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{"sheet":"Beef Repl","index":0,"n_rows":49,"n_cols":12,"rows_kept":49,"cut":false,"hidden":false,"merged":[[48,1,49,11],[30,1,30,4],[32,1,36,11],[46,15,46,16],[4,1,5,8],[4,13,5,23],[7,2,7,3],[7,4,7,5],[7,13,8,13],[28,1,29,11],[40,1,40,4],[40,7,40,11],[46,1,46,3],[46,6,46,8]]}
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[null,"KSU-Beef Replacements"]
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[null,"An Excel spreadsheet program to evaluate the economic value of purchasing beef replacement females."]
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[null,null,null,null,null,null,null,null,null,null,null,"Version- 12.15.2025"]
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[null,"INTRODUCTION"]
[null,"A spreadsheet program to calculate the net present value of purchasing replacment heifers given expectations for calf selling price, weaning weights, cull cow price, and a target rate of return on investment."]
[]
[null,"INSTRUCTIONS FOR THE USER:"]
[null,"Be sure to \"Enable Content\" and \"Enable Macros\" for the spreadsheet to function correctly."]
[null,"In the Price and weights and Net Present Value tabs all blue numbers are inputs and all black numbers are calculated from these inputs.  Several input cells (i.e., blue number) have a red diamond in the upper right hand corner of the cell.  By moving your mouse cursor over this diamond, a brief description of the input will be displayed on the screen."]
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[null,"FOR MORE INFORMATION:"]
[null,"Updated by:",null,null,null,null,null,"Originally developed by:"]
[]
[null,"Glynn T. Tonsor, Ph.D.",null,null,null,null,null,"Kevin C. Dhuyvetter, Ph.D."]
[null,"Agricultural Economist",null,null,null,null,null,"Former Extension Agricultural Economist"]
[null,"Department of Agricultural Economics",null,null,null,null,null,"Department of Agricultural Economics"]
[null,"Kansas State University",null,null,null,null,null,"Kansas State University"]
[null,"gtonsor@k-state.edu"]
[null,"785-532-1518"]
[null,"Copyright 2025 AgManager.info, K-State Department of Agricultural Economics"]

{"sheet":"Prices and weights","index":1,"n_rows":20,"n_cols":13,"rows_kept":20,"cut":false,"hidden":false,"merged":[[4,6,4,7],[1,1,1,7],[1,9,1,12],[4,2,4,3],[4,4,4,5]]}
[]
[null,"Calf (average of steer and heifer) and Cull Cow Price Scenarios ($/cwt)",null,null,null,null,null,null,null,"Weaning Weight (steer and heifer) Scenarios"]
[]
[null,null,"Scenario 1 (S1)",null,"Scenario 2 (S2)",null,"Scenario 3 (S3)",null,null,null,"Scenario1","Scenario2","Scenario3"]
[null,null,"USDA (As of Dec. 2025)",null,"Flat at $40 under Scen 1",null,"Scenario 1 +10%",null,null,null,"Low peak","Constant","High peak"]
[null,"Year","Calf","Cull cow","Calf","Cull cow","Calf","Cull cow",null,"Calf","Lbs/hd","Lbs/hd","Lbs/hd"]
[null,2026,464.73172060255627,{"$f":"C7*0.4","v":185.89268824102251},{"$f":"C7-40","v":424.73172060255627},{"$f":"E7*0.4","v":169.89268824102251},{"$f":"C7*1.1","v":511.20489266281191},{"$f":"G7*0.4","v":204.48195706512479},null,1,542,562,537]
[null,{"$f":"B7+1","v":2027},453.14,{"$f":"C8*0.4","v":181.256},{"$f":"E7","v":424.73172060255627},{"$f":"E8*0.4","v":169.89268824102251},{"$f":"C8*1.1","v":498.45400000000001},{"$f":"G8*0.4","v":199.38160000000002},null,2,552,{"$f":"L7","v":562},552]
[null,{"$f":"B8+1","v":2028},450.82,180.328,{"$f":"E8","v":424.73172060255627},169.89268824102251,495.90200000000004,198.36080000000004,null,3,562,{"$f":"L8","v":562},567]
[null,2029,406.43,162.572,424.73172060255627,169.89268824102251,447.07300000000004,178.82920000000001,null,4,567,562,582]
[null,2030,388.28,155.31200000000001,424.73172060255627,169.89268824102251,427.108,170.84320000000002,null,5,572,562,582]
[null,2031,367.75,147.1,424.73172060255627,169.89268824102251,404.52500000000003,161.81000000000003,null,6,572,562,577]
[null,2032,352.16,140.864,424.73172060255627,169.89268824102251,387.37600000000003,154.95040000000003,null,7,567,562,567]
[null,2033,337.35,134.94000000000003,424.73172060255627,169.89268824102251,371.08500000000004,148.43400000000003,null,8,565,562,557]
[null,2034,325.11,130.04400000000001,424.73172060255627,169.89268824102251,357.62100000000004,143.04840000000002,null,9,562,562,552]
[null,2035,313.45999999999998,125.384,424.73172060255627,169.89268824102251,344.80599999999998,137.92240000000001,null,10,559,562,547]
[null,"Average",{"$f":"AVERAGE(C7:C16)","v":385.92317206025564},{"$f":"AVERAGE(D7:D16)","v":154.36926882410228},424.73172060255627,169.89268824102254,424.51548926628118,169.80619570651248,null,"Average",{"$f":"AVERAGE(K7:K16)","v":562},{"$f":"AVERAGE(L7:L16)","v":562},{"$f":"AVERAGE(M7:M16)","v":562}]
[]
[null,"Average weight for calf price (average of steer and heifer), lbs/head",null,null,null,null,null,562]
[null,"Price slide (change in price for weight deviation from base), $/lb",null,null,null,null,null,0.1215]

{"sheet":"Net present value","index":2,"n_rows":79,"n_cols":45,"rows_kept":79,"cut":false,"hidden":false,"merged":[[25,1,26,14],[11,8,11,9],[11,41,11,42]]}
[]
[null,"Input Assumptions"]
[null,"Number of replacements purchased",null,null,null,null,100,null,"Percent marketable calves (1 - death loss)",null,null,null,null,0.97]
[null,"Year of purchase",null,null,null,null,2026,null,"Annual cow death loss",null,null,null,null,5.0000000000000001E-3]
[null,"First year for calf sales",null,null,null,null,2027,null,"Annual cull rate",null,null,null,null,0.15]
[null,"Cull cow weight, lbs/hd",null,null,null,null,1250]
[null,"Annual cash cow costs, $/year",null,null,null,null,1100,null,"Annual inflation rate on costs",null,null,null,null,0.03]
[null,{"$f":"\"Price scenario to use (1-3) (\"&IF(G8=1,'Prices and weights'!C5,IF(G8=2,'Prices and weights'!E5,'Prices and weights'!G5))&\")\"","v":"Price scenario to use (1-3) (USDA (As of Dec. 2025))"},null,null,null,null,1,null,"Annual increase in average weaning weight",null,null,null,null,1.4999999999999999E-2,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sensitivity to discount rate",null,null,"Sensitivity to calf/cull prices"]
[null,"Weaning weight scenario to use (1-3)",null,null,null,null,1,null,"Discount rate (interest rate)",null,null,null,null,0.08,null,null,null,"Values for sensitivity analysis down below",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.9,"<= % of base",null,1.1000000000000001,"<= % of base"]
[]
[null,"Net Present Value Analysis",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Annual cow costs, $/year",null,null,null,null,null,"Annual Cull Rate",null,null,null,null,null,"Annual Cull Rate",null,null,null,null,null,{"$f":"N9*AJ9","v":7.2000000000000008E-2}]
[null,null,"Cows at",null,null,"Prices, $/cwt",null,"Calf","Cull Income",null,null,"Cost","Net","Discount",null,null,null,{"$f":"D33","v":800},{"$f":"E33","v":950},{"$f":"F33","v":1100},{"$f":"G33","v":1250},{"$f":"H33","v":1400},null,{"$f":"Y12-H72","v":0.1},{"$f":"Z12-H72","v":0.125},{"$f":"N5","v":0.15},{"$f":"Z12+H72","v":0.17499999999999999},{"$f":"AA12+H72","v":0.19999999999999998},null,{"$f":"X12","v":0.1},{"$f":"Y12","v":0.125},{"$f":"Z12","v":0.15},{"$f":"AA12","v":0.17499999999999999},{"$f":"AB12","v":0.19999999999999998},null,"Discount",null,null,"Prices, $/cwt",null,"Calf","Cull Income",null,"Net"]
[null,"Year","BOY*","Calf","Calf wt","Calf","Cull","Income","Annual","Age","Cash Cost","Adj.","Income","factor","NPV**",null,null,"Cost","Cost","Cost","Cost","Cost",null,"Cows at Beginning of Year (BOY)",null,null,null,null,null,"Net Income",null,null,null,null,null,"factor","NPV**",null,"Calf","Cull","Income","Annual","Age","Income","NPV**"]
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[null,"* BOY = Beginning of year",null,null,{"$f":"AVERAGE(E14:E23)","v":601.67610261612822},{"$f":"AVERAGE(F14:F23)","v":365.9753535321405},{"$f":"AVERAGE(G14:G23)","v":148.31840000000003},null,null,null,null,null,null,null,"** Net present value if replacement is sold in this year"]
[]
[null,"The Net Present Value (NPV) reflects the amount that could be paid for a replacement such that the expected rate of return from the investment would be exactly equal to the discount rate given all of the assumptions used in the analysis.  If you have a targeted rate of return for investing in replacements, enter that as the discount rate."]
[]
[]
[]
[]
[null,"Sensitivity Analysis of NPV to varying annual cow costs"]
[null,null,null,"Annual cow costs, $/year"]
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[null,"Year","Calf","NPV**","NPV**","NPV**","NPV**","NPV**"]
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[null,2036,10,{"$f":"SUMPRODUCT(M$14:M23,N$14:N23)+J23*N23+SUMPRODUCT(K$14:K23,N$14:N23)-SUMPRODUCT(R$14:R23,N$14:N23)","v":6576.4061048014801},{"$f":"SUMPRODUCT(M$14:M23,N$14:N23)+J23*N23+SUMPRODUCT(K$14:K23,N$14:N23)-SUMPRODUCT(S$14:S23,N$14:N23)","v":5924.6039251833408},{"$f":"SUMPRODUCT(M$14:M23,N$14:N23)+J23*N23+SUMPRODUCT(K$14:K23,N$14:N23)-SUMPRODUCT(T$14:T23,N$14:N23)","v":5272.8017455652016},{"$f":"SUMPRODUCT(M$14:M23,N$14:N23)+J23*N23+SUMPRODUCT(K$14:K23,N$14:N23)-SUMPRODUCT(U$14:U23,N$14:N23)","v":4620.9995659470642},{"$f":"SUMPRODUCT(M$14:M23,N$14:N23)+J23*N23+SUMPRODUCT(K$14:K23,N$14:N23)-SUMPRODUCT(V$14:V23,N$14:N23)","v":3969.1973863289249}]
[null,"** Net present value if replacement is sold in this year"]
[null,"Increment to use for annual costs/cow ",null,null,null,null,null,150]
[]
[null,"Values to include in chart (Calf number)"]
[null,null,null,"Annual cow costs, $/year"]
[null,"Calves",null,{"$f":"D33","v":800},{"$f":"E33","v":950},{"$f":"F33","v":1100},{"$f":"G33","v":1250},{"$f":"H33","v":1400}]
[null,4,{"$f":"B51&\" calves\"","v":"4 calves"},{"$f":"VLOOKUP($B51,$C$35:$H$44,2)","v":5577.8980357902165},{"$f":"VLOOKUP($B51,$C$35:$H$44,3)","v":5151.7793583795692},{"$f":"VLOOKUP($B51,$C$35:$H$44,4)","v":4725.660680968922},{"$f":"VLOOKUP($B51,$C$35:$H$44,5)","v":4299.5420035582747},{"$f":"VLOOKUP($B51,$C$35:$H$44,6)","v":3873.4233261476284}]
[null,7,{"$f":"B52&\" calves\"","v":"7 calves"},{"$f":"VLOOKUP($B52,$C$35:$H$44,2)","v":6307.0862565430407},{"$f":"VLOOKUP($B52,$C$35:$H$44,3)","v":5732.820249864898},{"$f":"VLOOKUP($B52,$C$35:$H$44,4)","v":5158.5542431867552},{"$f":"VLOOKUP($B52,$C$35:$H$44,5)","v":4584.2882365086134},{"$f":"VLOOKUP($B52,$C$35:$H$44,6)","v":4010.0222298304716}]
[null,10,{"$f":"B53&\" calves\"","v":"10 calves"},{"$f":"VLOOKUP($B53,$C$35:$H$44,2)","v":6576.4061048014801},{"$f":"VLOOKUP($B53,$C$35:$H$44,3)","v":5924.6039251833408},{"$f":"VLOOKUP($B53,$C$35:$H$44,4)","v":5272.8017455652016},{"$f":"VLOOKUP($B53,$C$35:$H$44,5)","v":4620.9995659470642},{"$f":"VLOOKUP($B53,$C$35:$H$44,6)","v":3969.1973863289249}]
[]
[]
[]
[null,"Sensitivity Analysis of NPV to varying annual cow cull rates"]
[null,null,null,"Annual cow cull rate, %"]
[null,null,null,{"$f":"E59-H72","v":0.1},{"$f":"F59-H72","v":0.125},{"$f":"N5","v":0.15},{"$f":"F59+H72","v":0.17499999999999999},{"$f":"G59+H72","v":0.19999999999999998}]
[null,"Year","Calf","NPV**","NPV**","NPV**","NPV**","NPV**"]
[null,{"$f":"B14","v":2027},{"$f":"D14","v":1},{"$f":"SUMPRODUCT(AD$14:AD14,N$14:N14)+IF(B14>=G$5,G$6*G14/100*(X14*(1-N$4-X$12))/G$3,0)*N14","v":3256.0048314814812},{"$f":"SUMPRODUCT(AE$14:AE14,N$14:N14)+IF(B14>=G$5,G$6*G14/100*(Y14*(1-N$4-Y$12))/G$3,0)*N14","v":3256.0048314814812},{"$f":"SUMPRODUCT(AF$14:AF14,N$14:N14)+IF(B14>=G$5,G$6*G14/100*(Z14*(1-N$4-Z$12))/G$3,0)*N14","v":3256.0048314814812},{"$f":"SUMPRODUCT(AG$14:AG14,N$14:N14)+IF(B14>=G$5,G$6*G14/100*(AA14*(1-N$4-AA$12))/G$3,0)*N14","v":3256.0048314814812},{"$f":"SUMPRODUCT(AH$14:AH14,N$14:N14)+IF(B14>=G$5,G$6*G14/100*(AB14*(1-N$4-AB$12))/G$3,0)*N14","v":3256.0048314814808}]
[null,{"$f":"+B61+1","v":2028},{"$f":"D15","v":2},{"$f":"SUMPRODUCT(AD$14:AD15,N$14:N15)+IF(B15>=G$5,G$6*G15/100*(X15*(1-N$4-X$12))/G$3,0)*N15","v":4084.7836664372107},{"$f":"SUMPRODUCT(AE$14:AE15,N$14:N15)+IF(B15>=G$5,G$6*G15/100*(Y15*(1-N$4-Y$12))/G$3,0)*N15","v":4061.6334196507378},{"$f":"SUMPRODUCT(AF$14:AF15,N$14:N15)+IF(B15>=G$5,G$6*G15/100*(Z15*(1-N$4-Z$12))/G$3,0)*N15","v":4038.4831728642648},{"$f":"SUMPRODUCT(AG$14:AG15,N$14:N15)+IF(B15>=G$5,G$6*G15/100*(AA15*(1-N$4-AA$12))/G$3,0)*N15","v":4015.3329260777928},{"$f":"SUMPRODUCT(AH$14:AH15,N$14:N15)+IF(B15>=G$5,G$6*G15/100*(AB15*(1-N$4-AB$12))/G$3,0)*N15","v":3992.1826792913184}]
[null,2029,3,{"$f":"SUMPRODUCT(AD$14:AD16,N$14:N16)+IF(B16>=G$5,G$6*G16/100*(X16*(1-N$4-X$12))/G$3,0)*N16","v":4502.2703265087257},{"$f":"SUMPRODUCT(AE$14:AE16,N$14:N16)+IF(B16>=G$5,G$6*G16/100*(Y16*(1-N$4-Y$12))/G$3,0)*N16","v":4456.122546716846},{"$f":"SUMPRODUCT(AF$14:AF16,N$14:N16)+IF(B16>=G$5,G$6*G16/100*(Z16*(1-N$4-Z$12))/G$3,0)*N16","v":4410.626255112089},{"$f":"SUMPRODUCT(AG$14:AG16,N$14:N16)+IF(B16>=G$5,G$6*G16/100*(AA16*(1-N$4-AA$12))/G$3,0)*N16","v":4365.7814516944545},{"$f":"SUMPRODUCT(AH$14:AH16,N$14:N16)+IF(B16>=G$5,G$6*G16/100*(AB16*(1-N$4-AB$12))/G$3,0)*N16","v":4321.5881364639399}]
[null,2030,4,{"$f":"SUMPRODUCT(AD$14:AD17,N$14:N17)+IF(B17>=G$5,G$6*G17/100*(X17*(1-N$4-X$12))/G$3,0)*N17","v":4876.6023601481975},{"$f":"SUMPRODUCT(AE$14:AE17,N$14:N17)+IF(B17>=G$5,G$6*G17/100*(Y17*(1-N$4-Y$12))/G$3,0)*N17","v":4799.9540337800427},{"$f":"SUMPRODUCT(AF$14:AF17,N$14:N17)+IF(B17>=G$5,G$6*G17/100*(Z17*(1-N$4-Z$12))/G$3,0)*N17","v":4725.660680968922},{"$f":"SUMPRODUCT(AG$14:AG17,N$14:N17)+IF(B17>=G$5,G$6*G17/100*(AA17*(1-N$4-AA$12))/G$3,0)*N17","v":4653.6733509858168},{"$f":"SUMPRODUCT(AH$14:AH17,N$14:N17)+IF(B17>=G$5,G$6*G17/100*(AB17*(1-N$4-AB$12))/G$3,0)*N17","v":4583.9430931017041}]
[null,2031,5,{"$f":"SUMPRODUCT(AD$14:AD18,N$14:N18)+IF(B18>=G$5,G$6*G18/100*(X18*(1-N$4-X$12))/G$3,0)*N18","v":5134.6886769068833},{"$f":"SUMPRODUCT(AE$14:AE18,N$14:N18)+IF(B18>=G$5,G$6*G18/100*(Y18*(1-N$4-Y$12))/G$3,0)*N18","v":5030.3897795926459},{"$f":"SUMPRODUCT(AF$14:AF18,N$14:N18)+IF(B18>=G$5,G$6*G18/100*(Z18*(1-N$4-Z$12))/G$3,0)*N18","v":4930.7295207087664},{"$f":"SUMPRODUCT(AG$14:AG18,N$14:N18)+IF(B18>=G$5,G$6*G18/100*(AA18*(1-N$4-AA$12))/G$3,0)*N18","v":4835.5296079244818},{"$f":"SUMPRODUCT(AH$14:AH18,N$14:N18)+IF(B18>=G$5,G$6*G18/100*(AB18*(1-N$4-AB$12))/G$3,0)*N18","v":4744.6155198012029}]
[null,2032,6,{"$f":"SUMPRODUCT(AD$14:AD19,N$14:N19)+IF(B19>=G$5,G$6*G19/100*(X19*(1-N$4-X$12))/G$3,0)*N19","v":5322.2378339760826},{"$f":"SUMPRODUCT(AE$14:AE19,N$14:N19)+IF(B19>=G$5,G$6*G19/100*(Y19*(1-N$4-Y$12))/G$3,0)*N19","v":5193.1679651031091},{"$f":"SUMPRODUCT(AF$14:AF19,N$14:N19)+IF(B19>=G$5,G$6*G19/100*(Z19*(1-N$4-Z$12))/G$3,0)*N19","v":5071.4260825178662},{"$f":"SUMPRODUCT(AG$14:AG19,N$14:N19)+IF(B19>=G$5,G$6*G19/100*(AA19*(1-N$4-AA$12))/G$3,0)*N19","v":4956.6087128861554},{"$f":"SUMPRODUCT(AH$14:AH19,N$14:N19)+IF(B19>=G$5,G$6*G19/100*(AB19*(1-N$4-AB$12))/G$3,0)*N19","v":4848.3290897040788}]
[null,2033,7,{"$f":"SUMPRODUCT(AD$14:AD20,N$14:N20)+IF(B20>=G$5,G$6*G20/100*(X20*(1-N$4-X$12))/G$3,0)*N20","v":5445.2523901605418},{"$f":"SUMPRODUCT(AE$14:AE20,N$14:N20)+IF(B20>=G$5,G$6*G20/100*(Y20*(1-N$4-Y$12))/G$3,0)*N20","v":5296.9527782858431},{"$f":"SUMPRODUCT(AF$14:AF20,N$14:N20)+IF(B20>=G$5,G$6*G20/100*(Z20*(1-N$4-Z$12))/G$3,0)*N20","v":5158.5542431867561},{"$f":"SUMPRODUCT(AG$14:AG20,N$14:N20)+IF(B20>=G$5,G$6*G20/100*(AA20*(1-N$4-AA$12))/G$3,0)*N20","v":5029.3701731637602},{"$f":"SUMPRODUCT(AH$14:AH20,N$14:N20)+IF(B20>=G$5,G$6*G20/100*(AB20*(1-N$4-AB$12))/G$3,0)*N20","v":4908.7547025992208}]
[null,2034,8,{"$f":"SUMPRODUCT(AD$14:AD21,N$14:N21)+IF(B21>=G$5,G$6*G21/100*(X21*(1-N$4-X$12))/G$3,0)*N21","v":5527.6847902261652},{"$f":"SUMPRODUCT(AE$14:AE21,N$14:N21)+IF(B21>=G$5,G$6*G21/100*(Y21*(1-N$4-Y$12))/G$3,0)*N21","v":5364.5566339535571},{"$f":"SUMPRODUCT(AF$14:AF21,N$14:N21)+IF(B21>=G$5,G$6*G21/100*(Z21*(1-N$4-Z$12))/G$3,0)*N21","v":5213.6773465952392},{"$f":"SUMPRODUCT(AG$14:AG21,N$14:N21)+IF(B21>=G$5,G$6*G21/100*(AA21*(1-N$4-AA$12))/G$3,0)*N21","v":5074.0419949699562},{"$f":"SUMPRODUCT(AH$14:AH21,N$14:N21)+IF(B21>=G$5,G$6*G21/100*(AB21*(1-N$4-AB$12))/G$3,0)*N21","v":4944.7218999713132}]
[null,2035,9,{"$f":"SUMPRODUCT(AD$14:AD22,N$14:N22)+IF(B22>=G$5,G$6*G22/100*(X22*(1-N$4-X$12))/G$3,0)*N22","v":5577.2216084269348},{"$f":"SUMPRODUCT(AE$14:AE22,N$14:N22)+IF(B22>=G$5,G$6*G22/100*(Y22*(1-N$4-Y$12))/G$3,0)*N22","v":5404.0476080582293},{"$f":"SUMPRODUCT(AF$14:AF22,N$14:N22)+IF(B22>=G$5,G$6*G22/100*(Z22*(1-N$4-Z$12))/G$3,0)*N22","v":5244.9523594627872},{"$f":"SUMPRODUCT(AG$14:AG22,N$14:N22)+IF(B22>=G$5,G$6*G22/100*(AA22*(1-N$4-AA$12))/G$3,0)*N22","v":5098.6374377023139},{"$f":"SUMPRODUCT(AH$14:AH22,N$14:N22)+IF(B22>=G$5,G$6*G22/100*(AB22*(1-N$4-AB$12))/G$3,0)*N22","v":4963.9209992653132}]
[null,2036,10,{"$f":"SUMPRODUCT(AD$14:AD23,N$14:N23)+IF(B23>=G$5,G$6*G23/100*(X23*(1-N$4-X$12))/G$3,0)*N23","v":5623.9426551006636},{"$f":"SUMPRODUCT(AE$14:AE23,N$14:N23)+IF(B23>=G$5,G$6*G23/100*(Y23*(1-N$4-Y$12))/G$3,0)*N23","v":5440.2534390055107},{"$f":"SUMPRODUCT(AF$14:AF23,N$14:N23)+IF(B23>=G$5,G$6*G23/100*(Z23*(1-N$4-Z$12))/G$3,0)*N23","v":5272.8017455652016},{"$f":"SUMPRODUCT(AG$14:AG23,N$14:N23)+IF(B23>=G$5,G$6*G23/100*(AA23*(1-N$4-AA$12))/G$3,0)*N23","v":5119.8909111683761},{"$f":"SUMPRODUCT(AH$14:AH23,N$14:N23)+IF(B23>=G$5,G$6*G23/100*(AB23*(1-N$4-AB$12))/G$3,0)*N23","v":4980.005567358502}]
[null,"** Net present value if replacement is sold in this year"]
[null,"Increment to use for cow cull rate",null,null,null,null,null,2.5000000000000001E-2]
[]
[null,"Values to include in chart (Calf number)"]
[null,null,null,"Annual cow cull rate, %"]
[null,"Calves",null,{"$f":"D59","v":0.1},{"$f":"E59","v":0.125},{"$f":"F59","v":0.15},{"$f":"G59","v":0.17499999999999999},{"$f":"H59","v":0.19999999999999998}]
[null,4,{"$f":"B77&\" calves\"","v":"4 calves"},{"$f":"VLOOKUP($B77,$C$61:$H$70,2)","v":4876.6023601481975},{"$f":"VLOOKUP($B77,$C$61:$H$70,3)","v":4799.9540337800427},{"$f":"VLOOKUP($B77,$C$61:$H$70,4)","v":4725.660680968922},{"$f":"VLOOKUP($B77,$C$61:$H$70,5)","v":4653.6733509858168},{"$f":"VLOOKUP($B77,$C$61:$H$70,6)","v":4583.9430931017041}]
[null,7,{"$f":"B78&\" calves\"","v":"7 calves"},{"$f":"VLOOKUP($B78,$C$61:$H$70,2)","v":5445.2523901605418},{"$f":"VLOOKUP($B78,$C$61:$H$70,3)","v":5296.9527782858431},{"$f":"VLOOKUP($B78,$C$61:$H$70,4)","v":5158.5542431867561},{"$f":"VLOOKUP($B78,$C$61:$H$70,5)","v":5029.3701731637602},{"$f":"VLOOKUP($B78,$C$61:$H$70,6)","v":4908.7547025992208}]
[null,10,{"$f":"B79&\" calves\"","v":"10 calves"},{"$f":"VLOOKUP($B79,$C$61:$H$70,2)","v":5623.9426551006636},{"$f":"VLOOKUP($B79,$C$61:$H$70,3)","v":5440.2534390055107},{"$f":"VLOOKUP($B79,$C$61:$H$70,4)","v":5272.8017455652016},{"$f":"VLOOKUP($B79,$C$61:$H$70,5)","v":5119.8909111683761},{"$f":"VLOOKUP($B79,$C$61:$H$70,6)","v":4980.005567358502}]

{"sheet":"Sensitivity Table","index":3,"n_rows":35,"n_cols":14,"rows_kept":35,"cut":false,"hidden":true,"merged":[[4,1,4,6],[34,1,35,6],[31,1,32,6]]}
[]
[null,"Sensitivity of results in \"Net present value\" tab"]
[null,"Range NPV values are pulled from",null,"O14:O23","E35:E44","AK14:AK23","AS14:AS23"]
[]
[null,"Table 1. Net Present Value of Beef Replacements, Sensitivity Analysis Summary*",null,null,null,null,null,null,"Marginal Impacts (relative to Base Case):"]
[null,null,"Number",null,"10% Lower","10% Lower","10% Higher",null,"Costs","Discount","Prices","Costs","Discount","Prices"]
[null,"Year","of Calves","Base Case","Cow Costs/yr","Discount Rate","Calf Prices",null,"$/head","$/head","$/head","%","%","%"]
[null,{"$f":"'Net present value'!B14","v":2027},{"$f":"'Net present value'!D14","v":1},{"$f":"'Net present value'!O14","v":3256.0048314814812},{"$f":"'Net present value'!E35","v":3399.0603870370369},{"$f":"'Net present value'!AK14","v":3280.3033749999995},{"$f":"'Net present value'!AS14","v":3685.3298070370374},null,{"$f":"E8-$D8","v":143.05555555555566},{"$f":"F8-$D8","v":24.298543518518272},{"$f":"G8-$D8","v":429.32497555555619},{"$f":"I8/$D8","v":4.3935916240783163E-2},{"$f":"J8/$D8","v":7.4626865671641044E-3},{"$f":"K8/$D8","v":0.13185636931632361}]
[null,{"$f":"'Net present value'!B15","v":2028},{"$f":"'Net present value'!D15","v":2},{"$f":"'Net present value'!O15","v":4038.4831728642648},{"$f":"'Net present value'!E36","v":4296.8242865473921},{"$f":"'Net present value'!AK15","v":4087.8319077579208},{"$f":"'Net present value'!AS15","v":4630.5164458492118},null,258.34111368312733,49.348734893656001,592.03327298494696,6.3969837838868795E-2,1.2219621273958601E-2,0.14659792987698689]
[null,{"$f":"'Net present value'!B16","v":2029},{"$f":"'Net present value'!D16","v":3},{"$f":"'Net present value'!O16","v":4410.626255112089},{"$f":"'Net present value'!E37","v":4761.8736516807094},{"$f":"'Net present value'!AK16","v":4478.8207094133368},{"$f":"'Net present value'!AS16","v":5108.6621041132421},null,351.24739656862039,68.194454301247788,698.03584900115311,7.9636626694794391E-2,1.5461399437825351E-2,0.15826229850967358]
[null,{"$f":"'Net present value'!B17","v":2030},{"$f":"'Net present value'!D17","v":4},{"$f":"'Net present value'!O17","v":4725.660680968922},{"$f":"'Net present value'!E38","v":5151.7793583795692},{"$f":"'Net present value'!AK17","v":4810.7923401269327},{"$f":"'Net present value'!AS17","v":5511.0631202218374},null,426.11867741064725,85.131659158010734,785.40243925291543,9.0171238727889014E-2,1.8014763417282816E-2,0.16619949934532352]
[null,{"$f":"'Net present value'!B18","v":2031},{"$f":"'Net present value'!D18","v":5},{"$f":"'Net present value'!O18","v":4930.7295207087664},{"$f":"'Net present value'!E39","v":5417.1854381942831},{"$f":"'Net present value'!AK18","v":5029.2212327544239},{"$f":"'Net present value'!AS18","v":5782.005829243124},null,486.45591748551669,98.49171204565755,851.27630853435767,9.8658000898737441E-2,1.9975079069334122E-2,0.17264713161795806]
[null,{"$f":"'Net present value'!B19","v":2032},{"$f":"'Net present value'!D19","v":6},{"$f":"'Net present value'!O19","v":5071.4260825178662},{"$f":"'Net present value'!E40","v":5606.5065526877916},{"$f":"'Net present value'!AK19","v":5180.5120339630266},{"$f":"'Net present value'!AS19","v":5973.4987781829004},null,535.08047016992532,109.08595144516039,902.07269566503419,0.10550887688463914,2.1509916475209927E-2,0.17787357658127836]
[null,{"$f":"'Net present value'!B20","v":2033},{"$f":"'Net present value'!D20","v":7},{"$f":"'Net present value'!O20","v":5158.5542431867561},{"$f":"'Net present value'!E41","v":5732.820249864898},{"$f":"'Net present value'!AK20","v":5275.4467727301835},{"$f":"'Net present value'!AS20","v":6098.9757206324703},null,574.26600667814182,116.89252954342737,940.42147744571412,0.1113230528566435,2.2659939981791423E-2,0.1823033030403414]
[null,{"$f":"'Net present value'!B21","v":2034},{"$f":"'Net present value'!D21","v":8},{"$f":"'Net present value'!O21","v":5213.6773465952392},{"$f":"'Net present value'!E42","v":5819.5221789214638},{"$f":"'Net present value'!AK21","v":5336.3280731438672},{"$f":"'Net present value'!AS21","v":6183.5680296664841},null,605.8448323262246,122.65072654862797,969.89068307124489,0.11620297767790866,2.3524801861535275E-2,0.18602813687821057]
[null,{"$f":"'Net present value'!B22","v":2035},{"$f":"'Net present value'!D22","v":9},{"$f":"'Net present value'!O22","v":5244.9523594627872},{"$f":"'Net present value'!E43","v":5876.2459241064244},{"$f":"'Net present value'!AK22","v":5371.5754228033056},{"$f":"'Net present value'!AS22","v":6237.3226375167978},null,631.29356464363718,126.62306334051846,992.37027805401067,0.12036211606472956,2.4141890080673255E-2,0.18920482209215986]
[null,{"$f":"'Net present value'!B23","v":2036},{"$f":"'Net present value'!D23","v":10},{"$f":"'Net present value'!O23","v":5272.8017455652016},{"$f":"'Net present value'!E44","v":5924.6039251833408},{"$f":"'Net present value'!AK23","v":5402.9483792930259},{"$f":"'Net present value'!AS23","v":6283.5878903396888},null,651.80217961813923,130.14663372782434,1010.7861447744872,0.12361590878442393,2.468263363728531E-2,0.19169811298606659]
[]
[null,"Key Inputs Varied Across Scenarios**:"]
[null,"Annual cow costs, $/year",null,{"$f":"'Net present value'!G7","v":1100},{"$f":"'Net present value'!E33","v":950},{"$f":"D20","v":1100},{"$f":"D20","v":1100}]
[null,"Discount rate, interest rate",null,{"$f":"'Net present value'!$N9","v":0.08},{"$f":"'Net present value'!$N9","v":0.08},6.7500000000000004E-2,{"$f":"D21","v":0.08}]
[null,"Calf Price, $/cwt",{"$f":"B8","v":2027},{"$f":"'Net present value'!F14","v":455.57},{"$f":"D22","v":455.57},{"$f":"E22","v":455.57},{"$f":"'Net present value'!AM14","v":500.88400000000001}]
[null,null,2028,{"$f":"'Net present value'!F15","v":451.02897999999999},{"$f":"D23","v":451.02897999999999},451.02897999999999,{"$f":"'Net present value'!AM15","v":496.11098000000004}]
[null,null,2029,{"$f":"'Net present value'!F16","v":404.36614632500005},404.36614632500005,404.36614632500005,{"$f":"'Net present value'!AM16","v":445.00914632500007}]
[null,null,2030,{"$f":"'Net present value'!F17","v":384.52569390706253},384.52569390706253,384.52569390706253,{"$f":"'Net present value'!AM17","v":423.35369390706256}]
[null,null,2031,{"$f":"'Net present value'!F18","v":362.2703559586638},362.2703559586638,362.2703559586638,{"$f":"'Net present value'!AM18","v":399.04535595866383}]
[null,null,2032,{"$f":"'Net present value'!F19","v":345.5739162980438},345.5739162980438,345.5739162980438,{"$f":"'Net present value'!AM19","v":380.78991629804381}]
[null,null,2033,{"$f":"'Net present value'!F20","v":330.3051468253596},330.3051468253596,330.3051468253596,{"$f":"'Net present value'!AM20","v":364.04014682535961}]
[null,null,2034,{"$f":"'Net present value'!F21","v":317.20492134157513},317.20492134157513,317.20492134157513,{"$f":"'Net present value'!AM21","v":349.71592134157515}]
[null,null,2035,{"$f":"'Net present value'!F22","v":304.82270670951272},304.82270670951272,304.82270670951272,{"$f":"'Net present value'!AM22","v":336.16870670951272}]
[null,null,2036,{"$f":"'Net present value'!F23","v":304.08566795618663},304.08566795618663,304.08566795618663,{"$f":"'Net present value'!AM23","v":335.43166795618663}]
[null," * NPV is Net Present Value of a replacement expected to produce the number of saleable calves listed in the \"Number of Calves\" column before a cow is culled for age-related reasons."]
[]
[]
[null," ** Annual cow cost, discount rate, and calf price assumptions were varied with all other inputs set at their settings in the NET PRESENT VALUE tab."]