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FMH810S-FINANCIAL MANAGEMENT IN HOSP TOURISM-2ND OPP-JULY 2022 |
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nAmlBIA unlVERSITY
OF SCIEnCE Ano TECHnOLOGY
FACULTYOF COMMERCE, HUMAN SCIENCESAND EDUCATION
DEPARTMENT OF HOSPITALITY AND TOURISM
QUALIFICATION: BACHELOR OF HOSPITALITY AND TOURISM MANAGEMENT HONOURS
QUALIFICATION CODE: 08BHTH
COURSE CODE: FMH810S
SESSION: JULY 2022
LEVEL: 8
COURSE NAME: FINANCIAL MANAGEMENT IN HOSPITALITY
AND TOURISM
PAPER: THEORY AND CALCULATIONS
DURATION: 3 HOURS
MARKS: 100
EXAMINER
MODERATOR
SECOND OPPORTUNITY EXAMINATION QUESTION PAPER
L. Odada
A. Okafor
INSTRUCTIONS
1. Answer ALL the questions in blue or black ink only. NO PENCIL.
2. Start each question on a new page, number the answers correctly and clearly.
3. Write clearly, neatly and show all your workings/assumptions.
4. Work with four (4) decimal places in all your calculations and only round off only final
answers to two (2) decimal places unless otherwise stated.
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 made by the candidate should be
clearly stated.
PERMISSIBLEMATERIALS
1. Silent, non-programmable calculators
THIS QUESTION PAPER CONSISTS OF_ 4_ PAGES (excluding this front page and tables)
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QUESTION 1
[25 MARKS]
Namcool Ltd is a cooling and refrigeration company that supplies and installs refrigerators and air
conditioners. Due to increased competition, the company is experiencing a reduction in its return on
equity and the directors are worried that the company may fail to attract additional capital if the
current trend continues. In order to boost sales, the marketing director has planned to engage into an
aggressive sales promotion to increase the company's profits. The following relates to the following
year's performance after the aggressive sales promotion.
Operating income (EBIT)
Sales revenue
Asset turn over
Interest
Total debt
N$2 400 000
N$16 000 000
1.6 times
N$400 000
N$5 000 000
The company's income tax rate is 30% and the current year's return on equity is 20%.
REQUIRED: Calculate the following ratios (indicate your formulas)
a) Net Profit Margin
b) Return on Assets
c) Debt to Equity ratio
d) Gearing (leverage) ratio
e) Times interest earned
MARKS
3
4
4
3
3
QUESTION 2
[25 MARKS]
Protea Hotel by Marriott Walvis Bay Pelican Bay overlooks the wetland coastline of Walvis Bay Lagoon,
a protected naturalistic area. It features a spa with massage treatments, nearby golf facilities and
windsurf equipment. Decorated in soft pastel tones, rooms at Protea Hotel by Marriott Walvis Bay
Pelican Bay are well presented with a clean lay-out. Situated among the green surroundings of the
Esplanade Park, Protea Hotel by Marriott Walvis Bay Pelican Bay is renowned for dolphin's spotting
and the abundance of majestic flamingos in its environs. Protea Hotel by Marriott Walvis Bay Pelican
Bay needs to prepare its cash budget for the next three months. The following information is available.
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Estimated sales
June
July
August
September
N$
25 000
27 200
34 000
33 600
Estimated purchases
June
July
August
September
Additional information
N$
6 900
7 560
5 780
6 300
• Direct wages amount to N$13 000 per month and are paid in cash as they occur.
• Badger sells 20% of all goods on cash; the remainder of customers have one month of credit
• Suppliers are paid in the month after purchase.
• Overheads are N$6 400 per month and Badger is allowed one month's credit on overheads.
Depreciation of N$6 000 is included in the amount of overheads.
• Selling, distribution and administrative costs are N$3 780 per month and are paid in cash in
the month in which they occur.
• Badger wishes to purchase a new vehicle in August with cash payment of N$120 000.
• The cash balance for the end of June is expected to be N$90 500.
REQUIRED:
MARKS
Prepare a cash budget of Protea Hotel by Marriott Walvis Bay Pelican Bay for the
25
months of July to September.
QUESTION 3
[25 MARKS]
The board of directors of the Namibian Engineering Company is considering the profitability of a new
product investment. The marketing manager has estimated that at a price of N$20 per unit, the
following sales can be anticipated for the product.
2019
40 000 units
2020
60 000 units
2021
60 000 units
2022
50 000 units
As technology is changing rapidly the product cannot be assumed to have more than a four-year life.
Variable costs, mostly labour and material costs, would be about N$12 per unit. Fixed costs such as
the production supervisor's salary, would be about N$150 000 per annum. The manufacture of the
product would require an investment in equipment of N$600 000. The equipment will have no salvage
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value at the end of the life of the project. The company's policy is to depreciate all equipment at 25
percent per annum straight line. The after-tax cost of capital for the company is 12 percent.
REQUIRED:
a) Determine the after-tax annual cash flows generated by the investment.
b) Compute the Net Present Value of the project.
MARKS
16
7
c) Is this project worthwhile or not? Justify your answer
2
QUESTION4
[25 MARKS]
Netflix is the world's leading streaming entertainment service with over 209 million subscribers in over
190 countries (July 2021). Netflix started in 1997 as a DVD mail rental business. In 2007, the company
shifted its business model and decided to go digital with the introduction of streaming media.
Customers can now access a wide range of movies, TV series, and original Netflix content for an
affordable, no-commitment monthly fee.
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
1200 000
1400 000
250 000
N$
3 000 000
1500 000
1550 000
300 000
N$
3 600 000
1800 000
1700000
350 000
N$
4 200 000
2 100 000
1850000
REQUIRED
Determine the optimum (profit maximising) selling price for the new product AND
calculate the resulting profit for the period.
MARKS
25
Note: If P = a - bx, then MR= a - 2bx.
END OF EXAMINATION QUESTION 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
1%
1.010
1·.020
1.030
1.041
1.051
1.062
1.072
1.083
2%
1.020
1.040
1.061
1.082
1.104
1.126
1.149
1.172
3%
1.030
1.061
1.093
1.126
1.159
1.194
1.230
1.267
4%
1.040
1.082
1.125
1.170
1.217
1.265
1.316
1.369
5%
1.050
1.103
1.158
1.216
1.276
1.340
1.407
1.477
6%
1.060
1.124
1. 19-1
1.262
1.338
1.419
1.504
1.594
7%
1.070
1.145
1.225
1.311
1.403
1.501
1.506
1.718
8%
1.080
1.166
1.260
1.360
1.469
1.587
1.714
1.851
9%
1.090
1.188
1.295
1.412
1.539
1.677
1.828
1.993
10%
1.100
1.210
1.331
1.464
1.611
1.772
1.949
2.144
11%
1.110
1.232
1.368
1.518
1.685
1.870
2.076
2.305
12%
1.120
1.254
1.405
1.574
1.762
1.974
2.211
2.476
13%
1.130
1.277
1.443
1.630
1.842
2.082
2.353
2.658
9 1.094 1.195 1.305 1.423
10 1.105 1.219 1.344 1.480
11 1.116 1.243 1.384 1.539
1.551
1.629
1.710
1.689
1.791
1.898
1.838-
1.967
2.105
1.999
2.159
2.332
2.172
2.367
2.580
2.358
2.594
2.853
2.558
2.839
3.152
2.773
3.106
3.479
3.004
3.395
3.836
12 1.127 1.268 1.426 1.601
13 1.1-38 1.294 1.469 1.665
14 1.149 1.319 1.513 1.732
1.796
1.886
1.980
2.012
2.133
2.261
2.252
2.410
2.579
2.518
2.720
2.937
2.813
3.066
3.342
3.138
3.452
3.797
3.498
3.883
4.310
3.896
4.363
4.887
4.335
4.898
5.535
15 1.161 1.346 1.558 1.801
16 1.173 1.373 1.605 1.873
17 1.184 1.400 1.653 1.948
2.079
2.183
2.292
2.397
2.540
2693
2.759
2.952
3.159
3.172
3.426
3.700
3.642
3.970
4.328
4.177
4.595
5.054
4.785
5.311
5.895
5.474
6.130
6.866
6.254
7.067
7.986
18 1.196
19 1.208
20 1.220
25 1.282
30 1.348
1.428
1.457
1.486
1.641
1.811
1.702
1.754
1.806
2.094
2.427
2.026
2.107
2.191
2.666
3.243
2.407
2.527
2.653
3.386
4.322
2.854
3.026
3.207
4.292
5.743
3.380
3.617
3.870
5.427
7.612
3.996
4.316
4.661
6.848
10.063
4.717
5.142
5.604
8.623
13.268
5.560
6.116
6.727
10.835
17.449
6.544
7.263
8.062
13.585
22.892
7.690
8.613
9.646
17.000
29.960
9.024
10.197
11.523
21.231
39.116
35 1.417 2.000 2.814 3.946 5.516 7.686 10.677 14.785 20.414
40 1.489 2.208 3.262 4.801 7.040 10.286 14.974 21.725 31.409
28.102
45.259
38.575
65.001
52.800 72.069
93.051 132.782
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
74%
1.140
1.300
1.482
1.689
1.925
2.195
2.502
2.853
3.252
3.707
4.226
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
16C!/o
17%
1.160
1.170
1.346
1.369
1.561
1.602
1.811
1.874
2.100
2.192
2.436
2.565
2.826
3.001
3.278
3.511
3.803
4.108
4.411
4.807
5.117
5.624
5.936
6.580
6.886
7.699
7.988
9.007
9.266
10.539
10.748
12.330
12.468
14.426
14.463
16.879
16.777
19.748
19.461
23.106
40.874
50.658
85.850 111.065
180.314 243.503
378.721 533.869
1.670.704 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%
U90
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.TT2
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%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 0.106 0.694
3 0.971
4 0.961
5 0.951
6 0.942
7 0.933
8 0.923
9 0.914
10 0.905
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
0.942
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
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
0.889
0.855
0.822
0.790
0.760
0.731
0.703
0.676
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
0.864
0.823
0.784
0.746
0.711
0.677
0.645
0.614
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
0.840
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
· 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
o.~39
0.317
0.296
0.277
0.258
0.184
0.131
0.094
0.067
0.034
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
0.772- 0.751
0.708 0.683
0.650 0.621
0.596 0.564
0.547 0.513
0.502 0.467
0.460 0.424
0.422 0.386
0.388 0.350
0.356 0.319
0.326 0.290
0.299 0.263
0.275 0.239
0.252 0.218
0.231 0.198
0.212 0.180
0.194 0.164
0.178 0.149
0.116 0.092
0.075 0.057
0.049 0.036
0.032 0.022
0.013 0.009
0.731
0.659
0.593
0.535
0.482
0.434
0.391
0.352
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
0.712
0.636
0.567
0.507
0.452
0.404
0.361
0.322
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
0.693
0.613
0.543
0.480
0.425
0.376
0.333
0.295
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
0.675
0.592
0.519
0.456
0.400
0.351
0.308
0.270
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
0.658
0.572
0.497
0.432
0.376
0.327
0.284
0.247
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
0.641
0.552
0.476
0.410
0.354
0.305
0.263
0.227
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
0.624
0.534
0.456
0.390
0.333
0.285
0.243
0.208
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
0.609
0.516
0.437
0.370
0.314
0.266
0.225
0.191
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
0.593
0.499
0.419
0.352
0.296
0.249
0.209
0.176
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
0.579
0.482
0.402
0.335
0.279
0.233
0.194
0.162
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
Fu!ure value mteres! iac!or or an oromarv annu:tv or ::,1 oer oenod at 1%for n oenocs. Fl71FA11.n).
'
Period ! 1%
2%
3%
4~'a
5%! 6%
7%
8%
9%
1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
10%1 11%
1.000 1.000
12%
1.000
13%
1.000
14%
1.000
15%
1.000
16%
1.000
17%
moo
18%
1.000
19%
1.000
20%
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 2.160 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 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
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 15.552" 14.292
18 16.398 14,992
19 17.226 15.678
20 18.046 16.351
25 22.023 19,523
30 25.808 22.396
35 29.409 24.999
40 32.835 27.355
50 39.196 31.424
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
17.4_13
19.600
21.487
23.115
25.730
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
18.665
19.793
21.482
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
16.374
17.159
18.256
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
rn.828
11.158
11.470
12.783
13.i65
14.498
15.046
15,i62
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
11.654
12.409
12.948
13.332
13.801
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
10.675
11.258
11.655
11.925
12.233
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
10.567
10.757
10.962
10% 11% 12% 13% 14%
0.909 0.901 0,893 0.885 0.877
1.736 1.713 1.690 1.668 1,647
2.487 2.444 2.402 2.361 2.322
3.170 3.102 3,037 2.974 2.914
3.791 3.696 3.605 3.517 3.433
4.355 4.231 4.111 3.996 3.889
4.868 4.712 4.564 4.423 4.288
5.335 5.146 4.968 4.799 4.639
5.759 5.537 5.328 5.132 4.946
6.145 5.889 5.650 5.426 5.216
6.495 6.207 5.938 5.687 5.453
6.814 6.492 6.194 5.918 5.660
7.103 6.750 6.424 6.122 5.842
7.367 6,982 6.628 6.302 6.002
7.606 7,191 6.811 6.462 6.142
7.824 7.379 6.974 6.604 6.265
8.022 7.549 7.120 6.729 6.373
8.201 7.702 7.250 6.840 6.467
8,365 7.839 7.366 6.938 6,550
8.514 7.963 7.469 7.025 6.623
9.01 I 8.422 7.84S, 7 .330 6.873
9.427 8.694 6.055 7.496 7.003
9.644 6.855 8.176 7.586 7.070
9.779 8.951 8.244 7.534 7,105
9.915 9.042 8.304 7.675 7.133
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
6.617
5,642
6.661
16%
0.862
1.605
2.246
2.798
3.274
3,685
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
6.097
6.177
6.215
5.233
6.246
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
5.858
5.871
5.880
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
5,539
5.548
5,554
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
5.251 4.992
5.258 4.997
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
4.750
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
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