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本文将展示一个公司如何通过计算设备的现值来决定用多少资本来租用的过程。

艾薇经营了一家卖书给零售商的ABC有限公司。艾薇正在考虑用人民币15000元来租用设备。设备的使用期限为3年，3年之后它将一文不值。如果艾薇租用了设备,她预计现在要支付人民币15000元，并且在之后3年的每年年底由于业务将带来额外的6100元收益。

艾薇决定通过比较租金价格的边际收益产品未来流量的现值来确定是否租用设备。她通过计算净现值来进行比较。

数据
设备价格15000元
设备的使用期限为3年
边际收益产品:
使用一台设备6100元一年
使用两台设备5800元一年
使用三台设备5500元一年
边际收益产品流量的现值
假设利率= 0.05(每年5%)
因此,我们可以看到上面的表。资本减去资本成本得到的边际收益产品，边际收益产品的未来流量的现值就是净现值。如果净现值为正,该公司可以购买其他的资本。如果净现值为负,该公司不应购买额外的资本。

There is the process and how a firm decides how much capital to rent by calculating the present value of equipment.

Ivy runs ABC Ltd, a firm that sells book to retailers. Ivy is considering rent equipment that rental RM 15,000. The equipment has a life of 3 years, after which it will be worthless. If Ivy rent the equipment, she will pay RM 15,000 now and she expects to generate business that will bring in additional RM 6,100 at the end of each of the next 3 years.

Ivy decides whether to rent the equipment by comparing the present value of its future flow of marginal revenue product with its rental price. She makes this comparison by calculating the net present value.

Data

Price of equipment RM 15,000

Life of equipment 3 years

Marginal revenue product:

Using 1 equipment RM 6,100 a year

Using 2 equipment RM 5,800 a year

Using 3 equipment RM 5,500 a year

Present value of the flow of marginal revenue product

If Interest rate = 0.05 (5% a year)

Therefore, we can see the tables above. The Net Present Value is the present value of the future flow of marginal revenue product generated by capital minus the cost of the capital. If the net present value is positive, the firm buys additional capital. If the net present value is negative, the firm doesn’t buy additional capital.

If Interest rate of 5% a year

We have seen that with an interest rate of 5% a year, the NVP of one equipment is positive. At an interest rate 5% a year, the NPV of the MRP of a second equipment is RM 15,793, which exceeds its price by RM 793. Ivy rents a second equipment. But at an interest rate of 5% a year, the NPV of the MRP of a third equipment is RM 14,977, which is RM 23 less than the price of the equipment. So, Ivy does not rent a third equipment.

If Interest rate of 10% a year

We have seen that with an interest rate of 10% a year, the NVP of the MRP of one equipment is RM 15,171, which exceeds its price by RM 171. Ivy rents a first equipment. But at an interest rate of 10% a year, the NPV of the MRP of a second equipment is RM 14,425, which is RM 575 less than the price of the equipment. So, Ivy does not rent a second equipment.

If Interest rate of 16% a year

We have seen that with an interest rate of 16% a year, the NPV of the MRP of one equipment is RM 13,701, which is RM 1,299 less than the price of the equipment. So, Ivy does not rent a equipment.

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