NO.PZ2018101501000021
问题如下:
Company M is investing an equipment of $0.5 million, which may enable the company to earn a 12% internal rate of return. The equipment will generate operating income after taxes of $40,000 and depreciation of $50,000 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.$403,2578
C.$375,494
解释:
C is correct.
考点:Cash Flow Projections: Expansion Project
解析:
题干第一句话:12% internal rate of return,IRR 是使得项目 NPV 等于零的要求回报率。因此这道题是已知 NPV=0 ,倒推销售价格。
CF = (S – C – D)(1 – T) + D = EBIT*(1-T) + D = 40,000+50,000 = $90,000
账面价值BV4 = 500,000 – 50,000*4 = $300,000
TNOCF = Sal4 +NWCInv−T(Sal4 – B4 ) = Sal4 - 0.25*( Sal4-300,000)
计算前四年 OCF (90,000) 的净现值为 -226,638.5588,计算器按法
清零
CF0 = -500,000,
C01 = 90,000;F01 = 4 (t=1 至 t=4 时刻)
I = 12
NPV = -226,638.5588
即:
计算求得Sal4 = $375,493.5467
如上