老师关于计算器这个F0

NO.PZ2018101501000021

Company M is investing an equipment of $1 million, which may enable the company to earn a 12% internal rate of return. The equipment will generate operating income after taxes of $150,000 and depreciation of $95,000 annually for the coming four years. The equipment will be sold at the end of the fourth year. The company is in the 25% tax bracket. What`s the terminal selling price?

选项：

$483,273

$452,325

$330,112

解释：

C is correct.

考点：Cash Flow Projections: Expansion Project

解析：

题干第一句话：12% internal rate of return，IRR 是使得项目 NPV 等于零的要求回报率。因此这道题是已知 NPV=0 ,倒推销售价格。

CF = (S – C – D)(1 – T) + D = EBIT*(1-T) + D = 150,000+95,000 = $245,000

账面价值BV₄ = 1,000,000 – 95000*4 = $620,000

TNOCF = Sal₄ +NWCInv−T(Sal₄ – B₄ ) = Sal₄ - 0.25*( Sal₄-620,000)

$NPV=-1,000,000+\sum_{t=1}^4\frac{245,000}{1.12^t}+\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}$

计算前四年 OCF (245000) 的净现值为 -255849.4101，计算器按法

- 清零

- CF0 = -1000000，

- C01 = 245000；- F01 = 4 (t=1 至 t=4 时刻)

- I = 12

- NPV = -255849.4101

即：$\frac{{Sal_4}-0.25\times{({Sal_4}-620,000)}}{1.12^4}=255849.4101$

计算求得Sal₄ = $330,112

计算前四年 OCF (245000) 的净现值为 -255849.4101，计算器按法

- 清零

- CF0 = -1000000，

- C01 = 245000；- F01 = 4 (t=1 至 t=4 时刻)

- I = 12

- NPV = -255849.4101

老师你好，对于答案解析中F01=4，我不太懂为什么这边要输入F01，计算器这个F01是代表什么？F02、F03、F04需要输入吗？我输入F01=4时候求的NPV是-888187，

和这个答案也不一样。