S05E.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    : S05E - Mutually Exclusive Projects   
Study period   : 1 year
Discount rate  : 10.00 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      $2,000.00      $2,000.00    0.9091      $1,818.18
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Total       $1,000.00      $2,000.00      $1,000.00    1.9091        $818.18
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Number of year to payback [discounted]              :           1.5 [   1.6]
Uniform annual inflow without terminal value        :        $428.57
Internal rate of return (IRR)                       :         100.00 percent
IRR--discount rate differential                     :          90.00 percent
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