问一道题：NO.PZ201601200500000706

问题如下：

6. The market value added (MVA) in euros for the Fontenot Company is closest to:

选项：

38.87.

39.92.

43.65.

解释：

C is correct.

EP = NOPAT – $WACC = EBIT(1 – T) – WACC × Capital

EP(Year 1) = 50(1 – 0.30) – 0.12(100) = 35 – 12 = €23

EP(Year 2) = 50(1 – 0.30) – 0.12(50) = 35 – 6 = €29

$MVA=\frac{EP(Year1)}{1+WACC}+\frac{EP(Year2)}{{(1+WACC)}^2}=\frac{23}{1.12}+\frac{29}{1.12^2}=€43.65$

(An alternative way to get MVA is simply to find the NPV of the investment project.)