Midterm 1_Fall 2017_part two_solutions

Midterm 1_Fall 2017_part two_solutions - V 1 rm p(T d u n...

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Unformatted text preview: V 1 rm p (T d u n de r s ta n ) [7 a d in g e r th e a n sw 1 i5 m p bo lo llo o in t s ï T u t th e f th e o a te r ia m in g q w d it io ra k s to c m u e s n a l d is c u t io n s c o n c is e ł y Yo ho u s u pa rtTw o w o rt h re s a n ld n o d / 10 0 40 p re o n p o in t s io u v t n ee d o ı ıo s ho f th e S Q Ö L U T I0 ı a n d lic it s y o e m e w o rk a s s sp a c e p id ro v m ı2 0 1 7 Fa ı in t u it iv u r ig n - a rke 1 ) Es e Ħic ie 生呂乃 会 B r ie fly e t n ぬ ' ' s 巴 。 ― p Ja in t w x o Tu n d { Tm 么\ 山 cA e n to ı ı y d ï iy e re n こ 严 鳥v ċ ÏŲ F ・ ) p le s m 叫 a f p ū te ' 4 m u Ĵ 2) p a r in g t h e C 15 p o in t s } W h e n o t ic e t h a t t h e in v e n t o r co m H o w m d it y ) o m ig h t y o co m h ile t h e w , n u a M ör e o v fo r o n e th e fir m r u r re n d ju s t t h e C u rr e n t L ť버 In s (F ir m SŁĹ 4k f \1 1 v q ' 7 , w he & + ļ U , s - \ 戉 m , h A r l 4j w n f m /C u s 侈の 业 m a « V a ,r b ilit ie s ) fo t e r ia ls (o f a ・ lA t e y Ł" tin g e a c h fir m Ç4 3 s s h o rt t e fr e q u ロ c l * r 4. r rL p \0 ţ he , 1n æ , lo r r Ĵ e n t ly t r a d e d u o ds id ity p r o s p e c t s ? k ha ļ¢ ¢ w , I e= H d ö L vtAı . ' n . L . kA F' " 一 v Ł st Ċ ? , liq rm 茂, tw o c o m p a n ie s y o u r t o r y c o n s is t s o f m o r e h ig h ly c u s t o m e r s p e c ia liz e d g o ' + L > vn"'" = ニガニ茑 Ļh 。 니 ヘS ム , r re n t L ia o re r a w 如奂 is w r c e ¢- ļ h ţ rr e n t A s s e t s e v a lu a I . , n s is t s o v e n > J Wūs ( ç c )c o A B j in R a t io r' (C u t R a t ĵo (F irm firm ' . , iļ l e ßu S . . uj J U ' + ° ) m , H oĄ h h l Odat " ー r s ) n t ia Ĺe ) ¢4 y x n ı t h in k , Č们 ・ )y o a se d\ e t ex a I e P le e n ts l c o ľ p a r a t e F in a n c e T h e o ry ty p ic a [[y a s s u m e s t h a t t h e c a p it a l m a r k e t (h e r e 二 回 d d u r in g le c t u s se g L" ( 牟 。。 、 , t * bb b L ニ しバ 加f 。 w Scanned by CamScanner m ľ " = (? p o in t s T r a d it io n a l C B r ie fly b e s t in te r e s t s v a lu ŢW 。 ï" " s 阴 ť rv lť a n w a w ilt b e it h 5 2 % 나 1 ・ 'J ì s o fm g e rs b e h an a ge p o te rs in s h a v e n h o ld e a re t ia lly e x t r a r e 升喝 ìa 、 扭 (m ー + kľ t u m 乞。 41 " ) 哆 w " k 弘 江凇 . k ごー ふぺ ー 山 。 。 乙 eH " jft ' 徴 却 广良ゐ も 吾t咱 ' し ぢ(气 。 二 乒 门 江 分 Rn 1 ?e . " = rs t in g c ţ ' 玄廿 Ė p。? r - ' " , 呷 っ ほ p m a in d e ro b a b ilit y w o r t h le s s ) w h a t is t h e p le a m a n a , r c la im s t o t h e r e d T h e o r y ty p ic a lly a s s u m e s t h a t m d o m e n t o lly d ı Ħe r e n t e x N . 车 ,几 p o in t s ] A s s u m e t h a t a [5 a n c e j. し° M = p la in t w o e x 械 s ・ te F in Ēkr Fţ P L S E E ' o rp o ra r h Eq m u i5 m w h it r h o ld e $1 rs 50 0 ha v e e b t h o ld e an o o r tu n D pp t h e p r o je c t w ilt b e w o r th to m o rro w N P V o f t h is p r o , an d s ho it y t o in 5 0 0 to a ssu m e tha t the F o r s im p [ic i(y je c t 51 u h o ld rs ld t h e p ro je c t b e m re c la im v e s s ta th e f ir s t 5 1 2 0 0 t in a p ro İ e c t t h a t o r ro w W it h 4 8 % 〒 s n o t ĺm e v a lu e o p te d o r re e c te a cce j p f m ro c o s a n ts d b a b ilit y , t h o n e y he d ba se d e q 5 80 0 e p u iv ha ta d a y j ro e c s , t re o n th e N p v ? Scanned by CamScanner Scanned by CamScanner M id t e F IN 3 0 5 3 ) [8 p o in t s in fo ho T r a d i[ lo is m s th a t ha b l tw o do t n e e d a ll o n fu n do m ¢ b ee m h e lp f t h is $Ł ò +k e ly to th e sp a ce L n ca k do a m p ita l m Fm s o , a n a g e rs p a n d b ) th e ro v ca ) tw id in g in )m " re n t a c c u r a te a n d se lf c o u n t im e u n m rs c o m p it a l m a r k e t s a r e d r fle o ge a n a ic a t e ffic ie e rre c ' t io n ly in fo A t tim e s , n t rm a t io n , a n Yo k ts t w a y s t h a t m a n a g e r s c a n p r o p e r ly r e a c t to in e ffic ie n t c a p it a l m a r e L p r łL + kt > k " tors . . rM - I w し的 S u c ln n $Ł & $ u r w s C tL / 1 J L , . c e e p k &b ċ £ c b " " °n a° . " ;Jq J \ ; ro r 如 し円 d prt h S r L p . Rw lų Ĵ Ł ą Ć s r e p ew R w M J r i dLN e s th a t a s c r ib e a B r ie ffy d e n w a r k e ts m ! s Ļo c - r b re o » 。 。 d t im w ly a s s u T h e o r y ty p ic a ı a n ce itig a te p r o b le m \k J 日 a n t o lly d ıtle r e e n " . t e F in r p o ra t h e s e a s s u m p t io n s c a n w e v e r n o ly a t io n a c c u r a te rm e c m ï Co n a F a ll 2 0 1 7 p a rt T 1 rm ö 自 - 。 , p .* . h 3 dLı ļ ervè da w a j ¢ 9 h (y 么 cs 角陀 ・ , m ・ 障囹 茂 rL 刁 心° s hp U rrL r k 康 べら Ļ、 ¢ k W s ļo , . 自 ・ ・ w 一 S- » łr ı A Ł 如 邝 书 4 w « , h レ\ , e j e +e L v = * = = u - Scanned by CamScanner i ) Scanned by CamScanner Scanned by CamScanner Scanned by CamScanner Scanned by CamScanner ...
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