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- Principles: Life and Work
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- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness
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Part One (1)

Associate Professor of Petroleum & Gas Engineering

University of Port Harcourt

MATERIAL

Leland Blank , P. E & Anthony Tarquin , P. E. “Engineering

Economy” Published by McGraw-Hill, Seventh Edition,

2015.

www.osbornebooksshop.co.uk/files/asa2.pdf (Accessed

13/01/2018)

M. A Mian (2010): Project Economics and Decision

Analysis

Dr. Daulat D. Mamora“Fundamentals of Oil and Gas

Economic Evaluations and Risk Management”, A Course

for Total S.A. Port Harcourt, Nigeria. August 8-12, 2005.

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MATERIAL

Dr. Daulat D. Mamora“Fundamentals of Oil and Gas

Economic Evaluations and Risk Management”, A Course

for Total S.A. Port Harcourt, Nigeria. August 8-12, 2005.

https://www.investopedia.com/terms/n/netadvantagetol

e sing.asp#ixzz54RtwPa9x

Economy” Published by McGraw-Hill, Seventh Edition,

2015.

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Why Engineering Economic is Important to Engineers

Role of Engineering Economic in Decision Making

Performing an Engineering Economics Study

Interest Rate and Rate of Return

Economic Equivalence

Simple and Compound Interest

Minimum Attractive Rate of Return

Cash Flows

Factor (P/A and A/P)

Factor (A/F and F/A)

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Engineers

Decisions made by engineers, managers, corporation presidents, and

individuals are commonly the result of choosing one alternative over

another.

The decision of how to invest capital will invariably change the future,

hopefully for the better; that is, it will add value.

analysis, synthesis, and design efforts.

economic and non-economic factors.

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Engineers

Engineering Economic involves formulating, estimating, and evaluating the

economics outcomes when alternatives to accomplish a defined purpose

are available.

Making

The techniques and models of engineering Economic assist

people in making decisions.

engineering economic is primarily the future.

are best estimates of what is expected to occur.

flows, time of occurrence and interest rate).

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Making

Commonly, sensitivity analysis is performed during the

engineering economic study to determine how the decision

might change based on varying estimates.

outcomes of the past.

have met or not met a specified criterion, such as a rate of

return requirement.

Making

There is an important procedure used to address the development and

selection of alternatives.

decision-making process, the steps in the approach follow;

understand the problem and define the objective.

Collect relevant information.

Define the feasible alternative solutions and make realistic estimates.

Identify the criteria for decision making using one or more attributes.

Evaluate each alternatives, using sensitivity analysis to enhance the evaluation.

Select the best alternative.

Implement the solution and monitor the result.

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Making

The criterion used to select an alternative in engineering

economic for a specific set of estimates is called a measure of

worth.

Cost Effectiveness.

Making

All these measures of worth account for the fact that

money makes money over time.

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Alternatives are stand-alone options that involve a word

description and best estimates of parameters, such as first

cost, useful life, estimated annual incomes and expenses,

salvage value, an interest rate, and possibly inflation and

income tax effects.

(costs) of money.

engineering economic study can be conducted.

Engineering Economic Analysis

The techniques and computations that you will learn and use

throughout this course utilize the cash ﬂow estimates, time

value of money, and a selected measure of worth.

ﬂows, some decisions about what to include in the analysis

must be made:

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Federal, state or provincial, county (local), and city taxes will

impact the costs of every alternative.

methods compared to a before-tax analysis.

equally, they may be disregarded in the analysis.

decision, an additional set of computations must be added to

the analysis.

Selection of the Best Alternative

economic alternative.

of 15.2% per year and alternative B will result in an ROR of

16.9% per year, B is better economically.

factors that must be considered and that may alter the

decision.

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An after-tax analysis is performed during project evaluation,

usually with only significant effects for asset depreciation and

income taxes accounted for.

governments usually take the form of an income tax on

revenues.

Interest is the manifestation of the time value of

money.

ending amount of money and the beginning

amount.

interest – Interest Paid and Interest earned.

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When interest paid over a specific time unit is

expressed as a percentage of the original amount

(principal), the result is called the interest rate.

Interest rate % 100%

original amount

From the perspective of a saver, a lender, or an investor,

interest earned is the final amount minus the initial amount, or

principal.

percentage of the original amount and is called rate of return

(ROR).

Rate of Return% 100 %

original amount

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The term return on investment (ROI) is used equivalently with

ROR in different industries and settings, especially where large

capital funds are committed to engineering-oriented

programs.

state whether the interest is accrued on a simple or

compound basis from one period to the next.

economy study is INFLATION.

Inflation means that cost and revenue cash flow estimates

increases over time.

A reduction in purchasing power

investments.

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ECONOMIC EQUIVALENCE

Economic equivalence is a fundamental concept

upon which engineering economy computations are

based.

rate and time value of money to determine the

different amounts of money at different points in time

that are equal in economic value.

ECONOMIC EQUIVALENCE

As an illustration, if the interest rate is 6% per year,

$100 today (present time) is equivalent to $106 one

year from today.

year from today, it will make no difference which

offer you accept from an economic perspective.

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ECONOMIC EQUIVALENCE

However, the two sums of money are equivalent to each

other only when the interest rate is 6% per year.

per year interest.

ECONOMIC EQUIVALENCE

EXAMPLE 1.

available to dealers through privately owned distributorships. In

general, batteries are stored throughout the year, and a 5% cost

increase is added each year to cover the inventory carrying

charge for the distributorship owner. Assume you own the City

Center Batteries + outlet. Make the calculations necessary to

show which of the following statements are true and which are

false about battery costs.

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ECONOMIC EQUIVALENCE

EXAMPLE 1.

year from now.

$205 now.

of $20,000 worth of batteries is $1000.

ECONOMIC EQUIVALENCE

Solutions

Another way of solving this is as follows: Required original cost is 105.6/1.05

=$100.57 ≠ $98.

false.

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The terms interest, interest period, and interest rate are

useful in calculating equivalent sums of money for one

interest period in the past and one period in the future.

simple interest and compound interest become

important.

ignoring any interest accrued in preceding interest

periods.

The total simple interest over several period is computed as

I = P*n*i Eq. 1

is calculated as

the effect of the time value of money on the interest.

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(corporate or individual) expects to receive more

money than the amount of capital invested.

investment, must be realizable.

prognosis that a reasonable ROR can be expected.

reasonable rate of return established for the

evaluation and selection of alternatives.

expected to return at least the MARR.

rate, benchmark rate, and minimum acceptable

rate of return.

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called the opportunity cost.

opportunity caused by the inability to pursue a project.

projects not accepted (forgone) due to the lack of

capital funds or other resources.

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CASH FLOWS

Engineering economy bases its computations on the timing,

size, and direction of cash flows.

generated by project and business activity. A plus sign

indicates a cash inflow.

caused by projects and business activity. A negative or minus

sign indicates a cash outflow.

CASH FLOWS

Once all cash inflows and outflows are estimated (or determined for

a completed project), the net cash flow for each time period is

calculated.

Eq. 1a

The end-of-period convention means that all cash inflows and all

cash outflows are assumed to take place at the end of the interest

period in which they actually occur.

When several inflows and outflows occur within the same period,

the net cash flow is assumed to occur at the end of the period.

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CASH FLOWS

The cash flow diagram is a very important tool in an economic

analysis, especially when the cash flow series is complex.

axis with a time scale on the x-axis.

what is needed.

person should be able to work the problem by looking at the

diagram.

CASH FLOWS

Cash flow diagram time t = 0 is the present, and t =1 is the end of

time period 1. We assume that the periods are in years for now.

Fig. 2:

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CASH FLOWS

important to differentiate income (inflow) from

outflow.

flow. Conversely, a down-pointing arrow indicates a

negative cash flow.

unknown and to be determined.

CASH FLOWS

year 5, a wide, colored arrow with F = ? is shown in

year 5. The interest rate is also indicated on the

diagram (Figure 3).

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now such that she can withdraw an equal annual

amount of A1 = $2000 per year for the first 5 years,

starting 1 year after the deposit, and a different

annual withdrawal of A2 = $3000 per year for the

following 3 years. How would the cash flow diagram

appear if i = 8.5% per year?

The cash flows are shown in the Figure 3. The negative cash

outflow P occurs now. The withdrawals (positive cash inflow)

for the A1 series occur at the end of years 1 through 5, and

A2 occurs in years 6 through 8.

Fig. 3:

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years ago. The annual rental income from the compressor

has been $750. The $100 spent on maintenance the first year

has increased each year by $25. The company plans to sell

the compressor at the end of next year for $150. Construct

the cash flow diagram from the company’s perspective and

indicate where the present worth now is located.

Let now be time t = 0. The incomes and costs for years 7

through 1 (next year) are tabulated below with net cash flow

computed using Equation 1a.

End of Year Income ($) Cost ($) Net Cash Flow $

-7 0 2500 -2500

-6 750 100 650

-5 750 125 625

-4 750 150 600

-3 750 175 575

-2 750 200 550

-1 750 225 525

0 750 250 500

1 750 + 150 275 625

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shown in the Figure 4. Present worth P is located at year

0.

Fig. 4:

Factors (F/P and P/F)

The most fundamental factor in engineering economics is the one

that determines the amount of money F accumulated after n years

(or periods) from a single present worth P, with interest compounded

one time per year (or period).

interest. Therefore, if an amount P is invested at time t = 0, the

amount F1 accumulated one (1) year hence at an interest rate of i

percent per year will be

F1 P Pi P 1 i Eqn. 2

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Factors (F/P and P/F)

From Equation 2; the interest rate i is expressed in

decimal form.

accumulated F2 is the amount after year 1 plus the

interest from the end of year 1 to the end of year 2 on

the entire F1.

F2 F1 F1i P 1 i

2

Eqn. 3

Factors (F/P and P/F)

Similarly, the amount of money accumulated at the end

of year 3, will be

F3 F2 F2 i P 1 i

3

Eqn. 3

From the preceding values, it is evident by mathematical

induction that the formula can be generalized for n years.

To find F , given P,

F P 1 i

n

Eqn. 4

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Factors (F/P and P/F)

Cash flow diagrams for single-payment factors: (a)

find F, given P, and (b) find P, given F.

Fig. 5:

Factors (F/P and P/F)

The factor (1+ i )n is called the single-payment

compound amount factor (SPCAF), but it is usually

referred to as the F/P factor.

P, yields the future amount F of an initial amount P

after n years at interest rate i.

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Factors (F/P and P/F)

Reverse the situation to determine the P value for a

stated amount F that occurs n periods in the future.

Simply solve Equation [4] for P.

1

P F n

F 1 i n

Eqn. 5

1 i -n

The expression (1 + i ) is known as the single-

payment present worth factor (SPPWF), or the P/F

factor.

Factors (F/P and P/F)

Equation 5 is an expression use to determine the

present worth P of a given future amount F after n

years at interest rate i.

Note that the two factors derived here are for single

payments; that is, they are used to find the present or

future amount when only one payment or receipt is

involved.

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Factors (F/P and P/F)

Reading from Table;

using the format = FV(i%,n,P).

function with the format = PV(i%,n,F).

Example

Sandy, a manufacturing engineer, just received a year-end

bonus of $10,000 that will be invested immediately. With the

expectation of earning at the rate of 8% per year, Sandy hopes

to take the entire amount out in exactly 20 years to pay for a

family vacation when the oldest daughter is due to graduate

from college. Find the amount of funds that will be available in

20 years by using hand solution by applying the factor formula

and tabulated value.

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Solution

Given: P = $10,000; F = ?; i = 8% per year; n = 20 years.

Rounding to four decimals, we have

n 20

Standard notation and tabulated value: Notation for the F/P factor

is (F/P,i%,n).

Capital Recovery Factor (P/A and A/P)

The equivalent present worth P of a uniform

series A of end-of-period cash flows

(investments) is shown in Figure 6 (a) (next slide).

determined by considering each A value as a

future worth F.

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Capital Recovery Factor (P/A and A/P)

series A, and (b) A, given a present worth P.

Capital Recovery Factor (P/A and A/P)

Calculating its present worth with the P/F factor will be

1 i n 1

P A n

i0 Eqn. 6

i 1 i

The term in brackets in Equation [6] is the conversion

factor referred to as the uniform series present worth

factor (USPWF).

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Capital Recovery Factor (P/A and A/P)

It is the P/A factor used to calculate the equivalent P

value in year 0 for a uniform end-of-period series of A

values beginning at the end of period 1 and extending

for n periods.

and the equivalent uniform series amount A is sought

(Figure 6b).

Capital Recovery Factor (P/A and A/P)

The first A value occurs at the end of period 1, that is, one period

after P occurs. Solve Equation [6] for A to obtain

i 1 i n Eqn. 7

A P

1 i 1

n

or A/P factor. It calculates the equivalent uniform annual worth A

over n years for a given P in year 0, when the interest rate is i.

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EXAMPLE

now for a guaranteed $600 per year for 9 years

starting next year, at a rate of return of 16% per

year?

SOLUTION

above.

Using Equation 6

1 0.16 9 1

P 600 9

600 4.6065 $2763 .90

0.161 0.16

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Compound Amount Factor (A/F and F/A)

The expression in brackets in Equation [8] is the A/F or sinking

fund factor. It determines the uniform annual series A that is

equivalent to a given future amount F .

investment.

i Eqn. 8

A F

1 i n

1

Compound Amount Factor (A/F and F/A)

given A .

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Compound Amount Factor (A/F and F/A)

The uniform series A begins at the end of year (period) 1 and

continues through the year of the given F. The last A value

and F occur at the same time.

in periods 1 through n (Figure 7 b ).

1 i n 1

F A Eqn. 9

i

Compound Amount Factor (A/F and F/A)

series compound amount factor (USCAF), or FA factor.

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Example

the equivalent future worth of a $1000 capital

investment each year for 8 years, starting 1 year from

now. Ford capital earns at a rate of 14% per year.

Solution

The cash flow diagram below shows the annual investments starting

at the end of year 1 and ending in the year the future worth is

desired. For $1000, the F value in year 8 is found by using the F/A

factor.

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Solution

1 0.14 8 1

F 1000 1000 13.2328

0.14

F $13,233

number of years n takes more time to complete than

using the formula or spreadsheet function.

depending upon the distance between the two

boundary values selected for i or n, as the formulas

themselves are nonlinear functions.

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increasing or decreasing, respectively, for value

between x1 and x2.

f f1

x x1 a

f2 f1 f1 c f1 d Eqn. 10

x2 x1 b

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that either increases or decreases by a constant

amount each period. The amount of change is

called the gradient.

have year-end amounts of equal value.

flow is different, so new formulas must be

derived.

year 1 is the base amount of the cash flow series

and, therefore, not part of the gradient series.

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base amount is usually significantly different in size

compared to the gradient.

Fig. 9

from one time period to the next; G may be

positive or negative.

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Example 6

A local university has initiated a logo-licensing

program with the clothier Hollister, Inc. Estimated

fees (revenues) are $80,000 for the first year with

uniform increases to a total of $200,000 by the end

of year 9. Determine the gradient and construct a

cash flow diagram that identifies the base amount

and the gradient series.

Solution

The year 1 base amount is CF1 = $80,000, and the total increase

over 9 years is

G

CF9 CF1 120,000

$15,000/ yr

n 1 9 1

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Solution

The cash flow diagram shows the base amount of $80,000 in years 1

through 9 and the $15,000 gradient starting in year 2 and continuing

through year 9.

When all the cash flow values are known or have been

estimated, the i value (interest rate or rate of return) or n

value (number of years) is often the unknown.

After the net annual income series is known following several

years on the market, determine the rate of return i on the

investment.

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depending upon the nature of the cash flow series and the

method chosen to find the unknown.

solution utilizing a spreadsheet function.

Example

friend’s business and received $50,000 five(5)

years later, determine the rate of return.

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Solution

directly from the P / F factor

1

P F P F , i , n F

1 i n

1

30 , 000 50 , 000

1 i 5

1

0 . 60

1 i 5

Solution

0 .2

1

i 1 0 .10760 or 10 .76 %

0 .6

Alternatively, the interest rate can be found by setting up the standard

P/F relation, solving for the factor value, and interpolating in the tables.

P F P F , i , n

30 , 000 50 , 000 P F , i , 5

P F , i , 5 0 . 60

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Solution

for n = 5 lies between 10% and 11%. Interpolate

between these two values to obtain i =10.76%.

Example

power generators $5000 per year be placed into a capital

reserve fund to cover unexpected major rework on field

equipment. In one case, $5000 was deposited for 15 years and

covered a rework costing $100,000 in year 15. What rate of

return did this practice provide for the company?

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Solution

The cash flow diagram is shown below . Either the A/F or F/A

factor can be used.

Solution

Using A/F.

A F A F , i, n

5000 100 , 000 A F , i ,15

A F , i ,15 0 . 050

From the A/F interest tables for 15 years, the value 0.0500 lies

between 3% and 4%. By interpolation, i 3.98%.

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Shifted

When a uniform series begins at a time other than at

the end of period 1, it is called a shifted series.

the first uniform series amount when using the P/A

factor.

as the last uniform series amount when using the F/A

factor.

Shifted

Steps in solving shifted cash flow problems;

i. Draw a diagram of the positive and negative cash

flows.

ii. Locate the present worth or future worth of each

series on the cash flow diagram.

iii. Determine n for each series by renumbering the cash

flow diagram.

iv. Draw another cash flow diagram representing the

desired equivalent cash flow.

v. Set up and solve the equations.

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Example

purchased upgraded CAD software for $5000 now

and annual payments of $500 per year for 6 years

starting 3 years from now for annual upgrades.

What is the present worth in year 0 of the

payments if the interest rate is 8% per year?

Solution

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Solution

PA is the present worth of a uniform annual series A , and

P'A is the present worth at a time other than period 0.

The correct placement of P'A and the diagram

renumbering to obtain n are also indicated.

n = 6, not 8, for the P/A factor. First find the value of P'A of

the shifted series.

Solution

Since P'A is located in year 2, now find PA in year 0.

PA PA' P F ,8%, 2

The total present worth is determined by adding PA and the

initial payment P0 in year 0.

PT 5000 5004.6229 0.8573 $6981 .60

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used to find an equivalent A value in periods 1 through n

for cash flows involving a shifted gradient.

through all the n periods, first find the present worth of

the gradient at actual time 0, then apply the (A/P, i, n)

factor.

rate is important in engineering practice as well as for

individual finances.

stocks are commonly based upon interest rates

compounded more frequently than annually.

effects.

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account for compounding. By definition,

A nominal rate may be calculated for any time period

longer than the time period stated by using Equation

[12].

compounding of interest is taken into account. Effective

rates are commonly expressed on an annual basis as an

effective annual rate; however, any time basis may be

used.

r

Effective rate per CP Eqn. 12

m

Where, r = % per time period t, m = compounding periods

per t.

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interest is expressed. This is the t in the statement of r %

per time period t , for example, 1% per month.

which interest is charged or earned. This is defined by the

compounding term in the interest rate statement, for

example, 8% per year, compounded monthly.

compounding occurs within the interest period t. If the

compounding period CP and the time period t are the

same, the compounding frequency is 1, for example, 1%

per month, compounded monthly.

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terms of m as

i a 1 i 1

m

Eqn. 13

rate ia for any number of compounding periods per year

when i is the rate for one compounding period.

frequency m are known, Equation [13] can be solved for i

to determine the effective interest rate per

compounding period.

i 1 i a

1 m

1 Eqn. 14

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year from any effective rate over a shorter time period.

effective interest rate for any time period (shorter or

longer than 1 year).

m

r Eqn. 15

i 1 1

m

Where

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in Equation [15].

EXAMPLE

Tesla Motors manufactures high-performance battery electric

vehicles. An engineer is on a Tesla committee to evaluate bids for

new-generation coordinate-measuring machinery to be directly

linked to the automated manufacturing of high-precision vehicle

components. Three bids include the interest rates that vendors will

charge on unpaid balances. To get a clear understanding of finance

costs, Tesla management asked the engineer to determine the

effective semiannual and annual interest rates for each bid. The bids

are as follows:

Bid 1: 9% per year, compounded quarterly

Bid 2: 3% per quarter, compounded quarterly

Bid 3: 8.8% per year, compounded monthly

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EXAMPLE

(a) Determine the effective rate for each bid on the basis

of semiannual periods.

part of the final bid selection.

SOLUTION

(a) Convert the nominal rates to a semiannual basis,

determine m, then use Equation [15] to calculate the

effective semiannual interest rate i. For BID 1,

months

2

0.045

i% / 6 months 1 1 1.0455 1 4.55%

2

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SOLUTION

For BID 2,

quarters per 6 months

2

0.06

i% / 6 months 1 1 1.0609 1 6.09%

2

SOLUTION

For BID 3,

2

0.044

i% / 6 months 1 1 1.0445 1 4.45%

2

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SOLUTION

Equation [15] is 1 year. For BID 1,

4

0.09

i%/ year 1 1 1.09311 9.31%

4

SOLUTION

For BID 2,

per year

4

0.12

i% / year 1 1 1.1255 1 12.55%

4

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SOLUTION

For BID 3,

12

0.088

i%/ year 1 1 1.09161 9.16%

12

(c) Bid 3 includes the lowest effective annual rate of 9.16%,

which is equivalent to an effective semiannual rate of

4.48% when interest is compounded monthly.

between cash flows (inflows or outflows).

and the compounding period (CP) do not coincide.

PP<CP.

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account that earns at the nominal rate of 8% per year,

compounded semiannually, the cash flow deposits

define a payment period of 1 month and the nominal

interest rate defines a compounding period of 6 months.

These time periods are shown in Figure 10.

Fig. 10

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period in the stated interest rate. If the rate is 8%

per year, for example, PP = CP = 1 year.

quarterly, then PP is 1 year, CP is 1 quarter or 3

months, and PP > CP.

nominal 15% per year, compounded monthly. Here CP is 1

month. To find P or F over a 2-year span, calculate the

effective monthly rate of 15%/12 = 1.25% and the total

months of 2(12) = 24. Then 1.25% and 24 are used in the P/F

and F/P factors.

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balance of borrowed money, or the rate earned on the

unrecovered balance of an investment, so that the final

payment or receipt brings the balance to exactly zero

with interest considered.

for example, i = 10% per year.

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way compared to the PW or AW value for a series of

cash flows.

present worth or annual worth of a cash flow series

exactly equal to 0.

equation using either a PW or AW relation, set it equal to

0, and solve for the interest rate.

and disbursements) PW0 may be equated to the present

worth of cash inflows (revenues and savings) PW1 .

62

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0 PW

Eqn. 16

PW0 PW1

The annual worth approach utilizes the AW values in the

same fashion to solve for i.

0 AW

AW0 AW1 Eqn. 17

correct is called i*.

viable, compare i* with the established MARR.

63

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find the interest rate i* at which the cash flows are

equivalent.

PW-based equation is as follows:

Equation [16]or[17].

balanced.

64

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i*, it is advantageous in step 3 to get fairly close to the

correct answer on the first trial.

If the cash flows are combined in such a manner that the

income and disbursements can be represented by a

single factor such as P/F or P/A , it is possible to look up

the interest rate (in the tables) corresponding to the

value of that factor for n years.

EXAMPLE

Applications of green, lean manufacturing techniques coupled with

value stream mapping can make large financial differences over

future years while placing greater emphasis on environmental

factors. Engineers with Monarch Paints have recommended to

management an investment of $200,000 now in novel methods that

will reduce the amount of wastewater, packaging materials, and

other solid waste in their consumer paint manufacturing facility.

Estimated savings are $15,000 per year for each of the next 10 years

and an additional savings of $300,000 at the end of 10 years in facility

and equipment upgrade costs. Determine the rate of return.

65

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SOLUTION

Use the trial-and-error procedure based on a PW equation.

1. The cash flow diagram is show below

SOLUTION

2. Use Equation [16] format for the ROR equation.

0 200 ,000 15 ,000 P A , i ,10 300 ,000 P F , i ,10

3. Use the estimation procedure to determine i for the first trial. All

income will be regarded as a single F in year 10 so that the P/F

factor can be used. The P/F factor is selected because most of

the cash flow ($300,000) already fits this factor and errors created

by neglecting the time value of the remaining money will be

minimized. Only for the first estimate of i , define P = $200,000, n =

10, and F = 10(15,000) + 300,000 = $450,000. Now we can state

that

200 ,000 450 ,000 P F , i ,10

P F , i ,10 0.444

66

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SOLUTION

The roughly estimated i is between 8% and 9%. Use 9% as the first trial

because this approximate rate for the P/F factor will be lower than

the true value when the time value of money is considered.

0 $22 ,986

The result is positive, indicating that the return is more than 9%. Try i =

11%.

0 200 ,000 15 ,000 P A ,11 %,10 300 ,000 P F ,11 %,10

0 $ 6002

SOLUTION

Since the interest rate of 11% is too high, linearly interpolate between

9% and 11%.

22 ,986 0

i * 9 .00 2 .0

22 ,986 6002

i * 9 .00 1 .58 10 .58 %

67

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