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finance assignment 1

- Sensitivity analysis
- Advance Financial Planning Study Notes Part 1
- Capital Budgeting Primer
- Diamond Chemicals Group 5
- Nature of Financial Management
- Feasibility Report
- Accounting And Finance
- Annuity
- Impact of SHS in Bangladesh (1)
- NPV Vs IRR (1)
- Feasibility Financial
- Financiering_tussentoets_2014
- Annuities
- Time Value of Money Presentation
- Short Run Decision Analysis
- Lesson 4 - Annuity (Ordinary).pptx
- project apprisal
- Faufi Fertilizer
- ANNUITIES.pptx
- FIN 202 TOPIC 3

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Corporate finance

Part 1:-

A. Whats the future value of $100 to be received in 3 years if it earns 10%, annual

compounding?

Answer- FV can be solved by using the step-by-step, financial calculator, and

spreadsheet methods.

Inputs N=3, I/YR=10, PV=-100, PMT=0

FV3 = PV(1 + i)3

= $100(1 10)3 = $100(1 331)1.10) = $100(1.331)

= $133.10.

(Using table FVIF = 3Y AND 10% = 1.3310)

B. What is the present value of $100 to be released in 3 years if the interest rate is

10% annual compounding?

Answer- The PV shows the value of cash flows in terms of todays purchasing

power.

Inputs N=3, I/YR=10, PMT=0, FV=100

PV = FVN /(1 + I)N

PV = FV3 /(1 + I)3

= $100/(1.10)3

= $75.13

C. What annual interest rate would cause $100 to grow to $125.97 in 3 years?

Answer = fv=pv (1 + i) ^3

125.97 = 100 (1 + r/100) ^3

= 100 (100 + r) (100+ r) (100 +r)

------------------------------------

1000000

1259700 = (100 + r) ^3

r = 8%

PV = $100, FV = $125.97, N = 3, I = 7.999657063%

So the interest is about 8% annually.

D. If a companys sales are growing at a rate of 20% annually, how long it will take

sales to double?

Fv = pv (1 + i) ^n

2=1n(1+20) ^n

N= 3.8 years

*( Hard to solve without a financial calculator or spreadsheet.)

E. If you have $600 in the bank and the expected real rate of return is 4% but

expected inflation rate is 6%, what is the expected value of your bank balance?

Answer:- bank balance=$600 rate of return=4% rate of inflation=6%

Interest at the end of year=600*4/100=$24

Inflation at the end of the year=600*6/=$36

As inflation rate is > rate of return, so that the expected value of the bank balance

will be< PV value of the bank

Expected value of the bank=$600+ (I-IR) =$600+ ($24-$36)

=$600+ (-$12)=$600-$12=$500

F. What is the difference between ordinary annuity and an annuity due? What type

of annuity shown here? How would you change it to other type of annuity?

0 1 2 3

Answer- the payments made at the end of every period are called ordinary

annuity. This is because ordinary annuity is the usual state of affairs. Usually all

annuities are paid at the end of the period. Alternatively, when annuity payments

are made in advance, we call them annuity due. The difference in the formula to

calculate the two different types of annuities is very small. Also, the difference in

amounts is not expected to be large either.

The annuity shown here is an ordinary annuity as all the annuitys are paid at the

end of period.

Ordinary annuity

0 1 2 3

I%

Annuity due

0 1 2 3

I%

G. 1. What is the future value of a 3-year, $100 ordinary annuity if the annual

interest rate is 10%?

Answer- $100 payment occur at the end of each period, but there is no PV.

Inputs N=3, I/YR=10, PV=0, PMT=-100

= $100[(1.10)3-1/0.10]

= $100[1.331-1/0.10]

= $100[0.331/0.10]

= $100[3.31]

FV= $331

2. What is the present value?

Answer- $100 payment still occur at the end of each period, but now there is no FV.

Inputs N=3, I/YR=10, FV=0, PMT=100

PVA = $100[1-(1+0.10)-3/0.10]

= $100[1-(1.10)-3/0.10]

= $100[1-0.751314/0.10]

= $100[0.248686/0.10]

= $100[2.48686]

PV= $248.69

3. What would the future and present values be if it was an annuity due?

Answer- now payment occur at the beginning of each period.

Solving for FV:

= $100*{[(1.10)3-1/0.10]}*(1.10)

= $100*{[1.331-1/0.10]}*(1.10)

= $100*{[0.331/0.10]}*(1.10)

= $100{[3.31]}*(1.10)

=$364.10

Inputs N=3, I/YR=10, PV=0, PMT=-100

Solving for PV:-

Again, $100 payment occur at the beginning of each period.

PVAdue=PVAord(1+I)

PVAD = $100*{[1-(1+0.10)-3/0.10]}*(1+0.10)

= $100*{[1-(1.10)-3/0.10]}*(1.10)

= $100*{[1-0.751314/0.10]}*(1.10)

= $100*{[0.248686/0.10]}*(1.10)

= $100*{[2.48686]}*(1.10)

=$248.69(1.10)=$273.55

Inputs N=3, I/YR=10, FV=0, PMT=100.

1. What is its present value?

Answer-

PVA = $100[1-(1+0.10)-5/0.10]

= $100[1-(1.10)-5/0.10]

= $100[1-0.62092/0.10]

= $100[0.37908/0.10]

= $100[3.7908]

Inputs N=5, I/YR=10, PMT=-100, FV=0.

PV=$379.08.

2. What would be the present value be if it was a 10 year annuity?

Answer-

PVA = $100[1-(1+0.10)-10/0.10]

= $100[1-(1.10)-10/0.10]

= $100[1-0.38554/0.10]

= $100[0.61446/0.10]

= $100[6.1446]

Inputs N=10, I/YR=10, PMT=-100, FV=0

PV=$614.46.

Answer-

PVA = $100[1-(1+0.10)-25/0.10]

= $100[1-(1.10)-25/0.10]

= $100[1-0.09229/0.10]

= $100[0.90771/0.10]

= $100[9.0771]

Inputs N=25, I/YR=10, PMT=-100, FV=0

PV=$907.70.

4. What would be the present value if this was a perpetuity?

Answer-

PV=PMT/I

PV=$100/0.1=$1000.

I. A 20 year old student wants to save $3 a day for the retirement. Every day she

places $3 in a drawer. At the end of each year, she invest the accumulated

savings ($1095) in a brokerage account with an expected annual return of 12%.

1. If she keep saving in this manner, how much will she have accumulated at the

age 65?

Answer-

Inputs N=45, I/YR=12, PV=0, PMT=-1095

FVAN= PMT / I * [(1+I) ^N -1]

= 1095 / 0.12 * [(1+0.12) ^45 1]

= $1,487,261.89, when she is 65

FV=$1487261.89

2. If a 40 year old investor began savings in this manner, how much would he have

at age 65?

Answer-

Inputs N=25, I/YR=12, PV=0, PMT=-1095

FVAN= PMT / I * [(1+I) ^N -1]

= 1095 / 0.12 * [(1+0.12) ^25 1]

= $146,000.59.

FV=$146000.59

This is $1.3 million less than if starting at age 20.

3. How much would the 40 year old investor have to save each year to accumulate

the same amount at 65 as the 20 year old investor?

Answer-

To find the required annual contribution enter the number of years until retirement

and the final goal of $1487261.89

Inputs N=25, I/YR=12, PV=0, FV=1487262.

PMT = FVAN* I / [(1+I) ^N 1]

= 1487262 * 0.12 / [(1+0.12) ^25 1]

= $11,154.42

PMT=-11154.42

It means 40 year old investor have to contribute approx. $31 every day.

J. What is the present value of the following uneven cash flow steam? The annual

interest rate is 10%?

0 1 2 3 4 years

10%

Answer-

PV of this uneven cash flow:

0 1 2 3 4 years

10%

90.91

247.93

225.39

-34.08

530.08 = PV

I/YR=10

(NPV=PV HERE)

PV=$530.087.

K.

1. Will the future value be longer or smaller if we compound an initial amount more

often than annually (e.g., semiannually, holding the stated (nominal) rate

constant)? Why?

Answer-

LARGER, as the more frequently compounding occurs, interest is earned on

interest more often.

Annually: FV3 = $100(1.10)3 = $133.10

Semiannually: FV6 = $100(1.05)6 = $134.01

2. Define (A) the stated (or quoted or nominal) rate, (B) the periodic rate, and (C)

the effective annual rate (EAR or EAF%).

Answer-

Nominal rate (INOM) also called the quoted or stated rate. An annual rate that

ignores compounding effects.

INOM is stated in contracts. Periods must also be given, e.g. 8% quarterly or 8%

daily interest.

Periodic rate (IPER) amount of interest charged each period, e.g. monthly or

quarterly.

IPER = INOM/M, where M is the number of compounding periods per year. M =

4 for quarterly and M = 12 for monthly compounding.

Effective (or equivalent) annual rate (EAR = EFF%) the annual rate of interest

actually being earned, accounting for compounding.

EFF% for 10% semiannual investment

EFF% = ( 1 + INOM/M )M 1

= ( 1 + 0.10/2 )2 1 = 10.25%

Should be indifferent between receiving 10.25% annual interest and receiving

10% interest, compounded semiannually

Investments with different compounding intervals provide different effective

returns.

To compare investments with different compounding intervals, you must look at

their effective returns (EFF% or EAR).

semiannually? Compounded quarterly? Compounded daily?

Answer-

See how the effective return varies between investments with the same nominal

rate, but different compounding intervals.

EARANNUAL 10.00%

EARQUARTERLY 10.38%

EARMONTHLY 10.47%

EARDAILY (365) 10.52%

INOM - Written into contracts, quoted by banks and brokers. Not used in

calculations or shown on time lines.

IPER - Used in calculations and shown on time lines. If M = 1, INOM =

IPER = EAR.

EAR - Used to compare returns on investments with different payments per

year. Used in calculations when annuity payments dont match compounding

periods.

4. What is the future value of $100 after 3 years under 10% semiannual

compounding? Quarterly compounding?

Answer-

Answer-

Yes, but only if annual compounding is used, i.e., if M = 1.

If M > 1, EFF% will always be greater than the nominal rate.

M.

1. What is the value of the end of year 3 of the following cash flow stream if interest

is 10%, compounded semiannually? (Hint: you can use the EAR and treat cash

flow as an ordinary annuity or use the periodic rate and compound the cash flow

individually.)

0 1 2 3 4 5 6 periods

5%

0 100 100 100

Answer-

Payments occur annually, but compounding occurs every 6 months.

Cannot use normal annuity valuation techniques

Method1:-

FV3 = $100(1.05)4 + $100(1.05)2 + $100

FV3 = $331.80

Find the EAR and treat as an annuity.

EAR = (1 + 0.10/2)2 1 = 10.25%.

Inputs N=3, I/YR=10.25, PV=0, PMT=-100.

Output FV=331.80

Answer-

Could solve by discounting each cash flow, or

Use the EAR and treat as an annuity to solve for PV.

Inputs: N=3, I/YR=10.25, FV=0, PMT=100.

Output: PV=-247.59

So the PV is the 247.59

3. What would be wrong with your answer to L(1) and L(2) if you used the nominal

rate, 10%, rather than the EAR or the periodic rate, INOM/2=10%/2=5% to solve

the problems?

Answer:-

If I would have used the nominal rate, 10% rather than the EAR or the periodic

rate INOM/2=10%/2=5% then,

FV value of 10%< FV value with the EAR or periodic rate as

Using 5% semiannually rate would be consider 10.25% annually (EAR = (1 +

0.10/2)2 1 = 10.25%).

And in the end of the process the future value would have less than EAR or the

periodic rate INOM/2=10%/2=5%.

N.

1. Construct an amortization schedule for a $1000, 10% annual interest loan with 3

equal installments.

Answer-

Amortization tables are widely used for home mortgages, auto loans, business

loans, retirement plans, etc.

Financial calculators and spreadsheets are great for setting up amortization

tables.

All input information is already given, just remember that the FV = 0 because the

reason for amortizing the loan and making payments is to retire the loan

The balance at the end of the period, subtract the amount paid toward principal

from the beginning balance.

= $1,000 $302.11

= $697.89

The borrower will owe interest upon the initial balance at the end of the first year.

Interest to be paid in the first year can be found by multiplying the beginning balance by

the interest rate.

INTt = Beg balt (I)

INTt = $1,000(0.10)

= $100

If a payment of $402.11 was made at the end of the first year and $100 was paid toward

interest, the remaining value must represent the amount of principal repaid.

PRIN= PMT INT

= $402.11 $100

= $302.11

Notice that the absorption anniversary year declines because the alpha

accommodation antithesis is declining. Since the transaction is constant, but the

absorption basic is declining, the arch claim allocation is accretion anniversary year.

12 = 360 account payments if you get a 30-year, anchored bulk mortgage The

absorption basic is an bulk which is deductible to a business or a homeowner, and it

is taxable assets to the lender. If you buy a house, you will get a agenda complete

like ours, but longer, with 30

The transaction may accept to be added by a few cents in the final year to yield

affliction of rounding errors and accomplish the final transaction aftermath a aught

catastrophe balance.

The lender accustomed a 10% bulk of absorption on the boilerplate bulk of money

that was invested anniversary year, and the $1,000 accommodation was paid off.

This is what acquittal schedules are advised to do.

Most banking calculators accept acquittal functions congenital in.

Part 2:-

Q1:

Was Robert correct in stating that NPV, PI and IRR necessarily will yield the

same ranking order? Under what situations might the NPV, PI and IRR methods

provide different rankings? Why is it possible?

Answer:

Although all methods might grant projects acceptable ratings, NPV, PI, and IRR

will not necessarily yield the same ranking order. Such a phenomenon is the

result of different cash inflows over time (projects A and B), time horizons

(projects E and F) and/or project sizes (projects C and D). No. While, in general,

it is true that when one discounted cash flow method (NPV, PI, or IRR) gives a

project an acceptable rating, the other two methods also give this project an

acceptable rating; it is not necessarily true that these discounted cash flow

methods will rank these acceptable projects in the same order. Ranking

differences may occur as a result of (a) the time disparity problem resulting from

differences in the cash inflow patterns over time between two projects; (b) the

size disparity problem, resulting from the comparison of projects requiring initial

cash outflows of differing size; or (c) the life disparity problem, resulting from

projects with differing lives. These problems are illustrated in the case with

Projects A and B representing the time disparity problem, C and D, the size

disparity problem, and with E, F, G, and H, the life disparity problem. The ranking

problems incurred using the discounted cash flow methods are generally a

function of the different assumptions made about the reinvestment opportunities

for cash inflows over the life of the project.

Q2:

What are the NPV, PI and IRR for projects A and B? What has caused the

ranking conflicts? Should project A or B be chosen? Might your answer change if

project B is a typical project in the plastic molding industry? For example, if

projects for RLMC generally yield approximately 12%, is it logical to assume that

the IRR for project B of approximately 33% is correct calculation for ranking

purposes?

Answer:

Project A: Project B:

NPV = $34015.40 NPV = $31932.40

PI = 1.4535 PI = 1.4258

IRR = 27.194% IRR = 32.919%

In this case, the ranking conflicts have come as a result of different assumptions

made as to the reinvestment opportunities available for cash inflows over the life

of the project. The NPV and PI methods assume they can be reinvested at the

IRR rate. Thus, the correct investment decision as to acceptance of project A or

Project B becomes a function of which assumption is more accurate. When the

reinvestment rate is unknown, the more conservative approach is to use the net

present value criterion as it uses the required rate of return as its reinvestment

rate. Since no project will be accepted returning less than this value, this must be

at least a minimum reinvestment rate, and, for this reason, is preferred. Here

project A should select as it has a higher NPV. If however, project B is a typical

project, its IRR of 33% becomes a good approximation for the reinvestment rate

for ranking purpose, and Project B should then be selected as the IRR

assumption now appears more valid. Finally, if it is true that HPMC projects

typically yield approximately 12%, then the 33% IRR of project B is somewhat

overstated for ranking purpose.

Q3:

What are the NPV, PI and IRR for projects C and D? Should Project C or D be chosen?

Does your answer change if these projects are considered under a capital constraint?

What return on the marginal $12000 not employed in project C is necessary to make

one indifferent to choosing one project over the other under a capital rationing situation?

Answer:

The formula of NPV: Cash flow [1- {1/ (1+k) ^n}]/k Initial Outlay

IRR for each year cash flow: Cash flow/ (1+k) = Initial Outlay

Profitability Index (PI): Present value of cash flow/Initial outlay

So, NPV, IRR & PI of project C & D are-

C 2000 37.5% 1.25

D 2727 25% 1.14

Under the situation of capital constrain it is better to choose project C though its NPV is

less than project D. In project C

Internal Rate of Return (IRR) > Discount rate K. and

Profitability Index (PI) is greater than 1 and higher than Project D.

These indicates that under the situation of capital constrain project C will generate more

profit than project D in spite of its lower NPV. So, project C will be chosen under a

capital constrain.

If marginal $12000 employed in project C as Initial outlay than

Project NPV IRR PI

C -2000 -8.3% 0.833

Under a capital rationing situation, project that generates higher profit within budget has

to be chosen. If marginal $12000 employed than project C will generate negative NPV,

IRR< K and PI<1. In this condition project D will be chosen over project C.

Q4:

What are the NPV, PI and IRR for projects E and F? Are these projects comparable

even though they have unequal lives? Why? Which project should be chosen? Assume

that these projects are not considered under a capital constraint.

Answer:

Project E Project F

Initial Outlay ($30,000) ($271,500)

CF in Year 1 210,000-30,000= $ 180,000 $100000

CF in Year 2 210,000-30,000= $ 180,000 $100000

CF in Year 3 210,000-30,000= $ 180,000 $100000

CF in Year 4 210,000-30,000= $ 180,000 $100000

CF in Year 5 210,000-30,000= $ 180,000 $100000

CF in Year 6 210,000-30,000= $ 180,000 $100000

CF in Year 7 210,000-30,000= $ 180,000 $100000

CF in Year 8 210,000-30,000= $ 180,000 $100000

CF in Year 9 210,000-30,000= $ 180,000 $100000

CF in Year 10 $210,000 $100000

NPV Calculation:

NPV of Project E= (180,000/1.1) + (180,000/1.1^2) + (180,000/1.1^3) + (180,000/1.1^4)

+ (180,000/1.1^5) + (180,000/1.1^6) + (180,000/1.1^7) + (180,000/1.1^8) +

(180,000/1.1^9) + (210,000/1.1^10) 30,000 =$ 1,087,588

NPV of Project F= 100,000 [1-1/1.1^10]/.1 -217,500

=$ 342,958

As per NPV project E should be chosen as the NPV is higher.

IRR Calculation: Project E:

(180,000/k) + (180,000/k^2) + (180,000/k^3) + (180,000/k^4) + (180,000/k^5) +

(180,000/k^6) + (180,000/k^7) + (180,000/k^8) + (180,000/k^9) + (210,000/k^10) = $

30,000

Suppose, k1=15%, L.H.S= $ 910,794

Suppose, k2= 20%, L.H.S= $ 776,157

IRR of Project E= .15+ [{(30,000-910,794)/ (776,157- 910,794)}/(.2-.15)] = 32.71%

Project F:

100,000 [1-1/(1+k)^10]/k = $ 271,500

Suppose, k1=15%, L.H.S= $ 501,877

Suppose, k2= 20%, L.H.S= $ 419,247

IRR of Project F= .15+ [{(271,500- 501,877)/ (419,247- 501,877)}/(.2-.15)] = 28.94%

As per IRR Project E should be chosen as the IRR is higher.

Profitability Index of Project E= 1,117,588.38/ 30,000 = 37.25

Profitability Index of Project F= 614,458/ 271,500 = 2.26

As per IRR Project E should be chosen as the IRR is higher.

Projects NPV IRR PI

Project E $ 1,087,588 32.71% 37.25

Project F $ 342,958 28.94% 2.26

Initially the projects are not comparable as Project E has a lifespan of 1 year, whereas

Project F will continue for 10 years. In such circumstance, the NPV, IFF and Profitability

Index are not comparable. Since Project E earns its cash inflow of $ 210,000 at the end

of the Year 1, while in Project F has same cash inflow of $ 100,000 for next ten years, it

has been argued that the appropriate comparison is with the cash flow of the earlier

project repeated ten more times. Thus both the projects become comparable and the

best project can be chosen, based on NPV, IRR and Profitability Index.

Q5:

What are the NPV, PI and IRR for projects G and H? Are these projects comparable

even though they have unequal lives? Why? Which project should be chosen? Assume

that these projects are not considered under a capital constraint.

Answer:

For project G:

i). We know that, PV Annuity = C*(PVIFA)

= C {[1-(1/ (1+i)n)]/i}

So, NPV= C {[1-(1/ (1+i)n)]/i}-IO

NPV=225000{[1-(1/(1.1)5]/.1}-500000=352927

PI= C {[1-(1/ (1+i)n)]/i}/ IO

PI=225000{[1-(1/(1.1)5]/.1}/500000

PI=1.71

iii). Internal rate of return (IRR)

IRR: C {[1-(1/ (1+i)n)]/i}= IO

IRR: 225000{[1-(1/(1+i)5)]/i}=500000

At, K=15%, L.H.S of equation,

=225000{[1-(1/(1.15)5]/.15}

=754234

At, k=20%, L.H.S of equation,

=225000{[1-(1/(1.2)5]/.2}

=672887

IRR = 15% + ((500000-754234)/(672887-754234))*(20%-15%)

IRR=30.61%

For project H:

i). Net present value (NPV)

We know that, PV Annuity = C*(PVIFA)

= C {[1-(1/(1+i)n)]/i}

NPV= C {[1-(1/(1+i)n)]/i}-IO

NPV=150000{[1-(1/(1.1)9]/.1}-500000=363853

PI= C {[1-(1/(1+i)n)]/i}/ IO

PI=150000{[1-(1/(1.1)9]/.1}/500000

PI=1.73

iii). Internal rate of return (IRR)

IRR: C {[1-(1/(1+i)n)]/i}= IO

IRR: 150000{[1-(1/(1+i)9)]/i}=500000

At, k=15%, L.H.S of equation,

=150000{[1-(1/(1.15)9]/.15}

=715737

At, k=20%, L.H.S of equation,

=150000{[1-(1/(1.2)9]/.2}

=604645

IRR=15% + ((500000-715737)/(604645-715737))*(20%-15%)

IRR=24.71%

Yes, those projects are comparable even though they have unequal lives.

Project G Project H

NPV 363853 352927

IRR 24.71% 30.61%

PI 1.73 1.71

(H-G) OF NPV=363853-352927=10926

Year Project H Project G Cash flow (H- G)

0 -500000 -500000 0

1 150000 225000 -75000

2 150000 225000 -75000

3 150000 225000 -75000

4 150000 225000 -75000

5 150000 225000 -75000

6 150000 150000

7 150000 150000

8 150000 150000

9 150000 150000

At, k=5%,

IRR: -75000{[1-(1/(1+.05)5)]/.05}+ 150000{[1- (1/(1+.05)4)]/.05}*(1*(1+.05)^5)=92041

At, k=10%,

IRR: -75000{[1-(1/(1+.1)5)]/.1}+ 150000{[1-(1/(1+.1)4)]/.1}*(1*(1+.1)^5)=10927

IRR= 5% + ((0-92041)/(10927-92041))*(10%-5%)

IRR=10.67%

Project H should be chose.

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