问题如下图：
选项：
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C. 
解释：
老师在强化课上说，operating after tax income=(S-C-D-interest)*(1-t),特地讲了它与OCF的区别。但是按照这题的解答，它是（S-C-D)*(1-t),为什么呢？
NO.PZ201601200500000901 问题如下 1. Whterminselling priis requirefor a 15 percent internrate of return on the Richie project? A.$588,028 B.$593,771. C.$625,839. C is correct.The after-toperating cash flow for eaof the next three years is $20,000 + $40,000 = $60,000. The book value in three years will $380,000 (the origincost less three years’ preciation). So the terminyeafter-tnon-operating cash flow will Sal3Sal_3Sal3 – 0.30(Sal3Sal_3Sal3 –$380,000), where Sal3Sal_3Sal3 is the selling price. For a 15 percent return, the PV of future cash flows must equthe investment:500000=600001.15+600001.152+600001.153+Sal3−0.30(Sal3−380000)1.153500000=\frac{60000}{1.15}+\frac{60000}{1.15^2}+\frac{60000}{1.15^3}+\frac{Sal_3-0.30(Sal_3-380000)}{1.15^3}500000=1.1560000+1.15260000+1.15360000+1.153Sal3−0.30(Sal3−380000)There are severpaths to follow to solve for Sal3Sal_3Sal3.l363006.5=Sal3−0.3(Sal3−380000)1.153Sal3−0.30(Sal3−380000)=552087.50.70Sal3=438087.5Sal3=$625839{l}363006.5=\frac{Sal_3-0.3(Sal_3-380000)}{1.15^3}\\Sal_3-0.30{(Sal_3-380000)}=552087.5\\0.70Sal_3=438087.5\\Sal_3=\$625839l363006.5=1.153Sal3−0.3(Sal3−380000)Sal3−0.30(Sal3−380000)=552087.50.70Sal3=438087.5Sal3=$625839 如果是用代入法，怎么用计算器计算呢？能否告知一下按键顺序，谢谢
NO.PZ201601200500000901问题如下1. Whterminselling priis requirefor a 15 percent internrate of return on the Richie project? A.$588,028 B.$593,771. C.$625,839. C is correct.The after-toperating cash flow for eaof the next three years is $20,000 + $40,000 = $60,000. The book value in three years will $380,000 (the origincost less three years’ preciation). So the terminyeafter-tnon-operating cash flow will Sal3Sal_3Sal3 – 0.30(Sal3Sal_3Sal3 –$380,000), where Sal3Sal_3Sal3 is the selling price. For a 15 percent return, the PV of future cash flows must equthe investment:500000=600001.15+600001.152+600001.153+Sal3−0.30(Sal3−380000)1.153500000=\frac{60000}{1.15}+\frac{60000}{1.15^2}+\frac{60000}{1.15^3}+\frac{Sal_3-0.30(Sal_3-380000)}{1.15^3}500000=1.1560000+1.15260000+1.15360000+1.153Sal3−0.30(Sal3−380000)There are severpaths to follow to solve for Sal3Sal_3Sal3.l363006.5=Sal3−0.3(Sal3−380000)1.153Sal3−0.30(Sal3−380000)=552087.50.70Sal3=438087.5Sal3=$625839{l}363006.5=\frac{Sal_3-0.3(Sal_3-380000)}{1.15^3}\\Sal_3-0.30{(Sal_3-380000)}=552087.5\\0.70Sal_3=438087.5\\Sal_3=\$625839l363006.5=1.153Sal3−0.3(Sal3−380000)Sal3−0.30(Sal3−380000)=552087.50.70Sal3=438087.5Sal3=$625839The after-toperating cash flow for eaof the next three years is $20,000 + $40,000 = $60,000$40,000作为preciation为何要加上？
NO.PZ201601200500000901 这题不是很理解为什么折现求和=500000的公式，不是求terminvalue？ 这题的解题思路能讲一下吗，有无从下手的感觉。
NO.PZ201601200500000901 老师请教一下operating income after taxes 是不是就是EBIT*(1-T)? operating income就是EBIT 有时候也叫earning before interest antax对吗？ 那NI和operating income after taxes 的区别是？
用代入法算，把答案打进去算出来也不对的？
