问题如下：
Company M, a pharmaceutical corporation, is investing $30 million in fixed capital and $10 million in working capital for a four-year expansion project. The fixed capital will be depreciated straight-line to zero over four years and it will generate annual revenues and annual cash operating expenses of $22 million and $8 million, respectively. The fixed assets are expected to be sold for $5 million and the working capital investment will be recovered at the end of the project. The tax rate is 25%. What’s the terminal year’s total net cash flow for the project?
选项：
A. $12.375 million
B. $13.750 million
C. $26.125 million
解释：
C is correct.
考点：Cash Flow Projections: Expansion Project
解析：After-tax operating CF = (S – C – D)(1 – T) + D = (22-8-7.5)*(1-25%)+7.5 = $12.375 million
TNOCF = Sal4+NWCInv–T(Sal4−B4) = 5+10-25%*(5-0) = $13.75 million
Total net cash flow = 12.375+13.75 = $26.125 million
为什么折旧是7.5呢？