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Investment deciion techniques © 165 ik ‘Appendix 8A {I ancing and taxation Inch mead mb de cna ang os We incu om oda nee py maha ne Iowe ose NPV in pai yo ave ensure cs oe cut sNsppend me ladies hee important tops tae ch ne ation, | | I Inflation equal fa mane termined en an boxes eo expan Concering inflation, Inves rates qed nthe marketplace ae eco ha tems, becuse they Incorporate the eects of expected inflation The teu on ‘Government secures, balding sockeye, bank rowing and ending tess al ‘The nominal opportunity cos of expe made up of wo component the rk of eu, lisa premium, which offers compensation for taking on ak ean fy andthe expected change inthe ger pelea per pero Ths the etaed expression forte components tha take up the nominal eta D),_* sominlretus incorporate the effects of ination, cs th resin the same form when undetakng discounted sth om ote more ener ll we nowt ay tht You have to be consent in BRB. cas ros shud ve dca wing NOMINAL SCOUNT a pp Se esa ree nen meen res $PPP cocsnt really make any aerence which approach you adopt as the net present Meco carapace tet epee SMR this information you can work out the net present value as follows. q yo ur a te SO feat 05" ‘ene 08) tea stat vest: capital ret pO inate at se get as a sca do ber fe low pat they ae 3p em io eae the cash Dos ve shows CE on be expressed: (Aa) Tole 83. NPV using ral lacount rte conan neg ronan 2 som tame aun You can earange this to give the ollwing teal at free ‘sing he flues the sbowe example: {Yu wl se that tis nt gute the same as sbeating SH rom 12% Although the iference tal, would acer gies oer in the NPV elution hang eit rw use ito dicot the gal snp wie edo oe itn, The cof ntion mate [prorat have ues values ning at erent rate to constuction ct ? giant an er (1956) a prt of Bie Sno eae a hypothe Coney Ba tnough god investment decisions athe then trough Slul nncing de. pace es ri tn da ang mate a

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