i need help with this thank you in advance let me know if you have questions

ALPHA ALPHA bws check/modified rows to be deleted BRAVO row picked at random investm life.yr salvage; q10-12.inpt2 disc.pct1; q9.inpt2 q9.inpt1 sales VC CM SGAf depr FC NOI q10-12.inpt1 q13-15.inpt1 $ 2,985,000.00 5.00 $ 400,000.00 16.00 18.00 $ 2,737,000.00 $ 1,001,000.00 $ 1,736,000.00 $ 610,000.00 $ 517,000.00 $ 1,127,000.00 $ 609,000.00 $ 600,000.00 50.00 0 1 2 3 4 5 6 7 8 9 10 PV of a single amount PV of an annuity FV of a single amount FV of an annuity PV(rate,nper,pmt,[fv]) FV(rate,nper,pmt,[pv]) pmt [fv] [pv] Investment required Incremental net cash inflow NPV of the project Incremental NOI CHARLIE DELTA ECHO FOXTROT GOLF HOTEL INDIA JULIET 2 3 4 5 6 7 8 9 10 2805000 5 400000 14 16 2741000 1125000 1616000 642000 481000 1123000 493000 600000 50 2915000 5 300000 12 14 2746000 1126000 1620000 615000 523000 1138000 482000 500000 50 2800000 5 300000 14 16 2845000 1109000 1736000 799000 500000 1299000 437000 500000 45 2810000 5 500000 16 18 2847000 1121000 1726000 782000 462000 1244000 482000 700000 45 2750000 5 400000 18 20 2849000 1122000 1727000 752000 470000 1222000 505000 600000 45 2765000 5 300000 14 16 2851000 1150000 1701000 670000 493000 1163000 538000 500000 50 2500000 5 200000 12 14 2853000 1200000 1653000 790000 460000 1250000 403000 400000 50 2812000 5 400000 16 18 2855000 1010000 1845000 798000 482400 1280400 564600 600000 45 2745000 5 500000 18 20 2857000 1011000 1846000 799000 449000 1248000 598000 700000 45 11 12 13 14 15 16 17 18 19 2755000 5 300000 14 16 2859000 1100000 1759000 700000 491000 1191000 568000 500000 50 2765000 5 200000 12 14 2861000 1101000 1760000 705000 513000 1218000 542000 400000 50 2815000 5 400000 16 18 2863000 1014000 1849000 781000 483000 1264000 585000 600000 45 2815000 5 500000 18 20 2865000 1015000 1850000 750000 463000 1213000 637000 700000 45 2725000 5 400000 14 16 2867000 1125000 1742000 706000 465000 1171000 571000 600000 50 2865000 5 300000 12 14 2869000 1126000 1743000 709000 513000 1222000 521000 500000 50 2875000 5 300000 16 18 2871000 1018000 1853000 753000 515000 1268000 585000 500000 45 2782000 5 200000 18 20 2873000 1019000 1854000 754000 516400 1270400 583600 400000 45 2792000 5 400000 14 16 2875000 1124000 1751000 721000 478400 1199400 551600 600000 50 20 240 162 5 131000 35 23 48 27 35 32 35 212 15 25 38 ALPHA Cardinal Company (CAR) CAR > Cardinal Company (CAR) is considering a project that would require the following investment in equipment... Investment > yr [proj.life] $ 400,000.00 [proj.salvage] CAR uses the following discount rate in its time-value of money calculations... discount rate > 5.00 At the end of its useful life, the equipment would be sold at a salvage value of... salvage value > [proj.investment] The equipment would have the following useful life (in years)... life (years) > $ 2,985,000.00 16.00 % [discount.rate] The project will provide net operating income each year as follows: Sales Variable expenses $ 2,737,000.00 $ 1,001,000.00 [proj.sales] [proj.VC] Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of pocket costs Depreciation $ 1,736,000.00 [proj.CM] Total fixed expeses $ 1,127,000.00 Net operating income $ 609,000.00 $ 610,000.00 $ 517,000.00 [proj.SGAf] [proj.depr] [proj.FC.total] [proj.NOI] ALPHA 1) What is the project's simple rate of return for each of the five years (to 2 decimals)? Hints The simple rate of return is... ...divided by... 2) Which item(s) in the income one> one> one> shown above will not affect cash flows? Sales Variable expenses Advertising, salaries, and other fixed out-of-pocket expenses Depreciation expense 3) What are the project's annual net cash inflows? [proj.NOI.cash] 4) What is the present value of the project's annual net cash inflows? (note: positive = cash inflow) What are you calculating? What is the discount rate? Err:501 Hint: what is the annual net cash inflow amount? Err:501 5) Hints What is the present value of the equipment's salvage value at the end of five years? (note: positive = cash inflow) Hints What are you calculating? What is the discount rate? Err:501 Hint: what is the equipment's salvage value? Err:501 rate nper Err:501 rate nper Err:501 ALPHA 6) What is the present value of the project's initial investment? (note: positive = cash inflow) What are you calculating? What is the discount rate? Err:501 Hint: what is the project's total initial investment? Err:501 7) Hints rate nper Err:501 What is the project's net present value? (note: positive = cash inflow) Hints Cash inflow... Cash outflows... NPV... 8) Should the company invest in the project? ...because the NPV is... 9) Would the project's NPV be higher, lower, or the same if a discount rate of 18.00% was used instead of 16.00%? Hints NPV (per 16%)... NPV (per 18%)... NPV (difference)... 10) If the discount rate was 18.00% (instead of 16.00%), why would the project's NPV be ? If we the discount rate we must the present value. ALPHA 11) What is the project profitability index for this project (to 2 decimal places)? (use the 16% discount rate. Hints The profitability index is... ...divided by... 12) What is the project's payback period? Hint: payback occurs when (note: positive = cash inflow) Year Cash Outflow + () 0 1 2 3 4 5 6 Cash inflow + () Unrecovered Investm + () Assume the equipment's salvage value was $600,000 instead of $400,000 (same life; same salvage value). 13) Would the project's payback period to be higher than, lower than, or the same? 14) Would the project's NPV to be higher than, lower than, or the same? 15) What would the project's simple rate of return? ALPHA Hints Investment New salvage value Depreciable base Useful life New depreciation Old depreciation Depreciation (difference) The new depreciation is... This means that the project's NOI would be... The new NOI of the project would be... The simple rate of return is... ...divided by... Assume the the project's variable expense ratio is 50% (all other facts are the same). new variable expense ratio Sales New variable expenses 50.00 % $ 2,737,000.00 Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of pocket costs Depreciation $ 610,000.00 $ 517,000.00 Total fixed expeses $ 1,127,000.00 Net operating income [new.proj.NOI] ALPHA 16) What would be the new simple rate of return (to 2 decimals)? Hints The simple rate of return is... ...divided by... 17) What would be the project's new annual cash inflows? (note: positive = cash inflow) [new.proj.NOI.cash] 18) Are the project's new annual net cash inflows higher, lower, or the same? 19) Why are the project's new annual net cash inflows ? Because 20) . What is the present value of the project's new annual net cash inflows? (note: positive = cash inflow) What are you calculating? What is the discount rate? Err:501 Hint: what is the annual net cash inflow amount? Err:501 Hints rate nper Err:501 21) What is the present value of the equipment's salvage value at the end of five years? (note: positive = cash inflow) (assume no change from question 5) 22) What is the present value of the project's initial investment? ALPHA (note: positive = cash inflow) 23) (assume no change from question 6) What would be the project's new net present value? Hints Cash inflow... Cash outflows... NPV... 24) Given this new situation, sould the company invest in the project? ...because the NPV is... 25) What would be the new payback period? Hint: payback occurs when (note: positive = cash inflow) Year Cash Outflow + () 0 1 2 3 4 5 6 26) Cash inflow + () Unrecovered Investm + () Is this new payback period longer, shorter, or the same (relative to question 12)? PV of a single cash flow received in the future N=5 $ Present Value $ $56,742.69 # Years # 5.00 # Pmts per year # 1 If I invest $56,743 today... ... at 12.00% interest... ... compounded annually... ... then in 5 years the value of my portfolio will equal... $100,000.00 input i = 12.00% % Rate % 12.00% annually... my portfolio will equal... output $ Single Amount $ $100,000.00 a.k.a. "Future Value" # PV factor # 0.567 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 0.990 0.980 0.971 0.961 0.951 0.942 0.933 0.923 0.914 0.905 0.896 0.887 0.879 0.870 0.861 0.853 0.844 0.836 0.828 0.820 0.811 0.803 0.795 0.788 0.780 0.772 0.764 0.757 0.749 0.742 0.735 0.727 0.720 0.713 0.980 0.961 0.942 0.924 0.906 0.888 0.871 0.853 0.837 0.820 0.804 0.788 0.773 0.758 0.743 0.728 0.714 0.700 0.686 0.673 0.660 0.647 0.634 0.622 0.610 0.598 0.586 0.574 0.563 0.552 0.541 0.531 0.520 0.510 0.971 0.943 0.915 0.888 0.863 0.837 0.813 0.789 0.766 0.744 0.722 0.701 0.681 0.661 0.642 0.623 0.605 0.587 0.570 0.554 0.538 0.522 0.507 0.492 0.478 0.464 0.450 0.437 0.424 0.412 0.400 0.388 0.377 0.366 0.962 0.925 0.889 0.855 0.822 0.790 0.760 0.731 0.703 0.676 0.650 0.625 0.601 0.577 0.555 0.534 0.513 0.494 0.475 0.456 0.439 0.422 0.406 0.390 0.375 0.361 0.347 0.333 0.321 0.308 0.296 0.285 0.274 0.264 0.952 0.907 0.864 0.823 0.784 0.746 0.711 0.677 0.645 0.614 0.585 0.557 0.530 0.505 0.481 0.458 0.436 0.416 0.396 0.377 0.359 0.342 0.326 0.310 0.295 0.281 0.268 0.255 0.243 0.231 0.220 0.210 0.200 0.190 0.943 0.890 0.840 0.792 0.747 0.705 0.665 0.627 0.592 0.558 0.527 0.497 0.469 0.442 0.417 0.394 0.371 0.350 0.331 0.312 0.294 0.278 0.262 0.247 0.233 0.220 0.207 0.196 0.185 0.174 0.164 0.155 0.146 0.138 0.935 0.873 0.816 0.763 0.713 0.666 0.623 0.582 0.544 0.508 0.475 0.444 0.415 0.388 0.362 0.339 0.317 0.296 0.277 0.258 0.242 0.226 0.211 0.197 0.184 0.172 0.161 0.150 0.141 0.131 0.123 0.115 0.107 0.100 0.926 0.857 0.794 0.735 0.681 0.630 0.583 0.540 0.500 0.463 0.429 0.397 0.368 0.340 0.315 0.292 0.270 0.250 0.232 0.215 0.199 0.184 0.170 0.158 0.146 0.135 0.125 0.116 0.107 0.099 0.092 0.085 0.079 0.073 0.706 0.699 0.692 0.685 0.678 0.672 0.665 0.658 0.652 0.645 0.639 0.633 0.626 0.620 0.614 0.608 0.602 0.596 0.590 0.584 0.579 0.573 0.567 0.562 0.556 0.550 0.545 0.540 0.534 0.529 0.524 0.519 0.513 0.508 0.503 0.498 0.493 0.488 0.484 0.479 0.474 0.469 0.465 0.500 0.490 0.481 0.471 0.462 0.453 0.444 0.435 0.427 0.418 0.410 0.402 0.394 0.387 0.379 0.372 0.364 0.357 0.350 0.343 0.337 0.330 0.323 0.317 0.311 0.305 0.299 0.293 0.287 0.282 0.276 0.271 0.265 0.260 0.255 0.250 0.245 0.240 0.236 0.231 0.226 0.222 0.218 0.355 0.345 0.335 0.325 0.316 0.307 0.298 0.289 0.281 0.272 0.264 0.257 0.249 0.242 0.235 0.228 0.221 0.215 0.209 0.203 0.197 0.191 0.185 0.180 0.175 0.170 0.165 0.160 0.155 0.151 0.146 0.142 0.138 0.134 0.130 0.126 0.123 0.119 0.116 0.112 0.109 0.106 0.103 0.253 0.244 0.234 0.225 0.217 0.208 0.200 0.193 0.185 0.178 0.171 0.165 0.158 0.152 0.146 0.141 0.135 0.130 0.125 0.120 0.116 0.111 0.107 0.103 0.099 0.095 0.091 0.088 0.085 0.081 0.078 0.075 0.072 0.069 0.067 0.064 0.062 0.059 0.057 0.055 0.053 0.051 0.049 0.181 0.173 0.164 0.157 0.149 0.142 0.135 0.129 0.123 0.117 0.111 0.106 0.101 0.096 0.092 0.087 0.083 0.079 0.075 0.072 0.068 0.065 0.062 0.059 0.056 0.054 0.051 0.049 0.046 0.044 0.042 0.040 0.038 0.036 0.035 0.033 0.031 0.030 0.028 0.027 0.026 0.025 0.023 0.130 0.123 0.116 0.109 0.103 0.097 0.092 0.087 0.082 0.077 0.073 0.069 0.065 0.061 0.058 0.054 0.051 0.048 0.046 0.043 0.041 0.038 0.036 0.034 0.032 0.030 0.029 0.027 0.025 0.024 0.023 0.021 0.020 0.019 0.018 0.017 0.016 0.015 0.014 0.013 0.013 0.012 0.011 0.094 0.088 0.082 0.076 0.071 0.067 0.062 0.058 0.055 0.051 0.048 0.044 0.042 0.039 0.036 0.034 0.032 0.030 0.028 0.026 0.024 0.023 0.021 0.020 0.018 0.017 0.016 0.015 0.014 0.013 0.012 0.011 0.011 0.010 0.009 0.009 0.008 0.008 0.007 0.007 0.006 0.006 0.005 0.068 0.063 0.058 0.054 0.050 0.046 0.043 0.039 0.037 0.034 0.031 0.029 0.027 0.025 0.023 0.021 0.020 0.018 0.017 0.016 0.015 0.013 0.012 0.012 0.011 0.010 0.009 0.008 0.008 0.007 0.007 0.006 0.006 0.005 0.005 0.005 0.004 0.004 0.004 0.003 0.003 0.003 0.003 0.460 0.456 0.451 0.447 0.442 0.438 0.434 0.429 0.425 0.421 0.417 0.412 0.408 0.404 0.400 0.396 0.392 0.389 0.385 0.381 0.377 0.373 0.370 0.213 0.209 0.205 0.201 0.197 0.193 0.189 0.186 0.182 0.179 0.175 0.172 0.168 0.165 0.162 0.159 0.155 0.152 0.149 0.146 0.144 0.141 0.138 0.100 0.097 0.094 0.091 0.089 0.086 0.083 0.081 0.079 0.076 0.074 0.072 0.070 0.068 0.066 0.064 0.062 0.060 0.059 0.057 0.055 0.054 0.052 0.047 0.045 0.043 0.042 0.040 0.039 0.037 0.036 0.034 0.033 0.032 0.030 0.029 0.028 0.027 0.026 0.025 0.024 0.023 0.022 0.021 0.021 0.020 0.022 0.021 0.020 0.019 0.018 0.017 0.017 0.016 0.015 0.014 0.014 0.013 0.012 0.012 0.011 0.011 0.010 0.010 0.009 0.009 0.008 0.008 0.008 0.011 0.010 0.009 0.009 0.008 0.008 0.007 0.007 0.007 0.006 0.006 0.006 0.005 0.005 0.005 0.004 0.004 0.004 0.004 0.004 0.003 0.003 0.003 0.005 0.005 0.004 0.004 0.004 0.004 0.003 0.003 0.003 0.003 0.003 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.000 0.000 9.00% 10.00% 11.00% 12.00% 13.00% 14.00% 15.00% 16.00% 17.00% 0.917 0.842 0.772 0.708 0.650 0.596 0.547 0.502 0.460 0.422 0.388 0.356 0.326 0.299 0.275 0.252 0.231 0.212 0.194 0.178 0.164 0.150 0.138 0.126 0.116 0.106 0.098 0.090 0.082 0.075 0.069 0.063 0.058 0.053 0.909 0.826 0.751 0.683 0.621 0.564 0.513 0.467 0.424 0.386 0.350 0.319 0.290 0.263 0.239 0.218 0.198 0.180 0.164 0.149 0.135 0.123 0.112 0.102 0.092 0.084 0.076 0.069 0.063 0.057 0.052 0.047 0.043 0.039 0.901 0.812 0.731 0.659 0.593 0.535 0.482 0.434 0.391 0.352 0.317 0.286 0.258 0.232 0.209 0.188 0.170 0.153 0.138 0.124 0.112 0.101 0.091 0.082 0.074 0.066 0.060 0.054 0.048 0.044 0.039 0.035 0.032 0.029 0.893 0.797 0.712 0.636 0.567 0.507 0.452 0.404 0.361 0.322 0.287 0.257 0.229 0.205 0.183 0.163 0.146 0.130 0.116 0.104 0.093 0.083 0.074 0.066 0.059 0.053 0.047 0.042 0.037 0.033 0.030 0.027 0.024 0.021 0.885 0.783 0.693 0.613 0.543 0.480 0.425 0.376 0.333 0.295 0.261 0.231 0.204 0.181 0.160 0.141 0.125 0.111 0.098 0.087 0.077 0.068 0.060 0.053 0.047 0.042 0.037 0.033 0.029 0.026 0.023 0.020 0.018 0.016 0.877 0.769 0.675 0.592 0.519 0.456 0.400 0.351 0.308 0.270 0.237 0.208 0.182 0.160 0.140 0.123 0.108 0.095 0.083 0.073 0.064 0.056 0.049 0.043 0.038 0.033 0.029 0.026 0.022 0.020 0.017 0.015 0.013 0.012 0.870 0.756 0.658 0.572 0.497 0.432 0.376 0.327 0.284 0.247 0.215 0.187 0.163 0.141 0.123 0.107 0.093 0.081 0.070 0.061 0.053 0.046 0.040 0.035 0.030 0.026 0.023 0.020 0.017 0.015 0.013 0.011 0.010 0.009 0.862 0.743 0.641 0.552 0.476 0.410 0.354 0.305 0.263 0.227 0.195 0.168 0.145 0.125 0.108 0.093 0.080 0.069 0.060 0.051 0.044 0.038 0.033 0.028 0.024 0.021 0.018 0.016 0.014 0.012 0.010 0.009 0.007 0.006 0.855 0.731 0.624 0.534 0.456 0.390 0.333 0.285 0.243 0.208 0.178 0.152 0.130 0.111 0.095 0.081 0.069 0.059 0.051 0.043 0.037 0.032 0.027 0.023 0.020 0.017 0.014 0.012 0.011 0.009 0.008 0.007 0.006 0.005 0.049 0.045 0.041 0.038 0.035 0.032 0.029 0.027 0.025 0.023 0.021 0.019 0.017 0.016 0.015 0.013 0.012 0.011 0.010 0.010 0.009 0.008 0.007 0.007 0.006 0.006 0.005 0.005 0.004 0.004 0.004 0.003 0.003 0.003 0.003 0.002 0.002 0.002 0.002 0.002 0.002 0.001 0.001 0.036 0.032 0.029 0.027 0.024 0.022 0.020 0.018 0.017 0.015 0.014 0.012 0.011 0.010 0.009 0.009 0.008 0.007 0.006 0.006 0.005 0.005 0.004 0.004 0.004 0.003 0.003 0.003 0.002 0.002 0.002 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.026 0.023 0.021 0.019 0.017 0.015 0.014 0.012 0.011 0.010 0.009 0.008 0.007 0.007 0.006 0.005 0.005 0.004 0.004 0.004 0.003 0.003 0.003 0.002 0.002 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.019 0.017 0.015 0.013 0.012 0.011 0.010 0.009 0.008 0.007 0.006 0.005 0.005 0.004 0.004 0.003 0.003 0.003 0.002 0.002 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.014 0.012 0.011 0.010 0.009 0.008 0.007 0.006 0.005 0.005 0.004 0.004 0.003 0.003 0.003 0.002 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.010 0.009 0.008 0.007 0.006 0.005 0.005 0.004 0.004 0.003 0.003 0.002 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.008 0.007 0.006 0.005 0.004 0.004 0.003 0.003 0.002 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.006 0.005 0.004 0.004 0.003 0.003 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.004 0.004 0.003 0.003 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 18.00% 19.00% 20.00% 21.00% 22.00% 23.00% 24.00% 25.00% 0.847 0.718 0.609 0.516 0.437 0.370 0.314 0.266 0.225 0.191 0.162 0.137 0.116 0.099 0.084 0.071 0.060 0.051 0.043 0.037 0.031 0.026 0.022 0.019 0.016 0.014 0.011 0.010 0.008 0.007 0.006 0.005 0.004 0.004 0.840 0.706 0.593 0.499 0.419 0.352 0.296 0.249 0.209 0.176 0.148 0.124 0.104 0.088 0.074 0.062 0.052 0.044 0.037 0.031 0.026 0.022 0.018 0.015 0.013 0.011 0.009 0.008 0.006 0.005 0.005 0.004 0.003 0.003 0.833 0.694 0.579 0.482 0.402 0.335 0.279 0.233 0.194 0.162 0.135 0.112 0.093 0.078 0.065 0.054 0.045 0.038 0.031 0.026 0.022 0.018 0.015 0.013 0.010 0.009 0.007 0.006 0.005 0.004 0.004 0.003 0.002 0.002 0.826 0.683 0.564 0.467 0.386 0.319 0.263 0.218 0.180 0.149 0.123 0.102 0.084 0.069 0.057 0.047 0.039 0.032 0.027 0.022 0.018 0.015 0.012 0.010 0.009 0.007 0.006 0.005 0.004 0.003 0.003 0.002 0.002 0.002 0.820 0.672 0.551 0.451 0.370 0.303 0.249 0.204 0.167 0.137 0.112 0.092 0.075 0.062 0.051 0.042 0.034 0.028 0.023 0.019 0.015 0.013 0.010 0.008 0.007 0.006 0.005 0.004 0.003 0.003 0.002 0.002 0.001 0.001 0.813 0.661 0.537 0.437 0.355 0.289 0.235 0.191 0.155 0.126 0.103 0.083 0.068 0.055 0.045 0.036 0.030 0.024 0.020 0.016 0.013 0.011 0.009 0.007 0.006 0.005 0.004 0.003 0.002 0.002 0.002 0.001 0.001 0.001 0.806 0.650 0.524 0.423 0.341 0.275 0.222 0.179 0.144 0.116 0.094 0.076 0.061 0.049 0.040 0.032 0.026 0.021 0.017 0.014 0.011 0.009 0.007 0.006 0.005 0.004 0.003 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.800 0.640 0.512 0.410 0.328 0.262 0.210 0.168 0.134 0.107 0.086 0.069 0.055 0.044 0.035 0.028 0.023 0.018 0.014 0.012 0.009 0.007 0.006 0.005 0.004 0.003 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.003 0.003 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.001 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.001 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 PV of regular payments received (annuities) N=5 PV $288,382.10 Years 5.00 Pmts per year 1 If I receive $80,000.00... ...every year... ... over 5 years... ... then (assuming an interest rate of 12.00% compounded annually)... ... the present value of ALL cash flow streams will equal $288,382... ... which is the sum of the discounted individual cash flow streams... PV of individual annuities $71,428.57 $135,204.08 $192,146.50 $242,987.95 $288,382.10 $328,912.59 $365,100.52 $397,411.18 $426,259.98 $452,017.84 $475,015.93 $495,549.94 $513,883.87 $530,253.46 $544,869.16 $557,918.89 $569,570.44 $579,973.61 $589,262.15 $597,555.49 $604,960.26 $611,571.66 $617,474.70 $622,745.26 PV of individual annuities $71,428.57 $63,775.51 $56,942.42 $50,841.45 $45,394.15 $40,530.49 $36,187.94 $32,310.66 $28,848.80 $25,757.86 $22,998.09 $20,534.01 $18,333.94 $16,369.59 $14,615.70 $13,049.73 $11,651.55 $10,403.17 $9,288.54 $8,293.34 $7,404.77 $6,611.40 $5,903.04 $5,270.57 Payment # (N) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 $627,451.13 $631,652.79 $635,404.28 $638,753.82 $641,744.48 $644,414.72 $646,798.85 $648,927.55 $650,828.17 $652,525.15 $654,040.31 $655,393.14 $656,601.01 $657,679.48 $658,642.39 $659,502.13 $660,269.76 $660,955.15 $661,567.09 $662,113.48 $662,601.32 $663,036.89 $663,425.80 $663,773.03 $664,083.06 $664,359.88 $664,607.03 $664,827.71 $665,024.74 $665,200.66 $665,357.73 $665,497.98 $665,623.19 $665,734.99 $665,834.82 $665,923.94 $666,003.52 $666,074.57 $666,138.01 $666,194.65 $666,245.23 $666,290.38 $666,330.70 $4,705.86 $4,201.66 $3,751.49 $3,349.54 $2,990.66 $2,670.23 $2,384.14 $2,128.69 $1,900.62 $1,696.98 $1,515.16 $1,352.82 $1,207.88 $1,078.46 $962.91 $859.74 $767.63 $685.38 $611.95 $546.38 $487.84 $435.57 $388.90 $347.24 $310.03 $276.81 $247.16 $220.67 $197.03 $175.92 $157.07 $140.24 $125.22 $111.80 $99.82 $89.13 $79.58 $71.05 $63.44 $56.64 $50.57 $45.15 $40.32 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 $666,366.69 $666,398.83 $666,427.53 $666,453.15 $666,476.03 $666,496.45 $666,514.69 $666,530.97 $666,545.51 $666,558.49 $666,570.08 $666,580.43 $666,589.67 $666,597.92 $666,605.29 $666,611.86 $666,617.73 $666,622.98 $666,627.66 $666,631.84 $666,635.57 $666,638.90 $666,641.88 $666,644.53 $666,646.90 $666,649.02 $666,650.91 $666,652.60 $666,654.11 $666,655.45 $666,656.65 $666,657.73 $666,658.68 $666,659.54 $666,660.30 $666,660.99 $666,661.59 $666,662.14 $666,662.62 $666,663.06 $666,663.44 $666,663.79 $666,664.10 $36.00 $32.14 $28.70 $25.62 $22.88 $20.43 $18.24 $16.28 $14.54 $12.98 $11.59 $10.35 $9.24 $8.25 $7.37 $6.58 $5.87 $5.24 $4.68 $4.18 $3.73 $3.33 $2.97 $2.66 $2.37 $2.12 $1.89 $1.69 $1.51 $1.35 $1.20 $1.07 $0.96 $0.86 $0.76 $0.68 $0.61 $0.54 $0.49 $0.43 $0.39 $0.35 $0.31 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 $666,664.37 $666,664.62 $666,664.84 $666,665.03 $666,665.21 $666,665.36 $666,665.50 $666,665.63 $666,665.74 $666,665.84 $666,665.93 $666,666.01 $666,666.08 $666,666.14 $666,666.20 $666,666.25 $666,666.29 $666,666.33 $666,666.37 $666,666.40 $666,666.43 $666,666.45 $666,666.48 $666,666.50 $666,666.52 $666,666.53 $666,666.55 $666,666.56 $666,666.57 $666,666.58 $666,666.59 $666,666.60 $666,666.61 $666,666.61 $666,666.62 $666,666.62 $666,666.63 $666,666.63 $666,666.64 $666,666.64 $666,666.64 $666,666.64 $666,666.65 $0.28 $0.25 $0.22 $0.20 $0.17 $0.16 $0.14 $0.12 $0.11 $0.10 $0.09 $0.08 $0.07 $0.06 $0.06 $0.05 $0.04 $0.04 $0.04 $0.03 $0.03 $0.03 $0.02 $0.02 $0.02 $0.02 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 $666,666.65 $666,666.65 $666,666.65 $666,666.65 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.66 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $666,666.67 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 369 370 371 372 373 374 375 376 377 378 379 380 381 382 input output i = 12.00% Rate 12.00% FV of Payment $80,000.00 PV factor 3.605 12.00% compounded annually)... w streams will equal $288,382... d individual cash flow streams... Discount Rate 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% FV of specific cash flow $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 Discount factor 0.893 0.797 0.712 0.636 0.567 0.507 0.452 0.404 0.361 0.322 0.287 0.257 0.229 0.205 0.183 0.163 0.146 0.130 0.116 0.104 0.093 0.083 0.074 0.066 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 0.059 0.053 0.047 0.042 0.037 0.033 0.030 0.027 0.024 0.021 0.019 0.017 0.015 0.013 0.012 0.011 0.010 0.009 0.008 0.007 0.006 0.005 0.005 0.004 0.004 0.003 0.003 0.003 0.002 0.002 0.002 0.002 0.002 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 $80,000.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 0.990 1.970 2.941 3.902 4.853 5.795 6.728 7.652 8.566 9.471 10.368 11.255 12.134 13.004 13.865 14.718 15.562 16.398 17.226 18.046 18.857 19.660 20.456 21.243 22.023 22.795 23.560 24.316 25.066 25.808 26.542 27.270 27.990 28.703 0.980 1.942 2.884 3.808 4.713 5.601 6.472 7.325 8.162 8.983 9.787 10.575 11.348 12.106 12.849 13.578 14.292 14.992 15.678 16.351 17.011 17.658 18.292 18.914 19.523 20.121 20.707 21.281 21.844 22.396 22.938 23.468 23.989 24.499 0.971 1.913 2.829 3.717 4.580 5.417 6.230 7.020 7.786 8.530 9.253 9.954 10.635 11.296 11.938 12.561 13.166 13.754 14.324 14.877 15.415 15.937 16.444 16.936 17.413 17.877 18.327 18.764 19.188 19.600 20.000 20.389 20.766 21.132 0.962 1.886 2.775 3.630 4.452 5.242 6.002 6.733 7.435 8.111 8.760 9.385 9.986 10.563 11.118 11.652 12.166 12.659 13.134 13.590 14.029 14.451 14.857 15.247 15.622 15.983 16.330 16.663 16.984 17.292 17.588 17.874 18.148 18.411 0.952 1.859 2.723 3.546 4.329 5.076 5.786 6.463 7.108 7.722 8.306 8.863 9.394 9.899 10.380 10.838 11.274 11.690 12.085 12.462 12.821 13.163 13.489 13.799 14.094 14.375 14.643 14.898 15.141 15.372 15.593 15.803 16.003 16.193 0.943 1.833 2.673 3.465 4.212 4.917 5.582 6.210 6.802 7.360 7.887 8.384 8.853 9.295 9.712 10.106 10.477 10.828 11.158 11.470 11.764 12.042 12.303 12.550 12.783 13.003 13.211 13.406 13.591 13.765 13.929 14.084 14.230 14.368 0.935 1.808 2.624 3.387 4.100 4.767 5.389 5.971 6.515 7.024 7.499 7.943 8.358 8.745 9.108 9.447 9.763 10.059 10.336 10.594 10.836 11.061 11.272 11.469 11.654 11.826 11.987 12.137 12.278 12.409 12.532 12.647 12.754 12.854 0.926 1.783 2.577 3.312 3.993 4.623 5.206 5.747 6.247 6.710 7.139 7.536 7.904 8.244 8.559 8.851 9.122 9.372 9.604 9.818 10.017 10.201 10.371 10.529 10.675 10.810 10.935 11.051 11.158 11.258 11.350 11.435 11.514 11.587 0.917 1.759 2.531 3.240 3.890 4.486 5.033 5.535 5.995 6.418 6.805 7.161 7.487 7.786 8.061 8.313 8.544 8.756 8.950 9.129 9.292 9.442 9.580 9.707 9.823 9.929 10.027 10.116 10.198 10.274 10.343 10.406 10.464 10.518 29.409 30.108 30.800 31.485 32.163 32.835 33.500 34.158 34.810 35.455 36.095 36.727 37.354 37.974 38.588 39.196 39.798 40.394 40.984 41.569 42.147 42.720 43.287 43.849 44.405 44.955 45.500 46.040 46.574 47.103 47.627 48.145 48.659 49.167 49.670 50.169 50.662 51.150 51.634 52.113 52.587 53.056 53.521 24.999 25.489 25.969 26.441 26.903 27.355 27.799 28.235 28.662 29.080 29.490 29.892 30.287 30.673 31.052 31.424 31.788 32.145 32.495 32.838 33.175 33.505 33.828 34.145 34.456 34.761 35.060 35.353 35.640 35.921 36.197 36.468 36.733 36.994 37.249 37.499 37.744 37.984 38.220 38.451 38.677 38.899 39.117 21.487 21.832 22.167 22.492 22.808 23.115 23.412 23.701 23.982 24.254 24.519 24.775 25.025 25.267 25.502 25.730 25.951 26.166 26.375 26.578 26.774 26.965 27.151 27.331 27.506 27.676 27.840 28.000 28.156 28.306 28.453 28.595 28.733 28.867 28.997 29.123 29.246 29.365 29.481 29.593 29.702 29.808 29.910 18.665 18.908 19.143 19.368 19.584 19.793 19.993 20.186 20.371 20.549 20.720 20.885 21.043 21.195 21.341 21.482 21.617 21.748 21.873 21.993 22.109 22.220 22.327 22.430 22.528 22.623 22.715 22.803 22.887 22.969 23.047 23.122 23.194 23.264 23.330 23.395 23.456 23.516 23.573 23.628 23.680 23.731 23.780 16.374 16.547 16.711 16.868 17.017 17.159 17.294 17.423 17.546 17.663 17.774 17.880 17.981 18.077 18.169 18.256 18.339 18.418 18.493 18.565 18.633 18.699 18.761 18.820 18.876 18.929 18.980 19.029 19.075 19.119 19.161 19.201 19.239 19.275 19.310 19.343 19.374 19.404 19.432 19.459 19.485 19.509 19.533 14.498 14.621 14.737 14.846 14.949 15.046 15.138 15.225 15.306 15.383 15.456 15.524 15.589 15.650 15.708 15.762 15.813 15.861 15.907 15.950 15.991 16.029 16.065 16.099 16.131 16.161 16.190 16.217 16.242 16.266 16.289 16.310 16.331 16.350 16.368 16.385 16.401 16.416 16.430 16.443 16.456 16.468 16.479 12.948 13.035 13.117 13.193 13.265 13.332 13.394 13.452 13.507 13.558 13.606 13.650 13.692 13.730 13.767 13.801 13.832 13.862 13.890 13.916 13.940 13.963 13.984 14.003 14.022 14.039 14.055 14.070 14.084 14.098 14.110 14.121 14.132 14.142 14.152 14.160 14.169 14.176 14.183 14.190 14.196 14.202 14.208 11.655 11.717 11.775 11.829 11.879 11.925 11.967 12.007 12.043 12.077 12.108 12.137 12.164 12.189 12.212 12.233 12.253 12.272 12.288 12.304 12.319 12.332 12.344 12.356 12.367 12.377 12.386 12.394 12.402 12.409 12.416 12.422 12.428 12.433 12.438 12.443 12.447 12.451 12.455 12.458 12.461 12.464 12.467 10.567 10.612 10.653 10.691 10.726 10.757 10.787 10.813 10.838 10.861 10.881 10.900 10.918 10.934 10.948 10.962 10.974 10.985 10.996 11.005 11.014 11.022 11.029 11.036 11.042 11.048 11.053 11.058 11.062 11.066 11.070 11.073 11.077 11.079 11.082 11.084 11.087 11.089 11.091 11.092 11.094 11.095 11.097 53.981 54.437 54.888 55.335 55.777 56.215 56.648 57.078 57.503 57.923 58.340 58.752 59.161 59.565 59.966 60.362 60.754 61.143 61.528 61.909 62.286 62.659 63.029 39.330 39.539 39.745 39.946 40.143 40.336 40.526 40.711 40.893 41.072 41.247 41.419 41.587 41.752 41.914 42.072 42.228 42.380 42.529 42.676 42.820 42.960 43.098 30.010 30.107 30.201 30.292 30.381 30.467 30.550 30.631 30.710 30.786 30.860 30.932 31.002 31.070 31.136 31.200 31.262 31.323 31.381 31.438 31.493 31.547 31.599 23.827 23.872 23.915 23.957 23.997 24.036 24.073 24.109 24.143 24.176 24.207 24.238 24.267 24.295 24.323 24.349 24.374 24.398 24.421 24.443 24.465 24.485 24.505 19.555 19.576 19.596 19.616 19.634 19.651 19.668 19.684 19.699 19.713 19.727 19.740 19.752 19.764 19.775 19.786 19.796 19.806 19.815 19.824 19.832 19.840 19.848 16.490 16.500 16.509 16.518 16.526 16.534 16.542 16.549 16.556 16.562 16.568 16.573 16.579 16.584 16.588 16.593 16.597 16.601 16.605 16.608 16.611 16.615 16.618 14.213 14.218 14.222 14.226 14.230 14.234 14.237 14.240 14.243 14.246 14.249 14.251 14.253 14.255 14.257 14.259 14.261 14.263 14.264 14.266 14.267 14.268 14.269 12.469 12.471 12.474 12.475 12.477 12.479 12.481 12.482 12.483 12.485 12.486 12.487 12.488 12.489 12.489 12.490 12.491 12.492 12.492 12.493 12.493 12.494 12.494 11.098 11.099 11.100 11.101 11.102 11.102 11.103 11.104 11.104 11.105 11.105 11.106 11.106 11.107 11.107 11.107 11.108 11.108 11.108 11.109 11.109 11.109 11.109 10.00% 11.00% 12.00% 13.00% 14.00% 15.00% 16.00% 17.00% 18.00% 0.909 1.736 2.487 3.170 3.791 4.355 4.868 5.335 5.759 6.145 6.495 6.814 7.103 7.367 7.606 7.824 8.022 8.201 8.365 8.514 8.649 8.772 8.883 8.985 9.077 9.161 9.237 9.307 9.370 9.427 9.479 9.526 9.569 9.609 0.901 1.713 2.444 3.102 3.696 4.231 4.712 5.146 5.537 5.889 6.207 6.492 6.750 6.982 7.191 7.379 7.549 7.702 7.839 7.963 8.075 8.176 8.266 8.348 8.422 8.488 8.548 8.602 8.650 8.694 8.733 8.769 8.801 8.829 0.893 1.690 2.402 3.037 3.605 4.111 4.564 4.968 5.328 5.650 5.938 6.194 6.424 6.628 6.811 6.974 7.120 7.250 7.366 7.469 7.562 7.645 7.718 7.784 7.843 7.896 7.943 7.984 8.022 8.055 8.085 8.112 8.135 8.157 0.885 1.668 2.361 2.974 3.517 3.998 4.423 4.799 5.132 5.426 5.687 5.918 6.122 6.302 6.462 6.604 6.729 6.840 6.938 7.025 7.102 7.170 7.230 7.283 7.330 7.372 7.409 7.441 7.470 7.496 7.518 7.538 7.556 7.572 0.877 1.647 2.322 2.914 3.433 3.889 4.288 4.639 4.946 5.216 5.453 5.660 5.842 6.002 6.142 6.265 6.373 6.467 6.550 6.623 6.687 6.743 6.792 6.835 6.873 6.906 6.935 6.961 6.983 7.003 7.020 7.035 7.048 7.060 0.870 1.626 2.283 2.855 3.352 3.784 4.160 4.487 4.772 5.019 5.234 5.421 5.583 5.724 5.847 5.954 6.047 6.128 6.198 6.259 6.312 6.359 6.399 6.434 6.464 6.491 6.514 6.534 6.551 6.566 6.579 6.591 6.600 6.609 0.862 1.605 2.246 2.798 3.274 3.685 4.039 4.344 4.607 4.833 5.029 5.197 5.342 5.468 5.575 5.668 5.749 5.818 5.877 5.929 5.973 6.011 6.044 6.073 6.097 6.118 6.136 6.152 6.166 6.177 6.187 6.196 6.203 6.210 0.855 1.585 2.210 2.743 3.199 3.589 3.922 4.207 4.451 4.659 4.836 4.988 5.118 5.229 5.324 5.405 5.475 5.534 5.584 5.628 5.665 5.696 5.723 5.746 5.766 5.783 5.798 5.810 5.820 5.829 5.837 5.844 5.849 5.854 0.847 1.566 2.174 2.690 3.127 3.498 3.812 4.078 4.303 4.494 4.656 4.793 4.910 5.008 5.092 5.162 5.222 5.273 5.316 5.353 5.384 5.410 5.432 5.451 5.467 5.480 5.492 5.502 5.510 5.517 5.523 5.528 5.532 5.536 9.644 9.677 9.706 9.733 9.757 9.779 9.799 9.817 9.834 9.849 9.863 9.875 9.887 9.897 9.906 9.915 9.923 9.930 9.936 9.942 9.947 9.952 9.956 9.960 9.964 9.967 9.970 9.973 9.975 9.978 9.980 9.981 9.983 9.985 9.986 9.987 9.988 9.990 9.990 9.991 9.992 9.993 9.994 8.855 8.879 8.900 8.919 8.936 8.951 8.965 8.977 8.989 8.999 9.008 9.016 9.024 9.030 9.036 9.042 9.047 9.051 9.055 9.058 9.062 9.065 9.067 9.070 9.072 9.074 9.075 9.077 9.078 9.079 9.081 9.082 9.083 9.083 9.084 9.085 9.085 9.086 9.086 9.087 9.087 9.088 9.088 8.176 8.192 8.208 8.221 8.233 8.244 8.253 8.262 8.270 8.276 8.283 8.288 8.293 8.297 8.301 8.304 8.308 8.310 8.313 8.315 8.317 8.319 8.320 8.322 8.323 8.324 8.325 8.326 8.327 8.327 8.328 8.329 8.329 8.330 8.330 8.330 8.331 8.331 8.331 8.331 8.332 8.332 8.332 7.586 7.598 7.609 7.618 7.627 7.634 7.641 7.647 7.652 7.657 7.661 7.664 7.668 7.671 7.673 7.675 7.677 7.679 7.680 7.682 7.683 7.684 7.685 7.686 7.687 7.687 7.688 7.688 7.689 7.689 7.690 7.690 7.690 7.690 7.691 7.691 7.691 7.691 7.691 7.691 7.692 7.692 7.692 7.070 7.079 7.087 7.094 7.100 7.105 7.110 7.114 7.117 7.120 7.123 7.126 7.128 7.130 7.131 7.133 7.134 7.135 7.136 7.137 7.138 7.138 7.139 7.139 7.140 7.140 7.140 7.141 7.141 7.141 7.141 7.142 7.142 7.142 7.142 7.142 7.142 7.142 7.142 7.142 7.142 7.143 7.143 6.617 6.623 6.629 6.634 6.638 6.642 6.645 6.648 6.650 6.652 6.654 6.656 6.657 6.659 6.660 6.661 6.661 6.662 6.663 6.663 6.664 6.664 6.664 6.665 6.665 6.665 6.665 6.666 6.666 6.666 6.666 6.666 6.666 6.666 6.666 6.666 6.666 6.666 6.666 6.666 6.666 6.667 6.667 6.215 6.220 6.224 6.228 6.231 6.233 6.236 6.238 6.239 6.241 6.242 6.243 6.244 6.245 6.246 6.246 6.247 6.247 6.248 6.248 6.248 6.248 6.249 6.249 6.249 6.249 6.249 6.249 6.249 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 5.858 5.862 5.865 5.867 5.869 5.871 5.873 5.874 5.875 5.876 5.877 5.878 5.879 5.879 5.880 5.880 5.880 5.881 5.881 5.881 5.881 5.881 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.539 5.541 5.543 5.545 5.547 5.548 5.549 5.550 5.551 5.552 5.552 5.553 5.553 5.554 5.554 5.554 5.554 5.555 5.555 5.555 5.555 5.555 5.555 5.555 5.555 5.555 5.555 5.555 5.555 5.555 5.555 5.555 5.555 5.555 5.555 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 9.994 9.995 9.995 9.996 9.996 9.996 9.997 9.997 9.997 9.997 9.998 9.998 9.998 9.998 9.998 9.999 9.999 9.999 9.999 9.999 9.999 9.999 9.999 9.088 9.089 9.089 9.089 9.089 9.089 9.089 9.090 9.090 9.090 9.090 9.090 9.090 9.090 9.090 9.090 9.090 9.090 9.091 9.091 9.091 9.091 9.091 8.332 8.332 8.332 8.332 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.692 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 7.143 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.667 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 6.250 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.882 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 5.556 19.00% 20.00% 21.00% 22.00% 23.00% 24.00% 25.00% 0.840 1.547 2.140 2.639 3.058 3.410 3.706 3.954 4.163 4.339 4.486 4.611 4.715 4.802 4.876 4.938 4.990 5.033 5.070 5.101 5.127 5.149 5.167 5.182 5.195 5.206 5.215 5.223 5.229 5.235 5.239 5.243 5.246 5.249 0.833 1.528 2.106 2.589 2.991 3.326 3.605 3.837 4.031 4.192 4.327 4.439 4.533 4.611 4.675 4.730 4.775 4.812 4.843 4.870 4.891 4.909 4.925 4.937 4.948 4.956 4.964 4.970 4.975 4.979 4.982 4.985 4.988 4.990 0.826 1.509 2.074 2.540 2.926 3.245 3.508 3.726 3.905 4.054 4.177 4.278 4.362 4.432 4.489 4.536 4.576 4.608 4.635 4.657 4.675 4.690 4.703 4.713 4.721 4.728 4.734 4.739 4.743 4.746 4.749 4.751 4.753 4.755 0.820 1.492 2.042 2.494 2.864 3.167 3.416 3.619 3.786 3.923 4.035 4.127 4.203 4.265 4.315 4.357 4.391 4.419 4.442 4.460 4.476 4.488 4.499 4.507 4.514 4.520 4.524 4.528 4.531 4.534 4.536 4.538 4.539 4.540 0.813 1.474 2.011 2.448 2.803 3.092 3.327 3.518 3.673 3.799 3.902 3.985 4.053 4.108 4.153 4.189 4.219 4.243 4.263 4.279 4.292 4.302 4.311 4.318 4.323 4.328 4.332 4.335 4.337 4.339 4.341 4.342 4.343 4.344 0.806 1.457 1.981 2.404 2.745 3.020 3.242 3.421 3.566 3.682 3.776 3.851 3.912 3.962 4.001 4.033 4.059 4.080 4.097 4.110 4.121 4.130 4.137 4.143 4.147 4.151 4.154 4.157 4.159 4.160 4.161 4.162 4.163 4.164 0.800 1.440 1.952 2.362 2.689 2.951 3.161 3.329 3.463 3.571 3.656 3.725 3.780 3.824 3.859 3.887 3.910 3.928 3.942 3.954 3.963 3.970 3.976 3.981 3.985 3.988 3.990 3.992 3.994 3.995 3.996 3.997 3.997 3.998 5.251 5.253 5.255 5.256 5.257 5.258 5.259 5.260 5.260 5.261 5.261 5.261 5.262 5.262 5.262 5.262 5.262 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 4.992 4.993 4.994 4.995 4.996 4.997 4.997 4.998 4.998 4.998 4.999 4.999 4.999 4.999 4.999 4.999 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 4.756 4.757 4.758 4.759 4.759 4.760 4.760 4.760 4.761 4.761 4.761 4.761 4.761 4.761 4.761 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.541 4.542 4.543 4.543 4.544 4.544 4.544 4.544 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.345 4.345 4.346 4.346 4.346 4.347 4.347 4.347 4.347 4.347 4.347 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.164 4.165 4.165 4.165 4.166 4.166 4.166 4.166 4.166 4.166 4.166 4.166 4.166 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 3.998 3.999 3.999 3.999 3.999 3.999 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.263 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.545 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.348 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.167 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 Does the cash flow happen... > now (today), or > later (e.g. 1 year from now) later Calculate the PV of a single amount now Ignore PV calculation; the no time-value of money iss Is the cash flow a... > cash inflow (e.g. return > cash outflow (e.g. payme cash inflow Cash flow should be subtracted in your NPV calculation. Calculate NPV = Sum of inflow Sum of outflo NPV Identify a cash flow Is the cash flow a... > single cash flow, or > stream of cash flows single stream Are the streams... > inconsistent (change at least once in the payment series), or > consistent (same each period) inconsistent Treat each cash flow asan single cash flow; analyze each cash flow separately consistent Do the cash flows start... > now (today), or > in arrears (i.e. at the end of each period) now arrears Analyze the cash flow streams differently... > first cash flow vs. > subsequent-to-first cash flow first cash flow subsequent-tofirst cash flow Calculate the PV of an annuity PV calculation; there is -value of money issue; cash flow a... inflow (e.g. returns from an investment), or outflow (e.g. payments to an investor) ash flow cash outflow be subtracted in tion. Cash flow should be added in your NPV calculation Are there other cash flows to consider? Are there other cash flows to consider? no yes Calculate NPV Start back at the top = Sum of inflows Sum of outflows NPV ars an ALPHA bws check/modified rows to be deleted investm $ 2,985,000.00 |ife.yr 5.00 salvage;q10-12.inpt2 $ 400,000.00 disc.pct1;q9.inpt2 16.00 % q9.inpt1 18.00 % sales $ 2,737,000.00 VC $ 1,001,000.00 CM $ 1,736,000.00 SGAf $ 610,000.00 depr $ 517,000.00 FC $ 1,127,000.00 NOI $ 609,000.00 q10-12.inpt1 $ 600,000.00 q13-15.inpt1 50.00 % 0 1 2 3 4 5 6 7 8 9 10 PV of a single amount PV of an annuity FV of a single amount ll' it 1,, 1,1,1,,JL