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1、CorporateFinanceAssignment2Answer:1.Whatistheproject’sNPV?0123456781------------1-----------1-----------1-----------1-----------1----------1-----------1-----------1(85,000)21,80025,88021,46019,08018,74017,04015,00015,000r=10%19,818r=10%21,388r=10%16,123r=10%13,032r=10%11,636r=10%9,618r=10%7,697r=1
2、0%6,99721,311Atkinsusesa10percentcostofcapital,r=10%Netpresentvalue=C0+C1(1+r)-1+C2(1+r)-2+C3(1+r)-3+C4(1+r)-4+C5(1+r)-5+C6(1+r)-6+C7(1+r)-7+C8(1+r)-8=(-85,000)+21,800(1+0.1)-1+25,880(1+0.1)-2+21,460(1+0.1)-3+19,080(1+0.1)-4+18,740(1+0.1)-5+17,040(1+0.1)-6+15,000(1+0.1)-7+15,000(1+0.1)-8=21,3112.E
3、xplaintheeconomicrationalbehindtheNPV.Netpresentvalue(NPV):presentvalueofprojectcashflowsminusinitialinvestment.NPV,asanapproachusedincapitalbudgetingwherethepresentvalueofcashinflow31CorporateFinanceAssignment2issubtractedfromthepresentvalueofcashoutflows.Inotherwords,netpresentvalueismeasureofho
4、wmuchvalueiscreatedoraddedtodaybyundertakinganinvestment.NPV=-II+(sumof)[OCF/(1+R(r))t]+[TCF/(1+R(r))n]Where:II=initialinvestmentOFC=operatingcashflowsinyeartt=yearn=lifespan(inyears)oftheprojectR(r)=projectrequiredrateofreturnTCF=Terminationcashflows=incomefromthesale+/-taxeffect+/-recoveryofnetw
5、orkingcapital(Brigham&Houston,(2004),pg216).TherationalefortheNPVmethodisstraightforward.AnNPVofzerosignifiesthattheproject’scashflowsareexactlysufficienttorepaytheinvestedcapitalandtoprovidetherequiredrateofreturnonthatcapital.IfaprojecthasapositiveNPV,thenitisgeneratingmorecashthanisneededtoserv
6、iceitsdebtandtoprovidetherequiredreturntoshareholders,andthisexcesscashaccruessolelytothefirm’sstockholders.Therefore,ifafirmtakesonaprojectwithpositiveNPV,thepositionofthestockholdersisimproved.WhenNPV<0,usingacostofcapitalrateofi%.Thisprojectdoesnotprovideenoughfinancialbenefitstojustifyinvestme
7、nt,sincealternativeinvestmentsareavailablethatwillearni%(thatiswhatismeantby"MinimumAcceptableRateofReturn").Theprojectwillneedadditional,possiblynon-cashbenefitstobejustified.31CorporateFinanceAssignment23.Could
