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叶赫那拉坤坤 · 2020年06月18日

问一道题:NO.PZ2018062005000009

问题如下:

Assume a project has net present value of $500 and IRR=8.5%. If all cash flows involved in the project, for example the initial investment and the cash inflows, are doubled, the project will have:

选项:

A.

a net present value between $500 and $1,000, and IRR larger than 8.5%

B.

a net present value of $1,000 and IRR equal to 8.5%

C.

a net present value of $500 and IRR equal to 8.5%

解释:

B is correct. NPV is the present value of the future cash inflows less the initial investment. If both cash inflows and initial investment are doubles, NPV will double. IRR is the discount rate that makes present value of the future cash inflows equal the initial investment. The percentage profitability does not change, therefore IRR will remain the same.

为什么IRR不变那?

1 个答案

Olive_品职助教 · 2020年06月19日

嗨,爱思考的PZer你好:


IRR是一个收益率的概念,初始投资和之后的现金流都double,不影响收益率。

就像你在银行存100,每年利息5块,和存200,每年利息10块,都对应的一个利率。存100和存200,都是一个利率,因为初始投资的增加幅度和之后的现金流的增加幅度是相同的。


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