Spring_09 - ISE 2014 Engineering Economy Final — Spring...

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Unformatted text preview: ISE 2014 Engineering Economy Final — Spring 2009 May 8, 2009 Name (Printed) Honor Pledge: l have neither given nor received unauthorized assistance on this test. (Signed) IF YOU ARE IN THE WRONG TEST LOCATION YOUR EXAM WILL NOT BE GRADED! Please circle your section and your major. 9:05am— 13715 10:10am- 13716 ISE Major Mech. Eng. Major Other Major This test is closed book, closed notes. Enter your responses on the OPSCAN form in the appropriate places. Questions 1-35 should be recorded on the OPSCAN form, questions 36-38 should be answered on this test. Partial credit will be awarded on questions 36-38. Failure to complete this first page of the test with your correct personal information will result in a five point deduction (-5) in your overall test score. Please wait until you are told to begin to start working on the test. When time is called, stop working immediately. Continuing to work after time has been called is considered a violation of the Honor Code. Any use of a PDA, cellular telephone, pager, or other communication device during the exam is considered a violation of the Honor Code. You must present your Hokie Passport when handing in your test. CALCULATOR SHARING AND BOOK SHARING ARE NOT ALLOWED AT ANY TIME DURING THIS EXAMINATION. Do Not Write Below This Line (Office use only) Problem 36 Problem 37 Problem 38 TOTAL SCORE For each of the following questions on your Opscan record “A” for True or “B” for False. Each question is worth one point. T F 1. 10. 11. 12. 13. 14. The straight line method of depreciation always depreciates an asset to zero over its useful life. MACRS depreciation uses the half-year convention for the first and last years of the GDS recovery period. The depreciation of an asset is a non-cash expense that indirectly reduces after tax cash flow. When mutually exclusive alternatives have different useful lives and repeatability is assumed, then you can directly compare the alternatives using AW over the useful life of each asset without analyzing the alternatives on a least common multiple of their lives. When mutually exclusive alternatives have different useful lives and repeatability is assumed, you can multiply the PW of each, at the useful life of each, by the number of times the life would need to be repeated, and select the largest. The double (200%) declining balance method of depreciation depreciates an asset to zero over its useful life. When comparing pure cost only (service) alternatives, select the one with the largest rate of return on the total project. Alan Greenspan was the Chairman of the Federal Reserve Board prior to Ben Bernanke. If the purchase price of a bond is less than the face (par) value, the return received by the bond owner is greater than the bond rate. The discounted payback period is always less than, or equal to, the simple payback period. If compounding is more frequent than annual, then the effective, annual interest is greater than the nominal, annual interest. The half-year convention is applied to MACRS depreciation when an asset is disposed of before the final year of its allowable depreciation. Double (200%) declining balance depreciation is an “optimal” combination of straight line and MACRS depreciation. Chuck Altice described the “twin thieves” as inflation and compound interest. T F 15. Contributions to a traditional IRA are made with pre-tax dollars. T F 16. A 401 (k) is a retirement plan that is always employer funded. T F 17. The best time to begin saving for retirement is now. T F 18. Les Heaton attended Virginia Tech. T F 19. ¥Vhen money is withdrawn from a Roth IRA it is subject to income ax. T F 20. The dividend paid on a bond represents the net return (yield) that an investor will earn. T F 21. The purchase price of a bond is always the same as the redemption value of the bond. T F 22. The simple payback period method ignores the time value of money. T F 23. Simple interest provides a better overall return on savings than compound interest. T F 24. APR is the same as the effective interest rate. T F 25. The Virginia Tech mascot is the Hokie Bird. Each of questions 26-34 is worth 3 points 26. During a particular year a corporation has $18.6 million in revenue, $2.4 million of operating expenses, and depreciation expenses of $6.4 million. Using the corporate federal tax rates from the table provided, what is the approximate federal tax this corporation will have to pay for this tax year? a. $3,218,100 b. $3,332,000 0. $5,606,000 d. $6,510,000 27. For the corporation in problem 21 above, assume the taxes paid were $4,000,000. What is the after-tax cash flow for this corporation? a. $5,800,000 b. $8,200,000 0. $12,200,000 d. $14,600,000 28. If a company’s federal income tax rate is 38% and its state income tax rate is 9%, what is the company’s total effective income tax rate? a. b. c. d. 47.0% 42.5% 38.0% 43.6% 29. A company is considering two mutually exclusive alternatives, with equal lives. The following information was determined: Alternative IRR PW(10%) A 18.2% $12,105 Given a MARR of 10%, which alternative should the company select a. A b. B c. Do Nothing For problems 30-34 the text immediately below describes the situation. A transportation company has decided to purchase some new duplicating equipment for $110,000 (cost basis). The equipment will be kept for 10 years before being sold. The total estimated salvage value at the end of 10 years is expected to be $5,000. The GDS recovery period for this asset is 7 years. 30. The double (200%) declining balance depreciation for the second year is closest to a. $17,600 b. $4,400 0. $70,400 d. $44,000 31. Using the straight line method, the annual depreciation for the equipment over its depreciable life period is a. $7,000 b. $8,000 c. $9,500 d. $10,500 32. 33. 34. 35. Using the straight line method, the book value at the end of the depreciable life is a. $0 b. $5,000 c. $10,000 d. $11,811 Using the MACRS (GDS recovery period), the depreciation charge permissible at year 6 is closest to a. $0 b. $4,912 c. $6,336 d. $9,812 Using the MACRS (GDS recovery period), if the equipment is sold in year 5, the Book value at the end of year 5 is closest to a. $6,336 b. $12,672 c. $24,541 d. $29,453 Insulated concrete forms (ICF) can be used as a substitute for traditional wood framing in building construction. Heating and cooling bills will be about 50 percent less than in a similar wood-frame home in Vermont. An ICF home will be approximately 10 percent more expensive to construct than a wood-frame home. A typical 2,000 square foot home costs $120 per square foot to build with wood framing in Vermont and costs $3,000 per year (on average) to heat or cool. The home's residual value with both framing methods in 20 years is expected to be $280,000. What is the IRR on the incremental investment in an equivalent-sized ICF home? (closest to the true IRR.) (5 points) a. 1% b. 2% c. 4% d. 8% Do not respond to problems 36-38 on Opscan. Show all of your work on the test paper. You will receive partial credit where you earn it. 36. Bill Fitselfik wants to purchase a corporate bond issued by Acme Manufacturing. It is a $50,000 bond with a bond rate of 6% payable semiannually, and it matures in 5 years from today. Bill wishes to earn 8% (nominal, annual) on this investment. How much should Bill pay for the bond? (8 points) 37. Buildings that are constructed to be environmentally responsible are referred to as "green buildings." They cut down on energy use, increase water efficiency, improve indoor air quality and use materials wisely (e.g. re-cycled construction materials). According to recent studies, money spent on a green building will pay for itself ten times over the 50-year life of the building. Acme is considering such a building for it’s next facility. Due to the various locations different “green” concepts are used and present differing costs and savings. The following locations and details are relevant. Acme uses a before-tax MARR of 10%. Location A Location B Location C Location D Initial Cost $75,000,000 $85,000,000 $100,000,000 $50,000,000 Net A””“?' green $9,500,000 $11,300,000 $16,000,000 $7,500,000 saVIngs SalvageValue $75,000,000 $85,000,000 $100,000,000 $50,000,000 Useful Life 50 years 60 years 60 years 40 years a. What assumptions did you make to perform the analysis you complete for part b? (4 points) b. From strictly an economic perspective, which location should be selected? (10 points) 38. Bill Mitselfik, CFO of Acme Manufacturing, is considering the purchase of a special diamond-tipped cutting tool. This tool has the following initial costs to put into service. Acme will use cash to pay for all of these expenses, some of which was borrowed on a long-term credit line with the local bank. TABLE 1 Purchase price $320,000 Delivery charge $6,000 Installation cost $29,000 Employee training $10,000 Bill has been directed by Acme to use the MACRS depreciation method with a GDS recovery period of 5 years. Other relevant factors are given in the following table. TABLE 2 Increased annual revenue $120,000 Increased annual expenses $30,000 After-tax MARR 10% Effective tax rate 37% Sales price of the tool in yr. 5 $20,000 Projected Salvage value in yr. 5 $10,000 Fill in the blank cells in the table below. Assume the tool is sold in the fifth year for $20,000. (Enter numbers to the nearest dollar.) (18 points, one for each cell.) Taxable Cash Flow After Yr Net Revenue Depreciation Income Tax (37%) Tax 0 1 $90,000 -$6,290 2 $90,000 -$26,800 $99,916 3 $90,000 -$7,370 4 $90,000 5 $90,000 68,976 -$25,521 5 $20,000 $0 38. (continued) Is this a good investment? Support your answer. 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Spring_09 - ISE 2014 Engineering Economy Final — Spring...

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