问题如下：
Company M has invested $20 million in fixed capital and another $5 million in working capital in a ten-year project. The equipment will be depreciated straight-line to zero over five years. It will generate additional annual revenues of $1.5 million and reduce annual cash operating expenses of $0.5 million. After ten years, the equipment will be sold for $3 million. The tax rate and the required rate of return are 25% and 10% respectively. What are the after-tax operating cash flow for Years 1–5 and 6–10 respectively?
选项：
A.$2.5 million and $1.5 million.
B.$2.5 million and $1.2 million
C.$2.3 million and $1.2 million
解释：
A is correct.
考点：Cash Flow Projections: Expansion Project
解析：Depreciation(1–5) = 20/5 = $4 million.
OCF(1-5) = ( ΔS –ΔC)(1 – T) + ΔD*T = [1.5 – (– 0.5)](1 – 0.25) + 4*0.25 = $2.5 million
OCF(6-10) = (ΔS – ΔC – ΔD)(1 – T) + ΔD= [1.5 – (– 0.5) – 0](1 – 0.25) + 0 = $1.5 million
既然是expansion project为什么还要用增量计算、那不是replacement的公式么？？
