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"Corporate Finance":Capital Budgeting
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Questions 1:
When computing the cash flows for a capital project, which of the following is least likely to be included?
A 、Financing costs
B 、Opportunity costs
C 、Tax effects
Questions 2:
A project has the following annual cash flows:
Which of the following discount rates most likely produces the highest net present value (NPV)?
A 、8%
B、 15%
C、 10%
View answer resolution
【Answer to question 1】A
【analysis】
A is correct. Financing costs are not included in a cash flow calculation but are considered in the calculation of the discount rate.
B is incorrect because opportunity costs are considered in computing a firm’s cash flows.
C is incorrect because tax effects are considered in computing a firm’s cash flows.
【Answer to question 2】B
【analysis】
B is correct. The NPV at 15% is $99.93. The NPV at 10% is –$0.01. The NPV at 8% is –$307.59.
A is incorrect. See the above calculation.
C is incorrect. See the above calculati
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