问题如下:
Company M is investing $150 in a project which will be depreciated straight-line to zero over two years. The project will generate earnings before interest and taxes of€75 annually. The weighted average cost of capital of the company and required rate of return of the project are both 10%. The company is in the 25% tax bracket. What’s the economic income in the second year?
选项: $11.93
$17.56
C.$22.78
解释:
A is correct.
考点:Other Valuation Models
解析:根据公式EI2 = CF2 + (PV2 - PV1),其中PV1 = =119.32 PV2 = 0
EI2 = 131.25 + (0 - 119.32) = $11.93
为什么CF2要加上折旧,而不是直接等于75*(1-25%)?这里为什么要考虑税盾的影响呢?