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eaglexps · 2022年10月03日

你好

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021706000031

问题如下：

Adam Company is planning to invest in a project with a $100,000 initial cash outlay. This new project is expected to generate cash flows of $30,000 every year in the next ten years. The flowing is the information of Adam company：

Adam Company will finance the project with a debt-to-equity ratio of 1.5. The dollar amount of flotation costs is $3000 for the equity of this project.

If floatation costs are incorporated as an adjustment to the initial-period cash flows, what's the NPV for the project?

选项：

A.

$90,039.

B.

$91,236.

C.

$100,030.

解释：

B is correct.

Re = 2.5/50+ 0.05= 10%

D/E=1.5, Wd=60%, We=40%

WACC = 0.60*0.08 + 0.40*0.1 = 8.8%

N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275

NPV = -$103000+$194236.275 = $91236.275.

老师我想问一问，这道题能不能用计算机cf的功能来算出来，只不过是CF0是10300，剩下的I是Wacc这样，谢谢

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1 个答案

王琛_品职助教 · 2022年10月03日

嗨，努力学习的PZer你好：


可以的

解析的思路分析，及同学所说的思路及计算器按法，请参考：https://class.pzacademy.com/qa/102140

----------------------------------------------
努力的时光都是限量版，加油！

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