(Million $) 0 1 2 3 4 5 6 7 8 9 Revenue 0 0 85 120 160 240 240 220 0 0 Operation 0 0 35 40 40 40 40 35 15 15 Cost Capital Cost 150 100 0 0 0 100 0 0 0 -Depreciation 0 0 10 20 30 40 40 30 0 -Depletion 0 0 10.2 14.4 19.2 28.8 28.8 26.4 0 000 (for Mo: 12% Revenue) Taxable 0 0 29.8 45.6 70.8 31.2 131.2 128.6 -15 -15 Income Tax @ 35% 0 0 10.43 15.96 24.78 10.92 45.92 45.01 0 0 After Tax -150 -100 19.37 29.64 46.02 20.92 85.28 83.59 -15 -15 Profit +Depreciation 0 0 10 20 30 40 40 30 0 0 + Depletion 0 0 10.2 14.4 19.2 28.8 28.8 26.4 0 0 Cash Flow -150 -100 39.57 64.04 95.22 89.08 154.08 139.99 -15 -15 Calculate the Discounted Cash Flow and NPV for an 18% Interest DCF -150 -84.75 28.47 39.05 48.08 38.90 57.07 43.88 -3.99 -3.38 NPV: $13.33