Year 0 1 2 3 4 5

Sales 12 12 12 12 12
Less Operating exp 3 3 3 3 3
Depreciation 5.2 5.2 5.2 5.2 5.2
EBIT 3.8 3.8 3.8 3.8 3.8
Add Depreciation 5.2 5.2 5.2 5.2 5.2
Less Fix capital 34 -4
Cash flow -34 9 9 9 9 13
Discounted -34 8.181818 7.438017 6.761833 6.147121 8.071977 2.600766

1) initial cash flow = -34

2) incremental cash for year 1= 9

3) NPV = tổng của discounted cash flow = 2.600766