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Future Value

Pv
Rate
Nper

500,000
12.25%
8.00

Fv

1,260,261.88

Car Financing
Car List Price
Down Payment
Loan Amount
No. Of years
Rate

1,500,000
400,000
1,100,000
5
17.50%

No. Of periods

60

Monthly Installment

27,634

PMT
Months

Opening Balance Installment


1
2
3
4
5
6
7
8
9
10
11
12
13

1,100,000
1,088,407.23
1,076,645.40
1,064,712.05
1,052,604.66
1,040,320.71
1,027,857.62
1,015,212.77
1,002,383.53
689,367.18
671,786.02
653,948.46
635,850.78

27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44

Formula
PPMT
Principal
11,592.77
11,761.83
11,933.36
12,107.38
12,283.95
12,463.09
12,644.84
12,829.25
13,016.34
17,581.16
17,837.56
18,097.69
18,361.61

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 -

617,489.17
598,859.78
579,958.72
560,782.01
541,325.65
521,585.55
501,557.57
481,237.51
460,621.13
439,704.08
418,482.00
396,950.43
375,104.85
352,940.70
330,453.31
307,637.99
284,489.94
261,004.32
237,176.19
213,000.58
188,472.40
163,586.52
138,337.73
112,720.72
86,730.12
60,360.50
33,606.33
6,461.98
21,078.22
49,020.04
77,369.35
106,132.09
135,314.28
164,922.05
194,961.60
225,439.23
256,361.32
287,734.35
319,564.92
351,859.67
384,625.39
417,868.95
451,597.31
485,817.54
520,536.81

27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44

18,629.38
18,901.06
19,176.70
19,456.36
19,740.10
20,027.98
20,320.05
20,616.39
20,917.04
21,222.08
21,531.57
21,845.57
22,164.16
22,487.38
22,815.32
23,148.05
23,485.62
23,828.12
24,175.62
24,528.18
24,885.88
25,248.80
25,617.01
25,990.59
26,369.62
26,754.18
27,144.34
27,540.20
27,941.83
28,349.31
28,762.74
29,182.19
29,607.77
30,039.55
30,477.63
30,922.09
31,373.04
31,830.56
32,294.76
32,765.72
33,243.56
33,728.36
34,220.23
34,719.27
35,225.60

59 60 -

555,762.41
591,501.71

27,634.44
27,634.44

35,739.30
36,260.50

Present Value Through Formula

Rate

Fv
Rate
Nper

1,260,261.88
12.25%
8

Pv
Fv
Nper

500,000.00

Rate

Pv

Cumulative Principal -110632.81632619

IPMT
Interest
16,041.67
15,872.61
15,701.08
15,527.05
15,350.48
15,171.34
14,989.59
14,805.19
14,618.09
10,053.27
9,796.88
9,536.75
9,272.82

Closing Balance
1,088,407.23
1,076,645.40
1,064,712.05
1,052,604.66
1,040,320.71
1,027,857.62
1,015,212.77
1,002,383.53
689,367.18
671,786.02
653,948.46
635,850.78
617,489.17

Extra Payment

300,000

9,005.05
8,733.37
8,457.73
8,178.07
7,894.33
7,606.46
7,314.38
7,018.05
6,717.39
6,412.35
6,102.86
5,788.86
5,470.28
5,147.05
4,819.11
4,486.39
4,148.81
3,806.31
3,458.82
3,106.26
2,748.56
2,385.64
2,017.43
1,643.84
1,264.81
880.26
490.09
94.24
-307.39
-714.88
-1,128.30
-1,547.76
-1,973.33
-2,405.11
-2,843.19
-3,287.66
-3,738.60
-4,196.13
-4,660.32
-5,131.29
-5,609.12
-6,093.92
-6,585.79
-7,084.84
-7,591.16

598,859.78
579,958.72
560,782.01
541,325.65
521,585.55
501,557.57
481,237.51
460,621.13
439,704.08
418,482.00
396,950.43
375,104.85
352,940.70
330,453.31
307,637.99
284,489.94
261,004.32
237,176.19
213,000.58
188,472.40
163,586.52
138,337.73
112,720.72
86,730.12
60,360.50
33,606.33
6,461.98
21,078.22
49,020.04
77,369.35
106,132.09
135,314.28
164,922.05
194,961.60
225,439.23
256,361.32
287,734.35
319,564.92
351,859.67
384,625.39
417,868.95
451,597.31
485,817.54
520,536.81
555,762.41

-8,104.87 -8,626.07 -

591,501.71
627,762.21

No. of Periods
500,000.00
1,260,261.88
8

Pv
Rate
Fv

12.25%

Nper

2.1

Annuity Payment
Formula

.= r (pv) / 1 - (1+r)^-n

Mannual
Months

Opening Balance
1
2
3
4
5
6
7
8
9
10
11
12
13

1,100,000.00
1,088,407.23
1,076,645.40
1,064,712.05
1,052,604.66
1,040,320.71
1,027,857.62
1,015,212.77
1,002,383.53
689,367.18
671,786.02
653,948.46
635,850.78

Installment Principal
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44

11,592.77
11,761.83
11,933.36
12,107.38
12,283.95
12,463.09
12,644.84
12,829.25
13,016.34
17,581.16
17,837.56
18,097.69
18,361.61

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58

617,489.17
598,859.78
579,958.72
560,782.01
541,325.65
521,585.55
501,557.57
481,237.51
460,621.13
439,704.08
418,482.00
396,950.43
375,104.85
352,940.70
330,453.31
307,637.99
284,489.94
261,004.32
237,176.19
213,000.58
188,472.40
163,586.52
138,337.73
112,720.72
86,730.12
60,360.50
33,606.33
6,461.98
21,078.22
49,020.04
77,369.35
106,132.09
135,314.28
164,922.05
194,961.60
225,439.23
256,361.32
287,734.35
319,564.92
351,859.67
384,625.39
417,868.95
451,597.31
485,817.54
520,536.81

27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44
27,634.44

18,629.38
18,901.06
19,176.70
19,456.36
19,740.10
20,027.98
20,320.05
20,616.39
20,917.04
21,222.08
21,531.57
21,845.57
22,164.16
22,487.38
22,815.32
23,148.05
23,485.62
23,828.12
24,175.62
24,528.18
24,885.88
25,248.80
25,617.01
25,990.59
26,369.62
26,754.18
27,144.34
27,540.20
27,941.83
28,349.31
28,762.74
29,182.19
29,607.77
30,039.55
30,477.63
30,922.09
31,373.04
31,830.56
32,294.76
32,765.72
33,243.56
33,728.36
34,220.23
34,719.27
35,225.60

59 60 -

555,762.41
591,501.71

27,634.44
27,634.44

35,739.30
36,260.50

500,000.00
12.25%
1,260,261.88
8

Interest
16,041.67
15,872.61
15,701.08
15,527.05
15,350.48
15,171.34
14,989.59
14,805.19
14,618.09
10,053.27
9,796.88
9,536.75
9,272.82

Closing Balance Extra Payment


1,088,407.23
1,076,645.40
1,064,712.05
1,052,604.66
1,040,320.71
1,027,857.62
1,015,212.77
1,002,383.53
689,367.18
671,786.02
653,948.46
635,850.78
617,489.17

300000

9,005.05
8,733.37
8,457.73
8,178.07
7,894.33
7,606.46
7,314.38
7,018.05
6,717.39
6,412.35
6,102.86
5,788.86
5,470.28
5,147.05
4,819.11
4,486.39
4,148.81
3,806.31
3,458.82
3,106.26
2,748.56
2,385.64
2,017.43
1,643.84
1,264.81
880.26
490.09
94.24
307.39
714.88
1,128.30
1,547.76
1,973.33
2,405.11
2,843.19
3,287.66
3,738.60
4,196.13
4,660.32
5,131.29
5,609.12
6,093.92
6,585.79
7,084.84
7,591.16

598,859.78
579,958.72
560,782.01
541,325.65
521,585.55
501,557.57
481,237.51
460,621.13
439,704.08
418,482.00
396,950.43
375,104.85
352,940.70
330,453.31
307,637.99
284,489.94
261,004.32
237,176.19
213,000.58
188,472.40
163,586.52
138,337.73
112,720.72
86,730.12
60,360.50
33,606.33
6,461.98
21,078.22
49,020.04
77,369.35
106,132.09
135,314.28
164,922.05
194,961.60
225,439.23
256,361.32
287,734.35
319,564.92
351,859.67
384,625.39
417,868.95
451,597.31
485,817.54
520,536.81
555,762.41

8,104.87 8,626.07 -

591,501.71
627,762.21

years
1
2
3
4
5
6

Case1
Initial Investment

7000

annual cashflow

2650

payback period

2.64 years

Case2
Initial Investment
annual cashflow
1800
2000
2200
2600
2100
1500

8000
cumm. Cashflow
1800
3800
6000
8600
10700
12200

payback period

3 years

target payback period

4 years

decision

Recommended

Practice Questions

Case 1
Initial Investment
Annual Cashflows

Payback Period

Case 2
Initial Investment

Years
1
2
3
4
5
6
7
8

9.23 months

PayBack Period

Target Payback Period

Decision Rule

Not Recommended

15000
3000

5 Years

5.45

20000

Cashflows
4500
3250
2500
1550
6000
9000
2500
1000

Cummulative Cashflows
4000
7250
9750
11300
17300
26300
28800
29800

Years

5.4 Months

Years

Months

Discounted Payback Period


Initial Investment
Discount Rate
Target Payback Period
Years
1
2
3
4
5
6
7
8

ack Period
15000
10.50%
6
Cashflows

PV Of Cashflows
4500
3250
2500
1550
6000
9000
2500
1000

4,072.40
2,661.70
1,852.91
1,039.64
3,642.00
4,943.89
1,242.81
449.89

Discounted Payback Period

Target Payback Period

Decision Rule

Cuml Discounted Cashflows


4,072.40
6,734.10
8,587.00
9,626.64
13,268.64
18,212.53
19,455.34
19,905.22

5.7
5.00 years
6 years

ACCEPTED

5.48

months

Depriciation Table

Case 1
Assets Name
Cost
Life
Residual Value

Machine

150,000
8
25,000

Straight Line
With SLN Function
Years

Opening Balance Depriciation Charge


1
2
3
4
5
6
7
8

150,000
134,375
118,750
103,125
87,500
71,875
56,250
40,625

15,625
15,625
15,625
15,625
15,625
15,625
15,625
15,625

Mannual
Years

Opening Balance Depriciation Charge


1
2
3
4
5
6
7
8

150,000
134,375
118,750
103,125
87,500
71,875
56,250
40,625

15,625
15,625
15,625
15,625
15,625
15,625
15,625
15,625

ble

Case 2
Furniture & Fixture

95,000
15

15,000
Rate
-11.58%

Reducing Balance

Mannual
NBV

Years
134,375
118,750
103,125
87,500
71,875
56,250
40,625
25,000

NBV
134,375
118,750
103,125
87,500
71,875
56,250
40,625
25,000

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Methods
1. Straight Line
2. Reducing Balance

Opening Balance

Depriciation Charge

Net Book Value

95,000
84,000
74,274
65,675
58,070
51,347
45,402
40,145
35,497

11,000
9,726
8,600
7,604
6,724
5,945
5,257
4,648
4,110

84,000
74,274
65,675
58,070
51,347
45,402
40,145
35,497
31,387

31,387
27,752
24,539
21,698
19,186
16,964

3,634
3,213
2,841
2,512
2,221
1,964

27,752
24,539
21,698
19,186
16,964
15,000

13,775.00 1year+months

With DB Function
Years

Opening Balance Depriciation Charge

Net Book Value

1
2
3
4
5
6
7
8
9

95000
83,980
74,238
65,627
58,014
51,284
45,335
40,076
35,428

11,020
9,742
8,612
7,613
6,730
5,949
5,259
4,649
4,110

83,980
74,238
65,627
58,014
51,284
45,335
40,076
35,428
31,318

10
11
12
13
14
15

31,318
27,685
24,474
21,635
19,125
16,907

3,633
3,211
2,839
2,510
2,219
1,961

27,685
24,474
21,635
19,125
16,907
14,945

Cash Book
Balances
Sr. No

Date
1
2
3
4
5
6
7
8
9
10

Description
cash sales
commision
Rent and Rates
Wages & Salaries
Depreciation
Loan Issued
Purchase
Plant & Machinery Purchsed
Building Sold
Share Capital Issued

650,000.00
Debit

250,000

150,000

50,000
200,000

245,000.00 405,000.00
Credit
Balance

25,000
10,000
50,000

100,000
60,000

250,000
225,000
215,000
165,000
165,000
315,000
215,000
155,000
205,000
405,000

Variance Analysis Fo
Jan-15

Details

Budget Amount

Incomes

Salary
Bonus
PB Encashment
Profit from Business
Dividend Received
Intrest Received

500000
100000
750000
200000
50000
80000

Expenses

Electricity
Telephone
Rent and Rates
Renovation Expense
Insurance Expense
Training Expense
Entertainment

30000
5000
50000
70000
150000
200000
100000

e Analysis For 3 Months


Feb-15

Actual Amount Variance


450000 50000
125000 25000
700000 50000
180000 20000
60000 10000
70000 10000

Unfavourable
Favourable
Unfavourable
Unfavourable
Favourable
Unfavourable

40000 10000 Unfavourable


7000 2000 Unfavourable
45000 5000 Favourable
60000 10000 Favourable
100000 50000 Favourable
150000 50000 Favourable
125000 25000 Unfavourable

Budgeted Amount
400,000.00
50,000.00
1,000.00
150,000.00
40,000.00
70,000.00

25000
7000
60000
50000
125000
150000
70000

Mar-15

Actual Amount Variance

Budgeted Amount

450000 50000 Favourable


75000 25000 Favourable
15000 14000 Favourable
125000 25000 Unfavourable
45000 5000 Favourable
90000 20000 Favourable

450000
75000
1500000
175000
45000
90000

35000 10000 Unfavourable


6000 1000 Favourable
55000 5000 Favourable
65000 15000 Unfavourable
150000 25000 Unfavourable
125000 25000 Favourable
60000 10000 Favourable

35000
9000
55000
65000
140000
175000
125000

Actual Amount Variance


475000 25000 Favourable
70000 5000 Unfavourable
1250000 250000 Unfavourable
150000 25000 Unfavourable
40000 5000 Unfavourable
85000 5000 Unfavourable

30000 5000 Favourable


10000 1000 Unfavourable
60000 5000 Unfavourable
60000 5000 Favourable
142000 2000 Unfavourable
150000 25000 Favourable
150000 25000 Unfavourable

Total Variance

INCOME TAX CALCULATOR 2015


Lower Limit
Upper Limit
Fixed Charge

Slab No.
1
2
3
4

400,001
750,001
1,400,001

400,000
750,000
1,400,000
1,500,000

17,500
82,500

Rate
0.0%
5.0%
10.0%
12.5%

1,500,001

1,800,000

95,000

15.0%

6
7
8
9
10
11

1,800,001
2,500,001
3,000,001
3,500,001
4,000,001
7,000,001

2,500,000
3,000,000
3,500,000
4,000,000
7,000,000
9,999,999,999

140,000
262,500
362,500
475,000
600,000
1,425,000

17.5%
20.0%
22.5%
25.0%
27.5%
30.0%

INCOME TAX CALCULATOR 2015


Lower Limit
Upper Limit
Fixed Charge

Slab No.
1
2
3
4
5
6
7
8
9
10
11

400,001
750,001
1,400,001
1,500,001
1,800,001
2,500,001
3,000,001
3,500,001
4,000,001
7,000,001

400,000
750,000
1,400,000
1,500,000
1,800,000
2,500,000
3,000,000
3,500,000
4,000,000
7,000,000
9,999,999,999

17,500
82,500
95,000
140,000
262,500
362,500
475,000
600,000
1,425,000

Rate
0.0%
5.0%
10.0%
12.5%
15.0%
17.5%
20.0%
22.5%
25.0%
27.5%
30.0%

Basic Salary
Taxable Allowances
Gross Salary Monthly

115,500
16,000
131,500

Annual Salary

1,578,000

Annual tax Liability

106,700

Monthly Tax Liability

8,892

Net Monthly in hand

122,608

Basic Salary
Taxable Allowances
Gross Salary Monthly

100,000
35,000
135,000

Annual Salary

1,620,000

Annual tax Liability

113,000

Monthly Tax Liability

9,417

Net Monthly in hand

125,583

Bond Valuation
Issue Date
1/1/2002

Settlement Date Maturity


1/6/2002

1/1/2012

Price ?
Coupon Rate
Redemption Value
Yield Rate
price

8
100
6
125.9763971863

Yield Rate
Coupon Rate
Redemption Value
price
Yield Rate

8
100
71.71
10.0003138348

Coupon Rate
Price

Redemption Value
price
Yield Rate

100
110
65
10
fv

coupon Rate

0.91%

price formula

frequncy

basis

8.00%
200000 $216,000.00

258,967.80

8.50%
10.50%
$234,360.00 $258,967.80

intrest paid
annualy
half yearly
quarterly

1
2
4

year days
360
365

0
1

Data
Ace Ltd
machine cost
annual savings
wages
material

7,000

1,000
400

Inflation Rates

wages
material
general prices
Cost of Capital
Life

years
Initial Investment
Wages Savings
material savings
cashflows in money terms
Discount Rate
Present Values

Net Present Value

10%
5%
6%
15%
5

1100
420
-7000
1520
1 0.86956522
-7000 1321.73913

1210
441
1651
0.7561436673
1248.393194707

-7000

-1080.6357896

With Formula of FV
Years
wages savings
inflated
mat savings
inflated
net cashflows

NPV
IRR

1000
$1,100.00

1000
$1,210.00

400
$420.00
-7000 $1,520.00

400
$441.00
$1,651.00

($1,080.64)

Decision

8.63%

Decision

1331
1464.1
1610.51
463.05
486.2025
510.512625
1794.05
1950.3025 2121.022625
0.6575162324 0.5717532456 0.4971767353
1179.6169968 1115.0917843 1054.5231042

Formula of FV
3

1000
$1,331.00

1000
$1,464.10

1000
$1,610.51

400
$463.05
$1,794.05

400
$486.20
$1,950.30

400
$510.51
$2,121.02

Bad
Reject

For IRR the initial investment must be in minus value

working
wages savings
inflation rates 10
savings in money terms
material savings
Infl rate 5
material savings

estment must be in minus value

1
1000
1.1
1100
400
1.05
420

2
1000
1.21
1210

3
1000
1.331
1331

4
1000
1.4641
1464.1

5
1000
1.61051
1610.51

400
400
400
400
1.1025 1.157625 1.215506 1.276282
441
463.05 486.2025 510.5126

Data
Selling price per unit
Variable Cost Per Unit
Fixed Cost per month
Jan Units

Lima Co
Dated

45

25 Increase

40,000
6150 Increase

1/1/2014
10% From April
feb
15%
7073

2014
a,b
Sales
Variable Cost
Gross Income
Fixed Cost
Operating Income

Jan

Feb

Mar

Apr

276,750
153,750
123,000
40,000

318,263
176,813
141,450
40,000

366,002
203,334
162,668
40,000

420,902
233,835
187,068
40,000

83,000

101,450

122,668

147,068

Breakeven Units

2,000

jan
selling price per unit
unit sold
revenue
variable cost
total variable cost
fixed cost

45
6150
276750
25
153750
40000

total cost
profit

193750
83000
Feb
Mar
Apr
May
Jun

Breakeven at vc 25

2000

breakeven at vc27.5

2286

June Target

Month
Jan

250000

16571

Feb
Mar
Apr
May
Jun

code
prod
rate
code
Piz001
Bre001

prod
pizza
bread

rate

code
bre001
Piz001

prod
bread
pizza

25
50

rate
50
25

mar

apr
8133

9353
$27.50

v cost

May

may

jun
10756
$30.25

12370
$33.28

Jun

484,037
295,801
188,237
40,000

556,643
374,188
182,455
40,000

148,237

142,455

Projections
15%
7073
8133
9353
10756
12370

Feb
Mar
Apr
May
Jun
feb
vc
83000
7073
8133
9353
10756
12370

mar
vc
25

apr
vc
25

may
vc
27.5

jun
vc
27.5

27.5

Profit

Profit

83000
200000
180000
160000

Profit

101,450.00
122,667.50
123,684.17
148,236.80
176,472.32

Piz001
pizza

200000
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
Jan

Bre001
bread
25

50

Feb

Mar

Apr

Profit

VC
feb
Mar
Apr
May
jun

83000
7073
8133
9353
10756
12370

VC
25

VC
25

VC
27.5

VC
27.5

27.5

Profit

Profit

Apr

May

Jun

Apartment cost
Price
Furnishing Cost
Bank Charges

1,600,000
10,000
10,000

Total Cost

1,620,000

Property Valuation
1

Period
Opening Balance
Gain
Closing Balance

1,600,000.00

114,837.54
1,714,837.54

Cashflows From Property


Annual Growth Rate
Rental Income
Agency Fee
Maintinance Cost
Cashflows Before Intrest & Tax
Intrest Expense
Cashflows Before Tax
Tax Expense
Net CashFlows

9% -
5% -

5% -

35% -

83,200.00
7,488.00
4,160.00
71,552.00
45,000
26,552.00
9,293.20
17,258.80

Debt
Opening Balance
Repayment
Closing Balance

900,000.00
-
17,258.80
882,741.20

Capital Gain
Sales Period
Gain
CGT
Cashflows After Sales

IRR

5
20%
-

720,000

Funding
Equity
Debt
Total

720,000
900,000
1,620,000

1,714,837.54 1,837,917.37 1,969,831.06 2,111,212.66

123,079.83
131,913.69
141,381.60
151,529.04
1,837,917.37 1,969,831.06 2,111,212.66 2,262,741.70

-
-

2%
84,864.00
7,637.76
4,243.20
72,983.04
44,137.06
28,845.98
10,096.09
18,749.89

-
-

2%
86,561.28
7,790.52
4,328.06
74,442.70
43,199.57
31,243.14
10,935.10
20,308.04

-
-

5%
90,889.34
8,180.04
4,544.47
78,164.84
42,184.16
35,980.67
12,593.24
23,387.44

-
-

5%
95,433.81
8,589.04
4,771.69
82,073.08
41,014.79
41,058.29
14,370.40
26,687.89

882,741.20
863,991.31
843,683.28
820,295.84
-
18,749.89 -
20,308.04 -
23,387.44 -
26,687.89
863,991.31 843,683.28 820,295.84 793,607.95

642,741.70
128,548.34

1,340,585.41
13.24%

Estimated Value After 10 years


Annual Rental Income
Gain rate

3,200,000
83,200

7%

2,262,741.70 2,425,146.51 2,599,207.67 2,785,761.80

162,404.81
174,061.16
186,554.13
199,943.77
2,425,146.51 2,599,207.67 2,785,761.80 2,985,705.57

-
-

5%
100,205.50
9,018.50
5,010.28
86,176.73
39,680.40
46,496.33
16,273.72
30,222.62

-
-

5%
105,215.78
9,469.42
5,260.79
90,485.57
38,169.27
52,316.30
18,310.71
34,005.60

-
-

5%
110,476.57
9,942.89
5,523.83
95,009.85
36,468.99
58,540.86
20,489.30
38,051.56

-
-

5%
116,000.39
10,440.04
5,800.02
99,760.34
34,566.41
65,193.93
22,817.88
42,376.05

793,607.95
763,385.34
729,379.74
691,328.18
-
30,222.62 -
34,005.60 -
38,051.56 -
42,376.05
763,385.34 729,379.74 691,328.18 648,952.13

10
2,985,705.57

214,294.43
3,200,000.00

-
-

5%
121,800.41
10,962.04
6,090.02
104,748.36
32,447.61
72,300.75
25,305.26
46,995.49

648,952.13
-
46,995.49
601,956.64