(1)甲股票的价值=1.2/15%=8(元)甲股票目前的市价为9元,高于股票价值,所以投资者不应购买甲股票。乙股票的价值=1×(P/F,14%,1)+1.02×(P/F,14%,2)+1.02×(1+3%)/(14%-3%)×(P/F,14%,2)=9.01(元)乙股票目前的市价为8元,低于股票价值,所以投资者应购买乙股票。丙股票的价值=1.2/12%=10(元)丙股票目前的市价为13元,高于股票价值,所以投资者不应该购买丙股票。(2)假设内部收益率为R,则有:NPV=1×(P/F,R,1)+1.02×(P/F,R,2)+1.02×(1+3%)/(R-3%)×(P/F,R,2)-8=0当R=15%时,NPV=1×(P/F,15%,1)+1.02×(P/F,15%,2)+1.02×(1+3%)/(15%-3%)×(P/F,15%,2)-8=0.26(元)当R=16%时,NPV=1×(P/F,16%,1)+1.02×(P/F,16%,2)+1.02×(1+3%)/(16%-3%)×(P/F,16%,2)-8=-0.37(元)根据插值法解得:R=15.41%