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GMA711S-MANAGEMENT ACCOUNTING310-2ND OPP JULY 2024 |
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nAmlBIA unlVERSITY
OF SCIEnCE AnD TECHnOLOGY
FACULTY OF COMMERCE, HUMAN SCIENCES AND EDUCATION
DEPARTMENT OF ECONOMICS, ACCOUNTING AND FINANCE
QUALIFICATION: BACHELOR OF ACCOUNTING
QUALIFICATION CODE: 07BOAC LEVEL: 7
COURSE CODE: GMA711S
COURSE NAME: MANAGEMENT ACCOUNTING 310
SESSION: JULY 2024
PAPER: THEORY AND CALCULATIONS
DURATION: 3 HOURS
MARKS: 100
SECOND OPPORTUNITY EXAMINATION QUESTION PAPER
EXAMINERS Lameck Odada; Labanus Nashinwe and Salmi Kasita
MOD ERA TOR Alfred Makosa
INSTRUCTIONS
1. This question paper consists of FOUR (4) Questions.
2. Answer ALL the FOUR (4) questions in blue or black ink only. NO PENCIL and TIPEX
3. Start each question on a new page, number the answers correctly and clearly.
4. Write clearly, neatly and show all your formulas, workings, and assumptions.
5. Unless otherwise stated, work with four (4) decimal places in all your calculations and
round off final answers only to two (2) decimal places.
6. 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 _6_ PAGES (including this front page not tables)
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QUESTION 1
[25 MARKS]
Windhoek Tyre Suppliers (hereafter WTS) is a newly formed locally owned company seeking
to enter the motor accessory markets where it will supply two types of tyres namely: Michelin
and Tornado. The demand for tyres will fluctuate depending on the state of the economy. It
will employ 20 employees at its manufacturing plant performing different functions.
The Managing Director recently attended an international conference on risk management.
During the conference it was stated how the statistical concept of standard deviation can be
used to measure risk. He has therefore contracted you as the Management Accountant with
the aim of exploring how the use of standard deviation can help him make decisions pertaining
to the risk profile of each tyre type.
The following probability distribution has been provided by the managing director based on
his industry experience:
Economic state
Probability(%)
Super boom
30
Boom
45
Recession
25
The expected return for the Michelin tyre is 15% during super boom, 25% in a boom economy
and -10% in a recession. The tornado tyre has an expected return of 20% in a super boom
economy, 10% in a boom economy and -15% during recession. In order to ensure that the
above probability distribution is as close as accurate or perfect, the Managing Director is
thinking of hiring a market specialist to provide further information on the market of tyres. The
market specialist will charge 2% higher compared to the cost incurred by WTS to obtain the
current projection.
REQUIRED
MARKS
Evaluate whether WTS should hire the market specialist or not. Support
8
a)
your answer with appropriate calculations
Use the mean-variance analysis to recommend which type of tyres WTS 17
b)
should supply. Provide detailed analysis of your recommendation.
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QUESTION 2
[20 MARKS]
Netflix is a streaming service that offers a wide variety of award-winning TV shows, movies,
anime, documentaries, and more on thousands of internet-connected devices. You can watch
as much as you want, whenever you want without a single commercial - all for one low monthly
price. There is always something new to discover and new TV shows and movies are added
every week.
Netflix is considering launching a new, innovative product onto the Namibian market and is
trying to decide on the right launch price for the product. The product's expected life is three
years. Given the high level of costs which have been incurred in developing the product, Netflix
wants to ensure that it sets its price at the right level and has therefore consulted a market
research company to help it do this. The research, which relates to similar but not identical
products launched by other companies, has revealed that at a price of N$60, annual demand
would be expected to be 250 000 units. However, for every N$2 increase in selling price,
demand would be expected to fall by 2 000 units and for every N$2 decrease in selling price,
demand would be expected to increase by 2 000 units.
A forecast of the annual production costs which would be incurred by Netflix in relation to the
new product are as follows:
Annual production (units)
Direct material
Direct labour
Overheads
200 000
N$
2 400 000
1 200 000
1 400 000
250 000
N$
3 000 000
1 500 000
1 550 000
300 000
N$
3 600 000
1 800 000
1 700 000
350 000
N$
4 200 000
2 100 000
1 850 000
REQUIRED
MARKS
Determine the equation for the demand function (that is, the price as a
3
= = a)
function of quantity demanded. If P a - bx, then MR a - 2bx)
b) Determine the Marginal Cost (MC)
5
c) Calculate the optimum price
3
d) Compute the maximum profit
7
e) Explain what is meant by price elasticity of demand
2
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QUESTION 3
[15 MARKS]
lntech has been the partner of choice for fast-growing start-ups and innovative companies,
providing fully dedicated engineering teams and custom software solutions. Headquartered in
New York, the company has over 200 active clients worldwide, with 90% operating on the
frontier of emerging technologies and markets. Their dedicated team of engineers leverage
time-tested big data development services to help clients manage data more effectively and
efficiently. 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.
During May 2023, the Consulting Division undertook a project for HP Enterprise. The agreed
fee was N$15 500 and the costs excluding data processing were N$2 600. The data
processing, which needed 200 hours of processing time, was carried out by the Data
Processing (DP) division. An external agency could have been used to do the data processing,
but the DP division had 200 chargeable skilled hours available in May 2023. The DP division
provides data processing services to the other divisions and also to external customers. The
budgeted costs of the DP division for the year ending 31 December 2023, which is divided
into 12 equal monthly periods, are as follows:
Variable costs
Skilled labour (6 000 hours worked)
Semi-skilled labour
Other processinq costs
Fixed costs
N$
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 2023, actual labour costs incurred by the DP division were 10% higher than
expected, but other costs were 5% lower than expected.
REQUIRED
Calculate the total transfer value that would have been charged by the DP division
to the Consulting division for the 200 hours on its HP Enterprise project, using the
following bases:
i. Actual variable cost.
ii. Standard variable cost + 40% mark-up.
iii. Market price
MARKS
15
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QUESTION 4
[40 MARKS]
DP is considering whether to purchase a piece of land close to a major city airport. The land
will be used to provide 600 car parking spaces. The cost of the land is N$6 million but further
expenditure of N$2 million will be required immediately to develop the land to provide access
roads and suitable surfacing for car parking. DP is planning to operate the car park for five
years after which the land will be sold for N$10 million at Year 5 prices. A consultant has
prepared a report detailing projected revenues and costs.
Revenues
It is estimated that the car park will operate at 75% capacity during each year of the project.
Car parking charges will depend on the prices being charged by competitors. There is a 40%
chance that the price will be N$60 per week, a 25% chance the price will be N$50 per week
and a 35% chance the price will be N$70 per week. DP expects that it will earn a contribution
to sales ratio of 80%.
Fixed operating costs.
DP will lease a number of vehicles to be used to transport passengers to and from the airport.
It is expected that the lease costs will be N$50 000 per annum. Staff costs are estimated to
be N$350 000 per annum. The company will hire a security system at a cost of N$100 000
per annum.
Inflation
All of the values above, other than the amount for the sale of the land at the end of the five-
year period, have been expressed in terms of current prices. The vehicle leasing costs of N$50
000 per annum will apply throughout the five years and are not subject to inflation. Car parking
charges and variable costs are expected to increase at a rate of 5% per annum starting in
Year 1. All fixed operating costs excluding the vehicle leasing costs are expected to increase
at a rate of 4% per annum starting in Year 1.
Other information
The company uses net present value based on the expected values of cash flow when
evaluating projects of this type. DP has a money cost of capital of 8% per annum. DP's
financial director has provided the following taxation information:
• Tax depreciation (wear and tear allowance) is not available on either the initial cost of
the land or the development costs.
• Taxation rate: 30% of taxable profits. Half of the tax is payable in the year in which it
arises, the balance is payable in the following year.
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All cash flows apart from the initial investment of N$8 million should be assumed to occur at
the end of the year.
REQUIRED:
MARKS
a) Evaluate the project from a financial perspective. You should use net 35
present value as the basis of your evaluation and conclude whether the
project is financially viable or not. Show your workings in $000.
b) Using a cost of capital of 12%, calculate the Internal Rate of Return (IRR)
5
of the project. Show your workings in $000.
END OF EXAMINATION PAPER
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TABLE A
Future value interest factor of $1 per period at io/ofor n periods, FVIF(i,n).
Period
1
2
3
4
5
6
7
8
9
10
11
1%
1.010
1.020
1.030
1.041
1.051
1.062
1.072
1.083
1.094
1.105
1.116
2%
1.020
1.040
1.061
1.082
1.104
1,126
1.149
1.172
1.195
1.219
1.243
3%
1.030
1.061
1.093
1.126
1.159
1.194
1.230
1.267
1.305
1.344
1.384
4%
1.040
1.082
1.125
1,170
1.217
1.265
1.316
1.369
1.423
1.480
1.539
5%
1.050
1.103
1.158
1.216
1.276
1.340
1.407
1.477
1.551
1.629
1.710
6%
1.060
1.124
1.191
1.262
1.338
1.419
1.504
1.594
1.689
1.791
1.898
7%
1.070
1.145
1.225
1.311
1.403
1.501
1.606
1.718
1.838-
1.967
2.105
8%
1.0.80
1.166
1.260
1.360
1.469
1.587
1.714
1.851
1.999
2.159
2.332
9%
1.090
1.188
1.295
1,412
1.539
1.677
1.828
1.993
2.172
2.367
2.580
10%
1.100
1.210
1.331
1.464
1.611
1.772
1.949
2.144
2.358
2.594
2.853
11%
12%
1.110
1.120
1.232 1.254·
1.368 1.405
1.518 1,574
1.685 ·_ 1.762
1.870 1.974
2.076 2.211
2.305 2.476
2.558 2.773
2.839 3.106
3.152 3.479
13%
1.-130
1.277
1.443
1.630
1.842
2.082
2.353
2.658
3,004
3.395
3.836
14%
1.140
1.300
1,482
1.689
1.925
2.195
2.502
2.853
3.252
3.707
4.226
12 1.127
13 1.138
14 1.149
15 1.161
16 1.173
17 1.184
18 1.196
19 1.208
20 1.220
25 1.282
30 1.348
35 1.417
40 1.489
so 1.645
1.268
1.294
1.319
1.346
1.373
1.400
1.428
1.457
1.486
1.641
1.811
2.000
2.208
2.692
1.426
1.469
1.513
1.558
1.605
1.653
1.702
1.754
1.806
2.094
2.427
2.814
3.262
4.384
1.601
1.665
1.732
1.801
1.873
1.948
2.026
2.107
2.t91
2.666
3.243
3.946
4.801
7.107
1.796
1.886
1.980
2.079
2.183
2.292
2.407
2.527
2.653
3.386
4.322
5.516
7,040
11.467
2.012
2.133
2.261
2.397
2.540
2.693
2.854
3.026
3:207
4.-292
5.743
7.686
10.286
18.420
2.252
2.410
2.579
2.759
2.952
3.159
3.380
3.617
3.870
5.427
7.612
10.677
14.974
29.457
2.518
2.720
2.937
3.172
3.426
3.700
3.996
4.316
4.661
6.848
10.063
14.785
21.725
46.902
2.813
3.066
3.342
3.642
3.970
4.328
4.717
5.142
5,604
8.623
13.268
20.414
31.409
74,358
3.138
3.452
3.797
4.177
4.595
5.054
5.560
6.116
6.727
10.835
17.449
28.102
45.259
117.391
3.498
3.883
4.310
4.785
5.311
5.895
6.544
7.263
8.062
13.585
22.892
38.575
65.001
184.565
3.896
4.363
4.887
5.474
6.130
6.866
7.690
8.613
9.646
17.000
29.960
52.800
93,051
289.002
4.335
4.898
5.535
6.254
7.067
7.986
9.024
10.197
11.523
21.231
39.116
72.069
132.782
450.736
4.818
5.492
6.261
7.138
8.137
9.276
10.575
12.056
13.743
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%
17%
18%
19%
1.160
1.170
1.180
1.190
1.346
1.369
1.392
1.416
1.561
1.602
1.643
1.685
1.811
1.874
1.939
2.005
2.100
2.192
2.288
2.386
2.436
2.565
2.700
2.840
2.826
3.001
3.185
3,379
3.278
3.511
3.759
4.021
3.803
4.108
4.435
4.785
4.411
4.807
5.234
5.695
5.117
5.624
6.176
6.777
5.936
6.580
7.288
8.064
6.886
7.699
8.599
9.596
7.988
9.007
10.147
11.420
9.266
10.539
11.974
13.590
10.748
12.330
14.129
16.172
12.468
14.426
16.672
19.244
14.463
16.879
19.673
22.901
16.m
19.748
23.214
27.252
19.461
23.106
27.393
32.429
40,874
50,658
62.669
77.388
85.850 111.065 143.371 184.675
180.314 243.503 327.997 440.701
378.721 533.869 750.378 1.051.668
1,670.704 2.566.215 3.927.357 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 io/ofor 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%1 20%
1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833
2 0.980 0.961 0.943 0.925 0.907 0.890 0.873 0.857 0.842 0.826 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.694
3 0.971
4 0.961
5 0.951
6 0.942
7 0.933
0.942
0.924
0.906
0.888
0.871
0.915
0.888
0.863
0.837
0.813
0.889
0.855
0.822
0.790
0.760
0.864
0.823
0.784
0.746
0.711
0.840
0.792
0.747
0.705
0.665
· 0.816
0.763
0.713
0.666
0.623
0.794
0.735
0.681
0.630
0.583
0.772
0.708
0.650
0.596
0.547
0.751
0.683
0.621
0.564
0.513
0.731
0.659
0.593
0.535
0.482
0.712
0.636
0.567
0.507
0.452
0.693
0.613
0.543
0.480
0.425
0.675
0.592
0.519
0.456
0.400
0.658
0.572
0.497
0.432
0.376
0.641
0.552
0.476
0.410
0.354
0.624
0.534
0.456
0.390
0.333
0.609
0.516
0.437
0.370
0.314
0.593
0.499
0.419
0.352
0.296
0.579
0.482
0.402
0.335
0.279
8 0.923 0.853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.467 0.434 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233
9 0.914 0.837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 0.424 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.225 0.209 0.194
10 0.905 0.820 0.744 0.676 0.614 0.558 0.508 0.463 0.422 0.386 0.352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162
11 0.896
12 0.887
13 0.879
14 0.870
15 0.861
16 0.853
17 0.844
18 0.836
19 0.828
20 0.820
25 0.780
30 0.742
35 0.706
40 0.672
50 0.608
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
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
0.650
0.625
0.601
0.577
0.555
0.534
0.513
0.494
0.475
0.456
0.375
0.308
0.253
0.208
0.141
0.585
0.557
0.530
0.505
0.481
0.458
0.436
' 0.416
0.396
0.377
0.295
0.231
0.181
0.142
0.087
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
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
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
0.388
0.356
0.326
0.299
0.275
0.252
0.231
0.212
0.194
0.178
0.116
0.075
0.049
0.032
0.013
0.350
0.319
0.290
0.263
0.239
0.218
0.198
0.180
0.164
0.149
0.092
0.057
0.036
0.022
0.009
0.317
0.286
0.258
0.232
0.209
0.188
0.170
0.153
0.138
0.124
0.074
0.044
0.026
0.015
0.005
0.287
0.257
0.229
0.205
0.183
0.163
0.146
0.130
0.116
0.104
0.059
0.033
0.019
0.011
0.003
0.261
0.231
0.204
0.181
0.160
0.141
0.125
0.111
0.098
0.087
0.047
0.026
0.014
0.008
0.002
0.237
0.208
0.182
0.160
0.140
0.123
0.108
0.095
0.083
0.073
0.038
0.020
0.010
0.005
0.001
0.215
0.187
0.163
0.141
0.123
0.107
0.093
0.081
0.070
0.061
0.030
0.015
0.008
0.004
0.001
0.195
0.168
0.145
0.125
0.108
0.093
0.080
0.069
0.060
0.051
0.024
0.012
0.006
0.003
0.001
0.178
0.152
0.130
0.111
0.095
0.081
0.069
0.059
0.051
0.043
0.020
0.009
0.004
0.002
0.000
0.162
0.137
0.116
0.099
0.084
0.071
0.060
0.051
0.043
0.037
0.016
0.007
0.003
0.001
0.000
0.148
0.124
0.104
0.088
0.074
0.062
0.052
0.044
0.037
0.031
0.013
0.005
0.002
0.001
0.000
0.135
0.112
0.093
0.078
0.065
0.054
0.045
0.038
0.031
0.026•
0.010
0.004
0.002
0.001
0.000
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TABLE C
f-uture value interest Tactor OTan oramarv annu1tv OT:.1, oer oenoo at 11/0ror n oenoos. r-1/lf-All.m.
Period
I
I
1%
2%
3%
4~{,
5%1 6%
7%
8%
9% 10% 11% 12% 13% 14% 15% 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
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 2.140 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 12.488 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 ~3.698 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 90.320 111.43 138.24 172.32 215.71 271.02 341.59 431.66 546.68 693.57 881.17 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 valJ,Jeinterest factor of an (ordinary) annuity of $1 per period at i% for n periods, PVIFA(i,n).
Period
1%
1 0,990
2 1.970
3 2.941
4 3.902
5 4.853
6 5,795
7 6:728
s 7,652
9 8.566
10 9.471
11 10,368
12 11.255
13 12.134
14 13.0.04
15 13.865
16 14.718
17 15.562
18 16.398
19 17,226
20 18.046
25 22.023
30 25.808
2%
0.980
1.942
2.884
3,808
4.713
5.601
6.472
7.325
8.162
8&383
9.787
10.575
11.348
12.106
12.849
13,578
14.292
14.992
15.678
16.351
19.523
22.396
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
17.413
19.600
4%
0.962
1.886
2.n5
3,630
4.452
5.242
6.002
6.733
7.435
8,111
8.760
9,385
9.986
10.563
11.118
11.652
12.166
12.659
13.134
13.590
15.622
17.292
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
14.094
15.372
6%
0.943
1.833
2.673
3.465
4.212
4.917
5.562
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
12.783
13.765
7-%
8%
0.935 0.926
1.808 1.783
2,624 2.577
3.387 3.312
4.100 3.993
4.767 4.623
5.389 5.206
5.971 5,747
6.515 6.247
7.024 6.710
7.499 7.139
7,943 7.536
8,358 7.904
8,745 8.244
9,108 8.559
9.447 8.851
9.763 9.122
10.059 9.372
10.336 9.604
10.594 9.818
11,654 10.675·
12.409 11.258
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
8.950
9.129
9.823
10.274
10%
0.909
1.736
2.487
3.170
3,791
4.355
4.868
5,335
5.759
6.145
6.495
6.814
7.103
7.367
7.606
7.824
8.022
8.201
8.365
8.514
9.on
9.427
11% 12% 13%
0.901 0,893 0.885
1.713 1,690 1.668
2.444 2.402 2.361
3.102 3,037 2.974
3.696 3.605 3,517
4.231 4,111 3.998
4.712 4.564 4.423
5.146 4,968 4.799
5.537 5.328 5.132
5.889 5.650 5.426
6.207 5.938 5.667
6.492 6.194 5.918
6.750 6.424 6.122
6.982 6.628 6.302
7.191 6.811 6.462
7.379 6.974 6.604
7,549 7.120 6.729
7.702 7.250 6.840
7,839 7 .366 · 6.938
7.963 7.469 7.025
8.422 7.843, 7.330
8,694 8.055 7.496
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
6.873
7.003
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
6.464
6.566
16%
0.862
1,605
2.246
2.798
3.274
3,685
4.039
4.344
4.607
4.8.33
5.029
5.197
5.342
5.468
5.575
5.668
5,749
5.818
5.8n
5.929
6.097
6,177
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
5.766
5.829
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
5.467
5.517
19%1 20%
0.840 0.833
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
5.195 4.948
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.TT9 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
<1.576
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