问一道题：NO.PZ201601200500000901

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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：

$588,028

$593,771.

$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 $Sal_3$ – 0.30( $Sal_3$ –$380,000), where $Sal_3$ is the selling price. For a 15 percent return, the PV of future cash flows must equal the investment:

$500000=\frac{60000}{1.15}+\frac{60000}{1.15^2}+\frac{60000}{1.15^3}+\frac{Sal_3-0.30(Sal_3-380000)}{1.15^3}$

There are several paths to follow to solve for $Sal_3$ .

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

现金流60000是如何得到的？

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1 个答案

maggie_品职助教 · 2020年02月17日

operating income after tax=EBIT(1-t)=20000, 所以OCF就是EBIT(1-t)直接加折旧40000就好：OCF=20000+40000=60000

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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

问一道题：NO.PZ201601200500000901

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