ses rT pap 3 STR FST at Bots ace brow wediftaad | wate arrears Fafoq oarged els Sach SUS ak wis Pree aed Seda RAL IgM BASS | wTEITeA Soo BR STS CUE > TR ACA doo BAR TAT HS AR | Uda TELE eran ales 4 ORT CS OF Wea To dia Cra ergy Frans aera afoua Ror ste Lanfie cre ait wd te cat ea, oar OTS wea WA fas wea, aT GPT aT ONT gC AY GT wea AT aI Ber ca wa WIR saCe oT | ORarTe IGE GR ARS GPA aor OT eI od wT wa afoaes Hof we aes ST SAS oF Fela wal POS ATE | ARTES THe CAC 84 FCA STATOR GRITS CH aes Faw I FACS BA, wl Sora fadat sal VW cae Ve aoe AS Store awe Sa eI Ge Se SA Ge wae Fee) arey wie rate aged sat a, ae, UE aS AA SAPS CIS aie AT wIBEEAIATS TA TET Aaa sea Prats ot FATT BR aisrors wits Prats ae wea efi Bory ee Soda ARALKTA Mia ae a aS eT 9 wiaas Fen Prefs SACS ATTA | wrrargey Petacet bergha TATA AAA HAT FATS ATTA | C Ch etacen a TS FATS AACA AR TAN ACS ATA | Ws TRA Bien wrens FaTae — weds Tara STAT O.0FF BTAaioa TAT TT : wida a wafeercda AT 0,094 UTEalba wfraye Tay oo erds HA ory 9,091 WT IS BS wae Hea ae Seeds aSarn Fear MIR ‘efea (COTRRIBa) ses enka a ae weds aware yen fica afer 0.098 wATE/ fore ge | BS weds asa 3H Fefors Sob RMA Ae aM eae ay | o BM (RGTA-3a d)-v (#) oCalneu with Valnscafears, Tee @ ea-9 | do aa Dob #1 CT aS eee sea ofa a et one a Fela fare dre cds gn i ee oon are Fefeea oiftate Ff woe wea ea TW fifa] oso aera aa area 4 O08 TAA TT 6 BRP TOT Tg og, 8.00 TSAI ey wig ETE aa 8.90% WUAa aa Fey S008 TERR 8.301 TURD ae any ra By Sots era cetera ait MITA | o.S08 ora aie age APS Bay TOI eH Riad RAIA Seay ottefesy Sov UAB tema Ta S.O8F STA cera , @) Sea aera Sok SRR a TEA Ry @ BARGE IEF ee 903 Ste LET tact Concept of Time. Vatue of Mone IRA S00 RR x 3 witrey apa ARITA ATH S00 Bray FMA ce am fea S08 Uda ay Sehr arte Reasons of Time Preference for Money aR FRE tt ag BE GEA ed create ay aR er et Ten oe yee oy Srey SH Ua coer atl sree Ay 1G ee ora ote (Time preference US aay Srrearea we aM, cara AETE THIET S0,000 Brel steel erat ae 7 ARI GRE Ray FAN Re CH rH Hea i200 Barca ca s 78 AH TRC tera ‘STRICT eC ICMR eq wt SCanmet wri Car EEetfs In ET 30d ) SHOT (Uncertainty): or carr ae AAA wdc CAPA eatery CAN Tat Sears TAA | See 1 SrOTE oT me comme tea | wreNet SPrMTE cr Gifas areca Fe m1 ee . fAfow sea Tt A AT | (2) Cott BAHT (Preference for consumption): CAPITA ATA SPITS CA BA A AAT COL SUIT TERR COR CAP MATT CAT 1 AR aA A Bape CAA TEAM CSI BAR (urgency of present wants) SEM CIS TPL, TE, Taran wae Cai AeA A Qeata BS aca | (ot) FACT FCAT (Investment opportunities): Meme aR Saye aie Ae aA CO Tea aT idee ner BTR. TA are GH GAT TMT er Pale ac SPITS ate 8 mem ed af ATS ote | CAT TEMTER @,000 BIBT $0% Blea PAM TEM § TUS Fe @,000 Tre enfea copy ca ara WIS ASHI ¢,000 Brat arene cafe cree Fa (®) TAPAS (Inflation) AM Ay AGA ya Vdofere Taras al 1 adie wea Vara | THA RiSy Prats oet sea | ora Prateea wed ATT Testa @ aera Teil Pane at Ta UA AM eee WIA Te Uae yen Aida Sar V Seda arr Ts Ory Freq CRT EO a RAT LA A (Opportunity Cost) A AM sab care RCIA Sar wa IAS aere E> 1 LNT Sit SATS A WAH ies Rene ets ACT aT azar weds RIS I Ia Pea CATA cH ifs Fhe me DIST Ie BG FACS DIA CRAIC ¢ AA ifs A BAC HATA Tees eH feces Bret Ba AC a AS BH MET AA 30% 1 Ua a8 MGICAA AR > emt wa rare RA Face nfs eet cot Bow, sas TA secs Hae Brat wat BS 1 acres wa orate ries Afatoy aaa yea Frans ateet sat a (Cre feet we an cw aoa aa em WEY Gras a2 cw IEA aa fired ON Sac CAI EMT UT a ¢ aura Resi wa | pom yma Ua (42/¢) 8.8% | TOM HANA Mes BA VA AT cae STAR Tra SASS wre “Ca GAH GPT Ta S441 atest FATE Decision to take loan) : TRIG BIA BETS IMAA Wes I ACTA PON Re we ate ta TCL A eet FORE afc ATA PATOL ACATAT SATS A | Wee CTT Aart fetes fami feq S| OO ¢ Aen GH A so aRR COM wea CHER Rea SR Fa Aa A | Maia FARE FRSA GTTOTA ROS cia; COMI wears, aE KE TS sen orone fefea afin Req Wa | wea Ha Yea Ma ete wea ASH a ren Fee afane Pada aCe Atal AT aa. Frac Tide Aree orsIca EET s afebm area a @ pe often AS AT ATCT crfETA CH 1 ara are al oferta Gry STOTT | . f (RO rH-3y ohn) ~w (61) wit Ualnscayor — “aie @ faa-3a 1a africa FIAT (Evaluation of investment project) + Refricny ay io Hat a wer a pe See oe oo 4 Cee ae Be A EPS AF Te pg wt GPRS TI ZT 30,00,000 Bat | aor wT 3¢ FAA G3 FACT rary TINS CaS FRE. as SOT OH HORE FOF a oe Siu et am RTT a ee we 3 STCTON FR Tce BETTER ACER ~ SEH UU FReAR Determination of growth rare 2) # AT, OAT Coreg Xo keen ARTI FRI ¢,00,000 Diet ae L090 TT OT BPS cotce HST ¥,00,000 Bray 4 FEIT wa TTR a SOR ea Fearn gfg ara ia seat apy I 9,08 edd SSI BT Gaat FE cae, Poe eh TL .c TL oe se bares NCePt Of Present Value. ~~~ SORE UD fre com Sar ¥ SoG SIEGE TENS RT | Frany area FARR ¢ FB 73 0,000 Bret ANTS Be, Wi ae FR PRY gay ONS Oe BR BTS Wr aaa 20% eee eine sees ce URES Feet fone we oT ST TT aay am FV : HEY) rT sae, 3000 s000 5 lr One 7 Gros0) = say shause |, Ss es = Rw ru Ort = vainlScaSets apy 309 Gores SFRUN THT ere Hen win wea adore wey Mee aT AT SATE WAT 8 TRE A 3,000 BIRT eIHtER , Wet wry A MRM AA HPD EM WAY (RR ERR SINT TATA @ Fa rac IG OE eT Tes WB 12584 TH 9,000 Brats SAT ET eT yAL Tia | ai 30% BAR TH AA 3,000 Brera aS as WHO. Fy aay : = ¥d8.88 BIT I £81 THAT YUTA IA 30% WS 20% feet Were g TA ATA 3,000 BATA TAA TET Rw we FA SS Ee At wie aera wee oe eed Ted PAD (fee AT m ¥. q : 2 4 . 800 Bit Rg boo ” 0 oo 8 800 ¢ woo” wt Sb commits aoa Ge 9% GAT AAT Sweats TSAI eT Farha sa | SRM am caren Tae en fafa eaew eee aOR fees wee TSH 3 A FA : 3 aura TSA FH (PV) = 22 =no.n0 Bret " (9+.9)' a ecg TSA EH (PV) = oo a Say ETS CaS aie ca Bret Them TER Pew F ocHa ASA FET A AHH OS 1S ASR at sa Vio | outed Aa WATS Ta arcant ea afc Frans aeet BSA 1 etfworcra AHA AM Reea ART AACA ARTE A | Sou. Bist wreda witas yea att “ Concept of Future Value of Money Bie ay ere FEAT are Pate fared we FAB eA Cae FACT wa SPTETCS B faite mace ca am GE AEM CA SICH FAT | AT TS, HL OPTS OTECe USE ees D Recica “teal $0% BIA AA 3,000 BIA CA} GATE 10 ARH CHT GT BS TH CHAS “Ica? alas ara CAE ¢ AS AA @0,000 Tra fren wats ePIC GN SACS OM | LAA Bl DIM TERA PS BTA ANH CT FATS BA? Ronifle Crea Shae yea Vareaet 1 + ards ofaase yen Fefora eferat Process of Calculation of Future Value of Money FG Fa, ware Wl 5,000 BI WCF ASA do SIT FCA GA CAITR | > TAA TT TTS IL? CATA 3,300 Bre 1 WAI BAA Ul OTA So GI KA MIATA 9,000 Bret, SIAN seca —_ ii 4A ——scarmec- win vaniscaae ON fear, sae o faat-93 : 08 ; 9,300 BIT Gee 2 FRA A 9,230 Bret FIA I TA WA | AZ 3,000 SRI ay ‘ % See ES ET Pe OTS ET A Fal WH: | Wo: Sea FV = PV +i)" ate, PV = Sat eH FV = ,000 BA SA Aca | SIM YT (PV) = 3,000 Br rae (i) = 30% ; GAMBA (n). = ¢7@ ase, CITT (FV) = we? at fh, CaS yey FV =PV(I+i)" asia, FV = 3,000 (3 + 0,30)" 3,890,¢5 = SUS TIT | Daas ete ‘ URE BIAS OE @ Fer Ma Vis fei Se Fret Ga Aa, Ui CT ASIA 90% AH AV TF 2,000 Drs wat ACA? : USd = 229 TAT faa wen fefa sa rates SIRS verge BUA BA 90% %) ¢,000 Brat, @ aataa Gry PACHA a BA, 2) v,000 Brat, wv aataa Bry PACT Sat A | Bea : F) v,0¢2.¢¢ BAT 4) 98,392.89 Bt Shears yen ela sa CAAT ARS DaEget BOTA BA 90%, GORA 8) WIE 20,000 Brat fafrcatt ar LT 8 AVA As CHATS, WT PS AI? | 8) ates v,ooo BIH WAR VI LCF IF TE. v,o00 Bret CM at RTS ea ta CHAS PG FS WA? : Bea: F) ad, Qb2 DT a) 5,884.8 TI BAe ARF CH GIFS ¢o,000 Tie] v0 aq Gut Ga sara Ric SGI Fact ere ea 4 TH ALAA AA IAM sae AAAS © TRA ALAA AT 90% Ber PH CHI Cote aw BIR CHAS ACTA? | . Sea: 9,894,922 BF BAR fey ome TTA | fo Or eT VS 30,00,000 Bray aay TAF 310% 2 OA ATA HUTS AU | OA TH AISA Ie OY wy sara ra! ATCT | >cannea witn Lamscasev Rear, ariel Faat-ya ota SAN ANH Ghia ey So We a Ws Sone Fes ar Fam Ren Gt aE eat I i =Scarffied witrrLariScasek RET. 00 was FI, FV= PV (I+i)" gare [FAT AS ca Re Ta yay ww | aaa aw Ca Se SAS ET OS AP FAR! * wai TaN eo Rea saa ar al eteR wen ae sale COPS afore TAVITA A | “| pargfaeat a” Wert | LAs a SPH OT AEA ea | ora aa Ga Coe Shams eT a aA wig ERA Ba @ ASA | Ara : Tir eH sigs Es ATTA 1 Oa ey am Se Yana oe | Seas ST TSI I Oat Ae a were | cae ey ST A Mec ASR | ASA FeO GIA AI Was SHH TT wen Prefs Fat ae AT 1 facia eal SHAT | : CH, 1S Bom Gite Wied | Sare Gale fie aft at CICS Teo feta ace aware aeena tact | wa WaT A afer Ge fafa aa Fat A oH WS 2A Ul ffs ware CitTe LT Ez : ae erCatt FAT A Compounding ws persia oa Utne sen rior aa eat afte Catita AT Spices Beta 3 fs Sat ATT | en Fela saa cree vergha WT a Dergfaerat wise | yor aa erga aforTes aT TRA FA Ws] Aa Gayest BS Aa Varad oe 8 AR UHR Ma GT ACR I A Dera RA FH PACA SAAT TATA HAA HeeGP AS ACA | AT: TCS Brest aT is fetes verghs eT | wedie aa 38 a Oa A TR yafrw We afta ear LawA UAT 93 AA Dargis TA, OLA SITS AHA SACS 99 FH It FATS AA ae FHSS GIGS > FCT Vt FACS AA | WAM DarGParat waa vals Wa, STE de a Sat lieactce facqreerca feret aH: ; i nx, FV =pve(is4) : m m Wat a FCA verges (Compounding) RR Ol WR) aA: afi MAT CFC m GA ATA AA > ae VAIS veRgRTACTA CFET m AA WA WA 2 | FCAA Dargharaa/aA (Nature of compounding) Gm 3 APT AR BA: Y DarqPAPATT TA m 8 “aie (Annually) m=) wtatfis (Semiannually) ( mee GaP (Quarterly) 5 m=8 SCAaMTET WIL Udlllocdso fear, THAR 6 FaaT-T a faut (Bimonthly) IFS (Monthly) HIGH (Weekly ) CAPS (Daily ) ‘ore ¢: THs, SIMS WES aa Tee Ae ees ETAT 30% UG yo, Sean SiPIorT ae Rema @ eH ota cH we Bre BAT Za ae fe SERS (Half yearly), Carmi (Quarterly), SAR : SIT aH, FV = PV x(a om ete, TSAR FH (Py) = 3,000 Brat WAI BA (i) = 90% Fe (Bimonthly) @ aI (Monthly) x SBeR, BEE EY (FY) =o? SORES (Half yearly) efor Crea ofa yey. on FV = 3,000. x 42) ae : atien, z Wb, eS (Quarterly) TEPER Omen Shae acy. | exe : ayer, FV =),000 «(222 = mee ° o a = 3,4 uy ¥ Feat (Bimonihly) TORRE ORE efage wr. - FV = 3,000 x/y 4 230) fee red, = Beas et IPT (Monthly) BERRA oray SRE er. te, : FV =5,000 (3 cso ae : +28 ms yy = 3,000 x3.usew = 9,88Q.0 Brey Aaa + Wl pargfea eT GPa Tea wtp ah US AO BAR stream, Daa, Darglea ar BP | Dorefeea aeagy 8 CRIs yeTs a: mm vee ear 8 SE Re ea TR Sg wire q TIAA ope R : sJ Fe xeTe ¢,o00 Bre REI wTee eR im Tae 38% tea pay 22S Te SE Se ee ra eed ae SA \ ' ocarmechwmnn rai Sca38> EASE US ALTFS 0,000 Trey CHM TTA AAACHIA AT WA So ARCA GIT CHT IRS SRT ANTS OTT 1 GAT TIE 99% TS DURGA MCA AT ATA FEA | A SCS ATT TIF N89 We MT HURL Re AH ATA TAC | AST CHT TT BIT SET SINT CORT CCS ATOTH CAP tft ef BOSPTA FATS MATT? SS: GA TS wo, 008 Brat, WAM TF ob, va BA ea Gai F ata atest ThA TST ET eftat = ws WSR EH fifa sar afrae Gam 1 Secad Bare fea qfecrt es SSS TSI ET AHS 2 Ta ATS aT HES A @ AEA A >,¥8¢.0 Die TSA 3,000 BIST | SAR CTS FET SAT AST WTA THM TAT IS FATS MAS | AT ITA SRST | SRST DERG CREE SATS TAT CAS STAM TU ATT AHTCT TSA ET TAG | 3a Csiisaa TWremis crm ara weds ASAT TET PCAs AA ARICT ue TAT Ie COTNTCS URS SO% RICA A ATTA etre Pca ae OTA TCH COTATCR Ge Ra HTS Dare STS CATR | ATTA GPT CHT CS BIST STAT SCA? 4 Pravetoat a a ApS eeUTLaae TSA ET PATA FAT | s At TC (AAS 30% DUPE A) __FV ~ (+i)? ‘Sfeae FAT (FV) = 80,000 Treat Wa 2A (i) = 90% FRA ALT (n) = ¢ AAA SIR FH (PV) = FS? Bam sca, py eae a (9 +.9) TEE (IBLE ,¢% RIC THR AM) FV PV: = 28,00¥,b0 BF | 7 PV= SCANNeU WILT UalldceON fers, oR 6 ALT R SSR, ERR (FV) = 80,000 BT SRR (i) = d.e% SRS AGT HOT (in) = 9, SERRA (2) =ete SET (PV) =3B? S 80,000 = 80,000 000 JUS Sig, Pv = — 80, ( cate — (Goosyy)* “Seosagy = BAR He, 21S) x Bee oe 80,000 Bet teas OHA ae “9 THIET 28 rouse SRE SSE STR oe og SSA DT TTT fies SR / RA er oA ares SR ow aaa v SSR sea 9) SSR = a 30S GHATS ; on 3 Fei Rares aor We aoe Ree USS TOTES 309% woe SSR ax FE: 3,09,298 Bre 3 rer cart Y | ema 80,000 Ba hea 2 ea OR so TRE 1 Hin SAR Ree aa ly liad ser aren SR OT Tes Ue: ST TE ~ 28 yoy 5 4 eae eR Ure Ost ate: R090. 0e Be OT ay SAR SOA Oe Cay te Wo Sp = BA X85 Wz 2¢,00,000 US a ee 5s ISERTEN HE I Brera wsrg ng, eet ‘@) wre aq TSI we Oe we eee Aire weer SO ey | TOR ARC? wd J ra oe Be AE wet eo ey Foy a SAI ANS wa Fish ee | Fr ater Seq: F) 90,09,038 BIFI_4) 33,0y,009 Brateds ay : 389 werraate Annuity fs | oat ARB FCT OT AAI AIT ace (CHrRCrATE wera AAReetaTe) TAIT per 1 dis FE CHA IAT aR oie el RRTw ene at rare COTE TA Is TAA «© SIT 20 TA WAT SCOT TER CHA AH ATMA a,o00 Brat CATE BM, TAA BAe STR Fe Bra tf at Oa ice aa, af BETA WA RI 0%? 8 IAAT COA RE afaes Cte aft ¢,o00 BH GEM WCF Gl Fal G, CIA 30 TEA CHR SONAR WS Diem MMC ACH HH CTA UA AG | oT CUS @ AA A SIA AIA CAE ICT GT ¢,00,000 Brat fret aete ome AACS OIF, SLA MAS 9% A A AS ATA CCA Hes HS Brew era Frew BLA? 1 PAE L. J Gitman (PIBATR) TR, “An annuity is a stream of equal periodic cash flows, over a specified time period. These cash flows can’ be*inflows of returns earned on investments or outflows of funds invested to earn future returns.” S&S WAN ATT AACA ATA B/ WHERE A oR A etaTA WO ana FCAT Bra VTS MICAH MTesTATE ada Siege Gra Toreicrs wry fatima aReerare SAAS VITA AOS IT AAoa Praferis CaPRiy eee SAT VTA: 3 sratfaranet et eda ett St ATA aae i FAG TATA AAA Si ASS QA | . eT ATH CH, SOTA. RR MrT Fete cAI MTA AT Cea FARE TCA BAT AE Types of Annuity Dread aim ord ofS a1 erry (PRB) afOfe ARE rac EA aT AIO Bont) ears TS cca eae ara wa Baia FSS sea HAA cH -qaAS BROT GIA, Sa, VT | AM: HreTat IRA (Ordinary annuity) TA ABA SGA (Annuity due) | | . fom: 0.9 STEaiba eaTATER STAT SAE (Ordinary annuity) 1 MMR TRB IS AAA we aT AT erate FARE cI cree eHfS AT MOAT FAINT | COA MTfee GIT @ TT ecere TRA CHC corr vLainsca388 iran, amie «3 fartt-y1 atin GTA TCE Goo Tra HA MAT MATA | AG aera eHTAAB Gi RH CH GT Te BH | OF et SET OTA Annuity due) 2 ORG ORG aa 7 2 Of Ory wan ae caf | a8 eT Ta |e EE UN eH eee Mec wa en | SORE | acme aati ef (ae ear) one w “4 Dy FST ANT | af wie ART UR | 0 4 ORR a ET yoy 8 CFT yey pian Value and Future Value op an I nutty om CS FAH exer we my Sam Fut cae sim FU (Future value of ay annuity) | tees yesent val oe OF an annuit TREE A wRge. Vana ant? 8 TERI eS Foy fom 0.9: wage mesg TPH er — ~~ sca Mee nn vainsca‘seefa apne wf eptdaioa TATA LT ‘ vent Yale of an Annuity rece FRB HENLE MA Dra afore thom ae ah att et OT eee ERT I aon EAT 1 amt ate ay enehan etfesbrcay warenr AT ee Sees AAG FAM Sor KG eA eM aT Ae aT fs ferarea Fevfescrs “A atferaril AA, ra ol fata ata CFE a oA RT A KA 1 a wIGlE Cm alee Ah CE ARTI Bo eet ER SANTO eral AN ar ones aoe een te FICS Sf ROT FS WAU Ree ea waa ae ae aw are A “at afd TOR FET FERS PTT ATA meat weargatba TAA FT (PV of an ordinary annuity) 6 an SOAS TSAR FET (PV of an annuity due) ATTA SHTAIGA (Ordinary Annuity) TEA : 5 RA AT Ca PAT ATT: se : id 2 =a ' 7 +i)" d say RA a @yAy= Ax) i" Xe aietat Boab Aa TT R, PVA alts fafa afr, 7 4 a MAY UR @ aeR TTS effoaeT CHS FA Tes. LS doo Tat se FATS OF ARS 1% RA A a TSA EG BS? THAT HS Dra ATC Ae CTT HTS RA? Wat GIA, 1 aE i War yy (PVA)=Ax | aie fefea aft (A) =, do Bet E [ora aa (i) =b% = 0,08 ” = Fer 7 a aa TT (PVA) > yous? (9 +.0,0v) °+ 0,0u War yey, PVA = 400 X = 900X OY = 2,9ne,0 DFAT Scanned with CamScafe, ‘ / fir, ane @ famt-ya fay ABT + eae ¢ tea TS afta Soo UI Wa se Fata FRnfine yo RbC.30 Fa Tee BAT few we | SR OTR cram aq eae I SIF etfs aay (he) Ran eee Rta eat : beg] wy SER va SE Nasi ie > PVA = 00 x Creat . PUK Serato + ogy = 900 x POO X 9 oy = 3,9@.30(9, 0b) = ory, a SH SOTERA aT ey gi ae (Fefta fat) wfira erat Crean ef OIE 7a PrfioeH ery Pela Saran 9 SIG TAT FH 290,09 Brat (g,094, AD - &9n¢, +30) CaP euica | St scanndfehiscawee aT é : 384 fas oH & | @ Aaa WAS aioaae Cie BAA THe LS 400 ral AAT ATS OM | ETM NS 6% VA YC Bale TSA HET SS 7 THAT GS BT SAAS TICS AAT | face WA? | ___ | Bea: 8,980.30 Br | : Gi, STAM CPT ST GRE PP AS GaN Sear | Sig IT HS VT | TE GI, TAF eS ¢o,000 rat eta Baa | AVS TA CM WH TTS | any weds REE Wa YT so Re fife sate ater A ia SECT TRS AS TUAA CYTS Gal, STATA Pal wade Gf comTA wea SOR aD BI TERT eu fra sa BBA: 8,04, 900 BRT —l sare Sat ) AA AS DIS ROS Waa GAT SACAT | GAAS SST ATS FEIT SSAA 20,00,000 DT MAR, WAS TAT US ST Ais Ais HT FHT | BEAR BA 9% VTA eH Tea FSR Se Res aw eld ifs ae STAT SaTET TI fra Ora afarcaa a Te ea | , PPE 2A =. SAS Boaters TRS Bea fsa Frefa sa 3, WUTa Ua 38% WA Gara Brains Tile yea aaera Sara Si eters Tats ST Feret =A 1 BE : F) v,C0,02 DT | 8) ¥,b0,80¥ TFT | - TAN OSS SFT SST SOT Cita Rese SAGA OS Term Oia Saces | / SSSA FS RS TIP SIs CATR | ASMS UNS ASTI C,00,000 TIT SATA AA BART FS TEI 9,00,000 TAT Hi 30 TEA AMIN FATT | SAS WSS BAIT ASTMT GICAA RIA 927% | 7 S, GA THA THI GH GIAT AT Fal Gidw? so 8 oT GATS WIRE SPIE SOTA WIA BA U% WA UM Praies GA AST SS fe a1? GE 4 | _ | Bea: F) @,0¢,020 TIRT_8) 8,009,020 TST SA GPRS SH ACCS AAA APCS OM | ITA 8 AR ALOIS AR AST SD SdH Wa EA ,00,000 Brat | aatd faa. arn as gfe Rone Se ats SAE | AAS WA 20% | ATS STATOR FET CSTMIPATS TSAR MESA SS BIST Ba ANS A? - Bea: 0,>4,000 BAT a > SAM SPAM UM ASST WIA 2,00,000 VAT SAS TS ¢ WN ST SST AREY 1 CTA BAM | SSA GPA As Be Roret SIT ¢ TEA AFG TEA SS BIST TTA? 3. aa opm watts ae fore wT ¢ waa gf BIA GEA Ss Bret ANCA? Bea: S) co,0n8 BIAT_¥) 28,499 BT a Toh BHTS A AS ARTA OFTS C0,000 UIA UA 90 We WUT FAW ATT e a Sera HTT FS? : BB: 270,020 BI! > eu WILT Lalnocsey : . fear, ares @ Fat-9m fq Lo MRa CTE Ley : Future Value of an Annuity TT a aH Pn Rae ety Fig aa — Derterna afea ITH, Tyce FVA = “orga ef, A=ae fea af ita n= fac ; Sate a are UATE ot g } Sra Bh ; So ee a =, oer 200 Bret GRIM (n) =e Ty rae oe WU(PVA) = 8p TRIER ase sey FVA= derox] Otec-s : 2.09 = secon] Oe 2,04 1 Uarmnsca eeeaed EET 380 0.8024 B3,000%X— oe =9,000X,9¢) = @,9¢9 At # 3,000 I FH 9% ACA Rea meet Powter ANIC @ TER Aa @,9@> Bret ASA 1 Om TUT AR, ARTEAGA WER (S,000% ¢) = ¢,000 Brat, As Brat TR aract | 30: eA TH BAR OTE CeCe @ wR oA aE a Face 1 THT CoTATER AeA {FHS WA @,00,000 BI | 6B ¢,00,000 Brat maTHA BAT BH ae AeA CHCA FIC Fh Roatca MAN PHBE IN ¢ Tea MTT Bret TAT FACS Bhs | UfhT ALAA ZA G7 af PABOS COMICS WS Brat Tea Hees Oa FCS WA? sed arat terse CORA whes en Pea AEN ARIA ITH AMT ATS “TF | n conga wfrae a, FVA = Ax cyt) i “afte HaecEa SRT FT (FVA) = ¢,00,000 BIA YUAA Ue (i) = 0% Fela GM (n) = ¢ TA mead, ais flea afta (A) = FS? - ¢ ¢,00,000=A {erata| ou — Al, €,00,006 =A x.¥% oS €,00,000 C409 aA = beso Bis ~ : hie, coracs efeaeR CICS MTN @ TA AAS IFIC WCF vb,doo Brat wat fiw A I a ffi CCH RIA ¢,00,000 TIF | c 1 RS be,qoo Brat For W% AA Rea eM fortes AVC ¢ AA AA ¢,00,000 BIT GM aca | aRT GI Ga AUG COTA BAT WR (b,100 X @) = 8,80,¢00 Dra, ahs Bret MR bungie ora STAC | See eprgaba /afea cron AIA eral EITC ANTENA (Period) ASM VT ST a Fa aoa aes HI STARA (Annuity due) VOCS eT FRA AT AT: *yn sfx eta we wu. FVA = Ax| 22") | | ———————scanneg witn cansea< TAR @ Rat ay do : (NTA, PVA = Wa RT BF ET OA sats Sa if : Q+i)"-1], SE CORR oftuR yy, yA — of oral ti) UR, way URRBT vita yy, FVA= Seon Otsoay =>]. (3 +0.09) : 2.09 bo CNET TIRTS GaP w 300.09 bret ICT = G29 +0.09) < &d¢e.¢8 Bray FVA = ax{ cer = | aT ay : Mat sees re ‘ . i i 'y _ 15Ca ocean ioda pre 2@ | aaa eps FR: HG VATS BIN @ TEA Oey GT GATS ww Dist Aiea, Wi Cr alfa C*ICT ¢,000 ral Ales Fee orice oe ace, ata Vora ae a% lea BA IATA a ALA Bur: wv, 9¢¢ Ba TER TET CT @ A A RTD IGT eT | a Ha COTO aaTATA AACA TACT WZ ¢,00,000 Be | UF ¢,00,000 Brat MaCHA TA BAI aif AEA CHCA LFIC RCE se) Roca Faas HBTS OITA ¢ Te AAS Bre aA FACS One | ai AeTa AIA W% TH, TA ATS Paow COLIC sw Brel wes Tes wr eS AeA? Be: bb, d00 Brat AR GI CIC ¢ TR OM CON GaNe cate aPTOIA Feet Ca | 2 TCH ePoObIEAI IA TAH COMILF 9¢,000 Bret free WA! AB 9¢,000 Bet ART GAT aR ef ee CATE LFIC TIGR EEN Roca FH ies FSCS SATA @ TEs AIRS Bret UA SACS De | Alt BOA AA 30% TA, TAA af Feleos corancs FS Dist Fea Mes GA (Deposit) fs WA? ’ Sea: 99,900 DT . BAR Get CAC @ Tea AR GD aie Ferra 1B a COMICS aweras fers AAC FAUT WA ¢o,00,000 Brat | ae €0,00,000 Fea Gy Bt af WEA CI IFIC amece Beet Peoitca aranifarate FRCS MTNA ¢ es Tae Bra Se ACS ONS | OTT AA v% | 4 - seeenah &, ofS FBOS COTAIES Fo DH HA TCE HA HTS WS, ‘a >| a, af tamiire verge sat a, aff Forece COATES. HS DH Fea eres Bra HTS Aes? =| Baa: B) 4d,e9.99 BAT A) 2,9v, 900.80 tet fafa, eae ae e | Perpetuity mari ‘fe Ren oa ACTA GS TOT aT Gra OAT 1 GAS (annuity) CR. GTA ean FAME | Few fore sor cron FRE CHA CHITA AI aecaa Feet PAE eee AT) acea aemtan 6 fafem wafer A WIS BA CFM A Hae TAA Fal VA I J. Gitman 44 ACS, “A perpetuity is an ordinary annuity whose payments or receipts Continue forever.” BAS Ol AUTH YOR SS a ert foatierst CAT DATS Ae Ores. ABTA mem | arent fio wea eM Frca M FcH CrA Re: do | foxatht afeen ware FT PV (Perpetuity) = 4 Ferg aoa WHAM WO (Present value of a perpetuity) Spaeth sea AFT (Amount of perpetuity) AA Aa (Interest rate) naw OCAaNed WILT UalNscec ON Ferry, ane @ Faa-9 at or 9 di A ean rs ROD 3m oy ooo Brat at fe aa aI a gate 38 wef oA Pat rane ' ARS 90% Fare aI TW, Ord TAN Brats Coal FS Grey Be waive my Rr, FR: : oar, ; SIRI, PV (Perpetuiy) = 4 A= 3,000 Brat 3,000 i= 30% *"0.90 = 0,000 Brat n SIR GNC 80,000 Te fe ten a aa ee, whta-4 g arate apy R : >. SAR MRT oar aq toe eT ORT Faw HH we bey 300,000 Bret | & i oe erTcag 2S i es oe | FO BA som, a Fe wa? Be. y 200,000 Bray | im se Pails Aa ‘SST at Phat ate PARTE yey Future value Of uneven or mixed cash flows Rees wrsay Sere Garay aH se Pea ee ea gy LS Fa py OE % Fos em cee aren IS FV = Fo noo eNO 53,¢00 Bra, 38,000 Bra, >3,h00 BIH, Su,000 Bist 3¥,000 Bret ory rey DIN @ RA CHCA FEF CHB Pe Bre ica | wa ocann@qhircarn ca —__Sede RET seo + RY ATCT F TA FAH ATR OTT, CITE FM w ett ea Shree Fe Pe AACS af, ye Pv, (1+i "+ Pa (1-+i)"? see + PVn (1+i)"™ Z 93,000 (2 + 2.08)" " + 38,000 (3 + o.0%)"*+ 32,00 (9 + 0,08)" + 38,000 @ 40,00)" + 3,000 (3 + 0.0%)" a ° $3,200(9.08)" + 38,000(3,0%)°+33,h00(3,087)* + 9¥,000(3.0%7)° + 9¥,000(3.98) 9¢,¥8E.VR + 34,YOE.DF + 9¢,08U.2% + 99,200 + Sb,00 _ yo,vor.s¢ BIT | a qa MICH ¢ TRA AA CHIE bro,vor.y¢ Brat ACTA | : 98: CAT MICRA MITT @ ae NETS TEA CHTS OTe] AMCs Ae 1% AH GCS DA @ FRA AS IH APTA CHI HS Bis ACA | 1: AREY MIS TAA SHTS WY GAT Fat BI, IS 7 4 aan ara Shears Fer Pref <1 aft, f PV; (1+i)" + PV2 (1+i)"! + inn + PVn (14st = 53,00 (9 + 0.08) + $8,000(d + 0.0%)" + S2,n00 (3 + 0,0%+)"* + 94,000 (3 + 0.0v)"°+ St,000.( + 0.0%)" * = 33,¢00(3,0%)* + 38,000(3.0%)" + 98,800(d.08-)°+¥,000(3.08+)* + 3tr,000(3.0%)° S¥,bD9.29 + SB,08U.0E + 9Y,ACO.RW + Hv,WUR.B + dB,880 , = norov.b TT) a} a TRA ¢ FRR AA LA SPT AIG do, QdY.b DIS ANA | 44 afrote af awerat Preparation of Loan Repayment Schedule afacana aie aAce Feface Ve AfeCATCLA ZA GIA afST Fees eta ATS ace CATATONCS CHANTAL BE 1 VA “MHfSTOMTHA VATS MATATS Weta FHA (Inszalment) fe afte, ad eas, Tar ae MPT FSFATO WS AACA | WaT APTS FS OME Fife i S Gea CHE CIMT Fal OS AA | ATIC AFCA FoR AIT TAT ae SABIE Fea 8 A (Interest) GAR BAA (Principal) PEN aCe | Tecate | = G+ oP FTE (Lenders) 4 APACE Ao A CHE (Loan amortization schedule) TTR Wt Pe afr ere Frcs A Ae ATT ae ST ATR wae ACT aT RTT re aig, et afreneaat wire TKS TASES wet AACE wIRREEE ATT AUS fens Fares A cffeed AA AAC SPT ACCEL GTA AN QR WITT et Neer cmon rca STOR wera FR A FH AACE RA wT STOTT Te | RE Rae oon iB BoAH ATS RAH FCT TOTO A | , 99,¢00 BH, 38,000 TI, 2,b00 TIA, $¥,000 BIS @ dt,000 DIE] GA PALA | Bia wares are) AafReCw a eC CEN LA TH LATA MTR TTA TAA | Scanned with CamScata Ferri, area FaaT-y 5 ofa ont Ts fies afaate faehy Calculation of, ot ae ian 3 Tear ate aca FH AeA Otc Ga GETS etm = SERRE STR TIA ACT (PV of Amity) WIR ag | 1 ’ ja FH: pyc — f+)" = 1 SS, A =e fala fame PVA = Sta fast Saks oe SEEN SA sew cet srr BEB: PVA <4, coe (I+i) " rea 30,00,ee iy oe Me TT Fa OAT ¢,00,000 Brat #e Face wa | Wee fewer PAS AACN VATS AA | Wes Vea LAA AA 28% otter af 9 sea aor tfc STOTT aOR faite aan ‘ : — iy oral GIR, PVA =A (+4) m 3a Weta *feaTT (PVA ) = ¢,00,000 DFS, aT @ . =28% TRA AIT s(n) SR afte feta eet (m) = dQ7 _ ais Feta afar (A) = Fo? oa y . oe d= ? . sey ‘ial: ¢,00,000 =A Phe “88, ha W,¢,00,000 = Ax Sv.nduRo ¢,00,000 ae de.psope A = 2,809.08 BA £¢,00,000 Brat et ARLE IT VIATO 2% ALAA Rea MPT FB Qv,80e.¢8 Brat Ne ony fac FACS AA | 34 ate wees mAs SPA IACTA HT FIC TF KS ¢ AAA TT 3O% VT ALA ‘ko Bre wee Fcc | eT @ TUE ATONE CaN AMAT FeFTE Wet CAN TT aft po? te ACAI YS AES FA | i+i)" i SDR HR, PVA = A. Scanned with CamScaa ON seu iran, aes, 6 fama 47 SATA, FET AT HARTI (PVA) = = 0,00, 220 Brat ‘We (i) = 390% RAT HIT (n) =¢ 7a “aR FoR Mt (4) = we > ye Gtosae FTAA: 300,880 = A x — Stoney 2 Th O84,RR0 =A xo,eQ9 228,820 eRe | W.9¢R9 A= 298,220 Re,cow Rab Ry 388,094 bu, pus ota \erhare Ae Tee ay \ Bre shom s RE E, A 2,000 Bat Wa Fa Hy ORL AOE Weta ee are 1 Ben TH SIRE SP FRE ws bret mee 88% eee a BG: 2v,80¢.¢8 Bia Soo Te aT ETT Aa ae ee 3,00,000 Brat wet Fricrce | emm® @ een er ene wee aa a Saree FE MLO a es Ber: gd,r02 Brat | Stanfetwitn vansca osweds sore : sea CPT HAT CRC FAA BA A CAA Rs ORT EA ACT TH aha a ery cae HMleat aR a Ie WM v: SI=P.xixn a FR IH (Simple interest) P = 3A A SPA (Principal) i = IAs Ba (Interest rate) n= SHAG ACH (Number of time periods) A AA CHC PARTS IIE FANT CANS gen Feta sat UTA: -> = P+Pin a . X, SIRS 30% BIA © AAA TAT 3,000 BH WL SA ANAT 1 SAA 6 OF a TLS CAPS Aa Te PAPA a SHITE Tey FS RA? * CHS TS GANGS HAA BT @ BAPTA AT SAIS eT - 17H (Simple interest) = Pxixn : 000 x 90% x > = 900 BIRT SP GS FAA A CIS FAT 9,900 DIF RA | = P+ Pin BE CR TCS GATS HA BAG BATA A OPTS HY - NH (Simple interest) = Px ixn 2 = 9000 x 30% x 2 = 200 TIFT SUT ecm AAPA at URIS TT 9,200 BA RA | P+ Pin = 3,000 + foo © 3,200 Brat Sy Mee ATS HH HG BATA SMS FH - (Simple interest) =P xixn ie = 3,000 x 30% x0 = 00 Brat SPR ea re at FI HP 9,000 DP | na “ : 3,000 + w00 = 3,900 Bt SCaMNTeT Wit ValNoca. yer fava, aylefeg @ frt-y71 fay ah ‘Compound interest) + FAB ara CHC Cree w I ' (0) nee Cnt FROAB srarcar or ar far at AT whee Trg me interest) WOH | woeica ARB >rrHr IeICE Co] TA CHO AT AT AT ay am UK Weis FAY OATS TF, wo PT, w PT, SAT SD CH FR ay ‘wary WE (Compound interest) FR Ye a ‘ : Wve Cl, = Pd +i)". p ‘ +g Cl * sn FRC barge Cre oft PsA BPI (Principal) : fs DURE CAA Be (Interest rate). 3 55 n= NCA FRAT (Number of years) : a DaTR yp: SALT, A A, eT Te ew aIRRee 30% BIGH.3,000 Bier tet are ay PR WA 9,000 Brat, 7a. c OUR Ore Bagh ar Frome ang Pees, Cl, = PU +i)" _p 3000x (3+40.30)° = 3 oo ( 30) 3220 = 3000 %.3,995 wha Re : Waa > Se SHS Re eT BT SOT Se AUS FH FS? BEA: v0.00 Be Re 8,000 & [ore alea ¢ er Gray WaT haros 3H fit wa | Ban sea ccs gee” UTR cm aa ew eee ‘warns eH Fach ea | a, wef Fafrcara coran erate aeacoR PreTce cn wine BoA: F) 8,0 000 Bret (uoRA CHEN SRE te AE I t) rgeHetal GT Frere aferyer xeAT stained win vainscawefa orn . . dep pigrerence between Simple Interest and Compound Interest ge TS DER OTA WG eer Sema A AM : HAT BT (Simple interest) Darzi FA (Compound interest) wea Pe Greta aq Re aa af TA UT at aT wa UTE As AT | Fe orn ied @Tee aM SPI Pitch ye eH aries Bare Beta raeeh aE arc ca an ef eal A OT berghei WA | A = OP Xx BCAA Sa x ‘wells Fae I, S1 = Pin GAIA, P= TA At aT Darya TH = EPCS PAA | | wdic var afta, Cl =F-P IG, P= TAP a CHS TT i=, P= ar n= WAS ASHT Regs eed, oe We | Regs wed sar oT ware Raa ser eA et ea | Denghacw BCAA safer CaP A SOR FAH aT BCAA SCAT Ya | Aa acy bergha ors Ie CAM wa FA aT Te CHET Ea | Tee Wd FAM force ae eT Zor SARI FCAT | CRA GF ACA SICK ae WU a wad Sra | bade yn Sr @ TMinahie aT fois wea Freie at AI afimnt Corrs Bera fefe sca stat Fat wt Wl aa, Ue X, Yaa Fev KS aK y0% Rta >,000 Bret wa are FHA | AACA OP BA d,000 DT @ WUT BA 20% aR IAA afeatct Ba (9,000 X 90%) = $00 Det) Wr 8 OPT asad FAP s,300 Brat aa | FST weAG TH 3,000 Brata Bora WH AAT FA BT, wea BRA aR vafSrwy FA IH -| (Simple interest) 7 ZH | ‘ Hl WI, A. A, Ba PaO Be ANS C% UA ooo Tt VF aet BaAT | QUA BA VA ¢,o00 Bt Berd AA e% GR AT AA CE BETA oft RI (¢,00o X ¢%) = r¢o Grat 1 H 6 P 4t0m FAP ¢A¢0 DIT WA | ATT AA A ale @,2¢0 bra Goa fasty TRA BAT e% BNA AW AA FA A, WA WHA as oreferee veg A (Compound interest) Tl 1 Sor aa fifa Calculation of Interest Rate be ot 7H irate oe 5 AQCAA GAT 9,000 BIA A VI WAR | > TA A GAN CHB 3,900 eae | aie AHA IA FO? MOH TOA WT d,000 Brat ae CIE JET 9; 300 | ST aa Fea gare wes eH Fea I ACAI ATS ES | | q | | carneu wit Ualnsca/ fear, aateee Femt-3a ota dbo tet atxet OTR IO By oy LAIN BT © TEA BAT 9,000 Biel aq Daa ees Ta: srrat HSAs 3H (FV) =PV(1 +i)" ear, TSAR EH (Py) = 000 Tat : GRIST (n) = 0 TR “ FV(FV) = yooy Bat WAI (i) = wep Ja am sR: 3,889, = 9,000 (4 i? +i? = 228 3000 B,.O+i)? = d.90 = WiS+i) = (g:903) ” AL +i <9, 56 Uae = S508 i =0.30 SEM: 3,000 Bret ait ered arg cd ee ea 8 9999 Ren eae era Wiria-s0 ‘aire Wee aR rg peel X on oe ST ooo aS ; eee Tht RT BET O7% | * x [ene Re RA (Effective interest rate) fey 7) ENon% : 8,pus weds ERE CAA ACF | s cfs FaPIcaI RUS CFS? 4, IAS REACT TAT Treo Peon corr GI arM aa fer za Ft aT wT facta Al 4: %) 36.20% 9) Uf FCM sa Bibs | oe . pargaaatt cra Rrcigs ut ws % yrs aie fet AA 72” T PAE - 9 Ga ATCA FAAS SATS MAR | Rule “72” aI Fafa - gg aes afte CCH CTR MART FRPHCMMNTGE BE HE TEA AH HT % UM for Rea SH ARAL aaa GMIACE FN | James C. Vanhorn (SA) 4A WE “Rule of 72 gives a good vmaxination of the interest.rate or the number of years required to double your money.” QS BUA As A Tea RAT fAcfa Saew vs ag wT MAT COT | (At what interest rate your invested money will be doubled?) AR: fH, Bara savers fen SIC @ 00 BPR b RETR) ATA 13o % Be aa feet — l = fafa - a2 aca Fea, io ae HEMI we fees Roum "ora BH j= == 4% Rafe v9 eH coo Brat AREA OM A | MAI-29 : ART a.2% BA TO oc BP SAE eA ORT Ma | or Cr SaVid = d0 Tet Hef BS Yo OAH RICA Ut WA 2 a ety Baa Rule “69” a fae - Ur GA AACA ACS AY Rule 69 A A - ww zacs * Darga ata CCH GEA fT TEMPS wef WS ACA MTS % BUH fst za wl eta ea coilsiercet FATA | Cere-94 ay-9 (#) | ——_———=—eeStanned witn Lamsca~ : fram, are @ FaT-yaT tay BATAA-RO : AL FHA, TAA GHATS. C000 BF 30% SEE DOE TT ro ANG 1 FS aaa Be bra fet za? TEAR Rule 69 AA} Wa BA eaa BE feaa aracw nfs : >. feromtge we gro aaa feet a? (How many year: will it take to double your money?) y MAGS OL TS % ACMA Rea fod Aa 7 (At what % your invested money will be doubled?) AES OOS gee €0,000 Bia] & RCE BT SAT aT | Fe Sa ake Ret ee ace wear Rare aw ey Tata: FAR - vs errata Bea, age ad Riot ema aE wa, i= toes yb oiee =39.040.0¢ = 93 bem BaeA-Re: TAT 4.9% RAAT » A 5 Oe eae a a ams ee Pee Ba aa | Se ber ao a: Rule-of-69 WR - wy eet aa; Feros wd Ret gems crm,» — & = —+0.0¢ = worms Gas Ae >. | Sita ware seep Brey aaa feet Rar Sea ny 2 | Be SIA iE Ro,000 ial | SRT Say We, ht Tes wearlehes TH Sa Bon ge 304 Tie aaR shea YoTA Rt Nominal and Effective Annual Rate of Interest . WAS aera aa weew seer HIT FAC AITOTH WT PWT TRE ey L. J. Gitman (AGT) A, “The nominal or stated annual rate is the fontmensay 2s of interest charged by a lender or promised by a baer ower.” She FIT acy oe watt aegdiora ace phere era aA | : WA FPA, Stall Ce hs IO 8 el wae Ub) Fhe aca ‘eat Race TI MIROSICA rer FA RUT CIES 4 eek ol ea raiT1SCa‘sea sone ae git HE 30% FA > TWA TT 3,00,000 Brew wet steer aRcATEE | waHRN =U TA 0% | ' 4 ATA GA (Effective annual rate) Vs AA QVor pea CM RICA FA MATA AA ACE Lf Gitman (OWA) 4a ACG, “The effective, or true, annual rate (EAR) is the annual rate rinterest actually paid or earned,” (RAS Wawa BOTA BM ROW AM OTA IA AM AGO cay Fal BA A SHES = |) SERA CFT SUPREME (Compounding) TSA aes | hie waa reife TH Hal UA, OH. AHS Ae UTA aia BR ti | fore mafires Byer eTeaA CRON aaa aR | area Be Ba PAPAS ACA teICED eft at ZA: if” As: EAR -(14) -1 =) mR i= 7ifte BTA Ba (Nominal annual rate) m = Dergad ALT (Compounding frequency) Rb : CARE TIATS DH ANS ALAA AA 20% Re Bsa LAA IA FS Be TA Br PAT afte fefsee (m= 1) 2 wdafis fears (m =2) 7 E o, taaifie fiers (m = 4) a (Annual) TO RERAA CFE ie 2,30 . FAR =|1+—| -1=|9+——] -9=3+0.30-9=0,30= 30% 7 m > ¥ (Semiannual) pergfnracta CO i ‘t 9,30 BAR =[1+—] —1=[3+—S] —3=3.308¢ -3 = o.sore = 30.20% m 7% (Quarterly) CRPAPATA CTA ocalMeu WILT Galloce38 ETS |e. | frat, alee fAs-y57 9107 ofits R ‘aaetae ere wz waht eq xX SR SEH SETS CRATE GRITS MADR OPT AAT Fe Dra ee BAU SAH ANNE Ora | Baal Hew Heer Bera 92% eR Daa ay Wi Bis (39.0%) Bernt GA RearT Bria BTEC eat | DST ATRL Tees So SRA BAU 30,000 UIT Wl FLACK | ory gel Garris foes WR I Ber | ate BETA Ua we? Baa: 2.00% | TRE 99% sie DURGA I MTT BTA LOT GC CHT CT ater ? 2 Saat TC OF ete ACTA Ta (2.00%) BAD eTecaT args ORCS Bret era ata BBS | RAED ty re Heh a WM eM! seer See ee aN CRE EA Ae aq era Brest aa >. ART ra TAS a Vo RE aa | STOIC Gl eRe aR USS aa Bae | 2. PB Ura ARS wa ee Rey rag Te Se sae ATT FATA | TELA SAH aq we. Premiere So TRS aH ae Meas | aor arieat 7 a a free Sora eee eT Caf Row ote at | etre eg TR Wee ¢, Carat burg WH 9% Ue 3000 Bat fey uth Grain pas ate eae A, GFR ofa ae aE OTA AR 4% | From ea zy, = So ari eae Bar =(14 -1 7 0,09) = (24228 735 d.093a-5 i = 9.099d-3 = 9.909% scanned whi Cattiscasee "+ PV2 (1+i)"? +... + PVn (14i)™ ATS AMAA SATS we wat at Fafa Fat Ie PV, (1+i)"+ PV2(1+i)"" +... + PVn (1+i"" 7 ret SERB SATA EH, vA eof i 1 woraiba LSA FT, va = Ax a aR SOSA GATS TU, FVA = axoea—t “| a+" waits wire ye, FVA = ax or fi sermon neg We, oF cu en ates Farr Ft 1a +i) < \oxm, rvepv x(t Ra oeftirara aa eacta MTC TSA Fe Feat: | | ocadlineu WIT eoccdi) “Ie TecaH Fen . See a TO THE We A om | dhs crea ey aSarH 3H (PY) SRT oe wT Fy STV R aa ae a Lm ar ee Fa aT BARS eT (FV), Sage 8 a a ee oon) a BR oer apg et ete BU Ae Wa ANCE Cy SA Fe TTI SOE NET Ee yO Sm ACS Ba | | avd tcoics. . Whe oe 348 ale Rie fami 94 (arcana) cam ane am mR ae Cee PRIA A SNC CaS ee Bee hem ea aa eee Br TA TA AT GIB =e a fea Peer Fern a eet an mn et PTR (FV) 7 wal SOMME ICT wal imk Wal oar ea oy Garren RCA ie ace ATE naa eter em A | ara aa vaReaaTAA CHR Buea ACTEM AM ered Sa 1 a safes, Umit, fentis, are, male, tie ak ame Ge ae m FITS WA . eforea] aife Fei/ ater Fee tame Fee a af for ara oa aa aa) ais aT7/ ere] aS firm a era +e Bee COE MTS FAS WA CL HT SOAS aI Sew (Annuity) BH 1 %, ofS qea/ af aIcia/ af mene care FR afd wd oe a mA =I A Cerca Wha OTGAEA (Annuity due) i ACA FATS AA TAG aS Fea] ahs weAa/ afs nfecea/ afS nema ecw A Cid FS wen AT ales eS Afkaces cies aa Wa 1 Beig MleTat STGLAGA (Ordinary Anriuity) 7B ARMA FAS AT 1, RIS GR PR BO oT Beat Ras ar ANomf a ACTS ST wR 159 Face Gad Sra wat FARE aft wd news af aea/ ais fears SA as ad Ses Gal ae RA A ad Ge ofS sea tc eae Serie face Say AIT ATR SOTAaioa STH LIA (future value of an annuity-FVA) FA AA SATS 2A amgaiba wins IT CFE i G) ace eoRRiea fen Fea oem (A PMT A. 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F.3,99,89@ BT, 05,089 BAT 4. 3,89,968 Brat y, ¥,90,030 Brat oa Re BiiseB op oe va e ve xe ~Stya Daa Aes. = Basis ¢ er a ae a8 tele aay 90,00,000 Brats wate OR hy sas PM 10 FFT esta afi Te OI FREE 88% en a ATCT 1 18 hes ate or Ceaser ae ay: Bret oat sare *. 49,894 4. 09,899 ° 7. @,9%,829 N. &9¢,82q wife Bea: oN bb 1 ORCA CRT Bret gy fray, aree @ Raat-pw tat Hes ca ter oy siita? i +. vate oy CI ay 4, Pea aa YI ay Oo Tr ERATE AY ae Wy 6 aon, Bea ates fie oA aOR rece we 9,00,000 Set aay FIC | ad Skea aT ¢ aR 50% a4 Hata | be fis ora see BAIPS Breve SCAT tH StaICRy SORE Tat a? _ 3) tera TRS She %) ar aR fy 9) Gee ang %) Ret ay orate . = (BT @ = coe 6 Bret ony ®) ded,0¢5 Bret %) 3,83,0¢5 tre 7) 3,40, o@y tret %) 3,¢0,006 treea) piesa ofA 101707 “7. -on a Pros fer wfte ee we ot 8 2 (0 BT AAT HCE & TAR TA 30% eA Tat aICNT | UCT AG GE MAET 5 rR AA HAM Her Ce CaS TN @ MeCN FHT TBETATR KA TAT $ ype, 27,002, 20,000, 22,000 © 2,000 Brat | wifscea aE xfs tater fires wUOTAAA sea oT OF FAIA A CAH OTT @ TRA CCU TEA FHI TIWARI TA woj000 BIA | Bes SHS VA DN% THRE Sa af atest sac wr fica PratwsrwTT SCT | GAA FU FS TA? 9 fa wR aaa FHT Uae Claas yeoTa Bra A ers ECs wt TI AR 5, SRC Ts SIGS rds Clea yy ffx FAO wiaCes CATA THUS CaP AOA wl acstat FA |B ; sara ter La Fy AICS CITT AS AA TCA TICS THT Fe ea Sea ee ; Fay a ra I, SoTeRA ate Fes cae FH APH CHT STR A SIS Pre rae am glee ae HAS EEA AAS BH AT | sae FU eotg Ser ; trea agers Gage eA OTS HT AA: Ta eat, Fra = PV(i+i)” aati, me = 9,00,000 (o+0,9) | PV = 9,00,000 BItt = 5,00,000x9.¥90@> n =e = 9,¥9,0¢9 Bret j =90% = 0.9 la PRT 9 BIT | Meee gece ergs EE STS HT 9.9.00 . oe Be Ries aragerom ASI : OC GIG rae Fed scanned with camscéfra, Tehee @ freon a dbs SFC aes Bar , Fe TT OTH BH BSH TUTE CR ce 7 Pfs ae a | UA eT : ira at . EV. EY. ater, SOURWG, PV Og ee f il (sin FV: = 3¢,000 =W20,000_ _a¥,000 +4 22000 _|_8¢,000 28000 | By, = 3b,000 Gt0.98)9" (O40.99)8* G4o.098 (+0.38)8 ™ (st0.3a)¢ FV; = 20,000 = SOPRIVRR ORS BOHE, 202. L0450 ba REY. S04, Uy FV, = 2,000 =bo,pne.¢ BT | FVs = 82,000 i =32% WOR cites aa: Sra a, ATCA, . Wa Twa yy, A = 00,0005 Loh : ie ee PVA=A x asin i =92% “Rie = 90,000 x o,vo8qqy = 3,00, 980.25 were GUAR STE WEST GREET ay d,0b, 380.26 Bray ss 19,389, a area We FH STSCI FHT Aw Cafe EEE cry gaabe TH Bh : Bee ee OT eR 3,00,000 Bret eames | aaa e : 80,000 a i BA 92% x Esser 50m eg TER aD ee a6 i wy & ul TR GR BAH Gee v.e% Aer wre C Bes ce Bre ea aa wl fea Pate BACK | SUR Fees Ga. sie yore a fi cate Dag me AT a ; CAT Brg 3 R oes eT Ce oT RAT A | HI eT a aera ofrera RG IA | : : = aa : A. =3,00,000 Bret n eam i =92% > > Groat 3,00,000 x | — sy 3-0,0698 = 9,00,000 x S| = ,00,000x9.voe i = 0,0,¢00 Brat Uh fist ceromfaze TSAI 0,40;000 BTR CS | + STAMMNEU WILT Lallacafier, TRF @ FaeT-9H yy ? wags Be [ Sree ea Pa a et ae TH (ATE 92.0% DEPP H ATA) ee ati? SRI BTR FT (FV) = 80,000 Bret 3IRA BH (i) = 90% FRR ACH (n) = ¢ TA WEIR FF (PV) = Fe? y 80,000 Jw era, PS Gane = 83,954.90 Brat | FT Te (SS d2% Rta bePga BEA) PV= ” (4 8. Bera Ba Bf corer era sae Fea afters Bora B eters. teraz y a AT BCH He Dr Be weft sida ALE RAT é ainiscaweds RET oo at SICA HATA TTT PERMA cL a co ral few AU fe a wT FacaTs FH |B saga Bea or Bree Cora FAME Ries eta IT at RN WIA CIR HA AT TH | aides Bea from CHR WOT PTT, eae eg ee cee eee yaad wea HR Fe Tee Er toe te x AT saga Ber aie A BATT ia THAT, PV va A=2,000 Brat 8080 1) 230% = 0.3 o> = 0,000 Yea ter 5 a wiTS ET, FV = PV (1+i)* I, 39,00,00 = 30,00,000 (S+i)* '30,00,000x2) + 9,00,000 wows = EES aoe ae I, (+i) = 20 PV = 0,00,000 Brat : : a Ao = aye - A, Si = 3.9030 i = 9,9030-9 ‘ Ao = 0,239 71,34, 0% wh aeceH OC AAA 2: ff: ora wif, ' forgh qua war , ocalineu WI Calllocdfra, aie Feat-ya Fa ooh a Ls aay | A=9,20,000 Bray _ 389,000 : @, 30,00,000 = a PV = 30,00,000 Bray hi * _ _3,0,000 ~ 30,00,000 ) ace Fare fconteeba EE Cove BY UH Sa Bie aaSea mae : sue > aR = so 4 aie TAGS SH 0 aE oe a Fete firs SARUS Le ice afeata ae fea wha onefars Rcd | ATA ge ce AR TIRE ee af ta meta aoe fon am eg HN fara TRS fea SHS yey pa eax fet oa i (+0.33)%-> STF PIG] ONT = @o000 x|"— S53 (340.9) A=€,000 BIRT D.WROBR-d = 000 x BSS | (9.98) = C000 KX U.WEAWE KDB E = O¢,C9¢.du BIST Hic 1= 32% = 9d : = €o00 x|*——G sQ [sesants] eT d.AUROBR-d =@000 x|——G 53 = Co00 x YORE = 0),448,2¢ BT Mle aaa ate afer ofS 8@) - $ SAHA TAA : . moOoOwoOe eam BAR RR wHd9.99 Bie (Oe,e9e.de- OCANNeU WIL Udllloca| RRS PE Re Se a eR | SETA ere FRc REA | | eee a 20 OF EN THC 3 IRR Dae Se | Al GTRTRA | AIFF 30,00,000 Brat 100, Fe sah sree eat Sea are Go j Sr Re aH ee 8 He on eer g ee SRE EH | ahh ace Be Fotewa Boe 94 % GR SEN AG 0% Berar nee Ee ea as a ee Fos ate Om | i : SDE aH se y a SD oe aes wate are aa 9 +. SCH aR Te SES Udy FU Prt aq | x Sore a a aCe ears ae Seen OTe aes oricre CTH ISH cet Sat Sie, ORS Otay Bay ARE oa °C Fane 8 oi: fe : sa at STE oe fire frre re ae, : SSH SCE | ater Racer SERGE ee cer ag pT Reg aoa, FR ets Bey, ‘ara ent SUSE EV py x (dpm ‘eet PVs = @,00,000 (+38)po09 is es o Fae rey = €,00,000 (d+0.09)x¢ NS 30 = 0:28:00 x vcoowndie | may “= 38¢0,390.¢ Bre Ime SN ARE EE AOE py, “4 aes cfmed win vag of) eedeo =A X C.eGORVWe 20,00,000 E.WGORT = ¥,¢o,rbe.2 BT TF 30% FT Ra TATA TT a es 1 PVA =20,00,000 tat [: ii f i =~w%s0.30 = Axl] é n on St = $ N00,000 = Ax eased G+39) %9,00,000 = Ax eS] (3.99) 00,000 = AX E.8AWWY x 9.90 A 0,00,000 . A = Vvereer i ™ = 020,998.06 TIA : : ey CR TRS fe enfea caTA GA TTT IS oe Fa OBS aa GAN anew re afiatd 0,co,aby.2 DFT UT WS VS a8 Ws GET (o,290,398,00 1 J 5 Scanned with CamSca_ fry, aieee @ feat-37 par wae TAT FRR AGTORT ON Wea VAI TTA HF FCAT | FEA af ey , 20,000 He SEI HER SI 30 Te MAN aT HTT FON FICTTRT 1 eT pf eh | TR AMT CTT ATER PTAC RATS AEH aM Free se FATE | GET ¢,00,000 Bre AeA ACT UW @ TEA CANT | 6) 6 a Bre fers ARM aes ed Pree ew 1 MARIO, THES ane Foe OF | CSR CEE OR STOTT TIGR CTS Weta FS aft ars ay ORS We 4 Fem FARA fae we y9,Yo8 BAT | FAR OER Be » Care re ee ar ETH a ea BoA aan 2 SR MMTAG SHO SRS Bh Te Gey Fey seq lo 3 ATI AMINE Re A es at BS et Race Se | 8 = a,[ es] 0. .0¢bBb-9) = 3000 x[ 8eReae | = 30,000 x 34.¢8r' G00 Scanned with CamSca‘sega rT peo = 3,9¢,869.09 Brat HAR STS STS ATES CAA SATS ET 9,90, 80-9.09 TH | aatct PVA= €,00,000 BIT i “= 92% m = n =¢ ia = A= (alte fetes aifett) =? > oe (s+.03)¥° soso = pe (9.03) 3-0.¢¢0885 x | —————— 3 °° 3 8 W 3 3 3 8 Wl | (9.03) Ax 88.5G¢9 x .03 ¢,00,000 =8¢.808¥e> A =d9,092.05 NaS aes zee es ter Sar Fehoa aftrtet 4 93,052.08 BIT 1 SeAITE, re PRs ae area eae Fafea aa RA 99,608 DAT | SA TAS AACA ASTRA TIS aets y IRs | 0,05 do weraq, ora I 30,000 BM TA GATE | ACTA RIA 92% 1 TWF wv AH ee A ae ce FD UTE CATR | TH RU ; wag sat FACS TACT FO ae ae ore BE GH CHT AAG LSTA ae 1 arr i rar feats 8 @ wep ercore aE 200 BAT AE | _ @ AEH (9-¢) MATERA 300, BO, 100, 400 Og Bra sree | MS ota) (#) i 00 BA ARF | i OCalINeU WILT Lalofern, TR @ fara te a8 : aC Tea BIG B% % Thread vate Ft gata? > a, anges RO AAS BH wha TATE Big F aos A, URS 30 FRA A CATED Ties AoE CAE Tw Brat ata? w RSI CHA UTA ateet Tat Vibw wt Feat sa 18 FRAT Ty ae ta é . SRF ats Bag ARTE as wea SR en ate efemce at I RY aosg Beg : STURT FR; OG. ASAT EY, oT, TOR 2 Pe Gace ara ae » SOT IS awe SRR DERG HEM SAT SATE TET SATE | ¥ FER TERRE Te WD SISNET ar Ret ots Beg Ira ath, SPORT, FV = py (1 +E )mm enn, PV =y ™= Soicoo ( + Fhe 2 ee bret = 30,006 (soy) “fm zg = 30,000x8. 204304 n= 30 ae * ©3093,9¢ Bray RRS 50 zug og PTA Hes ey e TRY eteta Bay Pp 8,099.08 Bret sey 1 PF ERE a tee ey 7 a RSP TS ay fay Ser (i) arral en, 1 ‘ - —— ete ¢ ORR aSHrF WH (PVA) =A J a as Hd oy PVA =? = tn varmnoca ocannSede TET one > > (st.09)¢ / = Yoox —Ct.one 30 | : ee] = Yoo x | ———— | Ob = oo x o,brovee = 2,983.9¢ Bret FV, FV: | FV; | FVa: FV. ey = Gant Ua as Ne Gs 9300 OO qoo too, woo * (Q.08)> + Gomer * Gone * G.on)8 * G.oa)e dood + b+ GBD + OCB + Sve bea Bret i) W, PV = bre Tat : om — eer (i) sree Fat VBS AAT WTR (fi) gH THA HT TVS (|) Git) a TRS CaP 1 ‘ Brat Vt Stet WAT SAT eon 32% FA ¢ TAAI TA 30,000 Ries sary ates ae Rc ACS EA | AFTRA A RTE A Te FARIS come ere eae HA APH TATA ATH MT | RS CT A SH TT fafa axe arta are FTAA - eed 000 TIA | "eorfins cea ara 96% | PRR ay 5 at \ "fe oven dare FCA a 3 Fate saw Brat act CMT FACS WA? O Say ne Fe erce AT TITS WA TT FACHNA H | 8 Wy, 33 oia)-y (a) ; : OCdINeu WILT] UdllocEe ~ fran, ares @ faat-yy tq deb wa va goat Baw ' : | SRR a Fer en xo Rone aT Fr oy wl | TARY cots Bag fami gee Sar En Frees fey ea at: A . Pv=> QI Pv = fiat fen Tes ye A = fret afta tend | i = We ba st ota Beg : af fire Fe Dra eee oon eae a ot SC ATS RE | SI OY Feta ergata aware a Gif, | roy. SITET Sorae Ear aT (PVA) =Ax —teie PVAS 3,00,000 Brat > a =e “oa i = Tdooeemar| Gee | [lan 3. SI, Sog,c00's A x see) I, 300,000 = A x w,voBaqe 3,00,000 0.808 99¢ @, A = 29,989 Treat aA= vay tea Bar eres erat Gen fea wFaNs YH Fe 4 | aie ae A ara orf LF ota). h. Uainocawets FET apd foo TH, FVA -ax[ |e, +i) me A =d,000 BIT (ot. a => n = = 3,000 x | ———— is @9¢)); 250% eee FVA=? = b,000 x| >| (9.9¢) ~ = b,000 x ¥.9@098 x d.9¢ = 80, ¥0d,92 Bist _ asin] se fear a, FVA= A i A =30,000 BIST (o.s@)? > n =v = 30,000 x|"— yg i, =3¢% ‘22998089. FVA=? 30,000 x|——s¢ 30,000 xb. 9098 ay, Weo.vy TFT a qa ¥,005 000 Bre SAT FATA | HAST Brat FA 30 TEA NAS TAT FAAS | HAT eq 9,00,000 BIA] AAR BA G Yo AEA AUTH 9,€0,00 8 i) cers wee fi) afeqeq 5,20,00° iii) gar yy TA OIF brett eseoied eat A 92% 1 POAT AMM TC Lo TUAA BAT 3,00,000 BA wre oanfereaet |e oP A A TATA HA eed, AAT AEA ASAS HE TAHT A |S qarate fer -. aaa 1 WA GARB TEA Frcs Ge Bist GA AA? © Y arr erarats are Bow wi Facanst wa 1B OCaneu Wit LalnscaArar, ae @ Rateye at ae ee EN A RS egy SRUCTG, EV =Pv(1 +S}oay _ (: +3) 0x8 3,00,000 (Q+08)¥? I n 3,00,000x RW.08daaH m.. 82,08, d95.5, 1 a PVA= az > ——— d4.93)30 ae 3,20,000 x ¢,ueoage x 3,20,000 x "weds TET = ¥;9b,029 TA EVs) FV A (iti? " 4iy!0 fn i : [* ea Amapes seager | oh Toe a = 9,00,000 x| Jy ae one 19= 9599,009 3-0,800bb0] 3,€0,000 3,%0,000 3,00,000 x{ 3k I+ Raqvat * o.soevsy = (9,00,000 x 8.BUAWUB2) + CB,OD9.¢ + €9,€3¢.92 ou = B,d¥,IWB.2 + CBO. + 3,E9C.9 = ¥,02,099.82 BRT soe ; . ettaea REN crated ates sat Bbw 1 wad fadin gore WA TT aeH © YER OHTA FAT ROS APA fas Beas Derg ALT do TAA Grater He ATH RE 30,00,000 DIST CATS OI feacee Era RA SOM 1 TAR SAA TE SAR CARA GA SATGE 2,00,000 RATHI aaa GaTaRD atget ACTA OT PCH PHTSTAA FATT | ) carat anced 30 aE fest FIT Sas Scanned with CamScaBear, oRAR @ fray tq Yoo : ee ce Bret yet GRD TR TH ef Ba Ber wos WaT ay BP coteA aa : SRAM TG py =e = 308.94 Tat 1 (ss00)> | SORT Rae ay j SET a, ater TET, Py < (a= : FV = 30,00,000 bey at Mm, N=3o 30,00,000 : i= sum “Te o (s + Shoe m= Q = 22:00,000 Gtopo = & 98, ¢8b.9 Bray AR Rae S888 Rom re : SORRY ete aq COM SAB et sear TISeRE ay Gy SRR ay oo OTE eteay OFCR CARTE S83 eeres cary (ora De) RUS yy 200,000 x a 8,00,000 Bret Ree eeraq Cray FAT ong) = 800,000 + (R,00,000 x 38% x gy Paging 200 Bie = 200,000 4 398,000 neq 7 = S000 Bey is seg, =? Sern vaimSca EEwee EET : oe Fee Ot IB CTI HR aS aM crate Fw 2 q q 1a aaa 4 26 90,000 D9 WP ar we ao OW ceET TP vat SE C7 FAA A TLS Sa Faw BA Ws fics, CAG IZ GTA a9 | PTAC WSS TAH SCOTS AI AAG BT Boo Brat | BIA w Ted IS GORe A TA TA FACS TF | FroaAiTOTA wa core FOR MIEATTF 3¢,000 Bie facH RH OTR CHATS PHATE OR VATA | ea aT Hd: e : erga AMAA CUM IFS Bora Rea Bra Sl eters HLA? TAT FAR arsbra fee Frcs A GAN TAOS AUIS HI TILE FS rat SAT ANTS RA79 iS asenfte HTT Ri 9% PACU ATA SCAT ARC ecm EAT Fras PTA 8 asa oft i ate i yom _ Ax! Cee FVA = 30,000 BIeT FVA= ie me : i =3¢% OF 2SerOR-> . 0,000 = ag ao a (940.0320) -3 ll po,000 = AX ee, apooo = AX 8¢,9¢¢08 ; : 70,000 4a Be,s9¢¢ou . AS p,pn8.ve TI Gard THOT ANT 9,pp8.vb Bel a fits aa) Scanned wit Garmocafru, Tike @ faaT-9a Aa ‘ "202 So ARN eet Bae ort Si 1 (+ tyaxm PVA= Ax|——m__ I+ m > 423% OOQ, G+) ; aX SSR => 800x| oe = 800x]__O+0,03)& cone. uu 800 x @3,9¢085 20,80 tra 8. FR wd aa mtg PSI eH ata ty aa 9. ae eee SRS UTA a (EIR) Frey a , AR? Tr ey | ovatfieePeanisca EEards ERT 200 eos AR TAA TO TUG HT TG Tr AT aa SORT? ES HE ui ech Ber aeeeh ee oar a af A aera a a TCE AT \ sare 8 ates Baa 3 eae OTH A a eas Fao ars FE A AIMEE wT AK > goa facareores fa at Te: = O554— i wea tT = Waa 2 ret ares Bet : = a+ rot ee a = ¥% Ss [ota ses} aa EIR=? a [o.000)"*-3] = 3.089999 | 02,0999 “= ¥r9% 5 aC AES TA WA 0.9% | | SR Aes eee SIH a CHE OHTA SFIS LT pve PVatd yom : aa PV =@,000 TIFT 2 eeoox(o4 223K i =)2.8% m= = coor o.oo] n =¥7@l = 30,209 Bat Fvet A neg win Vainoca308 faery aT FEAT-9 8 UAT TC BST TAT ANT TORING | FT ATA TG NOS OTN CofA Brat GET AT | OT ae 8 SSSR eR be Seas a ore a ere Tire CRE RR ea TT OH Bg Sax BR eas eatery TO EO Feo i= 39% 5 ' st) [PVA S Rite =8,¥00x| =] Vs > 2,92 = 8,Yoox@,veors = x¢, nb) DAT eee ocannéawiun vainScaRe ET 9 eas BSH eens TOT = ¥o.000 jg ores OAT TH = (v0,000K%0%) + afea Tan HT = 8b,000 + 2¢,n>5 = 90,>>9 DAT 5 ROA TEA FET IT ees SOT ATA Ooo ea Rea Bin Pekin ews ae sean TE So AEA 7a So A Bre Fr ee oy cara rea TAT | EATEN i RCs efor TE Sor | ae HIETA weOS Ce CAA fox Fel TIS ST Al a STAM AIS S2% Fa AAA FHA | TAIT @,000 Die WOH ais NIE SATS | Fas FCT SEACH PSD AS AG TS AR FACS TATA : Fare CTE 2058] gifs ATA Za A? > 193 Fatete ae FAR | afar SS BIST AT FACT ania Wer 2,00,000 DIF RoR aftr withers MAS Ga FACS MATT? © core Fs PRTC mFS en a FF Siow? PRCA TAS AK wea eee rey 8 AROTH HAT ETS TNE UHH STATS IT | ie ra a TTS UH 8 -me 4 exit BET et f : a pare OFT CLA TS ACMTGS 8 Se aa I So Ba re et 1A 8 ee SF ace “fa: 2 | eabremgs ad ETH RO NTS nes | ' | Rf gp HA FE 1 TOA TA RT TES is= | ocalineu WIL Calllocdraga, THAR @ FRSA A go¥ | rata ote FT ate, sen ' \" leg ' FVA = 30,00,00 | (ut (isd) n= 30 7@ is 1=92% 8 OXRO Ph ee (+3) aay Ast 30,00,000= AX] ee oR ny Ro a, menos te FP a a, 30,00,000 =Ax 290.00F¥DXS.05 30,00,006 : 3 AS QReanoa : A, A= 8,908.0¢ Bray ‘ f ; TO ete sa afer ig 38-7 cots Beg IFA FT 2,00,000 BR cote om 00,000 Tray | - SF etary ® (30,00,000 Ora Hf, SRT OTTER whage Dd (1-8 )" “Ur SI, FVA=Ax|\_m/ (ue) Fas i/m m, ¥,00,000 ret i 5 923% Day bay rx pa ay ¥,00,000=Ax| 2 (+3) 38 ‘ R a, reootear| bees], Bs anneg willl Valnscaands ET . : 209 4,009,000 = A X 890,000 X3.03 3h, #283 ¥,00,000 a, A= ox oen0aW a, A= 0,880 Brat wi 4 ¢,000 Bist Tea affe TIAA CTE FETA Fehrs Frome wEACeA PAF ACS gt TH BGS UWS A | SRI Tes aS TIO CATS 0,880. Tis GI Fa do TEA 1H ; y ES: TAT 5,00,000 Brat WIR FSR BE GE 30% TUTE Vel ¢ WH AH Te PEATE TCS a BEG | Ria BT MA DP ICT ATH | A CC MTA @ TR TAT B00, Xt-,000, 22,000, X¢,000 AK ¢0,000 Brot AMSA Ted | VUMATS OH TE cone ert Te Ca TAY @ TA A TA CAH 0,000 DI a MEH ATA tar ra [eft ce 3038] 1S WIAA BIA 90% | 2. CA a ary eu aT es A THN AH R 4, Fee eC BATS A SHAT FH AH 19 ug care yee Fon eat BiB? FATA 18 a Sones eet Bea a f era ANAC 1A SOL FETT I AH AT SA STS ET ere 4 ca Ser ‘ : fen cet A coe rT SFA TET ETA AT cere TSAR Te BH TMT | FMA el Sarenceta. wreICT Te CE @ ABA A 30,000 BF ATA | LAA VA 0% | ATTA IS at TE | BATS ATT Bn ea- £ FY__ 223299, = u,r0r, i ; Pveqan7 Grea) ¥,208.29 DI | | e parce BE 30,000 BTA AA So TA A AOA MALE AE ET LA E 0000 pve Grosy® = O,hee.80 BIA | oCalneu Wit LalnscaFram, THR 8 fea-o3 a Qo ’ sere a atega Bea fafae : 5 KGaTS TTS TAGS UG SATS TT aac, pv=Pviitil, PV = 5,00,000 Bray = 3,00,000 (+0.9)° 1=30% = 5,98,003 At n=¢7a FORTS TS STFS BET SRI FAT 9,03,009 BIT | SER ates Ber : TOT VIS CF FST TT & - FV, FV, - FV, aoeNee Gir Gy? GH any? a+i)s __2¢,000 Xb,000 23,000 | 3¢,000 5. @0,006 “Gtoap Gtos" OF03)8 " Oto, 38 (+0.3)F FRAIL F 2,389 + I¥,ERd + 94,046 + wS, 08U = 9,90,¢3t.09 Brat CTRE IO CrCE TEAR TET g L Pa PVA=Ax|— G40" ee ; A=o;060 Creat i=0% 3 N= @ ARR = €0,000x] _G+o.3)r ©. = 0,000 x w,: 9R0909 ap = 3,90,920,05 Trap CRS art arora cro FT AST arc wey Remy Frdioa ea Bib | - Prat c % PT 9 PAR CaP 1 BT CHR aT RCIA CHET 30% CHER 38% AEF 30,000 Bre ea So AeA FCT | TOE te! . aR fe A? » (re care so38) 8. WCE A TAT CPA TANT? TNT | scanen Lamacaoda . ‘ - on RET on STA GUM CIS FS Oe sterHID SSSR TICS GITT CR GF CAPA Bret or, cas aR crate 1B avec Sa BRS AISA Tae A ae SU HRT HF erate (rTeRetaE eat aPReerata) race ate APs Asan Bea 3 GIR TASS TSAI GAS FARE afta AHI Be weal ase afar CfarTTT ate ATT SEATS FTN CONST I, OVE Oa TTR AVA ate Hea we wlReITS ats a! “fat Se OT A TERA 1 aes eka FN eR eA | LM TAT tera tTeeITAA SARA: (B) BHPOTST (2) Co Batata (A) FAP EMIT |) BATA | cu Ga aR SMS GA MHEG OHA THR SHRTS HAI GAPS 1 heaTT ox I Ae CATS ANA | Fen SES SAGE GHA HT A RT COI TTT TEI COTS CAPA AIKIDO | AE 2s te GST TSA COIN BHAA LAT SHIT HHA, TY, MAMAS AC CST 7S ria StS ace yar st eiegt Bea Bin waits citar TI, : ay a eer, wana eh tari A= 30,0001 i n= 0 4a 30 no ounsoteae—|ote9 ja 30% a FVA=? = $0,000 X 34.G99904 = 3,9¢,039.09 BIT ar Ca CICA 3,4¢,999.89 BIT ATA | f SACS Goda Baa | cara cia, - | mura eorgaita Sos ET exter, rvasaxfarie=t] A= 30,000 Brat i : : yoy n= 0 Tet ~npon ose] iesth r 30,000 x 39.087 WE ieee = 5,9¢,804,0¢ Brel OCalneu Wit Lalnscaxs fe RP 9 FR 30 af come cote 390,804.00 Brat ator | OFAC AT SHITE coy 9G “ERR A ce A TA AT | “a, rar A Te oe oS oe AH WR 080 Bret CCS BIA | BA Aa 32% VOIR BICSRICAA Wert oe Se RFUT| et eomo den an eee ea em ARCS OF | aah; Ce OF | Fare a et AE er ers Fee | Finan YR FES 0,00,000 3 a > i ’ Fetrcateng corte 3 i) re ore SPR See aii ne ii) 90% STR 90 an me TT FAP eaCe OF iii) TT Tes 59% Cara aH 3. 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