JAWABAN NO.

1
Alternatif 1
1 Harga sewa rata-rata
Kamar non suite
Kamar suite
Pendapatan lainnya 40% pendapatan sewa kamar
TOTAL PENDAPA
2 Beaya operasional dan perawatan = 40% pendapatan tahunan

Analisa Cost Of Capital

70% Modal sendiri dan 30% pinjaman
safe rate
risiko investasi
suku bunga pinjaman

i loan
i equity

Biaya investasi alternatif 1

Biaya investasi alternatif 2

Alternatif 2
1 Harga sewa rata-rata
Kamar non suite
Kamar suite
Pendapatan lainnya 40% pendapatan sewa kamar
TOTAL PENDAPA
2 Beaya operasional dan perawatan = 40% pendapatan tahunan

Analisa Cost Of Capital

70% Modal sendiri dan 30% pinjaman
safe rate
risiko investasi
suku bunga pinjaman

i loan
i equity

Biaya investasi alternatif 1

Biaya investasi alternatif 2
JAWABAN NO.3
Hubungan Beaya Investasi terhadap NPV
Alternatif 1 TANPA terminal value
Biaya Investasi saat ini

Rp120,000,000,000

Alternatif 1 DENGAN terminal value

Alternatif 2 TANPA terminal value

Biaya Investasi saat ini

Rp80,000,000,000
 Harga Jumlah Kamar Okupansi Jumlah Hari
850,000 100 62% 360
1,500,000 30 62% 360
apatan sewa kamar
TOTAL PENDAPATAN TAHUNAN
tan = 40% pendapatan tahunan

6%
9%
12%

3.60%
10.50%

120,000,000,000
80,000,000,000

Harga Jumlah Kamar Okupansi Jumlah Hari

850,000 65 60% 360
1,500,000 65 60% 360
apatan sewa kamar
TOTAL PENDAPATAN TAHUNAN
tan = 40% pendapatan tahunan

6%
6%
13%

3.90%
8.40%

120,000,000,000
80,000,000,000
adap NPV

Kenaikan Biaya Investasi Biaya Investasi NPV

Naik 10% 110% Rp132,000,000,000 Rp 41,309,003,162
Naik 20% 120% Rp144,000,000,000 Rp 32,141,595,111
Naik 30% 130% Rp156,000,000,000 Rp 22,974,187,060
Naik 40% 140% Rp168,000,000,000 Rp 13,806,779,009
Naik 50% 150% Rp180,000,000,000 Rp 4,639,370,958
Naik 60% 160% Rp192,000,000,000 -Rp 4,528,037,093

Kenaikan Biaya Investasi Biaya Investasi NPV

Naik 10% 125% Rp100,000,000,000
Naik 20% 120% Rp96,000,000,000
Naik 30% 130% Rp104,000,000,000
Naik 40% 140% Rp112,000,000,000
 JAWABAN NO.2

Biaya sewa Alternatif 1 TANPA terminal value

18,972,000,000 No
Keterangan
10,044,000,000 1
11,606,400,000 2 Cost of Capital (i) loan = 3.60%
40,622,400,000 3 Cost of Capital (i) equity = 10.50%
16,248,960,000 4 MARR (WACC) investasi = 14.10%
5 Beaya Investasi
6 Penerimaan pinjaman
7 Pembayaran pinjaman
8 Penerimaan operasional
9 Beaya operasional
10 Terminal Value
11 Net Cash Flow
12 Discount Factor
13 DCF (PV) arus kas terdiskon
14 NPV (Net Present Value)
15 IRR = 63.37%

Alternatif 1 DENGAN terminal value

No
Keterangan
1
2 Cost of Capital (i) loan = 3.60%
3 Cost of Capital (i) equity = 10.50%
Biaya sewa 4 MARR (WACC) investasi = 14.10%
11,934,000,000 5 Beaya Investasi
35,100,000,000 6 Penerimaan pinjaman
18,813,600,000 7 Pembayaran pinjaman
65,847,600,000 8 Penerimaan operasional
26,339,040,000 9 Beaya operasional
10 Terminal Value
11 Net Cash Flow
12 Discount Factor
13 DCF (PV) arus kas terdiskon
14 NPV (Net Present Value)
15 IRR = 43.79%

Alternatif 2 TANPA terminal value

No Keterangan
1
2 Cost of Capital (i) loan = 3.90%
 3 Cost of Capital (i) equity = 8.40%
4 MARR (WACC) investasi = 12.00%
5 Beaya Investasi
6 Penerimaan pinjaman
7 Pembayaran pinjaman
8 Penerimaan operasional
9 Beaya operasional
10 Terminal Value
11 Net Cash Flow
12 Discount Factor
13 DCF (PV) arus kas terdiskon
14 NPV (Net Present Value)
15 IRR = 58.65%

Alternatif 2 DENGAN termninal value

No Keterangan
1
2 Cost of Capital (i) loan = 3.90%
3 Cost of Capital (i) equity = 8.40%
4 MARR (WACC) investasi = 80.00%
5 Beaya Investasi
6 Penerimaan pinjaman
7 Pembayaran pinjaman
8 Penerimaan operasional
9 Beaya operasional
10 Terminal Value
11 Net Cash Flow
12 Discount Factor
13 DCF (PV) arus kas terdiskon
14 NPV (Net Present Value)
15 IRR = 73.47%
 Tahun ke-
0 1 2 3

(192,000,000,000)
Rp57,600,000,000
-Rp14,009,801,381 -Rp8,756,125,863 -Rp8,756,125,863
40,622,400,000 Rp65,847,600,000 Rp65,847,600,000
16,248,960,000 -Rp26,339,040,000 -Rp26,339,040,000

-Rp134,400,000,000 Rp42,861,558,619 Rp30,752,434,137 Rp30,752,434,137

1 1.14 1.30 1.49
-Rp134,400,000,000 Rp37,564,906,765 Rp23,621,540,015 Rp20,702,489,058
-Rp4,528,037,093
IL 15% NPVL Rp46,822,400,201
IU 65% NPVU -Rp1,576,164,754

Tahun ke-
0 1 2 3

-Rp120,000,000,000
Rp36,000,000,000
-Rp9,283,034,934 -Rp9,283,034,934 -Rp9,283,034,934
Rp65,847,600,000 Rp65,847,600,000 Rp65,847,600,000
-Rp26,339,040,000 -Rp26,339,040,000 -Rp26,339,040,000

-Rp84,000,000,000 Rp30,225,525,066 Rp30,225,525,066 Rp30,225,525,066

1.00 1.12 1.25 1.40
(84,000,000,000) 26,987,075,952 24,095,603,528 21,513,931,722
61,119,722,248
IL 15% NPVL Rp 60,914,817,156
IU 45% NPVU -Rp2,556,789,683

Tahun ke-
0 1 2 3
 (80,000,000,000)
24,000,000,000
(6,003,677,569) (5,312,988,999) (5,312,988,999)
65,847,600,000 65,847,600,000 65,847,600,000
(26,339,040,000) (26,339,040,000) (26,339,040,000)

(56,000,000,000) 33,504,882,431 34,195,571,001 34,195,571,001

1 1.12 1.25 1.40
(56,000,000,000) 29,915,073,599 27,260,499,841 24,339,732,001
83,975,234,821
IL 9% NPVL 97,277,871,308
IU 60% NPVU -Rp 2,636,990,422

Tahun ke-
0 1 2 3

80,000,000,000
(24,000,000,000)
(6,003,677,569) (5,312,988,999.33) (5,312,988,999.33)
65,847,600,000 65,847,600,000 65,847,600,000
(26,339,040,000) (26,339,040,000) (26,339,040,000)

56,000,000,000 33,504,882,431 34,195,571,001 34,195,571,001

1.00 1.12 1.25 1.40
56,000,000,000 29,915,073,599 27,260,499,841 24,339,732,001
175,124,957,687
IL 15% NPVL Rp 174,174,561,286
IU 75% NPVU -Rp 4,568,943,431
 4 5 6

-Rp8,756,125,863 -Rp8,756,125,863 -Rp8,756,125,863

Rp65,847,600,000 Rp65,847,600,000 Rp65,847,600,000
-Rp26,339,040,000 -Rp26,339,040,000 -Rp26,339,040,000

Rp30,752,434,137 Rp30,752,434,137 Rp30,752,434,137

1.69 1.93 2.21
Rp18,144,162,189 Rp15,901,982,638 Rp13,936,882,241

ke-
4 5 6

-Rp9,283,034,934 -Rp9,283,034,934 -Rp9,283,034,934

Rp65,847,600,000 Rp65,847,600,000 Rp65,847,600,000
-Rp26,339,040,000 -Rp26,339,040,000 -Rp26,339,040,000
Rp41,154,750,000
Rp30,225,525,066 Rp30,225,525,066 Rp71,380,275,066
1.57 1.76 1.97
19,208,867,609 17,150,774,651 36,163,468,787

ke-
4 5 6
 (5,312,988,999) (5,312,988,999) (5,312,988,999)
65,847,600,000 65,847,600,000 65,847,600,000
(26,339,040,000) (26,339,040,000) (26,339,040,000)

34,195,571,001 34,195,571,001 34,195,571,001

1.57 1.76 1.97
21,731,903,572 19,403,485,332 17,324,540,475

ke-
4 5 6

(5,312,988,999.33) (5,312,988,999.33) (5,312,988,999.33)

65,847,600,000 65,847,600,000 65,847,600,000
(26,339,040,000) (26,339,040,000) (26,339,040,000)
(41,154,750,000)
34,195,571,001 34,195,571,001 (6,959,178,999)
1.57 1.76 1.97
21,731,903,572 19,403,485,332 (3,525,736,659)