金融学 第二版 兹维.博迪 罗伯特C默顿等著Bodie2_IM_Ch04.pdfVIP

CHAPTER 4 - Allocating Resources Over Time End-of-Chapter Problems 1. If you invest $1,000 today at an interest rate of 10% per year, how much will you have 20 years from now, assuming no withdrawals in the interim? Solution: FVPV(1000, 10? %, 20 )= 6727.5 $6,727.50 2. If you invest $100 every year for the next 20 years, starting one year from today and you earn interest of 10% per year, how much will you have at the end of the 20 years? How much must you invest each year if you want to have $50,000 at the end of the 20 years? Solution: FVPMT(100, 10%, 20 )= 5727.50 after 20 years you will have $5,727.50 PMTFV(50000, 10%, 20 )= 872.98 you must invest, at the end of each year for 20 years, $872.98 3. What is the present value of the following cash flows at an interest rate of 10% per year? a. $100 received five years from now. b. $100 received 60 years from now. c. $100 received each year beginning one year from now and ending 10 years from now. d. $100 received each year for 10 years beginning now. e. $100 each year beginning one year from now and continuing fore ver . Solution: a. PVFV(100, 10%, 5 )= 62.09 $62.09 b. PVFV(100, 10%, 60 )= 0.33 $0.33 c. PVPMT(100, 10%, 10 )= 614.46 $614.46 d. PVPMT(100, 10%, 9 )+ 100 = 675.90 $675.90 e. PVPMT(100, 10%, ∞ )= 1000.00 $1,000 4. You want to establish a “wasting” fund that will provide you with $1000 per year for four years, at which time the fund will be exhausted. How much must you put in the fund now if you can earn 10% interest per year? Solution: PVPMT(1000, 10%, 4 )= 3169.87 You need to start with $3,169.87. 5. You take a one -year installment loan of $1000 at an interest rate of 12% per year (1% per month) to be repaid in 12 equal monthly payments. a. What is the monthly payment? b. What is the total am