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[主观题]

Warden Co plans to buy a new machine. The cost of the machine, payable immediately, is $80

0,000 and the machine has an expected life of five years. Additional investment in working capital of $90,000 will be required at the start of the first year of operation. At the end of five years, the machine will be sold for scrap, with the scrap value expected to be 5% of the initial purchase cost of the machine. The machine will not be replaced.

Production and sales from the new machine are expected to be 100,000 units per year. Each unit can be sold for $16 per unit and will incur variable costs of $11 per unit. Incremental fixed costs arising from the operation of the machine will be $160,000 per year.

Warden Co has an after-tax cost of capital of 11% which it uses as a discount rate in investment appraisal. The company pays profit tax one year in arrears at an annual rate of 30% per year. Capital allowances and inflation should be ignored.

Required:

(a) Calculate the net present value of investing in the new machine and advise whether the investment is financially acceptable. (7 marks)

(b) Calculate the internal rate of return of investing in the new machine and advise whether the investment is financially acceptable. (4 marks)

(c) (i) Explain briefly the meaning of the term ‘sensitivity analysis’ in the context of investment appraisal; (1 mark) (ii) Calculate the sensitivity of the investment in the new machine to a change in selling price and to a change in discount rate, and comment on your findings. (6 marks)

(d) Discuss the nature and causes of the problem of capital rationing in the context of investment appraisal, and explain how this problem can be overcome in reaching the optimal investment decision for a company. (7 marks)

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更多“Warden Co plans to buy a new machine. The cost of the machine, payable immediately, is $80”相关的问题

第1题

The warden seems to think that the couple's accommodation is ______.A.cosyB.unpleasantC.sp

The warden seems to think that the couple's accommodation is ______.

A.cosy

B.unpleasant

C.spacious enough

D.well furnished

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第2题

以下哪些是容器引擎()。

A.Docker

B.rkt

C.Warden

D.eclipse

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第3题

听力原文: The innovative computer company CompCo celebrated its opening today at its new f
acilities in the Montrose Park neighborhood of the city. As part of the celebration, CompCo gave a tour of its facilities to local dignitaries and hosted a banquet inside its new training center. CompCo has hired 100 employees who will start work at their new positions this week, and plans to hire fifty more before the end of the year. This is wonderful news for our city, which is still struggling after the closure of PC Computer Systems three years ago. Two hundred employees lost their jobs when PC left our city. The loss of businesses like PC has had a significant impact on the local economy. The city leaders are working to attract more technology businesses to the area and are currently negotiating a deal with the Intrax Company. The opening of CompCo is an optimistic start to reviving industry in our city.

What did Comp Co do today?

A.It hired new employees.

B.It gave a training workshop.

C.It negotiated a deal.

D.It had a celebration.

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第4题

In the past, the Park Service focused on making the big scenic parks more【21】______ and co

In the past, the Park Service focused on making the big scenic parks more 【21】______ and comfortable for tourists. Roads were paved to allow "windshield visitors" to experience the grandeur of nature without leaving their cars, and a 【22】______ number of hotels and grocery stores were permitted to open 【23】______ the park boundaries.

Now this trend is changing. Plans have been made to 【24】______ the parks to their natural condition as much as possible. The objective of such a move would be to secure the preservation of the parks for future generations, 【25】______ allowing present-day visitors to experience pure wilderness, 【26】______ from any obvious signs of civilization -- an opportunity which is quickly disappearing in the twentieth century. 【27】______ plans call only 【28】______ a reduction in the number of cars 【29】______ into the parks each day, but 【30】______ , tourists may have to leave their cars at the gates and then either visit the park on foot 【31】______ use park 【32】______ 【33】______ , stores and hotels may no longer be allowed within park boundaries and even the number of campgrounds may be restricted.

Denali National Park in Alaska serves as an excellent 【34】______ for this new type of park, one which has been changed only slightly from its 【35】______ state. There is only one road, unpaved in 【36】______ , which cross 【37】______ Denali. As car traffic is strictly limited, many visitors experience the magnificent 【38】______ and wildlife from a park bus. There are no hotels or stores and only seven campgrounds within Denali's 3,000 square miles. This 【39】______ isolation offers backpackers, canoeists, and other sport enthusiasts a 【40】______ physical and psychological challenge.

【21】

A.possible

B.accessible

C.approachable

D.reachable

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第5题

[ A] patterns [ B] designs [ C] plans [ D] schemes

[ A] patterns

[ B] designs

[ C] plans

[ D] schemes

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第6题

The scientists made()plans for landing a man on the moon.

A.acute

B.elaborate

C.virtual

D.delicate

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第7题

A.plansB.undertakesC.consistsD.intrudes

A.plans

B.undertakes

C.consists

D.intrudes

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第8题

A speaker plans to give a speech about the development of the Pony Express. In order t

A.Chronological.

B.Spatial.

C.Topical.

D.Problem-solution.

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第9题

听力原文:Don't you have any plans for the weekend?(A) Yes, that's my plan.(B) Normally I d

听力原文:Don't you have any plans for the weekend?

(A) Yes, that's my plan.

(B) Normally I do, but not this weekend.

(C) I had so much tun last weekend.

(22)

A.

B.

C.

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第10题

听力原文:(A) The books have been stacked on the table.(B) The plans have been shelved.(C)

听力原文:(A) The books have been stacked on the table.

(B) The plans have been shelved.

(C) The tickets are already booked.

(D) The shelves are filled with books.

A.

B.

C.

D.

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第11题

听力原文:Ann: Ben! You can't park here! There's a double yellow line.Ben: Oh, we'll be bac

听力原文:Ann : Ben! You can't park here! There's a double yellow line.

Ben : Oh, we'll be back in a few minutes. It's OK.

Ann : Oh, no, it isn't. You'll get a parking ticket if you park here.

Bell : No, I won't. It's half past five. All the wardens have gone home.

Ann : Ben!

Ben : Yes?

Warden : Is this your car, sir?

Ben : Oil, My! Well, I'm sorry, sir. I'm just looking for a ear pork around.

Ann : Yes, he is. And he doesn't know the way well. But can you tell us where we can find a parking space near here, sir?

Warden : There's one an the comer of the second block. But don't park your car by the roadside next time, sir.

Ann : No, no, we won't. Thank you very much, sir.

Ben : You're really good, Ann! But we have to hurry, I'm afraid. We must get back before 6. Ann : But you mustn't drive too fast.

Ben : Take it easy, Ann. Don't be anxious.

Ann : Look, Bea! A police car is following...

Policeman: Excuse me, sir. May I see your licence?

Ben : Of course, sir, Well, I'm sorry I've left it at home.

Policeman: In that case, you'll have to take it to the police station within five days.

Ben : But... but why?

Policeman: You were speeding, sir.

Ben : But I was only doing 35 !

Policeman: There's a 30 miles an hour speed limit on tiffs road, sir.

Ben : Is there? I didn't see the sign...

Policeman: Well, sir. We've been following you.

Ben : So you were doing 35, too.

Policeman: No, sir. We were doing 60 miles an hour. Otherwise we couldn't catch you.

(23)

A.in a car park

B.in the middle of a highway

C.near a police station

D.by the roadside

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