最新mini-case-business-finance-答案

1、精品文档Refer to Mini-Case on Page 360 (Conch Republic Electronics)Questions:1. What is the pay back period of the project?2. What is the profitability index of the project?3. What is the IRR of the project?4. What is the NPV of the project?5. How sensitive is the NPV to changes in the price of the new

2、PDA?6. How sensitive is the NPV to changes in the quantity sold?7. Should Conch Republic produce the new PDA?Answer:Working process- Year 0: CF= 15000000- Year 1: CF=3740000 2520000=1220000S=70000 >250 (80000 140 (80000 15000) 220)=12600000VC=70000 >86 15000 >68=5000000OCF= (S VC F) >(1

3、T) +DT=(12600000 5000000 3000000) (1 35%) +15000000 70.35 =3740000NWC= 12600000 >20%= 2520000- Year2: CF=5066000580000=4486000S=80000 >250 (60000 240 (60000 15000) 220)=15500000VC=80000 86 15000 68=5860000OCF= (15500000 5860000 3000000) (1 35%) +15000000 氏.35 =5066000NWC=2520000 15500000 20%=

4、580000- Year 3:CF=9460000 1900000=7560000S=100000 250=25000000VC=100000 86=8600000OCF= (25000000 8600000 3000000) (1 35%) +15000000 氏.35 =9460000NWC=15500000 20% 25000000 20%=1900000- Year 4:CF=7861000+750000=8611000S=85000 250=21250000VC=85000 86=7310000OCF= (21250000 7310000 3000000) (1 35%)+15000

5、000 干 >0.35 =7861000NWC=25000000X 20% 21250000 10%=750000-Year 5:CF=6795000+4250000+3450000=14495000S=75000 >250=18750000VC=75000 >86=6450000OCF= (18750000 6450000 3000000) > 35%)+15000000 干>0.35=6795000NWC=21250000X 20%=4250000A-t S=3000000 0.35 (3000000 15000000 T (7 5)=34500001. ye

6、ar1: 15000000 1220000=13780000year2: 13780000 4486000=9294000year3: 9294000 7560000=1734000year4: 1734000 8611000= 6877000Payback Period of the Project=3+1734000 8611000=3.20years2. PI= (prese nt value of the net cash flows)/ (in itial cash outlay)23=(1220000 ®+12%) +4486000(1+12%) +7560000 -(1

7、 + 12%) +8611000 讯1+12%)5+ 14495000 -1 + 12%) )/15000000=1.5829Decisi on rule:Accept if PI > 1Reject if PI < 13. IRR In ternal Rate of Retur nCFt(1 r)t=0精品文档2341220000 -1+k) +4486000(-k) +7560000 -(1+k) +8611000 1+k) + 14495000 -1+k)15000000=0Use the trail and error methodk=12%, NPV=23743854.5

8、7k=14%, NPV=22251443.49k=20%, NPV=18484841.18k=30%, NPV=13952830.7815000000=8743854.56915000000=7251443.49215000000=3484841 1047169.217k=25%, NPV=15994547.2 15000000=994547.2k=27%, NPV=15492474.77 15000000=492474.7671k=29%, NPV=14440324.44 15000000= 669675.5627k=28%, NPV=14722498.73 150

9、00000= 277501.2739k=27.5%, NPV= 75684.7173; k=27.3%, NPV=6140.9647; k=27.4%, NPV= 34851.1433492474.7671 -(-277501.2739) _ 0-492474767127%-28%- x-27%x=27.64%IRR=27.85%>12%4.NPV= 15000000+1220000-+12%) +4486000(1+12%)2+7560000 -(1+12%)4+8611000 -1+12%) + 14495000 -1+12%)=8743854.569N P V 1308274.33

10、1 -8743854.569, , c , c5.1 48 7 1610 48AP200 250P1=250P2=200Year 1:CF=1465000 - 1820000= - 355000S=70000 >200 - (80000 240 - (80000 - 15000) 220)=9100000VC=70000 2 86 15000 >68=5000000OCF= (S - VC - F) >(1 - T) +DT=(9100000 - 5000000 - 3000000) (1 - 35%) +15000000 >0.35=1465000NWC= - 910

11、0000 >20%=-1820000Year2:CF=2466000 - 480000=1986000S=80000 >200 - (60000 240 - (60000 - 15000) 220)=11500000VC=80000 286 - 15000 >68=5860000OCF= (11500000 - 5860000 - 3000000)总35%) +15000000 70.35=2466000NWC=1820000 - 11500000 20%=-480000Year 3:CF=6210000 - 1700000=4510000S=100000 >200=2

12、0000000VC=100000 286=8600000OCF= (20000000 - 8600000 - 3000000) (1 - 35%) +15000000 氏.35=6210000NWC=115000002 20% - 20000000 >20%=-1700000Year 4:CF=7861000+600000=8611000S=85000 2200=17000000VC=85000 286=7310000OCF= (17000000 - 7310000 - 3000000) (1 - 35%)+15000000 干 20.35=5098500NWC=200000002 20

13、% - 17000000 20%=600000Year 5:CF=4357500+3400000+3450000=11207500S=75000 2200=15000000VC=75000 286=6450000OCF= (15000000 - 6450000 - 3000000) (1 - 35%)+15000000 干 20.35=4357500NWC=17000000X 20%=3400000A-t S=3000000 0.35 (3000000 15000000 T “ 5)=34500005. NPV232 = 15000000+( 355000) #1+12%) +1986000(

14、1+12%) +4510000 +(1 + 12%)45+8611000 #1 + 12%) +11207500 #1+12%)=1308274.331NPV 8743854.569 -(-3083639.123) 一”*6.1182.75也Q10000Q,=70000; 80000; 100000; 85000; 75000Q2=60000;70000;90000; 75000; 65000-Year 1:CF=724000 1420000=696000S=60000 (200 (80000 240 (80000 15000) 220)=7100000VC=60000( 86 15000(6

15、8=4140000OCF= (S VC F) >(1 T) +DT=(7100000 4140000 3000000) (1 35%) +15000000 +>0.35=724000NWC= 7100000(20%=1420000-Year2:CF=1725000 480000=1245000S=70000 >200 (60000 240 (60000 15000) 220)=9500000VC=70000 >86 15000 >68=5000000OCF= (9500000 5000000 3000000) (1 35%) +15000000 +>0.35

16、=1725000NWC=1420000 9500000 >20%=480000-Year 3:CF=54690001700000=3769000S=90000 >200=18000000VC=90000 >86=7740000OCF= (18000000 7740000 3000000) (1 35%) +15000000 +>0.35=5469000NWC=9500000X 20% 18000000 >20%=1700000-Year 4:CF=4357500+600000=4957500S=75000 >200=15000000VC=75000 >

17、86=6450000精品文档OCF= (15000000 6450000 3000000)汕35%)+15000000 干 >0.35 =4357500NWC=18000000X 20% 15000000 20%=600000- Year 5:CF=3616500+3000000+3450000=10066500S=65000 >200=13000000VC=65000 >86=5590000OCF= (13000000 5590000 3000000) (1 35%)+15000000 干 >0.35 =3616500NWC=15000000X 20%=3000000A-t S=3000000 0.35 (3000000 15000000 T