[開課學院]:商學院
[開課系所]:國貿系
[課程名稱]:財務管理
[老師名稱]:
[開課學期]:98-2
[類型]:98-2期中會考
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1.How long does it take (to the nearest year) for an initial investment of
$10,000 to triple in value if the investment earns 9% compounded annually?
(A) 10
(B) 13
(C) 16
(D) 20
(E) 25
2.Your grandmother placed $2,000 in a trust fund for you. In 10 years, the
fund will be worth $4,734.7. What is the rate of return on the trust fund?
(A) 7%
(B) 8%
(C) 9%
(D) 10%
(E) 6%
3.John invests $500 in an account that pays 6 percent simple interest. How
much more could he have earned over a 20-year period if the 6% interest
had compounded annually?
(A) $503.6
(B) $603.6
(C) $1,100
(D) $1,503.57
(E) $1,603.57
4.You want to have $10,000 ten years from now. How much more do you have to
deposit today to reach this goal if you can earn 5 percent rather than 6
percent on your savings?
(A) $6139
(B) $1046
(C) $615
(D) $555
(E) $416.67
5.You deposit $3,000 in a retirement account today at 6 percent interest.
How much more money will you have if you leave the money invested for 30
years rather than 20 years?
(A) $17,230
(B) $1,675.18
(C) $3,017
(D) $5,372
(E) $7,609
6.The British government has a consol bond outstanding that pays ￡100 in
interest each year. Assuming that the current interest rate Great British
is 5% and that you will receive your first interest payment one year from
now, then the value of the consol bond is closed to:
(A) ￡1000
(B) ￡2000
(C) ￡1100
(D) ￡2100
(E) ￡2200
7.You are interested in purchasing a new automobile that costs $35,000. The
dealership offers you a special financing rate of 12% annual percentage
rate, (1% per month), for 60 months. Assuming that you do not make a down
payment on the auto and you take the dealer's financing deal, then your
monthly car payments would be closest to:
(A) $778.56
(B) $729.15
(C) $768.35
(D) $813.25
(E) $805.45
8.After your grandmother retired, she purchased an annuity contract for
$245,453 that will pay her $25,000 at the end of every year until she dies.
The appropriate interest rate for this annuity is 8%. The number of years
that your grandmother must live in order to get more value out of the
annuity than what she paid for it is closest to:
(A) 15
(B) 17
(C) 18
(D) 19
(E) 20
9.You are comparing two annuities which offer monthly payments of $500 for
ten years and pay 0.5 percent interest per month. Annuity A will pay you
on the first of each month while annuity B will pay you on the last day
of each month. Which one of the following statements is correct concerning
these two annuities?
(A) Both annuities are of equal value today.
(B) Annuity B is an annuity due.
(C) Annuity B has a higher present value than annuity A.
(D) Annuity A has a higher future value than annuity B.
(E) Both annuities have the same future value as of ten years from today.
10.You are considering two loan. The terms of the two loans are equivalent
with the exception of the interst rates. Loan A offers a rate of 8.10
percent compounded monthly. Loan B offers a rate of 8.20 percent
compounded semi-annually. To reduce your cost of borrowing, Loan ____ is
the better offer because ____.
(A) A；the effective annual rate is 8.43 percent
(B) A；the annual percentage rate is 8.35 percent
(C) B；the annual percentage rate is 8.45 percent
(D) B；the interest is compounded less frequently
(E) B；the effective annual rate is 8.37 percent
11.Vidisic Gel Co. offers a 6.5 percent coupon bond with annual payments.
The yield to maturity is 6 percent and the maturity date is 7 years from
today. What is the market price of this bond if the face value is $1,000?
(A) $1126.52
(B) $1027.96
(C) $954.72
(D) $972.75
(E) $946.35
12.Sherry wants to sell a zero coupon bond. The bond matures in 9 years.
How much will she receive for her bond if the market yield to maturity is
currently 8%? The face value of the bond is $1,000.
(A) $896.02
(B) $965.02
(C) $500.2
(D) $276.7
(E) $296.5
13.The real rate of return of NTT's bond is 2.87%. The current inflation rate
is 4.64%. What is the nominal of return on these bonds?
(A) 7.64%
(B) 1.77%
(C) 0.13%
(D) 4.64%
(E) 6.56%
14.The nominal rate of return of Tresury Bill is 7.2%. The inflation rate is
2.7%. What is the real rate of return of Treasury Bill? How much is the
default risk premium of Treasury Bill?
(A) 5.4%；2.7%
(B) 7.2%；2.7%
(C) 4.38%；0%
(D) 4.5%；2.7%
(E) 3.5%；7.2%
15.XCOM bonds have a face value of $1,000 and a current market price of
$1,047.20. The bonds have a 6% coupon rate. What is the current yield on
these bonds?
(A) 8.96%
(B) 6.57%
(C) 4.23%
(D) 5.73%
(E) 6.73%
16.FCU Company's common stock is currently trading for $25.0 per share.The
company plans to pay a $2.50 dividend next year and the required rate of
return on its stock is 14%. If the dividend payout ratio is expected to
remain constant, the expected growth rate of the FCU's earnings is closest
to:
(A) 7%
(B) 5%
(C) 4%
(D) 3%
(E) 2%
Questions 17-20 are based on the following information:
FCU Corporation plans to pay a dividend of $1.40 per share next year (Year 1)
and $1.50 per share at the end of the second year (Year 2). You expect FCU's
stock price to be $25.55 at the end of two years. You require a 10% rate of
return on this stock.
17.If you plan to hold the stock for two years, the price you would be willing
to pay today for a share of FCU's stock is closest to ____.
(A) $23.63
(B) $21.55
(C) $20.36
(D) $22.52
(E) $25.22
18.Suppose you plan to hold FCU's stock for one year, you would expect to be
able to sell a share of FCU's stock in one year at the price of ____.
(A) $25.55
(B) $21.32
(C) $24.59
(D) $23.18
(E) $22.10
19.Suppose you plan to hold FCU's stock for only one year, your capital gains
($) and capital gains yield (%) from holding FCU's stock for the first year
are ____.
(A) $0.71；3.00%
(B) $0.96；4.06%
(C) $1.27；5.37%
(D) $1.34；5.67%
(E) $0.81；3.43%
20.Suppose you plan to hold FCU's stock for only one year. Your dividend yield
from holding FCU's stock for the first year is closest to ____.
(A) 4.3%
(B) 5.9%
(C) 4.7%
(D) 5.2%
(E) 5.5%
21.Which of the following are advantages of the corporate form of business
ownership?
I.limited liability for firm debt
II.double taxation
III.ability to raise capital
IV.unlimited firm life
(A) I and II only
(B) III and IV only
(C) I,II,and III only
(D) I,III,and IV only
(E) II,III,and IV only
22.When considering the present value of a project, the financial manager
should consider the:
I.size of the project's cash flows.
II.timing of the project's cash flows.
III.risk associated with the project's cash flows.
(A) I only
(B) II only
(C) I and III only
(D) II and III only
(E) I,II,and III
23.Which of the following questions are addressed by financial managers?
I.How long will it take to produce a product?
II.Should customers be given 30 or 45 days to pay for their credit purchaes?
III.Should the firm borrow more money?
IV.Should the firm acquire new equipment?
(A) I and IV only
(B) II and III only
(C) I,II,and III only
(D) II,III,and IV only
(E) I,II,III,and IV
24.Susan has $1,000 today. Which one of the followings statements is correct
if she invests this money at a positive rate of interest for five years?
(A) The higher the interest rate she earns, the less money she will have
in the future.
(B) The higher the interest rate, the loger she has to wait for her money
to grow to $2,000 in value.
(C) If Susan can earn 7 percent, she will have to wait about six years to
have $2,000 total.
(D) At 10 percent interest, Susan should expect to have $2,000 in her
account at the end of five years.
(E) At the end of the five years, Susan will have less money if she invests
at 5 percent rather than at 7 percent.
25.You have been offered the following investment opportunity. You expect to
receive $1,000 at the end of each of the next three years from the
investment. If you require a 10% rate of return per year on the investment,
the present value of this investment opportunity is closest to:
(A) $2,486.9
(B) $2,725.6
(C) $2,875.8
(D) $3,000.0
(E) $2,595.2
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