P1

A

1.1

D.

1.2

$40,000 x 3.791 = $151,640

$50,000 / $151,640 = 0.3297 = 33.0%
C.

1.3

$10,500 / 1.05 = $10,000

$13,390 / 1.03 = $13,000

($13,000 $10,000) / (8,000 6,000) = $ 1.50
1.06 = $1.50 x 1.06 = $1.59
B.

1.4

:
($6.60 $6.00) x 15,750 = $9,450
B.

1.5

:
(15,750 15,000) x $2.00 = $1,500
15,750/1.05 = 15,000
A.

1.6

12,000 x 4 = 48,000
= 3,000
= 12,000/12 x 4 x 1.1 = 4,400
()

48,000
4,400
(3,000)
49,400

($)
49,000 x $8 = $392,000
400 x $7.50 = $3,000

$395,000

1.7

3% , 3%
.

()

1-4
4

$
6
100

(3%)

$111.10

3.717
0.888

$
22.3
88.8
111.1

1.8

$000

$000

$000

0.3

400

800

500

0.2

500

300

600

0.5

700

200

400

570

400

470

A ( ),
(EV) (NPV)
$570 .
:

1: B $800 . 0.3

2: C $600 . 0.2

3: A $700 . 0.5
EV ( ) = ($800 . x 0.3) + ($600. x 0.2) + ($700 . x 0.5) = $710
.
$710 . $570 . = $140,000

(a)

:

.
, ,
.
,
. ,
,
.

.
, . ,
,
, , .
.
, , ,
. , ,
.

, ,
. ,
.

(b)
(i)

AP ,
. $300
.

(ii)

AP ,
, $600.

(iii)
( )

$300

$500

$200

$300

$400

$100

, AP , $400
, AP ,
$300
, AP , $500
, AP ,
.

(c)
(i)

,
,
.

.
,
.

(ii)

- ,
, , .
, ,
. ,
,
, .
.
- ,
.
,
, .
.

(d)
= $492,750 / 365 x 60 = $81,000
= ($492,750 $81,000) x 5% = $20,587.50
= $83,000 + $492,750 - $81,000 - $20,587.50 = $474,162.50

(ii)
: . ,
, .
RX :
,
.
.
, ,
.
,
.
.
.
,
.

(e)
.
.
4

(1.011) = 1.044731 4.47% .

2.5% x 2 = 5% .
. -,
, ,
. -, 2008/2009
, .
, .
. ,
. ,
. ,
.
, .
,
. ,
. , ,
.

(f)

85/915 x 365

33.9

90/1215 x 365

27.0

185/(0.80 x 1,400) x 365

60.3

125/(0.95 x 915) x 365

68.7 .

-52.5
68.7

(a)

8,000

10,000

6,000

(1,200)

(1,800)

(1,500)

(24)

(15)

(30)

(400)

(200)

(300)

(5,200)

(6,500)

(3,900)

1,176

1,485

270

:
- $300 x 8% = $24
- $300 x 5% = $15
- $300 x 10% = $30
:

$8,000 x 600 =
$4,800,000

$10,000 x 800 =
$8,000,000

$6,000 x 400 =
$2,400,000

$9,880,000

$15,200,000

65%
$8,000 x 65%
$5,200

$10,000 x 65%
$6,500

$6,000 x 65%
$3,900

(b)

$000
864

(600/2 + 800/1 +
400/4)
= 1,200

1,449

(600 x 2) + (800
x 1.2) + (400 x
1.5) = 2,760

$525

5,428

$1,428

1,216

(600 x 3) + (800 x 2)
+(400 x 1)
= 3,800
15,200,000

923

(8,000 x $0.08)
= $640

$0.08
$

$513

(600 + 800 + 400)

= 1,800

$720/2
= $360
($525 x 2)
= $1,050
($1,428 x 3)
=$4,284

$720

$720/1
= $720
($525 x 1.2)
=$630
($1,428 x 2)
=$2,856
(10,000 x
$0.08)
= $800

$720/4
= $180
($525 x 1.5)
= $788
($1,428 x 1)
=$1,428
(6,000 x$
0.08)
= $480

$513

$513

$513

$6,847

$5,519

$3,389

(a)

1,176

1,485

270

(a)

5,200

6,500

3,900

(6,847)

(5,519)

(3,389)

(471)

2,466

(ABC)

(ABC)

781

(c)

(ABC)
,
. ,
,
. ABC
.
,
.
,
. ,
. ,

.
,
. ,
,
.
, .
.

.
.
,
. - ,
,
.
,
.

.

.
,
.

,
.

,
.

(a)

1
:
($300. x 0.5) + ($500..x 0.3) + ($700. x 0.2) = $440.
1 = $440. x 80% x 1.04 =$366.
:
($1,300. x 0.6) + ($1,900. x 0.3) + ($3,000. x 0.1) =
$1,650.
1 = $1,650. x 80% x 1.04 = $1,373.
:
1 = 50,000 x $62 x 1.04 =$3,224.
1
$366,080 + $1,372,800 + $3,224,000 = $4,963.

(b)

(i)

:
1 = 50,000 x $110 x 1.04 =$5,720.
= $15,000,000 / 5 = $3,000.
( ) = $5,000. - $3,000.
$2,000.

@ 8%

0
$000
(15,000)
(1,000)

(16,000)
1.000
(16,000)

1
$000

2
$000

3
$000

4
$000

5
$000

5,720
(2,000)
3,720
0.926
3,445

5,949
(2,000)
3,949
0.857
3,384

6,187
(2,000)
4,187
0.794
3,324

6,434
(2,000)
4,434
0.735
3,259

1,000
6,691
(2,000)
5,691
0.681
3,876

= $1,288.

(ii)


@ 12%

0
$000
(16,000)
1.000
(16,000)

1
$000
3,720
0.893
3,322

2
$000
3,949
0.797
3,147

3
$000
4,187
0.712
2,981

4
$000
4,434
0.636
2,820

5
$000
5,691
0.567
3,227

= - $503.

IRR
NPV 8% = $1,288 .
NPV 12% = -$503 .

8% + (1,288/(1,288 + 503)) x 4% =10.9%

(c)
,
, ,
. 1 NPV $1,338., 2 NPV
$1,288. , NPV, 1.
2 $16., 1
$20. NPV 2 NPV 1,
, $4. ,
NPV, 2 .

.

(d)
(IRR) ,
(NPV) - .
, IRR .
IRR
, ,
, .
NPV.
, NPV IRR

, . NPV
, , ,
. IRR ,
, , IRR
. IRR
, IRR, NPV,

. NPV .
,
.

 P1

.
.

A
8 .
. ,
.

B
6 .
(a)

B3(b):
.
, .

(b)

D1(a):
,
, , ..

.

(c)

D1(a):
,
, , ..
,
.

(d)

E1():
. (i)


. (ii)
,
.

(e)

E2():
.

.

(f)

E1():
.
.

C
(a) A1(a): c
, ,
.
.
(b) A1(c):

 : ,
.

. (c) A1(c):
:
,
.
.
(a) (b) C1(a):
, C2(a):
.
NPV IRR . (c)
C2(a):
.
NPV IRR. d) C2(c):
, ,
() .
,
NPV IRR.