【每日一练】ACCA F9（ Dec 2014）_ACCA

Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks

An investment project has a cost of $12,000, payable at the start of the first year of operation. The possible future cash flows arising from the investment project have the following present values and associated probabilities:
  PV of PV of
Year 1 cash flow ($)    Probability Year 2 cash flow ($) Probability
   16,000 0·15 20,000 0·75
12,000 0·60 (2,000) 0·25
(4,000) 0·25
What is the expected value of the net present value of the investment project?
A $11,850
B $28,700
C $11,100
D $76,300
Answer：

C
Total cash flow Joint probability EV of cash flow
($) ($)
36,000 0·1125 4,050
14,000 0·0375 525
32,000 0·4500 14,400
10,000 0·1500 1,500
16,000 0·1875 3,000
(6,000) 0·0625 (375)

–––––––
23,100
Less initial investment (12,000)

–––––––
EV of the NPV 11,100
–––––––

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