问题如下：
Five years ago, Frater Zahn’s Company invested £38 million£30 million in fixed capital and another £8 million in working capitalin a bakery. Today, Frater Zahn’s is selling the fixed assets for £21 million and liquidating the investment in working capital. The book value of the fixed assets is £15 million and the marginal tax rate is 40 percent. The fifth year’s after-tax non-operating cash flow to Frater Zahn’s is closest to:
选项：
A. £20.6 million.
B. £23.0 million.
C. £26.6 million.
解释：
C is correct.
The terminal year after-tax non-operating cash flow is
= 21 + 8 – 0.40(21 – 15) = £26.6. million
这道题明明是有处置的，为什么要按照无处置的方法来算TNOCF？