(续前例) 第一步：有杠杆的现金流量(LCF CF3=$375-28.80CF4=$500-28.80-600 CF2=$250-28.80 CF,=$125-28.80 -8400 $96.20 $221.20 $346.20-$128.80 0 1 2 3 4 税后利息成本=B×RB×(1-Tc)=$600×0.08×(1-0.40)=$28.80 18-1618-16 （续前例） 第一步：有杠杆的现金流量（LCF） –$400 $221.20 CF2 = $250 – 28.80 $346.20 CF3 = $375 – 28.80 –$128.80 CF4 = $500 – 28.80 – 600 CF1 = $125 – 28.80 $96.20 0 1 2 3 4 税后利息成本=B×RB×(1 – TC) = $600×0.08×(1 – 0.40) = $28.80