Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined...
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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 23% each of the last three years. Casey is considering a capital budgeting project requiring a $5,800,000 investment in equipment with a useful life of five years and no salvage value. Pigeon Company's discount rate is 19%. The project would provide net operating income each year for five years as follows: Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $870,000 1,160,000 $5,100,000 2,200,000 2,820,000 3,010,000 $700,000 Click here to view Exhibit 14B-1 and Exhibit 148-2. to determine the appropriate discount factor(s) using tables. Required: 1. What is the project's net present value? 4 2. What is the project's internal rate of return to the nearest whole percent? 3. What is the project's simple rate of return? 4-a. Would the company want Casey to pursue this investment opportunity? 4-b. Would Casey be inclined to pursue this investment opportunity? EXHIBIT 148-1 1 Present Value of $1, ((1+r) Periods 4% 5% 6% 7% 8% 1 0962 0.952 2 0925 0.907 3 0.889 0164 4 0855 0323 5 0822 0.14 6 7 S 9 10 11 12 13 14 15 16 17 19 20 21 22 23 24 25 26 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% 0.943 0.935 0926 0917 | 0.909- 0.901 0.893 0.885 0877 0870 0.862 0.855 0.847 0.840 0.833 0.826 0.820 0.813 0.806 0.500 08901 0573 0.857 0.842 | 0.826 0.812 | 0.797 0.783 0.769 0756 0743 0731 0.718 0.706 0 694 0.683 0672 0.661 0.650 0.610 0.8400816 0794 0.772 0.751 0.731 0.712 0.693 0.675 0658 0.641 0.624 0.609 0.593 0.579 0.564 0.551 0.537 0524 0312 0.792 0.763 0.735 0.708 0683 0659 0.636 0.613 0.592 0.572 0552 0534 0.516 0499 0482 0467 0451 0437 0.423 0410 0.747 0.713 0681 0650 0.621 0.593 0367 0543 0.519 0497 0476 0.456 0.437 0419 0.402 0386 0.370 0355 0341 0328 0.790 0746 0.705 0666 0.630 0.596 0.564 0.335 0.507 0430 0.456 0432 0.410 0.390 0.370 0352 0335 0319 0.303 0.289 0.275 0.262 0.760 0711 0.665 0623 0.583 0.547 0.513 0482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279 0.263 0 249 0235 0.222 0210 0731 0.677 0.627 0.582 0.540 0502 0.467 0434 0404 0.376 0.351 0327 0.305 0.285 0.266 0.249 0.233 0218 0.204 0.191 0179 0.168 0.703 0.645 0.592 0.344 05000460 0424 0391 0361 0.333 0.308 0284 0263 0243 0.225 0209 0194 0180 0167 0155 0144 0134 0.676 0.614 0558 0.508 0463 3.422 | 0.386) 0.352 0322 0295 0.270 0.247 0227 0.208 0191 0176 0162 0149 0137 0126 0.116 0.107 0650 0.585 0.527 0.475 0429 0318 0350 0317 0.287 0.261 0237 0215 0.195 0178 0162 0148 0135 0123 0112 0105 0094 0.086 0625 0.557 0497 0444 0397 0356 0319 0216 0257 0.231 0208 0137 0168 0.152 0.137 0124 0112 0.102 0.092 0083 0.076 0.069 0.601 0510 0469 0.415 0.368 0326 0.290 0.258 0229 0204 0182 0.163 0.145 0130 0.116 0.104 0.093 004 0075 006 0061 0.055 0.577 0.505 0.442 088 0.340 0.299 0.265 0232 0.205 0181 0160 0.141 0.125 0.111 0.099 0.0880078 0.069 0.062 0.055 0.049 0044 0555 0481 0.417 0.362 0315 0.275 0.239 0209 0.183 0.160 0.140 0123 0.108 0.095 0.084 0.074 0.065 0.057 0.051 0.045 0.040 0035 0534 0458 0394 0339 0.292 0252 0.218 0.118 0.163 0.141 0.123 0107 0.093 0.051 0.071 0.062 0.054 | 0.047 0.042 0.036 0.032 0.028 0513 0.436 0371 0317 0.270 0231 0.198 0.170 0.146 0.125 0.108 0.093 0.080 0.069 0.060 0.052 0.045 0.039 0.014 0.030 0.026 15 0.494 0.416 0.350 0.296 0.250 0.212 0180 0155 0130 0111 0.095 0081 0.069 0.059 0.051 0.044 0038 0032 0.028 0.024 0.021 0475 0.396 0.331 0277 0.232 0194 0.164 0.158 0116 0095 0.083 0.00 0.060 0.051 0.043 0.037 0.031 0.027 0.023 0020 0017 0.014 0456 0377 0.312 0.258 0.215 0.178 0.149 0.124 0.104 0.017 0073 0.061 0.051 0.043 0.037 0.031 0.026 0022 0.019 0.016 0.014 0.012 0.439 0.359 0.294 0.242 0.199 0.164 0.135 0.112 0.095 0.077 0.064 0.055 0.044 0.037 0.031 0.026 0.022 0.018 0.015 0.013 0.011 0.009 0.422 0342 0.278 0.226 0.184 0.150 0.123 0.101 0.083 0.068 0.056 0.046 0.038 0.032 0.026 0.022 0.018 0015 0013 0.011 0.009 0007 0.406 0.326 0262 0.211 0.170 0138 0112 0.091 0.074 0.060 0049 0.040 0.033 0.027 0.022 0.018 0.015 0.012 0.010 0.009 0.007 0.006 0.390 0310 0.247 0197 0.158 0.126 0.102 0.012 0.066 0.053 0.043 0.055 0.028 0.023 0.019 0.015 0.013 0.010 0.008 0.007 0.006 0.005 0375 0.295 0.233 0154 0.146 0.116 0.092 0.074 0.0590047 0.038 0.010 0.024 0020 0.016 0.013 0.010 0.009 0.007 0.006 0.005 0.004 0361 0281 0.220 0172 0.135 0106 0.084 0.066 0.053 0.042 0.033 0.026 0.021 0.017 0.014 0.011 0.009 0.007 0.006 0.005 0.004 0.003 0.023 0015 SIF eztprodmheducation.com/Media/Connect Production/tre/accounting/garrison18e/exhibit/txhibit 148,1.htm 796 3% 0388 0.368 10% 0.062 0.055 0.019 0044 0.045 0.040 0.035 12% 13% 14% 15% 16% 17% 18% 19% 20% 24% 22% 23% 24% 25% 0.952 0.943 0.935 0925 0917 0909 0.901 0.193 0.885 0.877 0.870 0.862 0855 0.847 0.840 0853 0826 0.820 0.813 0206 0.800 0925 0.907 0.890 0873 0857 0.842 0826 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.694 0.683 0.672 0.661 0.650 0640 0.889 0.864 0.840 0.816 0.794 0.772 0.751 0.731 0712 0693 0675 0658 0641 0624 0.609 0.593 0.579 0.564 0.551 0537 0.524 | 0512 0.855 0823 0.192 0.763 0.735 0.708 0683 0.659 0636 0613 0.592 0572 0.552 0.534 0516 0.499 0.482 0.467 0451 0.437 0.423 0.410 0822 0.784 0.747 0.713 0.681 0650 0621 0.393 0.567 0543 0319 0.497 0476 0.456 0437 0.419 0402 0.386 0.370 | 0.355 0341 0.328) 0.790 0.746 0.705 0.666 0630 0.596 0564 0.535 0.507 0480 0.456 0.432 0.410 0.390 0370 0.352 0.335 0319 0305 0.289 0.275 0.262 0.760 0.711 0665 0.623 0.583 0547 0513 0482 0.452 0425 0.400 0.376 0.354 0.333 0.314 0.296 0279 0263 0.249 0215 0.222 0.210 0.731 0.677 0.627 0.582 0.540 0302 0467 0.434 0404 0376 0.351 0327 0.305 0.285 0.266 0.249 0233 | 0218 0204 0191 0.179 0168 0544 | 0500 0.460 0.424 0.391 0.361 0.333 0.308 0284 0.263 0.243 0225 0.209 0.194 0180 0167 0.155 0.144 0.134 030 0463 0.422 0 386 0.352 0.322 0295 0270 0.247 0.227 0208 0191 0175 0162 0.149 0.137 0.126 0.116 0.107 0650 0.585 0.527 0.475 0429 0.38 0.350 0.317 0.287 0.261 0237 0.215 0195 0.178 0162 0.148 0.135 0125 0112 0103 0.094 0.086. 0.625 0.557 10 497 | 0.444 0397 0356 0.319 0286 0.257 0.231 0.201 0.187 0168 0152 0137 0124 0112 0.102 0.092 0083 10.076 0069 0.601 0530 0.469 0415 0326 0290 0258 0229 0.204 0182 0163 0145 0130 0116 0104 0093 0.084 0075 0.068 0061 0.055 0577 0305 0 442 0340 0.299 0.263 0.232 0.205 0181 0160 0141 0.125 0.111 0.099 0.088 0078 0.069 0417 0362 0315 9275 0239 0.209 0183 0.160 0140 0123 0.108 0.095 0.084 0074 0.065 0.057 00511 0.394 0.339 0292 0252 0218 0.188 0.16) 0.141 0123 0.107 0.095 001 0071 0,062 004 00470042 0.036 0.032 0.028 0317 0270 0231 0.19% 0.170 0146 0.125 0.10 0.093 0.050 0.069 0.060 0.052 0.045 0.019 0034 0.030 0.026 0.023 0494 0416 0350 0.296 0250 0212 0180 0153 0.130 0.1110095 0.081 0069 0.059 0.051 0.044 0.038 0.032 0.028 0.024 0.021 0018 0475 0.396 0331 0277 0.212 0194 0.164 0138 0.116 0.098 0083 0.070 0060 0.051 0.043 0037 0.031 0.027 0023 0.020 0.017 0.014 0456 0377 0312 0258 0215 0175 0.149 0.124 0.104 0.087 0.0730061 0.051 0.043 0037 0031 0026 0.022 0019 0016 0014 0439 0359 0294 0242 0199 0164 0.135 0112 009 0077 0.064 0.053 0.044 0.017 0.011 0.026 0022 0.0180015 0013 0.011 0422 0342 0.278 0226 0184 0.150 0.123 0101 0083 0068 0056 0.046 008 0032 0.026 0022 0.01% 0.015 0.013 0.011 0.009 0406 0.326 0242 0211 0170 0138 0.112 001 0.074 0.060 0049 0.040 001 0027 0.022 0.013 0.015 0.012 0.010 0.009 0.007 0.006 0.007 0.190 0.310 0.247 0.197 0.158 0126 0.102 0.052 0.066 0.053 0043 0035 0028 0.023 0.019 0015 0015 0010 0008 0.007 0.0060005 0.3750295 0.233 0184 0146 0116 0092 0.04 0.059 0047 0038 0.030 0.024 0.020 0016 0013 0.010 0.009 0.007 0.006 0.005 0.004 0361 0251 0.220 0172 0.135 0106 0014 0.066 0.053 0.042 0.033 0.026 0.021 0.017 0014 00110009 0.007 0.006 0.005 0.004 0.003 0347 0268 0.20 0.161 0.125 0.095 0.075 0060 0.047 0.037 0029 0021 0.018 0014 0011 0.009 0.007 0333 0.255 0.196 0.150 0.116 0090 0069 0006 0.005 0004 0.003 0.002 0.054 0042 0.033 0026 0020 0.016 0.012 0.010 0008 0.006 0.00% 0.004 0.003 0.002 0.002 0321 0241 0.185 0.141 0107 0082 006) 0048 0017 0.029 0.025 001 0.014 0.011 0.008 0006 0.005 0004 0.003 0301 0231 014 0131 0099 0075 0057 0044 0.03) 0.026 0020 0015 0012 009 0007 0002 0.002 0.02 0005 0.004 0.003 0.003 0.002 0.002 0.0013 0201 0142 0097 0.067 0.046 0012 0022 0015 0011 0.00 0.00 0.00 0.00 0.000 0.001 0.001 0.001 0.000 0000 0000 0000 0.000 Fenodi 4% 1 0962 2 3 4 3 6 7 $ 9 0703 0.645 0.592 10 0.676 0614 0.558 11 12 13 14 15 0555 0481 16 0534 0458 17 05130436 0371 18 19 20 21 22 23 24 25 26 27 25 29 30 40 STY Sunny Q Search 0.012 0.009 433 11/29/2 McGraw Hi M Question) torodmt X prod.mx enprodme X prox eltondmo et.prod.mheducation.com/Media/Connect Production/bne/accounting/gamsonton/exhibit/Exhibit 14 2htm EXHIBIT 14B-2 Present Value of an Annuity of 51 in Arrears; 9% 0.917 12% 18% 21% 25% 22% 19% 23% 24% 20% 17% 14% 15% 16% 11% 6% 7% 10% 13% 8% 0.820 0813 0.806 | 0.800 0855 0.847 0.340 0.833 0825 0943 0.935 0.926 0909 0.901 0893 0.885 0.877 0870 0.862 1566 1547 1528 1.509 1.492 1.474 1457 1440 1856 1859 1.833 1.808 1.783 1.759 1.736 1.713 1690 1665 1647 1626 1605 1585 2.775 2.723 2.673 2.624 2.577 2.531 2487 2444 2.402 2.361 2.322 2.283 2246 2210 2114 2140 2106 2.074 2042 2011 1981 1952 2.540 2.494 2448 2.404 2.362 3.630 3546 3.465 3.387 3.312 3.240 3.170 3.102 3.037 2.974 2.914 2.855 2.798 2.743 2.690 2.639 2.589 4.100 3.993 3890 3.791 3.696 3605 3.517 3.433 3.352 3274 3.199 3.127 3.058 2991 2.926 2.864 2.803 2.745 2.689 4 486 4.355 4.767 4623 3.589 3.498 3.410 3326 3245 3.167 3092 3020 2951 4.231 4.111 1995 3319 3,184 3.685 3922 3812 3.706 3.605 3.508 3.416 3.327 3.242 3.161 6.002 5.786 5.582 5389 5206 5.033 4.368 4.712 4564 4423 4.288 4 160 4.039 4207 4.078 3329 3.954 837 3726 3.619 6.733 6463 6.210 5.971 5.747 5.535 5335 5.146 4.968 4799 4.619 4487 4.344 4.305 41634031 39053786 3.673 3566 3.463 7.435 1086802 6515 6247 5995 5759 5537 5.328 5132 4.946 4.372 4.607 4.451 3.571 6710 6418 6.145 5.389 5.650 5.426 3.216 5.019 4833 4.659 4494 4339 4.192 4.054 3923 3.799 3682 5.029 4830 4.656 4.486 4127 4177 4035 3.902 3/776 3656 7.139 6805 6.495 6.207 5.938 5.687 5.453 5.234 3.851 3.725 7536 7161 6514 6.492 6194 5918 5660 5421 5197 4.988 4.295 4.611 4439 4.278 4.127 3985 4.910 4715 4.533 4.362 4.203 4.053 3912 3.780 7.904 7.487 7.103 6.750 6424 6122 5.842 5.583 5.342 5.118 5468 $229 5,008 4.302 4611 4432 4.265 4.108 3.962 3.824 244 7786 7367 6.982 6.625 6302 6002 5.224 5.575 5.324 5.092 4876 4.675 4489 4315 4.153 4001 3.859 01606 7191 6811 6.462 6.142 5347 313 7.424 7379 6.974 6.604265 5.954 5668 5.4055162 493 47304536 4957 4189 4033 3.887 544 5.022 7549 7.120 6.729 6.373 6047 5.749 5.475 5.2224.990 4775 4506 4391 4219 4059 1.910 12.659 31.690 10 28 10.059 9.172 8.756 1201 7.702 7250 6.840 6.467 6120 SIE 5.534 5.273 50334812460 4419 4.243 4.080928 13434 12.015 11.158 10336 9.604 950 1965 7.339 366 6.93 6550 6191 5877 5.584 5316 5070 4.845 4635 4.442 4.263 4.0973042 85147963 7469 7.025 6.62) 6.259 5929 5.628 5353 5:10148704657 4:460 4.379 4110 3.954 7562 7.102 668) 6.312 5973 5.665 5.384 5.127 4891 4.675 4476 4.292 4.121 3.965 5.696 5.410 5.149 49094690 7645 7110 6.243 6.359 6011 4488 302 4130 390 718 7.250 6.192 6.199 6044 5.723 5.432 51674925 4.703 4499 4311 4157 3.976 7714 7:283 6.835 6414 6073 5.746 5451 5182 4937 4.713 45074318 4143 3081 5.766 5:4675195 4948 4721 4.514 4.323 4147 3.915 15.622 14.0 12.783 11.654 10 675 9823 9077 422 7.843 7330 6.873 6464 609) 15.983 14375 13.003 11.826 10 10 9.929 9.161 488 895 7372 6.906 6491 63105.763 5.480 52064956 4.728 4.520 4.328 4151 3.915 Periods 4% 556 1 0962 0.952 2 T 4 5 4452 4329 4212 6 5.2425076 4917 7 % 9 10 8111 7722 7.360 7.024 11 1.760 8306 78577499 12 13 15 9385 8863 8354 7943 9.986 9.394 8853 358 14 1056) 98999295 8.745 11.118 10.310 9.712 9.105 559 16 11.653 10.838 10,106 9447 851 17 12 166 11 274 10.477 9.765 9.192 18 19 20 21 22 13.590 12.462 11.470 10 591 9816 9.129 14.029 12.421 11 764 10 36 10.017 9.292 14.451 13.163 12.042 11.061 10 201 9.442 8649 075 23 24 25 26 7728.176 14.857 13.489 12.303 11.272 10.371 9.580 88838266 15.247 11.799 13.550 11 469 10 539 9.7078955 8.348 ertprodmhedication.com/Media/Connect Production/bne/accouMing/ 9% 4.799 11% 19% 20% 22% 21% 23% 24% 25% 16% 14% 15% 7% 8% 11% 12% 13% 10% 0877 0.935 0.926 0917 0.909 0.901 0.893 0.385 0.870 0862 0355 0847 0.840 0.833 0326 0.820 0.813 0.506 0.800 1647 1.626 1605 1585 1.492 1.474 1.457 1.440) 1566 1.547 1528 1509 1.736 1713 1690 1668 1833 1.808 1.783 1759 2.011 1.981 1952 26/3 2624 2.283 2216 2210 2174 2140 2.106 2074 2.042 2577 2531 2487 2444 | 2.402 2361 2322 3610 3.546 3465 3.387 3.312 3.240 3.170 3.102 3.037 2.974 2914 2855 2798 2743 2690 2.639 2.589 2540 2494 2.448 2 404 2362 3.127 3.058 2991 2926 2864 2.803 2745 2.689 4329 4.212 4.100 3.993 3.890 3.791 3.696 3.605 3.517 3.433 3.352 3.274 3.199 3.410 3326 3.245 3.167 3.092 3020 2951 3.498 5.076 4917 4.623 4.767 4.486 4.355 4.231 4.3111 3.889 3.784 3.685 3.589 3.998 3327 32421 3161 3.605 3508 3.416 5.786 5.582 5.389 5.206 5.033 4.712 4.564 4.423 4.288 4.868 4.160 4.039 3.922 3812 3.706 3.954 3.837 3.726 3619 3.518 3.421 3.329 4.344 4207 4.078 646) 6210 5.535 53355146 4968 4.639 4.487 4163 4031 3.905 4.451 4.303 3.786 3.673 3.566 3.463) 5.995 5.759 5537 5.328 5.132 4.946 4.772 4607 4339 4192 4.054 3.923 3.799 3682 3.571 4.659 4 494 7034 6.210 6418 6145 5889 5.650 5.426 5216 5.019 4.833 3656 7887 7.499 7139 6805 6.495 6.207 5.938 5687 5453 5.234 5.029 4.836 4 656 4.486 4.327 4.197 4015 3.992 3.776 4988 4.439 4,793 4.611 42/8 4127 3.985 3.851 3725 7.943 1.536 7.161 6.814 6.492 6.194 5918 5.660 5.421 5,197 8.863 8384 4053 3.912 3780 9.986 9394 8853 8358 7.504 7:487 103 6750 6424 6122 5842 5.583 5.342 5118 4.910 4.715 4533 4362 4201 4.802 4.611 4.432 4.265 4 108 3.962 3824 10.563 9899 9295 8745 $244 7786 367 6912 6628 6302 6002 5.724 5.468 5229 5.00 4876 4.675 4/489 4.315 4153 4.001 3.859 1111 10 380 9.712 108 559061 7.606 711 6311 6462 6142 5.847 5.515 5:324 5097 4938 4.7304536 4357 4189 4033 3.887 11652 10.838 10,106 9447 8.551 83137.824 7379 6974 6604 6265 5.954 5668 5.405 5162 4.391 4.219 4.059) 3.910 12 166 11 274 10.472 9.763 9122 544 022 7.549 7120 6.729 6.373 6.047 5.749 5475 52224990 4775 4576 1928 12.659 11.690 10 828 10 059 9.372 .201 7.702 7.250 6540 6.467 6128 58105.534 5.273 5.033 48124608 4419 4 243 4080 13.134 12.085 11 158 10.316 9404 365 7839 7.366 6938 6.550 6.198 5877 5.584 5316 5.070 4843 4.635 4442 4.263 4097 3.942 4870 4.6574460 4.279 4110 3954 514 7.963 7.469 7025 6.623 6.259 5.929 5.628 5353 5.101 075 7562 7102 6687 6.312 5.973 5.665 5.384 5120 4.891 4.675 4476 4292 4.121 3.963 126 7645 7170 674 6359 6011 5696 5410 3149 4.909 4.690 44.302 4.130 3920 813 266 7/10 7230 792 6.399 6.044 5.723 5.432 5.167 4.925 4.70) 44994311 4117 3976 15.247 13,799 12.550 11.469 10.329 9.707055 340 7784 7283 6835 6.414 6073 5.746 5451 512 4937 443 3502 4218 4.143 3981 15.622 14.094 12 783 11.654 10675 9829.077 8.432 7443 7390 6.173 6464 6097 5.766 5.467 5.195 4948 4/23 4514 4323 4147 1985 15.98) 14.375 15.00 11.26 10 10 9.929 9 161 84887596 7372 6.906 6491 6.11 5783 5480 5.206 4956 472 4.520 4328 41513981 16.330 14 643 13211 11.987 10935 10 02 9.237 548 943 7.409 6.935 6.514 6136 579 5492 5.215 4904 4734 4524 4.332 4.154 1666) 14.898 13 406 12:137 11.051 10.116 9307 602 7.984 7.441 6.961 6.54 6152 5810 5.502 53223 49704939 452 4335 4.157 3.993 16.904 15.141 13.591 12.270 11:15 10.195 9370 8.650 8.022 7.470 6.983 6551 6.166 5820 $510 5229 4.975 4.743 4531 4.337 4159 39913 17-202 15.872 13 765 12 409 11-258 10.274 9.427 8.694 8.055 2.496 2003 6566 6377 5829 5510 5235 4.979 4746 4534 4.339 4.160 1995 19793 1159 15 046 13.332 11.925 10.757 9.279 351 8244 7634 7105 6642 6:39 9971E540 5.258 499747604544 4347 4.166 3999 Penods I 3% 6% 0.962 0.952 0943 2 1.886 1859 3 2.715 2.723 4 5 4.452 6 5242 7 6.002 8 6.2733 5971 5.747 (9) 7435 7.108 6802 6515 6.247 10 11 111 7.722 7360 8.760 8.306 12 9.385 13 14 15 16 17 18 19 20 13.590 12.462 11 470 8.756 8.950 10.594 9318 9129 21 22 23 14.029 12.821 11 764 10.636 10.017 9.29) 14.451 11.163 12.042 11.061 10.201 9.442 14.857 13:489 12.301 11:272 10.371 9.500 649 772 24 25 26 27 28 29 30 40 SP Sunny Q Search 1990 433 F 11/29/20 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 23% each of the last three years. Casey is considering a capital budgeting project requiring a $5,800,000 investment in equipment with a useful life of five years and no salvage value. Pigeon Company's discount rate is 19%. The project would provide net operating income each year for five years as follows: Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $870,000 1,160,000 $5,100,000 2,200,000 2,820,000 3,010,000 $700,000 Click here to view Exhibit 14B-1 and Exhibit 148-2. to determine the appropriate discount factor(s) using tables. Required: 1. What is the project's net present value? 4 2. What is the project's internal rate of return to the nearest whole percent? 3. What is the project's simple rate of return? 4-a. Would the company want Casey to pursue this investment opportunity? 4-b. Would Casey be inclined to pursue this investment opportunity? EXHIBIT 148-1 1 Present Value of $1, ((1+r) Periods 4% 5% 6% 7% 8% 1 0962 0.952 2 0925 0.907 3 0.889 0164 4 0855 0323 5 0822 0.14 6 7 S 9 10 11 12 13 14 15 16 17 19 20 21 22 23 24 25 26 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% 0.943 0.935 0926 0917 | 0.909- 0.901 0.893 0.885 0877 0870 0.862 0.855 0.847 0.840 0.833 0.826 0.820 0.813 0.806 0.500 08901 0573 0.857 0.842 | 0.826 0.812 | 0.797 0.783 0.769 0756 0743 0731 0.718 0.706 0 694 0.683 0672 0.661 0.650 0.610 0.8400816 0794 0.772 0.751 0.731 0.712 0.693 0.675 0658 0.641 0.624 0.609 0.593 0.579 0.564 0.551 0.537 0524 0312 0.792 0.763 0.735 0.708 0683 0659 0.636 0.613 0.592 0.572 0552 0534 0.516 0499 0482 0467 0451 0437 0.423 0410 0.747 0.713 0681 0650 0.621 0.593 0367 0543 0.519 0497 0476 0.456 0.437 0419 0.402 0386 0.370 0355 0341 0328 0.790 0746 0.705 0666 0.630 0.596 0.564 0.335 0.507 0430 0.456 0432 0.410 0.390 0.370 0352 0335 0319 0.303 0.289 0.275 0.262 0.760 0711 0.665 0623 0.583 0.547 0.513 0482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279 0.263 0 249 0235 0.222 0210 0731 0.677 0.627 0.582 0.540 0502 0.467 0434 0404 0.376 0.351 0327 0.305 0.285 0.266 0.249 0.233 0218 0.204 0.191 0179 0.168 0.703 0.645 0.592 0.344 05000460 0424 0391 0361 0.333 0.308 0284 0263 0243 0.225 0209 0194 0180 0167 0155 0144 0134 0.676 0.614 0558 0.508 0463 3.422 | 0.386) 0.352 0322 0295 0.270 0.247 0227 0.208 0191 0176 0162 0149 0137 0126 0.116 0.107 0650 0.585 0.527 0.475 0429 0318 0350 0317 0.287 0.261 0237 0215 0.195 0178 0162 0148 0135 0123 0112 0105 0094 0.086 0625 0.557 0497 0444 0397 0356 0319 0216 0257 0.231 0208 0137 0168 0.152 0.137 0124 0112 0.102 0.092 0083 0.076 0.069 0.601 0510 0469 0.415 0.368 0326 0.290 0.258 0229 0204 0182 0.163 0.145 0130 0.116 0.104 0.093 004 0075 006 0061 0.055 0.577 0.505 0.442 088 0.340 0.299 0.265 0232 0.205 0181 0160 0.141 0.125 0.111 0.099 0.0880078 0.069 0.062 0.055 0.049 0044 0555 0481 0.417 0.362 0315 0.275 0.239 0209 0.183 0.160 0.140 0123 0.108 0.095 0.084 0.074 0.065 0.057 0.051 0.045 0.040 0035 0534 0458 0394 0339 0.292 0252 0.218 0.118 0.163 0.141 0.123 0107 0.093 0.051 0.071 0.062 0.054 | 0.047 0.042 0.036 0.032 0.028 0513 0.436 0371 0317 0.270 0231 0.198 0.170 0.146 0.125 0.108 0.093 0.080 0.069 0.060 0.052 0.045 0.039 0.014 0.030 0.026 15 0.494 0.416 0.350 0.296 0.250 0.212 0180 0155 0130 0111 0.095 0081 0.069 0.059 0.051 0.044 0038 0032 0.028 0.024 0.021 0475 0.396 0.331 0277 0.232 0194 0.164 0.158 0116 0095 0.083 0.00 0.060 0.051 0.043 0.037 0.031 0.027 0.023 0020 0017 0.014 0456 0377 0.312 0.258 0.215 0.178 0.149 0.124 0.104 0.017 0073 0.061 0.051 0.043 0.037 0.031 0.026 0022 0.019 0.016 0.014 0.012 0.439 0.359 0.294 0.242 0.199 0.164 0.135 0.112 0.095 0.077 0.064 0.055 0.044 0.037 0.031 0.026 0.022 0.018 0.015 0.013 0.011 0.009 0.422 0342 0.278 0.226 0.184 0.150 0.123 0.101 0.083 0.068 0.056 0.046 0.038 0.032 0.026 0.022 0.018 0015 0013 0.011 0.009 0007 0.406 0.326 0262 0.211 0.170 0138 0112 0.091 0.074 0.060 0049 0.040 0.033 0.027 0.022 0.018 0.015 0.012 0.010 0.009 0.007 0.006 0.390 0310 0.247 0197 0.158 0.126 0.102 0.012 0.066 0.053 0.043 0.055 0.028 0.023 0.019 0.015 0.013 0.010 0.008 0.007 0.006 0.005 0375 0.295 0.233 0154 0.146 0.116 0.092 0.074 0.0590047 0.038 0.010 0.024 0020 0.016 0.013 0.010 0.009 0.007 0.006 0.005 0.004 0361 0281 0.220 0172 0.135 0106 0.084 0.066 0.053 0.042 0.033 0.026 0.021 0.017 0.014 0.011 0.009 0.007 0.006 0.005 0.004 0.003 0.023 0015 SIF eztprodmheducation.com/Media/Connect Production/tre/accounting/garrison18e/exhibit/txhibit 148,1.htm 796 3% 0388 0.368 10% 0.062 0.055 0.019 0044 0.045 0.040 0.035 12% 13% 14% 15% 16% 17% 18% 19% 20% 24% 22% 23% 24% 25% 0.952 0.943 0.935 0925 0917 0909 0.901 0.193 0.885 0.877 0.870 0.862 0855 0.847 0.840 0853 0826 0.820 0.813 0206 0.800 0925 0.907 0.890 0873 0857 0.842 0826 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.694 0.683 0.672 0.661 0.650 0640 0.889 0.864 0.840 0.816 0.794 0.772 0.751 0.731 0712 0693 0675 0658 0641 0624 0.609 0.593 0.579 0.564 0.551 0537 0.524 | 0512 0.855 0823 0.192 0.763 0.735 0.708 0683 0.659 0636 0613 0.592 0572 0.552 0.534 0516 0.499 0.482 0.467 0451 0.437 0.423 0.410 0822 0.784 0.747 0.713 0.681 0650 0621 0.393 0.567 0543 0319 0.497 0476 0.456 0437 0.419 0402 0.386 0.370 | 0.355 0341 0.328) 0.790 0.746 0.705 0.666 0630 0.596 0564 0.535 0.507 0480 0.456 0.432 0.410 0.390 0370 0.352 0.335 0319 0305 0.289 0.275 0.262 0.760 0.711 0665 0.623 0.583 0547 0513 0482 0.452 0425 0.400 0.376 0.354 0.333 0.314 0.296 0279 0263 0.249 0215 0.222 0.210 0.731 0.677 0.627 0.582 0.540 0302 0467 0.434 0404 0376 0.351 0327 0.305 0.285 0.266 0.249 0233 | 0218 0204 0191 0.179 0168 0544 | 0500 0.460 0.424 0.391 0.361 0.333 0.308 0284 0.263 0.243 0225 0.209 0.194 0180 0167 0.155 0.144 0.134 030 0463 0.422 0 386 0.352 0.322 0295 0270 0.247 0.227 0208 0191 0175 0162 0.149 0.137 0.126 0.116 0.107 0650 0.585 0.527 0.475 0429 0.38 0.350 0.317 0.287 0.261 0237 0.215 0195 0.178 0162 0.148 0.135 0125 0112 0103 0.094 0.086. 0.625 0.557 10 497 | 0.444 0397 0356 0.319 0286 0.257 0.231 0.201 0.187 0168 0152 0137 0124 0112 0.102 0.092 0083 10.076 0069 0.601 0530 0.469 0415 0326 0290 0258 0229 0.204 0182 0163 0145 0130 0116 0104 0093 0.084 0075 0.068 0061 0.055 0577 0305 0 442 0340 0.299 0.263 0.232 0.205 0181 0160 0141 0.125 0.111 0.099 0.088 0078 0.069 0417 0362 0315 9275 0239 0.209 0183 0.160 0140 0123 0.108 0.095 0.084 0074 0.065 0.057 00511 0.394 0.339 0292 0252 0218 0.188 0.16) 0.141 0123 0.107 0.095 001 0071 0,062 004 00470042 0.036 0.032 0.028 0317 0270 0231 0.19% 0.170 0146 0.125 0.10 0.093 0.050 0.069 0.060 0.052 0.045 0.019 0034 0.030 0.026 0.023 0494 0416 0350 0.296 0250 0212 0180 0153 0.130 0.1110095 0.081 0069 0.059 0.051 0.044 0.038 0.032 0.028 0.024 0.021 0018 0475 0.396 0331 0277 0.212 0194 0.164 0138 0.116 0.098 0083 0.070 0060 0.051 0.043 0037 0.031 0.027 0023 0.020 0.017 0.014 0456 0377 0312 0258 0215 0175 0.149 0.124 0.104 0.087 0.0730061 0.051 0.043 0037 0031 0026 0.022 0019 0016 0014 0439 0359 0294 0242 0199 0164 0.135 0112 009 0077 0.064 0.053 0.044 0.017 0.011 0.026 0022 0.0180015 0013 0.011 0422 0342 0.278 0226 0184 0.150 0.123 0101 0083 0068 0056 0.046 008 0032 0.026 0022 0.01% 0.015 0.013 0.011 0.009 0406 0.326 0242 0211 0170 0138 0.112 001 0.074 0.060 0049 0.040 001 0027 0.022 0.013 0.015 0.012 0.010 0.009 0.007 0.006 0.007 0.190 0.310 0.247 0.197 0.158 0126 0.102 0.052 0.066 0.053 0043 0035 0028 0.023 0.019 0015 0015 0010 0008 0.007 0.0060005 0.3750295 0.233 0184 0146 0116 0092 0.04 0.059 0047 0038 0.030 0.024 0.020 0016 0013 0.010 0.009 0.007 0.006 0.005 0.004 0361 0251 0.220 0172 0.135 0106 0014 0.066 0.053 0.042 0.033 0.026 0.021 0.017 0014 00110009 0.007 0.006 0.005 0.004 0.003 0347 0268 0.20 0.161 0.125 0.095 0.075 0060 0.047 0.037 0029 0021 0.018 0014 0011 0.009 0.007 0333 0.255 0.196 0.150 0.116 0090 0069 0006 0.005 0004 0.003 0.002 0.054 0042 0.033 0026 0020 0.016 0.012 0.010 0008 0.006 0.00% 0.004 0.003 0.002 0.002 0321 0241 0.185 0.141 0107 0082 006) 0048 0017 0.029 0.025 001 0.014 0.011 0.008 0006 0.005 0004 0.003 0301 0231 014 0131 0099 0075 0057 0044 0.03) 0.026 0020 0015 0012 009 0007 0002 0.002 0.02 0005 0.004 0.003 0.003 0.002 0.002 0.0013 0201 0142 0097 0.067 0.046 0012 0022 0015 0011 0.00 0.00 0.00 0.00 0.000 0.001 0.001 0.001 0.000 0000 0000 0000 0.000 Fenodi 4% 1 0962 2 3 4 3 6 7 $ 9 0703 0.645 0.592 10 0.676 0614 0.558 11 12 13 14 15 0555 0481 16 0534 0458 17 05130436 0371 18 19 20 21 22 23 24 25 26 27 25 29 30 40 STY Sunny Q Search 0.012 0.009 433 11/29/2 McGraw Hi M Question) torodmt X prod.mx enprodme X prox eltondmo et.prod.mheducation.com/Media/Connect Production/bne/accounting/gamsonton/exhibit/Exhibit 14 2htm EXHIBIT 14B-2 Present Value of an Annuity of 51 in Arrears; 9% 0.917 12% 18% 21% 25% 22% 19% 23% 24% 20% 17% 14% 15% 16% 11% 6% 7% 10% 13% 8% 0.820 0813 0.806 | 0.800 0855 0.847 0.340 0.833 0825 0943 0.935 0.926 0909 0.901 0893 0.885 0.877 0870 0.862 1566 1547 1528 1.509 1.492 1.474 1457 1440 1856 1859 1.833 1.808 1.783 1.759 1.736 1.713 1690 1665 1647 1626 1605 1585 2.775 2.723 2.673 2.624 2.577 2.531 2487 2444 2.402 2.361 2.322 2.283 2246 2210 2114 2140 2106 2.074 2042 2011 1981 1952 2.540 2.494 2448 2.404 2.362 3.630 3546 3.465 3.387 3.312 3.240 3.170 3.102 3.037 2.974 2.914 2.855 2.798 2.743 2.690 2.639 2.589 4.100 3.993 3890 3.791 3.696 3605 3.517 3.433 3.352 3274 3.199 3.127 3.058 2991 2.926 2.864 2.803 2.745 2.689 4 486 4.355 4.767 4623 3.589 3.498 3.410 3326 3245 3.167 3092 3020 2951 4.231 4.111 1995 3319 3,184 3.685 3922 3812 3.706 3.605 3.508 3.416 3.327 3.242 3.161 6.002 5.786 5.582 5389 5206 5.033 4.368 4.712 4564 4423 4.288 4 160 4.039 4207 4.078 3329 3.954 837 3726 3.619 6.733 6463 6.210 5.971 5.747 5.535 5335 5.146 4.968 4799 4.619 4487 4.344 4.305 41634031 39053786 3.673 3566 3.463 7.435 1086802 6515 6247 5995 5759 5537 5.328 5132 4.946 4.372 4.607 4.451 3.571 6710 6418 6.145 5.389 5.650 5.426 3.216 5.019 4833 4.659 4494 4339 4.192 4.054 3923 3.799 3682 5.029 4830 4.656 4.486 4127 4177 4035 3.902 3/776 3656 7.139 6805 6.495 6.207 5.938 5.687 5.453 5.234 3.851 3.725 7536 7161 6514 6.492 6194 5918 5660 5421 5197 4.988 4.295 4.611 4439 4.278 4.127 3985 4.910 4715 4.533 4.362 4.203 4.053 3912 3.780 7.904 7.487 7.103 6.750 6424 6122 5.842 5.583 5.342 5.118 5468 $229 5,008 4.302 4611 4432 4.265 4.108 3.962 3.824 244 7786 7367 6.982 6.625 6302 6002 5.224 5.575 5.324 5.092 4876 4.675 4489 4315 4.153 4001 3.859 01606 7191 6811 6.462 6.142 5347 313 7.424 7379 6.974 6.604265 5.954 5668 5.4055162 493 47304536 4957 4189 4033 3.887 544 5.022 7549 7.120 6.729 6.373 6047 5.749 5.475 5.2224.990 4775 4506 4391 4219 4059 1.910 12.659 31.690 10 28 10.059 9.172 8.756 1201 7.702 7250 6.840 6.467 6120 SIE 5.534 5.273 50334812460 4419 4.243 4.080928 13434 12.015 11.158 10336 9.604 950 1965 7.339 366 6.93 6550 6191 5877 5.584 5316 5070 4.845 4635 4.442 4.263 4.0973042 85147963 7469 7.025 6.62) 6.259 5929 5.628 5353 5:10148704657 4:460 4.379 4110 3.954 7562 7.102 668) 6.312 5973 5.665 5.384 5.127 4891 4.675 4476 4.292 4.121 3.965 5.696 5.410 5.149 49094690 7645 7110 6.243 6.359 6011 4488 302 4130 390 718 7.250 6.192 6.199 6044 5.723 5.432 51674925 4.703 4499 4311 4157 3.976 7714 7:283 6.835 6414 6073 5.746 5451 5182 4937 4.713 45074318 4143 3081 5.766 5:4675195 4948 4721 4.514 4.323 4147 3.915 15.622 14.0 12.783 11.654 10 675 9823 9077 422 7.843 7330 6.873 6464 609) 15.983 14375 13.003 11.826 10 10 9.929 9.161 488 895 7372 6.906 6491 63105.763 5.480 52064956 4.728 4.520 4.328 4151 3.915 Periods 4% 556 1 0962 0.952 2 T 4 5 4452 4329 4212 6 5.2425076 4917 7 % 9 10 8111 7722 7.360 7.024 11 1.760 8306 78577499 12 13 15 9385 8863 8354 7943 9.986 9.394 8853 358 14 1056) 98999295 8.745 11.118 10.310 9.712 9.105 559 16 11.653 10.838 10,106 9447 851 17 12 166 11 274 10.477 9.765 9.192 18 19 20 21 22 13.590 12.462 11.470 10 591 9816 9.129 14.029 12.421 11 764 10 36 10.017 9.292 14.451 13.163 12.042 11.061 10 201 9.442 8649 075 23 24 25 26 7728.176 14.857 13.489 12.303 11.272 10.371 9.580 88838266 15.247 11.799 13.550 11 469 10 539 9.7078955 8.348 ertprodmhedication.com/Media/Connect Production/bne/accouMing/ 9% 4.799 11% 19% 20% 22% 21% 23% 24% 25% 16% 14% 15% 7% 8% 11% 12% 13% 10% 0877 0.935 0.926 0917 0.909 0.901 0.893 0.385 0.870 0862 0355 0847 0.840 0.833 0326 0.820 0.813 0.506 0.800 1647 1.626 1605 1585 1.492 1.474 1.457 1.440) 1566 1.547 1528 1509 1.736 1713 1690 1668 1833 1.808 1.783 1759 2.011 1.981 1952 26/3 2624 2.283 2216 2210 2174 2140 2.106 2074 2.042 2577 2531 2487 2444 | 2.402 2361 2322 3610 3.546 3465 3.387 3.312 3.240 3.170 3.102 3.037 2.974 2914 2855 2798 2743 2690 2.639 2.589 2540 2494 2.448 2 404 2362 3.127 3.058 2991 2926 2864 2.803 2745 2.689 4329 4.212 4.100 3.993 3.890 3.791 3.696 3.605 3.517 3.433 3.352 3.274 3.199 3.410 3326 3.245 3.167 3.092 3020 2951 3.498 5.076 4917 4.623 4.767 4.486 4.355 4.231 4.3111 3.889 3.784 3.685 3.589 3.998 3327 32421 3161 3.605 3508 3.416 5.786 5.582 5.389 5.206 5.033 4.712 4.564 4.423 4.288 4.868 4.160 4.039 3.922 3812 3.706 3.954 3.837 3.726 3619 3.518 3.421 3.329 4.344 4207 4.078 646) 6210 5.535 53355146 4968 4.639 4.487 4163 4031 3.905 4.451 4.303 3.786 3.673 3.566 3.463) 5.995 5.759 5537 5.328 5.132 4.946 4.772 4607 4339 4192 4.054 3.923 3.799 3682 3.571 4.659 4 494 7034 6.210 6418 6145 5889 5.650 5.426 5216 5.019 4.833 3656 7887 7.499 7139 6805 6.495 6.207 5.938 5687 5453 5.234 5.029 4.836 4 656 4.486 4.327 4.197 4015 3.992 3.776 4988 4.439 4,793 4.611 42/8 4127 3.985 3.851 3725 7.943 1.536 7.161 6.814 6.492 6.194 5918 5.660 5.421 5,197 8.863 8384 4053 3.912 3780 9.986 9394 8853 8358 7.504 7:487 103 6750 6424 6122 5842 5.583 5.342 5118 4.910 4.715 4533 4362 4201 4.802 4.611 4.432 4.265 4 108 3.962 3824 10.563 9899 9295 8745 $244 7786 367 6912 6628 6302 6002 5.724 5.468 5229 5.00 4876 4.675 4/489 4.315 4153 4.001 3.859 1111 10 380 9.712 108 559061 7.606 711 6311 6462 6142 5.847 5.515 5:324 5097 4938 4.7304536 4357 4189 4033 3.887 11652 10.838 10,106 9447 8.551 83137.824 7379 6974 6604 6265 5.954 5668 5.405 5162 4.391 4.219 4.059) 3.910 12 166 11 274 10.472 9.763 9122 544 022 7.549 7120 6.729 6.373 6.047 5.749 5475 52224990 4775 4576 1928 12.659 11.690 10 828 10 059 9.372 .201 7.702 7.250 6540 6.467 6128 58105.534 5.273 5.033 48124608 4419 4 243 4080 13.134 12.085 11 158 10.316 9404 365 7839 7.366 6938 6.550 6.198 5877 5.584 5316 5.070 4843 4.635 4442 4.263 4097 3.942 4870 4.6574460 4.279 4110 3954 514 7.963 7.469 7025 6.623 6.259 5.929 5.628 5353 5.101 075 7562 7102 6687 6.312 5.973 5.665 5.384 5120 4.891 4.675 4476 4292 4.121 3.963 126 7645 7170 674 6359 6011 5696 5410 3149 4.909 4.690 44.302 4.130 3920 813 266 7/10 7230 792 6.399 6.044 5.723 5.432 5.167 4.925 4.70) 44994311 4117 3976 15.247 13,799 12.550 11.469 10.329 9.707055 340 7784 7283 6835 6.414 6073 5.746 5451 512 4937 443 3502 4218 4.143 3981 15.622 14.094 12 783 11.654 10675 9829.077 8.432 7443 7390 6.173 6464 6097 5.766 5.467 5.195 4948 4/23 4514 4323 4147 1985 15.98) 14.375 15.00 11.26 10 10 9.929 9 161 84887596 7372 6.906 6491 6.11 5783 5480 5.206 4956 472 4.520 4328 41513981 16.330 14 643 13211 11.987 10935 10 02 9.237 548 943 7.409 6.935 6.514 6136 579 5492 5.215 4904 4734 4524 4.332 4.154 1666) 14.898 13 406 12:137 11.051 10.116 9307 602 7.984 7.441 6.961 6.54 6152 5810 5.502 53223 49704939 452 4335 4.157 3.993 16.904 15.141 13.591 12.270 11:15 10.195 9370 8.650 8.022 7.470 6.983 6551 6.166 5820 $510 5229 4.975 4.743 4531 4.337 4159 39913 17-202 15.872 13 765 12 409 11-258 10.274 9.427 8.694 8.055 2.496 2003 6566 6377 5829 5510 5235 4.979 4746 4534 4.339 4.160 1995 19793 1159 15 046 13.332 11.925 10.757 9.279 351 8244 7634 7105 6642 6:39 9971E540 5.258 499747604544 4347 4.166 3999 Penods I 3% 6% 0.962 0.952 0943 2 1.886 1859 3 2.715 2.723 4 5 4.452 6 5242 7 6.002 8 6.2733 5971 5.747 (9) 7435 7.108 6802 6515 6.247 10 11 111 7.722 7360 8.760 8.306 12 9.385 13 14 15 16 17 18 19 20 13.590 12.462 11 470 8.756 8.950 10.594 9318 9129 21 22 23 14.029 12.821 11 764 10.636 10.017 9.29) 14.451 11.163 12.042 11.061 10.201 9.442 14.857 13:489 12.301 11:272 10.371 9.500 649 772 24 25 26 27 28 29 30 40 SP Sunny Q Search 1990 433 F 11/29/20
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