[問題] 台大98財管考古題
不好意思 找不到財管相關的版
到這裡來問 希望有人可以指教指教!!
問題：
ypu have been asked to evaluate a project with infinite life.
sales and costs are projected to be $1000 and $500 repectively.
there is no depreciation and the tax rate is 30%.
the real required rate of return is 10%
the inflation rate is 4% and is expected to be 4% forever.
sales and costs will increse at the rate of inflation.
if the project costs $3000. what's the NPV?
我的想法：
(1000-500)*0.7 500*0.7*1.04 500*0.7*1.04^2
-3000 + ──────── +─────── +──────── +......
1.1 1.1^2 1.1^3
318.1818
= -3000 + ────────
1- (1.04/1.1)
=5833.333 - 3000 = 2833.33
但是考古題的解答是：﹝完整照打下來的﹞
EBIT=1000-500=500
OCF=EBIT*(1-t) + Dep*T
=500*0.7 + 0*0.3
=350
K = K* +10% = 14%
real required rate of return = K* =10%
a project with infinite life:
NPV= OCF/K - I = 350 / 14% -3000 = -500
我不懂的是 為什麼每年的SALES還有COST 會隨4%增加
但是考古題卻直接以350為永續年金折現呢???
希望版上各位能給些建議 謝謝!!!
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