NO.PZ201601200500000701
问题如下：
1. For Concept 1, the statement is correct regarding the effects on:
选项：
A.the real tax savings from depreciation, but incorrect regarding the real after-tax interest expense.
B.both the real tax savings from depreciation and the real after-tax interest expense.
C.neither the real tax savings from depreciation nor the real after-tax interest expense.
解释：
C is correct.
The value of the depreciation tax savings is increased, and the value of the real after-tax interest expense is also increased. Due to the lower inflation, the value has increased (essentially discounting at a lower rate).
老师好，
做这道题的时候，我为了方便自己理解，就假设投资的资产是房地产，然后投资的这笔钱有一部分是来自固定收益的债券。
1）当膨胀增长不如逾期，为何“value of the real tax savings from depreciation”是增长的呢？我不太知道这个问题的考点，然后我当时觉得这个"value of the real tax savings from depreciation"就是D*T，所以好像看上去和inflation没啥关系。
2）当膨胀增长不如逾期，“the value of the real after-tax interest expense”是增长的。我是这么理解的，老师帮我看看对不：我觉得，如果通胀增长不如逾期，那我们定量给出去的利息费用相当于更值钱了，所以expense是增长的。
谢谢老师。
