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GMA711S- MANAGEMENT ACCOUNTING 310- 1ST OPP- JUNE 2023 |
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n Am I BI A u n IVER s ITY
OF SCIEnCE Ano TECHnOLOGY
FACULTY OF COMMERCE, HUMAN SCIENCES AND EDUCATION
DEPARTMENT OF ECONOMICS, ACCOUNTING AND FINANCE
QUALIFICATION: BACHELOR OF ACCOUNTING
QUALIFICATION CODE: 07BOAC LEVEL:?
COURSE CODE: GMA711 S
COURSE NAME: MANAGEMENT ACCOUNTING 310
SESSION: JUNE 2023
PAPER: THEORY AND CALCULATIONS
DURATION: 3 HOURS
MARKS: 100
EXAMINERS
MODERATOR
FIRST OPPORTUNITY EXAMINATION QUESTION PAPER
Sydney Lishokomosi and Lameck Odada
Alfred Makosa
INSTRUCTIONS
1. Answer ALL the FOUR (4) 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 and show all your workings/assumptions.
4. Work with four (4) decimal places in all your calculations and only round off 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 the candidate makes should be
clearly stated.
PERMISSIBLE MATERIALS
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]
Twahafa Catering Services (hereafter TCS) runs a cafeteria situated on the ground floor of a
large corporate office block in Windhoek. Each of the five floors of the building is occupied,
and there are in total 1 240 employees. TCS sells lunches and snacks in the cafeteria. The
lunch menu is freshly prepared each morning, and TCS must decide how many meals to make
daily. As the office block is located in the city center, there are several other places around
the building where staff can buy their lunch. The level of demand for lunches in the cafeteria
is uncertain. TCS has analysed daily sales over the previous six months and established four
possible demand levels and their associated probabilities. TCS produced the following payoff
table to show the daily profits which could be earned from the lunch sales in the cafeteria:
Supply Level
Demand Level
Probability
450
620
755
960
%
N$
N$
N$
N$
450
15
11 700
9 800
8100
7 400
620
30
11 700
16 120
13 950
12 900
775
40
11 700
16 120
20 150
17 850
960
15
11 700
16 120
20 150
24 960
REQUIRED: Determine the optimal decision under each of the following decision
criteria and show the level of the supply with the corresponding profit or loss
a) Maximax
b) Maximin
c) Minimax regret
d) Expected Monetary Value (EMV)
e) Expected Value of Perfect Information (EVPI)
TOTAL
MARKS
2
2
10
2
9
25
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QUESTION 2
[26 MARKS]
Super Save needs to increase production capacity to meet the increasing demand for an
existing product, 'super' used in food processing. A new machine, with a useful life of four
years and a maximum output of 600 000 kilograms of super per year, could be bought for
N$800 000, payable immediately. The scrap value of the machine after four years would be
N$30 000. Forecast demand and production of super over the next four years are as follows:
Year
Demand (kg)
1
1.4 million
2
1.5 million
3
1.6 million
4
1.7 million
The existing production capacity for super is limited to one million kilograms per year, and the
new machine would only be used for additional demand. The current selling price of super is
N$8 per kilogram, and the variable cost of materials is N$5 per kilogram. Other variable costs
of production are N$1.90 per kilogram. Fixed costs of production associated with the new
machine would be N$240 000 in the first year of production, increasing by N$20 000 per year
in each subsequent year of operation.
Super Save pays tax one year in arrears at an annual rate of 30% and can claim capital
allowances (tax-allowable depreciation) on a 25% reducing balance basis. A balancing
allowance is claimed in the final year of operation. Super Save uses its after-tax weighted
average cost of capital (WACC) of 10% when appraising investment projects.
REQUIRED:
MARKS
Calculate the Net Present Value (NPV) of buying the new machine and 20
a)
advise on the acceptability of the proposed purchase
At a 20% discount factor, calculate the Internal Rate of Return (IRR) of
6
b)
buying the new machine to the nearest whole number.
TOTAL
26
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QUESTION 3
[25 MARKS]
Shilongo Leather Works (hereafter SLW) is a family-owned business conceived out of a great
passion to craft durable products that would not only create an appreciated brand but also
build the Shilongo family legacy. Launched in 1986, SLW is embedded with a rich history of
tenacity and honesty that brought about the existence of a now renowned handcraft
leatherworks company. The success of SLW is built on a foundation of expert leather
knowledge with an ongoing focus on research and development, as well as ensuring staff is
continually trained to be leaders in their field, ensuring the production of fit-for-purpose high-
performance leather products. The manufacturing of leather goods goes from tanned leather
to finished products. Most of the products are made from Kudu leather hence giving products
a unique look.
SLW is considering launching a new, innovative product onto the Namibian market and is
trying to decide on the right launch price. The product's expected life is three years. Given the
high level of costs that have been incurred in developing the product, SLW wants to ensure
that it sets its price at the right level and has therefore consulted a market research company
to assist. The research, which relates to similar but not identical products launched by other
companies, has revealed that at a price of N$500, annual demand would be expected to be
25 000 units. However, for every N$1 increase in selling price, demand would be expected to
fall by 1 000 units, and for every N$1 decrease in selling price, demand would be expected to
increase by 1 000 units.
A forecast of the annual production costs which would be incurred by SLW in relation to the
new product is as follows:
Annual production (units)
Overheads
Direct labour
Direct material
20 000
N$
140 000
120 000
240 000
25 000
N$
155 000
150 000
300 000
30 000
N$
170 000
180 000
360 000
35 000
N$
185 000
210 000
420 000
REQUIRED
a)
Determine the equation for the demand function (that is, the price
function of quantity demanded. If P = a - bx, then MR= a - 2bx)
as
a
b) Determine the Marginal Cost (MC)
MARKS
4
5
c) Calculate the optimum price
5
d) Compute the maximum profit
8
e) Identify any three (3) pricing strategies
3
TOTAL
25
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QUESTION 4
[24 MARKS]
National Academic Training College (hereafter NATC) is an organisation that provides private
tuition courses in accounting and finance in Namibia. The courses are generally attended by
individuals who work as bookkeepers for companies and who want to develop their practical
skills. None of the attendees is aiming towards any professional qualification or examination.
Courses are run on basic bookkeeping, value-added tax, payroll, credit control, company
administration, and introduction to finance. Other courses, run on demand, are charged out at
higher-than-normal rates for accounting and finance courses.
NATC has six branches nationwide with individual branch managers. The head office is
situated in Windhoek and is responsible for company accounting, payroll, and inventory
ordering activities. Individual branch managers have responsibility for all other areas of the
business, such as pricing, product mix, and staffing. Each branch rents its premises (a national
company policy), and staff numbers range from 4 in Walvisbay to 18 in Ondangwa. Staff are
generally former accountants, bankers, and tax inspectors who concentrate on keeping
courses practical and applicable to their customers.
To date, managers have always been appraised by Return on Investment (ROI) with a target
return of 40%. Branches have regularly exceeded this target, and branch managers seem
happy to be appraised in this manner. Sydney Lishokomosi, the company's main shareholder
and Managing Director, recently visited all branches to promote corporate identity and inspect
performance at a local level. He returned dismayed at the condition of some branch premises
and feels overall that, although recent financial performance has been consistent with previous
years, the company does not seem to have changed or developed since he last visited the
branches five years ago. Sydney believes that he needs to change the appraisal method for
branches to fit more closely with what he expects from the company. He wants the business
to develop and grow and become the leading provider of business training in Southern Africa.
REQUIRED: Consider each question independently.
MARKS
Outline any three (3) advantages and three (3) disadvantages of Return
6
a)
on Investment (ROI).
Describe the balanced scorecard approach to performance measurement
10
b)
and how it might rectify NATC problems.
Outline any two (2) possible performance measures which might be used
8
c)
in each area of the balanced scorecard by NATC
TOTAL
24
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%
1 1.010
2 1.020
3 1.030
4 1,041
5 1.051
6 1.062
7 1.072
8 1.083
9 1.094
10 1.105
11 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
6~1o
1.060
1.124
1,19"1
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%
1.080
1.166
1.260
1.360
1.469
1.587
1.714
1,851
1.999
2.169
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%
1.110
1.232
1.368
1,518
1.685
1.870
2.076
2.305
2.558
2.839
3.152
12%
1.120
1.254
1,405
1,574
1,762
1,974
2.211
2.476
2.773
3.106
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
i4%
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 1.268 1.426 1.601 1.796 2.012 2.252 2.518 2.813
13 1.138 1.294 1.469 1.665 1.886 2.133 2.410 2.720 3,066
3.138
3.452
3.498
3.883
3.896
4.363
4.335
4.898
4.818
5.492
14 1.149
15 1.161
16 1.173
17 1.184
18 1.196
1.319
1.346
1.373
1.400
1.428
1.513
1.558
1.605
1.653
1.702
1.732
1.801
1.873
1.948
2.026
1.980
2.079
2.183
2.292
2.407
2.261
2.397
2.540
2.693
2.854
2.579
2.759
2.952
3.159
3.380
2.937
3.172
3.426
3.700
3.996
3.342
3.642
3.970
4.328
4.717
3.797
4.177
4.595
5.054
5.560
4.310
4.785
5.311
5.895
6,544
4.887
5.474
6.130
6.866
7.690
5.535
6.254
7.067
7.986
9.024
6.261
7.138
8.137
9.276
10,575
19 1.208
20 1.220
25 1.282
30 1.348
1.457
1.486
1.641
1.811
1.754
1.806
2.094
2.427
2.107
2.191
2.666
3.243
2.527
2.653
3,386
4,322
3.026
3.207
4.292
5.743
3.617
3,870
5.427
7.612
4.316
4,661
6.848
10.063
5.142
5.604
8.623
13.268
6.116
6.727
10.835
17.449
7,263
8.062
13.586
22.892
8.613
9.646
17.000
29.960
10.197
11.523
21.231
39.116
12.056
13.743
26.462
50.950
35 1.417 2.000 2.814 3.946
40 1.489 2.208 3.262 4.801
50 1.645 2.692 4.384 7.107
5.516 7.686 10.677 14.785 20.414
7.040 10.286 14.974 21.725 31.409
11.467 18.420 29.457 46.902 74.358
28.102
45.259
117.391
38.575 52.800 72.069 98.100
65.001 93.051 132.782 188.884
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
16~10
17%
18%
1.160
1.1i0
1.180
1.346
1.369
1.392
1.561
1.602
1.643
1.811
1,874
1,939
2.100
2,192
2.288
2.436
2.565
2.700
2.826
3.001
3.185
3.278
3.511
3.759
3.803
4.108
4.435
4.411
4.807
5.234
5,117
5.624
6.176
5.936
6.580
7.288
6.886
7.699
8,599
7.988
9.007
10.147
9.266
10.539
11.974
10.748
12.330
14.129
12.468
14.426
16.672
14.463
16.879
19.673
16.777
19.748
23.214
19.461
23.106
27.393
40.874
50.658
62.669
85.850 111.065 143.371
180.314 243.503 327.997
378.721 533,869 750.378
1,670,704 2,566,215 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%
0.962
0.925
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
5%
0.952
0.907
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
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 0.00~ 0.001
0.013 0.009 0.005 0.003 0.002 0.001 0.00~ 0.001 0.000 0.000 0.000 0.000
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TASLI= C
Future value 1nteres! rac!or Oi an oramarv annu:!v or ::,1 oer oenoa at 1°10ror n oenocs. rv,,Ao.nJ.
Period ! 1%
2%
3%
4~"1 5%1 6%
7%
8%
9% 10% 11% 12% 13% 14% 15%1 16% 17% 18% 19°/4 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 43.67?. :,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 51.66Q .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 84.14-r -~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. 1•7 154.74
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- 402.0fl 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 .64_7.44. 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 f,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 . 3,1.34.5 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%
1 0.990
2 1,970
3 2.941
4 3.902
5 4.853
6 5.795
7 6.728
8 7.652
9 8.566
10 9.471
11 10.368
12 11.255
13 12.134
14 13.004
15 13.865
16 14.718
17 15.562
18 16.398
19 17.226
20 18.046
25 22.023
30 25.808
35 29.409
40 32.835
so 39.196
2%
0.980
1.942
2,884
3,808
4.713
5.601
6.472
7.325
8.162
8:983
9,787
10.575
11.348
12.106
12.849
13.578
14.292
14.992
15.678
16.351
19,523
22.396
24.999
27.355
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
14.87i
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.i12
10,106
10.47i
10,828
11.158
11.470
12.783
13.765
14.498
15.046
15.762
7%
0.935
1.808
2.624
3.387
4.100
4.76i
5.389
5.97~
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
10.56i
10.75i
10.962
10% 11% 12%
0.909 0,901 0.893
1.736 1.i13 1.690
2.487 2.444 2.402
3.170 3.102 3.037
3.791 3.696 3.605
4.355 4.231 4.111
4.868 4.712 4.564
5.335 5.146 4.968
5.759 5.53i 5.328
6.145 5.S89 5.650
6.495 6.207 5.938
6.814 6.492 6,194
7.103 6.750 6.424
7.367 6.982 6.628
7.606 7.191 6.811
7.824 7.379 6.974
8.022 7.549 7.120
8.201 7.702 7.250
8.365 7.839 7,366
8,514 7.963 7.469
9.01 I 8.422 7.843,
9.42i 8.694 8.055
9.644 8.855 8.176
9.779 8.951 8.244
9.915 9,042 8.304
13% 14% 15%
0.885 0.8i7 O.SiO
1.668 1.647 1.626
2.361 2.322 2.283
2.974 2.914 2.855
3,517 3.433 3.352
3,996 3.889 3.784
4.423 4.288 4.160
4.799 4.639 4,487
5.132 4.946 4,772
5.426 5.216 5.019
5.687 5.453 5.234
5.918 5.660 5.421
6.122 5.842 5.583
6.302 6.002 5.724
6.462 6.142 5,847
6.604 6.265 5.954
6.729 6.373 6.047
6.840 6.467 6.128
6,938 6.550 6.198
7.025 6.623 6.259
7.330 6.873 6.464
7.496 7.003 6.566
7.586 7.070 6,617
7.534 7.105 6,642
7.675 i.133 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
5.87i
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
3.12i
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
4.760
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
4.35i
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