老师，不是4年折旧完了吗？

问题如下：

Company M, a pharmaceutical corporation, is investing $30 million in fixed capital and $10 million in working capital for a four-year expansion project. The fixed capital will be depreciated straight-line to zero over four years and it will generate annual revenues and annual cash operating expenses of $22 million and $8 million, respectively. The fixed assets are expected to be sold for $5 million and the working capital investment will be recovered at the end of the project. The tax rate is 25%. What’s the terminal year’s total net cash flow for the project?

选项：

A.

$12.375 million

B.

$13.750 million

C.

$26.125 million

解释：

C is correct.

考点：Cash Flow Projections: Expansion Project

解析：After-tax operating CF = (S – C – D)(1 – T) + D = (22-8-7.5)*(1-25%)+7.5 = $12.375 million

TNOCF = Sal₄+NWCInv–T(Sal₄−B₄) = 5+10-25%*(5-0) = $13.75 million

Total net cash flow = 12.375+13.75 = $26.125 million