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A D E G 3 4 5 6 7 8 9 10 11 12 13 14 15 Given Incremental revenue growth for years 1-5 Revenues (current) Incremental Revenues CAPEX for year CAPEX for years 1-5 Maintenance expense for years 1-5 Depreciable We of ovens Depreciation Expense Tax rate Discount Rate 10.0% $ 9,000,000 $ 900,000 $ 1,860,000 $ $ 120.000 per year 5 years Solution Legend = Value given in problem = Formula/Calculation Analysis required = Qualitative analysis or Short answer required Goal Seek or Solver cell - Crystal Ball Input - Crystal Ball Output 30% 9% Solution 0 Year 2 900,000 $ 1 900,000 $ $ 3 900,000 $ 900,000 $ 5 900.000 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Incremental Revenues Incremental Depreciation Incremental maintenance expense Incremental EBIT Taxes NOPAT Plus: Depreciation Less: CAPEX Less: Now working capital needs Project Free Cash Flow (PFCF) Net Present Value Internal Rate of Return Should the Project be Accepted