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Liste tres criterios de evaluacin, adems del econmico, para seleccionar el mejor
restaurante.
1.4 Nearest, tastiest, quickest, classiest, most scenic, etc
Chapter 1 1
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La compaa Trucking Giant Yellow Corp.acord comprar a la empresa rival Roadway
en $966 millones a fin de reducir los costos denominados indirectos de oficina, por
ejemplo los costos por nmina y seguros que tienen un monto de $45 millones al ao.
Si los ahorros fueran los que se planearon, cul sera la tasa de rendimiento de la
inversin?
1.9 Rate of return = (45/966)(100)
= 4.65%
Una compaa que ofrece una gran variedad de servicios recibi un prstamo de $2
millones para adquirir equipo nuevo y pag el monto principal del crdito ms $275 000
de intereses despus de un ao. Cul fue la tasa de inters del prstamo?
1.11 Interest rate = (275,000/2,000,000) (100)
= 13.75%
La compaa US Filter celebr un contrato, para una planta pequea que desala agua,
con el que espera obtener una tasa de rendimiento de 28% sobre su inversin. Si
la empresa invirti $8 millones en equipo durante el primer ao, cul fue el monto
de la utilidad en dicho ao?
1.13 Profit = 8(0.28)
= $2,240,000
Una compaa constructora que cotiza al pblico report que acababa de pagar un
prstamo recibido un ao antes. Si la cantidad total de dinero que pag la empresa fue de
$1.6 millones y la tasa de inters sobre el prstamo fue de 10% anual, cunto dinero
recibi en prstamo la compaa un ao antes?
1.14 P + P(0.10) = 1,600,000
1.1P = 1,600,000
P = $1,454,545
Una compaa qumica que comienza a operar se fij la meta de obtener una tasa de
rendimiento de al menos 35% anual sobre su inversin. Si la empresa adquiri $50
millones como capital de riesgo, cunto debe percibir en el primer ao?
1.15 Earnings = 50,000,000(0.35)
Chapter 1 2
PROPRIETARY MATERIAL. The McGraw-Hill Companies, Inc. All rights reserved. No part of this Manual may be
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= $17,500,000
Con una tasa de inters de 8% por ao, a cunto equivalen $10 000 de hoy, a) dentro
de un ao, y b) hace un ao?
1.16 (a) Equivalent future amount = 10,000 + 10,000(0.08)
= 10,000(1 + 0.08)
= $10,800
Con qu tasa de inters son equivalentes una inversin de $40 000 hace un ao y otra
de $50 000 hoy?
1.18 40,000 + 40,000(i) = 50,000
i = 25%
Con qu tasa de inters equivalen $100 000 de ahora a $80 000 de hace un ao?
1.19 80,000 + 80,000(i) = 100,000
i = 25%
Un banco local ofrece pagar un inters compuesto de 7% anual sobre las cuentas
de ahorro nuevas. Un banco electrnico ofrece 7.5% de inters simple anual por un
certificado de depsito a cinco aos. Cul oferta resulta ms atractiva para una empresa
que desea invertir ahora $1 000 000 para la expansin dentro de cinco aos de
una planta?
1.21 Compound amount in 5 years = 1,000,000(1 + 0.07) 5
= $1,402,552
Simple amount in 5 years = 1,000,000 + 1,000,000(0.075)(5)
= $1,375,000
Chapter 1 3
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Compound interest is better by $27,552
Badger Pump Company invirti $500 000 hace cinco aos en una nueva lnea de
productos que ahora redita $1 000 000. Qu tasa de rendimiento percibi la empresa
sobre la base de a) inters simple, y b) inters compuesto?
1.22 Simple: 1,000,000 = 500,000 + 500,000(i)(5)
i = 20% per year simple
Cunto tiempo tomar para que una inversin se duplique con 5% por ao, con a)
inters simple, y b) inters compuesto.
1.23 Simple: 2P = P + P(0.05)(n)
P = P(0.05)(n)
n = 20 years
Una empresa que manufactura oxidantes termales regenerativos hizo una inversin
hace diez aos que ahora redita $1 300 000. De cunto fue la inversin inicial con una
tasa de 15% anual de a) inters simple, y b) inters compuesto?
1.24 (a) Simple: 1,300,000 = P + P(0.15)(10)
2.5P = 1,300,000
P = $520,000
Es frecuente que las empresas reciban prstamos de dinero con acuerdos que
requieren pagos peridicos exclusivamente por concepto de inters, para despus pagar
el monto principal del prstamo en una sola exhibicin. Con un arreglo como ste,
una compaa que manufactura productos qumicos para control de olores obtuvo
$400 000 a pagar durante tres aos al 10% de inters compuesto anual. Cul es la
diferencia en la cantidad total pagada entre dicho acuerdo (identificado como plan 1) y
el plan 2, con el cual la compaa no paga intereses mientras adeude el prstamo y lo
paga despus en una sola exhibicin?
1.25 Plan 1: Interest paid each year = 400,000(0.10)
= $40,000
Chapter 1 4
PROPRIETARY MATERIAL. The McGraw-Hill Companies, Inc. All rights reserved. No part of this Manual may be
displayed, reproduced or distributed in any form or by any means, without the prior written permission of the publisher, or u sed
beyond the limited distribution to teachers and educators permitted by McGraw-Hill for their individual course preparation. If you are
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Total paid = 40,000(3) + 400,000
= $520,000
Compound interest total = total amount due after 4 years amount borrowed
= 1,750,000(1 + 0.08)4 1,750,000
= 2,380856 1,750,000
= $630,856
(b) The company should borrow 1 year from now for a savings of $656,250
$630,856 = $25,394
Defina los smbolos que se involucran si una compaa de construccin quiere saber
cunto dinero puede gastar dentro de tres aos en lugar de gastar $50 000 para adquirir
un camin nuevo hoy, cuando la tasa es de 15% de inters compuesto anual.
1.27 The symbols are F = ?; P = $50,000; i = 15%; n = 3
PROPRIETARY MATERIAL. The McGraw-Hill Companies, Inc. All rights reserved. No part of this Manual may be
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a) FV(7%,10, 2 000, 9 000)
b) PMT(11%,20, 14 000)
c) PV(8%,15, 1 000, 800)
1.29 (a) F = ?; i = 7%; n = 10; A = $2000; P = $9000
(b) A = ?; i = 11%; n = 20; P = $14,000; F = 0
(c) P = ?; i = 8%; n = 15; A = $1000; F = $800
Clasifique cada uno de los financiamientos que siguen como capital propio o con deuda.
a) Dinero de ahorros
b) Dinero de un certificado de depsito
c) Dinero de un familiar que es socio del negocio
d) Prstamo bancario
e) Tarjeta de crdito
1.33 (a) Equity
(b) Equity
(c) Equity
Chapter 1 6
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(d) Debt
(e) Debt
Ordene de mayor a menor las siguientes tasas de rendimiento o inters: bono del
gobierno, bono corporativo, tarjeta de crdito, prstamo bancario para negocio nuevo,
inters sobre cuenta de cheques.
1.34 Highest to lowest rate of return is as follows: Credit card, bank loan to new
business, corporate bond, government bond, interest on checking account
Califique de mayor a menor las tasas de inters que siguen: costo de capital, tasa de
rendimiento aceptable sobre una inversin riesgosa, tasa mnima aceptable de
rendimiento, tasa de rendimiento sobre una inversin segura, inters sobre una cuenta de
cheques, inters sobre una cuenta de ahorros.
1.35 Highest to lowest interest rate is as follows: rate of return on risky investment,
minimum attractive rate of return, cost of capital, rate of return on safe
investment, interest on savings account, interest on checking account.
Chapter 1 7
PROPRIETARY MATERIAL. The McGraw-Hill Companies, Inc. All rights reserved. No part of this Manual may be
displayed, reproduced or distributed in any form or by any means, without the prior written permission of the publisher, or u sed
beyond the limited distribution to teachers and educators permitted by McGraw-Hill for their individual course preparation. If you are
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Construya un diagrama de flujo para los siguientes flujos de efectivo: flujo de salida
de $10 000 en el tiempo cero, flujo de salida de $3 000 anual entre los aos 1 y 3, y flujo
de entrada de $9 000 entre los aos 4 y 8 con una tasa de inters de 10% anual y un
monto futuro desconocido en el ao 8. F= ?
1.39 The cash flow diagram is: i = 10%
$9000
0 1 2 3
4 5 6 7 8
$3000
$10,000
0 1 2 3 4 5
$40,000
Use la regla del 72 para calcular el tiempo que tomara para que una inversin inicial
de $10 000 creciera a $20 000, con una tasa de inters compuesto de 8% anual.
1.41 Time to double = 72/8
= 9 years
Calcule el tiempo que se requiere (de acuerdo con la regla del 72) para que el
dinero se cuadruplique con una tasa de inters compuesto de 9% anual.
1.42 Time to double = 72/9
= 8 years
Utilice la regla del 72 para estimar la tasa de inters que se necesitara para que $5 000
se convirtieran en $10 000 en cuatro aos.
1.43 4 = 72/i
i = 18% per year
Si usted tiene ahora $62 500 en su cuenta de ahorros para el retiro y quiere jubilarse
cuando en sta haya $2 000 000, calcule la tasa de rendimiento que debe ganar la cuenta
para retirarse dentro de 20 aos sin agregar ms dinero a la cuenta.
Chapter 1 8
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1.44 Account must double in value five times to go from $62,500 to $2,000,000 in 20
years. Therefore, account must double every 20/5 = 4 years.
FE Review Solutions
1.46 2P = P + P(0.05)(n)
n = 20
Answer is (d)
Answer is (c)
1.48 i = 72/9 = 8 %
Answer is (b)
Answer is (c)
Chapter 1 9
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Extended Exercise Solution
F=?
1. $2000
0 1 2 3 4
$9000
Chapter 1 10
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displayed, reproduced or distributed in any form or by any means, without the prior written permission of the publisher, or u sed
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3. F = [{[9000(1.08) 300] (1.08)} 500] (1.08) + (2000 1000)
= $11,227.33
Change is 2.02%. Largest maintenance charge is in the last year and, therefore, no
compound interest is accumulated by it.
FV(12.32%,3,500,9000) + 2000
F = $12,445.43
There is no definitive answer to the case study exercises. The following are
examples only.
1. The first four steps are: Define objective, information collection, alternative
definition and estimates, and criteria for decision-making.
Objective: Select the most economic alternative that also meets requirements such
as production rate, quality specifications, manufacturability for design
specifications, etc.
Information: Each alternative must have estimates for life (likely 10 years), AOC
and other costs (e.g., training), first cost, any salvage value, and the MARR. The
debt versus equity capital question must be addressed, especially if more than $5
million is needed.
Alternatives: For both A and B, some of the required data to perform an analysis
are:
P and S must be estimated.
AOC equal to about 8% of P must be verified.
Training and other cost estimates (annual, periodic, one-time) must be
finalized.
Confirm n = 10 years for life of A and B.
MARR will probably be in the 15% to 18% per year range.
Criteria: Can use either present worth or annual worth to select between A and B.
Chapter 1 11
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2. Consider these and others like them:
Debt capital availability and cost
Competition and size of market share required
Employee safety of plastics used in processing
Chapter 1 12
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