财务管理基础第七章课后题答案斯坦利.b.布洛克.docx

Ch Problems 1.City Farm In sura nee has collecti on cen ters across the country to speed up collect ions. The compa ny also makes its disburseme nts from remote disburseme nt cen ters. The collectio n time has bee n reduced by two days and disburseme nt time in creased by one day because of these policies. Excess funds are being inv ested in short-term in strume nts yieldi ng 12 perce nt per annum. 1. If City Farm has $5 millio n per day in collect ions and $3 millio n per day in disburseme nts, how many dollars has the cash man ageme nt system freed up? How much can City Farm earn in dollars per year on short-term in vestme nts made possible by the freed-up cash? 7-1Solution: 7-1 Solution: City Farm Insurance $5,000,000 daily collections X2.0 days speed up = $10,000,000 additional collections $3,000,000 daily disbursements X1.0 days slow down = $ 3,000,000 delayed disbursements $13,000,000 freed-up funds b.$13,000,000 汉 b. $13,000,000 汉 12% $ 1,560,000 Nicholas Birdcage Compa ny of Hollywood ships cages throughout the coun try. Nicholas has determ ined that through the establishme nt of local collecti on cen ters around the coun try, he can speed up the collect ion of payme nts by one and on e-half days. Furthermore, the cash man ageme nt departme nt of his bank has in dicated to him that he can defer his payme nts on his acco unts by on e-half day without affect ing suppliers. The bank has a remote disburseme nt cen ter in Florida. If the compa ny has $4 millio n per day in collecti ons and $2 milli on per day in disburseme nts, how many dollars will the cash man ageme nt system free up? If the compa ny can earn 9 perce nt per annum on freed-up fun ds, how much will the in come be? If the annual cost of the new system is $700,000, should it be impleme nted? 7-2. Solution: Nicholas Birdcage Company of Hollywood $4,000,000 daily collections X1.5 days speed up = $6,000,000 additional collections $2,000,000 daily disbursements x.5 days slow down = $1,000,000 delayed