
liq.cash: 10Y average (1Y) = 100.000 (10.000) 10Y std.dev. (1Y)= 50.596 (16.000)
unlevered firm value = 64.12843
tax rate = 0.30   bankruptcy cost proportion = 0.400
non-debt tax shield = 64.12843  (proportion = 1.000)
market portfolio: average =  0.1300  std.dev =  0.25  correlation = -0.200
riskless rate of interest =  0.0500  risk price =  2.8251

id  debtcf default   rrrequi rrrdebt     WACC   valequi  valdebt   valfirm  valtxsv  valbkcs    dbratio   corrMM
 0   0.000 0.02405   0.03163 0.00000  0.03163  64.12843  0.00000  64.12843  0.00000  0.00000    0.00000 64.12843
 1   1.500 0.02578   0.03139 0.04721  0.03144  63.30218  0.92186  64.22403  0.09564  0.00004    0.01435 64.40499
 1   3.000 0.02761   0.03114 0.04709  0.03125  62.47592  1.84340  64.31932  0.19107  0.00018    0.02866 64.68145
 1   4.500 0.02955   0.03089 0.04696  0.03106  61.64971  2.76457  64.41428  0.28630  0.00045    0.04292 64.95780
 1   6.000 0.03160   0.03064 0.04684  0.03087  60.82360  3.68528  64.50888  0.38133  0.00088    0.05713 65.23402
 1   7.500 0.03376   0.03038 0.04670  0.03068  59.99762  4.60546  64.60308  0.47617  0.00152    0.07129 65.51007
 1   9.000 0.03605   0.03011 0.04657  0.03049  59.17184  5.52502  64.69686  0.57083  0.00240    0.08540 65.78594
 1  10.500 0.03846   0.02984 0.04643  0.03030  58.34632  6.44386  64.79018  0.66532  0.00357    0.09946 66.06159
 1  12.000 0.04100   0.02957 0.04628  0.03011  57.52113  7.36188  64.88300  0.75966  0.00509    0.11346 66.33700
 1  13.500 0.04367   0.02929 0.04613  0.02992  56.69632  8.27895  64.97527  0.85386  0.00702    0.12742 66.61212
 1  15.000 0.04648   0.02901 0.04597  0.02973  55.87199  9.19496  65.06695  0.94793  0.00941    0.14132 66.88692
 1  16.500 0.04944   0.02872 0.04581  0.02954  55.04820 10.10977  65.15797  1.04188  0.01235    0.15516 67.16136
 1  18.000 0.05254   0.02843 0.04564  0.02935  54.22506 11.02323  65.24828  1.13574  0.01589    0.16894 67.43540
 1  19.500 0.05580   0.02813 0.04547  0.02915  53.40264 11.93518  65.33782  1.22953  0.02014    0.18267 67.70899
 1  21.000 0.05922   0.02783 0.04529  0.02896  52.58106 12.84546  65.42652  1.32325  0.02517    0.19633 67.98207
 1  22.500 0.06279   0.02752 0.04511  0.02877  51.76042 13.75388  65.51430  1.41695  0.03108    0.20994 68.25460
 1  24.000 0.06654   0.02721 0.04492  0.02857  50.94083 14.66026  65.60109  1.51063  0.03797    0.22348 68.52651
 1  25.500 0.07045   0.02689 0.04473  0.02838  50.12242 15.56438  65.68679  1.60432  0.04596    0.23695 68.79775
 1  27.000 0.07454   0.02657 0.04453  0.02819  49.30530 16.46603  65.77133  1.69805  0.05516    0.25035 69.06824
 1  28.500 0.07881   0.02624 0.04433  0.02799  48.48961 17.36497  65.85459  1.79185  0.06569    0.26369 69.33793
 1  30.000 0.08326   0.02591 0.04412  0.02780  47.67550 18.26097  65.93647  1.88573  0.07770    0.27695 69.60673
 1  31.500 0.08789   0.02557 0.04391  0.02760  46.86311 19.15376  66.01688  1.97975  0.09131    0.29013 69.87456
 1  33.000 0.09272   0.02523 0.04369  0.02740  46.05260 20.04308  66.09568  2.07391  0.10667    0.30324 70.14136
 1  34.500 0.09774   0.02488 0.04347  0.02721  45.24413 20.92863  66.17276  2.16827  0.12394    0.31627 70.40702
 1  36.000 0.10295   0.02453 0.04324  0.02701  44.43786 21.81013  66.24799  2.26284  0.14329    0.32922 70.67147
 1  37.500 0.10837   0.02418 0.04300  0.02681  43.63397 22.68725  66.32123  2.35767  0.16487    0.34208 70.93461
 1  39.000 0.11398   0.02381 0.04277  0.02661  42.83265 23.55969  66.39234  2.45278  0.18888    0.35486 71.19634
 1  40.500 0.11980   0.02345 0.04252  0.02642  42.03409 24.42709  66.46118  2.54822  0.21548    0.36754 71.45656
 1  42.000 0.12583   0.02308 0.04228  0.02622  41.23848 25.28911  66.52759  2.64403  0.24487    0.38013 71.71517
 1  43.500 0.13207   0.02270 0.04202  0.02602  40.44602 26.14538  66.59141  2.74023  0.27726    0.39262 71.97205
 1  45.000 0.13851   0.02232 0.04177  0.02582  39.65693 26.99554  66.65247  2.83687  0.31283    0.40502 72.22710
 1  46.500 0.14517   0.02193 0.04151  0.02561  38.87141 27.83919  66.71061  2.93398  0.35181    0.41731 72.48019
 1  48.000 0.15204   0.02154 0.04124  0.02541  38.08970 28.67595  66.76564  3.03161  0.39440    0.42950 72.73122
 1  49.500 0.15912   0.02115 0.04097  0.02521  37.31201 29.50539  66.81740  3.12979  0.44082    0.44158 72.98005
 1  51.000 0.16641   0.02075 0.04070  0.02501  36.53857 30.32711  66.86568  3.22855  0.49131    0.45355 73.22657
 1  52.500 0.17392   0.02034 0.04042  0.02481  35.76963 31.14067  66.91030  3.32794  0.54607    0.46541 73.47064
 1  54.000 0.18163   0.01994 0.04014  0.02461  35.00541 31.94566  66.95107  3.42798  0.60535    0.47715 73.71213
 1  55.500 0.18956   0.01952 0.03986  0.02441  34.24617 32.74162  66.98779  3.52873  0.66937    0.48877 73.95092
 1  57.000 0.19770   0.01910 0.03958  0.02420  33.49215 33.52810  67.02025  3.63020  0.73838    0.50027 74.18687
 1  58.500 0.20605   0.01868 0.03929  0.02400  32.74360 34.30466  67.04826  3.73242  0.81260    0.51164 74.41983
 1  60.000 0.21460   0.01825 0.03899  0.02380  32.00076 35.07085  67.07161  3.83544  0.89226    0.52289 74.64969
 1  61.500 0.22335   0.01782 0.03870  0.02360  31.26390 35.82619  67.09009  3.93927  0.97761    0.53400 74.87629
 1  63.000 0.23231   0.01739 0.03840  0.02340  30.53326 36.57024  67.10350  4.04395  1.06888    0.54498 75.09951
 1  64.500 0.24145   0.01695 0.03811  0.02320  29.80910 37.30253  67.11163  4.14948  1.16629    0.55583 75.31919
 1  66.000 0.25080   0.01650 0.03781  0.02300  29.09166 38.02261  67.11427  4.25590  1.27006    0.56654 75.53522
 1  67.500 0.26033   0.01605 0.03750  0.02280  28.38120 38.73001  67.11122  4.36321  1.38043    0.57710 75.74744
 1  69.000 0.27004   0.01560 0.03720  0.02260  27.67797 39.42430  67.10227  4.47144  1.49760    0.58753 75.95572
 1  70.500 0.27993   0.01515 0.03690  0.02240  26.98222 40.10501  67.08722  4.58058  1.62179    0.59780 76.15994
 1  72.000 0.29000   0.01469 0.03659  0.02220  26.29418 40.77171  67.06589  4.69064  1.75319    0.60794 76.35995
 1  73.500 0.30023   0.01423 0.03629  0.02201  25.61409 41.42397  67.03806  4.80162  1.89199    0.61792 76.55562
 1  75.000 0.31062   0.01376 0.03598  0.02181  24.94219 42.06137  67.00356  4.91351  2.03838    0.62775 76.74685
 1  76.500 0.32116   0.01329 0.03567  0.02162  24.27871 42.68350  66.96221  5.02631  2.19253    0.63743 76.93348
 1  78.000 0.33185   0.01282 0.03537  0.02143  23.62386 43.28997  66.91382  5.13999  2.35460    0.64695 77.11542
 1  79.500 0.34268   0.01234 0.03506  0.02124  22.97785 43.88038  66.85824  5.25453  2.52473    0.65632 77.29255
 1  81.000 0.35364   0.01186 0.03476  0.02105  22.34090 44.45439  66.79529  5.36991  2.70305    0.66553 77.46475
 1  82.500 0.36472   0.01138 0.03446  0.02087  21.71320 45.01164  66.72484  5.48609  2.88969    0.67459 77.63193
 1  84.000 0.37591   0.01089 0.03415  0.02068  21.09493 45.55180  66.64673  5.60303  3.08474    0.68348 77.79397
 1  85.500 0.38722   0.01041 0.03385  0.02050  20.48627 46.07456  66.56084  5.72069  3.28829    0.69222 77.95080
 1  87.000 0.39861   0.00992 0.03356  0.02032  19.88740 46.57964  66.46704  5.83901  3.50040    0.70079 78.10233
 1  88.500 0.41010   0.00942 0.03326  0.02015  19.29845 47.06678  66.36523  5.95793  3.72113    0.70921 78.24847
 1  90.000 0.42166   0.00893 0.03297  0.01997  18.71958 47.53574  66.25532  6.07739  3.95051    0.71746 78.38916
 1  91.500 0.43329   0.00843 0.03268  0.01980  18.15091 47.98631  66.13721  6.19733  4.18855    0.72556 78.52433
 1  93.000 0.44498   0.00793 0.03239  0.01964  17.59256 48.41829  66.01085  6.31765  4.43523    0.73349 78.65392
 1  94.500 0.45672   0.00743 0.03210  0.01947  17.04465 48.83153  65.87618  6.43828  4.69053    0.74126 78.77789
 1  96.000 0.46849   0.00693 0.03182  0.01931  16.50725 49.22591  65.73316  6.55912  4.95440    0.74887 78.89621
 1  97.500 0.48030   0.00643 0.03155  0.01916  15.98045 49.60131  65.58176  6.68009  5.22677    0.75633 79.00883
 1  99.000 0.49212   0.00592 0.03127  0.01900  15.46431 49.95768  65.42198  6.80109  5.50754    0.76362 79.11574
 1 100.500 0.50394   0.00542 0.03100  0.01886  14.95888 50.29496  65.25384  6.92200  5.79659    0.77076 79.21692
 1 102.000 0.51577   0.00491 0.03074  0.01871  14.46419 50.61315  65.07734  7.04271  6.09380    0.77774 79.31238
 1 103.500 0.52757   0.00440 0.03048  0.01857  13.98027 50.91227  64.89255  7.16313  6.39901    0.78456 79.40212
 1 105.000 0.53936   0.00389 0.03023  0.01843  13.50713 51.19238  64.69952  7.28312  6.71204    0.79123 79.48615
 1 106.500 0.55111   0.00338 0.02998  0.01830  13.04477 51.45356  64.49832  7.40256  7.03267    0.79775 79.56450
 1 108.000 0.56282   0.00287 0.02974  0.01817  12.59315 51.69592  64.28907  7.52134  7.36071    0.80412 79.63721
 1 109.500 0.57447   0.00236 0.02950  0.01805  12.15226 51.91961  64.07187  7.63933  7.69590    0.81033 79.70432
 1 111.000 0.58605   0.00184 0.02927  0.01794  11.72205 52.12481  63.84686  7.75640  8.03797    0.81640 79.76588
 1 112.500 0.59757   0.00133 0.02905  0.01782  11.30246 52.31174  63.61420  7.87242  8.38666    0.82233 79.82196
 1 114.000 0.60899   0.00082 0.02883  0.01772  10.89343 52.48063  63.37406  7.98728  8.74165    0.82811 79.87262
 1 115.500 0.62033   0.00030 0.02862  0.01761  10.49488 52.63174  63.12663  8.10083  9.10264    0.83375 79.91796
 1 117.000 0.63156  -0.00021 0.02842  0.01752  10.10672 52.76539  62.87211  8.21297  9.46929    0.83925 79.95805
 1 118.500 0.64268  -0.00072 0.02822  0.01743   9.72886 52.88189  62.61075  8.32356  9.84124    0.84461 79.99300
 1 120.000 0.65368  -0.00124 0.02803  0.01734   9.36118 52.98160  62.34278  8.43248 10.21814    0.84984 80.02291
 1 121.500 0.66456  -0.00175 0.02785  0.01726   9.00357 53.06490  62.06846  8.53963 10.59960    0.85494 80.04790
 1 123.000 0.67529  -0.00227 0.02767  0.01719   8.65590 53.13218  61.78809  8.64488 10.98523    0.85991 80.06809
 1 124.500 0.68589  -0.00278 0.02751  0.01712   8.31806 53.18388  61.50194  8.74814 11.37463    0.86475 80.08360
 1 126.000 0.69633  -0.00330 0.02735  0.01706   7.98990 53.22045  61.21035  8.84930 11.76739    0.86947 80.09457
 1 127.500 0.70661  -0.00381 0.02720  0.01700   7.67128 53.24235  60.91362  8.94826 12.16308    0.87406 80.10114
 1 129.000 0.71673  -0.00433 0.02705  0.01695   7.36205 53.25006  60.61211  9.04495 12.56127    0.87854 80.10345
 1 130.500 0.72668  -0.00484 0.02692  0.01690   7.06206 53.24411  60.30617  9.13927 12.96153    0.88290 80.10167
 1 132.000 0.73646  -0.00535 0.02679  0.01687   6.77117 53.22500  59.99617  9.23115 13.36342    0.88714 80.09593
 1 133.500 0.74605  -0.00587 0.02668  0.01683   6.48921 53.19327  59.68248  9.32053 13.76649    0.89127 80.08642
 1 135.000 0.75545  -0.00638 0.02656  0.01681   6.21602 53.14947  59.36550  9.40735 14.17029    0.89529 80.07328
 1 136.500 0.76467  -0.00689 0.02646  0.01679   5.95145 53.09416  59.04561  9.49157 14.57439    0.89921 80.05668
 1 138.000 0.77369  -0.00741 0.02637  0.01677   5.69533 53.02790  58.72323  9.57313 14.97833    0.90301 80.03681
 1 139.500 0.78251  -0.00792 0.02628  0.01676   5.44750 52.95127  58.39877  9.65202 15.38168    0.90672 80.01382
 1 141.000 0.79113  -0.00844 0.02621  0.01676   5.20779 52.86485  58.07264  9.72820 15.78399    0.91032 79.98789
 1 142.500 0.79954  -0.00895 0.02614  0.01676   4.97605 52.76921  57.74527  9.80167 16.18483    0.91383 79.95920
 1 144.000 0.80775  -0.00946 0.02607  0.01677   4.75212 52.66495  57.41707  9.87241 16.58378    0.91724 79.92792
 1 145.500 0.81575  -0.00997 0.02602  0.01679   4.53582 52.55264  57.08846  9.94043 16.98040    0.92055 79.89423
 1 147.000 0.82353  -0.01049 0.02598  0.01681   4.32700 52.43288  56.75987 10.00574 17.37430    0.92377 79.85830
 1 148.500 0.83111  -0.01100 0.02594  0.01684   4.12549 52.30623  56.43172 10.06835 17.76507    0.92689 79.82030
 1 150.000 0.83848  -0.01151 0.02591  0.01687   3.93114 52.17328  56.10442 10.12830 18.15232    0.92993 79.78042

->optimal debt cash payment
 1  65.955 0.25051   0.01652 0.03781  0.02300  29.11325 38.00102  67.11427  4.25267  1.26683    0.56621 75.52874

liq.cash: 10Y average (1Y) = 100.000 (10.000) 10Y std.dev. (1Y)= 50.596 (16.000)
unlevered firm value = 51.97235
tax rate = 0.30   bankruptcy cost proportion = 0.400
non-debt tax shield = 51.97235  (proportion = 1.000)
market portfolio: average =  0.1300  std.dev =  0.25  correlation = 0.000
riskless rate of interest =  0.0500  risk price =  2.8251

id  debtcf default   rrrequi rrrdebt     WACC   valequi  valdebt   valfirm  valtxsv  valbkcs    dbratio   corrMM
 0   0.000 0.02405   0.05000 0.00000  0.05000  51.97235  0.00000  51.97235  0.00000  0.00000    0.00000 51.97235
 1   1.500 0.02578   0.05000 0.05000  0.04979  51.16620  0.89761  52.06381  0.09178  0.00032    0.01724 52.24163
 1   3.000 0.02761   0.05000 0.05000  0.04958  50.36169  1.79289  52.15458  0.18357  0.00134    0.03438 52.51022
 1   4.500 0.02955   0.05000 0.05000  0.04937  49.55895  2.68566  52.24462  0.27539  0.00312    0.05141 52.77805
 1   6.000 0.03160   0.05000 0.05000  0.04917  48.75810  3.57575  52.33385  0.36726  0.00577    0.06833 53.04507
 1   7.500 0.03376   0.05000 0.05000  0.04896  47.95926  4.46294  52.42220  0.45921  0.00936    0.08513 53.31123
 1   9.000 0.03605   0.05000 0.05000  0.04875  47.16257  5.34704  52.50961  0.55125  0.01399    0.10183 53.57646
 1  10.500 0.03846   0.05000 0.05000  0.04855  46.36815  6.22785  52.59599  0.64340  0.01976    0.11841 53.84071
 1  12.000 0.04100   0.05000 0.05000  0.04835  45.57614  7.10512  52.68127  0.73570  0.02678    0.13487 54.10389
 1  13.500 0.04367   0.05000 0.05000  0.04815  44.78670  7.97864  52.76535  0.82815  0.03516    0.15121 54.36594
 1  15.000 0.04648   0.05000 0.05000  0.04795  43.99997  8.84817  52.84814  0.92080  0.04501    0.16743 54.62680
 1  16.500 0.04944   0.05000 0.05000  0.04775  43.21611  9.71344  52.92955  1.01365  0.05645    0.18352 54.88638
 1  18.000 0.05254   0.05000 0.05000  0.04755  42.43527 10.57421  53.00948  1.10673  0.06961    0.19948 55.14461
 1  19.500 0.05580   0.05000 0.05000  0.04735  41.65762 11.43020  53.08782  1.20008  0.08461    0.21531 55.40141
 1  21.000 0.05922   0.05000 0.05000  0.04716  40.88334 12.28113  53.16447  1.29371  0.10160    0.23100 55.65669
 1  22.500 0.06279   0.05000 0.05000  0.04696  40.11258 13.12672  53.23930  1.38766  0.12071    0.24656 55.91037
 1  24.000 0.06654   0.05000 0.05000  0.04677  39.34553 13.96668  53.31221  1.48195  0.14208    0.26198 56.16236
 1  25.500 0.07045   0.05000 0.05000  0.04658  38.58237 14.80070  53.38307  1.57660  0.16588    0.27725 56.41256
 1  27.000 0.07454   0.05000 0.05000  0.04639  37.82329 15.62846  53.45175  1.67164  0.19223    0.29238 56.66089
 1  28.500 0.07881   0.05000 0.05000  0.04620  37.06847 16.44966  53.51813  1.76709  0.22132    0.30737 56.90725
 1  30.000 0.08326   0.05000 0.05000  0.04601  36.31811 17.26396  53.58206  1.86299  0.25328    0.32220 57.15154
 1  31.500 0.08789   0.05000 0.05000  0.04583  35.57239 18.07103  53.64342  1.95936  0.28829    0.33687 57.39366
 1  33.000 0.09272   0.05000 0.05000  0.04565  34.83152 18.87053  53.70206  2.05622  0.32651    0.35139 57.63351
 1  34.500 0.09774   0.05000 0.05000  0.04546  34.09570 19.66212  53.75783  2.15359  0.36812    0.36575 57.87099
 1  36.000 0.10295   0.05000 0.05000  0.04528  33.36513 20.44546  53.81059  2.25150  0.41327    0.37995 58.10599
 1  37.500 0.10837   0.05000 0.05000  0.04511  32.64001 21.22018  53.86019  2.34997  0.46213    0.39399 58.33840
 1  39.000 0.11398   0.05000 0.05000  0.04493  31.92055 21.98592  53.90648  2.44902  0.51489    0.40785 58.56813
 1  40.500 0.11980   0.05000 0.05000  0.04476  31.20695 22.74234  53.94930  2.54866  0.57172    0.42155 58.79505
 1  42.000 0.12583   0.05000 0.05000  0.04458  30.49942 23.48907  53.98850  2.64892  0.63278    0.43508 59.01907
 1  43.500 0.13207   0.05000 0.05000  0.04441  29.79817 24.22575  54.02392  2.74981  0.69824    0.44843 59.24008
 1  45.000 0.13851   0.05000 0.05000  0.04425  29.10340 24.95201  54.05540  2.85134  0.76829    0.46160 59.45795
 1  46.500 0.14517   0.05000 0.05000  0.04408  28.41531 25.66749  54.08280  2.95352  0.84308    0.47460 59.67260
 1  48.000 0.15204   0.05000 0.05000  0.04392  27.73411 26.37183  54.10594  3.05637  0.92278    0.48741 59.88390
 1  49.500 0.15912   0.05000 0.05000  0.04375  27.05999 27.06468  54.12467  3.15988  1.00755    0.50004 60.09175
 1  51.000 0.16641   0.05000 0.05000  0.04359  26.39317 27.74567  54.13884  3.26405  1.09756    0.51249 60.29605
 1  52.500 0.17392   0.05000 0.05000  0.04344  25.73383 28.41447  54.14830  3.36890  1.19295    0.52475 60.49669
 1  54.000 0.18163   0.05000 0.05000  0.04328  25.08216 29.07072  54.15288  3.47441  1.29388    0.53683 60.69357
 1  55.500 0.18956   0.05000 0.05000  0.04313  24.43836 29.71409  54.15245  3.58058  1.40049    0.54871 60.88658
 1  57.000 0.19770   0.05000 0.05000  0.04298  23.80260 30.34425  54.14685  3.68740  1.51290    0.56041 61.07563
 1  58.500 0.20605   0.05000 0.05000  0.04283  23.17506 30.96088  54.13594  3.79485  1.63126    0.57191 61.26061
 1  60.000 0.21460   0.05000 0.05000  0.04268  22.55592 31.56366  54.11958  3.90291  1.75569    0.58322 61.44145
 1  61.500 0.22335   0.05000 0.05000  0.04254  21.94534 32.15230  54.09764  4.01157  1.88628    0.59434 61.61804
 1  63.000 0.23231   0.05000 0.05000  0.04240  21.34348 32.72651  54.06999  4.12080  2.02316    0.60526 61.79030
 1  64.500 0.24145   0.05000 0.05000  0.04226  20.75049 33.28602  54.03651  4.23056  2.16640    0.61599 61.95816
 1  66.000 0.25080   0.05000 0.05000  0.04212  20.16652 33.83055  53.99708  4.34082  2.31609    0.62653 62.12152
 1  67.500 0.26033   0.05000 0.05000  0.04198  19.59171 34.35988  53.95159  4.45155  2.47231    0.63687 62.28032
 1  69.000 0.27004   0.05000 0.05000  0.04185  19.02617 34.87377  53.89994  4.56269  2.63511    0.64701 62.43448
 1  70.500 0.27993   0.05000 0.05000  0.04172  18.47003 35.37200  53.84203  4.67421  2.80453    0.65696 62.58395
 1  72.000 0.29000   0.05000 0.05000  0.04160  17.92340 35.85438  53.77778  4.78605  2.98062    0.66671 62.72867
 1  73.500 0.30023   0.05000 0.05000  0.04147  17.38638 36.32074  53.70712  4.89815  3.16338    0.67627 62.86857
 1  75.000 0.31062   0.05000 0.05000  0.04135  16.85905 36.77092  53.62997  5.01046  3.35284    0.68564 63.00363
 1  76.500 0.32116   0.05000 0.05000  0.04123  16.34151 37.20478  53.54628  5.12290  3.54897    0.69482 63.13378
 1  78.000 0.33185   0.05000 0.05000  0.04111  15.83381 37.62220  53.45601  5.23541  3.75175    0.70380 63.25901
 1  79.500 0.34268   0.05000 0.05000  0.04099  15.33601 38.02310  53.35911  5.34792  3.96116    0.71259 63.37928
 1  81.000 0.35364   0.05000 0.05000  0.04088  14.84817 38.40740  53.25557  5.46035  4.17714    0.72119 63.49457
 1  82.500 0.36472   0.05000 0.05000  0.04077  14.37031 38.77505  53.14536  5.57262  4.39961    0.72960 63.60487
 1  84.000 0.37591   0.05000 0.05000  0.04066  13.90247 39.12602  53.02849  5.68464  4.62850    0.73783 63.71016
 1  85.500 0.38722   0.05000 0.05000  0.04056  13.44466 39.46032  52.90498  5.79634  4.86371    0.74587 63.81045
 1  87.000 0.39861   0.05000 0.05000  0.04045  12.99689 39.77796  52.77485  5.90762  5.10512    0.75373 63.90574
 1  88.500 0.41010   0.05000 0.05000  0.04035  12.55914 40.07899  52.63812  6.01839  5.35261    0.76141 63.99605
 1  90.000 0.42166   0.05000 0.05000  0.04025  12.13140 40.36347  52.49487  6.12855  5.60603    0.76890 64.08139
 1  91.500 0.43329   0.05000 0.05000  0.04015  11.71365 40.63150  52.34514  6.23802  5.86523    0.77622 64.16180
 1  93.000 0.44498   0.05000 0.05000  0.04006  11.30584 40.88319  52.18903  6.34670  6.13002    0.78337 64.23731
 1  94.500 0.45672   0.05000 0.05000  0.03997  10.90793 41.11868  52.02661  6.45449  6.40023    0.79034 64.30796
 1  96.000 0.46849   0.05000 0.05000  0.03988  10.51986 41.33814  51.85800  6.56129  6.67564    0.79714 64.37379
 1  97.500 0.48030   0.05000 0.05000  0.03979  10.14156 41.54175  51.68331  6.66701  6.95605    0.80377 64.43488
 1  99.000 0.49212   0.05000 0.05000  0.03970   9.77296 41.72972  51.50268  6.77155  7.24122    0.81024 64.49127
 1 100.500 0.50394   0.05000 0.05000  0.03962   9.41398 41.90227  51.31625  6.87481  7.53091    0.81655 64.54303
 1 102.000 0.51577   0.05000 0.05000  0.03954   9.06452 42.05967  51.12419  6.97671  7.82487    0.82270 64.59025
 1 103.500 0.52757   0.05000 0.05000  0.03946   8.72448 42.20218  50.92666  7.07715  8.12284    0.82869 64.63301
 1 105.000 0.53936   0.05000 0.05000  0.03938   8.39376 42.33010  50.72385  7.17604  8.42454    0.83452 64.67138
 1 106.500 0.55111   0.05000 0.05000  0.03930   8.07224 42.44373  50.51597  7.27330  8.72969    0.84020 64.70547
 1 108.000 0.56282   0.05000 0.05000  0.03923   7.75981 42.54340  50.30321  7.36885  9.03799    0.84574 64.73537
 1 109.500 0.57447   0.05000 0.05000  0.03916   7.45634 42.62947  50.08581  7.46260  9.34913    0.85113 64.76119
 1 111.000 0.58605   0.05000 0.05000  0.03909   7.16170 42.70231  49.86401  7.55448  9.66282    0.85638 64.78304
 1 112.500 0.59757   0.05000 0.05000  0.03902   6.87576 42.76228  49.63804  7.64442  9.97874    0.86148 64.80103
 1 114.000 0.60899   0.05000 0.05000  0.03895   6.59838 42.80978  49.40816  7.73236 10.29655    0.86645 64.81528
 1 115.500 0.62033   0.05000 0.05000  0.03889   6.32942 42.84522  49.17464  7.81824 10.61595    0.87129 64.82592
 1 117.000 0.63156   0.05000 0.05000  0.03883   6.06873 42.86902  48.93775  7.90200 10.93659    0.87599 64.83306
 1 118.500 0.64268   0.05000 0.05000  0.03876   5.81617 42.88161  48.69778  7.98359 11.25816    0.88057 64.83684
 1 120.000 0.65368   0.05000 0.05000  0.03871   5.57159 42.88343  48.45502  8.06298 11.58030    0.88502 64.83738
 1 121.500 0.66456   0.05000 0.05000  0.03865   5.33483 42.87493  48.20976  8.14012 11.90270    0.88934 64.83483
 1 123.000 0.67529   0.05000 0.05000  0.03859   5.10576 42.85656  47.96231  8.21498 12.22502    0.89355 64.82932
 1 124.500 0.68589   0.05000 0.05000  0.03854   4.88420 42.82878  47.71298  8.28755 12.54693    0.89763 64.82098
 1 126.000 0.69633   0.05000 0.05000  0.03848   4.67001 42.79205  47.46206  8.35781 12.86809    0.90161 64.80997
 1 127.500 0.70661   0.05000 0.05000  0.03843   4.46305 42.74685  47.20989  8.42573 13.18819    0.90546 64.79641
 1 129.000 0.71673   0.05000 0.05000  0.03838   4.26314 42.69364  46.95678  8.49132 13.50690    0.90921 64.78044
 1 130.500 0.72668   0.05000 0.05000  0.03833   4.07014 42.63289  46.70303  8.55458 13.82390    0.91285 64.76222
 1 132.000 0.73646   0.05000 0.05000  0.03828   3.88390 42.56508  46.44898  8.61552 14.13889    0.91638 64.74188
 1 133.500 0.74605   0.05000 0.05000  0.03824   3.70426 42.49067  46.19493  8.67414 14.45156    0.91981 64.71955
 1 135.000 0.75545   0.05000 0.05000  0.03819   3.53107 42.41013  45.94120  8.73047 14.76162    0.92314 64.69539
 1 136.500 0.76467   0.05000 0.05000  0.03815   3.36418 42.32391  45.68810  8.78452 15.06877    0.92637 64.66952
 1 138.000 0.77369   0.05000 0.05000  0.03811   3.20345 42.23247  45.43592  8.83633 15.37276    0.92950 64.64209
 1 139.500 0.78251   0.05000 0.05000  0.03807   3.04872 42.13627  45.18498  8.88593 15.67329    0.93253 64.61323
 1 141.000 0.79113   0.05000 0.05000  0.03803   2.89984 42.03573  44.93557  8.93335 15.97013    0.93547 64.58307
 1 142.500 0.79954   0.05000 0.05000  0.03799   2.75667 41.93129  44.68797  8.97864 16.26302    0.93831 64.55174
 1 144.000 0.80775   0.05000 0.05000  0.03795   2.61907 41.82339  44.44246  9.02184 16.55173    0.94107 64.51937
 1 145.500 0.81575   0.05000 0.05000  0.03792   2.48689 41.71242  44.19931  9.06299 16.83604    0.94373 64.48608
 1 147.000 0.82353   0.05000 0.05000  0.03788   2.35998 41.59879  43.95877  9.10216 17.11574    0.94631 64.45199
 1 148.500 0.83111   0.05000 0.05000  0.03785   2.23822 41.48289  43.72111  9.13939 17.39063    0.94881 64.41722
 1 150.000 0.83848   0.05000 0.05000  0.03781   2.12145 41.36511  43.48656  9.17474 17.66053    0.95122 64.38188

->optimal debt cash payment
 1  54.623 0.18490   0.05000 0.05000  0.04322  24.81360 29.33972  54.15332  3.51846  1.33749    0.54179 60.77427

liq.cash: 10Y average (1Y) = 100.000 (10.000) 10Y std.dev. (1Y)= 50.596 (16.000)
unlevered firm value = 40.25116
tax rate = 0.30   bankruptcy cost proportion = 0.400
non-debt tax shield = 40.25116  (proportion = 1.000)
market portfolio: average =  0.1300  std.dev =  0.25  correlation = 0.200
riskless rate of interest =  0.0500  risk price =  2.8251

id  debtcf default   rrrequi rrrdebt     WACC   valequi  valdebt   valfirm  valtxsv  valbkcs    dbratio   corrMM
 0   0.000 0.02405   0.07329 0.00000  0.07329  40.25116  0.00000  40.25116  0.00000  0.00000    0.00000 40.25116
 1   1.500 0.02578   0.07368 0.05288  0.07303  39.46843  0.87336  40.34180  0.09124  0.00060    0.02165 40.51317
 1   3.000 0.02761   0.07408 0.05300  0.07278  38.68896  1.74238  40.43134  0.18267  0.00249    0.04309 40.77388
 1   4.500 0.02955   0.07448 0.05314  0.07253  37.91292  2.60676  40.51968  0.27431  0.00579    0.06433 41.03319
 1   6.000 0.03160   0.07490 0.05327  0.07228  37.14050  3.46621  40.60671  0.36620  0.01065    0.08536 41.29103
 1   7.500 0.03376   0.07533 0.05341  0.07203  36.37191  4.32042  40.69233  0.45836  0.01720    0.10617 41.54729
 1   9.000 0.03605   0.07577 0.05356  0.07179  35.60734  5.16907  40.77641  0.55083  0.02558    0.12677 41.80188
 1  10.500 0.03846   0.07623 0.05371  0.07155  34.84700  6.01183  40.85883  0.64362  0.03595    0.14714 42.05471
 1  12.000 0.04100   0.07669 0.05387  0.07132  34.09109  6.84837  40.93946  0.73677  0.04847    0.16728 42.30567
 1  13.500 0.04367   0.07717 0.05404  0.07109  33.33983  7.67834  41.01817  0.83031  0.06330    0.18719 42.55466
 1  15.000 0.04648   0.07765 0.05421  0.07086  32.59344  8.50137  41.09482  0.92426  0.08060    0.20687 42.80157
 1  16.500 0.04944   0.07815 0.05438  0.07064  31.85214  9.31711  41.16926  1.01865  0.10055    0.22631 43.04630
 1  18.000 0.05254   0.07867 0.05457  0.07042  31.11616 10.12519  41.24135  1.11351  0.12332    0.24551 43.28872
 1  19.500 0.05580   0.07919 0.05476  0.07021  30.38572 10.92521  41.31093  1.20886  0.14909    0.26446 43.52873
 1  21.000 0.05922   0.07973 0.05495  0.07000  29.66106 11.71680  41.37786  1.30473  0.17803    0.28317 43.76620
 1  22.500 0.06279   0.08028 0.05515  0.06979  28.94239 12.49957  41.44196  1.40114  0.21034    0.30162 44.00103
 1  24.000 0.06654   0.08085 0.05536  0.06960  28.22997 13.27310  41.50308  1.49812  0.24620    0.31981 44.23309
 1  25.500 0.07045   0.08143 0.05558  0.06940  27.52403 14.03702  41.56105  1.59568  0.28579    0.33774 44.46227
 1  27.000 0.07454   0.08203 0.05580  0.06921  26.82479 14.79090  41.61569  1.69384  0.32931    0.35542 44.68843
 1  28.500 0.07881   0.08264 0.05603  0.06903  26.13250 15.53434  41.66685  1.79262  0.37694    0.37282 44.91147
 1  30.000 0.08326   0.08326 0.05626  0.06886  25.44739 16.26695  41.71433  1.89204  0.42887    0.38996 45.13125
 1  31.500 0.08789   0.08390 0.05651  0.06869  24.76969 16.98829  41.75798  1.99210  0.48528    0.40683 45.34765
 1  33.000 0.09272   0.08456 0.05676  0.06852  24.09963 17.69799  41.79762  2.09281  0.54636    0.42342 45.56056
 1  34.500 0.09774   0.08523 0.05701  0.06837  23.43745 18.39562  41.83306  2.19419  0.61229    0.43974 45.76985
 1  36.000 0.10295   0.08592 0.05728  0.06821  22.78336 19.08078  41.86414  2.29622  0.68324    0.45578 45.97540
 1  37.500 0.10837   0.08663 0.05755  0.06807  22.13759 19.75310  41.89068  2.39892  0.75939    0.47154 46.17709
 1  39.000 0.11398   0.08735 0.05783  0.06793  21.50035 20.41216  41.91251  2.50226  0.84091    0.48702 46.37481
 1  40.500 0.11980   0.08809 0.05811  0.06780  20.87186 21.05760  41.92946  2.60625  0.92796    0.50221 46.56844
 1  42.000 0.12583   0.08885 0.05840  0.06768  20.25232 21.68904  41.94136  2.71088  1.02068    0.51713 46.75787
 1  43.500 0.13207   0.08963 0.05870  0.06756  19.64193 22.30611  41.94804  2.81611  1.11923    0.53176 46.94300
 1  45.000 0.13851   0.09043 0.05901  0.06745  19.04088 22.90848  41.94936  2.92194  1.22374    0.54610 47.12370
 1  46.500 0.14517   0.09124 0.05932  0.06735  18.44935 23.49578  41.94514  3.02832  1.33435    0.56016 47.29990
 1  48.000 0.15204   0.09208 0.05964  0.06726  17.86753 24.06772  41.93525  3.13524  1.45116    0.57393 47.47148
 1  49.500 0.15912   0.09293 0.05997  0.06717  17.29556 24.62397  41.91953  3.24265  1.57428    0.58741 47.63835
 1  51.000 0.16641   0.09381 0.06030  0.06709  16.73362 25.16424  41.89786  3.35052  1.70382    0.60061 47.80043
 1  52.500 0.17392   0.09471 0.06064  0.06702  16.18184 25.68826  41.87010  3.45878  1.83984    0.61352 47.95764
 1  54.000 0.18163   0.09562 0.06099  0.06696  15.64036 26.19578  41.83614  3.56739  1.98241    0.62615 48.10990
 1  55.500 0.18956   0.09656 0.06134  0.06690  15.10930 26.68656  41.79586  3.67630  2.13160    0.63850 48.25713
 1  57.000 0.19770   0.09752 0.06170  0.06685  14.58877 27.16040  41.74916  3.78543  2.28743    0.65056 48.39928
 1  58.500 0.20605   0.09850 0.06207  0.06681  14.07886 27.61709  41.69595  3.89472  2.44993    0.66234 48.53629
 1  60.000 0.21460   0.09951 0.06244  0.06678  13.57968 28.05647  41.63615  4.00410  2.61911    0.67385 48.66810
 1  61.500 0.22335   0.10054 0.06282  0.06675  13.09128 28.47841  41.56969  4.11348  2.79495    0.68508 48.79468
 1  63.000 0.23231   0.10159 0.06320  0.06674  12.61373 28.88278  41.49651  4.22278  2.97744    0.69603 48.91600
 1  64.500 0.24145   0.10267 0.06359  0.06672  12.14708 29.26950  41.41657  4.33193  3.16651    0.70671 49.03201
 1  66.000 0.25080   0.10377 0.06398  0.06672  11.69135 29.63850  41.32985  4.44081  3.36213    0.71712 49.14271
 1  67.500 0.26033   0.10489 0.06438  0.06673  11.24656 29.98975  41.23631  4.54934  3.56419    0.72727 49.24809
 1  69.000 0.27004   0.10605 0.06478  0.06674  10.81273 30.32324  41.13597  4.65742  3.77262    0.73715 49.34814
 1  70.500 0.27993   0.10722 0.06519  0.06675  10.38983 30.63900  41.02883  4.76495  3.98728    0.74677 49.44286
 1  72.000 0.29000   0.10843 0.06560  0.06678   9.97786 30.93706  40.91492  4.87181  4.20805    0.75613 49.53228
 1  73.500 0.30023   0.10966 0.06602  0.06681   9.57678 31.21752  40.79430  4.97791  4.43478    0.76524 49.61642
 1  75.000 0.31062   0.11092 0.06644  0.06685   9.18653 31.48047  40.66700  5.08313  4.66729    0.77410 49.69530
 1  76.500 0.32116   0.11221 0.06686  0.06689   8.80707 31.72606  40.53312  5.18737  4.90540    0.78272 49.76898
 1  78.000 0.33185   0.11353 0.06729  0.06694   8.43831 31.95444  40.39275  5.29050  5.14891    0.79109 49.83749
 1  79.500 0.34268   0.11487 0.06771  0.06700   8.08017 32.16582  40.24599  5.39243  5.39760    0.79923 49.90091
 1  81.000 0.35364   0.11625 0.06814  0.06706   7.73257 32.36041  40.09298  5.49304  5.65122    0.80713 49.95929
 1  82.500 0.36472   0.11766 0.06857  0.06712   7.39538 32.53846  39.93385  5.59222  5.90953    0.81481 50.01270
 1  84.000 0.37591   0.11910 0.06901  0.06719   7.06851 32.70025  39.76876  5.68986  6.17226    0.82226 50.06124
 1  85.500 0.38722   0.12058 0.06944  0.06726   6.75181 32.84608  39.59789  5.78586  6.43913    0.82949 50.10499
 1  87.000 0.39861   0.12209 0.06988  0.06734   6.44517 32.97628  39.42144  5.88012  6.70984    0.83651 50.14405
 1  88.500 0.41010   0.12364 0.07031  0.06742   6.14843 33.09119  39.23962  5.97255  6.98409    0.84331 50.17852
 1  90.000 0.42166   0.12522 0.07074  0.06751   5.86144 33.19119  39.05264  6.06303  7.26156    0.84991 50.20852
 1  91.500 0.43329   0.12684 0.07118  0.06760   5.58406 33.27669  38.86075  6.15150  7.54191    0.85631 50.23417
 1  93.000 0.44498   0.12850 0.07161  0.06768   5.31612 33.34809  38.66420  6.23786  7.82482    0.86251 50.25559
 1  94.500 0.45672   0.13020 0.07204  0.06778   5.05744 33.40583  38.46327  6.32203  8.10993    0.86851 50.27291
 1  96.000 0.46849   0.13194 0.07247  0.06787   4.80786 33.45037  38.25823  6.40396  8.39688    0.87433 50.28627
 1  97.500 0.48030   0.13373 0.07289  0.06796   4.56721 33.48218  38.04939  6.48356  8.68533    0.87997 50.29582
 1  99.000 0.49212   0.13556 0.07331  0.06805   4.33529 33.50176  37.83705  6.56079  8.97490    0.88542 50.30169
 1 100.500 0.50394   0.13744 0.07373  0.06815   4.11194 33.50959  37.62153  6.63559  9.26523    0.89070 50.30404
 1 102.000 0.51577   0.13937 0.07415  0.06824   3.89696 33.50619  37.40315  6.70793  9.55594    0.89581 50.30302
 1 103.500 0.52757   0.14135 0.07455  0.06833   3.69017 33.49209  37.18226  6.77777  9.84667    0.90075 50.29879
 1 105.000 0.53936   0.14338 0.07496  0.06842   3.49138 33.46781  36.95919  6.84508 10.13705    0.90553 50.29151
 1 106.500 0.55111   0.14547 0.07536  0.06851   3.30041 33.43390  36.73430  6.90984 10.42670    0.91015 50.28133
 1 108.000 0.56282   0.14761 0.07575  0.06859   3.11706 33.39089  36.50796  6.97206 10.71526    0.91462 50.26843
 1 109.500 0.57447   0.14982 0.07613  0.06867   2.94116 33.33934  36.28050  7.03171 11.00237    0.91893 50.25297
 1 111.000 0.58605   0.15210 0.07651  0.06875   2.77251 33.27980  36.05231  7.08882 11.28767    0.92310 50.23510
 1 112.500 0.59757   0.15444 0.07687  0.06882   2.61092 33.21281  35.82374  7.14339 11.57081    0.92712 50.21501
 1 114.000 0.60899   0.15685 0.07723  0.06889   2.45622 33.13893  35.59515  7.19544 11.85145    0.93100 50.19284
 1 115.500 0.62033   0.15933 0.07758  0.06895   2.30821 33.05870  35.36691  7.24500 12.12925    0.93474 50.16877
 1 117.000 0.63156   0.16190 0.07792  0.06901   2.16672 32.97266  35.13938  7.29211 12.40390    0.93834 50.14296
 1 118.500 0.64268   0.16455 0.07825  0.06906   2.03156 32.88134  34.91290  7.33681 12.67507    0.94181 50.11556
 1 120.000 0.65368   0.16728 0.07858  0.06911   1.90256 32.78527  34.68783  7.37913 12.94247    0.94515 50.08674
 1 121.500 0.66456   0.17011 0.07888  0.06914   1.77954 32.68496  34.46450  7.41915 13.20581    0.94837 50.05665
 1 123.000 0.67529   0.17304 0.07918  0.06917   1.66231 32.58093  34.24325  7.45690 13.46481    0.95146 50.02544
 1 124.500 0.68589   0.17608 0.07947  0.06919   1.55072 32.47367  34.02439  7.49245 13.71923    0.95442 49.99326
 1 126.000 0.69633   0.17922 0.07974  0.06920   1.44459 32.36365  33.80824  7.52588 13.96880    0.95727 49.96026
 1 127.500 0.70661   0.18248 0.08000  0.06921   1.34374 32.25135  33.59509  7.55723 14.21330    0.96000 49.92657
 1 129.000 0.71673   0.18587 0.08025  0.06920   1.24802 32.13721  33.38523  7.58660 14.45253    0.96262 49.89233
 1 130.500 0.72668   0.18940 0.08049  0.06919   1.15725 32.02168  33.17893  7.61404 14.68627    0.96512 49.85767
 1 132.000 0.73646   0.19307 0.08071  0.06916   1.07127 31.90517  32.97643  7.63963 14.91436    0.96751 49.82271
 1 133.500 0.74605   0.19690 0.08092  0.06913   0.98991 31.78807  32.77799  7.66346 15.13663    0.96980 49.78758
 1 135.000 0.75545   0.20089 0.08111  0.06909   0.91303 31.67078  32.58381  7.68559 15.35294    0.97198 49.75240
 1 136.500 0.76467   0.20506 0.08129  0.06904   0.84046 31.55366  32.39411  7.70611 15.56316    0.97406 49.71726
 1 138.000 0.77369   0.20943 0.08146  0.06897   0.77203 31.43704  32.20908  7.72509 15.76718    0.97603 49.68227
 1 139.500 0.78251   0.21401 0.08161  0.06890   0.70761 31.32126  32.02887  7.74261 15.96491    0.97791 49.64754
 1 141.000 0.79113   0.21882 0.08175  0.06882   0.64704 31.20661  31.85364  7.75875 16.15627    0.97969 49.61314
 1 142.500 0.79954   0.22389 0.08187  0.06873   0.59016 31.09337  31.68353  7.77358 16.34121    0.98137 49.57917
 1 144.000 0.80775   0.22922 0.08198  0.06863   0.53683 30.98182  31.51865  7.78717 16.51969    0.98297 49.54571
 1 145.500 0.81575   0.23487 0.08208  0.06852   0.48690 30.87219  31.35909  7.79961 16.69168    0.98447 49.51282
 1 147.000 0.82353   0.24085 0.08216  0.06840   0.44023 30.76470  31.20493  7.81095 16.85718    0.98589 49.48057
 1 148.500 0.83111   0.24720 0.08223  0.06827   0.39667 30.65956  31.05623  7.82126 17.01619    0.98723 49.44903
 1 150.000 0.83848   0.25398 0.08229  0.06813   0.35610 30.55694  30.91304  7.83062 17.16875    0.98848 49.41824

->optimal debt cash payment
 1  44.612 0.13682   0.09022 0.05893  0.06748  19.19562 22.75392  41.94954  2.89448  1.19610    0.54241 47.07734

liq.cash: 10Y average (1Y) = 100.000 (10.000) 10Y std.dev. (1Y)= 50.596 (16.000)
unlevered firm value = 28.80245
tax rate = 0.30   bankruptcy cost proportion = 0.400
non-debt tax shield = 28.80245  (proportion = 1.000)
market portfolio: average =  0.1300  std.dev =  0.25  correlation = 0.400
riskless rate of interest =  0.0500  risk price =  2.8251

id  debtcf default   rrrequi rrrdebt     WACC   valequi  valdebt   valfirm  valtxsv  valbkcs    dbratio   corrMM
 0   0.000 0.02405   0.10553 0.00000  0.10553  28.80245  0.00000  28.80245  0.00000  0.00000    0.00000 28.80245
 1   1.500 0.02578   0.10665 0.05585  0.10517  28.04664  0.84912  28.89575  0.09419  0.00088    0.02939 29.05718
 1   3.000 0.02761   0.10781 0.05611  0.10481  27.29570  1.69187  28.98757  0.18877  0.00365    0.05837 29.31001
 1   4.500 0.02955   0.10901 0.05638  0.10446  26.54990  2.52786  29.07775  0.28378  0.00847    0.08693 29.56080
 1   6.000 0.03160   0.11024 0.05666  0.10411  25.80948  3.35667  29.16615  0.37924  0.01553    0.11509 29.80945
 1   7.500 0.03376   0.11152 0.05695  0.10378  25.07471  4.17790  29.25261  0.47520  0.02504    0.14282 30.05582
 1   9.000 0.03605   0.11284 0.05726  0.10345  24.34586  4.99109  29.33695  0.57168  0.03717    0.17013 30.29977
 1  10.500 0.03846   0.11421 0.05758  0.10313  23.62320  5.79582  29.41902  0.66872  0.05214    0.19701 30.54119
 1  12.000 0.04100   0.11562 0.05791  0.10281  22.90701  6.59162  29.49863  0.76635  0.07016    0.22346 30.77993
 1  13.500 0.04367   0.11709 0.05825  0.10251  22.19758  7.37803  29.57561  0.86460  0.09144    0.24946 31.01586
 1  15.000 0.04648   0.11860 0.05861  0.10222  21.49517  8.15458  29.64975  0.96350  0.11620    0.27503 31.24882
 1  16.500 0.04944   0.12017 0.05898  0.10193  20.80008  8.92079  29.72087  1.06308  0.14465    0.30015 31.47868
 1  18.000 0.05254   0.12180 0.05936  0.10166  20.11259  9.67617  29.78876  1.16335  0.17703    0.32483 31.70530
 1  19.500 0.05580   0.12349 0.05976  0.10140  19.43300 10.42023  29.85323  1.26434  0.21356    0.34905 31.92851
 1  21.000 0.05922   0.12524 0.06017  0.10115  18.76159 11.15248  29.91406  1.36608  0.25446    0.37282 32.14819
 1  22.500 0.06279   0.12705 0.06060  0.10091  18.09864 11.87241  29.97104  1.46857  0.29997    0.39613 32.36417
 1  24.000 0.06654   0.12893 0.06104  0.10068  17.44443 12.57953  30.02396  1.57183  0.35031    0.41898 32.57630
 1  25.500 0.07045   0.13088 0.06150  0.10047  16.79926 13.27334  30.07260  1.67586  0.40571    0.44138 32.78445
 1  27.000 0.07454   0.13291 0.06197  0.10027  16.16340 13.95334  30.11674  1.78068  0.46639    0.46331 32.98845
 1  28.500 0.07881   0.13502 0.06246  0.10008  15.53713 14.61903  30.15616  1.88627  0.53256    0.48478 33.18816
 1  30.000 0.08326   0.13721 0.06297  0.09991  14.92070 15.26993  30.19063  1.99264  0.60445    0.50578 33.38343
 1  31.500 0.08789   0.13949 0.06349  0.09975  14.31439 15.90556  30.21995  2.09977  0.68227    0.52633 33.57411
 1  33.000 0.09272   0.14185 0.06403  0.09961  13.71844 16.52544  30.24388  2.20764  0.76620    0.54641 33.76008
 1  34.500 0.09774   0.14432 0.06458  0.09948  13.13311 17.12911  30.26222  2.31623  0.85646    0.56602 33.94118
 1  36.000 0.10295   0.14689 0.06515  0.09937  12.55863 17.71611  30.27474  2.42552  0.95322    0.58518 34.11728
 1  37.500 0.10837   0.14957 0.06574  0.09928  11.99522 18.28602  30.28124  2.53545  1.05666    0.60387 34.28825
 1  39.000 0.11398   0.15236 0.06635  0.09920  11.44311 18.83840  30.28151  2.64600  1.16693    0.62211 34.45397
 1  40.500 0.11980   0.15527 0.06697  0.09914  10.90250 19.37286  30.27535  2.75710  1.28419    0.63989 34.61430
 1  42.000 0.12583   0.15831 0.06761  0.09910  10.37356 19.88900  30.26257  2.86870  1.40858    0.65721 34.76915
 1  43.500 0.13207   0.16150 0.06827  0.09907   9.85649 20.38648  30.24297  2.98074  1.54022    0.67409 34.91839
 1  45.000 0.13851   0.16482 0.06895  0.09907   9.35143 20.86494  30.21638  3.09313  1.67920    0.69052 35.06193
 1  46.500 0.14517   0.16831 0.06965  0.09908   8.85854 21.32408  30.18262  3.20580  1.82562    0.70650 35.19967
 1  48.000 0.15204   0.17196 0.07036  0.09911   8.37795 21.76361  30.14155  3.31865  1.97954    0.72205 35.33153
 1  49.500 0.15912   0.17580 0.07109  0.09917   7.90975 22.18326  30.09301  3.43158  2.14102    0.73716 35.45742
 1  51.000 0.16641   0.17983 0.07184  0.09924   7.45406 22.58281  30.03687  3.54449  2.31007    0.75184 35.57729
 1  52.500 0.17392   0.18408 0.07261  0.09933   7.01093 22.96206  29.97299  3.65727  2.48672    0.76609 35.69106
 1  54.000 0.18163   0.18855 0.07340  0.09944   6.58044 23.32085  29.90129  3.76979  2.67095    0.77993 35.79870
 1  55.500 0.18956   0.19327 0.07420  0.09957   6.16261 23.65904  29.82165  3.88192  2.86271    0.79335 35.90016
 1  57.000 0.19770   0.19827 0.07502  0.09973   5.75747 23.97654  29.73401  3.99352  3.06196    0.80637 35.99541
 1  58.500 0.20605   0.20356 0.07586  0.09990   5.36501 24.27330  29.63831  4.10446  3.26860    0.81898 36.08443
 1  60.000 0.21460   0.20919 0.07672  0.10009   4.98522 24.54928  29.53450  4.21459  3.48253    0.83121 36.16723
 1  61.500 0.22335   0.21519 0.07760  0.10031   4.61806 24.80451  29.42257  4.32374  3.70362    0.84304 36.24380
 1  63.000 0.23231   0.22159 0.07849  0.10054   4.26346 25.03905  29.30250  4.43177  3.93172    0.85450 36.31416
 1  64.500 0.24145   0.22846 0.07940  0.10080   3.92135 25.25298  29.17433  4.53852  4.16663    0.86559 36.37834
 1  66.000 0.25080   0.23584 0.08033  0.10108   3.59165 25.44644  29.03809  4.64380  4.40816    0.87631 36.43638
 1  67.500 0.26033   0.24382 0.08128  0.10137   3.27423 25.61962  28.89385  4.74747  4.65607    0.88668 36.48833
 1  69.000 0.27004   0.25249 0.08224  0.10169   2.96897 25.77272  28.74168  4.84936  4.91012    0.89670 36.53426
 1  70.500 0.27993   0.26195 0.08322  0.10203   2.67572 25.90599  28.58171  4.94929  5.17002    0.90638 36.57424
 1  72.000 0.29000   0.27236 0.08421  0.10239   2.39433 26.01974  28.41406  5.04710  5.43548    0.91573 36.60837
 1  73.500 0.30023   0.28389 0.08522  0.10276   2.12462 26.11429  28.23891  5.14263  5.70617    0.92476 36.63673
 1  75.000 0.31062   0.29680 0.08624  0.10316   1.86640 26.19002  28.05642  5.23572  5.98174    0.93348 36.65945
 1  76.500 0.32116   0.31141 0.08728  0.10357   1.61948 26.24733  27.86682  5.32621  6.26184    0.94188 36.67665
 1  78.000 0.33185   0.32821 0.08833  0.10400   1.38366 26.28668  27.67034  5.41396  6.54607    0.94999 36.68845
 1  79.500 0.34268   0.34788 0.08939  0.10445   1.15870 26.30854  27.46724  5.49883  6.83403    0.95782 36.69501
 1  81.000 0.35364   0.37151 0.09047  0.10492   0.94439 26.31342  27.25781  5.58067  7.12531    0.96535 36.69647
 1  82.500 0.36472   0.40092 0.09156  0.10540   0.74049 26.30188  27.04237  5.65938  7.41946    0.97262 36.69301
 1  84.000 0.37591   0.43955 0.09265  0.10590   0.54677 26.27448  26.82125  5.73483  7.71603    0.97961 36.68479
 1  85.500 0.38722   0.49502 0.09376  0.10641   0.36298 26.23184  26.59482  5.80693  8.01455    0.98635 36.67200
 1  87.000 0.39861   0.59086 0.09488  0.10694   0.18887 26.17459  26.36346  5.87558  8.31456    0.99284 36.65482
 1  88.500 0.41010   0.94747 0.09600  0.10748   0.02420 26.10339  26.12759  5.94071  8.61557    0.99907 36.63346

->optimal debt cash payment
 1  38.316 0.11140   0.15107 0.06607  0.09923  11.69348 18.58869  30.28218  2.59551  1.11578    0.61385 34.37905

liq.cash: 10Y average (1Y) = 100.000 (10.000) 10Y std.dev. (1Y)= 50.596 (16.000)
unlevered firm value = 17.49704
tax rate = 0.30   bankruptcy cost proportion = 0.400
non-debt tax shield = 17.49704  (proportion = 1.000)
market portfolio: average =  0.1300  std.dev =  0.25  correlation = 0.600
riskless rate of interest =  0.0500  risk price =  2.8251

id  debtcf default   rrrequi rrrdebt     WACC   valequi  valdebt   valfirm  valtxsv  valbkcs    dbratio   corrMM
 0   0.000 0.02405   0.15725 0.00000  0.15725  17.49704  0.00000  17.49704  0.00000  0.00000    0.00000 17.49704
 1   1.500 0.02578   0.16019 0.05891  0.15660  16.77107  0.82487  17.59594  0.10007  0.00116    0.04688 17.74450
 1   3.000 0.02761   0.16328 0.05931  0.15596  16.05168  1.64136  17.69304  0.20080  0.00480    0.09277 17.98944
 1   4.500 0.02955   0.16654 0.05973  0.15534  15.33919  2.44895  17.78814  0.30224  0.01114    0.13767 18.23172
 1   6.000 0.03160   0.16997 0.06017  0.15474  14.63392  3.24714  17.88105  0.40444  0.02042    0.18160 18.47118
 1   7.500 0.03376   0.17359 0.06063  0.15415  13.93620  4.03538  17.97158  0.50742  0.03288    0.22454 18.70765
 1   9.000 0.03605   0.17743 0.06110  0.15359  13.24639  4.81312  18.05951  0.61124  0.04876    0.26651 18.94097
 1  10.500 0.03846   0.18148 0.06160  0.15304  12.56482  5.57981  18.14462  0.71592  0.06833    0.30752 19.17098
 1  12.000 0.04100   0.18579 0.06212  0.15251  11.89183  6.33487  18.22670  0.82151  0.09185    0.34756 19.39750
 1  13.500 0.04367   0.19037 0.06266  0.15201  11.22777  7.07772  18.30550  0.92804  0.11958    0.38664 19.62035
 1  15.000 0.04648   0.19525 0.06322  0.15153  10.57300  7.80779  18.38079  1.03554  0.15179    0.42478 19.83937
 1  16.500 0.04944   0.20047 0.06380  0.15107   9.92786  8.52446  18.45232  1.14404  0.18876    0.46197 20.05437
 1  18.000 0.05254   0.20606 0.06441  0.15063   9.29269  9.22715  18.51984  1.25355  0.23074    0.49823 20.26518
 1  19.500 0.05580   0.21207 0.06504  0.15022   8.66785  9.91525  18.58310  1.36410  0.27803    0.53356 20.47161
 1  21.000 0.05922   0.21855 0.06569  0.14984   8.05368 10.58815  18.64183  1.47569  0.33090    0.56798 20.67348
 1  22.500 0.06279   0.22557 0.06637  0.14949   7.45052 11.24525  18.69577  1.58834  0.38960    0.60149 20.87061
 1  24.000 0.06654   0.23320 0.06708  0.14916   6.85870 11.88595  18.74465  1.70204  0.45443    0.63410 21.06282
 1  25.500 0.07045   0.24154 0.06781  0.14887   6.27855 12.50966  18.78820  1.81679  0.52563    0.66582 21.24993
 1  27.000 0.07454   0.25072 0.06857  0.14861   5.71038 13.11577  18.82615  1.93258  0.60346    0.69668 21.43177
 1  28.500 0.07881   0.26089 0.06935  0.14838   5.15450 13.70372  18.85822  2.04937  0.68819    0.72667 21.60815
 1  30.000 0.08326   0.27224 0.07017  0.14818   4.61122 14.27292  18.88414  2.16714  0.78004    0.75582 21.77891
 1  31.500 0.08789   0.28506 0.07101  0.14802   4.08081 14.82283  18.90364  2.28585  0.87925    0.78413 21.94388
 1  33.000 0.09272   0.29970 0.07189  0.14789   3.56354 15.35290  18.91644  2.40545  0.98605    0.81162 22.10291
 1  34.500 0.09774   0.31670 0.07279  0.14780   3.05968 15.86260  18.92228  2.52587  1.10063    0.83830 22.25582
 1  36.000 0.10295   0.33685 0.07373  0.14775   2.56945 16.35144  18.92089  2.64705  1.22320    0.86420 22.40247
 1  37.500 0.10837   0.36141 0.07469  0.14774   2.09308 16.81894  18.91202  2.76890  1.35392    0.88933 22.54272
 1  39.000 0.11398   0.39257 0.07569  0.14777   1.63077 17.26464  18.89541  2.89132  1.49295    0.91369 22.67643
 2  40.500 0.11980   0.43455 0.07676  0.14788   1.18365 17.68012  18.86377  3.01512  1.64838    0.93725 22.80107
 2  42.000 0.12583   0.49749 0.07790  0.14808   0.75241 18.06251  18.81491  3.14039  1.82251    0.96001 22.91579
 2  43.500 0.13207   0.61930 0.07908  0.14833   0.33609 18.42074  18.75683  3.26592  2.00613    0.98208 23.02326

->optimal debt cash payment
 1  34.969 0.09934   0.32261 0.07308  0.14778   2.90507 16.01757  18.92263  2.56365  1.13805    0.84648 22.30231
