ESKALASI
WAWONG DWI RATMINAH
INFLASI
Escalated Discount
Using F/Pe,n Using P/Fi*,n
Today’s $ Escalated $ Net Present Value
Discount
Using P/Ff,n Discount
Using P/Fi*’,n
Constant Dollars
i*’ = [(1+i*)/(1+f)]-1
e = escalation rate
f = inflation rate
i* = escalated $ discount rate
i*’ = constant $ discount rate
i = escalated $ rate of return
I’ = constant $ rate of return
i*’ = [(1+i*)/(1+f)]-1
Contoh :
Today’s dollar values
Rev=$120,000 Rev=$120,000
C0=$60,000 C1=$70,000 OC=$20,000 OC=$20,000
L=0
0 1 2 3
0 1 2 3
ROR minimum = 18%
0 1 2 3
i*'={ (1+18%)/(1+7%)}-1
= 10,3%
0 1 2 3