EI2 = 131.25 + (0 - 119.32) = $11.93 这个等式代表什么含义？

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 economic income in the second year?

选项：

$11.93

$17.56

$22.78

解释：

A is correct.

考点：Other Valuation Models

解析：

首先，计算期间现金流 OCF：OCF = (S–C–D)(1–T)+D = EBIT*(1-T)+D = 75(1–0.25)+75 = 131.25

其次，根据公式 EI₂ = CF₂ + (PV₂ - PV₁)，计算 PV₁ =$\frac{131.25}{1.1}$ =119.32 PV₂ = 0

所以，EI₂ = 131.25 + (0 - 119.32) = $11.93