TUGAS PERKULIAHAN

P552110002 - MANAJEMEN KEUANGAN

Judul Tugas Tugas 2. Cost of Capital,Capital Structure, Capital Budgetting

Abstrak Jenis Tugas

KELOMPOK
Nama Mahasiswa & NIM
Andree Irawan 55521110013
Dini Chrisnawati 55521110055
Ajeng Pratiwi 55521110057

Capaian Pembelajaran (CPMK)

1. Mampu menjelaskan dan memahami biaya modal dan struktur modal (CPMK 3, CPL-
S1, P1, KU2)

2. Mampu menjelaskan dan memahami capital budgeting, estimasi arus kas dan analisis
risiko. (CPMK 4, CPL- S1, P1, KU2)
Durasi/Tempo (Minggu)
Diberikan: 07 Mei 2022
4 Minggu (ditulis waktu pengerjaan tugas)
Batas Akhir Pengumpulan : 03 Juni 2022
Penilaian Bobot Persentase Tugas
25 % [Diisi bobot asesmen tugas dari total keseluruhan asesmen]
Instruksi  Kumpulkan laporan hard copy dan soft copy yang diketik pada kertas A4, ukuran font 12,
Pengumpulan Tugas Times New Roman, spasi 1.5 dan ditulis rata kiri dan kanan (justified).
 Laporan ditulis dengan langsung menjawab pertanyaan yang diberikan dan tidak perlu ada
pendahuluan,landasan teori dan sebagainya. Tulis jawaban untuk setiap pertanyaan-baru di
halaman-baru. Halaman laporan ditulis di pojok kanan atas.
 Gunakan Satuan Internasional (SI)
 Semua bukti yang bukan dokumen pribadi harus disertakan sitasi di dalam teks kemudian
ditampilkan eferensinya. Gunakan metode APA untuk menulis referensi.
 Instruksi tambahan ditulis di sini

Pernyataan
Saya/ kami yang bertanda tangan di bawah ini memahami bahwa saya/ kami telah membaca
dan setuju untuk mematuhi peraturan UMB tentang plagiarisme dan penjiplakan dan kebijakan
dan prosedur di Program Studi. Saya/ kami menyetujui proses pengecekan laporan sehingga
tidak ada unsur plagiarisme atau penjiplakan akademik.
 Tanda tangan Tanda tangan Tanda tangan Tanda tangan

................................... ................................... ................................... ...................................

Nama Lengkap Nama Lengkap Nama Lengkap Nama Lengkap

Fakultas Program Studi Disusun Oleh

Nama Fakultas Program Studi Nama Dosen dan Gelar

Capaian Pembelajaran (CPMK):

1. Mampu menjelaskan dan memahami biaya modal dan struktur modal (CPMK 3, CPL- S1, P1,
KU2)
2. Mampu menjelaskan dan memahami capital budgeting, estimasi arus kas dan analisis risiko
(CPMK 4, CPL- S1, P1, KU2)

Komponen Penilaian Nilai Nilai

Maksimal Diberikan

1. Cost of Capital and Capital Structure (CPMK 3, CPL- S1, 50

P1, KU2)
2. Capital Budgetting (CPMK 4, CPL- S1, P1, KU2) 50

Pengumpulan Total Total

Tanda tangan Tanggal 100 XX

Apakah ada penambahan waktu? Pengurangan Pengurangan: Nilai Akhir:

Kesepakatan pengumpulan: keterlambatan
pengumpulan:

Tanda tangan

Koordinator Mata Kuliah/ Kelompok

Bidang Ilmu :
Ya / Tidak
Bagian ini digunakan untuk memberi umpan balik atau informasi lain:
 KRITERIA DAN SKALA PENILAIAN
PROGRAM PASCASARJANA

No Nilai Skala Kriteria

Istimewa. Laporan yang komprehensif, menunjukkan

orisinalitas dan pemahaman mendalam terhadap konteks dan
topik yang ditanyakan. Justifikasi didasarkan pada analisis
1 A 85 - 100 yang tajam, interpretasi data serta evaluasi pengambilan
keputusan yang kesimpulan yang baik. Struktur tulisan
disusun dengan sangat baik disertai bukti dan penggunaan
sumber literatur/sitasi yang tepat.
Cukup istimewa. Laporan menunjukkan pemahaman dan
penguasaan yang mendalam terhadap konteks dan orisinalitas
2 A- 80 - 84,99 yang dapat dipertanggungjawabkan. Penjelasan dan uraian
mengandung daya analisis yang relevan. Kesimpulan
sebagian besar diperoleh dari hasil evaluasi dan sumber
bacaan. Struktur tulisan dan penggunaan sitasi yang baik.
Sangat baik. Menunjukkan pemahaman yang sangat baik
sesuai topik yang ditanyakan. Logika pengambilan keputusan
3 B+ 75 - 79,99 ditulis dengan baik, orisinalitas muatan sebagian besar
didasarkan dari uraian penulis. Alur dan struktur penulisan
baik, serta tingkat komprehensif yang cukup.

Baik. Menunjukkan pemahaman yang baik terhadap topik.

Penjelasan dan pembahasan ditulis dengan baik. Muatan
4 B 70 - 74,99 laporan menampilkan uraian dari sumber literatur dan bacaan
yang relevan, argumen ditulis ringkas. Bukti pendukung
(gambar, diagram, tabel) sesuai.

Cukup baik. Laporan menunjukkan pemahaman cukup baik,

didasarkan pada uraian dan pembahasan yang deskriptif dan
cukup mendalam. Kompleksitas dan orisinalitas isi laporan
5 B- 65 - 69,99
sebagian besar bersumber dari bacaan dan materi ajar.
Penggunaan bukti yang mendukung pembahasan cukup
memadai. Konsistensi format dan gramatikal cukup baik.

Cukup. Laporan menunjukkan pemahaman mendasar

terhadap konteks. Uraian dan penjelasan bersifat deskriptif
6 C 60- 64,99 dan tidak mendalam. Alur dan struktur laporan tidak
diorganisasi dengan baik. Logika pengambilan keputusan
kurang didukung oleh analisis yang sesuai. Terdapat bukti
(gambar, diagram, tabel) yang kurang relevan.
 Skenario
Mengukur kemampuan memahami dan menjelaskan Cost of Capital, Capital Structure dan
Capital Budgetting.

PERTANYAAN TUGAS BESAR 2

Pertanyaan 1. Cost of Capital(CPMK 3, CPL- S1, P1, KU2)……………………...(25%)
The Nealon Manufacturing Company is in the midst of negotiations to acquire a plant
inFargo, Nort Dakota. The company CFO, James Nealon, is the son of the founder and CEO
of the company and heir apparent to the CEO, so he is very concerned about making such a
large commitment of money to the new plant. The cost of the purchase is US$ 40 million,
which is roughly one-half the size of the company today. To begin his analysis, James has
launched the firm’s first ever cost-of-capital estimation. The company’s current balance
sheet, restated to reflect market values, has been converted to percentages as follows:

Type of Financing % of Future

Financing
Bonds ( 8%, $ 1,000 par. 30 year maturity) 38 %
Preferred Stock (5,000 shares outstanding, $ 50 par, $ 1,50 15 %
dividend)
Common Stock 47 %
100

The company paid dividends to its common stockholders of $ 2,50 per share last year, and
the projected rate of annual growth in dividends is 6 percent per year for the indefinite
future. Nealon’s common stock trades over the counter and has a current market price of $
35 per share. In addition, the firm’s bonds have an AA rating. Moreover, AA bonds are
currently yielding 7 percent. The preferred stock has a current market price of $ 19 per
share.
a. If the firm is in a 34 percent tax bracket, what is the weighted average cost of
capital (i.e. firm WACC)
Cost of Common Stock (keke), As per Gordon's Growth Model
P0=D1ke−g
i.e. ke=(D1÷P0)+g
Where, D1=Dividend of next year, P0=Price of current year
g=growth rate

Here,
P0=$35, D1=D0×(1+g), D0=$2.5
g = 6% or 0.06
D1 = $2.5 × (1+0.06) = $2.65
ke = ($2.65÷$35) + 0.06 = 0.1357 or 13.57%

Cost of Bond (kdkd)

kdkd = Interest Rate*(1-Tax rate)

Here,
Coupon Interest Rate = 7%
Tax Rate = 34% or 0.34
kdkd = 7% * (1-0.34) = 4,62%
 Cost of Preferred Stock (kpkp)
kp=Preferred Div per Share ÷ Price per share

Here,
Preferred Div per Share = $1.50
Price per share = $19
kp=$1.50 ÷ $19 = 0.0789 or 7.89%

Firm WACC
WACC = keke * (Percentage of Common Stock Financing) + kdkd * (Percentage of
Debt Financing) + kpkp * (Percentage of Preferred Stock Financing)
WACC = (13.57% * 47%) + (4,62% * 38%) + (7.89% * 15%) = 9.57%

Percentage of Future Cost (B) Weight Cost (A×B)

Financing (A)

Debt 38% 4,62% 1,76%

Preferred Stock 15% 7.89% 1,18%

Common Stock 47% 13.57% 6,38%

WACC 9,32%

b. In the analysis done so far we have not considered the effects of flotation costs.
Assume now that Nealon is raising a total of $ 40 million using the above financing
mix. New debt financing will require that the firm pay 50 basis points (i.e, one half a
percent) in issue cost, the sale of preferred stock will require the firm to pay 200
basis points in flotation costs of 500 basis points.

Calculation of Floatation Costs

Total Required Financing = $40 million
Debt Financing = $40 million * 38% = $15.2 million
Common Stock = $40 million * 47%= $18.8 million
Preferred Stock = $40 million * 15% = $6 million

Floatation Cost:
Debt = 50 basis points i.e. 0.50%
Common Stock = 500 basis points 5%
Preferred Stock = 200 basis points 2%
Financing Amount Floating Cost (B) Amount of Floating
(A) Cost (A*B)

Debt $ 15,200,000 0,50% $ 76,000

Common Stock $ 18,800,000 5% $ 940,000

Preferred Stock $ 6,000,000 2% $ 120,000

Total Floating Cost $ 1,136,000

 i. What are the total floatation costs the firm will incur to raise the needed $ 40
million ?

Total Floatation cost = 38%*0.5%*40+ 15%*2%*40+ 47%*5%*40

= $1.136Million

ii. How should the flotation costs be incorporated into the analysis of the $ 40 million
investment the firm plants to make ?
.
Floatation costs are the costs incurred to raise $40million. This amount is paid to
Bankers for their services. So Firm will receive $40M-1.136M = $38.864 Million.

Floatation cost Floatation cost Amt Raised Weight

%
Bonds 0.50% $ 0.076 $ 15.124 39%
Common stock 5% $ 0.940 $ 17.860 46%
Pref Stock 2% $ 0.120 $ 5.880 15%
Total $ 38.864 100%
Using Floatation cost, we recalculate the weights as above & shown in excel.
So WACC with Floatation cost
= 7%*39%*(1-34%) + 13.57%*46% + 7.89%*15%
= 9.23%

Pertanyaan 2. Capital Structure (CPMK 3, CPL- S1, P1, KU2)……………(25%)

Hewlett-Packard Co. Balance Sheet.

(October 31,2007)
On September 27,2007, Apple Inc (AAPL) reported the following sources of financing in
its Balance Sheet:
In Thousand of Dollars Financial Structure
Liabilities :
Current Liabilities
Account Payble $6,230,000
Short Term/Current Debt $0
Other Current Liabilities $3,069,000
Total Current Liabilities $9,299,000
Long-Term Debt $0
Other Long Term Liabilities $1,516,000
Long Term Liabilities $1,516,000
Stockholder Equity $14,532,000
Total Current Liabilities $25,347,000

Moreover, the firm’s 2007 income statement reported earnings of $ 3,496 billion with
no interest expense.
 ($ Thousands) 29-Sep-07 30-Sep-06 '24-Sep-05
Earning before Interest and Taxes 5,008,000 2,818,000 1,815,000
Interest Expense 0 0 0
Income Before Tax 5,008,000 2,818,000 1,815,000
Income Tax Expense -1,512,000 -829,000 -480,000
Net Income 3,496,000 1,989,000 1,335,000

If Apple’s management were considering the possibilities of using debt financing for
the first time, it might look at Hewlet -Packard Corporation (HPQ) as a benchmark
firm for comparison purposes. Hewlett Packard Corporation (HPQ) used debt
financing as shown on the following balance sheet and income statement:

Hewlet-Packard Co. Balance Sheet (October 31, 2007)

In Thousand of Dollars Financial Structure
Liabilities :
Current Liabilities
Account Payble $25,822,000
Short Term/Current Debt $3,186,000
Other Current Liabilities $10,252,000
Total Current Liabilities $39,260,000
Long-Term Debt $4,997,000
Other Long Term Liabilities $5,916,000
Long Term Liabilities $10,913,000
Stockholder Equity $38,526,000
Total Current Liabilities $88,699,000

Income Statement (Thousand)

($ Thousands) 31-Okt-07 31-Okt-06 31-Okt-05
Earning before Interest and Taxes 9,466,000 7,440,000 3,759,000
Interest Expense -289,000 -249,000 -216,000
Income Before Tax 9,177,000 7,191,000 3,543,000
Income Tax Expense -1,913,000 -993,000 -1,145,000
Net Income 7,264,000 6,198,000 2,398,000

a. Describe the capital structure of Hewlett-Packard using both debt ratio and interest
bearing debt ratio
Answer
Debt to Asset Ratio = (Total Liabilitas / Total Aset) x 100%
= (39.260.000.000 + 10.913.000.000) / (88.699.000.000) x 100%
= (50.173.000.000) / (88.699.000.000) x 100%
= 56, 5655%
Debt to Equity Ratio = (Total Liabilitas / Total Ekuitas) x 100%
= (39.260.000.000 + 10.913.000.000) / (38.526.000.000) x 100%
= (50.173.000.000) / (38.526.000.000) x 100%
= 130, 2315%
Interest Bearing Debt to Asset Ratio = (Total Beban Bunga / Total Aset) x 100%
= (289.000.000) / (88.699.000.000) x 100%
= 0, 3258%
 Interest Bearing Debt to Equity Ratio = (Total Beban Bunga / Total Ekuitas) x 100%
= (289.000.000) / (38.526.000.000) x 100%
= 0, 7501%

b. What is the Hewlett-Packard times interest earned ratio ? if HP faces a principal

payment equal to $ 3 billion, what is the firm’s EBITDA coverage ratio for 2007
(Hint: HP’s tax rate is 20 percent)

Answer
Times Interest Earned Ratio = EBITDA / Interest Expense
= 9.466.000.000 / 289.000.000
= 32, 7543 times
EBITDA coverage ratio for 2007 = EBITDA / (Principal Payment + Interest Expense)
= 9.466.000.000 / (3.000.000.000 + 289.000.000)
= 2. 8781 times

c. Suppose Aple has decided to issue debt financing and use the proceeds to purchase
some of it shares of stock from the open market. What fraction of the fimr’s 2.47
billion shares does the firm need to repurchase so as to make its interest bearing
debt ratio equal to that of Hewlett-Packard ? if Apple had carried out the
transaction by issuing bonds with an 8 percent rate of interest, what would its
earning per share have been in 2007?
Answer
2.047.000.000 (number of shares – Apple Inc.)
$ 14.532.000.000 (total stockholder equity – Apple Inc.)
$ 38.526.000.000 (total stockholder equity – Hewlett Packard Co.)
$ 23.994.000.000 (38.526.000.000 – 14.532.000.000)
$ 11.800 (23.994.000.000 / 2.047.000.000)

EPS (Earning per Share) = Net Income / Number of Shares

= $ 3.496.000.000 / 2.047.000.000
= $ 1, 7079

d. Do you think that the proposed change of capital structure makes good financial
sense ? Why or why not?
Answer
Menurut kami, restrukturisasi modal yang akan dilakukan oleh perusahaan APPLE
akan sangat berisiko apabila mengikuti apa yang telah dilakukan oleh perusahaan HP
karena setelah dilakukan restrukturisasi nantinya maka total liabilitas perusahaan
APPLE akan lebih besar dari total ekuitas perusahaan APPLE sehingga akan sangat
berbahaya dalam jangka panjang dan tentu hal ini juga akan menimbulkan dampak
negatif terhadap kinerja laporan keuangan perusahaan di mata investor.
Pertanyaan 3. Capital Budgetting. (CPMK 4, CPL- S1, P1, KU2)………..(50%)

Danforth & Donnalley Laundry Products Company

Determining relevant Cash Flows
At 3.00 p.m. on April 14,2010, James Damforth, president of Danforth & Donnalley
(D&D) Laundry Products Company, called to order a meeting of the financial directors. The
purpose of the meeting was to make a capital budgeting decision with respect to the
introduction and production of a new product, a liquid detergent called Blast.
D&D was formed in 1993 with the merger of Danforth Chemical Company (producer
of Lift-Off detergent, the leading Laundry Detergent on the west Coast and Donnaley Home
Product Company ( maker of Wave detergent, a major laundry product in the midewest). As
aresult of the merger, D&D was producing and marketing two major products line. Although
these products were in direct competition, they were not without product differentiation :
Lift-Off was a low suds, concentrated powder, and Wave was amore traditional powder
detergent. Each line brought with it considerable brand loyalty; and by 2010 sales form the
two detergent lines had increased ten-fold form 1993 levels, with both products now being
sold nationally.
In the face of increased competition and tehnological innovation, D&D spent large
amount of time and money over the past four years researching and developing a new highly
concentrated liquid laundry detergent. D&D’s new detergent, which it called Blast, had
many obvious advantages over the conventional powdered products. The company felt that
Blast offered consumer benefit in three major areas.Blast was so highly concentrated that
only two ounces were needed to do an average load of laundry, as compared with 8 to 12
ounces of powder detergent. Moreover being a liquid, it was possible to pour Blast directly
on stains and hard-to wash spots, eliminating the need for a pre-soak and giving it cleaning
abilities that powder could not possibly match. And finally, it would be packaged in a
lightweight, unbreakable plastic bottle with a sure-grip handle, making it much easier to use
and more convenient to store than the bulky boxes of powdered detergents with which it
would compete.
The meeting participants included James Danforth, president of D&D; Jim
Donnalley, director of the board, Guy Rainey vice-president in charge of new product;
Urban McDonald, controller; and Steve Gasper, a new comer to the D&D financial staff
who was invited by McDonald to sit on the meeting, Danforth called the meeting to order,
gave a brief statement of its purpose, and immediately gave the floor to Guy Rainey.
Rainey opened with a presentation of the cost and cash slow analysis for the new
product. To keep the things clear, he passed out copies of the projected cash flow to those
present ( see exhibit 1 and 2). In support of this information, he provided some insights and
to how these calculations were determined. Rainey proposed that the initial cost of Blast
include $ 500,000 for the test marketing, which was conducted in the Detroit are and
completed on June of the previous year and $ 2 million for new specialized equipment and
packaging facilities. The estimated life for the facilities was 15 years, after which they
would have no salvage value. this 15-years estimated life assumption coincides with
company policy set by Donnalley not to consider cash flow occurring more than 15 years
into the future, as estimates that far ahead “tend to become little more than blind guesses”.
Rainey cautioned against taking the annual cash flows (as shown in exhibit 1) at face
value because portions of these cash flows actually would be a result of sales that had been
diverted from Lift-Off and Wave. For this reason, Rainey also produced the estimated
annual cash flows that had been adjusted to include only those cash flows incremental to the
company as a whole (as shown in exhibit 2).
At this point, discussion opened between Donnalley and McDonald, and it was concluded
that the opportunity cost on funds was 10 percent. Gasper then questioned the fact that no
cost were included in the proposed cash budget for plant facilities that would be needed to
produce the new product.
Rainey replied that at present time, Lift-Off production facilities were being used at
only 55 percent of capacity and because these facilities were suitable for use in the
production of Blast, no new plant facilities would need to be acquired for the production of
new product line. It was estimated that full production of Blast would only require 10
percent of the plant capacity.
McDonald then asked if there had been any consideration of increased working
capital needs to operate the investment project. Rainey answered that there had, and that this
project would require $ 200,000 of additional working capital, however, of this money
would never leave the firm and would always be in liquid form, it was not considered an
outflow and hence not included in the calculations.
Donnalley argued that this project should be charged something for it use of current excess
plant facilities. His reasoning was that if another firm had space like this and was willing to
rent it out, it could charge somewhere in the neighborhood of $ 2 million. However, he went
to acknowledge that D&D had a strict policy that prohibit renting or leasing any of its
production facilities to any party from outside the firm. If they did not charge for the
facilities, he concluded, the firm might end up accepting projects that under normal
circumstances would be rejected.
From thesediscussion continued, centering on the question of what to do about the lost
contribution from other projects, the test marketing cost, and thw working capital.

Exhibit 1: D&D Laundry Products Company

Forecast of Annual Cash Flows from the Blast Product (Including Cash Flows resulting from
sales diverted from the existing product lines)

Cash
Year Flows Year Cash Flows
1 $280,000 9 $350,000
2 $280,000 10 $350,000
3 $280,000 11 $250,000
4 $280,000 12 $250,000
5 $280,000 13 $250,000
6 $350,000 14 $250,000
7 $350,000 15 $250,000
8 $350,000    

Exhibit 2: D&D Laundry Product Company

Forecast of Annual Cash Flows from the Blast Product (Excluding cash flows resulting from
sales diverted from the existing product lines)

Cash
Year Flows Year Cash Flows
1 $250,000 9 $315,000
2 $250,000 10 $315,000
3 $250,000 11 $225,000
4 $250,000 12 $225,000
5 $250,000 13 $225,000
6 $315,000 14 $225,000
7 $315,000 15 $225,000
8 $315,000    

Questions
1. If you were put in the place of Steve Gasper, would you argue for the cost from
market testing to be included in a cash flow? Why?
Tidak. Arus kas yang terkait dengan pemasaran uji telah terjadi di waktu kasus dan
dengan demikian harus dianggap "biaya hangus." Dalam keputusan penganggaran
modal kami hanya tertarik pada arus kas tambahan pada dasar setelah pajak. Aliran ini
jelas tidak bertahap; apapun keputusannya sehubungan dengan penerimaan atau
penolakan proyek, arus kas keluar ini akan tetap. Pada tanggal yang lebih awal,
sebelum terjadinya pengeluaran ini, seharusnya: telah dimasukkan sebagai arus kas
keluar dalam evaluasi proyek ini, tetapi setelah terjadi, itu bukan lagi arus kas
tambahan.

2. What would your opinion be as to how to deal with the question of working
capital?

Sementara arus kas keluar utama untuk sebagian besar proyek akan dikaitkan dengan
pabrik dan pengeluaran peralatan, berkali-kali pengeluaran ini akan disertai dengan
peningkatan kebutuhan modal kerja. Kebutuhan yang meningkat ini adalah kebutuhan
yang terkait dengan dana yang dibutuhkan untuk persediaan, penggajian, dan
kebutuhan kas dan piutang lainnya dari pelanggan.

Karena peningkatan kebutuhan modal kerja melibatkan pengikatan dana selama umur
proyek, mereka harus dianggap sebagai arus kas keluar dengan sisa modal kerja yang
diperoleh kembali pada saat penghentian operasi. Di dalam kasus, $200,000 yang
dibutuhkan untuk modal kerja harus dianggap sebagai awal aliran keluar dan juga
aliran masuk pada akhir umur proyek di tahun 15. Pada saat ini, beberapa siswa
mungkin masih merasa bahwa investasi dan pemulihan selanjutnya dari dana akan
saling menyeimbangkan; di sini perlu ditekankan bahwa masa kini nilai ekuivalen
dari aliran-aliran ini jauh dari sama.

3. Would you suggest that the product be charge for the use of excess production
facilities and building space?

Karena produksi Blast akan menempati kelebihan kapasitas saat ini, tidak ada
tambahan arus kas terjadi; karenanya, tidak ada yang harus didakwa terhadap Blast.

4. Would you suggest that the cash flows resulting form erosion of sales form
current laundry detergent product be included as a cash inflow? if there was a
chance of competition introducing a similar product if you did not introduce
Blast, would this affect your answer?

Dalam arti yang ketat, arus kas yang dihasilkan dari kehilangan penjualan ke lini
produk yang ada tidak boleh dimasukkan sebagai arus kas masuk. Arus kas ini tidak
 inkremental dalam bahwa jika proyek tidak diterima, mereka akan tetap terjadi. Jika
tampaknya pesaing dapat memperkenalkan produk serupa, pendekatan terhadap erosi
pasar dari lini produk yang ada dapat berubah.

Dalam hal ini, erosi pasar mungkin ada apakah proyek baru diperkenalkan atau tidak;
karenanya, arus kas mungkin tambahan. Dalam industri deterjen cuci, di mana
persaingan sangat ketat, ini mungkin sebenarnya asumsi rasional.

Jadi, jika arus kas dari erosi penjualan tidak dipertimbangkan, hal itu dapat
mengakibatkan penolakan proyek yang akan dapat diterima oleh pesaing, yang
mengakibatkan pengenalan produk ini selanjutnya oleh kompetisi. Oleh karena itu,
erosi penjualan lini produk yang ada mungkin tidak lagi tergantung pada pengenalan
Blast. Singkatnya, pertanyaan tampaknya bermuara pada kemampuan dan
kemungkinan persaingan memperkenalkan produk serupa.

5. If debt were used to finance this project, should the interest payments associated
with this new debt be considered cash flows?
Tidak. Aliran ini dipertimbangkan dalam proses pendiskontoan dan diwakili oleh
biaya peluang atau "biaya modal." Untuk memasukkan mereka sebagai arus kas
menghasilkan penghitungan ganda arus ini

6. What are the NPV, IRR and PI of this project, both including cashflows
resulting from sales diverted from the existing product line (exhibit 1) and
excluding cash flows resulting from sales diverted from the existing product line
(exhibit 2) ? under the assumption that there is a good chance that competition
will introduce a similar product if you don’t, would you accept or reject the
project ?

Tahun Termasuk Arus Dari Erosi Tidak Termasuk Arus Dari

Penjualan Jalur yang Ada Erosi Penjualan Jalur yang Ada

-2.2 M

0 -2.2 M
 250,000 x (3.7908)

1-5 280,000 x (3.7908)

315,000 x (6.1446 - 3.7908)

6-10 350,000 x (6.1446 - 3.7908)

225,000 x (7.6061 - 6.1446)

11-15 250,000 x (7.6061 - 6.1446)

200,000 x (0.23939) 200,000 x (0.23939)

15

NPV = $98,507 NPV = - $134,137

PI = 1.0447 PI = 0.9390
IRR = Sedikit kurang dari 11% IRR = 9%

Jika pengenalan produk serupa oleh persaingan mungkin terjadi, maka arus kas dari erosi
penjualan lini produk yang ada harus dimasukkan; maka, proyek harus diterima karena
memiliki NPV positif, PI > 1.0 dan IRR > tingkat peluang..