tugas manajemen keuangan

1. TUGAS MANAJEMEN KEUANGAN
SOAL INTERNATIONAL BUSINESS FINANCE
Oleh :
Ega Putri Idham (10)
Naufal Afif Risyudhawan (21)
Yezanya Modestha F. (32)
POLITEKNIK KEUANGAN NEGARA STAN
JURUSAN MANAJEMEN KEUANGAN
PROGRAM STUDI D III KEBENDAHARAAN NEGARA
2018/2019
19-1
[QUESTION]

2. An American business needs to pay (a) 30,000 Canadian dollars, (b) 1 million yen,
and (c) 40,000 Swiss francs to businesses abroad. What are the dollar payments to
the respective countries?
[ANSWER]
a. Canadian dollars:
U.S. dollar payment = Amount of foreign currency x Exchange rate (U.S. $ /
Canadian dollar)
U.S. dollar payment = 30,000 Canadian dollars x U.S. $0.8437 / Canadian
dollar = $25,139
b. Japanese yen:
U.S. dollar payment = Amount of foreign currency x Exchange rate (U.S. $ /
Japanese yen)
U.S. dollar payment = 1,000,000 yen x U.S. $0.004684 / yen= $4,67
c. Swiss francs:
U.S. dollar payment = Amount of foreign currency x Exchange rate (U.S. $ /
Swiss franc)
U.S. dollar payment = 40,000 Swiss franc x U.S. $0.5139 / Swiss franc =
$20,556
So, the american business needs : - $25,139 to buy 30,000 Canadian dollars
- $4,67 to buy 1,000,000 yen
- $20,556 to buy 40,000 Swiss franc
Problem 19-2
(Converting currencies) An American business pays $ 20,000 , $25,000 , and $40,000 to suppliers in
Japan, Switzerland, and Canada, respectively. How much, in local currencies, do the suppliers
receive?

3. Diketahui :
Pembayaran kepada supplier Jepang = $ 20,000
Pembayaran kepada supplier Switzerland = $ 25,000
Pembayaran kepada supplier Kanada = $40,000
Direct Quotes List
Ditanya = Pembayaran dalam mata uang local?
Jawab =
- Pembayaran kepada supplier Jepang
Indirect quote =
$ .
= 213.492741 (¥/US$)
Foreign Currency Amount = U.S. $20,000 X 213.492741 (¥/$) = ¥ 4,269,854.82
- Pembayaran kepada supplier Swiss
Indirect Quote = $ .
= 1.9459 (Swiss franc / US$)
Foreign Currency Amount = U.S.$ 25,000 X 1.9459 (Swiss Franc/US$) = 48647.5 SFr
- Pembayaran kepada supplier Canada
Indirect Quote =
$ .
= 1.1853 (Canadian dollar/US$)
Foreign Currency Amount = US$ 40,000 X 1.1853 (Canadian dollar/US$) = C$47,412

4. 19-15
[QUESTION]
Peter has gathered the following information and quotes for the British and Swiss
forex markets.
Spot exchange rate CHF 1.2151/EURO
Six-month forward exchange rate CHF 1.1922/EURO
GBP interest rate (6 months) 2,5% per year
CHF interest rate (6 months) 2,0% per year
a. Is the interest rate parity holding? Ignore transactio cost for your calculation
b. Identify the arbitrage opportunity and show what steps need to be taken to
make arbitrage profit. Let’s assume that Peter has access to funds up to
1,000,000 Euro that he can use to exploit the opportunity. Calculate the
arbitrage profit that can be earned in dollars.
[ANSWER]
a. The interest rate parity holding because of the percentage well-known above
the normal level which is the reason.
b. Domestic rate of interest in percent = (1.0420238-1) x 100
= 4,20238 %
19-16
The one-year current yield on treasury bonds in US is 6 percent. The same yield on
the Japan treasury bonds is 1 percent for one year. The exchange rate between
Indian rupee and the British pound as of now is $100 per ¥1 the forward rate is $90
per ¥1. What is the one year risk free rate of interest to be in Japan
Solution :
(1+ r JPY) / (1+ r USD)= (1+0.01)/(1+0.06)
(1+ r JPY) / (1+ r USD)= 0.9528
Forward exchange ratio/spot exchange ratio = 0.9
(1+ r JPY) / (1+ r USD) > Forward exchange ratio/spot exchange ratio

5. The investors will profit if the currency is deposited in yen
19-19 (Working with International Capital Budgeting)
Assume you are working for a firm based in the United States that is considering a new
project in the country for Tambicia. This new project will produce the following cash flows,
measured in TABs ( the currency in Tambivia), that are expected to be repatriated to the
pareng companu in the US.
Year Cash Flow (TAB
millions)
0 -12
1 5
2 6
3 7
4 7
In addition assume the risk free rate in the US is 5 percent and that this
project is risker than most as such the firm has determined that it should require a
12% premium over the risk-free rate. Thus, the appropriate discount rate for this
project is 17%. In addition the current spot exchange rate is BLA0.9/$ and the one
year forward exchange rate is BLA0.93/$. What is the project NPV?
Jawab =

6. 19-20
An American firm is considering a new project in the country of Geeblaistan. This
new project will produce the following cash flows, measured in BLAs (the currency of
Geeblaistan), that are expected to be repatried to the parent company in the US
Year Cash Flow
(BLA millions)
0 -15
1 6
2 8
3 5
In addition assume the risk free rate in the US is 5 percent and that this project is
risker than most as such the firm has determined that it should require a 13%
premium over the risk-free rate. Thus, the appropriate discount rate for this project is
17%. In addition the current spot exchange rate is BLA0.9/$ and the one year
forward exchange rate is BLA0.93/$. What is the project NPV?
Solution
Year Spot Exchange
Rate
Interest Rate
Differentialn
Forward
exchange rate
for year n
0 0.9 BLA/U.S $ U.S
$1.1111/BLA
1 0.9 BLA/U.S $ 1.0333 U.S
$1.0753/BLA
2 0.9 BLA/U.S $ 1.03332 U.S
$1.0407/BLA

7. 3 0.9 BLA/U.S $ 1.03333 U.S
$1.0072/BLA
Year Cash Flow
(BLA millions)
0 -15 x U.S
$1.1111/BLA
$-16,6665
1 6 x U.S
$1.0753/BLA
$6.4518
2 8 x U.S
$1.0407/BLA
$8.3256
3 5 x U.S
$1.0072/BLA
$5.036
NPV : -16.6665 + (6.4518/1.17) + (8.3256/1.172) + (5.036/1.173)
NPV : -16.6665+5.51436+6.08196+3.14433
NPV : -1.92585