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Financial Exercises 3: NPV and IRR (Quelltext anzeigen)
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''by Clemens Werkmeister'' | ''by Clemens Werkmeister'' | ||
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Project I requires an investment of 500 € and has expected cash flows of 300 € both in year 1 and 2. <br/> | Project I requires an investment of 500 € and has expected cash flows of 300 € both in year 1 and 2. <br/> | ||
a. Calculate the net present value ([[Kapitalwert|NPV]]) assuming a [[Kalkulationszinssatz|cost of capital]] of 10 %.<br/> | a. Calculate the net present value ([[Kapitalwert|NPV]]) assuming a [[Kalkulationszinssatz|cost of capital]] of 10 %.<br/> | ||
b. Plot a graph (NPV-function) showing the investment’s NPV for costs of capital between 0 % and 20 %.<br/> | b. Plot a graph ([[Interner Zinsfuß|NPV-function]]) showing the investment’s NPV for costs of capital between 0 % and 20 %.<br/> | ||
c. Estimate the cost of capital that corresponds to a NPV of zero (the internal rate of return – [[Interner Zinsfuß|IRR]]).<br/> | c. Estimate the cost of capital that corresponds to a NPV of zero (the internal rate of return – [[Interner Zinsfuß|IRR]]).<br/> | ||
d. A similar project II requires an investment of 600 € and has expected cash flow of 360 € in year 1 and 350 € in year 2. Plot its NPV-function and estimate its IRR.<br/> | d. A similar project II requires an investment of 600 € and has expected cash flow of 360 € in year 1 and 350 € in year 2. Plot its NPV-function and estimate its IRR.<br/> | ||
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The following table shows the investments (in year 0) and expected cash flows (years 1 to 3) for the projects A to D:<br/> | The following table shows the investments (in year 0) and expected cash flows (years 1 to 3) for the projects A to D:<br/> | ||
{|align=" | {|align="left" border="1" cellpadding="3" cellspacing="0" | ||
|- align="center" | |- align="center" | ||
|year || A|| B||C||D | |year || A|| B||C||D | ||
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|3|| || ||200||-50 | |3|| || ||200||-50 | ||
|} | |} | ||
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a. Calculate the exact internal rates of return of projects A and B.<br/> | a. Calculate the exact internal rates of return of projects A and B.<br/> | ||
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References:<br/> | References:<br/> | ||
[[Financial Resources Formulary]]<br/> | |||
[[Financial Exercises]]<br/> | |||
[[Newton-Verfahren]] | |||