问题
单项选择题
An investor purchases a property for $1000000, financing 92 percent of the purchase price. He plans to sell the property four years later for $1200000. The expected net cash flows for the investment are as follows:（）
A．$25312
B．$23450
C．$169564.
答案
参考答案：C
解析：
The present value of the cash flows is: $23450/1.09 + $25312/1.092 + $27879/1.093 + 261450/1.094 = $249563.83. The NPV is the present value of the cash flows minus the initial investment: $249564- $80000 = $169564.