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3. () 30 ( 1998 ) 360 2000 ( 1300 ).
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/ .., $ | 0.48 | 0.46 | |
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1. :
7
(original production line) | $32000 |
(current book value) | $25600 |
(relevant market value) | 15000 |
(loss on sale) | $10600 |
(relevant tax savings on loss 30%) | 3816 |
(net loss) | $6784 |
(net investment) | $55500 |
(scrap value, value on eight years) | $1500 |
(calculation of net investment) | |
(new production line) | $55500 |
(less cash on old) | 15000 |
$40500 | |
(less tax savings) | 3816 |
$36684 |
2. (operating savings and benefits)
8
. (original production line) | . (new production line) | (annual difference) | |
(operating savings-current volume) | |||
(labour) | $24000 | $16000 | $8000 |
(materials) | |||
200% (overhead 200%of labour) | 48000 | 32000 | |
$168000 | $140000 | $12000 | |
(additional volume) | |||
30000 @0.95 | $28500 | ||
(labour)@0.08 | -2400 | ||
(materials)@0.46 | -13800 | ||
(sales and promotion) | -5500 | 6800 | |
(total savings and contribution) | $18800 | ||
(depreciation) | $3200 | $6750 | -3550 |
(taxable benefits) | $15250 | ||
(taxes at 36%) | 5490 | ||
(aftertax benefits) | $9760 | ||
(add back depreciation) | 3550 | ||
(aftertax cash flow) | $13260 |
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|
. | ||
-1500 | (scrap) | |
$54000+8=$6750/ |
3. (payback):
Payback=[ (initial investment)- (scrap value in eight years) ]/ (aftertax cash flow)=($36684-$1500)/$13260=2.65
Payback(2.65)< (8 ),
4. (return on investment):
ROI= (aftertax cash flow)/ [ (initial investment)- (scrap value in eight years) ]=$13260/($36684-$1500)=37.7%
5. (net present value):
9
(Benefits(inflows)) | PV factor at 16 % | ||||
$36684 | - | -36684 | -36684 | ||
1-8 | - | $13260 | 4.344 | ||
- | $1500 | 0.305 | |||
$36684 | $107580 | $21375 |
NPV >0,
6. (Benefit Cost Ratio (BCR))
Profitability index = (present value of operating inflows (benefit))/ (Present value of net investment outlays (cost))=
=$57601/($36684-$458)=1.59
7. Benefit Cost Ratio (BCR) (terminal value)
=($57601+$458)/$36684=1.58
BCR >1,
8. (present value payback) :
Annuity factor=$(36684-$458)/$13260=2.732
9.Annualized NPV
Annuity = NPV / Factor = $21375/4.344=$4920
10. (iternal rate of return):
Anuity factor 2,732, 7 , IRR 30-35%.
IRR=Present value(net investment)/Annuity
10
Benefits (inflows) | PV factor at 35% | PV factor at 30 % | (35%) | (30%) | ||
$36684 | - | -36684 | -36684 | |||
1-8 | - | $13260 | 4.344 | 2.925 | ||
- | $1500 | 0.305 | 0.123 | |||
$36684 | -'$2098 | $2286 |
IRR=32%
IRR (32%)>I(16%), .
11. :
11
. | - | - | - | - | - | - | - | - | . | ||||
280,000 | 25,600 | 254,400 | 254,400 | 55,500 | 309,900 | 28,400 | 281,500 | ||||||
30,000 | 15,000 | 45,000 | 36,684 | 81,684 | 55,500 | 26,184 | 106,080 | 36,684 | 95,580 | ||||
156,000 | 1,500 | 157,500 | 157,500 | 157,500 | 157,500 | ||||||||
(180,000) | (180,000) | 36,684 | (216,684) | (216,684) | 36,684 | (180,000) | |||||||
(286,000) | 9,100 | (276,900) | (276,900) | (276,900) | 28,400 | 106,080 | (354,580) | ||||||
25,600 | 25,600 | 36,684 | 36,684 | 55,500 | 55,500 | 171,164 | 171,164 |
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62,5 | ||||
37,5 | ||||
12,5 | ||||
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12,5 |