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Suppose you have been hired as a financial consultant to Defense Electronics, Inc. (DEI), a large, publicly traded firm that is the market share leader in radar detection systems (RDSs).假設你被聘為財務顧問，國防電子公司（台達電子），一個大型上市公司，是市場份額領先的雷達檢測系統（北斗）。 The company is looking at setting up a manufacturing plant overseas to produce a new line of RDSs.該公司正在考慮建立一個海外生產廠生產的RDSS一個新行。 This will be a five-year project.這將是一個五年項目。 The company bought some land three years ago for $6 million in anticipation of using it as a toxic dump site for waste chemicals, but it built a piping system to safely discard the chemicals instead.該公司買了一些土地，三年前以600萬美元，期望用它作為一種有毒化學品廢物的垃圾場，但它建立了一個管道系統安全地丟棄的化學品代替。 The land was appraised last week for $7.9 million.土地被評為上週為 790萬美元。 The company wants to build its new manufacturing plant on this land; the plant will cost $12.8 million to build.該公司希望建立新的生產廠在這片土地，工廠將耗資 1280萬美元興建。 The following market data on DEI's securities are current: Debt: 12,000 6 percent coupon bonds outstanding, 15 years to maturity, selling for 93 percent of par; the bonds have a $1,000 par value each and make semiannual payments. Common stock: 264,000 shares outstanding, selling for $76 per share; the beta is 1.2. Preferred stock: 17,000 shares of 3.5 percent preferred stock outstanding, selling for $68 per share. Market: 6.5 percent expected market risk premium; 3.5 percent risk-free rate. DEI uses GM Wharton as its lead underwriter.下面的市場數據，台達電子的證券電流：負債：12000 6個百分點息債券未償還，15年到期，銷售的93百分之一致;債券有1000美元的面值，並每半年一次的付款。普通股：264,000流通股，售價為76美元每股;的β為1.2。優先股：17,000股每股面值3.5百分之優先股出眾，售價為68美元每股。市場：6.5百分之預期的市場風險溢價;百分之三點五無風險利率。台達電子使用通用沃頓商學院作為其主承銷商。 Wharton charges DEI spreads of 7.5 percent on new common stock issues, 5.5 percent on new preferred stock issues, and 2.5 percent on new debt issues.沃頓商學院的收費台達電子差百分之7.5的新普通股的問題，百分之5.5的新優先股的問題，百分之2.5的新債務問題。 Wharton has included all direct and indirect issuance costs (along with its profit) in setting these spreads.沃頓商學院包括了所有直接和間接發行成本（連同它的利潤）在制定這些利差。 Wharton has recommended to DEI that it raise the funds needed to build the plant by issuing new shares of common stock.沃頓商學院已建議台達電子，它籌集所需的資金興建新廠通過發行普通股的股份。 DEI's tax rate is 32 percent.台達電子的稅率是百分之32。 The project requires $660,000 in initial net working capital investment to get operational.該項目需要66萬美元的初始淨投資，以取得營運資金運作。 Note: Assume that the initial net working capital does not require floatation costs.注：假設初始淨營運資金不需要浮選成本。 Also note that the firm wishes to maintain a constant capital structure. a. The project's initial Time 0 cash flow is $_________, taking into account all side effects.另外請注意，該公司希望保持一個恆定的資本結構。答：項目的起始時間0的現金流量是$_________,考慮到所有的副作用。 (Round answer to 2 decimal places.) b. The new RDS is somewhat riskier than a typical project for DEI, primarily because the plant is being located overseas. （回合答案2位小數。）B.新RDS是有點高風險比一般的台達電子項目，主要是因為廠正在位於海外。 Management has told you to use an adjustment factor of +2 percent to account for this increased riskiness.管理層已經告訴你用一個係數 +2百分之考慮到這一點增加的風險。 The appropriate discount rate to use when evaluating DEI's project is __________%.適當的折現率進行評估時，使用台達電子的項目是__________%. (Input answer as a percent rounded to 2 decimal places, without the percent sign.) c. The manufacturing plant has a 8-year tax life, and DEI uses straight-line depreciation. （輸入回答一個百分比計至兩個小數位，沒有百分號。）C的生產工廠有8年免稅的生活，台達電子採用直線法折舊。 At the end of the project (ie, the end of Year 5), the plant can be scrapped for $3.9 million.在結束的項目（即年終 5），植物可以報廢 390萬美元。 The aftertax salvage value of this manufacturing plant is $__________.的稅後殘值這個工廠是$__________. (Round answer to nearest whole dollar.) d. The company will incur $354,000 in annual fixed costs. （圓形的答案最接近的整元。）四，公司將每年蒙受三五四零零零美元固定成本。 The plan is to manufacture 9,000 RDSs per year and sell them at $8,000 per machine; the variable production costs are $7,000 per RDS.我們的計劃是每年生產 9000北斗和8000美元賣給他們每台機器;可變生產成本是7000美元，每RDS的。 The annual operating cash flow, OCF, from this project is $__________.每年的營運現金流，的OCF，從這個項目是$__________. (Round answer to nearest whole dollar.) e. DEI's comptroller is primarily interested in the impact of DEI's investments on the bottom line of reported accounting statements. （圓形的答案最接近的整元。）5台達電子的主計長的影響主要是依據台達電子的投資在底線上的報告會計報表。 The accounting break-even quantity of RDSs sold for this project is _______ units.會計盈虧平衡量的RDSS出售這個項目是_______單位。 (Round answer to 2 decimal places.) f. Finally, DEI's president wants you to throw all of your calculations, assumptions, and everything else into the report for the chief financial officer; all he wants to know is what the RDS project's internal rate of return, IRR, and net present value, NPV, are. （回合答案2位小數。）樓最後，台達電子公司的總裁要你扔您所有的計算，假設，以及其他一切在報告的首席財政官，所有他想知道是什麼的RDS項目的內部收益率回報，回報率和淨現值，淨現值，是。 You will report that the IRR is ________% (Input answer as a percent rounded to 2 decimal places, without the percent sign) and NPV is $______ (Round answer to 2 decimal places).你會報告說，內部回報率是________%（輸入回答一個百分比計至兩個小數位，沒有百分號）和淨現值為 $______（回合答案至兩個小數位）。