This report presents results from a parametric study of equilibrium fuel cycle costs for a closed fuel cycle with multi-recycling of plutonium in fast reactors (FRs) compared to an open, once-through fuel cycle using PWRs. The study examines the impact on fuel cycle costs from changes in the unit costs of uranium, advanced PUREX reprocessing of discharged uranium dioxide (UO2) fuel and fast-reactor mixed-oxide (FR-MOX) fuel, and FR-MOX fuel fabrication.