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Eric08 · 2020年11月29日

问一道题：NO.PZ2018101501000021

  1. CFA II
  2. Corporate Issuers

问题如下：

Company M is investing an equipment of $1 million, which may enable the company to earn a 12% internal rate of return. The equipment will generate operating income after taxes of $150,000 and depreciation of $95,000 annually for the coming four years. The equipment will be sold at the end of the fourth year. The company is in the 25% tax bracket. What`s the terminal selling price?

选项：

A.

$483,273

B.

$452,325

C.

$330,112

解释：

C is correct.

考点：Cash Flow Projections: Replacement Project

解析：CF = (S – C – D)(1 – T) + D = EBIT*(1-T) + D = 150,000+95,000 = $245,000

账面价值BV4 = 1,000,000 – 95000*4 = $620,000

TNOCF = Sal4 +NWCInv−T(Sal4 – B4 ) = Sal4 - 0.25*( Sal4-620,000)

NPV = -1,000,000 +∑t=14245,0001.12t\sum_{t=1}^4\frac{245,000}{1.12^t}  +Sal4-0.25×(Sal4-620,000)1.124\frac{{\text{Sal}}_4\text{-}0.25\times{({\text{Sal}}_4\text{-}620,000)}}{1.12^4}  = 0

计算求得Sal4 =$330,112

为什么计算TNOCF的时候，net working captial选择了0，是因为题目里面没有提到，还是通过什么线索得出的？谢谢

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1 个答案

王琛_品职助教 · 2020年11月30日

- 亲是的，因为这道题没有给出 NWCinv，所以我们默认它是零

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