By Welch I.
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8%, not 10%. Be this as it may, a big advantage is that it is less confusing in that no one will confuse 95 for an interest rate. (Incidentally, I have not memorized the computation here, either. ) 2·4 CAPITAL BUDGETING, PRESENT VALUES, AND NET PRESENT VALUES 23 Solve Now! 18 If you earn an (eﬀective) interest rate of 12% per annum, how many basis points do you earn in interest on a typical day? 15 weeks, how much interest do you earn on a deposit of $100,000 over 1 week? 20 If the bank quotes an interest rate of 12% per annum, how many basis points do you earn in interest on a typical day?
The ﬁrst part covers how your ﬁrm should make investment decisions, one project at a time. It covers the basics: rates of returns, the time value of money, and capital budgeting. It explains why we often rely on “perfect markets” when we estimate value. 2. The second part explains how corporate ﬁnancial statements work, and how they relate to ﬁrm value. 3. ” The novel part here is the consideration of how one investment inﬂuences the risk of other investments. For example, a coin bet on heads is risky.
Of course, for some students, the distaste of learning should be factored in as a cost (equivalent cash outﬂow)—but I trust that you are not one of them. All such nonﬁnancial ﬂows must be appropriately translated into cash equivalents if you want to arrive at a good project valuation! 13 These examples show that cash flows must include (quantify) non-financial benefits. A firm can be viewed as a collection of projects. Similarly, so can a family. Your family may In finance, firms are own a house, a car, have tuition payments, education investments, and so on—a collection of basically collections of projects.
A First Course in Corporate Finance by Welch I.