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Unformatted text preview: ME 3232 Homework #3, Due October 6, 2010 You are given the following ﬁnancial data: Investment cost at n = 0: $10,000 Investment cost at n = 1: $15,000 Useful life: 10 years (after year 1) Salvage value (at the end of 11 years): $5,000
Annual revenues: $12,000 per year Annual expenses: $4000 per year MARR: 10%. (Note: The ﬁrst annual revenue and expenses will occur at the end of year 2.) Determine the project’s payback and discounted payback pen'ods (ie with and without
interest consideration). Consider the following independent investment projects: Project Cash Flow n A B C D E
0 $100 $100 $200 $50
1 60 70 $20 120 100
2 900 70 10 40 50
3 40 5 40 0
4 40 l80 20 150
5 60 40 150
6 50 30 100
7 40 100
8 30
9 20 10 10 (a) Classify each project as either simple or nonsimple. (b) Compute the i* for A using the quadratic equation. (0) Obtain the rate(s) of return for each project by plotting the PE as a ﬁmction of
interest rate. Consider an investment project with the following cash ﬂows: n Cash Flow
0 $5000
1 0
2 4840
3 1331 If the MARR is 10%, what is your advice on the project? Your R&D group has developed and tested a computer software package that helps
engineers control the proper chemical mix for the various processmanufactming
industries. If you decide to market the software, your ﬁrst year operating net cash ﬂow is
estimated to be $1,000,000. Because of market competition, product life will be about 4
years, and the product’s market share will decrease by 25% each year over the previous
year’s share. You are approached by a big software house which wants to purchase the
right to manufacture and distribute the product. Assuming that your interest rate is 15%,
for what minimum price would you be willing to sell the software? NasTech Corporation purchased a vibratory ﬁnishing machine for $20,000 in year 0. The
useful life of the machine is 10 years, at the end of which the machine is estimated to
have a zero salvage value. The machine generates annual revenues of $6000. The annual
operating and maintenance expenses are estimated to be $1000. If NasTech’s MARR is
15%, how many years does it take before this machine becomes proﬁtable? Consider the following two investment situations: a In 1970, when WalMart Stores, Inc. went public, an investment of 100 shares cost
$1650. That investment would have been worth $2,991,080 after 25 years. The Wal
Mart investors’ rate of return would be around 35%. o In 1980, if you bought 100 shares of Fidelity Mutual Funds, it would have cost
$5245. That investment would have been worth $80,810 after 15 years. Which of the following statements is correct? (a) If you bought only 50 shares of WalMart stocks in 1970 and kept them for 25 years, your rate of return would be 0.5 times 35%
(b) The investors in Fidelity Mutual Funds would have made proﬁt at the annual rate of 30% on the ﬁmds remaining invested. (c) If you bought 100 shares of WalMart in 1970 but sold them after 10 years (assume
that the WalMart stocks grew at the annual rate of 35% for the ﬁrst 10 years) then
immediately put all the proceeds into Fidelity Mutual Funds, after 15 years the total
worth of your investment would be around $511,140. (d) None of the above. .9395... 32317..“ . 1 “Pg‘vgvagug .1 _ lax/.351“. D’K— , ‘. .. . , , 999° /m 3 ‘L= 25‘». .=. .3. V3 Yn—S APE?» V9.21 Z
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"51% V More: . s.§.z%{+ . 39.8w (WP, C) 163 :0 :3 V Cr? 109» 1. ME 3232 Homework #4, due 10/13/10 Jones Construction Company needs a temporary ofﬁce building at a construction site.
Two types of heating schemes are being considered. The ﬁrst method is to use “bottled
gas” for ﬂoortype furnaces. The second is to install electric radiant panels in the walls
and ceiling. The temporary building will be used for 5 years before being dismantled. Bottled Electric
Gas Panels
Investment cost $6000 $8500
Service life 5 years 5 years
Salvage value 0 $1000
Annual 0&M cost $2000 $1000
Extra expenses for income taxes $ 220 Compare the alternatives based on the present equivalent criterion at 1' = 10%. Travis Wenzel has $2000 to invest. Normally, he would deposit the money in his savings
account, which earns 6% interest, compounded monthly. However, he is considering
three alternative investment opportunities: Option 1: Purchasing a bond for $2000. The bond has a face value of $2000 and pays
$100 every 6 months for 3 years. The bond matures in 3 years. Option 2: Buying and holding a growth stock that grows 11% per year for 3 years. Option 3: Making a personal loan of $2000 to a friend and receiving $250 per year for 3
years plus the principal aﬂer 3 years. Detemiine the equivalent annual cash ﬂows for each option, and select the best option.
A chemical company is considering two types of incinerators to burn solid waste generated by a chemical operation. Both incinerators have a burning capacity of 20 tons
per day. The following data have been compiled for comparison: Incinerator A Incinerator B Installed cost $1,200,000 $750,000
Annual 0&M costs $50,000 $80,000
Service life 20 years 10 years
Salvage value $60,000 $30,000
Income taxes $40,000 $30,000 If the ﬁrm’s MARR is known to be 13%, determine the processing cost per ton of solid
waste by each incinerator. Assume that incinerator B will be available in the ﬁlture at the
same cost. 4. Consider two investments A and B with the following sequences of cash ﬂows: Net Cash Flow
n Project A Project B
0 $120,000 $100,000
1 20,000 15,000
2 20,000 15,000
3 120,000 130,000 (a) Compute the IRR for each investment. (b) At a MARR = 15%, determine the acceptability of each project. (c) If A and B are mutually exclusive projects, which project would you select based
on the rate of return on incremental investment? An airline is considering two types of engine systems for use in its planes. Each has the
same life and the same maintenance and repair record. ' 0 System A costs $100,000 and uses 100,000 litres per 1000 hours of operation at the
average load encountered in passenger service. 0 System B costs $200,000 and uses 80,000 litres per 1000 hours of operation at the
same level. Both engine systems have 3year lives before any major overhaul. Based on the initial
investment, the systems have 10% salvage values. If jet fuel costs $0.50 per litre
currently, and fuel consumption is expected to increase at the rate of 6% due to degrading
engine efﬁciency (each year), which engine system should the firm install? Assume 2000
hours of operation per year, and a MARR of 10%. Use the AE criterion. What is the
equivalent operating cost per hour for each engine? Find the annual equivalent for the following inﬁnite cash ﬂow series at an interest rate of
1 0%: n Net Cash Flow
0 0
1 — 10 $1000
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m........_.__..__.____;.._~._._____,___u.._. ﬂ may _ ‘ r ME 3232 Homework #5, due 10/20/10 A small machine shop with an electrical load of 28 kW purchases its electricity at the
following rates: kWh/month @ $lkWh
First 1500 0.025
Next 1250 0.015
Next 3000 0.009
All over 5750 0.008 The current monthly consumption of electric power averages 3200 kWh. A bid is to be
made on some new business which would require an additional 3500 kWh per month. If
the new business were to last 2 years, what would be the equivalent monthly power cost
that should be allocated to the new business? Assume that the shop’s interest rate is 9%,
compounded monthly. Danford Company, a farmequipment manufacturer, currently produces 20,000 units of
gas ﬁlters for use in its lawnmower production annually. The following costs are
reported based on the previous year’s production: Item Expense (S) Direct materials 3 60,000
Direct labor 1 80,000
Variable overhead (power and water) 135,000
Fixed overhead (light and heat) 70,000
Total cost $445,000 It is anticipated that gasﬁlter production will last 5 years. If the company continues to produce the product inhouse, the annual direct material costs will increase at the rate of
5%. (For example, the annual material costs during the ﬁrst production year will be
$63,000.) The direct labor Will increase at the rate of 6% per year. The variable
overhead costs would increase at the rate of 3%, but the ﬁxed overhead would remain at
the current level over the next 5 years. Tompkins Company has offered to sell Danford 20,000 units of gas ﬁlters for $25 per unit. If Danford accepts the offer, some of the
manufacturing facilities currently used to manufacture used to manufacture the gas ﬁlter could be rented to a third party at annual at an annual rental of $35,000. Additionally, $3.5 per unit of the ﬁxed overhead applied to gasﬁlter production would be eliminated. The ﬁrm’s interest rate is known to be 15%. What is the unit cost of buying the gas ﬁlter from the outside source? Should Danford accept Tompkins’ oﬁ‘er, and why? A large university facing severe parking problems on its campus is considering
constructing parking decks off campus. Then, using a shuttle service, students could be
picked up at the offcampus parking deck and quickly transported to various locations on
campus. The university would charge a small fee for each shuttle ride, and the students
could quickly and economically travel to their classes. The funds raised by the shuttle (& would be used to pay for the trolleys, which cost about $150,000 each. The trolley has a
12year service life with an estimated salvage value of $3000. To operate each trolley,
the following additional expenses must be considered: Item Annual Expenses
Driver $25,000
Maintenance 7,000
Insurance 2,000 If students pay 10 cents for each ride, determine the annual ridership per trolley (number
of shuttle rides per year) required to justify the shuttle project, assuming an interest rate of 6%. Inland Trucking Company is considering the replacement of a 500kilogram—capacity
forkliﬁ truck. The truck was purchased 3 years ago at a cost of $15,000. The diesel
operated forklift truck was originally expected to have a useful life of 8 years and a zero
estimated salvage value at the end of that period. The truck has not been dependable and
is frequently out of service while awaiting repairs. The maintenance expenses of the
truck have been rising steadily and currently amount to about $3000 per year. The truck
could be sold for $6000. If retained, the truck will require an immediate $1500 overhaul
to keep it in operable condition. This overhaul will neither extend the originally
estimated service life nor will it increase the value of the truck. The updated annual
operating costs, engine overhaul, and market values over the next 5 years are estimated as follows: Engine Market n 0&M Depreciation Overhaul Value 3 2 $3 000 1 4800
0 ' 2880 $1500 $6000
1 $3000 ' 1728 4000
2 3500 i 1728 3000
3 3800 p 864 1500
4 4500 0 1000
5 4800 0 5000 0 A drastic increase in costs during the ﬁfth year is expected due to another overhaul,
which will be required to keep the truck in operating condition. The ﬁrm’s MARR is
15%. (a) If the truck is to be sold now, what will be its sunk cost? (b) What is the opportunity cost of not replacing the truck now? (c) What is the annual equivalent cost of owning and operating the truck for 2 more
years? i (d) What is the annual equivalent cost of owning and operating the truck for 5 years? A ﬁrm is considering replacing a machine that has been used for making a certain kind of
packaging material. The new improved machine will cost $31,000 installed and will
have an estimated economic life of 10 years with a salvage value of $2500. Operating
costs are expected to be $1000 per year throughout its service life. The old machine in
use had an original cost of $25,000 four years ago, and at the time it was purchased, its
service life (physical life) was estimated to be 7 years with a salvage value of $5000. The
old machine has a current market value of $7700. If the ﬁrm retains the old machine
further, its updated market values and operating costs for the next 4 years will be as
follows: Year Market Operating End Value Costs
0 $7700
1 4300 $3200
2 3300 3700
3 1 100 4800
4 0 5850 The ﬁrm’s minimum attractive rate of return is 12%. (a) Working with the updated estimates of market values and operating costs over the
next 4 years, determine the remaining economic life of the old machine.
(b) Determine whether it is economical to make the replacement now. Two years ago Quintana Company decided to purchase new robotic welding equipment
(Model A) for $150K to perform operations then being performed by less efﬁcient
equipment. At the time of purchase Model A was projected to result in $30K annual
savings and have a 10 year life with zero salvage value. While Model A has delivered on
anticipated savings, it is now two years later and even better equipment (Model B) is on
the market, which makes Model A completely obsolete, with no resale value. The Model
B equipment costs $300,000 delivered and installed, but it is expected to result in annual
savings of $75,000 over the cost of operating the Model A equipment. The economic life
of Model B is estimated to be 10 years with zero salvage value. The interest rate is 10% (a) What action should the company take? (b) If the company decides to purchase the Model B equipment, a mistake must have
been made, because good equipment, bought only 2 years previously, is being
scrapped. How did this mistake come about? 7. The aftertax annual equivalent of revenue for retaining and operating a defender over 4
years, or operating its challenger over 6 years are as follows. Annual E uivalent of Revenue ﬁ'om O eration Challener 13400 12300
13000 If you need the service of either machine for ONLY 8 years, what is the best replacement
strategy? Assume a MARR of 12% and no technology improvement in future
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 Fall '10
 Lyon
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