learn.howToCalculate
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Net Present Value (NPV) sums all future cash flows discounted to today's value minus the initial investment. Positive NPV means the investment creates more value than it costs.
Công thức
NPV = Σ [Cₜ / (1+r)ᵗ] − C₀; If NPV > 0, project is value-accretive
- C₀
- Initial investment (outflow) (Currency)
- Cₜ
- Cash inflow in period t (Currency)
- r
- Discount rate (Annual percentage)
- t
- Time period (Years)
Hướng dẫn từng bước
- 1NPV = Σ Cₜ/(1+r)ᵗ − Initial investment
- 2r = required discount rate (cost of capital)
- 3NPV > 0: invest; NPV < 0: reject
- 4Higher discount rate → lower NPV
Ví dụ có lời giải
đầu vào
−$50k initial, $15k/yr for 5yr, 10% discount rate
Kết quả
NPV = +$6,862 → invest
Câu hỏi thường gặp
How do I choose the discount rate?
Use your weighted average cost of capital (WACC) or hurdle rate. 10% for stocks, 5–8% for real estate, 3–5% for bonds. Higher rate = stricter NPV test.
What does negative NPV mean?
Project doesn't meet your return threshold. In theory, reject it. In practice: real-world factors (strategic, competitive, optionality) may justify it anyway.
Does NPV account for risk?
Partially, via discount rate. Higher risk = higher discount rate = lower NPV. But NPV doesn't handle big downside scenarios—use scenario analysis + NPV together.
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