问题如下图：
选项：
A. 
B. 
C. 
解释：
为何NWC inv等于0？
NO.PZ2018101501000021 折旧为啥第四年还是50000？折旧在第四年不50000*4？
NO.PZ2018101501000021 如上
NO.PZ2018101501000021 EBIT不是等于5W吗？为什么答案里面是写的15W？题目出问题了吗
NO.PZ2018101501000021 Company M is investing equipment of $1 million, whimenable the company to earn a 12% internrate of return. The equipment will generate operating income after taxes of $150,000 anpreciation of $95,000 annually for the coming four years. The equipment will solthe enof the fourth year. The company is in the 25% tbracket. What`s the terminselling price? $483,273 $452,325 $330,112 C is correct. 考点Cash Flow Projections: Expansion Proje解析 题干第一句话12% internrate of return，IRR 是使得项目 NPV 等于零的要求回报率。因此这道题是已知 NPV=0 ,倒推销售价格。 = (S – C – (1 – T) + = EBIT*(1-T) + = 150,000+95,000 = $245,000 账面价值BV4 = 1,000,000 – 95000*4 = $620,000 TNO= Sal4 +NWCInv−T(Sal4 – ) = Sal4 - 0.25*( Sal4-620,000) NPV=−1,000,000+∑t=14245,0001.12t+Sal4−0.25×(Sal4−620,000)1.124NPV=-1,000,000+\sum_{t=1}^4\frac{245,000}{1.12^t}+\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}NPV=−1,000,000+∑t=141.12t245,000+1.124Sal4−0.25×(Sal4−620,000) 计算前四年 O(245000) 的净现值为 -255849.4101，计算器按法 - 清零 - CF0 = -1000000， - C01 = 245000；- F01 = 4 (t=1 至 t=4 时刻) - I = 12 - NPV = -255849.4101 即 Sal4−0.25×(Sal4−620,000)1.124=255849.4101\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}=255849.41011.124Sal4−0.25×(Sal4−620,000)=255849.4101 计算求得Sal4 = $330,112 计算前四年 O(245000) 的净现值为 -255849.4101，计算器按法 - 清零 - CF0 = -1000000， - C01 = 245000；- F01 = 4 (t=1 至 t=4 时刻) - I = 12 - NPV = -255849.4101 老师你好，对于答案解析中F01=4，我不太懂为什么这边要输入F01，计算器这个F01是代表什么？F02、F03、F04需要输入吗？我输入F01=4时候求的NPV是-888187， 和这个答案也不一样。
NO.PZ2018101501000021 Company M is investing equipment of $1 million, whimenable the company to earn a 12% internrate of return. The equipment will generate operating income after taxes of $150,000 anpreciation of $95,000 annually for the coming four years. The equipment will solthe enof the fourth year. The company is in the 25% tbracket. What`s the terminselling price? $483,273 $452,325 $330,112 C is correct. 考点Cash Flow Projections: Expansion Proje解析 题干第一句话12% internrate of return，IRR 是使得项目 NPV 等于零的要求回报率。因此这道题是已知 NPV=0 ,倒推销售价格。 = (S – C – (1 – T) + = EBIT*(1-T) + = 150,000+95,000 = $245,000 账面价值BV4 = 1,000,000 – 95000*4 = $620,000 TNO= Sal4 +NWCInv−T(Sal4 – ) = Sal4 - 0.25*( Sal4-620,000) NPV=−1,000,000+∑t=14245,0001.12t+Sal4−0.25×(Sal4−620,000)1.124NPV=-1,000,000+\sum_{t=1}^4\frac{245,000}{1.12^t}+\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}NPV=−1,000,000+∑t=141.12t245,000+1.124Sal4−0.25×(Sal4−620,000) 计算前四年 O(245000) 的净现值为 -255849.4101，计算器按法 - 清零 - CF0 = -1000000， - C01 = 245000；- F01 = 4 (t=1 至 t=4 时刻) - I = 12 - NPV = -255849.4101 即 Sal4−0.25×(Sal4−620,000)1.124=255849.4101\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}=255849.41011.124Sal4−0.25×(Sal4−620,000)=255849.4101 计算求得Sal4 = $330,112 请问为什么NPV算出来是负值，Sal4仍然按照NPV是正值来处理呢？
