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Practice Problems

22. Section: 5.2 Simple Interest and 5.3 Compound Interest

Learning outcome: 5.2 and 5.3

Level of difficulty: Easy

Solution:

A. Value = P + (n x P x k) = $24 + (387 x $24 x 5%) = $488

B. FV387 years $24 (1 0.05) 387 $3,806,010,497

27. Section: 5.4 Annuities and Perpetuities

Learning Objective: 5.4

Level of difficulty: Difficult

Solution:

The dividends for the first five years form an ordinary annuity. Starting in year 6, the reduced

dividend stream can be thought of as a perpetuity. However, the value of this perpetuity, as

determined by our formula, occurs at year 5 (one year before the first $2 dividend), and must be

discounted to the present:

(1 0.12) 5

PV0 $3.00

0.12

1

$2.00

$10.81 $16.67 0.5674 $20.27

5

0.12 (1 0.12)

Learning Objective: 5.4

Level of difficulty: Difficult

Solution:

0.0375

kmonthly

0.3125%

12

Rent payments are typically made at the start of each month (so this is an annuity due). Over

three years, we would expect 36 monthly rent payments. However, the last months rent must be

paid up front, so the annuity includes only 35 payments; the present value of the last months rent

is $450 because it will be paid today.

1

1 (1 0.003125)35

PV0 $450

(1 0.003125) $450 $15,393.77

0.003125

Learning Objective: 5.4

Level of difficulty: Difficult

Solution:

It is tempting to view the first option as a perpetuity, but this would be incorrect as the man will

die at some time, and the payment will then cease. Thus, option one is an ordinary annuity, with

an uncertain number of payments. Option two is much easier to value; it includes exactly 240

monthly payments.

kmonthly

0.06

0.5%

12

N = 240, PMT = 3,500, I/Y = 0.5, FV=0, CPT PV = 488,532.70

For the first option to be a better deal, it must include enough payments so that its present value

is at least as great as for option two. Again using the calculator,

PV = 488,532.70, PMT = 2,785, I/Y = 0.5, CPT N = 420.29

So option one must continue for over 420 monthly payments to equal the value of option two.

This is just over 35 years. Hence, the man must live to be at least 100 years old for option one to

be a better deal.

35. Section: 5.1 Opportunity Cost, 5.2 Simple Interest, 5.3 Compound Interest, and 5.4 Annuities

and Perpetuities

Learning outcome: 5.1, 5.2, 5.3, 5.4

Level of difficulty: Difficult

Solution:

The manager is confused. To make the choice between the two options you should consider the

present value of each set of payments, not the sum of the payments. Summing the payments

assumes that the opportunity cost is zero.

For example, if your opportunity cost is 10%, then the PV of Long is $161,009. The value of the

house if $250,000 but the cost of the loan (to you) is only $161,009 a net benefit of $88,991.

The PV of the Short option is $216,289 in this case, with an opportunity cost of 10%, the short

option costs me $55,280 more.

If instead, your opportunity cost is 1%, then the PV of the Long option is $390,647 while the PV

of the Short option is only $333,390. By taking the Short option, you will save $57,257.

Learning Objective: 5.5

Level of difficulty: Easy

Solution:

a. k Quoted Rate 6% FV1 year PV0 (1 k ) $50,000 (1.06) $53,000

12

QR

b. k 1

1 6.16778% FV1 year $50,000 (1.0616778) $53,083.89

12

QR

c. k 1

365

365

Learning Objective: 5.5

Level of difficulty: Medium

Solution:

Step 1: determine monthly effective rate

= 0.66227%

Step 2: given the monthly effective rate, determine the quoted rate compounded monthly.

QR monthly = 12 x 0.66227

= 7.94724%

Therefore, 8% compounded quarterly is equivalent to 7.94724% compounded monthly.

40. Section: 5.4 Annuities and Perpetuities

Learning Objective: 5.4

Level of difficulty: Easy

Solution:

The value of any perpetual stream of payments can be valued as a perpetuity:

PMT

$2

PV0

$16.67

k

0.12

Each share is worth $16.67.

41. Section: 5.4 Annuities and Perpetuities

Learning Objective: 5.4

Solution:

Because the fees are paid at the start of the year, this is an annuity due.

1 (1 0.06) 4

PV0 $5,800

0.06

(1 0.06) $21,303.47

Learning Objective: 5.5

Level of difficulty: Medium.

Solution:

a. m = 365: k (1 .24 ) 365 1 27.11%.

365

b. m = 4:

k (1

.24 4

) 1 26.25%.

4

c. m = 3:

k (1

.24 3

) 1 25.97%.

3

d. m = 2:

k (1

.24 2

) 1 25.44%.

2

e. Continuous compounding:

k e.24 1 27.12%.

f. The effective monthly rate for a. to d. is:

m

a. m=365, f=12

k (1

365

QR f

.24 12

) 1 = (1

) 1 =2.02%

m

365

m

b. m=4, f=12.

QR f

.24 12

k (1

) 1 = (1

) 1 =1.96%

m

4

c. m=3, f=12.

QR f

.24 12

k (1

) 1 = (1

) 1 =1.94%

m

3

d. m=2, f=12.

QR f

.24 12

k (1

) 1 = (1

) 1 =1.91%

m

2

43. Section: 5.4 Annuities and Perpetuities and 5.5 Nominal versus Effective Rates

Learning Objective: 5.4, 5.5

Level of difficulty: Difficult

Solution:

Step 1: make the payment frequency match the compounding frequency. We need to convert the

6 percent compounded monthly to a quarterly effective rate.

12

1 kannual

.06

1

12

1 kquarterly 1 kannual

.06 12

1

12

12 4

kquarterly

.06

1

12

1.5075%

Step 2: Now we have an annuity of 5*4 = 20 quarterly payments, a present value of $50,000, and

an effective quarterly rate of 1.5075%. Solving for the payments we get $2,914.44.

44. Section: 5.4 Annuities and Perpetuities and 5.5 Nominal versus Effective Rates

Learning Objective: 5.4, 5.5

Level of difficulty: Difficult

Solution:

Step 1: make the payment frequency match the compounding frequency. We need to convert the

6% compounded quarterly to a monthly effective rate.

.06

1 kannual 1

1 kmonthly 1 kannual

1

12

.06 4

1

4

kmonthly

.06

1

0.4975%

1

12

4 12

Step 2: Now we have an annuity of 5*12 = 60 monthly payments, a present value of $150,000

and an effective monthly rate of 0.4975%. Solving for the payments we get $2,897.83.

45. Section: 5.4 Annuities and Perpetuities

Learning Objective: 5.4

Solution:

The future value amount is $40,000. The amount to be saved each year is really the payment on

an ordinary annuity:

(1 0.07) 8 1

$40,000 PMT

PMT $3,898.71

0.07

N=8, I/Y=7, PV=0, FV= -40,000, CPT PMT= 3,898.71

46. Section: 5.4 Annuities and Perpetuities

Learning Objective: 5.4

Level of difficulty: Medium

Solution:

A. The future value of Janes account will be:

(1 0.06)17 1

FV17 $1,000

$28,212.88

0.06

B. The grant has the effect of increasing the amount saved from $1,000 to $1,200. The future

value of the account will now be:

(1 0.06)17 1

FV17 $1,200

$33,855.46

0.06

Learning Objective: 5.4

Level of difficulty: Medium

Solution:

Find the present value of the four-year annuity due:

1 (1 k ) n

PV0 PMT

k

1 (1 0.07) 4

(1 k ) $4,000

0.07

(1 0.07) $14,497.26

1

1

PV0 FV

$14,497.26

$11,834.08

3

3

(1 k )

(1.07)

49. Section: 5.3 Compound Interest

Learning Objective: 5.3, 5.4

Solution:

a. We know the future value and present value amounts, as well as the monthly interest rate.

Finding the number of time periods (months) is most easily done with a financial calculator (TI

BAII Plus),

PV = 15,000, FV = -20,000, I/Y = 0.5, CPT N = 57.68

It will take nearly 58 months, or close to 5 years before Roger can afford to buy the car.

b. Solving the following equation for n we get:

$20,000

(1.005) n 1

$15,000

$

250

n= 14.86.

(1.005) n

.005

I/Y=0.5, PV=15,000, FV= -20,000, PMT = 250, CPT N = 14.86

50. Section: 5.3 Compound Interest and 5.5 Nominal versus Effective Rates

Learning Objective: 5.3, 5.5

Level of difficulty: Difficult

Solution:

Lets assume the present value of the investment is $1. The future value, after doubling, is then

$2.

a. Annually: With annual compounding, the effective rate is the same as the quoted rate, 9%.

Using a financial calculator (TI BAII Plus),

PV = 1, FV = 2, I/Y = 9, CPT N = 8.04

So the investment will double in just over 8 years.

b. Quarterly: With quarterly compounding, the effective annual rate is,

k (1

0.09 4

) 1 9.3083% , and a financial calculator allows us to find:

4

The higher effective rate means that only 7.79 years are needed to double the value of the

investment.

51. Section: 5.4 Annuities and Perpetuities

Learning Objectives: 5.4

Level of difficulty: Difficult

Solution:

a. The present value of the annual payments can be found with a financial calculator, (TI BAII

Plus), N=9, PMT = -6,000, I/Y = 5.0, FV=0, CPT PV = 42,646.93

As this is less than $50,000, the immediate payment alternative is better.

b. This problem can be solved by trial and error, but the task is much easier with a financial

calculator, (TI BAII Plus), N=9, PMT = 6,000, PV = 50,000, FV=0, CPT I/Y = 1.5675%. At an

interest rate below 1.5675% per year, the nine-year annuity would be preferable; above the rate

the immediate payment is better.

52. Section: 5.5 Nominal versus Effective Rates and 5.6 Loan or Mortgage Arrangements

Learning Objective: 5.5, 5.6

Level of difficulty: Difficult

Solution:

a. First, find the effective interest corresponding to the frequency of Jimmies car payments

(f =12); with monthly compounding, set m=12,

QR

k monthly 1

12

12

8.5%

1 1

12

1 0.70833%

The 60 car payments form an annuity whose present value is the amount of the loan (the price

of the car):

1

1

60

(1 0.0070833)

$29,000 PMT

PMT $594.98

0.0070833

Period

1

2

3

4

5

6

7

8

9

10

11

12

13

...

35

(1) Principal

Outstanding

(2)

Payment

(3) Interest

=k*(1)

29,000.00

28,610.44

28,218.12

27,823.01

27,425.11

27,024.40

26,620.84

26,214.42

25,805.13

25,392.94

24,977.82

24,559.77

24,138.76

594.98

594.98

594.98

594.98

594.98

594.98

594.98

594.98

594.98

594.98

594.98

594.98

594.98

205.42

202.66

199.88

197.08

194.26

191.42

188.56

185.69

182.79

179.87

176.93

173.97

170.98

(4) Principal

Repayment = (2)(3)

389.56

392.32

395.10

397.90

400.72

403.56

406.42

409.29

412.19

415.11

418.05

421.01

424.00

14,083.18

594.98

99.76

495.22

Ending Principal

= (1)-(4)

28,610.44

28,218.12

27,823.01

27,425.11

27,024.40

26,620.84

26,214.42

25,805.13

25,392.94

24,977.82

24,559.77

24,138.76

23,714.76

13,587.95

36

37

...

59

60

13,587.95

13,089.22

594.98

594.98

96.25

92.72

498.73

502.26

13,089.22

12,586.96

1,177.43

590.79

594.98

594.98

8.34

4.18

586.64

590.79

590.79

0.00

The first monthly payment repays $389.56 of the principal amount of the loan and the last

payment repays $590.79.

c. After three years, or 36 monthly payments, the principal outstanding is $13,089.22 (from the

amortization table).The present value of this amount is:

1

$10,152.19

PV0 $13,089.22

(1 0.0070833) 36

53. Section: 5.5 Nominal versus Effective Rates and 5.6 Loan or Mortgage Arrangements

Learning Objective: 5.5 and 5.6

Level of difficulty: Difficult

Solution:

The 60 monthly payments form an annuity whose present value is $29,000. Finding the interest

rate is most easily done with a financial calculator (TI BAII Plus):

N=60, PMT=588.02, PV= -29,000, CPT I/Y = 0.6667%

Note that we used N=60 months, so the solution is a monthly interest rate, however, the problem

asks for the effective annual rate.

The quoted rate would be:

QR m [(1 k )

1

12

1] 12 [(1 0.0830)

1

12

1] 8.00%

54. Section: 5.5 Nominal versus Effective Rates

Learning Objective: 5.4, 5.5

Level of difficulty: Medium

Solution:

Solve the annuity equation to find k, the interest rate:

1 (1 k ) 5

$25,000.00 $6,935.24

k

k ?

The calculations are most easily done with a financial calculator (TI BAII Plus),

PV = -25,000, PMT=6,935.24, N= 5, FV=0, CPT I/Y = 12%

The effective annual interest rate is 12 percent. With annual compounding, the nominal rate (or

quoted rate) will also be 12 percent per year.

56. Section: 5.5 Nominal versus Effective Rates

Learning Objective: 5.5

Level of difficulty: Medium

Solution:

a. Scott will pay interest of ($800$750) = $50 after one week. This implies a nominal interest

rate of $50/$750 = 6.67% per week. With 52 weeks in the year, the nominal rate per year is then

52 x 6.67% = 346.84%.

b. The effective annual interest rate is k (1 0.0667) 52 1 27.7210 2,772.10%

57. Section: 5.6 Loan or Mortgage Arrangements

Learning Objective: 5.6

Level of difficulty: Medium

Solution:

a. In Canada, fixed-rate mortgages use semi-annual compounding of interest, so m=2. The

effective annual rate is therefore:

m

QR

0.064

k 1

1 1

1 6.5024%

m

2

b. With monthly payments, f=12. We can find the effective monthly interest rate from the

effective annual rate, k:

kmonthly 1 k

1 1 6.5024% 12 1 0.5264%

1

can be computed as:

1 (1 0.005264) 240

PMT $1,322.69

$180,000 PMT

0.005264

d. With monthly compounding and payments, the effective monthly interest rate is:

10

QR

kmonthly 1

12

12

0.0636

1 1

12

1 0.530%

Even though the quoted rate is lower at the Credit Union than at the Bank, the effective rate is

higher. Josephine should take the mortgage loan from Providence Bank in this case. The monthly

payment for the credit union mortgage would be $1,327.24, which, as expected, is higher than

that at Providence Bank.

Learning Objective: 5.6

Level of Difficulty: Difficult

Solution:

Part 1: determine the principal outstanding after the 60th payment (i.e., How much will the next

mortgage be for?)

Step 1: determine effective monthly rate:

1

.06 2 12

kmonthly 1

1 0.00493862

2

1

1 (1 0.00493862)300

$300, 000 PMT

0.00493862

PMT $1,919.4194

1

1 (1 0.00493862)30060

PV $1,919.4194

0.00493862

PV $269,510.0994

Step 1: determine new effective monthly rate

1

kmonthly

.08 2 12

1

1 0.00655820

2

11

1 (1 0.00655820)30060

$269,510.0994 PMT

0.00655820

PV $2, 232.507688

60. Section: 5.7 Comprehensive Examples

Learning Objective: 5.7

Level of difficulty: Medium

Solution:

a. Timmys savings extend right to age 61 (end of each year), so this is an ordinary annuity.

(1 0.10) 40 1

FV40 $3,000

$1,327,777.67

0.10

b. In the equation for part A set FV = $1,000,000, and solve for the number of years, n. This is

easiest done with a financial calculator (TI BAII Plus),

FV = 1,000,000, I/Y = 10, PMT = 3,000, CPT N = 37.1.

Timmy will hit the $1 million dollar mark in just over 37 years, or shortly after his 58th birthday.

61. Section: 5.7 Comprehensive Examples

Learning Objective: 5.7

Level of difficulty: Easy

Solution:

This is an ordinary annuity.

(1 0.10)15 1

FV15 $30,000

$953,174.45

0.10

No, Tommy will not quite achieve his goal before retirement.

62. Section: 5.7 Comprehensive Examples

Learning Objective: 5.7

Level of difficulty: Easy

Solution:

Annual investment = Annual income Annual expenditure = $45,000 $36,000 = $9,000.

This is an annuity due.

12

(1 k ) n 1

FVn PMT

(1 k )

k

(1 .126) 35 1

$9,000

(1.126) (9,000)(497.2749)(1.126) $5,039,384

.126

Hit [2nd] [BGN] [2nd] [Set]

N=35, I/Y=12.6, PV=0, PMT= -9,000, CPT FV=5,039,384

63. Section: 5.7 Comprehensive Examples

Learning Objective: 5.7

Level of Difficulty: Difficult

Solution:

a. PV=$200,000, monthly rate=12%/12=1%, N = (10)(12)=120 months

1

1 (1 .01)120

200,000 PMT

.01

1 (1 .01)120

PMT 200,000 /

.01

So, PMT=$2,869

Or using a financial calculator (TI BAII Plus),

N=120, I/Y=1, PV=-200,000, FV=0, CPT PMT=2,869

b. Remaining months to pay=120 18=102 months

1

1 (1 .01)102

PV0 2,869

=$182,920

.01

N=102, I/Y=1, PMT=- 2,869, FV=0, CPT PV=182,920

13

.12 12

c. kmonthly= (1

) 1 =.9759%

2

1 (1 .009759)120

200,000 PMT

.009759

1 (1 .009759)120

PMT 200,000 /

.009759

So, PMT=$2,836

Or using a financial calculator (TI BAII Plus),

N=120, I/Y=.9759, PV=-200,000, FV=0, CPT PMT=2,836

64. Section: 5.7 Comprehensive Examples

Learning Objective: 5.7

Level of difficulty: Difficult

Solution:

Investor A:

k=e.15 1=16.183424%.

1st, consider an ordinary annuity and the present value of the investment when A turns 25 years

old is:

PV 25

1

(1 .16183424) 8

$5,500

.16183424

=$23,749.19

N=8, I/Y=16.183424, PMT=5,500, FV=0, CPT PV=- 23,749.19

2nd, discount this amount for five years back to today when she is 20.

PV=FV/(1+k)5=$23,749.19/(1.16183424)5=$11,218.3231

Or, N=5, I/Y=16.183424, PMT=0, FV=- 23,749.19, CPT PV=11,218.3231

Investor B:

.16 4

k= (1

) 1 =16.985856%

4

14

10

(1 .16985856)

$11,218.3231 PMT

(1.16985856)

.16985856

PMT=$2,057.38

Or using a financial calculator (TI BAII Plus),

Hit [2nd] [BGN] [2nd] [Set]

N=10, I/Y=16.985856, PV=11,218.3231, FV=0, CPT PMT= - 2,057.38

Therefore, Investor B has to make a yearly payment of $2,057.38 so that the present value of the

two investments is the same.

68. Section: Appendix 5A: Growing Annuities and Perpetuities

Learning Objective: Appendix

Level of difficulty: Medium

Solution:

= $1,816.67

The most Id pay is the present value of the investment. In this case the cash flows start

immediately ($100) and then grow by 3% per year. The present value, or the maximum Id be

willing to pay, is $1,816.67

69. Section: Appendix 5A: Growing Annuities and Perpetuities

Learning Objective: Appendix

Level of difficulty: Medium

Solution:

To solve this we need to realize that the present value of a perpetuity (growing or otherwise)

occurs one period prior to the first cash flow. Hence, using the growing perpetuity formula will

give us the value of the cash flows in year 4. We need to discount those back to time 0.

15

= $1,180.71

The most Id be willing to pay for this investment is $1,180.71.

70. Section: Appendix 5A: Growing Annuities and Perpetuities

Learning Objective: Appendix

Level of difficulty: Medium

Solution:

Present value of Grow: PVGROW

100

$10, 000

.05 .04

1000

$14, 285.71

.05 (.02)

Grow exceeds the cost by $9,000 while Shrink exceeds the investment cost by $13,285.71 Shrink

is preferred, as it exceeds the investment cost by the most.

71. Section: Appendix 5A: Growing Annuities and Perpetuities

Learning Objective: Appendix

Level of difficulty: Difficult

Solution:

PMT1

*1.8946799

16

.02

The initial deposit is $10,555.87

If Xiang made constant deposits (i.e., no growth), he would have to deposit $15,051.44 per year

for the next 30 years.

17

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