问题如下图：
选项：此题安装费被计入折旧但是之前的一题（PZ2018101501000006）计算initial outlay 时安装费计入FC inv。有些疑惑，请帮忙解释原因，谢谢！
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解释：
NO.PZ2018101501000007问题如下Company M is purchasing a new equipment of $180,000, whiwill preciatestraight-line to zero over four years. The requireinstallation fee is $20,000. inventory investment of $55,000 is requireanthe trate is 25%. The equipment will increase revenues $110,000 annually but the cash operating expenses mremain the same. What`s the incrementannuafter-toperating cash flow?A.$95,000B.$65,000C.$45,000A is correct.考点Cash Flow Projections解析preciation = $200,000/4 = $50,000 = (S –C –(1 – T) + [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000折旧费用包含买机器的钱还有安装费？
NO.PZ2018101501000007 为什么50000还算 不是已经说了expense不增加吗
NO.PZ2018101501000007 $65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000 = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000 （ΔS-ΔC）（1-T）+ΔT=（110000-0）（1-25%）+0=82500
NO.PZ2018101501000007 $65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000 = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000why why why why
$65,000 $45,000 A is correct. 考点Cash Flow Projections 解析preciation = $200,000/4 = $50,000 = (S –C –(1 – T) += [110,000 –0 –50,000](1 – 0.25) + 50,000 = $95,000请问我用110000 x（1-0.25）+ 50000 x（1-0.25）这种形式计算出来的结果为什么和答案不一样？
