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Economic income VS Accounting income收入
Expansion Project Analysis
Year 01234 Initial outlay
Equipment(200,000)
Sales400,000450,000450,000400,000 Variable expenses(150,000)(175,000)(175,000)(150,000) Fixed expenses (40,000)(40,000)(40,000)(40,000) Depreciation(50,000)(50,000)(50,000)(50,000) Operating income (EBIT)160,000185,000185,000160,000 Taxes30%48,00055,50055,50048,000 Operating income after taxes112,000129,500129,500112,000 Add back depreciation50,00050,00050,00050,000 After-tax operating cash flow162,000179,500179,500162,000 Salvage value10,000 Tax on salvage value3,000 After tax salvage value7,000 Total after-tax cash flow(200,000)162,000179,500179,500169,000
Calculate WACC:
WACC =(0.198)(0.5)+(0.06)(1-0.3)(0.5)=0.12=12%
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