问一道题：NO.PZ2018101501000001

问题如下：

ESPON is investing a new equipment which costs $190,000, and the installation fee is $10,000. The equipment will be depreciated straight-line to zero over four years and it will generate annual revenues and annual cash operating expenses of $150,000 and $65,000 respectively. A net working capital investment of $50,000 is required over the project’s life. After four years, the equipment will be sold for $70,000. The tax rate and the required rate of return are 25% and 12% respectively. What`s the NPV of the expansion project?

选项：

$61,711

$58,090

$46,738

解释：

C is correct.

考点：Cash Flow Projections：Expansion project

解析：

首先我们先求得Outlay=FCInv+NWCInv-Sal₀+T( Sal₀– B₀ ) = (190,000 + 10,000) + 50,000= $250,000.

再求OCF = (S –C–D)(1–T) + D = (150,000 –65,000 –50,000)(1 –0.25) + 50,000 = $76,250.

其中Depreciation = (190,000+10,000)/4 = $50,000.

最后求得TNOCF=Sal₄+NWCInv–T(Sal₄−B₄) =70,000+50,000−0.25(70,000−0) = $102,500.

根据NPV公式，可得NPV = −250,000+$\sum_{t=1}^4\frac{76,250}{1.12^t}$  + $\frac{102,500}{1.12^4}$ = $46,738.