1

209

1DOL

600200

2

4-5

800

11%4 0002 4001 000600200200145 0005 000218 00033 0004 660525% IRR=1181=80000-43000=370002=660 3=[10 43000 10% 8 000 80 000444430% 2400024006002.67DFL1.5DCL2.671.54 302.6780304120 110%400

20/

1 600

25%

2

313 0004 00060080000-18000/4]-[45000-5000/5]=7500=-30004

1=[1600+400-(10%

3000+11%4000)](1-25%)/800=11812

=(1600+400-300010%)

(1-25%)/(800+4000/20)=1275

2EBIT300(125%)1000EBIT740(125%)800EBIT2500

EPS0=1.65

3DFL160016003001.23

DFL=20002000-740=1.59DFL

20002000-300=1.18

4

5-2

120 000

0 120 000 120 000 1 32 000 50 000 000 2 32 000 40 000 3 32 000 30 000 4 32 000 20 000 5 32 000 20 000

10%

NPV=32000(P/A,10%,5)-120001312NPV=50000(P/F,10%,1)+40000(P/F,10%,2)+30000(P/F,10%,3)+20000(P/F,10%,4)+20000

(P/F,10%,5)-12000=710071001312

=8000--3000=11000 4 O=-80000-43000=-37000=1=110001-25%+7500+660=164102--3=110001-25%+7500=15750=110001-25%+7500+18000=33750 5 I 37000+16410P/F,I,1+15750[P/A,I,3-]+33750P/F,I,4=0 I I=28%-37000+164100.7813+157501.8684-0.7813+337500.3725=5514.83 28%10% 5-697 0007 00010 00025%1 2 1214 53348

IRR=12881215 07278 100 000130 00020 00010 00040 00070 000628 00012% 66