Services United is considering a new project that requires an initial cash investment of $78,000. The project will generate cash inflows of $29,500, $32,700, $18,500, and $10,000 over each of the next four years, respectively. How long will it take to recover the initial investment

2.85 years

Explanation:

The time taken to recover initial investment is known as payback period. It is calculated in years. It is the time taken for the total inflows to be equal to the initial outflow.

Year               Inflow             Outflow        Balance

0                         -                   $78,000     ($78,000)

1                      $29,500               -             ($48,500)

2                     $32,700                -             ($15,800)

3                      $18,500                -               $2,700    

4                      $10,000                -              $12,700  

The fractional year

= 15800/18500

= 0.85

Period required = 2.85 years

(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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