Example 2.

14
25
2.5
5
0
45
30
3.928571
0.4

Year
-2
-1
0
1
2
3
4
5
6
7
8
9
10

Fixed Capital Investment

Start Up
Working Capital
Salvage
Annual Revenue
Operating Costs
S.L. Dep
Tax Rate

BTCF
-12.5
-12.5
-7.5
15.00
15.00
15.00
15.00
15.00
15.00
15.00
15.00
15.00
20.00

Deprec

3.928571
3.928571
3.928571
3.928571
3.928571
3.928571
3.928571

0.21 MARR

TaxInc

11.07
11.07
11.07
11.07
11.07
11.07
11.07
15.00
15.00
15.00

Tax
0
0
0
4.428571
4.428571
4.428571
4.428571
4.428571
4.428571
4.428571
6
6
6

ATCF
-12.50
-12.50
-7.50
10.57
10.57
10.57
10.57
10.57
10.57
10.57
9.00
9.00
14.00

PV ATCF
-18.30125
-15.125
-7.5
8.736718
7.220428
5.967296
4.931649
4.075743
3.368383
2.783788
1.958662
1.618729
2.081011
Sum

1.82

Present Value

IRR

0.22

Goal Seek
Set Sum =0
Vary MARR