税率变了，期末现金流也变了，为什么答案没考虑期末现金流的变化？
问题如下图：
选项：
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C. 
解释：
NO.PZ2018101501000002 问题如下 The fixecapitinvestment will austewnwar$80,000 after reappraising the project`s NPV. The fixecapitinvestment is preciatestraight-line over four years. The trate anthe requirerate of return are 20% an15% respectively. All other things remain the same, suannurevenues, cash operating expenses ansalvage value. Whmhappen on the project`s NPV? A.$80,000 increase B.$68,580 increase C.$22,900 increase B is correct.考点Cash Flow ProjectionsExpansion project解析固定资产投资下降$80,000，相对应的preciation tsaving会下降 0.2*($80,000/4) =$4,000.所以NPV最终会增加80,000 - ∑t=1440001.15t\sum_{t=1}^4\frac{4000}{1.15^t}∑t=141.15t4000 = $68,580. .固定资产投资下降$80,000，相对应的preciation tsaving会下降 0.2*($80,000/4) =$4,000.为什么折旧减少，npv增加？
NO.PZ2018101501000002 问题如下 The fixecapitinvestment will austewnwar$80,000 after reappraising the project`s NPV. The fixecapitinvestment is preciatestraight-line over four years. The trate anthe requirerate of return are 20% an15% respectively. All other things remain the same, suannurevenues, cash operating expenses ansalvage value. Whmhappen on the project`s NPV? A.$80,000 increase B.$68,580 increase C.$22,900 increase B is correct.考点Cash Flow ProjectionsExpansion project解析固定资产投资下降$80,000，相对应的preciation tsaving会下降 0.2*($80,000/4) =$4,000.所以NPV最终会增加80,000 - ∑t=1440001.15t\sum_{t=1}^4\frac{4000}{1.15^t}∑t=141.15t4000 = $68,580. 80,000-11,419.9135 可以这样理解吗，initioutl增量为-80000， 所以计算npv变化时，initioutlay的部分为-（-80000）=80000？然后-11419.9135是因为preciation本身随着fixecapital的减少而减少，所在计算结果是80,000-11,419.9135
NO.PZ2018101501000002 为什么NPV的增量不是用80,000+11,419.9135而是相减呢？投入减少不是也是增加NPV的一种方式吗？
NO.PZ2018101501000002 既然固定资产价值减少8万，直接算出折旧的变化量折现不就是NPV的变化值么
$68,580 increase $22,900 increase B is correct. 考点Cash Flow ProjectionsExpansion proje解析固定资产投资下降$80,000，相对应的preciation tsaving会下降 0.2*($80,000/4) =$4,000. 所以NPV最终会增加80,000 - ∑t=1440001.15t\sum_{t=1}^4\frac{4000}{1.15^t}∑t=141.15t4000 = $68,580. 为什么TNOCF不受影响？
