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Tài chính doanh nghiệp ( Bài tập)_ Chapter 6

Tài liệu bài tập thưc hành môn Tài chính doanh nghiệp_ Chapter 6 | Chapter 6 Some Alternative Investment Rules 6.1 a. The payback period is the time that it takes for the cumulative undiscounted cash inflows to equal the initial investment. Project A Cumulative Undiscounted Cash Flows Year 1 4 000 4 000 Cumulative Undiscounted Cash Flows Year 2 4 000 3 500 7 500 Payback period 2 Project A has a payback period of two years. Project B Cumulative Undiscounted Cash Flows Year 1 2 500 2 500 Cumulative Undiscounted Cash Flows Year 2 2 500 1 200 3 700 Cumulative Undiscounted Cash Flows Year 3 2 500 1 200 3 000 6 700 Project B s cumulative undiscounted cash flows exceed the initial investment of 5 000 by the end of year 3. Many companies analyze the payback period in whole years. The payback period for project B is 3 years. Project B has a payback period of three years. Companies can calculate a more precise value using fractional years. To calculate the fractional payback period find the fraction of year 3 s cash flows that is needed for the company to have cumulative undiscounted cash flows of 5 000. Divide the difference between the initial investment and the cumulative undiscounted cash flows as of year 2 by the undiscounted cash flow of year 3. Payback period 2 5 000 - 3 700 3 000 2.43 Since project A has a shorter payback period than project B has the company should choose project A. b. Discount each project s cash flows at 15 percent. Choose the project with the highest NPV. Project A - 7 500 4 000 1.15 3 500 1.15 2 1 500 1.15 3 - 388.96 Project B - 5 000 2 500 1.15 1 200 1.15 2 3 000 1.15 3 53.83 The firm should choose Project B since it has a higher NPV than Project A has. 6.2 a. Find the payback period for the project. Since the cash inflows are constant divide the initial investment by the annual cash inflow to determine the payback period. Payback Period Initial Investment Annual Cash Inflow 1 000 000 150 000 6.67 The payback period is 6.67 years. Since the payback period is shorter than the cutoff period of ten years the .