Complete the Capital Budgeting Case  Includes an Excel Spreadsheet and a Paper
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Capital Budgeting Case
Your company is thinking about acquiring another corporation. You have two choices—the cost of each choice is $250,000. You cannot spend more than that, so acquiring both corporations is not an option. The following are your critical data:
Corporation A
Revenues = $100,000 in year one, increasing by 10% each year
Expenses = $20,000 in year one, increasing by 15% each year
Depreciation expense = $5,000 each year
Tax rate = 25%
Discount rate = 10%
Corporation B
Revenues = $150,000 in year one, increasing by 8% each year
Expenses = $60,000 in year one, increasing by 10% each year
Depreciation expense = $10,000 each year
Tax rate = 25%
Discount rate = 11%
Compute and analyze items (a) through (d) using a Microsoft Excel spreadsheet. Make sure all calculations can be seen in the background of the applicable spreadsheet cells. In other words, leave an audit trail so others can see how you arrived at your calculations and analysis. Items (a) through (d) should be submitted in Microsoft Excel; indicate your recommendation (e) in the Microsoft Excel spreadsheet; the paper stated in item (f) should be submitted consistent with APA guidelines.
a. A 5year projected income statement
b. A 5year projected cash flow
c. Net present value (NPV)
d. Internal rate of return (IRR)
e. Based on items (a) through (d), which company would you recommend acquiring?
f. Write a paper of no more 1,050 words that defines, analyzes, and interprets the answers to items (c) and (d). Present the rationale behind each item and why it supports your decision stated in item (e). Also, attempt to describe the relationship between NPV and IRR. (Hint. The key factor is the discount rate used.) In addition to the paper, a Micosoft Excel spreadsheet showing your projections and calculations must be shown and attached.
QRB/501 QRB 501 Week 6  Learning Team Assignment  Capital Budgeting Case  A+, work shown, and original!
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xxxxxxx QRB xxx xxxx 6 x Learning xxxx Assignment  xxxxxxx xxxxxxxxx Case x xxx work shown, and original!
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QRB 501 xxxx x xxxxxxxx xxxx Assignment x Capital Budgeting xxxx xxxxxxxxx
Sheet2
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx A  Corporation B  
xxxx  x  x  3  x  5  x  2  x  4  x 
xxxxxxxx  100000  110000  xxxxxx  xxxxxx  146410.0000000001  150000  xxxxxx  174960  xxxxxx  xxxxxx 
xxxx Expenses  20000  xxxxx  26450  xxxxx  xxxxx  xxxxx  66000  72600  xxxxx  xxxxx 
xxxxxx Before Depreciation  80000  xxxxx  94550  102683  111430  xxxxx  96000  xxxxxx  xxxxxx  xxxxxx 
less Depreciation  xxxx  xxxx  xxxx  xxxx  5000  10000  xxxxx  xxxxx  xxxxx  xxxxx 
xxxxxx Before Taxes  xxxxx  xxxxx  xxxxx  97683  xxxxxx  xxxxx  86000  xxxxx  xxxxx  xxxxxx 
Less Taxes  xxxxx  20500  22388  24421  26607  xxxxx  xxxxx  23090  24774  26557 
xxx xxxxxx  56250  61500  xxxxx  73262  xxxxx  60000  xxxxx  xxxxx  xxxxx  xxxxx 
Net xxxxxx  xxxxx  23000  26450  30417  34980  60000  66000  xxxxx  xxxxx  xxxxx 
Add xxxxxxxxxxxx  0  x  0  x  x  xxxxx  0  x  0  x 
xxxxxxxxx Cash flow  xxxxx  xxxxx  xxxxx  xxxxx  xxxxx  70000  xxxxx  72600  79860  xxxxx 
xxxx  xxxx xxxx  PV10%DR  PV  Cash flow  xxxxxxx  xx  
0  xxxxxxx  x  250000  xxxxxxx  1  xxxxxxx  
1  xxxxx  0.9090909091  55681.8181818182  70000  xxxxxxxxxxxx  63063.0630630631  
x  66500  0.826446281  54958.6776859504  74500  0.8116224332  xxxxxxxxxxxxxxxx  
3  72163  xxxxxxxxxxxx  54217.1299774606  xxxxx  0.7311913813  xxxxxxxxxxxxxxxx  
x  78262  0.6830134554  53453.9990437812  84323  xxxxxxxxxxxx  55546.1719328288  
5  84822  xxxxxxxxxxxx  xxxxxxxxxxxxxxxx  xxxxx  xxxxxxxxxxxx  xxxxxxxxxxxxxxx  
xxx  x 20,979.41  NPV  xxxxx  
IRR  13.05%  IRR  xxxxxx  
xxxx  Cash xxxx  xxxxxxxxxx  Cash 
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Capital Budgeting Case...A++ solution...
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Capital Budgeting
xxxx
Date
Teacher
xxxxxxxxxx Name
Capital xxxxxxxxxx which is also called "investment appraisal," is the xxxxxxxx process xxxx to xxxxxxxxx xxxxx of xx organization's long xxxx xxxxxxxxxxx xxxx xx xxx machinery, replacement machinery, xxx plants, xxx xxxxxxxxx and xxxxxxxx development projects are worth xxxxxxxxx It xx to xxxxxx xxx xxxxx capital investments xx expenditures. xxx xx xxx xxxxxxx xxxxx of xxxxxxx budgeting investments is xx xxxxxxxx xxx xxxxx xx xxx xxxx xx xxx shareholders.
Many formal xxxxxxx xxx xxxx in capital budgeting, xxxxxxxxx the techniques xx followed:
xxx present xxxxx
Internal rate xx xxxxxx
Payback xxxxxx
Profitability xxxxx
Equivalent annuity
xxxx options xxxxxxxx
Net Present Value
Net present value (NPV) xx xxxx to xxxxxxxx xxxx xxxxxxxxx project's value xx xxxxx x xxxxxxxxxx cash xxxx (DCF) valuation. This valuation requires estimating the xxxx and timing xx xxx xxx incremental xxxx xxxxx from xxx xxxxxxxx The NPV is greatly xxxxxxxx
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xxxxxx
xxxxxxxxxxxxxxxxxx xxxxxxxxx Case 
Your company xx thinking about xxxxxxxxx xxxxxxx corporation. You xxxx two choices—the cost of xxxx xxxxxx xx xxxxxxxxx xxx cannot xxxxx more xxxx that, xx acquiring both corporations is not xx option. xxx xxxxxxxxx xxx xxxx critical data: 
Corporation x 
xxxxxxxx = xxxxxxxx xx xxxx one, increasing xx xxx xxxx xxxx 
Expenses x xxxxxxx in year xxxx increasing xx 15% each year 
xxxxxxxxxxxx xxxxxxx = xxxxxx xxxx xxxx 
Tax xxxx = xxx 
xxxxxxxx xxxx = xxx 
Corporation x 
xxxxxxxx = $150,000 xx year one, increasing xx xx xxxx xxxx 
Expenses = $60,000 xx year one, increasing by xxx each xxxx 
Depreciation expense = xxxxxxx each xxxx 
xxx rate x 25% 
Discount xxxx = xxx 
Compute xxx xxxxxxx items xxx xxxxxxx xxx xxxxx x xxxxxxxxx® xxxxx® spreadsheet. xxxx xxxx all xxxxxxxxxxxx can be xxxx xx xxx xxxxxxxxxx xx the applicable spreadsheet cells. xx xxxxx xxxxxx leave xx audit trail so others xxx xxx how xxx xxxxxxx xx your calculations xxx analysis. xxxxx xxx 
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Week 6 Capital Budgeting Case Study / Both paper and excel sheet / (Scored: Full Points)
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xxxx 6 Capital Budgeting xxxx xxxxx
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xxxxxxx BUDGETING
xxxx x xxxxxxx Budgeting
xxxxxxxx
xxx
Capital Budgeting xxxx xxxxx
Business owners xxxx xxxx a xxxxxxx xx different xxxxxxx xx xxxx xx xxxxx to efficiently xxxxxxx xxxxxxxx xxxxxxxxxxx xxx is the calculation xx the xxx xxxxxxx xxxxxx xxx xxxxxx xxxx xxxxxxxxx xxxxxx xxxxx xx xxx xxxxxxxxxxx of the xxxxxxxx rate of return. There xxx xxxx other useful methods such as the xxxxxxx xxxx and xxx profitability xxxxxx xxxx business xxxxxx use the above xxxxxxxxxx xx help them in xxxxx decision making xx xxxxxxxxx other businesses.
xxx xx xxxxxxxxx xx x xxxxxxx because if xxx cost of xxx investment xx going xx xxx or is xxxx xxxx the xxxxxxx from xxxx project, then it may xx xxxx xxxx effective xx shut down xxx xxxxxxx all together xxxxxx than lose more xxxxxx If xxxxxxxx xxxxxxxx are xxxxxxxxxx then it xx best to xxxxxxxxx xxx xxx first xxx each xxxxxxx xxxxxxxxxx xxxxx xxxx have x positive xxxx and reject xxx ones that xxxx zero xx negative NPVs. xxxxxxxxx xxx
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xxxxxx xxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxCorporation xx  
xxxxxxxx = xxxxxxx xx xxxx xxxx increasing by 10% each year.  
xxxxxxxx = xxxxxx xx xxxx one, increasing xx xxx each year.  
Depreciation xxxxxxx x . xxxxx xxxx xxxx  
xxx xxxx = 25%  
Discount xxxx 10%  
xxxxxxxxx OF xxxxxx STATEMENT xxx xxxxxxxxx CASH FLOW xxxxxxxxx  
xxxx x  xxxx x  YEAR x  YEAR 3  xxxx 4  YEAR 5  
REVENUES  xxxxxx  xxxxxx  xxxxxx  133100  146410  
xxxx xxxxxxxx  xxxxx  23000  26450  30417  xxxxx  
xxxx  xxxxx  87000  xxxxx  xxxxxx  xxxxxx  
xxxx xxxxxxxxxxx  xxxx  5000  xxxx  5000  5000  
PBT  75000  xxxxx  xxxxx  xxxxx  106430  
LESS xxxxx  18750  20500  22388  xxxxx  xxxxx  
xxx  xxxxx  61500  67163  73262  xxxxx  
xxxxxxxxx xxxx xxxxx  61250  xxxxx  72163  78262  xxxxx  
NET xxxx FLOWS  250000  61250  66500  xxxxx  78262  xxxxx 
PV OF xxxx xxxxx  250000  55682  54959  54217  53454  xxxxx 
CUMULATIVE DISCOUNTEDCASH FLOWS  xxxxxxx  xxxxxxx  xxxxxxx  xxxxxx  31689  xxxxx 
xx xx xxxxxxxxx xxxx xxxxx  $362,996.78  
xxx xxxxxxx xxxxx  xxxxxxxxxxx  xx xx xxxxx by using NPV excel function. xx xxx xxxxxxxx xx have xxxxx the xxxxxxxx rate than xxx cash xxxxxxx xxx in xxx xxx cash xxxxxxxxx  
INTERNAL xxxx OF RETURN  xxx  xx xx found xx xxxxx IRR xxxxx function. xx the function xx xxxx xxxxx the cash flows  
MODIFIED INTERNAL xxxx xx RETURN  8%  xx is xxxxx xx xxxxx xxxx excel xxxxxxxxx xx the function we have taken xxx cash xxxxx  
xxxxxxxxxxxxx INDEX  1.45  Present xxxxx of xxxx xxxxxxxxxxxxxxx cash outlay  
DISCOUNTED xxx xxxx xxxxxx  4.60  
is 
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"Capital Budgeting Corporations A & B Case Paper & Solution"...A+ WORK! GOOD LUCK
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xxxx assignment is attached..Thanks xxx xxxxxxxxxx my this assignment!
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xxxxxxxxxxx A
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx A  
xxxxxxxxx xxxxxx xxxxxxxxx  
xxxx  
1  2  3  4  x  
xxxxxxxx  xxxxxxxx  $110,000  xxxxxxxx  xxxxxxxx  xxxxxxxx  
Expenses  $20,000  xxxxxxx  xxxxxxx  xxxxxxx  xxxxxxx  
xxxxxxxxxxxx  xxxxxx  xxxxxx  $5,000  $5,000  $5,000  
xxxx  $75,000  $82,000  $89,550  xxxxxxx  xxxxxxxx  
Taxes  xxxxxxxxxx  xxxxxxxxxx  $22,387.50  $24,420.63  $26,607.47  
xxx xxxxxx  $56,250.00  $61,500.00  xxxxxxxxxx  xxxxxxxxxx  $79,822.41  
xx Operating Cash xxxx  
Year  
0  1  2  x  x  5  
xxxx  $75,000  $82,000  xxxxxxx  xxxxxxx  $106,430  
xxxx xxxxxxxxxxxx  xxxxxx  xxxxxx  xxxxxx  $5,000  xxxxxx  
Less: Taxes  ($18,750.00)  xxxxxxxxxxxx  ($22,387.50)  ($24,420.63)  ($26,607.47)  
Operating Cash xxxx  xxxxxxx  xxxxxxx  $72,163  xxxxxxx  $84,822  
xx Total Projected xxxx xxxxx  
Year  
0  1  2  3  4  5  
xxxxxxx xxxxxx  xxxxxxxxxxxxx  
xxxxxxxxx xxxx Flow  xxxxxxx  xxxxxxx  $72,163  xxxxxxx  xxxxxxx  
Total xxxxxxx xxxx xxxx  xxxxxxxxxxxxx  $61,250.00  xxxxxxxxxx  xxxxxxxxxx  $78,261.88  xxxxxxxxxx 
xx xxx  
Year  
x  x  x  x  x  5  
xxxx Flow  xxxxxxxxxxxxx  $61,250.00  $66,500.00  xxxxxxxxxx  xxxxxxxxxx  $84,822.41 
PV Factor @10%  1  xxxxxx  0.8264  xxxxxx  xxxxxx  0.6209 
xx  xxxxxxxxxxxxx  xxxxxxxxxx  $54,958.68  xxxxxxxxxx  xxxxxxxxxx  xxxxxxxxxx 
xxx  $20,979.20  
xxx  13.05%  
MIRR  xxxxxx  
xx  1.08  
xxxxxxx xxxxxx  
xxxx  xxxx xxxxxxxxxxx Investment  Cash xxxxxx  Ending xxxxxxxxxxx Investment  
0  xxxxxxxx  $0  $250,000  
1  $250,000  $61,250.00  $188,750.00  
2  xxxxxxxx  $66,500.00  $122,250.00  
x  $122,250  xxxxxxxxxx  xxxxxxxxxx  
4  $50,087  xxxxxxxxxx  ($28,174.38)  
xxxxx xxxx xxxxxxx need xx xx recovered xx xxxx xx while the xxxx xxxxxx xx xxxx 4 xx xxxxxxxxxx  
xxxx to xxxxxxxxx the fraction xx year xx we divide $50,088/$78,261.88 x 0.64. xxxxxxxxx xxx payback xxxxxx xx xxxx years  
xxxxxxxxxx xxxxxxx period  
Year  Beg. Unrecovered xxxxxxxxxx  Cash xxxxxx  Ending xxxxxxxxxxx 
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xx a xxxxxxxxxxxxxxxx xxxxx define, analyze, xxx xxxxxxxxx xxx answers xx items (c) through (h). xx xxxx same memo, xxxxxxx the xxxxxxxxx xxxxxx each item and why xx xxxxxxxx your decision stated in xxxx (i). Also, attempt xx describe xxx xxxxxxxxxxxx xxxxxxxxxx xxx and xxxx xxxxxx xxx key factor here is the xxxxxxxx xxxx xxxxxx xx this xxxxx xxxxxxx xxx xxx xxxxx analyze projects differently if xxxx had unequal projected years (i.e., xx xxxxxxxxxxx x xxx x xxxxxx projection and xxxxxxxxxxx B had x xxxxxx projection)
xxxxxx find xxxxx a xxxxxxxx xxxxxxxxxxx xxxxxxxx of both corporations. Based xx xxxx xxxxxxxxx x xxxxx xxxxxxxxx xxxxxxxxx xxxxxxxxxxx x as it mainly has a xxxxxx net xxxxxxx xxxxx than xxxxxxxxxxx A.
xxxxxxxxxxxxx

 Corporation x  Corporation x 
x  NPV  xxxxxxxxxx  xxxxxxxxxx 
d  xxx  xxxxxx  16.94% 
x  Payback xxxxxx  3.64 years  xxx xxxxx 
x  xx  xxxx  1.19 
g  xxxxxxxxxx xxxxxxx xxxxxx  xxx years  xxx xxxxx 
h  xxxx  xxxxxx  13.94% 
xxx xxxxxxx Value
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xxxxxxxxxxx A
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxCorporation x  
Projected xxxxxx xxxxxxxxx  
xxxx  
x  x  x  4  5  
Revenues  $100,000  xxxxxxxx  $121,000  $133,100  xxxxxxxx  
Expenses  xxxxxxx  $23,000  $26,450  $30,417  xxxxxxx  
Depreciation  xxxxxx  $5,000  $5,000  $5,000  $5,000  
xxxx  xxxxxxx  xxxxxxx  $89,550  xxxxxxx  xxxxxxxx  
xxxxx  xxxxxxxxxx  xxxxxxxxxx  $22,387.50  xxxxxxxxxx  $26,607.47  
Net xxxxxx  $56,250.00  $61,500.00  xxxxxxxxxx  $73,261.88  $79,822.41  
1) xxxxxxxxx xxxx Flow  
Year  
0  1  x  x  x  x  
xxxx  $75,000  xxxxxxx  $89,550  $97,683  xxxxxxxx  
xxxx xxxxxxxxxxxx  $5,000  xxxxxx  $5,000  xxxxxx  xxxxxx  
Less: Taxes  ($18,750.00)  ($20,500.00)  ($22,387.50)  xxxxxxxxxxxx  xxxxxxxxxxxx  
xxxxxxxxx xxxx Flow  xxxxxxx  $66,500  $72,163  $78,262  xxxxxxx  
xx Total Projected Cash xxxxx  
Year  
x  1  x  x  x  5  
Initial Outlay  ($250,000.00)  
xxxxxxxxx Cash xxxx  xxxxxxx  xxxxxxx  $72,163  xxxxxxx  $84,822  
xxxxx xxxxxxx xxxx Flow  ($250,000.00)  $61,250.00  xxxxxxxxxx  xxxxxxxxxx  xxxxxxxxxx  $84,822.41 
xx xxx  
Year  
0  x  x  3  x  x  
xxxx xxxx  xxxxxxxxxxxxx  xxxxxxxxxx  $66,500.00  $72,162.50  xxxxxxxxxx  xxxxxxxxxx 
xx Factor xxxx  x  xxxxxx  0.8264  0.7513  0.6830  0.6209 
xx  ($250,000.00)  $55,681.82  xxxxxxxxxx  xxxxxxxxxx  $53,453.91  xxxxxxxxxx 
xxx  $20,979.20  
xxx  xxxxxx  
xxxx  11.79%  
xx  xxxx  
xxxxxxx period  
Year  Beg. xxxxxxxxxxx Investment  xxxx Inflow  xxxxxx Unrecovered Investment  
x  xxxxxxxx  xx  xxxxxxxx  
1  xxxxxxxx  xxxxxxxxxx  xxxxxxxxxxx  
2  $188,750  xxxxxxxxxx  xxxxxxxxxxx  
3  xxxxxxxx  $72,162.50  $50,087.50  
x  $50,087  $78,261.88  xxxxxxxxxxxx  
Since only $50,088 need to be xxxxxxxxx in year xx xxxxx xxx cash inflow xx year 4 is xxxxxxxxxx  
xxxx to calculate the fraction of year xx xx divide $50,088/$78,261.88 = 0.64. xxxxxxxxx xxx payback xxxxxx is xxxx years  
xxxxxxxxxx Payback xxxxxx  
xxxx  xxxx Unrecovered Investment  Cash Inflow  xxxxxx Unrecovered 
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Please use as guide/ xxxxxxxx
In a 1,0501,500word xxxxx xxxxxxx analyze, and interpret xxx answers xx xxxxx (c) xxxxxxx (h). xx xxxx same memo, xxxxxxx xxx rationale behind xxxx item xxx xxx xx xxxxxxxx your decision stated xx xxxx (i). Also, attempt to describe xxx xxxxxxxxxxxx �between xxx xxx xxxx xxxxxx xxx key xxxxxx xxxx is xxx discount rate xxxxxx xx xxxx xxxxx explain how xxx xxxxx analyze projects xxxxxxxxxxx if xxxx xxx xxxxxxx projected xxxxx (i.e., if Corporation A xxx a 5year projection and Corporation B had x 7year xxxxxxxxxxx
Please xxxx below x detailed xxxxxxxxxxx analysis xx both xxxxxxxxxxxxx Based xx xxxx analysis, x would recommend xxxxxxxxx xxxxxxxxxxx x xx it mainly xxx a higher net present xxxxx than corporation A.
xxxxxxxxxxxxxxxxx

 xxxxxxxxxxx A  Corporation x 
x  NPV  $20,979.20  $48,035.14 
x  xxx  xxxxxx  16.94% 
x  Payback xxxxxx  3.64 years  xxx xxxxx 
f  PI  xxxx  xxxx 
x  xxxxxxxxxx xxxxxxx Period  4.6 years  xxx 
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capital_budgeting_and_smiulation
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Corporations x & xxxxx
xx a 1,0501,500word xxxxx xxxxxxx xxxxxxxx and interpret the answers xx items (c) through xxxx In that xxxx memo, xxxxxxx xxx xxxxxxxxx xxxxxx xxxx xxxx xxx why it supports xxxx decision xxxxxx in xxxx xxxx Also, xxxxxxx xx describe the xxxxxxxxxxxx xxxxxxxxxx NPV xxx xxxx (Hint: The key xxxxxx here xx the discount xxxx used.) xx this xxxxx explain xxx xxx xxxxx xxxxxxx xxxxxxxx differently if xxxx xxx xxxxxxx xxxxxxxxx xxxxx (i.e., xx Corporation A had a 5year xxxxxxxxxx and xxxxxxxxxxx B had x 7year xxxxxxxxxxx
xxxxxx xxxx below x detailed xxxxxxxxxxx analysis xx xxxx xxxxxxxxxxxxx xxxxx xx xxxx analysis, I would recommend xxxxxxxxx xxxxxxxxxxx B as it xxxxxx xxx a higher net xxxxxxx value than corporation xx
xxxxxxxxxxxxxxxxxx

 Corporation A  xxxxxxxxxxx B 
c  xxx  $20,979.20  $48,035.14 
d  IRR  13.05%  xxxxxx 
e  xxxxxxx xxxxxx  xxxx years  xxx years 
x  PI  1.08  xxxx 
x  Discounted Payback 
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