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Financial Management [22]

论文作者:留学生论文论文属性:作业 Assignment登出时间:2010-05-29编辑:steelbeezxp点击率:29382

论文字数:2984论文编号:org201005291218553491语种:英语论文 English地区:瑞典价格:免费论文

关键词:Financial ManagementBusiness, Economics

nbsp;4,800 (1,320) 5,310 8,880 9,390 11,940 15,000 15,000
Plus depreciation  17,000 27,200 16,150 10,200 9,350 5,100 - -
Net operating cash flow  21,800 25,880 21,460 19,080 18,740 17,040 15,000 15,000
Project net cash flow 85,000 21,800 25,880 21,460 19,080 18,740 17,040 15,000 15,000


 Free Cash flow ($) Present Value factor at 10% ($) Present value ($)
Year 1 21,800.0  0.909  19,816.2
Year 2 25,880.0  0.826  21,376.9
Year 3 21,460.0  0.751  16,116.5
Year 4 19,080.0  0.683  13,031.6
Year 5 18,740.0  0.621  11,637.5
Year 6 17,040.0  0.564  9,610.6
Year 7 15,000.0  0.513  7,695.0
Year 8 15,000.0  0.467  7,005.0
Present Value of free cash flow   106,289.3
Initial outlay   (85,000.0)
Net present value   21,289.3

 Thus, the project’s Net Present Value (NPV) is 21,289.3. 
 The project’s NPV gives a measurement of the net value of an investment proposal in terms of today’s dollar, since all cash flows are discounted back to the present. [ Arthur J. Keown; John D. Martin; J. William Petty; David F. Scott. JR, 2005, Financial Management, 10th Edition, P295]Comparing the difference between the present value of the annual free cash flows and the investment outlay is appropriate. The NPV is the measurement of an investment whether should be accepted or not; whenever the project’s NPV is greater than or equal to zero, we will accept the project; on the contrary, if the project’s NPV is negative, we will reject the project.
 The NPV of this particular project could be different for SRC than for one of Wang’s other potential customers, since Wang’s other potential customers might have different cost of capital which would affect the free cash flow process.
QUESTION 2
 Free Cash flow ($) Present Value factor at 15% ($) Present value ($)
Year 1 21,800.0  0.870  18,966.0
Year 2 25,880.0  0.756  19,565.3
Year 3 21,460.0  0.658  14,120.7
Year 4 19,080.0  0.572  10,913.8
Year 5 18,740.0  0.497  9,313.8
Year 6 17,040.0  0.432  7,361.3
Year 7 15,000.0  0.376  5,640.0
Year 8 15,000.0  0.327  4,905.0
Present Value of free cash flow   90,785.8
Initial outlay   (85,000.0)
 
 Arbitrarily selecting a discount rate of 15% and substituting it for IRR reduces the value of the right side of the equation to 90,785.8 as shown above. Thus, because the present value of the future free cash flows is larger than the initial outlay, we must raise the discount rate to find the project’s internal rate of return, and substituting the 18% for the discount rate as the table showing below:
 Free Cash flow ($) Present Value factor at 18% ($) Present value ($)
Year 1 21,800.0 0.847 18,464.6
Year 2 25,880.0 0.718 18,581.8
Year 3 21,460.0 0.609 13,069.1
Year 4 19,080.0 0.516 9,845.3
Year 5 18,740.0 0.437 8,189.4
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