How is the PV of Cap Ex. for Yrs 1 and 2 calculate in excel? Is it NPV("risk free rate", Yrs1:Yrs2)+(1.0)?

 

Rates: Discount rate Risk-free rate 9.0% 4.5% Scenario No Real Options Start Cash from Operations minus: Capital Expenditures = Net Cash Flow Terminal Value PV of NCF Cash from Operations minus: Capital Expenditures = Net Cash Flow Terminal Value PV of NCF PV of Cap. Ex. (Yrs. 1-2) 10.4 Scenario: Real Options Start 1.0 (1.0) 1 2.0 17.4 21.7 1.0 4.0 4.0 (1.0) (2.0) (1.3) 1 2.0 JTM 2.0 2 2.8 2 2.8 2.8 3 3.5 1.6 1.9 cal 3 3.5 1.6 1.9 4 4.3 1.7 2.6 4 4.3 1.7 2.6 5 5.0 1.7 3.3 101 5 5.0 1.7 3.3 6 5.8 1.7 4.1 6 5.8 1.7 4.1 7 6.5 1.7 4.8 7.0 7 6.5 1.7 4.8 7.0