Donald L. Walford - Page 37

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          II. Discounted Costs                                                        
                                                            1980 Present              
          Year                     Nominal Costs                Value1                
          1980                ($1,092,500)                  ($1,092,500)              
          1981                      (287,500)                (257,848)                
          Total costs              (1,380,000)              (1,350,348)               
               1A discount rate of 11.5 percent is assumed.                           
          III. Discounted Net Cashflow                                                
               Discounted receipts           $1,171,692                               
               Discounted costs               (1,350,348)                             
               Discounted net cashflow       (178,656)                                

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