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逢考必过 · 2020年11月07日

问一道题:NO.PZ2018101501000040 [ CFA II ]

问题如下:

Company M, a pharmaceutical corporation, is investing $30 million in fixed capital and $10 million in working capital for a four-year expansion project. The fixed capital will be depreciated straight-line to zero over four years and it will generate annual revenues and annual cash operating expenses of $22 million and $8 million, respectively. The fixed assets are expected to be sold for $5 million and the working capital investment will be recovered at the end of the project. The tax rate is 25%. What’s the terminal year’s total net cash flow for the project?

选项:

A.

$12.375 million

B.

$13.750 million

C.

$26.125 million

解释:

C is correct.

考点:Cash Flow Projections: Expansion Project

解析:After-tax operating CF = (S – C – D)(1 – T) + D = (22-8-7.5)*(1-25%)+7.5 = $12.375 million

TNOCF = Sal4+NWCInv–T(Sal4−B4) = 5+10-25%*(5-0) = $13.75 million

Total net cash flow = 12.375+13.75 = $26.125 million

为什么折旧是7.5呢?
1 个答案
已采纳答案

王琛_品职助教 · 2020年11月08日

- 因为题干中的两个关键词
1. "investing $30 million in fixed capital...for a four-year expansion project"
2. "The fixed capital will be depreciated straight-line to zero over four years"
- 所以:Dep = 30 / 4 = 7.5
- 建议提问时,附上你的理解哈,比如你认为折旧如果不是 7.5,应该是多少,有什么依据。这样方便彼此交流沟通,谢谢