Complete the Capital Budgeting Case  Includes an Excel Spreadsheet and a Paper
For your answer to be accepted you must complete the ENTIRE assignment as it is outlined below. This includes a spreadsheet with formulas and a paper.
Capital Budgeting Case
Your company is thinking about acquiring another corporation. You have two choices—the cost of each choice is $250,000. You cannot spend more than that, so acquiring both corporations is not an option. The following are your critical data:
Corporation A
Revenues = $100,000 in year one, increasing by 10% each year
Expenses = $20,000 in year one, increasing by 15% each year
Depreciation expense = $5,000 each year
Tax rate = 25%
Discount rate = 10%
Corporation B
Revenues = $150,000 in year one, increasing by 8% each year
Expenses = $60,000 in year one, increasing by 10% each year
Depreciation expense = $10,000 each year
Tax rate = 25%
Discount rate = 11%
Compute and analyze items (a) through (d) using a Microsoft Excel spreadsheet. Make sure all calculations can be seen in the background of the applicable spreadsheet cells. In other words, leave an audit trail so others can see how you arrived at your calculations and analysis. Items (a) through (d) should be submitted in Microsoft Excel; indicate your recommendation (e) in the Microsoft Excel spreadsheet; the paper stated in item (f) should be submitted consistent with APA guidelines.
a. A 5year projected income statement
b. A 5year projected cash flow
c. Net present value (NPV)
d. Internal rate of return (IRR)
e. Based on items (a) through (d), which company would you recommend acquiring?
f. Write a paper of no more 1,050 words that defines, analyzes, and interprets the answers to items (c) and (d). Present the rationale behind each item and why it supports your decision stated in item (e). Also, attempt to describe the relationship between NPV and IRR. (Hint. The key factor is the discount rate used.) In addition to the paper, a Micosoft Excel spreadsheet showing your projections and calculations must be shown and attached.
QRB/501 QRB 501 Week 6  Learning Team Assignment  Capital Budgeting Case  A+, work shown, and original!
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QRB/501 xxx xxx xxxx 6  xxxxxxxx Team Assignment  Capital xxxxxxxxx xxxx  A+, xxxx shown, xxx original!
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xxx xxx xxxx x Learning xxxx Assignment  Capital xxxxxxxxx xxxx xxxxxxxxx
Sheet2
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx A  xxxxxxxxxxx x  
xxxx  1  2  x  x  x  x  2  3  4  5 
Revenues  xxxxxx  xxxxxx  121000  xxxxxx  146410.0000000001  xxxxxx  162000  xxxxxx  xxxxxx  204073 
xxxx xxxxxxxx  xxxxx  xxxxx  xxxxx  xxxxx  xxxxx  xxxxx  xxxxx  72600  xxxxx  87846 
Profit xxxxxx xxxxxxxxxxxx  xxxxx  xxxxx  xxxxx  xxxxxx  xxxxxx  90000  xxxxx  xxxxxx  109097  xxxxxx 
less xxxxxxxxxxxx  5000  5000  xxxx  5000  xxxx  10000  10000  xxxxx  10000  xxxxx 
xxxxxx xxxxxx xxxxx  xxxxx  xxxxx  xxxxx  xxxxx  106430  80000  xxxxx  92360  xxxxx  106227 
xxxx Taxes  18750  20500  xxxxx  xxxxx  xxxxx  20000  21500  xxxxx  24774  xxxxx 
xxx Income  xxxxx  xxxxx  xxxxx  xxxxx  79822  xxxxx  64500  69270  xxxxx  79671 
Net xxxxxx  20000  xxxxx  26450  xxxxx  xxxxx  xxxxx  66000  72600  xxxxx  87846 
Add xxxxxxxxxxxx  0  x  0  0  0  10000  0  x  x  x 
xxxxxxxxx Cash xxxx  20000  xxxxx  26450  30417  34980  70000  xxxxx  72600  79860  87846 
Year  xxxx xxxx  PV10%DR  xx  xxxx xxxx  PV11%DR  xx  
x  xxxxxxx  x  xxxxxxx  xxxxxxx  1  xxxxxxx  
1  xxxxx  xxxxxxxxxxxx  xxxxxxxxxxxxxxxx  xxxxx  xxxxxxxxxxxx  63063.0630630631  
2  66500  xxxxxxxxxxx  xxxxxxxxxxxxxxxx  xxxxx  xxxxxxxxxxxx  60465.8712766821  
x  xxxxx  0.7513148009  xxxxxxxxxxxxxxxx  xxxxx  0.7311913813  xxxxxxxxxxxxxxxx  
4  xxxxx  xxxxxxxxxxxx  53453.9990437812  84323  0.6587309741  55546.1719328288  
x  xxxxx  xxxxxxxxxxxx  xxxxxxxxxxxxxxxx  xxxxx  0.5934513281  53215.374038339  
xxx  * xxxxxxxxx  xxx  xxxxx  
IRR  xxxxxx  xxx  16.94%  
xxxx  Cash xxxx  Cumulative  xxxx 
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Capital Budgeting Case...A++ solution...
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xxxxxxx xxxxxxxxx
xxxx
xxxx
Teacher
xxxxxxxxxx xxxx
xxxxxxx xxxxxxxxxx which is xxxx xxxxxx "investment xxxxxxxxxxx xx the xxxxxxxx process used xx determine which of xx xxxxxxxxxxxxxx xxxx term investments such as new xxxxxxxxxx replacement machinery, new plants, xxx products, and research xxxxxxxxxxx xxxxxxxx xxx xxxxx xxxxxxxxx It is xx xxxxxx for xxxxx xxxxxxx xxxxxxxxxxx xx xxxxxxxxxxxxx One xx xxx xxxxxxx xxxxx of xxxxxxx xxxxxxxxx investments is xx xxxxxxxx xxx value xx the xxxx xx xxx shareholders.
Many xxxxxx xxxxxxx xxx used xx capital budgeting, including the xxxxxxxxxx xx xxxxxxxxx
xxx present value
xxxxxxxx rate of return
Payback period
xxxxxxxxxxxxx index
Equivalent xxxxxxx
Real xxxxxxx analysis
xxx Present Value
xxx xxxxxxx value (NPV) xx xxxx xx estimate xxxx xxxxxxxxx xxxxxxxxx value by xxxxx x discounted cash xxxx (DCF) valuation. xxxx valuation xxxxxxxx estimating xxx xxxx and timing xx all the xxxxxxxxxxx cash xxxxx xxxx xxx project. xxx NPV xx greatly xxxxxxxx
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xxxxxx
xxxxxxxxxxxxxxxxx xxxxxxxxx xxxx 
xxxx company is xxxxxxxx xxxxx xxxxxxxxx xxxxxxx corporation. You xxxx two choices—the xxxx xx xxxx choice is xxxxxxxxx You cannot xxxxx more than that, so acquiring both xxxxxxxxxxxx xx not xx option. The following xxx your xxxxxxxx data: 
xxxxxxxxxxx A 
Revenues = $100,000 xx xxxx xxxx increasing by xxx each year 
xxxxxxxx x $20,000 xx year one, xxxxxxxxxx xx 15% each year 
Depreciation xxxxxxx = xxxxxx xxxx year 
xxx xxxx x xxx 
xxxxxxxx rate = 10% 
xxxxxxxxxxx x 
Revenues = xxxxxxxx xx year xxxx xxxxxxxxxx xx xx xxxx xxxx 
xxxxxxxx x xxxxxxx in year one, increasing xx xxx xxxx year 
Depreciation xxxxxxx = $10,000 each xxxx 
xxx xxxx x 25% 
Discount rate x xxx 
Compute xxx analyze xxxxx xxx xxxxxxx xxx xxxxx a xxxxxxxxx® xxxxx® spreadsheet. xxxx sure all calculations can xx xxxx in xxx background xx the xxxxxxxxxx xxxxxxxxxxx cells. xx xxxxx words, xxxxx xx audit trail so xxxxxx can see xxx you xxxxxxx at your xxxxxxxxxxxx xxx xxxxxxxxx xxxxx (a) 
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Week 6 Capital Budgeting Case Study / Both paper and excel sheet / (Scored: Full Points)
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Week x xxxxxxx xxxxxxxxx Case xxxxx
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xxxxxxx BUDGETING
xxxx 5 xxxxxxx Budgeting
xxxxxxxx
�
xxxxxxx xxxxxxxxx xxxx Case
Business xxxxxx look into x xxxxxxx xx different methods to use, in xxxxx to efficiently analyze business investment. xxx is the calculation of the net present xxxxxx The xxxxxx most effective method xxxxx be the xxxxxxxxxxx of xxx xxxxxxxx xxxx of xxxxxxx There are also other useful methods such as the xxxxxxx xxxx xxx xxx profitability xxxxxx Many xxxxxxxx owners xxx xxx xxxxx procedures to xxxx xxxx in xxxxx xxxxxxxx making xx xxxxxxxxx other xxxxxxxxxxx
xxx is important to x xxxxxxx because xx xxx cost of the xxxxxxxxxx xx xxxxx to be, xx is xxxx xxxx the xxxxxxx from xxxx project, then xx may be more cost xxxxxxxxx xx shut xxxx xxx xxxxxxx all together xxxxxx xxxx xxxx xxxx money. If multiple xxxxxxxx are available, xxxx xx is best xx xxxxxxxxx xxx xxx xxxxx xxx each xxxxxxx xxxxxxxxxx those xxxx have x xxxxxxxx xxxx xxx reject xxx ones xxxx have xxxx or negative xxxxx Moreover, xxx
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INCOME xxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xx  
Revenues = xxxxxxx in xxxx xxxx increasing xx 10% each year.  
Expenses = xxxxxx xx xxxx xxxx xxxxxxxxxx xx xxx each year.  
Depreciation xxxxxxx x . 5,000 each year  
xxx xxxx x 25%  
Discount rate xxx  
xxxxxxxxx OF INCOME STATEMENT xxx xxxxxxxxx CASH xxxx xxxxxxxxx  
xxxx x  xxxx x  xxxx 2  xxxx x  YEAR x  YEAR 5  
REVENUES  xxxxxx  110000  121000  133100  xxxxxx  
LESS xxxxxxxx  20000  xxxxx  26450  30417  xxxxx  
xxxx  80000  87000  94550  102683  111430  
xxxx DEPRECIATON  5000  xxxx  xxxx  xxxx  xxxx  
xxx  75000  82000  xxxxx  97683  106430  
LESS TAXES  xxxxx  xxxxx  xxxxx  xxxxx  26607  
PAT  xxxxx  xxxxx  xxxxx  xxxxx  79822  
xxxxxxxxx xxxx xxxxx  xxxxx  xxxxx  xxxxx  xxxxx  xxxxx  
NET CASH FLOWS  xxxxxxx  61250  xxxxx  72163  xxxxx  84822 
xx xx CASH FLOWS  250000  55682  xxxxx  54217  53454  xxxxx 
xxxxxxxxxx DISCOUNTEDCASH xxxxx  xxxxxxx  xxxxxxx  xxxxxxx  85143  31689  xxxxx 
PV OF OPERATING xxxx CLOWS  $362,996.78  
NET PRESENT xxxxx  $112,996.78  xx xx found by using NPV excel xxxxxxxxx In the function xx xxxx xxxxx xxx discount rate xxxx xxx cash xxxxxxx and in xxx xxx xxxx outlflow.  
xxxxxxxx xxxx OF xxxxxx  xxx  xx xx found xx using IRR excel function. In the function we have taken the cash xxxxx  
MODIFIED INTERNAL RATE xx xxxxxx  8%  It xx xxxxx xx using MIRR xxxxx xxxxxxxxx In the function xx have taken xxx xxxx flows  
PROFITABILITY xxxxx  xxxx  Present xxxxx xx xxxx xxxxxxxxxxxxxxx cash outlay  
DISCOUNTED PAY xxxx xxxxxx  4.60  
xx 
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"Capital Budgeting Corporations A & B Case Paper & Solution"...A+ WORK! GOOD LUCK
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xxxx assignment xx attached..Thanks for xxxxxxxxxx my xxxx xxxxxxxxxxx
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xxxxxxxxxxx A
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxCorporation x  
xxxxxxxxx xxxxxx xxxxxxxxx  
Year  
1  x  3  4  5  
Revenues  $100,000  $110,000  xxxxxxxx  xxxxxxxx  xxxxxxxx  
Expenses  $20,000  xxxxxxx  xxxxxxx  $30,417  $34,980  
xxxxxxxxxxxx  xxxxxx  $5,000  $5,000  xxxxxx  $5,000  
EBIT  $75,000  xxxxxxx  xxxxxxx  xxxxxxx  $106,430  
Taxes  xxxxxxxxxx  $20,500.00  xxxxxxxxxx  xxxxxxxxxx  $26,607.47  
Net Income  $56,250.00  xxxxxxxxxx  xxxxxxxxxx  xxxxxxxxxx  $79,822.41  
xx Operating xxxx xxxx  
Year  
0  x  2  3  x  5  
EBIT  xxxxxxx  xxxxxxx  $89,550  xxxxxxx  xxxxxxxx  
Add: Depreciation  $5,000  $5,000  xxxxxx  xxxxxx  xxxxxx  
Less: Taxes  ($18,750.00)  xxxxxxxxxxxx  xxxxxxxxxxxx  ($24,420.63)  ($26,607.47)  
xxxxxxxxx Cash Flow  $61,250  xxxxxxx  xxxxxxx  $78,262  $84,822  
2) xxxxx Projected xxxx Flows  
xxxx  
x  x  2  x  4  x  
Initial Outlay  ($250,000.00)  
Opertaing Cash xxxx  xxxxxxx  xxxxxxx  xxxxxxx  xxxxxxx  $84,822  
xxxxx Project Cash Flow  xxxxxxxxxxxxx  xxxxxxxxxx  $66,500.00  xxxxxxxxxx  xxxxxxxxxx  xxxxxxxxxx 
xx xxx  
Year  
0  x  x  3  x  x  
xxxx Flow  ($250,000.00)  $61,250.00  xxxxxxxxxx  $72,162.50  $78,261.88  $84,822.41 
xx xxxxxx xxxx  1  xxxxxx  xxxxxx  xxxxxx  0.6830  xxxxxx 
xx  ($250,000.00)  xxxxxxxxxx  xxxxxxxxxx  xxxxxxxxxx  $53,453.91  $52,668.04 
NPV  $20,979.20  
IRR  13.05%  
MIRR  xxxxxx  
xx  1.08  
Payback period  
Year  xxxx Unrecovered Investment  xxxx xxxxxx  xxxxxx Unrecovered xxxxxxxxxx  
x  $250,000  xx  $250,000  
1  xxxxxxxx  $61,250.00  $188,750.00  
x  xxxxxxxx  $66,500.00  xxxxxxxxxxx  
3  $122,250  xxxxxxxxxx  xxxxxxxxxx  
4  $50,087  xxxxxxxxxx  ($28,174.38)  
xxxxx only $50,088 need to xx xxxxxxxxx in xxxx 4, while the cash inflow in xxxx x is $78,261.88  
Then to xxxxxxxxx the xxxxxxxx of year xx we divide xxxxxxxxxxxxxxxxxx = 0.64. Therefore the payback period is xxxx xxxxx  
Discounted xxxxxxx period  
Year  xxxx Unrecovered xxxxxxxxxx  xxxx xxxxxx  xxxxxx xxxxxxxxxxx 
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In a xxxxxxxxxxxxxxxx xxxxx define, xxxxxxxx xxx interpret the answers xx xxxxx xxx xxxxxxx (h). In xxxx xxxx memo, xxxxxxx the rationale xxxxxx xxxx xxxx and xxx xx xxxxxxxx your decision stated in item xxxx Also, xxxxxxx to xxxxxxxx the xxxxxxxxxxxx �between xxx xxx xxxx xxxxxx xxx xxx xxxxxx here xx xxx discount rate xxxxxx In this memo, xxxxxxx how you would analyze xxxxxxxx differently xx xxxx had unequal xxxxxxxxx years xxxxxx xx xxxxxxxxxxx x xxx x 5year projection and Corporation x had x xxxxxx xxxxxxxxxxx
xxxxxx find below x xxxxxxxx comparative analysis xx xxxx corporations. xxxxx xx this xxxxxxxxx I would xxxxxxxxx acquiring corporation B as xx mainly has a xxxxxx net present value than corporation xx
xxxxxxxxxxxxx

 Corporation x  Corporation x 
x  xxx  xxxxxxxxxx  $48,035.14 
d  xxx  xxxxxx  xxxxxx 
x  Payback Period  3.64 years  3.3 years 
x  xx  1.08  xxxx 
g  Discounted Payback xxxxxx  4.6 years  4.1 years 
h  xxxx  xxxxxx  13.94% 
xxx xxxxxxx xxxxx
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Corporation A
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx x  
Projected Income xxxxxxxxx  
Year  
x  2  x  x  5  
xxxxxxxx  xxxxxxxx  $110,000  $121,000  xxxxxxxx  $146,410  
Expenses  $20,000  xxxxxxx  xxxxxxx  xxxxxxx  xxxxxxx  
Depreciation  $5,000  xxxxxx  xxxxxx  $5,000  xxxxxx  
xxxx  xxxxxxx  $82,000  $89,550  xxxxxxx  $106,430  
Taxes  xxxxxxxxxx  xxxxxxxxxx  xxxxxxxxxx  $24,420.63  xxxxxxxxxx  
Net Income  xxxxxxxxxx  xxxxxxxxxx  xxxxxxxxxx  $73,261.88  $79,822.41  
xx xxxxxxxxx xxxx Flow  
xxxx  
x  x  x  x  4  5  
xxxx  $75,000  $82,000  $89,550  $97,683  xxxxxxxx  
Add: Depreciation  $5,000  xxxxxx  xxxxxx  $5,000  xxxxxx  
xxxxx Taxes  ($18,750.00)  xxxxxxxxxxxx  ($22,387.50)  ($24,420.63)  ($26,607.47)  
xxxxxxxxx Cash xxxx  xxxxxxx  xxxxxxx  $72,163  $78,262  $84,822  
2) xxxxx Projected xxxx Flows  
Year  
0  1  x  x  x  5  
Initial Outlay  xxxxxxxxxxxxx  
xxxxxxxxx Cash xxxx  $61,250  $66,500  $72,163  $78,262  $84,822  
Total xxxxxxx Cash xxxx  ($250,000.00)  xxxxxxxxxx  $66,500.00  $72,162.50  $78,261.88  xxxxxxxxxx 
3) NPV  
Year  
x  x  x  3  4  x  
xxxx Flow  xxxxxxxxxxxxx  $61,250.00  $66,500.00  xxxxxxxxxx  $78,261.88  $84,822.41 
PV xxxxxx xxxx  x  0.9091  xxxxxx  0.7513  0.6830  0.6209 
PV  ($250,000.00)  xxxxxxxxxx  xxxxxxxxxx  xxxxxxxxxx  $53,453.91  xxxxxxxxxx 
xxx  $20,979.20  
xxx  xxxxxx  
MIRR  xxxxxx  
PI  xxxx  
xxxxxxx xxxxxx  
Year  Beg. Unrecovered Investment  xxxx xxxxxx  Ending Unrecovered Investment  
x  xxxxxxxx  $0  $250,000  
x  $250,000  xxxxxxxxxx  $188,750.00  
2  xxxxxxxx  $66,500.00  xxxxxxxxxxx  
x  xxxxxxxx  $72,162.50  xxxxxxxxxx  
x  xxxxxxx  $78,261.88  ($28,174.38)  
xxxxx only $50,088 need to xx xxxxxxxxx xx xxxx xx xxxxx xxx xxxx inflow in xxxx 4 is $78,261.88  
Then xx calculate the xxxxxxxx xx xxxx 4, we xxxxxx xxxxxxxxxxxxxxxxxx x 0.64. xxxxxxxxx the payback period xx 3.64 xxxxx  
Discounted xxxxxxx xxxxxx  
xxxx  xxxx xxxxxxxxxxx Investment  xxxx Inflow  xxxxxx Unrecovered 
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Please use as xxxxxx xxxxxxxx
In x xxxxxxxxxxxxxxxx memo, define, analyze, xxx interpret xxx answers to items xxx xxxxxxx xxxx xx xxxx xxxx memo, xxxxxxx xxx rationale behind each xxxx and why xx xxxxxxxx xxxx decision xxxxxx xx item xxxx Also, attempt to describe the relationship xxxxxxxxxx NPV and xxxx (Hint: xxx key factor here is xxx discount rate xxxxxx xx xxxx memo, xxxxxxx how xxx would analyze xxxxxxxx differently xx xxxx had unequal projected years (i.e., if xxxxxxxxxxx x xxx a xxxxxx projection and xxxxxxxxxxx x had a xxxxxx projection)
Please xxxx below x detailed comparative analysis of xxxx corporations. xxxxx xx xxxx xxxxxxxxx I would recommend acquiring xxxxxxxxxxx B xx it xxxxxx has a xxxxxx xxx xxxxxxx xxxxx xxxx xxxxxxxxxxx xx
xxxxxxxxxxxxxx

 Corporation x  xxxxxxxxxxx x 
c  xxx  $20,979.20  xxxxxxxxxx 
x  xxx  xxxxxx  16.94% 
x  xxxxxxx Period  xxxx xxxxx  3.3 years 
f  PI  xxxx  xxxx 
g  xxxxxxxxxx xxxxxxx Period  4.6 years  4.1 
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capital_budgeting_and_smiulation
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capital_budgeting_and_smiulation
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Corporations x & B.doc
In x xxxxxxxxxxxxxxxx memo, xxxxxxx analyze, and xxxxxxxxx xxx answers to xxxxx xxx through (h). In that same xxxxx present the rationale behind each item and xxx xx xxxxxxxx your xxxxxxxx stated in xxxx (i). xxxxx xxxxxxx xx xxxxxxxx xxx xxxxxxxxxxxx xxxxxxxxxx NPV xxx xxxx xxxxxx xxx key factor xxxx xx the xxxxxxxx xxxx xxxxxx In xxxx memo, xxxxxxx xxx xxx would xxxxxxx xxxxxxxx xxxxxxxxxxx if xxxx xxx xxxxxxx projected years xxxxxx if xxxxxxxxxxx A xxx a xxxxxx projection and xxxxxxxxxxx x xxx x 7year projection)
xxxxxx find below x xxxxxxxx comparative analysis xx xxxx corporations. xxxxx xx xxxx analysis, x would xxxxxxxxx xxxxxxxxx xxxxxxxxxxx B xx it mainly xxx a xxxxxx xxx present xxxxx xxxx corporation xx
xxxxxxxxxxxxxxxxxxxxxxxx

 xxxxxxxxxxx x  Corporation x 
c  NPV  $20,979.20  xxxxxxxxxx 
d  xxx  xxxxxx  xxxxxx 
e  Payback Period  3.64 xxxxx  3.3 years 
x  PI  1.08  xxxx 
g  xxxxxxxxxx xxxxxxx 
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