NO.PZ201601200500000905
问题如下:
5. Is Böhm most likely correct regarding Comment A about the $10 million investment and Comment B about using the after-tax cost of debt?
选项:
A.No for both comments.
B.Yes for both comments.
C.No for Comment A and Yes for Comment B.
解释:
A is correct.
The $10 million original cost is a sunk cost and not relevant. The correct investment is today’s opportunity cost, the market value today. The correct discount rate is the project required rate of return.
老师好,有两个问题:
(1)comment a 中,虽然说这是sunk cost,在NPV的现金流中不考虑,但在之前的题目中计算initial outlay的时候,这种固定资产的投资不就是应该算在FVInv中么?
(2)comment b中,不是说cash flow不考虑沉没成本和融资成本么,但是会体现在折现率中呀,comment b 是不是只错在使用cost of debt?如果使用正确的要求回报率,是不是也应该考虑融资成本的因素呀?
谢谢老师~