问题如下：
4. Based on Exhibit 1, residual income for SSX is closest to:
选项：
A.€40.9 million.
B.€90.2 million.
C.€133.9 million.
解释：
C is correct.
The residual income can be calculated using net income and the equity charge or using net operating profit after taxes (NOPAT) and the total capital charge. Residual income = Net income – Equity charge
Calculation of Net Income (values in millions):
Equity charge = Total assets × Equity weighting × Cost of equity
Equity charge = €4,000 million × 0.40 × 0.15 = €240 million
Therefore, residual income = €373.9 million – €240 million = €133.9 million.
Alternatively, residual income can be calculated from NOPAT as follows.
Residual income = NOPAT – Total capital charge
NOPAT = EBIT × (1 – Tax rate)
NOPAT = €700 million × (1 – 0.35) = €455 million
The total capital charge is as follows.
Equity charge = Total assets × Equity weighting × Cost of equity
= €4,000 million × 0.40 × 0.15
= €240 million
Debt charge = Total assets × Debt weighting × Pretax cost of debt × (1 – Tax rate)
= €4,000 million × 0.60 × 0.052(1 – 0.35)
= €81.1 million
Total capital charge = €240 million + €81.1 million
= €321.1 million
Therefore, residual income = €455 million – €321.1 million = €133.9 million
老师，这道题目如果用ROE做的话，计算出来的结果和用NOPAT解析中的算法结果略有差异，这个差异是怎么造成的？本题中差异比较小，还能找到答案，如果差异比较大的话，是否意味着题目条件自相矛盾？
