NO.PZ2018101501000041
问题如下:
Company M, a pharmaceutical corporation, is investing $30 million in fixed capital and $10 million in working capital for a four-year expansion project. The fixed capital will be depreciated straight-line to zero over four years and it will generate annual revenues and annual cash operating expenses of $22 million and $8 million, respectively. The fixed assets are expected to be sold for $5 million and the working capital investment will be recovered at the end of the project. The tax rate is 25%. What’s the IRR for the project?
选项:
A.9.10%
B.15.38%
C.18.43%
解释:
C is correct.
考点:Risk Analysis
解析:项目每年的现金流如下:CF0 = -$40 million
CF1 = CF2 = CF3 = (S – C – D)(1 – T) + D = (22-8-7.5)*(1-25%)+7.5 = $12.375 million
CF4 = After-tax operating CF+ TNOCF = $26.125 million
求得IRR = 18.43%
项目每年的现金流如下:CF0 = -$40 million
CF1 = CF2 = CF3 = (S – C – D)(1 – T) + D = (22-8-7.5)*(1-25%)+7.5 = $12.375 million
CF4 = After-tax operating CF+ TNOCF = $26.125 million
然后IRR怎么求?