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公司与2005年1月1日购入设备一台，设备价款1500万元，预计使用3年，使用期末无残值，采用直线法按3年计提折旧(均符合税法规定)。该设备于购入当日投入使用。预计能使公司未来三年的销售收入分别增长1200万元、2000万元和1500万元，经营成本分别增加400万元、1000万元和600万元。购置设备所需要资金通过发行债券方式予以筹资，债券面值为1500万元，票面年利率为8%，每年年末付息，债券按面值发行，发行费用为2%。该公司适用的所得税税率为33%，要求的投资收益率为10%，有关复利现值系数和年金现值系数如下表。

要求：

(1)计算债券资金成本率；

(2)计算设备每年折旧额；

(3)预测公司未来三年增加的净利润；

(4)预测该项目各年经营净现金流量；

(5)计算该项目的净现值。

答案

参考答案：

(1)计算债券资金成本率：

债券资金成本率＝[1500×8%×(1- 33%)]/[1500×(1-2%)]＝5.47%

(2)计算设备每年折旧额：

设备每年折旧额＝1500/3＝500(万元)

(3)预测公司未来三年增加的净利润：

2005年：(1200-400-500-1500×8%)×(1-33%)＝120.6(万元)

2006年：(2000-1000-500-1500×8%)×(1-33%)＝254.6(万元)

2007年：(1500-600-500-1500×8%)×(1-33%)＝187.6(万元)

(4)预测该项目各年经营净现金流量：

2005年净现金流量＝120.6+500+1500×8%

＝740.6(万元)

2006年净现金流量＝254.6+500+1500×8%

＝874.6(万元)

2007年净现金流量＝187.6+500+1500×8%

＝807.6(万元)

(5)计算该项目的净现值：

净现值＝-1500+740.6×0.9091+874.6×0.8264+807.6×0.7513＝502.80(万元)

完形填空

三、完形填空。（共20小题；每小题1.5分，满分30分）

阅读下面短文，掌握其大意，然后从36-55各题所给的四个选项A、B、C、D四个选项中，选出最佳选项。

My friend Jessie and I have known each other since we were very young. After we both got married we seldom had time to get together    36    I always promised myself that I would meet her whenever I was free.

Friendships get more    37    as we get older. When we reached our forties, we    38    to do something to keep our    39    strong, healthy and growing. We picked out one Saturday a month and    40    to do something together that day. Sometimes we had a long lunch out, and other times we went to see a movie or went shopping. We also promised to have a(n)    41    every few days.

In some adventures we drove to our favorite places and    42    a night there. Other times we just    43  , stopping wherever we wanted. One of our adventures    44    us to a very small town in south Georgia. The people there were    45    a special festival. We were    46    to buy the handmade gifts and eating the   47    food. There was also a parade. Everyone in the parade    48    and waved to us! It was so great! We    49      had a great time that day!

Fun is always on the menu, whether it’s a weekend trip or a couple of hours    50    lunch. We are so happy and have a great    51    on each other’s lives. We share our sorrow and    52    and we ask for and receive advice. We always laugh, too!

Don’t keep promising yourself that “someday” you’ll    53    your friends. Do it now. Pick up your phone and make a    54    for THIS weekend. You’ll be a happier,    55    person for it! You need it and your friends need it, too.

36. A. as                   B. unless                         C. though                        D. since

37. A. precious              B. difficult                          C. boring                  D. interesting

38. A. refused           B. decided                           C. remembered             D. regretted

39. A. friendship           B. connection                   C. marriage                  D. life

40. A. forgot                 B. promised                         C. learned                     D. pretended

41. A. racing                 B. adventure                        C. hiking                  D. appointment

42. A. offered           B. took                                C. cost                         D. spent

43. A. looked            B. left                                 C. drove                       D. ran

44. A. gave                   B. took                                C. pushed                     D. forced

45. A. obtaining            B. enjoying                          C. preparing                 D. representing

46. A. unwilling            B. eager                              C. delighted                  D. neat

47. A. delicious             B. terrible                            C. awful                       D. valuable

48. A. wiped                 B. appealed                          C. smiled                  D. announced

49. A. hardly                B. nearly                         C. really                       D. probably

50. A. over                   B. on                                  C. at                               D. with

51. A. regret                 B. influence                         C. discussion             D. impression

52. A. weakness            B. benefits                           C. problems                  D. happiness

53. A. meet                   B. advise                         C. support                    D. grasp

54. A. design            B. plan                                C. speech                  D. record

55. A. busier                 B. prettier                            C. healthier                   D. cleaner
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单项选择题

下面选项中属于变频器作用的是（）。

A、调速和节能

B、限速和节能

C、调值和控制设备运行状况

D、改变参数和信号转换
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