
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 0.00000   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 0.04802  0.03636  59.75596  0.91499  60.67094  0.09422  0.00002    0.01508 60.85124
 1   3.000 0.02761   0.03618 0.04796  0.03616  58.93562  1.82931  60.76493  0.18827  0.00007    0.03010 61.12553
 1   4.500 0.02955   0.03599 0.04789  0.03597  58.11579  2.74292  60.85872  0.28214  0.00017    0.04507 61.39962
 1   6.000 0.03160   0.03580 0.04782  0.03578  57.29654  3.65576  60.95229  0.37586  0.00031    0.05998 61.67347
 1   7.500 0.03376   0.03560 0.04776  0.03559  56.47791  4.56775  61.04566  0.46941  0.00049    0.07483 61.94707
 1   9.000 0.03605   0.03540 0.04768  0.03540  55.65998  5.47884  61.13882  0.56280  0.00072    0.08961 62.22039
 1  10.500 0.03846   0.03520 0.04761  0.03521  54.84283  6.38895  61.23179  0.65605  0.00100    0.10434 62.49343
 1  12.000 0.04100   0.03499 0.04753  0.03502  54.02654  7.29802  61.32456  0.74915  0.00134    0.11901 62.76615
 1  13.500 0.04367   0.03478 0.04746  0.03483  53.21118  8.20595  61.41713  0.84212  0.00174    0.13361 63.03853
 1  15.000 0.04648   0.03457 0.04738  0.03465  52.39684  9.11267  61.50951  0.93496  0.00219    0.14815 63.31054
 1  16.500 0.04944   0.03435 0.04730  0.03446  51.58362 10.01808  61.60171  1.02768  0.00272    0.16263 63.58217
 1  18.000 0.05254   0.03413 0.04721  0.03428  50.77162 10.92210  61.69372  1.12029  0.00331    0.17704 63.85337
 1  19.500 0.05580   0.03390 0.04713  0.03409  49.96092 11.82463  61.78555  1.21279  0.00398    0.19138 64.12413
 1  21.000 0.05922   0.03367 0.04704  0.03391  49.15165 12.72556  61.87721  1.30519  0.00472    0.20566 64.39441
 1  22.500 0.06279   0.03344 0.04695  0.03373  48.34391 13.62479  61.96871  1.39752  0.00555    0.21987 64.66418
 1  24.000 0.06654   0.03320 0.04686  0.03355  47.53783 14.52221  62.06003  1.48976  0.00647    0.23400 64.93340
 1  25.500 0.07045   0.03296 0.04676  0.03337  46.73352 15.41769  62.15120  1.58194  0.00748    0.24807 65.20205
 1  27.000 0.07454   0.03271 0.04666  0.03319  45.93111 16.31111  62.24222  1.67407  0.00859    0.26206 65.47007
 1  28.500 0.07881   0.03246 0.04656  0.03302  45.13075 17.20235  62.33309  1.76615  0.00980    0.27597 65.73744
 1  30.000 0.08326   0.03221 0.04646  0.03284  44.33256 18.09126  62.42382  1.85820  0.01113    0.28981 66.00412
 1  31.500 0.08789   0.03195 0.04636  0.03267  43.53669 18.97772  62.51441  1.95024  0.01257    0.30357 66.27006
 1  33.000 0.09272   0.03168 0.04625  0.03250  42.74330 19.86157  62.60487  2.04227  0.01414    0.31725 66.53521
 1  34.500 0.09774   0.03142 0.04614  0.03233  41.95253 20.74267  62.69521  2.13430  0.01584    0.33085 66.79954
 1  36.000 0.10295   0.03115 0.04603  0.03216  41.16456 21.62086  62.78542  2.22636  0.01768    0.34436 67.06300
 1  37.500 0.10837   0.03087 0.04592  0.03199  40.37955 22.49597  62.87552  2.31844  0.01967    0.35779 67.32553
 1  39.000 0.11398   0.03060 0.04581  0.03183  39.59766 23.36785  62.96551  2.41058  0.02181    0.37112 67.58709
 1  40.500 0.11980   0.03031 0.04569  0.03166  38.81908 24.23631  63.05539  2.50278  0.02412    0.38437 67.84763
 1  42.000 0.12583   0.03003 0.04557  0.03150  38.04399 25.10118  63.14517  2.59505  0.02661    0.39752 68.10709
 1  43.500 0.13207   0.02974 0.04545  0.03134  37.27258 25.96227  63.23485  2.68741  0.02929    0.41057 68.36542
 1  45.000 0.13851   0.02944 0.04533  0.03118  36.50503 26.81941  63.32444  2.77987  0.03217    0.42352 68.62256
 1  46.500 0.14517   0.02914 0.04520  0.03103  35.74155 27.67238  63.41393  2.87245  0.03526    0.43638 68.87845
 1  48.000 0.15204   0.02884 0.04507  0.03087  34.98233 28.52100  63.50333  2.96516  0.03857    0.44913 69.13304
 1  49.500 0.15912   0.02853 0.04494  0.03072  34.22758 29.36505  63.59263  3.05802  0.04212    0.46177 69.38626
 1  51.000 0.16641   0.02822 0.04481  0.03057  33.47751 30.20434  63.68185  3.15103  0.04593    0.47430 69.63804
 1  52.500 0.17392   0.02790 0.04468  0.03042  32.73232 31.03864  63.77096  3.24422  0.05000    0.48672 69.88833
 1  54.000 0.18163   0.02759 0.04454  0.03027  31.99223 31.86775  63.85998  3.33759  0.05436    0.49903 70.13706
 1  55.500 0.18956   0.02726 0.04440  0.03013  31.25747 32.69142  63.94889  3.43117  0.05902    0.51121 70.38417
 1  57.000 0.19770   0.02693 0.04426  0.02998  30.52824 33.50945  64.03769  3.52495  0.06400    0.52328 70.62958
 1  58.500 0.20605   0.02660 0.04412  0.02984  29.80477 34.32160  64.12637  3.61896  0.06933    0.53522 70.87322
 1  60.000 0.21460   0.02627 0.04398  0.02970  29.08729 35.12763  64.21492  3.71320  0.07502    0.54703 71.11503
 1  61.500 0.22335   0.02593 0.04383  0.02956  28.37602 35.92731  64.30333  3.80769  0.08110    0.55872 71.35493
 1  63.000 0.23231   0.02558 0.04368  0.02943  27.67118 36.72040  64.39158  3.90243  0.08759    0.57027 71.59286
 1  64.500 0.24145   0.02524 0.04354  0.02930  26.97300 37.50665  64.47965  3.99743  0.09452    0.58168 71.82874
 1  66.000 0.25080   0.02489 0.04338  0.02916  26.28170 38.28582  64.56752  4.09270  0.10192    0.59296 72.06249
 1  67.500 0.26033   0.02453 0.04323  0.02903  25.59752 39.05767  64.65518  4.18825  0.10981    0.60409 72.29404
 1  69.000 0.27004   0.02417 0.04308  0.02891  24.92066 39.82193  64.74259  4.28409  0.11824    0.61508 72.52332
 1  70.500 0.27993   0.02381 0.04292  0.02878  24.25137 40.57836  64.82973  4.38021  0.12723    0.62592 72.75025
 1  72.000 0.29000   0.02344 0.04277  0.02866  23.58984 41.32671  64.91655  4.47663  0.13682    0.63661 72.97475
 1  73.500 0.30023   0.02307 0.04261  0.02854  22.93631 42.06672  65.00303  4.57333  0.14704    0.64715 73.19676
 1  75.000 0.31062   0.02270 0.04245  0.02842  22.29099 42.79813  65.08912  4.67033  0.15795    0.65753 73.41618
 1  76.500 0.32116   0.02232 0.04229  0.02830  21.65408 43.52070  65.17478  4.76763  0.16959    0.66775 73.63295
 1  78.000 0.33185   0.02194 0.04213  0.02819  21.02580 44.23415  65.25995  4.86521  0.18200    0.67781 73.84699
 1  79.500 0.34268   0.02155 0.04196  0.02807  20.40633 44.93825  65.34459  4.96308  0.19523    0.68771 74.05822
 1  81.000 0.35364   0.02117 0.04180  0.02796  19.79589 45.63274  65.42862  5.06122  0.20934    0.69744 74.26656
 1  82.500 0.36472   0.02077 0.04163  0.02785  19.19465 46.31735  65.51200  5.15964  0.22438    0.70701 74.47194
 1  84.000 0.37591   0.02038 0.04147  0.02774  18.60280 46.99183  65.59463  5.25832  0.24042    0.71640 74.67429
 1  85.500 0.38722   0.01998 0.04130  0.02764  18.02052 47.65594  65.67646  5.35724  0.25752    0.72562 74.87352
 1  87.000 0.39861   0.01958 0.04113  0.02753  17.44797 48.30942  65.75739  5.45640  0.27575    0.73466 75.06957
 1  88.500 0.41010   0.01918 0.04096  0.02743  16.88531 48.95202  65.83733  5.55578  0.29519    0.74353 75.26235
 1  90.000 0.42166   0.01877 0.04079  0.02733  16.33270 49.58350  65.91620  5.65536  0.31590    0.75222 75.45179
 1  91.500 0.43329   0.01836 0.04062  0.02723  15.79028 50.20360  65.99388  5.75512  0.33798    0.76073 75.63782
 1  93.000 0.44498   0.01794 0.04044  0.02713  15.25818 50.81208  66.07027  5.85504  0.36151    0.76906 75.82037
 1  94.500 0.45672   0.01753 0.04027  0.02703  14.73653 51.40871  66.14524  5.95509  0.38659    0.77721 75.99935
 1  96.000 0.46849   0.01711 0.04010  0.02693  14.22543 51.99324  66.21867  6.05524  0.41331    0.78517 76.17471
 1  97.500 0.48030   0.01669 0.03992  0.02684  13.72500 52.56544  66.29044  6.15548  0.44178    0.79296 76.34637
 1  99.000 0.49212   0.01626 0.03975  0.02674  13.23532 53.12507  66.36038  6.25575  0.47211    0.80055 76.51426
 1 100.500 0.50394   0.01583 0.03957  0.02665  12.75647 53.67190  66.42836  6.35605  0.50442    0.80797 76.67831
 1 102.000 0.51577   0.01540 0.03939  0.02656  12.28852 54.20570  66.49422  6.45631  0.53884    0.81519 76.83845
 1 103.500 0.52757   0.01497 0.03922  0.02647  11.83152 54.72625  66.55777  6.55652  0.57549    0.82224 76.99462
 1 105.000 0.53936   0.01454 0.03904  0.02637  11.38553 55.23332  66.61886  6.65662  0.61451    0.82909 77.14674
 1 106.500 0.55111   0.01410 0.03886  0.02628  10.95058 55.72670  66.67727  6.75659  0.65605    0.83577 77.29475
 1 108.000 0.56282   0.01366 0.03868  0.02620  10.52668 56.20615  66.73283  6.85636  0.70027    0.84226 77.43859
 1 109.500 0.57447   0.01322 0.03850  0.02611  10.11384 56.67147  66.78531  6.95590  0.74733    0.84856 77.57818
 1 111.000 0.58605   0.01278 0.03833  0.02602   9.71206 57.12244  66.83451  7.05516  0.79740    0.85468 77.71347
 1 112.500 0.59757   0.01234 0.03815  0.02593   9.32132 57.55885  66.88018  7.15409  0.85066    0.86063 77.84440
 1 114.000 0.60899   0.01189 0.03797  0.02584   8.94160 57.98049  66.92209  7.25264  0.90729    0.86639 77.97089
 1 115.500 0.62033   0.01145 0.03779  0.02575   8.57284 58.38714  66.95998  7.35075  0.96751    0.87197 78.09288
 1 117.000 0.63156   0.01100 0.03760  0.02566   8.21500 58.77860  66.99360  7.44838  1.03152    0.87738 78.21032
 1 118.500 0.64268   0.01055 0.03742  0.02558   7.86800 59.15466  67.02267  7.54545  1.09953    0.88261 78.32314
 1 120.000 0.65368   0.01010 0.03724  0.02549   7.53178 59.51512  67.04690  7.64193  1.17177    0.88766 78.43128
 1 121.500 0.66456   0.00965 0.03706  0.02540   7.20623 59.85977  67.06600  7.73775  1.24849    0.89255 78.53467
 1 123.000 0.67529   0.00920 0.03688  0.02531   6.89126 60.18840  67.07966  7.83284  1.32992    0.89727 78.63326
 1 124.500 0.68589   0.00875 0.03670  0.02522   6.58675 60.50081  67.08756  7.92716  1.41634    0.90182 78.72698
 2 126.000 0.69633   0.00830 0.03651  0.02513   6.29264 60.79674  67.08938  8.02064  1.50800    0.90621 78.81576
 2 127.500 0.70661   0.00785 0.03633  0.02504   6.00890 61.07586  67.08476  8.11323  1.60521    0.91043 78.89950
 2 129.000 0.71673   0.00740 0.03615  0.02495   5.73535 61.33800  67.07336  8.20486  1.70825    0.91449 78.97814
 2 130.500 0.72668   0.00696 0.03597  0.02486   5.47181 61.58300  67.05481  8.29548  1.81741    0.91840 79.05164
 2 132.000 0.73646   0.00651 0.03578  0.02477   5.21808 61.81066  67.02875  8.38501  1.93301    0.92215 79.11994
 2 133.500 0.74605   0.00607 0.03560  0.02467   4.97396 62.02083  66.99478  8.47340  2.05535    0.92576 79.18299
 2 135.000 0.75545   0.00562 0.03542  0.02458   4.73922 62.21331  66.95254  8.56057  2.18477    0.92922 79.24073
 2 136.500 0.76467   0.00518 0.03524  0.02449   4.51367 62.38794  66.90161  8.64646  2.32159    0.93253 79.29312
 2 138.000 0.77369   0.00474 0.03505  0.02439   4.29707 62.54454  66.84161  8.73102  2.46616    0.93571 79.34010
 2 139.500 0.78251   0.00430 0.03487  0.02430   4.08920 62.68292  66.77212  8.81418  2.61880    0.93876 79.38162
 2 141.000 0.79113   0.00386 0.03469  0.02420   3.88984 62.80290  66.69274  8.89588  2.77988    0.94168 79.41761
 2 142.500 0.79954   0.00343 0.03451  0.02411   3.69875 62.90431  66.60306  8.97606  2.94974    0.94447 79.44803
 2 144.000 0.80775   0.00299 0.03433  0.02401   3.51571 62.98697  66.50268  9.05467  3.12874    0.94713 79.47283
 2 145.500 0.81575   0.00256 0.03415  0.02391   3.34048 63.05070  66.39118  9.13166  3.31722    0.94968 79.49195
 2 147.000 0.82353   0.00213 0.03397  0.02381   3.17282 63.09534  66.26816  9.20696  3.51554    0.95212 79.50534
 2 148.500 0.83111   0.00171 0.03379  0.02372   3.01250 63.12073  66.13323  9.28053  3.72404    0.95445 79.51296
 2 150.000 0.83848   0.00128 0.03361  0.02362   2.85930 63.12671  65.98601  9.35232  3.94305    0.95667 79.51475

->optimal debt cash payment
 2 125.685 0.69415   0.00840 0.03655  0.02515   6.35361 60.73591  67.08952  8.00106  1.48828    0.90530 78.79751

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 0.00000   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 0.04920  0.04416  54.57786  0.90474  55.48260  0.09254  0.00004    0.01631 55.66152
 1   3.000 0.02761   0.04420 0.04918  0.04396  53.76675  1.80816  55.57492  0.18497  0.00015    0.03254 55.93255
 1   4.500 0.02955   0.04412 0.04915  0.04376  52.95685  2.71020  55.66705  0.27729  0.00035    0.04869 56.20316
 1   6.000 0.03160   0.04404 0.04912  0.04356  52.14824  3.61076  55.75899  0.36952  0.00063    0.06476 56.47333
 1   7.500 0.03376   0.04395 0.04909  0.04336  51.34102  4.50974  55.85076  0.46166  0.00100    0.08075 56.74302
 1   9.000 0.03605   0.04386 0.04906  0.04316  50.53529  5.40706  55.94235  0.55372  0.00147    0.09665 57.01222
 1  10.500 0.03846   0.04377 0.04903  0.04297  49.73115  6.30261  56.03377  0.64571  0.00204    0.11248 57.28088
 1  12.000 0.04100   0.04368 0.04900  0.04277  48.92872  7.19629  56.12502  0.73763  0.00271    0.12822 57.54899
 1  13.500 0.04367   0.04359 0.04897  0.04257  48.12810  8.08799  56.21610  0.82950  0.00350    0.14387 57.81650
 1  15.000 0.04648   0.04349 0.04894  0.04238  47.32942  8.97760  56.30701  0.92132  0.00441    0.15944 58.08338
 1  16.500 0.04944   0.04340 0.04891  0.04218  46.53278  9.86499  56.39777  1.01311  0.00544    0.17492 58.34959
 1  18.000 0.05254   0.04330 0.04887  0.04199  45.73833 10.75004  56.48837  1.10488  0.00661    0.19031 58.61511
 1  19.500 0.05580   0.04320 0.04884  0.04180  44.94619 11.63263  56.57882  1.19664  0.00791    0.20560 58.87989
 1  21.000 0.05922   0.04309 0.04880  0.04161  44.15649 12.51263  56.66912  1.28839  0.00937    0.22080 59.14389
 1  22.500 0.06279   0.04299 0.04876  0.04142  43.36938 13.38989  56.75927  1.38015  0.01098    0.23591 59.40706
 1  24.000 0.06654   0.04288 0.04873  0.04123  42.58500 14.26427  56.84927  1.47193  0.01275    0.25091 59.66938
 1  25.500 0.07045   0.04277 0.04869  0.04104  41.80351 15.13563  56.93914  1.56374  0.01470    0.26582 59.93079
 1  27.000 0.07454   0.04266 0.04865  0.04086  41.02505 16.00382  57.02886  1.65559  0.01683    0.28063 60.19124
 1  28.500 0.07881   0.04255 0.04861  0.04067  40.24978 16.86867  57.11845  1.74751  0.01916    0.29533 60.45070
 1  30.000 0.08326   0.04244 0.04856  0.04049  39.47787 17.73002  57.20790  1.83948  0.02169    0.30992 60.70911
 1  31.500 0.08789   0.04232 0.04852  0.04031  38.70949 18.58772  57.29721  1.93154  0.02443    0.32441 60.96641
 1  33.000 0.09272   0.04220 0.04848  0.04013  37.94480 19.44158  57.38639  2.02369  0.02741    0.33878 61.22257
 1  34.500 0.09774   0.04208 0.04843  0.03995  37.18399 20.29144  57.47543  2.11595  0.03062    0.35305 61.47753
 1  36.000 0.10295   0.04196 0.04839  0.03977  36.42723 21.13711  57.56433  2.20832  0.03409    0.36719 61.73123
 1  37.500 0.10837   0.04184 0.04834  0.03959  35.67469 21.97840  57.65309  2.30082  0.03783    0.38122 61.98362
 1  39.000 0.11398   0.04171 0.04829  0.03942  34.92658 22.81513  57.74171  2.39347  0.04185    0.39512 62.23464
 1  40.500 0.11980   0.04158 0.04824  0.03924  34.18308 23.64710  57.83018  2.48626  0.04618    0.40891 62.48423
 1  42.000 0.12583   0.04145 0.04819  0.03907  33.44438 24.47411  57.91849  2.57922  0.05082    0.42256 62.73233
 1  43.500 0.13207   0.04132 0.04814  0.03890  32.71068 25.29597  58.00665  2.67235  0.05580    0.43609 62.97889
 1  45.000 0.13851   0.04118 0.04809  0.03873  31.98217 26.11246  58.09463  2.76567  0.06114    0.44948 63.22384
 1  46.500 0.14517   0.04104 0.04804  0.03857  31.25905 26.92338  58.18243  2.85919  0.06686    0.46274 63.46711
 1  48.000 0.15204   0.04090 0.04799  0.03840  30.54153 27.72851  58.27003  2.95291  0.07298    0.47586 63.70865
 1  49.500 0.15912   0.04076 0.04793  0.03824  29.82980 28.52763  58.35743  3.04685  0.07952    0.48884 63.94839
 1  51.000 0.16641   0.04062 0.04788  0.03808  29.12408 29.32053  58.44461  3.14102  0.08650    0.50168 64.18626
 1  52.500 0.17392   0.04047 0.04782  0.03792  28.42456 30.10699  58.53154  3.23541  0.09397    0.51437 64.42219
 1  54.000 0.18163   0.04033 0.04776  0.03776  27.73145 30.88676  58.61821  3.33005  0.10193    0.52691 64.65613
 1  55.500 0.18956   0.04018 0.04771  0.03761  27.04496 31.65964  58.70460  3.42493  0.11044    0.53930 64.88799
 1  57.000 0.19770   0.04002 0.04765  0.03745  26.36529 32.42538  58.79066  3.52007  0.11950    0.55154 65.11771
 1  58.500 0.20605   0.03987 0.04759  0.03730  25.69264 33.18375  58.87639  3.61546  0.12917    0.56362 65.34522
 1  60.000 0.21460   0.03971 0.04753  0.03715  25.02722 33.93452  58.96174  3.71112  0.13947    0.57553 65.57045
 1  61.500 0.22335   0.03955 0.04747  0.03700  24.36923 34.67745  59.04668  3.80703  0.15045    0.58729 65.79333
 1  63.000 0.23231   0.03939 0.04740  0.03686  23.71887 35.41230  59.13117  3.90321  0.16214    0.59888 66.01379
 1  64.500 0.24145   0.03923 0.04734  0.03671  23.07633 36.13884  59.21516  3.99966  0.17459    0.61030 66.23175
 1  66.000 0.25080   0.03907 0.04728  0.03657  22.44180 36.85682  59.29862  4.09636  0.18785    0.62155 66.44714
 1  67.500 0.26033   0.03890 0.04721  0.03643  21.81548 37.56600  59.38148  4.19333  0.20195    0.63262 66.65990
 1  69.000 0.27004   0.03873 0.04715  0.03630  21.19755 38.26614  59.46369  4.29055  0.21696    0.64352 66.86994
 1  70.500 0.27993   0.03856 0.04708  0.03616  20.58819 38.95700  59.54519  4.38802  0.23293    0.65424 67.07720
 1  72.000 0.29000   0.03838 0.04701  0.03603  19.98758 39.63834  59.62592  4.48574  0.24992    0.66478 67.28160
 1  73.500 0.30023   0.03821 0.04695  0.03590  19.39588 40.30991  59.70580  4.58368  0.26799    0.67514 67.48307
 1  75.000 0.31062   0.03803 0.04688  0.03577  18.81327 40.97148  59.78475  4.68185  0.28720    0.68532 67.68154
 1  76.500 0.32116   0.03785 0.04681  0.03564  18.23990 41.62281  59.86271  4.78023  0.30762    0.69530 67.87694
 1  78.000 0.33185   0.03767 0.04674  0.03552  17.67593 42.26365  59.93957  4.87880  0.32933    0.70510 68.06919
 1  79.500 0.34268   0.03749 0.04667  0.03540  17.12149 42.89377  60.01526  4.97756  0.35240    0.71471 68.25823
 1  81.000 0.35364   0.03730 0.04660  0.03528  16.57672 43.51293  60.08965  5.07647  0.37691    0.72413 68.44398
 1  82.500 0.36472   0.03711 0.04652  0.03516  16.04176 44.12090  60.16266  5.17552  0.40296    0.73336 68.62637
 1  84.000 0.37591   0.03692 0.04645  0.03505  15.51673 44.71743  60.23416  5.27469  0.43063    0.74239 68.80533
 1  85.500 0.38722   0.03673 0.04638  0.03493  15.00173 45.30231  60.30404  5.37396  0.46002    0.75123 68.98079
 1  87.000 0.39861   0.03654 0.04631  0.03482  14.49687 45.87530  60.37217  5.47329  0.49122    0.75988 69.15269
 1  88.500 0.41010   0.03634 0.04623  0.03471  14.00224 46.43617  60.43841  5.57267  0.52435    0.76832 69.32095
 1  90.000 0.42166   0.03614 0.04616  0.03461  13.51792 46.98470  60.50262  5.67205  0.55952    0.77657 69.48551
 1  91.500 0.43329   0.03595 0.04608  0.03450  13.04400 47.52066  60.56466  5.77141  0.59685    0.78463 69.64630
 1  93.000 0.44498   0.03574 0.04601  0.03440  12.58052 48.04383  60.62435  5.87072  0.63646    0.79248 69.80325
 1  94.500 0.45672   0.03554 0.04593  0.03430  12.12756 48.55399  60.68155  5.96993  0.67848    0.80014 69.95630
 1  96.000 0.46849   0.03534 0.04585  0.03420  11.68513 49.05092  60.73606  6.06901  0.72305    0.80761 70.10538
 1  97.500 0.48030   0.03513 0.04577  0.03410  11.25329 49.53442  60.78771  6.16793  0.77032    0.81488 70.25042
 1  99.000 0.49212   0.03493 0.04570  0.03400  10.83204 50.00426  60.83630  6.26663  0.82043    0.82195 70.39138
 1 100.500 0.50394   0.03472 0.04562  0.03391  10.42140 50.46024  60.88164  6.36508  0.87354    0.82883 70.52817
 1 102.000 0.51577   0.03451 0.04554  0.03382  10.02136 50.90214  60.92350  6.46322  0.92982    0.83551 70.66074
 1 103.500 0.52757   0.03429 0.04546  0.03373   9.63191 51.32977  60.96168  6.56102  0.98944    0.84200 70.78903
 1 105.000 0.53936   0.03408 0.04538  0.03364   9.25302 51.74292  60.99594  6.65842  1.05258    0.84830 70.91297
 1 106.500 0.55111   0.03387 0.04530  0.03355   8.88466 52.14139  61.02605  6.75538  1.11943    0.85441 71.03251
 1 108.000 0.56282   0.03365 0.04522  0.03346   8.52678 52.52497  61.05176  6.85183  1.19018    0.86034 71.14759
 1 109.500 0.57447   0.03343 0.04514  0.03338   8.17932 52.89348  61.07280  6.94774  1.26503    0.86607 71.25814
 1 111.000 0.58605   0.03322 0.04506  0.03330   7.84221 53.24672  61.08893  7.04304  1.34420    0.87163 71.36411
 1 112.500 0.59757   0.03300 0.04498  0.03321   7.51538 53.58449  61.09986  7.13768  1.42791    0.87700 71.46544
 1 114.000 0.60899   0.03278 0.04490  0.03313   7.19872 53.90660  61.10532  7.23160  1.51638    0.88219 71.56208
 1 115.500 0.62033   0.03256 0.04481  0.03305   6.89213 54.21288  61.10501  7.32474  1.60983    0.88721 71.65396
 1 117.000 0.63156   0.03234 0.04473  0.03298   6.59551 54.50312  61.09863  7.41706  1.70852    0.89205 71.74103
 1 118.500 0.64268   0.03211 0.04465  0.03290   6.30874 54.77715  61.08589  7.50848  1.81269    0.89672 71.82324
 1 120.000 0.65368   0.03189 0.04457  0.03282   6.03167 55.03479  61.06646  7.59895  1.92259    0.90123 71.90053
 1 121.500 0.66456   0.03167 0.04448  0.03275   5.76418 55.27586  61.04003  7.68841  2.03848    0.90557 71.97285
 2 123.000 0.67529   0.03144 0.04440  0.03267   5.50611 55.50017  61.00628  7.77681  2.16062    0.90975 72.04015
 2 124.500 0.68589   0.03122 0.04431  0.03260   5.25739 55.70749  60.96488  7.86408  2.28930    0.91376 72.10234
 2 126.000 0.69633   0.03099 0.04423  0.03253   5.01783 55.89765  60.91549  7.95016  2.42477    0.91763 72.15939
 2 127.500 0.70661   0.03077 0.04415  0.03246   4.78724 56.07053  60.85777  8.03500  2.56732    0.92134 72.21126
 2 129.000 0.71673   0.03055 0.04406  0.03239   4.56541 56.22600  60.79141  8.11853  2.71722    0.92490 72.25790
 2 130.500 0.72668   0.03032 0.04398  0.03232   4.35214 56.36391  60.71605  8.20070  2.87475    0.92832 72.29927
 2 132.000 0.73646   0.03010 0.04389  0.03225   4.14722 56.48416  60.63138  8.28145  3.04017    0.93160 72.33534
 2 133.500 0.74605   0.02988 0.04381  0.03218   3.95043 56.58662  60.53705  8.36071  3.21376    0.93474 72.36608
 2 135.000 0.75545   0.02965 0.04372  0.03211   3.76157 56.67119  60.43275  8.43844  3.39579    0.93776 72.39145
 2 136.500 0.76467   0.02943 0.04364  0.03204   3.58041 56.73777  60.31818  8.51459  3.58651    0.94064 72.41143
 2 138.000 0.77369   0.02921 0.04355  0.03198   3.40673 56.78628  60.19301  8.58909  3.78618    0.94340 72.42598
 2 139.500 0.78251   0.02898 0.04347  0.03191   3.24032 56.81665  60.05697  8.66190  3.99503    0.94605 72.43509
 2 141.000 0.79113   0.02876 0.04339  0.03185   3.08096 56.82882  59.90978  8.73298  4.21330    0.94857 72.43874
 2 142.500 0.79954   0.02854 0.04330  0.03178   2.92843 56.82276  59.75118  8.80228  4.44119    0.95099 72.43693
 2 144.000 0.80775   0.02832 0.04322  0.03172   2.78250 56.79845  59.58095  8.86975  4.67890    0.95330 72.42963
 2 145.500 0.81575   0.02810 0.04314  0.03166   2.64297 56.75591  59.39888  8.93537  4.92658    0.95550 72.41687
 2 147.000 0.82353   0.02788 0.04306  0.03160   2.50961 56.69518  59.20479  8.99908  5.18439    0.95761 72.39865
 2 148.500 0.83111   0.02766 0.04297  0.03153   2.38221 56.61632  58.99854  9.06087  5.45243    0.95962 72.37500
 2 150.000 0.83848   0.02744 0.04289  0.03147   2.26057 56.51945  58.78002  9.12070  5.73077    0.96154 72.34593

->optimal debt cash payment
 1 114.674 0.61410   0.03268 0.04486  0.03310   7.05971 54.04620  61.10591  7.27355  1.55774    0.88447 71.60396

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 0.00000   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 0.05079  0.05571  47.84012  0.89113  48.73124  0.09121  0.00006    0.01829 48.90743
 1   3.000 0.02761   0.05611 0.05082  0.05549  47.04213  1.78008  48.82222  0.18239  0.00026    0.03646 49.17412
 1   4.500 0.02955   0.05621 0.05085  0.05528  46.24627  2.66675  48.91302  0.27352  0.00060    0.05452 49.44012
 1   6.000 0.03160   0.05630 0.05087  0.05506  45.45265  3.55099  49.00364  0.36464  0.00109    0.07246 49.70539
 1   7.500 0.03376   0.05640 0.05090  0.05484  44.66141  4.43269  49.09410  0.45574  0.00174    0.09029 49.96990
 1   9.000 0.03605   0.05650 0.05093  0.05463  43.87269  5.31170  49.18439  0.54685  0.00255    0.10800 50.23360
 1  10.500 0.03846   0.05660 0.05096  0.05441  43.08663  6.18788  49.27451  0.63796  0.00354    0.12558 50.49646
 1  12.000 0.04100   0.05671 0.05099  0.05420  42.30338  7.06110  49.36447  0.72909  0.00472    0.14304 50.75842
 1  13.500 0.04367   0.05681 0.05102  0.05399  41.52308  7.93119  49.45427  0.82026  0.00609    0.16037 51.01945
 1  15.000 0.04648   0.05692 0.05106  0.05378  40.74589  8.79800  49.54390  0.91147  0.00767    0.17758 51.27950
 1  16.500 0.04944   0.05703 0.05109  0.05357  39.97198  9.66139  49.63337  1.00274  0.00946    0.19466 51.53851
 1  18.000 0.05254   0.05715 0.05113  0.05336  39.20151 10.52117  49.72268  1.09408  0.01149    0.21160 51.79644
 1  19.500 0.05580   0.05726 0.05116  0.05315  38.43465 11.37718  49.81182  1.18549  0.01376    0.22840 52.05325
 1  21.000 0.05922   0.05738 0.05120  0.05294  37.67156 12.22925  49.90080  1.27700  0.01629    0.24507 52.30887
 1  22.500 0.06279   0.05750 0.05124  0.05274  36.91242 13.07719  49.98962  1.36862  0.01910    0.26160 52.56325
 1  24.000 0.06654   0.05763 0.05127  0.05253  36.15743 13.92083  50.07826  1.46035  0.02219    0.27798 52.81634
 1  25.500 0.07045   0.05775 0.05131  0.05233  35.40675 14.75997  50.16672  1.55221  0.02558    0.29422 53.06809
 1  27.000 0.07454   0.05788 0.05136  0.05213  34.66057 15.59443  50.25500  1.64421  0.02930    0.31031 53.31842
 1  28.500 0.07881   0.05801 0.05140  0.05193  33.91910 16.42400  50.34310  1.73636  0.03336    0.32624 53.56729
 1  30.000 0.08326   0.05815 0.05144  0.05173  33.18251 17.24849  50.43099  1.82868  0.03778    0.34202 53.81464
 1  31.500 0.08789   0.05829 0.05148  0.05153  32.45100 18.06768  50.51868  1.92116  0.04258    0.35764 54.06040
 1  33.000 0.09272   0.05843 0.05153  0.05133  31.72477 18.88138  50.60615  2.01384  0.04778    0.37310 54.30451
 1  34.500 0.09774   0.05857 0.05157  0.05114  31.00403 19.68936  50.69339  2.10671  0.05341    0.38840 54.54690
 1  36.000 0.10295   0.05871 0.05162  0.05095  30.28896 20.49142  50.78038  2.19978  0.05949    0.40353 54.78752
 1  37.500 0.10837   0.05886 0.05167  0.05075  29.57978 21.28732  50.86711  2.29306  0.06605    0.41849 55.02629
 1  39.000 0.11398   0.05901 0.05172  0.05056  28.87669 22.07686  50.95355  2.38657  0.07311    0.43327 55.26315
 1  40.500 0.11980   0.05917 0.05177  0.05038  28.17989 22.85979  51.03968  2.48030  0.08071    0.44788 55.49803
 1  42.000 0.12583   0.05932 0.05182  0.05019  27.48959 23.63590  51.12548  2.57427  0.08888    0.46231 55.73086
 1  43.500 0.13207   0.05948 0.05187  0.05001  26.80598 24.40494  51.21092  2.66848  0.09765    0.47656 55.96158
 1  45.000 0.13851   0.05965 0.05193  0.04982  26.12928 25.16669  51.29597  2.76293  0.10706    0.49062 56.19010
 1  46.500 0.14517   0.05981 0.05198  0.04964  25.45968 25.92091  51.38060  2.85764  0.11714    0.50449 56.41637
 1  48.000 0.15204   0.05998 0.05204  0.04946  24.79740 26.66737  51.46476  2.95260  0.12793    0.51817 56.64030
 1  49.500 0.15912   0.06016 0.05209  0.04929  24.14261 27.40581  51.54842  3.04781  0.13948    0.53165 56.86184
 1  51.000 0.16641   0.06033 0.05215  0.04911  23.49553 28.13600  51.63153  3.14328  0.15184    0.54494 57.08089
 1  52.500 0.17392   0.06051 0.05221  0.04894  22.85635 28.85770  51.71405  3.23900  0.16504    0.55802 57.29740
 1  54.000 0.18163   0.06069 0.05227  0.04877  22.22526 29.57066  51.79592  3.33497  0.17915    0.57091 57.51129
 1  55.500 0.18956   0.06088 0.05233  0.04860  21.60244 30.27464  51.87708  3.43120  0.19421    0.58358 57.72249
 1  57.000 0.19770   0.06107 0.05239  0.04844  20.98807 30.96940  51.95747  3.52766  0.21028    0.59605 57.93091
 1  58.500 0.20605   0.06126 0.05246  0.04828  20.38235 31.65468  52.03703  3.62436  0.22742    0.60831 58.13650
 1  60.000 0.21460   0.06146 0.05252  0.04812  19.78543 32.33025  52.11568  3.72129  0.24570    0.62036 58.33917
 1  61.500 0.22335   0.06166 0.05258  0.04796  19.19749 32.99586  52.19335  3.81843  0.26517    0.63219 58.53885
 1  63.000 0.23231   0.06186 0.05265  0.04780  18.61869 33.65126  52.26995  3.91578  0.28592    0.64380 58.73547
 1  64.500 0.24145   0.06206 0.05272  0.04765  18.04918 34.29622  52.34540  4.01332  0.30802    0.65519 58.92896
 1  66.000 0.25080   0.06227 0.05279  0.04750  17.48911 34.93048  52.41959  4.11104  0.33155    0.66636 59.11924
 1  67.500 0.26033   0.06249 0.05286  0.04736  16.93863 35.55381  52.49244  4.20892  0.35658    0.67731 59.30624
 1  69.000 0.27004   0.06270 0.05293  0.04721  16.39786 36.16597  52.56382  4.30694  0.38321    0.68804 59.48988
 1  70.500 0.27993   0.06292 0.05300  0.04707  15.86692 36.76672  52.63364  4.40508  0.41153    0.69854 59.67011
 1  72.000 0.29000   0.06315 0.05307  0.04693  15.34595 37.35581  52.70176  4.50331  0.44164    0.70882 59.84684
 1  73.500 0.30023   0.06337 0.05314  0.04680  14.83504 37.93303  52.76807  4.60161  0.47363    0.71886 60.02000
 1  75.000 0.31062   0.06360 0.05322  0.04667  14.33429 38.49813  52.83242  4.69995  0.50763    0.72868 60.18953
 1  76.500 0.32116   0.06384 0.05329  0.04654  13.84379 39.05088  52.89467  4.79831  0.54373    0.73828 60.35536
 1  78.000 0.33185   0.06407 0.05337  0.04642  13.36363 39.59105  52.95468  4.89665  0.58207    0.74764 60.51741
 1  79.500 0.34268   0.06432 0.05345  0.04629  12.89385 40.11842  53.01228  4.99494  0.62275    0.75678 60.67562
 1  81.000 0.35364   0.06456 0.05353  0.04618  12.43454 40.63277  53.06731  5.09314  0.66592    0.76568 60.82992
 1  82.500 0.36472   0.06481 0.05361  0.04606  11.98573 41.13387  53.11960  5.19121  0.71171    0.77436 60.98025
 1  84.000 0.37591   0.06506 0.05369  0.04595  11.54746 41.62150  53.16896  5.28912  0.76026    0.78282 61.12655
 1  85.500 0.38722   0.06531 0.05377  0.04584  11.11975 42.09546  53.21521  5.38683  0.81172    0.79104 61.26873
 1  87.000 0.39861   0.06557 0.05385  0.04574  10.70262 42.55552  53.25815  5.48429  0.86624    0.79904 61.40675
 1  88.500 0.41010   0.06583 0.05393  0.04564  10.29608 43.00148  53.29757  5.58146  0.92398    0.80682 61.54054
 1  90.000 0.42166   0.06610 0.05402  0.04554   9.90012 43.43314  53.33325  5.67828  0.98512    0.81437 61.67004
 1  91.500 0.43329   0.06637 0.05410  0.04545   9.51471 43.85028  53.36499  5.77472  1.04983    0.82171 61.79518
 1  93.000 0.44498   0.06664 0.05419  0.04536   9.13982 44.25271  53.39254  5.87072  1.11827    0.82882 61.91591
 1  94.500 0.45672   0.06691 0.05427  0.04528   8.77542 44.64024  53.41567  5.96622  1.19065    0.83571 62.03217
 1  96.000 0.46849   0.06719 0.05436  0.04519   8.42145 45.01267  53.43413  6.06119  1.26715    0.84240 62.14390
 1  97.500 0.48030   0.06747 0.05445  0.04512   8.07785 45.36982  53.44767  6.15555  1.34798    0.84886 62.25104
 1  99.000 0.49212   0.06776 0.05454  0.04504   7.74453 45.71150  53.45603  6.24926  1.43333    0.85512 62.35354
 1 100.500 0.50394   0.06805 0.05463  0.04497   7.42143 46.03752  53.45895  6.34227  1.52341    0.86118 62.45135
 1 102.000 0.51577   0.06834 0.05472  0.04491   7.10842 46.34773  53.45615  6.43450  1.61844    0.86702 62.54441
 1 103.500 0.52757   0.06863 0.05481  0.04484   6.80542 46.64194  53.44736  6.52590  1.71864    0.87267 62.63267
 1 105.000 0.53936   0.06893 0.05490  0.04479   6.51230 46.91998  53.43229  6.61642  1.82422    0.87812 62.71609
 1 106.500 0.55111   0.06923 0.05500  0.04473   6.22894 47.18171  53.41066  6.70599  1.93543    0.88338 62.79461
 1 108.000 0.56282   0.06953 0.05509  0.04468   5.95520 47.42697  53.38217  6.79455  2.05247    0.88844 62.86819
 1 109.500 0.57447   0.06983 0.05518  0.04463   5.69093 47.65561  53.34655  6.88205  2.17559    0.89332 62.93678
 1 111.000 0.58605   0.07014 0.05528  0.04459   5.43598 47.86750  53.30348  6.96841  2.30502    0.89802 63.00034
 1 112.500 0.59757   0.07045 0.05538  0.04455   5.19019 48.06251  53.25270  7.05359  2.44098    0.90254 63.05885
 1 114.000 0.60899   0.07076 0.05547  0.04452   4.95338 48.24051  53.19389  7.13751  2.58372    0.90688 63.11225
 1 115.500 0.62033   0.07108 0.05557  0.04448   4.72538 48.40140  53.12678  7.22013  2.73344    0.91105 63.16051
 1 117.000 0.63156   0.07139 0.05567  0.04445   4.50601 48.54508  53.05109  7.30138  2.89039    0.91506 63.20362
 2 118.500 0.64268   0.07171 0.05577  0.04443   4.29506 48.67147  52.96653  7.38120  3.05477    0.91891 63.24153
 2 120.000 0.65368   0.07203 0.05587  0.04441   4.09237 48.78048  52.87285  7.45954  3.22679    0.92260 63.27424
 2 121.500 0.66456   0.07236 0.05597  0.04439   3.89773 48.87205  52.76978  7.53635  3.40666    0.92614 63.30171
 2 123.000 0.67529   0.07268 0.05607  0.04438   3.71092 48.94617  52.65709  7.61156  3.59456    0.92953 63.32395
 2 124.500 0.68589   0.07301 0.05617  0.04437   3.53172 49.00284  52.53456  7.68512  3.79066    0.93277 63.34094
 2 126.000 0.69633   0.07334 0.05627  0.04436   3.35992 49.04205  52.40197  7.75699  3.99512    0.93588 63.35271
 2 127.500 0.70661   0.07367 0.05637  0.04435   3.19529 49.06385  52.25914  7.82712  4.20808    0.93886 63.35925
 2 129.000 0.71673   0.07400 0.05647  0.04435   3.03761 49.06829  52.10591  7.89547  4.42965    0.94170 63.36058
 2 130.500 0.72668   0.07433 0.05657  0.04435   2.88667 49.05547  51.94215  7.96198  4.65993    0.94443 63.35674
 2 132.000 0.73646   0.07467 0.05667  0.04436   2.74225 49.02550  51.76775  8.02663  4.89897    0.94703 63.34774
 2 133.500 0.74605   0.07501 0.05678  0.04436   2.60413 48.97853  51.58265  8.08937  5.14681    0.94952 63.33365
 2 135.000 0.75545   0.07534 0.05688  0.04437   2.47209 48.91473  51.38682  8.15019  5.40346    0.95189 63.31451
 2 136.500 0.76467   0.07568 0.05698  0.04438   2.34593 48.83434  51.18027  8.20904  5.66887    0.95416 63.29040
 2 138.000 0.77369   0.07603 0.05708  0.04439   2.22542 48.73761  50.96304  8.26591  5.94297    0.95633 63.26138
 1 139.500 0.78251   0.07637 0.05718  0.04441   2.11037 48.62486  50.73523  8.32079  6.22565    0.95840 63.22755
 1 141.000 0.79113   0.07671 0.05728  0.04442   2.00056 48.49643  50.49699  8.37364  6.51675    0.96038 63.18902
 1 142.500 0.79954   0.07706 0.05737  0.04444   1.89576 48.35276  50.24852  8.42448  6.81605    0.96227 63.14592
 1 144.000 0.80775   0.07741 0.05747  0.04446   1.79579 48.19428  49.99007  8.47328  7.12331    0.96408 63.09838
 1 145.500 0.81575   0.07776 0.05757  0.04448   1.70043 48.02150  49.72193  8.52006  7.43822    0.96580 63.04654
 1 147.000 0.82353   0.07811 0.05766  0.04450   1.60951 47.83497  49.44448  8.56482  7.76044    0.96745 62.99059
 1 148.500 0.83111   0.07847 0.05775  0.04452   1.52282 47.63530  49.15812  8.60757  8.08955    0.96902 62.93068
 1 150.000 0.83848   0.07882 0.05784  0.04454   1.44020 47.42311  48.86331  8.64834  8.42512    0.97053 62.86703

->optimal debt cash payment
 1 100.528 0.50416   0.06805 0.05463  0.04497   7.41556 46.04339  53.45895  6.34397  1.52512    0.86128 62.45311

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 0.00000   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 0.05293  0.07375  39.15929  0.87322  40.03251  0.09120  0.00010    0.02181 40.20338
 1   3.000 0.02761   0.07483 0.05303  0.07349  38.38030  1.74312  40.12343  0.18244  0.00043    0.04344 40.46435
 1   4.500 0.02955   0.07525 0.05313  0.07324  37.60463  2.60954  40.21416  0.27373  0.00098    0.06489 40.72427
 1   6.000 0.03160   0.07568 0.05323  0.07298  36.83244  3.47228  40.30472  0.36508  0.00177    0.08615 40.98310
 1   7.500 0.03376   0.07613 0.05334  0.07273  36.06392  4.33118  40.39510  0.45651  0.00282    0.10722 41.24077
 1   9.000 0.03605   0.07659 0.05345  0.07247  35.29926  5.18604  40.48530  0.54804  0.00415    0.12810 41.49722
 1  10.500 0.03846   0.07706 0.05356  0.07222  34.53864  6.03666  40.57531  0.63966  0.00577    0.14878 41.75241
 1  12.000 0.04100   0.07754 0.05368  0.07197  33.78227  6.88285  40.66513  0.73141  0.00769    0.16926 42.00627
 1  13.500 0.04367   0.07803 0.05380  0.07172  33.03035  7.72440  40.75475  0.82328  0.00994    0.18953 42.25873
 1  15.000 0.04648   0.07854 0.05392  0.07147  32.28307  8.56110  40.84417  0.91530  0.01254    0.20960 42.50974
 1  16.500 0.04944   0.07906 0.05405  0.07123  31.54065  9.39273  40.93338  1.00747  0.01550    0.22946 42.75923
 1  18.000 0.05254   0.07959 0.05418  0.07098  30.80331 10.21906  41.02237  1.09981  0.01885    0.24911 43.00713
 1  19.500 0.05580   0.08014 0.05432  0.07074  30.07125 11.03988  41.11113  1.19233  0.02261    0.26854 43.25338
 1  21.000 0.05922   0.08070 0.05446  0.07050  29.34469 11.85494  41.19963  1.28504  0.02682    0.28774 43.49790
 1  22.500 0.06279   0.08127 0.05460  0.07026  28.62386 12.66402  41.28788  1.37795  0.03148    0.30672 43.74062
 1  24.000 0.06654   0.08186 0.05475  0.07002  27.90899 13.46686  41.37585  1.47108  0.03664    0.32548 43.98147
 1  25.500 0.07045   0.08247 0.05490  0.06978  27.20029 14.26323  41.46351  1.56443  0.04233    0.34399 44.22038
 1  27.000 0.07454   0.08309 0.05506  0.06955  26.49799 15.05287  41.55085  1.65801  0.04857    0.36228 44.45727
 1  28.500 0.07881   0.08373 0.05522  0.06931  25.80232 15.83552  41.63784  1.75183  0.05540    0.38032 44.69207
 1  30.000 0.08326   0.08438 0.05538  0.06908  25.11352 16.61093  41.72445  1.84590  0.06286    0.39811 44.92469
 1  31.500 0.08789   0.08506 0.05555  0.06885  24.43180 17.37884  41.81065  1.94023  0.07099    0.41566 45.15507
 1  33.000 0.09272   0.08574 0.05573  0.06863  23.75741 18.13899  41.89640  2.03481  0.07983    0.43295 45.38311
 1  34.500 0.09774   0.08645 0.05591  0.06840  23.09056 18.89109  41.98165  2.12966  0.08941    0.44998 45.60874
 1  36.000 0.10295   0.08718 0.05609  0.06818  22.43149 19.63488  42.06638  2.22477  0.09980    0.46676 45.83188
 1  37.500 0.10837   0.08792 0.05627  0.06796  21.78042 20.37009  42.15052  2.32015  0.11104    0.48327 46.05244
 1  39.000 0.11398   0.08868 0.05647  0.06774  21.13758 21.09644  42.23402  2.41580  0.12319    0.49951 46.27035
 1  40.500 0.11980   0.08947 0.05666  0.06753  20.50317 21.81366  42.31683  2.51171  0.13629    0.51548 46.48551
 1  42.000 0.12583   0.09027 0.05686  0.06732  19.87743 22.52145  42.39888  2.60788  0.15042    0.53118 46.69785
 1  43.500 0.13207   0.09109 0.05707  0.06711  19.26055 23.21955  42.48010  2.70432  0.16563    0.54660 46.90728
 1  45.000 0.13851   0.09194 0.05728  0.06690  18.65276 23.90766  42.56042  2.80100  0.18199    0.56173 47.11371
 1  46.500 0.14517   0.09281 0.05749  0.06670  18.05424 24.58552  42.63976  2.89792  0.19958    0.57659 47.31707
 1  48.000 0.15204   0.09369 0.05771  0.06650  17.46520 25.25282  42.71802  2.99508  0.21846    0.59115 47.51726
 1  49.500 0.15912   0.09461 0.05794  0.06631  16.88583 25.90929  42.79513  3.09245  0.23873    0.60543 47.71420
 1  51.000 0.16641   0.09554 0.05817  0.06611  16.31631 26.55465  42.87096  3.19002  0.26047    0.61941 47.90781
 1  52.500 0.17392   0.09650 0.05840  0.06593  15.75681 27.18861  42.94542  3.28777  0.28376    0.63310 48.09800
 1  54.000 0.18163   0.09749 0.05864  0.06574  15.20751 27.81089  43.01840  3.38569  0.30871    0.64649 48.28468
 1  55.500 0.18956   0.09850 0.05889  0.06556  14.66855 28.42121  43.08976  3.48375  0.33541    0.65958 48.46778
 1  57.000 0.19770   0.09953 0.05914  0.06539  14.14010 29.01928  43.15938  3.58193  0.36397    0.67237 48.64720
 1  58.500 0.20605   0.10060 0.05939  0.06521  13.62228 29.60484  43.22711  3.68020  0.39450    0.68487 48.82286
 1  60.000 0.21460   0.10169 0.05965  0.06505  13.11522 30.17759  43.29281  3.77853  0.42713    0.69706 48.99469
 1  61.500 0.22335   0.10280 0.05992  0.06489  12.61905 30.73727  43.35633  3.87689  0.46197    0.70895 49.16259
 1  63.000 0.23231   0.10395 0.06019  0.06473  12.13388 31.28361  43.41748  3.97523  0.49916    0.72053 49.32649
 1  64.500 0.24145   0.10513 0.06047  0.06458  11.65978 31.81632  43.47611  4.07354  0.53884    0.73181 49.48631
 1  66.000 0.25080   0.10633 0.06075  0.06443  11.19686 32.33516  43.53202  4.17175  0.58115    0.74279 49.64196
 1  67.500 0.26033   0.10757 0.06104  0.06429  10.74518 32.83984  43.58502  4.26984  0.62624    0.75347 49.79337
 1  69.000 0.27004   0.10884 0.06133  0.06416  10.30479 33.33011  43.63490  4.36776  0.67427    0.76384 49.94045
 1  70.500 0.27993   0.11014 0.06163  0.06403   9.87574 33.80572  43.68146  4.46545  0.72540    0.77391 50.08313
 1  72.000 0.29000   0.11148 0.06193  0.06391   9.45807 34.26640  43.72447  4.56287  0.77982    0.78369 50.22133
 1  73.500 0.30023   0.11285 0.06224  0.06379   9.05179 34.71190  43.76368  4.65996  0.83769    0.79317 50.35498
 1  75.000 0.31062   0.11425 0.06255  0.06369   8.65689 35.14198  43.79888  4.75667  0.89921    0.80235 50.48401
 1  76.500 0.32116   0.11569 0.06287  0.06358   8.27339 35.55640  43.82978  4.85295  0.96457    0.81124 50.60833
 1  78.000 0.33185   0.11717 0.06320  0.06349   7.90124 35.95491  43.85615  4.94872  1.03398    0.81984 50.72789
 1  79.500 0.34268   0.11868 0.06353  0.06340   7.54041 36.33729  43.87770  5.04392  1.10764    0.82815 50.84260
 1  81.000 0.35364   0.12023 0.06387  0.06333   7.19085 36.70331  43.89416  5.13850  1.18576    0.83618 50.95241
 1  82.500 0.36472   0.12183 0.06421  0.06326   6.85249 37.05274  43.90523  5.23239  1.26857    0.84393 51.05723
 1  84.000 0.37591   0.12346 0.06456  0.06319   6.52526 37.38537  43.91063  5.32551  1.35630    0.85140 51.15702
 1  85.500 0.38722   0.12513 0.06492  0.06314   6.20905 37.70099  43.91004  5.41780  1.44917    0.85860 51.25171
 1  87.000 0.39861   0.12685 0.06528  0.06310   5.90377 37.99940  43.90317  5.50918  1.54743    0.86553 51.34123
 1  88.500 0.41010   0.12861 0.06564  0.06306   5.60928 38.28040  43.88969  5.59959  1.65131    0.87220 51.42553
 1  90.000 0.42166   0.13042 0.06602  0.06303   5.32547 38.54382  43.86929  5.68894  1.76107    0.87861 51.50456
 1  91.500 0.43329   0.13227 0.06639  0.06301   5.05217 38.78947  43.84164  5.77717  1.87695    0.88476 51.57825
 1  93.000 0.44498   0.13417 0.06678  0.06301   4.78924 39.01719  43.80643  5.86420  1.99918    0.89067 51.64657
 1  94.500 0.45672   0.13612 0.06717  0.06301   4.53650 39.22682  43.76332  5.94995  2.12804    0.89634 51.70946
 1  96.000 0.46849   0.13812 0.06757  0.06302   4.29377 39.41823  43.71201  6.03434  2.26374    0.90177 51.76688
 1  97.500 0.48030   0.14016 0.06797  0.06304   4.06087 39.59130  43.65217  6.11730  2.40655    0.90697 51.81880
 1  99.000 0.49212   0.14227 0.06838  0.06307   3.83758 39.74591  43.58349  6.19876  2.55669    0.91195 51.86518
 1 100.500 0.50394   0.14442 0.06880  0.06311   3.62370 39.88196  43.50566  6.27865  2.71439    0.91671 51.90600
 2 102.000 0.51577   0.14663 0.06922  0.06317   3.41901 39.99940  43.41841  6.35688  2.87988    0.92125 51.94123
 2 103.500 0.52757   0.14890 0.06964  0.06323   3.22331 40.09814  43.32144  6.43338  3.05335    0.92560 51.97085
 2 105.000 0.53936   0.15123 0.07008  0.06330   3.03634 40.17817  43.21451  6.50810  3.23501    0.92974 51.99486
 2 106.500 0.55111   0.15362 0.07052  0.06338   2.85785 40.23950  43.09736  6.58095  3.42501    0.93369 52.01326
 2 108.000 0.56282   0.15608 0.07096  0.06348   2.68760 40.28218  42.96978  6.65188  3.62351    0.93745 52.02607
 2 109.500 0.57447   0.15860 0.07141  0.06358   2.52533 40.30627  42.83160  6.72082  3.83064    0.94104 52.03329
 2 111.000 0.58605   0.16119 0.07187  0.06370   2.37078 40.31186  42.68264  6.78772  4.04649    0.94446 52.03497
 2 112.500 0.59757   0.16385 0.07233  0.06382   2.22370 40.29911  42.52280  6.85252  4.27113    0.94771 52.03114
 2 114.000 0.60899   0.16659 0.07279  0.06395   2.08382 40.26817  42.35199  6.91517  4.50460    0.95080 52.02186
 2 115.500 0.62033   0.16941 0.07326  0.06410   1.95090 40.21927  42.17017  6.97564  4.74688    0.95374 52.00719
 2 117.000 0.63156   0.17232 0.07373  0.06425   1.82469 40.15267  41.97736  7.03387  4.99793    0.95653 51.98721
 2 118.500 0.64268   0.17531 0.07421  0.06441   1.70492 40.06869  41.77361  7.08985  5.25765    0.95919 51.96202
 2 120.000 0.65368   0.17840 0.07469  0.06458   1.59136 39.96768  41.55903  7.14353  5.52591    0.96171 51.93172
 1 121.500 0.66456   0.18158 0.07518  0.06476   1.48374 39.85007  41.33381  7.19492  5.80252    0.96410 51.89643
 1 123.000 0.67529   0.18488 0.07566  0.06494   1.38182 39.71636  41.09818  7.24398  6.08721    0.96638 51.85632
 1 124.500 0.68589   0.18828 0.07615  0.06513   1.28535 39.56709  40.85244  7.29071  6.37968    0.96854 51.81154
 1 126.000 0.69633   0.19181 0.07664  0.06533   1.19409 39.40286  40.59695  7.33512  6.67958    0.97059 51.76227
 1 127.500 0.70661   0.19546 0.07712  0.06553   1.10781 39.22434  40.33215  7.37722  6.98649    0.97253 51.70871
 1 129.000 0.71673   0.19926 0.07761  0.06574   1.02628 39.03222  40.05851  7.41702  7.29992    0.97438 51.65108
 1 130.500 0.72668   0.20321 0.07810  0.06595   0.94930 38.82730  39.77660  7.45455  7.61936    0.97613 51.58960
 1 132.000 0.73646   0.20732 0.07858  0.06617   0.87665 38.61039  39.48704  7.48984  7.94421    0.97780 51.52453
 1 133.500 0.74605   0.21162 0.07906  0.06638   0.80812 38.38238  39.19050  7.52293  8.27384    0.97938 51.45613
 1 135.000 0.75545   0.21611 0.07953  0.06660   0.74354 38.14417  38.88771  7.55386  8.60757    0.98088 51.38466
 1 136.500 0.76467   0.22081 0.08000  0.06681   0.68271 37.89673  38.57944  7.58270  8.94467    0.98230 51.31043
 1 138.000 0.77369   0.22575 0.08046  0.06702   0.62547 37.64106  38.26652  7.60950  9.28439    0.98366 51.23373
 1 139.500 0.78251   0.23095 0.08091  0.06723   0.57163 37.37816  37.94980  7.63433  9.62595    0.98494 51.15486
 1 141.000 0.79113   0.23644 0.08136  0.06744   0.52105 37.10909  37.63014  7.65726  9.96853    0.98615 51.07414
 1 142.500 0.79954   0.24225 0.08179  0.06764   0.47358 36.83487  37.30845  7.67837 10.31133    0.98731 50.99187
 1 144.000 0.80775   0.24841 0.08221  0.06784   0.42907 36.55656  36.98563  7.69773 10.65351    0.98840 50.90838
 1 145.500 0.81575   0.25498 0.08262  0.06802   0.38739 36.27520  36.66258  7.71543 10.99426    0.98943 50.82397
 1 147.000 0.82353   0.26199 0.08301  0.06820   0.34840 35.99180  36.34020  7.73155 11.33277    0.99041 50.73895
 1 148.500 0.83111   0.26952 0.08339  0.06837   0.31198 35.70737  36.01935  7.74619 11.66825    0.99134 50.65362
 1 150.000 0.83848   0.27764 0.08375  0.06853   0.27801 35.42288  35.70089  7.75942 11.99995    0.99221 50.56828

->optimal debt cash payment
 1  84.610 0.38050   0.12414 0.06470  0.06317   6.39540 37.51573  43.91113  5.36313  1.39341    0.85436 51.19613

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 = 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 0.00000   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 0.05963  0.17656  13.84453  0.81954  14.66407  0.10182  0.00025    0.05589 14.80836
 1   3.000 0.02761   0.18550 0.05996  0.17575  13.13328  1.63227  14.76555  0.20408  0.00103    0.11055 15.05218
 1   4.500 0.02955   0.18995 0.06031  0.17495  12.42907  2.43787  14.86694  0.30681  0.00236    0.16398 15.29386
 1   6.000 0.03160   0.19470 0.06067  0.17416  11.73222  3.23598  14.96820  0.41002  0.00431    0.21619 15.53329
 1   7.500 0.03376   0.19977 0.06105  0.17337  11.04307  4.02625  15.06932  0.51373  0.00691    0.26718 15.77037
 1   9.000 0.03605   0.20522 0.06143  0.17260  10.36194  4.80832  15.17026  0.61797  0.01021    0.31696 16.00499
 1  10.500 0.03846   0.21107 0.06183  0.17183   9.68918  5.58181  15.27099  0.72276  0.01426    0.36552 16.23704
 1  12.000 0.04100   0.21740 0.06225  0.17106   9.02513  6.34635  15.37147  0.82810  0.01913    0.41287 16.46640
 1  13.500 0.04367   0.22425 0.06268  0.17031   8.37013  7.10153  15.47166  0.93403  0.02486    0.45900 16.69295
 1  15.000 0.04648   0.23172 0.06312  0.16957   7.72455  7.84695  15.57150  1.04055  0.03154    0.50393 16.91658
 1  16.500 0.04944   0.23990 0.06358  0.16883   7.08873  8.58220  15.67093  1.14767  0.03924    0.54765 17.13716
 1  18.000 0.05254   0.24891 0.06406  0.16810   6.46302  9.30687  15.76989  1.25541  0.04802    0.59017 17.35456
 1  19.500 0.05580   0.25891 0.06455  0.16738   5.84778 10.02052  15.86829  1.36378  0.05798    0.63148 17.56865
 1  21.000 0.05922   0.27010 0.06506  0.16668   5.24336 10.72271  15.96606  1.47278  0.06921    0.67159 17.77931
 1  22.500 0.06279   0.28277 0.06559  0.16598   4.65011 11.41299  16.06310  1.58241  0.08180    0.71051 17.98639
 1  24.000 0.06654   0.29728 0.06613  0.16529   4.06839 12.09092  16.15931  1.69268  0.09587    0.74823 18.18977
 1  25.500 0.07045   0.31418 0.06670  0.16462   3.49853 12.75603  16.25456  1.80358  0.11152    0.78477 18.38930
 1  27.000 0.07454   0.33429 0.06728  0.16396   2.94088 13.40784  16.34872  1.91510  0.12887    0.82012 18.58485
 1  28.500 0.07881   0.35893 0.06788  0.16331   2.39577 14.04589  16.44165  2.02723  0.14807    0.85429 18.77626
 2  30.000 0.08326   0.39039 0.06850  0.16268   1.86354 14.66966  16.53320  2.13996  0.16925    0.88728 18.96339
 2  31.500 0.08789   0.43321 0.06915  0.16206   1.34518 15.27807  16.62325  2.25335  0.19259    0.91908 19.14592
 2  33.000 0.09272   0.49863 0.06982  0.16146   0.84134 15.87029  16.71163  2.36740  0.21826    0.94966 19.32358
 2  34.500 0.09774   0.63115 0.07052  0.16087   0.35229 16.44584  16.79813  2.48208  0.24645    0.97903 19.49625

->optimal debt corner solution
 2  34.500 0.09774   0.63115 0.07052  0.16087   0.35229 16.44584  16.79813  2.48208  0.24645    0.97903 19.49625
