ROE 15% PB=1.5

	A	B	C	D
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7	Year	Book Value	price	P/B=1
8	0	1,000.00	1,500.00
9	1	1,150.00	1,725.00
10	2	1,322.50	1,983.75
11	3	1,520.88	2,281.31
12	4	1,749.01	2,623.51
13	5	2,011.36	3,017.04
14	6	2,313.06	3,469.59
15	7	2,660.02	3,990.03
16	8	3,059.02	4,588.53
17	9	3,517.88	5,276.81
18	10	4,045.56	6,068.34
19	11	4,652.39	6,978.59
20	12	5,350.25	8,025.38
21	13	6,152.79	9,229.18
22	14	7,075.71	10,613.56
23	15	8,137.06	12,205.59
24	16	9,357.62	14,036.43
25	17	10,761.26	16,141.90
26	18	12,375.45	18,563.18
27	19	14,231.77	21,347.66
28	20	16,366.54	24,549.81	16,366.54
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