first year (1990) using the following information. Keep in mind that the start-up capital of $800,000 mentioned in the case did not include cash and receivables. You need to find out what the actual start-up capital should be. Since Mr. Brownlow did not have enough money to cover the start-up capital, he needed to borrow. You should also consider first year interest when you calculate the fixed cost. Start-up Capital: $800,000 Study F indicates 11.1% Cash and 14.8% receivables Assume 10% interest rate