CFA二級考試題不像CFA一級那樣題干短，CFA二級是個小作文長的題干，那測算擴張類項目現(xiàn)金流計算考試題是怎樣的呢？
Plan to buy building @ $24,000. MACRS 39-year dep. Plan to buy equipment @ $16,000. MACRS 5-year. Initial investment = $12,000 in net working capital. Project's life = 4 years. MV building = $15,000 and BV building = $21,816 (ending year). MV equipment = $4,000 and BV equipment = $2,720 (ending year). Annual sales = $80,000; VC= 60% of sales; FC (excluding depreciation) = $10,000. A year [costs: (0.60)80,000 + 10,000 = 58,000]. Marginal tax rate = 40%; Cost of capital = 12%;
MACRS:
Year 1 = $3,512;
Year 2 = $5,744;
Year 3 = $3,664;
Year 4 = $2,544.
Calculate NPV.
（1）期初投入
Initial outlay = ? FC Inv ? NWC Inv = ? $24,000 ? $16,000 ? $12,000 = ? $52,000
（2）運營階段現(xiàn)金流
CF = S ? C ? D 1 ? t + D = S ? C 1 ? t + tD CF1 = [($80,000 ? 58,000)(0.6)] + (3,512)(0.4) = $14,605 CF2 = 13,200 + (5,744)(0.4) = $15,498
CF3 = 13,200 + (3,664)(0.4) = $14,666
CF4 = 13,200 + (2,544)(0.4) = $14,218
(3) Terminal year after-tax non-operating cash flows (TNOCF)zui終現(xiàn)金流回收
= $15,000 ? 0.4($15,000 ? $21,816) (CF for building) + $4,000 ? 0.4($4,000 ? $2,720) (CF for equipment) + $12,000 (return of NWCInv)
= $33,214
答案就是：
所以在備考2022年CFA二級考試的計算題就是這樣計算的，在考試中也是選擇題，這個知識點是不是掌握了。這邊有CFA二級課程，全程直播授課，有需要可以參與哦！
