0 1 2 3 4 5 6

10 12 14.4 17.28 20.736 24.8832 26.12736

522.5472
10.71429 11.47959 12.29956 13.1781 14.1194
296.5073

61.79094
358.2983

0 1 2 3 4 5 6
2 2.4 2.88 3.456 4.1472 4.97664 5.225472

96.768

49.7108
2.100656 2.206379 2.317422 2.434054 2.556555
11.61507
61.32586

0 1 2 3 4 5 6
5 6 7.2 8.64 10.368 12.4416 12.93926

161.7408
5.217391 5.444234 5.68094 5.927938 6.185674 80.41376
108.8699 65.32196
29.58725
0 1 2 3 4 5 6 94.90922
5 5.5 6.05 6.655 7.3205 8.05255 8.374652

104.6832
4.782609 4.574669 4.375771 4.18552 4.003541 52.04603
73.96814

88 96.8 106.48 117.128 128.8408 141.7249

$416.98
 0 1 2 3 4 5 6
10 11.5 13.225 15.20875 17.49006 20.11357 21.11925
2 2.3 2.645 3.04175 3.498013 4.022714 4.22385
1.2 1.38 1.587 1.82505 2.098808 2.413629 2.53431
42.2385
$5.29 17.05983
$22.35

Q 10.14
0 1 2 3 4 5 6
Revenues 300000 312000
EBIT(1-t) 180000 187200
NWC 20000
_capex+ dep -15000
S 80
E 100
Variance 0.2 0.447214 SD
t 10
Rf 0.06
e 2.7182
d1
ln(S/E) -0.22314

1.6

Variance*root t 1.414214

d1 0.973585

d2 -0.44063

Value

N(d1) 0.834869 sN(d1) 66.78949 e^-rt 0.548822

Nd2 0.329741 E*e^-rt*Nd2 18.09689

Value 84.88637

option to Delay

abandon
S 55
E 60
Variance 0.05 0.223607
t 5
Rf 0.04
Dy 0.2
ln(S/E) -0.08701

-0.675
0.5
d1 -1.52402
d2 -2.02402

Nd1 0.063752
Snd1 1.289947

Nd2 0.021484
e^-rt 0.818736
1.055378

c 2.345325