Module 1 discussion Problem set 1 Given the following cash flows for a capital project calculate the Payback period NPV PI IRR and MIRR. The required rate of return is 8 percent. Year CF 0 $(50 000.00) 1 $15 000.00 2 $15 000.00 3 $15 000.00 4 $15 000.00 5 $5 000.00 Problem set 2 ABC Corporation is considering an investment of €375 million with expected aftertax cash inflows of €115 million per year for seven years and an additional after-tax salvage value of €50 million in Year 7. The required rate of return is 10 percent. What is the investment’s NPV? IRR? MIRR? PI? Payback Period? Problem set 3 You are reviewing a profitable investment project that has a conventional cash flow pattern. Suppose that the cash flows for the project initial outlay and future after-tax cash flows all double you would predict that the IRR would increase? decrease? stay the same? the NPV would increase? decrease? stay the same? Problem set 4 Projects 1 and 2 have similar outlays although the patterns of future cash flows are different. The cash flows as well as the NPV and IRR for the two projects are shown below. For both projects the required rate of return is 10 percent. Year CF for Project 1 CF for Project 2 0 $(50.00) $(50.00) 1 $20.00 $0 2 $20.00 $0 3 $20.00 $0 4 $20.00 $100.00 What is the NPV and IRR of the two projects? If the two projects are mutually exclusive what is the appropriate investment decision? Would your answer change if the projects were independent? Problem set 5 A project has the following cash flows. What is the payback period? Year CF 0 -5000 1 2700 2 3300 3 1400 4 330 5 340 Problem set 6 What is NPV IRR PI MIRR of a project with the following cash flows if the discount rate is 14 percent? Year CF 0 -18000 1 5000 2 7500 3 8400 4 2100 Problem set 7 Project A has the following cash flows: Year CF 0 -40 000 1 8 000 2 14 000 3 13 000 4 12 000 5 11 000 6 10 000 Project B has the following cash flows: Year CF 0 -20 000 1 7 000 2 13 000 3 12 000 Assuming that the required rate is 12% what is the Equivalent Annual Annuity (EAA) for the two projects? Based on the EAA which project is better?