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3 4 5 6 7 8 9 The Cola Beverage Co. is considering two alternative capital projects. Project 1: expansion of its existing traditional line of cola beverages. Project 2: introduction of a new "healthy" line of beverages. The company has already spent $1,400,000 on research into the feasibility of these projects and has arrived at the following financial projections. Both projects are estimated to have a life of 5 years. The required fixed asset investment or capital spending for project 1 is $30,000,000 and for project 2 is $35,000,000. Fixed assets will be depreciated straight line to zero. Fixed asset salvage value estimate for project 1 is $6,200,000 and for project 2 is $8,500,000 In order to support anticipated sales, either project will require an increase in inventory of $8,600,000, an increase in accounts receivable of $2,800,000, and an increase in accounts payable of $6,300,000 Cost of goods sold is projected at 35% of sales for either project. Selling, general and administrative (SG&A) expenses for project 1 is 12% of sales and for project 2 is 15% of sales. The higher SG&A % for project 2 is due to higher anticipated marketing expenses The cost of capital applicable to either project is estimated at 8%. The firm's corporate tax rate is 35% The sales projections for both projects are as follows: Year 0 10 Project 1: Traditional Line 11 Project 2: "Healthy" Line 12 Year 1 13,500,000 16,500,000 Year 5 Year 2 Year 3 Year 4 14,500,000 15,200,000 15,700,000 16,000,000 17,800,000 18,400,000 19,300,000 20,000,000 13 Evaluate the two capital investment project alternatives and make your recommendation using: 14 a). Net Present Value (NPV) 15 b). Internal Rate of Return (IRR) 16 c). Modified Internal Rate of Return (MIRR) 17