罗斯《公司理财》英文习题答案chap008.doc

Chapter 8: Strategy and Analysis in Using Net Present Value 8.1 Go directly: NPV 0.5 $20 million + 0.5 $5 million $12.5 million Test marketing: NPV -$2 million + 0.75 $20 million + 0.25 $5 million / 1.15 $12.13 million Go directly to the market. 8.2 Focus group: -$120,000 + 0.70 $1,200,000 $720,000 Consulting firm: -$400,000 + 0.90 $1,200,000 $680,000 Direct marketing: 0.50 $1,200,000 $600,000 The manager should conduct a focus group. 8.3 Price more aggressively: -$1,300,000 + 0.55 0 + 0.45 -$550,000 -$1,547,500 Hire lobbyist: -$800,000 + 0.75 0 + 0.25 -$2,000,000 -$1,300,000 Tandem should hire the lobbyist. 8.4 Let sales price be x. Depreciation $600,000 / 5 $120,000 BEP: $900,000 + $120,000 / x - $15 20,000 x $66 8.5 The accounting break-even 120,000 + 20,000 / 1,500 - 1,100 350 units 8.6 a. The accounting break-even 340,000 / 2.00 - 0.72 265,625 abalones b. [ $2.00 300,000 - 340,000 + 0.72 300,000 ] 0.65 $28,600 This is the after tax profit. 8.7 EAC $140,000 / $33,650 Depreciation $140,000 / 7 $20,000 BEP $33,650 + $340,000 0.65 - $20,000 0.35 / $2 - $0.72 0.65 297,656.25 297,657 units 8.8 Depreciation $200,000 / 5 $40,000 EAC $200,000 / $200,000 / 3.60478 $55,482 BEP $55,482 + $350,000 0.75 - $40,000 0.25 / $25 - $5 0.75 20,532.13 20533 units 8.9 Let I be the break-even purchase price. Incremental C0 Sale of the old machine $20,000 Tax effect 3,400 Total $23,400 Depreciation per period $45,000 / 15 $3,000 Book value of the machine $45,000 - 5 $3,000 $30,000 Loss on sale of machine $30,000 - $20,000 $10,000 Tax credit due to loss $10,000 0.34 $3,400 Incremental cost savings: $10,000 1 - 0.34 $6,600 Incremental depreciation tax shield: [I / 10 - $3,000] 0.34 The break-even purchase price is the Investment I , which makes the NPV be zero. NPV 0 -I + $23,400 + $6,600 + [I / 10 - $3,000] 0.34 -I + $23