可以详细说明一下此题的思路吗？

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% and the required rate of return is 10%. Jackie, CFA, is evaluating the effects of changes in the capital budgeting assumptions. After his revaluation, he estimates that the fixed capital will be sold for $10 million rather than $5 million in the terminal year. What will happen on the project`s NPV if everything else hold constant?

选项：

It will increase $2.56 million.

It will increase $3.75 million.

It will increase $5.12 million.

解释：

A is correct.

考点：Cash Flow Projections: Expansion Project

解析：△TNOCF = (10-5)*(1-25%) = $3.75 million

           △NPV =$\frac{3.75}{1.1^4}$  = $2.56 million