4.5:
1. CЕ = 8.88%. 2. CЕ1= 11.84%, CЕ2= 19.64%. 3. а) CЕ= 15.75%, б) CЕ= 15.72%, в) CЕ= 15.75%.
4. WACC= 13.03%
4.6:
1. NPV = 2 266.
|
2.
|
|
|
|
|
|
|
|
|
|
|
|
|
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а)
|
Год
|
0
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
|
r=18%
|
CF
|
-90 000
|
-40 000
|
-12 500
|
52 500
|
67 500
|
75 000
|
75 000
|
75 000
|
75 000
|
75 000
|
75 000
|
|
|
Диск. CF
|
-90 000
|
-33 898
|
-8 977
|
31 953
|
34 816
|
32 783
|
27 782
|
23 544
|
19 953
|
16 909
|
14 330
|
|
|
NPV=
|
69 195
|
|
|
|
|
|
|
|
|
|
|
|
|
Аккум. CF
|
-90 000
|
-123 898
|
-132 876
|
-100 922
|
-66 107
|
-33 324
|
-5 541
|
18 003
|
37 956
|
54 865
|
69 195
|
|
|
DPB=
|
6.24
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
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|
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|
б)
|
Год
|
0
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
|
r=20%
|
CF
|
-90 000
|
-40 000
|
-12 500
|
52 500
|
67 500
|
75 000
|
75 000
|
75 000
|
75 000
|
75 000
|
75 000
|
|
|
Диск. CF
|
-90 000
|
-33 333
|
-8 681
|
30 382
|
32 552
|
30 141
|
25 117
|
20 931
|
17 443
|
14 536
|
12 113
|
|
|
NPV=
|
51 200
|
|
|
|
|
|
|
|
|
|
|
|
|
Аккум. CF
|
-90 000
|
-123 333
|
-132 014
|
-101 632
|
-69 080
|
-38 939
|
-13 822
|
7 109
|
24 552
|
39 088
|
51 200
|
|
|
DPB=
|
6.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
3. NPV1= 12 478, NPV2= 5 109.
|
|
|
|
|
|
|
|
|
|
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|
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|
|
4.
|
Год
|
0
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
|
|
|
|
INV
|
-95 000
|
-15 000
|
-10 000
|
-10 000
|
|
-8 000
|
-7 000
|
|
|
|
|
|
|
CF
|
|
15 000
|
25 000
|
30 000
|
40 000
|
40 000
|
40 000
|
30 000
|
70 000
|
|
|
|
|
SUM
|
-95 000
|
0
|
15 000
|
20 000
|
40 000
|
32 000
|
33 000
|
30 000
|
70 000
|
|
|
|
|
NPV=
|
21 907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. NPV = 15 421. 6. NPV= -25 239.
|
|
|
|
|
|
|
7.
|
|
A
|
B
|
|
|
|
NPV=
|
752
|
331
|
|
|
|
IRR=
|
23%
|
22%
|
|
|
|
|
|
|
|
|
8.
|
|
A
|
B
|
C
|
|
|
NPV=
|
32
|
-85
|
36
|
|
|
IRR=
|
22%
|
0%
|
26%
|
|
|
|
|
|
|
|
9.
|
|
A
|
B
|
|
|
|
NPV=
|
9.09
|
18.84
|
|
|
|
IRR=
|
20.00%
|
14.85%
|
|
|
|
|
|
|
|
|
10.
|
|
A
|
B
|
|
|
|
NPV=
|
821
|
325
|
|
|
|
IRR=
|
15%
|
13%
|
|
11. NPV = 823. 12. NPV1 = 1 524. NPV2 = 1 836.
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