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A B C D E F G H Homework Five_Capital Budgeting Aguilera Acoustics, Inc. (AAI) projects unit sales for a new seven-octave voice emulation implant as follows: Year 1 Year 2 Year 3 Year 4 Year 5 Unit sales 81,000 94,000 108,000 103,000 84,000 Production of the implants will require $1,600,000 investment in working capital. The units are priced at $380 each, cost of goods sold (COGS) is $265 per unit, and selling, general and administration (SGA) expenses are $1,500,000 per year. The equipment needed to begin production has an installed cost of $21,000,000 and will be depreciated straight-line to zero. In five years, this equipment can be sold for about 10% of its original cost. AAI is in the 35 percent marginal tax bracket and has a required return or cost of capital on all its projects of 18 percent. Based on these preliminary 8 project estimates: 9 a) What is the project's NPV? 10 b) What is the project's IRR? 11 c) What is the project's MIRR? 12 13 14 15 16 17