課程名稱︰財務管理
課程性質︰必修
課程教師︰何憲章
開課學院：管理學院
開課系所︰財金系
考試日期（年月日）︰98/4/23
考試時限（分鐘）：2:20~5;20
是否需發放獎勵金：是
試題 :
note:Answer to the 4th decimal point, and list your calculation procedures.
1.
(1) A firm has a Return on Equity 18%, Debt-to-Equity Ratio 80%, and Profit
Margin 4%. What is the firm's Asset Turnover Ratio? (Suppose the firm's
debt and equity did not change during the year.)
(2) The firm has Days in Inventory 5 days, Cost of Goods Sold $4,380, Net
Working Capital $80, Current Asset $400, and Year-beginning Inventory $40.
What is the firm's Quick Ratio?
2.On 4/1/2007, you bought a $800,000 car and got a 5 year loan at a stated
annual interest rate of 9.6%, compounded monthly.You started monthly payment
on 5/1/2007. 2 years later, at the end of April 2009, the annual interest
rate is decreased to 7.2%. But the bank will charge a prepayment penalty of
2% 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 7.2% and 3 years, what will be the new monthly payment?
Should you refinance?
(4) If the new loan is 7.2% and 5 years, what will be the new monthly payment?
3.You are now 20 years old and want to save from 21 to 65 years old in order
to supprot your retirement expenses from 66 to 90 years old. Your first year
annual salary is $600,000 which will be increases at 2% per year, and the
annual interest rate is 5%. Your annual living expenses are currently
$400,000, which will be increases 3% per year due to inflation.
(1) How much retirement fund will you need when you are 65 years old?
(2) How much will you get when you are 65 years old, if you decide to save 20%
of your salary annually? Is it enough?
(3) If you want to meet yor retirement need, what percentage of salary should
you save annually?
(4) If your company will contribute $30,000 annually into your retirement
account for your 45 working years, and you expect a $500,000 distribution
from your family trust when you are 50 years old, which will also be put
into your account. Then how much should you save annually?
4. A firm is considering two machines, both have no salvage value. The discount
rate is 8%.
Machine A: Purchasing cost $60,000, annual maintenance cost $2,000,usable life
4 years.
Machine B: Purchasing cost $50,000, annual maintenance cost $6,000,usable life
3 years.
(1) What are machines A and B's individual Present Value of Cost?
(2) According to Replacement Chain Matching Cycle method, what are the two
machines' individual Present Value of Costs? Which machine should the firm
purchase?
(3) What are the two machines' individual Equivalent Annual Costs? Which
machine should the firm purchase?
5. You consider to open a store wuth initial of $15 million. You believe that
there is a optimistic 60% probability of $4 million annual cash flow and a
pessimistic 40% probability of $1 million annual cash flow to the eternity.
The discount rate is 20%.
(1) According to traditional Net Present Value (NPV) method, what is the
project's NPV? Should you invest it?
(2) According to Real Option to Expand method, if your optimistic forecast
turns out to be true, you may expand to 10 stores next year. Suppose other
assumptions remain the same, what is the project's NPV? Should you invest
it?
(3) According to Real Option to Abandon method, if your pessimistic forecast
turns out to be true, you may abandon it next year and sell it for $11
million.Suppose other assumptions remain the same, what is the project's
NPV? Should you invest it?
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※ 編輯: cuteemma 來自: 119.77.215.159 (04/23 21:24)