... $2,9 96, 108 $3,295,719 $3 ,62 5,290 $3,987,819 $53,345,724invested capitalPresent value factor 0.8 86 0.785 0 .69 6 0 .61 7 0.5 46 0.5 46 Discounted net cash flow $ 2,413 ,60 5 $2,352 ,66 7 $2,293, 267 $2,235, 367 ... 352 6% 4% 7% 6% 5%Retained earnings $3, 563 $3,943 $3,004 $4,105 $3, 865 57% 60 % 57% 65 % 54%Total equity $3,945 $4, 263 $3,375 $4,541 $4,245 63 % 65 % 64 % 72% 59%Total liabilities and equity $6, 234 ... Approach to Valuation SUMMARY OF APPROACHES, METHODS, AND PROCEDURESIn the hierarchy of widely used business valuation terminology, there are approaches, meth-ods, and procedures. In business valuation, ...