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2015 2016 2017 2018 2019 Sales Depreciation (included in COGS %) Interest payments CapEx, NWC investment SSSSA $ 1,000,000 $ 1,250,000 $ 1,875,000 $

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2015 2016 2017 2018 2019 Sales Depreciation (included in COGS %) Interest payments CapEx, NWC investment SSSSA $ 1,000,000 $ 1,250,000 $ 1,875,000 $ 2,100,000 $ 3,750,000 $ 15,000 $ 30,000 $ 50,000 $ 72,000 $ 80,000 $ 94,400 $ 101,400 $ 108,600 $ 115,900 $ 122,400 $ 25,000 $ 55,000 $ 170,000 $ 80,000 $ 80,000 Corporate tax rate: Cost of goods sold General and administrative expenses 40% 42% of sales 15% of sales Find free cash flows for 2015-2019. Assume it is currently end of year 2014.

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