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a <br />JUL 1� 1978 <br />EXHIBIT I <br />} <br />• IXORA UTILITIES, INC. <br />i <br />COST OF CAPITAL <br />1i <br />Cost Of Ratio <br />Balance Ratio $ <br />Each Times Cost <br />Stockholders' Equity <br />Common Stock <br />$ 100000.00 <br />Paid-In-Capital <br />0 <br />Retained Earnings <br />96,073.81 <br />Total Stockholders' Equity <br />$106,073.81 <br />Less: Pro-Forma Equity <br />53,036.90 <br />Adjustment <br />$ 53,036.91 50% <br />15% 7.50% <br />Pro-Forma Equity <br />53,036.90 50$ <br />10� 5— '00 <br />Pro-Forma Debt <br />$106,073.81 <br />12.SO+k <br />Total <br />Add: <br />10% Risk Factor 1.25 <br />13.75% <br />Normal Rate of Return (Equity <br />Plus Debt) <br />Expressed in $106,073.81 @ <br />13.75% =.$14,585.15 <br />_ <br />Rate of Return Requested on the De re61ated <br />10.0% <br />Net Utility Plant in Service <br />--- <br />Expressed in $144,618.42 @ <br />10.0% _ $14,461.84 <br />-UNAUDITED - <br />a <br />JUL 1� 1978 <br />