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12 1I, 110000 60000 5 10000 10000 100000 60000 50000 145000 7 5000 20000 15000 12% 40%( ). 1. 2 4,12%=3.037 (5,12%)=0.567 5,12%=3.605 (6,12%)=0.507 6,12%=4.111 (7,12%)=0.452 7,12%=4.564 0 =-540001-4 =28000 5 =38000=52582=52582/3.605=14585.85: 0 =-145000; 1-6 =41000 7 =46000 =44343=44343/4.564=9715.83 2. 0 20 15 10 8 9 10% ء§ 210%=1.736 (1,10%)=0.909 310%=2.487 (2,10%)=0.826 610%=4.355 810%=5.335 =9*4.355*0.826-(20+15*0.909+10*0.826)= -9.52() 3. 3 250000 6 10000 3 90000 110 000 38 000 180 000 4 20 000 120 000 22 000 25% 12% 1,12%=0.893 (1,12%)=0.893 2,12%=1.690 (2,12%)=0.797 3,12%=2.402 (3,12%)=0.712 4,12%=3.037 (4,12%)=0.636 5,12%=3.605 (5,12%)=0.567 6,12%=4.111 (6,12%)=0.507 7,12%=4.564 (7,12%)=0.452

-100000 1 -100000 1-2 64000 1.69 108160 3 74000 0.712 52688 60848 2.402 25332.22 -180000 1 -180000 1-3 83500 2.402 200567 4 103500 0.636 65826 86393 3.037 28446.82 1 2 4.I 110000 60000 5 10000 10000 100000 60000 50000 145000 7 5000 20000 15000 12% 40% 1 2 412%=3.037 512%=3.605 612%=4.111 712%=4.564 512%=0.567 612%=0.507 712%=0.452 1

NCF0 ? ?145000 NCF1?6 ? (100000 ? 45000 ? 20000) ? (1 ? 25%) ? 20000 ? 46250 NCF7 ? 46250 ? 5000 ? 51250


NCF0 ? ?50000 ? (60000 ? 50000) ? 25% ? ?52500 NCF1? 4 ? (100000 ? 60000 ? 10000) ? (1 ? 25%) ? 10000 ? 32500 NCF5 ? 32500 ? 10000 ? 42500

2
NPV ? 46250 ? 4.111 ? 51250 ? 0.562 ? 145000 ? 73936.25


NPV ? 32500 ? 3.037 ? 42500 ? 0.567 ? 52500 ? 70300


= 73936.25 ? 16199.88 4.564


= 70300 ? 19500.69 3.605

5. 54200 5 20600 5 3200 15% 1 2 34 5 5,15%=3.3522 4,15%=2.8550 5,15%=0.4972 5,24%=2.7454 5,24%=0.3411 5,28%=2.532 5,28%=0.291 =5420020600=2.63 =206003.3522+32000.4972-54200=70646-54200 =16446 =1644654200=0.3034 =7064654200=1.3034 IRR i=24%=206002.7454+32000.3411-54200=3447 i=28%=206002.532+32000.291-54200=-1110

IRR=24%+28%-24%3447/3447+1110=27% 6. 3 620 000 6 20 000 3 220 000 200 000 80 000 490 000 4 10 000 255 000 60 000 25% 12% 1,12%=0.893 (1,12%)=0.893 2,12%=1.690 (2,12%)=0.797 3,12%=2.402 (3,12%)=0.712 4,12%=3.037 (4,12%)=0.636 5,12%=3.605 (5,12%)=0.567 6,12%=4.111 (6,12%)=0.507 7,12%=4.564 (7,12%)=0.452

1-2 3 1-3 4





-245000 115000 135000

1 1.69 0.712

-245000 194350 96120 45470

2.402

18930.06

-490000 176250 186250

1 2.402 0.636

-490000 423352.5 118455 51807.5

1 2

3.037

17058.78

7. Y 3 320 000 6 20 000 3 100 000 100 000 45 000 290 000 4 10 000 135 000 22 000 25% 12% 1,12%=0.893 (1,12%)=0.893 2,12%=1.690 (2,12%)=0.797 3,12%=2.402 (3,12%)=0.712 4,12%=3.037 (4,12%)=0.636 5,12%=3.605 (5,12%)=0.567 6,12%=4.111 (6,12%)=0.507 7,12%=4.564 (7,12%)=0.452 -117500 53750 73750

1-2 3 1-3 4

1 1.69 0.712 2.402

-117500 90837.5 52510 25847.5 10760.82 -290000 245604.5 71391 26995.5 8888.87

-290000 102250 112250

1 2.402 0.636 3.037

1 2

8. A B 1A 150 100 50 5 5 90 60 2B 200 120 80 2 5 8 170 80 25% 1 2 3 10% T 2 5 7 / 1.6105 / 0.8264 / 0.5132 1.7355 3.7908 4.8684 (1) A =100-5/5=19 NCF0=-100+50=-150 NCF1-4=90-601-25%+19=22.5+19=41.5 NCF5=41.5+50+5=96.5 (2) B =120-8/5=22.4 NCF0=-120 NCF1=0 NCF2=-90 NCF1-4=170-80-22.41-25%+22.4=35.7+22.4=58.1 NCF5=58.1+80+8=146.1 2 A =150/41.5=3.61 B =2+200/58.1=5.44 3 A =41.53.7908+551/1.6105-150=191.47-150=41.47 B =[58.1(4.8686-1.7355+880.5132]-120+800.8264 =227.18-186.11=41.07 A B 9. 1 1000 6 150

2 950 4 1 500 3 10% 1 2 3 1500P/A,10%,3P/F,10%,1950 5002.48690.9091950180.42 2150/P/A,10%,6150/4.355334.44 180.42/P/A,10%,4180.42/3.169956.92 34 6 12 150150P/F,10%,61501500.5645234.675 180.42180.42P/F,10%,4180.42P/F,10%,8 180.42180.420.6830180.420.4665387.81 10. ާ 10000 5 5 6000 2000 12000 5 5 2000 5 8000 3000 400 3000 40% 1 2 10% PVIFA10%5=3.791 PVIF10%1=0.909 PVIF10%,2=0.826 PVIF10%,3=0.751PVIF10%,4=0.683 PVIF10%,5=0.621 1 =10000/5=2000 =12000-2000/5=2000 2 =3200 1 =3800 2 =3560 3 =3320 4 =3080 5 =7840 3 NPV =2131.2

NPV =861


11. I 110000 60000 5 10000 10000 100000 60000 50000 145000 7 5000 20000 15000 12% 25% 1 2 412%=3.037 512%=3.605 612%=4.111 712%=4.564 512%=0.567 612%=0.507 712%=0.452 1
NCF0 ? ?145000 NCF1?6 ? (100000 ? 45000 ? 20000) ? (1 ? 25%) ? 20000 ? 46250 NCF7 ? 46250 ? 5000 ? 51250


NCF0 ? ?50000 ? (60000 ? 50000) ? 25% ? ?52500 NCF1?4 ? (100000 ? 60000 ? 10000) ? (1 ? 25%) ? 10000 ? 32500 NCF5 ? 32500 ? 10000 ? 42500

2
NPV ? 46250 ? 4.111 ? 51250 ? 0.562 ? 145000 ? 190133.75 ? 28802.5 ? 145000 ? 73936.25


NPV ? 32500 ? 3.037 ? 42500 ? 0.567 ? 52500 ? 98702.5 ? 24097.5 ? 52500 ? 70300




= 73936.25 ? 16199.88 4.564 70300 ? 19500.69 3.605


=

12. 3 190000 6 10000

3 80000 90 000 38 000 220 000 4 20 000 115 000 22 300 25% 12% 1,12%=0.893 (1,12%)=0.893 2,12%=1.690 (2,12%)=0.797 3,12%=2.402 (3,12%)=0.712 4,12%=3.037 (4,12%)=0.636 5,12%=3.605 (5,12%)=0.567 6,12%=4.111 (6,12%)=0.507 7,12%=4.564 (7,12%)=0.452

1-2 3 1-3 4

-85000 46500 56500

1 1.69 0.712 2.402

-85000 78585 40228 33813 14077.02 -220000 197024.05 64887.9 41911.95 13800.44

-220000 82025 102025

1 2.402 0.636 3.037

1 2


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