Table T-11.9
Financial Leverage with sales=40,000 and FC=16,500
Debt/Total Assets	0.2	0.3	0.4	0.5	0.6	0.7	0.8
Debt	4,800	7,200	9,600	12,000	14,400	16,800	19,200
Equity	19,200	16,800	14,400	12,000	9,600	7,200	4,800
Total Assets	24,000	24,000	24,000	24,000	24,000	24,000	24,000
# shares	960	840	720	600	480	360	240
Sales	40,000	40,000	40,000	40,000	40,000	40,000	40,000
COGS	10,000	10,000	10,000	10,000	10,000	10,000	10,000
Gross Profit	30,000	30,000	30,000	30,000	30,000	30,000	30,000
Expenses	26,500	26,500	26,500	26,500	26,500	26,500	26,500
EBIT	3,500	3,500	3,500	3,500	3,500	3,500	3,500
Interest	384	576	768	960	1152	1344	1536
PBT	3,116	2,924	2,732	2,540	2,348	2,156	1,964
Tax	1246	1170	1093	1016	939	862	786
PAT	1,870	1,754	1,639	1,524	1,409	1,294	1,178
EPS	1.95	2.09	2.28	2.54	2.94	3.59	4.91
I%	0.08	0.08	0.08	0.08	0.08	0.08	0.08
ROE	0.1	0.1	0.11	0.13	0.15	0.18	0.25
ROA	0.08	0.07	0.07	0.06	0.06	0.05	0.05
DFL	1.12	1.2	1.28	1.38	1.49	1.62	1.78
FLI	1.25	1.43	1.57	2.17	2.5	3.6	5
WACC	0.09	0.1	0.1	0.11	0.12	0.12	0.13