学服：021-51210513咨询：400-600-8011邮箱：cfa@gaodun.cn网站：cfa.gaodun.cn|全球财经证书培训领导品牌http://cfa.gaodun.cn-1-CorporateFinance1.Acompanyisconsideringbuildingadistributioncenteronundevelopedlandthatitacquiredmorethantenyearsagoatacostof$400,000.Thecompanyestimatesthecostofputtinginutilities,sewers,roadsandothersuchcostsofpreparingthelandforthedistributioncenterat$200,000.Alternatively,theundevelopedlandcouldbesoldtodaytoanothercompanyfor$600,000.Inevaluatingthiscapitalproject,theinvestmentoutlayassociatedwiththeuseofthelandbythedistributioncenterwillmostlikelybe:A.$400,000.B.$600,000.C.$800,000.Answer:CTheinvestmentoutlayassociatedwiththeuseofthelandshouldreflecttheopportunitycostoftheforegonesale($600,000)plustheincrementalcostofpreparingthelandforuseasadistributioncenter($200,000).$600,000plus$200,000equals$800,000.2.Aprojecthasthefollowingannualcashflows:Year0:Year1:Year2:Year3-$606,061$2,151,515-$2,542424$1,000,000Whichdiscountratemostlikelyprovidesapositivenetpresentvalue?A.15%B.18%C.21%Answer=CYearCashflowK=15%K=18%K=21%Calculation0-606,061-606,061-606,061-606,061-606,06112,151,5151,870,882.61,823,317.81,778,111.6+2,151,515/(1+k)2-2,542,424–1,922,437.8–1,825,929.3–1,736,509.8–2,542,424/(1+K)231,000,000657,516.2608,630.9564,473.9+1,000,000/(1+K)3NPV–$100.0–$41.7+$14.7K=Discountrate更多完整版的CFA课件，CFANotes，CFAMock，CFAsample，每个月都有电子版资料更新给到大家。[请扫一扫加微信]学服：021-51210513咨询：400-600-8011邮箱：cfa@gaodun.cn网站：cfa.gaodun.cn|全球财经证书培训领导品牌http://cfa.gaodun.cn-2-TheNPVat21%is$14.7;theothertwoNPVsarenegative.3.Twomutuallyexclusiveprojectshaveconventionalcashflows,butoneprojecthasalargerNPVwhiletheotherprojecthasahigherIRR.Whichofthefollowingleastlikelyexplainsthisconflict?A.Reinvestmentrateassumption.B.Sizeoftheprojects’initialinvestments.C.Riskoftheprojectsasreflectedintherequiredrateofreturn.Answer:CConflictingdecisionrulesbasedontheNPVandIRRmethodsarerelatedtothereinvestmentrateassumption,thetimingoft...
