1. At an interest rate of 12%, the six-year discount factor is .507.

How many
dollars is $.507 worth in six years if invested at 12%?
2. If the PV of $139 is $125, what is the discount factor?
3. If the cost of capital is 9%, what is the PV of $374 paid in year 9?
4. A project produces a cash flow of $432 in year 1, $137 in year 2, and $797
in year 3. If the cost of capital is 15%, what is the project’s PV?
5. If you invest $100 at an interest rate of 15%, how much will you have at the
end of eight years?
6. An investment costs $1,548 and pays $138 in perpetuity. If the interest rate
is 9%, what is the NPV?
7. A common stock will pay a cash dividend of $4 next year. After that, the
dividends are expected to increase indefinitely at 4% per year. If the
discount rate is 14%, what is the PV of the stream of dividend payments?
8. The interest rate is 10%.
a. What is the PV of an asset that pays $1 a year in perpetuity?
b. The value of an asset that appreciates at 10% per annum
approximately doubles in seven years. What is the approximate PV of
an asset that pays $1 a year in perpetuity beginning in year 8?
c. What is the approximate PV of an asset that pays $1 a year for each of
the next seven years?
d. A piece of land produces an income that grows by 5% per annum. If
the first year’s income is $10,000, what is the value of the land?
SỬA BÀI TẬP CHƯƠNG 6
1/ FV = PV/DF = PV*(1+r) ^t =507*(1+0.12) ^6 = $1
2/ DF = PV/FV = 125/139 = 0.899
3/ FV= PV/ (1+t) ^t = 374/ (1+9%) ^9 = $172,192
4/ PV0 = C1/(1+r) + C2/(1+r)^2 + C3/(1+r)^3 = 432/(1+0.15) + 137/(1+0.15)^2 +
797/(1+0.15)^3 = $1003,284
Trong công thức NPV0 = C0 + PV0
5/ FV=PV* (1+r) ^t=100* (1+15%)^8=$305.9
6/ NPV0= C0 + PV0 = -$1548 + ($138/0.09) = -14.67 (Không làm dự án này) (PV0
là dòng tiền dự án mang lại) mà PV0 = C1/r
7/ PV = C/(r - g) = 4/ (14% - 4%) = 40 (g: tốc độ tăng trưởng vĩnh viễn)
8/ a) PV = C1/r = $1/10% = $10
b) PV= C/ (1+r) ^t = 10/ (1+10%) ^7 = 5,13
Tính PV tại thời điểm 0, trả vĩnh viễn tại năm thứ 8. Tức là phải tính PV năm thứ
7.
PV tại thời điểm thứ 7 = 1/ 10% = 10
PV tại thời điểm 0 = (PV tại thời điểm 7)/ (1+r) ^7
c) PV = C*[1 – (1 + r) ^-t]/r = 4.87
Đều không vĩnh viễn
Tính PV
d) PV = CF/(r – g) => PV = 10.000/ (10% - 5%) = 200.000