标题: 一道关于corporate finance的问题——CFA一级 [打印本页]
作者: jessica860704 时间: 2009-5-26 00:00 标题: 一道关于corporate finance的问题——CFA一级
An analyst gathered the following data about a project:
1, Costs are $8,000 plus $2,000 in shipping and installation.
2, For the next five years, the project will annually generate $5,000 sales and $2,000 costs, not including depreciation.
3, The project is being depreciated on a straight-line basis over five years with no salvage value.
4, The company's tax rate is 40%, and the weighted average cost of capital is 10%.
The project's NPV is closest to:
A. -144 B. 144 C. 279 D. 1244.
这题怎么也算不到任何一个答案，请老师帮忙解答一下，谢谢！
作者: chenghao1 时间: 2009-5-26 22:27
我用英文做解答吧，比较快。我想应该是这样做的。
initial setup costs = -8,000 - 2,000 = -10,000
income: [ sales - costs - depreciation ] * (1-tax)
[5000-2000-2000] * (1-.4) = 600
NPV: since depreciation does not affect CASH flows, then add back 2000 to 600, resulting in 2600 as cash inflows per year.
use your calculator
CF0 = -10,000
C01 = 2600
F01 = 5
I = 10
[CPT] NPV = -143.954
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