公司理财计算题汇总(5)

7. Investment 8. Total Cash Flow

$500,000 75,792* -$400,000 $113,200 $133,60$111,840 $98,784 $74,576

*75,792 = $100,000 - 0.34 ($100,000 - $28,800)

NPV = -$400,000+ $113,200 / 1.12 + $133,600 / 1.122 + $111,840 / 1.123 + $98,784 / 1.124 + $74,576 / 1.125

= -$7,722.52

Real interest rate = (1.15 / 1.04) - 1 = 10.58%

NPVA = -$40,000+ $20,000 / 1.1058 + $15,000 / 1.10582 + $15,000 / 1.10583 = $1,446.76

NPVB = -$50,000+ $10,000 / 1.15 + $20,000 / 1.152 + $40,000 / 1.153 = $119.17

Choose project A.

PV = $120,000 / {0.11 - (-0.06)}

= $705,882.35

t = 0 t = 1 $12,000 $6,000

t = 2 $6,000 t = 3 t = 4 t = 5 $6,000

$4,000 $12,000 $6,000

t = 6

$6,000

... ...

The present value of one cycle is:

4

PV = $12,000 + $6,000 30.06 + $4,000 / 1.06

= $12,000 + $6,000 (2.6730) + $4,000 / 1.064 = $31,206.37

The cycle is four years long, so use a four year annuity factor to compute the equivalent annual cost (EAC).

4

EAC= $31,206.37 / 0.06

= $31,206.37 / 3.4651

= $9,006 The present value of such a stream in perpetuity is

$9,006 / 0.06 = $150,100

第八章：公司战略和净现值分析：P154 The accounting break-even = (120,000 + 20,000) / (1,500 - 1,100) = 350 units

. The accounting break-even = 340,000 / (2.00 - 0.72)