Equivalent value of accumulation (EVAS) is similar in concept to a present value, which is scenario dependent. It is dependent upon the investment strategy used and is obtained by dividing the surplus at the end of the projection period by a growth factor. This factor represents the multiple by which a block of assets would grow from the valuation date to the end of the period in which we are interested. It is computed by accumulating existing assets or an initial lump-sum investment under the interest scenario in question on an after-tax basis with the initial investment and any reinvestment being made using the selected investment strategy. The growth factor is the resulting asset amount at the end of the projection period divided by the initial amount at the valuation date. These EVAS values are obtained at the end of the projection period of twenty years and discounted back to the valuation date. These values are somewhat liberal in that if the company became insolvent in an earlier year, but then recovered subsequently, we do not have knowledge of this event contained in the corresponding twenty-year EVAS value.