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苏苏1124 · 2023年10月03日

计算器计算IRR

NO.PZ2023052407000009

问题如下:

If you require an 8 percent return and must invest USD500,000, which of the investment opportunities in Exhibit 1 should you prefer?


选项:

A.

Opportunity 1

B.

Opportunity 2

C.

Indifferent between the two opportunities.

解释:

Using cash flow additivity, compare the two opportunities by subtracting Opportunity 2 from Opportunity 1 yielding the following cash flows:


Finding the present value of the above cash flows at 8 percent discount rate shows that both investment opportunities have the same present value. Thus, the two opportunities are economically identical, and there is no clear preference for one over the other.

计算了IRR后,两个策略虽然差不多,但是还是有细微差别,如何知道这个是用现金流加和原则,还是看irr谁大谁小?这里不太明白怎么就知道用现金流加和原则?

1 个答案

星星_品职助教 · 2023年10月06日

本题并不需要计算IRR。在可以计算(N)PV的情况下,不需要用IRR做对比,这点会在公司金融中进行具体讲解。

题干问应该选择哪种投资机会。也不需要考虑使用的是什么原则。只需要根据题干给出的8%利率来折现后对比两个opportunity的现值即可。

可以单独分别算出opportunity 1 和 opportunity 2的现值进行对比。也可以如答案解析一般,先计算现金流的差,然后看现值是否为0.

源自四舍五入等的细微差异可以忽略不计。


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