"Corporate Finance":Internal rate of return
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Questions 1:
A firm is considering a project that would require an initial investment of THB270 million (Thai baht). The project will help increase the firm’s after-tax net cash flows by THB30 million per year in perpetuity, and it is found to have a negative NPV of THB20 million. The IRR (%) of the project is closest to:
A、 11.1%.
B、 10.3%.
C、 12.0%
Questions 2:
A project has the following annual cash flows:
Which discount rate most likely provides a positive net present value (NPV)?
A.、 15%
B 、21%
C、 18%
A is correct. The IRR is the discount rate that makes the NPV = 0. Because the cash flow stream is in perpetuity, it can be solved as follows: 0 = –270 + (30/IRR) IRR = 11.1%
B is incorrect. It assumes a positive NPV of 20 and solves for IRR = 30/290 = 10.34%.
C is incorrect. It assumes a negative NPV of 20 and solves for IRR = 30/250 = 12.00%.
B is correct.
The NPV at 21% is $14.7, whereas the other two NPVs are negative.
A is incorrect because it has a negative NPV.
C is incorrect because it has a negative NPV.
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