Ch6 - نسخة.ppt
•Download as PPT, PDF•
0 likes•7 views
This chapter discusses how to evaluate and select between mutually exclusive capital investment alternatives by examining their cash flows over time using discounted cash flow methods like net present value. It outlines how the alternative with the lowest initial investment that provides satisfactory results should be chosen, unless a larger investment's incremental benefits exceed its incremental costs when discounted at the firm's minimum acceptable rate of return. The chapter also covers how to compare investment and cost alternatives by looking at their net present values and internal rates of return relative to the minimum acceptable rate of return.
Report
Share
Report
Share
Recommended
Kuliah bab6
This document discusses evaluating and selecting between mutually exclusive capital investment alternatives that have different initial costs, cash flows, and lifetimes. The key methods discussed are:
1) Calculating the present worth, future worth, or annual worth of each alternative to directly compare their economic merits.
2) Using incremental analysis to sequentially evaluate alternatives from lowest to highest cost and determine if each incremental investment is economically justified.
3) Adjusting cash flows as needed to compare alternatives over an appropriate study period when lifetimes are unequal, using repeatability or cotermination assumptions.
1.pdf
This document discusses various methods for comparing alternative investments or projects, including present worth analysis, annual cost analysis, rate of return analysis, benefit-cost analysis, and break-even analysis. It provides examples of how to use each method to evaluate alternatives and select the superior option. Specifically, it explains that present worth analysis is used to rank alternatives that are mutually exclusive and have the same lifetime, while annual cost analysis handles those with unequal lives. Rate of return and benefit-cost analysis can incorporate incremental analysis to evaluate pairs of alternatives.
Ch6.ppt
This chapter discusses evaluating capital investment alternatives using time value of money concepts. It examines mutually exclusive alternatives based on economic considerations alone. The alternatives may have different initial investments and varying annual revenues and costs. The chapter provides rules for selecting the best alternative, either the one with the minimum investment that provides satisfactory results, or one with a larger investment if its incremental benefits exceed those from investing the same funds elsewhere. There are two types of alternatives - investment alternatives that generate positive cash flows and cost alternatives that have all negative cash flows except potential disposal value. The selection criteria is to choose the alternative with the largest positive net present value for investment alternatives, or the alternative with the highest negative NPV (smallest in absolute value) for cost alternatives.
Method of evaluating alternatives.ppt
This document discusses methods for evaluating project alternatives using equivalence, including present worth comparison, future worth comparison, and annual cost comparison.
Present worth comparison discounts cash flows to the present using a discount rate to determine which alternative has the highest present worth. It can be used to compare alternatives with equal or unequal lives.
Future worth comparison evaluates the future worth of each cash flow component without discounting to the present. It provides insight into future receipts but offers no advantage over present worth comparison.
Annual cost comparison converts all payments into an annual cost series at a given interest rate. It is the most widely used method due to its simplicity and ease of understanding. The alternative with the lowest annual cost is chosen.
Capital Bugeting - Discounted Cash Flow Methods.pptx
This document discusses various discounted cash flow methods for capital budgeting and long-term investment decisions. It describes methods like net present value (NPV), internal rate of return (IRR), and profitability index (PI). For each method, it provides the key formula, how to calculate it, and merits and demerits. It also introduces the concept of terminal value, which represents the expected future value of an investment beyond the initial projected period. Accounting for terminal value is important for accurate long-term financial forecasting and investment decision making.
economy Chapter6 2011_by louy Al hami
This document discusses methods for evaluating capital investment alternatives that have different cash flows over time. It provides two rules: 1) for investment alternatives, select the one with the greatest positive equivalent worth using the MARR, and 2) for cost alternatives, select the one that minimizes costs. It also discusses comparing alternatives using net present value, internal rate of return, and the incremental investment analysis procedure. Key points covered include ensuring a comparable basis, dealing with alternatives that have unequal lives, and common errors to avoid when using rates of return for analysis.
17738379 capital-budgeting
The document discusses capital budgeting and the discounted cash flow method for evaluating capital expenditure projects. It provides details on:
- Capital budgeting is the process of analyzing long-term investment projects involving major capital outlays and deciding whether to accept or reject them. It allows for long-range planning of capital expenditures.
- The discounted cash flow method discounts future cash flows to present value, allowing projects to be compared regardless of the timing of cash flows. It explicitly considers the time value of money, making it useful for long-term decisions.
- There are two approaches under the discounted cash flow method: net present value and internal rate of return. Net present value compares the present value of cash inflows
Farm credit appraisal techniques
This document discusses various methods for analyzing agricultural credit and farm finance, including net present value (NPV) analysis, benefit-cost ratio (BCR) analysis, and internal rate of return (IRR) analysis. It provides examples of calculating NPV, BCR, and IRR for a fish farming project. It also discusses limitations of different methods and the importance of sensitivity analysis and considering distributional impacts.
Recommended
Kuliah bab6
This document discusses evaluating and selecting between mutually exclusive capital investment alternatives that have different initial costs, cash flows, and lifetimes. The key methods discussed are:
1) Calculating the present worth, future worth, or annual worth of each alternative to directly compare their economic merits.
2) Using incremental analysis to sequentially evaluate alternatives from lowest to highest cost and determine if each incremental investment is economically justified.
3) Adjusting cash flows as needed to compare alternatives over an appropriate study period when lifetimes are unequal, using repeatability or cotermination assumptions.
1.pdf
This document discusses various methods for comparing alternative investments or projects, including present worth analysis, annual cost analysis, rate of return analysis, benefit-cost analysis, and break-even analysis. It provides examples of how to use each method to evaluate alternatives and select the superior option. Specifically, it explains that present worth analysis is used to rank alternatives that are mutually exclusive and have the same lifetime, while annual cost analysis handles those with unequal lives. Rate of return and benefit-cost analysis can incorporate incremental analysis to evaluate pairs of alternatives.
Ch6.ppt
This chapter discusses evaluating capital investment alternatives using time value of money concepts. It examines mutually exclusive alternatives based on economic considerations alone. The alternatives may have different initial investments and varying annual revenues and costs. The chapter provides rules for selecting the best alternative, either the one with the minimum investment that provides satisfactory results, or one with a larger investment if its incremental benefits exceed those from investing the same funds elsewhere. There are two types of alternatives - investment alternatives that generate positive cash flows and cost alternatives that have all negative cash flows except potential disposal value. The selection criteria is to choose the alternative with the largest positive net present value for investment alternatives, or the alternative with the highest negative NPV (smallest in absolute value) for cost alternatives.
Method of evaluating alternatives.ppt
This document discusses methods for evaluating project alternatives using equivalence, including present worth comparison, future worth comparison, and annual cost comparison.
Present worth comparison discounts cash flows to the present using a discount rate to determine which alternative has the highest present worth. It can be used to compare alternatives with equal or unequal lives.
Future worth comparison evaluates the future worth of each cash flow component without discounting to the present. It provides insight into future receipts but offers no advantage over present worth comparison.
Annual cost comparison converts all payments into an annual cost series at a given interest rate. It is the most widely used method due to its simplicity and ease of understanding. The alternative with the lowest annual cost is chosen.
Capital Bugeting - Discounted Cash Flow Methods.pptx
This document discusses various discounted cash flow methods for capital budgeting and long-term investment decisions. It describes methods like net present value (NPV), internal rate of return (IRR), and profitability index (PI). For each method, it provides the key formula, how to calculate it, and merits and demerits. It also introduces the concept of terminal value, which represents the expected future value of an investment beyond the initial projected period. Accounting for terminal value is important for accurate long-term financial forecasting and investment decision making.
economy Chapter6 2011_by louy Al hami
This document discusses methods for evaluating capital investment alternatives that have different cash flows over time. It provides two rules: 1) for investment alternatives, select the one with the greatest positive equivalent worth using the MARR, and 2) for cost alternatives, select the one that minimizes costs. It also discusses comparing alternatives using net present value, internal rate of return, and the incremental investment analysis procedure. Key points covered include ensuring a comparable basis, dealing with alternatives that have unequal lives, and common errors to avoid when using rates of return for analysis.
17738379 capital-budgeting
The document discusses capital budgeting and the discounted cash flow method for evaluating capital expenditure projects. It provides details on:
- Capital budgeting is the process of analyzing long-term investment projects involving major capital outlays and deciding whether to accept or reject them. It allows for long-range planning of capital expenditures.
- The discounted cash flow method discounts future cash flows to present value, allowing projects to be compared regardless of the timing of cash flows. It explicitly considers the time value of money, making it useful for long-term decisions.
- There are two approaches under the discounted cash flow method: net present value and internal rate of return. Net present value compares the present value of cash inflows
Farm credit appraisal techniques
This document discusses various methods for analyzing agricultural credit and farm finance, including net present value (NPV) analysis, benefit-cost ratio (BCR) analysis, and internal rate of return (IRR) analysis. It provides examples of calculating NPV, BCR, and IRR for a fish farming project. It also discusses limitations of different methods and the importance of sensitivity analysis and considering distributional impacts.
Depreciation and the Time Value of Money: A primer of the arXiv article
A primer of the arXiv article by Brendon Farrell
Article link: https://arxiv.org/ftp/arxiv/papers/1605/1605.00080.pdf
Contact: brendon.farrell@griffithuni.edu.au
Chapter 5 present worth analysis -with examples
1. The document discusses various methods for analyzing engineering project alternatives using present worth analysis, including analyzing alternatives with equal lives, different lives, and infinite lives.
2. Key methods include using the least common multiple of lives or a specified study period to convert alternatives to equal service for comparison, and calculating the capitalized cost for alternatives with infinite lives.
3. The examples demonstrate how to use these present worth analysis methods to evaluate alternatives, convert cash flows to present worth, and select the alternative with the highest present worth value or lowest capitalized cost.
Chapter 5 present worth analysis -with examples
The document discusses various techniques for economic analysis of alternatives using present worth analysis:
1. Present worth analysis requires converting all cash flows to their present value using the minimum attractive rate of return. Costs are assigned a negative sign and revenues a positive sign.
2. For mutually exclusive alternatives, the alternative with the highest positive present worth is selected. For independent projects, all alternatives with a positive present worth are selected.
3. When alternatives have unequal lives, they must be compared over an equal period of time using either the least common multiple of lives or a specified study period.
4. Capitalized cost analysis is used to evaluate alternatives that have an extremely long useful life and is calculated as the annual
Week 3 Ppt.pptx
This document summarizes a presentation about present worth analysis. It defines present worth as the current value of future cash flows discounted at a specified rate. It explains that present worth analysis focuses on future cash flows, discounting them to determine the net present value (NPV) using a minimum acceptable rate of return (MARR) or weighted average cost of capital (WACC) as discount rates. The document provides an example comparing the present worth of equipment from two vendors over different time periods to determine which has a higher NPV at a 15% MARR. Vendor B is selected as it has a present worth of -$41,384 compared to -$45,036 for Vendor A.
Net Present Value Vs Profitability Index
This document discusses capital budgeting and methods for evaluating investment projects. It introduces net present value (NPV) and profitability index (PI) as discounted cash flow methods for project evaluation. NPV calculates the present value of future cash flows less the initial investment, while PI is the ratio of present value of cash inflows to initial investment. Both methods accept projects with positive NPV or PI over 1. The document also discusses the advantages and limitations of each method and how NPV is preferred for mutually exclusive projects since it selects the project with the highest positive NPV.
WORKING CAPITAL PRACTICESWORKING CAPITAL PRACTICES.docx
WORKING CAPITAL PRACTICES
WORKING CAPITAL PRACTICES
Tanelle Peppers
Business 650
Ashford University
WORKING CAPITAL PRACTICESCapital budgeting are the planning methods used by organza tons to decide which of its long Term investments are worth pursuing. Since most organizations are at the moment restructuring Their working capital practices, in order to discover untapped cash sources .The main methods Used for capital budgeting are Internal rate of return, Net present value, Real options analysis, Payback period, Profitability index, and Equivalent annuity.
Net Present Value
It’s used in estimating each potential project's worth using a discounted cash flow valuation. The valuation requires estimating the size and timing of all the incremental cash flows from the project. The NPV is greatly affected by the discount rate, so selecting the proper rate–sometimes called the hurdle rate–is critical to making the right decision.
This should reflect the riskiness of the investment, typically measured by the volatility of cash flows, and must take into account the financing mix. Managers may use models, such as the CAPM or the APT, to estimate a discount rate appropriate for each particular project, and use the weighted average cost of capital (WACC) to reflect the financing mix selected. A common practice in choosing a discount rate for a project is to apply a WACC that applies to the entire firm, but a higher discount rate may be more appropriate when a project's risk is higher than the risk of the firm as a whole.
Internal Rate of Return
The internal rate of return (IRR) is defined as the discount rate that gives a net present value (NPV) of zero. It is a commonly used measure of investment efficiency.
The IRR method will result in the same decision as the NPV method for non-mutually exclusive projects in an unconstrained environment, in the usual cases where a negative cash flow occurs at the start of the project, followed by all positive cash flows. Nevertheless, for mutually exclusive projects, the decision rule of taking the project with the highest IRR, which is often used, may select a project with a lower NPV.
One shortcoming of the IRR method is that it is commonly misunderstood to convey the actual annual profitability of an investment. Accordingly, a measure called "Modified Internal Rate of Return (MIRR)" is often used.
Payback Period
Payback period in capital budgeting refers to the period of time required for the return on an investment to "repay" the sum of the original investment. Payback period intuitively measures how long something takes to "pay for itself.” All else being equal, shorter payback periods are preferable to longer payback periods.
The payback period is considered a method of analysis with serious limitations and qualifications for its use, because it does not account for the time value of money, risk, financing, or other important considerations, such as the opportunity cost.
Profitability Index
Prof.
Whole life science
The document discusses whole life cost analysis and economic measures used to evaluate investment alternatives. It explains that whole life costs should be calculated for each alternative and the option with the lowest cost selected. It then describes four common economic measures - payback period, net savings, savings-to-investment ratio, and internal rate of return - that can help justify additional initial investments by demonstrating future financial benefits. These measures analyze costs, savings, and rates of return to evaluate and compare investment options.
Impact of Firm Size on Capital Budgeting Techniques: An Empirical Study of Te...
This study examines the type of capital budgeting methods used by textile firms in Pakistan and impact of firm
size on these methods. This study also investigates the relationship between the total assets of the firm and
annual turnover of the firm according to primary capital budgeting technique used. Questionnaire method is used
as a source of gathering primary data. SPSS is used as tool for analysis of data. Cross tabulation is applied on
each variable. Chi square test is also applied to investigate the relationship between total assets of firm and total
turnover of the firm according to primary capital budgeting technique used. Findings of this study reveal that net
present value method and internal rate of return are two mostly used methods. Findings also show that there is no
relationship between the total assets of the firms and turnover of the firm according to capital budgeting
technique used by firms. These results are well supported by the literature.
Economic analysis
The document discusses cost benefit analysis and cost efficiency analysis. It defines cost benefit analysis as a method used to understand the costs and benefits of a project or investment in monetary terms, and determine if benefits outweigh costs. Cost efficiency analysis ensures maximum output with minimum costs. The document outlines the steps of a cost benefit analysis, advantages and disadvantages, and provides examples to compare cost benefit analysis and cost efficiency analysis.
pp 11.pptx
This document discusses research on the cost of capital from the perspectives of corporate finance specialists, managerial economists, and economic theorists. It notes that economic theorists often assume assets yield known returns, implying the cost of capital is the bond rate. However, this ignores uncertainty. The study aims to analyze how debt financing affects security prices, critique MM Proposition I, and examine how leverage and taxes affect the cost of capital. It will take a partial equilibrium approach, treating some prices as given, and develop a model to answer the cost of capital question under uncertainty.
ADV. FINANCIAL MANAGEMENT ASSIGNMENT
The document is a project report submitted by Rutuja Deepak Chudnaik for their M.Com degree. The report focuses on comparing the Payback Method and Internal Rate of Return (IRR) Method for capital budgeting and investment decisions. The report includes an introduction to capital budgeting, the objectives and basic principles. It also provides details on the calculation of payback period for projects with constant and uneven cash flows. The report is submitted to the University of Mumbai under the guidance of their project guide, Prof. Dhiren Kanabar.
PRESENT WORTH ANALYSIS.pptx
The document discusses present worth analysis for evaluating mutually exclusive alternatives. It describes that present worth analysis requires alternatives to have equal lives or the lives must be adjusted to be equal. It provides two approaches to handle unequal lives: 1) compare alternatives over the least common multiple of their lives (LCM approach) or 2) use a fixed study period that does not consider full alternative lives. The document demonstrates both approaches through examples.
L2 flash cards equity - SS 10
The document discusses various methods for valuing companies and estimating required returns. It covers sum-of-the-parts valuation, conglomerate discounts, characteristics of good valuation models, different return concepts such as holding period return and required returns, methods to estimate required returns including CAPM and multifactor models, and discount rates. It also discusses Porter's five forces framework and factors that influence industry competition and profitability.
Capital Budgeting.ppt
Capital budgeting is the process of evaluating long-term investment projects. It involves estimating the future cash flows of a project, including initial costs and future annual cash inflows. Discounted cash flow methods like NPV, IRR and profitability index are commonly used to evaluate projects, but simpler methods like payback period and average rate of return are also used in practice due to uncertainty and limited funds. While NPV is preferred in theory, profitability index may be better when funds are constrained. Multiple techniques are often considered together to make capital budgeting decisions.
Lecture 3_Economics of Planning.pdf
The document discusses power system planning and economics. It begins by defining key terms used in power system planning and economic analysis, such as revenue, costs, profit, depreciation, interest rates, and present value. It then explains the cash flow concept and time value of money. The main method of economic analysis discussed is the present worth method. This method is explained for both equal-life and different-life alternatives. Calculating the present worth and selecting the alternative with the highest present worth is the approach. Examples are provided to illustrate present worth analysis for both equal-life and different-life power system projects or alternatives. Factors that drove a shift to smaller power plants in the 1960s from the previous economies of scale approach
Question 1· (Part 1)· Using a 4.5 discount rate, calculat.docx
Question 1
· (Part 1)
· Using a 4.5% discount rate, calculate the Net Present Value, Payback, Profitability Index, and IRR for each of the investment projects below (note, the inflows are for each year). Based on your calculations rank the projects and support you answer.
·
· Project 1
· Initial Invest= $490,000, Cash inflows of $100,000 for years 1-5 and $50,000 for years 6-10.
·
· Project 2
· Initial Invest= $970,000, Cash inflows of $400,000 for years 1-3, $0 for years 4-7 and $250,000 for years 8-10.
·
· Project 3
· Initial Invest= $820,000, Cash inflows of $300,000 for years 1-5, $0 for years 6-9 and $100,000 for year 10.
·
· (Part 2)
· Assuming a budget of $1,100,000 what are your recommendations for the three projects in the above problem. Explain.
·
Assuming a budget of $2,200,000 what are your recommendations for the above problem? Explain.
BBA 3301, Financial Management 1
UNIT VII STUDY GUIDE
Capital Budgeting
Learning Objectives
Upon completion of this unit, students should be able to:
1. Contrast mutually exclusive project decisions and stand-alone project
decisions.
2. Calculate payback periods.
3. Calculate net present value (NPV) for various investment projects.
4. Calculate internal rate of return (IRR) using Excel.
5. Calculate the profitability index (PI) to compare capital projects.
6. Contrast results from various capital budgeting techniques by assessing
the strengths and weaknesses.
Written Lecture
This unit combines tools from time value of money and applies them to the most
important element of management, long-term planning. The managerial function
is concerned with the allocation of resources and the deployment of capital
(money) to long-term projects and is pivotal to the life of a business.
Capital budgeting involves the planning of large expenditures on long-term
(capital) projects. Ranked in order of increasing risk, common categories of
capital budgeting include replacement, expansion, or new products/ventures.
Capital budgeting projects can be further classified as either stand-alone or
mutually exclusive. A stand-alone project has no competing alternatives.
Mutually exclusive projects involve selecting one project from among two or
more alternatives. Mutual exclusivity may be due to constraints in budget
(amount), or limited resources (available land, human resources, machinery,
etc.).
The typical structure of a capital budgeting analysis involves a negative initial
outlay, then a series of positive cash flows such as those provided below:
Example
C0 $(50,000)
C1 15,000
C2 15,000
C3 15,000
C4 15,000
C5 15,000
The above example will be used to illustrate the commonly used capital
budgeting techniques. The following techniques are stressed in this unit:
Payback Period: determines how many years it takes to recover initial cost.
Using this method, shorter paybacks are better (when compar ...
Question 1· (Part 1)· Using a 4.5 discount rate, calculat.docx
Question 1
· (Part 1)
· Using a 4.5% discount rate, calculate the Net Present Value, Payback, Profitability Index, and IRR for each of the investment projects below (note, the inflows are for each year). Based on your calculations rank the projects and support you answer.
·
· Project 1
· Initial Invest= $490,000, Cash inflows of $100,000 for years 1-5 and $50,000 for years 6-10.
·
· Project 2
· Initial Invest= $970,000, Cash inflows of $400,000 for years 1-3, $0 for years 4-7 and $250,000 for years 8-10.
·
· Project 3
· Initial Invest= $820,000, Cash inflows of $300,000 for years 1-5, $0 for years 6-9 and $100,000 for year 10.
·
· (Part 2)
· Assuming a budget of $1,100,000 what are your recommendations for the three projects in the above problem. Explain.
·
Assuming a budget of $2,200,000 what are your recommendations for the above problem? Explain.
BBA 3301, Financial Management 1
UNIT VII STUDY GUIDE
Capital Budgeting
Learning Objectives
Upon completion of this unit, students should be able to:
1. Contrast mutually exclusive project decisions and stand-alone project
decisions.
2. Calculate payback periods.
3. Calculate net present value (NPV) for various investment projects.
4. Calculate internal rate of return (IRR) using Excel.
5. Calculate the profitability index (PI) to compare capital projects.
6. Contrast results from various capital budgeting techniques by assessing
the strengths and weaknesses.
Written Lecture
This unit combines tools from time value of money and applies them to the most
important element of management, long-term planning. The managerial function
is concerned with the allocation of resources and the deployment of capital
(money) to long-term projects and is pivotal to the life of a business.
Capital budgeting involves the planning of large expenditures on long-term
(capital) projects. Ranked in order of increasing risk, common categories of
capital budgeting include replacement, expansion, or new products/ventures.
Capital budgeting projects can be further classified as either stand-alone or
mutually exclusive. A stand-alone project has no competing alternatives.
Mutually exclusive projects involve selecting one project from among two or
more alternatives. Mutual exclusivity may be due to constraints in budget
(amount), or limited resources (available land, human resources, machinery,
etc.).
The typical structure of a capital budgeting analysis involves a negative initial
outlay, then a series of positive cash flows such as those provided below:
Example
C0 $(50,000)
C1 15,000
C2 15,000
C3 15,000
C4 15,000
C5 15,000
The above example will be used to illustrate the commonly used capital
budgeting techniques. The following techniques are stressed in this unit:
Payback Period: determines how many years it takes to recover initial cost.
Using this method, shorter paybacks are better (when compar ...
Capital budgetingtraining
Capital budgeting is the process of evaluating potential long-term investments and capital expenditures. It involves estimating cash flows, assessing risk, determining discount rates, and calculating metrics like net present value and internal rate of return to determine if a project is economically acceptable and should receive funding. Capital is a limited resource for companies, so capital budgeting helps management identify projects that will contribute most to profits and shareholder value. The key steps are to focus on incremental cash flows, account for the time value of money using techniques like NPV, and make go/no-go decisions on whether projects are worth undertaking based on their expected returns.
Ch 09
This document discusses the concept of cost of capital and how to calculate it. It explains that the cost of capital is the minimum required rate of return for a project or firm given the risks. It then outlines different methods for calculating the cost of capital, including the weighted average cost of capital (WACC) and capital asset pricing model (CAPM). The document also discusses using market values versus book values for weights and calculating divisional or project specific costs of capital.
CAPITAL BUDGETING.pptx
Capital budgeting involves planning long-term capital expenditures and investments. There are various techniques used to evaluate capital budgeting proposals, including non-discounting methods like payback period and accounting rate of return, as well as discounted cash flow methods like net present value, internal rate of return, and profitability index. Each method has benefits but also limitations, such as not accounting for the time value of money. Cost of capital refers to the minimum return required to undertake an investment and involves calculating the specific costs of different sources of financing like debt, equity, and retained earnings, as well as weighing them to determine an overall cost.
CRYPTOCURRENCY REVOLUTIONIZING THE FINANCIAL LANDSCAPE AND SHAPING THE FUTURE...
Cryptocurrency, a digital or virtual form of currency that uses cryptography for security, has revolutionized the financial landscape. Originating with Bitcoin's inception in 2009 by the pseudonymous Satoshi Nakamoto, cryptocurrencies have grown from niche curiosities to mainstream financial instruments, reshaping how we think about money, transactions, and the global economy.
The birth of Bitcoin marked the beginning of the cryptocurrency era. Unlike traditional currencies issued by governments and controlled by central banks, Bitcoin operates on a decentralized network using blockchain technology. This technology ensures transparency, security, and immutability of transactions, fundamentally challenging the centralized financial systems that have dominated for centuries.
Bitcoin was conceived as a peer-to-peer electronic cash system, aimed at providing an alternative to the traditional banking system plagued by inefficiencies, high fees, and lack of transparency. The underlying blockchain technology, a distributed ledger maintained by a network of nodes, ensures that every transaction is recorded and cannot be altered, thus providing a secure and transparent financial system.
June 20, 2024
CRYPTOCURRENCY: REVOLUTIONIZING THE FINANCIAL LANDSCAPE AND SHAPING THE FUTURE
Cryptocurrency: Revolutionizing the Financial Landscape and Shaping the Future
Cryptocurrency, a digital or virtual form of currency that uses cryptography for security, has revolutionized the financial landscape. Originating with Bitcoin's inception in 2009 by the pseudonymous Satoshi Nakamoto, cryptocurrencies have grown from niche curiosities to mainstream financial instruments, reshaping how we think about money, transactions, and the global economy.
#### The Genesis of Cryptocurrency
The birth of Bitcoin marked the beginning of the cryptocurrency era. Unlike traditional currencies issued by governments and controlled by central banks, Bitcoin operates on a decentralized network using blockchain technology. This technology ensures transparency, security, and immutability of transactions, fundamentally challenging the centralized financial systems that have dominated for centuries.
Bitcoin was conceived as a peer-to-peer electronic cash system, aimed at providing an alternative to the traditional banking system plagued by inefficiencies, high fees, and lack of transparency. The underlying blockchain technology, a distributed ledger maintained by a network of nodes, ensures that every transaction is recorded and cannot be altered, thus providing a secure and transparent financial system.
#### The Proliferation of Altcoins
Following Bitcoin's success, thousands of alternative cryptocurrencies, or altcoins, have emerged. Each of these altcoins aims to improve upon Bitcoin or serve specific purposes within the digital economy. Notable examples include Ethereum, which introduced smart contracts – self-executing contracts with the terms of the agreement
More Related Content
Similar to Ch6 - نسخة.ppt
Depreciation and the Time Value of Money: A primer of the arXiv article
A primer of the arXiv article by Brendon Farrell
Article link: https://arxiv.org/ftp/arxiv/papers/1605/1605.00080.pdf
Contact: brendon.farrell@griffithuni.edu.au
Chapter 5 present worth analysis -with examples
1. The document discusses various methods for analyzing engineering project alternatives using present worth analysis, including analyzing alternatives with equal lives, different lives, and infinite lives.
2. Key methods include using the least common multiple of lives or a specified study period to convert alternatives to equal service for comparison, and calculating the capitalized cost for alternatives with infinite lives.
3. The examples demonstrate how to use these present worth analysis methods to evaluate alternatives, convert cash flows to present worth, and select the alternative with the highest present worth value or lowest capitalized cost.
Chapter 5 present worth analysis -with examples
The document discusses various techniques for economic analysis of alternatives using present worth analysis:
1. Present worth analysis requires converting all cash flows to their present value using the minimum attractive rate of return. Costs are assigned a negative sign and revenues a positive sign.
2. For mutually exclusive alternatives, the alternative with the highest positive present worth is selected. For independent projects, all alternatives with a positive present worth are selected.
3. When alternatives have unequal lives, they must be compared over an equal period of time using either the least common multiple of lives or a specified study period.
4. Capitalized cost analysis is used to evaluate alternatives that have an extremely long useful life and is calculated as the annual
Week 3 Ppt.pptx
This document summarizes a presentation about present worth analysis. It defines present worth as the current value of future cash flows discounted at a specified rate. It explains that present worth analysis focuses on future cash flows, discounting them to determine the net present value (NPV) using a minimum acceptable rate of return (MARR) or weighted average cost of capital (WACC) as discount rates. The document provides an example comparing the present worth of equipment from two vendors over different time periods to determine which has a higher NPV at a 15% MARR. Vendor B is selected as it has a present worth of -$41,384 compared to -$45,036 for Vendor A.
Net Present Value Vs Profitability Index
This document discusses capital budgeting and methods for evaluating investment projects. It introduces net present value (NPV) and profitability index (PI) as discounted cash flow methods for project evaluation. NPV calculates the present value of future cash flows less the initial investment, while PI is the ratio of present value of cash inflows to initial investment. Both methods accept projects with positive NPV or PI over 1. The document also discusses the advantages and limitations of each method and how NPV is preferred for mutually exclusive projects since it selects the project with the highest positive NPV.
WORKING CAPITAL PRACTICESWORKING CAPITAL PRACTICES.docx
WORKING CAPITAL PRACTICES
WORKING CAPITAL PRACTICES
Tanelle Peppers
Business 650
Ashford University
WORKING CAPITAL PRACTICESCapital budgeting are the planning methods used by organza tons to decide which of its long Term investments are worth pursuing. Since most organizations are at the moment restructuring Their working capital practices, in order to discover untapped cash sources .The main methods Used for capital budgeting are Internal rate of return, Net present value, Real options analysis, Payback period, Profitability index, and Equivalent annuity.
Net Present Value
It’s used in estimating each potential project's worth using a discounted cash flow valuation. The valuation requires estimating the size and timing of all the incremental cash flows from the project. The NPV is greatly affected by the discount rate, so selecting the proper rate–sometimes called the hurdle rate–is critical to making the right decision.
This should reflect the riskiness of the investment, typically measured by the volatility of cash flows, and must take into account the financing mix. Managers may use models, such as the CAPM or the APT, to estimate a discount rate appropriate for each particular project, and use the weighted average cost of capital (WACC) to reflect the financing mix selected. A common practice in choosing a discount rate for a project is to apply a WACC that applies to the entire firm, but a higher discount rate may be more appropriate when a project's risk is higher than the risk of the firm as a whole.
Internal Rate of Return
The internal rate of return (IRR) is defined as the discount rate that gives a net present value (NPV) of zero. It is a commonly used measure of investment efficiency.
The IRR method will result in the same decision as the NPV method for non-mutually exclusive projects in an unconstrained environment, in the usual cases where a negative cash flow occurs at the start of the project, followed by all positive cash flows. Nevertheless, for mutually exclusive projects, the decision rule of taking the project with the highest IRR, which is often used, may select a project with a lower NPV.
One shortcoming of the IRR method is that it is commonly misunderstood to convey the actual annual profitability of an investment. Accordingly, a measure called "Modified Internal Rate of Return (MIRR)" is often used.
Payback Period
Payback period in capital budgeting refers to the period of time required for the return on an investment to "repay" the sum of the original investment. Payback period intuitively measures how long something takes to "pay for itself.” All else being equal, shorter payback periods are preferable to longer payback periods.
The payback period is considered a method of analysis with serious limitations and qualifications for its use, because it does not account for the time value of money, risk, financing, or other important considerations, such as the opportunity cost.
Profitability Index
Prof.
Whole life science
The document discusses whole life cost analysis and economic measures used to evaluate investment alternatives. It explains that whole life costs should be calculated for each alternative and the option with the lowest cost selected. It then describes four common economic measures - payback period, net savings, savings-to-investment ratio, and internal rate of return - that can help justify additional initial investments by demonstrating future financial benefits. These measures analyze costs, savings, and rates of return to evaluate and compare investment options.
Impact of Firm Size on Capital Budgeting Techniques: An Empirical Study of Te...
This study examines the type of capital budgeting methods used by textile firms in Pakistan and impact of firm
size on these methods. This study also investigates the relationship between the total assets of the firm and
annual turnover of the firm according to primary capital budgeting technique used. Questionnaire method is used
as a source of gathering primary data. SPSS is used as tool for analysis of data. Cross tabulation is applied on
each variable. Chi square test is also applied to investigate the relationship between total assets of firm and total
turnover of the firm according to primary capital budgeting technique used. Findings of this study reveal that net
present value method and internal rate of return are two mostly used methods. Findings also show that there is no
relationship between the total assets of the firms and turnover of the firm according to capital budgeting
technique used by firms. These results are well supported by the literature.
Economic analysis
The document discusses cost benefit analysis and cost efficiency analysis. It defines cost benefit analysis as a method used to understand the costs and benefits of a project or investment in monetary terms, and determine if benefits outweigh costs. Cost efficiency analysis ensures maximum output with minimum costs. The document outlines the steps of a cost benefit analysis, advantages and disadvantages, and provides examples to compare cost benefit analysis and cost efficiency analysis.
pp 11.pptx
This document discusses research on the cost of capital from the perspectives of corporate finance specialists, managerial economists, and economic theorists. It notes that economic theorists often assume assets yield known returns, implying the cost of capital is the bond rate. However, this ignores uncertainty. The study aims to analyze how debt financing affects security prices, critique MM Proposition I, and examine how leverage and taxes affect the cost of capital. It will take a partial equilibrium approach, treating some prices as given, and develop a model to answer the cost of capital question under uncertainty.
ADV. FINANCIAL MANAGEMENT ASSIGNMENT
The document is a project report submitted by Rutuja Deepak Chudnaik for their M.Com degree. The report focuses on comparing the Payback Method and Internal Rate of Return (IRR) Method for capital budgeting and investment decisions. The report includes an introduction to capital budgeting, the objectives and basic principles. It also provides details on the calculation of payback period for projects with constant and uneven cash flows. The report is submitted to the University of Mumbai under the guidance of their project guide, Prof. Dhiren Kanabar.
PRESENT WORTH ANALYSIS.pptx
The document discusses present worth analysis for evaluating mutually exclusive alternatives. It describes that present worth analysis requires alternatives to have equal lives or the lives must be adjusted to be equal. It provides two approaches to handle unequal lives: 1) compare alternatives over the least common multiple of their lives (LCM approach) or 2) use a fixed study period that does not consider full alternative lives. The document demonstrates both approaches through examples.
L2 flash cards equity - SS 10
The document discusses various methods for valuing companies and estimating required returns. It covers sum-of-the-parts valuation, conglomerate discounts, characteristics of good valuation models, different return concepts such as holding period return and required returns, methods to estimate required returns including CAPM and multifactor models, and discount rates. It also discusses Porter's five forces framework and factors that influence industry competition and profitability.
Capital Budgeting.ppt
Capital budgeting is the process of evaluating long-term investment projects. It involves estimating the future cash flows of a project, including initial costs and future annual cash inflows. Discounted cash flow methods like NPV, IRR and profitability index are commonly used to evaluate projects, but simpler methods like payback period and average rate of return are also used in practice due to uncertainty and limited funds. While NPV is preferred in theory, profitability index may be better when funds are constrained. Multiple techniques are often considered together to make capital budgeting decisions.
Lecture 3_Economics of Planning.pdf
The document discusses power system planning and economics. It begins by defining key terms used in power system planning and economic analysis, such as revenue, costs, profit, depreciation, interest rates, and present value. It then explains the cash flow concept and time value of money. The main method of economic analysis discussed is the present worth method. This method is explained for both equal-life and different-life alternatives. Calculating the present worth and selecting the alternative with the highest present worth is the approach. Examples are provided to illustrate present worth analysis for both equal-life and different-life power system projects or alternatives. Factors that drove a shift to smaller power plants in the 1960s from the previous economies of scale approach
Question 1· (Part 1)· Using a 4.5 discount rate, calculat.docx
Question 1
· (Part 1)
· Using a 4.5% discount rate, calculate the Net Present Value, Payback, Profitability Index, and IRR for each of the investment projects below (note, the inflows are for each year). Based on your calculations rank the projects and support you answer.
·
· Project 1
· Initial Invest= $490,000, Cash inflows of $100,000 for years 1-5 and $50,000 for years 6-10.
·
· Project 2
· Initial Invest= $970,000, Cash inflows of $400,000 for years 1-3, $0 for years 4-7 and $250,000 for years 8-10.
·
· Project 3
· Initial Invest= $820,000, Cash inflows of $300,000 for years 1-5, $0 for years 6-9 and $100,000 for year 10.
·
· (Part 2)
· Assuming a budget of $1,100,000 what are your recommendations for the three projects in the above problem. Explain.
·
Assuming a budget of $2,200,000 what are your recommendations for the above problem? Explain.
BBA 3301, Financial Management 1
UNIT VII STUDY GUIDE
Capital Budgeting
Learning Objectives
Upon completion of this unit, students should be able to:
1. Contrast mutually exclusive project decisions and stand-alone project
decisions.
2. Calculate payback periods.
3. Calculate net present value (NPV) for various investment projects.
4. Calculate internal rate of return (IRR) using Excel.
5. Calculate the profitability index (PI) to compare capital projects.
6. Contrast results from various capital budgeting techniques by assessing
the strengths and weaknesses.
Written Lecture
This unit combines tools from time value of money and applies them to the most
important element of management, long-term planning. The managerial function
is concerned with the allocation of resources and the deployment of capital
(money) to long-term projects and is pivotal to the life of a business.
Capital budgeting involves the planning of large expenditures on long-term
(capital) projects. Ranked in order of increasing risk, common categories of
capital budgeting include replacement, expansion, or new products/ventures.
Capital budgeting projects can be further classified as either stand-alone or
mutually exclusive. A stand-alone project has no competing alternatives.
Mutually exclusive projects involve selecting one project from among two or
more alternatives. Mutual exclusivity may be due to constraints in budget
(amount), or limited resources (available land, human resources, machinery,
etc.).
The typical structure of a capital budgeting analysis involves a negative initial
outlay, then a series of positive cash flows such as those provided below:
Example
C0 $(50,000)
C1 15,000
C2 15,000
C3 15,000
C4 15,000
C5 15,000
The above example will be used to illustrate the commonly used capital
budgeting techniques. The following techniques are stressed in this unit:
Payback Period: determines how many years it takes to recover initial cost.
Using this method, shorter paybacks are better (when compar ...
Question 1· (Part 1)· Using a 4.5 discount rate, calculat.docx
Question 1
· (Part 1)
· Using a 4.5% discount rate, calculate the Net Present Value, Payback, Profitability Index, and IRR for each of the investment projects below (note, the inflows are for each year). Based on your calculations rank the projects and support you answer.
·
· Project 1
· Initial Invest= $490,000, Cash inflows of $100,000 for years 1-5 and $50,000 for years 6-10.
·
· Project 2
· Initial Invest= $970,000, Cash inflows of $400,000 for years 1-3, $0 for years 4-7 and $250,000 for years 8-10.
·
· Project 3
· Initial Invest= $820,000, Cash inflows of $300,000 for years 1-5, $0 for years 6-9 and $100,000 for year 10.
·
· (Part 2)
· Assuming a budget of $1,100,000 what are your recommendations for the three projects in the above problem. Explain.
·
Assuming a budget of $2,200,000 what are your recommendations for the above problem? Explain.
BBA 3301, Financial Management 1
UNIT VII STUDY GUIDE
Capital Budgeting
Learning Objectives
Upon completion of this unit, students should be able to:
1. Contrast mutually exclusive project decisions and stand-alone project
decisions.
2. Calculate payback periods.
3. Calculate net present value (NPV) for various investment projects.
4. Calculate internal rate of return (IRR) using Excel.
5. Calculate the profitability index (PI) to compare capital projects.
6. Contrast results from various capital budgeting techniques by assessing
the strengths and weaknesses.
Written Lecture
This unit combines tools from time value of money and applies them to the most
important element of management, long-term planning. The managerial function
is concerned with the allocation of resources and the deployment of capital
(money) to long-term projects and is pivotal to the life of a business.
Capital budgeting involves the planning of large expenditures on long-term
(capital) projects. Ranked in order of increasing risk, common categories of
capital budgeting include replacement, expansion, or new products/ventures.
Capital budgeting projects can be further classified as either stand-alone or
mutually exclusive. A stand-alone project has no competing alternatives.
Mutually exclusive projects involve selecting one project from among two or
more alternatives. Mutual exclusivity may be due to constraints in budget
(amount), or limited resources (available land, human resources, machinery,
etc.).
The typical structure of a capital budgeting analysis involves a negative initial
outlay, then a series of positive cash flows such as those provided below:
Example
C0 $(50,000)
C1 15,000
C2 15,000
C3 15,000
C4 15,000
C5 15,000
The above example will be used to illustrate the commonly used capital
budgeting techniques. The following techniques are stressed in this unit:
Payback Period: determines how many years it takes to recover initial cost.
Using this method, shorter paybacks are better (when compar ...
Capital budgetingtraining
Capital budgeting is the process of evaluating potential long-term investments and capital expenditures. It involves estimating cash flows, assessing risk, determining discount rates, and calculating metrics like net present value and internal rate of return to determine if a project is economically acceptable and should receive funding. Capital is a limited resource for companies, so capital budgeting helps management identify projects that will contribute most to profits and shareholder value. The key steps are to focus on incremental cash flows, account for the time value of money using techniques like NPV, and make go/no-go decisions on whether projects are worth undertaking based on their expected returns.
Ch 09
This document discusses the concept of cost of capital and how to calculate it. It explains that the cost of capital is the minimum required rate of return for a project or firm given the risks. It then outlines different methods for calculating the cost of capital, including the weighted average cost of capital (WACC) and capital asset pricing model (CAPM). The document also discusses using market values versus book values for weights and calculating divisional or project specific costs of capital.
CAPITAL BUDGETING.pptx
Capital budgeting involves planning long-term capital expenditures and investments. There are various techniques used to evaluate capital budgeting proposals, including non-discounting methods like payback period and accounting rate of return, as well as discounted cash flow methods like net present value, internal rate of return, and profitability index. Each method has benefits but also limitations, such as not accounting for the time value of money. Cost of capital refers to the minimum return required to undertake an investment and involves calculating the specific costs of different sources of financing like debt, equity, and retained earnings, as well as weighing them to determine an overall cost.
Similar to Ch6 - نسخة.ppt (20)
Depreciation and the Time Value of Money: A primer of the arXiv article
Depreciation and the Time Value of Money: A primer of the arXiv article
WORKING CAPITAL PRACTICESWORKING CAPITAL PRACTICES.docx
WORKING CAPITAL PRACTICESWORKING CAPITAL PRACTICES.docx
Impact of Firm Size on Capital Budgeting Techniques: An Empirical Study of Te...
Impact of Firm Size on Capital Budgeting Techniques: An Empirical Study of Te...
Question 1· (Part 1)· Using a 4.5 discount rate, calculat.docx
Question 1· (Part 1)· Using a 4.5 discount rate, calculat.docx
Question 1· (Part 1)· Using a 4.5 discount rate, calculat.docx
Question 1· (Part 1)· Using a 4.5 discount rate, calculat.docx
Recently uploaded
CRYPTOCURRENCY REVOLUTIONIZING THE FINANCIAL LANDSCAPE AND SHAPING THE FUTURE...
Cryptocurrency, a digital or virtual form of currency that uses cryptography for security, has revolutionized the financial landscape. Originating with Bitcoin's inception in 2009 by the pseudonymous Satoshi Nakamoto, cryptocurrencies have grown from niche curiosities to mainstream financial instruments, reshaping how we think about money, transactions, and the global economy.
The birth of Bitcoin marked the beginning of the cryptocurrency era. Unlike traditional currencies issued by governments and controlled by central banks, Bitcoin operates on a decentralized network using blockchain technology. This technology ensures transparency, security, and immutability of transactions, fundamentally challenging the centralized financial systems that have dominated for centuries.
Bitcoin was conceived as a peer-to-peer electronic cash system, aimed at providing an alternative to the traditional banking system plagued by inefficiencies, high fees, and lack of transparency. The underlying blockchain technology, a distributed ledger maintained by a network of nodes, ensures that every transaction is recorded and cannot be altered, thus providing a secure and transparent financial system.
June 20, 2024
CRYPTOCURRENCY: REVOLUTIONIZING THE FINANCIAL LANDSCAPE AND SHAPING THE FUTURE
Cryptocurrency: Revolutionizing the Financial Landscape and Shaping the Future
Cryptocurrency, a digital or virtual form of currency that uses cryptography for security, has revolutionized the financial landscape. Originating with Bitcoin's inception in 2009 by the pseudonymous Satoshi Nakamoto, cryptocurrencies have grown from niche curiosities to mainstream financial instruments, reshaping how we think about money, transactions, and the global economy.
#### The Genesis of Cryptocurrency
The birth of Bitcoin marked the beginning of the cryptocurrency era. Unlike traditional currencies issued by governments and controlled by central banks, Bitcoin operates on a decentralized network using blockchain technology. This technology ensures transparency, security, and immutability of transactions, fundamentally challenging the centralized financial systems that have dominated for centuries.
Bitcoin was conceived as a peer-to-peer electronic cash system, aimed at providing an alternative to the traditional banking system plagued by inefficiencies, high fees, and lack of transparency. The underlying blockchain technology, a distributed ledger maintained by a network of nodes, ensures that every transaction is recorded and cannot be altered, thus providing a secure and transparent financial system.
#### The Proliferation of Altcoins
Following Bitcoin's success, thousands of alternative cryptocurrencies, or altcoins, have emerged. Each of these altcoins aims to improve upon Bitcoin or serve specific purposes within the digital economy. Notable examples include Ethereum, which introduced smart contracts – self-executing contracts with the terms of the agreement
Singapore 2024 Sustainability Reporting and Accountancy Education Slides
Singapore 2024 Sustainability Reporting and Accountancy Education SlidesInternational Federation of Accountants
Singapore 2024 Sustainability Reporting and Accountancy Education SlidesEconomic trends from a business point of view (May 2024)
Economic trends from a business point of view (May 2024)Інститут економічних досліджень та політичних консультацій
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
Introduction to Metro in India by cosmo soil.pptx
The metro system in India is a vital part of urban mobility, providing eco-friendly, efficient, and affordable transportation. This article explores its history, benefits, and future developments, highlighting how metros enhance quality of life and drive urban development.
13 Jun 24 ILC Retirement Income Summit - slides.pptx
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technological Developments
Navigating Your Financial Future: Comprehensive Planning with Mike Baumann
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理
挂科购买【微信号:176555708】【挂科购买(UPenn毕业证书)】【微信号:176555708】《成绩单、外壳、offer、真实留信官方学历认证（永久存档/真实可查）》采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【我们承诺采用的是学校原版纸张（纸质、底色、纹路）我们拥有全套进口原装设备，特殊工艺都是采用不同机器制作，仿真度基本可以达到100%，所有工艺效果都可提前给客户展示，不满意可以根据客户要求进行调整，直到满意为止！】
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信号:176555708】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信号:176555708】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
留信网服务项目：
1、留学生专业人才库服务（留信分析）
2、国（境）学习人员提供就业推荐信服务
3、留学人员区块链存储服务
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：客户在留信官方认证查询网站查询到认证通过结果后付款，不成功不收费！
How to Invest in Cryptocurrency for Beginners: A Complete Guide
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
5 Compelling Reasons to Invest in Cryptocurrency Now
In recent years, cryptocurrencies have emerged as more than just a niche fascination; they have become a transformative force in global finance and technology. Initially propelled by the enigmatic Bitcoin, cryptocurrencies have evolved into a diverse ecosystem of digital assets with the potential to reshape how we perceive and interact with money.
Chandigarh Call Girls 7339748667 With Free Home Delivery At Your Door
Chandigarh Call Girls 7339748667 With Free Home Delivery At Your DoorRussian Escorts in Delhi 9711199171 with low rate Book online
Chandigarh Call Girls 7339748667 With Free Home Delivery At Your DoorCall Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
Call Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
What Lessons Can New Investors Learn from Newman Leech’s Success?
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
C-Suite Pension PlayPen presentation
Recently uploaded (20)
CRYPTOCURRENCY REVOLUTIONIZING THE FINANCIAL LANDSCAPE AND SHAPING THE FUTURE...
CRYPTOCURRENCY REVOLUTIONIZING THE FINANCIAL LANDSCAPE AND SHAPING THE FUTURE...
Singapore 2024 Sustainability Reporting and Accountancy Education Slides
Singapore 2024 Sustainability Reporting and Accountancy Education Slides
Economic trends from a business point of view (May 2024)
Economic trends from a business point of view (May 2024)
Presentation on recent trends in financial system .pptx
Presentation on recent trends in financial system .pptx
13 Jun 24 ILC Retirement Income Summit - slides.pptx
13 Jun 24 ILC Retirement Income Summit - slides.pptx
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Navigating Your Financial Future: Comprehensive Planning with Mike Baumann
Navigating Your Financial Future: Comprehensive Planning with Mike Baumann
How to Invest in Cryptocurrency for Beginners: A Complete Guide
How to Invest in Cryptocurrency for Beginners: A Complete Guide
5 Compelling Reasons to Invest in Cryptocurrency Now
5 Compelling Reasons to Invest in Cryptocurrency Now
Chandigarh Call Girls 7339748667 With Free Home Delivery At Your Door
Chandigarh Call Girls 7339748667 With Free Home Delivery At Your Door
Call Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
Call Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
What Lessons Can New Investors Learn from Newman Leech’s Success?
What Lessons Can New Investors Learn from Newman Leech’s Success?
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
Ch6 - نسخة.ppt
- 1. Chapter 6: Comparison and Selection Among Alternatives The objective of chapter 6 is to evaluate correctly capital investment alternatives when the time value of money is a key influence. • In this chapter we examine feasible design alternatives. • The decisions considered are those selecting from among a set of mutually exclusive alternatives.
- 2. Mutually exclusive alternatives (MEAs) • We examine these on the basis of economic considerations alone. • The alternatives may have different initial investments and their annual revenues and costs may vary. • The basic methods from chapter 5 provide the basis for economic comparison of the alternatives.
- 3. Apply this rule, based on Principle 2 from Chapter 1. The alternative that requires the minimum investment of capital and produces satisfactory functional results will be chosen unless the incremental capital associated with an alternative having a larger investment can be justified with respect to its incremental benefits. This alternative is the base alternative.
- 4. For alternatives that have a larger investment than the base… If the extra benefits obtained by investing additional capital are better than those that could be obtained from investment of the same capital elsewhere in the company at the MARR, the investment should be made.
- 5. There are two basic types of alternatives. Investment Alternatives Those with initial capital investment that produces positive cash flows from increased revenue, savings through reduced costs, or both. Cost Alternatives Those with all negative cash flows, except for a possible positive cash flow from disposal of assets at the end of the project’s useful life.
- 6. Select the alternative that gives you the most money! • For investment alternatives the PW of all cash flows must be positive, at the MARR, to be attractive. Select the alternative with the largest PW. • For cost alternatives the PW of all cash flows will be negative. Select the alternative with the largest (smallest in absolute value) PW.
- 8. PW(10%)C= -477,077$ PW(10%)D= -463,607$ PW(10%)D-C = 13,470$
- 9. Determining the study period. • A study period (or planning horizon) is the time period over which MEAs are compared, and it must be appropriate for the decision situation. • MEAs can have equal lives (in which case the study period used is these equal lives), or they can have unequal lives, and at least one does not match the study period. • The equal life case is straightforward, and was used in the previous two examples.
- 10. Comparing MEAs with equal lives. Equivalent Worth Methods: The MEAs can be compared by directly comparing their equivalent worth (PW, FW, or AW) calculated using the MARR. The decision will be the same regardless of the equivalent worth method you use.
- 16. Rate of Return Methods • The return on investment (rate of return) is a popular measure of investment performance. • Selecting the alternative with the largest rate of return can lead to incorrect decisions—do not compare the IRR of one alternative to the IRR of another alternative. The only comparison is the IRR to the MARR. • Remember, the base alternative must be attractive (rate of return greater than the MARR), and the additional investment in other alternatives must itself make a satisfactory rate of return on that increment.
- 17. PW(10%)A= 9,738$ PW(10%)B= 10,131$ PW(10%)B-A = 393$ IRR(A)= 17.3% IRR(B)= 16.3% IRR(B-A) =11.4%
- 25. Chapter 6 HW: Examples: 6-3, 6-7 Problems: 6-1, 6-2, 6-7, 6-15, 6-19, 6-20, 6-22, 6-26