1. Excel-finish the buy tab

2. Write-up- add recommendations, graphs, edit, and include NPV table.

Case # 7 AMG, Inc. & Forsythe Solutions: Leave vs. Buy Decisions Case Study Recommendations Finance 6996 Date: April 10, 2017 Overview Adam Stolz is the new controller and was in charge of a small team that analyzes the financial options of IT projects that are estimated over $1 million. Adam works directly with the Information Technology director, Brad Steiner. AMG is currently evaluating various projects on how to finance the acquisition of new personal computers. The recommendation is due to the CFO and CIO in four days. The IT department was in need of 7,542 new computers. These computers would be distributed to various locations over the period of twelve months. Each computer is expected to cost $1,000. This would be for $750 for hardware and $250 for hardware. The entire requirement would would the company over $7.5 million dollars in technology financing. Adam needs to do the financial analysis in order to determine if the company should lease the computers or just buy them. In 2001, AMG had $22 billion in revenue. It was a fortune 500 company. The company was broken into six main business units: credit cards, personal loans, home loans, insurance, savings and brokerage. They did much of their business by loaning to individuals and small businesses. Their strategy was to be a full service financial company for individuals and small businesses. AMG has operations in over twenty different locations inside the United States, as well as, most major countries worldwide. The company has an average weighted average cost of capital of 15% and a corporate tax rate of 34%. Its fiscal year begins January 1. Forsythe Forsythe is a technology company that sells and leases computers. The company was founded in 1970 by Rick Forsythe and Jim McArthur. By 1971, they had four customers. In 1971, the company bought an IBM 360 Model 30 from Comdisco and then sold the to a subsidiary of Champion International. They then bought an IBM 360 Model 50 and leased it to National Can. By 1971, the company had grown to have twenty employees. Forsythe then bought McArthers half of the company. In the mid-eighties, the company implemented a strategy too triple its earnings by 1990. In the following years, the company moved its headquarters to Skokie, Illinois and opened five more offices. In 1989 ad 1990 Forsythe received the top rating from the Gartner Groups IBM Large Computer Market service survey. Also, the company received the Spirit of Excellence award from the Computer dealers and lessors association. During that time, Forsythe grew by 30%, and opened its Western Headquarters in San Francisco. During the nineties, the company made partnerships with many technology manufacturers and was able to redefine itself and a valueadded reseller. Technology consulting was also added to the companies services. The company was then reorganized. Sales, distribution and consulting was down under the name of Forsythe Solutions Group and Forsythe Technology was established as the parent company. Forsythe McArthur would handle the financing and leasing for the company. Forsythe Technology continued to grow and had revenue of $631 million in 2000. In 2006, after 30 years of business, Forsythe had 2,500 customers and close to 600 employees. It continues to be a market leader of the industry. AMG Rollout Schedule AMG currently has a mix or PC's that are leased and purchased. Moving forward, AMG was to consolidate all PC's to either a lease or purchase. The company currently plans to acquire 7,542 new PC's to be distributed to eight different locations. Due to limited IT support for the how PC's, the new computers are to be rolled out in different phases. The first phase was to begin in March. If these computers were to be leased, the lease would begin the next month in April. If they were to be bought, they would be purchased in March. Depreciation and Salvage Value. The depreciation for hardware is scheduled by US government tax come of having a depreciable life of five years. The modified accelerated cost recovery system will be used. The cost of disposing the PC's after the five years is $50 per computer. This figure is implemented by the Environmental Protection Agency due to the mercury used in the monitors. However, AMG has another option to sell the computers to employees for $50 each. Historically, AMG has sold about 20% of its computers to employees. Software has a useful life of five years and is depreciated on a straight-line method. It has no salvage value at the end of its life and cannot be sold or easily transferred. Lease Quotes AMG has on option to lease the computers for either 24-months or 36-months. Each options can either be billed monthly or quarterly for the number of PC's on lease. If the quarterly takedown option is used, all computers leased during that quarter are on a singlelease contract. Forsythe will charge a prorated fee determined by how long the computers have been out on lease at the end of the quarter. AMG will receive all computers that will be on lease on the first day of the quarter. Also, AMG can choose if they want to pursue a rolling or conterminous lease. A rolling lease would begin the terms of the lease with the computers are received by AMG per individual computer. A coterminous lease would have the lease of all computers ending on the same date regardless of when AMG took possession. AMG must choose between off of the leasing options against purchasing the PC's. Lease vs. Buy The lease terms were determined by a bank at evaluated AMG's credit and leverage ability. Equity insertion for the 24-month deal is 10.1 % and zero for the 36 months lease. The cost of capital was determined to be as follows. 36-month hardware at 8%. 36-month software at 12%. 24-month hardware at 7%. 24-month software at 11%. The estimated value of the computers after 24-months is $150 per computer and zero value after 36-months. Additionally, the CFO wants to keep the transaction off of the balance sheet. Recommendation Appendix NPV after tax $ $ 20,627 11,350 4,128,488 After tax deduction $ NPV after tax $ $ 19,262 $ 40,257 $ 53,177 $ 58,728 $ 60,069 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 81,683 $ 86,456 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 105,245 9 Nov 1891 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 10 Dec 660 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2003 $ 157,113 $ 175,216 11 Jan 194 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Apr May Jun Jul Aug Sep Oct Nov Dec Jan 29,186 $ 60,995 $ 80,571 $ 88,982 $ 91,014 $ 123,763 $ 130,994 $ 159,462 $ 238,050 $ 265,479 $ $ $ $ $ $ $ $ $ $ $ 6 Aug 788 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 - 8 Oct 685 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 10 Dec 660 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 199,545 13 Mar $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2003 $ 206,861 $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Apr $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 11 Jan 194 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 May $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 15 May $ 180,537 14 Apr $ 175,216 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Mar $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 157,113 9 Nov 1891 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 12 Feb 960 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 Feb 302,341 $ 105,245 Mar 17,197 $ 6,255,284 $ $ $ $ $ $ $ $ 5 Jul 176 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 - 7 Sep 174 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 - $ 86,456 3 May 991 17,197 6,616 5,372 2,067 29,743 - 42.9% 7542 81,683 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2 Apr 179 17,197 6,616 5,372 - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1 Mar 573 17,197 $ $ $ $ 2002 $ $ $ $ $ $ $ $ $ $ $ $ $ 8 Oct 685 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 19.1% 4 Jun 271 17,197 6,616 5,372 2,067 29,743 11,442 8,133 - $ 60,069 Total PCs in Year 1: $ 55,242 15.1% $ 47,809 $ $ $ $ $ $ $ $ $ $ 7 Sep 174 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 7.6% Total NPV $ Cash outflow $ Total desktops/month Month 1 HW $ SW $ Month 2 HW SW Month 3 HW SW Month 4 HW SW Month 5 HW SW Month 6 HW SW Month 7 HW SW Month 8 HW SW Month 9 HW SW Month 10 HW SW Month 11 HW SW Month 12 HW SW 15,717 3,084,561 After tax deduction $ 36-Month Leaseline Cash Outflow Assume purchase software & lease hardware Co-Terminous Lease 4,673,577 $ $ $ $ $ $ $ $ 6 Aug 788 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 16 Jun $ 206,861 13 Mar 17 Jul $ 206,861 14 Apr 18 Aug $ 206,861 $ 206,861 $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Oct $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 20 Oct $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Sep $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 15 May 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 May $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 19 Sep $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Apr $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Aug $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Mar $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jul $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 206,861 12 Feb 960 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Feb 313,425 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jun $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Apr May Jun Jul Aug Sep Oct Nov Dec Jan 31,252 $ 72,437 $ 83,700 $ 91,014 $ 123,763 $ 130,994 $ 159,462 $ 238,050 $ 265,479 $ 273,541 $ $ $ $ $ $ $ 5 Jul 176 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 2002 Mar 23,813 $ Total NPV $ Cash outflow $ Total desktops/month Month 1 HW $ SW $ Month 2 HW SW Month 3 HW SW Month 4 HW SW Month 5 HW SW Month 6 HW SW Month 7 HW SW Month 8 HW SW Month 9 HW SW Month 10 HW SW Month 11 HW SW Month 12 HW SW 4 Jun 271 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 3 May 991 17,197 6,616 5,372 2,067 29,743 11,442 7542 42.9% 2 Apr 179 17,197 6,616 5,372 2,067 Total PCs in Year 1: 1 Mar 573 17,197 $ 6,616 $ $ $ 15.1% 19.1% 7.6% 24-Month Leaseline Cash Outflow Assume purchase software & lease hardware Co-Terminous Lease $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Nov $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 21 Nov $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jun $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 16 Jun $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Dec 313,425 22 Dec $ 206,861 23 Jan $ 206,861 19 Sep 24 Feb 2004 $ 206,861 20 Oct 25 Mar $ 206,861 21 Nov 26 Apr $ 206,861 $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 May $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 27 May $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Nov $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Apr $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Oct $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Mar $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Sep $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Feb $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Aug $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 18 Aug 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jan $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jul $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17 Jul 28 Jun $ 206,861 23 Jan 29 Jul $ 206,861 24 Feb 2004 30 Aug $ 206,861 31 Sep $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Sep $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Feb $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Aug $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jan $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jul $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Dec 313,425 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jun $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 22 Dec $ 206,861 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Oct $ 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 32 Oct AMG Sales Revenue (2001) $22 Billion WACC 15% Tax Rate 34% Number of PC's 7542 Site to deliver 8 Time period 12 PC Cost 1000 Hardware 750 Software 250 Assumptions Leasing : The lease starts at the beginning of the next month Purchasing : PC's are purchased at the beginning of each month Depreciation and Salvage Hardware: MACRS Depreciation schedule Year 0 Value remaining (%) 100.00 Total depreciated (%) 0.00 Per year depreciated (%) 0.00 Salvage value of one PC 50 Software: No Depreciation Salvage value of Software 0 Cost of disposing PC Sell PC at the end of life Value of PC after 24 months Value of PC after 36 months -50 50 150 0 MACRS Convention Recovery Schedule Purchase Quarter 1st Year 1 0.35 2nd 3rd 4th 0.25 0.15 0.05 MACRS Depreciation Value remaining (%) Total depreciated (%) Per year depreciated (%) Year 0 100.00 0.00 0.00 (months) of the next month inning of each month MACRS Depreciation schedule Year 1 Year 2 Year 3 Year 4 Year 5 80.00 48.00 28.80 17.28 5.76 20.00 52.00 71.20 82.72 94.24 20.00 32.00 19.20 11.52 11.52 (20% of employees bought PCs = ?) CRS Convention Recovery Schedule Year 2 3 0.26 0.156 4 ### 5 6 ### 0.0138 0.30 0.180 0.34 0.204 0.38 0.228 MACRS Depreciation Year 1 ### ### ### ### 0.0426 ### 0.0706 ### 0.0958 Year 2 Year 3 Year 4 Year 5 80.00 48.00 28.80 17.28 5.76 -79.65 -47.65 -28.45 -16.93 -5.41 20.00 32.00 19.20 11.52 11.52 Forsythe Solutions Revenue (2000) $631 Million Lease Options: 24 and 36 months Payment Schedules: Monthly takedowns/billed monthly; quaterly takedown Lease Line: Rolling orthat Coterminous Rolling lease: lease starts from the time each PC or group of PC's is tak Coterminous lease: lease where all PC's will end on the same date Lease terms: Equity insertion is 10.1% in a 24-month deal Zero equity 36-month deal Current Cost in ofaCapital for AMG Current Cost of Capital for AMG 36 months Hardware 8% 36 months Software 12% 24 months Hardware 7% 24 months Software 11% Year 6 0.00 ### 5.76 Leaseline Options: 36-month Leaseline - Monthly or Quaterly Takedowns Billed Monthly Hardware Lease Rate Factor: 0.0311 Software Lease Rate Factor: 0.0329 24-month Leaseline - Monthly or Quaterly Takedowns Billed Monthly Hardware Lease Rate Factor: 0.0400 Software Lease Rate Factor: 0.0462 Year 6 0.00 0.35 5.76 thly; quaterly takedowns/billed monthly C or group of PC's is taken into possession, and ends at a fixed time later the same date s Billed Monthly s Billed Monthly AMG Inc and Forsythe Solutions: Lease vs Buy Scenario 1: 1 PC Three-Year Case Buy Option (1) Computer costs (2) MACRS on HW Tax deduction (3) (MACRS 0.34) Tax deduction from un-depreciated value of (4) PC + software Year 0 $ 1,000 Year 1 Year 2 $ 263 $ 195 $ 89 $ 66 (5) Five-year MACRS depreciation on software $ 88 $ 65 (6) Tax deduction on software Total cash flow (1) - (2) + (3) + (4) - (5) + (6) $ 30 $ 22 (1,000) $ 119 $ 88 $ (7) NPV costs (8) NPV tax deduction HW (9) NPV loss on dep. HW (10) NPV tax deduction on software (11) NPV total cash flow $ ($1,020) $154 $69 51 ($762) Net cost of buying ($5,748,942) Sold after three years Scenario 2: 1 PC Two-Year Case Buy Option NPV component (24-month buy) (1) Computer costs (2) MACRS on HW Tax deduction (3) (MACRS 0.34) Tax deduction from un-depreciated value of (4) PC + software (5) Five-year MACRS depreciation on software (6) Tax break on software Total cash flow (1) - (2) + (3) + (4) - (5) + (6) (7) NPV costs (8) NPV tax deduction HW (9) NPV loss on dep. HW (10) NPV tax deduction on software (11) NPV total cash flow $ $ Year 0 1,000 - Year 1 $ Year 2 - $ Net cost of buying - $ - y Year 3 $ (30) $ 117 $ 40 $ 80 $ 39 $ 13 $ 103 Lease Options Hardware Cost Software Total 750 250 1000 24-Month Rates HW SW Equity 7% 11% 10.1% PV HW $ 674.25 PV SW $ 250.00 Total PV $ 924.25 PMT HW ($30.01) PMT SW ($11.55) Total monthly payment $ (41.56) HW LRF SW LRF 0.0400 0.0462 Two-Year Lease: NPV of Payments using GST WACC Assume payments are made in advance, lease HW & software NPV total HW SW Assume payments are made in advance, lease HW & buy software HW SW Tax break on SW Net software cost NPV total 36-Month Rates HW SW Equity 8% 12% 0% PV HW $ 750.00 PV SW $ 250.00 Three-Year Lease: NPV of Payments using GST WACC Total HW & SW monthly payments NPV total PMT HW ($23.35) PMT SW ($8.22) Total monthly payment $ (31.57) HW LRF SW LRF 0.0311 0.0329 HW NPV SW Tax break on SW Net software cost NPV total ear Lease: NPV of Payments using GST WACC de in advance, lease HW & software Month $ $ $ 1 2 3 4 5 6 Monthly HW payment ($30.01) ($30.01) ($30.01) ($30.01) ($30.01) ($30.01) Monthly SW payment ($11.55) ($11.55) ($11.55) ($11.55) ($11.55) ($11.55) Total monthly payments $ (41.56) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $ (41.56) Principle payment $37.63 $37.78 $37.93 $38.09 $38.24 $38.40 HW tax payment ($10.20) ($10.20) ($10.20) ($10.20) ($10.20) ($10.20) SW tax payment ($3.93) ($3.93) ($3.93) ($3.93) ($3.93) ($3.93) Tax deduction $8.87 $8.87 $8.87 $8.87 $8.87 $8.87 (1,023.44) ($50.75) ($50.60) ($50.45) ($50.29) ($50.13) ($49.98) (767.58) ($38.06) ($37.95) ($37.83) ($37.72) ($37.60) ($37.48) (255.86) ($12.69) ($12.65) ($12.61) ($12.57) ($12.53) ($12.49) de in advance, lease HW & buy software Total HW monthly payments Principle payment Tax deduction $ (413.64) $ 50.00 ($13.82) $ 36.18 $ (377.46) ($30.01) $26.08 $10.20 ($19.81) ($30.01) $26.23 $10.20 ($19.81) ($30.01) $26.39 $10.20 ($19.81) ($30.01) $26.54 $10.20 ($19.81) ($30.01) $26.70 $10.20 ($19.81) ($30.01) $26.85 $10.20 ($19.81) Year Lease: NPV of Payments using GST WACC Assume payments are made in advance Month Total HW & SW monthly payments $ Principle payment Tax deduction $ $ (608.54) $ 1 (31.57) $ $24.07 10.73 $ (20.83) $ 2 (31.57) $ $24.25 10.73 $ (20.83) $ 3 (31.57) $ $24.43 10.73 $ (20.83) $ 4 (31.57) $ $24.62 10.73 $ (20.83) $ 5 (31.57) $ $24.80 10.73 $ (20.83) $ 6 (31.57) $24.99 10.73 (20.83) Assume payments are made in advance, lease HW & buy software Total HW monthly payments Principle payment Tax deduction ($23.35) $18.35 $7.94 ($23.35) $18.47 $7.94 ($23.35) $18.59 $7.94 ($23.35) $18.72 $7.94 ($23.35) $18.84 $7.94 ($23.35) $18.97 $7.94 $ $ $ $ (450.06) 50.00 ($13.82) 36.18 (413.88) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) 7 8 9 10 11 12 13 14 15 ($30.01) ($30.01) ($30.01) ($30.01) ($30.01) ($30.01) ($30.01) ($30.01) ($30.01) ($11.55) ($11.55) ($11.55) ($11.55) ($11.55) ($11.55) ($11.55) ($11.55) ($11.55) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $38.56 $38.72 $38.88 $39.04 $39.20 $39.36 $39.52 $39.69 $39.85 ($10.20) ($10.20) ($10.20) ($10.20) ($10.20) ($10.20) ($10.20) ($10.20) ($10.20) ($3.93) ($3.93) ($3.93) ($3.93) ($3.93) ($3.93) ($3.93) ($3.93) ($3.93) $8.87 $8.87 $8.87 $8.87 $8.87 $8.87 $8.87 $8.87 $8.87 ($49.82) ($49.66) ($49.50) ($49.34) ($49.18) ($49.02) ($48.85) ($48.69) ($48.53) ($37.37) ($37.25) ($37.13) ($37.01) ($36.89) ($36.76) ($36.64) ($36.52) ($36.39) ($12.46) ($12.42) ($12.38) ($12.34) ($12.30) ($12.25) ($12.21) ($12.17) ($12.13) ($30.01) $27.01 $10.20 ($19.81) $ $ $ 7 (31.57) $ $25.18 10.73 $ (20.83) $ ($23.35) $19.10 $7.94 ($30.01) $27.17 $10.20 ($19.81) ($30.01) $27.33 $10.20 ($19.81) ($30.01) $27.49 $10.20 ($19.81) ($30.01) $27.65 $10.20 ($19.81) ($30.01) $27.81 $10.20 ($19.81) ($30.01) $27.98 $10.20 ($19.81) ($30.01) $28.14 $10.20 ($19.81) ($30.01) $28.31 $10.20 ($19.81) 8 9 10 11 12 13 14 15 (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $25.37 $25.56 $25.75 $25.95 $26.14 $26.34 $26.54 $26.74 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) ($23.35) $19.23 $7.94 ($23.35) $19.36 $7.94 ($23.35) $19.49 $7.94 ($23.35) $19.62 $7.94 ($23.35) $19.75 $7.94 ($23.35) $19.88 $7.94 ($23.35) $20.02 $7.94 ($23.35) $20.15 $7.94 ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) 16 17 18 19 20 21 22 23 24 ($30.01) ($30.01) ($30.01) ($30.01) ($30.01) ($30.01) ($30.01) ($30.01) ($30.01) ($11.55) ($11.55) ($11.55) ($11.55) ($11.55) ($11.55) ($11.55) ($11.55) ($11.55) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $ (41.56) $40.02 $40.19 $40.35 $40.52 $40.69 $40.86 $41.04 $41.21 $41.38 ($10.20) ($10.20) ($10.20) ($10.20) ($10.20) ($10.20) ($10.20) ($10.20) ($10.20) ($3.93) ($3.93) ($3.93) ($3.93) ($3.93) ($3.93) ($3.93) ($3.93) ($3.93) $8.87 $8.87 $8.87 $8.87 $8.87 $8.87 $8.87 $8.87 $8.87 ($48.36) ($48.19) ($48.02) ($47.85) ($47.68) ($47.51) ($47.34) ($47.17) ($46.99) ($36.27) ($36.14) ($36.02) ($35.89) ($35.76) ($35.64) ($35.51) ($35.38) ($35.25) ($12.09) ($12.05) ($12.01) ($11.96) ($11.92) ($11.88) ($11.84) ($11.79) ($11.75) ($30.01) $28.47 $10.20 ($19.81) ($30.01) $28.64 $10.20 ($19.81) ($30.01) $28.81 $10.20 ($19.81) ($30.01) $28.98 $10.20 ($19.81) ($30.01) $29.15 $10.20 ($19.81) ($30.01) $29.32 $10.20 ($19.81) ($30.01) $29.49 $10.20 ($19.81) ($30.01) $29.66 $10.20 ($19.81) ($30.01) $29.84 $10.20 ($19.81) 16 17 18 19 20 21 22 23 24 25 $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $26.94 $27.14 $27.35 $27.56 $27.77 $27.98 $28.19 $28.40 $28.62 $28.83 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) ($23.35) $20.29 $7.94 ($23.35) $20.42 $7.94 ($23.35) $20.56 $7.94 ($23.35) $20.70 $7.94 ($23.35) $20.84 $7.94 ($23.35) $20.98 $7.94 ($23.35) $21.12 $7.94 ($23.35) $21.26 $7.94 ($23.35) $21.40 $7.94 ($23.35) $21.55 $7.94 ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) 26 27 28 29 30 31 32 33 34 35 $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $ (31.57) $29.05 $29.27 $29.49 $29.72 $29.94 $30.17 $30.40 $30.63 $30.86 $31.09 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ 10.73 $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) $ (20.83) ($23.35) $21.69 $7.94 ($23.35) $21.84 $7.94 ($23.35) $21.98 $7.94 ($23.35) $22.13 $7.94 ($23.35) $22.28 $7.94 ($23.35) $22.43 $7.94 ($23.35) $22.58 $7.94 ($23.35) $22.73 $7.94 ($23.35) $22.88 $7.94 ($23.35) $23.04 $7.94 ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) ($15.41) 36 $ (31.57) $31.33 $ 10.73 $ (20.83) ($23.35) $23.19 $7.94 ($15.41) Buy vs Lease Options Analysis based on one PC: $750 HW, $250 SW Assumed purchased in the first quarter NPV 24 Months 36 Months Buy HW & SW $ $ (762.26) Lease HW & SW $ (1,023.44) $ (608.54) Lease HW & Buy SW $ (377.46) $ (413.88) What would you recommend? 24-Month Leaseline Cash Outflow Assume purchase software & lease hardware Co-Terminous Lease 7.6% 19.1% 2002 Total desktops/month Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 HW $ SW $ HW SW HW SW HW SW HW SW HW SW HW SW HW SW HW SW HW SW HW SW HW SW Cash outflow $ Total NPV $ After tax deduction $ NPV after tax $ 1 Mar 573 17,197 $ 6,616 $ $ $ 2 Apr 179 17,197 6,616 5,372 2,067 $ $ $ $ $ $ $ $ $ $ 5 Jul 176 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 Mar 23,813 $ Apr 31,252 $ May Jun 72,437 $ 83,700 $ Jul 91,014 20,627 $ 47,809 $ 55,242 $ 60,069 $ $ $ $ $ $ 3 May 991 17,197 6,616 5,372 2,067 29,743 11,442 $ $ $ $ $ $ $ $ 4 Jun 271 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 4,673,577 15,717 $ 3,084,561 36-Month Leaseline Cash Outflow Assume purchase software & lease hardware Co-Terminous Lease 7.6% 19.1% 2002 Total desktops/month Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 HW $ SW $ HW SW HW SW HW SW HW SW HW SW HW SW HW SW HW SW HW SW HW SW HW SW Cash outflow $ Total NPV $ After tax deduction $ NPV after tax $ 1 Mar 573 17,197 $ $ $ $ 2 Apr 179 17,197 6,616 5,372 - $ $ $ $ $ $ $ $ $ $ 5 Jul 176 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 - Mar 17,197 $ Apr 29,186 $ May Jun 60,995 $ 80,571 $ Jul 88,982 19,262 $ 40,257 $ 53,177 $ 58,728 $ $ $ $ $ $ 3 May 991 17,197 6,616 5,372 2,067 29,743 - $ $ $ $ $ $ $ $ 4 Jun 271 17,197 6,616 5,372 2,067 29,743 11,442 8,133 - 6,255,284 11,350 $ 4,128,488 se hardware Total PCs in Year 1: 7542 15.1% 42.9% 2003 Aug Sep Oct Nov Dec Jan $ 123,763 $ 130,994 $ 159,462 $ 238,050 $ 265,479 $ 273,541 $ 12 Feb 960 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Feb 313,425 $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Mar 313,425 $ 206,861 $ 206,861 $ $ $ $ $ $ $ $ $ $ $ $ 6 Aug 788 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 81,683 $ 7 Sep 174 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 8 Oct 685 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 9 Nov 1891 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 10 Dec 660 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 11 Jan 194 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 86,456 $ 105,245 $ 157,113 $ 175,216 $ 180,537 $ 13 Mar $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ se hardware Total PCs in Year 1: 7542 15.1% 42.9% 2003 $ $ $ $ $ $ $ $ $ $ $ $ 6 Aug 788 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 - $ Aug Sep Oct Nov Dec Jan 91,014 $ 123,763 $ 130,994 $ 159,462 $ 238,050 $ 265,479 $ 12 Feb 960 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 Feb 302,341 $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Mar 313,425 $ 60,069 $ 199,545 $ 206,861 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 7 Sep 174 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 81,683 $ 8 Oct 685 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 9 Nov 1891 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 10 Dec 660 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 11 Jan 194 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 86,456 $ 105,245 $ 157,113 $ 175,216 $ 13 Mar $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 14 Apr $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Apr $ 313,425 15 May $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 May $ 313,425 16 Jun $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jun $ 313,425 17 Jul $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jul $ 313,425 18 Aug $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Aug $ 313,425 19 Sep $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Sep $ 313,425 20 Oct $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Oct $ 313,425 21 Nov $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Nov $ 313,425 $ 206,861 $ 206,861 $ 206,861 $ 206,861 $ 206,861 $ 206,861 $ 206,861 $ 206,861 14 Apr $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Apr $ 313,425 15 May $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 May $ 313,425 16 Jun $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jun $ 313,425 17 Jul $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jul $ 313,425 18 Aug $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Aug $ 313,425 19 Sep $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Sep $ 313,425 20 Oct $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Oct $ 313,425 21 Nov $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Nov $ 313,425 $ 206,861 $ 206,861 $ 206,861 $ 206,861 $ 206,861 $ 206,861 $ 206,861 $ 206,861 2004 22 Dec $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 23 Jan $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Dec 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 206,861 $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jan 313,425 24 Feb $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Feb $ 313,425 206,861 $ 206,861 2004 22 Dec $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 23 Jan $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Dec 313,425 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 206,861 $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jan 313,425 24 Feb $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Feb $ 313,425 25 Mar $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Mar $ 313,425 26 Apr $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Apr $ 313,425 27 May $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 May $ 313,425 28 Jun $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jun $ 313,425 29 Jul $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Jul $ 313,425 206,861 $ 206,861 $ 206,861 $ 206,861 $ 206,861 $ 206,861 $ 206,861 30 Aug $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Aug $ 313,425 31 Sep $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Sep $ 313,425 32 Oct $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,197 6,616 5,372 2,067 29,743 11,442 8,133 3,129 5,282 2,032 23,650 9,098 5,222 2,009 20,559 7,909 56,754 21,834 19,808 7,620 5,822 2,240 28,800 11,084 Oct $ 313,425 $ 206,861 $ 206,861 $ 206,861