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Financial Exercises 5: Investment Timing: Unterschied zwischen den Versionen
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Financial Exercises 5: Investment Timing (Quelltext anzeigen)
Version vom 12. Januar 2012, 17:23 Uhr
, 12. Januar 2012→3. Life cycles of single investments and investment chains
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Jim Weam produces premium wine whose extraordinary flavour depends on the old barrels he uses. The cost of grapes and processing are 150 € per barrel. Handling and preparing the barrel every other year of maturing costs 10 €. While maturing in barrels up to five years, the wine price increases. The following table lists the expected revenues per barrel if the wine is sold after x years of maturing:<br/> | Jim Weam produces premium wine whose extraordinary flavour depends on the old barrels he uses. The cost of grapes and processing are 150 € per barrel. Handling and preparing the barrel every other year of maturing costs 10 €. While maturing in barrels up to five years, the wine price increases. The following table lists the expected revenues per barrel if the wine is sold after x years of maturing:<br/> | ||
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|years of maturing|| cash flows if sold in year|| annual costs until sale | |years of maturing|| cash flows if sold in year|| annual costs until sale | ||
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|0||600 || | |0||600 || | ||
|} | |} | ||
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a. Forecast the cash flows for every year until the sales year.<br/> | |||
a. Forecast the cash flows for | |||
b. Calculate the NPVs if the wine is sold after year 1, 2, …, 5. Which is the best year to put the wine into market?<br/> | b. Calculate the NPVs if the wine is sold after year 1, 2, …, 5. Which is the best year to put the wine into market?<br/> | ||
c. Since the barrels that guarantee the extraordinary flavour of Jim Wean’s wines are scarce and hard to get, they are reused. What does this mean for the best age of marketing Jim Wean’s wines? Compare the annuities.<br/> | c. Since the barrels that guarantee the extraordinary flavour of Jim Wean’s wines are scarce and hard to get, they are reused. What does this mean for the best age of marketing Jim Wean’s wines? Compare the annuities.<br/> | ||
=== 4. Comparing investment proposals with different lifetimes === | === 4. Comparing investment proposals with different lifetimes === | ||