Chapter 13 Exercise answers 国际金融专业双语教学课件.pptVIP

Chapter 13 Exercise answers Answer 1 NPVA=12000*0.9091+28000*0.8264+36000*0.7513+32000*0.6830+18000*0.6209-80000=14127.4 NPVB=30000*0.9091+30000*0.8264+30000*0.7513+30000*0.6830-80000=15094 NPVC=50000*0.9091+36000*0.8264+30000*0.7513+10000*0.6830-90000=14574.4 So A,B and C are all acceptable, and B is the best. Answer 2 Under B (P/A, IRR, 4)=8/3=2.6667 Since (P/A, 18%, 4)=2.6901, (P/A, 20%, 4)=2.5887 (20%-18%)/(2.5887-2.6901)=(20%-x)/(2.5887-2.6667) X=18.46% Answer 2 Under C Supposed r1=20%, NPV=5* (P/S, 20%,1)+ 3.6* (P/S, 20%,2)+ 3* (P/S, 20%,3)+ 1* (P/S, 20%,4) -9= -0.1153 Supposed r2=18