The University of Texas at AustinMcCombs School of BusinessACC 310F: Foundations of Accounting (ACC 310F)

Class Notes on Capital Investments and Time Value of Money

Chapter 15

OverviewSomeday you may decide to buy a house. If so, it's a commitment that should be considered carefully because if you have to borrow money to purchase the house, typical loans have terms in the decades. In this section, you'll learn how companies evaluate the implication of similar long-term time decisions.

Demonstration Problem #1If you borrowed $800 at an annual rate of interest of 10% how much would you owe in two years assuming you made no payments on the loan until then?

Capital Investment Analysis Average Rate of Return Cash Payback Method Net Present Value (NPV) Method Present Value IndexNPV of Cash Flows / Amount Invested Internal Rate of Return

Demonstration Problem #2Your lemonade company is considering investing in the High Output Automatic Ice Maker; the machine costs $2,600 and youve estimated that it will increase net cash flows by $700 per year for 4 years at which time it will be worthless.

What is the cash payback period for the investment?

Using an interest rate of 8% what is the net present value of the investment?

Time Value of Money Present Value of $1

Present Value of an Annuity of $1

Future Value of $1

Future Value of an Annuity of $1

Time Value of Money Calculations Present Value of $1FV x PV factor = PV Future Value of $1PV x FV factor = FV Present Value of an Annuity of $1Annuity Amount x PVa factor = PVa Future Value of an Annuity of $1Annuity Amount x FVa factor = FVa

Time Value of Money Tables

Key Terms Principal is the amount borrowed or invested on which interest will be earned or paid over a stated number of time periods (n). Interest is the payment for the use of anothers money and is usually specified at a stated percentage rate (i). For this class we will assume that all interest rates are compound interest rates such that interest is computed on the principal and any interest earned that has not yet been paid or withdrawn. A future value (FV) is what an amount now will be worth at a specified point in the future given a stated interest rate. A present value (PV) is the value today of an amount to be received or paid at a specified date in the future given a stated interest rate. An annuity is a series of cash flows that are constant in amount each time period whose future value (FVa) or present value (PVa) can be calculated.

Practice Problems

1. Franklin, Inc. is considering investing in two machines with the following cash flows

a) What is the cash payback for each investment?

b) Using an interest rate of 4%, what is the NPV of each investment?

c) What is the present value index of each investment?

2. You plan on buying a new home in four years and want to have a $15,000 down payment at that time. If the bank pays interest of 6 percent, how much should you deposit today to reach your goal?

3. Ferris Company signed a lease for an office building for a period of five years. Under the lease agreement, a security deposit of $8,000 is made. The deposit will be returned at the expiration of the lease with interest compounded at 4% per year. What amount will Ferris receive at the time the lease expires?

4. Welz Company is considering investing in an annuity contract that will return $25,000 annually at the end of each year for four years. What amount should Welz Company pay for this investment if it earns a 8% return?

5. The Hoefts invested $7,000 in a savings account paying 6% annual interest when their daughter, Laurel, was born. They also deposited $1,000 on each of her birthdays until she was 18 (including her 18th birthday). How much will be in the savings account on her 18th birthday (after the last deposit)?

6. You want to retire a millionaire. If you are 20 years old and want to retire at 65, how much must you deposit each year to reach your goal if your account averages a 6% return?

7. You are going to purchase a new car with a sticker price of $25,000. You plan to finance the purchase with a loan that has a 3 year term and an interest rate of 8 percent. a. How much is each annual loan payment (rounded to the nearest dollar)?b. How much interest will you pay over the life of the loan?

8. If you are able to earn 4% interest, what amount would you need to invest to have $850 two years from now?

9. You recently purchased a new car for $24,000 by agreeing to make equal annual payments for 3 years. If the interest rate on your loan is 8 percent, how much is each payment?

10. You have recently opened a retirement account and decided to deposit $4,000 a year in the account. If you want to retire in 45 years and the account earns 8 percent interest, how much will he have in your account when you retire?

11. You recently received a birthday gift of $1,500 and you decide to save it for later use. If you deposit it into an investment account that pays 6% interest, how much will be in the account in 3 years?

12. The Edmonds Company has decided to invest in a project that is expected to produce the following cash flows: $6,000 in year 1, $10,000 in year 2 and $12,000 in year 3. The project would require a $13,000 investment. What is the net present value of the project assuming an interest rate of 10 percent?-- Page 7 of 7 --TMV TablesPresent Value of $1Formula: 1 / (1 + i)nPeriods1%1.5%2%2.5%3%4%6%8%10%10.99010.98520.98040.97560.97090.96150.94340.92590.909120.98030.97070.96120.95180.94260.92460.89000.85730.826430.97060.95630.94230.92860.91510.88900.83960.79380.751340.96100.94220.92380.90600.88850.85480.79210.73500.683050.95150.92830.90570.88390.86260.82190.74730.68060.620960.94200.91450.88800.86230.83750.79030.70500.63020.564570.93270.90100.87060.84130.81310.75990.66510.58350.513280.92350.88770.85350.82070.78940.73070.62740.54030.466590.91430.87460.83680.80070.76640.70260.59190.50020.4241100.90530.86170.82030.78120.74410.67560.55840.46320.3855110.89630.84890.80430.76210.72240.64960.52680.42890.3505120.88740.83640.78850.74360.70140.62460.49700.39710.3186130.87870.82400.77300.72540.68100.60060.46880.36770.2897140.87000.81180.75790.70770.66110.57750.44230.34050.2633150.86130.79990.74300.69050.64190.55530.41730.31520.2394160.85280.78800.72840.67360.62320.53390.39360.29190.2176170.84440.77640.71420.65720.60500.51340.37140.27030.1978180.83600.76490.70020.64120.58740.49360.35030.25020.1799190.82770.75360.68640.62550.57030.47460.33050.23170.1635200.81950.74250.67300.61030.55370.45640.31180.21450.1486250.77980.68920.60950.53940.47760.37510.23300.14600.0923300.74190.63980.55210.47670.41200.30830.17410.09940.0573350.70590.59390.50000.42140.35540.25340.13010.06760.0356450.63910.51170.41020.32920.26440.17120.07270.03130.0137

Present Value of an Annuity of $1Formula: (1 - (1 / (1 + i)n ) ) / iPeriods1%1.5%2%2.5%3%4%6%8%10%10.99010.98520.98040.97560.97090.96150.94340.92590.909121.97041.95591.94161.92741.91351.88611.83341.78331.735532.94102.91222.88392.85602.82862.77512.67302.57712.486943.90203.85443.80773.76203.71713.62993.46513.31213.169954.85344.78264.71354.64584.57974.45184.21243.99273.790865.79555.69725.60145.50815.41725.24214.91734.62294.355376.72826.59826.47206.34946.23036.00215.58245.20644.868487.65177.48597.32557.17017.01976.73276.20985.74665.334998.56608.36058.16227.97097.78617.43536.80176.24695.7590109.47139.22228.98268.75218.53028.11097.36016.71016.14461110.367610.07119.78689.51429.25268.76057.88697.13906.49511211.255110.907510.575310.25789.95409.38518.38387.53616.81371312.133711.731511.348410.983210.63509.98568.85277.90387.10341413.003712.543412.106211.690911.296110.56319.29508.24427.36671513.865113.343212.849312.381411.937911.11849.71228.55957.60611614.717914.131313.577713.055012.561111.652310.10598.85147.82371715.562314.907614.291913.712213.166112.165710.47739.12168.02161816.398315.672614.992014.353413.753512.659310.82769.37198.20141917.226016.426215.678514.978914.323813.133911.15819.60368.36492018.045617.168616.351415.589214.877513.590311.46999.81818.51362522.023220.719619.523518.424417.413115.622112.783410.67489.07703025.807724.015822.396520.930319.600417.292013.764811.25789.42693529.408627.075624.998623.145221.487218.664614.498211.65469.64424536.094532.552329.490226.833024.518720.720015.455812.10849.8628

Future Value of $1Formula: (1 + i)nPeriods1%1.5%2%2.5%3%4%6%8%10%11.01001.01501.02001.02501.03001.04001.06001.08001.100021.02011.03021.04041.05061.06091.08161.12361.16641.210031.03031.04571.06121.07691.09271.12491.19101.25971.331041.04061.06141.08241.10381.12551.16991.26251.36051.464151.05101.07731.10411.13141.15931.21671.33821.46931.610561.06151.09341.12621.15971.19411.26531.41851.58691.771671.07211.10981.14871.18871.22991.31591.50361.71381.948781.08291.12651.17171.21841.26681.36861.59381.85092.143691.09371.14341.19511.24891.30481.42331.68951.99902.3579101.10461.16051.21901.28011.34391.48021.79082.15892.5937111.11571.17791.24341.31211.38421.53951.89832.33162.8531121.12681.19561.26821.34491.42581.60102.01222.51823.1384131.13811.21361.29361.37851.46851.66512.13292.71963.4523141.14951.23181.31951.41301.51261.73172.26092.93723.7975151.16101.25021.34591.44831.55801.80092.39663.17224.1772161.17261.26901.37281.48451.60471.87302.54043.42594.5950171.18431.28801.40021.52161.65281.94792.69283.70005.0545181.19611.30731.42821.55971.70242.02582.85433.99605.5599191.20811.32701.45681.59871.75352.10683.02564.31576.1159201.22021.34691.48591.63861.80612.19113.20714.66106.7275251.28241.45091.64061.85392.09382.66584.29196.848510.8347301.34781.56311.81142.09762.42733.24345.743510.062717.4494351.41661.68391.99992.37322.81393.94617.686114.785328.1024451.56481.95422.43793.03793.78165.841213.764631.920472.8905

Future Value of an Annuity of $1Formula: ( (1 + i)n -1 ) / iPeriods1%1.5%2%2.5%3%4%6%8%10%11.00001.00001.00001.00001.00001.00001.00001.00001.000022.01002.01502.02002.02502.03002.04002.06002.08002.100033.03013.04523.06043.07563.09093.12163.18363.24643.310044.06044.09094.12164.15254.18364.24654.37464.50614.641055.10105.15235.20405.25635.30915.41635.63715.86666.105166.15206.22966.30816.38776.46846.63306.97537.33597.715677.21357.32307.43437.54747.66257.89838.39388.92289.487288.28578.43288.58308.73618.89239.21429.897510.636611.435999.36859.55939.75469.954510.159110.582811.491312.487613.57951010.462210.702710.949711.203411.463912.006113.180814.486615.93741111.566811.863312.168712.483512.807813.486414.971616.645518.53121212.682513.041213.412113.795614.192015.025816.869918.977121.38431313.809314.236814.680315.140415.617816.626818.882121.495324.52271414.947415.450415.973916.519017.086318.291921.015124.214927.97501516.096916.682117.293417.931918.598920.023623.276027.152131.77251617.257917.932418.639319.380220.156921.824525.672530.324335.94971718.430419.201420.012120.864721.761623.697528.212933.750240.54471819.614720.489421.412322.386323.414425.645430.905737.450245.59921920.810921.796722.840623.946025.116927.671233.760041.446351.15912022.019023.123724.297425.544726.870429.778136.785645.762057.27502528.243230.063032.030334.157836.459341.645954.864573.105998.34713034.784937.538740.568143.902747.575456.084979.0582113.2832164.49403541.660345.592149.994554.928260.462173.6522111.4348172.3168271.02444556.481163.614271.892781.516192.7199121.0294212.7435386.5056718.9048

Prac Prob 1YearXPXP-Pro0(9,000)(12,000)

13,0004,50023,0004,50033,0003,50043,0003,500

Sheet2

Present Value of $1Formula: 1 / (1 + i)n

Periods1%1.5%2%2.5%3%4%6%8%10%12%10.99010.98520.98040.97560.97090.96150.94340.92590.90910.892920.98030.97070.96120.95180.94260.92460.89000.85730.82640.797230.97060.95630.94230.92860.91510.88900.83960.79380.75130.711840.96100.94220.92380.90600.88850.85480.79210.73500.68300.635550.95150.92830.90570.88390.86260.82190.74730.68060.62090.567460.94200.91450.88800.86230.83750.79030.70500.63020.56450.506670.93270.90100.87060.84130.81310.75990.66510.58350.51320.452380.92350.88770.85350.82070.78940.73070.62740.54030.46650.403990.91430.87460.83680.80070.76640.70260.59190.50020.42410.3606100.90530.86170.82030.78120.74410.67560.55840.46320.38550.3220110.89630.84890.80430.76210.72240.64960.52680.42890.35050.2875120.88740.83640.78850.74360.70140.62460.49700.39710.31860.2567130.87870.82400.77300.72540.68100.60060.46880.36770.28970.2292140.87000.81180.75790.70770.66110.57750.44230.34050.26330.2046150.86130.79990.74300.69050.64190.55530.41730.31520.23940.1827160.85280.78800.72840.67360.62320.53390.39360.29190.21760.1631170.84440.77640.71420.65720.60500.51340.37140.27030.19780.1456180.83600.76490.70020.64120.58740.49360.35030.25020.17990.1300190.82770.75360.68640.62550.57030.47460.33050.23170.16350.1161200.81950.74250.67300.61030.55370.45640.31180.21450.14860.1037250.77980.68920.60950.53940.47760.37510.23300.14600.09230.0588300.74190.63980.55210.47670.41200.30830.17410.09940.05730.0334350.70590.59390.50000.42140.35540.25340.13010.06760.03560.0189450.63910.51170.41020.32920.26440.17120.07270.03130.01370.0061

Present Value of an Annuity of $1Formula: (1 - (1 / (1 + i)n ) ) / i

Periods1%1.5%2%2.5%3%4%6%8%10%12%10.99010.98520.98040.97560.97090.96150.94340.92590.90910.892921.97041.95591.94161.92741.91351.88611.83341.78331.73551.690132.94102.91222.88392.85602.82862.77512.67302.57712.48692.401843.90203.85443.80773.76203.71713.62993.46513.31213.16993.037354.85344.78264.71354.64584.57974.45184.21243.99273.79083.604865.79555.69725.60145.50815.41725.24214.91734.62294.35534.111476.72826.59826.47206.34946.23036.00215.58245.20644.86844.563887.65177.48597.32557.17017.01976.73276.20985.74665.33494.967698.56608.36058.16227.97097.78617.43536.80176.24695.75905.3282109.47139.22228.98268.75218.53028.11097.36016.71016.14465.65021110.367610.07119.78689.51429.25268.76057.88697.13906.49515.93771211.255110.907510.575310.25789.95409.38518.38387.53616.81376.19441312.133711.731511.348410.983210.63509.98568.85277.90387.10346.42351413.003712.543412.106211.690911.296110.56319.29508.24427.36676.62821513.865113.343212.849312.381411.937911.11849.71228.55957.60616.81091614.717914.131313.577713.055012.561111.652310.10598.85147.82376.97401715.562314.907614.291913.712213.166112.165710.47739.12168.02167.11961816.398315.672614.992014.353413.753512.659310.82769.37198.20147.24971917.226016.426215.678514.978914.323813.133911.15819.60368.36497.36582018.045617.168616.351415.589214.877513.590311.46999.81818.51367.46942522.023220.719619.523518.424417.413115.622112.783410.67489.07707.84313025.807724.015822.396520.930319.600417.292013.764811.25789.42698.05523529.408627.075624.998623.145221.487218.664614.498211.65469.64428.17554536.094532.552329.490226.833024.518720.720015.455812.10849.86288.2825

Sheet3

TMV TablesPresent Value of $1Formula: 1 / (1 + i)nPeriods1%1.5%2%2.5%3%4%6%8%10%10.99010.98520.98040.97560.97090.96150.94340.92590.909120.98030.97070.96120.95180.94260.92460.89000.85730.826430.97060.95630.94230.92860.91510.88900.83960.79380.751340.96100.94220.92380.90600.88850.85480.79210.73500.683050.95150.92830.90570.88390.86260.82190.74730.68060.620960.94200.91450.88800.86230.83750.79030.70500.63020.564570.93270.90100.87060.84130.81310.75990.66510.58350.513280.92350.88770.85350.82070.78940.73070.62740.54030.466590.91430.87460.83680.80070.76640.70260.59190.50020.4241100.90530.86170.82030.78120.74410.67560.55840.46320.3855110.89630.84890.80430.76210.72240.64960.52680.42890.3505120.88740.83640.78850.74360.70140.62460.49700.39710.3186130.87870.82400.77300.72540.68100.60060.46880.36770.2897140.87000.81180.75790.70770.66110.57750.44230.34050.2633150.86130.79990.74300.69050.64190.55530.41730.31520.2394160.85280.78800.72840.67360.62320.53390.39360.29190.2176170.84440.77640.71420.65720.60500.51340.37140.27030.1978180.83600.76490.70020.64120.58740.49360.35030.25020.1799190.82770.75360.68640.62550.57030.47460.33050.23170.1635200.81950.74250.67300.61030.55370.45640.31180.21450.1486250.77980.68920.60950.53940.47760.37510.23300.14600.0923300.74190.63980.55210.47670.41200.30830.17410.09940.0573350.70590.59390.50000.42140.35540.25340.13010.06760.0356450.63910.51170.41020.32920.26440.17120.07270.03130.0137

Present Value of an Annuity of $1Formula: (1 - (1 / (1 + i)n ) ) / iPeriods1%1.5%2%2.5%3%4%6%8%10%10.99010.98520.98040.97560.97090.96150.94340.92590.909121.97041.95591.94161.92741.91351.88611.83341.78331.735532.94102.91222.88392.85602.82862.77512.67302.57712.486943.90203.85443.80773.76203.71713.62993.46513.31213.169954.85344.78264.71354.64584.57974.45184.21243.99273.790865.79555.69725.60145.50815.41725.24214.91734.62294.355376.72826.59826.47206.34946.23036.00215.58245.20644.868487.65177.48597.32557.17017.01976.73276.20985.74665.334998.56608.36058.16227.97097.78617.43536.80176.24695.7590109.47139.22228.98268.75218.53028.11097.36016.71016.14461110.367610.07119.78689.51429.25268.76057.88697.13906.49511211.255110.907510.575310.25789.95409.38518.38387.53616.81371312.133711.731511.348410.983210.63509.98568.85277.90387.10341413.003712.543412.106211.690911.296110.56319.29508.24427.36671513.865113.343212.849312.381411.937911.11849.71228.55957.60611614.717914.131313.577713.055012.561111.652310.10598.85147.82371715.562314.907614.291913.712213.166112.165710.47739.12168.02161816.398315.672614.992014.353413.753512.659310.82769.37198.20141917.226016.426215.678514.978914.323813.133911.15819.60368.36492018.045617.168616.351415.589214.877513.590311.46999.81818.51362522.023220.719619.523518.424417.413115.622112.783410.67489.07703025.807724.015822.396520.930319.600417.292013.764811.25789.42693529.408627.075624.998623.145221.487218.664614.498211.65469.64424536.094532.552329.490226.833024.518720.720015.455812.10849.8628

Future Value of $1Formula: (1 + i)nPeriods1%1.5%2%2.5%3%4%6%8%10%11.01001.01501.02001.02501.03001.04001.06001.08001.100021.02011.03021.04041.05061.06091.08161.12361.16641.210031.03031.04571.06121.07691.09271.12491.19101.25971.331041.04061.06141.08241.10381.12551.16991.26251.36051.464151.05101.07731.10411.13141.15931.21671.33821.46931.610561.06151.09341.12621.15971.19411.26531.41851.58691.771671.07211.10981.14871.18871.22991.31591.50361.71381.948781.08291.12651.17171.21841.26681.36861.59381.85092.143691.09371.14341.19511.24891.30481.42331.68951.99902.3579101.10461.16051.21901.28011.34391.48021.79082.15892.5937111.11571.17791.24341.31211.38421.53951.89832.33162.8531121.12681.19561.26821.34491.42581.60102.01222.51823.1384131.13811.21361.29361.37851.46851.66512.13292.71963.4523141.14951.23181.31951.41301.51261.73172.26092.93723.7975151.16101.25021.34591.44831.55801.80092.39663.17224.1772161.17261.26901.37281.48451.60471.87302.54043.42594.5950171.18431.28801.40021.52161.65281.94792.69283.70005.0545181.19611.30731.42821.55971.70242.02582.85433.99605.5599191.20811.32701.45681.59871.75352.10683.02564.31576.1159201.22021.34691.48591.63861.80612.19113.20714.66106.7275251.28241.45091.64061.85392.09382.66584.29196.848510.8347301.34781.56311.81142.09762.42733.24345.743510.062717.4494351.41661.68391.99992.37322.81393.94617.686114.785328.1024451.56481.95422.43793.03793.78165.841213.764631.920472.8905

Future Value of an Annuity of $1Formula: ( (1 + i)n -1 ) / iPeriods1%1.5%2%2.5%3%4%6%8%10%11.00001.00001.00001.00001.00001.00001.00001.00001.000022.01002.01502.02002.02502.03002.04002.06002.08002.100033.03013.04523.06043.07563.09093.12163.18363.24643.310044.06044.09094.12164.15254.18364.24654.37464.50614.641055.10105.15235.20405.25635.30915.41635.63715.86666.105166.15206.22966.30816.38776.46846.63306.97537.33597.715677.21357.32307.43437.54747.66257.89838.39388.92289.487288.28578.43288.58308.73618.89239.21429.897510.636611.435999.36859.55939.75469.954510.159110.582811.491312.487613.57951010.462210.702710.949711.203411.463912.006113.180814.486615.93741111.566811.863312.168712.483512.807813.486414.971616.645518.53121212.682513.041213.412113.795614.192015.025816.869918.977121.38431313.809314.236814.680315.140415.617816.626818.882121.495324.52271414.947415.450415.973916.519017.086318.291921.015124.214927.97501516.096916.682117.293417.931918.598920.023623.276027.152131.77251617.257917.932418.639319.380220.156921.824525.672530.324335.94971718.430419.201420.012120.864721.761623.697528.212933.750240.54471819.614720.489421.412322.386323.414425.645430.905737.450245.59921920.810921.796722.840623.946025.116927.671233.760041.446351.15912022.019023.123724.297425.544726.870429.778136.785645.762057.27502528.243230.063032.030334.157836.459341.645954.864573.105998.34713034.784937.538740.568143.902747.575456.084979.0582113.2832164.49403541.660345.592149.994554.928260.462173.6522111.4348172.3168271.02444556.481163.614271.892781.516192.7199121.0294212.7435386.5056718.9048

Prac Prob 1YearXPXP-Pro0(9,000)(12,000)

13,0004,50023,0004,50033,0003,50043,0003,500

Sheet2

Present Value of $1Formula: 1 / (1 + i)n

Periods1%1.5%2%2.5%3%4%6%8%10%12%10.99010.98520.98040.97560.97090.96150.94340.92590.90910.892920.98030.97070.96120.95180.94260.92460.89000.85730.82640.797230.97060.95630.94230.92860.91510.88900.83960.79380.75130.711840.96100.94220.92380.90600.88850.85480.79210.73500.68300.635550.95150.92830.90570.88390.86260.82190.74730.68060.62090.567460.94200.91450.88800.86230.83750.79030.70500.63020.56450.506670.93270.90100.87060.84130.81310.75990.66510.58350.51320.452380.92350.88770.85350.82070.78940.73070.62740.54030.46650.403990.91430.87460.83680.80070.76640.70260.59190.50020.42410.3606100.90530.86170.82030.78120.74410.67560.55840.46320.38550.3220110.89630.84890.80430.76210.72240.64960.52680.42890.35050.2875120.88740.83640.78850.74360.70140.62460.49700.39710.31860.2567130.87870.82400.77300.72540.68100.60060.46880.36770.28970.2292140.87000.81180.75790.70770.66110.57750.44230.34050.26330.2046150.86130.79990.74300.69050.64190.55530.41730.31520.23940.1827160.85280.78800.72840.67360.62320.53390.39360.29190.21760.1631170.84440.77640.71420.65720.60500.51340.37140.27030.19780.1456180.83600.76490.70020.64120.58740.49360.35030.25020.17990.1300190.82770.75360.68640.62550.57030.47460.33050.23170.16350.1161200.81950.74250.67300.61030.55370.45640.31180.21450.14860.1037250.77980.68920.60950.53940.47760.37510.23300.14600.09230.0588300.74190.63980.55210.47670.41200.30830.17410.09940.05730.0334350.70590.59390.50000.42140.35540.25340.13010.06760.03560.0189450.63910.51170.41020.32920.26440.17120.07270.03130.01370.0061

Present Value of an Annuity of $1Formula: (1 - (1 / (1 + i)n ) ) / i

Periods1%1.5%2%2.5%3%4%6%8%10%12%10.99010.98520.98040.97560.97090.96150.94340.92590.90910.892921.97041.95591.94161.92741.91351.88611.83341.78331.73551.690132.94102.91222.88392.85602.82862.77512.67302.57712.48692.401843.90203.85443.80773.76203.71713.62993.46513.31213.16993.037354.85344.78264.71354.64584.57974.45184.21243.99273.79083.604865.79555.69725.60145.50815.41725.24214.91734.62294.35534.111476.72826.59826.47206.34946.23036.00215.58245.20644.86844.563887.65177.48597.32557.17017.01976.73276.20985.74665.33494.967698.56608.36058.16227.97097.78617.43536.80176.24695.75905.3282109.47139.22228.98268.75218.53028.11097.36016.71016.14465.65021110.367610.07119.78689.51429.25268.76057.88697.13906.49515.93771211.255110.907510.575310.25789.95409.38518.38387.53616.81376.19441312.133711.731511.348410.983210.63509.98568.85277.90387.10346.42351413.003712.543412.106211.690911.296110.56319.29508.24427.36676.62821513.865113.343212.849312.381411.937911.11849.71228.55957.60616.81091614.717914.131313.577713.055012.561111.652310.10598.85147.82376.97401715.562314.907614.291913.712213.166112.165710.47739.12168.02167.11961816.398315.672614.992014.353413.753512.659310.82769.37198.20147.24971917.226016.426215.678514.978914.323813.133911.15819.60368.36497.36582018.045617.168616.351415.589214.877513.590311.46999.81818.51367.46942522.023220.719619.523518.424417.413115.622112.783410.67489.07707.84313025.807724.015822.396520.930319.600417.292013.764811.25789.42698.05523529.408627.075624.998623.145221.487218.664614.498211.65469.64428.17554536.094532.552329.490226.833024.518720.720015.455812.10849.86288.2825

Sheet3