Flour Milling Feasibility Template

Developed for: Ag Marketing Resource Center

Developed by: Phil Kenkel and Rodney Holcomb, Oklahoma State Universit

This template is designed to assist you in assessing the feasibility of a flour mill.
Benchmark PP&E costs, utility requirements, and staffing requirements were taken from th
developed by Flores et. al at Kansas State University (see Transactions of the ASAE
However, these and many other operational factors may be altered by the users of this tem

Disclaimer: Neither the OSU researchers, nor the KSU developers of the MMEM, accept re
template or decisions made by template users based upon the model results.

Input cells are shaded in yellow.

Each sheet is currently protected allowing you to only input information in the input cells.
The template can be modified and expanded to meet your particular situation by turning of
If you choose to modify the template we would advise you to save it under another name a

To get started go to the "Input Values" page.

For comments or suggestions contact: Phil Kenkel, kenkel@okstate.edu 405-744-9818

Rodney Holcomb, holcorb@okstate.edu 405-744-6272
ma State University

were taken from the Mill Management Economic Model

of the ASAE vol. 36(4):1143-1149, July-August 1993).
e users of this template.

MMEM, accept responsibility for the accuracy of this

in the input cells.

ation by turning off the protection.
er another name and retain the original for reference.
 General
Label Value Unit
Mill capacity (cwt/24-hr day) 7,000 cwt
% annual production increase 1%
Yearly bushel purchased 5,518,018 bu
Weight for 1 bushel of wheat 60 lbs
Yearly lbs of wheat purchased 331,081,081 lbs
Days of Operation 350 days
Discount Rate for NPV calc. 12%

Products
Label Value Unit
Flour Production
Flour Production per Bu (lbs) 44.4 lbs
Cwt of Flour Produced/year 2,450,000.00 cwt
% of Flour Production to A 50.00% %
% of Flour Production to B 40.00% %
% of Flour Production to C 10.00% %
% of Flour Production to Bulk 70.00% %
Cwt of Flour to Pk 100 lb 735,000.00 cwt
Sale Price: Package 100 lb $12.00 $/cwt
Total Flour to Packaged Sales 735,000.00 cwt
Cwt of Flour to Bulk A 857,500.00 cwt
Sale Price: Bulk-A $10.45 $/cwt
Cwt of Flour to Bulk B 686,000.00 cwt
Sale Price: Bulk-B $10.35 $/cwt
Cwt of Flour to Bulk C 171,500.00 cwt
Sale Price: Bulk-C $6.00 $/cwt
Total Flour to Bulk Sales 1,715,000.00 cwt
Sales Price Inflation 1% %/yr

Millfeed Production
Millfeed Production per Bu (lbs) 15.6 lbs
Millfeed Production per Bu (cwt) 0.156 cwt
Pounds of Millfeed Produced/year 86,081,081 lbs
Cwt of Millfeed Produced/year 860,811 cwt
Sale Price: $/ton $105.00 $/ton
Sales Price: $/cwt $5.25 $/cwt
Sales Price Inflation 1% %/yr

Assumptions
Maintenace as % PPE 5.00%
Property Tax as % PPE 0.05%
Insurance as % PPE 2.00%
Income Tax Rate 60.00%
% Senior Debt 40.00%
% Equity 60.00%
Employee Benefits % 30%
Wage Inflation 1%
Expense Inflation 1%
Year 0 Start-up Expenses $1,000,000
 Mill Operations
Label Value
Average flour yield 74%
Average millfeed yield 26%

Utilities
Electricity $/kWhr $2.00
Electricity Requirement HP/day 532.76
Electricity Requirement HP/yr 186,466.00
HP/kWhr 0.7460
Electricity Requirement kWhr 397.44
Electricity Inflation Factor 1%
Water & Steam as % electricity 5%

Expenses
Label Value Unit Amount (annual)
Price FOB elevator $4.00 $/bu $22,072,072.07
Transportation cost $0.50 $/bu $2,759,009.01
Insurance transportation cost $0.00 $/bu $0.00
Demurrage $0.02 $/bu $110,360.36
Elevation cost $0.06 $/bu $331,081.08
Switching cost $0.00 $/bu $0.00
Unloading cost $0.00 $/bu $0.00
Other wheat delivery costs $0.00 $/bu $0.00
In-elevator handling cost $0.00 $/bu $0.00
Storage cost $0.00 $/bu $0.00
Fumigation cost $0.00 $/bu $0.00
Shrinkage cost $0.00 $/bu $0.00
Bagging material $0.09 $/cwt $289,695.95
Marketing expense $0.26 $/cwt $844,256.76
Total estimate expense $26,406,475.23

Products
Bulk A Bakers short patent
Bulk B Bakers standard patent
Bulk C Second clear
Package 100 lb Bakers short patent, 100 pound package
Millfeed Bulk (not bagged), unpelleted

Note: Other input cells (shaded in yellow) are found on the following pages:
1. Market Projections
2. Personnel
3. Loan Amortization
4. Depreciation
Revenue
Year 0 Year 1 Year 2 Year 3
Bulk A
Total amount (cwt) 0 857,500.00 866,075.00 874,735.75
Price/unit $10.45 $10.45 $10.55 $10.66
Gross Sales $0.00 $8,960,875 $9,140,989 $9,324,722

Bulk B
Total amount (cwt) 0 686,000.00 692,860.00 699,788.60
Price/unit $10.35 $10.35 $10.45 $10.56
Gross Sales $0.00 $7,100,100 $7,171,101 $7,242,812

Bulk C
Total amount (cwt) 0 171,500.00 173,215.00 174,947.15
Price/unit $6.00 $6.00 $6.06 $6.12
Gross Sales $0.00 $1,029,000 $1,039,290 $1,049,683

Package 100 lb
Total amount (cwt) 0 735,000.00 742,350.00 749,773.50
Price/unit $12.00 $12.00 $12.12 $12.24
Gross Sales $0.00 $8,820,000 $8,908,200 $8,997,282

Millfeed
Total amount (cwt) 0 860,811 869418.919 878113.108
Price/unit $5.25 $5.25 $5.30 $5.36
Gross Sales $0.00 $4,519,257 $4,564,449 $4,610,094

Total Sales Revenue $0 $30,429,232 $30,824,029 $31,224,593

Cost of Goods Sold

Year 1 Year 2 Year 3
Wheat Price FOB elevator $22,072,072 $22,292,793 $22,515,721
Transportation cost $2,759,009 $2,786,599 $2,814,465
Insurance transportation cost $0 $0 $0
Demurrage $110,360 $111,464 $112,579
Elevation cost $331,081 $334,392 $337,736
Switching cost $0 $0 $0
Unloading cost $0 $0 $0
Other wheat delivery costs $0 $0 $0
In-elevator handling cost $0 $0 $0
Storage cost $0 $0 $0
Fumigation cost $0 $0 $0
Shrinkage cost $0 $0 $0
Bagging material $289,696 $292,593 $295,519
Total Cost of Goods Sold $25,562,218 $25,817,841 $26,076,019

Gross Margin $4,867,013.29 $5,006,188.26 $5,148,574.13

 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9

883,483.11 892,317.94 901,241.12 910,253.53 919,356.06 928,549.63

$10.77 $10.87 $10.98 $11.09 $11.20 $11.32
$9,512,149 $9,703,344 $9,898,381 $10,097,338 $10,300,295 $10,507,331

706,786.49 713,854.35 720,992.89 728,202.82 735,484.85 742,839.70

$10.66 $10.77 $10.88 $10.99 $11.10 $11.21
$7,315,240 $7,388,393 $7,462,276 $7,536,899 $7,612,268 $7,688,391

176,696.62 178,463.59 180,248.22 182,050.71 183,871.21 185,709.93

$6.18 $6.24 $6.31 $6.37 $6.43 $6.50
$1,060,180 $1,070,782 $1,081,489 $1,092,304 $1,103,227 $1,114,260

757,271.24 764,843.95 772,492.39 780,217.31 788,019.48 795,899.68

$12.36 $12.49 $12.61 $12.74 $12.87 $12.99
$9,087,255 $9,178,127 $9,269,909 $9,362,608 $9,456,234 $9,550,796

886894.239 895763.182 904720.813 913768.022 922905.702 932134.759

$5.41 $5.46 $5.52 $5.57 $5.63 $5.68
$4,656,195 $4,702,757 $4,749,784 $4,797,282 $4,845,255 $4,893,707

$31,631,019 $32,043,402 $32,461,839 $32,886,432 $33,317,279 $33,754,485

Year 4 Year 5 Year 6 Year 7 Year 8 Year 9

$22,740,878 $22,968,287 $23,197,970 $23,429,949 $23,664,249 $23,900,891
$2,842,610 $2,871,036 $2,899,746 $2,928,744 $2,958,031 $2,987,611
$0 $0 $0 $0 $0 $0
$113,704 $114,841 $115,990 $117,150 $118,321 $119,504
$341,113 $344,524 $347,970 $351,449 $354,964 $358,513
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$298,474 $301,459 $304,473 $307,518 $310,593 $313,699
$26,336,779 $26,600,147 $26,866,149 $27,134,810 $27,406,158 $27,680,220

$5,294,239.56 $5,443,254.67 $5,595,690.99 $5,751,621.54 $5,911,120.87 $6,074,265.06

 Year 10

937,835.12
$11.43
$10,718,528

750,268.10
$11.32
$7,765,275

187,567.02
$6.56
$1,125,402

803,858.68
$13.12
$9,646,304

941456.106
$5.74
$4,942,645

$34,198,154

Year 10
$24,139,900
$3,017,488
$0
$120,700
$362,099
$0
$0
$0
$0
$0
$0
$0
$316,836
$27,957,022

$6,241,131.75
Fixed
Cost Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
General & Administrative $322,140 $325,361 $328,615 $331,901 $335,220 $338,572
Maintenance $648,878 $655,367 $661,921 $668,540 $675,225 $681,978
Insurance $259,551 $262,147 $264,768 $267,416 $270,090 $272,791
Property Taxes $3,202 $3,234 $3,267 $3,299 $3,332 $3,366
Depreciation $1,084,800 $1,755,222 $1,295,129 $966,490 $732,500 $731,842
Interest $565,282 $536,615 $505,655 $472,219 $436,107 $397,106
Total Fixed $2,883,854 $3,537,948 $3,059,355 $2,709,865 $2,452,475 $2,425,655

Variable
Cost Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Labor: Yearly Wages $789,600 $797,496 $805,471 $813,526 $821,661 $829,878
Labor: Benefits $236,880 $239,249 $241,641 $244,058 $246,498 $248,963
Labor: Overtime $51,324 $51,837 $52,356 $52,879 $53,408 $53,942
Total Labor Expenses $1,077,804 $1,088,582 $1,099,468 $1,110,463 $1,121,567 $1,132,783
Utilities: Electricity $372,932.00 $376,661.32 $380,427.93 $384,232.21 $388,074.53 $391,955.28
Utilities: Water $18,646.60 $18,833.07 $19,021.40 $19,211.61 $19,403.73 $19,597.76
Total Utilities $391,579 $395,494 $399,449 $403,444 $407,478 $411,553
Cost of Goods Sold* $25,562,218 $25,817,841 $26,076,019 $26,336,779 $26,600,147 $26,866,149
Total Variable $27,031,601 $27,301,917 $27,574,936 $27,850,686 $28,129,192 $28,410,484
*COGS breakdown on Market Projections Worksheet

Other Costs $0 $0 $0 $0 $0 $0

Total Costs $29,915,455 $30,839,865 $30,634,291 $30,560,551 $30,581,667 $30,836,140

 Year 7 Year 8 Year 9 Year 10
$341,958 $345,378 $348,831 $352,320
$688,797 $695,685 $702,642 $709,669
$275,519 $278,274 $281,057 $283,867
$3,399 $3,433 $3,468 $3,502
$732,500 $145,552 $145,552 $145,552
$354,985 $309,495 $260,365 $207,305
$2,397,159 $1,777,817 $1,741,915 $1,702,215

Year 7 Year 8 Year 9 Year 10

$838,176 $846,558 $855,024 $863,574
$251,453 $253,967 $256,507 $259,072
$54,481 $55,026 $55,577 $56,132
$1,144,111 $1,155,552 $1,167,107 $1,178,778
$395,874.83 $399,833.58 $403,831.92 $407,870.24
$19,793.74 $19,991.68 $20,191.60 $20,393.51
$415,669 $419,825 $424,024 $428,264
$27,134,810 $27,406,158 $27,680,220 $27,957,022
$28,694,589 $28,981,535 $29,271,350 $29,564,064

$0 $0 $0 $0

$31,091,748 $30,759,352 $31,013,266 $31,266,279

 Annual Total # of Total Benefits Annual
Job Type Salary Employees Salaries Expense Bonus
General and Administrative Positions
Storage and Receiving Foreman $25,000 1 $25,000 $7,500 5%
Packaging, Storage, and Loadout Foreman $25,000 1 $25,000 $7,500 5%
Chief Chemist $28,000 1 $28,000 $8,400 5%
Maintenance Foreman $25,000 1 $25,000 $7,500 5%
Manager $50,000 1 $50,000 $15,000 5%
Assistant Manager $35,000 1 $35,000 $10,500 5%
Superintendent $20,000 1 $20,000 $6,000 5%
Clerical A $15,000 1 $15,000 $4,500 5%
Clerical B $13,000 1 $13,000 $3,900 5%
Totals

General Labor Positions (Direct Labor) Wage Rate 24 hours 8 hours 8 hours
(Hourly) (Monthly) [All Day] [Morning] [Afternoon]
Receiving and Storage
Unloader $9.00 1 1
Cleaning and Conditioning:
Smutter-oiler A $8.00 1 1
Smutter-oiler B $7.00
Milling:
Miller-bolter A $10.00 1
Miller-bolter B $9.00 1
Oiler-sweeper A $10.00 1
Oiler sweeper B $9.00 1
Packaging, Storage and Loadout:
Packer A $10.00 1 1
Packer B $9.00 2 2
Loader A $10.00 1 1
Loader B $9.00 2 1
Laboratory:
Chemist $10.00 1
Maintenance:
First Class A $10.00
First Class B $9.00 1 1
Second Class A $8.00 1
Second Class B $7.00 1
Other:
Chemist-sanit. relief A $10.00 1
Chemist-sanit. relief B $9.00 1
Unloader-loader-sweeper A $8.00
Unloader-loader-sweeper B $7.00
Total Labor Expense
Total # of Employees 0 14 12
Bonus Yearly
Expense Expense

$1,625 $34,125
$1,625 $34,125
$1,820 $38,220
$1,625 $34,125
$3,250 $68,250
$2,275 $47,775
$1,300 $27,300
$975 $20,475
$845 $17,745
$322,140

8 hours Total # of Hours/ Hours/ $/ Benefits Overtime Overtime

[Night] Employees Day Year Year Expense Percentage Expense

2 16 5,600 $50,400 $15,120.00 5% $3,276.00

2 16 5,600 $44,800 $13,440.00 5% $2,912.00

1 1 8 2,800 $19,600 $5,880.00 5% $1,274.00

1 2 16 5,600 $56,000 $16,800.00 5% $3,640.00

1 8 2,800 $25,200 $7,560.00 5% $1,638.00
1 2 16 5,600 $56,000 $16,800.00 5% $3,640.00
1 8 2,800 $25,200 $7,560.00 5% $1,638.00

2 16 5,600 $56,000 $16,800.00 5% $3,640.00

4 32 11,200 $100,800 $30,240.00 5% $6,552.00
2 16 5,600 $56,000 $16,800.00 5% $3,640.00
3 24 8,400 $75,600 $22,680.00 5% $4,914.00

1 8 2,800 $28,000 $8,400.00 5% $1,820.00

1 1 8 2,800 $28,000 $8,400.00 5% $1,820.00

2 16 5,600 $50,400 $15,120.00 5% $3,276.00
1 8 2,800 $22,400 $6,720.00 5% $1,456.00
1 8 2,800 $19,600 $5,880.00 5% $1,274.00

1 8 2,800 $28,000 $8,400.00 5% $1,820.00

1 8 2,800 $25,200 $7,560.00 5% $1,638.00
1 1 8 2,800 $22,400 $6,720.00 5% $1,456.00
0 - $0 $0.00 5% $0.00
$789,600 $236,880 $51,324
5 31
 Yearly
Total Expense

$68,796.00

$61,152.00
$26,754.00

$76,440.00
$34,398.00
$76,440.00
$34,398.00

$76,440.00
$137,592.00
$76,440.00
$103,194.00

$38,220.00

$38,220.00
$68,796.00
$30,576.00
$26,754.00

$38,220.00
$34,398.00
$30,576.00
$0.00
$1,077,804
Loan Amortization

Total PP&E $12,977,568.00

Member Equity $7,786,540.80
Loan amount $5,191,027.20
Long term interest rate 8.00%
Loan term 10.00
Annual Payment $773,616.13

Year 1 Year 2
Beginning Balance $5,191,027.20 $4,832,693.25
Interest $415,282.18 $386,615.46
Principal $358,333.95 $387,000.67
Ending Balance $4,832,693.25 $4,445,692.58

Working Capital* $2,500,000.00

Short Term Interest Rate 6.00%
Interest Amount $150,000.00

Total Interest Expense $565,282.18 $536,615.46

Total Principle Payment $358,333.95 $387,000.67

*Working Capital is the short-term borrowing made by the mill to purchase inputs and make payroll, all to be paid bac
Note: While this value may be determined by the template's users, a good rule of thumb is 10% of the average annua
 Year 3 Year 4 Year 5 Year 6 Year 7
$4,445,692.58 $4,027,731.85 $3,576,334.27 $3,088,824.88 $2,562,314.75
$355,655.41 $322,218.55 $286,106.74 $247,105.99 $204,985.18
$417,960.72 $451,397.58 $487,509.39 $526,510.14 $568,630.95
$4,027,731.85 $3,576,334.27 $3,088,824.88 $2,562,314.75 $1,993,683.80

$505,655.41 $472,218.55 $436,106.74 $397,105.99 $354,985.18

$417,960.72 $451,397.58 $487,509.39 $526,510.14 $568,630.95

make payroll, all to be paid back during the operating year.

mb is 10% of the average annual Total Variable costs.
 Year 8 Year 9 Year 10
$1,993,683.80 $1,379,562.37 $716,311.23
$159,494.70 $110,364.99 $57,304.90
$614,121.43 $663,251.14 $716,311.23
$1,379,562.37 $716,311.23 $0.00

$309,494.70 $260,364.99 $207,304.90

$614,121.43 $663,251.14 $716,311.23
 Buildings
Depreciation Cost $6,307,235.00
Buildings Value Life 39
Receiving/ Storage $2,752,568.00 Salvage percent 10%
Cleaning/ Cleaning $1,047,111.00 Salvage $630,723.50
Milling $955,833.00 Depreciation per year $145,551.58
Product Packaging/Storage/etc $1,431,167.00
Lab/ Office $120,556.00 Equipment
Total Buildings $6,307,235.00 Cost $6,572,767.00
Salvage Percent 10.00% Life 7
Salvage $630,723.50 Year Yearly Depreciation
Life 39 1 $939,248.40
2 $1,609,670.64
Equipment (Includes Installation) Value 3 $1,149,576.95
Receiving/ Storage $1,659,217.00 4 $820,938.60
Cleaning/ Cleaning $668,275.00 5 $586,948.09
Milling $2,847,960.00 6 $586,290.82
Product Packaging/Storage/etc $1,206,106.00 7 $586,948.09
Lab/ Office $191,209.00 $6,279,621.59
Total Equipment $6,572,767.00

Total Land $97,566.00

Total Property Plant & Equipment $12,977,568.00

Rate Balance
14.29% $5,633,519
24.49% $4,023,848
17.49% $2,874,271
12.49% $2,053,332
8.93% $1,466,384
8.92% $880,094
8.93% $293,145
95.54%
Income and Expense Summary

Gross Sales Year 1 Year 2 Year 3 Year 4 Year 5

Bulk A $8,960,875.00 $9,140,988.59 $9,324,722.46 $9,512,149.38 $9,703,343.58
Bulk B $7,100,100.00 $7,171,101.00 $7,242,812.01 $7,315,240.13 $7,388,392.53
Bulk C $1,029,000.00 $1,039,290.00 $1,049,682.90 $1,060,179.73 $1,070,781.53
Package 100 lb $8,820,000.00 $8,908,200.00 $8,997,282.00 $9,087,254.82 $9,178,127.37
Millfeed $4,519,256.76 $4,564,449.32 $4,610,093.82 $4,656,194.76 $4,702,756.70
Total Sales $30,429,231.76 $30,824,028.91 $31,224,593.19 $31,631,018.81 $32,043,401.71

Expenses
Variable Costs $27,031,601.07 $27,301,917.08 $27,574,936.25 $27,850,685.61 $28,129,192.47
Fixed Costs $2,883,854.32 $3,537,947.56 $3,059,354.91 $2,709,865.41 $2,452,474.67
Other $0.00 $0.00 $0.00 $0.00 $0.00
Total Expenses $29,915,455.39 $30,839,864.64 $30,634,291.16 $30,560,551.03 $30,581,667.14

EBT $513,776.37 ($15,835.72) $590,302.02 $1,070,467.79 $1,461,734.57

*Interest is included in fixed expenses
Income Taxes $308,265.82 $0.00 $354,181.21 $642,280.67 $877,040.74

Net Income $205,510.55 ($15,835.72) $236,120.81 $428,187.12 $584,693.83

Approx. Cash Flow* $931,976.58 $1,352,385.82 $1,113,288.61 $943,279.71 $829,684.11

*Cash flow does not consider increases or decreases in working capital.

 Year 6 Year 7 Year 8 Year 9 Year 10
$9,898,380.79 $10,097,338.24 $10,300,294.74 $10,507,330.66 $10,718,528.01
$7,462,276.46 $7,536,899.22 $7,612,268.21 $7,688,390.90 $7,765,274.80
$1,081,489.34 $1,092,304.23 $1,103,227.28 $1,114,259.55 $1,125,402.15
$9,269,908.64 $9,362,607.73 $9,456,233.81 $9,550,796.14 $9,646,304.11
$4,749,784.27 $4,797,282.11 $4,845,254.93 $4,893,707.48 $4,942,644.56
$32,461,839.50 $32,886,431.54 $33,317,278.97 $33,754,484.74 $34,198,153.62

$28,410,484.39 $28,694,589.24 $28,981,535.13 $29,271,350.48 $29,564,063.99

$2,425,655.32 $2,397,158.86 $1,777,817.03 $1,741,915.02 $1,702,214.92
$0.00 $0.00 $0.00 $0.00 $0.00
$30,836,139.72 $31,091,748.10 $30,759,352.16 $31,013,265.50 $31,266,278.90

$1,625,699.78 $1,794,683.44 $2,557,926.81 $2,741,219.23 $2,931,874.72

$975,419.87 $1,076,810.07 $1,534,756.09 $1,644,731.54 $1,759,124.83

$650,279.91 $717,873.38 $1,023,170.72 $1,096,487.69 $1,172,749.89

$855,612.17 $881,742.10 $554,600.88 $578,788.13 $601,990.23

This sheet summaries the feasibility of the project. It provides net present value, benefit cost ratio and inte
The Net Present Value calculations are based on the discount rate you entered on the input page
Discount Rate 12.00%

Year 0 1 2
Gross Margin $30,429,232 $30,824,029
Discount Factor 1.0000 0.892857 0.797194
PV of Income $0 $27,168,957 $24,572,727

Initial Investment $12,977,568

Start-up Expenses $1,000,000
Annual Expenses $29,915,455 $30,839,865
Less Depreciation and Term Interest 1,500,082 2,141,838

Cash Expenses $13,977,568 $28,415,373 $28,698,027

Discount factor 1.0000 0.892857 0.797194
PV of Expenses $13,977,568 $25,370,869 $22,877,891

Benefits less Costs -$13,977,568 $2,013,859 $2,126,002

PV Benefits less PV Costs -$13,977,568 $1,798,088 $1,694,836

Total PV of Income $180,212,819

Total PV of Expenses $180,393,698
Net Present Value -$180,879
Internal Rate of Return 11.7078%
PV Benefit/PV Cost Ratio 1.00
Payback Period
*Payback Period only displayed if less than 10 years

Return on Assets 1.58% -0.12%

(after tax profits/PP&E investment)
 esent value, benefit cost ratio and internal rate of return
ou entered on the input page

3 4 5 6 7
$31,224,593 $31,631,019 $32,043,402 $32,461,839 $32,886,432
0.711780 0.635518 0.567427 0.506631 0.452349
$22,225,049 $20,102,084 $18,182,287 $16,446,178 $14,876,152

$30,634,291 $30,560,551 $30,581,667 $30,836,140 $31,091,748

1,650,784 1,288,709 1,018,606 978,948 937,485

$28,983,507 $29,271,842 $29,563,061 $29,857,191 $30,154,263

0.711780 0.635518 0.567427 0.506631 0.452349
$20,629,888 $18,602,785 $16,774,875 $15,126,582 $13,640,257

$2,241,086 $2,359,177 $2,480,341 $2,604,648 $2,732,168

$1,595,161 $1,499,299 $1,407,412 $1,319,596 $1,235,894

1.82% 3.30% 4.51% 5.01% 5.53%

 8 9 10
$33,317,279 $33,754,485 $34,198,154
0.403883 0.360610 0.321973
$13,456,290 $12,172,206 $11,010,890

$30,759,352 $31,013,266 $31,266,279

305,046 255,917 202,856

$30,454,306 $30,757,349 $31,063,422

0.403883 0.360610 0.321973
$12,299,983 $11,091,408 $10,001,591

$2,862,973 $2,997,136 $3,134,731

$1,156,307 $1,080,797 $1,009,300

7.88% 8.45% 9.04%