CFA二级考试题不像CFA一级那样题干短，CFA二级是个小作文长的题干，那测算扩张类项目现金流计算考试题是怎样的呢？

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）运营阶段现金流

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终现金流回收

= $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：

所以在备考2022年CFA二级考试的计算题就是这样计算的，在考试中也是选择题，这个知识点是不是掌握了。这边有CFA二级课程，全程直播授课，有需要可以参与哦！