CHAPTER 5
BULLOCK GOLD MINING
1. An example spreadsheet is:
2. Since the NPV of the mine is positive, the company should open the mine. We should note, it may be
3. There are many possible variations on the VBA code to calculate the payback period. Below is a
VBA program from http://www.vbaexpress.com/kb/getarticle.php?kb_id=252.
Function PAYBACK(invest, finflow)
Dim x As Double, v As Double
Do
x = x – v
v = finflow.Cells(i).Value
If x = v Then
PAYBACK = i
Exit Function
ElseIf x < v Then