[求助]急！CAMP在asset valution时RFR是nominal RFR,但计算NPV，RFR为什么没有加上expected inflation吗？

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21. A project has the following expected cash flows:
Time  Cash Flow ($)
0        (125,000)
1         100,000
2         200,000
If the risk-free interest rate is 4 percent, expected inflation is 3 percent, the market risk premium is 8 percent and the Beta for the project is 1, the investment’s net present value (NPV) is closest to:
A. $113,000.
B. $124,000.
C. $139,000.
计算是：The opportunity cost of capital for the investment would be the risk free rate + the market risk premium x Beta. 4% + (8% x 1) = 12%.
请问：这里计算Ke时 risk free rate为什么没有加上expected inflation ，CAMP在asset valuation时计算ke时，其中RFR是real RFR＋expected inflation，但为什么在计算NPV时，运用CAMP计算ke时，RFR没有算上expected inflation？CAMP难道在不同的地方RFR使用还有区别吗？
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关键词：inflation Valution Expected flation nominal Asset inflation NPV CAMP RFR

You have to check whether the cash flow is nominal or real, if it is nominal, then the required rate of return will be nominal rate, hence, you have to add the expected inflation rate.