CF n DCF = CF, (1+r)? + CF2 (1+r)? + + Parameters Stake 50% Term (years) 30 initial investment, year 0 $100,000 Growth rate - First 5 years 4% Growth rate - Last 25 year: 10% Discount Rate 12% DCF 722 (1+r)" 5 7 Year Discounted Cash Flow (DCF) Discount Rate(r) 3 -9 10 11 12 13 1 2 Cash Flow (CF) 50000 100000 3 4 15 16 5 6 7 8 18 19 9