...CHAPTER 2 Present Values, The Objectives of the Firm, and Corporate Governance Answers to Practice Questions 1. The face value of the treasury security is $1,000. If this security earns 5%, then in one year we will receive $1,050. Thus: NPV = C0 + [C1/(1 + r)] = −$1000 + ($1050/1.05) = 0 This is not a surprising result because 5 percent is the opportunity cost of capital, i.e., 5 percent is the return available in the capital market. If any investment earns a rate of return equal to the opportunity cost of capital, the NPV of that investment is zero. NPV = −$1,300,000 + ($1,500,000/1.10) = +$63,636 Since the NPV is positive, you would construct the motel. Alternatively, we can compute r as follows: r = ($1,500,000/$1,300,000) – 1 = 0.1539 = 15.39% Since the rate of return is greater than the cost of capital, you would construct the motel. 3. Investment (1) NPV Return 2. − 10,000 + 18,000 = $5,000 1.20 18,000 − 10,000 = 0.80 = 80.0% 10,000 9,000 − 5,000 = 0.80 = 80.0% 5,000 5,700 − 5,000 = 0.14 = 14.0% 5,000 4,000 − 2,000 = 1.00 = 100.0% 2,000 (2) − 5,000 + 9,000 = $2,500 1.20 5,700 = −$250 1.20 4,000 = $1,333.33 1.20 (3) − 5,000 + (4) − 2,000 + a. b. Investment 1, because it has the highest NPV. Investment 1, because it maximizes shareholders’ wealth. 1 4. a. b. NPV = (−$50,000 + $20,000) + ($38,000/1.05) = $6,190.48 NPV = (−$50,000 + $20,000) + ($38,000/1.10) = $4,545.45 In Part (a), the NPV is higher than the NPV of...
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...Chapter 3 The Time Value of Money Solutions to Questions 1. A rate of return is the ratio of net cash inflows to net cash outflows produced by a financial contract. It is often expressed as a percentage. The ‘financial contract’ involved may be, for example, an investment in shares, land or bonds. An interest rate is a rate of return produced by debt of one form or another. Thus, an interest rate is one type of rate of return. Simple interest is a method of calculating interest in which the interest is computed on the basis of the original sum borrowed. Compound interest is a method of calculating interest in which interest is computed on the basis of the original sum borrowed plus interest owing but unpaid at the date of computation. The statement is true. The three different terms—‘present value’, ‘price’ and ‘principal’—all refer to the value of a financial contract at a given date (typically, today). ‘Present value’ tends to be used when the valuation is the result of a discounting procedure; ‘price’ tends to be used when the valuation is the result of a market transaction for a security and ‘principal’ tends to be used when the valuation refers to an amount lent by way of a standard loan. However, these circumstances are not independent; for example, a price may be offered and agreed to because a discounting procedure indicates to market participants that the price is the correct valuation. The term ‘nominal interest rate’ can mean an interest rate where interest is charged...
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...Compliments of on IBM Limited Editi ose, Consolidate Cl & Report Learn to: • Distinguish between the closing, consolidating, and financial reporting processes • Use integration and automation to ensure data integrity and streamline CCR activities • Identify the right CCR solution for your organization Maire Loughran These materials are the copyright of Wiley Publishing, Inc. and any dissemination, distribution, or unauthorized use is strictly prohibited. Close, Consolidate & Report FOR DUMmIES by Maire Loughran ‰ IBM LIMITED EDITION These materials are the copyright of Wiley Publishing, Inc. and any dissemination, distribution, or unauthorized use is strictly prohibited. Close, Consolidate & Report For Dummies® IBM Limited Edition , Published by Wiley Publishing, Inc. 111 River Street Hoboken, NJ 07030-5774 www.wiley.com Copyright © 2011 by Wiley Publishing, Inc., Indianapolis, Indiana Published by Wiley Publishing, Inc., Indianapolis, Indiana No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the Publisher. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online...
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...Starting with the End in Sight: Integrating Finance After a Merger 2 When two companies merge, integrating their Finance functions is a major imperative. Variations in financial standards and procedures can prevent the merged entity’s Finance function from effective daily operations, impacting both internal and external stakeholders. Integration of this key function is also time-sensitive: the entity’s leaders, not to mention investors, demand consolidated financial statements, earnings and projections as soon as possible. Additionally, a majority of the potential gains from a merger cannot be achieved without committed support from Finance. Many companies recognize this challenge and give substantial attention to financial integration soon after announcing the deal. However, this urgency creates its own problems. Under time pressure, finance professionals will feel rushed to combine disparate numbers and harmonize divergent processes. If they do not yet have a clear vision of the new company’s future state, they may implement manual temporary work-arounds, such as preparing manual reconciliations of customer accounts, that require incremental work effort, cost and risk to Finance. By focusing only on interim integration work and not considering the future state in parallel, many companies risk that the manual interim state will one day become the future state. Maintaining disparate and manually integrated systems limits opportunity for future standardization and cost...
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...Riordan Business Systems Christina Cruel, Steven Keller, Mick Robey, James Simkins BSA/310 November 4, 2013 Paula Billups Table of Contents Abstract……………………………………………………………………………………………3 Company Background…………………………………………………………………………….4 Business Systems Overview...…………………………………………………………………….4 Riordan Business Systems……………………………………..………………………………….5 Accounting and Finance……………………………………………………………….….5 Sales and Marketing…………………………………………………………….…………8 HR……..………………………………………………………………………….……….9 Legal……………………………………………………………………………………..11 Operations………………………………………………………………………………..12 IT Security……………………………………………………………………………………….13 Conclusion……………………………………………………………………………………….14 References………………………………………………………………………………………..15 Appendices: Service Requests…………………………………………………………………...16 Appendix A: Accounting and Finance...…………………………………………………16 Appendix B: Sales and Marketing……………………………………………………….17 Appendix C: Human Resources - HRIS…………………………………………………18 Appendix D: Human Resources – CM...……………………………………...…………19 Appendix E: Operations – CAD...……………………………………………………….20 Appendix F: Operation – ERP…..……………………………………………………….21 Appendix G: Operations - Legal…...…………………………………………………….22 Appendix H: IT Security…………...…………………………………………………….23 Abstract This is a formal response to Service Request, SR-rm-012 Business Systems, which requests analysis and recommendation of Riordan Manufacturing’s current business systems. This paper evaluates the electronic...
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