A cellulosic ethanol process is estimated to have capital costs of $15 million two years before the present, $118 million one year before the present, and $63 million in the present year. Operation is expected to start next year, and is estimated to result in a net annual cash income including sales, operating costs, depreciation, and taxes of $19 million in the first year, $34 million in each of the second to fifth years, and $25 million per year from the sixth to the tenth year. 

Calculate the net present value of this process for a 10 percent per annum interest rate, and its discounted cash flow rate of return.

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Table 17.7 Typical data for beverage packaging. Packaging mass (million pounds) Year Packaging type PET Aluminum Glass PET 1990 1995 2000 2005 Aluminum Glass PET Aluminum Glass PET Aluminum Glass 800 2000 4000 1200 2000 1000 1700 1900 400 1800 1850 300 Packaging recycled (million pounds) 250 1000 1400 550 1000 350 600 1000 100 500 1 90 Volume of beverage (billion gallons) 3 5 1 5 5.5 0.2 6 0.1 1 5.5 6 0.06