[試題] 101上 何憲章 財務管理 期中考
課程名稱︰財務管理
課程性質︰系必修
課程教師︰何憲章
開課學院：管理學院
開課系所︰財金系
考試日期（年月日）︰2012/11/22
考試時限（分鐘）：180
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
*Note:Answer to the 4th decimal point,list your formula and calculation
procedures.
1.(1)A company had total assets of $400,000 and eqity of $250,000 at the
beginning of the year.At the end of the year,net income for the year was
$100,000 and dividends were $75,000.
(i)If the company only uses retained earnings for it's financing without
raising any debt,what it its Internal Growth Rate?(4%)
(ii)If the company uses retained earning and debt financing to maintain
constant debt-equity ratio,what is its Sustainable Growth Rate?(4%)
(2)A company is considering two air conditioners,conditioner A costs $60,000
with 3 years useable life and maintenance cost of $5,000;conditioner B costs
$50,000 with 2 years life and annual maintainance cost of $4,000.If the
discount rate is 8%,then
(i)what are the two conditioners'NPV(Net Present Value) of cost?(4%)
(ii)what are the two conditioners'EAC(Equivalent Annual Cost),which one should
be selected?(4%)
(iii)by Matching Cycle method,what are the two conditioners'NPV of costs,which
one should be selected?(4%)
2.You plan to fund your new born child's collage education.Starting on his
18th birthday,you need to pay his tuition and board for 4 years.Tuition and
board expenses are currently $450,000 per year with 3% annual growth rate.
Starting on his 1st birthday for 18 years,you dicide to invest a constant
percentage of your annual salary which is $1,200,000 for the 1st year and
will be increased at annual growth rate of 2%.If your annual investment rate
of return is 5%,which will be used as the discount rate,
(Note:1+a+.....+a^n=(1-a^(n+1)/(1-n))
(1)How much fund will you need to have on his 18th birthday?(10%)
(2)What percentage of your annual salary should be invested?(10%)
3.Suppose 5 years ago,you financed your house with a 20 years mortgage loan of
$10,000,000 at a stated annual interest rate of 5%,comput with monthly
installment.Now,when you just paid the 60th monthly payment,another bank offers
you 4% annual mortgage rate compounded monthly for 20 years.But the current
mortgage bank will charge a prepayment penalty of 2% loan balance.You seriously
consider refinance.(5% for each question)
(1)What was your original monthly mortgage payment?
(2)What is your loan balance now? After adding the prepayment penalty,what will
be the new refinance loan amount ?
(3)Calculate the new monthly mortgage payment based on 15 years,should you
refinance?
(4)What will be the new 20 years monthly payment?
4.A company is considering to invest in a $500,000 machine,which will produce
and sale 100,000 golfballs for the 1st year and increase 10,000 units each year
until 5th year.The unit price will be $11 for the 1st yearand increase by $1
each year. The 1st year unit variable cost will be $8 and increase by $1 each
year,and the unit fixed cost will be $2 each year.The machine will be
depreciated with straight-line method in 5 years and can be sold at $50,000 in
5th year.Accounts receivable in each year will be equal to 10% of sales for
that year except for the last year.The company's tax rate is 40%.
(1)List the company's Operating Cash Flow and Financial Cash Flows from 0
to 5.(16%)
(2)If the company's reqired rate of return is 10%,what is the NPV of the
project? Should it be accepted?(4%)
5.You consider to open a store with initial investment of $10million.The time
horizon is 10 years.You believe that there is a optimistic 60% probability of
$2 million total annual cash flow and a pessimistic 40% probability of
$1 million total annual cash flow.The discount rate is 10%.
(1)According to traditional NPV method,what's the project's NPV? Should you
invest it?(6%)
(2)Accroding to Real Option to Expand method,if the next year your optimistic
forecast turns out to be ture,you may expand to 10 stores.Suppose other
assumptions remain the same,then what's the project's NPV? Should you invest in
it? And what is the option value?(7%)
(3)According to Real Option to Abandon,if next year your pessimistic forecast
turns to be ture,you may abandon it and sell it for $7 million.Suppose other
assumptions remain the same,then what's the project's NPV? Should you invest in
it? And what is the option value?(7%)
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11/23 22:36, , 1F
11/23 22:36, 1F