12345 1 A B C D 2 A B C D 318%16% A16% B18% C16%18% D 4 A B C D 5100 100 50 A50 B100 C200 1
D 250 6 A B C D 7 A B C D 8 A B C D 9 A B C D 10 A. B. C.100% D. 11+ A. B. C. D. 12 A. B. C. D. 13 2
A. B. C. D. 14 A. B. C. D. 15 A. B. C. D. 160 A.=0 B.=0 C.=0 D.=0 17 A. B. C. D. 18 A. B. C. D. 19 A. B. C. D. 2012% 3
A. =14% B.=10000 C.=5% D.=0.9 21 A B C D 22 A B C D 2324%39.317726% 30.1907 A19.24% B C25.13% D26.78% 240 A00 B0 C0 D0 25100215NCF=10 610NCF=20 A6 B7.5 C8 D9.5 1 A. B. C. D. 4
2 A B C D 3 A B C D 4 A B C D 5 A.1 B. C. D. 6 A. B. C. D. 7 A. B. C. D. 8 A. B. C. D. 5
9 A. B. C. D. 10 A. B. C. D. 13 A B C D 14 15 A B C D 6
1 2 3 4 5 6 7 8 9 10 11 12 13 14 1510 16 1712% 1.12 18 19 20 1 10% 1 2 3 4 5 7
6 21000 300 10% 500 200 10% 2 8%5%, 33% 100 10% 200 13%14%4.7253-7.2365 A 11%3 B 1 2 3AB 4AB 31000 1 100 8 100 100 150 110% (2) 4 20 000 5 5 5 8000 3000 24 000 5 5 4 000 5 10 000 4 000 200 3 000 4010 [] 51000 10 1 5 100 120 150 250 300 350 6 8
8 1 2 3 4 1 2 3 4 5 9
8 9 10 1A 2A 3C 4B 5A 6C 7C 8A 9C10D 11B 12C 13A 14C 15B 16B 17A 18D 19C 20D 21D 22C 23C 24A 25B 1ABCD 2ABD 3AD 4AC 5CD 6ACD 7BC 11BCD 12BCD 13ABCD 14ABCD 15ACD 8ABCD 9ABCD 10ABC 1 Ì 2 3 Ì 4 5 Ì6 Ì7 Ì 8 9 10 Ì 11 Ì 12 Ì 13 14 Ì 15 16 17 Ì 18 19 20 1 2=3+100/200=3.5 =3.5-1=2.5 3=-500-454.5+247.93+225.39+204.90+124.18+169.34=17.24 4=500+454.5=954.5 5=17.24/954.5=1.8% 6=1+1.8%=1.018 >0 >0 >1 3.5 >6/2 21=5%+28%-5%=11% 2=13%+4.7253-0/4.7253--7.236514%-13%=13.4% =10%<11% =13.4%>11% 3A =11%1-33%=7.37% B =5%+28%-5%=11% 10
4=10%1-33%=6.7% A =10% 500/1200+6.7% 500/1200+7.37% 200/1200=8.19% B =11%500+200/1200+6.7%500/1200=9.21% A B 31=1000+100-100/8=125 NPV=-1000+100+125P/A10%2(P/F10%1)+150+125P/A10% 5(P/F10%3)+150+125+100(P/F10%9)=-1000+2251.73550.9091+275 3.79080.7513+3750.4241=297 (2)=297/1000=0.297 =1297/1000=1.297 =+1 NCF 0-20000 NCF 1-5 [8000(3000+4000)]14040004600 NPV4600P/A,10%,52000046003.79120000-2561.4 NCF 0-27000 NCF 1 [10000(40004000)]14040005200 NCF 2 [10000(42004000)]14040005080 NCF 3 [10000(44004000)]14040004960 NCF 4 [10000(46004000)]14040004840 NCF 5 [10000(48004000)]14040004000300011720 NPV5200P/F,10%,1+5080P/F,10%,2+4960P/F,10%,3+4840P/F,10%,4 11720P/F,10%,523231.6827000-3768.32 5 0 1 2 3 4 5 6 7 8 9 10 11-1000 0 100 120 150 250 300 350 350 350 350 350-1000 -1000-900 -780-630 -380-80 270 620 970 1320 1670 80 = 6 350 = 6.23 = 6.23 1 =5.23 6 11
12 8 = = = + + =
11 2 3 2 1 2 3 3 4 13
14