1990 4 1989 3 1993 2 6 1992 2

1990 4

n 1 1 V0 = P t P t = 1 ( 1+ i ) i

3 74

1992 1993 1 2 3 4 1 2 3 4 1 1

= 100% = 100%

1987 323 23 172

23 173 174 23 173 174

3 1 1 i 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% (n) 1 2 3 4 5 6 7 8 9 10 1.050 1.102 1.158 1.216 1.276 1.340 1.407 1.477 1.551 1.629 1.060 1.124 1.191 1.262 1.338 1.419 1.504 1.594 1.689 1.791 1.070 1.145 1.225 1.311 1.403 1.501 1.606 1.718 1.838 1.967 1.080 1.166 1.260 1.360 1.469 1.587 1.714 1.851 1.999 2.159 1. 090 1.188 1.295 1.412 1.539 1.667 1.828 1.993 2.172 1.100 1.210 1.331 1.464 1.611 1.772 1.949 2.144 2.385 2.367 2.594 (FVIF )

n FV = PV( 1+ i) n FVn PV = n ( 1+ i) 1 = FVn n ( 1+ i) 1 ( 1+ i) 1 n ( 1+ i) n 3 2 1 i 5.00% 6.00% 7.00% 8.00% 9.00 10.00% n 1 2 3 4 5 6 7 8 9 10 0.952 0.907 0.864 0.623 0.784 0.746 0.711 0.677 0.645 0.614 0.943 0.890 0.840 0.792 0.747 0.705 0.665 0.627 0.592 0.508 0.935 0.873 0.816 0.763 0.713 0.666 0.623 0.582 0.544 0.508 0.926 0.857 0.794 0.735 0.681 0.630 0.583 0.540 0.500 0.463 0.917 0.842 0.772 0.708 0.650 0.596 0.547 0.502 0.460 0.909 0.826 0.751 0.683 0.621 0.564 0.513 0.467 0.424 0.422 0.386 (PVIF ) 1 PV = FV n [ ] ( 1 + i ) n 1 = 400 [ ] ( 3 1 + 8%) = 317. 6( )

n = A ( 1 + ) t= 1 i t 1 ( 1 + i) t n t= 1 1 1 ( 1 + i) t n ( 1+ i) 1 FVIFAi, n i (1+ i) n 1 FVIFA i,n = i n t= 1

(i) (n) 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 1 2 3 4 5 6 7 8 9 10 1.000 2.050 3.152 4.310 5.526 6.802 8.142 9.549 11.027 12.578 1.000 2.060 3.184 4.375 5.637 6.975 8.394 9.897 11.491 13.181 1.0000 2.070 3.215 4.440 5.751 7.153 8.654 10.260 11.978 13.816 1.000 2.080 3.246 4.506 5.867 7.336 8.923 10.637 12.488 14.487 1.000 2.090 3.278 4.573 5.985 7.523 9.200 11.028 13.021 1.000 2.100 3.310 4.641 6.105 7.746 9.487 11.436 13.579 15.193 15.937 (FVIFA ) 1 1 1 PVIFn = A + A + Λ + A n ( 1+ i) 1 ( 1+ i) 2 ( 1+ i) 1 1 + A n ( 1+ i) = A n t= 1 1 ( 1+ i) t n 1 = 1 ( 1 + i t t ) n ( 1+ i) 1 PVIFAi, n = n i( 1+ i) 1 1 1 1 1 PVIFA i. = n 1 + 2 3 + Λ + + ( ) ( + i) ( + i) ( + i) ( + i) n 1 3 1 1 1 1 ( 1+ i) n

3 2 1 i 5.00% 6.00% 7.00% 8.00% 9.00 10.00% n 1 2 3 4 5 6 7 8 9 10 0.952 1.859 2.723 3.546 4.336 5.076 5.786 6.463 7.108 7.722 0.943 1.833 2.673 3.465 4.212 4.917 5.582 6.210 6.802 7.360 0.935 1.808 2.624 3.387 4.100 4.766 5.389 5.971 6.515 7.024 0.926 1.783 2.577 3.312 3.993 4.623 5.206 5.747 6.247 6.710 0.917 1.759 2.531 3.240 3.890 4.486 5.033 5.535 5.995 0.909 1.736 2.487 3.170 3.791 4.355 4.868 5.335 5.759 6.418 6.145 (PVIF ) 1 1 1 1 PVIFA, ( 1+ i) = 1+ + + Λ + + ( 1+ i) ( 1+ i) ( 1+ i) ( 1+ i) 1 PVIFAi, n ( 1+ i) PVIFA i. n = 1 n ( 1+ i) 1 PVIFAi, n i = 1 n ( 1+ i) i n 1 2 n 2 n 1 n ( 1+ i) 1 PVIFAi. n = n i( 1+ i) 1 1 n ( 1+ i) PVIFAi, n i ( 4)

1 PVIFAi, = i 1 1 n ( 1+ i) PVIFAi, n i 1 n n 0 ( 1+ i) 1 PVIFA i, = i V 0 1 = A i

V = 1 0 800 8% = 1000( ) FVn PVIFi, n = PV PV PVIFi, n = FV n FVAn PVIFAi, n = A PVA n PVIFAi, n = A 100 PVIF i, 10 = = 0. 386 259. 4 5000 PVIFA i. 10 = = 6. 667 750 8% 6. 710 1% 6 667 0043 x%.?. 0292. 9% 6. 418 x 0043. = 1 0. 292 x = 0147.

1 1 1 PV0 = A 0 0 + A1 1 + A2 2 + Λ Λ ( 1 + i) ( 1 + i) ( 1 + i) 1 1 + An 1 n 1 + An n ( 1 + i) ( 1 + i) = n t= 0 A t 1 ( 1+ i) t 3 5 t 0 1 2 3 4 1000 2000 100 3000 4000 1 1 1 PV0 = A 0 0 + A1 1 + A2 2 ( 1+ i) ( 1+ i) ( 1+ i) 1 1 + A3 3 + A4 4 ( 1+ i) ( 1+ i) = 1000 1. 000+ 2000 0. 952 + 100 0. 907 + 3000 0. 864 + 4000 0. 823 = 88787. ( )

PVIFA = PVIF + PVIF 9%,5 9 9%,5 9%,6 9%,5 9 + PVIF + PVIF + PVIF 9%,7 9%,8 9%,9 = 0. 650 + 0. 596 + 0. 547 + 0. 502 + 0. 460 = 2. 755 PVIFA = PVIFA9%,9 PVIFA9%,4 i r = m

i r = m = 10% 2 = 5%

n P 1 i= 1 i K = n i= 1 K i P i K

K = K P + K P + K P = 40% 0. 20+ 20% 060. + 0% 020. = 20% 1 1 2 2 3 3 K = K P + K P + K P 1 1 2 2 3 3 = 70% 0. 20+ 20% 060. + ( 30%) 0. 20 = 20% n 2 δ = ( Ki K) Pi i= 1 K

= K = P K i i D = K K i i n = Pi ( K i K) δ 2 i= 1 n δ = Pi ( Ki K) 2 Pi i= 1 2 2 2 δ = ( 40% 20%) 020. + ( 20% 20%) 060. + ( 0% 20%) 0. 20 = 12. 65% 2 2 2 δ = ( 70% 20%) 020. + ( 20% 20%) 0. 60 + ( 30% 20%) 0. 20 = 3162%. δ V = 100% K K 12. 65% V = 100% = 63. 25% 20% 3162%. V = 100% = 158. 1% 20%

12. 65% V = 100% = 84% 15% 3162%. V = 100% = 79% 40% K = R F 20% 10% b = = = 10% = 0. 1 V 100%

- b = - 26% 8% b = = 10% = 0. 1 2. 0 0. 2

R R PR = Pm K R R = Pm R F + RR 316%. PR = 1316. = 1316% 316.. 1365%. PR = 2265. = 22. 65% 1265. Eugene F Brigham Fundamentals of Financl Management, The Dryden Press, 1983, P157.

3 10 t 1977 1978 1979 1980 1981 K r= 1.0 W K w 4.% -10% 35% -5% 15% 15% 22.6% M K m -10% 40% -5% 35% 15% 15% 22.6% WM K p 15% 15% 15% 15% 15% 15% 0.00%

3 11 GENERAL MOTOR APPLE COMPUTER STORAGE TECHNOLOGY CHRYSLER IBM AT&T DU PONT Value line Investment survey, may 31 1991. β = n x β P i i i= 1 β β 1.00 1.25 1.50 1.35 0.95 0.82 1.10 β β

= n x P i i i= 1 = 60% 2. 0 + 30% 10. + 10% 05. = 155. = n x P i i i= 1 = 10% 2. 0 + 30% 10. + 60% 05. = 080. R = ( K R ) P P m F = 080. ( 14% 10%) = 32%.

x1 + x2 + x3+ Λ x n IP = n n xi i = = 1 ` n K0 IP K0. IP

3 14 IP = n ( 1+ x1 ) ( 1+ x2) ( 1+ x3) Λ Λ ( 1+ x n ) 1 IP = 3 ( 1 + 2%) ( 1 + 6%) ( 1 + 10%) 1 = 5. 95%

3 15 AAA AA A 6. 25% 8 71% 2 46%.. 3. 20% 3. 89 9. 45% 1014%.

= = = 38000 18000 211. = = - = = 38000 17000 18000 117.

2000 4000 18000 + 0.33 = 347000 18000 1.89

= = + = 18000 10000 50000 056. = - = = = 10000 50000 020. = = = 22000 50000 0 44.

= + + = 20000 = = 4 5000 = + + 1 - + + + = + + 1 - - = 100% = 100% = 40000 100% 100000 = 40%

= 100% = 9000 100% 100000 = 9% + = 100% 9000 + 5000 = 100% 100000 = 14% = 100% = 9000 100% = 18% 50000 = 100% = 9000 100% 22000 = 41% 1984 495

= 100% 9000 = 10000 100% = 90% - = = 9000 0 = 2000 4. 5 = 3600 = = 2000 18. = 63 = = 14 4. 5

= 360 = 360 = 100000 80% = = 5( ( 15000 17000) 2 ) + ( 15000 + 17000) = 2 360 = 72( ) 100000 80% = 360 = 360 = 60000 = = 4 ( 13000 + 17000) 2 ( 13000 + 17000) = 2 360 = 90 60000

= 360 = 360 = = + 2 100000 = = 2.5 ( 42000 + 38000) 2 ( 42000 + 38000) = 2 360 = 144 100000 100000 = = 10000 = 10 = = 100000 50000 = 2

= = 9000 9000 50000 = = 22000 50000 22000 = 18% 2. 27 = 41% = = 9000 100000 = 100000 50000 = 9% 2 = 18% = =

9000 22000 = 22000 2000 = 41% 11 = 45. = = = ( 4) = 3600 = 3600 2000 9000 9000 2000 = 40% 4. 5 = 18. =

4 9

( 4) (5) ( 2) ( 3 )

A B = ( S) ( S) EP(S 2 ) S S 1 1 A S 1 B S 1

Y = na + b X i 2 X Y = a X + b X i i i i i

- B = - 160000 110000 = 3000000 2000000 = 005. ( )

5 2 5 3

1993 5 4

1000 1000 10% PVIFA10%,10 + 10 ( 1+ 10%) 1000 = 100 6145. + = 1000( ) 25937. 1000 1000 10% PVIFA15%,10 + 10 ( 1 + 15%) = 100 5. 650 + 247. 18 = 812. 18( ) 1000 1000 10% PVIFA5%,10 + 10 ( 1 + 5%) = 100 7. 722 + 613. 91 = 138611. ( )

= 100%

= 100%

1990 4

Y = w x + w x Λ w x = n i= 1 1 1 2 2 w x i i m n w i = 1 n i= 1

( ) NCF 12000 2000 5 = 2000

NCF = NCF 10000 = 3200 = 3125.

ARR = 100% 3200 ARR = 100% = 32% 10000 ( 3800 + 3560 + 3320 + 3080 + 7840) 5 ARR 2 = 15000 = 288%. 1 NCF1 NCF2 NCFn NPV = [ + 2 + Λ _ n ] = C 1+ K ( 1 + K) ( 1+ K ) = NCF t t ( 1 + K) = C

n CFATt NPV = ( t i= 1 + K ) 0 1987 435

15861 15000 NPV=861 NCF1 NCF2 NCFn 1 + 2 + Λ + n C = 0 ( 1+ r) ( 1+ r) ( 1+ r) n NCFt t C = 0 t= 1 ( 1+ r) = NCF

= NCF 10000 = = 3200 3125. 18% 3127?% %. 2% 3125 0 02 x.. 0136. 20% 2. 991 x 0. 002 = 2 0136. x = 0. 03

12% 68?% % 2% 0 68 x 864 14% 796 x 68 = 2 864 x = 016. NCF1 NCF2 NCFn PI = 1 + 21 + Λ + n / ( 1 + K) ( 1 + K) ( 1 + K) C = n t= 1 NCFt ( 1+ K) t / C PI =

= = = = = = 121312 10000 121 15861 15000 106...

= ( 120000 400000 ) 156 150000. + ( ) 153. 400000 125000 5000 + ( ) 117. + ( ) 100. 400000 400000 = 1420.

9 18 0 1 2 3 4 12 13-320 -200-120 -320-200 -120 0-200 200 210 0 210 210 210 0 210-210

Μ Μ Μ Μ

K S S P 1 0 + = 100% S 0

66. 5 64 + 3. 9 K = 100% 64 = 10% ( 950 900) + 1000 6% K = 100% 900 = 12. 22%

1990 150

Gitman Joehnk Pinches Managerial Finance Harper Row Publishers 1985 P325

Gitman Joehnk Pinches Managerial Finance, Harper row Publishers 1985 P326

1987 38 47

12 2 B C C C

K =S B K =S B B B C C

CA C0 I A = ( S 0 + C A / 360 360 SA ) R 0 60 45 = ( 100000 360 + 60 / 360 20000) 15% = 1125 B C B C0 I B = ( S 0 + C B / 360 360 S B ) R 0 20 45 = ( 100000 360 + 20 / 360 30000) 15% = 792 B

12 8 3600 50% 50 = 250 360

0 0.5 0.5 1 1 2 2 5 5 10 10 20

Y = a x + a x + a x + + a x 1 1 2 2 3 3 n n n = a x i=1 i i n a i i= 1 = 1

- = 100% 1 -

= = 100 = 100%

A = 180000 360 2 5 (5 + 1+ 20 50% + 2 + 4) = 110000( ) = 100% 100% + 50% = 100%

= 100% 12000 50% + 12000 100% 2 + 17000 60% 8 + 17000 100% 2 + 20000 80% 3 = 20 20000 = 54.4%

= Q A = Q 2 = A Q = Q C 2 T = Q C + A 2 Q F T Q T'= ( Q C+ A )' 2 Q F C AF 2 2 Q C AF T' = 0 2 = 0 2 Q Q 2AF = C Q 2 1200 400 = 400 6

= 100 = 3 + = 2 = 1-

= CD 1 - CD 360 N = 2% 1-2% 360 20 = 36. 73%

1990 77 78

y2 y1 b = x x 2 1 a = y2 bx2 b y x y x 2 2 2 1

b = y x 2 2 y x 1 1 80-60 = 10-6 = 5( ) a = y - bx = 80-5 10 = 30( ) 2 2 yi na b xi 2 x iyi a xi + b x i 2 x y x y x i i i i i 35. 5 = 5a + 40b 2888 = 40a + 330b

a = b = 2 2 n xi ( xi ) y i na xi 2 x y x x y i i i i i n xi yi x i yi b = 2 2 n x i ( xi) y i b x i a = n V (v) (v') = = S a M = Q

M m = S m = a = = 1- = 1- = = 1- = 1- m M V ' = = 1 = 1 v' S S m m v ' = = 1 = 1 v' a a 600 m' = = 1 400 = 1 04. = 0. 6 1000 100 6 4 m' = = 1 = 1 04. = 0. 6 10 10

F F Q0 = = m a v F F S0 = = m ' 1 v ' 300 300 Q0 = = 50 6 10 4 = 300 300 S0 = = = 500 0. 6 1 0. 4 P + F P + F Qi = = a v m P + F P + F Si = = 1 v' m' 150 + 300 150 + 300 Qi = = = 75 10 4 6 150 + 300 150+ 300 Si = = = 750 1 04. 0. 6 = Q Q 50 ' = = = 50% Q 100 S S 500 ' = = = 50% S 1000

Q P F a v S P F v P F v a i i = + = + = = + = + = + = 500 2000 20 16 625 1 1 500 2000 1 16 20 12500 '

5 3 2 10 10 10

1 2 R = 4X X 0 X 4 2 P = R C 1 2 = 4X X 2 X 2 1 2 = 3X X 2 2 1 2 P = 3 3 3 2 = 2. 5 2

15 10 15 11

15 11 20 20

1000 970 k = 12% +. 12 41% 1000 926. 60 I k = B ( 1 0 f )

120 k =. 12 37% 1000 ( 1 3%) K k( 1 T) b = I = ( 1 T) B ( 1 f) 0 I( 1 T) = B ( 1 f) 0 120 ( 1 40%) K b = 1000 ( 1 3%) D K p = P ( 1 0 f ) 100 12% K p = = 125%. 100 ( 1 4%) n D i Vn V0 = Σ i + n i= 1 ( 1 + K ) ( 1 + K ) S S V n n ( 1 + K ) S

n D V i 0 = ( i + K ) i 1 1 S D KS = V 0 D KS = V ( 1 0 f ) D 1 KS = g V ( + f ) 0 1 10 = + 4% 16. 63% 100 ( 1 5%) Gitman Joehnk Pinches Managerial Finance, Harper Row Publishers 1985 P708

D Ke = V 0 D1 K V g e = + 0 12 K e = + 4% = 16% 100

K = W K + W K + W K + K K W b b P P S S e e KW = WjKj 20 Wb = = 30% 100 10 WP = = 10% 100 40 WS = = 40% 100 20 We = = 30% 100 KW = K b K b + WP K P + WsK s + We K e = 30% 6% + 10% 12% + 40% 15. 5% + 20% 15% = 12. 2%

(%) ( ) (%) (%) 6.0 12.0 15.5 15.0 30 10 40 20 30 10 40 20 1.8 1.2 6.2 3.0 100 100 12.2

BP TF i i W i

Θ M P M P mq mq F F mq mq F F mq mq F > > > 1 1 0 1 1

= P P DOL = / S / S * P / P DOL = S / S 800 / 2000 40% = = 2000 / 10000 20%

P / P P / P P DOL = = = S / S R RP ( M + MR F) ( M F) = RP MR M = = RP P = DOL = M P 18 1 4000 DOL = = 2 2000 DOL = M P P = M F M DOL = M F

0.20 80 10 800 320 480 400 80 M A = 480 020. + 400 060. + 320 020. = 400( ) P A = 280 0. 20 + 200 0. 60 + 120 020. = 200( ) DOL A M A 400 = = = 2 P 200 A M B = 720 020. + 600 0. 60+ 480 0. 20 = 600( ) P B M B 600 DOL B = = = 3 P 200 B 2 2 2 δ A = ( 280 200) 0. 20+ ( 200 200) 0. 60 + ( 120 200) 0. 20 = 506. 2 2 2 δ B = ( 320 200) 0. 20 + ( 200 200) 0. 60 + (80 200) 0. 20 = 79. 5

= EPS / EPS DFL = EBIT / EBIT 1/ 5 20% DFL = = = 40000 200000 20% 100. / 2 / 6 3333%. DFL = = = 167. 40000 / 200000 20%

EPS / EPS DFL = EBIT / EBIT EBIT( 1 T) EBIT = ( EBIT I)( 1 T) d EBIT EBIT = d EBIT I ( 1 T) EBIT DFL = d EBIT I ( 1 T) = 1 17 3 200000 DFL = = 1 200000 0 0 200000 DFL = = 167. 200000 80000 0

*10 / B 200 C D 100 **C 6% D 12% EPS = 080. 0. 20 + 050. 060. + 0. 20 0. 20 δ B B = 050. ( / ) 2 2 2 = ( 08. 053.) 02. + ( 05. 05. ) 06. + ( 0. 2 05. ) 0. 2 = 019. 200 EFLB = 200 0 = 1

EPS C = 130. 0. 20 + 0. 70 0. 60 + 0. 10 0. 60 δ C = 0. 70( / ) 2 2 2 = ( 1. 30 0. 70) 0. 20 + ( 0. 70 0. 70) 0. 60 + ( 010. 0. 70) 0. 2 = 0. 38 200 DFL C = = 143. 200 60 EPS = 100. 020. + 0. 40 060. + ( 0. 20) 0. 2 D δ D = 040. ( / ) 2 2 2 = ( 100. 040. ) 020. + ( 040. 0. 40) 0. 60 + ( 020. 0. 40) 0. 2 = 038. 200 DFLD = = 2. 5 200 120

= EPS EPS DCL = / S / S

0. 6 / 0. 6 100% DCL = = = 200 / 1000 20% 5 EPS / EPS DCL = S / S EPS / EPS EBIT / EBIT = EBIT / EBIT S / S = DOL DFL M EBIT = P d EBIT I (1 T) DCL M P = P d P I ( 1 T) M = d P I ( 1 T) ( a v) Q = d ( a v) Q F I ( 1 T) ( 10 4) 100 DCL = ( 10 4) 100 400 80 0 = 5

( 10 8) 100 DCLx = ( 10 8) 100 0 0 = 1 DCL y ( 10 4) 100 = ( 10 4) 100 400 = 3

( 10 4) 100 DCL z = ( 10 4) 100 400 60 = 4. 3 EPSx = 020. 060. + 0. 60 050. + 0. 20 040. = 050. EPSy = 020. 080. + 060. 050. + 020. 0. 20 = 050. EPSz = 020. 13. + 060. 0. 70+ 0. 20 01. = 070. 2 2 2 δx = ( 06. 05. ) 0. 2 + ( 05. 05. ) 0. 6 + ( 04. 05. ) 02. = 0. 063 2 2 2 δy = ( 08. 05. ) 02. + ( 05. 05. ) 06. + ( 0. 2 05. ) 0. 2 = 0. 20 2 2 2 δz = ( 13. 07. ) 0. 2 + ( 07. 07. ) 0. 6 + ( 01. 07. ) 02. = 0. 38

EBIT EBIT VL = Vu = = ( 1) K K U B = K + S K K u ( u b ) ( 2)

V = S + B = EBIT K u EBIT = (S + B) K : EBIT KbB Ks = S (S + B) Ku KbB = S u = K K K B u + ( u b) S EBIT( 1 T) X( 1 T) Vu = = 4 K K u u X(1 T) K u = V u a a(x)(1- T) - a(l B. uas - Ab(1- T) ab(1- t) u - T)K B b = a(x - K B)(1- T) b

X( 1 T) Ku = V TB L X( 1 T) = K V K TB u L u NI = K V K TB K B( 1 T) K s u L u b NI = S KuVL KuTB KbB( 1 T) = S S S B B = K + ( 1 T)K ( 1 T)K S S = K + ( K K )( 1 T)(B / S) u u b u u b

EBIT( 1 TC )( 1 TS ) Vu = K u EBIT( 1 Tc )( 1 Ts ) I( 1 Tc )( 1 Ts ) VL = K K I( 1 Tb ) + K b u b ( 9) I Tb Tc TS VL = Vu + ( 1 ) ( 1 )( 1 ) [ 1 ] ( 9 ') K 1 T b b I( 1 Tb ) K V L b ( 1 TC )( 1 TS ) = Vu + [ 1 ] B ( 10) ( 1 T ) b ( 1 Tc )( 1 Ts ) [ 1 ] B ( 1 T ) b

( EBIT I1)( 1 T) Dps 1 ( EBIT I2 )( 1 T) Dps2 = N N 1 EBIT 2 ( EBIT 8000) ( 1 50%) 0 30000 ( EBIT 28000) ( 1 50%) 0 = 20000

800 Wb = = 50% 1600 800 Ws = = 50% 1600 W = 10% ( 1 30%) = 7% b 1 Ks = + 5% = 15% 10

W W W K K b1 b2 s b1 b2 800 = = 40% 2000 400 = = 20% 2000 800 = = 40% 2000 = 10% ( 1 30%) = 7% = 12% ( 1 30%) = 8. 4% 1 Ks = + 5% = 17. 5% 8 200 + 800 Wb = = 50% 2000 200 + 800 Ws = = 50% 2000 W 10% ( 1 30%) = 7% K b 1 Ks = + 5% = 15% 10 W2 = 50% 7% + 50% 15% = 11% 800 Wb = 40% 2000 400 + 800 Ws = 60% 2000 W = 10% ( 1 30%) = 7% b 1 Ws = + 5% = 141%. 11

( EBIT I)(1 T) S = K s Gitman Joehnk PinchesManagerial Finance Harper & Row, Publishers, 1985, P756 759

K K B T) K S 0 = b ( )( 1 + S ( ) ( 3) V V

Eugene F. Brigham Fundamentals of Financial Management 1983 PP. 4. 1990 12

n NCFt NPV1 = t C ( t= 1 1 + K ) n t NCFt ( 1 + i) NPV2 = t t C ( 1+ K) ( 1 + i) t= 1 n NCFt = t C t= 1 ( 1+ K) n t t S i V i T) DT t t NPV = ( 1+ ) ( 1+ ) ( 1= + 1 2 t t C( 1+ i3) t= 1 ( 1+ K) ( 1+ i)

Q T = Q C A 2 + Q P AP Q = 2 C

T = Q A [ C( 1 + r) gi] 2 + Q P ( 1 + K ) ) 2AP( 1 + k) Q = C( 1 + r) gi 2 6000 112. 5 Q = 1500( ) 0. 6 Q 2 6000 112. 5 ( 1 + 10%) 0. 6 ( 1 + 10%) 3 10% = 20. 31( )

1988 346

. 1990 10 1989 31 32

1992 597

1990 126 1990 5 125 1990 5 125

1989 45

*260=210+50 **300=250+50

1990 242

1988 9 1990 245

= = 100% = =

1 PV = FV ( 1+ i) n =

PV = 4 PVIF + 22 PVIF + 50 PVIF 0 9%, 1 9%,2 9%, 3 + 140 PVIF + 380 PVIF + 380 PVIFA PVIF = 4 0917. + 22 0842. + 50 0772. + 140 0. 708 + 380 0. 650 + 380 11111. 0. 650 = 3151( ) 2. 9%, 4 9% 5 9%, 9%, 5 V = 200 FVIF FVIF + 600 FVIF 0 7%, 1 9%, 1 FVIF + 400 FVIF FVIF 200 1070. 0. 917 + 600 1254. 0842. + 400 1643. 0772. = 1337( ) 9%, 2 18%, 3 9%, 3 12%, 2 3. C = 1100 + 30 + 1337 0 = 2467( ) 4. NPV = PV C 0 0 = 3151 2467 = 684( )

1990 2

200