问题
单项选择题
An investor gathered the following information about a real estate investment:
A.Cost of the property
B.$800000
C.Amount financed by mortgage loan
D.80%
E.Interest rate on mortgage loan
F.13%
G.Present value of after-tax cash flows from the investment
H.$156000
I.Investor's required rate of return for an equity investment
J.15%
答案
参考答案:C
解析:NPV= -800000× (1-80%) +156000= -4000<0. When NPV=0, then IRR = 16%. If NPV<0, then investment's yield to an equity investor is less than 16%.