Sie sind auf Seite 1von 46

CEng 572 – Construction Management

Lecture Note

CHAPTER 7

FINANCIAL PROJECT APPRAISAL


7.1 Understanding financial statements
Basic definitions: -

A. Assets – represents how much a company owns at a given time of


reporting
usually, it is within the budget year.
Assets are divided into:-

i. Current assets – include cash at hand other assets which can easily be
converted into cash in less than a year
E.g. cash at hand, accounts receivable.
ii. Fixed assets – permanent properties which can’t be easily converted into cash
within a year
E.g. land, equipment, buildings.
iii. Other assets – include other investments and good will.
Liabilities – represents what the company owns like loans, debts.

B. Liabilities are divided into: -

i. Current liabilities – debts to be settled in a short period of time.


ii. Other liabilities – includes long term loans, performance bonds, wages, etc.
C. Stakeholders equity (capital):- represents the capital provided by owners of
the
company.
D. Profit: - an earning of a given period concerned whether or not they have
been
received menus the expenses of the same period whether or not they have been paid.
Important Finance Notes:-
1. The balance sheet: - is a statement which shows the financial position of
the
company at the end of the reporting period. It shows assets, liabilities and capital
based on:
__________________________________________________________________
95
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management Lecture Note

Assets = Liabilities + Capital

2. Profit and loss statements: -


3. Cash flow statement: -

7.2 Methods of financial appraisal


7.2.1. Introduction 100 100
Time value of money:- Inflation =
13%
i=10%
110
130

Terminologies and symbols: -

i - Interest rate per interest period in %


P – Principal at time zero called present value or present worth
F – Future sum or amount at the end of the interest period
n - Number of interest periods
Cash Flow Diagrams: -

In order to view problems clearly, cash flow diagrams are drawn in such a way that
horizontal lines show time and vertical ones represent cash flows.

Receipts

Time

Interest Calculation: - Disbursements


Deposit

Interest computed from the end of the year


Time
1 1yr 2yrs
y
2
__________________________________________________________________
96
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

7.2.2. Methods of calculating interest


a) Simple Interest: - interest is calculated on principal only
Fn = P+ i x P x N = P(1+i N)

E.g. Year Amount interest (i=10%)


0 10.00 -
1 10.00+1=11.00 1.00
2 10.00+2=12.00 1.00
3 10.00+3=13.00 1.00
Or F = 10(1+0.1x3) = 13.00 birr

b) Compound interest: - interest obtained in the preceding period is added to the


principal to calculate the interest amount for the succeeding period.
Fn = P(1+i)n
E.g. P = 10
10
F1 = P + P x i = 10 + 10x = 11.00
100
10
F2 = F1 + F1 x i = 11+11x = 12.10
100
10
F3 = F2 + F2 x i = 12.1+12.1x = 13.31 birr
100
10 3
Or F3 = 10(1+ ) = 13.31 birr
100

E.g. How much will be the future value of 10.00 Birr at the end of the first year if i =
10% but compounded monthly?
i 10.1 12
F12= P (F/P, ,12) = 10x (1+ ) = 11.05 birr
12 12

__________________________________________________________________
97
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

7.2.3. Interest Formulas


Based on the cash flows, different formulas can be derived:
I. Single Cash Flow
a) Future sum (compounded sum)
P
F F = P(1+i)n  (1+i)n – Compound amount factor (CAF)
= P(F/P,i,n)
i, n b) Present worth (discounted sum)
F 1
P  - Single payment present worth factor
(1+ (1+

= F (P/F, i, n)
II. Uniform series cash flow
a) Calculating F knowing A, i, n

F F = A(1+i )n-1 + A (1+i)n-2 + A (1+i)n-3 + …+ A(1+i)+A… Eqn.1

n
A A A Multiplying both sides by (1+i)

F(1+i) = A(1+i)n + A(1+i)n-1 + A(1+i)n-2+ … + A(1+i)2 +A(1+i)..........Eqn. 2


Subtracting Eqn. 1 from Eqn. 2: -
F(1+i) – F = A(1+i)n – A = A((1+i)n – 1)

F ((1+i-1)) = A ((1+i)n-1)

((1+ i) n (1 + i ) n

F = A - 1)  -1 - Uniform series compound amount factor

F = A (F/A, i, n)
E.g. What will be the future value of a deposit of 1,000 birr at the end of each year for
five years with i=10%?
F5 =A (F/A, 10%,5)

__________________________________________________________________
98
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

((1+ 10 /100)5 - 1)
= 1,000 = 6,105.10
10 /100
b) Calculating A knowing F, i, n or P, i, n

⎧ (1 + i ) n - 1 ⎫
F=A ⎨ ⎬
⎩ i ⎭

⎧ i ⎫ n
A=F ⎨ ⎬ , but F = P(1+i)
(1+ i) n - 1 ⎭

⎧ (1+ i)i ⎫ (1 + i )
A =P ⎨ ⎬, -1 - Uniform services present worth factor.
⎩ (1+ i) n -1 ⎭

(1 + i ) n - 1
Or P = A
(1+ i)i

E.g. A building contractor signed a lump sum contract agreement. The terms of
payment were as follows:-
i. 2x106 birr immediately.
ii. 3x106 every year for five years (effective from the 1st year on wards)
iii. 2.5×106 every year there after for five years
If i = 10% , how much is the contract value?
Solution: - According to the payment terms the following cash flow diagram is
6
developed. 6
2.5×10
3×10
2×106

0 1 2 3 4 5 6 7 8 9 10

__________________________________________________________________
99
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

Thus the Contract Value (CV) is equal to:


CV = 2×106 + 3×106 (P/A, 10%, 5) + 2.5×106 (P/A, 10%, 5) (P/F, 10%, 5)

Where

(1+ 0.1)5 - 1
(P/A, 10%, 5) = = 2.2201 and
(1+ 0.1) ×

1
(P/F, 10%, 5) = = 0.6209
(1+

Thus,
CV = 2×106 + 3×106 ×5.550x + 2.5×106 ×5.5501 ×0.6209
CV = 27.26×106 birr

7.2.4 Methods of Financial Project Appraisal

The common methods used for financial appraisal of projects are:-


a) Straight cost Method
b) Pay back Method
c) Rate of return Method
d) Present worth or Net Present Value Method
e) Annual Cost /Income Method (Equivalent Cost / Income Method)
f) Internal Rate of Return Method

Definition: - Mutually exclusive alternatives - are alternatives where the selection of


one will avoid the happing of the other.
In this section only mutually exclusive alternatives are weighted by using the above
financial appraisal methods.

A) Straight Cost Method

__________________________________________________________________
100
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

Compares the immediate cods only.


E.g. Car A - 100,000
Car B - 105,000 Car A

B) Payback Method
This method uses the number of years it takes to pay back the initial investments
from profits of the investment. It doesn’t consider the time value of money.

E.g. For a dozer purchased at a cost of 3.0×106 birr determine the pay back period if
the hourly rental rate is 900 birr/hrs and the cost for fuel, operator and maintains is
150 birr/hrs.
Solution:-
Yearly profit = (900-150) ×8×6×52 = 1,872,000
Year Cash Flow
0 -3,000,000
1 1,872,000
2 1,872,000 Pay Back Period = 2yrs
3 1,872,000
C) Rate of Return method
This method uses percentage of the average annual return to the initial investment as:-

Average.Annual.Re turn
Rate of return = ×100
Capital.Invested

E.g. If the above dozer can have a life span of four years, determine the rate of return.

__________________________________________________________________
101
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

Solution:-

1/ 4(1,872,000 +1,872,000 +1,872,000 +1.872,000)


Rate of return = ×100 = 62.4
3,000,000

D) Present Worth or Net Present Worth (NPW) method


In this case all disbursements and receipts are brought to their net present worth and
the comparison of their present worth is made.

S
PW costs = Ci + CSn(P/A, i ,n)
In
PW incomes = In (P/A, i, n) + S (P/F, i, n)
t

CSn Net PW= PW incomes - PW costs

Ci

E.g. Two mutually exclusive alternatives are being considered for the water supply of a
small town with a constant water demand of 2×106 m3/yr for 20yrs. Both alternatives
are equally attractive from the technical, social & political point of view.

Alternative A
The water can be supplied by a neighboring town at a price of 0.40 birr /m3
Alternative B
Water can be supplied from wells and will be treated and transported to town.
This requires a total investment of 5.5×106 birr. The investment will have a value
of 1×106 birr at the end of 20yrs period. Annual maintaince and operation costs
are 260,000 birr and remain constant during the 20 yrs period. Which
alternative is more attractive if :-

__________________________________________________________________
102
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

a) i = 4% & b) i = 12%
Solution: -
a) i= 4%
20yrs
Alt.A
0.4 ×2×106 = 800,000 birr/hr
PWA = -800,000 (P/A, 4%, 20) = -800,000 × 13.59
= -10.87 × 106 Birr
Alt B. 1×106 birr

5.5×106 260,000 birr/yr

PWB = - 5.5 ×106 – 260,000 (P/A, 4%, 20) + 1×106 (P/F, 4%, 20)
= -5.5 × 106 – 260,000 × 13.59 + 1×106 × 0.4564
= - 9.5 × 106 Birr
 Alt B is better than Alt A.

ALTERNATIVE WITH DIFFERENT LIVES

Consider the following case:-


IA
SA
Alt 1.

CSA 3yrs
CiA

IA
Alt 2. SB

CSB 4 yrs
__________________________________________________________________
103
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

CiB

In such cases the least common multiple of their service lives is considered as
follows:-
Alt 1.
SA
SA SA SA
IA

12
3 6 9

CSA CSA
Alt 2 CiA CiA
CiA CiA
SB SB
SB
IB

12
4 8

CSB CSB
CiB CiB
CiB

E.g. For the two equipments shown below, the following cash flow is developed:-

Equipment A Equipment B
Initial cost 840,000 630,000
Salvage value 63,000 105,000
Service life 9 yrs 6 yrs

The operating cost of the equipment B is 168,000 birr per annum through out its life.
Equipment A has an operating cost of 140,000 for the first 5 years and 224,000 for the
remaining 4 yrs. Which equipment would you economically acceptable? Use i= 8%
Solution: -
Equipment A: -
63,000
63,000
5 18
________________________ 104 9 14
____________________________________
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa 140,000
224,000 240,000
140,000
CEng 572 – Construction Management Lecture
Note

105,000 105,000
105,000
6 12
Equipment B

168,000
630,000
630,00 630,00

Equipment A: -
- PWA = 840,000 + 140,000 (P/A, 8, 5) + 224,000 (P/A, 8, 4) (P/F, 8, 5) + (840,000 –
63,000) (P/F, 8, 9) + 140,000 (P/A, 8, 5) (P/F, 8, 9) + 224,000 (P/A, 8, 4) (P/F, 8,
14) – 63,000 (P/F, 8, 18)
PWA = -2.809 × 106 birr

Equipment B: -
- PWB = 630,000 + (630,000 – 105,000) ((P/F, 8, 6) + (P/F, 8, 12)) + 168,000 (P/A, 8, 18) –
105,000 (P/F, 8, 18)
PWB = -2.718 × 106 birr
Therefore Equipment B is better than Equipment A.
e) Annual /Cost or Income /Method: - Equivalent Cost Method

__________________________________________________________________
105
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

In this case all the cash flow is converted to an equal uniform series of cost or income.
Then for mutual exclusive alternatives, the one with higher annual income or lower
annual cost will be opted.
E.g. For the water supply example solved above, make an economic comparison by
using equivalent cost method.

Soln: - Alt. A 20

0.4 × 2× 106 = 800,000 birr /yr


AC = 800,000 birr/yrs 1×106

Alt B.
260,000

5.5×106

AC = 5.5 × 106 (A/P, 4%, 20) + 260,00 - 1×106 (A/F, 4%, 20)
= 5.5 × 106 × 0.07358 + 260,000 - 1×106 × 0.03358
= 631,000 birr/hrs
∴ Alternative B is better

f) Internal Rate of Return Method (IRR)


The internal rate of return is that interest rate at which future cash flows when
discounted will equate to the initial investment i.e. their present value will be zero.
If IRR is Internal Rate of Return and MARR is the Minimum Attractive Rate of Return
(Market Interest Rate), then if
IRR > MARR – accept,
IRR = MARR – indifferent
IRR < MARR – reject
Examples: -

__________________________________________________________________
106
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

1. For the cash flow shown below, determine the IRR.


Yr Payment received PW = -1000 + 402.1 (P/A, 2, 3) = 0
0 - 1000 1000 = 402.1 (P/A, i, 3)
1 402.10 (1 + i ) 3 - 1
1000 = 402.1 ×
2 402.10 (1+ i)i

3 402.10 [
i+i2 = 0.4021 (1+ i) 3 - 1 ]
[
i(1+i) = 0.4021 (1+ i) 3 - 1 ]
i = 10%

Thus based on IRR = 10% the project cash flow can be studied as follows:

Year Unpaid/ balance Return on Payment Unpaid/ balance (End


(Beginning of period ) cost of money received of period )

0 - 1,000 0 0 -1,000
1 -1,000 -100.00 402.10 -697.90
2 -697.90 -69.79 402.10 -365.59
3 -365.59 -36.56 402.10 0.00

COMPUTATION OF IRR
Pw

 Simple investment i

Pw

 Non –simple • • • i

i. Direct solution

__________________________________________________________________
107
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

This applies when either there is only two flow transaction of cash flow series or when
the projects service life doesn’t exceed 2 yrs.

Eg. Consider the f.f cash flows:-


n A B
0 -8000 -16,000
1 0 + 10,400
2 0 + 12,000
3 12,000
12,000

' ' ' '


Soln: - A)
1 2 3 4
Σ PW (i) = -8000 + 12,000 (P/F, i, 4) = 0
-8,000
12,0 12,00
- 8000 + =0 ↔ (1+i)4 = 0 ↔ i= 10.6681%
(1+

10,400 12,000

B)
1 2
-16,000

10,000 12,00
PW (i) = -16,000 + + 0 =0
(1+ i)1

- 16,000 (1+i)2 + 10,000 (1+i) + 12,000 = 0


16i2 – 21.62 – 6.4 = 0

-1.6 - 160%
i ∴ i = 25%
0.25  25%

ii. Trial and error approach


Assume (i) and compute PW(i)  PWi > 0-increase i
PWi < 0- decrease i

__________________________________________________________________
108
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

iii. Incremental analysis


IRR method can’t give us a clue on the best alternative when we use it for investment
analysis. Thus we will resort to the incremental analysis.
Eg Yr A B B-A Let MARR = 10%
0 -3,000 -12,000 -9,000
1 1,350 4,200 2,800
2 1,800 6,225 4,425
3 1,500 6,330 4,830
RR 25% 17.43% 15%  Alt.B is selected
Solution:- Using trial and error approach the IRR for Alternative A can be computed as:
PW(A) = -3,000 + 1,350 (P/F, i, 1) + 1,800 (P/F, i, 2) + 1,50 (P/F, i,)
1,35 1,800 1,500
0 = -3,000 + 0 + 2
+
(1+ i) (1+

 Trial PW(i)
10% 841.84
30% - 213.70
25% 0
Selection Criterion:-
IRR (B-A) > MARR - select B
IRR (B-A) < MARR - select A
IRR (B-A) = MARR - select either
iv. When alternatives are above two
Considering two at a time, the selection can be easily carried out.
E.g. Yr A B B-A MARR = 40%
0 -1,000 -1,000 -2,000
1 900 600 900
2 500 500 900

__________________________________________________________________
109
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

3 100 500 900


4 50 100 900
Solution: - 1st - consider B – A
Yr B–A
0 0
1 -300 ΣPW = 0  i = 21%>10%
2 0  B is better
3 400
4 50
2nd - consider C – B
Yr C–B
0 -1,000
1 300
2 400 ΣPW = 0  i = 26.36% >10%
3 400  C is the choice
4 800

E.g. For the cost reduction alternatives given below, select the best alternative based on
IRR method. (MARR = 10%)

n A1 A2 A3 A2 - A1 A3 - A2
0 0 -10,000 -15,000 -10,000 -5,000
1 -12,000 -9,000 -9,000 3,000 0
2 -12,000 -9,000 -8,000 3,000 1,000
3 -12,000 -9,000 -7,000 3,000 2,000
4 -12,000 -9,000 -6,000 3,000 3,000
5 -12,000 -9,000 -5,000 3,000 4,000

__________________________________________________________________
110
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management Lecture
Note

No IRR No IRR No IRR IRR = 15.24% IRR = 14.40%


A2 > A1 A3 > A2
∴ Alternative 3 is selected

7.3 Deprecation

Deprecation is the loss or decrease in value of an asset in due time by:-


- physical  wear, tear, deterioration
- functional  due to change in technology

Deprecation Computation Methods: -


A) Straight line deprecation Method
B) Declining balance method
C) Sum of digits

D) Sinking fund
The common methods are Straight line deprecation and Declining balance method.

A) Straight Line Deprecation Method


Dn = P - S P – Initial cost
N S – Salvage value
N – Service life
Then, the book value at any time N,
BVn = P – n x Dn

E.g. If an excavator is purchased for 3.1×106 and has a useful life of 5 yrs & salvage
value is 860,000, determine the deprecation & the book value for each year by using
straight line method.

__________________________________________________________________
111
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management Lecture
Note

P- S 3.1× 10 6 - 860,000
Solution: - Dn = = = 448,000
N 5
Yr BVn-1 Dn
BVn
0
3,100,000
1 3,100,000 448,000
2,652,000
2 2,652,000 448,000
2,204,000
3 2,204,000 448,000
1,756,000
4 1,756,000 448,000
1,308,000
5 1,308,000 448,000
860,000

B) Declining Balance Method (Constant Percentage Method)

This method assumes that the asset is depreciating at a constant percentage for each
year. It allows accelerated deprecation and large depreciations are considered in the
initial stage.

⎡ 1.25 ↔ 2.0 ⎤
Let ∝ - the declining multiplier. Usually ∝ = ⎢ ⎥⎦
⎣ 5

D1 = ∝ P = ∝ BV0 where Pi = Depreciation at year i


D2 = ∝ (BV0 – D1) ∝ = multiplier
= ∝ (BV0 - ∝ BV0) P = Initial cost
= ∝ BV0 (1- ∝) BV0 = initial book value
D3 = ∝ (BV0 –D1 –D2)
= ∝ (BV0 - ∝ BV0 – (1- ∝)) = ∝ BV0 (1- ∝)2
∴ Dn = ∝ BV0 (1- ∝)n-1 and
BVn = BV0(1- ∝)n
For an asset with a salvage value of S after n years:
BVn = S = BV0 (1- ∝)n = P (1-∝)n

__________________________________________________________________
112
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

 S = P(1-∝)n

S
∝ = 1- n
P

E.g. For the above example compute the depreciation & book value for each year

S 860,000
 ∝ = 1- n = 1- = 0.226
P P3.1×10 6

∴Dn = 0.226 BV0 (1-0.226)n-1 = 0.226 × 3.1× 106 (1-0.226)n-1


Dn = 700.60 × 103 × 0.774n-1
BVn = BV0 (1- ∝)n = 3.1×106 ×0.774n

Year BVn-1 Dn BVn


0 3,100,000
1 3,100,000 700,600 2,399,400
2 2,399,400 542,264.40 1,857,135.60
3 1,857,135.60 419,712.65 1,437,400.95
4 1,437,422.95 324,857.59 1,112,565.36
5 1,112,565.36 251,439.77 861,125.60

7.4 Inflation
Inflation is the loss of purchasing power of money through time. its effect is to increase
the price of things.
If: - B0 – cost of item at time 0 (now)
Bn - “ “ “ n
if – average inflation rate
Then Bn = B0 (1+if)n - assuming that its price goes up at the same rate as inflation.

__________________________________________________________________
113
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

B
if = n -1
n

1
Thus, a birr to day (after n year’s time) will only buy of what it will now.
(1+ i f )

E.g. Compute the average and annual inflation rates for the cost of commodity in three
years time.
n cost

0 500 540 -
if = 500 = 100 =

1 540 if = 570 - = 100 = 5.55%


540
500
2 570
if = 630 - = 100 =10.52%...Average =
3 630 570

Average inflation rate:-

630
Bn =B0 (1+if)n  if = 5 -1 = 0.08 = 8%
500

630 = 500 (1+if)5

__________________________________________________________________
114
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

7.4.1. Interest and Inflation

Let: - ireal = real rate of interest (Market interest rate (MIR))

i mon = monetary rate of interest (MARR: without inflation rate )

if = rate of inflation (average)


 If you have birr P, after 1 year you will receive P i mon interest so that you have a

total of P (1+imon).

⎛ 1 ⎞
 But these are in 1 year on birr’s, which are only worth ⎜ ⎟ of today’s
⎜1 + i f ⎟
⎝ ⎠
P(1+ i mon
∴ In today’s birr’s you only have
) f

P(1+ imon )
(1+ i )
 P(1+ireal) =
(1+ if )
1+imon = (1+ireal) (1+if)

1 + imon
ireal = -1
1 + if

E.g. If P = 1,000 and imon = 3% & if = 13% what will be the real interest rate?

1+
i real = 0.03 -1 = -0.088 = -8.80%

__________________________________________________________________
115
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management
Lecture Note

7.4.2. Equivalence calculation under inflation

Consider the following cash flow for a house rental.

n Rental received
0 60,000
1 60,000
2 60,000
3 60,000
4 60,000

How much is the present worth of the rental income if, i mon = 10% and if = 5%?

Solution: - There are two methods:-

i. Deflation method (In today’s birr or monetary terms)


n Rental received Actual value of money (in today’s
birr)
0 60,000
BV0 60,000
1 60,000 57,143  B0 = =
(1+ i
f
1
(1+
0.05)
60,00
2 60,000 54,422  B0 = =
(1+ fi 2 60,000 2

3 60,000 51,830
4 60,000 49,362

 PW = 60,000 + 57,143 (P/F, 10, 1) + 54,422 (P/F, 10, 2) + 51,830 (P/F, 10, 3) +
49,362(P/F, 10, 4) = 229,581.00

__________________________________________________________________
116
AAU, FoT, Department of Civil Engineering Instructor: Abraham
Assefa
CEng 572 – Construction Management Lecture
Note

ii. Using real interest rate: - (Real terms)


n
An
PW = ∑ (1+ i
i =1 real
60,000 60,000 60,000 60,000
n
An
PW = ∑ (1+ i ) (1+ i
i=1 mon n
n

1 2 3 4
t

An An
 =
(1 + ireal n
(1 + imon )n (1 + if )n
1+i real = (1+i mon) (1+if)

i real = imon + i mon x if + if

i real = imon + imon x if + if


= 0.1 + 0.1 ×0.05 + 0.05 = 0.155 = 15.5

PW = 60,000 + 60,000 (P/A, 15.5%, 4)

= 60,000 + 60,000
( (1 + i ) n

(1+ i )n i

= 60,000 + 60,000 ×
((1 + 0.155) - 1)
4

(1 + 0.155)4 - 0.155

= 229,580.57
˜ 229.581.00 birr

__________________________________________________________________
117
AAU, FoT, Department of Civil Engineering Instructor:
Abraham Assefa

Das könnte Ihnen auch gefallen