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PFI810S-PROJECT FINANCE AND INVESTMENT ANALYSIS-2ND OPP-JULY 2025 |
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nAmlBIA UnlVERSITY
OF SCIEnCE AnD TECHnOLOGY
FACULTY OF COMMERCE, HUMAN SCIENCES AND EDUCATION
DEPARTMENT OF ECONOMICS, ACCOUNTING AND FINANCE
QUALIFICATION: POST GRADUATE DIPLOMA IN DEVELOPMENT FINANCE
QUALIFICATION CODE: 08PGDD
COURSE CODE: PFl81 OS
SESSION: JULY 2025
LEVEL:8
COURSE NAME: PROJECT FINANCE & INVESTMENT
ANALYSIS
PAPER: THEORY AND CALCULATIONS
DURATION: 3 HOURS
MARKS: 100
SECOND OPPORTUNITY EXAMINATION QUESTION PAPER
EXAMINERS Lameck Odada
MODERATOR Dr Faeezah Peerbhai
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 and number the answers correctly and clearly.
4. Write clearly and neatly and show all your formulas, workings, and assumptions.
5. Unless otherwise stated, 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 _5_ PAGES (including this front page)
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QUESTION 1
[40 MARKS]
Pyotori (Pty) Ltd is a Namibian manufacturer, wholesaler, and retailer specializing in plastic
extrusion products. Plastic extrusion is a high-volume manufacturing process in which raw
plastic is melted and formed into a continuous profile. Extrusion produces items such as
pipe/tubing, weather-stripping, fencing, deck railings, window frames, plastic films and
sheeting, thermoplastic coatings, and wire insulation. Its products are sold to industrial
customers on the domestic market, primarily through three stores situated in Windhoek,
Walvis Bay, and Ongwediva.
The summarised statement of profit or loss and other comprehensive income and statement
of financial position of Pyotori (Pty) Ltd for the year ended 30 September 2024 are presented
below:
Statement of profit or loss and other comprehensive income
Sales
Openinq inventory
Raw material purchases
Manufacturinq costs
Closinq inventory
Cost of sales
Manufacturing profit
N$'000
9 181
48 169
111 380
(18 750)
149 980
N$'000
176 780
(149 980)
26 500
Statement of financial position
Current Assets
Inventory - Raw materials
Work-in-progress
Finished qoods
Trade receivables
Current Liabilities
Trade payables
N$'000
2 903
6 544
9 303
18 750
26 485
8 974
Cash sales amount to 35% of total sales. The cost of sales figure of N$149 980 is based on
actual sales. The total production costs for 2024, after allowing for changes in inventory levels
of raw materials and work-in-progress, amounted to N$155 981. Trade payables comprise raw
material purchases.
The Walvis Bay store wishes to increase its sales and has submitted the following
request to Head Office:
Dear Directors
Our annual sales for the current year amounted to N$10 000 000, of which 25% was cash
sales. Our current credit policy offers no early settlement discount to our customers, and on
average, our debtors settle their accounts within 40 days. We currently do not have any bad
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debts. Our store's contribution ratio is 30%. We believe that when the credit policy is changed,
there will be an increase of 30% in credit sales to new customers, but the contribution margin
is expected to remain unchanged.
Proposed changes in credit policy
1. Grant a 2% discount on cash sales and credit sales if an account is paid in 15 days.
No discount if an account is paid after 15 days.
2. It is anticipated that 70% of current credit customers will take the discount, and the
balance will be paid in 60 days.
3. There will be no change in the annual sales to cash customers.
4. Sixty percent of the new customers will take the discount, and the balance will be paid
in 60 days.
5. Bad debts amounting to N$180 000 are expected from the increased sales.
6. Inventory will increase by N$600 000 while creditors will increase by N$200 000 to
sustain increased sales.
The tax rate is 28%, and the weighted average cost of capital is 20%.
The Ongwediva store sells a product that it purchases from suppliers in Windhoek.
Annual demand
Unit cost
Fixed cost per order
Annual carryinQ cost per unit
12 000 units
N$120
N$1 125
10% of the unit cost
The supplier is prepared to offer a 2% discount on bulk orders of 2 000 units or greater.
REQUIRED:
MARKS
Define and determine Pyotori (Pty) Ltd.'s cash operating cycle as at 30
7
a)
September 2024. Assume the company operates 365 days per year.
Explain why some companies have liquidity preference in cash
5
b)
management
Calculate the annual after-tax cash flow benefit of changing the credit 17
c)
policy of the Walvisbay store. Round off all amounts to the nearest dollar.
Calculate the savings in the total cost of inventory for the Ongwediva
11
d)
store with the discount on bulk orders
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QUESTION 2
[25 MARKS]
Kalista (Pty) Ltd is a fully Namibian-owned construction company. The company represents
an ongoing endeavour to materially improve Namibia, now and in the future. Kalista (Pty) Ltd
can invest N$4 million in one of the two projects (Alpha or Omega) or a portfolio of Alpha and
Omega. The following risk/return profiles have been provided:
Estimated Returns
Economic State
Probability
Alpha
Omega
Market
Recession
0.3
2%
25%
-
Boom
0.5
10%
22%
-
Depression
0.2
12%
-2%
-
Expected return
-
-
12%
Standard deviation
-
-
6%
Covariance with the market
25.2
39.6
-
The risk-free rate is 3% per annum, and no company or personal taxation exists.
REQUIRED
a) Calculate the expected returns and the risk for both projects
MARKS
6
If Kalista (Pty) Ltd is to select only one project to invest in, which one would
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b) you advise the company to select? Motivate your answer with appropriate
calculations.
c) Determine the correlation between the two projects
4
Determine the expected return and the portfolio's risk, assuming Kalista
6
d)
(Pty) Ltd invests N$1.6 million Namibia dollars in Alpha.
Calculate the required return for both projects according to the Capital
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e)
Asset Pricing Model (CAPM)
QUESTION 3
[10 MARKS]
Project finance refers to financing long-term industrial and infrastructure projects, particularly
in sectors like oil and gas, power generation, and transportation. It's also used to finance
certain economic bodies like special purpose vehicles (SPVs), which are created to manage
a single project.
REQUIRED
Outline the project finance lifecycle
MARKS
10
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QUESTION 4
[25 MARKS]
Andora Group of companies (hereafter Andora) comprises companies with various business
portfolios. Andora is evaluating an investment proposal to manufacture Product X2024, which
has performed well in test marketing trials conducted recently by the company's research and
development division. The following information relating to the investment proposal has now
been prepared.
Initial investment
N$2 million
Selling price (current price terms)
N$20 per unit
Expected selling price inflation
3% per year
Variable operating costs (current price terms)
N$8 per unit
Fixed operating costs (current price terms)
N$170 000 per year
Expected operating cost inflation
4% per year
Due to its test marketing trials, the research and development division has prepared the
following demand forecast. The forecast reflects expected technological change and its effect
on the anticipated life cycle of Product X2024.
Year
1
2
3
4
Demand (units)
60 000
70 000
120 000
45 000
All units of Product X2024 produced are expected to be sold, per the company's policy of
keeping no finished goods inventory. No machinery scrap value is expected at the end of four
years when production of Product X2024 is planned to end. For investment appraisal, Andora
uses a discount rate of 10% per year and a target return on capital employed of 30% per year.
Ignore taxation.
REQUIRED: Show ALL your workings in N$000
MARKS
Identify any four non-financial (4) factors that Andora should consider in
4
a)
evaluating this investment proposal
Calculate the Net Present Value (NPV) for the investment proposal and 16
b) advise whether the investment proposal is financially acceptable. Round
off unit prices to two (2) decimal places
Using a cost of capital of 20%, calculate the Internal Rate of Return (IRR)
5
c)
for the investment proposal to the nearest whole number.
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% 4%
5%
6%
7%
8%
9%
1 1.010 1.020 1.030 1.040 1.050 1.060 1.070 1.080 1.090
10%
1.100
11%
1.110
12%
1.120
13%
1.130
14%
1.140
2 1.020 1.040 1.061 1.082 1.103 1.124 1.145 1.166 1.138
1.210
1.232
1.254
1.277
1.300
3 1.030 1.061 1.093 1.125
4 1.041 1.082 1.126 1.170
1,153 1.191
1.216· 1.262
1.225
1.311
1.260
1.360
1.295
1.412
1.331
1.464
1.368
1.518
1.405
1.574
1.443
1.630
1.432
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
2.144
2.305
2.476
2.658
2.853
9 1.094 1.195 1.305 1.423 1.551 1.689 1.838· 1.999 2.172
2.358
2.558
2.773
3.004
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 1.710 1.898 2.105 2.332 2.580
2.853
3.152
3.479
3.836
4.226
12 1.127 1.268 1.426 1.601 1.796 2.012 2.252 2.518 2.813
3.138
3.498
3.896
4.335
4.818
13 1.138 1.294 1.469 1.665 1.886 2.133 2.410 2.720 3.066
3.452
3.883 4.363
4.898 · 5.492
14 1.149 1.319 1.513 1.732 1.980 2.261 2.579 2.937 3.342
3.797
4.310
4.887
5.535- 6.261
15 1.161 1.346 1.558 1.801 2.079 2.397 2.759 3.172 3.642
4.177
4.785
5.474
6.254
7.138
16 1,173 1.373 1.605 1.873 2.183 2.540 2.952 3.426 3.970
4.595
5.311
6.130
7.067
8.137
17 1.184 1.400 1.653 1.948 2.292 2.693 3.159 3.700 4.328
5.054
5.895
6.866
7.986
9.276
18 1.195 1.428 1.702 2.026 2.407 2.854 3.380 3,996 4.717
5.560
6.544
7.690
9.024 10.575
19 1.208 1.457 1.754 2.107 2.527 3.026 3.617 4.316 5.142
6.116
7.263
8.613 10.197 12.056
20 1.220 1.486 1.806 2.191 2.653 3:207 3.870 4.661 5.604
6.727
8.062
9.646 11.523 13.743
25 1.282 1.641 2.094 2.666 3.386 4.292 5.427 6.848 8.623 10.835 13.585 17.000 21.231 26.462
30 1.348 1.811 2.427 3.243
35 1.417 2.000 2.814 3.946.
40 1.489 2.208 3.262 4.801
4.322
5.516
7.040
5.743
7.686
10.286
7.612
10.677
14.974
10.063
14.785
21.725
13.268
20.414
31.409
17.449
28.102
45.259
22.892
38.575
65.001
29.960
52.800
93.051
39.116
72.069
132.782
50.950
98.100
188.884
50 1.645 2.692 4.384 7.107 11.467 18.420 29.457 46.902 74.358 117.391 184.565 289.002 450.736 700.233
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~~
20%
1.190
1.200
1.416
1.440
1.685
1.728
2.005
2.074
2.386
2.488
2.840
2.986
3.379
3.583
4.021
4.300
4.785
5.160
5.695
6.192
6.777
7.430
8.064
8.916
9.596
10.699
11.420
12.839
13.590
15.407
16.172
18.488
19.244
22.186
22.901
26.623
27.252
31,948
32.429
38.338
77.388
95.396
184.675 237.376
440.701 590.668
1,051.668 1,469.772
5,988.914 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 0.067
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 0.572 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
t-uture vaIue interest ractor or an orainar, annuI1v or ::,1oer oenoa at 1°10ror n oenoas. Fl7It-All.nl.
i
Period I 1%
2%
3%
4%, 5%I 6%
7%
8%
9% 10% 11% 12% 13% 14% 15%I 16% i7%
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 1
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 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 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
so 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%
1 0.990
2 1.970
3 2.941
4 3.902
5 4.853
6 5,795
7 6,728
6 7.652
9 8,566
10 9.471
11 10,368
2%
0.980
1.942
2.884
3.808
4.713
5.601
6.472
7.325
8.162
8,983
9,787
3%
0.971
1.913
2.829
3,717
4.580
5.417
6.230
7.020
7,786
8,530
9.253
0,962
1,886
2.775
3,630
4.452
5.242
6,002
6.733
7.435
8.111
8,760
5%
0.952
1.859
2.723
3,546
4.329
5,076
5.766
6.463
7.108
7.722
8,306
6%
0.943
1.833
2.673
3.465
4.212
4.917
5.562
6.210
6.802
7,360
7.887
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
9%
0,917
1.759
2.531
3.240
3,890
4.486
5.033
5.535
5.995
6.418
6.805
10%
0,909.
1.736
2.487
3,170
3.791
4.355
4.868
5.335,
5.759'.'
6.145
6.495
11%
0,901
1,713
2.444
3,102
3.696
4,231
4.712
5.146
5.537
5,889
6.207
12%
0,893
1.690
2.402
3.037
3.605
4.111
4,564
4.968
5.328
5.650
5.938
13%
0.885
1.668
2.361
2.974
3.517
3.998
4.423
4.799
5.132
5.426
5.661
14%
0.817
1.647
2.322
2.914
3.433
3.889
4.288
4.639
4,946
5.216
5.453
15%
0,870
1.626
2,283
2.855
3.352
3.784
4,160
4.487
4.772
5.019
5.234
16%
0.862
1.605
2.246
2.798
3.274
3.665
4,039
4.344
4,607
4,833
5.029
17%
0.855
·1.585
2.210
2.743
3.199
3.589
3.922
4.207
4.451
4.659
4,836
18%
0.847
1.566
2.174
2.690
3.127
3.498
3.812
4.078
4.303
4.494
4.656
19%/ 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
12 11.255
13 12.134
14 13.004
15 13,865
16 14.718
10.575
11.348
12.106
12,849
13.578
9.954
10,635
11.296
11.938
12.561
9.385-
9.986
10.563
11.118
11.552
8.863
9.394
9,899
10,380
10,838
8.384
8.853
9.295
9.712
10.106
7.943
8,358
8,745
9.108
9.447
7.?36
7,904
8.244
8,559
8.851
7.161
7.487
7,786
8.061
8.313
6,814
7.103
7.3.67
7.606
7.824
6.492
6,750
6.982
7.191
7.37S
6.194
6.424
6.628
6.811
6.974
5.918
6.122
6.302
6.462
6.604
5.660
5,842
6.002
6.142
6,255
5.421
5.583
5.724
5.847
5.954
5.197
5.342
5.468
5.575
5.668
4.988
5.118
5.229
5.324
5.405
4.793
4.910
5.008
5.092
5.162
4.611
4.715
4.802
4,876
4.938
4.439
4,533
4.611
4,675
4,730
17 15.562
18 16,398
19 17.226
20 18,046
25 22.023
14.292
14,992
15,678
16.351
19.523
13.166
13.754
14,324
14,877
17.4_13
12.166
12.659
13.134
13.590
15.622
11.274
11.690
12.065
12.462
14,094
10.477
10.828
11.158
11.470
12.783
9.763
10.059
10.336
10,594
11.654
9.122
9.372
9.604
9.618
10,675
8.544
8.756
8,950
9,129
9.823,
8.022
8.201
8.365
8.514
9.077
7.549
7,702
7.839
7.963
8.422
7.120
7.250
7.366
7.469
7.84:J.
6.729
6.840
6.936
7.025
7.330
6,373
6.467
6,550
6.623
6.873
6.047
6.128
6.198
6.259
6.464
5,749
5,818
5.877
5.929
6.097
5.475
5.534
5.584
5.628
5.766
5.222
5.273
5.316
5.353
5.467
4,990
5.033
5.070
5.101
5.195
4.775
4.812
4.843
4.870
4.948
30 25.306 22.396 19.600 i7.292 15.372 13.765 12.409 11.258 10.274 9.427 8.694 8.055 7.496 7.003 6.566 6.177 5.629 5.517 5.235 4.979
35 29.409 24.999 21.487 18.565 16.374 14.498 12.948 11.655 10.567 9.644 8.855 8.176 7.586 i.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 i3.332 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 21.462 18.250 15.752 13.601 12.233 i0,962 9.915 9.042 8,304 7.575 7.i33 6.661 6.246 5.880 5.554 5.262 4.999
21%
0.626
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
4.253
4.279
4,323
4.339
4.345
4.347
4.348