PE NAV question

In Scheweser PE eg on page 382, NAV before and after distributions is calculated. NAV before formula uses NAV after formula and vice versa. But the book does not show how to find either one…its like a catch 22 situation. or am i missing something.

Period 1: Capital Called Down 50 - Management fees 1 + Op. Results (-10) = 39 NAV Before Period 2: Previous period NAV after 39 + Cap called 20 - Mgmt fees 1.4 + Op results (-25) = 32.6 = NAV Before = NAV After as well (no distributions) Go to 2007 2006 NAV After 85.6 + Cap called 20 - Mgmt fees 2.4 + Op results 50 = NAV Before = 153.2 NAV Before dist. Distributions = Carried int. 0.6 + Distributions 20 = 20.6 NAV After = 153.2 - 20.6 = 132.6

They are correct. Look again.