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3-7. /

3. / 3-7. / / DVR

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3. / 3-8.

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/ / / 3(13) 5(15) , : / + 4-2. /

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4-2. /

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6. 3) (NPV, Net present Value Method)6-3. (K)

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IRR

2 IRR

6. 4) (IRR, Internal Rate of Return Method)6-3. A :10,000------(1+ r)110,000------(1+ r)29,000------(1+ r)39,000------(1+ r)49,000------(1+ r)5 32,000= ------ (1+ r)0 14%, 15% ((trial & error)

A() B() Y032,00043,000 ( )Y1Y2Y3Y4Y510,00010,0009,0009,0009,00012,00012,00012,00012,00012,000

Sheet1

ABCD

0.140.15

Net CFxNet CFx

1(Y1) 10,0000.877287720.86968696

2(Y2) 10,0000.769576950.75617561

3(Y3) 9,0000.67560750.65755917.5

4(Y4) 9,0000.59215328.90.57185146.2

5(Y5) 9,0000.51944674.60.49724474.8

32545.531795.575032545.5-31795.5

32,00032,000545.532545.5-32000

0.727545.5/750

(r) = 14% + 0.727% = 14.727%

6. 4) (IRR, Internal Rate of Return Method)

A = 14.73% B = 12.24%

: 13% A 6-3.

6. 5) (PI, Profitability Index Method) 6-3. (Benefit-Cost Ratio, B/C Ratio) (PV) 1 ,

: PI1 : PI 1 PI

. (K) Ct : t C0 : () K :

6. 6) : 6-3. ,

= ----------1- 1,208= --------- = 4,611 1- 0.738

16714950%100%3,314166100%50%3,314333149100%3168.3%3,48091.7%3,796100% 63106432558.3%8.3%100%100%723,40891.7%91.7%783,718643255100% 1,20826.2%3,40873.8%4,616100%

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