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You have just won the lottery. You will receive $2,530,000 today, and then receive 40 payments of $1,265,000 These payments will start one year from now and will be paid every six months. A representative from Greenleaf Investments has offered to purchase all the payments from you for $22 million. The interest rate is an APR of 9 percent compounded daily. Assume there are 12 months in a year, each with 30 days.
What is the present value of the cash flows from your lottery winnings?
Mr. and Mrs. Smith bought an RV for $85,000. They made a 20% down payment, with the balance amortized by an 8-year mortgage at 7% interest compounded monthly. a) What is their monthly payment? b) What is the total amount of interest paid over the lif..
As one of several advisors to the U.S. Secretary of the Treasury, you have been asked to submit a memo in connection with the average maturity of the obligations of the federal government. The basic premise is that the average maturity is far too sho..
JanAm generates $30 million in perpetual operating income (i.e., no change in investment policy). The company has a market capitalization of $100,000,000, and its share is currently selling at $100 per share. How can investors undo the effect of JanA..
If the spot rate for the Japanese yen is $0.0092 per Japanese yen and the 3-month forward rate is $0.0093 per Japanese yen, what is the annualized premium (discount) for the 3-month forward quote on the Japanese Yen, i.e., the annualized Japanese Yen..
A7X Corp. just paid a dividend of $2.10 per share. The dividends are expected to grow at 24 percent for the next eight years and then level off to a growth rate of 6 percent indefinitely. If the required return is 13 percent, what is the price of the..
PING, INC. projects a rate of return on equity of 20%. Management plans to pay 70% of earnings as dividends. Earnings this year will be $3 per share, and investors expect a 12 rate of return on the stock. Calculate the sustainable growth rate.
John Jones is married, with a son, and would like to purchase enough life insurance to provide the following for his family. If he were to die, his son and wife would receive $14,400 annually for 12 years from Social Security. His wife is also the pr..
A lathe costs $30,000 and is expected to have a 7 year life. The lathe will be depreciated straight line over 7 years to an estimated salvage value of $2,000. This machine is expected to reduce the firm’s cash operating costs by $5,500 per year. If t..
Break-even Financing. Lakeland, Inc., is a U.S.-based MNC with a subsidiary in Mexico. Its Mexican subsidiary needs a one-year loan of 10 million pesos for operating expenses. Since the Mexican interest rate is 70 percent, Lakeland is considering b..
Preferred stock has all but which of the following characteristics? A. No stated maturity. B. Preferred lacks the ownership privilege of common stock. C. The same binding contractual obligation as debt. D. A fixed dividend payment that carries a high..
A bond is currently selling for a price greater than face value. If the bond’s yield to maturity remains constant, which of the following statements is most correct:
What is a "house price bubble"?- Why would long-term interest rates have a closer connection to house prices than overnight interest rates?
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