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CHAPTER 2
Present Values, The Objectives of the Firm,
and Corporate Governance
Answers to Practice Questions
1. The face value of the treasury security is $1,000. If this security earns 5%, then in one year we will receive $1,050. Thus:
NPV 〓 C0 + [C1/(1 + r)] 〓 $1000 + ($1050/1.05) 〓 0
This is not a surprising result because 5 percent is the opportunity cost of capital, i.e., 5 percent is the return available in the capital market. If any investment earns a rate of return equal to the opportunity cost of capital, the NPV of that investment is zero.

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