财管财管习题参考答案
作业题1
•(1) P0=18× [(P/A,10%,9)+1]
•=18 ×(5.759+1)
•=18× (P/A,10%,10)(1+10%) =121.66万元
•(2)P0=100+9× (P/A,10%,10)
•=100+9 ×6.145
•=155.31 (万元)
•(3)P3=25× (P/A,10%,10)=25 ×6.145=153.63万元
• P0=153.63×(P/F,10%,3)=153.63×0.751
• =115.38万元
•或者: P0=25× (P/A,10%,13)- 25× (P/A,10%,3)=
• =25×(7.103-2.487)=115.40
•第3种现值最小,所以方案(3)最优。
作业题2
•(1)根据P=A(P/A,i,n)
•A=P/(P/A,1%,60)
•=50/(P/A,1%,60)
•=50/44.955=1.112(万元)
•(2)
•30=A (P/A,3%,10)
•A=30/(P/A,3%,10)
•=30/8.5302=3.517(万元)
•(3)
•30=3.517(P/A,3%,4)+6(P/F,3%,4)
•+X(P/A,3%,6)(P/F,3%,4)
•X=2.41
•
•
作业题3
(1)10(F/P,8%,3)= 10(1+8%)3
= 10 ×1.26=12.60
(2) 10(1+4%)6 = 10(F/P,4%,6)
= 10 ×1.265=12.65
(3)10=A (P/A,8%,5)
A=10/ (P/A,8%,5)=10/3.993=2.51
作业题4
•A方案期望值=5000 × 0.3+4000 × 0.5+3000 × 0.2=4100
•B方案期望值=6000 × 0.3+4000 × 0.5+1500 × 0.2=4100
•A方案的σ 2=(5000-4100)2 ×0.3+ (5000-4100)2 ×0.5 +(5000-4100)2 ×0.2
•=490000
•A方案的σ=700
•B方案的σ :
•[(6000-4100)2 ×0.3+ (4000-4100)2 ×0.5 +(1500-4100)2 ×0.2]1/2
•≈1562
•两个方案的期望值相同,标准离差大的方案,风险大,A方案较优。
作业题5
•(1)
•当市场利率为8%时,
•其发行价格=1000×8%(P/A,8%,5)+1000(P/F,8%,5)=1000
•当市场利率为10%时,
•其发行价格=1000×8%(P/A,10%,5)+1000(P/F,10%,5)=924
•当市场利率为7%时,
•其发行价格=1000×8%(P/A,7%,5)+1000(P/F,7%,5)=1041
•(2)
•①该公司股票的必要报酬率=6%+2.5(10%-6%)=16%
•② V=D1/(K-g)=1.5/(16%-6%)=15
•③ V=1.5(P/A,16%,3)+1.5(1+6%)÷(16%-6%)×(P/F,16%,3)=13.56元
作业题6
•(1)
•流动比率=315/150=2.1
• 速动比率=(315-144)/150=1.14
•或者:速动比率=(45+90)/150=0.9