## Answers

a | ||

Project | Internal rate of return | |

22A | 11% | |

23A | 12% | |

24A | 9% | |

b | ||

Project 22A and 23A are acceptable | ||

Workings: | ||

Project 22 A | ||

Investment cost | 240400 | |

Divide by annual cash flows | 56767 | =16700+(240400/6) |

PV factor for internal rate of return | 4.23488 | |

The PV Factor 4.23488 for 6 years is closest to 11% | ||

Internal rate of return = 11% | ||

Project 23 A | ||

Investment cost | 273200 | |

Divide by annual cash flows | 51096 | =20740+(273200/9) |

PV factor for internal rate of return | 5.34684 | |

The PV Factor 5.34684 for 9 years is closest to 12% | ||

Internal rate of return = 12% | ||

Project 24 A | ||

Investment cost | 281300 | |

Divide by annual cash flows | 55886 | =15700+(281300/7) |

PV factor for internal rate of return | 5.03349 | |

The PV Factor 5.03349 for 7 years is closest to 9% | ||

Internal rate of return = 9% |

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