问题如下:
FITCO is considering the purchase of new equipment. The equipment costs $350,000, and an additional $110,000 is needed to install it. The equipment will be depreciated straight-line to zero over a five-year life. The equipment will generate additional annual revenues of $265,000, and it will have annual cash operating expenses of $83,000. The equipment will be sold for $85,000 after five years. An inventory investment of $73,000 is required during the life of the investment. FITCO is in the 40 percent tax bracket and its cost of capital is 10 percent. What is the project NPV?
选项:
A. $52,122.
B. $64,090.
C. $97,449.
解释:
C is correct.
Outlay = (350,000 + 110,000) + 73,000 = $533,000
The installed cost is $350,000 + $110,000 = $460,000, so the annual depreciation is $460,000/5 = $92,000. The annual after-tax operating cash flow for Years 1–5 is
CF = (S – C – D)(1 – T) + D = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000
CF = $146,000
The terminal year after-tax non-operating cash flow in Year 5 is:
TNOCF = $124,000
The NPV is
=97,449
我不太明白WC为什么是inventory?难道WC不应该是110000?而且inventory就算是初始投资,都转入成本了,怎么可能5年以后再收回来?