课程名称︰财务管理 课程性质︰系订必修 课程教师︰何宪章 开课学院：管理学院 开课系所︰财务金融学系 考试日期（年月日）︰2011/11/16 考试时限（分钟）：180 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : Note: Answer to the 4th decimal point, list your formula and calculation procedures. Each problem is worth 20 points. 1. A company has total assets $10,000,000, ROE(Return on Equity) 10%. D/E(Debt-to-Equity Ratio) 25%, Profit Margin(Net Income/ Sales) 4%, Gross Profit Margin( EBIT/ Sales) 5.5%, and its tax rate is 20%. Suppose the company ’s debt and equity did not change during the year, then what’s the company’ s: (1) ROA(Return on Assets)?(6 points) (2) Total Asset Turnover Ratio? (6 points) (3) Time Interest Earned(EBIT/ Interest Expense)? (8 points) 2. A company had total assets of $500,000 and equity $200,000 at the beginning of the year. At the end of the tear, net income for the year was $125,000 and dividends were $100,000. (1) If the company only uses retained earnings for its Return on financing without raising any debt, what is its Internal Growth Rate? (10 points) (2) If the company uses retained earnings and debt financing to maintain constant Debt-to-Equity Ratio of 1.5, what is its Sustainable Growth Rate? (10 points) 3. Suppose you are now 25 years old and will work until 65 years old. You wish to invest a fixed amount of your salary annually from 26 to 65 years old (total 40 years ) in order to support your retirement expenses from 66 to 90 years old ( total 25 years ). Your annual living expenses are currently $400,000, which will be increased 5% per year due to inflation. If your investment rate of return(and the discount rate) r is 8% per year, then (1) How much retirement fund will you need when you are 65 years old? (5 points) (2) How much should you invest annually? (5 points) (3) If you just inherited a large sum of money. Rather than making annual investment, you decide to make one lump-sum investment now. How much should you invest now? (5 points) (4) If your company will contribute 50,000 annually into your retirement account for 40 years, and you expect a 1,000,000 distribution from your family trust fund when you are 55 years old, which will also be put into your account. Then how much should you invest annually out of your salary? (5 points) 4. A company is considering to invest in a $200,000 machine, which will produce and sell 100,000 bowling balls for the 1st year and increase 10,000 units each year until 4th year. The unit price will be $10 for the 1st year and increase by $1 each year. The 1st year unit total cost will be $8 and increase also by $1 each year. The machine will be depreciated with straight-line method in 4 years and can be sold at$20,000 at 4th year. An initial net working capital at year 0 of $10,000 is required, then net working capital in each year will be equal to 10% of sales for that year except for the last year. The company's tax rate is 30%. (1) List the company's Operating Cash Flows and Total Cash Flows for years 0 to 4. (16 points) (2) If the company's required rate of return, r is 15%, what is the NPV of the project? Should the project be accepted? (4 points) 5. You consider to open a store with initial investment of $15 million. The time horizon is 20 years. You believe that there is a optimistic 50% probability of $4 million total annual cash flow and a pessimistic 50% probability of $1 million total annual cash flow. The discount rate is 20% (1) According to traditional Net Present Value(NPV) method, what's the project's NPV? Should the project be accepted now? (6 points) (2) According to Real Option to Expand method, if next year your optimistic forecast turns out to be true, you may expand to 5 stores. Suppose other assumptions remain the same, then what's the project's NPV? Should it be accepted now? And what is the option value? (7 points) (3) According to Real Option to Abandon method, if next year your pessimistic forecast turns out to be true, you may abandon it and sell it for $12 million. Suppose other assumptions remain the same, then what's the project's NPV? Should it be accepted now? And what is the option value? (7 points) Answer Key: 1. (1) 8% (2) 2 (3) 11 2. (1) 5% (2) 12.5% 3. (1) 49,825,109.31 (2) 192,332.9687 (3) 2,293,496.283 (4) 133,999.1696 4. (1) omitted (2) 266,606.0013; yes, accept the project. 5. (1) -2,826,050.666; no, do not accept the project. (2) 4,463,920.537; yes, accept it; 7,289,971.201 (3) 155,826.1336; yes, accept it; 2,981,876.7996 --

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