题目解释:Adam准备进行投资,金额是1500000,没有残值,设备使用价值是5年,可用直线法折旧.投资可以每年增加400000收入,公司的资本成本是12%,问payback period是多少?

考点:payback period的计算  关键词:payback period

解题思路,计算每年的现金流入,然后计算payback period

Answer (C) is correct . First, calculate the annual earnings and cash flows: ? Operating revenues $400,000 Less: depreciation (300,000) Book income $100,000 Cash flow $400,000 The payback period in this case is equal to the investment divided by the annual operating cash flows that result from that investment. Thus, the payback period is 3.75 years ($1,500,000 ¡Â $400,000).

Answer (A) is incorrect because The initial investment is divided by the annual cash flows.
Answer (B) is incorrect because This figure results from adding depreciation to revenues for use in the denominator.
Answer (D) is incorrect because The denominator is annual cash flows, not depreciation.