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CASE STUDY #2: CHAPTER 5 MINI CASE - BULLOCK GOLD MINING
	Q1
	Year	Cash Flow	Present Value
	0	$ (950,000,000)	$ 950,000,000	PI Calc	for payback period calc
	1	$ 190,000,000	$ 169,642,857	0.18	$ (760,000,000)
	2	$ 215,000,000	$ 171,396,684	0.18	$ (545,000,000)
	3	$ 225,000,000	$ 160,150,556	0.17	$ (320,000,000)
	4	$ 285,000,000	$ 181,122,652	0.19	$ (35,000,000)
	5	$ 275,000,000	$ 156,042,385	0.16	$ 240,000,000
	6	$ 235,000,000	$ 119,058,313	0.13	$ 475,000,000
	7	$ 205,000,000	$ 92,731,589	0.10	$ 680,000,000
	8	$ 165,000,000	$ 66,640,733	0.07	$ 845,000,000
	9	$ (75,000,000)	$ (27,045,752)	(0.03)	$ 770,000,000
				1.147
	Required Return Rate	12.0%
	Payback Period	4.13
	IRR	16.19%
	Modified IRR	13.68%
	Prof Index	1.147
	Net Present Value	$ 139,740,017.61	If NPV is positive, the company should go with the project
	Q2
	Should the company open the mine?
	Reminder - Financial management goal is to increase the value of company stock
	Q3
	Bonus: Write a VBA script that calculates the payback period