EOY 1 2 3 5 6 7 8 Before-Tax Market Value 690,000 586,500 498 525 423,746 360 184 306 157 260,233 221 198 188 018 Before-Tax Operating Expenses 85,000 102 ooo 122,400 146,880 176,256 211,507 253,809 304 570 After-Tax MARR = 6% Depreciation Rate = 15% Income Tax Rate = 40%