Rank the investment proposals

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Reference no: EM133113928

1. Finally, use NPV (Net Present Value) method to rank the investment proposals and select the most appropriate one to pursue. What is the most challenging aspect of the NPV method? (Please identify all the variables you use in your calculation when you use a calculator. Ignore all CCA effect on cash flow).

Investment proposal #1 - adding 5 trucks

 

Initial expenditure

Year 1

Year 2

Year 3

Year 4

Year 5

Net cost of trucks

$ 300,000

 

 

 

 

 

Additional Revenue

 

$ 44,000

$ 76,000

$ 112,000

 225,000

$168,000

Additional cost

 

(11,000)

(11,000)

(11,000)

(11,000)

(11,000)

Amortization

 

(45,000)

(66,000)

(63,000)

(63,000)

(63,000)

Net increase in income

 

 (12,000)

(1,000)

38,000

151,000

94,000

Less: Tax at 33%

 

0

0

(12,540)

(49,830)

(31,020)

Increase in after-tax income

 

(12,000)

(1,000)

25,460

101,170

62,980

Add back amortization

 

45,000

66,000

63,000

63,000

63,000

Net change in cash flow

$(300,000)

$33,000

$65,000

$88,460

$164,170

$125,980

The second proposal is to purchase a more advanced wood crafting machine. The projected revenues and costs and changes in net cash flow are summarized in the table below:

Investment proposal #2 - adding a wood crafting machine:

 

Initial expenditure

Year 1

Year 2

Year 3

Year 4

Year 5

Net cost of trucks

$ 700,000

 

 

 

 

 

Additional Revenue

 

$ 87,000

$ 175,000

$ 262,000

 393,000

$325,000

Additional cost

 

(26,000)

(26,000)

(26,000)

(26,000)

(26,000)

Amortization

 

(17,000)

(17,000)

(17,000)

(17,000)

(17,000)

Net increase in income

 

  44,000

132,000

219,000

350,000

282,000

Less: Tax at 33%

 

(14,520)

(43,560)

(72,270)

(115,500)

(93,060)

Increase in after-tax income

 

29,480

88,440

146,730

234,500

188,940

Add back amortization

 

17,000

17,000

17,000

17,000

17,000

Net change in cash flow

$(700,000)

$46,480

$105,440

$163,730

$251,500

$205,940

The third proposal is to add a new production line making new type of baby furniture. The projected increased revenues and costs and net changes in cash flows are summarized in the table below:

Investment proposal #3 - adding a new product line: 

 

Initial expenditure

Year 1

Year 2

Year 3

Year 4

Year 5

Net cost of trucks

$ 510,000

 

 

 

 

 

Additional Revenue

 

$ 381,000

$ 310,000

$ 87,000

 $70,000

$ 51,000

Additional cost

 

(19,000)

(19,000)

(25,000)

(31,000)

(38,000)

Amortization

 

(76,000)

(112,000)

(107,000)

(107,000)

(107,000)

Net increase in income

 

286,000

179,000

(45,000)

(68,000)

(94,000)

Less: Tax at 33%

 

(94,380)

(59,070)

0

0

0

Increase in after-tax income

 

191,620

119,930

(45,000)

(68,000)

(94,000)

Add back amortization

 

76,000

112,000

107,000

107,000

107,000

Net change in cash flow

$(510,000)

$267,620

$231,930

$62,000

$39,000

$13,000

Reference no: EM133113928

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