1 views

Uploaded by FATIMANICOLL13

- c02a Introduction to Financial Calculators
- FIN100
- Module 2 - Time Value of Money
- Kuliah III Case of Time Value of Money
- 07 Tvm Solutions
- CHAPTER 4 the Time Value of Money-student(1)
- Access, Formulas and Functions
- Finance
- PP Ch 5-1 (Soalan Katsner)
- 05 - Chapter 5 (Time Value of Money)
- Time Value of Money
- Chapter 5 - Time Value of Money
- LP6 Assignment-Chapter 6 Text Problems
- Fin Calculations
- Corporate Finance 1
- MIDTERM1_1
- NPV12
- 2012 Financial Management Solved.doc
- Present Value
- 317944514 Engineering Economy

You are on page 1of 102

of Money

and Pamela Peterson Drake

Outline of the chapter

5.2 Annuities and 5.3 Nominal and

5.1 Time is money 5.4 Applications

perpetuities effective rates

Simple versus Ordinary APR Savings plans

compound annuities EAR Loans and

interest Annuity due Solving for the mortgages

Future value of Deferred rate Saving for

an amount annuities retirement

Present value of Perpetuities

an amount

5.1 Time value of money

Simple interest

Simple interest is interest that is paid only

on the principal amount.

Simple interest: example

A 2-year loan of $1,000 at 6% simple interest

At the end of the first year,

interest = 6% $1,000 = $60

At the end of the second year,

interest = 6% $1,000 = $60

and loan repayment of $1,000

Compound interest

Compound interest is interest paid on both

the principal and any accumulated interest.

accumulated

Interest = rate principal +

interest

Compounding

Compounding is translating a present

value into a future value, using compound

interest.

Future Present Future value

=

value value interest factor

Future value interest factor is also referred

to as the compound factor.

Terminology and notation

Term Notation Meaning

Future value FV Value at some specified

future point in time

Present value PV Value today

Interest i Compensation for the use

of funds

Number of periods n Number of periods

between the present value

and the future value

Compound factor (1 + i)n Translates a present value

into a future value

Compare:

simple versus compound

Suppose you deposit $5,000 in an account

that pays 5% interest per year. What is the

balance in the account at the end of four

years if interest is:

1. Simple interest?

2. Compound interest?

Simple interest

Year Beginning Add interest Ending

Compound interest

Year Beginning Compounding Ending

2 $5,250.00 1.05 = $5,512.50

3 $5,512.50 1.05 = $5,788.13

4 $5,788.13 1.05 = $6,077.53

Interest on interest

How much interest on interest?

Interest on interest = FVcompound FVsimple

Interest on interest = $6,077.53 6,000.00 = $77.53

Comparison

Simple interest Compound interest

End of year balance

$6,078

$6,000

$5,788

$5,750

Simple Compound $7,000

$5,513

$5,500

$5,250

$5,250

$5,000

$5,000

Year

interest interest $6,000

$4,000

1 $5,250.00 $5,250.00

$3,000

2 $5,500.00 $5,512.50 $2,000

$0

4 $6,000.00 $6,077.53 0 1 2 3 4

Year in the future

Try it: Simple v. compound

Suppose you are comparing two accounts:

The Bank A account pays 5.5% simple

interest.

The Bank B account pays 5.4% compound

interest.

If you were to deposit $10,000 in each, what

balance would you have in each bank at the

end of five years?

Try it: Answer

1. Bank A: $12,750.00

2. Bank B: $13,007.78

A note about interest

Because compound interest is so common,

assume that interest is compounded unless

otherwise indicated.

Short-cuts

Example:

Consider $1,000 deposited for three years

at 6% per year.

The long way

FV1 = $1,000.00 (1.06) = $1,060.00

FV2 = $1,060.00 (1.06) = $1,123.60

FV3 = $1,123.60 (1.06) = $1,191.02

or

FV3 = $1,000 (1.06)3 = $1,191.02

or

FV3 = $1,000 1.191016 = $1,191.02

Short-cut: Calculator

Known values:

PV = 1,000

n=3

i = 6%

Solve for: FV

Input three known values,

solve for the one unknown

Known: PV, i , n

Unknown: FV

PV PV 3n [TVM Solver]

3N 3N 6i N =3

6 I/YR 6 I/YR FV I%=6

FV FV PV = -1000

FV [Alpha] [Solve}

Short-cut: spreadsheet

Microsoft Excel or Google Docs

=FV(RATE,NPER,PMT,PV,TYPE)

TYPE default is 0, end of period

=FV(.06,3,0,-1000)

or

A

1 6%

2 3

3 -1000

4 =FV(A1,A2,0,A3)

Problems Set 1

Problem 1.1

Suppose you deposit $2,000 in an account

that pays 3.5% interest annually.

1. How much will be in the account at the

end of three years?

2. How much of the account balance is

interest on interest?

23

Problem 1.2

If you invest $100 today in an account that

pays 7% each year for four years and 3%

each year for five years, how much will you

have in the account at the end of the nine

years?

24

Discounting

Discounting

Discounting is translating a future value

into a present value.

The discount factor is the inverse of the

1

compound factor:

1+

To translate a future value into a present

FV

value, PV=

1+

Example

Suppose you have a goal of saving $100,000

three years from today. If your funds earn

4% per year, what lump-sum would you have

to deposit today to meet your goal?

Example, continued

Known values:

FV = $100,000

n=3

i = 4%

Unknown: PV

Example, continued

$100,000 1

PV = 3 =$100,000

1+0.04 1+0.04 3

PV = $100,000 0.8889964

PV = $88,899.64

Check:

FV3 = $88,899.64 (1 + 0.04)3 = $100,000

Short-cut: Calculator

HP10B BAIIPlus HP12C TI83/84

PV +/- PV 3n Solver]

3N 3N 4i N =3

4 I/YR 4 I/YR PV I%=4

PV PV FV = 100000

PV [Alpha] [Solve]

Short-cut: spreadsheet

Microsoft Excel or Google Docs

=PV(RATE,NPER,PMT,PV,TYPE)

TYPE default: end of period

=PV(.06,3,0,-1000)

or

A

1 6%

2 3

3 100000

4 =PV(A1,A2,0,A3)

Try it: Present value

What is the todays value of $10,000

promised ten years from now if the discount

rate is 3.5%?

Try it: Answer

Given:

FV = $10,000

N = 10

I = 3.5%

Solve for PV

PV = $10,00010 = $7,089.19

1+0.035

Frequency of compounding

If interestis compounded more than once

per year, we need to make an adjustment

in our calculation.

The stated rate or nominal rate of interest

is the annual percentage rate (APR).

The rate per period depends on the

frequency of compounding.

Discrete compounding:

Adjustments

Adjust the number of periods and the rate

per period.

Suppose the nominal rate is 10% and

compounding is quarterly:

The rate per period is 10% 4 = 2.5%

The number of periods is

number of years 4

Continuous compounding:

Adjustments

The compound factor is eAPR x n.

1

The discount factor is .

eAPR x n

Suppose the nominal rate is 10%.

For five years, the continuous compounding

factor is e0.10 x 5 = 1.6487

The continuous compounding discount factor

for five years is 1 e0.10 x 5 = 0.60653

Try it: Frequency of

compounding

If you invest $1,000 in an investment that

pays a nominal 5% per year, with interest

compounded semi-annually, how much will

you have at the end of 5 years?

Try it: Answer

Given:

PV = $1,000

n = 5 2 = 10

i = 0.05 2 = 0.25

Solve for FV

Problem Set 2

Problem 2.1

Suppose you set aside an amount today in an

account that pays 5% interest per year, for

five years. If your goal is to have $1,000 at

the end of five years, what would you need

to set aside today?

40

Problem 2.2

Suppose you set aside an amount today in an

account that pays 5% interest per year,

compounded quarterly, for five years. If your

goal is to have $1,000 at the end of five

years, what would you need to set aside

today?

41

Problem 2.3

Suppose you set aside an amount today in an

account that pays 5% interest per year,

compounded continuously, for five years. If

your goal is to have $1,000 at the end of five

years, what would you need to set aside

today?

42

0 1 2 3 4 5

| | | | | |

CF CF CF CF CF

PV? FV?

Perpetuities

What is an annuity?

An annuity is a periodic cash flow.

Same amount each period

Regular intervals of time

of the first cash flow.

Type of annuities

Type First cash flow Examples

Ordinary One period from Mortgage

today

Annuity due Immediately Lottery payments

Rent

Deferred annuity Beyond one period Retirement savings

from today

Time lines: 4-payment annuity

0 1 2 3 4 5

| | | | | |

CF CF CF CF

Ordinary

PV FV

CF CF CF CF

Annuity due

PV FV

CF CF CF CF

Deferred annuity

PV FV

Key to valuing annuities

The key to valuing annuities is to get the

timing of the cash flows correct.

When in doubt, draw a time line.

Example: PV of an annuity

What is the present value of a series of three

cash flows of $4,000 each if the discount rate

is 6%, with the first cash flow one year from

today?

0 1 2 3 4

| | | |

Example: PV of an annuity

The long way

0 1 2 3 4

| | | |

$3,773.58

3,559.99

3,358.48

$10,692.05

Example: PV of an annuity

In table form

Discount Present

Year Cash flow factor value

1 $4,000.00 0.94340 $3,773.58

2 $4,000.00 0.89000 3,559.99

3 $4,000.00 0.83962 3,358.48

2.67301 $10,692.05

Example: PV of an annuity

Formula short-cuts

1 1

3

1+0.06

PV = $4,000 0.06

PV = $4,000 2.67301

PV = $10,692.05

Example: PV of an annuity

Calculator short cuts

Given:

PMT = $4,000

i = 6%

N=3

Solve for PV

Example: PV of an annuity

Spreadsheet short-cuts

=PV(RATE,NPER,PMT,FV,TYPE)

=PV(.06,3,4000,0)

If Type is left out, it is assumed a 0

0 is for an ordinary annuity

1 is for an annuity due

Example: FV of an annuity

What is the future value of a series of three

cash flows of $4,000 each if the discount rate

is 6%, with the first cash flow one year from

today?

0 1 2 3 4

| | | |

Example: FV of an annuity

The long way

0 1 2 3 4

| | | |

4,240.00

4,494.40

$12,734.40

Example: FV of an annuity

In table form

Compound

Year Cash flow factor Future value

1 $4,000.00 1.1236 $4,494.40

2 $4,000.00 1.0600 4,240.00

3 $4,000.00 1.0000 4,000.00

3.1836 $12,734.40

Example: FV of an annuity

Calculator short cuts

CALCULATOR

Given:

PMT = $4,000

i = 6%

N=3

Solve for FV

Example: FV of an annuity

Spreadsheet short-cuts

=FV(RATE,NPER,PMT,PV,type)

=FV(.06,3,4000,0)

Annuity due

Consider a series of three cash flows of

$4,000 each if the discount rate is 6%, with

the first cash flow today.

1. What is the present value of this annuity?

2. What is the future value of this annuity?

The time line

0 1 2 3

| | | |

PV? FV?

Valuing an annuity due

Present value Future value

End of year Compoun Present value of End of year

Year cash flow d factor cash flow Year cash flow Factor Future value

0 $4,000.00 1.00000 $4,000.00 0 $4,000.00 1.19102 $4,764.06

1 $4,000.00 0.94340 3,773.58 1 $4,000.00 1.12360 4,494.40

2 $4,000.00 0.89000 3,559.99 2 $4,000.00 1.06000 4,240.00

2.83339 $11,333.57 3.37462 $13,498.46

Valuing an annuity due:

Using calculators

Present value Future value

PMT = 4000 PMT = 4000

N=3 N=3

I = 6% I = 6%

BEG mode BEG mode

Solve for PV Solve for FV

Valuing an annuity due:

Using spreadsheets

Present value

=PV(RATE,NPER,PMT,FV,TYPE)

=PV(0.06,3,4000,0,1)

Future value

=PV(RATE,NPER,PMT,FV,TYPE)

=PV(0.06,3,4000,0,1)

Any other way?

There is one period difference between an

ordinary annuity and an annuity due.

Therefore:

PVannuity due = PVordinary annuity (1 + i)

and

FVannuity due = FVordinary annuity (1 + i)

Valuing a deferred annuity

A deferred annuity is an annuity that

begins beyond one year from today.

That means that it could begin 2, 3, 4, years

from today, so each problem is unique.

Valuing a deferred annuity

0 1 2 3 4 5

| | | |

CF CF CF CF

4-payment PV0 PV1

ordinary annuity,

then discount

value one period

due, then discount

value two periods

Example: Deferred annuity

What is the value today of a series of five

cash flows of $6,000 each, with the first cash

flow received four years from today, if the

discount rate is 8%?

0 1 2 3 4 5 6 7 8 9 10

| | | | |

PV? CF CF CF CF CF

Example, cont.

Using an ordinary annuity:

PV3 = $23,956.26 Discount 3 periods at 8%

PV0 = $19,017.25

Using an annuity due:

PV4 = $25,872.76

Discount 4 periods at 8%

PV0 = $19,017.25

Example: Deferred annuity

Calculator solutions

HP10B BAIIPlus TI83/84

0 CF 0 CF 1 [2nd] {

0 CF 0 CF 1 F1 0 0 0 6000 6000

0 CF 0 CF 1 F2 6000 6000 6000}

0 CF 0 CF 1 F3 STO [2nd] L1

6000 CF 6000 CF 1 F4 [APPS] [Finance]

6000 CF 6000 CF 1 F5 [ENTER] 7

6000 CF 6000 CF 1 F6 NPV(.08,0,L1)

6000 CF 6000 CF 1 F7 [ENTER]

6000 CF 6000 CF 1 F8

8i 8i

NPV NPV

Example: Deferred annuity

Spreadsheet solutions

A B

1. =PV(0.08,3,0,PV(0.08,5,6000,0))

Year Cash flow 2. =PV(0.08,4,0,PV(0.08,5,6000,0,1))

1 1 $0 3. =NPV(0.08,A1:A9)

2 2 $0

3 3 $0

4 4 $6000

5 5 $6000

6 6 $6000

7 7 $6000

8 8 $6000

Perpetuities

A perpetuity is an even cash flows that

occurs at regular intervals of time, forever.

The valuation of a perpetuity is simple:

PV = 1 + 2 + 3 +

1+ 1+ 1+ 1+

PV =

Problem Set 3

Problem 3.1

Which do you prefer if the appropriate

discount rate is 6% per year:

1. An annuity of $4,000 for four annual

payments starting today.

2. An annuity of $4,100 for four annual

payments, starting one year from today.

3. An annuity of $4,200 for four annual

payments, starting two years from today.

73

5.3 Nominal and effective

rates

APR & EAR

The annualpercentage rate (APR) is the

nominal or stated annual rate.

The APR ignores compounding within a year.

The APR understates the true, effective rate.

incorporates the effect of compounding

within a year.

APR EAR

EAR = 1 + 1

Suppose interest is stated as 10% per years,

compounded quarterly.

0.10 4

EAR = 1 + 1 = 1.0254 1

4

EAR = 10.3813%

EAR with continuous

compounding

EAR = 1

Suppose interest is stated as 10% per years,

compounded continuously.

EAR = e0.1 1=1.051711

EAR = 10.5171%

77

Frequency of compounding

If interest

is compounded more frequently

than annually, then this is considered in

compounding and discounting.

There are two approaches

1. Adjust the i and n; or

2. Calculate the EAR and use this

Example: EAR &

compounding

Suppose you invest $2,000 in an investment

that pays 5% per year, compounded

quarterly. How much will you have at the

end of 4 years?

Example: EAR &

compounding

Method 1:

FV = $2,000 (1 + 0.0125)16 = $2,439.78

Method 2:

EAR = (1 + 0.054)4 1 = 5.0945%

FV = $2,000 (1 + 0.050945)4 = $2,439.78

Try it: APR & EAR

Suppose a loan has a stated rate of 9%, with

interest compounded monthly. What is the

effective annual rate of interest on this loan?

Try it: Answer

0.09 12

EAR = 1+ 1

12

EAR = 1.007512 1

EAR = 9.3807%

Problem Set 4

Problem 4.1

What is the effective interest rate that

corresponds to a 6% APR when interest is

compounded monthly?

84

Problem 4.2

What is the effective interest rate that

corresponds to a 6% APR when interest is

compounded continuously?

85

5.4 Applications

Saving for retirement

Suppose you estimate that you will need $60,000

per year in retirement. You plan to make your first

retirement withdrawal in 40 years, and figure that

you will need 30 years of cash flow in retirement.

You plan to deposit funds for your retirement

starting next year, depositing until the year before

retirement. You estimate that you will earn 3% on

your funds.

How much do you need to deposit each year to

satisfy your plans?

Deferred annuity time line

0 1 2 3 4 5 6 7 8 39 40 41 42 43 79

| | | | | | | | | | | | | |

D D D D D D D D W W W W W W

W = Withdrawal (30 in total)

Deferred annuity time line

0 1 2 3 4 5 6 7 8 39 40 41 42 43 79

| | | | | | | | | | | | | |

W W W W W

PV Ordinary annuity

Ordinary annuity FV

D D D D D D D D D

Two steps

Step 1: Present value of ordinary annuity

N = 30; i = 3%; PMT = $60,000

PV39 = $1,176,026.48

Step 2: Solve for payment in an ordinary

annuity

N = 39; i = 3%; FV = $1,176,026.48

PMT = $16,280.74

What does this mean?

If there are 39 annual deposits of $16,280.74

each and the account earns 3%, there will be

enough to allow for 30 withdrawals of

$60,000 each, starting 40 years from today.

Balance in retirement account

$1,400,000

$1,200,000

$1,000,000

Balance in

the $800,000

retirement $600,000

account

$400,000

$200,000

$0

1 5 9 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69

Year into the future

Practice problems

Problem 1

What is the future value of $2,000 invested

for five years at 7% per year, with interest

compounded annually?

Problem 2

What is the value today of 10,000 promised

in four years if the discount rate is 4%?

Problem 3

What is the present value of a series of five

end-of-year cash flows of $1,000 each if the

discount rate is 4%?

Problem 4

Suppose you plan to save $3,000 each year

for ten years. If you earn 5% annual interest

on your savings, how much more will you

have at the end of ten years if you make your

payments at the beginning of the year

instead of the end of the year?

Problem 5

Sue plans to deposit $5,000 in a savings

account each year for thirty years, starting

ten years from today. Yan plans to deposit

$3,500 in a savings account each year for

forty years, starting at the end of this year. If

both Sue and Yan earn 3% on their savings,

who will have the most saved at the end of

forty years?

Problem 6

Suppose you have two investment

opportunities:

Opportunity 1: APR of 12%, compounded

monthly

Opportunity 2: APR of 11.9%, compounded

continuously

Which opportunity provides the better

return?

Problem 7

If you can earn 5% per year, what would you

have to deposit in an account today so that

you have enough saved to allow withdrawals

of $40,000 each year for twenty years,

beginning thirty years from today?

Problem 8

Suppose you deposit 50000 in an account

that pays 4% interest, compounded

continuously. How much will you have in the

account at the end of ten years if you make

no withdrawals?

The end

- c02a Introduction to Financial CalculatorsUploaded byKillér Jàck
- FIN100Uploaded byjt626
- Module 2 - Time Value of MoneyUploaded byNarayanan Subramanian
- Kuliah III Case of Time Value of MoneyUploaded byMathilda Ully
- 07 Tvm SolutionsUploaded byMohammad Siddiq Dondh Abbasi
- CHAPTER 4 the Time Value of Money-student(1)Uploaded by世泉
- Access, Formulas and FunctionsUploaded byKemi Awosanya
- FinanceUploaded bysophiachabra
- PP Ch 5-1 (Soalan Katsner)Uploaded bysharin
- 05 - Chapter 5 (Time Value of Money)Uploaded byhunkie
- Time Value of MoneyUploaded byNazre Alan Siddiqui
- Chapter 5 - Time Value of MoneyUploaded byDenise Labordo
- LP6 Assignment-Chapter 6 Text ProblemsUploaded bylisa
- Fin CalculationsUploaded bysandrabowe
- Corporate Finance 1Uploaded bykhamaley
- MIDTERM1_1Uploaded byweijun05
- NPV12Uploaded byRakib Rabby
- 2012 Financial Management Solved.docUploaded byKunal Saraff
- Present ValueUploaded byparshu0087072
- 317944514 Engineering EconomyUploaded byKristian Taruc
- BB0011 Managing Financial Resources Set2Uploaded byprajnaprasad
- Chapter 6Uploaded byEnna rajpoot
- ch_04_combo.pptxUploaded byshane bickham
- COMPUTER 8.pptxUploaded byKyle
- 12 Maths b Kap Revision Term 3 Solutions[1]Uploaded byPhoebe Wang
- Accounting 202 Appendix C TestUploaded byLương Thế Cường
- Time Value of Money ExercisesUploaded byIvan Carreño
- บางระขัยนUploaded byAndaman Bunjongkarn
- C6A Time Value of MoneyUploaded bySteeeeeeeeph
- Lect 2 Summer 2016Uploaded byAlexa Mouawad

- Asiento LeasingUploaded byJosé Luis Martínez
- NicUploaded byFrankfort Arenas Hurtado
- Auditoría Ambiental TrabajoUploaded byFATIMANICOLL13
- Memoria AnualUploaded byFATIMANICOLL13
- Tratamiento Contable de LeasingUploaded byFATIMANICOLL13
- FERREYCORP-S.A.A.-PRESENTACIÓN FINAL.pdfUploaded byFATIMANICOLL13
- EL CONCEPTO DEL DEVENGADO EN EL PERUUploaded byFATIMANICOLL13
- EL CONCEPTO DEL DEVENGADO EN EL PERUUploaded byFATIMANICOLL13
- Chapter05.docUploaded byKazuki Otaku
- EMPRESA INMOBILIARIA TESISUploaded byFATIMANICOLL13
- importacion-tributosUploaded byAdrian Camasi
- Indicadores FinancierosUploaded byFATIMANICOLL13
- Valoracion de Bonos AccionesUploaded byVeronica Hidalgo
- TL Nuñez Jimenez JessicaKarinaUploaded byDy Vas
- Valores de BonosUploaded byVictor Inocente Mendoza
- La Etica en El MercadoUploaded byFATIMANICOLL13
- Fases de La Emigracion Peruana Teofilo Altamirano (1)Uploaded byGian Marco Saldarriaga Massa
- 4.- El Sistema de Transferencia de La Propiedad Inmueble en El Derecho Civil PeruanoUploaded byWa Lo
- dinamicacontable-1Uploaded byAngélica Villavicencio
- ES ED Conceptual-Framework MAY-2015Uploaded byLuis Eduardo Olaya
- Medico a Palos- MoliereUploaded byFATIMANICOLL13
- RENTA RoqueGarciaMullinUploaded byMadeleine Miluska Sanchez Llancari
- 1 QUIMICA DE LA MATERIA VIVA.pptUploaded byFATIMANICOLL13
- 3. Crecimiento Poblacional MunialUploaded byFATIMANICOLL13
- BIOMOLECULAS.pptxUploaded byFATIMANICOLL13
- Sistema NerviosoUploaded byFATIMANICOLL13
- Ejemplo Pre MaUploaded byYesica Vargas

- Proration in MPA Accounting ROUploaded byrpillz
- Banking Part3Uploaded byAbhishekKumar
- KPI Book SampleUploaded bygtsouza
- Synopsis AshwiniUploaded byVaibhav Dubey
- Tuhin StakeholdersUploaded byTauhidulIslamTuhin
- IndiaUploaded bySuman Singh
- Peoplesfoft GL closeUploaded bynehajain208369
- isda_presentationUploaded bypapillonnnn
- f1040sbUploaded byapi-252942620
- Practice question MBA week 2+answers-2018Uploaded byDamir Ramazanov
- The MHAD ( Disposal of Land) Rules 1981 (1)1.pdfUploaded bySanjay Bhagwat
- NZ Parliament's register of pecuniary and other specified interests summary 2016Uploaded byjohnhartevelt
- Fiancial Analysis of Rolls RoyceUploaded byJohn Jerrin Babu
- Tax Deducted at SourceUploaded byAseem Mahajan
- mardia Chemicals PresentationUploaded byVivekananda Swaroop
- Copy of Supplier Accreditation Application-V1 - RevisedUploaded byCandiceCocuaco-Chan
- AntaminaUploaded byCarlos Rudas Ramirez
- Anuj_CV1Uploaded byAnuj Kumar
- en.20120404Uploaded byHai Hoang Thanh
- Assignment IPE 481Uploaded bysyd_xp
- Rapicut Carbides LimitedUploaded bySafwan mansuri
- Finance QuestionsUploaded byAnand Kris
- pidsdps0918-2x2Uploaded byAndrew Evangelista
- BKM+Chapter+6+SolutionsUploaded byAhtsham Ahmad
- The Specific Relief Act, 1877Uploaded byAtif Rehman
- Iberpapel Gestión S a BME IBG Financials Balance SheetUploaded byRobert Jie Yin
- Iinternational Education Global Growth and Prosperity Analytical NarrativeUploaded byJoscelyn
- Guru Msc Project ReportUploaded byEr Chandra Bose
- Automation of Inventory Mgm-Synopsis (1)Uploaded byNageshwar singh
- Editorial 8-15 January 2017Uploaded byAnurag Rastogi