Financial Management

Master in Industrial Engineering and Management

1
The Time Value of Money

2
Course Program (III)
Part III – The Time Value of Money

1. What is the time value of money

2. Future value vs. present value

3. Interest rates

4. Capitalization

5. Annuities
What is the Time Value of Money

The aim of Financial Management is Value Creation in a sustained and ethical way,
maximizing wealth:
• The investments are intended to create value
• Typically, an investment demands a cash outflow in the present, to obtain
funds in the future, in only one or more moments

4
What is the Time Value of Money
• The comparison of these funds (cash flows) is not straightforward:

5
What is the Time Value of Money
• The comparison of these funds (cash flows) is not straightforward:
▫ Time value of money
• Productivity of economic goods ⇒ using capital goods in production of
other goods and services, postponing current consumption while
enabling more wealth in the future.
• Time preference for consumption (money) ⇒ compensation for the
postponing of consumptions/usage of goods
▫ Risk (uncertainty reduces the value of money)
▫ Inflation (money loses purchasing power – devaluation of money
comparatively to other goods)

6
What is the Time Value of Money

• The choice between spending today and spending tomorrow

o A Euro can be spent now, or invested to earn interest
o A Euro invested and earning interest increases wealth and the ability to
consumer later
o The rate of interest determines the trade-off between consumption today and
investing for the future

• The time value of money (TVM) is the difference between a euro in hand today
and a euro promised in the future
o A Euro today is worth more than a Euro in the future because we can earn
interest on today’s euro.

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Future value vs present value
• Future Value (FV) measures the value of an investment after it earns interest for
one or more periods.
• Present Value (PV) measures the current value of future cash flows discounted at
the appropriate interest rate.
• Compounding is the process of increasing cash flows to a future value.

• Discounting is the process of reducing future cash flows to a present value.

8
Interest Rates
The Interest Rate: Converting Cash Across Time
• By depositing money, we convert money today into money in the future
• By borrowing money, we exchange money in the future for money today

• Interest Rate (i) : The rate at which money can be borrowed or lent over a given
period.
• Interest Rate Factor (1 + i)n: It is the rate of exchange between money today and
money in the future.
FV1 = P0  (1 + i )
= $100  (1 + 0.10 )
= $100 1.10
= $110
9
Capitalization
Process that converts Principal/Present Value into Capital + Interest:
• Time is a continuous variable, so the capitalization process is
continuous
• However, it was agreed that for most of the financial operations, the interest
yielding would be in discrete periods of time (year, month, quarter, …)

• Capitalization Period: period in which the interest is due (time between t-1 and t)
• Capitalization Frequency: number of times in which (annually) the interest is
computed
• Maturity: period of time between the beginning of the deal (cession of funds)
and its end (recover).

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Capitalization
Example:

Bank loan for 2 years, interest paid every quarter and amortization annually:

• Capitalization Period: 3 months

• Capitalization Frequency: 4
• Maturity: 2 years

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Capitalization
Systems of Capitalization:

• Simple Interest System – interest is out of the process it does not capitalize, does
not produces interest in the next period. Capital and interest are constant.
• Compound Interest System – Interest is accrued to capital, creating a new initial
capital, which includes the interest of the previous period and yielding more
"interest of interest“ (capital and interests are increasing).
• Mixed System – partial incorporation of interest

Unless otherwise stated we assume a compound system of capitalization (interest

is accrued to capital) and a discrete capitalization system (year, month, quarter, …).

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Capitalization
Simple Interest System – interest is out of the process (does not capitalize, does not
produces interest in the next period. Capital and interest are constant).

0 1 2 3 … n

…
P0 P0 P0 P0 P0

P0.i P0.i P0.i P0.i P0.i

Outflow Outflow Outflow Outflow Outflow

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Capitalization
Compound Interest System – Interest is accrued to capital, creating a new initial
capital, which includes the interest of the previous period and yielding more
"interest of interest“ (capital and interests are increasing).

0 1 2 3 … n

…
P0 P0(1+i) P0(1+i)2 P0(1+i)3 P0(1+i)n Future Value (FV)

P0.i P0(1+i)i P0(1+i)2i P0.(1+i)n-1i

Outflow
Itotal compounded = P0(1+i)n − 𝑃0 = P0[(1+i)n−1]
In = P0(1+i)n−1 . 𝑖

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Future Value Equation
The general equation to find a future value

FVn = PV  (1 + i )
n

Where:
o FVn = future value of investment at end of period n
o PV = original principle (P0), or present value
o i = the rate of interest per period
o n = the number of periods; for example, a year, month, or day
o (1+i)n = the future value factor

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Future Value Example
You deposit $100 in a savings account earning 10% compounded
annually for five years. How much is in the account at the end of that
time?

FVn = PV  (1 + i )
n

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Future Value Example
You deposit $100 in a savings account earning 10% compounded
annually for five years. How much is in the account at the end of that
time?

FVn = PV  (1 + i )
n

= $100  (1 + 0.10 )
5
FV5
= $100  (1.10 )
5

= $100  1.6105
= $161.05

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The Power of Compounding

If you invest a sum of money

at 10 per cent for five years,
you will multiply your wealth
by 1.6 times (as seen in the
previous example). And if you
invest for 50 years?

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The Power of Compounding

If you invest a sum of money at 10 per

cent for five years, you will multiply
your wealth by 1.6 times (as seen in the
previous example). And if you invest for
50 years?

𝐹𝑉5 = $161.05

𝐹𝑉50 = $100 x 1 + 0.1 50

= $11.739,09

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Future Value Example

Future Value of $1 for Different Periods and Interest

Rates
The higher the interest rate, the faster the value of
an investment will grow, and the larger the amount
of money that will accumulate over time. Because of
compounding, the growth over time is not linear but
exponential—the dollar increase in the future value
is greater in each subsequent period.

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The Power of Compounding

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Compounding more than once a year
• Compounding more than once a year
o The more frequently interest is compounded, the larger the
future value of $1 at the end of a given time period
o If compounding occurs m times within a period, the future
value equation becomes

FVn = PV  (1 + i / m )
m n

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Compounding more than once a year
• Our previous example:

Annual compounding Semi-annual compounding

𝐹𝑉5 = $100 x 1 + 0.1/2 5x2

𝐹𝑉5 = $161.05
= $162.89

𝐹𝑉50 = $100 x 1 + 0.1 50 𝐹𝑉50 = $100 x 1 + 0.1/2 50x2

= $11.739,09 = $13.150,13

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Continuous Compounding

• When compounding occurs on a continuous basis, the future

value equation becomes
in
FV = PV  e , where e  2.71828

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Continuous Compounding

• When compounding occurs on a continuous basis, the

future value equation becomes
in
FV = PV  e , where e  2.71828

Annual Semi-annual Continuous

compounding compounding compounding
0 .1 ∗ 5
𝐹𝑉5 = $161.05 𝐹𝑉5 = $100 x 1 + 0.1/2 5x2 𝐹𝑉5 = $100 x 𝑒
= $162.89 = $164.87
0 .1 ∗ 50
𝐹𝑉50 = $100 x 1 + 0.1 50
𝐹𝑉50 = $100 x 1 + 0.1/2 50x2 𝐹𝑉50 = $100 x𝑒
= $11739,09 = $13150,13 = $14841,27

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Valuing a stream of Cash Flows

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 Using Excel for TVM calculations - FV
The formula for calculating FV in excel is: FV(rate,nper,pmt,[pv],[type])

This function uses the following arguments:

• Rate (required argument) – This is the interest rate for each period.
• Nper (required argument) – The total number of payment periods.
• Pmt (optional argument) – This specifies the payment per period. Negative if it is a cash
outflow. If we omit this argument, we need to provide the PV argument.
• PV (optional argument) – This specifies the present value (PV) of the investment/loan.
Negative if it is a cash outflow. The PV argument, if omitted, defaults to zero. If we omit the
argument, we need to provide the Pmt argument.
• Type (optional argument) – indicates when payments are due. If you omit the type
argument, or enter 0, it indicates that payments are due at the end of each period, which is
typical. If you enter 1, it indicates that payments are due at the beginning of each period.
27
Exercise 1 - FV
Suppose we lend $5,000 at 15% for 10 years. How much
money will we have at the end of that time?

FVn = PV  (1 + i )
n

FV(rate,nper,pmt,[pv],[type])

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Exercise 1 - FV
Suppose we lend $5,000 at 15% for 10 years. How much
money will we have at the end of that time?

FVn = PV  (1 + i )
n

𝐹𝑉10 = 1000 𝑥 1 + 0,15 10

= 1000 𝑥 4,04555
= 20227,79

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Present Value
A present value calculation takes end of period cash flows and reverses the
effect of compounding to determine the equivalent beginning of period cash
flows
➢This is discounting and the interest rate, i, is called the discount rate
➢Present value (PV) is often referred to as the discounted value of future cash
flows
Time and the discount rate affect present value
➢The greater the amount of time before a cash flow is to occur, the smaller
the present value of the cash flow
➢The higher the discount rate, the smaller the present value of a future cash
flow
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Present Value
Present Value Equation

FVn
PV =
(1 + i )
n

(1 + i )
n
Is called the present value factor or discount factor.

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Comparing FV and PV

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Using Excel for TVM calculations - PV

The formula for calculating PV in excel is: PV(rate, nper, pmt, [fv], [type])

•RATE = Interest rate per period

•NPER = Number of payment periods
•PMT = Amount paid each period (if omitted—it’s assumed to be 0 and FV must be
included)
•[FV] = Future value of the investment (if omitted—it’s assumed to be 0 and PMT must
be included)
•[TYPE] = indicates when payments are due. If you omit the type argument, or enter 0, it
indicates that payments are due at the end of each period, which is typical. If you enter
1, it indicates that payments are due at the beginning of each period.

33
Exercise 2 - PV
You intend to buy a new Tesla Roadster five years from now and
estimate the car will cost $200.000. If your local bank pays 5%
interest on savings, how much money will you need to deposit now
in order to buy the car as planned?

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Exercise 2 - PV
You intend to buy a new Tesla Roadster five years from now and
estimate the car will cost $200.000. If your local bank pays 5%
interest on savings, how much money will you need to deposit now
in order to buy the car as planned?
FVn
PV =
(1 + i )
n

200.000
P𝑉5 = =
1+0,05 5
200.000
= 156.705,23
1,2762815
35
Valuing a stream of Cash Flows - FV
Suppose we plan to save $1,000 today, and $1,000 at the end of
each of the next two years
If we earn a fixed 10% interest rate on our savings, how much will
we have three years from today?

36
Valuing a stream of Cash Flows - FV
Suppose we plan to save $1,000 today, and $1,000 at the end of
each of the next two years
If we earn a fixed 10% interest rate on our savings, how much will
we have three years from today?

37
Valuing a stream of Cash Flows - FV

n
FV = S [Ct . (1+i)n-t]
t=0

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Valuing a stream of Cash Flows - FV
n

FV = S [Ct . (1+i)n-t]
t=0

𝐹𝑉0 = 1000. (1 + 0,1)3

𝐹𝑉1 = 1000. (1 + 0,1)2
𝐹𝑉2 = 1000. (1 + 0,1)1

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Valuing a stream of Cash Flows - PV

n
Ct
PV = S [ t]
t=0 (1+i)

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Exercise 3 - PV
• You have just graduated and need money to pay the deposit on an
apartment.
• Your aunt will lend you the money so long as you agree to pay her back
within six years.
• You offer to pay her the rate of interest that she would otherwise get by
putting her money in a savings account.
• Based on your earnings and living expenses, you think you will be able to
pay her $70 next year, $85 in each of the next two years, and then $90
each year for years 4 through 6.
• If your aunt would otherwise earn 0.5% per year on her savings, how
much can you borrow from her?
41
Exercise 3 - PV
• Expected Cash Flows

70 85 85 90 90 90
PV = + + + + +
1.005 1.005 2 1.0053 1.005 4 1.005 5 1.005 6
= $69.65 + $84.16 + $83.74 + $88.22 + $87.78 + $87.35
= $500.90

42
Exercise 3 - PV
• Now verify how much your aunt would have in the bank, six years from
now, if she deposited the $500.90.

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Exercise 3 - PV
• Now verify how much your aunt would have in the bank, six years from
now, if she deposited the $500.90.

FV = $500.90  (1.005 ) = $516.11 in 6 months

6

44
Annuities
Annuity: An annuity is a stream consisting of a fixed number of equal
cash flows paid at regular interval
Annuity in arrears refers to the payment of an equal amount of
money that is made at the end of a regular term.
oE.g. Mortgages
oUsually it is the default situation

Annuity in advance, or annuity due, is a series of payments that are due

at the beginning of each successive time period.
o E.g. Rents

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Annuities FV and PV
Annuity in arrears Annuity in advance/due

1+𝑖 −1𝑛 1+𝑖 𝑛 −1

𝐹𝑉𝑛 = 𝑅. 𝐹𝑉𝑛 = 𝑅. . (1 + 𝑖)
𝑖 𝑖
_𝑛 _𝑛
1− 1+𝑖 1− 1+𝑖
𝑃𝑉𝑛 = 𝑅. 𝑃𝑉𝑛 = 𝑅. . (1 + 𝑖)
𝑖 𝑖

46
Nominal vs Effective Interest Rates
Nominal interest rate: is the stated interest rate of a bond or loan, i.e the
actual monetary price borrowers pay lenders to use their money.

Effective interest rate: takes into account the concept of compounding.

E.g. Your credit card has a nominal rate of 18%

𝑟 18%
Your monthly effective rate is: rm = = = 1,5%
12 12

Your annual effective rate is: r = 1 + 𝑟𝑚 12 − 1 = 1 + 1,5% 12 − 1 = 19,6%

47
Exercise 4 - Annuities
Ellen is 35 years old and she has decided it is time to plan seriously for
her retirement. At the end of each year until she is 65, she will save
$10,000 per year in a retirement account. If the account earns 10% per
year, how much will Ellen have in her account at age 65?

48
Exercise 4 - Annuities
Ellen is 35 years old and she has decided it is time to plan seriously for
her retirement. At the end of each year until she is 65, she will save
$10,000 in a retirement account. If the account earns 10% per year,
how much will Ellen have in her account at age 65?

1+𝑖 −1 𝑛 1 + 0,10 30 − 1
𝐹𝑉𝑛 = 𝑅. 𝐹𝑉30 = 10000.
𝑖 0,10
= 1.644.940,23

49
Exercise 4 – Annuities
Ellen is 35 years old and she has decided it is time to plan seriously for
her retirement. At the end of each year until she is 65, she will save
$10,000 in a retirement account. If the account earns 10% per year,
how much will Ellen have in her account at age 65?

1 + 0,10 30 − 1
𝐹𝑉30 = 10000.
0,10
= 1.644.940,23

50
Exercise 5 - Valuing a stream of Cash Flows

Suppose we plan to save $1.000 today, and $1.000 each year, for the
next two years. If we earn a fixed 10% interest rate on our savings, how
much will we have three years from today?

51
Exercise 5 – Valuing a stream of Cash Flows

Suppose we plan to save $1,000 today, and $1,000 each year, for the
next two years. If we earn a fixed 10% interest rate on our savings, how
much will we have three years from today?

52
Exercise 6 – Valuing a stream of Cash Flows

Suppose we plan to save $2.000 today, and $1.000 each year, for the
next two years. If we earn a fixed 10% interest rate on our savings, how
much will we have three years from today?

53
Exercise 6 – Valuing a stream of Cash Flows

Suppose we plan to save $2,000 today, and $1,000 each year, for the
next two years. If we earn a fixed 10% interest rate on our savings, how
much will we have three years from today?

54
Exercise 7 – Valuing a stream of Cash Flows

Suppose you plan to invest $20,000 in an account paying 8% interest.

You will invest an additional $1000 at the end of each year for 15
years. How much will you have in the account in 15 years?

55
Exercise 7 – Valuing a stream of Cash Flows

Suppose you plan to invest $20.000, at the end of the year, in an

account paying 8% interest. You will invest an additional $1000 at the
end of each year for 15 years. How much will you have in the account
in 15 years?

56
Annuities - Debt Service Map
When requesting a loan and using the effective interest rate for the
installment period, it is possible to build an overview map with all the
relevant information to follow the execution of the loan: the debt service
map
Generally, the map is constructed from one of two possibilities:
•1st - the installment (capital amortization + interest) is constant
throughout the duration of the loan;
•2nd - the amount of capital amortization is constant throughout the
duration of the loan.

57
Annuities – Constant Installment
1st - the installment (capital amortization + interest) is constant
throughout the duration of the loan;
• In the first situation, the amount of the instalment is always the same, the
principal amortization component is increasing and the interest component
is decreasing. This happens because the principal is larger at the beginning,
implying the payment of a higher amount of interest, while as the debt
decreases, the amount of interest is lower and the principal repayment
component of each installment increases.
𝑃𝑉𝑛 Where,
𝑅= _𝑛 PV is the capital outstanding
1− 1+𝑖 i is the effective interest rate for the
𝑖 period
58
Exercise 8 – Debt Service Map
Consider the following mortgage loan:
• Capital: 50.000,00
• Nominal Interest Rate: 6%
• Semi-annual compounding and pay back
• Maturity: 5 years

Build the Debt service map for this loan with constant installments.

59
Exercise 8 – Debt Service Map
1st – Calculate the effective interest rate for the period (semester)
6%
Is=
2

2nd – Calculate the fixed installment

𝑃𝑉 50.000
𝑅= _𝑛 = _10 = 5861,53
1− 1+𝑖 1 − 1 + 0,03
𝑖 0,03

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Annuities – In Excel: PMT
PMT(rate, nper, pv, [fv], [type])

Rate: The interest rate for the loan.

Nper: The total number of payments for the loan.
Pv: The present value, or the total amount that a series of future payments is
worth now; also known as the principal.
Fv: The future value, or a cash balance you want to attain after the last
payment is made. If fv is omitted, it is assumed to be 0 (zero), that is, the future
value of a loan is 0.
Type: The number 0 (zero) or 1 and indicates when payments are due.

61
Annuities – In Excel: PMT
PMT(rate, nper, pv, [fv], [type])

62
Exercise 8 – Debt Service Map
Debt Plan
Capital Outstanding Capital Outstanding
Period Beginning of Period Annuity Principal Interest End of Period
0
1 €50 000,00 €5 861,53 €4 361,53 €1 500,00 45638,47
2 €45 638,47 €5 861,53 €4 492,37 €1 369,15 41146,10
3 €41 146,10 €5 861,53 €4 627,14 €1 234,38 36518,96
4 €36 518,96 €5 861,53 €4 765,96 €1 095,57 31753,00
5 €31 753,00 €5 861,53 €4 908,94 €952,59 26844,07
6 €26 844,07 €5 861,53 €5 056,20 €805,32 21787,87
7 €21 787,87 €5 861,53 €5 207,89 €653,64 16579,98
8 €16 579,98 €5 861,53 €5 364,13 €497,40 11215,85
9 €11 215,85 €5 861,53 €5 525,05 €336,48 5690,80
10 €5 690,80 €5 861,53 €5 690,80 €170,72 0,00
63
Exercise 9 – Debt Service Map
Consider the following mortgage loan:
• Capital: 50.000,00
• Nominal Interest Rate: 6%
• Semi-annual compounding and pay back
• Maturity: 5 years (including grace period)
• Grace period of one period/semester
Build the Debt service map for this loan with constant installments.

64
Exercise 9 – Debt Service Map
1st – Calculate the effective interest rate for the period (semester)
6%
Is=
2
2nd – Calculate the capital outstanding after the grace period
FV1= 50.000,00 . (1+0,03)1= 51.500,00

51.500
3rd – Calculate the fixed installment 𝑅= _9 = 6614,34
1 − 1 + 0,03
0,03

65
Exercise 9 – Debt Service Map
Debt Plan
Capital Outstanding Capital Outstanding
Period Beginning of Period Annuity Principal Interest End of Period
0
1 €50 000,00 €0,00 €0,00 €1 500,00 51500
2 €51 500,00 €6 614,34 €5 069,34 €1 545,00 46430,66
3 €46 430,66 €6 614,34 €5 221,42 €1 392,92 41209,23
4 €41 209,23 €6 614,34 €5 378,07 €1 236,28 35831,17
5 €35 831,17 €6 614,34 €5 539,41 €1 074,93 30291,76
6 €30 291,76 €6 614,34 €5 705,59 €908,75 24586,17
7 €24 586,17 €6 614,34 €5 876,76 €737,58 18709,41
8 €18 709,41 €6 614,34 €6 053,06 €561,28 12656,35
9 €12 656,35 €6 614,34 €6 234,65 €379,69 6421,69
10 €6 421,69 €6 614,34 €6 421,69 €192,65 0,00
66
Exercise 10 - Leasing
Consider the following auto loan/leasing:
• Capital: 15.000,00
• Residual Value: 5.000,00
• Nominal Interest Rate: 12%
• Monthly compounding and pay back
• Maturity: 1 year

Build the Debt service map for this leasing with constant installments.

67
Exercise 10 - Leasing
1st – Calculate the effective interest rate for the period (12 times per year)

12%
𝑖𝑚 = = 1%
12

2nd – Calculate the fixed installment

_𝑛 _12
𝑃𝑉 − 𝐹𝑉 1 + 𝑖 15.000 − 5.000(1 + 0,01)
𝑅= _𝑛 = _12 = 938,49
1− 1+𝑖 1 − 1 + 0,01
𝑖 0,01
68
Annuities – In Excel: PMT
PMT(rate, nper, pv, [fv], [type])

69
Exercise 10 - Leasing
Debt Plan
Capital Outstanding Capital Outstanding End of
Period Beginning of Period Annuity Principal Interest Period
0
1 €15 000,00 €938,49 €788,49 €150,00 14211,51
2 €14 211,51 €938,49 €796,37 €142,12 13415,14
3 €13 415,14 €938,49 €804,34 €134,15 12610,80
4 €12 610,80 €938,49 €812,38 €126,11 11798,42
5 €11 798,42 €938,49 €820,50 €117,98 10977,92
6 €10 977,92 €938,49 €828,71 €109,78 10149,21
7 €10 149,21 €938,49 €837,00 €101,49 9312,21
8 €9 312,21 €938,49 €845,37 €93,12 8466,85
9 €8 466,85 €938,49 €853,82 €84,67 7613,03
10 €7 613,03 €938,49 €862,36 €76,13 6750,67
11 €6 750,67 €938,49 €870,98 €67,51 5879,69
12 €5 879,69 €938,49 €879,69 €58,80 5000,00

70
Annuities – Constant Principal
2nd - the amount of capital amortization (principal) is constant
throughout the duration of the loan.
• In the second situation, the principal component is always the same, and as
the debt decreases, the amount of interest that accrues in each successive
installment also decreases - as a consequence, the installments are
decreasing.

71
Exercise 11 – Constant Principal
Consider the following mortgage loan:
• Capital: 50.000,00
• Nominal Interest Rate: 6%
• Semi-annual compounding and pay back
• Maturity: 5 years

Build the Debt service map for this loan with constant principal.

72
Exercise 11 – Constant Principal
. Payment Plan with fixed principal
Capital Outstanding Capital Outstanding End
Period Beginning of Period Annuity Principal Interest of Period
0
1 €50 000,00 €6 500,00 €5 000,00 €1 500,00 45000,00
2 €45 000,00 €6 350,00 €5 000,00 €1 350,00 40000,00
3 €40 000,00 €6 200,00 €5 000,00 €1 200,00 35000,00
4 €35 000,00 €6 050,00 €5 000,00 €1 050,00 30000,00
5 €30 000,00 €5 900,00 €5 000,00 €900,00 25000,00
6 €25 000,00 €5 750,00 €5 000,00 €750,00 20000,00
7 €20 000,00 €5 600,00 €5 000,00 €600,00 15000,00
8 €15 000,00 €5 450,00 €5 000,00 €450,00 10000,00
9 €10 000,00 €5 300,00 €5 000,00 €300,00 5000,00
10 €5 000,00 €5 150,00 €5 000,00 €150,00 0,00

73
Perpetuities
A perpetuity is a stream of equal cash flows that occur at regular intervals
and last forever.
E.g. Perpetuities were used in war bonds

C C C
PV = + 2
+ 3
+......
(1+r) (1+r) (1+r)

𝐶
𝑃𝑉 = r, interest rate
𝑟 C, Cash Flow

74
Acknowledgements
The materials presented here were prepared by Professor Jorge Grenha Teixeira,
especially following the books “Fundamentals of Corporate Finance”, by Parrino,
R., Kidwell, D.S. and Bates, T. (2011), Prentice Hall, and “Fundamentals of
Corporate Finance”, by Berk, J. B., DeMarzo, P. M., Harford, J. V., Sarkar, S.,
Bhanot, K., & Stuart, D. (2009), Upper Saddle River, NJ: Pearson Prentice Hall,
with contributions from Maria Dulce Lopes, Lia Patrício, Sofia Cruz Gomes and
myself

I am grateful to all involved and any error or omission is of my exclusive

responsibility