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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 Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0 © 2014 Oldenbourg Wissenschaftsverlag GmbH, München 107 Annuity Future Value Factor Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0 © 2014 Oldenbourg Wissenschaftsverlag GmbH, München 108 Sinking Fund Factor Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0 © 2014 Oldenbourg Wissenschaftsverlag GmbH, München 109 Annual Equivalent Factor Fundamentals of Investment Appraisal, Martina Röhrich ISBN 978-3-11-034718-0 © 2014 Oldenbourg Wissenschaftsverlag GmbH, München 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
