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瑶瑶涵涵 · 2020年03月02日

问一道题:NO.PZ2018101501000036

问题如下:

Anna is evaluating Company M which is going out of business in four years. The company is in the 25% tax bracket. The weighted average cost of capital and the cost of equity is 10% and 15%, respectively. The relevant distribution information is shown in the following cash flow statement. What is the value of equity at time zero?

选项:

A.

113,696.29

B.

85,988.53

C.

76,714.45

解释:

C is correct.

考点:Other Valuation Models

解析题目要我们求归属于股东的价值,只需将分配给股东的现金流( NI+Depreciation-principal repayment 即表格中Dividends)折现得到权益价值即可。

    PV=20,1201.15+23,1891.152+36,9841.153+30,3751.154=76,714.45PV=\frac{20,120}{1.15}+\frac{23,189}{1.15^2}+\frac{36,984}{1.15^3}+\frac{30,375}{1.15^4}=76,714.45

请问计算器如何按键?我按照CF0=0, CF1=20,120一直按到CF4=30,375,折现率15%,可是算出来的NPV不等于答案,而是$61,662. 请问哪里按错了呢?谢谢

1 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年03月02日

同学你好。我用计算器计算出来答案没问题哦,你可以检查一下计算器是否清零了。

CF0=0,C01=20,120,F01=1,C01=23,189,F02=1,C03=36,984,F03=1,C04=30,375,F04=1,I=15,计算NPV=76,714