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

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