Years 0 1 2 3 4 5 6 Capital investment 10 CF-Capital Investments 2 WC 0 Change in WC CF-Work.Cap.Investments 5 Revenues 35% Expenses Project details: Initial investment (mil.$) Salvage value (mil.$) Salvage value-depreciation Depreciation-years Tax rate A/R percentage-2/12 of sales Inv.percentage-0.15 of next sales Initial revenue Initial expenses Inflation rate Discount rate 16,67% Depreciation Pretax profit 15% Tax (35%) 15 Profit 10 CF-Operations Total CFS 5% PV 12% NPV 0 1 2 3 4 5 un 6 6 Working Capital Estimation: Account Receivable level Inventory level Level of working capital