NO.PZ2018101501000047
问题如下：
Jackie, CFA, is evaluating the effects of changes in the capital budgeting assumptions. After his revaluation, he estimates that the initial fixed capital outlay will be $12 million rather than $10 million. The required rate of return is 10% and the tax rate is 25%. The project`s life is five years. What will happen on the project’s NPV if everything else hold constant?
选项：
A.It will decrease $0.48 million
B.It will decrease $1.62 million.
C.It will increase $1.62 million.
解释：
B is correct.
考点：Cash Flow Projections: Expansion Project
解析：△Depreciation = $400,000
这道题因为增加了投资，影响depn变化，那在最后一年，需要考虑delta S，delta B的变化吗？book value可以假设年末都是0，但S是不是还是会有差？
