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I understand the first part.  What doesn’t make sense to me is in year 6 there is a return of NWC of 416.  I don’t understand why it’s being reflected in the Total after-tax cash flows as well as the terminal CF.  Because in year 6 the TNOCF is 992+150-45+416 = 1,513.
Shouldn’t the rows “After tax operating cash flow” and “total after-tax cash flows” be the same?  Since you’re reflecting the return of NWC in the year 6 value (+416).

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