Homework Answers
Solution a:
Cost of automobile hoist = Purchase cost + freight + Installation = $35,100 + $730 + $4,130 = $39,960
Annual cash inflows = 6*($71-$38-$14)*52 = $5,928
Cash payback period = Initial investment / Annual cash inflows = $39,960 / $5,928 = 6.74 years
Solution b:
Annual depreciation = (Cost - Salvage value) / useful life = ($39,960 - $3,760) / 8 = $4,525
Annual income = $5,928 - $4,525 = $1,403
Average investment = (Cost + Salvage value) / 2 = ($39,960 / $3,760)/2 = $21,860
Annual rate of return = Net income / average investment = $1,403 / $21,860 = 6.4%
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