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第一章货币与货币制度1.货币形态的演变实物货币阶段—金属货币阶段—代用货币阶段—信用货币阶段—电子货币阶段2.货币的职能：价值尺度、流通手段（一手交钱一手交货）、支付手段（应用于赊销预付）、货币贮藏、世界货币3.按流动性划分货币层次，如下：M0=通货（流通中的货币）M1=M0+银行活期存款M2=M1+银行定期存款（企业）和储蓄存款（居民）M3=M2+其他金融机构存款M4=M3+其他短期流动资产4.货币制度的构成要素：货币金属（币材）、货币单位（价格标准）、本位币和辅币的铸造、发行和流通、规定准备制度。
本位币：用货币金属按照国家规定的货币单位铸造而成的铸币。
无限法偿：国家国定本位币拥有无限制的支付能力。
辅币：本位币以下的小额通货，供日常交易与找零之用。
有限法偿：法律规定辅币在一次支付中的最高限额，超出最高限额，出卖者和债权人有权拒收。
5.货币制度的类型与演变：银本位制、金银复本位制、金本位制、不兑现的信用货币制度。
跛行本位制：国家规定已发行的银币照旧流通，但停止自由铸造，金币准许自由铸造。
6.劣币驱逐良币：又称“格雷欣法则”。
指两种实际价值不同而法定价值固定的通货同时流通时，实际价值较高的通货，即良币，会被人们熔化和收藏，退出流通领域；而实际价值较低的通货，即劣币，则会充斥市场，最终导致劣币将良币完全驱逐出流通领域。
第二章信用1.信用的本质：信用是以还本付息为条件的借贷行为；信用是一种债权债务关系；信用是价值运动的特殊形式2.商业信用：是企业之间相互提供的、与商品交易直接相联系的信用，主要表现为以商品赊销或预付贷款等方式所提供的信用。
是现代信用制度的基础。
商业信用特点：①是一种商品资本信用；②是一种直接信用；③商业信用的债权人和债务人都是企业。
3.银行信用：是银行及其他金融机构以货币形式，通过存款、贷款等业务活动提供的信用。
银行信用特点：货币信用；中介信用；创造和扩张信用。
第三章利息与利率1.年利率（1年）、月利率（12月）、日利率（360日）换算。
第一章货币与货币制度一、单项选择题1.B2.C3.B4.C5.A6.B7.C二、多项选择题1.ACDE2.CDE3.CD4.ABCD5.ABCDE6.ABCD三、简答题1.货币的职能有哪些？价值尺度；流通手段；支付手段；贮藏手段；世界货币2.人民币制度包括哪些内容？（1）人民币是我国的法定货币；（2）人民币是我国唯一的合法通货；（3）人民币的发行权集中于中央银行；（4）人民币以商品物资作为发行的首要保证，也以大量的政府政府债券、商业票据、商业银行票据等为发行的信用保证，还有黄金、外汇储备等也是人民币发行的现金保证；（5）人民币实行有管理的货币制度；（6）人民币称为可兑换货币。
3.货币制度的构成要素是什么？货币材料；货币单位；各种通货的铸造、发行和流通程序；准备制度4.不兑现的信用货币制度有哪些特点？1）不兑现信用货币一般由中央银行发行，并由国家赋予其无限法偿能力，这是不兑现信用货币制度最基本的特点；（2）信用货币不与任何金属保持等价关系，也不能兑换黄金；（3）货币通过信用程序投入流通领域；（4）信用货币制度是一种管理货币制度；5.钱、货币、通货、现金是一回事吗 ?银行卡是货币吗 ?不一样。
（1）钱的概念在不同场景下有很多不同的意思。
可以是个收入的概念、也可以是个财富的概念，也可以特指现金货币；（2）货币是在商品劳务交换与债券债务清偿时，被社会公众所普遍接受的东西。
（3）通货是流通中的货币，指流通与银行体系之外的货币。
范围小于货币。
（4）现金就是现钞，包括纸币、硬币。
现金是货币的一部分，流动性很强，对人们的日常消费影响很大。
（ 5）银行卡本身也称为“塑料货币” ，包括信用卡、支票卡，记账卡、自动出纳机卡等。
银行卡可以用于存取款和转账支付。
在发达西方国家，各种银行卡正在取代现钞和支票，称为经济生活中广泛的支付工具，因此现代社会银行卡也是货币6.社会经济生活中为什么离不开货币？为什么自古至今，人们又往往把金钱看做说万恶之源？（ 1）社会经济生活离不开货币，货币的产生和发展都有其客观必然性。
金融学第二版课后习题答案【篇一：王重润公司金融学第二版课后答案】业有几种组织方式？各有什么特点？（ 1）有两种，有限责任公司和股份有限责任公司（ 2）有限责任公司特点：有限责任公司是指股东以其出资额为限对公司承担责任，公司以其全部资产对公司的债务承担责任的企业法人；有限责任公司注册资本的最低限额为人民币3万元；其资本并不必分为等额股份，也不公开发行股票，股东持有的公司股票可以再公司内部股东之间自由转让，若向公司以外的人转让，须经过公司股东的同意；公司设立手续简便，而且公司无须向社会公开公司财务状况。
（ 3）股份有限责任公司特点：1、有限责任2、永续存在3、股份有限责任公司的股东人数不得少于法律规定的数目，我国规定设立股份有限公司，应当有2人以上200人以下为发起人4、股份有限责任公司的全部资本划分为等额的股份，通过向社会公开发行的办法筹集资金，任何人在缴纳了股款之后，都可以成为公司股东，没有资格限制。
5、可转让性6、易于筹资2题：为什么我国《公司法》允许存在一人有限责任公司？一人有限责任公司与个人独资企业有何不同？答：1.就立法初衷而言，许可自然人投资设立一人有限责任公司的重要考虑是减少实质上的一人公司的设立，简化和明晰股权归属，减少纷争。
以往由于我国《公司法》禁止设立一人公司，使得投资人通过各种途径设立或形成的实质上的一人公司大量存在，挂名股东与真实股东之间的投资权益纠纷以及挂名股东与公司债权人之间的债务纠纷不断，令工商行政管理部门和司法机关无所适从。
在修订《公司法》的过程中，法律委员会、法制工作委员会会同国务院法制办、工商总局、国资委、人民银行和最高人民法院反复研究认为：从实际情况看，一个股东的出资额占公司资本的绝大多数而其他股东只占象征性的极少数，或者一个股东拉上自己的亲朋好友作挂名股东的有限责任公司，即实质上的一人公司，已是客观存在，也很难禁止。
根据我国的实际情况，并研究借鉴国外的通行做法，应当允许一个自然人投资设立有限责任公司。
博迪《金融学》（第2版）笔记和课后习题详解（修订版）完整版>精研学习䋞>无偿试用20％资料全国547所院校视频及题库全收集考研全套>视频资料>课后答案>往年真题>职称考试第1部分金融和金融体系第1章金融学1.1复习笔记1.2课后习题详解第2章金融市场和金融机构2.1复习笔记2.2课后习题详解第3章管理财务健康状况和业绩3.1复习笔记3.2课后习题详解第2部分时间与资源配置第4章跨期配置资源4.1复习笔记4.2课后习题详解第5章居民户的储蓄和投资决策5.1复习笔记5.2课后习题详解第6章投资项目分析6.1复习笔记6.2课后习题详解第3部分价值评估模型第7章市场估值原理7.1复习笔记7.2课后习题详解第8章已知现金流的价值评估：债券8.1复习笔记8.2课后习题详解第9章普通股的价值评估9.1复习笔记9.2课后习题详解第4部分风险管理与资产组合理论第10章风险管理的原理10.1复习笔记10.2课后习题详解第11章对冲、投保和分散化11.1复习笔记11.2课后习题详解第12章资产组合机会和选择12.1复习笔记12.2课后习题详解第5部分资产定价第13章资本市场均衡13.1复习笔记13.2课后习题详解第14章远期市场与期货市场14.1复习笔记14.2课后习题详解第15章期权市场与或有索取权市场15.1复习笔记15.2课后习题详解第6部分公司金融第16章企业的财务结构16.1复习笔记16.2课后习题详解第17章实物期权17.1复习笔记17.2课后习题详解。
金融学第二版课后习题答案金融学第二版课后习题答案金融学是一门研究金融市场、金融机构和金融工具的学科，它对于理解和解决现代金融问题具有重要意义。
而课后习题则是帮助学生巩固所学知识、提高解决问题能力的重要工具。
本文将为读者提供金融学第二版课后习题的答案，以帮助读者更好地理解金融学的概念和理论。
第一章：金融的基本概念和职能1. 金融的基本概念是指金融的定义和范围。
金融的定义是指金融活动和金融制度的总称。
金融的范围包括金融市场、金融机构和金融工具等。
2. 金融的职能是指金融对于经济发展和社会进步的作用。
金融的主要职能包括储蓄和融资、支付和结算、风险管理和信息中介等。
第二章：金融市场1. 金融市场的分类包括货币市场、资本市场和衍生品市场等。
货币市场是指短期资金融通的市场，资本市场是指长期资金融通的市场，衍生品市场是指金融衍生品交易的市场。
2. 金融市场的功能包括资源配置、风险管理和信息传递等。
资源配置是指将资金从供给者转移给需求者的过程，风险管理是指通过金融市场进行风险的转移和分散，信息传递是指金融市场通过价格和交易信息传递经济信息。
第三章：金融机构1. 金融机构的分类包括银行、非银行金融机构和金融市场机构等。
银行是最重要的金融机构，它包括商业银行、中央银行和政策性银行等。
2. 金融机构的职能包括储蓄和融资、支付和结算、风险管理和信息中介等。
储蓄和融资是指金融机构接受存款并提供贷款的过程，支付和结算是指金融机构提供支付和结算服务的过程，风险管理是指金融机构通过风险评估和风险转移来管理风险，信息中介是指金融机构通过收集、加工和传递信息来提供金融服务。
第四章：金融工具1. 金融工具的分类包括货币工具、债券、股票和衍生品等。
货币工具是指短期借贷和短期投资的金融工具，债券是指借款人向债权人发行的债务凭证，股票是指公司向股东发行的所有权凭证，衍生品是指衍生自其他金融资产的金融工具。
2. 金融工具的特点包括流动性、收益性和风险性等。
第一章货币概述货币量层次划分：货币量层次划分，即是把流通中的货币量，主要按照其流动性的大小进行相含排列，分成若干层次并用符号代表的一种方法。
价值尺度：货币在表现商品的价值并衡量商品价值量的大小时，发挥价值尺度的职能。
这是货币最基本、最重要的职能。
价格标准：指包含一定重量的贵金属的货币单位。
在历史上，价格标准和货币单位曾经是一致的，随着商品经济的发展，货币单位名称和货币本身重量单位名称分离了。
货币制度：货币制度简称“币制”，是一个国家以法律形式确定的该国货币流通的结构、体系与组织形式。
它主要包括货币金属，货币单位，货币的铸造、发行和流通程序，准备制度等。
金本位制：金本位制又称金单本位制，它是以黄金作为本位货币的一种货币制度。
其形式有三种金币本位制、金块本位制和金汇兑本位制。
无限法偿：即在货币收付中无论每次支付的金额多大，用本位币支付时，受款人不得拒绝接受，也即本位币具有无限的法定支付能力，即无限法偿。
有限法偿：有限法偿是指，货币在每一次支付行为中使用的数量受到限制，超过限额的部分，受款人可以拒绝接受。
格雷欣法则：即所谓“劣币驱逐良币”的规律。
就是在两种实际价值不同而面额价值相同的通货同时流通的情况下，实际价值较高的通货（所谓良币）必然会被人们熔化、输出而退出流通领域；而实际价值较低的通货（所谓劣币）反而会充斥市场。
6．什么是货币量层次划分，我国划分的标准和内容如何？（1）所谓货币量层次划分，即是把流通中的货币量，主要按照其流动性的大小进行相含排列，分成若干层次并用符号代表的一种方法。
（2）货币量层次划分的目的是把握流通中各类货币的特定性质、运动规律以及它们在整个货币体系中的地位，进而探索货币流通和商品流通在结构上的依存关系和适应程度，以便中央银行拟订有效的货币政策。
（3）我国货币量层次指标的划分标准主要为货币的流动性。
所谓流动性是指一种资产具有可以及时变为现实的购买力的性质。
流动性程度不同，所形成的购买力也不一样，因而对社会商品流通的影响程度也就不同。
《金融学》教案大纲及习题解答第一章：金融学导论1.1 金融学的定义和研究对象1.2 金融市场的基本概念和分类1.3 金融市场的参与者：投资者、金融机构、监管机构1.4 金融学的主要学科领域和应用范围习题解答：1.1 金融学是研究金融市场、金融机构以及金融政策的学科。
它的研究对象包括金融市场的运作机制、金融产品的定价和交易、金融机构的经营管理和监管政策等方面。
1.2 金融市场是指资金供应者和资金需求者通过金融工具进行交易的场所。
金融市场可以分为货币市场、资本市场、金融衍生品市场和外汇市场等。
1.3 金融市场的参与者包括投资者、金融机构和监管机构。
投资者包括个人投资者和机构投资者，金融机构包括银行、证券公司、保险公司等，监管机构负责对金融市场进行监管和调控。
1.4 金融学的主要学科领域包括金融市场、金融机构、金融衍生品、金融政策和金融监管等。
金融学广泛应用于金融行业、企业管理和政府监管等领域。
第二章：金融市场的基本原理2.1 金融市场的供求关系和价格机制2.2 金融市场的效率和稳定性2.3 金融市场的风险和收益2.4 金融市场的信息不对称和信息不对称问题习题解答：2.1 金融市场的供求关系是指资金供应者和资金需求者之间的相互作用。
价格机制是指金融市场的价格由市场供求关系决定，反映了资金的稀缺程度。
2.2 金融市场的效率是指市场能够迅速、准确地反映信息的能力。
金融市场的稳定性是指市场能够保持稳定的运行，不发生大规模的波动。
2.3 金融市场的风险是指投资者在投资过程中可能遭受的损失。
收益是指投资者从投资中获得的回报。
投资者在选择金融产品时需要权衡风险和收益。
2.4 信息不对称是指市场参与者之间信息的不平衡。
信息不对称问题可能导致市场失灵和资源配置效率低下，需要通过监管和制度建设来解决。
第三章：金融市场的主要金融产品3.1 货币市场的金融产品：短期债券、商业票据等3.2 资本市场的主要金融产品：股票、债券、基金等3.3 金融衍生品市场的主要产品：期货、期权、掉期等3.4 其他金融产品：外汇、黄金、大宗商品等习题解答：3.1 货币市场的金融产品是指在货币市场上交易的金融工具。
国际金融第二版课后答案（全）国际金融习题答案第一章国际收支本章重要概念国际收支：国际收支是指一国或地区居民与非居民在一定时期内全部经济交易的货币价值之和。
它体现的是一国的对外经济交往，是货币的、流量的、事后的概念。
国际收支平衡表：国际收支平衡表是将国际收支根据复式记账原则和特定账户分类原则编制出来的会计报表。
它可分为经常项目、资本和金融项目以及错误和遗漏项目三大类。
丁伯根原则：1962年，荷兰经济学家丁伯根在其所著的《经济政策：原理与设计》一书中提出：要实现若干个独立的政策目标，至少需要相互独立的若干个有效的政策工具。
这一观点被称为“丁伯根原则”。
米德冲突：英国经济学家米德于1951年在其名著《国际收支》当中最早提出了固定汇率制度下内外均衡冲突问题。
米德指出，如果我们假定失业与通货膨胀是两种独立的情况，那么，单一的支出调整政策（包括财政、货币政策）无法实现内部均衡和外部均衡的目标。
分派原则：这一原则由蒙代尔提出，它的含义是：每一目标应当指派给对这一目标有相对最大的影响力，因而在影响政策目标上有相对优势的工具。
自主性交易：亦称事前交易，是指交易当事人自主地为某项动机而进行的交易。
国际收支失衡：国际收支失衡是指自主性交易发生逆差或顺差，需要用补偿性交易来弥补。
它有不同的分类，根据时间标准进行分类，可分为静态失衡和动态失衡；根据国际收支的内容，可分为总量失衡和结构失衡；根据国际收支失衡时所采取的经济政策，可分为实际失衡和潜在失衡。
复习思考题1．一国国际收支平衡表的经常账户是赤字的同时，该国的国际收支是否可能盈余，为什么？答：可能，通常人们所讲的国际收支盈余或赤字就是指综合差额的盈余或赤字.这里综合差额的盈余或赤字不仅包括经常账户，还包括资本与金融账户，这里，资本与金融账户和经常账户之间具有融资关系。
但是，随着国际金融一体化的发展，资本和金融账户与经常账户之间的这种融资关系正逐渐发生深刻变化。
一方面，资本和金融账户为经常账户提供融资受到诸多因素的制约。
博迪《金融学》第2版课后习题及详解博迪的《金融学》第2版是一本广泛使用的金融学教材，其中的课后习题对于学生理解和掌握金融学概念和理论具有重要意义。
本文将选取一些具有代表性的课后习题，并提供详细的解答和分析。
答：金融学是一项针对人们怎样跨期配置稀缺资源的研究。
它涉及货币、投资、证券、银行、保险、基金等领域，主要研究如何在不确定的环境下对资源进行跨时期分配，以实现最大化的收益或满足特定的目标。
金融体系（financial system）答：金融体系是金融市场以及其他金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。
它是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。
研究金融体系如何发展演变是金融学科的重要方面。
假设某个投资者在2022年购买了一张面值为1000元，年利率为5%的债券，并在2023年以1100元的价格卖出。
请问该投资者的年化收益率是多少？(1100 - 1000) / 1000 × 100% = 10%其中，分子部分为投资者获得的收益，分母部分为投资者的初始投资金额。
答：现代金融学的三个主要理论包括资本资产定价模型（CAPM）、有效市场假说（EMH）和现代投资组合理论（MPT）。
资本资产定价模型（CAPM）是一种用来决定资产合理预期收益的模型，它认为资产的预期收益与该资产的系统性风险有关。
在投资决策中，投资者可以通过比较不同资产的预期收益与其系统性风险来确定最优投资组合。
有效市场假说（EMH）认为市场是有效的，即市场上的价格反映了所有可用信息。
根据这个理论，投资者无法通过分析信息来获取超额收益。
然而，在实践中，许多研究表明市场并非完全有效，投资者可以通过分析和利用信息来获得超额收益。
现代投资组合理论（MPT）是由Harry Markowitz于20世纪50年代提出的，它认为投资者应该通过多元化投资来降低风险。
第一章货币与货币制度1．钱、货币、通货、现金是一回事吗？银行卡是货币吗？答：（1）钱、货币、通货、现金不是一回事，虽然其内容有所重叠，但这几个概念之间是有区别的。
钱是人们对货币的俗称。
经济学中被称为货币的东西，就是在日常人们生活中被称为钱的东西。
货币是由国家法律规定的，在商品劳务交易中或债务清偿中被社会普遍接受的东西。
通货即流通中的货币，指流通于银行体系外的货币。
现金就是指家庭个人、工商企业、政府部门所拥有的现钞，包括纸币现钞、硬币现钞。
现金是货币的一部分，这部分货币的流动性强，使用频率高，对人们日常消费影响大。
（2）银行卡亦称“塑料货币”，是由银行发行，供客户办理存取款等业务的新型服务工具的总称，包括信用卡、支票卡、记账卡、自动出纳机卡、灵光卡等。
各种银行卡是用塑料制作的，可用于存取款和转账支付。
现在，特别在西方发达国家，各种银行卡正逐步取代现钞和支票，成为经济生活中广泛运用的支付工具。
因此，在现代社会银行卡也属于货币。
2．社会经济生活中为什么离不开货币?为什么自古至今，人们又往往把金钱看作是万恶之源?答：（1）社会经济生活离不开货币，货币的产生和发展都有其客观必然性。
物物交换的局限性要求有某种商品充当共同的、一般的等价物，而金银的特性决定其成为货币的天然材料。
作为货币的金银等贵金属，便于携带、铸造和分割，大大推动了商品经济的发展。
随着经济的发展，货币形态不断发生变化。
经历了实物货币阶段、贵金属货币阶段、代用货币阶段和信用货币阶段。
当今货币正朝着专门化、无体化、扩张化、电子化的趋势发展。
但不管货币的具体形态如何，都是媒介商品经济所必需的。
货币节省了社会劳动，促进了市场经济的有效率的发展。
对货币的使用是实现市场对资源合理配置的必要条件，也是市场经济正常运行的必要条件。
从这个意义上说，市场经济实际上是一种货币经济：货币方便了市场交换，提高了市场效率；货币保证了社会需求的实现，促进了市场对资源的有效配置。
《金融学〔第二版〕》讲义大纲及课后习题答案详解第七章CHAPTER 7PRINCIPLES OF ASSET VALUATIONObjectives? Understand why asset valuation is important in finance.? Explain the Law of One Price as the principle underlying all asset-valuation procedures. ? Explain the meaning and role of valuation models.? Explain how information gets reflected in security prices.Outline7.1 The Relation Between an Asset’s Value and Its Price 7.2 Value Maximization and Financial Decisions 7.3 The Law of One Price and Arbitrage7.4 Arbitrage and the Prices of Financial Assets 7.5 Exchange Rates and Triangular Arbitrage 7.6 Interest Rates and the Law of One Price 7.7 Valuation Using Comparables 7.8 Valuation Models7.9 Accounting Measures of Value7.10 How Information Gets Reflected in Security Prices 7.11 The Efficient Markets HypothesisSummary? In finance the measure of an asset’s value is the price it would fetch if it were sold in a competitive market. Theability to accurately value assets is at the heart of the discipline of finance because many personal and corporate financial decisions can be made by selecting the alternative that maximizes value.? The Law of One Price states that in a competitive market, if two assets are equivalent they will tend to have thesame price. The law is enforced by a process called arbitrage, the purchase and immediate sale of equivalent assets in order to earn a sure profit from a difference in their prices.? Even if arbitrage cannot be carried out in practice to enforce the Law of One Price, unknown asset values canstill be inferred from the prices of comparable assets whose prices are known.? The quantitative method used to infer an asset’s value from information about the prices of comparable assets iscalled a valuation model. The best valuation model to employ varies with the information available and the intended use of the estimated value. ? The book value of an asset or a liability as reported in a firm’s financial statements often differs from its currentmarket value.? In making most financial decisions, it is a good idea to start by assuming that for assets that are bought and soldin competitive markets, price is a pretty accurate reflection of fundamental value. This assumption is generally warranted precisely because there are many well-informed professionals looking for mispriced assets who profit by eliminating discrepancies between the market prices and the fundamental values of assets. The proposition that an asset’s current price fully reflects all publicly-available information about future economic fundamentals affecting the asset’s value is known as the Efficient Markets Hypothesis.? The prices of traded assets reflect information about the fundamental economic determinants of their value.Analysts are constantly searching for assets whose prices are different from their fundamental value in order to buy/sell these “bargains.〞 In deciding the best strategy for the purchase/sale of a “bargain,〞 theanalyst has to evaluate the accuracy of her information. The market price of an asset reflects the weighted average of all analysts opinions with heavier weights for analysts who control large amounts of money and for those analysts who have better than average information.Instructor’s ManualChapter 7 Page 106Solutions to Problems at End of ChapterLaw of One Price and Arbitrage1. IBX stock is trading for $35 on the NYSE and $33 on the Tokyo Stock Exchange. Assume that the costs of buying and selling the stock are negligible. a. How could you make an arbitrage profit?b. Over time what would you expect to happen to the stock prices in New York and Tokyo?c. Now assume that the cost of buying or selling shares of IBX is 1% per transaction. How does this affectyour answer?SOLUTION:a. Buy IBX stock in Tokyo and simultaneously sell them in NY. Your arbitrage profit is $2 per share.b. The prices would converge.c. Instead of the prices becoming exactly equal, there can remain a 2% discrepancy between them, roughly $.70 inthis case.2. Suppose you live in the state of Taxachusetts which has a 16% sales tax on liquor. A neighboring state called Taxfree has no tax on liquor. The price of a case of beer is $25 in Taxfree and it is $29 in Taxachusetts.a. Is this a violation of the Law of One Price?b. Are liquor stores in Taxachusetts near the border with Taxfree going to prosper?SOLUTION:a. This is not a violation of the Law of One Price because it is due to a tax imposed in one state but not in the other.Illegal arbitrage will probably occur, with lawbreakers buying large quantities of liquor in Taxfree and selling it in Taxachusetts without paying the tax.b. It is likely that liquor stores will locate in Taxfree near the border with Taxachusetts. Residents of both stateswill buy their liquor in the stores located in Taxfree, and liquor stores in Taxachusetts will go out of business.Triangular Arbitrage3. Suppose the price of gold is 155 marks per ounce.a. If the dollar price of gold is $100 per ounce, what should you expect the dollar price of a mark to be?b. If it actually only costs $0.60 to purchase one mark, how could one make arbitrage profits?SOLUTION:a. $100 buys the same amount of gold (1 ounce) as 155 DM, so 1 DM should cost 100/155 or $.645.b. The marks are “cheaper〞 than they should be, so the arbitrage transaction requires you to buy marks at thecheap price, use them to purchase gold, and sell the gold for dollars. Example:1. Start with $1 million, which you borrow for only enough time to carry out the arbitrage transaction.2. Use the million dollars to buy 1,666,667 marks (1,000,000 / 0.60)3. Buy 10,752.69 ounces of gold (1,666,667 / 155)4. Sell the gold for $1,075,269 (10752.69 x 100)Your risk-free arbitrage profit is $75,269.4. You observe that the dollar price of the Italian lira is $0.0006 and the dollar price of the yen is $0.01. What must be the exchange rate between lira and yen for there to be no arbitrage opportunity?SOLUTION:.0006$/lira?.06Yen/lira.01$/YenInstructor’s ManualChapter 7 Page 1075. Fill in the missing exchange rates in the following table: US dollar British pound German mark Yen US dollar $1 $1.50 $.5 $.01 British pound ￡0.67 German mark DM2.0 Japanese ￥100 Yen SOLUTION: US dollar British pound German mark Japanese Yen US dollar $1 $1.50 $.5 $.01 British pound ￡0.67 1 = .67 / 2 = .67 / 100 German mark DM2.0 = 2 / .67 1 = 2 / 100 Japanese ￥100 = 100 / .67 = 100 / 2 1 Yen US dollar British pound German mark Japanese Yen US dollar $1 $1.50 $.5 $.01 British pound ￡0.67 ￡1 ￡.33 ￡.0067 German mark DM2.0 DM3.0 DM1.0 DM.02 Japanese ￥100 ￥150 ￥50 ￥1 Yen Valuation Using Comparables6. Suppose you own a home that you purchased four years ago for $475,000. The tax assessor’s office has just informed you that they are increasing the taxable value of your home to $525,000. a. How might you gather information to help you appeal the new assessment?b. Suppose the house next door is comparable to yours except that it has one fewer bedroom. It just sold for$490,000. How might you use that information to argue your case? What inference must you make about the value of an additional bedroom?SOLUTION:a. You should retrieve as much information as you can about recent sales of comparable homes. If you canconvince the assessor’s office that your home is comparable (and the market value of the recent sales is less than $525,000) you should have a good case. You can gather the information about home sales from a real estate broker.b. The difference between your house’s assessed value and the actual market value of the home next door is$35,000 ($525,000 - $490,000). If you can convince the tax assessor’s office that the value of a bedroom is less than $35,000, then the assessor must agree that your home is worth less than $525,000. For example, if comparable sales figures show that one additional bedroom (all else reasonably equivalent) is worth only $10,000, then you should be able to argue that your home is worth $500,000 rather than $525,000.7. The P/E ratio of ITT Corporation is currently 6 while the P/E ratio of the S&P 500 is 10. What might account for the difference? SOLUTION: There are several possible reasons:? ITT may be riskier than the S&P500 either because it is in a relatively risky industry or has a relatively higherdebt ratio.? ITT’s reported earnings may be higher than they are expected to be in the future, or they may be inflated due tospecial accounting methods used by ITT.Instructor’s ManualChapter 7 Page 1088. Suppose you are chief financial officer of a private toy company. The chief executive officer has asked you to come up with an estimate for the company’s price per share. Your company’s earnings per share were $2.00 in the year just ended. You know that you should look at public company comparables, however, they seem to fall into two camps. Those with P/E ratios of 8x earnings and those with P/E ratios of 14x earnings. You are perplexed at the difference until you notice that on average, the lower P/E companies have higher leverage than the higher P/E group. The 8x P/E group has a debt/equity ratio of 2:1. The 14x P/E group has a debt/equityratio of 1:1. If your toy company has a debt/equity ratio of 1.5:1, what might you tell the CEO about your company’s equity value per share? SOLUTION:It would be reasonable to apply a P/E of 11x earnings (= (8 + 14) / 2) because your leverage is midway between the two groups. Hence, your company’s price per share would be: 11x $2.00 = $22.00 per share.9. Assume that you have operated your business for 15 years. Sales for the most recent fiscal year were $12,000,000. Net income for the most recent fiscal year was $1,000,000. Your book value is $10,500,000. A similar company recently sold for the following statistics: Multiple of Sales: 0.8x Multiple of Net Income 12x Multiple of Book Value 0.9xa. What is an appropriate range of value for your company?b. If you know that your company has future investment opportunities that are far more profitable than thecompany above, what does that say about your company’s likely valuation? SOLUTION:a. Multiple of Sales: .8x = $12 million x .8 Multiple of Net Income 12x = $1 million x 12 Multiple of Book Value .9x = $10.5 million x .9 An appropriate range might be 9 to 12 millionb. Higher end of the range = $9.6 million = $12 million = $9.45 millionEfficient Markets Hypothesis10. The price of Fuddy Co. stock recently jumped when the sudden unexpected death of its CEO was announced. What might account for such a market reaction?SOLUTION:Investors may believe that the company’s future prospects look better(i.e., either higher earnings or less risky) without the deceased CEO.11. Your analysis leads you to believe that the price of Outel’s stock should be $25 per share. Its current market price is $30.a. If you do not believe that you have access to special information about the company, what do you do?b. If you are an analyst with much better than average information, what do you do?SOLUTION:a. If you believe that the market for Outel stock is an informationally efficient one then the $30 market price(which is a weighted average of the valuations of all analysts) is the best estimate of the stock’s true value. You should question whether your own analysis is correct.b. You sell the stock because you think you have superior information. Real Interest Rate Parity12. Assume that the world-wide risk-free real rate of interest is 3% per year. Inflation in Switzerland is 2% per year and in the United States it is 5% per year. Assuming there is no uncertainty about inflation, what are the implied nominal interest rates denominated in Swiss francs and in US dollars?SOLUTION: Switzerland: (1.03 x 1.02) =1.0506 hence nominal interest rate = 5.06% US: (1.03 x 1.05) = 1 .0815 hence nominal interest rate = 8.15%Instructor’s ManualChapter 7 Page 109Integrative Problem13. Suppose an aunt has passed away and bequeathed to you and your siblings (one brother, one sister) a variety of assets. The original cost of these assets follows:ITEM COST WHEN PURCHASEDJewelry $500 by Grandmother 75 years ago House 1,200,000 10 years ago Stocks and Bonds 1,000,000 3 years ago Vintage (used) Car 200,000 2 months ago Furniture 15,000 various dates during last 40 yearsBecause you are taking a course in finance, your siblings put you in charge of dividing the assets fairly among the three of you. Before you start, your brother approaches you and says: “I’d really like the car for myself, so when you divide up the assets, just give me the car and deduct the $200,000 from my share.〞Hearing that, your sister says: “That sounds fair, because I really like the jewelry and you can assign that to me and deduct the $500 from my share.〞You have always loved your aunt’s house and its furnishings, so you would like to keep the house and the furniture.a. How do you respond to your brother and sister’s requests? Justify your responses.b. How would you go about determining appropriate values for each asset?SOLUTION:a. Because the market price of the car is close to the what your brother is willing to give up for it, your brother’srequest is reasonable. It is, however, quite possible (even likely), that the antique jewelry is worth much more today than what your relative’s grandmother paid for it in the past. Assigning only its acquisition cost to your sister’s share is quite likely a gross miscalculation. If she wants the jewelry, she should be “charged〞 an amount equal to today’s market value. It does not matter that your sister does not want to sell the jewelry for a profit, because the jewelry has VALUE even if you do not sell it. Fairness is all about equal VALUE.b. You would probably have to hire a professional appraiser for the furniture and the jewelry. You can look up thevalue of the stocks and bonds in a financial newspaper. You can estimate the value of the house by inquiring for how much similar houses in the same neighborhood have recently been sold. The car was purchased only twomonths ago, so it is probably reasonable to assume that the current market price is very close to what your distant relative paid for the car. Instructor’s ManualChapter 7 Page 110。
第一章本章小结1．金融市场是指以金融资产为交易对象而形成的供求关系及其机制的总和。
2．金融市场可以按多种方式进行分类，其中最常用的是按交易的标的物划分为货币市场、资本市场、外汇市场和黄金市场。
3．金融市场的主体有筹资者、投资者（投机者）、套期保值者、套利者和监管者。
4．金融市场在经济系统中具有聚敛功能、配置功能、调节功能和反映功能。
5．资产证券化、金融全球化、金融自由化和金融工程化是金融市场的发展趋势。
本章重要概念金融市场金融资产金融工具套期保值者套利者投资者投机者货币市场资本市场外汇市场直接金融市场间接金融市场初级市场二级市场第三市场第四市场公开市场议价市场有形市场无形市场现货市场衍生市场资产证券化金融全球化金融自由化金融工程化思考题：1．什么是金融市场，其含义可包括几个层次？2．从金融市场在储蓄一投资转化机制中的重要作用这一角度理解“金融是现代经济的核心”。
3．金融市场有哪些分类，哪些主体？4．理解金融市场的经济功能，其聚敛功能、配置功能、调节功能和反映功能各表现在哪些方面？5．结合实际经济生活把握金融市场的四大发展趋势：资产证券化、金融全球化、金融自由化和金融工程化。
第二章本章重要概念同业拆借市场回购协议逆回购协议商业票据银行承兑票据大额可转让定期存单政府债券货币市场共同基金思考题：1．货币市场的界定标准是什么？它包括哪些子市场？2．同业拆借市场的主要参与者、交易对象及利率形成机制？3．回购市场的交易原理，及其与同业拆借市场的区别？4．商业票据市场和银行承兑票据市场的联系和区别？5．大额存单市场是如何产生的，有哪些特征？6．为什么国库券市场具有明显的投资特征？7．了解货币市场共同基金的动作及其特征。
第三章简短小结1．资本市场通常由股票市场、债券市场和投资基金三个子市场构成。
2．股票是投资者向公司提供资金的权益合同，是公司的所有权凭证，按剩余索取权和剩余控制权的不同有不同种类的股票，最基本的分类是普通股和优先股。
第4章汇率4.1 复习笔记一、汇率的定义1．外汇（1）广义的外汇广义的外汇泛指一切以外国货币表示的资产。
（2）狭义的外汇狭义的外汇是指以外币表示的可直接用于国际间结算的支付手段。
（3）外汇的特点①普遍接受性，即外汇必须是在国际上被普遍认可和接受的资产。
②可偿性，即外汇债权应该保证能够得到货币发行国的偿付。
③可兑换性，即某种形式的外汇应该可以自由地兑换为其他外币资产。
2．汇率（1）汇率的含义汇率，也称汇价、外汇牌价或外汇行情，是指一国货币用另一国货币表示的价格，或以一个国家的货币折算成另一国货币的比率。
（2）汇率的表示方法①直接标价法直接标价法，是指以一定单位的外国货币作为标准，折算成若干单位的本国货币来表示的汇率。
在直接标价法下，如果本国货币数量增加，即表示外币增值或本币贬值，称为外汇汇率上升或本币汇率下降；反之，如果本国货币数量减少，则称为外汇汇率下降或本币汇率上升。
②间接标价法间接标价法，是指以一定单位的本国货币作为标准，折算成若干单位的外国货币来表示的汇率，即本币数量不变，用外国货币的数量变化来表示汇率的变化。
外国货币数量减少，说明本币贬值或外币升值；反之，则说明本币升值或外汇贬值。
3．外汇市场（1）外汇市场的含义外汇市场是指由外汇需求和外汇供给双方以及外汇交易中介机构所构成的买卖外汇的交易系统。
这一交易系统由有形市场和无形市场共同组成。
（2）外汇市场的参与者①外汇银行外汇银行又叫外汇指定银行，是由本国中央银行批准，可以经营外汇业务的商业银行或其他金融机构。
其参与外汇交易的主要目的是为了获利，其利润来自外汇买卖的差价。
②客户客户是指在外汇市场中与外汇银行有外汇交易关系的公司或个人。
其进入外汇市场的目的，要么是为了交易性的外汇买卖；要么是为了投机性的外汇交易。
③外汇经纪人外汇经纪人是指在外汇市场上为银行与银行、银行与客户之间的外汇交易进行介绍、接洽并赚取佣金的中间商。
其作用主要在于提高外汇交易的效率。
第四章利息和利率1．为什么利息成为收益的最一般的形式？举一个例子，说明收益的资本化。
答：（1）利息是资金所有者由于借出资金而取得的报酬，它来自于生产者使用该笔资金发挥生产职能而形成的利润的一部分。
显然，没有借贷，就没有利息。
但在现实生活中，利息被人们看作是收益的一般形态：无论贷出资金与否，利息都被看作是资金所有者理所当然的收入——可能取得的或将会取得的收入。
与此相对应，无论借入资金与否，生产经营者也总是把自己的利润分成利息与企业收入两部分，似乎只有扣除利息所余下的利润才是经营所得。
于是，利息就成为一个尺度：如果投资额与所获利润之比低于利息率，则根本不应该投资；如果扣除利息，所余利润与投资的比例甚低，则说明经营的效益不高。
利息之所以能够转化为收益的一般形态，马克思认为主要是由于以下几个原因：①借贷关系中利息是资本所有权的果实这种观念被广而化之，取得了普遍存在的意义。
在货币资本的借贷中，贷者之所以可以取得利息，在于他拥有对货币资本的所有权；而借者之所以能够支付利息，在于他将这部分资本运用于产业营运的过程之中，形成价值的增值。
一旦人们忽略整个过程中创造价值这个实质内容，而仅仅注意货币资本的所有权可以带来利息这一联系，货币资本自身天然具有收益性的概念，便植根于人们的观念之中。
②利息虽然就其实质来说是利润的一部分，但同利润率有一个极明显的区别：利润率是一个与企业经营状况密切联系而事先捉摸不定的量；而利息率则是一个事先极其确定的量，无论企业家的生产经营情形如何，都不会改变这个量。
因此，对于企业主来说，“一旦利息作为独特的范畴存在，企业主收入事实上就只是总利润超过利息的余额所采取的对立形式。
”利息率的大小，在其他因素不变的条件下，直接制约企业主收入的多少。
在这个意义上，用利息率衡量收益，并以利息表现收益的观念及做法，就不奇怪了。
③利息有着悠久的历史。
信用与利息，早在“资本主义生产方式以及与之相适应的资本观念和利润观念存在以前很久”就存在了，货币可以提供利息，早已成为传统的看法。
金融学课后习题答案第二版【篇一：王重润公司金融学第二版课后答案】业有几种组织方式？各有什么特点？（ 1）有两种，有限责任公司和股份有限责任公司（ 2）有限责任公司特点：有限责任公司是指股东以其出资额为限对公司承担责任，公司以其全部资产对公司的债务承担责任的企业法人；有限责任公司注册资本的最低限额为人民币3万元；其资本并不必分为等额股份，也不公开发行股票，股东持有的公司股票可以再公司内部股东之间自由转让，若向公司以外的人转让，须经过公司股东的同意；公司设立手续简便，而且公司无须向社会公开公司财务状况。
（ 3）股份有限责任公司特点：1、有限责任2、永续存在3、股份有限责任公司的股东人数不得少于法律规定的数目，我国规定设立股份有限公司，应当有2人以上200人以下为发起人4、股份有限责任公司的全部资本划分为等额的股份，通过向社会公开发行的办法筹集资金，任何人在缴纳了股款之后，都可以成为公司股东，没有资格限制。
5、可转让性6、易于筹资2题：为什么我国《公司法》允许存在一人有限责任公司？一人有限责任公司与个人独资企业有何不同？答：1.就立法初衷而言，许可自然人投资设立一人有限责任公司的重要考虑是减少实质上的一人公司的设立，简化和明晰股权归属，减少纷争。
以往由于我国《公司法》禁止设立一人公司，使得投资人通过各种途径设立或形成的实质上的一人公司大量存在，挂名股东与真实股东之间的投资权益纠纷以及挂名股东与公司债权人之间的债务纠纷不断，令工商行政管理部门和司法机关无所适从。
在修订《公司法》的过程中，法律委员会、法制工作委员会会同国务院法制办、工商总局、国资委、人民银行和最高人民法院反复研究认为：从实际情况看，一个股东的出资额占公司资本的绝大多数而其他股东只占象征性的极少数，或者一个股东拉上自己的亲朋好友作挂名股东的有限责任公司，即实质上的一人公司，已是客观存在，也很难禁止。
根据我国的实际情况，并研究借鉴国外的通行做法，应当允许一个自然人投资设立有限责任公司。
CHAPTER 4THE TIME VALUE OF MONEY AND DISCOUNTED CASH FLOW ANALYSISObjectives•To explain the concepts of compounding and discounting, future value and present value.•To show how these concepts are applied to making financial decisions.Outline4.1 Compounding4.2 The Frequency of Compounding4.3 Present Value and Discounting4.4 Alternative Discounted Cash Flow Decision Rules4.5 Multiple Cash Flows4.6 Annuities4.7 Perpetual Annuities4.8 Loan Amortization4.9 Exchange Rates and Time Value of Money4.10 Inflation and Discounted Cash Flow Analysis4.11 Taxes and Investment DecisionsSummary•Compounding is the process of going from present value (PV) to future value (FV). The future value of $1 earning interest at rate i per period for n periods is (1+i)n.•Discounting is finding the present value of some future amount. The present value of $1 discounted at rate i per period for n periods is 1/(1+i)n.•One can make financial decisions by comparing the present values of streams of expected future cash flows resulting from alternative courses of action. The present value of cash inflows less the present value of cash outflows is called net present value (NPV). If a course of action has a positive NPV, it is worth undertaking. •In any time value of money calculation, the cash flows and the interest rate must be denominated in the same currency.•Never use a nominal interest rate when discounting real cash flows or a real interest rate when discounting nominal cash flows.How to Do TVM Calculations in MS ExcelAssume you have the following cash flows set up in a spreadsheet:Move the cursor to cell B6 in the spreadsheet. Click the function wizard f x in the tool bar and when a menu appears, select financial and then NPV. Then follow the instructions for inputting the discount rate and cash flows. You can input the column of cash flows by selecting and moving it with your mouse. Ultimately cell B6should contain the following:=NPV(0.1,B3:B5)+B2The first variable in parenthesis is the discount rate. Make sure to input the discount rate as a decimal fraction (i.e., 10% is .1). Note that the NPV function in Excel treats the cash flows as occurring at the end of each period, and therefore the initial cash flow of 100 in cell B2 is added after the closing parenthesis. When you hit the ENTER key, the result should be $47.63.Now move the cursor to cell B7to compute IRR. This time select IRR from the list of financial functions appearing in the menu. Ultimately cell B7 should contain the following:=IRR(B2:B5)When you hit the ENTER key, the result should be 34%.Your spreadsheet should look like this when you have finished:Solutions to Problems at End of Chapter1. If you invest $1000 today at an interest rate of 10% per year, how much will you have 20 years from now,assuming no withdrawals in the interim?2. a. If you invest $100 every year for the next 20 years, starting one year from today and you earninterest of 10% per year, how much will you have at the end of the 20 years?b. How much must you invest each year if you want to have $50,000 at the end of the 20 years?3. What is the present value of the following cash flows at an interest rate of 10% per year?a. $100 received five years from now.b. $100 received 60 years from now.c. $100 received each year beginning one year from now and ending 10 years from now.d. $100 received each year for 10 years beginning now.e. $100 each year beginning one year from now and continuing forever.e. PV = $100 = $1,000.104. You want to establish a “wasting” fund which will provide you with $1000 per year for four years, at which time the fund will be exhausted. How much must you put in the fund now if you can earn 10% interest per year?SOLUTION:5. You take a one-year installment loan of $1000 at an interest rate of 12% per year (1% per month) to be repaid in 12 equal monthly payments.a. What is the monthly payment?b. What is the total amount of interest paid over the 12-month term of the loan?SOLUTION:b. 12 x $88.85 - $1,000 = $66.206. You are taking out a $100,000 mortgage loan to be repaid over 25 years in 300 monthly payments.a.If the interest rate is 16% per year what is the amount of the monthly payment?b.If you can only afford to pay $1000 per month, how large a loan could you take?c.If you can afford to pay $1500 per month and need to borrow $100,000, how many months would it taketo pay off the mortgage?d.If you can pay $1500 per month, need to borrow $100,000, and want a 25 year mortgage, what is thehighest interest rate you can pay?SOLUTION:a.Note: Do not round off the interest rate when computing the monthly rate or you will not get the same answerreported here. Divide 16 by 12 and then press the i key.b.Note: You must input PMT and PV with opposite signs.c.Note: You must input PMT and PV with opposite signs.7. In 1626 Peter Minuit purchased Manhattan Island from the Native Americans for about $24 worth of trinkets. If the tribe had taken cash instead and invested it to earn 6% per year compounded annually, how much would the Indians have had in 1986, 360 years later?SOLUTION:8. You win a $1 million lottery which pays you $50,000 per year for 20 years, beginning one year from now. How much is your prize really worth assuming an interest rate of 8% per year?SOLUTION:9. Your great-aunt left you $20,000 when she died. You can invest the money to earn 12% per year. If you spend $3,540 per year out of this inheritance, how long will the money last?SOLUTION:10. You borrow $100,000 from a bank for 30 years at an APR of 10.5%. What is the monthly payment? If you must pay two points up front, meaning that you only get $98,000 from the bank, what is the true APR on the mortgage loan?SOLUTION:If you must pay 2 points up front, the bank is in effect lending you only $98,000. Keying in 98000 as PV and computing i, we get:11. Suppose that the mortgage loan described in question 10 is a one-year adjustable rate mortgage (ARM), which means that the 10.5% interest applies for only the first year. If the interest rate goes up to 12% in the second year of the loan, what will your new monthly payment be?SOLUTION:Step 2 is to compute the new monthly payment at an interest rate of 1% per month:12. You just received a gift of $500 from your grandmother and you are thinking about saving this money for graduation which is four years away. You have your choice between Bank A which is paying 7% for one-year deposits and Bank B which is paying 6% on one-year deposits. Each bank compounds interest annually. What is the future value of your savings one year from today if you save your money in Bank A? Bank B? Which is the better decision? What savings decision will most individuals make? What likely reaction will Bank B have? SOLUTION:$500 x (1.07) = $535Formula:$500 x (1.06) = $530a.You will decide to save your money in Bank A because you will have more money at the end of the year. Youmade an extra $5 because of your savings decision. That is an increase in value of 1%. Because interestcompounded only once per year and your money was left in the account for only one year, the increase in value is strictly due to the 1% difference in interest rates.b.Most individuals will make the same decision and eventually Bank B will have to raise its rates. However, it isalso possible that Bank A is paying a high rate just to attract depositors even though this rate is not profitable for the bank. Eventually Bank A will have to lower its rate to Bank B’s rate in order to make money.13.Sue Consultant has just been given a bonus of $2,500 by her employer. She is thinking about using the money to start saving for the future. She can invest to earn an annual rate of interest of 10%.a.According to the Rule of 72, approximately how long will it take for Sue to increase her wealth to $5,000?b.Exactly how long does it actually take?SOLUTION:a.According to the Rule of 72: n = 72/10 = 7.2 yearsIt will take approximately 7.2 years for Sue’s $2,500 to double to $5,000 at 10% interest.b.At 10% interestn i PV FV PMTSolve10 - $2,500 $5,0007.27 YearsFormula:$2,500 x (1.10)n = $5,000Hence, (1.10)n = 2.0n log 1.10 = log 2.0n = .693147 = 7.27 Years.095310rry’s bank account has a “floating” interest rate on certa in deposits. Every year the interest rate is adjusted. Larry deposited $20,000 three years ago, when interest rates were 7% (annual compounding). Last year the rate was only 6%, and this year the rate fell again to 5%. How much will be in his account at the end of this year?SOLUTION:$20,000 x 1.07 x 1.06 x 1.05 = $23,818.2015.You have your choice between investing in a bank savings account which pays 8% compounded annually (BankAnnual) and one which pays 7.5% compounded daily (BankDaily).a.Based on effective annual rates, which bank would you prefer?b.Suppose BankAnnual is only offering one-year Certificates of Deposit and if you withdraw your moneyearly you lose all interest. How would you evaluate this additional piece of information when making your decision?SOLUTION:a.Effective Annual Rate: BankAnnual = 8%.Effective Annual Rate BankDaily = [1 + .075]365 - 1 = .07788 = 7.788%365Based on effective annual rates, you would prefer BankAnnual (you will earn more money.)b.If BankAnnual’s 8% annual return i s conditioned upon leaving the money in for one full year, I would need tobe sure that I did not need my money within the one year period. If I were unsure of when I might need the money, it might be safer to go for BankDaily. The option to withdraw my money whenever I might need it will cost me the potential difference in interest:FV (BankAnnual) = $1,000 x 1.08 = $1,080FV (BankDaily) = $1,000 x 1.07788 = $1,077.88Difference = $2.12.16.What are the effective annual rates of the following:a.12% APR compounded monthly?b.10% APR compounded annually?c.6% APR compounded daily?SOLUTION:Effective Annual Rate (EFF) = [1 + APR] m - 1ma.(1 + .12)12 - 1 = .1268 = 12.68%12b.(1 + .10)- 1 = .10 = 10%1c.(1 + .06)365 - 1 = .0618 = 6.18%36517.Harry promises that an investment in his firm will double in six years. Interest is assumed to be paid quarterly and reinvested. What effective annual yield does this represent?EAR=(1.029302)4-1=12.25%18.Suppose you know that you will need $2,500 two years from now in order to make a down payment on a car.a.BankOne is offering 4% interest (compounded annually) for two-year accounts, and BankTwo is offering4.5% (compounded annually) for two-year accounts. If you know you need $2,500 two years from today,how much will you need to invest in BankOne to reach your goal? Alternatively, how much will you need to invest in BankTwo? Which Bank account do you prefer?b.Now suppose you do not need the money for three years, how much will you need to deposit today inBankOne? BankTwo?SOLUTION:PV = $2,500 = $2,311.39(1.04)2PV = $2,500 = $2,289.32(1.045)2You would prefer BankTwo because you earn more; therefore, you can deposit fewer dollars today in order to reach your goal of $2,500 two years from today.b.PV = $2,500 = $2,222.49(1.04)3PV = $2,500 = $2,190.74(1.045)3Again, you would prefer BankTwo because you earn more; therefore, you can deposit fewer dollars today in order to reach your goal of $2,500 three years from today.19.Lucky Lynn has a choice between receiving $1,000 from her great-uncle one year from today or $900 from her great-aunt today. She believes she could invest the $900 at a one-year return of 12%.a.What is the future value of the gift from her great-uncle upon receipt? From her great-aunt?b.Which gift should she choose?c.How does your answer change if you believed she could invest the $900 from her great-aunt at only 10%?At what rate is she indifferent?SOLUTION:a. Future Value of gift from great-uncle is simply equal to what she will receive one year from today ($1000). Sheearns no interest as she doesn’t receive the money until next year.b. Future Value of gift from great-aunt: $900 x (1.12) = $1,008.c. She should choose the gift from her great-aunt because it has future value of $1008 one year from today. Thegift from her great-uncle has a future value of $1,000. This assumes that she will able to earn 12% interest on the $900 deposited at the bank today.d. If she could invest the money at only 10%, the future value of her investment from her great-aunt would only be$990: $900 x (1.10) = $990. Therefore she would choose the $1,000 one year from today. Lucky Lynn would be indifferent at an annual interest rate of 11.11%:$1000 = $900 or (1+i) = 1,000 = 1.1111(1+i) 900i = .1111 = 11.11%20.As manager of short-term projects, you are trying to decide whether or not to invest in a short-term project that pays one cash flow of $1,000 one year from today. The total cost of the project is $950. Your alternative investment is to deposit the money in a one-year bank Certificate of Deposit which will pay 4% compounded annually.a.Assuming the cash flow of $1,000 is guaranteed (there is no risk you will not receive it) what would be alogical discount rate to use to determine the present value of the cash flows of the project?b.What is the present value of the project if you discount the cash flow at 4% per year? What is the netpresent value of that investment? Should you invest in the project?c.What would you do if the bank increases its quoted rate on one-year CDs to 5.5%?d.At what bank one-year CD rate would you be indifferent between the two investments?SOLUTION:a.Because alternative investments are earning 4%, a logical choice would be to discount the project’s cash flowsat 4%. This is because 4% can be considered as your opportunity cost for taking the project; hence, it is your cost of funds.b.Present Value of Project Cash Flows:PV = $1,000 = $961.54(1.04)The net present value of the project = $961.54 - $950 (cost) = $11.54The net present value is positive so you should go ahead and invest in the project.c.If the bank increased its one-year CD rate to 5.5%, then the present value changes to:PV = $1,000 = $947.87(1.055)Now the net present value is negative: $947.87 - $950 = - $2.13. Therefore you would not want to invest in the project.d.You would be indifferent between the two investments when the bank is paying the following one-year interestrate:$1,000 = $950 hence i = 5.26%(1+i)21.Calculate the net present value of the following cash flows: you invest $2,000 today and receive $200 one year from now, $800 two years from now, and $1,000 a year for 10 years starting four years from now. Assume that the interest rate is 8%.SOLUTION:Since there are a number of different cash flows, it is easiest to do this problem using cash flow keys on the calculator:22.Your cousin has asked for your advice on whether or not to buy a bond for $995 which will make one payment of $1,200 five years from today or invest in a local bank account.a.What is the internal rate of return on the bond’s cash flows? What additional information do you need tomake a choice?b.What advice would you give her if you learned the bank is paying 3.5% per year for five years(compounded annually?)c.How would your advice change if the bank were paying 5% annually for five years? If the price of thebond were $900 and the bank pays 5% annually?SOLUTION:a.$995 x (1+i)5 = $1,200.(1+i)5 = $1,200$995Take 5th root of both sides:(1+i) =1.0382i = .0382 = 3.82%In order to make a choice, you need to know what interest rate is being offered by the local bank.b.Upon learning that the bank is paying 3.5%, you would tell her to choose the bond because it is earning a higherrate of return of 3.82% .c.If the bank were paying 5% per year, you would tell her to deposit her money in the bank. She would earn ahigher rate of return.5.92% is higher than the rate the bank is paying (5%); hence, she should choose to buy the bond.23.You and your sister have just inherited $300 and a US savings bond from your great-grandfather who had left them in a safe deposit box. Because you are the oldest, you get to choose whether you want the cash or the bond. The bond has only four years left to maturity at which time it will pay the holder $500.a.If you took the $300 today and invested it at an interest rate 6% per year, how long (in years) would ittake for your $300 to grow to $500? (Hint: you want to solve for n or number of periods. Given these circumstances, which are you going to choose?b.Would your answer change if you could invest the $300 at 10% per year? At 15% per year? What otherDecision Rules could you use to analyze this decision?SOLUTION:a.$300 x (1.06)n = $500(1.06)n = 1.6667n log 1.06 = log 1.6667n = .510845 = 8.77 Years.0582689You would choose the bond because it will increase in value to $500 in 4 years. If you tookthe $300 today, it would take more than 8 years to grow to $500.b.You could also analyze this decision by computing the NPV of the bond investment at the different interest rates:In the calculations of the NPV, $300 can be considered your “cost” for acquiring the bond since you will give up $300 in cash by choosing the bond. Note that the first two interest rates give positive NPVs for the bond, i.e. you should go for the bond, while the last NPV is negative, hence choose the cash instead. These results confirm the previous method’s results.24.Suppose you have three personal loans outstanding to your friend Elizabeth. A payment of $1,000 is due today, a $500 payment is due one year from now and a $250 payment is due two years from now. You would like to consolidate the three loans into one, with 36 equal monthly payments, beginning one month from today. Assume the agreed interest rate is 8% (effective annual rate) per year.a.What is the annual percentage rate you will be paying?b.How large will the new monthly payment be?SOLUTION:a.To find the APR, you must first compute the monthly interest rate that corresponds to an effective annual rate of8% and then multiply it by 12:1.08 = (1+ i)12Take 12th root of both sides:1.006434 = 1+ ii = .006434 or .6434% per monthOr using the financial calculator:b.The method is to first compute the PV of the 3 loans and then compute a 36 month annuity payment with thesame PV. Most financial calculators have keys which allow you to enter several cash flows at once. This approach will give the user the PV of the 3 loans.Note: The APR used to discount the cash flows is the effective rate in this case, because this method is assuming annual compounding.25.As CEO of ToysRFun, you are offered the chance to participate, without initial charge, in a project that produces cash flows of $5,000 at the end of the first period, $4,000 at the end of the next period and a loss of $11,000 at the end of the third and final year.a.What is the net present value if the relevant discount rate (the company’s cost of capital) is 10%?b.Would you accept the offer?c.What is the internal rate of return? Can you explain why you would reject a project which has aninternal rate of return greater than its cost of capital?SOLUTION:At 10% discount rate:Net Present Value = - 0 + $5,000 + $4,000 - $11,000 = - 413.22(1.10) (1.10)2 (1.10)3c.This example is a project with cash flows that begin positive and then turn negative--it is like a loan. The 13.6% IRR is therefore like an interest rate on that loan. The opportunity to take a loan at 13.6% when the cost of capital is only 10% is not worthwhile.26.You must pay a creditor $6,000 one year from now, $5,000 two years from now, $4,000 three years from now, $2,000 four years from now, and a final $1,000 five years from now. You would like to restructure the loan into five equal annual payments due at the end of each year. If the agreed interest rate is 6% compounded annually, what is the payment?SOLUTION:Since there are a number of different cash flows, it is easiest to do the first step of this problem using cash flow keys on the calculator. To find the present value of the current loan payments:27.Find the future value of the following ordinary annuities (payments begin one year from today and all interest rates compound annually):a.$100 per year for 10 years at 9%.b.$500 per year for 8 years at 15%.c.$800 per year for 20 years at 7%.d.$1,000 per year for 5 years at 0%.e.Now find the present values of the annuities in a-d.f.What is the relationship between present values and future values?SOLUTION:Future Value of Annuity:e.f.The relationship between present value and future value is the following:nbeginning three years from today in an account that yields 11% compounded annually. How large should the annual deposit be?SOLUTION:You will be making 7 payments beginning 3 years from today. So, we need to find the value of an immediate annuity with 7 payments whose FV is $50,000:29.Suppose an investment offers $100 per year for five years at 5% beginning one year from today.a.What is the present value? How does the present value calculation change if one additional payment isadded today?b.What is the future value of this ordinary annuity? How does the future value change if one additionalpayment is added today?SOLUTION:$100 x [(1.05)5] - 1 = $552.56.05If you were to add one additional payment of $100 today, the future value would increase by:$100 x (1.05)5 = $127.63. Total future value = $552.56 + $127.63 = $680.19.Another way to do it would be to use the BGN mode for 5 payments of $100 at 5%, find the future value of that, and then add $100. The same $680.19 is obtained.30.You are buying a $20,000 car. The dealer offers you two alternatives: (1) pay the full $20,000 purchase price and finance it with a loan at 4.0% APR over 3 years or (2) receive $1,500 cash back and finance the rest at a bank rate of 9.5% APR. Both loans have monthly payments over three years. Which should you choose? SOLUTION:31.You are looking to buy a sports car costing $23,000. One dealer is offering a special reduced financing rate of 2.9% APR on new car purchases for three year loans, with monthly payments. A second dealer is offering a cash rebate. Any customer taking the cash rebate would of course be ineligible for the special loan rate and would have to borrow the balance of the purchase price from the local bank at the 9%annual rate. How large must the cash rebate be on this $23,000 car to entice a customer away from the dealer who is offering the special 2.9% financing?SOLUTION:of the 2.9% financing.32.Show proof that investing $475.48 today at 10% allows you to withdraw $150 at the end of each of the next 4 years and have nothing remaining.SOLUTION:You deposit $475.48 and earn 10% interest after one year. Then you withdraw $150. The table shows what happensAnother way to do it is simply to compute the PV of the $150 annual withdrawals at 10% : it turns out to be exactly $475.48, hence both amounts are equal.33.As a pension manager, you are considering investing in a preferred stock which pays $5,000,000 per year forever beginning one year from now. If your alternative investment choice is yielding 10% per year, what is the present value of this investment? What is the highest price you would be willing to pay for this investment? If you paid this price, what would be the dividend yield on this investment?SOLUTION:Present Value of Investment:PV = $5,000,000 = $50,000,000.10Highest price you would be willing to pay is $50,000,000.Dividend yield = $5,000,000 = 10%.$50,000,00034. A new lottery game offers a choice for the grand prize winner. You can receive either a lump sum of $1,000,000 immediately or a perpetuity of $100,000 per year forever, with the first payment today. (If you die, your estate will still continue to receive payments). If the relevant interest rate is 9.5% compounded annually, what is the difference in value between the two prizes?SOLUTION:The present value of the perpetuity assuming that payments begin at the end of the year is:$100,000/.095 = $1,052,631.58If the payments begin immediately, you need to add the first payment. $100,000 + 1,052,632 = $1,152,632.So the annuity has a PV which is greater than the lump sum by $152,632.35.Find the future value of a $1,000 lump sum investment under the following compounding assumptions:a.7% compounded annually for 10 yearsb.7% compounded semiannually for 10 yearsc.7% compounded monthly for 10 yearsd.7% compounded daily for 10 yearse.7% compounded continuously for 10 yearsa.$1,000 x (1.07)10 = $1,967.15b.$1,000 x (1.035)20 = $1,989.79c.$1,000 x (1.0058)120 = $2,009.66d.$1,000 x (1.0019178)3650 = $2,013.62e.$1,000 x e.07x10 = $2,013.7536.Sammy Jo charged $1,000 worth of merchandise one year ago on her MasterCard which has a stated interest rate of 18% APR compounded monthly. She made 12 regular monthly payments of $50, at the end of each month, and refrained from using the card for the past year. How much does she still owe? SOLUTION:Sammy Jo has taken a $1,000 loan at 1.5% per month and is paying it off in monthly installments of $50. We could work out the amortization schedule to find out how much she still owes after 12 payments, but a shortcut on the financial calculator is to solve for FV as follows:37.Suppose you are considering borrowing $120,000 to finance your dream house. The annual percentage rate is 9% and payments are made monthly,a.If the mortgage has a 30 year amortization schedule, what are the monthly payments?b.What effective annual rate would you be paying?c.How do your answers to parts a and b change if the loan amortizes over 15 years rather than 30?EFF = [1 + .09]1238.Suppose last year you took out the loan described in problem #37a. Now interest rates have declined to 8% per year. Assume there will be no refinancing fees.a.What is the remaining balance of your current mortgage after 12 payments?b.What would be your payment if you refinanced your mortgage at the lower rate for 29 years? SOLUTION:Exchange Rates and the Time Value of Money39.The exchange rate between the pound sterling and the dollar is currently $1.50 per pound, the dollar interest rate is 7% per year, and the pound interest rate is 9% per year. You have $100,000 in a one-year account that allows you to choose between either currency, and it pays the corresponding interest rate.a.If you expect the dollar/pound exchange rate to be $1.40 per pound a year from now and are indifferentto risk, which currency should you choose?b.What is the “break-even” value of the dollar/pound exchange rate one year from now?SOLUTION:a.You could invest $1 today in dollar-denominated bonds and have $1.07 one year from now. Or you couldconvert the dollar today into 2/3 (i.e., 1/1.5) of a pound and invest in pound-denominated bonds to have .726667(i.e., 2/3 x 1.09) pounds one year from now. At an exchange rate of $1.4 per pound, this would yield 0.726667(1.4) = $1.017 (this is lower than $1.07), so you would choose the dollar currency.b.For you to break-even the .726667 pounds would have to be worth $1.07 one year from now, so the break-evenexchange rate is $1.07/.726667 or $1.4725 per pound. So for exchange rates lower than $1.4725 per pound one year from now, the dollar currency will give a better return.。
