{"text_format":"1","workbook":"xlsx","n_sheets":14,"sheets":["Disclaimer","Menu and Documentation","Executive Summary","Assumptions Stat. Inv. Calc. ","Assumptions Dyn. Inv. Calc.","Cost Comparison Method","Profit Comparison Method","Average Rate of Return Method","Static Payback Period Method","Comparison (1)","Net Present Value Method","Internal Rate of Return","Annuity Method","Comparison (2)"],"not_rendered":{"charts":3,"images":1,"macros":1,"external_links":3,"defined_names":307,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

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[null,"1. Who is the author of this Excel file document? "]
[null,"The present file was developed by the two directors of the German Institute of Corporate Finance (GICF),"]
[null,"Prof. Dr. Dr. Joachim Häcker and Prof. Dr. Dr. Dietmar Ernst.\""]
[null,"The German Institute of Corporate Finance (GICF) is an institute of Nürtingen-Geislingen University in cooperation with Deutsche Börse AG. The GICF awards the title Certified Financial Modeler."]
[]
[]
[]
[null,"2. Is this Excel file protected by the German Copyright Act (UrhG)? "]
[null,"Pursuant to paragraph 1 UrhG (Act on Copyright and Related Rights (Copyright Act)), the authors of scientific works profit from protection of their works according to this law. "]
[null,"Pursuant to paragraph 2 section 2 UrhG, a work is given provided it is a personal and intellectual creation. Paragraph 69a UrhG is applicable to software such as this Excel file."]
[null,"Thus the Copyright Act is applicable to software. Any computer program that is statistically unique is protected. "]
[null,"All these requirements are met by this Excel file and it is therefore protected by the Copyright Act."]
[]
[]
[null,"3. Am I liable to prosecution if I pass on this Excel file to third parties or reuse it for my work? "]
[null,"You obtain this Excel file when registering for the Certified Financial Modeler program."]
[null,"This Excel file is for you and your personal use only."]
[null,"Should you pass on this Excel file to third parties, use parts or the entire tool without prior authorisation without signalling such a use and referring to the author GICF, "]
[null,"you are in contravention of applicable copyright law and are liable to prosecution. You then have to take into account that from the trade marks stated under item 1, claims will be made and you will be prosecuted. "]
[]
[null,"The unauthorised use of the works protected under the Copyright Act can be punished with three years of imprisonment pursuant to paragraph 106 UrhG.  "]
[null,"According to paragraph 108b UrhG unauthorised interventions in technical protection measures and information required for exercising this right can be punished with one year of imprisonment. "]
[null,"The removal of any copyright protection of this Excel file counts as such an act. "]
[null,"The sentencing can be increased to three years (unauthorised interventions into technical safety measures) and five years (unauthorised commercial use) in case of commercial use."]
[]
[null,"4. Disclaimer"]
[null,"The contents were created with the greatest possible care. However, the authors and publishers assume no responsibility for the accuracy, completeness, quality and timeliness of the content provided."]
[null,"Liability claims against the authors and publishers, which refer to material or immaterial nature, which were caused by the use or disuse of the information provided or by the use of incorrect and incomplete information, "]
[null,"are excluded in principle, provided that there is no demonstrably intentional or grossly negligent fault on the part of the authors. The user is at his own risk."]

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[]
[null,"Menu",null,null,"Documentation"]
[null,"This module contains the following applied examples:",null,null,null,"Project name: ","Module: Investment and Financing - Section Investment"]
[null,"(Click on the hyperlink of the heading to directly navigate to the worksheet.)","Color of the Worksheets",null,null,"Financial modeler:","The team behind the book Financial Modeling"]
[null,null,null,null,null,"File name:","Investment"]
[null,"Executive Summary",null,null,null,"Lst changed:","December 2017"]
[null,"Assumptions Static Investment Valuation",null,null,null,"Contents of change:","Creating the final version"]
[null,"Assumptions Dynamic Investment Valuation"]
[null,null,null,null,null,"Task and aim:","This file contains the applied examples from the module Investment and Financing for the section on Investments.  The structure of the Excel file is in line with the general process for conducting an investment analysis."]
[null,"Static Investment Valuation"]
[null,"Cost Comparison Method"]
[null,"Profit Comparison Method"]
[null,"Average Rate of Return Method",null,null,null,null,"All calculations are done directly in Excel. This allows the user to trace all calculations."]
[null,"Static Payback Period Method"]
[null,"Comparison (1)"]
[null,null,null,null,null,"User instructions:","Use the financial models as you work with the textbook.  The individual steps are separated into small units on different worksheets. "]
[null,"Dynamic Investment Valuation"]
[null,"Net Present Value Method",null,null,null,null,"Um alle Elemente des Financial Models verwenden zu können, aktivieren Sie bitte die Makros über den Auswahlpunkt Optionen. Ausführliche Informationen finden Sie in dem Zellenkommentar."]
[null,"Internal Rate of Return",null,null,null,"Activating macros:","To be able to use all elements of the financial model, please activate the macros via the menu choice Options. Comprehensive information is contained in the cell commentary."]
[null,"Annuity Method"]
[null,"Comparison (2)"]
[]
[null,null,null,null,null,"Activating iterations:","Activate in addition the iterative calculatios via the ribbon  Ü Excel Options Ü Formulas Ü Options for Calculations."]
[]
[]
[]
[null,null,null,null,null,"Rules for choice of colors:","Input cells"]
[null,null,null,null,null,null,"Calculations and output (grey)"]
[null,null,null,null,null,null,"Mixed cells (formulas with fixed numerical values and cell references) "]

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[]
[null,"Static Investment Valuation"]
[]
[]
[null,"Method","Machine 1","Machine 2","Decision"]
[]
[null,"Cost comparison method",{"$f":"'Comparison (1)'!C7","v":54250},{"$f":"'Comparison (1)'!D7","v":56650},{"$f":"'Comparison (1)'!E7","v":"Machine 1"}]
[null,"Profit comparison method",{"$f":"'Comparison (1)'!C8","v":29750},{"$f":"'Comparison (1)'!D8","v":29350},{"$f":"'Comparison (1)'!E8","v":"Machine 1"}]
[null,"Profitability calculation",{"$f":"'Comparison (1)'!C9","v":0.54074074074074074},{"$f":"'Comparison (1)'!D9","v":0.73118279569892475},{"$f":"'Comparison (1)'!E9","v":"Machine 2"}]
[null,"Static amortization method",{"$f":"'Comparison (1)'!C10","v":2.1465968586387434},{"$f":"'Comparison (1)'!D10","v":1.7473435655253837},{"$f":"'Comparison (1)'!E10","v":"Machine 2"}]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Dynamic Investment Valuation"]
[]
[]
[null,"  Investments of different","Investment A","Investment B","Investment C","Decision"]
[null,"  volume and duration"]
[null,"  Present value",{"$f":"'Comparison (2)'!C7","v":40.796393688955618},{"$f":"'Comparison (2)'!D7","v":29.752066115702462},{"$f":"'Comparison (2)'!E7","v":24.342599549211116},{"$f":"'Comparison (2)'!F7","v":"Investment A"}]
[null,"  Internal rate of return",{"$f":"'Comparison (2)'!C8","v":0.19437709962747851},{"$f":"'Comparison (2)'!D8","v":0.31046863561492688},{"$f":"'Comparison (2)'!E8","v":0.23375192852825655},{"$f":"'Comparison (2)'!F8","v":"Investment B"}]
[null,"  Annuity",{"$f":"'Comparison (2)'!C9","v":16.404833836857989},{"$f":"'Comparison (2)'!D9","v":11.963746223564952},{"$f":"'Comparison (2)'!E9","v":9.7885196374622367},{"$f":"'Comparison (2)'!F9","v":"Investment A"}]

{"sheet":"Assumptions Stat. Inv. Calc. ","index":3,"n_rows":60,"n_cols":6,"rows_kept":60,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Assumptions Investment Object"]
[]
[null,"Basic data",null,null,"Machine 1","Machine 2"]
[]
[null,"  Investment in depreciable capital equipment (in €)",null,null,100000,70000]
[]
[null,"  Useful life (in years)",null,null,5,5]
[]
[null,"  Residual value of equipment (in €)",null,null,10000,5000]
[]
[null,"  Investment in non-depreciable capital equipment (in €)",null,null,12500,9000]
[]
[null,"  Planned utilization (units per annum)",null,null,20000,20000]
[]
[null,"  Sales revenue per unit (in €)",null,null,4.2,4.3]
[]
[null,"  Fixed costs excluding cost of capital (in €)",null,null,7500,5000]
[]
[null,"  Imputed interest rate (% p.a.)",null,null,0.1,0.1]
[]
[null,"  Wages and incidental wage costs (€/unit)",null,null,0.8,1.2]
[]
[null,"  Raw, auxiliary and operating materials (€/unit) ",null,null,0.2,0.2]
[]
[null,"  Other variable costs (€/unit) ",null,null,0.1,0.3]
[]
[]
[null,"Planned Utilization"]
[null,0]
[null,1000]
[null,2000]
[null,3000]
[null,4000]
[null,5000]
[null,6000]
[null,7000]
[null,8000]
[null,9000]
[null,10000]
[null,11000]
[null,12000]
[null,13000]
[null,14000]
[null,15000]
[null,16000]
[null,17000]
[null,18000]
[null,19000]
[null,20000]
[null,21000]
[null,22000]
[null,23000]
[null,24000]
[null,25000]
[null,26000]
[null,27000]
[null,28000]
[null,29000]
[null,30000]

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[null,"Project assumptions"]
[null,null,null,null,"t0","t1","t2","t3","t4","t5"]
[null,"  Year",null,null,0,{"$f":"E4+1","v":1},{"$f":"F4+1","v":2},3,4,5]
[null,"  Investment in capital equipment",null,null,1200]
[null,"  Residual value of the equipment at the end of year 5 (in € thousand)",null,null,null,null,null,null,null,200]
[null,"  Useful life of the equipment (years)",null,null,5]
[null,"  Investment in raw, auxiliary and operating materials (in € thousand)",null,null,300]
[null,"  Sales volume",null,null,500,600,600,600,600,600]
[null,"  Sales price per unit (€/unit)",null,null,null,5,5,5,5,5]
[null,"  Variable costs per unit (€/unit)",null,null,null,3,3,3,3,3]
[null,"  Fixed costs excluding depreciation (in.€ thousand)",null,null,null,500,500,500,500,500]
[null,"  Depreciation, linear over useful life (in € thousand)",null,null,null,{"$f":"($E$5-$J$6)/$E$7","v":200},{"$f":"($E$5-$J$6)/$E$7","v":200},{"$f":"($E$5-$J$6)/$E$7","v":200},{"$f":"($E$5-$J$6)/$E$7","v":200},{"$f":"($E$5-$J$6)/$E$7","v":200}]
[null,"  Relevant discount rate (% p.a.)",null,null,0.1,0.1,0.1,0.1,0.1,0.1]
[null,"  Tax rate (%)",null,null,null,0.4,0.4,0.4,0.4,0.4]
[]
[]
[]
[null,"  Investments of different volume and length "]
[null,null,null,null,"t0","t1","t2","t3"]
[null,"  Year",null,null,0,1,2,3]
[null,"  Investment A",null,null,-200,50,100,150]
[null,"  Investment B ",null,null,-100,70,80]
[null,"  Investment C ",null,null,-100,50,50,50]
[null,"  Relevant discount rate",null,null,0.1]

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[null,"Cost Comparison Method"]
[]
[]
[null,"Underlying data",null,null,"Machine 1","Machine 2"]
[]
[null,"Investment in depreciating capital equipment (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E6","v":100000},{"$f":"'Assumptions Stat. Inv. Calc. '!F6","v":70000}]
[null,"Useful life (in years)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E8","v":5},{"$f":"'Assumptions Stat. Inv. Calc. '!F8","v":5}]
[null,"Residual value of equipment (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E10","v":10000},{"$f":"'Assumptions Stat. Inv. Calc. '!F10","v":5000}]
[null,"Investment in non-depreciating capital equipment (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E12","v":12500},{"$f":"'Assumptions Stat. Inv. Calc. '!F12","v":9000}]
[null,"Average amount of capital tied up",null,null,{"$f":"E10+E9+(E7-E9)/2","v":67500},{"$f":"F10+F9+(F7-F9)/2","v":46500}]
[null,"Planned utilization (units per annum)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E14","v":20000},{"$f":"'Assumptions Stat. Inv. Calc. '!F14","v":20000}]
[null,"Fixed costs excluding cost of capital (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E18","v":7500},{"$f":"'Assumptions Stat. Inv. Calc. '!F18","v":5000}]
[null,"Relevant interest rate (% p.a.)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E20","v":0.1},{"$f":"'Assumptions Stat. Inv. Calc. '!F20","v":0.1}]
[null,"Wages and incidental wage costs (€/unit)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E22","v":0.8},{"$f":"'Assumptions Stat. Inv. Calc. '!F22","v":1.2}]
[null,"Raw, auxiliary and operating materials (€/unit) ",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E24","v":0.2},{"$f":"'Assumptions Stat. Inv. Calc. '!F24","v":0.2}]
[null,"Other variable costs (€/unit) ",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E26","v":0.1}]
[]
[null,"Fixed costs and cost of capital",null,null,"Machine 1","Machine 2"]
[]
[null,"Fixed costs excluding cost of capital ",null,null,{"$f":"E13","v":7500},{"$f":"F13","v":5000}]
[null,"Depreciation",null,null,{"$f":"(E7-E9)/E8","v":18000},{"$f":"(F7-F9)/F8","v":13000}]
[null,"Implied interest payment",null,null,{"$f":"E11*E14","v":6750},{"$f":"F11*F14","v":4650}]
[]
[null,"Sum of fixed costs",null,null,{"$f":"E21+E22+E23","v":32250},{"$f":"F21+F22+F23","v":22650}]
[]
[null,"Variable costs",null,null,"Machine 1","Machine 2"]
[]
[null,"Wages and incidental wage costs",null,null,{"$f":"E12*E15","v":16000},{"$f":"F12*F15","v":24000}]
[null,"Raw, auxiliary and operating materials",null,null,{"$f":"E12*E16","v":4000},{"$f":"F12*F16","v":4000}]
[null,"Other variable costs",null,null,{"$f":"E12*E17","v":2000},6000]
[]
[null,"Sum of variable costs",null,null,{"$f":"E29+E30+E31","v":22000},{"$f":"F29+F30+F31","v":34000}]
[]
[null,"Total cost",null,null,"Machine 1","Machine 2"]
[]
[null,"Total cost",null,null,{"$f":"E25+E33","v":54250},{"$f":"F25+F33","v":56650}]
[null,"Per unit cost",null,null,{"$f":"E37/E12","v":2.7124999999999999},{"$f":"F37/F12","v":2.8325}]
[]
[null,"Results for the cost comparison method",null,null,"Machine 1","Machine 2"]
[]
[null,"Decision criterion: Alternative with lower"]
[null,"Total cost",null,null,{"$f":"IF(E37<F37,E37,\"\")","v":54250},{"$f":"IF(F37<E37,F37,\"\")","v":""}]
[null,"Per unit cost",null,null,{"$f":"IF(E38<F38,E38,\"\")","v":2.7124999999999999},{"$f":"IF(F38<E38,F38,\"\")","v":""}]
[null,"Decision",null,null,{"$f":"IF(E37<F37,\"favorable\",\"not favorable\")","v":"favorable"},{"$f":"IF(F37<E37,\"favorable\",\"not favorable\")","v":"not favorable"}]
[]
[]
[null,"Determining the critical utilization level via comparison of total cost"]
[]
[null,null,null,null,"Machine 1","machine 2"]
[]
[null,"Total cost",null,null,{"$f":"E25","v":32250},{"$f":"F25","v":22650}]
[null,"Per unit cost",null,null,{"$f":"E33/E12","v":1.1000000000000001},{"$f":"F33/F12","v":1.7}]
[]
[null,"Critical utilization level",null,null,{"$f":"(F52-E52)/(E53-F53)","v":16000.000000000004}]
[]
[]
[null,null,null,"Planned utilization","Total cost\nMachine 1","Total cost\nMachine 2"]
[null,null,null,0,{"$f":"$E$53*D59+$E$52","v":32250},{"$f":"$F$53*D59+$F$52","v":22650}]
[null,null,null,1000,{"$f":"$E$53*D60+$E$52","v":33350},{"$f":"$F$53*D60+$F$52","v":24350}]
[null,null,null,{"$f":"D60+$D$60","v":2000},34450,26050]
[null,null,null,{"$f":"D61+$D$60","v":3000},35550,27750]
[null,null,null,4000,36650,29450]
[null,null,null,5000,37750,31150]
[null,null,null,6000,38850,32850]
[null,null,null,7000,39950,34550]
[null,null,null,8000,41050,36250]
[null,null,null,9000,42150,37950]
[null,null,null,10000,43250,39650]
[null,null,null,11000,44350,41350]
[null,null,null,12000,45450,43050]
[null,null,null,13000,46550,44750]
[null,null,null,14000,47650,46450]
[null,null,null,15000,48750,48150]
[null,null,null,16000,49850,49850]
[null,null,null,17000,50950,51550]
[null,null,null,18000,52050,53250]
[null,null,null,19000,53150,54950]
[null,null,null,20000,54250,56650]
[null,null,null,21000,55350,58350]
[null,null,null,22000,56450,60050]
[null,null,null,23000,57550,61750]
[null,null,null,24000,58650,63450]
[null,null,null,25000,59750,65150]
[null,null,null,26000,60850,66850]
[null,null,null,27000,61950,68550]
[null,null,null,28000,63050,70250]
[null,null,null,29000,64150,71950]
[null,null,null,30000,65250,73650]

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[null,"Profit Comparison Method"]
[]
[]
[null,"Underlying data",null,null,"Machine 1","Machine 2"]
[]
[null,"Investment in depreciable capital equipment (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E6","v":100000},{"$f":"'Assumptions Stat. Inv. Calc. '!F6","v":70000}]
[null,"Useful life (in years)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E8","v":5},{"$f":"'Assumptions Stat. Inv. Calc. '!F8","v":5}]
[null,"Residual value of equipment (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E10","v":10000},{"$f":"'Assumptions Stat. Inv. Calc. '!F10","v":5000}]
[null,"Investment in non-depreciable capital equipment (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E12","v":12500},{"$f":"'Assumptions Stat. Inv. Calc. '!F12","v":9000}]
[null,"Average amount of capital tied up",null,null,{"$f":"E10+E9+(E7-E9)/2","v":67500},{"$f":"F10+F9+(F7-F9)/2","v":46500}]
[null,"Planned utilization (units per annum)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E14","v":20000},{"$f":"'Assumptions Stat. Inv. Calc. '!F14","v":20000}]
[null,"Sales revenue per unit (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E16","v":4.2},{"$f":"'Assumptions Stat. Inv. Calc. '!F16","v":4.3}]
[null,"Fixed costs excluding cost of capital (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E18","v":7500},{"$f":"'Assumptions Stat. Inv. Calc. '!F18","v":5000}]
[null,"Relevant interest rate (% p.a.)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E20","v":0.1},{"$f":"'Assumptions Stat. Inv. Calc. '!F20","v":0.1}]
[null,"Wages and incidental wage costs (€/unit)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E22","v":0.8},{"$f":"'Assumptions Stat. Inv. Calc. '!F22","v":1.2}]
[null,"Raw, auxiliary and operating materials (€/unit) ",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E24","v":0.2},{"$f":"'Assumptions Stat. Inv. Calc. '!F24","v":0.2}]
[null,"Other variable costs (€/unit) ",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E26","v":0.1},{"$f":"'Assumptions Stat. Inv. Calc. '!F26","v":0.3}]
[]
[null,"Fixed costs and cost of capital",null,null,"Machine 1","Machine 2"]
[]
[null,"Fixed costs excluding cost of capital ",null,null,{"$f":"E14","v":7500},{"$f":"F14","v":5000}]
[null,"Depreciation",null,null,{"$f":"(E7-E9)/E8","v":18000},{"$f":"(F7-F9)/F8","v":13000}]
[null,"Average interest payment",null,null,{"$f":"E11*E15","v":6750},{"$f":"F11*F15","v":4650}]
[]
[null,"Sum of fixed costs",null,null,{"$f":"E22+E23+E24","v":32250},{"$f":"F22+F23+F24","v":22650}]
[]
[null,"Variable costs",null,null,"Machine 1","Machine 2"]
[]
[null,"Wages and incidental wage costs",null,null,{"$f":"E12*E16","v":16000},{"$f":"F12*F16","v":24000}]
[null,"Raw, auxiliary and operating materials",null,null,{"$f":"E12*E17","v":4000},{"$f":"F12*F17","v":4000}]
[null,"Other variable costs",null,null,{"$f":"E12*E18","v":2000},{"$f":"F12*F18","v":6000}]
[]
[null,"Sum of variable costs",null,null,{"$f":"E30+E31+E32","v":22000},{"$f":"F30+F31+F32","v":34000}]
[]
[null,"Sales revenue",null,null,"Machine 1","Machine 2"]
[]
[null,"Sales revenue",null,null,{"$f":"E12*E13","v":84000},{"$f":"F12*F13","v":86000}]
[]
[null,"Profit",null,null,"Machine 1","Machine 2"]
[]
[null,"Total profit = Revenue - Total cost",null,null,{"$f":"E38-E26-E34","v":29750},{"$f":"F38-F26-F34","v":29350}]
[null,"Profit per unit = Total profit/Planned utilization ",null,null,{"$f":"E42/E12","v":1.4875},{"$f":"F42/F12","v":1.4675}]
[]
[null,"Total return",null,null,"Machine 1","Machine 2"]
[]
[null,"Decision criterion: Alternative with  "]
[null,"higher total profit",null,null,{"$f":"IF(E42>F42,E42,\"\")","v":29750},{"$f":"IF(F42>E42,F38,\"\")","v":""}]
[null,"higher profit per unit",null,null,{"$f":"IF(E43>F43,E43,\"\")","v":1.4875},{"$f":"IF(F43>E43,F39,\"\")","v":""}]
[null,"Decision",null,null,{"$f":"IF(E42>F42,\"favorable\",\"not favorable\")","v":"favorable"},{"$f":"IF(F42>E42,\"favorabe\",\"not favorable\")","v":"not favorable"}]
[]
[]
[null,"Determining the critical utilization level by comparing profits"]
[]
[null,null,null,null,"Machine 1","Machine 2"]
[]
[null,"Fixed costs",null,null,{"$f":"E26","v":32250},{"$f":"F26","v":22650}]
[null,"Revenue per unit",null,null,{"$f":"E13","v":4.2},{"$f":"F13","v":4.3}]
[null,"Variable costs per unit",null,null,{"$f":"E34/E12","v":1.1000000000000001},{"$f":"F34/F12","v":1.7}]
[null,"Revenue per unit minus variable costs per unit ",null,null,{"$f":"E58-E59","v":3.1},{"$f":"F58-F59","v":2.5999999999999996}]
[]
[null,"Critical utilization level",null,null,{"$f":"(E57-F57)/(E60-F60)","v":19199.999999999982}]
[]
[]
[null,null,null,"Utilization","Total profit\n Machine 1","Total profit\n Machine 2"]
[null,null,null,0,{"$f":"$E$60*D66-$E$57","v":-32250},{"$f":"$F$60*D66-$F$57","v":-22650}]
[null,null,null,1000,{"$f":"$E$60*D67-$E$57","v":-29150},{"$f":"$F$60*D67-$F$57","v":-20050}]
[null,null,null,2000,-26050,-17450]
[null,null,null,3000,-22950,-14850]
[null,null,null,4000,-19850,-12250.000000000002]
[null,null,null,5000,-16750,-9650.0000000000018]
[null,null,null,6000,-13650,-7050.0000000000018]
[null,null,null,7000,-10550,-4450.0000000000036]
[null,null,null,8000,-7450,-1850.0000000000036]
[null,null,null,9000,-4350,749.99999999999636]
[null,null,null,10000,-1250,3349.9999999999964]
[null,null,null,11000,1850,5949.9999999999964]
[null,null,null,12000,4950,8549.9999999999964]
[null,null,null,13000,8050,11149.999999999993]
[null,null,null,14000,11150,13749.999999999993]
[null,null,null,15000,14250,16349.999999999993]
[null,null,null,16000,17350,18949.999999999993]
[null,null,null,17000,20450,21549.999999999993]
[null,null,null,18000,23550,24149.999999999993]
[null,null,null,19000,26650,26749.999999999993]
[null,null,null,20000,29750,29349.999999999993]
[null,null,null,21000,32850,31949.999999999993]
[null,null,null,22000,35950,34549.999999999993]
[null,null,null,23000,39050,37149.999999999993]
[null,null,null,24000,42150,39749.999999999993]
[null,null,null,25000,45250,42349.999999999993]
[null,null,null,26000,48350,44949.999999999985]
[null,null,null,27000,51450,47549.999999999985]
[null,null,null,28000,54550,50149.999999999985]
[null,null,null,29000,57650,52749.999999999985]
[null,null,null,30000,60750,55349.999999999985]

{"sheet":"Average Rate of Return Method","index":7,"n_rows":52,"n_cols":6,"rows_kept":52,"cut":false,"hidden":false,"merged":[[50,1,50,3],[46,1,46,3]]}
[]
[null,"Average Rate of Return Method"]
[]
[]
[null,"Underlying data",null,null,"Machine 1","Machine 2"]
[]
[null,"Investment in depreciating capital equipment (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E6","v":100000},{"$f":"'Assumptions Stat. Inv. Calc. '!F6","v":70000}]
[null,"Useful life (in years)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E8","v":5},{"$f":"'Assumptions Stat. Inv. Calc. '!F8","v":5}]
[null,"Residual value of equipment (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E10","v":10000},{"$f":"'Assumptions Stat. Inv. Calc. '!F10","v":5000}]
[null,"Investment in non-depreciating capital equipment (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E12","v":12500},{"$f":"'Assumptions Stat. Inv. Calc. '!F12","v":9000}]
[null,"Average amount of capital tied up",null,null,{"$f":"E10+E9+(E7-E9)/2","v":67500},{"$f":"F10+F9+(F7-F9)/2","v":46500}]
[null,"Planned utilization (units per annum)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E14","v":20000},{"$f":"'Assumptions Stat. Inv. Calc. '!F14","v":20000}]
[null,"Sales revenue per unit (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E16","v":4.2},{"$f":"'Assumptions Stat. Inv. Calc. '!F16","v":4.3}]
[null,"Fixed costs excluding cost of capital (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E18","v":7500},{"$f":"'Assumptions Stat. Inv. Calc. '!F18","v":5000}]
[null,"Relevant interest rate (% p.a.)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E20","v":0.1},{"$f":"'Assumptions Stat. Inv. Calc. '!F20","v":0.1}]
[null,"Wages and incidental wage costs (€/unit)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E22","v":0.8},{"$f":"'Assumptions Stat. Inv. Calc. '!F22","v":1.2}]
[null,"Raw, auxiliary and operating materials (€/unit) ",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E24","v":0.2},{"$f":"'Assumptions Stat. Inv. Calc. '!F24","v":0.2}]
[null,"Other variable costs (€/unit) ",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E26","v":0.1},{"$f":"'Assumptions Stat. Inv. Calc. '!F26","v":0.3}]
[]
[null,"Fixed costs and cost of capital",null,null,"Machine 1","Machine 2"]
[]
[null,"Fixed costs excluding cost of capital ",null,null,{"$f":"E14","v":7500},{"$f":"F14","v":5000}]
[null,"Depreciation",null,null,{"$f":"(E7-E9)/E8","v":18000},{"$f":"(F7-F9)/F8","v":13000}]
[null,"Implied interest payment",null,null,{"$f":"E11*E15","v":6750},{"$f":"F11*F15","v":4650}]
[]
[null,"Sum of fixed costs",null,null,{"$f":"E22+E23+E24","v":32250},{"$f":"F22+F23+F24","v":22650}]
[]
[null,"Variable costs",null,null,"Machine 1","Machine 2"]
[]
[null,"Wages and incidental wage costs",null,null,{"$f":"E12*E16","v":16000},{"$f":"F12*F16","v":24000}]
[null,"Raw, auxiliary and operating materials",null,null,{"$f":"E12*E17","v":4000},{"$f":"F12*F17","v":4000}]
[null,"Other variable costs",null,null,{"$f":"E12*E18","v":2000},{"$f":"F12*F18","v":6000}]
[]
[null,"Sum of variable costs",null,null,{"$f":"E30+E31+E32","v":22000},{"$f":"F30+F31+F32","v":34000}]
[]
[null,"Sales revenue",null,null,"Machine 1","Machine 2"]
[]
[null,"Sales revenue",null,null,{"$f":"E12*E13","v":84000},{"$f":"F12*F13","v":86000}]
[]
[null,"Profit",null,null,"Machine 1","Machine 2"]
[]
[null,"Total profit = Revenue - Total cost",null,null,{"$f":"E38-E26-E34","v":29750},{"$f":"F38-F26-F34","v":29350}]
[null,"Earnings before interest = Profit + Interest",null,null,{"$f":"E42+E24","v":36500},{"$f":"F42+F24","v":34000}]
[]
[null,"Total return",null,null,"Machine 1","Machine 2"]
[]
[null,"Total return on capital  = Earnings before interest/\nAverage volume of capital tied up",null,null,{"$f":"E43/E11","v":0.54074074074074074},{"$f":"F43/F11","v":0.73118279569892475}]
[]
[null,"Result",null,null,"Machine 1","Machine 2"]
[]
[null,"Total return on capital  = Earnings before interest/\nAverage volume of capital tied up",null,null,{"$f":"IF(E47>F47,E47,\"\")","v":""},{"$f":"IF(F47>E47,F47,\"\")","v":0.73118279569892475}]
[null,"Decision",null,null,{"$f":"IF(E47>F47,\"favorable\",\"not favorable\")","v":"not favorable"},{"$f":"IF(F47>E47,\"favorable\",\"not favorable\")","v":"favorable"}]

{"sheet":"Static Payback Period Method","index":8,"n_rows":52,"n_cols":6,"rows_kept":52,"cut":false,"hidden":false,"merged":[[46,1,46,3],[50,1,50,3]]}
[]
[null,"Static Payback Period Method"]
[]
[]
[null,"Underlying data",null,null,"Machine 1","Machine 2"]
[]
[null,"Investment in depreciable capital equipment (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E6","v":100000},{"$f":"'Assumptions Stat. Inv. Calc. '!F6","v":70000}]
[null,"Useful life (in years)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E8","v":5},{"$f":"'Assumptions Stat. Inv. Calc. '!F8","v":5}]
[null,"Residual value of equipment (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E10","v":10000},{"$f":"'Assumptions Stat. Inv. Calc. '!F10","v":5000}]
[null,"Investment in non-depreciable capital equipment (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E12","v":12500},{"$f":"'Assumptions Stat. Inv. Calc. '!F12","v":9000}]
[null,"Average amount of capital tied up",null,null,{"$f":"E10+E9+(E7-E9)/2","v":67500},{"$f":"F10+F9+(F7-F9)/2","v":46500}]
[null,"Planned utilization (units per annum)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E14","v":20000},{"$f":"'Assumptions Stat. Inv. Calc. '!F14","v":20000}]
[null,"Sales revenue per unit (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E16","v":4.2},{"$f":"'Assumptions Stat. Inv. Calc. '!F16","v":4.3}]
[null,"Fixed costs excluding cost of capital (in €)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E18","v":7500},{"$f":"'Assumptions Stat. Inv. Calc. '!F18","v":5000}]
[null,"Relevant interest rate (% p.a.)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E20","v":0.1},{"$f":"'Assumptions Stat. Inv. Calc. '!F20","v":0.1}]
[null,"Wages and incidental wage costs (€/unit)",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E22","v":0.8},{"$f":"'Assumptions Stat. Inv. Calc. '!F22","v":1.2}]
[null,"Raw, auxiliary and operating materials (€/unit) ",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E24","v":0.2},{"$f":"'Assumptions Stat. Inv. Calc. '!F24","v":0.2}]
[null,"Other variable costs (€/unit) ",null,null,{"$f":"'Assumptions Stat. Inv. Calc. '!E26","v":0.1},{"$f":"'Assumptions Stat. Inv. Calc. '!F26","v":0.3}]
[]
[null,"Fixed costs and cost of capital",null,null,"Machine 1","Machine 2"]
[]
[null,"Fixed costs excluding cost of capital ",null,null,{"$f":"E14","v":7500},{"$f":"F14","v":5000}]
[null,"Depreciation",null,null,{"$f":"(E7-E9)/E8","v":18000},{"$f":"(F7-F9)/F8","v":13000}]
[null,"Average interest payment",null,null,{"$f":"E11*E15","v":6750},{"$f":"F11*F15","v":4650}]
[]
[null,"Sum of fixed costs",null,null,{"$f":"E22+E23+E24","v":32250},{"$f":"F22+F23+F24","v":22650}]
[]
[null,"Variable costs",null,null,"Machine 1","Machine 2"]
[]
[null,"Wages and incidental wage costs",null,null,{"$f":"E12*E16","v":16000},{"$f":"F12*F16","v":24000}]
[null,"Raw, auxiliary and operating materials",null,null,{"$f":"E12*E17","v":4000},{"$f":"F12*F17","v":4000}]
[null,"Other variable costs",null,null,{"$f":"E12*E18","v":2000},{"$f":"F12*F18","v":6000}]
[]
[null,"Sum of variable costs",null,null,{"$f":"E30+E31+E32","v":22000},{"$f":"F30+F31+F32","v":34000}]
[]
[null,"Sales revenue",null,null,"Machine 1","Machine 2"]
[]
[null,"Sales revenue ",null,null,{"$f":"E12*E13","v":84000},{"$f":"F12*F13","v":86000}]
[]
[null,"Profit",null,null,"Machine 1","Machine 2"]
[]
[null,"Total profit = Revenue - Total cost",null,null,{"$f":"E38-E26-E34","v":29750},{"$f":"F38-F26-F34","v":29350}]
[null,"Average cash flow surpluses  = Profit + \"Earned amortization\"",null,null,{"$f":"E42+E23","v":47750},{"$f":"F42+F23","v":42350}]
[]
[null,"Payback period",null,null,"Machine 1","Machine 2"]
[]
[null,"Payback period = Capital tied-up/Average cash flow surpluses",null,null,{"$f":"(E7+E10-E9)/E43","v":2.1465968586387434},{"$f":"(F7+F10-F9)/F43","v":1.7473435655253837}]
[]
[null,"Result",null,null,"Machine 1","Machine 2"]
[]
[null,"Payback period = Capital tied-up/Average cash flow surpluses",null,null,{"$f":"IF(E47<F47,E47,\"\")","v":""},{"$f":"IF(F47<E47,F47,\"\")","v":1.7473435655253837}]
[null,"Decision",null,null,{"$f":"IF(E47<F47,\"favorable\",\"not favorable\")","v":"not favorable"},{"$f":"IF(F47<E47,\"favorable\",\"not favorable\")","v":"favorable"}]

{"sheet":"Comparison (1)","index":9,"n_rows":10,"n_cols":5,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Static Methods of Investment Valuation"]
[]
[]
[null,"Method","Machine 1","Machine 2","Decision"]
[]
[null,"Cost comparison method",{"$f":"'Cost Comparison Method'!E37","v":54250},{"$f":"'Cost Comparison Method'!F37","v":56650},{"$f":"IF(C7<D7,\"Machine 1\",\"Machine 2\")","v":"Machine 1"}]
[null,"Profit comparison method",{"$f":"'Profit Comparison Method'!E42","v":29750},{"$f":"'Profit Comparison Method'!F42","v":29350},{"$f":"IF(C8>D8,\"Machine 1\",\"Machine 2\")","v":"Machine 1"}]
[null,"Average rate of return method",{"$f":"'Average Rate of Return Method'!E47","v":0.54074074074074074},{"$f":"'Average Rate of Return Method'!F47","v":0.73118279569892475},{"$f":"IF(C9>D9,\"Machine 1\",\"Machine 2\")","v":"Machine 2"}]
[null,"Static payback period method",{"$f":"'Static Payback Period Method'!E47","v":2.1465968586387434},{"$f":"'Static Payback Period Method'!F47","v":1.7473435655253837},{"$f":"IF(C10<D10,\"Machine 1\",\"Machine 2\")","v":"Machine 2"}]

{"sheet":"Net Present Value Method","index":10,"n_rows":68,"n_cols":10,"rows_kept":68,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Net Present Value Method"]
[]
[]
[null,"  Cash flow calculations"]
[null,null,null,null,"t0","t1","t2","t3","t4","t5"]
[null,"  Investment in capital equipment",null,null,{"$f":"'Assumptions Dyn. Inv. Calc.'!E5","v":1200}]
[null,"  Investment in current assets",null,null,{"$f":"'Assumptions Dyn. Inv. Calc.'!E8","v":300}]
[null,"  Investment amount",null,null,{"$f":"E7+E8","v":1500}]
[null,"  Sales volume",null,null,null,{"$f":"'Assumptions Dyn. Inv. Calc.'!E9","v":500},{"$f":"'Assumptions Dyn. Inv. Calc.'!F9","v":600},{"$f":"'Assumptions Dyn. Inv. Calc.'!G9","v":600},{"$f":"'Assumptions Dyn. Inv. Calc.'!H9","v":600},{"$f":"'Assumptions Dyn. Inv. Calc.'!I9","v":600}]
[null,"  Price per unit",null,null,null,{"$f":"'Assumptions Dyn. Inv. Calc.'!F10","v":5},{"$f":"'Assumptions Dyn. Inv. Calc.'!G10","v":5},{"$f":"'Assumptions Dyn. Inv. Calc.'!H10","v":5},{"$f":"'Assumptions Dyn. Inv. Calc.'!I10","v":5},{"$f":"'Assumptions Dyn. Inv. Calc.'!J10","v":5}]
[null,"  Revenues",null,null,null,{"$f":"F10*F11","v":2500},{"$f":"G10*G11","v":3000},3000,3000,3000]
[null,"  Variable costs per unit",null,null,null,{"$f":"-'Assumptions Dyn. Inv. Calc.'!F11","v":-3},{"$f":"-'Assumptions Dyn. Inv. Calc.'!G11","v":-3},{"$f":"-'Assumptions Dyn. Inv. Calc.'!H11","v":-3},{"$f":"-'Assumptions Dyn. Inv. Calc.'!I11","v":-3},{"$f":"-'Assumptions Dyn. Inv. Calc.'!J11","v":-3}]
[null,"  Variable costs per unit",null,null,null,{"$f":"F10*F13","v":-1500},{"$f":"G10*G13","v":-1800},-1800,-1800,-1800]
[null,"  Fixed costs (excluding depreciation)",null,null,null,{"$f":"-'Assumptions Dyn. Inv. Calc.'!F12","v":-500},{"$f":"-'Assumptions Dyn. Inv. Calc.'!G12","v":-500},{"$f":"-'Assumptions Dyn. Inv. Calc.'!H12","v":-500},{"$f":"-'Assumptions Dyn. Inv. Calc.'!I12","v":-500},{"$f":"-'Assumptions Dyn. Inv. Calc.'!J12","v":-500}]
[null,"  Depreciation",null,null,null,{"$f":"-'Assumptions Dyn. Inv. Calc.'!F13","v":-200},{"$f":"-'Assumptions Dyn. Inv. Calc.'!G13","v":-200},{"$f":"-'Assumptions Dyn. Inv. Calc.'!H13","v":-200},{"$f":"-'Assumptions Dyn. Inv. Calc.'!I13","v":-200},{"$f":"-'Assumptions Dyn. Inv. Calc.'!J13","v":-200}]
[]
[null,"  Eearnings before taxes",null,null,null,{"$f":"F12+SUM(F14:F16)","v":300},{"$f":"G12+SUM(G14:G16)","v":500},{"$f":"H12+SUM(H14:H16)","v":500},500,500]
[]
[null,"  Taxes",null,null,null,{"$f":"-F18*'Assumptions Dyn. Inv. Calc.'!F15","v":-120},{"$f":"-G18*'Assumptions Dyn. Inv. Calc.'!G15","v":-200},{"$f":"-H18*'Assumptions Dyn. Inv. Calc.'!H15","v":-200},{"$f":"-I18*'Assumptions Dyn. Inv. Calc.'!I15","v":-200},{"$f":"-J18*'Assumptions Dyn. Inv. Calc.'!J15","v":-200}]
[]
[null,"  Net profit",null,null,null,{"$f":"F18+F20","v":180},{"$f":"G18+G20","v":300},{"$f":"H18+H20","v":300},300,300]
[]
[null,"  Depreciation",null,null,null,{"$f":"'Assumptions Dyn. Inv. Calc.'!F13","v":200},{"$f":"'Assumptions Dyn. Inv. Calc.'!G13","v":200},{"$f":"'Assumptions Dyn. Inv. Calc.'!H13","v":200},{"$f":"'Assumptions Dyn. Inv. Calc.'!I13","v":200},{"$f":"'Assumptions Dyn. Inv. Calc.'!J13","v":200}]
[null,"  Dispositions at book value",null,null,null,null,null,null,null,{"$f":"'Assumptions Dyn. Inv. Calc.'!J6","v":200}]
[]
[null,"  Cash flow",null,null,{"$f":"-E9","v":-1500},{"$f":"F22+F24","v":380},{"$f":"G22+G24","v":500},{"$f":"H22+H24","v":500},{"$f":"I22+I24","v":500},{"$f":"J22+J24+J25","v":700}]
[]
[]
[]
[null,"  Project analysis"]
[null,"  ",null,null,"t0","t1","t2","t3","t4","t5"]
[null,"  Year",null,null,{"$f":"'Assumptions Dyn. Inv. Calc.'!E4","v":0},{"$f":"'Assumptions Dyn. Inv. Calc.'!F4","v":1},{"$f":"'Assumptions Dyn. Inv. Calc.'!G4","v":2},{"$f":"'Assumptions Dyn. Inv. Calc.'!H4","v":3},{"$f":"'Assumptions Dyn. Inv. Calc.'!I4","v":4},{"$f":"'Assumptions Dyn. Inv. Calc.'!J4","v":5}]
[null,"  Discount rate",null,null,{"$f":"'Assumptions Dyn. Inv. Calc.'!E14","v":0.1},{"$f":"'Assumptions Dyn. Inv. Calc.'!F14","v":0.1},{"$f":"'Assumptions Dyn. Inv. Calc.'!G14","v":0.1},{"$f":"'Assumptions Dyn. Inv. Calc.'!H14","v":0.1},{"$f":"'Assumptions Dyn. Inv. Calc.'!I14","v":0.1},{"$f":"'Assumptions Dyn. Inv. Calc.'!J14","v":0.1}]
[null,"  Discount factors",null,null,{"$f":"1/(1+E34)^E33","v":1},{"$f":"1/(1+F34)^F33","v":0.90909090909090906},0.82644628099173545,0.75131480090157754,0.68301345536507052,0.62092132305915493]
[null,"  Present values",null,null,{"$f":"E27*E35","v":-1500},345.45454545454544,413.22314049586771,375.65740045078877,341.50672768253526,434.64492614140846]
[]
[null,"  Net present value (calculation 1)",null,null,{"$f":"SUM(E36:J36)","v":410.4867402251457}]
[null,"  Net present value (calculation 2)",null,null,{"$f":"NPV(E34,F27:J27)+E27","v":410.4867402251457}]
[]
[null,"  Internal rate of return",null,null,{"$f":"IRR(E27:J27)","v":0.19322259571776179}]
[]
[null,"  Annuity",null,null,{"$f":"PMT(E34,J33,-E38)","v":108.28536797104053}]
[]
[]
[]
[null,"  Financing plan I"]
[null,null,null,null,"t0","t1","t2","t3","t4","t5"]
[null,"  Investment",null,null,{"$f":"E27","v":-1500},380,500,500,500,700]
[null,"  Loan",null,null,{"$f":"-E49","v":1500}]
[null,"  Loan at the beginning of the year",null,null,null,{"$f":"E54","v":1500},{"$f":"F54","v":1270},897,486.7,35.370000000000005]
[null,"  Interest payment",null,null,null,{"$f":"-(F51*'Assumptions Dyn. Inv. Calc.'!F14)","v":-150},{"$f":"-(G51*'Assumptions Dyn. Inv. Calc.'!G14)","v":-127},{"$f":"-(H51*'Assumptions Dyn. Inv. Calc.'!H14)","v":-89.7},{"$f":"-(I51*'Assumptions Dyn. Inv. Calc.'!I14)","v":-48.67},{"$f":"-(J51*'Assumptions Dyn. Inv. Calc.'!J14)","v":-3.5370000000000008}]
[null,"  Repayment",null,null,null,{"$f":"IF(F51-F52>F49,-(F49+F52),-F51)","v":-230},-373,-410.3,{"$f":"IF(I51-I52>I49,-(I49+I52),-I51)","v":-451.33},{"$f":"IF(J51-J52>J49,-(J49+J52),-J51)","v":-35.370000000000005}]
[null,"  Loan at the end of the year",null,null,{"$f":"E50+E51+E53","v":1500},{"$f":"F50+F51+F53","v":1270},{"$f":"G51+G53","v":897},486.7,35.370000000000005,0]
[null,"  Profit",null,null,null,{"$f":"F49+F52+F53","v":0},{"$f":"G49+G52+G53","v":0},0,0,661.09299999999996]
[null,"  Present value",null,null,{"$f":"NPV('Assumptions Dyn. Inv. Calc.'!E14,'Net Present Value Method'!F55:J55)","v":410.48674022514587}]
[]
[]
[]
[null,"  Financing plan II"]
[null,null,null,null,"t0","t1","t2","t3","t4","t5"]
[null,"  Investment",null,null,{"$f":"E27-E38","v":-1910.4867402251457},{"$f":"F27","v":380},{"$f":"G27","v":500},{"$f":"H27","v":500},{"$f":"I27","v":500},{"$f":"J27","v":700}]
[null,"  Loan",null,null,{"$f":"-E62","v":1910.4867402251457}]
[null,"  Loan at the beginning of the year",null,null,null,{"$f":"E67","v":1910.4867402251457},{"$f":"F67","v":1721.5354142476604},1393.6889556724263,1033.0578512396689,636.36363636363581]
[null,"  Interest payment",null,null,null,{"$f":"-((F63+F64)*'Assumptions Dyn. Inv. Calc.'!F14)","v":-191.04867402251458},{"$f":"-((G63+G64)*'Assumptions Dyn. Inv. Calc.'!G14)","v":-172.15354142476605},{"$f":"-((H63+H64)*'Assumptions Dyn. Inv. Calc.'!H14)","v":-139.36889556724265},{"$f":"-((I63+I64)*'Assumptions Dyn. Inv. Calc.'!I14)","v":-103.3057851239669},{"$f":"-((J63+J64)*'Assumptions Dyn. Inv. Calc.'!J14)","v":-63.636363636363583}]
[null,"  Repayment",null,null,null,{"$f":"IF(F64-F65>F62,-(F62+F65),-F64)","v":-188.95132597748542},{"$f":"IF(G64-G65>G62,-(G62+G65),-G64)","v":-327.84645857523395},{"$f":"IF(H64-H65>H62,-(H62+H65),-H64)","v":-360.63110443275735},{"$f":"IF(I64-I65>I62,-(I62+I65),-I64)","v":-396.69421487603313},{"$f":"IF(J64-J65>J62,-(J62+J65),-J64)","v":-636.36363636363581}]
[null,"  Loan at the end of the year",null,null,{"$f":"E63+E64+E66","v":1910.4867402251457},{"$f":"F63+F64+F66","v":1721.5354142476604},{"$f":"G64+G66","v":1393.6889556724263},1033.0578512396689,636.36363636363581,0]
[null,"  Profit",null,null,null,{"$f":"F62+F65+F66","v":0},{"$f":"G62+G65+G66","v":0},0,0,0]

{"sheet":"Internal Rate of Return","index":11,"n_rows":31,"n_cols":10,"rows_kept":31,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Internal Rate of Return "]
[]
[]
[null,"Financing plan I"]
[null,null,null,null,"t0","t1","t2","t3","t4","t5"]
[null,"  Cash flows from the investment",null,null,{"$f":"'Net Present Value Method'!E27","v":-1500},{"$f":"'Net Present Value Method'!F27","v":380},{"$f":"'Net Present Value Method'!G27","v":500},{"$f":"'Net Present Value Method'!H27","v":500},{"$f":"'Net Present Value Method'!I27","v":500},{"$f":"'Net Present Value Method'!J27","v":700}]
[null,"  Internal rate of return",null,null,{"$f":"IRR(E7:J7)","v":0.19322259571776179}]
[]
[]
[]
[]
[]
[null,"Alternative\nrate i","NPV"]
[null,null,{"$f":"E7+NPV(E8,F7:J7)","v":6.5779204305727035E-10}]
[null,0,1080]
[null,0.02,920.22885739455614]
[null,0.04,774.9119714753574]
[null,0.06,642.42598018625677]
[null,0.08,521.36054683468183]
[null,0.1,410.4867402251457]
[null,0.12000000000000001,308.73061517336464]
[null,0.14000000000000001,215.15105940645617]
[null,0.16,128.92115405138952]
[null,0.18,49.312438462802902]
[null,0.19999999999999998,-24.318415637859744]
[null,0.21999999999999997,-92.540924471796643]
[null,0.23999999999999996,-155.86043749603346]
[null,0.25999999999999995,-214.72637923611796]
[null,0.27999999999999997,-269.53931152820587]
[null,0.3,-320.65700134395229]

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[]
[null,"Annuity Method"]
[]
[]
[null,"Project analysis"]
[null,"  ",null,null,"t0","t1","t2","t3","t4","t5"]
[null,"  Year",null,null,{"$f":"'Assumptions Dyn. Inv. Calc.'!E4","v":0},{"$f":"'Assumptions Dyn. Inv. Calc.'!F4","v":1},{"$f":"'Assumptions Dyn. Inv. Calc.'!G4","v":2},{"$f":"'Assumptions Dyn. Inv. Calc.'!H4","v":3},{"$f":"'Assumptions Dyn. Inv. Calc.'!I4","v":4},{"$f":"'Assumptions Dyn. Inv. Calc.'!J4","v":5}]
[null,"  Discount rate",null,null,{"$f":"'Assumptions Dyn. Inv. Calc.'!E14","v":0.1},{"$f":"'Assumptions Dyn. Inv. Calc.'!F14","v":0.1},{"$f":"'Assumptions Dyn. Inv. Calc.'!G14","v":0.1},{"$f":"'Assumptions Dyn. Inv. Calc.'!H14","v":0.1},{"$f":"'Assumptions Dyn. Inv. Calc.'!I14","v":0.1},{"$f":"'Assumptions Dyn. Inv. Calc.'!J14","v":0.1}]
[null,"  Discount factors",null,null,{"$f":"1/(1+E8)^E7","v":1},{"$f":"1/(1+F8)^F7","v":0.90909090909090906},0.82644628099173545,0.75131480090157754,0.68301345536507052,0.62092132305915493]
[null,"  Cash flows from the investment",null,null,{"$f":"'Net Present Value Method'!E27","v":-1500},{"$f":"'Net Present Value Method'!F27","v":380},{"$f":"'Net Present Value Method'!G27","v":500},{"$f":"'Net Present Value Method'!H27","v":500},{"$f":"'Net Present Value Method'!I27","v":500},{"$f":"'Net Present Value Method'!J27","v":700}]
[null,"  Present values",null,null,{"$f":"E9*E10","v":-1500},{"$f":"F9*F10","v":345.45454545454544},413.22314049586771,375.65740045078877,341.50672768253526,434.64492614140846]
[]
[]
[null,"  Financing plan III"]
[null,null,null,null,"t0","t1","t2","t3","t4","t5"]
[null,"  Loan",null,null,{"$f":"'Assumptions Dyn. Inv. Calc.'!E5+'Assumptions Dyn. Inv. Calc.'!E8","v":1500}]
[null,"  Loan at the beginning of the year",null,null,null,{"$f":"E21","v":1500},{"$f":"F21","v":1254.3037788078818},984.03793549655188,686.74550785408894,359.72383744737971]
[null,"  Annuity AF",null,null,null,{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$14,'Assumptions Dyn. Inv. Calc.'!$E$7,-$E$16,0,0)","v":395.69622119211812},{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$14,'Assumptions Dyn. Inv. Calc.'!$E$7,-$E$16,0,0)","v":395.69622119211812},{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$14,'Assumptions Dyn. Inv. Calc.'!$E$7,-$E$16,0,0)","v":395.69622119211812},{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$14,'Assumptions Dyn. Inv. Calc.'!$E$7,-$E$16,0,0)","v":395.69622119211812},{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$14,'Assumptions Dyn. Inv. Calc.'!$E$7,-$E$16,0,0)","v":395.69622119211812}]
[null,"  Interest",null,null,null,{"$f":"F17*'Assumptions Dyn. Inv. Calc.'!F14","v":150},{"$f":"G17*'Assumptions Dyn. Inv. Calc.'!G14","v":125.43037788078819},{"$f":"H17*'Assumptions Dyn. Inv. Calc.'!H14","v":98.403793549655191},{"$f":"I17*'Assumptions Dyn. Inv. Calc.'!I14","v":68.674550785408897},{"$f":"J17*'Assumptions Dyn. Inv. Calc.'!J14","v":35.972383744737975}]
[null," Repayment",null,null,null,{"$f":"F18-F19","v":245.69622119211812},{"$f":"G18-G19","v":270.26584331132995},297.29242764246294,327.02167040670923,359.72383744738016]
[null,"  Loan at the end of the year",null,null,{"$f":"E16+E17-E20","v":1500},{"$f":"F16+F17-F20","v":1254.3037788078818},{"$f":"G16+G17-G20","v":984.03793549655188},686.74550785408894,359.72383744737971,-4.5474735088646412E-13]
[null,"  Annuity AI",null,null,null,{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$14,'Assumptions Dyn. Inv. Calc.'!$E$7,-SUM($F$11:$J$11),0,0)","v":503.98158916315862},{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$14,'Assumptions Dyn. Inv. Calc.'!$E$7,-SUM($F$11:$J$11),0,0)","v":503.98158916315862},{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$14,'Assumptions Dyn. Inv. Calc.'!$E$7,-SUM($F$11:$J$11),0,0)","v":503.98158916315862},{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$14,'Assumptions Dyn. Inv. Calc.'!$E$7,-SUM($F$11:$J$11),0,0)","v":503.98158916315862},{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$14,'Assumptions Dyn. Inv. Calc.'!$E$7,-SUM($F$11:$J$11),0,0)","v":503.98158916315862}]
[null,"  Profit = AI - AF",null,null,null,{"$f":"F22-F18","v":108.2853679710405},{"$f":"G22-G18","v":108.2853679710405},108.2853679710405,108.2853679710405,108.2853679710405]

{"sheet":"Comparison (2)","index":13,"n_rows":9,"n_cols":6,"rows_kept":9,"cut":false,"hidden":false,"merged":[[4,2,5,2],[4,3,5,3],[4,4,5,4],[4,5,5,5]]}
[]
[null,"Dynamic Methods of Investment Valuation"]
[]
[]
[null,"  Investments of different","Investment A","Investment B","Investment C","Decision"]
[null,"  volume and duration"]
[null,"  Present value",{"$f":"NPV('Assumptions Dyn. Inv. Calc.'!E25,'Assumptions Dyn. Inv. Calc.'!F22:H22)+'Assumptions Dyn. Inv. Calc.'!E22","v":40.796393688955618},{"$f":"NPV('Assumptions Dyn. Inv. Calc.'!E25,'Assumptions Dyn. Inv. Calc.'!F23:G23)+'Assumptions Dyn. Inv. Calc.'!E23","v":29.752066115702462},{"$f":"NPV('Assumptions Dyn. Inv. Calc.'!E25,'Assumptions Dyn. Inv. Calc.'!F24:H24)+'Assumptions Dyn. Inv. Calc.'!E24","v":24.342599549211116},{"$f":"INDEX($C$5:$E$6,1,MATCH(MAX(C7:E7),C7:E7,0))","v":"Investment A"}]
[null,"  Internal rate of return",{"$f":"IRR('Assumptions Dyn. Inv. Calc.'!E22:H22)","v":0.19437709962747851},{"$f":"IRR('Assumptions Dyn. Inv. Calc.'!E23:G23)","v":0.31046863561492688},{"$f":"IRR('Assumptions Dyn. Inv. Calc.'!E24:H24)","v":0.23375192852825655},{"$f":"INDEX($C$5:$E$6,1,MATCH(MAX(C8:E8),C8:E8,0))","v":"Investment B"}]
[null,"  Annuity",{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$25,'Assumptions Dyn. Inv. Calc.'!$H$21,-C7)","v":16.404833836857989},{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$25,'Assumptions Dyn. Inv. Calc.'!$H$21,-D7)","v":11.963746223564952},{"$f":"PMT('Assumptions Dyn. Inv. Calc.'!$E$25,'Assumptions Dyn. Inv. Calc.'!$H$21,-E7)","v":9.7885196374622367},"Investment A"]