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1、Appendix BSolutions to Selected End-of-Chapter ProblemsCHAPTER 2 2 $148,850; $98,850 6 $364,000 10 $789,000 14 a. $52,540b. $18,100c. $2,250d. $1,790 16 $393,000 CHAPTER 3 2 1.90 times; 19.19%; $123,775.50 6 15.61% 10 6.72% 14 33.63 days 16 8.54 times CHAPTER 4 2 a. $1,790.85b. $2,367.36c. $3,207.14
2、 4 8.04 years; 16.09 years 10 a. $3,462.03b. $2,564.73c. $3,132.57d. $3,326.28 14 $307,692.31; 5.88% 18 EAR = 176.68% 22 4.81% 26 $3,257,576 30 $325,001.73 34 $1,660,364 38 $504,129.05 42 $2,438.23; 12.04% 44 $123,869.69 52 $8,148.66 56 $15,456.89 60 EAR = 16.28% 64 APR = 31.65%; EAR = 36.67% CHAPTE
3、R 5 2 4.23 years; 6.39 years; Never 6 33.37%; 29.32% 10 a. 14.81%d. $683.42; $635.42 14 a. .86 years; 1.56 yearsb. $235.46; $417.05c. 42.43%; 25.03%d. 18.78% 18 a. 1.63 years; 1.60 yearsb. $605,259.20; $386,476.33c. 34.45%; 41.87%d. 27.49% 22 25.00%; 33.33%; 42.86%; 66.67% CHAPTER 6 2 $1,154.53 6 22
4、.01% 10 $106,311.69; $105,895.27 16 $22,522,500 18 $968,750 22 $43,748.88 28 $1,395,938; 20.72% 32 $264.41 CHAPTER 7 2 NPVBest = $2,528,859NPVWorst = $1,379,598 6 Go to market NPV = $15,500,000Test market NPV = $15,977,477 10 6,366 units 14 Payback = 3.19 yearsNPV = $7,507,381 IRR = 25.15% 20 a. 1,0
5、67b. 2,379 CHAPTER 8 2 a. $1,000b. $802.38c. $1,283.62 6 6.56% 10 6.84% 16 Current yield = 7.71%YTM = 8.03%Effective annual yield = 8.19% 18 $1,062 CHAPTER 9 2 10.91% 6 $3.91 8 6.21% 13 $38.57972Appendix B Solutions to Selected End-of-Chapter Problems 973 18 $92.41 23 14.13% 29 a. $63.61b. $91.53 CH
6、APTER 10 2 1.58%; 13.04% 6 2.91%; 3.01% 10 a. 6.72%b. 6.10% 14 7.30% 20 Arithmetic average = 7.17%Geometric average = 2.45% CHAPTER 11 2 12.74% 6 E(RA) = 7.65%A = 1.71%E(RB) = 12.05% B = 15.57% 10 a. 6.98%b. 2 = .03312; = 18.20% 14 1.46 18 Market risk premium = 6.77% CHAPTER 12 2 a. 2.81%b. 11.01% 5
7、 F1 = 6.49%F2 = 5.64% CHAPTER 13 2 10.37% 6 Book value = $140,000,000Market value = $123,200,000 RD = 3.57% 10 a. .2143; .7857b. .7793; .2207 14 a. .3196; .6084b. 10.27% 18 $42,385,321 22 $9,719,777 CHAPTER 15 2 1,151 6 $1,112.79 10 7.42% 14 $119.73 6 a. $6.67; $8.18; $5.22b. $5,750c. $5,750d. $4.00
8、; $4.93; $3.13 Breakeven = $5,750 10 $4,730,000 14 VU = $535,294.12V = $585,544.12 CHAPTER 17 4 $750,000 8 a. $85,000,000b. 27.66%c. 12.77% CHAPTER 18 2 $102,373.23 6 a. $1,148,766b. $1,099,840 10 $2,584,826 13 $4,837,789 CHAPTER 19 2 a. New shares issued = 2,000b. New shares issued = 5,000 6 7,731;
9、 $47.50 10 a. $115b. $120c. 25,000 14 a. $1,054,821b. $72.99; $1,504,821.43c. 665.34 CHAPTER 20 2 a. $34b. 1,333,333; 2.55c. $32.87; $1.13d. 34,000; 34,000 6 1,258,766 12 19.18% 15 $28.15 CHAPTER 21 2 $13,074.25 6 $22,969.80 10 $1,514,203 14 a. $40,065.81b. $1,483,252 CHAPTER 22 4 a. $13.40b. $2.17
10、6 $1.51CHAPTER 16 2 a. $.99; $2.47; $3.21b. $.09; $2.56; $3.79Appendix B Solutions to Selected End-of-Chapter Problems 10 Call = $3.65; Put = $6.90 14 $246,505.71 18 $75.00 22 Project A: Equity = $4,919.05; Debt = $12,080.95Project B: Equity = $4,052.51; Debt = $13,347.59 26 a. $5.44b. .46; Borrow $
11、31.71c. $5.44 34 $10.80 CHAPTER 23 2 $1,213,088 6 $107,101.33 10 $6,161,619 974 6 a. $28,620b. 2.49 daysc. $28,620d. $5.31e. $17,225 10 $3,900,000; $195,000 CHAPTER 28 2 $4,635,616 6 9.3590 times; $444,551.28 10 $148,275 14 $276,200 18 $90.53 CHAPTER 29 2 a. Assets = $726,000b. Assets = $1,026,000 6
12、 Goodwill = $3,450 10 a. $1,300b. $39.45c. $4,200; $41.44d. $7,087.17 14 a. $6,250,000b. $16,250,000c. $13,000,000; $12,675,000d. NPVCash = $3,250,000NPVStock = $3,575,000 CHAPTER 30 4 5.103 CHAPTER 24 2 14.23 5 $18 10 a. $563.75b. 13.95 years 14 $895.03 CHAPTER 25 2 $11,500; $22,000 6 2.783 years 9
13、 $22,400 14 a. $410.78b. $494.10 CHAPTER 26 2 Cash = $2,035 Current assets = $5,590 6 Operating cycle = 85.95 daysCash cycle = 38.50 days 10 Ending cash balance = $398,160; $508,544; $754,464 CHAPTER 27 2 a. Disbursement float = $56,000Collection float = $52,000 Net float = $4,000b. Disbursement float = $56,000 Collection float = $26,000 Net float = $30,000CHAPTER 31 2 = $55.276 SF/ = 1.9690 /SF = .5079 6 Great Britain = 3.25%Japan = .90%Switzerland = 1.86% 10 Kr/$ = 6.9418 14 $847,605.21
