开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

sarah_xu · 2020年08月10日

问一道题:NO.PZ201601200500001005

* 问题详情,请 查看题干

问题如下:

5. If the outlay is lower by the amount that Simpson suggests, the project NPV should increase by an amount closest to:

选项:

A.

0.09 billion.

B.

0.14 billion.

C.

0.17 billion.

解释:

C is correct.

The outlay is lower by €0.24, which will decrease the annual depreciation by €0.04 for the first six years. The annual additional taxes from the loss of the depreciation tax shelter are € 0.04(0.40) = € 0.016. The after-tax cash flows are higher by € 0.24 at time zero (because of the smaller investment) and lower by € 0.016 for the first six years. The NPV increases by

NPV=+0.24t=160.0161.12t=0.240.0658=0.1742=0.17billionNPV=+0.24-\sum_{t=1}^6\frac{0.016}{1.12^t}=0.24-0.0658=0.1742=€0.17billion

这题不用考虑折旧法的改变吗?

1 个答案
已采纳答案

王琛_品职助教 · 2020年08月11日

嗨,爱思考的PZer你好:


同学你好,

这道题不用考虑折旧法的改变。

可以从以下几个角度理解

  1. 题干并没有提到折旧法,只说了期初投入的改变:

    If the outlay is lower by the amount that Simpson suggests

  2. 这道题是计算题,可是题目对折旧方法的改变,是定性的介绍,并没有具体改变的数据。即使你想考虑,你怎么将这种改变,量化的体现在计算过程中呢?

  3. 出题特点。这道题是课后题第 31 题,你担心的折旧方法的改变,其实是课后题第 30 题。你可以再看看题目和问题,熟悉一下协会出题的特点。题目做多了,题感就出来啦。

-------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!