capital budgetingPayback Period012345678910Cash Inflow(120,000,000,000)20,000,000,00020,000,000,00015,000,000,00015,000,000,00015,000,000,00025,000,000,00025,000,000,00025,000,000,00025,000,000,00025,000,000,000(120,000,000,000)(100,000,000,000)(80,000,000,000)(65,000,000,000)(50,000,000,000)(35,000,000,000)(10,000,000,000)15,000,000,00040,000,000,00065,000,000,00090,000,000,000Payback Period6.406 TAHUN 5 BULAN Discounted Payback Period012345678910Cash Inflow(120,000,000,000)20,000,000,00020,000,000,00015,000,000,00015,000,000,00015,000,000,00025,000,000,00025,000,000,00025,000,000,00025,000,000,00025,000,000,00018,348,623,85316,833,599,86511,582,752,20110,626,378,1669,748,970,79414,906,683,17213,675,856,12112,546,656,99211,510,694,48810,560,270,172130,340,485,825119,780,215,653219,784,347

Discounted PP9.029 TAHUN 7 HARI IRR10.78%10.78%10.78%11.39%NPV130,340,485,825250,340,485,825

capital budgeting2Payback Period012345678Cash Inflow(150,000,000,000)45,000,000,00045,000,000,00050,000,000,00050,000,000,00050,000,000,00050,000,000,00050,000,000,00050,000,000,00045,000,000,00090,000,000,000140,000,000,000190,000,000,000240,000,000,000290,000,000,000340,000,000,000390,000,000,000Payback Period1.204TAHUN 5 BULAN soal uasDiscounted Payback Period0123456Cash Inflow(110,000,000,000)40,000,000,00040,000,000,00050,000,000,00050,000,000,00050,000,000,00035,000,000,00037,037,037,03734,293,552,81239,691,612,05136,751,492,64034,029,159,85222,055,936,941203,858,791,33371,330,589,84938,669,410,151Discounted PP2.972TAHUN 10BULAN IRR32.24%NCF203,858,791,333(110,000,000,000)NPV93,858,791,333203,858,791,33393,858,791,333

capital workingContoh 1soal UasFebMarAprilMeiFebMarAprilMeiJuniJuliPenjualan (Bruto)75,000,00080,000,00060,000,00050,000,00080,000,00070,000,00045,000,00040,000,00030303030Penerimaan PiutangSelama bulan penjualan22,500,00024,000,00018,000,00015,000,00020%16,000,00014,000,0009,000,0008,000,000Setelah 1 bulan penjualan37,500,00040,000,00030,000,00050%40,000,00035,000,00022,500,00020,000,000Setelah 2 bulan penjualan15,000,00016,000,00030%24,000,00021,000,00013,500,00012,000,000

Total penerimaan73,000,00061,000,00016,000,00054,000,00068,000,00051,500,00033,500,00012,000,000

PengeluaranPembayaran utang atas pembelian kredit22,000,00028,500,00019,000,00026,500,000Biaya tunai20,000,00032,000,00023,000,00028,000,000

Total pengeluaran42,000,00060,500,00042,000,00054,500,000

Arus kas bersihNFC bulan april31,000,000500,000saldo kas awal april 26,000,000-3,000,000NFC komulatif39,000,00039,500,00010,000,00036,000,00033,000,000

Surplus kasSaldo kas sasaran10,000,00010,000,00012,500,00012,500,000Surplus kas29,000,00029,500,00023,500,00020,500,000

cost of capital

Biaya hutang=15%*(1-20%)12%12%40.00%4.80%Biaya saham preferen=200/150013.3333333333%13.33%20.00%2.67%Biaya saham biasa=1250.10416666675%15.416666666666700%15.42%40.00%6.17%=1250(1-4%)1200

WACC13.63%

soal :1) Bunga hutang obligasi 18% dgn tingkat pajak penghasilan 25%.rd18%T25%Cost of debt =rd(1-T)13.50%2) Harga pasar saham preferen adl Rp 1.500 perlembar dan deviden tahunan adl Rp240.Vp1500Dp240Cost of Prefered Stock rp= Dp / Vp0.1616%3) Deviden tahunan pertama adl Rp 125 dgn tingkat pertumbuhan konstan 3%. Harga saham perdana adl Rp 1300 perlembar dgn tingkat floation cost adl 5%.D1125g3%Po1300F5%Cost of common stock (equity)rcs = D1plusgPo(1-F)maka :125plus3%123513.12%