By Heinz Lothar Grob
Dreh- und Angelpunkt dieser Einführung in die Investitionsrechnung ist die vollständige Finanzplanung. In sprachlich lockerer shape wird das Bemühen eines Geschäftsführers und seines Experten um die Beurteilung eines Investitionsobjektes geschildert.
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Additional info for Capital Budgeting with Financial Plans: An Introduction
The latter are extemal funds, the former are intemal funds. When defining the initial value of the investment project we focus our attention on the investment outlay. e. the investment outlay equals the amount of intemal funds in t=O. The difference between this critical investment outlay and the effective (or actual) investment outlay is defined as the net initial value. In other words, the initial value of the investment is the sum of intemal funds and net initial value . This connection can also be stated as follows: NI = IF + IOcrit- 10.
Thus the internal rate af return is appraximately 14%. - Calculating the Payback Period Ta determine the payback perlad lp in the case af Ievel net payments the perlad index t must be increased cantinuously until the fallawing Statement halds true: PV(t) = -10 + P X pvat,i ~ 0 It is easier ta determine tn by salving the inequality far the present value af annuity factar and laaking up the carrespanding payback period in a table af present value af annuity factars. 456. This is the case for n=5.
This implies that it takes Ionger until the project is amortized the higher the discount rate is. e. future money is worth relatively less. 8% amortization is not possible at all. - Criterion of decision The payback period in itself is not a criterion of decision, it is simply used for additional information. Therefore a - Recommendation cannot be given. 32 Capital Budgeting 3 Quintessence While analyzing the results Y noticed that everything depended on the right discount rate. 8% ? Consequently all interest was focused on the discount rate.