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GMA711S- MANAGEMENT ACCOUNTING 310- 2ND OPP- JUNE 2023 |
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'\\
nAmlBIA unlVERSITY
OF SCIEnCE Ano TECHnOLOGY
FA CUL TY 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: JULY 2023
PAPER: THEORY AND CALCULATIONS
DURATION: 3 HOURS
MARKS: 100
SECOND OPPORTUNITY EXAMINATION QUESTION PAPER
EXAMINERS Sydney Lishokomosi and Lameck Odada
MODERATOR 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, number the answers correctly and clearly.
3. Write clearly, neatly and show all your workings/assumptions.
4. Round off final answers to two (2) decimal places
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.
PERMISSIBLE MATERIALS
1. Silent, non-programmable calculators
THIS QUESTION PAPER CONSISTS OF _5_ PAGES (excluding this front page and tables)
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QUESTION 1
[25 MARKS]
SBA is a company that produces televisions and components for televisions. The company
has two divisions, Division S and Division B. Division S manufactures components for
televisions. Division S sells components to Division B and to external customers. Division B
uses five of the components in each of the televisions that it manufactures and sells televisions
directly to external customers.
Division S
Budqeted variable manufacturinq cost per component
N$
Direct material
14
Direct labour
18
Variable overhead
12
The following information relating to next year is also available:
Fixed costs
Production capacity
External demand
Potential demand from Division B
Anticipated external market price for a component
N$560 000
175 000 components
150 000 components
80 000 components
N$50
Division 8
N$
Sales price
450
Budqeted variable manufacturing cost per television
Direct material
40
Direct labour
62
Variable overhead
16
In addition to the variable costs above, each television produced needs five components.
Fixed costs are budgeted to be N$1 460 000 for next year. Annual sales of televisions are
expected to be 16 000 units.
Transfer Pricing Policy:
• Transfer prices are set at opportunity cost.
• Division S must satisfy the demand of Division B before selling components externally.
• Division B is allowed to purchase components from Division S or from external
suppliers.
REQUIRED
MARKS
Define transfer pricing and differentiate the three main methods of transfer
a)
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pricing
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Assume that Division B buys all the components it requires from Division
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S. Produce a profit statement for each division detailing sales and costs,
b)
showing external sales and internal company transfers separately where
appropriate.
Division S has just received an enquiry from a new customer to produce
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25 000 components. The manager of Division S requires a total profit for
the year for the division of N$450 000. Calculate the minimum price per
component to sell the 25 000 components to the new customer that would
enable the manager of Division S to meet the profit target.
c)
Note: this order will have no effect on the divisional fixed costs and no
impact on the 150 000 components Division S sells to its existing external
customers at N$50 per component. Division B will continue to purchase
the 80 000 components it requires from the specialist external supplier.
QUESTION 2
[25 MARKS]
PQP Company is a wholesaler of books which is keen to explore the financial implications of
making a significant investment in equipment and the development.of a website. Due to the
fast-changing nature of the equipment and the Internet software, PQP's management has set
a project lifetime of four years, i.e., the equipment will be replaced, and a new website
designed. An amount of N$300 000 will be paid for the new equipment at the beginning of the
project. The company's costs behave in such a way that its contribution to sales ratio is
expected to be 40% and its net margin 10%.
Sales estimates are shown below:
Total sales if no investment
Total sales with investment
N$ 000
N$ 000
Year1
12 400
12 950
Year2
13 250
13 380
Year3
13 620
14 340
Year4
14 000
15 000
Variable costs and the selling price are expected to remain stable in order to remain
competitive over the duration of the project. Initial working capital of N$20 000 will be required
at the start of the project. The suppliers will be paid a retaining/advisory fee of N$120 000 in
year 1, N$150 000 in year 2 and N$170 000 and N$190 000 in year 3 and 4, respectively. The
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residual value at the end of the project will be N$30 000. PQP paid consultancy fees of N$150
000 to experts who worked on the equipment.
Additional information:
• PQP has cost of capital of 14% and pays tax at an annual rate of 32%.
• It can claim capital allowances on a 25% reducing balance basis.
• Half of the tax is payable in the year it is incurred and half the following year and there
has sufficient taxable profits from other parts of its business to enable the offset of any
pre-tax losses on this project
REQUIRED
Use the Net Present Value (NPV) technique to evaluate whether PQP should go
ahead with the project or not
MARKS
25
QUESTION 3
[25 MARKS]
Windhoek Renovations is a 100% Namibian owned plant hire and earth moving equipment
company and was established in 1987. They offer years of experience in the plant hire and
earth moving sector in Namibia. Striving forward has always been their focus, by suiting their
customer's plant hire needs with their best services possible and bringing their expert plant
hire and earth moving advice to every job site.
Information concerning the operations of Windhoek Renovations is as follows:
• It is company policy to hire all plant and machinery required for the implementation of
all orders obtained, rather than to purchase its own plant and machinery.
• Windhoek Renovations will enter into an advance hire agreement contract for the
coming year at one of the three levels - high, medium, or low, which correspond to the
requirements of a high, medium, or low level of orders obtained.
• The level of orders obtained will not be known when the advance hire agreement
contract is entered into. A set of probabilities have been estimated by management as
to the likelihood of the orders being high, medium, or lower level.
• Where the advance hire agreement entered is lower than that required for the level of
orders obtained, a premium rate must be paid to obtain additional plant and machinery
required.
• No refund is obtainable where the advance hire agreement for plant and machinery is
at a level more than that required to satisfy the site clearance and preparation orders
obtained.
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A summary of the information relating to the above points is as follow:
Level of orders
High
Medium
Low
Low to medium
Medium to hiqh
Low to high
Revenue
N$000
15 000
8 500
4 000
Probability
25%
45%
30%
Plant and machinery hire costs
Advance hire
N$000
2 300
1 500
1 000
Conversion premium
N$000
850
1 300
2 150
Variable costs are 70% of turn over.
REQUIRED
MARKS
Prepare a summary which shows the forecast net margin earned by 15
a)
Windhoek Renovations for the coming year for each possible outcome.
Based on maximising expected value, calculate for Windhoek Renovations
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b) whether the advance contract for the hire of plant and machinery should
be at low, medium, or high level.
QUESTION 4
(25 MARKS]
August Twenty-Six Manufacturing (Pty) Ltd is a manufacturer of Specialised Garments,
Footwear and Leather products such as Personal Protective Wear, Corporate wear, School
Uniforms and Shoes. August Twenty-Six has many trading divisions and Return on Investment
(ROI) is the main measure of each division's performance. Each divisional Manager's salary
is linked only to their division's ROI. The following information relating to Mega division
summarises the financial performance of the three years including the projected figures for
2023.
2021
2022
2023
Turnover
400 000
400 000
400000
Cost of sales
240 000
240 000
240 000
Gross profit
160 000
160 000
160 000
Other operating costs
120 000
104 000
98 000
Operating profit
40 000
56 000
62 000
Capital invested as at the end of the year
400 000
320 000
256 000
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Other operating costs include asset depreciation calculated at the rate of 20% per annum on
a reducing balance basis. The figures shown in the above table for the capital invested as at
the end of the year is the net book value of the division's non-current assets. At the beginning
of 2023, the Manager of the Mega division considered investing in an additional machine to
boost production capacity. The new machine will cost N$100 000 with an expected life of five
years depreciated using the same depreciation rate as the existing machinery on straight line
method. The new machine will increase sales by 10% and costs by 3%. The divisional cost
of capital is 8% per annum. The company has evaluated the investment and correctly
determined that it has a positive Net Present Value (NPV) of N$24 536.
REQUIRED
MARKS
Calculate the return on investment (ROI) for three-year period (i.e., without
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a)
the new investment).
Calculate ROI for 2023 after considering the new investment and comment
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b) on whether the Management of Mega Division will still go ahead with the
new investment
Using Residual Income (RI) comment on whether Management of Mega
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c)
Division will go ahead with the new investment
END OF EXAMINATION PAPER
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TABLEA
Future value interest factor of $1 per period at i% for 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
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
50 1.645
2%
1.020
1.040
1.061
1.082
1.104
1.126
1.149
1.172
1.195
1.219
1.243
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
3%
1.030
1.061
1.093
1.126
1.159
1.194
1.230
1.267
1.305
1.344
1.384
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
4%
1.040
1.082
1.125
1.170
1.217
1.265
1.316
1.369
1.423
1.480
1.539
1.601
1.665
1.732
1.801
1.873
1.948
2.026
2.107
2.191
2.666
3.243
3.946
4.801
7.107
5%
1.050
1.103
1.158
1.216
1.276
1.340
1.407
1.477
1.551
1.629
1.710
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
6%
1.060
1.124
1. 19·1
1.262
1.338
1.419
1.504
1.594
1.689
1.791
1.898
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
7%
1.070
1.145
1.225
1.311
1.403
1.501
1.606
1.718
1.838-
1.967
2.105
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
8°/o
9%
1.080 1.090
1.166 1.188
1.260 1.295
1.360 1.412
1.469 1.539
1.587 1.677
1.714 1.828
1.851 1.993
1.999 2.172
2.159 2.367
2.332 2.580
2.518 2.813
2.720 3.066
2.937 3.342
3.172 3.642
3.426 3.970
3.700 4.328
3.996 4.717
4.316 5.142
4.661 5.604
6.848 8.623
10.063 13.268
14.785 20.414
21.725 31.409
46.902 74.358
10%
1.100
1.210
1.331
1.464
1.611
1.772
1.949
2.144
2.358
2.594
2.853
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
11C/o
12%
13%
1.110 1.120 1.130
1.232
1.368
1.254
1.405
1.277
1.443
1.518 1.574 1.630
1.685 1.762 1.842
1.870 1.974 2.082
2.076 2.211 2.353
2.305 2.476 2.658
2.558 2.773 3.004
2.839 3.106 3.395
3.152 3.479 3.836
3.498 3.896 4.335
3.883 4.363 4.898
4.310 4.887 5.535
4.785 5.474 6.254
5.311 6.130 7.067
5.895 6.866 7.986
6.544 7.690 9.024
7.263 8.613 10.197
8.062 9.646 11.523
13.585 17.000 21.231
22.892 29.960 39.116
38.575 52.800 72.069
65.001 93.051 132.782
184.565 289.002 450.736
i4°t~
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
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
16.777
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%
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.n2
9.1-00.438
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 0.640 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
0.942
0.924
0.915
0.888
0.889
0.855
0.864
0.823
0.840 · 0.816
0.792 0.763
0.794
0.735
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
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 0.456 0.437 0.419 0.402
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 0.390 0.370 0.352 0.335
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 0.333 0.314 0.296 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 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 0.178 0.162 0.148 0.135
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 0.152 0.137 0.124 0.112
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 0.130 0.116 0.104 0.093
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 0.111 0.099 0.088 0.078
15 0.861
16 0.853
17 0.844
0.743
0.728
0.714
0.642
0.623
0.605
0.555
0.534
0.513
0.481
0.458
0.436
0.417
0.394
0.371
0.362
0.339
0.317
0.315
0.292
0.270
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
18 0.836
19 0.828
20 0.820
25 0.780
30 0.742
35 0.706
40 0.672
50 0.608
0.700
0.686
0.673
0.610
0.552
0.500
0.453
0.372
0.587
0.570
0.554
0.478
0.412
0.355
0.307
0.228
0.494
0.475
0.456
0.375
0.308
0.253
0.208
0.141
0.416
0.396
0.377
0.295
0.231
0.181
0.142
0.087
0.350
0.331
0.312
0.233
0.174
0.130
0.097
0.054
0.296
0.277
0.258
0.184
0.131
0.094
0.067
0.034
0.250
0.232
0.215
0.146
0.099
0.068
0.046
0.021
0.212
0.194
0.178
0.116
0.075
0.049
0.032
0.013
0.180
0.164
0.149
0.092
0.057
0.036
0.022
0.009
0.153
0.138
0.124
0.074
0.044
0.026
0.015
0.005
0.130
0.116
0.104
0.059
0.033
0.019
0.011
0.003
0.111
0.098
0.087
0.047
0.026
0.014
0.008
0.002
0.095
0.083
0.073
0.038
0.020
0.010
0.005
0.001
0.081
0.070
0.061
0.030
0.015
0.008
0.004
0.001
0.069
0.060
0.051
0.024
0.012
0.006
0.003
0.001
0.059
0.051
0.043
0.020
0.009
0.004
0.002
0.000
0.051
0.043
0.037
0.016
0.007
0.003
0.001
0.000
0.044
0.037
0.031
0.013
0.005
0.002
0.00~
0.000
0.038
0.031
0.026'
0.010
0.004
0.002
0.001
0.000
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TABL~C
Future value 1nteres! ractor or an oramarv annu:tvor ;:,1per period at 1%ror n oenoas. Fl71t-A11.nJ.
Period ! 1%
2%
3%
4C!~ 5%1 6%
7%
8%
9% 10%1 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 i .000 1.000 1.000 1.000 i.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 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 1,1_20.7 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 4,16~.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
14.8TT
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
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
4.767
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
10.567
10.757
10.962
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
9.0rr
9.427
9.644
9.779
9.915
11% 12%
0.901 0.893
1.713 1.690
2.444 2.402
3.102 3.037
3.696 3.605
4.231 4.111
4.712 4.564
5.146 4.968
5.537 5.328
5.S89 5.650
6.207 5.938
6.492 6.194
6.750 6.424
6.982 6.628
7.191 6.811
7.379 6.974
7.549 7.120
7.702 7.250
7.839 7.366
7.963 7.469
8.422 7.843,
8.694 8.055
8.855 8.176
8.951 8.244
9.042 8.304
13%
0.885
1.668
2.361
2.974
3.517
3.996
4.423
4.799
5.132
5.426
5.687
5.918
6.122
6.302
6.462
6.604
6.729
6.840
6.938
7.025
7.330
7.496
7.586
7.534
7.675
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
7.070
7.105
7.133
153/o 16%
0.670 0.862
1.626 1.605
2.283 2.246
2.855 2.798
3.352 3.274
3.78.J 3.685
4.160 4.039
4.487 4.344
4.TT2 4.607
5.019 4.833
5.234 5.029
5.421 5.197
5.583 5.342
5.724 5.468
5.847 5.575
5.954 5.668
5.047 5.749
6.128 5.818
6.198 5.0n
6.259 5.929
6.464 6.097
6.566 6.177
6.617 6.215
6.642 5.233
6.561 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% 19%1 20%
0.847 . 0.840 0.833
1.566 , 1.547 1.528
2.174 2.t40 2.106
2.690 -::2.639 2.589
3.127·• 3.058 2.991
3.498 3.410 3.326
3.812 3.706 3.605
4.078 3.954 3.837
4.303 4.163 4.031
4.494 4.339 4.192
4.656 4.486 4,327
4.793 4.611 4.439
4.910 4.715 4.533
5.008 4.802 4.611
5,092 4.876 4.675
5.162 4.938 4.730
5.222 4.990 4.TT5
5.273 5.033 4.812
5.316 5.070 4.843
5.353 5.101 4.870
5.467 5.195 4.948
5.517 5.235 4.979
5.539 5.251 4.992
5.548 5.258 4.997
5.554 5.262 4.999
..
21%
0:826
1.509
2.074·
2.540
2.926
3.245
3.508
3.725
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