这个作业是完成金融贷款、股票收益等相关的金融问题

FIN B280F Summer
Introduction to Financial Management
作业1
学生必须回答本文中的所有问题。
问题1(25分)
假设您打算从金融机构借入$ 300,000,而您
要求通过五年平均每年还款(还款
在每年年底)。贷款的利率为每年3.5%。答案
应该正确到一美元的两个小数点。
(a)计算所需的年度付款。 (5分)
(b)制定每年的贷款摊销时间表
根据以下格式。
(10分)
(c)如果相反,该贷款是仅利息的贷款,则您需要支付
每年五年末的原始贷款金额的利息
年,并在贷款结束时偿还全部贷款金额
期。计算您需要支付的总金额(利息加
贷款金额)。
(5分)
(d)如果您获得恒定摊销贷款,则忽略上述(c)
每年摊销额(本金
已付款)在整个贷款期内保持不变,哪种类型的贷款
(按年支付或持续摊销)将导致
在贷款期限内支付更多的总利息?
在不实际计算利息的情况下进行解释。
(5分)
年初余额年度付款利息已付本金已付期末余额


问题2(25分)
乔伊·哈(Joey Ha)在Best Portfolio Inc.工作,正在研究最新的财务
CBA Inc.的声明已于昨天发布。经过严格的分析,
她认为自己在公司的应收款中发现了一些异常情况,
库存导致夸大了公司的实际财务状况。
(a)有效市场的特点是在该市场的投资
市场的净现值(NPV)为零。是什么
此特征对买卖股票的投资者的影响
试图“击败市场”的股票?说明。
(5分)
(b)如果市场弱势有效,是否有任何获利能力
研究CBA财务报表的机会
公司?说明。
(8分)
(c)乔伊的主管对三只股票感兴趣,并估计
其他信息如图所示。计算预期收益并
这三个均等加权投资组合的标准差
股票。显示您的步骤。
(12分)
经济状况概率股票A股票B股票C
动臂0.2 0.17 0.22 0.27
正常0.7 0.09 0.12 0.18
衰退0.1 0.04 -0.06 -0.16
回报率
Question 3 (25 marks)
Peter Au is studying two bonds. Blue Bond is a premium bond making semiannual
payments. The bond pays a coupon rate of 7.4%, has a Yield To Maturity (YTM) of
6.8%, and has 13 years to maturity. Red Bond is a discount bond making semiannual
payments. This bond pays a coupon rate of 6.8%, has a YTM of 7.4%, and also has 13
years to maturity.
(a) Calculate the price of each bond today. (6 marks)
(b) If interest rates remain unchanged, calculate the expected prices
of each bond in 8 years and in 13 years.
(8 marks)
(c) Describe and explain the changes in bond prices with the years
to maturity.
(6 marks)
(d) Peter found a US Treasury callable bond is priced at 100.125,
paying a coupon rate of 9.125%, but has a -2.15% YTM.
Explain how it is possible.
(5 marks)
Question 4 (25 marks)
Tom So is an analyst in Value Fund Company Limited which values dividend paying
stocks by discounting the dividends over the next five years and the “terminal” stock
price using a benchmark PE ratio. Suppose Tenfang Technology Inc. just paid a
dividend of $1.36. The dividends are expected to grow at 13% per year over the next
five years. In five years, the estimated payout ratio is 30% and the benchmark PE ratio
is 20.
(a) Calculate the target stock price in five years. (10 marks)
(b) Estimate the stock price today assuming a required return of
11% on this stock.
(5 marks)
(c) Why does the value of a share of stock depend on dividends?
Explain.
(3 marks)
(d) Given your answer in (c), how is it possible that investors are
buying stocks which do not pay dividend? Explain. Give two
examples with reasons why a company chooses not to pay
dividends.
(7 marks)
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