公司理财习题答案
第八章
Chapter 8: Strategy and Analysis in Using Net Present Value
8.1 Go directly: NPV = 0.5 ? $20 million + 0.5 ? $5 million
= $12.5 million
Test marketing: NPV = -$2 million + (0.75 ? $20 million + 0.25 ? $5 million) / 1.15
= $12.13 million
Go directly to the market.
8.2 Focus group: -$120,000 + 0.70 ? $1,200,000 = $720,000 Consulting firm: -$400,000 + 0.90 ? $1,200,000 = $680,000 Direct marketing: 0.50 ? $1,200,000 = $600,000 The manager should conduct a focus group.
8.3 Price more aggressively:
-$1,300,000 + (0.55 ? 0) + 0.45 ? (-$550,000)
= -$1,547,500 Hire lobbyist:
-$800,000 + (0.75 ? 0) + 0.25 ? (-$2,000,000)
= -$1,300,000
Tandem should hire the lobbyist.
8.4 Let sales price be x.
Depreciation = $600,000 / 5 = $120,000
BEP: ($900,000 + $120,000) / (x - $15) = 20,000 x = $66
8.5 The accounting break-even = (120,000 + 20,000) / (1,500 - 1,100) = 350 units 8.6 a. The accounting break-even = 340,000 / (2.00 - 0.72) = 265,625 abalones
b. [($2.00 ? 300,000) - (340,000 + 0.72 ? 300,000)] (0.65) = $28,600
This is the after tax profit.
8.7 EAC = $140,000 / ?70.15 = $33,650 Depreciation = $140,000 / 7 = $20,000
BEP = {$33,650 + $340,000 ? 0.65 - $20,000 ? 0.35} / {($2 - $0.72) ? 0.65} = 297,656.25
? 297,657 units
Answers to End-of-Chapter Problems B-91
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8.8 8.9 8.10
Depreciation = $200,000 / 5 = $40,000 EAC = $200,000 / ?50.12 = $200,000 / 3.60478 = $55,482
BEP = {$55,482 + $350,000 ? 0.75 - $40,000 ? 0.25} / {($25 - $5) ? 0.75} = 20,532.13 ? 20533 units Let I be the break-even purchase price. Incremental C0 Sale of the old machine $20,000 Tax effect 3,400 Total $23,400 Depreciation per period = $45,000 / 15 = $3,000
Book value of the machine = $45,000 - 5 ? $3,000 = $30,000
Loss on sale of machine = $30,000 - $20,000 = $10,000 Tax credit due to loss = $10,000 ? 0.34 = $3,400
Incremental cost savings: $10,000 (1 - 0.34) = $6,600 Incremental depreciation tax shield: [I / 10 - $3,000] (0.34)
The break-even purchase price is the Investment (I), which makes the NPV be zero. NPV = 0 = -I + $23,400 + $6,600 ?100.15 + [I / 10 - $3,000] (0.34) ?100.15 = -I + $23,400 + $6,600 (5.0188) + I (0.034) (5.0188) - $3,000 (0.34) (5.0188) I = $61,981 Pessimistic:
NPV
= -$420,000 + ?= -$123,021.71 = -$420,000 + = $247,814.17
7?23,000?$38?$21??$320,000??0.65?$60,000?0.35
t1.13t?17
Expected:
NPV
?t???25,000?$40?$20??$300,000??0.65?$60,000?0.35
1.13t---------------------------------------------------------精品 文档---------------------------------------------------------------------
公司理财习题答案
第八章
Optimistic:
NPV
= -$420,000 +
?t?17?27,000?$42?$19??$280,000??0.65?$60,000?0.35
1.13t = $653,146.42
Even though the NPV of pessimistic case is negative, if we change one input while all
others are assumed to meet their expectation, we have all positive NPVs like the one before. Thus, this project is quite profitable.
Pessimistic Unit sales Price
Variable costs Fixed costs
23,000 $38 $21 $320,000
NPV
$132,826.30 $104,079.33 $175,946.75 $190,320.24
8.11 Pessimistic: NPV = -$1,500,000
8.12 NPV = ?1,500,000?
+?t?15?110,000?0.22?$115?$72??$850,000??0.60?$300,000?0.40
113.t = -$675,701.68
Expected: NPV = -$1,500,000
+?5?120,000?0.25?$120?$70??$800,000??0.60?$300,000?0.40
113.tt?1= $399,304.88
Optimistic: NPV = -$1,500,000
+
?t?15?130,000?0.27?$125?$68??$750,000??0.60?$300,000?0.40
1.13t = $1,561,468.43
The expected present value of the new tennis racket is $428,357.21. (Assuming there are equal chances of the 3 scenarios occurring.)
?t?15?130,000?0.22?$120?$70??$800,000??0.60?$300,000?0.401.13t
= $251,581.17
The 3% drop in market share hurt significantly more than the 10,000 increase in market size helped. However, if the drop were only 2%, the effects would be about even. Market size is going up by over 8%, thus it seems market share is more important than market size.
Answers to End-of-Chapter Problems B-93
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8.13 a.
b.
8.14 a.
b.
NPV = -$10,000,000 + ( $750, 000 ? ?10.10) = -$5,391,574.67
Revised NPV = -$10,000,000 + $750,000 / 1.10 + [(.5 ? $1,500,000 ? ?.910) + (.5 ? $200,000 )] / 1.10 = -$5,300,665.58
Option value of abandonment = -$5,300,665.58 – ( -$5,391,574.67 )
= $90,909.09 NPV = -$100M + ( $100 ? 2M ? ?10.20) = $738.49Million $50M = C?.920
C = $12.40 Million (or 1.24 Million units )
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公司理财习题答案
第八章
Answers to End-of-Chapter Problems B-95
罗斯《公司理财》英文习题答案DOCchap008
