<2022 중간고사 계산문제 족보>

1. You are trying to decide how much to save for retirement. Assume you plan to
save $5,000 per year with the first investment made 1 year from now. You think
you can earn 10% per year on your investments and you plan to retire in 43
years, immediately after making your last $5,000 investment.
a. How much will you have in your retirement account on the day you retire?
b. If, instead of investing $5,000 per year, you wanted to make one lump-sum
investment today for your
retirement that will result in the same retirement saving, how much would that
lump sum need to be?
c. If you hope to live for 20 years in retirement, how much can you withdraw
every year in retirement
(starting one year after retirement) so that you will just exhaust your savings with
the twentieth withdrawal
(assume your savings will continue to earn 10% in retirement)?
d. If, instead, you decide to withdraw $300,000 per year in retirement (again with
the first withdrawal one
year after retirement), how many years will it take until you exhaust your savings?
e. Assuming the most you can afford to save in $1,000 per year, but you want to
retire with $1 million in
your investment account, how high of a return do you need to earn on your
investments?
f. How much can I receive when my savings increase by 0.1% every month?
2. Term structure ( lecture note 4 p.14 표 이용) Zero coupon bond, Coupon
bond, Perpetuity bond 구하기 공식 대입 만기 5년 nov-8
3. Halliford Corporation expects to have earnings this coming year of $3 per
share. Halliford plans to retain all of its earnings for the next two years.
Then, for the subsequent two year, the firm will retain 50% of its earnings.
It will retain 20% of its earnings from that point onward. Each year, retained
earnings will be invested in new projects with an expected return of 25% per
year. Any earnings that are not retained will be paid out as dividends.
Assume Halliford’s share count remains constant and all earnings growth comes
from the investment of retained earnings. If Halliford’s equity cost of capital is
10%, what price would you estimate for Halliford stock?