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NPV ($56,502.23)
Present value Year Returns Present value
$53,571.43 1 -500,000 $0.00
$47,831.63 2 0 $0.00
$42,706.81 3 60,000 $42,706.81
$38,131.08 4 90,000 $57,196.63
$34,045.61 5 120,000 $68,091.22
$30,397.87 6 150,000 $75,994.67
$27,140.95 7 180,000 $81,422.86
$24,232.99 8 210,000 $84,815.48
$21,636.60 9 240,000 $86,546.41
$260,798.32 10 350,000 $112,690.63
$580,493.31 sum of present values $609,464.71
Option 2 Option 3
$500,000 $500,000
$80,493.31 $109,464.71
Year Cash Flow ($) Cumulative Year Cash Flow ($)
Cash Flow ($)
IRR 10%
PP 10 years
Cumulative Year Cash Flow ($) Cumulative
Cash Flow Cash Flow ($)
($)
15% 15%
9 years 7 years
Time t (Year) Value Dividend per Share 1/ (1+ke) t = (Dt) Present Value
1 D1 4.16 0.909090909090909 3.78
2 D2 4.49 0.826446280991735 3.7112727272727
3 D3 4.85 0.751314800901578 3.6437950413223
4 D4 5.24 0.683013455365071 3.5775442223892
5 D5 5.66 0.620921323059155 3.5124979638003
5 V5 5.66*1.04/.06 0.620921323059155 60.91652126759
Expected value 98.11