EXHIBIT 12B-1 1 Present Value of $1; (1+r)" Periods 4% 5% 6% 11% 1 0.962 2 0.925 0.907 3 0.952 0.943 0.890 0.889 0.864 0.840 0.901 0.812 0.731 4 0.855 0.823 0.792 0.708 0.683 0.659 5 0.822 0.784 0.747 0.650 0.593 6 0.790 0.746 0.705 0.507 0.480 7 0.760 0.711 8 0.731 0.677 9 10 11 12 0.665 0.627 0.703 0.645 0.592 0.544 0.558 0.508 0.676 0.614 0.650 0.585 0.527 0.475 0.625 0.557 0.497 0.444 13 0.601 0.530 14 0.577 0.505 0.205 15 0.555 0.481 0.183 16 0.188 17 0.513 0.170 18 19 20 0.456 21 0.439 22 0.422 0.342 23 24 25 26 0.361 0.281 27 28 0.333 0.255 29 0.321 0.243 0.185 0.347 0.268 0.207 0.161 0.125 0.098 0.116 0.107 0.037 0.029 0.196 0.150 0.141 0.090 30 0.308 0.231 40 0.208 0.142 0.174 0.131 0.099 0.046 0.097 0.067 0.082 0.075 0.069 0.063 0.048 0.044 0.057 0.032 0.022 0.015 0.054 0.042 0.033 0.026 0.037 0.029 0.022 0.017 0.033 0.026 0.011 0.008 0.005 0.020 0.015 0.004 16% 17% 13% 14% 15% 12% 10% 9% 7% 8% 0.806 0.800 0.840 0.833 0.820 0.826 0.813 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.650 0.640 0.935 0.926 0.917 0.909 0.672 0.661 0.718 0.706 0.694 0.683 0.826 0.797 0.783 0.769 0.756 0.743 0.731 0.873 0.857 0.842 0.537 0.524 0.512 0.641 0.624 0.609 0.593 0.579 0.564 0.551 0.712 0.693 0.675 0.658 0.437 0.816 0.794 0.772 0.751 0.423 0.410 0.482 0.467 0.451 0.534 0.516 0.499 0.636 0.613 0.592 0.572 0.552 0.328 0.763 0.735 0.456 0.437 0.419 0.402 0.386 0.370 0.355 0.341 0.621 0.681 0.519 0.497 0.476 0.567 0.543 0.713 0.335 0.319 0.303 0.289 0.275 0.262 0.410 0.390 0.370 0.352 0.666 0.630 0.596 0.564 0.535 0.456 0.432 0.235 0.222 0.210 0.249 0.583 0.547 0.513 0.482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279 0.263 0.623 0.191 0.179 0.168 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233 0.218 0.204 0.144 0.134 0.582 0.540 0.502 0.467 0.434 0.225 0.209 0.194 0.180 0.167 0.155 0.460 0.424 0.500 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.208 0.191 0.176 0.162 0.149 0.137 0.126 0.116 0.463 0.422 0.386 0.352 0.322 0.295 0.270 0.247 0.227 0.123 0.112 0.03 0.429 0.261 0.350 0.317 0.388 0.287 0.237 0.215 0.195 0.178 0.162 0.148 0.135 0.083 0.092 0.168 0.152 0.208 0.187 0.286 0.257 0.231 0.137 0.124 0.112 0.102 0.068 0.397 0.356 0.319 0.084 0.075 0.116 0.104 0.093 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.469 0.415 0.368 0.326 0.290 0.069 0.062 0.055 0.111 0.160 0.141 0.181 0.125 0.099 0.088 0.078 0.388 0.442 0.340 0.299 0.263 0.232 0.123 0.160 0.140 0.209 0.108 0.095 0.084 0.074 0.065 0.057 0.051 0.315 0.275 0.239 0.417 0.362 0.071 0.081 0.062 0.054 0.047 0.042 0.093 0.141 0.123 0.107 0.218 0.163 0.252 0.394 0.339 0.292 0.534 0.458 0.034 0.030 0.052 0.045 0.069 0.060 0.039 0.108 0.093 0.080 0.146 0.125 0.198 0.436 0.270 0.231 0.371 0.317 0.032 0.028 0.038 0.051 0.044 0.069 0.059 0.095 0.081 0.130 0.111 0.212 0.180 0.153 0.494 0.416 0.350 0.296 0.250 0.051 0.043 0.037 0.031 0.027 0.023 0.116 0.083 0.070 0.060 0.098 0.475 0.396 0.331 0.277 0.232 0.194 0.164 0.138 0.022 0.019 0.037 0.026 0.043 0.031 0.061 0.104 0.087 0.073 0.377 0.312 0.258 0.178 0.149 0.124 0.215 0.011 0.013 0.044 0.022 0.018 0.015 0.064 0.053 0.026 0.037 0.031 0.359 0.199 0.164 0.294 0.242 0.135 0.112 0.093 0.077 0.015 0.011 0.009 0.007 0.013 0.026 0.022 0.018 0.038 0.032 0.101 0.068 0.083 0.056 0.046 0.278 0.006 0.226 0.184 0.150 0.123 0.007 0.022 0.012 0.010 0.009 0.033 0.027 0.018 0.015 0.074 0.060 0.049 0.040 0.211 0.170 0.138 0.112 0.091 0.406 0.326 0.262 0.007 0.008 0.010 0.043 0.035 0.028 0.023 0.015 0.013 0.019 0.066 0.053 0.247 0.390 0.310 0.197 0.158 0.126 0.102 0.082 0.009 0.007 0.006 0.005 0.004 0.016 0.013 0.010 0.020 0.116 0.146 0.092 0.047 0.038 0.030 0.024 0.184 0.074 0.059 0.375 0.295 0.233 0.007 0.006 0.009 0.042 0.033 0.026 0.021 0.017 0.014 0.011 0.066 0.053 0.084 0.220 0.172 0.135 0.106 0.005 0.004 0.006 0.018 0.009 0.007 0.014 0.011 0.076 0.060 0.047 0.004 0.003 0.002 0.006 0.005 0.008 0.010 0.016 0.012 0.002 0.003 0.005 0.004 0.006 0.008 0.011 0.014 0.002 0.002 0.004 0.003 0.003 0.007 0.005 0.012 0.009 0.000 0.000 0.000 0.000 0.001 0.001 0.003 0.002 0.001 18% 19% 20% 21% 22% 23% 24% 25% 0.107 0.094 0.086 0.076 0.069 0.061 0.055 0.049 0.044 0.045 0.040 0.035 0.036 0.032 0.028 0.026 0.023 0.021 0.024 0.020 0.017 0.018 0.014 0.051 0.016 0.014 0.012 0.009 0.006 0.005 0.005 0.004 0.003 0.023 0.003 0.002 0.020 0.002 0.002 0.002 0.001 0.000 EXHIBIT 12B-2 ezt.prod.mineco Present Value of an Annuity of $1 in Arrears; 1/r(1-(1/(1+r)^n)) Periods 4% 5% 7% 6% 1 0.962 0.952 0.943 8% 0.935 0.926 0.917 9% 2 1.886 1.859 1.833 1.808 1.783 1.759 3 2.775 2.723 2.673 2.624 2.577 2.531 4 3.630 3.546 3.465 3.387 3.312 5 4.452 4.329 4.212 4.100 6 5.242 5.076 4.917 4.767 7 6.002 5.786 5.582 5.389 8 6.733 6.463 6.210 5.971 9 7.435 7.108 6.802 6.515 10 8.111 7.722 7.360 7.024 11 8.760 8.306 7.887 7.499 12 9.385 8.863 8.384 7.943 13 9.986 9.394 8.853 8.358 14 10.563 9.899 9.295 8.745 15 11.118 10.380 9.712 16 11.652 10.838 10.106 9.447 7.536 7.904 8.244 8.559 9.108 8.851 6.811 6.462 6.142 6.604 6.265 17 12.166 11.274 10.477 9.763 9.122 18 12.659 11.690 10.828 10.059 9.372 7.549 7.702 7.120 6.729 6.373 6.840 19 13.134 12.085 11.158 10.336 9.604 6.938 6.550 20 6.623 21 22 8.772 23 24 25 26 9.161 27 28 29 30 16.330 14.643 13.211 11.987 10.935 10.027 9.237 16.663 14.898 13.406 12.137 11.051 10.116 9.307 16.984 15.141 13.591 12.278 11.158 10.198 9.370 17.292 15.372 13.765 12.409 11.258 10.274 9.427 8.883 8.985 9.077 8.422 8.488 8.548 40 19.793 17.159 15.046 13.332 11.925 10.757 9.779 20% 21% 17% 22% 18% 19% 23% 16% 14% 12% 15% 10% 11% 13% 0.813 0.806 0.847 0.840 0.833 0.826 0.820 0.855 0.909 0.901 0.893 0.885 0.877 0.870 0.862 1.528 1.509 1.492 1.474 1.566 1.547 1.457 1.585 1.605 1.647 1.626 1.668 1.713 1.690 1.736 2.174 2.140 2.106 2.074 2.042 2.011 1.981 2.444 2.402 2.361 2.322 2.283 2.246 2.210 2.487 2.540 2.494 2.448 2.404 2.690 2.639 2.589 2.914 2.855 2.798 2.743 3.240 3.170 3.102 3.037 2.974 2.926 2.864 2.803 3.127 3.058 2.991 2.745 2.689 3.199 3.993 3.890 3.791 3.696 3.605 3.517 3.433 3.352 3.274 3.092 3.020 2.951 3.410 3.326 3.245 3.167 3.498 3.589 3.889 3.784 3.685 4.111 3.998 4.623 4.486 4.355 4.231 3.242 3.161 4.039 3.922 3.605 3.508 3.416 3.327 3.812 3.706 5.206 5.033 4.868 4.712 4.564 4.423 4.288 4.160 3.726 3.619 3.518 3.421 3.954 3.837 4.207 4.078 4.639 4.487 4.344 5.747 5.535 4.799 5.335 5.146 4.968 3.905 4.031 3.786 4.303 4.163 3.673 3.566 4.451 6.247 5.995 5.759 5.537 5.328 5.132 4.946 4.772 4.607 3.799 3.682 4.054 3.923 5.019 4.659 4.833 4.494 4.339 4.192 5.650 5.426 5.216 6.710 6.418 6.145 5.889 4.656 4.486 4.327 4.177 4.035 4.836 3.902 3.776 5.687 5.453 5.234 5.029 6.805 6.495 6.207 5.938 7.139 3.851 4.278 4.127 3.985 4.611 4.793 4.439 4.988 5.197 5.918 5.660 5.421 7.161 6.814 6.492 6.194 4.203 4.362 4.053 3.912 3.780 4.910 4.715 4.533 5.118 5.842 6.122 5.583 5.342 6.750 6.424 7.487 7.103 4.432 4.802 4.265 4.108 4.611 5.468 5.229 6.302 6.002 5.724 6.628 6.982 7.786 7.367 5.324 5.847 5.575 4.489 4.675 7.606 7.191 8.061 7.379 6.974 8.313 7.824 8.544 8.022 7.250 8.201 8.756 8.950 8.365 7.839 7.366 4.657 4.870 9.129 8.514 7.963 7.469 7.025 13.590 12.462 11.470 10.594 9.818 4.292 4.121 3.963 4.675 4.476 4.891 6.687 6.312 8.649 8.075 7.562 7.102 14.029 12.821 11.764 10.836 10.017 9.292 4.302 6.011 4.130 3.970 5.696 6.359 4.488 4.909 4.690 5.149 8.176 7.645 7.170 6.743 14.451 13.163 12.042 11.061 10.201 9.442 4.137 3.976 8.266 7.718 6.792 5.432 5.167 4.925 4.703 4.499 4.311 7.230 6.399 6.044 5.723 14.857 13.489 12.303 11.272 10.371 9.580 4.143 5.182 4.937 4.713 4.507 4.318 6.835 6.434 6.073 5.746 5.451 8.348 7.784 7.283 15.247 13.799 12.550 11.469 10.529 9.707 4.514 4.323 4.147 3.985 6.464 6.097 7.330 6.873 5.766 5.467 5.195 4.948 4.721 7.843 15.622 14.094 12.783 11.654 10.675 9.823 4.520 4.328 4.151 6.491 6.118 5.783 5.480 5.206 4.956 4.728 7.896 7.372 6.906 15.983 14.375 13.003 11.826 10.810 9.929 4.524 4.332 4.964 4.734 5.492 5.215 7.943 6.514 7.409 6.935 6.136 5.798 4.970 4.528 4.335 5.223 4.739 5.502 7.984 6.961 7.441 6.534 6.152 5.810 8.602 4.531 4.975 4.743 5.510 8.650 8.022 7.470 6.983 6.551 6.166 5.820 4.534 4.339 4.979 4.746 5.829 5.517 6.177 8.694 8.055 7.496 7.003 6.566 4.997 4.760 4.544 5.871 7.105 6.642 6.233 5.548 5.258 8.951 8.244 7.634 24% 25% 0.800 1.440 1.952 2.362 3.329 3.463 3.571 3.656 3.725 5.008 3.962 3.824 5.092 4.876 4.315 4.153 4.001 3.859 5.954 5.668 5.405 5.162 4.938 4.730 4.536 4.357 4.189 4.033 3.887 6.047 5.749 5.475 5.222 4.990 4.775 4.576 4.391 4.219 4.059 3.910 6.467 6.128 5.818 5.534 5.273 5.033 4.812 4.608 4.419 4.243 4.080 3.928 6.198 5.877 5.584 5.316 5.070 4.843 4.635 4.442 4.097 4.263 3.942 6.259 5.929 5.628 5.973 5.353 5.101 5.665 5.384 5.127 4.460 4.279 4.110 3.954 5.410 3.981 3.988 4.154 3.990 4.157 3.992 5.229 4.337 4.159 3.994 5.235 4.160 3.995 4.347 4.166 3.999
EXHIBIT 12B-1 1 Present Value of $1; (1+r)" Periods 4% 5% 6% 11% 1 0.962 2 0.925 0.907 3 0.952 0.943 0.890 0.889 0.864 0.840 0.901 0.812 0.731 4 0.855 0.823 0.792 0.708 0.683 0.659 5 0.822 0.784 0.747 0.650 0.593 6 0.790 0.746 0.705 0.507 0.480 7 0.760 0.711 8 0.731 0.677 9 10 11 12 0.665 0.627 0.703 0.645 0.592 0.544 0.558 0.508 0.676 0.614 0.650 0.585 0.527 0.475 0.625 0.557 0.497 0.444 13 0.601 0.530 14 0.577 0.505 0.205 15 0.555 0.481 0.183 16 0.188 17 0.513 0.170 18 19 20 0.456 21 0.439 22 0.422 0.342 23 24 25 26 0.361 0.281 27 28 0.333 0.255 29 0.321 0.243 0.185 0.347 0.268 0.207 0.161 0.125 0.098 0.116 0.107 0.037 0.029 0.196 0.150 0.141 0.090 30 0.308 0.231 40 0.208 0.142 0.174 0.131 0.099 0.046 0.097 0.067 0.082 0.075 0.069 0.063 0.048 0.044 0.057 0.032 0.022 0.015 0.054 0.042 0.033 0.026 0.037 0.029 0.022 0.017 0.033 0.026 0.011 0.008 0.005 0.020 0.015 0.004 16% 17% 13% 14% 15% 12% 10% 9% 7% 8% 0.806 0.800 0.840 0.833 0.820 0.826 0.813 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.650 0.640 0.935 0.926 0.917 0.909 0.672 0.661 0.718 0.706 0.694 0.683 0.826 0.797 0.783 0.769 0.756 0.743 0.731 0.873 0.857 0.842 0.537 0.524 0.512 0.641 0.624 0.609 0.593 0.579 0.564 0.551 0.712 0.693 0.675 0.658 0.437 0.816 0.794 0.772 0.751 0.423 0.410 0.482 0.467 0.451 0.534 0.516 0.499 0.636 0.613 0.592 0.572 0.552 0.328 0.763 0.735 0.456 0.437 0.419 0.402 0.386 0.370 0.355 0.341 0.621 0.681 0.519 0.497 0.476 0.567 0.543 0.713 0.335 0.319 0.303 0.289 0.275 0.262 0.410 0.390 0.370 0.352 0.666 0.630 0.596 0.564 0.535 0.456 0.432 0.235 0.222 0.210 0.249 0.583 0.547 0.513 0.482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279 0.263 0.623 0.191 0.179 0.168 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233 0.218 0.204 0.144 0.134 0.582 0.540 0.502 0.467 0.434 0.225 0.209 0.194 0.180 0.167 0.155 0.460 0.424 0.500 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.208 0.191 0.176 0.162 0.149 0.137 0.126 0.116 0.463 0.422 0.386 0.352 0.322 0.295 0.270 0.247 0.227 0.123 0.112 0.03 0.429 0.261 0.350 0.317 0.388 0.287 0.237 0.215 0.195 0.178 0.162 0.148 0.135 0.083 0.092 0.168 0.152 0.208 0.187 0.286 0.257 0.231 0.137 0.124 0.112 0.102 0.068 0.397 0.356 0.319 0.084 0.075 0.116 0.104 0.093 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.469 0.415 0.368 0.326 0.290 0.069 0.062 0.055 0.111 0.160 0.141 0.181 0.125 0.099 0.088 0.078 0.388 0.442 0.340 0.299 0.263 0.232 0.123 0.160 0.140 0.209 0.108 0.095 0.084 0.074 0.065 0.057 0.051 0.315 0.275 0.239 0.417 0.362 0.071 0.081 0.062 0.054 0.047 0.042 0.093 0.141 0.123 0.107 0.218 0.163 0.252 0.394 0.339 0.292 0.534 0.458 0.034 0.030 0.052 0.045 0.069 0.060 0.039 0.108 0.093 0.080 0.146 0.125 0.198 0.436 0.270 0.231 0.371 0.317 0.032 0.028 0.038 0.051 0.044 0.069 0.059 0.095 0.081 0.130 0.111 0.212 0.180 0.153 0.494 0.416 0.350 0.296 0.250 0.051 0.043 0.037 0.031 0.027 0.023 0.116 0.083 0.070 0.060 0.098 0.475 0.396 0.331 0.277 0.232 0.194 0.164 0.138 0.022 0.019 0.037 0.026 0.043 0.031 0.061 0.104 0.087 0.073 0.377 0.312 0.258 0.178 0.149 0.124 0.215 0.011 0.013 0.044 0.022 0.018 0.015 0.064 0.053 0.026 0.037 0.031 0.359 0.199 0.164 0.294 0.242 0.135 0.112 0.093 0.077 0.015 0.011 0.009 0.007 0.013 0.026 0.022 0.018 0.038 0.032 0.101 0.068 0.083 0.056 0.046 0.278 0.006 0.226 0.184 0.150 0.123 0.007 0.022 0.012 0.010 0.009 0.033 0.027 0.018 0.015 0.074 0.060 0.049 0.040 0.211 0.170 0.138 0.112 0.091 0.406 0.326 0.262 0.007 0.008 0.010 0.043 0.035 0.028 0.023 0.015 0.013 0.019 0.066 0.053 0.247 0.390 0.310 0.197 0.158 0.126 0.102 0.082 0.009 0.007 0.006 0.005 0.004 0.016 0.013 0.010 0.020 0.116 0.146 0.092 0.047 0.038 0.030 0.024 0.184 0.074 0.059 0.375 0.295 0.233 0.007 0.006 0.009 0.042 0.033 0.026 0.021 0.017 0.014 0.011 0.066 0.053 0.084 0.220 0.172 0.135 0.106 0.005 0.004 0.006 0.018 0.009 0.007 0.014 0.011 0.076 0.060 0.047 0.004 0.003 0.002 0.006 0.005 0.008 0.010 0.016 0.012 0.002 0.003 0.005 0.004 0.006 0.008 0.011 0.014 0.002 0.002 0.004 0.003 0.003 0.007 0.005 0.012 0.009 0.000 0.000 0.000 0.000 0.001 0.001 0.003 0.002 0.001 18% 19% 20% 21% 22% 23% 24% 25% 0.107 0.094 0.086 0.076 0.069 0.061 0.055 0.049 0.044 0.045 0.040 0.035 0.036 0.032 0.028 0.026 0.023 0.021 0.024 0.020 0.017 0.018 0.014 0.051 0.016 0.014 0.012 0.009 0.006 0.005 0.005 0.004 0.003 0.023 0.003 0.002 0.020 0.002 0.002 0.002 0.001 0.000 EXHIBIT 12B-2 ezt.prod.mineco Present Value of an Annuity of $1 in Arrears; 1/r(1-(1/(1+r)^n)) Periods 4% 5% 7% 6% 1 0.962 0.952 0.943 8% 0.935 0.926 0.917 9% 2 1.886 1.859 1.833 1.808 1.783 1.759 3 2.775 2.723 2.673 2.624 2.577 2.531 4 3.630 3.546 3.465 3.387 3.312 5 4.452 4.329 4.212 4.100 6 5.242 5.076 4.917 4.767 7 6.002 5.786 5.582 5.389 8 6.733 6.463 6.210 5.971 9 7.435 7.108 6.802 6.515 10 8.111 7.722 7.360 7.024 11 8.760 8.306 7.887 7.499 12 9.385 8.863 8.384 7.943 13 9.986 9.394 8.853 8.358 14 10.563 9.899 9.295 8.745 15 11.118 10.380 9.712 16 11.652 10.838 10.106 9.447 7.536 7.904 8.244 8.559 9.108 8.851 6.811 6.462 6.142 6.604 6.265 17 12.166 11.274 10.477 9.763 9.122 18 12.659 11.690 10.828 10.059 9.372 7.549 7.702 7.120 6.729 6.373 6.840 19 13.134 12.085 11.158 10.336 9.604 6.938 6.550 20 6.623 21 22 8.772 23 24 25 26 9.161 27 28 29 30 16.330 14.643 13.211 11.987 10.935 10.027 9.237 16.663 14.898 13.406 12.137 11.051 10.116 9.307 16.984 15.141 13.591 12.278 11.158 10.198 9.370 17.292 15.372 13.765 12.409 11.258 10.274 9.427 8.883 8.985 9.077 8.422 8.488 8.548 40 19.793 17.159 15.046 13.332 11.925 10.757 9.779 20% 21% 17% 22% 18% 19% 23% 16% 14% 12% 15% 10% 11% 13% 0.813 0.806 0.847 0.840 0.833 0.826 0.820 0.855 0.909 0.901 0.893 0.885 0.877 0.870 0.862 1.528 1.509 1.492 1.474 1.566 1.547 1.457 1.585 1.605 1.647 1.626 1.668 1.713 1.690 1.736 2.174 2.140 2.106 2.074 2.042 2.011 1.981 2.444 2.402 2.361 2.322 2.283 2.246 2.210 2.487 2.540 2.494 2.448 2.404 2.690 2.639 2.589 2.914 2.855 2.798 2.743 3.240 3.170 3.102 3.037 2.974 2.926 2.864 2.803 3.127 3.058 2.991 2.745 2.689 3.199 3.993 3.890 3.791 3.696 3.605 3.517 3.433 3.352 3.274 3.092 3.020 2.951 3.410 3.326 3.245 3.167 3.498 3.589 3.889 3.784 3.685 4.111 3.998 4.623 4.486 4.355 4.231 3.242 3.161 4.039 3.922 3.605 3.508 3.416 3.327 3.812 3.706 5.206 5.033 4.868 4.712 4.564 4.423 4.288 4.160 3.726 3.619 3.518 3.421 3.954 3.837 4.207 4.078 4.639 4.487 4.344 5.747 5.535 4.799 5.335 5.146 4.968 3.905 4.031 3.786 4.303 4.163 3.673 3.566 4.451 6.247 5.995 5.759 5.537 5.328 5.132 4.946 4.772 4.607 3.799 3.682 4.054 3.923 5.019 4.659 4.833 4.494 4.339 4.192 5.650 5.426 5.216 6.710 6.418 6.145 5.889 4.656 4.486 4.327 4.177 4.035 4.836 3.902 3.776 5.687 5.453 5.234 5.029 6.805 6.495 6.207 5.938 7.139 3.851 4.278 4.127 3.985 4.611 4.793 4.439 4.988 5.197 5.918 5.660 5.421 7.161 6.814 6.492 6.194 4.203 4.362 4.053 3.912 3.780 4.910 4.715 4.533 5.118 5.842 6.122 5.583 5.342 6.750 6.424 7.487 7.103 4.432 4.802 4.265 4.108 4.611 5.468 5.229 6.302 6.002 5.724 6.628 6.982 7.786 7.367 5.324 5.847 5.575 4.489 4.675 7.606 7.191 8.061 7.379 6.974 8.313 7.824 8.544 8.022 7.250 8.201 8.756 8.950 8.365 7.839 7.366 4.657 4.870 9.129 8.514 7.963 7.469 7.025 13.590 12.462 11.470 10.594 9.818 4.292 4.121 3.963 4.675 4.476 4.891 6.687 6.312 8.649 8.075 7.562 7.102 14.029 12.821 11.764 10.836 10.017 9.292 4.302 6.011 4.130 3.970 5.696 6.359 4.488 4.909 4.690 5.149 8.176 7.645 7.170 6.743 14.451 13.163 12.042 11.061 10.201 9.442 4.137 3.976 8.266 7.718 6.792 5.432 5.167 4.925 4.703 4.499 4.311 7.230 6.399 6.044 5.723 14.857 13.489 12.303 11.272 10.371 9.580 4.143 5.182 4.937 4.713 4.507 4.318 6.835 6.434 6.073 5.746 5.451 8.348 7.784 7.283 15.247 13.799 12.550 11.469 10.529 9.707 4.514 4.323 4.147 3.985 6.464 6.097 7.330 6.873 5.766 5.467 5.195 4.948 4.721 7.843 15.622 14.094 12.783 11.654 10.675 9.823 4.520 4.328 4.151 6.491 6.118 5.783 5.480 5.206 4.956 4.728 7.896 7.372 6.906 15.983 14.375 13.003 11.826 10.810 9.929 4.524 4.332 4.964 4.734 5.492 5.215 7.943 6.514 7.409 6.935 6.136 5.798 4.970 4.528 4.335 5.223 4.739 5.502 7.984 6.961 7.441 6.534 6.152 5.810 8.602 4.531 4.975 4.743 5.510 8.650 8.022 7.470 6.983 6.551 6.166 5.820 4.534 4.339 4.979 4.746 5.829 5.517 6.177 8.694 8.055 7.496 7.003 6.566 4.997 4.760 4.544 5.871 7.105 6.642 6.233 5.548 5.258 8.951 8.244 7.634 24% 25% 0.800 1.440 1.952 2.362 3.329 3.463 3.571 3.656 3.725 5.008 3.962 3.824 5.092 4.876 4.315 4.153 4.001 3.859 5.954 5.668 5.405 5.162 4.938 4.730 4.536 4.357 4.189 4.033 3.887 6.047 5.749 5.475 5.222 4.990 4.775 4.576 4.391 4.219 4.059 3.910 6.467 6.128 5.818 5.534 5.273 5.033 4.812 4.608 4.419 4.243 4.080 3.928 6.198 5.877 5.584 5.316 5.070 4.843 4.635 4.442 4.097 4.263 3.942 6.259 5.929 5.628 5.973 5.353 5.101 5.665 5.384 5.127 4.460 4.279 4.110 3.954 5.410 3.981 3.988 4.154 3.990 4.157 3.992 5.229 4.337 4.159 3.994 5.235 4.160 3.995 4.347 4.166 3.999
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Mattice Corporation is considering investing $740,000 in a project. The life of the project would be 11 years. The project would require additional working capital of $24,000, which would be released for use elsewhere at the end of the project. The annual net cash inflows would be $158,000. The salvage value of the assets used in the project would be $34,000. The company uses a discount rate of 18%. (Ignore income taxes.)
Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factors) using the tables provided.
Required:
Compute the net present value of the project. (Negative amount should be indicated by a minus sign. Round your intermediate calculations and final answer to the nearest whole dollar amount.)
Transcribed Image Text:EXHIBIT 12B-1
1
Present Value of $1;
(1+r)"
Periods
4%
5%
6%
11%
1
0.962
2
0.925 0.907
3
0.952 0.943
0.890
0.889 0.864 0.840
0.901
0.812
0.731
4
0.855
0.823 0.792
0.708
0.683
0.659
5
0.822
0.784 0.747
0.650
0.593
6
0.790 0.746 0.705
0.507 0.480
7
0.760
0.711
8
0.731
0.677
9
10
11
12
0.665
0.627
0.703 0.645 0.592 0.544
0.558 0.508
0.676 0.614
0.650 0.585 0.527 0.475
0.625 0.557 0.497 0.444
13
0.601 0.530
14
0.577
0.505
0.205
15
0.555
0.481
0.183
16
0.188
17
0.513
0.170
18
19
20
0.456
21
0.439
22
0.422 0.342
23
24
25
26
0.361 0.281
27
28
0.333 0.255
29
0.321
0.243
0.185
0.347 0.268 0.207 0.161 0.125 0.098
0.116
0.107
0.037
0.029
0.196 0.150
0.141
0.090
30
0.308
0.231
40
0.208
0.142
0.174 0.131 0.099
0.046
0.097 0.067
0.082
0.075
0.069
0.063 0.048
0.044
0.057
0.032 0.022 0.015
0.054 0.042
0.033
0.026
0.037
0.029
0.022 0.017
0.033
0.026
0.011
0.008
0.005
0.020 0.015
0.004
16% 17%
13%
14% 15%
12%
10%
9%
7% 8%
0.806 0.800
0.840 0.833
0.820
0.826
0.813
0.893 0.885 0.877 0.870 0.862 0.855 0.847
0.650 0.640
0.935 0.926 0.917 0.909
0.672 0.661
0.718 0.706 0.694 0.683
0.826
0.797 0.783 0.769 0.756 0.743 0.731
0.873 0.857 0.842
0.537 0.524 0.512
0.641 0.624 0.609 0.593 0.579 0.564 0.551
0.712 0.693 0.675 0.658
0.437
0.816 0.794 0.772 0.751
0.423 0.410
0.482 0.467 0.451
0.534 0.516 0.499
0.636 0.613 0.592 0.572 0.552
0.328
0.763 0.735
0.456 0.437 0.419 0.402 0.386 0.370 0.355 0.341
0.621
0.681
0.519 0.497 0.476
0.567 0.543
0.713
0.335 0.319 0.303 0.289 0.275 0.262
0.410 0.390 0.370 0.352
0.666 0.630 0.596 0.564 0.535
0.456 0.432
0.235 0.222 0.210
0.249
0.583 0.547 0.513 0.482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279 0.263
0.623
0.191 0.179 0.168
0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233 0.218 0.204
0.144 0.134
0.582 0.540 0.502 0.467 0.434
0.225 0.209 0.194 0.180 0.167 0.155
0.460 0.424
0.500
0.391 0.361 0.333 0.308 0.284 0.263 0.243
0.208 0.191 0.176 0.162 0.149 0.137 0.126 0.116
0.463 0.422 0.386 0.352 0.322 0.295 0.270 0.247 0.227
0.123 0.112 0.03
0.429
0.261
0.350 0.317
0.388
0.287
0.237 0.215 0.195 0.178 0.162 0.148 0.135
0.083
0.092
0.168 0.152
0.208 0.187
0.286 0.257 0.231
0.137 0.124 0.112 0.102
0.068
0.397 0.356 0.319
0.084 0.075
0.116 0.104 0.093
0.258 0.229 0.204 0.182 0.163 0.145 0.130
0.469 0.415 0.368 0.326 0.290
0.069 0.062 0.055
0.111
0.160 0.141
0.181
0.125
0.099 0.088 0.078
0.388
0.442
0.340 0.299 0.263 0.232
0.123
0.160 0.140
0.209
0.108 0.095 0.084 0.074 0.065 0.057 0.051
0.315 0.275 0.239
0.417 0.362
0.071
0.081
0.062 0.054 0.047 0.042
0.093
0.141 0.123 0.107
0.218
0.163
0.252
0.394 0.339 0.292
0.534 0.458
0.034 0.030
0.052 0.045
0.069 0.060
0.039
0.108 0.093 0.080
0.146 0.125
0.198
0.436
0.270 0.231
0.371 0.317
0.032 0.028
0.038
0.051 0.044
0.069 0.059
0.095 0.081
0.130 0.111
0.212 0.180 0.153
0.494 0.416 0.350 0.296 0.250
0.051 0.043 0.037 0.031 0.027 0.023
0.116
0.083 0.070 0.060
0.098
0.475 0.396 0.331 0.277 0.232 0.194 0.164 0.138
0.022 0.019
0.037
0.026
0.043
0.031
0.061
0.104 0.087 0.073
0.377 0.312 0.258
0.178 0.149 0.124
0.215
0.011
0.013
0.044
0.022 0.018 0.015
0.064 0.053
0.026
0.037 0.031
0.359
0.199 0.164
0.294 0.242
0.135 0.112 0.093 0.077
0.015
0.011 0.009 0.007
0.013
0.026 0.022 0.018
0.038 0.032
0.101
0.068
0.083
0.056 0.046
0.278
0.006
0.226 0.184 0.150 0.123
0.007
0.022
0.012 0.010 0.009
0.033 0.027
0.018 0.015
0.074 0.060 0.049 0.040
0.211 0.170 0.138 0.112 0.091
0.406 0.326 0.262
0.007
0.008
0.010
0.043 0.035 0.028 0.023
0.015 0.013
0.019
0.066 0.053
0.247
0.390 0.310
0.197 0.158 0.126 0.102 0.082
0.009 0.007 0.006 0.005 0.004
0.016 0.013 0.010
0.020
0.116
0.146
0.092
0.047 0.038 0.030 0.024
0.184
0.074 0.059
0.375 0.295 0.233
0.007 0.006
0.009
0.042 0.033 0.026 0.021 0.017 0.014 0.011
0.066 0.053
0.084
0.220 0.172 0.135 0.106
0.005 0.004
0.006
0.018
0.009 0.007
0.014 0.011
0.076 0.060 0.047
0.004 0.003 0.002
0.006 0.005
0.008
0.010
0.016 0.012
0.002
0.003
0.005 0.004
0.006
0.008
0.011
0.014
0.002
0.002
0.004 0.003 0.003
0.007 0.005
0.012 0.009
0.000
0.000
0.000 0.000
0.001
0.001
0.003 0.002 0.001
18%
19%
20%
21%
22%
23%
24% 25%
0.107
0.094 0.086
0.076
0.069
0.061
0.055
0.049
0.044
0.045
0.040 0.035
0.036 0.032
0.028
0.026 0.023
0.021
0.024
0.020 0.017
0.018
0.014
0.051
0.016 0.014
0.012
0.009
0.006
0.005
0.005
0.004
0.003
0.023
0.003
0.002
0.020
0.002
0.002
0.002
0.001
0.000
Transcribed Image Text:EXHIBIT 12B-2
ezt.prod.mineco
Present Value of an Annuity of $1 in Arrears; 1/r(1-(1/(1+r)^n))
Periods 4% 5%
7%
6%
1
0.962
0.952
0.943
8%
0.935 0.926 0.917
9%
2
1.886
1.859
1.833
1.808
1.783
1.759
3
2.775
2.723
2.673
2.624
2.577
2.531
4
3.630 3.546
3.465 3.387
3.312
5
4.452 4.329
4.212
4.100
6
5.242 5.076
4.917 4.767
7
6.002 5.786
5.582
5.389
8
6.733 6.463
6.210
5.971
9
7.435 7.108 6.802 6.515
10
8.111 7.722 7.360
7.024
11
8.760 8.306
7.887
7.499
12
9.385 8.863
8.384
7.943
13
9.986 9.394 8.853 8.358
14
10.563 9.899
9.295 8.745
15
11.118 10.380 9.712
16
11.652 10.838 10.106 9.447
7.536
7.904
8.244
8.559
9.108
8.851
6.811
6.462
6.142
6.604
6.265
17
12.166 11.274 10.477 9.763
9.122
18
12.659 11.690 10.828 10.059 9.372
7.549
7.702
7.120
6.729
6.373
6.840
19
13.134 12.085 11.158 10.336 9.604
6.938
6.550
20
6.623
21
22
8.772
23
24
25
26
9.161
27
28
29
30
16.330 14.643 13.211 11.987 10.935 10.027 9.237
16.663 14.898 13.406 12.137 11.051 10.116 9.307
16.984 15.141 13.591 12.278 11.158 10.198 9.370
17.292 15.372 13.765 12.409 11.258 10.274 9.427
8.883
8.985
9.077 8.422
8.488
8.548
40
19.793 17.159 15.046 13.332 11.925 10.757 9.779
20% 21%
17%
22%
18% 19%
23%
16%
14%
12%
15%
10% 11%
13%
0.813 0.806
0.847 0.840 0.833 0.826 0.820
0.855
0.909 0.901 0.893 0.885 0.877 0.870 0.862
1.528 1.509 1.492 1.474
1.566 1.547
1.457
1.585
1.605
1.647 1.626
1.668
1.713 1.690
1.736
2.174 2.140 2.106 2.074 2.042 2.011 1.981
2.444 2.402 2.361 2.322 2.283 2.246 2.210
2.487
2.540 2.494 2.448 2.404
2.690 2.639 2.589
2.914 2.855 2.798 2.743
3.240 3.170 3.102 3.037 2.974
2.926 2.864 2.803
3.127 3.058 2.991
2.745 2.689
3.199
3.993 3.890 3.791 3.696 3.605 3.517 3.433 3.352 3.274
3.092 3.020 2.951
3.410 3.326 3.245 3.167
3.498
3.589
3.889 3.784 3.685
4.111 3.998
4.623 4.486 4.355 4.231
3.242 3.161
4.039 3.922
3.605 3.508 3.416 3.327
3.812 3.706
5.206 5.033 4.868 4.712 4.564 4.423 4.288 4.160
3.726 3.619 3.518 3.421
3.954 3.837
4.207 4.078
4.639 4.487 4.344
5.747 5.535
4.799
5.335 5.146 4.968
3.905
4.031
3.786
4.303 4.163
3.673 3.566
4.451
6.247 5.995 5.759 5.537 5.328 5.132 4.946 4.772 4.607
3.799 3.682
4.054 3.923
5.019
4.659
4.833
4.494 4.339 4.192
5.650 5.426 5.216
6.710 6.418 6.145 5.889
4.656 4.486 4.327 4.177 4.035
4.836
3.902 3.776
5.687 5.453 5.234 5.029
6.805 6.495 6.207 5.938
7.139
3.851
4.278 4.127 3.985
4.611
4.793
4.439
4.988
5.197
5.918 5.660 5.421
7.161 6.814 6.492 6.194
4.203
4.362
4.053 3.912 3.780
4.910 4.715 4.533
5.118
5.842
6.122
5.583 5.342
6.750 6.424
7.487 7.103
4.432
4.802
4.265 4.108
4.611
5.468 5.229
6.302 6.002 5.724
6.628
6.982
7.786 7.367
5.324
5.847 5.575
4.489
4.675
7.606 7.191
8.061
7.379 6.974
8.313 7.824
8.544 8.022
7.250
8.201
8.756
8.950 8.365 7.839 7.366
4.657
4.870
9.129 8.514 7.963 7.469 7.025
13.590 12.462 11.470 10.594 9.818
4.292 4.121 3.963
4.675 4.476
4.891
6.687 6.312
8.649 8.075 7.562 7.102
14.029 12.821 11.764 10.836 10.017 9.292
4.302
6.011
4.130 3.970
5.696
6.359
4.488
4.909 4.690
5.149
8.176 7.645 7.170 6.743
14.451 13.163 12.042 11.061 10.201 9.442
4.137 3.976
8.266 7.718
6.792
5.432 5.167 4.925 4.703 4.499 4.311
7.230
6.399 6.044 5.723
14.857 13.489 12.303 11.272 10.371 9.580
4.143
5.182 4.937 4.713 4.507 4.318
6.835 6.434 6.073 5.746 5.451
8.348 7.784 7.283
15.247 13.799 12.550 11.469 10.529 9.707
4.514 4.323 4.147 3.985
6.464 6.097
7.330 6.873
5.766 5.467 5.195 4.948 4.721
7.843
15.622 14.094 12.783 11.654 10.675 9.823
4.520 4.328 4.151
6.491 6.118 5.783 5.480 5.206 4.956 4.728
7.896 7.372 6.906
15.983 14.375 13.003 11.826 10.810 9.929
4.524 4.332
4.964 4.734
5.492 5.215
7.943
6.514
7.409 6.935
6.136 5.798
4.970
4.528 4.335
5.223
4.739
5.502
7.984
6.961
7.441
6.534 6.152 5.810
8.602
4.531
4.975 4.743
5.510
8.650 8.022 7.470 6.983 6.551 6.166 5.820
4.534 4.339
4.979 4.746
5.829 5.517
6.177
8.694 8.055 7.496 7.003 6.566
4.997 4.760 4.544
5.871
7.105 6.642 6.233
5.548 5.258
8.951 8.244 7.634
24% 25%
0.800
1.440
1.952
2.362
3.329
3.463
3.571
3.656
3.725
5.008
3.962
3.824
5.092
4.876
4.315 4.153
4.001
3.859
5.954 5.668 5.405
5.162
4.938
4.730 4.536 4.357 4.189
4.033 3.887
6.047 5.749 5.475
5.222
4.990
4.775 4.576 4.391
4.219
4.059
3.910
6.467 6.128
5.818 5.534 5.273
5.033
4.812 4.608
4.419
4.243
4.080
3.928
6.198
5.877
5.584 5.316
5.070
4.843 4.635
4.442
4.097
4.263
3.942
6.259
5.929
5.628
5.973
5.353 5.101
5.665 5.384 5.127
4.460
4.279
4.110 3.954
5.410
3.981
3.988
4.154
3.990
4.157
3.992
5.229
4.337 4.159
3.994
5.235
4.160
3.995
4.347 4.166
3.999
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