garr_ex3

Exhibit 3: DCF Enterprise Value Matrix

	Growth rate
Discount rate	3.0%	4.0%	5.0%
16.0%	$9,234,926	$9,685,096	$10,217,117
17.0%	$8,768,854	$9,158,042	$9,612,093
18.0%	$8,353,778	$8,693,957	$9,086,471

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

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CPEOs provide peace of mind around payroll services

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