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Question - Allegience Insurance Company's management is considering an advertising program that would require an initial expenditure of $195,290 and bring in additional sales over the next five years. The projected additional sales revenue in year 1 is $93,000, with associated expenses of $34,000. The additional sales revenue and expenses from the advertising program are projected to increase by 10 percent each year. Allegience's tax rate is 30 percent. (Hint: The $195,290 advertising cost is an expense.) Use Appendix A for your reference.
Required -
1. Compute the payback period for the advertising program.
2. Calculate the advertising program's net present value, assuming an after-tax hurdle rate of 10 percent.
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