핵심 재무관리 Principles of Corporate Finance by Brealey 9TH EDITION/CONCISE EDITION 솔루션

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풀이구요, 공부하시는데에 많은 도움이 되셨으면 좋겠습니다.

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9. 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% is the opportunity cost of capital, i.e., 5% 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.


10. 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 = 0.1538 = 15.38%
Since the rate of return is greater than the cost of capital, you would construct the motel.

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