CONFIDENTIAL BAJJAN 2048/FIN242/262/260 AA ee UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION COURSE FUNDAMENTALS OF FINANCE COURSE CODE : FIN242/262/260 EXAMINATION : JANUARY 2018 TIME 3 HOURS INSTRUCTIONS TO CANDIDATES 1. This question paper consists of two (2) parts: PART A (2 Questions) PART B (5 Questions) 2 ‘Answer ALL questions in PART A and any three (3) questions in PART B in the Answer Booklet. Start each answer on a new page. 3 Do not bring any material into the examination room unless permission is given by the invigitator. 4 Please check to make sure that this examination pack consists of : i) the Question Paper ii) a four page Appendix ji) an Answer Booklet - provided by the Faculty 5, Answer ALL questions in English. DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO This examination paper consists of 7 printed pages: (© Hak Cipta Universiti Teknologi MARA CONFIDENTIALCONFIDENTIAL, 2 BAJJAN 2018/FIN242/262/260 PARTA QUESTION 1 Madam Wardah Sulaiman is a financial manager of Ejazs Corporation. The company is in the process of applying a term loan from Bank SMY Berhad. As a financial manager, Madam Wardah is given the task of determining the company’s performance last year based on financial statements below. EJAZS CORPORATION STATEMENT OF FINANCIAL POSITION AS AT 31 DISEMBER 2017 (RM) Cash 120,000 Account payable 165,000 Marketable securities 100,000 Accrued expenses 220,000 Account receivables 275,000 Notes payable 110,000 Inventories, 825,000 Long term debt 220,000 Net Land and Building 605,000 ‘Common shares 4,210,000 TOTAL ASSETS 4,925,000 TOTAL CLAIMS 7,925,000 EJAZS CORPORATION INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2017 (RM) Sales (100% Credit) 2,750,000 Less: Cost of goods sold 2,029,500 Gross profit 720,500 Less: Selling and general expenses 591,800 Earnings before interest and tax 128,700 Less: Interest expenses 13,200 Earnings before tax 115,500 Less: Taxes 7.750 Earning after tax 57,750 INDUSTRY AVERAGE RATIOS Current ratio 1.70 times Average collection period 20.00 days Quick ratio 0.90 times Fixed asset turnover 5.00 times Debt ratio 50.00 percent Net profit margin 1.50 percent Time interest earned 6.00 times Return on equity 3.50 percent Based on the above financial statements: a) Calculate the indicated ratios for Ejazs Corporation. (12 marks) b) Evaluate the overall performance of the company according to liquidity, activity, Profitability and leverage ratios. (8 marks) (© Hak Cipta Universiti Teknologi MARA CONFIDENTIALCONFIDENTIAL, 3 BAJJAN 2018/FIN242/262/260 QUESTION 2 Bamboo Holdings has decided to expand its business and RM10 million worth of external funds is needed. There are three (3) sources of financing available: Source 1 Issue bonds that pay 10 percent interest and will mature in 10 years. The firm is planning to sell the bonds at 8 percent discount. The underwriting fee is 2 percent of the selling price. The current tax rate is 35 percent. ‘Source 2 Issue preferred shares that pay 10 percent dividend on par value of RM100. Floatation cost is estimated at 12 percent of its current price of RM150. Source 3 Issue common shares at RM25. The growth rate of the company is 8 percent and the recent dividend paid was RM4.25 per share. Floatation cost estimated at 6 percent of the current price. a) Calculate the after tax cost of bond, preferred shares and common shares. (14 marks) b) Analysing the costs above, which source of financing will be selected? Why? (2 marks) ©) __ Describe two (2) characteristics of common shares. (4 marks) (© Hak Cipta Universiti Teknolog! MARA, CONFIDENTIALCONFIDENTIAL 4 BAJJAN 2018/FIN242/262/260 PARTB QUESTION 1 a) Marwan Electronics is in the process of deciding to purchase of an electronic casting system. Cost of capital is 10 percent. The following are the after tax cash flows for both systems. Year SYSTEM A (RM) SYSTEM B (RM) 0 45,000 45,000 1 25,000 15,000 2 (7,000) 15,000 3 14,000 15,000 4 12,000 45,000 5 20,000 15,000 Calculate the following: i) Payback period for both systems. (4 marks) ii) __ Net Present Value for both systems. (6 marks) ii) Internal rate of return for System B only. (4 marks) iv) Which system would be selected? State your reasons. (2 marks) b) List two (2) advantages of using the payback period as a capital budgeting tool. (2 marks) ©) Define a concept of independent projects. (2 marks) (© Hak Cipta Universiti Teknolog! MARA CONFIDENTIALCONFIDENTIAL 5 BA/JAN 2018/FIN242/262/260 QUESTION 2 a) b) Given the following information, construct a cash budget for Farimida Corporation for the first quarter of 2018. Sales for October 2017 until May 2018 October 2017 RM600,000 February RM310,000 November — RM650,000 March RM250,000 December _ RM450,000 April RM860,000 January 2018 RM350,000 May RM750,000 40 percent of sales are for cash, 30 percent will be collected one month after sales and another 30 percent will be collected on the second month after sales. Raw materials for production will be purchased 60 percent, one month before sales in advance and paid 100 percent after two (2) month of purchased. Operating expenses for salaries and wages are estimated RM15,000 every month, rental of RMS,000 every month and utilities amount to 2 percent of current month of sales. The interest of RM10,000 on marketable securities will be paid in March Ending cash balance for December 2017 is RM20,000. The company also intends to maintain a minimum cash balance of RM100,000 every month. (12 marks) The Statement of Financial Position for MJA Pid Ltd is as follow: MJA PTD LTD STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2017 (RM) Cash 53,000 Account payable 58,000 Prepaid expenses 36,000 Notes payable 35,000 Account receivables 55,000 ‘Taxes Payable 20,000 Inventories 82,000 Bond 21,000 Net plant and equipment 80,000 -—_—Preferred stock 45,000 Land 40,000 Common stock 130,000 Retained earnings 37.000 Total asset Total liabilities and equity 346,000 In 2017, the sales of the company are RM500,000 and it has reached its full capacity The company also paid out 2.5 percent of dividends and recorded net profit margin of 5 percent. How much additional financing needed if the sales expanded by 20 percent in 2018? (Construct a pro forma statement of financial position), (8 marks) (© Hak Cipta Universiti Teknologi MARA, CONFIDENTIALCONFIDENTIAL 6 BAJJAN 2018/FIN242/262/260 QUESTION 3 a) MMA Company requires RM400,000 to support the working capital requirement for 3 months. Calculate the effective cost of the following alternatives. Apply for a loan from ABC Bank that pays an annual interest rate of 7.5 percent on a discounted basis. The bank requires a 12 percent compensating balance. MMA maintains a demand deposit of RM40,000 in the bank. ii. MMA has a revolving credit agreement with DEF Bank for the total amount of RM450,000. Interest rate at 8 percent is charged on the used loan. A commitment fee of 5 percent is charged on the unused loan. On top of that, the bank requires MMA maintains a checking account of RM15,000. il, Issue commercial papers on a discounted basis at an interest rate of 10 percent per annum. Dealer placement fee is RM3,000 per paper and the par value of these commercial papers are RM40,000 each. iv. Forego a trade credit with favorable term of 5/15 net 50. Determine which alternative is the best? Why? (16 marks) b) Describe any two (2) risks that influence an investment of marketable securities. (4 marks) QUESTION 4 a) Jeena Corporation is a supplier of mini microphone and has an annual demand of 300,000 units. Purchase price is RM25 per unit and the carrying cost is 25 percent from purchase price. The ordering cost is RM120 per order. The desired safety stock is 4,000 units and the delivery time is 7 days. (Assume 360 days a year). i. Determine the optimal economic order quantity. The order must be placed in multiple of 100 units. (3 marks) ii, What are the company's total inventory cost of the year? (4 marks) ji, If annual demand decreases by 15 percent from the current demand, calculate the new optimal economic order quantity. (3 marks) (© Hak Cipta Universiti Teknologi MARA, CONFIDENTIALCONFIDENTIAL, 7 BAJJAN 2018/FIN242/262/260 b) °) Explain any two (2) elements of 5C’s in the account receivable management. (6 marks) Describe any two (2) basic working capital policies. (4 marks) QUESTION 5 a) ») °) Mr. Isyraf Nazhim has just invested RM8,760 for his son who just tuned one. This money will be used for his son’s education 18 years from now. He has calculated that he will need RM60,000 by the time the boy goes to the university. What is the rate of retum in order to achieve this goal. (6 marks) Miss Ummi Nazeerah is planning to determine the minimum operating cash of the firm to reduce its costs of investment. Currently, the firm is holding RM80,000 cash ‘on average continuously. The firm will purchase raw materials on the 5" of January 2018 and the payment will be on credit term 6/10, net 40. The goods will be sold on 15° February 2018. The estimated sales of goods are RM60,000. Total account receivable will be RM20,000 and total initial outlays will be RM600,000. (Assume 360 days in a year). Calculate: i, Cash eycle (4 marks) i, Cash tumover (2 marks) ji, Minimum operating cash (2 marks) Briefly explain two (2) goals of business. (6 marks) END OF QUESTION PAPER (© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL‘vey Bojouyas nisioNUN eidio EH © “WILNAGIINOO Table C.1 Future Value of $1 at the end of t Periods =(1+r)t Interest Rate re [om | om | som | sem [sam | sax | vox | tox [ vox | cox [oe [aoe [oe [son 070 08000800000] 1.1300 3.100.100 100] x. r0o| 160] 1.2000] 12400| 12000 1.3200 | 1.3600 1.14516) vse0n 00/21] zee sn s.azs| su] read sasoo]sare| vessel rece | 10s +2250 1.2667|1 20801 310 676 s.aao| sass 5200] 1.500] s.6«0] 7200x2086 | 2.0872 2.2000 | 2615s 1.3108 1360514116] aeet| 01 1.sas|s.s00| 740] 016] rool 207se| 226ez| sea a.0360 | sz10 40a] 1450315386 10r0s| est] 17623| x22se|2.0114]2 100] eral 2asea| zeare| saxeo| oors | sss sor s.s260|1.2774|1.7710|4704| 5730] 2.180] 2151| 24364] 20s] 0000 sese2| «3000| 5.2000 | ozs 00s |1.7138|12200|12487|2o7e2|2.2107|252s| 2.600] 22sa| a. r0s| sseaa| eso77| e.zoe| o.czs | ecose 1.710 0500195202 1436] 046| 2.60] 20520 .0s0|s.2va| 7s] «20ee] ssens| 72000] oo | 1.703 [:.sses|ov00]21719|23570|2es00|27701|.2s10| sve | 300s] a4ss| svso| eas | e220 | rasee | 15017 267221500] 230742 as7|2.ooe| soso] a.7ora| aus |aati|e204| eter] acne | 1x200| reco | acu7 Petod] 1% | 2% | a | ox | om +-_{1.0100] 3.0200] 1.0300] s.0400| 1.0600] 2 {1.0201 [1.0404] 1.0609] 1.0816 1.1025] ‘3 {1.0203 s.0612| 1.0527] 1.1240 .1676| 4 | 0406 .0824| 1.1255] 1,r080| 1.2155] 5_| 1.0510] 104s] 1.1583] 1.2167| 12763] {1.0615 1262] 1.1941] 1.2665] 1.3401 z 2 2 0721 s.1487| 1.2200] 1.3180] 14071 1.0020 s.1717| 12068] 1 368614775] 1.0037] 11953] 1 2048] +4293] 1.8619 10_| 1.1046 1.2100 13430] 1.4802 +5200] she eal eselsomdzas asl sad zal se [eer zoL som] anal sue | ful SE ee rls culsae|oamlelsae| cee ae] col sae] waa] 2am | er tcl ee ele] oles eee ean] swe sea] er [ce laa rt anole ce arene sole za nce all san ae rate Se eral cml cl earl eae ate a ad hil tarot eas amet esta ane ce sl nal ia at hue es eae real ea lr iam fe ane era esos eee el sel el eal =a 10 {1.2001 s.456| 1.7635] 2 10682270] 3.0256] s.ate5|4.9187|5.1417|6.1150| 7.2693] 8.6120 12.056] 14.232| ve.777|z23.214 31.04] so.see| toneo| 950 | 24456 20_|1.2202| 1.4060] 2061|2.1911] 20599] 3.2071|3.0007|.0010|s.6044| .7275| 8.0825] ».c4es|1.743|16.267| 1e48t|27. 263] se.s9a| 7a.20e| 120:0| 257.92 | 400.7 21_| sz sst67 2.7000| 3956 «1406| 5.0338 .1086| 7 4002|s.049 | v.00 32 sa] 5.006] 01.502] sreat| 3404s | 637.26 z2_|2aar| 5000 2.2ss| sens] 4.304] 5 4365) 6.0506] 8.1403] oc3 | 12.100 3.12] 11387] 22636] 490 | osse7 2 24 1.2572 15709] 1.9736] 2.4547| 3.0715] 3.0187] «.7408| 5.0716] 7.2579] .9543| 11.026| 1.652 45.006 68247] 1408s | 29230| 9320 | 11707 1 2007| 2004] 2.0328] 2.5633| 3.2251] 4.0480] s 0724] .2412]7.9111| 8.0407] 12.299 15.179 53.100 ze s7asa| srasa|_7e3.02 | 1002.0 25 {1.2824 1.6406| 2.0006] 2.0668] 3864| 4.2010] 5.«274] .0495| 8.6731] 10-835 1.505] 17,00] 62.660| 05:06) 216.54| «7aco| 1oss6 | 2100.1 1.3470|1.0114]2.4273| 3.2404 a3210|6.7435| 7.5123 1,005 13.280] 17 440] 22,902] 29.960] £0 050|66.212| a5 a80| 143.37] 237-0] es4e2| seas | avazs | s0149 1.480] 2.2080) 3.2620] 4.2010 7.0400] 10208 14.074] 2,726| 31.400] 4525 | 05.00 | 3.05 | 10.20 67.06| 370.72| 750.30 r4a0.| s4ss.o| so4z7 | casar | 2s9se2 0 “0 50_| 1.6446] 2.6016 43630] 7.107 | 11.467| 10420] 29.457| 46,902] 74.358] 117 30] 164.561 280.00] 7002 | 1083.7 1670.7| 3677-4] 2100.4 229360) 1068308] 4752755 c0_|1.e167/ 2.2810] s.2016] 10.520] 19.679 | 92,09) 67.046] 10126] 176.03| 30448] 24.06 9760] 2805.9|s04.0] 7370.2 zosss] ses] rozesoead 1 AWLLN3GLINOD + XIgNadav oszizezizvenia/stoz NVP/VE‘vv Borouyos nisentun eidio eH © WILNaGIINOO ‘Table C.2 Present Value of $1 at the end of t Periods = 1/(1+r)* Interest Rate ated] om | om | ox [am [ ox [ox [rm [om | ox | von | som | sw | vox] som] vom | vox | om | oem | oom | om | cox 1+ |o.200r| asco os705 061s} 09524{ o.s<4|.0346| 0.0259 o.0174]a.500|00006|0 nz 772 oo0e| onezs| o847el 08323] osces| ovess| ore |_aasa 2. [se00| 09612] 09425 524) a9070| oo% |a7s4|o.1s73]0.2417|09254[o.01s60.7972| 076050756] o.7ex2| 7102 osu) o6so4| 08:04] 6730 | ota? 3 |o570s{ oa] 91510-9900] 0.30| o0s| 6s] 0.7008 0.7722[0.7513 [07012107118 26780] 0957s] 05407] o.owe| 05767] oss | ares] asus | 0307s + [osoto| 05200 o.sss| 0.054 oa227| «7571 ]0.7629[0.7350]07004| 6420] .9587| 066s oss] os) oss] osisal os2o| 0700] 03725] ozs | azez9 5 [12515] sos) oo oo 0735] 07473 0.7190|osoe| 1640 |oc20| 0.96] 2574 asic) o4sra 0476 aus7s]o4ore] 02411 o2010| ozs | orto 8 |.s420) oss) 01375-7903] 0.762 o.7s0| 880.602.5063 [05548050400 00a 24856 04323] 04104] 05704] 03340] 02761| 02774| 0.1090 | o.1s90 1_|ossz7| nsro|ost31]0.7500) 07107] 0686 |oszz7[os4s6|0.s470|ast2|.4s17|04523 oso] 0.3760] 03508 as19] 07701] 02210 o1776| avs2 | ose? | o923s{ 0.0595 0.7264] 07307] 9.6760 0.6274|1.5870[ 0 s403| 0.519048 |0.4399| 04030 «2600| x20 02050 0268002320 0.1720] 0.1088 | osoes | oosse 3 |oor4s sel 0.70) 0.7026] 0644 os51905430|0.5002|0 45041042410 306[ 0350] ass] o2ses 0250] 0.260 0.1238 0.149 | aoe oe | o.0see 10_|o.s083| 0.4203] 07443] 0.6754] 0.120] o25e4|0c09s|0.4s22|0-222«|o.2085|0.3622|0.3220] 0.2697] a2472| 02267] ar0r1| 0.1615] arr6e| coor] 0.0675 | 0.042 | 1+ |sessososzzufoer sur oslo arr cslosrsaateleara| acre oz szu aed ofacon ane| eal cor [ one 12_[ossra{0:7e85| 0.7014] 0.6248 0.5568] 0.4970|0.4«40|0.2971[0.2555|0.3106|0.2050|0.2507| 0.2078 0.100] 0.1096] 0.1372 0.1122 oo7s7| cost7|_oossr | 0.0280 13_|o.8797 0.7730 0.6610] o6006) «5903 064s] 0.4180[0.3677|o.sze2 0.2007 0.2575) 0.7282 0.1821. 1828 0.1482] 0.1163 0.0095] 0.0810] 00406! o.0271 | oores 14 |o.a700 0-757 «6611 0.6775] 05051 01423 |0.3676| 05405 |0.2002]0.2688|0-2320| 0.2048] 0.507] 0.14130 282] 0.0008 00770) oc1s2| ote 15_[0.9613] 07420] 0.6410 0.5565] 04810] o.4t73]0:362410:3152|0.2745|0.2304|0:2000| 0.1027 o.1401| 0.1229 0.1070] 00995] 00640] o.se7 | 0.0247 16_[0ss2a] 0.7204] 0.62321 0.5330] 04561] 0.3006|0.347]0-2010|0.2510|0:2176| 0.1883] .1581 0.1228] 0.1060 0.0930) 0700] «05431 0.0320 | 0.0193 | 17 [osese} 0.7142) ososolost34] o«ses]0:37:4]03166]0.2703|02511 0.176]. o1sel oral o.ces| o.coaloceol oust] case | aoseo 2.300] .7002| 0.5674] 0.4936 0.4188] 0.3503] 0.2060[0.2502| 0.2120] 0.1766 [0.1526 o.1200] 0.0046] o 050 0.085] 00308] 00376] 0.0206 | o.0s18| 0.0068 | 0.0030 .8277| 0.6864] 0.57) 04746 0.3057] 03946|0.2765|0.2517|o.1945 [0.1636] 0.1877|0.1161| 0.0829] 10700] oee| 00431] 0.0313] o0168 | ocos2| ons: | o.cozs 2.105] 05730] 0.5537] 0.4564] 0.3760] 03118] 0-2504]0.2145|0.1764|0,1486| 0.1240] 0.1037] 0.0728] 0.081%] o0st4) onses| ocass] 0.0135 00072| o003e | 0.0021 | 9114] ose 0.5375] 0434 0.3500 o:212| 0.2415 0.1067 |o.1637|0.151[0.1117| 0.0026] c.0838| 0.0531] 001] ac309]0.0217| 09109|| conse | o.002s | ooote 2004 0.6488 0.5218 04220] 0416-275] 0.2057 [01630 0.1502| 0.128 0.1007 | .0225|o.0600o acm gore! oo0es| oou| 0022 | ooor2 0-74] 0.6342 0.5087 0.4087 nxs7a)o.1117| 0007] 0.0738 0.04] 042 oosza 611 co071 | 0.0034 ocorr | 0.0008 [0.7876] 6217] 0.4919] 0.3901 [o.120¢]0,1015]0.0817] 0.0859] 0.0431) o.s40| 0.0284) 001g] 0126) 0.0087 | o.0cz7| 0.0013 | 0.0006 0.7726] .6095| 0.4776] 0.375 0.1160 0.0022 |.0736| 2058s] 0.0378) 1.0304 0.0245] 0.0160) 0.0108] ,0048 | oca2s| 00010 | 0.0008: 7419] .9521| 04120) 03003 2073400973] 0.0437]003%4 cores) aors1| 00116) .0070|aa047) ocors| 00005] v00e2 | 0.0001 203t0|0.0221|0.0154{ 0.0107 o.cos|ocs7| o.cos| 0.013] 0.007} o.0002| 0005 | 0.0000 | .0000 2.0154|.0085|.0084|0.0038| 0.0014) ooo 0008 o.0003{ 0001] o.0000| 0.0000 0.0000 | 0.0000 [2.0087 [o.0033]0.0018|0.0011] 0.0004) «0062 0001.00) 10000] v.0000| 0.000 0.0000 | 0.000 0.8717] 0.4820 0 3008] 02069 .9080{ 0.3715] 02281] 0.1407 .5504] 0 3048| 0.1097] 0.0861 a |e fs |e fee fe fe fe fe ie fs fs AWILNAGLINOD ZXIGNadd¥ oozizszizszNiaietoz NYr/va,YVasvin Borouyer nisionUn exdi9 HEH @ “WLLNaaIINOD + Table C.3 Present Value of an Annuity of $1 per period fort Periods = [1-1/(1+r)]/r Interest Rate 2a [zo | azm [som peioa]_im [om [om [om [om [ow [rm [ow | ox | som | sox | xx] von tom] som | sos | aon nase 0.62 WUNaGIINOS eaasleeaastalaselasealasolanealamalortlanaaanolanel auras ows aselossl eae area| orm | ones ee areca tna canal ccleaner ae [sa ane [0 Le Ee aaa snarl sumlsardazea ue] >relzeed oral omel ues (5 EE ee A eae an ase sed an eal zoo avo 2a | ae 4.9534] 4.7195] 4.5767] 44510] 43285] «21241 4 1002| 3.9627] 3.007] 3.7000 3.0080 s.604s| 3.4331] 3.3522] 3.2743] 3.1272] 29006] 2.7484 | 25320 | 22482 | 2.1007. 5.7055 s.0014] .4172| 5.24211 6.0757 [4.2306] 41114] 2.7] 3.7045 3.6507] 34076] 3.3255] 3.0206 | 27504 | 2ssaz | 23300. 6807] 5.7282] 6.4720 6.2203 6.00211 5.7004 4.7122] «5030 «2ans| «1604 4.0306 3.0116] 3.6046] 3.2429 | 20570 | 2.6775 | 2.4560 7.9517] 73255] 7 0t67| 67327] 6.4532 5.1481]. 067e| «e300 44073] 4.3436] 4.0776 3.0972| s.4212| a.0758 | 2.7660 | 2.400 5.5660 s.1622 7.7061 7.4353] 7.1078 5.5370 s. 2202 «o4sa| 47716 4.006 4.3030] 4.0310] 3.6055 | 21842 20001 | 200s 10 |o.4713| 0226] s302| 1100) 7-7217 s.esca 5.2161 0100] «1s22| «oat «.1025| seer | 3.2800 | 2.9904 | 2105 11 | 10366] 0787 | 0283] 2.760] 2.300 2008 s0s77| 54527] 2337] 5.0266 «sse0] 4270] 3.7757] axs61| 20770 | 26000 © XIQNAdd¥ 12_|11.256] 10575] ost | 039s | aes 4024. 1044 5.1074] 4.7832 este | ssese| sors | 2708 13. [12134] 11.348] 1.635] e006 | o.s04 7480 04 5.5831] 5.2473] «s00s| 4x27] 3.124 34272 | 0004 | 2.7260 14 | 13.004] 2.106 15296) 10.563] 200 6.9810 e242) «.0021] .7248 5467s 0081] «.ct06| 3.0at6 | s4se7| s.0800 | 2.7409 "15-1365 12.240] 11.988 11.116) 1030 0.712 | 0.108. 021 |7.9061] 7.1900 6.0100) 6.1422] 5.2474 5.5758 s.001e| 4078s] 40013] saasa| sores | 2.7002 16_| 14710] 13.570 12601| 14.052 10.038] 10.106] 0447 | w.261 | 0.319, 5006 | sone | 2.7875 17 |15.562| 14.200] 13,108 x2 s06| 11.274] soer7| 0763 | 0.122 s.s4a [nave 7.5408 7.118 30071 | 27629 16 | 16.296) 14.92 13.754 12980] 11,600 10.428] 10.050] 0.372 | 2780 |0.2014|7.7016| 72407 6.4674) 6.1200 5.0170 5.2732] 4.0122] 4.0700 3.1030 | 27068 35204 19_|17.220| 15.978] 14.324] 12.94] 12085 11.158] 10.396] 0204 | «960 [8 3040 .0983| 72680] 6.804] 6.1 6.3167] «2495| «0067 | 3.5306 | 3.1000 | 27607 32.35] 17.150 15.040] 19.392 11925] 10.767| 0.7761] e051 6.6410] 07335 s 40a] cose] «.1050 | sors2 | at2s0 | 2777 30.196 +0250 1.76] 13.001 12.29] 1,962] 9148] acct] a.s0| 71527 60s] 6.240] 6661] 45605] «1606 | asrv4]| .x2s0 | 27770 20.049 16.351] 14877] 13.50] 12482] 11.470 12804] o0se | 0.120 [5126] roel va404 ozs .2ea| seal 3671] 2000| «1100 | ssess | arson | 27716 21 12021] 1.764] 10.6 10017] 9.202 |a0487| 80761] rs] ssa] 3126 59731] 5.37] aeota] aszr2] sssve| ase | 27704 22 sneer esl sss] vel 3.13202 1.051| 020i] eee [erril srr] 75 e722] e257] ois soe aaeal 41200 | assse| seo | arte 23 |enase|se.202| 1.a| 14.057 13.400] 12.208 14.272] 10.374] 2500 |1.sa| 260477104 67221] ese] eco] g4szilezes| a.ts7s | sssee| aster | ase 24 [21203 13.70] 1222] 1.40 10.50] 9.707 [soa] ess] r.7243] 61351 43s e072] sso] assrs| 4.20] asso] azar | a.re0 25 [zz] 14.004 12789 11.004] 10.975] .023 0770] e.42%7| 0401 2723 04641] 0087s] soe aseral a.rare | acoso] a.1220 | 27706 30 [2.008 1.37 13,765 08] 11.254 10.2742 20) aoe fa zeal esl ssi] 4o7eo| 4.101 | aes | a.rze2 | a.r7s “0 0 oo 44.055 10.025] 11.048 :9072 9.0726] 0.3240] 7.1401] 6.6651 6.2482 5.5563] 49900] «.1067 | asrs4 | a.1260 | 2.7770 oszizezievzniaeLoz NVFIVa:‘Yeavii Bojouyar AISIOAIUN BIdID AEH © AWILN3QINOD ‘Table C.4 Future Value of an Annuity of $1 per period for t Periods = (1+ r)% 4] /r Interest Rate Pecos} 1% | 2x | ax | an | ox | ox | rm | on [ om [tom | s1m | sz | vox [asx | sox | sox | 20m] om | cox | com | oom -1_| 1.0000 90000000 1,0900 000] 0000 0000 000 1,000] 1,000] ooo] 3.000] +000] ,.000 200000000000] 1.0000 2.0000 | 1.0000 | 1.0000 2_}2.0100| 2.0200 20300) 2.0400| 20500 2.0600 2.0700 20900] z 0900] 2.1000 2 1100] 2.1200 2.140] 21800] 21600] 21800| 220001 2-2400 | 2.2800 | 23200 | 23600 3_}3.0301 3.0604} 30209] 3 1216| 3.1525] 3.1636] 32149] 22464) 3-27e11 3 3100] 3424] 3.3744 49054725] 3.5066] 3.6724] n6400] 2.778 | agree | aosae | 42086 4_{40s0a] 1216} 4.1096 2465] 43101] 4.3748] 44999) « 061] 4.5731] «04104 7057] «7rea 45211] .0024| 5.0665] 5.2164] 52600] 5.0042 | ois | 6.so4 | 6.7281 5_}5.1010] 52040 53091] 54163] 5.5256 5.6371|5.7507| 50660) s 847] 6 105116.2278 7424] e07r1| 7.1642] 74616) e000 | 0.700 | oss | 10.146 S_{6.1620] 62081] ¢.4684] 6.6330 62010] 6.0753 .15937 36075233] 7716679120] 6.1152| 5366| 7507] 0.0778] 8442025200] 10.900 | 12.136 | 13.406 | 14700 1_}72136}7.4343} 7.602] 7.208 | .142| 6.304 | 0664 | 6.673 | 0200 | o-467 | 2.763 | 1099] 10730] 1.067| 11.414] 12.142] 916] 14615 | 16624] 10006 | 21.126 8_js.2687}9.5830} 202] 0214 | 0.40 | 9.007 | 10.260 10.637 11,028] 14496] 11.59] 12.300] 1.239] 12.727] 4.240] 15.327] 16.450] 10.123 | 2.169 | 28078 | zac {0.2685} ,7548| 1.150 0.53] 11.027{ 15.405] 1 972] 12-480 1,024 1.570] 14164 14.77] 16.085 1 700 17.510 1.006] 20.700] 24712 | 29.00 | a4.es | 1.435 $0_| 10.462 10.950} 11484} 12.006] 12.576] 13.105] 13.016] 14.487] 16.109] 15.9571 1,722] 17.540] 16.237] 0.904] 21.3211 23.524] 25.050] 91.043 | 30.50 | «7.082 | 7.52 11_{11.567] 12.109] 12.208] 13.486] 14207] 14-972] 16.704 16.045 17.580 1.691| 10.461] 20066] 25048| x 340 25.733] 28.755] 32.150] 40.290 | co39e | o3.122 [7a 998 12_| zee} 13.1 14.102] 16.026 16.017 1.970] 17.900 16.977] 20.141] 24204] 22.713] 24.123] 27.274] :9,002] 0.980) 34.0511 39.55] 20.05 e5510| 04320 | 1084 13 {sacl sesso sss e227] 17.713 sea] 20 1sl 16h 0s us| an zal noo zo 43ers 70022] ener] easso| eats | z30 | vuncr 4_| v.s47} 15.974 17096] 10.202] v0.690| 21.015 22560] 24215 26 01] 27676 30.005 2363] 3750110505 3672 s.010 9.190] 00.490 | 105.61 | 14024 | av268 +s_{ 1.007] 17.283| 1.6920 024] 21 570| 23.276 26.129] 27.162] 20.261] 1.72] 34.406 37 200) «2042 7200] s.000 on 965] 72.006] 10082 | 14130 | 198.00 | zrege s6_| 17.20{ 1 620|20.187}21.826|23.087| 25 673] 27 06] 20:324| 3.003 5.080 3.190] 42.753] 50.900 717| 0928] 72030) e7-44al 120.01 | 11.07 | zea.se | avr 1_{ 1.420} 20.012 21.762 23 96] 25040| 26.213 90 00] 33.780] 3.074] 0 4s] 14501] 24) 50.110 ¢5 076] 71.073] o707 | 105.03] 16725 | 233,72 | 3471 | st400 16_ 12515] 21.412} 2.41425 646] 28.132 30.905] 3 00] 37.480] 41.301 45600) 50.366 5.780) 68204] 626.141] 10574] 120.12] 19599 | 300.25 | «80-48 | 70094 19 {20ev1]22e41[as.117] 27.5711 30 539] 33.760] 3727641448 48.010 51.160 2.05] 123.41 154.74] 24403 | 38632 | oora7 | s54.28 20_|z2.010| 24,297[ 26 970 29.778 33.066 36.706 40005] 45 re) 51.10] 87-276 1024411636] 146.63] t06.00] 203.60 | 9421] coz.08 | 125008 21_|2a200| 25.743] 28.76] 31.969 5.710 3.960465] 50423] 0 70s] e4.000 +24,4{ 74,02] 225.03] 37746 33.50 10008 | 1767-4 22_|2aera{7.200| 20.7 34.248 3.508 43.362 «9.006 55487] 62 873) 71.403 157-411 206 3427109] 499.08 | sxz.00 | 14012 | 24047 23_{25:18 20 4s 52.4536] 4 420] 00] 9438 on 0538s] 7.53] 9,140 04] 128.20] 1022] 163.6024 40| 32024] sare | rou | 10508 | saris 24 | 73] 20.472 3.28 0.083] +4502] 50.016 8.177 c0705| 7.700 0.497 164.17| 219,96 20046| 39248] 72546 | 13327] 24438 | a4so0 25_| 20243} 92,090] 26460} 41648] 47 727| 54.865] 63240 73.106] 64701] se 47] 11443] 133,33] 101,87] 21270] 240.21] 342.60] 47,56] e0e00 | 170881 sz2n0 | e0ss.0 30 {54.705 40500 «7.575] 56.085] 08.44 | 79.06 | 0446 | 11220 13831] 10440 720.96 116131 zeae | sers2 | s2041 | 20172 40 | aa.006 e04c2|75401| 06 025] 10.80] 154.76] 108,04) 25008| 337 aa 44260 103.2] 7043.6] zzrze | ess77 | zarera | eoses0 50 _[e4-4ss{ e457 112.20] 162.67| 20036] 20.34 oss] 673.77] 16.08 163.9) 21613) 4407 | 9537 3330480 | 13202004 .60_[o1.870] 114.05] 163.05] 237.00] 353.58 533.13] 012.62] 12532] 440] 038 s14100]261739 670147] osrosorsser4s4slaesve0r05| AWILNAGILINOD y XIGNaddv ogziz9zizpeNia/8boz NVTIVE: