Considering the conversion of an abandoned church

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Reference no: EM13706673

Lane College in Jackson, Tennessee, is considering the conversion of an abandoned church pew manufacturing plant adjacent to the school's campus into a 34,000-square-foot building to house the campus bookstore, a conference center, a small business incubator, and a community computer lab. The project requires $30 million for renovation costs, additional annual fixed operating and maintenance expenses of $100,000, and variable expenses of 190 per square-foot over a 10-year period. The college expects to generate annual revenue of $7,810,000 over a 10-year period. The college uses a MARR of 7 percent per year in its economic evaluations of the new project. The market value of the building will be $2 million at the end of 10 years. Write the correct equation to determine if this building should be renovated using the IRR method.

Reference no: EM13706673

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