Answer ALL the questions below.
Question 2
The directors of Dell Limited have appointed you as their financial consultant. They are considering new investment projects and need you to calculate the cost of capital for the company.
The present capital structure is as follows:
Two million ordinary shares with a par value of 75 cents per share. These shares are currently trading at R4.50 per share and the latest dividend paid is 30 cents. An average dividend growth of 13% is maintained.
One and a half million 14% R3.00 preference shares, with a market value of R5.00 per share.
R2 000 000 non-distributable reserves
R800 000 8% debentures due in 6 years time and the current yield-to-maturity is 6%, and
R900 000 13% bank loan.
Additional information:
The company has a beta of 1.7, a risk-free rate of 5% and enjoys a premium of 8%
The company's tax rate is 30%
Question 2 Questions:
2.1 Calculate the weighted average cost of capital, using the Gordon Growth Model to calculate the cost of equity. (20 marks)
2.2 Calculate the adjusted weighted average cost of capital, using the Capital Asset Pricing Model as the Cost of equity. (5 marks)
QUESTION 3 (25 Marks)
P.L.U.S City urgently needs to upgrade its utility capacity. They require a new generator costing R120 000. The generator can be leased or owned and the terms are as follows:
Cost of leasing:
The lease would require annual end-of-year payments of R39 200 over the four years. Service and insurance costs of R10 000 per annum will be borne by the lessee. The P.L.U.S City will purchase the asset for R15 000 at the termination of the lease in four years.
Cost of owning:
The cost could be financed with XYZ Financers Limited. It would require a four-year 16% loan, with annual year-end payments of R42 890. P.L.U.S City will pay maintenance cost of R9 000 per annum. Depreciation charges are based on the straight-line method. At the end of the period the generator will be sold at its residual value of R20 000. Interest payments included in the year-end payments are R19 200; R15 410; R10 020; and R5 920 respectively.
Additional Information:
the company is in the 30% tax bracket
the after-tax cost of the debt is 11% Required:
Question 3 Questions:
3.1 Calculate the after-tax cash outflows and the net present value of the cash outflows under each alternative. (22 marks)
3.2 Which alternative would you recommend? Why? (3 marks)
QUESTION 4 (25 Marks)
Shafi Limited is an American based manufacturer of heavy duty equipment. The company is currently investigating two projects for expansion. It can only undertake one of them and has asked your advice in deciding which one to proceed with.
Project A:
Production at the existing factory could be expanded. The cost of the new plant for this option would be an initial outlay of $49 million. This would result in an additional $650 000 profit being earned in each of the 10 years that the project would last. The new plant to be fully depreciated over the 10 years, on a straight-line basis, in accordance with the company's accounting policy. The financial team has also determined that the new plant must bear its share of the existing overheads and that amounted to $200 000 per annum. These expenses were also included in the profit calculation. Consultant fees cost R500 000.
Project B:
Production could be increased by purchasing a new manufacturing facility in South Africa. The cost of the facility would be an initial outlay of Three Hundred million Rands. Annual sales for the 10-year period is expected to be Eighty million Rands annually, and fixed and variable cost of R23 million and R4 million respectively. The fixed cost includes depreciation of R20 million per annum. Consultants fees is expected to be R1.1 million.
Additional information:
The South African inflation is expected to exceed the American inflation by 2% throughout the life of the project.
Shafi Limited cost of capital is currently 12%.
The current spot exchange rate is R15.23/$.
Question 4 Questions:
4.1 Make all the necessary calculations for the two options. (22 marks)
4.2 Advise Shafi Limited if it is worth investing in neither, in one or in both of these projects (3 marks)
Appendix 1:
Appendix 2:
APPENDIX 1 Table 1: Present value of $1: PVFA (k,n) = (1 + K ) Number of 1% 2% 3% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 125% Periods 0.9901 0.9803 0.9706 0.9610 0.9515 0.9804 0.9612 0.9423 0.9238 0.9057 0.9709 0.9615 0.9426 0.9246 0.9151 0.8890 0.88850 .8548 0.8626 0.8219 0.9524 0.9070 0.8638 0.8227 0.7835 0.94340.9346 0.9259 0.8900 0.8734 0.8573 0.8396 0.8163 0.7938 0.7921 0.76290.7350 0.7473 0.7130 0.6806 0.9174 0.8417 0.7722 0.7084 0.6499 0.9091 0.8264 0.7513 0.6830 0.6209 0.90090.8929 0.8850 0.8116 0.7972 0.7831 0.7312 0.7118 0.6931 0.6587 0.63550.6133 0.5935 0.5674 0.5428 0.8772 0.8696 0.7695 0.7561 0.6750 0.6575 0.5921 0.5718 0.5194 0.4972 0.8621 0.7432 0.6407 0.5523 0.4761 0.8547 0.8475 0.8403 0.8333 0.7305 0.7182 0.7062 0.6944 0.6244 0.6086 0.59340.5787 0.53370.5158 0.49870 .4823 0.4561 0.4371 0.4190 0.4019 0.8000 0.6400 0.5120 0.4096 0.3277 6 8 0.9420 0.8880 0.8375 0.7903 0.9327 0.8706 0.8131 0.7599 0.9235 0.85350 .7894 0.7307 | 0.91430.8368 0.7664 0.7026 0.9053 0.82030.7441 0.6756 0.7462 0.7107 0.6768 0.6446 0.6139 0.7050 0.6663 0.6302 0.6651 0.62270.5835 0.6274 0.5820 0.5403 0.5919 0.5439 0.5002 0.55840.5083 0.4632 0.5963 0.5645 0.5346 0.5066 0.4803 0.4556 0.5470 0.5132 0.4817 0.45230.4251 0.3996 0.50190.4665 0.43390.40390 .3762 0.3506 0.4604 0.4241 0.39090.3606 0.3329 0.3075 0.4224 0.3855 0.35220.32200.29460.2697 0.4323 0.4104 0.37590.3538 0.3269 0.3050 0.2843 0.2630 0.2472 0.2267 0.3898 0.37040.3521 0.3349 0.3332 0.31390 .2959 0.2791 0.2848 0.26600 .24870.2326 0.2434 0.2255 0.2090 0.1938 0.2080 0.1911 0.1756 0.1615 0.2621 0.2097 0.1678 0.1342 0.1074 0.8963 0.8043 0.7224 0.6496 0.8874 0.7885 0.70140.6246 0.87870.7730 0.68100.6006 0.8700 0.75790.6611 0.5775 0.8613 0.7430 0.6419 0.5553 0.5847 0.5568 0.5303 0.5051 0.4810 0.5268 0.4970 0.4688 0.4423 0.4173 0.4751 0.4289 0.3875 0.3505 0.4440 0.3971 0.35550.3186 0.41500.3677 0.3262 0.2897 0.3878 0.3405 0.2992 0.2633 0.3624 0.3152 0.27450.2394 0.3173 0.2858 0.2575 0.2320 0.2090 0.2875 0.2607 0.25670.2307 0.2292 0.2042 0.2046 0.1807 0.1827 0.1599 0.2366 0.2076 0.1821 0.1597 0.1401 0.2149 0.1869 0.1625 0.1413 0.1229 0.1954 0.1685 0.1452 0.1252 0.1079 0.1778 0.1619 0.15200.1372 0.1299 0.1163 0.1110 0.0985 0.0949 0.0835 0.1476 0.1240 0.1042 0.0876 0.0736 0.1346 0.1122 0.0935 0.0779 0.0649 0.0859 0.0687 0.0550 0.0440 0.0352 14 16 17 0.8528 0.8444 0.8360 0.8277 .8195 0.7284 0.7142 0.7002 0.6864 0.6730 0.6232 0.5339 0.60500.5134 0.5874 0.4936 0.5703 0.4746 0.5537 0.4564 0.4581 0.4363 0.4155 0.3957 0.3769 0.3936 0.3714 0.3503 0.3305 0.3118 0.3387 0.3166 0.2959 0.2765 0.2584 0.2919 0.2519 0.2703 0.2311 0.2502 0.2120 0.23170.1945 0.2145 0.1784 0.2176 0.1978 0.1799 0.1635 0.1486 0.1883 0.1696 0.1528 0.1377 0.1240 0.1631 0.1415 0.1456 0.1252 0.13000.1108 0.1161 0.0981 0.1037 0.0868 0.1229 0.1078 0.0946 0.0829 0.0728 0.1069 0.0930 0.0811 0.0929 0.0802 0.0693 0.0808 0.0691 0.0592 0.0703 0.0596 0.0506 0.0611 0.0514 0.0433 0.0708 0.0600 0.0508 0.0431 0.0365 0.0618 0.0541 0.0281 0.05200.0451 0.0225 0.0437 0.0376 0.0180 0.0367 0.0313 0.0144 0.0308 0.0261 0.0115 0 lalalala 30 40 50 60 0.7798 0.6095 0.4776 0.3751 0.29530.2330 0.1842 0.1460 0.7419 0.5521 0.4120 0.3083 0.2314 0.1741 0.13140.0994 0.67170.45290.3066 0.2083 0.1420 0.0972 0.0668 0.0460 0.6080 0.3715 0.2281 0.1407 0.0872 0.0543 0.0339 0.0213 .5504 0.3048 0.1697 0.0951 0.0535 0.0303 0.0173 0.0099 0.1160 0.0754 0.0318 0.0134 0.0057 0.0923 0.0573 0.0221 0.0085 0.0033 0.0736 0.0437 0.0154 0.0054 0.0019 0.0588 0.0471 0.0334 0.0256 0.01070.0075 0.0035 0.0022 0.0011 0.0007 0.0378 0.0196 0.0053 0.0014 0.0004 0.0304 0.0151 0.0037 0.0009 0.0002 0.0245 0.0116 0.0026 0.0006 0.0001 0.0197 0.0090 0.0019 0.0004 0.0001 0.0160 0.0129 0.0070 | 0.0054 0.0013 0.0010 0.0003 0.0002 * * 0.0105 0.0038 0.0042 0.0012 0.0007 0.0001 0.0001 * 0 The factor is zero to four decimal places APPENDIX 2 1 - Table 1 : Present value of a regular annuity of Sl per period for n periods : PVFA (k,n) = dovela un spe period be a pariak: PVA 69 = lot (1 + K ) WE '- 1) ( 1+ ki Number of 1% 2% 3% 4% 15% 7% 8% 9% 10% 11% 12% 13% 14% 15% 15% 16% 17% 18% 19% 20% Periods 0.9901 1.9704 2.9410 3.9020 4.8534 0.9804 1.9416 2.8839 3.8077 4.7135 0.9709 1.9135 2.8286 3.7171 4.5797 0.9615 1.8861 2.7751 3.6299 4.4518 0.9524 1.8594 2.7232 3.5460 4.3295 0.9434 1.8334 2.6730 3.4651 4.2124 0.9346 1.8080 2.6243 3.3872 4.1002 0.9259 1.7833 2.5771 3.3121 3.9927 0.9174 1.7591 2.5313 3.2397 3.8897 0.90910.90090.8929 0.8850 0.8772 1.7355 1.7125 1.6901 | 1.6681 1.6467 2.4869 2.44372.4018 2.36122.3216 3.1699 3.1024 3.0373 2.9745 2.9137 3.7908 3.6959 3.6048 3.5172 3.4331 0.8696 1.6257 2.2832 2.8550 3.3522 0.8621 0.8547 0.8475 0.8403 1.6052 1.5852 1.5656 | 15465 2.2459 2.20962.1743 2.1399 2.7982 2.74322.6901 2.6386 3.27433.1993 3.1272 3.0576 0.8333 1.5278 2.1065 2.5887 2.9906 B001a 5.7955 6.7282 7.6517 8.5660 9.4713 5.60145.41725.24215.07574.9173 4.7665 6.4720 6.23036.0021 5.78645.5824 5.3893 7.3255 7.0197 6.7327 6.4632 6.2098 5.9713 8.1622 7.7861 7.4353 7.1078 6.80176.5152 8.9826 8.5302 8.1109 7.7217 7.3601 7.0236 4.62294.48594 .35534 .2305 4.1114 | 3.9975 3.8887 3.7845 3.68473 .5892 3.4976 3.4098 3.3255 5.2064 5.03304.86844.71224.56384.42264.2883 4.16044 .0386 3.9224 3.81153.7057 3.6046 5.74665.5348 5.33495.1461 4.96764.79884.6389 4.48734 .3436 4.20724.0776 3.9544 3.8372 6.2469 5.99525.7590 5.5370 5.3282 5.1317 4.9464 4.7716 4.6065 4.45064.30384.16334.0310 6.7101 6.4177 6.1446 5.88925.65025.42625.21615.0188 4.83324.6586 4.4941 4.3389 4.1925 11 12 13 14 15 10.3676 9.7868 9.2526 8.7605 8.3064 7.8869 7.4987 7.1390 11 2551 10.5753 9.9540 9.3851 8.8633 8.3838 7.9427 7.5361 12.1337 11.3484 10.6350 9.98569.3936 8.85278.3577 7.9038 13.0037 | 12.1062 11.2961 10.5631 9.89869.2950 8.74558.2442 13.8651 12.8493 11.9379 11.1184 10.37979.7122 9.1079 8.5595 6.80526.4951 6.20655.9377 5.6869 5.45275.2337 5.02864.8364 4.6560 4.48654.3271 7.1607 6.81376.49246.1944 5.91765.6603 5.4206 5.1971 4.98844.7932 4.61054.4392 7.4869 7.1034 6.7499 6.42356.1218 5.84245.5831 5.3423 5.11834.9095 4.7147 4.5327 7.78627.36676.98196.6282 6.30256.00215.72455.4675 5.22935.0081 4.80234.6106 8.06077.6061 7.19096.8109 6.4624 6.1422 5.8474 5.5755 5.3242 5.0916 4.8759 4.6755 16 17 18 14.7179 13.5777 | 12.5611 | 11.6523 10.8378 15.5623 | 14.291913.1661 12.1657 | 11.2741 16.3983 14.9920 13.7535 12.6593 11.6896 17.2260 15.6785 14.3238 13.1339 12.0853 1 8.0456 16.3514 14.8775 13.5903 12.4622 10.1059 10.4773 10.8276 11.1581 11.4699 9.4466 8.8514 9.76329.1216 10.0591 9.3719 10.3356 9.6036 10.5940 9.8181 8.31267.8237 7.3792 6.97406.6039 6.2651 5.9542 5.6685 5.40535.1624 4.9377 4.7296 8.54368.0216 7.5488 7.11966.7291 6.37296.04725.7487 5.4746 5.2223 4.9897 4.7746 8.75568.2014 7.7016 7.2497 6.8399 6.4674 6.12805.81785.5339 5.27325.03334.8122 8.9501 8.36497.83937.3658 6.9380 6.5504 6.1982 5.8775 5.58455.31625.0700 4.8435 9.1285 8.5136 7.96337.4694 7.02486.6231 6.25935.92885.6278 5.35275.10094.8696 20 40 50 60 22.0232 19.5235 17.4131 | 15.6221 25.8077 22.3965 19.6004172920 32.834727.3555 23.114819.7928 39.1961 31.4236 25.7298 21.4822 44.9550 34.7609 27.6756 22.6235 14.0939 12.7834 | 11.6536 15.372513.7648 12.4090 17.1591 15.0463 13 3317 18.2559 15.7619 13.8007 18.9293 16.1614 14.0392 10.6748 11.2578 11.9246 12.2335 12.3766 9.8226 9.07708.42177.8431 7.3300 10.27379.42698.6938 8.0552 7.4957 10.7574 9.77918.9511 8.2438 7.6344 10.9617 9.9148 9.0417 8.30457.6752 11.0480 9.96729.0736 8.3240 7.6873 6.8729 6.4641 6.09715.76625.4669 5.1951 4.9476 7.00276.5660 6.1772 5.8294 5.51685.2347 4.9789 7.1050 6.64186.2335 5.8713 5.5482 5.25824.9966 7.1327 6.66056.2463 5.8801 5.5541 5.2623 4.9995 7.1401 6.6651 6.2402 5.8819 5.5553 5.2630 4.9999 APPENDIX 1 Table 1: Present value of $1: PVFA (k,n) = (1 + K ) Number of 1% 2% 3% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 125% Periods 0.9901 0.9803 0.9706 0.9610 0.9515 0.9804 0.9612 0.9423 0.9238 0.9057 0.9709 0.9615 0.9426 0.9246 0.9151 0.8890 0.88850 .8548 0.8626 0.8219 0.9524 0.9070 0.8638 0.8227 0.7835 0.94340.9346 0.9259 0.8900 0.8734 0.8573 0.8396 0.8163 0.7938 0.7921 0.76290.7350 0.7473 0.7130 0.6806 0.9174 0.8417 0.7722 0.7084 0.6499 0.9091 0.8264 0.7513 0.6830 0.6209 0.90090.8929 0.8850 0.8116 0.7972 0.7831 0.7312 0.7118 0.6931 0.6587 0.63550.6133 0.5935 0.5674 0.5428 0.8772 0.8696 0.7695 0.7561 0.6750 0.6575 0.5921 0.5718 0.5194 0.4972 0.8621 0.7432 0.6407 0.5523 0.4761 0.8547 0.8475 0.8403 0.8333 0.7305 0.7182 0.7062 0.6944 0.6244 0.6086 0.59340.5787 0.53370.5158 0.49870 .4823 0.4561 0.4371 0.4190 0.4019 0.8000 0.6400 0.5120 0.4096 0.3277 6 8 0.9420 0.8880 0.8375 0.7903 0.9327 0.8706 0.8131 0.7599 0.9235 0.85350 .7894 0.7307 | 0.91430.8368 0.7664 0.7026 0.9053 0.82030.7441 0.6756 0.7462 0.7107 0.6768 0.6446 0.6139 0.7050 0.6663 0.6302 0.6651 0.62270.5835 0.6274 0.5820 0.5403 0.5919 0.5439 0.5002 0.55840.5083 0.4632 0.5963 0.5645 0.5346 0.5066 0.4803 0.4556 0.5470 0.5132 0.4817 0.45230.4251 0.3996 0.50190.4665 0.43390.40390 .3762 0.3506 0.4604 0.4241 0.39090.3606 0.3329 0.3075 0.4224 0.3855 0.35220.32200.29460.2697 0.4323 0.4104 0.37590.3538 0.3269 0.3050 0.2843 0.2630 0.2472 0.2267 0.3898 0.37040.3521 0.3349 0.3332 0.31390 .2959 0.2791 0.2848 0.26600 .24870.2326 0.2434 0.2255 0.2090 0.1938 0.2080 0.1911 0.1756 0.1615 0.2621 0.2097 0.1678 0.1342 0.1074 0.8963 0.8043 0.7224 0.6496 0.8874 0.7885 0.70140.6246 0.87870.7730 0.68100.6006 0.8700 0.75790.6611 0.5775 0.8613 0.7430 0.6419 0.5553 0.5847 0.5568 0.5303 0.5051 0.4810 0.5268 0.4970 0.4688 0.4423 0.4173 0.4751 0.4289 0.3875 0.3505 0.4440 0.3971 0.35550.3186 0.41500.3677 0.3262 0.2897 0.3878 0.3405 0.2992 0.2633 0.3624 0.3152 0.27450.2394 0.3173 0.2858 0.2575 0.2320 0.2090 0.2875 0.2607 0.25670.2307 0.2292 0.2042 0.2046 0.1807 0.1827 0.1599 0.2366 0.2076 0.1821 0.1597 0.1401 0.2149 0.1869 0.1625 0.1413 0.1229 0.1954 0.1685 0.1452 0.1252 0.1079 0.1778 0.1619 0.15200.1372 0.1299 0.1163 0.1110 0.0985 0.0949 0.0835 0.1476 0.1240 0.1042 0.0876 0.0736 0.1346 0.1122 0.0935 0.0779 0.0649 0.0859 0.0687 0.0550 0.0440 0.0352 14 16 17 0.8528 0.8444 0.8360 0.8277 .8195 0.7284 0.7142 0.7002 0.6864 0.6730 0.6232 0.5339 0.60500.5134 0.5874 0.4936 0.5703 0.4746 0.5537 0.4564 0.4581 0.4363 0.4155 0.3957 0.3769 0.3936 0.3714 0.3503 0.3305 0.3118 0.3387 0.3166 0.2959 0.2765 0.2584 0.2919 0.2519 0.2703 0.2311 0.2502 0.2120 0.23170.1945 0.2145 0.1784 0.2176 0.1978 0.1799 0.1635 0.1486 0.1883 0.1696 0.1528 0.1377 0.1240 0.1631 0.1415 0.1456 0.1252 0.13000.1108 0.1161 0.0981 0.1037 0.0868 0.1229 0.1078 0.0946 0.0829 0.0728 0.1069 0.0930 0.0811 0.0929 0.0802 0.0693 0.0808 0.0691 0.0592 0.0703 0.0596 0.0506 0.0611 0.0514 0.0433 0.0708 0.0600 0.0508 0.0431 0.0365 0.0618 0.0541 0.0281 0.05200.0451 0.0225 0.0437 0.0376 0.0180 0.0367 0.0313 0.0144 0.0308 0.0261 0.0115 0 lalalala 30 40 50 60 0.7798 0.6095 0.4776 0.3751 0.29530.2330 0.1842 0.1460 0.7419 0.5521 0.4120 0.3083 0.2314 0.1741 0.13140.0994 0.67170.45290.3066 0.2083 0.1420 0.0972 0.0668 0.0460 0.6080 0.3715 0.2281 0.1407 0.0872 0.0543 0.0339 0.0213 .5504 0.3048 0.1697 0.0951 0.0535 0.0303 0.0173 0.0099 0.1160 0.0754 0.0318 0.0134 0.0057 0.0923 0.0573 0.0221 0.0085 0.0033 0.0736 0.0437 0.0154 0.0054 0.0019 0.0588 0.0471 0.0334 0.0256 0.01070.0075 0.0035 0.0022 0.0011 0.0007 0.0378 0.0196 0.0053 0.0014 0.0004 0.0304 0.0151 0.0037 0.0009 0.0002 0.0245 0.0116 0.0026 0.0006 0.0001 0.0197 0.0090 0.0019 0.0004 0.0001 0.0160 0.0129 0.0070 | 0.0054 0.0013 0.0010 0.0003 0.0002 * * 0.0105 0.0038 0.0042 0.0012 0.0007 0.0001 0.0001 * 0 The factor is zero to four decimal places APPENDIX 2 1 - Table 1 : Present value of a regular annuity of Sl per period for n periods : PVFA (k,n) = dovela un spe period be a pariak: PVA 69 = lot (1 + K ) WE '- 1) ( 1+ ki Number of 1% 2% 3% 4% 15% 7% 8% 9% 10% 11% 12% 13% 14% 15% 15% 16% 17% 18% 19% 20% Periods 0.9901 1.9704 2.9410 3.9020 4.8534 0.9804 1.9416 2.8839 3.8077 4.7135 0.9709 1.9135 2.8286 3.7171 4.5797 0.9615 1.8861 2.7751 3.6299 4.4518 0.9524 1.8594 2.7232 3.5460 4.3295 0.9434 1.8334 2.6730 3.4651 4.2124 0.9346 1.8080 2.6243 3.3872 4.1002 0.9259 1.7833 2.5771 3.3121 3.9927 0.9174 1.7591 2.5313 3.2397 3.8897 0.90910.90090.8929 0.8850 0.8772 1.7355 1.7125 1.6901 | 1.6681 1.6467 2.4869 2.44372.4018 2.36122.3216 3.1699 3.1024 3.0373 2.9745 2.9137 3.7908 3.6959 3.6048 3.5172 3.4331 0.8696 1.6257 2.2832 2.8550 3.3522 0.8621 0.8547 0.8475 0.8403 1.6052 1.5852 1.5656 | 15465 2.2459 2.20962.1743 2.1399 2.7982 2.74322.6901 2.6386 3.27433.1993 3.1272 3.0576 0.8333 1.5278 2.1065 2.5887 2.9906 B001a 5.7955 6.7282 7.6517 8.5660 9.4713 5.60145.41725.24215.07574.9173 4.7665 6.4720 6.23036.0021 5.78645.5824 5.3893 7.3255 7.0197 6.7327 6.4632 6.2098 5.9713 8.1622 7.7861 7.4353 7.1078 6.80176.5152 8.9826 8.5302 8.1109 7.7217 7.3601 7.0236 4.62294.48594 .35534 .2305 4.1114 | 3.9975 3.8887 3.7845 3.68473 .5892 3.4976 3.4098 3.3255 5.2064 5.03304.86844.71224.56384.42264.2883 4.16044 .0386 3.9224 3.81153.7057 3.6046 5.74665.5348 5.33495.1461 4.96764.79884.6389 4.48734 .3436 4.20724.0776 3.9544 3.8372 6.2469 5.99525.7590 5.5370 5.3282 5.1317 4.9464 4.7716 4.6065 4.45064.30384.16334.0310 6.7101 6.4177 6.1446 5.88925.65025.42625.21615.0188 4.83324.6586 4.4941 4.3389 4.1925 11 12 13 14 15 10.3676 9.7868 9.2526 8.7605 8.3064 7.8869 7.4987 7.1390 11 2551 10.5753 9.9540 9.3851 8.8633 8.3838 7.9427 7.5361 12.1337 11.3484 10.6350 9.98569.3936 8.85278.3577 7.9038 13.0037 | 12.1062 11.2961 10.5631 9.89869.2950 8.74558.2442 13.8651 12.8493 11.9379 11.1184 10.37979.7122 9.1079 8.5595 6.80526.4951 6.20655.9377 5.6869 5.45275.2337 5.02864.8364 4.6560 4.48654.3271 7.1607 6.81376.49246.1944 5.91765.6603 5.4206 5.1971 4.98844.7932 4.61054.4392 7.4869 7.1034 6.7499 6.42356.1218 5.84245.5831 5.3423 5.11834.9095 4.7147 4.5327 7.78627.36676.98196.6282 6.30256.00215.72455.4675 5.22935.0081 4.80234.6106 8.06077.6061 7.19096.8109 6.4624 6.1422 5.8474 5.5755 5.3242 5.0916 4.8759 4.6755 16 17 18 14.7179 13.5777 | 12.5611 | 11.6523 10.8378 15.5623 | 14.291913.1661 12.1657 | 11.2741 16.3983 14.9920 13.7535 12.6593 11.6896 17.2260 15.6785 14.3238 13.1339 12.0853 1 8.0456 16.3514 14.8775 13.5903 12.4622 10.1059 10.4773 10.8276 11.1581 11.4699 9.4466 8.8514 9.76329.1216 10.0591 9.3719 10.3356 9.6036 10.5940 9.8181 8.31267.8237 7.3792 6.97406.6039 6.2651 5.9542 5.6685 5.40535.1624 4.9377 4.7296 8.54368.0216 7.5488 7.11966.7291 6.37296.04725.7487 5.4746 5.2223 4.9897 4.7746 8.75568.2014 7.7016 7.2497 6.8399 6.4674 6.12805.81785.5339 5.27325.03334.8122 8.9501 8.36497.83937.3658 6.9380 6.5504 6.1982 5.8775 5.58455.31625.0700 4.8435 9.1285 8.5136 7.96337.4694 7.02486.6231 6.25935.92885.6278 5.35275.10094.8696 20 40 50 60 22.0232 19.5235 17.4131 | 15.6221 25.8077 22.3965 19.6004172920 32.834727.3555 23.114819.7928 39.1961 31.4236 25.7298 21.4822 44.9550 34.7609 27.6756 22.6235 14.0939 12.7834 | 11.6536 15.372513.7648 12.4090 17.1591 15.0463 13 3317 18.2559 15.7619 13.8007 18.9293 16.1614 14.0392 10.6748 11.2578 11.9246 12.2335 12.3766 9.8226 9.07708.42177.8431 7.3300 10.27379.42698.6938 8.0552 7.4957 10.7574 9.77918.9511 8.2438 7.6344 10.9617 9.9148 9.0417 8.30457.6752 11.0480 9.96729.0736 8.3240 7.6873 6.8729 6.4641 6.09715.76625.4669 5.1951 4.9476 7.00276.5660 6.1772 5.8294 5.51685.2347 4.9789 7.1050 6.64186.2335 5.8713 5.5482 5.25824.9966 7.1327 6.66056.2463 5.8801 5.5541 5.2623 4.9995 7.1401 6.6651 6.2402 5.8819 5.5553 5.2630 4.9999
