A00137

Present Value Tables Attached THE UNIVERSITY OF BIRMINGHAM Sessional Examination for
Degree of Master of Business Administration

Finance for Managen 0702890 (ACC GZ911) January ZOO4 Time allowed: 3 houn Calculaton may be used in this examination provided they are not capable of being used to store alphabetical information other than hexadecimal numben This paper has two sections; SECTION A (Questions 1 to 5) and SECTION B (Questions 6 to 9) You are required to answer FOUR questions in total. You must answer at least one question from Section A and one question from Section B. All questions carry the same total marks.

suggest which project HR Ltd should select. seIling price. (10 marks) (25 marks in total) TNT Ltd is considering investment in plant for the manufacture of a new product. You have calculated that the cost of capital for financing the project will be l00. annual sales volume (quantity). The project will not require any investment in additional working capital. The cost of capital is estimated to be 10 per cent. 25% chance of a recession and 50% chance that the economy will grow as normal.A 00137 2 SECTION A (Answer at least ONE question from this question) 1. labour cost. Required: (a) (b) Advise TNT Ltd. You are however concerned about the future economic environment and you anticipate that there is a 25% chance of economic growth. Overhead costs are not expected to change. demand for which is estimated to be 50.200. Assume that there are no taxes and all cash flows arise at the end of each year.000 (payable immediately) and will have no residual value. As a finance manager ofHR Ltd. (15 marks) Discuss the limitations of Internal Rate ofRetum (lRR) technique and explain why IRR is not suitable when projects are mutually exclusive and when a firm faces capital rationing. The plant is estimated to cost £1. The selling price per unit is estimated to be £12 while labour and material cost is estimated at £2 and £3 per unit respectively.000 units a year for next five years. you have been asked to advise the management which of the following two projects you should accept. The estimated investments costs and cash inflows for the two projects under different economic conditions are as follows: Year Normal Project A(£OOO's) Growth Recession Normal Project B (£OOO's) Growth Recession 1 2 3 4 5 6 Required: o -500 100 120 140 160 180 180 -500 120 150 170 190 210 220 -500 70 80 100 120 130 150 -700 80 150 180 220 230 250 -700 120 170 225 250 300 351 -700 60 100 150 200 210 230 (a) (b) Assuming that the projects are mutually exclusive. the 2. cost of capital and the life of the project? (20 marks) (25 marks in total) TurnOver . whether it is worthwhile investing in this project? (5 marks) How sensitive is this project with reference to the cost of plant.{' per annum.

the bonds will be redeemed at nominal value. Use market values of equity and debt in calculating WACC.000 ordinary shares (nominal value £1 each). Currently the bonds are trading at a price of £96 (per £100 nominal). the FTSE ALL index returns have been quite volatile and financial experts estimate that standard deviation of FTSE ALL returns have been around 12%. Sharp PIc. (15 marks) What is gearing and how does excessive gearing cause financial risk? (10 marks) (25 marks in total) 4. The current market price of the share is £1. At the end of five years. and b) £500. As a shareholder of Queen PIc you wish to calculate expected returns of its shares.20 per share and it is estimated that each year the dividends are expected to grow by 10 per cent of the previous year's dividend. Required: (a) Calculate the Weighted Average Cost of Capital (WACC) for Sharp PIc. However. Current risk free rate of interest on government securities is 3. The corporation tax is 35 per cent. market reports show that Queen PIc's shares are poorly correlated with FTSE ALL index which is estimated to be 30%.000. (b) Required: (a) (b) Calculate the expected return on Queen PIc's shares. Last year's dividend was £0.15%. You have learnt from financial press reports that last year the returns form the FTSE ALL index were a mere 1%. You have further gathered information which suggests that over last few years. Consider the impact of taxes in your W ACC calculations. Discuss the main limitations of the Capital Asset Pricing Model? (10 marks) (25 marks in total) TurnOver (15 marks) .AOOl37 3 3.000 (nominal) bonds which pay annual interest of8 per cent (of nominal) for five years. You are aware that shares of Queen PIc have been somewhat more volatile than the FTSE ALL index and your estimate suggest that the standard deviation of Queen PIc returns have been 15%.50 per share. is financed by: a) 1.

for agreeing with the management's decision of investing in this project. However the management of MMA is quite uncertain about the future and therefore has asked you analyze the following project using techniques that would be most suitable under a situation of uncertainty. calculate certainty equivalent cash flows and suggest whether MMA should accept this project. You have also been informed that the current risk free rate is 4%. The estimated investment costs and cash inflows for the project are as follows: Year o Cash Flows (£OOO's) .500 1 2 3 4 60 90 120 150 200 5 Required: (a) Assuming that the risk premium expected by shareholders and the risk free rate will remain same for the next five years.A00137 4 5. (15 marks) Explain the Risk Adjusted Rate of Return Technique and explain in what ways Certainty Equivalent approach differs from Risk Adjusted Rate of Return approach? (10 marks) (25 marks in total) (b) Tum Over . MMA Ltd is considering investing in a new project. MMA has informed you that its shareholders are expected to demand a return of 10 per cent being offered by other companies that have risk similar to MMA Ltd.

End of Examination Paper . Ignoring taxation. Why is profit maximization considered as an inappropriate business objective? If a corporation charges excessively high prices to its customers. borrowing capacity. What are 'homemade dividends' in the context of Modigliani and MilJer's dividend irrelevancy hypothesis? Why should we expect businesses to attract 'clientele' of shareholders as consequence of its dividend policy? (25 marks in total) Explain how and why managerial preferences. and control influence the level of gearing. (25 marks in total) 9. (25 marks in total) 8. will this be considered inconsistent with the shareholder's wealth maximization objective? Discuss.A 00137 5 SECTION B (Answer at least ONE question from this section) 6. pecking order. what happens to the cost of equity as gearing increases according the Modigliani and Miller's hypothesis? Discuss the basis for Modigliani and Miller's argument that vaJue of business is not affected by how a business is financed. (25 marks in total) 7.

4096 0.3139 0.12 0.6499 0.2·1.0316 0.2953 0.0308 0.U4.4019 0.1026 0.6719 0.oOB 0.7921 0.0000 12 INTEREST 14 0.H06 (I.o-OJ 11.0471 0.6SR7 0.7473 0.1079 0.01119 0.3118 0.1I311-1 (1.~99 0.419U 0.4241 0.09-16 n.111 I ~ U.1160 0.8613 0.0031 0.0010 0..0283 0.0935 0.0010 0.'i6 0 .sH.0476 0.7629 I1./St:! 0.0026 0.2176 0.2311 0.7894 0.5002 0.11 n.0596 0.0046 0.4224 0.-1211 0..U8U8 n.4039 0 .8626 0.0994 0.4.67S0 0.01U2 0.n9RI 0.0972 0.1741 0.1122 0.0356 0.0872 20 0.169i 0.4369 0.3714 0.0091 0.7938 0.0090 0.HR7 0.0937 0.5374 0.0001 0.1978 0.6246 O.4776 OAIlO 0.1.0261 0.8116 0.US29 O.1169 11.' O.m 0.22 IS 0.4440 0.04.350.0949 0.9091 0.8368 0.0115.0007 0.1084 11.0662 O.0003 0.8227 0.110-11 0.5537 0.H39 0.7430 U.0520 0.4523 11.11022 211 O.2534 0.0001 0.4936 0.0072 0.0001 O.284~ 0.0004 0.1249 0...7119 0.1420 0.5820 0.49'19 0 .0000 8 0.4230 0.6299 0.0042 0.7937 0.11169 0.R271 0.0069 0.0551 0.0000 0.7432 0.4882 0.21·19 n.0003 2 1 -I 5 6 7 II 9 1I.H 27 0.4937 0.417J 0.7107 0.5847 0.0676 0.2499 0.11588 0.~703 0.4665 0.0313 0.062.9327 0.7692 U..1 0.1993 0.0787 0. Interest rates (%) ) I 0.6730 0.7142 0.~ 0.070R 0.0016 0.' 0.0116 II.UAH2 lU501 0.01112 O.96U 0.~ 0.13 0.U e.5470 0.7307 0.0038 0.2038 '0.9423 0.0754 0.1I00B 0.51.0098 0.3U2 0.0492 0.4751 0.09JO 0.0600 O.lIIO 0.4289 0.9246 0.0433 0.57111 0.4S14 0.0916 0.Ollli 0.2567 0.2502 0.6419 0.0001 7 0.R360 0.H58 0.0002 0.0834 0.3149 0.0013 O.11528 0.ooos H 10 15 ~II (I.1l7R4 0.1476 0.0507 0.~9 0.4HI 0 .0221 0.6864 0.6274 0.0920 0.0000 1.4363 OAIH 0.3700 0.8043 0.OIlH O.0168 O.6400 0.10 :15 40 4~ so I I 2 3 4 S 6 7 8 9 10 II 11 13 14 IS 16 17 IR 19 20 2S 30 lS 40 4S ~O 0.021'1 11.2910 0.0757 0.234S 0.1552 0.1478 0.0026 0.16R5 0.4529 OAI02 0.30.0144 O.8535 0.6209 OS64.~"I .'.0129 0.1042 0.0041 0.194.7084 0.61H 0 .8787 0.1 0.2fi'H O.001.0002 0.1240 0.UO 0.7182 0.28i5 0.4817 0.6139 0.1574 0.0693 0.14 0.93411 0.7062 0 . 0.7441 0.0248 0.OIH 0.OUOO 11.5584 0.0839 0.0431 0.0180 0.0124 0.02n O.US8 0.0415 0.73.0160 0.UOO 0...'2 0.7835 0.1827 n.0001 6 0.0092 0.n014 29 0.77.0514 0.0339 22 0.031S 0.2120 O.10 35 40 45 o.1372 0.~I)R 0.0352 0.\ 0.2314 0.0992 0.0693 0.193 0..OJ97 0.12 0.3554 0.H66 0.6009 OA6.8547 0.~ 0.IOJ7 0..0017 0.0736 0.1486 0.8264 0.5R74 0 .7t19..0281 O.2326 0.8638 0.OH3 21 0.021B 0.4761 0.8195 0.0727 0.0057 0.7885 0.11"2" 0.11.H29 0.0296 0.(1000 10 II 12 IJ 1-1 15 16 Ii 19 19 20 o.111119 11.9235 0.~835 0.OLlOO 1I..1407 19 0.0116 0.5339 0.122'1 n.1I81\l> 0.0012 0.0440 0.0320 0.2434 0.11055 0.1 0.5919 0.7284 0.U 0.9009 0.3186 0.6935 0 .68]0 0.1631 0.6446 0.0 I.9434 0.15'9 0.1678 0.1443 O.(.019.7059 0.2281 18 4 0.1712 0.1I7H 0.0721 0.0429 10 II 12 13 H 16 17 18 19 21l 2~ .OI.6302 0 .03n 0.OHO 0.01.00.2791 0.0007 0.0811 0.29.18] 0.(1000 H .0134 24 0.~ 0.0985 0.2267 0.0105 0.0000 9 0.108.U 0.2255 0.WI 0.8706 0.1938 0.~ 0.I PRESENT VALUE OF £1 AT 10 0.8163 0.1456 O..63'u 0.01111 0.0391 0.0496 0.0110'1 O.0159 0.3SJR 0.oeoe (I.0471 0.OOOS 0.6.2307 0.~o ~5 .4423 0.0001 0.1619 0.~ 0.IU7!! 0.2745 0.2145 0.~ n.1 0.1597 1I.1784 0.2317 0.64% 0.2888 0.1715 0.onr.H 0.7561 O.6830 0.5921 0 .1369 0.~ 0.0107 0.0506 0.3769 0.8375 0.6768 0.2097 0.2U8 0.9610 0.0000 COMPOUND II 0.8U65 0.8621 0.0687 O.~ O.0001 0.5521 0.061R 0.11196 0. Periods.0004 0.)7 0.9515 0.1807 0.7722 0..01l9 0.0938 0.2170 0.3855 0.0678 0.15 0.0197 0.3305 0.0541 0.8264 0.3 4 2 5 6 7 8 '} O.8548 0.3715 17 0.0006 0.7050 0.0323 0.O.11l6 0.2660 0..01l7 0.0070 0.0474 0.2703 0.8i71 0.159·1 1I.0085 0.6407 0..III1% 11.01161 0.0267 0.5963 0.2621 0..1842 0.6651 0.0.(111(19 30 0.7513 0.61114 0.4339 0.8990 0.~ 0.0020 0.27.5083 0.2320 0.2919 0.0019 0.1670.2090 0.105 0.8573 0.0460 0..4972 OAHJ 0 .35H 0.OH7 0.9110.0085 25 0.06611 0..14UI 0.8963 0.3552 0.1799 0.057J 0.m66 0.0376 0.9804 0.01117 0.IS6'1 0.6944 0.3411 0..609.lU7! 0.2630 0.1909 0.OR76 0.9057 0.3349 0.33.2176 0.6USO 0.3624 0.9259 0.1377 0.7026 0.2486 0.JOi5 0.8197 0.3521 0.0180.2046 0.2584 0.0448 0.~64S 0.1314 0.0447 0.4746 0.1 0.nnnn .0172 U.0084 o.01100 1 2 3 4 5 6 7 8 9 10 11 12 13 IS 16 17 18 19 10 25 .7419 0.0004 3 0.4371 0.2848 0.779.0802 0.1164 0.1877 0.6227 0.611 0 .024.2090 0.0691 0.S (I.7.0001 0.2959 0.~ .11847 0.6610 0.tl64 0.4810 0.~li 0.083.1756 0.2.8444 0.6717 0.6200 0.'i7S (1.3066 0.4561 0.OFII 0.4632 0.317.8JJO 0.0229 0.8734 0.276.7014 0.OO.3971 0.12!'J 0.0006 2 0.1262 0.7.7752 11.0313 0.0859 0.00.1954 0.0241 0.0156 (1.1968 0..072S O.0000 0.0208 0.~934 0.0196 0.2644 0.07.OIlOS 0.1122 0.3957 0.On02 5 0.4665 0.1163 0.R203 0.7224 0.1844 0.0033 0.9901 0.(lI.1240 0.3704 0.5403 0.~ 0.14n 0.1301 0.09-1.IHS 0.176! 0 .18S3 0.0779 0.9174 0.1486 0.1I117.1611 0.0568 0.16.141.U.nOOIl O.2076 0.6756 0.5120 0.9420 0.4564 0.6080 16 0.OClH 0.1 0.8475 0.IJU8 0.1 1I.1161 0.1460 0.B46 0.9612 0.11.9238 0.02501 0.1789 0.0003 0.1 0.840.0009 0.2633 0.0610 0.1696 O.3522 0.~8 0 .7IUI 0.7S74 0.26.1011 0.0150 U.0367 0.3186 0.!i143 0.790.8900 0.~ 0.7462 0.4823 0.~ 0.11011 0.5507 0..0618 0.9524 0.2519 0.1606 0.1299 O.~92 0.0364 0.10 0.6504 0 .'131 0.0258 0.6663 0.0187 0.U6S 0.0490 0.2992 0.1252 0.8000 0.'1 (I.2799 U.8333 0.8874 0.3936 0.3220 0.1 0.3875 0.0001 0.2083 0.2080 0.0021 O.5000 0.sosi SO (..6611 0.01')5 0.3878 0.0030 0.U004 0.0340 0.81.0054 0.0079 0..1520 0.1799 0.5523 0.0451 0.29-16 02607 0.6086 0 .4581 0.IIU61 O.1911 0.) 11.0649 0.0279 0.n7.5568 0.(j.~4 26 0.1113 0.01i07 (1.5337 0.11404 0.3387 0.:::t> 0 o (.3898 0.3909 0.16112 o 1104 0.5019 04604 0.~ 0.6806 0.J AppendIx 11 -.888.2487 0.orB:- 0.0437 0.0365 0.4104 0.00111 0..(1(.8219 0.0002 0.UIIS9 O.3027 0.1342 0.5 0.0221 0.0.IIU2i 0.9070 0.2330 0.8417 0.3277 0.OIU 0.0256 0.3751 0 .1346 0.0009 0.6244 0.1813 0.0207 0.~(I 0.0312 0.7664 0.1394 0.3166 0.3503 0..0000 0.0001 0.1776 n.0213 23 0.165 0.0197 0.9709 0.9426 0.-59 n .3050 0.3855 0.OIH 0.7312 0.11013 0.892'1 0.1015 0.'6 0.~996 0 .5674 0 .0170 0.1778 0.1 0.0277 0.340.0754 0.8880 0.7002 0.1151 0.1229 0.00no lI.8396 0.90s] 0.0573 0.nullu lI.l! 0.0005 0..0334 0.0923 0.1-11.1635 0.1074 0.79i2 0.2274 0.6232 0.0002 0.88_m ll.7UO 0.~ 0.9151 0.9706 0.H94 IIA5.0011 0.4970 0.51.

S.0853 12.41. .HIiO.4699 12.6061 7.7590 6.5364 4.6228 3.8333 !.8651 14.8775 17.8897 4.1216 Hili lAl.9011 3.5668 10.3391 4.530l 5.8264 1.5327 4.0916 .S6.4090 12.1633 4.4669 5.8178 5.700U 2.4400 1.2397 3.0081 5.4558 15.2.'5 6.5449 4.4210 J.5460 4.26<46 4.3356 10.14.lll7 S.8007 22 0.9U4 1.7861 4 0.9260 3.i6 22.8364 4.0967 4.8461 :U827 2.8775 5.2712 5.\030 4.0997 3.4568 1.9927 4.8197 1.3916 I.NS..92811 6.23.49~7 7.8.8276 1I.0776 4.7861 3.1l90 75361 7.7463 4.3126 8.4773 10.1196 7.0021 6.HB 45 SO oI(~ .6079 4. .8892 6.9174 1.1781 1.1769 4.117t3 5.8493 1.5714 .H7 8.61169 ~.9176 6.9477 13.49Sl 6.7122 10.2611 .2161 5.R4~8 3..3555 29.6166 6.fiIl8 J.5294 .30IS 6.4483 2.8403 1.3232 4.3797 10.lS \ 3.802.3567 4.9501 9.486.7908 4.8021 2.' 5.843..6004 21.3477 to 0.83'13 7.• H5Z 7. 2.H!0 2.S 18 19 20 25 30 " 17 IS '" SO \ ~O ~5 as 29 0.\9 6.1971 .IlI9 --_.5n3 5.2065 6.6546 11.4648' 3..5753 11.9544 4.6726 3.8035 3.7:'5:! I.8237 8.638' 3. 3.7993 3.1662 2.IJO .2303 7.5623 16.0333 5.2689 3.0591 10.6282 6.7863 .7751 3.5631 11.3792 7.7I1U 4.91104 1.0923 3.Sn 0.67.7171 4.0236 7.4631 3.7487 5.i.HJJ .5411 4.1.4(07 2.7610 4.54H2 S.4632 7.4317 4.f278 2.1699 3.IU09 5.9173 5.7574 10.2332 2.0591 4.6748 11.0576 3.::D 0 Q (II' Appendix III PRESENT VALUE OF AN ANNUITY Periods.3064 8.8122 4. J..2438 8.i.353 8.5797 5.7101 3.6593 13.0799 4.3851 9.2497 i.8017 7.8812 10.2825 8.1255 3.1622 8.1644 4.] 3.9998 3.7125 2.1611 3.8181 10.9427 8..4269 9.0216 8.Flil 1.i84.2442 8.R801 0.lilJ I 6.3474 4.5465 2.2421 6.79H 6.'12-17 3.9148 25 0.1666 INTEREST 1.1I696 2.1.1's64 3.6055 !J.3936 9.6299 4.0739 2.7016 7.4869 7.8547 1.54S8 .2593 6.0971 6.6400 3.57H 5.9819 7.0330 5.2469 6.9901 1.3467 4.0552 8.9616 4.8593 3.7057 3.7662 5.3965 24.3238 14.0..lS486 J.0700 .~.2920 \11.1422 6.8080 2.4216 4.\.4466 9.7122 15 9.0286 5.4603 4.2410 2.4933 3..4674 Ij.721J 4.ll89 3.2Ul 6.8633 9.57JJ 3.63.2423 3.65SS 3.5638 4.4915 2.1103 4.9915 4.7605 9.Ii.132 5.6847 4.9984 3.2293 S.3676 1 L2SS1 12.3484 12.64111 G.3601 7.156 2.U607 8.53tl 3.0248 7.2072 4.0:'58 3.9054 4.JU8 3.5168 5.8241 3.JZ02 2.\05 4.3389 4..9952 6.0087 3.4271 3. 4.1..4924 6.2741 11.8696 4.6106 4.9986 4.S6H 3.4941 4..6.9124 3.6278 5.9615 1.0 3.l522 .7036 3.7556 8.1446 6.2233 J.770S 3.8582 5.7034 3.8839 3.2526 9.~6 2.i.4272 3.j I 2 3 4 S 6 7 R 9 10 11 12 13 14 16 17 18 19 20 2S )0 3S 40 4S SO (III 0.3667 7.45S7 3.1894 4.1078 7.S892 .9434 1..f 4.1024 3.6105 4.1944 6.3938 8.7.4392 4.6052 2.5439 4.1514 3.9095 5.BO 4.0079 9.2623 5 0.186 4 .7931 4.2064 5.847-1 S.0197 7.1.7179 15.7454 3.9416 2.1114 4.0lt4 2.9259 1.4212 3.8475 l.5187 2.448 I .15 6.8000 1.5824 620!'S 6.9540 10.5541 8.9813 2. 4.n5 14.8420 2.2H9 20 0.9617 24 0.7833 2.8869' 8.93..9377 4.0BO 4.H04 6.3649 11.21U9 B224 3.2190 4.3349 5.1.138 4.6221 17.5404 2.H .8226 10.9950 3.1183 5.9920 15.88R7 4.7028 3.0027 7.0770 9.4936 2.1.7455 9.7509 .1 l.2961 11.9826 9.~14 9.8065 1.6H6 3.5488 7.7596 4.5903 15.8527 9.1S81 11.10.8628 9.9704 2.1065 25887 2.2948 3.7251 3.2260 IB.7298 18 0.72..5611 13.oon S 6 7 8 9 10 II 12 IJ "' 6.9424 3.7135 H014 6.1725 16.8682 2.9476 4.9676 5.15 J.61l6.3514 19..6\93 3.5079 3.4098 3.0757 5. '"Iuesl rales (%) I 0.0205 3.2096 2.7746 4.2431 4.'s640 s.8342 3.4177 6.3152 4.5lB' 5.1661 13.9999 1I U.1604 4487.1.12.1 109 8.8929 1.3!i5J 4.1743 2.9709 1.2743 .3271 4.11115 4.2028 4.0037 13..8874 3.4.4437 3.5755 4..1461 5..H9S 8.4902 31..R077 29.0333 4..\.9009 1.\ 1 0.0463 15.4187 4.6893 2.J9 5.'24.~ 4.7834 1J.4053 5.8210 3.7466 6.7648 14.1474 4.2578 11.5026 Bin 3.1286 2 1 -I S 6 7 8 9 10 It 12 13 1-1 IS 16 17 18 19 20 3.5.1719 9.4028 ..4482 H41B I 1 to 3 4 5 6 7 8 !I II 12 13 14 15 16 17 18 19 20 IS 30 3S 40 45 50 2.61 3.9020 4.1436 4.1082 4.uir 4.7296 4.~41j" S.4694 7.467.3270 3.6938 UBI 9.9852 4.14 7.6010 3.93i7 6.4478 J.n40 11.4 II I 19.3609 1.4834 3.7619 21 0.66U5 30 0.7037 .0833 3.5693 .oIS.4987 7.3255 8.8636 J.42lS 1.l..60<46 3.n95 5.4890 4.759-1 1.6S67 4.9789 4.6646 19.MIlU 3.1909 7.7256 3.SJ81 3.6liNI 2.4859 5.24J9 2.8334 2.1.4·166 3.3624 4.2014 8.0945 39.1624 .199.2784 4.8850 3.9232 4.3121 3.92.3896 3.1084 12.6642 3.8294 5.\O 2.5660 6.0.2124 4.04.2627 4.BI7 13.2883 H.4365 3.4217 8.16 5.1184 11.0'11 S 3.7864 6.6586 4.6785 16.97<40 7.9849 3.9091 1.U.7591 2.91110 7.3162 5.11 3.2446 3. 12••1657 11.3983 17.6u.UIU5 J.6901 2.6730 3.S6 7.6896 12.8347 36.9995 3.1059 10.3657 3.8534 S..6229 5.4982 15.6943 3.3612 U.2950 9.H07 3.1280 6.8773 5.8052 7.6560 4.4624 6.1842 3.80R3 3.6949 3.26111 1.0013 4.~ 4.8729 7.1.0373 3..6442 9.5436 8.9520 2.1.7757 3.1050 7.5136 9.i41 4.6243 3.8759 4.2800 0.1002 4.lH14 .4.4415 4.t.R424 3.9379 12.7812 1.1148 24.7982 3.6048 4.S621 1.3908 4.8431 S.3868 1.GH3 6.668.5370 S.2786 4.09 7.7291 6.4236 17 0.8956 2.20ll !.I.1337 13.9897 5.6819 3.1951 5.7928 20.8137 7.U82 US02 5.1132 .1659 4.23.t2223 5.3872 4.3.40R6 32.6344 7.~660 M71J 10.5771 3.8684 5.H7.12 7.~.7985 3.iR 7.! 1.7Q1l8 H162 !i.8.7791 9.1079 9.4112 6.7232 3.4869 3.6346 4.7282 7.1.2388 3.S 5.0939 15.7862 8.1664 4.1'103 .4872 23.(.9135 2.! 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