0.

04(100M)-400,000=
+$3,600,000 2,000,000+3,600,000=
0.04(50M)-200,000= +
$1,800,000 +$5,600,000
3.6 M
2,000,000-400,000= +$1,600,000

0.04(25M)-800,000= 200,000+1,800,000= +
+$200,000 $2,000,000
2.16 M 200,000- 200,000=
0.04(50M)-200,000=
$0 +$1,800,000

0.04(100M)-400,000=
3,800,000+1,800,000= +$5,600,000
2.3 M +$3,600,000

4.8 M 3,800,000-200,000= +$3,600,000

1.37 M
200,000+3,600,000=
+ $3,800,000

200,000-400,000= -
$200,000

+$200,000

- $800,000

$0