appropriate discount 11%

求forward dunk 2021 2022 2023 2024 2025 2026

PV 39344970 42492568 45640165 48787763 51935360
PV=FV/(1+r)^t
FV= 39344970 42492568 45640165 48787763 51935360
(1+r)^t = 1.11 1.2321 1.367631 1.5180704 1.685058155 >指數乘積
assume all payments ar 35445918.92 34487921.4349 33371695 32138011 30821108.37 166264654.66
pay at the end …

divudend14/per share 10years increase dividend3.9%per year return 11.5% current share price?
Pt=[Dt*(1+g)]/(R-g)
P9=(current share price) D10 / R - g
14 / 0.115 - 0.039
184.210526316
P0=(today) 184.2105 / 1.115^9 (九年) >指數次方=power(底數,次方
2.6636294 >指數乘積
69.157705339
divudend3.75/per shareincrease dividend 5 per share four years return 11% share today?
P0= 8.75 + 13.75 + 18.75 +
P0除以此行=答案 1.11 1.11^2 1.11^3
1.11 1.2321 1.367631
7.882882883 11.159808 13.7098384

pay follow dividend on next four week 15 , 11 , 9 , 2.95 4%growth rate return10.3%
Pt=[Dt*(1+g)]/(R-g)
P4= D4* (1+g) / R - g
2.95 1.04 / 0.103 - 0.04
48.6984127
P0= 15 11 9 2.95 48.7
P0除以此行=答案 1.103 1.103^2 1.103^3 1.103^4 1.103^4
1.103 1.216609 1.3419197 1.4801375 1.480137459 >指數乘積
13.59927471 9.0415244339 6.7068095 1.9930581 32.90234951 64.243016305315

coupon rate6.8% YTM6.2% 13years marturity today assume 1000 par val問1,3,8,12,13年
P=C*(PVIFA R%,t)+1000(PVIF R%,t)
P= C *(PVIFA R%,t) + 1000 *(PVIF R%,t) <C是coupon rate的整數/2<68
P0= 34 $17.67 + 1000 $0.45 $1,053.02
P1= 34 $16.75 1000 $0.48 $1,050.26
P3= 34 $14.74 1000 $0.54 $1,044.22
P8= 34 $8.49 1000 $0.74 $1,025.46
P12= 34 $1.91 1000 $0.94 $1,005.73
P13= 1000

coupon rate6.4% sell 106.32 percent of par 18years marturity cureent yield? annual yield?
cureent yield=每年支付票據/price
64 / 1063.2 0.0601956
coupon rate6% par value 1000,the sell for967 20years mature
P=967=30*(PVIFA R%,40)+1000(PVIF R%,40) >>YTM >>看不懂，貼上
$15.05 $0.10 $548.61 0.56733

invoice price1053,par value 1000 coupon rate5.3%>>四個月>next semiannual clean price?

應計利息 26.5 0.33333333333 8.8333333
clean price 1053- 8.83 1044.17

coupon rate6.4% par value1000 clean price1027 兩個月>next semiannual invoice price?
accurate interest 32 0.66666666667 21.333333
invoice price 1027+ 21.33 = 1048.33

company(Ticker) Coupon Maturity Last price Last yield EST Vol(000s)G10

IOU(IOU) 5.3 Apr 19,2031 91.645 ?? 1827 G11
G12
G13
G14
G15

Rate Matur..yes/no Bid Asked Chg Ask Yid

?? 29-May 102.725 102.915 (+.3204) 2.18
3850 May-32 103.168 103.823 (+.4513) ??
4125 May-38 ?? (+.6821) 3.87

Treasury mature May2032 yield matu?

dollar price 1038.23
share price?

0.076 >R-g

次方=power(底數,次方)

23.75
1.11^4
1.51807041 >指數乘積
15.6448606359438 48.39739

current share price?

0.063 >R-g

PVIF(r, n) =PV(rate, nper, 0, -1)

期末 PVIFA(r, n) =PV(rate, nper, -1)
oupon rate的整數/2<68/2=34 期初 PVIFA(r, n) =PV(rate, nper, -1, 0, 1)
<t是年分*2

<t是年分*2<(13-3)*2 >>同樣一題
<t是年分*2<(13-8)*2
 0
-215000
20.75%
-57000
26.71%

21 22 25 28
期初 1/1/2000 1/1/2000 4/19/2022 5/1/2022 5/1/2022
期末 1/1/2018 1/1/2020 4/19/2031 5/1/2032 5/1/2038 <<老師給的
票面年利率 6.4% 6.0% 5.30% 3.85% 4.13%
price(%) 106.32 96.7 91.645 103.823 96.017
FV(%) 100 100 100 100 100 >>1000par value
Coupons per year 2 2 2 2 2
YTM 0.05828 0.06292 0.06543 0.03396 0.04476
=YIELD(G10,G11,G12,G13,G14,G15)
1題 第5章 （ 41 42 ）其中一題
1題 第6章 18~19 21~25 28~29
2題 第7章 15~17 18~20 26 28 （15~17其中之一）（26 28其中之一）
1題 第8章 15 16 24~26
 1 2 3 4
34000 45000 51000 270000

32900 24300 18300 17800

ch8 題目

15 return 13%
A pay back criterion 回本的速度
最初投資金額 回本需要賺的錢(整年)還要多少錢才回本
cash flow a 215000 - 130000 = 85000 / 270000
3年
cash flow b 57000 - 32900 = 24100 / 24300
1年

b NPV?
最初投資金額
cash flow a 34000 45000 51000
1.13 1.13^2 1.13^3
1.13 1.2769 1.442897
Npv= -215000 + 30088.5 + 35241.6 + 35345.56

cash flow b 32900 24300 18300

1.13 1.13^2 1.13^3
1.13 1.2769 1.442897
-57000 + 29115.04 + 19030.46 + 12682.82

c IRR initial year year1 year2 year3

cash flow a -215000 34000 45000 51000

cash flow b -57000 32900 24300 18300

d profitability index
cash flow a 34000 45000 51000
1.13 1.13^2 1.13^3
1.13 1.2769 1.442897
( 30088.5 + 35241.6 + 35345.56
 cash flow b 32900 24300 18300
1.13 1.13^2 1.13^3
1.13 1.2769 1.442897
( 29115.04 + 19030.46 + 12682.82

16 return15%
IRR initial year year1 year2 year3
a projectM -120000 55500 69400 64100

projectN -339000 154300 164400 150800

b NPV
projectM 55500 69400 64100
1.15 1.15^2 1.15^3
1.15 1.3225 1.520875
NPV= -120000 + 48260.87 + 52476.37 + 42146.79

projectN 154300 164400 150800

1.15 1.15^2 1.15^3
1.15 1.3225 1.520875
NPV= -339000 + 134173.9 + 124310 + 99153.45

c accept projectN because NPV is higher

24
IRR project R 17000 17000 23000
projectS 18000 18000 33000
IRR 24000 -1000 -1000 -10000

project R 17000 17000 23000

 1.1019 1.1019^2 1.1019^3
1.10194 1.214272 1.338055
NPV -47000 15427.34 14000.16 17189.13

projectS 18000 18000 33000

1.1019 1.1019^2 1.1019^3
1.10194 1.214272 1.338055
NPV -71000 16334.83 14823.7 24662.67

25 return12%
IRR
initial year year1 year2
cashflow 74000 -49000 -41000 14.57%

NPV -49000 -41000

1.12 1.12^2
1.12 1.2544
12% 74000 -43750 -32684.95 -2434.949
0% 74000 -49000 -41000 -16000
-49000 -41000
1.24 1.24^2
1.24 1.5376
24% 74000 -39516.13 -26664.93 7818.94
26

the relationship between index and profitilty

PI=未來現金流折現值/初始成本
NPV=未來現金流折現值-初始成本

=>
PI=(NPV+initial cost)/initial cost
PI=NPV/initial cost+1
=NPV index+1
NPV index= PI-1
 = 0.314815 3.314815
大於
= 0.99177 1.99177
B比A回收期間短，選B

270000
1.13^4
1.630474
+ 165596.1 51271.71

17800
1.13^4
1.630474
+ 10917.07 14745.4
A的npv大於B，故選A

year4
270000 20.75%

17800 26.71%
B的IRR比A高，故選B

270000
1.13^4
1.630474
+ 165596.1 ) / 215000 = 1.238473
 17800
1.13^4
1.630474
+ 10917.07 ) / 57000 = 1.258691
B的PI比A高，故選B

year4
36500 32.93%

105400 26.74%
accept M

36500
1.15^4
1.749006
+ 20868.99 = 43753.02

105400
1.15^4
1.749006
+ 60262.79 = 78900.17

9000 5000
29000 7000
-20000 -2000 10.194%

9000 5000
1.1019^4 1.1019^5
1.474456 1.624762
6103.946 3077.374 8797.952

29000 7000
1.1019^4 1.1019^5
1.474456 1.624762
19668.27 4308.323 8797.793