財務(wù)管理ch06資本預(yù)算-文庫吧資料
2025-01-15 06:46本頁面
【正文】 0(PVIF10%,3) + $10,000(PVIF10%,4) + $ 7,000(PVIF10%,5) = $10,000(.909) + $12,000(.826) + $15,000(.751) + $10,000(.683) + $ 7,000(.621) = $9,090 + $9,912 + $11,265 + $6,830 + $4,347 = $41,444 [Rate is too low!!] 613 IRR Solution (Try 15%) $40,000 = $10,000(PVIF15%,1) + $12,000(PVIF15%,2) + $15,000(PVIF15%,3) + $10,000(PVIF15%,4) + $ 7,000(PVIF15%,5) = $10,000(.870) + $12,000(.756) + $15,000(.658) + $10,000(.572) + $ 7,000(.497) = $8,700 + $9,072 + $9,870 + $5,720 + $3,479 = $36,841 [Rate is too high!!] 614 .10 $41,444 .05 IRR $40,000 $4,603 .15 $36,841 ($1,444)() $4,603 IRR Solution (Interpolate) $1,444 X X = X = .0157 IRR = .10 + .0157 = .1157 or % X/.05=1444/4603 615 IRR Acceptance Criterion No! The firm will receive % for each dollar invested in this project at a cost of 13%. [ IRR Hurdle Rate ] The management of Basket Wonders has determined that the hurdle rate is 13% for projects of this type. Should this project be accepted? 616 IRR Strengths and Weaknesses Strengths: ? Accounts for TVM ? Considers all cash flows ? Less subjectivity Weaknesses: ? Assumes all cash flows reinvested at the IRR ? Difficulties with project rankings and Multiple IRRs 617 Net Present Value (NPV) NPV is the present value of an investment project’s cash flows minus the project’s initial cash outflow. CF1 CF2 CFn (1+k)1 (1+k)2 (1+k)n + . . . + + ICO NPV = 618 Basket Wonders has determined that the appropriate discount rate (k) for this project is 13%. $10,000 $7,000 NPV Solution $10,000 $12,000 $15,000 ()1 ()2 ()3 + + + $40,000 ()4 ()5 NPV = + 619 NPV Solution NPV = $10,000(PVIF13%,1) + $12,000(PVIF13%,2) + $15,000(PVIF13%,3) + $10,000(PVIF13%,4) + $ 7,000(PVIF13%,5) $40,000 NPV = $10,000(.885) + $12,000(.783) + $15,000(.693) + $10,000(.613) + $ 7,000(.543) $40,000 NPV = $8,850 + $9,396 + $10,395 + $6,130 + $3,801 $40,000 = $1,428 620 NPV Acceptance Criterion No! The NPV is negative. This means that the project is reducing shareholder wealth. [Reject as NPV 0 ] The management of Basket Wonders has determined that the required rate is 13% for projects of this type. Should this project be accepted? 621 NPV Strengths and Weaknesses Strengths: ? Cash flows
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