Interest 10%

Project A Project B Project A Project B

Year Cash Flow (CF) Cash Flow (CF) Discount factor (DF) DCF DCF
0 -500,000 -500,000 1.00 -500,000 -500,000
1 50,000 75,000 0.91 45,455 68,182
2 150,000 100,000 0.83 123,967 82,645
3 350,000 150,000 0.75 262,960 112,697
4 600,000 150,000 0.68 409,808 102,452
5 500,000 900,000 0.62 310,461 558,829

(Pakai Fungsi FORMULA FINANCIAL di Excel) (DIHITUNG SECARA MANUAL)

NPV = 652,650 424,805 652,650 424,805
IRR = 39.08% 28.60% (LIHAT TABEL KANAN ATAS)

PILIH PROYEK YANG MEMPUNYAI NPV ATAU IRR YG LEBIH BESAR, PILIH
 PERHITUNGAN IRR SECARA MANUAL PERHITUNGAN IRR SECARA MANUAL
Project A Project B
39% 40% 28% 29%
DF DCF DF DCF DF DCF DF
1 (500,000.00) 1.00 (500,000.00) 1 (500,000.00) 1.00
0.72 35,971.22 0.71 35,714.29 0.78125 58,593.75 0.78
0.52 77,635.73 0.51 76,530.61 0.610352 61,035.16 0.60
0.37 130,323.77 0.36 127,551.02 0.476837 71,525.57 0.47
0.27 160,728.19 0.26 156,184.92 0.372529 55,879.35 0.36
0.19 96,359.83 0.19 92,967.22 0.291038 261,934.47 0.28
1,018.74 (11,051.94) 8,968.31
Berarti IRR berada antara 39% sd 40%, lebih dekat ke 39% Berarti IRR berada antara 39% sd 40%, lebih dekat ke

LEBIH BESAR, PILIH PROYEK A

ARA MANUAL
ject B
29%
DCF
(500,000.00)
58,139.53
60,092.54
69,875.05
54,166.70
251,938.16
(5,788.01)
a 39% sd 40%, lebih dekat ke 29%
PAYBACK PERIOD

Blank Project A Project A Outlays Project B Project B Outlays

Revenues Revenues
Year 0 Blank $500,000 Blank $500,000
Year 1 $50,000 Blank $75,000 Blank
Year 2 150,000 Blank 100,000 Blank
Year 3 350,000 Blank 150,000 Blank
Year 4 600,000 Blank 150,000 Blank
Year 5 500,000 Blank 900,000 Blank

PROJECT A
(1-X) X
Cash Flow (CF) Cum. CF
Year 0 (500,000) (500,000)
Year 1 50,000 (450,000)
Year 2 150,000 (300,000)
Year 3 350,000 50,000 50000
Year 4 600,000 650,000
Year 5 500,000 1,150,000 2 3

300000

Persamaan segitiga
300,000/(1-X) = 50,000 / X
300,000 X = 50,000 (1-X)
X = 50,000/(350,000) =
X = 0,143

Payback period Proyek A = 3-0,143 = 2,857 years

PROJECT B
Cash Flow (CF) Cum. CF Sama dengan Persamaan segitiga di atas,
Year 0 (500,000) (500,000)
Year 1 $75,000 (425,000) X = 25,000/900,000 = 0,03
Year 2 100,000 (325,000)
Year 3 150,000 (175,000) Payback period Proyek B = 4,03 years
Year 4 150,000 (25,000)
Year 5 900,000 875,000
JADI PILIH PROYEK A, yang mempunyai PP lebih kec
 0.142857

gitiga di atas,

= 4,03 years

ng mempunyai PP lebih kecil

DISCOUNTED PAYBACK PERIOD
interest rate = 10%
Blank Project A Project A Project B Project B
Revenues Outlays Revenues Outlays
Year 0 Blank $500,000 Blank $500,000
Year 1 $50,000 Blank $75,000 Blank
Year 2 150,000 Blank 100,000 Blank
Year 3 350,000 Blank 150,000 Blank
Year 4 600,000 Blank 150,000 Blank
Year 5 500,000 Blank 900,000 Blank

PROYEK A

Discounted
Discount
Cash Flow Factor Cash Flow Cum. DCF
(DCF)
Year 0 (500,000) 1.000 (500,000) (500,000)
Year 1 $50,000 0.909 45,455 (454,545)
Year 2 150,000 0.826 123,967 (330,579)
Year 3 350,000 0.751 262,960 (67,618) Discounted Payback Period = 3 + 67,618/(67,6
Year 4 600,000 0.683 409,808 342,190
Year 5 500,000 0.621 310,461 652,650

PROYEK B
Discounted
Cash Flow Discount Cash Flow Cum. DCF
Factor
(DCF)
Year 0 (500,000) 1.000 (500,000) (500,000)
Year 1 $75,000 0.909 68,182 (431,818)
Year 2 100,000 0.826 82,645 (349,174)
Year 3 150,000 0.751 112,697 (236,476)
Year 4 150,000 0.683 102,452 (134,024) Discounted Payback Period = 4 + 134024/(134
Year 5 900,000 0.621 558,829 424,805

Jadi pilih Proyek A , yang mempunyai D

ck Period = 3 + 67,618/(67,618+342,190) = 3,16 tahun

ck Period = 4 + 134024/(134024+424805) = 4,24 tahun

k A , yang mempunyai DPP lebih kecil