Years

Fees
0.7 Operaitng Expenses-Except Depreciation
Depreciation-Building
Depreciation-Furniture
EBIT
0.4 Taxes
NOPAT
Depreciation-Building
Depreciation-Furniture
Change in GCE
Change in NOWC
FCF
0.1 pv
NPV

Less

Years
Building
Renovation Cost
Cost of the Building
Life(Years)
Residual Value
Depreciation-Building

0.1
0.15
0.1
0.1
0.15
0.1

0
500,000
120,000
620,000
40
-

Furniture
Depreciation-Furniture

1,500,000
0.08

Land
Renovation cost
Cost of land
GCE
Change in GCE
Years
Cash
Office Supplies
A/R
Prepaid Expenses
OCA
A/P
Accruals
OCL
NOWC
Change in NOWC

1,000,000
200,000
1,200,000
3,320,000
0
1,000,000
1,500,000
1,000,000
1,000,000
4,500,000
1,500,000
1,000,000
2,500,000
2,000,000

-5320000
-5320000
10,650,017

1
10,000,000
7,000,000
15,500
132,000
2,852,500
1,141,000
1,711,500
15,500
132,000
150,000
200,000
1,509,000
1,371,818

0.1
2
11,000,000
7,700,000
15,500
145,200
3,139,300
1,255,720
1,883,580
15,500
145,200
165,000
330,000
1,549,280
1,280,397

0.15
3
12,650,000
8,855,000
15,500
159,720
3,619,780
1,447,912
2,171,868
15,500
159,720
181,500
506,000
1,659,588
1,246,873

0.2
4
15,180,000
10,626,000
15,500
175,692
4,362,808
1,745,123
2,617,685
15,500
175,692
199,650
455,400
2,153,827
1,471,093

620,000

620,000

620,000

620,000

15,500
0.10
1,650,000
132,000

15,500
0.10
1,815,000
145,200

15,500
0.10
1,996,500
159,720

15,500
0.10
2,196,150
175,692

1,200,000
3,470,000
150,000
1
1,100,000
1,650,000
1,100,000
1,100,000
4,950,000
1,650,000
1,100,000
2,750,000
2,200,000
200,000

1,200,000
3,635,000
165,000
2
1,265,000
1,897,500
1,265,000
1,265,000
5,692,500
1,897,500
1,265,000
3,162,500
2,530,000
330,000

1,200,000
3,816,500
181,500
3
1,518,000
2,277,000
1,518,000
1,518,000
6,831,000
2,277,000
1,518,000
3,795,000
3,036,000
506,000

1,200,000
4,016,150
199,650
4
1,745,700
2,618,550
1,745,700
1,745,700
7,855,650
2,618,550
1,745,700
4,364,250
3,491,400
455,400

0.15
5
17,457,000
12,219,900
15,500
193,261
5,028,339
2,011,336
3,017,003
15,500
193,261
219,615
349,140
2,657,009
1,649,794

0.1
6
19,202,700
13,441,890
15,500
212,587
5,532,723
2,213,089
3,319,634
15,500
212,587
241,577
192,027
3,114,117
1,757,838

0.05
7
20,162,835
14,113,985
15,500
233,846
5,799,504
2,319,802
3,479,703
15,500
233,846
80,651
3,648,397
1,872,205

620,000

620,000

620,000

15,500
0.10
2,415,765
193,261

15,500
0.10
2,657,342
212,587

15,500
0.10
2,923,076
233,846

1,200,000
4,235,765
219,615
5
1,920,270
2,880,405
1,920,270
1,920,270
8,641,215
2,880,405
1,920,270
4,800,675
3,840,540
349,140

1,200,000
4,477,342
241,577
6
2,016,284
3,024,425
2,016,284
2,016,284
9,073,276
3,024,425
2,016,284
5,040,709
4,032,567
192,027

1,200,000
4,743,076
7
2,056,609
3,084,914
2,056,609
2,056,609
9,254,741
3,084,914
2,056,609
5,141,523
4,113,218
80,651

0.02
8
20,566,092

46,517,067