《财务管理基础第13版》相关章节答案PPT课件.ppt

Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition, Instructor’s Manual Contents;The Role of Financial Management;Chapter 1: The Role of Financial Management;Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition, Instructor’s Manual;The Time Value of Money;f.;1;=;1;1; Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition, Instructor’s Manual b. $5,000,000 = R[1 + (0.20/2)]10 = R(2.594) R = $5,000,000/2.594 = $1,927,525 c. $5,000,000 = R[1 + (0.20/4)]20 = R(2.653) R = $5,000,000/2.653 = $1,884,659 d. $5,000,000 = R(e)(0.20) (5) = R(2.71828)(1) R = $5,000,000/2.71828 = $1,839,398 17. FV of Earl’s plan = ($2,000) × (FVIFA7%,10) × (FVIF7%,35) = ($2,000) × (13.816) × (10.677) = $295,027 FV of Ivana’s plan = ($2,000) × (FVIFA7%, 35) = ($2,000) × (138.237) = $276,474 Earl’s investment program is worth ($295,027 – $276,474) = $18,553 more at retirement than Ivana’s program. 18. Tip: First find the future value of a $1,000-a-year ordinary annuity that runs for 25 years. Unfortunately, this future value overstates our “true” ending balance because three of the assumed $1,000 deposits never occurred. So, we need to then subtract three future values from our “trial” ending balance: (1) the future value of $1,000 compounded for 25 – 5 = 20 years; (2) the future value of $1,000 compounded for 25 – 7 = 18 years; and (3) the future value of $1,000 compounded for 25 – 11 = 14 years. After collecting terms, we get the following: FV25 = $1,000[(FVIFA5%, 25) – (FVIF5%, 20) – (FVIF5%, 18) – (FVIF5%,14)] = $1,000[(47.727) – (2.653) – (2.407) – (1.980)] = $1,000[40.687] = $40,687 19. There are many ways to solve this problem correctly. Here are two: Cash withdrawals at the END of year ...;–; Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition, Instructor’s Manual 22. For approximate answers, we can make use of the