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李建强 · 2019年12月12日

问一道题：NO.PZ201601200500000901

  1. CFA II
  2. Corporate Issuers

* 问题详情，请 查看题干

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 Sal3Sal_3 – 0.30(Sal3Sal_3 –$380,000), where Sal3Sal_3 is the selling price. For a 15 percent return, the PV of future cash flows must equal the investment:

500000=600001.15+600001.152+600001.153+Sal3−0.30(Sal3−380000)1.153500000=\frac{60000}{1.15}+\frac{60000}{1.15^2}+\frac{60000}{1.15^3}+\frac{Sal_3-0.30(Sal_3-380000)}{1.15^3}

There are several paths to follow to solve for Sal3Sal_3.

$$\begin{array}{l}363006.5=\frac{Sal_3-0.3(Sal_3-380000)}{1.15^3}\\Sal_3-0.30{(Sal_3-380000)}=552087.5\\0.70Sal_3=438087.5\\Sal_3=\$625839\end{array}$$

老师，请将这题的解题思路梳理一下，谢谢！

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1 个答案

maggie_品职助教 · 2019年12月15日

题干的15%是IRR（internal rate of return），IRR的定义就是当NPV=0的折现率。因此这道题就是假设NPV=0倒求最后一期的销售价格。




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NO.PZ201601200500000901 问题如下 1. Whterminselling priis requirefor a 15 percent internrate of return on the Richie project? A.$588,028 B.$593,771. C.$625,839. C is correct.The after-toperating cash flow for eaof the next three years is $20,000 + $40,000 = $60,000. The book value in three years will $380,000 (the origincost less three years’ preciation). So the terminyeafter-tnon-operating cash flow will Sal3Sal_3Sal3​ – 0.30(Sal3Sal_3Sal3​ –$380,000), where Sal3Sal_3Sal3​ is the selling price. For a 15 percent return, the PV of future cash flows must equthe investment:500000=600001.15+600001.152+600001.153+Sal3−0.30(Sal3−380000)1.153500000=\frac{60000}{1.15}+\frac{60000}{1.15^2}+\frac{60000}{1.15^3}+\frac{Sal_3-0.30(Sal_3-380000)}{1.15^3}500000=1.1560000​+1.15260000​+1.15360000​+1.153Sal3​−0.30(Sal3​−380000)​There are severpaths to follow to solve for Sal3Sal_3Sal3​.l363006.5=Sal3−0.3(Sal3−380000)1.153Sal3−0.30(Sal3−380000)=552087.50.70Sal3=438087.5Sal3=$625839{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=\$625839l363006.5=1.153Sal3​−0.3(Sal3​−380000)​Sal3​−0.30(Sal3​−380000)=552087.50.70Sal3​=438087.5Sal3​=$625839 如果是用代入法，怎么用计算器计算呢？能否告知一下按键顺序，谢谢

2022-10-05 09:59 1 · 回答

NO.PZ201601200500000901问题如下1. Whterminselling priis requirefor a 15 percent internrate of return on the Richie project? A.$588,028 B.$593,771. C.$625,839. C is correct.The after-toperating cash flow for eaof the next three years is $20,000 + $40,000 = $60,000. The book value in three years will $380,000 (the origincost less three years’ preciation). So the terminyeafter-tnon-operating cash flow will Sal3Sal_3Sal3​ – 0.30(Sal3Sal_3Sal3​ –$380,000), where Sal3Sal_3Sal3​ is the selling price. For a 15 percent return, the PV of future cash flows must equthe investment:500000=600001.15+600001.152+600001.153+Sal3−0.30(Sal3−380000)1.153500000=\frac{60000}{1.15}+\frac{60000}{1.15^2}+\frac{60000}{1.15^3}+\frac{Sal_3-0.30(Sal_3-380000)}{1.15^3}500000=1.1560000​+1.15260000​+1.15360000​+1.153Sal3​−0.30(Sal3​−380000)​There are severpaths to follow to solve for Sal3Sal_3Sal3​.l363006.5=Sal3−0.3(Sal3−380000)1.153Sal3−0.30(Sal3−380000)=552087.50.70Sal3=438087.5Sal3=$625839{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=\$625839l363006.5=1.153Sal3​−0.3(Sal3​−380000)​Sal3​−0.30(Sal3​−380000)=552087.50.70Sal3​=438087.5Sal3​=$625839The after-toperating cash flow for eaof the next three years is $20,000 + $40,000 = $60,000$40,000作为preciation为何要加上？

2022-04-01 22:52 1 · 回答

NO.PZ201601200500000901 这题不是很理解为什么折现求和=500000的公式，不是求terminvalue？ 这题的解题思路能讲一下吗，有无从下手的感觉。

2022-01-12 15:32 1 · 回答

NO.PZ201601200500000901 老师请教一下operating income after taxes  是不是就是EBIT*(1-T)? operating income就是EBIT 有时候也叫earning before interest antax对吗？ 那NI和operating income after taxes 的区别是？

2021-11-12 10:06 1 · 回答

用代入法算，把答案打进去算出来也不对的？

2020-06-28 11:33 1 · 回答