公司理财计算题汇总(4)

第六章：投资决策和其他方法：P121

a. Payback period of Project A = 1 + ($7,500 - $4,000) / $3,500 = 2 years

Payback period of Project B = 2 + ($5,000 - $2,500 -$1,200) / $3,000 = 2.43 years Project A should be chosen.

b.

NPVA = -$7,500 + $4,000 / 1.15 + $3,500 / 1.152 + $1,500 / 1.153 = -$388.96 NPVB = -$5,000 + $2,500 / 1.15 + $1,200 / 1.152 + $3,000 / 1.153 = $53.83

Project B should be chosen.

Average accounting return:$4,500 / $8,000 = 0.5625 = 56.25%

b. 1. AAR does not consider the timing of the cash flows, hence it does not

the time value of money. 2. AAR uses an arbitrary firm standard as the decision rule. 3. AAR uses accounting data rather than net cash flows.

2 - $1,000 / (1 + r)3

- $1,000 / (1 + r)4 = 0 By trial and error, IRR = r = 13.99%

b. Since this problem is the case of financing, accept the project if the IRR is less than the required rate of return.

IRR = 13.99% > 10% Reject the offer. c. IRR = 13.99% < 20% Accept the offer. d. When r = 10%:

NPV = $5,000 - $2,500 / 1.1 - $2,000 / 1.12 - $1,000 / 1.13 - $1,000 / 1.14= -$359.95 When r = 20%:

NPV = $5,000 - $2,500 / 1.2 - $2,000 / 1.22 - $1,000 / 1.23 - $1,000 / 1.24= $466.82 Yes, they are consistent with the choices of the IRR rule since the signs of the cash

flows change only once.

PI = $40,000 70.15

/ $160,000 = 1.04

consider

Since the PI exceeds one accept the project.

第七章：净现值和资本预算：P140

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 1. Annual Salary Savings $120,000 $120,00$120,000 $120,000 $120,000

2. Depreciation 100,000 160,000 96,000 57,600 57,600 3. Taxable Income 20,000 -40,000 24,000 62,400 62,400 4. Taxes 6,800 -13,600 8,160 21,216 21,216 5. Operating Cash Flow 113,200 133,600 111,840 98,784 98,784

(line 1-4) 6. -100,000 Net working $100,000

capital