I notice that the guesses have:
a royalty rate of 1.5% of sales (for all years) in the 2012 one;
a royalty rate of 2.0% of sales (for all years) in the 2013 one and;
a royalty rate of 4.0% of sales (for all years) in the 2014 one.
Can anyone explain that?
Best Wishes
Paper Tiger