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Financial Exercises 6: Capital Budgeting: Unterschied zwischen den Versionen
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Financial Exercises 6: Capital Budgeting (Quelltext anzeigen)
Version vom 24. Januar 2013, 19:15 Uhr
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Joelle Doe is analyzing investment proposals of her department managers. The following table shows the initial investment and the cash flows of five proposals. The financial manager reported the following financial situation. The Doe Company can use credit F (at 6 %) and / or loan G (at 8 %). Both the credit and the loan are limited to 70.000 € each. Additionally, it could recur to credit H (at 12 %), within a limit of 100.000 €.<br> | Joelle Doe is analyzing investment proposals of her department managers. The following table shows the initial investment and the cash flows of five proposals. The financial manager reported the following financial situation. The Doe Company can use credit F (at 6 %) and / or loan G (at 8 %). Both the credit and the loan are limited to 70.000 € each. Additionally, it could recur to credit H (at 12 %), within a limit of 100.000 €.<br> | ||
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|rowspan="2"|year | |rowspan="2"|year | ||
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|3||20.000 € || 30.000 €|| 45.000 €|| 100.000 € || 100.000 € | |3||20.000 € || 30.000 €|| 45.000 €|| 100.000 € || 100.000 € | ||
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a. Calculate the [[Interner Zinsfuß|Internal rate of return]] (IRR) of the proposals. <br> | a. Calculate the [[Interner Zinsfuß|Internal rate of return]] (IRR) of the proposals. <br> | ||
b. Build an investment and a financing curve, both with respect to the interest rates and the corresponding possible payments.<br> | b. Build an investment and a financing curve, both with respect to the interest rates and the corresponding possible payments.<br> | ||
c. What are the investment budgets following the Dean-approach, and how should they be financed?<br> | c. What are the investment budgets following the [[Dean-Modell|Dean-approach]], and how should they be financed?<br> | ||
d. Evaluate this approach. What are the advantages, what the major shortcomings?<br> | d. Evaluate this approach. What are the advantages, what the major shortcomings?<br> | ||
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Consider the following four investment proposals, their initial investment and their cash flows in year 1 and 2.<br> | Consider the following four investment proposals, their initial investment and their cash flows in year 1 and 2.<br> | ||
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|rowspan="2"|year | |rowspan="2"|year | ||
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|2||5 € || 20 €|| 15 € || 60 € | |2||5 € || 20 €|| 15 € || 60 € | ||
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a. Calculate the IRR, the NPV and the PI for the four proposals. Assume a cost of capital of 10 %.<br> | a. Calculate the IRR, the NPV and the PI for the four proposals. Assume a cost of capital of 10 %.<br> | ||
b. Your budget for year 0 is 25. What investment programs would you build, if you were using the <br> | b. Your budget for year 0 is 25. What investment programs would you build, if you were using the <br> | ||
* IRR (Internal rate of return) | * IRR (Internal rate of return) | ||
* NPV (Net present value) | * NPV (Net present value) | ||
* PI (Profitability index) | * PI (Profitability index) | ||
* average PI of the portfolios? | * average PI of the portfolios? | ||
c. What happens if your budget for year 0 is 15?<br> | c. What happens if your budget for year 0 is 15?<br> | ||
d. Based on your investment programs, discuss the advantages and problems of the three approaches.<br> | d. Based on your investment programs, discuss the advantages and problems of the three approaches.<br> | ||