University of the Philippines Los Baños

COLLEGE OF FORESTRY AND NATURAL RESOURCES

Institute of Renewable and Natural Resources
College, Laguna 4031

FRM 119 – Marketing of Forest Products

ROSE ANNE C. CUADERNO Date Performed: August 24, 2016
BSF FRM 119 CD-1L Date Submitted: September 12, 2016

EXERCISE 2

Marketing Channels of Forest Products and Price Analysis

I. INTRODUCTION
Forest serves as the most valuable natural resources as it provides a wide range of goods
and services for provisioning, regulating, supporting and cultural purposes. One example of this
is the provision of forest products or the products that are derived from forestry for consumption,
utilization and commercial benefit. In the early sixties, forestry sector reached its peak and
became the top contributor in the national economy of the Philippines. However, this was not
sustained primarily because of the rapid and massive depletion of forest.
To understand the forest product, it is important to know that it encompasses two main
categories: Timber and Non-Timber forest products; both of which are beneficial as we depend
on it for everyday life. By definition, timber products (major forest products) are those derived
from wood of a tree such as log, lumber, plywood and veneer. On the other hand, non-timber
products (minor forest products) are the products other than timber that are produced in forest.
This includes fruits and nuts, vegetables, fish and game, medicinal plants, resins, essences and a
range of barks and fibers such as bamboo, rattans, and a host of other palms and grasses
(http://www.cifor.org). These forest-based products are important as it is used for a variety of
purposes such as wood fuels, raw materials for construction and manufacturing, and paper-
making.
In relation with this, the production of these forest products coincide with the proper
marketing system/channels that are existing and its key players in order to put these goods into
the point of use or consumption. By an economist’s perspective, “marketing is a collection of
buyers and sellers who transact over a particular product or product class”. In this paper, the
distribution channel of forest products in the country will be traced and analyze.
In the Philippines, there are four major trade players in the market of timber production
and these includes: Producers; Primary and Secondary Processors; Tertiary Processors; and
Consumers. Producers are the provider of raw materials to be used by the processors in
manufacturing it into a usable products and the consumers are the end-users of the finished
products being produced.
It is important to have a price analysis because this will serve as a basis in studying the
market of forest products in terms of quantitative analysis and the factors interrelated to it which
is the demand and supply. Overall, it is a very useful tool in decision making about the proposed
products to be marketed. It helps in making a business venture decides what are the efficient
methods to incur a less input into their product without sacrificing its quality. Also, to know how
much the products should be sold in a way that fits the income of the buyers.
Lastly, there is a need to analyze the market channels of forest products so that it can be
assessed if there are progressive and dynamic forest products distribution services operating
within the system. It helps in bridging the gap of the producer up to the consumer with regard of
product transaction and exchange.
II. OBJECTIVES
This paper aims to:
1. Determine the market channel of forest products existing in Laguna province and the
whole country
2. Determine and analyze the price of selected forest products in the area given
3. Assess the supply, demand and price trend of selected forest products and the factors
that affects the three of them
4. Project the price of selected forest products over the next five years
III. METHODOLOGY
A. Collection of Data
To be able to determine the marketing channel of forest products in the Philippines, a
sample study has been conducted in the province of Laguna where different wood, handicrafts
and bamboo-made products are offered. One of the woodcraft stores along Laguna was asked for
a personal interview with the owner. The different marketing channels that their end products
gone through were also asked, this includes the supplier of raw materials, the processing stage,
and distribution stage. The selling and buying prices of the products in each system are also
asked and the different challenges that arise along within it.
Then, the data from the previous exercise (Characterization of Forest Products and their
Markets in the Philippines) has been used for price analysis of major forest products in the
Philippines such as log, lumber and plywood. These data, again, came from the Chapter 4:
Environment and Natural Resources of the Philippine Statistical Authority 2015 Yearbook and
some excerpts from the data available in Forest Management Bureau webpage.
 There are problems that have been encountered in collection of the data and these
includes:
1) Philippine Statistical Authority only have data for the production volume of log,
lumber and plywood1, there is no production value available. Thus, the prices of these timber
products are used by multiplying it with the production volume in order to get the production
value.
2) In relation to number 1, the data for the prices of these products are tabulated in
months and price per region since it varies. So, the average prices were computed to come up
with one price value in every year. Moreover, these data is not compiled in a single yearbook,
hence, every yearbook from 2000-2014 has been examined.
3) There is no consumption volume and value that are present, so it has to be manipulated
using the formula: production volume (in cubic meter) or the quantity of products produced *
unit cost or the price value.
4) The prices for the export and import of products were produced by dividing the
export/import value to its corresponding export/import volume.
B. Presentation of Data
The data gathered were organized and tabulated into different categories. The summarize
data of it were presented in graphs to easily see the trends.
C. Analyzation of Data
Regression analysis tool has been applied to be able to get the projected price of the
forest products in each year from 2000-2014. Moreover, the values have been extrapolated to
know the price of forest products over the next five years.
The data analysis tool in excel was used where x input is the time and y input is the prices
of the particular forest product, the summary output was then presented automatically, and from
that the coefficient of the intercept and time were get to be able to compute the projected price.
The formula: a + (b*t) was used.
Also, the formula: ((Qlastyear-Q1styear)/(Q1styear)/n was used to get the average annual
growth rate of forest products in terms of production. The contribution of forestry sector in the
national GDP was also assessed.
Lastly, the demand for forest products was assessed through the use of production
volume as the x-variable and the income and prices as the y-variable. The projected values for
these are also computed.

1 The products analyzed are some of the major forest products in the Philippines
• Log- a portion or length of a trunk
• Lumber- product sawn from a log
• Plywood- Assembled product made usually of an odd number of layers of veneers glued together by means of adhesive
 Market Channel and
Price Analysis

Laguna Province Philippines

Supplier Processo Consumer Productio Export Import

r n

LOG

LUMBER
Buying and Selling PLYWOOD
Prices

Prices and Price Projected

Demand
Analysis

Figure 1. Flow chart of the paper being studied

IV. DATA, RESULTS AND DISCUSSION
Small Scope
To analyze the timber trading situation in the Philippines, one of the wood manufacturer
in Calamba, Laguna has been assessed and this is the Alfredo’s Wood Craft located in 943
Bucal, Calamba City. The data that has been gathered was specific to the marketing/distribution
channel of the products they offered and its corresponding prices.
Table 1. Data gathered from Alfredo’s Wood Craft

ALFREDO'S WOOD CRAFT

Supplier
Place Products Price/Tree*
San Pablo Swietenia mahogany 20 000
Quezon Province Gliricidia sepium 10 000
Tamarindus indica 5 000
*approximate price only according to the owner

Products Manufactured Price (in peso)*

Chopping board 80
Divider 5000
Set of Dining Table 18000
Wood bed 25000
Nipa Hut 40000
Tree House 650000
*Prices may vary according to the wood species used, size and design of the products

Average Income per Week

100 000 pesos
*may vary depending on the number of orders

Alfredo’s Wood Craft gets raw materials specifically in their neighboring municipality
and province which is San Pablo and Quezon Province respectively. This is efficient since the
cost of travel is not that much higher since the place is near to them. They get the raw materials
in the form of log and the price of it varies according to wood species, sizes and its availability.
After this, they are the one who manufacture it into a usable products. The only added value that
is considered are the machineries being use and the materials for polishing such as paints etc. but
other than that is nothing more since they do not focus on a more conflict decorative designs.
The price of their products also varies depending on different factors especially when the
customers put an added instruction to the product they want.
Basically, their customers are usually the households since the furniture for home is their
basic products. Aside from that, there have also dealer from Sucat, Manila who transact with
them as the supplier of these wood-made products and according to them, they export it to
different countries.
On the average, they gathered an approximate amount of 100,000 pesos per week
depending on how many the orders are.
Large Scope: Philippines
To be able to analyze the market channels of the selected forest products in the
Philippines, it is first important to know the structure of this channel that is existing in the
present context. This is summarized as:
Table 2. Structure of the Marketing Channel of Forest Products in the Philippines
1) Producers CBFMA (Community-Based Forest Management Agreement)
TLA (Timber Licensed Agreement)
IFMA (Industrial Forest Management Agreement)
SIFMA (Socialized Industrial Forest Management Agreement)
PLTP/SPLTP (Private Land Tree Plantation/ Special Private Land
Tree Plantation)
PFDA (Plantation Forest Development Agreement)
Tree Farmers
2) Primary and Sawmill, Plywood Plant, Venner Plant, Blockboard Plant, Fiberboard
Secondary Processors Plant and Papermill
*using local or imported materials
3) Tertiary Processors Furniture Makers, Sash, Factories, Wood working shops
4) Consumers Retailers, Construction firms, Lumber dealers and Households
Source: FMB-DENR and International Tropical Timber Association (ITTO)
It can be infer to this that these components are interdependent with each other. The lack
of one component will further affects the other succeeding component in the transaction or the
failure of one might provide negative implications to the others. For example, the amount of the
raw materials to be produced by the leading producers affect also the behavior of the processors,
it might be in terms of the number of finished products to be done and its prices. In relation to
this, a healthy and smooth functioning or performance of each components in the transaction is
beneficial and important to all of them.
According to the study2 conducted by FMB-DENR in partnership with the International
Tropical Timber Association (ITTO), tree farmers are the top suppliers of raw materials for the
processors and dealers. Also, note that sometimes the processors, dealers and construction firms
are all obtaining their raw materials to one supplier only. This situation really happens especially
when the sources are open and the supply chain is not strict. The only processors who get their
raw materials to the other producers includes sawmill, veneer/plywood plantation and some
lumber dealers. In terms of the buying and selling aspect in the processors, the most agents who
buy to them are households, walk-in’s, and lumber dealers as well.
2
total of 143 respondents comprising different groups (producers, processors, consumers)
 Suppliers
2%
4%
5%
5%
6% 40%

15%

24%

Tree Farmers Lumber Dealers Agent CBFMA IFMA/TLA Sawmill Importer Others

Figure 2. Supplier of Raw Materials to various Processors

Buyers

3% 12%
4%
34%
5%

8%

14%
20%

Sawmill Plywood/Veneer Plant Lumber dealers Furniture Makers Agent Mini sawmill Contruction Others

Figure 3. Buyers of Raw Materials from the Producers

In the study conducted as well, it says there that the acquisition of these raw materials are
done basically through direct buying. The percentage of which various components agree to this
or do this are as follows: 77% processors, 68% dealers and 80% construction firms.
Price Analysis
From the data gathered in the previous exercise, the projection of prices in the
production, export and import of selected forest products were obtained. Again, the product used
to examine this trend are: log, lumber and plywood. The prices came from the various yearbook
of Philippine Statistical Authority.
A. LOG

LOG
120000

100000
PRODUCTION PRICE
80000
PRODUCTION PROJECTED
60000 EXPORT PRICE

40000 EXPORT PROJECTED

IMPORT PRICE
20000
IMPORT PROJECTED
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
-20000

Figure 4. Comparison of log’s production, export and import prices to its projected prices
In terms of log production, the values of the price and the price projected are very close
with each other except in the year 2013 where the values differ by 25.76%. Noticeable in the
export aspects the big difference between the two. In the year 2000 up to 2003, the value
computed to the projected price is negative while in the later year, it exceeded the real price.
Same with the production, the import values of the two are close with one another. However, to
sum this up, the r-squared values for these three aspects namely: production, export and import
show that these are not reliable for interpretation as it show low precision. The r-squared values
are as follow: 0.00066, 0.28541 and 0.299105 respectively.
B. LUMBER

LUMBER
30000
25000 PRODUCTION PRICE

20000 PRODUCTION PROJECTED

15000 EXPORT PRICE

10000 EXPORT PROJECTED

5000 IMPORT PRICE
0 IMPORT PROJECTED
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Figure 5. Comparison of lumber’s production, export and import prices to its projected prices
 It can be seen that both of the price and the projected one in the import are positively
increasing. This means that there is a high amount that we spent in getting lumber in the other
countries. In comparison with the export values, the country gets a lesser amount in selling our
lumber products in the other country and this is just one manifestations of the export ban in the
Philippines. In terms of the production, there are both low values for the supply of lumber.
The r-squared computed in the production aspect is 0.944572 meaning that the projected
prices are very close to the real prices. It can be a good and reliable considerations in assessing
the future prices of the product. However, the two factor have a weaker reliability.
C. PLYWOOD

PLYWOOD
50000
45000
40000
35000 PRODUCTION PRICE

30000 PRODUCTION PROJECTED

25000 EXPORT PRICE

20000 EXPORT PROJECTED

15000 IMPORT PRICE

IMPORT PROJECTED
10000
5000
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Figure 6. Comparison of plywood’s production, export and import prices to its projected prices
The production prices as well as its projected prices have close values and it is sufficient
to say that this is reliable because it has an r-squared value of 0.8333 when inputted with an x-
variable of time or year. The export prices changes through time while its projected prices show
a positively increasing line. Lastly, the import price is also varies through time while its
projected price is almost stagnant in the last 15 years.
PROJECTED PRICES
The projected prices of the forest products in the next five years are summarized below in
a table.
Table 3. Projected prices of log, lumber and plywood (2015-2019)

PRODUCTION EXPORT IMPORT

YEAR
LOG LUMBER PLYWOOD LOG LUMBER PLYWOOD LOG LUMBER PLYWOOD
2015 3241.05 3185.478476 17371.21 44763.60 2888.02 36034.64 11670.54 23512.43 25544.42
2016 3238.617 3282.54063 17664.44 48510.02 2695.21 37200.43 12073.74 24194.07 25626.05
2017 3236.184 3379.602783 17957.68 52256.43 2502.39 38366.23 12476.93 24875.71 25707.69
2018 3233.752 3476.664937 18250.92 56002.84 2309.58 39532.03 12880.12 25557.35 25789.33
2019 3231.319 3573.72709 18544.16 59749.26 2116.77 40697.82 13283.31 26238.99 25870.97
There will be an almost higher production values as projected compared to the last 15
years. In export, the log and plywood products will have a higher prices while the lumber will be
lowered in the next years. Lastly, the log prices will be lower while the lumber and plywood
prices will be higher in terms of import in the next five years.
GDP CONTRIBUTION AND DEMAND ANALYSIS
It has been recorded that the forestry sector contributed an average of 0.08 percent in the
total GDP of the Philippines from 2000-2014. Also, it has an average annual growth rate of 7.03
percent.
On the average, 44%, 54% and 52% of the variation in the demand for log, lumber and
plywood respectively, can be explained by price and income, ceteris paribus. Furthermore, the
following are the interpretations for each forest products demand using regression analysis:
Log:
Price positively affects demand. As price increases by 1 peso, demand increases by 17.63
Income postively affects demand. As income increases by 1 thousand pesos, demand increases
by 0.13
Lumber:
Price positively affects demand. As price increases by 1 peso, demand increases by 38.36
Income postively affects demand. As income increases by 1 thousand pesos, demand increases
by 0.05
Plywood:
Price positively affects demand. As price increases by 1 peso, demand increases by 8.69
Income negatively affects demand. As income increases by 1 thousand pesos, demand decreases
by 0.05
Factors affecting the Trade Flow
According to the study conducted by DENR-FMB and ITTO, there are various problems
that causes the supply, demand, and prices of forest products. One of these is the weak trading
situation in the flow of products to the end-users. This happens because the access to and sharing
of the information among the trade players are limited and competition among them is the
reason. In addition, there is difficult access to timely and relevant information on timber and
timber products trade flow. For example, tree farmers choose the species to be planted in
accordance of the available planting materials and not the market demand. This will lead to a low
market since the product they offer is not the preference of their buyers.
More of the problems encountered by the trade players are as follows:
1. Information about raw materials for all trade players are sourced mostly through direct contact
2. Producers are facing technical problems in areas of proper selection and care of planting
stocks, appropriate nursery and silvicultural practice, plantation management, harvesting and
cutting to marketable sizes, and lack of measurement standards
3. Some producers complain of a very limited market whereas processors are saying that there is
very limited supply
4. The range recovery rates (from 20% to 100% with an average of 78%) is very wide
Another factor that needs to be emphasized is the existing policy and regulatory issues
which worsen the situations. There are a lot of uncertainties taken about the logging moratorium
by the virtue of Executive Order No. 23 and the suspensions of licenses or agreements among the
all the trade players. It also includes the export bans; transport restrictions such as those imposed
by narra; slow processing of documents; and too many checkpoints.
V. CONCLUSIONS AND RECOMMENDATIONS
It can be concluded that there’s really a need in a healthy and efficient system in the
marketing channels of forest products. There are many problems in which each component of the
structure are facing yet they have to have a good communication, a reliable and timely
information and sources so that the economies of scale will be satisfied.
Moreover, price analysis is an effective consideration in decision making of one trader.
Knowing the projected prices of forest products in the following years will enable a good
planning and product proposal.
The only thing is that, due to the existing policies, there became a struggle in each
component on how will they maximize their effort in this business field. There are limits that
most often not beneficial among the trade players. With this, there’s a really need in reviewing
the policies in the trading system of these forest products so that many will have the opportunity
to gain more profit and at the same time satisfy the needs and demand of the consumer.
V1. REFERENCES

At a Glance on Philippine Forest (2015). Retrieved from

https://www.senate.gov.ph/.../SEPO/AAG%20on%20Philippine%20Forest_Final.pdf

Kangas K. and Baudin, A. (2003) Modelling and Projections of Forest

Products Demand, Supply and Trade in
Europe. Retrieved from https://www.unece.org/fileadmin/DAM/timber/docs/efsos/03-sept/dp-
30.pdf

Philippine Statistical Authority (http://psa.gov.ph/)

Philippine Forestry Statistics (http://forestry.denr.gov.ph/index.php/statistics/philippines-

forestry-statistics)

Pulhin, J.M. (2002). Trends in Forest Policy in the Philippines. Retrieved from
aboutphilippines.ph/files/Trends-in-Forest-Policy-Philippines.pdf

Timber and Timber Products Trade Flow Study of the Philippines ITTO PD 133/02 Rev.3 (M).
Retrieved from www.itto.int/files/user/pdf/publications/.../pd138-02%20rev3(M)%20e.pdf

https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/marketing-
channels-11/marketing-channels-in-the-supply-chain-76/the-significance-of-marketing-channels-
386-7303/

www.fao.org

FRM 119 Lecture Materials

Appendix
YEAR PRODUCTION EXPORT IMPORT
PRICE PROJECTED PRICE PROJECTED PRICE PROJECTED
-
3435.135 3277.538914 1359.809 4106.857 5622.678543
2000 11432.58685
-
3579.629 3275.106294 1580.774 4135.009 6025.869629
2001 7686.174094
2002 3397.692 3272.673673 2218.955 -3939.76134 4827.098 6429.060716
-
3058.189 3270.241052 2710.165 5043.912 6832.251802
2003 193.3485857
2004 3226.503 3267.808431 1681.197 3553.064169 5656.635 7235.442889
2005 3248.086 3265.37581 4131.413 7299.476923 7970.27 7638.633975
2006 3138.729 3262.943189 3420.953 11045.88968 15541.16 8041.825062
2007 2914.182 3260.510568 3461.13 14792.30243 11865.63 8445.016148
2008 2934.887 3258.077947 2843.458 18538.71519 10633.56 8848.207234
2009 2925.268 3255.645326 2858.232 22285.12794 9479.484 9251.398321
 2010 3354.564 3253.212705 1777.322 26031.54069 11832.05 9654.589407
2011 3256.652 3250.780085 2093.467 29777.95345 9302.149 10057.78049
2012 3596.299 3248.347464 76434.13 33524.3662 9630.634 10460.97158
2013 4371.904 3245.914843 104969.5 37270.77896 7791.694 10864.16267
2014 2469.938 3243.482222 10344.08 41017.19171 8859.099 11267.35375

PRODUCTION EXPORT IMPORT

YEAR PRICE PROJECTED PRICE PROJECTED PRICE PROJECTED
2000 1695.536 1729.546174 7533.938 5780.241567 9838.165 13287.8439
2001 2089.89 1826.608327 7749.919 5587.42705 11863.75 13969.4832
2002 1923.617 1923.670481 5822.134 5394.612533 13365.93 14651.1225
2003 1896.945 2020.732634 5520.538 5201.798016 16899.8 15332.7618
2004 2057.391 2117.794788 4400.488 5008.983499 20082.14 16014.40109
2005 2090.009 2214.856941 3596.236 4816.168982 17891.71 16696.04039
2006 2227.223 2311.919095 3680.685 4623.354466 18805.07 17377.67969
2007 2540.164 2408.981248 3182.021 4430.539949 23993.36 18059.31898
2008 2527.093 2506.043402 2399.974 4237.725432 17156.71 18740.95828
2009 2542.184 2603.105555 1565.524 4044.910915 17649.35 19422.59758
2010 2718.936 2700.167709 1266.781 3852.096398 18231.16 20104.23688
2011 2853.411 2797.229862 2613.474 3659.281881 20932.26 20785.87617
2012 2841.536 2894.292016 3021.298 3466.467364 19109.57 21467.51547
2013 2934.31 2991.354169 13110.92 3273.652847 21748.93 22149.15477
2014 3196.474 3088.416323 994.1661 3080.83833 23321.87 22830.79407

PRODUCTION EXPORT IMPORT

YEAR PRICE PROJECTED PRICE PROJECTED PRICE PROJECTED
2000 13673.33 12972.63412 45431.23 18547.67932 27816.58 24319.85105
2001 13569.16 13265.87224 2039.708 19713.47643 25504.85 24401.48871
2002 13983.02 13559.11037 22329.61 20879.27355 15768.87 24483.12637
2003 13681.39 13852.3485 17816.62 22045.07067 22580.18 24564.76403
2004 13883.07 14145.58662 20636.03 23210.86778 31018.3 24646.40169
2005 14583.75 14438.82475 25060.66 24376.6649 20503.06 24728.03935
2006 14188.78 14732.06288 24679.61 25542.46202 33630.83 24809.67701
2007 14072.12 15025.301 18471.83 26708.25913 24999.88 24891.31467
2008 14888.3 15318.53913 21937.38 27874.05625 15389.26 24972.95233
2009 15424.82 15611.77726 31644.09 29039.85337 18213.82 25054.58999
2010 14817.19 15905.01538 28124.02 30205.65048 29175.79 25136.22765
2011 16532.03 16198.25351 26351.69 31371.4476 35260.42 25217.86531
2012 17445.86 16491.49164 35686.58 32537.24472 32008.37 25299.50297
2013 17122.57 16784.72976 40037.38 33703.04183 23463.7 25381.14063
2014 17514.12 17077.96789 40377.43 34868.83895 18035.8 25462.77829
 Demand analysis of forest product
LOG
Qty Price Income Qhat
800,000 3435.135135 3580714 613590.7045
571,000 3579.628595 3684340 629241.7914
403,000 3397.692183 3818667 643018.1282
506,000 3058.189333 4008469 661030.2081
768,000 3226.503294 4276941 697945.1758
841,000 3248.085714 4481279 724163.1162
1,035,000 3138.728882 4716231 751942.8538
881,000 2914.1824 5028288 787440.6496
815,000 2934.887324 5237101 814208.9522
801,000 2925.268116 5297240 821643.5334
557,000 3354.564246 5701539 880335.5338
871,000 3256.651515 5910201 904992.878
862,000 3596.299213 6305229 960931.6329
1,166,000 4371.904307 6750079 1030858.351
1,094,000 2469.938264 7164017 1049656.492

LUMBER
Qty Price Income Qhat
150,000 1695.536054 3580714 211,268.67
197,000 2089.889823 3684340 231,846.89
163,000 1923.616677 3818667 232,535.32
246,000 1896.945296 4008469 241,497.02
339,000 2057.390731 4276941 261,774.77
288,000 2090.008753 4481279 273,775.41
432,000 2227.223343 4716231 291,398.70
362,000 2540.163749 5028288 319,818.79
358,000 2527.092835 5237101 330,302.27
304,000 2542.184322 5297240 334,044.85
377,000 2718.936118 5701539 362,093.44
370,000 2853.411125 5910201 378,228.63
218,000 2841.535645 6305229 398,554.04
450,000 2934.310401 6750079 425,514.63
496,000 3196.473848 7164017 457,346.56

PLYWOOD
Qty Price Income Qhat
286,000 13673.33467 3580714 345,345.45
292,000 13569.16304 3684340 339,515.95
350,000 13983.0152 3818667 336,727.63
351,000 13681.39432 4008469 325,087.57
386,000 13883.07294 4276941 314,081.18
314,000 14583.74568 4481279 310,457.43
317,000 14188.7845 4716231 295,860.88
281,000 14072.12343 5028288 280,017.76
235,000 14888.29636 5237101 277,184.72
253,000 15424.82087 5297240 278,987.66
276,000 14817.1919 5701539 254,495.87
298,000 16532.03132 5910201 259,476.87
297,000 17445.85646 6305229 248,642.79
199,000 17122.56763 6750079 224,694.03
164,000 17514.11673 7164017 208,424.21