Reading 07 discounted cash flow applications questions and answers
Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (2.36 MB, 55 trang )
1
ÿ7ÿ6231ÿ
2ÿÿ
32ÿ
123ÿ ÿÿ
0123ÿ567ÿ89
9 8
!"#$%&'(ÿ*+,ÿ-./000
6ÿ789&::ÿ;&%<ÿ=ÿ>=?#ÿ@=:"#ÿ'>ÿA.BBCBBBÿ=(Dÿ.-BÿD=E$ÿ"(%&:ÿF=%"G&%Eÿ&$ÿ$#::&(Hÿ>'GÿAI0CBBBJÿK<=%ÿ&$ÿ%<#ÿF'(#EÿF=GL#%ÿE&#:DM
1 2/JB-NJ
1 32OJ-.NJ
4 2OJ/ONJ
PQR:=(=%&'(
7<#ÿF'(#EÿF=GL#%ÿE&#:Dÿ&$ÿ#S"&@=:#(%ÿ%'ÿ%<#ÿ<':D&(HÿR#G&'DÿE&#:Dÿ=(("=:&T#Dÿ9=$#Dÿ'(ÿ=ÿU5B8D=EÿE#=GJÿVÿW/CBBBÿXÿI0CBBBYWU5BÿX
.-BYÿVÿBJBO/OCÿ'GÿOJ/ONJ
Z#>#G#(?#$
123ÿ[\7ÿ]#$$&'(ÿ/ÿ^ÿZ#=D&(Hÿ_ÿ^ÿ`a]ÿ#
1
31ÿb
31[
7
c#Eÿd'(?#R%$ÿ9Eÿ`a]
123ÿ 9ÿÿ
!"#$%&'(ÿ*+,ÿ-./050
a(ÿe=("=GEÿ.Cÿe'(=%<=(ÿK''Dÿ&(@#$%$ÿAOBCBBBJÿ6%ÿ%<#ÿ#(Dÿ'>ÿf=G?
1 2_JBNJ
4 32.BJ-NJ
1 2OJONJ
PQR:=(=%&'(
e=("=GEÿ8ÿf=G?<ÿG#%"G(ÿVÿO.CBBBÿXÿOBCBBBÿoÿ.ÿVÿ/JBBNÿ
6RG&:ÿ8ÿe"(#ÿG#%"G(ÿVÿ5BCBBBÿXÿWO.CBBBÿpÿ.BCBBBYÿoÿ.ÿVÿ8.J5-Nÿ
e":Eÿ8ÿ+#?#F9#GÿG#%"G(ÿVÿUUCBBBÿXÿW5BCBBBÿoÿUBCBBBYÿoÿ.ÿVÿ.BJBBNÿ
7&F#8;#&H<%#DÿG#%"G(ÿVÿqW.ÿpÿBJB/YW.ÿoÿBJB.5-YW.ÿpÿBJ.BYrÿoÿ.ÿVÿBJ.BU5ÿ'Gÿ.BJU5N
Z#>#G#(?#$
123ÿ[\7ÿ]#$$&'(ÿ/ÿ^ÿZ#=D&(Hÿ_ÿ^ÿ`a]ÿD
1
31ÿb
31[
7
c#Eÿd'(?#R%$ÿ9Eÿ`a]
01234567ÿ9
ÿ6 ÿ
ÿÿ
(ÿ)*ÿ+,ÿ-ÿ.*/+,0ÿ,ÿ1*,*2ÿ344ÿ5*ÿ6 7 8ÿ5ÿ+ÿ/*2ÿ9,*ÿÿ ÿ0,2ÿ,0ÿ+,ÿ,ÿ+40:ÿ.*0ÿ240ÿ5
8; <7ÿ=+,ÿÿÿ92ÿ9,*>ÿ240?
!@8A;<8
" #!@8;@ <8
" $!@8@ <8
BC.4,,
1+ÿ92ÿ9,*>ÿ240ÿÿ+ÿ,,4D0ÿ240ÿÿ+ÿ3,ÿ5ÿ,ÿA; E0,2ÿ2,*ÿ,0ÿ0ÿÿ,>ÿÿ,//ÿ+ÿ55/ÿ5
/9.0:8ÿ1+ÿ92ÿ9,*>ÿ240ÿFÿG+40:ÿ.*0ÿ240HGA; ÿIÿ93*ÿ5ÿ0,2ÿ4ÿ9,*2HÿFÿG 8;
J5*/
01234567ÿKL6MNÿOÿ ÿPÿJ,0:ÿ'ÿPÿQROÿ5
S2TU42VÿWU42L5UTN
X2ÿY/.ÿ32ÿQRO
01234567ÿ9%ÿ6 ÿ
ÿÿ &'
(ÿ)*ÿ32ÿ,ÿ+,*ÿ5ÿ/>ÿ5*ÿ6 8 ÿ,ÿ9ÿÿFÿ 8ÿ(ÿ9ÿÿFÿ7ÿ+ÿ)*ÿ32ÿ,ÿ,00,4ÿ+,*ÿ5*ÿ6 @8 8ÿ(
9ÿÿFÿ ÿ+ÿ)*ÿ44ÿ3+ÿ+,*ÿ5*ÿ6 A@8 8ÿ*:ÿ3+ÿ2,*7ÿ+ÿ/>ÿ.,0ÿ,ÿ.*ÿ+,*ÿ0)00ÿ5ÿ6@8 8ÿZ+,ÿ,*
+ÿ[\\]^_`a[bcÿ9E=:+0ÿ,0ÿ92E=:+0ÿ**ÿ*./)42?
! 8&
I oÿ
ÿFÿ 8&<
e`acfgc`hibcjÿ]cbl]mÿFÿG @ÿnÿ@ÿoÿ HÿIÿ ÿFÿ@
d
r^mcsfgc`hibcjÿ]cbl]mÿ ÿnÿp @ÿIÿGÿnÿ**HqÿFÿp@ÿIÿGÿnÿ**Hqÿnÿp& ÿIÿGÿnÿ**Hq
ÿ92ÿ**ÿFÿ,..*C9,42ÿ 8<
tÿ+,ÿ+ÿ,ÿ=,2ÿÿ4)ÿ5*ÿ+ÿ92E=:+0ÿ**ÿÿÿÿ.ÿ+ÿu,ÿ,0ÿvT1wÿ57ÿ4x2ÿU73y2Lÿzx65z23ÿ
50ÿ+ÿ0/ÿ*,ÿ+,ÿ9,>ÿ54=ÿu,4ÿÿ54=8
{:ÿ+ÿ5,/,4ÿ/,4/4,*ÿÿ/,4/4,ÿ+ÿ92E=:+0ÿ**ÿG1+ÿ544=:ÿ>2*>ÿ,9ÿ+,ÿ+ÿ5,/,4
99*2ÿ*:*ÿ,*ÿ/4,*0ÿ5ÿ.**ÿ=*>8H
1ÿ|ÿ(,42ÿÿ}4
B*ÿY~
ÿ 7ÿnIE7ÿB*7ÿ0=ÿ,**=
B*ÿY~
ÿ 7ÿnIE7ÿB*7ÿ0=ÿ,**=7ÿ0=ÿ,**=
B*ÿY~
ÿ& 7ÿB*7ÿ0=ÿ,**=7ÿ0=ÿ,**=7ÿ
Y9.ÿJJÿJJ7ÿY}1
J4ÿÿ 8A
}ÿ Y
()ÿ*+
'ÿ '',ÿ*-.,ÿ/,ÿ*+'
()ÿ*+
ÿ ',ÿ*-.,ÿ/,ÿ*+g
()ÿ*+
ÿ ',ÿ/,ÿ*+ÿ
g
*01ÿ22ÿ3,ÿ22
24ÿÿ&56&
23)7
01234567ÿ896:;ÿ.ÿ ÿ<ÿ2=>/ÿ ÿ<ÿ?@.ÿ>
A2BC42DÿEC4295CB;
FGÿ*71ÿHGÿ?@.
01234567ÿ9
ÿ6 ÿ
ÿÿ
IÿJ)ÿ0=KÿLÿ344M/ÿJ0
.Lÿ1)7L=ÿ=ÿL=)ÿ3ÿ7Kÿ3)ÿNO'5''5
I3)ÿÿG=),ÿLÿ1)7L=ÿ=ÿ=>>=4ÿL=)ÿ3)ÿN O5''5
I3)ÿÿ0)ÿG=),ÿLÿ44ÿHLÿL=)ÿ3)ÿN''5''ÿ=7L5
PL)ÿ=)ÿÿ)==7ÿ7ÿ)ÿ=Q5
)/ÿG=)ÿ,ÿLÿ7Kÿ1=>ÿ=ÿNO5''ÿ1)ÿL=)ÿ>J>>5ÿÿG=)ÿ ,ÿLÿ7Kÿ1=>ÿ=ÿN 5O'ÿ1)ÿL=)ÿ>J>>5ÿPLÿJ)Rÿ)S)>
))ÿÿ6OT5ÿ-)ÿ0GUM/L>ÿ))ÿÿVWXYZY[ÿ[X]
! 5&T5
" #!U 5OT5
" $!^5T5
(Q14==
Pÿ>)0ÿLÿ0GÿM/L>ÿ)=ÿ3ÿ)),ÿÿG)ÿ7=474=)Rÿ7=Lÿ34Mÿ=>ÿ22ÿ375ÿPLÿ7=Lÿ34Mÿ=)ÿ=ÿ344M
*+'ÿ=4ÿ7=Lÿ34Mÿ3)ÿ1)7L=ÿ_ÿNO'ÿ
*+ÿ>J>>ÿ34Mÿ3ÿNOÿUÿ7=Lÿ34Mÿ3)ÿ=>>=4ÿ1)7L=ÿ3ÿN Oÿ_ÿÿ7=Lÿ34Mÿ3ÿUN 'ÿ
*+ ÿ>J>>ÿ34Mÿ` ÿaÿN 5O'ÿ_ÿNObÿcÿ7=Lÿ34Mÿ3)0ÿ=4ÿ` ÿaÿN''ÿ_ÿN ''bÿ_ÿÿ7=Lÿ34Mÿ3ÿN O
()ÿLÿ7=Lÿ34Mÿ=>ÿ701ÿ22ÿ
*+'ÿ_ÿUO'dÿ*+ÿ_ÿU 'dÿ*+ ÿ_ÿc Odÿ*ePÿ22ÿ_ÿ 5 ^'
23)7
01234567ÿ896:;ÿ.ÿ ÿ<ÿ2=>/ÿ ÿ<ÿ?@.ÿ>
A2BC42DÿEC4295CB;
FGÿ*71ÿHGÿ?@.
01234567ÿ9%ÿ6 ÿ
3ÿLÿ0Gÿ0=)KÿG4>ÿÿ65 & Tÿÿ=ÿPUH44ÿMLÿ &ÿ>=Gÿÿ0=)G,ÿML=ÿÿLÿL4>/ÿ1)>ÿG4>f
ÿÿ &''
0 12'("#)(
3 42'("*)(
3 52'(&&)(
+,-.//
01ÿ1.23ÿ-42ÿ5.2ÿ6/ÿ7ÿ6/.6./2ÿ849ÿ1ÿ95ÿ9/4:ÿ5.2ÿ/ ÿ;95ÿ9/4:ÿ5.2<ÿ=ÿ;#%'ÿ=ÿ<(ÿ01484>ÿ1ÿ?@A
ÿ;'('#&*!<ÿBÿ;&*ÿ=ÿ#%'<ÿCÿ'(''"#ÿCÿ'("#)(
D846
6789
ÿEF
GHÿIÿ!ÿJÿD/23ÿ&ÿJÿKLIÿ8
M8NO
8PÿQO
8F ONH
R5ÿS6-ÿ75ÿKLI
6789
ÿÿ
ÿ
ÿ ÿ !" #
01ÿ8/6/.ÿ9//34ÿ/ÿ TUV>ÿ/ÿ8/49ÿ9-.9ÿ2474>ÿÿ69-./3ÿ1ÿ8..W3ÿ14ÿ9/..5ÿ,6.Xÿ-4Y6(
TUVZÿ4[42ÿ4/ÿ8ÿ44ÿÿ*(\)(ÿT/2ÿÿ1ÿ849/ÿ-4X22>ÿW161ÿ1.2ÿ1ÿ8/6/.ÿ9//34ÿ.6ÿ/2ÿW15]
^_`abcdefgbhdibfdÿkdÿdÿlÿmnkhoÿpq`rÿkdÿdÿlÿs ett u^vÿwÿxyz{
|
} '>'''
} >#'' #('' }#!'
T
}!\>'''
}!*>''' %('' } > "
S
}#\>'''
} '>!\' \('' } >&\"
3 12|..ÿ8ÿ1ÿ-4Y6>ÿ76/ÿ15ÿ/..ÿ/4ÿ94ÿ1/ÿ*(\)(
3 42@4Y6ÿ|ÿW1ÿ1ÿ.Wÿ/.ÿX9(
0 52@4Y6ÿSÿW1ÿ1ÿ131ÿÿ-4ÿX/.(
+,-.//
~1ÿ-4Y6ÿ/4ÿ9/..5ÿ,6.X>ÿ.5ÿÿ6/ÿ7ÿ61(ÿ@4Y6ÿ.6ÿ1.2ÿ7ÿ2ÿÿ1ÿ7/ÿ8ÿW161ÿ-4Y6
W..ÿ1/6ÿ849ÿX/.ÿ1ÿ9(ÿ01/ÿ-4Y6>ÿ@4Y6ÿSÿÿ1ÿ6/>ÿÿ1ÿÿW1ÿ1ÿ131ÿ@(
D846
6789
ÿEF
GHÿIÿ!ÿJÿD/23ÿ&ÿJÿKLIÿ7
M8NO
8PÿQO
8F ONH
R5ÿS6-ÿ75ÿKLI
6789
ÿ$ÿ
ÿ
ÿ ÿ !"%&
~161ÿ8ÿ1ÿ8..W3ÿÿi`hdÿ/664/ÿW1ÿ4-6ÿÿ1ÿ4./1-ÿ8ÿ1ÿ95W312ÿ44ÿÿ1ÿ9W312ÿ44]
8ÿ82ÿ/4ÿ6472ÿÿ/ÿ-48.ÿYÿ-44ÿÿ/ÿ-42ÿ8ÿ8/X4/7.ÿ-4849/6>ÿ1
0 12)*+,-.ÿ/0ÿ1ÿ//ÿ+22ÿ.ÿÿ3ÿ240.5
0 32)6*+,-.ÿ/0ÿ1ÿ//ÿ+22ÿ.ÿÿ3ÿ.7/.5
4 52)6*+,-.ÿ/0ÿ1ÿ//ÿ+22ÿ.ÿÿ3ÿ240.5
897200
:-ÿ)*+,-.ÿ//ÿ0/ÿ+-0ÿ-6ÿ0/ÿ0.ÿ+22ÿÿ3ÿ011;.ÿ36ÿ;0-ÿ12+ÿ/ÿ12+5ÿ:-ÿ)6*+,-.ÿ//ÿ
;732ÿÿ./ÿ/2,ÿ1/)ÿ;0-ÿ12+ÿ0.ÿ12+5ÿ:-ÿ)6*+,-.ÿ//ÿ+22ÿ3ÿ30.ÿ7+0/.ÿ1ÿ-ÿ1.
0/ÿ4.ÿ<ÿ7//ÿÿ0ÿ7/.ÿ1ÿ104/032ÿ7/1/)0;ÿ0.ÿ+22ÿ3ÿ30.ÿ.++0/.ÿ1ÿ1.ÿ0/ÿ4.ÿ<ÿ7//ÿÿ0
7/.ÿ1ÿ/20426ÿ104/032ÿ7/1/)0;5ÿ:-ÿ77ÿ+22ÿ3ÿ/ÿ1/ÿ;0-ÿ12+5
=1/;
6789
ÿ>?
@AÿBÿ"ÿCÿ=0.,ÿDÿCÿEFBÿ.
G8HI
8JÿKI
8? IHA
L6ÿM;7ÿ36ÿEFB
6789
ÿÿ
ÿ
ÿ ÿ!"#$%
:-ÿ11;4ÿ002ÿ62.ÿN8OPQÿ1/ÿ0ÿ:*322ÿ)0/,ÿÿ!($ÿ.06ÿÿ(5$ R5ÿS-0ÿ0/ÿ-ÿ-2.,ÿ7/.ÿ62.ÿNTUPQÿ0.ÿ)6
)0/Vÿ62.ÿNWWPQÿ/7;426X
0 12"5'$RYÿ(5!R5
0 32(5"(RYÿ"5$ R5
4 52"5$ RYÿ5#$R5
897200
:-ÿ8OPÿ0Vÿ-ÿ-2.,ÿ7/.ÿ62.ÿ0.ÿ002Zÿÿ30.ÿÿ0ÿ%[(*.06ÿ60/ÿ0;;,ÿ1/ÿ;)7.,5ÿ:-ÿTUPÿ\ÿN!ÿ]
$5$($ Q!($a%[(ÿ\ÿ!5"$ !ÿ^ÿ!ÿ\ÿ"5$ R5ÿ_,ÿ-ÿTUPÿÿ;)7ÿ-ÿ)6ÿ)0/Vÿ62.ÿ\ÿTUPÿ`ÿN%[$aQÿ\ÿ$5$"$ ÿ`ÿN%[$a!($Qÿ\
$5$ '#[ÿ\ÿ5#$R5
=1/;
6789
ÿ>?
