问题如下:
FITCO is considering the purchase of new equipment. The equipment costs $350,000, and an additional $110,000 is needed to install it. The equipment will be depreciated straight-line to zero over a five-year life. The equipment will generate additional annual revenues of $265,000, and it will have annual cash operating expenses of $83,000. The equipment will be sold for $85,000 after five years. An inventory investment of $73,000 is required during the life of the investment. FITCO is in the 40 percent tax bracket and its cost of capital is 10 percent. What is the project NPV?
选项:
A.$52,122.
B.$64,090.
C.$97,449.
解释:
C is correct.
\(Outlay=FC\ln v+NWC\ln v-Sal_0+T(Sal_0-B_{0)}\)
Outlay = (350,000 + 110,000) + 73,000 – 0 + 0 = $533,000
The installed cost is $350,000 + $110,000 = $460,000, so the annual depreciation is $460,000/5 = $92,000. The annual after-tax operating cash flow for Years 1–5 is
CF = (S – C – D)(1 – T) + D = (265,000 – 83,000 – 92,000)(1 – 0.40) + 92,000
CF = $146,000
The terminal year after-tax non-operating cash flow in Year 5 is:
TNOCF\(=Sal_5+NWClv-T(Sal_5-B_5)=\)
\(85,000+73,000-0.40{(85,000-0)}\)
TNOCF = $124,000
The NPV is
从哪里看出这道题是有处置的?