Resolver los ejercicios utilizando Excel.

Las TIRM$$s solicitadas en este actividad se deben de calcular usando los dos m$$todos$.$

No es necesario agregar el Diagrama de Flujo de Efectivo.

Modified Internal Rate of Return $($MIRR$)$

$1.$ A company is planning to start an investment, which will cost an initial investment of $ $15$ million. The management has already forecasted all future cash flows from this project: $$4$ million each year, for the next $6$ years. Then the investment $($machinery etc$)$ will be sold for a price of $$3$ million.

Calculate the MIRR, knowing that recovered funds will be reinvested at a rate of $12\%$ annual nominal, compounded annually. For the external financing rate, the company uses the MARR. The MARR is $11\%$ annual nominal, compounded annually. Should the company accept this investment or not $?$

$2.$ A German company is planning to replace the old machine for a new one. The new machine will cost Euro $4$ million, the old one can not be sold. The new machine will be used for $20$ years, then it can be sold for $25\%$ of the purchase price. Each year the company will save Euro $450,000$ on the production costs, but the maintenance costs will be higher too: Euro $40,000$ per year. In year $10,$ a special maintenance has to be performed which will cost Euro $600,000.$

The company wants you to calculate the MIRR, with given that recovered funds will be reinvested at the Euro short term interest rate, which is $0\mathrm{.}5\%$ monthly. For the external financing rate, the company uses the MARR, which is $7\mathrm{.}5\%$ annual nominal, compounded monthly.

a$)$ Calculate the MIRR

b$)$ Should the company accept this investment or not $?$

Profitability Index $($PI$)$

$3.$ A small family business wants to expand and is planning to start an investment, which will cost an initial investment of $$50,000.$ The father is sure that the investment will generate annual cash flows of $$11,000$ for the next $10$ years. In exactly $5$ years from now, the machine needs some serious maintenance, which will cost $$20,000.$ At the end of the $10$ years the investment can be sold for $$5,000.$ The MARR $($Minimum Attractive Rate of Return$)$ is $12\%$ annual nominal, compounded semi$-$annually.

a$)$ What is the Net Present Value of the investment $?$

b$)$ What is the Profitability Index of the investment $?$

c$)$ Should the company accept this investment or not $?$