【解析】
C is correct. The given cash flows are inserted into a financial calculator along with the
10% discount rate: CF0 = –1,500, CF1 = 300, CF2 = 600, CF3 = 1,000, CF4 = 200, CF5 = 500,
CF6 = 300, I = 10. Computing NPV the result is 636.32 ~ 636. Alternatively, the net present
value of the project is found by discounting each cash flow by the time at which it arises,
at the appropriate discount rate。
B is incorrect; 578 occurs when the cash flows are discounted by one period too many
(i.e., Year 0 is discounted as if it were Year 1, Year 1 is discounted as if it were Year 2, etc.):
CF1 = –1,500, CF2 = 300, CF3 = 600, CF4 = 1,000, CF5 = 200, CF6 = 500, CF7 = 300, I = 10.
Computing NPV the result is 578.
A is incorrect; the mistake is to use the average cash flow across the six years (483.33).
Using a financial calculator: PMT = –483.33, N = 6, I/Y = 10, FV = 0. Computing PV (PV =
2,105.03) and subtracting 1,500: 2,105.03 – 1500 = 605.03 ~ 605