재무관리 8판 솔루션 (브릴리 마이어스 , 맥그로우 힐) 전체장 (챕터2~34)

CHAPTER 2
Present Values, The Objectives of the Firm,
and Corporate Governance
Answers to Practice Questions

1. The face value of the treasury security is $1,000. If this security earns 5%, then in one year we will receive $1,050. Thus:

NPV 〓 C0 + [C1/(1 + r)] 〓 $1000 + ($1050/1.05) 〓 0
This is not a surprising result because 5 percent is the opportunity cost of capital, i.e., 5 percent is the return available in the capital market. If any investment earns a rate of return equal to the opportunity cost of capital, the NPV of that investment is zero.