问题如下:
4. What is the NPV (C$ millions) of the optimal set of investment decisions for Society Services including the expansion option?
选项:
A. 6.34.
B. 12.68.
C. 31.03.
解释:
B is correct.
Assume we are at time = 1. The NPV of the expansion (at time 1) if demand is "high" is
The NPV of the expansion (at time 1) if demand is "low" is
The optimal decision is to expand if demand is "high" and not expand if "low."
Because the expansion option is exercised only when its value is positive, which happens 50 percent of the time, the expected value of the expansion project, at time zero, is
The total NPV of the initial project and the expansion project is
NPV = –C$5.663 million + C$18.346 million = C$12.683 million
The optional expansion project, handled optimally, adds sufficient value to make this a positive NPV project.
扩张项目的PVCF1已经得出,为什么折现一期的PV就是NPV?能不能用老师说的画图作差法再解释一下?