第一次作业答案(1-4) Question 1 The present value of E100 received five years from now PV= ￡62.09 +0.10) b. The present value of f1000 received 60 years from now is P1000 ￡3.28 1+0.10) c. The present value E100 received each year beginning one year from now and ending 0 years from now is P=100-100 (1+0.10 ￡61446 0.100.10 d. The present value of f100 received each year beginning one year from now and continuing forever is PV= ￡1000.00 Question 2 1EAR={1+08)2 1=8.30% ii. EAR=1+ 0.08 1=8.16% iii. EAR=1+ 0.08 1=8.33% 365 EAR=e0=8.33% b. The interest payment per quarter on a E10,000 deposit ￡l00(12031)2=30455 The value of f10 000 after six months is ￡10,000×14012 4)=10609 d. Assume that the equivalent interest rate(APR)with quarterly compounding is r, then 0.12 r=11.8252% 4 Therefore, the quarterly interest payment on a f10,000 deposit is ￡10.000 0.118252 =￡29563 C Gary Xu AcF2 14 Princip les of finance© Gary Xu AcF214 Principles of Finance 1 第一次作业答案（1－4） Question 1 a. The present value of £100 received five years from now is ( ) £62.09 1 0.10 100 5 = + PV = b. The present value of £1000 received 60 years from now is ( ) £3.28 1 0.10 1000 60 = + PV = c. The present value £100 received each year beginning one year from now and ending 10 years from now is (1 0.10) £614.46 0.10 100 0.10 100 10 = − + = − PV d. The present value of £100 received each year beginning one year from now and continuing forever is £1000.00 0.10 100 PV = = Question 2 a. i. 1 8.30% 12 0.08 1 12  − =      EAR = + ii. 1 8.16% 2 0.08 1 2  − =      EAR = + iii. 1 8.33% 365 0.08 1 365  − =      EAR = + iv. 8.33% 0.08 EAR = e = b. The interest payment per quarter on a £10,000 deposit £10,000 ( 1) £304.55 0.12 0.25  − =  e c. The value of £10,000 after six months is £10,609 4 0.12 £10,000 1 2  =       + d. Assume that the equivalent interest rate (APR) with quarterly compounding is r, then 4 2 2 0.12 1 4 1        = +      + r  r =11.8252% Therefore, the quarterly interest payment on a £10,000 deposit is £295.63 4 0.118252 £10,000  =