Year Cash Benefit Depreciation Income BT Tax @ 50% Income AT Cashflow after Tax DF @ 10%

0 (100,000) - - - - (100,000) 1
1 25,000 10,000 15,000 7500 7,500 17,500 0.909
2 40,000 10,000 30,000 15000 15,000 25,000 0.826
3 40,000 10,000 30,000 15000 15,000 25,000 0.751
4 40,000 10,000 30,000 15000 15,000 25,000 0.683
5 35,000 10,000 25,000 12500 12,500 22,500 0.621
6 30,000 10,000 20,000 10000 10,000 20,000 0.564
7 25,000 10,000 15,000 7500 7,500 17,500 0.513
8 20,000 10,000 10,000 5000 5,000 15,000 0.466
9 15,000 10,000 5,000 2500 2,500 12,500 0.424
10 10,000 10,000 - 0 - 10,000 0.386
NPV

Year Cash Benefit Depreciation Income BT Tax @ 50% Income AT Cashflow after Tax DF @ 10%
0 (100,000) - - - - (100,000) 1
1 25,000 10,000 15,000 7500 7,500 17,500 0.909
2 40,000 10,000 30,000 15000 15,000 25,000 0.826
3 40,000 10,000 30,000 15000 15,000 25,000 0.751
4 40,000 10,000 30,000 15000 15,000 25,000 0.683
5 35,000 10,000 25,000 12500 12,500 22,500 0.621
6 30,000 10,000 20,000 10000 10,000 20,000 0.564
7 25,000 10,000 15,000 7500 7,500 17,500 0.513
NPV

Year Cash Benefit Depreciation Income BT Tax @ 50% Income AT Cashflow after Tax Int @ 10%
0 (100,000) - - - - (100,000)
1 25,000 10,000 15,000 7500 7,500 17,500 10,000
2 40,000 10,000 30,000 15000 15,000 25,000 9,250
3 40,000 10,000 30,000 15000 15,000 25,000 7,675
4 40,000 10,000 30,000 15000 15,000 25,000 5,943
5 35,000 10,000 25,000 12500 12,500 22,500 4,037
6 30,000 10,000 20,000 10000 10,000 20,000 2,190
7 25,000 10,000 15,000 7500 7,500 17,500 409

Year Cash Benefit Depreciation Income BT Tax @ 50% Income AT Cashflow after Tax Int @ 10%
0 (100,000) - - - - (100,000)
1 25,000 10,000 15,000 7500 7,500 17,500 10,000
2 40,000 10,000 30,000 15000 15,000 25,000 9,250
3 40,000 10,000 30,000 15000 15,000 25,000 7,675
4 40,000 10,000 30,000 15000 15,000 25,000 5,943
5 35,000 10,000 25,000 12500 12,500 22,500 4,037
 6 30,000 10,000 20,000 10000 10,000 20,000 2,190
7 25,000 10,000 15,000 7500 7,500 17,500 409
8 20,000 10,000 10,000 5000 5,000 15,000
9 15,000 10,000 5,000 2500 2,500 12,500
10 10,000 10,000 - 0 - 10,000

Net Terminal Value

Year Cash Benefit Depreciation Income BT Tax @ 50% Income AT Cashflow after Tax Int @ 10%
0 (5,000) - - - - (5,000)
1 3,000 - 3,000 - 3,000 3,000 500
2 2,600 - 2,600 - 2,600 2,600 250
3 6,200 - 6,200 - 6,200 6,200 15

Year Cash Benefit Depreciation Income BT Tax @ 50% Income AT Cashflow after Tax DF @ 10%
0 (100,000) - - - - (100,000) 1
1 25,000 10,000 15,000 7500 7,500 17,500 0.909
2 40,000 10,000 30,000 15000 15,000 25,000 0.826
3 40,000 10,000 30,000 15000 15,000 25,000 0.751
4 40,000 10,000 30,000 15000 15,000 25,000 0.683
5 35,000 10,000 25,000 12500 12,500 22,500 0.621
6 30,000 10,000 20,000 10000 10,000 20,000 0.564
7 25,000 10,000 15,000 7500 7,500 17,500 0.513
8 20,000 10,000 10,000 5000 5,000 15,000 0.466
9 15,000 10,000 5,000 2500 2,500 12,500 0.424
10 10,000 10,000 - 0 - 10,000 0.386

Payback period
Year Cash Benefit Depreciation Income BT Tax @ 50% Income AT Cashflow after Tax Balance Investment
0 (100,000) - - - - (100,000) (100,000)
1 25,000 10,000 15,000 7500 7,500 17,500 (82,500)
2 40,000 10,000 30,000 15000 15,000 25,000 (57,500)
3 40,000 10,000 30,000 15000 15,000 25,000 (32,500)
4 40,000 10,000 30,000 15000 15,000 25,000 (7,500)
5 35,000 10,000 25,000 12500 12,500 22,500
6 30,000 10,000 20,000 10000 10,000 20,000
7 25,000 10,000 15,000 7500 7,500 17,500
8 20,000 10,000 10,000 5000 5,000 15,000
9 15,000 10,000 5,000 2500 2,500 12,500
10 10,000 10,000 - 0 - 10,000

Payback period with equal cash flows

Year Cash Benefit Depreciation Income BT Tax @ 50% Income AT Cashflow after Tax Balance Investment
0 (100,000) - - - - (100,000) (100,000)
 1 30,000 10,000 20,000 10000 10,000 20,000 (80,000)
2 30,000 10,000 20,000 10000 10,000 20,000 (60,000)
3 30,000 10,000 20,000 10000 10,000 20,000 (40,000)
4 30,000 10,000 20,000 10000 10,000 20,000 (20,000)
5 30,000 10,000 20,000 10000 10,000 20,000 -
6 30,000 10,000 20,000 10000 10,000 20,000
7 30,000 10,000 20,000 10000 10,000 20,000
8 30,000 10,000 20,000 10000 10,000 20,000
9 30,000 10,000 20,000 10000 10,000 20,000
10 30,000 10,000 20,000 10000 10,000 20,000

Year Cash Benefit Depreciation Income BT Tax @ 0% Income AT Cashflow after Tax DF @ 10%
0 (5,000) - - - - (5,000) 1
1 3,000 - 3,000 - 3,000 3,000 0.909
2 2,600 - 2,600 - 2,600 2,600 0.826
3 6,200 - 6,200 - 6,200 6,200 0.751
 PV
(100,000)
15,908
20,659
18,781
17,074
13,969
11,288
8,979
6,997
5,301
3,855
22,811

PV
(100,000)
15,908
20,659
18,781
17,074
13,969
11,288
8,979
6,658

Prin+Int Balance Year

(100,000) 0
(110,000) (92,500) 1
(101,750) (76,750) 2
(84,425) (59,425) 3
(65,368) (40,368) 4
(44,404) (21,904) 5
(24,095) (4,095) 6
(4,504) 12,996 7
0.513
6,668

Prin+Int Balance
(100,000)
(110,000) (92,500)
(101,750) (76,750)
(84,425) (59,425)
(65,368) (40,368)
(44,404) (21,904)
 (24,095) (4,095)
(4,504) 12,996 0.513 6,668
15,000 0.466 6,997
12,500 0.424 5,301
10,000 0.386 3,855
22,821

Prin+Int Balance
(5,000)
(5,500) (2,500)
(2,750) (150)
(165) 6,035
0.751
4532.285

PV DF @ 15% PV
(100,000) 1 (100,000)
15,908 0.870 15,217
20,659 0.756 18,904
18,781 0.658 16,438
17,074 0.572 14,294
13,969 0.497 11,186
11,288 0.432 8,647
8,979 0.376 6,579
6,997 0.327 4,904
5,301 0.284 3,553
3,855 0.247 2,472
22,811 2,193

Balance Investment

Balance Investment
PV
(5,000)
2,727
2,149
4,658
4,533