Payback Period

Cash Inflow

0
(120,000,000,000)
(120,000,000,000)
Payback Period

Discounted Payback Period

0
Cash Inflow
(120,000,000,000)

Discounted PP
IRR
10.78%
10.78%
11.39%
130,340,485,825

1
20,000,000,000
(100,000,000,000)
6.40

1
20,000,000,000
18,348,623,853

9.02
10.78%

NPV
250,340,485,825

2
20,000,000,000
(80,000,000,000)
6 TAHUN 5 BULAN

2
20,000,000,000
16,833,599,865

9 TAHUN 7 HARI

3
15,000,000,000
(65,000,000,000)

4
15,000,000,000
(50,000,000,000)

3
15,000,000,000
11,582,752,201

4
15,000,000,000
10,626,378,166

5
###
(35,000,000,000)

5
###
9,748,970,794

6
25,000,000,000
(10,000,000,000)

6
25,000,000,000
14,906,683,172

7
25,000,000,000
15,000,000,000

8
25,000,000,000
40,000,000,000

9
25,000,000,000
65,000,000,000

7
25,000,000,000
13,675,856,121

8
25,000,000,000
12,546,656,992

9
25,000,000,000
11,510,694,488
119,780,215,653

10
###
90,000,000,000

10
###
10,560,270,172
219,784,347

130,340,485,825

Payback Period
Cash Inflow

0
(150,000,000,000)

Payback Period
soal uas
Discounted Payback Period
0
Cash Inflow
(110,000,000,000)

Discounted PP
IRR
NCF

NPV

1
45,000,000,000
45,000,000,000
1.20

1
40,000,000,000
37,037,037,037

2.97
32.24%
203,858,791,333

2
45,000,000,000
90,000,000,000
4TAHUN 5 BULAN

2
40,000,000,000
34,293,552,812
71,330,589,849
2TAHUN 10BULAN

(110,000,000,000)
93,858,791,333
203,858,791,333

3
50,000,000,000
140,000,000,000

4
50,000,000,000
190,000,000,000

3
50,000,000,000
39,691,612,051
38,669,410,151

4
50,000,000,000
36,751,492,640

93,858,791,333

5
###
240,000,000,000

5
###
34,029,159,852

6
50,000,000,000
290,000,000,000

6
35,000,000,000
22,055,936,941

7
50,000,000,000
340,000,000,000

8
###
390,000,000,000

203,858,791,333

Contoh 1
Penjualan (Bruto)
Penerimaan Piutang
Selama bulan penjualan
Setelah 1 bulan penjualan
Setelah 2 bulan penjualan
Total penerimaan
Pengeluaran
Pembayaran utang atas pembelian kredit
Biaya tunai
Total pengeluaran
Arus kas bersih
NFC bulan april
NFC komulatif
Surplus kas
Saldo kas sasaran
Surplus kas

Feb
75,000,000
30

Mar
80,000,000
30

22,500,000

24,000,000
37,500,000

soal Uas
April
60,000,000
30

Mei
50,000,000
30

18,000,000
40,000,000
15,000,000

15,000,000
30,000,000
16,000,000

73,000,000

61,000,000

22,000,000
20,000,000

28,500,000
32,000,000

42,000,000

60,500,000

31,000,000
39,000,000

500,000
39,500,000

10,000,000
29,000,000

10,000,000
29,500,000

20%
50%
30%

Feb
80,000,000

Mar
70,000,000

16,000,000

14,000,000
40,000,000

16,000,000

54,000,000

saldo kas awal april

10,000,000

April
45,000,000

Mei
40,000,000

9,000,000
35,000,000
24,000,000

8,000,000
22,500,000
21,000,000

20,000,000
13,500,000

12,000,000

68,000,000

51,500,000

33,500,000

12,000,000

19,000,000
23,000,000

26,500,000
28,000,000

42,000,000

54,500,000

26,000,000
36,000,000

-3,000,000
33,000,000

12,500,000
23,500,000

12,500,000
20,500,000

Juni

Juli

Biaya hutang
Biaya saham preferen
Biaya saham biasa

=15%*(1-20%)
=200/1500
=125
=1250(1-4%)

12 %
13.333 %
0.1042
5% 15.416666666666700%
1200

WACC
soal :
1) Bunga hutang obligasi 18% dgn tingkat pajak penghasilan 25%.
rd
18%
T
25%
Cost of debt =

rd(1-T)
13.50%

2) Harga pasar saham preferen adl Rp 1.500 perlembar dan deviden tahunan adl Rp240.
Vp
1500
Dp
240
Cost of Prefered Stock
rp= Dp / Vp

0.16

16%

3) Deviden tahunan pertama adl Rp 125 dgn tingkat pertumbuhan konstan 3%. Harga saham perd
D1
125
g
3%
Po
1300
F
5%
Cost of common stock (equity)
rcs =
maka :

D1
Po(1-F)

plus

125
plus
1235
13.12%

g
3%

12%
13.33%
15.42%

40.00%
20.00%
40.00%

4.80%
2.67%
6.17%

13.63%

n adl Rp240.

3%. Harga saham perdana adl Rp 1300 perlembar dgn tingkat floation cost adl 5%.