2015年ACCA考试《F9财务管理》辅导资料(6).pdfVIP

精品文档就在这里 各类专业好文档，值得你下载，教育，管理，论文，制度，方案手册，应有尽有 2015 年 ACCA 考试《 F9 财务管理》辅导资料（ 6 ） 本文由高顿 ACCA 整理发布，转载请注明出处 The equivalent annual cost (EAC) approach This approach computes the present value of costs for each project over a cycle and then expresses the present value in an annual equivalent cost using the appropriate annuity factors for each cycle. The annual equivalent of NPVs of the two or more projects can then be compared. Having calculated the EAC for each cycle and each project ， then compare the EACs. The project that has the lowest EAC over the cycles is the better one if lowest outlay is the objective or the higher EAC would be preferred if the highest revenue were the objective. Infinite re-investment approach This approach is appropriate when projects of unequal lives and unequal risks are being considered. The first step to take will be to establish the net present value of the projects in the normal way and then calculate the net present value of projects to infinity using the formula ： NPV ? = NPV of project/PV of annuity for the life of project at discount rate Discount rate for the project The project ， which has the highest NPV to infinity ， is the one to recommend Project appraisal under inflation Inflation is a state of affairs under which prices are constantly rising. When this happens the purchasing power of money depreciates. The currency will buy fewer goods and services than previously and consequently the real returns on investments will fall. Investors understandably ， will expect to be compensated for the fall in the value of money during inflation. When appraising investment opportunities the appraiser requires an understan