Orhan s ) P Click the town Pre Co the con o ther heon where than the to do Amuy or to Dec 31, 2017 Dec 31, 2000 De 20 sale of equipment Presente any of income tax Nonnant Nel presentar Next compute the real to the ocea n by contingere the h o stom perio, then the present where of the starshangaronde Dec 31, 2015 Dec.2016 BIOP Ieview ) Peterson the contents D 2019 D . Dec.2021 of equipment 0 Data Table Replace Initial investment in 2015 Terminal disposal value in 2021 Useful life Total annual cash operating cost per prototype chip Modernize $ 36,800,000 $ 7,000,000 7 years $ 35,500 $ $ 61,700,000 17,000,000 7 years 26,000 $ Clean Chips uses straight-line depreciation, assuming zero terminal disposal value. For simplicity, we assume no change in prices or costs in future years. The investment will be made at the beginning of 2015, and all transactions thereafter occur on the last day of the year. Clean Chips' required rate of return is 10%. There is no difference between the modernize and replace alternatives in terms of required working capital, Clean Chips pays a 30% tax rate on all income. Proceeds from sales of equipment above book value are taxed at the same 30% rate. i Reference Compound Amount of $1.00 (The Future Value of $1.00) S = P(1 + i). In this table P = $1.00 Periods 5 1302 1.020 2 1.040 3 1.051 4 1.052 5 1.104 6 1.125 7 1.149 B 1.172 9 1.195 10 1 219 11 123 12 1.258 131.294 14 1319 151 346 16 1372 17 1.400 18 1428 19 1457 20 1.486 21 1516 22 1.546 23 1.577 24 1.608 25 1.641 28 1.673 27 1.707 20 1741 29 1.776 30 1811 35 2000 40 2.209 % 6% 10% 10% 10% 10% 10% 20% 22% 20% 20% 20% 30% 40% Periods 1.00 1.050 1.000 1.100 1.120 1.100 1.160 1.180 1.200 1.220 1.240 1.260 1082 1.280 1.300 1.124 1320 1210 1.168 1.254 1.400 1 1300 1440 1 346 1392 1.688 1 838 1.588 1679 1890 1742 1.125 1.980 1.191 1.260 1331 2 1.405 1.482 1561 1643 1.728 1.816 1 907 2.000 2097 2197 1.170 2300 2.744 1.252 1.350 1.464 3 1574 1.689 1811 1939 2215 2.364 2520 2614 2156 3085 1217 1.719 1.469 1 611 1.762 1925 2100 2288 27032812 2126 24 3 713 4007 53735 1.265 1.419 1.587 1.772 1.974 2.195 2406 2.700 2996 3297 3.615 4.002 4 .399 4.827 5290 7.5306 1316 1.504 1.714 1.949 2.211 2502 2828 3185 3.583 4023 4.508 5042 5629 62756.983 105417 1359 1.594 1.851 2 144 2.476 2853 3.278 3759 4300 490B 55905353 7205 81579217 14.758 8 1423 1.6891.999 2758 2.773 3 252 3.8034435 5.160 5987 6.9313 05 9.723 10180412165 20.6619 1.480 1.791 2 159 2594 3.106 3.707 4411 5234 6.192 7 305 8.59410 096 11 80613786 16.060 28.975 10 1529 1898 2332 2953 3.479 4.226 5.117 6175 7030 8 912 10.657 12.702 15.112 17.972 21.199 1.501 2012 2518 3.138 3896 R18 5.9057 288 8 916 10.87213 215 16 012 19.343 23 298 27.983 5669412 1665 2133 2720 3452 4353 5.492 6.896 8599 10.699 13.254 16386 20.175 24759 3 0788 38997 79.371 13 1.732 2261 2.937 3.797 4887 6.261 7989 10147 12 39 16.182 20 319 25 421 31 691 39.374 48 757 111120 14 1.9012297 2172 4.177 5474 719 9256 11974 15 407 19.742 25 196 32 030 40.565 51.186 54359 155.588 15 1873 2540 3426 4.595 6.130 .137 10.748 14.129 18.48 24.086 31 223 40358 51.923 66.542 4 954 217.795 16 1.948 289337005.054 6.856 9.276 12.469 16672 22.186 29384 38.741 50 851 66.461 86.504 112.139 3 0491317 2026 2854 39965 560 7690 10.575 14461 19673 25 623 35 849 48 039 64072 85.071 112455 148 024 42687 18 2107 3.026 4316 6.116 8613 12.056 16.7 22.214 319484375 59 568 80731108890 146.192 195.291 5 97.630 19 2.191 320746616 727 9646 13743 19461 27393 38 338 3.358 73.864 101721 139380 190 050257.916 3 8 683 20 2.279 3.4005 634 7 400 10.80415 668 22.574 32324 46 005 05.096 91.592 128.169 178.406 247065 340.449 1171.356 21 2370 3.604 17861 5437814012100 28 18 38 142 55 206 29418 11.3.574 161492 728 30 22 32116 449.393 1639.898 2465 3.820 8954 5.871 23 13.552 66 247 203623 37545008 591 1992295.857 96 89 14031 203.40 292 300 417509 256) 4.049 9.850 6.341 35 235 15.179 52109 23 212 214.200 29 497 24 118 205 783.023 174631256 385 374.144 542.801 2666 4 292 26 462 10.835 6 848 62669 49.874 17.000 25 1033.990 95 196 4491.00 705.641 144 210 216 542 323045478.905 19.040 30.187 47.414 72949 114 475 277245197 39611918 12525 25 299 31 612.998 25512497037 917 33 1354.29 27 1192533 2.883 1800027 4 818.754 2 7.989 13.110 87260 21.225 137271 34.39 214 612 55000 332.55512957 146 112 627 14.421 2999 17347570 28 2384 1550 23 2377.724 67 800 39 204 164 845 102967 412.54 251 854 646 212 1004306 29 17236737 2015 181 3137.395 5.418 9.317 2119 15 867 26750 121501 319 474 44 699 197814 511 528142291295550 74009 10.063 17 449 4142075 29 560 3.243 21201.422 389.758 143371 50 950 5743 34.820 237376 85 850 1025.927 1645,5052519.296 3946 9727.850 18599.217 130161112 35 7586 14.785 28.102 5200 98.100 180 314 327 917 500 668 1051 402 1951 05437881355653.911 40 4101 19426.689 10.286 35118.65 66120.787700007 897 21.725 188.884 45 259 378.721 750.378 3.051 1469 772 2847038 5455.913 10347.175 Print Done Present Value of $1.00 P- In this table S - $1.00 Periods % 10% 10% 10% 10% 10% 20% 20% 20% Perlede ORO 052 090076 09090 08770852 0347 0233 0.820 0.806 0.79 781 079 078 0714 2 0.951 0.05 0.000357 0.875 0.79707690743 0.7180.594 0572 0850 069 061005920524 510 3 0002 089 0940 0294 075 07120.575 0541 05090579 0551 0994 500 00 0.55 005 0354 4 0.924 0.855 0.792 0.735 0603 0.035 0. 52 0.552 0516 0.482 0451 0. 13 0.397 0.33 0.250 0.29 0.269 5 0.905 0172 0.707061 06210567 0519 0.476 0.437 0.402 0.370 0.341 0315 0.791 0259 0.250 185 6 ORE 0.290 0.705 0.00 0564 507 0056 0.410 03700235 0.3 0.225 0.250 0.22 0.207 119 120 7 0.871 0.750 0.665 3 05130452 0.400 0.354 0.314 0.279 0.249 0.722 0.19 0.178 0.159 0.13 0.095 8 0.853 0731 0627 0510 04670 404 0.351 0.305 0.266 0221 0204 0.179 01570 139 0173 0.100 0062 9 0092 203 0.522 500 0.42 0.3 0.309 0263 0275 0.194 0.167 0.114 0125 108 001 0002 004 9 10 0.820 0.876 0.556 0.463 0.396 0.222 0.270 0727 0.191 0.162 0137 0.116 0099 0085 0.073 0082 0 035 10 11 0.804 0.550 0527 0.429 0.390 0787 0237 0.195 0.162 0.135 0.112 0094 0.01 0.06 0.056 0047 0025 11 0.788 0525 0.497 0.097 0.319 0257 0208 0.158 0.13 0.1120092 0076 060052 000 0 0 018 12 13 773 0.001 0.41 0.368 0.290 0229 0.182 0 .145 0.116 0.093 0.075 0.051 0.050 0010 0.003 0.027 0013 13 0.758 0.527 0.412 0.10 0 261 0205 0.160 0.125 0.0990 0780 002 0.049 000990 012 0.025 0.021 009 14 15 0743 0 955 0412 0315 2 9 1830 140 0.108 0.08400650051 0.0400001 0025 0.0200016 0.006 15 0.728 0514 0.394 0.20202120163 0.123 0093 0.021 0054 0042001200250019 001S0012 0.005 16 0.513 0.371 0.270 0.19 0.146 0.109 0.000 0.000 0045 0.034 0.025 0.02 0.015 0.012 0.000 0 003 1 7 0.494 0.350 000 100 10000950060005100320028 0. 01 0.016 0012 0.0000007 0.31 022 0164 0.116 000 000 000 0001 0023 0.012 0012 0009 0.00 0 0456 0215 0.140.104 0.073 0051003 002 0019 0.014 0.010 0 7 0005 0.001 0.00120 0.294 0199 0.125 009 0064 0.014 0031 022 0.015 0.011 000 0006 0.004 000 0001 21 0.547 0.422 0.27 0.114 0.123 001 0056 0. 0 0 025 08 0013 009 0005 004 0000 002 000122 0.262 0.170 0.112 0.074 0049 0.03 002 0015 0010 0.007 0.005 0.003 0.002 0.002 0.000 23 0.522 0.20 0.15 0102 0 066 00430 0280 011 0013 009 00 0.00 0.00 0.00 0.00 0.000 24 0510 0.733 0146 0.092 0.059 0.038 0.024 0.0160 010 0.007 0.00 0 0.00 0.00 0.00 0.000 0598 0220 0.125 0.034 005 007 0.021 0014 0000 000 0004 0002 0.002 0.00 0 001 0.000 0.297 0.125 075 047 0029 0.018 0011 0007 0.005 0.003 0.002 0.001 0.001 0.001 0.000 0.544 0.116 059 0042 0.025 0016 0.010 0005 0.004 0002 0.002 0.001 0.001 0.000 0.000 0503 0 21 0 115 0 107 0033 0037 0.22 0014 0.008 0.005 0.003 0.002 0.001 0.001 0.000 0.000 0.000 0.124 0. 0 0 057 03 0.020 0012 0020004 003 000 000 000 0000 0000 008 0 0.130 003 0019 0.01 0.006 0.00 0.00 0.00 0.001 0 .000 .000 0.000 0.000 0.000 0.00 0.00 0. 0 0 0.011 0.00 0.00 0.00 0.00 0.000 0.000 0.000 0.000 0.00 0.000 000 0.75 0.009 RNNNN RRRRRRR 0.30 Print Done Sold ng t and Modernize Alternative - Before Tax Cash Inflows and Outflows Units Net Cash Initial Proceeds from Year Contributions Investments Sale of Equipment Jan 1, 2015 (36,800,000) Dec 31, 2015 535 $ 10,432,500 Dec 31, 2016 600 11,700,000 Dec 31, 2017 665 12,967,500 Dec 31, 2018 730 14,235,000 Dec 31, 2019 795 15,502,500 Dec 31, 2020 860 16,770,000 Dec 31, 2021 18,037,500 7,000,000 Ne 925 Sold Year Jan 1, 2015 Dec 31, 2015 Dec 31, 2016 Dec 31, 2017 Dec 31, 2018 Dec 31, 2019 Dec 31, 2020 Dec 31, 2021 Replace Alternative - Before Tax Cash Inflows and Outflows Units Net Cash Initial Proceeds from Contributions Investments Sale of Equipment $ (61,700,000) $ 4,300,000 535 $ 15,515,000 600 17,400,000 665 19,285,000 21,170,000 23,055,000 24,940,000 26,825,000 17,000,000 925 Compound Amount of Annuity of $1.00 in Arrears Future Value of Annuity S, - 11 + - 1 Periode 2 6 % % 10% 10% 10% 10% 20% 20% 20% 12% Periodis 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1001 2020 2049 2050 200 2100 2120 2100 2150 2180 2200 2220 2200 220 2200 200 2720 2000 2 3.000 1122 3.184 320 1.310 3.374 140 3.506 3572 36401708 377 30 2512 1 00 43 4122 42454 .375 40 4541 4773 21 5666 5215 5 5 54 5 015 7104 4 5 5204 5.416 5.637 857 105 .353 610 6.277 7.154 7402 7.740 0 700 900 10 16 5 6.308 663 6.975 7 6 7716 8.115 595 8.977 442 9830 10.442 1090 115 12.135 12.16 13.406 15 246 7434 7999 8.394 89239487 10.08910730 11.414 12 12 12.916 13.769 14615 156 1551 1753 18.696 23537 8.53392149997 1061 11495 12.00 13.23 14.240 15.222 164 1220 1912 230 25.678 34.3958 37 10 11 1 2 13 14 15 16.085 17.519 1 2 0 22670 20712 240 2399 2015 34. 5 1539 10.950 12.006 13.181 157 17 19 19202122122521 2595 0 313 5 12.619 47 062 10 11 12 13 14 72 16645 18511 2065572045 25 175 12.150 552 403 5 11 5 2122 7911 124121502516870 18. 977 21.384213 27.271 30.850 3401 39.501448765089557779 $5.5107477 420 18235 12 14.600 16.627 18.682 21.495 24.523 2.029 32.0833578542219 48.497 55.746 411073751 97.85 112.303 195.129 13 15 974 187122101524215 27975 37.581 067250 818 59 18 001030496 3025109512127913149 240 275.2014 15 17 20 23 094 237762713231772 17 3 8025160905 72.035 5. 192100315 110 111 11300 1672 197.07 .2015 1869 21 23 23.57) 0 5 0 5 720 74121045 1201115137 2112 2 18 20.012 23.6 2021340545 1171730 151 152 15 014 0 17 21412 124 45 509 141 17401 1405 1954 22 0 1118 54 1064 18 22341 77671337004144651159 1.44078969 0121414 154.7401254244033 2064 38532348197) 07.412 1 19 2429720778367864582 5727572052 1.095 1150 146 28 186232.01 301601 2 13 014 02 2001 20020 25780 31. 39 3 047 640028101042681 1 74021 2250291337745 110 20 15 100.7 25.9 21 27.299 3424 42 5 457 71.403 1046 17415 205345 27101 4 ) 0056 812 81199 1007201401234007 NS 22 201453518069 0 78543 164 1 2 0 0 777 1040 38 154 1858225737.162 23 24 30.72 0.00350816 2497 118 1194859 2030 204 2 7 5 250 1858 18 24212 24 326 41 645 5455 72103 TL 219 214 342m 011 212 120803234803226.84 1122.1 25 25 26 33,671 44312 58.15670.54 108.182 10.334 2003 200405 2725737295165 1114 W IMI62 215 7013054.444 4260 041527.6 27 3534447034 6370687351 121.100 109.374 238.499 337 502 479221 681.853 971.102 1383 146 190719 279.706 9071775624772 22046.910 27 37051 4998685285399 134 210 1.0 28 272 323441 819 723 1744 1716 101 241 5 344 516431174756993006674 28 29 372 52.566 72.540 103.6 148.631 214 312.094 44303 0407984.00 1407 608 212.65 3122.784587.680871604 802.923 42103029 S 12458120 4056860150511121644 24113356750312 711012101 240016 NON 73852 1110S 172317 271.024 01.609 683.573 1120713 1816652 294341 0.545 77507 4 2010 20 35 499 22540077 35 40 0 402 .028 154702 21.057 442 583 77001 1342.00 230.737 4160213 7343.050 1 227223007122377450 2020 2071747 170M "Paym e ach i Reference Present Value of Annuity $1.00 in Arrears Periods 4% 0% 0% 10% 17% 10% 10% 10% 20% 22% 20% 20% 20% 20% 21% 40% Periods 0.980 0062 0943 0.926 09090.893 0.877 0862 0347 0.033 082008050794 0.781 0769 01 0714 1 2 1.942 1.8 1.800 1.783 1736 1690 1.6471.605 1.566 1.528 1.49214571.424 1.392 1361 171 1724 3 294 2775 2 2673 2572 2487 240223222.246 2174 2106 2012 1981 1.873 1868 1816 1.766 1. 59 3 3.808 3.630 3465 3312 3170 3 037 2.914 2799 2690 2589 2494 2404 2220 2241 2166 2096 1.849 4 5 4713 4.452 4212 3993 3791 3.605 3.439 3274 3127 2.9912 854 2745 2.635 2.570 2476 2345 2005 5 6 5 .00 5.242 4917 4623 4.355 4.111 389 2685 3498 3.3263167 3020 2085 2.799 263 25342168 6 7 6.472 6.00755825206 AR 564 288 40293812 3.605 3416 324230832.937 2802 2577 223 7 8 735 6733 6.210 5747 5335 4968 4619 4344 4078 3892 3619 3421 3.2413075 2325 2.786 2331 8 9 162 7435 802 6247 5759 5328 4.9464 607 4.303 4031 7035663.366 31M 2019 2.858 23799 10 8913 8.111 7360 6.710 6.145 5.650 5 216 4833 4.494 4.192 2973362 3.465 32092092 2000 2414 10 119.787 8.760 787 7139 6495 5938 5.453 5029 4556 432 4035377539) 3215 2147 297824111 12 10.575 9.385 384 752 6.814 6.194 56605.197 4793 449941273851 3606 3.387 3190 30132454 12 13 11 348 9.986 537,904 7.1038.424 58425342 4910 451 420139123656 1427 32233.000 240013 14 12.106 10543929582447367 6628 6002 5468 5008 4511 42653 962 3.695 1499 3249 3.061 2.47 1 4 15 12.649 11.118 9712 8559 7506 68116.142 5575 50924575 43154001 272634691268 3076 2484 15 16 12578 11.652 10 105 8851 7304 6.9746.265 5668 5.162 4.730 4357 403 3.751 3.500 3263 300 2400 16 17 14 28212.166 10.477 9.122 8022 7.120 6.3735.749 5222 4775439140593721 3510 1205 1097 2482 17 18 14.992 12.659 10.828 9.372 8.201 7 .250 6.457 5818 5273 481244194000 2706 3.529 2304 3102 2494 18 19 15.678 13.134 11.158 9604 8355 7 366 6.550 5877 5.316 4.843 4 .442 4.097 3.799 3.599 3.311 3.109 2.49 19 20 16 351 13590 11.4709818 8.514 74696.673 5929 5.353 4.870 .460 4110 3.808 3.546 3.316 3.113 2497 2 0 21 17.011 14.029 11.764 10 012854975626.687597 5.384 4891 476 4121 3816 3.551 3320 3.116 2.490 21 22 17.658 14.451 12.042 10.201 7 72 7645 6.703 60115 410 4509 449 4.488 4.130 382 3.556 3.118 2490 23 18.292 14.857 12 303 10.371 8 883 7718 6.792 6044 5.402 4.825 4.499 4.137 3.627 3.559 3.325 3.120 2.490 24 18.914 15 247 12.550 10 528 8.985 7.784 6.905 6073 5451 4.537 4.507 4 143 3.31 3.562 3.327 3.121 2493 24 25 19.523 15672 12.783 106759077 78436.8736 0975.467 4.948 4.514 4.147 3034 3564 3.329 3.172 2499 25 20 121 26 15 983 108109.161 7896 13.003 6.906 6.118 5480 4.956 4520 4151 3.173 167 16 3.30 2500 20.707 16.330 27 10.935 9.237 13.211 7.943 6 .905 6.138 5.482 5.492 4.954 4.554 4.524 4.154 3.639 3 .587 3 3.123 331 2.500 21 281 16.663 28 13 406 11051 93077 .984 6.961 6.152 2,500 55024.9704528 41572103568 3331 3.124 28 11.158 21.844 9.370 16.984 8.022 13.591 29 6.983 6.166 5510 4.975 4.531 3.124 341 4.159 2.500 3569 25 3.312 22.96 17.292 12.765 30 11258 9 427 8055 7003 6.177 5.517 5517 4.979 4534 4.160 3.42 3.569 3.332 3.124 2.500 30 24.999 35 7070 11.655 18.665 6215 9.644 14.499 5539 8.176 1125 4 2.500 1571 .912 5 3333 4541 3145 4164 27.355 11.925 19.793 9.7798.244 7.105 40 15.046 6230 5.548 4.997 4 544 3.125 3.346 4.166 2.500 571 40 3.333 "Payment on the end of each period Orhan s ) P Click the town Pre Co the con o ther heon where than the to do Amuy or to Dec 31, 2017 Dec 31, 2000 De 20 sale of equipment Presente any of income tax Nonnant Nel presentar Next compute the real to the ocea n by contingere the h o stom perio, then the present where of the starshangaronde Dec 31, 2015 Dec.2016 BIOP Ieview ) Peterson the contents D 2019 D . Dec.2021 of equipment 0 Data Table Replace Initial investment in 2015 Terminal disposal value in 2021 Useful life Total annual cash operating cost per prototype chip Modernize $ 36,800,000 $ 7,000,000 7 years $ 35,500 $ $ 61,700,000 17,000,000 7 years 26,000 $ Clean Chips uses straight-line depreciation, assuming zero terminal disposal value. For simplicity, we assume no change in prices or costs in future years. The investment will be made at the beginning of 2015, and all transactions thereafter occur on the last day of the year. Clean Chips' required rate of return is 10%. There is no difference between the modernize and replace alternatives in terms of required working capital, Clean Chips pays a 30% tax rate on all income. Proceeds from sales of equipment above book value are taxed at the same 30% rate. i Reference Compound Amount of $1.00 (The Future Value of $1.00) S = P(1 + i). In this table P = $1.00 Periods 5 1302 1.020 2 1.040 3 1.051 4 1.052 5 1.104 6 1.125 7 1.149 B 1.172 9 1.195 10 1 219 11 123 12 1.258 131.294 14 1319 151 346 16 1372 17 1.400 18 1428 19 1457 20 1.486 21 1516 22 1.546 23 1.577 24 1.608 25 1.641 28 1.673 27 1.707 20 1741 29 1.776 30 1811 35 2000 40 2.209 % 6% 10% 10% 10% 10% 10% 20% 22% 20% 20% 20% 30% 40% Periods 1.00 1.050 1.000 1.100 1.120 1.100 1.160 1.180 1.200 1.220 1.240 1.260 1082 1.280 1.300 1.124 1320 1210 1.168 1.254 1.400 1 1300 1440 1 346 1392 1.688 1 838 1.588 1679 1890 1742 1.125 1.980 1.191 1.260 1331 2 1.405 1.482 1561 1643 1.728 1.816 1 907 2.000 2097 2197 1.170 2300 2.744 1.252 1.350 1.464 3 1574 1.689 1811 1939 2215 2.364 2520 2614 2156 3085 1217 1.719 1.469 1 611 1.762 1925 2100 2288 27032812 2126 24 3 713 4007 53735 1.265 1.419 1.587 1.772 1.974 2.195 2406 2.700 2996 3297 3.615 4.002 4 .399 4.827 5290 7.5306 1316 1.504 1.714 1.949 2.211 2502 2828 3185 3.583 4023 4.508 5042 5629 62756.983 105417 1359 1.594 1.851 2 144 2.476 2853 3.278 3759 4300 490B 55905353 7205 81579217 14.758 8 1423 1.6891.999 2758 2.773 3 252 3.8034435 5.160 5987 6.9313 05 9.723 10180412165 20.6619 1.480 1.791 2 159 2594 3.106 3.707 4411 5234 6.192 7 305 8.59410 096 11 80613786 16.060 28.975 10 1529 1898 2332 2953 3.479 4.226 5.117 6175 7030 8 912 10.657 12.702 15.112 17.972 21.199 1.501 2012 2518 3.138 3896 R18 5.9057 288 8 916 10.87213 215 16 012 19.343 23 298 27.983 5669412 1665 2133 2720 3452 4353 5.492 6.896 8599 10.699 13.254 16386 20.175 24759 3 0788 38997 79.371 13 1.732 2261 2.937 3.797 4887 6.261 7989 10147 12 39 16.182 20 319 25 421 31 691 39.374 48 757 111120 14 1.9012297 2172 4.177 5474 719 9256 11974 15 407 19.742 25 196 32 030 40.565 51.186 54359 155.588 15 1873 2540 3426 4.595 6.130 .137 10.748 14.129 18.48 24.086 31 223 40358 51.923 66.542 4 954 217.795 16 1.948 289337005.054 6.856 9.276 12.469 16672 22.186 29384 38.741 50 851 66.461 86.504 112.139 3 0491317 2026 2854 39965 560 7690 10.575 14461 19673 25 623 35 849 48 039 64072 85.071 112455 148 024 42687 18 2107 3.026 4316 6.116 8613 12.056 16.7 22.214 319484375 59 568 80731108890 146.192 195.291 5 97.630 19 2.191 320746616 727 9646 13743 19461 27393 38 338 3.358 73.864 101721 139380 190 050257.916 3 8 683 20 2.279 3.4005 634 7 400 10.80415 668 22.574 32324 46 005 05.096 91.592 128.169 178.406 247065 340.449 1171.356 21 2370 3.604 17861 5437814012100 28 18 38 142 55 206 29418 11.3.574 161492 728 30 22 32116 449.393 1639.898 2465 3.820 8954 5.871 23 13.552 66 247 203623 37545008 591 1992295.857 96 89 14031 203.40 292 300 417509 256) 4.049 9.850 6.341 35 235 15.179 52109 23 212 214.200 29 497 24 118 205 783.023 174631256 385 374.144 542.801 2666 4 292 26 462 10.835 6 848 62669 49.874 17.000 25 1033.990 95 196 4491.00 705.641 144 210 216 542 323045478.905 19.040 30.187 47.414 72949 114 475 277245197 39611918 12525 25 299 31 612.998 25512497037 917 33 1354.29 27 1192533 2.883 1800027 4 818.754 2 7.989 13.110 87260 21.225 137271 34.39 214 612 55000 332.55512957 146 112 627 14.421 2999 17347570 28 2384 1550 23 2377.724 67 800 39 204 164 845 102967 412.54 251 854 646 212 1004306 29 17236737 2015 181 3137.395 5.418 9.317 2119 15 867 26750 121501 319 474 44 699 197814 511 528142291295550 74009 10.063 17 449 4142075 29 560 3.243 21201.422 389.758 143371 50 950 5743 34.820 237376 85 850 1025.927 1645,5052519.296 3946 9727.850 18599.217 130161112 35 7586 14.785 28.102 5200 98.100 180 314 327 917 500 668 1051 402 1951 05437881355653.911 40 4101 19426.689 10.286 35118.65 66120.787700007 897 21.725 188.884 45 259 378.721 750.378 3.051 1469 772 2847038 5455.913 10347.175 Print Done Present Value of $1.00 P- In this table S - $1.00 Periods % 10% 10% 10% 10% 10% 20% 20% 20% Perlede ORO 052 090076 09090 08770852 0347 0233 0.820 0.806 0.79 781 079 078 0714 2 0.951 0.05 0.000357 0.875 0.79707690743 0.7180.594 0572 0850 069 061005920524 510 3 0002 089 0940 0294 075 07120.575 0541 05090579 0551 0994 500 00 0.55 005 0354 4 0.924 0.855 0.792 0.735 0603 0.035 0. 52 0.552 0516 0.482 0451 0. 13 0.397 0.33 0.250 0.29 0.269 5 0.905 0172 0.707061 06210567 0519 0.476 0.437 0.402 0.370 0.341 0315 0.791 0259 0.250 185 6 ORE 0.290 0.705 0.00 0564 507 0056 0.410 03700235 0.3 0.225 0.250 0.22 0.207 119 120 7 0.871 0.750 0.665 3 05130452 0.400 0.354 0.314 0.279 0.249 0.722 0.19 0.178 0.159 0.13 0.095 8 0.853 0731 0627 0510 04670 404 0.351 0.305 0.266 0221 0204 0.179 01570 139 0173 0.100 0062 9 0092 203 0.522 500 0.42 0.3 0.309 0263 0275 0.194 0.167 0.114 0125 108 001 0002 004 9 10 0.820 0.876 0.556 0.463 0.396 0.222 0.270 0727 0.191 0.162 0137 0.116 0099 0085 0.073 0082 0 035 10 11 0.804 0.550 0527 0.429 0.390 0787 0237 0.195 0.162 0.135 0.112 0094 0.01 0.06 0.056 0047 0025 11 0.788 0525 0.497 0.097 0.319 0257 0208 0.158 0.13 0.1120092 0076 060052 000 0 0 018 12 13 773 0.001 0.41 0.368 0.290 0229 0.182 0 .145 0.116 0.093 0.075 0.051 0.050 0010 0.003 0.027 0013 13 0.758 0.527 0.412 0.10 0 261 0205 0.160 0.125 0.0990 0780 002 0.049 000990 012 0.025 0.021 009 14 15 0743 0 955 0412 0315 2 9 1830 140 0.108 0.08400650051 0.0400001 0025 0.0200016 0.006 15 0.728 0514 0.394 0.20202120163 0.123 0093 0.021 0054 0042001200250019 001S0012 0.005 16 0.513 0.371 0.270 0.19 0.146 0.109 0.000 0.000 0045 0.034 0.025 0.02 0.015 0.012 0.000 0 003 1 7 0.494 0.350 000 100 10000950060005100320028 0. 01 0.016 0012 0.0000007 0.31 022 0164 0.116 000 000 000 0001 0023 0.012 0012 0009 0.00 0 0456 0215 0.140.104 0.073 0051003 002 0019 0.014 0.010 0 7 0005 0.001 0.00120 0.294 0199 0.125 009 0064 0.014 0031 022 0.015 0.011 000 0006 0.004 000 0001 21 0.547 0.422 0.27 0.114 0.123 001 0056 0. 0 0 025 08 0013 009 0005 004 0000 002 000122 0.262 0.170 0.112 0.074 0049 0.03 002 0015 0010 0.007 0.005 0.003 0.002 0.002 0.000 23 0.522 0.20 0.15 0102 0 066 00430 0280 011 0013 009 00 0.00 0.00 0.00 0.00 0.000 24 0510 0.733 0146 0.092 0.059 0.038 0.024 0.0160 010 0.007 0.00 0 0.00 0.00 0.00 0.000 0598 0220 0.125 0.034 005 007 0.021 0014 0000 000 0004 0002 0.002 0.00 0 001 0.000 0.297 0.125 075 047 0029 0.018 0011 0007 0.005 0.003 0.002 0.001 0.001 0.001 0.000 0.544 0.116 059 0042 0.025 0016 0.010 0005 0.004 0002 0.002 0.001 0.001 0.000 0.000 0503 0 21 0 115 0 107 0033 0037 0.22 0014 0.008 0.005 0.003 0.002 0.001 0.001 0.000 0.000 0.000 0.124 0. 0 0 057 03 0.020 0012 0020004 003 000 000 000 0000 0000 008 0 0.130 003 0019 0.01 0.006 0.00 0.00 0.00 0.001 0 .000 .000 0.000 0.000 0.000 0.00 0.00 0. 0 0 0.011 0.00 0.00 0.00 0.00 0.000 0.000 0.000 0.000 0.00 0.000 000 0.75 0.009 RNNNN RRRRRRR 0.30 Print Done Sold ng t and Modernize Alternative - Before Tax Cash Inflows and Outflows Units Net Cash Initial Proceeds from Year Contributions Investments Sale of Equipment Jan 1, 2015 (36,800,000) Dec 31, 2015 535 $ 10,432,500 Dec 31, 2016 600 11,700,000 Dec 31, 2017 665 12,967,500 Dec 31, 2018 730 14,235,000 Dec 31, 2019 795 15,502,500 Dec 31, 2020 860 16,770,000 Dec 31, 2021 18,037,500 7,000,000 Ne 925 Sold Year Jan 1, 2015 Dec 31, 2015 Dec 31, 2016 Dec 31, 2017 Dec 31, 2018 Dec 31, 2019 Dec 31, 2020 Dec 31, 2021 Replace Alternative - Before Tax Cash Inflows and Outflows Units Net Cash Initial Proceeds from Contributions Investments Sale of Equipment $ (61,700,000) $ 4,300,000 535 $ 15,515,000 600 17,400,000 665 19,285,000 21,170,000 23,055,000 24,940,000 26,825,000 17,000,000 925 Compound Amount of Annuity of $1.00 in Arrears Future Value of Annuity S, - 11 + - 1 Periode 2 6 % % 10% 10% 10% 10% 20% 20% 20% 12% Periodis 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1001 2020 2049 2050 200 2100 2120 2100 2150 2180 2200 2220 2200 220 2200 200 2720 2000 2 3.000 1122 3.184 320 1.310 3.374 140 3.506 3572 36401708 377 30 2512 1 00 43 4122 42454 .375 40 4541 4773 21 5666 5215 5 5 54 5 015 7104 4 5 5204 5.416 5.637 857 105 .353 610 6.277 7.154 7402 7.740 0 700 900 10 16 5 6.308 663 6.975 7 6 7716 8.115 595 8.977 442 9830 10.442 1090 115 12.135 12.16 13.406 15 246 7434 7999 8.394 89239487 10.08910730 11.414 12 12 12.916 13.769 14615 156 1551 1753 18.696 23537 8.53392149997 1061 11495 12.00 13.23 14.240 15.222 164 1220 1912 230 25.678 34.3958 37 10 11 1 2 13 14 15 16.085 17.519 1 2 0 22670 20712 240 2399 2015 34. 5 1539 10.950 12.006 13.181 157 17 19 19202122122521 2595 0 313 5 12.619 47 062 10 11 12 13 14 72 16645 18511 2065572045 25 175 12.150 552 403 5 11 5 2122 7911 124121502516870 18. 977 21.384213 27.271 30.850 3401 39.501448765089557779 $5.5107477 420 18235 12 14.600 16.627 18.682 21.495 24.523 2.029 32.0833578542219 48.497 55.746 411073751 97.85 112.303 195.129 13 15 974 187122101524215 27975 37.581 067250 818 59 18 001030496 3025109512127913149 240 275.2014 15 17 20 23 094 237762713231772 17 3 8025160905 72.035 5. 192100315 110 111 11300 1672 197.07 .2015 1869 21 23 23.57) 0 5 0 5 720 74121045 1201115137 2112 2 18 20.012 23.6 2021340545 1171730 151 152 15 014 0 17 21412 124 45 509 141 17401 1405 1954 22 0 1118 54 1064 18 22341 77671337004144651159 1.44078969 0121414 154.7401254244033 2064 38532348197) 07.412 1 19 2429720778367864582 5727572052 1.095 1150 146 28 186232.01 301601 2 13 014 02 2001 20020 25780 31. 39 3 047 640028101042681 1 74021 2250291337745 110 20 15 100.7 25.9 21 27.299 3424 42 5 457 71.403 1046 17415 205345 27101 4 ) 0056 812 81199 1007201401234007 NS 22 201453518069 0 78543 164 1 2 0 0 777 1040 38 154 1858225737.162 23 24 30.72 0.00350816 2497 118 1194859 2030 204 2 7 5 250 1858 18 24212 24 326 41 645 5455 72103 TL 219 214 342m 011 212 120803234803226.84 1122.1 25 25 26 33,671 44312 58.15670.54 108.182 10.334 2003 200405 2725737295165 1114 W IMI62 215 7013054.444 4260 041527.6 27 3534447034 6370687351 121.100 109.374 238.499 337 502 479221 681.853 971.102 1383 146 190719 279.706 9071775624772 22046.910 27 37051 4998685285399 134 210 1.0 28 272 323441 819 723 1744 1716 101 241 5 344 516431174756993006674 28 29 372 52.566 72.540 103.6 148.631 214 312.094 44303 0407984.00 1407 608 212.65 3122.784587.680871604 802.923 42103029 S 12458120 4056860150511121644 24113356750312 711012101 240016 NON 73852 1110S 172317 271.024 01.609 683.573 1120713 1816652 294341 0.545 77507 4 2010 20 35 499 22540077 35 40 0 402 .028 154702 21.057 442 583 77001 1342.00 230.737 4160213 7343.050 1 227223007122377450 2020 2071747 170M "Paym e ach i Reference Present Value of Annuity $1.00 in Arrears Periods 4% 0% 0% 10% 17% 10% 10% 10% 20% 22% 20% 20% 20% 20% 21% 40% Periods 0.980 0062 0943 0.926 09090.893 0.877 0862 0347 0.033 082008050794 0.781 0769 01 0714 1 2 1.942 1.8 1.800 1.783 1736 1690 1.6471.605 1.566 1.528 1.49214571.424 1.392 1361 171 1724 3 294 2775 2 2673 2572 2487 240223222.246 2174 2106 2012 1981 1.873 1868 1816 1.766 1. 59 3 3.808 3.630 3465 3312 3170 3 037 2.914 2799 2690 2589 2494 2404 2220 2241 2166 2096 1.849 4 5 4713 4.452 4212 3993 3791 3.605 3.439 3274 3127 2.9912 854 2745 2.635 2.570 2476 2345 2005 5 6 5 .00 5.242 4917 4623 4.355 4.111 389 2685 3498 3.3263167 3020 2085 2.799 263 25342168 6 7 6.472 6.00755825206 AR 564 288 40293812 3.605 3416 324230832.937 2802 2577 223 7 8 735 6733 6.210 5747 5335 4968 4619 4344 4078 3892 3619 3421 3.2413075 2325 2.786 2331 8 9 162 7435 802 6247 5759 5328 4.9464 607 4.303 4031 7035663.366 31M 2019 2.858 23799 10 8913 8.111 7360 6.710 6.145 5.650 5 216 4833 4.494 4.192 2973362 3.465 32092092 2000 2414 10 119.787 8.760 787 7139 6495 5938 5.453 5029 4556 432 4035377539) 3215 2147 297824111 12 10.575 9.385 384 752 6.814 6.194 56605.197 4793 449941273851 3606 3.387 3190 30132454 12 13 11 348 9.986 537,904 7.1038.424 58425342 4910 451 420139123656 1427 32233.000 240013 14 12.106 10543929582447367 6628 6002 5468 5008 4511 42653 962 3.695 1499 3249 3.061 2.47 1 4 15 12.649 11.118 9712 8559 7506 68116.142 5575 50924575 43154001 272634691268 3076 2484 15 16 12578 11.652 10 105 8851 7304 6.9746.265 5668 5.162 4.730 4357 403 3.751 3.500 3263 300 2400 16 17 14 28212.166 10.477 9.122 8022 7.120 6.3735.749 5222 4775439140593721 3510 1205 1097 2482 17 18 14.992 12.659 10.828 9.372 8.201 7 .250 6.457 5818 5273 481244194000 2706 3.529 2304 3102 2494 18 19 15.678 13.134 11.158 9604 8355 7 366 6.550 5877 5.316 4.843 4 .442 4.097 3.799 3.599 3.311 3.109 2.49 19 20 16 351 13590 11.4709818 8.514 74696.673 5929 5.353 4.870 .460 4110 3.808 3.546 3.316 3.113 2497 2 0 21 17.011 14.029 11.764 10 012854975626.687597 5.384 4891 476 4121 3816 3.551 3320 3.116 2.490 21 22 17.658 14.451 12.042 10.201 7 72 7645 6.703 60115 410 4509 449 4.488 4.130 382 3.556 3.118 2490 23 18.292 14.857 12 303 10.371 8 883 7718 6.792 6044 5.402 4.825 4.499 4.137 3.627 3.559 3.325 3.120 2.490 24 18.914 15 247 12.550 10 528 8.985 7.784 6.905 6073 5451 4.537 4.507 4 143 3.31 3.562 3.327 3.121 2493 24 25 19.523 15672 12.783 106759077 78436.8736 0975.467 4.948 4.514 4.147 3034 3564 3.329 3.172 2499 25 20 121 26 15 983 108109.161 7896 13.003 6.906 6.118 5480 4.956 4520 4151 3.173 167 16 3.30 2500 20.707 16.330 27 10.935 9.237 13.211 7.943 6 .905 6.138 5.482 5.492 4.954 4.554 4.524 4.154 3.639 3 .587 3 3.123 331 2.500 21 281 16.663 28 13 406 11051 93077 .984 6.961 6.152 2,500 55024.9704528 41572103568 3331 3.124 28 11.158 21.844 9.370 16.984 8.022 13.591 29 6.983 6.166 5510 4.975 4.531 3.124 341 4.159 2.500 3569 25 3.312 22.96 17.292 12.765 30 11258 9 427 8055 7003 6.177 5.517 5517 4.979 4534 4.160 3.42 3.569 3.332 3.124 2.500 30 24.999 35 7070 11.655 18.665 6215 9.644 14.499 5539 8.176 1125 4 2.500 1571 .912 5 3333 4541 3145 4164 27.355 11.925 19.793 9.7798.244 7.105 40 15.046 6230 5.548 4.997 4 544 3.125 3.346 4.166 2.500 571 40 3.333 "Payment on the end of each period