A First Course in Corporate Finance by Welch I.

By Welch I.

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What is the rate of return? 4 A project offers a net return of $25 for an investment of $1,000. What is the rate of return? 5 If the interest rate of 10% increases to 12%, how many basis points did it increase? 6 If the interest rate of 10% decreased by 20 basis points, what is the new interest rate? 4) around to determine how money will grow over time given a rate of return. Anecdote: Interest Rates over the Millennia Historical interest rates are fascinating, perhaps because they look so similar to today’s interest rates.

Tex 26 Chapter 2 THE TIME VALUE OF MONEY dollars today. Because interest rates are usually positive, discount factors are usually less than 1—a dollar in the future is worth less than a dollar today. 2 shows how the discount factor declines when the cost of capital is 20% per annum. After about a decade, any dollar the project earns is worth less than 20 cents to you today. 32) The process of obtaining r0,t is called compounding, and it works through the “one-plus” formula: (1 + r0,t ) = (1 + r0,1 ) · (1 + r1,2 ) · · · (1 + rt−1,t ).

The fourth part covers how your projects should be financed. Should you find partners to join you, or should you borrow money? The former is called equity financing, the latter is called debt financing. This part also describes how firms have historically financed themselves and how investment banking works. It closes with the subject of corporate governance—how firm owners assure that their firm’s employees and other owners will not steal all their money. The synthesis chapter is not only the standard way of business communication, but it also requires you knowing everything!

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