[商管] [財管] 政大財管99考古
2.Mr.Lee must decide when to replace his autoclave. His current autoclave
will require increasing amounts of maintenance each year and can last for
another 4 years. The resale value of the equipment falls every year.
The following table presents this data.
Year Maintenance costs Resale value
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Today $0 $900
1 200 850
2 275 700
3 325 500
4 450 200
Mr.Lee can purchase a new autoclave for $3,000. The new autoclave has an
economic life of five years. At the end of each of those years, the new
autoclave will require $50 of maintenance. He expects to be ablue to sell
the new autoclave for $1,000 at the end of five years. Assume Mr.Lee will
pay no taxes. The apporpriate discount rate for this decision is 10%.
When should he replace his current autoclave?
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我的問題
此題是要分別算出在第0年重置、第1年……至第4年重置，哪年NPV最大
但我解出的答案卻和參考解答觀念有落差
例如我寫的：
<第0年重置>
(200-50) (275-50) (325-50) (450-50)
NPV = 900-3,000 + －－－－ + －－－－ + －－－－ + －－－－
1+10% (1+10%)^2 (1+10%)^3 (1+10%)^4
50 1,000
- －－－－ + －－－－
(1+10%)^5 (1+10%)^5
= -708
參考解答上寫：
50 50 50 50
NPV = 900-3,000 - －－－－ - －－－－ - －－－－ + －－－－
1+10% (1+10%)^2 (1+10%)^3 (1+10%)^4
50 1,000
- －－－－ + －－－－
(1+10%)^5 (1+10%)^5
不知道為什麼會是這樣呢？
我的想法是既然買了新機器
那麼舊的所省下來的維修費用(例如第一期就省了(200-50)) 不用考慮進去嗎
寫了不少題目 似乎都要考慮？
這題為何不是這樣解呢？(還是我觀念有誤.........)
希望有看得懂我的問題
謝謝回答～～～～！！！！
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◆ From: 125.227.128.6
※ 編輯: chi1104 來自: 125.227.128.6 (01/27 00:08)
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