2) 0 1 2 3 4 5

INV - 550,000
CT - 48,750
VENTAS 975,000 975,000 975,000 975,000 975,000
CV 475,000 475,000 475,000 475,000 475,000
CF 200,000 200,000 200,000 200,000 200,000
DEPR 110,000 110,000 110,000 110,000 110,000
UAT 190,000 190,000 190,000 190,000 190,000
T 62,700 62,700 62,700 62,700 62,700
UN 127,300 127,300 127,300 127,300 127,300
FC - 598,750 237,300 237,300 237,300 237,300 286,050
VAN 220,954

3) Bu 0.80
D/D+E 45% E/D+E 55%
D/E 0.82
T 0.30

a) Bd 0.15 Be 1.17 B) Kd
RF 3.35% Ke 15.00% WACC
PRM 6.10%
RP 2.50%
PT 2.00%

4) D/E Be Bu
A 1.10 1.14 0.64
B 0.95 1.35 0.81
T 30%

Bu prom 0.73 Rf 3.5%

D/D+E 40% E/D+E 60% PRM 6.50%
D/E 66.67% RP 2.5%
Be 1.07 Ke 12.93%
Kd 8.10% WACC 10.03%
 7%
10.46%