Homework Answers
Computation of value of $ 1,362 on year two-and-half-year which is schedule on year one-and-half year:
FV = PV x (1+r) n
PV = $ 1,362
r = Periodic rate = 0.058/4 = 0.0145
n = 1-year x 4 periods = 4 periods
Value of $ 1,362 on two-and-half-year from now
= $ 1,362 x (1+0.0145) 4
= $ 1,362 x (1.0145) 4
= $ 1,362 x 1.059274
= $ 1,442.7308321163
Computation of Value of $ 718 on year two and -half-year which is schedule on three-and-half year:
PV = FV/(1+r) n
FV = $ 718
r = Periodic rate = 0.058/4 = 0.0145
n = 1-year x 4 periods = 4 periods
Value of $ 718 on two-and-half-year from now
= $ 718/ (1+0.0145) 4
= $ 718/ (1.0145) 4
= $ 718/ 1.059274
= $ 677.822735
Computation of Value of $ 1,145 on year two and -half-year which is schedule on three-and-half year:
PV = FV/(1+r) n
FV = $ 1,145
r = Periodic rate = 0.058/4 = 0.0145
n = 3-year x 4 periods = 12 periods
Value of $ 1,145 on year two and -half-year from now
= $ 1,145/ (1+0.0145) 12
= $ 1,145/ (1.0145) 12
= $ 1,145/ 1.18856959535234
= $ 963.342831986689
Total value of three cash flow on year two-and-half-year from now
= $ 1,442. 731188 + $ 677.822735 + $ 963.342504
= $ 3,083.896427 or $ 3,083.90
The equivalent replacement payment is $ 3,083.90
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