有哪些信誉好的足球投注网站- 1、有哪些信誉好的足球投注网站（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
- 2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击 这里二次下载。
- 3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
查看更多
CHAPTER 2 Present Values, The Objectives of the Firm, and Corporate Governance Answers to Practice Questions 1. The face value of the treasury security is $1,000. If this security earns 5%, then in one year we will receive $1,050. Thus: NPV = C + [C /(1 + r)] = −$1000 + ($1050/1.05) = 0 0 1 This is not a surprising result because 5 percent is the opportunity cost of capital, i.e., 5 percent is the return available in the capital market. If any investment earns a rate of return equal to the opportunity cost of capital, the NPV of that investment is zero. 2. NPV = −$1,300,000 + ($1,500,000/1.10) = +$63,636 Since the NPV is positive, you would construct the motel. Alternatively, we can compute r as follows: r = ($1,500,000/$1,300,000) – 1 = 0.1539 = 15.39% Since the rate of return is greater than the cost of capital, you would construct the motel. 3. Investment NPV Return (1) 18,000 18,000 −10,000 −10,000 + $5,000 0.80 80.0% 1.20 10,000 (2) 9,000 9,000 −5,000 −5,000 + $2,500 0.80 80.0% 1.20 5,000 (3) 5,700 5,700 −5,000 −5,000 + −$250 0.14 14.0% 1.20 5,000 (4) 4,000
文档评论（0）