as attached

 $71,674.0Book Value of Equity Invested From Balance Sheet End of Previous Full Year$78,228.0Book Value of Equity Invested Currently (May be Same as Above)$8,354.0Annual Net Income from Previous Year10.0%Dividend Payout Ratio1.20Beta of Company's Stock3.50%Risk-free Rate5.00%Equity (Market) Excess Return Premium9.50%Cost of Equity (Computer Calculates)11.66%Return on Equity (Computer Calculates)517.735Number of Shares Outstanding3.00%Assumed Growth Rate for Net Income After Year 59.50%Assumed Return on Equity After Year 59.50%Assumed Cost of Equity After Year 5Year123456Net Income$9,117.9$10,074.4$11,131.2$12,298.8$13,589.0- Equity Cost$7,431.7$8,211.2$9,072.6$10,024.3$11,075.9Excess Equity Return$1,686.24$1,863.13$2,058.57$2,274.52$2,513.12Present Value$1,539.9$1,553.9$1,567.9$1,582.1$1,596.4Beginning Book Value of Equity78,228.086,434.195,501.0105,519.1116,588.1Cost of Equity9.50%9.50%9.50%9.50%9.50%Equity Cost$7,431.7$8,211.2$9,072.6$10,024.3$11,075.9Return on Equity11.66%11.66%11.66%11.66%11.66%Net Income$9,117.9$10,074.4$11,131.2$12,298.8$13,589.0Dividend Payout Ratio10.0%10.0%10.0%10.0%10.0%Dividends Paid$911.8$1,007.4$1,113.1$1,229.9$1,358.9Retained Earnings$8,206.1$9,066.9$10,018.1$11,069.0$12,230.1$12,597.0Terminal Value of Excess Returns$0.0The PV of Excess ReturnsValuationWill Equal 0 if the Assumed ROEBook Value of Equity Invested Currently$78,228.0= or < the Assumed Cost of EquityPresent Value of Excess Return (Next 5 Years)$7,840.2Present Value of Terminal Value of Excess Returns$0.0Value of Equity$86,068.2Number of Shares517.735Value per Share$166.24