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fansen · 2020年02月19日

问一道题：NO.PZ2018101501000002

  1. CFA II
  2. Corporate Issuers

问题如下：

The fixed capital investment will be adjusted downward by $80,000 after reappraising the project`s NPV. The fixed capital investment is depreciated straight-line over four years. The tax rate and the required rate of return are 20% and 15% respectively. All other things remain the same, such as annual revenues, cash operating expenses and salvage value. What may happen on the project`s NPV?

选项：

A.

$80,000 increase

B.

$68,580 increase

C.

$22,900 increase

解释：

B is correct.

考点：Cash Flow Projections：Expansion project

解析：固定资产投资下降$80,000，相对应的depreciation tax saving会下降 0.2*($80,000/4) =$4,000.

所以NPV最终会增加80,000 - ∑t=1440001.15t\sum_{t=1}^4\frac{4000}{1.15^t} = $68,580.

这道题期末的sale — T(sale-B)不受到影响买，投入少了，B最终不也少了吗，sale是响应减少吗？

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已采纳答案

Debrah_品职答疑助手 · 2020年02月21日

这位同学你好！

无论期初的投资如何变化，因为该项资产采用的直线折旧法，折旧4年之后，期末的账面价值都是0。同时，题干指出“All other things remain the same，such as salvage value”，因此期末的Sal也是不变的。

祝你复习顺利！

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NO.PZ2018101501000002 问题如下 The fixecapitinvestment will austewnwar$80,000 after reappraising the project`s NPV. The fixecapitinvestment is preciatestraight-line over four years. The trate anthe requirerate of return are 20% an15% respectively. All other things remain the same, suannurevenues, cash operating expenses ansalvage value. Whmhappen on the project`s NPV? A.$80,000 increase B.$68,580 increase C.$22,900 increase B is correct.考点Cash Flow ProjectionsExpansion project解析固定资产投资下降$80,000，相对应的preciation tsaving会下降 0.2*($80,000/4) =$4,000.所以NPV最终会增加80,000 - ∑t=1440001.15t\sum_{t=1}^4\frac{4000}{1.15^t}∑t=14​1.15t4000​ = $68,580. .固定资产投资下降$80,000，相对应的preciation tsaving会下降 0.2*($80,000/4) =$4,000.为什么折旧减少，npv增加？

2022-09-03 10:56 1 · 回答

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2022-06-11 01:39 1 · 回答

NO.PZ2018101501000002 为什么NPV的增量不是用80,000+11,419.9135而是相减呢？投入减少不是也是增加NPV的一种方式吗？

2021-09-07 10:23 1 · 回答

NO.PZ2018101501000002 既然固定资产价值减少8万，直接算出折旧的变化量折现不就是NPV的变化值么

2021-03-13 10:22 1 · 回答

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2020-11-18 22:48 1 · 回答