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Tan · 2020年11月11日

问一道题:NO.PZ201601200500000902

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问题如下:

2. The NPV and IRR, respectively, of the Gasup Company investment are closest to:

选项:

A.

$509,600 and 21.4%.

B.

$509,600 and 31.3%.

C.

$946,700 and 31.3%.

解释:

A is correct.

The cash flows (in $ million) for the 5-year gas project are as follows:

Given the required rate of return of 18 percent, the NPV can be calculated with Equation 2 or with a financial calculator:

beginarraylNPV=6.0+0.51.18+4.01.182+4.01.183+4.01.184+1.01.185NPV=$509,579begin{array}{l}NPV=-6.0+\frac{-0.5}{1.18}+\frac{4.0}{1.18^2}+\frac{4.0}{1.18^3}+\frac{4.0}{1.18^4}+\frac{-1.0}{1.18^5}\\NPV=\$509,579

Similarly, the IRR can be calculated from Equation 3:

6.0+0.51+r+4.0(1+r)2+4.0(1+r)3+4.0(1+r)4+1.0(1+r)5=0-6.0+\frac{-0.5}{1+r}+\frac{4.0}{{(1+r)}^2}+\frac{4.0}{{(1+r)}^3}+\frac{4.0}{{(1+r)}^4}+\frac{-1.0}{{(1+r)}^5}=0

Solving for r with a financial calculator or spreadsheet software will yield 21.4 percent for the internal rate of return. Note that in spite of the fact that we are dealing with a nonconventional cash flow pattern, the IRR has a unique solution. The NPV profile declines as the required rate of return increases, and the NPV value crosses the x-axis (required rate of return) only one time, at 21.4 percent.

做着题有点犯迷糊了,能不能详细讲下判断sunk costs的标准?我以为这里的环保费用是sunk costs是这个project必要支出的一项所以没有考虑

1 个答案

王琛_品职助教 · 2020年11月12日

- sunk cost 是指已经发生的费用,比如项目前期调研的咨询费等,在计算期间现金流时是不考虑的
- 一般涉及计算题,很少题干会出现 sunk cost;如果考察 sunk cost,一般都是在定性考察资本预算的原则,比如现金流包含哪些,不包含哪些
- 你也说了环保费用是项目的一项必要支出,所以一定要在计算期间现金流的时候考虑呀,可不是 sunk cost 哈