亨格瑞管理会计英文第15版答案 11.docVIP

亨格瑞管理会计英文第15版 答案 11 CHAPTER11CapitalBudgetin；1.；Thepresentvalueis$480,00；(a)$480,000=annualpaymen；annualpayment=$480,000÷1；annualpayment=$480,000÷9；annualpayment=$480,000÷8；annualpayment=$480,000÷8；an CHAPTER 11 Capital Budgeting 1. The present value is $480,000 and the annual payments are an annuity, requiring use of Table 2: (a)$480,000 = annual payment × 11.2578 annual payment = $480,000 ÷ 11.2578 = $42,637 (b)$480,000 = annual payment × 9.4269 annual payment = $480,000 ÷ 9.4269 = $50,918 (c)$480,000 = annual payment × 8.0552 annual payment = $480,000 ÷ 8.0552 =$59,589 (a)$480,000 = annual payment × 8.5595 annual payment = $480,000 ÷ 8.5595 = $56,078 (b)$480,000 = annual payment × 7.6061 annual payment = $480,000 ÷ 7.6061 = $63,107 (c)$480,000 = annual payment × 6.8109 annual payment = $480,000 ÷ 6.8109 =$70,475 (a) Total payments= 30 × $50,918 = $1,527,540 Total interest paid= $1,527,540- $480,000 = $1,047,540 2. 3. (b) Total payments= 15 × $63,107= $946,605 Total interest paid = $946,605 - $480,000 = $466,605 min.) Buy. The net present value is positive. Initial outlay * Present value of cash operating savings, from 12-year, 12% column of Table 2, 6.1944 × $5,000 Net present value $(21,000) * The trade-in allowance really consists of a $5,000 adjustment of the selling price and a bona fide $10,000 cash allowance for the old equipment. The relevant amount is the incremental cash outlay, $21,000. The book value is irrelevant. min.) Copyright ?2011 Pearson Education 1 1. NPV @ 10% = 10,000 × 3.7908 = $37,908 - $36,048 = $1,860 NPV @ 12% = 10,000 × 3.6048 = $36,048 - $36,048 = $0 NPV @ 14% = 10,000 × 3.4331 = $34,331 - $36,048 = $(1,717) The IRR is the interest rate at which NPV = $0; therefore, from requirement 1 we know that IRR = 12%. The NPV at the company’s cost of capital, 10%, is positive, so the project should be accepted. The IRR (12%) is greater than the company’s cost of capital (10%), so the project should be accepted. Note that the IRR and NPV models g