[問題] 求救!!關於資本預算的問題!!

看板CFAiafeFSA (精算師/基金經理人/銀行家)作者qwe123 (快點收到通知吧><)時間20年前 (2006/02/07 09:22)推噓0(0推 0噓 0→)

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想了兩個小時@@ 想破頭還是不會算所以請板上的大大幫幫忙吧! The manufacture of polysyllabic acid is a competitive industry. Most plants have an annual output of 100,000 tons. Operating costs are $.90 a ton, and the sales price is $1 a ton. A 100,000-ton plant costs $100,000 and has an indefinite life. Its current scrap value of $60,000 is expected to decline to $57,900 over the next two years. Phlogiston, Inc., proposes to invest $100,000 in a plant that employs a new low-cost process to manufacture polysyllabic acid. The plant has the same capacity as existing units, but operating costs are $.85 a ton. Phlogiston estimates that it has two years’ lead over each of its rivals in use of the process, but is unable to build any more plants itself before year 2. Also it believes that demand over the next two years is likely to be sluggish and that its new plant will therefore cause temporary overcapacity. You can assume that there are no taxes and that the cost of capital is 10 percent. a)By the end of year 2, the prospective increase in acid demand will require the construction of several new plants using the Phlogiston process. What is the likely NPV of such plants? b)What does that imply for the price of polysyllabic acid in year 3 and beyond? c)Would you expect existing plant to be scrapped in year 2? How would your answer differ if scrap values were $40,000 or $80,000? d)The acid plants of United Alchemists, Inc., have been fully depreciated. Can it operate them profitably after year 2? e)Acidosis, Inc., purchased a new plant last year for $100,000 and is writing it down by $10,000 a year. Should it scrap this plant in year 2? f)What would be the NPV of Phlogiston’s venture? -- ※ 發信站: 批踢踢實業坊(ptt.cc) ◆ From: 128.195.106.240