[求助] CFA L1 Corporate Finance 问题请教

Schweser June 08 Exam 1 Afternoon

69. An analyst gathered the following data about a project:

• Costs are $8,000 plus $2,000 in shipping and installation.
• For the next five years, the project will annually generate $5,000 in sales and $2,000 in costs, not including depreciation.
• The project is being depreciated on a straight-line basis over five years with no salvage value.
• The company's tax rate is 40%, and the weighted average cost of capital is 10%.

The project's NPV is closest to:

A. -$144

B. $144

C. $279

D. $1,244

Why is the answer A?  How to calculate it?

第一到五年的现金流$5000-$2000)*(1-40%)+($8000+$2000)/5 *40%=$2600

第0年的现金支出:CF0=-$8000-$2000=-$10000

CF1=CF2=CF3=CF4=CF5=$2600

I/Y=10 N=5 NPV=-$144

when you get the Net Income, you should add the non-cash charge, depreciation, back to net income to get the cash flow.

and then use calculator, follow the steps mentioned by the girl above~~

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