财务管理 第三版 陈玉菁 课后答案.khda

3-2

8%

1

21 04110%5 2005 2 7001 450

1

400

1

550

1

650 2 1002 200 2 450 2 600 3 000 2 200 2 1 000 1 300 100 2 1 000 1 450 300 2 1 000 1 500 500

2009

2009 1 0001 400 1=10008%P/A10%5+1000P/F10%5=924 210008%P/Ai5+1000P/Fi5=1041 i =7% 7%1041 3-32009500 00058%

1

2

3

1P/A8%5=5000003.9927125228.54

2[P/A8%4+1]=500000

3.3121+1115952.78

3

1+=115952.781+8%

125229.00

3-42008 20081231

20082500010%

70%2009

20%

200

2009

12009

22009

12000+3000+700025000=48%

4000+200025000=24% 00=24%

20%=5000

=500048%-24%=120020091+20%+20%1-70%=900

22009

2006 2 500 2007 2 800 2008 3 000 3 6002008 B a 1650-1400/1650-0.53000-2500=0.5 3000=150 2600-2200/2600-0.8 3000-2500=0.8 3000=200 2500-2100/2500-0.83000-2500=0.8 3000=100 450 2.1 1300/1500-0.4 25003000=300 1000 1150 1=1150+1.7x =1150+1.73600=7270 2008=1.73600-3000 4-14-8000110%12%3%25% 200012%125%/2000110%13%100%=8.43% 4-220080804010%15%14.8% 10%80/200+15%80/200+14.8%40/80=1296% 4-31 000 ///% /% 150 9 200 9 350 10 200 10 500 12 600 12 1 000 1 000 9%156/1000+10%350/1000+12%500/1000=108511

1

209

1DOL

600200

2

4-5

800

11%4 0002 4001 000600200200145 0005 000218 00033 0004 660525% IRR=1181=80000-43000=370002=660 3=[10 43000 10% 8 000 80 000444430% 2400024006002.67DFL1.5DCL2.671.54 302.6780304120 110%400

20/

1 600

25%

2

313 0004 00060080000-18000/4]-[45000-5000/5]=7500=-30004

1=[1600+400-(10%

3000+11%4000)](1-25%)/800=11812

=(1600+400-300010%)

(1-25%)/(800+4000/20)=1275

2EBIT300(125%)1000EBIT740(125%)800EBIT2500

EPS0=1.65

3DFL160016003001.23

DFL=20002000-740=1.59DFL

20002000-300=1.18

4

5-2

120 000

0 120 000 120 000 1 32 000 50 000 000 2 32 000 40 000 3 32 000 30 000 4 32 000 20 000 5 32 000 20 000

10%

NPV=32000(P/A,10%,5)-120001312NPV=50000(P/F,10%,1)+40000(P/F,10%,2)+30000(P/F,10%,3)+20000(P/F,10%,4)+20000

(P/F,10%,5)-12000=710071001312

=8000--3000=11000 4 O=-80000-43000=-37000=1=110001-25%+7500+660=164102--3=110001-25%+7500=15750=110001-25%+7500+18000=33750 5 I 37000+16410P/F,I,1+15750[P/A,I,3-]+33750P/F,I,4=0 I I=28%-37000+164100.7813+157501.8684-0.7813+337500.3725=5514.83 28%10% 5-697 0007 00010 00025%1 2 1214 53348

IRR=12881215 07278 100 000130 00020 00010 00040 00070 000628 00012% 66

43 000

600 0006%5

8%

1 041

1A

A

A

a

A 1

=10001 P/F6%5+10008%1 0507401 000400 000100 0004i600030 00025%19% 1 2 3 4 5NCF 6 1100 00030 000NCF070 000 2(100000-6000)/4=23 500

75023500-6750=16 750

3(1-25%)=138 355(1-25%)=129 47750887750

4600030003000 5NCF0100 000NCF13161 855NCF4167855

NCF030 000NCF13136 22750

NCF4139 22750

6IRR=183619 6-1AB5025010%20%

1.20.35B50

150C15%

1.57

=10%50300=11.67%

=1.250300+0.35250300=0.4917.4917=10%50450+12%200200450=13.11%

=1.250450+0.35200450+1.57450=0.9867

=13.11%-11.67%11.67%=12.34% 12.34%

=0.9867-0.49170.4917=100.67%12.34%

100.67% 6-2

5.4%16%

12%1.08

80

1

2

3

1=10%+1.0815%-10%=15.4%

2=81+5.4%/15.4%-5.4%=84.32

384.32

80

234505018%P/A6%5 =10000.7473+804.2124=1084.29 10411084.296% 7% P/F7%5+10008%P/A7%5 P=1000 =10000.7130+804.1000=1041 10417% 21000+10008%5P/F6%5=1400 1046.226% 5% 8%5P/F5%5=14000.780.7835=1096.90 10501096.905%6% 30.7473=747.34=1000 AA A5A P/F6% 5=1000

7-1

400 000

10%

1

2

3

1

2

=

3

7-3

150

7 500

10%

600

1

2

3

4

1

200

200

30000

2

2500-30000

30000

3

30000

4

30000

2500-1367=1133

30000

1800-1133=667

667 211.8 35.3 0 167.7 50067.75% 200 10 20 12341172360/10=36347-6122/101/20N/303 6%2363638-10001000000 1231=30000023 3611117310% N/30= =2020% =1030%1%10207 2002%203010% 3050%2010 34 340= 1/10N/3010%2000.3% 1 0001818 1 500 2 000 0002:3 1500000-20000003000001500000=20% 3000001000000=0.3/35

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