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CHAPTER 9
BULLOCK GOLD MINING
1. An example spreadsheet is:
Note, there is no Excel function to directly calculate the payback period. We used “If” statements in
our spreadsheet. The IF statement we used is:
=IF(-D8>(D9+D10+D11+D12+D13+D14),"Greater than 6 years",IF(-
D8>(D9+D10+D11+D12+D13),(5+(-D8-D9-D10-D11-D12-D13)/D14),IF(-
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
Function PAYBACK(invest, finflow)
Do
x = x - v
v = finflow.Cells(i).Value
ElseIf x < v Then
P = i - 1
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