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

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