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Valentina · 2019年02月02日

问一道题:NO.PZ2018101501000021 [ CFA II ]

问题如下图:

选项:

A.

B.

C.

解释:

请问为什么npv=0?谢谢

1 个答案
已采纳答案

maggie_品职助教 · 2019年02月04日

这道题相当于是倒推selling price,你看题干给我们的是IRR不是required return,而IRR是NPV=0时的折现率。有了这样的条件,我们才能倒推售价。新年快乐~

Valentina · 2019年02月04日

新年快乐 !

SUN · 2019年02月26日

这题做的我腰都快闪了。

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NO.PZ2018101501000021 Company M is investing equipment of $1 million, whimenable the company to earn a 12% internrate of return. The equipment will generate operating income after taxes of $150,000 anpreciation of $95,000 annually for the coming four years. The equipment will solthe enof the fourth year. The company is in the 25% tbracket. What`s the terminselling price? $483,273 $452,325 $330,112 C is correct. 考点Cash Flow Projections: Expansion Proje解析 题干第一句话12% internrate of return,IRR 是使得项目 NPV 等于零的要求回报率。因此这道题是已知 NPV=0 ,倒推销售价格。 = (S – C – (1 – T) + = EBIT*(1-T) + = 150,000+95,000 = $245,000 账面价值BV4 = 1,000,000 – 95000*4 = $620,000 TNO= Sal4 +NWCInv−T(Sal4 – ) = Sal4 - 0.25*( Sal4-620,000) NPV=−1,000,000+∑t=14245,0001.12t+Sal4−0.25×(Sal4−620,000)1.124NPV=-1,000,000+\sum_{t=1}^4\frac{245,000}{1.12^t}+\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}NPV=−1,000,000+∑t=14​1.12t245,000​+1.124Sal4​−0.25×(Sal4​−620,000)​ 计算前四年 O(245000) 的净现值为 -255849.4101,计算器按法 - 清零 - CF0 = -1000000, - C01 = 245000;- F01 = 4 (t=1 至 t=4 时刻) - I = 12 - NPV = -255849.4101 即 Sal4−0.25×(Sal4−620,000)1.124=255849.4101\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}=255849.41011.124Sal4​−0.25×(Sal4​−620,000)​=255849.4101 计算求得Sal4 = $330,112 计算前四年 O(245000) 的净现值为 -255849.4101,计算器按法 - 清零 - CF0 = -1000000, - C01 = 245000;- F01 = 4 (t=1 至 t=4 时刻) - I = 12 - NPV = -255849.4101 老师你好,对于答案解析中F01=4,我不太懂为什么这边要输入F01,计算器这个F01是代表什么?F02、F03、F04需要输入吗?我输入F01=4时候求的NPV是-888187, 和这个答案也不一样。

2021-07-30 17:21 1 · 回答

NO.PZ2018101501000021 Company M is investing equipment of $1 million, whimenable the company to earn a 12% internrate of return. The equipment will generate operating income after taxes of $150,000 anpreciation of $95,000 annually for the coming four years. The equipment will solthe enof the fourth year. The company is in the 25% tbracket. What`s the terminselling price? $483,273 $452,325 $330,112 C is correct. 考点Cash Flow Projections: Expansion Proje解析 题干第一句话12% internrate of return,IRR 是使得项目 NPV 等于零的要求回报率。因此这道题是已知 NPV=0 ,倒推销售价格。 = (S – C – (1 – T) + = EBIT*(1-T) + = 150,000+95,000 = $245,000 账面价值BV4 = 1,000,000 – 95000*4 = $620,000 TNO= Sal4 +NWCInv−T(Sal4 – ) = Sal4 - 0.25*( Sal4-620,000) NPV=−1,000,000+∑t=14245,0001.12t+Sal4−0.25×(Sal4−620,000)1.124NPV=-1,000,000+\sum_{t=1}^4\frac{245,000}{1.12^t}+\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}NPV=−1,000,000+∑t=14​1.12t245,000​+1.124Sal4​−0.25×(Sal4​−620,000)​ 计算前四年 O(245000) 的净现值为 -255849.4101,计算器按法 - 清零 - CF0 = -1000000, - C01 = 245000;- F01 = 4 (t=1 至 t=4 时刻) - I = 12 - NPV = -255849.4101 即 Sal4−0.25×(Sal4−620,000)1.124=255849.4101\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}=255849.41011.124Sal4​−0.25×(Sal4​−620,000)​=255849.4101 计算求得Sal4 = $330,112 请问为什么NPV算出来是负值,Sal4仍然按照NPV是正值来处理呢?

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