问一道题：NO.PZ2016012005000001 [ CFA II ]

NO.PZ2016012005000001问题如下FITis consiring the purchase of new equipment. The equipment costs $350,000, anaition$110,000 is neeto install it. The equipment will preciatestraight-line to zero over a five-yelife. The equipment will generate aitionannurevenues of $265,000, anit will have annucash operating expenses of $83,000. The equipment will solfor $85,000 after five years. inventory investment of $73,000 is requirering the life of the investment. FITis in the 40 percent tbracket anits cost of capitis 10 percent. Whis the projeNPV? A.$52,122.B.$64,090.C.$97,449. C is correct.Outlay=FClnv+NWCInvOutlay=FC_{lnv}+NWC_{Inv}Outlay=FClnv​+NWCInv​Outl= (350,000 + 110,000) + 73,000 = $533,000The installecost is $350,000 + $110,000 = $460,000, so the annupreciation is $460,000/5 = $92,000. The annuafter-toperating cash flow for Years 1–5 is= (S – C – (1 – T) + = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000= $146,000The terminyeafter-tnon-operating cash flow in Ye5 is:TNOCF=Sal5+NWClnv−T(Sal5−B5)TNOCF=Sal_5+NWC_{lnv}-T(Sal_5-B_5)TNOCF=Sal5​+NWClnv​−T(Sal5​−B5​)=85,000+73,000−0.40(85,000−0)=85,000+73,000-0.40{(85,000-0)}=85,000+73,000−0.40(85,000−0)TNO= $124,000The NPV isNPV=−533,000+∑t=151460001.10t+1240001.105NPV=-533,000+\sum_{t=1}^5\frac{146000}{1.10^t}+\frac{124000}{1.10^5}NPV=−533,000+∑t=15​1.10t146000​+1.105124000​=97,449 110K是装该设备费用，不是设备价值，为啥要算到折旧里。

$64,090. $97,449. C is correct. Outlay=FClnv+NWCInvOutlay=FC_{lnv}+NWC_{Inv}Outlay=FClnv​+NWCInv​ Outl= (350,000 + 110,000) + 73,000 = $533,000 The installecost is $350,000 + $110,000 = $460,000, so the annupreciation is $460,000/5 = $92,000. The annuafter-toperating cash flow for Years 1–5 is = (S – C – (1 – T) + = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000 = $146,000 The terminyeafter-tnon-operating cash flow in Ye5 is: TNOCF=Sal5+NWClnv−T(Sal5−B5)TNOCF=Sal_5+NWC_{lnv}-T(Sal_5-B_5)TNOCF=Sal5​+NWClnv​−T(Sal5​−B5​) =85,000+73,000−0.40(85,000−0)=85,000+73,000-0.40{(85,000-0)}=85,000+73,000−0.40(85,000−0) TNO= $124,000 The NPV is NPV=−533,000+∑t=151460001.10t+1240001.105NPV=-533,000+\sum_{t=1}^5\frac{146000}{1.10^t}+\frac{124000}{1.10^5}NPV=−533,000+∑t=15​1.10t146000​+1.105124000​=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？

NO.PZ2016012005000001 问题如下 FITis consiring the purchase of new equipment. The equipment costs $350,000, anaition$110,000 is neeto install it. The equipment will preciatestraight-line to zero over a five-yelife. The equipment will generate aitionannurevenues of $265,000, anit will have annucash operating expenses of $83,000. The equipment will solfor $85,000 after five years. inventory investment of $73,000 is requirering the life of the investment. FITis in the 40 percent tbracket anits cost of capitis 10 percent. Whis the projeNPV? A.$52,122. B.$64,090. C.$97,449. C is correct.Outlay=FClnv+NWCInvOutlay=FC_{lnv}+NWC_{Inv}Outlay=FClnv​+NWCInv​Outl= (350,000 + 110,000) + 73,000 = $533,000The installecost is $350,000 + $110,000 = $460,000, so the annupreciation is $460,000/5 = $92,000. The annuafter-toperating cash flow for Years 1–5 is= (S – C – (1 – T) + = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000= $146,000The terminyeafter-tnon-operating cash flow in Ye5 is:TNOCF=Sal5+NWClnv−T(Sal5−B5)TNOCF=Sal_5+NWC_{lnv}-T(Sal_5-B_5)TNOCF=Sal5​+NWClnv​−T(Sal5​−B5​)=85,000+73,000−0.40(85,000−0)=85,000+73,000-0.40{(85,000-0)}=85,000+73,000−0.40(85,000−0)TNO= $124,000The NPV isNPV=−533,000+∑t=151460001.10t+1240001.105NPV=-533,000+\sum_{t=1}^5\frac{146000}{1.10^t}+\frac{124000}{1.10^5}NPV=−533,000+∑t=15​1.10t146000​+1.105124000​=97,449 inventory investment of $73,000 is requirering the life of the investment.这个不是说每期都要花费的钱吗？还是理解成wcinv

NO.PZ2016012005000001 问题如下 FITis consiring the purchase of new equipment. The equipment costs $350,000, anaition$110,000 is neeto install it. The equipment will preciatestraight-line to zero over a five-yelife. The equipment will generate aitionannurevenues of $265,000, anit will have annucash operating expenses of $83,000. The equipment will solfor $85,000 after five years. inventory investment of $73,000 is requirering the life of the investment. FITis in the 40 percent tbracket anits cost of capitis 10 percent. Whis the projeNPV? A.$52,122. B.$64,090. C.$97,449. C is correct.Outlay=FClnv+NWCInv−Sal0+T(Sal0−B0)Outlay=FC_{lnv}+NWC_{Inv}-Sal_0+T(Sal_0-B_0)Outlay=FClnv​+NWCInv​−Sal0​+T(Sal0​−B0​)Outl= (350,000 + 110,000) + 73,000 – 0 + 0 = $533,000The installecost is $350,000 + $110,000 = $460,000, so the annupreciation is $460,000/5 = $92,000. The annuafter-toperating cash flow for Years 1–5 is= (S – C – (1 – T) + = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000= $146,000The terminyeafter-tnon-operating cash flow in Ye5 is:TNOCF=Sal5+NWClnv−T(Sal5−B5)TNOCF=Sal_5+NWC_{lnv}-T(Sal_5-B_5)TNOCF=Sal5​+NWClnv​−T(Sal5​−B5​)=85,000+73,000−0.40(85,000−0)=85,000+73,000-0.40{(85,000-0)}=85,000+73,000−0.40(85,000−0)TNO= $124,000The NPV isNPV=−533,000+∑t=151460001.10t+1240001.105NPV=-533,000+\sum_{t=1}^5\frac{146000}{1.10^t}+\frac{124000}{1.10^5}NPV=−533,000+∑t=15​1.10t146000​+1.105124000​=97,449 请问第一年也要考虑处置的问题吗？S- B

NO.PZ2016012005000001 请问最后一年的cash flow为什么不是TNOCF+OCF5=124000+146000=270000？谢谢