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MONEY-TIME

RELATIONSHIPS

MINIMUM ATTRACTIVE RATE OF

RETURN ( MARR )

• An interest rate used to convert cash flows into

equivalent worth at some point(s) in time

• Usually a policy issue based on:

- amount, source and cost of money available for

investment

- number and purpose of good projects available for

investment

- amount of perceived risk of investment

opportunities and estimated cost of administering

projects over short and long run

- type of organization involved

• MARR is sometimes referred to as hurdle rate

CAPITAL RATIONING

• MARR approach involving opportunity cost

viewpoint

• Exists when management decides to restrict

the total amount of capital invested, by

desire or limit of available capital

• Select only those projects which provide

annual rate of return in excess of MARR

• As amount of investment capital and

opportunities available change over time, a

firm’s MARR will also change

PRESENT WORTH METHOD ( PW )

• Based on concept of equivalent worth of all

cash flows relative to the present as a base

• All cash inflows and outflows discounted to

present at interest -- generally MARR

• PW is a measure of how much money can be

afforded for investment in excess of cost

• PW is positive if dollar amount received for

investment exceeds minimum required by

investors

FINDING PRESENT WORTH

•Discount future amounts to the present by using the

•Discount future amounts to the present by using the

interest

interest rate

rate over

over the

the appropriate

appropriate study

study period

period

FINDING PRESENT WORTH

•Discount future amounts to the present by using the

•Discount future amounts to the present by using the

interest

interest rate

rate over

over the

the appropriate

appropriate study

study period

period

N

PW = Σ Fkk ( 1 + i ) --kk

k=0

–i

–i == effective

effective interest

interest rate,

rate, or

or MARR

MARR perper

compounding

compounding period period

–k

–k == index

index for

for each

each compounding

compounding period

period

––F

Fkk == future

future cash

cash flow

flow at

at the

the end

end of

of period

period kk

–N

–N == number

number of of compounding

compounding periods

periods in

in study

study

period

period

FINDING PRESENT WORTH

•Discount future amounts to the present by using the

•Discount future amounts to the present by using the

interest

interest rate

rate over

over the

the appropriate

appropriate study

study period

period

N

PW = Σ Fkk ( 1 + i ) --kk

k=0

–i

–i == effective

effective interest

interest rate,

rate, or

or MARR

MARR per per

compounding

compounding period period

–k

–k == index

index for

for each

each compounding

compounding period

period

––F

Fkk == future

future cash

cash flow

flow at

at the

the end

end of

of period

period kk

–N

–N == number

number of of compounding

compounding periods

periods in

in study

study

period

period

•interest

•interest rate

rate is

is assumed

assumed constant

constant through

through project

project

FINDING PRESENT WORTH

• Discount future amounts to the present by using the

interest rate over the appropriate study period

N

PW = Σk = 0 Fk ( 1 + i ) - k

k=0

– i = effective interest rate, or MARR per

compounding period

– k = index for each compounding period

– Fk = future cash flow at the end of period k

– N = number of compounding periods in study

period

• interest rate is assumed constant through project

• The higher the interest rate and further into future a

cash flow occurs, the lower its PW

BOND AS EXAMPLE OF

PRESENT WORTH

• The value of a bond, at any time, is the present

worth of future cash receipts from the bond

• The bond owner receives two types of

payments from the borrower:

-- periodic interest payments until the bond is

retired ( based on r );

-- redemption or disposal payment when the bond

is retired ( based on i );

• The present worth of the bond is the sum of the

present values of these two payments at the

bond’s yield rate

PRESENT WORTH OF A BOND

• For a bond, let

Z = face, or par value

C = redemption or disposal price (usually Z )

r = bond rate (nominal interest) per interest period

N = number of periods before redemption

i = bond yield (redemption ) rate per period

VN = value (price) of the bond N interest periods

prior to redemption -- PW measure of merit

VN = C ( P / F, i%, N ) + rZ ( P / A, i%, N )

• Periodic interest payments to owner = rZ for N periods

-- an annuity of N payments

• When bond is sold, receive single payment (C), based

on the price and the bond yield rate ( i )

FUTURE WORTH METHOD (FW )

•FW

•FW isis based

based onon the

the equivalent

equivalent worth

worth of

of all

all cash

cash inflows

inflows

and

and outflows

outflows at

at the

the end

end of

of the

the planning

planning horizon

horizon at

at an

an

interest

interest rate

rate that

that is

is generally

generally MARR

MARR

FUTURE WORTH METHOD (FW )

•FW

•FW isis based

based onon the

the equivalent

equivalent worth

worth of

of all

all cash

cash inflows

inflows

and

and outflows

outflows at

at the

the end

end of

of the

the planning

planning horizon

horizon atat an

an

interest

interest rate

rate that

that is

is generally

generally MARR

MARR

•The

•The FWFW of

of aa project

project is

is equivalent

equivalent to to PW

PW

FW

FW == PWPW (( F

F // P,

P, i%,

i%, NN ))

FUTURE WORTH METHOD (FW )

•FW

•FW is is based

based on on the

the equivalent

equivalent worth

worth of

of all

all cash

cash inflows

inflows

and

and outflows

outflows at at the

the end

end of

of the

the planning

planning horizon

horizon atat an

an

interest

interest rate

rate that

that is

is generally

generally MARR

MARR

•The

•The FW FW of

of aa project

project is

is equivalent

equivalent to to PW

PW

FW

FW == PWPW (( F

F // P,

P, i%,

i%, NN ))

•If

•If FW

FW >> 0,0, itit is

is economically

economically justified

justified

FUTURE WORTH METHOD (FW )

•FW

•FW is is based

based on on the

the equivalent

equivalent worth

worth of

of all

all cash

cash inflows

inflows

and

and outflows

outflows at at the

the end

end of

of the

the planning

planning horizon

horizon atat an

an

interest

interest rate

rate that

that is

is generally

generally MARR

MARR

•The

•The FW FW of

of aa project

project is

is equivalent

equivalent to to PW

PW

FW

FW == PWPW (( F

F // P,

P, i%,

i%, NN ))

•If

•If FW

FW >> 0,0, itit is

is economically

economically justified

justified

FW ( i % ) = Σ Fkk ( 1 + i ) NN--kk

N

k=0

FUTURE WORTH METHOD (FW )

• FW is based on the equivalent worth of all cash

inflows and outflows at the end of the planning

horizon at an interest rate that is generally MARR

• The FW of a project is equivalent to PW

FW = PW ( F / P, i%, N )

• If FW > 0, it is economically justified

FW ( i % ) = Σ Fk ( 1 + i ) N- k

N

k=0

–i = effective interest rate

–k = index for each compounding period

–Fk = future cash flow at the end of period k

–N = number of compounding periods in study period

ANNUAL WORTH METHOD ( AW )

• AW is an equal annual series of dollar amounts, over

a stated period ( N ), equivalent to the cash inflows

and outflows at interest rate that is generally MARR

• AW is annual equivalent revenues ( R ) minus annual

equivalent expenses ( E ), less the annual

equivalent capital recovery (CR)

AW ( i % ) = R - E - CR ( i % )

• AW = PW ( A / P, i %, N )

• AW = FW ( A / F, i %, N )

• If AW > 0, project is economically attractive

• AW = 0 : annual return = MARR earned

CAPITAL RECOVERY ( CR )

• CR is the equivalent uniform annual cost of the

capital invested

• CR is an annual amount that covers:

– Loss in value of the asset

– Interest on invested capital ( i.e., at the MARR )

CR ( i % ) = I ( A / P, i %, N ) - S ( A / F, i %, N )

I = initial investment for the project

S = salvage ( market ) value at the end of the

study period

N = project study period

INTERNAL RATE OF RETURN METHOD ( IRR )

• IRR solves for the interest rate that equates the

equivalent worth of an alternative’s cash

inflows (receipts or savings) to the equivalent

worth of cash outflows (expenditures)

• Also referred to as:

– investor’s method

– discounted cash flow method

– profitability index

• IRR is positive for a single alternative only if:

– both receipts and expenses are present in the

cash flow pattern

– the sum of receipts exceeds sum of cash

outflows

INTERNAL RATE OF RETURN METHOD ( IRR )

•IRR is i’ %, using the following PW formula:

N N

Σ R kk ( P / F, i’ %, k ) = Σ E kk ( P / F, i’ %, k )

k=0 k=0

INTERNAL RATE OF RETURN METHOD ( IRR )

•IRR is i’ %, using the following PW formula:

N N

Σ R kk ( P / F, i’ %, k ) = Σ E kk ( P / F, i’ %, k )

k=0 k=0

R kk = net revenues or savings for the kth year

INTERNAL RATE OF RETURN METHOD ( IRR )

•IRR is i’ %, using the following PW formula:

N N

Σ R kk ( P / F, i’ %, k ) = Σ E kk ( P / F, i’ %, k )

k=0 k=0

R kk = net revenues or savings for the kth year

E kk = net expenditures including investment

costs for the kth year

INTERNAL RATE OF RETURN METHOD ( IRR )

•IRR is i’ %, using the following PW formula:

N N

Σ R kk ( P / F, i’ %, k ) = Σ E kk ( P / F, i’ %, k )

k=0 k=0

R kk = net revenues or savings for the kth year

E kk = net expenditures including investment

costs for the kth year

N = project life ( or study period )

INTERNAL RATE OF RETURN METHOD ( IRR )

•IRR is i’ %, using the following PW formula:

N N

Σ R kk ( P / F, i’ %, k ) = Σ E kk ( P / F, i’ %, k )

k=0 k=0

R kk = net revenues or savings for the kth year

E kk = net expenditures including investment

costs for the kth year

N = project life ( or study period )

•If i’ > MARR, the alternative is acceptable

INTERNAL RATE OF RETURN METHOD ( IRR )

• IRR is i’ %, using the following PW formula:

N N

Σ R

k ( P / F, i’ %, k ) = Σ E k ( P / F, i’ %, k )

k=0 k=0

R k = net revenues or savings for the kth

year

E k = net expenditures including investment

costs for the kth year

N = project life ( or study period )

• If i’ > MARR, the alternative is acceptable

N N

• To compute IRR for alternative, set net PW = 0

PW = Σ R k ( P / F, i’ %, k ) - Σ E k ( P / F, i’ %, k )

k=0 k=0

=0

INTERNAL RATE OF RETURN PROBLEMS

not consumed each time period, are

reinvested at i ‘ %, rather than at MARR

• The computation of IRR may be

unmanageable

• Multiple IRR’s may be calculated for the same

problem

• The IRR method must be carefully applied and

interpreted in the analysis of two or more

alternatives, where only one is acceptable

THE EXTERNAL RATE OF RETURN METHOD

( ERR )

• ERR directly takes into account the

interest rate ( ε ) external to a project at

which net cash flows generated over the

project life can be reinvested (or

borrowed ).

• If the external reinvestment rate, usually

the firm’s MARR, equals the IRR, then

ERR method produces same results as

IRR method

CALCULATING EXTERNAL RATE OF

RETURN ( ERR )

1. All net cash outflows are discounted to the present

(time 0) at ε % per compounding period.

2. All net cash inflows are discounted to period N at ε

%.

3. ERR -- the equivalence between the discounted cash

The absolute value of the present equivalent worth of

the net cash outflows at ε % is used in step 3.

• A project is acceptable when i ‘ % of the ERR

method is greater than or equal to the firm’s MARR

CALCULATING EXTERNAL RATE OF

N

RETURN ( ERR )

Σ Ekk ( P / F, ε %, k )( F / P, i ‘ %, N )

k=0

=

N

Σ Rkk ( F / P, ε %, N - k )

k=

0

CALCULATING EXTERNAL RATE OF

N

RETURN ( ERR )

Σ Ekk ( P / F, ε %, k )( F / P, i ‘ %, N )

k=0

=

N

Σ Rkk ( F / P, ε %, N - k )

k=

R

Rkk== excess

excess of

0 receipts

of receipts over

over expenses

expenses in

in period

period kk

CALCULATING EXTERNAL RATE OF

N

RETURN ( ERR )

Σ Ekk ( P / F, ε %, k )( F / P, i ‘ %, N )

k=0

=

N

Σ Rkk ( F / P, ε %, N - k )

k=

R

Rkk==excess

excess of

0 receipts

of receipts over

over expenses

expenses in

in period

period kk

E

Ekk == excess

excess of

of expenses

expenses over

over receipts

receipts in

in period

period kk

CALCULATING EXTERNAL RATE OF

N

RETURN ( ERR )

Σ Ekk ( P / F, ε %, k )( F / P, i ‘ %, N )

k=0

=

N

Σ Rkk ( F / P, ε %, N - k )

k=

R

Rkk==excess

excess of

0 receipts

of receipts over

over expenses

expenses in

in period

period kk

E

Ekk == excess

excess of

of expenses

expenses over

over receipts

receipts in

in period

period kk

N

N == project

project life

life or

or period

period of

of study

study

CALCULATING EXTERNAL RATE OF

N

RETURN ( ERR )

Σ Ekk ( P / F, ε %, k )( F / P, i ‘ %, N )

k=0

=

N

Σ Rkk ( F / P, ε %, N - k )

k=

R

Rkk==excess

excess of

0 receipts

of receipts over

over expenses

expenses in

in period

period kk

E

Ekk == excess

excess of

of expenses

expenses over

over receipts

receipts in

in period

period kk

N

N == project

project life

life or

or period

period of

of study

study

ε == external

external reinvestment

reinvestment rate

rate per

per period

period

CALCULATING EXTERNAL RATE OF

N

RETURN ( ERR )

Σ E ( P / F, ε %, k )( F / P, i ‘ %, N )

k

k=0

=

N

Σ Rk ( F / P, ε %, N - k )

k=

Rk= excess

of

0 receipts over expenses in period k

Ek = excess of expenses over receipts in period k

ε = external reinvestment rate per periodN

Σ Rk ( F / P, ε %, N - k )

k=0

0 i ‘ %= ?

Time N

N

Σ Ek ( P / F, ε %, k )( F / P, i ‘ %, N )

k=0

ERR ADVANTAGES

• ERR has two advantages over

IRR:

1. It can usually be solved for

error.

2. It is not subject to multiple rates

of return.

PAYBACK PERIOD METHOD

•Sometimes

•Sometimes referred

referred to

to as

as simple

simple payout

payout method

method

PAYBACK PERIOD METHOD

•Sometimes

•Sometimes referred

referred toto as

as simple

simple payout

payout method

method

•Indicates

•Indicates liquidity

liquidity (riskiness)

(riskiness) rather

rather than

than profitability

profitability

PAYBACK PERIOD METHOD

•Sometimes

•Sometimes referred

referred toto as

as simple

simple payout

payout method

method

•Indicates

•Indicates liquidity

liquidity (riskiness)

(riskiness) rather

rather than

than profitability

profitability

•Calculates

•Calculates smallest

smallest number

number of years (( Θ

of years Θ )) needed

needed forfor

cash

cash inflows

inflows to

to equal

equal cash

cash outflows

outflows --

-- break-even

break-even lifelife

PAYBACK PERIOD METHOD

•Sometimes

•Sometimes referred

referred toto as

as simple

simple payout

payout method

method

•Indicates

•Indicates liquidity

liquidity (riskiness)

(riskiness) rather

rather than

than profitability

profitability

•Calculates

•Calculates smallest

smallest number

number of years (( Θ

of years Θ )) needed

needed forfor

cash

cash inflows

inflows to

to equal

equal cash

cash outflows

outflows --

-- break-even

break-even lifelife

•Θ

•Θ ignores

ignores the

the time

time value

value of

of money

money andand all

all cash

cash flows

flows

which

which occur after Θ

occur after Θ

PAYBACK PERIOD METHOD

•Sometimes

•Sometimes referred

referred toto as

as simple

simple payout

payout method

method

•Indicates

•Indicates liquidity

liquidity (riskiness)

(riskiness) rather

rather than

than profitability

profitability

•Calculates

•Calculates smallest

smallest number

number of years (( Θ

of years Θ )) needed

needed forfor

cash

cash inflows

inflows to

to equal

equal cash

cash outflows

outflows --

-- break-even

break-even lifelife

•Θ

•Θ ignores

ignores the

the time

time value

value of

of money

money andand all

all cash

cash flows

flows

which

which occur after Θ

occur after Θ

Θ

Σ ( Rkk -Ekk) - I > 0

k=1

PAYBACK PERIOD METHOD

• Sometimes referred to as simple payout method

• Indicates liquidity (riskiness) rather than profitability

• Calculates smallest number of years ( Θ ) needed for

cash inflows to equal cash outflows -- break-even

life

• Θ ignores the time value of money and all cash flows

Θ Θ

which occur after

Σ ( Rk -Ek) - I > 0

k=1

• If Θ is calculated to include some fraction of a year, it

is rounded to the next highest year

PAYBACK PERIOD METHOD

•The

•The payback

payback period

period can

can produce

produce misleading

misleading results,

results,

and

and should

should only

only be

be used

used with

with one

one of

of the

the other

other

methods

methods of

of determining

determining profitability

profitability

PAYBACK PERIOD METHOD

•The

•The payback

payback period

period can

can produce

produce misleading

misleading results,

results,

and

and should

should only

only be

be used

used with

with one

one of of the

the other

other

methods

methods of

of determining

determining profitability

profitability

••A

A discounted

discounted payback period Θ

payback period where Θ

Θ ‘‘ (( where Θ ‘‘ << N

N ))

may

may be

be calculated

calculated so

so that

that the

the time

time value

value of

of money

money is is

considered

considered

PAYBACK PERIOD METHOD

•The

•The payback

payback period

period can

can produce

produce misleading

misleading results,

results,

and

and should

should only

only be

be used

used with

with one

one of of the

the other

other

methods

methods of

of determining

determining profitability

profitability

••A

A discounted

discounted payback period Θ

payback period where Θ

Θ ‘‘ (( where Θ ‘‘ << N

N ))

may

may be

be calculated

calculated so

so that

that the

the time

time value

value of

of money

money is is

considered

considered

Θ

Σ ( Rk - Ek) ( P / F, i %, k ) - I > 0

k=1

PAYBACK PERIOD METHOD

•The

•The payback

payback period

period can

can produce

produce misleading

misleading results,

results,

and

and should

should only

only be

be used

used with

with one

one of of the

the other

other

methods

methods of

of determining

determining profitability

profitability

••A

A discounted

discounted payback period Θ

payback period where Θ

Θ ‘‘ (( where Θ ‘‘ << N

N ))

may

may be

be calculated

calculated so

so that

that the

the time

time value

value of

of money

money is is

considered

considered

Θ

Σ ( Rk - Ek) ( P / F, i %, k ) - I > 0

k=1

i‘

i‘ is

is the

the MARR

MARR

PAYBACK PERIOD METHOD

•The

•The payback

payback period

period can

can produce

produce misleading

misleading results,

results,

and

and should

should only

only be

be used

used with

with one

one of of the

the other

other

methods

methods of

of determining

determining profitability

profitability

••A

A discounted

discounted payback period Θ

payback period where Θ

Θ ‘‘ (( where Θ ‘‘ << N

N ))

may

may be

be calculated

calculated so

so that

that the

the time

time value

value of

of money

money is is

considered

considered

Θ

Σ ( Rk - Ek) ( P / F, i %, k ) - I > 0

k=1

i‘

i‘ is

is the

the MARR

MARR

II is

is the

the capital

capital investment

investment made

made at

at the

the present

present time

time

PAYBACK PERIOD METHOD

•The

•The payback

payback period

period can

can produce

produce misleading

misleading results,

results,

and

and should

should only

only be

be used

used with

with one

one of of the

the other

other

methods

methods of

of determining

determining profitability

profitability

••A

A discounted

discounted payback period Θ

payback period where Θ

Θ ‘‘ (( where Θ ‘‘ << N

N ))

may

may be

be calculated

calculated so

so that

that the

the time

time value

value of

of money

money is is

considered

considered

Θ

Σ ( Rk - Ek) ( P / F, i %, k ) - I > 0

k=1

i‘

i‘ is

is the

the MARR

MARR

II is

is the

the capital

capital investment

investment made

made at

at the

the present

present time

time

(( kk == 00 )) is

is the

the present

present time

time

PAYBACK PERIOD METHOD

• The payback period can produce misleading results,

and should only be used with one of the other

methods of determining profitability

• A discounted payback period Θ ‘ ( where Θ ‘ < N )

may be calculated so that the time value of money

is considered

Θ’

Σ ( Rk - Ek) ( P / F, i %, k ) - I > 0

k=1

i‘ is the MARR

I is the capital investment made at the present time

( k = 0 ) is the present time

Θ ‘ is the smallest value that satisfies the equation

INVESTMENT-BALANCE

DIAGRAM

tied up in a project and how the

recovery of funds behaves over

its estimated life.

INTERPRETING IRR USING

INVESTMENT-BALANCE

P (1 + i‘)

DIAGRAM

Unrecovered [ P (1 + i‘) - (R1 - E1) ] (1 +i‘)

1 + i‘

Investment 1 + i‘

Balance, $ (R1 - E1) 1 + i‘

(R2 - E2)

(R3 - E3)

Initial investment

(RN-1 - EN-1 ) 1 + i‘

=P

(RN - EN)

$0

0 1 2 3 N

• downward arrows represent annual returns (Rk - Ek) : 1 < k < N

• dashed lines represent opportunity cost of interest, or interest

on BOY investment balance

• IRR is value i ‘ that causes unrecovered investment balance to

equal 0 at the end of the investment period.

INVESTMENT-BALANCE

DIAGRAM EXAMPLE

• Capital Investment ( I ) = $10,000

• Uniform annual revenue = $5,310

• Annual expenses = $3,000

• Salvage value = $2,000

• MARR = 5% per year

Investment

Balance, $ 5,000 MARR = 5%

$2,001 ( = FW )

Θ’

+ $4,310

Years

0

5

1 2 3 4

Area of Negative - $2,199 - $2,310

Investment - $2,310

- 5,000 Balance - $4,294

- $6,290 - $4,509

- $2,310

- $8,190 - $2,310 - $6,604

- $2,310

- $8,600

- 10,000

-$10,500

WHAT INVESTMENT-BALANCE

DIAGRAM PROVIDES

• Discounted payback period ( Θ ‘) is 5 years

• FW is $2,001

• Investment has negative investment balance

until the fifth year

Investment-balance diagram provides

additional insight into worthiness of proposed

capital investment opportunity and helps

communicate important economic information

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