By Welch I.
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Additional resources for A First Course in Corporate Finance
Were about 16–18%, dropping steadily to about 8% by the turn of the millennium. Interest rates in ancient Egypt tended to be about 10–12%. E. E. (a time of great upheaval). When lending resumed in the late Middle Ages (twelfth century), personal loans in England fetched about 50% per annum, though they tended to hover between 10–20% in the rest of Europe. By the Renaissance, commercial loan rates had fallen to 5–15% in Italy, the Netherlands, and France. By the seventeenth century, even English interest rates had dropped to 6–10% in the ﬁrst half, and even to 3–6% in the second half.
1) This sum is sometimes called the enterprise value. Our book will spend a lot of time discussing these two forms of ﬁnancing—but for now, you can consider both of them just simple investment projects: You put money in, and they pay money out. For many stock and bond investments that you can buy and sell in the ﬁnancial markets, we believe that most investors enjoy very few, if any, non-cash-based beneﬁts. Solve Now! , should you take into account the loss of salary while going to school? Cite a few nonmonetary beneﬁts that you reap as a student, too, and try to attach monetary value to them.
5 log(1 + 3%) T = You need logs to determine time needed to get x times your money. 21) log(1 + r0,t ) log(1 + rt ) Solve Now! 7 A project has a rate of return of 30%. What is the payoﬀ if the initial investment is $250? 8 If 1-year rates of return are 20% and interest rates are constant, what is the 5-year holding rate of return? 9 If the 5-year holding rate of return is 100% and interest rates are constant, what is the annual interest rate? 10 If you invest $2,000 today and it earns 25% per year, how much will you have in 15 years?