財務管理的問題!超急超急!!20點請達人解決!!

年金問題:

0期 1期 2期 3期

A -$2500 $500 $1000 $1700

B -$2000 $1000 $900 $600

a. If WACC is 15% . What are the two project's NPV. IRR. MIRR. PAYBACK.

and DISCOUNTED PAYBACK?

b. If A and B are mutually exclusive , which project would you choose? why?

麻煩達人幫忙解決,感謝!!

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    a.

    NPV(A)=-2500+500*1.15^(-1)+1000*1.15^(-2)+1700*1.15^(-3)=-191.30

    NPV(B)=-2000+1000*1.15^(-1)+900*1.15^(-2)+600*1.15^(-3)=-55.40

    A:

    2500*(1+IRR)^(3)=500*(1+IRR)^(2)+1000*(1+IRR)^(1)+1700

    =>IRR(A)=11.0977%

    B:

    2000*(1+IRR)^(3)=1000*(1+IRR)^(2)+900*(1+IRR)^(1)+600

    =>IRR(B)=13.1797%

    A:

    2500*(1+MIRR)^3=500*(1.15)^(2)+1000*(1.15)^(1)+1700

    =>MIRR(A)=11.9886%

    B:

    2000*(1+MIRR)^(3)=1000*(1.15)^(2)+900*(1.15)^(1)+600

    =>MIRR(B)=13.9283%

    A:

    (0期)2500,(1期後)2500-500=2000,(2期後)2000-1000=1000,

    1000/1700=0.59。

    所以PAYBACK.(A)=2+0.59=2.59

    B:

    (0期)2000,(1期後)2000-1000=1000,(2期後)1000-900=100,

    100/600=0.17

    所以PAYBACK.(B)=2.17

    A:

    (0期)2500,(1期後)2500*1.15-500=2375,(2期後)2375*1.15-1000=1731.25

    (3期後)1731.25*1.15-1700=290.94....

    =>DISCOUNTED PAYBACK(A)無法還本..

    B:

    (0期)2000,(1期後)2000*1.15-1000=1300,(2期後)1300*1.15-900=595,

    (3期後)595*1.15-600=84.25

    =>DISCOUNTED PAYBACK(B)無法還本..

    b.

    雖然NPV(A)>NPV(B),但兩方案之原始投資額差異小,

    而IRR、MIRR、PAYBACK的B方案皆優於A方案。

    故應選B方案較佳

    2013-01-04 11:06:06 補充:

    抱歉,b 答錯了,更正如下:

    b.

    因為NPV(A)、NPV(B)皆為負,所以此兩方案皆不值得投資。

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