EXAM CME2300 FINANCIAL ENGINEERING

TUESDAY JANUARY 28TH 2014

14:00-17:00 HOURS Delft University of Technology
Faculty of Civil Engineering and Geosciences
NAME:
Page 1 of 10
STUDENT NUMBER:

GENERAL REMARKS:

• This exam contains 40 questions.

• Questions are valued at 1 point

• Put a circle on the right answer, only one answer is right

• Fill in the Four Choice Response Form FA1

• The use of a calculator is allowed, but no mobile phones or tablets / iPads.

• You may use the Tables (see Appendices at the end of the Exam Form).

• Please put your name and student number on all pages on Exam-form AND Response Form

• Hand in both forms: Exam Form AND Response Form

 EXAM CME2300 FINANCIAL ENGINEERING
TUESDAY JANUARY 28TH 2014
14:00-17:00 HOURS Delft University of Technology
Faculty of Civil Engineering and Geosciences
NAME:
Page 2 of 10
STUDENT NUMBER:

1. Corporations, potentially, have infinite life because:

A. it is a legal entity
B. of separation of ownership and management
C. it has limited liability
D. none of the above

2. The opportunity cost of capital for a risky project is

A. The expected rate of return on a government security having the same maturity as the project
B. The expected rate of return on a well-diversified portfolio of common stocks
C. The expected rate of return on a portfolio of securities of similar risks as the project
D. None of the above

3. If the five-year present value annuity factor is 3.60478 and four-year present value annuity factor
is 3.03735, what is the present value at the $1 received at the end of five years?

A. $0.63552
B. $1.76233
C. $0.56743
D. None of the above

4. Casino Inc. is expected to pay a dividend of $3 per share at the end of year-1 (D1) and these
dividends are expected to grow at a constant rate of 6% per year forever. If the required rate of
return on the stock is 18%, what is current value of the stock today?

A. $25
B. $50
C. $100
D. $54

5. Michigan Co. is currently paying a dividend of $2.00 per share. The dividends are expected to
grow at 20% per year for the next four years and then grow 6% per year thereafter. Calculate the
expected dividend in year 5.

A. $4.15
B. $2.95
C. $4.40
D. $3.81
 EXAM CME2300 FINANCIAL ENGINEERING
TUESDAY JANUARY 28TH 2014
14:00-17:00 HOURS Delft University of Technology
Faculty of Civil Engineering and Geosciences
NAME:
Page 3 of 10
STUDENT NUMBER:

6. Given the following cash flows for project A:

C0 = -1000, C1 = +600 , C2 = +400, and C3 = +1500, calculate the payback period.

A. One year
B. Two years
C. Three years
D. None of the above

7. Muscle Company is investing in a giant crane. It is expected to cost 6.5 million in initial
investment and it is expected to generate an end of year cash flow of 3.0 million each year for three
years. Calculate the IRR approximately.

A. 14.6 %
B. 16.4 %
C. 18.2 %
D. 22.1%

8. Net Working Capital is the:

I) short-term assets
II) short term liabilities
III) long-term assets
IV) long term liabilities

A. I only
B. (I - II)
C. (III - I)
D. (III - IV)

9. If the discount rate is stated in real terms, then in order to calculate the NPV in a consistent
manner requires that project:

I) cash flows be estimated in nominal terms

II) cash flows be estimated in real terms
III) accounting income be used

A. I only
B. II only
C. III only
D. None of the above
 EXAM CME2300 FINANCIAL ENGINEERING
TUESDAY JANUARY 28TH 2014
14:00-17:00 HOURS Delft University of Technology
Faculty of Civil Engineering and Geosciences
NAME:
Page 4 of 10
STUDENT NUMBER:

10. Given the following data for Project M:

A. $25.85
B. $17.77
C. $22.65
D. None of the above

11. If the depreciation amount is 600,000 and the marginal tax rate is 35%, then the tax shield due
to depreciation is:

A. $210,000
B. $600,000
C. $390,000
D. None of the above

12. Two machines, A and B, which perform the same functions, have the following costs and lives.

Which machine would you choose? The two machines are mutually exclusive and the cost of capital
is 15%.

A. Machine A as the EAC is $1789.89

B. Machine B as the EAC is $1922.88
C. Don't buy either machine
D. Accept both A and B

13. Given the following data: risk-free rate = 4%, average risk premium = 7.7%.
Calculate the required rate of return:

A. 5.6%
B. 7.6%
C. 11.7%
D. None of the given answers
 EXAM CME2300 FINANCIAL ENGINEERING
TUESDAY JANUARY 28TH 2014
14:00-17:00 HOURS Delft University of Technology
Faculty of Civil Engineering and Geosciences
NAME:
Page 5 of 10
STUDENT NUMBER:

14. The "beta" is a measure of:

A. Unique risk
B. Total risk
C. Market risk
D. None of the above

15. What is the beta of a security where the expected return is double that of the stock market,
there is no correlation coefficient relative to the US stock market and the standard deviation of the
stock market is .18?

A. 0.00
B. 1.00
C. 1.25
D. 2.00

16. Portfolio Theory was first developed by:

A. Miller
B. Gordon
C. Modigliani
D. Markowitz

17. By combining lending and borrowing at the risk-free rate with the efficient portfolios, we can

I) extend the range of investment possibilities

II) change efficient set of portfolios from being curvilinear to a straight line.
III) provide a higher expected return for any level of risk except the tangential portfolio

A. I only
B. I and II only
C. I, II, and III
D. none of the above

18. If the beta of Microsoft is 1.13, risk-free rate is 3% and the market risk premium is 8%,
calculate the expected return for Microsoft.

A. 12.04%
B. 15.66%
C. 13.94%
D. 8.65%
 EXAM CME2300 FINANCIAL ENGINEERING
TUESDAY JANUARY 28TH 2014
14:00-17:00 HOURS Delft University of Technology
Faculty of Civil Engineering and Geosciences
NAME:
Page 6 of 10
STUDENT NUMBER:

19. Given the following data for a stock: beta = 1.5; risk-free rate = 4%; market rate of return =
12%; and Expected rate of return on the stock = 15%. Then the stock is:

A. overpriced
B. under priced
C. correctly priced
D. cannot be determined

20. The market value of Charter Cruise Company's equity is $15 million, and the market value of its
risk-free debt is $5 million. If the required rate of return on the equity is 20% and that on the debt
is 8%, calculate the company's cost of capital. (Assume no taxes.)

A. 20%
B. 17%
C. 14%
D. None of the above

21. The after-tax weighted average cost of capital (WACC) is calculated using the formula:

A. WACC = (rD) (D/V) + (rE) (E/V) where: V = D + E

B. WACC = (rD) (1 - TC ) (D/V) + (rE) (E/V) where: V = D + E
C. WACC = (rD) (D/E) + (rE) (E/D)
D. none

22. The historical data for the past three years for the market portfolio are 10%, 10% and 16%. If
the risk-free rate of return is 4%, what is the market risk premium?

A. 4%
B. 8%
C. 16%
D. None of the above

23. Financial Calculator Company proposes to invest $12 million in a new calculator making plant.
Fixed costs are $3 million a year. A financial calculator costs $10 per unit to manufacture and can be
sold for $30 per unit. If the plant lasts for 4 years and the cost of capital is 20%, what is the
accounting break-even level? (Approximately)(Assume no taxes.)

A. 300,000 units
B. 150,000 units
C. 381,777 units
D. None of the above
 EXAM CME2300 FINANCIAL ENGINEERING
TUESDAY JANUARY 28TH 2014
14:00-17:00 HOURS Delft University of Technology
Faculty of Civil Engineering and Geosciences
NAME:
Page 7 of 10
STUDENT NUMBER:

24. The most important difference between stock repurchases and cash dividends is that they:

I) Benefit different groups

II) Have different effects on corporate cash flow
III) May have different tax consequences

A. I only
B. II only
C. III only
D. I, II, and III

25. An investor can undo the effect of leverage on his/her own account by:

I) investing in the equity of a levered firm

II) by borrowing on his/her own account
III) by investing in risk-free debt like T-bills

A. I only
B. II only
C. III only
D. I and III above

26. Learn and Earn Company is financed entirely by Common stock that is priced to offer a 20%
expected return. If the company repurchases 50% of the stock and substitutes an equal value of
debt yielding 8%, what is the expected return on the common stock after refinancing?

A. 32%
B. 28%
C. 20%
D. None of the above

27. If a firm borrows $50 million for one year at an interest rate of 9%, what is the present value of
the interest tax shield? Assume a 30% tax rate.

A. $50.00 million
B. $17.50 million
C. $1.445 million
D. $1.239 million
 EXAM CME2300 FINANCIAL ENGINEERING
TUESDAY JANUARY 28TH 2014
14:00-17:00 HOURS Delft University of Technology
Faculty of Civil Engineering and Geosciences
NAME:
Page 8 of 10
STUDENT NUMBER:

28. Bombay Company's balance sheet is as follows:

(NWC = net working capital; LTA = long term assets; D = debt; E = equity; V = firm value):

According to MM's Proposition I corrected for taxes, what will be the change in company value if
Bombay issues $200 of equity and uses it to make a permanent reduction in the company's debt?
Assume a 35% tax rate.

A. +$140
B. +$70
C. $0
D. -$70

29. Given the following data: Cost of debt = rD = 6%; Cost of equity = rE = 12.1%; Marginal tax
rate = 35%; and the firm has 50% debt and 50% equity. Calculate the after-tax weighted average
coat of capital (WACC):

A. 8%
B. 7.1%
C. 9.05%
D. None of the given values

30. Calculate the value of the firm:

A. $90.4 millions
B. $104 millions
C. $82.6 millions
D. none of the above

31. A put option gives the owner the right:

A. and the obligation to buy an asset at a given price

B. and the obligation to sell an asset at a given price
C. but not the obligation to buy an asset at a given price
D. but not the obligation to sell an asset at a given price
 EXAM CME2300 FINANCIAL ENGINEERING
TUESDAY JANUARY 28TH 2014
14:00-17:00 HOURS Delft University of Technology
Faculty of Civil Engineering and Geosciences
NAME:
Page 9 of 10
STUDENT NUMBER:

32. Buying a call option, investing the present value of the exercise price in T-bills, and short selling
the underlying share is the same as:

A. Buying a call and a put

B. Buying a put and a share
C. Buying a put
D. Selling a call

33. A call option has an exercise price of $100. At the final exercise date, the stock price could be
either $50 or $150. Which investment would combine to give the same payoff as the stock?

A. Lend PV of $50 and buy two calls

B. Lend PV of $50 and sell two calls
C. Borrow $50 and buy two calls
D. Borrow $50 and sell two calls

34. The opportunity to invest in a project can be thought of as a two year option on an asset which
is worth $400 million (PV of the cash flows from the project) with an exercise price of $600 million
(investment needed). Calculate the value of the option given that N(d1) = 0.6 and N(d2) = 0.4 and
interest rate is 6%.

A. $26.4 million
B. Zero
C. $200 million.
D. None of the above.

35. Which of the following conditions might lead a financial manager to delay a positive NPV project?
Assume project NPV if undertaken immediately is held constant.

A. The risk-free interest rate falls.

B. Uncertainty about future project value increases.
C. The first cash inflow generated by the project is lower than previously thought.
D. Investment required for the project increases.

36. If a bond with one year maturity with a coupon rate of 5% and face value of $1,000 is selling for
$881.94. Calculate the promised yield on the bond.

A. 5%
B. 8%
C. 19.06%
D. none of the above
 EXAM CME2300 FINANCIAL ENGINEERING
TUESDAY JANUARY 28TH 2014
14:00-17:00 HOURS Delft University of Technology
Faculty of Civil Engineering and Geosciences
NAME:
Page 10 of 10
STUDENT NUMBER:

37. What is the most important difference between a corporate bond and an equivalent Treasury
bond?

A. Corporate bond payments are made by a check from the firm and Treasury bonds are paid by
printing money by the government.
B. Corporate bonds are traded on the floor of New York Bond Market and Treasury bonds trade in
the over-the-counter market.
C. In the case of the corporate bond, the firm has the option to default whereas the government
supposedly doesn't.
D. None of the above.

38. Very large bond issues that are marketed both internationally as well as in individual domestic
markets are called:

A. Eurobonds
B. Foreign bonds
C. Global bonds
D. none of the above

39. LIBOR means:

A. London Interbank Offered Rate

B. London International Bank Offered Rate
C. Long-term International Bank Offered Rate
D. None of the above

40. The following are secured bonds except:

A. Mortgage bonds
B. Debentures
C. Collateral trust bonds
D. Equipment trust certificate
APPENDIX TABLE 1
Discount factors: Present value of $1 to be received after f years = 1 / ( 1 + r)' •

,,. ,• Interest rate per year

Number ^ ^
o f years 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 14% 1 5%
13%

1 . 9 90 .980 .971 .962 .952 .943 .935 .926 .917 .909 .901 ;893 .885 .877 .870
2 . 9 80 .961 . 94 3 .925 .907 .890 .873 .857 .842 .826 .812 .797 .783 .769 .756
3 .971 .942 .915 .889 .864 .840 .816 .794 .772 .751 .731 .712 .693 .675 .658
4 .961 . 9 2 4- .888 .855 .823 .792 .763 .735 .708 .683 .659 • .636 .613 .5-92 . 572.
5 .951 . 906 .863 .822 .784 .747 .713 .681 .650 .621 . 5 93 .567 .543 .519 .497

6 .942 .888 . 837 . 7 90 .746 .705 .666 .630 .596 .564 .535 .507 .480 .456 .432
7 . 933 .871 .813 .760 .711 .665 .623 .583 .547 .513 . 4 82 .452 .425 .400 .376
8 . 923 . 853 .789 .731 .677 .627 .582 .540 .502 .457 .434 .404 .376 .351 .3,27
9 . 914 .83 7 .766 .703 .645 .592 .544 .500 .460 .424 .391 .361 .333 . 308 .284
.0 .905 • . 820 .744 .676 .614 .558 . 508 .463 .422 .386' .352 .322 .295 .270 .247

.1 .896 .804 .722 -.650 .585 .527 .475 .429 .388 .350 .317 .287 .261 .237 .215
.2 .887 . 788 . 701 .625 .557 .497 .444 .397 .356 .319 .286 .257 .231 .208 .187
.3 .879 .773 .681 .601 .530 .469 .415 .368 .326 .290 .258 .229 .204 . 182 .163
.4 .870 .758 .661 .577 .505 .442 .388 . 340 .299 .263 .232 .205 .181 . 160 .141.
.5 . 861 .743 .642 .555 .481 .417 .362 .315 .275 .239 .209 .183 .140 . 123
.160

16 .853 . 728 .623 .534 .458 . 394 • .339 .292 .252 .218 .188 .163 .141 .123 .107
17 .844 .714 . 605 .513 .436 .371 .317 .270 . 231 . 198 .170 .146 .125 . 108 .093
18 .836 .700 .587 .494 .416 .350 .296 .250 .212 . 180 .153 . 130 .111 .095 .081
19 .828 .686 .570 .475 . 396 • .331 • .277 .232 .194 .164 . 138 .116 .098 .083 • .070"
!0 .820 .673 .554 .456 .377 .312 .258 .215 .178 .149 .124 .104 .087 . 0 73 .0.61

!5 .780 .61.0 .478 .375 .295 .233 .184 .146 . 116 . .092 . 0 74 .059 .047 .038 .030
10 . 742 .552 .412 .308 .231 .174 .131 .099 .075 .057 .044 .033 .026 .020 .015

APPENDIX TABLE 2
Future value of $1 after ^ years = ( 1 + r)'

Interest rate per year

Number
of years 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15%
1 ,010 1 .020 1 . 030 1 .040 1,. 0 5 0 1 . 0 60 1 . 0 70 1 .0 80 1 . 090' 1 . too 1 . 1 10 1 . 1 20 1 . 130 1 . 140 1 . 150
2 1 . 020 1 .040 1 .061 1 .082 1 .102 1 .124 1 .145 1 .166 1 . 188 1 .210 1 . 232 1 . 2 54 1. 277 1 ,300 1 .323
3 1 .030 1 .061 1 .093 1 . 125 1 .158 1 .191 1,. 2 2 5 1 .260 1,. 2 9 5 1 .331 1 ,. 3 6 8 1 , 4 05 I . 443 1 ,482 1 .521
4 1.. 0 4 1 1 .082 1 . 126 1 .170 1 , . 2 16 1 .262 1 .311 1 .3 50 1 .412 1 ,4 64 1 .518 1 .574 1 . 530 1 ,, 6 8 9 1 .749
5 1 .051 I .104 1 . 159 1 . 2 17 1, . 2 7 6 1 .338 1 .. 4 0 3 1 .469 1 . 539 1 ,611 1 .685 1 .752 1 .842 1 , 925 2. O i l
6 1 .062 1 . 126 1 .194 1 .265 1 .340 1 . 4 19 1 .501 1 .587 1, . 6 7 7 1,, 7 7 2 1, . 8 7 0 1 .974 2 . 082 2, . 195 2. 313
7 1 .072 1 .149 1 . 230 1 .316 1 .407 1 . 5 04 1,. 6 0 6 1 .714 1,. 8 2 8 1 .949 2 .076 2 .211 2. 353 2 .5 02 2 . 560
B 1 .083 1 .172 1 . 267 1 .3 59 1 .477 1 . 5 94 1 .718 1 .851 1 .993 2, . 1 4 4 2, , 3 0 5 2, . 4 7 6 2 . 658 2 . 853 3. 059
9 1 . 0 94 1 . 195 1 . 305 1 .423 1 .551 1 . 6 89 1,. 8 3 8 I .999 2 . 172 2, , 3 5 8 2 .558 2 . 7 73 3 . 004 3, . 2 5 2 3 . 518
10 1 .105 1 .219 1 .344 1, . 4 8 0 1 .629 1 . 7 91 1 . 967 2 . 1 59 2, . 3 6 7 2 .594 2, . 8 3 9 3 . 1 06 3. 395 3, . 7 0 7 4. 046

1 1 1 .116 1 .243 1 .384 1,. 5 3 9 1.. 7 1 0 1 .898 2 ,. 1 0 5 2 .332 2 .5 80 2, ,853 Ï ., 152 3 ,479 3 . 836 4,,226 4 . 652
12 1 ,127 1 . 268 1 ,426 1,. 6 0 1 1 , 7 96 2 .012 2, . 2 52 2 .518 2, . 8 1 3 3, , 1 3 8 3, , 4 9 8 3, .896 4. 335 4,,818 5. 350
13 1. . 1 3 8 1 ,. 2 9 4 1 .469 1.,555 1., 8 8 6 2 , 133 2., 4 1 0 2, , 7 2 0 3, , 0 5 6 3 ,, 4 5 2 3 ,, 8 8 3 4 . ,3 63 4. 898 5. ,492 6. 153
14 1 .149 1 ,. 3 1 9 1,,513 1 .732 1, , 9 80 2, . 2 6 1 2 , 579 2, . 9 3 7 3,, 3 4 2 3..797 4. ,310 4, . 8 8 7 5. 535 6, . 2 6 1 7 .076
15 1,, 1 6 1 1 .346 1,.558 1 ,801 2, . 0 7 9 2, . 3 9 7 2. , 759 3, . 1 7 2 3,, 642 4 ,, 1 7 7 4. ,785 5 ,, 4 7 4 6. 2 54 7.. 1 3 8 8. 137

16 1.,173 1 ,, 3 7 3 1 , 605 1 ., 8 7 3 2, , 1 8 3 2,,540 2. 952 3 ,426 3 , 970 4. 595 5. 311 6, 130 7. 067 0. 137 9. 358
17 1,, 1 8 4 1 ,, 4 0 0 1 ,, 6 5 3 1,, 9 4 8 2,,292 2 ,, 6 9 3 3,,159 3 ,, 7 0 0 4, 328 5 . 054 5, 895 6.. 8 6 5 7. 986 9. 275 10.76
18 1,, 1 9 6 1 , 428 I ,, 7 0 2 2 , 026 2. 407 2 ,, 8 5 4 3 . 3 80 3, 996 4 . 717 5 . 560 6 , 544 7, 6 90 9. 024 10, ,58 1 2 .30
19 1,, 2 0 8 1 . 457 1 ,, 7 5 4 2,,107 2. .527 3 . 026 3. 617 4,,315 5. 1 4 2 6, 116 7 . 263 B. 6 1 3 10. 20 12. 06 14. 23
20 1, ,2 20 1 , 486 1,, 806 2,,191 2 ., 6 5 3 3 ,, 2 0 7 3 . 870 4. ,661 5 . 604 6 , 727 8. 062 9. 6 4 6 11 . 52 13, 7 4 1 6 .37
25 1. 282 1 ., 6 4 1 2, 094 2 , 6 66 3.,386 4 ., 2 9 2 5, 427 6 ,, 8 4 8 8, 623 . 0 . 83 13. 59 1 7 .00 2 1 . 23 26 , 4 6 32.92
30 1. 3 4 8 1 ,, 8 1 1 2,,427 3..243 4. 322 5. 743 7. 5 1 2 10. 06 1 3 . 27 7 . 4 5 2 2 . 89 29. 9 6 39. 1 2 5 0 . 95 66. 2 1
APPENDIX TABLE 3
Annuity table: Present, value of $1 per j/eflrfor each of/years = I/r-r- l/[r(l -f r)']

• Interest rate per year

Number —
of years 1% 2% 3%. 4% 5% 6% 7% 8% . 9% 10% • 11% 12% 13%. 14% .15%

1 990 ,980 .971 .962 ,952 ,94 3 935 925 917 909 901 - .893 885 ,877 870
2 1 . 970 1 . 942 1 ,. 9 1 3 1 . 8 86 • . 1 ., 8 5 9 1. 8 3 3 1 . 808 1 . 7 83 1 . 759 1 . 736 1 . 713 1 ,6 90 1 . 658 1 . 647 1. 6 2 6
3 2 . 941 2 . , 8 84 2 .829 2 . 7 75 2. 723 2, .673 2. 624 2. 577 2 . 53 1 2 . 487 2 . 444 2. ,402 2. 361 2 . 322 2. 283
It 3. 902 3. 808 3 .717 3 . 6 30 3. 546 3. 465 3. 387 3 . 312 3 . 240 3 . 170 3 . 102 3 ,, 0 3 7 2. 974 2 . 914 2, 855
5 A. 853 4, 7 1 3 4, . 5 80 4 . 4 52 4. 3 2 9 4 . 212 4. 100 3. 993 3. 890 3 . 791 3. 6 96 3 ., 5 0 5 3. 517 3 ,, 4 3 3 3 ., 3 5 2

6 5 . 795 5 , 601 • 5 ,. 4 1 7 5 .242 5. 0 7 6 4 i 91 7 4. 767 4 . 623 4. 485 4. 355 4 . 231 4 .111 3. 998 3 ,, 8 8 9 3 ,784
7 6. 728 6. , 4 7 2 6 .230 6 . 0 02 5 . ,7 86 5, , 5 8 2 5. 389 5. 206 5. 033 4 . 8.6 8 4 . 712 4 . . 5 54 4. 423 4 ,, 2 8 8 4, .160
8 7. 652 7. , 3 2 5 7 .020 6.733 6, , 4 6 3 6, , 2 1 0 5. 971 5 ., 7 4 7 5 . 535 5. 335 5 . 145 4 .968 4 . 799 4 .539 4, . 4 8 7
9 - 8. 566 8. , 1 6 2 7 .786 7 .435 7 ,, 1 0 8 5 ,, 8 0 2 6. 5 1 5 6 ,, 2 4 7 5 . 995 5 . 759 5 . 537 5, . 3 2 8 5. 132 4., 945 4 ., 7 7 2
10 9 . A71 8 . 983 8 .530 8 .111 7, . 7 2 2 7, . 3 6 0 7. 0 2 4 6, , 7 1 0 6. 418 6 . 145 5 . 889 5 .650 5. 426 • 5 ,. 2 1 6 5, , 0 1 9

11 10,. 37 9 , 787 9 .253 8 .760 8, , 3 0 6 7 ,, 8 8 7 7. . 4 9 9 7 ., 1 3 9 6. 805 6. 495 6 . 207 5, . 9 3 8 5. 687 5 .4 53 5, . 2 3 4

12 1 1. 26 10 , 5 8 9 .954 9 .385 8, , 8 6 3 8, , 3 8 4 7. , 9 4 3 7 ., 5 3 6 7 . 161 6 . 814 6 . 492 6 . 194 5. 918 5 ,660 5, . 4 2 1
13 1 2. 1 3 1 1 ,3 5 1 0 . 63 9 . 9 86 9, , 3 9 4 8, , 8 5 3 8. 3 5 8 7, , 9 0 4 7. 487 7 . 103 6 . 750 6 .424 6. 1 2 2 5 .842 5 ,583
W. 1 3 . 00 12 , 1 1 1 1. 3 0 1 0.56 9. , 8 9 9 9, , 2 9 5 8. 7 4 5 8. , 2 4 4 7 . 786 7. 367 6 . 982 6 .628 6 . 302 6 .002 5, . 7 2 4
15 1 3 . 87 12. ,85 1 1. 9 4 1 1. 1 2 10. 38 9 ,712 9. . 1 0 8 8, , 5 59 8. 061 7. 606 7 . 191 6 .811 6 . 462 6 .142 5 .847

16 Ih. 72 13..58 12,.56 1 1.65 10..84 10, 1 1 9., 4 4 7 8, 8 5 1 8. 313 7. 824 7 . 379 6 . . 9 74 6. 604 6, , 2 6 5 5 .954
17 15. 56 14. 29 13 , , 1 7 12 . 1 7 11..27 10. 4 8 9 . .7 53 9, , 1 2 2 8. 544 8. 022 7 . 549 7 .120 6. 729 6, , 3 7 3 6, , 0 4 7
18 16. 40 1 4 . 99 13, ,75 12 . 6 6 11, 69 1 0 , 83 1 0, 0 6 9, , 3 7 2 8. 756 8. 201 7 . 702 7 .250 6. 840 6 , 4 67 6 .128
19 1 7 . 23 15. 68 14 , 3 2 1 3. 1 3 12. 09 11. 1 6 1 0 , 3 4 9 ,. 5 0 4 8. 950 8. 365 7 . 839 7 .366 6. 938 6 ,550 6, , 1 9 8
20 18 . 05 1 6 ,3 5 14 , 8 8 13 . 5 9 1 2 ,4 6 11. 47 1 0 . 59 9, . 8 1 8 9. 129 8. 514 7 . 953 7 . 4 69 .7 . 025 6, . 6 2 3 6 .259

25 2 2 . 02 19. 52 ' 17..41 1 5 . 62 14. 0 9 12. 7 8 11,.65 10 , 6 7 9. 823 9. 077 8. 422 7, . 8 4 3 7. 330 . 6 .. 8 7 3 6. , 4 6 4
30 2 5 . 81 22., 4 0 1 9 , 60 I 7 . 29 J....15. 3 7 13. 75 12., 4 1 11 , 2 6 1 0 . 27 9. 427 8 . 694 8 .0 55 7. 495 7 .003 6. , 5 6 6