如果这题是求TNOCF，怎么算呢

问题如下：

Matt, CFA, is a financial analyst with Company M, a manufacturer of automobile equipment. Matt is evaluating a new project of Company M and collecting relevant information in the following table. (Currency Amounts in $) What`s the annual after-tax operating cash flow?

选项：

A.

$3,125,000

B.

$1,750,000

C.

$2,750,000

解释：

B is correct.

考点：Cash Flow Projections: Expansion Project

解析：根据公式After-tax operating CF = (S – C)(1 – T) + D*T

分别求得S = P*Q = 1000*5000 = $5,000,000

C = fixed cost + variable cost = 2,500,000 + 100*5,000 = $3,000,000

D = 5,000,000/5 = $1,000,000

OCF = (5,000,000 - 3,000,000)*(1-25%) + 1,000,000*25% = $1,750,000