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Problem 16-19A (Algo) Using net present value and internal rate of return to evaluate investment opportunities LO 16-2, 16-3 Dwight Donovan, the president of Benson Enterprises, is considering two investment opportunities. Because of limited resources, he will be able to invest in only one of them. Project A is to purchase a machine that will enable factory automation; the machine is expected to have a useful life of four years and no salvage value. Project B supports a training program that will improve the skills of employees operating the current equipment. Initial cash expenditures for Project A are $117,000 and for Project B are $41,000. The annual expected cash inflows are $34,542 for Project A and $12,934 for Project B. Both investments are expected to provide cash flow benefits for the next four years. Benson Enterprises' desired rate of return is 6 percent. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Required a. Compute the net present value of each project. Which project should be adopted based on the net present value approach? b. Compute the approximate internal rate of return of each project. Which one should be adopted based on the internal rate of return approach? Complete this question by entering your answers in the tabs below. Required A Required B Compute the net present value of each project. Which project should be adopted based on the net present value approach? (Round your final answers to 2 decimal places.) Net Present Value Project A Project B Which project should be adopted? TABLE 1 PRESENT VALUE OF $1 n 4% 6% 79 99 10% 12% 14% 16% 1 0.943396 0.889996 0.934579 0.873439 2 3 5% 0.952381 0.907029 0.863838 0.822702 0.783526 0.746215 0.710681 4 5 6 0.961538 0.924556 O.SS5996 0.854804 0.821927 0.790315 0.759918 0.730690 0.702587 0.675564 0.649581 0.624597 0.600574 7 S 0.676839 0.816295 0.762895 0.712986 0.666342 0.622750 0.582009 0.543934 0.508349 0.475093 0.444012 0.414964 9 10 0.839619 0.792094 0.747258 0.704961 0.665057 0.627412 0.591898 0.558395 0.52675S 0.496969 0.468839 0.442301 0.417265 0.393646 0.371364 0.350344 0.330513 0.311 805 8% 0.925926 0.857339 0.793832 0.735030 0.680583 0.630170 0.583490 0.540269 0.500249 0.463193 0.428SS3 0.397114 0.36769S 0.340461 0.315242 0.291890 0.270269 0.250249 0.231712 0.214545 0.917431 0.841680 0.772183 0.708425 0.649931 0.596267 0.547034 0.501866 0.460428 0.422411 0.387533 0.355535 0.326179 0.299246 0.274538 0.251870 0.231073 0.211994 0.194490 0.175431 0.909091 0.892857 0.826446 0.797194 0.751315 0.71 1780 0.683013 0.635515 0.620921 0.567427 0.564474 0.506631 0.513155 0.452349 0.466507 0.403883 0.424095 0.360610 0.385543 0.321973 0.350494 0.287476 0.318631 0.256675 0.289664 0.229174 0.263331 0.204620 0.239392 0.182696 0.217629 0.163122 0.197845 0.145644 0.179859 0.130040 0.163505 0.116107 0.148644 0.103667 0.877193 0.76946S 0.674972 0.592050 0.519369 0.455587 0.399637 0.350559 0.307505 0.269744 0.236617 0.207559 0.182069 0.159710 0.140096 0.122892 0.107800 0.094561 0.082945 0.072762 0.644609 0.613913 0.584679 0.556837 0.530321 0.505068 0.481017 0.455112 0.436297 0.415521 0.395734 0.376889 0.862069 0.743163 0.640658 0.552291 0.476113 0.410442 0.353830 0.305025 0.262953 0.226684 0.195417 0.168463 0.145227 0.125195 0.107927 0.093041 0.080207 0.069144 0.059607 0.051385 11 20% 0.833333 0.694444 0.578704 0.452253 0.401878 0.33489S 0.279052 0.232568 0.193807 0.161506 0.13458S 0.112157 0.093464 0.077887 0.064905 0.0540SS 0.045073 0.037561 0.031 301 0.026084 12 13 14 15 16 0.577475 0.555265 0.533905 0.513373 0.493628 0.474642 0.456387 17 0.387817 0.362446 0.338735 0.316574 0.295564 0.27650S 0.258419 18 19 20 TABLE 2 PRESENT VALUE OF AN ANNUITY OF $1 n 496 7% 14% 9% 0.917431 1 12% 0.892857 1.690051 2 3 4 5 6 0.961535 1.586095 2.775091 3.629895 4.451822 5.242137 6.002055 6.732745 7.435332 S. 1 10896 S. 760477 9.355074 9.985648 10.563123 11.118387 11.652296 12.165669 12.659297 13.133939 13.590326 7 S 9 10 5% 0.952381 1.859410 2.723245 3.545951 4.329477 5.075692 5.786373 6.463213 7.107822 7.721735 8.306414 S.563252 9.393573 9.898641 10.379658 10.837770 11.274066 11.699587 12.085321 12.462210 6% 0.943396 1.833393 2.673012 3.465106 4.212364 4.917324 5.582351 6.209794 6.801692 7.360087 7.556875 8.383844 S.S52683 9.294984 9.712249 10.105895 10.477260 10.527603 11.155116 11.469921 0.934579 1.SOSOIS 2.624316 3.387211 4.100197 4.766540 5.389289 5.971299 6.515232 7.023582 7.495674 7.942656 8.357651 8.745468 9.107914 9.446649 9.763223 10.059087 10.335595 10.594014 8% 0.925926 1.783265 2.577097 3.312127 3.992710 4.622880 5.206370 5.746639 6.246SSS 6.710081 7.135964 7.536078 7.903776 S.244237 S.559479 S.S51369 9.121638 9.371 SS7 9.603599 9.S18147 10% 0.909091 1.735537 2.486852 3.169565 3.790787 4.355261 4.568419 5.334926 5.759024 6.144567 6.495061 6.813692 7.103356 7.366687 7.606080 7.823709 8.021553 8.201412 8.364920 8.513564 1.759111 2.531295 3.239720 3.889651 4.485919 5.032953 5.534519 5.995247 6.417658 6.S05191 7.160725 7.486904 7.786150 8.0606SS 8.312555 8.543631 8.755625 8.905115 9.128546 20% 0.833333 1.527778 2.106481 2.585735 2.990612 3.325510 3.604592 3.837160 4.030967 4.192472 4.327060 0.877193 1.646661 2.321632 2.913712 3.433081 3.SS5668 4.288305 4.638864 4.946372 5.216116 5.452733 5.660292 5.842362 6.002072 6.14216S 6.265060 6.372859 6.467420 6.550369 16% 0.862069 1.605232 2.245890 2.798181 3.274294 3.684736 4.03S565 4.343591 4.606544 4.833227 5.025644 5.197107 5.342334 5.467529 5.575456 5.668497 5.748 704 5.817848 5.877455 5.928841 2.401831 3.037349 3.604776 4.111407 4.563757 4.967640 5.32S250 5.650223 5.937699 6.194374 6.423548 6.628168 6.810864 6.973986 7.119630 7.249670 7.365777 7.469444 11 12 13 14 15 16 4.439217 4.532681 4.610567 4.675473 4.729561 4.774634 4.812195 4.543496 4.869580 17 18 19 20 6.623131