Asen

. ". . ". :: . - . 31

1 1/1/08.2 6.3 ( 31.12.2007.)500000.4 340000.5 ( 01.01.2008.)160000. 6 ( )10%7 5. 8 80000.9 420000.10 - 20%11 ( 01.01.2009.)80000.12 - . 25%13 10%14 ( )5%15 100.16 4000.17 12000.18 ; ; ; .2000.19 150.20 : - 2008 .8000. - 2009 .10000. - 2010 .12000. - 2011 .14000. - 2012 .12000. - 2013 .10000.

1 . 1 1.25131 251 1/1/08.1/1/08.2 6.6.3 ( 31.12.2007.)625000.500000.4 425000.340000.5 ( 01.01.2008.)200000.160000. 6 ( )10%10%7 5.5.8 100000.80000.9 525000.420000.10 - 20%20%11 ( 01.01.2009.)100000.80000.12 - . 25%25%13 10%10%14 ( )5%5%15 125.100.16 5000.4000.17 15000.12000.18 ; ; ; .2500.2000.19 187.5.150.20 : - 2008 .8000. - 2009 .10000. - 2010 .12000. - 2011 .14000. - 2012 .12000. - 2013 .10000.

&R&[- 1 -

2 3 4 2 2008200920102011201220131500000187500022500002625000225000018750003 . . . . -200852500020%105000420000200952500020%105000315000201052500020%105000210000201152500020%105000105000201252500020%10500002013 . . . . -2008200910000025%2500075000201010000025%2500050000201110000025%2500025000201210000025%2500002013 2008200920102011201220131050001050001050001050001050000..025000250002500025000010500013000013000013000013000004 10% 20082000002000040000600002009160000160004000056000201012000012000400005200020118000080004000048000201240000400040000440002013

&R- 2 -

5 6 -5 (.)2008200920102011201220131 1500000187500022500002625000225000018750002 1270000152000017700002020000177000015200002.1 1000000125000015000001750000150000012500002.2 2700002700002700002700002700002700003 10500013000013000013000013000004 2000016000120008000400005 1050002090003380004670003460003550006 1050020900338004670034600355007 945001881003042004203003114003195006 3- , 1- (.)2008200920102011201220131. 1500000187500022500002625000225000018750002. . 1000000125000015000001750000150000012500003. . 2700002700002700002700002700002700004. .10500013000013000013000013000005. 2000016000120008000400006. 1050002090003380004670003460003550007. .1050020900338004670034600355008. 945001881003042004203003114003195009. 219500334100446200558300445400319500

&R- 3 -

7 & 7,1 & 7,2 7 It0=525000.It1=100000. T=6. r=10% Lt=0 =(. .)+(. )+( ) 1/(1+r)t7.1 - T - F1 200812195000.9090909091199545.45200923341000.826446281276115.70201034462000.7513148009335236.66201145583000.6830134554381326.41201254454000.6209213231276558.36201363195000.5644739301180349.42 1649132.01 . (It) .200805250001525000200911000000.909090909190909.0909090909 . . 615909.090909091NPV=1033222.92NPV>0 7.2 (IRR) 1% r=50% - T - F1 0-615909.0909090911-615909.09200812195000.6666666667146333.33200923341000.4444444444148488.89201034462000.2962962963132207.41201145583000.1975308642110281.48201254454000.131687242858653.50201363195000.087791495228049.38 (NPV1)8104.90 r=51% - T - F1 0-615909.0909090911-615909.09200812195000.6622516556145364.24200923341000.4385772554146528.66201034462000.2904485135129598.13201145583000.1923500089107389.01201254454000.127384111956736.88201363195000.08436033926953.13 (NPV2)-3339.04 IRR=50.71%IRR>r

&R- 5 -

7.3 & 7,47.3 (PBP) (It) . (Ir) r = 10% . (Ir)0525000152500011000000.909090909190909.0909090909 615909.090909091 - T - F1 r = 10% 12195000.9090909091199545.4523341000.826446281276115.7034462000.7513148009335236.6645583000.6830134554381326.4154454000.6209213231276558.3663195000.5644739301180349.42 1649132.01 - T 0615909.0909090910-615909.0909090911199545.45-416363.642276115.70-140247.933335236.66194988.734381326.41576315.145276558.36852873.506180349.421033222.92 PBPPBP=2.4183550PBP=2. 5 < 6 . 7.4 ( )Ir =5% ( )br =10% - T NFt+ Ir = 5% NFt- br = 10% 0525000152500012195001.0523047590909.09090909091.110000023341001.1025368345.251.2134462001.000125446255.7751.33145583001.21550625678617.1393751.464154454001.2762815625568455.80793751.6105163195001.3400956406428160.5571796871.771561 2720309.52949219 625000-625000 2095309.52949219 NFVNFV =2095309.52949219NFV >0

&R- 7 -

8 AR1 sr tabl 8 8.1 1 ( 6- ) (.)66000+25%82500-30%462002 (./.)187.5+20%225-10%168.753 (./.)125-8%115+15%143.754 (./.)270000-10%243000+25%337500 NPV -.NPV. %182500+25%1697126.9264.326600001033222.920346200-30%232447.2177.54363001464679.71325853 .NPV. %1225+20%3235961.9907213.22187.501033222.9203168.75-10%286374.96147183272.3456.252949587.02920193. .NPV. %1115-8%1796405.6652861573.9212501033222.9203143.75+15%286374.96147183272.34-28.751510030.70381432. .NPV. %1243000-10%1403316.6905886935.8227000001033222.9203337500+25%946965.5060819248.34-94500.00456351.184506771 - . . - (.)NPV (.)- (.)NPV (.)- (.)NPV (.)- (.)NPV (.)1825001697126.922245412253235961.990673761151796405.665286152430001403316.690588692660001033222.92035103187.51033222.920351031251033222.920351032700001033222.92035103346200232447.208986876168.75286374.961471832143.75286374.961471832337500946965.5060819244 (1-3)363001464679.7132585356.252949587.02920193-28.751510030.70381432-94500456351.1845067715. . % (4/2)55141.758345116930285.4744093559-23146.1476196542-3544.16773723456 (5)2134

&R- 10 -

AR2 sr tabl8.2 " " 1 ( 6- ) (.)66000+10%72600-10%594002 (./.)187.5+10%206.25-10%168.753 (./.)125-10%112.5+10%137.54 (./.)270000-10%243000+10%2970001.2 " " -.NPV. %172600+10%1600102.5325.726600001272930.640359400-10%945758.745725.7413200654343.78 .NPV. %1254.1+10%2254446.3177.1223101272930.6403207.9-10%286374.9677.5446.21968071.35. .NPV. %1138.6-10%1927274.4251.4215401272930.6403177.1+10%618586.8551.44-38.501308687.57. .NPV. %1299376-10%1403316.6910.2233264001272930.6403365904+10%1142544.5910.24-66528.00260772.11 - . . - (.)NPV (.)- (.)NPV (.)- (.)NPV (.)- (.)NPV (.)1726001600102.53254.12254446.31138.61927274.422993761403316.692660001272930.642311272930.641541272930.643326401272930.64359400945758.75207.9286374.96177.1618586.853659041142544.594 (1-3)13200654343.7846.21968071.35-38.51308687.57-66528260772.115. . % (4/2)2051.4020154.61-25102.81-2020.496 (5)3124

AR-3 sr tabl8.3 " " 1 ( 6- ) (.)66000-30%462002 (./.)187.5-10%168.753 (./.)125+15%143.754 (./.)270000+25%337500 -.NPV. %16600001033222.920246200-30%232447.20898687677.53. 19800800775.71 .NPV. %1187.501033222.9202168.75-10%286374.96147183272.3318.75746847.96. .NPV. %112501033222.9202143.75+15%286374.96147183272.33-18.75746847.96. .NPV. %127000001033222.9202337500+25%946965.5060819248.33-6750086257.41 - . . - (.)NPV (.)- (.)NPV (.)- (.)NPV (.)- (.)NPV (.)1660001033222.92187.51033222.921251033222.922700001033222.92246200232447.21168.75286374.96143.75286374.96337500946965.513 (1-2)19800800775.7118.75746847.96-18.75746847.96-6750086257.414. .% (3/2)3077.501072.28-1572.28-258.355 (5)1112

AR-48.4 " " -.NPV182500+25%1697126.922245410.1526600001033222.920.8346200-30%232447.2089868760.25 .NPV1225+20%3235961.990673760.152187.501033222.920.73168.75-10%286374.9614718320.15. .NPV1115-8%1796405.665286150.2212501033222.920.553143.75+15%286374.9614718320.25. .NPV1243000-10%1403316.690588690.1227000001033222.920.83337500+25%946965.5060819240.1 MNPV = ( NPV . P ) + ( NPV . P ) + ( NPV . P )D = ( NPV MNPV )2.P + ( NPV MNPV )2.P + ( NPV MNPV )2.P = DK = /MNPV - (.) (.) () ()M NPV1139259.176864361251606.58706756999147.4796182571061606.55594789D261254399628.2260763784766952.6830254773913192.715013635343258.8168 511130.511345415873947.805622671504751.337980113116770.472546859K 0.44865165160.69826079110.50518201590.1099941143124

KR tochka9 Io=625000. T =6. ( 6- .)Q =11000. P =187.5. 1/.1/. (VC)1251375000 5.4560000. (VC)16.36180000. ; ; ; . (VS)2.7330000. () ( 6- .)104166.666666667FCFC =374166.666666667.FCA=270000. R =P.QR =2062500. TC=FC+VC.QTC=1749166.66666667.9.1 , (R = TC) QKP =FC/(P-VC)QKP =5986.6666666667. VCM (KP) =[PxQ-FC-(VC+VS).Q]/QVCM (KP) =134.39. P(KP) =(FC+VC.Q)/QP(KP) =159.02. (K) KQ =[|Q(KP)Q|/Q].100KQ =-45.6% KVC =[|VCM(KP)VCM|/VCM]x100KVC =7.5% KP =[|PKP-P|/P]x100KP =-15.2%9.2 (SDR) (SDTC) QKP=(FC.AF+IO)/(P.AFVC.AF) AFAF(r,t) = [(1+r)t1]/[r.(1+r)t]AF=5.076r = 5%t = 6 .QKP=6290. VC=[(P-VCpVC).Q.AFFC.AFIo]/Q.AFVC=132.67. P=(P.Q.AFFC.AFIo)/Q.AFP=151.76. . KQ=[|Q()Q|/Q].100KQ=42.8% Kvc=[|VCVC|/VC].100Kvc=6.1% Kp=[|P-P|/P].100Kp=19.1%. . (%) 42.83 6.11 19.129.3 (SDIF) (SDOF) Q()={AF.[FC.(1-TAX)-AF.TAX]+Io}/{AF.[(P-VC).(1-TAX]} TAX - 10% TAX=0.1Q()=6509. . KQ=[|Q()Q|/Q].100KQ=40.8%

10 15% 25% 65% Q ( 6- ) (.)11000+25%13750-30%7700P (./.)187.5+20%225-10%168.75VC (./.)125-8%115+15%143.75FC (./.)270000-10%243000+25%337500A (./.)104166.666666667Io 625000AF 5.07610.1 NPV ( ) NPV - NPV=(P.Q-VC.Q-FC-A).AF-I0 NPV=965480. NPV=5290232.00. NPV=-1889770.10.2 - NPVS Pi =948654.30.10.3 =NPV =16825.7=NPV =4341577.7=NPV =-2838424.310.4 D=4841741683195.5310.5 =D=2200395.80.10.6 K = /K=2.319491727910.7 50% NPV 0,67 =-525610.886995364.+ 0,67 =2422919.48699536. 68,27% NPV =-1251741.50.+ =3149050.10. 95,45% NPV 2 =-3452137.30297124.+2 =5349445.90297124. 99,73% NPV 3 =-5652533.10445685.+3 =7549841.70445685.10.8 NPV>0 NPVi , NPVi = 0 ( NPV>0 )Z =-0.43(Z) = (0,43) =33.28%- NPV 0 1,897,308.60 ( 4 " " "")( Z ) / 2 + 50%66.64% NPV>0 66.64% NPV 10% [(Z1) (Z2)]/20.04311289363,19%( 4)Z1=0.04Z2=-0.04R1=1043519.73R2=853788.87 NPV 10% 3,19%

8 AR -1 8 8.1 1 ( 6- ) (.)66000+25%82500-30%462002 (./.)187.5+20%225-10%168.753 (./.)125-8%115+15%143.754 (./.)270000-10%243000+25%337500NPV1033222.92 (.).20088000+25%10000-30%5600200910000+25%12500-30%7000201012000+25%15000-30%8400201114000+25%17500-30%9800201212000+25%15000-30%8400201310000+25%12500-30%7000 " " " " (.)2008200920102011201220131. 1875000234375028125003281250281250023437502. . 1250000156250018750002187500187500015625003. . 2700002700002700002700002700002700004. .10500013000013000013000013000005. 2000016000120008000400006. 23000036525052550068575053350051125010% 67. .2300036525525506857553350511256-78. 2070003287254729506171754801504601254+5+89. 332000474725614950755175614150460125 " " r=10% - T - F1 0-615909.0909090911-615909.09200813320000.9090909091301818.18200924747250.826446281392334.71201036149500.7513148009462021.04201147551750.6830134554515794.69201256141500.6209213231381338.83201364601250.5644739301259728.57 NPV1697126.92 " " (.)2008200920102011201220131. 1050000131250015750001837500157500013125002. . 7000008750001050000122500010500008750003. . 2700002700002700002700002700002700004. .10500013000013000013000013000005. 2000016000120008000400006. -450002150011300020450012100016750010% 67. .02150113002045012100167506-78. -45000193501017001840501089001507504+5+89. 80000165350243700322050242900150750 " " r=10% - T - F1 0-615909.0909090911-615909.0920081800000.909090909172727.27200921653500.826446281136652.89201032437000.7513148009183095.42201143220500.6830134554219964.48201252429000.6209213231150821.79201361507500.564473930185094.44 NPV232447.21 " " (.)2008200920102011201220131. 1500000187500022500002625000225000018750002. . 1000000125000015000001750000150000012500003. . 2700002700002700002700002700002700004. .10500013000013000013000013000005. 2000016000120008000400006. 10500020900033800046700034600035500010% 67. .1050020900338004670034600355006-78. 945001881003042004203003114003195004+5+89. 219500334100446200558300445400319500 " " r=10% " " - T - F1 0-615909.0909090911-615909.09200812195000.9090909091199545.45200923341000.826446281276115.70201034462000.7513148009335236.66201145583000.6830134554381326.41201254454000.6209213231276558.36201363195000.5644739301180349.42 NPV1033222.92

&R- 8 -

AR -28.2 " " 1 ( 6- ) (.)66000+10%72600-10%594002 (./.)187.5+10%206.25-10%168.753 (./.)125-10%112.5+10%137.54 (./.)270000-10%243000+10%297000 (.).20088000+10%8800-10%7200200910000+10%11000-10%9000201012000+10%13200-10%10800201114000+10%15400-10%12600201212000+10%13200-10%10800201310000+10%11000-10%9000 " " (.)2008200920102011201220131. 1650000206250024750002887500247500020625002. . 1100000137500016500001925000165000013750003. . 2700002700002700002700002700002700004. .10500013000013000013000013000005. 2000016000120008000400006. 15500027150041300055450042100041750010% 67. .1550027150413005545042100417506-78. 1395002443503717004990503789003757504+5+89. 264500390350513700637050512900375750 " " r=10% - T - F1 0-615909.0909090911-615909.09200812645000.9090909091240454.55200923903500.826446281322603.31201035137000.7513148009385950.41201146370500.6830134554435113.72201255129000.6209213231318470.55201363757500.5644739301212101.08 NPV1298784.52 " " (.)2008200920102011201220131. 1350000168750020250002362500202500016875002. . 900000112500013500001575000135000011250003. . 2700002700002700002700002700002700004. .10500013000013000013000013000005. 2000016000120008000400006. 5500014650026300037950027100029250010% 67. .550014650263003795027100292506-78. 495001318502367003415502439002632504+5+89. 174500277850378700479550377900263250 " " r=10% - T - F1 0-615909.0909090911-615909.09200811745000.9090909091158636.36200922778500.826446281229628.10201033787000.7513148009284522.92201144795500.6830134554327539.10201253779000.6209213231234646.17201362632500.5644739301148597.76 NPV767661.32 " " (.)2008200920102011201220131. 1500000187500022500002625000225000018750002. . 1000000125000015000001750000150000012500003. . 2700002700002700002700002700002700004. .10500013000013000013000013000005. 2000016000120008000400006. 10500020900033800046700034600035500010% 67. .1050020900338004670034600355006-78. 945001881003042004203003114003195004+5+89. 219500334100446200558300445400319500 " " r=10% - T - F1 0-6250001-625000.00200812195000.9090909091199545.45200923341000.826446281276115.70201034462000.7513148009335236.66201145583000.6830134554381326.41201254454000.6209213231276558.36201363195000.5644739301180349.42 NPV1024132.011.2 " " (+/-10%) +10%-10%1 ( 6- ) (.)7260059400+10%-10%2 (./.)206.25168.75+10%-10%3 (./.)112.5137.5+10%-10%4 (./.)2430002970001.3 " " - ( ) 1 ( 6- ) (.)4620002 (./.)168.753 (./.)143.754 (./.)3375001.4 " " 1 ( 6- ) (.)726000.15528000.8594000.252 (./.)206.250.15187.50.7168.750.153 (./.)112.50.21250.55137.50.254 (./.)2430000.1225000.82970000.1

AR-38.3 " " 1 ( 6- ) (.)66000-30%462002 (./.)187.5-10%168.753 (./.)125+15%143.754 (./.)270000+25%337500NPV1033222.92 (.).20088000-30%5600200910000-30%7000201012000-30%8400201114000-30%9800201212000-30%8400201310000-30%7000 " " (.)2008200920102011201220131. 0000002. . 0000003. . 2700002700002700002700002700002700004. .10500013000013000013000013000005. 2000016000120008000400006. 00000010% 67. .0000006-78. 0000004+5+89. 000000 " " r=10% - T - F1 0-6250001-625000.002008100.90909090910.002009200.8264462810.002010300.75131480090.002011400.68301345540.002012500.62092132310.002013600.56447393010.00 NPV0.00 " " (.)2008200920102011201220131. 1050000131250015750001837500157500013125002. . 7000008750001050000122500010500008750003. . 2700002700002700002700002700002700004. .10500013000013000013000013000005. 2000016000120008000400006. -450002150011300020450012100016750010% 67. .02150113002045012100167506-78. -45000193501017001840501089001507504+5+89. 80000165350243700322050242900150750 " " r=10% - T - F1 0-615909.0909090911-615909.0920081800000.909090909172727.27200921653500.826446281136652.89201032437000.7513148009183095.42201143220500.6830134554219964.48201252429000.6209213231150821.79201361507500.564473930185094.44 NPV232447.21 " " (.)2008200920102011201220131. 1500000187500022500002625000225000018750002. . 1000000125000015000001750000150000012500003. . 2700002700002700002700002700002700004. .10500013000013000013000013000005. 2000016000120008000400006. 10500020900033800046700034600035500010% 67. .1050020900338004670034600355006-78. 945001881003042004203003114003195004+5+89. 219500334100446200558300445400319500 " " r=10% - T - F1 0-615909.0909090911-615909.09200812195000.9090909091199545.45200923341000.826446281276115.70201034462000.7513148009335236.66201145583000.6830134554381326.41201254454000.6209213231276558.36201363195000.5644739301180349.42 NPV1033222.921.2 " " (+/-10%) +10%-10%1 ( 6- ) (.)7260059400+10%-10%2 (./.)206.25168.75+10%-10%3 (./.)112.5137.5+10%-10%4 (./.)2430002970001.3 " " - ( ) 1 ( 6- ) (.)4620002 (./.)168.753 (./.)143.754 (./.)3375001.4 " " 1 ( 6- ) (.)00.15528000.8462000.252 (./.)00.15187.50.7168.750.153 (./.)00.21250.55143.750.254 (./.)00.1225000.83375000.1

NPV 7.2 1% - T - F1 r=10% 0-615909.0909090911-615909.09200812195000.9090909091199545.45200923341000.826446281276115.70201034462000.7513148009335236.66201145583000.6830134554381326.41201254454000.6209213231276558.36201363195000.5644739301180349.42 (NPV)1033222.92 - T - F1 r=11% 0-615909.0909090911-615909.09200812195000.9009009009197747.75200923341000.8116224332271163.05201034462000.7311913813326257.59201145583000.6587309741367769.50201254454000.5934513281264323.22201363195000.5346408361170817.75 (NPV)982169.78 - T - F1 r=12% 0-615909.0909090911-615909.09200812195000.8928571429195982.14200923341000.7971938776266342.47201034462000.7117802478317596.35201145583000.6355180784354809.74201254454000.5674268557252731.92201363195000.5066311212161868.64 (NPV)933422.18 - T - F1 r=13% 0-615909.0909090911-615909.09200812195000.8849557522194247.79200923341000.7831466834261649.31201034462000.6930501623309238.98201145583000.6133187277342415.85201254454000.542759936241745.28201363195000.4803185274153461.77 (NPV)886849.88 - T - F1 r=14% 0-615909.0909090911-615909.09200812195000.8771929825192543.86200923341000.7694675285257079.10201034462000.6749715162301172.29201145583000.5920802774330558.42201254454000.5193686644231326.80201363195000.4555865477145559.90 (NPV)842331.28 - T - F1 r=15% 0-615909.0909090911-615909.09200812195000.8695652174190869.57200923341000.7561436673252627.60201034462000.6575162324293383.74201145583000.5717532456319209.84201254454000.4971767353221442.52201363195000.4323275959138128.67 (NPV)799752.84 1% - T - F1 r=16% 0-615909.0909090911-615909.09200812195000.8620689655189224.14200923341000.7431629013248290.73201034462000.6406576735285861.45201145583000.5522910979308344.12201254454000.4761130154212060.74201363195000.4104422547131136.30 (NPV)759008.38 1% - T - F1 r=17% 0-615909.0909090911-615909.09200812195000.8547008547187606.84200923341000.730513551244064.58201034462000.6243705564278594.14201145583000.5336500482297936.82201254454000.4561111523203151.91201363195000.3898385917124553.43 (NPV)719998.63 1% - T - F1 r=18% 0-615909.0909090911-615909.09200812195000.8474576271186016.95200923341000.7181844298239945.42201034462000.6086308727271571.10201145583000.5157888752287964.93201254454000.4371092162194688.44201363195000.3704315392118352.88 (NPV)682630.62 1% - T - F1 r=19% 0-615909.0909090911-615909.09200812195000.8403361345184453.78200923341000.7061648189235929.67201034462000.5934158142264782.14201145583000.4986687514278406.76201254454000.4190493709186644.59201363195000.3521423285112509.47 (NPV)646817.32 1% - T - F1 r=20% 0-615909.0909090911-615909.09200812195000.8333333333182916.67200923341000.6944444444232013.89201034462000.5787037037258217.59201145583000.4822530864269241.90201254454000.401877572178996.27201363195000.3348979767106999.90 (NPV)612477.13 1% - T - F1 r=21% 0-615909.0909090911-615909.09200812195000.826446281181404.96200923341000.6830134554228194.80201034462000.5644739301251868.27201145583000.4665073802260451.07201254454000.3855432894171720.98201363195000.3186308177101802.55 (NPV)579533.53 1% - T - F1 r=22% 0-615909.0909090911-615909.09200812195000.8196721311179918.03200923341000.6718624026224469.23201034462000.5507068874245725.41201145583000.451399088252016.11201254454000.3699992525164797.67201363195000.303278075896897.35 (NPV)547914.71 1% - T - F1 r=23% 0-615909.0909090911-615909.09200812195000.8130081301178455.28200923341000.6609822196220834.16201034462000.5373839184239780.70201145583000.4368974946243919.87201254454000.3552012151158206.62201363195000.288781475792265.68 (NPV)517553.23 1% - T - F1 r=24% 0-615909.0909090911-615909.09200812195000.8064516129177016.13200923341000.650364204217286.68201034462000.5244872613234026.22201145583000.4229735978236146.16201254454000.3411077401151929.39201363195000.275086887287890.26 (NPV)488385.74 1% - T - F1 r=25% 0-615909.0909090911-615909.09200812195000.8175600.00200923341000.64213824.00201034462000.512228454.40201145583000.4096228679.68201254454000.32768145948.67201363195000.26214483755.01 (NPV)460352.67 1% - T - F1 r=26% 0-615909.0909090911-615909.09200812195000.7936507937174206.35200923341000.6298815823210443.44201034462000.4999060177223058.07201145583000.3967508077221505.98201254454000.3148815934140248.26201363195000.249906026579844.98 (NPV)433397.97 1% - T - F1 r=27% 0-615909.0909090911-615909.09200812195000.7874015748172834.65200923341000.62000124207142.41201034462000.4881899528217830.36201145583000.3844015376214611.38201254454000.3026783761134812.95201363195000.2383294376146.25 (NPV)407468.91 1% - T - F1 r=28% 0-615909.0909090911-615909.09200812195000.78125171484.38200923341000.6103515625203918.46201034462000.4768371582212764.74201145583000.3725290298207982.96201254454000.2910383046129628.46201363195000.227373675472645.89 (NPV)382515.79 1% - T - F1 r=29% 0-615909.0909090911-615909.09200812195000.7751937984170155.04200923341000.6009254252200769.18201034462000.4658336629207854.98201145583000.3611113666201608.48201254454000.2799312919124681.40201363195000.217001001569331.82 (NPV)358491.81 1% - T - F1 r=30% 0-615909.0909090911-615909.09200812195000.7692307692168846.15200923341000.5917159763197692.31201034462000.4551661356203095.13201145583000.3501277966195476.35201254454000.2693290743119959.17201363195000.20717621166192.80 (NPV)335352.82 1% - T - F1 r=31% 0-615909.0909090911-615909.09200812195000.7633587786167557.25200923341000.5827166249194685.62201034462000.4448218511198479.51201145583000.3395586649189575.60201254454000.2592050877115449.95201363195000.197866479263218.34 (NPV)313057.18 1% - T - F1 r=32% 0-615909.0909090911-615909.09200812195000.7575757576166287.88200923341000.5739210285191747.02201034462000.4347886579194002.70201145583000.3293853469183895.84201254454000.2495343537111142.60201363195000.189041177160398.66 (NPV)291565.60 1% - T - F1 r=33% 0-615909.0909090911-615909.09200812195000.7518796992165037.59200923341000.5653230821188874.44201034462000.425054949189659.52201145583000.3195901872178427.20201254454000.2402933738107026.67201363195000.180671709757724.61 (NPV)270840.94 1% - T - F1 r=34% 0-615909.0909090911-615909.09200812195000.7462686567163805.97200923341000.556916908186065.94201034462000.4156096328185445.02201145583000.3101564424173160.34201254454000.2314600317103092.30201363195000.172731366955187.67 (NPV)250848.15 1% - T - F1 r=35% 0-615909.0909090911-615909.09200812195000.7407407407162592.59200923341000.548696845183319.62201034462000.4064421074181354.47201145583000.3010682277168086.39201254454000.22301350299330.21201363195000.165195186752779.86 (NPV)231554.05 1% - T - F1 r=36% 0-615909.0909090911-615909.09200812195000.7352941176161397.06200923341000.5406574394180633.65201034462000.3975422349177383.35201145583000.2923104668163196.93201254454000.214934166895731.68201363195000.158039828550493.73 (NPV)212927.30 1% - T - F1 r=37% 0-615909.0909090911-615909.09200812195000.7299270073160218.98200923341000.532793436178006.29201034462000.3889003182173527.32201145583000.2838688454158483.98201254454000.207203536892288.46201363195000.151243457548322.28 (NPV)194938.21 1% - T - F1 r=38% 0-615909.0909090911-615909.09200812195000.7246376812159057.97200923341000.525099769175435.83201034462000.380507079169782.26201145583000.2757297674153939.93201254454000.199804179288992.78201363195000.144785637146259.01 (NPV)177558.69 1% - T - F1 r=39% 0-615909.0909090911-615909.09200812195000.7194244604157913.67200923341000.5175715543172920.66201034462000.3723536362166144.19201145583000.2678803138149557.58201254454000.192719650285837.33201363195000.138647230444297.79 (NPV)160762.13 1% - T - F1 r=40% 0-615909.0909090911-615909.09200812195000.7142857143156785.71200923341000.5102040816170459.18201034462000.3644314869162609.33201145583000.2603082049145330.07201254454000.185934432182815.20201363195000.132810308642432.89 (NPV)144523.30 1% - T - F1 r=41% 0-615909.0909090911-615909.09200812195000.7092198582155673.76200923341000.5029928072168049.90201034462000.3567324874159174.04201145583000.2530017641141250.88201254454000.179433875279919.85201363195000.127258067640658.95 (NPV)128818.29 1% - T - F1 r=42% 0-615909.0909090911-615909.09200812195000.7042253521154577.46200923341000.4959333466165691.33201034462000.3492488356155834.83201145583000.2459498842137313.82201254454000.173204143877145.13201363195000.121974749238970.93 (NPV)113624.41 1% - T - F1 r=43% 0-615909.0909090911-615909.09200812195000.6993006993153496.50200923341000.489021468163382.07201034462000.3419730546152588.38201145583000.2391419962133512.98201254454000.167232165274485.21201363195000.116945570137364.11 (NPV)98920.15 1% - T - F1 r=44% 0-615909.0909090911-615909.09200812195000.6944444444152430.56200923341000.4822530864161120.76201034462000.3348979767149431.48201145583000.2325680394129842.74201254454000.161505582971934.59201363195000.112156654835834.05 (NPV)84685.07 1% - T - F1 r=45% 0-615909.0909090911-615909.09200812195000.6896551724151379.31200923341000.4756242568158906.06201034462000.3280167289146361.06201145583000.2262184337126297.75201254454000.156012712969488.06201363195000.107594974434376.59 (NPV)70899.76 1% - T - F1 r=46% 0-615909.0909090911-615909.09200812195000.6849315068150342.47200923341000.4691311691156736.72201034462000.3213227185143374.20201145583000.2200840538122872.93201254454000.150742502667140.71201363195000.103248289532987.83 (NPV)57545.76 1% - T - F1 r=47% 0-615909.0909090911-615909.09200812195000.6802721088149319.73200923341000.4627701421154611.50201034462000.3148096205140468.05201145583000.2141562044119563.41201254454000.145684492864887.87201363195000.099105097131664.08 (NPV)44605.55 1% - T - F1 r=48% 0-615909.0909090911-615909.09200812195000.6756756757148310.81200923341000.4565376187152529.22201034462000.308471364137639.92201145583000.2084265973116364.57201254454000.14082878262725.14201363195000.095154582430401.89 (NPV)32062.46 1% - T - F1 r=49% 0-615909.0909090911-615909.09200812195000.6711409396147315.44200923341000.4504301608150488.72201034462000.3023021213134887.21201145583000.2028873298113272.00201254454000.136165993160648.33201363195000.091386572629198.01 (NPV)19900.61 1% - T - F1 r=50% 0-615909.0909090911-615909.09200812195000.6666666667146333.33200923341000.4444444444148488.89201034462000.2962962963132207.41201145583000.1975308642110281.48201254454000.131687242858653.50201363195000.087791495228049.38 (NPV)8104.90 1% - T - F1 r=51% 0-615909.0909090911-615909.09200812195000.6622516556145364.24200923341000.4385772554146528.66201034462000.2904485135129598.13201145583000.1923500089107389.01201254454000.127384111956736.88201363195000.08436033926953.13 (NPV)-3339.04 1% - T - F1 r=52% 0-615909.0909090911-615909.09200812195000.6578947368144407.89200923341000.4328254848144606.99201034462000.2847536084127057.06201145583000.1873379003104590.75201254454000.123248618654894.93201363195000.081084617525906.54 (NPV)-14444.92 1% - T - F1 r=53% 0-615909.0909090911-615909.09200812195000.6535947712143464.05200923341000.427186125142722.88201034462000.2792066176124581.99201145583000.1824879854101883.04201254454000.119273193153124.28201363195000.077956335324907.05 (NPV)-25225.79 1% - T - F1 r=54% 0-615909.0909090911-615909.09200812195000.6493506494142532.47200923341000.4216562658140875.36201034462000.27380277122170.80201145583000.177794006599262.39201254454000.115450653651421.72201363195000.074967956923952.26 (NPV)-35694.09 1% - T - F1 r=55% 0-615909.0909090911-615909.09200812195000.6451612903141612.90200923341000.4162330905139063.48201034462000.2685374778119821.42201145583000.173249985796725.47201254454000.111774184349784.22201363195000.07211237723039.90 (NPV)-45861.70 1% - T - F1 r=56% 0-615909.0909090911-615909.09200812195000.641025641140705.13200923341000.4109138725137286.32201034462000.2634063285117531.90201145583000.168850210694269.07201254454000.108237314548208.90201363195000.069382893922167.83 (NPV)-55739.93 1% - T - F1 r=57% 0-615909.0909090911-615909.09200812195000.6369426752139808.92200923341000.4056959714135543.02201034462000.2584050773115300.35201145583000.164589221291890.16201254454000.104833898946693.02201363195000.06677318421334.03 (NPV)-65339.59 1% - T - F1 r=58% 0-615909.0909090911-615909.09200812195000.6329113924138924.05200923341000.4005768306133832.72201034462000.2535296396113124.93201145583000.160461797289585.82201254454000.101558099545233.98201363195000.064277278220536.59 (NPV)-74671.01 1% - T - F1 r=59% 0-615909.0909090911-615909.09200812195000.6289308176138050.31200923341000.3955539733132154.58201034462000.2487760839111003.89201145583000.156462945887353.26201254454000.098404368443829.31201363195000.061889539919773.71 (NPV)-83744.03 1% - T - F1 r=60% 0-615909.0909090911-615909.09200812195000.625137187.50200923341000.390625130507.81201034462000.244140625108935.55201145583000.152587890685189.82201254454000.095367431642476.65201363195000.059604644819043.68 (NPV)-92568.07 1% - T - F1 r=61% 0-615909.0909090911-615909.09200812195000.6211180124136335.40200923341000.3857875854128891.63201034462000.2396196182106918.27201145583000.14883206183092.94201254454000.092442273941173.79201363195000.057417561418344.91 (NPV)-101152.14 1% - T - F1 r=62% 0-615909.0909090911-615909.09200812195000.6172839506135493.83200923341000.3810394757127305.29201034462000.2352095529104950.50201145583000.14519108281060.18201254454000.089624124739918.59201363195000.055323533817675.87 (NPV)-109504.84 1% - T - F1 r=63% 0-615909.0909090911-615909.09200812195000.6134969325134662.58200923341000.3763784862125748.05201034462000.2309070468103030.72201145583000.141660764979089.21201254454000.086908444738709.02201363195000.053318064217035.12 (NPV)-117634.39 1% - T - F1 r=64% 0-615909.0909090911-615909.09200812195000.6097560976133841.46200923341000.3718024985124219.21201034462000.2267088406101157.48201145583000.138237097977177.77201254454000.084290913437543.17201363195000.051396898416421.31 (NPV)-125548.67 1% - T - F1 r=65% 0-615909.0909090911-615909.09200812195000.6060606061133030.30200923341000.3673094582122718.09201034462000.222611792999329.38201145583000.134916238175323.74201254454000.08176741736419.21201363195000.049556010315833.15 (NPV)-133255.23 1% - T - F1 r=66% 0-615909.0909090911-615909.09200812195000.6024096386132228.92200923341000.3628973726121244.01201034462000.218612875197545.06201145583000.131694503173525.04201254454000.07933403835335.38201363195000.047791589115269.41 (NPV)-140761.26 1% - T - F1 r=67% 0-615909.0909090911-615909.09200812195000.5988023952131437.13200923341000.3585643085119796.34201034462000.214709166895803.23201145583000.128568363371779.72201254454000.076987043934290.03201363195000.046100026314728.96 (NPV)-148073.69 1% - T - F1 r=68% 0-615909.0909090911-615909.09200812195000.5952380952130654.76200923341000.35430839118374.43201034462000.210897851294102.62201145583000.125534435270085.88201254454000.074722878133281.57201363195000.044477903614210.69 (NPV)-155199.14 1% - T - F1 r=69% 0-615909.0909090911-615909.09200812195000.5917159763129881.66200923341000.3501277966116977.70201034462000.20717621192442.03201145583000.12258947468441.70201254454000.072538150332308.49201363195000.042921982413713.57 (NPV)-162143.94 1% - T - F1 r=70% 0-615909.0909090911-615909.09200812195000.5882352941129117.65200923341000.3460207612115605.54201034462000.203541624390820.27201145583000.119730367266845.46201254454000.070429627831369.36201363195000.041429192813236.63 (NPV)-168914.19 1% - T - F1 r=71% 0-615909.0909090911-615909.09200812195000.5847953216128362.57200923341000.3419855682114257.38201034462000.199991560489236.23201145583000.116954128965295.49201254454000.068394227430462.79201363195000.039996624212778.92 (NPV)-175515.70 1% - T - F1 r=72% 0-615909.0909090911-615909.09200812195000.5813953488127616.28200923341000.3380205516112932.67201034462000.196523576587688.82201145583000.114257893363790.18201254454000.066429007829587.48201363195000.038621516112339.57 (NPV)-181954.09 1% - T - F1 r=73% 0-615909.0909090911-615909.09200812195000.5780346821126878.61200923341000.3341240937111630.86201034462000.193135314386176.98201145583000.1116389162328.00201254454000.064531161828742.18201363195000.037301249611917.75 (NPV)-188234.71 1% - T - F1 r=74% 0-615909.0909090911-615909.09200812195000.5747126437126149.43200923341000.3302946228110351.43201034462000.189824495984699.69201145583000.109094537960907.48201254454000.062698010327925.69201363195000.036033339211512.65 (NPV)-194362.72 1% - T - F1 r=75% 0-615909.0909090911-615909.09200812195000.5714285714125428.57200923341000.3265306122109093.88201034462000.186588921383255.98201145583000.106622240759527.20201254454000.060926994727136.88201363195000.034815425511123.53 (NPV)-200343.06 1% - T - F1 r=76% 0-615909.0909090911-615909.09200812195000.5681818182124715.91200923341000.3228305785107857.70201034462000.183426465181844.89201145583000.104219582458185.79201254454000.059215671826374.66201363195000.033645268110749.66 (NPV)-206180.48 1% - T - F1 r=77% 0-615909.0909090911-615909.09200812195000.5649717514124011.30200923341000.3191930799106642.41201034462000.180335073480465.51201145583000.101884222356881.96201254454000.057561707525637.98201363195000.032520738710390.38 (NPV)-211879.55 1% - T - F1 r=78% 0-615909.0909090911-615909.09200812195000.5617977528123314.61200923341000.3156167151105447.54201034462000.177312761379116.95201145583000.099613910855614.45201254454000.055962871324925.86201363195000.031439815310045.02 (NPV)-217444.66 1% - T - F1 r=79% 0-615909.0909090911-615909.09200812195000.5586592179122625.70200923341000.3121001217104272.65201034462000.174357609977798.37201145583000.09740648654382.04201254454000.054417031324237.35201363195000.03040057619712.98 (NPV)-222880.01 1% - T - F1 r=80% 0-615909.0909090911-615909.09200812195000.5555555556121944.44200923341000.3086419753103117.28201034462000.171467764176508.92201145583000.095259868953183.58201254454000.052922149423571.53201363195000.02940119419393.68 (NPV)-228189.65 1% - T - F1 r=81% 0-615909.0909090911-615909.09200812195000.5524861878121270.72200923341000.3052409878101981.01201034462000.168641429775247.81201145583000.093172060652017.96201254454000.051476276622927.53201363195000.02843993189086.56 (NPV)-233377.50 1% - T - F1 r=82% 0-615909.0909090911-615909.09200812195000.5494505495120604.40200923341000.3018959063100863.42201034462000.165876871674014.26201145583000.091141138250884.10201254454000.050077548522304.54201363195000.02751513658791.09 (NPV)-238447.29 1% - T - F1 r=83% 0-615909.0909090911-615909.09200812195000.5464480874119945.36200923341000.298605512399764.10201034462000.163172411172807.53201145583000.08916525249780.96201254454000.048724181421701.75201363195000.02662523578506.76 (NPV)-243402.63 1% - T - F1 r=84% 0-615909.0909090911-615909.09200812195000.5434782609119293.48200923341000.2953686298682.66201034462000.160526423971626.89201145583000.087242621748707.56201254454000.047414468321118.40201363195000.02576873288233.11 (NPV)-248247.00 1% - T - F1 r=85% 0-615909.0909090911-615909.09200812195000.5405405405118648.65200923341000.29218407697618.70201034462000.157937338470471.64201145583000.085371534247662.93201254454000.046146775320553.77201363195000.02494420287969.67 (NPV)-252983.73

2NPVUT11T1NPV=Ft+LTFt(1+r)t(1+r)T(1+r)tt=1t=1IRR=r1 + (r2 - r1)NPV1NPV1 - NPV2PBP=[PBP]NPV([PBP])NPV([PBP]+1) NPV([PBP])TTNFV =NFt+(1+Ir)T-tNFt(1+br)T-tt=1t=1SNPV=NPVi.Pii=1SD= 2 =(NPVi NPV)2.Pii=1Z = ( NPVi NPV)/Z1 = ( R1 NPV)/Z2 = ( R2 NPV)/R1=NPV+10%R2=NPV10%