What is maximum price you would be willing to agree to pay

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Question - You receive a proposal from the manufacturer. This proposal calls for you to pay $63.00 million today for an option to acquire the aircraft for $150 million in three years time.  Your consultant, an expert in options analysis, has informed you that the present value of the cash flows from the acquisition of the plane in three years is $135 million.  Moreover, your consultant has informed you that this option is only worth $60.21 million, compared to the $63.00 the French supplier is requesting.  Assume the consultant's estimate of s = 0.66395 is correct.  You therefore inform the sales representative for the French aircraft manufacturer that the offer is just plain unacceptable.

The sales representative from the French firm e-mails you in the evening that his firm will not consider extending the time frame for you to exercise the option, but they would entertain a price discount on the final exercise price.  Before you meet with him tomorrow morning, you need to calculate the maximum price you would be willing to commit to pay for the plane in three years, if you decide to go ahead and purchase it at that time.  Assume the other terms of the option contract are the same as above and that the risk-free rate of return is 5 percent.

What is the maximum price you would be willing to agree to pay for the plane in three years time under the option contract?

Reference no: EM133184474

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