S05G.TXT
                  D i s c o u n t e d   C a s h   F l o w
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Prepared by    : R. Martin
Date prepared  : 05-10-1997
Description    : S05G - Differential Cash Flows  
Study period   : 1 year
Discount rate  : 10.00 percent 
Discount method: End-of-year
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Project      Project E      Project F      Net Cash   Discount    Discounted
 Year           (-)            (+)           Flow      Factor     Cash  Flow
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   0       -$1,000.00    -$10,000.00     -$9,000.00    1.0000     -$9,000.00
   1        $2,000.00     $15,000.00     $13,000.00    0.9091     $11,818.18
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Total       $1,000.00      $5,000.00      $4,000.00    1.9091      $2,818.18
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Number of year to payback [discounted]              :           1.7 [   1.8]
Uniform annual inflow without terminal value        :      $1,476.19
Internal rate of return (IRR)                       :          44.44 percent
IRR--discount rate differential                     :          34.44 percent
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