Spreadsheet: 160297d1339032071-excel-formula-and-calculation-question-ratemodel
Sheet: projected (3)

 | Model Years | Tier | 1 | 2 | 3 | 4 | 5 | 6 | 7
 |  | Term | 720+ | 719-700 | 699-680 | 679-660 | 659-640 | 639-620 | 619-600 | ModelYearW | TermW 1 | TermW 2 | TermW 3 | TermW4
 | 2012-2013 | 48 | 1.99 | 2.49 | 3.29 | 4.49 | 6.99 | 9.99 | 10.99 | 0.15 | 0.02 | 0.05 | 0.05 |  | 720+ | 719-700 | 699-680 | 679-660 | 659-640 | 639-620 | 619-600
 |  | 49-66 | 1.99 | 2.49 | 3.49 | 4.99 | 7.49 | 10.99 | 11.99 |  | 0.08 | 0.05 | 0.95
 |  | 72 | 1.99 | 2.49 | 4.19 | 5.49 | 8.49 |  |  |  | 0.4 | 0.9
 |  | 75-78 | 3.99 | 4.49 | 5.19 |  |  |  |  |  | 0.1
 |  | 84* | 4.99 | 5.49 | 6.19 |  |  |  |  |  | 0.4
 | [NAME] per Tier |  | 3.390000000000001 | 3.890000000000001 | 5.016 | 5.415000000000001 | 8.365 | 10.94 | 11.94
 | Hurdle Rate |  | 3.875 | 4.6375 | 5.7125 | 6.6625 | 7.433333333333334 | 10.85 | 11.5
 | Diff |  | -0.4849999999999994 | -0.7474999999999996 | -0.6965000000000003 | -1.247499999999999 | 0.9316666666666666 | 0.08999999999999986 | 0.4399999999999995
 | [NAME] |  | 0.6672 | 0.1429 | 0.0517 | 0.0917 | 0.0265 | 0.015 | 0.005 | 0.04019044200000001 | 0.0060285663
 | 2008-2011 | 48 | 2.79 | 2.99 | 3.89 | 4.99 | 7.09 | 10.49 | 11.99 | 0.45 | 0.02 | 0.02 | 0.1 | 0.05 | 720+ | 719-700 | 699-680 | 679-660 | 659-640 | 639-620 | 619-600
 |  | 49-66 | 2.99 | 3.39 | 4.29 | 5.49 | 7.59 | 10.99 | 12.49 |  | 0.03 | 0.03 | 0.2 | 0.95
 |  | 72 | 3.79 | 4.19 | 5.09 | 6.49 | 8.59 |  |  |  | 0.15 | 0.35 | 0.7
 |  | 75-78 | 4.59 | 4.99 | 5.89 |  |  |  |  |  | 0.35 | 0.6
 |  | 84* | 4.99 | 5.99 |  |  |  |  |  |  | 0.45
 | [NAME] per Tier |  | 4.566000000000001 | 5.232 | 5.522 | 6.140000000000001 | 8.24 | 10.965 | 12.465
 | Hurdle Rate |  | 3.875 | 4.6375 | 5.7125 | 6.6625 | 7.433333333333334 | 10.85 | 11.5
 | Diff |  | 0.6910000000000007 | 0.5945 | -0.1905000000000001 | -0.5224999999999991 | 0.8066666666666666 | 0.1150000000000002 | 0.9649999999999999
 | [NAME] |  | 0.5077 | 0.1597 | 0.122 | 0.124 | 0.0656 | 0.0152 | 0.0058 | 0.053682616 | 0.0241571772
 | 2004-2007 | 48 | 3.59 | 3.89 | 5.39 | 6.29 | 8.09 | 11.99 | 12.99 | 0.35 | 0.05 | 0.25 |  |  | 720+ | 719-700 | 699-680 | 679-660 | 659-640 | 639-620 | 619-600
 |  | 49-66 | 4.49 | 4.99 | 6.49 | 7.39 | 8.99 | 12.99 | 14.49 |  | 0.3 | 0.75
 |  | 72 | 4.99 | 5.49 | 6.99 | 7.89 | 9.59 |  |  |  | 0.65
 | [NAME] per Tier |  | 4.77 | 5.26 | 6.76 | 7.659999999999999 | 9.335 | 12.74 | 14.115
 | Hurdle Rate |  | 4.0875 | 4.75 | 5.85 | 7.300000000000001 | 7.833333333333334 | 11.03333333333333 | 9.875
 | Diff |  | 0.6824999999999992 | 0.5099999999999998 | 0.9100000000000001 | 0.3599999999999985 | 1.501666666666667 | 1.706666666666667 | 4.24
 | [NAME] |  | 0.444 | 0.1414 | 0.1219 | 0.1366 | 0.1105 | 0.0356 | 0.01 | 0.063582555 | 0.02225389425
 | 2002-2003 | 48 | 5.49 | 6.49 | 7.49 | 8.49 | 10.99 | 12.99 | 14.99 | 0.05 | 0.25 |  |  |  | 720+ | 719-700 | 699-680 | 679-660 | 659-640 | 639-620 | 619-600
 |  | 49-66 | 5.74 | 6.74 | 7.99 | 8.99 | 11.49 | 13.49 | 15.49 |  | 0.75 |  |  |  | 0.25 | 0.25 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5
 | [NAME] per Tier |  | 5.6775 | 6.6775 | 7.865 | 8.865 | 11.365 | 13.365 | 15.365
 | Hurdle Rate |  | 4.0875 | 4.75 | 5.85 | 7.300000000000001 | 7.833333333333334 | 11.03333333333333 | 9.875
 | Diff |  | 1.59 | 1.9275 | 2.015000000000001 | 1.565 | 3.531666666666666 | 2.331666666666667 | 5.49
 | [NAME] |  | 0.437 | 0.095 | 0.1818 | 0.1725 | 0.0717 | 0.0294 | 0.0127 | 0.074774365 | 0.00373871825
 |  |  |  |  |  |  |  |  |  | WAPR | 0.05617835600000001
 | WTier |  | 0.505795 | 0.14754 | 0.11441 | 0.12599 | 0.07575500000000002 | 0.02302 | 0.007495
 |  |  | 720+ | 719-700 | 699-680 | 679-660 | 659-640 | 639-620 | 619-600
 | WAPR |  | 4.516575 | 5.112775 | 5.99655 | 6.6995 | 8.798250000000001 | 11.7025 | 13.10875 | 5.261914336550564
 | Reserve |  | 0.6 | 0.6 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.50267638552525
 | Discount |  | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.14542738203525
 | COF |  | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0.9696625349
 | OPEX |  | 1.7 | 1.75 | 1.8 | 1.85 | 1.9 | 1.95 | 2 | 1.70167338611
 | EL |  | 0.84 | 1.56 | 2.26 | 3.16 | 3.92 | 5.96 | 7.53 | 1.61642795927012
 | RETURN |  | 0.2265750000000004 | 0.05277499999999957 | 0.4365500000000004 | 0.1894999999999998 | 1.478250000000001 | 2.2925 | 2.078749999999998 | 0.326046688709944