1 r = 20% | 2 r= 30% | 3 r = 22% | 4 r = 23% | ||||||
(1+ r) t | PV | (1+ r) t | PV | (1+ r) t | PV | (1+ r) t | PV | ||
-15 | 1,000 | -15 | 1,000 | -15 | 1,000 | -15 | 1,000 | -15 | |
4,5 | 1,200 | 3,75 | 1,300 | 3,46 | 1,220 | 3,69 | 1,230 | 3,659 | |
5,6 | 1,440 | 3,89 | 1,690 | 3,31 | 1,488 | 3,76 | 1,513 | 3,702 | |
6,7 | 1,728 | 3,88 | 2,197 | 3,05 | 1,816 | 3,69 | 1,861 | 3,6 | |
8,9 | 2,074 | 4,29 | 2,856 | 3,12 | 2,215 | 4,02 | 2,289 | 3,888 | |
NPV | 0,81 | -2,06 | 0,16 | -0,151 |
IRR :
IRR = 20% + (30% -20%)٠0,81 / (0,81-(-2,06)) =22,8%.
. , , NPV :
r = 22% NPV= +0,16; r = 23% NPV= - 0,15.
IRR :
IRR = 22% + (23% -22%)٠0,16 / (0,16-(-0,15)) = 22,5%.
IRR 22,5%, . . .
. 2.6.
2.4.
, . () , . .
1- . :
=I0 / CF t. (2.7)
2- , . , :
n
= , ∑ CFt ≥ I 0.(2.8)
t=1
.
-, . .
2.6. , . 2.7, .
2.7
, . . . | , . . . | , (. 3: . 2) | , | , . . . . (. 2 . 5) | |
1- | 4,5 | 19,0 | 4,2 | 4,5-7 = 31,5 | |
2- | 5,2 | 19,0 | 4,2 | 5,2-6 = 31,2 |
. 1- 2- , . 1- , .
|
|
-, , . , 37, 32, 25 . . . 19, 33, 42 . . . . - , , .
-, .
.
2.7. . 2.8 , . ' .
, . , ( ) ( C). , . .
2.8
, ... | |||||
-10 | -10 | -10 | -20 | -20 | |
2.5.
. -, ( , ). -, .
(ARR) .
ARR = PN / 0,5 (I + RV), (2.9)
PN , .:
RV () , .
, , .
, , NPV . , , , .
1. , , . : .
I0. CFt (t = 1,2,3, n)(. 2.9). r : ; .
|
|
2. 1, .
2.9