罗斯《公司理财》英文习题答案chap006.pdfVIP

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罗斯《公司理财》英文习题答案chap006.pdf

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Chapter 6: Some Alternative Investment Rules Chapter 6: Some Alternative Investment Rules 6.1 a. Payback period of Project A = 1 + ($7,500 - $4,000) / $3,500 = 2 years 6.1 a. Payback period of Project A = 1 + ($7,500 - $4,000) / $3,500 = 2 years Payback period of Project B = 2 + ($5,000 - $2,500 -$1,200) / $3,000 = 2.43 years Payback period of Project B = 2 + ($5,000 - $2,500 -$1,200) / $3,000 = 2.43 years Project A should be chosen. Project A should be chosen. b. NPVA = -$7,500 + $4,000 / 1.15 + $3,500 / 1.152 + $1,500 / 1.153 = -$388.96 b. NPVA = -$7,500 + $4,000 / 1.15 + $3,500 / 1.152 + $1,500 / 1.153 = -$388.96 NPVB = -$5,000 + $2,500 / 1.15 + $1,200 / 1.152 + $3,000 / 1.153 = $53.83 NPVB = -$5,000 + $2,500 / 1.15 + $1,200 / 1.152 + $3,000 / 1.153 = $53.83 Project B should be chosen. Project B should be chosen. 6.2 a. Payback period = 6 + {$1,000,000 - ($150,000 ( 6)} / $150,000 = 6.67 years 6.2 a. Payback period = 6 + {$1,000,000 - ($150,000 ( 6)} / $150,000 = 6.67 years Yes, the project should be adopted. Yes, the project should be adopted. b. $150,000 = $974,259 b. $150,000 = $974,259 The discounted payback period = 11 + ($1,000,000 - $974,259) / ($150,000 / 1.112) The discounted payback period = 11 + ($1,000,000 - $974,259) / ($150,000 / 1.112) = 11.54 years = 11.54 years c. NPV = -$1,000,000 + $150,000 / 0.10 = $500,000 c. NPV = -$1,000,000 + $150,000 / 0.10 = $500,000 6.3 a. Average Investment: 6.3 a. Average Investment: ($16,000 + $12,000 + $8,000 + $4,000 + 0) / 5 = $8,000 ($16,000 + $12,000 + $8,000 + $4,000 + 0) / 5 = $8,000 Average accounting return: Average accounting return: