1


1
1
2
BA PLUS


2
1
2
3
4


3
IRR

FVPV
N

I/Y

PV

FV

PMT

CF0

CF1CF2

NPV
---
--
---18

---

1FV=PV1+I/YN
2

PV

PMT
1
[1
]
I/Y
1 I/Y N

(CFI CFO) n
NPV
(1 I/Y) n
n0
N

PV=FV/1+I/YN
FV

PMT
[ 1 I/Y N 1]
I/Y

(CFI CFO) n
0

n
(1 IRR)
n0
N

Excel


1
ON|OFF/
CPT
ENTER/SET/


CE|C

N
I/Y%
PV
PMT
FV
+|-

10


3
2ND

P/Y
2NDP/YP/Y=ENTERCE|C
P/Y=C/Y

C/Y
2NDP/YC/Y=ENTERCE|C

11

BGN
2NDBGN2NDENTERCE|C

END
2NDBGN2NDENTERCE|C

12

FORMAT
2NDFORMATDEC=ENTER
CE|CCE|C

RESET
2NDRESETENTERCE|C

13


4AMORT
2NDAMORT
P1P2
P1=ENTER
P2=ENTER
BALP1P2

PRNP1P2

INTP1P2

14


5CF
CF

CF0
CF0=ENTER
C01C02n
C01=ENTER
F01F02n
F01=ENTERC01
F01C02F02
NPV
NPVI=ENTER
CPT
IRRIRRCPT
15

1
2+-

4P/YC/Y

16

17

1
500010%20

20N=20
10%I/Y=10%
5000PV= -5000
FV
1ON/OFF
22NDRESETENTERCE|C
320N
10I/Y
5000+|-PV
4CPTFVFV=33,637.50
18

2
35025
6%

350N=350
6%I/Y=6%
25PV= -25
FV
1ON/OFF
22NDRESETENTERCE|C
3350N
6I/Y
25+|-PV
4CPTFVFV=1.7988411010

19

8%
550000

5N=5
8%I/Y=8%
50000FV=50000
PV
15N
8I/Y
50000FV
2CPTPVPV= 34,029.16
20

1
30
2
6%60
3060N=30
6%I/Y=6%
20000PMT= -20000
FV
130N
6I/Y
20000 +|-PMT
2CPTFVFV= 1,581,163.72
21


2
10100
8%
9%
10N=10
9%I/Y=9%
1008%
PMT=1008%=8
FV=100
PV
1N=10I/Y=9%PMT=8FV=100
2CPTPVPV= -93.58

7%8%

22

200010200
7%

10N=10BGN
7%I/Y=7%
200PMT= -200
PV
12NDBGN2NDSETCE|C
2N=10I/Y=7%PMT= -200
PV= 1,503.05
3 1,503.052000
23

5
10020
806%20

20N=2012=240
6%I/Y=6%P/Y=12
80PV=800000
PMT
12NDP/Y12ENTERCE|C
CE|C
2N=240I/Y=6%PV=800000
PMT= -5,731.45

24

30
60007575
50 A
A2.335%
B2.387%
C2.402%
D2.436%
75N=75PV= -300000
6000PMT=6000
7550FV=500000
12NDFORMATDEC=3ENTER
CE|CCE|C
2N=75PV= -300000
PMT=6000FV=500000
I/Y=2.335%

26

1
1010
12%

A954
B9370
C10000
D11004
P/Y=12N=120I/Y=12%PV=100000PMT= 1,434.71
2NDAMORTP1=12+1=13ENTERP2=122=24
ENTER
BAL=88,274.37
PRN= -6,212.42
INT= -11,004.10
:P1=P2=1;P1=1,P2=36

27

2
580
6%205
10

P/Y=12N=240I/Y=6%PV=800000
PMT= -5,731.45
(PMT-5,731.45PMT
2NDAMORTP1=1P2=60ENTER
BAL=679,196.68
10

=679,196.68-100000
=579,196.68

28


A:
P/Y=12 I/Y=6%PV=579,196.68PMT= -5,731.45
:N=141.10

=(5,731.45240)-(5,731.4560+5,731.45141.10
-100000=12.30
B
P/Y=12 I/Y=6%PV=579,196.68,N=180;
:PMT= -4,887.59

=5,731.45240-5,731.4560+4,887.59180
-100000=5.19

29

1
Y4
50007000800010000
10%23000

CFCF0=0C01=5000ENTERF01=1
C02=7000ENTERF02=1C03=8000ENTER
F03=1C04=10000ENTERF04=1

NPVI=10%ENTERCPTNPV=23,171.23
NPV=23,171.2323000

CF0= -23000NPV=171.230
CF0

30

2
7000
15%
70003000
35500064000
NPVIRR

3000

5000 5000 5000 4000

7000

CFCF0= -7000C01= 3000F01=1

C02=5000F02=3C03=4000F03=1
NPVI=15%CPTNPV=7,524.47
IRRCPTIRR=51.92%
NPV0IRR 15%
31

3
12007
4%

A1,090.48
B1,400.00
C200
D1,200.41
CF1

CF7

CF0

CFCF0=0C01=200F01=7
NPVI=4%CPTNPV=1200.41
N=7I/Y=4%PMT=200PV= -1,200.41
NPV

32

33

1
,.20059,
,120,70.
,,15,
,6.84%.
D
A3690
B3790
C3890
D3990

( )

7000001512=3889
700000 -06.84% 12=3990
3889+3990=7879

:?
[(700000-0)(6.84% 12)+(700000-388911)
6.84% 12]12/2=46417

34

2
1540%2
520
15%6%

N=20

1 A

A44.48
B28.66
C27.34
D28.34

2PV1= -2N=5I/Y=15%FV1=4.02
PMT=-1540%= -6N=5I/Y=15%FV2=40.45
FV1+FV2=4.02+40.45=44.48
2 B
A99.64
B68.82
C48.7
D50.7
N=20I/Y=6%PMT=-1540%= -6PV=68.82

35

3
65030%15
5%5
0.5%
D
A122.93
B122.95
C182.93
D182.98

:1
BGNP/Y=12N=180I/Y=5%PV=65070%=455
PMT= -35,831.81
2NDAMORTP1=1P2=60ENTER
BAL=3,378,271.58
2
I/Y=5.5%PV=BAL=3,378,271.58PMT= -35,831.81
N=122.98
3
60+122.98=182.98

36

4
22200410201410
1205%233316
1041966095
ABC

A527
201232.23
B2333
17401.17
C51922
12013101.59
P/Y=12N=120I/Y=5%PV=220000
PMT= -2,333.44
2NDAMORTP1=1P2=16ENTER
BAL=196,609.29
5
=196,609.29-50000=146,609.29

37


A P/Y=12 PV=196,609.29-50000=146,609.29I/Y=5%
PMT= -2,333.44 N=73
=104-73=3127
=2,333.44 120-2,333.44 16+ 2,333.44
73-50000=22336 2.23
B P/Y=12 PV=196,609.29 -50000=146,609.29I/Y=5% N=104
PMT= -1740.02
= 2,333.44 120- 2,333.44 16+1,740.02
104-50000=117151.17
C P/Y=12 PV=196,609.29 -50000=146,609.29I/Y=5%
PMT= -1922 N=91.99
=104-91.99=12.011
= 2,333.44 120- 2,333.44 16+1922
91.99-50000=15873 1.59

38


1
5
15000
8%1%

1 B
A15000
B15765
C160765
D15740
5
15000 1+1% =15765
244
D

A64013
B60000
C63060
D56393

BGNN=4I/Y=8%PMT= -15765PV=56,392.93
3

A9508
B 9613
C9123
D9475
N=5I/Y=8%FV=56,392.93PMT= -9,612.54

39

2
850
4%8%
(
C
)
A270,134.44
B365,345.10
C369,697.63
D383,177.26

1+=1+1+
=1+/1+-1
=1+8%/1+4%-1=3.85%
N=8I/Y=3.85%FV=500000
PV= -369,697.63

40

3
68

184
220004%
2%
8%
C
(

A11,337.65
C12,849.27

B11,897.53
D12,887.65

41

1
NPV

44000 44000
22000 22000

8
()

9
()

10
()

18
()

19
()

22000

20
()

22000

21
()

6
18
19 20 21
() 2%8%4%
()
()
()
()

=1.08/1.04-1=3.8462%
NPV=109,983.07
2N=15I/Y=8%PV=NPV=109,983.07
PMT= 12,849.27

42

4
36000
12%
B
A450000
B300000
C350000
D360000

PV PMT 36000 300 000

I/Y
12%

43

P0=D1/(k-g)Pn=Dn+1/(k-g
D1= D01+gDn+1= Dn1+g
K=Rp=Rf+Rm-Rf)
Rf
Rm

g=ROEb
ROE
b
=P0/

44

1
6%200000
10
C

A15174
B20000
C27174
D42347

N=10I/Y=6%PV= -200000
PMT=27174

45

2
G8
7%
B
A9.37
B10.24
C11.00
D12.63
I/Y=7%PV=-8FV=16
N=10.24
72

46

2
4%38/

B

A
B
C
D

D1=2k=4%g=0
P0=D1/(k-g)=2/4%-0=50
38

47

ROE

4
AROE15%3
210%
B
A10
B13.33
C18.33
D20

=P0/ P0
P0=D1/(k-g)g=ROEb
D1=2k=10%g=ROEb=15%3-2/3=5%
P0=40
=P0/ =40/3=13.33

48

5
IBM10%1.1
3/52.5
12%3.5%
IBM
A

A15.47
B14.60
C23.21
D18.60

k=Rf+Rm-Rf)=3.5%+1.112%-3.5%=12.85%
g=ROEb=10%3/5=6%
2.53/5
D0= 2.51-3/5=1
D1=D01+g=11+6%=1.06
P0=D1/(k-g)=1.06/12.85%-6%=15.47
8.50%
k=3.5%+1.18.5%=12.85%

49

6
ROE16%
50%2
12%3 B
A30.68
B31.49
C32.52
D33.92

P3=D4/(k-g)
k=12%g=16%50%=8%D1=21-50%=1
D4=D11+g3=11+8%3=1.2597
P3=1.2597/12%-8%=31.49

50

7
K1000100
20%320
410%

C
A153.65
B162.35
C169.44
D171.23

N=3I/Y=20%PMT= -20
PV=42.13
PV=201+10%/20%-10%=220
PV=PV/1+20%3=127.31
PV+ PV=42.13+127.31=169.44

51

PV
I/Y
PMT=
N
FV

(P1DP0)/P0
1
C/P
PM1rn/(1+k)m

=
;

52

1005%6%10
5
93

A
B
C
D
N=5I/Y=6%PMT=1005%=5FV=100
PV= -95.79
93

53

9
20001110010
10%

111%
A
A94.11
B97.16
C100
D
106.42
N=10I/Y=11%PMT=10%100=10FV=100PV= -94.11
28% C

A108.13
B110.54
C112.49
D
114.87
N=9I/Y=8%PMT=10FV=100PV= -112.49
3200211105

A
A9.09%
B9.13%
C9.26%
D
9.42%
N=8PV= -105PMT=10FV=100I/Y= 9.09%

54

10
1008%
108%
9%
A
A2%
B14.52%
C16.21%
D10.59%

8%P0=100
N=9I/Y=9%PMT=8FV=100P1= -94
(P1DP0)/P0=94+8-100/100=2%
10%=
P0= -87.7116.29%)
7%=
P0= -107.02

55

11
1006%51
9598

D
A8.63%
B10.41%
C12.45%
D
15.79%

98+6+6-95/95=15.79%
=
N=2PV= -95PMT=6FV=98I/Y=7.84%

56

12
Z100
9837%

A5.46%
B6.86%
C7.14%
D8.23%

=/
=100 7%/98
=7.14%

57

13
100
5
10%.8%
A
A92.28
B92.42
C107.58
D107.72

P/Y=2N=52=10
I/Y=10%PMT=1008%1/2=4
FV=100
PV=92.28

58

14
200712200003

5%5.22%
A1,044
B3,132
C2,975.4
D991.8

=200005.22%315%
=2,975.4

59

15
100
30
6% B
A905,000
B995,000
C995,068
D940,000
360
D=FrBD/360n
=1,000,000 6% /360 30
=5,000
=F-D
=1,000,000-5,000
=995,000

60

16
1005
9%199711199911
7%
A
A125.60
B100.00
C89.52
D153.86

N=3I/Y=7%FV=1001+9%5= 153.86
PV= -125.60
P = M1rn/(1+k)m
= 1001+9%5/1+7%3
= - 125.60

61

17
100,10,
12%,
B

A45.71
B32.20
C79.42
D100.00
N=10,I/Y=12%,PMT=0,FV=100.00;PV= -32.20
:=?(10)

62

18
820

A16%
B1.6%
C1.6%
D16%
10.01%

=8200.01%
=1.60%
63

19
Erf)=6%E
rm)=14%Erp)=18%
C
A1.0
B1.2
C1.5
D2.0

Erp)= Erf) + [ Erm) - Erf)]

18% =6%+14%-6%
=1.5

64

20
1.25%
12%15%
( B
A
B
C
D
CAPMRp=Rf+Rm-Rf)
Rp=5%+1.212% -5%=13%
Ri=i+Rp
15%=i+13%
i= 2%0

65

1
4060
10
851040

9%
6%

160 B

A560,441
B1,355,036
C1,255,036
D1,555,036
BGNN=25I/Y=6%PMT= -100000PV=1,355,035.75
2104060
A

A560,441
B1,355,036
C1,255,036
D1,555,036
BGNN=20I/Y=9%PV= -100000FV= 560,441.08

66


360

A1,555,036
B1,255,036
C560,441
D794,595
1,355,035.75 - 560,441.08=794,594.67
4 C

A1,555,036
B1,255,036
C15,532
D794,595
N=20I/Y=9%FV=794,594.67PMT= -15,531.52

510

C
A1,555,036
B1,255,036
C26,486
D794,595
N=20I/Y=9%FV= 1,355,035.75
PMT=26,486.17

67

2
4050
140001030
508
3%
5%3%

150
D

A338,013
B172,144
C2,098,340
D
2,400,000
3%3%=80,000
30=2,400,000
24050 D

A338,013
B172,144
C109,410
D814,447
N=10I/Y=5%PV= -500,000FV= 814,447.31

36000 B

A338,013
B931,694
C291,653
D94,595
P/Y=12N=120I/Y=5%PMT= -6,000FV= 931,693.68

68


4
C

A338,013
B172,144
C653,859
D
94,595
2,400,000 - 814,447.31 - 931,694=653,858.69
5
5,
A

A2,782,257.78
B 2,098,340
C 2,400,000
D 2,090,000
5,:
80000 (1+3%)5=92,741.93
3%3%
:
92,741.93 30=2,782,257.78
650 B

A3644
B10,152
C3844
D3544
P/Y=12N=120I/Y=5%
PV = -500,000FV= 2,400,000
PMT= -10,152.45
69

3
3055
5575
25000
50
3%.
8%30 D
55
A9473
B8771
C8923
D7086

1
BGNN=20I/Y=1.08/1.03-1=4.8544%
PMT=25000 1+3%30=60,681.56
PV=802,817.86
2
N=30I/Y=8%FV=802,817.86
PMT=7,086.82

70


4
2512%
125-30200031-65
25-30665
A
A856,958
B624,100
C663,872
D186,101
25-3030
N=6I/Y=12%PMT= -2000FV=16,230.38
3065
N=35I/Y=12%PV=16,230.38 FV=856,957.89
231-65200031653565
C

A10,400
B105,599
C863,327
D804,952
N=35I/Y=12%PMT= -2000FV=863,326.99

71

1
100
80150
20015%
B

A510.29
B53.65
C161.69
D486.84

CFCF0=0C01= -100F01=3C02=80F02=1

C03=150F03=1C04=200F04=2
NPVI=15%
CPTNPV=53.65

NPV

CF0
72

2
55200
74%
D

A994.59
B352.55
C813.48
D986.65

CF0

CF5

PV0
PV5

CFCF0=0C01=0F01=5C02=200F02=7NPV
I=4%CPTNPV=986.65
5
N=7I/Y=4%PMT=200PV5= -1,200.41

N=5I/Y=4%FV= PV5= -1,200.41PV0=986.65

73

3
10050
50%2070%
3012%

B
A40.1%
B42.6%
C55.0%
D44.0%

=5050%+2070%+3012%/50+20+30
=42.6%

74

4
70%
30%
C
A55.00%
B47.25%
C68.74%
D85.91%

100%70%+-50%30%=55%
,
[100%-55%2 70%+-50%-55%2 30%]1/2
=68.74%

75

5
19%
23%17%
21%8%

C
A0.3913
B0.4286
C0.4783
D0.5238

Sp=Rp-Rf/p=19% -8%/23%=0.4783
=
0.4286

76

6
40%15%
20%35%50%30%30%50%

A
A
B
C
D

50%/40%=1.2530%/15%=2
30%/20%=1.550%/35%=1.67

77

7
-2436
64 A
A-0.5
B0.01
C0.5
D-0.01

=covX/D D
= -24/3664
= -0.5

78

8
30030
3002

A0.0100
B0.0090
C0.2000
D0.0097

1
P(AB=PA PB
=30/30029/299
=0.0097
2

2
C30
30 29 / 2 1 0.0097
2
C300 300 299 / 2 1

79

9
15.2%
7.9%-11%

A3.42%
B11.33%
C10.63%
D3.80%

=[1+15.2%1+7.9%1-11%]1/3 -1
=3.42%

=15.2%+7.9%-11%/3
=4.03%

80

10
34%

A1.52
B2.94
C0.66
D

=/=0.34
=0.34
=/
=/-
=/-0.34
=1.52
81

82