为什么不是PV0*wacc？

NO.PZ201601200500000705

B.

17.76 in Year 1 and 24.89 in Year 2.

C.

24.89 in Year 1 and 17.76 in Year 2.

解释：

A is correct.

Economic income is the cash flow plus the change in value, or economic income is the cash flow minus the economic depreciation (we will use the second expression):

${l}V_0=\frac{85}{1.12}+\frac{85}{1.12^2}=143.65\\V_1=\frac{85}{1.12}=75.89\\V_2=0$

Economic income (Year 1) = $CF_1-(V_0-V_1)$

= 85 – (143.65 – 75.89)

= 85 – 67.76 = €17.24

Economic income (Year 2) = $CF_2-(V_1-V_2)$

= 85 – (75.89 – 0)

= 85 – 75.89 = €9.11