罗斯《公司理财》英文习题答案DOCchap008.docVIP

Chapter 8: Strategy and Analysis in Using Net Present Value 8.1 Go directly: NPV = 0.5 ( $20 million + 0.5 ( $5 million = $12.5 million Test marketing: NPV = -$2 million + (0.75 ( $20 million + 0.25 ( $5 million) / 1.15 = $12.13 million Go directly to the market. 8.2 Focus group: -$120,000 + 0.70 ( $1,200,000 = $720,000 Consulting firm: -$400,000 + 0.90 ( $1,200,000 = $680,000 Direct marketing: 0.50 ( $1,200,000 = $600,000 The manager should conduct a focus group. 8.3 Price more aggressively: -$1,300,000 + (0.55 ( 0) + 0.45 ( (-$550,000) = -$1,547,500 Hire lobbyist: -$800,000 + (0.75 ( 0) + 0.25 ( (-$2,000,000) = -$1,300,000 Tandem should hire the lobbyist. 8.4 Let sales price be x. Depreciation = $600,000 / 5 = $120,000 BEP: ($900,000 + $120,000) / (x - $15) = 20,000 x = $66 8.5 The accounting break-even = (120,000 + 20,000) / (1,500 - 1,100) = 350 units 8.6 a. The accounting break-even = 340,000 / (2.00 - 0.72) = 265,625 abalones b. [($2.00 ( 300,000) - (340,000 + 0.72 ( 300,000)] (0.65) = $28,600 This is the after tax profit. 8.7 EAC = $140,000 / = $33,650 Depreciation = $140,000 / 7 = $20,000 BEP = {$33,650 + $340,000 ( 0.65 - $20,000 ( 0.35} / {($2 - $0.72) ( 0.65} = 297,656.25 ( 297,657 units 8.8 Depreciation = $200,000 / 5 = $40,000 EAC = $200,000 / = $200,000 / 3.60478 = $55,482 BEP = {$55,482 + $350,000 ( 0.75 - $40,000 ( 0.25} / {($25 - $5) ( 0.75} = 20,532.13 ( 20533 units 8.9 Let I be the break-even purchase price. Incremental C0 Sale of the old machine $20,000 Tax effect 3,400 Total $23,400 Depreciation per period = $45,000 / 15 = $3,000 Book value of the machine = $45,000 - 5 ( $3,000 = $30,000 Loss on sale of machine = $30,000 - $20,000 = $10,000 Tax credit due to loss = $10,000 ( 0.34 = $3,400 Incremental cost savings: $10,000 (1 - 0.34) = $6,600 Incremental depreciation tax shield: [I / 10 - $3,000] (0.34) The break-even purchase price