Department of Accounting

Financial Recording, Analysis and Management B

FRAM0B1

LAST ASSESSMENT OPPORTUNITY

19 November 2019

Time: 3 hours Marks: 100

Assessor: Mr M de Wet
Mr M Booyens

Moderator: Prof G Els

INSTRUCTIONS:

§ This paper consists of 15 pages (including the formulae sheet and interest factors tables) AND a separate,
pre-printed answer book.
§ Clearly PRINT your initial(s), surname and student number in the spaces provided on the answer book.
§ Answer ALL questions in the spaces provided in black or blue pen in the answer book. Please remember
that marks are ONLY allocated to answers written in these spaces!
§ Please note that questions may have more than one correct answer!
§ You may complete all workings and/or calculations on the question paper.
§ Silent, non-programmable calculators may be used, unless otherwise instructed.
§ Round all calculations to TWO decimal places unless instructed otherwise.
§ Answers with Tippex and in pencil will not be marked and the paper will not be eligible for a remark.
Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

Section one: multiple choice questions (33)

QUESTION 1 (1)

Which of the following statements about return is least accurate?

A Return is compensation for taking on a certain degree of risk.

B Return is made up of the dividends earned by owning a share.
C Return consists of dividends paid to share holders as well as capital gains on a share.
D The return can be negative.

QUESTION 2 (1)

Which of the following is true about a rational investor:

A A rational investor will maximize return at all cost

B A rational investor will aim to minimize risk for a given level of return
C A rational investor will aim to maximize risk for a given level of return
D A rational investor will aim to minimize return for a given level of risk

QUESTION 3 (1)

The price paid for the ‘rental’ of borrowed funds is commonly referred to as the …

A interest rate.
B inflation rate.
C rental rate.
D transaction cost.

QUESTION 4 (1)

Using financial statements to decide whether to invest in a company is known as…

A financial statement analysis.

B financial responsibility.
C financial accountability.
D None of the above.

QUESTION 5 (1)

If a price index is 89, which ONE of the following statements is/are correct about average prices?

A Prices have risen by 89% relative to the base year.

B Prices are now 0.89 times the base year.
C Prices have declined by 11% relative to the base year.
D Prices have increased by 11% relative to the base year.

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

Consider the following regression line and answer questions 6 – 8:

𝑌 = 23 + 1.2𝑋 + û

QUESTION 6 (1)

In the above regression line, Y represents …

A the explanatory variable.

B the intercept.
C the residual term.
D the dependent variable.

QUESTION 7 (1)

In the above regression line, û represents …

A the explanatory variable.

B the intercept.
C the residual term.
D the dependent variable.

QUESTION 8 (1)

The slope of the X variable is …

A Y
B 23
C û
D 1.2

QUESTION 9 (1)

Markets in which funds are transferred from those who have excess funds available to those who have
a shortage of available funds are called …

A commodity markets.
B funds markets.
C derivative exchange markets.
D financial markets.

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

QUESTION 10 (1)

Which ONE of the following functions does every financial market perform?

A It determines the level of interest rates.

B It allows ordinary shares to be traded.
C It allows loans to be made.
D It channels funds from lenders-savers to borrowers-spenders.

QUESTION 11 (1)

Which ONE of the following is not a disadvantage of calculating an arithmetic mean?

A It may be influenced by extreme values

B It may give undue weight to extreme values
C It is unsuitable for use in mathematical tables
D The calculated value may not correspond to any individual value in the distribution

QUESTION 12 (1)

One of the most common measures of an asset’s risk is …

A standard deviation.
B standard error.
C rate of return.
D normal distribution of the asset.

QUESTION 13 (1)

Which ONE of the following statements of the coefficient of variation is the most accurate?

A It measures the risk of an asset relative to the total return of an asset

B It measures the risk of an asset per unit of return
C It is also known as the standard deviation of an asset’s return
D None of the above are correct

QUESTION 14 (1)

Consider a company with a relatively high P/E ratio, which ONE of the following statements is most
accurate?

A The company is a low earnings growth company

B The company is a high earnings growth company
C The company is seen by investors as a high risk company
D The company is mispriced, and the price must fall

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

QUESTION 15 (1)

Which indexing method is most appropriate to use when indexing the price of a commodity of which
the basic nature of the commodity is changing over time?

A Fixed-base method
B Splicing method
C Chain-base method
D Paasche indexing method

QUESTION 16 (1)

Firms that require funds from external sources can obtain such funds ...

(i) from the capital market.

(ii) from retained earnings.
(iii) from suppliers’ credit.
(iv) from the money market.

Which of the above statements are correct?

A (i) and (ii)

B (i) and (iii)
C (i), (iii) and (iv)
D (i), (ii), (iii) and (iv)

QUESTION 17 (1)

Which of the following is not a classification group when considering classification of cost according
to nature: materials, labour or expense cost:

A materials
B direct cost
C labour
D expenses

QUESTION 18 (1)

Direct cost can be described as …

A costs that can be clearly identified with the cost object we are trying to cost.
B costs incurred in the form of wages and salaries, together with related employment costs.
C The cost of obtaining the materials and receiving them within the organisation.
D costs that cannot be directly attributed to a particular cost unit.

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

QUESTION 19 (1)

Which ONE of the following time value of money statements is least correct?

A Interest earned on money partly compensate for the natural loss in the value of money
B The future value of money is typically smaller than the present value of money
C The future value of money is typically larger that the present value of money
D Interest rates are typically used as discount rates

QUESTION 20 (1)

The money market is the market in which … are traded.

A new issues of securities

B previously issued securities
C short-term debt instruments
D long-term debt instruments

QUESTION 21 (1)

The secondary market is the market in which … are traded.

A new issues of securities

B previously issued securities
C short-term debt instruments
D long-term debt instruments

Refer to the following table, showing exchange rate quotations for various currency pairs, to
answer question 22 to 24.

ZAR/JPY EUR/ZAR NZD/ZAR CAD/ZAR

0.34 16.74 9.23 10.53

QUESTION 22 (2)

How many Rand (ZAR) do you require to purchase one Euro (EUR)?

A 9.23
B 16.74
C 0.059
D 10.53

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

QUESTION 23 (2)

How many New Zealand dollars (NZD) do you require to purchase one Rand?

A 9.23
B 16.74
C 0.108
D 10.53

QUESTION 24 (2)

If I purchase goods from Canada priced at 1 298 Canadian dollar (CAD), how much Rand would I
require to purchase these goods:

A 1 298
B 10.53
C 123.267
D 13 667.94

QUESTION 25 (2)

A company’s total monthly costs (RC) were plotted against production (P) for the last 50 months and a
regression line valuated to be 𝐶 = 1089 + 27𝑃 + 𝐸𝑟𝑟𝑜𝑟. Which ONE, or more, of the following
statements about the breakdown of weekly costs is/are true?

A Fixed costs are R1 089 and variable costs per unit are R27.
B Fixed costs are R27 and variable costs per unit are R1089.
C Fixed costs are R40 and variable costs per unit are R27.
D One cannot determine fixed and variable costs based on the information given.

QUESTION 26 (2)

Assume that the expected return on a company with the name RR capital is 17% and the typical variance
of this stock is 9%, what is this RR capital’s coefficient of variation:

A 17%
B 9%
C 1.889
D 0.529

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

QUESTION 27 (2)

You are considering Combat Ltd as a possible investment choice and determined the following possible
returns as well as respective probability that each return realizes.

Possible return Probability

3% 25%
17% 49%
14% 26%

What is the expected return for Combat Ltd?

A 6.667%
B More information is required to answer this question
C 12.81%
D -12.81%

Section two: true and false (15)

QUESTION 28

State whether the following statements are true or false:

True False
A. The closer the correlation coefficient is to -1, the weaker the relationship
between two variables are.
B. Compounded interest is only payed on the initial principal amount.
C. If the interest due at the end of an interest period is added to the principal,
so that the interest computed for the next interest period is based on this
new interest amount (old principal plus interest), then the interest is said to
have been compounded.
D. The beta coefficient of a linear regression can be calculated by using the
∆4
following equation:
∆5

E. If you are a depositor and the bank offers you an option of 8% simple
interest and 8% compounded interest on your deposit, you should choose
the simple interest rate option.
F. If you and a friend deposit the same amount of money at the same interest
rate today and you earn semi-annually compounded interest and your friend
earns monthly compounded interest, you will have more money in the bank,
relative to your friend, at the end of two years assuming not you or your
friend makes any additional deposits.
G. Fads or rumours may be reflected in the price of a share.
H. Quoted interest rate is known as the nominal rate.
I. Expense costs include the cost of obtaining the materials and receiving them
within the organisation.
J. Cost accounting mainly relates to the determination of the total cost of a
product, from the purchase of raw materials to delivery to the consumer.

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

K. The return on an investment represents the compensation for taking on a

certain degree of risk. Return measures the increase in wealth of the holder
of the particular instrument.
L. Two assets with different expected returns and different standard deviations
can be compared to one another by calculating and comparing their
coefficient of variation.
M. Depreciation is the loss of value of a fixed asset such as equipment,
machinery, motor vehicles, etc., through age.
N. The line of best fit method is a method that can be used to establish the trend
in a time series
O. Standard deviation (or σ) measures the expected return of an asset.

Section three: time value of money calculations (14)

QUESTION 29 (2)

Assume that Mrs. Kumalo deposits R2 500 into an account today, what is her account balance at the
end of 10 years if she earns 4% interest p.a., compounded quarterly?

QUESTION 30 (8)

Complete the following table by solving the missing values A – D:

Compounding
Present value Interest rate Number of years Future value
method
R4 821 8% 12 Monthly A
R9 182 B 4 Quarterly R11928
R3 372 12% C Annually R6884
D 21% 3 Monthly R3029

QUESTION 31 (2)

How much would I have to deposit in an account today, that pays 12% interest p.a. compounded
quarterly, so that I may have a balance of R20 000 in the account at the end of 10 years?

QUESTION 32 (2)

How long does it take for your money to grow to ten times its original value if the interest rate is 5%
compounded annually?

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

Section four: risk and return calculations and cumulative frequencies (20)
QUESTION 33 (14)

Mr. Zulu is an asset manager at one of South Africa’s largest asset management firms. Mr. Zulu receives R100 000
from a client whom wants to invest the funds in an asset that provides an optimal risk/return profile. There are
two possible investment options, asset A or B. The following two tables depicts the possible returns and the
probability associated with each return for each of the two assets. Help Mr. Zulu determine the optimal asset to
invest in by calculating the expected return for each asset, the risk (variance) of each asset, and the coefficient of
variation of each asset.

Return profile for asset A:

Possible return (Ri) Probability of return (Pi)

8% 55%
12% 21%
-10% 16%
18% 8%
Expected return: (A)
Risk: (B)
Coefficient of variation (C)

Return profile for asset B:

Possible return (Ri) Probability of return (Pi)

1% 21%
19% 40%
41% 8%
-21% 11%
Expected return: (D)
Risk: (E)
Coefficient of variation (F)

Based on your results, advise Mr. Zulu on which asset will be optimal to invest in and state why (G).

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

QUESTION 34 (6)

Complete the cumulative frequency column in the table for the data provided.

Examination score Cumulative

Frequency (f)
(x) frequency (cf)
30 ≤ x < 40 8 8
40 ≤ x < 50 20 A
50 ≤ x < 60 16 B
60 ≤ x < 70 9 C
70 ≤ x < 80 21 D
80 ≤ x < 90 11 E
90 ≤ x < 100 9 F

Section five: Linear regression analysis (9)

QUESTION 35 (9)

You are given the following regression line:

𝑆𝑜𝑢𝑡ℎ 𝐴𝑓𝑟𝑖𝑐𝑎𝑛 𝑡𝑜𝑝 40 𝑖𝑛𝑑𝑒𝑥 = 489 − 1.5𝑈𝑆 𝐷𝑜𝑙𝑙𝑎𝑟/𝑆𝑜𝑢𝑡ℎ 𝐴𝑓𝑟𝑖𝑐𝑎𝑛 𝑅𝑎𝑛𝑑

A. Which variable in the regression is the dependent variable?

B. What is the intercept value of this regression line?
C. What is the slope of this regression line?
D. If the US Dollar/South African Rand goes up with one unit, what will happen with the South African
Top 40 Index?
E. Report on the relationship between the South African top 40 index and the US Dollar/South African
Rand.
F. If we expect the future South African Rand to trade at 14.56 against the US Dollar, what should the
value of the South African top 40 index be given the provided regression line?

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

Section six: horizontal statement analysis (9)

QUESTION 36 (9)

Consider the following extract from company ABC’s Statement of Comprehensive Income:

2019 (R’000) 2018 (R’000)

Sales 18 273 17 367
Cost of sales 8 817 8 099
Gross profit 9 456 9 268

Convert the statement so that a horizontal analysis can be conducted.

2019 (R’000) 2018 (R’000)

Sales D) A)
Cost of sales E) B)
Gross profit F) C)

---o0o---

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

Formula sheet

( Pt - Pt -1 ) 100
R = Dt + ´
Pt -1 1

Re = å ( Ri )(Pi )

n
s= å (R - Re ) ´ Pi
2
i

s
CV =
Re

nå xy - å xå y
r=
(nå x 2
)(
- (å x ) nå y 2 - (å y )
2 2
)
nå xy - å xå y a=
å y -båx
b= n n
nå x 2 - (å x )
2
= y - bx

FVn = PV0 ´ (1 + i )
n

m
æ i ö
i e + 1 = ç1 + ÷
è mø

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

Factor tables

TABLE 1: Future value of R1 at the end of n periods

n 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15%

0 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000

1 1.0000 1.0100 1.0200 1.0300 1.0400 1.0500 1.0600 1.0700 1.0800 1.0900 1.1000 1.1100 1.1200 1.1300 1.1400 1.1500

2 1.0000 1.0201 1.0404 1.0609 1.0816 1.1025 1.1236 1.1449 1.1664 1.1881 1.2100 1.2321 1.2544 1.2769 1.2996 1.3225

3 1.0000 1.0303 1.0612 1.0927 1.1249 1.1576 1.1910 1.2250 1.2597 1.2950 1.3310 1.3676 1.4049 1.4429 1.4815 1.5209

4 1.0000 1.0406 1.0824 1.1255 1.1699 1.2155 1.2625 1.3108 1.3605 1.4116 1.4641 1.5181 1.5735 1.6305 1.6890 1.7490

5 1.0000 1.0510 1.1041 1.1593 1.2167 1.2763 1.3382 1.4026 1.4693 1.5386 1.6105 1.6851 1.7623 1.8424 1.9254 2.0114

6 1.0000 1.0615 1.1262 1.1941 1.2653 1.3401 1.4185 1.5007 1.5869 1.6771 1.7716 1.8704 1.9738 2.0820 2.1950 2.3131

7 1.0000 1.0721 1.1487 1.2299 1.3159 1.4071 1.5036 1.6058 1.7138 1.8280 1.9487 2.0762 2.2107 2.3526 2.5023 2.6600

8 1.0000 1.0829 1.1717 1.2668 1.3686 1.4775 1.5938 1.7182 1.8509 1.9926 2.1436 2.3045 2.4760 2.6584 2.8526 3.0590

9 1.0000 1.0937 1.1951 1.3048 1.4233 1.5513 1.6895 1.8385 1.9990 2.1719 2.3579 2.5580 2.7731 3.0040 3.2519 3.5179

10 1.0000 1.1046 1.2190 1.3439 1.4802 1.6289 1.7908 1.9672 2.1589 2.3674 2.5937 2.8394 3.1058 3.3946 3.7072 4.0456

11 1.0000 1.1157 1.2434 1.3842 1.5395 1.7103 1.8983 2.1049 2.3316 2.5804 2.8531 3.1518 3.4785 3.8359 4.2262 4.6524

12 1.0000 1.1268 1.2682 1.4258 1.6010 1.7959 2.0122 2.2522 2.5182 2.8127 3.1384 3.4985 3.8960 4.3345 4.8179 5.3503

13 1.0000 1.1381 1.2936 1.4685 1.6651 1.8856 2.1329 2.4098 2.7196 3.0658 3.4523 3.8833 4.3635 4.8980 5.4924 6.1528

14 1.0000 1.1495 1.3195 1.5126 1.7317 1.9799 2.2609 2.5785 2.9372 3.3417 3.7975 4.3104 4.8871 5.5348 6.2613 7.0757

15 1.0000 1.1610 1.3459 1.5580 1.8009 2.0789 2.3966 2.7590 3.1722 3.6425 4.1772 4.7846 5.4736 6.2543 7.1379 8.1371

16 1.0000 1.1726 1.3728 1.6047 1.8730 2.1829 2.5404 2.9522 3.4259 3.9703 4.5950 5.3109 6.1304 7.0673 8.1372 9.3576

17 1.0000 1.1843 1.4002 1.6528 1.9479 2.2920 2.6928 3.1588 3.7000 4.3276 5.0545 5.8951 6.8660 7.9861 9.2765 10.7613

18 1.0000 1.1961 1.4282 1.7024 2.0258 2.4066 2.8543 3.3799 3.9960 4.7171 5.5599 6.5436 7.6900 9.0243 10.5752 12.3755

19 1.0000 1.2081 1.4568 1.7535 2.1068 2.5270 3.0256 3.6165 4.3157 5.1417 6.1159 7.2633 8.6128 10.1974 12.0557 14.2318

20 1.0000 1.2202 1.4859 1.8061 2.1911 2.6533 3.2071 3.8697 4.6610 5.6044 6.7275 8.0623 9.6463 11.5231 13.7435 16.3665

TABLE 2: Present value of R1 at the end of n periods

n 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15%

0 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000

1 1.0000 0.9901 0.9804 0.9709 0.9615 0.9524 0.9434 0.9346 0.9259 0.9174 0.9091 0.9009 0.8929 0.8850 0.8772 0.8696

2 1.0000 0.9803 0.9612 0.9426 0.9246 0.9070 0.8900 0.8734 0.8573 0.8417 0.8264 0.8116 0.7972 0.7831 0.7695 0.7561

3 1.0000 0.9706 0.9423 0.9151 0.8890 0.8638 0.8396 0.8163 0.7938 0.7722 0.7513 0.7312 0.7118 0.6931 0.6750 0.6575

4 1.0000 0.9610 0.9238 0.8885 0.8548 0.8227 0.7921 0.7629 0.7350 0.7084 0.6830 0.6587 0.6355 0.6133 0.5921 0.5718

5 1.0000 0.9515 0.9057 0.8626 0.8219 0.7835 0.7473 0.7130 0.6806 0.6499 0.6209 0.5935 0.5674 0.5428 0.5194 0.4972

6 1.0000 0.9420 0.8880 0.8375 0.7903 0.7462 0.7050 0.6663 0.6302 0.5963 0.5645 0.5346 0.5066 0.4803 0.4556 0.4323

7 1.0000 0.9327 0.8706 0.8131 0.7599 0.7107 0.6651 0.6227 0.5835 0.5470 0.5132 0.4817 0.4523 0.4251 0.3996 0.3759

8 1.0000 0.9235 0.8535 0.7894 0.7307 0.6768 0.6274 0.5820 0.5403 0.5019 0.4665 0.4339 0.4039 0.3762 0.3506 0.3269

9 1.0000 0.9143 0.8368 0.7664 0.7026 0.6446 0.5919 0.5439 0.5002 0.4604 0.4241 0.3909 0.3606 0.3329 0.3075 0.2843

10 1.0000 0.9053 0.8203 0.7441 0.6756 0.6139 0.5584 0.5083 0.4632 0.4224 0.3855 0.3522 0.3220 0.2946 0.2697 0.2472

11 1.0000 0.8963 0.8043 0.7224 0.6496 0.5847 0.5268 0.4751 0.4289 0.3875 0.3505 0.3173 0.2875 0.2607 0.2366 0.2149

12 1.0000 0.8874 0.7885 0.7014 0.6246 0.5568 0.4970 0.4440 0.3971 0.3555 0.3186 0.2858 0.2567 0.2307 0.2076 0.1869

13 1.0000 0.8787 0.7730 0.6810 0.6006 0.5303 0.4688 0.4150 0.3677 0.3262 0.2897 0.2575 0.2292 0.2042 0.1821 0.1625

14 1.0000 0.8700 0.7579 0.6611 0.5775 0.5051 0.4423 0.3878 0.3405 0.2992 0.2633 0.2320 0.2046 0.1807 0.1597 0.1413

15 1.0000 0.8613 0.7430 0.6419 0.5553 0.4810 0.4173 0.3624 0.3152 0.2745 0.2394 0.2090 0.1827 0.1599 0.1401 0.1229

16 1.0000 0.8528 0.7284 0.6232 0.5339 0.4581 0.3936 0.3387 0.2919 0.2519 0.2176 0.1883 0.1631 0.1415 0.1229 0.1069

17 1.0000 0.8444 0.7142 0.6050 0.5134 0.4363 0.3714 0.3166 0.2703 0.2311 0.1978 0.1696 0.1456 0.1252 0.1078 0.0929

18 1.0000 0.8360 0.7002 0.5874 0.4936 0.4155 0.3503 0.2959 0.2502 0.2120 0.1799 0.1528 0.1300 0.1108 0.0946 0.0808

19 1.0000 0.8277 0.6864 0.5703 0.4746 0.3957 0.3305 0.2765 0.2317 0.1945 0.1635 0.1377 0.1161 0.0981 0.0829 0.0703

20 1.0000 0.8195 0.6730 0.5537 0.4564 0.3769 0.3118 0.2584 0.2145 0.1784 0.1486 0.1240 0.1037 0.0868 0.0728 0.0611

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Financial Recording, Analysis and Management B (FRAM322/FRAM0B1) November 2019

TABLE 3: Future value of an annuity of R1 per period for n periods

n 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15%

1 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000

2 2,0100 2,0200 2,0300 2,0400 2,0500 2,0600 2,0700 2,0800 2,0900 2,1000 2,1100 2,1200 2,1300 2,1400 2,1500

3 3,0301 3,0604 3,0909 3,1216 3,1525 3,1836 3,2149 3,2464 3,2781 3,3100 3,3421 3,3744 3,4069 3,4396 3,4725

4 4,0604 4,1216 4,1836 4,2465 4,3101 4,3746 4,4399 4,5061 4,5731 4,6410 4,7097 4,7793 4,8498 4,9211 4,9934

5 5,1010 5,2040 5,3091 5,4163 5,5256 5,6371 5,7507 5,8666 5,9847 6,1051 6,2278 6,3528 6,4803 6,6101 6,7424

6 6,1520 6,3081 6,4684 6,6330 6,8019 6,9753 7,1533 7,3359 7,5233 7,7156 7,9129 8,1152 8,3227 8,5355 8,7537

7 7,2135 7,4343 7,6625 7,8983 8,1420 8,3938 8,6540 8,9228 9,2004 9,4872 9,7833 10,0890 10,4047 10,7305 11,0668

8 8,2857 8,5830 8,8923 9,2142 9,5491 9,8975 10,2598 10,6366 11,0285 11,4359 11,8594 12,2997 12,7573 13,2328 13,7268

9 9,3685 9,7546 10,1591 10,5828 11,0266 11,4913 11,9780 12,4876 13,0210 13,5795 14,1640 14,7757 15,4157 16,0853 16,7858

10 10,4622 10,9497 11,4639 12,0061 12,5779 13,1808 13,8164 14,4866 15,1929 15,9374 16,7220 17,5487 18,4197 19,3373 20,3037

11 11,5668 12,1687 12,8078 13,4864 14,2068 14,9716 15,7836 16,6455 17,5603 18,5312 19,5614 20,6546 21,8143 23,0445 24,3493

12 12,6825 13,4121 14,1920 15,0258 15,9171 16,8699 17,8885 18,9771 20,1407 21,3843 22,7132 24,1331 25,6502 27,2707 29,0017

13 13,8093 14,6803 15,6178 16,6268 17,7130 18,8821 20,1406 21,4953 22,9534 24,5227 26,2116 28,0291 29,9847 32,0887 34,3519

14 14,9474 15,9739 17,0863 18,2919 19,5986 21,0151 22,5505 24,2149 26,0192 27,9750 30,0949 32,3926 34,8827 37,5811 40,5047

15 16,0969 17,2934 18,5989 20,0236 21,5786 23,2760 25,1290 27,1521 29,3609 31,7725 34,4054 37,2797 40,4175 43,8424 47,5804

16 17,2579 18,6393 20,1569 21,8245 23,6575 25,6725 27,8881 30,3243 33,0034 35,9497 39,1899 42,7533 46,6717 50,9804 55,7175

17 18,4304 20,0121 21,7616 23,6975 25,8404 28,2129 30,8402 33,7502 36,9737 40,5447 44,5008 48,8837 53,7391 59,1176 65,0751

18 19,6147 21,4123 23,4144 25,6454 28,1324 30,9057 33,9990 37,4502 41,3013 45,5992 50,3959 55,7497 61,7251 68,3941 75,8364

19 20,8109 22,8406 25,1169 27,6712 30,5390 33,7600 37,3790 41,4463 46,0185 51,1591 56,9395 63,4397 70,7494 78,9692 88,2118

20 22,0190 24,2974 26,8704 29,7781 33,0660 36,7856 40,9955 45,7620 51,1601 57,2750 64,2028 72,0524 80,9468 91,0249 102,4436

TABLE 4: Present value of an annuity of R1 per period for n periods

n 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15%

1 0,9901 0,9804 0,9709 0,9615 0,9524 0,9434 0,9346 0,9259 0,9174 0,9091 0,9009 0,8929 0,8850 0,8772 0,8696

2 1,9704 1,9416 1,9135 1,8861 1,8594 1,8334 1,8080 1,7833 1,7591 1,7355 1,7125 1,6901 1,6681 1,6467 1,6257

3 2,9410 2,8839 2,8286 2,7751 2,7232 2,6730 2,6243 2,5771 2,5313 2,4869 2,4437 2,4018 2,3612 2,3216 2,2832

4 3,9020 3,8077 3,7171 3,6299 3,5460 3,4651 3,3872 3,3121 3,2397 3,1699 3,1024 3,0373 2,9745 2,9137 2,8550

5 4,8534 4,7135 4,5797 4,4518 4,3295 4,2124 4,1002 3,9927 3,8897 3,7908 3,6959 3,6048 3,5172 3,4331 3,3522

6 5,7955 5,6014 5,4172 5,2421 5,0757 4,9173 4,7665 4,6229 4,4859 4,3553 4,2305 4,1114 3,9975 3,8887 3,7845

7 6,7282 6,4720 6,2303 6,0021 5,7864 5,5824 5,3893 5,2064 5,0330 4,8684 4,7122 4,5638 4,4226 4,2883 4,1604

8 7,6517 7,3255 7,0197 6,7327 6,4632 6,2098 5,9713 5,7466 5,5348 5,3349 5,1461 4,9676 4,7988 4,6389 4,4873

9 8,5660 8,1622 7,7861 7,4353 7,1078 6,8017 6,5152 6,2469 5,9952 5,7590 5,5370 5,3282 5,1317 4,9464 4,7716

10 9,4713 8,9826 8,5302 8,1109 7,7217 7,3601 7,0236 6,7101 6,4177 6,1446 5,8892 5,6502 5,4262 5,2161 5,0188

11 10,3676 9,7868 9,2526 8,7605 8,3064 7,8869 7,4987 7,1390 6,8052 6,4951 6,2065 5,9377 5,6869 5,4527 5,2337

12 11,2551 10,5753 9,9540 9,3851 8,8633 8,3838 7,9427 7,5361 7,1607 6,8137 6,4924 6,1944 5,9176 5,6603 5,4206

13 12,1337 11,3484 10,6350 9,9856 9,3936 8,8527 8,3577 7,9038 7,4869 7,1034 6,7499 6,4235 6,1218 5,8424 5,5831

14 13,0037 12,1062 11,2961 10,5631 9,8986 9,2950 8,7455 8,2442 7,7862 7,3667 6,9819 6,6282 6,3025 6,0021 5,7245

15 13,8651 12,8493 11,9379 11,1184 10,3797 9,7122 9,1079 8,5595 8,0607 7,6061 7,1909 6,8109 6,4624 6,1422 5,8474

16 14,7179 13,5777 12,5611 11,6523 10,8378 10,1059 9,4466 8,8514 8,3126 7,8237 7,3792 6,9740 6,6039 6,2651 5,9542

17 15,5623 14,2919 13,1661 12,1657 11,2741 10,4773 9,7632 9,1216 8,5436 8,0216 7,5488 7,1196 6,7291 6,3729 6,0472

18 16,3983 14,9920 13,7535 12,6593 11,6896 10,8276 10,0591 9,3719 8,7556 8,2014 7,7016 7,2497 6,8399 6,4674 6,1280

19 17,2260 15,6785 14,3238 13,1339 12,0853 11,1581 10,3356 9,6036 8,9501 8,3649 7,8393 7,3658 6,9380 6,5504 6,1982

20 18,0456 16,3514 14,8775 13,5903 12,4622 11,4699 10,5940 9,8181 9,1285 8,5136 7,9633 7,4694 7,0248 6,6231 6,2593

15