问题如下:
1. What terminal selling price is required for a 15 percent internal rate of return on the Richie project?
选项:
A.$588,028
B.$593,771.
C.$625,839.
解释:
C is correct.
The after-tax operating cash flow for each of the next three years is $20,000 + $40,000 = $60,000. The book value in three years will be $380,000 (the original cost less three years’ depreciation). So the terminal year after-tax non-operating cash flow will be – 0.30( –$380,000), where is the selling price. For a 15 percent return, the PV of future cash flows must equal the investment:
There are several paths to follow to solve for .
$$\begin{array}{l}363006.5=\frac{Sal_3-0.3(Sal_3-380000)}{1.15^3}\\Sal_3-0.30{(Sal_3-380000)}=552087.5\\0.70Sal_3=438087.5\\Sal_3=\$625839\end{array}$$
老师,请将这题的解题思路梳理一下,谢谢!