Reference no: EM13906086
您必须在适当的地方显示工作(将计算在Excel单元内放置是可以接受的)。
1. Basic present value calculations
计算以下现金流量的现值,四舍五入到最近的美元:
A。A single cash inflow of $12,000 in five years, discounted at a 12% rate of return.
b。未来12年的年收入为16,000美元,以14%的收益率打折。
C。在第一年末,一张收据15,000美元,然后在年底获得10,000美元的收据
3.公司的收益率为10%。
d。每年三年的收入为$ 8,000,然后在4年末获得10,000美元的收入。该公司的收益率为16%。
2.现金流量计算和净现值
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purchased 500 shares of Heartland Development, Inc. Heartland paid cash dividends of $2.60 per share in 20X1 and 20X2; the dividend was raised to $3.10 per share in 20X3. On December 31, 20X3, Greene sold his holdings and generated proceeds of $13,000. Greene uses the net-present- value method and desires a 16% return on investments.
A。准备投资现金流量的时间顺序清单。注意:格林有权获得20x3股息。
b。计算投资的净现值,将舍入计算为最接近的美元。
C。Given the results of part (b), should Greene have acquired the Heartland stock? Briefly explain.
3.直接净现值和内部收益率
贝德福德市正在356号公路上研究一个600英亩的土地,以供新垃圾填埋场。启动成本的计算如下:
购买费用:每英亩450美元的网站准备:$ 175,000
The site can be used for 20 years before it reaches capacity. Bedford, which shares a facility in Bath Township with other municipalities, estimates that the new location will save $40,000 in annual operating costs.
A。如果贝德福德希望获得8%的投资回报率,是否应该获得垃圾填埋场?使用净至关
4.直接网络值和回报计算
STL Entertainment正在考虑收购一艘观光船进行密西西比河沿线的夏季游览。可用以下信息:
Cost of boat $500,000
服务寿命10夏季
10个季节结束时的处置价值$ 100,000
每次旅行的容量300名乘客
每个季节的固定运营成本(包括直线折旧)$ 160,000
变量的运营成本每趟1000美元
票价$ 5每位乘客
Cost of boat $500,000
服务寿命10夏季
10个季节结束时的处置价值$ 100,000
每次旅行的容量300名乘客
每个季节的固定运营成本(包括直线折旧)$ 160,000
变量的运营成本每趟1000美元
票价$ 5每位乘客
除折旧外,所有运营成本都需要现金支出。在该国其他地区的类似行动的基础上,管理层预计每次旅行将被售罄,并且每个季节将携带12万名乘客。忽略所得税。
Instructions:
通过使用净冠值方法,确定STL Entertainment是否应该获取船。假设所有投资的收益为14% - 回合到最近的美元。
5. Equipment replacement decision
哥伦比亚企业正在研究最初耗资74,000美元的某些设备的更换。如果在两年内进行8,700美元的重大维修费用,则该设备预计将提供六年的服务。年度现金运营成本总计27,200美元。哥伦比亚现在可以以36,000美元的价格出售设备;六年来估计的剩余价值为5,000美元。
New equipment is available that will reduce annual cash operating costs to $21,000. The equipment costs $103,000, has a service life of six years, and has an estimated residual value of $13,000. Company sales will total $430,000 per year with either the existing or the new equipment. Columbia has a minimum desired return of 12% and depreciates all equipment by the straight-line method.
Instructions:
A。By using the net-present-value method, determine whether Columbia should keep its present equipment or acquire the new equipment. Round all calculations to the nearest dollar, and ignore income taxes.
b。哥伦比亚的管理层认为,应在所有长期决策中考虑货币的时间价值。简要讨论管理层信念的基本原理。