问一道题：NO.PZ201601200500001003

问题如下：

3. Is Simpson’s estimate of the NPV of the project correct?

选项：

Yes.

No. The NPV is –€0.01 billion.

No. The NPV is €0.34 billion.

解释：

B is correct.

The cash flows, computed in the first two questions, are as follows:

Time 0 –€1.90 billion

Time 1–6 €0.31 billion

Time 7–12 €0.21 billion

Time 12 €0.70 billion

The NPV is

${l}NPV=-1.90+\sum_{t=1}^6\frac{0.31}{1.12^t}+\sum_{t=7}^{12}\frac{0.21}{1.12^t}+\frac{0.7}{1.12^{12}}\\NPV=-1.90+1.2745+0.4374+0.1797\\\text{=-}€\text{0}\text{.0084billion}\approx\text{-}€0.01billion$