问一道题：NO.PZ2016012005000005

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 capital$—$in 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：

£20.6 million.

£23.0 million.

£26.6 million.

解释：

C is correct.

The terminal year after-tax non-operating cash flow is

$TNOCF=Sal_5+NWCInv-T(Sal_5-B_5)$= 21 + 8 – 0.40(21 – 15) = £26.6. million