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
这题不用考虑折旧法的改变吗?