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b =+ =+ 0 0 0 0 1n 1n
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1 2 3 4 5

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(NCF)=-(NCF)=-- =--=--- NCF= NCF=

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1 2 3

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1 2 3 4 5
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1 2 3 4
NCF
t

= CIF t ? COF t ( t = 0 ,1, 2 , ? , n )

NCF t t CIF t t COF t t
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20 20 555 555 83 83 24 24 554510 54510 4 4 2 0003 2 0003 40 40

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200 200 000 / 540 000 5 000 240 000 000 5 000 240 00040 000/ 540 000

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t

1 80 000 30 000 40 000 10 000 4 000 6 000 46 000

2 80 000 30 000 40 000 10 000 4 000 6 000 46 000

3 80 000 30 000 40 000 10 000 4 000 6 000 46 000

4 80 000 30 000 40 000 10 000 4 000 6 000 46 000

5 80 000 30 000 40 000 10 000 4 000 6 000 46 000
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t

1 100 000 40 000 40 000 20 000 8 000 12 000 52 000

2 100 000 42 000 40 000 18 000 7 200 10 800 50 800

3 4 5 100 000 100 000 100 000 44 000 46 000 48 000 40 000 40 000 40 000 16 000 14 000 12 000 6 400 5 600 4 800 9 600 8 400 7 200 49 600 48 400 47 200

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t 0 200 000 200 000 240 000 30 000 270 000

1

2 3

4

5

46 000 46 000 46 000 46 000 46 000 46 000 46 000 46 000 46 000 46 000

52 000 50 800 49 600 48 400

47 200 40 000 30 000 52 000 50 800 49 600 48 400 117 200

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PP PP ˨

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1NCF NCF =/NCF =/NCF 2NCF NCF P251

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ARR ARR = = 100% ا P252
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NPV NPV

? NCF1 NCFn ? NCF2 NPV = ? + +? + ?C 1 2 n ? (1 + k ) ? ? (1 + k ) (1 + k ) n NCFt = ?C t t =1 (1 + k )
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NPV =



n

t=0

C F A Tt t (1 + k )

C C F A T t

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1 2 1 2 3 3 NPV=NPV=- P254

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?

IRR IRR
N C Fn N C F1 N C F2 + +? + ? C = 0 1 2 n (1 + r ) (1 + r ) (1 + r )


t=1

n

N C Ft ? C = 0 t (1 + r )

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1NCF NCF =/NCF =/NCF ,

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2NCF, NCF, , , , , , , P256

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ا NCF NCF ¨

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?

PI PI
? N C F1 N C Fn ? N C F2 PI = ? + +? + /C 1 2 n ? (1 + k ) (1 + k ) ? ? (1 + k ) n N C Ft = [ ] /C t t = 1 (1 + k )

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1 1 1 P258
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M

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NPV NPVIRR 1 NPVIRR NPVIRR 2 NPVIRR NPVIRR ?

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S SLۡ
0 1 2 3 4 NPV (i=0%) NPV (i=5%) NPV (i=10%) NPV (i=15%) IRR S -1000 500 400 300 100 300 180.42 78.80 -8.33 14.5% L -1000 100 300 400 600 400 206.5 49.15 -80.13 11.8%
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IRRSL IRRSL 5%0%NPVLS 5%0%NPVLS L L ? MN MN ۡ

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0 1 2 3 NPV (i=0%) NPV (i=10%) NPV (i=14%) NPV (i=15%) NPV (i=20%) IRR

M -116100 50000 50000 50000 33900 8250 80 -1950 -10800 14%

N -1050 500 500 500 450 193.5 110 91.5 0 20%
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NPV IRR NPV IRR

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NPV PI NPV PI =10% =10% NPV m=8250 NPV n =193.5 I I M M PI PI

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40000 40000 5520000 5520000 20000 20000 50000 50000 30000 30000 600005 600005 1000080000 1000080000 4000010% 4000010% 40% 40%

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6000060000-20000=40000 = 60000-10000 =60000-10000/5=10000 =80000 =80000 =40000 =40000 NCF=[80000-(40000+10000)] 40% NCF=[80000-(40000+10000)]1-40%+10000=28000 0 0 =40000/10=4000 =40000/10=4000 =50000 =50000 =30000 =30000 NCF=[50000-(30000+4000)] 40% NCF=[50000-(30000+4000)]1-40%+4000=13600

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NPV NPV=-40000+28000PVIFA10%,5+10000PVIF10%,5 =-40000+280003.791+100000.621 40000+280003.791+10000 =72358 NPV NPV=13600PVIFA10%,5 =13600 =136003.170 =51577.6

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?=40000 =40000 ?=6000 =6000 ?=30000 =30000 ?=10000 =10000 ?=10000 =10000 ?NCF=14400 ? NPV=14400PVIFA10%,5+10000PVIF10%,5-40000 =20800.40

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0 0

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PI PI1

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PI>1 PI>1 NPV0 NPV NPV>0 NPV>0

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5A1,B1,B2,C1,C2, 5A1,B1,B2,C1,C2, B1B2,C1C2 B1B2,C1C2 400000 400000 A1 B1 B2 C1 C2 120000 150000 300000 125000 100000 1.56 1.53 1.37 1.17 1.18 67000 79500 111000 21000 18000
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A1B1C150005000 A1B1C150005000 1 1 A1B1C1 A1B1C2 A1B1 A1C1 A1C2 B1C1 B2C2 395000 375000 270000 245000 220000 275000 400000 1.42 1.412 1.367 1.221 1.213 1.252 1.322 167500 164700 146500 88000 85000 100000 129000
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120000 150000 125000 5000 1.56+ 1.53+ 1.17+ 1=1.42 400000 400000 400000 400000

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630% 630% 66 66 1 1 540% 540% 80 80 10 10 0 0 10% 10% 2000 2000 0.1 0.1 60.13 0.13 60 60

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NCF0= 80 10 90 NCF0= -80-10=-90 =80/5=16 =80/5=16 NCF1=0 20000.1=200 20000.1=200 =60 =60 =[200- 60+16 (1=[200-60+16](1-40%)=74.4 NCF2~5=74.4+16=90.4 NCF6=10+90.4
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0 -90

1 0

2 90.4

3 9 0.4

4 90.4

5 90 .4

6 90.4+10

NPV=-90+90.4 NPV=-90+90.4PVIFA10%,4PVIF10%,1+100.4PVIF10%,6 10%,4 +100.4 =260.49+56.62=260.49+56.62-90 =227

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6 6 NCF0=-80 10 90 NCF0=-80-10=-90 NCF1=0 =80/5=16 =80/5=16 20000.13=260 20000.13=260 =60 =60 =[260- 60+16 (1=[260-60+16](1-40%)=110.4 NCF2~5=110.4+16=126.4 NCF6=10+126.4=136.4
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0

1

2

3

4

5

6 90 0

7 0 1

8 126.4 2

9 1 26.4 3

10 126.4 4

11 1 26.4 5

12 136.4 6

NPV6=-90+126.4PVIFA10%,4PVIF10%,1+136.4PVIF10%,6 90+126.4 10%,4 +136.4 = 364.23+76.93-90 364.23+76.93=351.16 NPV0=351.16PVIF10%,6 351.16 =198.05

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3 3 20036004~13 20036004 13 2102 2102 3202640 3202640 20% 20%

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0 -320 -200 1 -320 -200 -120 2 0 -200 200 3 210 0 210 4~12 210 210 0 13 0 210 -210

? -120

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?NCF0=-120 NCF0=? NCF1=-120 NCF1=? NCF2= 200 ?NCF3=210 ?NCF4~12=0 ?NCF13=?NCF13=-210 ?NPV=-120-120 ?NPV=-120-120PVIF20%,1+200PVIF20%,2 +200 +210PVIF20%,3-210PVIF20%,13=20.9 210 20%,3-210

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A 16 NCF=8 16 NCF=8 =3 =3 NPV=19680 B 21 NCF=6.4 21 NCF=6.4 =6 =6 NPV=25840 , , , ,

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6AA 6AA NCF0=NCF0=-16 NCF1=8 NCF2=8 NCF3=8NCF3=8-16 NCF4=8 NCF5=8 NCF6=8 NPV=-16+8 NPV=-16+8PVIF16%,1+ 8PVIF16%,2-8PVIF16%,3 +8PVIF16%,4 PVIF16%,2+8 + 8PVIF16%,5+ 8PVIF16%,6=32288 Or NPV=19680+19680PVIF16%,3 NPV=19680+19680

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ANPV = ANPVA ANPVB NPV P V IF Ak ,n

19680 = = 8 7 6 2 .2 4 P V I F A1 6 % , 3 25840 = = 7 0 1 2 .2 1 P V I F A1 6 % , 6

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p

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? Kj RF

K j = RF + j ( Rm ? RF )

j

Rm

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K

i

= R F + b iV i

K i: b i V i:

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d d d=1 d=1 0.80d<1.00,0.40d<0.8 0.80d<1.00,0.40d<0.8 ,0 ,0d0.40 0.40
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