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【正文】 , Inc. All rights reserved.620Example of Investment RulesCompute the IRR, NPV, PI, and payback period for the following two projects. Assume the required return is 10%. Year Project A Project B0 $200 $1501 $200 $502 $800 $1003 $800 $150McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.621Example of Investment RulesProject A Project BCF0 $ $PV0 of CF13 $ $NPV = $ $IRR = 0%, 100% %PI = McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.622Example of Investment RulesPayback Period:Project A Project BTime CF Cum. CF CFCum. CF0 200 200 150 1501 200 0 50 1002 800 800 100 03 800 0 150 150Payback period for project B = 2 years.Payback period for project A = 1 or 3 years?McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.623Relationship Between NPV and IRRDiscount rateNPV for A NPV for B10% 0% 20% 40% 60% 80% 100% 120% McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.624Project AProject B($200)($100)$0$100$200$300$40015% 0% 15% 30% 45% 70% 100% 130% 160% 190%Discount ratesNPVIRR 1(A) IRR (B)NPV ProfilesIRR 2(A)Crossover RateMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.625 Summary and Conclusions? This chapter evaluates the most popular alternatives to NPV:– Payback period– Accounting rate of return– Internal rate of return– Profitability index? When it is all said and done, they are not the NPV rule。 for those of us in finance, it makes them decidedly secondrate
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