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Date ABC Ltd LMN Ltd XYZ Ltd

5/1/2010 0.06135125 0.00750313 0.101000314


4/1/2010 0.18275862 0.20010005 0.100648113
3/1/2010 -0.03793452 -0.065014 0.067344863
2/1/2010 0.02392556 0.02673283 -0.022668523
1/1/2010 -0.16695374 -0.125927 0.067501592
12/1/2009 0.02925161 0.00591133 -0.003173931
11/1/2009 -0.07572566 -0.0596877 0.059403721
10/1/2009 0.07161671 0.12457211 0.035755746
9/1/2009 0.05518793 0.02957401 0.000464576
8/1/2009 -0.00956875 -0.019973 -0.045666149
7/1/2009 -0.04875312 -0.0379948 -0.044886725
6/1/2009 0.10028811 0.07651633 0.010699765
5/1/2009 0.08177501 0.00453054 -0.001922255
4/1/2009 0.06160391 0.03962969 0.02048823
3/1/2009 0.02370968 0.05211893 -0.023414219
2/1/2009 -0.02973396 -0.021241 0.012936611
1/1/2009 -0.04839911 -0.0535064 0.032732131
12/1/2008 -0.01017099 -0.0143548 0.005372733
11/1/2008 0.00712589 0.02347493 -0.064502618
10/1/2008 0.05299359 0.02320261 -0.000836995
9/1/2008 -0.04451083 -0.0363722 0.102930995
8/1/2008 -0.0227704 -0.0536433 0.008847497
7/1/2008 0.05708996 0.04175722 -0.076344086
6/1/2008 0.00950156 -0.0154363 -0.005772931
5/1/2008 -0.02223576 -0.0338157 0.079889171
4/1/2008 0.09616027 0.06931944 -0.046875
3/1/2008 0.03347136 0.03802655 0.045318611
2/1/2008 -0.11457379 -0.0739223 -0.016293279
1/1/2008 0.1125085 0.12596137 -0.014715719
12/1/2007 -0.00456776 -0.0246708 -0.033405172
11/1/2007 -0.00033824 -0.0003333 0.026548673
10/1/2007 -0.05012048 -0.0627831 0.079531884
9/1/2007 0.0166585 0.03608414 -0.025372439
8/1/2007 0.07289294 0.04603927 -0.085957447
7/1/2007 -0.05466291 0.05594281 0.023742104
6/1/2007 0.10709701 0.03630302 0.020675856
5/1/2007 -0.0169461 -0.0033229 0.005139665
4/1/2007 -0.0091104 -0.023964 -0.059281059
3/1/2007 -0.04143836 -0.0387946 -0.026202661
2/1/2007 0.09877705 0.09792736 -0.015120968
1/1/2007 0.02685471 0.02076863 -0.008
12/1/2006 0.01549931 -0.0480414 0.017087063
11/1/2006 0.07102332 0.06076049 -0.034564022
10/1/2006 0.06180277 0.01250248 0.013535032
9/1/2006 0.00470746 0.07144376 0.010052272
8/1/2006 0.02740673 -0.0398122 -0.004004806
7/1/2006 -0.02008576 0.05197595 0.009704812
6/1/2006 0.02096774 0.01085541 -0.057904762
5/1/2006 0.04076739 0.00964489 -0.019973866
4/1/2006 0.05409505 0.03306159 -0.045098039
3/1/2006 -0.0265748 0.04077304 0.004476276
2/1/2006 0.04446158 0.04327514 0.105940594
1/1/2006 -0.1051058 -0.0355703 0.015075377
12/1/2005 0.16505895 0.15597588 -0.044738863
11/1/2005 0.01275441 0.01785714 -0.056179775
10/1/2005 0.01069665 0.00645886 0.057088123
9/1/2005 -0.01778017 0.00906772 -0.056057866
8/1/2005 0.0299667 0.01437195 0.058373206
7/1/2005 -0.04907652 -0.0110858 0.041666667
6/1/2005 -0.00052743 0.00313658 0.0217967
($9,416.15)
Year Returns Present value Year Returns
1 50,000 $44,642.86 1 60,000
2 50,000 $39,859.69 2 60,000
3 50,000 $35,589.01 3 60,000
4 50,000 $31,775.90 4 60,000
5 50,000 $28,371.34 5 60,000
6 50,000 $25,331.56 6 60,000
7 50,000 $22,617.46 7 60,000
8 50,000 $20,194.16 8 60,000
9 50,000 $18,030.50 9 60,000
10 550,000 $177,085.28 10 810,000
Sum Of Present Values $443,497.77 Sum Of Present Values
Option 1

Initial investment $500,000

NPV ($56,502.23)
Present value Year Returns Present value
$53,571.43 1 -500,000 $0.00
$47,831.63 2 0 $0.00
$42,706.81 3 60,000 $42,706.81
$38,131.08 4 90,000 $57,196.63
$34,045.61 5 120,000 $68,091.22
$30,397.87 6 150,000 $75,994.67
$27,140.95 7 180,000 $81,422.86
$24,232.99 8 210,000 $84,815.48
$21,636.60 9 240,000 $86,546.41
$260,798.32 10 350,000 $112,690.63
$580,493.31 sum of present values $609,464.71
Option 2 Option 3

$500,000 $500,000

$80,493.31 $109,464.71
Year Cash Flow ($) Cumulative Year Cash Flow ($)
Cash Flow ($)

0 -500,000 -500,000 0 -500,000


1 50,000 -450,000 1 60,000
2 50,000 -400,000 2 60,000
3 50,000 -350,000 3 60,000
4 50,000 -300,000 4 60,000
5 50,000 -250,000 5 60,000
6 50,000 -200,000 6 60,000
7 50,000 -150,000 7 60,000
8 50,000 -100,000 8 60,000
9 50,000 -50,000 9 60,000
10 550,000 500,000 10 810,000
Option 1

IRR 10%

PP 10 years
Cumulative Year Cash Flow ($) Cumulative
Cash Flow Cash Flow ($)
($)

-500,000 0 -500,000 -500,000


-440,000 1 0 -500,000
-380,000 2 0 -500,000
-320,000 3 60,000 -440,000
-260,000 4 90,000 -350,000
-200,000 5 120,000 -230,000
-140,000 6 150,000 -80,000
-80,000 7 180,000 100,000
-20,000 8 210,000 310,000
40,000 9 240,000 550,000
850,000 10 350,000 900,000
Option 2 Option 3

15% 15%

9 years 7 years
Time t (Year) Value Dividend per Share 1/ (1+ke) t = (Dt) Present Value
1 D1 4.16 0.909090909090909 3.78
2 D2 4.49 0.826446280991735 3.7112727272727
3 D3 4.85 0.751314800901578 3.6437950413223
4 D4 5.24 0.683013455365071 3.5775442223892
5 D5 5.66 0.620921323059155 3.5124979638003
5 V5 5.66*1.04/.06 0.620921323059155 60.91652126759
Expected value 98.11

Value of one share $ 79.14


Date ABC Ltd LMN Ltd XYZ Ltd
5/1/2010 0.06135124857 0.0075031263 0.101000314
4/1/2010 0.18275862069 0.20010005003 0.1006481128479
3/1/2010 -0.03793451608 -0.06501403181 0.0673448626653
2/1/2010 0.02392556491 0.02673283176 -0.022668522569 Percentage Avaerge Retur
1/1/2010 -0.16695374016 -0.12592696236 0.0675015920187 Percentage Standard Dev
12/1/2009 0.02925161454 0.00591133005 -0.003173931443
11/1/2009 -0.07572565543 -0.05968766543 0.0594037211388
10/1/2009 0.07161670638 0.12457210894 0.0357557464593
9/1/2009 0.05518793012 0.02957401165 0.0004645760743
8/1/2009 -0.00956875082 -0.01997296891 -0.045666149413
7/1/2009 -0.04875311721 -0.03799479919 -0.044886724539
6/1/2009 0.10028810536 0.0765163297 0.0106997646052
5/1/2009 0.08177500742 0.0045305421 -0.001922255446
4/1/2009 0.06160390736 0.03962968978 0.0204882301656
3/1/2009 0.02370967742 0.0521189337 -0.023414218817
2/1/2009 -0.02973395931 -0.0212410102 0.012936610608
1/1/2009 -0.04839910648 -0.05350641127 0.0327321309285
12/1/2008 -0.01017099057 -0.01435481354 0.0053727333781
11/1/2008 0.00712589074 0.02347492814 -0.064502617801
10/1/2008 0.05299359075 0.02320261438 -0.000836995187
9/1/2008 -0.04451082898 -0.03637222485 0.1029309946919
8/1/2008 -0.02277039848 -0.05364327224 0.0088474970896
7/1/2008 0.05708995525 0.04175721826 -0.076344086022
6/1/2008 0.00950155763 -0.01543634418 -0.005772931366
5/1/2008 -0.02223575998 -0.03381571175 0.0798891710921
4/1/2008 0.09616026711 0.06931943787 -0.046875
3/1/2008 0.03347135956 0.03802655302 0.045318610536
2/1/2008 -0.11457378552 -0.07392228294 -0.016293279022
1/1/2008 0.11250849762 0.12596137412 -0.014715719064
12/1/2007 -0.00456775503 -0.02467077846 -0.033405172414
11/1/2007 -0.00033823778 -0.00033327779 0.0265486725664
10/1/2007 -0.05012048193 -0.06278307044 0.0795318844041
9/1/2007 0.01665850073 0.03608414239 -0.025372439479
8/1/2007 0.0728929385 0.04603926879 -0.085957446809
7/1/2007 -0.05466291204 0.05594280608 0.0237421041168
6/1/2007 0.10709701082 0.03630301908 0.020675855936
5/1/2007 -0.01694609699 -0.00332287244 0.0051396648045
4/1/2007 -0.00911039657 -0.02396396396 -0.059281059491
3/1/2007 -0.04143835616 -0.03879459647 -0.026202661208
2/1/2007 0.0987770461 0.09792736262 -0.015120967742
1/1/2007 0.02685471406 0.02076863354 -0.008
12/1/2006 0.01549931332 -0.0480413895 0.0170870626526
11/1/2006 0.07102332423 0.06076048608 -0.034564021995
10/1/2006 0.06180276662 0.01250248065 0.0135350318471
9/1/2006 0.00470746469 0.0714437593 0.0100522718134
8/1/2006 0.02740672501 -0.03981216823 -0.004004805767
7/1/2006 -0.02008575942 0.05197594502 0.0097048119693
6/1/2006 0.02096774194 0.01085540599 -0.057904761905
5/1/2006 0.04076738609 0.00964489259 -0.01997386597
4/1/2006 0.0540950455 0.0330615942 -0.045098039216
3/1/2006 -0.02657480315 0.04077303794 0.0044762757386
2/1/2006 0.044461578 0.04327514138 0.1059405940594
1/1/2006 -0.10510579577 -0.03557031065 0.0150753768844
12/1/2005 0.16505894962 0.15597587719 -0.044738863287
11/1/2005 0.01275440977 0.01785714286 -0.056179775281
10/1/2005 0.01069665387 0.00645885987 0.0570881226054
9/1/2005 -0.01778017241 0.00906772457 -0.056057866184
8/1/2005 0.02996670366 0.01437194596 0.0583732057416
7/1/2005 -0.04907651715 -0.01108584423 0.0416666666667
6/1/2005 -0.00052742616 0.00313658397 0.0217966999389
ABC Ltd LMN Ltd XYZ Ltd
Average Returns 0.015235707573334 0.01373150698391 0.00538057987681
Standard deviation 0.063174915702297 0.05710348566828 0.04681151954767

Percentage Avaerge Returns 1.52% 1.37% 0.54%


Percentage Standard Deviation 6.32% 5.71% 4.68%

Companies Correlation Coefficient


ABC & LMN 0.823794347259547
ABC & XYZ -0.162698408720311
LMN & XYZ -0.141104861185702
Date ABC Ltd XYZ Ltd Portfolio Rate of Returns
5/1/2010 0.0613512486 0.101000314 0.081175781286982
4/1/2010 0.1827586207 0.10064811285 0.14170336676877
3/1/2010 -0.037934516 0.06734486267 0.014705173291403
2/1/2010 0.0239255649 -0.0226685226 0.000628521170036
1/1/2010 -0.16695374 0.06750159202 -0.0497260740694
12/1/2009 0.0292516145 -0.0031739314 0.013038841547043
11/1/2009 -0.075725655 0.05940372114 -0.008160967145977
10/1/2009 0.0716167064 0.03575574646 0.053686226421649
9/1/2009 0.0551879301 0.00046457607 0.027826253098045
8/1/2009 -0.009568751 -0.0456661494 -0.027617450115895
7/1/2009 -0.048753117 -0.0448867245 -0.046819920873235
6/1/2009 0.1002881054 0.01069976461 0.055493934984713
5/1/2009 0.0817750074 -0.0019222554 0.039926375987105
4/1/2009 0.0616039074 0.02048823017 0.041046068761728
3/1/2009 0.0237096774 -0.0234142188 0.000147729301419
2/1/2009 -0.029733959 0.01293661061 -0.008398674351702
1/1/2009 -0.048399106 0.03273213093 -0.007833487774755
12/1/2008 -0.010170991 0.00537273338 -0.002399128593966
11/1/2008 0.0071258907 -0.0645026178 -0.028688363532353
10/1/2008 0.0529935907 -0.0008369952 0.026078297779192
9/1/2008 -0.044510829 0.10293099469 0.029210082857526
8/1/2008 -0.022770398 0.00884749709 -0.006961450696167
7/1/2008 0.0570899553 -0.076344086 -0.009627065383843
6/1/2008 0.0095015576 -0.0057729314 0.001864313133069
5/1/2008 -0.02223576 0.07988917109 0.028826705558247
4/1/2008 0.0961602671 -0.046875 0.024642633555927
3/1/2008 0.0334713596 0.04531861054 0.039394985047159
2/1/2008 -0.114573786 -0.016293279 -0.065433532270138
1/1/2008 0.1125084976 -0.0147157191 0.048896389278561
12/1/2007 -0.004567755 -0.0334051724 -0.018986463723391
11/1/2007 -0.000338238 0.02654867257 0.013105217392606
10/1/2007 -0.050120482 0.0795318844 0.014705701238199
9/1/2007 0.0166585007 -0.0253724395 -0.004356969371826
8/1/2007 0.0728929385 -0.0859574468 -0.006532254155964
7/1/2007 -0.054662912 0.02374210412 -0.015460403962828
6/1/2007 0.1070970108 0.02067585594 0.063886433377852
5/1/2007 -0.016946097 0.0051396648 -0.005903216092447
4/1/2007 -0.009110397 -0.0592810595 -0.03419572803074
3/1/2007 -0.041438356 -0.0262026612 -0.033820508686081
2/1/2007 0.0987770461 -0.0151209677 0.04182803917701
1/1/2007 0.0268547141 -0.008 0.009427357032457
12/1/2006 0.0154993133 0.01708706265 0.016293187987063
11/1/2006 0.0710233242 -0.034564022 0.018229651116246
10/1/2006 0.0618027666 0.01353503185 0.037668899234589
9/1/2006 0.0047074647 0.01005227181 0.007379868253722
8/1/2006 0.027406725 -0.0040048058 0.011700959622298
7/1/2006 -0.020085759 0.00970481197 -0.005190473726492
6/1/2006 0.0209677419 -0.0579047619 -0.018468509984639
5/1/2006 0.0407673861 -0.019973866 0.010396760060684
4/1/2006 0.0540950455 -0.0450980392 0.00449850314241
3/1/2006 -0.026574803 0.00447627574 -0.01104926370551
2/1/2006 0.044461578 0.10594059406 0.07520108602996
1/1/2006 -0.105105796 0.01507537688 -0.045015209441874
12/1/2005 0.1650589496 -0.0447388633 0.060160043168808
11/1/2005 0.0127544098 -0.0561797753 -0.021712682755782
10/1/2005 0.0106966539 0.05708812261 0.033892388236308
9/1/2005 -0.017780172 -0.0560578662 -0.036919019299121
8/1/2005 0.0299667037 0.05837320574 0.044169954702112
7/1/2005 -0.049076517 0.04166666667 -0.003704925241865
6/1/2005 -0.000527426 0.02179669994 0.010634636889275
Standard deviation of the portfolio 0.03612508767

Standard deviation of ABC 0.0631749157

Standard deviation of XYZ 0.04681151955

Average SD of ABC and XYZ 0.05499321762


Date ABC Ltd LMN Ltd Porfolio Rate of Return
5/1/2010 0.061351248574 0.0075031263 0.034427187438295
4/1/2010 0.1827586206897 0.20010005003 0.191429335357334
3/1/2010 -0.0379345160825 -0.06501403181 -0.051474273943965
2/1/2010 0.0239255649092 0.02673283176 0.025329198334208
1/1/2010 -0.1669537401575 -0.12592696236 -0.146440351259655
12/1/2009 0.0292516145372 0.00591133005 0.017581472293214
11/1/2009 -0.0757256554307 -0.05968766543 -0.067706660431079
10/1/2009 0.071616706384 0.12457210894 0.098094407664415
9/1/2009 0.0551879301218 0.02957401165 0.042380970883741
8/1/2009 -0.0095687508192 -0.01997296891 -0.014770859866747
7/1/2009 -0.048753117207 -0.03799479919 -0.043373958198984
6/1/2009 0.1002881053642 0.0765163297 0.088402217534379
5/1/2009 0.0817750074206 0.0045305421 0.043152774761698
4/1/2009 0.0616039073578 0.03962968978 0.050616798570896
3/1/2009 0.0237096774194 0.0521189337 0.037914305558618
2/1/2009 -0.0297339593114 -0.0212410102 -0.0254874847569
1/1/2009 -0.048399106478 -0.05350641127 -0.050952758874604
12/1/2008 -0.010170990566 -0.01435481354 -0.012262902054746
11/1/2008 0.0071258907363 0.02347492814 0.015300409437159
10/1/2008 0.0529935907457 0.02320261438 0.038098102562374
9/1/2008 -0.0445108289768 -0.03637222485 -0.040441526911665
8/1/2008 -0.022770398482 -0.05364327224 -0.03820683536079
7/1/2008 0.0570899552538 0.04175721826 0.04942358675451
6/1/2008 0.0095015576324 -0.01543634418 -0.002967393276113
5/1/2008 -0.0222357599756 -0.03381571175 -0.028025735864957
4/1/2008 0.0961602671119 0.06931943787 0.082739852488502
3/1/2008 0.0334713595583 0.03802655302 0.035748956291205
2/1/2008 -0.1145737855179 -0.07392228294 -0.094248034228275
1/1/2008 0.1125084976207 0.12596137412 0.119234935872374
12/1/2007 -0.004567755033 -0.02467077846 -0.014619266748033
11/1/2007 -0.0003382377812 -0.00033327779 -0.000335757784098
10/1/2007 -0.0501204819277 -0.06278307044 -0.056451776181722
9/1/2007 0.0166585007349 0.03608414239 0.026371321564878
8/1/2007 0.0728929384966 0.04603926879 0.059466103642334
7/1/2007 -0.0546629120424 0.05594280608 0.000639947017225
6/1/2007 0.1070970108197 0.03630301908 0.07170001494867
5/1/2007 -0.0169460969894 -0.00332287244 -0.010134484713991
4/1/2007 -0.0091103965702 -0.02396396396 -0.016537180267084
3/1/2007 -0.0414383561644 -0.03879459647 -0.040116476315652
2/1/2007 0.098777046096 0.09792736262 0.098352204356211
1/1/2007 0.0268547140649 0.02076863354 0.023811673802644
12/1/2006 0.0154993133216 -0.0480413895 -0.016271038091621
11/1/2006 0.0710233242278 0.06076048608 0.065891905155834
10/1/2006 0.061802766622 0.01250248065 0.037152623636483
9/1/2006 0.004707464694 0.0714437593 0.038075611998294
8/1/2006 0.0274067250115 -0.03981216823 -0.006202721610208
7/1/2006 -0.0200857594223 0.05197594502 0.015945092797465
6/1/2006 0.0209677419355 0.01085540599 0.015911573963834
5/1/2006 0.0407673860911 0.00964489259 0.025206139341048
4/1/2006 0.0540950455005 0.0330615942 0.043578319851702
3/1/2006 -0.0265748031496 0.04077303794 0.007099117397622
2/1/2006 0.0444615780005 0.04327514138 0.043868359691184
1/1/2006 -0.1051057957682 -0.03557031065 -0.070338053207775
12/1/2005 0.1650589496249 0.15597587719 0.160517413408924
11/1/2005 0.0127544097693 0.01785714286 0.015305776313239
10/1/2005 0.0106966538673 0.00645885987 0.008577756869037
9/1/2005 -0.0177801724138 0.00906772457 -0.004356223922963
8/1/2005 0.0299667036626 0.01437194596 0.02216932481204
7/1/2005 -0.0490765171504 -0.01108584423 -0.030081180690036
6/1/2005 -0.0005274261603 0.00313658397 0.001304578907285
Standard deviation of the portfolio 0.05743598016491

Standard deviation of ABC 0.0631749157023

Standard deviation of LMN 0.05710348566828

Avarage SD of ABC and LMN 0.06013920068529

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