NO.PZ2016012005000003
问题如下：
When assembling the cash flows to calculate an NPV or IRR, the project’s after-tax interest expenses should be subtracted from the cash flows for:
选项：
A. the IRR calculation, but not the NPV calculation.
B. both the NPV calculation and the IRR calculation.
C. neither the NPV calculation nor the IRR calculation.
解释：
C is correct.
Financing costs are not subtracted from the cash flows for either the NPV or the IRR. The effects of financing costs are captured in the discount rate used.
老师讲课的时候不是明确计算现金流要去掉财务cost么，但WACC是考虑财务成本的，这个题很明确在问cash flow呀，为啥选C