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1、Refer to Mini-Case on Page 360 (Conch Republic Electronics)Questions:1. What is the pay back period of the project?2. What is the profitability index of the project?3. What is the IRR of the project?4. What is the NPV of the project?5. How sensitive is the NPV to changes in the price of the new PDA?

2、6. How sensitive is the NPV to changes in the quantity sold?7. Should Conch Republic produce the new PDA?Answer:Working process- Year 0: CF= 15000000- Year 1: CF=37400002520000=1220000 S=70000×250 (80000×240 (8000015000)×220) =12600000 VC=70000×8615000×68 =5000000 OCF= (SVCF

3、)×(1T) +DT = (1260000050000003000000)×(135%) +15000000÷7×0.35 =3740000 NWC=12600000×20% =2520000- Year2: CF=5066000580000=4486000 S=80000×250(60000×240(6000015000)×220) =15500000 VC=80000×8615000×68 =5860000 OCF= (1550000058600003000000)×(135%)

4、+15000000÷7×0.35 =5066000 NWC=252000015500000×20% =580000- Year 3: CF=94600001900000=7560000 S=100000×250=25000000 VC=100000×86=8600000 OCF= (2500000086000003000000)×(135%) +15000000÷7×0.35 =9460000 NWC=15500000×20%25000000×20% =1900000- Year 4: CF=7

5、861000+750000=8611000 S=85000×250=21250000 VC=85000×86=7310000 OCF= (2125000073100003000000)×(135%)+15000000÷7×0.35 =7861000 NWC=25000000×20%21250000×20% =750000- Year 5: CF=6795000+4250000+3450000=14495000 S=75000×250=18750000 VC=75000×86=6450000 OCF= (1

6、875000064500003000000)×(135%)+15000000÷7×0.35 =6795000 NWC=21250000×20%=4250000 A-t S=30000000.35×(300000015000000÷ 7×(75) =34500001. year1: 150000001220000=13780000year2: 137800004486000=9294000year3: 92940007560000=1734000year4: 17340008611000=6877000Payback Peri

7、od of the Project=3+1734000÷8611000=3.20years2. PI= (present value of the net cash flows)/ (initial cash outlay) = (1220000÷ (1+12%) +4486000÷ (1+12%) 2 +7560000 ÷ (1+12%) 3 +8611000÷ (1+12%) 4 + 14495000÷ (1+12%) 5)/15000000 =1.5829 Decision rule:Accept if PI > 1Rej

8、ect if PI < 13. IRRInternal Rate of Return 1220000÷ (1+k) +4486000÷ (1+k) 2 +7560000 ÷ (1+k) 3 +8611000÷ (1+k) 4 + 14495000÷ (1+k) 515000000=0Use the trail and error methodk=12%, NPV=23743854.5715000000=8743854.569k=14%, NPV=22251443.4915000000=7251443.492k=20%, NPV=18484

9、841.1815000000=3484841.178k=30%, NPV=13952830.7815000000=1047169.217k=25%, NPV=15994547.215000000=994547.2k=27%, NPV=15492474.7715000000=492474.7671k=29%, NPV=14440324.4415000000=669675.5627k=28%, NPV=14722498.7315000000=277501.2739k=27.5%, NPV=75684.7173; k=27.3%, NPV=6140.9647; k=27.4%, NPV=34851.

10、1433x=27.64%IRR=27.85%>12%4. NPV=15000000+1220000÷ (1+12%) +4486000÷ (1+12%) 2 +7560000 ÷ (1+12%) 3 +8611000÷ (1+12%) 4 + 14495000÷ (1+12%) 5 =8743854.5695. P=250P=200- Year 1: CF=14650001820000=355000 S=70000×200 (80000×240 (8000015000)×220) =9100000 VC=70

11、000×8615000×68 =5000000 OCF= (SVCF)×(1T) +DT = (910000050000003000000)×(135%) +15000000÷7×0.35 =1465000 NWC=9100000×20% =1820000- Year2: CF=2466000480000=1986000 S=80000×200(60000×240(6000015000)×220) =11500000 VC=80000×8615000×68 =5860000

12、OCF= (1150000058600003000000)×(135%) +15000000÷7×0.35 =2466000 NWC=182000011500000×20% =480000- Year 3: CF=62100001700000=4510000 S=100000×200=20000000 VC=100000×86=8600000 OCF= (2000000086000003000000)×(135%) +15000000÷7×0.35 =6210000 NWC=11500000×2

13、0%20000000×20% =1700000- Year 4: CF=7861000+600000=8611000 S=85000×200=17000000 VC=85000×86=7310000 OCF= (1700000073100003000000)×(135%)+15000000÷7×0.35 =5098500 NWC=20000000×20%17000000×20% =600000- Year 5: CF=4357500+3400000+3450000=11207500 S=75000×200

14、=15000000 VC=75000×86=6450000 OCF= (1500000064500003000000)×(135%)+15000000÷7×0.35 =4357500 NWC=17000000×20%=3400000 A-t S=30000000.35×(300000015000000÷ 7×(75) =34500005. NPV=15000000+(355000)÷ (1+12%) +1986000÷ (1+12%) 2 +4510000 ÷ (1+12%) 3 +8

15、611000÷ (1+12%) 4 + 11207500÷ (1+12%) 5 =1308274.3316. Q=70000; 80000; 100000; 85000; 75000Q=60000; 70000; 90000; 75000; 65000- Year 1: CF=7240001420000=696000 S=60000×200 (80000×240 (8000015000)×220) =7100000 VC=60000×8615000×68 =4140000 OCF= (SVCF)×(1T) +DT

16、= (710000041400003000000)×(135%) +15000000÷7×0.35 =724000 NWC=7100000×20% =1420000- Year2: CF=1725000480000=1245000 S=70000×200(60000×240(6000015000)×220) =9500000 VC=70000×8615000×68 =5000000 OCF= (950000050000003000000)×(135%) +15000000÷7×

17、;0.35 =1725000 NWC=14200009500000×20% =480000- Year 3: CF=54690001700000=3769000 S=90000×200=18000000 VC=90000×86=7740000 OCF= (1800000077400003000000)×(135%) +15000000÷7×0.35 =5469000 NWC=9500000×20%18000000×20% =1700000- Year 4: CF=4357500+600000=4957500 S=7

18、5000×200=15000000 VC=75000×86=6450000 OCF= (1500000064500003000000)×(135%)+15000000÷7×0.35 =4357500 NWC=18000000×20%15000000×20% =600000- Year 5: CF=3616500+3000000+3450000=10066500 S=65000×200=13000000 VC=65000×86=5590000 OCF= (1300000055900003000000)×(135%)+15000000÷7×0.35 =3616500 NWC=15000000×20%=3000000 A-t S=30000000.35×(300000015000000÷ 7×(7

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