问一道题：NO.PZ201601200500001005

问题如下：

5. If the outlay is lower by the amount that Simpson suggests, the project NPV should increase by an amount closest to:

选项：

€0.09 billion.

€0.14 billion.

€0.17 billion.

解释：

C is correct.

The outlay is lower by €0.24, which will decrease the annual depreciation by €0.04 for the first six years. The annual additional taxes from the loss of the depreciation tax shelter are € 0.04(0.40) = € 0.016. The after-tax cash flows are higher by € 0.24 at time zero (because of the smaller investment) and lower by € 0.016 for the first six years. The NPV increases by

$NPV=+0.24-\sum_{t=1}^6\frac{0.016}{1.12^t}=0.24-0.0658=0.1742=€0.17billion$