Final Exam winter 2012 Draft 3 with answers (2)
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Final Exam winter 2012 Draft 3 with answers (2)

Course: ACTSC 371, Spring 2012

School: Waterloo

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ACTSC 371 Corporate Finance 1 Instructor: Brent Matheson Date: April 13, 2012 Time: 12:30 pm to 3:00 p.m. Duration: 2.5 hours Number of Pages: 19 including cover page, blank page, formula sheet and financial info Aids: Calculator, attached formula sheet Family Name: _____________________________________ Given Name: _____________________________________ ID#: ____________________________________ FOR EXAMINERS'...

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371 ACTSC Corporate Finance 1 Instructor: Brent Matheson Date: April 13, 2012 Time: 12:30 pm to 3:00 p.m. Duration: 2.5 hours Number of Pages: 19 including cover page, blank page, formula sheet and financial info Aids: Calculator, attached formula sheet Family Name: _____________________________________ Given Name: _____________________________________ ID#: ____________________________________ FOR EXAMINERS' USE ONLY Question 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 TOTAL Mark /15 /3 /3 /4 /3 /5 /7 /5 /6 /5 /5 /5 /5 /6 /4 /7 /88 ACTSC 371 Winter 2012 Final Exam 1) Multiple Choice 15 Marks (i) The Double Dip Co. is expecting its ice cream sales to decline due to the increased interest in healthy eating. Thus, the company has announced that it will be reducing its annual dividend by 5% a year for the next two years. After that, it will maintain a constant dividend of $1 a share. Two weeks ago, the company paid a dividend of $1.40 per share. What is this stock worth if you require a 9% rate of return? A. $10.86 B. $11.11 C. $11.64 D. $12.98 E. $14.23 (ii) The liquidity preference hypothesis explains that the 2nd year forward rates are set higher than the expected spot rate over year two because A. of a downward sloping yield curve. B. of long term rates being greater than short term rates. C. investors must be induced to buy the riskier two year bond. D. two year bonds are less risk than one years bonds when rates are higher. (iii)You spent $500 last week fixing the transmission in your car. Now, the brakes are acting up and you are trying to decide whether to fix them or trade the car in for a newer model. In analyzing the brake situation, the $500 you spent fixing the transmission is a(n) _____ cost. A. opportunity B. fixed C. incremental D. sunk (iv)Which of the following statements is true? A. Call options are issued by corporations and bought by investors. B. Call options are issued by investors and bought by corporations. C. Call options are issued by investors and bought by investors. D. Put options are issued by corporations and bought by investors. (v) In terms of relating options to firm value, if the stockholders have a call option on the firm, what do the bondholders have? A. In addition to owning the firm, they have written a call option against the firm whose exercise price equals the promised payment. B. In addition to owning the firm, they have bought a call option against the firm whose exercise price equals the promised payment. C. In addition to owning the firm, they have written a put option against the firm whose exercise price equals the promised payment. D. In addition to owning the firm, they have bought a put option against the firm whose exercise price equals the promised payment. ACTSC 371 Winter 2012 Final Exam (vi)A derivative is a financial instrument whose value is determined by: A. regulatory body such as the FTC. B. a primitive or underlying asset. C. hedging a risk D. hedging a speculation. (vii) You have taken a short position in a futures contract on corn at $2.60 per bushel. Over the next 5 days the contract settled at 2.52, 2.57, 2.62, 2.68, 2.70. You then decide to reverse your position in the futures market on the fifth day at close. What is the net amount you receive at the end of 5 days? A. $2.70 B. $2.60 C. $2.80 D. $0.00 (viii) You hold a forward contract to take delivery of Government of Canada bonds in 9 months. If the entire term structure of interest rates shifts down over the 9-month period, the value of the forward contract will have _____ on the date of delivery. A. risen B. fallen C. not changed D. either risen or fallen, depending on the maturity of the T-bond E. collapsed (ix)Hedging in the futures markets can reduce all risk if: A. price movements in both the cash and futures markets are perfectly correlated. B. price movements in both the cash and futures markets have zero correlation. C. price movements in both the cash and futures markets are less than perfectly correlated. D. the hedge is a short hedge, but not a long hedge. E. the hedge is a long hedge, but not a short hedge. (x) Comparing long-term bonds with short-term bonds, long-term bonds are _____ volatile and therefore experience _____ price change compared with short-term bonds for the same interest rate shift. A. less; less B. less; more C. more; more D. more; less E. more; the same (xi)The duration of a 2 year annual 10% bond that is selling for par is: A. 2.00 B. 1.00 C. 1.91 D. 2.09 (xii) A security transaction is said to occur in the primary market when: ACTSC 371 A. B. C. D. E. Winter 2012 Final Exam It is traded on a large stock exchange It is traded between two executives of the same company It is traded between two large stock dealers, not through a stock exchange. It is part of the initial offering of the security by the company raising money. None of the above. (xiii) Which of the following is most sensitive to changes in interest rates: A. A T-bill B. A long-term, high coupon bond C. A short-term, low coupon bond D. A long-term, low coupon bond E. A short-term, high coupon bond (xiv) I need to buy 100 oz of gold in one year for my jewelry business. Assume gold is currently $900 per oz, and I am concerned that the price will rise. Which of the following strategies could protect me from a rise in gold prices? A. B. C. D. E. F. Buy a put option on gold with an exercise of $900 per oz. Sell a call option on gold with an exercise of $900 per oz. Enter into a long hedge in the futures markets Enter into a short hedge in the futures markets None of these will protect me from a rise in gold prices. All of these strategies will protect me from a rise in gold prices ACTSC 371 Winter 2012 Final Exam (xv) A financial analyst is reviewing the projections for a new product line. She determines that if the economy is good, the NPV of the project is projected to be positive $2 million, but if the economy is bad, the NPV will be negative $1 million. They type of analysis she is likely doing is: A. Sensitivity analysis B. Scenario analysis C. Break-even analysis D. Monte Carlo analysis E. None of the above. ACTSC 371 Winter 2012 Final Exam 2) Discuss the difference between book values and market values on the balance sheet and explain which is more important to the financial manager and why. What does a BV/MV of 1.0 indicate? [3 marks] The accounts on the balance sheet are generally carried at historical cost, not market values. Although the book value of current assets and current liabilities may closely approximate market values, the same cannot be said for the rest of the balance sheet accounts. Ultimately, the financial manager should focus on the firm's stock price, which is a market value measure. Hence, market values are more meaningful than book values. ACTSC 371 Winter 2012 Final Exam 3) Do you view the introduction of cash-settled agricultural futures contracts to be positive or negative for the market? Why? [3 marks] The student could say negative or positive, but if they say negative, I think that they did not understand the implications of a cash settled agricultural futures contract. This is a positive thing since it increases liquidity in the market since people who were afraid of physical delivery now don't need to be a can `play' the market. This also means that pricing is more accurate. 4) Explain two ways that the clearinghouse helps to provide stability to participants in the futures market? [4 marks] The clearinghouse takes the opposite position on all trades, thus it allows for any short to be associated with any long. ACTSC 371 Winter 2012 The CH nest out these positions, which reduces risk in the market. Final Exam It provides stability to the trading environment since it demands margin and thus which is a form of insurance against default. The CH matches the shorts and longs; the short `triggers' the match by requesting settlement in the month of settlement. With this question, there may be other answers that make sense. If the student makes two good points regarding the CH and its role in the stability of the market, then they get full marks. ACTSC 371 Winter 2012 Final Exam 5) Given the following set of spot rates: [3 marks] Calculate the 1-year forward rates over each of the next 3 years. 1-year forward rate next year: 1.0542/1.050 = 1.058 1-year forward rate in 2 years: 1.0593/1.0542= 1.069 1-year forward rate in 3 years: 1.0664/1,9583= 1.087 6) A) Which is a more risky position: a short naked call option or a covered call position? Provide a brief rationale as to why you rank them in this order. [4 marks] A short naked call is when you sell a call without holding the stock. A covered call is when you sell the call but own stock the as well. A short naked call is more risky. The potential loss on a short naked call is infinite. [technically infinite minus the premium] The potential loss on a covered call is the stock price minus the premium. NOTE: If a student just says A is greater risk than B and has no rationale, then they get zero marks even if they are right. This is what is commonly referred to as a lucky guess. ACTSC 371 Winter 2012 Final Exam B) What do we mean by `riskiness' of an investment? [1 mark] Generally, we mean downside risk when we talk about risk. Nobody worries about making too much money. `I'm really worried about my stock appreciating too much'. Riskiness is the amount of potential loss in a position. NOTE: Students may get into a discussion about variance or standard deviation. That is fine, give the one mark. I was really looking for a practical answer that would allow the student to evaluate part A more intuitively. ACTSC 371 Winter 2012 Final Exam 7) Given the financials for Qwerty, Inc., what is the cash flow of the firm for 2010? [7 marks] Change in net working capital = ($75 + $502 + $640 - $405) - ($70 + $563 + $662 - $390) = $93 Net capital spending = $1,413 - $1,680 + $210 = -$57 Earnings before interest and taxes = $785 - $460 - $210 = $115 Taxable income = $115 - $35 = $80 Taxes = .35($80) = $28 Operating cash flow = $115 + $210 - $28 = $297 Cash flow of the firm = $297 - (-$93) - (-$57) = $447 ACTSC 371 8) Winter 2012 Final Exam The most recent financial statements for Quik-chip Co. are: [5 marks] Assets and costs are proportional to sales. Quik-chip maintains a constant 30% dividend payout and a constant debt-to-equity ratio. What is the maximum sustainable increase in sales assuming no new equity? Apply the formula 2.334312% increase in sales is equivalent to a $7.47 dollar increase in sales. ACTSC 371 Winter 2012 Final Exam ACTSC 371 Winter 2012 Final Exam 9) The Ziggy Trim and Cut Company can purchase equipment on sale for $4,300. The asset has a three-year life, will produce a cashflow of $1,200 in the first and second year, and $3,000 in the third year. The interest rate is 12%. Calculate the project's discounted payback and Profitability Index assuming end of year cash flows. Should the project be taken? If the accounting rate of return was positive, how would this affect your decision? [6 marks] DPP cannot be calculated as NPV < 0. PI = CFATt/Initial Investment = 4163.40/4300 = .968 = .97 - Both measures indicate rejection. A positive accounting rate of return should not change the decision. DPP and PI indicate that your cost of capital is not being covered. ACTSC 371 Winter 2012 Final Exam ACTSC 371 Winter 2012 Final Exam 10) The Marx Brewing Company recently installed a new bottling machine. The machine's initial cost is $2,000, and can be depreciated on a straight line basis to a zero salvage in 5 years. The machine's per year fixed cost is $1,800, and its variable cost is $0.50 per unit. The selling price per unit is $1.50. Marx's tax rate is 34%, and it uses a 16% discount rate. Calculate the present value break-even point on the new machine. [5 marks] Present value break-even is: $610.81 + $1,800(1-.34)-$400(.34)/($1)(1-.34) = 2,519 units. ACTSC 371 Winter 2012 Final Exam 11) Suppose a situation exists where you can purchase a share of stock for $25, purchase a put option on the stock for $3, and write a call option against the stock for $4. Also suppose that holding these three positions guarantees a payoff of $30 one year from today. A) If the risk free rate is 20%/a, does put-call parity hold? If not, then what new price of the put option would allow put-call parity to hold? [5 marks] Investment is $25 + $3 - $4 = $24. Guaranteed payoff = $30. Guaranteed return = ($24/$30) -1 = 25% > 20%. P-C does not hold. The put price that would guarantee a return of 20% is $4. ACTSC 371 Winter 2012 Final Exam ACTSC 371 Winter 2012 Final Exam 12) A firm has 2,000 shares of stock and 200 warrants outstanding. The warrants are about to expire, and all of them will be exercised. The market value of the firm's assets is $14,000, and the firm has no debt. Each warrant gives the owner the right to buy 1 share at $5. What is the warrant's effective exercise price? [5 marks] Value of the warrant = {[$14,000+$1,000]/2,200} - $5.00 +> $1.82 Solve for the exercise price: $1.82 = (2,000/2,200) [(14,000/2,000) - Ex] => Ex = $5.00 ACTSC 371 Winter 2012 Final Exam 13) A convertible bond is selling for $993. It has 15 years to maturity, a $1,000 face value, and a 8% coupon paid semi-annually. Similar non-convertible bonds are priced to yield 8.5%. The conversion ratio is 20. The stock currently sells for $47.50 per share. Calculate the convertible bond's option value. [5 marks] Value of the Straight Bond = $958.05, s.a. pricing Value of the bond converted today = 20 * $47.50 => $950.00 The option value must be $993 - $958.05 = $34.95 ACTSC 371 Winter 2012 Final Exam ACTSC 371 Winter 2012 Final Exam 14) Show that a firm with earnings of $10,000 a year in perpetuity would be better off paying all earnings in dividends rather than investing 25% of its earnings (also in perpetuity) in projects earning 14% if its discount rate is 15%. [6 marks] ACTSC 371 Winter 2012 Final Exam 15) You read the following article in the newspaper. "Soybeans Advance on U.S. Acres, South American Drought" By Tony C. Dreibus and Luzi Ann Javier - Mar 28, 2012 Soybeans advanced before a U.S. government report this week that may show planting for the next season will be little changed and as drought curbed the harvest in South America, dimming global supply prospects. "We expect that lower South American production, limited U.S. acreage gain and increased imports by China will bring the 2012-13 U.S. soybean balance into a deficit and support soybean prices over corn prices over the next 12 months," Goldman Sachs Group Inc. said in a report today. Soybeans for May delivery rose 0.5 percent to $13.77 a bushel by 11:22 a.m. London time on the Chicago Board of Trade. Futures have gained 14 percent this quarter. You are a farmer who grows soybeans. You have just hedged your next season's crop for future delivery. Discuss briefly whether this news is positive or negative for you and why. [4 marks] If a farmer hedges, he/she is concerned that prices will decline in the future. If you are hedging your `exposure' you are going to go short. Unfortunately, in this case, soybeans have increased in value. A short position will lose value if the underlying asset increases in value. The reason for this is because if you had remained unhedged (ie: you would sell on the spot in the future) you could have sold at a price greater than the futures price. ACTSC 371 Winter 2012 Final Exam 16) In this question, assume all instruments pay at the end of each year, yield rates are quoted annual compounding and ignore credit risk. The current 1 year LIBOR is 3%/a, and 5year bonds pay 5%/a. Company X currently has $200 million in 5-year bonds outstanding. The company, however, prefers floating rate debt, so it decides to enter into a pay-floating plain vanilla swap. The terms of the swap are as follow: (a) (b) At the end of each year, Company X will pay the swap bank the 1 year LIBOR effective at the start of the year on $200 million. Company X will receive at the end of each year from the swap bank, a fixed rate of 5% on $200 million. The swap contract will last 5 years. How much should Company X expect to pay to enter into such a swap agreement? Explain. [2 marks] What would the value of the swap be (to Company X) one year from now (immediately after the first cash flow) under each of the following conditions? Explain you answer. (i) (ii) One year rates are now 4%, and 4-year rates are 5% [2 marks] One year rates are now 6% and 4-year rates are also 6%. [3 marks] This question is identical (except for the numbers) to the assignment question. a) $0. Swaps are set up at the beginning to be valued at $0. This is because coupon of the fixed rate bond will be the same as the yield (thus it is at par) and the float is also set up as a par bond. b) i) It is still $0. The value of the swap is the fixed minus float. Thus, we can see that the fixed coupon is still 5% as is the yield. Thus, the bond is still par. The float will also still be par, thus the swap is valued at $0. ii) Fixed minus float again: ACTSC 371 Winter 2012 ___________END OF EXAMINATION____________ Final Exam ACTSC 371 Winter 2012 BLANK PAGE Final Exam ACTSC 371 Winter 2012 Final Exam FORMULAS: PERPETUITY: GROWING PERPETUITY ANNUITY GROWING ANNUITY SUSTAINABLE GROWTH RATE PVCCATS

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Problem 13.66Given:Normal shock due to explosionFind:Shock speed; temperature and speed after shock[Difficulty: 3]VShock speed VsS hift coordinates: (Vs V) ( Vs)Solution:Basic equations:2M2 p2p1k1V M c M k R T2 k2 k 1 M1 12 k2k1Giv
University of Florida - EGN - 3353C
Problem 13.67[Difficulty: 2]Given: Standing normal shockFind:Pressure and temperature ratios; entropy increaseSolution:R=cp =k=M1 =286.910041.41.75p 2/p 1 =3.41T 2/T 1 =The entropy increase across the shock is:s =1.495The given or avai
University of Florida - EGN - 3353C
Problem 13.68[Difficulty: 3]Given: Air flowing into converging duct, normal shock standing at duct exitFind:Mach number at duct entrance, duct area ratioSolution:The given or available data is:R=cp =k=M3 =p 2/p 1 =286.910041.40.542J/kg-K
University of Florida - EGN - 3353C
Problem 13.69[Difficulty: 2]Given: Find: Solution:Basic equations:Normal shock near pitot tube Air speedkp 1 p 2 1 V1 V2 V1(Momentum)p0 p 1 k1 2M2k 1 p 2 8 psiGiven or available data T1 285 R k 1.4p 1 1.75 psi Rair 53.33 ft lbf lbm Rp 02
University of Florida - EGN - 3353C
Problem 13.70[Difficulty: 3]Given: Find: Solution:C-D nozzle with normal shock Mach numbers at the shock and at exit; Stagnation and static pressures before and after the shockk 1 2 ( k 1) k k 1 1 k 1 M2 A 1 2 Basic equations: Isentropic flow k 1 Acr
University of Florida - EGN - 3353C
Problem 13.71[Difficulty: 2]
University of Florida - EGN - 3353C
Problem 13.72[Difficulty: 2]
University of Florida - EGN - 3353C
Problem 13.73[Difficulty: 3]Given: Pitot probe used in supersonic wind tunnel nozzle Find:Pressure measured by pitot probe; nozzle exit velocitySolution:The given or available data is: R = k = M1 = p1 = T0 = 286.9 1.4 5 10 1450 J/kg-KkPa KEquations
University of Florida - EGN - 3353C
Problem 13.74[Difficulty: 3]Given: Air approaching a normal shock Find:Pressure and velocity after the shock; pressure and velocity if flow were decelerated isentropicallySolution:The given or available data is: R = k = V1 = p1 = T1 = 286.9 1.4 900 5
University of Florida - EGN - 3353C
Problem 13.75[Difficulty: 3]Given: Air accelerating through a converging-diverging nozzle, passes through a normal shock Find:Mach number before and after shock; entropy generationSolution:The given or available data is: R = k = p 01 = T 01 = T 01 =
University of Florida - EGN - 3353C
Problem 13.76[Difficulty: 2]Given: Normal shock Find:Speed and temperature after shock; Entropy changeSolution:The given or available data is: R = k = cp = T 01 = p1 = M1 = Equations and Computations: From 53.33 1.4 0.2399 1250 20 2.5 ftlbf/lbmR Btu/
University of Florida - EGN - 3353C
Problem 13.77[Difficulty: 2]
University of Florida - EGN - 3353C
Problem 13.78[Difficulty: 2]Given: Normal shock Find:Pressure after shock; Compare to isentropic decelerationSolution:The given or available data is: R = k = T 01 = p 01 = M1 = 286.9 1.4 550 650 2.5 J/kgK K kPaEquations and Computations:Using built