题目
Initial investment $2 million
Selling price (current price terms) $20 per unit
Expected selling price inflation 3% per year
Variable operating costs (current price terms) $8 per unit
Fixed operating costs (current price terms) $170,000 per year
Expected operating cost inflation 4% per year
The research and development division has prepared the following demand forecast as a result of its test marketing trials. The forecast reflects expected technological change and its effect on the anticipated life-cycle of Product W33.
It is expected that all units of Product W33 produced will be sold, in line with the company’s policy of keeping no inventory of finished goods. No terminal value or machinery scrap value is expected at the end of four years, when production of Product W33 is planned to end. For investment appraisal purposes, PV Co uses a nominal (money) discount rate of 10% per year and a target return on capital employed of 30% per year. Ignore taxation.
Required:
(a) Identify and explain the key stages in the capital investment decision-making process, and the role of
investment appraisal in this process. (7 marks)
(b) Calculate the following values for the investment proposal:
(i) net present value;
(ii) internal rate of return;
(iii) return on capital employed (accounting rate of return) based on average investment; and
(iv) discounted payback period. (13 marks)
(c) Discuss your findings in each section of (b) above and advise whether the investment proposal is financially acceptable. (5 marks)
第1题
A.单期中终值的计算公式为:FV=Co(1+r)
B.单期中现值的计算公式为:PV=C/(1+r)
C.计算多期(复利)中终值的公式为:FV=PV×(1+r)t
D.计算多期(复利)中现值的公式为:PV=fv/(1+r)t
E.计算多期(单利)中终值的公式为:FV=PV×(1+rt)
第2题
Hair Co manufactures three types of electrical goods for hair: curlers (C), straightening irons (S) and dryers (D.) The budgeted sales prices and volumes for the next year are as follows:
Each product is made using a different mix of the same materials and labour. Product S also uses new revolutionary technology for which the company obtained a ten-year patent two years ago. The budgeted sales volumes for all the products have been calculated by adding 10% to last year’s sales.
The standard cost card for each product is shown below.
Both skilled and unskilled labour costs are variable.
The general fixed overheads are expected to be $640,000 for the next year.
Required:
(a) Calculate the weighted average contribution to sales ratio for Hair Co.
Note: round all workings to 2 decimal places. (6 marks)
(b) Calculate the total break-even sales revenue for the next year for Hair Co.
Note: round all workings to 2 decimal places. (2 marks)
(c) Using the graph paper provided, draw a multi-product profit-volume (PV) chart showing clearly the profit/loss lines assuming:
(i) you are able to sell the products in order of the ones with the highest ranking contribution to sales ratios first; and
(ii) you sell the products in a constant mix.
Note: only one graph is required. (9 marks)
(d) Briefly comment on your findings in (c). (3 marks)
第3题
The writer tried to be as ______ as possible in evaluating his latest work.
A.fair
B.just
C.objective
D.uncolored
第4题
One criterion for evaluating the performance of an economic system is to () changes in productivity.
A. assess .
B. assessing
C. access
第5题
A.evaluating
B.approaching
C.applying
D.tending
第6题
A.Ignorecriticismconcerningthedecision-making.
B.Youmayhavetostartthewholedecisionprocessover.
C.Restartthedecision-makingprocessifthedecisionislessthan50%effectiv
D.90%ofproblemswithdecision-makingoccurintheimplementationstep.
第7题
A.evaluating
B.equipping
C.ejecting
D.examining
第8题
A fixed income portfolio manager is evaluating investments in the mortgage
market but is concerned about prepayment risk. The security that willmost likely
minimize prepayment risk is:
A. a mortgage passthrough security.
B. a portfolio of interest-only mortgage loans.
C. tranche B of a collateralized mortgage obligation.
第9题
A、to
B、at
C、for
第10题
An analyst is evaluating various debt securities issued by a company. The type of
security that is most likely to yield the lowest recovery in a bankruptcy is a:
A. debenture bond.
B. collateral trust bond.
C. mortgage bond.
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