问一道题：NO.PZ2018101501000040

NO.PZ2018101501000040 问题如下 Company M, a pharmaceuticcorporation, is investing $30 million in fixecapitan$10 million in working capitfor a four-yeexpansion project. The fixecapitwill preciatestraight-line to zero over four years anit will generate annurevenues anannucash operating expenses of $22 million an$8 million, respectively. The fixeassets are expecteto solfor $5 million anthe working capitinvestment will recoverethe enof the project. The trate is 25%. What’s the terminyear’s totnet cash flow for the project? $12.375 million $13.750 million $26.125 million C is correct.考点Cash Flow Projections: Expansion Project解析After-toperating = (S – C – (1 – T) + = (22-8-7.5)*(1-25%)+7.5 = $12.375 millionTNO= Sal4+NWCInv–T(Sal4−B4) = 5+10-25%*(5-0) = $13.75 millionTotnet cash flow = 12.375+13.75 = $26.125 million 我以为最后一年的after toperating CF=(S-C-*(1-T)+(22-8-0)*0.75+0=10.5

NO.PZ2018101501000040 我记得上一道题是加入了的，为何这道题又不加入呢？

$13.750 million $26.125 million C is correct. 考点Cash Flow Projections: Expansion Proje解析After-toperating = (S – C – (1 – T) + = (22-8-7.5)*(1-25%)+7.5 = $12.375 million TNO= Sal4+NWCInv–T(Sal4−B4) = 5+10-25%*(5-0) = $13.75 million Totnet cash flow = 12.375+13.75 = $26.125 million为什么折旧是7.5呢？

    Working CapitInvestment 最后收回时，我理解应该也是以现金来收支（类似将存货卖出），那此处收入为何不扣税呢？