NO.PZ2018101501000029
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：
首先，计算各期现金流：
Initial outlay = – FCInv – NWCInv = -20-5 = -25
OCF(1-5) = (S-C-D)(1-T)+D = [1.5-(-0.5)-4](1-0.25)+4 = 2.5
OCF(6-10) = (S-C-D)(1-T)+D = [1.5-(-0.5)](1-0.25) = 1.5
TNOCF = Sal10 +NWCInv - T(Sal10 - B10) = 3 + 5 - 0.25*(3-0) = 7.25
Total Net CF = 1.5+7.25=8.75
然后，按计算器：
清零 (CLR WORK)
- CF0 = -25
- C01 = 2.5 (对应第一年到第五年的 OCF) ，F01 = 5
- C02 = 1.5 (对应第六年到第九年的 OCF)， F02 = 4
- C03 = 8.75 (对应第十年的 Total net CF, 1.5+7.25)，F03 = 1
- I = 10
- NPV = -9.197174
为何TNOCF+OCF是加上1.5？1.5是6-10年的OCF,为何只加上这个1.5？而前面1-5年不管了？请老师解答这个问题比较关键。谢谢
