1、 the corresponding real interest rate over this period. The real interest rate is calculated as the market interest rate less the general rate of inflation. During the last decade in this figure, the real interest rate has varied substantially, ranging from 10% to -4%. The exceptional nature of the
2、1980 to 1985 years is dramatically evident: the real rate of interest reached remarkably high historic levels. Figure 6-1 Nominal and Real Interest Rates on U.S. Bonds, 1955-1985(Reprinted by permission of the Wall Street Journal, Dow Jones & Company, Inc. 1985. All rights reserved.) With these vola
3、tile interest rates, interest charges and the ultimate cost of projects are uncertain. Organizations and institutional arrangements capable of dealing with this uncertainty and able to respond to interest rate changes effectively would be quite valuable. For example, banks offer both fixed rate and
4、variable rate mortgages. An owner who wants to limit its own risk may choose to take a fixed rate mortgage even though the ultimate interest charges may be higher. On the other hand, an owner who chooses a variable rate mortgage will have to adjust its annual interest charges according to the market
5、 interest rates. In economic evaluation, a constant value of MARR over the planning horizon is often used to simplify the calculations. The use of a constant value for MARR is justified on the ground of long-term average of the cost of capital over the period of investment. If the benefits and costs
6、 over time are expressed in constant dollars, the constant value for MARR represents the average real interest rate anticipated over the planning horizon; if the benefits and costs over time are expressed in then-current dollars, the constant value for MARR reflects the average market interest rate
7、anticipated over the planning horizon. Back to top 6.5 Investment Profit MeasuresA profit measure is defined as an indicator of the desirability of a project from the standpoint of a decision maker. A profit measure may or may not be used as the basis for project selection. Since various profit meas
8、ures are used by decision makers for different purposes, the advantages and restrictions for using these profit measures should be fully understood. There are several profit measures that are commonly used by decision makers in both private corporations and public agencies. Each of these measures is
9、 intended to be an indicator of profit or net benefit for a project under consideration. Some of these measures indicate the size of the profit at a specific point in time; others give the rate of return per period when the capital is in use or when reinvestments of the early profits are also includ
10、ed. If a decision maker understands clearly the meaning of the various profit measures for a given project, there is no reason why one cannot use all of them for the restrictive purposes for which they are appropri检查10对不符合的情况及时纠正10素养 语言有礼貌10举止讲文明10着装要整洁10工作主动,热情10有强烈的时间观念(按时完成任务,开会不迟到 )1028577ba8b1c
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