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1. : 10 ^ : 3 13 3 4 4 10% P=10 P=3+4*(P/A,10,2) =3+4*1.7355=9.472 9.472 <10 ,

2. 1 10 000 8%1 6 F=10000*(F/P,8%,6)=10000*1.5869=1 5869 2 10000 8%10

F=10000*(F/P,8%/4,10*4)=10000*(F/P,2% ,40) =22084.4 3 10%1 8 10000 P=10000*(P/F,10%,8)=466.5 4 12% 20 10000 P=10000*(P/F,12/2%,20*2) =10000*0.0992=972 5 8 3 32 10000*(1+x/4) =3*10000 x=13.96% 3. 5 20000 10%
(1 A=20000*,(A/F,10%,5)=20000*1/(F/A,10%,5)=3276 P146 6-6 A=F*[1/F/A,i,n] 2

X*(F/A,10%,5)*(1+10%)=20000

X=2978

P149
4. 1 30 10 2 5 40 10 10%

130A/P,10%,10(1+10%) =30*6.1446*1.1=202.77 2 40[(P/A10%10-1)+1]*P/F10%,5-1)

=40*(5.7591+1)*0.6830=245.784*0.6830= 184.66 2 P149~P150 40 [(P/A 10% 10-1)+1]: 1 1 P/F10%,5-1) 5
5. 1 200

5 60 25% 1 2 3 4 10
5

6 =2005=40 1 NCF0=-200 NCF1=0 NCF2~6=60+40=100 NCF6=0 2 PP=1+200100=3 3 =60+60+60+60+605 =60 1 1 NCF1=0

=60 / 200100%=30% 4 10 P164 NPV=100P/A10%51+10%-200 =1003.79081.1-200
=144.62

NPVR=144.62200100% ( 100%) =72.31% PI=1+NPVR=1.7231 1+ 5IRR i1=24% NPV1=1002.74541.24-200 =21.4165 i2=28% NPV2=1002.53201.28-200 =-2.1748

6
6. 23000 1 20 000 3000 4 15 000 3000 20 000 5 5 11 000 8000 40% 10% 1 2 3 4 1 =20 0004=5 000 =5 000+3 000=8 000 (5000: 3000: ) =15 000-8 0001-40%

=4 200 NCF=4 200+5 000=9 200 =20 0005=4 000 =11 000-8 0001-40% =1 800 NCF=1 800+4 000=5 800 NCF0=-20 000 NCF1~5=5 800 2 NCF0=0 NCF1=-3 000-5 800= - 8 800 NCF2~4=9 200-5 800= 3 400 NCF5=12 200-5 800= 6 400

3 i1=24% NPV1= 518.7627 i2=28%

NPV2= - 49.7849
?IRR ? 24% ? 518 .7627 ? (28% ? 24%) ? 27.65% 518 .7627 ? 49.7849


4 NPV 0 IRR10%


A 15500 , 500 ,, . 10000 ,20000 ,15000 , 4000 ,12000 ,5000 . 40, 10%, 20000 .:, :=(15500-500)/3=500 / NCF0=-15500, NCF1=(10000-4000-5000)*(1-40%)+5000=5600 NCF2=(20000-12000-5000)*(1-40%)+5000=6800NCF3=(15000-5000-5000)*(1-40%)+5000+ 500=8500 NPV=5600*(1+10%) +6800*(1+10%) +8500*(1+10%) -15500=1596.92 0 B, 24000 , 5 , 48000 , 38000 , 10%.:(1)(2)(3)(4) :=24000/5=4800 / (1)=48000-38000-4800=5200 = / *100%=5200/24000*100%=21.67%( 43.33% (2)NCF1-5=48000-38000=10000 =/=24000/10000=2.4 (3) NPV=10000*(P/A,10%,5)-24000=13908 (4) NPVR=/=13908/24000=0.5795 PI=1+=1+0.5795=1.5795 [ = / = 13908+24000 /24000=1.5795] C,,,(1) 150 , 100 , 50 ,, 5 , 5 , 90 , 60 (2) 300 , 220 ,, 80 ,, 1 , 7 , 10 , 170 , 70 (3),
-1 -2 -3

, 40%, 10%.:(1), ,,(2). :(1)=(100-5)/5=19 / NCF0=-150 NCF1-4=(90-60)*(1-40%)+19=37 NCF5=37+5+50=92 NPV =(220-10)/7=30 / NCF0=-220 NCF1=-80 NCF2-7=(170-70-30)*(1-40%)+30=72 NCF0=72+80+10=162 NPV =72*(P/A,10%,7)*(P/F,10%,1)+(162-72)*(P/F,10%,8)-80*(P/F,10%,1)-220 =72*4.8684*0.909+90*0.4665-80*0.909-220=67.892 NPV NPV 0 NPV NPV (2)=/=NPV/(P/A,i,n) =24.409/(P/A,10%,5)=24.4091/3.7908=6.439 =67.892/(P/A,10%,8)=67.892/5.3349=12.726


=37*(P/A,10%,4)+92(P/F,10%,5)-150=37*3.1699+92*0.6209-150=24.4091


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