UNIVERSITY OF KENT
AC508/2013
FACULTY OF SOCIAL SCIENCES
LEVEL H EXAMINATION
KENT BUSINESS SCHOOL
PRINCIPLES OF FINANCE
Thursday, 9 May 2013: 14:00 17:00
Instructions
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 question in SECTION A, ONE question from
SECTION B and ONE question from SECTION 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
Calculators
Use of approved calculators is permitted
turn over
Section A
Question 1
Each part of this question carries equal marks. Students should answer all parts.
I.
Explain the concepts of business risk and financial risk that a company
may face.
II.
List the assumptions required for Modigliani and Millers two first
propositions on capital structure.
III.
Nominal annual interest rate is 18%. How much is the annual inflation rate
if the annual real interest rate is equal to 14%?
IV.
With the support of a graphical illustration, briefly list the four
characteristics of indifference curves.
V.
An investor has collected the following information on four possible
investment opportunities:
VI.
Expected Rate of Return
Standard deviation
A
13%
18%
B
19%
27%
C
24%
35%
D
14%
24%
Suggest the most inefficient investment out of these four opportunities.
Briefly explain the differences between brokers and market makers in a
stock exchange.
VII.
A project under consideration has a positive Net Present Value (NPV) of
30,000 and Internal Rate of Return (IRR) of 15%. What will happen to its
NPV and IRR values if the start of the project is delayed by one year?
VIII.
A companys weighted average cost of capital is 12%. It is considering two
new mutually exclusive projects with the following information:
Project A
Project B
T0
(100,000)
(130,000)
T1
75,000
30,000
T2
30,000
50,000
T3
20,000
100,000
IRR
16%
15%
Which project will be chosen and why?
IX.
An investor is considering two projects (C and D). Their returns are
perfectly negatively correlated. The standard deviation of returns for
project C is equal to 12%. The standard deviation of returns for project D is
18%. Calculate the proportion of funds she will need to invest in each
project for her portfolio to have a standard deviation equal to 6%.
X.
Explain the concept of relevant cash flows. Provide two examples of nonrelevant cash flows.
Total [100 marks]
turn over
Section B
Students should select one question and answer all parts in that question.
Question 2
Rose Ltd is considering expanding its investment portfolio. The manager of
the firm has collected the following information on two new investment
opportunities:
Project 1
It is expected to last four years and has the following annual net cash flows.
The project will not have any residual value at the end of T4.
T0
T1
T2
T3
T4
(250,000)
60,000
75,000
100,000
120,000
Project 2
It is expected to last four years but it requires an initial investment of
200,000. It will generate annual net profits of 20,000. The residual value of
the project at the end of T4 will be equal to 0.
The cost of capital of the company is 13%. It employs a straight line
depreciation method.
Required:
Part a
i.
Estimate the NPV, IRR, ARR and Payback Period for each of the two
investment opportunities. Suggest which new project will be accepted
based on your estimations assuming that these two projects are
mutually exclusive.
(45 marks)
ii.
Explain which of the projects will be chosen if the companys cost of
capital is 14%.
(10 marks)
iii.
Rose Plc has allocated a capital of 400,000 for new investments.
Assume that these new projects are not mutually exclusive and the
company can invest in both of them. Calculate the maximum NPV that
the company will get when the cost of capital is 13% and both projects
are:
indivisible
divisible.
(15 marks)
Part b
Rose Ltd needs to raise new equity in the stock market. Discuss the
benefits and limitations of the main initial public offering (IPO) methods.
(30 marks)
Total 100 marks
Question 3
An investor has 100,000 to invest in the stock market. He is interested in two
stocks. Stock A has an expected rate of return of 12% and standard deviation
of returns 6%. He has collected the following information for stock B:
Scenario
Good
Normal
Poor
Probability
20%
40%
40%
Rate of return
23%
18%
11%
The correlation coefficient of returns between these two stocks is -0.5.
Required:
Part a
i.
Which stock would you recommend the investor to select?
(15 marks)
ii.
The investor will prefer to invest equally in both stocks. With the
support of your calculations, suggest whether this is a good decision.
(20 marks)
iii.
The investor wants to receive a return of 13% if he invests in a portfolio
of both stocks. Estimate the proportions he needs to invest in each
stock and calculate the standard deviation of this portfolio.
(25 marks)
iv.
Calculate the price of risk for portfolios in (ii) and (iii) when the risk free
rate of return is 5%. Which portfolio would you recommend to the
investor and why?
(10 marks)
Part b
Explain how a firm can use the risk-adjusted rate of return method in
investment appraisal and discuss the benefits and limitations of this
technique.
(30 marks)
Total 100 marks
turn over
Question 4
Clove plc. and Red plc. operate in the same business risk class and are
expected to have annual operating earnings of 3million each. Clove plc is an
all-equity funded company and has issued 5 million ordinary shares.
Red plc is using a mix of both equity and debt. It has issued 100,000
irredeemable debentures at 6% annual coupon rate. These debentures
currently have a market value of 9.5million. Red plc has also issued 3 million
shares currently trading at 5.80 each.
Both companies distribute their net earnings as dividends to their
shareholders. They operate in an environment where they are not required to
pay any corporation taxes.
Required:
Part a
i.
Calculate the cost of equity, the cost of debt and the weighted average
cost of capital for Red plc. State all assumptions needed to estimate
these costs.
(18 marks)
ii.
Calculate the price at which Clove plc. shares are currently trading.
State all the assumptions needed for this estimation.
(10 marks)
Mr. Hunter owns 5% of equity in Clove plc. He considers switching his
investment to Red plc. Recommend a financial strategy for Mr. Hunter
so that his net earnings will not change.
(20 marks)
iii.
iv.
Clove plc manager has decided to issue 50,000 irredeemable
debentures at 6.5% annual coupon rate. These debentures are not
tradable. The share price is expected to go down to 4.30 after the
debt issue. Calculate the cost of equity for Clove plc. and explain why it
has changed.
(22 marks)
Part b
Discuss the importance of efficiency frontier and capital market line
stating all the assumptions on which they are based.
(30 marks)
Total 100 marks
Section C
Each question carries equal marks. Students should answer one question only.
Question 5
The manager of a company was told that the most important techniques in
investment appraisal are the Net Present Value (NPV) and Internal Rate of
Return (IRR). Using the appropriate illustrations, discuss the similarities and
differences between these two investment appraisal techniques.
(100 marks)
Question 6
Modigliani and Miller (1958) argue that companies market values do not
depend on their capital structures because the cost of equity changes
proportionally to the level of debt that companies employ. Explain Modigliani
and Millers first and second propositions and discuss whether they hold true
in reality.
(100 marks)
Question 7
Explain the role and functions of a stock exchange. Using appropriate
illustrations discuss the three types of market efficiency.
(100 marks)
FORMULA SHEET
n
E = Oi pi
i= 1
n
2 = ( Oi - E )2 pi
i=
C
AOB
= ( AVi - E A ) ( - EB )
q
Bi
i=
A B=
C O AVB
A B
E p = X A E A + X B EB
2p = X 2A 2A + X 2B 2B + 2 X A X B A AB B
D=
o D =r
KD
t=
( +1 )
1
KD
(+1 )
KD
KD = I / D
E = e1
KE
KO = K E
KE = e 1 / E
E
E+D
+KD D
E+D
K E = KO + ( KO - K D )
D
E
Total market Value= E+ D= EBIT / Ko
Present Value of 1
10%
12%
14%
15%
20%
25%
30%
1 .9901
1%
.9804
2%
.9709
3%
.9615
4%
.9524 .9434
5%
6%
.9346 .9259
7%
8%
.9174
9%
.9091
.8929
.8772
.8696
.8621 .8475
16%
18%
.8333
.8000
.7692
.7143 .6667
40%
50%
2 .9803
.9612
.9426
.9246
.9070 .8900
.8734 .8573
.8417
.8264
.7972
.7695
.7561
.7432 .7182
.6944
.6400
.5917
.5102 .4444
3 .9706
.9423
.9151
.8890
.8638 .8396
.8163 .7938
.7722
.7513
.7118
.6750
.6575
.6407 .6086
.5787
.5120
.4552
.3644 .2963
4 .9610
.9238
.8885
.8548
.8227 .7921
.7629 .7350
.7084
.6830
.6355
.5921
.5718
.5523 .5158
.4823
.4096
.3501
.2603 .1975
5 .9515
.9057
.8626
.8219
.7835 .7473
.7130
.6806
.6499
.6209
.5674
.5194
.4972
.4761 .4371
.4019
.3277
.2693
.1859 .1317
6 .9420
.8880
.8375
.7903
.7462 .7050
.6663
.6302
.5963
.5645
.5066
.4556
.4323
.4104 .3704
.3349
.2621
.2072
.1328 .0878
7 .9327
.8706
.8131
.7599
.7107 .6651
.6227
.5835
.5470
.5132
.4523
.3996
.3759
.3538 .3139
.2791
.2097
.1594
.0949 .0585
8 .9235
.8535
.7894
.7307
.6768 .6274
.5820
.5403
.5019
.4665
.4039
.3506
.3269
.3050 .2660
.2326
.1678
.1226
.0678 .0390
.0484 .0260
9 .9143
.8368
.7664
.7026
.6446 .5919
.5439
.5002
.4604
.4241
.3606
.3075
.2843
.2630 .2255
.1938
.1342
.0943
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
.1697
.0535
.0303
.0173
.0099
.0057
.0033
.0011
.0004
.0002
.0001
9%
10%
12%
14%
15%
16%
20%
25%
30%
40%
50%
60 .5504 .3048
.0951
Present Value of an Annuity of 1 per period for n periods
1%
2%
3%
4%
5%
6%
7%
8%
18%
1 .9901 .9804
.9709
.9615
.9524
.9434
.9346
.9259
.9174 .9091
.8929
.8772
.8696
.8621 .8475
.8333
.8000
.7692
.7143 .6667
2 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
3 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
4 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
5 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
6 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
7 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
8 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
9 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
10
Future Value of 1 at end of n Periods
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
12%
14%
15%
16%
18%
20%
25%
30%
40%
50%
1 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
2 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
3 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
4 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
5 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
6 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
7 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
8 1.083
1.172
1.267
1.369
1.477 1.594
1.718 1.851
1.993
2.144
2.476
2.853
3.059
3.278
3.759
4.300
5.960
8.157
14.76
25.63
9 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
7.138
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
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
4500
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
237.4 807.8
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
700.2
1084
1671
3927
9100
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
20555
56348
9%
10%
12%
14%
15%
16%
18%
25%
30%
40%
3325
25251
Sum of an Annuity of 1 per Period for n Periods
1%
2%
3%
4%
5%
6%
7%
8%
20%
50%
1 1.000
1.000
1.000 1.000
1.000
1.000
1.000 1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000 1.000
1.000
1.000
1.000
2 2.010
2.020
2.030 2.040
2.050
2.060
2.070 2.080
2.090
2.100
2.120
2.140
2.150
2.160
2.180
2.200 2.250
2.300
2.400
2.500
3 3.030
3.060
3.091 3.122
3.153
3.184
3.215 3.246
3.278
3.310
3.374
3.440
3.473
3.506
3.572
3.640 3.813
3.990
4.360
4.750
4 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 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 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 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 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 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
78.97
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
3227
8730
60501
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
30089
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
1
1
