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Financial Exercises 5: Investment Timing (Quelltext anzeigen)
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''by Clemens Werkmeister'' | ''by Clemens Werkmeister'' | ||
<html><img src= | <html><img src="http://vg06.met.vgwort.de/na/7a7348d8ebd4408aa4607fa5d7a31f23" width="1" height="1" alt=""</html> | ||
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c. Calculate the present values of felling in years 11 to 15.<br/> | c. Calculate the present values of felling in years 11 to 15.<br/> | ||
d. Given your calculations, what is the best year for felling the trees?<br/> | d. Given your calculations, what is the best year for felling the trees?<br/> | ||
=== 2. Timing of [[Ersatzproblem|replacement]] (the case of perpetual investment chains) === | === 2. Timing of [[Ersatzproblem|replacement]] (the case of perpetual 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 || | ||
|} | |} | ||
<br> | <br style="clear:left;"/> | ||
a. Forecast the cash flows for | a. Forecast the cash flows for every year until the sales year.<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/> | 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/> | ||