PHẦN BỐN Công ty này tin rằng nó sẽ vẫn còn trong việc xây dựng trong 4 năm. Giá trị hiện tại của chi phí thuê nếu tỷ lệ chiết khấu là 10% là gì? Giá trị hiện tại có thể thu được bằng cách chiết khấu dòng tiền danh nghĩa tại các tỷ lệ chiết khấu 10% như sau. | 386 section four inflation rate of 3 percent. The firm believes that it will remain in the building for 4 years. What is the present value of its rental costs if the discount rate is 10 percent The present value can be obtained by discounting the nominal cash flows at the 10 percent discount rate as follows Present Value at Year Cash Flow 10 Discoun t Rate 1 8 000 8 000 7 2 8 000 X 8 240 8 240 6 3 8 000 X 8 8 6 4 8 000 X 8 8 5 26 Alternatively the real discount rate can be calculated as - 1 .067961 . The present value of the cash flows can also be computed by discounting the real cash flows at the real discount rate as follows Present Value at Year Real Cash Flow Discoun t Rate 1 8 000 7 7 7 2 8 240 7 7 6 3 8 7 7 6 4 8 7 7 5 26 Notice the real cash flow is a constant since the lease payment increases at the rate of inflation. The present value of each cash flow is the same regardless of the method used to discount. The sum of the present values is of course also identical. Self-Test 3 Nasty Industries is closing down an outmoded factory and throwing all of its workers out on the street. Nasty s CEO Cruella DeLuxe is enraged to learn that it must con- tinue to pay for workers health insurance for 4 years. The cost per worker next year will be 2 400 per year but the inflation rate is 4 percent and health costs have been in- creasing at three percentage points faster than inflation. What is the present value of this obligation The nominal discount rate is 10 percent. Separate Investment and Financing Decisions When we calculate the cash flows from a project we ignore how that project is financed. The company may decide to finance partly by debt but even if it did we would neither
