NO.PZ2018101501000014
问题如下：
Company M is investing $150 in a project which will be depreciated straight-line to zero over two years. The project will generate earnings before interest and taxes of €75 annually. The weighted average cost of capital of the company and required rate of return of the project are both 10%. The company is in the 25% tax bracket. What’s the market value added (MVA)?
选项：
A.$70.00 B.
$74.38 C.
$77.79
解释：
C is correct.
考点：Other Valuation Models
解析：根据公式
其中EP = NOPAT – $WACC = EBIT(1 – T) – WACC × Capital
EP1= 75(1 – 0.25) – 0.1(150) = 56.25 –15 = $41.25
EP2= 75(1 – 0.25) –0.1(75) = 56.25 –7.5 = $48.75
代入公式计算可得MVA = $77.79
对于MVA的计算， capital应该是如何处理的？
感谢
