A simple financial management question, please help with it, thank you 30

This question is to test the actual interest rate of discount, parity and premium, and a formula is used, that is, the interest of 10 periods of future cash flow is 80 and the last period of principal repayment is 1000 yuan discount.

Let's talk about parity purchase first, that is, 1000 = 80 * (p a, 8%, 10) + 1000 * (p f, 8%, 10), yield = coupon rate = 8%.

Besides, the discount price is 950 yuan to buy, that is, 950 = 80 * (p a, r, 10) + 1000 * (p f, r, 10), the discount purchase, its yield will be greater than the coupon rate, try to 9%, 80 * (p a, 9%, 10) + 1000 * (p f, 9%, 10) = yuan, interpolation: ( launch r =;

Premium 1020 yuan purchase, that is, 1020 = 80 * (p a, r, 10) + 1000 * (p f, r, 10), premium purchase, its yield will be lower than the coupon yield, try to calculate at 7%, 80 * (p a, 7%, 10) + 1000 * (p f, 7%, 10) = yuan, the use of interpolation method (, launch r =

Hope it helps you in your studies.

By the issuance of bond ** the formula and interpolation.

Let's try to do the math.

(1) Current situation: net profit margin of equity = [(100 30%-20) (1-40%)]s0 (1-40%)] = 20%.

Operating leverage = (100 30%) 100 30% - (20-50 40% 8%)] = 30 11 6 = 2 59

Financial leverage = 11 6 (11 6-1 6) = 1 16

Total leverage = 2 59 1 16 = 3e or 100 30% (100 30%-20)] = 3

2) Capital increase plan.

Equity net profit margin = [100 120% (1-60%)-20+5)] 1-40%) 50 (1-40%)+40].

Operating leverage = [120 (1-60%)3 [120 (1-60%)-20+5-1 6)]=48 24 6=1 95

Financial leverage = 24 6 (24 6-1 6) = 1 07

Total leverage = 1 95 1 07 = 2 09

or total leverage = (120 40%) 120 40% one (20 + 5)] = 2 09

3) Borrowed Funds Program.

Net profit margin on equity = [100 120% (1-60%)-20+5+4)] 1-40%) 50 (1-40%)].

Operating leverage = (120 40%) 120 40% - (20 + 5 - 1 6)] = 1 95

Financial leverage = 24 6 [24 6 - (4 + 1 6)] = 1 29

Total leverage = 1 95 1 29 = 2 52

Or: Total leverage = (120 40%) 120 40% - (20 + 5 + 4)] = 2 53

Since the company improves the net profit margin on equity while reducing the total leverage factor as the criterion for improving the business plan, the eligible business plan with borrowed funds (net profit margin on equity: 38%>20%; Total leverage: 2 53<3).

The borrowing scheme increased the return on equity while reducing the total leverage factor. Therefore, a business plan with borrowed funds should be adopted.

Select :b:. Solution: Financial leverage coefficient DFL ebit (EBIT-i) EBIT (EBIT-i) = 600 (600-105) = EBIT = marginal contribution - fixed costs = 6 million yuan EBIT = m-a

where: EBIT is EBIT; a is a fixed cost. Therefore, the operating leverage factor = the rate of change in EBIT and the rate of change in the volume of production and sales.

Contribution margin EBIT = 150 100=

The role of operating leverage:

Under the condition that other factors remain unchanged, the existence of fixed production and operation costs leads to the operating leverage of enterprises, and the higher the fixed costs, the greater the operating leverage coefficient and the greater the operating risk.

If the fixed costs are zero, the operating leverage factor is equal to 1. Typically, the operating leverage factor is greater than 1

By the total capital of $2 million, the debt-to-capital ratio is 30, and the interest rate is 15. Derived:

Interest = 5000 * 30% * 7% = 1.05 million yuan Financial leverage coefficient DFL EBIT (EBIT-I) EBIT (EBIT-I).

Brainstorming, one answer 600 (600-5000* one answer dfl=ebit ebit-i=m-f m-f-i profit after tax=(ebit-i)*75=300 ebit-i=400 600 400= Both formulas are correct, I don't know if ** is wrong, and you can't find the trouble from **, what is your answer??

(1) r = risk-free rate of return + risk premium = 4% +

2) v = previous year's dividend * (1 + dividend growth rate) (expected rate of return - annual fixed dividend) v =

** Necessary rate of return = RF + RM - RF) = 11% +

The intrinsic value of ** v=d1 (r-g)=6 (the necessary rate of return of ** -5%) = 6 (17%-5%) = 50 yuan.

It is known that (f a, 10 , 9) , f a, 10 , 11) , 10 years, the value of the final value coefficient of the payable annuity with an interest rate of 10% is ( ).

b.Answer: A analysis: The final value coefficient of the payable annuity is based on the final value coefficient of the ordinary annuity "the number of periods plus 1, the coefficient minus 1", therefore, for a 10-year term, the terminal value coefficient of the payable annuity with an interest rate of 10% = (f a, 10%, 11)-1=.

1. (1) Source of necessary return rate = risk-free interest rate + average market risk rate of return * coefficient = 10% + 15% *

2) **Value = 5 * (1 + 5%) (RMB.

2. (1) Total liabilities = 5,000 * 40% = 20 million yuan.

Interest on liabilities = 2000 * 10% = 2 million yuan.

Pre-tax profit = net profit (1 - income tax rate) = 3000 (1-40%) = 50 million yuan.

EBIT = 5000 + 200 = 52 million yuan.

Operating leverage factor = (fixed costs + EBIT) EBIT = (1000 + 5200) 5200 =

2) Financial leverage ratio = EBIT (EBIT - interest) = 5200 (5200-200) =

3) Comprehensive Leverage Factor =

4) EBIT growth = sales revenue growth rate * operating leverage factor = 30% *

Growth in earnings per common share = sales revenue growth rate * comprehensive leverage factor = 30%.

EBIT increased, and earnings per common share increased.

1 (1) k=10%+15%* is a bit high, do you confirm that 15% is not the average market return, but the average risk-return.

2）v=5*（1+5%）/（

2 (1) Profit before tax = 3000 (1-40%) = 5000 Interest right 5000 * 40% * 10% = 200

EBIT 5000 + 200 = 5200 Marginal contribution = 5200 + 1000 = 6200

Operating leverage dol=6200 5200=

2) Financial leverage DFL=5200 5000=(3) Comprehensive leverage DTL=

4) EBIT increased by 30%*

Earnings per share increased by 30%*

Question 1: 6x8-2x1 2 x3 squared = 48-9

Question 2 3x( x8 squared - x5 squared) = 26