1. This assignment is compulsory for those registered to write the examination in
   October 2020, unless you were registered to write the examinations in May 2020 and
   submitted the assignment in April 2020 and have elected not to resubmit the
   assignment in September 2020. Note however, that if you submit an assignment in
   September 2020, the mark awarded in the September 2020 assignment will be
   accepted as the final mark and no communications in this regard will be entertained.
2. You must answer all questions.
3. Assignment marks contribute 30% to your final overall mark. If you do not submit the
   assignment, you must get 70% on the final examination paper to pass.
4. You may submit your assignment on any date on or before 7 September 2020.
5. No submissions will be permitted after the cut-off date unless a valid extension is
   given in writing by the Institute.
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7. You must submit your assignment to: [email protected]
8. You must use your student number and the name of the module when you save your
   document e.g. 123456 Finance for Decision-Making Assignment October 2020.
   Special Instructions
9. You may use any resources at your disposal for answering the assignment but the
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    Financial for Decision-Making October 2020 Assignment Page 2 of 17
    QUESTION 1:
    Read the case study/ scenario below and answer the questions based
    on the case study.
    You are currently in the process of reviewing two investments namely Dalmatia
    Limited and Roma Limited. Below are the calculations that you have performed
    so far:
    Risk and Return Calculations:
    Dalmatia
    Probability Return Mean
    Probability (return –
    mean) ^2 Variance
    0.65 10.00 6.50 0.65((10-10.7)^2) 0.32 0.35 12.00 4.20 0.35((12-10.7)^2) 0.59
    10.70 á½¹
    2 0.91
    Standard Deviation 0.95
    Roma
    Probability Return Mean
    Probability (return –
    mean) ^2 Variance
    0.65 22 14.30 0.65((22-14.30)^2) 38.54 0.35 -2 -0.70 0.35((-2-13.60)^2) 92.99
    13.60 á½¹
    2 131.53
    Standard Deviation 11.47
    Covariance and Correlation Calculations:
    Probability
    (Return NF – Mean NF) x (Return SL x Mean
    SL) Covariance
    0.65 (10 – 10.70)(14.30- 13.60) -0.49 -0.32 0.35 (12 – 10.70)(-2 – 13.60) -20.28 -7.10
    Covariance of
    Returns -7.42
    Correlation = Covariance/SD of NF x SD of SL = -7.42 / (0.95 x 11.47) = -0.68
    The following additional information is available:
    • Risk free rate is 3%
    • Market Return is 12%
    • Market standard deviation 25.2
    • Covariance of NF shares in relation to the market is 25.2
    • Covariance of SL shares in relation to the market is 39.6
    • All calculations must be rounded to two decimal points.
    Financial for Decision-Making October 2020 Assignment Page 3 of 17
    1.1 Determine the expected return and risk of a portfolio with
    Dalmatia and Roma where 40% of the portfolio is invested in
    Dalmatia and 60% is invested in Roma. You must also
    discuss whether you such portfolio should be invested in and
    why.
    The following formula should be used to determine the risk of
    the portfolio:
    (16)
    1.2 Calculate the required return for Dalmatia using the Capital
    Asset Pricing Model (CAPM) and discuss whether you would
    invest in such share.
    Use the following formula to calculate Beta:
    (9)
    [25 marks]
    Financial for Decision-Making October 2020 Assignment Page 4 of 17
    QUESTION 2
    Read the case study/ scenario below and answer the questions based
    on the case study.
    Gecko Limited (GL) is a company that is in the fast moving consumer goods market
    (FMCG). The company is listed on the Johannesburg Securities Exchange (JSE) in order
    to raise capital from different sources to expand operations. GL has analysed an
    investment into a new computer platform from the 2021 year onwards. Below is the net
    present value analysis (NPV) for the proposed investment prepared by the CFO of the
    company:
    2021 2022 2023 2024
    Notes R R R R
    Turnover 1 18 000 000 18 000 000 18 000 000 18 000 000
    Operating costs 1 -4 500 000 -4 500 000 -4 500 000 -4 500 000
    Opportunity cost 2 -1 000 000 -1 000 000 -1 000 000 -1 000 000
    Supply licence agreement
    instalments -800 000 -800 000 -800 000 -800 000
    Operating cost savings 300 000 300 000 300 000 300 000
    Cost platform lease 3 -480 000 -480 000 -480 000 -480 000
    Depreciation -700 000 -700 000 -700 000 -700 000
    Interest on long-term loan 4 -897 536 -712 469 -503 344 -267 032-
    Provision for changes in
    legislation 5 – – – -2 500 000
    Net cash flows 9 922 464 10 107 531 10 316 656 8 052 968
    Notes:
    • GL’s Chief Financial Officer (CFO) expects that revenue and operating costs
    will increase by inflation (around 6%) year on year. However, the CFO is of the
    opinion that the net present value should be prepared using real amounts, not
    nominal, and as a result has not included the effects in the revenue or
    operating costs above.
    • The opportunity cost represents annual instalments in terms of the supply
    licence agreement, to which GL will no longer be entitled.
    • GL is currently in a lease agreement with OPCO SA (Pty) Ltd. The annual
    instalments on the lease are R480 000 per annum. The lease agreement was
    entered into on1 March 2017 and will conclude in 2022. As the platform rented
    will be necessary to expand into this market, it has been included in the
    analysis above.
    • GL obtained a long-term loan of R15 million on 1 January 2010 to finance
    various operations. The long-term loan is repayable in 25 equal annual
    instalments, which commenced on 31 December 2010. The loan bears interest
    at a fixed rate of 13% per annum. The loan agreement provides that the loan
    cannot be repaid earlier than the agreed repayment profile.
    • The amount for the provision has been reliably estimated by the CFO.
    Financial for Decision-Making October 2020 Assignment Page 5 of 17
    Additional Information:
    • The tax rate is 28%.
    • The nominal return on equity rate (6%) has been used to discount these cash
    flows. The CFO has not used the WACC rate as he is of the opinion that the
    only providers of capital that require a return are the shareholders. The
    Weighted Average Cost of Capital (WACC) rate is 10%.
    • The initial cost of investing in this new market is R50 million and it is expected
    that the annual net cash flow on the project will be R10.5 million from 2025
    onwards.
    Critique the net present value calculation prepared by the CFO of
    GL. Your answer should make use of the following table:
    Issue Explanation
    (25)
    [25 marks]
    Financial for Decision-Making October 2020 Assignment Page 6 of 17
    QUESTION 3
    Read the case study below and answer the questions based on the
    case study.
    Green-Orr Limited (GOL) is a retailer of various fast-moving consumer
    goods (FMCG’s).
    Due to the COVID-19 pandemic the entity has experienced reduced
    operating margins and liquidity concerns. As part of their process to
    manage liquidity concerns, they have considered factoring their accounts
    receivable (debtors’ book). Below is an extract from the notes to GOL’s
    financial statements as at 31 July 2020:
    Description 2020 (R)
    Trade Debtors 2 000 000
    Provision for Doubtful Debts (150 000)
    Prepayments 200 000
    Trade and Other Receivables 2 050 000
    GOL has approached DBC Bank for assistance with the factoring
    transaction. Below is a brief summary of the bank’s terms:
    1.) DBC will give 80% of the value of accounts receivable as at 31 July
    2020 to GOL. The remaining 20% will be recovered by DBC and
    paid over to GOL.
    2.) The fee is 7.5% of the accounts receivable amounted stated
    above.
    In order to manage GOL’s cash flow more effectively, the CFO has
    expressed interest in using the Miller-Orr model. GOL invests its surplus
    cash at an annual rate of 7.5% and incurs R150 per transaction on buying
    and selling short-term securities. The expected daily cash balances and
    their probability distributions are as follows:
    Cash (R) Probability
    80 000 15%
    90 000 40%
    100 000 45%
    The acceptable lower limit of cash holding is R20 000.
    3.1 In terms of International Financial Reporting Standards
    (IFRS) 9: Financial Instruments, discuss how accounts
    receivable should be measured in GOL’s financial
    statements. In addition, provide the initial journal entry
    (debit/s and credit/s) if GOL decided to enter into the
    (14)
    Financial for Decision-Making October 2020 Assignment Page 7 of 17
    factoring transaction.
    3.2 Based on management’s forecast and using the Miller-Orr
    Model, calculate the target cash level GOL should hold in
    order to allow for effective management of their cash flows.
    Below is the formula for Miller-Orr:
    Optimal return point =
    (
    3√3 x cost per order x variance of daily cash balances)/(4 x
    daily interest rate on marketable securities)
    +
    Lower cash limit (11)
    [25 marks]
    Financial for Decision-Making October 2020 Assignment Page 8 of 17
    QUESTION 4
    Read the case study below and answer the questions based on the
    case study.
    Gymogae (Pty) Limited (Gymogae) is a multi-national conglomerate.
    Gymagoe is in the process of calculating their WACC rate for the 2020
    financial year and has complied the following information:
    • Ordinary Shares
    Dividend declared for 2020 R250 000.
    The dividend yield of Gymogae is estimated to be 11%.
    There are 100 000 ordinary shares in issue.
    • Preference Shares
    These are 10% preference shares convertible into ordinary shares
    in 2022. The offer for conversion is one ordinary share for every
    four preference shares held.
    It is estimated that these preference shares have a market rate of
    18%.
    The book value of the preference shares is R4million and the price
    per preference share is R5.
    • Debentures
    These debentures are non-convertible and non-redeemable.
    The debentures current yield to maturity is 20%.
    The market value of the debentures is R14million.
    Additional Information:
    • Extract from the statement of comprehensive income:
    2019 2018 2017
    R R R
    Profit after tax 650 000 601 800 557 200
    • The tax rate is 28%.
    Calculate the Weighted Average Cost of Capital (WACC) of
    Gymogae Ltd. (25)
    [25 marks]
    (Total: 100 marks)
    Financial for Decision-Making October 2020 Assignment Page 9 of 17
    END OF ASSIGNMENT
    Financial for Decision-Making October 2020 Assignment Page 10 of 17
    FORMULAE
    Sources of Finance
    Equity:
    i) DDM
    ii) CAPM
    iii) Dividend Yield method
    Ke = (Do (1+g)/Po) + g
    Ke = rf + (rm – rf)ß
    OR
    E(ri) = Rf + ßi (E(rm) – Rf)
    o
    o
    e
    P
    d
    K =
    Preference shares:
    p
    p
    p
    S
    d
    K =
    Debt:
    i) Perpetual (Irredeemable)
    ii) Redeemable
    iii) Non-tradable debt, such as bank loans
    d
    d
    S
    I 1 t
    K

( − )

Kd = IRR (1-T)
Kd = %I (1-T)
Breakeven EBIT
(solve for EBIT)
Numberof shares
(1- t)(EBIT -Interest) EPS=
Gordon’s Growth Model (DDM)
Growth rate
Weighted Average Cost of Capital (WACC)






+

• − 
  
  
  
  
  
• E D
  D
  K t
  E D
  E
  Keg d
  (1 )
  Gearing
  Degree of operational leverage/gearing (DOL) DOL =

Financial gearing

Financial for Decision-Making October 2020 Assignment Page 11 of 17
Discounts
Discount factor 1/(1 + i)n
Effective discount rate
annualised (Cost of early
payment discount
foregone)
d t
d 365
100

−
Interpolation of Internal
Rate of Return (IRR) low rate +






 (highrate – low rate)
(NPV low rate – NPV highrate)
NPV low rate

Profitability index
(Cost/benefit ratio)
Inventory
Economic Ordering
Quantity
=
h
2Cd
Combined cost of inventory
holding and inventory
ordering over one year






 + 






Q
d
h C
2
Q
or
2x c xdxh
Inventory days
Shares
Earnings per share Market value per share ÷ P/E ratio
Share Issue costs
g
P I
d 1 g
K
o
o
e +
−

+

( )
Capital Market Line (CML)
p
m
m f
m f σ
σ
R R
R R 






 −
= +
Where:
m
p
σ
σ
= beta factor β
The relationship between
the nominal cost of capital
and the real cost of capital
(1 + n)=(1 + r)*(1 + i)
The equation above can be arranged in the form:
Financial for Decision-Making October 2020 Assignment Page 12 of 17
1 i
1 n
1 r
+
+

• =
  and
  1 i
  n i
  r
  +

−

ARR method (Share Value) Value = estimated future profits/required return on capital employed
Capital Asset Pricing Model
(see also above)
(Rs – Rf) = β(Rm – Rf)
or
(Rs) = Rf + β(Rm – Rf)
Beta factor β
m
p


= β in Rp = Rf + β(Rm − Rf)
m
s psm


(with correlation)
The beta value of a geared
company calculated from
the ungeared beta and the
gearing ratio (as per
Modigliani and Miller)
βg = βug [1 + Vd(1 – t)/Veg]
MM’s first proposition Vd +Veg =Veug = earnings before interest/WACC
Arbitrage Pricing Model
(APM) Rs = E(rj )+ β1F1 + β2F2 + β3F3 + β4F4 + ……….e
APM (no arbitrage remain) E(rj )= rf + β1(r1 − rf)+ β2(r2 − rf)+ β3(r3 − rf)+ β4(r4 − rf)+ ………..
Miller-Orr model
Cost of convertible
debentures
n
n
2 3 n
o
1 r
V CR
1 r
I 1 t
1 r
I 1 t
1 r
I 1 t
1 r
I 1 t
P
+
+
+
−
+
+
−
+
+
−
+
+

−

( ) ( ) ( ) ( )
Mergers and Acquisitions
Exchange Ratio (ER)
based upon Market Value
A
T
T MP
MP
ER =
Exchange ratio with synergistic
benefits
1
MP
MP ER Market premium
T
A T
−



Synergistic benefits are to be
allocated to the target
company’s shareholders
T A
M A
T N MP
MV MV ER


−

Synergistic benefits are to be
retained by the acquiring
company
N (MV MV )
MV x N
ER
T M T
T A

−

Maximum exchange ratio to be
offered by the acquiring
company
Minimum exchange ratio the
target company can accept
Financial for Decision-Making October 2020 Assignment Page 13 of 17
Sustainable Growth Rate
Exchange Rates
Z score Z = 1.2 X1 + 1.4 X2 + 3.3 X3 + 0.6 X4 + 1.0 X5
where:
X1 = working capital/total assets
X2 = retained earnings/total assets
X3 = earnings before tax and interest/total assets
X4 = market value of equity/book value of total debt
X5 = sales/total assets
Beaver’s Ratio Cash Flow from Operations
Total Debt
Interest Rate Conversion R0 =
0
]
12 )) ] 1}
12
{[(1 (
0
M
M
R
Mi
M
i

• i  − 
  Portfolio Theory

r

² =

y = mx + c
m
Rm Rf m


−

Financial for Decision-Making October 2020 Assignment Page 14 of 17
Financial Ratios
Current ratio =
Current assets
Current liabilities
Quick ratio =
Current assets – inventory
Current liabilities
Inventory turnover =
Cost of sales/Purchases
Inventory
Inventory days = Inventory x 365
Cost of sales/Purchases
Average collection =
Accounts receivable
Sales / 365
Fixed asset turnover =
Sales
Fixed assets
Asset turnover =
Sales
Operating assets
Debt ratio =
Debt
Total assets
Debt to equity =
Total debt
Total equity
Times interest earned =
EBIT
Interest
EBITDA coverage =
EBIT + depreciation + amortisation
Interest
Fixed charge coverage =
EBIT + depreciation + amortisation +
lease payments
Interest + lease payments
Gross profit margin =
Gross profit
Sales
Net profit operating margin =
EBIT
SALES
Net profit margin =
Net profit
Sales
Financial for Decision-Making October 2020 Assignment Page 15 of 17
Return on total assets =
Net profit
Total assets
Return on equity =
Net income
Total shareholder’s funds
Cash flow to total debt =
Cash flow from operations
Total debt
Dividend yield =
Dividend per share
Price per share
Earnings yield =
Earnings per share
Price per share
Price earnings ratio =
Price per share
Earnings per share
Dividend cover =
Earnings per share
Dividend per share
Cash Turnover =
Sales
Cash Balance
(Average)
Cash Holding =
Cash
Current Assets
Finance for Decision-Making October 2020 Assignment Page 16 of 16
Present Value table of R1
Prd 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 15% 16% 17% 18% 20%
1 0,9901 0,9804 0,9709 0,9615 0,9524 0,9434 0,9346 0,9259 0,9174 0,9091 0,8929 0,8696 0,8621 0,8547 0,8475 0,8333
2 0,9803 0,9612 0,9426 0,9246 0,9070 0,8900 0,8734 0,8573 0,8417 0,8264 0,7972 0,7561 0,7432 0,7305 0,7182 0,6944
3 0,9706 0,9423 0,9151 0,8890 0,8638 0,8396 0,8163 0,7938 0,7722 0,7513 0,7118 0,6575 0,6407 0,6244 0,6086 0,5787
4 0,9610 0,9238 0,8885 0,8548 0,8227 0,7921 0,7629 0,7350 0,7084 0,6830 0,6355 0,5718 0,5523 0,5337 0,5158 0,4823
5 0,9515 0,9057 0,8626 0,8219 0,7835 0,7473 0,7130 0,6806 0,6499 0,6209 0,5674 0,4972 0,4761 0,4561 0,4371 0,4019
6 0,9420 0,8880 0,8375 0,7903 0,7462 0,7050 0,6663 0,6302 0,5963 0,5645 0,5066 0,4323 0,4104 0,3898 0,3704 0,3349
7 0,9327 0,8706 0,8131 0,7599 0,7107 0,6651 0,6227 0,5835 0,5470 0,5132 0,4523 0,3759 0,3538 0,3332 0,3139 0,2791
8 0,9235 0,8535 0,7894 0,7307 0,6768 0,6274 0,5820 0,5403 0,5019 0,4665 0,4039 0,3269 0,3050 0,2848 0,2660 0,2326
9 0,9143 0,8368 0,7664 0,7026 0,6446 0,5919 0,5439 0,5002 0,4604 0,4241 0,3606 0,2843 0,2630 0,2434 0,2255 0,1938
10 0,9053 0,8203 0,7441 0,6756 0,6139 0,5584 0,5083 0,4632 0,4224 0,3855 0,3220 0,2472 0,2267 0,2080 0,1911 0,1615
11 0,8963 0,8043 0,7224 0,6496 0,5847 0,5268 0,4751 0,4289 0,3875 0,3505 0,2875 0,2149 0,1954 0,1778 0,1619 0,1346
12 0,8874 0,7885 0,7014 0,6246 0,5568 0,4970 0,4440 0,3971 0,3555 0,3186 0,2567 0,1869 0,1685 0,1520 0,1372 0,1122
13 0,8787 0,7730 0,6810 0,6006 0,5303 0,4688 0,4150 0,3677 0,3262 0,2897 0,2292 0,1625 0,1452 0,1299 0,1163 0,0935
14 0,8700 0,7579 0,6611 0,5775 0,5051 0,4423 0,3878 0,3405 0,2992 0,2633 0,2046 0,1413 0,1252 0,1110 0,0985 0,0779
15 0,8613 0,7430 0,6419 0,5553 0,4810 0,4173 0,3624 0,3152 0,2745 0,2394 0,1827 0,1229 0,1079 0,0949 0,0835 0,0649
16 0,8528 0,7284 0,6232 0,5339 0,4581 0,3936 0,3387 0,2919 0,2519 0,2176 0,1631 0,1069 0,0930 0,0811 0,0708 0,0541
Present Value annuity table of R1
Prd 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 15% 16% 17% 18% 20%
1 0,9901 0,9804 0,9709 0,9615 0,9524 0,9434 0,9346 0,9259 0,9174 0,9091 0,8929 0,8696 0,8621 0,8547 0,8475 0,8333
2 1,9704 1,9416 1,9135 1,8861 1,8594 1,8334 1,8080 1,7833 1,7591 1,7355 1,6901 1,6257 1,6052 1,5852 1,5656 1,5278
3 2,9410 2,8839 2,8286 2,7751 2,7232 2,6730 2,6243 2,5771 2,5313 2,4869 2,4018 2,2832 2,2459 2,2096 2,1743 2,1065
4 3,9020 3,8077 3,7171 3,6299 3,5460 3,4651 3,3872 3,3121 3,2397 3,1699 3,0373 2,8550 2,7982 2,7432 2,6901 2,5887
5 4,8534 4,7135 4,5797 4,4518 4,3295 4,2124 4,1002 3,9927 3,8897 3,7908 3,6048 3,3522 3,2743 3,1993 3,1272 2,9906
6 5,7955 5,6014 5,4172 5,2421 5,0757 4,9173 4,7665 4,6229 4,4859 4,3553 4,1114 3,7845 3,6847 3,5892 3,4976 3,3255
7 6,7282 6,4720 6,2303 6,0021 5,7864 5,5824 5,3893 5,2064 5,0330 4,8684 4,5638 4,1604 4,0386 3,9224 3,8115 3,6046
8 7,6517 7,3255 7,0197 6,7327 6,4632 6,2098 5,9713 5,7466 5,5348 5,3349 4,9676 4,4873 4,3436 4,2072 4,0776 3,8372
9 8,5660 8,1622 7,7861 7,4353 7,1078 6,8017 6,5152 6,2469 5,9952 5,7590 5,3282 4,7716 4,6065 4,4506 4,3030 4,0310
10 9,4713 8,9826 8,5302 8,1109 7,7217 7,3601 7,0236 6,7101 6,4177 6,1446 5,6502 5,0188 4,8332 4,6586 4,4941 4,1925
11 10,3676 9,7868 9,2526 8,7605 8,3064 7,8869 7,4987 7,1390 6,8052 6,4951 5,9377 5,2337 5,0286 4,8364 4,6560 4,3271
12 11,2551 10,5753 9,9540 9,3851 8,8633 8,3838 7,9427 7,5361 7,1607 6,8137 6,1944 5,4206 5,1971 4,9884 4,7932 4,4392
13 12,1337 11,3484 10,6350 9,9856 9,3936 8,8527 8,3577 7,9038 7,4869 7,1034 6,4235 5,5831 5,3423 5,1183 4,9095 4,5327
14 13,0037 12,1062 11,2961 10,5631 9,8986 9,2950 8,7455 8,2442 7,7862 7,3667 6,6282 5,7245 5,4675 5,2293 5,0081 4,6106
15 13,8651 12,8493 11,9379 11,1184 10,3797 9,7122 9,1079 8,5595 8,0607 7,6061 6,8109 5,8474 5,5755 5,3242 5,0916 4,6755
16 14,7179 13,5777 12,5611 11,6523 10,8378 10,1059 9,4466 8,8514 8,3126 7,8237 6,9740 5,9542 5,6685 5,4053 5,1624 4,7296
Finance for Decision-Making October 2020 Assignment Page 17 of 16
Future Value table of R1
Prd 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 15% 16% 17% 18% 20%
1 1,0100 1,0200 1,0300 1,0400 1,0500 1,0600 1,0700 1,0800 1,0900 1,1000 1,1200 1,1500 1,1600 1,1700 1,1800 1,2000
2 1,0201 1,0404 1,0609 1,0816 1,1025 1,1236 1,1449 1,1664 1,1881 1,2100 1,2544 1,3225 1,3456 1,3689 1,3924 1,4400
3 1,0303 1,0612 1,0927 1,1249 1,1576 1,1910 1,2250 1,2597 1,2950 1,3310 1,4049 1,5209 1,5609 1,6016 1,6430 1,7280
4 1,0406 1,0824 1,1255 1,1699 1,2155 1,2625 1,3108 1,3605 1,4116 1,4641 1,5735 1,7490 1,8106 1,8739 1,9388 2,0736
5 1,0510 1,1041 1,1593 1,2167 1,2763 1,3382 1,4026 1,4693 1,5386 1,6105 1,7623 2,0114 2,1003 2,1924 2,2878 2,4883
6 1,0615 1,1262 1,1941 1,2653 1,3401 1,4185 1,5007 1,5869 1,6771 1,7716 1,9738 2,3131 2,4364 2,5652 2,6996 2,9860
7 1,0721 1,1487 1,2299 1,3159 1,4071 1,5036 1,6058 1,7138 1,8280 1,9487 2,2107 2,6600 2,8262 3,0012 3,1855 3,5832
8 1,0829 1,1717 1,2668 1,3686 1,4775 1,5938 1,7182 1,8509 1,9926 2,1436 2,4760 3,0590 3,2784 3,5115 3,7589 4,2998
9 1,0937 1,1951 1,3048 1,4233 1,5513 1,6895 1,8385 1,9990 2,1719 2,3579 2,7731 3,5179 3,8030 4,1084 4,4355 5,1598
10 1,1046 1,2190 1,3439 1,4802 1,6289 1,7908 1,9672 2,1589 2,3674 2,5937 3,1058 4,0456 4,4114 4,8068 5,2338 6,1917
11 1,1157 1,2434 1,3842 1,5395 1,7103 1,8983 2,1049 2,3316 2,5804 2,8531 3,4785 4,6524 5,1173 5,6240 6,1759 7,4301
12 1,1268 1,2682 1,4258 1,6010 1,7959 2,0122 2,2522 2,5182 2,8127 3,1384 3,8960 5,3503 5,9360 6,5801 7,2876 8,9161
13 1,1381 1,2936 1,4685 1,6651 1,8856 2,1329 2,4098 2,7196 3,0658 3,4523 4,3635 6,1528 6,8858 7,6987 8,5994 10,6993
14 1,1495 1,3195 1,5126 1,7317 1,9799 2,2609 2,5785 2,9372 3,3417 3,7975 4,8871 7,0757 7,9875 9,0075 10,1472 12,8392
15 1,1610 1,3459 1,5580 1,8009 2,0789 2,3966 2,7590 3,1722 3,6425 4,1772 5,4736 8,1371 9,2655 10,5387 11,9737 15,4070
16 1,1726 1,3728 1,6047 1,8730 2,1829 2,5404 2,9522 3,4259 3,9703 4,5950 6,1304 9,3576 10,7480 12,3303 14,1290 18,4884
Future Value annuity table of R1
Prd 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 15% 16% 17% 18% 20%
1 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000
2 2,0100 2,0200 2,0300 2,0400 2,0500 2,0600 2,0700 2,0800 2,0900 2,1000 2,1200 2,1500 2,1600 2,1700 2,1800 2,2000
3 3,0301 3,0604 3,0909 3,1216 3,1525 3,1836 3,2149 3,2464 3,2781 3,3100 3,3744 3,4725 3,5056 3,5389 3,5724 3,6400
4 4,0604 4,1216 4,1836 4,2465 4,3101 4,3746 4,4399 4,5061 4,5731 4,6410 4,7793 4,9934 5,0665 5,1405 5,2154 5,3680
5 5,1010 5,2040 5,3091 5,4163 5,5256 5,6371 5,7507 5,8666 5,9847 6,1051 6,3528 6,7424 6,8771 7,0144 7,1542 7,4416
6 6,1520 6,3081 6,4684 6,6330 6,8019 6,9753 7,1533 7,3359 7,5233 7,7156 8,1152 8,7537 8,9775 9,2068 9,4420 9,9299
7 7,2135 7,4343 7,6625 7,8983 8,1420 8,3938 8,6540 8,9228 9,2004 9,4872 10,0890 11,0668 11,4139 11,7720 12,1415 12,9159
8 8,2857 8,5830 8,8923 9,2142 9,5491 9,8975 10,2598 10,6366 11,0285 11,4359 12,2997 13,7268 14,2401 14,7733 15,3270 16,4991
9 9,3685 9,7546 10,1591 10,5828 11,0266 11,4913 11,9780 12,4876 13,0210 13,5795 14,7757 16,7858 17,5185 18,2847 19,0859 20,7989
10 10,4622 10,9497 11,4639 12,0061 12,5779 13,1808 13,8164 14,4866 15,1929 15,9374 17,5487 20,3037 21,3215 22,3931 23,5213 25,9587
11 11,5668 12,1687 12,8078 13,4864 14,2068 14,9716 15,7836 16,6455 17,5603 18,5312 20,6546 24,3493 25,7329 27,1999 28,7551 32,1504
12 12,6825 13,4121 14,1920 15,0258 15,9171 16,8699 17,8885 18,9771 20,1407 21,3843 24,1331 29,0017 30,8502 32,8239 34,9311 39,5805
13 13,8093 14,6803 15,6178 16,6268 17,7130 18,8821 20,1406 21,4953 22,9534 24,5227 28,0291 34,3519 36,7862 39,4040 42,2187 48,4966
14 14,9474 15,9739 17,0863 18,2919 19,5986 21,0151 22,5505 24,2149 26,0192 27,9750 32,3926 40,5047 43,6720 47,1027 50,8180 59,1959
15 16,0969 17,2934 18,5989 20,0236 21,5786 23,2760 25,1290 27,1521 29,3609 31,7725 37,2797 47,5804 51,6595 56,1101 60,9653 72,0351
16 17,2579 18,6393 20,1569 21,8245 23,6575 25,6725 27,8881 30,3243 33,0034 35,9497 42,7533 55,7175 60,9250 66,6488 72,9390 87,4421

Sample Solution