[email protected] and [email protected].

ir

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1)
NPV1= 10 +(10.8 +40 ( A/P, 15%,9))(P/A, 15%,36)-10(P/F, 155,36)=136.92 mil.R

NPV2=6 + (15 + 24 (A/P, 15%,6))(P/A, 15%,36) – 16(P/F,15%,36) = 138.55 mil.R

2)
= 600×0.6 = 360 mil.R
F=P(1+i) =360(1+0.06)10 =644.705 mil.R
n

A=F(i/[(1+i)n-1])=644.705(0.06/[1.0610-1])=48.9mil.R

NPV=-600+(X-31.5)(P/A,20%,10)-0.5(X-31.5)(P/A,20%,10)+100(P/F,20%,10)=0 X=310.05 mil.R

3)

" ! =[200-50(P/F.20%,5)]/5=179.905 mil.R

#$ % & '& ( & & & &

0.15 0.18 0.22 0.25 0.2 ) * + ,-.
0.133 0.166 0.2 0.266 0.233 / ,-.
23.927 29.864 35.98 47.85 41.918 )*+ 0.1 2 !
26.985 32.383 39.58 44.976 35.98 / 0.1 2 !

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4)

A:
2 34 = 30000+30000×0.2 =36000 56

36000×18000+50000000 (P/F,25%,5)
B/C= ------------------------------------------------- = 2240000 >1 , 7 8 9 : 08 54 2 2
200000000 + 35000000 (P/A,25%,5)

B:

NPV = -200000000 +(36000×X-35000000(P/A,25%,5))+50000000(P/F,25&,5)=0 X= 7715 R

5)
B A
200 mil .R 270 mil .R 08 4
35 mil .R 50 mil .R 7 ; 4
50mil.R 70 mil .R < = >?
5 7 @+
20% 25%
37500 56 36000 56 "(6 / 6

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NPVA= (200-150) –(18×36-150( A/P,25%,5) -35 )(P/A , 25%,35)-50(P/F ,25% ,35)= -2178 mil . R

NPVB =(270-200)-(18×37.5 -200( A/P,25%,7) -50 )(P/A , 25%,35)-70(P/F ,25% ,35)= -2176 mil . R
: 2 ;(6 2

NPV(B,25%)=-2176- (2×25/20)=-2178.5 mil.R

6)

B (" A ? "(2
500 450 4 4
100 80 7 ; 4
100 50 < = >?
10 5 A @+

NPVA =(450-400) + (80 + 400(A/P, 20% ,5))(P/A , 20%,10)-50 (P/F,20% ,10)= 938 mil.R

NPVB= 500+100(P/A , 20% ,10) – 100(P/F , 20% ,10)= 903 mil.R

7)

NPV= 3500000000 +(2000×0.67 ×300×200)/0.25 = 3820000000 R

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8)

NPV1 =500-(50×8-100 – 4.5×50 )(P/A ,20% ,5)-500×0.2(P/F ,20%,5) =235.5 mil.R

NPV2 =500-(50×30-200– 2.2×50 )(P/A ,20% ,5)-500×0.2(P/F ,20%,5) =- 3100 mil.R

10)

a: & B <

2 2 (p)

22 " : = C ( " : × (1-0.5 ) = 0.85 ×0.8 ( 45000 × 1000 + 30000 × 20000 ) = 714 mil .R
" ,2 D 7 ; 4 =120000000 × (1 + 0.1 ) = 132 mil .R
" E 7 ; 4 = 24000 × 1.15 × 8000 = 220.8 mil .R
FG = 20000 × 0.8 = 160000 56
" "(6 , H = 30000 × 0.8 = 24000 56
@+ ; n = 160000 / 24000 = 6.66 7 &
(" < = >? = CC (1 – R )n = 300000000 ( 1- 0.25 ) 7 = 40 mil .R
I) < = >? = 40 + 200 = 240 mil .R
(" J ! = CC × R (1- R )n-1 = 300000000× 0.25 × 0.756 = 13.34 mil .R
* " = 0.5 ( 714 – 132 – 220.8 – 24 × 4 – 12 × 24 – 13.34 ) = -18.07 mil .R
NPVP1 = 240 – (714 – 132 – 220.8 – 24 × 4 – 12 × 24 – 560 (A/P , 20% , 7 ) 1/0.2 = 1130.72 mil .R

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-K(F (O )

* " = 0.5 ( 1219.05 – 108 -226.8 – ( 4 + 12 ) 31.5 - 13.34 ) = 183. 455 mil .R

NPVO1 = 240 – ( 1219.05 – 10 – 226.8 – 16 × 31.5 – 183.455 – 560 ( A/P , 20 % , 7 ) ) 1/0.2 = 32.745 mil .R

C ( ( m)

* " =0.5 ( 1050 – 120 – 8 × 30 – (4 +12 ) 30 – 13.34 ) = 98.33 mil .R

NPVm1 = 240 – ( 1050 – 120 -240 – 16× 30 – 98.33 – 560 ( A/P , 20% ,7 )) 1/ 0.2 = 458.37 mil .R

NPV1 = ( NPVO + 4 NPVm + NPVP) / 6 = ( 32.745 + 4 × 458.37 + 1130 .72) / 6 = 499.5 mil .R

N, 4? & ; * (L 2 B < 7 2 E M J 2 I1 2 ;(6 2

' ( & B < E

O P O P O P O p
1512 544 5481 1972 1134 408 1219.05 714 P mil . RO " :
45 55 270 330 81 99 108 132 PQO " ,2 D 7 ; 4
283.5 276 1134 1104 118.125 115 226.8 220.8 PQO " E 7 ; 4
-------- ------- -------- -------- -------- --------- 210000 160000 P 56 O FG
105000 80000 63000 48000 5250 4000 31500 24000 P 56 O J "(6 , H
K K P 56 2 & 4 O " :
14400 6800 87000 41083 216000 102000 54000 81000 25500 38250

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R .1 %5 6

P 56 2 & 4 O " : %PS"

38250 < K 7 (; T P 56 2 & 4 O " : < 81000

25500 < 7 (; T P 56 2 & 4 O " : < 54000

* " = 0.5 ( 38.25 × 10 + 25.5 × 20 – 120 – 240 – ( 4 + 12 ) 30 - 13.34 ) = 115.205 mil .R

NPVPS1 = 240 – (38.25 × 10 + 255 × 20 – 120 – 240 – ( 4 +12 ) 30 - 115.205 – 560( A/P , 20 % , 7 ) ) 1/0.2 = 1330.245 mil .R

* " = 0.5 ( 81× 10 + 54 × 20 – 120 – 240 – ( 4 + 12 ) 30 - 13.34 ) = 518.33 mil .R

NPVOS1 = 240 – (81 × 10 + 54 × 20 – 120 – 240 – ( 4 + 12 ) 30 – 518.33 – 560 ( A/P , 20 % , 7 ) ) 1/0.2 = -1641.63 mil .R

NPVOS1 - NPVPS1 = -2971.875 mil .R

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" ,2 D 7 ; 4 % PU
108 < " ,2 D 7 ; 4 < 132

* " = 0.5 ( 1050 - 132– 240 – ( 4 + 12 ) 30 - 13.34 ) = 92.33 mil .R

NPVPS2 = 240 – (1050 – 132 – 240 – ( 4 +12 ) 30 – 92.33 – 560( A/P , 20 % , 7 ) ) 1/0.2 = 548.37 mil .R

* " = 00.5 ( 1050 - 108– 240 – ( 4 + 12 ) 30 - 13.34 ) = 104.33 mil .R

NPVOS2 = – (1050 – 180 – 240 – ( 4 +12 ) 30 – 104.33 – 560( A/P , 20 % , 7 ) ) 1/0.2 = 428.37 mil .R

NPVOS2 - NPVPS2 = -120 mil .R

" E 7 ; 4 %P
VWXX < P 56 2 & 4 O " E 7 ; 4 < YWXX

* " = 0.5 ( 1050 – 120 – 9.2 × 30 – ( 4 + 12 ) 30 - 13.34 ) = 80.33 mil .R

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NPVPS3 = 240 – (1050 – 120 – 9.2 × 30 – ( 4 +12 ) 30 – 80.33 – 560( A/P , 20 % , 7 ) ) 1/0.2 = 1808.37 mil .R

* " = 00.5 ( 1050 – 120 – 9.2 × 30 – ( 4 + 12 ) 30 - 13.34 ) = 110.33 mil .R

NPVOS3 = – (1050 – 120 – 9.2 × 30 – ( 4 +12 ) 30 – 110.33 – 560( A/P , 20 % , 7 ) ) 1/0.2 = 1658.37 mil .R

NPVOS3 - NPVPS3 = -150 mil .R

" "(6 , H %P
8000 < K 7 (; T " "(6 , H < 10500
Z[XXX < 7 (; T " "(6 , H < WZXXX

* " = 0.5 ( 45 × 8 + 30 × 16 – 120 – 8 × 24 – 16 × 24 - 13.34 ) = 65.33 mil .R

NPVPS4 = 240 – (45 × 8 + 30 × 16 – 120 – 8 × 24 – 16 × 24 - 65.33 – 560( A/P , 20 % , 7 ) ) 1/0.2 = 623.37 mil .R

* " = 00.5 ( 45 × 10.5 + 30 × 21 – 120 – 8× 24 – 16 × 24 - 13.34 ) = 196.58 mil .R

NPVOS4 = – (45 × 10.5 + 30 × 21 – 120 – 8× 24 – 16 × 24 - 196.58 – 560( A/P , 20 % , 7 ) ) 1/0.2 = -32.88 mil .R

NPVOS4 - NPVPS4 = -120 mil .R

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N : , 2 \4 2 ;(6 2

R .1 %
NPVS E
-2971.875 " :
-120 J ,2 D 7 ; 4
-150 J E 7 ; 4
-656.25 J "(6 , H

b: B <

J 7 ] 4 ! = 140 / 5 = 28 mil .R
2 = = 0.6 × 175 = 105 mil .R

P(1+i)n i 105 ( 1 + 0.12 ) 10 0.12

J C.9 : A = ----------------- = ------------------------------ = 18.58 mil .R
(1+i )n – 1 1.1210 – 1

* " = 0.5 ( 120 × 5 - 90 – 25 × 5 – 28 – 18.58 ( P/A , 20 % , 10 )) = 176.28 mil .R

NPVm = 175 – (120 × 5 - 90 – 25 × 5 – 18.58 ( P/A , 20 % , 10) – 176.28 ) 1/0.2 – 176.28 (P/A , 20% , 6) = -1100 .15 mil .R

* " = 0.5 ( 1134 – 81 – 118.125 – 18.58 (P/A ,20% ,10 ) – 28 ) = 414.5 mil .R

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NPVO = 175 – (1134 – 81 – 118.125 – 18.58 (P/A ,20% ,10 ) – 414.5 ) 1/ 0.2 – 414.5 (P/A,20% ,6)= -2099.3 mil .R

* " = 0.5 ( 408 – 99 – 115 – 18.58 (P/A ,20% ,10 ) – 28 ) = 44.05 mil .R

NPVP = 175 – (408 – 99 – 115 – 18.58 (P/A ,20% ,10 ) – 44.05 ) 1/ 0.2 – 44.05 (P/A,20% ,6)= -247.11 mil .R

NPV2 = ( NPVO + 4 NPVm + NPVP) / 6 = ( - 2099.3 - 4×1100.15 – 247.11 ) / 6 = 1124.5 mil .R

c: ( B <

* " = 0.5 ( 120 × 5 + 10 × 80 + 15 × 50 + 25 ×30 – 300 – 20 × 60 – 8× 30 – 30 × 33) = 535 mil .R

NPVm = 5000 – (120 × 5 + 10 × 80 + 15 × 50 + 25 ×30 – 300 – 20 × 60 – 8× 30 – 30 × 3)1/0.2 = 2325 mil .R

NPVO = 5000 –0.5 (5481– 270 – 1134 – 8× 31.5 – 31.5× 3)1/0.2 = - 4326 mil .R

NPVP= 5000 –0.5 (1972– 330 – 1104 – 8× 24 – 24 × 3)1/0.2 = 4315 mil .R

NPV2 = ( NPVO + 4 NPVm + NPVP) / 6 = ( 4315 +4 × 2325 - 4326 ) / 6 = 1548 .16 mil .R

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d: 'B <

*J: 5 K <= >? = 900 ( 1- 0.25 ) 5 = 213.57 mil .R

*J: 5 K ! = 900 × 0.25 × 0.45 4 = 71.2 mil .R

* " = 0.5 ( 100 × 8 - 50 – 3 × 100 – 71.2) = 189.1 mil .R

NPVm = 213.57 – (100 × 8 - 50 – 3 × 100 – 189.1 – 686.43 (A/P , 20 % , 5 ))1/0.2 = 58.3 mil .R

* " = 0.5 ( 1512 – 45 – 283.5 – 71.2 ) = 556.3 mil .R

NPVO = 175 – (1512 – 45 – 283.5 –556.3 - 686.43 (A/P ,20% ,5))1/0.2= -1775 mil .R

* " = 0.5 ( 54 – 55 – 276 – 71.2 ) = 71 mil .R

NPVP = 175 – (54 – 55 – 276 - 71 – 686.43 (A/P ,20% ,5))1/0.2= 651.3 mil .R

NPV2 = ( NPVO + 4 NPVm + NPVP) / 6 = ( 651.3 +4 × 58.3 - 1775 ) / 6 = - 148.4 mil .R

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11)

*J: 5 K <= >? =1500000000 ( 1- 0.25 ) 5 = 356000000 R

I) < = >? = 356 + 0.25 ( [30 ± C] 50 + 2000

5K ! = 1500000000 × 0.25 × 0.754 = 118.6 mil .R

*. 6 ! = 30000000 /20 = 15 mil .R

* " = 0.5 ( 0.3 × 50 × 120 + 60 × 0.4 × 50 + 22.15 × 0.3 × 50 – 20 – [30 ± C] 50 – 15 – 118.6 ) = 17195.7 ± 25 C

NPV = ( 1500+100) - (0.3 × 50 × 120 + 60 × 0.4 × 50 + 22.15 × 0.3 × 50 – 20 – [30 ± C] 50 – [17195.7 ± 25 C])(P/A ,25%,5)-
(356+0.25 [30 ± C] 50 + 200 ) (P/F , 25% , 5 ) =0

C =605 mil .R 4 683 mil .R

C = 12100 R/T 4 13660 R/T

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12 )

NPV = ( X – [90000 + 50000] 15000/150 – ( 7000 + 12000 + 22000 + 500 × 2 )15000 – 1500000 × 12 ) =0 : X=4200 R /T

13)

n=5 & n´= 2 &

(i(1 + i)n n n´
A = P ------------------ - G (1/i - --------------- ) + G (1/i - --------------- )
(1 + i)n -1 (1+ i)n -1 (1+ i)n´ -1

( A/P , 24 % ,5 ) = 0.122
(A/G , 24 % , 5 ) = 1.57 A = 177.7 mil .R
(A/G , 24 % ,2) =0.444

14)

! =2500000000 × 0.8 /10 = 200000000 R

<= >? = 500000000 + 0.25 ( 200000000 + 45000 × 40000) = 1000000000 R

* " =0.4 ( X × 40000 – 200000000 – 45000 × 40000 – 200000 ) = 16000 X – 880000000 R

NPV=( 2500000000+0.25 ( 200000000+45×40 )–0.6 (X ×40000 –200000000–45000 ×40000 –(16000 X -880000000 )1/0.2=0

X = 71667 R

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15 )

! = 1000/5 = 200 mil .R

* " = 0.5 ( 200 + 200/5 ( P/G ,i,5) -200) = 20( P/G ,i,5)

NPV = 1000 – ( 200 - 20( P/G ,i,5) ) ( P/A , i,5 ) - 200 ( P/G ,i,5) = 0

NPV = -36 mil .R ; i = 30%

NPV =0 ; IRR=32%
NPV = 64.77 mil .R ; i = 35%

16)

NPV1 = -300 – ( 120 + 30 + 600 ( A/P , 20% , 9 )) ( P/ A , 20% , 36 ) + 300 ( P/F , 20% , 36 ) = - 1446 mil .R

NPV2 = - 400 – ( 90 + 20 + 800(A/P , 20 % ,12) ) ( P/A , 20% , 36) + 400 ( P/F , 20% , 36 ) = -1643 mil .R

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17)
U / % S" / % %
3500000000 450000000 P& 4 O,2 D 7 ] 4
35000000 45000000 P& 4 O J ,2 D 7 ; 4
1600 1500 P 56 2 & 4 O J E 7 ; 4
50000000 50000000 P& 4 O < = >?
8 10 P & O / % @+

NPV1 =50000000+ (15000000+150000000+400000000(A/P,20% ,10))( P/A ,20%, 40)–50000000(P/F ,20% ,40)=1351 mil .R

NPV2 =50000000+(35000000+160000000+3450000000(A/P,20%,8))( P/A ,20%, 40)–50000000(P/F ,20% ,40)=5517 mil .R

19)

NPV = -(3600 × 25000+60000000 ) + 25000 × 4000 = -50000000 R : F

X × 25000 = 15000000 : X =60000 : ,@ 9 = 7200 56 2 & 4
NPV P ^2 ," 1 O = NPV P _ ` 6 ," 1 O
400 × X – 60000000 = - 3600 ×X – 50000000 : "(6 1 = X = 2500

20)

NPV = - 1200000000 + (150000000 (P/A ,i,10) – 60000000 ) + 50000000 ( P/G ,i,10) +200000000 (P/F , i,10)

NPV = -39 mil .R ; i = 18%

NPV =0 ; IRR=17.5%
NPV = 574 mil .R ; i = 10%

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21)

NPV = 300000000 – ( 15 × 200 ×X – 3000000 )1/0.2 =0 : X = 30000 T

22)

! = (500 + 300 + 250 )/ 10 = 105 mil .R

<= >? = (1050 – 5 × 105 ) = 525 mil .R

* " = 0.5 (X × 2000 × 300 – 0.05 ×1050000000 –100 × 600000 –5000 × 600000 /20 -105000000 )= 3000000 X - 473750000

NPV1 = 1050000000 – ( X × 2000 × 300 – 0.05 × 1050000000 – 100 × 600000 – 5000 × 600000 /20 - * " )(P/A , 20% , 5 ) –
525000000 ( P/F ,20 % ,5) = 0

: X = 2164 R/T

23)

#=. !

NPV = -500000000 –( 500000000-20000000)/5 ( P/A , 20% , 5) +200000000 (P/F , 20% , 5) = -599.08 mil . R

" !

R = 1 – (200 /500 ) 1/5 = 0.167

! = 500 R (1- R ) 4 = 40.3 mil .R

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NPV = -500000000 - 40300000 ( P/A , 20% , 5) +200000000 (P/F , 20% , 5) = -540 mil . R

*( a(@$ !

& & ! = 2(5)/(5 b 6) (500 -200 ) = 100 mil .R

NPV = -500000000 - 100000000 ( P/A , 20% , 5) +200000000 (P/F , 20% , 5) = -718.62 mil . R

& ! = 2(5-Z)/(5 b 6) (500 -200 ) = cX mil .R

NPV = -500000000 - 80000000 ( P/A , 20% , 5) +200000000 (P/F , 20% , 5) = - 658.8 mil . R

( & ! = 2(5-W)/(5 b 6) (500 -200 ) = 60 mil .R

NPV = -500000000 - 60000000 ( P/A , 20% , 5) +200000000 (P/F , 20% , 5) = - 600 mil . R

'& ! = 2(5-d)/(5 b 6) (500 -200 ) = 40 mil .R

NPV = -500000000 - 40000000 ( P/A , 20% , 5) +200000000 (P/F , 20% , 5) = - 539.22 mil . R

#$ % & ! = 2(5-e)/(5 b 6) (500 -200 ) = 20 mil .R

NPV = -500000000 - 20000000 ( P/A , 20% , 5) +200000000 (P/F , 20% , 5) = - 479.42 mil . R

NPV = - 599.212 mil .R

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24)

n A = 3/0.5 = 6 , n B =3.375 / 6.375 = 9

NPVA = 280 + ( 50 + 250 × 0.5 + 70 (A/P , 25% ,6) )(P/A , 25% , 36 ) – 280 (P/F , 25% , 36 ) = 1075 mil .R

NPVB = 200 + ( 75 + 200 × 0.375 + 50 (A/P ,25% ,9) )(P/A , 25% ,36) – 200 (P/F , 25% , 36 ) = 858 mil .R

25)

U)

*( a(@$ !

4 ! = 0.5 × 2000000000 = 1000000000 R

<= >? = 500000000 R

#$ % ' ( & &

9 > 2 !
34 67 100 133 166 mil . R * (
#=. !

! = (0.3 × 2000000000 ) / 10 = 60000000 R

n N 5 @+ I)

I) < = >? =500 + 0.2 ×2000 = 900 mil .R

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* " = 0.4 (280 × 15 × 0.75 - (300 + 60 × 15 + 100 × 15 ) – ( 166 – 33 ( P/G , i ,5 ) ) -60 ) = 89 -13.2( P/G , i ,5 ) mil .R

NPV = 500 – (280 × 15 × 0.75 - (300 + 60 × 15 + 100 × 15 ) -1.5 (A/P , i,10) - [ 89 -13.2( P/G , i ,5 )] )1/i =
500 – [ 361+ 1.5 (A/P , i,10) -13.2( P/G , i ,5 )]1/i =0

NPV = -313 mil .R ; i = 40%

NPV =0 ; IRR=70%
NPV = -65 mil .R ; i = 60%

* " = 0.4 ( X - (300 + 60 × 15 + 100 × 15 ) – ( 166 – 33 ( P/G , 25% ,5 ) ) -60 ) = 0.4 X - 948 mil .R

NPV = 500 – ( X - (300 + 60 × 15 + 100 × 15 ) – (0.4 X – 948) - 1.5 (A/P , 25%,10))1/0.25 =0

: X = 3800 mil .R (_ ) 7 ? 2 ,@ 9 = 338 R/T

* " = 0.4 (280 × X × 1000 × 0.75 –( 300000000 + 60000 X + 100000 X ) – ( 166000000 – 33000000 (P/G , 25% ,5 ) -
60000000) =20000 X -106000000

NPV = 500000000 – (280 × X × 1000 × 0.75 –( 300000000 + 60000 X + 100000 X ) + (20000 X -106000000)+1500000000
(A/P , 25% , 10))1/0.25=0

443400000 - 280000X = 0 X = 1584 56

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