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9747814 · 2024年04月03日

这道题第一反应是算IRR比谁的大谁有优势，怎么联想到需要用现金流加和算现值计算呢？

  1. CFA I
  2. Quantitative

NO.PZ2023052407000009

问题如下：

If you require an 8 percent return and must invest USD500,000, which of the investment opportunities in Exhibit 1 should you prefer?


选项：

A.

Opportunity 1

B.

Opportunity 2

C.

Indifferent between the two opportunities.

解释：

Using cash flow additivity, compare the two opportunities by subtracting Opportunity 2 from Opportunity 1 yielding the following cash flows:


Finding the present value of the above cash flows at 8 percent discount rate shows that both investment opportunities have the same present value. Thus, the two opportunities are economically identical, and there is no clear preference for one over the other.

这道题第一反应是算IRR比谁的大谁有优势，怎么联想到需要用现金流加和算现值计算呢？

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1 个答案

品职助教_七七 · 2024年04月04日

嗨，爱思考的PZer你好：


这道题和IRR没有关系。即使是对比也应该根据NPV来对比。

可以去单独计算每个opportunity的NPV然后对比。这个思路和答案解析中的 先将现金流相减，再算新现金流的NPV，然后将其和0对比 是一致的。

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