Ross, Westerfield, Jaffe, and Jordan's Spreadsheet Master

Corporate Finance, 13th edition

by Brad Jordan and Joe Smolira
Version 13.0

Chapter 7
In these spreadsheets, you will learn how to use the following Excel fu

Naming cells
Scenario Manager
One-way Data Table
Goal Seek
RAND
Frequency distribution
Frequency distribution charts
Shapes and lines

NOTE: For this workbook, any changes in input values will not change

The following conventions are used in these spreadsheets:

1) Given data in blue

2) Calculations in red

NOTE: Some functions used in these spreadsheets may require that

the "Analysis ToolPak" or "Solver Add-In" be installed in Excel.
To install these, click on the File tab
then "Excel Options," "Add-Ins" and select
"Go." Check "Analysis ToolPak" and
"Solver Add-In," then click "OK."
 the following Excel functions:

alues will not change the output unless you hit the F9 key.

eadsheets:

equire that
 Chapter 7 - Section 1
Sensitivity Analysis, Scenario Analysis, and Break-Even Analysis

Scenario Analysis
Scenario analysis is used to determine the range of possible outcomes for a project. Typically, the base-case, best-ca
when doing scenario analysis. Because of the repetitive nature of the calculations, spreadsheets are an excellent too
solar-powered jet engine project presented in the example in the textbook:

Base case
Unit sales 3,000
Price per unit $ 2,000,000
Variable costs per unit $ 1,000,000
Fixed costs per year $ 1,940,000,000

Initial cost $ 1,500,000,000

Project life (years) 5
Required return 15%
Tax rate 21%

With these values, we need to calculate the base-case, best-case, and worst-case NPVs and IRRs. First, we want to c

Base-Case Income Statement

Sales $ 6,000,000,000
Variable costs 3,000,000,000
Fixed costs 1,940,000,000
Depreciation 300,000,000
EBIT $ 760,000,000
Taxes (21%) 159,600,000
Net income $ 600,400,000

OCF $ 900,400,000

NPV $ 1,518,280,450

Notice, in this case we calculated the NPV using the PV function rather than the NPV function. When the cash flows

RWJ Excel Tip

In a problem with a number of different variables, it can be advantageous to name the cells. Click on the input cell fo
name bar and you will see the name "Unit_sales." We entered the name in the name bar to name the input in this c
type in the name of the variable instead of referencing the cell. For example, if you look at the sales calculation, you
When naming cells, you should keep the names short but understandable. In addition, Excel does not allow spaces i
in Unit_sales.

To calculate the best case and worst case, we will use Scenario Manager, which is described below. The values for th

Pessimistic Expected or Best

Market size (per year) 5,000 10,000
Market share 20% 30%
Units sold (per year) 1,000 3,000
Price $ 1,900,000 $ 2,000,000
Variable cost (per engine) $ 1,200,000 $ 1,000,000
Fixed cost (per engine) $ 2,000,000,000 $ 1,940,000,000
Investment $ 1,900,000,000 $ 1,500,000,000

RWJ Excel Tip

Scenario Manager is a powerful tool that allows you to evaluate different scenarios and is useful in cases such as thi
will be changing, in this case cells D9 through D12, and D14. Next, go to the Data tab, click What-If Analysis, Scenario
When you click on Add, another box comes up that will allow you to enter the scenario name. After entering the nam

Notice that the values are changed to the best case values. This is because the image was captured after we had cha
clicked Add, then added the worst-case scenario. When the values for both scenarios are entered, click OK. This brin
already added.

Now that all the scenarios are entered, we can click on Summary, which brings up the final box. This box allows us to
(NPV) as the final result we wanted Scenario Manager to calculate, then clicked OK. The results are shown on the ne
Sensitivity Analysis
In contrast to scenario analysis, sensitivity analysis holds all variables except one constant. This allows us to see how
we will perform sensitivity analysis using fixed costs, although all other variables could be similarly examined. Using
data table. Below, you will see a table with the NPV for different levels of fixed costs:

Fixed costs NPV

$ 1,291,000,000
$ 1,391,000,000
$ 1,491,000,000
$ 1,591,000,000
$ 1,691,000,000
$ 1,791,000,000
$ 1,891,000,000
$ 1,991,000,000
$ 2,091,000,000
$ 2,191,000,000
$ 2,291,000,000

Graphically, the relationship between fixed costs and NPV looks like this:

Sensitivity Analysis for Fix

$1
Net Present Value

$1

$-
0 0 0 0 0 0 0 0 0 0 0 0
,0 ,0 ,0 ,0 ,0 ,0
00 00 00 00 00 00 0 0
,0 ,0 ,0 ,0 ,0 ,0 ,0
91 91 91 91 91 91 91
,2 ,3 ,4 ,5 ,6 ,7 ,8
 Net Present
$-
0 0 0 0 0 0 0 0 0 0 0 0
0 ,0 0 ,0 0 ,0 0 ,0 0 ,0 0 ,0 0
0 0 0 0 0 0 0
,0 ,0 ,0 ,0 ,0 ,0 ,0
91 91 91 91 91 91 91
,2 ,3 ,4 ,5 ,6 ,7 ,8
$1 $1 $1 $1 $1 $1 $1
Fixed Costs

As you can see, there is a negative relationship between fixed costs and project NPV. We would expect this: As costs

RWJ Excel Tip

To set up a one-way data table, we need to first enter the inputs we want to use in the calculations in a column (or r
one cell above where the input values begin, we need to make the cell equal to the final value we want the data tab
this cell is C126. However, to make the data table look better, we have hidden this row. To unhide this row, select b
first step is to highlight the entire column with the numbers we want used in the calculation, as well as the final calc
"Data" tab, then "What-If Analysis," and "Data Table." Finally, enter the original cell that contains the variable we w
for fixed costs.

We should note that when you create a data table, you can change the input cells in which you entered the new val
table.

Of course, in our sensitivity analysis, we could be interested in how the NPV changes when two input variables chan
related since a higher cost would likely result in fewer units sold. In this case, we can use a two-way data table to co
data tables were introduced in Chapter 4.) The sensitivity analysis for price and units sold looks like this:

Price pe
$ 1,700,000 $ 1,800,000
2,750
2,800
2,850
2,900
Units Sold

2,950
3,000
3,050
3,100
3,150
 Un
3,250
3,350

As you can see, when the price drops below $1,800,000, the project has a negative NPV for nearly all units sold exam

In the end, we are ultimately concerned with how sensitive the NPV is to changes in the inputs to the project. One w
the same percentage change in the inputs. Below, we have constructed one-way data tables for each of the inputs t
case values as inputs in these tables. The reason is that if we reference the original cells (D9 to D12), the calculation

% Change from
Base Case Units sales NPV
$ 1,518,280,450
-30% 2,100
-20% 2,400
-10% 2,700
0% 3,000
10% 3,300
20% 3,600
30% 3,900

% Change from Variable cost

Base Case per unit NPV
-30% $ 700,000
-20% $ 800,000
-10% $ 900,000
0% $ 1,000,000
10% $ 1,100,000
20% $ 1,200,000
30% $ 1,300,000

To compare changes in each of the variables, we will graph the NPV for each of the sensitivity tables. Since the colum
hold down the CTRL and ALT keys, then use the cursor to select the four columns. The sensitivity of the NPV to perce

Sensitivity of NPV to Changes in Input

$1
alue
 Net Present Value
$1

$-
-30% -20% -10% 0% 10% 20%

Percentage Change from Base Case Value

As you can see, the line with the steepest slope is the price per unit, followed closely by the variable cost per unit an
per unit, we should concentrate our efforts in determining whether or not our estimate for this variable is accurate.

Break-Even Analysis
In looking at break-even analysis, we can start with revenues, costs, and NPVs under different sales assumptions, wh

Investment $ 1,500,000,000

Annual sales - 1,000 3,000

Revenues $ - $ 2,000,000,000 $ 6,000,000,000
Variable costs - 1,000,000,000 3,000,000,000
Fixed costs 1,940,000,000 1,940,000,000 1,940,000,000
Depreciation 300,000,000 300,000,000 300,000,000
EBT $ (2,240,000,000) $ (1,240,000,000) $ 760,000,000
Taxes (470,400,000) (260,400,000) 159,600,000
Net income $ (1,769,600,000) $ (979,600,000) $ 600,400,000

OCF $ (1,469,600,000) $ (679,600,000) $ 900,400,000

NPV $ (6,426,327,132) $ (3,778,124,605) $ 1,518,280,450

As with many other sets of data, a graph can help us better examine exactly what is happening. Given that, we will s

- 1,000 3,000
Annual revenues $ - $ 2,000,000,000 $ 6,000,000,000
 Variable costs $ - $ 1,000,000,000 $ 3,000,000,000
Fixed costs
(incl. dep.) $ 2,240,000,000 $ 2,240,000,000 $ 2,240,000,000
Total costs $ 2,240,000,000 $ 3,240,000,000 $ 5,240,000,000

Break-Even Point Using Accounting Nu

$20,000,000,000

$18,000,000,000

$16,000,000,000

$14,000,000,000

$12,000,000,000

$10,000,000,000

$8,000,000,000

$6,000,000,000

$4,000,000,000

$2,000,000,000

$-
- 2,000 4,000 6,000

Although we could set up and equation to find the accounting break-even sales level, we will use Goal Seek instead.

RWJ Excel Tip

To use Goal Seek, click on the cell you would like to change the final result for, in this case, the net income cell. Go t
box will look something like this:
We are going to Set cell C258, the net income, to a value of zero by changing cell C251, the units per year. Once you
show you the units sold that result in the accounting break-even point. In general, Goal Seek and Solver can be used
use, while Solver allows you to set constraints on the values as well as save your results. Notice, we could have used

The financial break-even is the point at which the NPV of the project is zero. Again, we used Goal Seek. Try it on you
2,427 engines (2,426.68 to be more precise).
ven Analysis

a project. Typically, the base-case, best-case (optimistic), and worst-case (pessimistic) values are calculated
lations, spreadsheets are an excellent tool for doing the analysis. Consider the Sonar Electronics Corporation
k:

st-case NPVs and IRRs. First, we want to calculate the NPV and IRR with the base-case projections, which are:

n the NPV function. When the cash flows are the same for each year, we find this calculation easier.
to name the cells. Click on the input cell for the units sold (D9), and look to the left of the formula bar in the
n the name bar to name the input in this cell. Whenever we want to use the input from this cell later, we can
le, if you look at the sales calculation, you will see that the formula we used in this cell is Unit_sales * Price.
In addition, Excel does not allow spaces in the variable name, so we used an underscore instead of the space

which is described below. The values for the pessimistic, expected or best, and worst cases are:

Optimistic
20,000
50%
10,000
$ 2,200,000
$ 800,000
$ 1,740,000,000
$ 1,000,000,000

cenarios and is useful in cases such as this. To use Scenario Manager, we first need to select the cells that we
e Data tab, click What-If Analysis, Scenario Manager. This will bring up a box that looks like this:
the scenario name. After entering the name, hit Add and another box will come up that looks like this:

the image was captured after we had changed the values. After we entered the values for the best-case, we
h scenarios are entered, click OK. This brings us to another box with the scenario names which we have

ings up the final box. This box allows us to save the results in a separate spreadsheet. We entered cell C32
cked OK. The results are shown on the next tab.
pt one constant. This allows us to see how changes in one variable affects the NPV of a project. In this case,
iables could be similarly examined. Using Excel, sensitivity analysis is most easily completed using a one-way
fixed costs:

Sensitivity Analysis for Fixed Costs

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
,0 ,0 ,0 ,0 ,0 ,0 ,0 ,0 ,0
0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00 0 00
9 1, 9 1, 9 1, 9 1, 9 1, 9 1, 9 1, 9 1, 9 1,
,4 ,5 ,6 ,7 ,8 ,9 ,0 ,1 ,2
 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 ,0 0 ,0 0 ,0 0 ,0 0 ,0 0 ,0 0 ,0 0 ,0 0 ,0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1, 1, 1, 1, 1, 1, 1, 1, 1,
49 59 69 79 89 99 09 19 29
$ 1, $ 1, $ 1, $ 1, $ 1, $ 1, $ 2, $ 2, $ 2,

Fixed Costs

oject NPV. We would expect this: As costs increase, the value of the project should decrease.

to use in the calculations in a column (or row). Since we have used a column here, one cell to the right and
ual to the final value we want the data table to calculate, or in this case, the NPV. Notice that in our data table,
den this row. To unhide this row, select both rows 125 and 127, right-click, and then select "Unhide." This
in the calculation, as well as the final calculation cell at the top of the adjacent column. Next, select the
ginal cell that contains the variable we want to use to calculate the values in the data table, which is cell D12

ut cells in which you entered the new values to analyze, but you cannot change the size or layout of the data

V changes when two input variables change. Price and quantity sold are two variables that would seem to be
se, we can use a two-way data table to compute the NPV for changes in both of these variables. (Two-way
and units sold looks like this:

Price per Unit

$ 1,900,000 $ 2,000,000 $ 2,100,000 $ 2,200,000 $ 2,300,000
negative NPV for nearly all units sold examined.

hanges in the inputs to the project. One way we can examine this is to determine how sensitive the NPV is to
e-way data tables for each of the inputs to our project that we believe will vary. Notice that we have the base
original cells (D9 to D12), the calculation of the ranges will create a loop.

% Change from
Base Case Price per unit NPV
$ 1,518,280,450
-30% $ 1,400,000
-20% $ 1,600,000
-10% $ 1,800,000
0% $ 2,000,000
10% $ 2,200,000
20% $ 2,400,000
30% $ 2,600,000

% Change from Fixed costs

Base Case per year NPV
-30% $ 1,358,000,000
-20% $ 1,552,000,000
-10% $ 1,746,000,000
0% $ 1,940,000,000
10% $ 2,134,000,000
20% $ 2,328,000,000
30% $ 2,522,000,000

ch of the sensitivity tables. Since the columns we wish to graph are separated, to select the four NPV columns,
lumns. The sensitivity of the NPV to percentage changes in the base case values looks like this:

y of NPV to Changes in Inputs

Unit sales
 Unit sales
Price per unit
Variable cost per unit
Fixed costs

0% 10% 20% 30%

ange from Base Case Value

wed closely by the variable cost per unit and unit sales. Since the NPV is most sensitive to changes in the price
our estimate for this variable is accurate.

PVs under different sales assumptions, which will be:

10,000
$ 20,000,000,000
10,000,000,000
1,940,000,000
300,000,000
$ 7,760,000,000
1,629,600,000
$ 6,130,400,000

$ 6,430,400,000

$ 20,055,698,142

y what is happening. Given that, we will set up the following table for our graph:

10,000
$ 20,000,000,000
 $ 10,000,000,000

$ 2,240,000,000
$ 12,240,000,000

n Point Using Accounting Numbers

Annual revenues
Variable costs
Fixed costs
(incl. dep.)
Total costs

,000 6,000 8,000 10,000

sales level, we will use Goal Seek instead. Remember, at the accounting break-even, net income is zero.

for, in this case, the net income cell. Go to the Data tab, click on What-If Analysis, Goal Seek. The Goal Seek
ng cell C251, the units per year. Once you have entered these values into Goal Seek, click OK and Excel will
general, Goal Seek and Solver can be used interchangeably. Goal Seek tends to be a little quicker and easier to
e your results. Notice, we could have used any of the income statements we set up for this problem.

o. Again, we used Goal Seek. Try it on your own and see if you don't agree that the financial break-even is
Scenario Summary
Current Values: Best case Worst case
Changing Cells:
Unit_sales 3,000 10,000 1,000
Price $ 2,000,000 $ 2,200,000 $ 1,900,000
Variable_cost_per_unit $ 1,000,000 $ 800,000 $ 1,200,000
Fixed_costs $ 1,940,000,000 $ 1,740,000,000 $ 2,000,000,000
$D$13
Investment $ 1,500,000,000 $ 1,000,000,000 $ 1,500,000,000
Result Cells:
NPV $ 2,312,741,208 $ 31,607,753,500 $ (1,302,055,241)
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in gray.
 Chapter 7 - Section 2
Monte Carlo Simulation

Excel will allow you to create a Monte Carlo simulation. In the following Monte Carlo simulation, we will use the ass
Barbeques, Inc. (BBI). The probabilities for the different inputs are:

Probability 20% 60% 20%

Industry wide unit sales 10,000,000 10,500,000 11,000,000

Probability 10% 20% 30%

Market share of BBI's
hydrogen grill 1% 2% 3%

We did not follow the textbook assumption of different market sizes and market shares for each succeeding year of
calculations become more cumbersome, and therefore more difficult to follow. Also, the example in the textbook is
investment, variable cost per unit, fixed costs, the project life, corporate tax rate, and required return. Below you w
assumed these inputs are constant, each input could also have its own probability distribution.

Initial investment $ 20,000,000

Variable cost per unit $ 80
Fixed cost per year $ 14,000,000
Project life 10
Tax rate 21%
Required return 15%

To create a number to assign for each probability, we will use the function RAND. The RAND function generates a ra
less than one.

RWJ Excel Tip

The RAND function is located under the Math & Trig functions. The format for this function is RAND(). This will retur
than 1.

For the compressed hydrogen grill project, we need three random numbers, one for the industry sales, one for BBI's
(+/- $3). While we could generate one random number and use it for all three inputs, this will result in only 30 differ
we should create three random numbers. Below you will find a set of random numbers and the resulting outputs fo

Random Random Random BBI market

number 1 number 2 number 3 Industry sales share
0.65354 0.24125 0.05236 10,500,000 2%
For the industry sales, there are three possible outcomes, each with a different probability. To use these probabilitie
If you click on cell E31, you will see the format we used. The first IF statement tests if the random number is less tha
units. If this is true, the IF statement will return 10 million. Notice we used the cells for the probability inputs in the
desired. The second IF tests if the random number is less than 80%, the total probability of 10 million unit sales and
number is greater than or equal to .20 and less than .80 since any value less than .20 would have returned a true res
will be 10.5 million units. If this IF statement is false, the random number value is greater than or equal to .80, and t
number 2 is used for BBI's market share, and random number 3 is used for the sales price. We also used nested IF st
statements.

You will note that if you changed an input cell in this worksheet, the resulting values did not change. If you go to the
see that Manual is checked. The default setting for Excel is Automatic. We changed the setting in this workbook bec
RAND function, the random number is changed. As you will see below, we use the RAND function a lot in further cal
spreadsheet. If you want to refresh numbers in this worksheet, hit the F9 key, or change the setting on the Calculati

Once the random numbers are set up, we can calculate the NPV for the project for each set of random numbers. Be
While we could certainly have done more than 500 simulations, this is enough for our purposes here. To better exam
S134 to X169 and have a frequency distribution chart below.

RWJ Excel Tip

The FREQUENCY function is a Statistical function found under More Functions. Because the FREQUENCY function is
step-by-step.
1) Set up the bins as we described above. The bins should be set up so that the smallest and largest bins have n
2) Select the column (or row) next to the bins. The FREQUENCY function will return one more value than the nu
than the number of bins. In this case, we selected cell T170. This will return any results larger than your last bin
3) Go to the Formula tab and insert the Frequency function, found under More Functions, Statistical.
4) The Data_array is the data you want to analyze with the frequency distribution, while the Bins_Array is the a
5) DO NOT click OK when you have entered both the data array and bins array information! Before you click OK
This will populate the entire array of frequency distributions that you have created.

Below, you can see the function arguments we used to create this frequency distribution.
Notice that beside the frequency distribution, we created another frequency distribution with ranges. We created th
we could graph a frequency distribution using the bins, the legend will not be as descriptive. We will use the ranges
below. If you look at the frequency distribution graph and hit F9, the graph will change with each new set of random
see if there is anything odd. (Hint: There is never an NPV in the ranges from -$10 million to $10 million, $30 million t
$130 million.)

NPV Distribution for Monte Carlo Simu

90

80

70

60
Number of Observations

50

40

30

20

10

0
$-40 to $-30

$-30 to $-20

$-20 to $-10

$10 to $20

$20 to $30

$30 to $40

$40 to $50

$50 to $60

$70 to $80

$80 to $90

$110 to $120

$120 to $130

$150 to $160
$-50 to $-40

$-10 to $0

$0 to $10

$60 to $70

$90 to $100

$100 to $110

$130 to $140

$140 to $150

$160 to $170
NPV (in millions)

RWJ Excel Tip

To create this frequency distribution, we selected the data we wanted to graph (X134:X169) and went to the Insert
the data for the horizontal axis and input the legends as normal. Generally, when Excel draws a frequency distributi
between the columns. You can change this width by right-clicking on a column and selecting Format Data Series. In t
will allow you to change the gap between the columns.
To change the color of the bars, click on any bar, go to the Format tab, select Shape Fill, and change the color of the
done with the bars representing negative NPVs, click twice on the bar you want to have a different the color. After y
select the Format tab, select Shape Fill, and change the color. Double-clicking on the same bar will allow you to chan
histogram.

So how do we interpret the Monte Carlo simulation? One way is to do a cumulative probability graph that shows the
have a positive NPV or a negative NPV. In cells Y134:Y169 we have calculated this probability. The cumulative densit
calculations (F9), the probability of a positive NPV for this project ranges from about 85 percent to 95 percent.

Cumulative NPV Probability for Compressed H

100%

90%

80%

70%
Probability of Equaling or Exceeding NPV

60%

50%

40%

30%

20%

10%

0%
40 30 $0 $ 1 0 $ 2 0 $ 3 0 $ 4 0 $ 5 0 $ 6 0 $ 7 0 $ 8 0 $ 9 0 1 0 0 1 10 1 20 1 30 1 4 0 1 5 0 1 60 1
20 10
$- $- $- $- to $ $ $ $ $ $ $ $
to to to to 10 0 to 0 to 0 to 0 to 0 to 0 to 0 to 0 to 0 to to to to to to to to to
5 0 4 0 3 0 2 0 $ - $ 1 2 3 4 5 6 7 8 0 0 0 0 0 0 0 0
$- $- $- $- $ $ $ $ $ $ $ $ $9 1 0 1 1 1 2 1 3 1 4 1 5 1 6 1
$ $ $ $ $ $ $ $

NPV (in millions)

 Random Random Random BBI market
number 1 number 2 number 3 Industry sales share
1 0.84329 0.79365 0.57582 11,000,000 4%
2 0.64936 0.05685 0.08236 10,500,000 1%
3 0.98101 0.01209 0.55895 11,000,000 1%
4 0.95234 0.89658 0.57107 11,000,000 5%
5 0.47386 0.88031 0.00960 10,500,000 5%
6 0.75647 0.63507 0.57911 10,500,000 4%
7 0.37071 0.31935 0.16834 10,500,000 3%
8 0.73972 0.77570 0.27415 10,500,000 4%
9 0.12900 0.87221 0.37311 10,000,000 5%
10 0.31691 0.06648 0.20467 10,500,000 1%
11 0.26651 0.17606 0.63684 10,500,000 2%
12 0.72535 0.17440 0.18275 10,500,000 2%
13 0.52109 0.52780 0.76733 10,500,000 3%
14 0.26377 0.58376 0.80048 10,500,000 3%
15 0.43069 0.53308 0.85680 10,500,000 3%
16 0.07989 0.24533 0.68479 10,000,000 2%
17 0.55795 0.34167 0.79496 10,500,000 3%
18 0.10879 0.60337 0.19838 10,000,000 4%
19 0.38465 0.86949 0.31024 10,500,000 5%
20 0.97166 0.22274 0.27677 11,000,000 2%
21 0.19676 0.72894 0.85113 10,000,000 4%
22 0.22048 0.79011 0.58381 10,500,000 4%
23 0.61229 0.59232 0.61913 10,500,000 3%
24 0.96310 0.00846 0.97598 11,000,000 1%
25 0.95100 0.71784 0.66691 11,000,000 4%
26 0.79008 0.71921 0.90952 10,500,000 4%
27 0.73749 0.14808 0.68494 10,500,000 2%
28 0.25843 0.49812 0.66389 10,500,000 3%
29 0.14048 0.12124 0.25974 10,000,000 2%
30 0.41461 0.90983 0.40955 10,500,000 5%
31 0.56075 0.27286 0.89238 10,500,000 2%
32 0.45060 0.79643 0.98435 10,500,000 4%
33 0.43502 0.38924 0.54662 10,500,000 3%
34 0.56985 0.58543 0.87467 10,500,000 3%
35 0.19362 0.32518 0.78643 10,000,000 3%
36 0.16196 0.12364 0.25846 10,000,000 2%
37 0.11890 0.55082 0.09285 10,000,000 3%
38 0.47129 0.69897 0.75639 10,500,000 4%
39 0.99873 0.79715 0.22327 11,000,000 4%
40 0.40048 0.92849 0.71456 10,500,000 5%
41 0.38659 0.49309 0.69190 10,500,000 3%
42 0.05134 0.10858 0.62369 10,000,000 2%
43 0.61653 0.64315 0.04399 10,500,000 4%
44 0.76866 0.90447 0.08278 10,500,000 5%
45 0.25515 0.17369 0.89681 10,500,000 2%
46 0.24230 0.52458 0.26973 10,500,000 3%
47 0.15862 0.30662 0.80732 10,000,000 3%
48 0.91470 0.96830 0.06350 11,000,000 8%
49 0.47209 0.94025 0.55547 10,500,000 5%
50 0.74605 0.67882 0.23216 10,500,000 4%
51 0.14528 0.08694 0.66398 10,000,000 1%
52 0.03704 0.33193 0.08636 10,000,000 3%
53 0.03602 0.32608 0.93699 10,000,000 3%
54 0.97570 0.41051 0.92234 11,000,000 3%
55 0.12049 0.04858 0.32594 10,000,000 1%
56 0.67883 0.22350 0.57019 10,500,000 2%
57 0.94807 0.88443 0.06099 11,000,000 5%
58 0.03780 0.47192 0.59064 10,000,000 3%
59 0.03788 0.60849 0.96471 10,000,000 4%
60 0.46052 0.90051 0.32442 10,500,000 5%
61 0.39876 0.04260 0.75636 10,500,000 1%
62 0.25386 0.99724 0.01327 10,500,000 8%
63 0.75483 0.03019 0.12565 10,500,000 1%
64 0.34927 0.30316 0.89610 10,500,000 3%
65 0.59147 0.53824 0.50747 10,500,000 3%
66 0.48677 0.81392 0.85423 10,500,000 4%
67 0.91317 0.62633 0.87909 11,000,000 4%
68 0.51705 0.88410 0.64432 10,500,000 5%
69 0.48561 0.93937 0.33079 10,500,000 5%
70 0.72567 0.34602 0.81883 10,500,000 3%
71 0.24126 0.42744 0.95077 10,500,000 3%
72 0.94156 0.86701 0.58472 11,000,000 5%
73 0.87853 0.63579 0.11836 11,000,000 4%
74 0.25987 0.06865 0.40402 10,500,000 1%
75 0.24203 0.17589 0.51228 10,500,000 2%
76 0.94542 0.15308 0.01523 11,000,000 2%
77 0.22829 0.87316 0.96432 10,500,000 5%
78 0.67791 0.58249 0.69600 10,500,000 3%
79 0.71851 0.68125 0.35619 10,500,000 4%
80 0.17706 0.94914 0.05306 10,000,000 5%
81 0.24016 0.97676 0.89715 10,500,000 8%
82 0.19885 0.10583 0.52224 10,000,000 2%
83 0.67015 0.80541 0.38824 10,500,000 4%
84 0.79478 0.41129 0.34443 10,500,000 3%
 85 0.22026 0.89028 0.33956 10,500,000 5%
86 0.89465 0.64623 0.88189 11,000,000 4%
87 0.67869 0.47178 0.81867 10,500,000 3%
88 0.36572 0.37886 0.34776 10,500,000 3%
89 0.17778 0.12809 0.24833 10,000,000 2%
90 0.30162 0.59486 0.96045 10,500,000 3%
91 0.21386 0.77442 0.56370 10,500,000 4%
92 0.21868 0.80393 0.58729 10,500,000 4%
93 0.41002 0.46634 0.35454 10,500,000 3%
94 0.15730 0.78628 0.24461 10,000,000 4%
95 0.26228 0.97621 0.88399 10,500,000 8%
96 0.96897 0.07264 0.39954 11,000,000 1%
97 0.30804 0.04436 0.30075 10,500,000 1%
98 0.61922 0.12392 0.48014 10,500,000 2%
99 0.10536 0.70175 0.88140 10,000,000 4%
100 0.68289 0.51417 0.81314 10,500,000 3%
101 0.74135 0.92331 0.18132 10,500,000 5%
102 0.67169 0.18079 0.82107 10,500,000 2%
103 0.13340 0.01706 0.40336 10,000,000 1%
104 0.71013 0.12692 0.02198 10,500,000 2%
105 0.04320 0.34518 0.31578 10,000,000 3%
106 0.09093 0.22002 0.61824 10,000,000 2%
107 0.78466 0.02269 0.69516 10,500,000 1%
108 0.94923 0.20579 0.03862 11,000,000 2%
109 0.80969 0.39894 0.71155 11,000,000 3%
110 0.68833 0.62519 0.17364 10,500,000 4%
111 0.12970 0.71607 0.46602 10,000,000 4%
112 0.41839 0.17486 0.53150 10,500,000 2%
113 0.64060 0.09867 0.24492 10,500,000 1%
114 0.87310 0.44199 0.12632 11,000,000 3%
115 0.50187 0.27729 0.42979 10,500,000 2%
116 0.66041 0.83131 0.76735 10,500,000 4%
117 0.34776 0.45758 0.65762 10,500,000 3%
118 0.24205 0.26302 0.88614 10,500,000 2%
119 0.34648 0.36436 0.72848 10,500,000 3%
120 0.08195 0.33563 0.03829 10,000,000 3%
121 0.53730 0.31747 0.29102 10,500,000 3%
122 0.86651 0.76102 0.52181 11,000,000 4%
123 0.37760 0.76798 0.92567 10,500,000 4%
124 0.84083 0.30315 0.91822 11,000,000 3%
125 0.54665 0.53502 0.65533 10,500,000 3%
126 0.68901 0.04286 0.08245 10,500,000 1%
127 0.90516 0.15526 0.60093 11,000,000 2%
128 0.99152 0.12349 0.34189 11,000,000 2%
129 0.26343 0.33931 0.02955 10,500,000 3%
130 0.77047 0.86929 0.33073 10,500,000 5%
131 0.60094 0.14138 0.89648 10,500,000 2%
132 0.00028 0.34654 0.51081 10,000,000 3%
133 0.98318 0.06206 0.20530 11,000,000 1%
134 0.28169 0.67558 0.43219 10,500,000 4%
135 0.18794 0.02483 0.84367 10,000,000 1%
136 0.75783 0.18746 0.17535 10,500,000 2%
137 0.82690 0.87168 0.22138 11,000,000 5%
138 0.47635 0.21294 0.86988 10,500,000 2%
139 0.65900 0.75544 0.92011 10,500,000 4%
140 0.03807 0.10500 0.31906 10,000,000 2%
141 0.34539 0.64662 0.32974 10,500,000 4%
142 0.02189 0.27021 0.07564 10,000,000 2%
143 0.99535 0.64370 0.25132 11,000,000 4%
144 0.48774 0.63672 0.32021 10,500,000 4%
145 0.00020 0.56955 0.82576 10,000,000 3%
146 0.63365 0.85527 0.42321 10,500,000 5%
147 0.98274 0.71723 0.75207 11,000,000 4%
148 0.79673 0.37274 0.11807 10,500,000 3%
149 0.47273 0.57679 0.25714 10,500,000 3%
150 0.70858 0.45090 0.71228 10,500,000 3%
151 0.80348 0.40962 0.93678 11,000,000 3%
152 0.99344 0.60382 0.86767 11,000,000 4%
153 0.93185 0.12089 0.03696 11,000,000 2%
154 0.28763 0.35790 0.36227 10,500,000 3%
155 0.25884 0.92931 0.69601 10,500,000 5%
156 0.30466 0.84754 0.50998 10,500,000 4%
157 0.87596 0.82478 0.53048 11,000,000 4%
158 0.91207 0.41491 0.70475 11,000,000 3%
159 0.77665 0.11267 0.38006 10,500,000 2%
160 0.61110 0.08194 0.79998 10,500,000 1%
161 0.68946 0.90253 0.70336 10,500,000 5%
162 0.25001 0.76153 0.59950 10,500,000 4%
163 0.89340 0.57058 0.20170 11,000,000 3%
164 0.44241 0.96058 0.44041 10,500,000 8%
165 0.80462 0.18567 0.16470 11,000,000 2%
166 0.71037 0.03068 0.42994 10,500,000 1%
167 0.37831 0.12417 0.52763 10,500,000 2%
168 0.82576 0.34920 0.10103 11,000,000 3%
169 0.53435 0.96669 0.98543 10,500,000 8%
170 0.76681 0.37181 0.94783 10,500,000 3%
171 0.80447 0.69591 0.96686 11,000,000 4%
172 0.82476 0.50421 0.43047 11,000,000 3%
173 0.76053 0.00889 0.75957 10,500,000 1%
174 0.66186 0.95429 0.85893 10,500,000 8%
175 0.26774 0.55151 0.85027 10,500,000 3%
176 0.43318 0.06103 0.21062 10,500,000 1%
177 0.14621 0.91146 0.59829 10,000,000 5%
178 0.40291 0.84491 0.15644 10,500,000 4%
179 0.51242 0.36372 0.13416 10,500,000 3%
180 0.91024 0.13133 0.91517 11,000,000 2%
181 0.93174 0.81460 0.39000 11,000,000 4%
182 0.06965 0.55835 0.50172 10,000,000 3%
183 0.40579 0.01303 0.00847 10,500,000 1%
184 0.00272 0.71887 0.76031 10,000,000 4%
185 0.81761 0.83173 0.52601 11,000,000 4%
186 0.91687 0.39786 0.50330 11,000,000 3%
187 0.80299 0.75297 0.86147 11,000,000 4%
188 0.20584 0.38740 0.13450 10,500,000 3%
189 0.18867 0.22845 0.05665 10,000,000 2%
190 0.44984 0.05059 0.80970 10,500,000 1%
191 0.75185 0.97067 0.73520 10,500,000 8%
192 0.01456 0.24856 0.70243 10,000,000 2%
193 0.76056 0.85186 0.15564 10,500,000 5%
194 0.11203 0.41722 0.66130 10,000,000 3%
195 0.79366 0.26212 0.48481 10,500,000 2%
196 0.96025 0.40153 0.59486 11,000,000 3%
197 0.07822 0.15992 0.38313 10,000,000 2%
198 0.24684 0.48583 0.56525 10,500,000 3%
199 0.42229 0.64153 0.67653 10,500,000 4%
200 0.98414 0.01197 0.32166 11,000,000 1%
201 0.52986 0.73818 0.58078 10,500,000 4%
202 0.66695 0.35826 0.93987 10,500,000 3%
203 0.86808 0.77524 0.21846 11,000,000 4%
204 0.15327 0.90646 0.95073 10,000,000 5%
205 0.75484 0.03386 0.06114 10,500,000 1%
206 0.23590 0.62404 0.74623 10,500,000 4%
207 0.76394 0.46770 0.13415 10,500,000 3%
208 0.06868 0.69989 0.20738 10,000,000 4%
209 0.69829 0.53750 0.37794 10,500,000 3%
210 0.76633 0.24963 0.24998 10,500,000 2%
211 0.50131 0.90507 0.24585 10,500,000 5%
212 0.64750 0.62055 0.82292 10,500,000 4%
213 0.84635 0.04573 0.43263 11,000,000 1%
214 0.91215 0.97850 0.50400 11,000,000 8%
215 0.22441 0.20070 0.25739 10,500,000 2%
216 0.32155 0.20933 0.46948 10,500,000 2%
217 0.09145 0.46787 0.76315 10,000,000 3%
218 0.98635 0.70128 0.32604 11,000,000 4%
219 0.04661 0.88826 0.30310 10,000,000 5%
220 0.04469 0.88547 0.58818 10,000,000 5%
221 0.73032 0.80124 0.63107 10,500,000 4%
222 0.12635 0.94988 0.14248 10,000,000 5%
223 0.24405 0.95651 0.19496 10,500,000 8%
224 0.79553 0.13094 0.27154 10,500,000 2%
225 0.37039 0.78014 0.45580 10,500,000 4%
226 0.67135 0.00687 0.62404 10,500,000 1%
227 0.58857 0.01485 0.97928 10,500,000 1%
228 0.72451 0.20680 0.23766 10,500,000 2%
229 0.67981 0.33235 0.23292 10,500,000 3%
230 0.07911 0.97830 0.27088 10,000,000 8%
231 0.98382 0.00547 0.84887 11,000,000 1%
232 0.80317 0.62677 0.46611 11,000,000 4%
233 0.16475 0.04932 0.87390 10,000,000 1%
234 0.35705 0.02279 0.28538 10,500,000 1%
235 0.38214 0.42957 0.60673 10,500,000 3%
236 0.95144 0.55643 0.03457 11,000,000 3%
237 0.02206 0.62670 0.37907 10,000,000 4%
238 0.28704 0.88945 0.83785 10,500,000 5%
239 0.83979 0.40838 0.60642 11,000,000 3%
240 0.57718 0.23479 0.04520 10,500,000 2%
241 0.75010 0.26340 0.26523 10,500,000 2%
242 0.58767 0.38349 0.67869 10,500,000 3%
243 0.00426 0.74985 0.43042 10,000,000 4%
244 0.57944 0.83214 0.62794 10,500,000 4%
245 0.53873 0.27977 0.32222 10,500,000 2%
246 0.86821 0.59947 0.29187 11,000,000 3%
247 0.82815 0.62678 0.91217 11,000,000 4%
248 0.80157 0.96361 0.81210 11,000,000 8%
249 0.05958 0.13422 0.58470 10,000,000 2%
250 0.10832 0.73956 0.37172 10,000,000 4%
251 0.00785 0.66737 0.62339 10,000,000 4%
252 0.44323 0.21544 0.40541 10,500,000 2%
253 0.50900 0.25895 0.01426 10,500,000 2%
254 0.82702 0.40905 0.01513 11,000,000 3%
255 0.92408 0.69275 0.36996 11,000,000 4%
256 0.45979 0.19920 0.42819 10,500,000 2%
257 0.86980 0.75237 0.34112 11,000,000 4%
258 0.99271 0.21288 0.10854 11,000,000 2%
259 0.04551 0.67942 0.55842 10,000,000 4%
260 0.59543 0.58133 0.15809 10,500,000 3%
261 0.27851 0.75226 0.55929 10,500,000 4%
262 0.64855 0.91697 0.60357 10,500,000 5%
263 0.52279 0.32814 0.56776 10,500,000 3%
264 0.93080 0.72210 0.40965 11,000,000 4%
265 0.89358 0.12032 0.57091 11,000,000 2%
266 0.39340 0.24465 0.19820 10,500,000 2%
267 0.91393 0.78914 0.40322 11,000,000 4%
268 0.38182 0.75306 0.21668 10,500,000 4%
269 0.30576 0.11407 0.89620 10,500,000 2%
270 0.90501 0.16252 0.65965 11,000,000 2%
271 0.85030 0.26829 0.22209 11,000,000 2%
272 0.35453 0.96029 0.53333 10,500,000 8%
273 0.19066 0.36158 0.07322 10,000,000 3%
274 0.24223 0.25870 0.47708 10,500,000 2%
275 0.23807 0.38329 0.42415 10,500,000 3%
276 0.79480 0.91471 0.18909 10,500,000 5%
277 0.33786 0.53941 0.34382 10,500,000 3%
278 0.65140 0.69500 0.95571 10,500,000 4%
279 0.09127 0.19512 0.64835 10,000,000 2%
280 0.05112 0.31363 0.38512 10,000,000 3%
281 0.61365 0.24544 0.70866 10,500,000 2%
282 0.72460 0.46644 0.73632 10,500,000 3%
283 0.37759 0.26827 0.27321 10,500,000 2%
284 0.49534 0.77805 0.78397 10,500,000 4%
285 0.27715 0.23974 0.32213 10,500,000 2%
286 0.05643 0.44938 0.99219 10,000,000 3%
287 0.90159 0.88443 0.23592 11,000,000 5%
288 0.35387 0.81540 0.22217 10,500,000 4%
289 0.46102 0.36387 0.35273 10,500,000 3%
290 0.83960 0.55821 0.67531 11,000,000 3%
291 0.30163 0.93235 0.62726 10,500,000 5%
292 0.52867 0.10514 0.09093 10,500,000 2%
293 0.19684 0.62704 0.41483 10,000,000 4%
294 0.39057 0.10912 0.08875 10,500,000 2%
295 0.20082 0.18930 0.37458 10,500,000 2%
296 0.37767 0.99062 0.04624 10,500,000 8%
297 0.26523 0.12001 0.26689 10,500,000 2%
298 0.03648 0.40621 0.15053 10,000,000 3%
299 0.02833 0.33351 0.11662 10,000,000 3%
300 0.86161 0.13534 0.75303 11,000,000 2%
301 0.16006 0.01273 0.91903 10,000,000 1%
302 0.92875 0.27376 0.40027 11,000,000 2%
303 0.38905 0.45009 0.60239 10,500,000 3%
304 0.75391 0.17151 0.43989 10,500,000 2%
305 0.09683 0.46252 0.62147 10,000,000 3%
306 0.70435 0.87033 0.60160 10,500,000 5%
307 0.89802 0.13710 0.60643 11,000,000 2%
308 0.53415 0.66189 0.44848 10,500,000 4%
309 0.33236 0.61374 0.28011 10,500,000 4%
310 0.34136 0.61207 0.32247 10,500,000 4%
311 0.61890 0.65519 0.57870 10,500,000 4%
312 0.54021 0.55126 0.95903 10,500,000 3%
313 0.04416 0.74057 0.76855 10,000,000 4%
314 0.66047 0.86343 0.69290 10,500,000 5%
315 0.58232 0.40985 0.10228 10,500,000 3%
316 0.43663 0.13421 0.07291 10,500,000 2%
317 0.04784 0.05385 0.14537 10,000,000 1%
318 0.25033 0.54347 0.43587 10,500,000 3%
319 0.99038 0.44540 0.72181 11,000,000 3%
320 0.46287 0.15126 0.77296 10,500,000 2%
321 0.93984 0.60471 0.81604 11,000,000 4%
322 0.26231 0.24786 0.77376 10,500,000 2%
323 0.14281 0.48530 0.54694 10,000,000 3%
324 0.00383 0.93088 0.13914 10,000,000 5%
325 0.73605 0.48453 0.43177 10,500,000 3%
326 0.57801 0.29974 0.22585 10,500,000 2%
327 0.20749 0.52010 0.23490 10,500,000 3%
328 0.36935 0.19012 0.92373 10,500,000 2%
329 0.89310 0.62550 0.85653 11,000,000 4%
330 0.32004 0.61493 0.60906 10,500,000 4%
331 0.86089 0.45168 0.66186 11,000,000 3%
332 0.40082 0.50320 0.79549 10,500,000 3%
333 0.45442 0.20718 0.63873 10,500,000 2%
334 0.70180 0.51282 0.48443 10,500,000 3%
335 0.21298 0.73440 0.59805 10,500,000 4%
336 0.77415 0.31422 0.93917 10,500,000 3%
337 0.66045 0.78210 0.77459 10,500,000 4%
338 0.62718 0.82677 0.05563 10,500,000 4%
339 0.41020 0.49022 0.17178 10,500,000 3%
340 0.05314 0.25694 0.48960 10,000,000 2%
341 0.46545 0.83607 0.01992 10,500,000 4%
342 0.37373 0.99215 0.86285 10,500,000 8%
343 0.73623 0.30452 0.00498 10,500,000 3%
344 0.49357 0.53284 0.20948 10,500,000 3%
345 0.42618 0.78534 0.45185 10,500,000 4%
346 0.70001 0.12831 0.06877 10,500,000 2%
347 0.85323 0.61245 0.37989 11,000,000 4%
348 0.71613 0.73230 0.54083 10,500,000 4%
349 0.36531 0.40720 0.34922 10,500,000 3%
350 0.88728 0.39115 0.68717 11,000,000 3%
351 0.46208 0.94994 0.75339 10,500,000 5%
352 0.82993 0.65725 0.86339 11,000,000 4%
353 0.24526 0.77227 0.86485 10,500,000 4%
354 0.52874 0.41382 0.65182 10,500,000 3%
355 0.43211 0.26907 0.78088 10,500,000 2%
356 0.10303 0.27612 0.97166 10,000,000 2%
357 0.70596 0.57768 0.24265 10,500,000 3%
358 0.80191 0.40232 0.19462 11,000,000 3%
359 0.15989 0.54480 0.83899 10,000,000 3%
360 0.82543 0.34720 0.27545 11,000,000 3%
361 0.23190 0.79166 0.47209 10,500,000 4%
362 0.84913 0.00136 0.31087 11,000,000 1%
363 0.24272 0.58263 0.78965 10,500,000 3%
364 0.08735 0.02024 0.09155 10,000,000 1%
365 0.78100 0.87751 0.70518 10,500,000 5%
366 0.62073 0.72266 0.01713 10,500,000 4%
367 0.31667 0.84525 0.79547 10,500,000 4%
368 0.14904 0.57162 0.51047 10,000,000 3%
369 0.90269 0.03676 0.92214 11,000,000 1%
370 0.01772 0.32175 0.98319 10,000,000 3%
371 0.32145 0.61663 0.49364 10,500,000 4%
372 0.46475 0.48297 0.04183 10,500,000 3%
373 0.47640 0.68593 0.73868 10,500,000 4%
374 0.73226 0.07390 0.31549 10,500,000 1%
375 0.32878 0.75092 0.70475 10,500,000 4%
376 0.35003 0.23633 0.68882 10,500,000 2%
377 0.61570 0.37873 0.68825 10,500,000 3%
378 0.24489 0.69275 0.73759 10,500,000 4%
379 0.42801 0.85269 0.56067 10,500,000 5%
380 0.48574 0.40548 0.39911 10,500,000 3%
381 0.54013 0.55242 0.97496 10,500,000 3%
382 0.80208 0.59159 0.30724 11,000,000 3%
383 0.03938 0.92102 0.37148 10,000,000 5%
384 0.73705 0.34110 0.06393 10,500,000 3%
385 0.86958 0.53467 0.57539 11,000,000 3%
386 0.15373 0.79424 0.09121 10,000,000 4%
387 0.20858 0.45849 0.09111 10,500,000 3%
388 0.72557 0.77367 0.13952 10,500,000 4%
389 0.07936 0.68476 0.70914 10,000,000 4%
390 0.30358 0.19361 0.90454 10,500,000 2%
391 0.32634 0.48280 0.65735 10,500,000 3%
392 0.52540 0.80781 0.41246 10,500,000 4%
393 0.66639 0.94841 0.96327 10,500,000 5%
394 0.06988 0.74351 0.74822 10,000,000 4%
395 0.57285 0.22334 0.61615 10,500,000 2%
396 0.53248 0.75877 0.85637 10,500,000 4%
397 0.14838 0.58766 0.05088 10,000,000 3%
398 0.01772 0.64033 0.57964 10,000,000 4%
399 0.91507 0.88594 0.12291 11,000,000 5%
400 0.72678 0.43310 0.10310 10,500,000 3%
401 0.32757 0.66794 0.89911 10,500,000 4%
402 0.53025 0.22860 0.96850 10,500,000 2%
403 0.64607 0.28622 0.31041 10,500,000 2%
404 0.57959 0.83119 0.49866 10,500,000 4%
405 0.89969 0.24087 0.04444 11,000,000 2%
406 0.15352 0.37923 0.50942 10,000,000 3%
407 0.60840 0.88929 0.50381 10,500,000 5%
408 0.36401 0.24786 0.96816 10,500,000 2%
409 0.97622 0.84885 0.98281 11,000,000 4%
410 0.78024 0.56045 0.24225 10,500,000 3%
411 0.39948 0.26975 0.79547 10,500,000 2%
412 0.58101 0.81535 0.82754 10,500,000 4%
413 0.02135 0.78613 0.83367 10,000,000 4%
414 0.24007 0.32255 0.24028 10,500,000 3%
415 0.84457 0.70028 0.28039 11,000,000 4%
416 0.01482 0.52034 0.02033 10,000,000 3%
417 0.24645 0.51377 0.79304 10,500,000 3%
418 0.23272 0.71947 0.95686 10,500,000 4%
419 0.66101 0.37073 0.22897 10,500,000 3%
420 0.73060 0.41734 0.72395 10,500,000 3%
421 0.95753 0.89478 0.81618 11,000,000 5%
422 0.06425 0.96981 0.21056 10,000,000 8%
423 0.81907 0.48300 0.87301 11,000,000 3%
424 0.96439 0.81398 0.54487 11,000,000 4%
425 0.83500 0.32033 0.55161 11,000,000 3%
426 0.11827 0.58645 0.22073 10,000,000 3%
427 0.72020 0.19054 0.51672 10,500,000 2%
428 0.37913 0.32548 0.67673 10,500,000 3%
429 0.31099 0.38237 0.94110 10,500,000 3%
430 0.89993 0.55577 0.78204 11,000,000 3%
431 0.91811 0.43501 0.27201 11,000,000 3%
432 0.59237 0.05772 0.47901 10,500,000 1%
433 0.90605 0.46389 0.32544 11,000,000 3%
434 0.13310 0.99755 0.97991 10,000,000 8%
435 0.74847 0.15302 0.57460 10,500,000 2%
436 0.48564 0.96484 0.88644 10,500,000 8%
437 0.74881 0.90698 0.30140 10,500,000 5%
438 0.83302 0.43603 0.63282 11,000,000 3%
439 0.66761 0.20874 0.62415 10,500,000 2%
440 0.09424 0.04287 0.25559 10,000,000 1%
441 0.92133 0.10800 0.67193 11,000,000 2%
442 0.88047 0.33305 0.27424 11,000,000 3%
443 0.53153 0.82725 0.42775 10,500,000 4%
444 0.90868 0.12789 0.74056 11,000,000 2%
445 0.65383 0.16802 0.55920 10,500,000 2%
446 0.06507 0.78729 0.59450 10,000,000 4%
447 0.95469 0.13604 0.15948 11,000,000 2%
448 0.23640 0.74308 0.65437 10,500,000 4%
449 0.08219 0.50986 0.25931 10,000,000 3%
450 0.11523 0.77673 0.04403 10,000,000 4%
451 0.37351 0.64533 0.80099 10,500,000 4%
452 0.51202 0.51930 0.55320 10,500,000 3%
453 0.29483 0.88087 0.67709 10,500,000 5%
454 0.18529 0.36814 0.37931 10,000,000 3%
455 0.16352 0.65131 0.67095 10,000,000 4%
456 0.64267 0.44604 0.12835 10,500,000 3%
457 0.44792 0.22871 0.46020 10,500,000 2%
458 0.20043 0.46947 0.28656 10,500,000 3%
459 0.16262 0.78017 0.61093 10,000,000 4%
460 0.60691 0.36031 0.50401 10,500,000 3%
461 0.86835 0.01354 0.41707 11,000,000 1%
462 0.11383 0.22965 0.11011 10,000,000 2%
463 0.00721 0.81544 0.93866 10,000,000 4%
464 0.51155 0.62670 0.73924 10,500,000 4%
465 0.05260 0.45143 0.99490 10,000,000 3%
466 0.92885 0.09053 0.28797 11,000,000 1%
467 0.53820 0.82375 0.18012 10,500,000 4%
468 0.46487 0.73907 0.88422 10,500,000 4%
469 0.81047 0.00271 0.39888 11,000,000 1%
470 0.27391 0.23122 0.46754 10,500,000 2%
471 0.47627 0.23442 0.78470 10,500,000 2%
472 0.89630 0.47778 0.72030 11,000,000 3%
473 0.51002 0.44314 0.00273 10,500,000 3%
474 0.57019 0.21278 0.69930 10,500,000 2%
475 0.51634 0.85266 0.93523 10,500,000 5%
476 0.24149 0.75865 0.38436 10,500,000 4%
477 0.21097 0.38950 0.73918 10,500,000 3%
478 0.45188 0.29094 0.86710 10,500,000 2%
479 0.05749 0.17479 0.15304 10,000,000 2%
480 0.76339 0.26708 0.84297 10,500,000 2%
481 0.21004 0.38742 0.64129 10,500,000 3%
482 0.44095 0.40874 0.23958 10,500,000 3%
483 0.79998 0.19871 0.52586 10,500,000 2%
484 0.51911 0.89447 0.07940 10,500,000 5%
485 0.44183 0.68840 0.82018 10,500,000 4%
486 0.39635 0.67672 0.40207 10,500,000 4%
487 0.57541 0.52520 0.20218 10,500,000 3%
488 0.71458 0.76790 0.30747 10,500,000 4%
489 0.69069 0.17101 0.27310 10,500,000 2%
490 0.23761 0.39682 0.37364 10,500,000 3%
491 0.23703 0.27870 0.39061 10,500,000 2%
492 0.78878 0.22479 0.91117 10,500,000 2%
493 0.77118 0.55347 0.38972 10,500,000 3%
494 0.57529 0.88321 0.25438 10,500,000 5%
495 0.57015 0.01266 0.37252 10,500,000 1%
496 0.49443 0.47395 0.29737 10,500,000 3%
497 0.30511 0.34716 0.52267 10,500,000 3%
498 0.65138 0.76423 0.62171 10,500,000 4%
499 0.65766 0.53032 0.18994 10,500,000 3%
500 0.79031 0.89787 0.69844 10,500,000 5%
o simulation, we will use the assumptions for the compressed hydrogen grill for Backyard

25% 10% 5%

4% 5% 8%

ares for each succeeding year of the project. While we certainly could do this, the resulting
, the example in the textbook is missing several major assumptions including the initial
d required return. Below you will find the assumptions we made for these inputs. While we
stribution.

he RAND function generates a random number between greater than or equal to zero and

unction is RAND(). This will return a random number greater than or equal to zero and less

the industry sales, one for BBI's market share, and one for the randomness in the sales price
s, this will result in only 30 different NPVs. Since all of the random variables are independent,
ers and the resulting outputs for these three variables.

BBI unit sales Price per unit

210,000 $ 221.50
bability. To use these probabilities with the random number, we used a nested IF statement.
f the random number is less than 20% (.20), the probability of industry sales of 10 million
for the probability inputs in the IF statements so we could change these probabilities if
bility of 10 million unit sales and 10.5 million unit sales. This is really a test if the random
0 would have returned a true result in the first IF statement. If this second IF is true, the result
eater than or equal to .80, and the cell will return a value of 11 million units. Random
price. We also used nested IF statements to calculate BBI's market share, with five IF

did not change. If you go to the Formulas tab and select the Calculations Options, you will
the setting in this workbook because every time a change is made in a worksheet with the
AND function a lot in further calculations. The resulting recalculation slows down the
ange the setting on the Calculation Options back to Automatic.

each set of random numbers. Below, in rows 134 to 633, we have done just this 500 times.
ur purposes here. To better examine the output, we have created a frequency table in cells

use the FREQUENCY function is somewhat complicated, we will walk through the process

smallest and largest bins have no observations.

turn one more value than the number of bins you have created, so select one more cell
y results larger than your last bin value.
Functions, Statistical.
on, while the Bins_Array is the array that shows the bins you have already created.
information! Before you click OK, hold down both the CTRL and SHIFT keys, then click on OK.
ated.

ution.
 ution with ranges. We created the ranges by concatenating the bins we created earlier. While
criptive. We will use the ranges for graphing the frequency distribution, which you will see
ge with each new set of random numbers. Do this a couple of times and watch the graph to
lion to $10 million, $30 million to $50 million, $80 million to $90 million, and $120 million to

or Monte Carlo Simulation

$110 to $120

$120 to $130

$150 to $160

$190 to $200

$200 to $210

$220 to $230

$230 to $240

$290 to $300
$90 to $100

$100 to $110

$130 to $140

$140 to $150

$160 to $170

$170 to $180

$180 to $190

$210 to $220

$240 to $250

$250 to $260

$260 to $270

$270 to $280

$280 to $290

NPV (in millions)

34:X169) and went to the Insert tab, Column chart, 2-D, Clustered Column. We then selected
cel draws a frequency distribution as we have done here, there is a large amount of space
electing Format Data Series. In the box this brings up, there is a Series Option selection that
 Fill, and change the color of the bar. To highlight a specific bar, or certain bars as we have
ave a different the color. After you click on the bar twice, use the same procedure, that is,
e same bar will allow you to change a specific bar without changing the other bars in the

probability graph that shows the probability that the compressed hydrogen grill project will
obability. The cumulative density function for the project is shown below. If you refresh the
85 percent to 95 percent.

lity for Compressed Hydrogen Grill

0 0 1 10 1 20 1 30 1 4 0 1 5 0 1 60 1 70 1 80 1 9 0 2 00 2 10 2 20 2 3 0 2 4 0 2 50 2 6 0 2 70 2 8 0 2 90 3 00
$1 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
to to to to to to to to to to to to to to to to to to to to
0 0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 0 0 0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 0
$1 $1 $1 $ 1 $ 1 $1 $1 $1 $ 1 $ 1 $2 $2 $ 2 $ 2 $2 $ 2 $2 $ 2 $2 $2

NPV (in millions)

BBI unit sales Price per unit Revenue Variable costs Fixed costs Depreciation
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
110,000 $ 198.00 $ 21,780,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
550,000 $ 198.00 $ 108,900,000 $ 44,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
500,000 $ 203.00 $ 101,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
110,000 $ 198.00 $ 21,780,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
880,000 $ 204.00 $ 179,520,000 $ 70,400,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
100,000 $ 197.00 $ 19,700,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
100,000 $ 203.00 $ 20,300,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
550,000 $ 204.00 $ 112,200,000 $ 44,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
550,000 $ 198.00 $ 108,900,000 $ 44,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
500,000 $ 203.00 $ 101,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
110,000 $ 204.00 $ 22,440,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
100,000 $ 203.00 $ 20,300,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
110,000 $ 204.00 $ 22,440,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
100,000 $ 197.00 $ 19,700,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
550,000 $ 204.00 $ 112,200,000 $ 44,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
500,000 $ 197.00 $ 98,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
110,000 $ 204.00 $ 22,440,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
500,000 $ 197.00 $ 98,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
110,000 $ 204.00 $ 22,440,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
880,000 $ 198.00 $ 174,240,000 $ 70,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
500,000 $ 203.00 $ 101,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
500,000 $ 197.00 $ 98,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
500,000 $ 203.00 $ 101,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
105,000 $ 197.50 $ 20,737,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
800,000 $ 203.00 $ 162,400,000 $ 64,000,000 $ 14,000,000 $ 2,000,000
110,000 $ 198.00 $ 21,780,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
100,000 $ 197.00 $ 19,700,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
880,000 $ 198.00 $ 174,240,000 $ 70,400,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
550,000 $ 204.00 $ 112,200,000 $ 44,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
840,000 $ 203.50 $ 170,940,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
100,000 $ 197.00 $ 19,700,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
100,000 $ 203.00 $ 20,300,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
500,000 $ 203.00 $ 101,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
200,000 $ 197.00 $ 39,400,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
110,000 $ 204.00 $ 22,440,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
100,000 $ 203.00 $ 20,300,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
110,000 $ 198.00 $ 21,780,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
500,000 $ 203.00 $ 101,500,000 $ 40,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
550,000 $ 204.00 $ 112,200,000 $ 44,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
440,000 $ 204.00 $ 89,760,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
550,000 $ 198.00 $ 108,900,000 $ 44,000,000 $ 14,000,000 $ 2,000,000
800,000 $ 203.00 $ 162,400,000 $ 64,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
440,000 $ 198.00 $ 87,120,000 $ 35,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
800,000 $ 197.00 $ 157,600,000 $ 64,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
840,000 $ 197.50 $ 165,900,000 $ 67,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
100,000 $ 203.00 $ 20,300,000 $ 8,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
330,000 $ 204.00 $ 67,320,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
220,000 $ 198.00 $ 43,560,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
220,000 $ 204.00 $ 44,880,000 $ 17,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
400,000 $ 203.00 $ 81,200,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
300,000 $ 203.00 $ 60,900,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
110,000 $ 204.00 $ 22,440,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
400,000 $ 197.00 $ 78,800,000 $ 32,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
300,000 $ 197.00 $ 59,100,000 $ 24,000,000 $ 14,000,000 $ 2,000,000
110,000 $ 204.00 $ 22,440,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
110,000 $ 204.00 $ 22,440,000 $ 8,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
330,000 $ 198.00 $ 65,340,000 $ 26,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
200,000 $ 203.00 $ 40,600,000 $ 16,000,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 203.50 $ 85,470,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
210,000 $ 203.50 $ 42,735,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
210,000 $ 197.50 $ 41,475,000 $ 16,800,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 203.50 $ 106,837,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
105,000 $ 203.50 $ 21,367,500 $ 8,400,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
315,000 $ 197.50 $ 62,212,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
420,000 $ 197.50 $ 82,950,000 $ 33,600,000 $ 14,000,000 $ 2,000,000
315,000 $ 203.50 $ 64,102,500 $ 25,200,000 $ 14,000,000 $ 2,000,000
525,000 $ 197.50 $ 103,687,500 $ 42,000,000 $ 14,000,000 $ 2,000,000
 Operating
EBT Taxes Net income cash flow NPV
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ (3,020,000) $ (634,200) $ (2,385,800) $ (385,800) ($21,936,241)
$ 48,900,000 $ 10,269,000 $ 38,631,000 $ 40,631,000 $183,917,588
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 45,500,000 $ 9,555,000 $ 35,945,000 $ 37,945,000 $170,437,176
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 7,400,000 $ 1,554,000 $ 5,846,000 $ 7,846,000 $19,377,259
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 33,200,000 $ 6,972,000 $ 26,228,000 $ 28,228,000 $121,669,801
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 11,280,000 $ 2,368,800 $ 8,911,200 $ 10,911,200 $34,760,788
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ (3,020,000) $ (634,200) $ (2,385,800) $ (385,800) ($21,936,241)
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 8,600,000 $ 1,806,000 $ 6,794,000 $ 8,794,000 $24,135,051
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 8,600,000 $ 1,806,000 $ 6,794,000 $ 8,794,000 $24,135,051
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 7,400,000 $ 1,554,000 $ 5,846,000 $ 7,846,000 $19,377,259
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 93,120,000 $ 19,555,200 $ 73,564,800 $ 75,564,800 $359,242,247
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ (4,300,000) $ (903,000) $ (3,397,000) $ (1,397,000) ($27,011,220)
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ (3,700,000) $ (777,000) $ (2,923,000) $ (923,000) ($24,632,323)
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 52,200,000 $ 10,962,000 $ 41,238,000 $ 43,238,000 $197,001,518
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ (3,662,500) $ (769,125) $ (2,893,375) $ (893,375) ($24,483,642)
$ 87,740,000 $ 18,425,400 $ 69,314,600 $ 71,314,600 $337,911,477
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 48,900,000 $ 10,269,000 $ 38,631,000 $ 40,631,000 $183,917,588
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 11,280,000 $ 2,368,800 $ 8,911,200 $ 10,911,200 $34,760,788
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 45,500,000 $ 9,555,000 $ 35,945,000 $ 37,945,000 $170,437,176
$ 82,700,000 $ 17,367,000 $ 65,333,000 $ 67,333,000 $317,928,748
$ 7,400,000 $ 1,554,000 $ 5,846,000 $ 7,846,000 $19,377,259
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 8,600,000 $ 1,806,000 $ 6,794,000 $ 8,794,000 $24,135,051
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 33,200,000 $ 6,972,000 $ 26,228,000 $ 28,228,000 $121,669,801
$ 82,700,000 $ 17,367,000 $ 65,333,000 $ 67,333,000 $317,928,748
$ (2,360,000) $ (495,600) $ (1,864,400) $ 135,600 ($19,319,455)
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ (3,700,000) $ (777,000) $ (2,923,000) $ (923,000) ($24,632,323)
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 7,400,000 $ 1,554,000 $ 5,846,000 $ 7,846,000 $19,377,259
$ (3,662,500) $ (769,125) $ (2,893,375) $ (893,375) ($24,483,642)
$ 11,280,000 $ 2,368,800 $ 8,911,200 $ 10,911,200 $34,760,788
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 33,200,000 $ 6,972,000 $ 26,228,000 $ 28,228,000 $121,669,801
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 9,960,000 $ 2,091,600 $ 7,868,400 $ 9,868,400 $29,527,216
$ 11,280,000 $ 2,368,800 $ 8,911,200 $ 10,911,200 $34,760,788
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ (2,360,000) $ (495,600) $ (1,864,400) $ 135,600 ($19,319,455)
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ (4,300,000) $ (903,000) $ (3,397,000) $ (1,397,000) ($27,011,220)
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 52,200,000 $ 10,962,000 $ 41,238,000 $ 43,238,000 $197,001,518
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 8,600,000 $ 1,806,000 $ 6,794,000 $ 8,794,000 $24,135,051
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 8,600,000 $ 1,806,000 $ 6,794,000 $ 8,794,000 $24,135,051
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 11,280,000 $ 2,368,800 $ 8,911,200 $ 10,911,200 $34,760,788
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ (3,662,500) $ (769,125) $ (2,893,375) $ (893,375) ($24,483,642)
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ 87,740,000 $ 18,425,400 $ 69,314,600 $ 71,314,600 $337,911,477
$ 11,280,000 $ 2,368,800 $ 8,911,200 $ 10,911,200 $34,760,788
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ 82,700,000 $ 17,367,000 $ 65,333,000 $ 67,333,000 $317,928,748
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ (3,662,500) $ (769,125) $ (2,893,375) $ (893,375) ($24,483,642)
$ 82,700,000 $ 17,367,000 $ 65,333,000 $ 67,333,000 $317,928,748
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 42,500,000 $ 8,925,000 $ 33,575,000 $ 35,575,000 $158,542,694
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 9,960,000 $ 2,091,600 $ 7,868,400 $ 9,868,400 $29,527,216
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 8,600,000 $ 1,806,000 $ 6,794,000 $ 8,794,000 $24,135,051
$ (3,662,500) $ (769,125) $ (2,893,375) $ (893,375) ($24,483,642)
$ 82,700,000 $ 17,367,000 $ 65,333,000 $ 67,333,000 $317,928,748
$ 7,400,000 $ 1,554,000 $ 5,846,000 $ 7,846,000 $19,377,259
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 8,600,000 $ 1,806,000 $ 6,794,000 $ 8,794,000 $24,135,051
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ (2,360,000) $ (495,600) $ (1,864,400) $ 135,600 ($19,319,455)
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ 42,500,000 $ 8,925,000 $ 33,575,000 $ 35,575,000 $158,542,694
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 33,200,000 $ 6,972,000 $ 26,228,000 $ 28,228,000 $121,669,801
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ (2,360,000) $ (495,600) $ (1,864,400) $ 135,600 ($19,319,455)
$ 87,840,000 $ 18,446,400 $ 69,393,600 $ 71,393,600 $338,307,960
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ 45,500,000 $ 9,555,000 $ 35,945,000 $ 37,945,000 $170,437,176
$ 42,500,000 $ 8,925,000 $ 33,575,000 $ 35,575,000 $158,542,694
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 45,500,000 $ 9,555,000 $ 35,945,000 $ 37,945,000 $170,437,176
$ 87,740,000 $ 18,425,400 $ 69,314,600 $ 71,314,600 $337,911,477
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ (3,662,500) $ (769,125) $ (2,893,375) $ (893,375) ($24,483,642)
$ (3,662,500) $ (769,125) $ (2,893,375) $ (893,375) ($24,483,642)
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 82,400,000 $ 17,304,000 $ 65,096,000 $ 67,096,000 $316,739,300
$ (3,020,000) $ (634,200) $ (2,385,800) $ (385,800) ($21,936,241)
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ (4,300,000) $ (903,000) $ (3,397,000) $ (1,397,000) ($27,011,220)
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ 33,200,000 $ 6,972,000 $ 26,228,000 $ 28,228,000 $121,669,801
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 33,200,000 $ 6,972,000 $ 26,228,000 $ 28,228,000 $121,669,801
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 87,840,000 $ 18,446,400 $ 69,393,600 $ 71,393,600 $338,307,960
$ 7,400,000 $ 1,554,000 $ 5,846,000 $ 7,846,000 $19,377,259
$ 33,200,000 $ 6,972,000 $ 26,228,000 $ 28,228,000 $121,669,801
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ 11,280,000 $ 2,368,800 $ 8,911,200 $ 10,911,200 $34,760,788
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ 9,960,000 $ 2,091,600 $ 7,868,400 $ 9,868,400 $29,527,216
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 9,960,000 $ 2,091,600 $ 7,868,400 $ 9,868,400 $29,527,216
$ 11,280,000 $ 2,368,800 $ 8,911,200 $ 10,911,200 $34,760,788
$ 82,700,000 $ 17,367,000 $ 65,333,000 $ 67,333,000 $317,928,748
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 7,400,000 $ 1,554,000 $ 5,846,000 $ 7,846,000 $19,377,259
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 52,200,000 $ 10,962,000 $ 41,238,000 $ 43,238,000 $197,001,518
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 33,200,000 $ 6,972,000 $ 26,228,000 $ 28,228,000 $121,669,801
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 87,740,000 $ 18,425,400 $ 69,314,600 $ 71,314,600 $337,911,477
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 9,960,000 $ 2,091,600 $ 7,868,400 $ 9,868,400 $29,527,216
$ (4,300,000) $ (903,000) $ (3,397,000) $ (1,397,000) ($27,011,220)
$ 11,280,000 $ 2,368,800 $ 8,911,200 $ 10,911,200 $34,760,788
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 9,960,000 $ 2,091,600 $ 7,868,400 $ 9,868,400 $29,527,216
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ (3,700,000) $ (777,000) $ (2,923,000) $ (923,000) ($24,632,323)
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 45,500,000 $ 9,555,000 $ 35,945,000 $ 37,945,000 $170,437,176
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 8,600,000 $ 1,806,000 $ 6,794,000 $ 8,794,000 $24,135,051
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 82,700,000 $ 17,367,000 $ 65,333,000 $ 67,333,000 $317,928,748
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 7,400,000 $ 1,554,000 $ 5,846,000 $ 7,846,000 $19,377,259
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ (2,360,000) $ (495,600) $ (1,864,400) $ 135,600 ($19,319,455)
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ (3,700,000) $ (777,000) $ (2,923,000) $ (923,000) ($24,632,323)
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ (3,020,000) $ (634,200) $ (2,385,800) $ (385,800) ($21,936,241)
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ 45,500,000 $ 9,555,000 $ 35,945,000 $ 37,945,000 $170,437,176
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 33,200,000 $ 6,972,000 $ 26,228,000 $ 28,228,000 $121,669,801
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 52,200,000 $ 10,962,000 $ 41,238,000 $ 43,238,000 $197,001,518
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 11,280,000 $ 2,368,800 $ 8,911,200 $ 10,911,200 $34,760,788
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 38,560,000 $ 8,097,600 $ 30,462,400 $ 32,462,400 $142,921,275
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 48,900,000 $ 10,269,000 $ 38,631,000 $ 40,631,000 $183,917,588
$ 82,400,000 $ 17,304,000 $ 65,096,000 $ 67,096,000 $316,739,300
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 35,920,000 $ 7,543,200 $ 28,376,800 $ 30,376,800 $132,454,131
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ 77,600,000 $ 16,296,000 $ 61,304,000 $ 63,304,000 $297,708,129
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 82,700,000 $ 17,367,000 $ 65,333,000 $ 67,333,000 $317,928,748
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ (3,700,000) $ (777,000) $ (2,923,000) $ (923,000) ($24,632,323)
$ 9,960,000 $ 2,091,600 $ 7,868,400 $ 9,868,400 $29,527,216
$ 24,920,000 $ 5,233,200 $ 19,686,800 $ 21,686,800 $88,841,031
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 9,960,000 $ 2,091,600 $ 7,868,400 $ 9,868,400 $29,527,216
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 11,280,000 $ 2,368,800 $ 8,911,200 $ 10,911,200 $34,760,788
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 33,200,000 $ 6,972,000 $ 26,228,000 $ 28,228,000 $121,669,801
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 20,900,000 $ 4,389,000 $ 16,511,000 $ 18,511,000 $72,902,426
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ (2,360,000) $ (495,600) $ (1,864,400) $ 135,600 ($19,319,455)
$ 8,600,000 $ 1,806,000 $ 6,794,000 $ 8,794,000 $24,135,051
$ 30,800,000 $ 6,468,000 $ 24,332,000 $ 26,332,000 $112,154,215
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 19,100,000 $ 4,011,000 $ 15,089,000 $ 17,089,000 $65,765,737
$ (2,360,000) $ (495,600) $ (1,864,400) $ 135,600 ($19,319,455)
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ (2,360,000) $ (495,600) $ (1,864,400) $ 135,600 ($19,319,455)
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 22,940,000 $ 4,817,400 $ 18,122,600 $ 20,122,600 $80,990,674
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 8,600,000 $ 1,806,000 $ 6,794,000 $ 8,794,000 $24,135,051
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 35,870,000 $ 7,532,700 $ 28,337,300 $ 30,337,300 $132,255,889
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 9,935,000 $ 2,086,350 $ 7,848,650 $ 9,848,650 $29,428,096
$ 8,675,000 $ 1,821,750 $ 6,853,250 $ 8,853,250 $24,432,413
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 48,837,500 $ 10,255,875 $ 38,581,625 $ 40,581,625 $183,669,786
$ (3,032,500) $ (636,825) $ (2,395,675) $ (395,675) ($21,985,801)
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 21,012,500 $ 4,412,625 $ 16,599,875 $ 18,599,875 $73,348,469
$ 33,350,000 $ 7,003,500 $ 26,346,500 $ 28,346,500 $122,264,525
$ 22,902,500 $ 4,809,525 $ 18,092,975 $ 20,092,975 $80,841,993
$ 45,687,500 $ 9,594,375 $ 36,093,125 $ 38,093,125 $171,180,581
 Bin Frequency Ranges Frequency
$ (50,000,000) 0
$ (40,000,000) 0 $-50 to $-40 0
$ (30,000,000) 0 $-40 to $-30 0
$ (20,000,000) 43 $-30 to $-20 43
$ (10,000,000) 6 $-20 to $-10 6
$ - 0 $-10 to $0 0
$ 10,000,000 0 $0 to $10 0
$ 20,000,000 19 $10 to $20 19
$ 30,000,000 77 $20 to $30 77
$ 40,000,000 8 $30 to $40 8
$ 50,000,000 0 $40 to $50 0
$ 60,000,000 0 $50 to $60 0
$ 70,000,000 17 $60 to $70 17
$ 80,000,000 65 $70 to $80 65
$ 90,000,000 71 $80 to $90 71
$ 100,000,000 0 $90 to $100 0
$ 110,000,000 0 $100 to $110 0
$ 120,000,000 10 $110 to $120 10
$ 130,000,000 42 $120 to $130 42
$ 140,000,000 45 $130 to $140 45
$ 150,000,000 19 $140 to $150 19
$ 160,000,000 5 $150 to $160 5
$ 170,000,000 0 $160 to $170 0
$ 180,000,000 22 $170 to $180 22
$ 190,000,000 18 $180 to $190 18
$ 200,000,000 7 $190 to $200 7
$ 210,000,000 0 $200 to $210 0
$ 220,000,000 0 $210 to $220 0
$ 230,000,000 0 $220 to $230 0
$ 240,000,000 0 $230 to $240 0
$ 250,000,000 0 $240 to $250 0
$ 260,000,000 0 $250 to $260 0
$ 270,000,000 0 $260 to $270 0
$ 280,000,000 0 $270 to $280 0
$ 290,000,000 0 $280 to $290 0
$ 300,000,000 3 $290 to $300 3
23
Cumulative
probability

0.00%
0.00%
8.60%
9.80%
9.80%
85.60%
81.80%
66.40%
64.80%
64.80%
64.80%
61.40%
48.40%
34.20%
34.20%
34.20%
32.20%
23.80%
14.80%
11.00%
10.00%
10.00%
5.60%
2.00%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
 Chapter 7 - Section 4
Decision Trees

We can use Excel to draw decision trees and calculate the value of a project. Consider the decision tree for Solar Ele

Initial cost $ 100

Required return 15%

Project NPV = $ 890

Test results
revealed

Test

No Test

RWJ Excel Tip

To create the boxes for the text, we used Text Boxes. To insert a text box, go to "Insert" and select "Text Box." Text b
position you put the box. Although we could have entered the text in a cell, text boxes in this case allow the text to
often look more professional. Text boxes are also very useful in graphing, which we will show later. To copy and/or m
green circle above the box. Right-click on this circle, select Copy, move the cursor to where you would like to copy t
the lines, squares, and circles, we went to "Insert" and selected "Shapes." There are numerous shapes and lines ava
onsider the decision tree for Solar Electronics' solar-powered jet engine project:

NPV = $1,518

Invest
Success

75%
Do not invest

NPV = $0

Test results
revealed
NPV = ($3,611)

Invest

Failure

25% Do not invest

NPV = $0
o "Insert" and select "Text Box." Text boxes allow you to enter text that is "linked" to the
xt boxes in this case allow the text to go across multiple rows and/or columns, which can
h we will show later. To copy and/or move a text box, click on the box. This will bring up a
sor to where you would like to copy the Text Box, right click again, and select Paste. To draw
e are numerous shapes and lines available on this menu.
 Chapter 7 - Master It!

Dahlia Simmons, CFO of Ulrich Enterprises, is analyzing a new project to sell solar powered batteries for cell phones
for the variables in the project:

Probability 10% 30% 40% 20%

Industry demand 80,000,000 95,000,000 108,000,000 124,000,000

Probability 5% 20% 20% 25%

Ulrich market share 1% 2% 3% 4%

Probability 20% 70% 10%

Initial cost $ 60,000,000 $ 65,000,000 $ 72,000,000

Probability 20% 65% 15%

VC per unit $ 24 $ 26 $ 29

Probability 15% 25% 40% 20%

Fixed costs $ 20,000,000 $ 24,000,000 $ 27,000,000 $ 31,000,000

The unit price depends on the industry demand since a greater demand will result in a higher price. Dahlia determin

Price = Industry demand / 2,000,000 + $1(+/-$2)

The random "+/-$2" term represents an increase or decrease in price according to the following distribution:

Probability 45% 55%

Price randomness $ (2) $ 2

The length of the project, tax rate, and required return are:

Project length (years) 6

Tax rate 21%
Required return 14%

a.
Create a Monte Carlo simulation for the project with at least 500 iterations of the calculation. Calculate the IRR
an error if the IRR of the project is too low. For example, what is the IRR if both the initial cash flow and the op
percent. This is not a problem when you are calculating the IRR one time since you can see the IRR is too low, b
problem trying to summarize the results. Because of this, you should create an IF statement that tests if the op
investment is less than .1. If this is the case, the cell will return an IRR of -99.99 percent, else the cell will calcul
b. Create a graph of the distribution of the IRRs from the Monte Carlo simulation for different ranges of IRR.

c. Create a graph for the cumulative probability function for the IRR distribution.
wered batteries for cell phones. Dahlia has estimated the following probability distributions

20% 10%
5% 6%

a higher price. Dahlia determines that the price per unit will be given by the equation:

e following distribution:

e calculation. Calculate the IRR for each iteration. NOTE: The IRR function in Excel will return
he initial cash flow and the operating cash flows are negative? The IRR is less than -100
ou can see the IRR is too low, but when you are running 500 or more iterations it can create a
F statement that tests if the operating cash flow divided by the absolute value of the initial
ercent, else the cell will calculate the IRR.
or different ranges of IRR.
 Master It! Solution

To make the programming easier, we have reproduced the inputs below.

Probability:
Industry demand:

Probability:
Ulrich market share:

Probability:
Initial cost:

Probability:
VC per unit

Probability:
Fixed costs:

Probability:
Price randomness:

Project length (years):

Tax rate:
Required return: