()1.2.()1. 2. 3. 4. 5. ()

()()()()()

(Break-even analysis)CRCF+vQR(P-t)Q

()vQF

1.

2. (BEP)QBvQF(B=0)

3. B

25% 75%

: (1)42006000/6303000(2)(3)

()() 1. 2. C=R Q CR Q1 B Q2 BEP1 BEP2 Qmax QmaxEmax

5-26600028550.0010.0035 280.001Q 550.0035Q(1)

(2) B=RC

(BEP)BEP

5-3A7015B1703515%nnNPVAB9.92NPVANPVB7015(P/A5%n)17035(P/A5%n) (P/A5%n)5n9.92()

ABBB10A10B

HomeworkP114 460005066000()285

. 1. 2.

3.A. :

B.() ()

4.

5-4( ic=9%) (1) (2) (3)IRR.

I()B()C()L() n() 15006002502006

IRR600 600 600 600 600 8000 1 2 3 4 5 6250 250 250 250 250 2501500I=1500B=600C=250L=200 NPV(i=12%)=40.31>0 NPV(i=13%)=-47.87

IRR=12%+[40.31/(40.31+47.87)]1%=12.45%(4)XIRR(%)X5%10%

-10%-5%0+5%+10%7.1110.1212.4515.6318.2915.1414.0212.4511.7610.61 15.6313.3612.4511.299.75

(5)

.

5-5 xyn

1000055000220020008%

n=2n=3 n=4n=5n=6

n=2n=3n=4n=5n=6n=7NAVn=236.9%32.9% n4 n()

PMO

5-6ic=8%

(O)1518112(M)151074.3(P)15855.7

52

: :

,,,,,,,

::::::

ny0, y1,, ynytyt (1), yt (2), yt (m)P1, P2,,, Pm,tyt

y0, y1,, ynE(yt)(t=0,1,,n)

5-710%

12345

n5(P/A15%n)3.335-8100030015%

5-92(1)0(2)-100(3)500

0 1-51P1 Q1-1000390405.860.122P1 Q2-1000450622.150.123P1 Q3-1000510838.440.064P2 Q1-1000310117.480.25P2 Q2-1000350261.670.26P2 Q3-1000390405.860.17P3 Q1-1000230-170.900.088P3 Q2-1000250-98.810.089P3 Q3-1000270-26.710.04

()()(1)(2)(3)(4)(5)(6)

()5-10()1. 1.00 0.8 0.6 0.4 0.2 010000 15000 20000 250000 30000 ( )

10000150002000025000P0.10.50.250.15

() 0.000.99250000.88200000.81200000.74150000.24100000.05150000.51200000.740.020.910.47RN1000025000150001750017250

RN0.000.090.100.590.600.840.850.9910000150002000025000

2. (1) (RN)(RND)+()

(2)(RN)RNRNmRNmRNab()

5-111501216253 ()+

0.3030.8710.2740.7520.3460.3650.4660.0210.5240.74813.21131613151313141214150.6230.0460.3180.3180.9800.4130.7400.5020.0690.2210.325-1.685-0.475-0.4752.055-0.2200.6400.005-1.485-0.77025.9819.9523.5823.5831.1524.3427.2225.0220.5522.6914.310.712.213.218.512.915.812.710.212.612345678910 (RN) () (RN) (RND) () (%)() ()

1%0.30.20.19 10 11 12 13 14 15 16IRR(%)()

10%10%0.92()

(1) (2) (3) (4)

1. (BEP)BEPC=R C=R

2.