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E-mail: kyriazopoulosg@yahoo.com

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Standards and Poors

AAA, AA+, AA, AA-, A+, A, A-, BBB+, BBB, BBB-, +, , -, +, , -, CCC+, CCC, CCC-, CC, C, RD, D

Toyota
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CV (Coefficient of Variation)

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(risk free rate of return).
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CFt =
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t =
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NPV
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80.000 ,
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( . ) (t)

1 10.000 0,95
2 20.000 0,90
3 30.000 0,85
4 40.000 0,80
5 50.000 0,75

28

:

NPV = [-80.000]+[(0,9510.000)/(1+0,10)]+

+[(0,9020.000)/(1+0,10)2] + [(0,8530.000)/(1+0,10)3]+

+[(0,8040.000)/(1+0,10)4] + [(0,7550.000)/(1+0,10)5]

NPV = 7.811,90

> 0,
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29
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CFt = (
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80.000 ,
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1 10.000
2 20.000
3 30.000
4 40.000
5 50.000

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20% :

NPV= [-80.000] + [10.000/(1+0,20)] + [20.000/(1+0,20)2] +

+[30.000/(1+0,20)3] + [40.000/(1+0,20)4] + 50.000/(1+0,20)5]

NPV = -1.032,66 .
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200

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10%

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. 41
 3. What if analysis

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0 (100.000) (100.000)
1 20.000 30.000
2 40.000 50.000
3 80.000 60.000
42
 3. What if analysis
-

10%
12%;
.
:
10% 11.344,85
12% 6.687,32 -41,05%,

10% 13.673,93 12%
9.352,22 -31,60%.
43
 . What if analysis
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10%
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10.000 , 20.000 30.000
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:
:
(NPV) = (0,25*10.000) + (0,50*20.000) + (0,25*30.000)
(NPV) = 20.000

:
= [ (0,25)*(10.000-20.000)2 + (0,50)*(20.000-20.000)2 +
(0,25)*(30.000-20.000)2]1/2 => = 7.071,068

CV = [/(NPV)] = (7.071,068/20.000)
=> CV = 0,35 1>0,35

. 48
 5. (Monte Carlo Simulation)

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 6. Decision Tree

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55


-

Weston and
Brigham

56