It seems a little different ... but mine is also 20 12. I hope I can help you ... financial management formative assessment answer (full) financial management homework 1 1. Now someone has deposited 1000 yuan in the bank. How much money can he get back from the bank after three years if the annual interest rate of the deposit is 5% and compound interest? A: F = P. (1I) N =1000× (1.5%) 3 =1157.62 (RMB) He can get it back from the bank after three years. Answer: p = F. (1I)-n = 8000× (1.3%)-4 = 8000× 0.888487 = 7107.90 (RMB) The principal that this person needs to deposit in the bank is 7/kloc. A: f = a. = 3000× = 3000× 3.1216 = 9364.80 (yuan) 4. Someone wants to have 8000 yuan to pay tuition in four years, so he will deposit some money in the bank at the end of each year from now on. Assuming that the annual interest rate of the deposit is 3%, how much should he deposit at the end of each year? A = F. = 8000× 0.239027 =1912.22 (yuan) 5. A person's savings plan is as follows: 2000 yuan at the end of the first year, 2500 yuan at the end of the second year and 3000 yuan at the end of the third year. If the annual interest rate is 4%, what is the total principal and interest he can get at the end of the third year? A: F = 3000× (1.4%) 0 2500× (1.4%)12000× (1.4%) 2 = 3000 2600 2/kloc-0. We hope to withdraw 1 300 at the end of1year, 1500 at the end of the second year, 1800 at the end of the third year and 2000 at the end of the fourth year. If the annual interest rate is 5%, how much should he deposit in the bank now? Answer: present value =1300× (1.5%)-1.500× (1.5%)-21.800× (. 41554.9081645.405 = 5798.95 (yuan) should be deposited in 5798.95 yuan now. 7.ABC enterprise needs a piece of equipment, the purchase price is 16000 yuan, and it can be used for 10 years. If you rent it, you need to pay 2000 yuan at the beginning of each year. In addition, the other situations of buying and renting are the same. Suppose the interest rate is 6%. If you are the decision-maker of this enterprise, which scheme do you think is better? Answer: The present value of paid annuity for leased equipment = A[]= 2000×]. = 2000× 7.80169 = 15603.38 (yuan)15603.38 yuan < 16000 yuan, it is best to use the lease scheme. 8. Suppose the board of directors of a company decides to withdraw 20,000 yuan from this year's retained earnings for investment, hoping to get 2.5 times the money for the technical transformation of the original production equipment five years later. So when the company chooses this scheme, what is the required return on investment? Answer: According to the compound interest final value formula, F = p (1i) n5000 = 20000× (1i) can be obtained. Then i=20. 1 1%, and the required return on investment must be above 20. 1 1%. 9. An investor is looking for an investment channel that can double his money in five years. How much rate of return must he get? At this rate of return, how long will it take him to triple his money? Answer: According to the compound interest formula, if (1 i)5=2, I = = 0.1487 =14.87% (114.87%) n = 3, then n=7.9 The beta coefficient of company 10 and company f is 1.8, which brings 14% return on investment to company stock investors, and the average return on stock is 12%. Due to the oil supply crisis, experts predict that the average rate of return will drop from 12% to 8%. What is the new rate of return of F Company? Answer: return on investment = risk-free interest rate (average market return-risk-free interest rate) * beta coefficient: let the risk-free interest rate be a; Return on original investment =14% = a (12%-a) *1.8, risk-free interest rate a = 9.5%; Return on new investment =9.5% (8%-9.5%)* 1.8=6.8%. Financial management exercise 2 1. Suppose there is a corporate bond with a price of 1000 yuan in coupon rate and 10% in coupon rate, which matures in five years. (1) If the market interest rate is 12%, calculate the value of the bond. Value = 1000× 10%×(P/A, 12%, 5) = 927.95438+0 yuan (2) If the market interest rate is 10%, calculate the value of the bond. Value = 1000× 10%×(P/A, 10%, 5) = 1000 yuan (3) If the market interest rate is 8%, calculate the value of the bond. Value = 1000× 10%×(P/A, 8%, 5) = 1079.85 Yuan 2. Try to calculate the capital cost under the following circumstances: (1) 10-year bonds, par value 10. K= =6.9% (2) The book value of the company's net assets per share is 65,438+05 yuan, and the cash dividend per share last year was 65,438+0.8 yuan. The earnings per share will maintain a growth rate of 7% in the foreseeable future. At present, the share price of the company's common stock is 27.5 yuan per share. It is estimated that the stock issue price is consistent with the stock price, and the issue cost is 5% of the issue income; K= 7%= 13.89% (3) Preferred stock: face value 150 yuan, with a cash dividend of 9%, and the issuance cost is its current price 175 yuan's 12%. K= =8.77% 3。 Company A only deals in one product this year, with a total pre-tax profit of 300,000 yuan, annual sales volume of16,000 units, unit price of 100 yuan, fixed cost of 200,000 yuan, debt financing interest expense of 200,000 yuan and income tax of 40%. Calculate the operating leverage coefficient, financial leverage degree and total leverage coefficient of the company. Earnings before interest and tax = profit before tax, interest expense = 3020 = 500,000 yuan, operating leverage coefficient = 1 fixed cost/earnings before interest and tax =120/50 =/0.4 financial leverage = earnings before interest and tax/(earnings before interest and tax-interest) = 50/(. 1.67=2.34 4 The annual sales of an enterprise is 2,654.38 million yuan, the profit before interest and tax is 600,000 yuan, the variable cost rate is 60%, the total capital is 2 million yuan, the debt ratio is 40%, and the debt interest rate is 15%. Try to calculate the operating leverage coefficient, financial leverage degree and total leverage coefficient of an enterprise. Dol = (210-2/kloc-0 * 60%)/60 =1.4dfl = 60/(60-200 * 40% *15%) =/kloc-0. I would like to ask: how should an enterprise arrange the financing amount of liabilities and its own capital if it wants to maintain the goal of 24% profit rate of its own capital? A: If the debt capital is X million yuan, then: =24%, and X=2 1.43 (ten thousand yuan), then the self-owned capital is 120-2 1.43 = 985700 yuan. 6. A company plans to raise 25 million yuan, including bonds100000 yuan. Preferred stock is 5 million yuan, with an annual dividend yield of 7% and a financing rate of 3%; Common stock is 6,543,800,000 yuan, and the financing interest rate is 4%; The expected dividend in the first year is 10%, and it will increase by 4% in the following years. Try to calculate the weighted capital cost of financing scheme. A: Bond capital cost = =6.84% preferred stock cost = =7.22% common stock cost = = 14.42% weighted average capital cost = 6.84% ×1000/2500 7.22 %× 500/25001. At present, the capital of an enterprise is 6,543,800,000 yuan, and its structure is: 20% debt capital (annual interest of 200,000 yuan) and 80% common stock equity capital (6,543,800,000 ordinary shares are issued, each with a face value of 800,000 yuan). Now we are ready to raise another 4 million yuan, and there are two financing schemes to choose from. (1) All ordinary shares are issued. 50,000 additional shares, par value per share. 80 yuan (2) raised long-term debt in full, with interest rate of 65,438+00% and interest of 400,000 yuan. After the enterprise raises additional funds, it is estimated that earnings before interest and tax will be RMB 6,543,800+600,000, and the income tax rate will be 33%. Requirements: Calculate the undifferentiated and undifferentiated earnings per share, and determine the financing plan of the enterprise. Answer: When the earnings per share under the two schemes are equal, there is no difference in earnings before interest and tax: = It is concluded that ebit =1.40000 yuan has no difference in earnings per share = (140-60) (1-33%) = 53600 yuan. Due to additional financing, the estimated earnings before interest and tax are/kloc. Financial operation 3 1. Company A is an iron and steel enterprise, and plans to enter the promising automobile manufacturing industry. Find an investment project first, that is, use the technology of company B to produce auto parts and sell them to company B. It is estimated that the project needs to invest 7.5 million yuan in fixed assets, which can last for five years. The accounting department estimates that the annual cash cost is 7.6 million yuan. The depreciation of fixed assets adopts the straight-line method, and the net residual value of depreciation period is 500,000 yuan. The marketing department estimates that the annual sales volume is 40,000 pieces, and Company B can accept the price of each piece in 250 yuan. It is estimated that the production department needs a net working capital investment of 2.5 million yuan. Suppose the income tax rate is 40%. Estimate the cash flow related to the project. Answer: annual depreciation =(750-50)/5= 140 (ten thousand yuan) initial cash flow NCF0=-(750 250)=- 1000 (ten thousand yuan) annual cash flow from the first year to the fourth year: ncf1-4. If we continue to use the old equipment, the net salvage value at maturity is 65,438+00,000 yuan. Using new equipment can increase the company's annual operating income from 200,000 yuan to 300,000 yuan, and the cash operating cost from 80,000 yuan to100,000 yuan. Both old and new equipment are depreciated by the straight-line method. The company's income tax rate is 30%. It is necessary to calculate the net cash flow difference of the scheme in each year. Answer: The investment increased by updating equipment compared with continuing to use old equipment = investment in new equipment-net income realized by old equipment = 400,000-65,438+060,000 = 240,000 yuan (RMB). 65,438+0 ~ 6. Depreciation increased during the renovation of the operating period = 240,000/6 = 40,000 yuan (yuan). Annual total cost change in the operating period of 65,438+0 ~ 6 years = increased operating cost and depreciation in the current year = (65,438+000000-80000) 4000. According to the simplified formula, the net cash flow during the construction period is as follows: 8+060000)=-240000 (yuan) △ NCF 1-6 = 280006000 = 88000 (yuan) 3. Haitian Company plans to build an assembly line, which will take five years to complete, with an estimated investment of 454,000 yuan at the end of each year. After the production line is completed and put into production, it can be used for 10 years, depreciated by the straight-line method, and there is no residual value at the end of the period. It is estimated that the annual after-tax profit after production is 180000 yuan. This paper tries to evaluate the scheme by NPV method, IRR method and profitability index method respectively. A: Suppose the capital cost is 10% and the net present value (NPV) of the initial investment is 454,000× (P/A, 10%, 5) = 454,000 * 3.791=17214 RMB depreciation amount = 454,000 * 5/10 = 227,00015) 5)- 172 1 1 14 = 407000×(7.606-3.79 1)- 172 1 1 1 14 = 1 55277 annuity present value coefficient = initial investment cost/annual net cash flow =172114/(180000 207000) = 4.229. 15 is between 20% and 25% around 4.23. If the interpolation method is used to calculate = x=2.73 IRR =20% 2.73%=22.73% IRR, if it is greater than or equal to the capital cost or necessary rate of return of the enterprise, it will be adopted, otherwise it will be rejected. Profitability index method = = 0.902 shows the net present value method. If the profitability index is greater than or equal to 1, it will be adopted, otherwise it will be rejected. 4. Company A borrows 520,000 yuan, with an annual interest rate of 65,438+00%, with a term of 5 years, and pays interest once a year within 5 years, and repays the principal once at maturity. This paragraph is used to purchase a set of equipment, which can be used for 10 years, and the estimated residual value is 20,000 yuan. After the equipment is put into production, the annual sales income can be increased by 300,000 yuan, and the straight-line depreciation method is adopted. Excluding depreciation, the annual total cost of the equipment in the first five years is 232,000 yuan, and the annual total cost in the second five years is180,000 yuan, and the income tax rate is 35%. Find the net present value of the project. A: annual depreciation = (520000-20000)/5 =100000 (yuan) 1-5 years net cash flow = (300000-232000) (1-35%)/kloc-. Scheme A requires an investment of 1 10,000 yuan and a service life of 5 years. After 5 years, the equipment has no residual value, the annual sales income is 6000 yuan, and the annual cash cost is 2000 yuan. Scheme B needs an investment of10.2 million yuan, and the straight-line depreciation method is adopted for depreciation. The service life is also 5 years, and the residual income after 5 years is 2000 yuan. In five years, the annual sales income is 8,000 yuan, and the cash cost in the first year is 3,000 yuan. After that, with the depreciation of equipment, the repair cost of 400 yuan increased year by year, and the working capital was 3,000 yuan in advance, assuming the income tax rate was 40%. Requirements: (1) Calculate the cash flow of the two schemes. (2) Calculate the payback period of the two schemes. (3) Calculate the average rate of return of the two schemes. Answer: (1) Annual depreciation of Scheme A = 10000/5=2000 (yuan); The annual depreciation of Scheme B =( 12000-2000)/5=2000 (yuan) The annual net cash flow of Scheme A =(6000-2).