After estimating a project’s NPV, theanalyst is advised that the fixed capital outlay will be revised upward by$100,000. The fixed capital outlay is depreciated straight-line over aneight-year life. The tax rate is 40 percent and the required rate of return is10 percent. No changes in cash operating revenues, cash operating expenses, orsalvage value are expected. What is the effect on the project NPV?

    $100,000 decrease.

    $73,325 decrease.

    $59,988 decrease.


Correct answer: B

解析：考点为固定资本投资增加之后对于NPV的影响。

固定资本投资增加之后，固定资产增加，那么相对应的折旧费用也会增加，而折旧费用是在税前扣除的，所以会有税盾（少缴税）的作用。所以对于NPV的影响就不仅仅是减掉100,000那么简单，我们需要考虑到每一年的直线折旧法下的折旧费用而引起的tax saving的金额。具体计算如下式所示：


所以这个题目选择B。

来自：Finance365CFA