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ACCA

Paper F9
Financial Management
Revision Mock Examination
December 2016
Question Paper
Time Allowed 3 hours Reading, planning and writing
15 minutes

This paper is divided into three sections:


Section A ALL 15 questions are compulsory and MUST be attempted
Section B ALL 15 questions are compulsory and MUST be attempted
Section C BOTH questions are compulsory and MUST be attempted

Formulae Sheet, Present Value and Annuity Tables are at the end
of the paper.
Do NOT open this paper until instructed by the supervisor.
During reading and planning time only the question paper may be
annotated. You must NOT write in your answer booklet until
instructed by the supervisor.
Interactive World Wide Ltd, September 2016
All rights reserved. No part of this publication may be reproduced, stored in a retrieval
system, or transmitted, in any form or by any means, electronic, mechanical,
photocopying, recording or otherwise, without the prior written permission of Interactive
World Wide Ltd.

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Section A ALL questions are compulsory and MUST be attempted

1. PPL plc, a UK-based business, has recently exported antique furniture to a US


customer and is due to be paid $500,000 in three months time. To hedge against
foreign exchange risk, PPL plc has entered into a forward contract to sell $500,000 in
three months time. The relevant exchange rates are as follows:

$/
Spot 1 15535 15595
Three months forward 15500 15570

How much will Polaris plc receive in sterling at the end of three months?

A. 321,130

B. 321,234

C. 322,373

D. 322,477

2. A business uses each of the hedging methods described below to protect against a
particular type of foreign exchange risk:

Hedging method used Type of foreign exchange risk


1. Matching receipts and payments Transaction risk
2. Matching assets and liabilities Economic risk
3. Leading and lagging Translation risk

Which of the hedging methods described above are suitable for their
intended purpose?

A. 1 and 2

B. 1 and 3

C. 1, 2 and 3

D. 2 and 3

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3. ETP plc has ordinary shares in issue that have a beta of 08. The current market rate
of return is 9% and the risk free rate of return is 3%. The company pays a constant
dividend of 40 cents per share.

What is the predicted market value of each of the companys shares?

A. 3922 cents

B. 5128 cents

C. 5556 cents

D. 8333 cents

4. Consider the following two statements concerning finance leasing.

1. The lessor is responsible for the maintenance and servicing of the asset

2. The period of the lease will cover all, or substantially all, of the useful economic
life of the leased asset.

Which one of the following combinations (true/false) concerning the above


statements is correct?

Statement
1 2
A. True True
B. True False
C. False True
D. False False

5. LEPS plc has issued loan stock of $100 nominal value with annual interest of 10% per
year, based on the nominal value. The loan stock has two years remaining before it
is redeemed at par. Interest is paid annually and the most recent interest payment
has just been paid. Investors currently require a yield of 8% per year on the loan
stock.

What is the market value of the loan stock per 100 nominal value?

A. $9530

B. $10040

C. $10390

D. $12500

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6. Which one of the following may indicate that a business is over-capitalised?

A. A higher-than-average debt to equity ratio

B. A lower-than-average acid-test ratio

C. A lower-than-average sales to working capital ratio

D. A higher-than-average net profit margin.

7. Investors have an expected rate of return of 8% from ordinary shares in ABC plc,
which have a beta of 12. The expected returns to the market are 7%.

What will be the expected rate of return from ordinary shares in XYZ plc,
which have a beta of 1.8?

A. 90%

B. 105%

C. 110%

D. 126%

8. A retailer sells 25,000 units of a particular product each year and the demand for the
product is even throughout the year. The purchase price of the product is $4 per
unit. The cost of placing each order for the product is $10, the cost of holding one
unit in stock for one year is $2 and the economic order quantity is 500 units.

What is the total annual cost of trading in this particular product?

A. $100,500

B. $101,000

C. $101,500

D. $102,500

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9. PUR plc is considering four possible investment projects for the current year but has
only a limited amount to invest. As a result it will not be able to undertake in full all
of the projects available. All of the projects are divisible. Details of each project are
as follows:

Project Investment Present value of net cash


outlay inflows
$m $m
J 40 48
B 45 64
T 60 66
N 70 92

In what order should they be ranked if the business wishes to maximise the
wealth of its shareholders?

Project Ranking
1 2 3 4
A. J B T N
B. T B J N
C. B N J T
D. N T B J

10.Consider the following statements concerning capital market efficiency.

Under the weak form of market efficiency:

1. share prices anticipate new information becoming available

2. share price movements reveal a detectable trend over time

Which one of the following combinations (true/false) concerning the above


statements is correct?

Statement 1 Statement 2
A. True True
B. True False
C. False True
D. False False

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11.Meta plc has the following capital structure:

$000
050 Ordinary shares 4,000
Retained profits 5,000
9,000

The company has a return on ordinary shareholders funds of 10 per cent and this
level of return is expected to continue after a forthcoming 1-for-4 rights issue at
$120 per share.

What will be the earnings per share (in cents) following the rights issue?

A. 50

B. 100

C. 114

D. 228

12.Which one of the following statements concerning sources of finance is


correct?

A. Retained earnings represent a free source of finance to the business

B. Invoice discounting involves the administration of debtors by the invoice


discounter

C. A bank overdraft is normally regarded as a long-term source of finance

D. Mezzanine finance normally has both a debt and an equity element

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13.MCV plc is considering investing in two competing projects: Delta and Gamma. Delta
has a net present value (NPV) of $16,500 and an internal rate of return (IRR) of
17%. Details of the estimated cash flows of Gamma are as follows:

Cash flows $000


Year 0 (200)
Year 1 120
Year 2 60
Year 3 80

The business has a cost of capital of 10%.

Which one of the following combinations is correct concerning the NPV and
IRR of the two projects?

Project
Delta Gamma
A. Higher NPV Higher IRR
B. Higher NPV Lower IRR
C. Lower NPV Higher IRR
D. Lower NPV Lower IRR

14.HRA plc has 5 million shares in issue that have a current market value of 1000 per
share. The company has decided to make a one-for-four rights issue at a discount of
20% on the current market value.

What will be the theoretical value of the rights attached to each original
share?

A. 040

B. 050

C. 160

D. 240

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15.LTO plc has 10 million 100 ordinary shares in issue that have a current market
value of 200 per share. The company also has irredeemable loan capital in issue
with a nominal value of 20 million that is quoted at 150 per 100 nominal value.
The cost of ordinary shares is estimated at 15% and the rate of interest on the loan
capital is 12%. The rate of corporation tax is 25%.

What is the weighted average cost of capital for the company?

A. 130%

B. 114%

C. 110%

D. 132%

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Section B ALL 15 questions are compulsory and MUST be
attempted

The following scenario relates to Questions 16 - 20

The most recent summarised financial statements of WLF are as follows:


Statement of financial position as at 31 October 2016

$m $m
Non-current assets
Freehold land and buildings 490
Fixtures and fittings 44
Motor vans 68
602
Current assets
Inventory 420
Trade Receivables 330 750
Total assets 1,352
Equity Capital
Ordinary shares 200
Retained earnings 562
762
Non-current liabilities
7% Loan notes 180
6% Preference shares 105 285
Current liabilities
Trade payables 245
Proposed dividend 60 305
Total equity and liabilities 1,352

Income statement extract for the year ended 31 October 2016

$m
Profit after taxation 216
Proposed dividend 60
Retained profit for the year 156

The dividends of the company have grown in recent years by an average rate of 3% per
year, whilst future earnings are expected to grow by 2%. The ordinary shares of the
company have a par value of $0.50 per share and an ex div market value of $8.30 per
share. WLF has a cost of equity of 9%. The average price earnings ratio for similar listed
businesses is 8 times, whilst investors required a yield of 12%

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16.Using the Net Asset Method the value per ordinary share in WLF Ltd is?

A. $3.81

B. $1.91

C. $4.34

D. $2.17

17.Using the Dividend Growth Model, what is the total value of WLF?

A. $1,000m

B. $667m

C. $1,030m

D. $687m

18.Using the Price Earnings Ratio, what is the value per ordinary share in WLF?

A. $3.12
B. $6.24
C. $4.32
D. $8.64

19.Using the Earnings Yield method, what is the total value of WLF?

A. $1,800m

B. $2,160m

C. $1,836m

D. $2,203m

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20.The efficient market hypothesis examines the way in which information is absorbed
into the share price.

Which of the following statements describes the SEMI STRONG form of


market efficiency?

A. Share prices quickly and accurately reflect all publicly available information.
Investors will be unable to make abnormal gains.

B. Share prices reflect all historic and future published information. Investors can
make abnormal gains.

C. Share prices reflect all relevant published information relating to the past share
price and trading performance. Changes in share prices will occur on a random
basis.

D. Share prices will reflect all information, whether publicly available or not.
Investors will be unable to make abnormal gains even if they have access to
inside information.

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The following scenario relates to Questions 21 - 25

FAQ plc has recently appointed a new Finance Director who has concluded that the
business does not exert sufficient control over its inventory management.
Within the first few weeks of taking up the new job, she found evidence of both
overstocking and under stocking of many items. She believes that the longer term
solution to these problems is to adopt a just-in-time approach for many items. However,
in the short term she has started to implement stock management models to help
minimise costs. As a starting point, the company has implemented the Economic Order
Quantity model to the management of its inventory. Although this has already proved
beneficial, the business has now received an offer from a supplier of one of its products.
The supplier has offered a discount of 2.5% on the cost of each of that product for order
sizes of 200 or more and a discount of 4% for order sizes of 400 or more. Each product
costs $60 to purchase and the cost of holding one unit in stock is estimated at $80 per
year. The ordering cost is $50 and the quarterly sales demand is 2,000 units, which
accrues evenly over the year. It can be assumed that there are 360 days in a year.

21.What is the Total Ordering Cost if the EOQ model is adopted?

A. $4,000

B. $8,000

C. $2,000

D. $1,000

22.What is the Total Holding Cost if the company places an order for 400 units?

A. $32,000

B. $17,000

C. $1,000

D. $16,000

23.What is the saving in the purchase price if the company places an order for
200 units?

A. $3,000

B. $4,800

C. $12,000

D. $19,200

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24.Just in Time (JIT) approach to inventory management enhances the efficiency of the
inventory management process.

Which of the following is NOT an advantage of Just in Time?

A. Reduction in carrying and handling costs of inventories.

B. Reduction in the risk of materials running out when needed in production.

C. Reduction in risk of obsolescence of inventories.

D. Reduction in costs of waste and spoilage as a result of improved quality.

25.What would be the impact on the Economic Order Quantity and the Order
Cost if the cost of holding a single unit was to fall?

EOQ Order Cost


A. Increase Increase
B. Increase Reduce
C. Reduce Increase
D. Reduce Reduce

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The following scenario relates to Questions 26 - 30

Zonto plc is a UK based company that regularly trades with companies in the USA and
Europe. Several large transactions with European firms are due in one years time. These
are shown below.

Exports to: Imports from:


Company 1 154m 15m
Company 2 89m
Company 3 11m 75m

In addition Zonto has to make a $850,000 payment to a US firm in 6 months time. The
following exchange rate and interest rates are available to Zonto.

Offer Bid

Spot rate ($ per 1) 2.0145 2.0225

Six month forward rate ($ per 1) 2.0325 2.0405

Annual Rates Sterling Dollar

Deposit rate 2.8% 4.2%

Borrowing rate 5.4% 6.8%

26.If Zonto adopts a netting approach to the transactions in Europe, what is the
exposed foreign exchange risk?

A. 14m payment
B. 14m receipt
C. 10m receipt
D. 10m payment

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27.What is the cost if TPH used a Forward Contract?

A. 418,214

B. 421,941

C. 420,272

D. 416,564

28.What is the net payment if TPH used a Lead Payment?

A. 444,726

B. 431,619

C. 442,967

D. 433,3332

29.What is the net payment if TPH used a Money Market Hedge?

A. 426,800

B. 420,661

C. 424,421

D. 430,263

30.Zonto is considering not taking any action and acquiring the $850,000 in six months
time.

What would be the spot rate in six months if the interest rate parity theory
is applied?

A. $2.0648 /

B. $2.0401 /

C. $2.0655 /

D. $1.9892 /

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Section C BOTH questions are compulsory and MUST be
attempted

Question 31

PEP Co is considering a project, whether or not to commercialise an innovative muscle


toning device (MTD) that will be used in the treatment of sporting injuries. It is expected
that the commercial life of MTD will be four years after which technological advances will
bring more sophisticated devices to the market and the sales of MTD will fall to virtually
zero. $8,000,000 has been spent in developing and testing the device over the past
year. Initial market research has been conducted at a cost of $2,500,000 and is due to
be paid shortly.
Information on future returns from the investment has been forecast to be as follows:

Year 1 2 3 4
Units demand 20,000 70,000 125,000 20,000
Selling price in current price terms ($/unit) 2,000 2,200 1,600 1,500
Variable cost in current price terms ($/unit) 900 1,000 1,020 1,020
Fixed costs in current price terms
($million/year) 10 10 10 10

Selling price inflation and fixed costs inflation are expected to be 5% per year and
variable cost inflation is expected to be 4% per year. Fixed costs represent incremental
fixed production overheads which are wholly attributable to the project.

The production equipment for the new device would cost $120 million and an additional
initial investment of $20 million would be needed for working capital. The equipment is
expected to be sold at the end of four years for $10 million when the production and
sales cease. The average general level of inflation is expected to be 3% per year and
working capital would experience inflation of this level.

Capital allowances (tax-allowable depreciation) on a 25% reducing balance basis could


be claimed on the cost of equipment. Profit tax of 30% per year will be payable one year
in arrears. A balancing allowance would be claimed in the fourth year of operation.

PEP Co has a nominal cost of capital of 11%.

Required:

(a) Calculate the net present value of the MTD project and comment on
whether this project is financially acceptable to PEP Co.

(10 marks)

(b) Discuss the advantages and disadvantages of internal rate of return as a


technique for appraising investment.
(4 marks)

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PEP is exploring an option to lease rather than purchase the production equipment. It
has been offered the opportunity to pay an annual fee of $35m which would include all
maintenance costs, and would need to be paid at the start of each year. If they did
purchase the machine annual maintenance of $3m would remain their responsibility.
The pre-tax cost of debt is 7.14%. Ignore inflation.

(c) Calculate and comment on whether the option to lease is financially


acceptable to PEP Co.
(6 marks)

(20 marks)

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Question 32

The following is the latest financial statements extract of BMP Co for the year ended 31
October 2016

$000
ASSETS
Total assets 708,680
EQUITY AND LIABILITIES
Share capital 50,000
Retained earnings 369,470
Non-current liabilities
8% Loan notes 150,000
7% Bank loan 120,000
Current liabilities 19,210

Each share has a nominal value of $025 and BMP Cos PE ratio is 11. It is the companys
policy to have a dividend payout ratio of 40% and the most recently declared dividends
for the year to 30 November 2011 were $018 per share. The rate of increase of the
dividends has been stable over the past five years, increasing from $014 per share to
the current rate.

The loan notes are redeemable in exactly five years at par and are currently trading at
$103 per $100. Both the loan notes and the bank loan are secured on the non-current
assets of BMP Co.

BMP Co is considering investing in a new project which will be a diversification away from
its current activities. The company want to calculate its cost of capital based on its
current capital structure and use as a discount factor to appraise the proposed new
project.

Other relevant information

Current risk free rate of return 5%


Equity risk premium 5%
BMP Cos equity beta 0.75
Tax rate (payable in the year incurred) 25%

Required:

(a) Calculate BMP Cos cost of equity using both the capital asset pricing
model (CAPM) and the dividend valuation model (DVM), and explain why
the two methods give different answers.

(8 marks)

(b) Calculate BMP Cos current weighted average cost of capital (WACC),
based on the CAPM computed cost of equity.
(6 marks)

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(c) Explain the main differences between systematic risk and unsystematic
risk.

(6 marks)

(20 marks)

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Formulae Sheet

Economic Order Quantity

2C0D
=
CH

Miller-Orr Model

Return point = Lower limit + (1/3 spread)


1
3 3
4 transaction cost variance of cash flows
Spread = 3
interest rate

The Capital Asset Pricing Model

E(ri) = Rf + i (E (rm) Rf)

The Asset Beta Formula

Ve Vd(1 T)
a = e + d
(Ve Vd(1 T)) (Ve Vd(1 T))

The Growth Model

D0(1 g) D (1 g)
P0 = or P0 = 0
(Ke g) (re g)

Gordons Growth Approximation

g = bre

The weighted average cost of capital

Ve Vd
WACC = ke + kd (1T)
Ve Vd Ve Vd

The Fisher formula

(1 + i) = (1 + r)(1 + h)

Purchasing Power Parity and Interest Rate Parity

(1 hc )
S1 = S 0
(1 hb )

(1 ic )
F0 = S 0
(1 ib )

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Present Value Table

Present value of 1 ie (1 + r)-n

Where r = discount rate


n = number of periods until payment

Discount rate (r)


Periods
(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 1
2 0.980 0.961 0.943 0.925 0.907 0.890 0.873 0.857 0.842 0.826 2
3 0.971 0.942 0.915 0.889 0.864 0.840 0.816 0.794 0.772 0.751 3
4 0.961 0.924 0.888 0.855 0.823 0.792 0.763 0.735 0.708 0.683 4
5 0.951 0.906 0.863 0.822 0.784 0.747 0.713 0.681 0.650 0.621 5

6 0.942 0.888 0.837 0.790 0.746 0.705 0.666 0.630 0.596 0.564 6
7 0.933 0.871 0.813 0.760 0.711 0.665 0.623 0.583 0.547 0.513 7
8 0.923 0.853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.467 8
9 0.914 0.837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 0.424 9
10 0.905 0.820 0.744 0.676 0.614 0.558 0.508 0.463 0.422 0.386 10

11 0.896 0.804 0.722 0.650 0.585 0.527 0.475 0.429 0.388 0.350 11
12 0.887 0.788 0.701 0.625 0.557 0.497 0.444 0.397 0.356 0.319 12
13 0.879 0.773 0.681 0.601 0.530 0.469 0.415 0.368 0.326 0.290 13
14 0.870 0.758 0.661 0.577 0.505 0.442 0.388 0.340 0.299 0.263 14
15 0.861 0.743 0.642 0.555 0.481 0.417 0.362 0.315 0.275 0.239 15
(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833 1
2 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.694 2
3 0.731 0.712 0.693 0.675 0.658 0.641 0.624 0.609 0.593 0.579 3
4 0.659 0.636 0.613 0.592 0.572 0.552 0.534 0.516 0.499 0.482 4
5 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.419 0.402 5

6 0.535 0.507 0.480 0.456 0.432 0.410 0.390 0.370 0.352 0.335 6
7 0.482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279 7
8 0.434 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233 8
9 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.225 0.209 0.194 9
10 0.352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162 10

11 0.317 0.287 0.261 0.237 0.215 0.195 0.178 0.162 0.148 0.135 11
12 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.124 0.112 12
13 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.116 0.104 0.093 13
14 0.232 0.205 0.181 0.160 0.141 0.125 0.111 0.099 0.088 0.078 14
15 0.209 0.183 0.160 0.140 0.123 0.108 0.095 0.084 0.074 0.065 15

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Annuity Table

1 - (1 + r)-n
Present value of an annuity of 1 ie
r
Where r = discount rate
n = number of periods

Discount rate (r)


Periods
(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 1
2 1.970 1.942 1.913 1.886 1.859 1.833 1.808 1.783 1.759 1.736 2
3 2.941 2.884 2.829 2.775 2.723 2.673 2.624 2.577 2.531 2.487 3
4 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170 4
5 4.853 4.713 4.580 4.452 4.329 4.212 4.100 3.993 3.890 3.791 5

6 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.355 6
7 6.728 6.472 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868 7
8 7.652 7.325 7.020 6.733 6.463 6.210 5.971 5.747 5.535 5.335 8
9 8.566 8.162 7.786 7.435 7.108 6.802 6.515 6.247 5.995 5.759 9
10 9.471 8.983 8.530 8.111 7.722 7.360 7.024 6.710 6.418 6.145 10

11 10.37 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.495 11
12 11.26 10.58 9.954 9.385 8.863 8.384 7.943 7.536 7.161 6.814 12
13 12.13 11.35 10.63 9.986 9.394 8.853 8.358 7.904 7.487 7.103 13
14 13.00 12.11 11.30 10.56 9.899 9.295 8.745 8.244 7.786 7.367 14
15 13.87 12.85 11.94 11.12 10.38 9.712 9.108 8.559 8.061 7.606 15
(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833 1
2 1.713 1.690 1.668 1.647 1.626 1.605 1.585 1.566 1.547 1.528 2
3 2.444 2.402 2.361 2.322 2.283 2.246 2.210 2.174 2.140 2.106 3
4 3.102 3.037 2.974 2.914 2.855 2.798 2.743 2.690 2.639 2.589 4
5 3.696 3.605 3.517 3.433 3.352 3.274 3.199 3.127 3.058 2.991 5

6 4.231 4.111 3.998 3.889 3.784 3.685 3.589 3.498 3.410 3.326 6
7 4.712 4.564 4.423 4.288 4.160 4.039 3.922 3.812 3.706 3.605 7
8 5.146 4.968 4.799 4.639 4.487 4.344 4.207 4.078 3.954 3.837 8
9 5.537 5.328 5.132 4.946 4.772 4.607 4.451 4.303 4.163 4.031 9
10 5.889 5.650 5.426 5.216 5.019 4.833 4.659 4.494 4.339 4.192 10

11 6.207 5.938 5.687 5.453 5.234 5.029 4.836 4.656 4.486 4.327 11
12 6.492 6.194 5.918 5.660 5.421 5.197 4.988 4.793 4.611 4.439 12
13 6.750 6.424 6.122 5.842 5.583 5.342 5.118 4.910 4.715 4.533 13
14 6.982 6.628 6.302 6.002 5.724 5.468 5.229 5.008 4.802 4.611 14
15 7.191 6.811 6.462 6.142 5.847 5.575 5.324 5.092 4.876 4.675 15

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