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A project has equipment requirements that will cost $150,000 installed. NWC of $50,000 will also be required. The project is replacing old equipment that can be sold for $25,000, book value 0. If accepted, each year the project will generate new revenues of $250,000, and new expenses of $125,000. The equipment will be depreciated as a 3 year asset under MACRS. The useful life is 5 years. The new equipment has an estimated salvage value of $20,000. The companys tax rate is 40%.

1. What is the Initial Outlay for the project?
2. Calculate the NPV, IRR, MIRR and PI for the project, if your required rate is 12%?

TABLE 1 Year 15-year 20-year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 MACRS Half-Year Convention Depreciation Rate for Recovery Period 3-year 5-year 7-year 10-year 33.33 20.00 14.29 10.00 44.45 32.00 24.49 18.00 14.81 19.20 17.49 14.40 7.41 11.52 12.49 11.52 11.52 8.93 9.22 5.76 8.92 7.37 8.93 6.55 4.46 6.55 6.56 6.55 3.28 5.00 9.50 8.55 7.70 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 3.750 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 2.231 TABLE 1 Year 15-year 20-year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 MACRS Half-Year Convention Depreciation Rate for Recovery Period 3-year 5-year 7-year 10-year 33.33 20.00 14.29 10.00 44.45 32.00 24.49 18.00 14.81 19.20 17.49 14.40 7.41 11.52 12.49 11.52 11.52 8.93 9.22 5.76 8.92 7.37 8.93 6.55 4.46 6.55 6.56 6.55 3.28 5.00 9.50 8.55 7.70 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 3.750 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 2.231