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Courier Express, Inc., is considering the purchase of an additional delivery vehicle for $48,000 on January 1, 2012. The truck is expected to have a five-year life with an expected residual value of $12,000 at the end of five years. The expected additional revenues from the added delivery capacity are anticipated to be $62,000 per year for each of the next five years. A driver will cost $45,000 in 2012, with an expected annual salary increase of $2,000 for each year thereafter. The insurance for the truck is estimated to cost $3,000 per year. Present Value of $1 at Compound Interest Year 6% 10% 12% 15% 20% 1 0.943 0.909 0.893 0.870 0.833 2 0.890 0.826 0.797 0.756 0.694 3 0.840 0.751 0.712 0.658 0.579 4 0.792 0.683 0.636 0.572 0.482 5 0.747 0.621 0.567 0.497 0.402 6 0.705 0.564 0.507 0.432 0.335 7 0.665 0.513 0.452 0.376 0.279 8 0.627 0.467 0.404 0.327 0.233 9 0.592 0.424 0.361 0.284 0.194 10 0.558 0.386 0.322 0.247 0.162 a. Determine the expected annual net cash flows from the delivery truck investment for 2012-2016. Annual Net Cash Flow 2012 $ 2013 $ 2014 $ 2015 $ 2016 $ b. Calculate the net present value of the investment, assuming that the minimum desired rate of return is 12%. (If required, round to the nearest dollar.) Use the table of the present value of $1 presented above. If required, use the minus sign to indicate a negative net present value. Present value of annual net cash flow: $ Less investment: $ Net present value: $
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