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Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his division's return on investment (ROI), which has been above 20% each of the last three years. Casey is considering a capital budgeting project that would require a $3,500,000 investment in equipment with a useful life of five years and no salvage value. Pigeon Company's discount rate is 16%. The project would provide net operating income each year for five years as follows:
Sales
$3,400,000
Variable expenses
1,600,000
Contribution margin
1,800,000
ng bikes 60,000 Fixed expenses:
Advertising, salaries, and other fixed out-of-pocket costs
$700,000
Depreciation
700,000
Total fixed expenses
1,400,000
Net operating income
400,000$
Required:
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