1*. :
1. (cash flow), . , , .
2. ( ).
3. , . .
: - CF1, CF2,..., CFn.
:
(DPB).
(NPV),
(, ) (IRR),
, :
( ), ,
( ), , .
: .
.
1. . . .
2. , - , . , , .
, , , , ,
2*. .
|
|
1. $1,000 .
: 500, 400, 300, 100, - 100, 300, 400, 600. 10%. .
1.
() | -1,000 | ||||
-1,000 | |||||
-1,000 | -545 | -214 |
: .
.
2. .
() | -1,000 | ||||
-1,000 | |||||
-1,000 | -909 | -661 | -360 |
.
, , .
, , , . . , , $1000, , , .
3*. (Net Present Value)
,
CFi - ,
r - , .
: () () . , $15,000, - $12,000, ($3,000).
, . , .
.
1. , .
2. NPV.
3. :
: NPV , ;
: , NPV, .
2. , , . $5,000 5 . $1,800. $300.
|
|
, 20%.
. .
$5,000 | |
5 | |
$0 | |
4- | $300 |
$1,800 | |
20% |
.
3. NPV
() | 20%* | |||
($5,000) | ($5,000) | |||
(1-5) | $1,800 | 2.991 | $5,384 | |
($300) | 0.482 | ($145) | ||
(NPV) | $239 |
5,384= ;
145=300/(1,2*1,2*1,2*1,2);
239=-5000+5384-145.
NPV = $239 > 0, .
, , . , , ( ) . NPV?
, r = 24% NPV = ($186), . . NPV , , .. , , , . r = 24% $5,000 24% , , $1,800, 24% .
: ( ) NPV .
4*. , ( ) ( IRR) - , , , .
, , IRR - , , IRR .
,
: CFj - j- ,
INV - .
, IRR. :
IRR , ,
IRR , .
5*. NPV IRR . . , . .
|
|
4
($1,000) | ($1,000) | |
NPV - , NPV .
NPV .
5 NPV
r | ||
180.42 | 206.50 | |
78.82 | 49.18 | |
-8.33 | -80.14 |
NPV , . 1.
, , :
IRR=14.5%,
IRR=11.8%.
, , IRR. NPV- .
. 1. NPV
NPV-, , 7.2%, :
r > , ,
r < , - NPV- , IRR- .
, . , NPV , .
6.