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【正文】 t, Inc. All rights reserved. To find TV with HP 10B, enter in CFLO: I = 10 NPV = = PV of inflows. Enter PV = , N = 3, I = 10, PMT = 0. Press FV = = FV of inflows. Enter FV = , PV = 100, PMT = 0, N = 3. Press I = % = MIRR. CF0 = 0, CF1 = 10, CF2 = 60, CF3 = 80 11 36 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Why use MIRR versus IRR? MIRR correctly assumes reinvestment at opportunity cost = WACC. MIRR also avoids the problem of multiple IRRs. Managers like rate of return parisons, and MIRR is better for this than IRR. 11 37 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Pavilion Project: NPV and IRR? 5,000 5,000 0 1 2 k = 10% 800 Enter CFs in CFLO, enter I = 10. NPV = IRR = ERROR. Why? 11 38 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. We got IRR = ERROR because there are 2 IRRs. Nonnormal CFstwo sign changes. Here’s a picture: NPV Profile 450 800 0 400 100 IRR2 = 400% IRR1 = 25% k NPV 11 39 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Logic of Multiple IRRs 1. At very low discount rates, the PV of CF2 is large negative, so NPV 0. 2. At very high discount rates, the PV of both CF1 and CF2 are low, so CF0 dominates and again NPV 0. 3. In between, the discount rate hits CF2 harder than CF1, so NPV 0. 4. Result: 2 IRRs. 11 40 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Could find IRR with calculator: 1. Enter CFs as before. 2. Enter a “guess” as to IRR by storing the guess. Try 10%: 10 STO IRR = 25% = lower IRR Now guess large IRR, say, 200: 200 STO IRR = 400% = upper IRR 11 41 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. When there are nonnormal CFs and more than one IRR, use MIRR: 0 1 2 800,000 5,000,000 5,000,000 PV outflows 10% = 4,932,. TV inflows 10% = 5,500,. MIRR = % 11 42 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Accept Project P? NO. Reject because MIRR = % k = 10%. Also, if MIRR k, NPV will be negative: NPV = $386,777. 11 43 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. 演講完畢，謝謝觀看！
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