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kevinzhu · 2022年04月11日

如何求IRR

  1. CFA II
  2. Corporate Issuers

NO.PZ2018101501000041

问题如下：

Company M, a pharmaceutical corporation, is investing $30 million in fixed capital and $10 million in working capital for a four-year expansion project. The fixed capital will be depreciated straight-line to zero over four years and it will generate annual revenues and annual cash operating expenses of $22 million and $8 million, respectively. The fixed assets are expected to be sold for $5 million and the working capital investment will be recovered at the end of the project. The tax rate is 25%. What’s the IRR for the project?

选项：

A.

9.10%

B.

15.38%

C.

18.43%

解释：

C is correct.

考点：Risk Analysis

解析：项目每年的现金流如下：CF0 = -$40 million

CF1 = CF2 = CF3 = (S – C – D)(1 – T) + D = (22-8-7.5)*(1-25%)+7.5 = $12.375 million

CF4 = After-tax operating CF+ TNOCF = $26.125 million

求得IRR = 18.43%

项目每年的现金流如下：CF0 = -$40 million

CF1 = CF2 = CF3 = (S – C – D)(1 – T) + D = (22-8-7.5)*(1-25%)+7.5 = $12.375 million

CF4 = After-tax operating CF+ TNOCF = $26.125 million


然后IRR怎么求？

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1 个答案

王琛_品职助教 · 2022年04月12日

嗨，爱思考的PZer你好：


输入完现金流以后，直接按 IRR，然后按 CPT 即可

如果是针对计算 NPV 或 IRR 的计算器按法有疑问，建议同学再复习一下何老师专门录制的计算器使用课程哈

请参考：早读课 -> How to Use Financial Calculator BA II Plus -> Cash Flow Calculation

----------------------------------------------
努力的时光都是限量版，加油！

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NO.PZ2018101501000041问题如下Company M, a pharmaceuticcorporation, is investing $30 million in fixecapitan$10 million in working capitfor a four-yeexpansion project. The fixecapitwill preciatestraight-line to zero over four years anit will generate annurevenues anannucash operating expenses of $22 million an$8 million, respectively. The fixeassets are expecteto solfor $5 million anthe working capitinvestment will recoverethe enof the project. The trate is 25%. What’s the IRR for the project?9.10% 15.38% 18.43% C is correct.考点Risk Analysis解析项目每年的现金流如下CF0 = -$40 millionCF1 = CF2 = CF3 = (S – C – (1 – T) + = (22-8-7.5)*(1-25%)+7.5 = $12.375 millionCF4 = After-toperating CF+ TNO= $26.125 million求得IRR = 18.43%totnet cash flow=10+5-（5-0）✖️25%+OCF，哪里不对吗？

2022-05-24 23:25 1 · 回答

NO.PZ2018101501000041 15.38% 18.43% C is correct. 考点Risk Analysis 解析项目每年的现金流如下CF0 = -$40 million CF1 = CF2 = CF3 = (S – C – (1 – T) + = (22-8-7.5)*(1-25%)+7.5 = $12.375 million CF4 = After-toperating CF+ TNO= $26.125 million 求得IRR = 18.43% CF4=26.125 怎么算出来的可以详细列一下吗

2022-01-25 17:52 1 · 回答

NO.PZ2018101501000041 working capitinvestment will recoverethe enof the proje如果是non recovere还用在terminvalue+WC？

2022-01-16 13:51 1 · 回答

NO.PZ2018101501000041 15.38% 18.43% C is correct. 考点Risk Analysis 解析项目每年的现金流如下CF0 = -$40 million CF1 = CF2 = CF3 = (S – C – (1 – T) + = (22-8-7.5)*(1-25%)+7.5 = $12.375 million CF4 = After-toperating CF+ TNO= $26.125 million 求得IRR = 18.43%和另外一位同学一样的问题，计算器的CF计算功能，CF0=-40;C01=12.375、F01=3;C02=26.125、F02=1; 这样算出来的IRR怎么不对啊？OCF1、OCF2、OCF3确实一样，irr求出来得24.91？请问是计算器设置有问题吗

2021-07-18 16:49 1 · 回答