Wanderer,

I'm with you down to "7.70 (30% disc rate)"

Below that, I would do this:

20,000 X 11.574 X 9.00 = 2,083,320 = Revenue

20,000 X 11.574 X 7.70 = 1,782,396 = costs

Net proceeds = $300,924

Hope this helps

S