BULLOCK GOLD MINING
BULLOCK GOLD MINING
Seth Bullock, the owner of Bullock Gold Mining, is evaluating a new gold mine in SouthDakota. Dan Dority, the company’s geologist, has just finished his analysis of the minesite. He has estimated that the mine would be productive for eight years, after whichthe gold would be completely mined. Dan has taken an estimate of the gold deposits toAlma Garrett, the company’s financial officer. Alma has been asked by Seth to performan analysis of the new mine and present her recommendation on whether the companyshould open the new mine.Alma has used the estimates provided by Dan to determine the revenues that could beexpected from the mine. She has also projected the expense of opening the mine and theannual operating expenses. If the company opens the mine, it will cost $750 million today,and it will have a cash outflow of $75 million nine years from today in costs associatedwith closing the mine and reclaiming the area surrounding it. The expected cash flowseach year from the mine are shown in the following table. Bullock Mining has a 12 percentrequired return on all of its gold mines.
塞斯·布洛克，布洛克黃金礦業的老闆，正在評估一個新的金礦SouthDakota。丹Dority，公司的地質學家，剛剛完成了他的minesite分析。他估計，該礦將是富有成效的八年，後whichthe金將完全開採。丹採取的金礦toAlma加勒特，公司的財務人員的估計。阿爾瑪一直問塞斯performan新礦的分析並提出了建議，對companyshould是否打開新mine.Alma採用了丹所提供的估計數字，以確定可能beexpected從礦山的收入。她還預計開礦山，每年提取的營運開支的費用。如果公司開礦山，這將花費7.5億美元的今天，它會從今天75000000美元九年現金流出associatedwith關閉礦山復墾周圍的地區成本。 flowseach每年從礦山列於下表中的預計現金。布洛克礦業對所有的金礦有12 percentrequired回報。 1. Construct a spreadsheet to calculate the payback period, internal rate of return, modi-fied internal rate of return, and net present value of the proposed mine.
1，構造一個電子表格來計算投資回收期，內部收益率，修改過的內部收益率和淨現值。
2. Based on your analysis, should the company open the mine?
2根據您的分析，公司應該開啟礦嗎？
3. Bonus question: Most spreadsheets do not have a built-in formula to calculate the pay-back period. Write a VBA script that calculates the payback period for a project
3獎金問題： 多數報表沒有一個固定慣例計算回收期。
Seth Bullock, the owner of Bullock Gold Mining, is evaluating a new gold mine in SouthDakota. Dan Dority, the company’s geologist, has just finished his analysis of the minesite. He has estimated that the mine would be productive for eight years, after whichthe gold would be completely mined. Dan has taken an estimate of the gold deposits toAlma Garrett, the company’s financial officer. Alma has been asked by Seth to performan analysis of the new mine and present her recommendation on whether the companyshould open the new mine.Alma has used the estimates provided by Dan to determine the revenues that could beexpected from the mine. She has also projected the expense of opening the mine and theannual operating expenses. If the company opens the mine, it will cost $750 million today,and it will have a cash outflow of $75 million nine years from today in costs associatedwith closing the mine and reclaiming the area surrounding it. The expected cash flowseach year from the mine are shown in the following table. Bullock Mining has a 12 percentrequired return on all of its gold mines.
塞斯·布洛克，布洛克黃金礦業的老闆，正在評估一個新的金礦SouthDakota。丹Dority，公司的地質學家，剛剛完成了他的minesite分析。他估計，該礦將是富有成效的八年，後whichthe金將完全開採。丹採取的金礦toAlma加勒特，公司的財務人員的估計。阿爾瑪一直問塞斯performan新礦的分析並提出了建議，對companyshould是否打開新mine.Alma採用了丹所提供的估計數字，以確定可能beexpected從礦山的收入。她還預計開礦山，每年提取的營運開支的費用。如果公司開礦山，這將花費7.5億美元的今天，它會從今天75000000美元九年現金流出associatedwith關閉礦山復墾周圍的地區成本。 flowseach每年從礦山列於下表中的預計現金。布洛克礦業對所有的金礦有12 percentrequired回報。 1. Construct a spreadsheet to calculate the payback period, internal rate of return, modi-fied internal rate of return, and net present value of the proposed mine.
1，構造一個電子表格來計算投資回收期，內部收益率，修改過的內部收益率和淨現值。
2. Based on your analysis, should the company open the mine?
2根據您的分析，公司應該開啟礦嗎？
3. Bonus question: Most spreadsheets do not have a built-in formula to calculate the pay-back period. Write a VBA script that calculates the payback period for a project
3獎金問題： 多數報表沒有一個固定慣例計算回收期。