<443A5C446F63756D656E74735CA1DAC8A8C6E4C0CCC1F65CA1DA4350454455>2. () / 3-29
3. / 3-35
3 / 3-01
1.1
* , .
.
* ,
.
1.2 [3]

* ,



MAPI, MAPI ,
(, )
1.3.1
* ,
.
.
1.3.2
* .
* .
1.3.3
(1)
,
,
.
3-02 / []-
.
(2)
1.3.4 [2]
R P A P P i i
in i
1 1 (3.1)
( / )A P n i n .
( R P A P n i/ ( / ) )
(2)
()

n (3.3)
[ 3.1] ( : )
A : B :

3 / 3-03
( ) (A)

850 0 312.
i 10% n 4 ( / ) .A P 4 10 0 315
n 5 ( / ) .A P 5 10 0 264

0 315 0 264 4 1( )
. .
(b)
( ) (A)
= ( ) ( ) ( / ) ( )P L P L A P L L in i (3.5)
, P : , L :
P : ,
i : (10% )
3.1 , L L 100 0, ?
( 3.1 )
[1]
* ( ) = ( ) ( ) ( / ) ( )P L P L A P L L in i
375-110=[(1,000-100)-(150-0)] ( / )A P n i +(100-0)×0.1 → ( / )A P n
i =0.340
* i 10% n 3 ( / ) .A P 3 10 0 402
n 4 ( / ) .A P 4 10 0 315
∴ n
. .
3-04 / []-
3.2 12, 8 2
, 10% ?

CR P F A P Fin i ( )( / )
( / ) (1 )( )(0.10) = 2,074.4 2 2 28 10A P
CR P F A F Pin i ( )( / )
( / ) (1 1)( )(0.10) = 2,074.4 2 2 28 10A F
()
CR P F
8 2 0 10 2 450( )( . ) ,
(b)
CR P F
8 010
8 1
=1,250+562.5+200=2,012.5
1.4
* .
1.4.1
*
A 400
B 360

,
.
3 / 3-05
.
. ( 40 1,000 , 1,500
.)
1.4.2
*
, .
* (+) (-)
" " .
3.3
A B (B-A)


100
200
120
150
20
-50
(1)
C) .
=+
1 000 150 1 000 0 24323 150 393 26 12, ( / ) , ( . ) .A P
(2)
CR P F A P Fin i ( )( / ) (3.10)
, F : (, F L .)
3.4
( P ) : 1200, ( F ) : 300
( n ) : 6, (OC) : 160
( i ) : 12%

CR P F A P Fin i ( )( / ) = ( , )( / ) ( . )1 200 300 300 0126
12 A P
= (1,200-300)(0.24323)+300(0.12)=254.9
3-06 / []-
[ 3.2]
900 0 24323 36 160 414 9( . ) .
(E) ( )( / )P F A P Fi OCn i
( , )( / ) ( . )2 000 200 200 0 12 9012 12A P
1 800 0 16144 24 90 404 6, ( . ) .
∴ E D
(4)
= iP OC (3.11)
P : 3,000 n :
OC : 60 i : 12%

(5)
* .
3.6 500 , 550 , 600
50 () ?
, i =10%, n =6

550, …, 6 750 .
(+) = A G A G A Gn i ( / ) ( / )500 50 6116
10
[] (-) : 1 750, 2 700, …, 6 500
→(-) A G A G A Gn i( )( / ) ( / )750 50 6396
10
(6)
*
.
3.7
[ 1] ( : ), 6%
( j ) (Cj ) ( / )P F j 6
( Pj )
1 100 0.9434 94.34
2 50 0.8900 44.50
3 80 0.8396 67.17
4 30 0.7921 23.76
P =229.77
= P A P A Pn i( / ) , ( / ) , ( . ) , 229 770 229 770 0 28859 66 3104
6
* .
C
OC : 150, i : 12%
(PW) P OC P A n i( / )
=-1,000-150 ( / )P A 6 12
=-1,000-150(4.111)=-1,616.6
P 1 000,
: 1,200, : 6, OC : 160
F : 300, i : 12%
(PW) P OC P A F P F n i( / ) ( / )6
12
12
1 200 160 4 111 300 0 5066 1 705 8, ( . ) ( . ) , .
∴ C D .
[] 0 .
(2) [1]
* .
[ 3.4]
1,200
6
300
12%
2,000
12
200
12%
* D 6 E 12
. (, D, E 12 )
[ 3.5] D, E
P 1 200,
0 1 2 3 4 5 6
0 1 2 3 4 5 6 7 8 9 10 11 12
F 300
[ 3.6] ( : )
3 / 3-09
( : 12 , )
(D) (E)
-1,200 -160 +300 -1,200
-160 +300
-2,000 -90
-90 +200
* D 6 [ 3.6] 12
, D .
D (PW)= P OC P A P F P F F P F( / ) ( )( / ) ( / )12 12
6 12
12 12
1 200 160 6194 900 05066 300 0 2567, ( . ) ( . ) ( . ) -2,570
E (PW) P OC P A F P F( / ) ( / )12 12
12 12
* , n ()
.
lim ( / ) lim ( )
1 (3.12)
* , P =3,000, n =, OC=60,
i =12% ,
( PW )= P OC
i 3 000
(4)
* , ,
.
* [ 3.7] (PW) ()
[ 3.7] ( : )
(+) (-)
+50 -50
3-10 / []-
(+) (PW)=OC P A G P G( / ) ( / )6 10
6 10 =500(4.355)+50(9.68)=2,661.5
(-) (PW)=OC P A G P G( / ) ( / )6 10
6 10 =750(4.355)-50(9.68)=2,782.3
(5)
*
, (PW) .
PW C ij j
, Cj : j
3.8 G , i =6%
[ 1] G ( : )
Cj ( )1 i j P j
0
1
2
3
4
5
-100
+60
+50
-50
+40
+100
1.0000
0.9434
0.8900
0.8396
0.7921
0.7473
-100.000
+56.604
+44.500
-41.980
+31.684
+74.730
* PW 0 .
(6) (PI ; profitability index)
*
, .
3.9 A B
A B

3 / 3-11

* A NPW 80, B 92 B , A, B
NPW .
* (PI) “ ”
.
PI PI

* MAPI · .
* MAPI “ ” Machinery and Allied Product Institute
, MAPI George Theborgh() 20
.
* Theborgh MAPI 4 .
(1949) MAPI(1956)
→ .
→ .
(defender) → , .
(challenger) → .
(operating inferiority) →
.
() → gap .
→
.
→ ,
. , .
→ ,
.
1, 2 → (1),
(2)
3-12 / []-
.
.
.
(4) MAPI [1]
(adverse minimum) .
* .
U= + (3.14)
, ( ) P A P n i ( / )
( ) G A G n i ( / )
, P : , G :
( / )A P n i : , ( / )A G n
i :
n i ( / ) ( / )
* n F
U P F A P G A G Fin i
n i ( )( / ) ( / ) (3.15)
(5) MAPI
[ 3.8] .
F
G n( )1
MAPI [2]
.
.
* .
U = +
+
3 / 3-13
i Fi G
2
1
2 (3.16)
* F ( F 0 5 ,
F 10% F =0 .)
U P
2
1
2
( ) (3.17)
* U n U min
.
3.10 MAPI .
100, 15%, 5.
.

U PG iP G
2 2
U min , ,
U P F


( ) ( )
2
1
2
, U min .
3.11 5,000, 100, 10%
?

2 1 200
3-14 / []-
3.12 S 36 192 .
19 , 29,860, 6,000.
(, 10%)
() 6,000, 1 5,000 .
() 1 1,000+600=1,600.

* 210(4,055÷19), 210
.
U PG iP G
2 4 929,
.
* (
- =29,860-6,000=23,860)
.
* MAPI (AM ; Adverse Minimum) MAPI (v)
.
=/
MAPI
MAPI factor(v) .
(AM) .
(AM) ( P ) .
3 / 3-15
3.13 300, 5, 100.
70. MAPI
. , i =15%.
[ 3.9] MAPI

* =/=100/300=33%
* MAPI MAPI factor v=17%.
( =33% n =5 → v=17%)
*
∴ 96 70
.
1.5 [1]
* ,
.
* “ ” , .
3-16 / []-
(
) 100 (3.21)
= -
3.14 [ 1]
.

A B

* 2,000, 700, 5, 0
[ 3.10] ( : )

1
2
3
4
5
700
700
700
700
700
400
400
400
400
400
300
300
300
300
300
2,000
1,600
1,200
800
400
700 400 300 1,200 34.3( 5 )
3 / 3-17
.
[ 1] (DCF)
* , P : , R R R n1 2, , , : ( )
n : , F : , i : ( )
P R
, R R Rn1 2 , F 0
P R i
n
1 1
1 (3.23)
( / )P A n i
( P ) ( P / R ) ( / )P A n i i .
( / )A P n i
R P i i
i P A P
1 1 (3.24)
R / P , ( / )A P n i i .
3.15 1,000, ()
500, 100 , 5,
0 () .

* (, 0 )
.

2 2008333 0 6944 , ( 1)
.
3-18 / []-
* 0 (, (+)(-)
) ,
0 1 0
0 0
, r , i
* H [ 3.11] .
* i.
0 1 100 20 1 60 1 0
4 1 4
j
( / )P F j 12
PW( i =12%) ( / )P F j 15
PW(15)( i =15%)
* , .
[ 3.11] 12% +4, 15%
-69 0 .
*
4 69
* .
* 1, 4 4
0 1 1 0
j
j
j
j
( ) ( ) (3.27)
4
, ( / )P A i 4 =1/4=2.5
( / ) .P A 4 20 2 589 ( / ) .P A 4
25 2 362 i 219%.
3-20 / []-
PI(Profitability Index) .
* DCF ,
.
.
. : (0, 10, 15, 25, 40%)
(A) (B) A/B
, A/B , () (), (A/B,
) A/B 1 (A=B)
.
3.17 1,000, () 400
, 5, , 0, 50%
()?

=-(-)×
=400-(400-200)×0.5=300
3.18 . , 8,500
[ 1]



(A/B)
, (A)=8,500

* A/B 1.0 19% ( 1 ).
3 / 3-21
(0.63, 0%)
(0.91, 15%)
(0.81, 10%)
, .
* MAPI MAPI
.
, “MAPI” .

,
.
.
( )
.
(2) MAPI [1]
* MAPI
, MAPI
() .
* .
=-
:
: 1

:
(). → MAPI .
3-22 / []-
= -
()= (+) - (+)
:
* MAPI () (+)
( × (v %)) .
3.19 ( 40, 20)
, 3 (80) .
(500) 100, 5 ,
10 . 50 .
10, 10 10%,
50% () ?

: 1,000,000+50,000+100,000-500,000=650,000
: 400,000-200,000=200,000
* MAPI 10 10% v%
6.4%(0.064)
( , , ) . , , .
, , . ( .
650 000 200 000 0 5 5 000 000 0 064
3 800 000 0 0276 2 76%)
3 / 3-23
1.5.7 MAPI
v0 : ( )
1 / s :
f :
* = -
1.5.8 (ARR) [1]
, .
* , .
(3)
→ ,
→

3-24 / []-
3.20 4,500, 10, 0,
1,000 .
(2) ?
(3) ?

, ( ) ( )
, . ( .
,
, . ( .
1.5.9
(1)

( i ) , C j 0
(- ) (+) .
(- ) (+ )
, C j 0 (-), 1
(+), 2 (+), … ,
.
[ 1] 0 Cj (+) ( )
( : )

0 = +160-1 ( )1 1 i +1 ( )1 2 i
* i =25% i =400% 2 , .
3 / 3-25
0 = -808+1 ( )1 1 i
* i =23.8% .
[ 2] 0 Cj (-) ( )
( : )

20
-850
48
1,000
0 = - 85+4.8 ( / )P A i 20+100 ( / )P A i
20
PW (6%) = -85+4.8(11.470)+100(0.3118) = +12,000
PW (7%) = -85+4.8(10.594)+100(0.2584) = -84,000
* i =6.125%
(2) ( )
, ,
.

10 100 -10
* 10 4 1 , 10 ,
1 , .
.
3-26 / []-

400 400
* 1~4 (20+20+40+60)/4=35
,
: 0 = -100+35 ( / )P A i 4→ ( / ) .P A i
4 2 857
( / ) .P A 4 15 2 855 , i 15%
.
* 3 400+350=750, 4 600+
350=950 4
.
* .
*

(+) (-) ,
(+), (-) () .
() .
3.21
[ 1]
0
1
2
3
4
3 / 3-27
G-F (10,000+5,000) 22,675
.
i i i → i 16 65%.
i =16.65% (, 10%) G .
1.6
* .
* ,
.
* .
=+
+ (3.33)
1.6.2
.
*
.
*
0 .
CO
i
CI
n
( ) ( ) (3.34)
, CO j (cash out), CI j (cash in), C CI COj j j .
1.6.3
* ,
.
*
,
.
3-28 / []-
[ 1] ( : )
(F) (G)
0
1
2
3
4





-23,616
10,000
10,000
10,000
10,000
-23,616
0
5,000
10,000
32,675
→ G
* .
*
.
F 1 2,3,4 25% ,
1 3,4 25% . .
* , .
1.6.4
.

.
,
.
, .
2. ()
2.1
* ,
.
* ?
→
.
3 / 3-29
→ ,
.
2.2 [6]
* ,
.
2.2.1 ()
* .
* .
[ 3.15] ( : )
A B C




()
5,000
700
200
0
20
7,000
350
150
1,000
20
10,000
200
100
3,000
20
* .
*
. 10% .
(Equivalent Uniform Annual Cost)=+
EUAC(A)=5,000 ( / )A P 20 10 +700+200=5,000(0.11746)+900=1,487.3
EUAC(B)=(7,000-1,000) ( / )A P 20 10 +1,000(0.10)+350+150=6,000(0.11746)+600
=1,304.8
EUAC(C)=(10,000-3,000) ( / )A P 20 10 +3,000(0.10)+200+100=7,000(0.11746)+300+300
=1,422.2
2.2.2
* .
* ,
.
3-30 / []-
* 20%
PW=+
PW()=-5,000+2,000 ( / )P A 10 20+1,000 ( / )P F 10
20
=-5,000+2,000(4.192)+1,000(0.615)=3,545.5
PW( )=-3,000+1,500 ( / )P A 10 20 +2,000 ( / )P F 10
20
2.2.3 [1]
*
.
* , ,
.
3.23 .
( : 10, 0, 6%, 2,500)
[ 3.17] ( : )


PW = 0 = -P+ A ( / )P A i 10 ( / ) /P A P Ai
10 .
[ 3.17] A, B 10%, 9%,
2,500 A , B ?

→ B
* .
1,000 (2,000-1,000=1,000) 10
311.6-162.8=148.8, ( / ) , / . .P A i 10 1 000 148 8 6 72 .
( / )P A i 10 8% .
*
, B .
∴ 8% 6% B .
2.2.4
* C [ 3.17] ,
(1) [1]
* A, B, C .
3.24
( : 10, 0, 6%, 7,500)
[ 3.18] ( : )


=-
A
B
C
1,000
2,000
5,000
162.8
311.6
745.0
6.143
6.418
6.711
10%
9%
8%
1,198.2
2,293.4
5,483.2
198.2
293.4
483.2

C
A
* 3 .
A 10% 6% (
) . B A ( 3.23 8%) 6%
.
C A, B B ,
* =5,000-2,000=3,000
* =745-311.6=433.4
* = 0 = -3,000+433.4( / )P A i 10→ ( / ) , / . .P A i
10 3 000 433 4 6 922
3-32 / []-
* ( / ) .P A i 10 6 922 8%.
* C B .
∴ C .
(2)
()
* [ 3.18] (
) , A, B, C
.
* 8,000(1,000+2,000+5,000)
7,500 .
* 8 .
“ ”
A P = 1,000
B P = 2,000
C P = 5,000
A B P = 3,000
A C P = 6,000
B C P = 7,000
A, B, C P = 8,000
()

* =0, , , [ 3.18] .
* , , , [ 3.19] .
[ 3.19] ( : )





* ()
.
3 / 3-33
01 5 (investment alternatives) .
(minimum rate of return) 11% A, B, C, D E
, . (20) (75)
<> 5
()
()
(%)
10,000
1,100
11
1,200
145
12
1,000
125
125
5,000
650
13
2,500
350
14
→
02 750 .
20, 100 . 20
0 . (rate of return)? (76)
: → (DCF)
03 ( , )
. (20) (78 2)
: LCC=+(+++)-
04 .
, discounted cash flow
. (30) (78 2)
* : 20,000,000
* : 12, 7, .
* 7 10%.
, 300,000 .
* 50% 10% 7 , 50%
.
* 15%
* 50%
3 / 3-35
12 2 . 10 .
10% . (97 2)
, (A/F, 10%, 10)=0.0628, (A/P, 10%, 10)=0.1628 .
X Y



200
95
50
700
120
150

13 5,000 , 8 800.
600, 10%.
? (98 2)

14 MAPI (Urgency rating)
. (2001 1)
[] , .
15 . (2008)
: →
16 3 A .
(, 3 1,000 )
0 1 2 3
(: ) -10,000 4,000 4,000 5,000
1) A (%) . (, )
2) (MARR ; Minimum Attractive Rate of Return) 15% ,
A . (2009)
: () → →

·.
3-38 / []-