First year revenues Second year revenues Expenses (Including depreciation) Initial time-zero (net) fixed assets Depreciation Accounts payable (years 1 and 2) Corporate Marginal tax Accrued Expenses (years 1 and 2) Required Cash $10,000 $ 20,000 $ 80,000 per year $ 30,000 10% of beginning-of-year-net fixed assets $800 30% $200 $4000 Assume also an initial asset investment in year 0 of $30000 which is equity financed. 35. What is the surplus cash for year 1 and 2: (a) -$60000 & -$160800 (b) -$70000 & -$127300 (c) -$80000 & -$127000 (d) -$70400 & -$126800 (e) -$80400 & -$126300 36. Using a 30% discount rate for the first two years and a $2000000 terminal value, what is the value of the venture at its launch: (a) NPV=$1068804,84 (b) NPV=$1055680,33 (c) NPV=-$1080988,00 (d) NPV=$1.065.680,43 (e) NPV=$1008800,82 First year revenues Second year revenues Expenses (Including depreciation) Initial time-zero (net) fixed assets Depreciation Accounts payable (years 1 and 2) Corporate Marginal tax Accrued Expenses (years 1 and 2) Required Cash $10,000 $ 20,000 $ 80,000 per year $ 30,000 10% of beginning-of-year-net fixed assets $800 30% $200 $4000 Assume also an initial asset investment in year 0 of $30000 which is equity financed. 35. What is the surplus cash for year 1 and 2: (a) -$60000 & -$160800 (b) -$70000 & -$127300 (c) -$80000 & -$127000 (d) -$70400 & -$126800 (e) -$80400 & -$126300 36. Using a 30% discount rate for the first two years and a $2000000 terminal value, what is the value of the venture at its launch: (a) NPV=$1068804,84 (b) NPV=$1055680,33 (c) NPV=-$1080988,00 (d) NPV=$1.065.680,43 (e) NPV=$1008800,82