WACC

pg project information is for part 2 question. thank you

Richmond Manufacturing Company Ltd Balance Sheet as at 31/12/20 ASSETS Notes Cash Accounts Receivable Inventory Property, plant & equipment 1 LIABILITIES Accounts payable Bank loan (interest only) Mortgage Loan Corporate bonds 140 200 640 1,100 120 220 520 300 WN Total Assets 2,080 Total liabilities 1,160 5 SHAREHOLDERS' EQUITY Ordinary shares 4 Preference Shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 400 240 280 920 Notes 2,080 1. The interest rate on the bank loan is 9.6% pa. 2. The interest rate on the mortgage loan is 5.4% pa 3. The corporate bonds have a credit rating of At and have 9 years to maturity. They make semi-annual coupon payments at a coupon rate of 5% pa 1. The ordinary shares are shown on the balance sheet at their book value of $1 per share. They have a beta of 1.5. They are expected to pay a dividend of $0.08 next year. The dividend is expected to yow at a rate of 10% p.a. for the following 3 years, and after that it will grow at a constant rate of 4% p.a. in perpetuity 5. The preference shares have a par value of Si each and are shown on the Balance Sheet at their par value. They pay a constant dividend of $0.12 and they are currently trading for $0.94 6 The expected return on the market is 7.5% Project Information The equipment will cost $710, is expected to have a working life of 4 years, and will be depreciated on a straight-line basis to a book value of zero. The equipment is expected to have a salvage value of $120 at the end of 4 years The new equipment will improve efficiency and result in increased revenue of $840 in its first year of operation, but because of reduced efficiency from normal wear and tear, revenue will decrease by 5% (from the previous year's revenue) for each of the remaining 3 years of the equipment's life. Excluding maintenance, all other costs from operating the equipment will be $200 per year. Maintenance costs will amount to $120 in the equipment's first year of operation, and will then increase by $30 per year for the remaining 3 years of the equipment's life The equipment will require additional net working capital of $110. The net working capital will be recovered in full after the equipment is sold at the end of its working life. The equipment will be installed in a building that is owned by the company, but currently is not being used. If the project does not proceed, this building could be rented out for $110 per year. A feasibility study has been undertaken into the purchase of the new equipment. The cost of preparing the feasibility study was $500 The company has sufficient capital to undertake all positive NPV projects. If the Payback Period method is used to evaluate projects, management's policy is that the maximum acceptable payback period is 3 years, and all cash flows in Year Owould need to be recovered within 3 years for the project to be acceptable under this method: PART 1 - WEIGHTED AVERAGE COST OF CAPITAL Enter numbers in the "Cost" column as percentages rounded to 3 decimal places. Enter whole numbers only in the "Value" column and base your weights on those whole numbers. Enter numbers in the "Welght" columnas percentages rounded to 2 decimal places COST (3 decimal places) VALUE (Whole numbers) WEIGHT (2 decimal places) SOURCE OF CAPITAL Bank Loan (interest only) Before tax cost of bank loan Market value of bank loan 9.600% $220 13.09% Mortgage Loans Before tax cost of mortgage loan Market value of mortgage loan 5.400% $520 30.94% 367 basis points Corporate Bonds Credit spread Credit spread as a percentage (2 decimal places) Risk freerate to be used to calculate cost of corporate bonds (3 decimal places) Before-tax cost of corporate bonds Face value of all bonds Coupon rate Number of years to maturity Number of coupon payments per var Total number of coupon payments remainint Total value of all coupon payments paid per year Value of each individual coupon Dayment Somiannual viel decimal places Value of corporate bonds $300 17.86% Ordinary Shares lok fronte tole used to calculate cost of Online Oats Credit Spreads Food Into Part 1 Ordinary Shares Risk-freerate to be used to calculate cost of ordinary shares (3 decimal places) Beta Expected return on the market Cost of ordinary shares You may not need every line in the following roble of dividends. Only enter the dividends needed to cokulote the shore price. Enter the actual dividends - not their present value - rounded to 4 decimal places, Time value of money calculations should be done in the final step when you calculate the share price Dividend 1 year from now Dividend 2 years from now Dividend 3 years from now Dividend 4 years from now Dividend 5 years from now Dividend 6 years from now Price of ordinary shares (Round to 2 decimal places) Number of ordinary shares Total market value of ordinary shares $400 23.81% Preference Shares Preference dividend per share Prelerence share price Cost of preference shares Number of preference shares Total market value of preference shares $240 14.29% $1,680 100% Tax Rate All of the the costs below should better costs where applicables pecessions to decimal place Welated cost of the Bank Loate cost welcht) Online Dat CS You may not need every line in the following foble of dwidends. Only enter the dividends needed to calculate the share price. Enter the octual dividends - not their present volue - rounded to a decimol places. Time value of money calculations should be done in the final step when you calculate the shore prke Dividend 1 year from now Dividend 2 years from now Dividend 3 years from now Dividend 4 years from now Dividend 5 years from now Dividend 6 years from now Price of ordinary shares (Round to 2 decimal places) Number of ordinary shares Total market value of ordinary shares $400 23.81% Preference Shares Preference dividend per share Preference share price Cost of preference shares Number of preference shares Total market value of preference shares $240 14.29% $1,680 100% Tax Rate All of the weed costs below should be after tax costs where applicable) as percentage rounded to decimal places Weighted Cost of the Bank Loan fie.cost xweight) Welche cost of the Mortgage loan Weighted Cost of the Corporate Bonds Weighted cost of the Ordinary Shares Weighted cost of the Preference Shares Weighted Average cost of capital PART 2 - PROJECT EVALUATION ve 1 Z 3 WACC Year Opening Book Value less Depreciation Cloring Book Value Tax Rate: Revenue and expenses Round off all dollar value below to the nearest whole number. All expenses and cash outflow must be negative numbers (Read the important Note to the right) 1 Incremental EBIT less Tax O 0 Incremental Earning 0 0 0 0 Other cash flowi (The Important Note alio applier.) 0 2 5 Incremental Free Cat Flow O O 0 Boldown below the wholeber All pada web News and Oled that the 6 IMPORTANT NOTE The bo YO Www www Other O ht NE Whath 0 E ABC Follow the instructions below to locate online data that you will need for your Assignment Read all intruction on this page very carefully. don't just collect the requested data. The instructions on this page tell you exactly what to do with the data when completing the other parts of your Assignment 1. Determine Richmond's tax rate Go to watoto In the search box at the top of the screen, enter Company tax rates' and click the magnifying glass. You may need to click on more than one link to figure out the appropriate tax rate for Richmond Enter the company tax rate for this company for the 2019/20 tax year (as a percentage) in the box below ED (Hint: Richmond's turnover is over $50 million) Richmond's tax rate 27.5% 2. Find the yield on 9-year and 10 yen Australian Treasury bonds Goto www.rbo click on the top of the page and the under the subheading "Economic and Financial Statistics", click onart Rates Depending on your browser, you may then have to scroll up until you see the Interest Rates section. Oik on the link to open the spreadsheet conting indicative Med west Commonwealth Government Securities-F15 This spreadsheet contains al reddas for Austry bonds on issuesve date. Each column cold for a specific bond Escow.con the elds for each bond torven date the town on A Scroll down to find the old on 26 y 2021 Row of the SBA prehet contains the dus och bond Search wont Row 3 to find the Cocong the bond that is close to 10 years from 26 2021. If you find that the date the 10 from 262021 between ity datesch it most certainly will bond that will be MOST SEDLY MATURE On that date the one that that we Makeungyos for Treasury Bonds specified 2. there was returned to have o too far Then poco to the 2021 They they do 10 trwy bod 2001 who will use there the Capital Asset Promo Part Arnt Enter the years in the below as e) 0 yene 1.1K She Online Data Ces Spreads # Pronto RE LP H13 27.5% ABC 0 E (Hint: Richmond's turnover is over $50 million) HD Richmond's tax rate: 27.5% 2. Find the yield on 9-year and 10-year Australian Treasury bonds. Goto www.bastos Click on "Statistics" near the top of the page, and then, under the subheading "Economic and Financial Statistics click on "Interest Rates" (Depending on your browser, you may then have to scroll up until you see the interest Rates section) Click on the "S" link to open the spreadsheet containing indicative Mid Rates of Commonwealth Government Secunties-F16 This spreadsheet contains daily yield data for Australian Treasury bonds on issue on a given date. Each column coneins yields for a specific bond. Each row contains the yields for each bond for a given date. the date shown in Column A Scroll down to find the yields on 26 July 2021. Row 3 of the RBA spreadsheet contains the matunty date of each bond. Search along Row 3 to find the column containing the bond that is closest to matuning 10 years from 26 July 2021. If you find that the date that is 10 years from 26 y 2021 falls between two maturity dates (which it almost certainly will make sure you select the bond that will have MOST RECENTLY MATURED on that date not the one that will next mature after that date. Make sure you we looking up yields for Treasury Bonds, as specified in Row 2. the entry in Row 2 says "Treasury Indexed Bonds you have gone too fac Then go down that column to find the yield as at 26 2021. The value you see is the eld on 10-year Australian Treasury bonds on 26 2021. which we will use the streerate in the Capital Asset Pricing Model in Part 1 of the Assignment Enter the 10-eskree rate in the box below (as percentage to 3 decimal places) 12 10 yearstreet 1.140% Search along Row 3 of the RBA Spreadsheet to find the column containing the bond that is closest to maturing 9 years from 25 y 2021 Arif the date that is 9 years from 26 July 2021 falls between two aunty dates select the bond that will have most recently matured on that date. not the bond that will nest mature that date. Then go down that column to find the yield that bond as at 26 July 2021 in Part you will the credit spread for Richmond's bonds to the year street to determine the before tax cost of the company's bonds Enter the rear risk-free in the box below is a percentage to 3 decimal places) ME treat 0.995% Student NO Boline Sheet Online Data Credit Spreads Project Info armaring the Font Aliment unter ries Rules 10 2 142 150 158 1 297 166 Rating AA+ AA- A+ - BBB+ BBB- BB+ BB- + B - CCC+ ccc CCC- 1 111 119 127 135 143 151 159 167 175 183 191 199 207 215 223 231 239 247 255 263 271 3 173 181 189 197 205 213 221 229 237 245 253 261 269 277 285 293 301 309 317 325 333 174 182 190 198 206 214 222 230 238 246 254 262 270 278 286 294 302 204 212 220 228 236 244 252 260 268 276 284 292 300 308 316 324 332 340 348 356 364 5 235 243 251 259 267 275 283 291 299 307 315 323 331 339 347 355 363 371 379 387 266 274 282 290 298 306 314 322 330 338 346 354 362 370 378 386 394 402 410 418 426 305 313 321 329 337 345 353 361 369 377 385 393 401 409 417 425 433 441 449 457 328 336 344 352 360 368 376 384 392 400 408 416 424 432 440 448 456 464 472 480 488 9 359 367 375 383 391 399 407 415 423 431 439 390 398 406 414 422 430 438 446 454 462 470 78 486 494 502 510 518 526 534 542 550 455 463 471 479 487 495 503 511 519 395 FREESYNC File mer Page Layout Forms Review View Developer tell you want to do Home X out Choo Formu Chi IR PWN BV Sottomation FINIFOF FUNDAMENTALS OF FINANCE ASSIGNMENT Project Information The equipment will cost 5710, is expected to love a working life of 4 years and will be deprecated on a straight line basis to a book value of zero The equipment is expected to have a salvage value of $120 at the end of 4 years The new equipment will improve efficiency and result in increased revenge of $850 in its first year of operation, but because of reduced etficiency from normal wear and tear, revenge will decrease by from the previous year's revenue for each of the remaining 3 years of the equipment's de Excluding maintenance, all other costs from operating the equipment will be $200 per year Maintenance costs will amount to 5120 in the equipment fost year of operation and will then intense by 530 per year for the remaining 3 years of the equipments Wer The equipment will require additional working capital of $110. The networking capital will be recovered in collater the equipment is sold at the end of its woting it The equipment will be installed in a building the owned by the company, but currently not being used the project does not proceed this booking could be sented out for 5110 per year Albany study has been undertaken into the purchase of the new equipment. The cost of preparing the feasilydy was 500 The combination the the Payback period methods wed to vero me that the maciceptable payback period is 3 years and blows Year Owned to be covered within 3 years for the project to be acceptable O ED 0 Thou . A o PART 2 - PROJECT EVALUATION WACE T Ow www.the where IMPORTANT NOTE e 0 @ electrodes when in de the country recommended to demon thaf amani Les De herche tant Notes M WC an w Inch 0 0 years Oh th Oland should the head Why? We thing that Not Court 13 Richmond Manufacturing Company Ltd Balance Sheet as at 31/12/20 ASSETS Notes Cash Accounts Receivable Inventory Property, plant & equipment 1 LIABILITIES Accounts payable Bank loan (interest only) Mortgage Loan Corporate bonds 140 200 640 1,100 120 220 520 300 WN Total Assets 2,080 Total liabilities 1,160 5 SHAREHOLDERS' EQUITY Ordinary shares 4 Preference Shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 400 240 280 920 Notes 2,080 1. The interest rate on the bank loan is 9.6% pa. 2. The interest rate on the mortgage loan is 5.4% pa 3. The corporate bonds have a credit rating of At and have 9 years to maturity. They make semi-annual coupon payments at a coupon rate of 5% pa 1. The ordinary shares are shown on the balance sheet at their book value of $1 per share. They have a beta of 1.5. They are expected to pay a dividend of $0.08 next year. The dividend is expected to yow at a rate of 10% p.a. for the following 3 years, and after that it will grow at a constant rate of 4% p.a. in perpetuity 5. The preference shares have a par value of Si each and are shown on the Balance Sheet at their par value. They pay a constant dividend of $0.12 and they are currently trading for $0.94 6 The expected return on the market is 7.5% Project Information The equipment will cost $710, is expected to have a working life of 4 years, and will be depreciated on a straight-line basis to a book value of zero. The equipment is expected to have a salvage value of $120 at the end of 4 years The new equipment will improve efficiency and result in increased revenue of $840 in its first year of operation, but because of reduced efficiency from normal wear and tear, revenue will decrease by 5% (from the previous year's revenue) for each of the remaining 3 years of the equipment's life. Excluding maintenance, all other costs from operating the equipment will be $200 per year. Maintenance costs will amount to $120 in the equipment's first year of operation, and will then increase by $30 per year for the remaining 3 years of the equipment's life The equipment will require additional net working capital of $110. The net working capital will be recovered in full after the equipment is sold at the end of its working life. The equipment will be installed in a building that is owned by the company, but currently is not being used. If the project does not proceed, this building could be rented out for $110 per year. A feasibility study has been undertaken into the purchase of the new equipment. The cost of preparing the feasibility study was $500 The company has sufficient capital to undertake all positive NPV projects. If the Payback Period method is used to evaluate projects, management's policy is that the maximum acceptable payback period is 3 years, and all cash flows in Year Owould need to be recovered within 3 years for the project to be acceptable under this method: PART 1 - WEIGHTED AVERAGE COST OF CAPITAL Enter numbers in the "Cost" column as percentages rounded to 3 decimal places. Enter whole numbers only in the "Value" column and base your weights on those whole numbers. Enter numbers in the "Welght" columnas percentages rounded to 2 decimal places COST (3 decimal places) VALUE (Whole numbers) WEIGHT (2 decimal places) SOURCE OF CAPITAL Bank Loan (interest only) Before tax cost of bank loan Market value of bank loan 9.600% $220 13.09% Mortgage Loans Before tax cost of mortgage loan Market value of mortgage loan 5.400% $520 30.94% 367 basis points Corporate Bonds Credit spread Credit spread as a percentage (2 decimal places) Risk freerate to be used to calculate cost of corporate bonds (3 decimal places) Before-tax cost of corporate bonds Face value of all bonds Coupon rate Number of years to maturity Number of coupon payments per var Total number of coupon payments remainint Total value of all coupon payments paid per year Value of each individual coupon Dayment Somiannual viel decimal places Value of corporate bonds $300 17.86% Ordinary Shares lok fronte tole used to calculate cost of Online Oats Credit Spreads Food Into Part 1 Ordinary Shares Risk-freerate to be used to calculate cost of ordinary shares (3 decimal places) Beta Expected return on the market Cost of ordinary shares You may not need every line in the following roble of dividends. Only enter the dividends needed to cokulote the shore price. Enter the actual dividends - not their present value - rounded to 4 decimal places, Time value of money calculations should be done in the final step when you calculate the share price Dividend 1 year from now Dividend 2 years from now Dividend 3 years from now Dividend 4 years from now Dividend 5 years from now Dividend 6 years from now Price of ordinary shares (Round to 2 decimal places) Number of ordinary shares Total market value of ordinary shares $400 23.81% Preference Shares Preference dividend per share Prelerence share price Cost of preference shares Number of preference shares Total market value of preference shares $240 14.29% $1,680 100% Tax Rate All of the the costs below should better costs where applicables pecessions to decimal place Welated cost of the Bank Loate cost welcht) Online Dat CS You may not need every line in the following foble of dwidends. Only enter the dividends needed to calculate the share price. Enter the octual dividends - not their present volue - rounded to a decimol places. Time value of money calculations should be done in the final step when you calculate the shore prke Dividend 1 year from now Dividend 2 years from now Dividend 3 years from now Dividend 4 years from now Dividend 5 years from now Dividend 6 years from now Price of ordinary shares (Round to 2 decimal places) Number of ordinary shares Total market value of ordinary shares $400 23.81% Preference Shares Preference dividend per share Preference share price Cost of preference shares Number of preference shares Total market value of preference shares $240 14.29% $1,680 100% Tax Rate All of the weed costs below should be after tax costs where applicable) as percentage rounded to decimal places Weighted Cost of the Bank Loan fie.cost xweight) Welche cost of the Mortgage loan Weighted Cost of the Corporate Bonds Weighted cost of the Ordinary Shares Weighted cost of the Preference Shares Weighted Average cost of capital PART 2 - PROJECT EVALUATION ve 1 Z 3 WACC Year Opening Book Value less Depreciation Cloring Book Value Tax Rate: Revenue and expenses Round off all dollar value below to the nearest whole number. All expenses and cash outflow must be negative numbers (Read the important Note to the right) 1 Incremental EBIT less Tax O 0 Incremental Earning 0 0 0 0 Other cash flowi (The Important Note alio applier.) 0 2 5 Incremental Free Cat Flow O O 0 Boldown below the wholeber All pada web News and Oled that the 6 IMPORTANT NOTE The bo YO Www www Other O ht NE Whath 0 E ABC Follow the instructions below to locate online data that you will need for your Assignment Read all intruction on this page very carefully. don't just collect the requested data. The instructions on this page tell you exactly what to do with the data when completing the other parts of your Assignment 1. Determine Richmond's tax rate Go to watoto In the search box at the top of the screen, enter Company tax rates' and click the magnifying glass. You may need to click on more than one link to figure out the appropriate tax rate for Richmond Enter the company tax rate for this company for the 2019/20 tax year (as a percentage) in the box below ED (Hint: Richmond's turnover is over $50 million) Richmond's tax rate 27.5% 2. Find the yield on 9-year and 10 yen Australian Treasury bonds Goto www.rbo click on the top of the page and the under the subheading "Economic and Financial Statistics", click onart Rates Depending on your browser, you may then have to scroll up until you see the Interest Rates section. Oik on the link to open the spreadsheet conting indicative Med west Commonwealth Government Securities-F15 This spreadsheet contains al reddas for Austry bonds on issuesve date. Each column cold for a specific bond Escow.con the elds for each bond torven date the town on A Scroll down to find the old on 26 y 2021 Row of the SBA prehet contains the dus och bond Search wont Row 3 to find the Cocong the bond that is close to 10 years from 26 2021. If you find that the date the 10 from 262021 between ity datesch it most certainly will bond that will be MOST SEDLY MATURE On that date the one that that we Makeungyos for Treasury Bonds specified 2. there was returned to have o too far Then poco to the 2021 They they do 10 trwy bod 2001 who will use there the Capital Asset Promo Part Arnt Enter the years in the below as e) 0 yene 1.1K She Online Data Ces Spreads # Pronto RE LP H13 27.5% ABC 0 E (Hint: Richmond's turnover is over $50 million) HD Richmond's tax rate: 27.5% 2. Find the yield on 9-year and 10-year Australian Treasury bonds. Goto www.bastos Click on "Statistics" near the top of the page, and then, under the subheading "Economic and Financial Statistics click on "Interest Rates" (Depending on your browser, you may then have to scroll up until you see the interest Rates section) Click on the "S" link to open the spreadsheet containing indicative Mid Rates of Commonwealth Government Secunties-F16 This spreadsheet contains daily yield data for Australian Treasury bonds on issue on a given date. Each column coneins yields for a specific bond. Each row contains the yields for each bond for a given date. the date shown in Column A Scroll down to find the yields on 26 July 2021. Row 3 of the RBA spreadsheet contains the matunty date of each bond. Search along Row 3 to find the column containing the bond that is closest to matuning 10 years from 26 July 2021. If you find that the date that is 10 years from 26 y 2021 falls between two maturity dates (which it almost certainly will make sure you select the bond that will have MOST RECENTLY MATURED on that date not the one that will next mature after that date. Make sure you we looking up yields for Treasury Bonds, as specified in Row 2. the entry in Row 2 says "Treasury Indexed Bonds you have gone too fac Then go down that column to find the yield as at 26 2021. The value you see is the eld on 10-year Australian Treasury bonds on 26 2021. which we will use the streerate in the Capital Asset Pricing Model in Part 1 of the Assignment Enter the 10-eskree rate in the box below (as percentage to 3 decimal places) 12 10 yearstreet 1.140% Search along Row 3 of the RBA Spreadsheet to find the column containing the bond that is closest to maturing 9 years from 25 y 2021 Arif the date that is 9 years from 26 July 2021 falls between two aunty dates select the bond that will have most recently matured on that date. not the bond that will nest mature that date. Then go down that column to find the yield that bond as at 26 July 2021 in Part you will the credit spread for Richmond's bonds to the year street to determine the before tax cost of the company's bonds Enter the rear risk-free in the box below is a percentage to 3 decimal places) ME treat 0.995% Student NO Boline Sheet Online Data Credit Spreads Project Info armaring the Font Aliment unter ries Rules 10 2 142 150 158 1 297 166 Rating AA+ AA- A+ - BBB+ BBB- BB+ BB- + B - CCC+ ccc CCC- 1 111 119 127 135 143 151 159 167 175 183 191 199 207 215 223 231 239 247 255 263 271 3 173 181 189 197 205 213 221 229 237 245 253 261 269 277 285 293 301 309 317 325 333 174 182 190 198 206 214 222 230 238 246 254 262 270 278 286 294 302 204 212 220 228 236 244 252 260 268 276 284 292 300 308 316 324 332 340 348 356 364 5 235 243 251 259 267 275 283 291 299 307 315 323 331 339 347 355 363 371 379 387 266 274 282 290 298 306 314 322 330 338 346 354 362 370 378 386 394 402 410 418 426 305 313 321 329 337 345 353 361 369 377 385 393 401 409 417 425 433 441 449 457 328 336 344 352 360 368 376 384 392 400 408 416 424 432 440 448 456 464 472 480 488 9 359 367 375 383 391 399 407 415 423 431 439 390 398 406 414 422 430 438 446 454 462 470 78 486 494 502 510 518 526 534 542 550 455 463 471 479 487 495 503 511 519 395 FREESYNC File mer Page Layout Forms Review View Developer tell you want to do Home X out Choo Formu Chi IR PWN BV Sottomation FINIFOF FUNDAMENTALS OF FINANCE ASSIGNMENT Project Information The equipment will cost 5710, is expected to love a working life of 4 years and will be deprecated on a straight line basis to a book value of zero The equipment is expected to have a salvage value of $120 at the end of 4 years The new equipment will improve efficiency and result in increased revenge of $850 in its first year of operation, but because of reduced etficiency from normal wear and tear, revenge will decrease by from the previous year's revenue for each of the remaining 3 years of the equipment's de Excluding maintenance, all other costs from operating the equipment will be $200 per year Maintenance costs will amount to 5120 in the equipment fost year of operation and will then intense by 530 per year for the remaining 3 years of the equipments Wer The equipment will require additional working capital of $110. The networking capital will be recovered in collater the equipment is sold at the end of its woting it The equipment will be installed in a building the owned by the company, but currently not being used the project does not proceed this booking could be sented out for 5110 per year Albany study has been undertaken into the purchase of the new equipment. The cost of preparing the feasilydy was 500 The combination the the Payback period methods wed to vero me that the maciceptable payback period is 3 years and blows Year Owned to be covered within 3 years for the project to be acceptable O ED 0 Thou . A o PART 2 - PROJECT EVALUATION WACE T Ow www.the where IMPORTANT NOTE e 0 @ electrodes when in de the country recommended to demon thaf amani Les De herche tant Notes M WC an w Inch 0 0 years Oh th Oland should the head Why? We thing that Not Court 13