Aufgabe Vorschlag A - Aufgabe 2 · Abitur Hessen Wirtschaftslehre LK · bilingual Englisch 2022

Thema: Investition und Investitionsrechenverfahren · Aus der Prüfung LK · bilingual Englisch (2022)

Aufgabenstellung

Aufgabe 2

To produce the new veggie drink GoGinger, VegGreen Ltd. has to acquire a manufacturing plant. Two alternative offers from European manufactures are being discussed. The two manufacturing plants (offer A and offer B) are mutually exclusive offers. The acquisition cost of both machines amount to EUR 97,000 and their useful economic life is 5 years. The minimum rate of return desired is 9 %. As discount rates i1=6 %i_1 = 6\,\% and i2=14 %i_2 = 14\,\% are used. Further information on the estimated net cash flows can be found in the table below.

Year 1

Year 2

Year 3

Year 4

Year 5

net cash flows (in EUR) offer A

15,000

30,000

20,000

40,000

30,000

net cash flows (in EUR) offer B

20,000

35,000

25,000

20,000

25,000

2.1

Calculate the net present values of offer A and offer B and the internal rate of return for both offers. Based on your calculations, suggest one alternative to the management of VegGreen Ltd. Please round to the second decimal place. [17 BE]

EUR

EUR

%

EUR

EUR

%

2.2

Examine the usefulness of the internal rate of return method as a discounting method of investment appraisal by pointing out four aspects. [8 BE]

Aufgabenstellung: Aufgabe Vorschlag A - Aufgabe 2 · Abitur Hessen Wirtschaftslehre LK · bilingual Englisch 2022

Lösung

Nach den offiziellen Korrekturhinweisen

Calculate the net present value of offer A at 6 %

Lösung: 14,744.70

Calculate the net present value of offer A at 14 %

Lösung: -7,994.35

Calculate the internal rate of return for offer A

Lösung: 11.19 %

Calculate the net present value of offer B at 6 %

Lösung: 8,531.59

Calculate the net present value of offer B at 14 %

Lösung: -10,824.64

Calculate the internal rate of return for offer B

Lösung: 9.5 % / 9.53 %

Based on your calculations, suggest one alternative to the management of VegGreen Ltd.

Lösung: Offer A is suggested over Offer B because its internal rate of return (ca. 11.19%) is higher than the required minimum return of 9% and higher than that of Offer B (ca. 9.5%).

Examine the usefulness of the internal rate of return method as a discounting method of investment appraisal by pointing out four aspects.

Lösung: Possible aspects: 1. Dynamic method considering timing of cash flows. 2. Allows ranking projects by their total returns/yields rather than absolute capital value. 3. Uncertainty regarding actual timing and amounts of future cash flows. 4. Unrealistic reinvestment assumption (reinvestment of cash flows at the internal rate). 5. Cannot properly compare projects with different lifespans or investment dates. 6. For real capital investments, the IRR is only a theoretical threshold rate.

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