Time Value of Money- Are my calculations below correct??

1. Original Scenario from Milestone 1 - Time Value of Money using 8%

Interest Rate 8.00%

FCF - 2015 FCF - 2016 FCF -2017

Amounts* 6,082.00 6,007.00 3,573.00

Pv* (5,631.48) (5,150.03) (2,836.36)

Total Pv* (13,617.88)

*In millions

2. Change in interest rate and its implications - Lower the Interest Interest Rate to 5%(Enter 5% in the Yellow Box)

Now suppose an external event occurs (e.g., the FED decreases market interest rates), evaluate the PV of these cash flows back to 2014 if UPS's WACC falls to 5%.

Interest Rate 5.00%

FCF - 2015 FCF - 2016 FCF -2017

Amounts* 5,473.80 5,406.30 3,215.70

Pv* (5,213.14) (4,903.67) (2,777.84)

Total Pv* (12,894.66)

*In millions

3. Finally, suppose a different external event occurs (e.g., the FED increases market interest ratessimilar to their current policy stance), evaluate the PV of these cash flows back to 2014 if UPS's WACC increases to 15%.

Interest Rate 15.00%

FCF - 2015 FCF - 2016 FCF -2017

Amounts* 6,386.10 6,307.35 2,404.76

Pv* (5,553.13) (4,769.26) (1,581.17)

Total Pv* (11,903.56)

*In millions

Textbook- Ehrhardt, M. C., & Brigham, E. F. (2017).Corporate finance: A focused approach(6th ed.). Boston, MA: Cengage Learning.