© Corporate Finance Institute

Period Start/End Base Increase Decrease Cumulative

Start 100 100
Jan 50 0 50 50
Feb 50 30 0 80
Mar 70 0 10 70
Apr 70 20 0 90
May 50 0 40 50
End 50
© Corporate Finance Institute

Period Start/End Base Increase Decrease Cumulative

Start 100 100
Jan 50 0 50 50
Feb 50 30 0 80
Mar 70 0 10 70
Apr 70 20 0 90
May 50 0 40 50
End 50

120

100

80

60

40

20

0
Start Jan Feb Ma r Apr May End
End
© Corporate Finance Institute

Period Start/End Base Increase Decrease Cumulative

Start 100 100
Jan 50 0 50 50
Feb 50 30 0 80
Mar 70 0 10 70
Apr 70 20 0 90
May 50 0 40 50
End 50

120

100

80

60

40

20

0
Start Jan Feb Ma r Apr May End
 Stage Start/ End Base Increase Decrease
Start 100
Stage I 100 30 0
Stage II 110 0 20
Stage III 90 0 20
Stage IV 90 40 0
Stage V 130 10 0
End 140

160

140

120

100

80

60

40

20
End

0
Start Stage I Stage II Stage III Stage IV Stage V End
Cumulative
100
130
110
90
130
140