NO.PZ2016012005000003
问题如下：
When assembling the cash flows to calculate an NPV or IRR, the project’s after-tax interest expenses should be subtracted from the cash flows for:
选项：
A.the IRR calculation, but not the NPV calculation.
B.both the NPV calculation and the IRR calculation.
C.neither the NPV calculation nor the IRR calculation.
解释：
C is correct.
Financing costs are not subtracted from the cash flows for either the NPV or the IRR. The effects of financing costs are captured in the discount rate used.
所以对于financing cost，只有在计算npv时才考虑，在cash flow中不考虑是吗
