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？
谢谢：）