第五次课—静态经济指标.pptVIP

Free template from * * 上次课的回顾(Review) 4. 等差支付系列复利公式(Arithmetic progression series payment) 5. 信贷资金的偿还方式(Repaying way of loan) 本次课的内容(Introduce) 3.3 经济等值计算应用实例 (Case study) 4.1 船舶工程经济分析中常用的静态经济指标(Static economic criteria) * * 3.3 经济等值计算应用实例 (Case study) Interest relationship make allowance for the time value of money and the life of the investment may be used to convert an investment( e.g.,cost of a ship) into an annual amount which, when added to the annual direct operation costs, may be used to determine the necessary level of income, to give the required rate of return. Alternatively, where annual cash flows are known the relationships can convert them into Present Worth, which may be added together to give Net Present Values (NPV), for comparison with the investment. The future cash flows are discounted (the converse of ‘compounded’),hence the common name of Discounted Cash Flow calculations (DCF). * * For an investment to be worthwhile, the present worth of the cash flows of income minus expenditure should be greater than the investment, taking inflows as positive and outflows as negative, i.e., NPV should be positive. The example that follow have been deliberately simplified to illustrate the basic interest relationships, but the approach is still useful at a preliminary stage of evaluating alternative investment. * * Example 1 A package of control equipment for ship’s main machinery comes into two models: a heavy-duty model costing ￡40 000 which will last the 16-year life of the ship and a standard model costing ￡26 000 which last eight years. Which model offers the lower cost over the ship’s life( life-cycle cost) if maintenance and operating costs are the same for both models? Assume 12% income rate of capital. * * Cost flows must be converted for both options to present worth by use of the Present Worth Factor. Option(1): Pay ￡40 000 now. Present Worth= ￡40 000 Option(2): Pay ￡26 000 now, plus ￡26 000