Financial_Economics_2nd_Edition_By_Cleeton (재무의이해)

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Financial_Economics_2nd_Edition_By_Cleeton (재무의이해) 솔루션입니다

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Chapter 1: Financial Economics

Chapter 2: Financial Markets and Institutions

Chapter 3: Managing Financial Health and Performance

Chapter 4: Allocating Resources Over Time

Chapter 5: Household Saving and Investment Decisions

Chapter 6: The Analysis of Investment Projects

Chapter 7: Principles of Market Valuation

Chapter 8: Valuation of Known Cash Flows: Bonds

Chapter 9: Valuation of Common Stocks

Chapter 10: Principles of Risk Management

Chapter 11: Hedging, Insuring, and Diversifying

Chapter 12 Portfolio Opportunities and Choice

Chapter 13: Capital Market Equilibrium

Chapter 14: Forward and Futures Markets

Chapter 15: Markets for Options and Contingent Claims

Chapter 16: Financial Structure of the Firm

Chapter 17: Real Options

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CHAPTER 5 - Household Savings and Investment Decisions
End-of-Chapter Problems
1. Fred’s company has a defined-benefit pension plan. Suppose the plan pays a benefit equal to 1%
of final salary per year of service. Fred is 40 years old and has worked for the company for 15 years.
His last year’s salary was $50,000 and is expected to remain so in real terms until retirement. The
expected rate of inflation is 4%.
a. If normal retirement age is 65, the interest rate is 8%, and Fred’s life expectancy is 80, what is
the present value of his accrued pension benefit?
b. What efect should his pension benefit have on Fred’s planned saving assuming he has a 75%
target replacement rate?
Solution: a. Fred`s last year salary of $50,000 has a real growth rate of 0%, hence it will keep up with inflation
until retirement but not beat it. At retirement, he would have worked foor the company for a total of forty years.

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