问一道题：NO.PZ2018101501000013

Company M is investing $150 in a project which will be depreciated straight-line to zero over two years. The project will generate earnings before interest and taxes of€75 annually. The weighted average cost of capital of the company and required rate of return of the project are both 10%. The company is in the 25% tax bracket. What’s the economic income in the second year?

选项：

$11.93

$17.56

$22.78

解释：

A is correct.

考点：Other Valuation Models

解析：根据公式EI₂ = CF₂ + (PV₂ - PV₁)，其中PV₁ =$\frac{131.25}{1.1}$ =119.32  PV₂ = 0

EI₂ = 131.25 + (0 - 119.32) = $11.93

为什么CF2要加上折旧，而不是直接等于75*（1-25%）？这里为什么要考虑税盾的影响呢？