3530 SU23 Final Exam - Type X - Solutions (post)

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FULL NAME: ____________ ____ Section: ______ STUDENT ID:______________ AP/ADMS 3530 3.00 Finance Final Exam – Summer 2023 August 17, 2023 Exam Version: X - SOLUTIONS This exam has 45 multiple choice questions and is worth a total of 45 marks . Choose the response that best answers each question. Circle your answers below, and fill in your answers on the bubble sheet using only a pencil (NOT a pen). Only the bubble sheet is used to determine your exam score and it will not be returned to you. Ensure that you write both your full na m e a n d student ID # at the top of this cover page and on the bubble sheet and the version of your exam (X or Y) on the bubble sheet. P l e a se note t h e fol l o w ing points : 1) Read the questions carefully and use your time efficiently . 2) Choose the answers that are closest to yours, because of possible rounding. 3) Keep at least 4 decimal places in your calculations and at least 2 in your final answers and at least 6 decimal places for interest rates. 4) Unless otherwise stated , interest rates are annual , and bonds pay semi- annual coupons and have a face value (or par value) of $1,000 . 5) You may use the back of the exam paper as your scrap paper (no scrap paper is permitted). 6) Instructors and invigilators will not answer questions during the exam. Page 1 of 19

NUMERICAL QUESTIONS 1. You are retiring today and plan to spend $150,000 per year for the next 20 years. If you can earn 4.80% annually and your first withdrawal is at the end of this year, how much should you have saved to finance your retirement? A) $3,000,000 B) $1,901,443 C) $4,856,337 D) $1,584,535 E) $1,267,628 ANSWER: B PMT=150,000; N=20; I/Y=4.80%;FV=0; COMP PV  $1,901,443 2. You want to have $1,720,000 at the end of 22 years when you sell your business and retire to the Bahamas. You have $8,000 to invest now, and you will receive $90,000 at the end of 10 years from a trust fund. In addition, you plan to invest an equal amount at the end of every year over the next 22 years to reach your goal. If you can earn 8.90% annually on your account, how much do you have to invest annually? A) $26,126 B) $148,982 C) $27,704 D) $17,404 E) $22,831 ANSWER: E FV of 90,000 at end of 22 years (22-10 =12 yrs): PV=90,000; N=12, I/Y=8.9%; PMT=0; COMP FV = 250,366.99 NEW FV needed at end of year 22: 1,720,000 – 250,366.99 = 1,469,633.01 Solve for annual savings needed: FV=1,469,633.01; PV=-8,000; N=22. I/Y=8.90%; COMP PMT  $22,831 3. Based on your new high-paying job, you managed to obtain a $480,000, 30-year Canadian mortgage with an APR of 6.50% (compounded semiannually). What is your monthly payment? A) $2,506 B) $2,714 C) $2,824 D) $3,007 E) $3,254 Page 2 of 19

ANSWER: D EAR = (1+.0325)^2 -1 = 0.0660563 Im = (1.0660563)^(1/12)-1 = .5345% PV=-480,000; I/Y=.5345; N=360; FV=0; COMP PMT  $3,007 4. What is the present value of a six-payment annuity of $3,300 per year that begins 5 years from today if the annual discount rate is 5.40%? A) $14,585 B) $12,714 C) $13,400 D) $16,538 E) $15,690 ANSWER: C PMT=3300; N=6; I/Y=5.40%; FV=0 COMP PV 4  16,537.63 PV 0 =16,737.63/(1.054)^4 = $13,400.19 5. The following information of a callable bond which pays interest semi-annually is given: The coupon rate is 3.20% and the number of years to maturity is 12. The bond is callable at 110% of par value in 6 years. If the par value is $1,000 and the current price is $940, what is the yield to call? A) 4.35% B) 1.83% C) 7.15% D) 5.82% E) 2.25% ANSWER: D FV=1110; N=12; PV=-940’ PMT=16; COMP I/Y  2.9078 YTC = 2.9078 x 2 = 5.82% 6. Anthony plans to buy and hold a zero-coupon bond for one year. The face value of the bond is $1,000. The term to maturity of the bond is 8 years. The yield to maturity at the beginning of the year is 4.50% and the yield to maturity at the end of the year is 2.90%. What is Anthony's rate of return if he sells the bond after one year? (Assume annual compounding) A) 14.50% B) 2.90% C) 13.35% D) 20.19% Page 3 of 19

E) 16.42% ANSWER: E Price at time 0: FV=1000; N=8; I/Y=4.50; PMT=0: COMP PV  703.19 Price at end of year 1: FV=1000; N=7; I/Y=2.90; PMT=0: COMP PV  818.84 HPR = 818.84/703.19 -1 = 0.1642 = 16.42% 7. Harley Inc. just paid a dividend of $6.80 per share. The dividend is expected to grow at a constant rate forever. The company has a dividend policy of paying out 43% of its earnings every year. The ROE (return on equity) of reinvestments is 11.40%. The required rate of return is 12.60%. What is the current stock price? A) $118.68 B) $111.44 C) $142.42 D) $92.87 E) $61.91 ANSWER: A P0 = DIV1/(r-g) g = RR X ROE = 57% x 11.40% = 0.06498 P0 = 6.80 x (1.06498)/(.126 - .06498) = = 7.2419/0.06102 = $118.68 8. Analysts predict that Green Inc.'s earnings and dividends will see growth of 5.60% annually for the foreseeable future. Shareholders of Green require a 14.90% annual return and the company just paid a $3.37 annual dividend. Based on this, what will be the price of Green’s stock in 4 years? A) $45.06 B) $47.58 C) $42.67 D) $50.25 E) $29.70 ANSWER: B P0 = DIV0 x(1+g)/(r-g) = [3.37 x (1.056)]/(.149 - .056) = 38.2658 P4 = P0 x (1+g)^4 = 38.2658 x (1.056)^4 = $47.58 Page 4 of 19

9. A project with a net investment today of $250,000 will generate $45,000 in net annual cash flows forever, starting at the end of year one. Calculate the project’s IRR. A) 18% B) 20% C) 22% D) 24% E) 28% ANSWER: A PV = C / r $250,000 = 45,000 / r R = 45,000 / 250,000 = 18% 10. Your company is experiencing capital rationing and looking to choose 1 of 2 competing projects. Project A will cost $25,000 upfront and generate annual cash flows of $7,500 for 5 years, project B will cost $9,000 upfront and generate cash flows of $3,000 for the next 5 years. Which project should you pick if the cost of capital is 7%? A) Project A because its NPV is higher B) Project B because its NPV is higher C) Project A because its Profitability Index is higher D) Project B because its Profitability Index is higher E) Project B because its IRR is higher ANSWER: D When a company is facing capital rationing, PI should be used NPV project A = -$25,000 + $30,751 = $5,751 PI project A = 5,751/25,000 = 0.23 NPV project B = -$9,000 + $12,301 = $3,301 PI project B = 3,301/9,000 = 0.37 11. What is the NPV of the following project that generates cash flows over the next five years at $1000, $5500, $7500, $5000, $8000 respectively? The project’s IRR is 9.13% and its internal cost of capital is 6%. A) $0 B) $1,573 C) $2,075 D) $5,436 E) $20,000 ANSWER: C PV of CF1= $1000, CF2 = $5500, CF3 = $7500, CF4 = $5000, CF5 = $8000 at Page 5 of 19

i=9.13% = $19,999 PV of CF1= $1000, CF2 = $5500, CF3 = $7500, CF4 = $5000, CF5 = $8000 at i=6% = $22,074 NPV = $22,074 - $19,999 = $2,075 12. What is the discounted payback for a project that costs $20,000 today and generates $10,000, $5,000, and $15,000 over the next three years, if the discount rate is 10%? A) 3.1 years B) 2.4 years C) 2.2 years D) 2.6 years E) 2.8 years ANSWER: D Year CF PV of CF Cumulativ e PV of CF 0 (20,000 ) (20,000 ) 1 10,000 9,091 (10,909) 2 5,000 4,132 (6,777) 3 15,000 11,270 4,493 Discounted payback = 2 + 6777/11270 = 2.6 years 13. A company is considering adding a new line of sandals to its existing portfolio. The company expects to sell 500,000 of these new units at a price of $15, and a variable cost of $10/unit. The new line of sandals will unfortunately cannibalize their existing flip/flop product where sales will be reduced by 100,000 units. Flip-flops have a price of $12 and a variable cost of $8/unit. Fixed costs are $200,000 and will not change. Ignore taxes. What is the operating cash flow to be used for evaluating this new project? A) $400,000 B) $1,600,000 C) $1,900,000 D) $2,000,000 E) $2,100,000 ANSWER: E OCF =(15-10)*500000 = $2,500,000 OCF reduction from cannibalization = (12-8)*100000 = -$400,000 Total impact = $2,500,000 - $400,000 = $2,100,000 Page 6 of 19

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5:42 AM Tue Nov 16 * 100% www-awu.aleks.coma Exam 2, 7.3-9.4 REVIEW Report Overall Assignment Score: 73% (Best Score) Ninotchka V Score. O O pont Submitteu. NOV Z 7.32 1 IVI Tme Spet. S s Español Incorrect Your answer is incorrect. Salma wants to save money to open a tutoring center. She buys an annuity with a monthly payment of $27 that pays 3.7% interest, compounded monthly. Payments will be made at the end of each month. Find the total value of the annuity in 10 years. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. 圖 Answer Submitted: 00 $12345.92 Correct Answer: $3913.49 Assignments List EVEI IVIUIawll LLC. All Rights Reserved. Terms of Use Privacy Center Accessibility II

about:blank Blackboard Learn sc.edu/webapps/assessment/take/launch isp?course assessment_id=_114 Remaining Time: 1 hour, 23 minutes, 35 seconds. Question Completion Status: A Moving to the next question prevents changes to this answer. Question 1 What is the Payback Period for the following investment? Year 1 2 3 4 5 O a. 3.77 Ob. 3.73 Oc. 3.89 Od. 3.96 Cash Out $ (1,600,000) (710,000) Cash In 550,000 580,000 610,000 640,000 670,000 A Moving to the next question prevents changes to this answer. 000 900 F2 F3 F4 MacBook

Font Paragraph Styles Editing Dictate Editor Paste Undo Clipboard Styles Voice Editor a) Will credit cards help? The average undergraduate student leaves college with a diploma and around $2750 in credit card debt (graduate students; $4800). Suppose you have a credit card with a balance of $2750 and an interest rate of 19.8% APR. The minimum payment is $45.00. The amount of interest due each month is figured as current balance where r is the rate (decimal form) and n is 12. Fill in the table, making minimum payments. Current balance Month Interest Payment Amount applied to principal 1 $2750.00 $45.38 $45.00 -$0.38 $2750.38 $45.00 $45.00 4 $45.00 $45.00 $45.00 $45.00 8. $45.00 9. $45.00 10 $45.00 11 $45.00 12 $45.00 Page 4 of 6 1011 words DFocus 80% P Type here to search 立

* CengageNOWv2 | On x * Cengage Learning B Milestone Two Guidel G module 5 problem set x blem Set: Mod x now.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres.. eBook Show Me How Proceeds from Notes Payable On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming the note is discounted at 6%. Check My Work The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash on merchandise. Previous Next Check My Work 1:36 PM 54°F A O E A 4 11/28/2021 %23

Cengage Learning * CengageNOWv2 | Online teachin x * Cengage Learning Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false eBook Show Me How Analysis of Receivables Method At the end of the current year, Accounts Receivable has balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000. a. Determine the amount of the adjusting entry for uncollectible acfounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Feedback T Check My Work The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be collected. The…

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