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【正文】 deductions ? Tax Shield Approach ? OCF = (Sales – Costs)(1 – T) + Depreciation*T 622 Investments of Unequal Lives ? There are times when application of the NPV rule can lead to the wrong decision. Consider a factory that must have an air cleaner that is mandated by law. There are two choices: ?The ―Cadillac cleaner‖ costs $4,000 today, has annual operating costs of $100, and lasts 10 years. ?The ―Cheapskate cleaner‖ costs $1,000 today, has annual operating costs of $500, and lasts 5 years. ? Assuming a 10% discount rate, which one should we choose? 623 Investments of Unequal Lives At first glance, the Cheapskate cleaner has a higher NPV. 10 –100 –4, – 4,000 CF1 F1 CF0 I NPV 10 5 –500 –2, –1,000 CF1 F1 CF0 I NPV 10 Cadillac Air Cleaner Cheapskate Air Cleaner 624 Investments of Unequal Lives ?This overlooks the fact that the Cadillac cleaner lasts twice as long. ?When we incorporate the difference in lives, the Cadillac cleaner is actually cheaper (., has a higher NPV). 625 Equivalent Annual Cost (EAC) ? The EAC is the value of the level payment annuity that has the same PV as our original set of cash flows. ? For example, the EAC for the Cadillac air cleaner is $. ? The EAC for the Cheapskate air cleaner is $, thus we should reject it. 626 Cadillac EAC with a Calculator 10 –100 –4, –4,000 CF1 F1 CF0 I NPV 10 10 –4, 10 PMT I/Y FV PV N 627 Cheapskate EAC with a Calculator 5 –500 –2, –1,000 CF1 F1 CF0 I NPV 10 10 2, 5 PMT I/Y FV PV N 628 Quick Quiz ? How do we determine if cash flows are relevant to the capital budgeting decision? ? What are the different methods for puting operating cash flow, and when are they important? ? How should cash flows and discount rates be matched when inflation is present? ? What is equivalent annual cost, and when should it be used
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