财务管理CHAPTER6.docx
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财务管理CHAPTER6
CHAPTER6
DiscountedCashFlowValuation
I.DEFINITIONS
ANNUITY
a1.Anannuitystreamofcashflowpaymentsisasetof:
a.levelcashflowsoccurringeachtimeperiodforafixedlengthoftime.
b.levelcashflowsoccurringeachtimeperiodforever.
c.increasingcashflowsoccurringeachtimeperiodforafixedlengthoftime.
d.increasingcashflowsoccurringeachtimeperiodforever.
e.arbitrarycashflowsoccurringeachtimeperiodfornomorethan10years.
PRESENTVALUEFACTORFORANNUITIES
b2.Thepresentvaluefactorforannuitiesiscalculatedas:
a.(1+presentvaluefactor)r.
b.(1–presentvaluefactor)r.
c.presentvaluefactor+(1r).
d.(presentvaluefactorr)+(1r).
e.r(1+presentvaluefactor).
FUTUREVALUEFACTORFORANNUITIES
d3.Thefuturevaluefactorforannuitiesiscalculatedasthe:
a.futurevaluefactor+r.
b.(1r)+(futurevaluefactorr).
c.(1r)+futurevaluefactor.
d.(futurevaluefactor–1)r.
e.(futurevaluefactor+1)r.
ANNUITIESDUE
e4.Annuitieswherethepaymentsoccurattheendofeachtimeperiodarecalled_____,whereas_____refertoannuitystreamswithpaymentsoccurringatthebeginningofeachtimeperiod.
a.ordinaryannuities;earlyannuities
b.lateannuities;straightannuities
c.straightannuities;lateannuities
d.annuitiesdue;ordinaryannuities
e.ordinaryannuities;annuitiesdue
PERPETUITY
c5.Anannuitystreamwherethepaymentsoccurforeveriscalleda(n):
a.annuitydue.
b.indemnity.
c.perpetuity.
d.amortizedcashflowstream.
e.amortizationtable.
STATEDINTERESTRATES
a6.Theinterestrateexpressedintermsoftheinterestpaymentmadeeachperiodiscalledthe_____rate.
a.statedinterest
b.compoundinterest
c.effectiveannual
d.periodicinterest
e.dailyinterest
EFFECTIVEANNUALRATE
c7.Theinterestrateexpressedasifitwerecompoundedonceperyeariscalledthe_____rate.
a.statedinterest
b.compoundinterest
c.effectiveannual
d.periodicinterest
e.dailyinterest
ANNUALPERCENTAGERATE
b8.Theinterestratechargedperperiodmultipliedbythenumberofperiodsperyeariscalledthe_____rate.
a.effectiveannual
b.annualpercentage
c.periodicinterest
d.compoundinterest
e.dailyinterest
PUREDISCOUNTLOAN
d9.Aloanwheretheborrowerreceivesmoneytodayandrepaysasinglelumpsumatsometimeinthefutureiscalleda(n)_____loan.
a.amortized
b.continuous
c.balloon
d.purediscount
e.interest-only
INTEREST-ONLYLOAN
e10.Aloanwheretheborrowerpaysinteresteachperiodandrepaystheentireprincipaloftheloanatsomepointinthefutureiscalleda(n)_____loan.
a.amortized
b.continuous
c.balloon
d.purediscount
e.interest-only
AMORTIZEDLOAN
a11.Aloanwheretheborrowerpaysinteresteachperiod,andrepayssomeoralloftheprincipaloftheloanovertimeiscalleda(n)_____loan.
a.amortized
b.continuous
c.balloon
d.purediscount
e.interest-only
BALLOONLOAN
c12.Aloanwheretheborrowerpaysinteresteachperiod,repayspartoftheprincipaloftheloanovertime,andrepaystheremainderoftheprincipalattheendoftheloan,iscalleda(n)_____loan.
a.amortized
b.continuous
c.balloon
d.purediscount
e.interest-only
II.CONCEPTS
ORDINARYANNUITYVERSUSANNUITYDUE
c13.Youarecomparingtwoannuitieswhichoffermonthlypaymentsfortenyears.Bothannuitiesareidenticalwiththeexceptionofthepaymentdates.AnnuityApaysonthe
firstofeachmonthwhileannuityBpaysonthelastdayofeachmonth.Whichoneof
thefollowingstatementsiscorrectconcerningthesetwoannuities?
a.Bothannuitiesareofequalvaluetoday.
b.AnnuityBisanannuitydue.
c.AnnuityAhasahigherfuturevaluethanannuityB.
d.AnnuityBhasahigherpresentvaluethanannuityA.
e.Bothannuitieshavethesamefuturevalueasoftenyearsfromtoday.
UNEVENCASHFLOWSANDPRESENTVALUE
b14.Youarecomparingtwoinvestmentoptions.Thecosttoinvestineitheroptionisthe
sametoday.Bothoptionswillprovideyouwith$20,000ofincome.OptionApaysfive
annualpaymentsstartingwith$8,000thefirstyearfollowedbyfourannualpaymentsof$3,000each.OptionBpaysfiveannualpaymentsof$4,000each.Whichoneofthe
followingstatementsiscorrectgiventhesetwoinvestmentoptions?
a.Bothoptionsareofequalvaluegiventhattheybothprovide$20,000ofincome.
b.OptionAisthebetterchoiceofthetwogivenanypositiverateofreturn.
c.OptionBhasahigherpresentvaluethanoptionAgivenapositiverateofreturn.
d.OptionBhasalowerfuturevalueatyear5thanoptionAgivenazerorateofreturn.
e.OptionAispreferablebecauseitisanannuitydue.
UNEVENCASHFLOWSANDFUTUREVALUE
a15.Youareconsideringtwoprojectswiththefollowingcashflows:
ProjectAProjectB
Year1$2,500$4,000
Year23,0003,500
Year33,5003,000
Year44,0002,500
Whichofthefollowingstatementsaretrueconcerningthesetwoprojects?
I.Bothprojectshavethesamefuturevalueattheendofyear4,givenapositiverateofreturn.
II.Bothprojectshavethesamefuturevaluegivenazerorateofreturn.
III.Bothprojectshavethesamefuturevalueatanypointintime,givenapositiverateof
return.
IV.ProjectAhasahigherfuturevaluethanprojectB,givenapositiverateofreturn.
a.IIonly
b.IVonly
c.IandIIIonly
d.IIandIVonly
e.I,II,andIIIonly
PERPETUITYVERSUSANNUITY
d16.Aperpetuitydiffersfromanannuitybecause:
a.perpetuitypaymentsvarywiththerateofinflation.
b.perpetuitypaymentsvarywiththemarketrateofinterest.
c.perpetuitypaymentsarevariablewhileannuitypaymentsareconstant.
d.perpetuitypaymentsnevercease.
e.annuitypaymentsnevercease.
ANNUALPERCENTAGERATE
e17.Whichoneofthefollowingstatementsconcerningtheannualpercentagerateis
correct?
a.Theannualpercentagerateconsidersinterestoninterest.
b.Therateofinterestyouactuallypayonaloaniscalledtheannualpercentagerate.
c.Theeffectiveannualrateislowerthantheannualpercentageratewhenaninterestrate
iscompoundedquarterly.
d.WhenfirmsadvertisetheannualpercentageratetheyareviolatingU.S.truth-in-lendinglaws.
e.Theannualpercentagerateequalstheeffectiveannualratewhentherateonan
accountisdesignatedassimpleinterest.
INTERESTRATES
b18.Whichoneofthefollowingstatementsconcerninginterestratesiscorrect?
a.Thestatedrateisthesameastheeffectiveannualrate.
b.Aneffectiveannualrateistheratethatappliesifinterestwerechargedannually.
c.Theannualpercentagerateincreasesasthenumberofcompoundingperiodsperyear
increases.
d.Banksprefermorefrequentcompoundingontheirsavingsaccounts.
e.Foranypositiverateofinterest,theeffectiveannualratewillalwaysexceedtheannual
percentagerate.
EFFECTIVEANNUALRATE
c19.Whichofthefollowingstatementsconcerningtheeffectiveannualratearecorrect?
I.Whenmakingfinancialdecisions,youshouldcompareeffectiveannualratesratherthanannualpercentagerates.
II.Themorefrequentlyinterestiscompounded,thehighertheeffectiveannualrate.
III.Aquotedrateof6percentcompoundedcontinuouslyhasahighereffectiveannualrate
thaniftheratewerecompoundeddaily.
IV.Whenchoosingwhichloantoaccept,youshouldselecttheofferwiththehighesteffectiveannualrate.
a.IandIIonly
b.IandIVonly
c.I,II,andIIIonly
d.II,III,andIVonly
e.I,II,III,andIV
CONTINUOUSCOMPOUNDING
d20.Thehighesteffectiveannualratethatcanbederivedfromanannualpercentagerateof
9percentiscomputedas:
a..09e-1.
b.e.09q.
c.e(1+.09).
d.e.09–1.
e.(1+.09)q.
PUREDISCOUNTLOAN
a21.Apurediscountloanisa(n):
a.exampleofapresentvalueproblem.
b.loanthatisinterest-free.
c.loanthatgivesyouadiscountifyoupayyourpaymentsontime.
d.loanthatrequiresallinteresttobepaidatthetimetheloanismade.
e.loanthatdiscountsthepaymentsifyoupaytheminadvance.
INTEREST-ONLYLOAN
c22.Theprincipleamountofaninterest-onlyloanis:
a.neverrepaid.
b.repaidinequalincrementsandincludedineachloanpayment.
c.repaidinfullattheendoftheloanperiod.
d.repaidinequalannualpaymentsevenwhentheloaninterestisrepaidmonthly.
e.repaidinincreasingincrementsandincludedineachloanpayment.
AMORTIZEDLOAN
b23.Anamortizedloan:
a.requirestheprincipleamounttoberepaidinevenincrementsoverthelifeoftheloan.
b.mayhaveequalorincreasingamountsappliedtotheprinciplefromeachloan
payment.
c.requiresthatallinterestberepaidonamonthlybasiswhiletheprincipleisrepaidat
theendoftheloanterm.
d.requiresthatallpaymentsbeequalinamountandincludebothprincipleandinterest.
e.isthetypeofloanthatdescribesmostcorporatebonds.
III.PROBLEMS
ORDINARYANNUITYANDPRESENTVALUE
d24.Yourparentsaregivingyou$100amonthforfouryearswhileyouareincollege.Ata
6percentdiscountrate,whatarethesepaymentsworthtoyouwhenyoufirststart
college?
a.$3,797.40
b.$4,167.09
c.$4,198.79
d.$4,258.03
e.$4,279.32
ORDINARYANNUITYANDPRESENTVALUE
b25.Youjustwonthelottery!
Asyourprizeyouwillreceive$1,200amonthfor100months.Ifyoucanearn8percentonyourmoney,whatisthisprizeworthtoyoutoday?
a.$87,003.69
b.$87,380.23
c.$87,962.77
d.$88,104.26
e.
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