答案和详解如下： 6.Based on the information provided in Statement 3, which factors are most likely to have a negative impact on the market value of the shopping center property? A) Community growth and vacancy rates. B) Median incomes and tenant mix. C) Community growth and median incomes. D) Median incomes and vacancy rates. The correct answer was C) Limited community growth and declining median incomes would tend to put downward pressure on the value of the property. A strong tenant mix and low vacancy rates would tend to increase the value of the property. 7．What is the market capitalization rate for the hotel? A) 6%. B) 5%. C) 11%. D) 17%. The correct answer was C) Within the direct income capitalization framework, which is equivalent to the constant growth model, MV0 = NOI1 / R0, where MV0 is the current market value, NOI1 is the net operating income for the coming year, and R0 represents the market capitalization rate. Therefore, R0 = NOI1 / MV0 = $275,000 / $2,500,000 = 0.11 or 11%. 8．What is the required return on equity for the hotel? A) 6%. B) 11%. C) 5%. D) 17%. The correct answer was D) The market capitalization rate equals the difference between the required rate of return on equity minus the constant growth rate of net operating income (R0 = r – g). So here 0.11 = r – 0.06. Solving for r results in a required return on equity of 0.11 + 0.06 = 0.17 or 17%. 9．What are the Net Present Value (NPV) and Internal Rate of Return (IRR) for the shopping center? A) NPV = $523,394, IRR = 23.19%. B) NPV = -$127,034, IRR = 15.21%. C) NPV = -$51,226, IRR is unreliable. D) NPV = -$51,225, IRR = 15.21%. The correct answer was C) The NPV of the shopping center is -$51,226. In this case the IRR is unreliable for investment purposes since there is more than one sign change in the cash flow stream. Since there are three sign changes, there are actually three IRRs. The IRR should not be used when there is more than one sign change in the cash flow stream. The shopping center investment should be rejected since the NPV is negative. The NPV can be calculated as follows using the TI BAII Plus: Procedure | Keystrokes | Display | Select cash flow worksheet | [CF] | CF0 (old contents) | Clear worksheet | [2nd] [CLR WORK] | CF0 = 0.00 | Enter initial cash flow | 1525000 [= / -] [ENTER] | CF0 = -1,525,000 | Enter cash flows for years 1 through 5 | ↓ 330000 [ENTER] | CO1 = 330,000 |
| ↓ 5 [ENTER] | FO1 = 5.00 | Enter cash flow for year 6 | ↓ 700000 [+ /-] [ENTER] | CO2 = -700,000 |
| ↓ 1 [ENTER] | FO2 = 1 | Enter cash flows for years 7 through 12 | ↓ 450000 [ENTER] | CO3 = 450,000 |
| ↓ 6 [ENTER] | FO3 = 6 | Access NPV portion of cash flow worksheet | [NPV] | I = 0.00 | Enter interest rate per period | 16 [ENTER] | I = 16 | Compute net present value | ↓ [CPT] | NPV = -51,226 |
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发表于 2008-5-21 11:29
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