### CHAPTER 12. LIFE-CYCLE COST SUBGROUP ANALYSIS

TABLE OF CONTENTS

12.1 INTRODUCTION

......................................................................................................... 12-1 12.2 SUBGROUPS DEFINITION

........................................................................................ 12-1 12.3 INPUTS TO THE SUBGROUP ANALYSIS FOR CONSUMERS WITHOUT MUNICIPAL WATER/SEWER

................................................................................... 12-2 12.3.2 Wastewater Prices for Consumers Using Septic Systems

............................................. 12-3 12.4 INPUTS TO THE SUBGROUP ANALYSIS FOR SMALL BUSINESSES

............... 12-3 12.4.1 Small Business Statistics for Commercial Laundry

....................................................... 12-3 12.4.2 Small Company Discount Rates

.................................................................................... 12-5 12.5 RESULTS FOR COMMERCIAL CLOTHES WASHER SUBGROUPS

.................... 12-7

LIST OF TABLES Table 12.3.1 Water Price Estimation for Residential Private Well Water Supply

................. 12-3 Table 12.4.1 Coin-operated laundries & drycleaners: Number of Establishments and Receipts by Nonemployer and Employer Status

............................................... 12-4 Table 12.4.2 Establishment and Firm Size: Legal Form of Organization

.............................. 12-4 Table 12.4.3 Establishment and Firm Size: Receipts/Revenue Size of Establishments

......... 12-5 Table 12.4.4 Discount Rate Difference Between Small Company and Market Average

....... 12-6 Table 12.4.5 Small Company Discount Rates and Small Cap Premium

................................ 12-7 Table 12.5.1 Top-Loading Commercial Clothes Washers: LCC and PBP Results for Non-Public Water and Sewer Supply

................................................................ 12-8 Table 12.5.2 Top-Loading Commercial Clothes Washers: LCC and PBP Results for Small Companies

............................................................................................... 12-8 Table 12.5.3 Front-Loading Commercial Clothes Washers: LCC and PBP Results for Non-Public Water and Sewer Supply

................................................................ 12-9 Table 12.5.4 Front -Loading Commercial Clothes Washers: LCC and PBP Results for Small Companies

............................................................................................... 12-9

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### CHAPTER 12. LIFE-CYCLE COST SUBGROUP ANALYSIS

12.1 INTRODUCTION Chapter 8 describes the Life-Cycle Cost (LCC) and Payback Period (PBP) Analysis that examines impacts of energy efficiency standards on the U.S. population. In analyzing the potential impact of new or amended standards on residential and commercial consumers, DOE further evaluates the impact on identifiable groups of consumers (i.e., subgroups) that may be disproportionately affected by a national standard level. The LCC subgroup analysis evaluates impacts by analyzing the LCC and PBPs for subgroups commercial consumers. For commercial clothes washers, DOE identified two consumer subgroups: small business subgroups that own commercial laundries and consumers not served by municipal water and sewer. DOE determined the impact on consumer subgroups for commercial clothes washers using the LCC Spreadsheet Model, which allows for the examination of particular consumer subgroups. For the small business subgroup, consumer discount rates different than the general population were used while the subgroup of consumers not served by municipal water and sewer used different water and wastewater prices than the general population. The inputs for the two subgroups are described in sections 12.3 and 12.4. The technical support document (TSD) for DOE’s notice of proposed rulemaking (NOPR) covered conventional cooking products (i.e., cooktops and ovens), microwave oven energy factor (EF), microwave oven standby power consumption, and commercial clothes washers (CCW). 1 

### DOE has already completed its standards rulemaking for conventional cooking products and microwave oven EF and has published both a final rule 2 

### and corresponding TSD. 3 

### This chapter presents information and results pertaining solely to CCWs. The impact of more-efficient equipment on microwave oven standby power will be addressed in a subsequent TSD.

12.2 SUBGROUPS DEFINITION DOE analyzed the potential effects of standards on two subgroups: consumers not served by municipal water and sewer providers and small commercial clothes washer businesses. For consumers not served by water and sewer, DOE analyzed the potential impacts of standards by conducting the analysis with well water and septic system prices, rather than water and wastewater prices based on data from Raftelis Financial Consultants and the American Water Works Association. 4


### For small commercial clothes washer businesses, DOE analyzed the potential impacts of standards by conducting the analysis with different discount rates, as small businesses do not have the same access to capital as larger businesses. As described below, DOE estimated that for

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### businesses purchasing commercial clothes washers, small companies have an average discount rate which is 3.5 percent higher than the industry average.

12.3 INPUTS TO THE SUBGROUP ANALYSIS FOR CONSUMERS WITHOUT MUNICIPAL WATER/SEWER In 1950, 62 percent of the population received water from public supplies. 5 

### By 2000, the percentage of people receiving water from public supply rose to 85 percent. As evidenced by the numbers, the trend is away from privately owned wells. However currently in the United States, more than 44 million American residents still use privately owned individual wells to pump household water used. The National Groundwater Association (NGWA) estimates that more than 15 million American households are served by privately owned individual wells. The NGWA estimates that the annual economic value of the privately owned pumped water is $3.09 billion and the value of the installed well/pump infrastructure is $64.3 billion. 5


### DOE considered several factors for developing consumer prices for private well supplied water. Initial costs to install a well for water includes well siting, well drilling, pump purchase and installation, water testing, and a water treatment system (if necessary). Ongoing costs include pump maintenance and pump operating fuel to lift water to surface and to the point of use. However, DOE’s calculations for the water price to consumers using private wells are based only on the volumetric charge to calculate water prices, since only this charge would be affected by a change in water consumption. Including the fixed charge in the average would lead to a higher water price and would not capture the impacts of product efficiency changes. Information about frequency of need and cost of water treatment was unavailable. The calculation of average per-unit-volume prices proceeds in three steps: (1) for each consumer, divide the total annual economic value of pumped water by the number of people using private well water (divide by 360 for a daily economic value by person); (2) calculate a value per gallons by assuming a daily person water usage of 100 gallons; and (3) calculate a value per thousand gallons to compare with public supply values. Table 12.3.1 shows a summary of the values used to determine a $1.93 per thousand gallons of private well water for residential consumers.

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### Table 12.3.1 Water Price Estimation for Residential Private Well Water Supply Annual Economic Value Of Pumped Water (2004$) $3,090,000,000 Annual Economic Value By Person (2004$) $69.64 Daily Economic Value By Person (2004$) $0.19 Gallons Of Water Person Uses Daily 100 Value Per Gallon (2004$) $ .002 Value Per Thousand Gallons $1.93 (2004$); $2.62 (2008$)* Source: National Ground Water Association * Converted to 2008$ by multiplying costs in 2004$ by th e ratio of 2008 GDP (1.1981) to 2004 GDP (1.0893). Converted the price for year 2004 to the price in 2008 by multiplying the 2004 price by the ratio of the average water CPI in 2008 (331.33) to average water CPI in 2004 (268.10).



### 12.3.2 Wastewater Prices for Consumers Using Septic Systems The National Onsite Wastewater Recycling Association (NOWRA) collects national cost data on residential septic systems from states willing to share it. To date, only Ohio has sent NOWRA a complete cost accounting for its state’s residences using septic. 6 

### Using the Ohio data and anecdotal information from NOWRA, “annual system costs (system installation plus operation and maintenance) amortized over 30 years were calculated and ranged from $336 (conventional system) to $1,172 (drip distribution) which is very similar to the state average sewer rate costs of $442 annually, and 30 year annual costs of $504 to 1,272 with the addition of connection fees and costs.” 7 

### Given the similarity in operating costs between septic systems and sewer usage and due to the lack of national data, DOE recommends for septic system using consumers the wastewater price calculated for consumers on publicly owned treatment facilities of $2.57 per thousand gallons in 2007$ or $2.78 per thousand gallons in 2008$. a



### 12.4 INPUTS TO THE SUBGROUP ANALYSIS FOR SMALL BUSINESSES

12.4.1 Small Business Statistics for Commercial Laundry The small business administration (SBA) defines a small business by its annual receipts or its number of employees. Coin-operated laundries and drycleaners are considered small if its annual revenue is less than $6.5 million. 8


### This industry is comprised of: (1) establishments primarily engaged in operating facilities with coin-operated or similar self-service laundry and dry-cleaning equipment for customer useon the premises and (2) establishments primarily engaged in supplying and servicing coinoperated or similar self-service laundry and drycleaning equipment for customer use in places of

a Converted to 2008$ by multiplying costs in 2007$ by the ratio of 2008 GDP (1.1981) to 2007 GDP (1.1727). Converted the price for year 2007 to the price in 2008 by multiplying the 2007 price by the ratio of the average water CPI in 2008 (331.33) to average water CPI in 2007 (312.64).

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### business operated by others, such as apartments and dormitories. Table 12.4.1 provides the statistics on coin-operated lanudromats and drycleaners. 9


### Table 12.4.1	 Coin-operated laundries & drycleaners: Number of Establishments and Receipts by Nonemployer and Employer Status All Firms Nonemployers* Employers

Establishments Receipts ($1,000) Establishments Receipts ($1,000) Establishments Receipts ($1,000) 26,906 4,216,696 14,707 758,447 12,199 3,458,255

* Nonemployers are businesses with no paid employees Source: U.S. Census Bureau, 2002. 

### The following two tables provide further detail on the establishment firm size and receipts and revenues. Table 12.4.2 provides the establishment firm size by the type of legal organization. 10 

### Table 12.4.3 provides the firm size by the amount of sales per year. 11


### Table 12.4.2	 Establishment and Firm Size: Legal Form of Organization
Legal form of organization Number of Establishments Receipts/Revenue ($1,000) Number of employees All establishments 12,199 3,458,255 46,198 Corporations 7,527 2,608,061 31,233 Individual proprietorships 3,323 480,869 9,571 Partnerships 1,347

- - Other legal forms of organization 2

- - Source: U.S. Census Bureau, 2002.

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### Table 12.4.3 Establishment and Firm Size: Receipts/Revenue Size of Establishments
Meaning of sales/receipts/revenue size categories or establishments operated the entire year Number of establishments Receipts/ Revenue ($1,000) Number of employees All establishments 12,199 3,458,255 46,198 Establishments operated for the entire year 10,084 3,263,919 43,326 Less than $10,000 35 163 29 $10,000 to $24,999 164 2,930 217 $25,000 to $49,999 685 26,473 1,103 $50,000 to $99,999 2,442 183,436 5,451 $100,000 to $249,999 4,486 709,913 14,986 $250,000 to $499,999 1,604 547,125 10,122 $500,000 to $999,999 433 285,424 4,759 $1,000,000 to $2,499,999 124 188,512 2,131 $2,500,000 to $4,999,999 40 143,843 730 $5,000,000 to $9,999,999 32 217,821 738 $10,000,000 or more 39 958,279 3,060 Source: U.S. Census Bureau, 2002. 

### Based on the data in Table 12.4.3, over 99 percent of establishments (operated for the entire year) have receipts/revenues of less than $5 million. But only 64 percent of industry receipts/revenues are earned by establishments that make less than $5 million. Therefore, even though almost all establishments are small, a significant percent of the revenues are captured by large establishments (i.e., those that earn at least $5 million). Because small establishments capture less than 70 percent of total industry revenues, small establishments do not represent the entire industry and should be analyzed as a subgroup.

12.4.2 Small Company Discount Rates To calculate discount rates for small companies that purchase commercial clothes washers, DOE used the same methodology as the general population of commercial clothes washer consumers as presented in Chapter 8, section 8.2.4.3. Although the methodology is appropriate, the capital asset pricing model (CAPM) b 

### used in section 8.2.4 for the general population underestimates the cost of capital for small companies. In CAPM, the risk premium is used to account for the higher returns associated with greater risk. However, for small companies, particularly very small companies, historic returns have been significantly higher than the CAPM equation predicts. This additional return can be accounted for by adding a size premium to the cost of equity for small firms:



### k
e 

### � R f 

### � 

# � � � ERP 

# � � S

k

e 

### = Cost of equity,

b See 8.2.4.3 for more extensive descri ption of CAPM and its parameters.

12-5c 

### R f 

### = Expected return on risk-free assets,

### = Risk coefficient of the firm, 

### ERP = Equity risk premium, and S 

### = Size Premium.
DOE obtained size premium data from Ibbotson Associates’ 

### Stocks, Bonds, Bills, and Inflation 2007 Yearbook

. 12 

### For the period of 1926–2006, the average size premium for the smallest companies in all industries is 6.27 percent, implying that on average, historic performance of small companies has been 6.27 percent higher than the CAPM estimate of the small company cost of equity. c


### To estimate the difference in discount rate between small companies and the industry average, DOE calculated the average discount rate for small companies in industries that purchase commercial clothes washers and also for all companies in those industries. DOE calculated the real weighted average cost of capital as described in section 8.2.4.3, using the cost of equity including a size premium for small companies instead of the CAPM cost of equity. d 

### DOE also performed these calculations for companies in all industries. Discount rate estimates are presented below in Table 12.4.4.
Table 12.4.4 Discount Rate Difference Between Small Company and Market Average Discount Rate Sector Average Std Dev Difference Select Industries 5.8% 1.7%

-- Select Industries, Small 9.3% 3.0% 3.5% Entire Market 6.3% 2.3%

-- Entire Market, Small 10.2% 3.3% 3.8%


### DOE estimates that in industries that purchase commercial clothes washers, small companies have an average discount rate 3.5 percent higher than the industry average e 

### . This conclusion is supported by the similar difference (3.8 percent) between small and average company discount rates for the entire market based on data from Damodaran. f, 13


### In Chapter 8, section 8.2.4, DOE estimated average discount rate for Personal Services, Educational Services, Hotels/Gaming, and REIT to be 5.7 percent. Applying the additional small capitalization (small cap) discount rate premium of 3.5 percent presented above (in Table 12.4.4)

In this calculation, small companies are defined as companies with market capitalization of less than or equal to $84.5 million, the Ibbotson Asso ciates’ definition of Decile 10 companies. d As in 8.2.4.3, this calculation uses financial data from Damodaran On line, for the Educational Services,

Hotels/Gaming, and REIT sectors. Damodaran Online does not include data for the Personal Services industry, so DOE is unable to includ e it in this calculation.

e This 3.5% discount rate premium is an average across all companies in the three select industries, giving equal

weighting to each company. f The group of select indu stries includes 146 co mpanies total, 51 of which are small companies. The Damodaran

database for the entire market includes 6559 companies total, 2605 of which are small companies.

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### to the 5.7 percent discount rate for industries that purchase commercial washers, the discount rate for small companies in these industries is approximately 9.2 percent. The small cap discount rate premium is presented by industry in Table 12.4.5, along with estimated small company discount rates by industry based on the calculations in Chapter 8, section 8.2.4.3. Because there was insufficient data to estimate it separately, DOE assumes that the small cap discount rate premium for Personal Services is the same as the average for all small companies in Educational Services, Hotels/Gaming, and REIT.
Table 12.4.5 Small Company Discount Rates and Small Cap Premium

Industry Small Cap Discount Rate Premium Average Industry Discount Rate* Small Company Discount Rate Personal Services 3.5% 4.3% 7.8% Educational Services 3.7% 7.9% 11.6% Hotels/Gaming 3.2% 5.8% 9.0% REIT 4.2% 5.7% 9.9%

* From Chapter 8, Section 8.2.4.



### 12.5 RESULTS FOR COMMERCIAL CLOTHES WASHER SUBGROUPS Tables 12.5.1 and 12.5.2 below summarize the top-loading commercial clothes washer LCC results for multi-family households and commercial laundries that do not use public water and/or sewer supply, or are defined as a small business. Tables 12.5.3 and 12.5.4 below summarize the front-loading commercial clothes washer LCC results for multi-family households and commercial laundries that do not use public water and/or sewer supply, or are defined as a small business. For the three candidate standard levels for top-loading washers and the four candidate standard levels for front-loading washers, the LCC results provide the average or mean LCC, the relative LCC savings or costs, and the percentage of consumers that are burdened with net costs, realize net savings, or incur no impact.

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### Table 12.5.1 Top-Loading Commercial Clothes Washers: LCC and PBP Results for Non-Public Water and Sewer Supply

Candidate Standard

Level TSL Life-Cycle Cost Life-Cycle Cost Savings Payback Period (Years)** Average Installed

Price Average Operati ng Cost Average LCC Average Savings Households with

Median Average Net Cost No Impact* Net Benefit Multi-Family Application

Baseline

- $760 $3,323 $4,083

- - - - - - 1 1, 2 $883 $3,212 $4,095 -$8.1 43.2% 35.0% 21.8% 11.6 17.9 2 3, 4, 5 $974 $2,926 $3,900 $184.5 13.4% 1.3% 85.2% 4.5 5.5 Commercial Laundry Application

Baseline

- $760 $3,482 $4,242

- - - - - - 1 1, 2 $883 $3,386 $4,269 -$17.7 51.3% 35.0% 13.8% 7.8 9.2 2 3, 4, 5 $974 $3,079 $4,053 $195.7 2.7% 1.3% 96.0% 2.8 2.9 * “No impact” means that the base case forecast commercial clothes washer assigned to the building has greater efficiency than the level indicated, so the household is not affected. ** 	 Based on the payback calculation, a very small change in operating cost can result in a few extremely large paybacks, which will skew the average payback. In these cases, median is probably a better indicator. 

### Table 12.5.2	 Top-Loading Commercial Clothes Washers: LCC and PBP Results for Small Companies

Candidate Standard

Level TSL Life-Cycle Cost Life-Cycle Cost Savings Payback Period (Years)** Average Installed

Price Average Operati ng Cost Average LCC Average Savings Households with

Median Average Net Cost No Impact* Net Benefit Multi-Family Application

Baseline

- $760 $2,659 $3,419

- - - - - - 1 1, 2 $883 $2,569 $3,452 -$22 .0 50.7% 35.6% 13.7% 11.7 17.7 2 3, 4, 5 $974 $2,341 $3,315 $112.6 21.2% 1.5% 77.4% 4.5 5.6 Commercial Laundry Application

Baseline

- 

### $760 $2,963 $3,723

- - - - - - 1 1, 2 

### $883 $2,880 $3,764 -$26.1 58.6% 35.6% 5.8% 7.8 9.2 2 3, 4, 5 

### $974 $2,620 $3,594 $140.9 5.6% 1.5% 92.9% 2.8 3.0 * “No impact” means that the base case forecast commercial clothes washer assigned to the building has greater efficiency than the level indicated, so the household is not affected. ** 	 Based on the payback calculation, a very small change in operating cost can result in a few extremely large paybacks, which will skew the average payback. In these cases, median is probably a better indicator.

12-8

### Table 12.5.3 Front-Loading Commercial Clothes Washers: LCC and PBP Results for Non-Public Water and Sewer Supply

Candidate Standard

Level TSL Life-Cycle Cost Life-Cycle Cost Savings Payback Period (Years)** Average Installed

Price Average Operati ng Cost Average LCC Average Savings Households with

Median Average Net Cost No Impact* Net Benefit Multi-Family Application

Baseline

- $1,365 $2,904 $4,270

- - - - - - 1 1 $1,365 $2,904 $4,138 $4.8 0.0% 96.4% 3.6% 0.0 0.0 2 2, 3 $1,388 $2,772 $3,725 $19.9 0.0% 96.4% 3.6% 0.4 0.4 3 4 $1,428 $2,337 $3,628 $95.0 1.0% 22.4% 76.6% 3.0 3.2 4 5 $1,470 $2,200 $3,513 $210.4 0.6% 0.0% 99.4% 2.8 3.1 Commercial Laundry Application

Baseline

- $1,365 $2,042 $4,430

- - - - - - 1 1 $1,365 $3,065 $4,287 $5.1 0.0% 96.4% 3.6% 0.0 0.0 2 2, 3 $1,388 $2,921 $3,822 $21.8 0.0% 96.4% 3.6% 0.2 0.2 3 4 $1,428 $2,434 $3,727 $95.8 0.0% 22.4% 77.6% 1.7 1.8 4 5 $1,470 $2,299 $3,600 $222.9 0.0% 0.0% 100.0% 1.6 1.7 * “No impact” means that the base case forecast commercial cloth es washer assigned to the building has greater efficiency than the level indicated, so the household is not affected. ** 	 Based on the payback calculation, a very small change in operating cost can result in a few extremely large paybacks, which will skew the average payback. In these cases, median is probably a better indicator. 

### Table 12.5.4	 Front -Loading Commercial Clothes Washers: LCC and PBP Results for Small Companies

Candidate Standard

Level TSL Life-Cycle Cost Life-Cycle Cost Savings Payback Period (Years)** Average Installed

Price Average Operati ng Cost Average LCC Average Savings Households with

Median Average Net Cost No Impact* Net Benefit Multi-Family Application

Baseline

- $1,365 $2,327 $3,693

- - - - - - 1 1 $1,365 $2,327 $3,587 $3.7 0.0% 96.4% 3.6% 0.0 0.0 2 2, 3 $1,388 $2,222 $3,265 $14.9 0.0% 96.4% 3.6% 0.4 0.5 3 4 $1,428 $1,877 $3,196 $69.1 4.1% 22.2% 73.7% 3.0 3.2 4 5 $1,470 $1,768 $3,113 $151.7 4.2% 0.0% 95.8% 2.9 3.1 Commercial Laundry Application

Baseline

- $1,365 $1,643 $3,977

- - - - - - 1 1 $1,365 $2,611 $3,855 $4.2 0.0% 96.4% 3.6% 0.0 0.0 2 2, 3 $1,388 $2,490 $3,467 $17.6 0.0% 96.4% 3.6% 0.2 0.2 3 4 $1,428 $2,079 $3,392 $75.9 0.0% 22.2% 77.7% 1.8 1.9 4 5 $1,470 $1,964 $3,291 $176.4 0.0% 0.0% 100.0% 1.6 1.7 * “No impact” means that the base case forecast commercial cloth es washer assigned to the building has greater efficiency than the level indicated, so the household is not affected. ** 	 Based on the payback calculation, a very small change in operating cost can result in a few extremely large paybacks, which will skew the average payback. In these cases, median is probably a better indicator.

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### The non-public water and sewer supply users and the small company subgroups show a similar trend in average LCC differences and consumer impacts (i.e., percentage of consumers significantly or insignificantly impacted) as the overall sample. In general, the benefits of moving to a higher efficiency are less in the case of the small business subgroups.

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### REFERENCES

1 

### U.S. Department of Energy-Office of Energy Efficiency and Renewable Energy. 

### Technical Support Document: Energy Efficiency Program for Consumer Products and Commercial and Industrial Equipment: Residential Dishwashers, Dehumidifiers, Cooking Products, and Commercial Clothes Washers , September, 2008. Washington, DC.
< http://www1.eere.energy.gov/buildings/appliance_standards/residential/home_appl_tsd.html >

2 

### U.S. Department of Energy-Office of Energy Efficiency and Renewable Energy, Energy Conservation Standards for Certain Consumer Products (Dishwashers, Dehumidifiers, Microwave Ovens, and Electric and Gas Kitchen Ranges and Ovens) and for Certain Commercial and Industrial Equipment (Commercial Clothes Washers); Final Rule. 

### Federal Register , 2009. 74(66): pp. 16040-16096.

3 

### U.S. Department of Energy-Office of Energy Efficiency and Renewable Energy. 

### Technical Support Document: Energy Efficiency Program for Consumer Products and Commercial and Industrial Equipment: Residential Dishwashers, Dehumidifiers, Cooking Products, and Commercial Clothes Washers , March, 2009. Washington, DC.
< http://www1.eere.energy.gov/buildings/appliance_standards/residential/cooking_products_final_rul e_tsd.html >

4 

### Raftelis Financial Consultants, Inc. 

### 2004 RFC/AWWA Water and Wastewater Rate Survey , 2004. Charlotte, NC, Kansas City, MO, and Pasadena, CA.
< http://www.raftelis.com/ratessurvey.html >

5 

### National Ground Water Association. 

### Ground Water Use for America . 2005.

6 

### Jerry Stonebridge, National Onsite Wastewater Recycling Association, January 23, 2008. Personal communication.

7 

### Ohio Department of Health “Report to the Household and Small Flow Onsite Sewage Treatment System Study Commission.” January 1, 2008

8 

### U.S. Government Printing Office. 

### Title 13: Business Credit and Assistance, Part 121—Small Business Size Regulations, Section 121.201—Small Business Size Standards by NAICS Industry, Subsector 812—Personal and Laundry Services, 812310—Coin-Operated Laundries and Drycleaners, 2008. Washington, DC. < http://ecfr.gpoaccess.gov/cgi/t/text/textidx?c=ecfr&sid=b6e780955530049be4cc0d0a0e391115&rgn=div5&view=text&node=13:1. 0.1.1.15&idno=13#13:1.0.1.1.15.1.264.9 >

9 

### U.S. Census Bureau, 2002 Economic Census. 

### Industry Statistics Sampler, NAICS 812310, Coin-operated laundries and drycleaners , 2002. Washington, DC.
< http://www.census.gov/econ/census02/data/industry/E812310.HTM#T2 >

12-1110 

### U.S. Census Bureau, 2002 Economic Census. 

### Sector 81: Other Services (Except Public Administration): Subject Series - Estab & Firm Size: Legal Form of Organization for the United States: 2002 , 2005. Washington, DC.
< http://factfinder.census.gov/servlet/IBQTable?_bm=y&-ds_name=EC0281SSSZ7&­ NAICS2002=812310 >

11 

### U.S. Census Bureau, 2002 Economic Census. 

### Sector 81: Other Services (Except Public Administration): Subject Series - Estab & Firm Size: Receipts/Revenue Size of Establishments for the United States: 2002 , 2005. Washington, DC.
< http://factfinder.census.gov/servlet/IBQTable?_bm=y&-ds_name=EC0281SSSZ1&­ NAICS2002=812310 >

12 

### Ibbotsons Associates. Stocks, Bonds, Bills, and Inflation 2007 Yearbook, 2007. Chicago, IL.

13 

### Damodaran Online. 

### The Data Page: Cost of Capital by Industry Sector , 2006.
< http://pages.stern.nyu.edu/~adamodar/ >

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