问题如下：
Company M has invested $20 million in fixed capital and another $5 million in working capital in a ten-year project. The equipment will be depreciated straight-line to zero over five years. It will generate additional annual revenues of $1.5 million and reduce annual cash operating expenses of $0.5 million. After ten years, the equipment will be sold for $3 million. The tax rate and the required rate of return are 25% and 10% respectively. What’s the NPV of the project?
选项：
A.-$6.41 million
B.-$9.20 million
C.-$11.99 million
解释：
B is correct.
考点：Cash Flow Projections: Expansion Project
解析：
通过计算器我们可得NPV = -$9.20 million
机器在5年后就坏了但是还能有现金流?!
