Project Report: Financial Analysis of Woodside Petroleum
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AI Summary
This project report delves into various aspects of finance, commencing with a financial literacy section comparing mortgage scenarios for two individuals, Jane and Carla, analyzing monthly repayments and total interest paid. The report then transitions to a company perspective, focusing on Woodsi...
RUNNING HEAD: Corporate finance 1
Project Report: Finance
Project Report: Finance
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Corporate finance 2
Contents
Part 2...........................................................................................................................................3
Financial Literacy:........................................................................................................................3
Que 1:..........................................................................................................................................3
Calculation of monthly repayments:...........................................................................................3
Calculation of Total interest cover:.............................................................................................4
Que 2:......................................................................................................................................4
Why the differences has occurred in the interest expenses:...................................................4
Part 3...........................................................................................................................................5
Company Perspective..................................................................................................................5
Que 1:......................................................................................................................................5
Background:............................................................................................................................5
Que 2:......................................................................................................................................6
Cash conversion cycle:.............................................................................................................6
Que 3:......................................................................................................................................7
Short term and long term debt financing:...............................................................................7
Que 4:......................................................................................................................................7
Bond valuation:.......................................................................................................................7
Interest coverage ratio:...........................................................................................................8
Que 5:......................................................................................................................................8
Share valuation:.......................................................................................................................8
Task 4:.......................................................................................................................................10
Capital Budgeting:.....................................................................................................................10
Que 1:....................................................................................................................................10
Contents
Part 2...........................................................................................................................................3
Financial Literacy:........................................................................................................................3
Que 1:..........................................................................................................................................3
Calculation of monthly repayments:...........................................................................................3
Calculation of Total interest cover:.............................................................................................4
Que 2:......................................................................................................................................4
Why the differences has occurred in the interest expenses:...................................................4
Part 3...........................................................................................................................................5
Company Perspective..................................................................................................................5
Que 1:......................................................................................................................................5
Background:............................................................................................................................5
Que 2:......................................................................................................................................6
Cash conversion cycle:.............................................................................................................6
Que 3:......................................................................................................................................7
Short term and long term debt financing:...............................................................................7
Que 4:......................................................................................................................................7
Bond valuation:.......................................................................................................................7
Interest coverage ratio:...........................................................................................................8
Que 5:......................................................................................................................................8
Share valuation:.......................................................................................................................8
Task 4:.......................................................................................................................................10
Capital Budgeting:.....................................................................................................................10
Que 1:....................................................................................................................................10
Corporate finance 3
Calculation of free cash flows of both the projects...............................................................10
Que 2:....................................................................................................................................11
Discounted Payback period:..................................................................................................11
Que 3:....................................................................................................................................11
Net present value and internal rate of return.......................................................................11
Que 3:....................................................................................................................................12
Recommendation:.................................................................................................................12
References.................................................................................................................................13
Appendix...................................................................................................................................14
Calculation of free cash flows of both the projects...............................................................10
Que 2:....................................................................................................................................11
Discounted Payback period:..................................................................................................11
Que 3:....................................................................................................................................11
Net present value and internal rate of return.......................................................................11
Que 3:....................................................................................................................................12
Recommendation:.................................................................................................................12
References.................................................................................................................................13
Appendix...................................................................................................................................14
Corporate finance 4
Part 2
Financial Literacy:
Que 1:
According to the given case, Jane and Carla are two people who are willing to buy a
house. Both the citizen has bought the house of same worth but there are huge difference
among the total interest and payment period. In this case, it has been analyzed that which
factors have affected the similarity of both the cases:
Calculation of monthly repayments:
Question 2
Jane
Interest rate per annum 6.50%
Interest rate monthly 0.54%
A Loan amount $6,35,000
B Tenure (years) 20
C Months 240
D Monthly rate 0.54%
D EMI amount $ 4,734.39
Question 2
Carla
Interest rate per annum 4.50%
Interest rate monthly 0.38%
A Loan amount $5,50,000
B Tenure (years) 15
C Months 180
D Monthly rate 0.38%
D EMI amount $ 4,207.46
(Moles, Parrino and Kidwekk, 2011)
Part 2
Financial Literacy:
Que 1:
According to the given case, Jane and Carla are two people who are willing to buy a
house. Both the citizen has bought the house of same worth but there are huge difference
among the total interest and payment period. In this case, it has been analyzed that which
factors have affected the similarity of both the cases:
Calculation of monthly repayments:
Question 2
Jane
Interest rate per annum 6.50%
Interest rate monthly 0.54%
A Loan amount $6,35,000
B Tenure (years) 20
C Months 240
D Monthly rate 0.54%
D EMI amount $ 4,734.39
Question 2
Carla
Interest rate per annum 4.50%
Interest rate monthly 0.38%
A Loan amount $5,50,000
B Tenure (years) 15
C Months 180
D Monthly rate 0.38%
D EMI amount $ 4,207.46
(Moles, Parrino and Kidwekk, 2011)
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Corporate finance 5
Through the above calculations, it has been analyzed that the EMI amount of Jane is $
4734.39 and the EMI amount of Carla is $4,207.46. It depicts that the Carla has to pay less
amount as EMI.
Calculation of Total interest cover:
The calculations have been shown in the appendix. Through the calculation of total
inters cover of both the people, It has been found that the $5,01,253 would be paid by the
Jane as interest amount whereas the total amount paid by the Carla as an interest would be
$2,07,343 (Bromwich and Bhimani, 2005). This difference has taken place due to differences
in the down payment, total payment period and the rate of interest.
Que 2:
Why the differences has occurred in the interest expenses:
According to the case, Jane and Carla are two people who are willing to buy a house.
Both the citizen has bought the house of same worth but there is huge difference among the
total interest. In this case, it has been analyzed that the main factors which have affected over
the position and the performance of the company are initially the down payment due to which
the loan amount of both the parties have been different (Borio, 2014). Further, Carla has
chosen to pay the entire amount of Loan in fewer periods than Jane and thus the interest % of
both the parties have been differed and due to which the interest amount of Jane has been
higher.
Further, it has been analyzed that the total payment period, interest payment, net loan
amount and the EMI amount has impacted over the interest expenses of both the parties. And
through this analysis, it has also been found that the decision of Carla was far better than the
decision of Jane as has saved a lot amount of interest.
Through the above calculations, it has been analyzed that the EMI amount of Jane is $
4734.39 and the EMI amount of Carla is $4,207.46. It depicts that the Carla has to pay less
amount as EMI.
Calculation of Total interest cover:
The calculations have been shown in the appendix. Through the calculation of total
inters cover of both the people, It has been found that the $5,01,253 would be paid by the
Jane as interest amount whereas the total amount paid by the Carla as an interest would be
$2,07,343 (Bromwich and Bhimani, 2005). This difference has taken place due to differences
in the down payment, total payment period and the rate of interest.
Que 2:
Why the differences has occurred in the interest expenses:
According to the case, Jane and Carla are two people who are willing to buy a house.
Both the citizen has bought the house of same worth but there is huge difference among the
total interest. In this case, it has been analyzed that the main factors which have affected over
the position and the performance of the company are initially the down payment due to which
the loan amount of both the parties have been different (Borio, 2014). Further, Carla has
chosen to pay the entire amount of Loan in fewer periods than Jane and thus the interest % of
both the parties have been differed and due to which the interest amount of Jane has been
higher.
Further, it has been analyzed that the total payment period, interest payment, net loan
amount and the EMI amount has impacted over the interest expenses of both the parties. And
through this analysis, it has also been found that the decision of Carla was far better than the
decision of Jane as has saved a lot amount of interest.
Corporate finance 6
Part 3:
Company Perspective:
Que 1:
Background:
Woodside petroleum is an Australian production and exploration company. This
company is one of the largest companies of oil and gas industry of Australia. Headquarter of
the comapny is in Perth, Australia and the company has registered its stock in Australian
stock exchange. Mainly, this company is operating its business in exploration of oil and
delivering the gas and oil in international market. In the market of Australia itself, this
company is developing a number of the oil and gas industry of Australia briefs that Woodside
petroleum is one of the natural gas projects. Further, it has been found that manufacturing
companies and this company consists around 13.50% of share of the industry which is
highest than any other company (Nobes and Parkar, 2008). Further, it has been found that the
performance of the company is continuously raising and depict about a better position of the
company. Further, it has been analyzed that the position and the performance of the company
is far better according to the economy position and market condition.
Through the study over the operations of the company, it has been found that the main
strength of this company is its huge share in the market and its innovational operating system.
This system has helped the company t grab more market share and currently, this company
has the great number of projects in hand (Damodaran, 2011). Further, it has also been found
that the number of offshore projects have only been grabbed by the company due to its
innovational technology. Further, the weakness of the company has also been analyzed and it
is the bad relations of the company with its suppliers and the stakeholders. And at the same
time, company is not concentrating on lower level buyers. Through the various articles, it has
been found that this company has failed to manage good relationship with stakeholders and
due to which the operations and the performance of the company has been affected.
Part 3:
Company Perspective:
Que 1:
Background:
Woodside petroleum is an Australian production and exploration company. This
company is one of the largest companies of oil and gas industry of Australia. Headquarter of
the comapny is in Perth, Australia and the company has registered its stock in Australian
stock exchange. Mainly, this company is operating its business in exploration of oil and
delivering the gas and oil in international market. In the market of Australia itself, this
company is developing a number of the oil and gas industry of Australia briefs that Woodside
petroleum is one of the natural gas projects. Further, it has been found that manufacturing
companies and this company consists around 13.50% of share of the industry which is
highest than any other company (Nobes and Parkar, 2008). Further, it has been found that the
performance of the company is continuously raising and depict about a better position of the
company. Further, it has been analyzed that the position and the performance of the company
is far better according to the economy position and market condition.
Through the study over the operations of the company, it has been found that the main
strength of this company is its huge share in the market and its innovational operating system.
This system has helped the company t grab more market share and currently, this company
has the great number of projects in hand (Damodaran, 2011). Further, it has also been found
that the number of offshore projects have only been grabbed by the company due to its
innovational technology. Further, the weakness of the company has also been analyzed and it
is the bad relations of the company with its suppliers and the stakeholders. And at the same
time, company is not concentrating on lower level buyers. Through the various articles, it has
been found that this company has failed to manage good relationship with stakeholders and
due to which the operations and the performance of the company has been affected.
Corporate finance 7
Que 2:
Cash conversion cycle:
Cash conversion cycle is a process which depicts about the working capital
management and cash turnover of the company (Phillips and Stawarski, 2016). This expresses
that how much time would it take to the company to get back the cash while operating he business.
Following are the calculations of working capital management of the company:
Calculation of cash conversion cycle of 2016
Sales
£
4,075
COGS
£
2,234
Inventor
ies
£
5
AR
£
172
AP
£
546
Days/
year 365
Cash conversion
cycle (CCC) =
Inventory
conversion period +
Receivables
collection
period
-
Payables
deferral period
=
Inventory/Sales per
day +
AR/Sales per
day -
AP/COGS per
day
= £ 0.45 +
£
15.41 -
£
48.91
= -£ 33.05
The above calculations brief that the cash conversion cycle of the company is -33.05
days in 2016 whereas the cash conversion cycle of the company in 2015 was -50.87 days
which depicts about the average receivable day has been enhanced by the company. Through
the calculations of cash conversion cycle of the company and evaluation over competitors’
cash conversion cycle, it has been found that BHP Billiton’s cash conversion cycle is the best
(Davies and Crawford, 2011). Company need not to invest much amount for its current
Que 2:
Cash conversion cycle:
Cash conversion cycle is a process which depicts about the working capital
management and cash turnover of the company (Phillips and Stawarski, 2016). This expresses
that how much time would it take to the company to get back the cash while operating he business.
Following are the calculations of working capital management of the company:
Calculation of cash conversion cycle of 2016
Sales
£
4,075
COGS
£
2,234
Inventor
ies
£
5
AR
£
172
AP
£
546
Days/
year 365
Cash conversion
cycle (CCC) =
Inventory
conversion period +
Receivables
collection
period
-
Payables
deferral period
=
Inventory/Sales per
day +
AR/Sales per
day -
AP/COGS per
day
= £ 0.45 +
£
15.41 -
£
48.91
= -£ 33.05
The above calculations brief that the cash conversion cycle of the company is -33.05
days in 2016 whereas the cash conversion cycle of the company in 2015 was -50.87 days
which depicts about the average receivable day has been enhanced by the company. Through
the calculations of cash conversion cycle of the company and evaluation over competitors’
cash conversion cycle, it has been found that BHP Billiton’s cash conversion cycle is the best
(Davies and Crawford, 2011). Company need not to invest much amount for its current
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Corporate finance 8
liabilities. The liquidity position of the company is far better as the payment done by the
company is after so many days whereas the collection of amount is done by the company
quickly. Further, it has also been found that the cash conversion cycle of Woodside petroleum
limited is also far better but the level has been lower in 2016 in comparison of 2015
(Bierman, 2010).
Que 3:
Short term and long term debt financing:
Further short term and long term debt financing of the company has been evaluated
and it has been found that the total short term debt financing of the company is Us $ 963
million in 2016, US $ 1304 million in 2015 whereas the long term debt financing of the
company is US $ 8128 in 2016 and US $ 7510 in 2015. Thus, through the evaluation over
short term and long term debt financing of the company, it has been evaluated that the main
short term debt financing factor of the company is payables which has been lower in 2016
and the main long term debt financing factor of the company is interest bearing liabilities
which are debentures and the borrowings of the company (Brealey, Myers and Marcus,
2007).
The discussed value briefs that company uses the short term as well as long term
debts to manage the position and a good capital structure position of the company. But the
level of short term debts have been reduced by the company to manage the cost whereas the
level of long term has been enhanced by the company to manage optimal capitals structure
and risk and return level.
Que 4:
Bond valuation:
Further, the bond valuation of the company has been evaluated and it has been found that
the bind price of the company is quite higher than the Par value of the company. The par value of
the company is $ 913.61 per bond whereas the face value of the company is $1000.
Price of bond
Bond-1
Face value 1,000
Coupon (half yearly) 1.83%
Maturity 10
liabilities. The liquidity position of the company is far better as the payment done by the
company is after so many days whereas the collection of amount is done by the company
quickly. Further, it has also been found that the cash conversion cycle of Woodside petroleum
limited is also far better but the level has been lower in 2016 in comparison of 2015
(Bierman, 2010).
Que 3:
Short term and long term debt financing:
Further short term and long term debt financing of the company has been evaluated
and it has been found that the total short term debt financing of the company is Us $ 963
million in 2016, US $ 1304 million in 2015 whereas the long term debt financing of the
company is US $ 8128 in 2016 and US $ 7510 in 2015. Thus, through the evaluation over
short term and long term debt financing of the company, it has been evaluated that the main
short term debt financing factor of the company is payables which has been lower in 2016
and the main long term debt financing factor of the company is interest bearing liabilities
which are debentures and the borrowings of the company (Brealey, Myers and Marcus,
2007).
The discussed value briefs that company uses the short term as well as long term
debts to manage the position and a good capital structure position of the company. But the
level of short term debts have been reduced by the company to manage the cost whereas the
level of long term has been enhanced by the company to manage optimal capitals structure
and risk and return level.
Que 4:
Bond valuation:
Further, the bond valuation of the company has been evaluated and it has been found that
the bind price of the company is quite higher than the Par value of the company. The par value of
the company is $ 913.61 per bond whereas the face value of the company is $1000.
Price of bond
Bond-1
Face value 1,000
Coupon (half yearly) 1.83%
Maturity 10
Corporate finance 9
Maturity (half yearly) 5
Yeild (half yearly) 1.55%
Valuation of bond 913.61
PV(D17,D19,D20,D16,0)
(Arnold, 2013)
Interest coverage ratio:
Interest coverage ratio is normally used by the companies to evaluate the position of
the company to pay all the interest expenses. Income coverage ratio is calculated through
dividing the earnings before interest and taxes by total interest expenses of the company. The
current interest coverage ratio of the company is 23.92 which express about the better
performance of the company to repay all the interest expenses (Besley and Brigham, 2008).
Further, it has also been analyzed that the interest coverage ratio of the company is quite
competitive.
Calculation of Interest coverage ratio
Interest coverage ratio EBIT/Interest Expenses
2016 23.92857143
2015 4
Que 5:
Share valuation:
Share price valuation is a process which is mainly done to evaluate that how the
company is performing in the market and what is the position of the company in the market. This
briefs that the current share value of the company is undervalued as:
Required rate of return
Risk free rate 2.50%
Expected rate of return on market
portfolio 9.07%
systematic risk of common stock 1.37
Required rate of return 11.50%
calculations:
Maturity (half yearly) 5
Yeild (half yearly) 1.55%
Valuation of bond 913.61
PV(D17,D19,D20,D16,0)
(Arnold, 2013)
Interest coverage ratio:
Interest coverage ratio is normally used by the companies to evaluate the position of
the company to pay all the interest expenses. Income coverage ratio is calculated through
dividing the earnings before interest and taxes by total interest expenses of the company. The
current interest coverage ratio of the company is 23.92 which express about the better
performance of the company to repay all the interest expenses (Besley and Brigham, 2008).
Further, it has also been analyzed that the interest coverage ratio of the company is quite
competitive.
Calculation of Interest coverage ratio
Interest coverage ratio EBIT/Interest Expenses
2016 23.92857143
2015 4
Que 5:
Share valuation:
Share price valuation is a process which is mainly done to evaluate that how the
company is performing in the market and what is the position of the company in the market. This
briefs that the current share value of the company is undervalued as:
Required rate of return
Risk free rate 2.50%
Expected rate of return on market
portfolio 9.07%
systematic risk of common stock 1.37
Required rate of return 11.50%
calculations:
Corporate finance 10
r= R(f)+ beta{E(R(m)-R(f)}
Dividend Discount Model
Dividend expected 83
Growth rate 3%
Discount rate 11.50%
Intrinsic Value 922
Share Price 34.53
Underv
alued
The above calculations brief that the share price of the company must be $ 922 but it
is $34.53. It is a god option for the investors to buy the shares of the company in current time
as it would offer high return to the company.
r= R(f)+ beta{E(R(m)-R(f)}
Dividend Discount Model
Dividend expected 83
Growth rate 3%
Discount rate 11.50%
Intrinsic Value 922
Share Price 34.53
Underv
alued
The above calculations brief that the share price of the company must be $ 922 but it
is $34.53. It is a god option for the investors to buy the shares of the company in current time
as it would offer high return to the company.
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Corporate finance 11
Task 4:
Capital Budgeting:
Que 1:
Calculation of free cash flows of both the projects:
Project A
Year 1 Year 2 Year 3 Year 4 Year 5
Initial Outlay
1575000
00
Revenues
9836800
00
9836800
00
9836800
00
9836800
00
9836800
00
Expenses
4918400
00
4918400
00
4918400
00
4918400
00
4918400
00
Expenses
1670000
00
1670000
00
1670000
00
1670000
00
1670000
00
EBDT
3248400
00
3248400
00
3248400
00
3248400
00
3248400
00
Less: Depreciation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
EBT
1248400
00
1248400
00
1248400
00
1248400
00
1248400
00
Less: Taxes
3745200
0
3745200
0
3745200
0
3745200
0
3745200
0
EAT
8738800
0
8738800
0
8738800
0
8738800
0
8738800
0
ADD: Depreciation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
cash flow
1436940
000
2873880
00
2873880
00
2873880
00
2873880
00
2873880
00
Changes in Working
capital 400000 400000
Total cash flow
1279040
000
2877880
00
Project B
Year 1 Year 2 Year 3 Year 4 Year 5
Initial Outlay
1375000
00
Revenues
1168120
000
1168120
000
1168120
000
1168120
000
1168120
000
Expenses
5256540
00
5256540
00
5256540
00
5256540
00
5256540
00
Task 4:
Capital Budgeting:
Que 1:
Calculation of free cash flows of both the projects:
Project A
Year 1 Year 2 Year 3 Year 4 Year 5
Initial Outlay
1575000
00
Revenues
9836800
00
9836800
00
9836800
00
9836800
00
9836800
00
Expenses
4918400
00
4918400
00
4918400
00
4918400
00
4918400
00
Expenses
1670000
00
1670000
00
1670000
00
1670000
00
1670000
00
EBDT
3248400
00
3248400
00
3248400
00
3248400
00
3248400
00
Less: Depreciation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
EBT
1248400
00
1248400
00
1248400
00
1248400
00
1248400
00
Less: Taxes
3745200
0
3745200
0
3745200
0
3745200
0
3745200
0
EAT
8738800
0
8738800
0
8738800
0
8738800
0
8738800
0
ADD: Depreciation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
cash flow
1436940
000
2873880
00
2873880
00
2873880
00
2873880
00
2873880
00
Changes in Working
capital 400000 400000
Total cash flow
1279040
000
2877880
00
Project B
Year 1 Year 2 Year 3 Year 4 Year 5
Initial Outlay
1375000
00
Revenues
1168120
000
1168120
000
1168120
000
1168120
000
1168120
000
Expenses
5256540
00
5256540
00
5256540
00
5256540
00
5256540
00
Corporate finance 12
Expenses
1252500
00
1252500
00
1252500
00
1252500
00
1252500
00
EBDT
5172160
00
5172160
00
5172160
00
5172160
00
5172160
00
Less: Depreciation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
EBT
3172160
00
3172160
00
3172160
00
3172160
00
3172160
00
Less: Taxes
9516480
0
9516480
0
9516480
0
9516480
0
9516480
0
EAT
2220512
00
2220512
00
2220512
00
2220512
00
2220512
00
ADD: Depreciation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
cash flow
2110256
000
4220512
00
4220512
00
4220512
00
4220512
00
4220512
00
Changes in Working
capital 400000 400000
Total cash flow
1972356
000
4224512
00
Through the above calculations, it has been found that the cash flows of project
b is quite higher than total cash flows of project A. thus, it depicts that the performance of
Project B is far better.
Que 2:
Discounted Payback period:
Calculations have been shown in the appendix. Through the calculations over
discounted payback period of both the projects of the company, it has been analyzed that the
project A and Project B, both would offer a great deal to the company. But on the basis of
12%, project A would recover the entire outflow in 0.54 year whereas the project b would
recover the entire amount in 0.29 years. Further, if the 25% present value is considered than
the project A would recover the entire outflow in 0.61 year whereas the project b would
recover the entire amount in 0.33 years (Marginson, 2009).
Thus through this analysis, it has been found that the Project B is far better than
Project A as the amount would be recovered in project B earlier.
Que 3:
Net present value and internal rate of return:
Expenses
1252500
00
1252500
00
1252500
00
1252500
00
1252500
00
EBDT
5172160
00
5172160
00
5172160
00
5172160
00
5172160
00
Less: Depreciation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
EBT
3172160
00
3172160
00
3172160
00
3172160
00
3172160
00
Less: Taxes
9516480
0
9516480
0
9516480
0
9516480
0
9516480
0
EAT
2220512
00
2220512
00
2220512
00
2220512
00
2220512
00
ADD: Depreciation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
cash flow
2110256
000
4220512
00
4220512
00
4220512
00
4220512
00
4220512
00
Changes in Working
capital 400000 400000
Total cash flow
1972356
000
4224512
00
Through the above calculations, it has been found that the cash flows of project
b is quite higher than total cash flows of project A. thus, it depicts that the performance of
Project B is far better.
Que 2:
Discounted Payback period:
Calculations have been shown in the appendix. Through the calculations over
discounted payback period of both the projects of the company, it has been analyzed that the
project A and Project B, both would offer a great deal to the company. But on the basis of
12%, project A would recover the entire outflow in 0.54 year whereas the project b would
recover the entire amount in 0.29 years. Further, if the 25% present value is considered than
the project A would recover the entire outflow in 0.61 year whereas the project b would
recover the entire amount in 0.33 years (Marginson, 2009).
Thus through this analysis, it has been found that the Project B is far better than
Project A as the amount would be recovered in project B earlier.
Que 3:
Net present value and internal rate of return:
Corporate finance 13
Calculations have been shown in the appendix. Through the calculations over net
present value and internal rate of return of both the projects of the company, it has been
analyzed that the project A and Project B, both would offer a great deal to the company. But
on the basis of 12%, the net present value of project A is $1,01,34,75,502 whereas the total
net present value of project B is $1,72,69,47,928. It depicts about a better performance of
Project B and at the same time, it depicts that the performance of Project B is quite better and
thus the organization should go for project B. Further, on the basis of 25%, the net present
value of project A is $716085715.2 whereas the total net present value of project B is
$1,25,34,38,644 (Niu, 2006). It depicts about a better performance of Project B and at the
same time, it depicts that the performance of Project B is quite better and thus the
organization should go for project B.
Further, the internal rate of return of both the projects has been evaluated to
identify the performance of both the projects. Through the analysis over both the projects, it
has been found that in case of 12%, Project A’s internal rate of return is 10.28% which is
quite lower than the total cost of comapny further, the analysis over project B depicts that the
internal rate of the project is bit higher and it would offer the profit to the company. Thus,
through this analysis it has been found that the Project B is far better than Project A as the
internal rate of return is quite higher than the cost of the company.
Que 3:
Recommendation:
Through the above calculations over the cash flows of the projects, discounted
payback period, net present values and internal rate of return of both the projects, it has been
analyzed that the project B is far better than project A as the cash flows of the project B is
higher than the project A, at the same time, the discounted payback period explains that
project b would receive the total investment amount in lesser period. Further, it has been
added through analyzing the NPV that project b would offer high profit to the company and
lastly, the internal rate of return explains that the profit of project B would be more than the
total cost of the company and thus it could be concluded that project B should be accepted by
the company (Parrino, Kidwell and Bates, 2011).
Calculations have been shown in the appendix. Through the calculations over net
present value and internal rate of return of both the projects of the company, it has been
analyzed that the project A and Project B, both would offer a great deal to the company. But
on the basis of 12%, the net present value of project A is $1,01,34,75,502 whereas the total
net present value of project B is $1,72,69,47,928. It depicts about a better performance of
Project B and at the same time, it depicts that the performance of Project B is quite better and
thus the organization should go for project B. Further, on the basis of 25%, the net present
value of project A is $716085715.2 whereas the total net present value of project B is
$1,25,34,38,644 (Niu, 2006). It depicts about a better performance of Project B and at the
same time, it depicts that the performance of Project B is quite better and thus the
organization should go for project B.
Further, the internal rate of return of both the projects has been evaluated to
identify the performance of both the projects. Through the analysis over both the projects, it
has been found that in case of 12%, Project A’s internal rate of return is 10.28% which is
quite lower than the total cost of comapny further, the analysis over project B depicts that the
internal rate of the project is bit higher and it would offer the profit to the company. Thus,
through this analysis it has been found that the Project B is far better than Project A as the
internal rate of return is quite higher than the cost of the company.
Que 3:
Recommendation:
Through the above calculations over the cash flows of the projects, discounted
payback period, net present values and internal rate of return of both the projects, it has been
analyzed that the project B is far better than project A as the cash flows of the project B is
higher than the project A, at the same time, the discounted payback period explains that
project b would receive the total investment amount in lesser period. Further, it has been
added through analyzing the NPV that project b would offer high profit to the company and
lastly, the internal rate of return explains that the profit of project B would be more than the
total cost of the company and thus it could be concluded that project B should be accepted by
the company (Parrino, Kidwell and Bates, 2011).
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Corporate finance 14
References:
Arnold, G., 2013. Corporate financial management. Pearson Higher Ed.
Besley, S. and Brigham, E.F., 2008. Essentials of managerial finance. Thomson South-
Western.
Bierman, H., 2010. An introduction to accounting and managerial finance: a merger of
equals. World Scientific.
Borio, C., 2014. The financial cycle and macroeconomics: What have we learnt?. Journal of
Banking & Finance, 45, pp.182-198.
Brealey, R., Myers, S.C. and Marcus, A.J., 2007. FundamentalsofCorporate Finance. Mc
Graw Hill, New York.
Bromwich, M. and Bhimani, A., 2005. Management accounting: Pathways to progress. Cima
publishing.
Damodaran, A, 2011, Applied corporate finance,3rd edition, John Wiley & sons, USA
Davies, T. and Crawford, I., 2011. Business accounting and finance. Pearson.
Marginson, D.E., 2009. Beyond the budgetary control system: towards a two-tiered process
of management control. Management Accounting Research, 10(3), pp.203-230.
Moles, P. Parrino, R and Kidwekk, D,.2011, Corporate finance, European edition, John
Wiley &sons, United Kingdom
Niu, F.F., 2006. Corporate governance and the quality of accounting earnings: a Canadian
perspective. International Journal of Managerial Finance, 2(4), pp.302-327.
Nobes, C. and Parker, R.H., 2008. Comparative international accounting. Pearson Education.
Phillips, P.P. and Stawarski, C.A. 2016. Data Collection: Planning for and Collecting All
Types of Data. John Wiley & Sons.
References:
Arnold, G., 2013. Corporate financial management. Pearson Higher Ed.
Besley, S. and Brigham, E.F., 2008. Essentials of managerial finance. Thomson South-
Western.
Bierman, H., 2010. An introduction to accounting and managerial finance: a merger of
equals. World Scientific.
Borio, C., 2014. The financial cycle and macroeconomics: What have we learnt?. Journal of
Banking & Finance, 45, pp.182-198.
Brealey, R., Myers, S.C. and Marcus, A.J., 2007. FundamentalsofCorporate Finance. Mc
Graw Hill, New York.
Bromwich, M. and Bhimani, A., 2005. Management accounting: Pathways to progress. Cima
publishing.
Damodaran, A, 2011, Applied corporate finance,3rd edition, John Wiley & sons, USA
Davies, T. and Crawford, I., 2011. Business accounting and finance. Pearson.
Marginson, D.E., 2009. Beyond the budgetary control system: towards a two-tiered process
of management control. Management Accounting Research, 10(3), pp.203-230.
Moles, P. Parrino, R and Kidwekk, D,.2011, Corporate finance, European edition, John
Wiley &sons, United Kingdom
Niu, F.F., 2006. Corporate governance and the quality of accounting earnings: a Canadian
perspective. International Journal of Managerial Finance, 2(4), pp.302-327.
Nobes, C. and Parker, R.H., 2008. Comparative international accounting. Pearson Education.
Phillips, P.P. and Stawarski, C.A. 2016. Data Collection: Planning for and Collecting All
Types of Data. John Wiley & Sons.
Corporate finance 15
Appendix:
Quetsion 2
Jane
Interest rate per annum 6.50%
Interest rate monthly 0.54%
A Loan amount $6,35,000
B Tenure (years) 20
C Months 240
D Monthly rate 0.54%
D EMI amount
₹
4,734.39
$
Period PVF Opening outstanding Installment Interest Closing
1 0.9946125 6,35,000.00 4,734 3,439.58 6,33,705.19
2 0.9892541 6,33,705.19 4,734 3,432.57 6,32,403.37
3 0.9839245 6,32,403.37 4,734 3,425.52 6,31,094.50
4 0.9786236 6,31,094.50 4,734 3,418.43 6,29,778.54
5 0.9733513 6,29,778.54 4,734 3,411.30 6,28,455.45
6 0.9681074 6,28,455.45 4,734 3,404.13 6,27,125.20
7 0.9628917 6,27,125.20 4,734 3,396.93 6,25,787.74
8 0.9577041 6,25,787.74 4,734 3,389.68 6,24,443.03
9 0.9525445 6,24,443.03 4,734 3,382.40 6,23,091.04
10 0.9474127 6,23,091.04 4,734 3,375.08 6,21,731.73
11 0.9423085 6,21,731.73 4,734 3,367.71 6,20,365.05
12 0.9372318 6,20,365.05 4,734 3,360.31 6,18,990.97
13 0.9321825 6,18,990.97 4,734 3,352.87 6,17,609.45
14 0.9271604 6,17,609.45 4,734 3,345.38 6,16,220.45
15 0.9221653 6,16,220.45 4,734 3,337.86 6,14,823.92
16 0.9171972 6,14,823.92 4,734 3,330.30 6,13,419.82
17 0.9122558 6,13,419.82 4,734 3,322.69 6,12,008.13
18 0.907341 6,12,008.13 4,734 3,315.04 6,10,588.78
19 0.9024528 6,10,588.78 4,734 3,307.36 6,09,161.75
20 0.8975908 6,09,161.75 4,734 3,299.63 6,07,726.98
21 0.8927551 6,07,726.98 4,734 3,291.85 6,06,284.45
22 0.8879453 6,06,284.45 4,734 3,284.04 6,04,834.10
23 0.8831616 6,04,834.10 4,734 3,276.18 6,03,375.90
24 0.8784035 6,03,375.90 4,734 3,268.29 6,01,909.79
25 0.8736712 6,01,909.79 4,734 3,260.34 6,00,435.75
26 0.8689643 6,00,435.75 4,734 3,252.36 5,98,953.72
27 0.8642827 5,98,953.72 4,734 3,244.33 5,97,463.66
Appendix:
Quetsion 2
Jane
Interest rate per annum 6.50%
Interest rate monthly 0.54%
A Loan amount $6,35,000
B Tenure (years) 20
C Months 240
D Monthly rate 0.54%
D EMI amount
₹
4,734.39
$
Period PVF Opening outstanding Installment Interest Closing
1 0.9946125 6,35,000.00 4,734 3,439.58 6,33,705.19
2 0.9892541 6,33,705.19 4,734 3,432.57 6,32,403.37
3 0.9839245 6,32,403.37 4,734 3,425.52 6,31,094.50
4 0.9786236 6,31,094.50 4,734 3,418.43 6,29,778.54
5 0.9733513 6,29,778.54 4,734 3,411.30 6,28,455.45
6 0.9681074 6,28,455.45 4,734 3,404.13 6,27,125.20
7 0.9628917 6,27,125.20 4,734 3,396.93 6,25,787.74
8 0.9577041 6,25,787.74 4,734 3,389.68 6,24,443.03
9 0.9525445 6,24,443.03 4,734 3,382.40 6,23,091.04
10 0.9474127 6,23,091.04 4,734 3,375.08 6,21,731.73
11 0.9423085 6,21,731.73 4,734 3,367.71 6,20,365.05
12 0.9372318 6,20,365.05 4,734 3,360.31 6,18,990.97
13 0.9321825 6,18,990.97 4,734 3,352.87 6,17,609.45
14 0.9271604 6,17,609.45 4,734 3,345.38 6,16,220.45
15 0.9221653 6,16,220.45 4,734 3,337.86 6,14,823.92
16 0.9171972 6,14,823.92 4,734 3,330.30 6,13,419.82
17 0.9122558 6,13,419.82 4,734 3,322.69 6,12,008.13
18 0.907341 6,12,008.13 4,734 3,315.04 6,10,588.78
19 0.9024528 6,10,588.78 4,734 3,307.36 6,09,161.75
20 0.8975908 6,09,161.75 4,734 3,299.63 6,07,726.98
21 0.8927551 6,07,726.98 4,734 3,291.85 6,06,284.45
22 0.8879453 6,06,284.45 4,734 3,284.04 6,04,834.10
23 0.8831616 6,04,834.10 4,734 3,276.18 6,03,375.90
24 0.8784035 6,03,375.90 4,734 3,268.29 6,01,909.79
25 0.8736712 6,01,909.79 4,734 3,260.34 6,00,435.75
26 0.8689643 6,00,435.75 4,734 3,252.36 5,98,953.72
27 0.8642827 5,98,953.72 4,734 3,244.33 5,97,463.66
Corporate finance 16
28 0.8596264 5,97,463.66 4,734 3,236.26 5,95,965.53
29 0.8549952 5,95,965.53 4,734 3,228.15 5,94,459.29
30 0.8503889 5,94,459.29 4,734 3,219.99 5,92,944.89
31 0.8458075 5,92,944.89 4,734 3,211.78 5,91,422.29
32 0.8412507 5,91,422.29 4,734 3,203.54 5,89,891.43
33 0.8367185 5,89,891.43 4,734 3,195.25 5,88,352.29
34 0.8322107 5,88,352.29 4,734 3,186.91 5,86,804.81
35 0.8277271 5,86,804.81 4,734 3,178.53 5,85,248.94
36 0.8232678 5,85,248.94 4,734 3,170.10 5,83,684.65
37 0.8188324 5,83,684.65 4,734 3,161.63 5,82,111.89
38 0.814421 5,82,111.89 4,734 3,153.11 5,80,530.61
39 0.8100333 5,80,530.61 4,734 3,144.54 5,78,940.76
40 0.8056693 5,78,940.76 4,734 3,135.93 5,77,342.30
41 0.8013287 5,77,342.30 4,734 3,127.27 5,75,735.18
42 0.7970116 5,75,735.18 4,734 3,118.57 5,74,119.35
43 0.7927177 5,74,119.35 4,734 3,109.81 5,72,494.78
44 0.7884469 5,72,494.78 4,734 3,101.01 5,70,861.40
45 0.7841992 5,70,861.40 4,734 3,092.17 5,69,219.18
46 0.7799743 5,69,219.18 4,734 3,083.27 5,67,568.06
47 0.7757722 5,67,568.06 4,734 3,074.33 5,65,908.00
48 0.7715928 5,65,908.00 4,734 3,065.33 5,64,238.94
49 0.7674358 5,64,238.94 4,734 3,056.29 5,62,560.85
50 0.7633013 5,62,560.85 4,734 3,047.20 5,60,873.66
51 0.759189 5,60,873.66 4,734 3,038.07 5,59,177.34
52 0.7550989 5,59,177.34 4,734 3,028.88 5,57,471.83
53 0.7510308 5,57,471.83 4,734 3,019.64 5,55,757.08
54 0.7469846 5,55,757.08 4,734 3,010.35 5,54,033.04
55 0.7429603 5,54,033.04 4,734 3,001.01 5,52,299.66
56 0.7389576 5,52,299.66 4,734 2,991.62 5,50,556.89
57 0.7349765 5,50,556.89 4,734 2,982.18 5,48,804.69
58 0.7310168 5,48,804.69 4,734 2,972.69 5,47,042.99
59 0.7270784 5,47,042.99 4,734 2,963.15 5,45,271.75
60 0.7231613 5,45,271.75 4,734 2,953.56 5,43,490.92
61 0.7192653 5,43,490.92 4,734 2,943.91 5,41,700.44
62 0.7153903 5,41,700.44 4,734 2,934.21 5,39,900.26
63 0.7115361 5,39,900.26 4,734 2,924.46 5,38,090.33
64 0.7077027 5,38,090.33 4,734 2,914.66 5,36,270.60
65 0.70389 5,36,270.60 4,734 2,904.80 5,34,441.00
66 0.7000978 5,34,441.00 4,734 2,894.89 5,32,601.50
67 0.696326 5,32,601.50 4,734 2,884.92 5,30,752.04
68 0.6925746 5,30,752.04 4,734 2,874.91 5,28,892.56
69 0.6888433 5,28,892.56 4,734 2,864.83 5,27,023.00
70 0.6851322 5,27,023.00 4,734 2,854.71 5,25,143.32
71 0.6814411 5,25,143.32 4,734 2,844.53 5,23,253.46
28 0.8596264 5,97,463.66 4,734 3,236.26 5,95,965.53
29 0.8549952 5,95,965.53 4,734 3,228.15 5,94,459.29
30 0.8503889 5,94,459.29 4,734 3,219.99 5,92,944.89
31 0.8458075 5,92,944.89 4,734 3,211.78 5,91,422.29
32 0.8412507 5,91,422.29 4,734 3,203.54 5,89,891.43
33 0.8367185 5,89,891.43 4,734 3,195.25 5,88,352.29
34 0.8322107 5,88,352.29 4,734 3,186.91 5,86,804.81
35 0.8277271 5,86,804.81 4,734 3,178.53 5,85,248.94
36 0.8232678 5,85,248.94 4,734 3,170.10 5,83,684.65
37 0.8188324 5,83,684.65 4,734 3,161.63 5,82,111.89
38 0.814421 5,82,111.89 4,734 3,153.11 5,80,530.61
39 0.8100333 5,80,530.61 4,734 3,144.54 5,78,940.76
40 0.8056693 5,78,940.76 4,734 3,135.93 5,77,342.30
41 0.8013287 5,77,342.30 4,734 3,127.27 5,75,735.18
42 0.7970116 5,75,735.18 4,734 3,118.57 5,74,119.35
43 0.7927177 5,74,119.35 4,734 3,109.81 5,72,494.78
44 0.7884469 5,72,494.78 4,734 3,101.01 5,70,861.40
45 0.7841992 5,70,861.40 4,734 3,092.17 5,69,219.18
46 0.7799743 5,69,219.18 4,734 3,083.27 5,67,568.06
47 0.7757722 5,67,568.06 4,734 3,074.33 5,65,908.00
48 0.7715928 5,65,908.00 4,734 3,065.33 5,64,238.94
49 0.7674358 5,64,238.94 4,734 3,056.29 5,62,560.85
50 0.7633013 5,62,560.85 4,734 3,047.20 5,60,873.66
51 0.759189 5,60,873.66 4,734 3,038.07 5,59,177.34
52 0.7550989 5,59,177.34 4,734 3,028.88 5,57,471.83
53 0.7510308 5,57,471.83 4,734 3,019.64 5,55,757.08
54 0.7469846 5,55,757.08 4,734 3,010.35 5,54,033.04
55 0.7429603 5,54,033.04 4,734 3,001.01 5,52,299.66
56 0.7389576 5,52,299.66 4,734 2,991.62 5,50,556.89
57 0.7349765 5,50,556.89 4,734 2,982.18 5,48,804.69
58 0.7310168 5,48,804.69 4,734 2,972.69 5,47,042.99
59 0.7270784 5,47,042.99 4,734 2,963.15 5,45,271.75
60 0.7231613 5,45,271.75 4,734 2,953.56 5,43,490.92
61 0.7192653 5,43,490.92 4,734 2,943.91 5,41,700.44
62 0.7153903 5,41,700.44 4,734 2,934.21 5,39,900.26
63 0.7115361 5,39,900.26 4,734 2,924.46 5,38,090.33
64 0.7077027 5,38,090.33 4,734 2,914.66 5,36,270.60
65 0.70389 5,36,270.60 4,734 2,904.80 5,34,441.00
66 0.7000978 5,34,441.00 4,734 2,894.89 5,32,601.50
67 0.696326 5,32,601.50 4,734 2,884.92 5,30,752.04
68 0.6925746 5,30,752.04 4,734 2,874.91 5,28,892.56
69 0.6888433 5,28,892.56 4,734 2,864.83 5,27,023.00
70 0.6851322 5,27,023.00 4,734 2,854.71 5,25,143.32
71 0.6814411 5,25,143.32 4,734 2,844.53 5,23,253.46
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Corporate finance 17
72 0.6777698 5,23,253.46 4,734 2,834.29 5,21,353.36
73 0.6741183 5,21,353.36 4,734 2,824.00 5,19,442.97
74 0.6704865 5,19,442.97 4,734 2,813.65 5,17,522.23
75 0.6668743 5,17,522.23 4,734 2,803.25 5,15,591.08
76 0.6632815 5,15,591.08 4,734 2,792.79 5,13,649.48
77 0.6597081 5,13,649.48 4,734 2,782.27 5,11,697.36
78 0.6561539 5,11,697.36 4,734 2,771.69 5,09,734.66
79 0.6526189 5,09,734.66 4,734 2,761.06 5,07,761.33
80 0.649103 5,07,761.33 4,734 2,750.37 5,05,777.32
81 0.6456059 5,05,777.32 4,734 2,739.63 5,03,782.56
82 0.6421277 5,03,782.56 4,734 2,728.82 5,01,776.99
83 0.6386683 5,01,776.99 4,734 2,717.96 4,99,760.56
84 0.6352275 4,99,760.56 4,734 2,707.04 4,97,733.21
85 0.6318052 4,97,733.21 4,734 2,696.05 4,95,694.87
86 0.6284013 4,95,694.87 4,734 2,685.01 4,93,645.50
87 0.6250158 4,93,645.50 4,734 2,673.91 4,91,585.02
88 0.6216486 4,91,585.02 4,734 2,662.75 4,89,513.38
89 0.6182995 4,89,513.38 4,734 2,651.53 4,87,430.52
90 0.6149684 4,87,430.52 4,734 2,640.25 4,85,336.38
91 0.6116552 4,85,336.38 4,734 2,628.91 4,83,230.90
92 0.60836 4,83,230.90 4,734 2,617.50 4,81,114.01
93 0.6050824 4,81,114.01 4,734 2,606.03 4,78,985.65
94 0.6018226 4,78,985.65 4,734 2,594.51 4,76,845.77
95 0.5985802 4,76,845.77 4,734 2,582.91 4,74,694.30
96 0.5953554 4,74,694.30 4,734 2,571.26 4,72,531.17
97 0.5921479 4,72,531.17 4,734 2,559.54 4,70,356.32
98 0.5889577 4,70,356.32 4,734 2,547.76 4,68,169.70
99 0.5857847 4,68,169.70 4,734 2,535.92 4,65,971.23
100 0.5826288 4,65,971.23 4,734 2,524.01 4,63,760.85
101 0.5794899 4,63,760.85 4,734 2,512.04 4,61,538.50
102 0.5763679 4,61,538.50 4,734 2,500.00 4,59,304.11
103 0.5732628 4,59,304.11 4,734 2,487.90 4,57,057.61
104 0.5701743 4,57,057.61 4,734 2,475.73 4,54,798.95
105 0.5671025 4,54,798.95 4,734 2,463.49 4,52,528.06
106 0.5640473 4,52,528.06 4,734 2,451.19 4,50,244.86
107 0.5610085 4,50,244.86 4,734 2,438.83 4,47,949.30
108 0.557986 4,47,949.30 4,734 2,426.39 4,45,641.30
109 0.5549799 4,45,641.30 4,734 2,413.89 4,43,320.80
110 0.55199 4,43,320.80 4,734 2,401.32 4,40,987.73
111 0.5490161 4,40,987.73 4,734 2,388.68 4,38,642.03
112 0.5460583 4,38,642.03 4,734 2,375.98 4,36,283.62
113 0.5431164 4,36,283.62 4,734 2,363.20 4,33,912.43
114 0.5401904 4,33,912.43 4,734 2,350.36 4,31,528.40
115 0.5372801 4,31,528.40 4,734 2,337.45 4,29,131.46
72 0.6777698 5,23,253.46 4,734 2,834.29 5,21,353.36
73 0.6741183 5,21,353.36 4,734 2,824.00 5,19,442.97
74 0.6704865 5,19,442.97 4,734 2,813.65 5,17,522.23
75 0.6668743 5,17,522.23 4,734 2,803.25 5,15,591.08
76 0.6632815 5,15,591.08 4,734 2,792.79 5,13,649.48
77 0.6597081 5,13,649.48 4,734 2,782.27 5,11,697.36
78 0.6561539 5,11,697.36 4,734 2,771.69 5,09,734.66
79 0.6526189 5,09,734.66 4,734 2,761.06 5,07,761.33
80 0.649103 5,07,761.33 4,734 2,750.37 5,05,777.32
81 0.6456059 5,05,777.32 4,734 2,739.63 5,03,782.56
82 0.6421277 5,03,782.56 4,734 2,728.82 5,01,776.99
83 0.6386683 5,01,776.99 4,734 2,717.96 4,99,760.56
84 0.6352275 4,99,760.56 4,734 2,707.04 4,97,733.21
85 0.6318052 4,97,733.21 4,734 2,696.05 4,95,694.87
86 0.6284013 4,95,694.87 4,734 2,685.01 4,93,645.50
87 0.6250158 4,93,645.50 4,734 2,673.91 4,91,585.02
88 0.6216486 4,91,585.02 4,734 2,662.75 4,89,513.38
89 0.6182995 4,89,513.38 4,734 2,651.53 4,87,430.52
90 0.6149684 4,87,430.52 4,734 2,640.25 4,85,336.38
91 0.6116552 4,85,336.38 4,734 2,628.91 4,83,230.90
92 0.60836 4,83,230.90 4,734 2,617.50 4,81,114.01
93 0.6050824 4,81,114.01 4,734 2,606.03 4,78,985.65
94 0.6018226 4,78,985.65 4,734 2,594.51 4,76,845.77
95 0.5985802 4,76,845.77 4,734 2,582.91 4,74,694.30
96 0.5953554 4,74,694.30 4,734 2,571.26 4,72,531.17
97 0.5921479 4,72,531.17 4,734 2,559.54 4,70,356.32
98 0.5889577 4,70,356.32 4,734 2,547.76 4,68,169.70
99 0.5857847 4,68,169.70 4,734 2,535.92 4,65,971.23
100 0.5826288 4,65,971.23 4,734 2,524.01 4,63,760.85
101 0.5794899 4,63,760.85 4,734 2,512.04 4,61,538.50
102 0.5763679 4,61,538.50 4,734 2,500.00 4,59,304.11
103 0.5732628 4,59,304.11 4,734 2,487.90 4,57,057.61
104 0.5701743 4,57,057.61 4,734 2,475.73 4,54,798.95
105 0.5671025 4,54,798.95 4,734 2,463.49 4,52,528.06
106 0.5640473 4,52,528.06 4,734 2,451.19 4,50,244.86
107 0.5610085 4,50,244.86 4,734 2,438.83 4,47,949.30
108 0.557986 4,47,949.30 4,734 2,426.39 4,45,641.30
109 0.5549799 4,45,641.30 4,734 2,413.89 4,43,320.80
110 0.55199 4,43,320.80 4,734 2,401.32 4,40,987.73
111 0.5490161 4,40,987.73 4,734 2,388.68 4,38,642.03
112 0.5460583 4,38,642.03 4,734 2,375.98 4,36,283.62
113 0.5431164 4,36,283.62 4,734 2,363.20 4,33,912.43
114 0.5401904 4,33,912.43 4,734 2,350.36 4,31,528.40
115 0.5372801 4,31,528.40 4,734 2,337.45 4,29,131.46
Corporate finance 18
116 0.5343855 4,29,131.46 4,734 2,324.46 4,26,721.53
117 0.5315065 4,26,721.53 4,734 2,311.41 4,24,298.55
118 0.5286431 4,24,298.55 4,734 2,298.28 4,21,862.44
119 0.525795 4,21,862.44 4,734 2,285.09 4,19,413.14
120 0.5229623 4,19,413.14 4,734 2,271.82 4,16,950.57
121 0.5201448 4,16,950.57 4,734 2,258.48 4,14,474.67
122 0.5173426 4,14,474.67 4,734 2,245.07 4,11,985.35
123 0.5145554 4,11,985.35 4,734 2,231.59 4,09,482.54
124 0.5117832 4,09,482.54 4,734 2,218.03 4,06,966.19
125 0.509026 4,06,966.19 4,734 2,204.40 4,04,436.20
126 0.5062836 4,04,436.20 4,734 2,190.70 4,01,892.50
127 0.503556 4,01,892.50 4,734 2,176.92 3,99,335.03
128 0.5008431 3,99,335.03 4,734 2,163.06 3,96,763.71
129 0.4981449 3,96,763.71 4,734 2,149.14 3,94,178.45
130 0.4954611 3,94,178.45 4,734 2,135.13 3,91,579.20
131 0.4927918 3,91,579.20 4,734 2,121.05 3,88,965.86
132 0.4901369 3,88,965.86 4,734 2,106.90 3,86,338.37
133 0.4874963 3,86,338.37 4,734 2,092.67 3,83,696.65
134 0.4848699 3,83,696.65 4,734 2,078.36 3,81,040.62
135 0.4822577 3,81,040.62 4,734 2,063.97 3,78,370.20
136 0.4796595 3,78,370.20 4,734 2,049.51 3,75,685.31
137 0.4770754 3,75,685.31 4,734 2,034.96 3,72,985.89
138 0.4745052 3,72,985.89 4,734 2,020.34 3,70,271.84
139 0.4719488 3,70,271.84 4,734 2,005.64 3,67,543.09
140 0.4694061 3,67,543.09 4,734 1,990.86 3,64,799.55
141 0.4668772 3,64,799.55 4,734 1,976.00 3,62,041.16
142 0.4643619 3,62,041.16 4,734 1,961.06 3,59,267.83
143 0.4618602 3,59,267.83 4,734 1,946.03 3,56,479.47
144 0.4593719 3,56,479.47 4,734 1,930.93 3,53,676.02
145 0.4568971 3,53,676.02 4,734 1,915.75 3,50,857.37
146 0.4544355 3,50,857.37 4,734 1,900.48 3,48,023.46
147 0.4519873 3,48,023.46 4,734 1,885.13 3,45,174.20
148 0.4495522 3,45,174.20 4,734 1,869.69 3,42,309.50
149 0.4471302 3,42,309.50 4,734 1,854.18 3,39,429.29
150 0.4447213 3,39,429.29 4,734 1,838.58 3,36,533.47
151 0.4423254 3,36,533.47 4,734 1,822.89 3,33,621.97
152 0.4399424 3,33,621.97 4,734 1,807.12 3,30,694.70
153 0.4375722 3,30,694.70 4,734 1,791.26 3,27,751.58
154 0.4352148 3,27,751.58 4,734 1,775.32 3,24,792.51
155 0.4328701 3,24,792.51 4,734 1,759.29 3,21,817.41
156 0.430538 3,21,817.41 4,734 1,743.18 3,18,826.20
157 0.4282185 3,18,826.20 4,734 1,726.98 3,15,818.79
158 0.4259115 3,15,818.79 4,734 1,710.69 3,12,795.08
159 0.4236169 3,12,795.08 4,734 1,694.31 3,09,755.00
116 0.5343855 4,29,131.46 4,734 2,324.46 4,26,721.53
117 0.5315065 4,26,721.53 4,734 2,311.41 4,24,298.55
118 0.5286431 4,24,298.55 4,734 2,298.28 4,21,862.44
119 0.525795 4,21,862.44 4,734 2,285.09 4,19,413.14
120 0.5229623 4,19,413.14 4,734 2,271.82 4,16,950.57
121 0.5201448 4,16,950.57 4,734 2,258.48 4,14,474.67
122 0.5173426 4,14,474.67 4,734 2,245.07 4,11,985.35
123 0.5145554 4,11,985.35 4,734 2,231.59 4,09,482.54
124 0.5117832 4,09,482.54 4,734 2,218.03 4,06,966.19
125 0.509026 4,06,966.19 4,734 2,204.40 4,04,436.20
126 0.5062836 4,04,436.20 4,734 2,190.70 4,01,892.50
127 0.503556 4,01,892.50 4,734 2,176.92 3,99,335.03
128 0.5008431 3,99,335.03 4,734 2,163.06 3,96,763.71
129 0.4981449 3,96,763.71 4,734 2,149.14 3,94,178.45
130 0.4954611 3,94,178.45 4,734 2,135.13 3,91,579.20
131 0.4927918 3,91,579.20 4,734 2,121.05 3,88,965.86
132 0.4901369 3,88,965.86 4,734 2,106.90 3,86,338.37
133 0.4874963 3,86,338.37 4,734 2,092.67 3,83,696.65
134 0.4848699 3,83,696.65 4,734 2,078.36 3,81,040.62
135 0.4822577 3,81,040.62 4,734 2,063.97 3,78,370.20
136 0.4796595 3,78,370.20 4,734 2,049.51 3,75,685.31
137 0.4770754 3,75,685.31 4,734 2,034.96 3,72,985.89
138 0.4745052 3,72,985.89 4,734 2,020.34 3,70,271.84
139 0.4719488 3,70,271.84 4,734 2,005.64 3,67,543.09
140 0.4694061 3,67,543.09 4,734 1,990.86 3,64,799.55
141 0.4668772 3,64,799.55 4,734 1,976.00 3,62,041.16
142 0.4643619 3,62,041.16 4,734 1,961.06 3,59,267.83
143 0.4618602 3,59,267.83 4,734 1,946.03 3,56,479.47
144 0.4593719 3,56,479.47 4,734 1,930.93 3,53,676.02
145 0.4568971 3,53,676.02 4,734 1,915.75 3,50,857.37
146 0.4544355 3,50,857.37 4,734 1,900.48 3,48,023.46
147 0.4519873 3,48,023.46 4,734 1,885.13 3,45,174.20
148 0.4495522 3,45,174.20 4,734 1,869.69 3,42,309.50
149 0.4471302 3,42,309.50 4,734 1,854.18 3,39,429.29
150 0.4447213 3,39,429.29 4,734 1,838.58 3,36,533.47
151 0.4423254 3,36,533.47 4,734 1,822.89 3,33,621.97
152 0.4399424 3,33,621.97 4,734 1,807.12 3,30,694.70
153 0.4375722 3,30,694.70 4,734 1,791.26 3,27,751.58
154 0.4352148 3,27,751.58 4,734 1,775.32 3,24,792.51
155 0.4328701 3,24,792.51 4,734 1,759.29 3,21,817.41
156 0.430538 3,21,817.41 4,734 1,743.18 3,18,826.20
157 0.4282185 3,18,826.20 4,734 1,726.98 3,15,818.79
158 0.4259115 3,15,818.79 4,734 1,710.69 3,12,795.08
159 0.4236169 3,12,795.08 4,734 1,694.31 3,09,755.00
Corporate finance 19
160 0.4213346 3,09,755.00 4,734 1,677.84 3,06,698.45
161 0.4190647 3,06,698.45 4,734 1,661.28 3,03,625.34
162 0.416807 3,03,625.34 4,734 1,644.64 3,00,535.59
163 0.4145615 3,00,535.59 4,734 1,627.90 2,97,429.10
164 0.412328 2,97,429.10 4,734 1,611.07 2,94,305.79
165 0.4101066 2,94,305.79 4,734 1,594.16 2,91,165.55
166 0.4078972 2,91,165.55 4,734 1,577.15 2,88,008.31
167 0.4056996 2,88,008.31 4,734 1,560.05 2,84,833.97
168 0.4035139 2,84,833.97 4,734 1,542.85 2,81,642.43
169 0.40134 2,81,642.43 4,734 1,525.56 2,78,433.60
170 0.3991778 2,78,433.60 4,734 1,508.18 2,75,207.40
171 0.3970272 2,75,207.40 4,734 1,490.71 2,71,963.71
172 0.3948882 2,71,963.71 4,734 1,473.14 2,68,702.46
173 0.3927608 2,68,702.46 4,734 1,455.47 2,65,423.54
174 0.3906448 2,65,423.54 4,734 1,437.71 2,62,126.86
175 0.3885402 2,62,126.86 4,734 1,419.85 2,58,812.33
176 0.386447 2,58,812.33 4,734 1,401.90 2,55,479.84
177 0.384365 2,55,479.84 4,734 1,383.85 2,52,129.30
178 0.3822942 2,52,129.30 4,734 1,365.70 2,48,760.61
179 0.3802346 2,48,760.61 4,734 1,347.45 2,45,373.67
180 0.3781861 2,45,373.67 4,734 1,329.11 2,41,968.39
181 0.3761486 2,41,968.39 4,734 1,310.66 2,38,544.66
182 0.3741221 2,38,544.66 4,734 1,292.12 2,35,102.39
183 0.3721066 2,35,102.39 4,734 1,273.47 2,31,641.47
184 0.3701018 2,31,641.47 4,734 1,254.72 2,28,161.81
185 0.3681079 2,28,161.81 4,734 1,235.88 2,24,663.30
186 0.3661247 2,24,663.30 4,734 1,216.93 2,21,145.83
187 0.3641523 2,21,145.83 4,734 1,197.87 2,17,609.32
188 0.3621904 2,17,609.32 4,734 1,178.72 2,14,053.64
189 0.3602391 2,14,053.64 4,734 1,159.46 2,10,478.71
190 0.3582983 2,10,478.71 4,734 1,140.09 2,06,884.42
191 0.356368 2,06,884.42 4,734 1,120.62 2,03,270.65
192 0.3544481 2,03,270.65 4,734 1,101.05 1,99,637.31
193 0.3525385 1,99,637.31 4,734 1,081.37 1,95,984.29
194 0.3506392 1,95,984.29 4,734 1,061.58 1,92,311.48
195 0.3487501 1,92,311.48 4,734 1,041.69 1,88,618.78
196 0.3468712 1,88,618.78 4,734 1,021.69 1,84,906.07
197 0.3450025 1,84,906.07 4,734 1,001.57 1,81,173.26
198 0.3431438 1,81,173.26 4,734 981.36 1,77,420.23
199 0.3412951 1,77,420.23 4,734 961.03 1,73,646.86
200 0.3394564 1,73,646.86 4,734 940.59 1,69,853.06
201 0.3376276 1,69,853.06 4,734 920.04 1,66,038.71
202 0.3358086 1,66,038.71 4,734 899.38 1,62,203.70
203 0.3339994 1,62,203.70 4,734 878.60 1,58,347.91
160 0.4213346 3,09,755.00 4,734 1,677.84 3,06,698.45
161 0.4190647 3,06,698.45 4,734 1,661.28 3,03,625.34
162 0.416807 3,03,625.34 4,734 1,644.64 3,00,535.59
163 0.4145615 3,00,535.59 4,734 1,627.90 2,97,429.10
164 0.412328 2,97,429.10 4,734 1,611.07 2,94,305.79
165 0.4101066 2,94,305.79 4,734 1,594.16 2,91,165.55
166 0.4078972 2,91,165.55 4,734 1,577.15 2,88,008.31
167 0.4056996 2,88,008.31 4,734 1,560.05 2,84,833.97
168 0.4035139 2,84,833.97 4,734 1,542.85 2,81,642.43
169 0.40134 2,81,642.43 4,734 1,525.56 2,78,433.60
170 0.3991778 2,78,433.60 4,734 1,508.18 2,75,207.40
171 0.3970272 2,75,207.40 4,734 1,490.71 2,71,963.71
172 0.3948882 2,71,963.71 4,734 1,473.14 2,68,702.46
173 0.3927608 2,68,702.46 4,734 1,455.47 2,65,423.54
174 0.3906448 2,65,423.54 4,734 1,437.71 2,62,126.86
175 0.3885402 2,62,126.86 4,734 1,419.85 2,58,812.33
176 0.386447 2,58,812.33 4,734 1,401.90 2,55,479.84
177 0.384365 2,55,479.84 4,734 1,383.85 2,52,129.30
178 0.3822942 2,52,129.30 4,734 1,365.70 2,48,760.61
179 0.3802346 2,48,760.61 4,734 1,347.45 2,45,373.67
180 0.3781861 2,45,373.67 4,734 1,329.11 2,41,968.39
181 0.3761486 2,41,968.39 4,734 1,310.66 2,38,544.66
182 0.3741221 2,38,544.66 4,734 1,292.12 2,35,102.39
183 0.3721066 2,35,102.39 4,734 1,273.47 2,31,641.47
184 0.3701018 2,31,641.47 4,734 1,254.72 2,28,161.81
185 0.3681079 2,28,161.81 4,734 1,235.88 2,24,663.30
186 0.3661247 2,24,663.30 4,734 1,216.93 2,21,145.83
187 0.3641523 2,21,145.83 4,734 1,197.87 2,17,609.32
188 0.3621904 2,17,609.32 4,734 1,178.72 2,14,053.64
189 0.3602391 2,14,053.64 4,734 1,159.46 2,10,478.71
190 0.3582983 2,10,478.71 4,734 1,140.09 2,06,884.42
191 0.356368 2,06,884.42 4,734 1,120.62 2,03,270.65
192 0.3544481 2,03,270.65 4,734 1,101.05 1,99,637.31
193 0.3525385 1,99,637.31 4,734 1,081.37 1,95,984.29
194 0.3506392 1,95,984.29 4,734 1,061.58 1,92,311.48
195 0.3487501 1,92,311.48 4,734 1,041.69 1,88,618.78
196 0.3468712 1,88,618.78 4,734 1,021.69 1,84,906.07
197 0.3450025 1,84,906.07 4,734 1,001.57 1,81,173.26
198 0.3431438 1,81,173.26 4,734 981.36 1,77,420.23
199 0.3412951 1,77,420.23 4,734 961.03 1,73,646.86
200 0.3394564 1,73,646.86 4,734 940.59 1,69,853.06
201 0.3376276 1,69,853.06 4,734 920.04 1,66,038.71
202 0.3358086 1,66,038.71 4,734 899.38 1,62,203.70
203 0.3339994 1,62,203.70 4,734 878.60 1,58,347.91
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Corporate finance 20
204 0.3322 1,58,347.91 4,734 857.72 1,54,471.24
205 0.3304103 1,54,471.24 4,734 836.72 1,50,573.57
206 0.3286302 1,50,573.57 4,734 815.61 1,46,654.78
207 0.3268597 1,46,654.78 4,734 794.38 1,42,714.78
208 0.3250988 1,42,714.78 4,734 773.04 1,38,753.42
209 0.3233473 1,38,753.42 4,734 751.58 1,34,770.62
210 0.3216053 1,34,770.62 4,734 730.01 1,30,766.23
211 0.3198726 1,30,766.23 4,734 708.32 1,26,740.16
212 0.3181493 1,26,740.16 4,734 686.51 1,22,692.28
213 0.3164353 1,22,692.28 4,734 664.58 1,18,622.48
214 0.3147305 1,18,622.48 4,734 642.54 1,14,530.62
215 0.3130349 1,14,530.62 4,734 620.37 1,10,416.61
216 0.3113484 1,10,416.61 4,734 598.09 1,06,280.31
217 0.309671 1,06,280.31 4,734 575.69 1,02,121.61
218 0.3080027 1,02,121.61 4,734 553.16 97,940.37
219 0.3063433 97,940.37 4,734 530.51 93,736.50
220 0.3046929 93,736.50 4,734 507.74 89,509.85
221 0.3030514 89,509.85 4,734 484.84 85,260.30
222 0.3014187 85,260.30 4,734 461.83 80,987.74
223 0.2997948 80,987.74 4,734 438.68 76,692.03
224 0.2981797 76,692.03 4,734 415.42 72,373.06
225 0.2965732 72,373.06 4,734 392.02 68,030.69
226 0.2949755 68,030.69 4,734 368.50 63,664.80
227 0.2933863 63,664.80 4,734 344.85 59,275.26
228 0.2918057 59,275.26 4,734 321.07 54,861.95
229 0.2902336 54,861.95 4,734 297.17 50,424.73
230 0.2886699 50,424.73 4,734 273.13 45,963.47
231 0.2871147 45,963.47 4,734 248.97 41,478.05
232 0.2855679 41,478.05 4,734 224.67 36,968.33
233 0.2840294 36,968.33 4,734 200.25 32,434.19
234 0.2824992 32,434.19 4,734 175.69 27,875.48
235 0.2809772 27,875.48 4,734 150.99 23,292.09
236 0.2794635 23,292.09 4,734 126.17 18,683.86
237 0.2779579 18,683.86 4,734 101.20 14,050.68
238 0.2764604 14,050.68 4,734 76.11 9,392.40
239 0.274971 9,392.40 4,734 50.88 4,708.88
240 0.2734896 4,708.88 4,734 25.51 (0.00)
Total 134.13 501253.46
Quetsion 2
Carla
Interest rate per annum 4.50%
Interest rate monthly 0.38%
204 0.3322 1,58,347.91 4,734 857.72 1,54,471.24
205 0.3304103 1,54,471.24 4,734 836.72 1,50,573.57
206 0.3286302 1,50,573.57 4,734 815.61 1,46,654.78
207 0.3268597 1,46,654.78 4,734 794.38 1,42,714.78
208 0.3250988 1,42,714.78 4,734 773.04 1,38,753.42
209 0.3233473 1,38,753.42 4,734 751.58 1,34,770.62
210 0.3216053 1,34,770.62 4,734 730.01 1,30,766.23
211 0.3198726 1,30,766.23 4,734 708.32 1,26,740.16
212 0.3181493 1,26,740.16 4,734 686.51 1,22,692.28
213 0.3164353 1,22,692.28 4,734 664.58 1,18,622.48
214 0.3147305 1,18,622.48 4,734 642.54 1,14,530.62
215 0.3130349 1,14,530.62 4,734 620.37 1,10,416.61
216 0.3113484 1,10,416.61 4,734 598.09 1,06,280.31
217 0.309671 1,06,280.31 4,734 575.69 1,02,121.61
218 0.3080027 1,02,121.61 4,734 553.16 97,940.37
219 0.3063433 97,940.37 4,734 530.51 93,736.50
220 0.3046929 93,736.50 4,734 507.74 89,509.85
221 0.3030514 89,509.85 4,734 484.84 85,260.30
222 0.3014187 85,260.30 4,734 461.83 80,987.74
223 0.2997948 80,987.74 4,734 438.68 76,692.03
224 0.2981797 76,692.03 4,734 415.42 72,373.06
225 0.2965732 72,373.06 4,734 392.02 68,030.69
226 0.2949755 68,030.69 4,734 368.50 63,664.80
227 0.2933863 63,664.80 4,734 344.85 59,275.26
228 0.2918057 59,275.26 4,734 321.07 54,861.95
229 0.2902336 54,861.95 4,734 297.17 50,424.73
230 0.2886699 50,424.73 4,734 273.13 45,963.47
231 0.2871147 45,963.47 4,734 248.97 41,478.05
232 0.2855679 41,478.05 4,734 224.67 36,968.33
233 0.2840294 36,968.33 4,734 200.25 32,434.19
234 0.2824992 32,434.19 4,734 175.69 27,875.48
235 0.2809772 27,875.48 4,734 150.99 23,292.09
236 0.2794635 23,292.09 4,734 126.17 18,683.86
237 0.2779579 18,683.86 4,734 101.20 14,050.68
238 0.2764604 14,050.68 4,734 76.11 9,392.40
239 0.274971 9,392.40 4,734 50.88 4,708.88
240 0.2734896 4,708.88 4,734 25.51 (0.00)
Total 134.13 501253.46
Quetsion 2
Carla
Interest rate per annum 4.50%
Interest rate monthly 0.38%
Corporate finance 21
A Loan amount $5,50,000
B Tenure (years) 15
C Months 180
D Monthly rate 0.38%
D EMI amount $ 4,207.46
$
Period PVF Opening outstanding Installment Interest Closing
1 0.996264 5,50,000.00 4,207 2,062.50 5,47,855.04
2 0.992542 5,47,855.04 4,207 2,054.46 5,45,702.03
3 0.9888339 5,45,702.03 4,207 2,046.38 5,43,540.95
4 0.9851396 5,43,540.95 4,207 2,038.28 5,41,371.77
5 0.9814591 5,41,371.77 4,207 2,030.14 5,39,194.45
6 0.9777924 5,39,194.45 4,207 2,021.98 5,37,008.96
7 0.9741394 5,37,008.96 4,207 2,013.78 5,34,815.28
8 0.9705 5,34,815.28 4,207 2,005.56 5,32,613.38
9 0.9668742 5,32,613.38 4,207 1,997.30 5,30,403.21
10 0.963262 5,30,403.21 4,207 1,989.01 5,28,184.76
11 0.9596632 5,28,184.76 4,207 1,980.69 5,25,957.99
12 0.9560779 5,25,957.99 4,207 1,972.34 5,23,722.87
13 0.952506 5,23,722.87 4,207 1,963.96 5,21,479.37
14 0.9489475 5,21,479.37 4,207 1,955.55 5,19,227.45
15 0.9454022 5,19,227.45 4,207 1,947.10 5,16,967.09
16 0.9418702 5,16,967.09 4,207 1,938.63 5,14,698.26
17 0.9383514 5,14,698.26 4,207 1,930.12 5,12,420.91
18 0.9348457 5,12,420.91 4,207 1,921.58 5,10,135.03
19 0.9313532 5,10,135.03 4,207 1,913.01 5,07,840.57
20 0.9278736 5,07,840.57 4,207 1,904.40 5,05,537.51
21 0.9244071 5,05,537.51 4,207 1,895.77 5,03,225.81
22 0.9209535 5,03,225.81 4,207 1,887.10 5,00,905.45
23 0.9175129 5,00,905.45 4,207 1,878.40 4,98,576.38
24 0.914085 4,98,576.38 4,207 1,869.66 4,96,238.58
25 0.91067 4,96,238.58 4,207 1,860.89 4,93,892.01
26 0.9072678 4,93,892.01 4,207 1,852.10 4,91,536.64
27 0.9038782 4,91,536.64 4,207 1,843.26 4,89,172.44
28 0.9005013 4,89,172.44 4,207 1,834.40 4,86,799.37
29 0.8971371 4,86,799.37 4,207 1,825.50 4,84,417.41
30 0.8937854 4,84,417.41 4,207 1,816.57 4,82,026.51
31 0.8904462 4,82,026.51 4,207 1,807.60 4,79,626.65
32 0.8871195 4,79,626.65 4,207 1,798.60 4,77,217.78
33 0.8838052 4,77,217.78 4,207 1,789.57 4,74,799.89
34 0.8805034 4,74,799.89 4,207 1,780.50 4,72,372.92
A Loan amount $5,50,000
B Tenure (years) 15
C Months 180
D Monthly rate 0.38%
D EMI amount $ 4,207.46
$
Period PVF Opening outstanding Installment Interest Closing
1 0.996264 5,50,000.00 4,207 2,062.50 5,47,855.04
2 0.992542 5,47,855.04 4,207 2,054.46 5,45,702.03
3 0.9888339 5,45,702.03 4,207 2,046.38 5,43,540.95
4 0.9851396 5,43,540.95 4,207 2,038.28 5,41,371.77
5 0.9814591 5,41,371.77 4,207 2,030.14 5,39,194.45
6 0.9777924 5,39,194.45 4,207 2,021.98 5,37,008.96
7 0.9741394 5,37,008.96 4,207 2,013.78 5,34,815.28
8 0.9705 5,34,815.28 4,207 2,005.56 5,32,613.38
9 0.9668742 5,32,613.38 4,207 1,997.30 5,30,403.21
10 0.963262 5,30,403.21 4,207 1,989.01 5,28,184.76
11 0.9596632 5,28,184.76 4,207 1,980.69 5,25,957.99
12 0.9560779 5,25,957.99 4,207 1,972.34 5,23,722.87
13 0.952506 5,23,722.87 4,207 1,963.96 5,21,479.37
14 0.9489475 5,21,479.37 4,207 1,955.55 5,19,227.45
15 0.9454022 5,19,227.45 4,207 1,947.10 5,16,967.09
16 0.9418702 5,16,967.09 4,207 1,938.63 5,14,698.26
17 0.9383514 5,14,698.26 4,207 1,930.12 5,12,420.91
18 0.9348457 5,12,420.91 4,207 1,921.58 5,10,135.03
19 0.9313532 5,10,135.03 4,207 1,913.01 5,07,840.57
20 0.9278736 5,07,840.57 4,207 1,904.40 5,05,537.51
21 0.9244071 5,05,537.51 4,207 1,895.77 5,03,225.81
22 0.9209535 5,03,225.81 4,207 1,887.10 5,00,905.45
23 0.9175129 5,00,905.45 4,207 1,878.40 4,98,576.38
24 0.914085 4,98,576.38 4,207 1,869.66 4,96,238.58
25 0.91067 4,96,238.58 4,207 1,860.89 4,93,892.01
26 0.9072678 4,93,892.01 4,207 1,852.10 4,91,536.64
27 0.9038782 4,91,536.64 4,207 1,843.26 4,89,172.44
28 0.9005013 4,89,172.44 4,207 1,834.40 4,86,799.37
29 0.8971371 4,86,799.37 4,207 1,825.50 4,84,417.41
30 0.8937854 4,84,417.41 4,207 1,816.57 4,82,026.51
31 0.8904462 4,82,026.51 4,207 1,807.60 4,79,626.65
32 0.8871195 4,79,626.65 4,207 1,798.60 4,77,217.78
33 0.8838052 4,77,217.78 4,207 1,789.57 4,74,799.89
34 0.8805034 4,74,799.89 4,207 1,780.50 4,72,372.92
Corporate finance 22
35 0.8772138 4,72,372.92 4,207 1,771.40 4,69,936.86
36 0.8739365 4,69,936.86 4,207 1,762.26 4,67,491.66
37 0.8706715 4,67,491.66 4,207 1,753.09 4,65,037.29
38 0.8674187 4,65,037.29 4,207 1,743.89 4,62,573.72
39 0.864178 4,62,573.72 4,207 1,734.65 4,60,100.91
40 0.8609495 4,60,100.91 4,207 1,725.38 4,57,618.82
41 0.857733 4,57,618.82 4,207 1,716.07 4,55,127.43
42 0.8545285 4,55,127.43 4,207 1,706.73 4,52,626.69
43 0.851336 4,52,626.69 4,207 1,697.35 4,50,116.58
44 0.8481554 4,50,116.58 4,207 1,687.94 4,47,597.05
45 0.8449867 4,47,597.05 4,207 1,678.49 4,45,068.08
46 0.8418298 4,45,068.08 4,207 1,669.01 4,42,529.62
47 0.8386848 4,42,529.62 4,207 1,659.49 4,39,981.65
48 0.8355515 4,39,981.65 4,207 1,649.93 4,37,424.11
49 0.8324298 4,37,424.11 4,207 1,640.34 4,34,856.99
50 0.8293199 4,34,856.99 4,207 1,630.71 4,32,280.24
51 0.8262216 4,32,280.24 4,207 1,621.05 4,29,693.83
52 0.8231348 4,29,693.83 4,207 1,611.35 4,27,097.72
53 0.8200596 4,27,097.72 4,207 1,601.62 4,24,491.87
54 0.8169959 4,24,491.87 4,207 1,591.84 4,21,876.25
55 0.8139436 4,21,876.25 4,207 1,582.04 4,19,250.83
56 0.8109027 4,19,250.83 4,207 1,572.19 4,16,615.55
57 0.8078732 4,16,615.55 4,207 1,562.31 4,13,970.40
58 0.8048549 4,13,970.40 4,207 1,552.39 4,11,315.32
59 0.801848 4,11,315.32 4,207 1,542.43 4,08,650.29
60 0.7988523 4,08,650.29 4,207 1,532.44 4,05,975.27
61 0.7958678 4,05,975.27 4,207 1,522.41 4,03,290.21
62 0.7928945 4,03,290.21 4,207 1,512.34 4,00,595.09
63 0.7899322 4,00,595.09 4,207 1,502.23 3,97,889.86
64 0.786981 3,97,889.86 4,207 1,492.09 3,95,174.48
65 0.7840409 3,95,174.48 4,207 1,481.90 3,92,448.92
66 0.7811117 3,92,448.92 4,207 1,471.68 3,89,713.14
67 0.7781935 3,89,713.14 4,207 1,461.42 3,86,967.10
68 0.7752862 3,86,967.10 4,207 1,451.13 3,84,210.77
69 0.7723897 3,84,210.77 4,207 1,440.79 3,81,444.09
70 0.7695041 3,81,444.09 4,207 1,430.42 3,78,667.05
71 0.7666292 3,78,667.05 4,207 1,420.00 3,75,879.59
72 0.7637651 3,75,879.59 4,207 1,409.55 3,73,081.67
73 0.7609117 3,73,081.67 4,207 1,399.06 3,70,273.26
74 0.7580689 3,70,273.26 4,207 1,388.52 3,67,454.33
75 0.7552368 3,67,454.33 4,207 1,377.95 3,64,624.82
76 0.7524152 3,64,624.82 4,207 1,367.34 3,61,784.70
77 0.7496042 3,61,784.70 4,207 1,356.69 3,58,933.93
78 0.7468037 3,58,933.93 4,207 1,346.00 3,56,072.46
35 0.8772138 4,72,372.92 4,207 1,771.40 4,69,936.86
36 0.8739365 4,69,936.86 4,207 1,762.26 4,67,491.66
37 0.8706715 4,67,491.66 4,207 1,753.09 4,65,037.29
38 0.8674187 4,65,037.29 4,207 1,743.89 4,62,573.72
39 0.864178 4,62,573.72 4,207 1,734.65 4,60,100.91
40 0.8609495 4,60,100.91 4,207 1,725.38 4,57,618.82
41 0.857733 4,57,618.82 4,207 1,716.07 4,55,127.43
42 0.8545285 4,55,127.43 4,207 1,706.73 4,52,626.69
43 0.851336 4,52,626.69 4,207 1,697.35 4,50,116.58
44 0.8481554 4,50,116.58 4,207 1,687.94 4,47,597.05
45 0.8449867 4,47,597.05 4,207 1,678.49 4,45,068.08
46 0.8418298 4,45,068.08 4,207 1,669.01 4,42,529.62
47 0.8386848 4,42,529.62 4,207 1,659.49 4,39,981.65
48 0.8355515 4,39,981.65 4,207 1,649.93 4,37,424.11
49 0.8324298 4,37,424.11 4,207 1,640.34 4,34,856.99
50 0.8293199 4,34,856.99 4,207 1,630.71 4,32,280.24
51 0.8262216 4,32,280.24 4,207 1,621.05 4,29,693.83
52 0.8231348 4,29,693.83 4,207 1,611.35 4,27,097.72
53 0.8200596 4,27,097.72 4,207 1,601.62 4,24,491.87
54 0.8169959 4,24,491.87 4,207 1,591.84 4,21,876.25
55 0.8139436 4,21,876.25 4,207 1,582.04 4,19,250.83
56 0.8109027 4,19,250.83 4,207 1,572.19 4,16,615.55
57 0.8078732 4,16,615.55 4,207 1,562.31 4,13,970.40
58 0.8048549 4,13,970.40 4,207 1,552.39 4,11,315.32
59 0.801848 4,11,315.32 4,207 1,542.43 4,08,650.29
60 0.7988523 4,08,650.29 4,207 1,532.44 4,05,975.27
61 0.7958678 4,05,975.27 4,207 1,522.41 4,03,290.21
62 0.7928945 4,03,290.21 4,207 1,512.34 4,00,595.09
63 0.7899322 4,00,595.09 4,207 1,502.23 3,97,889.86
64 0.786981 3,97,889.86 4,207 1,492.09 3,95,174.48
65 0.7840409 3,95,174.48 4,207 1,481.90 3,92,448.92
66 0.7811117 3,92,448.92 4,207 1,471.68 3,89,713.14
67 0.7781935 3,89,713.14 4,207 1,461.42 3,86,967.10
68 0.7752862 3,86,967.10 4,207 1,451.13 3,84,210.77
69 0.7723897 3,84,210.77 4,207 1,440.79 3,81,444.09
70 0.7695041 3,81,444.09 4,207 1,430.42 3,78,667.05
71 0.7666292 3,78,667.05 4,207 1,420.00 3,75,879.59
72 0.7637651 3,75,879.59 4,207 1,409.55 3,73,081.67
73 0.7609117 3,73,081.67 4,207 1,399.06 3,70,273.26
74 0.7580689 3,70,273.26 4,207 1,388.52 3,67,454.33
75 0.7552368 3,67,454.33 4,207 1,377.95 3,64,624.82
76 0.7524152 3,64,624.82 4,207 1,367.34 3,61,784.70
77 0.7496042 3,61,784.70 4,207 1,356.69 3,58,933.93
78 0.7468037 3,58,933.93 4,207 1,346.00 3,56,072.46
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Corporate finance 23
79 0.7440136 3,56,072.46 4,207 1,335.27 3,53,200.27
80 0.741234 3,53,200.27 4,207 1,324.50 3,50,317.31
81 0.7384648 3,50,317.31 4,207 1,313.69 3,47,423.54
82 0.7357059 3,47,423.54 4,207 1,302.84 3,44,518.91
83 0.7329573 3,44,518.91 4,207 1,291.95 3,41,603.40
84 0.730219 3,41,603.40 4,207 1,281.01 3,38,676.95
85 0.7274909 3,38,676.95 4,207 1,270.04 3,35,739.52
86 0.724773 3,35,739.52 4,207 1,259.02 3,32,791.08
87 0.7220652 3,32,791.08 4,207 1,247.97 3,29,831.58
88 0.7193676 3,29,831.58 4,207 1,236.87 3,26,860.99
89 0.71668 3,26,860.99 4,207 1,225.73 3,23,879.26
90 0.7140025 3,23,879.26 4,207 1,214.55 3,20,886.34
91 0.711335 3,20,886.34 4,207 1,203.32 3,17,882.20
92 0.7086775 3,17,882.20 4,207 1,192.06 3,14,866.80
93 0.7060299 3,14,866.80 4,207 1,180.75 3,11,840.08
94 0.7033922 3,11,840.08 4,207 1,169.40 3,08,802.02
95 0.7007643 3,08,802.02 4,207 1,158.01 3,05,752.56
96 0.6981462 3,05,752.56 4,207 1,146.57 3,02,691.67
97 0.695538 3,02,691.67 4,207 1,135.09 2,99,619.30
98 0.6929395 2,99,619.30 4,207 1,123.57 2,96,535.41
99 0.6903506 2,96,535.41 4,207 1,112.01 2,93,439.96
100 0.6877715 2,93,439.96 4,207 1,100.40 2,90,332.90
101 0.685202 2,90,332.90 4,207 1,088.75 2,87,214.18
102 0.6826421 2,87,214.18 4,207 1,077.05 2,84,083.77
103 0.6800917 2,84,083.77 4,207 1,065.31 2,80,941.62
104 0.6775509 2,80,941.62 4,207 1,053.53 2,77,787.69
105 0.6750196 2,77,787.69 4,207 1,041.70 2,74,621.93
106 0.6724977 2,74,621.93 4,207 1,029.83 2,71,444.30
107 0.6699853 2,71,444.30 4,207 1,017.92 2,68,254.75
108 0.6674822 2,68,254.75 4,207 1,005.96 2,65,053.24
109 0.6649885 2,65,053.24 4,207 993.95 2,61,839.73
110 0.6625041 2,61,839.73 4,207 981.90 2,58,614.17
111 0.660029 2,58,614.17 4,207 969.80 2,55,376.51
112 0.6575632 2,55,376.51 4,207 957.66 2,52,126.71
113 0.6551065 2,52,126.71 4,207 945.48 2,48,864.72
114 0.652659 2,48,864.72 4,207 933.24 2,45,590.50
115 0.6502207 2,45,590.50 4,207 920.96 2,42,304.00
116 0.6477915 2,42,304.00 4,207 908.64 2,39,005.18
117 0.6453713 2,39,005.18 4,207 896.27 2,35,693.98
118 0.6429602 2,35,693.98 4,207 883.85 2,32,370.37
119 0.6405582 2,32,370.37 4,207 871.39 2,29,034.30
120 0.638165 2,29,034.30 4,207 858.88 2,25,685.71
121 0.6357809 2,25,685.71 4,207 846.32 2,22,324.57
122 0.6334056 2,22,324.57 4,207 833.72 2,18,950.83
79 0.7440136 3,56,072.46 4,207 1,335.27 3,53,200.27
80 0.741234 3,53,200.27 4,207 1,324.50 3,50,317.31
81 0.7384648 3,50,317.31 4,207 1,313.69 3,47,423.54
82 0.7357059 3,47,423.54 4,207 1,302.84 3,44,518.91
83 0.7329573 3,44,518.91 4,207 1,291.95 3,41,603.40
84 0.730219 3,41,603.40 4,207 1,281.01 3,38,676.95
85 0.7274909 3,38,676.95 4,207 1,270.04 3,35,739.52
86 0.724773 3,35,739.52 4,207 1,259.02 3,32,791.08
87 0.7220652 3,32,791.08 4,207 1,247.97 3,29,831.58
88 0.7193676 3,29,831.58 4,207 1,236.87 3,26,860.99
89 0.71668 3,26,860.99 4,207 1,225.73 3,23,879.26
90 0.7140025 3,23,879.26 4,207 1,214.55 3,20,886.34
91 0.711335 3,20,886.34 4,207 1,203.32 3,17,882.20
92 0.7086775 3,17,882.20 4,207 1,192.06 3,14,866.80
93 0.7060299 3,14,866.80 4,207 1,180.75 3,11,840.08
94 0.7033922 3,11,840.08 4,207 1,169.40 3,08,802.02
95 0.7007643 3,08,802.02 4,207 1,158.01 3,05,752.56
96 0.6981462 3,05,752.56 4,207 1,146.57 3,02,691.67
97 0.695538 3,02,691.67 4,207 1,135.09 2,99,619.30
98 0.6929395 2,99,619.30 4,207 1,123.57 2,96,535.41
99 0.6903506 2,96,535.41 4,207 1,112.01 2,93,439.96
100 0.6877715 2,93,439.96 4,207 1,100.40 2,90,332.90
101 0.685202 2,90,332.90 4,207 1,088.75 2,87,214.18
102 0.6826421 2,87,214.18 4,207 1,077.05 2,84,083.77
103 0.6800917 2,84,083.77 4,207 1,065.31 2,80,941.62
104 0.6775509 2,80,941.62 4,207 1,053.53 2,77,787.69
105 0.6750196 2,77,787.69 4,207 1,041.70 2,74,621.93
106 0.6724977 2,74,621.93 4,207 1,029.83 2,71,444.30
107 0.6699853 2,71,444.30 4,207 1,017.92 2,68,254.75
108 0.6674822 2,68,254.75 4,207 1,005.96 2,65,053.24
109 0.6649885 2,65,053.24 4,207 993.95 2,61,839.73
110 0.6625041 2,61,839.73 4,207 981.90 2,58,614.17
111 0.660029 2,58,614.17 4,207 969.80 2,55,376.51
112 0.6575632 2,55,376.51 4,207 957.66 2,52,126.71
113 0.6551065 2,52,126.71 4,207 945.48 2,48,864.72
114 0.652659 2,48,864.72 4,207 933.24 2,45,590.50
115 0.6502207 2,45,590.50 4,207 920.96 2,42,304.00
116 0.6477915 2,42,304.00 4,207 908.64 2,39,005.18
117 0.6453713 2,39,005.18 4,207 896.27 2,35,693.98
118 0.6429602 2,35,693.98 4,207 883.85 2,32,370.37
119 0.6405582 2,32,370.37 4,207 871.39 2,29,034.30
120 0.638165 2,29,034.30 4,207 858.88 2,25,685.71
121 0.6357809 2,25,685.71 4,207 846.32 2,22,324.57
122 0.6334056 2,22,324.57 4,207 833.72 2,18,950.83
Corporate finance 24
123 0.6310392 2,18,950.83 4,207 821.07 2,15,564.43
124 0.6286816 2,15,564.43 4,207 808.37 2,12,165.33
125 0.6263329 2,12,165.33 4,207 795.62 2,08,753.49
126 0.6239929 2,08,753.49 4,207 782.83 2,05,328.85
127 0.6216617 2,05,328.85 4,207 769.98 2,01,891.37
128 0.6193392 2,01,891.37 4,207 757.09 1,98,441.00
129 0.6170253 1,98,441.00 4,207 744.15 1,94,977.69
130 0.6147201 1,94,977.69 4,207 731.17 1,91,501.39
131 0.6124235 1,91,501.39 4,207 718.13 1,88,012.06
132 0.6101355 1,88,012.06 4,207 705.05 1,84,509.64
133 0.6078561 1,84,509.64 4,207 691.91 1,80,994.09
134 0.6055851 1,80,994.09 4,207 678.73 1,77,465.36
135 0.6033227 1,77,465.36 4,207 665.50 1,73,923.39
136 0.6010686 1,73,923.39 4,207 652.21 1,70,368.14
137 0.5988231 1,70,368.14 4,207 638.88 1,66,799.56
138 0.5965859 1,66,799.56 4,207 625.50 1,63,217.59
139 0.594357 1,63,217.59 4,207 612.07 1,59,622.19
140 0.5921365 1,59,622.19 4,207 598.58 1,56,013.31
141 0.5899243 1,56,013.31 4,207 585.05 1,52,390.90
142 0.5877203 1,52,390.90 4,207 571.47 1,48,754.90
143 0.5855246 1,48,754.90 4,207 557.83 1,45,105.27
144 0.5833371 1,45,105.27 4,207 544.14 1,41,441.95
145 0.5811578 1,41,441.95 4,207 530.41 1,37,764.90
146 0.5789866 1,37,764.90 4,207 516.62 1,34,074.05
147 0.5768235 1,34,074.05 4,207 502.78 1,30,369.37
148 0.5746685 1,30,369.37 4,207 488.89 1,26,650.79
149 0.5725215 1,26,650.79 4,207 474.94 1,22,918.27
150 0.5703826 1,22,918.27 4,207 460.94 1,19,171.75
151 0.5682516 1,19,171.75 4,207 446.89 1,15,411.18
152 0.5661287 1,15,411.18 4,207 432.79 1,11,636.51
153 0.5640136 1,11,636.51 4,207 418.64 1,07,847.68
154 0.5619065 1,07,847.68 4,207 404.43 1,04,044.65
155 0.5598072 1,04,044.65 4,207 390.17 1,00,227.35
156 0.5577157 1,00,227.35 4,207 375.85 96,395.74
157 0.5556321 96,395.74 4,207 361.48 92,549.76
158 0.5535563 92,549.76 4,207 347.06 88,689.36
159 0.5514882 88,689.36 4,207 332.59 84,814.48
160 0.5494279 84,814.48 4,207 318.05 80,925.07
161 0.5473752 80,925.07 4,207 303.47 77,021.08
162 0.5453302 77,021.08 4,207 288.83 73,102.44
163 0.5432929 73,102.44 4,207 274.13 69,169.12
164 0.5412631 69,169.12 4,207 259.38 65,221.04
165 0.539241 65,221.04 4,207 244.58 61,258.15
166 0.5372264 61,258.15 4,207 229.72 57,280.41
123 0.6310392 2,18,950.83 4,207 821.07 2,15,564.43
124 0.6286816 2,15,564.43 4,207 808.37 2,12,165.33
125 0.6263329 2,12,165.33 4,207 795.62 2,08,753.49
126 0.6239929 2,08,753.49 4,207 782.83 2,05,328.85
127 0.6216617 2,05,328.85 4,207 769.98 2,01,891.37
128 0.6193392 2,01,891.37 4,207 757.09 1,98,441.00
129 0.6170253 1,98,441.00 4,207 744.15 1,94,977.69
130 0.6147201 1,94,977.69 4,207 731.17 1,91,501.39
131 0.6124235 1,91,501.39 4,207 718.13 1,88,012.06
132 0.6101355 1,88,012.06 4,207 705.05 1,84,509.64
133 0.6078561 1,84,509.64 4,207 691.91 1,80,994.09
134 0.6055851 1,80,994.09 4,207 678.73 1,77,465.36
135 0.6033227 1,77,465.36 4,207 665.50 1,73,923.39
136 0.6010686 1,73,923.39 4,207 652.21 1,70,368.14
137 0.5988231 1,70,368.14 4,207 638.88 1,66,799.56
138 0.5965859 1,66,799.56 4,207 625.50 1,63,217.59
139 0.594357 1,63,217.59 4,207 612.07 1,59,622.19
140 0.5921365 1,59,622.19 4,207 598.58 1,56,013.31
141 0.5899243 1,56,013.31 4,207 585.05 1,52,390.90
142 0.5877203 1,52,390.90 4,207 571.47 1,48,754.90
143 0.5855246 1,48,754.90 4,207 557.83 1,45,105.27
144 0.5833371 1,45,105.27 4,207 544.14 1,41,441.95
145 0.5811578 1,41,441.95 4,207 530.41 1,37,764.90
146 0.5789866 1,37,764.90 4,207 516.62 1,34,074.05
147 0.5768235 1,34,074.05 4,207 502.78 1,30,369.37
148 0.5746685 1,30,369.37 4,207 488.89 1,26,650.79
149 0.5725215 1,26,650.79 4,207 474.94 1,22,918.27
150 0.5703826 1,22,918.27 4,207 460.94 1,19,171.75
151 0.5682516 1,19,171.75 4,207 446.89 1,15,411.18
152 0.5661287 1,15,411.18 4,207 432.79 1,11,636.51
153 0.5640136 1,11,636.51 4,207 418.64 1,07,847.68
154 0.5619065 1,07,847.68 4,207 404.43 1,04,044.65
155 0.5598072 1,04,044.65 4,207 390.17 1,00,227.35
156 0.5577157 1,00,227.35 4,207 375.85 96,395.74
157 0.5556321 96,395.74 4,207 361.48 92,549.76
158 0.5535563 92,549.76 4,207 347.06 88,689.36
159 0.5514882 88,689.36 4,207 332.59 84,814.48
160 0.5494279 84,814.48 4,207 318.05 80,925.07
161 0.5473752 80,925.07 4,207 303.47 77,021.08
162 0.5453302 77,021.08 4,207 288.83 73,102.44
163 0.5432929 73,102.44 4,207 274.13 69,169.12
164 0.5412631 69,169.12 4,207 259.38 65,221.04
165 0.539241 65,221.04 4,207 244.58 61,258.15
166 0.5372264 61,258.15 4,207 229.72 57,280.41
Corporate finance 25
167 0.5352193 57,280.41 4,207 214.80 53,287.75
168 0.5332197 53,287.75 4,207 199.83 49,280.11
169 0.5312276 49,280.11 4,207 184.80 45,257.45
170 0.529243 45,257.45 4,207 169.72 41,219.70
171 0.5272657 41,219.70 4,207 154.57 37,166.81
172 0.5252959 37,166.81 4,207 139.38 33,098.72
173 0.5233334 33,098.72 4,207 124.12 29,015.38
174 0.5213782 29,015.38 4,207 108.81 24,916.73
175 0.5194303 24,916.73 4,207 93.44 20,802.70
176 0.5174897 20,802.70 4,207 78.01 16,673.25
177 0.5155564 16,673.25 4,207 62.52 12,528.31
178 0.5136303 12,528.31 4,207 46.98 8,367.83
179 0.5117114 8,367.83 4,207 31.38 4,191.74
180 0.5097996 4,191.74 4,207 15.72 (0.00)
Total 130.72 207343.36
Calcualtion of cash conversion cycle of 2016
Sales
£
4,075
COGS
£
2,234
Inventor
ies
£
5
AR
£
172
AP
£
546
Days/
year 365
Cash conversion
cycle (CCC) =
Inventory
conversion period +
Receivables
collection
period
-
Payables
deferral period
=
Inventory/Sales per
day +
AR/Sales per
day -
AP/COGS per
day
= £ 0.45 +
£
15.41 -
£
48.91
= -£ 33.05
167 0.5352193 57,280.41 4,207 214.80 53,287.75
168 0.5332197 53,287.75 4,207 199.83 49,280.11
169 0.5312276 49,280.11 4,207 184.80 45,257.45
170 0.529243 45,257.45 4,207 169.72 41,219.70
171 0.5272657 41,219.70 4,207 154.57 37,166.81
172 0.5252959 37,166.81 4,207 139.38 33,098.72
173 0.5233334 33,098.72 4,207 124.12 29,015.38
174 0.5213782 29,015.38 4,207 108.81 24,916.73
175 0.5194303 24,916.73 4,207 93.44 20,802.70
176 0.5174897 20,802.70 4,207 78.01 16,673.25
177 0.5155564 16,673.25 4,207 62.52 12,528.31
178 0.5136303 12,528.31 4,207 46.98 8,367.83
179 0.5117114 8,367.83 4,207 31.38 4,191.74
180 0.5097996 4,191.74 4,207 15.72 (0.00)
Total 130.72 207343.36
Calcualtion of cash conversion cycle of 2016
Sales
£
4,075
COGS
£
2,234
Inventor
ies
£
5
AR
£
172
AP
£
546
Days/
year 365
Cash conversion
cycle (CCC) =
Inventory
conversion period +
Receivables
collection
period
-
Payables
deferral period
=
Inventory/Sales per
day +
AR/Sales per
day -
AP/COGS per
day
= £ 0.45 +
£
15.41 -
£
48.91
= -£ 33.05
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Corporate finance 26
Calcualtion of cash conversion cycle of 2015
Sales
£
5,030
COGS
£
3,073
Inventor
ies
£
19
AR
£
93
AP
£
813
Days/
year 365
Cash conversion
cycle (CCC) =
Inventory
conversion period +
Receivables
collection
period
-
Payables
deferral period
=
Inventory/Sales per
day +
AR/Sales per
day -
AP/COGS per
day
= £ 1.38 +
£
6.75 -
£
59.00
= -£ 50.87
Position of the company
Bond-1
Face value $ 1,000.00
Coupon 3.65%
Maturity 10
Yeild (Half yearly) 3.10%
Price of bond
Bond-1
Face value 1,000
Coupon (half yearly) 1.83%
Maturity 10
Maturity (half yearly) 5
Yeild (half yearly) 1.55%
Calcualtion of cash conversion cycle of 2015
Sales
£
5,030
COGS
£
3,073
Inventor
ies
£
19
AR
£
93
AP
£
813
Days/
year 365
Cash conversion
cycle (CCC) =
Inventory
conversion period +
Receivables
collection
period
-
Payables
deferral period
=
Inventory/Sales per
day +
AR/Sales per
day -
AP/COGS per
day
= £ 1.38 +
£
6.75 -
£
59.00
= -£ 50.87
Position of the company
Bond-1
Face value $ 1,000.00
Coupon 3.65%
Maturity 10
Yeild (Half yearly) 3.10%
Price of bond
Bond-1
Face value 1,000
Coupon (half yearly) 1.83%
Maturity 10
Maturity (half yearly) 5
Yeild (half yearly) 1.55%
Corporate finance 27
Valuation of bond 913.61
PV(D17,D19,D20,D16,0)
Calculation of Interest coverage ratio
Interest coverage ratio EBIT/Interest Expenses
2016 23.92857143
2015 4
Required rate of return
Risk free rate 2.50%
Expected rate of return on market
portfolio 9.07%
systemtatic risk of common stock 1.37
Required rate of return 11.50%
calculations:
r= R(f)+ beta{E(R(m)-R(f)}
Dividend Discount Model
Dividend expected 83
Growth rate 3%
Discount rate 11.50%
Intrisic Value 922
Share Price 34.53
Undervalued
Projet A
Year 1 Year 2 Year 3 Year 4 Year 5
Initial Outlay
15750000
0
Revenues
9836800
00
9836800
00
9836800
00
9836800
00
9836800
00
Expenses
4918400
00
4918400
00
4918400
00
4918400
00
4918400
00
Expenses
1670000
00
1670000
00
1670000
00
1670000
00
1670000
00
EBDT
3248400
00
3248400
00
3248400
00
3248400
00
3248400
00
Less: Depreciation 2000000 2000000 2000000 2000000 2000000
Valuation of bond 913.61
PV(D17,D19,D20,D16,0)
Calculation of Interest coverage ratio
Interest coverage ratio EBIT/Interest Expenses
2016 23.92857143
2015 4
Required rate of return
Risk free rate 2.50%
Expected rate of return on market
portfolio 9.07%
systemtatic risk of common stock 1.37
Required rate of return 11.50%
calculations:
r= R(f)+ beta{E(R(m)-R(f)}
Dividend Discount Model
Dividend expected 83
Growth rate 3%
Discount rate 11.50%
Intrisic Value 922
Share Price 34.53
Undervalued
Projet A
Year 1 Year 2 Year 3 Year 4 Year 5
Initial Outlay
15750000
0
Revenues
9836800
00
9836800
00
9836800
00
9836800
00
9836800
00
Expenses
4918400
00
4918400
00
4918400
00
4918400
00
4918400
00
Expenses
1670000
00
1670000
00
1670000
00
1670000
00
1670000
00
EBDT
3248400
00
3248400
00
3248400
00
3248400
00
3248400
00
Less: Depreciation 2000000 2000000 2000000 2000000 2000000
Corporate finance 28
00 00 00 00 00
EBT
1248400
00
1248400
00
1248400
00
1248400
00
1248400
00
Less: Taxes
3745200
0
3745200
0
3745200
0
3745200
0
3745200
0
EAT
8738800
0
8738800
0
8738800
0
8738800
0
8738800
0
ADD: Depreciaation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
cash flow
14369400
00
2873880
00
2873880
00
2873880
00
2873880
00
2873880
00
Changes in Working
capital 400000 400000
Total cash flow
-
12794400
00
2877880
00
Projet B
Year 1 Year 2 Year 3 Year 4 Year 5
Initial Outlay
13750000
0
Revenues
1168120
000
1168120
000
1168120
000
1168120
000
1168120
000
Expenses
5256540
00
5256540
00
5256540
00
5256540
00
5256540
00
Expenses
1252500
00
1252500
00
1252500
00
1252500
00
1252500
00
EBDT
5172160
00
5172160
00
5172160
00
5172160
00
5172160
00
Less: Depreciation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
EBT
3172160
00
3172160
00
3172160
00
3172160
00
3172160
00
Less: Taxes
9516480
0
9516480
0
9516480
0
9516480
0
9516480
0
EAT
2220512
00
2220512
00
2220512
00
2220512
00
2220512
00
ADD: Depreciaation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
cash flow
21102560
00
4220512
00
4220512
00
4220512
00
4220512
00
4220512
00
Changes in Working
capital 400000 400000
Total cash flow
-
19727560
00
4224512
00
00 00 00 00 00
EBT
1248400
00
1248400
00
1248400
00
1248400
00
1248400
00
Less: Taxes
3745200
0
3745200
0
3745200
0
3745200
0
3745200
0
EAT
8738800
0
8738800
0
8738800
0
8738800
0
8738800
0
ADD: Depreciaation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
cash flow
14369400
00
2873880
00
2873880
00
2873880
00
2873880
00
2873880
00
Changes in Working
capital 400000 400000
Total cash flow
-
12794400
00
2877880
00
Projet B
Year 1 Year 2 Year 3 Year 4 Year 5
Initial Outlay
13750000
0
Revenues
1168120
000
1168120
000
1168120
000
1168120
000
1168120
000
Expenses
5256540
00
5256540
00
5256540
00
5256540
00
5256540
00
Expenses
1252500
00
1252500
00
1252500
00
1252500
00
1252500
00
EBDT
5172160
00
5172160
00
5172160
00
5172160
00
5172160
00
Less: Depreciation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
EBT
3172160
00
3172160
00
3172160
00
3172160
00
3172160
00
Less: Taxes
9516480
0
9516480
0
9516480
0
9516480
0
9516480
0
EAT
2220512
00
2220512
00
2220512
00
2220512
00
2220512
00
ADD: Depreciaation
2000000
00
2000000
00
2000000
00
2000000
00
2000000
00
cash flow
21102560
00
4220512
00
4220512
00
4220512
00
4220512
00
4220512
00
Changes in Working
capital 400000 400000
Total cash flow
-
19727560
00
4224512
00
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Corporate finance 29
Calculation of Discounted PayBack Period (Project A)
Yea
rs
Cash
Outflow
Cash
Inflow
Factor
s
P.V. ofCash
Inflow
P.V. of Cash
Outflow P.V. C.F
0
15,75,00,
000 1 0 157500000
-
1575000
00
-
1575000
00
1
65,88,40,
000
98,36,80,0
00
0.8928
57 878285714.3 588250000
2900357
14.3
1325357
14.3
2
65,88,40,
000
98,36,80,0
00
0.7971
94 784183673.5 525223214.3
2589604
59.2
3914961
73.5
3
65,88,40,
000
98,36,80,0
00
0.7117
8 700163994.2 468949298.5
2312146
95.7
6227108
69.2
4
65,88,40,
000
98,36,80,0
00
0.6355
18 625146423.4 418704730.8
2064416
92.6
8291525
61.8
5
65,88,40,
000
98,36,80,0
00
0.5674
27 558166449.4 373843509.6
1843229
39.8
1013475
502
NPV= Total Cash Inflow-Total cash
outflow
0.543036
572
Calculation of Discounted PayBack Period (Project B)
Yea
rs
Cash
Outflow
Cash
Inflow
Factor
s
P.V. ofCash
Inflow
P.V. of Cash
Outflow P.V. C.F
0
13,75,00,
000 1 0 137500000
-
1375000
00
-
1375000
00
1
65,09,04,
000
1,16,81,20,
000
0.8928
57 1042964286 581164285.7
4618000
00
3243000
00
2
65,09,04,
000
1,16,81,20,
000
0.7971
94 931218112.2 518896683.7
4123214
28.6
7366214
28.6
3
65,09,04,
000
1,16,81,20,
000
0.7117
8 831444743.1 463300610.4
3681441
32.7
1104765
561
4
65,09,04,
000
1,16,81,20,
000
0.6355
18 742361377.7 413661259.3
3287001
18.4
1433465
680
5
65,09,04,
000
1,16,81,20,
000
0.5674
27 662822658.7 369340410.1
2934822
48.6
1726947
928
4210811177 2483863249
NPV= Total Cash Inflow-Total cash
outflow 1726947928
0.297747
943
Calculation of Net Present Value (Project A)
Years
Cash
Outflow Cash Inflow Factors
P.V. ofCash
Inflow
P.V. of Cash
Outflow
0 15,75,00,000 1 0 157500000
1 658840000 983680000 0.89286 878285714.3 588250000
2 658840000 983680000 0.79719 784183673.5 525223214.3
3 658840000 983680000 0.71178 700163994.2 468949298.5
Calculation of Discounted PayBack Period (Project A)
Yea
rs
Cash
Outflow
Cash
Inflow
Factor
s
P.V. ofCash
Inflow
P.V. of Cash
Outflow P.V. C.F
0
15,75,00,
000 1 0 157500000
-
1575000
00
-
1575000
00
1
65,88,40,
000
98,36,80,0
00
0.8928
57 878285714.3 588250000
2900357
14.3
1325357
14.3
2
65,88,40,
000
98,36,80,0
00
0.7971
94 784183673.5 525223214.3
2589604
59.2
3914961
73.5
3
65,88,40,
000
98,36,80,0
00
0.7117
8 700163994.2 468949298.5
2312146
95.7
6227108
69.2
4
65,88,40,
000
98,36,80,0
00
0.6355
18 625146423.4 418704730.8
2064416
92.6
8291525
61.8
5
65,88,40,
000
98,36,80,0
00
0.5674
27 558166449.4 373843509.6
1843229
39.8
1013475
502
NPV= Total Cash Inflow-Total cash
outflow
0.543036
572
Calculation of Discounted PayBack Period (Project B)
Yea
rs
Cash
Outflow
Cash
Inflow
Factor
s
P.V. ofCash
Inflow
P.V. of Cash
Outflow P.V. C.F
0
13,75,00,
000 1 0 137500000
-
1375000
00
-
1375000
00
1
65,09,04,
000
1,16,81,20,
000
0.8928
57 1042964286 581164285.7
4618000
00
3243000
00
2
65,09,04,
000
1,16,81,20,
000
0.7971
94 931218112.2 518896683.7
4123214
28.6
7366214
28.6
3
65,09,04,
000
1,16,81,20,
000
0.7117
8 831444743.1 463300610.4
3681441
32.7
1104765
561
4
65,09,04,
000
1,16,81,20,
000
0.6355
18 742361377.7 413661259.3
3287001
18.4
1433465
680
5
65,09,04,
000
1,16,81,20,
000
0.5674
27 662822658.7 369340410.1
2934822
48.6
1726947
928
4210811177 2483863249
NPV= Total Cash Inflow-Total cash
outflow 1726947928
0.297747
943
Calculation of Net Present Value (Project A)
Years
Cash
Outflow Cash Inflow Factors
P.V. ofCash
Inflow
P.V. of Cash
Outflow
0 15,75,00,000 1 0 157500000
1 658840000 983680000 0.89286 878285714.3 588250000
2 658840000 983680000 0.79719 784183673.5 525223214.3
3 658840000 983680000 0.71178 700163994.2 468949298.5
Corporate finance 30
4 658840000 983680000 0.63552 625146423.4 418704730.8
5 658840000 983680000 0.56743 558166449.4 373843509.6
3545946255 2532470753
NPV= Total Cash Inflow-Total cash outflow 1013475502
Calculation of Net Present Value (Project B)
Years
Cash
Outflow Cash Inflow Factors
P.V. ofCash
Inflow
P.V. of Cash
Outflow
0 13,75,00,000 1 0 137500000
1 650904000 1168120000 0.89286 1042964286 581164285.7
2 650904000 1168120000 0.79719 931218112.2 518896683.7
3 650904000 1168120000 0.71178 831444743.1 463300610.4
4 650904000 1168120000 0.63552 742361377.7 413661259.3
5 650904000 1168120000 0.56743 662822658.7 369340410.1
4210811177 2483863249
NPV= Total Cash Inflow-Total cash outflow 1726947928
Calculation of Net Present Value (Project A)
Years
Cash
Outflow Cash Inflow Factors
P.V. ofCash
Inflow
P.V. of Cash
Outflow
0 15,75,00,000 1 0 157500000
1 658840000 983680000 0.8 786944000 527072000
2 658840000 983680000 0.64 629555200 421657600
3 658840000 983680000 0.512 503644160 337326080
4 658840000 983680000 0.4096 402915328 269860864
5 658840000 983680000 0.32768 322332262.4 215888691
2645390950 1929305235
NPV= Total Cash Inflow-Total cash outflow 716085715.2
Calculation of Net Present Value (Project B)
Years
Cash
Outflow Cash Inflow Factors
P.V. ofCash
Inflow
P.V. of Cash
Outflow
0 13,75,00,000 1 0 137500000
1 650904000 1168120000 0.8 934496000 520723200
2 650904000 1168120000 0.64 747596800 416578560
3 650904000 1168120000 0.512 598077440 333262848
4 650904000 1168120000 0.4096 478461952 266610278
5 650904000 1168120000 0.32768 382769561.6 213288223
3141401754 1887963109
NPV= Total Cash Inflow-Total cash outflow 1253438644
4 658840000 983680000 0.63552 625146423.4 418704730.8
5 658840000 983680000 0.56743 558166449.4 373843509.6
3545946255 2532470753
NPV= Total Cash Inflow-Total cash outflow 1013475502
Calculation of Net Present Value (Project B)
Years
Cash
Outflow Cash Inflow Factors
P.V. ofCash
Inflow
P.V. of Cash
Outflow
0 13,75,00,000 1 0 137500000
1 650904000 1168120000 0.89286 1042964286 581164285.7
2 650904000 1168120000 0.79719 931218112.2 518896683.7
3 650904000 1168120000 0.71178 831444743.1 463300610.4
4 650904000 1168120000 0.63552 742361377.7 413661259.3
5 650904000 1168120000 0.56743 662822658.7 369340410.1
4210811177 2483863249
NPV= Total Cash Inflow-Total cash outflow 1726947928
Calculation of Net Present Value (Project A)
Years
Cash
Outflow Cash Inflow Factors
P.V. ofCash
Inflow
P.V. of Cash
Outflow
0 15,75,00,000 1 0 157500000
1 658840000 983680000 0.8 786944000 527072000
2 658840000 983680000 0.64 629555200 421657600
3 658840000 983680000 0.512 503644160 337326080
4 658840000 983680000 0.4096 402915328 269860864
5 658840000 983680000 0.32768 322332262.4 215888691
2645390950 1929305235
NPV= Total Cash Inflow-Total cash outflow 716085715.2
Calculation of Net Present Value (Project B)
Years
Cash
Outflow Cash Inflow Factors
P.V. ofCash
Inflow
P.V. of Cash
Outflow
0 13,75,00,000 1 0 137500000
1 650904000 1168120000 0.8 934496000 520723200
2 650904000 1168120000 0.64 747596800 416578560
3 650904000 1168120000 0.512 598077440 333262848
4 650904000 1168120000 0.4096 478461952 266610278
5 650904000 1168120000 0.32768 382769561.6 213288223
3141401754 1887963109
NPV= Total Cash Inflow-Total cash outflow 1253438644
Corporate finance 31
Calculation Of IRR
Years Cash Outflow Cash Inflow Factors
P.V. ofCash
Inflow
P.V. of Cash
Outflow
0 15,75,00,000 1 0 157500000
1 65,88,40,000 98,36,80,000 0.89286 878285714.3 588250000
2 65,88,40,000 98,36,80,000 0.79719 784183673.5 525223214.3
3 65,88,40,000 98,36,80,000 0.71178 700163994.2 468949298.5
4 65,88,40,000 98,36,80,000 0.63552 625146423.4 418704730.8
5 65,88,40,000 98,36,80,000 0.56743 558166449.4 373843509.6
3545946255 2532470753
IRR 10.2333708
Years Cash Outflow Cash Inflow Factors
P.V. ofCash
Inflow
P.V. of Cash
Outflow
0 13,75,00,000 1 0 137500000
1 650904000 1168120000 0.89286 1042964286 581164285.7
2 650904000 1168120000 0.79719 931218112.2 518896683.7
3 650904000 1168120000 0.71178 831444743.1 463300610.4
4 650904000 1168120000 0.63552 742361377.7 413661259.3
5 650904000 1168120000 0.56743 662822658.7 369340410.1
4210811177 2483863249
IRR 10.282371
Calculation Of IRR
Years Cash Outflow Cash Inflow Factors
P.V. ofCash
Inflow
P.V. of Cash
Outflow
0 15,75,00,000 1 0 157500000
1 65,88,40,000 98,36,80,000 0.89286 878285714.3 588250000
2 65,88,40,000 98,36,80,000 0.79719 784183673.5 525223214.3
3 65,88,40,000 98,36,80,000 0.71178 700163994.2 468949298.5
4 65,88,40,000 98,36,80,000 0.63552 625146423.4 418704730.8
5 65,88,40,000 98,36,80,000 0.56743 558166449.4 373843509.6
3545946255 2532470753
IRR 10.2333708
Years Cash Outflow Cash Inflow Factors
P.V. ofCash
Inflow
P.V. of Cash
Outflow
0 13,75,00,000 1 0 137500000
1 650904000 1168120000 0.89286 1042964286 581164285.7
2 650904000 1168120000 0.79719 931218112.2 518896683.7
3 650904000 1168120000 0.71178 831444743.1 463300610.4
4 650904000 1168120000 0.63552 742361377.7 413661259.3
5 650904000 1168120000 0.56743 662822658.7 369340410.1
4210811177 2483863249
IRR 10.282371
1 out of 31
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