INPUT

Cost $ 960,000 0 1 2
year 10 Cashflow $ -960,000 $ 3,517,600 $ 3,517,600
Sales $ 250,000 NPV $ 18,915,225
Price/unit $ 50
Variable cost/unit $ 25
Fixed cost $ 890,000
Taxe rate 35%
R 12% $ 18,915,225
45
OUTPUT 47
Initial cost $ -960,000 48
PICE/UNIT
Variable cost 6250000 50
Revenue 12500000 52
Depriciation $ 96,000 54
Total cost $ 7,236,000 56
EBIT $ 5,264,000
Taxe $ 1,842,400
Net income $ 3,421,600
OCF $ 3,517,600
NPV $ 18,915,225
 3 4 5 6 7 8
$ 3,517,600 $ 3,517,600 $ 3,517,600 $ 3,517,600 $ 3,517,600 $ 3,517,600

DATA TABLE
SALES
200000 230000 240000 250000 270000 290000
 9 10
$ 3,517,600 $ 3,517,600

300000
INPUT
Borrow 250000
Year 5
Interest/year 8.6%
Priods of year 12
Interest/month 0.72%
Total perods 60
IPMT
PAYMENT SCHEDULE
Period Beginning balance Total Payment Interest Payment Principal Payment
1 $ 250,000 $ 5,141.19 $ 1,791.67 $ 3,349.52
2 $ 246,650.48 $ 5,141.19 $ 1,767.66 $ 3,373.53
3 $ 243,276.95 $ 5,141.19 $ 1,743.48 $ 3,397.71
4 $ 239,879.24 $ 5,141.19 $ 1,719.13 $ 3,422.06
5 $ 236,457.19 $ 5,141.19 $ 1,694.61 $ 3,446.58
6 $ 233,010.61 $ 5,141.19 $ 1,669.91 $ 3,471.28
7 $ 229,539.32 $ 5,141.19 $ 1,645.03 $ 3,496.16
8 $ 226,043.17 $ 5,141.19 $ 1,619.98 $ 3,521.21
9 $ 222,521.95 $ 5,141.19 $ 1,594.74 $ 3,546.45
10 $ 218,975.50 $ 5,141.19 $ 1,569.32 $ 3,571.87
11 $ 215,403.64 $ 5,141.19 $ 1,543.73 $ 3,597.46
12 $ 211,806.17 $ 5,141.19 $ 1,517.94 $ 3,623.25
13 $ 208,182.93 $ 5,141.19 $ 1,491.98 $ 3,649.21
14 $ 204,533.71 $ 5,141.19 $ 1,465.82 $ 3,675.37
15 $ 200,858.35 $ 5,141.19 $ 1,439.48 $ 3,701.71
16 $ 197,156.64 $ 5,141.19 $ 1,412.96 $ 3,728.23
17 $ 193,428.41 $ 5,141.19 $ 1,386.24 $ 3,754.95
18 $ 189,673.45 $ 5,141.19 $ 1,359.33 $ 3,781.86
19 $ 185,891.59 $ 5,141.19 $ 1,332.22 $ 3,808.97
20 $ 182,082.62 $ 5,141.19 $ 1,304.93 $ 3,836.26
21 $ 178,246.36 $ 5,141.19 $ 1,277.43 $ 3,863.76
22 $ 174,382.60 $ 5,141.19 $ 1,249.74 $ 3,891.45
23 $ 170,491.15 $ 5,141.19 $ 1,221.85 $ 3,919.34
24 $ 166,571.82 $ 5,141.19 $ 1,193.76 $ 3,947.43
25 $ 162,624.39 $ 5,141.19 $ 1,165.47 $ 3,975.72
26 $ 158,648.67 $ 5,141.19 $ 1,136.98 $ 4,004.21
27 $ 154,644.47 $ 5,141.19 $ 1,108.29 $ 4,032.90
28 $ 150,611.56 $ 5,141.19 $ 1,079.38 $ 4,061.81
29 $ 146,549.75 $ 5,141.19 $ 1,050.27 $ 4,090.92
30 $ 142,458.84 $ 5,141.19 $ 1,020.95 $ 4,120.24
31 $ 138,338.60 $ 5,141.19 $ 991.43 $ 4,149.76
32 $ 134,188.84 $ 5,141.19 $ 961.69 $ 4,179.50
33 $ 130,009.33 $ 5,141.19 $ 931.73 $ 4,209.46
34 $ 125,799.88 $ 5,141.19 $ 901.57 $ 4,239.62
35 $ 121,560.25 $ 5,141.19 $ 871.18 $ 4,270.01
36 $ 117,290.24 $ 5,141.19 $ 840.58 $ 4,300.61
37 $ 112,989.63 $ 5,141.19 $ 809.76 $ 4,331.43
38 $ 108,658.20 $ 5,141.19 $ 778.72 $ 4,362.47
39 $ 104,295.73 $ 5,141.19 $ 747.45 $ 4,393.74
40 $ 99,901.99 $ 5,141.19 $ 715.96 $ 4,425.23
41 $ 95,476.77 $ 5,141.19 $ 684.25 $ 4,456.94
42 $ 91,019.83 $ 5,141.19 $ 652.31 $ 4,488.88
43 $ 86,530.94 $ 5,141.19 $ 620.14 $ 4,521.05
44 $ 82,009.89 $ 5,141.19 $ 587.74 $ 4,553.45
45 $ 77,456.44 $ 5,141.19 $ 555.10 $ 4,586.09
46 $ 72,870.35 $ 5,141.19 $ 522.24 $ 4,618.95
47 $ 68,251.40 $ 5,141.19 $ 489.14 $ 4,652.06
48 $ 63,599.35 $ 5,141.19 $ 455.80 $ 4,685.40
49 $ 58,913.95 $ 5,141.19 $ 422.22 $ 4,718.97
50 $ 54,194.98 $ 5,141.19 $ 388.40 $ 4,752.79
51 $ 49,442.18 $ 5,141.19 $ 354.34 $ 4,786.85
52 $ 44,655.33 $ 5,141.19 $ 320.03 $ 4,821.16
53 $ 39,834.17 $ 5,141.19 $ 285.48 $ 4,855.71
54 $ 34,978.46 $ 5,141.19 $ 250.68 $ 4,890.51
55 $ 30,087.94 $ 5,141.19 $ 215.63 $ 4,925.56
56 $ 25,162.38 $ 5,141.19 $ 180.33 $ 4,960.86
57 $ 20,201.52 $ 5,141.19 $ 144.78 $ 4,996.41
58 $ 15,205.11 $ 5,141.19 $ 108.97 $ 5,032.22
59 $ 10,172.89 $ 5,141.19 $ 72.91 $ 5,068.28
60 $ 5,104.61 $ 5,141.19 $ 36.58 $ 5,104.61
 GOAL SEEK IPMT

Ending Payment Period Beginning balance Total Payment

$ 246,650.48 1 $ 250,000 $ 5,141.19
$ 243,276.95 2 $ 246,650.48 $ 5,141.19
$ 239,879.24 3 $ 243,276.95 $ 5,141.19
$ 236,457.19 4 $ 239,879.24 $ 5,141.19
$ 233,010.61 5 $ 236,457.19 $ 5,141.19
$ 229,539.32 6 $ 233,010.61 $ 5,141.19
$ 226,043.17 7 $ 229,539.32 $ 5,141.19
$ 222,521.95 8 $ 226,043.17 $ 5,141.19
$ 218,975.50 9 $ 222,521.95 $ 5,141.19
$ 215,403.64 10 $ 218,975.50 $ 5,141.19
$ 211,806.17 11 $ 215,403.64 $ 5,141.19
$ 208,182.93 12 $ 211,806.17 $ 5,141.19
$ 204,533.71 13 $ 208,182.93 $ 5,141.19
$ 200,858.35 14 $ 204,533.71 $ 5,141.19
$ 197,156.64 15 $ 200,858.35 $ 5,141.19
$ 193,428.41 16 $ 197,156.64 $ 5,141.19
$ 189,673.45 17 $ 193,428.41 $ 5,141.19
$ 185,891.59 18 $ 189,673.45 $ 5,141.19
$ 182,082.62 19 $ 185,891.59 $ 5,141.19
$ 178,246.36 20 $ 182,082.62 $ 5,141.19
$ 174,382.60 21 $ 178,246.36 $ 5,141.19
$ 170,491.15 22 $ 174,382.60 $ 5,141.19
$ 166,571.82 23 $ 170,491.15 $ 5,141.19
$ 162,624.39 24 $ 166,571.82 $ 5,141.19
$ 158,648.67 25 $ 162,624.39 $ 5,141.19
$ 154,644.47 26 $ 158,648.67 $ 5,141.19
$ 150,611.56 27 $ 154,644.47 $ 5,141.19
$ 146,549.75 28 $ 150,611.56 $ 5,141.19
$ 142,458.84 29 $ 146,549.75 $ 5,141.19
$ 138,338.60 30 $ 142,458.84 $ 5,141.19
$ 134,188.84 31 $ 138,338.60 $ 5,141.19
$ 130,009.33 32 $ 134,188.84 $ 5,141.19
$ 125,799.88 33 $ 130,009.33 $ 5,141.19
$ 121,560.25 34 $ 125,799.88 $ 5,141.19
$ 117,290.24 35 $ 121,560.25 $ 5,141.19
$ 112,989.63 36 $ 117,290.24 $ 5,141.19
$ 108,658.20 37 $ 112,989.63 $ 5,141.19
$ 104,295.73 38 $ 108,658.20 $ 5,141.19
$ 99,901.99 39 $ 104,295.73 $ 5,141.19
$ 95,476.77 40 $ 99,901.99 $ 5,141.19
$ 91,019.83 41 $ 95,476.77 $ 5,141.19
$ 86,530.94 42 $ 91,019.83 $ 5,141.19
$ 82,009.89 43 $ 86,530.94 $ 5,141.19
$ 77,456.44 44 $ 82,009.89 $ 5,141.19
$ 72,870.35 45 $ 77,456.44 $ 5,141.19
$ 68,251.40 46 $ 72,870.35 $ 5,141.19
$ 63,599.35 47 $ 68,251.40 $ 5,141.19
$ 58,913.95 48 $ 63,599.35 $ 5,141.19
$ 54,194.98 49 $ 58,913.95 $ 5,141.19
$ 49,442.18 50 $ 54,194.98 $ 5,141.19
$ 44,655.33 51 $ 49,442.18 $ 5,141.19
$ 39,834.17 52 $ 44,655.33 $ 5,141.19
$ 34,978.46 53 $ 39,834.17 $ 5,141.19
$ 30,087.94 54 $ 34,978.46 $ 5,141.19
$ 25,162.38 55 $ 30,087.94 $ 5,141.19
$ 20,201.52 56 $ 25,162.38 $ 5,141.19
$ 15,205.11 57 $ 20,201.52 $ 5,141.19
$ 10,172.89 58 $ 15,205.11 $ 5,141.19
$ 5,104.61 59 $ 10,172.89 $ 5,141.19
$ -0.00 60 $ 5,104.61 $ 5,141.19
$ 5,141.19

Interest Payment Principal Payment Ending Payment

$ 1,791.67 $ 3,349.52 $ 246,650.48
$ 1,767.66 $ 3,373.53 $ 243,276.95
$ 1,743.48 $ 3,397.71 $ 239,879.24
$ 1,719.13 $ 3,422.06 $ 236,457.19
$ 1,694.61 $ 3,446.58 $ 233,010.61
$ 1,669.91 $ 3,471.28 $ 229,539.32
$ 1,645.03 $ 3,496.16 $ 226,043.17
$ 1,619.98 $ 3,521.21 $ 222,521.95
$ 1,594.74 $ 3,546.45 $ 218,975.50
$ 1,569.32 $ 3,571.87 $ 215,403.64
$ 1,543.73 $ 3,597.46 $ 211,806.17
$ 1,517.94 $ 3,623.25 $ 208,182.93
$ 1,491.98 $ 3,649.21 $ 204,533.71
$ 1,465.82 $ 3,675.37 $ 200,858.35
$ 1,439.48 $ 3,701.71 $ 197,156.64
$ 1,412.96 $ 3,728.23 $ 193,428.41
$ 1,386.24 $ 3,754.95 $ 189,673.45
$ 1,359.33 $ 3,781.86 $ 185,891.59
$ 1,332.22 $ 3,808.97 $ 182,082.62
$ 1,304.93 $ 3,836.26 $ 178,246.36
$ 1,277.43 $ 3,863.76 $ 174,382.60
$ 1,249.74 $ 3,891.45 $ 170,491.15
$ 1,221.85 $ 3,919.34 $ 166,571.82
$ 1,193.76 $ 3,947.43 $ 162,624.39
$ 1,165.47 $ 3,975.72 $ 158,648.67
$ 1,136.98 $ 4,004.21 $ 154,644.47
$ 1,108.29 $ 4,032.90 $ 150,611.56
$ 1,079.38 $ 4,061.81 $ 146,549.75
$ 1,050.27 $ 4,090.92 $ 142,458.84
$ 1,020.95 $ 4,120.24 $ 138,338.60
$ 991.43 $ 4,149.76 $ 134,188.84
$ 961.69 $ 4,179.50 $ 130,009.33
$ 931.73 $ 4,209.46 $ 125,799.88
$ 901.57 $ 4,239.62 $ 121,560.25
$ 871.18 $ 4,270.01 $ 117,290.24
$ 840.58 $ 4,300.61 $ 112,989.63
$ 809.76 $ 4,331.43 $ 108,658.20
$ 778.72 $ 4,362.47 $ 104,295.73
$ 747.45 $ 4,393.74 $ 99,901.99
$ 715.96 $ 4,425.23 $ 95,476.77
$ 684.25 $ 4,456.94 $ 91,019.83
$ 652.31 $ 4,488.88 $ 86,530.94
$ 620.14 $ 4,521.05 $ 82,009.89
$ 587.74 $ 4,553.45 $ 77,456.44
$ 555.10 $ 4,586.09 $ 72,870.35
$ 522.24 $ 4,618.95 $ 68,251.40
$ 489.14 $ 4,652.06 $ 63,599.35
$ 455.80 $ 4,685.40 $ 58,913.95
$ 422.22 $ 4,718.97 $ 54,194.98
$ 388.40 $ 4,752.79 $ 49,442.18
$ 354.34 $ 4,786.85 $ 44,655.33
$ 320.03 $ 4,821.16 $ 39,834.17
$ 285.48 $ 4,855.71 $ 34,978.46
$ 250.68 $ 4,890.51 $ 30,087.94
$ 215.63 $ 4,925.56 $ 25,162.38
$ 180.33 $ 4,960.86 $ 20,201.52
$ 144.78 $ 4,996.41 $ 15,205.11
$ 108.97 $ 5,032.22 $ 10,172.89
$ 72.91 $ 5,068.28 $ 5,104.61
$ 36.58 $ 5,104.61 $ -0.00
 PRICE RETURN
Date VNINDEX VCB VNINDEXVCB
1 2-Jan-19 891.75 53.6
2 1-Feb-19 908.67 56.5 1.88% 5.27%
3 1-Mar-19 979.63 62.2 7.52% 9.61%
4 1-Apr-19 988.53 67.8 0.90% 8.62%
5 2-May-19 978.5 66.9 -1.02% -1.34%
6 3-Jun-19 946.47 66.5 -3.33% -0.60%
7 1-Jul-19 965.61 71.3 2.00% 6.97%
8 1-Aug-19 997.39 80.5 3.24% 12.14%
9 3-Sep-19 979.36 77.8 -1.82% -3.41%
10 1-Oct-19 999.59 83.4 2.04% 6.95%
11 1-Nov-19 1015.59 88.8 1.59% 6.27%
12 2-Dec-19 959.31 83.5 -5.70% -6.15%
13 2-Jan-20 966.67 88.7 0.76% 6.04%
14 3-Feb-20 928.14 88.7 -4.07% 0.00%
15 2-Mar-20 884.43 81.8 -4.82% -8.10%
16 1-Apr-20 680.23 65 -26.25% -22.99%
17 4-May-20 762.47 67.4 11.41% 3.63%
18 1-Jun-20 878.67 86.5 14.18% 24.95%
19 1-Jul-20 843.49 83.4 -4.09% -3.65%
20 3-Aug-20 814.65 83 -3.48% -0.48%
21 1-Sep-20 891.73 83 9.04% 0.00%
22 1-Oct-20 914.09 84 2.48% 1.20%
23 2-Nov-20 933.68 85.8 2.12% 2.12%
24 1-Dec-20 1008.87 92 7.75% 6.98%
25 4-Jan-21 1120.47 99 10.49% 7.33%
26 1-Feb-21 1035.51 91.1 -7.89% -8.32%
27 1-Mar-21 1186.17 99.2 13.58% 8.52%
28 1-Apr-21 1216.1 96.9 2.49% -2.35%
29 4-May-21 1242.2 99.1 2.12% 2.24%
RF 3%
RM-RF 4%
TAX 20%
RM 7%
Intercept 0.011388613
slope 0.892128905
CAPM 6.569%
CAPM ADJUSTED TAX 6.504%

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.83627228
R Square 0.699351327
Adjusted R Square 0.687787917
Standard Error 0.047304416
Observations 28

ANOVA
df SS MS F Significance F
Regression 1 0.13533583994 0.13533584 60.4796766 2.994022E-08
Residual 26 0.05818040103 0.002237708
Total 27 0.19351624097

Coefficients Standard Error t Stat P-value Lower 95%

Intercept 0.011388613 0.00904224487 1.259489561 0.219043176 -0.007197987
X Variable 1 0.892128905 0.11471570563 7.776868045 2.994022E-08 0.6563273954

Y=0,01138+0,89212*X
rVCB,t= 0,01138+0,89212*Rvinindex
Upper 95% Lower 95,0% Upper 95,0%
0.029975214 -0.007197987 0.029975214
1.127930415 0.6563273954 1.127930415