103 MT
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University of California, Berkeley *
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Course
103
Subject
Finance
Date
Jan 9, 2024
Type
Pages
10
Uploaded by AdmiralMeerkat883
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Professor
Michael
Needham
Introduction
to
Finance
Midterm
Exam,
October
16
1h
,
2023
•
lmport~nt:
Print
your
name
and
student
ID#
on
each
page.
•
You
w,11
have
I
:20
to
complete
this
exam.
•
At
the
end
of
the
exam
are
financial
statements
that
are
referred
to
,
and
a
list
of
formulas
that
are
being
supplied.
•
A correct
answer
with
no
work
or
substantially
incorrect
work
shown
gets
no
credit.
•
For
problems
where
a
cash
flow
timeline
is
supplied
,
fill
in
the
timeline
completely
correctly
to
get
credit
,
however
you
only
need
show
as
many
periods
as
is
required
to
solve
the
problem.
•
Write
solutions
legibly
where
indicated
,
and
answer
to
the
accuracy
required.
•
Circle
your
final
answer
•
You
may
use
any
device
you
like
(
computer,
pad,
calculator,
phone
app)
to
answer
questions
•
This
exam
is
being
administered
under
the
University's
rules
for
academic
conduct
and
the
Code
of
Academic
Integrity
applies
.
Implications
include,
but
are
not
limited,
to
things
like:
You
may
not
communicate
with
any
individual,
consult
any
outside
resource,
or
use
any
shared
spreadsheet
to
complete
the
exam.
If
you
are
using
a
spreadsheet
or
calculator,
it
may
not
be
preprogrammed
or
have
formulas
in
the
cells.
With
th~
exception
of
Excel/calculator
functions,
you
must
write
all
your
own
formulas
.
Initial
here
to
indicate
that
you
have
read
and
understand
the
'
se
instructions
that
were
previously
gone
over
in
class
and
posted
on
bCourses.
Un-initialed
exams
will
not
be
graded.
Initials:
SN
Score
(points possibl
e)
:
0
(4)
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(7)
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Name:
LJGBA
103
FA23
Midterm
.....
SID:
I
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1.
Here
is
the
US
Treasury yield curve
as
of
9/21/23 (rates in percent), which you
can
assume
applies to both zero-coupon (zeroes),
and
coupon bond payments:
1
Mo
6 Mo
1 Yr
2 Yr
5.
52
5.
52
5.46
5.12
5 Yr
7 Yr
10
Yr
20
Yr
30
Yr
4.61
4.57
4.
49
4.74
4.
56
a.
Using the method discussed in
class
and the text for replicating a coupon bond using
zero-coupon yields, on
9/21/23
what
was
the price of a risk-free, 3-year, $1,000 par
#
ej.,,~
~.
value bond
with
3.25% annual coupons, assuming the first coupon will
be
paid one
f°'-
{"
year out? (to the cent)
{7
pts}
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b.
You
buy a 30-year $1000 par value zero and the
Fed
is
not successful in controlling
inflation,
so
that
the yield on this specific bond increases
to
6.50% in one year.
If
you
decide
to
sell the bond in one year, what
is
your total annual return? (tenth
of
a
percent,
use
the
table
to
lay
out
your financial calculator inputs
or
show formula)
(
:o,9-07
.
-
½
{7
pts
}
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UGBA
103
FA23
Midterm
XC$i!t!
c.
I want to
invest
for 1
year
so
I
buy
a 1-
year
maturity B-
rated
(by
S&P)
corporate
zero-coupon
bond
. AB-rated
bond
is
"Solvent
in
the
short-term,
but
adverse
events
could
impact
its
ability to
meet
its
financial
commitments"
and
there
is
a
3%
chance
of default
in
the
next
year,
so
there
is
a
1.5%
risk
premium
above
the
risk-
fr
ee
rate
for
these
bonds,
and
if
the
bond
defaults
investors
willonly
receive
half of
the
par
value
.
Using
the
method
discussed
in
the
text
and
class
for a
bond
with a
risk
of
default, what ·
is
the
price
of_
the
bond?
Remem~er
that
this
method
determines
expected payout and from there
calculates
yields.
(hundredths
of a
percent,
use
the
table to
lay
out your
financial
calculator
inputs
or
show
formula)
{7 pts}
PY
0
FY
,~
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UGBA
103
FA23
Midterm
J
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d.
What
is
the
what
is
the yield to
maturity
of
the bond in part
(c)?
(hundredths of a
percent)
{5
pts}
e. What
is
the expected return
of
the bond in part
(c)
if
the bond defaults? (hundredths
of
a percent)
{5
pts}
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2.
See
AAPL's
Condensed Consolidated
Balance
Sheet
as
of
7
/1/23
at the end
of
the exam.
On
6/30/23
AAPL
was trading
for
$194 per share
and
there were
15.77~
shares
outstanding.
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a.
Using the information provided, according to the market what
was
AAPL's
Enterprise
Value?($ million)
{5
pts}
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UGBA
103
FA23
Midterm
I
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TV
b.
What
was
AAPL's
Market-
to
-
Book
ratio?
(2
decimal
places)
{5 pt
s}
~s
c.
AAPL's
annualized
Free
Cash
Flow
for
the
year
just
ended
is
$100
billion
and
is
expected
to
be
$110
B
next
year,
$120
B the
year
after that,
and
after that the
FCF
is
expected
to grow
by
5.
75%
per
year
forever
and
ever.
The
opportunity
cost
of
capital
for
investing
in
a
company
with
Apple's
risk
is
9.5%.
The
$1
Q09
just earned
is
not
needed
since
it
is
already
reflected
in
the
balance
sheet.
What
do
you
estimate
AAPL's
Enterprise
Value
to be?($ million;
Fill
out only
as
many
periods
on
the
timeline
as
necessary
to
complete
the problem,
and
show
the formulas
you
used)
{10 pts}
(
HJ)
.
c~.2
.
0
2
3
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d.
According
to your calculations
in
(c)
does
the market undervalue or overvalue
Apple
share
prices?
(please
cite your calculations from
above)
{5
pts}
M
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Page4
UGBA
103
FA23
Midterm
I'
I
3.
You
are
looking
for a
new
home
a.
A realtor
has
told
you
that there
Is
a terrific
Craftsman
bungalow
in
Berkeley
for
sale
for
$1.6
milli
on,
but
you
don't think
you
'
ll
be
ready
to
buy
for
10
years.
They
tell
you
that
by
then
the
house
will
cost
$2
.8
million.
What
rate
of
annual
home
inflation
did
they
assume?
(hundredths of a
percent;
show
the
formula
you
used)
(4
pts}
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5
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b.
There
is
a
smaller
place
for
sale
for
$1.2
million. A
bank
has
offered
to
lend
you
80%
of the
purchase
price,
with monthly
compounrnng
and
payments
for
the
30-year
maturity
mortgage.
Although
banks
generally
quote
rates
as
APRs,
this
o~
offering
you
an
EAR
of
6.0%
per
year.
How
much
will
your
monthly paym
ent
be
if
the
payment
is
made
at
the
beginning
of
every
month?
(cents
for
answer,
use
a
percent
rounded to 4
decimal
places,
that
is
0.nnnn%,
for
the
rate;
fill out
the
first
and
last
couple
of
periods
on
the
timeline
to
complete
the
problem,
and
show
the
formulas
you
used)
Show
calculator inputs
on
following
page
{
10
pts}
0
2
3
-
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S7 -9 G
Pages
UGBA
103
FA23
Midterm
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c.
You
ended
up
taking out a
$1
million
loan
to
buy
the
house,
and
20
years later, with
10
years
remaining
on
the loan,
you
are
trying to remember how
to
split
up
a loan
payment between interest
and
principal.
The
loan
had
a rate
of
4%
APR
with
monthly payments of $4,774.~
due
at the
end
of
each
month.
On
the amortization
schedule
below for"ffie first month of the
21
st
year,
fill
in
the
4
blanks for:
Beg
inning
balance;
the amount of principal
and
interest
due
for the month;
ahd
the ending
balance
after the
loan
payment
is
made.
(cents)
Show calculator inputs
or
formula
on
following page {10 pt
s}
,;::;
M~
Loan
beginning
balance
(after
20
years)
-ooo
/
0)
~0<'6'
f'j
;:::'(-AO~
Interest
(','.)
<-'£
e.;::.
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)-.
1
..2
•
:
\:;2.0
.
P
ri
ncipal
T
otal
payment
E
nding
balance
Name
:
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SID:
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Page6
UGBA
103
FA23
Midterm
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Page
7
UGBA
103
FA23
Midterm
4
·
The
following
3
questions,
parts
(a)
through
(c)
,
are
unrel
a
ted
:
{5
pts)
Name:
SID
:
a.
What
inherent
characte
r
istic
of
corporations
creates
the
need
for a sys
tem
of
check
s
on
manager
behavior?
(circle
the
correct
an
s
wer)
1.
The
best
method
of
reducing
conflicts
of interest
between
shareholder
s
and
corporate
managers
is
to
allow
the
shareholders
the
ability to
run
the
corporation
themselves
. It
is
more
efficient
and
provides
a
drastic
reduction
in
conflicts
of
interest.
11.
Corporate
managers
are
by
nature
greedy
and
should
not
be
trusted
in
any
way.Therefore,
a
system
of
checks,
created
by
the
Board
of
Directors,
is
normally
instituted to
control
managerial
behavior.
@
The
corporation
allows
for
the
separation
of
managem~nt
and
own~rship
.
Thus,
those
who
control
the
operations
of
the
corporation
and
how
its
money
is
spent
are
not
the
same
who
have
invested
in
the
corporation.
This
creates
a
clear
conflict
of
interest
and
this
conflict
between
the
investors
and
managers
creates
the
need
for
investors
to
devise
a
system
of
checks
on
managers-the
system
of
corporate
governance
.
iv.
There
really
is
no
need
to
have
a
system
of
corporate
governance
since
if
shareholders
are
not
satisfied
with
the
management
of a
company
they
can
simply
sell
their
shares
in
that
company
.
b.
Your
brother-in-law
tells
you
that a
friend
told
him
"My
skin
hurts!
What
is
going
on
with
iPhone
15
Pro
Max?"
and
that
they
are
prone
to
overheating.
An
analyst
says
that
the
overheating
issue
was
due
to
"compromises"
in
the
phone's
des
i
gn
as
the
company
attempted
to
reduce
the
product's
weight,
and
that
this
will
reduce
projected
sales
of
the
model
as
a
result.
And
you
read
last
week
that the
iPhone
15
Pro
Max
is
frequently
igniting
in
people's
pants.
Your
brother-in-law tells
you
to
short
the
stock.
Based
on
the
class
and
book
conversations
on
efficient
markets,
what
should
you
do?
(circle
the
correct
answer)
{5
pts}
i.
Long
the
stock,
AAPL
will
always
outperform
the
market
11.
Short
the
stock,
sales
will
plummet
for
about
a
year
until
Apple
can
introduce
a
new
model
iii.
Do
nothing,
it will
have
a
small
impact
on
Apple
's
long
-term
prospects
@
o~
nothing,
this
is
all
public
information
and
is
already
incorporated
in
stock
prices.
PageB
UGBA
103
FA23
Midterm
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Name:
SID:
c.
What
is
the
significance
of
th
I
What
else
can
you
say
ab
t
::o
nt
on
the
x-
axis
that
the
arrow
is
directed
at?
discount
rates
and
j
ou
e
graph?
(give
your
answer
in
terms
of
NPVs
•
pro
ect
attractiveness)
{10
pts}
'
$30
$20
$10
so
0,
0,.
{$10}
!SlOl
(S30)
S.
0%
10.o'K
NPV
I
15.o'K
20°"
2S
.
<1%
Oi
sc
ou"t
Rate
Page9
UGBA
103
FA23
Midterm
'
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An account with quarterly compounding and an APR of 7.32%
Sshould be deposited today.
(Do not round until the final answer. Then round to the nearest cent as needed.)
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SSIGNMENTS
Assignment - 1. Credit Scores and Loans
Attempt 1 of 1
COURSES
SECTION 3 OF 4
QUESTION
1
4
8
You get a personal loan of $5,000 with 12% simple interest too be paid over 30 months. What is your monthly payment?
O $150.00
O $166.67
O $216.67
O $175.00
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Cy loans Mookie The Beagle™ Concierge $2,000 at 6% annual interest. Record the transaction as a loan payable as follows.
Complete a Deposit.
Select Create (+) icon > Bank Deposit
Select Account: Checking
Select Date: 01/12/2022
In Add Funds to This Deposit section, select Account: + Add New > Loan Payable > Account Type: Other Current Liabilities > Detail Type: Loan Payable > Name: Loan Payable, then select Save and close
Select Payment Method: Check
Enter Ref No.: 5002
Enter Amount: 2000.00
Select Save and close
What is the Amount of the Loan Payable? (Answer this question in the table shown below. Round your answer 2 decimal places.)
View the Transaction Journal for the Deposit.
From the Navigation Bar, select Accounting
From the Chart of Accounts, select Loan Payable > View Register
From the Register, select the transaction just recorded > Edit
From the bottom of the Loan Payable transaction, select More > Transaction Journal
What are the…
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Readine
Installment Loan
How much of the first
payment for the
installment loan
18% shown in the table will
Principal
$2000.00
Term Length
2 years
Interest Rate
go towards principal?
Monthly Payment
$100.00
B. $70.00
A. $88.00
D. $30.00
C. $111.00
1:59 AM
10/18/2021
AD) ENG
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Assignment - 11. Quiz: Savings Accounts
ASSIGNMENTS
COURSES
SECTION 1 OF 1
QUESTION 2 OF 8
Attempt 1 of 1
1
4
7
8
<.
Charlie invests $500 in a savings account with an annual interest rate of 12%. How much simple interest will he collect in
4 years?
O 48
O 120
240
O 420
NEXT QUESTION
O ASK FOR HELP
TURN IT IN
Type here to search
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General Accounting I 2020-2021 Fall Term Final Exam (page 18 of 25)-Google Chrome
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MSKÜ-LMS
1807 ŞB: 1 ÖRGÜN General Accounting I İktisadi ve Idari Bilimler Fakültesi İktisa
8
A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 247
Tanmadi
O a. $3.332
izerinden
tlenmiş
O b. $3,600
oruyu
etle
OC $3.528
O d. $3,400
Önceki sayfa
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Cy loans Mookie The Beagle Concierge $1,000 at 6% annual interest. Record the transaction as a loan payable as follows.
Required:
1. Complete a Deposit.
a. Select (+) New icon > Bank Deposit
b. Select Account: 1001 Checking
c. Select Date: 01/12/2023
d. In Add Funds to This Deposit section, select Account: + Add New > Account Type: Other Current Liabilities > Detail Type: Loan Payable > Name: Loan Payable > Number: 2300 > Save and Close
e. Select Payment Method: Check
f. Enter Reference Number: 5002
g. Enter Amount: 1000.00
h. Select Save and close
i. What is the Amount of the Loan Payable?
Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount.
Amount of the loan payable ()
View the Transaction Journal for the Deposit.
a. From the Navigation Bar, select Accounting
b. From the Chart of Accounts, select 2300 Loan Payable > View Register
c. From the Register, select the transaction just recorded > Edit
d. From the…
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Cy loans Mookie The Beagle Concierge $1,000 at 6% annual interest. Record the transaction as a loan payable as follows.
Required:
1. Complete a Deposit.
a. Select (+) New icon > Bank Deposit
b. Select Account: 1001 Checking
c. Select Date: 01/12/2023
d. In Add Funds to This Deposit section, select Account: + Add New > Account Type: Other Current Liabilities > Detail Type: Loan
Payable > Name: Loan Payable> Number: 2300 > Save and Close
e. Select Payment Method: Check
f. Enter Reference Number: 5002
g. Enter Amount: 1000.00
h. Select Save and close
i. What is the Amount of the Loan Payable?
Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount.
i. Amount of the loan payable
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Suppose a business receives a 907000 long term bank loan on December 31 2019 the borrowing arrangement requires the business to pay 226 750 by September 2020 show how the business will report both current and long term liabilities on its December 31 2019 balance sheet .
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b. As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
c. Prepare a journal entry at January 4, year 2, to record the cash sale of these investments at $220,000.
d. What effect will the sale recorded in part c have on Wharton's tax obligation for year 2?
Required D
Wharton, Inc., pays income taxes on capital gains (including gains on marketable securities) at a rate of 30 percent. At December
31, year 1, the company owns marketable securities that cost $180,000 but have a current market value of $220,000.
Required B
Prev
‒‒‒‒‒‒‒‒‒‒‒
As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
Income taxes paid on the increase in the…
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Your grandfather has agreed to deposit a certain amount of money each year into an account paying 7.90 percent annually to help you
go to graduate school. Starting next year, and for the following four years, he plans to deposit $2,350, $8,600, $7,200, $6,600, and
$12,150 into the account. How much will you have at the end of the five years? (Round answer to 2 decimal places, e.g. 15.25.)
Future value at end of five years
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Math Concepts
6.
Exam 3
Name:
Assume that the following loan was paid in full before its due date.
Regular Monthly
Payments
$785
APR
6.5%
Remaining Number of Scheduled
Payments after Payoff
36
(i)
Obtain the value of h.
(ii)
Find the amount of unearned interest by the actuarial method.
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Exercise 9-12 a-b (Part Levei SubmiSSion)
CES
CALCULATOR
PRINTER VERSION
4 ВАCK
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest excer
ES-
December 31.
Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note.
t
Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note.
Dec. 11
16
Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable.
31
Accrued interest revenue on all notes receivable.
(a)
Your answer is correct.
Journalize the transactions for Oriole Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is ente
indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g.…
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A newspaper editor starts a retirement savings plan in which $225 per month is deposited at the beginning of each month into an account that earns an annual interest rate of 6.4% compounded monthly.
Find the value of this investment (in dollars) after 20 years. (Round your answer to the nearest cent.)
$
DETAILS
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logo design company purchases four new computers for $12,500. The company finances the cost of the computers for 3 years at an annual interest rate of 5.175% compounded monthly. Find the month
ayment (in dollars) for this loan. (Round your answer to the nearest cent. See Example 8 in this section.)
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ATG-110-20A01: Financial Accounting (Session II Summer 2021)
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TIF 12-2
Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
stock to be sold to the general public. Lou and Shirley
have decided to establish par of $0.03 per share in
order to appeal to a wide variety of potential
investors. Lou and Shirley believe…
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You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year.
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Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.)
$
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MTH101 B01 - QUANTITATIVE LITERACY (Fall 2021 Credit Courses)
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You deposit $6000 in an account earning 5% interest compóunded monthly. How much will you have in the
account in 15 years?
$ 8,540.57
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described in the table?
Principal: $200,000.00
Monthly
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Interest
Rate
3%
4%
$843
$955
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