兹维博迪金融学第二版试题库4TBWord文档格式.docx
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兹维博迪金融学第二版试题库4TBWord文档格式.docx
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(b)Reinvestmentrate
(c)Costofequity
(d)Compoundinterest
(b)
3.Thedifferencebetweenanimmediateannuityandanordinaryannuityis________.
(a)thenumberofperiods
(b)theamountofthepayments
(c)theinterestrate
(d)thetimingofthepayments
(d)
4.ThepreferredstockofTavistockRealtyoffersacashdividendof$2.28peryearanditissellingatapriceof$110pershare.WhatistheyieldofTavistockRealtypreferredstock?
(a)2.07%
(b)2.12%
(c)2.28%
(d)48.25%
(a)
5.Considerthesituationwhereyouhavewona$10millionlotterytobereceivedin25annualequalpaymentsof$400,000.Whatwillhappentothepresentvalueofthesewinningsiftheinterestrateincreasesduringthenext25years?
(a)itwillnotchange
(b)itwillbeworthmore
(c)itwillbeworthless
(d)itcannotbedetermined
(c)
6.WhatistheeffectiveannualrateonabankaccountthathasAPRof8percentwithinterestcompoundedquarterly?
(a)6.12%
(b)8.24%
(c)8.48%
(d)17.17%
7.YoutakeoutaloanwithanAPRof10%withmonthlycompounding.Whatistheeffectiveannualrateonyourloan?
(a)23.87%
(b)21.6%
(c)19.56%
(d)18%
8.TheCFOofCyberHelpInc.has$250,000incashtodaythathewantstoinvest.Howmuchwillthisinvestmentbeworthinfouryearsifthecurrentinterestrateis8%?
(a)$270,000
(b)$330,000
(c)$340,125
(d)$342,150
9.Ifyoupurchasea$12,000certificateofdeposittodaywithanAPRof14%,withquarterlycompounding,whatwilltheCDbeworthwhenitmaturesin5years?
(a)$20,846.99
(b)$20,865.60
(c)$23,104.97
(d)$23,877.47
10.TheCFOofCyberChainInc.planstounleashamediacampaignthatisexpectedtocost$15millionfouryearsfromtoday.Howmuchcashshouldshesetasidetopayforthisifthecurrentinterestrateis13%?
(a)$9.2million
(b)$13.3million
(c)$14.4million
(d)$16.9million
11.TheNPVisameasureofhowmuchyour________wealthchangesasaresultofyourchoiceandiftheNPVis________itdoesnotpaytoundertakethatchoice.
(a)future;
negative
(b)current;
(c)current;
positive
(d)future;
12.The________istheratethatonecanearnsomewhereelseifonedidnotinvestintheprojectunderevaluation.
(a)opportunitycostofcapital
(b)costofdebt
(c)costofequity
(d)weightedaveragecostofcapital
13.Youaretryingtodecidewhetherornottobuyabondfor$990thatwillmakeonepaymentfor$1,050fouryearsfromtoday.Whatistheinternalrateofreturnonthebond’scashflows?
(a)1.06%
(b)1.48%
(c)10.6%
(d)14.8%
14.CalculatetheNPVofthefollowingcashflows:
youinvest$3,000todayandreceive$300oneyearfromnow,$700twoyearsfromnow,and$1,100startingfouryearsfromnow.Assumethattheinterestrateis7%.
(a)–$1,962.62
(b)–$1,269.04
(c)$1,269.04
(d)$1,962.62
15.Aftereachpaymentofanamortizedloan,theoutstandingbalanceisreducedbytheamountofprincipalrepaid.Therefore,theportionofthepaymentthatgoestowardthepaymentofinterestis________thanthepreviousperiod’sinterestpaymentandtheportiongoingtowardrepaymentofprincipalis________thanthepreviousperiod’s.
(a)greater;
lower
(b)lower;
(c)greater;
greater
(d)lower;
16.Thepresentvalueofafutureamountcanbecalculatedwiththeequation________.
(a)PV=FV(1+i)n
(b)PV=FV(1+i)(n)
(c)PV=FV/(1+i)n[NOTE:
thisshouldbeformattedasastackedfraction]
(d)PV=FV/(1+i)(n)[NOTE:
17.Tocomputethefuturevalueofapresentamountusethecompoundamountfactordefinedas________.
(a)FV=PV(1+i)n
(b)FV=PV(1+i)(n)
(c)FV=PV/(1+i)n[NOTE:
(d)FV=PV/(1+i)(n)[NOTE:
Answer:
18.TheearningsofBGBComputershavegrownfrom$3.20to$6.90in6years.Determinetheannualcompoundrate.
(a)1.14%
(b)13.7%
(c)15.6%
(d)115.6%
19.Infiveyearsyouintendtogotograduateschool.Foreachofyourfouryearsingraduateschool,youneedtohaveafundthatwillprovide$25,000peryearatthebeginningofeachyear.Iftheinterestrateis9%throughout,howmuchmustyouputinthefundtoday?
(a)$64,996
(b)$57,379
(c)$50,184
(d)$16,249
20.AspartofyournewjobatCyberInc.thecompanyisprovidingyouwithanewJeep.Yourfirmwillleasethis$34,000Jeepforyou.Thetermsoftheleasearesevenannualpaymentsataninterestrateof10%,whichwillfullyamortizethecostofthecar.Whatistheannualleasepayment?
(a)$6,984.39
(b)$5,342.86
(c)$4,857.14
(d)$3,584.00
21.AruleofthumbwithusingtheinternalrateofreturnistoinvestinaprojectiftheIRRis________theopportunitycostofcapital.
(a)greaterthan
(b)lessthan
(c)lessthanorequalto
(d)one-halfof
22.Whenconsideringthetimeframeofaninvestment,arulefollowedbysomeistochoosetheinvestmentwith______paybackperiod.
(a)thelongest
(b)theshortest
(c)no
(d)aninfinite
23.Amajorproblemwithusingtheinternalrateofreturnruleis________.
(a)theremaybemultiplecashoutflowsandmultiplecashinflows
(b)theinternalrateofreturnmaynotexist
(c)theinternalrateofreturnmaynotbeunique
(d)alloftheabove
24.TheNPVisthedifferencebetweenthe________valueofall________cashinflowsminusthe________valueofallcurrentandfuturecashoutflows.
present;
present
(b)present;
future;
(c)present;
future
(d)present;
25.Whenconsideringeffectiveinterestrates,asthecompoundingfrequencyincreases,theeffectiveannualrategets________and________butapproaches________.
(a)larger;
larger;
alimit
(b)smaller;
smaller;
(c)larger;
infinity
(d)smaller;
26.In10yearsyouwishtoownyourbusiness.Howmuchwillyouhaveinyourbankaccountattheendof10yearsifyoudeposit$300eachquarter(assumeendoftheperioddeposits)?
Assumetheaccountispayinganinterestrateof12%compoundedquarterly.
(a)$20,220
(b)$21,060
(c)$21,626
(d)$22,620
27.ThedirectorofmarketingforCyberProductsInc.planstounleashamediablitzthatisexpectedtocost$4.7millionthreeyearsfromtoday.Howmuchcashshouldshesetasidetodaytopayforthisifthecurrentinterestrateis11%?
(a)$6.43million
(b)$4.23million
(c)$3.62million
(d)$3.44million
28.Ifyoupurchaseda$10,000certificateofdeposittodaywithanAPRof12%,withmonthlycompounding,whatwouldbetheCDworthwhenitmaturesin6years?
(a)$56,340
(b)$20,468
(c)$19,738
(d)$5,066
29.ThemanufacturingmanagerofCyberProductsInc.estimatesthatshecansavethecompany$16,000cashperyearoverthenext8yearsbyimplementingarecyclingplan.Whatisthevalueofthesavingstodayiftheappropriateinterestrateforthefirmis9%?
Assumecashflowsoccurattheendoftheyear.
(a)$64,240
(b)$88,557
(c)$96,527
(d)$128,000
30.IftheexchangeratebetweentheU.S.dollarandtheFrenchFrancis$0.17perFrenchFranc,thedollarinterestrateis5.5%peryear,andtheFrenchFrancinterestrateis4.5%peryear,whatisthe"
break-even"
valueofthefuturedollar/FrenchFrancexchangerateoneyearfromnow?
a)$0.172perFF
b)$0.179perFF
c)$5.827perFF
d)$5.882perFF
31.Inanytimevalueofmoneycalculation,thecashflowsandtheinterestratemustbedenominated________.
a)inthesamecurrency
b)indifferentcurrencies
c)intermsofathirdcurrency
d)intermsoftheECU
32.IftheexchangeratebetweentheU.S.dollarandtheJapaneseyenis$0.00745peryen,thedollarinterestrateis6%peryear,andtheJapaneseinterestrateis7%peryear,whatisthe“break-even”valueofthefuturedollar/yenexchangerateoneyearfromnow?
a)$135.49peryen
b)$134.23peryen
c)$0.00752peryen
d)$0.00738peryen
33.ConsiderthesituationwhereyouaretryingtodecideifyoushouldinvestinaSwissprojectoranAmericanproject.Bothprojectsrequireaninitialoutlayof$15,000.TheSwissprojectwillpayyou17,100SwissFrancsperyearfor6years,whereastheAmericanonewillpayyou$11,000peryearfor6years.Thedollarinterestrateis5%peryear,theSwissFrancinterestrateis6%peryear,andthecurrentdollarpriceofaSwissFrancis$0.68perSwissFranc.WhichprojecthasthehigherNPV?
a)theU.S.project;
itsNPVis$55,832
b)theU.S.project;
itsNPVis$40,833
c)theSwissproject;
itsNPVis$42,179
d)theSwissproject;
itsNPVis$57,178
34.The________istheratedenominatedindollarsor
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