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B C D

3 Office
4 Building Hotel
5 Net Present Value 45 70 50
6 ($millions)
7
8 Cumulative Capital Required ($millions)
9 Now 40 80 90
10 End of Year 1 100 160 140
11 End of Year 2 190 240 160
12 End of Year 3 200 310 220
13
14 Office
15 Building Hotel
16 Participation Share 0.00% 16.50%
E F G H
Shopping
Center
0
Cumulative Cumulative
Capital Capital
ns) Spent Available
0 25 <= 25
40 44.757 <= 45
60 60.583 <= 65
20 80 <= 80

Shopping Total NPV


Center ($millions)
13.11% 18.11