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Introduction

This spreadsheet supports STUDENT analysis of the case, "The


Investment Detective" (Case 17).

Copyright © 1998 by the Trustees of the University of Virginia Darden School Foundation.
Revised: October, 2005.

Page 1
Exhibit 1

Exhibit 1 Cost of Capital


The Investment Detective
Project Free Cash Flows (in $ Thousands)

Project Number 1 2 3 4

Initial Investment ($2,000) ($2,000) ($2,000) ($2,000)


Year 1 $330 $1,666 $160
2 330 334 200
3 330 165 350
4 330 395
5 330 432
6 330 440
7 330 442
8 1,000 444
9 446
10 448
11 450
12 451
13 451
14 452
15 10,000 (2,000)

Sum of Cash Flow Benefits $3,310 $2,165 $10,000 $3,561


Excess of Cash Flow
Over Initial Investment $1,310 $165 $8,000 $1,561

Project Number 1 2 3 4

NPV $73.09 ($85.45) $7,090.91 $228.22


IRR 10.87% 6.31% 400.00% 12.33%
MIRR 10.49% 8.41% 400.00% 10.65%
PI 1.037 0.957 4.545 1.114
Payback
Discounted Payback

Page 2
Exhibit 1

10%

5 6 7 8

($2,000) ($2,000) ($2,000) ($2,000)


280 $2,200 $1,200 ($350)
280 900 (60)
280 300 60
280 90 350
280 70 700
280 1,200
280 2,250
280
280
280
280
280
280
280
280

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

$2,200 $200 $560 $2,150

5 6 7 8

$129.70 $0 $165.04 $182.98


11.12% 10.00% 15.26% 11.41%
10.46% 10.00% 11.76% 11.18%
1.065 1.000 1.083 1.091

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