问题如下:
After estimating a project’s NPV, the analyst is advised that the fixed capital outlay will be revised upward by $100,000. The fixed capital outlay is depreciated straight-line over an eight-year life. The tax rate is 40 percent and the required rate of return is 10 percent. No changes in cash operating revenues, cash operating expenses, or salvage value are expected. What is the effect on the project NPV?
选项:
A.$100,000 decrease.
B.$73,325 decrease.
C.$59,988 decrease.
解释:
B is correct.
The additional annual depreciation is $100,000/8 = $12,500. The depreciation tax savings is 0.40 ($12,500) = $5,000. The change in project NPV is
还是没想明白,期初固定资产投资增加10万,那么折旧也增加了10/8,CFO公式里(S-C)(1-T)+D*T,那D*T=10/8*40%=5000,为什么CF0是正的100000,而CF1是负的5000呢?