Project Evaluation Techniques Discount Rate Accumulated Cash 20% Accumulated PV Present Value Cash Discounted Payback Year Payback 0 1 2 3 4 5 Cash Flow ($2,000) $1,000 $859 $267 $340 $466 $516 $555 $615 $681 $715 Total 6 7 8 9 10 Net Present Value use =NPV(...) function Internal Rate of Return use =IRR(...) function Modified IRR use =MIRR(...) function 20% financing rate 15% reinvestment rate