Assignment Title

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CORPORATE FINANCE
1

TABLE OF CONTENTS
QUESTION 1.......................................................................................................................................3
A) Calculation of annualized return.................................................................................................3
B) Reasons for differences in risk and return profile of securities..................................................4
C) Graphical presentation................................................................................................................4
D) Re-calculation of risk and returns of two set portfolio at two different correlation coefficient 6
E) Understanding of risk and return and the importance of correlation coefficient........................7
QUESTION 2.......................................................................................................................................8
A) (1) Computation of future value ................................................................................................8
2. Calculation of present value........................................................................................................9
3. Appropriate decisions..................................................................................................................9
2(B) Required calculations............................................................................................................10
(1) ..................................................................................................................................................10
(2) ..................................................................................................................................................10
(3) ..................................................................................................................................................10
(4)...................................................................................................................................................11
2(C) (1) Behavioural finance concepts..........................................................................................11
(2) Discuss how an investor practices traditional finance to challenge each three concepts.........12
QUESTION 3.....................................................................................................................................12
REFERENCES...................................................................................................................................14
APPENDIX........................................................................................................................................16
2

INDEX OF TABLES
Table 1: Calculation of annualised return ............................................................................................4
Table 2: Calculation of portfolio risk and return .................................................................................7
Table 3: Calculation of portfolio risk and return .................................................................................8
Table 4: Calculation of monthly instalments .....................................................................................11
Table 5: Calculations of monthly payment after re-finance ..............................................................11
Table 6: Calculation to pay the mortgage after re-finance ................................................................12
Table 7: Calculation of additional cash need to borrow as re-financing ...........................................12
3

QUESTION 1
Portfolio theory is a quantitative analysis which demonstrates the way in which an investor
can diversify their investment portfolio so as to minimize their risk and maximize returns. With the
help of this, capitalists can decide an optimum portfolio which will yield higher returns to them.
This theory comprises of four facets that are valuation of individual security by making risk and
return evaluation, assets allocation, portfolio optimization and performance measurement (Byers,
Groth and Sakao, 2015). According to the theory, share capital expected return includes both
dividend and capital appreciation (increase in stock price). However, yield on debt instrument
comprises of capital appreciation due to fall in interest rate, timely instalment payments and
repayment of principal amount at the time of maturity. On contrary to this, risk indicates the
possibility of variability in return which is highly based upon historical volatility (Thompson,
2016). This theory states that investors can hold a diversified portfolio by investing funds in
different securities in which the possibility of risk and return is different. By this, investor can make
qualitative decisions in order to get higher returns on investment (Chen, 2016). This task will make
risk and return analysis that is associated in a low cost airline, Zoom Plc., national chain of high
street cafes and bistros, Munch Plc., Market Index and three-month government bills as well.
A) Calculation of annualized return
As name implies, the amount of profit which an investor can earn on their securities during
one year is called as an annualised return (Altman and et.al., 2014). It is important for an investor to
determine the possibility of yield on their potential investment.
Formula:
Table 1: Calculation of annualised return
Calculation of annualised return
Particular Zoom Plc. Munch Plc. Market Index
3 months
Government bill
Monthly return 2.25% 1.25% 0.90% 0.30%
Number of months 12 12 12 12
Annualized return 30.60% 16.08% 11.35% 3.66%
Taking into account the results, it can be seen that annualized returns for Zoom Plc. is
4

comparatively greater to 30.60%. However, in Munch Plc., Market Index and 3-month government
bills, yield possibilities are 16.08%, 11.35% and 3.66% respectively. Henceforth, it can be said that
investment in Zoom Plc. will deliver higher returns to the potential investors as compared to other
securities. Although, it provides a basic idea about future returns, but still, it has several limitation.
One of the most important drawback is, it cannot be ensured that money can be reinvested at same
rate of interest in the next month. It may either increase or decrease over the next period. Thus, in
such a case, it does not provide realistic and valid results to the investors.
B) Reasons for differences in risk and return profile of securities
Risk indicates the possibility that actual returns of security may be lower than expected
however, return is the chance of future profit or yield on securities. In other words, variability in
anticipated return represents the total risk involved in securities (Kresta and Tichy, 2012). With
respect to the scenario, individual and market risk and return profile are affected by the external
volatility such as economic recession, inflation, political instability, industrial growth, scams,
changes in government policies and interest rate. However, on the other hand, securities
unsystematic risk comprises factors like business performance, managerial inefficiency, scarcity of
resource, strike, financial difficulties and uncertainty. Besides this, it is also influenced by the rate
of dividend and capital gain as well (Shim, 2013). On the contrary, government bill prices are
affected by the economic conditions, supply and demand forces as well as through monetary policy.
C) Graphical presentation
Formula of portfolio return = (W1*E(r1)+W2*E(r2)
Formula of portfolio risk (Standard deviation)
= √[(W1)^2*(std. Dev. 1)^2 + (W2)^2*(std. Dev.)^2 + (2*w1*w2*std. Dev.1*std. Dev.2*
correlation between both the securities)
5

Table 2: Calculation of portfolio risk and return
Portfolio risk and return
Portfolio Weight in Zoom Plc.
Weight in Munch
Plc.
Portfolio
return
Portfolio standard
deviation
A 0.00% 100.00% 16.08% 9.50%
B 20.00% 80.00% 18.98% 12.47%
C 40.00% 60.00% 21.89% 17.67%
D 60.00% 40.00% 24.79% 23.68%
E 80.00% 20.00% 27.70% 30.01%
F 100.00% 0.00% 30.60% 36.50%
Return 30.60% 16.08%
Standard
deviation 36.50% 9.50%
Correlation 0.4
6

D) Re-calculation of risk and returns of two set portfolio at two different correlation coefficient
Table 3: Calculation of portfolio risk and return
Portfolio risk and return
Portfolio
Weight in Zoom
Plc. Weight in Munch Plc.
Portfolio
return
Portfolio standard
deviation
A 0.00% 100.00% 16.08% 9.50%
B 20.00% 80.00% 18.98% 5.28%
C 40.00% 60.00% 21.89% 10.99%
D 60.00% 40.00% 24.79% 19.22%
E 80.00% 20.00% 27.70% 27.80%
F 100.00% 0.00% 30.60% 36.50%
Return 30.60% 16.08%
Standard
deviation 36.50% 9.50%
Correlation -0.75
7
14.00% 16.00% 18.00% 20.00% 22.00% 24.00% 26.00% 28.00% 30.00% 32.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
Portfolio risk and return
portfolio's expected return
Portfolio risk (standard deviation)

Optimal portfolio: As per the results found, it can be seen that minimum level of risk exists
when investors put their 100% money in Munch Plc. as at that level, portfolio's standard deviation
is 9.50% henceforth, for risk averse investors, it will be an optimal portfolio. On the contrary to this,
average risk and returns of both Zoom and Munch Plc. are 23.34% and 23.00% respectively.
Therefore, from the table, it can be said that combination “D” is an optimum level at which W1 is
60% and W2 is 40%. It is because, at this level, portfolio's expected returns and risk are 24.79% and
23.68% which indicate an acceptable or affordable level of risk.
D) Re-calculation of risk and returns of two set portfolio at two different correlation coefficient
Table 4: Calculation of portfolio risk and return
Portfolio risk and return
Portfolio
Weight in Zoom
Plc. Weight in Munch Plc.
Portfolio
return
Portfolio standard
deviation
A 0.00% 100.00% 16.08% 9.50%
B 20.00% 80.00% 18.98% 5.28%
C 40.00% 60.00% 21.89% 10.99%
D 60.00% 40.00% 24.79% 19.22%
E 80.00% 20.00% 27.70% 27.80%
F 100.00% 0.00% 30.60% 36.50%
Return 30.60% 16.08%
Standard
deviation 36.50% 9.50%
Correlation -0.75
8
14.00% 16.00% 18.00% 20.00% 22.00% 24.00% 26.00% 28.00% 30.00% 32.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
Portfolio risk and return
portfolio's expected return
Portfolio risk (standard deviation)

According to the given case, at correlation coefficient of -0.75, an optimum portfolio is not
changed and remains same to “D”. Reason behind this is that at this level, risk is 19.22% whereas
the possibility of return is 24.79%. Henceforth, investor should put 60% money in Zoom Plc.’s
securities and 40% in Munch Plc.’s stock to get best returns.
E) Understanding of risk and returns and the importance of correlation coefficient
Correlation indicates the strength and level of relationship between two inter-related
securities. According to Modern Portfolio Theory (MPT), investor can manage their risk by
9
14.00% 16.00% 18.00% 20.00% 22.00% 24.00% 26.00% 28.00% 30.00% 32.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
Portfolio risk and return
Portfolio expected return
Portfolio risk (Expected return)

declining the correlation coefficient between returns of both; Zoom and Munch Plc.’s securities.
Goal of this is to create an optimum portfolio or efficient frontier by maximizing the expected
returns at a certain level of risk (Bangzheng and et.al., 2014). Its value ranges from +1 to -1 in
which positive 1 indicates that both securities are directly correlated whilst, -1 indicates that they
are related in an adverse direction.
It plays an important role while making portfolio decisions because as per the model,
capitalists must look for zero level correlations to limit their risk factor. On the other hand, high
value of negative correlation is not considered to be good because increase in one stock price will
decline the price of other securities of portfolio whereas high value of positive relation may also
bring high risk. It is because, if price of one stock gets decline then it will also decrease the price of
other securities. According to the scenario, it can vary from 0.4 to -0.75 due to different reasons.
One of the most important reasons is that portfolio risk can fluctuate due to market volatility and the
correlation is highly based upon it. Reason behind this is that it is computed by taking into account
the standard deviation of both Zoom and Munch Plc.’s share. Hence, at different values, correlation
will be different (Khan and et.al., 2015). Further, varying the possibility of potential returns on
different securities also have a great impact on the relationship between the securities and affect
portfolio decisions. As per the scenario, there is high level of negative correlation to -0.75 which is
not good because 100% increase in one security price will decrease other security's price by 75% or
vice-versa.
QUESTION 2
A) (1) Computation of future value
Money has time value over the period which states that amount of $1 in the current time will
be different from the value of $1 in future. Hence, every investor must consider the time value of
money (TVM) while investing it somewhere (Kashyap, 2014). As per the scenario, at 2% risk-free
interest rate, value of $200 after 1 year will be as follows:
10

FV = $200*(1+2%)^1
= $204
2. Calculation of present value
Present value is the sum of money that an investor needs to invest so as to get desired
amount of return in future period at a fixed interest rate (Xingyun, 2015). PV can be determined by
discounting the future stream of cash flow at an appropriate discount rate.In accordance with the
scenario, at 2% discount rate, PV of $200 after 1 year is computed hereunder:
PV = $200/(1+2%)^1
= $196
3. Appropriate decisions
According to TVM theory, it can be said that having $200 today is much better than having
the same amount a year from now. Reason behind such decisions are enumerated as below:
 One of the most important reasons is that by investing $200 now, investor can earn return
on it in future year and enhance his or her purchasing power (Kashyap, 2014).
 Another reason is monetary value which is also affected by the rate of inflation. Henceforth,
11

it can reduce the buying power of dollar over time and make it worthless in the forthcoming
period.
 Lastly, with regard to FV, there is always risks involved which reflects that actual return may
be different than the expected return (Present and future value, 2012). However, there is no
risk involved in the present sum of money available to an investor.
2(B) required calculations
(1)
Table 5: Calculation of monthly instalments
Residual amount (Roll over amount) 420600
Interest rate 6.62%
Interest amount 27844
Total years 30
Instalment of interest P.A 928
Monthly payment of interest 77
Monthly principal amount instalment 1168
Total instalment amount 1246
(2)
Table 6: Calculations of monthly payment after re-finance
Residual amount (Roll over amount) 420600
Interest rate 6.62%
Interest amount 27844
Total years 25
Instalment of interest P.A 1114
Monthly payment of interest 93
Monthly principal amount instalment 1402
Total instalment amount 1495
(3)
Table 7: Calculation to pay the mortgage after re-finance
Residual amount (Roll over amount) 420600
Interest rate 6.62%
Interest amount 27843.72
Total years 30
Instalment of interest P.A 928.124
Monthly payment of interest 77.3436666667
Monthly principal amount instalment 1402
Total instalments amount
Further table attached in appendix,
12

(4)
Table 8: Calculation of additional cash need to borrow as re-financing
Instalment 1402
Years 25
Total amount 420600
Remaining amount 0
55680
2(C) (1) Behavioural finance concepts
Behavioural finance refers to psychology based theory which majorly includes fluctuation of
prices in the security’s market. There are various factors which affect the securities prices
movements and affect investment decisions as well. It includes biases such as overconfidence, over
optimism, conservatism, mental accounting, regret aversion, etc. This theory enables investors to
identify the market volatility and helps to formulate better decisions (Garcia, 2013).
In the given case of Loraaine Munchkin, there are following behavioural concepts which are
enumerated as below:
 Assuming no inflation rate in Pogo Island is one of the Munchkin's behaviour due to which
he believed that he can earn good return by investing in Pogo Island's bond and fulfil his
parental need.
In the cited case, it has been assumed that total portfolio of investor consists of $100,000 ,
out of which, he desires to invest 10% in Pogo Island's bond is calculated here as under:
Assumption Amount
Total investment 100000
10% in Pogo Island 10000
 An another behaviour is although the US bond fund has been declined by 5% in past year,
due to which, he is not very much excited about this prospectus. But still, he decided to sale
it because of smaller probability that bond rate can increase in upcoming period. It is
because, there is a small probability of higher return which can recover the entire loss
quickly (Smith, 2014).
US bond 10000
Declined percentage 5.00%
Value of US bond after 1 year 9500
 Finally, in the historical period, core bond has been appreciated 5% a year, but still,
Munchkin believed that there is a very little chance to decline the bond rate which can
13

disappear the historical gains earned on it. Due to this, he decided to sell it and invest in
Pogo Island bond.
Core bond 10000
Appreciated percentage 5.00%
Value of core bond after 1 year 10500
(2) Discuss the way in which an investor practices traditional finance to challenge all three concepts
Traditional finance theory or model assumes that investors are rational hence, they are
unbiased and efficient analysts who evaluate and examine entire related information to make
qualitative investment decisions. In all the above three discussed behavioural concepts, an investor
will practice the following functions while making appropriate investment decisions that are given
here as under:
 Not only the inflation rate affects the security price but also, there are other factors such as
industry specific factors, company's performance, external market volatility, etc. which are
addressed by an investor to make strategic decisions (Ackert, 2014).
 As in the cited case, US bond has shown a downward trend, thus, according to the standard
or traditional finance, investor will surely believe that it will further decline in the FY.
Hence, they would not desire to bear loss by disposing off the security.
 On the contrary, core bond has shown a rising trend and there is also higher possibilities of
increasing returns in FY. Henceforth, he will hold the security to get maximum return in the
upcoming period and would not sell it.
QUESTION 3
Share prices are greatly affected by the market and it is observed in day to day market
activities. It is observed that if specific index like FTSE increases by 10% then good plunge is
observed in shares price. Similarly, if FTSE declines, the share price will also fall. With medium
change in stock market, big or medium variation is observed in specific share price which may be
positive or negative. In order to understand this, it is important to understand retail or large investor
psychology. It is a common perception among investors that if index will fall, then share value of
the company will also fall or vice versa. Hence, with small fall in index value, sharp decline is
observed in specific company’s share price. In this way, share price is affected by the stock market.
Company’s information is another thing that put a huge impact on the share price (Teller and Kock,
2013). If it is positive then an investor thinks that firm is in profit or will give good performance in
the future as well as its fundamentals will be strong. If the information is positive then shares of the
14

company will also perform well in the market.
In contrary to this, if any negative information in relation to company comes in the market
then share price will decline by higher rate. Hence, it can be said that information about firm put a
huge impact on its share price. This is evidenced from the fact that when any news is supposed to
come in the market on specific date like release of economic data, investors take the decision and in
that case, either share price will increase or decrease by higher percentage (Hilal, Poon and Tawn,
2014). On this basis, it can be said that market information greatly affects the share price. Stock
trading get highly impacted by information that is in the market about organization.
Efficient market hypothesis is one of the important theories that is related to investment in
shares. It states that no one can beat the market in terms of returns. This is because; there is always
an impact of share price on the information. This theory says that shares are always valued at fair
price (Cox and et.al., 2013). Both articles provide an argument about efficient market hypothesis
theory. There is a case under which Russian hackers were found indulged in hacking activities. An
entire server was hacked by them. Server was related to the Wall street journal which is a well-
known publication that publishes the reliable fact and information. By hacking of server, hackers
extract a lot of valuable information which they use for trading. In USA also, same case of hacking
was observed. All these activities are in favour efficient market hypothesis because hackers sell
hacked information to traders and investors. On the basis of hacked information, they make an
estimation whether share price will increase or decrease in the next trading day. When news about
trading comes into the market, then awareness about the share prices are also raised. The efficient
market hypothesis theory states that shares incorporate prevailed information in the market (Hilal,
Poon and Tawn, 2014). When information released in the market, appropriate percentage change is
observed in the share price according to the news and shares are re-valued at new fair price. This is
the main essence of efficient market theory. Traders by making use of hacked information in
starting of trading session makes an investment and according to the news, when share price
changes, they earn huge profit. The profits are earned due to presence of efficient market hypothesis
theory. Hence, it can be said that articles provide information or arguments in favour of efficient
market hypothesis theory.
15

REFERENCES
Books and Journals
Ackert, L. F., 2014. Traditional and Behavioral Finance. John Wiley & Sons.
Altman, E. I. and et.al., 2014. The Return/Volatility Trade-Off of Distressed Corporate Debt
Portfolios. Journal of Portfolio Management. 40(2). pp.69-73.
Bangzheng, Z. and et.al., 2014. The Study of Correlation and Portfolio Selection among Multi-
Markets Based on EVT-Vine-copula. Journal of Management. 3(2). pp.013-025.
Byers, S. S., Groth, J. C. and Sakao, T., 2015. Using portfolio theory to improve resource efficiency
of invested capital. Journal of Cleaner Production. 98(5). pp.156-165.
Chen, J. M., 2016. Modern Portfolio Theory. In Postmodern Portfolio Theory. Palgrave Macmillan
US. 12(3). pp.5-25.
Cox, S. H. and et.al., 2013. Mortality portfolio risk management. Journal of Risk and Insurance.
80(4). pp.853-890.
Garcia, M. J. R., 2013. Financial education and behavioral finance: new insights into the role of
information in financial decisions. Journal of Economic Surveys. 27(2). pp.297-315.
Hilal, S., Poon, S. H. and Tawn, J., 2014. Portfolio risk assessment using multivariate extreme value
methods. Extremes. 17(4). pp.531-556.
Kashyap, A., 2014. Capital Allocating Decisions: Time Value of Money. Asian Journal of
Management. 5(1). pp.106-110.
Khan, A. P. and et.al., 2015. Time Varying Correlation Between Islamic Equity and Commodity
Returns: Implications for Portfolio Diversification. The Journal of Developing Areas. 49(5).
pp.115-128.
Kresta, A. and Tichy, T., 2012. International Equity Portfolio Risk Modeling: The Case of the NIG
Model and Ordinary Copula Functions. Finance a Uver. 62(2). pp.141-156.
Shim, J., 2013. Bank capital buffer and portfolio risk: The influence of business cycle and revenue
diversification. Journal of Banking & Finance. 37(3). pp.761-772.
Stoyanov, S. V., Rachev, S. T. and Fabozzi, F. J., 2013. Sensitivity of portfolio VaR and CVaR to
portfolio return characteristics. Annals of Operations Research. 205(1). pp.169-187.
Teller, J. and Kock, A., 2013. An empirical investigation on how portfolio risk management
influences project portfolio success. International Journal of Project Management. 31(6).
pp.817-829.
Thompson, N., 2016. Portfolio theory and the demand for money. Springer.
Xingyun, P. E. N. G., 2015. Time Value of Money. World Scientific Book Chapters. 15(3). pp.49-70.
Online
16

Smith, K., 2014. Advances in behavioural finance theory and economics. [Online]. Available
through: <http://www.moneycrashers.com/advances-behavioral-finance-theory-economics/
>. [Accessed on 12th August 2016].
Present and future value. 2012. [Online]. Available through:
<http://study.com/academy/lesson/present-and-future-value-calculating-the-time-value-of-
money.html>. [Accessed on 12th August 2016].
17

APPENDIX
Instalment Cumulative
1 1402
2 1402 2804
3 1402 4206
4 1402 5608
5 1402 7010
6 1402 8412
7 1402 9814
8 1402 11216
9 1402 12618
10 1402 14020
11 1402 15422
12 1402 16824
13 1402 18226
14 1402 19628
15 1402 21030
16 1402 22432
17 1402 23834
18 1402 25236
19 1402 26638
20 1402 28040
21 1402 29442
22 1402 30844
23 1402 32246
24 1402 33648
25 1402 35050
26 1402 36452
27 1402 37854
28 1402 39256
29 1402 40658
30 1402 42060
31 1402 43462
32 1402 44864
33 1402 46266
34 1402 47668
35 1402 49070
36 1402 50472
37 1402 51874
38 1402 53276
39 1402 54678
40 1402 56080
41 1402 57482
42 1402 58884
43 1402 60286
44 1402 61688
45 1402 63090
46 1402 64492
18

47 1402 65894
48 1402 67296
49 1402 68698
50 1402 70100
51 1402 71502
52 1402 72904
53 1402 74306
54 1402 75708
55 1402 77110
56 1402 78512
57 1402 79914
58 1402 81316
59 1402 82718
60 1402 84120
61 1402 85522
62 1402 86924
63 1402 88326
64 1402 89728
65 1402 91130
66 1402 92532
67 1402 93934
68 1402 95336
69 1402 96738
70 1402 98140
71 1402 99542
72 1402 100944
73 1402 102346
74 1402 103748
75 1402 105150
76 1402 106552
77 1402 107954
78 1402 109356
79 1402 110758
80 1402 112160
81 1402 113562
82 1402 114964
83 1402 116366
84 1402 117768
85 1402 119170
86 1402 120572
87 1402 121974
88 1402 123376
89 1402 124778
90 1402 126180
91 1402 127582
92 1402 128984
93 1402 130386
94 1402 131788
95 1402 133190
96 1402 134592
19

97 1402 135994
98 1402 137396
99 1402 138798
100 1402 140200
101 1402 141602
102 1402 143004
103 1402 144406
104 1402 145808
105 1402 147210
106 1402 148612
107 1402 150014
108 1402 151416
109 1402 152818
110 1402 154220
111 1402 155622
112 1402 157024
113 1402 158426
114 1402 159828
115 1402 161230
116 1402 162632
117 1402 164034
118 1402 165436
119 1402 166838
120 1402 168240
121 1402 169642
122 1402 171044
123 1402 172446
124 1402 173848
125 1402 175250
126 1402 176652
127 1402 178054
128 1402 179456
129 1402 180858
130 1402 182260
131 1402 183662
132 1402 185064
133 1402 186466
134 1402 187868
135 1402 189270
136 1402 190672
137 1402 192074
138 1402 193476
139 1402 194878
140 1402 196280
141 1402 197682
142 1402 199084
143 1402 200486
144 1402 201888
145 1402 203290
146 1402 204692
20

147 1402 206094
148 1402 207496
149 1402 208898
150 1402 210300
151 1402 211702
152 1402 213104
153 1402 214506
154 1402 215908
155 1402 217310
156 1402 218712
157 1402 220114
158 1402 221516
159 1402 222918
160 1402 224320
161 1402 225722
162 1402 227124
163 1402 228526
164 1402 229928
165 1402 231330
166 1402 232732
167 1402 234134
168 1402 235536
169 1402 236938
170 1402 238340
171 1402 239742
172 1402 241144
173 1402 242546
174 1402 243948
175 1402 245350
176 1402 246752
177 1402 248154
178 1402 249556
179 1402 250958
180 1402 252360
181 1402 253762
182 1402 255164
183 1402 256566
184 1402 257968
185 1402 259370
186 1402 260772
187 1402 262174
188 1402 263576
189 1402 264978
190 1402 266380
191 1402 267782
192 1402 269184
193 1402 270586
194 1402 271988
195 1402 273390
196 1402 274792
21

197 1402 276194
198 1402 277596
199 1402 278998
200 1402 280400
201 1402 281802
202 1402 283204
203 1402 284606
204 1402 286008
205 1402 287410
206 1402 288812
207 1402 290214
208 1402 291616
209 1402 293018
210 1402 294420
211 1402 295822
212 1402 297224
213 1402 298626
214 1402 300028
215 1402 301430
216 1402 302832
217 1402 304234
218 1402 305636
219 1402 307038
220 1402 308440
221 1402 309842
222 1402 311244
223 1402 312646
224 1402 314048
225 1402 315450
226 1402 316852
227 1402 318254
228 1402 319656
229 1402 321058
230 1402 322460
231 1402 323862
232 1402 325264
233 1402 326666
234 1402 328068
235 1402 329470
236 1402 330872
237 1402 332274
238 1402 333676
239 1402 335078
240 1402 336480
241 1402 337882
242 1402 339284
243 1402 340686
244 1402 342088
245 1402 343490
246 1402 344892
22

247 1402 346294
248 1402 347696
249 1402 349098
250 1402 350500
251 1402 351902
252 1402 353304
253 1402 354706
254 1402 356108
255 1402 357510
256 1402 358912
257 1402 360314
258 1402 361716
259 1402 363118
260 1402 364520
261 1402 365922
262 1402 367324
263 1402 368726
264 1402 370128
265 1402 371530
Instalment Cumulative
1 1402
2 1402 2804
3 1402 4206
4 1402 5608
5 1402 7010
6 1402 8412
7 1402 9814
8 1402 11216
9 1402 12618
10 1402 14020
11 1402 15422
12 1402 16824
13 1402 18226
14 1402 19628
15 1402 21030
16 1402 22432
17 1402 23834
18 1402 25236
19 1402 26638
20 1402 28040
21 1402 29442
22 1402 30844
23 1402 32246
24 1402 33648
25 1402 35050
26 1402 36452
27 1402 37854
28 1402 39256
29 1402 40658
30 1402 42060
23

31 1402 43462
32 1402 44864
33 1402 46266
34 1402 47668
35 1402 49070
36 1402 50472
37 1402 51874
38 1402 53276
39 1402 54678
40 1402 56080
41 1402 57482
42 1402 58884
43 1402 60286
44 1402 61688
45 1402 63090
46 1402 64492
47 1402 65894
48 1402 67296
49 1402 68698
50 1402 70100
51 1402 71502
52 1402 72904
53 1402 74306
54 1402 75708
55 1402 77110
56 1402 78512
57 1402 79914
58 1402 81316
59 1402 82718
60 1402 84120
61 1402 85522
62 1402 86924
63 1402 88326
64 1402 89728
65 1402 91130
66 1402 92532
67 1402 93934
68 1402 95336
69 1402 96738
70 1402 98140
71 1402 99542
72 1402 100944
73 1402 102346
74 1402 103748
75 1402 105150
76 1402 106552
77 1402 107954
78 1402 109356
79 1402 110758
80 1402 112160
24

81 1402 113562
82 1402 114964
83 1402 116366
84 1402 117768
85 1402 119170
86 1402 120572
87 1402 121974
88 1402 123376
89 1402 124778
90 1402 126180
91 1402 127582
92 1402 128984
93 1402 130386
94 1402 131788
95 1402 133190
96 1402 134592
97 1402 135994
98 1402 137396
99 1402 138798
100 1402 140200
101 1402 141602
102 1402 143004
103 1402 144406
104 1402 145808
105 1402 147210
106 1402 148612
107 1402 150014
108 1402 151416
109 1402 152818
110 1402 154220
111 1402 155622
112 1402 157024
113 1402 158426
114 1402 159828
115 1402 161230
116 1402 162632
117 1402 164034
118 1402 165436
119 1402 166838
120 1402 168240
121 1402 169642
122 1402 171044
123 1402 172446
124 1402 173848
125 1402 175250
126 1402 176652
127 1402 178054
128 1402 179456
129 1402 180858
130 1402 182260
25

131 1402 183662
132 1402 185064
133 1402 186466
134 1402 187868
135 1402 189270
136 1402 190672
137 1402 192074
138 1402 193476
139 1402 194878
140 1402 196280
141 1402 197682
142 1402 199084
143 1402 200486
144 1402 201888
145 1402 203290
146 1402 204692
147 1402 206094
148 1402 207496
149 1402 208898
150 1402 210300
151 1402 211702
152 1402 213104
153 1402 214506
154 1402 215908
155 1402 217310
156 1402 218712
157 1402 220114
158 1402 221516
159 1402 222918
160 1402 224320
161 1402 225722
162 1402 227124
163 1402 228526
164 1402 229928
165 1402 231330
166 1402 232732
167 1402 234134
168 1402 235536
169 1402 236938
170 1402 238340
171 1402 239742
172 1402 241144
173 1402 242546
174 1402 243948
175 1402 245350
176 1402 246752
177 1402 248154
178 1402 249556
179 1402 250958
180 1402 252360
26

181 1402 253762
182 1402 255164
183 1402 256566
184 1402 257968
185 1402 259370
186 1402 260772
187 1402 262174
188 1402 263576
189 1402 264978
190 1402 266380
191 1402 267782
192 1402 269184
193 1402 270586
194 1402 271988
195 1402 273390
196 1402 274792
197 1402 276194
198 1402 277596
199 1402 278998
200 1402 280400
201 1402 281802
202 1402 283204
203 1402 284606
204 1402 286008
205 1402 287410
206 1402 288812
207 1402 290214
208 1402 291616
209 1402 293018
210 1402 294420
211 1402 295822
212 1402 297224
213 1402 298626
214 1402 300028
215 1402 301430
216 1402 302832
217 1402 304234
218 1402 305636
219 1402 307038
220 1402 308440
221 1402 309842
222 1402 311244
223 1402 312646
224 1402 314048
225 1402 315450
226 1402 316852
227 1402 318254
228 1402 319656
229 1402 321058
230 1402 322460
27

231 1402 323862
232 1402 325264
233 1402 326666
234 1402 328068
235 1402 329470
236 1402 330872
237 1402 332274
238 1402 333676
239 1402 335078
240 1402 336480
241 1402 337882
242 1402 339284
243 1402 340686
244 1402 342088
245 1402 343490
246 1402 344892
247 1402 346294
248 1402 347696
249 1402 349098
250 1402 350500
251 1402 351902
252 1402 353304
253 1402 354706
254 1402 356108
255 1402 357510
256 1402 358912
257 1402 360314
258 1402 361716
259 1402 363118
260 1402 364520
261 1402 365922
262 1402 367324
263 1402 368726
264 1402 370128
265 1402 371530
266 1402 372932
267 1402 374334
268 1402 375736
269 1402 377138
270 1402 378540
271 1402 379942
272 1402 381344
273 1402 382746
274 1402 384148
275 1402 385550
276 1402 386952
277 1402 388354
278 1402 389756
279 1402 391158
280 1402 392560
28

281 1402 393962
282 1402 395364
283 1402 396766
284 1402 398168
285 1402 399570
286 1402 400972
287 1402 402374
288 1402 403776
289 1402 405178
290 1402 406580
291 1402 407982
292 1402 409384
293 1402 410786
294 1402 412188
295 1402 413590
296 1402 414992
297 1402 416394
298 1402 417796
299 1402 419198
300 1402 420600
29