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Problem 3: Peggy's Peaches has developed a new product, the Bruiseless Peach, which always stays peachy fresh. Peggy's paid $85,000 to a marketing firm to survey the bruiseless peach market. The potential sales were estimated at $250,000 per year. New equipment will be necessary to carefully handle the peaches. It cost $200,000 and will have fixed costs of $70,000 per year, and variable costs will be 25% of sales. The new anti-bruise machine will be depreciated straight-line for the four years of it's life and is the only initial cost for the new 3 "Peggy's Peaches, the Un Bruised Ones". Peggy's pays 34% tax and has a required retum of 8% Calculate the NPV and IRR. Solution: Enter numbers and formulas to solve this problem. Use the Excel NPV and IRR functions to solve NPV and IRR. Step 1. Find the Net Income for years 1-4. Depreciation (Initial cost - Salvage Value) years ==> Assume Salvage Value - 0. Net Income Year 1-4 Sales from problem Variable Costs 25% of Sales Fixed Costs from problem Depreciation from H18 EBIT EBIT -Sales-costs-dep Taxes Taxes - EBIT tax rate Net Income NIEBIT-taxes Operating Cash Flows EBIT +Depreciation - Taxes After Tax Cash Flow 133 134 135 After Tax Cash Flows Years 136 137 Cost of machine as a negative 138 139 Equal Cash Flows from cell F133 Required Retur Net Present Value Internal Rate of Retum required return from problem NPV = NPV (required retum,cash flows) + cost IRR - IRR(cash flows) 146 147 148 Check numbers: NI-544,550, IRR-31.40% 149 150 End of Spreadsheet 9 151