
liq.cash: 10Y average (1Y) = 100.000 (10.000) 10Y std.dev. (1Y)= 50.596 (16.000)
unlevered firm value = 60.57674
tax rate = 0.30   bankruptcy cost proportion = 0.400
non-debt tax shield = 60.57674  (proportion = 1.000)
market portfolio: average =  0.0000  std.dev =  0.25  correlation = 0.400
riskless rate of interest =  0.0500  risk price = -1.0062

id  debtcf default   rrrequi rrrdebt     WACC   valequi  valdebt   valfirm  valtxsv  valbkcs    dbratio   corrMM
 0   0.000 0.02405   0.03655 0.00000  0.03655  60.57674  0.00000  60.57674  0.00000  0.00000    0.00000 60.57674
 1   1.500 0.02578   0.03637 0.04800  0.03636  59.75597  0.91488  60.67086  0.09424  0.00012    0.01508 60.85121
 1   3.000 0.02761   0.03618 0.04792  0.03616  58.93569  1.82887  60.76457  0.18834  0.00051    0.03010 61.12540
 1   4.500 0.02955   0.03599 0.04783  0.03597  58.11596  2.74187  60.85783  0.28231  0.00122    0.04505 61.39930
 1   6.000 0.03160   0.03580 0.04774  0.03578  57.29685  3.65377  60.95062  0.37617  0.00229    0.05995 61.67287
 1   7.500 0.03376   0.03560 0.04764  0.03558  56.47843  4.56447  61.04290  0.46993  0.00377    0.07477 61.94608
 1   9.000 0.03605   0.03540 0.04754  0.03539  55.66078  5.47383  61.13460  0.56360  0.00573    0.08954 62.21889
 1  10.500 0.03846   0.03520 0.04744  0.03520  54.84398  6.38173  61.22570  0.65719  0.00823    0.10423 62.49126
 1  12.000 0.04100   0.03499 0.04733  0.03500  54.02811  7.28802  61.31613  0.75073  0.01133    0.11886 62.76315
 1  13.500 0.04367   0.03478 0.04723  0.03481  53.21328  8.19257  61.40585  0.84422  0.01511    0.13342 63.03451
 1  15.000 0.04648   0.03457 0.04711  0.03462  52.39957  9.09521  61.49478  0.93769  0.01965    0.14790 63.30530
 1  16.500 0.04944   0.03435 0.04700  0.03442  51.58710  9.99577  61.58286  1.03115  0.02503    0.16231 63.57547
 1  18.000 0.05254   0.03413 0.04688  0.03423  50.77596 10.89407  61.67003  1.12463  0.03134    0.17665 63.84496
 1  19.500 0.05580   0.03390 0.04675  0.03404  49.96628 11.78993  61.75621  1.21815  0.03868    0.19091 64.11372
 1  21.000 0.05922   0.03367 0.04662  0.03384  49.15818 12.68313  61.84132  1.31173  0.04715    0.20509 64.38168
 1  22.500 0.06279   0.03344 0.04649  0.03365  48.35178 13.57348  61.92527  1.40538  0.05686    0.21919 64.64879
 1  24.000 0.06654   0.03320 0.04636  0.03346  47.54722 14.46075  62.00797  1.49915  0.06792    0.23321 64.91497
 1  25.500 0.07045   0.03296 0.04622  0.03327  46.74462 15.34471  62.08933  1.59304  0.08045    0.24714 65.18015
 1  27.000 0.07454   0.03271 0.04607  0.03307  45.94415 16.22511  62.16925  1.68710  0.09459    0.26098 65.44427
 1  28.500 0.07881   0.03246 0.04593  0.03288  45.14594 17.10169  62.24762  1.78134  0.11046    0.27474 65.70725
 1  30.000 0.08326   0.03221 0.04578  0.03269  44.35015 17.97419  62.32434  1.87580  0.12820    0.28840 65.96900
 1  31.500 0.08789   0.03195 0.04562  0.03249  43.55695 18.84232  62.39927  1.97050  0.14797    0.30196 66.22944
 1  33.000 0.09272   0.03169 0.04546  0.03230  42.76650 19.70580  62.47230  2.06547  0.16991    0.31543 66.48848
 1  34.500 0.09774   0.03142 0.04530  0.03211  41.97898 20.56433  62.54331  2.16075  0.19418    0.32880 66.74604
 1  36.000 0.10295   0.03115 0.04513  0.03191  41.19456 21.41759  62.61215  2.25636  0.22095    0.34207 67.00202
 1  37.500 0.10837   0.03088 0.04496  0.03172  40.41344 22.26526  62.67870  2.35234  0.25038    0.35523 67.25632
 1  39.000 0.11398   0.03060 0.04479  0.03153  39.63580 23.10701  62.74280  2.44871  0.28265    0.36828 67.50884
 1  40.500 0.11980   0.03032 0.04461  0.03133  38.86183 23.94248  62.80431  2.54552  0.31795    0.38122 67.75949
 1  42.000 0.12583   0.03003 0.04443  0.03114  38.09173 24.77134  62.86307  2.64279  0.35645    0.39405 68.00814
 1  43.500 0.13207   0.02974 0.04425  0.03095  37.32572 25.59321  62.91893  2.74055  0.39835    0.40676 68.25470
 1  45.000 0.13851   0.02945 0.04406  0.03075  36.56399 26.40773  62.97173  2.83883  0.44384    0.41936 68.49906
 1  46.500 0.14517   0.02915 0.04387  0.03056  35.80677 27.21452  63.02129  2.93767  0.49312    0.43183 68.74110
 1  48.000 0.15204   0.02885 0.04368  0.03037  35.05426 28.01318  63.06745  3.03709  0.54638    0.44418 68.98070
 1  49.500 0.15912   0.02854 0.04348  0.03017  34.30669 28.80334  63.11003  3.13713  0.60384    0.45640 69.21774
 1  51.000 0.16641   0.02823 0.04328  0.02998  33.56428 29.58458  63.14886  3.23781  0.66569    0.46849 69.45211
 1  52.500 0.17392   0.02792 0.04308  0.02979  32.82725 30.35650  63.18375  3.33916  0.73214    0.48045 69.68369
 1  54.000 0.18163   0.02760 0.04288  0.02960  32.09583 31.11870  63.21454  3.44120  0.80340    0.49227 69.91235
 1  55.500 0.18956   0.02728 0.04267  0.02940  31.37025 31.87077  63.24102  3.54395  0.87967    0.50396 70.13797
 1  57.000 0.19770   0.02695 0.04246  0.02921  30.65073 32.61229  63.26302  3.64745  0.96116    0.51550 70.36043
 1  58.500 0.20605   0.02662 0.04225  0.02902  29.93751 33.34285  63.28036  3.75170  1.04808    0.52691 70.57959
 1  60.000 0.21460   0.02629 0.04203  0.02883  29.23081 34.06203  63.29284  3.85672  1.14062    0.53817 70.79535
 1  61.500 0.22335   0.02595 0.04182  0.02864  28.53086 34.76942  63.30028  3.96253  1.23899    0.54928 71.00757
 1  63.000 0.23231   0.02561 0.04160  0.02845  27.83788 35.46462  63.30250  4.06913  1.34337    0.56024 71.21613
 1  64.500 0.24145   0.02527 0.04138  0.02826  27.15211 36.14721  63.29932  4.17654  1.45396    0.57105 71.42090
 1  66.000 0.25080   0.02492 0.04116  0.02808  26.47375 36.81679  63.29055  4.28475  1.57095    0.58171 71.62178
 1  67.500 0.26033   0.02457 0.04093  0.02789  25.80304 37.47298  63.27601  4.39378  1.69450    0.59221 71.81863
 1  69.000 0.27004   0.02422 0.04071  0.02771  25.14017 38.11537  63.25554  4.50360  1.82480    0.60256 72.01135
 1  70.500 0.27993   0.02386 0.04048  0.02752  24.48537 38.74359  63.22896  4.61421  1.96200    0.61275 72.19982
 1  72.000 0.29000   0.02350 0.04026  0.02734  23.83883 39.35727  63.19610  4.72561  2.10625    0.62278 72.38392
 1  73.500 0.30023   0.02314 0.04003  0.02716  23.20075 39.95606  63.15681  4.83777  2.25770    0.63265 72.56356
 1  75.000 0.31062   0.02277 0.03980  0.02698  22.57132 40.53961  63.11093  4.95066  2.41648    0.64235 72.73862
 1  76.500 0.32116   0.02240 0.03958  0.02680  21.95073 41.10758  63.05831  5.06427  2.58270    0.65190 72.90902
 1  78.000 0.33185   0.02203 0.03935  0.02662  21.33915 41.65967  62.99882  5.17856  2.75648    0.66128 73.07464
 1  79.500 0.34268   0.02165 0.03912  0.02645  20.73675 42.19558  62.93233  5.29349  2.93791    0.67049 73.23541
 1  81.000 0.35364   0.02128 0.03890  0.02628  20.14369 42.71501  62.85870  5.40902  3.12706    0.67954 73.39125
 1  82.500 0.36472   0.02090 0.03867  0.02611  19.56011 43.21773  62.77783  5.52510  3.32400    0.68842 73.54206
 1  84.000 0.37591   0.02051 0.03845  0.02594  18.98615 43.70347  62.68962  5.64167  3.52879    0.69714 73.68778
 1  85.500 0.38722   0.02013 0.03822  0.02577  18.42195 44.17202  62.59397  5.75868  3.74144    0.70569 73.82835
 1  87.000 0.39861   0.01974 0.03800  0.02561  17.86762 44.62319  62.49081  5.87606  3.96199    0.71408 73.96370
 1  88.500 0.41010   0.01935 0.03778  0.02544  17.32327 45.05679  62.38006  5.99373  4.19042    0.72229 74.09378
 1  90.000 0.42166   0.01896 0.03756  0.02529  16.78898 45.47269  62.26167  6.11164  4.42671    0.73035 74.21855
 1  91.500 0.43329   0.01856 0.03734  0.02513  16.26485 45.87075  62.13559  6.22968  4.67083    0.73824 74.33796
 1  93.000 0.44498   0.01817 0.03713  0.02498  15.75093 46.25087  62.00180  6.34779  4.92272    0.74596 74.45200
 1  94.500 0.45672   0.01777 0.03691  0.02483  15.24730 46.61298  61.86029  6.46586  5.18231    0.75352 74.56064
 1  96.000 0.46849   0.01737 0.03670  0.02468  14.75400 46.95705  61.71104  6.58381  5.44950    0.76092 74.66385
 1  97.500 0.48030   0.01697 0.03650  0.02454  14.27105 47.28303  61.55409  6.70153  5.72418    0.76815 74.76165
 1  99.000 0.49212   0.01656 0.03629  0.02439  13.79849 47.59096  61.38945  6.81893  6.00622    0.77523 74.85403
 1 100.500 0.50394   0.01616 0.03609  0.02426  13.33631 47.88086  61.21717  6.93589  6.29546    0.78215 74.94100
 1 102.000 0.51577   0.01575 0.03589  0.02412  12.88452 48.15280  61.03732  7.05231  6.59173    0.78891 75.02258
 1 103.500 0.52757   0.01535 0.03570  0.02399  12.44309 48.40688  60.84997  7.16809  6.89486    0.79551 75.09880
 1 105.000 0.53936   0.01494 0.03550  0.02387  12.01201 48.64321  60.65522  7.28310  7.20463    0.80196 75.16970
 1 106.500 0.55111   0.01453 0.03532  0.02375  11.59123 48.86194  60.45317  7.39724  7.52081    0.80826 75.23532
 1 108.000 0.56282   0.01412 0.03513  0.02363  11.18070 49.06326  60.24396  7.51038  7.84317    0.81441 75.29572
 1 109.500 0.57447   0.01371 0.03496  0.02351  10.78036 49.24737  60.02773  7.62243  8.17144    0.82041 75.35095
 1 111.000 0.58605   0.01330 0.03478  0.02340  10.39015 49.41449  59.80464  7.73325  8.50535    0.82627 75.40109
 1 112.500 0.59757   0.01288 0.03461  0.02330  10.00998 49.56490  59.57488  7.84275  8.84461    0.83198 75.44621
 1 114.000 0.60899   0.01247 0.03445  0.02320   9.63976 49.69887  59.33863  7.95080  9.18891    0.83755 75.48640
 1 115.500 0.62033   0.01205 0.03429  0.02310   9.27939 49.81672  59.09611  8.05730  9.53793    0.84298 75.52176
 1 117.000 0.63156   0.01164 0.03414  0.02301   8.92877 49.91877  58.84754  8.16215  9.89135    0.84827 75.55237
 1 118.500 0.64268   0.01122 0.03399  0.02292   8.58779 50.00538  58.59317  8.26524 10.24881    0.85343 75.57836
 1 120.000 0.65368   0.01081 0.03384  0.02284   8.25632 50.07693  58.33325  8.36647 10.60996    0.85846 75.59982
 1 121.500 0.66456   0.01039 0.03370  0.02276   7.93424 50.13382  58.06806  8.46575 10.97443    0.86336 75.61689
 1 123.000 0.67529   0.00997 0.03357  0.02269   7.62141 50.17647  57.79788  8.56299 11.34185    0.86814 75.62968
 1 124.500 0.68589   0.00955 0.03345  0.02262   7.31770 50.20531  57.52301  8.65811 11.71184    0.87279 75.63833
 1 126.000 0.69633   0.00913 0.03333  0.02256   7.02298 50.22079  57.24377  8.75102 12.08400    0.87731 75.64298
 1 127.500 0.70661   0.00872 0.03321  0.02250   6.73708 50.22339  56.96047  8.84167 12.45794    0.88172 75.64376
 1 129.000 0.71673   0.00830 0.03310  0.02245   6.45987 50.21358  56.67345  8.92999 12.83327    0.88602 75.64082
 1 130.500 0.72668   0.00788 0.03300  0.02240   6.19120 50.19187  56.38307  9.01591 13.20958    0.89019 75.63430
 1 132.000 0.73646   0.00746 0.03290  0.02236   5.93091 50.15875  56.08966  9.09939 13.58648    0.89426 75.62437
 1 133.500 0.74605   0.00703 0.03281  0.02232   5.67885 50.11474  55.79359  9.18039 13.96354    0.89822 75.61116
 1 135.000 0.75545   0.00661 0.03273  0.02229   5.43486 50.06038  55.49524  9.25888 14.34038    0.90207 75.59485
 1 136.500 0.76467   0.00619 0.03265  0.02226   5.19879 49.99617  55.19496  9.33482 14.71660    0.90581 75.57559
 1 138.000 0.77369   0.00577 0.03258  0.02224   4.97048 49.92267  54.89315  9.40820 15.09179    0.90945 75.55354
 1 139.500 0.78251   0.00535 0.03252  0.02222   4.74978 49.84041  54.59019  9.47901 15.46556    0.91299 75.52886
 1 141.000 0.79113   0.00492 0.03246  0.02221   4.53652 49.74993  54.28645  9.54724 15.83753    0.91643 75.50172
 1 142.500 0.79954   0.00450 0.03240  0.02220   4.33055 49.65176  53.98231  9.61289 16.20732    0.91978 75.47227
 1 144.000 0.80775   0.00408 0.03236  0.02220   4.13172 49.54645  53.67817  9.67599 16.57456    0.92303 75.44068
 1 145.500 0.81575   0.00365 0.03232  0.02220   3.93987 49.43453  53.37440  9.73654 16.93888    0.92618 75.40710
 1 147.000 0.82353   0.00323 0.03228  0.02220   3.75485 49.31653  53.07138  9.79456 17.29993    0.92925 75.37170
 1 148.500 0.83111   0.00280 0.03225  0.02221   3.57650 49.19297  52.76947  9.85010 17.65736    0.93222 75.33463
 1 150.000 0.83848   0.00238 0.03223  0.02223   3.40467 49.06438  52.46906  9.90318 18.01086    0.93511 75.29606

->optimal debt cash payment
 1  62.874 0.23155   0.02564 0.04162  0.02847  27.89561 35.40692  63.30252  4.06018  1.33440    0.55933 71.19882

liq.cash: 10Y average (1Y) = 100.000 (10.000) 10Y std.dev. (1Y)= 50.596 (16.000)
unlevered firm value = 55.39010
tax rate = 0.30   bankruptcy cost proportion = 0.400
non-debt tax shield = 55.39010  (proportion = 1.000)
market portfolio: average =  0.0325  std.dev =  0.25  correlation = 0.400
riskless rate of interest =  0.0500  risk price = -0.4032

id  debtcf default   rrrequi rrrdebt     WACC   valequi  valdebt   valfirm  valtxsv  valbkcs    dbratio   corrMM
 0   0.000 0.02405   0.04437 0.00000  0.04437  55.39010  0.00000  55.39010  0.00000  0.00000    0.00000 55.39010
 1   1.500 0.02578   0.04429 0.04919  0.04416  54.57790  0.90453  55.48243  0.09257  0.00024    0.01630 55.66146
 1   3.000 0.02761   0.04420 0.04916  0.04396  53.76688  1.80731  55.57419  0.18510  0.00101    0.03252 55.93229
 1   4.500 0.02955   0.04412 0.04912  0.04376  52.95716  2.70819  55.66534  0.27760  0.00236    0.04865 56.20255
 1   6.000 0.03160   0.04404 0.04909  0.04356  52.14881  3.60701  55.75582  0.37010  0.00437    0.06469 56.47220
 1   7.500 0.03376   0.04395 0.04905  0.04336  51.34195  4.50362  55.84558  0.46260  0.00712    0.08064 56.74118
 1   9.000 0.03605   0.04386 0.04901  0.04316  50.53669  5.39785  55.93454  0.55512  0.01068    0.09650 57.00945
 1  10.500 0.03846   0.04377 0.04897  0.04296  49.73315  6.28951  56.02265  0.64770  0.01514    0.11227 57.27695
 1  12.000 0.04100   0.04368 0.04892  0.04276  48.93143  7.17841  56.10984  0.74033  0.02059    0.12794 57.54362
 1  13.500 0.04367   0.04359 0.04888  0.04257  48.13166  8.06437  56.19603  0.83306  0.02713    0.14350 57.80941
 1  15.000 0.04648   0.04349 0.04883  0.04237  47.33399  8.94716  56.28114  0.92589  0.03485    0.15897 58.07425
 1  16.500 0.04944   0.04340 0.04878  0.04217  46.53853  9.82657  56.36510  1.01886  0.04386    0.17434 58.33807
 1  18.000 0.05254   0.04330 0.04874  0.04198  45.74543 10.70238  56.44780  1.11198  0.05427    0.18960 58.60081
 1  19.500 0.05580   0.04320 0.04868  0.04178  44.95483 11.57434  56.52917  1.20528  0.06621    0.20475 58.86240
 1  21.000 0.05922   0.04309 0.04863  0.04159  44.16688 12.44222  56.60910  1.29878  0.07978    0.21979 59.12276
 1  22.500 0.06279   0.04299 0.04858  0.04140  43.38175 13.30574  56.68749  1.39251  0.09512    0.23472 59.38182
 1  24.000 0.06654   0.04288 0.04852  0.04120  42.59958 14.16466  56.76424  1.48650  0.11237    0.24953 59.63950
 1  25.500 0.07045   0.04277 0.04847  0.04101  41.82054 15.01869  56.83922  1.58077  0.13165    0.26423 59.89570
 1  27.000 0.07454   0.04266 0.04841  0.04082  41.04480 15.86754  56.91234  1.67535  0.15311    0.27881 60.15036
 1  28.500 0.07881   0.04255 0.04835  0.04063  40.27254 16.71093  56.98347  1.77026  0.17689    0.29326 60.40338
 1  30.000 0.08326   0.04244 0.04828  0.04044  39.50393 17.54855  57.05248  1.86554  0.20316    0.30759 60.65466
 1  31.500 0.08789   0.04232 0.04822  0.04025  38.73915 18.38009  57.11924  1.96121  0.23206    0.32178 60.90412
 1  33.000 0.09272   0.04220 0.04816  0.04006  37.97840 19.20523  57.18362  2.05729  0.26376    0.33585 61.15167
 1  34.500 0.09774   0.04208 0.04809  0.03988  37.22185 20.02364  57.24549  2.15381  0.29842    0.34979 61.39719
 1  36.000 0.10295   0.04196 0.04802  0.03969  36.46971 20.83499  57.30470  2.25081  0.33620    0.36358 61.64060
 1  37.500 0.10837   0.04184 0.04795  0.03951  35.72217 21.63894  57.36111  2.34830  0.37728    0.37724 61.88178
 1  39.000 0.11398   0.04171 0.04788  0.03932  34.97943 22.43515  57.41457  2.44631  0.42183    0.39076 62.12064
 1  40.500 0.11980   0.04158 0.04781  0.03914  34.24169 23.22324  57.46493  2.54487  0.47003    0.40413 62.35707
 1  42.000 0.12583   0.04145 0.04773  0.03896  33.50916 24.00288  57.51204  2.64399  0.52205    0.41735 62.59096
 1  43.500 0.13207   0.04132 0.04765  0.03878  32.78203 24.77370  57.55573  2.74371  0.57808    0.43043 62.82221
 1  45.000 0.13851   0.04119 0.04758  0.03860  32.06053 25.53532  57.59585  2.84404  0.63828    0.44335 63.05069
 1  46.500 0.14517   0.04105 0.04750  0.03842  31.34485 26.28739  57.63224  2.94499  0.70285    0.45612 63.27631
 1  48.000 0.15204   0.04091 0.04742  0.03824  30.63521 27.02953  57.66474  3.04660  0.77196    0.46874 63.49896
 1  49.500 0.15912   0.04077 0.04733  0.03807  29.93182 27.76136  57.69318  3.14887  0.84578    0.48119 63.71851
 1  51.000 0.16641   0.04063 0.04725  0.03789  29.23487 28.48253  57.71740  3.25181  0.92451    0.49348 63.93486
 1  52.500 0.17392   0.04048 0.04717  0.03772  28.54459 29.19265  57.73724  3.35545  1.00830    0.50561 64.14789
 1  54.000 0.18163   0.04034 0.04708  0.03754  27.86117 29.89135  57.75253  3.45977  1.09734    0.51758 64.35750
 1  55.500 0.18956   0.04019 0.04699  0.03737  27.18483 30.57828  57.76311  3.56480  1.19179    0.52937 64.56358
 1  57.000 0.19770   0.04004 0.04691  0.03720  26.51576 31.25306  57.76882  3.67054  1.29182    0.54100 64.76602
 1  58.500 0.20605   0.03989 0.04682  0.03703  25.85415 31.91534  57.76949  3.77697  1.39758    0.55246 64.96470
 1  60.000 0.21460   0.03973 0.04673  0.03687  25.20022 32.56476  57.76498  3.88411  1.50923    0.56375 65.15953
 1  61.500 0.22335   0.03958 0.04664  0.03670  24.55414 33.20099  57.75513  3.99194  1.62691    0.57486 65.35040
 1  63.000 0.23231   0.03942 0.04654  0.03654  23.91610 33.82368  57.73978  4.10044  1.75076    0.58580 65.53720
 1  64.500 0.24145   0.03926 0.04645  0.03638  23.28628 34.43251  57.71879  4.20962  1.88092    0.59656 65.71985
 1  66.000 0.25080   0.03909 0.04636  0.03622  22.66487 35.02715  57.69202  4.31943  2.01751    0.60714 65.89824
 1  67.500 0.26033   0.03893 0.04626  0.03606  22.05202 35.60731  57.65933  4.42987  2.16064    0.61755 66.07229
 1  69.000 0.27004   0.03876 0.04617  0.03590  21.44790 36.17269  57.62059  4.54091  2.31041    0.62777 66.24190
 1  70.500 0.27993   0.03860 0.04607  0.03574  20.85267 36.72301  57.57568  4.65250  2.46693    0.63782 66.40700
 1  72.000 0.29000   0.03843 0.04598  0.03559  20.26646 37.25800  57.52447  4.76463  2.63026    0.64769 66.56750
 1  73.500 0.30023   0.03826 0.04588  0.03544  19.68943 37.77743  57.46686  4.87723  2.80047    0.65738 66.72333
 1  75.000 0.31062   0.03808 0.04578  0.03529  19.12169 38.28105  57.40274  4.99027  2.97763    0.66689 66.87441
 1  76.500 0.32116   0.03791 0.04569  0.03514  18.56338 38.76865  57.33202  5.10371  3.16178    0.67621 67.02069
 1  78.000 0.33185   0.03773 0.04559  0.03500  18.01459 39.24003  57.25462  5.21747  3.35294    0.68536 67.16211
 1  79.500 0.34268   0.03755 0.04549  0.03485  17.47544 39.69503  57.17046  5.33151  3.55114    0.69433 67.29861
 1  81.000 0.35364   0.03737 0.04539  0.03471  16.94601 40.13348  57.07948  5.44575  3.75637    0.70312 67.43014
 1  82.500 0.36472   0.03719 0.04530  0.03457  16.42638 40.55525  56.98162  5.56014  3.96861    0.71172 67.55667
 1  84.000 0.37591   0.03701 0.04520  0.03443  15.91662 40.96022  56.87685  5.67459  4.18784    0.72016 67.67816
 1  85.500 0.38722   0.03683 0.04510  0.03430  15.41680 41.34832  56.76512  5.78903  4.41401    0.72841 67.79459
 1  87.000 0.39861   0.03664 0.04501  0.03417  14.92696 41.71946  56.64642  5.90339  4.64706    0.73649 67.90594
 1  88.500 0.41010   0.03645 0.04491  0.03404  14.44714 42.07361  56.52075  6.01757  4.88692    0.74439 68.01218
 1  90.000 0.42166   0.03627 0.04482  0.03391  13.97736 42.41075  56.38811  6.13148  5.13347    0.75212 68.11332
 1  91.500 0.43329   0.03608 0.04472  0.03378  13.51764 42.73088  56.24852  6.24505  5.38663    0.75968 68.20936
 1  93.000 0.44498   0.03589 0.04463  0.03366  13.06798 43.03404  56.10201  6.35817  5.64625    0.76707 68.30031
 1  94.500 0.45672   0.03569 0.04454  0.03354  12.62837 43.32027  55.94864  6.47075  5.91221    0.77429 68.38618
 1  96.000 0.46849   0.03550 0.04445  0.03342  12.19881 43.58965  55.78846  6.58269  6.18432    0.78134 68.46699
 1  97.500 0.48030   0.03530 0.04436  0.03331  11.77925 43.84230  55.62155  6.69389  6.46244    0.78823 68.54279
 1  99.000 0.49212   0.03511 0.04427  0.03319  11.36966 44.07834  55.44800  6.80425  6.74635    0.79495 68.61360
 1 100.500 0.50394   0.03491 0.04418  0.03308  10.96999 44.29792  55.26791  6.91367  7.03586    0.80151 68.67947
 1 102.000 0.51577   0.03471 0.04409  0.03298  10.58019 44.50121  55.08140  7.02205  7.33075    0.80792 68.74046
 1 103.500 0.52757   0.03452 0.04401  0.03287  10.20018 44.68843  54.88861  7.12929  7.63079    0.81417 68.79663
 1 105.000 0.53936   0.03431 0.04392  0.03277   9.82989 44.85978  54.68967  7.23529  7.93572    0.82026 68.84803
 1 106.500 0.55111   0.03411 0.04384  0.03267   9.46923 45.01553  54.48476  7.33995  8.24529    0.82620 68.89476
 1 108.000 0.56282   0.03391 0.04376  0.03257   9.11811 45.15593  54.27405  7.44317  8.55922    0.83200 68.93688
 1 109.500 0.57447   0.03371 0.04368  0.03248   8.77644 45.28129  54.05772  7.54485  8.87723    0.83765 68.97448
 1 111.000 0.58605   0.03351 0.04361  0.03239   8.44409 45.39190  53.83599  7.64491  9.19902    0.84315 69.00767
 1 112.500 0.59757   0.03330 0.04353  0.03230   8.12096 45.48811  53.60908  7.74326  9.52429    0.84852 69.03653
 1 114.000 0.60899   0.03309 0.04346  0.03222   7.80694 45.57026  53.37720  7.83982  9.85272    0.85374 69.06118
 1 115.500 0.62033   0.03289 0.04339  0.03214   7.50188 45.63873  53.14061  7.93449 10.18398    0.85883 69.08172
 1 117.000 0.63156   0.03268 0.04332  0.03206   7.20567 45.69388  52.89955  8.02722 10.51776    0.86379 69.09826
 1 118.500 0.64268   0.03247 0.04325  0.03199   6.91817 45.73613  52.65430  8.11791 10.85371    0.86861 69.11094
 1 120.000 0.65368   0.03226 0.04319  0.03191   6.63924 45.76590  52.40514  8.20652 11.19148    0.87331 69.11987
 1 121.500 0.66456   0.03205 0.04313  0.03184   6.36874 45.78359  52.15234  8.29298 11.53074    0.87788 69.12518
 1 123.000 0.67529   0.03184 0.04307  0.03178   6.10653 45.78967  51.89620  8.37723 11.87113    0.88233 69.12700
 1 124.500 0.68589   0.03163 0.04302  0.03172   5.85245 45.78458  51.63703  8.45924 12.21230    0.88666 69.12547
 1 126.000 0.69633   0.03142 0.04296  0.03166   5.60637 45.76877  51.37514  8.53894 12.55390    0.89087 69.12073
 1 127.500 0.70661   0.03121 0.04291  0.03160   5.36812 45.74272  51.11085  8.61633 12.89558    0.89497 69.11292
 1 129.000 0.71673   0.03099 0.04286  0.03155   5.13757 45.70691  50.84448  8.69135 13.23697    0.89896 69.10217
 1 130.500 0.72668   0.03078 0.04282  0.03150   4.91455 45.66180  50.57636  8.76400 13.57774    0.90283 69.08864
 1 132.000 0.73646   0.03056 0.04278  0.03145   4.69892 45.60789  50.30682  8.83425 13.91753    0.90659 69.07247
 1 133.500 0.74605   0.03035 0.04274  0.03141   4.49053 45.54567  50.03619  8.90211 14.25601    0.91025 69.05380
 1 135.000 0.75545   0.03013 0.04270  0.03137   4.28921 45.47561  49.76482  8.96755 14.59283    0.91381 69.03278
 1 136.500 0.76467   0.02991 0.04266  0.03133   4.09483 45.39821  49.49304  9.03060 14.92766    0.91726 69.00956
 1 138.000 0.77369   0.02969 0.04263  0.03129   3.90722 45.31396  49.22119  9.09126 15.26017    0.92062 68.98429
 1 139.500 0.78251   0.02948 0.04260  0.03126   3.72624 45.22334  48.94959  9.14955 15.59005    0.92388 68.95710
 1 141.000 0.79113   0.02926 0.04258  0.03123   3.55174 45.12684  48.67858  9.20548 15.91700    0.92704 68.92815
 1 142.500 0.79954   0.02903 0.04255  0.03121   3.38357 45.02491  48.40848  9.25909 16.24070    0.93010 68.89757
 1 144.000 0.80775   0.02881 0.04253  0.03118   3.22158 44.91805  48.13962  9.31040 16.56088    0.93308 68.86551
 1 145.500 0.81575   0.02859 0.04251  0.03116   3.06562 44.80669  47.87232  9.35946 16.87725    0.93596 68.83211
 1 147.000 0.82353   0.02837 0.04250  0.03115   2.91555 44.69132  47.60687  9.40631 17.18954    0.93876 68.79749
 1 148.500 0.83111   0.02814 0.04248  0.03113   2.77123 44.57235  47.34358  9.45099 17.49751    0.94147 68.76180
 1 150.000 0.83848   0.02792 0.04247  0.03112   2.63250 44.45024  47.08273  9.49355 17.80091    0.94409 68.72517

->optimal debt cash payment
 1  57.950 0.20296   0.03994 0.04685  0.03710  26.09578 31.67406  57.76984  3.73788  1.35814    0.54828 64.89231

liq.cash: 10Y average (1Y) = 100.000 (10.000) 10Y std.dev. (1Y)= 50.596 (16.000)
unlevered firm value = 48.64009
tax rate = 0.30   bankruptcy cost proportion = 0.400
non-debt tax shield = 48.64009  (proportion = 1.000)
market portfolio: average =  0.0650  std.dev =  0.25  correlation = 0.400
riskless rate of interest =  0.0500  risk price =  0.3972

id  debtcf default   rrrequi rrrdebt     WACC   valequi  valdebt   valfirm  valtxsv  valbkcs    dbratio   corrMM
 0   0.000 0.02405   0.05593 0.00000  0.05593  48.64009  0.00000  48.64009  0.00000  0.00000    0.00000 48.64009
 1   1.500 0.02578   0.05602 0.05080  0.05571  47.84017  0.89079  48.73096  0.09126  0.00040    0.01828 48.90733
 1   3.000 0.02761   0.05611 0.05084  0.05549  47.04234  1.77869  48.82103  0.18259  0.00166    0.03643 49.17370
 1   4.500 0.02955   0.05621 0.05087  0.05528  46.24675  2.66348  48.91023  0.27401  0.00387    0.05446 49.43914
 1   6.000 0.03160   0.05630 0.05091  0.05506  45.45354  3.54495  48.99849  0.36553  0.00714    0.07235 49.70358
 1   7.500 0.03376   0.05640 0.05095  0.05485  44.66286  4.42286  49.08572  0.45719  0.01156    0.09010 49.96695
 1   9.000 0.03605   0.05650 0.05099  0.05464  43.87484  5.29700  49.17184  0.54900  0.01725    0.10772 50.22919
 1  10.500 0.03846   0.05660 0.05103  0.05442  43.08966  6.16711  49.25676  0.64099  0.02432    0.12520 50.49023
 1  12.000 0.04100   0.05671 0.05107  0.05422  42.30746  7.03293  49.34039  0.73318  0.03288    0.14254 50.74997
 1  13.500 0.04367   0.05681 0.05112  0.05401  41.52842  7.89420  49.42262  0.82560  0.04307    0.15973 51.00835
 1  15.000 0.04648   0.05692 0.05116  0.05380  40.75270  8.75065  49.50335  0.91827  0.05502    0.17677 51.26529
 1  16.500 0.04944   0.05703 0.05121  0.05360  39.98048  9.60200  49.58247  1.01123  0.06885    0.19366 51.52069
 1  18.000 0.05254   0.05715 0.05126  0.05340  39.21193 10.44795  49.65988  1.10449  0.08471    0.21039 51.77448
 1  19.500 0.05580   0.05726 0.05131  0.05320  38.44724 11.28820  49.73544  1.19809  0.10274    0.22696 52.02655
 1  21.000 0.05922   0.05738 0.05137  0.05300  37.68660 12.12245  49.80904  1.29204  0.12309    0.24338 52.27683
 1  22.500 0.06279   0.05750 0.05142  0.05280  36.93019 12.95038  49.88056  1.38638  0.14591    0.25963 52.52521
 1  24.000 0.06654   0.05763 0.05148  0.05261  36.17821 13.77166  49.94986  1.48113  0.17136    0.27571 52.77159
 1  25.500 0.07045   0.05775 0.05154  0.05242  35.43085 14.58596  50.01681  1.57631  0.19959    0.29162 53.01588
 1  27.000 0.07454   0.05788 0.05160  0.05223  34.68832 15.39295  50.08127  1.67196  0.23078    0.30736 53.25798
 1  28.500 0.07881   0.05801 0.05166  0.05205  33.95082 16.19228  50.14311  1.76809  0.26508    0.32292 53.49778
 1  30.000 0.08326   0.05815 0.05172  0.05186  33.21856 16.98361  50.20217  1.86473  0.30265    0.33830 53.73518
 1  31.500 0.08789   0.05828 0.05179  0.05168  32.49173 17.76658  50.25830  1.96189  0.34368    0.35351 53.97007
 1  33.000 0.09272   0.05842 0.05185  0.05150  31.77055 18.54083  50.31137  2.05961  0.38833    0.36852 54.20234
 1  34.500 0.09774   0.05856 0.05192  0.05133  31.05522 19.30600  50.36122  2.15790  0.43677    0.38335 54.43189
 1  36.000 0.10295   0.05871 0.05199  0.05116  30.34597 20.06173  50.40769  2.25678  0.48918    0.39799 54.65861
 1  37.500 0.10837   0.05885 0.05206  0.05099  29.64298 20.80765  50.45063  2.35626  0.54572    0.41244 54.88239
 1  39.000 0.11398   0.05901 0.05214  0.05082  28.94649 21.54340  50.48989  2.45636  0.60657    0.42669 55.10311
 1  40.500 0.11980   0.05916 0.05221  0.05065  28.25668 22.26861  50.52530  2.55709  0.67189    0.44074 55.32068
 1  42.000 0.12583   0.05931 0.05229  0.05049  27.57378 22.98293  50.55670  2.65846  0.74185    0.45460 55.53497
 1  43.500 0.13207   0.05947 0.05237  0.05034  26.89798 23.68597  50.58395  2.76048  0.81662    0.46825 55.74589
 1  45.000 0.13851   0.05963 0.05245  0.05018  26.22949 24.37739  50.60688  2.86314  0.89636    0.48170 55.95331
 1  46.500 0.14517   0.05980 0.05253  0.05003  25.56851 25.05683  50.62534  2.96646  0.98122    0.49495 56.15714
 1  48.000 0.15204   0.05997 0.05262  0.04988  24.91523 25.72394  50.63918  3.07044  1.07135    0.50799 56.35728
 1  49.500 0.15912   0.06014 0.05270  0.04974  24.26985 26.37838  50.64823  3.17505  1.16691    0.52082 56.55361
 1  51.000 0.16641   0.06031 0.05279  0.04959  23.63256 27.01981  50.65237  3.28031  1.26803    0.53344 56.74604
 1  52.500 0.17392   0.06049 0.05288  0.04946  23.00353 27.64789  50.65143  3.38618  1.37485    0.54585 56.93446
 1  54.000 0.18163   0.06067 0.05297  0.04932  22.38295 28.26232  50.64528  3.49267  1.48749    0.55804 57.11879
 1  55.500 0.18956   0.06085 0.05306  0.04919  21.77099 28.86279  50.63377  3.59975  1.60607    0.57003 57.29893
 1  57.000 0.19770   0.06104 0.05315  0.04906  21.16780 29.44899  50.61679  3.70738  1.73069    0.58180 57.47479
 1  58.500 0.20605   0.06122 0.05324  0.04893  20.57355 30.02064  50.59419  3.81556  1.86146    0.59336 57.64629
 1  60.000 0.21460   0.06142 0.05334  0.04881  19.98838 30.57748  50.56586  3.92424  1.99847    0.60471 57.81334
 1  61.500 0.22335   0.06161 0.05343  0.04869  19.41244 31.11925  50.53169  4.03339  2.14179    0.61584 57.97587
 1  63.000 0.23231   0.06181 0.05353  0.04858  18.84586 31.64570  50.49156  4.14296  2.29149    0.62675 58.13380
 1  64.500 0.24145   0.06201 0.05363  0.04847  18.28876 32.15662  50.44538  4.25291  2.44762    0.63745 58.28708
 1  66.000 0.25080   0.06221 0.05373  0.04836  17.74126 32.65180  50.39306  4.36319  2.61023    0.64794 58.43563
 1  67.500 0.26033   0.06242 0.05383  0.04825  17.20345 33.13105  50.33451  4.47375  2.77934    0.65822 58.57941
 1  69.000 0.27004   0.06263 0.05393  0.04815  16.67544 33.59422  50.26966  4.58453  2.95496    0.66828 58.71836
 1  70.500 0.27993   0.06284 0.05403  0.04805  16.15730 34.04114  50.19844  4.69546  3.13711    0.67813 58.85244
 1  72.000 0.29000   0.06306 0.05414  0.04796  15.64912 34.47169  50.12081  4.80647  3.32576    0.68777 58.98160
 1  73.500 0.30023   0.06328 0.05424  0.04787  15.15094 34.88578  50.03672  4.91751  3.52088    0.69720 59.10583
 1  75.000 0.31062   0.06350 0.05435  0.04778  14.66282 35.28331  49.94613  5.02848  3.72244    0.70643 59.22509
 1  76.500 0.32116   0.06372 0.05445  0.04769  14.18481 35.66423  49.84903  5.13932  3.93038    0.71544 59.33936
 1  78.000 0.33185   0.06395 0.05455  0.04761  13.71692 36.02850  49.74542  5.24994  4.14462    0.72426 59.44864
 1  79.500 0.34268   0.06418 0.05466  0.04753  13.25918 36.37610  49.63528  5.36026  4.36507    0.73287 59.55293
 1  81.000 0.35364   0.06441 0.05477  0.04745  12.81159 36.70706  49.51865  5.47019  4.59163    0.74128 59.65221
 1  82.500 0.36472   0.06465 0.05487  0.04737  12.37415 37.02140  49.39555  5.57964  4.82418    0.74949 59.74651
 1  84.000 0.37591   0.06489 0.05498  0.04730  11.94684 37.31918  49.26602  5.68851  5.06259    0.75750 59.83585
 1  85.500 0.38722   0.06513 0.05508  0.04723  11.52964 37.60048  49.13012  5.79672  5.30670    0.76532 59.92024
 1  87.000 0.39861   0.06538 0.05519  0.04717  11.12251 37.86541  48.98792  5.90417  5.55635    0.77295 59.99972
 1  88.500 0.41010   0.06562 0.05529  0.04710  10.72539 38.11410  48.83950  6.01077  5.81136    0.78040 60.07432
 1  90.000 0.42166   0.06588 0.05540  0.04704  10.33824 38.34671  48.68495  6.11641  6.07155    0.78765 60.14411
 1  91.500 0.43329   0.06613 0.05550  0.04698   9.96099 38.56341  48.52440  6.22100  6.33669    0.79472 60.20912
 1  93.000 0.44498   0.06639 0.05560  0.04692   9.59355 38.76441  48.35796  6.32445  6.60658    0.80161 60.26942
 1  94.500 0.45672   0.06664 0.05570  0.04686   9.23585 38.94992  48.18577  6.42665  6.88097    0.80833 60.32507
 1  96.000 0.46849   0.06691 0.05581  0.04681   8.88779 39.12019  48.00799  6.52753  7.15963    0.81487 60.37615
 1  97.500 0.48030   0.06717 0.05591  0.04676   8.54928 39.27550  47.82477  6.62698  7.44230    0.82124 60.42274
 1  99.000 0.49212   0.06744 0.05601  0.04670   8.22019 39.41611  47.63630  6.72492  7.72871    0.82744 60.46493
 1 100.500 0.50394   0.06771 0.05610  0.04665   7.90042 39.54235  47.44277  6.82126  8.01858    0.83347 60.50280
 1 102.000 0.51577   0.06798 0.05620  0.04661   7.58984 39.65454  47.24438  6.91591  8.31163    0.83935 60.53646
 1 103.500 0.52757   0.06826 0.05630  0.04656   7.28833 39.75301  47.04134  7.00881  8.60756    0.84507 60.56600
 1 105.000 0.53936   0.06853 0.05639  0.04651   6.99575 39.83813  46.83388  7.09987  8.90608    0.85063 60.59153
 1 106.500 0.55111   0.06882 0.05648  0.04647   6.71197 39.91027  46.62224  7.18902  9.20687    0.85603 60.61318
 1 108.000 0.56282   0.06910 0.05657  0.04642   6.43685 39.96983  46.40668  7.27620  9.50962    0.86129 60.63104
 1 109.500 0.57447   0.06939 0.05666  0.04638   6.17023 40.01720  46.18743  7.36134  9.81400    0.86641 60.64525
 1 111.000 0.58605   0.06968 0.05675  0.04634   5.91197 40.05281  45.96479  7.44440 10.11971    0.87138 60.65594
 1 112.500 0.59757   0.06997 0.05683  0.04629   5.66192 40.07708  45.73901  7.52532 10.42641    0.87621 60.66322
 1 114.000 0.60899   0.07026 0.05691  0.04625   5.41993 40.09045  45.51039  7.60406 10.73377    0.88091 60.66723
 1 115.500 0.62033   0.07056 0.05699  0.04621   5.18584 40.09337  45.27921  7.68058 11.04147    0.88547 60.66811
 1 117.000 0.63156   0.07086 0.05707  0.04617   4.95948 40.08629  45.04577  7.75486 11.34918    0.88990 60.66598
 1 118.500 0.64268   0.07117 0.05715  0.04613   4.74071 40.06966  44.81037  7.82685 11.65658    0.89421 60.66099
 1 120.000 0.65368   0.07147 0.05722  0.04609   4.52937 40.04395  44.57332  7.89656 11.96333    0.89838 60.65328
 1 121.500 0.66456   0.07178 0.05729  0.04604   4.32529 40.00964  44.33493  7.96395 12.26912    0.90244 60.64298
 1 123.000 0.67529   0.07210 0.05735  0.04600   4.12832 39.96718  44.09550  8.02904 12.57364    0.90638 60.63025
 1 124.500 0.68589   0.07241 0.05742  0.04596   3.93830 39.91705  43.85534  8.09181 12.87656    0.91020 60.61521
 1 126.000 0.69633   0.07273 0.05748  0.04592   3.75507 39.85971  43.61478  8.15228 13.17760    0.91390 60.59801
 1 127.500 0.70661   0.07305 0.05754  0.04587   3.57846 39.79564  43.37411  8.21045 13.47644    0.91750 60.57879
 1 129.000 0.71673   0.07338 0.05759  0.04583   3.40834 39.72530  43.13364  8.26634 13.77280    0.92098 60.55768
 1 130.500 0.72668   0.07371 0.05765  0.04578   3.24453 39.64915  42.89368  8.31998 14.06639    0.92436 60.53484
 1 132.000 0.73646   0.07404 0.05770  0.04574   3.08689 39.56764  42.65454  8.37139 14.35694    0.92763 60.51039
 1 133.500 0.74605   0.07438 0.05774  0.04569   2.93526 39.48123  42.41649  8.42059 14.64419    0.93080 60.48446
 1 135.000 0.75545   0.07471 0.05778  0.04564   2.78949 39.39036  42.17984  8.46764 14.92789    0.93387 60.45720
 1 136.500 0.76467   0.07506 0.05782  0.04559   2.64942 39.29545  41.94487  8.51257 15.20779    0.93684 60.42873
 1 138.000 0.77369   0.07540 0.05786  0.04555   2.51492 39.19693  41.71185  8.55542 15.48366    0.93971 60.39917
 1 139.500 0.78251   0.07575 0.05789  0.04550   2.38582 39.09522  41.48104  8.59623 15.75529    0.94248 60.36866
 1 141.000 0.79113   0.07610 0.05793  0.04544   2.26199 38.99071  41.25270  8.63507 16.02247    0.94517 60.33731
 1 142.500 0.79954   0.07645 0.05795  0.04539   2.14327 38.88380  41.02708  8.67199 16.28501    0.94776 60.30523
 1 144.000 0.80775   0.07681 0.05798  0.04534   2.02953 38.77487  40.80440  8.70703 16.54272    0.95026 60.27255
 1 145.500 0.81575   0.07718 0.05800  0.04529   1.92062 38.66428  40.58490  8.74025 16.79545    0.95268 60.23938
 1 147.000 0.82353   0.07754 0.05802  0.04523   1.81641 38.55238  40.36879  8.77173 17.04303    0.95500 60.20581
 1 148.500 0.83111   0.07791 0.05803  0.04518   1.71675 38.43950  40.15625  8.80150 17.28534    0.95725 60.17195
 1 150.000 0.83848   0.07828 0.05804  0.04512   1.62150 38.32598  39.94748  8.82964 17.52225    0.95941 60.13789

->optimal debt cash payment
 1  51.477 0.16878   0.06037 0.05282  0.04955  23.43154 27.22109  50.65262  3.31392  1.30139    0.53741 56.80642

liq.cash: 10Y average (1Y) = 100.000 (10.000) 10Y std.dev. (1Y)= 50.596 (16.000)
unlevered firm value = 39.94141
tax rate = 0.30   bankruptcy cost proportion = 0.400
non-debt tax shield = 39.94141  (proportion = 1.000)
market portfolio: average =  0.0975  std.dev =  0.25  correlation = 0.400
riskless rate of interest =  0.0500  risk price =  1.4504

id  debtcf default   rrrequi rrrdebt     WACC   valequi  valdebt   valfirm  valtxsv  valbkcs    dbratio   corrMM
 0   0.000 0.02405   0.07401 0.00000  0.07401  39.94141  0.00000  39.94141  0.00000  0.00000    0.00000 39.94141
 1   1.500 0.02578   0.07441 0.05296  0.07375  39.15936  0.87271  40.03208  0.09127  0.00061    0.02180 40.20323
 1   3.000 0.02761   0.07483 0.05309  0.07350  38.38061  1.74103  40.12163  0.18274  0.00252    0.04339 40.46372
 1   4.500 0.02955   0.07525 0.05322  0.07324  37.60533  2.60465  40.20998  0.27443  0.00587    0.06478 40.72281
 1   6.000 0.03160   0.07568 0.05336  0.07299  36.83373  3.46327  40.29700  0.36637  0.01078    0.08594 40.98040
 1   7.500 0.03376   0.07613 0.05351  0.07275  36.06600  4.31660  40.38259  0.45859  0.01741    0.10689 41.23639
 1   9.000 0.03605   0.07659 0.05366  0.07250  35.30233  5.16430  40.46663  0.55111  0.02589    0.12762 41.49070
 1  10.500 0.03846   0.07705 0.05381  0.07226  34.54295  6.00604  40.54900  0.64397  0.03639    0.14812 41.74323
 1  12.000 0.04100   0.07753 0.05398  0.07203  33.78806  6.84149  40.62955  0.73719  0.04905    0.16839 41.99386
 1  13.500 0.04367   0.07803 0.05415  0.07180  33.03788  7.67029  40.70816  0.83081  0.06405    0.18842 42.24250
 1  15.000 0.04648   0.07853 0.05432  0.07157  32.29262  8.49208  40.78470  0.92484  0.08156    0.20822 42.48904
 1  16.500 0.04944   0.07905 0.05450  0.07134  31.55251  9.30649  40.85900  1.01932  0.10173    0.22777 42.73336
 1  18.000 0.05254   0.07958 0.05469  0.07112  30.81777 10.11315  40.93093  1.11427  0.12476    0.24708 42.97536
 1  19.500 0.05580   0.08013 0.05489  0.07091  30.08865 10.91168  41.00032  1.20972  0.15081    0.26614 43.21492
 1  21.000 0.05922   0.08069 0.05509  0.07070  29.36536 11.70168  41.06703  1.30570  0.18008    0.28494 43.45192
 1  22.500 0.06279   0.08126 0.05530  0.07050  28.64814 12.48276  41.13089  1.40222  0.21274    0.30349 43.68624
 1  24.000 0.06654   0.08185 0.05551  0.07030  27.93723 13.25451  41.19174  1.49932  0.24899    0.32178 43.91777
 1  25.500 0.07045   0.08245 0.05573  0.07010  27.23286 14.01655  41.24941  1.59700  0.28901    0.33980 44.14638
 1  27.000 0.07454   0.08307 0.05596  0.06992  26.53527 14.76845  41.30372  1.69529  0.33298    0.35756 44.37195
 1  28.500 0.07881   0.08370 0.05620  0.06973  25.84469 15.50981  41.35451  1.79420  0.38111    0.37505 44.59436
 1  30.000 0.08326   0.08435 0.05644  0.06956  25.16137 16.24022  41.40160  1.89376  0.43357    0.39226 44.81348
 1  31.500 0.08789   0.08502 0.05669  0.06939  24.48553 16.95928  41.44481  1.99396  0.49056    0.40920 45.02920
 1  33.000 0.09272   0.08570 0.05695  0.06923  23.81741 17.66656  41.48397  2.09481  0.55225    0.42586 45.24138
 1  34.500 0.09774   0.08640 0.05721  0.06907  23.15724 18.36167  41.51891  2.19633  0.61883    0.44225 45.44991
 1  36.000 0.10295   0.08712 0.05748  0.06892  22.50523 19.04421  41.54944  2.29851  0.69048    0.45835 45.65468
 1  37.500 0.10837   0.08785 0.05776  0.06878  21.86162 19.71378  41.57540  2.40134  0.76736    0.47417 45.85555
 1  39.000 0.11398   0.08861 0.05805  0.06864  21.22662 20.36998  41.59660  2.50484  0.84965    0.48970 46.05241
 1  40.500 0.11980   0.08938 0.05834  0.06851  20.60044 21.01245  41.61288  2.60897  0.93750    0.50495 46.24515
 1  42.000 0.12583   0.09017 0.05864  0.06839  19.98328 21.64079  41.62407  2.71374  1.03108    0.51991 46.43365
 1  43.500 0.13207   0.09098 0.05895  0.06827  19.37535 22.25466  41.63001  2.81911  1.13051    0.53458 46.61781
 1  45.000 0.13851   0.09181 0.05926  0.06817  18.77683 22.85370  41.63053  2.92507  1.23595    0.54896 46.79752
 1  46.500 0.14517   0.09266 0.05959  0.06807  18.18791 23.43758  41.62549  3.03159  1.34751    0.56306 46.97269
 1  48.000 0.15204   0.09353 0.05992  0.06798  17.60876 24.00596  41.61472  3.13863  1.46532    0.57686 47.14320
 1  49.500 0.15912   0.09442 0.06025  0.06789  17.03954 24.55855  41.59809  3.24615  1.58947    0.59038 47.30898
 1  51.000 0.16641   0.09533 0.06060  0.06782  16.48041 25.09505  41.57547  3.35412  1.72007    0.60360 47.46993
 1  52.500 0.17392   0.09627 0.06095  0.06775  15.93152 25.61520  41.54671  3.46248  1.85718    0.61654 47.62597
 1  54.000 0.18163   0.09723 0.06130  0.06769  15.39298 26.11873  41.51171  3.57117  2.00087    0.62919 47.77703
 1  55.500 0.18956   0.09821 0.06167  0.06764  14.86494 26.60542  41.47036  3.68014  2.15119    0.64155 47.92304
 1  57.000 0.19770   0.09921 0.06204  0.06759  14.34748 27.07506  41.42254  3.78932  2.30819    0.65363 48.06393
 1  58.500 0.20605   0.10023 0.06241  0.06755  13.84072 27.52746  41.36818  3.89864  2.47187    0.66543 48.19965
 1  60.000 0.21460   0.10129 0.06280  0.06753  13.34473 27.96247  41.30719  4.00803  2.64225    0.67694 48.33015
 1  61.500 0.22335   0.10236 0.06319  0.06750  12.85958 28.37994  41.23951  4.11741  2.81931    0.68817 48.45539
 1  63.000 0.23231   0.10346 0.06358  0.06749  12.38532 28.77976  41.16508  4.22668  3.00301    0.69913 48.57534
 1  64.500 0.24145   0.10459 0.06398  0.06749  11.92201 29.16185  41.08386  4.33577  3.19332    0.70981 48.68997
 1  66.000 0.25080   0.10574 0.06439  0.06749  11.46968 29.52614  40.99582  4.44457  3.39016    0.72022 48.79926
 1  67.500 0.26033   0.10692 0.06480  0.06750  11.02833 29.87262  40.90095  4.55299  3.59346    0.73037 48.90320
 1  69.000 0.27004   0.10813 0.06521  0.06751  10.59796 30.20128  40.79924  4.66093  3.80310    0.74024 49.00180
 1  70.500 0.27993   0.10936 0.06563  0.06754  10.17858 30.51214  40.69072  4.76829  4.01898    0.74985 49.09506
 1  72.000 0.29000   0.11063 0.06606  0.06757   9.77015 30.80527  40.57542  4.87495  4.24095    0.75921 49.18299
 1  73.500 0.30023   0.11192 0.06649  0.06760   9.37263 31.08074  40.45337  4.98081  4.46885    0.76831 49.26563
 1  75.000 0.31062   0.11324 0.06692  0.06765   8.98598 31.33867  40.32465  5.08576  4.70252    0.77716 49.34302
 1  76.500 0.32116   0.11459 0.06736  0.06770   8.61013 31.57921  40.18934  5.18969  4.94176    0.78576 49.41518
 1  78.000 0.33185   0.11598 0.06779  0.06775   8.24500 31.80253  40.04753  5.29248  5.18636    0.79412 49.48217
 1  79.500 0.34268   0.11740 0.06824  0.06782   7.89051 32.00883  39.89934  5.39402  5.43610    0.80224 49.54406
 1  81.000 0.35364   0.11885 0.06868  0.06788   7.54655 32.19834  39.74489  5.49421  5.69073    0.81013 49.60091
 1  82.500 0.36472   0.12033 0.06913  0.06796   7.21303 32.37131  39.58434  5.59293  5.95000    0.81778 49.65281
 1  84.000 0.37591   0.12185 0.06957  0.06803   6.88982 32.52803  39.41784  5.69007  6.21364    0.82521 49.69982
 1  85.500 0.38722   0.12341 0.07002  0.06811   6.57678 32.66880  39.24559  5.78553  6.48136    0.83242 49.74205
 1  87.000 0.39861   0.12500 0.07047  0.06820   6.27379 32.79398  39.06777  5.87921  6.75285    0.83941 49.77961
 1  88.500 0.41010   0.12664 0.07092  0.06829   5.98070 32.90390  38.88460  5.97101  7.02782    0.84619 49.81258
 1  90.000 0.42166   0.12831 0.07137  0.06838   5.69736 32.99896  38.69632  6.06084  7.30593    0.85277 49.84110
 1  91.500 0.43329   0.13002 0.07181  0.06847   5.42360 33.07956  38.50316  6.14860  7.58685    0.85914 49.86528
 1  93.000 0.44498   0.13178 0.07226  0.06857   5.15927 33.14613  38.30540  6.23423  7.87024    0.86531 49.88525
 1  94.500 0.45672   0.13358 0.07271  0.06867   4.90418 33.19911  38.10329  6.31763  8.15575    0.87129 49.90115
 1  96.000 0.46849   0.13543 0.07315  0.06877   4.65817 33.23896  37.89714  6.39874  8.44302    0.87708 49.91310
 1  97.500 0.48030   0.13733 0.07359  0.06887   4.42106 33.26617  37.68723  6.47750  8.73168    0.88269 49.92126
 1  99.000 0.49212   0.13928 0.07402  0.06897   4.19267 33.28123  37.47390  6.55385  9.02137    0.88812 49.92578
 1 100.500 0.50394   0.14127 0.07446  0.06907   3.97280 33.28465  37.25745  6.62775  9.31171    0.89337 49.92681
 1 102.000 0.51577   0.14333 0.07488  0.06917   3.76128 33.27694  37.03822  6.69915  9.60234    0.89845 49.92449
 1 103.500 0.52757   0.14544 0.07531  0.06927   3.55792 33.25864  36.81656  6.76802  9.89288    0.90336 49.91900
 1 105.000 0.53936   0.14761 0.07572  0.06937   3.36253 33.23028  36.59281  6.83435 10.18295    0.90811 49.91050
 1 106.500 0.55111   0.14984 0.07614  0.06946   3.17492 33.19241  36.36733  6.89810 10.47219    0.91270 49.89914
 1 108.000 0.56282   0.15214 0.07654  0.06955   2.99490 33.14558  36.14048  6.95928 10.76022    0.91713 49.88509
 1 109.500 0.57447   0.15451 0.07694  0.06964   2.82228 33.09035  35.91262  7.01789 11.04668    0.92141 49.86852
 1 111.000 0.58605   0.15695 0.07733  0.06972   2.65687 33.02726  35.68413  7.07394 11.33122    0.92554 49.84959
 1 112.500 0.59757   0.15947 0.07771  0.06980   2.49849 32.95687  35.45536  7.12743 11.61348    0.92953 49.82847
 1 114.000 0.60899   0.16207 0.07808  0.06988   2.34696 32.87973  35.22669  7.17840 11.89313    0.93338 49.80533
 1 115.500 0.62033   0.16475 0.07844  0.06994   2.20208 32.79640  34.99848  7.22688 12.16981    0.93708 49.78033
 1 117.000 0.63156   0.16752 0.07880  0.07001   2.06367 32.70741  34.77108  7.27289 12.44322    0.94065 49.75364
 1 118.500 0.64268   0.17039 0.07914  0.07006   1.93155 32.61331  34.54486  7.31650 12.71305    0.94409 49.72541
 1 120.000 0.65368   0.17336 0.07947  0.07011   1.80555 32.51461  34.32017  7.35773 12.97898    0.94739 49.69580
 1 121.500 0.66456   0.17644 0.07979  0.07015   1.68548 32.41185  34.09733  7.39665 13.24074    0.95057 49.66497
 1 123.000 0.67529   0.17964 0.08010  0.07018   1.57117 32.30552  33.87669  7.43333 13.49804    0.95362 49.63307
 1 124.500 0.68589   0.18295 0.08039  0.07021   1.46245 32.19613  33.65857  7.46781 13.75065    0.95655 49.60025
 1 126.000 0.69633   0.18640 0.08068  0.07023   1.35913 32.08415  33.44328  7.50017 13.99830    0.95936 49.56666
 1 127.500 0.70661   0.18998 0.08095  0.07023   1.26106 31.97005  33.23111  7.53047 14.24078    0.96205 49.53243
 1 129.000 0.71673   0.19372 0.08121  0.07023   1.16806 31.85428  33.02234  7.55880 14.47787    0.96463 49.49770
 1 130.500 0.72668   0.19762 0.08145  0.07022   1.07997 31.73728  32.81725  7.58522 14.70939    0.96709 49.46260
 1 132.000 0.73646   0.20169 0.08168  0.07020   0.99663 31.61946  32.61608  7.60982 14.93515    0.96944 49.42725
 1 133.500 0.74605   0.20595 0.08190  0.07016   0.91786 31.50122  32.41908  7.63266 15.15499    0.97169 49.39178
 1 135.000 0.75545   0.21041 0.08210  0.07012   0.84351 31.38295  32.22646  7.65384 15.36879    0.97383 49.35630
 1 136.500 0.76467   0.21509 0.08229  0.07007   0.77343 31.26499  32.03842  7.67342 15.57641    0.97586 49.32091
 1 138.000 0.77369   0.22002 0.08246  0.07001   0.70745 31.14770  31.85515  7.69148 15.77775    0.97779 49.28572
 1 139.500 0.78251   0.22521 0.08262  0.06993   0.64542 31.03139  31.67681  7.70812 15.97272    0.97962 49.25083
 1 141.000 0.79113   0.23069 0.08276  0.06985   0.58718 30.91636  31.50354  7.72339 16.16126    0.98136 49.21632
 1 142.500 0.79954   0.23649 0.08289  0.06976   0.53259 30.80289  31.33549  7.73738 16.34330    0.98300 49.18228
 1 144.000 0.80775   0.24264 0.08300  0.06965   0.48150 30.69124  31.17274  7.75016 16.51883    0.98455 49.14879
 1 145.500 0.81575   0.24920 0.08310  0.06954   0.43376 30.58165  31.01541  7.76180 16.68781    0.98601 49.11591
 1 147.000 0.82353   0.25620 0.08319  0.06942   0.38922 30.47432  30.86355  7.77238 16.85025    0.98739 49.08371
 1 148.500 0.83111   0.26370 0.08326  0.06928   0.34775 30.36947  30.71722  7.78197 17.00616    0.98868 49.05225
 1 150.000 0.83848   0.27178 0.08332  0.06914   0.30921 30.26726  30.57646  7.79062 17.15557    0.98989 49.02159

->optimal debt cash payment
 1  44.394 0.13588   0.09147 0.05914  0.06821  19.01736 22.61362  41.63098  2.88222  1.19265    0.54319 46.72550

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 = 14.56250
tax rate = 0.30   bankruptcy cost proportion = 0.400
non-debt tax shield = 14.56250  (proportion = 1.000)
market portfolio: average =  0.1625  std.dev =  0.25  correlation = 0.400
riskless rate of interest =  0.0500  risk price =  4.6057

id  debtcf default   rrrequi rrrdebt     WACC   valequi  valdebt   valfirm  valtxsv  valbkcs    dbratio   corrMM
 0   0.000 0.02405   0.17738 0.00000  0.17738  14.56250  0.00000  14.56250  0.00000  0.00000    0.00000 14.56250
 1   1.500 0.02578   0.18132 0.05973  0.17657  13.84467  0.81855  14.66323  0.10197  0.00124    0.05582 14.80806
 1   3.000 0.02761   0.18550 0.06017  0.17578  13.13388  1.62820  14.76208  0.20469  0.00510    0.11030 15.05095
 1   4.500 0.02955   0.18994 0.06063  0.17501  12.43047  2.42839  14.85886  0.30820  0.01184    0.16343 15.29101
 1   6.000 0.03160   0.19468 0.06111  0.17427  11.73477  3.21860  14.95337  0.41256  0.02169    0.21524 15.52808
 1   7.500 0.03376   0.19974 0.06161  0.17355  11.04715  3.99824  15.04539  0.51781  0.03492    0.26575 15.76197
 1   9.000 0.03605   0.20517 0.06213  0.17285  10.36795  4.76675  15.13470  0.62399  0.05178    0.31495 15.99252
 1  10.500 0.03846   0.21100 0.06268  0.17218   9.69755  5.52352  15.22108  0.73113  0.07255    0.36289 16.21955
 1  12.000 0.04100   0.21729 0.06325  0.17154   9.03631  6.26797  15.30428  0.83929  0.09750    0.40956 16.44289
 1  13.500 0.04367   0.22410 0.06384  0.17092   8.38459  6.99948  15.38406  0.94848  0.12691    0.45498 16.66234
 1  15.000 0.04648   0.23150 0.06446  0.17034   7.74275  7.71743  15.46018  1.05875  0.16107    0.49918 16.87772
 1  16.500 0.04944   0.23960 0.06510  0.16978   7.11117  8.42120  15.53237  1.17012  0.20025    0.54217 17.08885
 1  18.000 0.05254   0.24850 0.06577  0.16926   6.49021  9.11015  15.60036  1.28261  0.24474    0.58397 17.29554
 1  19.500 0.05580   0.25835 0.06646  0.16877   5.88024  9.78367  15.66390  1.39624  0.29483    0.62460 17.49760
 1  21.000 0.05922   0.26935 0.06718  0.16831   5.28160 10.44111  15.72270  1.51102  0.35081    0.66408 17.69483
 1  22.500 0.06279   0.28175 0.06793  0.16789   4.69466 11.08184  15.77649  1.62696  0.41296    0.70243 17.88705
 1  24.000 0.06654   0.29590 0.06871  0.16751   4.11975 11.70523  15.82499  1.74405  0.48156    0.73967 18.07407
 1  25.500 0.07045   0.31230 0.06952  0.16717   3.55723 12.31067  15.86790  1.86228  0.55687    0.77582 18.25570
 1  27.000 0.07454   0.33167 0.07036  0.16687   3.00741 12.89753  15.90495  1.98163  0.63918    0.81091 18.43176
 1  28.500 0.07881   0.35518 0.07123  0.16661   2.47062 13.46522  15.93584  2.10208  0.72874    0.84496 18.60206
 1  30.000 0.08326   0.38480 0.07214  0.16639   1.94715 14.01314  15.96029  2.22358  0.82579    0.87800 18.76644
 1  31.500 0.08789   0.42433 0.07307  0.16622   1.43730 14.54071  15.97801  2.34610  0.93058    0.91005 18.92471
 2  33.000 0.09272   0.48224 0.07413  0.16619   0.94360 15.03138  15.97497  2.47153  1.05905    0.94093 19.07191
 2  34.500 0.09774   0.58739 0.07522  0.16621   0.46490 15.49775  15.96265  2.59813  1.19797    0.97088 19.21182
 2  36.000 0.10295   1.85353 0.07636  0.16630   0.00129 15.94014  15.94142  2.72569  1.34676    0.99992 19.34454

->optimal debt cash payment
 2  31.619 0.08827   0.42807 0.07315  0.16621   1.39761 14.58100  15.97861  2.35591  0.93979    0.91253 18.93680
