Calculation of Minimum Payback Period: Years 45,500,000 NPV of Projected Cash Flows NPV of Projected Cash Flows \begin{tabular}{l|l|l|l|l|l|l|l|l} & Year 0 Cash Flow & Year 1 Cash Flow & Year 2 Cash Flow & Year 3 Cash Flow & Year 4 Cash Flow & Year 5 Cash Flow \\ \hline Projected Revenues at annual growth rate & \\ \hline Projected Expenses at 34\% of Revenue \\ \hline Annual Cash Flows \\ \hline Discount rate for each year (6%) \\ \hline \end{tabular} Present value of cash flows NPV of Projected Cash Flows Internal Rate of Return (IRR)