A B C D

1 COMPUTING THE PRESENT VALUE

2 Discount rate 10%
3
4 Present
Year Cash flow value
5 1 100 90.9091 <-- =B5/(1+$B$2)^A5
6 2 100 82.6446 <-- =B6/(1+$B$2)^A6
7 3 100 75.1315 <-- =B7/(1+$B$2)^A7
8 4 100 68.3013 <-- =B8/(1+$B$2)^A8
9 5 100 62.0921 <-- =B9/(1+$B$2)^A9
10
11 Net present value
12 Summing cells C5:C9 379.08 <-- =SUM(C5:C9)
13 Using Excel's NPV function 379.08 <-- =NPV(B2,B5:B9)
14 Using Excel's PV function 379.08 <-- =PV(B2,5,-100)
 A B C D E

COMPUTING THE PRESENT VALUE

In this example the cash flows are not equal
1 Either discount each cash flow separately or use Excel's NPV
function
Excel's PV doesn't work for this case
2 Discount rate 10%
3
4 Cash Present Present value
Year flow value of each cash flow
5 1 100 90.9091 <-- =B5/(1+$B$2)^A5
6 2 200 165.2893 <-- =B6/(1+$B$2)^A6
7 3 300 225.3944 <-- =B7/(1+$B$2)^A7
8 4 400 273.2054 <-- =B8/(1+$B$2)^A8
9 5 500 310.4607 <-- =B9/(1+$B$2)^A9
10
11 Net present value
12 Summing cells C5:C9 1,065.26 <-- =SUM(C5:C9)
13 Using Excel's NPV function 1,065.26 <-- =NPV(B2,B5:B9)
14
15
16
17
18 NPV $ 1,065.26
 A B C D E
1 COMPUTING THE NET PRESENT VALUE
2 Discount rate 10%
3
4 Present
Year Cash flow value
5 0 -250 -250.00 <-- =B5/(1+$B$2)^A5
6 1 100 90.91 <-- =B6/(1+$B$2)^A6
7 2 100 82.64 <-- =B7/(1+$B$2)^A7
8 3 100 75.13 <-- =B8/(1+$B$2)^A8
9 4 100 68.30 <-- =B9/(1+$B$2)^A9
10 5 100 62.09 <-- =B10/(1+$B$2)^A10
11
12 Net present value
13 Summing cells C5:C10 129.08 <-- =SUM(C5:C10)
14 Using Excel's NPV function 129.08 <-- =NPV(B2,B6:B10)+B5
15
16
17
18 NPV
 F
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18 $ 129.08
 A B C
1 COMPUTING THE VALUE OF A FINITE ANNUITY
2 Periodic payment, C 1,000
3 Number of future periods paid, n 5
4 Discount rate, r 12%
5 Present value of annuity
6 Using formula 3,604.78 <-- =B2*(1-1/(1+B4)^B3)/B4
7 Using Excel's PV function 3,604.78 <-- =PV(B4,B3,-B2)
8

9 Annuity
Period payment
10 1 1,000.00 <-- =B2
11 2 1,000.00
12 3 1,000.00
13 4 1,000.00
14 5 1,000.00
15
16 Present value using Excel's NPV function 3,604.78 <-- =NPV(B4,B10:B14)
 A B C
1 COMPUTING THE VALUE OF AN INFINITE ANNUITY
2 Periodic payment, C 1,000
3 Discount rate, r 12%
4 Present value of annuity 8,333.33 <-- =B2/B3
 A B C
1 COMPUTING THE VALUE OF A FINITE GROWING ANNUITY
2 First payment, C 1,000
3 Growth rate of payments, g 6%
4 Number of future periods paid, n 5
5 Discount rate, r 12%
6 Present value of annuity
7 Using formula 4,010.91 <-- =B2*(1-((1+B3)/(1+B5))^B4)/(B5-B3)
8

9 Annuity
Period payment
10 1 1,000.00 <-- =B2
11 2 1,060.00 <-- =$B$2*(1+$B$3)^(A11-1)
12 3 1,123.60 <-- =$B$2*(1+$B$3)^(A12-1)
13 4 1,191.02 <-- =$B$2*(1+$B$3)^(A13-1)
14 5 1,262.48 <-- =$B$2*(1+$B$3)^(A14-1)
15
16 Present value using Excel's NPV function 4,010.91 <-- =NPV(B5,B10:B14)
 D
1
2
3
4
5
6
B5))^B4)/(B5-B3)
7
8

10 1,000
11 1060
12 1123.6
13 1191.016
14 1262.477
15
16
 A B C
1 COMPUTING THE VALUE OF AN INFINITE GROWING ANNUITY
2 Periodic payment, C 1,000 <-- Starting at date 1
3 Growth rate of payments, g 6%
4 Discount rate, r 12%
5 Present value of annuity 16,666.67 <-- =B2/(B4-B3)
 D E F G
1
2
3 PV of Growing Annuity C/(r-g)
4
5
P0 5000
Div-0 25
g 3%

r 3.51500%
 A B C D E
1 INTERNAL RATE OF RETURN
Cash
2
Year flow
3 0 -800
4 1 200
5 2 250
6 3 300
7 4 350
8 5 400
9
10 Internal rate of return 22.16% <-- =IRR(B3:B8)
11
12 NPV $0.00
13
14
15
16 IRR 22.1603%
17
18 NPV $ 0.00
 A B C D
1 INTERNAL RATE OF RETURN
2 Discount rate 12%
3
Cash
4
Year flow
5 0 -800
6 1 200
7 2 250
8 3 300
9 4 350
10 5 400
11
12 Net present value (NPV) 240.81 <-- =B5+NPV(B2,B6:B10)
13
14
15
16 NPV $ 240.81
 A B C D
1 INTERNAL RATE OF RETURN
2 Discount rate 22.16%
3
4 Year Cash flow
5 0 -800
6 1 200
7 2 250
8 3 300
9 4 350
10 5 400
11
12 Net present value (NPV) 0.00 <-- =B5+NPV(B2,B6:B10)
13
14
15
16
17 NPV $ 0.00
 A B C D E F
1 INTERNAL RATE OF RETURN
2 Year Cash flow
3 0 -800
4 1 200
5 2 250
6 3 300
7 4 350
8 5 400
9
10 Internal rate of return 22.16% <-- =IRR(B3:B8)
11
12 USING THE IRR IN A LOAN TABLE

Division of cash flow

between investment
13
income and return of
B3-= B$10*B15$= principal

Investment at
14 beginning of Cash flow Return of
Year year at end of year Income principal
15 1 800.00 200.00 177.28 22.72 <-- =C15-D15
16 2 777.28 250.00 172.25 77.75
17 3 699.53 300.00 155.02 144.98
18 4 554.55 350.00 122.89 227.11
19 5 327.44 400.00 72.56 327.44
20 6 0.00
21
B15-E15=
22 The remaining investment principal
23 in the year after the last cash flow is
24 zero, indicating that all the principal
25 .has been repaid
26
 A B C

1
USING EXCEL'S RATE FUNCTION TO
COMPUTE THE IRR
2 Initial investment 1,000
3 Periodic cash flow 100
4 Number of payments 30
5 IRR 9.307% <-- =RATE(B4,B3,-B2)
 A B C D E F G H
1 MULTIPLE INTERNAL RATES OF RETURN
2 Discount rate 6%
3 NPV -3.99 <-- =NPV(B2,B7:B11)+B6 DATA TABLE
4 Discount
rate NPV
5 Year Cash flow -3.99
6 0 -145 0%
7 1 100 3%
8 2 100 6%
9 3 100 9%
10 4 100 12%
11 5 -275 15%
12 18%
13 21%
14 Two IRRs 24%
15 12.00 27%
16 30%
10.00
17 33%
Net present value

18 36%
8.00
19 39%
20 6.00
21
Discount rate Note: For a discussion of how to create data
22 4.00
tables in Excel, see Chapter 31.
23
24 2.00
25
26 0.00
0% 5% 10% 15% 20% 25% 30% 35% 40%
27
28
29 Identifying the two IRRs
30 First IRR 8.78% <-- =IRR(B6:B11,0)
31 Second IRR 26.65% <-- =IRR(B6:B11,0.3)
 I J K L
F RETURN1
2
3
4
5 Table header, <-- =B3
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
ote: For a discussion of how to create data
22
tables in Excel, see Chapter 31.
23
24
25
26
27
28
29
30
31
 A B C D E F G H I
1 BOND CASH FLOWS: NPV CROSSES X-AXIS ONLY ONCE, SO THERE IS ONLY ONE IRR
2 Year Cash flow Data table: Effect of
3 0 -800 discount rate on NPV
4 1 100 1,000.00 <-- =NPV(E4,B4:B11)+B3, table header
5 2 100 0% 1,000.00
6 3 100 2% 786.04
1200
NPV of Bond Cash Flows
7 4 100 4% 603.96
1000
8 5 100 6% 448.39
800
9 6 100 8% 314.93
10 7 100 10% 200.00 600

NPV
11 8 1,100 12% 100.65 400
12 14% 14.45 200
13 IRR 14.36% <-- =IRR(B3:B11) 16% -60.62 0
14 18% -126.21 -200 0% 2% 4% 6% 8% 10%12%14%16%18%20%
15 20% -183.72 -400
16 Discount rate
17
 J K
SO THERE IS
1 ONLY ONE IRR
2
3
4,B4:B11)+B3,4 table header
5
NPV of Bond 6 Cash Flows
7
8
9
10
11
12
13
% 4% 6% 8% 10%12%14%16%18%20%
14
15
16 rate
Discount
17
 A B C D E F G
1 FLAT PAYMENT SCHEDULES
2 Loan principal 10,000
3 Interest rate 7%
4 Loan term 6 <-- Number of years over which loan is repaid
5 Annual payment 2,097.96 <-- =PMT(B3,B4,-B2)
6
7 Split payment into:
=$B$3*C9

8 Principal
at beginning Payment at Return of
Year of year end of year Interest principal
9 1 10,000.00 2,097.96 700.00 1,397.96
10 2 8,602.04 2,097.96 602.14 1,495.82 =D9-E9
11 3 7,106.23 2,097.96 497.44 1,600.52
12 =C9-F9 4 5,505.70 2,097.96 385.40 1,712.56
13 5 3,793.15 2,097.96 265.52 1,832.44
14 6 1,960.71 2,097.96 137.25 1,960.71
15 7 0.00
 H I J K L M
1
2
3
4
5
6
7

8
Year Prin. At Beg. Payment at end Int Return on principa;
9 1 10000.00 2097.96 700.00 1397.96
10 2 8602.04 2097.96 602.14 1495.82
11 3 7106.23 2097.96 497.44 1600.52
12 4 5505.70 2097.96 385.40 1712.56
13 5 3793.15 2097.96 265.52 1832.44
14 6 1960.71 2097.96 137.25 1960.71
15 7 0.00
 A B C D E
1 SIMPLE FUTURE VALUE
2 Interest 10%
3
Account
Interest Total in
balance,
4 Year earned during account,
beginning of
year end year
year
5 1 1,000.00 100.00 1,100.00 <-- =C5+B5
6 2 1,100.00 110.00 1,210.00 <-- =C6+B6
7 3 1,210.00 121.00 1,331.00
8 4 1,331.00 133.10 1,464.10
9 5 1,464.10 146.41 1,610.51 =$B$2*B5
10 6 1,610.51 161.05 1,771.56
11 7 1,771.56 177.16 1,948.72
12 8 1,948.72 194.87 2,143.59
13 9 2,143.59 214.36 2,357.95
14 10 2,357.95 235.79 2,593.74
15 11 2,593.74 =D5
16
17 A simpler way 2,593.74 <-- =B5*(1+B2)^10
 A B C D E F
1 FUTURE VALUE WITH ANNUAL DEPOSITS
2 Interest 10%
3 Annual deposit 1,000 <-- Made today and at beginning of each of next 9 years
4 Number of deposits 10
5
Account
Deposit at Interest Total in
balance,
6 Year beginning earned account,
beginning of
of year during year end year
year
7 1 0.00 1,000 100.00 1,100.00 <-- =D7+C7+B7
8 2 1,100.00 1,000 210.00 2,310.00 <-- =D8+C8+B8
9 3 2,310.00 1,000 331.00 3,641.00
10 4 3,641.00 1,000 464.10 5,105.10
=$B$2*(B7+C7)
11 5 5,105.10 1,000 610.51 6,715.61
12 6 6,715.61 1,000 771.56 8,487.17
13 7 8,487.17 1,000 948.72 10,435.89
14 8 10,435.89 1,000 1,143.59 12,579.48
15 9 12,579.48 1,000 1,357.95 14,937.42
16 10 14,937.42 1,000 1,593.74 17,531.17
17
18 Future value 17,531.17 <-- =FV(B2,B4,-B3,,1) =E7
19
 G H I J K L
1
2
3
4
5 Interest 5%

6
Ordinary Annuity Annuity Due
7 0 100
8 1 100 100
9 2 100 100
10 3 100 100
11 4 100
12
13 PV ($354.60) ($372.32)
14
15
16
17
18
19
 A B C D E
1 A RETIREMENT PROBLEM
2 Interest 8%
3 Annual deposit 48,000.00 Total Deposit 240000
4 Annual retirement withdrawal 30,000.00
5
Account
Deposit at Interest Total in
balance,
6 Year beginning earned account,
beginning
of year during year end year
of year
7 1 0.00 48,000.00 3,840.00 51,840.00
8 2 51,840.00 48,000.00 7,987.20 107,827.20
9 3 107,827.20 48,000.00 12,466.18 168,293.38
10 4 168,293.38 48,000.00 17,303.47 233,596.85
11 5 233,596.85 48,000.00 22,527.75 304,124.59
12 6 304,124.59 -30,000.00 21,929.97 296,054.56
13 7 296,054.56 -30,000.00 21,284.36 287,338.93
14 8 287,338.93 -30,000.00 20,587.11 277,926.04
15 9 277,926.04 -30,000.00 19,834.08 267,760.12
16 10 267,760.12 -30,000.00 19,020.81 256,780.93
17 11 256,780.93 -30,000.00 18,142.47 244,923.41
18 12 244,923.41 -30,000.00 17,193.87 232,117.28
19 13 232,117.28 -30,000.00 16,169.38 218,286.66
20
Note: This problem has 5 deposits and 8 annual withdrawals, all made at the beginning of the year.
21 The beginning of year 13 is the last year of the retirement plan; if the annual deposit is correctly
computed, the balance at the beginning of year 13 after the withdrawal should be zero.
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
 F G H I J K L
EM 1
2
3
4
5 =$B$2*(C7+B7)

7 <-- =D7+C7+B7
8
9
10
11
12
13
14
15
16
17
18
19
20
l made at the beginning of the year.
n; if the annual21deposit is correctly
he withdrawal should be zero. Rate 8%
22
23 Age 55 56 57 58 59 60
24 0 1 2 3 4 5
25 ? ? ? ? ? 30,000
26 ($172,399.17) ($186,191.10)
27
28
29 Deposits $27,209.77
30
31
32
33
34
35 -1 0 1
36 100 100
37
38 0 1
39 100
 M N O P Q R S
1
2
3
4
5

7
8
9
10
11
12
13
14
15
16
17
18
19
20

21

22
23
24 6 7 8 9 10 11 12
25 30,000 30,000 30,000 30,000 30,000 30,000 30,000
26
27
28
29
30
31
32
33
34
35 2
36
37
38 2
39 100
Annual deposit 29,386.55
Annual withdrawal 30,000.00
Interest rate 8%

0 1 2 3 4 5 6

Deposits made Withdraw

Future value of deposits $186,191.10 <-- =FV(B4,5,-B2,,1)

Present value of
withdrawals
to end of year 3 $186,191.10 <-- =PV(B4,8,-B3,,1)
7 8 9 10 11 12 13

Withdrawals at beginning of year

 A B C D E
1 A RETIREMENT PROBLEM
2 Interest 8%
3 Annual deposit 29,386.55
4 Annual retirement withdrawal 30,000.00
5
Account
Deposit at Interest Total in
balance,
6 Year beginning earned account,
beginning
of year during year end year
of year
7 1 0.00 29,386.55 2,350.92 31,737.48
8 2 31,737.48 29,386.55 4,889.92 66,013.95
9 3 66,013.95 29,386.55 7,632.04 103,032.54
10 4 103,032.54 29,386.55 10,593.53 143,012.62
11 5 143,012.62 29,386.55 13,791.93 186,191.10
12 6 186,191.10 -30,000.00 12,495.29 168,686.39
13 7 168,686.39 -30,000.00 11,094.91 149,781.30
14 8 149,781.30 -30,000.00 9,582.50 129,363.81
15 9 129,363.81 -30,000.00 7,949.10 107,312.91
16 10 107,312.91 -30,000.00 6,185.03 83,497.94
17 11 83,497.94 -30,000.00 4,279.84 57,777.78
18 12 57,777.78 -30,000.00 2,222.22 30,000.00
19 13 30,000.00 -30,000.00 0.00 0.00
20
Note: This problem has 5 deposits and 8 annual withdrawals, all made at the beginning of the year.
21 The beginning of year 13 is the last year of the retirement plan; if the annual deposit is correctly
computed, the balance at the beginning of year 13 after the withdrawal should be zero.
 F G H I J K L M
EM 1
2
3
4
5 =$B$2*(C7+B7)

7 <-- =D7+C7+B7
8
9
10
11
12
13
14
15
16
17
18
19
20
l made at the beginning of the year.
n; if the annual21deposit is correctly
he withdrawal should be zero.
 N O P
1
2
3
4
5

7
8
9
10
11
12
13
14
15
16
17
18
19
20

21
 A B C
1 A RETIREMENT PROBLEM
2 Interest 8%
3 Annual retirement withdrawal 30,000.00
4 Years of withdrawal 8
5 Years of deposit 5
6 Present value of withdrawals 117,331.98 <-- =-PV(B2,B4,B3)/(1+B2)^B5
7 Annual deposit 29,386.55 <-- =PMT(B2,B5,-B6)
8
9 29,386.55 <-- =PMT(B2,B5,PV(B2,B4,B3)/(1+B2)^B5)
 A B C
1 MULTIPLE COMPOUNDING PERIODS
2 Initial deposit 1,000
3 Interest rate 5%
4 Number of compounding periods per year 2
5 Interest per compounding period 2.500% <-- =B3/B4
6 Accretion in one year 1,050.625 <-- =B2*(1+B5)^B4
7 Continuous compounding with Exp 1,051.271 <-- =B2*EXP(B3)
8
9 Effect of Multiple Compounding Periods
10 1,051.50
11
12 1,051.00
End-year accretion

13
14 1,050.50
15
16
1,050.00
17
18
19 1,049.50
20 Number of compounding intervals
21 1,049.00
22 1 10 100 1000
23
End-year
24 Compounding periods per year
accretion
25 1 1,050.000 <-- =$B$2*(1+$B$3/A25)^A25
26 2 1,050.625 <-- =$B$2*(1+$B$3/A26)^A26
27 10 1,051.140
28 20 1,051.206
29 50 1,051.245
30 100 1,051.258
31 150 1,051.262
32 300 1,051.267
33 800 1,051.269
 A B C D
1 CONTINUOUS DISCOUNTING
2 Interest 8%
3

Continously
4 discounted
Year Cash flow PV
5 1 100 92.31 <-- =B5*EXP(-$B$2*A5)
6 2 200 170.43 <-- =B6*EXP(-$B$2*A6)
7 3 300 235.99
8 4 400 290.46
9 5 500 335.16
10
11 Present value 1,124.35 <-- =SUM(C5:C9)
 A B C
1 CALCULATING RETURNS FROM PRICES
2 Initial deposit 1,000
3 End-of-year value 1,200
4 Number of compounding periods 2
5 Implied annual interest rate 19.09% <-- =((B3/B2)^(1/B4)-1)*B4
6
7 Continuous return 18.23% <-- =LN(B3/B2)
8

9
Implied annual interest rate with n compounding periods
10 Number of compounding periods Rate
11 19.09% <-- =B5, data table header
12 1
13 2
14 4
15 8
16 20
17 1000
 A B C

USING XIRR TO COMPUTE THE

1 ANNUALIZED INTERNAL RATE OF
RETURN
2 Date Cash flow
3 1-Jan-14 -1,000
4 3-Mar-14 150
5 4-Jul-14 100
6 12-Oct-14 50
7 25-Dec-14 1,000
8
9 IRR 37.19% <-- =XIRR(B3:B7,A3:A7)
10 37.19%
 A B C D E

1
USING XNPV TO COMPUTE THE NET
PRESENT VALUE
2 Annual discount rate 12%
3
4 Date Cash flow
5 1-Jan-14 -1,000 NPV 2.2761
6 3-Mar-15 100 16.80 XNPV
7 4-Jul-15 195
8 12-Oct-16 350 -292.874 XNPV
9 25-Dec-17 800
10 24-Mar-18 -500
11 Net present value 16.80 <-- =XNPV(B2,B5:B9,A5:A9)
12 16.8008306

Note that XNPV has a different syntax from NPV !

13 XNPV requires all the cash flows, including the initial cash flow,
whereas NPV assumes that the first cash flow occurs one period
hence.
14 16.8008306
15
 F G H I J K L M N

2
3 IRR
4
5 error Data Value
6 1-Jan-14 0 -309.6748
7 ### -500
8
9
10
11 IRR 12.62%
12

13

14
15
 O P Q R S T

2
3
4
5
6
7 rate 13%
8
9 2019-12-01 0 xnpv 1259.478
10 2020-01-01 500
11 2020-02-02 700
12 2020-06-04 -50

13

2020-12-09 100
14 2021-02-05 -75
15 2021-03-04 120
 A B C

1
PROBLEM WITH XNPV
XNPV does not work with zero or negative discount rates
2 Discount rate -3.00%
3 Net present value -194.8738 <-- =XNPV(B2,B7:B13,A7:A13)
4 -194.87 <-- =nXNPV(B2,B7:B13,A7:A13)
5 -194.8738
6 Date Cash flow
7 30-Jun-14 -500
8 14-Feb-15 100
9 14-Feb-16 300
10 14-Feb-17 400
11 14-Feb-18 600
12 14-Feb-19 800
13 14-Feb-20 -1,800
 A B C D
1 PROBLEMS WITH XIRR
2 Discount rate 22.00%
3 Net present value 64.96186 <-- =XNPV(B2,B9:B15,A9:A15)
4 IRR 0.050631 <-- =XIRR(B9:B15,A9:A15) , no Guess
5 0.387695 <-- =XIRR(B9:B15,A9:A15,35%), Guess = 35%
6 0.050631 <-- =XIRR(B9:B15,A9:A15,5%) , Guess = 5%
7
8 Date Cash flow Data table: XNPV as functi
9 30-Jun-14 -500
10 14-Feb-15 100 Rate
11 14-Feb-16 300 0.1%
12 14-Feb-17 400 2.5%
13 14-Feb-18 600 4.9%
14 14-Feb-19 800 7.3%
15 14-Feb-20 -1,800 9.7%
16 12.1%
17 12 14.5%
XNPV as Function of Discount Rate
18 16.9%
19 19.3%
20 10 21.7%
21 24.1%
22 8
26.5%
23 28.9%
24 31.3%
25 6 33.7%
26 36.1%
27 38.5%
4
28 40.9%
29
30 2
31
32
0
33
0% 3% 6% 9% 12% 15% 18% 21% 24% 27% 30% 33% 36% 39% 42%
34
 E F
1
2
3
4
5
6
7
Data table:
8 XNPV as function of discount rate
9
10 64.962 <-- =B3, data table header
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
 A B C D
1 NXIRR FIXES THE XIRR BUG
2 Discount rate -3.00%
3 IRR 5.06% <-- =nXIRR(B8:B14,A8:A14) , no Guess
4 38.77% <-- =nXIRR(B8:B14,A8:A14,35%), Guess = 35%
5 5.06% <-- =nXIRR(B8:B14,A8:A14,5%) , Guess = 5%
6
7 Date Cash flow
8 30-Jun-14 -500 -750
9 14-Feb-15 100 150
10 14-Feb-16 300 450
11 14-Feb-17 400 600
12 14-Feb-18 600 900
13 14-Feb-19 800 1200
14 14-Feb-20 -1,800 -2700
15
16
17
18 31-Jul-22 -750
19 15-Mar-23 150
20 15-Mar-24 450 0.0504308319091796
21 15-Mar-25 600 0.389804382324219
22 15-Mar-26 900
23 15-Mar-27 1200
24 15-Mar-28 -2700
 E F G H I J K L
1
2
3
4 0.050631
5
6
7 31-Jul-21 -500 Rate
8 6% 15-Mar-22 200 5%
9 28% 15-Mar-23 400 10%
10 15-Mar-24 200 20%
11 15-Mar-25 300 30%
12 15-Mar-26 -1200 19% 19% 40%
13 15-Mar-27 800 50%
14 4000 60%
15 70%
16 80%
17 (190.90) 90%
18
19
20
21
22
23
24
 M
1
2
3
4
5
6
7
8 $129.61
9 $74.04
10 ($9.47)
11 ($70.85)
12 ($118.96)
13 ($158.16)
14 ($190.90)
15 ($218.69)
16 ($242.55)
17 ($263.21)
18
19
20
21
22
23
24