capital budgeting 书后第九题
“A company invests in depreciable assets, financed partly by issuing fixed-rate bonds. If inflation is lower than expected, the value of the real tax savings from depreciation and the value of the real after-tax interest expense are both reduced.”
(Institute 70)
For Concept 1, the statement is correct regarding the effects on:
the real tax savings from depreciation, but incorrect regarding the real after-tax interest expense.
both the real tax savings from depreciation and the real after-tax interest expense.
neither the real tax savings from depreciation nor the real after-tax interest expense.
(Institute 71)
Institute, CFA. 2018 CFA Program Level II Volume 3 Corporate Finance. CFA Institute, 07/2017. VitalBook file.
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我认为 题目中inflation is lower than expected 而不是inflation is lower ，所以通货膨胀还是存在，只是比预期低，所以折旧抵税作用依然是减小，而利息价值也是减小，但书后答案是C，也就是说inflation is lower than expected 是否等于inflation is lower？
