... opposed to the financial cost of capital, has always been higher. However, in some cases, the financial cost of capital may be as important, if not more, in order to assess and ensure the financial ... present value of the FCF = 2,240 = 2,000.00 (58) 1 + 12% Financial Discount Rates in Project Appraisal Joseph Tham Abstract In the financial appraisal of a project, the cashflow statements ... Perfect Capital Markets, and Project Life: a clarification.” Journal of Financial and Quantitative Analysis, Vol XV, #3 (September 1980). Tham, J. (1999) Present Value of Tax Shields in Project...