List-of-Figures-and-Tables

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Fundamentals of
Investment Appraisal
Martina Röhrich
ISBN: 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
Abbildungsübersicht / List of Figures
Tabellenübersicht / List of Tables
2
Table 1-1 Characteristics of the methods of investment appraisal
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
3
Figure 2-1 Average capital employed
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
4
Table 2-1 Comparison of alternatives by the cost comparison method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
5
Table 2-2 Comparison of alternatives by the cost comparison method with salvage values
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
6
Table 2-3 Basic data for the calculation of critical values
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
7
Figure 2-2 Critical activity quantity by the cost comparison method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
8
Table 2-4 Basic data for the new vehicle
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
9
Table 2-5 Relevant costs with regard to the replacement decision
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
10
Table 2-6 Replacement decision by the cost comparison method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
11
Table 2-7 Check for the replacement decision by the cost comparison method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
12
Table 2-8 Replacement decision by the cost comparison method with salvage values
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
13
Table 2-9 Comparison of alternatives by the profit comparison method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
14
Table 2-10 Comparison of alternatives by the profit comparison method with salvage values
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
15
Table 2-11 Decision about the replacement of the HL Securitas by the profit comparison method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
16
Table 2-12 Decision about the replacement of the BMC Minerva by the profit comparison method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
17
Table 2-13 Comparison of alternatives by the accounting rate of return method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
18
Table 2-14 Comparison of alternatives by the accounting rate of return method with salvage values
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
19
Table 2-15 Replacement decision by the accounting rate of return method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
20
Table 2-16 Calculation of non-discounting payback through average annual cash flow
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
21
Table 2-17 Calculation of non-discounting payback through average annual profit
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
22
Table 2-18 Calculation of non-discounting payback through average annual cash flow with salvage values
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
23
Table 2-19 Calculation of non-discounting payback through average annual profit with salvage values
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
24
Table 2-20 Replacement decision by the non-discounting payback
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
25
Table 2-21 Results from the non-discounting methods of investment appraisal
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
26
Table 3-1 Basic example of the time value of money
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
27
Table 3-2 Cost comparison for the basic example
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
28
Table 3-3 Symbols for the discounting methods of investment appraisal (Continued)
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
29
Table 3-3 Symbols for the discounting methods of investment appraisal
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
30
Table 3-4 Investment’s payments within the example
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
31
Table 3-5 Calculation of present values within the example
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
32
Figure 3-1 Time line illustration of a net present value
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
33
Table 3-6 Complete financial plan, investment of € 70,000 on the capital market
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
34
Table 3-7 Complete financial plan, transaction of the investment, financing with equity
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
35
Table 3-8 Complete financial plan, Transaction of the investment, financing with debt at 100 % and repayment at the end of
the time period in a single sum
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
36
Table 3-9 Complete financial plan, Transaction of the investment, financing with debt at 100 % and repayment at the best
possible rate
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
37
Table 3-10 Calculation of the net present value for Investment 1
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
38
Table 3-11 Calculation of the net present value for Investment 2
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
39
Table 3-12 Net present value method and differential investments
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
40
Figure 3-2 Net present value profile
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
41
Table 3-13 Basic data for the comparison of alternatives by the net present value method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
42
Table 3-14 Calculation of current cash outflow for the comparison of alternatives by the net present value method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
43
Table 3-15 Calculation of net present values for the comparison of alternatives without cash inflow
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
44
Table 3-16 Calculation of net present values for the comparison of alternatives with cash inflows
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
45
Table 3-17 Basic data for the CSA Toutatis
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
46
Table 3-18 Marginal cash flows of new car purchase
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
47
Table 3-19 Equivalent annuity as annualised net present value
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
48
Table 3-20 Comparison of Alternatives by the annuity method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
49
Table 3-21 Calculation of equivalent annuities for the replacement decision
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
50
Table 3-22 Basic data for graphical and arithmetic approximation of the internal rate of return
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
51
Figure 3-3 Graphical estimate of the internal rate of return
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
52
Table 3-23 Calculation of internal rates of return by Excel
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
53
Table 3-24 Illustration of investment desirability ranking conflicts
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
54
Figure 3-4 Net present value profiles for the HL Securitas and the BMC Minerva
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
55
Table 3-25 Calculation of the discounted cumulative cash flow of the HL Securitas
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
56
Table 3-26 Calculation of the discounted cumulative cash flow of the BMC Minerva
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
57
Table 3-27 Results from non-discounting and discounting payback method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
58
Table 4-1: Correction of the input variables
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
59
Table 4-2 Initial data for the comparison of alternatives
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
60
Table 4-3 Net present values for the comparison of alternatives using the correction method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
61
Table 4-4 Data basis for the comparison of alternatives
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
62
Table 4-5: Rise of cash flow by 10 % within the sensitivity analysis
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
63
Table 4-6: Reduction of cash flow by 10 % within the sensitivity analysis
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
64
Table 4-7: Synopsis of the results of the band width analysis
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
65
Table 4-8 Identifying the BMC Minerva’s sensitive input variables
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
66
Table 4-9 Definition of the uncertain input variables
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
67
Table 4-10 Probability distributions of the uncertain input variables
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
68
Table 4-11 Allocation of random numbers to the uncertain input data
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
69
Figure 4-1 Monte Carlo Simulation to incorporate probability distributions of cash flows and economic life
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
70
Table 4-12 Generated random numbers for the uncertain input data
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
71
Table 4-13 Net present values for the iterations
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
72
Table 4-14: Results of the risk analysis
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
73
Figure 4-2 Risk profile
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
74
Table 4-15 Initial data for the comparison of alternatives using the fixed planning
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
75
Figure 4-3 Probability tree
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
76
Table 4-16 Current value of cash flows from the investment depending on the state of the economy
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
77
Table 4-17 Discounted cash flows from the investment project depending on the state of the economy
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
78
Figure 4-4 Decision tree – fixed planning
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
79
Table 4-18 Net present values and weighted net present values in the outcome nodes of period 2 using the fixed planning
approach
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
80
Table 4-19 Discounted cash flows from the investment project depending on the state of the economy
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
81
Figure 4-5 Decision tree – flexible planning
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
82
Table 4-20 Explanation of the way to the results in period 2
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
83
Table 4-21 Net present values in the final nodes in period 2 within the flexible planning approach
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
84
Table 4-22 Overview of the decision nodes in period 1
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
85
Table 4-23 Calculation of the expected net present value for the action ‘no reaction’
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
86
Table 4-24 Calculation of the expected net present value for the action ‘advertising’
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
87
Table 4-25 Summary of the expected net present values for the decision nodes in period 1
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
88
Table 4-26 Summary of useful decisions in the decision nodes of period 1
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
89
Table 4-27 Probability distributions of the uncertain input variable
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
90
Table 4-28 Allocation of random numbers to the uncertain input variable
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
91
Table 4-29 Generated random numbers for the uncertain input variable ‘sales revenues’
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
92
Table 5-1: Calculation of the net present value without and with taxes
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
93
Table 5-2 Derivation of the project’s after tax cash flow
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
94
Table 5-3 Basic data for the calculation of the net present values without taxes
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
95
Table 5-4 Calculation of net present values after tax
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
96
Table 5-5 Comparison of alternatives based on net present values after tax
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
97
Table 5-6 Basic data for the calculation of the net present values without inflation
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
98
Table 5-7 Basic data to set up a complete financial plan
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
99
Table 5-8 Complete financial plan for the BMC Minerva at a discount rate of 5 %
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
100
Table 5-9 Complete financial plan for the BMC Minerva with a debit interest rate of 6 % and a credit interest rate of 5 %
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
101
Table 5-10 Contributions of the assessment criterion ‘Eco Friendliness’
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
102
Table 5-11 Partial values of benefit for the alternatives under consideration
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
103
Table 5-12 Total values for the alternatives considered
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
104
Table 5-13 Basic data for the macroeconomic net present value method
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
105
Table 5-14 Calculation of the macroeconomic net present value
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
106
Future Value Factor
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© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
107
Annuity Future Value Factor
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108
Sinking Fund Factor
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109
Annual Equivalent Factor
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110
Present Value Factor
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
111
Annuity Present Value Factor
Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0
© 2014 Oldenbourg Wissenschaftsverlag GmbH, München
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