4a 40928

b 21001
c 13.55%

5a
1994 1995E 1996E 1997E 1998E
Revenues 154951 170446.1 187490.71 206239.78 226863.76
Working capital 21001 23101.1 25411.21 27952.331 30747.564
Additional working capital investments 2100.1 2310.11 2541.121 2795.2331

b
1994 1995E 1996E 1997E 1998E
Revenues 154951 170446.1 185061.85 198293.78 209646.09
10% 8.58% 7.15% 5.73%
Working capital 21001 23101.1 25082.019 26875.384 28413.999
Additional working capital investments 2100.1 1980.9193 1793.3644 1538.6157

Chapter 8
13 a Return 8.76%
b Diversifiabl 95%
c Unlevered 0.348485
Beta of par 0.425
New unleve0.633333
New levere 0.858519
1999E
249550.1 10%
33822.32
3074.756

1999E
218660.9 4.30% 1.425%
4.30%
29635.8
1221.802