问题如下：
Company M invested $22 million in fixed capital and $5 million in working capital four years ago. Nowadays the fixed assets are sold for $15 million and the working capital investment is liquidated. The book value of the fixed assets is $10 million and the tax rate is 25%. What’s the terminal year’s after-tax non-operating cash flow?
选项：
A.$13.75 million
B.$16.25 million
C.$18.75 million
解释：
C is correct.
考点：Cash Flow Projections: Expansion Project
解析：根据公式TNOCF = Sal4 + NWCInv−T(Sal4−B4)= 15+5-0.25*(15-10)=$18.75 million.
题目说th book value=10,怎么可以确定这是BV4期末的呢？by the way，如果题目明确说明是期初的BV0=10，BV4需要折旧吗？
