NO.PZ2018101501000029
问题如下：
Company M has invested $5 million in fixed capital and another $1 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 $1 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.$2.41 million
B.$4.84 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 = -5-1 = 6
OCF(1-5) = (S-C-D)(1-T)+D = [1.5-(-0.5)-1](1-0.25)+1 = 1.75
OCF(6-10) = (S-C-D)(1-T)+D = [1.5-(-0.5)](1-0.25) = 1.5
TNOCF = Sal10 +NWCInv - T(Sal10 - B10) = 1 + 1 - 0.25*(1-0) = 1.75
Total Net CF = OCF(10) + TNOCF = 1.5+1.75 = 3.25
然后，按计算器：
清零 (CLR WORK)
CF0 = -6
C01 = 1.75 (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 = 3.25 (对应第十年的 Total net CF, 1.5+1.75)，F03 = 1
I = 10
CPT NPV = 4.839248
为什么-C时是-（-0.5）？题目里没有显示这是个替换项目，为何能凭空反增费用？
