問題：Grass Co is considering a project and predicts:
　　(i) that wage rates paid to the necessary skilled labour will rise by 7% per year,
　　(ii) that the annual increase in inflation will be 12%,
　　(iii) that the company's money/nominal cost of capital is 24%.
　　What is the appropriate discount rate to apply to discount the project's net cash flows in calculating the NPV?
　　A. 24%
　　B. 13%
　　C. 12%
　　D. 7%
　　答案：The correct answer is: 24%.
　　Remember, we must always discount amounts expressed in actual (money/nominal) terms at money/nominal discount rates.