The following data is available for a company for the period 1985–89:

(Rs ‘000)

1985 1986 1987 1988 1989 NOPAT 235,029 270,140 281,950 296,642 362,744 Beginning capital 1,430,280 1,981,285 2,551,826 2,901,126 3,465,870 Long-term debt 1,013,967 2,152,208 2,577,134 1,546,824 3,255,236 Av. shares outstanding 46,970 49,840 51,905 52,670 52,272 Share price 58 66 44 49 45 Tax rate (percent) 45 46 34 34 34 T-bond rate (percent) 10.74 8.14 8.76 9.11 8.62 Yield on the company’s bond (percent) 12.19 10.37 10.55 10.75 10.35 Beta 1.35 1.3 1.15 1.10 1.10 Calculate EVA, cumulative annual EVA, and percentage change in cumulative EVA during 1985–89. If the book value of equity is $815,000 in 1985, calculate MVA.