rate = 15%

Investment 10.00 Million manats

Cashflow
Year 0 1 2 3 4 5 6 7 8 9 10 11 12
NCF -10 2 2 2 2 2 2 2 2 2 2 2 2
NPV 1.91 1.91
IRR 18.71%
Cumulative -10 -8 -6 -4 -2 0 2 4 6 8 10 12 14
Payback period = 5 years

Year 0 1 2 3 4 5 6 7 8 9 10 11 12
DF 1 0.87 0.76 0.66 0.57 0.50 0.43 0.38 0.33 0.28 0.25 0.21 0.19
DNCF -10.00 1.74 1.51 1.32 1.14 0.99 0.86 0.75 0.65 0.57 0.49 0.43 0.37
NPV 1.91
Cumulative -10.00 -8.26 -6.75 -5.43 -4.29 -3.30 -2.43 -1.68 -1.03 -0.46 0.04 0.47 0.84
Discounted Payback period = 13 years

rate 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22%

1.91
12.00
10.00
8.00
6.00
4.00
2.00 950
-
900
850
800
750
700
loan 3000 manat 650
r 8% 751.4 600
NPER 5 550
Annuity 751 500
0% 2% 4% 6% 8% 10% 12%

rate 0% 2% 4% 6% 8% 10% 12% 14% 16%

600 636 674 712 751 791 832 874 916

rate 0% 2% 4% 6% 8% 10% 12% 14% 41%

751.369364
 13 14 15 16
2 2 2 2

16 18 20 22

13 14 15 16
0.16 0.14 0.12 0.11
0.33 0.28 0.25 0.21

1.17 1.45 1.69 1.91

24% 26% 28% 18.72%

4% 6% 8% 10% 12% 14% 16%

Question 12, chater 9
r= 11%
Year 0 1 2 3 4
DF 1.00 0.90 0.81 0.73 0.66
1.00 0.90 0.81 0.73 0.66
1.00 0.90 0.81 0.73 0.66
Initial NCF -17.00 8.00 7.00 5.00 3.00
Bank operation 9.00 -3.00 -3.00 -3.00 -3.00
Afte Bank NCF -8.00 5.00 4.00 2.00 0.00
NPV 1.213
IRR 20.94%
NCF A -17.00 8.00 7.00 5.00 3.00
NPV 1.521
IRR 15.86%
PB calc/Cumulative -17.00 -9.00 -2.00 3.00 6.00
DNCF A -17.00 7.21 5.68 3.66 1.98 1.52
DPB calc/Cumulative -17.00 -9.79 -4.11 -0.46 1.52

NCF B -17.00 2.00 5.00 9.00 9.50

NPV 1.699
IRR 14.69%
PB calc/Cumulative -17.00 -15.00 -10.00 -1.00 8.50
DNCF B -17.00 1.80 4.06 6.58 6.26
DPB calc/Cumulative -17.00 -15.20 -11.14 -4.56 1.70

NPV A NPV B
1.52 Rates 1.521 1.699
0% 6.00 0%
1% 6.00 1%
2% 6.00 2%
3% 6.00 3%
4% 6.00 4%
5% 6.00 5%
6% 6.00 6%
7% 6.00 7%
8% 6.00 8%
9% 6.00 9%
10% 6.00 10%
11% 6.00 11%
12% 6.00 12%
Compariosn A against B
13% 6.00 13%
25%
20% 14% 6.00 14%
15% 15% 6.00 15%
10% 16% 6.00 16%
5% 17% 6.00 17%
0% 18% 6.00 18%
1 3 5 7 9 11 13 15 17 19 21
19% 6.00 19%
Col umn D Col umn E
Col umn F
10%
5%
0%
1 3 5 7 9 11 13 15 17 19 21

Col umn D 20% Col umn

6.00E 20%
Col umn F
15.86% 6.00
 10% 18%
0 1 2 3 4 5
overstated -9000 6000 5000 4000
npv 3,592 2,110
480 400 320
true # -9000 5556 4630 3704
npv 2,659
G -9000 1800 1800 1800 1800 1800
(4,524) (4,158)

r 12%
0 1 2 3 4 5
Equipm (9,000,000.0)
VC w/o eq 4,000,000 4,000,000 4,000,000 ### ###
VC w eq 2000000 2000000 2000000 2000000 2000000
difference 2,000,000 2,000,000 2,000,000 ### ###
NPV 2,300,446

Sales Forecast 100,000

change in UVC 40,000
change in VC 4,000,000,000
r= 0%
0 1 2 3 4 5
(15,000,000,000) 4,000,000,000 ### ### ### ###
npv 9,000,000,000

Output 9,000,000,000
50,000
60,000
70,000
80,000
90,000
100,000
110,000
120,000
130,000
62,500 Break-even
 8%
6

6 7 8 9 10

### ### ### ### ###

2000000 2000000 2000000 2000000 2000000
### ### ### ### ###

6
###
Differential tax rate

185000
A B C=B-A D E F=CxE
min max Tax base Remaining Tax rate Tax amount
0 50000 50000 135000 15% 7500
50001 75000 25000 110000 25% 6250
75000 100000 25000 85000 34% 8500
100001 335000 85000 0 39% 33150
Total 185000 55400

Average tax rate 29.9%

Entry data

unit unit price t.price

Land, m2 1000 2000 2000000
Construction 1 35000 35000
Equipment 120 600 72000
License 1 7500 7500 585000 500
Director 1 900 900 gross salaries 500
The other staff 10 450 4500 5400 600
Electricity 3500 0.09 315 700
Water 650 0.2 130 800
Corporate incme tax rate 20% Revenue 585000 900
Price 650 $ 1000
Quantity expected 900 computer quantity
Depreciation 11 years

0 1 2 3 4 5 6
Land 2000000 1818182 1636364 1454545 1272727 1090909 909090.9
Constr 35000 35000 35000 35000 35000 35000 35000
Total inv 2035000 1850000 1665000 1480000 1295000 1110000 925000
Depreciation 185000 185000 185000 185000 185000 185000
Salaries 5400 5400 5400 5400 5400 5400 5400
Utility expenses 445 445 445 445 445 445 445
Taxes 115831 78831 78831 78831 78831 78831 78831
Revenue 585000 585000 585000 585000 585000 585000 585000
NCF 463324 500324 500324 500324 500324 500324 500324
NPV
IRR
Sensitivity
Break-even
 ilkin deyerr
35000 34441.67

Depreciaton problem
price ehtimal olunan son deyer
550 600 700 1500
il
5 558.3333

duz xet metodu olarsa ehtimal olunan satis deyeri yene y

7 8 9 10 11
727272.7 545454.5 363636.4 181818.2 0
35000 35000 35000 35000 0
740000 555000 370000 185000 0
185000 185000 185000 185000 185000
5400 5400 5400 5400 5400
445 445 445 445 445
78831 78831 78831 78831 78831 (R-E)*tax rate
585000 585000 585000 585000 585000
500324 500324 500324 500324 500324 R-TI-OE+RV-Tax from year 0 to year 11
 549.0278

olunan satis deyeri yene yoxdur

 Cəmi
2018-2019 0 A 13 B 14 C 14 41
1 14 14 14 42
2 14 14 14 42
3 14 14 14 42
4 14 14 14 42
5 14 14 14 42
6 13 14 14 41
7 14 14 14 42
8 14 14 14 42
9 14 14 14 42
10 14 13 13 40
11 14 14 14 42

166 167 167 500

Number of classroom for primary students 18 staff room

Number of classroom for secondary students 18 staff room
size of classroom 30 m2
total 1080 m2
hall 50% 540 m2
 1
1
30 m2
60 m2
Entry data

Students 500 tution fee 8000 Annual income 4000000

unit unit price t.price

Land, m 2
5000 300 1500000 585000
Construction 3000 500 1500000 500
Equipment 1 200000 200000 600
License 1 10000 10000 700
3210000 800
900
administrative staff 10 2000 20000 1000
Security 4 800 3200
Cleaners 6 500 3000
Medical staff 3 700 2100
Teachers 50 1500 75000 quantity
Total salary 103300 11 months 1133000

Electricity 1 400 400

Water 1 100 100
Gas 1 300 300
İnternet 1 100 100
Üaste 1 50 50
Total 950 11 months 10450

Corporate incme tax rate 20% Revenue 585000

Price 650 $
Quantity expected 900 computer
Depreciation 11 years

0 1 2 3 4 5 6
Land 1500000 1318182 1136364 954545.5 772727.3 590909.1 409090.9
Constr 1500000 1500000 1500000 1500000 1500000 1500000 1500000
Total inv 5000000 4545455 4090909 3636364 3181818 2727273 2272727
Depreciation 454545.45 454545.5 454545.5 454545.5 454545.5 454545.5
Salaries 1133000 0 0 0 0 0 0
Utility expenses 500 445 445 445 445 445 445
Taxes -109700 26001.909 26001.91 26001.91 26001.91 26001.91 26001.91
Revenue 585000 585000 585000 585000 585000 585000 585000
NCF -438800 558553.09 558553.1 558553.1 558553.1 558553.1 558553.1
NPV
IRR
Sensitivity
Break-even
Annual income 4000000 tax -20% net 3200000

price
500 550 600 700 ilkin deyerr
250000 275000 300000 350000 35000 34441.67

Depreciaton problem
300000 330000 360000 420000 ehtimal olunan son deyer
350000 385000 420000 490000 1500
400000 440000 480000 560000 il
450000 495000 540000 630000 5 558.3333
500000 550000 600000 700000
duz xet metodu olarsa ehtimal olunan satis deyeri yene yoxd

7 8 9 10 11
227272.7 45454.55 -136364 -318182 0
1500000 1500000 1500000 1500000 0
1818182 1363636 909090.9 454545.5 0
454545.5 454545.5 454545.5 454545.5 454545.455
0 0 0 0 0
445 445 445 445 445
26001.91 26001.91 26001.91 26001.91 26001.9091 (R-E)*tax rate
585000 585000 585000 585000 585000
558553.1 558553.1 558553.1 558553.1 558553.091 R-TI-OE+RV-Tax from year 0 to year 11
 549.0278

olunan satis deyeri yene yoxdur