UNIVERSITY OF KENT

AC508/2014

FACULTY OF SOCIAL SCIENCES

PRINCIPLES OF FINANCE

Monday, 12 May 2014: 09:30 12:30

This paper has THREE sections. There are SEVEN questions, ONE in SECTION A,
THREE in SECTION B and THREE in SECTION C. Candidates should answer ALL parts
of SECTION A and ONE question from each of SECTIONS B and C.
Candidates are permitted to use a noiseless pocket calculator. If a calculator is used in the
examination, each step in the calculation must be shown. A formula sheet and interest
tables are attached to this examination paper.
Stationery

Yellow Answer Booklet

turn over

2
SECTION A
1. Each part of this question carries equal marks.
I. You would like to invest in a bank account that provides 7% annual interest. You are
hoping to receive a perpetual cash flow of 780 starting in 20 years from now. How
much money should you invest today?
II. Explain the three propositions of Fisher-Hirshliefer (separation) theorem.

III. Briefly list the assumptions underlying the portfolio theory.

IV. An all-equity funded firm is considering a new project. The firm has a total market
value of 10million and expects to have annual operating earnings of 1.5million in
perpetuity. The financial manager of the firm is considering a new project which
requires an initial investment of 2.2million and is expected to provide perpetual
operating cash flows of 300,000 starting at the end of the first year of the project.
The financial manager decides to use firm's cost of capital as the discount rate for
the new project. Suggest whether the firm should accept the new project.

V. Briefly explain the three forms of pricing (information) market efficiency.

VI. An investor wants to create an investment portfolio which has 15% standard
deviation. She is planning to invest part of her funds in a risk-free asset and the
remaining in a risky asset. Based on the data she has gathered, the risk free asset
is expected to give a return of 7%, whereas the risky asset is expected to generate
a return of 12% and standard deviation of 20%. Calculate the expected return of the
portfolio that the investor will receive.

VII. Your firm is considering issuing preference shares. Explain similarities and
differences between debt and preference shares.

3
VIII. The financial manager of the firm has calculated the internal rate of return (IRR) of
two new mutually exclusive projects A and B. Their respective IRRs using real
operating cash flows are 12% and 21%. The nominal required rate of return for the
firm is 25%. The annual inflation rate is 8%. Suggest whether the firm should accept
the projects.

IX. You have been told that your firm uses payback period method to select their
investment projects. List the benefits and limitations of this investment appraisal
technique.

X. Explain what is meant by working capital tension.

turn over

4
SECTION B
2. A firm is considering two mutually exclusive projects each expected to last 8
years. The firm has a cost of capital of 8%. The firm employs a straight line
depreciation method. The projects are not expected to have any residual value at
the end. The expected cash flows for each project are given as follows:
Period of net cash
flows
T0

(400,000)

(405,000)

T1

70,000

30,000

T2

70,000

40,000

T3

70,000

70,000

T4

90,000

100,000

T5

95,000

120,000

T6

100,000

130,000

T7

110,000

150,000

T8

92,000

80,000

Required:
(a)
i.

Calculate the net present value (NPV), internal rate of return (IRR), payback
period and accounting rate of return (ARR) for each project and suggest the
project(s) that will be accepted. State all the assumptions made.
(50% of marks)

ii.

Based on the answer in (i), suggest whether the chosen project is more
sensitive to a change in the initial capital or discount rate. Explain why.
(10% of marks)

iii.

In addition to the two projects mentioned earlier, the firm is also considering
three other positive NPV projects. However, the firm has only 2million to
invest. All the projects under consideration are not divisible. Calculate the
total NPV for the limited funds considering the following information:
Initial Investment
Project's NPV

Project C

Project D

Project E

(550,000)

(625,000)

(700,000)

112,500

85,000

98,500

(10% of marks)
(b) One of the main assumptions of various financial theories is that the stock
market is efficient. Explain the three types (operational, dynamic and pricing) of
market efficiency.
(30% of marks)
[Total 100 % of marks]

3. An individual has collected the following data on two stocks Alpha and Beta. The
returns of these two stocks are independent. The expected rate of return for stock
Alpha is 14% and standard deviation of its returns is 5%. The data for stock Beta
are given as below:
Economic
Scenario
Poor
Normal
Good

Scenario
Probability
20%
60%
20%

Return on
stock B
8%
10%
15%

Required:
(a)
i. Calculate the expected return and the standard deviation of returns for stock
Beta.
(15% of marks)
ii.

The investor wants to achieve an expected return of 13% in a portfolio of

iii.

The investor wants to create a portfolio of both stocks (Alpha and Beta) that
has a standard deviation of returns equal to 3.665%. Calculate the expected
rate of return on the portfolio that provides this standard deviation on returns.
Suggest whether the investor should choose this portfolio or the one created
in (ii) and explain why.
(20% of marks)

iv.

Assume that the investor decides to invest 100,000 in the portfolio created
in part (ii) and 20,000 in a risk-free asset which is expected to provide a
return of 4%. Calculate the expected return and standard deviation of this
new portfolio that includes the three assets (risk-free asset, stock Alpha and
stock Beta) and compare your results with the ones in part (ii).
(20% of marks)

(b) Using appropriate illustrations, explain the traditionalists' view on the

(Total 100% of marks)

6
4. XYZ plc is a financially geared firm expecting to generate annual operating earnings
of 1.5million in perpetuity. The firm has issued 8 million ordinary shares that are
currently trading at 1.20 each. It has also issued 50,000 bonds 5% annual coupon
rate at par value of 100. Each bond is currently traded at 106. The company does
not pay corporation tax.
Required:
(a)
i.

Calculate the cost of debt, cost of equity and weighted average cost of
capital for XYZ plc. State all the assumptions made.
(18% of marks)

ii.

Firm ABC is an all-equity funded firm which operates in the same business
risk class as XYZ plc. This firm has issued 5 million shares. Calculate the
share price at which ABC shares are currently traded.
(10% of marks)

iii.

Assume that you own 100,000 shares of XYZ plc. Provide an investment
strategy that provides you with similar net profits should you like to switch
your investment to ABC plc. State all the assumptions made.
(20% of marks)

iv.

Firm ABC plc is considering a new 5-year project that requires an initial
investment of 800,000. The new project is expected to generate annual
operating earnings of 200,000. Using the Internal Rate of Return (IRR)
method, suggest whether this new project should be accepted. State all the
assumptions made.
(22% of marks)

(b) Discuss the limitations and benefits of risk-adjusted rate of return method.
(30% of marks)

Total 100% of marks

7
SECTION C
5. It is always best to use the Net Present Value (NPV) and Internal Rate of Return
(IRR) methods for investment appraisal. Discuss.
(100% of marks)

6. Stock markets do not serve any useful function. Critically assess the validity of this
viewpoint.
(100% of marks)

7. Comment on the statement that portfolio diversification reduces risk and explain
how the introduction of risk -free investment leads to a new efficiency line known as
the capital market line.
(100% of marks)

8
FORMULA SHEET
v =
n

|i

(1 + i )n
1

a n|i =

(1 + i )
t

t=1

|i

= i

It

NPV =
t=1

- C0

(1 + i )
n
It

IRR : C0
=

t=1 (1 + r )

(1 + m) = (1 + i)(1 + n)
n

E = Oi pi
i=1

= ( Oi - E )2 pi
2

i=1

VP=

t=1

Vt

(1 + i )
2t

P=

t=1

(1 + i )t

COV AB = ( Ai - E A )( Bi - EB )qi
i=1

AB

= COV AB
AB

E p = X A E A + X B EB

2=X22+X22+2X
p

D=

I
KD

or D =

AB

(1 + K D )
E = e1

KO=KE E

(1 + K D )

KE
+KD D

E+D

t=1

E+D
D

KE=KO+(KO-KD )E
V 0 = X or E + D = X
KO
KO

10
Tables of Discounting and Compounding Factors
Present Value of 1
1%
2%

3%

4%

5%

6%

7%

8%

9%

10%

12%

14%

15%

20%

25%

30%

.9901

.9804

.9709

.9615

.9524

.9434

.9346

.9259

.9174

.9091

.8929

.8772

.8696

.8621 .8475

16%

18%

.8333

.8000

.7692

.7143 .6667

.9803

.9612

.9426

.9246

.9070

.8900

.8734

.8573

.8417

.8264

.7972

.7695

.7561

.7432 .7182

.6944

.6400

.5917

.5102 .4444

.9706

.9423

.9151

.8890

.8638

.8396

.8163

.7938

.7722

.7513

.7118

.6750

.6575

.6407 .6086

.5787

.5120

.4552

.3644 .2963

.9610

.9238

.8885

.8548

.8227

.7921

.7629

.7350

.7084

.6830

.6355

.5921

.5718

.5523 .5158

.4823

.4096

.3501

.2603 .1975

.9515

.9057

.8626

.8219

.7835

.7473

.7130

.6806

.6499

.6209

.5674

.5194

.4972

.4761 .4371

.4019

.3277

.2693

.1859 .1317

.9420

.8880

.8375

.7903

.7462

.7050

.6663

.6302

.5963

.5645

.5066

.4556

.4323

.4104 .3704

.3349

.2621

.2072

.1328 .0878

.9327

.8706

.8131

.7599

.7107

.6651

.6227

.5835

.5470

.5132

.4523

.3996

.3759

.3538 .3139

.2791

.2097

.1594

.0949 .0585

.9235

.8535

.7894

.7307

.6768

.6274

.5820

.5403

.5019

.4665

.4039

.3506

.3269

.3050 .2660

.2326

.1678

.1226

.0678 .0390

.9143

.8368

.7664

.7026

.6446

.5919

.5439

.5002

.4604

.4241

.3606

.3075

.2843

.2630 .2255

.1938

.1342

.0943

.0484 .0260

10

.9053

.8203

.7441

.6756

.6139

.5584

.5083

.4632

.4224

.3855

.3220

.2697

.2472

.2267 .1911

.1615

.1074

.0725

.0346 .0173

11

.8963

.8043

.7224

.6496

.5847

.5268

.4751

.4289

.3875

.3505

.2875

.2366

.2149

.1954 .1619

.1346

.0859

.0558

.0247 .0116

12

.8874

.7885

.7014

.6246

.5568

.4970

.4440

.3971

.3555

.3186

.2567

.2076

.1869

.1685 .1372

.1122

.0687

.0429

.0176 .0077

13

.8787

.7730

.6810

.6006

.5303

.4688

.4150

.3677

.3262

.2897

.2292

.1821

.1625

.1452 .1163

.0935

.0550

.0330

.0126 .0051

14

.8700

.7579

.6611

.5775

.5051

.4423

.3878

.3405

.2992

.2633

.2046

.1597

.1413

.1252 .0985

.0779

.0440

.0254

.0090 .0034

15

.8613

.7430

.6419

.5553

.4810

.4173

.3624

.3152

.2745

.2394

.1827

.1401

.1229

.1079 .0835

.0649

.0352

.0195

.0064 .0023

16

.8528

.7284

.6232

.5339

.4581

.3936

.3387

.2919

.2519

.2176

.1631

.1229

.1069

.0930 .0708

.0541

.0281

.0150

.0046 .0015

17

.8444

.7142

.6050

.5134

.4363

.3714

.3166

.2703

.2311

.1978

.1456

.1078

.0929

.0802 .0600

.0451

.0225

.0116

.0033 .0010

18

.8360

.7002

.5874

.4936

.4155

.3503

.2959

.2502

.2120

.1799

.1300

.0946

.0808

.0691 .0508

.0376

.0180

.0089

.0023 .0007

19

.8277

.6864

.5703

.4746

.3957

.3305

.2765

.2317

.1945

.1635

.1161

.0829

.0703

.0596 .0431

.0313

.0144

.0068

.0017 .0005

20

.8195

.6730

.5537

.4564

.3769

.3118

.2584

.2145

.1784

.1486

.1037

.0728

.0611

.0514 .0365

.0261

.0115

.0053

.0012 .0003

25

.7798

.6095

.4776

.3751

.2953

.2330

.1842

.1460

.1160

.0923

.0588

.0378

.0304

.0245 .0160

.0105

.0038

.0014

.0002

30

.7419

.5521

.4120

.3083

.2314

.1741

.1314

.0994

.0754

.0573

.0334

.0196

.0151

.0116 .0070

.0042

.0012

.0004

40

.6717

.4529

.3066

.2083

.1420

.0972

.0668

.0460

.0318

.0221

.0107

.0053

.0037

.0026 .0013

.0007

.0001

50

.6080

.3715

.2281

.1407

.0872

.0543

.0339

.0213

.0134

.0085

.0035

.0014

.0009

.0006 .0003

.0001

60

.5504 .3048

.1697

.0951

.0535

.0303 .0173

.0099

.0057

.0033

.0011

.0004

.0002

.0001

9%

10%

12%

14%

15%

16%

20%

25%

30%

40%

50%

40%

50%

Present Value of an Annuity of 1 per period for n periods

1%

2%

3%

4%

5%

6%

7%

8%

18%

.9901 .9804

.9709

.9615

.9524

.9434 .9346

.9259

.9174 .9091

.8929

.8772

.8696

.8621 .8475

.8333

.8000

.7692

.7143 .6667

1.970

1.942

1.913

1.886

1.859

1.833

1.808

1.783

1.759

1.736

1.690

1.647

1.626

1.605 1.566

1.528

1.440

1.361

1.224 1.111

2.941

2.884

2.829

2.775

2.723

2.673

2.624

2.577

2.531

2.487

2.402

2.322

2.283

2.246 2.174

2.106

1.952

1.816

1.589 1.407

3.902

3.808

3.717

3.630

3.546

3.465

3.387

3.312

3.240

3.170

3.037

2.914

2.855

2.798 2.690

2.589

2.362

2.166

1.849 1.605

4.853

4.713

4.580

4.452

4.329

4.212

4.100

3.993

3.890

3.791

3.605

3.433

3.352

3.274 3.127

2.991

2.689

2.436

2.035 1.737

5.795

5.601

5.417

5.242

5.076

4.917

4.767

4.623

4.486

4.355

4.111

3.889

3.784

3.685 3.498

3.326

2.951

2.643

2.168 1.824

6.728

6.472

6.230

6.002

5.786

5.582

5.389

5.206

5.033

4.868

4.564

4.288

4.160

4.039 3.812

3.605

3.161

2.802

2.263 1.883

7.652

7.325

7.020

6.733

6.463

6.210

5.971

5.747

5.535

5.335

4.968

4.639

4.487

4.344 4.078

3.837

3.329

2.925

2.331 1.922

8.566

8.162

7.786

7.435

7.108

6.802

6.515

6.247

5.995

5.759

5.328

4.946

4.772

4.607 4.303

4.031

3.463

3.019

2.379 1.948

10

9.471

8.983

8.530

8.111

7.722

7.360

7.024

6.710

6.418

6.145

5.650

5.216

5.019

4.833 4.494

4.192

3.571

3.092

2.414 1.965

11

10.37

9.787

9.253

8.760

8.306

7.887

7.499

7.139

6.805

6.495

5.938

5.453

5.234

5.029 4.656

4.327

3.656

3.147

2.438 1.977

12

11.26

10.58

9.954

9.385

8.863

8.384

7.943

7.536

7.161

6.814

6.194

5.660

5.421

5.197 4.793

4.439

3.725

3.190

2.456 1.985

13

12.13

11.35

10.63

9.986

9.394

8.853

8.358

7.904

7.487

7.103

6.424

5.842

5.583

5.342 4.910

4.533

3.780

3.223

2.469 1.990

14

13.00

12.11

11.30

10.56

9.899

9.295

8.745

8.244

7.786

7.367

6.628

6.002

5.724

5.468 5.008

4.611

3.824

3.249

2.478 1.993

15

13.87

12.85

11.94

11.12

10.38

9.712

9.108

8.559

8.061

7.606

6.811

6.142

5.847

5.575 5.092

4.675

3.859

3.268

2.484 1.995

16

14.72

13.58

12.56

11.65

10.84

10.11

9.447

8.851

8.313

7.824

6.974

6.265

5.954

5.668 5.162

4.730

3.887

3.283

2.489 1.997

17

15.56

14.29

13.17

12.17

11.27

10.48

9.763

9.122

8.544

8.022

7.120

6.373

6.047

5.749 5.222

4.775

3.910

3.295

2.492 1.998

18

16.40

14.99

13.75

12.66

11.69

10.83

10.06

9.372

8.756

8.201

7.250

6.467

6.128

5.818 5.273

4.812

3.928

3.304

2.494 1.999

19

17.23

15.68

14.32

13.13

12.09

11.16

10.34

9.604

8.950

8.365

7.366

6.550

6.198

5.877 5.316

4.843

3.942

3.311

2.496 1.999

20

18.05

16.35

14.88

13.59

12.46

11.47

10.59

9.818

9.129

8.514

7.469

6.623

6.259

5.929 5.353

4.870

3.954

3.316

2.497 1.999

25

22.02

19.52

17.41

15.62

14.09

12.78

11.65

10.67

9.823

9.077

7.843

6.873

6.464

6.097 5.467

4.948

3.985

3.329

2.499 2.000

30

25.81

22.40

19.60

17.29

15.37

13.76

12.41

11.26

10.27

9.427

8.055

7.003

6.566

6.177 5.517

4.979

3.995

3.332

2.500 2.000

40

32.83

27.36

23.11

19.79

17.16

15.05

13.33

11.92

10.76

9.779

8.244

7.105

6.642

6.233 5.548

4.997

3.999

3.333

2.500 2.000

50

39.20

31.42

25.73

21.48

18.26

15.76

13.80

12.23

10.96

9.915

8.304

7.133

6.661

6.246 5.554

4.999

4.000

3.333

2.500 2.000

60

44.96

34.76

27.68

22.62

18.93

16.16

14.04

12.38

11.05

9.967

8.324

7.140

6.665

6.249 5.555

5.000

4.000

3.333

2.500 2.000

11

Future Value of 1 at end of n Periods

6%

7%

8%

9%

10%

12%

14%

15%

16%

18%

20%

25%

30%

40%

50%

1.010

1.020

1.030

1.040

1.050

1.060

1.070 1.080

1.090

1.100

1.120 1.140

1.150 1.160

1.180 1.200

1.250

1.300 1.400

1.500

1.020

1.040

1.061

1.082

1.103

1.124

1.145 1.166

1.188

1.210

1.254 1.300

1.323

1.346

1.392 1.440

1.563

1.690 1.960

2.250

1.030

1.061

1.093

1.125

1.158

1.191

1.225 1.260

1.295

1.331

1.405 1.482

1.521

1.561

1.643 1.728

1.953

2.197 2.744

3.375

1.041

1.082

1.126

1.170

1.216

1.262

1.311 1.360

1.412

1.464

1.574 1.689

1.749

1.811

1.939

2.074 2.441

2.856 3.842

5.063

1.051

1.104

1.159

1.217

1.276

1.338

1.403 1.469

1.539

1.611

1.762 1.925

2.011

2.100

2.288 2.488

3.052

3.713 5.378

7.594

1.062

1.126

1.194

1.265

1.340

1.419

1.501 1.587

1.677

1.772

1.974

2.195

2.313

2.436

2.700

2.986

3.815

4.827 7.530

11.39

1.072

1.149

1.230

1.316

1.407

1.504

1.606 1.714

1.828

1.949

2.211 2.502

2.660

2.826

3.185 3.583

4.768

6.275 10.54

17.09

1.083

1.172

1.267

1.369

1.477

1.594

1.718 1.851

1.993

2.144

2.476

3.059 3.278

3.759

4.300

5.960

8.157 14.76

25.63

1.094

1.195

1.305

1.423

1.551

1.689

1.838 1.999

2.172

2.358

2.773 3.252

3.518

3.803

4.435 5.160

7.451

10.60 20.66

38.44

10

1.105

1.219

1.344

1.480

1.629

1.791

1.967 2.159

2.367

2.594

3.106 3.707

4.046

4.411

5.234 6.192

9.313

13.79 28.93

57.67

11

1.116

1.243

1.384

1.539

1.710

1.898

2.105 2.332

2.580

2.853

3.479 4.226

4.652

5.117

6.176 7.430

11.64

17.92 40.50

86.50

12

1.127

1.268

1.426

1.601

1.796

2.012

2.252 2.518

2.813

3.138

3.896 4.818

5.350

5.936

7.288 8.916

14.55

23.30 56.69

129.7

13

1.138

1.294

1.469

1.665

1.886

2.133

2.410 2.720

3.066

3.452

4.363 5.492

6.153

6.886

8.599

10.70

18.19

30.29 79.37

194.2

14

1.149

1.319

1.513

1.732

1.980

2.261

2.579 2.937

3.342

3.797

4.887 6.261

7.076

7.988

10.15 12.84

22.74

39.37 111.1

291.9

15

1.161

1.346

1.558

1.801

2.079

2.397

2.759 3.172

3.642

4.177

5.474

8.137 9.266

11.97

15.41

28.42

51.19 155.6

437.9

16

1.173

1.373

1.605

1.873

2.183

2.540

2.952 3.426

3.970

4.595

6.130 8.137

9.358

10.75

14.13 18.49

35.53

66.54 217.8

656.8

17

1.184

1.400

1.653

1.948

2.292

2.693

3.159 3.700

4.328

5.054

6.866 9.276

10.76 12.47

16.67 22.19

44.41

86.50 304.9

985.3

18

1.196

1.428

1.702

2.026

2.407

2.854

3.380 3.996

4.717

5.560

7.690 10.58

12.38

14.46

19.67 26.62

55.51

112.5 426.9

1478

19

1.208

1.457

1.754

2.107

2.527

3.026

3.617 4.316

5.142

6.116

8.613 12.06

14.23

16.78

23.21 31.95

69.39

146.2 597.6

2217

20

1.220

1.486

1.806

2.191

2.653

3.207

3.870 4.661

5.604

6.727

9.646 13.74

16.37

19.46

27.39 38.34

86.74

190.0 836.7

3325

25

1.282

1.641

2.094

2.666

3.386

4.292

5.427 6.848

8.623

10.83

17.00 26.46

32.92

40.87

62.67 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

29.96

50.95

66.21

85.85

143.4

807.8

2620

24201

40

1.489

2.208

3.262

4.801

7.040

10.29

14.97 21.72

31.41

45.26

93.05 188.9

267.9

378.7

750.4 1470

7523

36119

50

1.645

2.692

4.384

7.107

11.47

18.42

29.46 46.90

74.36

117.4

289.0

1084

1671

70065

60

1.817

3.281

5.892

10.52

18.68

32.99

57.95 101.3

176.0

304.5

897.6 2596

4384

7370

30%

40%

2.853

7.138

700.2

3927

237.4

9100

20555 56348

4500 25251

Sum of an Annuity of 1 per Period for n Periods

3%

4%

5%

6%

9%

10%

15%

16%

18%

1.000

1%

1.000

2%

1.000

1.000

1.000

1.000

1.000 1.000

7%

8%

1.000

1.000

1.000 1.000

12%

14%

1.000

1.000

1.000

1.000

1.000

1.000 1.000

1.000

2.010

2.020

2.030

2.040

2.050

2.060

2.070 2.080

2.090

2.100

2.120 2.140

2.150

2.160

2.180 2.200

2.250

2.300 2.400

2.500

3.030

3.060

3.091

3.122

3.153

3.184

3.215 3.246

3.278

3.310

3.374

3.473 3.506

3.572

3.640

3.813

3.990 4.360

4.750

4.060

4.122

4.184

4.246

4.310

4.375

4.440 4.506

4.573

4.641

4.779 4.921

4.993

5.066

5.215 5.368

5.766

6.187 7.104

8.125

5.101

5.204

5.309

5.416

5.526

5.637

5.751 5.867

5.985

6.105

6.353 6.610

6.742

6.877

7.154 7.442

8.207

9.043 10.95

13.19

6.152

6.308

6.468

6.633

6.802

6.975

7.153 7.336

7.523

7.716

8.115 8.536

8.754

8.977

9.442 9.930

11.26

12.76 16.32

20.78

7.214

7.434

7.662

7.898

8.142

8.394

8.654 8.923

9.200

9.487

10.09 10.73

11.07

11.41

12.14 12.92

15.07

17.58 23.85

32.17

8.286

8.583

8.892

9.214

9.549

9.897

10.26 10.64

11.03

11.44

12.30 13.23

13.73

14.24

15.33

16.50 19.84

23.86 34.39

49.26

9.369

9.755

10.16

10.58

11.03

11.49

11.98 12.49

13.02

13.58

14.78 16.09

16.79

17.52

19.09 20.80

25.80

32.01 49.15

74.89

10

10.46

10.95

11.46

12.01

12.58

13.18

13.82 14.49

15.19

15.94

17.55

19.34

20.30

21.32

23.52

25.96

33.25

42.62 69.81

113.3

11

11.57

12.17

12.81

13.49

14.21

14.97

15.78 16.65

17.56

18.53

20.65 23.04

24.35

25.73

28.76 32.15

42.57

56.41 98.74

171.0

12

12.68

13.41

14.19

15.03

15.92

16.87

17.89 18.98

20.14

21.38

24.13 27.27

29.00 30.85

34.93 39.58

54.21

74.33 139.2

257.5

13

13.81

14.68

15.62

16.63

17.71

18.88

20.14 21.50

22.95

24.52

28.03 32.09

34.35

36.79

42.22 48.50

68.76

97.63 195.9

387.2

14

14.95

15.97

17.09

18.29

19.60

21.02

22.55 24.21

26.02

27.97

32.39 37.58

40.50

43.67

50.82 59.20

86.95

127.9 275.3

581.9

15

16.10

17.29

18.60

20.02

21.58

23.28

25.13 27.15

29.36

31.77

37.28 43.84

47.58

51.66

60.97 72.04

109.7

167.3 386.4

873.8

16

17.26

18.64

20.16

21.82

23.66

25.67

27.89 30.32

33.00

35.95

42.75 50.98

55.72

60.93

72.94 87.44

138.1

218.5 542.0

1312

17

18.43

20.01

21.76

23.70

25.84

28.21

30.84 33.75

36.97

40.54

48.88 59.12

65.08

71.67

87.07

105.9

173.6

285.0 759.8

1969

18

19.61

21.41

23.41

25.65

28.13

30.91

34.00 37.45

41.30

45.60

55.75 68.39

75.84

84.14

103.7 128.1

218.0

371.5

1065

2954

19

20.81

22.84

25.12

27.67

30.54

33.76

37.38 41.45

46.02

51.16

63.44

88.21 98.60

123.4

154.7

273.6

484.0

1492

4432

20

22.02

24.30

26.87

29.78

33.07

36.79

41.00 45.76

51.16

57.27

72.05 91.02

102.4

115.4

146.6 186.7

342.9

630.2

2089

6649

25

28.24

32.03

36.46

41.65

47.73

54.86

63.25 73.11

84.70

98.35

133.3 181.9

212.8 249.2

342.6 472.0

1055

2349

11247

50500

30

34.78

40.57

47.58

56.08

66.44

79.06

94.46 113.3

136.3

164.5

241.3 356.8

434.7

530.3

790.9 1182

40

48.89

60.40

75.40

95.03

120.8

154.8

199.6 259.1

337.9

442.6

767.1 1342

1779

2361

4163

7344

50

64.46

84.58

112.8

152.7

209.3

290.3

406.5 573.8

815.1

1164

2400

4995

7218

10436

21813

45497

60

81.67

114.1

163.1

238.0

353.6

533.1

813.5 1253

1945

3035

7472

18535

29220

46058

3.440

78.97

20%

25%

50%

3227

8730

60501

30089