问题如下：
If the inflation is higher than expected and everything else hold constant, what will happen on the value of the real tax savings from depreciation and the real after-tax interest expense, respectively?
选项：
A. Both would decrease.
B. Both would increase.
C. One would increase and the other would decrease.
解释：
A is correct.
考点：More on Cash Flow Projections
解析：如果通货膨胀高于预期，real tax会上升，real tax saving会下降。
债券的利费用是固定的，当通货膨胀高于预期，实际购买力下降，那么发行人实际支付出去的利息费用则会下降。
我的想法是因為inflation上升，所以tax saving下降，且tax上升。那麼int(1-t)，因為t上升所以整個變小，所以利息費用下降，這樣的想法可以嗎？