问题
单项选择题
The estimated annual after-tax cash flows of a proposed investment are shown below: Year 1: $10000 Year 2: $15000 Year 3: $18000 After-tax cash flow from sale of investment at the end of year 3 is $120000 The initial cost of the investment is $100000, and the required rate of return is 12 percent. The net present value (NPV) of the project is closest to:（）
A. $63000.
B. $66301.
C. $19113.
答案
参考答案：C
解析：
10000/1.12=8929
15000/1.122=11958
138000/1.123=98226
NPV=8929+11958+98226-100000=$19113
Alternatively: CF0=-100000, CF1=10000, CF2=15000, CF3=138000, I=12, CPT NPV=$19112.