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GMA711S-MANAGEMENT ACCOUNTING 310-2ND OPP- JULY 2025 |
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nAmlBIA UnlVERSITY
OF SCIEnCE Ano TECHnOLOGY
FACULTY OF COMMERCE, HUMAN SCIENCES AND EDUCATION
DEPARTMENT OF ACCOUNTING, ECONOMICS AND FINANCE
QUALIFICATION: BACHELOR OF ACCOUNTING
QUALIFICATION CODE: 07BGAC LEVEL:?
COURSE CODE: GMA711 S
COURSE NAME: MANAGEMENT ACCOUNTING 310
SESSION: JULY 2025
PAPER: THEORY AND CALCULATIONS
DURATION: 3 HOURS
MARKS: 100
SECOND OPPORTUNITY EXAMINATION QUESTION PAPER
EXAMINERS Lameck Odada; Moses Nyakuwanika and Labanus Nashinwe
MODERATOR Alfred Makosa
INSTRUCTIONS
1. Answer ALL the questions in blue or black ink only. NO PENCIL
2. Start each question on a new page and number the answers correctly and clearly.
3. Write clearly and neatly, showing all your workings/assumptions.
4. Round off only final answers to two (2) decimal places
5. Questions relating to this examination may be raised in the initial 30 minutes after the start
of the examination. Thereafter, candidates must use their initiative to deal with any
perceived error or ambiguities, and any assumptions the candidate makes should be
clearly stated.
·
PERMISSIBLE MATERIALS
1. Silent, non-programmable calculators
THIS QUESTION PAPER CONSISTS OF _5_ PAGES (including this front page)
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QUESTION 1
[25 MARKS]
iTechArt has been the partner of choice for fast-growing start-ups and innovative companies
since 2002, providing fully dedicated engineering teams and custom software solutions. The
company is divided into Divisions that provide services to each other and also to external
clients. The performance of the Divisional Managers is measured against profit targets that
are set by central management.
In May 2024, the Consulting Division undertook a project for HP Enterprise. The agreed fee
was N$15 500, excluding data processing, and the costs were N$2 600. The data processing,
which needed 200 hours of processing time, was carried out by the Data Processing (DP)
division. An external agency could have been used for data processing, but the DP division
had 200 chargeable skilled hours available in May 2024. The DP division provides data
processing services to the other divisions and also to external customers. The budgeted costs
of the DP division for the year ending 31 December 2024, which is divided into 12 equal
monthly periods, are as follows:
Variable costs
Skilled labour (6000 hours worked)
Semi-skilled labour
Other processinQ costs
Fixed costs
N$
120 000
96 000
60 000
240 000
These costs are recovered on the basis of chargeable skilled labour hours (data processing
hours) which are budgeted to be 90% of skilled labour hours worked. The DP division's
external pricing policy is to add a 40% mark-up to its total budgeted cost per chargeable hour.
During May 2024, actual labour costs incurred by the DP division were 10% higher than
expected, but other costs were 5% lower than expected.
REQUIRED
MARKS
Calculate the total transfer value that would have been charged by the DP 13
division to the Consulting division for the 200 hours on its HP Enterprise
project using the following bases:
a)
i. Actual variable cost.
ii. Standard variable cost + 40% mark-up.
iii. Market price
Prepare statements to show how the alternative values calculated in 12
b) answer to requirement (a) above would reflect in the performance
measurement of the DP division and the Consulting division.
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QUESTION 2
[25 MARKS]
Northern Atlantic Fishing (NAF) is considering the acquisition of a vessel to boost its vessel
fleet for its coastal operations in Namibia in 2025. A Dutch ship manufacturer quoted a price
of N$11 million to manufacture and deliver the vessel to the company's specifications. The
company contracted a Dutch lawyer and Architect to draft the Agreement and design the ship's
specifications to the tune of N$1.5 million.
Profitability projections for the first three years of operations on the Namibian cost is as follows:
2024
2025
2026
Profit before tax (in millions)
5
6.5
8
Depreciation of the vessel in profit before tax is calculated on a straight-line at 10% per annum,
and the Tax Authority grants wear and tear tax allowances on a straight-line method for a
three-year period (i.e., 33.3% per annum). Tax payment: half payable in the year incurred and
the balance in the following year. Northern Atlantic fishing also holds rights to a quota to be
harvested at the coast in West Africa valued at N$8 million, which will require the use of a
vessel. Due to the economic crunch, its credit rating has deteriorated; thus, it cannot borrow
sufficient funds to acquire two different vessels for both operations. The finance team has
determined that the West Africa fishing operation would yield cash profit after tax equivalent
of N$2 million in the first year, increasing to N$2.8 million in the third year of operation.
Absorbed/allocated overheads in the 2024 profit before tax amounts to N$100 000.
Corporate tax in Namibia is 32% and the cost of capital of the company is 15%.
REQUIRED
a) Calculate the Net Present Value (NPV) of the vessel
b) Calculate the Payback Period of the project
MARKS
20
3
Highlight to the management of North Atlantic Fishing any TWO (2)
2
c)
disadvantages of the Payback Period
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QUESTION 3
[25 MARKS]
SWZ is a manufacturing company that has many trading divisions. Return on Investment (ROI)
is the main measure of each division's performance. Each divisional Manager's salary is linked
only to their division's ROI. The following information relating to S division summarises the
financial performance of the three years including the projected figures for 2025.
2023
2024
2025
N$000
N$000
N$000
Turnover
400
400
400
Cost of sales
240
240
240
Gross profit
160
160
160
Other operating costs
120
104
98
Operating profit
40
56
62
Capital invested as at the end of the year
400
320
256
Other operating costs include asset depreciation calculated at the rate of 20% per annum on
a reducing balance basis. The figures shown in the above table for the capital invested as at
the end of the year is the net book value of the division's fixed assets. At the beginning of
2025, the Manager of the S division is considering investing in an additional machine to boost
production capacity. The new machine will cost N$100 000 with an expected life of five years
depreciated using the same depreciation rate as the existing machinery on straight line
method. The new machine will increase sales by 10% and costs by 3%. The divisional cost
of capital is 8% per annum. The company has evaluated the investment and correctly
determined that it has a positive Net Present Value (NPV) of N$24 536.
REQUIRED
MARKS
Calculate the return on investment (ROI) for three-year period (i.e., without
3
a)
the new investment).
Calculate ROI for 2025 after considering the new investment and comment 11
b) on whether Management of S Division will still go ahead with the new
investment
Using Residual Income (RI) comment on whether Management of S 11
c)
Division will go ahead with the new investment
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QUESTION 4
[25 MARKS]
Edward Co assembles and sells many types of radio. It is considering extending its product
range to include digital radios. These radios produce a better sound quality than traditional
radios and have a large number of potential additional features not possible with the previous
technologies (station scanning, more choice, one touch tuning, station identification text and
song identification. Edward Co is considering a target costing approach for its new digital radio
product.
A selling price of N$44 has been set in order to compete with a similar radio on the market
that has comparable features to Edward Co's intended product. The board have agreed that
the acceptable margin (after allowing for all production costs) should be 25%.
Cost information for the new radio is as follows:
Component 1 (Circuit board) - these are bought in and cost N$4.10 each. They are bought
in batches of 4 000 and additional delivery costs are N$2 400 per batch.
Component 2 (Wiring) - in an ideal situation 25cm of wiring is needed for each completed
radio. Wire costs N$0.50 per metre to buy.
Other material - other materials cost N$8.10 per radio.
Assembly labour - these are skilled people who are difficult to recruit and retain. Edward Co
has more staff of this type than needed but is prepared to carry this extra cost in return for the
security it gives the business. It takes 30 minutes to assemble a radio and the assembly
workers are paid N$12.60 per hour.
Overheads - variable overheads are absorbed on assembly hours totalling 228 000 per year.
Total cost amount to N$7 440 000 and total fixed costs is N$2 880 000. Fixed production
overheads are absorbed on an assembly hour basis based on normal annual activity levels.
In a typical year 240 000 assembly hours will be worked by Edward Co.
REQUIRED
MARKS
Briefly describe the target costing process that Edward Co should
4
a)
undertake
Explain any four (4) benefits of adopting a target costing approach at such
8
b)
an early stage in the product development process to Edward Co
c) Calculate the expected target cost gap per unit
13
END OF EXAMINATION PAPER
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TABLE A
Future value interest factor of $1 per period at i% for n periods, FVIF(i,n).
Period
1
2
3
1%
1.010
1.020
1.030
2%
1.020
1.040
1.061
3%
1.030
1.061
1.093
4%
1.040
1.082
1.125
5%
1.050
1.103
1.158
6%
1.060
1.124
1.191
7%
1.070
1.145
1.225
ao1o 9%
1.080 1.090
1.166 1.188
1.260 1.295
10%
1.100
1.210
1.331
11%
1.110
1.232
1.368
12%
1.120
1.254
1.405
13%
1.130
1.277
1.443
14%
1.140
1.300
1.482
4 1.041 1.082 1.126 1.170 1.216 1.262 1.311 1.360 1.412 1.464 1.518 1.574 1.630 1.689
5 1.051 1.104 1.159 1.217 1.276 1.338 1.403 1.469 1.539
1.611
1.685 ·. 1.762
1.842
1.925
6 1.062 1.126 1.194 1.265 1.340 1.419 1.501 1.587 1.677 1.772 1.870 1.974 2.082 2.195
7 1.072 1.149 1.230 1.316 1.407 1.504 1.606 1.714 1.828 1.949 2.076 2.211 2.353 2.502
8 1.083 1.172 1.267 1.369 1.477 1.594 1.718 1.851 1.993
9 1.094 1.195 1.305 1.423 1.551 1.689 1.838· 1.999 2.172
2.144
2.358
2.305
2.558
2.476
2.773
2.658
3.004
2.853
3.252
10 1.105 1.219 1.344 1.480 1.629 1.791 1.967 2.159 2.367
2.594
2.839 3.106
3.395
3.707
11 1.116 1.243 1.384 1.539
12 1.127 1.268 1.426 1.601
1.710
1.796
1.898
2.012
2.105
2.252
2.332
2.518
2.580
2.813
2.853
3.138
3.152
3.498
3.479
3.896
3.836
4.335
4.226
4.818
13 1.138 1.294 1.469 1.665 1.886 2.133 2.410 2.720 3.066
3.452
3.8.83 4.363
4.898
5.492
14 1.149 1.319 1.513 1.732
15 1.161 1.346 1.558 1.801
16 1.173 1.373 1.605 1.873
1.980
2.079
2.183
2.261
2.397
2.540
2.579
2.759
2.952
2.937
3.172
3.426
3.342
3.642
3.970
3.797
4.177
4.595
4.310
4.785
5.311
4.887
5.474
6.130
5.535
6.254
7.067
6.261
7.138
8.137
17 1.184 1.4.00 1.653 1.948 2.292 2.693 3.159 3.700 4.328
18 1.196 1.428 1.702 2.026 2.407 2.854 3.380 3.996 4.717
5.054
5.560
5.895
6.544
6.866
7.690
7.986 9.276
9.024 10.575
19 1.208 1.457 1.754 2.107
20 1.220 1.486 1.806 2.t91
2.527
2.653
3.026
3:207
3.617
3.870
4.316
4.661
5.142
5.604
6.116
6.727
7.263
8.062
8.613 10.197 12.056
9.646 11.523 13.743
25 1.282
30 1.348
35 1.417
40 1.489
50 1.645
1.641
1.811
2.000
2.208
2.692
2.094 2.666
2.427 3.243
2.814 3.946
3.262 . 4.801
4.384 7.107
3.386
:4-322
5.516
7.040
11.467
4.292
5.743
7.686
10.286
18.420
5.427
7.612
10.677
14.974
29.457
6.848
10.063
14.785
21.725
46.902
8.623
13.268
20.414
31.409
74.358
10.835
17.449
28.102
45.259
117.391
13.585
22.892
38.575
65.001
184.565
17.000
29.960
52.800
93.051
289.002
21.231
39.116
72.069
132.782
450.736
26.462
50.950
98.100
188.884
700.233
15%
1.150
1.323
1.521
1.749
2.011
2.313
2.660
3.059
3.518
4.046
4.652
5.350
6.153
7.076
8.137
9.358
10.761
12.375
14.232
16.367
32.919
66.212
133.176
267.864
1.083.657
16%
1.160
1.346
1.561
1.811
2.100
2.436
2.826
3.278
3.803
4.411
5.117
5.936
6.886
7.988
9.266
10.748
12.468
14.463
16.m
19.461
40.874
85.850
180.314
378.721
1,670.704
17%
1.170
1.369
1.602
1.874
2.192
2.565
3.001
3.511
4.108
4.807
5.624
6.580
7.699
9.007
10.539
12.330
14.426
16.879
19.748
23.106
50.658
111.065
243.503
533.869
2,566.215
18%
1.180
1.392
1.643
1.939
2.288
2.700
3.185
3.759
4.435
5.234
6.176
7.288
8.599
10.147
11.974
14.129
16.672
19.673
23.214
27.393
62.669
143.371
327.997
750.378
3,927.357
19%
1.190
1.416
1.685
2.005
2.386
2.840
3.379
4.021
4.785
5.695
6.777
8.064
9.596
11.420
13.590
16.172
19.244
22.901
27.252
32.429
77.388
184.675
440.701
1.051.668
5.988.914
20%
1.200
1.440
1.728
2.074
2.488
2.986
3.583
4.300
5.160
6.192-
7.430
8.916
10.699
12.839
15.407
18.488
22.186
26.623
31.948
38.338
95.396
237.376
590.668
1,469.772
9,100.438
TABLE B
Present value interest factor of $1 per period at i% for n periods, PVIF(i,n).
Period
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
25
30
35
40
50
1%
0.990
0.980
0.971
0.961
0.951
0.942
0.933
0.923
0.914
0.905
0.896
0.887
0.879
0.870
0.861
0.853
0.844
0.836
0.828
0.820
0.780
0.742
0.706
0.672
0.608
2%
0.980
0.961
0.942
0.924
0.906
0.888
0.871
0.853
0.837
0.820
0.804
0.788
0.773
0.758
0.743
0.728
0.714
0.700
0.686
0.673
0.610
0.552
0.500
0.453
0.372
3%
0.971
0.943
0.915
0.888
0.863
0.837
0.813
0.789
0.766
0.744
0.722
0.701
0.681
0.661
0.642
0.623
0.605
0.587
0.570
0.554
0.478
0.412
0.355
0.307
0.228
4%
5%
0.962 0.952
0.925 0.907
0.889 0.864
0.855 0.823
0.822 0.784
0.790 0.746
0.760 0.711
0.731 0.677
0.703 0.645
0.676 0.614
0.650 0.585
0.625 0.557
0.601 0.530
0.577 0.505
0.555 0.481
0.534 0.458
0.513 0.436
0.494 ' 0.416
0.475 0.396
0.456 0.377
0.375 0.295
0.308 0.231
0.253 0.181
0.208 0.142
0.141 0.087
6%
0.943
0.890
0.840
0.792
0.747
0.705
0.665
0.627
0.592
0.558
0.527
0.497
0.469
0.442
0.417
0.394
0.371
0.350
0.331
0.312
0.233
0.174
0.130
0.097
0.054
7%
0.935
0.873
· 0.816
0.763
0.713
0.666
0.623
0.582
0.544
0.508
0.475
0.444
0.415
0.388
0.362
0.339
0.317
0.296
0.277
0.258
0.184
0.131
0.094
0.067
0.034
8%
0.926
0.857
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
0.429
0.397
0.368
0.340
0.315
0.292
0.270
0.250
0.232
0.215
0.146
0.099
0.068
0.046
0.021
9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19%1 20%
0.917 0.909 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833
0,842 0.826 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.694
0.772· 0.751 0.731 0.712 0.693 0.675 0.658 0.641 0.624 0.609 0.593 0.579
0.708 0.683 0.659 0.636 0.613 0.592 Q.572 0.552 0.534 0.516 0.499 0.482
0.650 0.621 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.419 0.402
0.596 0.564 0.535 0.507 0.480 0.456 0.432 0.410 0.390 0.370 0.352 0.335
0.547 0.513 0.482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279
0.502 0.467 0.434 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233
0.460 0.424 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.225 0.209 0.194
0.422 0.386 0.352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162
0.388 0.350 0.317 0.287 0.261 0.237 0.215 0.195 0.178 0.162 0.148 0.135
0.356 0.319 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.124 0.112
0.326 0.290 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.116 0.104 0.093
0.299 0.263 0.232 0.205 0.181 0.160 0.141 0.125 0.111 0.099 0.088 0.078
0.275 0.239 0.209 0.183 0.160 0.140 0.123 0.108 0.095 0.084 0.074 0.065
0.252 0.218 0.188 0.163 0.141 0.123 0.107 0.093 0.081 0.071 0.062 0.054
0.231 0.198 0.170 0.146 0.125 0.108 0.093 0.080 0.069 0.060 0.052 0.045
0.212 0.180 0.153 0.130 0.111 0.095 0.081 0.069 0.059 0.051 0.044 0.038
0.194 0.164 0.138 0.116 0.098 0.083 0.070 0.060 0.051 0.043 0.037 0.031
0.178 0.149 0.124 0.104 0.087 0.073 0.061 0.051 0.043 0.037 0.031 0.026'
0.116 0.092 0.074 0.059 0.047 0.038 0.030 0.024 0.020 0.016 0.013 0.010
0.075 0.057 0.044 0.033 0.026 0.020 0.015 0.012 0.009 0.007 0.005 0.004
0.049 0.036 0.026 0.019 0.014 0.010 0.008 0.006 0.004 0.003 0.002 0.002
0.032 0.022 0.015 0.011 0.008 0.005 0.004 0.003 0.002 0.001 0.001 0.001
0.013 0.009 0.005 0.003 0.002 0.001 0.001 0.001 0.000 0.000 0.000 0.000
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TABLE C
i-uture va1uemterest-ractor or an oramart annuity or :51 per oenoa at I roror n penoas. ,v'lt-All.nJ.
Period II 1%
2%
3%
4%
5%I 6%
7%
8%
9% 10% 11% 12% 13% 14% 15%I 16% 17% 18% 19% 20%
1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 I
2 2.010 2.020 2.030 2.040 2.050 2.060 2.070 2.080 2.090 2.100 2.110 2.120 2.130 2. i40 2.150 2.160 2.170 2.180 2.190 2.200
3 3.030 3.060 3.091 3.122 3.153 3.184 3.215 3.246 3.278 3.310 3.342 3.374 3.407 3.440 3.473 3.506 3.539 3.572 3.606 3.640
4 4.060 4.122 4.184 4.246 4.310 4.375 4.440 4.506 4.573 4.641 4.710 4.779 4.850 4.921 4.993 5.066 5.141 5.215 5.291 5.368
5 5.101 5.204 5.309 5.416 5.526 5.637 5.751 5.867 5.985 6.105 6.228 6.353 6.480 6.610 6,742 6.877 7.014 7.154 7.297 7.442
6 6.152 6.308 6.468 6.633 6.802 6.975 7.153 7.336 7.523 7.716 7.913 8.115 8.323 8.536 8.754 8.977 9,207 9.442 9.683 9.930
7 7.214 7.434 7.662 7.898 8.142 8.394 8.654 8.923 9.200 9.487 9.783 10.089 10.405 10.730 11.067 11.414 11.772 12.142 12.523 12.916
8 8.286 8.583 8.892 9.214 9.549 9.897 10.260 10.637 11.028 11.436 11.859 12.300 12.757 13.233 13.727 14.240 14.773 15.327 15.902 16.499
9 9.369 9.755 10.159 10.583 11.027 11.491 11.978 1-2.488 13.021 13.579 14.164 14.776 15.416 16.085 16.786 17.519 18.285 19.086 19.923 20.799
10 10.462 10.950 11.464 12.006 12.578 13.181 13.816 14.487 15.193 15.937 16.722 17.549 18.420 19.337 20.304 21.321 22.393 23.521 24.709 25.959
11 11.567 12.169 12.808 13.486 14.207 14.972 15.784 16.645 17.560 18.531 19.561 20.655 21.814 23.045 24.349 25.733 27.200 28.755 30.404 32.150
12 12.683 13.412 14.192 15.026 15.917 16.870 17.888 18.977 20.141 21.384 22.713 24.133 25.650 27.271 29.002 30.850 32.824 34.931 37.180 39.581
13 13.809 14.680 15.618 16.627 17.713 18.882 20.141 21.495 22.953 24.523 26.212 28.029 29.985 32.089 34.352 36.786 39.404 42.219 45.244 48.497
14 14.947 15.974 17.086 18.292 19.599 21.015 22.550 24.215 26.019 27.975 30.095 32.393 34.883 37.581 40.505 43.672 47.103 50.818 54.841 59.196
15 16.097 17.293 18.599 20.024 21.579 23.276 25.129 27.152 29.361 31.772 34.405 37.280 40.417 43.842 47.580 51.660 56.110 60.965 66.261 72.035
16 17.258 18.639 20.157 21.825 23.657 25.673 27.888 30.324 33.003 35.950 39.190 42.753 46.672 50.980 55,717 60.925 66.649 72.939 79.850 87.442
17 18.430 20.012 21. 762 23.698 25.840 28.213 30.840 33.750 36.974 40.545 44.501 48.884 53.739 59.118 65.075 71.673 78.979 87.068 96.022 105.93
18 19,615 21.412 23.414 25.645 28.132 30.906 33.999 37.450 41.301 45.599 50.396 55.750 61.725 68.394 75.836 84.141 93.406 103.74 115.27 128.12
19 20.811 22.841 25.117 27.671 30.539 33.760 37.379 41.446 46.018 51.159 56.939 63.440 70.749 78.969 88.212 98,603 110.28 123.41 138.17 154.74
20 22.019 24.297 26.870 29.778 33.066 36.786 40.995 45.762 51.160 57.275 64.203 72.052 80.947 91,025 102.44 115.38 130.03 146.63 165.42 186.69
25 28.243 32.030 36.459 41.646 47.727 54.865 63.249 73.106 84.701 98.347 114.41 133.33 155.62 181.87 212.79 249.21 292.10 342.60 402.04 471.98
30 34.785 40.568 47.575 56,085 66.439 79.058 94.461 113.28 136.31 164.49 199.02 241.33 293.20 356.79 434.75 530.31 647.44 790.95 966.71 1,181.9
35 41.660 49.994 60.462 73.652 9.0.320 111.43 138.24 172.32 215. 71 271.02 341.59 431.66 546.68 693.57 881.17 1,120.7 1,426.5 1,816.7 2,314.2 2,948.3
40 48.886 60.402 75.401 95:026 120.80 154.76 199.64 259.06 337.88 442.59 581.83 767.09 1,013.7 1,342.0 1,779.1 2,360.8 3,134.5 4,163.2 5,529.8 7,343.9
50 64.463 84.579 112.80 152.67 209.35 290.34 406.53 573.77 815.08 1,163.9 1,668.8 2,400.0 3.459.5 4,994.5 7,217.7 10,436 15,090 21,813 31,515 45,497
TABLED
Present value interest factor of an (ordinary) annuity of $1 per period at i% for n periods, PVIFA(i,n).
Period
1%
2%
1 0.990" 0.980
2 1.970 1.942
3 2.941 2.884
4 3.902 3.808
5 4.853 4.713
6 5,795 5.601
7 6:728 6.472
8 7.652 7.325
9 8,566 8.162
10 9.471 8:983
11 10,368 9.787
12 11.255 10.575
13 12.134 11.348
14 13.004 12.106
15 13.865 12.849
16 14.718 13.578
17 15.562 14.292
18 16,398 14,992
19 17.226 15.678
20 18.046 16.351
3%
0.971
1.913
2.829
3,717
4.580
5.417
6.230
7.020
7.786
8,530
9.253
9.954
10.635
11.296
11.938
12.561
13.166
13.754
14.324
14,877
4%
0.962
1.886
2.775
3,630
4,452
5.242
6.002
6.733
7.435
8.111
8.760
9.385
9.986
10,563
11.11"8
11.652
12.166
12.659
13,134
13,590
5%
0.952
1,859
2.723
3.546
4.329
5.076
5.786
6,463
7.108
7.722
8,306
8.863
9.394
9.899
10,380
10.838
11.274
11.690
12.085
12.462
6%
0.943
1.833
2.673
3.465
4.212
4.917
5.582
6.210
6.802
7,360
7.887
8.384
8,853
9.295
9.712
10.106
10.477
10,828
11.158
11.470
7-%
0.935
1.808
2.624
3.387
4.100
4.767
5.389
5.971
6.515
7.024
7.499
7,943
8.358
8.745
9.108
9.447
9.763
10.059
10.336
10,594
8%
0.926
1,783
2.577
3.312
3,993
4.623
5,206
5.747
6,247
6.710
7.139
7.536
7,904
8.244
8.559
8.851
9.122
9.372
9.604
9.818
9%
0.917
1,759
2.531
3.240
3,890
4.486
5.033
5.535
5.995
6.418
6,805
7.161
7.487
7.786
8.061
8,313
8.544
8,756
6.950
9.129
10% 11%
0,909 0.901
1.736 1.713
2.487 2.444
3.170 3.102
3,791 3.696
4,355 4.231
4.868 4.712
5.335 5.146
5.759 5.537
6.145 5.889
6.495 6.207
6.814 6.492
7.103 6,750
7.367 6.982
7.606 7.191
7.824 7.37S
8.022 7.549
8.201 7.702
8.365 7.839
8.514 7.963
12% 13%
0,893 0.885
1.690 1.668
2.402 2.361
3,037 2.974
3.605 3,517
4,111 3.998
4.564 4.423
4.968 4.799
5.328 5.132
5,650 5.426
5.938 5,667
6.194 5.916
6.424 6.122
6.628 6.302
6.811 6.462·
6.974 6.604
7.120 6.729
7.250 6.840
7.366 · 6.938
7.469 7.025
14%
0,877
1.647
2.322
2.914
3.433
3.889
4.288
4.639
4.946
5.216
5.453
5.660
5.842
6,002
6.142
6,265
6,373
6.467
6,550
6,623
15%
0.870
1.626
2.283
2.855
3.352
3.784
4.160
4.487
4.772
5.019
5.234
5.421
5.583
5.724
5.847
5.954
6.047
6.128
6.198
6.259
16%
0.862
1.605
2.246
2,798
3.274
3.665
4,039
4.344
4.607
4,833
5.029
5.197
5.342
5.468
5.575
5.668
5.749
5.818
5,877
5.929
17%
0.855
1.585
2.210
2.743
3.199
3.589
3.922
4.207
4.451
4.659
4,836
4.988
5,118
5.229
5.324
5.405
5.475
5.534
5.584
5.628
18%
0.847
1.566
2.174
2.690
3.127
3.498
3.812
4.078
4.303
4.494
4.656
4.793
4,910
5.008
5.092
5.162
5.222
5.273
5.316
5,353
19%1 20%
0.840 o:833
1.547 1.528
2.140 2.106
2.639 2.589
3.058 2.991
3.410 3.326
3.706 3.605
3.954 3.837
4.163 4.031
4.339 4,192
4,486 4.327
4.611 4.439
4,715 4,533
4.802 4.611
4.876 4.675
4,938 4.730
4,990 4.775
5.033 4,812
5,070 4,843
5.101 4,870
25 22.023 19,523 17.4.13 15.622 14.094 12.783 11,654 10.675 9.823 9,077 8.422 i.843,, 7.330 6.873 6.464 6.097 5.766 5.467 5,195 4.948
30 25.308 22.396 19.600 17.292 15.372 13.765 12.409 11.258 10.274 9.427 8,694 8.055 7.496 7.003 6.566 6,177 5.829 5.517 5.235 4,979
35 29,409 24.999 21.487 18.665 16.374 14.498 12.948 11.655 10.567 9.644 8.855 8.176 7.586 7.070 6.617 6.215 5.858 5.539 5.251 4.992
40 32.835 27.355 23.115 19,793 17.159 15.046 13.332 11.925 10.757 9.779 8.951 8,244 7.634 7,105 6,642 6.233 5.871 5.548 5.258 4.997
50 39,196 31.424 25.730 21.482 18.256 15.762 13.801 12.233 10.962 9.915 9.042 8,304 7,675 7.133 6.661 6,246 5,880 5,554 5.262 4,999
21%
0.826
1.509
2.074·
2.540
2.926
3.245
3.508
3.726
3.905
4.054
4,177
4.278
4.362
4.432
4.489
4.536
4.576
4,608
4.635
4,657
4.721
4.746
4.756
4,760
4.762
22%
0.820
1.492
2.042
2.494
2.864
3.167
3.416
3.619
3.786
3.923
4.035
4.127
4.203
4.265
4.315
4,357
4,391
4.419
4,442
4.460
'4.514
4.534
4.541
4,544
4.545
23%
0.813
1.474
2.011
2.448
2,803
3.092
3.327
3.518
3.673
3.799
3.902
3.985
4,053
4.108
4.153
4.189
4.219
4.243
4,263
4.279
4,323
4.339
4.345
4.347
4.348