财务管理题目答案

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财务管理,题目,答案

9. Halcyon Lines is considering the purchase of new bulk carrier for $8 million. The

forecasted revenues are $5 million a year and operating costs are $4 million. A major refit costing $2 million will be required after both the fifth and tenth years. After 15 years, the ship is expected to be sold for scrap at $1.5 million. If the discount rate is 8 percent, what is the ship’s NPV?

We can break this down into several different cash flows, such that the sum of these separate cash flows is the total cash flow. Then, the sum of the present values of the separate cash flows is the present value of the entire project. (All dollar figures are in millions.)  

Cost of the ship is $8 million PV = $8 million

Revenue is $5 million per year, operating expenses are $4 million. Thus, operating cash flow is $1 million per year for 15 years.

11

PV$1 million $8.559 million 15

0.080.08(1.08)Major refits cost $2 million each, and will occur at times t = 5 and t = 10. PV = ($2 million)/1.085 + ($2 million)/1.0810 = $2.288 million Sale for scrap brings in revenue of $1.5 million at t = 15. PV = $1.5 million/1.0815 = $0.473 million

NPV = $8 million + $8.559 million  $2.288 million + $0.473 million NPV = $1.256 million CF0 = -8 CF1 = 1 CF2 = 1 – 2 = -1 CF3 = 1 CF4 = 1 – 2 = -1 CF5 = 1

I = 8

F1= 4 Cpt NPV =-1.2552 F2 = 1 F3= 4 F4 = 1 F5= 4

 

Adding these present values gives the present value of the entire project:

CF6 = 1 + 1.5 = 2.5 F6 = 1

Kangaroo Autos is offering free credit on a new $10,000 car. You pay $1,000 down and then $300 a month for the next 30 months. Turtle Motors next door does not offer free credit but will give you $1,000 off the list price. If the rate of interest is 10 percent a year, which company is offering the better deal?

The fact that Kangaroo Autos is offering “free credit” tells us what the cash

payments are; it does not change the fact that money has time value. A 10 percent annual rate of interest is equivalent to a monthly rate of 0.83 percent: rmonthly = rannual /12 = 0.10/12 = 0.0083 = 0.83%

The present value of the payments to Kangaroo Autos is:

11

$1,000$300$8,938 30

0.00830.0083(1.0083)

Pa

A car from Turtle Motors costs $9,000 cash. Therefore, Kangaroo Autos offers the better deal, i.e., the lower present value of cost. Or

N = 30

I = 10/12 = 0.8333

Cpt. PV = 7,934.11  7,934.11 + 1,000 = 8,934.11

Pmt = 300 FV = 0

Pa

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