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1.

Bn cn tit kim bao nhiu tin trong nm nay c th c tin tr cho 3 khon
thanh ton sau: khon th nht l $3000 tr vo nm th hai, khon th hai l $4000 tr
vo nm th 5, khn th ba l $5000 tr vo nm th 7. Bit li sut l 6%/nm.
Gii:

$3000

$4000

$5000

P = $3000*(P/F,6%,2)+ $4000*( P/F,6%,5)+ $5000*( P/F,6%,7)


= $3000*0.89+$4000*0.747+$5000*0.665
= $8983

2. Mt cng ty ang xem xt hai loi my:


a. My A: gi $15000 v chi ph hot ng hng nm l $3000. My ny c gi tr cn
li l $5000 sau 3 nm hot ng
b. My B: gi $20000 v chi ph hot ng hng nm l $2000. Tui th kinh t ca
my l 4 nm. Gi tr ca li ca my l $8000
Sut sinh li ti thiu chp nhn c ca cng ty l 12%. Gi inh rng cng ty s cn
s dng loi my trn trong vng 12 nm v gi mua my s khng thay i trong
tng lai. Hy tnh PW, FW v AW.
Gii:
Tnh PW v FW:
Dng tin:

My A:

5
0

15

12
15

My B

8
0

20

8
12

20
2

PWA = $15000 $3000*(P/A,12%,12) + ($5000 $15000)*(P/F,12%,3) +


($5000-$15000)*(P/F,12%,6)+ ($5000 $1500)*(P/F,12%,9) +5*(P/F,12%,12)
= - $15000 $3000*6.194 $10000*0.712 $10000*0.507 $10000*0.361
+$5000*0.257
= - $48097
PWB = $20000 $2000*(P/A,12%,12) + ($8000 $20000)*(P/F,12%,4)
+($8000 $20000)*(P/F,12%,8) +$8000*(P/F,12%,12)
= -$20000 $2000*6.194 - $12000*0.636 $12000*0.404 + $8000*0.257
= -$42812
FWA = $15000*(F/P,12%,12) $3000*(F/A,12%,12) + ($5000 $15000)*(F/P,12%,3)
+($5000 $15000)*(F/P,12%,6)+ ($5000 $15000)*(F/P,12%,9) +$5000

= - $15000*3.896 $3000*24.133 10000*1.405 $10000*1.974 $10000*2.773


+$5000
= -$187359
FWB = - $20000*(F/P,12%,12) $2000*(F/A,12%,12) + ($8000 $20000)*(F/P,12%,4)
+($8000 $20000)*(F/P,12%,8) + $8000
= -$20000*3.896 $2000*24.133 $12000*1.574 $12000*2.476 +$8000
= - $166786

Tnh AW:
Dng tin:
My A:

5
0

2
3

3
3

15

My B:
8
0

20

AW(A) = -3 15*(A/P,12%,3) + 5*(A/F,12%,3)


= -3 15*0.416 +5*0.296
= - 7.76 (nghn $)

AW(B) = - 2 20*(A/P,12%,4) + 8*(A/F,12%,4)


= - 2 20*0.329 +8*0.209
= - 6.908 (nghn $)
3. So snh hai d n sau:
S nm hot ng (n)
A
B
0
-16000
-20000
1
7500
5000
2
7500
15000
3
7500
8000
a. Tnh IRR cho tng phng n. Chn phng n no vi MARR = 10% ?
b. Tnh IRR() vi MARR = 10%. Chn phng n no ?
Gii:
a. Phng n A:
PWR PWC = 0

-16000 + 7500*(P/A,i,3) = 0

PW(18%) = 305
PW(20%) = -205
(

Phng n B
PWR PWC = 0

> MARR => Chn phng n A

20000 + 5000*(P/F,i,1) + 15000*(P/F,i,2) + 8000*(P/F,i,3) = 0

PW(17%) = 232
PW(20%) = -793

> MARR => Chn phng n B

b.
N
0
1
2
3
IRR
IRRB-A:

A
-16000
7500
7500
7500
19,194%

B
-20000
5000
15000
8000
17,65%

B-A
-4000
-2500
7500
500
74,23%

Ta c: PW(B-A)Thu=PW(B-A)Chi
4000 = -2500.(P/F,IRRB-A,1) + 7500.(P/F, IRRB-A,2)+500.(P/F,IRRB-A,3)
4000 = -2500/(1+IRRB-A) + 7500/(1+IRRB-A)2 + 500/(1+IRRB-A)3
IRRB-A = 13,08%>MARR => chn B

4. Mt cng ty A mua mt my cy gi $62500. Cng ty ny phi tr ph vn chuyn my


v cng ty l $725. Chi ph tr cho ngi lp t my l $2150. Thi gian hu ch ca
my l 15 nm. SV= $2000. Khu hao theo phng php SL.
a. Tnh gi tr khu hao hng nm v gi tr bt ton nm th 10.
b. CFBT = $8000/nm, TR = 40%. Xc nh CFAT.
c. Gi s 50% vn u t ban u l vn vay. Hng nm tr li v vn gc u. Li sut
cho vay l 5%/nm trn vn gc ban u. Xc nh CFAT, bit rng thi on khon
vay l 5 nm. S dng CFBT ca cu b.
d. Gi s rng 20% vn u t ban u l vn vay. Hng nm tr li u vi li sut l
10%/nm trn vn gc ban u. Vn gc tr vo cui nm th 10, bit thi hn vay l
15 nm. Xc nh CFAT.
e. Tnh gi tr hin ti ca d n cu c v d. Bit MARR = 10%.
Gii:
a. Chi ph khu hao hng nm:
(

Gi tr bt ton nm th 10:

b. Tin thu:

5. Mt cng ty sn xut nha gia dng bn 1 sn phm vi gi 5000. sn xut


nha, cng ty d kin u t 1 dy chuyn sn xut nh sau: gi mua dy chuyn sn
xut 200 triu ng, chi ph vn hnh hng nm 50 ng /nm, gi cn li 30 triu
ng, tui th 10 nm. vn hnh thit b ny cn c 15 cng nhn, mc lng tr
cho mi cng nhn l 15000/h. Trong 1 ngy (8h) dy chuyn sn xut ny c th sn

xut ra 2000 sn phm. Bit MARR = 5%. Phi sn xut bao nhiu sn phm trn nm
th mi mua dy chuyn sn xut trn.
Gii:
CR = 200*(A/P,5%,10) 30*(A/F,5%,10)
= 200*0.13 30*0.08 = 23.6 triu ng
Chi ph bin i n v l:

Q* = (23,600,000 + 50,000,000)/(5,000-900) = 17952 ng


Vy cn sn xut 17952 sn phm/nm th mi nn mua dy chuyn dn xut trn.