公司财务原理principles of corporate finance(11th edition)_课后习题答案chap005

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袇芁蒀蒇螃芀腿蚃虿艿芁蒆羇芈蒄蚁羃芇薆薄衿芆芆蝿螅袃莈薂蚁袂蒀螈羀袁膀薀袆羀节螆螂罿莅蕿蚈罿薇莂肇羈芇蚇羃羇荿蒀袈羆蒁蚅螄羅膁蒈蚀羄芃蚄罿肃莅蒆袅肃蒈蚂螁肂芇蒅螇肁莀螀蚃肀蒂薃羂聿膂螈袈肈芄薁螄肇莆螇蚀膇葿薀羈膆膈莂袄膅莁薈袀膄蒃蒁螆膃膃蚆蚂膂芅葿羁膁莇蚄袇芁蒀蒇螃芀腿蚃虿艿芁蒆羇芈蒄蚁羃芇薆薄衿芆芆蝿螅袃莈薂蚁袂蒀螈羀袁膀薀袆羀节螆螂罿莅蕿蚈罿薇莂肇羈芇蚇羃羇荿蒀袈羆蒁蚅螄羅CHAPTER05NETPRESENTVALUEANDOTHERINVESTMENTCRITERIACHAPTER5NETPRESENTVALUEANDOTHERINVESTMENTCRITERIAANSWERSTOPROBLEMSETS1AA3YEARS,B2YEARS,C3YEARSBBCA,B,ANDCDBANDCNPVB3,378NPVC2,405ETRUETHEPAYBACKRULEIGNORESALLCASHFLOWSAFTERTHECUTOFFDATE,MEANINGTHATFUTUREYEARSCASHINFLOWSARENOTCONSIDEREDINADDITION,THEPAYBACKRULEIGNORESTHETIMINGOFCASHINFLOWSFOREXAMPLE,FORAPAYBACKRULESETATTWOYEARS,APROJECTWITHAPAYBACKPERIODOFONEYEARISGIVENEQUALWEIGHTASAPROJECTWITHAPAYBACKPERIODOFTWOYEARSFITWILLACCEPTNONEGATIVENPVPROJECTS,BUTWILLTURNDOWNSOMEWITHPOSITIVENPVSAPROJECTCANHAVEPOSITIVENPVIFALLFUTURECASHFLOWSARECONSIDEREDBUTSTILLDONOTMEETTHESTATEDCUTOFFPERIODESTTIME6102GIVENTHECASHFLOWSC0,C1,CT,IRRISDEFINEDBYITISCALCULATEDBYTRIALANDERROR,BYFINANCIALCALCULATORS,ORBYSPREADSHEETPROGRAMSESTTIME153A15,7504,2500B100ESTTIME154NOYOUAREEFFECTIVELY“BORROWING”ATARATEOFINTERESTHIGHERTHANTHEOPPORTUNITYCOSTOFCAPITALESTTIME15512014BYMCGRAWHILLEDUCATIONTHISISPROPRIETARYMATERIALSOLELYFORAUTHORIZEDINSTRUCTORUSENOTAUTHORIZEDFORSALEORDISTRIBUTIONINANYMANNERTHISDOCUMENTMAYNOTBECOPIED,SCANNED,DUPLICATED,FORWARDED,DISTRIBUTED,ORPOSTEDONAWEBSITE,INWHOLEORPARTCHAPTER05NETPRESENTVALUEANDOTHERINVESTMENTCRITERIA5ATWOTHEREAREMULTIPLEINTERNALRATESOFRETURNFORAPROJECTWHENTHEREARECHANGESINTHESIGNOFTHECASHFLOWSB50AND50THENPVFORTHEPROJECTUSINGBOTHOFTHESEIRRSIS0CYES,NPV146ESTTIME156THEINCREMENTALFLOWSFROMINVESTINGINALPHARATHERTHANBETAARE200,000110,000AND121,000THEIRRONTHEINCREMENTALCASHFLOWIS10IE,200110/110121/11020THEIRRONBETAEXCEEDSTHECOSTOFCAPITALANDSODOESTHEIRRONTHEINCREMENTALINVESTMENTINALPHACHOOSEALPHAESTTIME1571,2,4,AND6THEPROFITABILITYINDEXFOREACHPROJECTISSHOWNBELOWSTARTWITHTHEPROJECTWITHTHEHIGHESTPROFITABILITYINDEXANDGOFROMTHEREPROJECT2HASTHEHIGHESTPROFITABILITYINDEXANDHASANINITIALINVESTMENTOF5,000THENEXTHIGHESTPROFITABILITYINDEXISFORPROJECT1,WHICHHASANINITIALINVESTMENTOF10,000THENEXTHIGHESTISPROJECT4,WHICHWILLCOST60,000UPFRONTSOFARWEHAVESPENT75,000PROJECTS5AND6BOTHHAVEPROFITABILITYINDEXESOF2,BUTWEONLYHAVE15,000LEFTTOSPEND,SOWEWILLADDPROJECT6TOOURLISTTHISGIVESUSPROJECTS1,2,4,AND6ESTTIME1510008ANPVA10009091110522014BYMCGRAWHILLEDUCATIONTHISISPROPRIETARYMATERIALSOLELYFORAUTHORIZEDINSTRUCTORUSENOTAUTHORIZEDFORSALEORDISTRIBUTIONINANYMANNERTHISDOCUMENTMAYNOTBECOPIED,SCANNED,DUPLICATED,FORWARDED,DISTRIBUTED,ORPOSTEDONAWEBSITE,INWHOLEORPARTCHAPTER05NETPRESENTVALUEANDOTHERINVESTMENTCRITERIANPVB2000100010004000100010004,04473110110211031104110510001000100010003947110110211041105NPVC3000PROJECTSBANDCHAVEPOSITIVENPVSBPAYBACKAONEYEARPAYBACKBTWOYEARSPAYBACKCFOURYEARSAANDBPVA1000909091110CDTHEPRESENTVALUEOFTHECASHINFLOWSFORPROJECTANEVERRECOVERSTHEINITIALOUTLAYFORTHEPROJECT,WHICHISALWAYSTHECASEFORANEGATIVENPVPROJECTTHEPRESENTVALUESOFTHECASHINFLOWSFORPROJECTBARESHOWNINTHETHIRDROWOFTHETABLEBELOW,ANDTHECUMULATIVENETPRESENTVALUESARESHOWNINTHEFOURTHROWC02,000002,00000C1C2C3C4C51,000001,000004,0000090909826453,005261,09091264462,740801,000001,0000068301620923,423814,04473SINCETHECUMULATIVENPVTURNSPOSITIVEBETWEENYEAR2ANDYEAR3,THEDISCOUNTEDPAYBACKPERIODIS226446209YEARS3,00526THEPRESENTVALUESOFTHECASHINFLOWSFORPROJECTCARESHOWNINTHETHIRDROWOFTHETABLEBELOW,ANDTHECUMULATIVENETPRESENTVALUESARESHOWNINTHEFOURTHROWC0C1C2C3C4C53,000001,000001,000003,0000090909826452,090911,264460000001,264461,000001,000006830162092581453947SINCETHECUMULATIVENPVTURNSPOSITIVEBETWEENYEAR4ANDYEAR5,THEDISCOUNTEDPAYBACKPERIODIS458145494YEARS62092532014BYMCGRAWHILLEDUCATIONTHISISPROPRIETARYMATERIALSOLELYFORAUTHORIZEDINSTRUCTORUSENOTAUTHORIZEDFORSALEORDISTRIBUTIONINANYMANNERTHISDOCUMENTMAYNOTBECOPIED,SCANNED,DUPLICATED,FORWARDED,DISTRIBUTED,ORPOSTEDONAWEBSITE,INWHOLEORPARTCHAPTER05NETPRESENTVALUEANDOTHERINVESTMENTCRITERIAEUSINGTHEDISCOUNTEDPAYBACKPERIODRULEWITHACUTOFFOFTHREEYEARS,THEFIRMWOULDACCEPTONLYPROJECTBESTTIME11159AWHENUSINGTHEIRRRULE,THEFIRMMUSTSTILLCOMPARETHEIRRWITHTHEOPPORTUNITYCOSTOFCAPITALTHUS,EVENWITHTHEIRRMETHOD,ONEMUSTSPECIFYTHEAPPROPRIATEDISCOUNTRATEBRISKYCASHFLOWSSHOULDBEDISCOUNTEDATAHIGHERRATETHANTHERATEUSEDTODISCOUNTLESSRISKYCASHFLOWSUSINGTHEPAYBACKRULEISEQUIVALENTTOUSINGTHENPVRULEWITHAZERODISCOUNTRATEFORCASHFLOWSBEFORETHEPAYBACKPERIODANDANINFINITEDISCOUNTRATEFORCASHFLOWSTHEREAFTERESTTIME1510THETWOIRRSFORTHISPROJECTAREAPPROXIMATELY1744AND4527BETWEENTHESETWODISCOUNTRATES,THENPVISPOSITIVEESTTIME061011ATHEFIGUREONTHENEXTPAGEWASDRAWNFROMTHEFOLLOWINGPOINTSDISCOUNTRATE01020NPVA2000413833NPVB40005181898FROMTHEGRAPH,WECANESTIMATETHEIRROFEACHPROJECTFROMTHEPOINTWHEREITSLINECROSSESTHEHORIZONTALAXISIRRA131ANDIRRB119THISCANBECHECKEDBYCALCULATINGTHENPVFOREACHPROJECTATTHEIRRESPECTIVEIRRS,WHICHGIVEANAPPROXIMATENPVOF0THECOMPANYSHOULDACCEPTPROJECTAIFITSNPVISPOSITIVEANDHIGHERTHANTHATOFPROJECTBTHATIS,THECOMPANYSHOULDACCEPTPROJECTAIFTHEDISCOUNTRATEISGREATERTHAN107THEINTERSECTIONOFNPVAANDNPVBONTHEGRAPHBELOWANDLESSTHAN131THEINTERNALRATE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