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The Golden Digital Company has been offered a five-year contract to haul munitions for the government. Since this contract would represent new business, the company would have to purchase several new heavy-duty trucks at a cost of $350,000 if the contract were accepted.Other data relating to the contract follow:

Annual Cash Revenue $ 400,000.-

Annual Cash Expense $ 295,000.-

Cost of replacing the motors in the trucks in the fourth year $ 18,000.-

Cost of Advertising in the second year $ 3,000.-

Salvage value of the trucks at termination of the contract $ 15,000.-

To raise money to assist in the purchase of the new trucks, the company will sell several old, fully depreciated trucks for a total selling price of $16,000. The company requires a 10% return on all equipment purchases (Table 2, 10%). The tax rate is 25%.

REQUIRED

Compute the net present value of this investment opportunity. Would you recommend that the contract be accepted?

Financial Table 2 (Present Value)

	6%	8%	10%	12%
1	0.943	0.926	0.909	0.893
2	0.890	0.857	0.826	0.797
3	0.840	0.794	0.751	0.712
4	0.792	0.735	0.683	0.636
5	0.747	0.681	0.621	0.567

NOTE:

Straight Line Depreciation Expense= (Asset Cost - Salvage Value ) / Useful life