment after 5 years = FV5

( )
i mn
( )
12×5
0 . 0875
FV 5 =PV × 1+ =$ 100 , 000× 1+
m 12
60
¿ $ 100 , 000×(1. 00729 ) =$154,637 . 37
1.5. Ví dụ 5
Your birthday is coming up, and instead of other presents, your parents promised to give you
$1,000 in cash. Since you have a part time job and thus don’t need the cash immediately, you
decide to invest the money in a bank CD that pays 5.2 percent quarterly for the next two years.
How much money can you expect to gain in this period of time?
1.6. Ví dụ 6
Multiple compounding periods:
Find the future value of an investment of $100,000 made today for five years and paying 8.75
percent for the following compounding periods:
a. Quarterly
b. Monthly
c. Daily
1.7. Ví dụ 7
Roy Gross is considering an investment that pays 7.6 percent. How much will he have to invest
today so that the investment will be worth $25,000 in six years?
1.8. Ví dụ 8

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You are in desperate need of cash and turn to your uncle who has offered to lend you some money.
You decide to borrow $1,300 and agree to pay back $1,500 in two years. Alternatively, you could
borrow from your bank that is charging 6.5 percent interest annually. Should you go with your
uncle or the bank?
1.9. Kelly Martin has $10,000 that she can deposit into a savings account for five years. Bank A pays
compounds interest annually, Bank B twice a year, and Bank C quarterly. Each bank has a stated interest
rate of 4 percent. What amount would Kelly have at the end of the fifth year if she left all the interest
paid on the deposit in each bank?
( $12,166.53; $12,189.94; $12,201.90)
1.10. You have an opportunity to invest $2,500 today and receive $3,000 in three years. What will be the
return on your investment?
(i=6.27%)
1.11. Joe Mauer, a catcher for the Minnesota Twins, is expected to hit 15 home runs in 2012. If his home
runs hitting ability is expected to grow by 12 percent every year for the next five years, then 20% for
final year. How many home runs is he expected to hit in 2017 and 2018?
(26 homes, 31 homes).
1.12. You decide to take advantage of the current online dating craze and start your own Web site. You
know that you have 450 people who will sign up immediately, and through a careful marketing research
and analysis you determine that membership can grow by 27 percent in the first two years, 22 percent in
year 3, and 18 percent in year 4. How many members do you expect to have at the end of four years?

1.13. BA Corp need to raise 2 mil, then it is issuing a 10-year bond with a coupon rate of 8 percent. The
interest rate for similar bonds is currently 6 percent. Assuming annual payments, what is the value of the
bond? How many bonds should they issue?
($1,147.2; 1743 bonds)
1.14. You are interested in investing in a six-year bond which was issue on year ago that pays 7.8
percent coupon with interest to be received semiannually. Your required rate of return is 8.4 percent.
What is the most you would be willing to pay for this bond?
(975.91)
1.15. Diane Carter is interested in buying a five-year zero coupon bond with a face value is $1,000. She
understands that the market interest rate for similar investments is 9 percent. Assume annual coupon
payments. What is the current value of this bond?
($694.93)
2. Bài tập tính các công cụ trên thị trường tín dụng
2.1. Simple loan - IR and principle pay in the end
Question: Nate has a loan $10,000 with IR is 10%. After 1 year, how much will she have to pay back?
Answer:
Principle: 10,000 + IR (1,000)

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Total: 11,000 after 1 year
2.2. Fixed payment loan: pay the same amount every period
Question: Nate has a loan $10,000 with IR is 10%/year for 10 years. How much will she have to pay
every month?
Answer:
Công thức:
PVA = C[1-(1+r)^-n]/r (i = r). Finding C?
Every month => dòng tiền đều => CFt = C
IR: 10%/year = 0.1
=> ( LV) 10,000 = C [1-(1+0.1/12)^-(12x10)] / (0.1/12)
C= $132.15
3. Bài tập tính Bond price
3.1. Question 1
a/ Find the price of a 8% coupon bond with a face value of $1000, a 10% yield to
maturity, and 5 years to maturity.
b/ Find the price of a 8% coupon bond with a face value of $1000, a 6% yield to
maturity, and 5 years to maturity.
c/ Find the price of a 8% coupon bond with a face value of $1000, a 8% yield to
maturity, and 5 years to maturity.
Give a conclusion about the relation between price of coupon bond and yield to maturity?.
Answer:
(Xem thêm bài tập Application: Yield to Maturity and the Bond Price for a Coupon Bond)
F= 1000 USD = Mệnh giá.
C: coupon payment = lãi suất coupon được thanh toán = (F x coupon rate)
n = years to maturity = Số năm đến ngày đáo hạn
r: YTM = Yields to Maturity = required rate of investor,
Bài làm:
FV = face value of the bond (F) = face value of $1000
PMT = payment = yearly coupon payment = C = 8% coupon rate = 8% x $1000 = $80
n = years to maturity = 5 years (cho cả 3 câu a, b, c)
r = 10%; 6%; 8% yield to maturity
Công thức:
−n
C∗1−(1+r ) F
PV = +
r (1+ r)n
−5
80∗1−( 1+10 % ) 1000
PV = +
10 % (1+10 %)5
= $924.18
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 −5
80∗1−( 1+6 % ) 1000
PV = +
6% (1+6 %)5
= $1,084.24

−5
80∗1−( 1+8 % ) 1000
PV = +
8% (1+ 8 %)5
= $1,000
Conclusion
(Xem thêm Bảng 1 (Table 1) trang 74 trong giáo trình: Yield to Maturity on a 10% - Coupon Rate
Bond Maturing in ten years)
1). When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate
2). The price of a coupon bond and the yield to maturity are negatively related
3.2. Question 2
F: $1000; Coupon rate: 10% (C = $100); n: 5 years. => Find price of bonds:
a/. YTM= 10%
b/. YTM= 7%
c/. YTM= 13%
Answer:
a/ PV= 100[1-(1+0.10)^-5]/0.10 + 1000/(1+0.10)^5 = $1000
b/ PV= 100[1-(1+0.07)^-5]/0.07 + 1000/(1+0.07)^5 = $1,123
c/ PV= 100[1-(1+0.13)^-5]/0.13 + 1000/(1+0.13)^5 = $894.5
Conclusion:
a/ Khi YTM (10%) = coupon rate (10%) => PV = F <=> $1000 = $1000
b/ Khi YTM (7%) < coupon rate (10%) => PV > F <=> $1,123 > $1000
c/ Khi YTM (13%) > coupon rate (10%) => PV < F <=> $894.5 < $1000
=> Khi YTM increase, bond price decrease
3.3. Question 3
A 15-year bond with a 5.5% coupon and a $1,000 par value is currently priced at $940. If the current
market interest rate is 6.5%. Should you buy the bond? Why or why not?
Answer:
−n
C∗1−(1+r ) F
Công thức: PV = +
r (1+ r)n
C: coupon payment = lãi suất coupon được thanh toán = (F x coupon rate) = 5.5% x 1,000 = $55
F: face value = par value = $1,000

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r: required rate of investor = market interest rate = 6.5%
n = 15 year
−15
55∗1−(1+6.5) 1,000
P= +
6.5 % (1+ 6.5 %r)15
= 905.97 <=> 905.97 < 940 (P_market) => You should not buy this bond
3.4. Question 4
Bigbie Corp issued a five-year bond a year ago with a coupon of 8 percent. The bond pays interest
semiannually. If the yield to maturity on this bond is 9 percent, what is the price of the bond?
3.5. Question 5
Rockwell Industries has a three-year bond outstanding that pays a 7.25 percent coupon and is currently
priced at $913.88. What is the yield to maturity of this bond? Assume annual coupon payments.
3.6. Question 6
Knight, Inc., has issued a three-year bond that pays a coupon of 6.10 percent. Coupon payments are
made semiannually. Given the market rate of interest of 5.80 percent, what is the market value of the
bond?
3.7. Question 7
Ten-year zero coupon bonds issued by the U.S. Treasury have a face value of $1,000 and interest is
compounded semiannually. If similar bonds in the market yield 10.5 percent, what is the value of these
bonds?
3.8. Bài tập tính Rate of return
3.8.1. Question 1
Calculate the rate of return (RET) of a $ 1,000 face value coupon bond with a coupon rate of 10% that
is bought for $ 1,000, held for one year, and then sold for $ 800, duration of this coupon is 5 years.
Answer:
Công thức:
C P1−P 0 C +( P ¿ ¿ 1−P0 )
RET = + <¿> RET = ¿
P0 P0 P0
100 800−1,000
RET = +
1,000 1,000
= 10%
3.8.2. Question 2
Calculate the rate of return of a $1,000 face value coupon bond with a coupon rate of 10% that is bought
for $1,000, held for one year, and then sold for $ 1,105, duration of this coupon bond is 5 years.
100 1,105−1,000
RET = +
1,000 1,000
= 20.5%
3.8.3. Question 3

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Calculate the rate of return of a $ 1,000 face value coupon bond with a coupon rate of 10% that is
bought for $ 1,000, held for one year, and then sold for $ 950; duration of this coupon is 5 years.
II. CHƯƠNG 7 – Bài tập tính Stock
2.1. Question 1
You have some extra money to invest for one year. After a year, you will need to sell your investment to
pay tuition. After watching CNBC or Nightly Business Report on TV, you decide that you want to buy
Intel Corp. stock, rate of return is 12%. You call your broker and find that Intel is currently selling
for $50 per share and pays $0.16 per year in dividends. The analyst on CNBC predicts that the stock
will be selling for $60 in one year. Should you buy this stock?
ANSWER:
Xem thêm bài tập ví dụ trong sách giáo khoa, Chapter 7 (The Stock Market) trang 148, mục The
One-Period Valuation Model
Công thức
P0 = Div1/(1 + ke) + P1/(1 + ke) (Công thức số (1), trang 142)
Trong đó:
P0 = the current price of the stock = $50
P1 = the price at the end of first period (the predicted sales price of the stock) = $60
ke = the required return on investments in equity = (e quơ tỳ) = rate of return is 12%
Div1 = the dividend paid at the end of year 1 = pays $0.16 per year in dividends
Bài làm:
Let ke = 0.12; Div1 = 0.16; P1 = $60.
P0 = Div1/(1 + ke) + P1/(1 + ke) = 0.16/1.12 + $60/1.12
P0 = $53.71
If the stock was selling for $53.71 or less, you would purchase it based on this analysis.
2.2. Question 2
You have some extra money to invest for one year. After a year, you will need to sell your investment to
pay tuition. After watching CNBC or Nightly Business Report on TV, you decide that you want to buy
Intel Corp. stock, rate of return is 9%. You call your broker and find that Intel is currently selling for
$55 per share and pays $0.57 per year in dividends. The analyst on CNBC predicts that the stock will
be selling for $50 in one year. Should you buy this stock?
Công thức số (1), trang 142, Chapter 7
P0 = Div1/(1+ke) + P1/(1+ke)
2.3. Question 3
Imagine that you want to purchase a stock that is selling for $20. The expected dividend next year is
$1.75 and analyst forecast the stock price one year from today being $22. According to the capital asset
pricing model the cost of equity is 12%. Using the one-period valuation model. What should the stock
be selling for? Should you purchase it?
Công thức số (1), trang 142, Chapter 7
P0 = Div1/(1+ke) + P1/(1+ke)
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2.4. Question 4
Imagine that you want to purchase a stock that is selling for $35. The expected dividend next year is
$2.73 and analyst forecast the stock price one year from today being $38.5. According to the capital
asset pricing model the cost of equity is 9%. Using the one-period valuation model. What should the
stock be selling for? Should you purchase it?
2.5. Question 5
Fledgling Electronics is forecasted to pay a $5.00 dividend at the end of year one; a $5.50 dividend at
the end of year two; a $6.5 dividend at the end of year three. At the end of the third year the stock will
be sold for $238. If the discount rate is 10%, what is the price of the stock?

BÀI GIẢI:
Xem lại lý thuyết trong sách giáo khoa, Chapter 7 (The Stock Market) trang 143, mục The
Generalized Divident Valuation Model
Công thức số (2), trang 143, Chapter 7
2.6. Question 6
Kay Williams is interested in purchasing the common stock of Reckers, Inc., which is currently priced at
$37.45. The company is expected to pay a dividend of $2.58 next year and to grow at a constant rate
of 7 percent.
a.What should the market value of the stock be if the required rate of return is 14 percent?
b. Is this a good buy? Why or why not?
Answer:
Công thức
P = D /(k - g) Công thức số (5), trang 144; Chapter 7
0 1 e
a. Let’s Div = $2.58
1
P = Div /(k - g) = 2.58 / (0.14-0.07)
0 1 e
= $36.86
b. The stock is overpriced and not a good buy.
2.7. Question 7
World-Tour Co. has just now paid a dividend of $3 per share; the dividends are expected to grow at a
constant rate of 8% per year forever. If the required rate of return on the stock is 12%, what is the
current value on stock, after paying the dividend?
BÀI GIẢI:
Xem lại lý thuyết trong sách giáo khoa, Chapter 7 (The Stock Market) trang 143-144, mục The
Gordon Growth Model
Công thức số (5), trang 144; Chapter 7
2.8. Merriweather Manufacturing Company has been growing at a rate of 6 percent for the past two
years, and the CEO expects the company to continue to grow at this rate for the next several years. The
company paid a dividend of $1.20 last year. If your required rate of return is 14 percent, what is the
maximum price that you would be willing to pay for this company’s stock?
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 ($15.88)
2.9. Proxicam, Inc., is expected to grow at a constant rate of 7 percent. If the company’s next dividend,
which will be paid in a year, is $1.15 and its current stock price is $22.35, what is the required rate of
return on this stock?
(12.15%)
2.10. Staggert Corp. will pay dividends of $5.00, $6.25, $4.75, and $3.00 for the next four years. The
stock price in the end of year 4 is $25.44. If the required rate of return is 18.5 percent, what is the current
value of the stock?
($25.95)
III. Chương 8 – Banks – Bài tập tính Total assets and Total liabilities
3.1. Calculate total asset or total liabilities of the banks
Assets (Uses of Funds) Liabilities (Sources of Funds)
Reserves and items (cac khoan du tru va tien Checkable deposit (tien gui viet sec)
mat)
Securities (chung khoan) Nontransaction deposits (tien gui phi giao
US.government and agency Small-denomination time deposits+savin
State and local government and Large-denomination time deposits
other securities
Loans (cac khoan cho vay) Borrowings (cac khoan di vay no)
Commercial and industrial
Real estate
Consumer
Interbank
Other
Other assets (ex. Phisycal capital) Bank capital
TOTAL TOTAL
A commercial bank has the following items in its balance sheet: bank capital, 46,000,000đ; borrowings,
44,000,000đ; checkable deposits, 20,000,000đ; loans, 170,000,000đ; non-transaction
deposits, 182,000,000đ; other assets, 35,000,000đ; reserves, 27,000,000đ; and securities, 60,000,000đ.
(a) Compute the total assets of the bank;
(b) Compute the total liabilities of the bank.

Total Assets = Total liabilities =

reserves, 27,000,000đ; checkable deposits, 20,000,000đ;
and securities, 60,000,000đ. non-transaction deposits, 182,000,000đ;
loans, 170,000,000đ; borrowings, 44,000,000đ;
other assets, 35,000,000đ; bank capital, 46,000,000đ;
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TOTAL = 292,000 292,000

BÀI GIẢI:
1/ Compute the total assets of the bank:
27,000,000đ + 60,000,000đ + 170,000,000đ + 35,000,000đ
= 292,000,000 đ
2/ Compute the total liabilities of the bank:
20,000,000đ + 182,000,000đ + 44,000,000đ + 46,000,000đ
= 292,000,000
3.2. Calculate total asset or total liabilities of the banks
A commercial bank has the following items in its balance sheet: bank capital, 36,000,000đ; borrowings,
54,000,000đ; checkable deposits, 18,000,000đ; loans, 180,000,000đ; non-transaction deposits,
192,000,000đ; other assets, 39,000,000đ; reserves, 21,000,000đ; and securities, 60,000,000đ.
Required:
(1) Compute the total assets of the bank.
(2) Compute the total liabilities of the bank.
3.3. Calculate total asset or total liabilities of the banks
A commercial bank has the following items in its balance sheet: bank capital, 12,000,000đ; borrowings,
18,000,000đ; checkable deposits, 6,000,000đ; loans, 60,000,000đ; non-transaction deposits,
64,000,000đ; other assets, 13,000,000đ; reserves, 7,000,000đ; and securities, 20,000,000đ.
Required:
(1) Compute the total assets of the bank.
(2) Compute the total liabilities of the bank.
IV. CHƯƠNG 11- Chapter 14 – Bài tập tính MB; M; m
4.1. Consider the following items: checkable deposits, 300 billion VND; currency, 120 billion VND;
excess reserves, 15 billion VND; non-transaction deposits, 300 billion VND; and required reserves, 70
billion VND.
Required:
(1) Compute the monetary base.
(2) Compute the M1 money supply.
ANSWER:
M: money supply
MB: monetary base
D: checkable deposit
r: required reserve ratio
R: Reserve (required reserve and Excess reserve)
C: currency
m: Money multiplier
M= C+D
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 MB= C+ (r x D) + ER
m= M/MB= (C+D)/(C+ (r x D) + ER)
m= [(C/D)+1]/[(C/D)+ r + (ER/D)]
(1). Compute the monetary base
Monetary Base = 120đ billion + 70đ billion + 15đ billion
= 205đ billion
(2) Compute the M1 money supply
M1 Money Supply = 120đ billion + 300đ billion
= 420đ billion
4.2. Consider the following items: checkable deposits, 400đ billion; currency, 250đ billion; excess
reserves, 15đ billion; non-transaction deposits, 600đ billion; and required reserves, 150đ billion.
(1) Compute the monetary base.
(2) Compute the M1 money supply.
(3) Compute the M1 money multiplier. ./.
Xem lại chương 4 trắc nghiệm

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