2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Income 8700000 9135000 9591750 10071338 10574904 11103649.6 11658832 12241774 12853862 13496555Depreciation -1001000 -1715000 -1225000 -875000 -623000 -623000 -315000 0 0 0Cash Flow (EBT) 7699000 7420000 8366750 9196337.5 9951904 10480649.6 11343832 12241774 12853862 13496555Tax @ 35% -2694650 -2597000 -2928363 -3218718 -3483167 -3668227.4 -3970341 -4284621 -4498852 -4723794Cash Flow 5004350 4823000 5438388 5977619 6468738 6812422.24 7373490.8 7957153 8355011 8772761.06Add Back Depreciation 1001000 1715000 1225000 875000 623000 623000 315000 0 0 0Cash Flow 6005350 6538000 6663388 6852619 7091738 7435422.24 7688490.8 7957153 8355011 8772761.06Salvage Value 2000000Tax on Salvage Value -700000Final Cash Flow 6005350 6538000 6663388 6852619 7091738 7435422.24 7688490.8 7957153 8355011 10072761NPV 5459409 5403305.8 5006302 4680431 4403411 4197102.01 3945411.5 3712071 3543340 3883485.43 37224269Payback Period 2 Years