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					                                                  d71904ac-9f55-4cf1-948f-7ce24aebf497.xlsx

     A        B            C              D               E            F            G            H              I       J             K
1        Assumptions
2        Client age                                           55                Time Share Interval Purc Cost       $   12,500
3        Vacation years                                       20                Time Share Down Payment (%)                10%
4        Vac days per year                                     7                Home Equity Loan Rate                    5.81%
5        Vac rent per night yr 1                      $ (200.00)                Home Equity Loan Period (yrs)                10
6        Time Share Intvl Annual Fee Yr 1             $ 695.00                  Perc Time Share Mktg Cost                  43%
7        Marginal Tax Rate                                  33%                 Time Share Sales Commission                20%
8
9                    Vacation Rental                                                      Time Share Interval Ownership
                                               10% Down                                                   Interest                Total Cash
10          Year     Annual Rent Present Value Payment             Annual Fee    Interest    Principal    Tax Ded     Resale        Flow
11            0
12            1
13            2
14            3
15            4
16            5
17            6
18            7
19            8
20            9
21           10
22           11
23           12
24           13
25           14
26           15
27           16
28           17
29           18
30           19
31           20
32                      Total      $          -                                                                                     Total
                                   d71904ac-9f55-4cf1-948f-7ce24aebf497.xlsx

     A   B   C                D              E              F            G             H        I   J   K
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                 Assignment: Explore the following uncertainties using a spider chart:
40
                 (first separate the inflation into three types and set up an outcome cell to
41               show the difference in NPV Rental - NPV Time Share)
42               Vacation Rental Inflation
43               Annual Fee Inflation
44               Appreciation (for resale purposes)
45               Cost of Money
46
                                d71904ac-9f55-4cf1-948f-7ce24aebf497.xlsx

          L        M   N
1
2 Inflation                3%
3 Cost of Money            5%
4
5
6
7
8
9

10 Present Value
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12
13
14
15
16
17
18
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20
21
22
23
24
25
26
27
28
29
30
31
32 $        -

				
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