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Program Magister
SIPIL - MK
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Bagian Isi
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EVALUASI PROYEK
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Evaluasi Proyek
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Evaluasi Proyek
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Evaluasi Proyek
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Evaluasi Proyek
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Evaluasi Proyek
Constructed facilities are inherently long-term investments with a
deferred pay-off. The cost of capital or MARR depends on the real
interest rate (i.e., market interest rate less the inflation rate) over
the period of investment. As the cost of capital rises, it becomes
less and less attractive to invest in a large facility because of the
opportunities foregone over a long period of time.
In Figure 6-1, the changes in the cost of capital from 1974 to 2002
are illustrated. This figure presents the market interest rate on short
and long term US treasury borrowing, and 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. The real
interest rates has varied substantially, ranging from 9% to -7%. The
exceptional nature of the 1980 to 1985 years is dramatically
evident: the real rate of interest reached remarkably high historic
levels.
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Evaluasi Proyek
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Evaluasi Proyek
With these volatile 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 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 interest rates.
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Pustaka
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