A. Inputs
Initial investment ($ thousands)	10,000
Salvage value ($ thousands)	2,000
Initial revenues ($ thousands)	15,000
Variable costs (% of revenues)	40.0%
Initial fixed costs ($ thousands)	4,000
Initial total expenses ($ thousands)	10,000
Inflation rate (%)	5.0%
Discount rate (%)	12.0%
Receivables (% of sales)	16.7%
Inventory (% of next year's costs)	15.0%
Tax rate (%)	35.0%
Year:	0	1	2	3	4	5	6
B. Fixed assets
Investments in fixed assets	10,000
Sales of fixed assets							1,300
Cash flow from fixed assets	-10,000						1,300
C. Operating cash flow
Revenues		15,000	15,750	16,538	17,364	18,233
Variable expenses		6,000	6,300	6,615	6,946	7,293
Fixed expenses		4,000	4,200	4,410	4,631	4,862
Depreciation		2,000	2,000	2,000	2,000	2,000
Pretax profit		3,000	3,250	3,513	3,788	4,078
Tax		1,050	1,138	1,229	1,326	1,427
Profit after tax		1,950	2,113	2,283	2,462	2,650
Operating cash flow		3,950	4,113	4,283	4,462	4,650
D. Working capital
Working capital	1,500	4,075	4,279	4,493	4,717	3,039	0
Change in working capital	1,500	2,575	204	214	225	-1,679	-3,039
Cash flow from investment in working capital	-1,500	-2,575	-204	-214	-225	1,679	3,039
		0.408	0.408	0.408	0.408	0.250
E. Project valuation
Total project cash flow	-11,500	1,375	3,909	4,069	4,238	6,329	4,339

Blooper's analysts have come up with the following revised estimates for its magnoosium mine Range Pessimistic Optimistic Initial investment Revenues Variable costs Fixed cost Working capital + 50% -15% + 15% +40% + 45% -25% + 15% -15% -50% -50 % Conduct a sensitivity analysis for each variable and range and compute the NPV for each. Use Spreadsheet 101 and accompanying data as a starting point for the analysis. (Do not round intermediate calculations. Negative amounts should be indicated by a minus sign. Enter your answers in thousands rounded to the nearest whole dollar.) Project NPV Expected Pessimistic Optimistic Initial investment Revenues Variable costs Fixed costs Working capital