题目解释:这项投资的初始现金流是6m, 表格中给出了回报概率和回报现金流量.

考点: NPV的计算.  关键词:  initial and sole outlay   probabilities  NPV

解题思路,根据不同概率求出各种情况的现金流现值,最后和初始投资比较求NPV

Answer (A) is correct . The expected value of the cash flows at the end of Year 1 is $4 million [(.3 ¡Á $2 million) + (.4 ¡Á $4 million) + (.3 ¡Á $6 million)], and the present value of this amount is $3,636,000 (.909 ¡Á $4 million). The expected value of the cash flows at the end of Year 2 is $3,925,000 [(.3 ¡Á .5 ¡Á $0) + (.3 ¡Á .5 ¡Á $4 million) + (.4 ¡Á .25 ¡Á $6.4 million) + (.4 ¡Á .75 ¡Á $3.2 million) + (.3 ¡Á .4 ¡Á $6.875 million) + (.3 ¡Á .6 ¡Á $5 million)], and the present value of this amount is $3,242,050 (.826 ¡Á $3,925,000). Henc
Answer (B) is incorrect because The amount of $3,242,050 equals the expected present value of the Year 2 cash flows.
Answer (C) is incorrect because The amount of $3,636,000 equals the expected present value of the Year 1 cash flows.
Answer (D) is incorrect because The amount of $6,000,000 equals the initial outlay.