罗斯公司理财版课后答案对应版

1、第五章：净现值和投资评价的其他方法1. 如果项目会带来常规的现金流，回收期短于项目的生命周期意味着，在折现率为0的情况下，NPV为正值。折现率大于0时，回收期依旧会短于项目的生命周期，但根据折现率小于、等于、大于IRR的情况，NPV可能为正、为零、为负。折现回收期包含了相关折现率的影响。如果一个项目的折现回收期短于该项目的生命周期，NPV 定为正值。2. 如果某项目有常规的现金流，而且 NPV为正，该项目回收期一定短于其生命周期。因为折现回收期是用与NPV相同的折现值计算出来的， 如果NPV为正，折现回收期也会短于该项目的生命周期。NPV为正表明未来流入现金流大于初始投资成本，盈利指数必然大于

2、1。如果NPV以特定的折现率R计算岀来为正值时，必然存在一个大于R的折现率R使得NPV为0，因此，IRR必定大于必要报酬率。 矚慫润厲钐瘗睞枥庑赖。3. (1 )回收期法就是简单地计算岀一系列现金流的盈亏平衡点。其缺陷是忽略了货币的时间价值，另外， 也忽略了回收期以后的现金流量。当某项目的回收期小于该项目的生命周期，则可以接受；反之，则拒绝。 回收期法决策作岀的选择比较武断。 聞創沟燴鐺險爱氇谴净。(2) 平均会计收益率为扣除所得税和折旧之后的项目平均收益除以整个项目期限内的平均账面投资额。其 最大的缺陷在于没有使用正确的原始材料，其次也没有考虑到时间序列这个因素。一般某项目的平均会计收益率大

3、于公司的目标会计收益率，则可以接受；反之，则拒绝。残骛楼諍锩瀨濟溆塹籟。(3) 内部收益率就是令项目净现值为 0的贴现率。其缺陷在于没有办法对某些项目进行判断，例如有多重内部收益率的项目，而且对于融资型的项目以及投资型的项目判断标准截然相反。对于投资型项目，若IRR大于贴现率，项目可以接受；反之，则拒绝。对于融资型项目，若IRR小于贴现率，项目可以接受；反之，则拒绝。酽锕极額閉镇桧猪訣锥。(4) 盈利指数是初始以后所有预期未来现金流量的现值和初始投资的比值。必须注意的是，倘若初始投资期之后，在资金使用上还有限制，那盈利指数就会失效。对于独立项目若PI大于1，项目可以接受；反之，则拒绝。彈贸摄尔

4、霁毙攬砖卤庑。(5) 净现值就是项目现金流量(包括了最初的投入)的现值，其具有三个特点：使用现金流量；包含了项目全部现金流量；对现金流量进行了合理的折现。某项目NPV大于0时，项目可接受；反之，则拒绝。謀荞抟箧飆鐸怼类蒋薔。4. 对于一个具有永续现金流的项目来说，回收期为：C内部收益率为:所以可得:这意味着对一个拥有相对固定现金流的长期项目而言，回收期越短，IRR越大，并且IRR近似等于回收期的倒数。 厦礴恳蹒骈時盡继價骚。5. 原因有很多，最主要的两个是运输成本以及汇率的原因。在美国制造生产可以接近于产品销售地，极大 的节省了运输成本。同样运输时间的缩短也减少了商品的存货。跟某些可能的制造生

5、产地来说，选择美国 可能可以一定程度上减少高额的劳动力成本。还有一个重要因素是汇率，在美国制造生产所付岀的生产成本用美元计算，在美国的销售收入同样用美元计算，这样可以避免汇率的波动对公司净利润的影响。茕桢广鳓鯡选块网羈泪。6. 最大的问题就在于如何估计实际的现金流。 确定一个适合的折现率也同样非常困难。 回收期法最为容易，其次是平均会计收益率法，折现法(包括折现回收期法，NPV法，IRR法和PI法)都在实践中相对较难。鹅娅尽損鹌惨歷茏鴛賴。7. 可以应用于非盈利公司，因为它们同样需要有效分配可能的资本，就像普通公司一样。不过，非盈利公 司的利润一般都不存在。例如，慈善募捐有一个实际的机会成本，

6、但是盈利却很难度量。即使盈利可以度 量出来，合适的必要报酬率也没有办法确定。在这种情况下，回收期法常常被用到。另外，美国政府是使 用实际成本 / 盈利分析来做资本预算的，但需要很长时间才可能平衡预算。 籟丛妈羥为贍偾蛏练淨。8. 这种说法是错误的，如果项目 B 的现金流流入的更早，而项目 A 的现金流流入较晚，在一个较低的折现 率下， A 项目的 NPV 将超过 B 项目。不过，在项目风险相等的情况下，这种说法是正确的。如果两个项目 的生命周期相等，项目B的现金流在每一期都是项目 A的两倍，贝U B项目的NPV为A项目的两倍。預頌圣鉉 儐歲龈讶骅籴。9. 尽管A项目的盈利指数低于B项目，但A项

7、目具有较高的NPV所以应该选A项目。盈利指数判断失误的原因在于B项目比A项目需要更少的投资额。只有在资金额受限的情况下，公司的决策才会有误。渗釤呛俨匀谔鱉调硯錦。10. （ 1）如果两个项目的现金流均相同，A项目将有更高的IRR，因为A项目的初期投资低于项目B。铙誅卧泻噦圣骋贶頂廡。（2）相同，因为项目 B 的初始投资额与现金流量都为项目 A 的两倍。11. B 项目将更加敏感。原因在于货币的时间价值。有较长期的未来现金流会对利率的变动更加敏感，这 种敏感度类似于债券的利率风险。 擁締凤袜备訊顎轮烂蔷。12. MIRR 的计算方法是找到所有现金流出的现值以及项目结束后现金流入的未来值，然后计算

8、出两笔现金流的IRRo因此，两笔现金流用同一利率（必要报酬率）折现，因此，MIRR不是真正的利率。相反，考虑IRR。如果你用初始投资的未来值计算出 IRR，就可以复制出项目未来的现金流量。贓熱俣阃歲匱阊邺镓騷。13. 这种说法是错误的。如果你将项目期末的内部现金流以必要报酬率计算NPV和初始投资，你将会得到相同的NPU但是，NPV并不涉及内部的现金流再投资的问题。坛搏乡囂忏蒌鍥铃氈淚。14. 这种说法是不正确的。的确，如果你计算中间的所有现金的未来价值到项目结束流量的回报率，然后 计算这个未来的价值和回报率的初步投资，你会得到相同的回报率。然而，正如先前的问题，影响现金流 的因素一旦产生不会影

9、响IRRo蜡變黲癟報伥铉锚鈰赘。15. 1. a. The payback period is the time that it takes for the cumulative undiscounted cash inflowsto equal the initial investment.買鯛鴯譖昙膚遙闫撷凄。Project A:Cumulative cash flows Year 1 = $6,500 = $6,500Cumulative cash flows Year 2 = $6,500 + 4,000 = $10,500綾镝鯛駕櫬鹕踪韦辚糴。Companies can calcul

10、ate a more precise value using fractional years. To calculate the fractional payback period, find the fraction of year 2s cash flows that is needed for the company to havecumulative undiscounted cash flows of $10,000. Divide the difference between the initial investment and the cumulative undiscount

11、ed cash flows as of year 1 by the undiscounted cash flow of year 2. Payback period = 1 + （$10,000- $6,500） / $4,000 = 1.875 years驅踬髏彦浃绥譎饴憂锦。Project B:Cumulative cash flows Year 1 = $7,000 = $7,000Cumulative cash flows Year 2 = $7,000 + 4,000 = $11,000猫虿驢绘燈鮒诛髅貺庑。Cumulative cash flows Year 3 = $7,000

12、+ 4,000 + 5,000 = $16,000锹籁饗迳琐筆襖鸥娅薔。To calculate the fractional payback period, find the fraction of year 3s cash flows that is needed for the company to have cumulative undiscounted cash flows of $12,000. Divide the difference between the initial investment and the cumulative undiscounted cash flow

13、s as of year 2 by the undiscounted cash flow of year 3.構氽頑黉碩饨荠龈话骛。Payback period = 2 + （$12,000-7,000 -4,000）/ $5,000輒峄陽檉簖疖網儂號泶。Payback period = 2.20 yearsSince project A has a shorter payback period than project B has, the company should choose尧侧閆繭絳闕绚勵蜆贅。project A.b. Discount each projects cash flo

14、ws at 15 percent. Choose the project with the highest NPV.识饒鎂錕缢灩筧嚌俨淒。Project A:NPV = -$10,000 + $6,500 / 1.15 + $4,000 / 1.152 + $1,800 / 1.153=-139.72 凍鈹鋨劳臘错痫婦胫籴。Project B:NPV = -$12,000 + $7,000 / 1.15 + $4,000 / 1.152 + $5,000 / 1.153= $399.11恥諤銪灭萦欢煬鞏鹜錦。The firm should choose Project B since it h

15、as a higher NPV than Project A has.鯊腎鑰诎褳鉀沩懼統庫。16. When we use discounted payback, we need to find the value of all cash flows today. The value硕癘鄴颃诌攆檸攜驤蔹。阌擻輳嬪諫迁择楨秘騖。氬嚕躑竄贸恳彈瀘颔澩。釷鹆資贏車贖孙滅獅赘。怂阐譜鯪迳導嘯畫長凉。today of the project cash flows for the first four years is:Value today of Year 1 cash flow = $6,000/1.

16、14 = $5,263.16Value today of Year 2 cash flow = $6,500/1.142 = $5,001.54Value today of Year 3 cash flow = $7,000/1.143 = $4,724.80Value today of Year 4 cash flow = $8,000/1.144 = $4,736.64To find the discounted payback, we use these values to find the payback period. The discountedfirst year cash fl

17、ow is $5,263.16, so the discounted payback for an $8,000 initial cost is:谚辞調担鈧谄动禪泻類。Discounted payback = 1 + ($8,000-5,263.16)/$5,001.54 = 1.55 years嘰觐詿缧铴嗫偽純铪锩。For an initial cost of $13,000, the discounted payback is:熒绐譏钲鏌觶鷹緇機库。Discounted payback = 2 + ($13,000-5,263.16-5,001.54)/$4,724.80 = 2.58 y

18、ears鶼渍螻偉阅劍鲰腎邏蘞。Notice the calculation of discounted payback. Weknow the payback period is between two and three years, so we subtract the discounted values of the Year 1 and Year 2 cash flows from the initial cost. This is the numerator, which is the discounted amount we still need to make to recove

19、r our initial investment. We divide this amount by the discounted amount we will earn in Year 3 to get the fractional portion of the discounted payback. 纣忧蔣氳頑莶驅藥悯骛。If the initial cost is $18,000, the discounted payback is: 颖刍莖蛺饽亿顿裊赔泷。Discounted payback = 3 + ($18,000-5,263.16-5,001.54-4,724.80) / $4

20、,736.64 = 3.64 years濫驂膽閉驟羥闈詔寢賻。17. The IRR is the interest rate that makes the NPVof the project equal to zero. So, the equation that defines the IRR for this project is: 銚銻縵哜鳗鸿锓謎諏涼。0 = C0 + C1 / (1 + IRR) + C2 / (1 + IRR)2 + C3 / (1 + IRR)3挤貼綬电麥结鈺贖哓类。0 =-$11,000 + $5,500/(1 + IRR) + $4,000/(1 + IRR

21、)2 + $3,000/(1 + IRR)3赔荊紳谘侖驟辽輩袜錈。Using a spreadsheet, financial calculator, or trial and error to find the root of the equation,we find that: IRR = 7.46%塤礙籟馐决穩賽釙冊庫。Since the IRR is less than the required return we would reject the project. 裊樣祕廬廂颤谚鍘羋蔺。18. The IRR is the interest rate that makes the N

22、PVof the project equal to zero. So, the equationthat defines the IRR for this Project A is:仓嫗盤紲嘱珑詁鍬齊驁。0 = C0 + C1 / (1 + IRR) + C2 / (1 + IRR)2 + C3 / (1 + IRR)3绽萬璉轆娛閬蛏鬮绾瀧。0 =-$3,500 + $1,800/(1 + IRR) + $2,400/(1 + IRR)2 + $1,900/(1 + IRR)3骁顾燁鶚巯瀆蕪領鲡赙。Using a spreadsheet, financial calculator, or tr

23、ial and error to find the root of the equation, we find that: 瑣钋濺暧惲锟缟馭篩凉。IRR = 33.37%And the IRR for Project B is:0 = C0 + C1 / (1 + IRR) + C2 / (1 + IRR)2 + C3 / (1 + IRR)3 鎦诗涇艳损楼紲鯗餳類。0 = -$2,300 + $900/(1 + IRR) + $1,600/(1 + IRR)2 + $1,400/(1 + IRR)3栉缏歐锄棗鈕种鵑瑶锬。Using a spreadsheet, financial calcu

24、lator, or trial and error to find the root of the equation, we find that: IRR = 29.32% 辔烨棟剛殓攬瑤丽阄应。19. The profitability index is defined as the PV of the cash inflows divided by the PV of the cash outflows. The cash flows from this project are an annuity, so the equation for the profitability index

25、is: 峴扬斕滾澗辐滠兴渙藺。PI = C(PVIFAR,t) / C 0 PI = $65,000(PVIFA15%,7) / $190,000 PI = 1.423詩叁撻訥烬忧毀厉鋨骜。20. a. The profitability index is the present value of the future cash flows divided by the initial cost. So, for Project Alpha, the profitability index is: 则鯤愜韋瘓賈晖园栋泷。PIAlpha = $800 / 1.10 + $900 / 1.102

26、+ $700 / 1.103 / $1,500 = 1.331胀鏝彈奥秘孫戶孪钇賻。And for Project Beta the profitability index is:PIBeta = $500 / 1.10 + $1,900 / 1.102 + $2,100 / 1.103 / $2,500 = 1.441鳃躋峽祷紉诵帮废掃減。b. According to the profitability index, you would accept Project Beta. However, remember theprofitability index rule can lead t

27、o an incorrect decision when ranking mutually exclusive projects. 稟虛嬪赈维哜妝扩踴粜。Intermediate21. a. The IRR is the interest rate that makes the NPV of the project equal to zero. So, the IRR for each project is: Deepwater Fishing IRR:陽簍埡鲑罷規呜旧岿錟。0 = C0 + C1 / (1 + IRR) + C2 / (1 + IRR)2 + C3 / (1 + IRR)3沩

28、氣嘮戇苌鑿鑿槠谔應。0 = -$750,000 + $310,000 / (1 + IRR) + $430,000 / (1 + IRR)2 + $330,000 / (1 + IRR)3钡嵐縣緱虜荣产涛團蔺。Using a spreadsheet, financial calculator, or trial and error to find the root of the equation, we find that: IRR = 19.83%懨俠劑鈍触乐鹇烬觶騮。Submarine Ride IRR:0 = C0 + C1 / (1 + IRR) + C2 / (1 + IRR)2 +

29、 C3 / (1 + IRR)3謾饱兗争詣繚鮐癞别瀘。0 =-$2,100,000 + $1,200,000 / (1 + IRR) + $760,000 / (1 + IRR)2 + $850,000 / (1 + IRR)3呙铉們欤谦鸪饺竞荡赚。Using a spreadsheet, financial calculator, or trial and error to find the root of the equation, we find that: IRR = 17.36% 莹谐龌蕲賞组靄绉嚴减。Based on the IRR rule, the deepwater fish

30、ing project should be chosen because it has the higher IRR. 麸肃鹏镟轿騍镣缚縟糶。b. To calculate the incremental IRR, we subtract the smaller project s cash flows from the larger project s cash flows. In this case, we subtract the deepwater fishing cash flows from the submarine ride cash flows. The incrementa

31、l IRR is the IRR of these incremental cash flows. So, the incrementalcash flows of the submarine ride are:納畴鳗吶鄖禎銣腻鰲锬。Year 0Year 1Year 2Year 3Submarine-$2,100,000$1,200,000$760,000$850,000RideDeepwater750,000310,000430,000330,000FishingSubmarine -$1,350,000$890,000$330,000$520,000FishingSetting the p

32、resent value of these incremental cash flows equal to zero, we find the incremental IRR is: 0 = C0 + C1 / (1 + IRR) + C2 / (1 + IRR)2 + C3 / (1 + IRR)3 風撵鲔貓铁频钙蓟纠庙。0 = 芳1,350,000 + $890,000 / (1 + IRR) + $330,000 / (1 + IRR)2 + $520,000 / (1 + IRR)3灭暧骇諗鋅猎輛觏馊藹。Using a spreadsheet, financial calculator

33、, or trial and error to find the root of the equation,we find that: Incremental IRR = 15.78%铹鸝饷飾镡閌赀诨癱骝。For investing-type projects, accept the larger project when the incremental IRR is greater thanthe discount rate. Since the incremental IRR, 15.78%, is greater than the required rate of return of 1

34、4 percent, choose the submarine ride project. Note that this is not the choice when evaluating only the IRR of each project. The IRR decision rule is flawed because there is a scale problem.That is, the submarine ride has a greater initial investment than does the deepwater fishing project. This pro

35、blem is corrected by calculating the IRR of the incremental cash flows, or by evaluating the NPV of each project. 攙閿频嵘陣澇諗谴隴泸。c. The NPV is the sum of the present value of the cash flows from the project, so the NPV of each project will be: Deepwater fishing: 趕輾雏纨颗锊讨跃满賺。NPV = -$750,000 + $310,000 / 1

36、.14 + $430,000 / 1.142 + $330,000 / 1.143 NPV = $75,541.46夹覡闾辁駁档驀迁锬減。Submarine ride:NPV = -$2,100,000 + $1,200,000 / 1.14 + $760,000 / 1.142 + $850,000 / 1.143 NPV = $111,152.69 视絀镘鸸鲚鐘脑钧欖粝。Since the NPVof the submarine ride project is greater than the NPVof the deepwater fishing project, choose the

37、submarine ride project. The incremental IRR rule is always consistent with the NPV rule. 偽澀锟攢鴛擋緬铹鈞錠。22. a. The payback period is the time that it takes for the cumulative undiscounted cash inflowsto equal the initial investment. 緦徑铫膾龋轿级镗挢廟。Board game: Cumulative cash flows Year 1 = $700 = $700騅憑钶銘侥张

38、礫阵轸蔼。Payback period = $600 / $700 = .86 yearsCD-ROM:Cumulative cash flows Year 1 = $1,400 = $1,400Cumulative cash flows Year 2 = $1,400 + 900 = $2,300疠骐錾农剎貯狱颢幗騮。Payback period = 1 + ($1,900-1,400) / $900Payback period = 1.56 yearsSince the board game has a shorter payback period than the CD-ROM proj

39、ect, the company shouldchoose the board game. 镞锊过润启婭澗骆讕瀘。b. The NPV is the sum of the present value of the cash flows from the project, so the NPV of eachproject will be:榿贰轲誊壟该槛鲻垲赛。Board game: NPV =-$600 + $700 / 1.10 + $150 / 1.102 + $100 / 1.103 NPV = $235.46邁茑赚陉宾呗擷鹪讼凑。CD-ROM: NPV = -$1,900 + $1,4

40、00 / 1.10 + $900 / 1.102 + $400 / 1.103 NPV = $417.05嵝硖贪塒廩袞悯倉華糲。Since the NPV of the CD-ROM is greater than the NPV of the board game, choose the CD-ROM.该栎谖碼戆沖巋鳧薩锭。c. The IRR is the interest rate that makes the NPV of a project equal to zero. So, the IRR ofeach project is:劇妆诨貰攖苹埘呂仑庙。Board game: 0 =-

41、$600 + $700 / (1 + IRR) + $150 / (1 + IRR)2 + $100 / (1 + IRR)3臠龍讹驄桠业變墊罗蘄。Using a spreadsheet, financial calculator, or trial and error to find the root of the equation,we find that: IRR = 42.43% 鰻順褛悦漚縫冁屜鸭骞。CD-ROM: 0 =-$1,900 + $1,400 / (1 + IRR) + $900 / (1 + IRR)2 + $400 / (1 + IRR)3穡釓虚绺滟鳗絲懷紓泺。Usi

42、ng a spreadsheet, financial calculator, or trial and error to find the root of the equation,we find that: IRR = 25.03% 隶誆荧鉴獫纲鴣攣駘賽。Since the IRR of the board game is greater than the IRR of the CD-ROM, IRR implies we choose theboard game. Note that this is the choice when evaluating only the IRR of e

43、ach project. The IRR decision rule is flawed because there is a scale problem. That is, the CD-ROMhas a greater initial investment than does the board game. This problem is corrected by calculating the IRR of the incremental cash flows, or by evaluating the NPV of each project.浹繢腻叢着駕骠構砀湊。d. To calcu

44、late the incremental IRR, we subtract the smaller project s cash flows from the larger project scash flows. In this case, we subtract the board game cash flows from the CD-ROM cash flows. The incremental IRR is the IRR of these incremental cash flows. So, the incremental cash flows of the CD-ROM are

45、: 鈀燭罚櫝箋礱颼畢韫粝。Year 0Year 1Year 2year3CD-ROM-$1,900$1,400$900$400Board game-600700150100CD-ROM-Board-$1,300$700$750$300gameSetting the present value of these incremental cash flows equal to zero, we find the incrementalIRR is: 0 = C0 + C1 / (1 + IRR) + C2 / (1 + IRR)2 + C3 / (1 + IRR)3惬執缉蘿绅颀阳灣熗鍵。0 = -

46、$1,300 + $700 / (1 + IRR) + $750 / (1 + IRR)2 + $300 / (1 + IRR)3贞廈给鏌綞牵鎮獵鎦龐。Using a spreadsheet, financial calculator, or trial and error to find the root of the equation,we find that: Incremental IRR = 18.78%嚌鲭级厨胀鑲铟礦毁蕲。23. a. The payback period is the time that it takes for the cumulative undiscoun

47、ted cash inflowsto equal the initial investment.薊镔竖牍熒浹醬籬铃騫。AZM Mini-SUV: Cumulative cash flows Year 1 = $270,000 = $270,000齡践砚语蜗铸转絹攤濼。Cumulative cash flows Year 2 = $270,000 + 180,000 = $450,000绅薮疮颧訝标販繯轅赛。Payback period = 1+ $30,000 / $180,000 = 1.17 years AZF Full-SUV:饪箩狞屬诺釙诬苧径凛。Cumulative cash flo

48、ws Year 1 = $250,000 = $250,000Cumulative cash flows Year 2 = $250,000 + 400,000 = $650,000烴毙潜籬賢擔視蠶贲粵。Payback period = 1+ $350,000 / $400,000 = 1.88 years鋝岂涛軌跃轮莳講嫗键。the payback period does not necessarily rank projects correctly.撷伪氢鱧轍幂聹諛詼庞。b. The NPV of each project is:踪飯梦掺钓貞绫賁发蘄。Since the AZMhas a

49、shorter payback period than the AZF, the company should choose the AZM. RememberNPVAZM = -$300,000 + $270,000 / 1.10 + $180,000 / 1.102 + $150,000 / 1.103NPVAZM = $206,912.10婭鑠机职銦夾簣軒蚀骞。譽諶掺铒锭试监鄺儕泻。NPVAZF = -$600,000 + $250,000 / 1.10 + $400,000 / 1.102 + $300,000 / 1.103NPVAZF = $183,245.68The NPV cr

50、iteria implies we accept the AZM because it has the highest NPV.c. The IRR is the interest rate that makes the NPV of the project equal to zero. So, the IRR ofthe AZM is: 俦聹执償閏号燴鈿膽賾。缜電怅淺靓0 = -$300,000 + $270,000 / (1 + IRR) + $180,000 / (1 + IRR)2 + $150,000 / (1 + IRR)3蠐浅錒鵬凜。Using a spreadsheet, fi

51、nancial calculator, or trial and error to find the root of the equation, we find that: 骥擯帜褸饜兗椏長绛粤。IRRAZM = 51.43%And the IRR of the AZF is:0 = -$600,000 + $250,000 / (1 + IRR) + $400,000 / (1 + IRR)2 + $300,000 / (1 + IRR)3癱噴导閽骋艳捣靨骢鍵。Using a spreadsheet, financial calculator, or trial and error to f

52、ind the root of the equation, we find that:IRRAZF = 26.04% 鑣鸽夺圆鯢齙慫餞離龐。The IRR criteria implies we accept the AZM because it has the highest IRR. Remember the IRR does not necessarily rank projects correctly 榄阈团皱鹏緦寿驏頦蕴。d. Incremental IRR analysis is not necessary. The AZM has the smallest initial inv

53、estment, and the largest NPV, so it should be accepted. 逊输吴贝义鲽國鳩犹騸。24. a. The profitability index is the PV of the future cash flows divided by the initial investment. The profitability index for each project is: 幘觇匮骇儺红卤齡镰瀉。PIA = $140,000 / 1.12 + $140,000 / 1.122 / $200,000 =1.18誦终决懷区馱倆侧澩赜。PIB = $2

54、60,000 / 1.12 + $260,000 / 1.122 / $400,000 =1.10医涤侣綃噲睞齒办銩凛。PIC = $150,000 / 1.12 + $120,000 / 1.122 / $200,000 =1.15舻当为遙头韪鳍哕晕糞。b. The NPV of each project is:NPVA = -200,000 + $140,000 / 1.12 + $140,000 / 1.122NPVA = $36,607.14NPVB = -$400,000 + $260,000 / 1.12 + $260,000 / 1.122NPVB = $39,413.27鸪凑鸛

55、齏嶇烛罵奖选锯。筧驪鴨栌怀鏇颐嵘悅废。NPVC = -$200,000 + $150,000 / 1.12 + $120,000 / 1.122NPVC = $29,591.84韋鋯鯖荣擬滄閡悬贖蘊。c. Accept projects A, B, and C. Since the projects are independent, accept all three projectsbecause the respective profitability index of each is greater than one. 涛貶騸锬晋铩锩揿宪骟。d. Accept Project B. Sin

56、ce the Projects are mutually exclusive, choose the Project with the highest PI, while taking into account the scale of the Project. Because Projects A and C have the same initial investment, the problem of scale does not arise when comparing the profitability indices. Based on the profitability inde

57、x rule, Project C can be eliminated because its PI is less than the PI of Project A. Because of the problem of scale, we cannot compare the PIs of Projects A and B. However, we can calculate the PI of the incremental cash flows of the two projects, which are: 钿蘇饌華檻杩鐵样说泻。ProjectC0C1C2B -A-$200,000$120,000$120,000Whencalculating incremental cash flows, remember to subtract the cash flows of the project with the smaller initial cash outflow from those of the project with the larger initial cash