问题如下：
2. Simpson should estimate the initial outlay and the terminal year non-operating cash flow, respectively, to be closest to:
选项：
A.€1.50 billion and €0.70 billion.
B.€1.90 billion and €0.70 billion.
C.€1.90 billion and €0.90 billion.
解释：
B is correct.
Outlay at time zero is:
[#PZMATH428#]
Outlay = 1.50 + 0.40 – 0 + 0 = €1.90 billion
Terminal year after-tax non-operating cash flow is
[#PZMATH429#]
TNOCF = 0.50 + 0.40 – 0.40(0.50 – 0) = €0.70 billion
题目问的是initial outlay是多少，就是最初投资就是0时点的投资吧？fixed capital investment 1.5bn, working capital investment 0.4bn.然后分析师后面说Specifically, she thinks the outlay for fixed capital might be €0.24 billion lower, 所以期初的fixed capital investment 分析师认为应该是1.5bn-0.24bn=1.26bn. working capital investment没提到所以还是 0.4bn. 所以期初的投资金额就是1.26bn+0.4bn=1.66bn. 请教一下， 这个过程错误点在什么地方？
