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The Problem of Capital Budgeting
Measures of Investment WorthCapital Budgeting
Present Value Versus Yield
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ABC Company accept alternatives amount analysis annual asset Assume average bond borrowing capital budgeting capital rationing capital structure cash outlays cash proceeds cent chapter common stock compared compute the present considered corporation cost of capital cost of money debarker debt desirable discount rate discounted cash flow dividends dollar earnings economic effect equipment equity estimate evaluating event example expected cash flows expected monetary value expected value finance firm funds income tax increase interest rate investment decisions investment project investment proposals investor lease loan lottery machine market price measures of investment ment mutually exclusive investments occur operating payback period payments plant preferences present value present-value method probability problem procedure profitable purchase rate of discount rate of interest result risk premium salvage value statistically independent stockholders Table tax purposes tax rate tax savings tion uncertainty utility function value of money yield zero