The following describes the relationship between stand age and timber volume for an aspen stand in Minnesota for stand ages 5-110. Use this information to answer the questions 1-10.

1- Identify the age at which the stands mean annual increment (MAI) is maximum.

2- Indicate the MAI when MAI is at its maximum, rounding your answer to the nearest 0.01 ft³

3- Assuming each cubic foot of wood harvested will generate a benefit of $3 (i.e., the value of the standing tree is $3 per ft³), indicate the annual percent change in the stands timber value at stand age 45.

4- Calculate the % annual change in tree growth at stand age 39.

5- Identify the financially-optimum age to harvest this stand one time, based on a stumpage price of $3/ft³ and a 4% discount rate. In other words, ignore any value of the land after the 1^st harvest.

6- Calculate the financially-optimum age to harvest this stand one time when the stumpage price is $4/ft³ and the discount rate is 5%.

7- Identify the financially-optimum harvest age to harvest this stand over an infinite number of rotations using an assumed stumpage price of $3/ft³ and a 4% discount rate

8- Calculate the financially-optimum age to harvest this stand over an infinite number of rotations when the stumpage price is $4/ft³ and the discount rate is 5%.

9- Assume you plan to sell the land for $1,000 per acre after conducting the initial timber harvest. Identify the financially-optimum harvest age for harvesting this stand one time, then selling the land when stumpage prices are assumed to be $3/ft³ and the discount rate is 4%.

10- Recalculate the financially-optimum harvest age for harvesting this stand one time, then selling the land when the expected land sale price after harvest is $750 per acre, stumpage prices are assumed to be $5/ft³ and the discount rate is 5%.

Stand Age	Volume
5	3
6	26
7	50
8	75
9	100
10	125
11	150
12	176
13	201
14	228
15	254
16	281
17	308
18	335
19	362
20	389
21	417
22	444
23	472
24	500
25	528
26	555
27	583
28	611
29	639
30	667
31	695
32	723
33	751
34	778
35	806
36	833
37	860
38	887
39	914
40	941
41	968
42	994
43	1020
44	1046
45	1071
46	1096
47	1121
48	1146
49	1170
50	1197
51	1217
52	1240
53	1263
54	1285
55	1307
56	1328
57	1349
58	1369
59	1388
60	1408
61	1426
62	1444
63	1462
64	1478
65	1495
66	1510
67	1525
68	1539
69	1552
70	1565
71	1577
72	1588
73	1599
74	1609
75	1618
76	1626
77	1633
78	1639
79	1645
80	1649
81	1653
82	1656
83	1658
84	1658
85	1658
86	1657
87	1655
88	1652
89	1648
90	1642
91	1636
92	1629
93	1620
94	1610
95	1599
96	1587
97	1574
98	1560
99	1544
100	1527
101	1509
102	1490
103	1469
104	1447
105	1423
106	1399
107	1373
108	1345
109	1316
110	1286