Abraham Lincoln University Cash Flow and Risk Free Rates Case Study Calculations Read Chapters 8, 9, 10, 11 and 12 and complete excels attached. Complete the Case Study.

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Objective

To calculate Cash Flow and Risk free rates.

Synopsis

Please make sure you read the case’s in the book.

Bullock Gold Mining, chapter 8.

Conch Republic Electronics, chapter 9

A Job at S&S Air, chapter 10.

Assignment Questions

1.complete excel attached.

2. Write paper 750 words or less, of how this assignment helped you understand what you have learned thus far in this course. Chapter 8

Bullock Gold Mining

Input area:

Year

0

1

2

3

4

5

6

7

8

9

Cash flow

Required return

Output area:

Payback period

IRR

IRR

#NUM! =IRR(D8:D17)

#NUM! =IRR(D8:D17,-0.99)

MIRR

#DIV/0! =MIRR(D8:D17,D19,D19)

Profitability index

#DIV/0! =NPV(D19,D9:D17)/-D8

NPV

$

–

=NPV(D19,D9:D17)+D8

Chapter 9

Conch Republic Electronics

Input Area:

Equipment

Salvage value

R&D

Marketing study

sunk cost

sunk cost

Year 1

Year 2

Year 3

Sales(units)

Depreciation rate

Price

VC

FC

Tax rate

NWC percentage

Required return

Sensivity analysis

New price

Quantity change

NOTE: Change in units per year

Output Area:

Year 1

Sales

VC

Fixed costs

Dep

EBT

Tax

NI

+Dep

OCF

NWC

Beg

End

Year 2

$0

0

0

0

$0

0

$0

0

$0

$0

0

Year 3

$0

0

0

0

$0

0

$0

0

$0

$0

0

$0

0

0

0

$0

0

$0

0

$0

$0

0

NWC CF

$0

$0

$0

Net CF

$0

$0

$0

Salvage

BV of equipment

Taxes

Salvage CF

Net CF

$0

0

$0

Time

0 $

1

2

3

4

5

Payback period

PI

IRR

NPV

FALSE

#DIV/0!

#NUM!

$0.00

Sensitivity to change in price

Sales

Sales

VC

Fixed costs

Dep

EBT

Tax

NI

+Dep

OCF

Year 1

Year 2

Year 3

$0

0

0

0

$0

0

$0

0

$0

$0

0

0

0

$0

0

$0

0

$0

$0

0

0

0

$0

0

$0

0

$0

NWC

Beg

End

NWC CF

$0

0

$0

$0

0

$0

$0

0

$0

Net CF

$0

$0

$0

Salvage

BV of equipment

Taxes

Salvage CF

Net CF

$0

0

$0

Time

0 $

1

2

3

4

5

NPV

–

$

DNPV/DP

#DIV/0!

Sensitivity to change in quantity

Sales

Sales

VC

Fixed costs

Dep

EBT

Tax

NI

+Dep

OCF

Year 1

Year 2

Year 3

$0

0

0

0

$0

0

$0

0

$0

$0

0

0

0

$0

0

$0

0

$0

$0

0

0

0

$0

0

$0

0

$0

NWC

Beg

End

NWC CF

$0

0

$0

$0

0

$0

$0

0

$0

Net CF

$0

$0

$0

Salvage

BV of equipment

Taxes

Salvage CF

Net CF

$0

0

$0

Time

0 $

1

–

2

3

4

5

NPV

DNPV/DQ

$0.00

#DIV/0!

Year 4

Year 5

Year 4

Year 5

$0

0

0

0

$0

0

$0

0

$0

$0

0

$0

0

0

0

$0

0

$0

0

$0

$0

0

$0

$0

$0

$0

Year 4

Year 5

$0

0

0

0

$0

0

$0

0

$0

$0

0

0

0

$0

0

$0

0

$0

$0

0

$0

$0

0

$0

$0

$0

Year 4

Year 5

$0

0

0

0

$0

0

$0

0

$0

$0

0

0

0

$0

0

$0

0

$0

$0

0

$0

$0

0

$0

$0

$0

Chapter 10

A Job at S&S Air

Input area:

Risk-free rate

10-year return

S&P 500 Index fund

Small-cap stock fund

Large company stock fund

Bond fund

Output area:

Sharpe ratios:

S&P 500 Index fund

Small-cap stock fund

Large company stock fund

Bond fund

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

Standard

deviation

Ross, Westerfield, and Jordan’s Excel

Essentials of Corporate Finance, 9th edition

by Brad Jordan and Joe Smolira

Version 9.0

Chapter 9

In these spreadsheets, you will learn how to use the following Excel f

Naming cells

SLN

VDB

Scenario Manager

One-way Data Table

Solver

The following conventions are used in these spreadsheets:

1) Given data in blue

2) Calculations in red

NOTE: Some functions used in these spreadsheets may require that

the “Analysis ToolPak” or “Solver Add-In” be installed in Excel.

To install these, click on the File button

then “Options,” “Add-Ins” and select

“Go.” Check “Analysis ToolPak” and

“Solver Add-In,” then click “OK.”

Chapter 9 – Section 3

Pro Forma Financial Statements and Cash Flows

Because capital budgeting requires numerous repetitive cash flows, it is an ideal application for Excel. When doing

should do few or no calculations on your own, but rather let Excel do the calculations for you. We will begin with th

projections for the project:

Cans sold per year:

Price per can:

Variable cost per can:

Required return:

Fixed costs per year:

Manufacturing equipment:

Project life (years):

Initial net working capital:

Tax rate:

$

$

$

$

$

50,000

4.00

2.50

20%

12,000

90,000

3

20,000

34%

RWJ Excel Tip

In a problem with a number of different variables, it can be advantageous to name the cells. Click on the input cell

the Formula bar in the name bar and you will see the name “Units.” We entered the name in the name bar to nam

from this cell later, we can type in the name of the variable instead of referencing the cell. For example, if you look

formula we used in this cell is Units * Price_per_unit. When naming cells, you should keep the names short but und

the variable name, so we used an underscore instead of the space in Price_per_unit.

With these numbers, we can prepare the pro forma income statement, which will be:

Sales

Variable costs

Fixed costs

Depreciation

EBIT

Taxes (34%)

Net income

$

$

$

200,000

125,000

12,000

30,000

33,000

11,220

21,780

RWJ Excel Tip

To calculate the depreciation each year for straight-line depreciation, we can divide the initial cost by the life of th

as we have done here. The SLN inputs we used in this case looks like this:

The inputs are Cost, which is the initial cost, Salvage, which is the salvage value, and Life, which is the life of the ass

cost by the life of the equipment in the cell rather than use this particular function, but it is available if you prefer.

Average Accounting Return

To calculate the AAR, we need the average investment in assets each year. The total investment each year will be:

Net working capital

Net fixed assets

Total investment

$

$

0

20,000 $

90,000

110,000 $

Year

1

20,000 $

60,000

80,000 $

2

20,000

30,000

50,000

So, the average assets are:

Average assets:

$

65,000

Now, we can calculate the operating cash flow each year, which will be:

EBIT

+ Depreciation

– Taxes

Operating cash flow

$

$

33,000

30,000

11,220

51,780

So, the total cash flow for each year of the project will be:

Year

0

Operating cash flow

Changes in NWC

Capital spending

Total project cash flow

$

$

$

1

51,780 $

2

51,780

(20,000)

(90,000)

(110,000) $

51,780 $

51,780

Given these cash flows, we can now calculate the NPV, IRR, and AAR of the project, which are:

NPV

IRR

AAR

$

10,647.69

25.76%

33.51%

l application for Excel. When doing a capital budgeting problem, as in most Excel uses, you

ations for you. We will begin with the shark attractant project. We have the following

me the cells. Click on the input cell for the number of cans sold per year, and look to the left of

d the name in the name bar to name the input in this cell. Whenever we want to use the input

ng the cell. For example, if you look at the sales calculation below, you will see that the

hould keep the names short but understandable. In addition, Excel does not allow spaces in

_unit.

ivide the initial cost by the life of the equipment, or we can use the built-in Excel function SLN

and Life, which is the life of the asset. In general, we usually find it easier just to divide the

ion, but it is available if you prefer.

total investment each year will be:

$

3

20,000

20,000

$

$

3

51,780

20,000

$

71,780

$

Chapter 9 – Section4

More about Project Cash Flow

In practice, many assets are depreciated on a MACRS schedule for tax purposes. The three-, five-, and seven-year M

Year

1

2

3

4

5

6

7

8

3-year

33.33%

44.45%

14.81%

7.41%

Property Class

5- year

20.00%

32.00%

19.20%

11.52%

11.52%

5.76%

7-year

14.29%

24.49%

17.49%

12.49%

8.93%

8.92%

8.93%

4.46%

For example, suppose we have an asset that falls in the five-year MACRS classification and the initial cost is:

Initial cost:

$

12,000

The depreciation for each year will be:

Year

1

2

3

4

5

6

MACRS

percentage

Depreciation

20.00% $

2,400.00

32.00%

3,840.00

19.20%

2,304.00

11.52%

1,382.40

11.52%

1,382.40

5.76%

691.20

100.00% $ 12,000.00

To find the book value of the asset, we subtract depreciation each year from the beginning book value. The book v

Year

1

2

3

4

5

Beginning

Ending

book value

Depreciation

book value

$

12,000 $

2,400.00 $

9,600.00

9,600.00

3,840.00

5,760.00

5,760.00

2,304.00

3,456.00

3,456.00

1,382.40

2,073.60

2,073.60

1,382.40

691.20

6

691.20

691.20

–

When the asset is sold, taxes will be paid if the asset is sold for more than book value, or a tax rebate will be given

calculate the taxes on the sale of the asset is (Book value – Market value)(Tax rate). Suppose the pretax salvage valu

Pretax salvage value:

Tax rate:

$

3,000

34%

The aftertax salvage value, and therefore net cash flow from selling the asset at the end of the project (Year 6 in th

Pretax salvage value:

Taxes on sale:

Aftertax salvage value:

$

$

3,000.00

(1,020.00)

1,980.00

The Majestic Mulch and Compost Company (MMCC)

The MMCC capital budgeting problem is a more in-depth analysis. As before, we want to put all inputs in a separat

entering the data in rows for each variable, we could enter the data in columns as well. The input information for t

Year

Units sales

Price

NWC to start

NWC % of sales

Variable cost

Fixed costs

Equipment

MACRS

Pretax salvage

value

Tax rate

Required return

1

$

$

$

$

$

2

3,000

120 $

20,000

15%

60

25,000

800,000

14.29%

3

5,000

120 $

24.49%

4

6,000

120 $

17.49%

6,500

110

12.49%

20%

34%

15%

We will calculate the operating cash flow first, which we can calculate as net income plus depreciation. So, the pro

year will be:

Year

Revenues

Variable costs

Fixed costs

Depreciation

EBIT

Taxes (34%)

1

2

$ 360,000.00 $ 600,000.00 $

180,000.00

300,000.00

25,000.00

25,000.00

114,320.00

195,920.00

$ 40,680.00 $ 79,080.00 $

13,831.20

26,887.20

3

720,000.00

360,000.00

25,000.00

139,920.00

195,080.00

66,327.20

Pro Forma Income Statements

4

$ 715,000.00

390,000.00

25,000.00

99,920.00

$ 200,080.00

68,027.20

Net income

+ Depreciation

OCF

$

26,848.80 $ 52,192.80 $ 128,752.80 $ 132,052.80

114,320.00

195,920.00

139,920.00

99,920.00

$ 141,168.80 $ 248,112.80 $ 268,672.80 $ 231,972.80

RWJ Excel Tip

Notice that in the income statements, we were careful to use absolute references in the variable costs, fixed costs,

the equations to calculate the net income during the first year, we simple copied and pasted the year 1 net income

Next, we will calculate the change in net working capital. One way to do this is to calculate the difference between

to remember that the net working capital at the end of the project will be zero. So, the net working capital require

Year

Initial NWC

Ending NWC

NWC cash flow

$

0

(20,000) $

$

(20,000) $

1

20,000.00 $

54,000.00

(34,000.00) $

2

3

54,000.00 $ 90,000.00

90,000.00

108,000.00

(36,000.00) $ (18,000.00)

To find the aftertax salvage value, we need to calculate the taxes. We get:

Pretax salvage value:

Taxes on sale:

Aftertax salvage value:

$ 160,000.00

(54,400.00)

$ 105,600.00

So, the total cash flows for each year of the project are:

Project Cash Flows

Year

OCF

Change in NWC

Capital spending

Total cash flow

0

$

$

$

1

2

3

$ 141,168.80 $ 248,112.80 $ 268,672.80

(20,000)

(34,000.00)

(36,000.00)

(18,000.00)

(800,000)

(820,000) $ 107,168.80 $ 212,112.80 $ 250,672.80

Finally, the NPV and IRR of the project are:

NPV:

IRR:

$

65,484.83

17.24%

A Note on MACRS Depreciation

There are actually six MACRS schedules, three-, five-, seven-, 10-, 15-, and 20-year schedules. The MACRS schedule

declining balance method, and switching to straight-line depreciation when it is more advantageous. The three-, fiv

when calculating the double declining balance depreciation amount, while the 15- and 20-year schedules use a fac

used to construct a MACRS table. Below, we have constructed a MACRS table with all six schedules.

Equipment Life (Years)

Year

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

3

33.33%

44.44%

14.81%

7.41%

5

20.00%

32.00%

19.20%

11.52%

11.52%

5.76%

7

14.29%

24.49%

17.49%

12.49%

8.92%

8.92%

8.92%

4.46%

RWJ Excel Tip

To construct the MACRS table, we used the variable declining balance (VDB) function. Constructing the MACRS tab

will see what we entered for the second year of the three-year MACRS schedule.

Cost is the cost of the equipment. In this case, we entered one in order to get the answers as a percentage rather t

zero. Life is the life of the asset. Since we have a table here, we entered the column as a floating input and locked t

down the table was well as across. The Start_period is the starting period for which we want to calculate the depre

subtracted 1/2. To calculate the End_period, we used the MIN function. This function will return the lesser of the n

years we could have taken the next year minus one-half, but this would not work for the last year. Notice that this

prior year. So, for the first year, we eliminated the MIN function. Finally, the Factor is not shown on the picture abo

used a factor of two for the three-, five-, seven-, and 10-year schedules and a factor of 1.5 for the 15- and 20-year

Finally, note that the MACRS schedule is slightly different from the table presented in the textbook for the 6th and

that the IRS publishes a MACRS schedule, which is the schedule we used in the textbook. However, you are allowed

outlined by the IRS. If you do so, you will get the table above, not the table in the textbook (or the table published

textbook for our calculations.

The three-, five-, and seven-year MACRS schedules are:

ation and the initial cost is:

beginning book value. The book value of this asset each year will be:

alue, or a tax rebate will be given if the asset is sold for less than book value. An easy way to

e). Suppose the pretax salvage value of the asset and the tax rate are:

he end of the project (Year 6 in this case) will be:

want to put all inputs in a separate cell and have Excel handle all the calculations. While we are

s well. The input information for the MMCC line of power mulching tools is:

5

$

6

7

8

6,000

110 $

5,000

110 $

4,000

110 $

3,000

110

8.93%

8.92%

8.93%

4.46%

me plus depreciation. So, the pro forma income statements each

Forma Income Statements

5

6

7

8

$ 660,000.00 $ 550,000.00 $ 440,000.00 $ 330,000.00

360,000.00

300,000.00

240,000.00

180,000.00

25,000.00

25,000.00

25,000.00

25,000.00

71,440.00

71,360.00

71,440.00

35,680.00

$ 203,560.00 $ 153,640.00 $ 103,560.00 $ 89,320.00

69,210.40

52,237.60

35,210.40

30,368.80

$ 134,349.60 $ 101,402.40 $ 68,349.60 $

71,440.00

71,360.00

71,440.00

$ 205,789.60 $ 172,762.40 $ 139,789.60 $

58,951.20

35,680.00

94,631.20

s in the variable costs, fixed costs, depreciation, and tax cells. That way, once we entered all

and pasted the year 1 net income column to the rest of the years.

calculate the difference between the beginning and ending net working capital. We also need

o, the net working capital requirements each year are:

4

5

$ 108,000.00 $ 107,250.00 $

107,250.00

99,000.00

$

750.00 $

8,250.00 $

6

99,000.00 $

82,500.00

16,500.00 $

7

82,500.00 $

66,000.00

16,500.00 $

Project Cash Flows

4

5

6

7

$ 231,972.80 $ 205,789.60 $ 172,762.40 $ 139,789.60 $

750.00

8,250.00

16,500.00

16,500.00

8

66,000.00

66,000.00

8

94,631.20

66,000.00

105,600.00

$ 232,722.80 $ 214,039.60 $ 189,262.40 $ 156,289.60 $ 266,231.20

ar schedules. The MACRS schedule is calculated using the depreciation according to the double

more advantageous. The three-, five-, seven-, and 10-year schedules use a factor of 2 (200%)

5- and 20-year schedules use a factor of 1.5 (150%). Excel has a function, VDB, which can be

h all six schedules.

Equipment Life (Years)

10

10.00%

18.00%

14.40%

11.52%

9.22%

7.37%

6.55%

6.55%

6.55%

6.55%

3.28%

15

5.00%

9.50%

8.55%

7.70%

6.93%

6.23%

5.90%

5.90%

5.90%

5.90%

5.90%

5.90%

5.90%

5.90%

5.90%

2.95%

20

3.75%

7.22%

6.68%

6.18%

5.71%

5.28%

4.89%

4.52%

4.46%

4.46%

4.46%

4.46%

4.46%

4.46%

4.46%

4.46%

4.46%

4.46%

4.46%

4.46%

2.23%

tion. Constructing the MACRS table is tricky because of the half-year convention. Below you

e answers as a percentage rather than a dollar amount. Salvage is the salvage value, which is

mn as a floating input and locked the row. This allows us to copy and paste the formula further

ch we want to calculate the depreciation. With the half-year convention, we used the year and

ction will return the lesser of the next year minus one-half, or the life of the asset. In most

for the last year. Notice that this MIN function will not work for the first year since there is no

or is not shown on the picture above since Excel scrolls through the inputs in this case. We

tor of 1.5 for the 15- and 20-year schedules.

ed in the textbook for the 6th and 8th year of the seven-year MACRS schedule. The reason is

xtbook. However, you are allowed to calculate the schedule on your own based on the rules

textbook (or the table published by the IRS!). In the future, we will use the table in the

Chapter 9 – Section 6

Scenario and Other What-If Analyses

Scenario Analysis

Scenario analysis is used to determine the range of possible outcomes for a project. Typically, the base case, best c

scenario analysis. Because of the repetitive nature of the calculations, spreadsheets are an excellent tool for doing

in the textbook:

Unit sales:

Price per unit

Variable costs per unit:

Fixed costs per year:

Initial cost:

Project life (years):

Required return:

Tax rate:

$

$

$

$

Base case

6,000

80

60

50,000

200,000

5

12%

34%

With these values, we need to calculate the base case, best case, and worst case NPVs and IRRs. First, we want to c

which are:

Base Case Income Statement

Sales

$

480,000

Variable costs

360,000

Fixed costs

50,000

Depreciation

40,000

EBIT

$

30,000

Taxes (34%)

10,200

Net income

$

19,800

OCF

$

59,800

NPV

IRR

$

15,566

15.10%

Notice, in this case we calculated the NPV and IRR using the PV function and RATE function rather than the NPV an

year, we find this calculation easier.

To calculate the best case and worst case, we will use Scenario Manager, which is described below.

RWJ Excel Tip

Scenario Manager is a powerful tool that allows you to evaluate different scenarios and is useful in cases such as th

cells that we will be changing, in this case cells D9 through D12. Next, go to the Data tab, click What-If Analysis, Sce

When you click on Add, another box comes up that will allow you to enter the scenario name. After entering the na

this:

Notice two things about this box. First, the values are changed to the best case values. This is because the image w

instead of cell names, i.e. D9, the variable in the cell comes up because we named each input cell, as well as the NP

case, we simply clicked Add, then added the worst case scenario. When the values for both scenarios are entered,

names which we have already added.

Now that all the scenarios are entered, we can click on Summary, which brings up the final box. This box allows us

cells D32 (NPV) and D33 (IRR) as the final results we wanted Scenario Manager to calculate, then clicked OK. The re

Sensitivity Analysis

In contrast to scenario analysis, sensitivity analysis holds all variables except one constant. This allows us to see how

this case, we will perform sensitivity analysis using fixed costs, although all other variables could be similarly exami

completed using a one-way data table. Below, you will see a table with the NPV for different levels of fixed costs:

$

$

$

$

$

$

$

$

$

$

Fixed costs

25,000

30,000

35,000

40,000

45,000

50,000

55,000

60,000

65,000

70,000

$

$

$

$

$

$

$

$

$

$

NPV

75,044

63,149

51,253

39,357

27,461

15,566

3,670

(8,226)

(20,122)

(32,017)

$

75,000 $

(43,913)

Graphically, the relationship between fixed costs and NPV looks like this:

Sensitivity Analysis for Fixed Cost

$100,000

$80,000

Net Present Value

$60,000

$40,000

$20,000

$$25,000 $30,000 $35,000 $40,000 $45,000

$(20,000)

$(40,000)

$(60,000)

As you can see, there is a negative relationship between fixed costs and project NPV. We would expect this: As cos

decrease.

RWJ Excel Tip

To set up a one-way data table, we need to first enter the inputs we want to use in the calculations in a column (or

right and one cell above where the input values begin, we need to make the cell equal to the final value we want th

that in our data table, this cell is C109. However, to make the data table look better, we have hidden this row. To u

and then select “Unhide.” This first step is to highlight the entire column with the numbers we want used in the cal

the adjacent column. Next, select the “Data” tab, then “What-If Analysis,” and “Data Table.” Finally, enter the origi

calculate the values in the data table, which is cell D12 for fixed costs.

We should note that when you create a data table, you can change the input cells in which you entered the new va

of the data table.

Of course, in our sensit…

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