In any time value of money calculation, the cash flows and the interest rate must be denominated ________. in the same currencyin different currenciesin terms of a third currencyin terms of the ECU Answer: (a) If the exchange rate between the U.S. dollar and the Japanese yen is $0.00745 per yen, the dollar interest rate is 6% per year, and the Japanese interest rate is 7% per year, what is the “break-even” value of the future dollar/yen exchange rate one year from now? $135.49 per yen$134.23 per yen$0.00752 per yen$0.00738 per yen Answer: (d) Consider the situation where you are trying to decide if you should invest in a Swiss project or an American project. Both projects require an initial outlay of $15,000. The Swiss project will pay you 17,100 Swiss Francs per year for 6 years, whereas the American one will pay you $11,000 per year for 6 years. The dollar interest rate is 5% per year, the Swiss Franc interest rate is 6% per year, and the current dollar price of a Swiss Franc is $0.68 per Swiss Franc. Which project has the higher NPV? the U.S. project; its NPV is $55,832the U.S. project; its NPV is $40,833the Swiss project; its NPV is $42,179the Swiss project; its NPV is $57,178 Answer: (c) The ________ is the rate denominated in dollars or in some other currency, and the ________ is denominated in units of consumer goods. nominal interest rate; inflation interest ratenominal interest rate; real interest ratereal interest rate; inflation interest ratereal interest rate; nominal interest rate Answer: (b) Consider the situation where you are trying to decide if you should invest in a British project or U.S. project. Both projects require an initial outlay of $55,000. The British project will pay you 30,000 pounds per year for 6 years, whereas the American one will generate $40,000 per year for 6 years. The British interest rate is 5% per year, and the American interest rate is 6% per year; the current dollar price of a pound sterling is $1.6320 per pound sterling. Which project has the higher NPV? choose the U.S. one, it has a NPV of $196,693choose the U.S. one, it has a NPV of $141,693choose the British one, it has a NPV of $248,506choose the British one, it has a NPV of $193,506 Answer: (d) What is the real interest rate if the nominal interest rate is 9% per year and the rate of inflation is 6% per year? 1.5%2.75%2.83%7.5% Answer: (c) What is the nominal interest rate if the real rate of interest is 4.5% and the rate of inflation is 6% per year? 10.5%10.77%10.86%14.5% Answer: (b) What is the real rate of interest if the inflation rate is 6% per year and the nominal interest rate per year is 12.5%? 1.32%6.13%5.78%11.79% Answer: (b) Compute the real future value, to the nearest dollar, of $2,000 in 35 years time. The real interest rate is 3.2%, the nominal interest rate is 8.36%, and the rate of inflation is 5%. $6,023$6,853$33,223$11,032 Answer: (a)
在金钱计算的任何时间价值,现金流和利率必须计价________。在ECU答案的第三currencyin方面的相同currencyin不同currenciesin方面:(a)如果美元和日元之间的汇率为0.00745 $每日元,美元利率为每年6%,而日本利率为每年7%,那么从现在开始未来的美元/日元汇率一年的“盈亏平衡”的价值?$ 135.49每日元每日元每日元每日元回答$ 0.00738 $ 0.00752 $ 134.23(d)考虑,你正试图决定是否应该投资于瑞士的项目或美国的项目的情况。这两个项目需要$ 15,000的初始费用。瑞士项目将付给你每年17100瑞士法郎6年,而美国的一个会付给你每年$ 11,000 6年。美元利率为每年5%,瑞士法郎利率为每年6%和瑞士法郎的目前的美元价格是每瑞士法郎$ 0.68。哪个项目有更高的NPV?美国项目; 其NPV为$ 55,832the美国项目; 其NPV为$ 40,833the瑞士的项目; 其NPV为$ 42,179the瑞士的项目; 其NPV为$五万七千一百七十八答:(三)________是用美元或以其他货币计价的利率,和________在消费品的计价单位。名义利率; 通货膨胀兴趣ratenominal利率; 实际利率ratereal利率; 通货膨胀兴趣ratereal利率; 名义利率答:(b)考虑,你正试图决定是否应该投资于英国的项目或我们项目的情况。这两个项目需要$ 55,000初始费用。英国计划将支付你30000磅每年6年,而美国的一个将产生每年$ 40,000 6年。英国的利率为每年5%,而美国的利率为每年6%; 一英镑当前美元价格为1.6320 $每英镑。哪个项目有更高的NPV?选择美国的一个,它有$ 196,693choose美国一个NPV,它有141,693choose $英国一个NPV,它有248,506choose $英国一个NPV,它有$十九万三千五百○六答案的NPV:(d)什么是实际利率,如果名义利率为每年9%,通货膨胀率每年是6%?1.5%,2.75%,2.83%,7.5%回答:(C)什么是名义利率如果实际利率为4.5%,通货膨胀率每年6%?10.5%10.77%10.86%14.5%回答:(二)什么是实际利率,如果通货膨胀率是每年6%,每年的票面利率为12.5%?1.32%6.13%5.78%11.79%答:(B)计算真正的未来价值,到最近的美元,$ 2,000 35年的时间。实际利率是3.2%,名义利率是8.36%,并且通货膨胀率是5%。$ 6,023 $ 6853 $三三二二三$ 11,032答案:(一)
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