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115年 - 115 海岸巡防特種考試_四等_海洋巡護科輪機組:輪機工程概要(包括推進裝置概要、輔機概要與輪機英文)#143388(9題)

115年 - 115 海岸巡防特種考試_五等_海洋巡護:海巡勤務大意與海巡法規大意(包括海岸巡防法、國家安全法、海洋污染防治法、海關緝私條例、中華民國領海及鄰接區法、懲治走私條例、海岸巡防機關器械使用條例、臺灣地區與大陸地區人民關係條例第二章行政與第五章罰則、中華民國專屬經濟海域及大陸礁層法)#143387(50題)

115年 - 115 司法、調查特種考試_三等_司法事務官法律事務組、法院書記官、檢察事務官偵查實務組、法律實務組:刑事訴訟法#143386(2題)

115年 - 115 調查特種考試_三等_財經實務組:經濟學#143385(8題)

115年 - 115 調查特種考試_三等_營繕工程組:結構分析(包括材料力學與結構學)#143384(4題)

115年 - 115 海岸巡防特種考試_三等_各科組別:海巡法規(包括海岸巡防法、國家安全法、海洋污染防治法、海關緝私條例、中華民國領海及鄰接區法、懲治走私條例、海岸巡防機關器械使用條例、臺灣地區與大陸地區人民關係條例第二章行政與第五章罰則、中華民國專屬經濟海域及大陸礁層法)#143383(27題)

115年 - 115 司法特種考試_三等_檢察事務官營繕工程組:政府採購法#143382(4題)

115年 - 115 調查特種考試_三等_調查工作組(選試日文):外國文(日文)#143381(6題)

115年 - 115 調查特種考試_三等_醫學鑑識組:遺傳學#143380(7題)

115年 - 115 海岸巡防特種考試_三等_海洋巡護科輪機組:船用電機與自動控制#143379(4題)

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7. (10 points) The Solar Calculator Company plans to invest \$5 million into a new factory that makes calculators. \$2 million is spent annually on fixed costs. A solar calculator is produced for \$5 per unit and sells for \$20. What is the yearly sales level at which the factory will break even (i.e., NPV = 0) if it operates for three years and the cost of capital is 12 percent? (Assume that income and expenses occur at the year's end. Assume no taxes.) 8. (15 points) Petroleum Inc. (PI) controls off-shore oil leases. It is considering the construction of a deep-sea oil rig at a cost of \$500 million. The price of oil is \$100/bbl. and extraction costs are \$50/bbl. PI expects costs to remain constant. The rig will produce an estimated 1,200,000 bbl. per year forever. The risk-free rate is 10 percent per year, which is also the cost of capital. (Ignore taxes). Suppose that oil prices are uncertain and are equally likely to be \$120/bbl. or \$80/bbl. next year. Suppose that PI has the option to postpone the project by one year. Calculate the value of the real option to postpone the project for one year.

6. (15 points) At time zero (t = 0), a project requires a \$90,000 initial investment in equipment and a \$10,000 initial investment in working capital. You anticipate that the project will generate revenues of \$120,000 per year for three years. You predict that manufacturing expenses will account for 60% of revenues. Assume that all income and expenses (i.e., t = 1, t = 2, and t = 3) occur at year's end. Over the three-year period, the equipment depreciates utilizing straight-line depreciation. The company can sell the equipment for \$10,000 at the end of the project and recover its investment in net working capital. The cost of capital is 15%, and the corporation tax rate is 21%. Calculate the project's NPV.

5. (10 points) The common stock of XYZ Corporation is currently worth \$40 million, and its risk-free debt is currently worth \$60 million. The estimated market risk premium is 10%, and the common stock of the corporation has a beta of 0.8. What is the firm's cost of capital if the Treasury bill rate is 6%? (Assume no taxes.)

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