Table 2. Incremental NPV of Non-Residential Exchange as a Percent of Replacement Property Value Holding Period of Replacement Property Holding Period of Replacement Property (HOLD ) (n&) 5 10 20 25 30 39 5 10 20 25 30 39 Panel A: - 15%0,k=8%,oEC,=SC l 5 2% 1.51 1.81 2.02 2.03 2.02 1.99 5 6% 1.87 2.45 2.84 2.87 2.85 2.78 5 10% 2.15 2.95 3.50 3.53 3.51 3.41 5 20% 2.65 3.83 4.64 4.69 4.65 4.51 10 2% 2.85 3.47 3.89 3.91 3.89 3.82 10 6% 3.08 4.10 4.79 4.84 4.81 4.68 10 10% 3.23 4.51 5.39 5.45 5.41 5.25 10 20% 3.42 5.05 6.17 6.24 6.19 5.99 20 2% 4.86 5.98 6.73 6.78 6.75 6.61 20 6% 4.16 5.69 6.73 6.80 6.75 6.56 20 10% 3.85 5.56 6.73 6.80 6.75 6.54 30 2% 6.18 7.65 8.65 8.71 8.67 8.49 30 6% 4.39 6.14 7.33 7.41 7.35 7.14 30 10% 3.83 5.67 6.93 7.01 6.95 6.72 39 2% 6.92 8.62 9.78 9.85 9.80 9.59 39 6% 4.31 6.15 7.41 7.49 7.43 7.20 39 10% 3.74 5.61 6.89 6.97 6.91 6.68 Panel C: T 150%,k=8%,EC, 1.2*sc } 5 2% 0.97 1.27 1.47 1.48 1.47 1.43 5 6% 1.33 1.90 2.29 2.32 2.30 2.23 5 10% 1.62 2.41 2.95 2.98 2.96 2.86 5 20% 2.12 3.29 4.09 4.14 4.10 3.96 10 2% 2.32 2.92 3.34 3.36 3.34 3.27 10 6% 2.54 3.55 4.24 4.29 4.25 4.13 10 10% 2.69 3.97 4.84 4.90 4.85 4.70 10 20% 2.89 4.51 5.61 5.69 5.63 5.44 20 2% 4.33 5.43 6.18 6.23 6.20 6.06 20 6% 3.63 5.15 6.18 6.24 6.20 6.01 20 10% 3.32 5.02 6.18 6.25 6.20 5.99 30 2% 5.65 7.10 8.10 8.16 8.12 7.94 30 6% 3.85 5.59 6.78 6.86 6.80 6.59 30 10% 3.30 5.13 6.37 6.45 6.39 6.17 39 2% 6.38 8.08 9.23 9.30 9.25 9.04 39 6% 3.78 5.61 6.86 6.93 6.88 6.65 39 10% 3.20 5.07 6.33 6.42 6.36 6.13 Panel E: Trg 20%, k=8%,EC, =sc 5 20o0 1.29 1.77 2.17 2.24 2.27 2.27 5 6% 1.96 2.87 3.63 3.76 3.81 3.82 5 10% 2.49 3.74 4.80 4.98 5.05 5.05 5 20% 3.42 5.26 6.82 7.08 7.19 7.20 10 2% 2.52 3.48 4.29 4.43 4.48 4.49 10 6% 3.34 4.94 6.29 6.51 6.60 6.61 10 10% 3.89 5.90 7.60 7.89 8.00 8.01 10 20% 4.60 7.15 9.31 9.67 9.81 9.82 20 2% 4.40 6.13 7.60 7.85 7.95 7.96 20 6% 4.78 7.16 9.18 9.51 9.65 9.66 20 10% 4.95 7.62 9.89 10.26 10.42 10.43 30 2% 5.69 7.98 9.93 10.25 10.38 10.39 30 6% 5.29 8.03 10.34 10.73 10.88 10.90 30 10% 5.17 8.04 10.47 10.88 11.04 11.05 39 2% 6.47 9.13 11.38 11.75 11.90 11.92 39 6% 5.41 8.29 10.72 11.13 11.29 11.30 39 10% 5.18 8.10 10.58 10.99 11.16 11.17 Panel B: r 15%,k=100%,EC,-SC t 1.65 1.99 2.21 2.23 2.23 2.20 2.13 2.80 3.22 3.25 3.24 3.20 2.52 3.44 4.01 4.06 4.04 3.99 3.19 4.55 5.40 5.46 5.44 5.36 3.13 3.84 4.28 4.32 4.31 4.26 3.54 4.71 5.45 5.50 5.49 5.42 3.81 5.29 6.22 6.29 6.27 6.18 4.17 6.04 7.22 7.30 7.28 7.16 5.37 6.65 7.45 7.51 7.49 7.41 4.86 6.61 7.71 7.79 7.77 7.66 4.63 6.59 7.83 7.92 7.89 7.77 6.85 8.54 9.60 9.67 9.65 9.55 5.19 7.20 8.46 8.55 8.53 8.40 4.67 6.78 8.11 8.20 8.18 8.05 7.69 9.65 10.88 10.96 10.94 10.82 5.15 7.26 8.59 8.69 8.66 8.53 4.59 6.74 8.09 8.19 8.16 8.03 Panel D: r 15%, k=10%, EC, 1.2C'c I 1.11 1.44 1.66 1.67 1.67 1.65 1.59 2.25 2.66 2.69 2.68 2.64 1.98 2.89 3.46 3.50 3.48 3.43 2.65 3.99 4.84 4.90 4.88 4.80 2.59 3.29 3.73 3.76 3.75 3.70 3.01 4.16 4.89 4.94 4.93 4.86 3.28 4.74 5.66 5.73 5.71 5.62 3.63 5.49 6.66 6.74 6.72 6.60 4.84 6.10 6.89 6.95 6.93 6.85 4.32 6.06 7.15 7.23 7.21 7.10 4.09 6.04 7.27 7.36 7.33 7.21 6.31 7.99 9.04 9.11 9.09 8.99 4.65 6.65 7.90 7.99 7.97 7.84 4.13 6.23 7.55 7.64 7.62 7.49 7.16 9.10 10.32 10.40 10.38 10.26 4.61 6.71 8.03 8.13 8.10 7.97 4.05 6.19 7.53 7.63 7.60 7.47 Panel F: r 200%,k=100%,EC, sc I 1.48 2.01 2.42 2.48 2.50 2.51 2.31 3.33 4.11 4.22 4.27 4.27 2.98 4.39 5.45 5.61 5.67 5.68 4.14 6.21 7.79 8.02 8.11 8.12 2.89 3.97 4.80 4.92 4.96 4.97 3.97 5.76 7.12 7.32 7.40 7.41 4.68 6.93 8.65 8.90 9.00 9.02 5.60 8.46 10.63 10.96 11.08 11.10 5.08 7.03 8.51 8.73 8.81 8.83 5.71 8.39 10.42 10.72 10.83 10.86 6.00 9.00 11.28 11.62 11.75 11.77 6.59 9.17 11.12 11.41 11.52 11.54 6.36 9.43 11.77 12.11 12.25 12.27 6.29 9.52 11.97 12.33 12.47 12.50 7.51 10.50 12.76 13.10 13.23 13.25 6.54 9.77 12.22 12.58 12.72 12.75 6.32 9.61 12.10 12.47 12.61 12.64