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梦梦0708 · 2020年02月23日

问一道题:NO.PZ2016012005000002

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

100,000+t=185,000(1.10)t=100,000+26,675=$73,325-100,000+\sum_{t=1}^8\frac{5,000}{{(1.10)}^t}=-100,000+26,675=-\$73,325

本题数据都算的明白,问题出现在符号上。

我的理解是:

开始的CAPEX加回100,000。那刚开始减多了,现在加回,对应的NPV不应该是增加吗?

同样,放开始CAPEX多了,我算的dep多了,实际没有那么多,所以我的那些dep的折现求和不应该是减去吗?

所以正好和题目的符号是反着的,想问问逻辑上存在什么错误。谢谢~~

1 个答案

maggie_品职助教 · 2020年02月24日

嗨,努力学习的PZer你好:


你题目理解错了,题目说的是要追加投资100,000,也就是比之前的多投100,000,那么每年折旧也要跟着增加100,000/8 = $12,500。


-------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!


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