彼得羅斯公司理財cap(8)-文庫吧資料
2024-10-25 18:00本頁面
【正文】 (9) Operating costs Again, production (in units) by year during 5year life of the machine is given by: (5,000, 8,000, 12,000, 10,000, 6,000). Production costs during the first year (per unit) are $10, and they increase 10% per year thereafter. Production costs in year 2 = 8,000 [$10 ()1] = $88,000 615 The Baldwin Company Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Ine: (8) Sales Revenues (9) Operating costs (10) Depreciation Depreciation is calculated using the Modified Accelerated Cost Recovery System (shown at right). Our cost basis is $100,000. Depreciation charge in year 4 = $100,000 (.115) = $11,500. Year ACRS % 1 % 2 % 3 % 4 % 5 % 6 % Total % 616 The Baldwin Company Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Ine: (8) Sales Revenues (9) Operating costs (10) Depreciation (11) Ine before taxes [(8) – (9) (10)] (12) Tax at 34 percent (13) Net Ine 617 Incremental After Tax Cash Flows Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 (1) Sales Revenues $ $ $ $ $ (2) Operating costs (3) Taxes (4) OCF (1) – (2) – (3) (5) Total CF of Investment –260. – – (6) IATCF [(4) + (5)] –260. $)($)($)($)($)($260$5432????????N P VN P V618 NPV of Baldwin Company 1 –260 CF1 F1 CF0 I NPV 10 1 CF2 F2 1 CF3 F3 1 CF4 F4 1 CF5 F5 619 Inflation and Capital Budgeting ? Inflation is an important f
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