Year --> 1 2 3 4 5 Sales 700 900 1200 1600 2200 OPR 75 105 130 200 280 Royalty 60 36 48 64 88 Discount Factor,10% 0.9091 0.8264 0.7531 0.6830 0.6209 Discounted OPR 68.2 86.8 97.7 136.6 173.9 Discounted R 54.5 29.8 36.1 43.7 54.6