The Martian Corporation, a space vehicle development company, is starting a new division that will develop the next-generation launch missile engine configuration. Use a hand application of the MIRR method to determine the EROR for the estimated net cash flows (in $1000 units) of $-50,000 in year 0, $11,000 in years 1 through 8, and $-3,000 in year 9. Assume a borrowing rate of 11% and an investment rate of 28% per year.

21.77%

Explanation:

       Year          Cashflows

1          0              $ - 50,000

2         1                $ 11,000

3         2                $ 11,000

4         3                $ 11,000

5         4               $ 11,000

6         5               $ 11,000

7         6               $ 11,000

8         7               $ 11,000

9         8               $ 11,000

10        9                $ 3,000

Borrowing Rate = 11%  = 0.11

Investment rate = 28% = 0.28

To calculate the PW(expense) and FW(revenue); we go by the formula:

$ 312061.0443

To calculate MIRR; we use the formula:

1+ MIRR =

1+ MIRR =

1+ MIRR = 1.2177

MIRR = 1.2177- 1

MIRR = 0.2177

MIRR = 21.77%

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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