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Fin 3311 Mini Test #2 (Chapters 9 and 10) Tobin College of Business Due Date: Nov. 14, 2016. Print out and turn in your answer in class on Monday **You should be able to do this in under I hour. Please do all your work using Excel. Before you print your results from Excel, click \"view\" and make sure that the page break (\"page break view\") is set correctly (simply drag your mouse) so that the entire width of the document is printed. Be sure to write down your name. If you have multiple pages, please staple them. Dr. K. Matthew Wong Student Name: _______________________ Chapman Machine Shop is considering a four-year project to improve its production efficiency. Buying and installing a new machine press for $620,000 will result in annual revenue increase of $421000. However, the cost of operation (COGS, SG&A, etc.) will increase by $210000 per year. Last month, Chapman also spent $15000 to analyze the best location to place this new machine press. The press falls in the MACRS 5-year class, and it will have a salvage value at the end of the project of $98,000. The MACRS rates are .2, .32, .192, .1152, .1152, and .0576 for Years 1 to 6, respectively. Also, the press requires an initial investment in spare parts inventory of $20,000, along with an additional $3,600 in inventory for each succeeding year of the project. In addition, account receivables and account payables are projected to increase initially by $6000 and $2000 respectively, with no further increases in subsequent years. All other working capital accounts will stay the same as before. The inventory, account receivables and account payables will return to its original level when the project ends. The shop's tax rate is 35 percent and its project discount rate is 11 percent. Should the firm buy and install the machine press? Display the relevant cash flows and compute NPV, IRR, and PI in Excel to inform your decision. 1