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경희대 재무관리 Essentials of Corporate Finance "8장" 정리

1111Chapter 8. NPV and Other Investment Criteria 투자평가법We need to ask ourselves the following questions when evaluating decision criteria.- Does the decision rule adjust for the time value of money? (화폐의 시간가치에 맞게 조정되었는가?)- Does the decision rule adjust for risk? (위험에 맞게 조정되었는가?)- Does the decision rule provide information on whether we are creating value for the firm?(회사의 가치를 창출하고 있는지 여부에 대한 정보를 제공하는가?)● Net Present Value(NPV) rule 순현재가치법- The difference between the market value of a project(=investment) and its cost- A measure of how much value is created or added today by undertaking an investment.투자를 통해 현재 얼마나 많은 가치를 창출하거나 부가했는지를 측정하는 지표- NPV와 할인율은 역의 관계NPV RuleAn investment should be accepted if the NPV is positive and rejected if it is negative.- A positive NPV = The project is expected to add value to the firm? increasing the wealth of the owners(재무 관리의 목표!)? NPV is a direct measure of how well this project will meet our goal- 흔치 않지만, NPV가 정확하게 0이면 투자를 채택하건 기각하건 차이가 없음How to estim as expected. Cash costs (including taxes) will be $14,000 per year. We will wind down the business in eight years. The plant, property, and equipment will be worth $2,000 as salvage at that time. The project costs $30,000 to launch. We use a 15 percent discount rate on new projects such as this one. Is this a good investment? If there are 1,000 shares of stock outstanding, what will be the effect on the price per share from taking the investment?비료사업 - 현금 수입이 매년 $20,000 / 세금을 포함한 현금비용은 매년 $14,000 / 8년 후 사업 정리, 그때 공장, 토지, 설비의 잔존가치는 $2,000 / 프로젝트 착수를 위한 비용 $30,000 / 15%의 할인율 적용좋은 투자인가? 발행주식이 1,000주라면 프로젝트를 채택함으로써 주가에 미치는 영향은 무엇인가?A. 수입 $20,000 ? 비용 $14,000 = 매년 $6,000 현금 수입(연금계산 방식 활용) / 잔존가치 $2,000A. 수입 $20,000 ? 비용 $14,000 = 매년 $6,000 현금 수입0 1 2 3 4 5 6 7 8-30,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 8,000(=6,000+2,000)30,000 +/- CFj / 6,000 CFj / 7 SHIFT Nj / 8,000 CFj / 15 I/YR / SHIFT NPV ?2,422NPV가 음수이므로 NPV Rule에 의하면 해당 프로젝트는 거절되어야 함!이 투자를 채택한다면 주식 총 가치는 $2,422 감소할 것!프로젝트 채택uch as researchand development, and new projects장기사업(연구개발)과 신규사업에 대한 편중● Internal Rate of Return(IRR) 내부수익률- The required return(=discount rate) that makes NPV = 0- The most important alternative to NPV (NPV의 가장 중요한 대안)- Be used in practice and intuitively appealing (자주 사용되며, 직관적으로 매력적임)- Be based entirely on the estimated CF and independent of interest rates found elsewhere(다른 어느 곳에서 제공한 수익률이 아니라 특정 투자 CF의 ‘내부수익률’임)IRR ruleA investment is acceptable if the IRR exceeds the required return. It should be rejected otherwise.EX 8.3 A project has a total up-front cost of $435.44. The cash flows are $100 in the first year, $200 in the second year, and $300 in the third year What’s the IRR? If we require an 18% return, should we take this investment?초기비용 총 $435.44 / 첫해에 $100, 2년째에 $200, 3년째에 $300A. 0 1 2 3-435.44 100 200 300435.44 +/- CFj / 100 CFj / 200 CFj / 300 CFj / IRR 15만약 18%의 수익률보다 IRR이 작으므로, 18%의 수익률을 요구한다면 투자를 채택해서는 안 된다.18%의 수익률을 바탕으로 NPV를 구해보자.435.44 +/- CFj / 100 CFj / 200 CFj / project and your required return for assets of thisrisk is 12%. We will accept the project if it pays back within two years.You have estimated the following cash flows:0 1 2 3-165,000 63,120 70,800 91,080NPV, Payback Period, IRR을 모두 구하고 투자를 평가하시오.Answer.(1) NPV165,000 +/- CFj / 63,120 CFj / 70,800 CFj / 91,080 CFj / 12 I/YR / NPV + 8,989NPV의 값이 양수 값을 가지므로 투자를 채택한다. (Accept)(2) Payback첫 2년 동안 누적된 현금흐름이 $133,920이므로 3년째에 $31,080을 더 회수해야 한다.31,080 / 91,080 = 0.3 즉, 회수 기간은 2.3년으로, 기존에 설정한 2년을 초과했다. (Reject)(3) IRR165,000 +/- CFj / 63,120 CFj / 70,800 CFj / 91,080 CFj / IRR 16.13요구수익률인 12%보다 IRR 16.13%이 더 크므로 투자를 채택한다. (Accept)Net Present ValuePayback PeriodInternal Rate of ReturnAcceptRejectAccept? 해당 투자를 채택한다.cf. Whenever there is a conflict between NPV and another decision rule, you should use NPVbecause NPV directly measures the increase in value to the firm.NPV는 기업에 대한 가치 증가를 직접적으로 측정하기 때문에 NPV와 다른 의사결정 규칙 사이에충돌이 있을 경우, NPV를 선택해야 함.★ Nonconventional CF와 Mutually exclusive projects의 상황에서 찾아보자! A-B의 현금흐름에 따라 IRR을 구해보자.100 +/- CFj / 0 CFj / 125 CFj / IRR 11.80- 교차율(crossover rate): IRR = 11.80%두 투자의 NPV 곡선이 IRR=11.80에서 ‘교차’함- 11.08%보다 낮은 할인율에서는 A(빨)의 NPV가 더 높으므로 A를 택해야 한다.- 11.08%보다 높은 할인율에서는 B(파)의 NPV가 더 높으므로 B를 택해야 한다.- 투자 비교 시, IRR은 자칫 잘못 이끌 수 있음!즉, 10%에 즉시 100원을 벌어주는 투자와 20%에 즉시 50원을 벌어주는 투자 중 전자 택!● The Profitability Index(PI) rule 수익성 지수법(=benefit-cost ratio)- Measure the benefit per unit cost, based on the time value of money화폐의 시간가치에 근거하여 단위 비용당 편익 측정- The measure of the value created per dollar invested투자한 $1당 창출된 가치의 척도- When capital is scarce, it may make sense to allocate it to those projects with the highest PIs. 자금이 부족할 때 PI가 제일 높은 프로젝트에 자금을 할당하는 것이 올바름Total PV of all future cash flows (미래 현금흐름의 현가)Profitability index =Initial investment (초기 투자액)A project is acceptable if its profitability index bigger than 1.수익성 지수가 1보다 크면 채택한다.cf. NPV가 양수? 미래 현금흐름의 현재가치 > 초기 투자액즉, PI는 양수의 NPV의 경우 1.00보다 크고, 음수의 NPV의 경우 1.00보다 작다.- A project costs $200 and the present val)

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경희대 재무관리 Essentials of Corporate Finance "7장" 정리

1111Chapter 7. Equity Markets and Stock ValuationCash Flow to StockholdersIf you buy a share of stock, you can receive cash in two ways1. The company pays dividends2. You sell your shares, either to another investor in the market or back to the companyAs with bonds, the price of the stock is the present value of these expected cash flowsDividends + Stock Prices ?* cf) IF dividends are expected at regular intervals forever, then this is like preferred stockand is valued as a perpetuity● Stock valuation 1. The general case- The price today of a share of stockP _{0} is the present value of all of its future dividends.P _{0} = {D _{1}} over {(1+R) ^{1}} + {D _{2}} over {(1+R) ^{2}} + {D _{3}} over {(1+R) ^{3}} + CDOTSQ. What if you decide to hold the stock for three periods? In addition to the dividends at the end of years 1 and 2, you expect to receive a dividend of $2.205 at the end of year 3 and a stock price of $15.435. Now how much would you be willing to pay?A.P _{0} = {D _{1}} over ses dramatically.(요구수익률이 성장률에 근접할수록, 주가 급격 상승)EX 7.2 The Hedless Corporation has just paid a dividend of $3 per share. The dividend of this company grows at a steady rate of 8 percent per year. Based on this information, what will the dividend be in five years?A.D _{5} =D _{0} TIMES(1+g) ^{3} =3 TIMES(1+0.08) ^{5} =3 TIMES1.4693=4.41 즉, 배당금은 향후 5년간4.41-3=1.41달러 증가하게 된다.Q. Suppose Big D, Inc. just paid a dividend of $ .50. It is expected to increase its dividend by 2% per year. If the market requires a return of 15% on assets of this risk, how much should the stock be selling for?A.P _{0} = {D _{0} TIMES(1+g)} over {R-g} = {0.50 TIMES(1+0.02)} over {0.15-0.02} = {0.51} over {0.13} =3.92Q. Suppose TB Pirates, Inc. is expected to pay a $2 dividend in one year. If the dividend is expected to grow at 5% per year and the required return is 20%, what is the price?A.P _{0} = {D _{1}} over {R-g} = {2.00} over {0.20-0.05} =13.33EX 7.3 The next dividend for the Gordon Growth Company will be $4 pe20-0.10)=5 이제P _{4}를 20 percent, 4년 전으로 할인하면,P _{0} =5/(1.20) ^{4} =2.41Q. Suppose that you have come up with the following dividend forecasts for the next three years: Year 1 ($1.00); Year 2 ($2.00); Year 3 ($2.50);After the third year, the dividend will grow at a constant rate of 5 percent per year. The required return is 10 percent. What is the value of the stock today?A.(1) constant growth의P _{3} 구하기P _{3} = {D _{3} TIMES(1+g)} over {R-g} = {2.50 TIMES1.05} over {0.10-0.05} =52.50(2) general case 방식으로P _{0} 구하기P _{0} = {D _{1}} over {(1+R) ^{1}} + {D _{2}} over {(1+R) ^{2}} + {D _{3}} over {(1+R) ^{3}} + {P _{3}} over {(1+R) ^{3}}= {1} over {1.10} + {2} over {1.10 ^{2}} + {2.5} over {1.10 ^{3}} + {52.50} over {1.10 ^{3}} =43.88EX 7.4 Chain Reaction, Inc., has been growing at a phenomenal rate of 30 percent per year because of its rapid expansion and explosive sales. You believe that this growth rate will last for three more years and that the rate will then drop to 10 percent per y} over {R-g} = {1.38 TIMES(1.05)} over {0.20-0.05} =9.66P _{0} = {D _{1}} over {(1+R) ^{1}} + {D _{2}} over {(1+R) ^{2}} + {P _{2}} over {(1+R) ^{2}} = {1.20} over {1.20} + {1.38} over {1.20 ^{2}} + {9.66} over {1.20 ^{2}} =8.667Quick Quiz ? Part IQ1. What is the value of a stock that is expected to pay a constant dividend of $2 peryear if the required return is 15%?A. Zero growthP _{0} =D``/R=2/0.15=13.3333Q2. What if the company starts increasing dividends by 3% per year, beginning with thenext dividend? The required return stays at 15%.A. Constant growthP _{0} = {D _{0} TIMES(1+g)} over {R-g} = {2 TIMES(1+0.03)} over {(0.15-0.03)} =17.17Using the DGM to Find R(=discount Rate, Required Rate)P _{0} = {D _{0} TIMES(1+g)} over {R-g} = {D _{1}} over {R-g} ?R= {D _{0} TIMES(1+g)} over {P _{0}} +g= {D _{1}} over {P _{0}} +g- Dividend yield(배당수익률):{D _{1}} over {P _{0}}- Capital gains yield(자본이익수익률):g - The dividend growth rate, or the rate at which thevalue of an investment grows.∴R = Divia firm cannot go bankrupt for not declaring dividends기업 이사회가 배당을 선언하지 않는 한, 배당은 기업의 부채가 아니다. 이에 따라, 기업은 배당을 선언하지 않으면 파산할 수없다(배당금 미지급으로 파산할 수 없음).? Dividend payments are not considered a business expense, therefore, they are not taxdeductible for corporate tax purposes. In short, dividends are paid out of the corporation’safter tax profits.배당금 지급은 사업비로 간주되지 않으므로 법인세 용도로는 세액공제가 되지 않는다. 즉, 법인의 세후 이익에서 지급된다.? Dividends received by individuals (shareholders) are taxed as ordinary income개별 주주가 받은 배당금은 통상소득으로 과세대상이다.cf. Dividend exclusion- If corporation A owns less than 20% of corporation B stock, then 30% of the dividends received from corporation B are taxable.- If A owns between 20% and 80% of B, then 20% of the dividends received are taxable.- If A owns more than 80%, a consolidated statement can be filed and dividends received from B are essentially untaxed.A가 B 주식의 20% 미만을 소유하면, 배당금의 30%가 과세대상A가 B 주식의 20% ~ 80%를 소유하면, 배당금의 20%가 과세대상A가 B 주식의 80% 이상을 소유하면, 연결명세서를 제출할 수 있고 배당금은 비과세Preferr다.

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경희대 재무관리 Essentials of Corporate Finance "6장" 정리

1111Chapter 6. Interest Rates and Bond ValuationBond 채권- Evidence of debt issued by a corporation or a governmental body기업 또는 정부 기관이 발행한 부채의 증거- Interest-only loan: 매 기간 이자 지급 + 만기 시 원금 상환- A loan made by investors(투자자) to the issuer(발행자)- The investors receive a legal claim(법적 청구권) on future cash flows of the borrower.- The issuers promise to make regular ‘Coupon’ payments every period until the bond matures, and pay the ‘Face value [Par value]’ of the bond when it matures.채권 만기까지 매 기간 정기적으로 Coupon을 지급하고, 만기가 되면 채권의 Face value를 지급함? Coupon(표면이자): The stated interest payment made on a bond? Coupon Rate: annual coupon / face value? Face value [=Par value](액면가): The principal amount of a bond that is repaid at the※ 보통 액면가는 $1,000 end of the term? Maturity(만기): specified date on which the principal amount of a bond is paidYield To Maturity(YTM) 만기이자율- The interest rate required in the market on a bond채권 시장에서 요구되는 이자율- Market required return이라고도 함- 채권 지급금의 현재가치가 채권 가격과 일치되도록 만드는 할인율- 채권을 사884.82 = 115.18.Discount Bond - The bond sells for less than face value (Selling at a discount)Case 2. A year has gone by. If the interest rate in the market has dropped by 2 percent.Bond Value = (9 N / 6 I/YR / 80 PMT / PV ?544.14) + (9 N / 6 I/YR / 1000 FV / PV ?591.90)= 544.14 + 591.90 = 1,136.04OR 9 N / 6 I/YR / 80 PMT / 1000 FV / PV ?1136.04? Rising interest rate means investors get $20(=80-60) per year.PV of $20s: 9 N / 6 I/YR / 20 PMT / PV ?136.03This is almost the same as 1,136.04 ? 1,000 ≒ 136.03Premium Bond - The bond sells for more than face value (sells at a premium)Bond Prices: Relationship Between Coupon and Yield- If YTM = coupon rate, then par value = bond price- If YTM > coupon rate, then par value > bond price (Selling at a discount, 할인채)- If YTM < coupon rate, then par value < bond price (Selling at a premium, 프리미엄 채권)* YTM(=market’s required return), bond’s market value(=bond price)EX 6.1 Semiannual Coupons ? The United States usually make coupon payments twice a yeual, the longer the time to maturity, the greater the interest raterisk. (만기↑ 이자율 위험↑) - why? 아래 표에서 설명2. All other things being equal, the lower the coupon rate, the grater the interest rate risk.(쿠폰 비율↓ 이자율 위험↑) - why? 쿠폰 비율이 낮을수록 만기에 받을 액면가에 더 의존하므로!? 위 그래프는 ‘1. 만기↑ 이자율 위험↑’을 설명한다. 30-year bond가 1-year bond보다 기울기가더 가파르다(the slope of the line is much steeper). 이는 작은 금리 변화에도 채권 가치가상당히(substantial) 변화할 수 있다는 것을 의미한다! 반면 1-year maturity bond는 그 기울기가 거의 수평에 가까우므로 채권 가격이 금리 변화에 매우 둔감(insensitive)하다.? 1-year bond와 10-year bond의 위험의 차이가 10-year bond와 20-year bond의 위험의 차이보다 크다. - 그래프 참고!!Finding YTMQ. Suppose the current bond price is $930. Annual coupon rate is 7%, maturity is 10 years from now, and face value is $1000. Find YTM.A. 10 N / 930 +/- PV / 70 PMT / 1000 FV / I/YR 8.05cf) We know that this bond is discounted. So, YTM should be higher than coupon rate.- current yield = bond’s coupon payment / bond’s closing price- Why Current yield > YTM? Current yield ignores the built-in gain frCreditors do NOT have voting rightsCommon stockholders vote for the board of directors and other issuesInterest on debt is considered a cost of doing business and is fully tax deductible(세금 공제)Dividends are NOT considered a cost of doing business and are NOT tax deductibleUnpaid debt is a liability of the firmDividends are NOT a liability of the firmCreditors have legal recourse(법적 상환청구권) if interest or principal payments are missedStockholders have NO legal recourse if dividends are not paidExcess debt can lead to financial distress and bankruptcy(파산)An all equity firm can NOT go bankruptThe Indenture 채권 계약서- The written agreement between the corporation and the lender detailing the terms of the debt issue부채문제의 조건을 상세히 기술한 회사와 대부업체 간의 서면 합의서- The bond indenture is a legal document. It includes the following provisions(조항).1. The basic terms of the bonds(기본 조건)2. The total amount of bonds issued(발행 총액)3. A description of property used as security(담보)Collateral(담보): Securities that are 더 낮아진 금리로 채권을 다시 발행해 이자 비용 절감하기 위함!For example, debt that is callable at 105 is debt that the firm can buy back fromthe holder at a price of $1,050 per bond, regardless of what the market value ofthe debt might be.- Call premium = The call price ? The par value of the bond- Deferred call provision: The provision that prohibit the company from redeemingthe bond prior to a certain date- Call protected bond: Bond during period in ‘deferred call provision’6. Details of the protective covenants(보호 조항)Bond Ratings 채권 등급Investment-QualityBond RatingsLow-Quality, Speculative, and/or“Junk” Bond RatingsHigh GradeMedium GradeLow GradeVery Low GradeStandard & Poor’sAAAAAABBBBBBCCCCCCDMoody’sAaaAaABaaBaBCaaCaCAAACapacity to pay(지불 능력) is extremely strongAACapacity to pay is very strongACapacity to pay is strong, but more susceptible(민감한) to 환경 변화 및 악경제BBBCapacity to pay is adequate, but more and more susceptible to 환경 변화 및 악경제BB~CCConsidered speculative(투기적) with respect to capacity to pay. “B” ra.42

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경희대 무역학과 통계학(류근관 저, 법문사) 요약 정리본

15.2 표준오차- 경제활동인구조사는 다단계군집추출을 적용- 군집표본은 같은 크기의 단순무작위표본에 비해 정보량이 적으므로 단순무작위표본에 적용한 표준오차 공식을 군집표본에 적용할 수 없음 → 군집표본 표준오차는 이분표본법을 이용해 구할 수 있음이분표본법(half-sample method) - 기본발상: 하나의 추정치가 과연 신뢰성이 있는지 알아보려면 동일한 조사를 독립적으로 한 번 더 시행 하여 두 조사결과의 차이를 통해 신뢰성 평가 But, 비싼 조사비용으로 반복 어려움- ‘반복’ 대신 ‘반분(半分)’을 하면 반복의 효과를 기대할 수 있음- 반분(半分): 주어진 표본을 두 부분으로 나누어 각각의 반쪽짜리 표본으로부터 원하는 추정치를 따로 구한 뒤 상호 비교- eg) 한국 실업자 수 추정1) 경제활동인구조사로부터 얻은 표본가구를 하부단위인 ‘조사구역별로 양분’ ↳ 왜 조사구별로 나누는가? 반쪽짜리 표본의 특성을 가급적 비슷하게 만들기 위함2) 두 개의 반쪽짜리 표본을 이용하여 추정한 실업률: 3.0%, 3.4%3) 단일의 실업률 추정치: 3.2% (평균) 개별추정치와의 차이: 0.2% (표준오차)4) 한국 실업률: 3.2% ± 0.2%군집표본과 이분표본법- 실제 조사에서 단순무작위추출을 사용하지 않는 이유1. 거주지 정보가 불완전2. 비싼 조사비용 → 방문조사가 원칙이므로 군집표본을 이용 시, 비용 절감- 군집표본에서 표준오차 구하기• 표준오차를 구하려면 자료추출방식을 알아야 함• 군집표본에서는 표본의 특성에 따라 표준오차가 달라짐• 표본과 관련된 보다 많은 정보가 필요함. But, 이분표본법은 이러한 복잡한 문제를 단순화시킴!15.5 경제활동인구 조사의 편의 가능성1. 표본추출 편의 추출된 표본이 전체 모집단을 대표하지 못하는 경우2. 무응답 편의 표본의 한 가구는 모집단의 약 493가구를 대표하므로, 한 가구의 불응은 조사결과에 큰 영향을 미침

학교| 2021.06.19| 29페이지| 10,000원| 조회(419)

통계학, 경희대, 요약, 무역학과, 법문사, 류근관 저

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경희대 재무관리 Essentials of Corporate Finance "5장" 정리

1111Chapter 5. Discounted Cash Flow(DCF) Valuation 현금흐름할인법? Total Value of all cash flows ? 다수 현금흐름의 미래가치EX 5.1 You think you will be able to deposit $4,000 at the end of each of the next threeyears in a bank account paying 8% interest. You currently have $7,000 in theaccount. How much will you have in three years? In four years?A. 1년 말:(7,000 TIMES1.08)+4,000=11,560 2년 말:(11,560 TIMES1.08)`+`4,000=1,6484.80 3년 말:(1,6484.80 TIMES1.08)+4,000=21,803.58 4년 말:21,803.58 TIMES1.08=23,547.87? The Value of a project ? 다수 현금흐름의 현재가치EX 5.3 You are offered an investment that will pay you $200 in one year, $400 the nextyear, $600 the next year, and $800 at the end of the next year. You can earn 12% on very similar investments. What is the most you should pay for this one?A.PV=(200/1.12)+(400/1.12 ^{2} )+(600/1.12 ^{3} )+(800/1.12 ^{4} )=1,432.93Annuities 연금- 연금이란 일정한 간격으로 발생하는 유한한 일련의 균등 지급‘Annuity’ means (1)a finite series of (2)equal payments that occur at (3)regular intervals.- 정규연금(Ordinary an account at retirement?A. 5,000 PMT / 0.75 I/YR / 300 N / PV -595,808.11Q. Suppose you begin saving for your retirement by depositing $2000 per year in an IRA.If the interest rate is 7.5%, how much will you have in 40 years?A. 2,000 PMT / 7.5 I/YR / 40 N / FV -454,513.04Q. Suppose the Fellini Co. wants to sell preferred stock at $100 per share. A very similar issue of preferred stock already outstanding has a price of $40 per share and offers a dividend of $1 every quarter. What dividend will Fellini have to offer of the preferred stock is going to sell?A. 이미 발행된 우선주의PV=40, 분기마다 $1의 현금흐름을 영원히 발생시킨다. 즉, 영구연금이다.$40 = $1/r ⇒r=0.025, 즉 2.5%다른 우선주와 경쟁하기 위해서는 새로 발생하는 우선주도 분기마다 2.5%를 제공해야 한다.$100 =C/0.025 ⇒C=$2.5 즉, 매 분기 2.5달러의 배당금을 지급해야 한다.Effective Annual Rate(EAR) 실효이자율- Actual rate paid (or received) after accounting for compounding that occurs during the year1년 동안 발생한 복리를 고려하여 지급 (또는 수령)된 실제 이자율- Compute the EAR and use that for comparison if you want to compare two alternative investmen고 있다면, annual rate가 필요, monthly period를 보고 있다면, monthly rate가 필요EX 5.8 A bank is offering 12% compounded quarterly. If you put $100 in an account, how much will you have at the end of one year? How much will you have at the end of two years? What’s the EAR?A. 12 NOM% / 4 P/YR / EFF% 12.551년 후: 100 +/- PV / 12.55 I/YR / 1 N / FV 112.552년 후: 100 +/- PV / 12.55 I/YR / 2 N / FV 126.68EX 5.9 As a lender, you know you want to actually earn 18% on a particular loan. You want to quote a rate that features monthly compounding. What rate do you quote?A. 18 EFF% / 12 P/YR / NOM% 16.67EX 5.10 A typical credit card agreement quotes an interest rate of 18% APR. Monthly payments are required. What is the actual interest rate you pay on such a credit card?A. 18 NOM% / 12 P/YR / EFF% 19.56Q. Suppose you can earn 1% per month on $1 invested today. Suppose if you put it in another account, you earn 3% per quarter. Which account you should use?A. 첫 번째 투자의 APR = 1%TIMES 12 = 12% ? 12 NOM% / 12 P/YR / EFF% ns- The simplest form of loan 대출의 가장 단순한 형태- The borrower receives money today and repays a single lump sum at some time in the future차입자는 현재 돈을 받고, 미래 어느 시점에 한 번에 일시불로 상환EX 5.11 Treasury bills are pure discount loans. If a T-bill promises to repay $10,000 in 12 months, and the market interest rate is 7%, how much will the bill sell for in the market?A. T-bill will sell for the present value of $10,000 to be paid in one year at 7 percent.1 N / 7 I/YR / 10,000 FV / PV ?9,345.792. Interest-Only Loans- The borrower pays interest each period and repays the entire principal(the original loan amount) at some time in the future차입자가 매 기간에 이자를 지급하고, 원래 차입금인 원금은 미래 어느 시점에 상환- If there is just one period, a pure discount loan and an interest-only loan are the same thing.- Most corporate bonds(회사채) are the general form of an interest-only loan.- In the extreme, the borrower pays the interest every period forever and never repays any principal. - perpetuity(영구연금)With a three year, 10 percent, interMES0.09=450835.465,000-835.46=4,164.5424,164.541,285.464,164.54 TIMES0.09=374.81910.654,164.54-910.65=3,253.8833,253.881,285.463,253.88 TIMES0.09=292.85992.613,253.88-992.61=2,261.2742,261.271,285.462,261.27 TIMES0.09=203.511,081.952,261.27-1,081.95=1,179.3251,179.321,285.461,179.32 TIMES0.09=106.141,179.321,179.32-1,179.32=0.00총계6,427.301,427.315,000.00? 두 사례의 이자 지급액은 다른데, 그 이유는 ‘후자’의 대출금 상환이 ‘전자’보다 더디게 이루어져 기간별 이자 지급액이 더 크게 나타났기 때문이다.157p. #20You want to buy a new sports coupe for $68,500, and the finance office at the dealership has quoted you a loan with an APR of 5.9 percent for 60 months to buy the car. What will your monthly payments be? What is the effective annual rate on this loan?Answer #20(1) 60 N / 0.49(=5.9/12) I/YR / 65800 PV / PMT ?1,268.43(2) 5.9 NOM% / 12 P/YR / EFF% 6.06157p. #21One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $500 per month. You will charge 1.4 percent per month interest on the ov

학교| 2021.06.19| 7페이지| 3,000원| 조회(255)

재무관리, 경영, 무역, 경희대, 국제재무관리, finance, corporate, OF

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