PROJECT NPV

Sensitivity Analysis

(In Thouands of $)

2009
Year 0

2010
Year 1

2011
Year 2

2012
Year 3

Key Assumptions
Unit Sales
Inflation Rate
Real Cost of Capital
Tax Rate

2000
2.00%
11.00%
35.00%

4000
2.50%
11.20%
35.00%

5600
3.00%
11.40%
35.00%

Discounting
Discount Rate = Cost of Capital
Cumulative Discount Factor

13.22%
13.22%

13.98%
29.05%

14.74%
48.07%

Price or Cost / Unit
Sales Revenue / Unit

$9.70

$9.94

$10.24

Variable Cost / Unit
Direct Labor
Materials
Selling Expenses
Others
Total Variable Cost / Unit

$3.50
$2.00
$1.20
$0.70
$7.40

$3.59
$2.05
$1.23
$0.72
$7.59

$3.70
$2.11
$1.27
$0.74
$7.81

$2,800.00
$580.00
$450.00
$930.00
$520.00
$5,280.00

$2,870.00
$594.50
$461.25
$953.25
$533.00
$5,412.00

$2,956.10
$612.34
$475.09
$981.85
$548.99
$5,574.36

$0.89
$3,549.60

$0.91
$5,093.68

$0.94
$6,370.73

$19,400.00
$14,800.00
$4,600.00

$39,770.00
$30,340.00
$9,430.00

$57,348.34
$43,750.28
$13,598.06

$5,280.00
$1,621.43
$6,901.43

$5,412.00
$1,621.43
$7,033.43

$5,574.00
$1,621.43
$7,195.43

$(2,301.43)
$(805.50)
$(1,495.93)

$2,396.57
$838.80
$1,557.77

$6,402.63
$2,240.92
$4,161.71

$1,621.43
$125.50

$1,621.43
$3,179.20

$1,621.43
$5,783.14

$(1,809.60)

$(1,544.08)

$(1,277.06)

Cash Fixed Costs:
Lease Payment
Property Taxes
Administration
Advertising
Other
Total Cash Fixed Cost
Working Cap / Next Yr Unit Sales
Working Capital

$0.87
$1,740.00

Cash Flow Forecasts
Sales Revenue
Variable Costs
Gross Margin
Cash Fixed Costs
Depreciation
Total Fixed Costs
Operating Profit
Taxes
Net Profit
Add Back Depreciation
Operating Cash Flow
Investment in Working Capital

$(1,740.00)

Investment in Plant & Equipment
Cash Flow

$(11,350.00)
$(13,090.00)

Cash Flows
Present Value of Each Cash Flow
Net Present Value

$(13,090.00)
$(13,090.00)
$3,468.53

$(1,809.60)

$(1,544.08)

$(1,277.06)

$(1,684.10)
$(1,487.46)

$1,635.12
$1,267.06

$4,506.08
$3,043.16

Data Table: Sensitivity of the Project NPV to Unit Sales and the Real Cost of Capital
Input Values for Unit Sales Scale Factor
Output Formula: Proj NPV
$3,468.53
80.00%
90.00%
100.00%
9.00%
Input Values for Date 0 Real Cost of Capital
11.00%
13.00%
15.00%
17.00%

2013
Year 4

2014
Year 5

2015
Year 6

2016
Year 7

6800
3.50%
11.60%
35.00%

7400
4.00%
11.80%
35.00%

3700
4.00%
12.00%
35.00%

1800
4.00%
12.20%
35.00%

15.51%
71.03%

16.27%
98.86%

16.48%
131.64%

16.69%
170.29%

$10.60

$11.02

$11.46

$11.92

$3.82
$2.19
$1.31
$0.76
$8.09

$3.98
$2.27
$1.36
$0.80
$8.41

$4.14
$2.36
$1.42
$0.83
$8.75

$4.30
$2.46
$1.47
$0.86
$9.10

$3,059.56
$633.77
$491.72
$1,016.21
$568.20
$5,769.46

$3,181.95
$659.12
$511.38
$1,056.86
$590.93
$6,000.24

$3,309.22
$685.48
$531.84
$1,099.14
$614.57
$6,240.25

$3,441.59
$712.90
$553.11
$1,143.10
$639.15
$6,489.86

$0.97
$7,175.51

$1.01
$3,731.26

$1.05
$1,887.82

$1.09
$-

$72,074.57
$54,984.73
$17,089.85

$81,571.46
$62,229.77
$19,341.69

$42,417.16
$32,359.48
$10,057.68

$21,460.79
$16,372.15
$5,088.64

$5,789.00
$1,621.43
$7,410.43

$6,000.00
$1,621.43
$7,621.43

$6,240.00
$1,621.43
$7,861.43

$6,490.00
$1,621.43
$8,111.43

$9,679.42
$3,387.80
$6,291.62

$11,720.26
$4,102.09
$7,618.17

$2,196.25
$768.69
$1,427.56

$(3,022.79)
$(1,057.98)
$(1,964.81)

$1,621.43
$7,913.05

$1,621.43
$9,239.60

$1,621.43
$3,048.99

$1,621.43
$(343.38)

$(804.77)

$3,444.24

$1,843.45

$1,887.82

$(804.77)

$3,444.24

$1,843.45

$1,400.00
$3,287.82

$7,108.28
$4,156.10

$12,683.84
$6,378.18

$4,892.44
$2,112.13

$2,944.43
$1,089.36

110.00%

120.00%

PROJECT NPV

Working Capital

(In Thouands of $)

2009
Year 0

2010
Year 1

2011
Year 2

2012
Year 3

Key Assumptions
Unit Sales
Inflation Rate
Real Cost of Capital
Tax Rate

2000
2.00%
11.00%
35.00%

4000
2.50%
11.20%
35.00%

5600
3.00%
11.40%
35.00%

Discounting
Discount Rate = Cost of Capital
Cumulative Discount Factor

13.22%
13.22%

13.98%
29.05%

14.74%
48.07%

Price or Cost / Unit
Sales Revenue / Unit

$9.70

$9.94

$10.24

Variable Cost / Unit
Direct Labor
Materials
Selling Expenses
Others
Total Variable Cost / Unit

$3.50
$2.00
$1.20
$0.70
$7.40

$3.59
$2.05
$1.23
$0.72
$7.59

$3.70
$2.11
$1.27
$0.74
$7.81

$2,800.00
$580.00
$450.00
$930.00
$520.00
$5,280.00

$2,870.00
$594.50
$461.25
$953.25
$533.00
$5,412.00

$2,956.10
$612.34
$475.09
$981.85
$548.99
$5,574.36

$0.89
$3,549.60

$0.91
$5,093.68

$0.94
$6,370.73

$19,400.00
$14,800.00
$4,600.00

$39,770.00
$30,340.00
$9,430.00

$57,348.34
$43,750.28
$13,598.06

$5,280.00
$1,621.43
$6,901.43

$5,412.00
$1,621.43
$7,033.43

$5,574.00
$1,621.43
$7,195.43

$(2,301.43)
$(805.50)
$(1,495.93)

$2,396.57
$838.80
$1,557.77

$6,402.63
$2,240.92
$4,161.71

$1,621.43
$125.50

$1,621.43
$3,179.20

$1,621.43
$5,783.14

$(1,809.60)

$(1,544.08)

$(1,277.06)

Cash Fixed Costs:
Lease Payment
Property Taxes
Administration
Advertising
Other
Total Cash Fixed Cost
Working Cap / Next Yr Unit Sales
Working Capital

$0.87
$1,740.00

Cash Flow Forecasts
Sales Revenue
Variable Costs
Gross Margin
Cash Fixed Costs
Depreciation
Total Fixed Costs
Operating Profit
Taxes
Net Profit
Add Back Depreciation
Operating Cash Flow
Investment in Working Capital

$(1,740.00)

Investment in Plant & Equipment
Cash Flow

$(11,350.00)
$(13,090.00)

Cash Flows
Present Value of Each Cash Flow
Net Present Value

$(13,090.00)
$(13,090.00)
$3,468.53

$(1,809.60)

$(1,544.08)

$(1,277.06)

$(1,684.10)
$(1,487.46)

$1,635.12
$1,267.06

$4,506.08
$3,043.16

2013
Year 4

2014
Year 5

2015
Year 6

2016
Year 7

6800
3.50%
11.60%
35.00%

7400
4.00%
11.80%
35.00%

3700
4.00%
12.00%
35.00%

1800
4.00%
12.20%
35.00%

15.51%
71.03%

16.27%
98.86%

16.48%
131.64%

16.69%
170.29%

$10.60

$11.02

$11.46

$11.92

$3.82
$2.19
$1.31
$0.76
$8.09

$3.98
$2.27
$1.36
$0.80
$8.41

$4.14
$2.36
$1.42
$0.83
$8.75

$4.30
$2.46
$1.47
$0.86
$9.10

$3,059.56
$633.77
$491.72
$1,016.21
$568.20
$5,769.46

$3,181.95
$659.12
$511.38
$1,056.86
$590.93
$6,000.24

$3,309.22
$685.48
$531.84
$1,099.14
$614.57
$6,240.25

$3,441.59
$712.90
$553.11
$1,143.10
$639.15
$6,489.86

$0.97
$7,175.51

$1.01
$3,731.26

$1.05
$1,887.82

$1.09
$-

$72,074.57
$54,984.73
$17,089.85

$81,571.46
$62,229.77
$19,341.69

$42,417.16
$32,359.48
$10,057.68

$21,460.79
$16,372.15
$5,088.64

$5,789.00
$1,621.43
$7,410.43

$6,000.00
$1,621.43
$7,621.43

$6,240.00
$1,621.43
$7,861.43

$6,490.00
$1,621.43
$8,111.43

$9,679.42
$3,387.80
$6,291.62

$11,720.26
$4,102.09
$7,618.17

$2,196.25
$768.69
$1,427.56

$(3,022.79)
$(1,057.98)
$(1,964.81)

$1,621.43
$7,913.05

$1,621.43
$9,239.60

$1,621.43
$3,048.99

$1,621.43
$(343.38)

$(804.77)

$3,444.24

$1,843.45

$1,887.82

$(804.77)

$3,444.24

$1,843.45

$1,400.00
$3,287.82

$7,108.28
$4,156.10

$12,683.84
$6,378.18

$4,892.44
$2,112.13

$2,944.43
$1,089.36

PROJECT NPV

Forecasting Cash Flow

(In Thouands of $)

2009
Year 0

2010
Year 1

2011
Year 2

2012
Year 3

Key Assumptions
Unit Sales
Inflation Rate
Real Cost of Capital
Tax Rate

2000
2.00%
11.00%
35.00%

4000
2.50%
11.20%
35.00%

5600
3.00%
11.40%
35.00%

Discounting
Discount Rate = Cost of Capital
Cumulative Discount Factor

13.22%
13.22%

13.98%
29.05%

14.74%
48.07%

Price or Cost / Unit
Sales Revenue / Unit

$9.70

$9.94

$10.24

Variable Cost / Unit
Direct Labor
Materials
Selling Expenses
Others
Total Variable Cost / Unit

$3.50
$2.00
$1.20
$0.70
$7.40

$3.59
$2.05
$1.23
$0.72
$7.59

$3.70
$2.11
$1.27
$0.74
$7.81

$2,800.00
$580.00
$450.00
$930.00
$520.00
$5,280.00

$2,870.00
$594.50
$461.25
$953.25
$533.00
$5,412.00

$2,956.10
$612.34
$475.09
$981.85
$548.99
$5,574.36

Cash Fixed Costs:
Lease Payment
Property Taxes
Administration
Advertising
Other
Total Cash Fixed Cost

2013
Year 4

2014
Year 5

2015
Year 6

2016
Year 7

6800
3.50%
11.60%
35.00%

7400
4.00%
11.80%
35.00%

3700
4.00%
12.00%
35.00%

1800
4.00%
12.20%
35.00%

15.51%
71.03%

16.27%
98.86%

16.48%
131.64%

16.69%
170.29%

$10.60

$11.02

$11.46

$11.92

$3.82
$2.19
$1.31
$0.76
$8.09

$3.98
$2.27
$1.36
$0.80
$8.41

$4.14
$2.36
$1.42
$0.83
$8.75

$4.30
$2.46
$1.47
$0.86
$9.10

$3,059.56
$633.77
$491.72
$1,016.21
$568.20
$5,769.46

$3,181.95
$659.12
$511.38
$1,056.86
$590.93
$6,000.24

$3,309.22
$685.48
$531.84
$1,099.14
$614.57
$6,240.25

$3,441.59
$712.90
$553.11
$1,143.10
$639.15
$6,489.86

PROJECT NPV

Basics

(In Thouands of $)

2009
Year 0

2010
Year 1

2011
Year 2

2012
Year 3

Key Assumptions
Unit Sales
Inflation Rate
Real Cost of Capital
Tax Rate

2000
2.00%
11.00%
35.00%

4000
2.50%
11.20%
35.00%

5600
3.00%
11.40%
35.00%

Discounting
Discount Rate = Cost of Capital
Cumulative Discount Factor

13.22%
13.22%

13.98%
29.05%

14.74%
48.07%

Price or Cost / Unit
Sales Revenue / Unit
Variable Cost / Unit
Cash Fixed Costs

$9.70
$7.40
$5,280.00

$9.94
$7.59
$5,412.00

$10.24
$7.81
$5,574.00

Cash Flow Forecasts
Sales Revenue
Variable Costs
Gross Margin

$19,400.00
$14,800.00
$4,600.00

$39,770.00
$30,340.00
$9,430.00

$57,348.34
$43,750.28
$13,598.06

$5,280.00
$1,621.43
$6,901.43

$5,412.00
$1,621.43
$7,033.43

$5,574.00
$1,621.43
$7,195.43

$(2,301.43)
$(805.50)
$(1,495.93)

$2,396.57
$838.80
$1,557.77

$6,402.63
$2,240.92
$4,161.71

$1,621.43
$125.50

$1,621.43
$3,179.20

$1,621.43
$5,783.14

$125.50
$110.85

$3,179.20
$2,463.58

$5,783.14
$3,905.61

Cash Fixed Costs
Depreciation
Total Fixed Costs
Operating Profit
Taxes
Net Profit
Add Back Depreciation
Operating Cash Flow
Investment in Plant & Equipment
Cash Flow
Present Value of Each Cash Flow
Net Present Value

$(11,350.00)
$(11,350.00)
$(11,350.00)
$6,110.09

2013
Year 4

2014
Year 5

2015
Year 6

2016
Year 7

6800
3.50%
11.60%
35.00%

7400
4.00%
11.80%
35.00%

3700
4.00%
12.00%
35.00%

1800
4.00%
12.20%
35.00%

15.51%
71.03%

16.27%
98.86%

16.48%
131.64%

16.69%
170.29%

$10.60
$8.09
$5,789.00

$11.02
$8.41
$6,000.00

$11.46
$8.75
$6,240.00

$11.92
$9.10
$6,490.00

$72,074.57
$54,984.73
$17,089.85

$81,571.46
$62,229.77
$19,341.69

$42,417.16
$32,359.48
$10,057.68

$21,460.79
$16,372.15
$5,088.64

$5,789.00
$1,621.43
$7,410.43

$6,000.00
$1,621.43
$7,621.43

$6,240.00
$1,621.43
$7,861.43

$6,490.00
$1,621.43
$8,111.43

$9,679.42
$3,387.80
$6,291.62

$11,720.26
$4,102.09
$7,618.17

$2,196.25
$768.69
$1,427.56

$(3,022.79)
$(1,057.98)
$(1,964.81)

$1,621.43
$7,913.05

$1,621.43
$9,239.60

$1,621.43
$3,048.99

$1,621.43
$(343.38)

$7,913.05
$4,626.63

$9,239.60
$4,646.21

$3,048.99
$1,316.29

$1,400.00
$1,056.62
$390.92

THE YIELD CURVE - Using it to Determine Forward Rate
Maturity
Date
07/07/09
08/07/09
10/04/09
01/03/10
07/07/10
07/07/11
07/06/12
07/06/13
07/06/14
07/06/19
07/06/24
07/07/29
07/05/34
07/07/39

Inputs
Today
One month Treasury Bill
Three month Treasury Bill
Six month Treasury Bill
One year Treasury Bill
Two Year Investment Bond
Three Year Investment Bond
Four Year Investmetn Bond
Five Year Investment Bond
Ten Year Investment Bond
Fifteen Year Investment Bond
Twenty Year Investment Bond
Twenty Five Year Investment Bond
Thrity Year Investment Bond

Time to
Maturity

Yield to
Maturity

0.09
0.24
0.49
1.00
2.00
3.00
4.00
5.00
10.00
15.00
20.00
24.99
30.00

Forward
Rates
3.96%
5.19%
5.43%
5.78%
5.94%
5.99%
6.05%
6.26%
6.56%
6.59%
6.54%
6.34%
6.08%

3.96%
5.86%
5.67%
6.12%
6.10%
6.10%
6.22%
7.10%
6.86%
6.65%
6.39%
5.54%
4.79%

Yield to Maturity (Annual)

U.S. Treasury Zero - Coupon Yield Curve
7.50%
7.00%
6.50%
6.00%
5.50%
5.00%
4.50%
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%

Column D
Column E

0.09

0.24

0.49

1.00

2.00

3.00

4.00

5.00

10.00

Time to Maturity (Years)

15.00

20.00

24.99

30.00

Inputs
Today
One month Treasury Bill
Three month Treasury Bill
Six month Treasury Bill
One year Treasury Bill
Two Year Investment Bond
Three Year Investment Bond
Four Year Investmetn Bond
Five Year Investment Bond
Seven Year Investment Bond
Ten Year Investment Bond
Fifteen Year Investment Bond
Twenty Year Investment Bond
Twenty Five Year Investment Bond
Thrity Year Investment Bond
Bond Inputs
Rate Convention: 1=EAR, 0=APR
Annual Coupon Rate (CR)
Number of Payments / Year (NOP)
Number of Periods to Maturity (N)
Face Value (M)
Outputs
Coupon Payment (INT)

Maturity
Date
07/07/09
08/07/09
10/04/09
01/03/10
07/07/10
07/07/11
07/06/12
07/06/13
07/06/14
07/06/16
07/06/19
07/06/24
07/07/29
07/05/34
07/07/39

Time to
Maturity

Yield to
Maturity

0.09
0.24
0.49
1.00
2.00
3.00
4.00
5.00
7.00
10.00
15.00
20.00
24.99
30.00

12.50%
12.95%
13.00%
13.25%
13.50%
13.88%
14.00%
14.34%
14.70%
14.86%
15.36%
15.70%
16.00%
16.22%

Yield to Maturity (Annual)

THE YIELD CURVE - Obtaining it from Bond Listings

16.25%
16.00%
15.75%
15.50%
15.25%
15.00%
14.75%
14.50%
14.25%
14.00%
13.75%
13.50%
13.25%
13.00%
12.75%
12.50%
12.25%
-

1 Effective Annual Rate
12.00%
1
10
$1,000.00

$120.00

Calculate the Price and Yield to Maturity of a Coupon Bond using the Cash Flows
Period
0
1
Time (Years)
0
1
Cash Flows
$120.00
Yield to Maturity (Annualized)
12.50%
Discount Rate / Period
12.50%
Present Value of Cash Flow
$106.67
Coupon Bond Price
$867.52
Coupon Bond Discount Rate / Period
14.60%
Coupon Bond Yield to Maturity
14.60%

2
2
$120.00
12.95%
12.95%
$94.06

3
3
$120.00
13.00%
13.00%
$83.17

2.50

5.00

Yield to Maturity (Annual)

Treasury Coupon Yield Curve
16.25%
16.00%
15.75%
15.50%
15.25%
15.00%
14.75%
14.50%
14.25%
14.00%
13.75%
13.50%
13.25%
13.00%
12.75%
12.50%
12.25%
-

2.50

5.00

7.50

10.00

12.50

15.00

17.50

20.00

22.50

25.00

27.50

30.00

Time to Maturity (Years)

4
4
$120.00
13.25%
13.25%
$72.95

5
5
$120.00
13.50%
13.50%
$63.71

6
6
$120.00
13.88%
13.88%
$55.02

7
7
$120.00
14.00%
14.00%
$47.96

8
8
$120.00
14.34%
14.34%
$41.09

9
9
$120.00
14.86%
14.86%
$34.48

10
10
$1,120.00
15.36%
15.36%
$268.43

THE YIELD CURVE - Obtaining it from Bond Listings
Maturity
Date
07/07/09
08/07/09
10/04/09
01/03/10
07/07/10
07/07/11
07/06/12
07/06/13
07/06/14
07/06/19
07/06/24
07/07/29
07/05/34
07/07/39

Inputs
Today
One month Treasury Bill
Three month Treasury Bill
Six month Treasury Bill
One year Treasury Bill
Two Year Investment Bond
Three Year Investment Bond
Four Year Investmetn Bond
Five Year Investment Bond
Ten Year Investment Bond
Fifteen Year Investment Bond
Twenty Year Investment Bond
Twenty Five Year Investment Bond
Thrity Year Investment Bond

Time to
Maturity

Yield to
Maturity

0.09
0.24
0.49
1.00
2.00
3.00
4.00
5.00
10.00
15.00
20.00
24.99
30.00

3.96%
5.19%
5.43%
5.78%
5.94%
5.99%
6.05%
6.26%
6.56%
6.59%
6.54%
6.34%
6.08%

U.S. Treasury Zero - Coupon Yield Curve
6.75%

Yield to Maturity (Annual)

6.50%
6.25%
6.00%
5.75%
5.50%
5.25%
5.00%
4.75%
4.50%
4.25%
4.00%
3.75%
-

2.50

5.00

7.50

10.00

12.50

15.00

17.50

Time to Maturity (Years)

20.00

22.50

d Curve

20.00

22.50

25.00

27.50

30.00

STOCK VALUATION - Dynamic Chart

Dynamic Chart of Two St

$325.00

Inputs
Inflation Rate
Earning Retention Rate

3.00%

6

50.00%

5

Intrinsic Value / Share

$300.00
$275.00
$250.00
$225.00
$200.00
$175.00
$150.00
$125.00
$100.00
7.00%

Outputs
Real Discount Rate (Real K)
Intrinsic Value / Share

9.00%
$176.26

Nominal Discount Rate (k)

12.27%

Period
Inflation Rate
Reat Return on Investment (Real ROI)
Nominal Return on Investment
Real Growth Rate in Dividend (Real g)
Nominal Growth Rate in Dividend (g)
Nominal Dividend / Share
Continuation Value / Share
Sum of Future Div. & Con. Value / Shr
PV of Future Div. & Cont. Value / Shr
Intrinsic Value/Share

7.00%
$318.27

Historical Data
-1
2.80%
22.30%
25.70%
11.20%
14.50%
$5.10
$5.84
-2

8.00%
$226.97

8.00%

9.0

9.00%
$176.26

Stage 1 : Explicit
Horizon (ROI
0
2.80%
20.70%
24.40%
10.40%
13.70%
$6.64

1
3.00%
19.00%
22.57%
9.50%
12.79%
$7.49
$7.49
$6.67

$176.26

Intrinsic Value / Share

Chart
Dynamic Chart of Two Stage Dividend Discount Model

$325.00
$300.00
$275.00
$250.00
$225.00
$200.00
$175.00
$150.00
$125.00
$100.00
7.00%

8.00%

9.00%

10.00%

11.00%

12.00%

Real Discount Rate

10.00%
$144.00

11.00%
$121.67

Stage 1 : Explicit Forecast
Horizon (ROI > k)
2
3
3.00%
3.00%
17.00%
15.00%
20.51%
18.45%
8.50%
7.50%
11.76%
10.73%
$8.37
$9.27
$8.37
$6.64

$9.27
$6.55

12.00%
$105.30
Stage : 2
Infinite
Horizon
(ROI = k)
4
3.00%
13.00%
16.39%
6.50%
9.69%
$10.17
$10.17
$6.40

5
3.00%
11.00%
14.33%
5.50%
8.66%
$11.05
$256.51
$267.56
$150.00

6
3.00%
9.00%
12.27%
4.50%
7.64%
$11.89

STOCK VALUATION - TWO STAGE
Inputs
Inflation Rate
Real Discount Rate (Real k)
Earning Retention Rate

3.00%
9.00%
50.00%

Outputs
Nominal Discount Rate (k)

12.27%

Period
Inflation Rate
Reat Return on Investment (Real ROI)
Nominal Return on Investment
Real Growth Rate in Dividend (Real g)
Nominal Growth Rate in Dividend (g)
Nominal Dividend / Share
Continuation Value / Share
Sum of Future Div. & Con. Value / Shr
PV of Future Div. & Cont. Value / Shr
Intrinsic Value/Share

Historical Data
-2
-1
2.80%
22.30%
25.70%
11.20%
14.50%
$5.10
$5.84

Stage 1
Ho
0
2.80%
20.70%
24.40%
10.40%
13.70%
$6.64

1
3.00%
19.00%
22.57%
9.50%
12.79%
$7.49
$7.49
$6.67

$176.26

AGE

Stage 1 : Explicit Forecast
Horizon (ROI > k)
2
3
3.00%
3.00%
17.00%
15.00%
20.51%
18.45%
8.50%
7.50%
11.76%
10.73%
$8.37
$9.27
$8.37
$6.64

$9.27
$6.55

Stage : 2
Infinite
Horizon
(ROI = k)
4
3.00%
13.00%
16.39%
6.50%
9.69%
$10.17
$10.17
$6.40

5
3.00%
11.00%
14.33%
5.50%
8.66%
$11.05
$256.51
$267.56
$150.00

6
3.00%
9.00%
12.27%
4.50%
7.64%
$11.89

BOND VALUATION - System of Five bond Variables
Annual Percentage Rate
Inputs
Rate Convetion (1= EAR, 0=APR)
Annual Coupon Rate (CR)
Yield to Maturity (Annualized) (Kd)
Number of Payment / Year (NOP)
Numer of Periods to Maturity (N)
Face Value (M)
Discount Rate / Period (DR)
Coupon Payment (INT)
Bond Price (VB)

0 EAR = Effective Annual Rate Convention & APR = Annual Perce
5.00%
9.00%
2.00
8
$1,000.00
4.50% =IF($C$6=1,((1+Kd)^(1/NOP))-1,Kd/NOP)
$25.00
$868.08 =-PV(DR,N,INT,M)

(1) Number of Periods to Maturity (N)
Number of Periods to Maturing using the NPER Function
(2) Face Value (M)
Face Value using the FV Function
Face Value using the Formula
(3) Find Discount Rate / Period (DR)
Discount Rate / Period using the RATE Function
(4) Coupon Payment (INT)
Coupon Payment using the PMT Function
Coupon Payment using the Formula
(5) Bond Price (VB)
Bond Price using the PV Function
Bond Price using the Formula

8 =NPER(DR,INT,-VB,M)

$1,000.00 =FV(DR,N,INT,-VB)
$1,000.00 =VB*((1+DR)^N)-INT*(((1+DR

4.50% =RATE(N,INT,-VB,M)

$25.00 =PMT(DR,N,-VB,M)
$25.00 =(VB-M/((1+DR)^N))/((1-((1+D

$868.08 =-PV(DR,N,INT,M)
$868.08 =INT*(1-((1+DR)^(-N)))/DR+M

nd Variables

vention & APR = Annual Percentage Rate Convention

NPER(DR,INT,-VB,M)

FV(DR,N,INT,-VB)
VB*((1+DR)^N)-INT*(((1+DR)^N)-1)/DR

RATE(N,INT,-VB,M)

PMT(DR,N,-VB,M)
(VB-M/((1+DR)^N))/((1-((1+DR)^(-N)))/DR)

PV(DR,N,INT,M)
INT*(1-((1+DR)^(-N)))/DR+M/((1+DR)^N)

BOND VALUATION - BY YIELD TO MATURITY
Effective Annual Rate
Inputs
Rate Convetion (1= EAR, 0=APR)
Annual Coupon Rate (CR)
Yield to Maturity (Annualized) (Kd)
Number of Payment / Year (NOP)
Numer of Periods to Maturity (N)
Face Value (M)
Output
Discount Rate / Period (DR)
Coupon Payment (INT)
Chart Outputs
Yield to Maturity (Annualized)
Discount Rate / Period
Bond Price

1 EAR = Effective Annual Rate Convention & APR = Annual Perce
5.00%
9.00%
2.00
12
$1,000.00

4.40% =IF($C$6=1,((1+Kd)^(1/NOP))-1,Kd/NOP)
$25.00

1%
0.50%
$1,232.54

2%
1.00%
$1,169.44

3%
1.49%
$1,110.36

$1,250.00
$1,200.00
$1,150.00
$1,100.00
$1,050.00
$1,000.00
Bond Price

$950.00
$900.00
$850.00
$800.00
$750.00
0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

10
%

11
%

4%
1.98%
$1,055.02

MATURITY

vention & APR = Annual Percentage Rate Convention

5%
2.47%
$1,003.13

6%
2.96%
$954.46

7%
3.44%
$908.77

8%
3.92%
$865.85

9%
4.40%
$825.50

10%
4.88%
$787.55

11%
5.36%
$751.83

BOND VALUATION - BY YIELD TO MATURITY
Annual Percentage Rate
Inputs
Rate Convetion (1= EAR, 0=APR)
Annual Coupon Rate (CR)
Yield to Maturity (Annualized) (Kd)
Number of Payment / Year (NOP)
Numer of Periods to Maturity (N)
Face Value (M)
Output
Discount Rate / Period (DR)
Coupon Payment (INT)
Chart Outputs
Yield to Maturity (Annualized)
Discount Rate / Period
Bond Price

0 EAR = Effective Annual Rate Convention & APR = Annual Perce
5.00%
9.00%
2.00
12
$1,000.00

4.50% =IF($C$6=1,((1+Kd)^(1/NOP))-1,Kd/NOP)
$25.00

1%
0.50%
$1,232.38

2%
1.00%
$1,168.83

3%
1.50%
$1,109.08

$1,250.00
$1,200.00
$1,150.00
$1,100.00
$1,050.00
$1,000.00
$950.00
$900.00
$850.00

Bond Price

$800.00
$750.00
$700.00
0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

10
%

11
%

4%
2.00%
$1,052.88

MATURITY

vention & APR = Annual Percentage Rate Convention

5%
2.50%
$1,000.00

6%
3.00%
$950.23

7%
3.50%
$903.37

8%
4.00%
$859.22

9%
4.50%
$817.63

10%
5.00%
$778.42

11%
5.50%
$741.44

BOND VALUATION - BASIC
Annual Percentage Rate
Inputs
Rate Convetion (1= EAR, 0=APR)
Annual Coupon Rate (CR)
Yield to Maturity (Annualized) (Kd)
Number of Payment / Year (NOP)
Numer of Periods to Maturity (N)
Face Value (M)
Output
Discount Rate / Period (DR)
Coupon Payment (INT)

0 EAR = Effective Annual Rate Convention & APR = Annual Perce
5.00%
9.00%
2.00
12
$1,000.00

4.50% =IF($C$6=1,((1+Kd)^(1/NOP))-1,Kd/NOP)
$25.00

Period
Time (Years)
Cash Flows
Present Value of Cash Flow
Bond Price

0
0

1
0.5
$25.00
$23.92
$817.63 =sum(d19:o19)

2
1
$25.00
$22.89

3
1.5
$25.00
$21.91

Calculate Bond Price using the Formula
Bond Price

$817.63 =INT*(1-((1+DR)^(-N)))/DR+M/((1+DR)^N)

Calculate Bond Price using the PV Function
Bond Price

$817.63 =-PV(DR,N,INT,M)

vention & APR = Annual Percentage Rate Convention

4
2
$25.00
$20.96

5
2.5
$25.00
$20.06

6
3
$25.00
$19.20

7
3.5
$25.00
$18.37

8
4
$25.00
$17.58

9
4.5
$25.00
$16.82

10
5
$25.00
$16.10

11
5.5
$25.00
$15.40

12
6
$1,025.00
$604.41

LOAN AMORTIZATION - Sensitivity Analysis
Inputs
Present Value
Interest Rate / year
Number of Years

$300,000.00
8%
30

Output
Year
Beginning Principal Balance
Payment
Interest Component
Principal Component

1
$300,000.00
$26,648.23
$24,000.00
$2,648.23

2
$297,351.77
$26,648.23
$23,788.14
$2,860.09

3
$294,491.68
$26,648.23
$23,559.33
$3,088.90

4
$291,402.79
$26,648.23
$23,312.22
$3,336.01

Data Table : Sensitivity of the Interest Component to the Interest Rate / Year
Input Values for
Interest Rate / Year
6.00%
$18,000.00
$16,920.00
$16,984.80
7.00%
$21,000.00
$19,530.00
$19,632.90
8.00%
$24,000.00
$22,080.00
$22,233.60
9.00%
$27,000.00
$24,570.00
$24,788.70
10.00%
$30,000.00
$27,000.00
$27,300.00

$16,980.91
$19,625.70
$22,221.31
$24,769.02
$27,270.00

Data Table : Sensitivity of the Principal Component to the Interest Rate / Year
Input Values for
Interest Rate / Year
6.00%
$1,260.00
$17,924.40
$16,924.54
7.00%
$1,470.00
$20,897.10
$19,537.20
8.00%
$1,680.00
$23,865.60
$22,090.75
9.00%
$1,890.00
$26,829.90
$24,585.31
10.00%
$2,100.00
$29,790.00
$27,021.00

$16,984.53
$19,632.40
$22,232.74
$24,787.32
$27,297.90

ty Analysis

5
$288,066.78
$26,648.23
$23,045.34
$3,602.89

6
$284,463.89
$26,648.23
$22,757.11
$3,891.12

7
$280,572.77
$26,648.23
$22,445.82
$4,202.41

8
$276,370.36
$26,648.23
$22,109.63
$4,538.60

9
$271,831.76
$26,648.23
$21,746.54
$4,901.69

10
$266,930.07
$26,648.23
$21,354.41
$5,293.82

11
$261,636.25
$26,648.23
$20,930.90
$5,717.33

$16,981.15
$19,626.20
$22,222.30
$24,770.79
$27,273.00

$16,981.13
$19,626.17
$22,222.22
$24,770.63
$27,272.70

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,980.93
$19,625.73
$22,221.38
$24,769.14
$27,270.21

$16,981.14
$19,626.20
$22,222.29
$24,770.78
$27,272.98

$16,981.13
$19,626.17
$22,222.22
$24,770.63
$27,272.70

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

12
$255,918.92
$26,648.23
$20,473.51
$6,174.72

13
$249,744.20
$26,648.23
$19,979.54
$6,668.69

14
$243,075.51
$26,648.23
$19,446.04
$7,202.19

15
$235,873.32
$26,648.23
$18,869.87
$7,778.36

16
$228,094.96
$26,648.23
$18,247.60
$8,400.63

17
$219,694.32
$26,648.23
$17,575.55
$9,072.68

18
$210,621.64
$26,648.23
$16,849.73
$9,798.50

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

19
$200,823.14
$26,648.23
$16,065.85
$10,582.38

20
$190,240.76
$26,648.23
$15,219.26
$11,428.97

21
$178,811.79
$26,648.23
$14,304.94
$12,343.29

22
$166,468.51
$26,648.23
$13,317.48
$13,330.75

23
$153,137.76
$26,648.23
$12,251.02
$14,397.21

24
$138,740.55
$26,648.23
$11,099.24
$15,548.99

25
$123,191.56
$26,648.23
$9,855.32
$16,792.91

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

26
$106,398.66
$26,648.23
$8,511.89
$18,136.34

27
$88,262.32
$26,648.23
$7,060.99
$19,587.24

28
$68,675.07
$26,648.23
$5,494.01
$21,154.22

29
$47,520.85
$26,648.23
$3,801.67
$22,846.56

30
$24,674.29
$26,648.23
$1,973.94
$24,674.29

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

$16,981.13
$19,626.17
$22,222.22
$24,770.64
$27,272.73

LOAN AMORTIZATION - BASIC
Inputs
Present Value
Interest Rate / year
Number of Years

$300,000.00
8.00%
30

Output
Year
Beginning Principal Balance
Payment
Interest Component
Principal Component

1
$300,000.00
$26,648.23
$24,000.00
$2,648.23

2
$297,351.77
$26,648.23
$23,788.14
$2,860.09

3
$294,491.68
$26,648.23
$23,559.33
$3,088.90

4
$291,402.79
$26,648.23
$23,312.22
$3,336.01

Loan Amortization - Basic
100.00%

Column
Column
D
C Column
E Column
F Column
G Column
H Column
I Column
J Column
K Column
L Column
MColumn
N Column
O Column
P Column
Q Column
R Column
S Column
T Column
UColu
V

Column
C Column
D
Column
E Column
F Column
90.00%
G Column
H Column
I Column
J
K
Column
L M
Column
80.00%
Column
N O
Column
Column
P
Column
Q R
Column
70.00%
Column S

Column T
Column U
Column V
Colu

%

60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co C
C
Co
lu olu olu lu
mn mn I mn J mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Years

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

C
lu
m

ASIC

5
$288,066.78
$26,648.23
$23,045.34
$3,602.89

6
$284,463.89
$26,648.23
$22,757.11
$3,891.12

7
$280,572.77
$26,648.23
$22,445.82
$4,202.41

8
$276,370.36
$26,648.23
$22,109.63
$4,538.60

9
$271,831.76
$26,648.23
$21,746.54
$4,901.69

rtization - Basic

mn
Column
O Column
P Column
Q Column
R Column
S Column
T Column
U Column
V Column
WColumn
X Column
YColumn
ZColumn
AA
Column
AB
Column
AC
Column
AD
Column
AE AF

mn
O
Column
P
Column
Q R
Column
Column
S
Column
T
Column U
Column V
Column W
Column X
Column Y
Column Z
Column AA
Column AB
Column AC
Column AD
Column AE
Column AF

o

n

Co
lu
mn

Co
lu
mn

Co
lu
mn

Years

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

Co
lu
mn

C
olu
mn

Co
lu
mn

Co
lu
mn

10
$266,930.07
$26,648.23
$21,354.41
$5,293.82

11
$261,636.25
$26,648.23
$20,930.90
$5,717.33

12
$255,918.92
$26,648.23
$20,473.51
$6,174.72

13
$249,744.20
$26,648.23
$19,979.54
$6,668.69

14
$243,075.51
$26,648.23
$19,446.04
$7,202.19

15
$235,873.32
$26,648.23
$18,869.87
$7,778.36

16
$228,094.96
$26,648.23
$18,247.60
$8,400.63

17
$219,694.32
$26,648.23
$17,575.55
$9,072.68

18
$210,621.64
$26,648.23
$16,849.73
$9,798.50

19
$200,823.14
$26,648.23
$16,065.85
$10,582.38

20
$190,240.76
$26,648.23
$15,219.26
$11,428.97

21
$178,811.79
$26,648.23
$14,304.94
$12,343.29

22
$166,468.51
$26,648.23
$13,317.48
$13,330.75

23
$153,137.76
$26,648.23
$12,251.02
$14,397.21

24
$138,740.55
$26,648.23
$11,099.24
$15,548.99

25
$123,191.56
$26,648.23
$9,855.32
$16,792.91

26
$106,398.66
$26,648.23
$8,511.89
$18,136.34

27
$88,262.32
$26,648.23
$7,060.99
$19,587.24

28
$68,675.07
$26,648.23
$5,494.01
$21,154.22

29
$47,520.85
$26,648.23
$3,801.67
$22,846.56

30
$24,674.29
$26,648.23
$1,973.94
$24,674.29

REAL AND INFLATION - GENERAL DISCOUNT RATE
(In Thousands of $)
Inputs
Preiod
Current Investments
Future Value of each Cash Flow
Inflation Rate
Real Discount Rate
Net Present Value using a Time Line
Preiod
Discount Rate
Cumulative Discount Factor
Cash Flows
Present Value of each Cash Flow
Net Present Value

0
100

0
0.00%
$(100.00)
$(100.00)
$14.26

1

2

3

4

21.00
3.00%
5.00%

34.00
2.80%
5.50%

40.00
2.50%
6.00%

33.00
2.20%
6.50%

1
8.15%
8.15%
$21.00
$19.42

2
8.45%
17.29%
$34.00
$28.91

3
8.65%
27.44%
$40.00
$31.19

4
8.84%
38.71%
$33.00
$23.51

RATE
5
17.00
2.00%
6.50%

5
8.63%
50.68%
$17.00
$11.24

REAL AND INFLATION - CONSTANT DISCOUNT RATE
(In Thousands of $)
Inputs
Inflation Rate
Real Discount Rate
Preiod
Current Investments
Future Value of each Cash Flow
Outputs
Discount Rate
Net Present Value using a Time Line
Preiod
Cash Flows
Present Value of each Cash Flow
Net Present Value
Net Present Value Using the NPV Function

3.00%
5.00%
0
100

1

2

3

4

21.00

34.00

40.00

33.00

1
$21.00
$19.42

2
$34.00
$29.07

3
$40.00
$31.62

4
$33.00
$24.12

8.15%

0
$(100.00)
$(100.00)
15.72
15.72

T RATE

5
17.00

5
$17.00
$11.49

NET PRESENT VALUE - GENERAL DISCOUNT RATE
(In Thousands of $)
Inputs
Preiod
Current Investments
Future Value of each Cash Flow
Discount Rate
Net Present Value using a Time Line
Preiod
Cumulative Discount Factory
Cash Flows
Present Value of each Cash Flow
Net Present Value

0
100

0
0
$(100.00)
$(100.00)
17.42

1

2

3

4

21.00
8.00%

34.00
7.60%

40.00
7.30%

33.00
7.00%

1
8.00%
$21.00
$19.44

2
16.21%
$34.00
$29.26

3
24.69%
$40.00
$32.08

4
33.42%
$33.00
$24.73

RATE
5
17.00
7.00%

5
42.76%
$17.00
$11.91

NET PRESENT VALUE - CONSTANT DISCOUNT RATE
(In Thousands of $)
Inputs
Discount Rate
Preiod
Current Investments
Future Value of each Cash Flow
Net Present Value using a Time Line
Preiod
Cash Flows
Present Value of each Cash Flow
Net Present Value
Net Present Value using the NPV Function
Net Present Value

8%
0
100

0
-100
-100.00
16.17

16.17

1

2

3

4

21.00

34.00

40.00

33.00

1
21.00
19.44

2
34.00
29.15

3
40.00
31.75

4
33.00
24.26

RATE

5
17.00

5
17.00
11.57

ANNUITY - SYSTEM OF FOUR ANNUITY VARIABLES
Inputs
Payments
Discount Rate / Period
Number of Periods
Present Value
Payments
Payments using the Formula
Payments using the PMT Function
Discount Rate/Period
Discount Rate/ Per Usion the RATE Function
Number of Periods
Num of Periods using NPER Function

80
6%
5
336.99

80
80

6.00%

5

Present Value using a Time Line
Preiod
Cash Flows
Present Value of each Cash Flow
Present Value

0
0
0.00
336.99

Present Value using the formula
Present Value

336.99

Present Value using the FV Function
Present Value

336.99

1
80
75.47

2
80
71.20

3
80
67.17

4
80
63.37

ABLES

5
80
59.78

ANNUITY - FUTURE VALUE
Inputs
Payments
Discount Rate / Period
Number of Periods

80
6%
5

Future Value using a Time Line
Preiod
Cash Flows
Future Value of each Cash Flow
Future Value

0
0
0.00
450.97

Future Value using the formula
Future Value

450.97

Future Value using the FV Function
Future Value

450.97

1
80
101.00

2
80
95.28

3
80
89.89

4
80
84.80

5
80
80.00

ANNUITY - PRESENT VALUE
Inputs
Payments
Discount Rate / Period
Number of Periods

80
6%
5

Present Value using a Time Line
Preiod
Cash Flows
Present Value of each Cash Flow
Present Value

0
0
0.00
336.99

Present Value using the formula
Present Value

336.99

Present Value using the PV Function
Present Value

336.99

1
80
75.47

2
80
71.20

3
80
67.17

4
80
63.37

5
80
59.78

SINGLE CASH FLOW - FUTURE VALUE
Inputs
Single Cash Flow
Discount Rate / Period
Number of Periods

747.26
6%
5

Future Value using a Time Line
Preiod
Cash Flows
Future Value of each Cash Flow
Future Value

0
747.26
1000.00
1000.00

Future Value using the formula
Future Value

1000.00

Future Value using the PV Function
Future Value

1000.00

1
0
0.00

2
0
0.00

3
0
0.00

4
0
0.00

5
0
0.00

SINGLE CASH FLOW - PRESENT VALUE
Inputs
Single Cash Flow
Discount Rate / Period
Number of Periods

1000
6%
5

Present Value using a Time Line
Preiod
Cash Flows
Present Value of each Cash Flow
Present Value

0
0
0.00
747.26

Present Value using the formula
Present Value

747.26

Present Value using the PV Function
Present Value

747.26

1
0
0.00

2
0
0.00

3
0
0.00

4
0
0.00

5
1000
747.26