N

1
0
1
2
3
4
5

CPV
2
12000

BTCF
3
2918
2918
2918
2918
2918
2918

Inflation
Inflation Factor 5%
4=(1+f)^N
1
1.05
1.1025
1.157625
1.21550625
1.276281563
1.340095641

5.00%
BTCF'
5=3*4
0
3063.9
3217.095
3377.94975
3546.84724
3724.1896
3910.39908

S
6

DC
7=(P-S)/N
2000
2000
2000
2000
2000
2000
2000

TI
8=5-7
-2000
1063.9
1217.095
1377.94975
1546.847238
1724.189599
1910.399079

Tax Rate=
T
9=8*Tax Rate
-920
489.394
559.8637
633.856885
711.5497293
793.1272157
878.7835765

46.000%
ATCF
10=5-9
920
2574.506
2657.231
2744.093
2835.298
2931.062
3031.616

Conversion Factor
11=(1+f)^-N
1
0.952380952
0.907029478
0.863837599
0.822702475
0.783526166
0.746215397

Fo
12=10*11
920
2451.91
2410.187
2370.451
2332.606
2296.564
2262.238

ROR=
(P/F, ROR, n)
13=1/(1+ROR)^N
1
0.952968249
0.908148483
0.865436669
0.824733667
0.785944998
0.748980628

4.935290506%
BPV
14=12*13
920
2336.592832
2188.807776
2051.474863
1923.778927
1804.973045
1694.372561
12000