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The Boston Culinary Institute is evaluating a classroom remodeling project. The cost of the remodel will be $350,000 and will be depreciated over six years using the straight-line method. The remodeled room will accommodate five extra students per year. Additional information relating to the project follows:
	Cost of the remodel project			$ 350,000
	Useful life of project in years			6
	Annual number of extra accommodated students	5
	Annual tuition per student			$ 22,000
	Before-tax incremental cost of a student		$ 2,000
	Company's income tax rate			20%
	Required rate of return			12%
Required
Assuming a six-year time horizon, what is the internal rate of return of the remodeling project? Calculate using both present value factors and separately using Excel's IRR function.
	Annual cash flow:
		Less costs:
		Depreciation
		Income before taxes
		Cash flow
	Present value factors:
					=		factor
	Internal rate of return:
	IRR function
	Cash flows:	1	2	3	4	5	6
		IRR
Should the company invest in the remodel?