所屬科目：研究所、轉學考(插大)◆財務管理
1. (28 points) Suppose you borrowed $800,000 at an annual interest rate of 5% for 4 years, to be repaid in equal annual installments. Please complete the following amortization schedule. Round all amounts to the nearest dollar.
(a) Calculate the NPV of Projects X and Y. Based on the NPV rule, which project should the company choose if the firm must select one of the two projects? Show all calculations. Round your answers to two decimal places where appropriate.
(b) Calculate the Discounted Payback Period for Projects X and Y. If the project rankings differ from those implied by the NPV criterion, which criterion should the company rely on when making its investment decision? Briefly explain.
3. (20 points) The following information is available for two firms in the same industry. First, calculate the profit margin, total asset turnover, equity multiplier, and ROE for each firm. Then, using the DuPont framework, explain why two firms with the same net income may have different ROEs.
4. (20 points) Discuss the relationship among the Single-Index Model, the CAPM, and the Fama-French models. In particular, explain how risk is measured and priced in each model.
5. (12 points) Explain the role of executive stock options in corporate governance. Discuss one potential benefit and one potential drawback of this form of compensation.
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First, calculate the profit margin, total asset turnover, equity multiplier, and ROE for each firm. Then, using the DuPont framework, explain why two firms with the same net income may have different ROEs.