NPV															
Project A		WACC	0.0582							Project B					
															
Year	0	1	2	3	4	5				Year	0	1	2	3	
Cash Flow	-90000	10000	17000	34000	41000	38000				Cash Flow	-10000	-2000	-2000	-2000	
					-30000		SUM			30 % Probability		2000	3000	7000	
NPV	-90000	9450.00945	15181.45536	28692.97933	8772.465247	28638.14018	735.0495728					600	900	2100	
										50% Probability		4000	6000	9000	
												2000	3000	4500	
										20% Probability		5000	7000	10000	
												1000	1400	2000	
															
										Sum of probable CF´s		3600	5300	8600	SUM
										NPV	-10000	1512.001512	2946.988394	5569.813634	28.8035404
															
								NPV(A)>NPV(B)		… Project A better					
															
Payback															
Year	0	1	2	3	4	5				Year	0	1	2	3	
DCF	-90000	9450.00945	15181.45536	28692.97933	8772.465247	28638.14018				DCF	-10000	1512.001512	2946.988394	5569.813634	
CDCF	-90000	-80549.99055	-65368.53519	-36675.55586	-27903.09061	735.0495728				CDCF	-10000	-8487.998488	-5541.010094	28.8035404	
															
					0.025666805								0.005171365		
															
					"  ==>Payback is 4 years and 10 days (0,025667*360=9,24005)"								  ==>Payback is 2 years and 2 days 		
															
					9.240049965								1.861691472		
															
								PB(B)>PB(B)		…Project B better (shorter time to get back invested sources)					
															
															
IRR															
Year	0	1	2	3	4	5				Year	0	1	2	3	
r1=	0.06									r1=	0.059				
r2=	0.063						SUM			r2=	0.06				SUM
NPV(r1)	-90000	9433.962264	15129.93948	28547.05562	8713.030296	28395.81057	219.798232			NPV(r1)	-10000	1510.859301	2942.537591	5557.200361	10.59725271
NPV(r2)	-90000	9407.337723	15044.66052	28306.04048	8615.086197	27997.3724	-629.5026782			NPV(r2)	-10000	1509.433962	2936.988252	5541.487268	-12.09051768
															
IRR	0.060776397									IRR	0.059467091				
															
Proof:															
	-90000	9427.057416	15107.79996	28484.41953	8687.549534	28292.04613	-1.127437646	this is approximation so we can take it as 			≈	NPV=0			
															
								IRR(A)>IRR(B)		…Project A better					
MIRR															
remaining years		4	3	2	1	0				remaining years		2	1	0	
year	0	1	2	3	4	5				year	0	1	2	3	
 +CF		10000	17000	34000	41000	38000	SUM			 +CF		3600	5300	8600	SUM
capitalization		12539.23463	20144.30058	38072.76616	43386.2	38000	152142.5014			capitalization		4031.234064	5608.46	8600	18239.69406
 -CF	-90000				-30000					 -CF	-10000	-2000	-2000	-2000	SUM
discounting	-90000				-23924.90522		113924.9052			discounting	-10000	-1890.00189	-1786.053572	-1687.822313	15363.87778
															
MIRR=	0.059562002									MIRR=	0.05886				
															
	  == > IRR>MIRR!										again IRR>MIRR