问一道题：NO.PZ201601200500001303

问题如下：

3. Hernández’s best response to Costa’s first question is that the project’s NPV would decrease by an amount closest to:

选项：

€142,000.

€178,000.

€250,000.

解释：

B is correct.

Calculations: The outlay is higher by €250,000, which will increase annual depreciation by €50,000 over the 5-year period. The annual additional tax savings from the higher depreciation expense is: 50,000 × (0.40) = 20,000. Therefore NPV should decrease by:

$NPV=-250,000+\sum_{t=1}^5\frac{20,000}{1.12^t}=-250,000+72,095.524=-177,904$