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【正文】 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.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.616Calculating the Crossover RateCompute the IRR for either project “AB” or “BA”% = IRRMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.612Multiple IRRsThere are two IRRs for this project: 0 1 2 3$200 $800$200 $800100% = IRR20% = IRR1Which one should we use? McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.68 The Internal Rate of Return (IRR) Rule? IRR: the discount that sets NPV to zero ? Minimum Acceptance Criteria: – Accept if the IRR exceeds the required return.? Ranking Criteria: – Select alternative with the highest IRR? Reinvestment assumption: – All future cash flows assumed reinvested at the IRR.? Disadvantages:– Does not distinguish between investing and borrowing.– IRR may not exist or there may be multiple IRR – Problems with mutually exclusive investments? Advantages:– Easy to understand and municateMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All right
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