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Task I:

The management has a concern about the financial performance of one of their subsidiaries in the UK, i.e. Spiky Hairgel, that seems to miss its production target in Sep 2025. However, the management of this subsidiary is still arguing that they are still producing higher income from operations and total contribution that are higher than the budget, based on flexible budgeting analysis. The CFO needs you to undertake the flexible budgeting variance analysis, especially in looking at how costs have been controlled in this subsidiary.

The budgeted production, price and costs are as follow (all figures are in poundsterling):

Production (units)	34,000
Budgeted Sales Revenue	297,500
Variable costs:
Natural essence	85,000
Chemical materials	34,000
Packaging materials	34,000
Direct labour	68,000
Fixed costs:
Depreciation—machinery	6000
Depreciation—building	3000
General liability insurance	800
Facility rent	1500
Marketing expense	2000
Utilities for admin offices	1000
Other administrative expense	800

The actual results of production, price and costs are as follows (all figures are in poundsterling):

Production (units)	30,000
Price per Unit	9.50
Total Variable Costs:
Natural essence	60,000
Chemical materials	37,500
Packaging materials	27,000
Direct labour	75,000
Fixed costs:
Depreciation—machinery	5500
Depreciation—building	3000
General liability insurance	900
Facility rent	2000
Marketing expense	3000
Utilities for admin offices	850
Other administrative expense	1000

Your Tasks:

1. Prepare a Flexible Budgeting report showing Spiky Hairgel revenue and spending variance for Sep 2025. Use 0 decimal points in your analysis (except for price per unit, contribution per unit and cost per unit – use 2 decimal point in these).
2. In your report, analyse the variance for each
3. The management does not understand the concept of total contribution. They ask you to give a critical analysis of the concept of total contribution and its relationship

to the breakeven sales and breakeven unit (especially on how to derive breakeven sales and breakeven unit mathematically from Total Contribution).

Task II:

The management is interested in acquiring Dreamdove PLC, a non-traded public-listed company that produces baby foods and has been operating for awhile in UK baby food industry. The management is particularly interested to acquire this company’s assets to strengthen its own baby foods subsidiary. However, since Dreamdove PLC is a non- traded PLC, the management only has incomplete income statement for the year ended 31 December 2022, 31 December 2023 and 31 December 2024, as well as incomplete balance sheet as at 31 December 2023 and 31 December 2024. The CFO asks you to analyse Dreamdove PLC financial situation and propose a valuation that the management can use in negotiation.

Upon preliminary investigation, you managed to discover these facts to complete the financial statements:

For Income Statements:

• Cash sales had increased by 12% from 2022 to 2023, and then increased again by 5% to 2024.
• Credit sales had steadily increased by 15% from 2022 to 2023, and from 2023 to 2024.

• Proportion of Cost Sales to Total Net Revenues is 53% in 2022, 55% in 2023 and 60% in 2024.

• Salaries in 2023 is 94% of that in 2024, and salaries in 2022 is 94% of that in 2023.

• Insurance expense in 2023 is 75% of that in 2024, and insurance expense in 2022 is 80% of that in 2023.
• Depreciation in 2023 is 90% of that in 2024, and depreciation in 2022 is 90% of that in 2023.

• Income Tax is 35% of Earning Before Tax (EBT) or Profit Before

For Balance Sheet:

• Account Receivable at the end of 2024 and 2023 is 1/6 of credit sales in 2024 and 2023, respectively.
• Inventories at the end or 2024 is 1/6 of Net Revenues in 2024, and inventories at the end of 2023 is 6% of Net Revenues in 2023.
• Prepaid Expenses at the end of 2024 increased by £34,000 from that at the end of 2023.
• Accounts Payable in 2024 is 8% of 2024 Cost of Sales, whilst Accounts Payable in 2023 is lower by £187,000 than that in 2024.
• Accrued wages in 2024 and 2023 are both 25% of Salaries in 2024 and 2023, respectively.
• Accrued taxes in 2024 is 25% of 2024 Income
• Long-term debt in 2023 is 80% of Property, Plant and Equipment in

Your Tasks:

• Complete the Income Statement and Balance Sheet below (using 0 decimal point):

DREAMDOVE PLC
INCOME STATEMENT FOR THE PERIOD ENDED
		31-Dec-24	31-Dec-23	31-Dec-22
		£ ‘000s	£ ‘000s	£ ‘000s
Net revenues
	Cash Sales			2,456
	Credit Sales			4,572
	Total Net Revenues		8,009
Cost of Sales				3,725
	Gross Profit	3,574
Operating Expenses:
Salaries		1,258
Insurance		155
Depreciation		150
General and administrative expenses		489	479	361
	Total operating expenses		1,913	1,687
Operating Profit (EBIT)
Interest expense		10	11	11
Profit before income taxes (EBT)			1,680
Income taxes
Net Profit

 

DREAMDOVE PLC
BALANCE SHEET AS AT
		31-Dec-24	31-Dec-23
		£ ‘000s	£ ‘000s
ASSETS
Current assets:
Cash and cash equivalents		1,369	1,427
Accounts receivable, net
Inventories
Prepaid expenses and other current assets		200	166
Total current assets
Property, plant and equipment, net		3,137	2,287
Other assets		168	161
Total non-current assets
TOTAL ASSETS		7,371
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
Accrued wages
Accrued taxes			141
Current portion of long-term debt		89	82
Total current liabilities		754	563
Non-current liabilities:
Long-term debt		2,630
Total liabilities		3,384
Shareholders’ equity:
Ordinary shares, issued and outstanding (£0.1 par value)		350	350
Share premium		2,415	2,415
Retained earnings		1,222	241
Total shareholders’ equity
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			5,398

Please provide the working notes / calculations for each information above to prove your calculations for each entry that needs to be completed for income statement, and balance sheet.

• Prepare a Cash Flow Statement for 2024 with data from Balance Sheet and Income Statement in 2024 and 2023 (using 0 decimal point).

As an additional information, in the Property, Plant and Equipment, Net in the 2024 Balance Sheet there is a gain from the sales of old PPE of £1,000 which is already recognised in the Cash Flow Statement provided below.

You must complete the item name (the dotted line) and provide the working notes / calculations of each blank item below.

The Cash Flow Statement template is as follows:

DREAMDOVE PLC
CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2024
				£’000s
Cash Flow from Operating Activities:
Net Income
Non-cash Adjustment: less gain from selling old PPE				-1
Depreciation
Less: Increase in …………..
Less: Increase in ……………..
Less: Increase in ……………..
Add: Increase in …………….
Add: Increase in …………….
Add: Increase in …………….
Add: Increase in ………………..
Net Cash Flow from Operating Activities				149
Cash Flow from Investing Activities:
Decrease (Increase) in ………..
Decrease (Increase) in other non-current asset				-7
Net Cash Flow from Investing Activities
Cash Flow from Financing Activities:
Increase in …………….
Net Cash Flow from Financing Activities
Net increase (decrease) in cash
Cash and Cash Equivalent, Balance as at 31 December 2023				1427
Cash and Cash Equivalent, Balance as at 31 December 2024

 

• Calculate and Analyse the performance of Dreamdove PLC using the following financial ratios.

Profitability Ratios

Gross Profit Margin

Operating Profit Margin

Net Profit Margin

Liquidity Ratios

Current Ratio

Quick Ratio

Efficiency Ratios

Inventory Days

Receivable Days

Payable Days

Cash Conversion Cycle

Sales Revenue to Capital Employed

Financial Gearing (Leverage Ratios)

Debt to Equity Ratio

Investment Ratios

Earnings per Share

 

Use 2 decimal points for numbers/percentage and 0 decimal points for days (rounding up). You are expected to present the working notes as well.

• The recent valuation during due-diligence process by independent consultants found that Non-current Assets of Dreamdove PLC should be 20% above the written-down value as at 31 December 2024, and its Current Assets should be 30% above the written-down value as at 31 December 2024. Using Asset- based Valuation, calculate the Total Value of Dreamdove PLC and its value per share. Use 2 decimal points in your valuation.
• As the three basic valuation methods – Asset-based Valuation, Earnings-based Valuation and Dividend Valuation Model would present different results, the Top Management would like you to present a critical analysis what the appropriate scenario is for each valuation method (i.e. what is the appropriate situation to use each method). 

Task III: 

Business expansion has always been a key focus of FA Monsoo management. The operations team has identified several potential sites and the company has been considering proposals from different equipment suppliers. To make those sites operational, this requires significant investment.

The following two proposals which are almost identical, have taken management interest:

	Proposal 1	Proposal 2
Equipment cost	900,000	1,100,000
Economic life	5 Years	5 Years
Cash flow year 1	200,000	100,000
Year 2	150,000	300,000
Year 3	250,000	400,000
Year 4	300,000	400,000
Year 5	500,000	500,000

Additional Info:

• Cost of capital 10%
• All cash flows are in £
• Residual value of equipment in Proposal 1: £25,000
• Residual value of equipment in Proposal 2: £45,000

Your Tasks:

Based on above details,

1. Assess and effectively apply investment appraisal techniques using Payback Period, NPV, ARR, IRR to advise management on the above Use the Present Value table below for Discount Factor (use 3 decimal points for Discount Factor). For all figures (NPV, IRR, ARR) use 2 decimal points. Present the Payback Period in a year and month figures. DO NOT USE EXCEL FORMULA TO CALCULATE NPV AND IRR!
2. Present the final conclusion on which project to undertake, along with strong arguments in relation to the merits of each technique

Task IV:

The management would like to ask for your professional expertise on these:

1. The management is considering to acquire additional financing for its long term project that they are about to embark on.
   • The CEO asks you to present a critical analysis on the use of debt financing and equity financing to finance a long-term project in a slowing down global economy that is currently Your analysis should highlight both the strength and weakness of these sources and the different options within each source and conclude what is the best financing source in the above context.
   • One of the senior management team is proposing crowdfunding as the potential financing option for FA Monsoo as it is Critically analyse this opinion.
2. The management of FA Monsoo is interested to undertake a rights issue to fund its global expansion strategy.

FA Monsoo has an issued share capital of 15 million shares, with the current market value of £6.00 each at the London Stock Exchange. They would like to offer the existing shareholders one new share for every three existing shares at a price of £5.00.

• Calculate the Theoretical Ex-Rights Price (TERP) for FA Monsoo and explain to the management what TERP is and why the TERP is different than the current market price.
• Calculate the Value of the Rights of FA Monsoo’s

1. Related to event in (b) above, Davina is one of FA Monsoo’s shareholders and holds 3,000 shares in FA Monsoo before the rights offer. She is unsure of what action she should take after the rights issue as she does not want to have her wealth reduced after the rights issue event.

Using the results from calculations in Task IV (b), calculate the effect on Davina’s net wealth if she chooses to (1) take the rights issue; (2) sell the rights entitled to her to third party exactly at the rights value, or (3) do nothing, and suggest which option to take that can maximise her wealth.

10 marks is for presentation and references (needed for theoretical questions)

The word count for this assignment is 1,500-2,000 words +/- 10% and will not include the title page, executive summary, contents page or bibliography.

It is important that you show knowledge of key debates within the wider literature. Also, it is strongly advised that you are critical in your writing and ensure a good level of integration and coherence in applying theories. Please work on, and ensure an excellent level of criticality, coherence, and flow of your report. This will require effective discussion and clarity.

Please note that a significant amount of the marks is awarded on the basis of wider reading, critical and logical presentation, quality of argument, referencing, academic integrity and academic writing conventions. Please see Assessment Criteria on the Moodle.

Reassessment

The reassessment will be a resubmission of this report, with tracked changes made in response to the feedback given. The date for Reassessment is TO BE ADVISED.

The Learning Outcomes assessed by this assessment are:

Knowledge

1. Demonstrate an understanding of different markets and sources of finance; and the role of budgeting in an organisation.
2. Be able to assess budgets based financial data to support organisational objectives (CMI Los 2).

Thinking skills

3. Analyse the information contained in a company’s annual report; and appraise finance and investment decision.

Skills for life and work (general skills)

4. Demonstrate an understanding of the context within which finance operates, and the various local and international standards that need to be complied

Subject-based practical skill

5. Effectively apply budgets and investment appraisal
6. Effectively apply key ratios appropriate for analysing the financial performance of the organisation.
7. Understand how to evaluate financial proposals for expenditure submitted by others (CMI Los 3).

We strongly suggest that you try to submit all coursework by the deadline set as meeting deadlines will be expected in employment. However, in our regulations, UEL has permitted students to be able to submit their coursework up to 24 hours after the deadline. The deadline is published in this module guide. Coursework which is submitted late, but within 24 hours of the deadline, will be assessed but subjected to a fixed penalty of 5% of the total marks available (as opposed to marks obtained). If you submit twice, once before the deadline and once during the 24-hour late period, then the second submission will be marked and 5% deducted. This rule only applies to coursework. It does not apply to examinations, presentations, performances, practical assessments or viva voce examinations. If you miss these for a genuine reason, then you will need to apply for extenuating circumstances, or accept that you will receive a zero mark.

Further information is available in the Assessment & Feedback Policy at https://www.uel.ac.uk/Discover/Governance/Policies-Regulations- Corporate-documents/Student-Policies (click on other policies)

• Marks distribution for the task:

Marks distribution	Maximum Mark
Objectives of Preparing a Budget, Revenue and Spending Variance Report	25
Financial statement analysis	20
Investment appraisal	25
Advising on sources of finance that ensures Financial Sustainability, as well as TERP calculation from Rights Issue	20
Clarity & Structure: i.e. detailed, coherent and formal structure should be demonstrated. It also should be well presented	5
Referencing: appropriate application of Harvard referencing should be evident	5

Total Mark

100

• Guidance on referencing

As a student you will be taught how to write correctly referenced essays using UEL’s standard Harvard referencing system from Cite Them Right. Cite

them Right is the standard Harvard referencing style at UEL for all Schools apart from the School of Psychology which uses the APA system. This book will teach you all you need to know about Harvard referencing, plagiarism and collusion.

The electronic version of “Cite Them Right: the essential referencing guide” 9th edition, can be accessed whilst on or off campus, via UEL Direct. The book can only be read online and no part of it can be printed nor downloaded.

Further information is available at: https://uelac.sharepoint.com/LibraryandLearningServices/Pages/default.asp x

• Details of submission procedures:

Notice is hereby given that all submissions for this component must be submitted to Turnitin.” If you fail to submit component to Turnitin, in accordance with the guidance provided on the Virtual Learning Environment (Moodle), a mark of 0 will be awarded for the component.

Submitting Assessments Using Turnitin:

Turnitin is required for coursework assessments, such as report/research papers or projects in Microsoft Word, PowerPoint, and in PDF format. There are two main reasons we want you to use Turnitin:

• Turnitin can help you avoid academic breaches and When you use Turnitin before a submission deadline, you can use the Originality Report feature to compare your work to thousands of other sources (like websites, Wikipedia, and even other student papers). Anything in your work that identically matches another source is highlighted for you to see. When you use this feature before the deadline, you will have time to revise your work to avoid an instance of academic breach/plagiarism.
• Turnitin saves When using Turnitin to electronically submit your work, you will almost never have to submit a paper copy.

Late Submissions Using Turnitin

UEL has permitted students to be able to submit their coursework up to 24 hours after the deadline. Assessments that are submitted up to 24 hours late are still marked, but with a 5% deduction. However, you have to be very careful when you are submitting your assessment. If you submit your work twice, once using the original deadline link and then again using the late submission link on Turnitin, your assignment will be graded as late with the 5% deduction.

Turnitin System Failure

Best Advice: Don’t wait until the last minute to submit your assessments electronically. If you experience a problem submitting your work with Turnitin, you

should notify your lecturer/tutor by email immediately. However, deadlines are not extended unless there is a significant systems problem with Turnitin. UEL has specific plans in place to address these issues. If UEL finds that the issue with the system was significant, you will receive an email notifying you of the issue and that you have been given a 24-hour extension. If you don’t receive any email that specifically states you have been given an extension, then the original deadline has not been changed.

• Feedback and return of work:

Work should be submitted on Turnitin and all feedback will be on Turnitin. This will be released to students on TBC.

You may submit formative work to your seminar tutor by TBC. Generic feedback will be given to the whole class.

Assessment criteria

Knowledge and Understanding (25%)
Up to 40%	The Report is written with little or no reference to any theoretical underpinning.
40% – 50%	Evidence of some use of underpinning theory, but its use is limited and there are clear gaps of conceptual understanding in its application.
50% – 60%	Theory is used to inform decisions and to justify them in a clear and logical manner. Systematic understanding of the discipline is evidenced through the implementation plan and risk register.
60-70%	The Report makes effective use of a wide range of theory and underlying concepts to provide a well judged and practical implementation plan evidencing a good understanding of the discipline.
70% plus	Precise and well judged choice of theory and literature to inform an excellent proposal that synthesizes the practical and theoretical elements to produce a well judged proposal that incorporates a wide range of issues and concepts.
Independent Research and Learning (25%)
Up to 40%	There is no evidence of independent research or of making use of the independent learning resources
40% – 50%	There is evidence of some independent resources being used but of a limited value and number.
50% – 60%	Relevant independent resources have been identified and incorporated to build the depth and breadth of the proposal.
60-70%	A significant range of independent resources from the forefront of the discipline is introduced into the proposal to significantly raise its impact and to ground it effectively.
70%+	An extensive range of independent resources if high quality is synthesized for inclusion to lend the proposal an academic weight that lends significant authority.
Persuasive, consistent argument (20%)
Up to 40%	No real structure to the argument
40% – 50%	The report follows the prescribed structure in parts only.
50% – 60%	The report l follows the prescribed structure and builds a clear, rational and well constructed argument.
60-70%	The report is highly effective in its construction and through the use of argument convinces the reader of its conclusions and recommendations.
70% +	Various strands of argument are synthesised to provide a compelling, grounded argument.

 

Criticality. (25%)
Up to 40%	All sources are accepted at face value.
40% – 50%	There is evidence of some limited criticality and analysis of events and facts, though it lacks depth.
50% – 60%	A broadly critical approach to uncover underlying factors is used in the analysis to inform proposed recommendations and their implementation
60-70%	A strong criticality informs all elements of the proposal, including the risk register through multiple perspectives and critical analysis.
70% +	A highly analytical criticality underscores the proposal to synthesise multiple perspectives in a rigorously analytical proposal.
Presentation (5%)
Up to 40%	Poor presentation Poor references which do not follow the correct Harvard conventions and / or insufficient references Serious errors in the use of language which makes the meaning unclear or imprecise
40% – 50%	Presentation is somewhat untidy References contain inconsistencies, errors or omissions There are errors in the use of academic English which affect the clarity
50% – 60%	Professional presentation standard References follow correct conventions with one or two minor errors. Language is clear and easily understood, sufficient for complex arguments.
60-70%	Highly professional presentation full and appropriate references. Clear and precise use of language allowing a complex argument to be easily understood and followed
70% +	Outstanding presentation Precise, full and appropriate references. Subtle use of language expressing highly nuanced thought with clarity and precision to a level appropriate for a submission for publication.

PRESENT VALUE TABLE

Present value of £1

Periods (n)	Interest rates (r)
	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
2	0.980	0.961	0.943	0.925	0.907	0.890	0.873	0.857	0.842	0.826
3	0.971	0.942	0.915	0.889	0.864	0.840	0.816	0.794	0.772	0.751
4	0.961	0.924	0.888	0.855	0.823	0.792	0.763	0.735	0.708	0.683
5	0.951	0.906	0.863	0.822	0.784	0.747	0.713	0.681	0.650	0.621
6	0.942	0.888	0.837	0.790	0.746	0705	0.666	0.630	0.596	0.564
7	0.933	0.871	0.813	0.760	0.711	0.665	0.623	0.583	0.547	0.513
8	0.923	0.853	0.789	0.731	0.677	0.627	0.582	0.540	0.502	0.467
9	0.914	0.837	0.766	0.703	0.645	0.592	0.544	0.500	0.460	0.424
10	0.905	0.820	0.744	0.676	0.614	0.558	0.508	0.463	0.422	0.386
11	0.896	0.804	0.722	0.650	0.585	0.527	0.475	0.429	0.388	0.350
12	0.887	0.788	0.701	0.625	0.557	0.497	0.444	0.397	0.356	0.319
13	0.879	0.773	0.681	0.601	0.530	0.469	0.415	0.368	0.326	0.290
14	0.870	0.758	0.661	0.577	0.505	0.442	0.388	0.340	0.299	0.263
15	0.861	0.743	0.642	0.555	0.481	0.417	0.362	0.315	0.275	0.239
16	0.853	0.728	0.623	0.534	0.458	0.394	0.339	0.292	0.252	0.218
17	0.844	0.714	0.605	0.513	0.436	0.371	0.317	0.270	0.231	0.198
18	0.836	0.700	0.587	0.494	0.416	0.350	0.296	0.250	0.212	0.180
19	0.828	0.686	0.570	0.475	0.396	0.331	0.277	0.232	0.194	0.164
20	0.820	0.673	0.554	0.456	0.377	0.312	0.258	0.215	0.178	0.149

Periods (n)	Interest rates (r)
	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
2	0.812	0.797	0.783	0.769	0.756	0.743	0.731	0.718	0.706	0.694
3	0.731	0.712	0.693	0.675	0.658	0.641	0.624	0.609	0.593	0.579
4	0.659	0.636	0.613	0.592	0.572	0.552	0.534	0.516	0.499	0.482
5	0.593	0.567	0.543	0.519	0.497	0.476	0.456	0.437	0.419	0.402
6	0.535	0.507	0.480	0.456	0.432	0.410	0.390	0.370	0.352	0.335
7	0.482	0.452	0.425	0.400	0.376	0.354	0.333	0.314	0.296	0.279
8	0.434	0.404	0.376	0.351	0.327	0.305	0.285	0.266	0.249	0.233
9	0.391	0.361	0.333	0.308	0.284	0.263	0.243	0.225	0.209	0.194
10	0.352	0.322	0.295	0.270	0.247	0.227	0.208	0.191	0.176	0.162
11	0.317	0.287	0.261	0.237	0.215	0.195	0.178	0.162	0.148	0.135
12	0.286	0.257	0.231	0.208	0.187	0.168	0.152	0.137	0.124	0.112
13	0.258	0.229	0.204	0.182	0.163	0.145	0.130	0.116	0.104	0.093
14	0.232	0.205	0.181	0.160	0.141	0.125	0.111	0.099	0.088	0.078
15	0.209	0.183	0.160	0.140	0.123	0.108	0.095	0.084	0.079	0.065
16	0.188	0.163	0.141	0.123	0.107	0.093	0.081	0.071	0.062	0.054
17	0.170	0.146	0.125	0.108	0.093	0.080	0.069	0.060	0.052	0.045
18	0.153	0.130	0.111	0.095	0.081	0.069	0.059	0.051	0.044	0.038
19	0.138	0.116	0.098	0.083	0.070	0.060	0.051	0.043	0.037	0.031
20	0.124	0.104	0.087	0.073	0.061	0.051	0.043	0.037	0.031	0.026

 

Cumulative present value of £1 per annum

Periods (n)	Interest rates (r)
	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
2	1.970	1.942	1.913	1.886	1.859	1.833	1.808	1.783	1.759	1.736
3	2.941	2.884	2.829	2.775	2.723	2.673	2.624	2.577	2.531	2.487
4	3.902	3.808	3.717	3.630	3.546	3.465	3.387	3.312	3.240	3.170
5	4.853	4.713	4.580	4.452	4.329	4.212	4.100	3.993	3.890	3.791
6	5.795	5.601	5.417	5.242	5.076	4.917	4.767	4.623	4.486	4.355
7	6.728	6.472	6.230	6.002	5.786	5.582	5.389	5.206	5.033	4.868
8	7.652	7.325	7.020	6.733	6.463	6.210	5.971	5.747	5.535	5.335
9	8.566	8.162	7.786	7.435	7.108	6.802	6.515	6.247	5.995	5.759
10	9.471	8.983	8.530	8.111	7.722	7.360	7.024	6.710	6.418	6.145
11	10.368	9.787	9.253	8.760	8.306	7.887	7.499	7.139	6.805	6.495
12	11.255	10.575	9.954	9.385	8.863	8.384	7.943	7.536	7.161	6.814
13	12.134	11.348	10.635	9.986	9.394	8.853	8.358	7.904	7.487	7.103
14	13.004	12.106	11.296	10.563	9.899	9.295	8.745	8.244	7.786	7.367
15	13.865	12.849	11.938	11.118	10.380	9.712	9.108	8.559	8.061	7.606
16	14.718	13.578	12.561	11.652	10.838	10.106	9.447	8.851	8.313	7.824
17	15.562	14.292	13.166	12.166	11.274	10.477	9.763	9.122	8.544	8.022
18	16.398	14.992	13.754	12.659	11.690	10.828	10.059	9.372	8.756	8.201
19	17.226	15.679	14.324	13.134	12.085	11.158	10.336	9.604	8.950	8.365
20	18.046	16.351	14.878	13.590	12.462	11.470	10.594	9.818	9.129	8.514

Periods (n)	Interest rates (r)
	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
2	1.713	1.690	1.668	1.647	1.626	1.605	1.585	1.566	1.547	1.528
3	2.444	2.402	2.361	2.322	2.283	2.246	2.210	2.174	2.140	2.106
4	3.102	3.037	2.974	2.914	2.855	2.798	2.743	2.690	2.639	2.589
5	3.696	3.605	3.517	3.433	3.352	3.274	3.199	3.127	3.058	2.991
6	4.231	4.111	3.998	3.889	3.784	3.685	3.589	3.498	3.410	3.326
7	4.712	4.564	4.423	4.288	4.160	4.039	3.922	3.812	3.706	3.605
8	5.146	4.968	4.799	4.639	4.487	4.344	4.207	4.078	3.954	3.837
9	5.537	5.328	5.132	4.946	4.772	4.607	4.451	4.303	4.163	4.031
10	5.889	5.650	5.426	5.216	5.019	4.833	4.659	4.494	4.339	4.192
11	6.207	5.938	5.687	5.453	5.234	5.029	4.836	4.656	4.486	4.327
12	6.492	6.194	5.918	5.660	5.421	5.197	4.988	7.793	4.611	4.439
13	6.750	6.424	6.122	5.842	5.583	5.342	5.118	4.910	4.715	4.533
14	6.982	6.628	6.302	6.002	5.724	5.468	5.229	5.008	4.802	4.611
15	7.191	6.811	6.462	6.142	5.847	5.575	5.324	5.092	4.876	4.675
16	7.379	6.974	6.604	6.265	5.954	5.668	5.405	5.162	4.938	4.730
17	7.549	7.120	6.729	6.373	6.047	5.749	5.475	5.222	4.990	4.775
18	7.702	7.250	6.840	6.467	6.128	5.818	5.534	5.273	5.033	4.812
19	7.839	7.366	6.938	6.550	6.198	5.877	5.584	5.316	5.070	4.843
20	7.963	7.469	7.025	6.623	6.259	5.929	5.628	5.353	5.101	4.870