NET PRESENT VALUE (NPV) INTERNAL RATE OF RETURN (IRR)

ISMU KUSUMANTO

&

Minimum Attractive rate of Return (MARR)

IS COMMONLY USED !EN ESTIMATIN" T!E #RO$ITA%ILITY O$ A #RO#OSED ALTERNATI&E OR !EN E&ALUATIN" T!E RESULTS O$ A COM#LETED #RO'ECT OR IN&ESTMENT

Minimum Attractive rate of Return (MARR)

(uatu cut-off rate )an* men+e,a(-an (uatu .a(i, /a0a inve(ta(i )an* 0i/ertim1an*-an 0a/at 0iterima (ecara minima, !a(i, 0ari (uatu inve(ta(i .aru( ,e1i. 1e(ar atau (ama 0en*an MARR MARR )an* 0iteta/-an /eru(a.aan men**am1ar-an tu+uan /rofit /eru(a.aan ter(e1ut )an* 1ia(an)a 0i0a(ar-an /a0a -e1i+a-an to/2(enior mana*ement ter.a0a/ /e,uan* )an* a-an 0atan* 0en*an (itua(i finan(ia, /eru(a.aan3

Minimum Attractive rate of Return (MARR)

'i-a MARR ter,a,u tin**i ma-a inve(ta(i 0en*an tin*-at /en*em1a,ian )an* 1a*u( a-an 0ito,a 'i-a MARR ter,a,u ren0a. 0i-uatir-an /ro/o(a, )an* ti0a- men*untun*-an a-an 0iterima (1ia(an)a MARR 0iteta/-an (ama 0en*an 1un*a 1an-) MARR .aru(4
5 Le1i. tin**i 0ari co(t of ca/ita, 5 Mencermin-an on*-o( -e(em/atan (on*-o( )an* ter+a0i a-i1at ti0a- ter/i,i.n)a (uatu a,ternatif inve(ta(i -arena ter/i,i.n)a a,ternatif ,ain)

#ENENTUAN MARR
5 Tam1a.-an (uatu /er(enta(e teta/ /a0a co(t of ca/ita, 5 Rate of Return 6 ta.un )an* ,a,u 0irata7rata 0i*una-an (e1a*ai MARR ta.un ini 5 "una-an MARR )an* 1er1e0a untu- .ori8on /erencanaan )an* 1er1e0a 0ari inve(ta(i a9a, 5 "una-an MARR )an* 1er1e0a untu- /er-em1an*an )an* 1er1e0a 0ari inve(ta(i a9a, 5 "una-an MARR )an* 1er1e0a untu- inve(ta(i 1aru 0an 0an inve(ta(i )an* 1eru/a /ro)e- /er1ai-an (re0u-(i) on*-o( 5 "una-an a,at mana+emen untu- men0oron*2men*.am1at iinve(ta(i: ter*antun* -on0i(i e-onomi /eru(a.aan 5 "una-an rata7rata tin*-at /en*em1a,ian mo0a, 0ari /emi,i(a.am untu- (emua /eru(a.aan /a0a -e,om/o- in0u(tri )an* (ama

RUMUS MARR
MARR ; i < Cc < Dimana: i 4 (u-u 1un*a inve(ta(i Cc 4 %ia)a ,ain untu- men0a/at-an inve(ta(i 4 fa-tor re(i-o inve(ta(i $a-tor re(i-o 0i/en*aru.i o,e. 4 Re(i-o u(a.a Tin*-at /er(ain*an u(a.a Ti/e mana+emen 4 o/timi(tic: mo(t ,i-e,): /e(imi(tic

!u1un*an MARR 0an Inf,a(i

MARR ; (= < i) (= < f) 7 = Conto. 4 'i-a i ; => ? 0an inf,a(i ; => ? ma-a tin*-at (u-u 1un*a MARR a0a,a. MARR ; (= < >:=) (= < >:=) 7 = ; >:@= ; @= ?
Catatan 4 i )an* 0i/a-ai meru/a-an .a(i, 0ari 4 i < Cc <

# 4 'um,a. /in+aman S 4 'um,a. mo0a, (en0iri

IN&ESTASI ADO NOT!IN"B

Inve(tor a-an ADo Not.in*B ter.a0a/ /ro)e)an* 0i/ertim1an*-an 0an 0ana inve(ta(i )an* 0i(e0ia-an 0iinve(ta(i-an untumen*.a(i,-an IRR )an* (ama 0en*an MARR iCA> ; MARR A,ternatif ADo Not.in*B 0ieva,ua(i /a0a MARR 0an -euntun*an e-uiva,enn)a (e,a,u no,3

PRESENT WORTH
Di(e1ut +u*a 0en*an #re(ent &a,ue (#&) Suatu +um,a. e-uiva,en /a0a /re(ent )an* men+e,a(-an /er1e0aan antara /en*e,uaran e-iva,en 0an /enerimaan e-uiva,en 0ari (uatu ca(. f,o9 inve(ta(i untu- tin*-at 1un*a tertentu3

PW (i ) = Ft (1 + i ) t
t =0

5 0imana > i

PRESENT WORTH

PRESENT WORTH

PRESENT WORTH
Present worth mem/un)ai ciri7ciri )an* mem1uat coco- (e1a*ai 0a(ar untumem1an0in*-an a,ternatif4
5 PW mem/ertim1an*-an time value of money menurut ni,ai i )an* 0i/i,i. 5 PW memu(at-an /a0a ni,ai e-uiva,en ca(. f,o9 0a,am (uatu in0e-( tun**a, /a0a titi- 9a-tu t ; > 5 Ni,ai uniDue tun**a, # ter*antun* /a0a tia/7tia/ tin*-at (uatu 1un*a )an* 0i*una-an 0an ti0ater*antun* /a0a /o,a ca(. f,o9n)a

N#&
Meto0e men*.itun* ni,ai 1er(i. (netto) /a0a 9a-tu (e-aran* (/re(ent)3 A(um(i /re(ent a0a,a. men+e,a(-an 9a-tu a9a, /er.itun*an 1erte/atan 0en*an (aat eva,ua(i 0i,a-u-an (ta.un -e7>)3
Rumus : N#& ; # Dimana: 5 inve(ta(i N#& E > 4 inve(ta(i ,a)aN#& F > 4 inve(ta(i ti0a- ,a)a-

EGAM#LE
Suatu inve(ta(i 0en*an ca(. f,o9 (e1a*ai 1eri-ut 4 Inve(ta(i 4 6> +uta Annua, 1enefit 4 =6 +uta2t. Annua, co(t 4 6 +uta2t. Ni,ai (i(a 4 => +uta Umur inve(ta(i 4 H t. Eva,ua(i,a. -e,a)a-an inve(ta(i t(1 1i,a (u-u 1un*a H ?

'A A%
A% ; =6 +t S ; => AC ; 6 +t

N#& ; 7Inv < A% (#2A:i:n) < S (#2A:i:n) 5 AC (#2A:i:n) N#& ; 76> +t < =6(#2A:H?:H) < =>+t (#2$:H?:H) 5 6+t (#2A:H?:H) N#& ; 76> +t < =6+t (63IJI) < =>+t (>:6J>) 5 6+t (63IJI) N#& ; ) +uta %erarti: inve(ta(i ini ,a)a- untu- 0i,a-(ana-an

INTERNAL RATE O$ RETURN

IRR4 t.e 0i(count rate t.at (et( N#& to 8ero Minimum Acce/tance Criteria4 Accept if the IRR exceeds the required return. Ran-in* Criteria4 Select alternati e !ith the hi"hest IRR Reinve(tment a((um/tion4 A,, future ca(. f,o9( a((ume0 reinve(te0 at t.e IRR3

NPV v.s IRR

#enis Pr$%e& #ro)e- A #ro)e- %
n

In estasi A!al 7=>3>>> 7=63>>>

Penerimaan A&hir Tahun =@3>>> =I3I>>

Ft = PW (i ) t 1 (1 + i )t 12.000 = 10.000 i A* = 20%( IRRA ) 1+i * 17.700 = 15.000 iB * = 18%( IRRB ) 1+i *

NPV v.s IRR

Misal : MARR/i = 10 % maka discounted factor-nya (F P atau (P/F, i, n)) = 0,909
Penerimaa n Pr$%e& A Pr$%e& ) =@3>>> =I3I>> 'isc$unted fact$r >:K>K >:K>K In estasi A!al 7=>3>>> 7=63>>>
IN*AT + Alternatif %an" dipilih : 7PW,n%a -esar 7IRR,n%a . /ARR

NP( K>H =:>HK

#ro)e- A #ro)e- %

IRR @> ? =H ?

N#& K>H =:>HK

NPV v.s IRR

NPV
2700

Proyek B

2000

1089 908

Proyek A
10%

Pilih Proyek B

iB-A 18%

20%

IRR

Pilih Proyek A

 IRR ; ROR ; ROI