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Julie · 2021年04月15日

这题解法是默认NPV等于0吗？

  1. CFA II
  2. Corporate Issuers

NO.PZ2018101501000021

问题如下：

Company M is investing an equipment of $1 million, which may enable the company to earn a 12% internal rate of return. The equipment will generate operating income after taxes of $150,000 and depreciation of $95,000 annually for the coming four years. The equipment will be sold at the end of the fourth year. The company is in the 25% tax bracket. What`s the terminal selling price?

选项：

A.

$483,273

B.

$452,325

C.

$330,112

解释：

C is correct.

考点：Cash Flow Projections: Expansion Project

解析：CF = (S – C – D)(1 – T) + D = EBIT*(1-T) + D = 150,000+95,000 = $245,000

账面价值BV4 = 1,000,000 – 95000*4 = $620,000

TNOCF = Sal4 +NWCInv−T(Sal4 – B4 ) = Sal4 - 0.25*( Sal4-620,000)

NPV=−1,000,000+∑t=14245,0001.12t+Sal4−0.25×(Sal4−620,000)1.124NPV=-1,000,000+\sum_{t=1}^4\frac{245,000}{1.12^t}+\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}

计算前四年 OCF (245000) 的净现值为 -255849.4101，计算器按法

- 清零

- CF0 = -1000000，

- C01 = 245000；- F01 = 4 (t=1 至 t=4 时刻)

- I = 12

- NPV = -255849.4101

即：Sal4−0.25×(Sal4−620,000)1.124=255849.4101\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}=255849.4101

计算求得Sal4 = $330,112

看公式，只有左边NPV等于0，才可以求出selling price。如果这样，题目哪里有提示npv是0呢？
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1 个答案

王琛_品职助教 · 2021年04月16日

嗨，从没放弃的小努力你好：


注意哦，题干第一句话：12% internal rate of return，IRR 就是使得项目 NPV 等于零的要求回报率。

因此这道题是已知 NPV=0 ,倒推销售价格。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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