NO.PZ2018101501000001
问题如下:
ESPON is investing a new equipment which costs $190,000, and the installation fee is $10,000. The equipment will be depreciated straight-line to zero over four years and it will generate annual revenues and annual cash operating expenses of $150,000 and $65,000 respectively. A net working capital investment of $50,000 is required over the project’s life. After four years, the equipment will be sold for $70,000. The tax rate and the required rate of return are 25% and 12% respectively. What`s the NPV of the expansion project?
选项:
A.$61,711
B.$58,090
C.$46,738
解释:
C is correct.
考点:Cash Flow Projections:Expansion project
解析:
首先我们先求得Outlay=FCInv+NWCInv= (190,000 + 10,000) + 50,000= $250,000.
再求OCF = (S –C–D)(1–T) + D = (150,000 –65,000 –50,000)(1 –0.25) + 50,000 = $76,250.
其中Depreciation = (190,000+10,000)/4 = $50,000.
最后求得TNOCF=Sal4+NWCInv–T(Sal4−B4) =70,000+50,000−0.25(70,000−0) = $102,500.
根据NPV公式,可得NPV = −250,000+ + = $46,738.
为什么计算折旧的时候要考虑install fee?