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co Chapter 5 - Master It! As you have already seen, Excel does not have a function to calculate the payback period. We have shown three ways to calculate the payback period, but there are numerous other methods as well. Below, the cash flows for a project are shown. You need to calculate the payback period Calculate the payback period in a table. The first three columns of the table will be the year, the cash flow for that year, and the cumulative cash flow. The fourth column will show the whole year for the payback. In other words, if the payback period is 3 plus years, this column will have a 3, otherwise it will be a zero. The next column will calculate the fractional part of the payback period, or else it will display zero. The last column will add the previous two columns and display the final payback period calculation. You should also have a cell that displays the final payback period by itself, and a cell that returns the correct accept or reject decision based on the payback criteria. Write a nested IF statement that calculates the payback period using only the project cash flow column. The IF statement should return a value of Never if the project has no payback period. In contrast to the example we showed previously, the nested IF function should test for the payback period starting with shorter payback periods and working towards longer payback periods. Another cell should display the correct UN ON Cash flow $ (250,000 41,000 48,000 63,000 79,000 88.000 64,000 41,000 Required payback Using the table below, calculate the payback period for the project. The cash flows should directly reference the inputs in the previous worksheet. Fractional Cumulative cash flow Year of payback Payback period Cash flow 1250,000) 41,000 48,000 63,000 79,000 BR000 64,000 41,000 (209.000) (161,000) (98.000) (19000 69 000 13000 17 Payback period: Accept or reject: Using only the cash flow column write a nested IF statement that calculates the payback period. The statement should show "Never if the project has no Section 52 Section 53 Section 14 Section 55 Section 5.6 Master Solution Using only the cash flow column, write a nested IF statement that calculates the payback period. The statement should show "Never" if the project has no payback period. 19 b. Payback period: Accept or reject: Section 52 Section 53 Section 5.4 Section 55 Section 5.6 Master Solution tea $