问道财务管理的题1．StromLtdisevaluatingProjectX,whichrequiresaninitialinvestmentof$50,000.expectednetcashflowsare$20,000peryearfor4yearsattoday’sprices.However,theseareexpectedtoreiseby5.5peryearbecause

Question

问道财务管理的题
1．Strom Ltd is evaluating Project X, which requires an initial investment of $50,000. expected net cash flows are $20,000 per year for 4 years at today’s prices. However, these are expected to reise by5.5 per year because of inflation, the firm’s cost of capital is 15%. Find the NPV at :
a.discounting money cash flows
b.discounting real cash flows
1.斯特罗姆有限公司正在评估X项目,这就需要有一个50,000美元的初始投资.预期净现金流量是每年20,000美元,在今天的价格为4年.然而,这些预计将因为通货膨胀reise每年by5.5,公司的资本成本为15％.找到净现值为：a.discounting钱现金流量b.discounting真正的现金流量

Answer 1

a 项的折现值是没有排除通货膨胀的
b 项是排除了通货膨胀的实际现金流
a NPV=-50000+20000/(1+15%)+ 20000/(1+15%)^2 + 20000/(1+15%)^3 + 20000/(1+15%)^4
B NPV=-50000+20000/(1+15%)(1+5.5%) +20000/(1+15%)^2(1+5.5%)^2 +20000/(1+15%)^3(1+5.5%)^3+ 20000/(1+15%)^4(1+5.5%)^4
a 中,/后面 +前面的是各项分母,^代表几次方
b 中的只在分母中多计量通货膨胀率,不知道对不对,希望有帮助!