Determine the cash flows, the NPV, the IRR and the MIRR.

Number of Tillable Acres315

Price per acre$ 3400

Closing costs per acre$100

Terminal value per acre$ 3000

Cash flow Data

Growth rates in receipts and expenses2.5%

Income Tax Rate ......................................30%

% Financed ................................................70%

Interest Rate on Debt............................... 7.5%

Amortized over 20 yrs

Equity Rate ............................................18%

Planning Horizon ..................................... 10yrs

Production History

5 year Soybean yield history........45bu/acre

Projected Market price/bu. ................ $8.25

Direct costs per acre ...........................$235.00