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1、公司理财习题答案第六章Chapter6:SomeAlternativeInvestmentRules6.1a.PaybackperiodofProjectA=1+($7,500-$4,000)/$3,500=2yearsPaybackperiodofProjectB=2+($5,000-$2,500-$1,200)/$3,000=2.43yearsProjectAshouldbechosen.b.NPVA=-$7,500+$4,000/1.15+$3,500/1.152+$1,500/1.153=-$388
2、.96NPVB=-$5,000+$2,500/1.15+$1,200/1.152+$3,000/1.153=$53.83ProjectBshouldbechosen.6.2a.Paybackperiod=6+{$1,000,000-($150,000´6)}/$150,000=6.67yearsYes,theprojectshouldbeadopted.b.$150,000=$974,259Thediscountedpaybackperiod=11+($1,000,000-$974,259)/($150,0
3、00/1.112)=11.54yearsc.NPV=-$1,000,000+$150,000/0.10=$500,0006.3a.AverageInvestment:($16,000+$12,000+$8,000+$4,000+0)/5=$8,000Averageaccountingreturn:$4,500/$8,000=0.5625=56.25%b.1.AARdoesnotconsiderthetimingofthecashflows,henceitdoesnotconsiderthetimevalue
4、ofmoney.2.AARusesanarbitraryfirmstandardasthedecisionrule.3.AARusesaccountingdataratherthannetcashflows.6.4AverageInvestment=($2,000,000+0)/2=$1,000,000Averagenetincome=[$100,000{(1+g)5-1}/g]/5={$100,000A(1.075-1}/0.07}/5=$115,014.78AAR=$115,014.78/$1,000,
5、000=11.50%No,sincethemachine’sAARislessthanthefirm’scutoffAAR.6.5a6.6PI=$40,000/$160,000=1.04SincethePIexceedsoneaccepttheproject.6.7TheIRRisthediscountrateatwhichtheNPV=0.-$3,000+$2,500/(1+IRRA)+$1,000/(1+IRRA)2=0Bytrialanderror,IRRA=12.87%SinceprojectB’s
6、cashflowsaretwotimesofthoseofprojectA,theIRRB=IRRA=12.87%6.8a.Solvexbytrialanderror:-$4,000+$2,000/(1+x)+$1,500/(1+x)2+$1,000/(1+x)3=0x=6.93%b.No,sincetheIRR(6.93%)islessthanthediscountrateof8%.B-71AnswerstoEnd-of-ChapterProblems公司理财习题答案第六章6.9FindtheIRRsof
7、projectAanalytically.SincetheIRRisthediscountratethatmakestheNPVequaltozero,thefollowingequationmusthold.-$200+$200/(1+r)+$800/(1+r)2-$800/(1+r)3=0$200[-1+1/(1+r)]-{$800/(1+r)2}[-1+1/(1+r)]=0[-1+1/(1+r)][$200-$800/(1+r)2]=0Forthisequationtohold,either[-1+1
8、/(1+r)]=0or[$200-$800/(1+r)2]=0.Solveeachofthesefactorsfortherthatwouldcausethefactortoequalzero.TheresultingratesarethetwoIRRsforprojectA.Theyareeitherr=0%orr=100%.Note:Byinspectionyoushouldhaveknownthatoneo
