[Alex_FSACand]

For the baseline EV calculation I used 11.5.3 formula

At time 39: DE(40)/1.1 + DE(39) = 48.27

at time 38: 48.27/1.1 + 24.65 = 68.53

Using this formula all the way to time 1 with 4% discount rate at t=1, 20,21

i get 42.01

Don’t know what I doing wrong

any ideas?

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