Financial Analysis and Decision Making

The assignment is about the computation of IRR and NPV for two investment projects. The first project has a higher IRR (14.5%) than the second project (12.3%). However, the second project has a higher NPV ($1,432,000) compared to the first project ($1,222,000). The assignment also discusses the importance of considering both IRR and NPV when making investment decisions.

Table of Contents
Introduction......................................................................................................................................1
Task 1 Sources for collection of data..............................................................................................1
Plan for data collection through primary and secondary sources................................................1
Presentation of survey methodology and sampling frame used in data collection......................2
Questionnaire for collection of primary data...............................................................................2
Task 1 Sources for collection of data..............................................................................................4
Plan for data collection through primary and secondary sources................................................4
Presentation of survey methodology and sampling frame used in data collection......................5
Questionnaire for collection of primary data...............................................................................6
Task 2 Techniques for effective analysis of data.............................................................................8
Cumulative frequency graph........................................................................................................8
Analysis of data to draw valid conclusions.................................................................................9
Value of semi-interquartile range..............................................................................................10
Suitable calculations to draw realistic conclusion and valid recommendations........................11
Calculation of standard deviation and range.............................................................................12
Task 3 Business presentation and business report.........................................................................13
Information through Pie charts, line and bar graphs..................................................................13
Business presentation.................................................................................................................22
Formal business report...............................................................................................................22
Task 4.............................................................................................................................................23
Paths through the network.........................................................................................................23
Planning for the project by identifying critical path, PERT, Gantt Chart for implementing
business process.........................................................................................................................26
Task 5.............................................................................................................................................27
Computation of NPV of both projects.......................................................................................28
Computation of IRR of both projects........................................................................................30
Page 1 of 42

Payback of both projects............................................................................................................30
Explanation for selection of project...........................................................................................32
References......................................................................................................................................34
Page 2 of 42

List of Figures
Figure 1: Gantt chart........................................................................................................................6
Figure 2: Network diagram..............................................................................................................7
Page 3 of 42

List of Tables
Table 1: Activities of project...........................................................................................................5
Table 2: Information of available projects.......................................................................................8
Table 3: Computation of NPV of Project Fitz.................................................................................8
Table 4: Computation of NPV of Project Naushaba.......................................................................9
Table 5: Computation of IRR of project..........................................................................................9
Table 6: Cumulative inflow of project Fitz....................................................................................10
Table 7: Cumulative inflow of project Naushaba.........................................................................10
Page 4 of 42

INTRODUCTION
Decision making process is vital for all commercial entities as it directly affect their
opportunities of growth and success. In this process, viable option is selected from available
alternatives on the basis of statistical and financial analysis. For this purpose, appropriate data is
collected and evaluated to take better decisions. Present project report is focused to prepare
marketing research report of Marketing Supreme plc which is operating in Manchester. Report is
prepared for a client, World Wide Tobacco (WWT) to explain aspects of consumer behavior and
structure of market. For this purpose, primary and secondary data will be collected through
suitable sources. Further, range of techniques will be applied to analyze data effectively for
decision making. For timely completion of the project activities, Gantt chart will be prepared.
Capital appraisal techniques will be applied to reduce risk and probability of failure of project.
TASK 1 SOURCES FOR COLLECTION OF DATA
Plan for data collection through primary and secondary sources
Primary data
Primary data for the marketing products will be collected from customers of the entity.
For this purpose, questionnaire will be prepared for the consumers to determine their taste and
preferences (Johnson and Clark, 2006). Demographic factors will also be considered in this
questionnaire to assess responses of target groups. Further, consumption pattern will be analyzed
to form better strategies for production of tobacco products.
Secondary data
For the present survey, secondary data will be collected from online and published media.
Through secondary data, entity will be able to determine strategies used by competitors in
addition to their market share and revenues. Operational policies will be formed by Marketing
Supreme plc on the basis of secondary data (Newbold and et. al. 2009).
Presentation of survey methodology and sampling frame used in data collection
Survey methodology
5

For present research, primary data will be collected through survey methodology.
Therefore, survey will be conducted by Supreme plc and questionnaire will be prepared by
organization for the respondents of the survey to determine consumer preferences on E-
cigarettes. Primary data for the marketing of E-cigarettes' products will be collected from
customers of the entity.
Sampling frame
Data collection from primary sources will be done through technique of random
sampling. Sample size of 50 customers has been selected for the present research. Assessment of
respondents will be done randomly to prevent biasness in evaluation (Pech and Durden, 2003).
Further, each variable will have equal and fair chance to get selected for the data analysis.
Data validity
For data validity in present research, data will be collected through authentic and reliable
sources. Further, data will be assessed by authorized and qualified person. Data collected from
primary and secondary sources will be kept confidential for ethical purpose. Analysis and
interpretation will not be done one the basis of biasness or unjust factor (Weygandt and et. al.,
2009).
Questionnaire for collection of primary data
Name: ____________
Age: ______________
Gender: ___________
Email id: _______________________
 From how long have you used E-cigarettes products?
◦ _____ years
◦ ____ months
 What kind of tobacco products do you use?
◦ Cigarettes
6

◦ Smokeless products (chew or snuff)
◦ other (please specify) _______________
 How much do you spend on E-cigarettes products per day?
◦ Less than £10
◦ £10 to £20
◦ More than £20
 How often do you consume tobacco products?
◦ Once in a week
◦ Twice to thrice in a week
◦ Daily
 How much quantity due you consume per day?
◦ ___ Cigarettes (1 pack= 20 cigarettes)
◦ ___ Dips (Chew or snuff products)
 From where do you like to purchase tobacco products?
◦ Specialized shops
◦ Super markets
◦ Other (please specify) _________________
 With whom do you purchase E-cigarette products?
◦ Alone
◦ With family members
◦ With friends
◦ With a group Introduction
7

 Decision making process is vital for all commercial entities as it directly affect
their opportunities of growth and success. In this process, viable option is selected from
available alternatives on the basis of statistical and financial analysis. For this purpose,
appropriate data is collected and evaluated to take better decisions. Present project report
is focused to prepare marketing research report of Marketing Supreme plc which is
operating in Manchester. Report is prepared for a client, World Wide Tobacco (WWT) to
explain aspects of consumer behavior and structure of market. For this purpose, primary
and secondary data will be collected through suitable sources. Further, range of
techniques will be applied to analyze data effectively for decision making. For timely
completion of the project activities, Gantt chart will be prepared. Capital appraisal
techniques will be applied to reduce risk and probability of failure of project.
TASK 1 SOURCES FOR COLLECTION OF DATA
Plan for data collection through primary and secondary sources
 Primary data
 Primary data for the marketing products will be collected from customers of the
entity. For this purpose, questionnaire will be prepared for the consumers to determine
their taste and preferences (Johnson and Clark, 2006). Demographic factors will also be
considered in this questionnaire to assess responses of target groups. Further,
consumption pattern will be analyzed to form better strategies for production of tobacco
products.
 Secondary data
 For the present survey, secondary data will be collected from online and
published media. Through secondary data, entity will be able to determine strategies used
by competitors in addition to their market share and revenues. Operational policies will
be formed by Marketing Supreme plc on the basis of secondary data (Newbold and et. al.
2009).
Presentation of survey methodology and sampling frame used in data collection
 Survey methodology
8

 For present research, primary data will be collected through survey methodology.
Therefore, survey will be conducted by Supreme plc and questionnaire will be prepared
by organization for the respondents of the survey to determine consumer preferences on
E-cigarettes. Primary data for the marketing of E-cigarettes' products will be collected
from customers of the entity.
 Sampling frame
 Data collection from primary sources will be done through technique of random
sampling. Sample size of 50 customers has been selected for the present research.
Assessment of respondents will be done randomly to prevent biasness in evaluation (Pech
and Durden, 2003). Further, each variable will have equal and fair chance to get selected
for the data analysis.
 Data validity
 For data validity in present research, data will be collected through authentic and
reliable sources. Further, data will be assessed by authorized and qualified person. Data
collected from primary and secondary sources will be kept confidential for ethical
purpose. Analysis and interpretation will not be done one the basis of biasness or unjust
factor (Weygandt and et. al., 2009).
Questionnaire for collection of primary data
 Name: ____________
 Age: ______________
 Gender: ___________
 Email id: _______________________
 From how long have you used E-cigarettes products?
◦ _____ years
◦ ____ months
 What kind of tobacco products do you use?
9

◦ Cigarettes
◦ Smokeless products (chew or snuff)
◦ other (please specify) _______________
 How much do you spend on E-cigarettes products per day?
◦ Less than £10
◦ £10 to £20
◦ More than £20
 How often do you consume tobacco products?
◦ Once in a week
◦ Twice to thrice in a week
◦ Daily
 How much quantity due you consume per day?
◦ ___ Cigarettes (1 pack= 20 cigarettes)
◦ ___ Dips (Chew or snuff products)
 From where do you like to purchase tobacco products?
◦ Specialized shops
◦ Super markets
 How much do you spend on tobacco products in a month?
◦ Less than £150
◦ £150 to £300
◦ More than £300
 What social or cultural issues faced by you during consumption of tobacco products?
10

______________________________________________________________________________
________________________________________________________________
Secondary data for the research
In present era, industry of E-cigarettes has hampered growth in the valuation of market of
smoking cessation. It is great alternative to smoking and most of the consumer use it to quit
smoking or to reduce consumption of smoking. It is innovative nicotine product and it helps to
reduce adverse impact on health (Rice, 2007). Major competitors in industry of E-cigarette are
AW, boge, Cloupor ®, Imperial Tobacco Group plc and British American Tobacco. Majority of
the market share is covered by these entities. Average earning of these entities is approximately
£24.3 billion. Hybrid strategy of traditional and modern techniques is used for marketing by
these companies. They had created pages to promote their products. By these techniques
companies can reach to large audience with minimum cost and time.
TASK 2 TECHNIQUES FOR EFFECTIVE ANALYSIS OF DATA
Cumulative frequency graph
Age Group
Population
(in millions)
Cumulative
frequency
Under 10 9 9
10 to 20 8 17
20-30 7 24
30-40 7 31
40-50 7 38
50-60 7 45
11

60-70 5 50
70-80 3 53
80-100 1 54
Analysis of data to draw valid conclusions
X F CF XF
0-10 5 9 9 45
10-20 15 8 17 120
20-30 25 7 24 175
30-40 35 7 31 245
40-50 45 7 38 315
50-60 55 7 45 385
60-70 65 5 50 325
12
0 1 2 3 4 5 6 7 8 9 10
0
10
20
30
40
50
60
Figure 1: Cumulative frequency graph

70-80 75 3 53 225
80-100 90 1 54 90
54 1925
Mean 35
Median 8
Mode 7
Mean is computed by considering submission of frequency and variable. Median and mode is
computed by considering positions of the variables. Computation of lower and upper quartile is
also done on the basis of positions of variables (Schraeder and Morrison, 2005).
Value of semi-interquartile range
Semi interquartile range=(Q3−Q1)/2
=55-45/2
5
Q1= (N+1th )/4 item
= (54+1)/4
=13.75 item =45
Q1= 3(N+1th )/4 item
=3 (54+1)/4
13

=41.25th item= 55
Suitable calculations to draw realistic conclusion and valid recommendations
Quartile and percentile
Percentile and quartile can be defined as the value of variable on the basis of its position
in population. Precise segregation of data size can be done through the computation of quartile
and percentile.
Correlation and coefficient
Correlation and coefficient is computed to define relationship between two or more
variables on the basis of its dependency. Relationship between variable can be positive or
negative. Positive relationship shows similar pattern in increase or decrease of variables while
negative relationship shows adverse pattern (Clark, 2012). Through the computation of
correlation and coefficient company can analyze two affected factors such as sales and
distribution expenses. If sales is not increased by increase in distribution expenses then entity
should modify their strategies to earn better profits.
Recommendation
From the above computation and analysis it can be said that company should make their
decisions after proper analysis through applying statistical techniques. Through this tools they
will be able to evaluate critical factors for making better decisions for business. In addition to
this, precise segregation can be done by organization by using tool of quartile and percentile
(Cohen and et. al., 2013). To create effective strategies and to asses existing strategies tool of
correlation and coefficient can be used by management.
Calculation of standard deviation and range
Standard deviation
Standard deviation of the data size shows variation between figures of central tendency
and other variables. From the basis of standard deviation fluctuation of data series is defined.
Formula of standard deviation is-
14

X X2 F FX2
5 25 9 225
15 225 8 1800
25 625 7 4375
35 1225 7 8575
45 2025 7 14175
55 3025 7 21175
65 4225 5 21125
75 5625 3 16875
90 8100 1 8100
54 96425
=SQRT((96425/54)-(1925/54)2)
=28.81
Standard deviation of present data size is 28.81. It is comparative low which represents
lower fluctuation in the present data size.
Range
Range can be defined as difference between lowest and highest value of the population. It
represents gap between data series (Correia, and et.al., 2012). From the computation of the range
of present data size it can be noticed that gap between highest and lowest variable is of 100.
R ange= h ig h est va lue − lo w est va lue
¿ 100− 0
15

100
TASK 3 BUSINESS PRESENTATION AND BUSINESS REPORT
Information through Pie charts, line and bar graphs
Revenue Net profit
2009-10 28173 1505
2010-11 29223 1796
2011-12 28574 678
2012-13 28269 937
2013-14 26625 1422
Table 1: Revenue and net profit of Imperial Tobacco Group PLC ADR
Revenue Net profit
2009-10 14208 2713
2010-11 14883 2879
2011-12 15399 3095
2012-13 15190 3841
2013-14 15260 3904
Table 2: Revenue and net profit of British American Tobacco PLC ADR
16

17
2009-10 2010-11 2011-12 2012-13 2013-14
25000
25500
26000
26500
27000
27500
28000
28500
29000
29500
Figure 2: Histogram of revenue of Imperial Tobacco Group PLC ADR

18
2009-10 2010-11 2011-12 2012-13 2013-14
13600
13800
14000
14200
14400
14600
14800
15000
15200
15400
15600
Figure 3: Histogram of revenue of British American Tobacco PLC ADR
2009-10 2010-11 2011-12 2012-13 2013-14
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Figure 4: Histogram of profits of Imperial Tobacco Group PLC ADR

19
2009-10 2010-11 2011-12 2012-13 2013-14
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Figure 5 Histogram of profits of British American Tobacco PLC ADR

20
2009-10 2010-11 2011-12 2012-13 2013-14
25000
25500
26000
26500
27000
27500
28000
28500
29000
29500
Figure 6: Trend line of revenues of Imperial Tobacco Group PLC ADR

21
2009-10 2010-11 2011-12 2012-13 2013-14
13600
13800
14000
14200
14400
14600
14800
15000
15200
15400
15600
Figure 7: Trend line of revenues of British American Tobacco PLC ADR

22
2009-10 2010-11 2011-12 2012-13 2013-14
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Figure 8: Trend line of profits of Imperial Tobacco Group PLC ADR

3.3 Business presentation
23
2009-10 2010-11 2011-12 2012-13 2013-14
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Figure 9: Trend line of profits of British American Tobacco PLC
ADR

24

25

26

27

28

29

30

Formal business report
REPORT ON MARKET RESEARCH
To: Board of Directors
From: Financial department
Status: Confidential
Date: 31st December 2014
INTRODUCTION
Present report represents description of risk and return in the Tobacco industry. Report will
include description about market competitions, risks, opportunities and available opportunities.
METHOD
In order to conclude justified findings, data will considered from both primary and secondary
sources.
FINDINGS
From the figures of the company financial performance of the entity can be determined. Figures
of Imperial Tobacco Group PLC ADR shows fluctuating trend but still they had maintained
stability in figures of sales. There is significant reduction in the profit of the years.
Comparatively revenue of British American Tobacco PLC ADR is less than the Imperial
Tobacco Group PLC ADR but their profit is higher.
CONCLUSION
Thus from above figures and trend lines it can be said that performance of British
American Tobacco PLC ADR than Imperial Tobacco Group PLC ADR due to higher returns.
They had made better utilization of resources to achieve objectives of the entity.
31

TASK 4
Paths through the network
Critical path is prepared to for the planning of project activities. Main objective of critical
path is timely completion of project without any risk or possible failure (Kotzab and et.al., 2011).
For this purpose table of activities is prepared along with the preceding activity and its duration.
On the basis of it network diagram is prepared.
Renovation of block of flats is comprises of following activities-
Activity Preceding
Activity
Duration (weeks)
A: Replacement of
windows in lounges
5
B: Process of rewiring 4
C: Re-plaster walls of
the lounges
A 2
D: Fitting of lights in
lounges
B 1
E: Decoration of
bedrooms
B 5
F: Installation of
plumbing
B 5
32

G: Decoration of
lounges
C, D 4
H: Decoration of
kitchens
F 3
I: Decoration of
bathrooms
F 2
Table 3: Activities of project
Task
Activity
Early Start
(In weeks)
Early Finish
(In weeks)
Late
Start Late Finish Slack
1 A 0 5 1 6 1
2 B 0 4 0 4 0
3 C 5 7 6 8 1
4 D 4 5 7 8 3
5 E 4 9 7 12 3
6 F 4 9 4 9 0
7 G 7 11 8 12 1
8 H 9 12 9 12 0
9 I 9 11 10 12 1
Project 12 weeks
33

Planning for the project by identifying critical path, PERT, Gantt Chart for implementing
business process
34
Figure 11: Network diagram
Figure 10: Gantt chart

From the above computation it can be noticed that project of renovation of block of flat will
be completed in 12 weeks (Kaplowitz, Hadlock, and Levine, 2004). In this time period all project
activities are included. Present critical path will be used as guideline for the implementation of
project. Standards and benchmarks will be established for the timely completion of project
activities.
Duration of Critical Path: 2 – 6 – 8: B – F – H: 5 weeks + 4 weeks + 3 weeks = 12 weeks
TASK 5
Play The Game Plc is producer of equipment of sports. They are planning to invest is
automated processes. For this purpose entity has two option to invest i.e. Fitz and Naushaba.
Through the investment in automated processes company will be able to save the cost of existing
processes however there will be increase in staffing cost. Inflow and outflow of these projects is
as follow-
Imperial Tobacco Naushaba in £
35

Group plcFitz in £
Initial investment -40000 -50000
Year 1 16000 17000
Year 2 16000 17000
Year 3 16000 17000
Year 4 12000 17000
Table 4: Information of available projects
Investment appraisal techniques will be applied on the information of given projects for the
selection of the best suitable project.
Computation of NPV of both projects
Net present value
It is most appropriate method of project assessment because it covers all the criteria for
the evaluation. In this method net present value of project is calculated by considering time value
of money. Further net inflow is summed up and computed amount is reduced by initial
investment of the project (Present Value, 2012). Positive NPV represents profit earned from the
project after considering pv factor. If both available project has positive NPV than project with
higher NPV should be selected for better profitability.
Inflow (£) PV factor (14%) Net inflow
Year 1 16000 0.877 14032
Year 2 16000 0.769 12304
Year 3 16000 0.675 10800
Year 4 12000 0.592 7104
Total inflow 44240
36

Less: Outflow -40000
Net present value of
the project 4240
Table 5: Computation of NPV of Project Fitz
Inflow PV factor (14%) Net inflow
Year 1 17000 0.877 14909
Year 2 17000 0.769 13073
Year 3 17000 0.675 11475
Year 4 17000 0.592 10064
Total inflow 49521
Less: Outflow -50000
Net present value of
the project -479
Table 6: Computation of NPV of Project Naushaba
From the calculation of NPV of both automated processes it can be noticed that present
value of process Fitz is £ 2561.72 and of process Naushaba is £ 7569.07.
Computation of IRR of both projects
Internal rate of return
IRR of the project defines its profitability and cash inflow. This method does not consider
time value of money. Higher rate of internal represents opportunity of high profitability. It is also
known as economic rate of return (Internal rate of return, 2011). This technique can be used for
37

the ranking of the different project to describe preference in investment. If all other factors are
similar then project with the higher IRR should be selected to earn better returns.
Fitz Naushaba
Initial investment -40000 -50000
Inflow of year 1 16000 17000
Inflow of year 2 16000 17000
Inflow of year 3 16000 17000
Inflow of year 4 12000 17000
IRR of projects 19.30% 13.54%
Table 7: Computation of IRR of project
From the above computation of IRR of both the automated processes it can be said that
return of Project Fitz is higher by approximately 6%. Difference between return of both the
projects is significant to affect the decision of business.
Payback of both projects
Payback period
Payback period is computed by the entity to determine the time duration in which
company will be able to recover their amount of investment. Project with comparatively lower
pay back period will be suitable for the entity because there will possibility of higher returns in
post payback period.
Inflow of Fitz
Cumulative
inflow
Initial investment -40000 -40000
Inflow of year 1 16000 -24000
38

Inflow of year 2 16000 -8000
Inflow of year 3 16000 8000
Inflow of year 4 12000 20000
Table 8: Cumulative inflow of project Fitz
Pay pack period=last completed year +(remaining amount of investment /inflow of next year)
Pay back period of Project Fitz=2+(8000/16000)
pay back period = 2.5 years
Inflow of
Naushaba
Cumulative
inflow
Initial investment -40000 -50000
Inflow of year 1 17000 -33000
Inflow of year 2 17000 -16000
Inflow of year 3 17000 1000
Inflow of year 4 17000 18000
Table 9: Cumulative inflow of project Naushaba
Pay pack period=last completed year +(remaining amount of investment /inflow of next year)
Pay back period of Project Naushaba=2+(16000/17000)
pay back period = 2.9 years
Computation of payback period of automated process shows that investment in Fitz is
recoverable comparatively earlier (Degu and Yigzaw, 2006).
39

Explanation for selection of project
Contradictory results are generated by techniques of capital appraisal. Project Naushaba
has higher NPV but project Fitz has higher IRR and lower pay back period. However it should be
noticed that amount of initial investment is different in both the projects. IRR and payback
period is favorable because it requires less amount of initial investment. Thus by considering all
the described factors, Play The Game Plc should select automated process of Naushaba as it
more cost effective and generating better returns.
CONCLUSION
From the present project report it can be concluded that process of decision making is
vital for the commercial entities because it directly affects their scope of growth and success.
Entities should assess data from both primary and secondary sources to make viable decisions for
the business. Collected data should be analyzed by statistical and financial techniques to reduce
risk in investment. Critical path will be used as guideline for the execution of project activities.
Further on the basis of it standards and benchmarks will be established for the timely completion
of project activities. Graphical and statistical tools should be used by management for better
presentation of data analysis.
REFERENCES
Books and journals
Clark, W., 2012. The Gantt Chart; A Working Tool of Management. General Books.
Cohen, J. and et. al., 2013. Applied Multiple Regression/ Correlation Analysis for the Behavioral
Sciences. Routledge.
Correia, C. and et.al., 2012. Financial Management. Juta and Company Ltd,
Johnson, P. and Clark, M., 2006. Business and management research methodologies –Vols. 1-6,
London: Sage Publications.
40

Kaplowitz,. D.M., Hadlock, D. T. and Levine, R., 2004. A Comparison of Web and Mail Survey
Response Rates. Public Opinion Quarterly. 68 (1). pp.94-101.
Kotzab, H., et.al., 2011. Environmental retail supply chains: when global Goliaths become
environmental Davids. International Journal of Retail & Distribution Management. 39(9).
pp.658 – 681.
Montier, J., 2010. Value Investing: Tools and Techniques for Intelligent Investment. John Wiley
& Sons
Newbold, P., et. al. 2009. Statistics for Business and Economics. Pearson Education.
Pech, R. J., and Durden, G., 2003. Management Decision. Manoeuvre warfare: a new military
paradigm for business decision making. Vol. 41 Iss: 2, pp.168 – 179.
Rice, A. J. 2007. Mathematical Statistics and Data Analysis. Cengage Learning.
Schraeder, M. and Morrison, R, 2005. Commander's evaluation in the context of business
decision-making: a multi-perspective approach. Development and Learning in
Organizations, 19 (4). pp.14 – 16.
Weygandt, J.J. and et. al., 2009. Managerial Accounting: Tools for Business Decision Making.
Managerial Accounting: Tools for Business Decision Making.
Online
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Degu, G. and Yigzaw, T., 2006. Research Methedology. [pdf]. Available through:
<http://www.cartercenter.org/resources/pdfs/health/ephti/library/lecture_notes/
health_science_students/ln_research_method_final.pdf>. [Accessed on 9th February,
2015].
Internal rate of return. 2011. [Online]. Available through:
<http://www.princeton.edu/~achaney/tmve/wiki100k/docs/Internal_rate_of_return.html>
[Accessed on 9th February, 2015].
Present Value. 2012. [Online]. Available through: <http://www.mathsisfun.com/money/net-
present-value.>. [Accessed on 9th February, 2015].
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