学员您好, NCF0=-(110%2B20)=-130(万元) NCF1=0 NCF2=-30(万元) 固定资产折旧=(110-10)/10=10(万元) 无形资产摊销=20/5=4(万元) NCF3—7=(66-32-10-4)*(1-25%)%2B10%2B4=29(万元) NCF8—11=(66-32-10)*(1-25%)%2B10=28(万元) NCF12=28%2B10%2B30=68(万元) 净现值=-130-30*(P/F,8%,2)%2B29*(P/A,8%,5)*(P/F,8%,2)%2B28*(P/A,8%,4)*(P/F,8%,7)%2B68*(P/F,8%,12) =-130-30*0.8573%2B29*3.9927*0.8573%2B28*3.3121*0.5835%2B68*0.3971 =-130-25.72%2B99.27%2B54.11%2B27 =24.66(万元) 所以方案可行