sum of the parts, page-13

D&C,

The reason your totals are different to mine are:
1- you use a different interest rate to my discount rate
2- you compound interest earned on interest earned (I don't compound interest on royalties earned)
3- I think that you include the initial capital (a term deposit amount) in your totals (the total for the royalty that you worked out is just for the royalty stream and doesn't include an initial amount for the investment capital)

Trust me on the NPV. The way I worked it out is correct.