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BBF612S - BUSINESS FINANCE - 2ND OPP - NOV 2025 |
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n Am I BI A un IVE RS ITV
OF SCI En CE Ano TECH n OLOGY
FACULTY OF COMMERCE, HUMAN SCIENCES AND EDUCATION
DEPARTMENT OF GOVERNANCE AND MANAGEMENT SCIENCES
QUALIFICATION : BACHE~ ~BUSINESS MANAGEMENT
QUALIFICATION CODE (o7BHR!(,i )
"- _/
COURSE CODE: BBF612S
COURSE LEVEL: 5
COURSE NAME: BUSINES FINANCE
SESSION: DECEMBER 2025
PAPER: THEORY
DURATION: 2 HOURS
MARKS: 100
SECOND OPPORTUNITY EXAMINATION QUESTION PAPER
EXAMINER(S) Ms Cynthia Kauami
Mrs B. Ndungaua
MODERATOR: Mr~ ERNEST MBANGA
INSTRUCTIONS
1. Answer ALL the questions.
2. Show all formulae and calculations as marks will be awarded for them.
3. Write neatly and clearly.
4. Number the answers clearly
PERMISABLE MATERIALS (PEN, RULER)
THIS PAPER CONSISTS OF 4 PAGES (Including this front page)
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SECTION A:
[51 MARKS]
Question 1: Financial Goal of a Firm
(16 marks)
(2 marks per correct answer)
Briefly discuss:
1. the competitive forces a business/firm faces in the competitive environment it
operates in, and
2. the strategies that can be used to gain a competitive advantage.
Question 2: Ratio Analysis
(8 marks)
(4 marks per method x 2 = 8 marks)
Ratio analysis is not only about applying a formula to financial data in order to calculate
a given ratio. The interpretation is important and as such meaningful comparison is
needed. Briefly discuss the two types of comparisons, including their key
considerations and importance.
Question 3: Understanding Financial Statements
(12 marks)
{2 marks per user x 6 = 12 marks)
Identify and discuss six (6) principal users of Financial Statements who may also be
interested in the comparisons discussed under (question 2), and the objectives and
interests they have in financial statements.
Question 4: Financing
(15 marks)
Name and briefly explain the characteristics that distinguish debt from equity as a
source of finance.
{3 marks for each answer)
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SECTION B
[49 Marks]
Question 5: Break-even analysis
(12 Marks)
Dynamo Garments (PTY) Ltd is a newly established garment manufacturing company
in Otavi. They are seeking to determine the breakeven (BEP) of their prestigious CELL'e
T-Shirts. Their expected sales is 18 000 units to be sold at 180 per unit. The total fixed
costs is N$800 000 while the variable cost per unit is N$79. You are required to
calculate BEP in:
a) Units (volume)
(3 marks)
b) Monetary terms (value)
(3 marks)
c) The margin of safety ratio
(2 marks)
d) If a selling commission of N$ 10.00 per unit is introduced, what will the break-even
point in units be? Would a commission be an advisable strategy? Please elaborate
briefly.
(4 marks)
Question 6: Time value of money
(17 marks)
Note: Kindly use the financial tables on pages 5 and 6, Annexure 1 to answer the
questions below.
1. A bank provides CCC Ltd with a loan of N$2,500 000, repayable over 12 years,
where the interest rate is 9%. You are required to determine the following:
i) annual payments to Amortise the loan
(3 marks)
ii) using the annual payment above, distinguish between the interest payable and
principal amount payable for the first 3 years only.
(9 marks)
2. A decision is taken to invest N$100,000 annuity each year at 6% return over the
next 5 years, meaning equal amounts of N$100 000 over the next 5 years. The firm
needs to decide whether to make deposits at the beginning of each year or at the
end of each year. You are called into a meeting as a recent graduate who has
business finance knowledge. Calculate the future value of each of these options,
and recommend the best investment option: (kindly show calculations to get full
marks and choice you recommend)
(5 marks)
i. Option 1: Investment of annuities at the beginning of each year over 5 years
ii. Option 2: Investment of annuities at the end of each year over 5 years
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Question 7: Capital Budgeting
(20 marks)
You have an opportunity to invest in an income generating asset at an initial cost of
N$180 000 and you are expecting an annual cash inflow from this investment of
N$28 000 for the first 4 years. Due to improving technology, you will have to upgrade
this asset at an additional cost of N$35 000 early in the 5th year, whereafter the
expected cash inflow increases to N$33 000 for the next 6 years, before the asset has
to be replaced. The cost of capital (discount rate) is set at 10%.
Note: Kindly use the financial tables on pages 5 and 6, Annexure 1 to answer the
questions below.
Determine:
i) The net present value (NPV)
ii) Payback period
iii) The Profitability Index
iv) Would you invest in this asset? Why?
(12 marks)
(4 marks)
(2 marks)
(2 marks)
-END-
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Table A Future-Value Interest Factors for Rl compounded at k per cent for n Periods
n 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 20% 25% 30%
1 1,010 1,020 1,030 1,040 1,050 1,060 1,070 1,080 1,090 1,100 1,110 1,120 1,130 1,140 1,150 1,160 1,200 1,250 1,300
2 1,020 1,040 1,061 1,082 1,103 1,124 1,145 1,166 1,188 1,210 1,232 1,254 1,277 1,300 1,323 1,346 1,440 1,563 1,690
3 1,030 1,061 1,093 1,125 1,158 1,191 1,225 1,260 1,295 1,331 1,368 1,405 1,443 1,482 1,521 1,561 1,728 1,953 2,197
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 1,749 1,811 2,074 2,441 2,856
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 2,011 2,100 2,488 3,052 3,713
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 2,313 2,436 2,986 3,815 4,827
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 2,660 2,826 3,583 4,768 6,275
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 3,059 3,278 4,300 5,960 8,157
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 3,518 3,803 5,160 7,451 10,60
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 4,046 4,411 6,192 9,313 13,79
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 4,652 5,117 7,430 11,64 17,92
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 5,350 5,936 8,916 14,55 23,30
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 6,153 6,886 10,70 18,19 30,29
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 7,076 7,988 12,84 22,74 39,37
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 8,137 9,266 15,41 28,42 51,19
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 9,358 10,75 18,49 35,53 66,54
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 10,76 12,47 22,19 44,41 86,50
18 1,196 1,428 1,702 2,026 2,407 2,854 3,380 3,996 4,717 5,560 6,544 7,690 9,024 10,58 12,38 14,46 26,62 55,51 112,5
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 10,20 12,06 14,23 16,78 31,95 69,39 146,2
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 ,52 13,74 16,37 19,46 38,34 86,74 190,0
21 1,232 1,516 1,860 2,279 2,786 3,400 4,141 5,034 6,109 7,400 8,949 10,80 13,02 15,67 18,82 22,57 46,01 108,4 247,1
22 1,245 1,546 1,916 2,370 2,925 3,604 4,430 5,437 6,659 8,140 9,934 12,10 14,71 17,86 21,64 26,19 55,21 135,5 321,2
23 1,257 1,577 1,974 2,465 3,072 3,820 4,741 5,871 7,258 8,954 11,03 13,55 16,63 20,36 24,89 30,38 66,25 169,4 417,5
24 1,270 1,608 2,033 2,563 3,225 4,049 5,072 6,341 7,911 9,850 12,24 15,18 18,79 23,21 28,63 35,24 79,50 211,8 542,8
25 1,282 1,641 2,094 2,666 3,386 4,292 5,427 6,848 8,623 10,83 13,59 17,00 21,23 26,46 32,92 40,87 95,40 264,7 705,6
30 1,348 1,811 2,427 3,243 4,322 5,743 7,612 10,06 13,27 17,45 22,89 29,96 39,12 50,95 66,21 85,85 237,4 807,8 2620
35 1,417 2,000 2,814 3,946 5,516 7,686 10,68 14,79 20,41 28,10 38,57 52,80 72,07 98,10 133,2 180,3 590,7 2465 9728
40 1,489 2,208 3,262 4,801 7,040 10,29 14,97 21,72 31,41 45,26 65,00 93,05 132,8 188,9 267,9 378,7 1470 7523 36119
45 1,565 2,438 3,782 5,841 8,985 13,76 21,00 31,92 48,33 72,89 109,5 164,0 244,6 363,7 538,8 795,4 3657 22959 *
50 1,645 2,692 4,384 7,107 11,47 18,42 29,46 46,90 74,36 117,4 184,6 289,0 450,7 700,2 1084 1671 9100 70065 *
• FVIF > 99999
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Table B Future-Value Interest Factors for a Rl annui1y compounded at k per cent for n Periods
n 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 20% 25% 30%
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
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 2,200 2,250 2,300
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 3,640 3,813 3,990
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 5,368 5,766 6,187
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 7,442 8,207 9,043
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 9,930 11,259 12,756
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 12,916 15,073 17,583
8 8,286 8,583 8,892 9,214 9,549 9,897 10,26 10,64 11,03 11,44 11,86 12,30 12,76 13,23 13,73 14,24 16,50 19,84 23,86
9 9,369 9,755 10,16 10,58 11,03 11,49 11,98 12,49 13,02 13,58 14,16 14,78 15,42 16,09 16,79 17,52 20,80 25,80 32,01
10 10,46 10,95 11,46 12,01 12,58 13,18 13,82 14,49 15,19 15,94 16,72 17,55 18,42 19,34 20,30 21,32 25,96 33,25 42,62
11 11,57 12,17 12,81 13,49 14,21 14,97 15,78 16,65 17,56 18,53 19,56 20,65 21,81 23,04 24,35 25,73 32,15 42,57 56,41
12 12,68 13,41 14,19 15,03 15,92 16,87 17,89 18,98 20,14 21,38 22,71 24,13 25,65 27,27 29,00 30,85 39,58 54,21 74,33
13 13,81 14,68 15,62 16,63 17,71 18,88 20,14 21,50 22,95 24,52 26,21 28,03 29,98 32,09 34,35 36,79 48,50 68,76 97,63
14 14,95 15,97 17,09 18,29 19,60 21,02 22,55 24,21 26,02 27,97 30,09 32,39 34,88 37,58 40,50 43,67 59,20 86,95 127,9
15 16,10 17,29 18,60 20,02 21,58 23,28 25,13 27,15 29,36 31,77 34,41 37,28 40,42 43,84 47,58 51,66 72,04 109,7 167,3
16 17,26 18,64 20,16 21,82 23,66 25,67 27,89 30,32 33,00 35,95 39,19 42,75 46,67 50,98 55,72 60,93 87,44 138,1 218,5
17 18,43 20,01 21,76 23,70 25,84 28,21 30,84 33,75 36,97 40,54 44,50 48,88 53,74 59,12 65,08 71,67 105,9 173,6 285,0
18 19,61 21,41 23,41 25,65 28,13 30,91 34,00 37,45 41,30 45,60 50,40 55,75 61,73 68,39 75,84 84,14 128,1 218,0 371,5
19 20,81 22,84 25,12 27,67 30,54 33,76 37,38 41,45 46,02 51,16 56,94 63,44 70,75 78,97 88,21 98,60 154,7 273,6 484,0
20 22,02 24,30 26,87 29,78 33,07 36,79 41,00 45,76 51,16 57,27 64,20 72,05 80,95 91,02 102,4 115,4 186,7 342,9 630,2
21 23,24 25,78 28,68 31,97 35,72 39,99 44,87 50,42 56,76 64,00 72,27 81,70 92,47 104,8 118,8 134,8 225,0 429,7 820,2
22 24,47 27,30 30,54 34,25 38,51 43,39 49,01 55,46 62,87 71,40 81,21 92,50 105,5 120,4 137,6 157,4 271,0 538,1 1067
23 25,72 28,84 32,45 36,62 41,43 47,00 53,44 60,89 69,53 79,54 91,15 104,6 120,2 138,3 159,3 183,6 326,2 673,6 1388
24 26,97 30,42 34,43 39,08 44,50 50,82 58,18 66,76 76,79 88,50 102,2 118,2 136,8 158,7 184,2 214,0 392,5 843,0 1806
25 28,24 32,03 36,46 41,65 47,73 54,86 63,25 73,11 84,70 98,35 114,4 133,3 155,6 181,9 212,8 249,2 472,0 1055 2349
30 34,78 40,57 47,58 56,08 66,44 79,06 94,46 113,3 136,3 164,5 199,0 241,3 293,2 356,8 434,7 530,3 1182 3227 8730
35 41,66 49,99 60,46 73,65 90,32 111,4 138,2 172,3 215,7 271,0 341,6 431,7 546,7 693,6 881,2 1121 2948 9857 32423
40 48,89 60,40 75,40 95,03 120,8 154,8 199,6 259,1 337,9 442,6 581,8 767,1 1014 1342 1779 2361 7344 30089 *
45 56,48 71,89 92,72 121,0 159,7 212,7 285,7 386,5 525,9 718,9 986,6 1358 1874 2591 3585 4965 18281 91831 *
50 64,46 84,58 112,8 152,7 209,3 290,3 406,5 573,8 815,1 1164 1669 2400 3460 4995 7218 10436 45497 *
*
• FVIFA > 99999
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Table C Present-Value Interest Factors for R1 Discounted at k per cent for n Periods
n 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 20% 25% 30%
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 0,833 0,800 0,769
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 0,694 0,640 0,592
3 0,971 0,942 0,915 0,889 0,864 0,840 0,816 0,794 0,772 0,751 0,731 0,712 0,693 0,675 0,658 0,641 0,579 0,512 0,455
4 0,961 0,924 0,888 0,855 0,823 0,792 0,763 0,735 0,708 0,683 0,659 0,636 0,613 0,592 0,572 0,552 0,482 0,410 0,350
5 0,951 0,906 0,863 0,822 0,784 0,747 0,713 0,681 0,650 0,621 0,593 0,567 0,543 0,519 0,497 0,476 0,402 0,328 0,269
6 0,942 0,888 0,837 0,790 0,746 0,705 0,666 0,630 0,596 0,564 0,535 0,507 0,480 0,456 0,432 0,410 0,335 0,262 0,207
7 0,933 0,871 0,813 0,760 0,711 0,665 0,623 0,583 0,547 0,513 0,482 0,452 0,425 0,400 0,376 0,354 0,279 0,210 0,159
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 0,233 0,168 0,123
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 0,194 0,134 0,094
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 0,162 0,107 0,073
11 0,896 0,804 0,722 0,650 0,585 0,527 0,475 0,429 0,388 0,350 0,317 0,287 0,261 0,237 0,215 0,195 0,135 0,086 0,056
12 0,887 0,788 0,701 0,625 0,557 0,497 0,444 0,397 0,356 0,319 0,286 0,257 0,231 0,208 0,187 0,168 0,112 0,069 0,043
13 0,879 0,773 0,681 0,601 0,530 0,469 0,415 0,368 0,326 0,290 0,258 0,229 0,204 0,182 0,163 0,145 0,093 0,055 0,033
14 0,870 0,758 0,661 0,577 0,505 0,442 0,388 0,340 0,299 0,263 0,232 0,205 0,181 0,160 0,141 0,125 0,078 0,044 0,025
15 0,861 0,743 0,642 0,555 0,481 0,417 0,362 0,315 0,275 0,239 0,209 0,183 0,160 0,140 0,123 0,108 0,065 0,035 0,020
16 0,853 0,728 0,623 0,534 0,458 0,394 0,339 0,292 0,252 0,218 0,188 0,163 0,141 0,123 0,107 0,093 0,054 0,028 0,015
17 0,844 0,714 0,605 0,513 0,436 0,371 0,317 0,270 0,231 0,198 0,170 0,146 0,125 0,108 0,093 0,080 0,045 0,023 0,012
18 0,836 0,700 0,587 0,494 0,416 0,350 0,296 0,250 0,212 0,180 0,153 0,130 0, 111 0,095 0,081 0,069 0,038 0,018 0,009
19 0,828 0,686 0,570 0,475 0,396 0,331 0,277 0,232 0,194 0,164 0,138 0,116 0,098 0,083 0,070 0,060 0,031 0,014 0,007
20 0,820 0,673 0,554 0,456 0,377 0,312 0,258 0,215 0,178 0,149 0,124 0,104 0,087 0,073 0,061 0,051 0,026 0,012 0,005
21 0,811 0,660 0,538 0,439 0,359 0,294 0,242 0,199 0,164 0,135 0,112 0,093 0,077 0,064 0,053 0,044 0,022 0,009 0,004
22 0,803 0,647 0,522 0,422 0,342 0,278 0,226 0,184 0,150 0,123 0,101 0,083 0,068 0,056 0,046 0,038 0,018 0,007 0,003
23 0,795 0,634 0,507 0,406 0,326 0,262 0,211 0,170 0,138 0,112 0,091 0,074 0,060 0,049 0,040 0,033 0,D15 0,'006 0,002
24 0,788 0,622 0,492 0,390 0,310 0,247 0,197 0,158 0,126 0,102 0,082 0,066 0,053 0,043 0,035 0,028 0,013 0,005 0,002
25 0,780 0,610 0,478 0,375 0,295
30 0,742 0,552 0,412 0,308 0,231
35 0,706 0,500 0,355 0,253 0,181
40 0,672 0,453 0,307 0,208 0,142
45 0,639 0,410 0,264 0,171 0, 111
50 0,608 0,372 0,228 0,141 0,087
• PVIF = ,000 when rounded to three decimal places
0,233
0,174
0,130
0,097
0,073
0,054
0,184
0,131
0,094
0,067
0,048
0,034
0,146
0,099
0,068
0,046
0,031
0,021
0,116
0,075
0,049
0,032
0,021
0,013
0,092
0,057
0,036
0,022
0,014
0,009
0,074
0,044
0,026
0,015
0,009
0,005
0,059
0,033
0,019
0,011
0,006
0,003
0,047
0,026
0,014
0,008
0,004
0,002
0,038
0,020
0,010
0,005
0,003
0,001
0,030
0,015
0,008
0,004
0,002
0,001
0,024
0,012
0,006
0,003
0,001
0,001
0,010
0,004
0,002
0,001
0,000
*
0,004
0,001
*
..•
0,001
.•
.•
.
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Table D Present-Value Interest Factors for a Rl annuity discounted at k per cent for n Periods
n 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 20% 25% 30%
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 0,833 0,800 0,769
2 1,970 1,942 1,913 1,886 1,859 1,833 1,808 1,783 1,759 1,736 1,713 1,690 1,668 1,647 1,626 1,605 1,528 1,440 1,361
3 2,941 2,884 2,829 2,775 2,723 2,673 2,624 2,577 2,531 2,487 2,444 2,402 2,361 2,322 2,283 2,246 2,106 1,952 1,816
4 3,902 3,808 3,717 3,630 3,546 3,465 3,387 3,312 3,240 3,170 3,102 3,037 2,974 2,914 2,855 2,798 2,589 2,362 2,166
5 4,853 4,713 4,580 4,452 4,329 4,212 4,100 3,993 3,890 3,791 3,696 3,605 3,517 3,433 3,352 3,274 2,991 2,689 2,436
6 5,795 5,601 5,417 5,242 5,076 4,917 4,767 4,623 4,486 4,355 4,231 4,111 3,998 3,889 3,784 3,685 3,326 2,951 2,643
7 6,728 6,472 6,230 6,002 5,786 5,582 5,389 5,206 5,033 4,868 4,712 4,564 4,423 4,288 4,160 4,039 3,605 3,161 2,802
8 7,652 7,325 7,020 6,733 6,463 6,210 5,971 5,747 5,535 5,335 5,146 4,968 4,799 4,639 4,487 4,344 3,837 3,329 2,925
9 8,566 8,162 7,786 7,435 7,108 6,802 6,515 6,247 5,995 5,759 5,537 5,328 5,132 4,946 4,772 4,607 4,031 3,463 3,019
10 9,471 8,983 8,530 8,111 7,722 7,360 7,024 6,710 6,418 6,145 5,889 5,650 5,426 5,216 5,019 4,833 4,192 3,571 3,092
11 10,37 9,787 9,253 8,760 8,306 7,887 7,499 7,139 6,80,5 6,495 6,207 5,938 5,687 5,453 5,234 5,029 4,327 3,656 3,147
12 11,26 10,58 9,954 9,385 8,863 8,384 7,943 7,536 ("7,16'1' \\ 6,814 6,492 6,194 5,918 5,660 5,421 5,197 4,439 3,725 3,190
13 12,13 11,35 10,63 9,986 9,394 8,853 8,358 7,904 ' 7,-487 I/ 7,103 6,750 6,424 6,122 5,842 5,583 5,342 4,533 3,780 3,223
14 13,00 12,11 11,30 10,56 9,899 9,295 8,745 8,244 7,786 7,367 6,982 6,628 6,302 6,002 5,724 5,468 4,611 3,824 3,249
15 13,87 12,85 11,94 11,12 10,38 9,712 9,108 8,559 8,061 7,606 7,191 6,811 6,462 6,142 5,847 5,575 4,675 3,859 3,268
16 14,72 13,58 12,56 11 ,65 10,84 10,11 9,447 8,851 8,313 7,824 7,379 6,974 6,604 6,265 5,954 5,668 4,730 3,887 3,283
17 15,56 14,29 13,17 12,17 11 ,27 10,48 9,763 9,122 8,544 8,022 7,549 7,120 6,729 6,373 6,047 5,749 4,775 3,910 3,295
18 16,40 14,99 13,75 12,66 11,69 10,83 10,06 9,372 8,756 8,201 7,702 7,250 6,840 6,467 6,128 5,818 4,812 3,928 3,304
19 17,23 15,68 14,32 13,13 12,09 11,16 10,34 9,604 8,950 8,365 7,839 7,366 6,938 6,550 6,198 5,877 4,843 3,942 3,311
20 18,05 16,35 14,88 13,59 12,46 11,47 10,59 9,818 9,129 8,514 7,963 7,469 7,025 6,623 6,259 5,929 4,870 3,954 3,316
21 18,86 17,01 15,42 14,03 12,82 11,76 10,84 10,02 9,292 8,649 8,075 7,562 7,102 6,687 6,312 5,973 4,891 3,963 3,320
22 19,66 17,66 15,94 14,45 13,16 12,04 11,06 10,20 9,442 8,772 8,176 7,645 7,170 6,743 6,359 6,011 4,909 3,970 3,323
23 20,46 18,29 16,44 14,86 13,49 12,30 11,27 10,37 9,580 8,883 8,266 7,718 7,230 6,792 6,399 6,044 4,925 3,976 3,325
24 21,24 18,91 16,94 15,25 13,80 12,55 11,47 10,53 9,707 8,985 8,348 7,784 7,283 6,835 6,434 6,073 4,937 3,981 3,327
25 22,02 19,52 17,41 15,62 14,09 12,78 11,65 10,67 9,823 9,077 8,422 7,843 7,330 6,873 6,464 6,097 4,948 3,985 3,329
30 25,81 22,40 19,60 17,29 15,37 13,76 12,41 11,26 10,27 9,427 8,694 8,055 7,496 7,003 6,566 6,177 4,979 3,995 3,332
35 29,41 25,00 21,49 18,66 16,37 14,50 12,95 11,65 10,57 9,644 8,855 8,176 7,586 7,070 6,617 6,215 4,992 3,998 3,333
40 32,83 27,36 23,11 19,79 17,16 15,05 13,33 11,92 10,76 9,779 8,951 8,244 7,634 7,105 6,642 6,233 4,997 3,999 3,333
45 36,09 29,49 24,52 20,72 17,77 15,46 13,61 12,11 10,88 9,863 9,008 8,283 7,661 7,123 6,654 6,242 4,999 4,000 3,333
50 39,20 31,42 25,73 21,48 18,26 15,76 13,80 12,23 10,96 9,915 9,042 8,304 7,675 7,133 6,661 6,246 4,999 4,000 3,333