End

of (R-COM- dk)(1- Cash Cumulative

INVESTMENT dk FCIL-dk R COM
yea 0.30) + dk flow cash flow
r

0 (10) - 160 - - - (10) (10)

1 (100) - 160 - - - (100) (110)

2 (60+32) - 160 - - - (92) (202)

3 - 22.864 137.136 75 30 38.3592 38.3592 (163.6408)

4 - 39.184 97.952 75 30 43.2552 43.2552 (120.3856)

5 - 27.984 69.968 75 30 39.8952 39.8952 (80.4904)

6 - 19.984 49.984 75 30 37.4952 37.4952 (42.9952)

7 - 14.288 35.696 75 30 35.7864 35.7864 (7.2088)

8 - 14.272 21.424 75 30 35.7816 35.7816 28.5728

9 - 14.288 7.136 75 30 35.7864 35.7864 64.7592

10 - 7.136 0 75 30 33.6408 33.6408 98

11 - - 0 75 30 31.5 31.5 129.5

12 - - 0 75 30 31.5 31.5 161

13 - - 0 75 30 31.5 31.5 192.50

14 - - 0 75 30 31.5 31.5 224

15 - - 0 75 30 31.5 31.5 255.5

16 - - 0 75 30 31.5 31.5 287

17 - - 0 75 30 31.5 80.50 367.50

 Non
End of Cumulative Discounted Discounted Cash Discounted Cash
discounted Discounted Cash Flow
Year Cash Flow Flow (15%) Flow (16%)
Cash Flow
0 (10) (10) (10) (10) (10)

1 (100) (100)/1.1 = (90.91) (100.91) (86.96) (86.21)

2 (92) (92)/1.12 = (76.03) (176.94) (69.57) (68.37)

3 38.3592 38.3592/1.13=28.82 (148.12) 25.22 24.58

4 43.2552 43.2552/1.14=29.54 (118.58) 24.73 23.89

5 39.8952 39.8952/1.15=24.77 (93.81) 19.83 18.99

6 37.4952 37.4952/1.16=21.17 (72.64) 16.21 15.39

7 35.7864 35.7864/1.17=18.36 (54.28) 13.45 12.66

8 35.7816 35.7816/1.18=16.69 (37.59) 11.70 10.91

9 35.7864 35.7864/1.19=15.18 (22.41) 10.17 9.41

10 33.6408 33.6408/1.110=12.97 (9.44) 8.32 7.63

11 31.5 31.5/1.111=11.04 1.6 6.77 6.16

12 31.5 31.5/1.112=10.04 11.64 5.89 5.31

13 31.5 31.5/1.113=9.12 20.76 5.12 4.57

14 31.5 31.5/1.114=8.29 29.05 4.45 3.94

15 31.5 31.5/1.115=7.54 36.59 3.87 3.40

16 31.5 31.5/1.116=6.86 43.45 3.37 2.93

17 31.5 31.5/1.117=15.93 59.38 7.48 6.46