Sheet1ROR15.69%t (N )cpvbtcfsdcTITatcfFactor (p/f,n,ror )BPV (3+4)*5030001018002250-1450-4930.8643789437691.503154983128001125-325-110.50.7471509584597.7207666896380075050170.6458215562516.6572449564800562.5237.580.750.5582345546446.587643664958007504503501196810.4825261946747.91560169493000.3844119885ROR10.59%t (N )cpvatcfsFactor (p/f,n,rorBPV (3+4)*5030001016810.9042408898615.788045935426810.8176515867556.820730568336810.7393539983503.500072853146810.6685541173455.285353877556817500.6045339699865.08811090362996.4823141379Nb : CPV = BPVTAX RATE 34%TI :

Sheet2

TAX RATE =34%ROR =15.70%ROR =10.54%

t (N )CPVBTCFsDCTITATCFFactor (p/f,n,ROR)BPV

(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(2) - (4)(3) - (5)(6) * tax rate(3) - (7)[(8)+(4)]*(9)030001018002250-1450.00-493.006810.905616.06728001125-325.00-110.506810.818557.325380075050.0017.006810.740504.1844800562.5237.5080.756810.670456.1105800750450350.00119.006810.606867.0463000.7308204132

Sheet3