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Sheet Tab
Table of Contents
Method 1 - Iteration
Method 2 - Copy and Paste
Method 3 - Macro Formula
Method 4 - Goal Seek
Method 5 - Solver

Description

Author

File Name:
C:\Courses\Course Materials\1 Templates and Exercises Corporate Model\Exercises\Alternate Circulari
Colour Codes

del\Exercises\Alternate Circularity.xls

Method 1 - Iteration
Interest Expense Rate
Interest Income Rate
Dividend Payout
EBIT Sensitivity
EBIT Growth
Initial EBIT
Initial Assets
Initial Debt
Initial Equity
Year
Base EBIT
Sensitivity Factor
Sensitivity EBITDA
Income Statement
EBIT
Less: Interest Expense
Add: Interest Income
Earnings

5%
3%
80%
100%
0%
200.00

10 columns

Payout Yea
Year

1,000.00
600.00
400.00
2007

2008

2009

2010

2011

200.00
100%
200.00

200.00
100%
200.00

200.00
100%
200.00

200.00
100%
200.00

200.00
100%
200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00
160.00
40.00

200.00
160.00
40.00

200.00
160.00
40.00

200.00
160.00
40.00

-600
40.00
(560.00)

-560
40.00
(520.00)

-520
40.00
(480.00)

-480
40.00
(440.00)

Cash Flow
Earnings
Less: Dividends
Net Cash Flow
Cash Bucket
Opening Balance
Add: Net Cash Flow
Closing Balance

11
2018

-600

Cash Balance
Interest Income

Short-term Debt
Interest Expense

600

560
30

520
28

480
26

440
24

400.00

400.00
200.00
160.00
440.00

440.00
200.00
160.00
480.00

480.00
200.00
160.00
520.00

520.00
200.00
160.00
560.00

1000

1000

1000

1000

1000

Equity
Opeining Balance
Add: Earnings
Less: Dividends
Closing Balance
Balance Sheet
Assets
Cash
Net Plant

Total

1,000.00

1,000.00

1,000.00

1,000.00

1,000.00

Liabilities
Debt
Equity
Total

600
400
1000

560
440
1000

520
480
1000

480
520
1000

440
560
1000

60%
2.80
6.67
0.48

56%
2.60
7.14
0.43

52%
2.40
7.69
0.40

48%
2.20
8.33
0.37

2008
6.67

2009
7.14

2010
7.69

2011
8.33

580.00
5.0%
29.00

540.00
5.0%
27.00

500.00
5.0%
25.00

460.00
5.0%
23.00

3.0%
-

3.0%
-

3.0%
-

3.0%
-

Test
Ratios
Debt to Capital
Debt to EBIT
EBIT/Interest
Return on Equity

EBIT/Intere
Method 1 - Iteration
Average Debt
Interest Rate
Interest Expense
Averge Cash Balance
Interest Rate
Interest Expense

Iteration Switch

2012

2013

2014

2015

2016

2017

2018

200.00
100%
200.00

200.00
100%
200.00

200.00
100%
200.00

200.00
100%
200.00

200.00
100%
200.00

200.00
100%
200.00

200.00
100%
200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00

200.00
160.00
40.00

200.00
160.00
40.00

200.00
160.00
40.00

200.00
160.00
40.00

200.00
160.00
40.00

200.00
160.00
40.00

200.00
160.00
40.00

-440
40.00
(400.00)

-400
40.00
(360.00)

-360
40.00
(320.00)

-320
40.00
(280.00)

-280
40.00
(240.00)

-240
40.00
(200.00)

-200
40.00
(160.00)

400
22

360
20

320
18

280
16

240
14

200
12

160
10

560.00
200.00
160.00
600.00

600.00
200.00
160.00
640.00

640.00
200.00
160.00
680.00

680.00
200.00
160.00
720.00

720.00
200.00
160.00
760.00

760.00
200.00
160.00
800.00

800.00
200.00
160.00
840.00

1000

1000

1000

1000

1000

1000

1000

1,000.00

1,000.00

1,000.00

1,000.00

1,000.00

1,000.00

1,000.00

400
600
1000

360
640
1000

320
680
1000

280
720
1000

240
760
1000

200
800
1000

160
840
1000

44%
2.00
9.09
0.34

40%
1.80
10.00
0.32

36%
1.60
11.11
0.30

32%
1.40
12.50
0.29

28%
1.20
14.29
0.27

24%
1.00
16.67
0.26

20%
0.80
20.00
0.24

2012
9.09

2013
10.00

2014
11.11

2015
12.50

2016
14.29

2017
16.67

2018
20.00

420.00
5.0%
21.00

380.00
5.0%
19.00

340.00
5.0%
17.00

300.00
5.0%
15.00

260.00
5.0%
13.00

220.00
5.0%
11.00

180.00
5.0%
9.00

3.0%
-

3.0%
-

3.0%
-

3.0%
-

3.0%
-

3.0%
-

3.0%
-

Method 2 - Copy and Paste


Interest Expense Rate
Interest Income Rate
Dividend Payout
EBIT Sensitivity
EBIT Growth
Initial EBIT
Initial Assets
Initial Debt
Initial Equity
Year
Base EBIT
Growth Index
EBIT Before Sensitivity
Sensitivity Factor
Sensitivity EBITDA
Income Statement
EBIT
Less: Interest Expense
Add: Interest Income
Earnings

5%
3%
50%
100%
0%
500.00

16 columns

Payout Yea
Year

1,000.00
600.00
400.00
2007

2008

2009

2010

2011

500.00
100%
500.00
100%
500.00

500.00
100%
500.00
100%
500.00

500.00
100%
500.00
100%
500.00

500.00
100%
500.00
100%
500.00

500.00
100%
500.00
100%
500.00

500.00

500.00
29.65
470.35

500.00
28.94
471.06

500.00
28.23
471.77

500.00
27.51
472.49

470.35
376.28
94.07

471.06
376.85
94.21

471.77
377.42
94.35

472.49
378.00
94.50

(600.00)
94.07
(505.93)

(505.93)
94.21
(411.72)

(411.72)
94.35
(317.36)

(317.36)
94.50
(222.86)

Cash Flow
Earnings
Less: Dividends
Net Cash Flow
Cash Bucket
Opening Balance
Add: Net Cash Flow
Closing Balance
Cash Balance
Interest Income
Short-term Debt
Interest Expense
Equity
Opeining Balance
Add: Earnings
Less: Dividends
Closing Balance
Balance Sheet
Assets

6
2013

-600
-

600.00

400.00

505.93
30.00

411.72
25.30

317.36
20.59

222.86
15.87

400.00
470.35
376.28
494.07

494.07
471.06
376.85
588.28

588.28
471.77
377.42
682.64

682.64
472.49
378.00
777.14

Cash
Net Plant
Total
Liabilities
Debt
Equity
Total
Test
Ratios
Debt to Capital
Debt to EBIT
EBIT/Interest
Return on Equity

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

600.00
400.00
1,000.00

505.93
494.07
1,000.00

411.72
588.28
1,000.00

317.36
682.64
1,000.00

222.86
777.14
1,000.00

60%
1.01
16.67
1.05

51%
0.82
19.77
0.87

41%
0.63
24.29
0.74

32%
0.45
31.51
0.65

552.96
5.0%
29.65

458.82
5.0%
28.94

364.54
5.0%
28.23

270.11
5.0%
27.51

Method 2
Macro with Paste Special
Average Debt
Interest Rate
Interest Expense
Difference

Average Debt
Interest Rate
Interest Income
Difference

3.0%
-

3.0%
-

3.0%
-

3.0%
-

Iteration Switch

2012

2013

2014

2015

2016

2017

2018

500.00
100%
500.00
100%
500.00

500.00
100%
500.00
100%
500.00

500.00
100%
500.00
100%
500.00

500.00
100%
500.00
100%
500.00

500.00
100%
500.00
100%
500.00

500.00
100%
500.00
100%
500.00

500.00
100%
500.00
100%
500.00

500.00
26.78
473.22

500.00
26.04
473.96

500.00
25.30
0.93
475.63

500.00
24.55
3.29
478.74

500.00
23.79
6.17
482.38

500.00
23.02
9.08
486.05

500.00
22.25
12.00
489.75

473.22
378.58
94.64

473.96
379.17
94.79

475.63
380.50
95.13

478.74
382.99
95.75

482.38
385.91
96.48

486.05
388.84
97.21

489.75
391.80
97.95

(222.86)
94.64
(128.22)

(128.22)
94.79
(33.43)

(33.43)
95.13
61.70

61.70
95.75
157.45

157.45
96.48
253.92

253.92
97.21
351.13

351.13
97.95
449.08

61.70
-

157.45
-

253.92
-

351.13
-

449.08
-

128.22
11.14

33.43
6.41

1.67

777.14
473.22
378.58
871.78

871.78
473.96
379.17
966.57

966.57
475.63
380.50
1,061.70

1,061.70
478.74
382.99
1,157.45

1,157.45
482.38
385.91
1,253.92

1,253.92
486.05
388.84
1,351.13

1,351.13
489.75
391.80
1,449.08

1,000.00
1,000.00

1,000.00
1,000.00

61.70
1,000.00
1,061.70

157.45
1,000.00
1,157.45

253.92
1,000.00
1,253.92

351.13
1,000.00
1,351.13

449.08
1,000.00
1,449.08

128.22
871.78
1,000.00

33.43
966.57
1,000.00

1,061.70
1,061.70

1,157.45
1,157.45

1,253.92
1,253.92

1,351.13
1,351.13

1,449.08
1,449.08

22%
0.26
44.87
0.57

13%
0.07
77.99
0.52

3%
299.15
0.47

0%
-

0%
-

0%
-

0%
-

0.43

0.40

0.37

0.35

175.54
5.0%
26.78

80.82
5.0%
26.04

16.71
5.0%
25.30

5.0%
24.55

5.0%
23.79

5.0%
23.02

5.0%
22.25

3.0%
-

3.0%
-

30.85
3.0%
0.93
-

109.57
3.0%
3.29
-

205.68
3.0%
6.17
-

302.53
3.0%
9.08
-

400.11
3.0%
12.00
-

Method 3 - Macro Formula


Interest Expense Rate
Interest Income Rate
Dividend Payout
EBIT Sensitivity
EBIT Growth
Initial EBIT
Initial Assets
Initial Debt
Initial Equity
Year
Base EBIT
Sensitivity Factor
Sensitivity EBITDA
Income Statement
EBIT
Less: Interest Expense
Add: Interest Income
Earnings

5%
3%
80%
100%
0%
300.00

16 columns

Payout Yea
Year

10
2017

2007

2008

2009

2010

2011

300.00
100%
300.00

300.00
100%
300.00

300.00
100%
300.00

300.00
100%
300.00

300.00
100%
300.00

300.00

300.00
28.64
271.36

300.00
25.92
274.08

300.00
23.16
276.84

300.00
20.38
279.62

271.36
217.09
54.27

274.08
219.27
54.82

276.84
221.47
55.37

279.62
223.70
55.92

(600.00)
54.27
(545.73)

(545.73)
54.82
(490.91)

(490.91)
55.37
(435.54)

(435.54)
55.92
(379.62)

1,000.00
600.00
400.00

Cash Flow
Earnings
Less: Dividends
Net Cash Flow
Cash Bucket
Opening Balance
Add: Net Cash Flow
Closing Balance
Cash Balance
Interest Income
Short-term Debt
Interest Expense
Equity
Opeining Balance
Add: Earnings
Less: Dividends
Closing Balance
Balance Sheet
Assets
Cash
Net Plant

-600
-

600.00

545.73
30.00

490.91
27.29

435.54
24.55

379.62
21.78

400.00

400.00
271.36
217.09
454.27

454.27
274.08
219.27
509.09

509.09
276.84
221.47
564.46

564.46
279.62
223.70
620.38

1,000

1,000

1,000

1,000

1,000

Total

1,000

1,000

1,000

1,000

1,000

Liabilities
Debt
Equity
Total

600
400
1,000

546
454
1,000

491
509
1,000

436
564
1,000

380
620
1,000

60%
1.82
10.00
0.64

55%
1.64
10.99
0.57

49%
1.45
12.22
0.52

44%
1.27
13.78
0.47

572.86
5.0%
28.64

518.32
5.0%
25.92

463.23
5.0%
23.16

407.58
5.0%
20.38

0.00

0.00

0.00

0.00

3.0%
-

3.0%
-

3.0%
-

3.0%
-

Test
Ratios
Debt to Capital
Debt to EBIT
EBIT/Interest
Return on Equity

Method 3
Macro with Paste Special
Average Debt
Interest Rate
Interest Expense
Difference

Average Debt
Interest Rate
Interest Income
Difference

Iteration Switch

2012

2013

2014

2015

2016

2017

2018

300.00
100%
300.00

300.00
100%
300.00

300.00
100%
300.00

300.00
100%
300.00

300.00
100%
300.00

300.00
100%
300.00

300.00
100%
300.00

300.00
17.57
282.43

300.00
14.73
285.27

300.00
11.86
288.14

300.00
8.97
291.03

300.00
6.04
293.96

300.00
3.09
296.91

300.00
0.80
0.42
299.62

282.43
225.94
56.49

285.27
228.22
57.05

288.14
230.51
57.63

291.03
232.83
58.21

293.96
235.17
58.79

296.91
237.53
59.38

299.62
239.69
59.92

(379.62)
56.49
(323.13)

(323.13)
57.05
(266.08)

(266.08)
57.63
(208.45)

(208.45)
58.21
(150.25)

(150.25)
58.79
(91.45)

(91.45)
59.38
(32.07)

(32.07)
59.92
27.85

27.85
-

323.13
18.98

266.08
16.16

208.45
13.30

150.25
10.42

91.45
7.51

32.07
4.57

1.60

620.38
282.43
225.94
676.87

676.87
285.27
228.22
733.92

733.92
288.14
230.51
791.55

791.55
291.03
232.83
849.75

849.75
293.96
235.17
908.55

908.55
296.91
237.53
967.93

967.93
299.62
239.69
1,027.85

1,000

1,000

1,000

1,000

1,000

1,000

28
1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,028

323
677
1,000

266
734
1,000

208
792
1,000

150
850
1,000

91
909
1,000

32
968
1,000

1,028
1,028

38%
1.08
15.81
0.44

32%
0.89
18.57
0.40

27%
0.69
22.55
0.38

21%
0.50
28.78
0.35

15%
0.30
39.93
0.33

9%
0.11
65.61
0.32

3%
187.08
0.30

351.38
5.0%
17.57

294.61
5.0%
14.73

237.27
5.0%
11.86

179.35
5.0%
8.97

120.85
5.0%
6.04

61.76
5.0%
3.09

16.04
5.0%
0.80

0.00

0.00

0.00

0.00

0.00

0.00

3.0%
-

3.0%
-

3.0%
-

3.0%
-

3.0%
-

3.0%
-

13.93
3.0%
0.42

(0.00)

Method 4 - Goal Seek


Interest Expense Rate
Interest Income Rate
Dividend Payout
EBIT Sensitivity
EBIT Growth
Initial EBIT
Initial Assets
Initial Debt
Initial Equity
Year
Base EBIT
Growth Index
EBIT Before Sensitivity
Sensitivity Factor
Sensitivity EBITDA
Income Statement
EBIT
Less: Interest Expense
Add: Interest Income
Earnings

5%
3%
50%
100%
0%
100.00

16 columns

Payout Yea
Year

11
2018

2007

2008

2009

2010

2011

100.00
100%
100.00
100%
100.00

100.00
100%
100.00
100%
100.00

100.00
100%
100.00
100%
100.00

100.00
100%
100.00
100%
100.00

100.00
100%
100.00
100%
100.00

100.00

100.00
29.65
70.35

100.00
28.94
71.06

100.00
28.23
71.77

100.00
27.51
72.49

70.35
56.28
14.07

71.06
56.85
14.21

71.77
57.42
14.35

72.49
58.00
14.50

(600.00)
14.07
(585.93)

(585.93)
14.21
(571.72)

(571.72)
14.35
(557.36)

(557.36)
14.50
(542.86)

1,000.00
600.00
400.00

Cash Flow
Earnings
Less: Dividends
Net Cash Flow
Cash Bucket
Opening Balance
Add: Net Cash Flow
Closing Balance
Cash Balance
Interest Income
Short-term Debt
Interest Expense
Equity
Opeining Balance
Add: Earnings
Less: Dividends
Closing Balance
Balance Sheet
Assets

-600
-

600.00

400.00

585.93
30.00

571.72
29.30

557.36
28.59

542.86
27.87

400.00
70.35
56.28
414.07

414.07
71.06
56.85
428.28

428.28
71.77
57.42
442.64

442.64
72.49
58.00
457.14

Cash
Net Plant
Total
Liabilities
Debt
Equity
Total
Test
Ratios
Debt to Capital
Debt to EBIT
EBIT/Interest
Return on Equity

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

600.00
400.00
1,000.00

585.93
414.07
1,000.00

571.72
428.28
1,000.00

557.36
442.64
1,000.00

542.86
457.14
1,000.00

60%
5.86
3.33
0.17

59%
5.72
3.41
0.17

57%
5.57
3.50
0.16

56%
5.43
3.59
0.16

592.96
5.0%
29.65
29.65

578.82
5.0%
28.94
28.94

564.54
5.0%
28.23
28.23

550.11
5.0%
27.51
27.51

Method 2
Macro with Paste Special
Average Debt
Interest Rate
Interest Expense
Fixed Interest
Difference

Average Debt
Interest Rate
Interest Income
Fixed Interest
Difference

3.0%
-

3.0%
-

3.0%
-

3.0%
-

Iteration Switch

2012

2013

2014

2015

2016

2017

2018

100.00
100%
100.00
100%
100.00

100.00
100%
100.00
100%
100.00

100.00
100%
100.00
100%
100.00

100.00
100%
100.00
100%
100.00

100.00
100%
100.00
100%
100.00

100.00
100%
100.00
100%
100.00

100.00
100%
100.00
100%
100.00

100.00
26.78
73.22

100.00
26.04
73.96

100.00
25.30
74.70

100.00
24.55
75.45

100.00
23.79
76.21

100.00
23.02
76.98

100.00
22.25
77.75

73.22
58.58
14.64

73.96
59.17
14.79

74.70
59.76
14.94

75.45
60.36
15.09

76.21
60.97
15.24

76.98
61.58
15.40

77.75
62.20
15.55

(542.86)
14.64
(528.22)

(528.22)
14.79
(513.43)

(513.43)
14.94
(498.49)

(498.49)
15.09
(483.40)

(483.40)
15.24
(468.15)

(468.15)
15.40
(452.76)

(452.76)
15.55
(437.21)

528.22
27.14

513.43
26.41

498.49
25.67

483.40
24.92

468.15
24.17

452.76
23.41

437.21
22.64

457.14
73.22
58.58
471.78

471.78
73.96
59.17
486.57

486.57
74.70
59.76
501.51

501.51
75.45
60.36
516.60

516.60
76.21
60.97
531.85

531.85
76.98
61.58
547.24

547.24
77.75
62.20
562.79

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

528.22
471.78
1,000.00

513.43
486.57
1,000.00

498.49
501.51
1,000.00

483.40
516.60
1,000.00

468.15
531.85
1,000.00

452.76
547.24
1,000.00

437.21
562.79
1,000.00

54%
5.28
3.68
0.16

53%
5.13
3.79
0.15

51%
4.98
3.90
0.15

50%
4.83
4.01
0.15

48%
4.68
4.14
0.15

47%
4.53
4.27
0.14

45%
4.37
4.42
0.14

535.54
5.0%
26.78
26.78

520.82
5.0%
26.04
26.04

505.96
5.0%
25.30
25.30

490.94
5.0%
24.55
24.55

475.78
5.0%
23.79
23.79

460.46
5.0%
23.02
23.02

444.98
5.0%
22.25
22.25

3.0%
-

3.0%
-

3.0%
-

3.0%
-

3.0%
-

3.0%
-

3.0%
-

Method 5 - Solver
Interest Expense Rate
Interest Income Rate
Dividend Payout
EBIT Sensitivity
EBIT Growth
Initial EBIT
Initial Assets
Initial Debt
Initial Equity
Year
Base EBIT
Growth Index
EBIT Before Sensitivity
Sensitivity Factor
Sensitivity EBITDA
Income Statement
EBIT
Less: Interest Expense
Add: Interest Income
Earnings

5%
3%
50%
200%
0%
200.00

16 columns

Payout Yea
Year

7
2014

2007

2008

2009

2010

2011

200.00
100%
200.00
200%
400.00

200.00
100%
200.00
200%
400.00

200.00
100%
200.00
200%
400.00

200.00
100%
200.00
200%
400.00

200.00
100%
200.00
200%
400.00

400.00

400.00
28.14
371.86

400.00
24.40
375.60

400.00
20.63
379.37

400.00
16.82
383.18

371.86
297.49
74.37

375.60
300.48
75.12

379.37
303.50
75.87

383.18
306.55
76.64

(600.00)
74.37
(525.63)

(525.63)
75.12
(450.51)

(450.51)
75.87
(374.63)

(374.63)
76.64
(298.00)

1,000.00
600.00
400.00

Cash Flow
Earnings
Less: Dividends
Net Cash Flow
Cash Bucket
Opening Balance
Add: Net Cash Flow
Closing Balance
Cash Balance
Interest Income
Short-term Debt
Interest Expense
Equity
Opeining Balance
Add: Earnings
Less: Dividends
Closing Balance
Balance Sheet
Assets

-600
-

600.00

400.00

525.63
30.00

450.51
26.28

374.63
22.53

298.00
18.73

400.00
371.86
297.49
474.37

474.37
375.60
300.48
549.49

549.49
379.37
303.50
625.37

625.37
383.18
306.55
702.00

Cash
Net Plant
Total
Liabilities
Debt
Equity
Total
Test
Ratios
Debt to Capital
Debt to EBIT
EBIT/Interest
Return on Equity

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

600.00
400.00
1,000.00

525.63
474.37
1,000.00

450.51
549.49
1,000.00

374.63
625.37
1,000.00

298.00
702.00
1,000.00

60%
1.31
13.33
0.85

53%
1.13
15.22
0.73

45%
0.94
17.76
0.65

37%
0.74
21.35
0.58

562.81
5.0%
28.14
28.14

488.07
5.0%
24.40
24.40

412.57
5.0%
20.63
20.63

336.32
5.0%
16.82
16.82

Method 2
Macro with Paste Special
Average Debt
Interest Rate
Interest Expense
Fixed Interest
Difference

Average Debt
Interest Rate
Interest Income
Fixed Interest
Difference

3.0%
-

3.0%
-

3.0%
-

3.0%
-

Iteration Switch

2012

2013

2014

2015

2016

2017

2018

200.00
100%
200.00
200%
400.00

200.00
100%
200.00
200%
400.00

200.00
100%
200.00
200%
400.00

200.00
100%
200.00
200%
400.00

200.00
100%
200.00
200%
400.00

200.00
100%
200.00
200%
400.00

200.00
100%
200.00
200%
400.00

400.00
12.96
387.04

400.00
9.07
390.93

400.00
5.15
394.85

400.00
1.59
0.24
398.66

400.00
1.69
401.69

400.00
4.11
404.11

400.00
6.54
406.54

387.04
309.63
77.41

390.93
312.74
78.19

394.85
315.88
78.97

398.66
318.93
79.73

401.69
321.36
80.34

404.11
323.29
80.82

406.54
325.23
81.31

(298.00)
77.41
(220.59)

(220.59)
78.19
(142.41)

(142.41)
78.97
(63.43)

(63.43)
79.73
16.30

16.30
80.34
96.64

96.64
80.82
177.46

177.46
81.31
258.77

16.30
-

96.64
-

177.46
-

258.77
-

220.59
14.90

142.41
11.03

63.43
7.12

3.17

702.00
387.04
309.63
779.41

779.41
390.93
312.74
857.59

857.59
394.85
315.88
936.57

936.57
398.66
318.93
1,016.30

1,016.30
401.69
321.36
1,096.64

1,096.64
404.11
323.29
1,177.46

1,177.46
406.54
325.23
1,258.77

1,000.00
1,000.00

1,000.00
1,000.00

1,000.00
1,000.00

16.30
1,000.00
1,016.30

96.64
1,000.00
1,096.64

177.46
1,000.00
1,177.46

258.77
1,000.00
1,258.77

220.59
779.41
1,000.00

142.41
857.59
1,000.00

63.43
936.57
1,000.00

1,016.30
1,016.30

1,096.64
1,096.64

1,177.46
1,177.46

1,258.77
1,258.77

30%
0.55
26.85
0.52

22%
0.36
36.27
0.48

14%
0.16
56.18
0.44

6%
126.11
0.41

0%
-

0%
-

0%
-

0.38

0.36

0.33

259.29
5.0%
12.96
12.96

181.50
5.0%
9.07
9.07

102.92
5.0%
5.15
5.15

31.72
5.0%
1.59
1.59

5.0%
-

5.0%
-

5.0%
-

3.0%
-

3.0%
-

3.0%
-

8.15
3.0%
0.24
0.24

56.47
3.0%
1.69
1.69
-

137.05
3.0%
4.11
4.11
-

218.11
3.0%
6.54
6.54
-