CFA二級(jí)考試題不像CFA一級(jí)那樣題干短，CFA二級(jí)是個(gè)小作文長的題干，那測算擴(kuò)張類項(xiàng)目現(xiàn)金流計(jì)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(yùn)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(jí)考試的計(jì)算題就是這樣計(jì)算的，在考試中也是選擇題，這個(gè)知識(shí)點(diǎn)是不是掌握了。這邊有CFA二級(jí)課程，全程直播授課，有需要可以參與哦！