課程名稱︰財務管理
課程性質︰必修
課程教師︰何憲章教授
開課系所︰財金系
考試日期（年月日）︰2007/11/29
考試時限（分鐘）：2:20 ~ 5:20
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
1. A firm has a return on equity ( ROE = NI / avg.E ) of 15%. The debt-equity
( D / E ) ratio is 50%. The total asset turnover ( AT ) is 1.25 and the
profit margin ( PM ) is 8%. THe final total equity ( E ) is $3,200. If the
initial total asset ( A0 ) was $4,200, then
(1) What is the amount of the initial total equity ( E0 )?
( Hint: use the average equity and asset method )
(2) What is the amount of the net income ( NI )?
(3) What is the amount of the sales ( S )?
2. You plan to fund your new-born child's college education. Starting on his
18th birthday, you need to pay his tuition and board for 4 years. Tuition
and board expenses are currently $360,000 per year with 4% annual growth
rate. Starting on his 1st birthday for 18 years, you decide to invest a
constant percentage of your annual salary which is $1,000,000 for the 1st
year and will be increased at annual growth rate of 3%. If your investment
rate of return is 5% per year,
(1) How much fund will you need to have on his 18th birthday?
(2) What percentage of your annual salary should be invested?
3. Suppose 5 years ago, you financed your house with a 20 years mortgage loan
of $8,000,000 at a stated annual interest rate of 7%, compounded monthly.
Now, when you just paid the 60th monthly payment, another bank offers you
5% mortgage rate, which is the same for 15 years and 20 years loans. But the
current mortgage bank will charge a prepayment penalty of 5% loan balance.
You seriously consider refinance.
(1) What is your current monthly mortgage payment?
(2) After adding the prepayment penalty, what will be the new refinance loan
amount?
(3) If the new loan is 5% and 15 years, what will be the new monthly payment
? Should you refinance?
(4) If the new loan is 5% and 20 years, what will be the new monthly payment
?
4. Suppose you are now 25 years old and will work until 65 years old. You wish
to invest a fixed amount of your salary annually from 26 to 65 years old (
total 40 years ) in order to support your retirement expenses from 66 to 90
years old ( total 25 years ). Your annual living expenses are currently
%500,000, which will be increased 3% per year due to inflation. If your
investment rate of return will be 5% per year, then
(1) How much retirement fund will you need when you are 65 years old?
(2) How much should you invest annually?
(3) If you just inherited a large sum of money. Rather than making annual
investment, you decide to make one lump-sum investment now. How much
should you invest now?
(4) If your company will contribute %50,000 annually into your retirement
account for 40 years, and you expect a %1,000,000 distribution from your
family trust fund when you are 55 years old, which will also be put into
your account. Then how much should you invest annually out of your
salary?
5. A firm is considering a replacement project. The old machine was bought last
year at $600,000 and was depreciated straight-line to zero over its 6-year
life. It was just depreciated for 1 year. It will generate $200,000 annual
revenue for the next 5 years. The new machine will cost $1,000,000 and will
also be depreciated straight-line to zero over its 5-year life. For the next
5 years, it will generate $200,000, $300,000, $400,000, $500,000, and
$500,000 revenues separately. The new machine will also save $50,000 per
year in operating cost. In addition, the old machine could be sold now for
$500,000. The tax rate is 30%, and the discount rate is 15%. If the firm
implements the replacement, then by Incremental Cash Flow Method,
(1) list the firm's after-tax cash flows for the next 5 years.
(2) What is the Incremental Net Present Value? Should the project be
accepted?
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