6. Suppose the guano project were undertaken in France by a French company. What inputs and assumptions would have to change? Make a checklist.

The checklist would include: forecasting cash flows in euros (taking account of French inflation); recognizing French corporate tax rules and rates; and discounting at a euro cost of capital.

6.假设海鸟粪项目由一家法国公司在法国完成。什么数据输入和假设将会改变？制作一张对照一览表。

这张对照一览表将包括：以欧元计的预测现金流（考虑法国的通货膨胀率）；适用法国的税则和税率；以及用欧元资本成本贴现。

7. When appraising mutually exclusive investments in plant and equipment, many companies calculate the investments’ equivalent annual costs and rank the investments on this basis. Why is this necessary? Why not just compare the investments’ NPVs? Explain briefly.

Comparing present values can be misleading when projects have different economic lives and the projects are part of an ongoing business. For example, a machine that costs $100,000 per year to buy and lasts 5 years is not necessarily more expensive than a machine that costs $75,000 per year to buy but lasts only 3 years. Calculating the machines’ equivalent annual costs allows an unbiased comparison.

7.当在评估投资工厂和设备的互斥项目时，许多公司计算项目的等价年成本并在这一基础上对投资进行排序。为什么这是必需的？为什么不就比较项目的NPV？请简要解释。

当项目有不同的经济寿命以及项目是一项持续业务的一部分的时候，比较现值是容易误导的。例如，一台每年花费$100,000购买并且维持5年的机器并不必然比一台每年花费$75,000购买但仅能维持3年的机器更加昂贵。计算机器的等价年成本就允许无偏的比较。

8. Think back to the timber-cutting example in Section 6.4. State the rule for deciding when to undertake a project.

Plan to undertake the project at the future date which yields the highest NPV today. (This assumes certainty. We consider timing under uncertainty in Chapter 22.)

8.回想一下Section 6.4中的木材砍伐的例子。陈述决定何时执行项目的规则。

计划在会产生最高的今日NPV的未来那个日期执行这个项目。（这个回答假设肯定性。我们在第22章考虑不确定性下的投资时机）

9. Air conditioning for a college dormitory will cost $1.5 million to install and $200,000 per year to operate. The system should last 25 years. The real cost of capital is 5 percent, and the college pays no taxes. What is the equivalent annual cost?

PV cost = 1.5 + .2 × 14.09 = $4.319 million

Equivalent annual cost = 4.319/14.09 = .306, or $306,000

9.大学宿舍的空调的系统将花费$1,500,000安装，每年运行需花费$200,000。这个系统应维持25年。真实资本成本为5%，且大学不支付税收。等价年成本是多少？

成本PV = 1.5 + .2 × 14.09 = $4.319 million

等价年成本 = 4.319/14.09 = .306, or $306,000

10. Machines A and B are mutually exclusive and are expected to produce the following cash flows:

The real opportunity cost of capital is 10 percent.

a. Calculate the NPV of each machine.

b. Calculate the equivalent annual cash flow from each machine.

c. Which machine should you buy?

a. NPV_A = $100,000; NPV_B = $180,000

b. Equivalent cash flow of A = 100,000/1.736 = $57,604; equivalent cash flow of B = 180,000/2.487 = $72,376

c. Machine B

10.机器A和B是互相排斥的且可望产生如下的现金流：

真实资本机会成本为10%

a.计算每台机器的NPV

b.计算每台机器的等价年现金流

c.你应该购买哪台机器？

a. NPV_A = $100,000; NPV_B = $180,000

b. A的等价年现金流 = 100,000/1.736 = $57,604; B的等价年现金流 = 180,000/2.487 = $72,376

c.机器B

11. Machine C was purchased five years ago for $200,000 and produces an annual cash flow of $80,000. It has no salvage value but is expected to last another five years. The company can replace machine C with machine B (see question 10 above) either now or at the end of five years. Which should it do?

Replace at end of 5 years ($80,000 ＞ $72,376)

11.机器C五年前以$200,000购进，产生年现金流为$80,000。它没有残值，可望持续另一个五年。公司可以用机器B来代替机器C（参见上面的问答10），要么现在要么在第五年末。应该是哪一个时点？

在第5年末替换($80,000 ＞ $72,376)