Windhoek Mines, Limited, of Namibia, is contemplating the purchase of equipment to exploit a mineral deposit...
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Windhoek Mines, Limited, of Namibia, is contemplating the purchase of equipment to exploit a mineral deposit on land to which the company has mineral rights. An engineering and cost analysis has been made, and it is expected that the following cash flows would be associated with opening and operating a mine in the area: Cost of new equipment and timbers Working capital required Annual net cash receipts Cost to construct new roads in three years Salvage value of equipment in four years *Receipts from sales of ore, less out-of-pocket costs for salaries, utilities, insurance, and so forth. The mineral deposit would be exhausted after four years of mining. At that point, the working capital would be released for reinvestment elsewhere. The company's required rate of return is 18%. $ 400,000 $ 220,000 $ 155,000* $ 64,000 $ 89,000 Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables. Required: a. What is the net present value of the proposed mining project? b. Should the project be accepted? Complete this question by entering your answers in the tabs below. Required A Required B What is the net present value of the proposed mining project? (Enter negative amount with a minus sign. P answer to the nearest whole dollar amount.) Net present value < Required A Required B > EXHIBIT 12B-1 Present Value of $1; Periods 4% 17% 18% 1 0.855 0.847 0.889 0.864 0.855 0.823 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.901 0.893 0.885 0.877 0.870 0.862 0.925 0.907 0.890 0.873 0.857 0.842 0.826 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.840 0.816 0.794 0.772 0.751 0.731 0.712 0.693 0.675 0.658 0.641 0.624 0.609 0.792 0.763 0.735 0.708 0.683 0.659 0.636 0.613 0.592 0.572 0.552 0.534 0.516 0.747 0.713 0.681 0.650 0.621 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.705 0.666 0.630 0.596 0.564 0.535 0.507 0.480 0.456 0.432 0.410 0.390 0.370 0.547 0.513 0.425 0.400 0.376 0.354 0.333 0.502 0.467 0.434 0.404 0.376 0.351 0.822 0.784 0.790 0.746 0.760 0.711 0.665 0.623 0.583 0.482 0.452 0.314 0.327 0.305 0.285 0.266 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.225 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.650 0.287 0.261 0.237 0.215 0.195 0.178 0.162 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.326 0.290 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.116 0.299 0.263 0.232 0.205 0.181 0.160 0.141 0.125 0.111 0.099 0.108 0.095 0.084 0.071 0.060 0.051 0.043 0.731 0.677 0.627 0.582 0.540 0.703 0.645 0.592 0.544 0.500 0.460 0.424 0.676 0.614 0.558 0.508 0.463 0.422 0.386 0.585 0.527 0.475 0.429 0.388 0.350 0.625 0.557 0.497 0.444 0.397 0.356 0.319 0.601 0.530 0.469 0.415 0.368 0.577 0.505 0.442 0.388 0.340 0.555 0.481 0.417 0.362 0.315 0.275 0.239 0.209 0.183 0.160 0.140 0.123 0.534 0.458 0.394 0.339 0.292 0.252 0.218 0.188 0.163 0.141 0.123 0.107 0.093 0.081 0.513 0.436 0.371 0.317 0.270 0.231 0.198 0.170 0.146 0.125 0.108 0.093 0.080 0.069 0.494 0.416 0.350 0.296 0.250 0.212 0.180 0.153 0.130 0.111 0.095 0.081 0.069 0.059 0.475 0.396 0.331 0.277 0.232 0.194 0.164 0.138 0.116 0.098 0.083 0.070 0.060 0.051 0.456 0.377 0.312 0.258 0.215 0.178 0.149 0.124 0.104 0.087 0.073 0.061 0.051 0.043 0.439 0.359 0.294 0.242 0.199 0.164 0.135 0.112 0.093 0.077 0.064 0.053 0.422 0.342 0.278 0.226 0.184 0.150 0.123 0.101 0.083 0.068 0.056 0.046 0.038 0.032 0.406 0.326 0.262 0.211 0.170 0.138 0.112 0.091 0.074 0.060 0.049 0.040 0.033 0.027 0.390 0.310 0.247 0.197 0.158 0.126 0.102 0.082 0.066 0.053 0.043 0.035 0.028 0.023 0.019 0.375 0.295 0.233 0.184 0.146 0.116 0.092 0.074 0.059 0.047 0.038 0.030 0.024 0.020 0.016 0.361 0.281 0.220 0.172 0.135 0.106 0.084 0.066 0.053 0.042 0.033 0.026 0.021 0.017 0.014 0.347 0.268 0.207 0.161 0.125 0.098 0.076 0.060 0.047 0.018 0.014 0.011 0.333 0.255 0.196 0.150 0.116 0.090 0.069 0.042 0.033 0.026 0.020 0.016 0.012 0.010 0.321 0.243 0.185 0.141 0.107 0.082 0.063 0.037 0.029 0.022 0.017 0.014 0.011 0.308 0.231 0.174 0.131 0.099 0.075 0.057 0.033 0.026 0.020 0.015 0.012 0.009 0.208 0.142 0.097 0.067 0.046 0.032 0.022 0.011 0.008 0.005 0.004 0.003 0.002 0.037 0.044 0.037 0.031 0.026 0.022 0.037 0.029 0.023 0.054 0.048 0.008 0.044 0.007 0.015 0.001 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 1 (1+r)" 27 28 29 30 40 0.352 0.317 Holahuohalal EXHIBIT 12B-2 Present Value of an Annuity of $1 in Arrears; 1/r(1-(1/(1+r)^n)) Periods 4% 0.962 1 9% 10% 11% 0.917 0.909 0.901 1.783 1.759 1.736 1.713 2.487 2.444 12% 13% 14% 15% 16% 17% 18% 0.885 0.877 0.870 0.862 0.855 0.847 1.668 1.647 1.626 1.605 1.585 1.566 2 3 4 3.170 3.102 5 3.605 3.517 6 7 8 4.207 4.078 9 8.760 9.385 9.986 9.394 5% 6% 7% 8% 0.952 0.943 0.935 0.926 0.893 1.886 1.859 1.833 1.808 1.690 2.775 2.723 2.673 2.624 2.577 2.531 2.402 2.361 2.322 2.283 2.246 2.210 2.174 3.630 3.546 3.465 3.387 3.312 3.240 3.037 2.974 2.914 2.855 2.798 2.743 2.690 4.452 4.329 4.212 4.100 3.993 3.890 3.791 3.696 3.433 3.352 3.274 3.199 3.127 5.242 5.076 4.917 4.767 4.623 4.486 4.355 4.231 4.111 3.998 3.889 3.784 3.685 3.589 3.498 6.002 5.786 5.582 5.389 5.206 5.033 4.868 4.712 4.564 4.423 4.288 4.160 4.039 3.922 3.812 6.733 6.463 6.210 5.971 5.747 5.535 5.335 5.146 4.968 4.799 4.639 4.487 4.344 7.435 7.108 6.802 6.515 6.247 5.995 5.759 5.537 5.328 5.132 4.946 4.772 4.607 4.451 4.303 8.111 7.722 7.360 7.024 6.710 6.418 6.145 5.889 5.650 5.426 5.216 5.019 4.833 4.659 4.494 8.306 7.887 7.499 7.139 6.805 6.495 6.207 5.938 5.687 5.453 5.234 5.029 4.836 4.656 8.863 8.384 7.943 7.536 7.161 6.814 6.492 6.194 5.918 5.660 5.421 5.197 4.988 4.793 8.853 8.358 7.904 7.487 7.103 6.750 6.424 6.122 5.842 5.583 5.342 5.118 4.910 10.563 9.899 9.295 8.745 8.244 7.786 7.367 6.982 6.628 6.302 6.002 5.724 5.468 5.229 5.008 11.118 10.380 9.712 9.108 8.559 8.061 7.606 7.191 6.811 6.462 6.142 5.847 5.575 5.324 11.652 10.838 10.106 9.447 8.851 8.313 7.824 7.379 6.974 6.604 6.265 5.954 5.668 5.405 12.166 11.274 10.477 9.763 9.122 8.544 7.549 7.120 6.729 6.373 6.047 5.749 5.475 5.222 12.659 11.690 10.828 10.059 9.372 7.250 6.840 6.467 6.128 5.818 5.534 5.273 13.134 12.085 11.158 10.336 9.604 7.839 7.366 6.938 6.550 6.198 5.877 5.584 5.316 13.590 12.462 11.470 10.594 9.818 9.129 7.963 7.469 7.025 6.623 6.259 5.929 5.628 5.353 14.029 12.821 11.764 10.836 10.017 9.292 8.075 7.562 7.102 6.687 6.312 5.973 5.665 14.451 13.163 12.042 11.061 10.201 9.442 8.176 7.645 7.170 6.743 6.359 6.011 5.696 14.857 13.489 12.303 11.272 10.371 9.580 8.266 7.718 7.230 6.792 6.399 6.044 11.469 10.529 9.707 8.348 7.784 7.283 6.835 6.434 6.073 5.746 15.622 14.094 12.783 11.654 10.675 9.823 9.077 8.422 7.843 7.330 6.873 6.464 6.097 5.766 5.467 15.983 14.375 13.003 11.826 10.810 9.929 9.161 8.488 7.896 7.372 6.906 6.491 6.118 5.783 5.480 16.330 14.643 13.211 11.987 10.935 10.027 9.237 8.548 7.943 7.409 6.935 6.514 6.136 5.798 5.492 16.663 14.898 13.406 12.137 11.051 10.116 9.307 8.602 7.984 7.441 6.961 6.534 6.152 5.810 5.502 16.984 15.141 13.591 12.278 11.158 10.198 9.370 8.650 8.022 7.470 6.983 6.551 6.166 5.820 17.292 15.372 13.765 12.409 11.258 10.274 9.427 8.694 8.055 7.496 7.003 6.566 6.177 5.829 19.793 17.159 15.046 13.332 11.925 10.757 | 9.779 8.951 8.244 5.092 5.162 8.022 8.756 8.201 7.702 8.950 8.365 5.384 8.514 8.649 8.772 8.883 8.985 5.410 5.723 5.432 15.247 13.799 12.550 5.451 5.510 5.517 7.634 7.105 6.642 6.233 5.871 5.548 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 40 Windhoek Mines, Limited, of Namibia, is contemplating the purchase of equipment to exploit a mineral deposit on land to which the company has mineral rights. An engineering and cost analysis has been made, and it is expected that the following cash flows would be associated with opening and operating a mine in the area: Cost of new equipment and timbers Working capital required Annual net cash receipts Cost to construct new roads in three years Salvage value of equipment in four years *Receipts from sales of ore, less out-of-pocket costs for salaries, utilities, insurance, and so forth. The mineral deposit would be exhausted after four years of mining. At that point, the working capital would be released for reinvestment elsewhere. The company's required rate of return is 18%. $ 400,000 $ 220,000 $ 155,000* $ 64,000 $ 89,000 Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables. Required: a. What is the net present value of the proposed mining project? b. Should the project be accepted? Complete this question by entering your answers in the tabs below. Required A Required B What is the net present value of the proposed mining project? (Enter negative amount with a minus sign. P answer to the nearest whole dollar amount.) Net present value < Required A Required B > EXHIBIT 12B-1 Present Value of $1; Periods 4% 17% 18% 1 0.855 0.847 0.889 0.864 0.855 0.823 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.901 0.893 0.885 0.877 0.870 0.862 0.925 0.907 0.890 0.873 0.857 0.842 0.826 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.840 0.816 0.794 0.772 0.751 0.731 0.712 0.693 0.675 0.658 0.641 0.624 0.609 0.792 0.763 0.735 0.708 0.683 0.659 0.636 0.613 0.592 0.572 0.552 0.534 0.516 0.747 0.713 0.681 0.650 0.621 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.705 0.666 0.630 0.596 0.564 0.535 0.507 0.480 0.456 0.432 0.410 0.390 0.370 0.547 0.513 0.425 0.400 0.376 0.354 0.333 0.502 0.467 0.434 0.404 0.376 0.351 0.822 0.784 0.790 0.746 0.760 0.711 0.665 0.623 0.583 0.482 0.452 0.314 0.327 0.305 0.285 0.266 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.225 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.650 0.287 0.261 0.237 0.215 0.195 0.178 0.162 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.326 0.290 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.116 0.299 0.263 0.232 0.205 0.181 0.160 0.141 0.125 0.111 0.099 0.108 0.095 0.084 0.071 0.060 0.051 0.043 0.731 0.677 0.627 0.582 0.540 0.703 0.645 0.592 0.544 0.500 0.460 0.424 0.676 0.614 0.558 0.508 0.463 0.422 0.386 0.585 0.527 0.475 0.429 0.388 0.350 0.625 0.557 0.497 0.444 0.397 0.356 0.319 0.601 0.530 0.469 0.415 0.368 0.577 0.505 0.442 0.388 0.340 0.555 0.481 0.417 0.362 0.315 0.275 0.239 0.209 0.183 0.160 0.140 0.123 0.534 0.458 0.394 0.339 0.292 0.252 0.218 0.188 0.163 0.141 0.123 0.107 0.093 0.081 0.513 0.436 0.371 0.317 0.270 0.231 0.198 0.170 0.146 0.125 0.108 0.093 0.080 0.069 0.494 0.416 0.350 0.296 0.250 0.212 0.180 0.153 0.130 0.111 0.095 0.081 0.069 0.059 0.475 0.396 0.331 0.277 0.232 0.194 0.164 0.138 0.116 0.098 0.083 0.070 0.060 0.051 0.456 0.377 0.312 0.258 0.215 0.178 0.149 0.124 0.104 0.087 0.073 0.061 0.051 0.043 0.439 0.359 0.294 0.242 0.199 0.164 0.135 0.112 0.093 0.077 0.064 0.053 0.422 0.342 0.278 0.226 0.184 0.150 0.123 0.101 0.083 0.068 0.056 0.046 0.038 0.032 0.406 0.326 0.262 0.211 0.170 0.138 0.112 0.091 0.074 0.060 0.049 0.040 0.033 0.027 0.390 0.310 0.247 0.197 0.158 0.126 0.102 0.082 0.066 0.053 0.043 0.035 0.028 0.023 0.019 0.375 0.295 0.233 0.184 0.146 0.116 0.092 0.074 0.059 0.047 0.038 0.030 0.024 0.020 0.016 0.361 0.281 0.220 0.172 0.135 0.106 0.084 0.066 0.053 0.042 0.033 0.026 0.021 0.017 0.014 0.347 0.268 0.207 0.161 0.125 0.098 0.076 0.060 0.047 0.018 0.014 0.011 0.333 0.255 0.196 0.150 0.116 0.090 0.069 0.042 0.033 0.026 0.020 0.016 0.012 0.010 0.321 0.243 0.185 0.141 0.107 0.082 0.063 0.037 0.029 0.022 0.017 0.014 0.011 0.308 0.231 0.174 0.131 0.099 0.075 0.057 0.033 0.026 0.020 0.015 0.012 0.009 0.208 0.142 0.097 0.067 0.046 0.032 0.022 0.011 0.008 0.005 0.004 0.003 0.002 0.037 0.044 0.037 0.031 0.026 0.022 0.037 0.029 0.023 0.054 0.048 0.008 0.044 0.007 0.015 0.001 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 1 (1+r)" 27 28 29 30 40 0.352 0.317 Holahuohalal EXHIBIT 12B-2 Present Value of an Annuity of $1 in Arrears; 1/r(1-(1/(1+r)^n)) Periods 4% 0.962 1 9% 10% 11% 0.917 0.909 0.901 1.783 1.759 1.736 1.713 2.487 2.444 12% 13% 14% 15% 16% 17% 18% 0.885 0.877 0.870 0.862 0.855 0.847 1.668 1.647 1.626 1.605 1.585 1.566 2 3 4 3.170 3.102 5 3.605 3.517 6 7 8 4.207 4.078 9 8.760 9.385 9.986 9.394 5% 6% 7% 8% 0.952 0.943 0.935 0.926 0.893 1.886 1.859 1.833 1.808 1.690 2.775 2.723 2.673 2.624 2.577 2.531 2.402 2.361 2.322 2.283 2.246 2.210 2.174 3.630 3.546 3.465 3.387 3.312 3.240 3.037 2.974 2.914 2.855 2.798 2.743 2.690 4.452 4.329 4.212 4.100 3.993 3.890 3.791 3.696 3.433 3.352 3.274 3.199 3.127 5.242 5.076 4.917 4.767 4.623 4.486 4.355 4.231 4.111 3.998 3.889 3.784 3.685 3.589 3.498 6.002 5.786 5.582 5.389 5.206 5.033 4.868 4.712 4.564 4.423 4.288 4.160 4.039 3.922 3.812 6.733 6.463 6.210 5.971 5.747 5.535 5.335 5.146 4.968 4.799 4.639 4.487 4.344 7.435 7.108 6.802 6.515 6.247 5.995 5.759 5.537 5.328 5.132 4.946 4.772 4.607 4.451 4.303 8.111 7.722 7.360 7.024 6.710 6.418 6.145 5.889 5.650 5.426 5.216 5.019 4.833 4.659 4.494 8.306 7.887 7.499 7.139 6.805 6.495 6.207 5.938 5.687 5.453 5.234 5.029 4.836 4.656 8.863 8.384 7.943 7.536 7.161 6.814 6.492 6.194 5.918 5.660 5.421 5.197 4.988 4.793 8.853 8.358 7.904 7.487 7.103 6.750 6.424 6.122 5.842 5.583 5.342 5.118 4.910 10.563 9.899 9.295 8.745 8.244 7.786 7.367 6.982 6.628 6.302 6.002 5.724 5.468 5.229 5.008 11.118 10.380 9.712 9.108 8.559 8.061 7.606 7.191 6.811 6.462 6.142 5.847 5.575 5.324 11.652 10.838 10.106 9.447 8.851 8.313 7.824 7.379 6.974 6.604 6.265 5.954 5.668 5.405 12.166 11.274 10.477 9.763 9.122 8.544 7.549 7.120 6.729 6.373 6.047 5.749 5.475 5.222 12.659 11.690 10.828 10.059 9.372 7.250 6.840 6.467 6.128 5.818 5.534 5.273 13.134 12.085 11.158 10.336 9.604 7.839 7.366 6.938 6.550 6.198 5.877 5.584 5.316 13.590 12.462 11.470 10.594 9.818 9.129 7.963 7.469 7.025 6.623 6.259 5.929 5.628 5.353 14.029 12.821 11.764 10.836 10.017 9.292 8.075 7.562 7.102 6.687 6.312 5.973 5.665 14.451 13.163 12.042 11.061 10.201 9.442 8.176 7.645 7.170 6.743 6.359 6.011 5.696 14.857 13.489 12.303 11.272 10.371 9.580 8.266 7.718 7.230 6.792 6.399 6.044 11.469 10.529 9.707 8.348 7.784 7.283 6.835 6.434 6.073 5.746 15.622 14.094 12.783 11.654 10.675 9.823 9.077 8.422 7.843 7.330 6.873 6.464 6.097 5.766 5.467 15.983 14.375 13.003 11.826 10.810 9.929 9.161 8.488 7.896 7.372 6.906 6.491 6.118 5.783 5.480 16.330 14.643 13.211 11.987 10.935 10.027 9.237 8.548 7.943 7.409 6.935 6.514 6.136 5.798 5.492 16.663 14.898 13.406 12.137 11.051 10.116 9.307 8.602 7.984 7.441 6.961 6.534 6.152 5.810 5.502 16.984 15.141 13.591 12.278 11.158 10.198 9.370 8.650 8.022 7.470 6.983 6.551 6.166 5.820 17.292 15.372 13.765 12.409 11.258 10.274 9.427 8.694 8.055 7.496 7.003 6.566 6.177 5.829 19.793 17.159 15.046 13.332 11.925 10.757 | 9.779 8.951 8.244 5.092 5.162 8.022 8.756 8.201 7.702 8.950 8.365 5.384 8.514 8.649 8.772 8.883 8.985 5.410 5.723 5.432 15.247 13.799 12.550 5.451 5.510 5.517 7.634 7.105 6.642 6.233 5.871 5.548 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 40
Expert Answer:
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The net present value NPV of the proposed mining project is 1973755 This means that the project is e... View the full answer
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Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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