Bond Pricing

P = Bond Price, M - Maturity Value, C = Coupon Payment, y = annual yield, T = number of years, n =
number of coupon payments per year.

 
nT  
C M C  1  M
P   1 
s 1  y
s
 y
nT
 y    y  nT   y  nT
1   1      1    1  
n  n   n
 n  n 
First term of the formula corresponds to the sum of discounted coupon payments
Second term corresponds to the discounted maturity value of the bond.

8 You are offered a perpetual bond paying an annual cash flow of $50. If the annual interest rate is 8%, what is the p
Perpetual bond
Annual cash flow $50
Annual interest rate 8%

Price: $625.00

9 What happens to the price of the perpetual bond if the annual interest rate falls from 8% to 6%?
Perpetual bond
Annual cash flow $50
Annual interest rate 6%

Price: $833.33

10 Consider a bond maturing in 20 years, paying 8% semiannual coupons, with face value of US$1,000. Assume the YT
Maturity (years) 20
Coupon rate 8%
Frequency of payments 2
Face value $1,000
YTM 6%

What is the price of the bond?

Method 1: Bond Pricing Formula

Maturity (years) 20
Coupon rate 8%
Frequency of payments 2 Cash flows:
 Face value $1,000 Discounted cash flows
YTM 6% Sum:
Coupon payment $40
Sum of discounted coupon payments $924.59
Discounted principal amount $306.56
Bond price $1,231.15

11 What happens to the price of the above bond if the YTM rises to 10%?
Method 1: Bond Pricing Formula
Maturity (years) 20
Coupon rate 8%
Frequency of payments 2 Cash flows:
Face value $1,000 Discounted cash flows
YTM 10% Sum:
Coupon payment $40
Sum of discounted coupon payments $686.36
Discounted principal amount $142.05
Bond price $828.41

12 Consider a 9% semiannual coupon bond with 20 years to maturity and a face value of US$ 1,000. Assume that the
Calculate the bond price using the Excel PRICE function and either Method 1 (Bond Pricing Formula) or Method 2 (

Hint: in the Excel PRICE function, the redemption price is the bond face value per US$100, so enter
“100” for this argument. Then, if the face value is equal to $1,000, you need to multiply your price
answer by 10. If it is $10,000, you to multiply your answer by 100, and so on).

Excel PRICE function

BOND DATA
Settlement 12/7/2015
Maturity 12/7/2035 Cash flows:
Coupon rate 9% Discounted cash flows
Face Value $1,000 Sum:
Frequency of payments 2
Coupon payment $45.00
Time to maturity (years) 20
Market required yield 12%

Bond price (PRICE Excel function) $774.31

Method 1: Bond Pricing Formula

Bond price $774.31

13 Consider a 7% seminannual coupon bond with 30 years to maturity and a face value of USD 1,000. Assume that the
Calculate the bond price using the Excel PRICE function (you may use Method 1 or Method 2 to check your result).
What happens to the bond price if the same bond matures in 20 years?
 Settlement 12/7/2015 12/7/2015
Maturity 12/7/2045 12/7/2035
Coupon rate 7% 7%
Face Value $1,000 $1,000
Frequency of payments 1 1
Coupon payment $70.00 $70.00
Time to maturity 30 20
Market required yield 12% 12%
Bond price (PRICE Excel function) $597.24 $626.53

Bond price (formula) $597.24 $626.53

14 What is the price of a 10-year zero coupon bond with face value of $1,000 and when the market required yield is 6
What happens to the bond price if the bond matures in 20 years, instead of 10?

Face Value $1,000.00

Market required yield 6%
Maturity (years) 10
Frequency of payments 2
Price $553.68

Face Value $1,000.00

Market required yield 6%
Maturity (years) 20
Frequency of payments 2
Price $306.56
T = number of years, n =

M
nT
 y
1  
 n

est rate is 8%, what is the price you will be willing to pay?

of US$1,000. Assume the YTM is 6%. Find the bond price.

Method 2: Discounted cash flows:

Semi-annual period:
0 1 2 3 4 5 6 7 8
$40 $40 $40 $40 $40 $40 $40 $40
 $ 38.83 $ 37.70 $ 36.61 $ 35.54 $ 34.50 $ 33.50 $ 32.52 $ 31.58
$ 1,231.15

(Hint: Semi-annual coupon payments and yields should be used)

Method 2: Discounted cash flows:

Semi-annual period:
0 1 2 3 4 5 6 7 8
$40 $40 $40 $40 $40 $40 $40 $40
$ 38.10 $ 36.28 $ 34.55 $ 32.91 $ 31.34 $ 29.85 $ 28.43 $ 27.07
$ 828.41

US$ 1,000. Assume that the yield-to-maturity is 12%.

cing Formula) or Method 2 (Sum of discounted cash flows).

Method 2: Discounted cash flows:

Semi-annual period:
0 1 2 3 4 5 6 7 8
$45 $45 $45 $45 $45 $45 $45 $45
$ 42.45 $ 40.05 $ 37.78 $ 35.64 $ 33.63 $ 31.72 $ 29.93 $ 28.23
$ 774.31

USD 1,000. Assume that the YTM is 12%.

hod 2 to check your result).
e market required yield is 6%?
 9 10 11 12 13 14 15 16 17
$40 $40 $40 $40 $40 $40 $40 $40 $40
$ 30.66 $ 29.76 $ 28.90 $ 28.06 $ 27.24 $ 26.44 $ 25.67 $ 24.93 $ 24.20

9 10 11 12 13 14 15 16 17
$40 $40 $40 $40 $40 $40 $40 $40 $40
$ 25.78 $ 24.56 $ 23.39 $ 22.27 $ 21.21 $ 20.20 $ 19.24 $ 18.32 $ 17.45

9 10 11 12 13 14 15 16 17
$45 $45 $45 $45 $45 $45 $45 $45 $45
$ 26.64 $ 25.13 $ 23.71 $ 22.36 $ 21.10 $ 19.90 $ 18.78 $ 17.71 $ 16.71
 18 19 20 21 22 23 24 25 26
$40 $40 $40 $40 $40 $40 $40 $40 $40
$ 23.50 $ 22.81 $ 22.15 $ 21.50 $ 20.88 $ 20.27 $ 19.68 $ 19.10 $ 18.55

18 19 20 21 22 23 24 25 26
$40 $40 $40 $40 $40 $40 $40 $40 $40
$ 16.62 $ 15.83 $ 15.08 $ 14.36 $ 13.67 $ 13.02 $ 12.40 $ 11.81 $ 11.25

18 19 20 21 22 23 24 25 26
$45 $45 $45 $45 $45 $45 $45 $45 $45
$ 15.77 $ 14.87 $ 14.03 $ 13.24 $ 12.49 $ 11.78 $ 11.11 $ 10.48 $ 9.89
 27 28 29 30 31 32 33 34 35
$40 $40 $40 $40 $40 $40 $40 $40 $40
$ 18.01 $ 17.48 $ 16.97 $ 16.48 $ 16.00 $ 15.53 $ 15.08 $ 14.64 $ 14.22

27 28 29 30 31 32 33 34 35
$40 $40 $40 $40 $40 $40 $40 $40 $40
$ 10.71 $ 10.20 $ 9.72 $ 9.26 $ 8.81 $ 8.39 $ 7.99 $ 7.61 $ 7.25

27 28 29 30 31 32 33 34 35
$45 $45 $45 $45 $45 $45 $45 $45 $45
$ 9.33 $ 8.80 $ 8.31 $ 7.83 $ 7.39 $ 6.97 $ 6.58 $ 6.21 $ 5.85
 36 37 38 39 40
$40 $40 $40 $40 $1,040
$ 13.80 $ 13.40 $ 13.01 $ 12.63 $ 318.82

36 37 38 39 40
$40 $40 $40 $40 $1,040
$ 6.91 $ 6.58 $ 6.26 $ 5.97 $ 147.73

36 37 38 39 40
$45 $45 $45 $45 $1,045
$ 5.52 $ 5.21 $ 4.92 $ 4.64 $ 101.60
 Yield Measures

16 Consider a bond, paying 8% semiannual coupons, with face value of US$1,000, maturing in 15 years and selling for
Hint: use cells E15:AG15 to set up the cash flows for the bond. The price in cell E17 is calculated as the sum of cash fl
to the known price in cell D10, that is, closing the “Gap” to zero. Note that you need to make an initial guess on the

Face value 1,000

Coupon rate 8%
Frequency of payments 2
Time to maturity (years) 15
Price 724.7
Semi-annual period:
1 2
Cash flows 40 40
Discounted cash flows 37.72 35.58
Price (Calculated as the sum of discounted cash flows) 724.70
Semiannual YTM 6.03%
Annual YTM 12.07%

Gap (Difference between the known price and the calculated price) 0.00

17 Following the previous exercise, calculate the effective annual yield.

Effective annual rate 12.43%

18 What is the YTM of a $100 face value 15-year bond paying 7.5% annual coupons and priced at 102.45? Use either t

Bond data
Years to maturity 15
Settlement date 1/1/2016
Maturity date 1/1/2031
Coupon 7.5%
Frequency 1
Face value $100
Price $102.45
Yield (Excel YIELD function) 7.23%
Using Excel IRR Function

Year 0 1 2
Cash flows -102.45 $7.50 $7.50
 IRR 7.23%

20 For the next two questions, consider a 20-year, 8.5% coupon bond selling for $850.42 per $1,000 par value. This bo
Find, by using either Goal Seek or the Excel IRR function, the semiannual yield-to-call (YTC), the annual YTC and the
Hint: all of the hints given in Question 16 apply here as well.

Maturity (years) 20
Coupon rate 8.50%
Face value 1,000
Frequency 2
Years to call 5
Price per $1000 of face value $850.42
Price in 5 years $1,025
Semi-annual periods
Period (in semesters) 0 1 2
Cash flows -850.4 42.5 42.5
Discounted cash flows 39.90 37.46
Price (Calculated as the sum of discounted cash flows) 850.4
Semiannual YTC 6.52%
Annual YTC 13.04%
Effective annual rate 13.46%

Gap (Difference between the calculated price and the known price) 0.00

Semiannual YTC using IRR 6.52%

Annual YTC 13.04%

21 Calculate the effective yield-to-call.

Effective Annual Rate 13.46%

For the following questions, consider a bond maturing in 30 years, paying 7% semiannual coupons, with face value

22 Using the Excel PRICE function, calculate the bond price when the YTM is equal to 8%, 9% and 10%.

Maturity (years) 30
Settlement date 1/1/2016
Maturity date 1/1/2046
Coupon rate 7%
Frequency 2
Face value $1,000
Coupon rate 7.00%
YTM 8%
YTM 9%
YTM 10%
Using Excel PRICE function

YTM=8% Price $886.88

YTM=9% Price $793.62
YTM=10% Price $716.06
g in 15 years and selling for US$724.7. Find, using Goal Seek , the semiannual YTM, the bond-equivalent and the effective yields.
culated as the sum of cash flows discounted at an initially unknown YTM. Your objective is to find the YTM that makes the calculated price
make an initial guess on the semi-annual YTM.

3 4 5 6 7 8 9 10 11 12
40 40 40 40 40 40 40 40 40 40
33.55 31.64 29.84 28.15 26.55 25.03 23.61 22.27 21.00 19.81

ced at 102.45? Use either the YIELD or the IRR function in Excel.

3 4 5 6 7 8 9 10 11 12
$7.50 $7.50 $7.50 $7.50 $7.50 $7.50 $7.50 $7.50 $7.50 $7.50
er $1,000 par value. This bond is callable in 5 years at $1,025.
TC), the annual YTC and the effective yield.

3 4 5 6 7 8 9 10 11 12
42.5 42.5 42.5 42.5 42.5 42.5 42.5 1,067.5
35.17 33.01 30.99 29.10 27.32 25.65 24.08 567.75 0.00 0.00

al coupons, with face value US$1,000.

% and 10%.
he effective yields.
at makes the calculated price in D15 equal

13 14 15 16 17 18 19 20 21 22
40 40 40 40 40 40 40 40 40 40
18.68 17.62 16.61 15.67 14.78 13.94 13.14 12.40 11.69 11.03

13 14 15
$7.50 $7.50 $107.50
13 14 15 16 17 18 19 20

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

 23 24 25 26 27 28 29
40 40 40 40 40 40 1,040
10.40 9.81 9.25 8.72 8.23 7.76 190.24
 Premium, Par, and Discount Bonds

Question 25 Question 28

Recalculate the bond prices at each YTM, now w

Consider three bonds, A, B, and C, each paying 7% semiannual coupons, coupon rate of 10%.
and with face value of USD 1,000. For each bond, use the Excel PRICE
function to calculate the price when the YTM ranges from 1% to 20%.

Observe the graph that is generated at the bottom of this worksheet.

Bond A Bond B Bond C Bond A' Bond B' Bond C'

Coupon 7% 7% 7% 10% 10% 10%
Frequency 2 2 2 2 2 2
Maturity (years) 30 15 5 30 15 5
Settlement date 1/1/2017 1/1/2017 1/1/2017 1/1/2017 1/1/2017 1/1/2017
Maturity date 1/1/2047 1/1/2032 1/1/2022 1/1/2047 1/1/2032 1/1/2022
Face Value $1,000 $1,000 $1,000 $1,000 $1,000 $1,000

Prices Prices
YTM Bond A Bond B Bond C Bond A' Bond B' Bond C'
1% 2,551.8 1,833.8 1,291.9 3,327.7 2,250.7 1,437.9
2% 2,123.9 1,645.2 1,236.8 2,798.2 2,032.3 1,378.9
3% 1,787.6 1,480.3 1,184.4 2,378.3 1,840.6 1,322.8
4% 1,521.4 1,335.9 1,134.7 2,042.8 1,671.9 1,269.5
5% 1,309.1 1,209.3 1,087.5 1,772.7 1,523.3 1,218.8
6% 1,138.4 1,098.0 1,042.7 1,553.5 1,392.0 1,170.6
7% 1,000.0 1,000.0 1,000.0 1,374.2 1,275.9 1,124.7
8% 886.9 913.5 959.4 1,226.2 1,172.9 1,081.1
9% 793.6 837.1 920.9 1,103.2 1,081.4 1,039.6
10% 716.1 769.4 884.2 1,000.0 1,000.0 1,000.0
11% 651.0 709.3 849.2 912.8 927.3 962.3
12% 596.0 655.9 816.0 838.4 862.4 926.4
13% 549.0 608.2 784.3 774.5 804.1 892.2
14% 508.6 565.7 754.2 719.2 751.8 859.5
15% 473.6 527.6 725.4 671.0 704.7 828.4
16% 443.1 493.4 698.0 628.7 662.3 798.7
17% 416.2 462.7 671.9 591.3 623.9 770.4
18% 392.4 434.9 647.0 558.1 589.1 743.3
19% 371.1 409.9 623.3 528.4 557.4 717.5
20% 352.1 387.3 600.6 501.6 528.7 692.8
3500 3500
3000 3000
2500 2500

2000 2000

1500 1500

1000 1000

500 500
0
0

Bond A' Bond B'

Bond A Bond B Bond C
 prices at each YTM, now with a

et.
Bond B' Bond C'
 Premium, Par, and Discount Bonds

Question 29

Suppose you have a 20-year bond paying 8% semiannual coupon, with face value of US$100.
Assuming that YTM is 7%, 8% and 9%, use the Excel PRICE function to calculate the bond price over
time, that is, as we approach maturity. As we approach maturity, what happens to the price of the
bond?

Hint: Leaving the maturity date constant, change the settlement date by one year at a time to reflect
the passage of time.

Bond D Bond E Bond F

Settlement date 12/7/2015 12/7/2015 12/7/2015
Maturity date 12/7/2035 12/7/2035 12/7/2035
Coupon rate 8% 8% 8%
Face Value $1,000 $1,000 $1,000
Frequency of payments 2 2 2
Maturity (years) 20 20 20
Market required yield 7.00% 8.00% 9.00%

Time to maturity (years) Settlement date

20 12/7/2015 1,106.8 1,000.0 908.0
19 12/7/2016 1,104.2 1,000.0 909.8
18 12/7/2017 1,101.5 1,000.0 911.7
17 12/7/2018 1,098.5 1,000.0 913.8
16 12/7/2019 1,095.3 1,000.0 916.1
15 12/7/2020 1,092.0 1,000.0 918.6
14 12/7/2021 1,088.3 1,000.0 921.3
13 12/7/2022 1,084.5 1,000.0 924.3
12 12/7/2023 1,080.3 1,000.0 927.5
11 12/7/2024 1,075.8 1,000.0 931.1
10 12/7/2025 1,071.1 1,000.0 935.0
9 12/7/2026 1,065.9 1,000.0 939.2
8 12/7/2027 1,060.5 1,000.0 943.8
7 12/7/2028 1,054.6 1,000.0 948.9
6 12/7/2029 1,048.3 1,000.0 954.4
5 12/7/2030 1,041.6 1,000.0 960.4
4 12/7/2031 1,034.4 1,000.0 967.0
3 12/7/2032 1,026.6 1,000.0 974.2
2 12/7/2033 1,018.4 1,000.0 982.1
1 12/7/2034 1,009.5 1,000.0 990.6
0 12/7/2035 1,000.0 1,000.0 1,000.0
 Bond Price Over Time
1200
Bond D Bond E
Bond F
1100
Bond Price

1000

900

800
20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0
 Purchasing a Bond between Coupon Payments: Dirty vs. Clean Pric

Question 31
Suppose that on October 22, 2015 you buy a bond which paid the last annual coupon on June 15, and which has the following

Coupon rate 8.3%

Frequency of coupon payments 1
Maturity date 6/15/2021
Settlement date 10/22/2015
Price (clean price) $102.48
Par value $100.00
Price/yield calculation basis 30/360
Accrued interest calculation basis ACT/365

Last coupon paid 6/15/2015

Calculate Accrued Interest, which is due to the previous bondholder.

Hint: You should use the Excel function YEARFRAC to calculate the portion of the coupon which has been accrued since the last
to enter the correct calculation basis.
Accrued interest $2.93

Question 32
Find the Dirty Price.
Hint: This should be straightforward now that you have the Clean Price and Accrued Interest.

Dirty price $105.41

Question 33
Calculate the YTM of the bond.

Hint: From the previous question, you now know the Dirty Price, which is also equal to the discounted future cash flows. Thus
rate at which you discount the cash flows to produce a present value equal to the Dirty Price. You will use Goal Seek for this pu

An added complication is that, given that you purchased the bond in between coupon dates, the discounting periods will not b
That is, you will be discounting flows for x, 1+x 2+x, 3+x,… years ahead, where x is the fraction of years between the settlemen
next coupon date. Finally, note that the calculation basis for Price and Yield is not the same as for Accrued Interest.

Last coupon paid Settlement date Future coupon payment dates

Date 6/15/2015 10/22/2015 6/15/2016 6/15/2017 6/15/2018
Number of years (including fractions) 0.65 1.65 2.65
Cash flows $8.30 $8.30 $8.30
Discounted cash flows $7.91 $7.34 $6.82
 Dirty price = sum of discounted cash flows $105.41
Market required yield (guesstimate and Goal seek) 7.72%
Target cell for Goal seek 0.00
nts: Dirty vs. Clean Prices

15, and which has the following characteristics:

has been accrued since the last payment. Be sure

counted future cash flows. Thus, YTM will be the

You will use Goal Seek for this purpose.

he discounting periods will not be whole numbers.

of years between the settlement date and the
for Accrued Interest.

coupon payment dates

6/15/2019 6/15/2020 6/15/2021
3.65 4.65 5.65
$8.30 $8.30 $108.30
$6.33 $5.87 $71.14
 Yield of a Bond Portfolio

Questions 35-36
Suppose you have a portfolio of ten semiannual coupon bonds, as shown below.
After calculating the total market value of the portfolio, find the portfolio semiannual YTM, YTM and effective yield.

Hint: This is another Goal Seek problem. If you know the portfolio value and its cash flows, then the semiannual YTM will be the
value. You can then easily convert it to a bond-equivalent and effective yield.

Semiannual Coupon
Bond Coupon Rate Maturity (yrs) Par Value($) Payment Price Value ($)
A 8.0% 8 $10,000,000 $400,000 $11,256,110
B 10.5% 10 $20,000,000 $1,050,000 $20,000,000
C 6.5% 7 $40,000,000 $1,300,000 $35,843,640
D 7.0% 5 $10,000,000 $350,000 $10,000,000
E 7.5% 9 $15,000,000 $562,500 $14,525,276
F 9.5% 10 $25,000,000 $1,187,500 $25,000,000
G 11.0% 15 $50,000,000 $2,750,000 $58,144,444
H 4.5% 6 $25,000,000 $562,500 $22,548,231
I 8.5% 8 $40,000,000 $1,700,000 $43,628,235
J 6.0% 4 $30,000,000 $900,000 $28,469,371
Total market value of portfolio $ 269,415,308

Hint: you need to make an initial guess for the semiannual YTM of the bond portfolio.
Period when cash Cash Flows
flow is received Bond A Bond B Bond C Bond D Bond E
1 $400,000 $1,050,000 $1,300,000 $350,000 $562,500
2 $400,000 $1,050,000 $1,300,000 $350,000 $562,500
3 $400,000 $1,050,000 $1,300,000 $350,000 $562,500
4 $400,000 $1,050,000 $1,300,000 $350,000 $562,500
5 $400,000 $1,050,000 $1,300,000 $350,000 $562,500
6 $400,000 $1,050,000 $1,300,000 $350,000 $562,500
7 $400,000 $1,050,000 $1,300,000 $350,000 $562,500
8 $400,000 $1,050,000 $1,300,000 $350,000 $562,500
9 $400,000 $1,050,000 $1,300,000 $350,000 $562,500
10 $400,000 $1,050,000 $1,300,000 $10,350,000 $562,500
11 $400,000 $1,050,000 $1,300,000 $562,500
12 $400,000 $1,050,000 $1,300,000 $562,500
13 $400,000 $1,050,000 $1,300,000 $562,500
14 $400,000 $1,050,000 $41,300,000 $562,500
15 $400,000 $1,050,000 $562,500
16 $10,400,000 $1,050,000 $562,500
17 $1,050,000 $562,500
18 $1,050,000 $15,562,500
19 $1,050,000
20 $21,050,000
21
22
23
24
25
26
27
28
29
30
tfolio

nd effective yield.

e semiannual YTM will be the rate at which you discount the portfolio cash flows to obtain the portfolio

YTM
6.0%
10.5%
8.5%
7.0%
8.0%
9.5%
9.0%
6.5%
7.0%
7.5%

Semiannual YTM Bond-eq. YTM Effective YTM

4.17% 8.33% 8.51%

Cash Flows
Bond F Bond G Bond H Bond I Bond J Portfolio
$1,187,500 $2,750,000 $562,500 $1,700,000 $900,000 $10,762,500
$1,187,500 $2,750,000 $562,500 $1,700,000 $900,000 $10,762,500
$1,187,500 $2,750,000 $562,500 $1,700,000 $900,000 $10,762,500
$1,187,500 $2,750,000 $562,500 $1,700,000 $900,000 $10,762,500
$1,187,500 $2,750,000 $562,500 $1,700,000 $900,000 $10,762,500
$1,187,500 $2,750,000 $562,500 $1,700,000 $900,000 $10,762,500
$1,187,500 $2,750,000 $562,500 $1,700,000 $900,000 $10,762,500
$1,187,500 $2,750,000 $562,500 $1,700,000 $30,900,000 $40,762,500
$1,187,500 $2,750,000 $562,500 $1,700,000 $9,862,500
$1,187,500 $2,750,000 $562,500 $1,700,000 $19,862,500
$1,187,500 $2,750,000 $562,500 $1,700,000 $9,512,500
$1,187,500 $2,750,000 $25,562,500 $1,700,000 $34,512,500
$1,187,500 $2,750,000 $1,700,000 $8,950,000
$1,187,500 $2,750,000 $1,700,000 $48,950,000
$1,187,500 $2,750,000 $1,700,000 $7,650,000
 $1,187,500 $2,750,000 $1,700,000 $17,650,000
$1,187,500 $2,750,000 $1,700,000 $7,250,000
$1,187,500 $2,750,000 $41,700,000 $62,250,000
$1,187,500 $2,750,000 $4,987,500
$26,187,500 $2,750,000 $49,987,500
$2,750,000 $2,750,000
$2,750,000 $2,750,000
$2,750,000 $2,750,000
$2,750,000 $2,750,000
$2,750,000 $2,750,000
$2,750,000 $2,750,000
$2,750,000 $2,750,000
$2,750,000 $2,750,000
$2,750,000 $2,750,000
$52,750,000 $52,750,000
Total present value of the portfolio cash flow
 Target cell
Market value-PV
$0

Discounted
Cash Flows
$10,331,939
$9,918,604
$9,521,804
$9,140,878
$8,775,191
$8,424,134
$8,087,121
$29,404,263
$6,829,756
$13,204,464
$6,070,860
$21,144,657
$5,264,001
$27,638,489
$4,146,596
 $9,184,250
$3,621,643
$29,852,156
$2,296,085
$22,092,005
$1,166,743
$1,120,066
$1,075,257
$1,032,241
$990,946
$951,302
$913,245
$876,710
$841,637
$15,498,264
$269,415,308