10% 0 -100 CH DOF 1 2 3 30 30 30 27.27273 24.79339 22.53944 4 5 6 7 8 30 30 30 30 30 20.4904 18.62764 16.93422 15.39474 13.99522 9 30 12.72293 10 30 11.5663 DOF 84,33701 Example 2 10% 0 -100 CF DCF DCF 2 20 20 18.18182 16.52893 3 20 15.0263 4 5 20 20 13.66027 12.41843 13.6027 124134 20 11.28948 10.26316 7 8 9 10 20 20 20 20 10.26316 9330148 8.481952 7.710866 22.89134 Example 3 21% 0 -100 t CF DCF DCF 2 30 30 24.85744 20.59641 3 30 17.0658 30 14.1404 5 6 7 30 30 30 11.71647 9.708047 8.043906 8 30 6.66503 9 10 30 30 5.522518 4.575855 5522518 22.89187 Example 3 shows that prices and values can drop significantly even if future expected cash flows increase. Example 3 shows that prices and values can drop significantly even if future expected cash flows do not change. Example 3 shows that prices and values can drop significantly even if future expected cash flows decrease. Example 3 shows that prices and values can rise significantly even if future expected cash flows do not change