单选题 A firm is considering a $5000 project that will generate an annual cash flow of $1000 for the next 8 years. The firm has the following financial data: Debt/equity ratio is 50 percent. Cost of equity capital is 15 percent. Cost of new debt is 9 percent. Tax rate is 33 percent. The project's net present value (NPV) is: A. + $33, so accept the project. B. - $4968, so don't accept the project. C. - $33, so don't accept the project.

【正确答案】 C

【答案解析】
First, calculate the weights for debt and equity
w_d+w_e=1
w_d=0.50W_e
0.5W_e+W_e=1
w_d=0.333, W_e=0.667
Second, calculate WACC
WACC=(w_d×k_d)×(1-t)+(w_e×k_e) =0.333×0.09×0.67+0.667×0.15=0.020+ 0.100=0.120
Third, calculate the PV of the project cash flows
N=8, PMT=-1000, FV=0,I/Y=12, CPT PV=4967
And finally, calculate the project NPV by subtracting out the initial cash flow
NPV=$4967-$5000=-$33