财务管理的题 求大神倾囊相授 !!!

Question

Shanghai Motor is considering invest in new car, the company has received two offering new cars:
Offering One: where the new car costs $98,000.The new car has a useful life time of 7 years, assume that the new car's engine is rebuilt in the 5 years followed by total maintenance costs of $1,200 a year are expected in the first four years, followed by total maintenance costs $13,000 in the fifth year, during the last two years, total maintenance costs are estimated to be $3,000 a year. At the end of seventh year the new car will have a residual value of $10,000.
Offering Two: The new car is cost of $70,000.Total maintenance costs for the new car will be $2,000 in the first year, and this amount is expected to increase by $1,170 a year through the 7 years. In the fourth year the new car engine will need to be rebuilt, and this will cost cash flow $16,000 in additional to maintenance costs in that year. At the end of the 7 years the new car will have aa residual value of $9,000. Based on the information, please answer the following questions:
(1) If cash flow's opportunity cost of fund is 6%, which offering should it be accepted?
Ignore tax considerations,because cash flow pays to taxes.
(2) If cash flow's opportunity cost of fund is 12%, which offering should be selected?
只要告诉我6%和12%的机会成本怎么用就可以了

Answer 1

本题的 CASH FLOW 的机会成本实际就是计算投资项目的贴现率的数据。要求是比较2个方案的支出的总现值的大小。
由于每个项目都有后续的一系列的现金支出，都需要用贴现率来计算它们的现值。
例如OFFERING ONE: 依次的现金流分别是：（为简便起见，假设支出为+，收入为-）
98000（此为年初投入，就是PV，不需要再贴现）
（以下分别为1-7年的年末的CF),1200,1200,1200,1200，13000,3000,(3000-10000).
将它们代入EXCEL 的财务函数PV 里面，用R=6% 和12% 分别计算得到2个值，它就是不同贴现率下面的该投资的PV值。注意年初和年末的值在公式运用时的区别，不要搞混了，或者说只计算后7年的支出的PV，加上98000就可以了。否则计算的结果会不对），
同理计算OFFERING TWO，也可以得到2个值。
结果是很容易判断的。
不过如果手工计算就很烦了。