- 1、本文档共11页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
Short-termFinancialPlanningandManagement-II
Chapter17
Problem1Amail-orderfirmprocesses5,300chequespermonth.Ofthese,60percentarefor£55and40percentarefor£85.The£55chequesaredelayedtwodaysonaverage;the£85chequesaredelayedthreedaysonaverage.Assume30daysinthemonthand365daysintheyear.Whatistheaveragedailycollectionfloat?Whatistheweightedaveragedelay?Howmuchshouldthefirmbewillingtopaytoeliminatethefloat?Iftheinterestrateis7percentperyear,calculatethedailycostofthefloat.
Problem1:FloatAveragedailyfloat=[0.6(5,300)(£55)(2)+0.4(5,300)(£85)(3)]/30 =£29,680
Onaverage,thereis£29,680thatisuncollectedandnotavailabletothefirm.Totalcollections=0.6(5,300)(£55)+0.4(5,300)(£85)=£355,100
Weightedaveragedelay=2[0.6(5,300)(£55)/£355,100]+3[0.4(5,300)(£85)/£355,100]=2.51daysThemostthefirmshouldpayisthetotalamountoftheaveragefloat,or£29,680.1.07=(1+R)365;R=0.01854%perday
Dailycostofthefloat=£29,680(0.0001854)=£5.5
Problem2ThefinancedirectorofChessingtonInc.isreviewingtheirtargetcashbalancesinlightoftheirvaryingcashinflows.YoudecidethattheMiller-Orrmodelwouldprovidesomeusefulguidelines.Givenalowercashbalancelevelof£500,astandarddeviationofmonthlynetcashflowsof£700andamonthlyinterestrateof?%.Whatis?thetargetcashbalancetheuppercashlimittheaveragecashbalanceTransactioncostsofswitchingfrommarketsecuritiesintocashare£15pertransactiononaverage.
Problem2:Miller-OrrModelL=£500σ=£700R=?%permonthF=£15 =(4599.18)–(1000)=3599.18
Problem3Youplaceanorderfor450unitsofinventoryataunitpriceof€155.Thesupplierofferstermsof1/10,net30.Howlongdoyouhavetopaybeforetheaccountisoverdue?Ifyoudotakethediscount,howmuchshouldyouremit?Ifyoudon’ttakethediscount,howmuchinterest
文档评论(0)