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徐威廉 · 2020年02月24日

问一道题:NO.PZ2016012005000001

问题如下:

FITCO is considering the purchase of new equipment. The equipment costs $350,000, and an additional $110,000 is needed to install it. The equipment will be depreciated straight-line to zero over a five-year life. The equipment will generate additional annual revenues of $265,000, and it will have annual cash operating expenses of $83,000. The equipment will be sold for $85,000 after five years. An inventory investment of $73,000 is required during the life of the investment. FITCO is in the 40 percent tax bracket and its cost of capital is 10 percent. What is the project NPV?

选项:

A.

$52,122.

B.

$64,090.

C.

$97,449.

解释:

C is correct.

\(Outlay=FC\ln v+NWC\ln v-Sal_0+T(Sal_0-B_{0)}\)

Outlay = (350,000 + 110,000) + 73,000 – 0 + 0 = $533,000

The installed cost is $350,000 + $110,000 = $460,000, so the annual depreciation is $460,000/5 = $92,000. The annual after-tax operating cash flow for Years 1–5 is

CF = (S – C – D)(1 – T) + D = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000

CF = $146,000

The terminal year after-tax non-operating cash flow in Year 5 is:

TNOCF\(=Sal_5+NWClv-T(Sal_5-B_5)=\)

\(85,000+73,000-0.40{(85,000-0)}\)

TNOCF = $124,000

The NPV is

NPV=533,000+t=151460001.10t+1240001.105=$97,449NPV=-533,000+\sum_{t=1}^5\frac{146000}{1.10^t}+\frac{124000}{1.10^5}=\$97,449

从哪里看出这道题是有处置的?

1 个答案

Debrah_品职答疑助手 · 2020年02月24日

同学你好。"The equipment will be sold for $85,000 after five years. "说明处置收益是85,000。

因此,TNOCF=73000+85000-(85000-0)*40%=124,000

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NO.PZ2016012005000001问题如下FITis consiring the purchase of new equipment. The equipment costs $350,000, anaition$110,000 is neeto install it. The equipment will preciatestraight-line to zero over a five-yelife. The equipment will generate aitionannurevenues of $265,000, anit will have annucash operating expenses of $83,000. The equipment will solfor $85,000 after five years. inventory investment of $73,000 is requirering the life of the investment. FITis in the 40 percent tbracket anits cost of capitis 10 percent. Whis the projeNPV? A.$52,122.B.$64,090.C.$97,449. C is correct.Outlay=FClnv+NWCInvOutlay=FC_{lnv}+NWC_{Inv}Outlay=FClnv​+NWCInv​Outl= (350,000 + 110,000) + 73,000 = $533,000The installecost is $350,000 + $110,000 = $460,000, so the annupreciation is $460,000/5 = $92,000. The annuafter-toperating cash flow for Years 1–5 is= (S – C – (1 – T) + = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000= $146,000The terminyeafter-tnon-operating cash flow in Ye5 is:TNOCF=Sal5+NWClnv−T(Sal5−B5)TNOCF=Sal_5+NWC_{lnv}-T(Sal_5-B_5)TNOCF=Sal5​+NWClnv​−T(Sal5​−B5​)=85,000+73,000−0.40(85,000−0)=85,000+73,000-0.40{(85,000-0)}=85,000+73,000−0.40(85,000−0)TNO= $124,000The NPV isNPV=−533,000+∑t=151460001.10t+1240001.105NPV=-533,000+\sum_{t=1}^5\frac{146000}{1.10^t}+\frac{124000}{1.10^5}NPV=−533,000+∑t=15​1.10t146000​+1.105124000​=97,449 110K是装该设备费用,不是设备价值,为啥要算到折旧里。

2022-08-25 14:56 1 · 回答

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