netpresentvalueandotherinvestmentcriteria(英文版)(更新版)
【正文】 urn Average ine divided by average book value over project life. Also called accounting rate of return.Managers rarely use this measurement to make decisions. The ponents reflect tax and accounting figures, not market values or cash flows. 169。The McGrawHill Companies, Inc.,20236 11Irwin/McGrawHillNet Present ValueExample continuedIf the building is being offered for sale at a price of $350,000, would you buy the building and what is the added value generated by your purchase and management of the building?169。The McGrawHill Companies, Inc.,20236 4Irwin/McGrawHill本資料來源169。169。The McGrawHill Companies, Inc.,20236 3Irwin/McGrawHillNet Present ValueOpportunity Cost of Capital Expected rate of return given up by investing in a project. Net Present Value Present value of cash flows minus initial investments.169。The McGrawHill Companies, Inc.,20236 10Irwin/McGrawHillNet Present Value0 1 2 3$16,000$16,000$16,000$450,000$466,000Present Value 14,953 14,953 380,395$409,323Example continued169。The McGrawHill Companies, Inc.,20236 17Irwin/McGrawHillPayback MethodExampleThe three project below are available. The pany accepts all projects with a 2 year or less payback period. Show how this decision will impact our decision.Cash FlowsPrj. C0 C1 C2 C3 Payback NPV10%A 2023 +1000 +1000 +10000 2 +7,249B 2023 +1000 +1000 0 2 264C 2023 0 +2023 0 2 347169。The McGrawHill Companies, Inc.,20236 25Irwin/McGrawHillEquivalent Annual CostExampleGiven the following costs of operating two machines and a 6% cost of capital, select the lower cost machine using equivalent annual cost method. Year 2 3 4 PV6% Ann. CostD 15 4 4 4 E 10 6 6 169。 With some cash flows (as noted below) the NPV of the project increases s the discount rate increases. 220。CFt： t 期淨(jìng)現(xiàn)金流量 (即各期稅後現(xiàn)金入 )232。簡稱 MIRR)法
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