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### finance notes

Course: MGT 326, Spring 2008
School: New Mexico
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Word Count: 599

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is What the future value of an annuity due yielding 9.6400% APR that pays quarterly payments of \$1,000 for 1 year? 1000(1 + 0.0964/4)4 + 1000(1 + 0.0964/4)3 + 1000(1 + 0.0964/4)2+ 1000(1 + 0.0964/4)1 What is the fair market value of a \$1,000 face value bond that pays semiannual interest payments of \$50 and will mature in ten years if the current market interest rates for all bonds of the same maturity and risk...

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is What the future value of an annuity due yielding 9.6400% APR that pays quarterly payments of \$1,000 for 1 year? 1000(1 + 0.0964/4)4 + 1000(1 + 0.0964/4)3 + 1000(1 + 0.0964/4)2+ 1000(1 + 0.0964/4)1 What is the fair market value of a \$1,000 face value bond that pays semiannual interest payments of \$50 and will mature in ten years if the current market interest rates for all bonds of the same maturity and risk category is 10%? P/Y=2, N=20, I/Y=9, PMT=50, FV=1000; CPT, PV You are considering leasing a car that cost \$34,000. The lease will be for 5 years and requires monthly payments of \$485.50. Somewhere on the lease paperwork you notice a statement to the affect that you will be charged an APR of 7.1500%. What kind of annuity is this? Annuity Due How much will the car be worth at the end of the lease Set BGN, P/Y=12, N=60, I/Y=7.15, PV=34000, PMT= -485.5;z CPT FV: At the beginning of the year a \$5,000 bond paying a coupon rate of 9.2500% APR with quarterly payments and 18 years maturity was selling at par (excluding fees and transaction costs). At the end of the year the bond's YTM was 7.85%. What is the bond's total yield for the year? Total Yield = EAR(rCPN) + Capital Gains Yield 1) Find EAR(rCPN) = (1 + rCPN/m)m 1= (1 + 0.0925/4)4 1 = 9.5758% 2) Find VB(@t = 1): m=4, T= 17: m = m x T = 68 CPN = \$5,000(0.0925/4) = \$115.625 P/Y=4, N=68, I/Y=7.85, PMT= 115.625, FV=5000; CPT,PV: VB0 = \$5,653.88 3) Find Cap Gains Yield: (VB1 VB0)/VB0 = (\$5,653.88 - \$5,000)/ \$5,000 = 13.0777% Total Yield = 9.5758% + 13.0777% = 22.6535% The stock of Jelly Bean Jim's Confectionaries Inc. is currently selling for \$50 per share. The firm's dividends are expected to grow at a rate of 15% per year for the next four years (i.e. until t=4). After this time, the dividends are expected to grow at a constant rate of 7% per year for the foreseeable future. The firm pays annual dividends and plans to pay a dividend of \$1.80 at the end of this year (i.e. at t=1). The stock's required rate of return is 11%. Is this stock undervalued or overvalued and by how much? D2 =[P/Y=1,N=1, I/Y=15, PV=1.8; CPT,FV] \$2.07 0, ENTER , 1.8, ENTER , , 2.07, ENTER , , 2.3805, ENTER , , 2.7376, ENTER NPV, 11, ENTER , CPT: NPV = \$6.8456 Find Horizon Value: D4(1 + gN /m) / (rs/m gN/m) = \$2.7376(1 0.07/1) + / (0.11/1 0.07/1) = \$73.2308 Find PV at t=0 of Horizon Value: P/Y=1, N=4, I/Y=11, FV=73.2308; CPT,PV = \$48.2394 P0 = \$6.8456 + \$48.2394 = \$55.08 \$55.08 - \$50.00 = \$5.08; undervalued by \$5.08 At the beginning of the year a \$1,000 bond paying a coupon rate of 7.2600% APR with semiannual payments and 9 years maturity had a YTM of 7.8400%. At the end of the year the bond was selling at par (minus fees and transaction costs). What is the bond's total yield for the year? Total Yield = EAR(rCPN) + Capital Gains Yield 1) Find EAR(rCPN) = (1 + rCPN/m)m 1= (1 + 0.0726/2)2 1 = 7.3918% 2) Find VB(@t = 0): m=2, T= 9: n = m x T = 18 Cpn = FV(rCpn/m ) = \$1,000(0.0726/2) = \$36.30 P/Y=2, N=18, I/Y=7.84, PMT=36.3, FV=1000; CPT,PV: VB,0 = \$963.0482 3) Find Cap Gains Yld: (VB,1 VB,0)/VB,0 = (\$1,000.00 -\$963.0482 )/ \$963.0482 = 3.8370% Total Yield = 7.3918% + 3.8370% = 11.2288% You plan to retire on your 65th birthday. You want to withdraw \$100,000.00 each year at the beginning of each year. You plan to live until your 88th birthday and you want your account balance to be \$0 on that day. How much money you must deposit annually into a retirement account starting on your 25th birthday to fund the above described retirement plan. You estimate the average rate of return over the rest of your life will be 7% p.a. P/Y=1, N=23, I/Y=7, PMT= 100000; CPT, PV Option A: "Begin" mode P/Y=1,N=40, I/Y=7, FV=1,206,124.05; Compute PMT: \$5,646.395 Option B: "End" mode P/Y=1, N=40, I/Y=7, FV=1,206,124.05; Compute PMT: \$6,041.64 You are considering two different stock mutual funds in which to invest. Fund A offers 8.5808% APR rate of return with quarterly reinvestment of profits. Fund B offers a 8.5410% APR rate of return with monthly reinvestment of profits. Which fund is more profitable? Fund A: 2nd, INCONV, 8.5808%, ENTER, , , 4, ENTER, , , CPT: 8.8609% Fund B: 2nd, INCONV, 8.5410%, ENTER, , , 12, ENTER, , , CPT: 8.8834% Consider 2 manufacturing projects, A and B. Which of the following statements are correct? Project A Project B Unit Sale Price/unit Variable Cost/unit \$22.00 \$18.50 \$25.00 \$21.00 Total Fixed Costs \$180,000 \$150,000 QOpBE,A = \$180,000 /(\$22.00 - \$18.50) = \$51,428.57 QOpBE,B = \$150,000 / (\$25.00 - \$21.00) = \$37,5000
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