问题如下:
Company M is evaluating two mutually exclusive projects with required rate of return of 12%.
Which project should company M choose?
选项:
A. Project A because its NPV is higher.
B. Project A because its EAA is higher.
C. Project B because its EAA is higher.
解释:
C is correct.
考点:Mutually Exclusive Projects with Different Lives
解析:在选择不同期限的互斥项目时,我们可以使用EAA法。先计算出每一个项目的NPV,再根据算出的NPV来计算PMT,从而挑选一个能给我们带来等效年金最大的项目。NPVA = -130,000 + = $40,933.01
PV = -40,933 , N=4 , I/Y=12 , FV=0 CPT→PMTA = 13,476.56
NPVB = -85,000 + + = $38,874.82
PV = -38,874.82 , N=3 , I/Y=12 , FV=0 CPT→PMTB = 16,185.49
因为项目B的EAA较大,所以我们应该选择项目B。
在计算项目B的NPV时,我的计算器是这么按的,请老师帮忙看看错哪了? CF0=-85000,C01=45500,F01=3,C02=20500,I=12