公司财务原理 第八版 (布雷利 著) 课后习题答案 机械工业出版社

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CHAPTER 2
Present Values, The Objectives of the Firm,
and Corporate Governance


Answers to Practice Questions

1. The face value of the treasury security is $1,000.  If this security earns 5%, then
in one year we will receive $1,050.  Thus:
  NPV = C0+ [C1/(1 + r)] = −$1000 + ($1050/1.05) = 0
This is not a surprising result because 5 percent is the opportunity cost of capital,
i.e., 5 percent is the return available in the capital market.  If any investment
earns a rate of return equal to the opportunity cost of capital, the NPV of that
investment is zero.


2. NPV = −$1,300,000 + ($1,500,000/1.10) = +$63,636
Since the NPV is positive, you would construct the motel.
Alternatively, we can compute r as follows: r = ($1,500,000/$1,300,000) – 1 = 0.1539 = 15.39%

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