Assuming 360 days in a year Accounts Receivable
Caiden
incorrect_final_solution.xlsCash Flow
| Assuming 360 days in a year | ||||||||||||||
| Accounts Receivable = (DSO * Sales) / 360 | ||||||||||||||
| Inventory = Cost of Sales / Inventory Turnover Ratio | ||||||||||||||
| Accounts Payable = (Accounts Payable Days * Cost of Sales) / 360 | ||||||||||||||
| Table 1 | ||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||
| Accounts Receivable | $ 7,460,492.93 | $ 8,191,550.44 | $ 8,995,632.60 | $ 9,879,189.63 | $ 10,453,221.00 | $ 11,060,049.64 | $ 11,700,044.89 | $ 12,618,311.92 | $ 13,361,101.05 | $ 14,422,209.96 | ||||
| Inventory | $ 1,114,517.26 | $ 1,204,458.81 | $ 1,289,493.60 | $ 1,367,507.96 | $ 1,436,430.36 | $ 1,494,318.51 | $ 1,539,446.93 | $ 1,601,486.64 | $ 1,682,201.56 | $ 1,783,974.76 | ||||
| Accounts Payable | $ 1,114,517.26 | $ 1,204,458.81 | $ 1,289,493.60 | $ 1,367,507.96 | $ 1,436,430.36 | $ 1,494,318.51 | $ 1,539,446.93 | $ 1,601,486.64 | $ 1,682,201.56 | $ 1,783,974.76 | ||||
| Net Working Capital | $ 6,796,372.50 | $ 7,460,492.93 | $ 8,191,550.44 | $ 8,995,632.60 | $ 9,879,189.63 | $ 10,453,221.00 | $ 11,060,049.64 | $ 11,700,044.89 | $ 12,618,311.92 | $ 13,361,101.05 | $ 14,422,209.96 | |||
| Increase in Net Working Capital | $ 664,120.43 | $ 731,057.51 | $ 804,082.16 | $ 883,557.03 | $ 574,031.37 | $ 606,828.64 | $ 639,995.25 | $ 918,267.03 | $ 742,789.13 | $ 1,061,108.91 | ||||
| Table 2 | ||||||||||||||
| EBIT | $ 15,693,440.26 | $ 17,931,110.36 | $ 20,515,173.18 | $ 23,494,914.35 | $ 25,019,137.18 | $ 26,742,712.81 | $ 28,673,223.39 | $ 31,611,013.21 | $ 33,332,792.26 | $ 36,864,656.23 | ||||
| Less: Income Tax | $ 6,277,376.10 | $ 7,172,444.14 | $ 8,206,069.27 | $ 9,397,965.74 | $ 10,007,654.87 | $ 10,697,085.12 | $ 11,469,289.36 | $ 12,644,405.28 | $ 13,333,116.90 | $ 14,745,862.49 | ||||
| Net Income after tax | $ 9,416,064.15 | $ 10,758,666.22 | $ 12,309,103.91 | $ 14,096,948.61 | $ 15,011,482.31 | $ 16,045,627.68 | $ 17,203,934.03 | $ 18,966,607.93 | $ 19,999,675.36 | $ 22,118,793.74 | ||||
| Add: Depreciation | $ 503,172.00 | $ 504,143.76 | $ 504,629.01 | $ 505,115.29 | $ 505,600.79 | $ 506,086.10 | $ 506,571.71 | $ 507,057.16 | $ 507,543.16 | $ 508,029.27 | ||||
| Less: Increase in Net working Capital | $ 664,120.43 | $ 731,057.51 | $ 804,082.16 | $ 883,557.03 | $ 574,031.37 | $ 606,828.64 | $ 639,995.25 | $ 918,267.03 | $ 742,789.13 | $ 1,061,108.91 | ||||
| Less: Capital expenditure | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | ||||
| Less: Leasehold Improvement | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | ||||
| Net Cash Flow | $ 9,195,115.72 | $ 10,471,752.47 | $ 11,949,650.77 | $ 13,658,506.86 | $ 14,883,051.72 | $ 15,884,885.14 | $ 17,010,510.50 | $ 18,495,398.05 | $ 19,704,429.38 | $ 21,505,714.10 | ||||
| NPV | ||||||||||||||
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | |
| Net Cash Flows | $ - 0 | $ - 0 | $ - 0 | $ 9,195,115.72 | $ 10,471,752.47 | $ 11,949,650.77 | $ 13,658,506.86 | $ 14,883,051.72 | $ 15,884,885.14 | $ 17,010,510.50 | $ 18,495,398.05 | $ 19,704,429.38 | $ 21,505,714.10 | |
| PV Factor | 0.870 | 0.756 | 0.658 | 0.572 | 0.497 | 0.432 | 0.376 | 0.327 | 0.284 | 0.247 | ||||
| Present Value | $ - 0 | $ - 0 | $ - 0 | $ 7,995,752.80 | $ 7,918,149.31 | $ 7,857,089.35 | $ 7,809,295.63 | $ 7,399,507.07 | $ 6,867,474.21 | $ 6,394,880.96 | $ 6,046,178.43 | $ 5,601,228.62 | $ 5,315,883.62 | |
| NPV | $ 69,205,440.01 |
Income Statement
| Week 1: Income Statement 10 year projection | ||||||||||||||||||||||||||
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||
| UNITS | 500000 | 540000 | 577800 | 624024 | 667706 | 707768 | 743156 | 772883 | 796069 | 811991 | 836350 | 869804 | 913294 | |||||||||||||
| TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | |
| REVENUE | ||||||||||||||||||||||||||
| PRODUCTS | $25,000,000.00 | $ 50.00 | $28,080,000.00 | $ 52.00 | $30,946,968.00 | $ 53.56 | $34,091,179.95 | $ 54.63 | $37,571,889.42 | $ 56.27 | $41,419,250.90 | $ 58.52 | $45,664,724.12 | $ 61.45 | $48,441,139.34 | $ 62.68 | $51,391,204.73 | $ 64.56 | $54,515,789.97 | $ 67.14 | $58,958,826.86 | $ 70.50 | $62,543,523.53 | $ 71.91 | $67,640,820.70 | $ 74.06 |
| SERVICE | $1,500,000.00 | $ 3.00 | $1,593,000.00 | $ 2.95 | $1,675,620.00 | $ 2.90 | $1,719,186.12 | $ 2.76 | $1,747,552.69 | $ 2.62 | $1,759,785.56 | $ 2.49 | $1,755,386.10 | $ 2.36 | $1,734,321.46 | $ 2.24 | $1,697,033.55 | $ 2.13 | $1,644,425.51 | $ 2.03 | $1,609,070.36 | $ 1.92 | $1,589,761.52 | $ 1.83 | $1,585,787.11 | $ 1.74 |
| TOTAL REVENUE | $26,500,000.00 | $ 53.00 | $29,673,000.00 | $ 54.95 | $32,622,588.00 | $ 56.46 | $35,810,366.07 | $ 57.39 | $39,319,442.11 | $ 58.89 | $43,179,036.46 | $ 61.01 | $47,420,110.21 | $ 63.81 | $50,175,460.80 | $ 64.92 | $53,088,238.28 | $ 66.69 | $56,160,215.49 | $ 69.16 | $60,567,897.22 | $ 72.42 | $64,133,285.05 | $ 73.73 | $69,226,607.81 | $ 75.80 |
| EXPENSES | ||||||||||||||||||||||||||
| COGS | $10,000,000.00 | $ 20.00 | $11,124,000.00 | $ 20.60 | $12,260,916.00 | $ 21.22 | $13,374,207.17 | $ 21.43 | $14,453,505.69 | $ 21.65 | $15,473,923.19 | $ 21.86 | $16,410,095.55 | $ 22.08 | $17,237,164.36 | $ 22.30 | $17,931,822.09 | $ 22.53 | $18,473,363.11 | $ 22.75 | $19,217,839.65 | $ 22.98 | $20,186,418.76 | $ 23.21 | $21,407,697.10 | $ 23.44 |
| ADMINISTRATION | $5,000,000.00 | $ 10.00 | $5,151,600.00 | $ 9.54 | $5,304,204.00 | $ 9.18 | $5,410,288.08 | $ 8.67 | $5,572,596.72 | $ 8.35 | $5,795,500.59 | $ 8.19 | $6,085,275.62 | $ 8.19 | $6,450,392.16 | $ 8.35 | $6,901,919.61 | $ 8.67 | $7,454,073.18 | $ 9.18 | $8,124,939.76 | $ 9.71 | $8,937,433.74 | $ 10.28 | $9,205,556.75 | $ 10.08 |
| UTILITIES | $200,000.00 | $ 0.40 | $205,200.00 | $ 0.38 | $213,786.00 | $ 0.37 | $220,199.58 | $ 0.36 | $229,007.56 | $ 0.37 | $240,457.94 | $ 0.38 | $254,885.42 | $ 0.39 | $272,727.40 | $ 0.40 | $294,545.59 | $ 0.41 | $321,054.69 | $ 0.42 | $353,160.16 | $ 0.43 | $392,007.78 | $ 0.44 | $439,048.71 | $ 0.45 |
| RENT | $500,000.00 | $ 1.00 | $513,000.00 | $ 0.95 | $531,576.00 | $ 0.92 | $547,523.28 | $ 0.88 | $563,948.98 | $ 0.84 | $580,867.45 | $ 0.82 | $598,293.47 | $ 0.81 | $616,242.28 | $ 0.80 | $634,729.54 | $ 0.80 | $653,771.43 | $ 0.81 | $673,384.57 | $ 0.81 | $693,586.11 | $ 0.80 | $714,393.69 | $ 0.78 |
| DEPRECIATION | $500,000.00 | $ 1.00 | $502,200.00 | $ 0.93 | $502,686.00 | $ 0.87 | $503,172.00 | $ 0.81 | $504,143.76 | $ 0.76 | $504,629.01 | $ 0.71 | $505,115.29 | $ 0.68 | $505,600.79 | $ 0.65 | $506,086.10 | $ 0.64 | $506,571.71 | $ 0.62 | $507,057.16 | $ 0.61 | $507,543.16 | $ 0.58 | $508,029.27 | $ 0.56 |
| CONSULTANTS | $35,000.00 | $ 0.07 | $43,200.00 | $ 0.08 | $40,446.00 | $ 0.07 | $43,681.68 | $ 0.07 | $46,739.40 | $ 0.07 | $49,543.76 | $ 0.07 | $52,020.95 | $ 0.07 | $54,101.79 | $ 0.07 | $55,724.84 | $ 0.07 | $56,839.34 | $ 0.07 | $58,544.52 | $ 0.07 | $60,886.30 | $ 0.07 | $63,930.61 | $ 0.07 |
| BAD DEBT (estimated at 3%) | $15,000.00 | $ 0.03 | $10,800.00 | $ 0.02 | $17,334.00 | $ 0.03 | $17,854.02 | $ 0.03 | $18,389.64 | $ 0.03 | $18,941.33 | $ 0.03 | $19,509.57 | $ 0.03 | $20,094.86 | $ 0.03 | $20,697.70 | $ 0.03 | $21,318.63 | $ 0.03 | $21,958.19 | $ 0.03 | $22,616.94 | $ 0.03 | $23,295.45 | $ 0.03 |
| TOTAL EXPENSES | $16,250,000.00 | $ 32.50 | $17,550,000.00 | $ 32.50 | $18,870,948.00 | $ 32.66 | $20,116,925.81 | $ 32.25 | $21,388,331.75 | $ 32.06 | $22,663,863.28 | $ 32.07 | $23,925,195.86 | $ 32.24 | $25,156,323.63 | $ 32.60 | $26,345,525.47 | $ 33.14 | $27,486,992.10 | $ 33.88 | $28,956,884.01 | $ 34.63 | $30,800,492.79 | $ 35.40 | $32,361,951.59 | $ 35.41 |
| EBIT | $10,250,000.00 | $ 20.50 | $12,123,000.00 | $ 22.45 | $13,751,640.00 | $ 23.80 | $15,693,440.26 | $ 25.14 | $17,931,110.36 | $ 26.83 | $20,515,173.18 | $ 28.94 | $23,494,914.35 | $ 31.56 | $25,019,137.18 | $ 32.32 | $26,742,712.81 | $ 33.55 | $28,673,223.39 | $ 35.28 | $31,611,013.21 | $ 37.78 | $33,332,792.26 | $ 38.33 | $36,864,656.23 | $ 40.39 |
| MARGIN | 38.68% | 40.86% | 42.15% | 43.82% | 45.60% | 47.51% | 49.55% | 49.86% | 50.37% | 51.06% | 52.19% | 51.97% | 53.25% | |||||||||||||
| EBITDA | $10,750,000.00 | $ 21.50 | $12,625,200.00 | $ 23.38 | $14,254,326.00 | $ 24.67 | $16,196,612.26 | $ 25.95 | $18,435,254.12 | $ 27.58 | $21,019,802.19 | $ 29.66 | $24,000,029.64 | $ 32.24 | $25,524,737.97 | $ 32.97 | $27,248,798.91 | $ 34.19 | $29,179,795.10 | $ 35.91 | $32,118,070.37 | $ 38.39 | $33,840,335.42 | $ 38.91 | $37,372,685.50 | $ 40.95 |
| MARGIN | 40.57% | 42.55% | 43.69% | 45.23% | 46.89% | 48.68% | 50.61% | 50.87% | 51.33% | 51.96% | 53.03% | 52.77% | 53.99% |
Question
| Solution 1 : | ||||||||||||||||||||
| Table 1 | ||||||||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||
| Accounts Receivable | $ 7,460,492.93 | $ 8,191,550.44 | $ 8,995,632.60 | $ 9,879,189.63 | $ 10,453,221.00 | $ 11,060,049.64 | $ 11,700,044.89 | $ 12,618,311.92 | $ 13,361,101.05 | $ 14,422,209.96 | ||||||||||
| Inventory | $ 1,114,517.26 | $ 1,204,458.81 | $ 1,289,493.60 | $ 1,367,507.96 | $ 1,436,430.36 | $ 1,494,318.51 | $ 1,539,446.93 | $ 1,601,486.64 | $ 1,682,201.56 | $ 1,783,974.76 | ||||||||||
| Accounts Payable | $ 1,114,517.26 | $ 1,204,458.81 | $ 1,289,493.60 | $ 1,367,507.96 | $ 1,436,430.36 | $ 1,494,318.51 | $ 1,539,446.93 | $ 1,601,486.64 | $ 1,682,201.56 | $ 1,783,974.76 | ||||||||||
| Net Working Capital | $ 6,796,372.50 | $ 7,460,492.93 | $ 8,191,550.44 | $ 8,995,632.60 | $ 9,879,189.63 | $ 10,453,221.00 | $ 11,060,049.64 | $ 11,700,044.89 | $ 12,618,311.92 | $ 13,361,101.05 | $ 14,422,209.96 | |||||||||
| Increase in Net Working Capital | $ 664,120.43 | $ 731,057.51 | $ 804,082.16 | $ 883,557.03 | $ 574,031.37 | $ 606,828.64 | $ 639,995.25 | $ 918,267.03 | $ 742,789.13 | $ 1,061,108.91 | ||||||||||
| Table 2 | ||||||||||||||||||||
| EBIT | $ 15,693,440.26 | $ 17,931,110.36 | $ 20,515,173.18 | $ 23,494,914.35 | $ 25,019,137.18 | $ 26,742,712.81 | $ 28,673,223.39 | $ 31,611,013.21 | $ 33,332,792.26 | $ 36,864,656.23 | ||||||||||
| Less: Income Tax | $ 6,277,376.10 | $ 7,172,444.14 | $ 8,206,069.27 | $ 9,397,965.74 | $ 10,007,654.87 | $ 10,697,085.12 | $ 11,469,289.36 | $ 12,644,405.28 | $ 13,333,116.90 | $ 14,745,862.49 | ||||||||||
| Net Income after tax | $ 9,416,064.15 | $ 10,758,666.22 | $ 12,309,103.91 | $ 14,096,948.61 | $ 15,011,482.31 | $ 16,045,627.68 | $ 17,203,934.03 | $ 18,966,607.93 | $ 19,999,675.36 | $ 22,118,793.74 | ||||||||||
| Add: Depreciation | $ 503,172.00 | $ 504,143.76 | $ 504,629.01 | $ 505,115.29 | $ 505,600.79 | $ 506,086.10 | $ 506,571.71 | $ 507,057.16 | $ 507,543.16 | $ 508,029.27 | ||||||||||
| Less: Increase in Net working Capital | $ 664,120.43 | $ 731,057.51 | $ 804,082.16 | $ 883,557.03 | $ 574,031.37 | $ 606,828.64 | $ 639,995.25 | $ 918,267.03 | $ 742,789.13 | $ 1,061,108.91 | ||||||||||
| Less: Capital expenditure | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | ||||||||||
| Less: Leasehold Improvement | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | $ 10,000.00 | ||||||||||
| Net Cash Flow | $ 9,195,115.72 | $ 10,471,752.47 | $ 11,949,650.77 | $ 13,658,506.86 | $ 14,883,051.72 | $ 15,884,885.14 | $ 17,010,510.50 | $ 18,495,398.05 | $ 19,704,429.38 | $ 21,505,714.10 | ||||||||||
| NPV | ||||||||||||||||||||
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | ||||||||||
| Net Cash Flows | $ - 0 | $ 9,195,115.72 | $ 10,471,752.47 | $ 11,949,650.77 | $ 13,658,506.86 | $ 14,883,051.72 | $ 15,884,885.14 | $ 17,010,510.50 | $ 18,495,398.05 | $ 19,704,429.38 | $ 21,505,714.10 | |||||||||
| PV Factor | 0.870 | 0.756 | 0.658 | 0.572 | 0.497 | 0.432 | 0.376 | 0.327 | 0.284 | 0.247 | ||||||||||
| Present Value | $ - 0 | $ 7,995,752.80 | $ 7,918,149.31 | $ 7,857,089.35 | $ 7,809,295.63 | $ 7,399,507.07 | $ 6,867,474.21 | $ 6,394,880.96 | $ 6,046,178.43 | $ 5,601,228.62 | $ 5,315,883.62 | |||||||||
| Net Present Value | $69,205,440.01 | |||||||||||||||||||
| Net Residual Value | $1,314,005.13 | |||||||||||||||||||
| Revised Net Present Value | $70,519,445.14 | |||||||||||||||||||
| Residual value will increase net present value. | ||||||||||||||||||||
| Solution 2 : | ||||||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||
| UNITS | 624024 | 667706 | 707768 | 743156 | 772883 | 796069 | 811991 | 836350 | 869804 | 913294 | ||||||||||
| TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | TOTAL | PER UNIT | |
| REVENUE | ||||||||||||||||||||
| PRODUCTS | $34,091,179.95 | $54.63 | $37,571,889.42 | $56.27 | $41,419,250.90 | $58.52 | $45,664,724.12 | $61.45 | $48,441,139.34 | $62.68 | $51,391,204.73 | $64.56 | $54,515,789.97 | $67.14 | $58,958,826.86 | $70.50 | $62,543,523.53 | $71.91 | $67,640,820.70 | $74.06 |
| SERVICE | $1,719,186.12 | $2.76 | $1,747,552.69 | $2.62 | $1,759,785.56 | $2.49 | $1,755,386.10 | $2.36 | $1,734,321.46 | $2.24 | $1,697,033.55 | $2.13 | $1,644,425.51 | $2.03 | $1,609,070.36 | $1.92 | $1,589,761.52 | $1.83 | $1,585,787.11 | $1.74 |
| TOTAL REVENUE | $35,810,366.07 | $57.39 | $39,319,442.11 | $58.89 | $43,179,036.46 | $61.01 | $47,420,110.21 | $63.81 | $50,175,460.80 | $64.92 | $53,088,238.28 | $66.69 | $56,160,215.49 | $69.16 | $60,567,897.22 | $72.42 | $64,133,285.05 | $73.73 | $69,226,607.81 | $75.80 |
| EXPENSES | ||||||||||||||||||||
| COGS | $13,374,207.17 | $21.43 | $14,453,505.69 | $21.65 | $15,473,923.19 | $21.86 | $16,410,095.55 | $22.08 | $17,237,164.36 | $22.30 | $17,931,822.09 | $22.53 | $18,473,363.11 | $22.75 | $19,217,839.65 | $22.98 | $20,186,418.76 | $23.21 | $21,407,697.10 | $23.44 |
| ADMINISTRATION | $5,410,288.08 | $8.67 | $5,572,596.72 | $8.35 | $5,795,500.59 | $8.19 | $6,085,275.62 | $8.19 | $6,450,392.16 | $8.35 | $6,901,919.61 | $8.67 | $7,454,073.18 | $9.18 | $8,124,939.76 | $9.71 | $8,937,433.74 | $10.28 | $9,205,556.75 | $10.08 |
| UTILITIES | $220,199.58 | $0.35 | $229,007.56 | $0.34 | $240,457.94 | $0.38 | $254,885.42 | $0.34 | $272,727.40 | $0.35 | $294,545.59 | $0.37 | $321,054.69 | $0.40 | $353,160.16 | $0.42 | $392,007.78 | $0.45 | $439,048.71 | $0.48 |
| RENT | $547,523.28 | $0.88 | $563,948.98 | $0.84 | $580,867.45 | $0.82 | $598,293.47 | $0.81 | $616,242.28 | $0.80 | $634,729.54 | $0.80 | $653,771.43 | $0.81 | $673,384.57 | $0.81 | $693,586.11 | $0.80 | $714,393.69 | $0.78 |
| DEPRECIATION | $503,172.00 | $0.81 | $504,143.76 | $0.76 | $504,629.01 | $0.71 | $505,115.29 | $0.68 | $505,600.79 | $0.65 | $506,086.10 | $0.64 | $506,571.71 | $0.62 | $507,057.16 | $0.61 | $507,543.16 | $0.58 | $508,029.27 | $0.56 |
| CONSULTANTS | $43,681.68 | $0.07 | $46,739.40 | $0.07 | $49,543.76 | $0.07 | $52,020.95 | $0.07 | $54,101.79 | $0.07 | $55,724.84 | $0.07 | $56,839.34 | $0.07 | $58,544.52 | $0.07 | $60,886.30 | $0.07 | $63,930.61 | $0.07 |
| BAD DEBT (estimated at 3%) | $17,854.02 | $0.03 | $18,389.64 | $0.03 | $18,941.33 | $0.03 | $19,509.57 | $0.03 | $20,094.86 | $0.03 | $20,697.70 | $0.03 | $21,318.63 | $0.03 | $21,958.19 | $0.03 | $22,616.94 | $0.03 | $23,295.45 | $0.03 |
| TOTAL EXPENSES | $20,116,925.81 | $32.24 | $21,388,331.75 | $32.03 | $22,663,863.28 | $32.07 | $23,925,195.86 | $32.19 | $25,156,323.63 | $32.55 | $26,345,525.47 | $33.09 | $27,486,992.10 | $33.85 | $28,956,884.01 | $34.62 | $30,800,492.79 | $35.41 | $32,361,951.59 | $35.43 |
| EBIT | $15,693,440.26 | $25.15 | $17,931,110.36 | $26.85 | $20,515,173.18 | $28.94 | $23,494,914.35 | $31.62 | $25,019,137.18 | $32.37 | $26,742,712.81 | $33.59 | $28,673,223.39 | $35.31 | $31,611,013.21 | $37.80 | $33,332,792.26 | $38.32 | $36,864,656.23 | $40.36 |
| MARGIN | 43.82% | 45.60% | 47.51% | 49.55% | 49.86% | 50.37% | 51.06% | 52.19% | 51.97% | 53.25% | ||||||||||
| EBITDA | $16,196,612.26 | $25.96 | $18,435,254.12 | $27.61 | $21,019,802.19 | $29.66 | $24,000,029.64 | $32.29 | $25,524,737.97 | $33.03 | $27,248,798.91 | $34.23 | $29,179,795.10 | $35.94 | $32,118,070.37 | $38.40 | $33,840,335.42 | $38.91 | $37,372,685.50 | $40.92 |
| MARGIN | 45.23% | 46.89% | 48.68% | 50.61% | 50.87% | 51.33% | 51.96% | 53.03% | 52.77% | 53.99% | ||||||||||
| NPV | ||||||||||||||||||||
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | ||||||||||
| Net Cash Flows | $ 16,196,612.26 | $ 18,435,254.12 | $ 21,019,802.19 | $ 24,000,029.64 | $ 25,524,737.97 | $ 27,248,798.91 | $ 29,179,795.10 | $ 32,118,070.37 | $ 33,840,335.42 | $ 37,372,685.50 | ||||||||||
| PV Factor | 0.870 | 0.756 | 0.658 | 0.572 | 0.497 | 0.432 | 0.376 | 0.327 | 0.284 | 0.247 | ||||||||||
| Present Value | $ 14,084,010.66 | $ 13,939,700.66 | $ 13,820,861.14 | $ 13,722,094.84 | $ 12,690,305.89 | $ 11,780,407.72 | $ 10,969,765.80 | $ 10,499,454.18 | $ 9,619,535.37 | $ 9,237,956.28 | ||||||||||
| Net Present Value | $120,364,092.53 | |||||||||||||||||||
| Net Residual Value | $29,752,162.84 | |||||||||||||||||||
| Revised Net Present Value | $150,116,255.38 | |||||||||||||||||||
| Residual value will increase net present value. |
