1C 2A 3B 4C 5C 6B 7C

1BCD 2ABCD 3ACD 4ABD 5ABCD

1 2 3 4 5 6 7 8

-1-


A1 3 8 15 3
A2 1 10 16 1
A3 -2 7 19 -2
3%1%-2% A1 3%

-2-


A1

3%10%19%

A2

A1 0 2 4 4
A2 1 0 3 3
A3 5 7 0 5
3

A1,A2,A3

E(A1)=1/3*(3+8+15)=26/3

E(A2)=1/3*(1+10+16)=9

E(A3)=1/3*(-2+7+19)=8
A2

400 200

10 10

0.7 0.3

-3-


-20 30 0.3
80 100 0.7

0.7 80
2

0.3 -20
1
0.7 100
3

0.3 -30

23

280*0.7*10+-20*0.3*10-200=300

3100*0.7*10+30*0.3*10-400=390

2 300 3 390

1C 2B 3C 4D 5C 6A

1 AB 2ABC 3ACD 4AB 5BC 6BC 7ABD

1 2 3 4 5 6 7 8

-4-


=/

=/

1 A,B

p %X

-5-


A B
0.1 8 10

0.3 19 21

0.4 24 28

0.2 15 17
1

A =0.1*8%+0.3*19%+0.4*24%+0.2*15%=19%

B =0.1*10%+0.3*21%+0.4*28%+0.2*17%=22%

A 5.03%

B 5.84%

A 26.47%

B 26.54%

B A B

1C 2B 3D 4B 5D 6C 7B

1ABCD 2ABC 3AC 4ACD 5CD

6ABCD 7ABC 8ABCD

1 2 3 4 5 6 7 8

-6-


1864

=*

-7-


1A 2B 3D 4B 5C 6B

1 ABCD 2ABCD 3BCD 4ABCD 5BCD 6BD

-8-


1 2 3 4 5 6

1978

-9-


4?

- 10 -


1B 2C 3C 4A 5A 6D 7A 8B

1ABC 2AB 3BCD 4BCD 5ABC 6AD 7AD 8BCD

1 2 3 4 5 6 7 8 9

- 11 -


1 12% AB

A 120 36

B 200 50

EA=36/120=30%>12%

EB=50/200=25%>12%

EA EB A

E= / *100%

=50-36/200-120 *100%

=17.5%>12%
B 80 14

B A B

- 12 -


2i c =10% IRR

0 110
-200 39
NPV=0

-200+39P/AIRR,10=0

P/AIRR,10=200/39=5.128

i=15%,(P/A,i,10)=5.019

i=12%,(P/A,i,10)=5.650
IRR

IRR=12%+ (5.650-5.128)

[(5.650-5.019)(15%-12%)]

=14.5%>10%

75 4%

0 0 0 240

A 1120 28 150

B 880 21 170

C 720 18 200

D 480 12 215
(B/C)A= 240-150

1120(A/P,4%,75)+28

- 13 -


=90/75.3=1.19>1

(B/C)B==70/58.1=1.20>1

(B/C)C=0.83<1

(B/C)D=0.77<1
CD B / B

B/ C

B/ C=90-70)/(75.3-58.1)=1.161

A B

A 85

6.8 5 80 6.4

B 140 11.2

10%

PCA=85+6.8/0.1+80+6.4/0.1(P/F,10%,5)=242.41

PCB=140+11.2/0.1=252

PCB>P CA
A B

12%

A 100 30 20

- 14 -


B 150 30 40
NPVA=-100-100(P/F,12%,20)+30(P/A,12%,40)=137

NPVB=-150+30(P/A,12%,40)=97.32

NPVA>NPVB
A

1A 2B 3D

1ABCD 2ABCD 3AC 4BCD 5AD 6ABCD

1 2 3 4 5

- 15 -


1 4.5 500 /

225 1570 400

Cv=(C-Cf) /X=(1570-400/4.5=260

T0=T/X=225/4.5=50

BEP(X) =Cf/(P-T0- Cv )= 4000000/(500-50-260)=21053

BEP(E) =X*/X=21053/45000=47%

BEP(P) =(C+T)/X=(1570+225)/4.5=399

BEP(CV)= P-T0-Cf/X=500-50-400/4.5=361
X>21053 47%

X P>399

XP <361

2 100 10

20 12% I

C 10% IRR

- 16 -


1 IRR

NPV=-100+20(P/A,IRR,10)=0

(P/A,IRR,10)=100/20=5

IRR=15%+ 5.019-5 *(20%-15%)

5.019-4.192

=15.1%
2 x IRR

-1001+X+20(P/A,IRR,10)=0

X=-10%,

-100*0.9+20(P/A,IRR,10)=0

(P/A,IRR,10)=90/20=4.5

IRR=18.1%
X=10%,

-100*1.1+20(P/A,IRR,10)=0

(P/A,IRR,10)=110/20=5.5

IRR=12.7%
3 y IRR

-100+ 20 1+y (P/A,IRR,10)=0

y=-10%,

-100+18(P/A,IRR,10)=0

(P/A,IRR,10)=100/18=5.556

IRR=12.5%
y=10%,

- 100+22(P/A,IRR,10)=0

(P/A,IRR,10)=100/22=4.545

IRR=17.9%

- 17 -


-10% 0 10%

IRR
18.1 15.1 12.7

12.5 15.1 17.9

IRR IRR

3 10 10%

- 18 -


- 19 -


NPV

E(NPV)=65.42

D(NPV)=5314.88
(NPV)= D(NPV)= 72.9

NPV

0.2+0.05+0.04+0.01=0.3 NPV

1B 2A 3C 4C 5A 6D 7B

1 ABC 2ABCD 3ACD 4BCD 5ABCD 6ABCD 7ACD

1 2 3 4 5

- 20 -


- 21 -


5 BOT

BOT Build--Operate--Transfer

- 22 -


1C 2B 3D 4D 5A 6C 7C

1 ABCD 2AC 3ABD 4ABCD 5ABD 6ABCD 7ABC

8AC

1 2 3 4 5 6 7 8 9

1()2()

3()

12

- 23 -


1950

1953

1958

1973

1979 1993

1994 1

234

1.2

- 24 -


AB P1

AC BD AB

CD P2

AB P1

BE

AB AE

- 25 -


P2

1B 2D 3A 4B 5D

6B 7B 8A 9B 10A

1ABCD 2ABCD 3ABCD 4ABC 5ACD 6BC

1234567

1
2

3


2
1

- 26 -


2





1998 1998-1999
2100
3
1
2
3
3

- 27 -


4
1

2


3


4


5

5
1

2


3



4

- 28 -


1B 2A 3B 4D 5A 6D 7C 8A

1AC 2AB 3ABD 4AB

5AD 6ABCD 7CD 8ABCD

1 2 3 4 5 6 7 8

- 29 -


5 3 15

- 30 -


15 1 15

1C 2A 3D 4C 5C 6C 7A 8A

9B 10B 11B 12A 13C 14 A15A

10 2 20

1BCD 2ABC 3ABCD 4ABCD 5AB

6 ABCD 7ACD 8AC 9ABCD 10AC

10 1 10

1 2 3 4 5 6 7 8 9 10

2 10 20

1?

- 31 -


AB P1

- 32 -


AC BD AB

CD P2

AB P1

BE

AB AE

P2

2 12 8 20

11

- 33 -


A1 3 8 15 3
A2 1 10 16 1
A3 -2 7 19 -2
3%1%-2% A1 3%

A1

3%10%19%

A2

A1 0 2 4 4
A2 1 0 3 3
A3 5 7 0 5
3

A1,A2,A3

E(A1)=1/3*(3+8+15)=26/3

E(A2)=1/3*(1+10+16)=9

E(A3)=1/3*(-2+7+19)=8

- 34 -


A2

2 NPV=0

-200+39P/AIRR,10=0

P/AIRR,10=200/39=5.128

i=15%,(P/A,i,10)=5.019

i=12%,(P/A,i,10)=5.650
IRR

IRR=12%+ (5.650-5.128)

[(5.650-5.019)(15%-12%)]

=14.5%>10%

5 3 15

2BOT

BOT Build--Operate--Transfer

- 35 -


15 1 15

1B 2C 3B 4C 5D 6B 7A 8A

9C 10C 11B 12B 13D 14C 15B

10 2 20

1ABCD 2AB 3ABCD 4ABCD 5BCD

6AC 7ABCD 8ABD 9ABCD 10ABD

10 1 10

1 2 3 4 5 6 7 8 9 10

2 10 20

- 36 -


2 10 20

11

A =0.1*8%+0.3*19%+0.4*24%+0.2*15%=19%

B =0.1*10%+0.3*21%+0.4*28%+0.2*17%=22%

- 37 -


A 5.03%

B 5.84%

A 26.47%

B 26.54%

B A B

2PCA=85+6.8/0.1+80+6.4/0.1(P/F,10%,5)=242.41

PCB=140+11.2/0.1=252

PCB>P CA
A B

- 38 -