Faculty of Business, Economics & Accounting

Department of Accounting and Finance

HELP Bachelor of Business (Hons) Year 2
HELP Bachelor of Management (Hons) Year 2
HELP Bachelor of Tourism Management (Hons) Year 2

INTERNAL SUBJECT DETAILS

Semester 3, 2016
Subject:

FIN 202
Financial Management

Subject Lecturer/Tutor: Mr. Selvanadan Muniappan

Telephone: 603- 2716 2000
Fax:
603- 2093 5311
Email:
mselvanadan@help.edu.my

Consultation:

By appointment

PRE-REQUISITE (S)
ACC101
ACC103

FINANCIAL ACCOUNTING 1
MANAGEMENT ACCOUNTING 1

SYNOPSIS
Managing a business requires one to develop good knowledge on the concept of business,
forms and organisations of business, business strategy, financial management methods,
allocation of capital and control of an organisation.

OBJECTIVES
Upon completion of this subject, students should be able to:

To enable students to explain the role and purpose of financial management;

To enable students to demonstrate an understanding of the primary issues in

the formulation of a financial strategy;

To prepare students for the challenge of managing the working capital

requirement profitably;

To enable students to evaluate various sources of finance;

To give students a good understanding of how firms undertake investment

appraisals;

To enable students to evaluate investment risks and returns using CAPM and
Portfolio Theory;

To prepare students on how to evaluate mergers and acquisitions, and

To enable students to undertake appropriate valuation of shares and bonds.

TOPICS
Topic 1 Introduction to financial management and the taxation system.
Development of financial management
Financial goal of the firm
Financial decisions and risk-return relationships
Business environment and legal forms of business organizations
Income tax on companies and shareholders
Implications of income tax and capital-gains tax on rates of return
Topic 2 The financial markets.
Role of financial markets
Components of the financial markets
Flow of funds through financial markets
Market prices and market efficiency
Corporate credit ratings and risk-return trade-off
Topic 3 Financial mathematics
Why cash flows are important
The time value of money
Opportunity cost
Present value and annuities
Solving problems in financial mathematics
Topic 4 Valuation of bonds and shares
Definitions of value
Market efficiency and behavioural finance
Valuation: the basic process
Bond valuation
Preference share valuation
Valuation of ordinary shares
Topic 5 Risk and rates of return
Rates of return in financial markets
Risk-return trade-off
Expected return and investors required rates of return
Risk reduction through diversification
Topic 6 Capital budgeting concepts and methods
Principles for selecting capital budgeting criteria
Discounted cash flow criteria
Role of taxation in capital budgeting
Non-discounted cash flow criteria in capital budgeting
Ethics in capital budgeting
Topic 7 Issues in capital budgeting
Guidelines for identifying a projects incremental costs and benefits
Applying discounted cash flow techniques
Complications in capital budgeting

Topic 8 Risk in capital budgeting

Risk and the investment decision
Methods for incorporating risk into the required rate of return
Other approaches to evaluating risk
Topic 9 Sources of short-term finance
Managing current assets and current liabilities
Sources of short-term finances
Choosing short-term finance
Topic 10 Cost of capital
Concept of the cost of capital
Factors determining the weighted average cost of capital(WACC)
Assumptions of the WACC
Computing the WACC
Topic 11 - Long-term debt finance
Bonds, debentures and notes
Term loans and leases
The lease or buy decision
Hire-purchase financing
Topic 12 Equity financing
Equity and other classes of finance
Ordinary and preference shares
Convertible securities
Capital management and hybrid capital
Topic 13 Capital structure
Business and financial risk
Break-even analysis
Operating leverage and financial leverage
EBIT-EPS analysis
Capital structure theories and practices
Other factors affecting financing mix
Topic 14 Dividend policy
Three basic views of dividend policy
Factors affecting dividend policy
Dividend decision in practice
Bonus shares and share splits
Share buybacks.

PRESCRIBED TEXT
Lawrence J. Gitman and Chad J. Zutter (2015) Principles of Managerial Finance, 14th
edn, Pearson.

RECOMMENDED REFERENCES
Annie K., Ser-Keng A., Eugene F. Brigham and Michael C. Enrhardt (2015) Financial
Management Theory and Practice, Asia edn. CENGAGE Learning.
William R. Lasher. (2015) Financial Management- A Practical Approach, 8th edn,
CENGAGE Learning.
Sheridan Titman, Arthur J. Keown and John D. Martin (2015) Financial Management
Principles and Applications, 12th edn. Pearson, Prentice Hall.
Megginson,W., Smart,S. and Graham, J. (2015) Financial Management, 5rd edn, SouthWestern, CENGAGE Learning.
James R. McGuigan, R. Charles Moyer, Ramesh Rao and William J. Kretlow (2015)
Contemporary Corporate Finance, 13th edn. South Western CENGAGE Learning.

JOURNALS
Financial Management Financial Management Association International
Journal of International Financial Management & Accounting
CIMA Financial Management Magazine

Subject Outline / Teaching Plan

Department
Lecturer

: Accounting & Finance

: Selvanadan Muniappan

Week

Subject Code : FIN 202

Subject Title : Financial Management

Topics

References

Introduction to financial management and the

financial statement and cash flow analysis

Chapter 1,2 & 3

Financial mathematics the time value of money

Chapter 5

Valuation of bonds and shares

Chapter 6 & 7

Trade-off between risk and return and Capital Asset Chapter 8

Pricing Model

Capital Budgeting Processes and Techniques

Chapter 10

Capital budgeting and cash flow also project risk

Chapter 11 & 12

Cost of Capital

Chapter 9

Mid Term Break

Short-Term Financing Decisions

Chapter 15 & 16

10

Long-term debt and leasing decisions

Chapter 13 & 17

11

Capital Structure

Chapter 13

12

Dividend Payout Policy

Chapter 14

13

Revision

Textbook: Lawrence J. Gitman and Chad J. Zutter (2015) Principles of Managerial

Finance, 14th edn, Pearson.

ASSESSMENT:
There are 3 assessment items for this subject.

Assessment Items

Value

Due Date

1. Mid Semester Test

15%

Week 8 (15/10/2016 to 22/10/2016)

Date to be confirmed

2. Assignment

15%

7 November, 2016

3. Final Examination (Closed Book)

70%

Examination period: 26 November

10 December 2016**

REQUIREMENTS:
To gain a pass in this subject, students must:

Achieve a passing grade in the final examination i.e. score a minimum of 35 marks
out of 70 marks if there is an examination for this subject.

Attempt ALL areas of assessment; and achieve a total result of 50% or better
overall.

If students did not attempt any areas of assessment they would be deemed to have
failed the subject.

** - Please check on the notice board and My Acel for the actual date. HELP
University reserves the right to make any changes to the above where appropriate.

ASSIGNMENT QUESTIONS
Answer ALL questions
Due date:
Value:

Monday 7 November, 2016

15%

Rationale
This assignment covers Weeks 1 - 10, and builds on previous work.

Criteria
Where necessary, state any assumptions you have made. Please note that assumptions
have to be valid.
Assignments should show all workings and students will be penalised for failing to do
this.
You will be assessed on:

your understanding of the problem;

choice of method for solving the problem;
application of techniques.

ANSWER ALL QUESTIONS.

PART A
Question 1

(20 marks)

Can our goal of maximizing the value of the shares conflict with other goals such as
avoiding unethical or illegal behaviour? In particular, do you think issues like customer
and employee safety, the environment, and the general good of society fit into this
framework, or are they essentially ignored? Support your views with specific examples.

Question 2 (15 marks)

a.

Your neighbour, knowing you are studying finance, asks you what is this idea of
probabilities and what does it tell me? Provide an answer for your neighbour.
(8 marks)

b.

The neighbour then says OK, I know understand probabilities, but what really
confuses me is the idea of expected values and standard deviations. What do they
mean? Provide an answer explaining what they are telling the user.
(7 marks)

Question 3 (10 marks)

Currently Holistic PLC dividends are growing by 10% pa and this is expected to
continue for another two years. After that time they are expected to grow by 8% pa for
the next two years, and then by 6% every year. Next years dividend is expected to be
$0.80, and the appropriate discount rate is 12%. If you have $20,700 to invest, how
many shares can you buy in Holistic PLC?
Question 4 (12 marks)
Three years ago, Batista Ltd. issued 10 year $1,000 bonds with a 7% coupon rate paid
semi-annually, at par value. The market currently requires a 9% yield.
i.
What was the price of the bond at issue? (2 marks)
ii.
What is the current price of the bond?
(3
marks)
iii.

If the market yield falls to 6% in two years time, what will the bond's price be at
that
time?
(3
marks)
(3
marks)

iv.

Explain your results in (i) - (iii)

marks)

(4

Question 5 (8 marks)
Comment on the following statements:
i.
'If after all your calculations you tell me that there is a high probability that the
share's price will vary between $4.50 and $9.60, I can make a fortune by buying
the share at $4.50 and selling when it reaches $9.60.' (3 marks)
ii.
'I don't care how high the price may go, all that worries me is whether or not I will
make a loss.'
(2 marks)
iii. 'Expected return and standard deviation are of no interest to me, all I want to
know is what my investment will be worth one year from now.' (3 marks)

Part B CASE STUDY QUESTION (35 marks)

This case is intended to be an introduction to the various methods used in capital
budgeting and looks at some of the decisions that may have to be made when
evaluating projects. It is also designed to develop skills in using spreadsheets. You
should set up a spreadsheet at the start to help analyse the problems. When using a
spreadsheet, any tables that you wish to present to the reader should be embedded
into a Word document as an ordinary table.
Wang Systems
Although he was hired as a financial analyst after completing his business degree, David
Ongs first assignment at Wang Systems was with the firms marketing department.
Historically, the major focus of Davids sales effort was on demonstrating the
technological superiority of the firms product line. However, many of Wangs
traditional customers have embarked on cost-cutting programs in recent years, and as
a result, Wangs marketing director asked Davids boss, the Chief Financial Officer, to
lend David to marketing to help them develop some analytical procedures for the sales
force to use that will demonstrate the financial benefits of buying Wangs products.
Wang Systems manufactures fluid control systems that are used in a wide variety of
applications, including sewage treatment systems, petroleum refining, and pipeline
transmission. The complete systems include sophisticated pumps, sensors, and control
units that continuously monitor the flow rate and the pressure along a line, and
automatically adjust the pump to meet preset pressure specifications. Most of Wangs
systems are made up of standard components, and most complete systems are priced
from $50,000 to $100,000. Because of the highly technical nature of the products, the
majority of Wangs sales force have backgrounds in engineering.
As he began to think about his assignment, David quickly came to the conclusion that
the best way to 'sell' a system to a cost-conscious customer would be to conduct a
capital budgeting analysis which would demonstrate the systems cost effectiveness.
Further, he concluded that the best way to begin was with an analysis for one of Wangs
actual customers.
From discussions with the firms sales people, David decided that a proposed sale to
Selangor River Council (SRC) was perfect to use as an illustration. SRC is considering the
purchase of one of Wangs standard fluid control systems which costs $80,000 including
taxes and delivery. It would cost SRC another $5,000 to install the equipment, and this
expense would be added to the invoice price of the equipment to determine the
depreciable basis of the system. For taxation purposes the system can be depreciated
over 6 years, using the following schedule, but has an economic life of 8 years and it will
be used for that period. After 8 years, the system will probably be obsolete, so it will
have a zero salvage value at that time. Current depreciation allowances are:
Year 1:
Year 4:

20%
12%

Year 2:
Year 5:

32%
11%

10

Year 3:
Year 6:

19%
6%

This system would replace a control system which has been used for about 20 years and
which has been fully depreciated. The costs for removing the current system are about
equal to its scrap value, so its current net market value is zero.
The advantages of the new system are that (i) it would be more energy efficient, (ii) it
would reduce waste, because the chemical processes could be more carefully
controlled, and (iii) it would require less human monitoring and maintenance. In total,
the new system would save SRC $25,000 annually in before-tax operating costs. For
capital budgeting, SRC uses a 10% cost of capital, and the applicable tax rate is 40%.
Mary Seong, Wangs marketing manager, gave David a free hand in structuring the
analysis. Now put yourself in Davids position and develop a capital budgeting analysis
for the fluid control systems. As you go through the analysis, keep in mind that the
purpose of the analysis is to help Wangs sales representatives sell equipment to other
nonfinancial people, so the analysis must be as clear as possible, yet technically correct.
In other words, the analysis must not only be right, it must also be understandable to
decision makers, and the presenter David, in this case must be able to answer all
questions, ranging from the performance characteristics of the equipment to the
assumptions underlying the capital budgeting decision criteria.
Question 1 (10 marks)
What is the project's net present value (NPV)? Explain the economic rationale behind
the NPV. Could the NPV of this particular project be different for SRC than for one of
Wang's other potential customers? Explain.

Question 2 (8 marks)
Calculate the proposed project's internal rate of return (IRR). Explain the rationale for
using the IRR to evaluate capital investment projects. Could the IRR for this project be
different for SRC than for another customer? Explain.

Question 3 (8 marks)
Suppose one of SRC executives uses the payback method as a primary capital budgeting
decision tool and wants some payback information.
a.
What is the project's payback period?
b.
What is the rationale behind the use of payback period as a project evaluation
tool?
c.
What deficiencies does payback have as a capital budgeting decision method?
d.
Does payback provide any useful information regarding capital budgeting
decisions?

Question 4 (9 marks)
Under what conditions do NPV, IRR, and PI all lead to the same accept/reject decision?
When can conflicts occur? If a conflict arises, which method should be used, and why?

..

END ..
11

`
GRADING SCHEME
Mark Range

GRADE

GRADE
POINT

85 - 100

HD 1

4.00

DEGREE
CLASSIFICATI
ON

MARKING RUBRICS

FIRST CLASS
80 84

HD 2

3.75

75 - 79

DI 1

3.50

SECOND
UPPER CLASS

70 74

DI 2

3.25

65 69

CR 1

3.00

SECOND
LOWER CLASS
60 64

CR 2

2.75

55 - 59

PS 1

2.50

50 - 54

0 - 49

PS 2

FL

2.00

THIRD CLASS
PASS

0.00

12

Comprehensive and excellent grasp of

key concepts
Excellent use of analytical means and
logical arguments
Excellent synthesis of arguments and
excellent use of relevant examples
Balanced discussions and excellent
flow of ideas
Excellent command of language with
no errors
Excellent and consistent referencing
Comprehensive and excellent grasp of
key concepts
Excellent use of analytical means and
logical arguments
Good synthesis of arguments and
excellent use of relevant examples
Balanced discussions and good flow of
ideas
Excellent command of language with
no errors
Excellent and consistent referencing
Competent grasp of key concepts
Competent use of analytical means
and logical arguments, albeit with
some errors
Fair synthesis of arguments and
moderate use of relevant examples
Fairly balanced discussions and fairly
clear flow of ideas
Competent command of language and
limited amount of errors
Satisfactorily is referencing
Basic grasp of key concepts
Less than satisfactory use of analytical
means and logical arguments
Little synthesis of arguments and
hardly any relevant examples
Some evidence of balanced
discussions and poor organisation
Satisfactorily command of language
and considerable amount of errors
Relatively flawed referencing
Shows ignorance of key concepts
Less than satisfactory use of analytical
means and logical arguments
Little synthesis of arguments no
relevant examples
Little or no balanced discussions and
poor organisation
Relatively poor command of language
and unable to expressed ideas clearly
No referencing or poor referencing

HELP UNIVERSITY
ASSIGNMENT FEEDBACK/MARKING SHEET
FIN202
Financial Management

1. Student ID:_______________________________________
2. Student ID :_______________________________________
3. StudentID:________________________________________
4.. Student ID:________________________________________

Assessment Criteria

Mark
Achieved

Maximum
Mark

Relevance of materials used

10

Application of appropriate theories

10

Logical flow, sequence and development

15

Evidence of background reading

15

Appropriate depth of analysis

15

Evaluation of issues and results

15

Use of supporting data/evidence

10

Use of referencing system and bibliography

Overall presentation

Total Mark

100

13

Assignment No.: __

Assignment Cover Sheet

Student Information (For group assignment, please state names of
all members)
Name

Grade/Marks

ID

Office
Acknowledgement

Module/Subject Information
Module/Subject Code
Module/Subject Name
Lecturer/Tutor/Facilitator
Due Date
Assignment Title/Topic
Intake (where applicable)
Word Count

Date/Time

Declaration
. I/We have read and understood the Programme Handbook that explains on plagiarism, and I/we testify
that, unless otherwise acknowledged, the work submitted herein is entirely my/our own.
. I/We declare that no part of this assignment has been written for me/us by any other person(s) except
where such collaboration has been authorized by the lecturer concerned.
. I/We authorize the University to test any work submitted by me/us, using text comparison software, for
instances of plagiarism. I/We understand this will involve the University or its contractors copying my/our
work and storing it on a database to be used in future to test work submitted by others.
Note:1) The attachment of this statement on any electronically submitted assignments will be deemed
to have the same authority as a signed statement.
2) The Group Leader signs the declaration on behalf of all members.

14

Signature:

Date:

mail:
Feedback/Comments*
Main Strengths

Main Weaknesses

Suggestions for improvement

Student acknowledge feedback/comments

Graders signature

Students signature:

Date:

Date:

Note:

1)A soft and hard copy of the assignment shall be submitted.

2)The signed copy of the assignment cover sheet shall be retained by the marker.
3)If the Turnitin report is required, students have to submit it with the assignment. However, departments may allow
students up to THREE (3) working days after submission of the assignment to submit the Turnitin report. The
assignment shall only be marked upon the submission of the Turnitin report.
*Use additional sheets if required.

15

Department of Accounting & Finance

ACADEMIC INTEGRITY
Honesty and Responsibility
Academic integrity is an important tenet for HELP University. In pursuit of the highest
standards of academic integrity, the Department of Accounting & Finance holds it
students to the highest ethical standards defined by the Rules and Regulations section of
the Academic Handbook. All students at the Department of Accounting & Finance are
subjected to and are bound by the Student Academic Misconduct Rule to assure academic
honesty. Students are required to sign a pledge on the assignment cover sheet before
submitting your assignments to the Administration Office of the Faculty of Business,
Economics & Accounting.
What is Plagiarism?
Plagiarism is academic dishonesty or academic theft, and it is a serious academic offence.
Plagiarism includes, but is not limited to, the followings:
1. quote, paraphrase or summarize someone elses ideas, theories or data, in whole
or in part, without appropriate acknowledgement
2. borrow ideas, opinion or words, in whole or in part, from other sources without
properly crediting the author(s)
3. use any facts, statistics, diagrams or graphs, in whole or in part, without
acknowledging the source clearly
4. claim or imply original authorship of someone elses ideas, theories or data, in
whole or in part, as your own
5. employ or allow someone to help to revise, amend or write your work and pass
off as your own original work
6. collaborate with or allow other students to copy your work
7. draw on sources more than what you have acknowledged by citations
While a student is not discouraged to discuss an assignment with his/her friends or
classmates, the work he/she submits must be done by the student alone. If a student shares
his/her assignment with other students and they plagiarize it, the student is as guilty as
those students who plagiarized his/her assignment. All parties to plagiarism are
considered equally guilty. Under no circumstances should a student be involved in
collusion with other students unless he/she is permitted to work on an assignment jointly
by the lecturer/tutor. If a student is unsure what constitutes plagiarism, he/she is obliged
to consult the lecturer/tutor on the matter before submission of his/her assignment.
When and How to Reference?
Knowing when and how to cite is a students responsibility. If he/she is in doubt or need
more help on this matter, the student may consult the lecturer/tutor. The following list
comprises some of the sources a student will need to reference. The list is by no means
16

exhaustive, but simply consists of the most common sources used by students to complete
their work.
1. Books
2. Chapters in books
3. Journal articles
4. Conference papers
5. Newspaper articles
6. Magazines
7. Websites
8. Study guide
Students are advised to cite in the following cases [1]:
1. When he/she quotes two or more words verbatim, or even one word if it is used
in a way that is unique to the source
2. When he/she introduce facts that he/she have found in a source
3. When he/she paraphrase or summarize ideas, interpretations, or conclusions that
he/she find in a source
4. When he/she introduce information that is not common knowledge or that may
be considered common knowledge in your field, but the reader may not know it
5. When he/she borrow the plan or structure of a larger section of a sources
argument (for example, using a theory from a source and analyzing the same
three case studies that the source uses)
6. When he/she build on anothers method found either in a source or from
collaborative work in a lab
7. When he/she build on anothers program in writing computer code or on a notcommonly-known algorithm
8. When he/she collaborate with others in producing knowledge
In general, a referencing system requires two parts:
1. In-text citations
This is information about a source within the text of an assignment.
2. List of references
This is a list of all sources a student has used to research his/her assignment. It is
alphabetically arranged by author surname and appears immediately after the last
page of an assignment.
Different faculties or departments may have different requirement on how referencing
for an assignment should be done. The various formats used for in-text citations and list
of references are available in the following websites:
1. Harvard System (http://www.adelaide.edu.au/library/guide/gen/harvard.html)
2. Chicago Style (http://www.chicagomanualofstyle.org/index.html)
3. American Psychological Association or APA Style (http://www.apastyle.org)
4. Modern Language Association of America or MLA Style (http://www.mla.org)
Once a student has selected a referencing style for his/her assignment, he/she must follow
the same style consistently throughout the assignment. We strongly suggest that the
student consults the lecturer/tutor about which method to use before submission of
his/her assignment.

http://www.yale.edu/bass/writing/sources/plagiarism/warning.html, accessed May 18, 2008.

17

What are the Procedures and Penalties for Plagiarism?

When a lecturer/tutor encounters a possible case of plagiarism, the lecturer/tutor shall
report the matter to the Head of the Department, who then initiates an investigation on
the matter. The following procedures would be carried out:
1. The lecturer/tutor shall provide evidence that substantiates an academic offence
has occurred. The following documentations must be ready prior to reporting of
alleged plagiarism:
a. Copy of the alleged plagiarized assignment
b. Copy of the source material (e.g. articles, websites, newspaper, etc.)
c. Report of plagiarism
d. Any other information that would support the claim of plagiarism
2. If the evidence warrants an accusation of academic offence, the Head of
Department shall establish a Board of Inquiry comprising 3 academic staff. The
Department shall provide all necessary documentations, including report on prior
academic offences if applicable, to the Board of Inquiry.
3. The Board of Inquiry shall put the matter to the student in writing and give
him/her an opportunity to respond to the accusation within 3 working days.
4. The student will be required to attend a meeting with the Board of Inquiry. After
meeting the student, the Board of Inquiry shall decide whether or not the alleged
plagiarism has occurred. The following documentations shall be submitted to the
Head of Department at the end of the meeting:
a. Findings of the investigation
b. Recommended action(s) to be taken or imposed
5. The Head of Department shall review the Board of Inquirys report with
supporting evidence and shall decide on an appropriate action(s) based on the
recommendation of the Board of Inquiry.
6. The decision of the Head of Department shall be put in writing to the student.
Copies of all documentations will be retained in the Department.
7. If the student feels that he/she has been unfairly accused or treated, the student
may appeal to the Head of Department within 5 working days.
8. The Head of Department shall review the appeal and the final decision will be
communicated to the student in writing and a copy will be kept with the
Department. Once a determination of plagiarism and penalty has been made by
the Head of Department, the investigative process will be deemed to have ended
and the student will not be allowed to appeal.
Possible penalties for plagiarism range from mark reduction for the assignment to
expulsion from the University. The student will not be allowed to make up the
assignment. If plagiarism has been found to have occurred, the Department will take
action(s) as determined by the forms of plagiarism implicated:
1. Complete plagiarism
Verbatim copying another persons work without acknowledgement
1st offence : A grade of F in the subject and a warning letter will be
issued
nd
2 offence : Expulsion from the University at the discretion of the Head
of Department
2. Substantial plagiarism
18

Near-verbatim copying another persons work by simply altering the order of the
sentences or the format of presentation or by changing a few words or phrases
without acknowledgement.
1st offence : Zero mark on the assignment and a warning letter will be
issued
nd
2 offence : A grade of F in the subject and a warning letter will be
issued
rd
3 offence : Expulsion from the University at the discretion of the Head
of Department
3. Minimal plagiarism
Acknowledgement is made but paraphrasing by changing and/or eliminating
some words
1st offence : Deduction of 50% of available marks on the assignment and
a warning letter will be issued
nd
2 offence : A grade of F in the subject and a warning letter will be
issued
rd
3 offence : Expulsion from the University at the discretion of the Head
of Department
4. Unintentional plagiarism
Insufficient acknowledgement by not applying citation or quotation marks
correctly
1st offence : Deduction of up to 50% of available marks on the assignment
and a warning letter will be issued
2nd offence : A grade of F in the subject and a warning letter will be
issued
rd
3 offence : Expulsion from the University at the discretion of the Head
of Department
Pleading ignorance or unintentional plagiarism does not constitute valid reasons for
plagiarism and will not avoid the penalties from being imposed. Excuses for acts of
plagiarism such as the following, but not limited to, will not be entertained:
1. I dont have time to do the assignment
2. I have too many assignments due on the same day
3. I dont know, I really didnt do it
4. I am not aware
5. I dont understand what plagiarism means
6. I have no intention to plagiarize
7. I forgot to cite the reference
8. I forgot to include the bibliography
9. My English is not good
10. My lecturer/tutor did not explain to me
11. In my country, it is alright to copy someone elses work
12. My friend copied my assignment when I let him/her to look at my assignment
13. My friend copied my assignment when I allow him/her to use my laptop
14. I did my assignment in the computer lab, someone must have copied my work
15. I asked my friend to submit my assignment and he/she copied my work
16. I discussed my assignment with my friends, so our answers are the same/similar
17. Even though I do not have in-text citation but I have bibliography/reference list
Students should be reminded that it is their responsibilities to take due care throughout
their written work to effectively reference or cite when they use others ideas from any
source.

19

DEPARTMENT OF ACCOUNTING & FINANCE

SEMESTER X, 20XX
SAMPLE FINAL EXAMINATION
Subject Code

FIN202

Subject Name

FINANCIAL MANAGEMENT

This examination carries 70% of the total assessment for this subject.
Examiner(s)

Moderator(s)

MR SELVANADAN MUNIAPPAN
Day

Date

Time :

Time allowed :

Reading 10 MINUTES
Writing 3 HOURS

INSTRUCTION(S):
1. This is a CLOSED BOOK examination; therefore no written material, reference books or notes will be
permitted into the examination room.
2. Writing on the examination answer book is NOT permitted during reading time.
3. This examination consists of SIX (6) problem solving and discussion questions. Students are required to

answer ANY FIVE (5) of the questions in the answer booklet provided.
4. Students are NOT permitted to retain this examination paper.
5. Students MUST pass this examination to pass the subject.
6. Tables are attached.

(This examination paper consists of 6 questions in XX printed pages, including cover page)

20

Answer ANY 5 questions. Each question carries 20 marks.

Question 1
Part (A) (5 marks)
In general, what factors determine a firm's cost of capital? In answering this question,
identify the factors that are within management's control and those that are not.

Part (B) (15 marks)

R. Stewart Co. Ltd. is a firm that pays its profits as franked dividends to shareholders
who are able to utilise the franking credits. Below is the capital structure of the firm
together with additional information.

Issue costs would be (a) 13% of market value for a new bond issue, (b) $0.125 per
share for ordinary equity, and (c) $0.24 per share for preference shares.

The recent dividends on ordinary shares were $0.325 and are projected to have an
annual growth rate of 6%.

Coupon payments on bonds are paid annually.

The firm is in a 30% tax bracket.

Current market prices are $104 for bonds, $1.80 for preference shares, and $3 for
ordinary shares.

There is $250,000 of retained earnings available for investment.

% of Capital
Structure

Source of Finance
Bonds: (8% coupon, $100 par, 16 year maturity)
Preference Shares: (50,000 shares, $5 par, $0.15 dividend)
Ordinary Equity

38
15
47
100

What will be the weighted average cost of capital for a project if the amount of capital
required is:
a.
b.

$ 500,000
$1,000,000

Question 2 (20 marks)

Mountain Springs, a partnership operated by the Campbell family, is contemplating the
purchase of a new computer and software to help prepare delivery schedules and accounts
receivable billing for its deliveries of spring water to customers. The total cost of the
system is $80,000 and it will last four years, at which time its estimated disposal value is
21

$20,000. The firm uses the straight-line depreciation method and it plans to depreciate
the system to zero. The partners think that the computer will save $30,000 annually in
operating expenses (excluding depreciation and taxes). The firm has been offered a fouryear lease contract, with annual payments of $21,000 beginning when the contract comes
into effect, and with a residual value of $20,000. The lessor has offered to absorb all
insurance and maintenance expenses (worth $3,000 per year, payable in advance). All
the partners have a marginal tax rate of 47%.
a.

Estimate the net advantage of leasing (NAL) given that loan finance is
otherwise available at 13% per annum. Should the firm lease the system?
(15 marks)

b.

What are the differences between a financial lease and an operating lease?
What type of individual or financial institution is most like to act as the
lessor in a financial lease? What type of firm is most likely to undertake
lease financing?
(5 marks)

Question 3 (20 marks)

Part (A) (10 marks)
You have decided to invest in a company, Joint. Co., which has developed a new
coupling joint which you believe has great potential. The company is due to pay its first
dividend of $0.30 in one year's time. Your research has shown that after the first
dividend payment, you expect the dividend to grow by 8% for the next two years, 12%
for the following two years, before settling into its long term growth rate of 6%.
How much would you be willing to pay for a share in the company today given that
you require a return of 9.5%pa?
Part (B) (10 marks)
To fund its research Joint Co. initially issued 10 year bonds two years ago with a face
value of $1,000 and a coupon rate of 7%, paid semi-annually.
i.

If the yield on these bonds is currently 9%, what is the price of a bond today?
(3 marks)

ii.

It is expected that the yield on these bonds will fall to 6.5% in four
years' time. What will their price be at that time?
(3 marks)

iii.

Explain why the yield on the bonds may fall, and the effect this fall will
have on the price.
(4 marks)

Question 4 (20 marks)

Two brothers have a partnership which runs a small manufacturing factory. The factory
and office costs (being rent, rates, office staff, etc. but excluding depreciation) amount to
$120,000 per annum. Factory labour costs for each of the ten employees are $25,000 per
person per annum. The additional associated overhead costs are 42% of labour costs.
22

The current machinery cost $1,500,000 three years ago and it is being depreciated over
its estimated life of 5 years. If the machinery was scrapped today, its salvage value would
be $850,000, and in two year it would be zero. The brothers are considering purchasing
new machinery for $1,000,000 with a two year life. Last year they spent $10,000
investigating the output of the new machine and the advantage will be the saving of three
employees. The new machinery, which will be worthless in two years, will be financed
50% by debt costing 8.5%pa.
Assume a discount rate of 12%, and a company tax rate of 30%.
a.

Calculate the NPV of the present situation.

(5 marks)

b.

Calculate the NPV of the new situation of the equipment is purchased.

(5 marks)

c.

Calculate the NPV of the incremental investment.

(3 marks)

d.

Should the new machinery be purchased? Explain your answer.

(2 marks)

e.

Explain the effect of changes in net working on the projects cash flow. How should
interest payments on borrowed funds used to finance projects be dealt with in
determining the projects cash flow?
(5 marks)

Question 5 (20 marks)

a.

Equity holders want 16% on their investment, whereas debt holders only require
8%. I would be crazy to expand using equity since debt is so much cheaper.
Comment.
(4 marks)

b.

i.

Determine the expected return and beta for the following portfolio.
Expected
Return (%)
12
11
15
(4 marks)
Given the information above, draw the security market line (SML) and show
where the securities fit on the graph. Assume that the risk-free rate is 8% and
that the expected return on the market portfolio is 12%. How would you
interpret these findings?
(4 marks)

Share
1
2
3
ii.

% of Portfolio
40
25
35

Beta ()
1.00
0.75
1.30

c. A firm is evaluating two mutually exclusive investments, designated C and D, with

the following characteristics:
C

Net Present Value

$10,000

$13,000

Estimated useful life

6 years

9 years

23

If the firms discount rate used for evaluating these projects is 12% p.a., which
investment should be chosen? (Your answer must be justified with appropriate
numerical analysis.)
(4 marks)
d.

Describe two measures of the risk of an investment. How do these measures

differ? Of the two components of total risk, which one can investors eliminate?
What is the remaining risk, and how is it measured?
(4 marks)

Question 6 (20 marks)

a.

Studies have shown that when firms raise or lower their dividends, their share
prices tend to rise or fall in a like manner. Doesnt this prove that investors prefer
dividends? Discuss.
(4 marks)

b.

Trees Ltd is an unlevered firm whose net cash flows are constant in perpetuity.
i.

What is the after tax return Trees shareholders require if Trees is valued
at $2,625,000 with annual cash flows before tax of $600,000, when the
corporate tax rate is 30% ?
(4 marks)

ii.

Trees has decided to issue debt of $500,000 at 9% interest. What will be

the new value of Trees after the debt issue?
(3 marks)

iii.

What return will shareholders require from Trees after it becomes

levered?
(4 marks)

iv.

What is Trees weighted average cost of capital (WACC) before the debt
issue?
(1 mark)

v.

What is Trees weighted average cost of capital (WACC) after the debt
issue?
(4 marks)
(16 marks)

**END OF EXAMINATION PAPER**

24

FIN 202 - Formula sheet

i
1
m

EAR

= 1

FVn

= PV1 i n

PV

= FVn 1 i n
1 i n 1
= pmt

FVannuity

= pmt(FVIFAi,n)
1 1 i n

= pmt

PVannuity

Kp,BT

Kp,AT

VE

KE,BT
KE,AT

D p 1 T
NP0

Dp
NP0

D0 1 g
RE g
D 1 T
= 1
g
NP0
D
= 1 g
NP0

= pmt(PVIFAi,n)
PVperpetuity

PP
pmt
or
i
i

1 + i = (1 + R)(1 + r)
Vb

1 1 i n
n
M1 i
i

= I

Rj = Rf + j(Rm Rf)
PBILL =

365V
365 in

Alternatively: PBILL =

= I(PVIFAi,n) + M(PVIFi,n)
Approximate bond yield to maturity:
YTM

I M Vb n
M Vb 2

n
1 1 i
NPV
=
PVIFAi, n

EAA = NPV

NPV

= PV IO

PI

Approximate before-tax cost of bond:

Kd,BT

V 365
1
P n

APRBILL

EARBILL

PV
IO
I M NP n
M NP 2

V
n
1 i

365

365 n

Cost of forgoing a prompt settlement

discount of a %:
a 365

1 a n

APR

EAR

where NP = net proceeds per bond

Kd,AT = Kd,BT` (1 T)

25

1 a

365 n

FUTURE VALUE OF ANNUITY OF $1 PER PERIOD FOR N PERIODS

No
Pds

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

15%

16%

17%

18%

19%

20%

24%

28%

32%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
40
50
60

1.0000
2.0100
3.0301
4.0604
5.1010
6.1520
7.2135
8.2857
9.3685
10.462
11.567
12.683
13.809
14.947
16.097
17.258
18.430
19.615
20.811
22.019
23.239
24.472
25.716
26.973
28.243
29.526
30.821
32.129
33.450
34.785
48.886
64.463
81.670

1.0000
2.0200
3.0604
4.1216
5.2040
6.3081
7.4343
8.5830
9.7546
10.950
12.169
13.412
14.680
15.974
17.293
18.639
20.012
21.412
22.841
24.297
25.783
27.299
28.845
30.422
32.030
33.671
35.344
37.051
38.792
40.568
60.402
84.579
114.05

1.0000
2.0300
3.0909
4.1836
5.3091
6.4684
7.6625
8.8923
10.159
11.464
12.808
14.192
15.618
17.086
18.599
20.157
21.762
23.414
25.117
26.870
28.676
30.537
32.453
34.426
36.459
38.553
40.710
42.931
45.219
47.575
75.401
112.79
163.056

1.0000
2.0400
3.1216
4.2465
5.4163
6.6330
7.8983
9.2142
10.583
12.006
13.486
15.026
16.627
18.292
20.024
21.825
23.698
25.645
27.671
29.778
31.969
34.248
36.618
39.083
41.646
44.312
47.084
49.968
52.966
56.085
95.026
152.66
237.997

1.0000
2.0500
3.1525
4.3101
5.5256
6.8019
8.1420
9.5491
11.027
12.578
14.207
15.917
17.713
19.599
21.579
23.657
25.840
28.132
30.539
33.066
35.719
38.505
41.430
44.502
47.727
51.113
54.669
58.403
62.323
66.439
120.80
209.35
353.58

1.0000
2.0600
3.1836
4.3746
5.6371
6.9753
8.3938
9.8975
11.491
13.181
14.972
16.870
18.882
21.015
23.276
25.673
28.213
30.906
33.760
36.786
39.993
43.392
46.996
50.816
54.865
59.156
63.706
68.528
73.640
79.058
154.76
290.34
533.13

1.0000
2.0700
3.2149
4.4399
5.7507
7.1533
8.6540
10.260
11.978
13.816
15.784
17.888
20.141
22.550
25.129
27.888
30.840
33.999
37.379
40.995
44.865
49.006
53.436
58.177
63.249
68.676
74.484
80.698
87.347
94.461
199.64
406.53
813.52

1.0000
2.0800
3.2464
4.5061
5.8666
7.3359
8.9228
10.637
12.488
14.487
16.645
18.977
21.495
24.215
27.152
30.324
33.750
37.450
41.446
45.762
50.423
55.457
60.893
66.765
73.106
79.954
87.351
95.339
103.97
113.28
259.06
573.77
1253.2

1.0000
2.0900
3.2781
4.5731
5.9847
7.5233
9.2004
11.028
13.021
15.193
17.560
20.141
22.953
26.019
29.361
33.003
36.974
41.301
46.018
51.160
56.765
62.873
69.532
76.790
84.701
93.324
102.72
112.973
124.14
136.31
337.88
815.08
1944.8

1.0000
2.1000
3.3100
4.6410
6.1051
7.7156
9.4872
11.436
13.579
15.937
18.531
21.384
24.523
27.975
31.772
35.950
40.545
45.599
51.159
57.275
64.002
71.403
79.543
88.497
98.347
109.18
121.10
134.21
148.63
164.49
442.59
1163.9
3034.8

1.0000
2.1100
3.3421
4.7097
6.2278
7.9129
9.7833
11.859
14.164
16.722
19.561
22.713
26.212
30.095
34.405
39.190
44.501
50.396
56.939
64.203
72.265
81.214
91.148
102.17
114.41
128.00
143.08
159.82
178.40
199.02
581.83
1668.8
4755.1

1.0000
2.1200
3.3744
4.7793
6.3528
8.1152
10.089
12.300
14.776
17.549
20.655
24.133
28.029
32.393
37.280
42.753
48.884
55.750
63.440
72.052
81.699
92.503
104.60
118.16
133.33
150.33
169.37
190.70
214.58
241.33
767.09
2400.0
7471.6

1.0000
2.1300
3.4069
4.8498
6.4803
8.3227
10.405
12.757
15.416
18.420
21.814
25.650
29.985
34.883
40.417
46.672
53.739
61.725
70.749
80.947
92.470
105.49
120.20
136.83
155.62
176.85
200.84
227.95
258.58
293.20
1013.7
3459.5

1.0000
2.1400
3.4396
4.9211
6.6101
8.5355
10.730
13.233
16.085
19.337
23.045
27.271
32.089
37.581
43.842
50.980
59.118
68.394
78.969
91.025
104.77
120.44
138.30
158.66
181.87
208.33
238.50
272.89
312.09
356.79
1342.0
4994.5

1.0000
2.1500
3.4725
4.9934
6.7424
8.7537
11.067
13.727
16.786
20.304
24.349
29.002
34.352
40.505
47.580
55.717
65.075
75.836
88.212
102.44
118.81
137.63
159.28
184.17
212.79
245.71
283.57
327.10
377.17
434.75
1779.1
7217.7

1.0000
2.1600
3.5056
5.0665
6.8771
8.9775
11.414
14.240
17.519
21.321
25.733
30.850
36.786
43.672
51.660
60.925
71.673
84.141
98.603
115.38
134.84
157.41
183.60
213.98
249.21
290.09
337.50
392.50
456.30
530.31
2360.8

1.0000
2.1700
3.5389
5.1405
7.0144
9.2068
11.772
14.773
18.285
22.393
27.200
32.824
39.404
47.103
56.110
66.649
78.979
93.406
110.28
130.03
153.14
180.17
211.80
248.81
292.10
342.76
402.03
471.38
552.51
647.44
3134.5

1.0000
2.1800
3.5724
5.2154
7.1542
9.4420
12.142
15.327
19.086
23.521
28.755
34.931
42.219
50.818
60.965
72.939
87.068
103.74
123.41
146.63
174.02
206.34
244.49
289.49
342.60
405.27
479.22
566.48
669.45
790.95
4163.2

1.0000
2.1900
3.6061
5.2913
7.2966
9.6830
12.523
15.902
19.923
24.709
30.404
37.180
45.244
54.841
66.261
79.850
96.022
115.27
138.17
165.42
197.85
236.44
282.36
337.01
402.04
479.43
571.52
681.11
811.52
966.71
5529.8

1.0000
2.2000
3.6400
5.3680
7.4416
9.9299
12.916
16.499
20.799
25.959
32.150
39.581
48.497
59.196
72.035
87.442
105.93
128.12
154.74
186.69
225.03
271.03
326.24
392.48
471.98
567.38
681.85
819.22
984.07
1181.9
7343.9

1.0000
2.2400
3.7776
5.6842
8.0484
10.980
14.615
19.123
24.712
31.643
40.238
50.895
64.110
80.496
100.82
126.01
157.25
195.99
244.03
303.60
377.46
469.06
582.63
723.46
898.09
1114.6
1383.1
1716.1
2129.0
2640.9

1.0000
2.2800
3.9184
6.0156
8.6999
12.136
16.534
22.163
29.369
38.593
50.398
65.510
84.853
109.61
141.30
181.87
233.79
300.25
385.32
494.21
633.59
812.00
1040.4
1332.7
1706.8
2185.7
2798.7
3583.3
4587.7
5873.2

1.0000
2.3200
4.0624
6.3624
9.3983
13.406
18.696
25.678
34.895
47.062
63.122
84.320
112.30
149.24
198.00
262.36
347.31
459.45
607.47
802.86
1060.8
1401.2
1850.6
2443.8
3226.8
4260.4
5624.8
7425.7
9802.9

Percent Per Period

26

PRESENT VALUE OF ANNUITY OF $1 PER PERIOD FOR N PERIODS

No.
Pds

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
40
50
60

Percent Per Period

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

15%

16%

17%

18%

19%

20%

24%

28%

32%

0.9901
1.9704
2.9410
3.9020
4.8534
5.7955
6.7282
7.6517
8.5660
9.4713
10.367
11.2556
12.1331
13.0037
13.8657
14.7171
15.5629
16.3983
17.2263
18.0450
18.8576
19.6600
20.4554
21.2438
22.0234
22.7952
23.5592
24.3166
25.0654
25.8078
32.8347
39.1967
44.9551
0

0.9804
1.9416
2.8839
3.8077
4.7135
5.6014
6.4720
7.3255
8.1622
8.9826
9.7868
10.575
11.3483
12.1064
12.8492
13.5773
14.2917
14.9929
15.6780
16.3515
17.0114
17.6582
18.2920
18.9132
19.5239
20.1215
20.7060
21.2819
21.8443
22.3964
27.3555
31.4235
34.7606
9

0.9709
1.9135
2.8286
3.7171
4.5797
5.4172
6.2303
7.0197
7.7861
8.5302
9.2526
9.9540
10.635
11.2960
11.9371
12.5619
13.1661
13.7531
14.3235
14.8778
15.4155
15.9360
16.4439
16.9356
17.4135
17.8761
18.3278
18.7640
19.1881
19.6005
23.1144
25.7298
27.6758
6

0.9615
1.8861
2.7751
3.6299
4.4518
5.2421
6.0021
6.7327
7.4353
8.1109
8.7605
9.3851
9.9856
10.563
11.1181
11.6524
12.1653
12.6597
13.1333
13.5909
14.0293
14.4512
14.8561
15.2478
15.6220
15.9821
16.3298
16.6636
16.9831
17.2927
19.7920
21.4828
22.6232
5

0.9524
1.8594
2.7232
3.5460
4.3295
5.0757
5.7864
6.4632
7.1078
7.7217
8.3064
8.8633
9.3936
9.8986
10.379
10.8377
11.2748
11.6891
12.0856
12.4623
12.8212
13.1632
13.4880
13.7986
14.0936
14.3759
14.6432
14.8980
15.1411
15.3721
17.1595
18.2551
18.9299
3

0.9434
1.8334
2.6730
3.4651
4.2124
4.9173
5.5824
6.2098
6.8017
7.3601
7.8869
8.3838
8.8527
9.2950
9.7122
10.105
10.4779
10.8273
11.1586
11.4691
11.7649
12.0411
12.3036
12.5504
12.7834
13.0034
13.2102
13.4065
13.5902
13.7647
15.0468
15.7613
16.1619
4

0.9346
1.8080
2.6243
3.3872
4.1002
4.7665
5.3893
5.9713
6.5152
7.0236
7.4987
7.9427
8.3577
8.7455
9.1079
9.4466
9.7632
10.059
10.3351
10.5946
10.8350
11.0615
11.2722
11.4692
11.6533
11.8256
11.9868
12.1377
12.2771
12.4097
13.3310
13.8007
14.0397
2

0.9259
1.7833
2.5771
3.3121
3.9927
4.6229
5.2064
5.7466
6.2469
6.7101
7.1390
7.5361
7.9038
8.2442
8.5595
8.8514
9.1216
9.3719
9.6036
9.8181
10.016
10.2008
10.3717
10.5281
10.6748
10.8108
10.9350
11.0512
11.1581
11.2574
11.9248
12.2336
12.3765
6

0.9174
1.7591
2.5313
3.2397
3.8897
4.4859
5.0330
5.5348
5.9952
6.4177
6.8052
7.1607
7.4869
7.7862
8.0607
8.3126
8.5436
8.7556
8.9501
9.1285
9.2922
9.4424
9.5802
9.7066
9.8226
9.9290
10.026
10.1166
10.1981
10.2733
10.7577
10.9614
11.0487
0

0.9091
1.7355
2.4869
3.1699
3.7908
4.3553
4.8684
5.3349
5.7590
6.1446
6.4951
6.8137
7.1034
7.3667
7.6061
7.8237
8.0216
8.2014
8.3649
8.5136
8.6487
8.7715
8.8832
8.9847
9.0770
9.1609
9.2372
9.3066
9.3696
9.4269
9.7791
9.9148
9.9672

0.9009
1.7125
2.4437
3.1024
3.6959
4.2305
4.7122
5.1461
5.5370
5.8892
6.2065
6.4924
6.7499
6.9819
7.1909
7.3792
7.5488
7.7016
7.8393
7.9633
8.0751
8.1757
8.2664
8.3481
8.4217
8.4881
8.5478
8.6016
8.6501
8.6938
8.9511
9.0417
9.0736

0.8929
1.6901
2.4018
3.0373
3.6048
4.1114
4.5638
4.9676
5.3282
5.6502
5.9377
6.1944
6.4235
6.6282
6.8109
6.9740
7.1196
7.2497
7.3658
7.4694
7.5620
7.6446
7.7184
7.7843
7.8431
7.8957
7.9426
7.9844
8.0218
8.0552
8.2438
8.3045
8.3240

0.8850
1.6681
2.3612
2.9745
3.5172
3.9975
4.4226
4.7988
5.1317
5.4262
5.6869
5.9176
6.1218
6.3025
6.4624
6.6039
6.7291
6.8399
6.9380
7.0248
7.1016
7.1695
7.2297
7.2829
7.3300
7.3717
7.4086
7.4412
7.4701
7.4957
7.6344
7.6752
7.6873

0.8772
1.6467
2.3216
2.9137
3.4331
3.8887
4.2883
4.6389
4.9464
5.2161
5.4527
5.6603
5.8424
6.0021
6.1422
6.2651
6.3729
6.4674
6.5504
6.6231
6.6870
6.7429
6.7921
6.8351
6.8729
6.9061
6.9352
6.9607
6.9830
7.0027
7.1050
7.1327
7.1401

0.8696
1.6257
2.2832
2.8550
3.3522
3.7845
4.1604
4.4873
4.7716
5.0188
5.2337
5.4206
5.5831
5.7245
5.8474
5.9542
6.0472
6.1280
6.1982
6.2593
6.3125
6.3587
6.3988
6.4338
6.4641
6.4906
6.5135
6.5335
6.5509
6.5660
6.6418
6.6605
6.6651

0.8621
1.6052
2.2459
2.7982
3.2743
3.6847
4.0386
4.3436
4.6065
4.8332
5.0286
5.1971
5.3423
5.4675
5.5755
5.6685
5.7487
5.8178
5.8775
5.9288
5.9731
6.0113
6.0442
6.0726
6.0971
6.1182
6.1364
6.1520
6.1656
6.1772
6.2335
6.2463
6.2492

0.8547
1.5852
2.2096
2.7432
3.1993
3.5892
3.9224
4.2072
4.4506
4.6586
4.8364
4.9884
5.1183
5.2293
5.3242
5.4053
5.4746
5.5339
5.5845
5.6278
5.6648
5.6964
5.7234
5.7465
5.7662
5.7831
5.7975
5.8099
5.8204
5.8294
5.8713
5.8801
5.8819

0.8475
1.5656
2.1743
2.6901
3.1272
3.4976
3.8115
4.0776
4.3030
4.4941
4.6560
4.7932
4.9095
5.0081
5.0916
5.1624
5.2223
5.2732
5.3162
5.3527
5.3837
5.4099
5.4321
5.4509
5.4669
5.4804
5.4919
5.5016
5.5098
5.5168
5.5482
5.5541
5.5553

0.8403
1.5465
2.1399
2.6386
3.0576
3.4098
3.7057
3.9544
4.1633
4.3389
4.4865
4.6105
4.7147
4.8023
4.8759
4.9377
4.9897
5.0333
5.0700
5.1009
5.1268
5.1486
5.1668
5.1822
5.1951
5.2060
5.2151
5.2228
5.2292
5.2347
5.2582
5.2623
5.2630

0.8333
1.5278
2.1065
2.5887
2.9906
3.3255
3.6046
3.8372
4.0310
4.1925
4.3271
4.4392
4.5327
4.6106
4.6755
4.7296
4.7746
4.8122
4.8435
4.8696
4.8913
4.9094
4.9245
4.9371
4.9476
4.9563
4.9636
4.9697
4.9747
4.9789
4.9966
4.9995
4.9999

0.8065
1.4568
1.9813
2.4043
2.7454
3.0205
3.2423
3.4212
3.5655
3.6819
3.7757
3.8514
3.9124
3.9616
4.0013
4.0333
4.0591
4.0799
4.0967
4.1103
4.1212
4.1300
4.1371
4.1428
4.1474
4.1511
4.1542
4.1566
4.1585
4.1601
4.1659
4.1666
4.1667

0.7813
1.3916
1.8684
2.2410
2.5320
2.7594
2.9370
3.0758
3.1842
3.2689
3.3351
3.3868
3.4272
3.4587
3.4834
3.5026
3.5177
3.5294
3.5386
3.5458
3.5514
3.5558
3.5592
3.5619
3.5640
3.5656
3.5669
3.5679
3.5687
3.5693
3.5712
3.5714
3.5714

0.7576
1.3315
1.7663
2.0957
2.3452
2.5342
2.6775
2.7860
2.8681
2.9304
2.9776
3.0133
3.0404
3.0609
3.0764
3.0882
3.0971
3.1039
3.1090
3.1129
3.1158
3.1180
3.1197
3.1210
3.1220
3.1227
3.1233
3.1237
3.1240
3.1242
3.1250
3.1250
3.1250

27

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