Use the Beyond the Page feature to access the Excel program for measuring the profitability of the Nodhead project. Reconstruct Table 12.4 assuming a steady-state growth rate of 10% per year. Your answer will illustrate a fascinating theorem, namely, that book rate of return equals the economic rate of return when the economic rate of return and the steady-state growth rate are the same.

TABLE 12.4

2 Book income for store -67 Total book income Book value for store 1,000 1,000 Total book value 1,000 1,834 2,501 Book ROI for all stores EVA -0.067 -166.73 -0.018 -216.79 0.020 0.060 0.094 20.96 -200.19 92.66 Steady state