S05H.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    : S05H - Realistic Comparisons    
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        $9,000.00          $0.00     -$9,000.00    1.0000     -$9,000.00
   1            $0.00     $11,800.00     $11,800.00    0.9091     $10,727.27
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Total       $9,000.00     $11,800.00      $2,800.00    1.9091      $1,727.27
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Number of year to payback [discounted]              :           1.8 [   1.8]
Uniform annual inflow without terminal value        :        $904.76
Internal rate of return (IRR)                       :          31.11 percent
IRR--discount rate differential                     :          21.11 percent
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