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Table2:Scenario1ParameterValues4,000StartingNumbersofHorses20.00%GrowthRateofHorses$80,000.00StartingTotalRevenues$20StartingRevenuePerHorse$516,232StartingTotalExpenses$129.06StartingExpensesperhorse7.00%GrowthRateofExpenses400Numberofstalls10,630MaximumHorses2.50%inflationRateYear123456789Horses400048005760691282949953106301063010630TotalRevperHorse$20.00$20.00$20.00$20.00$20.00$20.00$22.47$24.05$25.73TotalRevenue$80,000$96,000$115,200$138,240$165,888$199,066$238,879$255,600$273,492TotalExpenses$516,232$552,368$591,034$632,406$676,675$724,042$774,725$794,093$813,945Expensesperhorse$129$115$103$91$82$73$73$75$77OperatingProfits-$436,232-$456,368-$475,834-$494,166-5510,787-$524,976-$535,846-$538,493-$540,453CumulativeLosses-$436,232-$892,600-$1,368,434-$1,862,601-$2,373,388-$2,898,364-$3,434,210-$3,972,703-$4,513,156
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