问题如下：
Jackie, CFA, is evaluating the effects of changes in the capital budgeting assumptions. After his revaluation, he estimates that the initial fixed capital outlay will be $12 million rather than $10 million. The required rate of return is 10% and the tax rate is 25%. The project`s life is five years. What will happen on the project’s NPV if everything else hold constant?
选项：
A.It will decrease $0.48 million
B.It will decrease $1.62 million.
C.It will increase $1.62 million.
解释：
B is correct.
考点：Cash Flow Projections: Expansion Project
解析：△Depreciation = $400,000
题目古怪，没说SL折旧，没说S，没说C，那么项目剩下一个D作为OCFt。其实没有S、就不该有C和D。D仅存在于账面，一个项目投进去2mil，没有S仅靠账面每年计提D就构成收入了？完全不合逻辑按理来说应该OCFt=0。
