Mankeu Kelompok Cash Budget
-
Upload
nur-fajrina-dewi -
Category
Documents
-
view
10 -
download
3
Transcript of Mankeu Kelompok Cash Budget
Kumpulan Soal dan Penyelesaian Mengenai
Cash Management Models
Untuk memenuhi salah satu tugas mata kuliah Management Keuangan
Oleh :
Angga Hadi Purnomo 115121035
Barkah Suparman 115121037
Dela Milka Ratu 115121041
Miranti Duma S 115121048
Nur Fajrina Dewi 115121050
Rezky Ayu R. 115121054
Virna Fajrin Q. 115121060
Whindy Nurwanda 115121062
Kelas 2 KP-B
Jurusan Akuntansi
Program Studi Keuangan dan Perbankan
Politeknik Negeri Bandung
2013
A. Example using the Baumol model
A company generates $10,000 per month excess cash, which it intends to invest
in short-term securities. The interest rate it can expect to earn on its investment
is 5% pa. The transaction costs associated with each separate investment of
funds is constant at $50.
Required:
a) What is the optimum amount of cash to be invested in each transaction?
b) How many transactions will arise each year?
c) What is the cost of making those transactions pa?
d) What is the opportunity cost of holding cash pa?
Solution:
a) Q (Cash investment) = √ 2 x50 x $10,000 x 120.05=$15,492
b)Number of transaction pa = 120,00015,492
= 7,75
c) Annual transaction cost = 7.55 x $ 50 = $ 387
d)Annual opportunity cost (holeding cost) = 5% x 15,4922 = $ 387
i
B. Example using the Miller-Orr model
The minimum cash balance of $20,000 is required at Miller-Orr Co,and
transferring money to or from the bank costs $50 per transaction.
Inspection of daily cash flows over the past year suggests that the
standard deviation is $3,000 per day, and hence the variance (standard
deviation squared) is $9 million. The interest rate is 0.03% per day.
Calculate:
(a)the spread between the upper and lower limits?
(b)the upper limit?
(c) the return point?
Solution:
(a)Spread = 3 (3/4 × 50× 9,000,000/0.0003)1/3 = $31,200
(b)Upper limit = 20,000 + 31,200 = $51,200
(c) Return point = 20,000 + 31,200/3 = $30,400