Kumpulan Soal dan Penyelesaian MengenaiCash Management ModelsUntuk memenuhi salah satu tugas mata kuliah Management Keuangan

Oleh :Angga Hadi Purnomo 115121035Barkah Suparman 115121037Dela Milkaratu 115121041Miranti Duma S. 115121048Nur Fajrina Dewi 115121050Rezky Ayu R. 115121054Virna Fajrin Q. 115121060Whindy Nurwanda 115121062Kelas 2 KP-B

Jurusan AkuntansiProgram Studi Keuangan dan PerbankanPoliteknik Negeri Bandung2013

A. Example using the Baumol model

1. 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) = b) Number of transaction pa = = 7,75c) Annual transaction cost = 7.55 x $ 50 = $ 387d) Annual opportunity cost (holeding cost) = 5% x = $ 387

2. Anticipate needs cash coming year is Rp 500,000,000, - Cost of securities sold or menbeli is Rp 50.000, - and earning interest income securities which amounted to 15%.

Required:What is the total cost of managing cash efficiently?

Solution:a) ECQ (Economic Convertion Quantity) = Jumlah kas yang optimalECQ = =Artinya setiap kali konversi dari sekuritas ke kas, jumlah yang ekonomis adalah Rp 18.257.419,-b) Jumlah konversi = = = 28 kaliJadi konversi dari sekuritas ke bentuk kas selama satu tahun mendatang sebanyak 28 kali.c) Rata-rata jumlah kas yang ada = d) Total biaya = Jadi biaya mengelola kas yang efisien selama satu tahun mendatang adalah Rp 2.769.603,5 yang terdiri dari biaya setiap kali konversi sekuritas ke dalam bentuk kas Rp 1.400.000,- dan biaya karena penghasilan bunga sekuritas yang hilang yaitu sebesar Rp 1.369.306,5,-B. Example using the Miller-Orr model

1. 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

2. Anticipate needs cash coming year is Rp 500,000,000, - Cost of securities sold or menbeli is Rp 50.000, - and earning interest income securities which amounted to 15%. Varian daily net cash flows required Rp 30.000.000,-

Calculate:(a) The return point?(b) The upper limit?

Solution:(a) Titik balik = = (b) Limit atas saldo kas = i