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10%

Year CFs PV CFs PV


0 -2,000 -2000
1 330 300 13.7 12.45
2 330 272.73 13.7 11.32
3 330 247.93 13.7 10.29
4 330 225.39 13.7 9.36
5 330 204.9 13.7 8.51
6 330 186.28 13.7 7.73
7 330 169.34 13.7 7.03
8 1,000 466.51 13.7 6.39
73.09 73.09
The Investment Detective
Cash flows
Discount rate Year Project 1 Project 2 Project 3 Project 4
10.00% 0 -2,000 -2,000 -2,000 -2,000
13.7 1 330 1,666 - 160
13.7 2 330 334 - 200
13.7 3 330 165 - 350
13.7 4 330 - - 395
13.7 5 330 - - 432
13.7 6 330 - - 440
13.7 7 330 - - 442
13.7 8 1,000 - - 444
9 - - - 446
10 - - - 448
11 - - - 450
12 - - - 451
13 - - - 451
14 - - - 452
15 - - 10,000 -2,000
8 3 15 15

Σ CF Ben. 3,318 2,168 10,015 3,576

CF Excess 1,310 165 8,000 1,561

Payback 7 2 15 6

PV(CF) Project 1 Project 2 Project 3 Project 4


-2,000.00 -2,000.00 -2,000.00 -2,000.00
0.91 300.00 1,514.55 - 145.45
0.83 272.73 276.03 - 165.29
0.75 247.93 123.97 - 262.96
0.68 225.39 - - 269.79
0.62 204.90 - - 268.24
0.56 186.28 - - 248.37
0.51 169.34 - - 226.82
0.47 466.51 - - 207.13
5.33 - - - 189.15
13.70 - - - 172.72
- - - 157.72
- - - 143.70
- - - 130.64
- - - 119.03
- - 2,393.92 -478.78
Σ PV(CF) 2,073.09 1,914.55 2,393.92 2,228.22
NPV 73.09 -85.45 393.92 228.22

IRR 10.87% 6.31% 11.33% 12.33%

Profitability 3.65% -4.27% 19.70% 9.21%


Index
Equiv. Annuity 13.70 -34.36 51.79 30.01

Equiv. Annuity to Inf. 136.99 -343.63 517.90 300.05

PV Index 1.037 0.957 1.197 1.092


Cash flows
Project 5 Project 6 Project 7 Project 8 Possible description
-2,000 -2,000 -2,000 -2,000 Project 1 Leasing or Partially Amortizing Bond
280 2,200 1,200 -350 Project 2 Advertising campaign
280 - 900 -60 Project 3 Private Equity or Zero-Coupon Bond
280 - 300 60 Project 4 Nuclear-power plant
280 - 90 350 Project 5 Leasing with 0 terminal value or Home mortgag
280 - 70 700 Project 6 One-year bond
280 - - 1,200 Project 7 Mine
280 - - 2,400 Project 8 Orchard
280 - - -
280 - - -
280 - - -
280 - - -
280 - - -
280 - - -
280 - - -
280 - - -
15 1 5 7

4,215 2,201 2,565 4,307

2,200 200 560 2,300

8 1 2 7

Project 5 Project 6 Project 7 Project 8 Rates Project 1 Project 2 Project 3


-2,000.00 -2,000.00 -2,000.00 -2,000.00 0% 1310 165 8000
254.55 2,000.00 1,090.91 -318.18 2% 989.25 109.85 5430.15
231.40 - 743.80 -49.59 4% 711.37 57.41 3552.65
210.37 - 225.39 45.08 6% 469.6 7.49 2172.65
191.24 - 61.47 239.05 8% 258.37 -40.07 1152.42
173.86 - 43.46 434.64 10% 73.09 -85.45 393.92
158.05 - - 677.37 12% -90.08 -128.79 -173.04
143.68 - - 1,231.58 14% -234.3 -170.22 -599.04
130.62 - - - 16% -362.25 -209.87 -920.73
118.75 - - - 18% -476.16 -247.84 -1164.84
107.95 - - - 20% -577.92 -284.24 -1350.95
98.14 - - - 22% -669.12 -319.16 -1493.47
89.22 - - - 24% -751.13 -352.69 -1603.11
81.11 - - - 26% -825.09 -384.91 -1687.79
73.73 - - - 28% -892.01 -415.9 -1753.48
67.03 - - - 30% -952.71 -445.73 -1804.63
2,129.70 2,000.00 2,165.04 2,259.96
129.70 - 165.04 259.96
Mutually Exclus
11.12% 10.00% 15.26% 11.96% 3000

6.49% 0.00% 8.25% 10.98% 2500

2000

1500

1000

500
V
Mutually Exclus
3000

2500

2000

1500

17.05 - 43.54 53.40 1000

500

NPV
170.52 - 435.37 533.97
0
1.065 1.000 1.083 1.1098
-500

-1000

-1500

-2000
0% 2% 4% 6% 8% 10% 12% 14% 16
Discount ra
mortizing Bond

o-Coupon Bond

al value or Home mortgage

Project 4 Project 5 Project 6 Project 7 Project 8


1561 2200 200 560 2300
1252.95 1597.79 156.86 470.77 1768
962.03 1113.15 115.38 387.11 1308.04
693.38 719.43 75.47 308.55 909.19
448.82 396.65 37.04 234.66 562.36
228.22 129.7 0 165.04 259.96
30.41 -92.96 -35.71 99.35 -4.4
-146.34 -280.19 -70.18 37.29 -236.07
-303.97 -438.87 -103.45 -21.44 -439.57
-444.46 -574.36 -135.59 -77.08 -618.74
-569.68 -690.87 -166.67 -129.85 -776.83
-681.38 -791.74 -196.72 -179.98 -916.62
-781.14 -879.64 -225.81 -227.64 -1040.46
-870.4 -956.7 -253.97 -273 -1150.4
-950.41 -1024.65 -281.25 -316.23 -1248.16
-1022.27 -1084.9 -307.69 -357.46 -1335.26

Mutually Exclusive Projects 7 & 8

Project 7
Mutually Exclusive Projects 7 & 8

Project 7
Project 8

8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30%
Discount rate
The Investment Detective
Year 0 1 2 3
CFs NPV -2000 160 200 350
-30% -205,140.73 -2,000.00 228.57 408.16 1,020.41
-28% -121,450.91 -2,000.00 222.22 385.80 937.71
-26% -70,987.29 -2,000.00 216.22 365.23 863.72
-24% -40,511.02 -2,000.00 210.53 346.26 797.31
-22% -22,144.41 -2,000.00 205.13 328.73 737.54
-20% -11,154.26 -2,000.00 200.00 312.50 683.59
-18% -4,672.37 -2,000.00 195.12 297.44 634.78
-16% -948.13 -2,000.00 190.48 283.45 590.51
-14% 1,093.25 -2,000.00 186.05 270.42 550.27
-12% 2,114.44 -2,000.00 181.82 258.26 513.59
-10% 2,525.04 -2,000.00 177.78 246.91 480.11
-8% 2,578.28 -2,000.00 173.91 236.29 449.47
-6% 2,430.28 -2,000.00 170.21 226.35 421.39
-4% 2,176.72 -2,000.00 166.67 217.01 395.60
-2% 1,875.50 -2,000.00 163.27 208.25 371.87
0% 1,561.00 -2,000.00 160.00 200.00 350.00
2% 1,252.95 -2,000.00 156.86 192.23 329.81
4% 962.03 -2,000.00 153.85 184.91 311.15
6% 693.38 -2,000.00 150.94 178.00 293.87
8% 448.82 -2,000.00 148.15 171.47 277.84
10% 228.22 -2,000.00 145.45 165.29 262.96
12% 30.41 -2,000.00 142.86 159.44 249.12
14% -146.34 -2,000.00 140.35 153.89 236.24
16% -303.97 -2,000.00 137.93 148.63 224.23
18% -444.46 -2,000.00 135.59 143.64 213.02
20% -569.68 -2,000.00 133.33 138.89 202.55
22% -681.38 -2,000.00 131.15 134.37 192.75
24% -781.14 -2,000.00 129.03 130.07 183.57
26% -870.40 -2,000.00 126.98 125.98 174.97
28% -950.41 -2,000.00 125.00 122.07 166.89
30% -1,022.27 -2,000.00 123.08 118.34 159.31

Multiple IRR: Project 4


4,000.00

2,000.00

-2,000.00

-4,000.00
NPV

-6,000.00

-8,000.00

-10,000.00
-2,000.00

-4,000.00

NPV
-6,000.00

-8,000.00

-10,000.00

-12,000.00
-18% -14% -10% -6% -2% 2% 6% 10
-20% -16% -12% -8% -4% 0% 4% 8%
Discount rate
4 5 6 7 8 9 10 11 12
395 432 440 442 444 446 448 450 451
1,645.15 2,570.36 3,739.94 5,367.05 7,701.91 11,052.30 15,859.80 22,758.00 32,583.67
1,469.83 2,232.65 3,158.33 4,406.51 6,147.85 8,577.14 11,966.11 16,693.79 23,237.35
1,317.26 1,946.82 2,679.55 3,637.48 4,937.75 6,702.69 9,098.31 12,349.90 16,726.15
1,183.98 1,703.79 2,283.34 3,018.05 3,989.09 5,272.45 6,968.54 9,210.07 12,145.45
1,067.13 1,496.27 1,953.82 2,516.29 3,240.61 4,173.34 5,374.42 6,921.05 8,892.86
964.36 1,318.36 1,678.47 2,107.62 2,646.45 3,322.96 4,172.33 5,238.69 6,562.91
873.66 1,165.24 1,447.34 1,773.07 2,172.06 2,660.79 3,259.41 3,992.64 4,879.89
793.38 1,032.97 1,252.50 1,497.85 1,791.22 2,142.01 2,561.45 3,062.95 3,654.48
722.11 918.31 1,087.58 1,270.38 1,483.87 1,733.20 2,024.39 2,364.45 2,755.47
658.67 818.60 947.45 1,081.54 1,234.59 1,409.26 1,608.61 1,836.13 2,091.15
602.04 731.60 827.94 924.11 1,031.44 1,151.20 1,284.85 1,433.99 1,596.86
551.37 655.46 725.65 792.33 865.13 944.59 1,031.33 1,126.02 1,226.66
505.92 588.63 637.80 681.60 728.38 778.37 831.76 888.80 947.64
465.06 529.82 562.12 588.20 615.48 644.01 673.85 705.06 736.07
428.25 477.92 496.70 509.14 521.88 534.93 548.30 561.99 574.73
395.00 432.00 440.00 442.00 444.00 446.00 448.00 450.00 451.00
364.92 391.28 390.71 384.79 378.95 373.19 367.52 361.92 355.61
337.65 355.07 347.74 335.88 324.43 313.35 302.65 292.31 281.69
312.88 322.82 310.18 293.96 278.57 263.99 250.16 237.05 224.13
290.34 294.01 277.27 257.90 239.88 223.11 207.51 193.00 179.10
269.79 268.24 248.37 226.82 207.13 189.15 172.72 157.72 143.70
251.03 245.13 222.92 199.94 179.32 160.83 144.24 129.36 115.76
233.87 224.37 200.46 176.64 155.65 137.15 120.85 106.48 93.61
218.15 205.68 180.59 156.39 135.43 117.28 101.55 87.94 75.98
203.74 188.83 162.99 138.75 118.12 100.55 85.60 72.86 61.89
190.49 173.61 147.36 123.35 103.26 86.44 72.35 60.56 50.58
178.30 159.84 133.44 109.88 90.47 74.49 61.33 50.50 41.48
167.07 147.36 121.04 98.06 79.43 64.35 52.13 42.23 34.13
156.72 136.03 109.96 87.67 69.89 55.72 44.42 35.41 28.17
147.15 125.73 100.04 78.51 61.62 48.36 37.95 29.78 23.32
138.30 116.35 91.16 70.44 54.43 42.06 32.50 25.11 19.36

R: Project 4
-2% 2% 6% 10% 14% 18%
% 0% 4% 8% 12% 16% 20%
ount rate
13 14 15
451 452 -2000
46,548.11 66,644.74 -421,268.90
32,274.10 44,924.52 -276,084.83
22,602.90 30,612.19 -183,043.45
15,980.85 21,074.06 -122,694.79
11,401.10 14,649.20 -83,101.90
8,203.64 10,277.29 -56,843.42
5,951.09 7,273.52 -39,248.42
4,350.57 5,190.73 -27,342.66
3,204.03 3,733.88 -19,211.14
2,376.30 2,706.33 -13,607.86
1,774.29 1,975.80 -9,713.87
1,333.32 1,452.48 -6,985.74
1,008.13 1,074.85 -5,059.55
766.74 800.46 -3,689.45
586.46 599.75 -2,707.94
451.00 452.00 -2,000.00
348.64 342.56 -1,486.03
270.86 261.02 -1,110.53
211.45 199.92 -834.53
165.83 153.89 -630.48
130.64 119.03 -478.78
103.36 92.49 -365.39
82.11 72.19 -280.19
65.50 56.59 -215.85
52.45 44.54 -167.03
42.15 35.20 -129.81
34.00 27.93 -101.31
27.52 22.25 -79.38
22.35 17.78 -62.44
18.22 14.26 -49.30
14.89 11.48 -39.07
The Investment Detective
Cash flows
Discount rate Year Project 1 Project 2 Project 3 Project 4
10.00% 0 -2,000 -2,000 -2,000 -2,000
13.7 1 330 1,666 - 160
13.7 2 330 334 - 200
13.7 3 330 165 - 350
13.7 4 330 - - 395
13.7 5 330 - - 432
13.7 6 330 - - 440
13.7 7 330 - - 442
13.7 8 1,000 - - 444
9 - - - 446
10 - - - 448
11 - - - 450
12 - - - 451
13 - - - 451
14 - - - 452
15 - - 10,000 -2,000
8 3 15 15

Σ CF Ben. 3,310 2,165 10,000 3,561

CF Excess 1,310 165 8,000 1,561

Payback 7 2 15 6

PV(CF) Project 1 Project 2 Project 3 Project 4


-2,000.00 -2,000.00 -2,000.00 -2,000.00
0.91 300.00 1,514.55 - 145.45
0.83 272.73 276.03 - 165.29
0.75 247.93 123.97 - 262.96
0.68 225.39 - - 269.79
0.62 204.90 - - 268.24
0.56 186.28 - - 248.37
0.51 169.34 - - 226.82
0.47 466.51 - - 207.13
5.33 - - - 189.15
13.70 - - - 172.72
- - - 157.72
- - - 143.70
- - - 130.64
- - - 119.03
- - 2,393.92 -478.78
Σ PV(CF) 2,073.09 1,914.55 2,393.92 2,228.22
NPV 73.09 -85.45 393.92 228.22

IRR 10.87% 6.31% 11.33% 12.33%

Profitability 3.65% -4.27% 19.70% 9.21%


Index
Equiv. Annuity 13.70 -34.36 51.79 30.01

Equiv. Annuity to Inf. 136.99 -343.63 517.90 300.05

PV Index 1.037 0.957 1.197 1.092


Cash flows
Project 5 Project 6 Project 7 Project 8 Possible description
-2,000 -2,000 -2,000 -2,000 Project 1 Leasing or Partially Amortizing Bond
280 2,200 1,200 -350 Project 2 Advertising campaign
280 - 900 -60 Project 3 Private Equity or Zero-Coupon Bond
280 - 300 60 Project 4 Nuclear-power plant
280 - 90 350 Project 5 Leasing with 0 terminal value or Home mortgag
280 - 70 700 Project 6 One-year bond
280 - - 1,200 Project 7 Mine
280 - - 2,250 Project 8 Orchard
280 - - -
280 - - - 11%
280 - - -
280 - - -
280 - - -
280 - - -
280 - - -
280 - - -
15 1 5 7

4,200 2,200 2,560 4,150

2,200 200 560 2,150

8 1 2 7

Project 5 Project 6 Project 7 Project 8 Rates Project 1 Project 2 Project 3


-2,000.00 -2,000.00 -2,000.00 -2,000.00 0% 1310 165 8000
254.55 2,000.00 1,090.91 -318.18 2% 989.25 109.85 5430.15
231.40 - 743.80 -49.59 4% 711.37 57.41 3552.65
210.37 - 225.39 45.08 6% 469.6 7.49 2172.65
191.24 - 61.47 239.05 8% 258.37 -40.07 1152.42
173.86 - 43.46 434.64 10% 73.09 -85.45 393.92
158.05 - - 677.37 12% -90.08 -128.79 -173.04
143.68 - - 1,154.61 14% -234.3 -170.22 -599.04
130.62 - - - 16% -362.25 -209.87 -920.73
118.75 - - - 18% -476.16 -247.84 -1164.84
107.95 - - - 20% -577.92 -284.24 -1350.95
98.14 - - - 22% -669.12 -319.16 -1493.47
89.22 - - - 24% -751.13 -352.69 -1603.11
81.11 - - - 26% -825.09 -384.91 -1687.79
73.73 - - - 28% -892.01 -415.9 -1753.48
67.03 - - - 30% -952.71 -445.73 -1804.63
2,129.70 2,000.00 2,165.04 2,182.98
129.70 - 165.04 182.98
Mutually Exclus
11.12% 10.00% 15.26% 11.41% 3000

6.49% 0.00% 8.25% 7.73% 2500

2000

1500

1000

500
V
Mutually Exclus
3000

2500

2000

1500

17.05 - 43.54 37.59 1000

500

NPV
170.52 - 435.37 375.86
0
1.065 1.000 1.083 1.0773
-500

-1000

-1500

-2000
0% 2% 4% 6% 8% 10% 12% 14% 16
Discount ra
mortizing Bond

o-Coupon Bond

al value or Home mortgage

Project 4 Project 5 Project 6 Project 7 Project 8


1561 2200 200 560 2300
1252.95 1597.79 156.86 470.77 1768
962.03 1113.15 115.38 387.11 1308.04
693.38 719.43 75.47 308.55 909.19
448.82 396.65 37.04 234.66 562.36
228.22 129.7 0 165.04 259.96
30.41 -92.96 -35.71 99.35 -4.4
-146.34 -280.19 -70.18 37.29 -236.07
-303.97 -438.87 -103.45 -21.44 -439.57
-444.46 -574.36 -135.59 -77.08 -618.74
-569.68 -690.87 -166.67 -129.85 -776.83
-681.38 -791.74 -196.72 -179.98 -916.62
-781.14 -879.64 -225.81 -227.64 -1040.46
-870.4 -956.7 -253.97 -273 -1150.4
-950.41 -1024.65 -281.25 -316.23 -1248.16
-1022.27 -1084.9 -307.69 -357.46 -1335.26

Mutually Exclusive Projects 7 & 8

Project 7
Mutually Exclusive Projects 7 & 8

Project 7
Project 8

8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30%
Discount rate