2. Your uncle died last year and left you money in his will. You are to receive $150,000 next year (in time 1) and $200,000 fifteen years from today (i.e., in time 15). (a) What is the value of the inheritance today (in time 0) if the appropriate discount rate is 5% and you compound annually? PV = (future payment)/(1+r)^t PV = (150,000)/(1+.05)^1 + (200,000)/(1+.05)^15 PV = $285,714.2857 (b) If you invest the money when you receive it, how much will it grow to 40 years from today (i.e., in time 40) if you earn 5% each year? FV = PV * (1+r)^t FV = (150,000/(1+.05)^1) * (1+.05)^40 + (20,000/(1+.05)^15) * (1+.05)^40 FV = $1,682,983.661 3. Your neighbor is buying a new recreational vehicle (RV). He has the following options to finance the RV: I. Pays $50,000 today (in time 0) II. Buy under a "no payments for three years" program by agreeing to pay $60,000 three years from today (in time 3). III. Make 84 monthly payments over 7 years of $750 payable at the end of each month. (a) If the interest rate is 7% annually, calculate the present value of each option.
Шифр не поддается взлому, - сказал он безучастно. Не поддается. Сьюзан не могла поверить, что это сказал человек, двадцать семь лет работавший с шифрами.