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1、Jimmys Hot Dog Stands根据题中所给数据，可得出下表：Year 0 Year 1 Year 2 Year 3 Year 4 Year 5Investment:(1) Purchase of real estate (400,000)(2)installation of specialized kitchen equipment (40,000)(3)furniture and fittings (25,000)(4) furniture and fittings (20,000)(5)total cash flow of investment(1)+(2)+(3)+(4)(4
2、65,000) (20,000)Income:(6)Sales revenues 510,000 510,000 510,000 510,000 510,000(7)Operating costs (253,080) (253,080) (253,080) (253,080) (253,080)(8)depreciation (13,000) (13,000) (13,000) (13,000) (13,000)(9)income before tax(6)-(7)-(8) 243,920 243,920 243,920 243,920 243,920(10)tax at 34 percent
3、 82932.8 82932.8 82932.8 82932.8 82932.8(11)net income 160987.2 160987.2 160987.2 160987.2 160987.2(12)cash flow from operations(6)-(7)-(10) 173987.2 173987.2 173987.2 173987.2 173987.2(13)total cash flow of project (5)+(12) (465,000) 153987.2 173987.2 173987.2 173987.2 173987.2PV10% (465,000) 13998
4、8 143791 130719 118835 108032NPV 176365由于此项目的 NPV 为正，所以应该做该项目的投资。注：（1）depreciation 是对 installation of specialized kitchen equipment 和 furniture and fittings 采用直线法提折旧。即Depreciation=（40,000+25,000）/5=13,000（2）investment contains Purchase of real estate , installation of specialized kitchen equipment ,
5、and furniture and fittings.so total cash flow of investment= Purchase of real estate+ installation of specialized kitchen equipment+ furniture and fittings+furniture and fittings.(3) 由于规模效应的存在， opening a second stand will decrease the cost of purchasing gourmet hot dogs from 75 cents to 60 cents. co
6、nsidering the synergy, operating costs=0.6*200*7*52+18,400+72,800+22,200+96,000=253,080(4)tax=income before tax*0.34Net income=income before tax *（1-0.34）（5）cash flow from operations= Sales revenues- Operating costs- tax at 34 percent（6）NPV= 465,000+153987.21.1+173987.21.12 +173987.21.13 +173987.21.14 +173987.21.15 =1763650So the project should be accepted because its npv would be positive.
