using exhibit 10a asset beta ka= 0.

Equity Cost of
Year Equity cash flows EQUITY DEBT D/E Beta equity

1996 ($79,035) $79,035 0 0.00 0.6 18.5700%

1997 (1,986) 81,021 1,000,000 12.34 8.005487 70.4084%
1998 (550,148) 631,169 1,024,299 1.62 1.573716 25.3860%
1999 $1,576 631,169 1,267,280 2.01 1.804698 27.0029%
2000 185,047 631,169 1,450,000 2.30 1.978395 28.2188%
2001 225,457 631,169 1,411,111 2.24 1.941426 27.9600%
2002 233,074 631,169 1,372,222 2.17 1.904458 27.7012%
2003 200,600 631,169 1,333,333 2.11 1.867489 27.4424%
2004 218,903 631,169 1,268,856 2.01 1.806196 27.0134%
2005 203,857 631,169 1,187,614 1.88 1.728966 26.4728%
2006 232,620 631,169 1,086,961 1.72 1.633284 25.8030%
2007 229,393 631,169 977,484 1.55 1.529213 25.0745%
2008 238,588 631,169 849,556 1.35 1.407602 24.2232%
2009 226,629 631,169 755,137 1.20 1.317846 23.5949%
2010 216,878 631,169 669,137 1.06 1.236093 23.0227%
2011 216,655 631,169 567,137 0.90 1.13913 22.3439%
2012 262,881 631,169 449,137 0.71 1.026957 21.5587%
2013 242,378 631,169 401,689 0.64 0.981852 21.2430%
2014 251,988 631,169 348,241 0.55 0.931044 20.8873%
2015 260,474 631,169 252,034 0.40 0.839588 20.2471%
2016 250,893 631,169 134,448 0.21 0.727809 19.4647%
2017 376,215 631,169 75,000 0.12 0.671296 19.0691%
2018 320,878 631,169 75,000 0.12 0.671296 19.0691%
2019 301,370 631,169 75,000 0.12 0.671296 19.0691%
2020 276,398 631,169 75,000 0.12 0.671296 19.0691%
2021 292,810 631,169 75,000 0.12 0.671296 19.0691%
2022 217,227 631,169 0 0.00 0.6 18.5700%
2023 294,578 631,169 0.00 0.6 18.5700%
2024 289,656 631,169 0.00 0.6 18.5700%
2025 289,705 631,169 0.00 0.6 18.5700%
2026 278,074 631,169 0.00 0.6 18.5700%
2027 276,806 631,169 0.00 0.6 18.5700%
2028 274,449 631,169 0.00 0.6 18.5700%
2029 263,604 631,169 0.00 0.6 18.5700%
2030 247,540 631,169 0.00 0.6 18.5700%
2031 250,329 631,169 0.00 0.6 18.5700%
2032 242,937 631,169 0.00 0.6 18.5700%
2033 240,644 631,169 0.00 0.6 18.5700%
2034 226,196 631,169 0.00 0.6 18.5700%
$8,226,138 Avg 22.8306%
IRR= 25.58%
using exhibit 11
Rf= 5.60%
Rm-Rf= 7%
SP= 2.10%
CP= 6.67% Tax Rate 34%
Asset Beta 0.6
Leverage 60%
Cost of Debt 10%

Risk free rate 5.60%

Mkt Risk Premium 7.00%
Country risk premium 6.67%
Start-up premium 2.10%
Cost of equity Ke=Rf+ßa(MRP)+CRP+SP
18.57%

g7 to g16