S05C.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    : S05C - Conflicting IRR/NPV      
Study period   : 3 years
Discount rate  : 20.00 percent 
Discount method: End-of-year
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Project     Expenditures     Revenues      Net Cash   Discount    Discounted
 Year           (-)            (+)           Flow      Factor     Cash  Flow
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   0        $1,000.00          $0.00     -$1,000.00    1.0000     -$1,000.00
   1            $0.00      $3,600.00      $3,600.00    0.8333      $3,000.00
   2        $4,300.00          $0.00     -$4,300.00    0.6944     -$2,986.11
   3            $0.00      $1,760.00      $1,760.00    0.5787      $1,018.52
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Total       $5,300.00      $5,360.00         $60.00    3.1065         $32.41
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Number of years to payback [discounted]             :           1.3 [   1.3]
Uniform annual inflow without terminal value        :         $10.43
Internal rate of return (IRR)(Sign +/-: 3)          :          60.00 percent
IRR--discount rate differential                     :          40.00 percent
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