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2010年6月份考卷第3题,关于利息为什么不纳入NPV的计算。

题目给出:

 

1、“Investment fi nancing is by a $2 million loan at a fi xed interest rate of 10% per year”;fficeffice" />

2、“The real weighted average cost of capital of OKM Co is 7% per year”。

 

但是在计算NPV的时候不需考虑每年的利息,答案的解释是“Interest payments have been included in the investment appraisal, but these are allowed for by the discount rate used in calculating the net present value”。

 

请问这怎么理解?

 

因为NPV是经过interest rate discount 贴现到现值计算出来的,这就是已经考虑了利息因素,所以之前不用把利息算到cash flow里面去~

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