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王二狗 · 2021年12月23日

没理解，我想要一份完整版的，包含计算器怎么按的解析，谢谢

  1. CFA I
  2. Corporate Issuers

* 问题详情，请 查看题干

NO.PZ202109170100001402

问题如下：

What is the NPV (C$ millions) of the optimal set of investment decisions for Bouchard Industries including the production-flexibility option?

选项：

A.

–C$6.34 million

B.

C$7.43 million

C.

C$7.43 million

解释：

B is correct. The additional NPV of adding shifts if demand is “high” is


If demand is low, the production-flexibility option will not be exercised. The optimal decision is to add shifts only if demand is high. Because the production-flexibility option is exercised only when demand is high, which happens 50% of the time, the expected present value of adding shifts is NPV = 0.50(26.18) = C$13.09 million. The total NPV of the initial project and the production-flexibility option is NPV = –C$5.66 million + C$13.09 million = C$7.43 million. The option to add shifts, handled optimally, adds sufficient value to make this a positive-NPV project.

没理解，我想要一份完整版的，包含计算器怎么按的解析，谢谢

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1 个答案

王琛_品职助教 · 2021年12月24日

嗨，从没放弃的小努力你好：


1

解题过程，请参考：https://class.pzacademy.com/qa/86171

2

计算器按法如下：

清零 CLR WORK

CF0 = 0

C01 = 0

F01 = 1

C02 = 5

F02 = 9

I = 10

CPT NPV = 26.177381

3

如果是计算器不会按，需要看一下「早读课」-> 「知新」：How to Use Financial Calculator BA II Plus

倒数第二个视频 Cash Flow Calculation

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努力的时光都是限量版，加油！

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相关问题

NO.PZ202109170100001402问题如下 Whis the NPV (millions) of the optimset of investment cisions for BoucharInstries inclung the proction-flexibility option? A.–C$6.34 million B.C$7.43 million C.C$31.03 million B is correct. The aitionNPV of aing shifts if manis “high” isIf manis low, the proction-flexibility option will not exercise The optimcision is to a shifts only if manis high.Because the proction-flexibility option is exerciseonly when manis high, whihappens 50% of the time, the expectepresent value of aing shifts isNPV = 0.50(26.18) = C$13.09 million.The totNPV of the initiprojeanthe proction-flexibility option isNPV = –C$5.66 million + C$13.09 million = C$7.43 million.The option to a shifts, haneoptimally, as sufficient value to make this a positive-NPV project. 看了老师得答疑，我觉得概率每次都是50%对50%,那这道题目可以转化为CF0=-190，CF1=0.5*40+0.5*20=30， CF2=0.5*40+0.5*20+0.5*0+0.5*5=32.5，CF3-CF10=32.5，I/Y=10,得出一样得结果，可惜这题目题意没完全理解透导致做错

2022-03-20 21:28 1 · 回答

NO.PZ202109170100001402 C$7.43 million C$7.43 million B is correct. The aitionNPV of aing shifts if manis “high” is If manis low, the proction-flexibility option will not exercise The optimcision is to a shifts only if manis high.Because the proction-flexibility option is exerciseonly when manis high, whihappens 50% of the time, the expectepresent value of aing shifts isNPV = 0.50(26.18) = C$13.09 million.The totNPV of the initiprojeanthe proction-flexibility option isNPV = –C$5.66 million + C$13.09 million = C$7.43 million.The option to a shifts, haneoptimally, as sufficient value to make this a positive-NPV project. 可以详细解答一下答题过程吗

2021-10-17 11:40 2 · 回答