Ross, Westerfield, Jaffe, and Jordan's Excel Master

Corporate Finance: Core Principles and Applications, 4th edition

by Brad Jordan and Joe Smolira
Version 4.0

Chapter 9
In these spreadsheets, you will learn how to use the following Excel fun

Naming cells
Scenario Manager
One-way Data Table
Goal Seek
RAND
Frequency distribution
Frequency distribution charts
Shapes and lines

NOTE: For this workbook, any changes in input values will not change t

The following conventions are used in these spreadsheets:

1) Given data in blue

2) Calculations in red

NOTE: Some functions used in these spreadsheets may require that

the "Analysis ToolPak" or "Solver Add-In" be installed in Excel.
To install these, click on the Office button
then "Excel Options," "Add-Ins" and select
"Go." Check "Analysis ToolPak" and
"Solver Add-In," then click "OK."
the following Excel functions:

alues will not change the output unless you hit the F9 key.
 Chapter 9 - Section 2
Sensitivity Analysis, Scenario Analysis, and Break-Even Analysis

Scenario Analysis
Scenario analysis is used to determine the range of possible outcomes for a project. Typically, the base case, best (op
when doing scenario analysis. Because of the repetitive nature of the calculations, spreadsheets are an excellent too
Corporation solar-powered jet engine project presented in the example in the textbook:

Base case
Unit sales: 10,000
Price per unit $ 2,200,000
Variable costs per unit: $ 800,000
Fixed costs per year: $ 1,741,000,000

Initial cost: $ 1,000,000,000

Project life (years): 5
Required return: 15%
Tax rate: 34%

With these values, we need to calculate the base case, best case, and worst case NPVs and IRRs. First, we want to ca

Base Case Income Statement

Sales $ 22,000,000,000
Variable costs 8,000,000,000
Fixed costs 1,741,000,000
Depreciation 200,000,000
EBIT $ 12,059,000,000
Taxes (34%) 4,100,060,000
Net income $ 7,958,940,000

OCF $ 8,158,940,000

NPV $ 26,350,032,315

Notice, in this case we calculated the NPV using the PV function rather than the NPV function. When the cash flows

RWJ Excel Tip

In a problem with a number of different variables, it can be advantageous to name the cells. Click on the input cell fo
the name bar and you will see the name "Unit_sales." We entered the name in the name bar to name the input in th
can type in the name of the variable instead of referencing the cell. For example, if you look at the sales calculation b
Unit_sales * Price. When naming cells, you should keep the names short but understandable. In addition, Excel does
instead of the space in Unit_sales.

To calculate the best case and worst case, we will use Scenario Manager, which is described below. The values for th

Pessimistic Expected or Best Optimistic

Market size (per year) 5,000 10,000 20,000
Market share 20% 30% 50%
Units sold (per year) 1,000 3,000 10,000
Price $ 1,900,000 $ 2,000,000 $ 2,200,000
Variable cost (per plane) $ 1,200,000 $ 1,000,000 $ 800,000
Fixed cost (per plane) $ 1,891,000,000 $ 1,791,000,000 $ 1,741,000,000
Investment $ 1,900,000,000 $ 1,500,000,000 $ 1,000,000,000

RWJ Excel Tip

Scenario Manager is a powerful tool that allows you to evaluate different scenarios and is useful in cases such as this
we will be changing, in this case cells D9 through D12, and D14. Next, go to the Data tab, click What-If Analysis, Scen
When you click on Add, another box comes up that will allow you to enter the scenario name. After entering the nam

Notice that the values are changed to the best case values. This is because the image was captured after we had cha
simply clicked Add, then added the worst case scenario. When the values for both scenarios are entered, click OK. Th
have already added.

Now that all the scenarios are entered, we can click on Summary, which brings up the final box. This box allows us to
(NPV) as the final result we wanted Scenario Manager to calculate, then clicked OK. The results are shown on the ne
Sensitivity Analysis
In contrast to scenario analysis, sensitivity analysis holds all variables except one constant. This allows us to see how
we will perform sensitivity analysis using fixed costs, although all other variables could be similarly examined. Using
way data table. Below, you will see a table with the NPV for different levels of fixed costs:

Fixed costs NPV

$ 1,291,000,000 $ 27,345,622,379
$ 1,391,000,000 $ 27,124,380,143
$ 1,491,000,000 $ 26,903,137,907
$ 1,591,000,000 $ 26,681,895,670
$ 1,691,000,000 $ 26,460,653,434
$ 1,791,000,000 $ 26,239,411,197
$ 1,891,000,000 $ 26,018,168,961
$ 1,991,000,000 $ 25,796,926,724
$ 2,091,000,000 $ 25,575,684,488
$ 2,191,000,000 $ 25,354,442,251
$ 2,291,000,000 $ 25,133,200,015

Graphically, the relationship between fixed costs and NPV looks like this:

Sensitivity Analysis for Fixe

$28,000,000,000
$27,500,000,000
$27,000,000,000
$26,500,000,000
$26,000,000,000
Net Present Value

$25,500,000,000
$25,000,000,000
$24,500,000,000
$24,000,000,000
0 0 0 0 0 0 0 0 0 0 0 0
,0 ,0 ,0 ,0 ,0 ,0
0 00 0 00 0 00 0 00 0 00 0 00
1, 1, 1, 1, 1, 1, 1
29 39 49 59 69 79 89
1, 1, 1, 1, 1, 1, 1,
 $25,500,000,000

Net Present
$25,000,000,000
$24,500,000,000
$24,000,000,000
0 0 0 0 0 0 0 0 0 0 0 0
,0 ,0 ,0 ,0 ,0 ,0
0 00 0 00 0 00 0 00 0 00 0 00
1, 1, 1, 1, 1, 1, 1
29 39 49 59 69 79 ,8
9
$ 1, $ 1, $ 1, $ 1, $ 1, $ 1, $1

Fixed Costs

As you can see, there is a negative relationship between fixed costs and project NPV. We would expect this: As costs

RWJ Excel Tip

To set up a one-way data table, we need to first enter the inputs we want to use in the calculations in a column (or ro
one cell above where the input values begin, we need to make the cell equal to the final value we want the data tab
table, this cell is C126. However, to make the data table look better, we have hidden this row. To unhide this row, sele
This first step is to highlight the entire column with the numbers we want used in the calculation, as well as the final
the "Data" tab, then "What-If Analysis," and "Data Table." Finally, enter the original cell that contains the variable we
D12 for fixed costs.

We should note that when you create a data table, you can change the input cells in which you entered the new valu
data table.

Of course, in our sensitivity analysis, we could be interested in how the NPV changes when two input variables chan
be related since a higher cost would likely result in fewer units sold. In this case, we can use a two-way data table to
way data tables were introduced in Chapter 4.) The sensitivity analysis for price and units sold looks like this:

Price per
$ 1,700,000 $ 1,800,000 $ 1,900,000
2,750 $ 851,864,562 $ 1,460,280,713 $ 2,068,696,863
2,800 $ 951,423,569 $ 1,570,901,831 $ 2,190,380,093
2,850 $ 1,050,982,575 $ 1,681,522,949 $ 2,312,063,323
2,900 $ 1,150,541,582 $ 1,792,144,067 $ 2,433,746,553
Units Sold

2,950 $ 1,250,100,588 $ 1,902,765,186 $ 2,555,429,783

3,000 $ 1,349,659,594 $ 2,013,386,304 $ 2,677,113,013
3,050 $ 1,449,218,601 $ 2,124,007,422 $ 2,798,796,243
3,100 $ 1,548,777,607 $ 2,234,628,540 $ 2,920,479,473
3,150 $ 1,648,336,614 $ 2,345,249,659 $ 3,042,162,703
 Un
3,250 $ 1,847,454,626 $ 2,566,491,895 $ 3,285,529,164
3,350 $ 2,046,572,639 $ 2,787,734,131 $ 3,528,895,624

As you can see, when the price drops below $1,800,000, the project has a negative NPV for nearly all units sold exam

In the end, we are ultimately concerned with how sensitive the NPV is to changes in the inputs to the project. One w
to the same percentage change in the inputs. Below, we have constructed one-way data tables for each of the inputs
base case values as inputs in these tables. The reason is that if we reference the original cells (D9 to D12), the calcula

% Change from
Base Case Units sales NPV
$ 26,350,032,315
-30% 2,100 $ 1,880,640,962
-20% 2,400 $ 2,809,858,355
-10% 2,700 $ 3,739,075,748
0% 3,000 $ 4,668,293,141
10% 3,300 $ 5,597,510,535
20% 3,600 $ 6,526,727,928
30% 3,900 $ 7,455,945,321

% Change from Variable cost

Base Case per unit NPV
-30% $ 700,000 $ 28,562,454,680
-20% $ 800,000 $ 26,350,032,315
-10% $ 900,000 $ 24,137,609,951
0% $ 1,000,000 $ 21,925,187,586
10% $ 1,100,000 $ 19,712,765,221
20% $ 1,200,000 $ 17,500,342,857
30% $ 1,300,000 $ 15,287,920,492

To compare changes in each of the variables, we will graph the NPV for each of the sensitivity tables. Since the colum
columns, hold down the CTRL and ALT keys, then use the cursor to select the four columns. The sensitivity of the NP

Sensitivity of NPV to Changes in Inputs

$40,000,000,000

$35,000,000,000

$30,000,000,000

$25,000,000,000
t Value
 $35,000,000,000

$30,000,000,000

$25,000,000,000

Net Present Value

$20,000,000,000

$15,000,000,000

$10,000,000,000

$5,000,000,000

$-
-30% -20% -10% 0% 10% 20%

Percentage Change from Base Case Value

As you can see, the line with the steepest slope is the price per unit, followed closely by the variable cost per unit an
price per unit, we should concentrate our efforts in determining whether or not our estimate for this variable is accu

Break-Even Analysis
In looking at break-even analysis, we can start with revenues, costs, and NPVs under different sales assumptions, wh

Investment $ 1,000,000,000

Annual sales - 1,000 3,000 10,000

Revenues $ - $ 2,200,000,000 $ 6,600,000,000 $ 22,000,000,000
Variable costs - 800,000,000 2,400,000,000 8,000,000,000
Fixed costs 1,741,000,000 1,741,000,000 1,741,000,000 1,741,000,000
Depreciation 200,000,000 200,000,000 200,000,000 200,000,000
EBT $ (1,941,000,000) $ (541,000,000) $ 2,259,000,000 $ 12,059,000,000
Taxes (659,940,000) (183,940,000) 768,060,000 4,100,060,000
Net income $ (1,281,060,000) $ (357,060,000) $ 1,490,940,000 $ 7,958,940,000

OCF $ (1,081,060,000) $ (157,060,000) $ 1,690,940,000 $ 8,158,940,000

NPV $ (4,623,880,790) $ (1,526,489,480) $ 4,668,293,141 $ 26,350,032,315

As with many other sets of data, a graph can help us better exam exactly what is happening. Given that, we will set u

- 1,000 3,000 10,000

Annual revenues $ - $ 2,200,000,000 $ 6,600,000,000 $ 22,000,000,000
Variable costs $ - $ 800,000,000 $ 2,400,000,000 $ 8,000,000,000
 Fixed costs
(incl. dep.) $ 1,941,000,000 $ 1,941,000,000 $ 1,941,000,000 $ 1,941,000,000
Total costs $ 1,941,000,000 $ 2,741,000,000 $ 4,341,000,000 $ 9,941,000,000

Break-Even Point Using Accounting Num

$20,000,000,000

$18,000,000,000

$16,000,000,000

$14,000,000,000

$12,000,000,000

$10,000,000,000

$8,000,000,000

$6,000,000,000

$4,000,000,000

$2,000,000,000

$-
- 2,000 4,000 6,000

Although we could set up and equation to find the accounting break-even sales level, we will use Goal Seek instead.

RWJ Excel Tip

To use Goal Seek, click on the cell you would like to change the final result for, in this case, the net income cell. Go to
box will look something like this:
We are going to Set cell C258, the net income, to a value of zero by changing cell C251, the units per year. Once you
Excel will show you the units sold that result in the accounting break-even point. In general, Goal Seek and Solver ca
and easier to use, while Solver allows you to set constraints on the values as well as save your results. Notice, we cou
problem.

The financial breakeven is the point at which the NPV of the project is zero. Again, we used Goal Seek. Try it on your
2,315 engines (2,314.44 to be more exact).
 the base case, best (optimistic) case, and worst (pessimistic) case values are calculated
ets are an excellent tool for doing the analysis. Consider the Sonar Electronics

Rs. First, we want to calculate the NPV and IRR with the base case projections, which are:

When the cash flows are the same for each year, we find this calculation easier.
 lick on the input cell for the units sold (D9), and look to the left of the Formula bar in
to name the input in this cell. Whenever we want to use the input from this cell later, we
t the sales calculation below, you will see that the formula we used in this cell is
In addition, Excel does not allow spaces in the variable name, so we used an underscore

elow. The values for the pessimistic, expected or best, and worst cases are:

ul in cases such as this. To use Scenario Manager, we first need to select the cells that
What-If Analysis, Scenario Manager. This will bring up a box that looks like this:
 After entering the name, hit Add and another box will come up that looks like this:

tured after we had changed the values. After we entered the values for the best case, we
re entered, click OK. This brings us to another box with the scenario names which we

x. This box allows us to save the results in a separate spreadsheet. We entered cell C32
s are shown on the next tab.
s allows us to see how changes in one variable affects the NPV of a project. In this case,
ilarly examined. Using Excel, sensitivity analysis is most easily completed using a one-

Analysis for Fixed Costs

0 0 0 0 0 0 0 0
00 ,0
0
,0
0
,0
0
,0
0
,0
0
,0
0
,0
0
0, 00 00 00 00 00 00 00
0 0 0 0 0 0 0
1, 1, 1, 1, 1, 1, 1,
69 79 89 99 09 19 29
1, 1, 1, 1, 2, 2, 2,
 0 0 0 0 0 0 0 0
00 ,0
0
,0
0
,0
0
,0
0
,0
0
,0
0
,0
0
0, 00 00 00 00 00 00 00
0 0 0 0 0 0 0
1, 1, 1, 1, 1, 1, 1,
69 79 89 99 09 19 29
$ 1, $ 1, $ 1, $ 1, $ 2, $ 2, $ 2,

Fixed Costs

d expect this: As costs increase, the value of the project should decrease.

tions in a column (or row). Since we have used a column here, one cell to the right and
e we want the data table to calculate, or in this case, the NPV. Notice that in our data
To unhide this row, select both rows 125 and 127, right click, and then select "Unhide."
on, as well as the final calculation cell at the top of the adjacent column. Next, select
ontains the variable we want to use to calculate the values in the data table, which is cell

u entered the new values to analyze, but you cannot change the size or layout of the

o input variables change. Price and quantity sold are two variables that would seem to
two-way data table to compute the NPV for changes in both of these variables. (Two-
looks like this:

Price per Unit

$ 2,000,000 $ 2,100,000 $ 2,200,000 $ 2,300,000
$ 2,677,113,013 $ 3,285,529,164 $ 3,893,945,314 $ 4,502,361,464
$ 2,809,858,355 $ 3,429,336,617 $ 4,048,814,879 $ 4,668,293,141
$ 2,942,603,697 $ 3,573,144,071 $ 4,203,684,445 $ 4,834,224,819
$ 3,075,349,039 $ 3,716,951,525 $ 4,358,554,010 $ 5,000,156,496
$ 3,208,094,381 $ 3,860,758,978 $ 4,513,423,576 $ 5,166,088,173
$ 3,340,839,723 $ 4,004,566,432 $ 4,668,293,141 $ 5,332,019,851
$ 3,473,585,065 $ 4,148,373,886 $ 4,823,162,707 $ 5,497,951,528
$ 3,606,330,406 $ 4,292,181,339 $ 4,978,032,272 $ 5,663,883,206
$ 3,739,075,748 $ 4,435,988,793 $ 5,132,901,838 $ 5,829,814,883
 $ 4,004,566,432 $ 4,723,603,701 $ 5,442,640,969 $ 6,161,678,238
$ 4,270,057,116 $ 5,011,218,608 $ 5,752,380,100 $ 6,493,541,592

early all units sold examined.

s to the project. One way we can examine this is to determine how sensitive the NPV is
s for each of the inputs to our project that we believe will vary. Notice that we have the
(D9 to D12), the calculation of the ranges will create a loop.

% Change from
Base Case Price per unit NPV
$ 26,350,032,315
-30% $ 1,400,000 $ 8,650,653,398
-20% $ 1,600,000 $ 13,075,498,127
-10% $ 1,800,000 $ 17,500,342,857
0% $ 2,000,000 $ 21,925,187,586
10% $ 2,200,000 $ 26,350,032,315
20% $ 2,400,000 $ 30,774,877,045
30% $ 2,600,000 $ 35,199,721,774

% Change from Fixed costs

Base Case per year NPV
-30% $ 1,253,700,000 $ 27,428,145,734
-20% $ 1,432,800,000 $ 27,031,900,888
-10% $ 1,611,900,000 $ 26,635,656,043
0% $ 1,791,000,000 $ 26,239,411,197
10% $ 1,970,100,000 $ 25,843,166,352
20% $ 2,149,200,000 $ 25,446,921,506
30% $ 2,328,300,000 $ 25,050,676,661

tables. Since the columns we wish to graph are separated, to select the four NPV
e sensitivity of the NPV to percentage changes in the base case values looks like this:

hanges in Inputs

Unit sales
Price per unit
 Unit sales
Price per unit
Variable cost per unit
Fixed costs

10% 20% 30%

ariable cost per unit and unit sales. Since the NPV is most sensitive to changes in the
for this variable is accurate.

sales assumptions, which will be:

iven that, we will set up the following table for our graph:
Accounting Numbers

Annual revenues
Variable costs
Fixed costs
(incl. dep.)
Total costs

6,000 8,000 10,000

use Goal Seek instead. Remember, at the accounting break-even, net income is zero.

net income cell. Go to the Data tab, click on What-If Analysis, Goal Seek. The Goal Seek
its per year. Once you have entered these values into Goal Seek, simply click OK and
oal Seek and Solver can be used interchangeably. Goal Seek tends to be a little quicker
results. Notice, we could have used any of the income statements we set up for this

oal Seek. Try it on your own and see if you don't agree that the financial break-even is
Scenario Summary
Current Values: Best Case Worst Case
Changing Cells:
Unit_sales 3,000 10,000 1,000
Price $ 2,000,000 $ 2,200,000 $ 1,900,000
Variable_cost_per_unit $ 1,000,000 $ 800,000 $ 1,200,000
Fixed_costs $ 1,791,000,000 $ 1,741,000,000 $ 1,891,000,000
Investment $ 1,500,000,000 $ 1,000,000,000 $ 1,900,000,000
Result Cells:
NPV $ 1,516,738,459 $ 26,350,032,315 $ (4,101,896,598)
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in gray.
 Chapter 9 - Section 3
Monte Carlo Simulation

Excel will allow you to create a Monte Carlo simulation. In the following Monte Carlo simulation, we will use the assu
Barbeques, Inc. (BBI). The probabilities for the different inputs are:

Probability 20% 60% 20%

Industry wide unit sales 10,000,000 10,500,000 11,000,000

Probability 10% 20% 30%

Market share of BBI's
hydrogen grill 1% 2% 3%

We did not follow the textbook assumption of different market sizes and market shares for each succeeding year of
calculations become more cumbersome, and therefore more difficult to follow. Also, the example in the textbook is
investment, variable cost per unit, fixed costs, the project life, corporate tax rate, and required return. Below you wil
assumed these inputs are constant, each input could also have its own probability distribution.

Initial investment $ 20,000,000

Variable cost per unit $ 80
Fixed cost per year $ 14,000,000
Project life 10
Tax rate 34%
Required return 15%

To create a number to assign for each probability, we will use the function RAND. The RAND function generates a ran
less than one.

RWJ Excel Tip

The RAND function is located under the Math & Trig functions. The format for this function is simply RAND(). This wi
less than 1.

For the compressed hydrogen grill project, we need three random numbers, one for the industry sales, one for BBI's
(+/- $3). While we could generate one random number and use it for all three inputs, this will result in only 30 differ
we should create three random numbers. Below you will a set of random numbers and the resulting outputs for thes

Random Random Random BBI market

number 1 number 2 number 3 Industry sales share
0.79103 0.57562 0.99699 10,500,000 3%
For the industry sales, there are three possible outcomes, each with a different probability. To use these probabilitie
If you click on cell E31, you will see the format we used. The first IF statement tests if the random number is less tha
units. If this is true, the IF statement will return 10 million. Notice we used the cells for the probability inputs in the I
desired. The second IF tests if the random number is less than 80%, the total probability of 10 million unit sales and
number is greater than or equal to .20 and less than .80 since any value less than .20 would have returned a true res
result will be 10.5 million units. If this IF statement is false, the random number value is greater than or equal to .80,
number 2 is used for BBI's market share, and random number 3 is used for the sales price. We also used nested IF st
statements.

You will note that if you changed an input cell in this worksheet, the resulting values did not change. If you go to the
see that Manual is checked. The default setting for Excel is Automatic. We changed the setting in this workbook beca
RAND function, the random number is changed. As you will see below, we use the RAND function a lot in further cal
spreadsheet. If you want to refresh numbers in this worksheet, hit the F9 key, or change the setting on the Calculatio

Once the random numbers are set up, we can calculate the NPV for the project for each set of random numbers. Bel
While we could certainly have done more than 500 simulations, this is enough for our purposes here. To better exam
S134 to X169 and have a frequency distribution chart below.

RWJ Excel Tip

The FREQUENCY function is a Statistical function found under More Functions. Because the FREQUENCY function is s
step-by-step.
1) Set up the bins as we described above. The bins should be set up so that the smallest and largest bins have n
2) Select the column (or row) next to the bins. The FREQUENCY function will return one more value than the nu
than the number of bins. In this case, we selected cell T170. This will return any results larger than your last bin
3) Go to the Formula tab and insert the Frequency function, found under More Functions, Statistical.
4) The Data_array is the data you want to analyze with the frequency distribution, while the bins array is the ar
5) DO NOT click OK when you have entered both the data array and bins array information! Before you click OK
This will populate the entire array of frequency distributions that you have created.

Below, you can see the function arguments we used to create this frequency distribution.
Notice that beside the frequency distribution, we created another frequency distribution with ranges. We created th
we could graph a frequency distribution using the bins, the legend will not be as descriptive. We will use the ranges
below. If you look at the frequency distribution graph and hit F9, the graph will change with each new set of random
see if there is anything odd. (Hint: There is never an NPV in the ranges from -$10 million to $10 million, $30 million t
$130 million.)

NPV Distribution for Monte Carlo Simul

90

80

70

60

50
Number of Observations

40

30

20

10

0
$-50 to $-40

$-30 to $-20

$-20 to $-10

$90 to $100

$120 to $130

$140 to $150
$-40 to $-30

$-10 to $0

$0 to $10

$10 to $20

$30 to $40

$60 to $70

$100 to $110

$110 to $120

$130 to $140

$150 to $160

$160 to $170
$20 to $30

$40 to $50

$50 to $60

$70 to $80

$80 to $90

NPV (in millions)

RWJ Excel Tip

To create this frequency distribution, we selected the data we wanted to graph (X134:X169) and went to the Insert ta
the data for the horizontal axis and input the legends as normal. Generally, when Excel draws a frequency distributio
between the columns. You can change this width by right clicking on a column and selecting Format Data Series. In t
will allow you to change the gap between the columns.
To change the color of the bars, click on any bar, go to the Format tab, select Shape Fill, and change the color of the b
done with the bars representing negative NPVs, click twice on the bar you want to have a different the color. After yo
select the Format tab, select Shape Fill, and change the color. Double clicking on the same bar will allow you to chan
histogram.

So how do we interpret the Monte Carlo simulation? One way is to do a cumulative probability graph that shows the
have a positive NPV or a negative NPV. In cells Y134:Y169 we have calculated this probability. The cumulative density
calculations (F9), the probability of a positive NPV for this project ranges from about 75 percent to 85 percent.

Cumulative NPV Probability for Compressed H

100%

90%

80%

70%
Probability of Equaling or Exceeding NPV

60%

50%

40%

30%

20%

10%

0%
4 0 3 0 2 0 1 0 $ 0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 0 0 0 10 2 0 3 0 4 0 5 0 60 7
$- $- $- $- to to $ to $ to $ to $ to $ to $ to $ to $ to $ $1 $1 $1 $1 $1 $1 $1 $1
to to to to 0 o o o o o o o o
5 0 4 0 3 0 2 0 $- 1 $0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 0 t 0 t 0 t 0 t 0 t 0 t 0 t 0 t 0
$ - $ - $- $- $ $ $ $ $ $ $ $ $9 1 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7
$ $ $ $ $ $ $ $

NPV (in millions)

 Random Random Random BBI market
number 1 number 2 number 3 Industry sales share
1 0.64864 0.66459 0.94461 10,500,000 4%
2 0.40409 0.51983 0.68460 10,500,000 3%
3 0.85308 0.96191 0.07573 11,000,000 8%
4 0.92419 0.54451 0.51625 11,000,000 3%
5 0.53454 0.49819 0.18624 10,500,000 3%
6 0.36576 0.36977 0.12206 10,500,000 3%
7 0.38760 0.60593 0.46519 10,500,000 4%
8 0.66349 0.92755 0.75317 10,500,000 5%
9 0.10819 0.52152 0.77301 10,000,000 3%
10 0.00191 0.32036 0.22077 10,000,000 3%
11 0.52950 0.18775 0.29571 10,500,000 2%
12 0.45197 0.49424 0.91834 10,500,000 3%
13 0.44052 0.01531 0.64244 10,500,000 1%
14 0.89432 0.17213 0.46757 11,000,000 2%
15 0.44725 0.96982 0.88805 10,500,000 8%
16 0.47597 0.56108 0.31238 10,500,000 3%
17 0.50250 0.81841 0.39913 10,500,000 4%
18 0.46719 0.44528 0.39412 10,500,000 3%
19 0.71072 0.89868 0.80441 10,500,000 5%
20 0.68803 0.68278 0.57967 10,500,000 4%
21 0.73954 0.63467 0.81722 10,500,000 4%
22 0.06329 0.43846 0.31477 10,000,000 3%
23 0.94746 0.61663 0.57255 11,000,000 4%
24 0.62992 0.54893 0.32503 10,500,000 3%
25 0.79085 0.06715 0.35746 10,500,000 1%
26 0.33936 0.26253 0.44983 10,500,000 2%
27 0.99575 0.83816 0.42105 11,000,000 4%
28 0.36731 0.76418 0.65524 10,500,000 4%
29 0.96441 0.69434 0.35032 11,000,000 4%
30 0.24322 0.88727 0.83198 10,500,000 5%
31 0.60275 0.38088 0.19165 10,500,000 3%
32 0.92671 0.83220 0.97668 11,000,000 4%
33 0.41073 0.58870 0.23043 10,500,000 3%
34 0.05530 0.24153 0.13198 10,000,000 2%
35 0.74970 0.27922 0.58838 10,500,000 2%
36 0.33081 0.92691 0.57146 10,500,000 5%
37 0.21323 0.14534 0.18125 10,500,000 2%
38 0.03837 0.43271 0.91864 10,000,000 3%
39 0.43224 0.09599 0.22325 10,500,000 1%
40 0.84443 0.25593 0.07847 11,000,000 2%
41 0.02624 0.95651 0.39041 10,000,000 8%
42 0.74222 0.13880 0.61148 10,500,000 2%
43 0.88018 0.24090 0.26219 11,000,000 2%
44 0.41156 0.05589 0.73291 10,500,000 1%
45 0.94657 0.83129 0.31607 11,000,000 4%
46 0.75145 0.83998 0.18558 10,500,000 4%
47 0.99412 0.63392 0.84316 11,000,000 4%
48 0.40802 0.47436 0.02382 10,500,000 3%
49 0.76107 0.10362 0.26800 10,500,000 2%
50 0.56642 0.28228 0.31197 10,500,000 2%
51 0.58710 0.10474 0.29459 10,500,000 2%
52 0.49855 0.65776 0.21912 10,500,000 4%
53 0.24503 0.26901 0.16225 10,500,000 2%
54 0.02738 0.91688 0.85120 10,000,000 5%
55 0.35360 0.14704 0.73495 10,500,000 2%
56 0.86481 0.24139 0.27833 11,000,000 2%
57 0.79793 0.93150 0.19356 10,500,000 5%
58 0.44565 0.33242 0.80773 10,500,000 3%
59 0.90006 0.28862 0.30779 11,000,000 2%
60 0.71191 0.94704 0.73352 10,500,000 5%
61 0.66080 0.97102 0.38646 10,500,000 8%
62 0.18685 0.42173 0.92029 10,000,000 3%
63 0.54742 0.03056 0.73024 10,500,000 1%
64 0.03063 0.75500 0.90214 10,000,000 4%
65 0.74412 0.57915 0.06469 10,500,000 3%
66 0.72513 0.32226 0.86892 10,500,000 3%
67 0.16074 0.29183 0.71450 10,000,000 2%
68 0.33431 0.22603 0.93807 10,500,000 2%
69 0.16317 0.31488 0.54298 10,000,000 3%
70 0.13802 0.87771 0.10873 10,000,000 5%
71 0.53346 0.81432 0.07697 10,500,000 4%
72 0.32123 0.06376 0.92096 10,500,000 1%
73 0.53169 0.02965 0.22243 10,500,000 1%
74 0.21157 0.34780 0.99200 10,500,000 3%
75 0.73501 0.80535 0.03011 10,500,000 4%
76 0.68950 0.84438 0.34630 10,500,000 4%
77 0.37797 0.14300 0.27442 10,500,000 2%
78 0.11589 0.03331 0.09894 10,000,000 1%
79 0.50418 0.17861 0.99732 10,500,000 2%
80 0.90811 0.40238 0.02898 11,000,000 3%
81 0.05126 0.91557 0.00599 10,000,000 5%
82 0.48533 0.11548 0.78909 10,500,000 2%
83 0.43322 0.00062 0.77195 10,500,000 1%
84 0.17267 0.56721 0.74080 10,000,000 3%
 85 0.96066 0.57856 0.28514 11,000,000 3%
86 0.41648 0.38096 0.13351 10,500,000 3%
87 0.05307 0.66615 0.05721 10,000,000 4%
88 0.04716 0.95224 0.39009 10,000,000 8%
89 0.75841 0.08070 0.51293 10,500,000 1%
90 0.73057 0.69757 0.63492 10,500,000 4%
91 0.76565 0.55645 0.85032 10,500,000 3%
92 0.44332 0.47511 0.00520 10,500,000 3%
93 0.21468 0.88218 0.08739 10,500,000 5%
94 0.58439 0.60950 0.49397 10,500,000 4%
95 0.02838 0.57130 0.97034 10,000,000 3%
96 0.02562 0.97698 0.85472 10,000,000 8%
97 0.24986 0.62301 0.85240 10,500,000 4%
98 0.55472 0.55045 0.88030 10,500,000 3%
99 0.67928 0.17926 0.47725 10,500,000 2%
100 0.10544 0.46133 0.74181 10,000,000 3%
101 0.83078 0.95432 0.40770 11,000,000 8%
102 0.01327 0.07638 0.57122 10,000,000 1%
103 0.70663 0.80052 0.53847 10,500,000 4%
104 0.57686 0.66039 0.77386 10,500,000 4%
105 0.03263 0.59374 0.11364 10,000,000 3%
106 0.81293 0.98853 0.23046 11,000,000 8%
107 0.81533 0.03706 0.21974 11,000,000 1%
108 0.99435 0.83181 0.29505 11,000,000 4%
109 0.82477 0.83800 0.49167 11,000,000 4%
110 0.04059 0.75468 0.27316 10,000,000 4%
111 0.87791 0.19519 0.82760 11,000,000 2%
112 0.84044 0.08418 0.76925 11,000,000 1%
113 0.10539 0.15991 0.66614 10,000,000 2%
114 0.74997 0.25540 0.62760 10,500,000 2%
115 0.34813 0.94641 0.77951 10,500,000 5%
116 0.91903 0.85071 0.63226 11,000,000 5%
117 0.91644 0.10059 0.32276 11,000,000 2%
118 0.63290 0.65622 0.09128 10,500,000 4%
119 0.11599 0.89830 0.94923 10,000,000 5%
120 0.50636 0.20465 0.48107 10,500,000 2%
121 0.07374 0.16731 0.78185 10,000,000 2%
122 0.61993 0.30721 0.45824 10,500,000 3%
123 0.51004 0.41529 0.56309 10,500,000 3%
124 0.67282 0.13839 0.66711 10,500,000 2%
125 0.59852 0.20017 0.28576 10,500,000 2%
126 0.08820 0.04950 0.91849 10,000,000 1%
127 0.69340 0.88050 0.78307 10,500,000 5%
128 0.59031 0.98045 0.27207 10,500,000 8%
129 0.32059 0.96276 0.13485 10,500,000 8%
130 0.91296 0.61997 0.74137 11,000,000 4%
131 0.50758 0.81339 0.81277 10,500,000 4%
132 0.63777 0.24115 0.14971 10,500,000 2%
133 0.93342 0.96249 0.90179 11,000,000 8%
134 0.46890 0.89491 0.92414 10,500,000 5%
135 0.40990 0.79173 0.67299 10,500,000 4%
136 0.41272 0.74345 0.38386 10,500,000 4%
137 0.70732 0.19613 0.50158 10,500,000 2%
138 0.14209 0.93315 0.07419 10,000,000 5%
139 0.93792 0.62522 0.95086 11,000,000 4%
140 0.47331 0.37125 0.57950 10,500,000 3%
141 0.65626 0.14430 0.29889 10,500,000 2%
142 0.06050 0.82517 0.23796 10,000,000 4%
143 0.42674 0.29617 0.61403 10,500,000 2%
144 0.03010 0.45302 0.31313 10,000,000 3%
145 0.70702 0.12288 0.87321 10,500,000 2%
146 0.26793 0.16999 0.05332 10,500,000 2%
147 0.31874 0.95678 0.42559 10,500,000 8%
148 0.44932 0.25885 0.31461 10,500,000 2%
149 0.76563 0.66529 0.47679 10,500,000 4%
150 0.88263 0.57131 0.97960 11,000,000 3%
151 0.18315 0.20970 0.33958 10,000,000 2%
152 0.61949 0.13799 0.06479 10,500,000 2%
153 0.03300 0.21734 0.74311 10,000,000 2%
154 0.45243 0.72189 0.91278 10,500,000 4%
155 0.75405 0.33144 0.48807 10,500,000 3%
156 0.51460 0.36959 0.92209 10,500,000 3%
157 0.53479 0.35098 0.71798 10,500,000 3%
158 0.13556 0.68834 0.18689 10,000,000 4%
159 0.11385 0.45292 0.23257 10,000,000 3%
160 0.04615 0.19004 0.59272 10,000,000 2%
161 0.05199 0.97055 0.49861 10,000,000 8%
162 0.23179 0.52300 0.37640 10,500,000 3%
163 0.26704 0.11548 0.66789 10,500,000 2%
164 0.36109 0.66308 0.42723 10,500,000 4%
165 0.06540 0.64127 0.64729 10,000,000 4%
166 0.12797 0.63471 0.22570 10,000,000 4%
167 0.04608 0.82141 0.60897 10,000,000 4%
168 0.24656 0.50786 0.95916 10,500,000 3%
169 0.01968 0.43219 0.31489 10,000,000 3%
170 0.41189 0.51201 0.95146 10,500,000 3%
171 0.48157 0.22143 0.52148 10,500,000 2%
172 0.24328 0.17010 0.29789 10,500,000 2%
173 0.64843 0.95115 0.55257 10,500,000 8%
174 0.90192 0.13974 0.44739 11,000,000 2%
175 0.40070 0.66958 0.99909 10,500,000 4%
176 0.15675 0.01144 0.14517 10,000,000 1%
177 0.85512 0.26670 0.04167 11,000,000 2%
178 0.62846 0.66349 0.10613 10,500,000 4%
179 0.17678 0.39101 0.55622 10,000,000 3%
180 0.55439 0.40794 0.96731 10,500,000 3%
181 0.24359 0.19815 0.23595 10,500,000 2%
182 0.61326 0.24432 0.01563 10,500,000 2%
183 0.41127 0.76346 0.16878 10,500,000 4%
184 0.30160 0.26373 0.51268 10,500,000 2%
185 0.35100 0.70649 0.24181 10,500,000 4%
186 0.44414 0.53441 0.65889 10,500,000 3%
187 0.63877 0.76494 0.45672 10,500,000 4%
188 0.93982 0.88122 0.90500 11,000,000 5%
189 0.47572 0.63155 0.50253 10,500,000 4%
190 0.72014 0.07758 0.64933 10,500,000 1%
191 0.37631 0.56509 0.93810 10,500,000 3%
192 0.37474 0.44621 0.99408 10,500,000 3%
193 0.43490 0.37038 0.87449 10,500,000 3%
194 0.87487 0.96479 0.52426 11,000,000 8%
195 0.45428 0.86976 0.24725 10,500,000 5%
196 0.02651 0.99358 0.90020 10,000,000 8%
197 0.17978 0.19721 0.50205 10,000,000 2%
198 0.28204 0.67902 0.36546 10,500,000 4%
199 0.39748 0.58855 0.49583 10,500,000 3%
200 0.25279 0.19614 0.55167 10,500,000 2%
201 0.21187 0.93623 0.16879 10,500,000 5%
202 0.45829 0.03825 0.30633 10,500,000 1%
203 0.95220 0.36883 0.28486 11,000,000 3%
204 0.52969 0.99932 0.83241 10,500,000 8%
205 0.56794 0.14518 0.17501 10,500,000 2%
206 0.10279 0.39543 0.10960 10,000,000 3%
207 0.33532 0.46450 0.49161 10,500,000 3%
208 0.34025 0.24430 0.42142 10,500,000 2%
209 0.60152 0.62227 0.04597 10,500,000 4%
210 0.73849 0.54291 0.37621 10,500,000 3%
211 0.69654 0.55913 0.93345 10,500,000 3%
212 0.13098 0.10091 0.58159 10,000,000 2%
213 0.79991 0.42872 0.69433 10,500,000 3%
214 0.68526 0.18204 0.62429 10,500,000 2%
215 0.54600 0.92457 0.84758 10,500,000 5%
216 0.63081 0.13402 0.60813 10,500,000 2%
217 0.40604 0.62695 0.14345 10,500,000 4%
218 0.76430 0.87940 0.06521 10,500,000 5%
219 0.46405 0.78849 0.15433 10,500,000 4%
220 0.69808 0.53151 0.65539 10,500,000 3%
221 0.22049 0.47447 0.70383 10,500,000 3%
222 0.64126 0.01486 0.09112 10,500,000 1%
223 0.26557 0.53464 0.36376 10,500,000 3%
224 0.87854 0.08581 0.16876 11,000,000 1%
225 0.25149 0.41547 0.08250 10,500,000 3%
226 0.54032 0.21953 0.67456 10,500,000 2%
227 0.06245 0.05211 0.61024 10,000,000 1%
228 0.24226 0.58724 0.93937 10,500,000 3%
229 0.56939 0.00467 0.02888 10,500,000 1%
230 0.39881 0.76413 0.60179 10,500,000 4%
231 0.18238 0.46974 0.86992 10,000,000 3%
232 0.57605 0.91698 0.79867 10,500,000 5%
233 0.17516 0.95751 0.29407 10,000,000 8%
234 0.46678 0.37036 0.08200 10,500,000 3%
235 0.24390 0.23474 0.32778 10,500,000 2%
236 0.33371 0.82326 0.47724 10,500,000 4%
237 0.48830 0.64329 0.29746 10,500,000 4%
238 0.19076 0.52374 0.51695 10,000,000 3%
239 0.31204 0.31023 0.72255 10,500,000 3%
240 0.43364 0.98704 0.65952 10,500,000 8%
241 0.71595 0.49607 0.90236 10,500,000 3%
242 0.97803 0.79721 0.77695 11,000,000 4%
243 0.08136 0.44539 0.80393 10,000,000 3%
244 0.58810 0.23876 0.59240 10,500,000 2%
245 0.89411 0.39927 0.88721 11,000,000 3%
246 0.27207 0.33009 0.43320 10,500,000 3%
247 0.36528 0.02807 0.53667 10,500,000 1%
248 0.10514 0.62072 0.02698 10,000,000 4%
249 0.44513 0.16821 0.27821 10,500,000 2%
250 0.22931 0.21773 0.02692 10,500,000 2%
251 0.06884 0.98730 0.83466 10,000,000 8%
252 0.53518 0.31999 0.10591 10,500,000 3%
253 0.86137 0.60690 0.72391 11,000,000 4%
254 0.44044 0.11410 0.77902 10,500,000 2%
255 0.81532 0.22898 0.59606 11,000,000 2%
256 0.50257 0.11940 0.67924 10,500,000 2%
257 0.73751 0.51045 0.69233 10,500,000 3%
258 0.40143 0.65435 0.59670 10,500,000 4%
259 0.56949 0.14490 0.70849 10,500,000 2%
260 0.67407 0.84018 0.52728 10,500,000 4%
261 0.91208 0.56284 0.36958 11,000,000 3%
262 0.52471 0.05276 0.84137 10,500,000 1%
263 0.78240 0.18286 0.76439 10,500,000 2%
264 0.16639 0.12112 0.87317 10,000,000 2%
265 0.95730 0.07845 0.48200 11,000,000 1%
266 0.76986 0.06685 0.21397 10,500,000 1%
267 0.93049 0.24245 0.60878 11,000,000 2%
268 0.09155 0.67082 0.39140 10,000,000 4%
269 0.78527 0.79496 0.84617 10,500,000 4%
270 0.67219 0.40504 0.76896 10,500,000 3%
271 0.22011 0.00351 0.44683 10,500,000 1%
272 0.89911 0.63000 0.42827 11,000,000 4%
273 0.65500 0.39718 0.63842 10,500,000 3%
274 0.37526 0.96668 0.94877 10,500,000 8%
275 0.03564 0.64919 0.69553 10,000,000 4%
276 0.88220 0.80962 0.85907 11,000,000 4%
277 0.88931 0.89717 0.85576 11,000,000 5%
278 0.24093 0.48185 0.83047 10,500,000 3%
279 0.39922 0.72000 0.23668 10,500,000 4%
280 0.59713 0.66622 0.06135 10,500,000 4%
281 0.40300 0.23236 0.83385 10,500,000 2%
282 0.79674 0.81011 0.11404 10,500,000 4%
283 0.05349 0.64182 0.56587 10,000,000 4%
284 0.56962 0.83661 0.94409 10,500,000 4%
285 0.12919 0.33621 0.45125 10,000,000 3%
286 0.40157 0.99974 0.85527 10,500,000 8%
287 0.16862 0.00083 0.25040 10,000,000 1%
288 0.86954 0.41705 0.07381 11,000,000 3%
289 0.94234 0.03007 0.68749 11,000,000 1%
290 0.02217 0.68454 0.57244 10,000,000 4%
291 0.51866 0.63200 0.68864 10,500,000 4%
292 0.98661 0.48577 0.63424 11,000,000 3%
293 0.20008 0.98907 0.89502 10,500,000 8%
294 0.29671 0.46806 0.55245 10,500,000 3%
295 0.08264 0.73621 0.98259 10,000,000 4%
296 0.66221 0.17104 0.52304 10,500,000 2%
297 0.36034 0.25459 0.89501 10,500,000 2%
298 0.91054 0.86252 0.81186 11,000,000 5%
299 0.25637 0.08477 0.45998 10,500,000 1%
300 0.24832 0.32794 0.88426 10,500,000 3%
301 0.71326 0.47912 0.49782 10,500,000 3%
302 0.88832 0.11273 0.95022 11,000,000 2%
303 0.52078 0.90995 0.63203 10,500,000 5%
304 0.89106 0.73404 0.54013 11,000,000 4%
305 0.79285 0.72613 0.67797 10,500,000 4%
306 0.65708 0.50822 0.31811 10,500,000 3%
307 0.85519 0.50671 0.38705 11,000,000 3%
308 0.20401 0.15796 0.36796 10,500,000 2%
309 0.25395 0.16535 0.46526 10,500,000 2%
310 0.36591 0.08679 0.08458 10,500,000 1%
311 0.58708 0.64695 0.88160 10,500,000 4%
312 0.44232 0.06788 0.55648 10,500,000 1%
313 0.19280 0.73850 0.81748 10,000,000 4%
314 0.43158 0.71862 0.39686 10,500,000 4%
315 0.79255 0.02966 0.08541 10,500,000 1%
316 0.01579 0.89021 0.99147 10,000,000 5%
317 0.37889 0.89952 0.29818 10,500,000 5%
318 0.28857 0.81401 0.63812 10,500,000 4%
319 0.94967 0.25597 0.88042 11,000,000 2%
320 0.95384 0.12009 0.77600 11,000,000 2%
321 0.49145 0.90817 0.89915 10,500,000 5%
322 0.82390 0.26706 0.32305 11,000,000 2%
323 0.14638 0.93555 0.08393 10,000,000 5%
324 0.38523 0.27074 0.62133 10,500,000 2%
325 0.58343 0.25736 0.43016 10,500,000 2%
326 0.21952 0.50808 0.95251 10,500,000 3%
327 0.54468 0.05864 0.35274 10,500,000 1%
328 0.47431 0.72870 0.20940 10,500,000 4%
329 0.38202 0.87633 0.55560 10,500,000 5%
330 0.97232 0.48520 0.16556 11,000,000 3%
331 0.22584 0.28761 0.93381 10,500,000 2%
332 0.32592 0.78231 0.74724 10,500,000 4%
333 0.44949 0.59385 0.85867 10,500,000 3%
334 0.26088 0.51814 0.06854 10,500,000 3%
335 0.86644 0.59533 0.94344 11,000,000 3%
336 0.57991 0.56891 0.36854 10,500,000 3%
337 0.97079 0.43638 0.53784 11,000,000 3%
338 0.43786 0.52450 0.85302 10,500,000 3%
339 0.69498 0.30339 0.03942 10,500,000 3%
340 0.75805 0.49026 0.90818 10,500,000 3%
341 0.75350 0.94244 0.83947 10,500,000 5%
342 0.06015 0.53853 0.75399 10,000,000 3%
343 0.99617 0.11743 0.04366 11,000,000 2%
344 0.29473 0.33405 0.83308 10,500,000 3%
345 0.32775 0.23919 0.58697 10,500,000 2%
346 0.26344 0.71974 0.27035 10,500,000 4%
347 0.45846 0.85314 0.73073 10,500,000 5%
348 0.26058 0.00230 0.13517 10,500,000 1%
349 0.07715 0.87975 0.92384 10,000,000 5%
350 0.85079 0.24171 0.14393 11,000,000 2%
351 0.33352 0.90024 0.82879 10,500,000 5%
352 0.66231 0.38803 0.14260 10,500,000 3%
353 0.72207 0.59129 0.16614 10,500,000 3%
354 0.37919 0.87734 0.30917 10,500,000 5%
355 0.96666 0.54057 0.67200 11,000,000 3%
356 0.09858 0.55178 0.28332 10,000,000 3%
357 0.88429 0.42224 0.12783 11,000,000 3%
358 0.99826 0.20205 0.62926 11,000,000 2%
359 0.60213 0.49333 0.42433 10,500,000 3%
360 0.15549 0.96803 0.76628 10,000,000 8%
361 0.61151 0.37063 0.12796 10,500,000 3%
362 0.54174 0.77624 0.56220 10,500,000 4%
363 0.22353 0.91669 0.78637 10,500,000 5%
364 0.25668 0.07299 0.17892 10,500,000 1%
365 0.29492 0.89382 0.00335 10,500,000 5%
366 0.72766 0.89648 0.16172 10,500,000 5%
367 0.29347 0.11470 0.09929 10,500,000 2%
368 0.96314 0.71161 0.11735 11,000,000 4%
369 0.57728 0.07887 0.01648 10,500,000 1%
370 0.56357 0.27125 0.74655 10,500,000 2%
371 0.14374 0.15055 0.57542 10,000,000 2%
372 0.51415 0.63816 0.37885 10,500,000 4%
373 0.74950 0.82145 0.31891 10,500,000 4%
374 0.11036 0.09164 0.91959 10,000,000 1%
375 0.02542 0.58499 0.08930 10,000,000 3%
376 0.22158 0.69816 0.54873 10,500,000 4%
377 0.34468 0.11340 0.37852 10,500,000 2%
378 0.18666 0.64885 0.48249 10,000,000 4%
379 0.57202 0.88058 0.37752 10,500,000 5%
380 0.57018 0.92961 0.28808 10,500,000 5%
381 0.96040 0.98786 0.35281 11,000,000 8%
382 0.86293 0.57370 0.43750 11,000,000 3%
383 0.10285 0.00155 0.40982 10,000,000 1%
384 0.47337 0.92810 0.85686 10,500,000 5%
385 0.05381 0.90536 0.43542 10,000,000 5%
386 0.91244 0.04099 0.96801 11,000,000 1%
387 0.39096 0.99281 0.20680 10,500,000 8%
388 0.01263 0.42543 0.96697 10,000,000 3%
389 0.80823 0.24053 0.99261 11,000,000 2%
390 0.29408 0.63678 0.96678 10,500,000 4%
391 0.43436 0.14555 0.31790 10,500,000 2%
392 0.38093 0.74444 0.26250 10,500,000 4%
393 0.12821 0.56587 0.43757 10,000,000 3%
394 0.23129 0.07509 0.29964 10,500,000 1%
395 0.04412 0.58887 0.29270 10,000,000 3%
396 0.88363 0.56572 0.93181 11,000,000 3%
397 0.24847 0.54241 0.03732 10,500,000 3%
398 0.22341 0.29901 0.43507 10,500,000 2%
399 0.90392 0.49108 0.62740 11,000,000 3%
400 0.32098 0.56783 0.47441 10,500,000 3%
401 0.05301 0.28899 0.49546 10,000,000 2%
402 0.62634 0.98926 0.21941 10,500,000 8%
403 0.64119 0.84561 0.96998 10,500,000 4%
404 0.65663 0.92585 0.74165 10,500,000 5%
405 0.98190 0.36772 0.17695 11,000,000 3%
406 0.70588 0.86587 0.60617 10,500,000 5%
407 0.53840 0.42878 0.85428 10,500,000 3%
408 0.47952 0.93857 0.34997 10,500,000 5%
409 0.19459 0.53001 0.51728 10,000,000 3%
410 0.43142 0.48540 0.22854 10,500,000 3%
411 0.71152 0.76033 0.74917 10,500,000 4%
412 0.98527 0.05826 0.74234 11,000,000 1%
413 0.64570 0.52001 0.06533 10,500,000 3%
414 0.72547 0.61009 0.26385 10,500,000 4%
415 0.03133 0.04913 0.85095 10,000,000 1%
416 0.89578 0.14087 0.30201 11,000,000 2%
417 0.32685 0.69342 0.61260 10,500,000 4%
418 0.55589 0.29132 0.45703 10,500,000 2%
419 0.43753 0.27318 0.00639 10,500,000 2%
420 0.91844 0.63171 0.95046 11,000,000 4%
421 0.31394 0.63430 0.40501 10,500,000 4%
422 0.74033 0.49990 0.42906 10,500,000 3%
423 0.66015 0.48693 0.76037 10,500,000 3%
424 0.56882 0.94198 0.66677 10,500,000 5%
425 0.20852 0.98550 0.46115 10,500,000 8%
426 0.82691 0.71821 0.19661 11,000,000 4%
427 0.06425 0.23110 0.25534 10,000,000 2%
428 0.37831 0.38693 0.69018 10,500,000 3%
429 0.73188 0.70595 0.08379 10,500,000 4%
430 0.25432 0.35981 0.70161 10,500,000 3%
431 0.02420 0.13846 0.60170 10,000,000 2%
432 0.83316 0.55245 0.16723 11,000,000 3%
433 0.00369 0.05897 0.00744 10,000,000 1%
434 0.53702 0.50176 0.93318 10,500,000 3%
435 0.09224 0.24920 0.99382 10,000,000 2%
436 0.97178 0.60222 0.97825 11,000,000 4%
437 0.79588 0.94274 0.48738 10,500,000 5%
438 0.28140 0.71292 0.73854 10,500,000 4%
439 0.32447 0.12975 0.10663 10,500,000 2%
440 0.60549 0.85324 0.04714 10,500,000 5%
441 0.42932 0.33460 0.19224 10,500,000 3%
442 0.72032 0.12199 0.46173 10,500,000 2%
443 0.36039 0.62184 0.89853 10,500,000 4%
444 0.07131 0.74436 0.72632 10,000,000 4%
445 0.31164 0.11237 0.69236 10,500,000 2%
446 0.93057 0.23002 0.13641 11,000,000 2%
447 0.56018 0.61902 0.37432 10,500,000 4%
448 0.89944 0.73135 0.41863 11,000,000 4%
449 0.19473 0.85909 0.34484 10,000,000 5%
450 0.74777 0.29877 0.94970 10,500,000 2%
451 0.73209 0.51872 0.71800 10,500,000 3%
452 0.54626 0.55498 0.18763 10,500,000 3%
453 0.44312 0.07938 0.31378 10,500,000 1%
454 0.47394 0.73588 0.02396 10,500,000 4%
455 0.94288 0.55172 0.88198 11,000,000 3%
456 0.83457 0.91176 0.92704 11,000,000 5%
457 0.06180 0.79487 0.92755 10,000,000 4%
458 0.70822 0.09450 0.97660 10,500,000 1%
459 0.39674 0.38592 0.13451 10,500,000 3%
460 0.98774 0.07354 0.27547 11,000,000 1%
461 0.29068 0.66065 0.04131 10,500,000 4%
462 0.89754 0.83201 0.26880 11,000,000 4%
463 0.04462 0.15926 0.62361 10,000,000 2%
464 0.65561 0.02325 0.91725 10,500,000 1%
465 0.65521 0.79762 0.71804 10,500,000 4%
466 0.31866 0.30893 0.48683 10,500,000 3%
467 0.65527 0.99167 0.15721 10,500,000 8%
468 0.23831 0.34534 0.22178 10,500,000 3%
469 0.62904 0.76039 0.11979 10,500,000 4%
470 0.00979 0.55753 0.13716 10,000,000 3%
471 0.13517 0.82691 0.82467 10,000,000 4%
472 0.82846 0.95804 0.92230 11,000,000 8%
473 0.08409 0.51016 0.25044 10,000,000 3%
474 0.74694 0.74501 0.37414 10,500,000 4%
475 0.42204 0.37270 0.50752 10,500,000 3%
476 0.49227 0.35349 0.16053 10,500,000 3%
477 0.51419 0.51808 0.85017 10,500,000 3%
478 0.76208 0.81229 0.33549 10,500,000 4%
479 0.09523 0.39102 0.02414 10,000,000 3%
480 0.42886 0.43561 0.53459 10,500,000 3%
481 0.16042 0.70052 0.77805 10,000,000 4%
482 0.78857 0.97651 0.15856 10,500,000 8%
483 0.23306 0.65250 0.38046 10,500,000 4%
484 0.14184 0.54517 0.14832 10,000,000 3%
485 0.90197 0.78355 0.20287 11,000,000 4%
486 0.88896 0.84442 0.84784 11,000,000 4%
487 0.90494 0.09525 0.67409 11,000,000 1%
488 0.31874 0.18598 0.47603 10,500,000 2%
489 0.63079 0.07896 0.75923 10,500,000 1%
490 0.14668 0.90537 0.74955 10,000,000 5%
491 0.11569 0.34443 0.26830 10,000,000 3%
492 0.30187 0.16325 0.05012 10,500,000 2%
493 0.53630 0.22178 0.15234 10,500,000 2%
494 0.42685 0.40385 0.23806 10,500,000 3%
495 0.83806 0.66554 0.95024 11,000,000 4%
496 0.80665 0.79280 0.28088 11,000,000 4%
497 0.12545 0.45330 0.35471 10,000,000 3%
498 0.66693 0.84720 0.37104 10,500,000 4%
499 0.86009 0.79239 0.01161 11,000,000 4%
500 0.90696 0.54969 0.29143 11,000,000 3%
o simulation, we will use the assumptions for the compressed hydrogen grill for Backyard

25% 10% 5%

4% 5% 8%

ares for each succeeding year of the project. While we certainly could do this, the resulting
, the example in the textbook is missing several major assumptions including the initial
d required return. Below you will find the assumptions we made for these inputs. While we
istribution.

he RAND function generates a random number between greater than or equal to zero and

unction is simply RAND(). This will return a random number greater than or equal to zero and

r the industry sales, one for BBI's market share, and one for the randomness in the sales price
s, this will result in only 30 different NPVs. Since all of the random variables are independent,
and the resulting outputs for these three variables.

BBI unit sales Price per unit

315,000 $ 158.50
bability. To use these probabilities with the random number, we used a nested IF statement.
if the random number is less than 20% (.20), the probability of industry sales of 10 million
for the probability inputs in the IF statements so we could change these probabilities if
bility of 10 million unit sales and 10.5 million unit sales. This is really a test if the random
0 would have returned a true result in the first IF statement. If this second IF is true, the
ue is greater than or equal to .80, and the cell will return a value of 11 million units. Random
price. We also used nested IF statements to calculate BBI's market share, with five IF

s did not change. If you go to the Formulas tab and select the Calculations Options, you will
the setting in this workbook because every time a change is made in a worksheet with the
RAND function a lot in further calculations. The resulting recalculation slows down the
ange the setting on the Calculation Options back to Automatic.

each set of random numbers. Below, in rows 134 to 633, we have done just this 500 times.
ur purposes here. To better examine the output, we have created frequency table in cells

use the FREQUENCY function is somewhat complicated, we will walk through the process

e smallest and largest bins have no observations.

eturn one more value than the number of bins you have created, so select one more cell
y results larger than your last bin value.
e Functions, Statistical.
on, while the bins array is the array that shows the bins you have already created.
information! Before you click OK, hold down both the CTRL and SHIFT keys, then click on OK.
ated.

ution.
 ution with ranges. We created the ranges by concatenating the bins we created earlier. While
scriptive. We will use the ranges for graphing the frequency distribution, which you will see
nge with each new set of random numbers. Do this a couple of times and watch the graph to
llion to $10 million, $30 million to $50 million, $80 million to $90 million, and $120 million to

or Monte Carlo Simulation

$90 to $100

$120 to $130

$140 to $150

$170 to $180

$190 to $200

$200 to $210

$220 to $230

$230 to $240

$250 to $260

$280 to $290
$100 to $110

$110 to $120

$130 to $140

$150 to $160

$160 to $170

$180 to $190

$210 to $220

$240 to $250

$260 to $270

$270 to $280

$290 to $300

NPV (in millions)

4:X169) and went to the Insert tab, Column chart, 2-D, Clustered Column. We then selected
cel draws a frequency distribution as we have done here, there is a large amount of space
selecting Format Data Series. In the box this brings up, there is a Series Option selection that
 Fill, and change the color of the bar. To highlight a specific bar, or certain bars as we have
ave a different the color. After you click on the bar twice, use the same procedure, that is,
e same bar will allow you to change a specific bar without changing the other bars in the

probability graph that shows the probability that the compressed hydrogen grill project will
obability. The cumulative density function for the project is shown below. If you refresh the
t 75 percent to 85 percent.

lity for Compressed Hydrogen Grill

0 0 1 10 1 2 0 1 3 0 1 4 0 1 5 0 1 60 1 70 1 8 0 1 9 0 2 0 0 2 1 0 2 20 2 30 2 4 0 2 5 0 2 6 0 2 7 0 2 80 2 90 3 0 0
$1 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
to to to to to to to to to to to to to to to to to to to to
0 0 10 20 30 40 5 0 6 0 70 80 90 00 1 0 2 0 30 40 50 60 7 0 8 0 90
$1 $ 1 $ 1 $1 $1 $1 $1 $ 1 $ 1 $1 $2 $2 $2 $ 2 $ 2 $2 $2 $2 $2 $ 2

NPV (in millions)

BBI unit sales Price per unit Revenue Variable costs Fixed costs Depreciation
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
880,000 $ 204.00 $ 179,520,000 $ 70,400,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
800,000 $ 203.00 $ 162,400,000 $ 64,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
500,000 $ 197.00 $ 98,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
500,000 $ 203.00 $ 101,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
100,000 $ 203.00 $ 20,300,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
500,000 $ 203.00 $ 101,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
800,000 $ 203.00 $ 162,400,000 $ 64,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
800,000 $ 197.00 $ 157,600,000 $ 64,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
880,000 $ 204.00 $ 179,520,000 $ 70,400,000 $ 14,000,000 $ 2,000,000
100,000 $ 197.00 $ 19,700,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
880,000 $ 204.00 $ 179,520,000 $ 70,400,000 $ 14,000,000 $ 2,000,000
110,000 $ 204.00 $ 22,440,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
110,000 $ 198.00 $ 21,780,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
550,000 $ 198.00 $ 108,900,000 $ 44,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
500,000 $ 197.00 $ 98,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
100,000 $ 197.00 $ 19,700,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
880,000 $ 198.00 $ 174,240,000 $ 70,400,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
500,000 $ 203.00 $ 101,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
800,000 $ 203.00 $ 162,400,000 $ 64,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
100,000 $ 203.00 $ 20,300,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
550,000 $ 198.00 $ 108,900,000 $ 44,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
880,000 $ 198.00 $ 174,240,000 $ 70,400,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
800,000 $ 197.00 $ 157,600,000 $ 64,000,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
110,000 $ 204.00 $ 22,440,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
100,000 $ 197.00 $ 19,700,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
800,000 $ 203.00 $ 162,400,000 $ 64,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
800,000 $ 197.00 $ 157,600,000 $ 64,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
110,000 $ 204.00 $ 22,440,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
550,000 $ 198.00 $ 108,900,000 $ 44,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
100,000 $ 203.00 $ 20,300,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
110,000 $ 198.00 $ 21,780,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
550,000 $ 198.00 $ 108,900,000 $ 44,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
500,000 $ 197.00 $ 98,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
500,000 $ 203.00 $ 101,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
500,000 $ 197.00 $ 98,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
800,000 $ 197.00 $ 157,600,000 $ 64,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
100,000 $ 197.00 $ 19,700,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
880,000 $ 204.00 $ 179,520,000 $ 70,400,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
100,000 $ 203.00 $ 20,300,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
500,000 $ 203.00 $ 101,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
110,000 $ 198.00 $ 21,780,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
110,000 $ 198.00 $ 21,780,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
100,000 $ 197.00 $ 19,700,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
100,000 $ 203.00 $ 20,300,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
500,000 $ 203.00 $ 101,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
550,000 $ 198.00 $ 108,900,000 $ 44,000,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
110,000 $ 204.00 $ 22,440,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
880,000 $ 198.00 $ 174,240,000 $ 70,400,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
110,000 $ 198.00 $ 21,780,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
500,000 $ 197.00 $ 98,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
 Operating
EBT Taxes Net income cash flow NPV
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 93,120,000 $ 31,660,800 $ 61,459,200 $ 63,459,200 $298,487,042
$ 22,940,000 $ 7,799,600 $ 15,140,400 $ 17,140,400 $66,023,702
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ 82,700,000 $ 28,118,000 $ 54,582,000 $ 56,582,000 $263,971,966
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 8,600,000 $ 2,924,000 $ 5,676,000 $ 7,676,000 $18,524,068
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ 82,400,000 $ 28,016,000 $ 54,384,000 $ 56,384,000 $262,978,250
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 42,500,000 $ 14,450,000 $ 28,050,000 $ 30,050,000 $130,813,997
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 87,740,000 $ 29,831,600 $ 57,908,400 $ 59,908,400 $280,666,398
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ 30,800,000 $ 10,472,000 $ 20,328,000 $ 22,328,000 $92,059,066
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 7,400,000 $ 2,516,000 $ 4,884,000 $ 6,884,000 $14,549,203
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ 45,500,000 $ 15,470,000 $ 30,030,000 $ 32,030,000 $140,751,159
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ (3,700,000) $ (1,258,000) $ (2,442,000) $ (442,000) ($22,218,296)
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 24,920,000 $ 8,472,800 $ 16,447,200 $ 18,447,200 $72,582,229
$ 45,500,000 $ 15,470,000 $ 30,030,000 $ 32,030,000 $140,751,159
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ 24,920,000 $ 8,472,800 $ 16,447,200 $ 18,447,200 $72,582,229
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 33,200,000 $ 11,288,000 $ 21,912,000 $ 23,912,000 $100,008,795
$ 82,400,000 $ 28,016,000 $ 54,384,000 $ 56,384,000 $262,978,250
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ 77,600,000 $ 26,384,000 $ 51,216,000 $ 53,216,000 $247,078,791
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ 93,120,000 $ 31,660,800 $ 61,459,200 $ 63,459,200 $298,487,042
$ (4,300,000) $ (1,462,000) $ (2,838,000) $ (838,000) ($24,205,728)
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 93,120,000 $ 31,660,800 $ 61,459,200 $ 63,459,200 $298,487,042
$ (2,360,000) $ (802,400) $ (1,557,600) $ 442,400 ($17,779,697)
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ 33,200,000 $ 11,288,000 $ 21,912,000 $ 23,912,000 $100,008,795
$ 9,960,000 $ 3,386,400 $ 6,573,600 $ 8,573,600 $23,028,915
$ (3,020,000) $ (1,026,800) $ (1,993,200) $ 6,800 ($19,965,872)
$ 7,400,000 $ 2,516,000 $ 4,884,000 $ 6,884,000 $14,549,203
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 48,900,000 $ 16,626,000 $ 32,274,000 $ 34,274,000 $152,013,276
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 42,500,000 $ 14,450,000 $ 28,050,000 $ 30,050,000 $130,813,997
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 7,400,000 $ 2,516,000 $ 4,884,000 $ 6,884,000 $14,549,203
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ (4,300,000) $ (1,462,000) $ (2,838,000) $ (838,000) ($24,205,728)
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 87,740,000 $ 29,831,600 $ 57,908,400 $ 59,908,400 $280,666,398
$ 87,740,000 $ 29,831,600 $ 57,908,400 $ 59,908,400 $280,666,398
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 87,840,000 $ 29,865,600 $ 57,974,400 $ 59,974,400 $280,997,637
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 45,500,000 $ 15,470,000 $ 30,030,000 $ 32,030,000 $140,751,159
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 33,200,000 $ 11,288,000 $ 21,912,000 $ 23,912,000 $100,008,795
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 87,740,000 $ 29,831,600 $ 57,908,400 $ 59,908,400 $280,666,398
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 22,940,000 $ 7,799,600 $ 15,140,400 $ 17,140,400 $66,023,702
$ 8,600,000 $ 2,924,000 $ 5,676,000 $ 7,676,000 $18,524,068
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 7,400,000 $ 2,516,000 $ 4,884,000 $ 6,884,000 $14,549,203
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 33,200,000 $ 11,288,000 $ 21,912,000 $ 23,912,000 $100,008,795
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 7,400,000 $ 2,516,000 $ 4,884,000 $ 6,884,000 $14,549,203
$ 82,400,000 $ 28,016,000 $ 54,384,000 $ 56,384,000 $262,978,250
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 30,800,000 $ 10,472,000 $ 20,328,000 $ 22,328,000 $92,059,066
$ 33,200,000 $ 11,288,000 $ 21,912,000 $ 23,912,000 $100,008,795
$ 30,800,000 $ 10,472,000 $ 20,328,000 $ 22,328,000 $92,059,066
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 82,700,000 $ 28,118,000 $ 54,582,000 $ 56,582,000 $263,971,966
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ (3,700,000) $ (1,258,000) $ (2,442,000) $ (442,000) ($22,218,296)
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 48,900,000 $ 16,626,000 $ 32,274,000 $ 34,274,000 $152,013,276
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 87,840,000 $ 29,865,600 $ 57,974,400 $ 59,974,400 $280,997,637
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 77,600,000 $ 26,384,000 $ 51,216,000 $ 53,216,000 $247,078,791
$ 7,400,000 $ 2,516,000 $ 4,884,000 $ 6,884,000 $14,549,203
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 24,920,000 $ 8,472,800 $ 16,447,200 $ 18,447,200 $72,582,229
$ 82,700,000 $ 28,118,000 $ 54,582,000 $ 56,582,000 $263,971,966
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 7,400,000 $ 2,516,000 $ 4,884,000 $ 6,884,000 $14,549,203
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ (2,360,000) $ (802,400) $ (1,557,600) $ 442,400 ($17,779,697)
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ (4,300,000) $ (1,462,000) $ (2,838,000) $ (838,000) ($24,205,728)
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 82,400,000 $ 28,016,000 $ 54,384,000 $ 56,384,000 $262,978,250
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 82,700,000 $ 28,118,000 $ 54,582,000 $ 56,582,000 $263,971,966
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 22,940,000 $ 7,799,600 $ 15,140,400 $ 17,140,400 $66,023,702
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ 33,200,000 $ 11,288,000 $ 21,912,000 $ 23,912,000 $100,008,795
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 77,600,000 $ 26,384,000 $ 51,216,000 $ 53,216,000 $247,078,791
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 9,960,000 $ 3,386,400 $ 6,573,600 $ 8,573,600 $23,028,915
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 24,920,000 $ 8,472,800 $ 16,447,200 $ 18,447,200 $72,582,229
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 7,400,000 $ 2,516,000 $ 4,884,000 $ 6,884,000 $14,549,203
$ (2,360,000) $ (802,400) $ (1,557,600) $ 442,400 ($17,779,697)
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 9,960,000 $ 3,386,400 $ 6,573,600 $ 8,573,600 $23,028,915
$ 33,200,000 $ 11,288,000 $ 21,912,000 $ 23,912,000 $100,008,795
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 82,700,000 $ 28,118,000 $ 54,582,000 $ 56,582,000 $263,971,966
$ 30,800,000 $ 10,472,000 $ 20,328,000 $ 22,328,000 $92,059,066
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ 48,900,000 $ 16,626,000 $ 32,274,000 $ 34,274,000 $152,013,276
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 30,800,000 $ 10,472,000 $ 20,328,000 $ 22,328,000 $92,059,066
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 82,700,000 $ 28,118,000 $ 54,582,000 $ 56,582,000 $263,971,966
$ (3,700,000) $ (1,258,000) $ (2,442,000) $ (442,000) ($22,218,296)
$ 24,920,000 $ 8,472,800 $ 16,447,200 $ 18,447,200 $72,582,229
$ (3,020,000) $ (1,026,800) $ (1,993,200) $ 6,800 ($19,965,872)
$ 30,800,000 $ 10,472,000 $ 20,328,000 $ 22,328,000 $92,059,066
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 22,940,000 $ 7,799,600 $ 15,140,400 $ 17,140,400 $66,023,702
$ 82,700,000 $ 28,118,000 $ 54,582,000 $ 56,582,000 $263,971,966
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 30,800,000 $ 10,472,000 $ 20,328,000 $ 22,328,000 $92,059,066
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 48,900,000 $ 16,626,000 $ 32,274,000 $ 34,274,000 $152,013,276
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 9,960,000 $ 3,386,400 $ 6,573,600 $ 8,573,600 $23,028,915
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 24,920,000 $ 8,472,800 $ 16,447,200 $ 18,447,200 $72,582,229
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ 30,800,000 $ 10,472,000 $ 20,328,000 $ 22,328,000 $92,059,066
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 42,500,000 $ 14,450,000 $ 28,050,000 $ 30,050,000 $130,813,997
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 9,960,000 $ 3,386,400 $ 6,573,600 $ 8,573,600 $23,028,915
$ 9,960,000 $ 3,386,400 $ 6,573,600 $ 8,573,600 $23,028,915
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ 45,500,000 $ 15,470,000 $ 30,030,000 $ 32,030,000 $140,751,159
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 24,920,000 $ 8,472,800 $ 16,447,200 $ 18,447,200 $72,582,229
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 22,940,000 $ 7,799,600 $ 15,140,400 $ 17,140,400 $66,023,702
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 22,940,000 $ 7,799,600 $ 15,140,400 $ 17,140,400 $66,023,702
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 42,500,000 $ 14,450,000 $ 28,050,000 $ 30,050,000 $130,813,997
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 22,940,000 $ 7,799,600 $ 15,140,400 $ 17,140,400 $66,023,702
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 24,920,000 $ 8,472,800 $ 16,447,200 $ 18,447,200 $72,582,229
$ 9,960,000 $ 3,386,400 $ 6,573,600 $ 8,573,600 $23,028,915
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 77,600,000 $ 26,384,000 $ 51,216,000 $ 53,216,000 $247,078,791
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 7,400,000 $ 2,516,000 $ 4,884,000 $ 6,884,000 $14,549,203
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ (4,300,000) $ (1,462,000) $ (2,838,000) $ (838,000) ($24,205,728)
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 33,200,000 $ 11,288,000 $ 21,912,000 $ 23,912,000 $100,008,795
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 93,120,000 $ 31,660,800 $ 61,459,200 $ 63,459,200 $298,487,042
$ 24,920,000 $ 8,472,800 $ 16,447,200 $ 18,447,200 $72,582,229
$ (3,700,000) $ (1,258,000) $ (2,442,000) $ (442,000) ($22,218,296)
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 45,500,000 $ 15,470,000 $ 30,030,000 $ 32,030,000 $140,751,159
$ (3,020,000) $ (1,026,800) $ (1,993,200) $ 6,800 ($19,965,872)
$ 87,740,000 $ 29,831,600 $ 57,908,400 $ 59,908,400 $280,666,398
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ 9,960,000 $ 3,386,400 $ 6,573,600 $ 8,573,600 $23,028,915
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 22,940,000 $ 7,799,600 $ 15,140,400 $ 17,140,400 $66,023,702
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 22,940,000 $ 7,799,600 $ 15,140,400 $ 17,140,400 $66,023,702
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 8,600,000 $ 2,924,000 $ 5,676,000 $ 7,676,000 $18,524,068
$ 87,740,000 $ 29,831,600 $ 57,908,400 $ 59,908,400 $280,666,398
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 24,920,000 $ 8,472,800 $ 16,447,200 $ 18,447,200 $72,582,229
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 19,100,000 $ 6,494,000 $ 12,606,000 $ 14,606,000 $53,304,135
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ (3,020,000) $ (1,026,800) $ (1,993,200) $ 6,800 ($19,965,872)
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ (4,300,000) $ (1,462,000) $ (2,838,000) $ (838,000) ($24,205,728)
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 45,687,500 $ 15,533,750 $ 30,153,750 $ 32,153,750 $141,372,232
$ 87,740,000 $ 29,831,600 $ 57,908,400 $ 59,908,400 $280,666,398
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ 8,600,000 $ 2,924,000 $ 5,676,000 $ 7,676,000 $18,524,068
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 7,400,000 $ 2,516,000 $ 4,884,000 $ 6,884,000 $14,549,203
$ 24,920,000 $ 8,472,800 $ 16,447,200 $ 18,447,200 $72,582,229
$ (3,700,000) $ (1,258,000) $ (2,442,000) $ (442,000) ($22,218,296)
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 7,400,000 $ 2,516,000 $ 4,884,000 $ 6,884,000 $14,549,203
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 48,837,500 $ 16,604,750 $ 32,232,750 $ 34,232,750 $151,806,252
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 30,800,000 $ 10,472,000 $ 20,328,000 $ 22,328,000 $92,059,066
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 11,280,000 $ 3,835,200 $ 7,444,800 $ 9,444,800 $27,401,266
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ 45,500,000 $ 15,470,000 $ 30,030,000 $ 32,030,000 $140,751,159
$ 8,675,000 $ 2,949,500 $ 5,725,500 $ 7,725,500 $18,772,497
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ (3,032,500) $ (1,031,050) $ (2,001,450) $ (1,450) ($20,007,277)
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 22,940,000 $ 7,799,600 $ 15,140,400 $ 17,140,400 $66,023,702
$ 48,900,000 $ 16,626,000 $ 32,274,000 $ 34,274,000 $152,013,276
$ 30,800,000 $ 10,472,000 $ 20,328,000 $ 22,328,000 $92,059,066
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ (2,360,000) $ (802,400) $ (1,557,600) $ 442,400 ($17,779,697)
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ 7,400,000 $ 2,516,000 $ 4,884,000 $ 6,884,000 $14,549,203
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ 33,350,000 $ 11,339,000 $ 22,011,000 $ 24,011,000 $100,505,653
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 87,740,000 $ 29,831,600 $ 57,908,400 $ 59,908,400 $280,666,398
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 30,800,000 $ 10,472,000 $ 20,328,000 $ 22,328,000 $92,059,066
$ 87,840,000 $ 29,865,600 $ 57,974,400 $ 59,974,400 $280,997,637
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 21,012,500 $ 7,144,250 $ 13,868,250 $ 15,868,250 $59,639,075
$ 30,800,000 $ 10,472,000 $ 20,328,000 $ 22,328,000 $92,059,066
$ 87,740,000 $ 29,831,600 $ 57,908,400 $ 59,908,400 $280,666,398
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ (3,020,000) $ (1,026,800) $ (1,993,200) $ 6,800 ($19,965,872)
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ (3,662,500) $ (1,245,250) $ (2,417,250) $ (417,250) ($22,094,081)
$ 42,500,000 $ 14,450,000 $ 28,050,000 $ 30,050,000 $130,813,997
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 9,935,000 $ 3,377,900 $ 6,557,100 $ 8,557,100 $22,946,105
$ 22,902,500 $ 7,786,850 $ 15,115,650 $ 17,115,650 $65,899,487
$ 35,920,000 $ 12,212,800 $ 23,707,200 $ 25,707,200 $109,018,489
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ 20,900,000 $ 7,106,000 $ 13,794,000 $ 15,794,000 $59,266,432
$ 35,870,000 $ 12,195,800 $ 23,674,200 $ 25,674,200 $108,852,869
$ 38,560,000 $ 13,110,400 $ 25,449,600 $ 27,449,600 $117,763,191
$ 24,920,000 $ 8,472,800 $ 16,447,200 $ 18,447,200 $72,582,229
 Bin Frequency Ranges Frequency
$ (50,000,000) 0
$ (40,000,000) 0 $-50 to $-40 0
$ (30,000,000) 0 $-40 to $-30 0
$ (20,000,000) 40 $-30 to $-20 40
$ (10,000,000) 9 $-20 to $-10 9
$ - 0 $-10 to $0 0
$ 10,000,000 0 $0 to $10 0
$ 20,000,000 48 $10 to $20 48
$ 30,000,000 59 $20 to $30 59
$ 40,000,000 0 $30 to $40 0
$ 50,000,000 0 $40 to $50 0
$ 60,000,000 77 $50 to $60 77
$ 70,000,000 53 $60 to $70 53
$ 80,000,000 12 $70 to $80 12
$ 90,000,000 0 $80 to $90 0
$ 100,000,000 12 $90 to $100 12
$ 110,000,000 95 $100 to $110 95
$ 120,000,000 13 $110 to $120 13
$ 130,000,000 0 $120 to $130 0
$ 140,000,000 5 $130 to $140 5
$ 150,000,000 27 $140 to $150 27
$ 160,000,000 19 $150 to $160 19
$ 170,000,000 0 $160 to $170 0
$ 180,000,000 0 $170 to $180 0
$ 190,000,000 0 $180 to $190 0
$ 200,000,000 0 $190 to $200 0
$ 210,000,000 0 $200 to $210 0
$ 220,000,000 0 $210 to $220 0
$ 230,000,000 0 $220 to $230 0
$ 240,000,000 0 $230 to $240 0
$ 250,000,000 4 $240 to $250 4
$ 260,000,000 0 $250 to $260 0
$ 270,000,000 11 $260 to $270 11
$ 280,000,000 0 $270 to $280 0
$ 290,000,000 12 $280 to $290 12
$ 300,000,000 4 $290 to $300 4
0
Cumulative
probability

0.00%
0.00%
8.00%
9.80%
9.80%
90.20%
80.60%
68.80%
68.80%
68.80%
53.40%
42.80%
40.40%
40.40%
38.00%
19.00%
16.40%
16.40%
15.40%
10.00%
6.20%
6.20%
6.20%
6.20%
6.20%
6.20%
6.20%
6.20%
6.20%
5.40%
5.40%
3.20%
3.20%
0.80%
0.80%
 Chapter 9 - Section 5
Decision Trees

We can use Excel to draw decision trees and calculate the value of a project. Consider the following project:

Initial cost $ 100

Required return 15%
Success
Project NPV = $ 889

75%

Test results
revealed

Test

Failure

25%

No Test

RWJ Excel Tip

To create the boxes for the text, we used Text Boxes. To insert a text box, simple go to "Insert" and select "Text Box."
the position you put the box. Although we could have entered the text in a cell, text boxes in this case allow the text
often look more professional. Text boxes are also very useful in graphing, which we will show later. To copy and/or m
green circle above the box. Right click on this circle, select Copy, move the cursor to where you would like to copy th
the lines, squares, and circles, we went to "Insert" and selected "Shapes." There are numerous shapes and lines avai
owing project:

NPV = $1,517

Invest
Success

75%
Do not invest

NPV = $0

NPV = ($3,611)

Invest

Failure

25% Do not invest

NPV = $0
 and select "Text Box." Text boxes allow you to enter text that is "linked" to
his case allow the text to go across multiple rows and/or columns, which can
ater. To copy and/or move a text box, click on the box. This will bring up a
u would like to copy the Text Box, right click again, and select Paste. To draw
s shapes and lines available on this menu.
 Chapter 9 - Master it!

Dahlia Simmons, CFO of Ulrich Enterprises, is analyzing a new project to sell solar powered batteries for cell phones.
for the variables in the project:

Probability: 10% 30% 40% 20%

Industry demand: 80,000,000 95,000,000 108,000,000 124,000,000

Probability: 5% 20% 20% 25%

Ulrich market share: 1% 2% 3% 4%

Probability: 20% 70% 10%

Initial cost: $ 60,000,000 $ 65,000,000 $ 72,000,000

Probability: 20% 65% 15%

VC per unit $ 24 $ 26 $ 29

Probability: 15% 25% 40% 20%

Fixed costs: $ 20,000,000 $ 24,000,000 $ 27,000,000 $ 31,000,000

The unit price depends on the industry demand since a greater demand will result in a higher price. Dahlia determin

Price = Industry demand / 2,000,000 + $1(+/-$2)

The random "+/-$2" term represents a increase or decrease in price according to the following distribution:

Probability: 45% 55%

Price randomness: $ (2) $ 2

The length of the project, tax rate, and required return are:

Project length (years): 6

Tax rate: 34%
Required return: 14%

Create a Monte Carlo simulation for the project with at least 500 iterations of the calculation. Calculate the IRR
a. an error if the IRR of the project is too low. For example, what is the IRR if both the initial cash flow and the ope
percent. This is not a problem when you are calculating the IRR one time since you can see the IRR is too low, b
problem trying to summarize the results. Because of this, you should create an IF statement that tests if the op
investment is less than 0.1. If this is the case, the cell will return an IRR of -49.99 percent, else the cell will calcu
b. Create a graph of the distribution of the IRRs from the Monte Carlo simulation for different ranges of IRR.

c. Create a graph for the cumulative probability function for the IRR distribution.
wered batteries for cell phones. Dahlia has estimated the following probability distributions

20% 10%
5% 6%

a higher price. Dahlia determines that the price per unit will be given by the equation:

following distribution:

e calculation. Calculate the IRR for each iteration. NOTE: The IRR function in Excel will return
he initial cash flow and the operating cash flows are negative? The IRR is less than -100
ou can see the IRR is too low, but when you are running 500 or more iterations it can create a
F statement that tests if the operating cash flow divided by the absolute value of the initial
percent, else the cell will calculate the IRR.
or different ranges of IRR.
 Master it! Solution

To make the programming easier, we have reproduced the inputs below.

Probability: 10% 30% 40% 20%

Industry demand: 80,000,000 95,000,000 108,000,000 124,000,000

Probability: 5% 20% 20% 25%

Ulrich market share: 1% 2% 3% 4%

Probability: 20% 70% 10%

Initial cost: $ 60,000,000 $ 65,000,000 $ 72,000,000

Probability: 20% 65% 15%

VC per unit $ 24 $ 26 $ 29

Probability: 15% 25% 40% 20%

Fixed costs: $ 20,000,000 $ 24,000,000 $ 27,000,000 $ 31,000,000

Probability: 45% 55%

Price randomness: $ (2) $ 2

Project length (years): 6

Tax rate: 34%
Required return: 15%
20% 10%
5% 6%