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公司金融(财务管理)智慧树知到期末考试答案+章节答案2024年外交学院Abondthatmakespaymentsinacertaincurrencycontainstheriskofholdingthatcurrencyandsoispricedaccordingtotheyieldsofsimilarbondsinthatcurrency.
答案:对Stockshavebothdiversifiableriskandundiversifiablerisk,butonlydiversifiableriskisrewardedwithhigherexpectedreturns.
答案:错Firmscanchangedividendsatanytime,andinpracticetheyvarythesizesoftheirdividendsveryfrequently.
答案:错Whenevaluatingtheeffectivenessofanimprovedmanufacturingprocessweshouldevaluatethetotalsalesandcostsgeneratedbythisprocess.
答案:错Theannualpercentagerateindicatestheamountofinterest,includingtheeffectofanycompounding.
答案:错Thecouponpaymentofa25-year$1000bondwitha4.5%couponratewithquarterlypaymentsis$11.25
答案:对Inatradewiththegovernmentofanoilproducingnation,amanufacturerwilldeliver13CaterpillarD9tractors,withavalueof$320,000pertractor,andreceive45,000barrelsofoil,valuedat$120perbarrel.Thenetbenefitofthistradetothemanufactureris$1240000.
答案:对Arealoptionistheobligationtotakeaparticularbusinessaction.
答案:错TheValuationPrinciplestatesthatthevalueofastockisequaltothepresentvalue(PV)ofboththedividendsandfuturesalepriceofthatstockwhichtheinvestorwillreceive.
答案:对Covenantsinabondcontractrestricttheactionsthatmanagementofafirmcantakethatwouldbenefitthedebtholdersofafirmattheexpenseoftheequityholdersofthefirm.
答案:错Youown1000sharesofNewstarFinancialstock,currentlytradingfor$57pershare.Youareofferedadealwhereyoucanexchangethesestocksfor900sharesofAmbackFinancialGroupstock,currentlytradingat$63pershare.Ifyouchoosetomakeit,thevalueofthistradeis$-300.
答案:对Aninvestmentpaysyou$30,000attheendofthisyear,and$15,000attheendofeachofthefourfollowingyears.Giventhattheinterestrateis5%peryear,thepresentvalue(PV)ofthisinvestmentis$79228.
答案:对Acapitalbudgetliststhepotentialprojectsacompanymayundertakeinfutureyears.
答案:错Grossprofitiscalculatedastotalsalesminuscostofsales;costofgoodssold.
答案:对Whenusingthediscountedfreecashflowmodel,weshoulduseafirm'sequitycostofcapital.
答案:错Inastocksplitorstockdividend,thecompanyissuesadditionalsharesratherthancashtoitsshareholders.
答案:对Bondswithahighriskofdefaultgenerallyofferhighyields.
答案:对Thebalancesheetispreparedonthefiscalclosingdatefortheaccountsofafirmthatmayormaynotcoincidewiththecalendaryear-endofDecember31st.
答案:对Cashflowsfromanannuityoccureveryyearinthefuture.
答案:错Ifyouvalueastockusingarangeofstockvaluationmethodsandthesevaluationsindicateastockpricethatisgreaterthanitsactualmarketprice,itismostlikelythatthestockisunder-valued.
答案:错GonzalesCorporationgeneratedfreecashflowof$81millionthisyear.Forthenexttwoyears,thecompany'sfreecashflowisexpectedtogrowatarateof9%.Afterthattime,thecompany'sfreecashflowisexpectedtolevelofftotheindustrylong-termgrowthrateof4%peryear.Iftheweightedaveragecostofcapitalis11%andGonzalesCorporationhascashof$100million,debtof$300million,and100millionsharesoutstanding,whatisGonzalesCorporation'sexpectedfreecashflowinyear2?
答案:$96.24millionSalvatorehastheopportunitytoinvestinaschemewhichwillpay$5000attheendofeachofthenext5years.Hemustinvest$10,000atthestartofthefirstyearandanadditional$10,000attheendofthefirstyear.Whatisthepresentvalueofthisinvestmentiftheinterestrateis3%?
答案:3189.8CameronIndustriesispurchasinganewchemicalvapordepositorinordertomakesiliconchips.Itwillcost$4milliontobuythemachineand$12,000tohaveitdeliveredandinstalled.Buildingacleanroomintheplantforthemachinewillcostanadditional$3million.Themachineisexpectedtohaveaworkinglifeofsixyears.Ifstraight-linedepreciationisused,whataretheyearlydepreciationexpensesinthiscase?
答案:668667Howardissavingforaholiday.HedepositsafixedamounteverymonthinabankaccountwithanEARof14.7%.Ifthisaccountpaysinteresteverymonththenhowmuchshouldhesavefromeachmonthlypaycheckinordertohave$14,000intheaccountinfouryears'time?
答案:220Ifyouwanttovalueafirmbutdonotwanttoexplicitlyforecastitsdividends,thesimplestmodelforyoutouseis________.
答案:thediscountedfreecashflowmodelEpiphanyisanall-equityfirmwithanestimatedmarketvalueof$500,000.Thefirmsells$150,000ofdebtandusestheproceedstopurchaseoutstandingequity.Computetheweightinequityandtheweightindebtaftertheproposedfinancingandrepurchaseofequity.
答案:0.70,0.30Aninvestmentpaysyou$30,000attheendofthisyear,and$15,000attheendofeachofthefourfollowingyears.Whatisthepresentvalue(PV)ofthisinvestment,giventhattheinterestrateis5%peryear?
答案:79228AerelonAirways,acommercialairline,suffersamajorcrash.Asaresult,passengersareconsideredtobelesslikelytochooseAerelonastheircarrier,anditisexpectedfreecashflowswillfallby$15millionperyearforfiveyears.IfAerelonhas55millionsharesoutstanding,anequitycostofcapitalof10%,andnodebt,byhowmuchwouldAerelon'ssharesbeexpectedtofallinpriceasaresultofthisaccident?
答案:1.03WhichofthefollowingstatementsregardingbondsandtheirtermsisFALSE?
答案:Priortoitsmaturitydate,thepriceofazero-couponbondisalwaysgreaterthanitsfacevalue.Arichdonorgivesahospital$1,040,000oneyearfromtoday.Eachyearafterthat,thehospitalwillreceiveapayment6%largerthanthepreviouspayment,withthelastpaymentoccurringintenyears'time.Whatisthepresentvalue(PV)ofthisdonation,giventhattheinterestrateis11%?
答案:7681257.74CredenzaIndustriesisexpectedtopayadividendof$1.70attheendofthecomingyear.Itisexpectedtosellfor$62attheendoftheyear.Ifitsequitycostofcapitalis9%,whatistheexpectedcapitalgainfromthesaleofthisstockattheendofthecomingyear?
答案:3.56Asmallbusinessrepairsitsstore.Thebuilderschargethem$130,000whichwillbepaidbackinmonthlyinstallmentsoverthreeyearsat6.80%APR.Thebuilderswillreducethisrateto6.30%APRiftheypay$2600upfront.Byapproximatelyhowmuchwillthisreducethemonthlyloanrepayments?
答案:109Supposethatayoungcouplehasjusthadtheirfirstbabyandtheywishtoensurethatenoughmoneywillbeavailabletopayfortheirchild'scollegeeducation.Currently,collegetuition,books,fees,andothercostsaverage$12,000peryear.Onaverage,tuitionandothercostshavehistoricallyincreasedatarateof5%peryear.Assumingthatcollegecostscontinuetoincreaseanaverageof5%peryearandthatallhercollegesavingsareinvestedinanaccountpaying8%interest,thentheamountofmoneyshewillneedtohaveavailableatage18topayforallfouryearsofherundergraduateeducationisclosestto________.
答案:110793Whatisthepresentvalue(PV)ofaninvestmentthatpays$100,000everyyearforfouryearsiftheinterestrateis5%APR,compoundedquarterly?
答案:353818Thecurrentzero-couponyieldcurveforrisk-freebondsisshownabove.Whatistherisk-freeinterestrateona4-yearmaturity?
答案:3.25%Acompanyissuesacallable(atpar)ten-year,6%couponbondwithannualcouponpayments.Thebondcanbecalledatparinoneyearafterreleaseoranytimeafterthatonacouponpaymentdate.Onrelease,ithasapriceof$104per$100offacevalue.Whatistheyieldtoworstofthisbondwhenitisreleased?
答案:1.92%Yourestimateofthemarketriskpremiumis9%.Therisk-freerateofreturnis4.1%andGeneralMotorshasabetaof1.8.WhatisGeneralMotors'costofequitycapital?
答案:20.3%Supposeyouinvest$20,000bypurchasing200sharesofAbbottLabs(ABT)at$50pershare,200sharesofLowes(LOW)at$30pershare,and100sharesofBallCorporation(BLL)at$40pershare.SupposeoverthenextyearBallhasareturnof12.5%,Loweshasareturnof21%,andAbbottLabshasareturnof-10%.Thereturnonyourportfolioovertheyearis________.
答案:3.8%BubbaHo-TepCompanyreportednetincomeof$290millionforthemostrecentfiscalyear.Thefirmhaddepreciationexpensesof$100millionandcapitalexpendituresof$150million.Althoughithadnointerestexpense,thefirmdidhaveanincreaseinnetworkingcapitalof$30million.WhatisBubbaHo-Tep'sfreecashflow?
答案:$210millionAninvestorholdsaFordbondwithafacevalueof$5000,acouponrateof8.5%,andsemiannualpaymentsthatmaturesonJanuary15,2029.HowmuchwilltheinvestorreceiveonJanuary15,2029?
答案:5212.5Giventhattheinflationratein2006wasabout3.24%,whileashort-termmunicipalbondofferedarateof2.9%,whichofthefollowingstatementsis/arenotcorrect?
答案:Thepurchasingpowerofinvestorsinthesebondsgrewoverthecourseoftheyear.;Therealinterestrateforinvestorsinthesebondswasgreaterthantherateofinflation.;Thenominalinterestrateofferedbythesebondsgavethetrueincreaseinpurchasingpowerthatresultedfrominvestinginthesebonds.Whichofthefollowingisthelikelyexplanationforafirm'shighROE?
答案:Thefirmhasveryefficientuseofitsassets.;Thefirmisabletofindinvestmentopportunitiesthatareveryprofitable.;Thefirmenjoyshighsalesmargins.Joeisageneralpartnerinalimitedpartnershipfirm,whileJaneisalimitedpartnerinthatsamefirm.Whichofthefollowingstatementsregardingtheirrespectiverelationshipstothefirmarenotcorrect?
答案:Janeislegallyinvolvedinthemanagerialdecisionmakingofthefirm.;Joehasnomanagementauthoritywithinthepartnership.;WithdrawalofJanefromthepartnershipwilldissolvethatpartnership.Abondiscurrentlytradingbelowpar.Whichofthefollowingcouldbetrueaboutthatbond?
答案:BorCaboveWhichofthefollowingstatementsregardingrealoptionsarecorrect?
答案:Realoptionsgiveownerstheright,butnottheobligation,toexercisetheseopportunitiesatalaterdate.;Realoptionsbuildgreaterflexibilityintoaprojectandthusincreaseitsnetpresentvalue(NPV).Whichofthefollowingstatementsregardingthecost-benefitanalysisarecorrect?
答案:Becausecompetitivemarketsexistformostcommoditiesandfinancialassets,wecanusethemtodeterminecashvaluesandevaluatedecisionsinmostsituations.;Competitivemarketpricesallowustocalculatethevalueofadecisionwithoutworryingaboutthetastesoropinionsofthedecisionmaker.;Thefirststepinevaluatingaprojectistoidentifyitscostsandbenefits.WhichofthefollowingarestepsintheWACCvaluationmethod?
答案:Computetheweightedaveragecostofcapital.;Determinetheincrementalfreecashflowsoftheinvestment.;Discounttheincrementalfreecashflowsoftheinvestmentusingtheweightedaveragecostofcapital.WhichofthefollowingformulaswillnotcorrectlycalculateNetWorkingCapital?
答案:Cash+Inventory-Receivables+Payables;Cash+Inventory+Receivables+Payables;Cash-Inventory+Receivables+PayablesWhichofthefollowingareadvantagesofasoleproprietorship?
答案:noseparationofownershipandcontrol;singletaxation;easeofsetupOnaparticularday,aminingcompanyrevealsthat,duetonewextractiontechnology,theextractableyieldfromseveralofitsnickel/leadmineshasrisenby15%.Whichofthefollowingarethelikelyconsequencesofsuchanannouncement?
答案:Investorswouldrevisetheirestimatesofthenetpresentvalue(NPV)ofthefirm.;Investorswouldincreasetheirforecastoffuturecashflowsinthatfirm.Whichofthefollowingcouldbeawaythatafirmcanincreaseitsdividend?
答案:byincreasingitsdividendpayoutrate;byincreasingitsearnings(netincome);bydecreasingitssharesoutstandingWhatarenotdividendpayments?
答案:incrementalincreasesinthevalueofthestockheldbyaninvestorduetorisesinshareprice;thedifferencebetweentheoriginalcostpriceofashareandthepriceaninvestorreceiveswhenthatshareissold;paymentsmadetoacompanybyinvestorsforashareoftheownershipofthatcompanyWhichofthefollowingis/arenotdisadvantageoftheNetPresentValuerule?
答案:canbemisleadingifinflowscomebeforeoutflows;ignorescashflowsafterthecutoffpoint;notnecessarilyconsistentwithmaximizingshareholderwealthWhenthecostsofaninvestmentcomebeforethatinvestment'sbenefits,whatwillnotbetheeffectofariseininterestratesontheattractivenessofthatinvestmenttopotentialinvestors?
答案:Itwillmakeitlessattractive,sinceitwillincreasetheinvestment'snetpresentvalue(NPV).;Itwillmakeitmoreattractive,sinceitwillincreasetheinvestment'snetpresentvalue(NPV).;Itwillmakeitmoreattractive,sinceitwilldecreasetheinvestment'snetpresentvalue(NPV).Whichofthefollowingis/arepartofthefourcharacteristicsofIPOsthatpuzzlefinancialeconomists?
答案:ThecostsoftheIPOareveryhigh,anditisunclearwhyfirmswillinglyincursuchhighcosts.;Onaverage,IPOsappeartobeunderpriced.;Thenumberofissuesishighlycyclical.Whichofthefollowingadjustmentsshouldbemadewhencomputingfreecashflowfromincrementalearnings?
答案:addingallnon-cashexpenses;subtractingincreasesinNetWorkingCapital;addingdepreciationWhichofthefollowingarediversifiablerisks?
答案:theriskofakeyemployeebeinghiredawaybyacompetitor;theriskthattheCEOiskilledinaplanecrash;theriskofaproductliabilitylawsuitWhichonesarenottherightprocessofdoubletaxationforthestockholdersinaCcorporation?
答案:Thecorporationmustpaytaxesonanyprofitsitmakes,andthecapitalraisedbythesaleofsharesisalsosubjecttotaxation.;Theownersofacorporationaretaxedwhentheyreceivedividendpaymentsandwhentheymakeaprofitfromthesaleofshares.;Theirsharesaretaxedwhentheyarebothboughtandsold.Whichofthefollowingareadvantagesofthevaluationmultiplemethodascomparedtothediscountedcashflowmethod?
答案:calculationsbaseduponwidelyavailableinformation;baseduponactualstockpricesofrealfirms;doesnotrelyonestimatesoffuturecashflowsWhichofthefollowingis/arenottrueaboutthefacevalueofabond?
答案:Itisthenotionalamountweusetocomputecouponpayments.;Itistheamountthatisrepaidatmaturity.;Itisusuallydenominatedinstandardincrements,suchas$1,000.Financialmanagersprefertochoosethesamedebtlevelnomatterwhichindustrytheyoperatein.
答案:对Therelativeproportionsofdebt,equity,andothersecuritiesthatafirmhasoutstandingconstituteits________.
答案:capitalstructureThepresenceoffinancialdistresscostscanexplainwhyfirmschoosedebtlevelsthataretoolowtoexploittheinteresttaxshield.
答案:对Afirmhasamarketvalueofequityof$30,000.Itborrows$7500at8%.Iftheunleveredcostofequityis15%,whatisthefirm'scostofequitycapital?
答案:16.75%Byaddingleverage,thereturnsonafirmaresplitbetweendebtholdersandequityholders,butequityholderriskincreasesbecause________.
答案:interestpaymentshavefirstpriorityWhichofthefollowingstatementsisFALSE?
答案:Thechoiceofcapitalstructuredoesnotchangethevalueofafirmifthecostofequityishigherthanthecostofdebt.Aproject'snetpresentvalue(NPV)representsthevaluetothenewinvestorsofafirmcreatedbytheproject.
答案:错AssumethatMM'sperfectcapitalmarketsconditionsaremetandthatyoucanborrowandlendatthesame5%rateasFirmX.Youhave$5,000ofyourownmoneytoinvestandyouplanonbuyingFirmXstock.Usinghomemade(un)leverageyouinvestenoughattherisk-freeratesothatthepayoffofyouraccountwillbethesameasa$5,000investmentinFirmYstock.ThenumberofsharesofFirmXstockyoupurchasedisclosestto________.
答案:417Inaperfectcapitalmarket,whenadividendispaid,thesharepricedropsbytheamountofthedividendwhenthestockbeginstotradeex-dividend.
答案:对Eveniftwofirmsoperateinthesameindustry,theymaypreferdifferentchoicesofdebt-equityratios.
答案:对WhichofthefollowingisanactivitytypicallytakenbyanunderwriterduringanIPOofacompany?
答案:alloftheaboveThemainadvantagesforafirmingoingpublicaregreaterliquidityandbetteraccesstocapital.
答案:对Becausethecapitalinvestmentfromangelinvestorsisoftenlargerelativetotheamountofcapitalalreadyinplaceatthefirm,theytypicallyreceiveasizableequityshareinthebusinessinreturnfortheirfunds.
答案:对Equityinvestorsinaprivatecompanyusuallyplantorealizeareturnontheirinvestmentbysellingtheirstockwhenthatcompanyisacquiredbyanotherfirmorsoldtothepublicinapublicoffering.
答案:对Thechiefadvantageofdebtfinancingoverfinancingthroughraisingequitycapitalisthattheformerdoesnotdilutethecurrentowner'sshareofthebusiness.
答案:对Youfoundedyourownfirmthreeyearsago.Youinitiallycontributed$200,000ofyourownmoneyandinreturnyoureceived3millionsharesofstock.Sincethen,youhavesoldanadditional2millionsharesofstocktoangelinvestors.Youarenowconsideringraisingcapitalfromaventurecapitalfirm.Thisventurecapitalfirmwouldinvest$5millionandwouldreceive4millionnewlyissuedsharesinreturn.Supposeyousoldthe2millionsharestotheangelinvestorfor$500,000.Whatwasyourpercentageownershipinthecompanyimmediatelyfollowingtheangelinvestor'sinvestment?
答案:60.0%TheannouncementofanSEOusuallyraisesastock'sprice.
答案:错Whichofthefollowingbestdescribesalimitedpartnershipthatspecializesinraisingmoneytoinvestintheprivateequityofyoungfirms?
答案:venturecapitalfirmsThemarketorequityriskpremiumcanbeestimatedbycomputingthehistoricalaverageexcessreturnonthemarketportfolio.
答案:对Rationalinvestorsmaybewillingtochooseaninvestmentthathasadditionalriskbutdoesnotofferadditionalreward.
答案:错Theprobabilitymassbetweentwostandarddeviationsaroundthemeanforanormaldistributionis________.
答案:95%Astockpricesgavearealizedreturnof15%,15%,-15%,and-15%overfoursuccessivequarters.WhatistheannualrealizedreturnforAfortheyear?
答案:-4.45%Weshouldusethearithmeticaveragereturnwhenwearetryingtoestimateaninvestment'sexpectedreturnoverafuturehorizonbasedonitspastperformance.
答案:对Independentriskscanbediversifiedbyholdingalargenumberofuncorrelatedassetswithindependentrisks.
答案:对Rationalinvestors________fluctuationsinthevalueoftheirinvestments.
答案:areaversetoOnaverage,stockshavedeliveredhigherreturnsthanbondsinthelongrun.
答案:对FordMotorCompanyhadrealizedreturnsof20%,30%,30%,and20%overfourquarters.WhatisthequarterlystandarddeviationofreturnsforFordcalculatedfromthissample?
答案:5.77%Independentriskismorecloselyrelatedto_______
答案:unsystematicriskAminingcompanyplanstomineabeachforrutile.Todosowillcost$14millionupfrontandthenproducecashflowsof$7millionperyearforfiveyears.Attheendofthesixthyearthecompanywillincurshut-downandclean-upcostsof$6million.Ifthecostofcapitalis13.0%,thenwhatistheMIRRforthisproject?
答案:20%TheNetPresentValueruleimpliesthatweshouldcompareaproject'snetpresentvalue(NPV)tozero.
答案:对Preferenceforcashtodayversuscashinthefutureinpartdeterminesnetpresentvalue(NPV).
答案:错Firmsshouldusethemostaccelerateddepreciationschemeallowable.
答案:对WhichofthefollowingisNOTalimitationofthepaybackrule?
答案:Itisdifficulttocalculate.Thepresentvalue(PV)ofaninvestmentis________.
答案:Thepresentvalue(PV)ofaninvestmentis________.Whendifferentinvestmentrulesgiveconflictinganswers,thendecisionsshouldbebasedontheNetPresentValuerule,asitisthemostreliableandaccuratedecisionrule.
答案:对Amanufacturerofvideogamesdevelopsanewgameovertwoyears.Thiscosts$830,000peryearwithonepaymentmadeimmediatelyandtheotherattheendoftwoyears.Whenthegameisreleased,itisexpectedtomake$1.20millionperyearforthreeyearsafterthat.Whatisthenetpresentvalue(NPV)ofthisdecisionifthecostofcapitalis10%?
答案:$950,349Netpresentvalue(NPV)isthedifferencebetweenthepresentvalue(PV)ofthebenefitsandthepresentvalue(PV)ofthecostsofaprojectorinvestment.
答案:对Afarmersowsacertaincrop.Itcosts$240,000tobuytheseed,preparetheground,andsowthecrop.Inoneyear'stimeitwillcost$93,200toharvestthecrop.Ifthecropwillbeworth$350,000,andtheinterestrateis7%,whatisthenetpresentvalue(NPV)ofthisinvestment?
答案:$0Anelderlyrelativeofferstosellyoutheirused1958CadillacEldoradofor$52,000.Younotethatverysimilarcarsaresellingontheopenmarketfor$87,000.Youdon'tcareforclassiccarsandwouldratherbuyanewFordExplorerfor$35,000.WhatisthenetvalueofbuyingtheCadillac?
答案:$35,000,sincethisisthedifferencebetweenpurchaseandresalepriceoftheCadillac.Awholesalefoodretailerisoffered$15.60pertwo-layercartonfor5000cartonsofpeaches.Thewholesalercanbuypeachesfromtheirgrowersat$13.20percarton.Shippingcosts$2.40percarton,forthefirst1000cartons,and$1.90percartonforeverycartonoverthat.Willtakingthisopportunityincreasethevalueofthewholesalefoodretailer?
答案:Yes,thecostsare$2000lessthanthebenefits.ThepriceofAlaskaNorthSlopeCrudeOil(ANS)is$71.75/bbl,andthepriceofWestTexasIntermediateCrudeOil(WTI)is$73.06/bbl.Asanoilrefiner,youareabletoproduce$76worthofunleadedgasolinefromonebarrelofAlaskaNorthSlope(ANS)crudeoil.Becauseofitslowersulfurcontent,youcanproduce$77worthofunleadedgasolinefromonebarrelofWestTexasIntermediate(WTI)crude.Anotheroilrefinerisofferingtotradeyou10,150bblofAlaskaNorthSlope(ANS)crudeoilfor10,000bblofWestTexasIntermediate(WTI)crudeoil.Assumingyoucurrentlyhave10,000bblofWTIcrude,whatshouldyoudo?
答案:Sell10,000bblWTIcrudeonthemarketandusetheproceedstopurchaseandrefineANScrude.Toenablecostsandbenefitstobecompared,theyaretypicallyconvertedintocashvalueatthetimethebenefitisreceived.
答案:错Whichofthefollowingbestexplainswhymarketpricesareusefultoafinancialmanagerwhenperformingacost-benefitanalysis?
答案:Theycanbeusedtoconvertdifferentservicesandcommoditiesintoequivalentcashvalueswhichcanbecompared.Wheneveragoodtradesinacompetitivemarket,thepricedeterminesthevalueofthegood.
答案:对TheLawofOnePricestatesthatifequivalentgoodsorsecuritiesaretradedsimultaneouslyindifferentcompetitivemarkets,theywilltradeforthesamepriceineachmarket.
答案:对Ingeneral,ifanactionincreasesafirm'svaluebyprovidingbenefitswithavaluegreaterthananycostsinvolved,thenthatactionisgoodforthefirm'sinvestors.
答案:对Thepresentvalue(PV)ofastreamofcashflowsisjustthesumofthepresentvaluesofeachin
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