Tax Rate 42% 42% 42% Tax $796,600 SO $0 Net Income $1,100.066 SO $0 Days 259 624 Present Value Factors 11% 1.0000 0.9286 0.8366 Present Value SO $0 Sum of Present Values SO Pass-through premium 15% $0 Aggregate Marketable Value of Invested Capital $0 Less: Outstanding Debt SO Ag

le life annuity for ERP and 100% single life annuity for RRP: and (5) retirement age of 65. Number of Years Payments During Credited Service (#) Present Value of last Fiscal Name Plan Name(1) (2) Accumulated Benefit (S) Year (S) (a) (b) (c) (d) (e) Robert L. Edwards ERP 9.9 137,422 — RRP

s as the only factor that investors use to value companies. So, using basic finance theory, then the present value of a company is given simply by: Present Value = Dividend1 r Where r is the relevant market interest/profit rate; Dividends is the latest dividend payment, and capital growth is ignored. See for