
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 0.00000   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 0.04723  0.03144  63.30217  0.92189  64.22406  0.09563  0.00001    0.01435 64.40500
 1   3.000 0.02761   0.03114 0.04714  0.03125  62.47590  1.84356  64.31946  0.19104  0.00002    0.02866 64.68150
 1   4.500 0.02955   0.03089 0.04705  0.03107  61.64965  2.76496  64.41461  0.28623  0.00005    0.04292 64.95792
 1   6.000 0.03160   0.03064 0.04696  0.03088  60.82347  3.68606  64.50953  0.38120  0.00010    0.05714 65.23425
 1   7.500 0.03376   0.03038 0.04686  0.03069  59.99740  4.60681  64.60421  0.47595  0.00017    0.07131 65.51048
 1   9.000 0.03605   0.03011 0.04677  0.03051  59.17149  5.52717  64.69866  0.57048  0.00025    0.08543 65.78659
 1  10.500 0.03846   0.02984 0.04666  0.03032  58.34580  6.44708  64.79288  0.66480  0.00035    0.09950 66.06256
 1  12.000 0.04100   0.02957 0.04656  0.03014  57.52038  7.36649  64.88687  0.75892  0.00048    0.11353 66.33838
 1  13.500 0.04367   0.02929 0.04645  0.02995  56.69529  8.28534  64.98063  0.85283  0.00063    0.12750 66.61404
 1  15.000 0.04648   0.02901 0.04634  0.02977  55.87060  9.20356  65.07416  0.94654  0.00081    0.14143 66.88950
 1  16.500 0.04944   0.02872 0.04623  0.02959  55.04639 10.12109  65.16748  1.04007  0.00102    0.15531 67.16476
 1  18.000 0.05254   0.02843 0.04611  0.02941  54.22272 11.03786  65.26057  1.13340  0.00126    0.16914 67.43979
 1  19.500 0.05580   0.02813 0.04599  0.02923  53.39968 11.95378  65.35346  1.22656  0.00154    0.18291 67.71457
 1  21.000 0.05922   0.02783 0.04587  0.02905  52.57736 12.86877  65.44613  1.31955  0.00186    0.19663 67.98906
 1  22.500 0.06279   0.02752 0.04575  0.02888  51.75586 13.78275  65.53860  1.41238  0.00221    0.21030 68.26326
 1  24.000 0.06654   0.02721 0.04562  0.02870  50.93526 14.69562  65.63088  1.50506  0.00261    0.22391 68.53712
 1  25.500 0.07045   0.02689 0.04549  0.02853  50.11568 15.60728  65.72296  1.59759  0.00306    0.23747 68.81062
 1  27.000 0.07454   0.02657 0.04535  0.02836  49.29723 16.51763  65.81486  1.68998  0.00356    0.25097 69.08372
 1  28.500 0.07881   0.02624 0.04522  0.02819  48.48002 17.42655  65.90658  1.78225  0.00411    0.26441 69.35640
 1  30.000 0.08326   0.02591 0.04508  0.02802  47.66418 18.33394  65.99812  1.87441  0.00472    0.27779 69.62862
 1  31.500 0.08789   0.02557 0.04493  0.02785  46.84984 19.23967  66.08951  1.96647  0.00540    0.29112 69.90034
 1  33.000 0.09272   0.02523 0.04479  0.02768  46.03713 20.14361  66.18073  2.05844  0.00614    0.30437 70.17152
 1  34.500 0.09774   0.02488 0.04464  0.02752  45.22619 21.04562  66.27181  2.15033  0.00695    0.31757 70.44212
 1  36.000 0.10295   0.02453 0.04449  0.02735  44.41718 21.94557  66.36275  2.24216  0.00785    0.33069 70.71211
 1  37.500 0.10837   0.02417 0.04433  0.02719  43.61025 22.84331  66.45356  2.33395  0.00882    0.34375 70.98143
 1  39.000 0.11398   0.02381 0.04417  0.02703  42.80557 23.73868  66.54425  2.42570  0.00988    0.35674 71.25004
 1  40.500 0.11980   0.02345 0.04401  0.02688  42.00329 24.63153  66.63482  2.51743  0.01104    0.36965 71.51789
 1  42.000 0.12583   0.02307 0.04385  0.02672  41.20361 25.52168  66.72529  2.60915  0.01230    0.38249 71.78494
 1  43.500 0.13207   0.02270 0.04368  0.02657  40.40669 26.40898  66.81566  2.70089  0.01367    0.39525 72.05113
 1  45.000 0.13851   0.02232 0.04351  0.02641  39.61272 27.29323  66.90595  2.79266  0.01515    0.40793 72.31640
 1  46.500 0.14517   0.02193 0.04334  0.02626  38.82190 28.17425  66.99615  2.88447  0.01675    0.42054 72.58071
 1  48.000 0.15204   0.02154 0.04317  0.02612  38.03443 29.05186  67.08629  2.97634  0.01849    0.43305 72.84399
 1  49.500 0.15912   0.02114 0.04299  0.02597  37.25051 29.92585  67.17636  3.06829  0.02037    0.44548 73.10619
 1  51.000 0.16641   0.02074 0.04281  0.02583  36.47035 30.79602  67.26637  3.16033  0.02239    0.45782 73.36724
 1  52.500 0.17392   0.02034 0.04263  0.02568  35.69417 31.66216  67.35634  3.25248  0.02458    0.47007 73.62708
 1  54.000 0.18163   0.01992 0.04244  0.02554  34.92219 32.52407  67.44626  3.34476  0.02694    0.48222 73.88565
 1  55.500 0.18956   0.01951 0.04225  0.02541  34.15464 33.38151  67.53614  3.43719  0.02948    0.49428 74.14289
 1  57.000 0.19770   0.01909 0.04206  0.02527  33.39173 34.23426  67.62599  3.52978  0.03222    0.50623 74.39871
 1  58.500 0.20605   0.01866 0.04187  0.02514  32.63371 35.08209  67.71580  3.62254  0.03517    0.51808 74.65306
 1  60.000 0.21460   0.01823 0.04168  0.02500  31.88082 35.92477  67.80559  3.71550  0.03834    0.52982 74.90586
 1  61.500 0.22335   0.01780 0.04148  0.02488  31.13329 36.76205  67.89534  3.80866  0.04176    0.54145 75.15705
 1  63.000 0.23231   0.01736 0.04128  0.02475  30.39137 37.59369  67.98506  3.90205  0.04543    0.55297 75.40654
 1  64.500 0.24145   0.01692 0.04108  0.02462  29.65530 38.41945  68.07475  3.99568  0.04937    0.56437 75.65427
 1  66.000 0.25080   0.01647 0.04087  0.02450  28.92533 39.23907  68.16439  4.08957  0.05361    0.57565 75.90015
 1  67.500 0.26033   0.01602 0.04067  0.02438  28.20170 40.05229  68.25399  4.18371  0.05816    0.58681 76.14412
 1  69.000 0.27004   0.01556 0.04046  0.02426  27.48468 40.85885  68.34353  4.27814  0.06304    0.59785 76.38609
 1  70.500 0.27993   0.01510 0.04025  0.02414  26.77450 41.65850  68.43300  4.37285  0.06829    0.60875 76.62598
 1  72.000 0.29000   0.01463 0.04004  0.02403  26.07141 42.45097  68.52238  4.46787  0.07392    0.61952 76.86373
 1  73.500 0.30023   0.01417 0.03983  0.02392  25.37567 43.23599  68.61165  4.56319  0.07997    0.63016 77.09923
 1  75.000 0.31062   0.01369 0.03961  0.02381  24.68751 44.01329  68.70081  4.65883  0.08646    0.64065 77.33242
 1  76.500 0.32116   0.01321 0.03940  0.02370  24.00719 44.78261  68.78980  4.75479  0.09342    0.65101 77.56322
 1  78.000 0.33185   0.01273 0.03918  0.02359  23.33495 45.54367  68.87862  4.85108  0.10089    0.66122 77.79154
 1  79.500 0.34268   0.01225 0.03896  0.02348  22.67102 46.29621  68.96723  4.94770  0.10890    0.67128 78.01730
 1  81.000 0.35364   0.01176 0.03874  0.02338  22.01564 47.03994  69.05559  5.04465  0.11750    0.68119 78.24042
 1  82.500 0.36472   0.01126 0.03852  0.02328  21.36904 47.77461  69.14365  5.14193  0.12671    0.69095 78.46082
 1  84.000 0.37591   0.01077 0.03830  0.02318  20.73144 48.49993  69.23138  5.23954  0.13660    0.70055 78.67841
 1  85.500 0.38722   0.01026 0.03807  0.02308  20.10307 49.21564  69.31871  5.33748  0.14720    0.70999 78.89313
 1  87.000 0.39861   0.00976 0.03785  0.02299  19.48413 49.92147  69.40560  5.43574  0.15857    0.71927 79.10488
 1  88.500 0.41010   0.00925 0.03762  0.02289  18.87483 50.61715  69.49199  5.53431  0.17076    0.72839 79.31358
 1  90.000 0.42166   0.00874 0.03739  0.02280  18.27537 51.30242  69.57779  5.63319  0.18383    0.73734 79.51916
 1  91.500 0.43329   0.00823 0.03717  0.02270  17.68594 51.97700  69.66294  5.73235  0.19785    0.74612 79.72154
 1  93.000 0.44498   0.00771 0.03694  0.02261  17.10671 52.64065  69.74736  5.83179  0.21287    0.75473 79.92063
 1  94.500 0.45672   0.00719 0.03671  0.02252  16.53786 53.29309  69.83095  5.93149  0.22897    0.76317 80.11636
 1  96.000 0.46849   0.00666 0.03648  0.02243  15.97956 53.93407  69.91363  6.03143  0.24623    0.77144 80.30866
 1  97.500 0.48030   0.00613 0.03625  0.02234  15.43194 54.56335  69.99529  6.13159  0.26473    0.77953 80.49744
 1  99.000 0.49212   0.00560 0.03602  0.02226  14.89516 55.18065  70.07582  6.23194  0.28456    0.78744 80.68263
 1 100.500 0.50394   0.00507 0.03579  0.02217  14.36934 55.78575  70.15509  6.33246  0.30580    0.79518 80.86416
 1 102.000 0.51577   0.00453 0.03556  0.02208  13.85459 56.37840  70.23299  6.43311  0.32856    0.80273 81.04195
 1 103.500 0.52757   0.00400 0.03532  0.02200  13.35102 56.95834  70.30937  6.53388  0.35294    0.81011 81.21594
 1 105.000 0.53936   0.00345 0.03509  0.02191  12.85873 57.52536  70.38409  6.63471  0.37906    0.81731 81.38604
 1 106.500 0.55111   0.00291 0.03486  0.02183  12.37779 58.07920  70.45699  6.73558  0.40703    0.82432 81.55220
 1 108.000 0.56282   0.00237 0.03463  0.02174  11.90827 58.61965  70.52791  6.83646  0.43698    0.83116 81.71433
 1 109.500 0.57447   0.00182 0.03439  0.02166  11.45022 59.14647  70.59668  6.93728  0.46904    0.83781 81.87237
 1 111.000 0.58605   0.00127 0.03416  0.02157  11.00368 59.65943  70.66311  7.03803  0.50336    0.84428 82.02626
 1 112.500 0.59757   0.00072 0.03393  0.02149  10.56868 60.15832  70.72699  7.13864  0.54008    0.85057 82.17593
 1 114.000 0.60899   0.00017 0.03369  0.02140  10.14523 60.64291  70.78814  7.23908  0.57937    0.85668 82.32131
 1 115.500 0.62033  -0.00039 0.03346  0.02132   9.73333 61.11298  70.84631  7.33928  0.62140    0.86261 82.46233
 1 117.000 0.63156  -0.00094 0.03323  0.02123   9.33296 61.56833  70.90130  7.43921  0.66635    0.86837 82.59893
 1 118.500 0.64268  -0.00150 0.03299  0.02114   8.94410 62.00873  70.95284  7.53881  0.71440    0.87394 82.73105
 1 120.000 0.65368  -0.00206 0.03276  0.02105   8.56671 62.43398  71.00069  7.63801  0.76576    0.87934 82.85863
 1 121.500 0.66456  -0.00261 0.03252  0.02097   8.20072 62.84387  71.04458  7.73678  0.82063    0.88457 82.98159
 1 123.000 0.67529  -0.00317 0.03229  0.02088   7.84606 63.23818  71.08424  7.83504  0.87924    0.88962 83.09989
 1 124.500 0.68589  -0.00373 0.03206  0.02079   7.50266 63.61670  71.11936  7.93274  0.94182    0.89451 83.21344
 1 126.000 0.69633  -0.00429 0.03182  0.02069   7.17042 63.97922  71.14964  8.02982  1.00862    0.89922 83.32220
 2 127.500 0.70661  -0.00485 0.03159  0.02060   6.84928 64.32549  71.17477  8.12622  1.07989    0.90377 83.42608
 2 129.000 0.71673  -0.00541 0.03135  0.02051   6.53930 64.65510  71.19441  8.22189  1.15592    0.90815 83.52497
 2 130.500 0.72668  -0.00596 0.03112  0.02041   6.24034 64.96787  71.20821  8.31677  1.23700    0.91236 83.61879
 2 132.000 0.73646  -0.00651 0.03089  0.02032   5.95221 65.26360  71.21581  8.41079  1.32341    0.91642 83.70751
 2 133.500 0.74605  -0.00706 0.03065  0.02022   5.67472 65.54213  71.21685  8.50388  1.41547    0.92032 83.79107
 2 135.000 0.75545  -0.00761 0.03042  0.02012   5.40764 65.80328  71.21092  8.59597  1.51349    0.92406 83.86942
 2 136.500 0.76467  -0.00816 0.03019  0.02002   5.15078 66.04685  71.19763  8.68699  1.61780    0.92766 83.94249
 2 138.000 0.77369  -0.00870 0.02995  0.01992   4.90390 66.27266  71.17657  8.77689  1.72876    0.93110 84.01023
 2 139.500 0.78251  -0.00924 0.02972  0.01981   4.66679 66.48052  71.14731  8.86558  1.84671    0.93441 84.07259
 2 141.000 0.79113  -0.00978 0.02949  0.01971   4.43921 66.67022  71.10942  8.95301  1.97202    0.93757 84.12950
 2 142.500 0.79954  -0.01032 0.02926  0.01960   4.22092 66.84155  71.06246  9.03911  2.10508    0.94060 84.18090
 2 144.000 0.80775  -0.01085 0.02903  0.01949   4.01168 66.99430  71.00598  9.12382  2.24628    0.94350 84.22672
 2 145.500 0.81575  -0.01138 0.02879  0.01938   3.81125 67.12825  70.93951  9.20708  2.39600    0.94627 84.26691
 2 147.000 0.82353  -0.01191 0.02856  0.01927   3.61939 67.24319  70.86258  9.28882  2.55467    0.94892 84.30139
 2 148.500 0.83111  -0.01244 0.02833  0.01916   3.43584 67.33888  70.77472  9.36898  2.72270    0.95145 84.33010
 2 150.000 0.83848  -0.01296 0.02811  0.01905   3.26035 67.41510  70.67546  9.44752  2.90050    0.95387 84.35297

->optimal debt cash payment
 2 132.981 0.74275  -0.00687 0.03073  0.02025   5.76947 65.44779  71.21726  8.47180  1.38298    0.91899 83.76277

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 0.00000   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  51.16615  0.89788  52.06404  0.09174  0.00005    0.01725 52.24172
 1   3.000 0.02761   0.05000 0.05000  0.04958  50.36152  1.79402  52.15554  0.18340  0.00021    0.03440 52.51056
 1   4.500 0.02955   0.05000 0.05000  0.04937  49.55855  2.68831  52.24687  0.27499  0.00047    0.05145 52.77885
 1   6.000 0.03160   0.05000 0.05000  0.04916  48.75736  3.58066  52.33802  0.36652  0.00086    0.06841 53.04655
 1   7.500 0.03376   0.05000 0.05000  0.04896  47.95807  4.47093  52.42900  0.45801  0.00136    0.08528 53.31363
 1   9.000 0.03605   0.05000 0.05000  0.04875  47.16078  5.35904  52.51981  0.54946  0.00200    0.10204 53.58006
 1  10.500 0.03846   0.05000 0.05000  0.04855  46.36562  6.24484  52.61046  0.64088  0.00277    0.11870 53.84580
 1  12.000 0.04100   0.05000 0.05000  0.04834  45.57273  7.12821  52.70094  0.73228  0.00369    0.13526 54.11082
 1  13.500 0.04367   0.05000 0.05000  0.04814  44.78222  8.00904  52.79126  0.82368  0.00477    0.15171 54.37506
 1  15.000 0.04648   0.05000 0.05000  0.04794  43.99425  8.88717  52.88142  0.91508  0.00600    0.16806 54.63850
 1  16.500 0.04944   0.05000 0.05000  0.04774  43.20895  9.76248  52.97143  1.00649  0.00741    0.18430 54.90110
 1  18.000 0.05254   0.05000 0.05000  0.04754  42.42646 10.63482  53.06128  1.09793  0.00899    0.20043 55.16280
 1  19.500 0.05580   0.05000 0.05000  0.04734  41.64694 11.50404  53.15098  1.18940  0.01077    0.21644 55.42356
 1  21.000 0.05922   0.05000 0.05000  0.04714  40.87055 12.36998  53.24053  1.28092  0.01274    0.23234 55.68335
 1  22.500 0.06279   0.05000 0.05000  0.04694  40.09743 13.23250  53.32993  1.37251  0.01493    0.24813 55.94210
 1  24.000 0.06654   0.05000 0.05000  0.04675  39.32775 14.09142  53.41917  1.46416  0.01734    0.26379 56.19978
 1  25.500 0.07045   0.05000 0.05000  0.04655  38.56168 14.94658  53.50826  1.55590  0.01999    0.27933 56.45633
 1  27.000 0.07454   0.05000 0.05000  0.04636  37.79940 15.79781  53.59721  1.64774  0.02289    0.29475 56.71169
 1  28.500 0.07881   0.05000 0.05000  0.04617  37.04106 16.64493  53.68599  1.73969  0.02605    0.31004 56.96583
 1  30.000 0.08326   0.05000 0.05000  0.04598  36.28687 17.48775  53.77462  1.83175  0.02949    0.32520 57.21868
 1  31.500 0.08789   0.05000 0.05000  0.04579  35.53698 18.32610  53.86308  1.92395  0.03322    0.34023 57.47018
 1  33.000 0.09272   0.05000 0.05000  0.04560  34.79160 19.15979  53.95138  2.01629  0.03726    0.35513 57.72029
 1  34.500 0.09774   0.05000 0.05000  0.04541  34.05090 19.98861  54.03951  2.10879  0.04163    0.36989 57.96893
 1  36.000 0.10295   0.05000 0.05000  0.04523  33.31508 20.81237  54.12745  2.20145  0.04635    0.38451 58.21606
 1  37.500 0.10837   0.05000 0.05000  0.04504  32.58433 21.63087  54.21520  2.29429  0.05143    0.39898 58.46161
 1  39.000 0.11398   0.05000 0.05000  0.04486  31.85885 22.44391  54.30276  2.38731  0.05691    0.41331 58.70552
 1  40.500 0.11980   0.05000 0.05000  0.04468  31.13883 23.25127  54.39009  2.48054  0.06279    0.42749 58.94773
 1  42.000 0.12583   0.05000 0.05000  0.04450  30.42447 24.05274  54.47720  2.57397  0.06911    0.44152 59.18817
 1  43.500 0.13207   0.05000 0.05000  0.04433  29.71597 24.84810  54.56407  2.66761  0.07589    0.45539 59.42678
 1  45.000 0.13851   0.05000 0.05000  0.04415  29.01353 25.63714  54.65067  2.76148  0.08316    0.46911 59.66349
 1  46.500 0.14517   0.05000 0.05000  0.04398  28.31736 26.41963  54.73698  2.85557  0.09094    0.48267 59.89824
 1  48.000 0.15204   0.05000 0.05000  0.04381  27.62765 27.19534  54.82299  2.94991  0.09927    0.49606 60.13095
 1  49.500 0.15912   0.05000 0.05000  0.04364  26.94461 27.96406  54.90866  3.04449  0.10817    0.50928 60.36157
 1  51.000 0.16641   0.05000 0.05000  0.04347  26.26843 28.72554  54.99397  3.13931  0.11769    0.52234 60.59001
 1  52.500 0.17392   0.05000 0.05000  0.04330  25.59932 29.47956  55.07888  3.23439  0.12786    0.53522 60.81622
 1  54.000 0.18163   0.05000 0.05000  0.04314  24.93747 30.22589  55.16336  3.32972  0.13871    0.54793 61.04012
 1  55.500 0.18956   0.05000 0.05000  0.04298  24.28309 30.96428  55.24737  3.42531  0.15030    0.56047 61.26164
 1  57.000 0.19770   0.05000 0.05000  0.04282  23.63636 31.69450  55.33086  3.52116  0.16265    0.57282 61.48070
 1  58.500 0.20605   0.05000 0.05000  0.04266  22.99747 32.41632  55.41379  3.61726  0.17582    0.58499 61.69725
 1  60.000 0.21460   0.05000 0.05000  0.04250  22.36662 33.12949  55.49611  3.71362  0.18985    0.59697 61.91120
 1  61.500 0.22335   0.05000 0.05000  0.04235  21.74399 33.83378  55.57777  3.81022  0.20481    0.60876 62.12248
 1  63.000 0.23231   0.05000 0.05000  0.04220  21.12976 34.52894  55.65870  3.90707  0.22073    0.62037 62.33103
 1  64.500 0.24145   0.05000 0.05000  0.04205  20.52410 35.21474  55.73883  4.00416  0.23768    0.63178 62.53677
 1  66.000 0.25080   0.05000 0.05000  0.04190  19.92719 35.89093  55.81811  4.10148  0.25572    0.64300 62.73963
 1  67.500 0.26033   0.05000 0.05000  0.04176  19.33918 36.55727  55.89646  4.19903  0.27492    0.65402 62.93953
 1  69.000 0.27004   0.05000 0.05000  0.04162  18.76025 37.21354  55.97379  4.29678  0.29534    0.66484 63.13641
 1  70.500 0.27993   0.05000 0.05000  0.04148  18.19054 37.85948  56.05002  4.39472  0.31705    0.67546 63.33020
 1  72.000 0.29000   0.05000 0.05000  0.04134  17.63020 38.49486  56.12506  4.49285  0.34014    0.68588 63.52081
 1  73.500 0.30023   0.05000 0.05000  0.04121  17.07936 39.11945  56.19881  4.59114  0.36468    0.69609 63.70819
 1  75.000 0.31062   0.05000 0.05000  0.04108  16.53817 39.73301  56.27118  4.68957  0.39075    0.70610 63.89225
 1  76.500 0.32116   0.05000 0.05000  0.04095  16.00674 40.33530  56.34204  4.78813  0.41845    0.71590 64.07294
 1  78.000 0.33185   0.05000 0.05000  0.04082  15.48519 40.92609  56.41128  4.88680  0.44786    0.72549 64.25018
 1  79.500 0.34268   0.05000 0.05000  0.04070  14.97362 41.50516  56.47879  4.98554  0.47910    0.73488 64.42390
 1  81.000 0.35364   0.05000 0.05000  0.04058  14.47214 42.07228  56.54442  5.08433  0.51226    0.74406 64.59403
 1  82.500 0.36472   0.05000 0.05000  0.04046  13.98083 42.62721  56.60804  5.18314  0.54745    0.75302 64.76051
 1  84.000 0.37591   0.05000 0.05000  0.04035  13.49977 43.16973  56.66950  5.28194  0.58479    0.76178 64.92327
 1  85.500 0.38722   0.05000 0.05000  0.04023  13.02902 43.69963  56.72865  5.38070  0.62440    0.77033 65.08224
 1  87.000 0.39861   0.05000 0.05000  0.04012  12.56866 44.21668  56.78533  5.47939  0.66640    0.77866 65.23735
 1  88.500 0.41010   0.05000 0.05000  0.04001  12.11872 44.72066  56.83938  5.57796  0.71094    0.78679 65.38855
 1  90.000 0.42166   0.05000 0.05000  0.03991  11.67924 45.21137  56.89060  5.67639  0.75814    0.79471 65.53576
 1  91.500 0.43329   0.05000 0.05000  0.03981  11.25025 45.68858  56.93883  5.77462  0.80815    0.80242 65.67892
 1  93.000 0.44498   0.05000 0.05000  0.03971  10.83177 46.15209  56.98386  5.87263  0.86112    0.80992 65.81798
 1  94.500 0.45672   0.05000 0.05000  0.03961  10.42379 46.60169  57.02548  5.97035  0.91722    0.81721 65.95286
 1  96.000 0.46849   0.05000 0.05000  0.03952  10.02633 47.03718  57.06351  6.06776  0.97660    0.82430 66.08350
 1  97.500 0.48030   0.05000 0.05000  0.03942   9.63935 47.45835  57.09770  6.16479  1.03944    0.83118 66.20986
 1  99.000 0.49212   0.05000 0.05000  0.03934   9.26283 47.86501  57.12784  6.26141  1.10592    0.83786 66.33185
 1 100.500 0.50394   0.05000 0.05000  0.03925   8.89673 48.25696  57.15369  6.35756  1.17622    0.84434 66.44944
 1 102.000 0.51577   0.05000 0.05000  0.03917   8.54100 48.63401  57.17501  6.45319  1.25054    0.85062 66.56255
 1 103.500 0.52757   0.05000 0.05000  0.03908   8.19558 48.99596  57.19154  6.54825  1.32906    0.85670 66.67114
 1 105.000 0.53936   0.05000 0.05000  0.03901   7.86040 49.34263  57.20303  6.64268  1.41200    0.86259 66.77514
 1 106.500 0.55111   0.05000 0.05000  0.03893   7.53537 49.67384  57.20921  6.73643  1.49957    0.86828 66.87450
 1 108.000 0.56282   0.05000 0.05000  0.03886   7.22041 49.98940  57.20981  6.82945  1.59199    0.87379 66.96917
 1 109.500 0.57447   0.05000 0.05000  0.03878   6.91540 50.28914  57.20455  6.92166  1.68946    0.87911 67.05909
 1 111.000 0.58605   0.05000 0.05000  0.03872   6.62025 50.57289  57.19314  7.01303  1.79224    0.88425 67.14422
 1 112.500 0.59757   0.05000 0.05000  0.03865   6.33482 50.84047  57.17529  7.10348  1.90054    0.88920 67.22449
 1 114.000 0.60899   0.05000 0.05000  0.03859   6.05897 51.09173  57.15070  7.19296  2.01460    0.89398 67.29987
 1 115.500 0.62033   0.05000 0.05000  0.03852   5.79259 51.32650  57.11908  7.28140  2.13467    0.89859 67.37030
 1 117.000 0.63156   0.05000 0.05000  0.03846   5.53550 51.54462  57.08012  7.36876  2.26099    0.90302 67.43574
 1 118.500 0.64268   0.05000 0.05000  0.03841   5.28755 51.74597  57.03352  7.45498  2.39380    0.90729 67.49614
 1 120.000 0.65368   0.05000 0.05000  0.03835   5.04859 51.93038  56.97897  7.53998  2.53336    0.91140 67.55147
 2 121.500 0.66456   0.05000 0.05000  0.03830   4.81845 52.09773  56.91617  7.62372  2.67989    0.91534 67.60167
 2 123.000 0.67529   0.05000 0.05000  0.03825   4.59697 52.24784  56.84481  7.70613  2.83367    0.91913 67.64670
 2 124.500 0.68589   0.05000 0.05000  0.03820   4.38396 52.38063  56.76460  7.78716  2.99492    0.92277 67.68654
 2 126.000 0.69633   0.05000 0.05000  0.03815   4.17922 52.49602  56.67523  7.86676  3.16388    0.92626 67.72116
 2 127.500 0.70661   0.05000 0.05000  0.03811   3.98252 52.59391  56.57644  7.94486  3.34078    0.92961 67.75052
 2 129.000 0.71673   0.05000 0.05000  0.03806   3.79367 52.67426  56.46793  8.02142  3.52584    0.93282 67.77463
 2 130.500 0.72668   0.05000 0.05000  0.03802   3.61243 52.73702  56.34945  8.09637  3.71927    0.93589 67.79346
 2 132.000 0.73646   0.05000 0.05000  0.03798   3.43861 52.78214  56.22076  8.16968  3.92127    0.93884 67.80699
 2 133.500 0.74605   0.05000 0.05000  0.03794   3.27198 52.80963  56.08161  8.24128  4.13202    0.94166 67.81524
 2 135.000 0.75545   0.05000 0.05000  0.03791   3.11233 52.81947  55.93180  8.31114  4.35169    0.94435 67.81819
 2 136.500 0.76467   0.05000 0.05000  0.03787   2.95944 52.81171  55.77115  8.37921  4.58041    0.94694 67.81586
 2 138.000 0.77369   0.05000 0.05000  0.03784   2.81310 52.78639  55.59949  8.44545  4.81832    0.94940 67.80827
 2 139.500 0.78251   0.05000 0.05000  0.03781   2.67308 52.74360  55.41669  8.50983  5.06550    0.95176 67.79543
 2 141.000 0.79113   0.05000 0.05000  0.03778   2.53919 52.68346  55.22265  8.57232  5.32202    0.95402 67.77739
 2 142.500 0.79954   0.05000 0.05000  0.03775   2.41120 52.60610  55.01731  8.63287  5.58792    0.95617 67.75418
 2 144.000 0.80775   0.05000 0.05000  0.03772   2.28891 52.51173  54.80064  8.69147  5.86318    0.95823 67.72587
 2 145.500 0.81575   0.05000 0.05000  0.03769   2.17212 52.40056  54.57268  8.74810  6.14777    0.96020 67.69252
 2 147.000 0.82353   0.05000 0.05000  0.03767   2.06061 52.27286  54.33348  8.80273  6.44160    0.96207 67.65421
 2 148.500 0.83111   0.05000 0.05000  0.03764   1.95420 52.12896  54.08316  8.85536  6.74455    0.96387 67.61104
 1 150.000 0.83848   0.05000 0.05000  0.03762   1.85268 51.96922  53.82189  8.90597  7.05643    0.96558 67.56312

->optimal debt cash payment
 1 107.410 0.55822   0.05000 0.05000  0.03888   7.34316 49.86710  57.21026  6.79294  1.55503    0.87165 66.93248

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 0.00000   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 0.05285  0.07303  39.46836  0.87386  40.34223  0.09117  0.00010    0.02166 40.51332
 1   3.000 0.02761   0.07408 0.05295  0.07277  38.68866  1.74445  40.43311  0.18237  0.00042    0.04314 40.77450
 1   4.500 0.02955   0.07448 0.05304  0.07252  37.91222  2.61159  40.52382  0.27362  0.00096    0.06445 41.03464
 1   6.000 0.03160   0.07490 0.05314  0.07227  37.13923  3.47511  40.61434  0.36493  0.00175    0.08556 41.29370
 1   7.500 0.03376   0.07533 0.05325  0.07201  36.36986  4.33483  40.70469  0.45631  0.00278    0.10649 41.55161
 1   9.000 0.03605   0.07578 0.05336  0.07176  35.60430  5.19056  40.79486  0.54778  0.00409    0.12724 41.80833
 1  10.500 0.03846   0.07623 0.05347  0.07151  34.84273  6.04211  40.88484  0.63936  0.00568    0.14778 42.06379
 1  12.000 0.04100   0.07669 0.05358  0.07126  34.08536  6.88927  40.97463  0.73104  0.00758    0.16813 42.31794
 1  13.500 0.04367   0.07717 0.05370  0.07102  33.33238  7.73185  41.06423  0.82286  0.00979    0.18829 42.57072
 1  15.000 0.04648   0.07766 0.05382  0.07077  32.58399  8.56963  41.15362  0.91481  0.01235    0.20824 42.82205
 1  16.500 0.04944   0.07816 0.05394  0.07052  31.84041  9.40240  41.24281  1.00691  0.01527    0.22798 43.07188
 1  18.000 0.05254   0.07867 0.05407  0.07028  31.10184 10.22994  41.33178  1.09918  0.01857    0.24751 43.32014
 1  19.500 0.05580   0.07920 0.05420  0.07004  30.36849 11.05203  41.42052  1.19163  0.02227    0.26682 43.56677
 1  21.000 0.05922   0.07974 0.05434  0.06980  29.64059 11.86843  41.50902  1.28426  0.02641    0.28592 43.81169
 1  22.500 0.06279   0.08030 0.05448  0.06956  28.91835 12.67890  41.59725  1.37709  0.03100    0.30480 44.05483
 1  24.000 0.06654   0.08086 0.05462  0.06932  28.20200 13.48322  41.68522  1.47014  0.03608    0.32345 44.29613
 1  25.500 0.07045   0.08145 0.05477  0.06909  27.49175 14.28113  41.77289  1.56340  0.04168    0.34188 44.53550
 1  27.000 0.07454   0.08205 0.05492  0.06886  26.78784 15.07239  41.86024  1.65689  0.04782    0.36006 44.77288
 1  28.500 0.07881   0.08266 0.05508  0.06862  26.09050 15.85674  41.94724  1.75062  0.05454    0.37802 45.00819
 1  30.000 0.08326   0.08329 0.05524  0.06840  25.39994 16.63393  42.03388  1.84459  0.06188    0.39573 45.24134
 1  31.500 0.08789   0.08394 0.05540  0.06817  24.71641 17.40370  42.12011  1.93882  0.06987    0.41319 45.47227
 1  33.000 0.09272   0.08460 0.05557  0.06794  24.04012 18.16578  42.20590  2.03330  0.07856    0.43041 45.70090
 1  34.500 0.09774   0.08528 0.05575  0.06772  23.37131 18.91991  42.29122  2.12805  0.08799    0.44737 45.92714
 1  36.000 0.10295   0.08598 0.05592  0.06750  22.71019 19.66582  42.37601  2.22306  0.09821    0.46408 46.15091
 1  37.500 0.10837   0.08669 0.05610  0.06728  22.05700 20.40323  42.46023  2.31833  0.10926    0.48053 46.37213
 1  39.000 0.11398   0.08742 0.05629  0.06706  21.41196 21.13188  42.54384  2.41387  0.12120    0.49671 46.59072
 1  40.500 0.11980   0.08818 0.05648  0.06685  20.77529 21.85148  42.62676  2.50968  0.13408    0.51262 46.80661
 1  42.000 0.12583   0.08895 0.05668  0.06664  20.14719 22.56176  42.70895  2.60575  0.14796    0.52827 47.01969
 1  43.500 0.13207   0.08974 0.05688  0.06643  19.52790 23.26243  42.79033  2.70208  0.16291    0.54364 47.22989
 1  45.000 0.13851   0.09055 0.05708  0.06623  18.91760 23.95323  42.87083  2.79865  0.17899    0.55873 47.43713
 1  46.500 0.14517   0.09138 0.05729  0.06603  18.31650 24.63387  42.95037  2.89548  0.19626    0.57354 47.64132
 1  48.000 0.15204   0.09223 0.05750  0.06583  17.72481 25.30406  43.02887  2.99253  0.21482    0.58807 47.84238
 1  49.500 0.15912   0.09311 0.05772  0.06563  17.14271 25.96353  43.10623  3.08980  0.23473    0.60231 48.04022
 1  51.000 0.16641   0.09401 0.05794  0.06544  16.57038 26.61198  43.18237  3.18728  0.25607    0.61627 48.23476
 1  52.500 0.17392   0.09493 0.05817  0.06525  16.00800 27.24915  43.25716  3.28494  0.27895    0.62993 48.42591
 1  54.000 0.18163   0.09587 0.05840  0.06507  15.45574 27.87475  43.33050  3.38278  0.30344    0.64331 48.61359
 1  55.500 0.18956   0.09684 0.05864  0.06489  14.91376 28.48850  43.40226  3.48076  0.32966    0.65638 48.79771
 1  57.000 0.19770   0.09783 0.05889  0.06472  14.38220 29.09013  43.47233  3.57887  0.35770    0.66916 48.97820
 1  58.500 0.20605   0.09884 0.05913  0.06454  13.86122 29.67934  43.54056  3.67707  0.38767    0.68165 49.15497
 1  60.000 0.21460   0.09989 0.05939  0.06438  13.35093 30.25588  43.60681  3.77534  0.41970    0.69383 49.32793
 1  61.500 0.22335   0.10095 0.05964  0.06422  12.85146 30.81946  43.67092  3.87365  0.45389    0.70572 49.49700
 1  63.000 0.23231   0.10205 0.05991  0.06406  12.36291 31.36982  43.73273  3.97196  0.49039    0.71731 49.66211
 1  64.500 0.24145   0.10317 0.06017  0.06391  11.88539 31.90668  43.79208  4.07024  0.52933    0.72859 49.82317
 1  66.000 0.25080   0.10432 0.06045  0.06376  11.41898 32.42979  43.84877  4.16845  0.57084    0.73958 49.98010
 1  67.500 0.26033   0.10551 0.06073  0.06362  10.96376 32.93886  43.90262  4.26654  0.61508    0.75027 50.13282
 1  69.000 0.27004   0.10672 0.06101  0.06349  10.51977 33.43366  43.95343  4.36447  0.66220    0.76066 50.28126
 1  70.500 0.27993   0.10796 0.06130  0.06336  10.08708 33.91391  44.00099  4.46219  0.71237    0.77075 50.42533
 1  72.000 0.29000   0.10923 0.06159  0.06323   9.66571 34.37936  44.04507  4.55966  0.76575    0.78055 50.56497
 1  73.500 0.30023   0.11053 0.06189  0.06312   9.25569 34.82977  44.08546  4.65682  0.82252    0.79005 50.70009
 1  75.000 0.31062   0.11187 0.06220  0.06301   8.85702 35.26489  44.12191  4.75362  0.88287    0.79926 50.83063
 1  76.500 0.32116   0.11324 0.06251  0.06290   8.46970 35.68448  44.15418  4.85000  0.94698    0.80818 50.95651
 1  78.000 0.33185   0.11464 0.06282  0.06281   8.09371 36.08829  44.18200  4.94590  1.01506    0.81681 51.07765
 1  79.500 0.34268   0.11608 0.06314  0.06272   7.72901 36.47611  44.20511  5.04126  1.08731    0.82516 51.19399
 1  81.000 0.35364   0.11755 0.06347  0.06264   7.37555 36.84769  44.22324  5.13602  1.16394    0.83322 51.30547
 1  82.500 0.36472   0.11906 0.06380  0.06257   7.03328 37.20283  44.23610  5.23011  1.24517    0.84101 51.41201
 1  84.000 0.37591   0.12061 0.06414  0.06250   6.70211 37.54129  44.24341  5.32346  1.33122    0.84852 51.51355
 1  85.500 0.38722   0.12220 0.06448  0.06244   6.38196 37.86289  44.24485  5.41601  1.42232    0.85576 51.61003
 1  87.000 0.39861   0.12382 0.06483  0.06240   6.07273 38.16740  44.24013  5.50769  1.51872    0.86273 51.70138
 1  88.500 0.41010   0.12549 0.06518  0.06236   5.77429 38.45465  44.22894  5.59841  1.62063    0.86945 51.78756
 1  90.000 0.42166   0.12719 0.06554  0.06232   5.48653 38.72443  44.21097  5.68812  1.72832    0.87590 51.86849
 1  91.500 0.43329   0.12894 0.06591  0.06230   5.20930 38.97659  44.18588  5.77673  1.84201    0.88210 51.94414
 1  93.000 0.44498   0.13073 0.06628  0.06229   4.94244 39.21094  44.15338  5.86418  1.96197    0.88806 52.01444
 1  94.500 0.45672   0.13257 0.06666  0.06229   4.68579 39.42733  44.11312  5.95038  2.08842    0.89378 52.07936
 1  96.000 0.46849   0.13445 0.06704  0.06229   4.43917 39.62563  44.06480  6.03527  2.22163    0.89926 52.13885
 1  97.500 0.48030   0.13638 0.06743  0.06231   4.20241 39.80570  44.00810  6.11876  2.36182    0.90451 52.19287
 1  99.000 0.49212   0.13835 0.06783  0.06233   3.97529 39.96742  43.94271  6.20078  2.50923    0.90953 52.24139
 1 100.500 0.50394   0.14037 0.06823  0.06237   3.75761 40.11071  43.86833  6.28127  2.66411    0.91434 52.28438
 1 102.000 0.51577   0.14245 0.06864  0.06241   3.54917 40.23548  43.78465  6.36014  2.82665    0.91894 52.32181
 2 103.500 0.52757   0.14457 0.06905  0.06247   3.34974 40.34167  43.69141  6.43733  2.99708    0.92333 52.35366
 2 105.000 0.53936   0.14675 0.06947  0.06253   3.15909 40.42923  43.58833  6.51276  3.17560    0.92752 52.37993
 2 106.500 0.55111   0.14899 0.06989  0.06261   2.97700 40.49817  43.47517  6.58637  3.36237    0.93152 52.40061
 2 108.000 0.56282   0.15128 0.07032  0.06269   2.80319 40.54851  43.35170  6.65810  3.55756    0.93534 52.41572
 2 109.500 0.57447   0.15362 0.07075  0.06279   2.63743 40.58032  43.21774  6.72788  3.76130    0.93897 52.42526
 2 111.000 0.58605   0.15603 0.07119  0.06290   2.47945 40.59367  43.07312  6.79565  3.97369    0.94244 52.42926
 2 112.500 0.59757   0.15851 0.07163  0.06301   2.32900 40.58870  42.91769  6.86136  4.19483    0.94573 52.42777
 2 114.000 0.60899   0.16105 0.07208  0.06313   2.18583 40.56555  42.75138  6.92496  4.42475    0.94887 52.42083
 2 115.500 0.62033   0.16366 0.07253  0.06327   2.04968 40.52443  42.57411  6.98641  4.66346    0.95186 52.40849
 2 117.000 0.63156   0.16634 0.07299  0.06341   1.92030 40.46559  42.38589  7.04566  4.91093    0.95469 52.39084
 2 118.500 0.64268   0.16910 0.07345  0.06356   1.79745 40.38930  42.18675  7.10268  5.16709    0.95739 52.36795
 2 120.000 0.65368   0.17194 0.07391  0.06372   1.68087 40.29592  41.97678  7.15744  5.43182    0.95996 52.33994
 1 121.500 0.66456   0.17486 0.07438  0.06389   1.57031 40.18583  41.75614  7.20992  5.70495    0.96239 52.30691
 1 123.000 0.67529   0.17788 0.07485  0.06406   1.46552 40.05951  41.52503  7.26011  5.98624    0.96471 52.26901
 1 124.500 0.68589   0.18099 0.07532  0.06424   1.36626 39.91747  41.28373  7.30799  6.27543    0.96691 52.22640
 1 126.000 0.69633   0.18420 0.07579  0.06443   1.27228 39.76028  41.03256  7.35357  6.57217    0.96899 52.17925
 1 127.500 0.70661   0.18752 0.07626  0.06462   1.18336 39.58857  40.77193  7.39685  6.87608    0.97098 52.12773
 1 129.000 0.71673   0.19095 0.07673  0.06482   1.09926 39.40303  40.50229  7.43784  7.18671    0.97286 52.07207
 1 130.500 0.72668   0.19452 0.07719  0.06502   1.01978 39.20440  40.22418  7.47657  7.50355    0.97465 52.01248
 1 132.000 0.73646   0.19821 0.07766  0.06522   0.94469 38.99348  39.93817  7.51306  7.82605    0.97635 51.94920
 1 133.500 0.74605   0.20206 0.07812  0.06543   0.87381 38.77110  39.64491  7.54735  8.15361    0.97796 51.88249
 1 135.000 0.75545   0.20606 0.07858  0.06563   0.80692 38.53817  39.34510  7.57949  8.48555    0.97949 51.81261
 1 136.500 0.76467   0.21024 0.07903  0.06584   0.74386 38.29563  39.03949  7.60952  8.82119    0.98095 51.73985
 1 138.000 0.77369   0.21460 0.07948  0.06604   0.68444 38.04443  38.72887  7.63750  9.15979    0.98233 51.66449
 1 139.500 0.78251   0.21917 0.07991  0.06624   0.62849 37.78558  38.41407  7.66349  9.50058    0.98364 51.58684
 1 141.000 0.79113   0.22397 0.08034  0.06644   0.57586 37.52009  38.09595  7.68757  9.84278    0.98488 51.50719
 1 142.500 0.79954   0.22901 0.08076  0.06663   0.52638 37.24900  37.77539  7.70980 10.18558    0.98607 51.42586
 1 144.000 0.80775   0.23433 0.08117  0.06682   0.47992 36.97335  37.45327  7.73026 10.52816    0.98719 51.34317
 1 145.500 0.81575   0.23995 0.08157  0.06700   0.43633 36.69416  37.13049  7.74904 10.86971    0.98825 51.25941
 1 147.000 0.82353   0.24591 0.08195  0.06717   0.39549 36.41246  36.80795  7.76621 11.20942    0.98926 51.17490
 1 148.500 0.83111   0.25225 0.08232  0.06734   0.35726 36.12924  36.48651  7.78185 11.54651    0.99021 51.08993
 1 150.000 0.83848   0.25901 0.08267  0.06749   0.32154 35.84548  36.16702  7.79606 11.88020    0.99111 51.00481

->optimal debt cash payment
 1  85.112 0.38428   0.12178 0.06439  0.06246   6.46382 37.78124  44.24506  5.39213  1.39823    0.85391 51.58553

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 0.00000   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 0.05579  0.10517  28.04653  0.84984  28.89637  0.09409  0.00016    0.02941 29.05740
 1   3.000 0.02761   0.10781 0.05599  0.10480  27.29527  1.69485  28.99012  0.18834  0.00067    0.05846 29.31090
 1   4.500 0.02955   0.10901 0.05619  0.10444  26.54891  2.53479  29.08370  0.28279  0.00153    0.08716 29.56288
 1   6.000 0.03160   0.11024 0.05640  0.10408  25.80767  3.36943  29.17710  0.37743  0.00278    0.11548 29.81327
 1   7.500 0.03376   0.11152 0.05662  0.10372  25.07181  4.19849  29.27030  0.47229  0.00444    0.14344 30.06199
 1   9.000 0.03605   0.11285 0.05684  0.10337  24.34157  5.02172  29.36329  0.56739  0.00655    0.17102 30.30896
 1  10.500 0.03846   0.11422 0.05707  0.10302  23.61722  5.83885  29.45606  0.66273  0.00912    0.19822 30.55410
 1  12.000 0.04100   0.11564 0.05731  0.10267  22.89900  6.64960  29.54860  0.75834  0.01219    0.22504 30.79732
 1  13.500 0.04367   0.11710 0.05756  0.10232  22.18719  7.45368  29.64087  0.85422  0.01579    0.25147 31.03855
 1  15.000 0.04648   0.11863 0.05781  0.10197  21.48205  8.25082  29.73287  0.95039  0.01996    0.27750 31.27769
 1  16.500 0.04944   0.12020 0.05808  0.10163  20.78386  9.04070  29.82456  1.04686  0.02474    0.30313 31.51466
 1  18.000 0.05254   0.12184 0.05835  0.10129  20.09288  9.82303  29.91591  1.14363  0.03017    0.32835 31.74935
 1  19.500 0.05580   0.12354 0.05863  0.10095  19.40939 10.59749  30.00688  1.24073  0.03630    0.35317 31.98169
 1  21.000 0.05922   0.12530 0.05892  0.10062  18.73367 11.36378  30.09745  1.33816  0.04316    0.37757 32.21158
 1  22.500 0.06279   0.12713 0.05921  0.10029  18.06600 12.12156  30.18756  1.43593  0.05082    0.40154 32.43891
 1  24.000 0.06654   0.12903 0.05952  0.09996  17.40665 12.87052  30.27716  1.53404  0.05932    0.42509 32.66360
 1  25.500 0.07045   0.13100 0.05984  0.09964  16.75590 13.61032  30.36621  1.63250  0.06873    0.44821 32.88554
 1  27.000 0.07454   0.13305 0.06016  0.09932  16.11403 14.34062  30.45465  1.73130  0.07910    0.47088 33.10463
 1  28.500 0.07881   0.13519 0.06050  0.09900  15.48131 15.06109  30.54239  1.83046  0.09051    0.49312 33.32077
 1  30.000 0.08326   0.13741 0.06084  0.09869  14.85802 15.77137  30.62939  1.92996  0.10302    0.51491 33.53386
 1  31.500 0.08789   0.13973 0.06120  0.09838  14.24442 16.47112  30.71554  2.02981  0.11671    0.53625 33.74378
 1  33.000 0.09272   0.14214 0.06156  0.09808  13.64079 17.15998  30.80077  2.12999  0.13166    0.55713 33.95044
 1  34.500 0.09774   0.14466 0.06194  0.09778  13.04738 17.83760  30.88498  2.23050  0.14797    0.57755 34.15373
 1  36.000 0.10295   0.14728 0.06232  0.09749  12.46445 18.50362  30.96807  2.33133  0.16571    0.59751 34.35353
 1  37.500 0.10837   0.15003 0.06272  0.09720  11.89224 19.15768  31.04992  2.43246  0.18499    0.61700 34.54975
 1  39.000 0.11398   0.15290 0.06313  0.09692  11.33100 19.79940  31.13040  2.53388  0.20593    0.63602 34.74227
 1  40.500 0.11980   0.15590 0.06355  0.09664  10.78095 20.42843  31.20939  2.63556  0.22862    0.65456 34.93098
 1  42.000 0.12583   0.15904 0.06398  0.09637  10.24233 21.04440  31.28673  2.73748  0.25319    0.67263 35.11577
 1  43.500 0.13207   0.16234 0.06443  0.09611   9.71535 21.64693  31.36228  2.83960  0.27977    0.69022 35.29652
 1  45.000 0.13851   0.16580 0.06488  0.09586   9.20022 22.23565  31.43587  2.94191  0.30849    0.70733 35.47314
 1  46.500 0.14517   0.16943 0.06535  0.09561   8.69711 22.81020  31.50731  3.04436  0.33949    0.72397 35.64551
 1  48.000 0.15204   0.17326 0.06583  0.09537   8.20622 23.37020  31.57642  3.14692  0.37294    0.74012 35.81351
 1  49.500 0.15912   0.17729 0.06633  0.09514   7.72770 23.91528  31.64298  3.24953  0.40899    0.75578 35.97703
 1  51.000 0.16641   0.18155 0.06683  0.09492   7.26172 24.44506  31.70678  3.35216  0.44782    0.77097 36.13596
 1  52.500 0.17392   0.18604 0.06735  0.09471   6.80841 24.95918  31.76759  3.45475  0.48960    0.78568 36.29020
 1  54.000 0.18163   0.19081 0.06789  0.09451   6.36789 25.45726  31.82515  3.55724  0.53453    0.79991 36.43962
 1  55.500 0.18956   0.19586 0.06844  0.09432   5.94027 25.93894  31.87921  3.65957  0.58281    0.81366 36.58413
 1  57.000 0.19770   0.20124 0.06900  0.09414   5.52563 26.40384  31.92947  3.76168  0.63466    0.82694 36.72360
 1  58.500 0.20605   0.20697 0.06958  0.09397   5.12405 26.85160  31.97565  3.86350  0.69029    0.83975 36.85793
 1  60.000 0.21460   0.21310 0.07017  0.09382   4.73559 27.28186  32.01744  3.96495  0.74996    0.85209 36.98700
 1  61.500 0.22335   0.21968 0.07078  0.09368   4.36027 27.69425  32.05451  4.06595  0.81389    0.86397 37.11072
 1  63.000 0.23231   0.22675 0.07141  0.09356   3.99811 28.08841  32.08651  4.16642  0.88236    0.87540 37.22897
 1  64.500 0.24145   0.23440 0.07205  0.09345   3.64911 28.46398  32.11309  4.26627  0.95562    0.88637 37.34164
 2  66.000 0.25080   0.24270 0.07270  0.09336   3.31325 28.82063  32.13387  4.36540  1.03398    0.89689 37.44863
 2  67.500 0.26033   0.25175 0.07338  0.09328   2.99066 29.15781  32.14846  4.46374  1.11772    0.90697 37.54979
 2  69.000 0.27004   0.26167 0.07407  0.09322   2.68139 29.47507  32.15646  4.56118  1.20717    0.91661 37.64497
 2  70.500 0.27993   0.27263 0.07478  0.09318   2.38529 29.77214  32.15743  4.65761  1.30263    0.92582 37.73409
 2  72.000 0.29000   0.28485 0.07551  0.09316   2.10221 30.04872  32.15094  4.75292  1.40443    0.93461 37.81706
 2  73.500 0.30023   0.29860 0.07626  0.09316   1.83197 30.30457  32.13654  4.84699  1.51290    0.94299 37.89382
 2  75.000 0.31062   0.31430 0.07703  0.09318   1.57436 30.53940  32.11376  4.93969  1.62837    0.95098 37.96427
 2  76.500 0.32116   0.33250 0.07782  0.09323   1.32918 30.75297  32.08215  5.03089  1.75118    0.95857 38.02834
 2  78.000 0.33185   0.35409 0.07863  0.09329   1.09620 30.94504  32.04124  5.12048  1.88169    0.96579 38.08596
 2  79.500 0.34268   0.38046 0.07946  0.09339   0.87516 31.11537  31.99053  5.20831  2.02022    0.97264 38.13706
 2  81.000 0.35364   0.41411 0.08031  0.09350   0.66582 31.26375  31.92957  5.29426  2.16714    0.97915 38.18157
 2  82.500 0.36472   0.46007 0.08119  0.09365   0.46789 31.38997  31.85786  5.37819  2.32277    0.98531 38.21944
 2  84.000 0.37591   0.53131 0.08208  0.09382   0.28111 31.49384  31.77495  5.45997  2.48746    0.99115 38.25060
 2  85.500 0.38722   0.68387 0.08300  0.09402   0.10517 31.57521  31.68039  5.53947  2.66153    0.99668 38.27501

->optimal debt cash payment
 2  69.954 0.27631   0.26851 0.07452  0.09319   2.49155 29.66636  32.15791  4.62263  1.26716    0.92252 37.70235

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 0.00000   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 0.05882  0.15660  16.77093  0.82580  17.59674  0.09993  0.00023    0.04693 17.74478
 1   3.000 0.02761   0.16329 0.05913  0.15595  16.05111  1.64521  17.69633  0.20024  0.00095    0.09297 17.99060
 1   4.500 0.02955   0.16655 0.05945  0.15530  15.33788  2.45791  17.79579  0.30093  0.00218    0.13812 18.23441
 1   6.000 0.03160   0.16998 0.05977  0.15466  14.63153  3.26358  17.89511  0.40205  0.00397    0.18237 18.47611
 1   7.500 0.03376   0.17361 0.06011  0.15402  13.93238  4.06189  17.99427  0.50360  0.00636    0.22573 18.71560
 1   9.000 0.03605   0.17746 0.06047  0.15339  13.24075  4.85249  18.09324  0.60560  0.00940    0.26819 18.95278
 1  10.500 0.03846   0.18153 0.06083  0.15277  12.55696  5.63502  18.19198  0.70806  0.01312    0.30975 19.18754
 1  12.000 0.04100   0.18586 0.06121  0.15215  11.88134  6.40914  18.29047  0.81102  0.01758    0.35041 19.41978
 1  13.500 0.04367   0.19047 0.06160  0.15154  11.21421  7.17446  18.38867  0.91448  0.02284    0.39016 19.64938
 1  15.000 0.04648   0.19538 0.06200  0.15093  10.55591  7.93062  18.48653  1.01845  0.02896    0.42899 19.87622
 1  16.500 0.04944   0.20064 0.06242  0.15033   9.90677  8.67722  18.58399  1.12295  0.03600    0.46692 20.10020
 1  18.000 0.05254   0.20629 0.06285  0.14974   9.26713  9.41387  18.68100  1.22799  0.04402    0.50393 20.32120
 1  19.500 0.05580   0.21237 0.06329  0.14916   8.63733 10.14017  18.77750  1.33357  0.05311    0.54002 20.53909
 1  21.000 0.05922   0.21894 0.06375  0.14858   8.01770 10.85570  18.87340  1.43971  0.06335    0.57519 20.75375
 1  22.500 0.06279   0.22607 0.06423  0.14801   7.40858 11.56004  18.96862  1.54640  0.07481    0.60943 20.96505
 1  24.000 0.06654   0.23385 0.06472  0.14745   6.81031 12.25278  19.06308  1.65365  0.08760    0.64275 21.17287
 1  25.500 0.07045   0.24238 0.06523  0.14689   6.22320 12.93347  19.15667  1.76145  0.10182    0.67514 21.37708
 1  27.000 0.07454   0.25179 0.06576  0.14635   5.64760 13.60167  19.24927  1.86980  0.11756    0.70661 21.57754
 1  28.500 0.07881   0.26226 0.06630  0.14581   5.08382 14.25694  19.34077  1.97869  0.13496    0.73714 21.77412
 1  30.000 0.08326   0.27402 0.06686  0.14529   4.53218 14.89883  19.43101  2.08811  0.15413    0.76676 21.96668
 1  31.500 0.08789   0.28736 0.06744  0.14478   3.99299 15.52687  19.51986  2.19803  0.17521    0.79544 22.15510
 1  33.000 0.09272   0.30272 0.06804  0.14428   3.46654 16.14060  19.60713  2.30845  0.19835    0.82320 22.33922
 1  34.500 0.09774   0.32072 0.06865  0.14379   2.95312 16.73954  19.69267  2.41932  0.22369    0.85004 22.51890
 1  36.000 0.10295   0.34231 0.06929  0.14332   2.45302 17.32323  19.77625  2.53063  0.25141    0.87596 22.69401
 2  37.500 0.10837   0.36905 0.06995  0.14286   1.96673 17.89097  19.85770  2.64235  0.28169    0.90096 22.86433
 2  39.000 0.11398   0.40373 0.07064  0.14242   1.49513 18.44168  19.93681  2.75451  0.31474    0.92501 23.02954
 2  40.500 0.11980   0.45230 0.07135  0.14199   1.03848 18.97486  20.01334  2.86707  0.35077    0.94811 23.18949
 2  42.000 0.12583   0.53121 0.07208  0.14158   0.59693 19.49005  20.08698  2.97996  0.39001    0.97028 23.34405
 2  43.500 0.13207   0.73115 0.07284  0.14119   0.17066 19.98679  20.15744  3.09311  0.43270    0.99153 23.49307

->optimal debt corner solution
 2  43.500 0.13207   0.73115 0.07284  0.14119   0.17066 19.98679  20.15744  3.09311  0.43270    0.99153 23.49307
