问题 问答题

A、B是两个互斥项目,其预期净现金流量和计算的净现值(折现率15%)如下图所示:

项目A:

净现值NPVA=5374(元)

项目B:

净现值NPVB=3807(元)

要求:

(1) 用年等额净回收额法确定A、B两个投资项目的优劣;

(2) 用方案重复法确定A、B两个投资项目的优劣;

(3) 用最短计算期法确定A、B两个投资项目的优劣。

(P/A,15%,6)=3.7845;(P/A,15%,3)=2.2832;(P/F,15%,3)=0.6575

答案

参考答案:

(1) 年等额净回收额法

A项目年等额净回收额NAA=5374/(P/A,15%,6)=1420(元)

B项目年等额净回收额NAB=3807/(P/A,15%,3)=1667.40(元)

因为NAA<NAB,所以B项目较优。

(2) 方案重复法

假定B项目重置一次,将年限延长至6年,然后再将其净现值与项目A净现值进行比较,图示如下:

NPVB=3807+3807×(P/F,15%,3)=6310.10(元)

项目B扩展后净现值为6310.10元比项目A净现值5374元大,所以项目B优于项目A。

(3) 最短计算期法

B项目3年期的净现值=3807(元)

A项目换算成3年期的净现值=5374×(A/P,15%,6)×(P/A,15%,3)=3242.15(元)

比较换算成3年期的A、B两项目的净现值,B项目较优。

阅读理解

It is April 10. It is Tuesday. Cindy gets up at 6:30 in the morning. She is in her blue skirt. She really likes that skirt. Then she goes into the kitchen. She loves eggs and apples in the morning.

Cindy’s mother is a teacher at her school. Cindy is in the second grade (年级), and her mother teaches the fourth grade. Cindy is excited (兴奋) about going to school today because her class has a test (测试). Cindy loves school and she likes to get good grades (成绩). Cindy eats her breakfast and then she and her mother go to school. Cindy goes to her classroom and her history teacher, Ms. Brown is there. It is fun to be in Ms. Brown’s class. She is a great teacher. Now Cindy’s classmates are all in the classroom, and they start the test. Cindy remembers (记得) everything, so she can do everything right. After the test, Cindy and her classmates play for a long time. Then they eat lunch. After lunch, they watch a funny movie (电影). Then they draw pictures. It is really a great day!

小题1: What grade is Cindy in?

A.Grade One.

B.Grade Two.

C.Grade Three.

D.Grade Four.小题2:What does Cindy like to eat for breakfast?

A.Eggs and apples.

B.Milk and bananas.

C.Eggs and carrots.

D.Chicken and apples.小题3: -Why is Cindy excited about going to school today? -Because they have ____.

A.a trip

B.a party

C.a movie

D.a test小题4:What do the children do after the test?

A.They swim.

B.They draw pictures.

C.They play.

D.They watch a movie.小题5:Which (哪个) is right according to the passage (根据短文)?

A.Cindy likes the blue shirt.

B.Cindy is a good student.

C.Cindy’s mother is a teacher of history.

D.It’s really boring that day.

单项选择题