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Year20092010201120122013201420152016201720182019202020212022202320242025202620272028

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Salary400,000420,000440,000800,0001,100,0001,500,0003,500,0003,500,0003,500,000

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Tax Rate / After Tax50%200,000210,000220,000400,000550,000750,0001,750,0001,750,0001,750,00000000000000

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Per Share Cut of After-Tax Salary0.0016%

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Net Cash Flow Per Share Per Year$3$3$4$6$9$12$28$28$28$0$0$0$0$0$0$0$0$0$0$0

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Total Cash Flow Per Share$121.28

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Required Rate of Return25%

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2008 Present Value of Future Per-Share Cash Flows$29

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Price Per Share$20