是否都是fixed asset depreciate 到0了才变卖？我以为是到5这个时间点就变卖了，还有如果BV比salvage value高怎么办

问题如下：

After estimating a project’s NPV, the analyst is advised that the fixed capital outlay will be revised upward by $100,000. The fixed capital outlay is depreciated straight-line over an eight-year life. The tax rate is 40 percent and the required rate of return is 10 percent. No changes in cash operating revenues, cash operating expenses, or salvage value are expected. What is the effect on the project NPV?

选项：

A.

$100,000 decrease.

B.

$73,325 decrease.

C.

$59,988 decrease.

解释：

B is correct.

The additional annual depreciation is $100,000/8 = $12,500. The depreciation tax savings is 0.40 ($12,500) = $5,000. The change in project NPV is

$-100,000+\sum_{t=1}^8\frac{5,000}{{(1.10)}^t}=-100,000+26,675=-\$73,325$