– C – D) x Tc - Project Net Income = EBIT – Taxes = (S – C – D) – (S – C – D) x Tc = (S – C – D) x (1 – Tc) - Bottom Up Approach = OCF = (S – C – D) + D – (S – C – D) x Tc = (S – C – D) x (1 – Tc) + D - Top Down Approach = OCF = (S – C – D) + D – (S – C – D) x Tc = (S –C) – (S – C – D) x Tc = Sales – Costs – Taxes - Tax-Shield Approach = OCF = (S – C – D) + D – (S – C – D) x Tc = (S – C) x (1 – Tc) + D x Tc - Depreciation (CCA) Tax Shield = D x Tc - PVCCATS: C = Total Capital Investment in
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xerography, or any other means, or incorporated into any information retrieval system, electronic or mechanical, without the written permission of the publisher. All inquiries should be emailed to rights@newagepublishers.com ISBN (13) : 978-81-224-2944-2 PUBLISHING FOR ONE WORLD NEW AGE INTERNATIONAL (P) LIMITED, PUBLISHERS 4835/24, Ansari Road, Daryaganj, New Delhi - 110002 Visit us at www.newagepublishers.com PREFACE I started my teaching career in the year 1964. I was teaching Production
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