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Open-ended Problem (54 points): You must show detailed work to receive credit. Clearly label each of your estimates. MACRs Depreciation Rates: Ownership Year 3-year 1 33% 2 45% 3 15% 4 4 7% Revenue & Operating Expenses New Revenue New VC % Old Revenue Old VC % $380,000 25% $170,000 22% $400,000 25% $170,000 22% $420,000 25% $170,000 22% You are considering replacing an old piece of equipment with a new machine that has a 3-year life. The purchase price of the new machine is $260,000 and transportation/installation expenses will be $115,000. This new machine falls into the 3-year MACRS classification for depreciation purposes. At the end of that 3-year life of the new machine, it is expected to have a market value of $70,000. The current equipment has been in use for 5 years and has an expected remaining life of 3 years. Five years ago, you purchased the equipment for a total of $240,000. This current equipment is being depreciated on a straight-line basis to an expected zero salvage value for accounting purposes. You estimate the market value of the equipment to be $100,000 currently and $55,000 at the end of 3 years. You estimate that inventories will increase by $30,000 and accounts receivable will increase by $15,000 with the purchase of the new equipment. In addition, revenues and variable costs expected to be generated by each piece of equipment for each of the next 3 years are noted in the table. There is no expected incremental increase in fixed costs. Your marginal tax rate is 20% and your cost of capital is 10% Use the above information to compute the initial Outlay (12 points), Operating Cash Flows (15 points), and Liquidation Terminal Flow (14 points) estimates. Compute the NPV, IRR, and MIRR of these incremental cash flow estimates. (6 points) Should you accept or reject the project? Clearly explain. (4 points) Consider the following adjustment to your original analysis: Instead of the Liquidation Terminal Flow assumption, assume that you expect your final operating cash flow estimate to continue at a growth rate of 0.25% for three additional years. Assume net working capital and salvage values are expected to be zero over this time frame so they may safely be ignored. What is your Operating Terminal Flow estimate under this set of assumptions? (3 points)