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<p class=MsoNormal><span style='color:#1F497D'>Thanks Mike for the great
spreadsheet. I have two minor comments:<o:p></o:p></span></p>
<p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo1'><![if !supportLists]><span
style='color:#1F497D'><span style='mso-list:Ignore'>1.<span style='font:7.0pt "Times New Roman"'>
</span></span></span><![endif]><span style='color:#1F497D'>Tire replacement is directly
related to number of landings, which in turn is related (loosely) to number of
hours flown. We should probably include that as an operating cost unless you
think it’s covered by “Engine/Airframe Maintenance” cost.<o:p></o:p></span></p>
<p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo1'><![if !supportLists]><span
style='color:#1F497D'><span style='mso-list:Ignore'>2.<span style='font:7.0pt "Times New Roman"'>
</span></span></span><![endif]><span style='color:#1F497D'>If we purchase a
plane, there will almost definitely be a required one-time cost. The one-time
cost can constitute either a minimum down-payment, payment in full, or anything
in between. It looks like the spreadsheet double-counts the cost of the
airplane. The price is listed both as a one-time cost per member to buy the
plane and also is included as a regular annual cost of the note. It would
probably be a good idea to separate those costs. You could add a “% Down Payment”
value which would drive the one-time cost (perhaps defaulted to 20%), and then
the remainder of the purchase price would be amortized over the length of the
loan and would be reflected in the note cost.<o:p></o:p></span></p>
<p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span style='color:#1F497D'>Thanks,<o:p></o:p></span></p>
<p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span style='color:#1F497D'>-Steve<o:p></o:p></span></p>
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