问题
单项选择题
If flotation costs are treated correctly in calculating the net present value of a project that will begin in the current period, the flotation costs are most likely:（）
A. reflected in the discount rate used for the project.
B. included in the initial outlay.
C. to reduce NPV less if a high discount rate is used for the project.
答案
参考答案：B
解析：
The correct treatment of flotation costs according to the CFA curriculum is to include their cost in the initial cash outflow of the project. Since flotation costs are included in the initial outlay, they decrease the NPV by an amount that is unaffected by the discount rate.