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Bài test tiếng Anh ngành ngân hàng và đáp án phần 10

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
1. The goal of the capital budgeting decisions is to select capital projects that will
decrease the value of the firm.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
2. Capital budgeting decisions, once made, are not easy to reverse because of the huge
investments involved.
A) True
B)

False


Ans: A

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
3. The basis on which capital budgeting plans are made is a firm's three- to five-year
strategic plan.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
4. Most of the information required to make capital budgeting decisions are internally
generated, beginning with the sales force.
A) True
B)

False

Page 1


Ans: A

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
5. All capital budgeting projects are independent projects.
A) True
B)

False

Ans: B



Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
6. When two projects have cash flows that are tied to each other, the projects may be
classified as independent.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
7. Projects are classified as independent when their cash flows are unrelated.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
8. When two projects are independent, accepting one project implicitly eliminates the
other.
A) True
B)

False

Page 2


Ans: B

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
9. When two projects are mutually exclusive, accepting one project implicitly eliminates
the other.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
10. Projects that are classified as contingent could be mandatory or optional projects.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
11. All contingent projects are mandatory projects.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
12. The cost of capital is the highest return a project can earn.
A) True
B)

False

Page 3


Ans: B

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
13. Capital rationing refers to the limiting of capital resources to underperforming
divisions.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 2
Level of Difficulty: Easy
14. The net present value technique is an approach that goes against the goal of shareholder
wealth maximization.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 2
Level of Difficulty: Medium
15. The NPV method determines how much the present value of cash inflows exceeds the
present value of costs.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 2
Level of Difficulty: Medium
16. Accepting a positive-NPV project decreases shareholder wealth.
A) True

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B)

False

Ans: B

Format: True/False
Learning Objective: LO 2
Level of Difficulty: Medium
17. Accepting a positive-NPV project increases shareholder wealth.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 2
Level of Difficulty: Medium
18. Accepting a negative-NPV project increases shareholder wealth.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 2
Level of Difficulty: Medium
19. The discount rate used to determine the present value of future cash flows is called the
cost of capital.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 3
Level of Difficulty: Medium
20. The payback method is called a discounted cash flow technique.
A) True

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B)

False

Ans: B

Format: True/False
Learning Objective: LO 3
Level of Difficulty: Medium
21. If the payback period for a project exceeds the firm's threshold period, then the project
is accepted
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 3
Level of Difficulty: Medium
22. The payback method is consistent with the goal of shareholder wealth maximization.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 3
Level of Difficulty: Medium
23. The discounted payback period calculation calls for the future cash flows to be
discounted by the firm's cost of capital.
A) True
B)

False

Ans: A

Page 6


Format: True/False
Learning Objective: LO 3
Level of Difficulty: Medium
24. Unlike the regular payback method, the discounted payback method does not ignore
cash flows beyond the firm's threshold period.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 4
Level of Difficulty: Medium
25. The accounting rate of return is not a true return because it simply utilizes some
average figures from the firm's balance sheet and income statement.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 4
Level of Difficulty: Medium
26. The decision criterion for the accounting rate of return is consistent with the goal of
shareholder wealth maximization.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 5
Level of Difficulty: Medium
27. The IRR and NPV decisions are consistent with each other when a project's cash flows
follow a conventional pattern.
A) True
B)

False

Ans: A

Page 7


Format: True/False
Learning Objective: LO 5
Level of Difficulty: Medium
28. Unconventional cash flow patterns could lead to conflicting decisions by NPV and IRR.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 5
Level of Difficulty: Medium
29. When mutually exclusive projects are considered, both NPV and IRR will always
produce the same acceptance decision.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 5
Level of Difficulty: Medium
30. When evaluating two projects that require different outlays, the IRR does not recognize
the difference in the size of the investments.
A) True
B)

False

Ans: A

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Medium
31. Which of the following is NOT true about capital budgeting.
A) It involves identifying projects that will add to the firm's value.
B)

It involves large capital investments.

C)

The large capital investments can be reversed at any time.

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D)

It allows the firm's management to analyze potential business opportunities and
decide on which ones to undertake.
Ans: C

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Medium
32. Which of the following are aspects of independent projects?
A) Their cash flows are related.
B)

Their cash flows are unrelated.

C)

Selecting one would automatically eliminate accepting the other.

D)

None of the above.

Ans: B

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Medium
33. Two projects are considered to be independent if
A) selecting one would have no bearing on accepting the other.
B)

their cash flows are unrelated.

C)

Both a and b.

D)

None of the above.

Ans: C

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Medium
34. Two projects are considered to be mutually exclusive if
A) the projects perform the same function.
B)

selecting one would automatically eliminate accepting the other.

C)

Both a and b.

D)

None of the above.

Page 9


Ans: C

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
35. Two projects are considered to be contingent projects if
A) selecting one would automatically eliminate accepting the other.
B)

the acceptance of one project is dependent on the acceptance of the other.

C)

rejection of one project does not eliminate the selection of the other.

D)

None of the above.

Ans: B

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
36. Contingent projects would imply that
A) the acceptance of one project is dependent on the acceptance of the other.
B)

the projects can be either mandatory or optional.

C)

Both a and b.

D)

None of the above.

Ans: C

Use the following to answer questions 37-38:
A construction firm is evaluating two value-adding projects. The first project deals with building
access roads to a new terminal at the local airport. The second project is to build a parking garage
on a piece of land that the firm owns adjacent to the airport.
Reference: Ref 10-1
Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Medium
37. The firm's decision will be to
A) accept both projects because they are independent projects.

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B)

accept both projects because they are contingent projects.

C)

pick the one that adds the most value because they are mutually exclusive
projects.
pick neither project.

D)

Ans: A

Reference: Ref 10-1
Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Medium
38. If both projects are positive-NPV projects, then the firm should
A) accept both projects because they are independent projects.
B)

select the higher NPV project because they are mutually exclusive.

C)

accept both projects because they are contingent projects.

D)

Not enough information is given to make a decision.

Ans: A

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
39. The cost of capital is
A) the minimum return that a capital budgeting project must earn for it to be
accepted.
B) the maximum return a project can earn.
C)

the return that a previous project for the firm had earned.

D)

none of the above.

Ans: A

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
40. Capital rationing implies that
A) the firm does not have enough resources to fund all of the available projects.
B)

funding needs equal funding resources.

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C)

the available capital will be allocated equally to all available projects.

D)

none of the above.

Ans: A

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
41. Capital rationing implies that
A) funding resources exceed funding needs.
B)

funding needs exceed funding resources.

C)

funding needs equal funding resources.

D)

none of the above.

Ans: B

Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Medium
42. Which one of the following statements is NOT true?
A) Accepting a positive-NPV project increases shareholder wealth.
B)

Accepting a negative-NPV project has no impact on shareholder wealth.

C)

Accepting a negative-NPV project decreases shareholder wealth.

D)

Managers are indifferent about accepting or rejecting a zero NPV project.

Ans: B

Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Easy
43. Which one of the following statements is NOT true?
A) Accepting a positive-NPV project increases shareholder wealth.
B)

Accepting a negative-NPV project decreases shareholder wealth.

C)

Accepting a zero NPV project has a negative impact on shareholder wealth.

D)

Managers are indifferent about accepting or rejecting a zero NPV project.

Page 12


Ans: C

Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Easy
44. In computing the NPV of a capital budgeting project, one should NOT
A) estimate the cost of the project.
B)

discount the future cash flows over the project's expected life.

C)

ignore the salvage value.

D)

make a decision based on the project's NPV.

Ans: C

Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Easy
45. The net present value
A) uses the discounted cash flow valuation technique.
B)
C)

will provide a direct measure of how much the firm value will change because of
the capital project.
is consistent with shareholder wealth maximization goal.

D)

all of the above.

Ans: D

Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Easy
46. To accept a capital project when using NPV,
A) the project NPV should be less than zero.
B)

the project NPV should be greater than zero.

C)

both a and b.

D)

none of the above.

Ans: B

Page 13


Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Medium
47. Which ONE of the following statements about the payback method is true?
A) The payback method is consistent with the goal of shareholder wealth
maximization
B) The payback method represents the number of years it takes a project to recover
its initial investment plus a required rate of return.
C) There is no economic rational that links the payback method to shareholder
wealth maximization.
D) None of the above statements are true.
Ans: C

Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Hard
48. Which one of the following statements about the discounted payback method is NOT
true?
A) The discounted payback method represents the number of years it takes a project
to recover its initial investment.
B) The discounted payback method calls for the project to be accepted if the
payback period is greater than a target period.
C) The discount payback method is a risk indicator.
D)

The expected cash flows from the project are discounted at the cost of capital.

Ans: B

Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Easy
49. Advantages of the payback method include the following.
A) The technique is simple for managers to compute and interpret.
B)

It is a good measure of liquidity risk.

C)

Both a and b,

D)

None of the above.

Ans: C

Page 14


Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Easy
50. Disadvantages of the payback method include the following.
A) It ignores the time value of money.
B)

It is inconsistent with the goal of maximizing shareholder wealth.

C)

It ignores cash flows beyond the payback period.

D)

All of the above.

Ans: D

Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: Hard
51. Which one of the following statements about IRR is NOT true?
A) The IRR is the discount rate that makes the NPV greater than zero.
B)

The IRR is a discounted cash flow method.

C)

The IRR is an expected rate of return.

D)

None of the above.

Ans: A

Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: Medium
52. The internal rate of return is
A) the discount rate that makes the NPV greater than zero.
B)

the discount rate that makes the NPV equal to zero.

C)

the discount rate that makes the NPV less than zero.

D)

both a and c.

Ans: B

Page 15


Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: Medium
53. When evaluating capital projects, the decisions using the NPV method and the IRR
method will agree if
A) the projects are independent.
B)

the cash flow pattern is conventional.

C)

the projects are mutually exclusive.

D)

both a and b.

Ans: D

Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: Medium
54. In evaluating capital projects, the decisions using the NPV method and the IRR method
may disagree if
A) the projects are independent.
B)

the cash flows pattern is unconventional.

C)

the projects are mutually exclusive.

D)

both b and c.

Ans: D

Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: Hard
55. Which one of the following cash flow patterns is NOT an unconventional cash flow
pattern?
A) A positive initial cash flow is followed by negative future cash flows.
B)
C)

Future cash flows from a project could include both positive and negative cash
flows.
A negative initial cash flow is followed by positive future cash flows.

D)

A cash flow stream looks similar to a conventional cash flow stream except for a
final negative cash flow.
Ans: C

Page 16


Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Medium
56. Net present value: The Cyclone Golf Resorts is redoing its golf course at a cost of
$2,744,320. It expects to generate cash flows of $1, 223,445, $2,007,812, and
$3,147,890 over the next three years. If the appropriate discount rate for the firm is 13
percent, what is the NPV of this project?
A) $7,581,072
B)

$2,092,432

C)

$4,836,752

D)

$3,112,459

Ans: B
Feedback:
Initial investment = $2,744,320
Length of project = n = 3 years
Required rate of return = k = 13%
Net present value = NPV
n
NCFt
$1, 223, 445 $2, 007,812 $3,147,890
NPV  �
 $2, 744,320 


t
(1.13)1
(1.13) 2
(1.13)3
t  0 (1  k )
 $2, 744,320  $1, 082, 695  $1, 572, 411  $2,181, 646
 $2, 092, 432
Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Medium
57. Net present value: Johnson Entertainment Systems is setting up to manufacture a new
line of video game consoles. The cost of the manufacturing equipment is $1,750,000.
Expected cash flows over the next four years are $725,000, $850,000, $1,200,000, and
$1,500,000. Given the company's required rate of return of 15 percent, what is the NPV
of this project?
A) $1,169,806
B)

$2,919,806

C)

$4,669,806

D)

$3,122, 607

Ans: A

Page 17


Feedback:
Initial investment = 1,750,000
Length of project = n = 4 years
Required rate of return = k = 15%
Net present value = NPV
n
NCFt
$725, 000 $850, 000 $1, 200, 000 $1,500, 000
NPV  �
 $1, 750, 000 



t
(1.15)1
(1.15) 2
(1.15)3
(1.15) 4
t  0 (1  k )
 $1, 750, 000  $630, 435  $642, 722  $789, 019  $857, 630
 $1,169, 806
Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Medium
58. Net present value: Cortez Art Gallery is adding to its existing buildings at a cost of $2
million. The gallery expects to bring in additional cash flows of $520,000, $700,000,
and $1,000,000 over the next three years. Given a required rate of return of 10 percent,
what is the NPV of this project?
A) $1,802,554
B)

$197,446

C)

-$1,802,554

D)

-$197,446

Ans: D
Feedback:
Initial investment = $2,000,000
Length of project = n = 3 years
Required rate of return = k = 10%
Net present value = NPV
n
NCFt
$520, 000 $700, 000 $1, 000, 000
NPV  �
 $2000, 000 


t
(1.10)1
(1.10) 2
(1.10)3
t  0 (1  k )
 $2, 000, 000  $472, 727  $578,512  $751,315
 $197, 446

Page 18


Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Medium
59. Net present value: Gao Enterprises plans to build a new plant at a cost of $3,250,000.
The plant is expected to generate annual cash flows of $1,225,000 for the next five
years. If the firm's required rate of return is 18 percent, what is the NPV of this project?
A) $2,875,000
B)

$3,830,785

C)

$580,785

D)

$2,1225,875

Ans: C
Feedback:
Initial investment = $3,250,000
Annual cash flows = $1,225,000
Length of project = n = 5 years
Required rate of return = k = 18%
Net present value = NPV
1

1

FCFt
(1.18)5
NPV  �


$3,
250,
000

$1,
225,
000


t
t  0 (1  k )
� 0.18


 $3, 250, 000  $3,830, 785
 $580, 785
n








Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Medium
60. Net present value: Jenkins Corporation is investing in a new piece of equipment at a
cost of $6 million. The project is expected to generate annual cash flows of $1,850,000
over the next six years. The firm's cost of capital is 20 percent. What is the project's
NPV?
A) $722,604
B)

$351,097

C)

$152,194

D)

$261,008

Ans: C

Page 19


Feedback:
Initial investment = $6,000,000
Annual cash flows = $1,850,000
Length of project = n = 6 years
Required rate of return = k = 20%
Net present value = NPV
1

1

FCFt
(1.20) 6
NPV  �


$6,
000,
000

$1,850,
000


t
t  0 (1  k )
� 0.20


 $6, 000, 000  $6,152,194
 $152,194
n








Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Medium
61. Payback: Binder Corp. has invested in new machinery at a cost of $1,450,000. This
investment is expected to produce cash flows of $640,000, $715,250, $823,330, and
$907,125 over the next four years. What is the payback period for this project?
A) 2.12 years
B)

1.88 years

C)

4.00 years

D)

3.00 years.

Ans: A
Feedback:
Year
0
1
2
3
4

Binder Corp.
CF
Cumulative CF
$(1,450,000)
$(1,450,000)
640,000
(810,000)
715,250
(94,750)
823,330
728,580
907,125
1,635,705

PB = Years before cost recovery + (Remaining cost to recover/ Cash flow during the
year
= 2 + ($94,750 / $823,330)
= 2.12 years

Page 20


Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Medium
62. Payback: Elmer Sporting Goods is getting ready to produce a new line of golf clubs by
investing $1.85 million. The investment will result in additional cash flows of
$525,000, $812,500, and 1,200,000 over the next three years. What is the payback
period for this project?
A) 3 years
B)

2.43 years

C)

1.57 years

D)

More than 3 years

Ans: B
Feedback:
Year
0
1
2
3

Elmer Sporting Goods
CF
Cumulative CF
$(1,850,000)
$(1,850,000)
525,000
(1,325,000)
812,500
(512,500)
1,200,000
687,500

PB = Years before cost recovery + (Remaining cost to recover/ Cash flow during the
year
= 2 + ($512,500 / $1,200,000)
= 2.43 years
Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Hard
63. Payback: Creighton, Inc., has invested $2,165,800 on equipment. The firm uses
payback period criteria of not accepting any project that takes more than four years to
recover costs. The company anticipates cash flows of $424,386, $512,178, $561,755,
$764,997, $816,500, and $825,375 over the next six years. What is the payback period,
and does this investment meet the firm's payback criteria?
A) 4.13 years; no
B)

4.13 years; yes

C)

3.87 years; yes

D)

3.87 years; no

Ans: C

Page 21


Feedback:
Year
0
1
2
3
4
5
6

Creighton Inc.
CF
Cumulative CF
$(2,165,800)
$(2,165,800)
424,386
(1,741,414)
512,178
(1,229,236)
561,755
(667,481)
764,997
97,516
816,500
914,016
825,375
1,739,391

PB = Years before cost recovery + (Remaining cost to recover/ Cash flow during the
year
= 3 + ($667,481 / $764,997)
= 3.87 years
Since the payback period of 3.87 years is less than the decision criteria of 4 years, this
project should be accepted.
Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Hard
64. Payback: Kathleen Dancewear Co. has bought some new machinery at a cost of
$1,250,000. The impact of the new machinery will be felt in the additional annual cash
flows of $375,000 over the next five years. What is the payback period for this project?
If their acceptance period is three years, will this project be accepted?
A) 2.67 years; yes
B)

2.67 years; no

C)

3.33 years; yes

D)

3.33 years; no

Ans: D

Page 22


Feedback:
Year
0
1
2
3
4
5

Kathleen Dancewear Inc.
CF
Cumulative CF
$(1,250,000)
$(1,250,000)
375,000
(875,000)
375,000
(500,000)
375,000
(125,000)
375,000
250,000
375,000
625,000

PB = Years before cost recovery + (Remaining cost to recover/ Cash flow during the
year
= 3 + ($125,000 / $375,000)
= 3.33 years
Since the payback period of 3.33 years exceeds the decision criteria of 3 years, this
project should be rejected.
Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Hard
65. Payback: Carmen Electronics bought new machinery for $5 million. This is expected
to result in additional cash flows of $1.2 million over the next seven years. What is the
payback period for this project? If their acceptance period is five years, will this project
be accepted?
A) 4.17 years; yes
B)

4.17 years; no

C)

3.83 years; yes

D)

3.83 years; no

Ans: A

Page 23


Feedback:
Year
0
1
2
3
4
5
6
7

Carmen Electronics
CF
Cumulative CF
$(5,000,000)
$(5,000,000)
1,200,000
(3,800,000)
1,200,000
(2,600,000)
1,200,000
(1,400,000)
1,200,000
(200,000)
1,200,000
1,000,000
1,200,000
2,200,000
1,200,000
3,400,000

PB = Years before cost recovery + (Remaining cost to recover/ Cash flow during the
year
= 4 + ($200,000 / $1,200,000)
= 4.17 years
Since the payback period of 4.17 years is less than the decision criteria of 5 years, this
project should be accepted.
Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Medium
66. Discounted payback: Roswell Energy Company is installing new equipment at a cost
of $10 million. Expected cash flows from this project over the next five years will be
$1,045,000, $2,550,000, $4,125,000, $6,326,750, and $7,000,000. The company's
discount rate for such projects is 14 percent. What is the project's discounted payback
period?
A) 4.2 years
B)

4.4 years

C)

4.8 years

D)

5.0 years

Ans: A

Page 24


Feedback:
Roswell Energy
i = 14%
Cumulative PVCF
Year
0
1
2
3
4
5

CF
$(10,000,000)
1,045,000
2,550,000
4,125,000
6,326,750
7,000,000

PVCF
$(10,000,000)
916,667
1,962,142
2,784,258
3,745,944
3,635,581

$(10,000,000
(9,083,333)
(7,121,191)
(4,336,934)
(590,990)
3,044,591

PB = Years before cost recovery + (Remaining cost to recover/ Cash flow during the
year
= 4 + ($590,990/ $3,635,581)
= 4.16 years
Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Hard
67. Discounted payback: Carmen Electronics bought new machinery for $5 million. This
is expected to result in additional cash flows of $1.2 million over the next seven years.
The firm's cost of capital is 12 percent. What is the discounted payback period for this
project? If the firm's acceptance period is five years, will this project be accepted?
A) 5.4 years; no
B)

6.1 years; no

C)

4.6 years; yes

D)

4.2 years; yes

Ans: B

Page 25


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