FINANCIAL MANAGEMENT 3 (FM303) - imm
Page 1 of 9
ASSIGNMENT 2ND SEMESTER : FINANCIAL MANAGEMENT 3 (FM303) CHAPTERS COVERED
: CHAPTERS 5, 8 and 9
LEARNER GUIDE
: UNITS 1, 2 and 3.1 to 3.5
DUE DATE
: 3:00 p.m. 20 AUGUST 2013
TOTAL MARKS
: 100
INSTRUCTIONS TO CANDIDATES FOR COMPLETING AND SUBMITTING ASSIGNMENTS The complete ‘Instructions to Students for Completing and Submitting Assignments’ must be collected from any IMM GSM office, the relevant Additional Tuition Centre or can be downloaded from the IMM GSM website. It is essential that the complete instructions be studied prior to commencing your assignment. The following points highlight only a few important notes. 1.
You are required to submit ONE assignment per subject.
2.
The assignment will contribute 20% towards the final examination mark, and the other 80% will be made up from the examination, however the examination papers will count out of 100%.
3.
Although your assignment will contribute towards your final examination mark, you do not have to earn credits for admission to the examinations; you are automatically accepted on registering for the exam.
4.
Number all the pages of your assignment (page 1 of 4) and write your name and surname, student number and subject at the top of each page.
5.
The IMM GSM requires assignments to be presented on plain A4 paper. You must show all working calculations, including and where appropriate multiple choice working calculations.
6.
A separate assignment cover, which is provided by the IMM GSM, must be attached to the front cover of each assignment.
7.
Retain a copy of each assignment before submitting, in case the original does not reach the IMM GSM.
8.
The assignment due date refers to the day up to which assignments will be accepted for marking purposes. The deadline is 3:00 p.m. on 20 August 2013. Late assignments will be accepted, but 25 marks will be deducted from the maximum mark, if received after 3:00 p.m. on 20 August 2013 and up to 5:00 p.m. the following day after which no assignments will be accepted.
9.
If you fail to follow these instructions carefully, the IMM Graduate School of Marketing cannot accept responsibility for the return of the assignment. It may even result in your assignment not being marked.
Results will be available on the IMM GSM website: www.immgsm.ac.za, on 4 October 2013.
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
Page 2 of 9
SPECIFIC INSTRUCTIONS: Answer ALL questions The use of calculators is permitted. Show ALL calculations. Read all questions carefully to determine exactly what is required before attempting to answer. Number your answers clearly and set them out under appropriate headings and sub-headings. QUESTION 1
[30]
For each of the questions below you are provided with alternatives, a- e. You are required to select the most appropriate/ correct answer by writing only the question number and the respective letter for the answer in your assignment. Each correct answer is awarded two (2) marks. E.g. 1.21 b 1.1
The cash flows spent on the acquisition of fixed factory machinery to allow for increased production capacity would be seen as: a. b. c. d. e.
1.2
Which of the following best depicts the calculation of net operating working capital? a. b. c. d. e.
1.3
operating cash flows. investing cash flows. financing cash flows. expansive-financing cash flows. a working capital investment.
Operating assets less operating current assets. Operating current assets less operating current liabilities. Net assets less net liabilities. Current liabilities less current assets. Accounts payable plus inventories less accounts receivable.
If the Return On Invested Capital (ROIC) is greater than the rate of return investors require, which is the Weighted Average Cost of Capital (WACC) then the firm is: a. b. c. d. e.
stable. adding value. decreasing value. concerned about a negative free cash flow caused by high growth. in line with market measures.
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
Page 3 of 9
1.4
A firm has earnings after taxes of R60 000 in 2010 and depreciation charges were R32 000 and a R 3000 charge for a repayment of a bond discount was incurred. What is the firms accounting cash flow from operations? a. b. c. d. e.
1.5
ABC shares have a return of 12% and the market has a return of 10% and a risk free rate of 5% is stipulated. What would be the Beta of ABC shares using the Capital Asset Pricing Model (CAPM)? a. b. c. d. e
1.6
1 1.2 1.4 2 0.71
The EVA (Economic Value Added) of LOST LTD is given as R786 000. The tax rate applicable is 30%, operating capital is R6 800 000 and the after-tax cost of capital is 8%. Using the given information calculate the Earnings before Interest and Tax (EBIT). a. b. c. d. e.
1.7
R95 000 R25 000 R75 000 R31 000 R92 000
R1 680 000 R1 176 000 R1 900 000 R 544 000 R1 330 000
Pick and Save Ltd has a current cash flow of R200 000, and the FCF is expected to grow at a constant rate of 8%. The WACC (Weighted Average Cost of Capital) is 12%, calculate the value of operations? a. b. c. d. e.
R 5 400 000 R 6 000 000 R 2 800 000 R 2 000 000 R 4 800 000
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
Page 4 of 9
1.8
You are provided with the following information on three shares: Correlation Matrix Share A B A 1 B -0.8 1 C 0.4 0.6
C
1
A combination of which two shares would result in the most diversified portfolio? a. b. c. d. e. 1.9
Share A and B. Share A and C. Share B and C. The correlation does not give an indication of diversification. None of the above.
Risk may be defined as: a. b. c. d.
A chance of financial loss. Variability of returns with regards to a particular asset. Uncertainty regarding potential loss. The possibility of the actual outcome being different from that which was planned. e. All of the above. 1.10 What is the average expected return of the asset shown below? Probability Bull 0.3 Normal 0.4 Bear 0.3 a. b. c. d. e. 1.11
Return% 15 12 8
13% 10% 11.7% 11.2% 4.8%
A share issued by BEER (Pty) LTD has a Beta of 1.5 and the return of the market is 12% and the risk free rate of return is 6%. What is the required return of this investment? a. b. c. d. e.
12%. 14.2%. 16.4%. 15%. 21%.
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
Page 5 of 9
1.12 Which of the following investors would require the highest level of return for a given level of risk? a. b. c. d. e.
Moderate investor. Conservative investor. Aggressive investor. Neutral investor. None of the above.
1.13 Massive Sport LTD knows that in order to be more competitive in the market it needs to become more efficient in its operations and to utilise technological advancements. It plans to replace its old machinery which was purchased 4 years ago at an installed cost of R285 000. The policy of the company was to depreciate the machinery at 20% p.a., straight line. The new machinery will cost R320 000 and will require materials and expert fitters at a cost of R40 000 to be available for use. What is the initial investment for replacement if Massive Sport LTD is subject to a 30% tax rate and will sell the old machine for R290 000? a. b. c. d. e.
R228 000 R233 000 R220 100 R139 900 R233 100
1.14 The length of time required for an investment to generate cash flows sufficient to recover the initial cost of the investment is called the: a. b. c. d. e.
net present value. internal rate of return. payback period. average rate of return. discounted payback period.
1.15 An investor is considering adding another investment to a portfolio. To achieve the maximum diversification benefits, the investor should add an investment that has a correlation coefficient with the existing portfolio closer to: a. b. c. d. e.
-1.0 -0.5 0.0 +1.0 +0.5 [15 x 2]
Assignment: 2nd Semester 2013
(30)
© IMM Graduate School of Marketing FM303
Page 6 of 9
QUESTION 2
[20]
This question consists of THREE (3) unrelated parts. You may require some intuitive logic using concepts learnt from multiple study units. PART A You are presented with the following data relating to Marketing Ltd for three possible economic outlooks for the year ahead:
1. Economic Growth 2. Stable Economy 3. Economic Decline
Probability of State 25% 55% 20%
Expected Profit R150 000 R115 000 R 45 000
REQUIRED: 2.1
What is the combined probability (%) of the expected profit of Marketing Ltd being in excess of R115 000? (1)
2.2
Calculate the average expected profit for Marketing Ltd given the probabilities of all three outlooks. (2)
2.3
State with reasons whether there would be a greater probability of economic stability/decline in the year ahead or that of economic stability/growth. (2)
PART B Mike recently invested his savings in 500 Red-Add (Pty) Ltd shares at R33 per share. Mike knows that as a shareholder his return is made up of the capital growth on his shares added to the cash distributions received on those shares. He needs your help in translating this logic into a percentage. Mike obtained the following information about Red Add (Pty) Ltd: Financial information on Red-Add (Pty) Ltd shares Share price at year end Dividend received per share Year 1 R25 R5 Year 2 R55 R8 Year 3 R35 R2 REQUIRED: 2.4
Calculate Mike’s percentage return in year 1 on his Red-Add (Pty) Ltd shares. Clearly indicate whether the return calculated is positive or negative. (Correct to two (2) decimal places). (6)
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
Page 7 of 9
PART C 2.5
Why are some risks diversifiable and some non-diversifiable? Give an example of each to illustrate your understanding. (6)
2.6
Differentiate between Economic Value added and Market Value added. (3)
QUESTION 3
[30]
Trust Appliance Company Ltd is looking at two new marketing strategies which will both cost the same amount. The firm has different probable outcomes for the two marketing strategies and they will each develop different increases in the firm’s sales. The relevant figures can be seen below. Option 1 Outcome Probability A 0.3 B 0.4 C 0.2 D 0.1
Return R1 000 R2 000 R2 500 R3 000
Option 2 Outcome Probability A 0.2 B 0.2 C 0.3 D 0.2 E 0.1
Return R 500 R1 200 R1 900 R2 800 R3 500
REQUIRED: 3.1
Use the table below to calculate the expected return (in Rands) of marketing option 1 and option 2 and clearly state which option produces the largest expected increase in sales? (12)
Return Probability
Option 1
Option 2
Outcome A B C D A B C D E
Assignment: 2nd Semester 2013
ri
Pri
Weighted Value
Expected Return
riPri
̅ ri Pri
=
=
© IMM Graduate School of Marketing FM303
Page 8 of 9
3.2
Based on the information from 3.1 and using the table below calculate the Variance and Standard Deviation for each option. (Round all answers to two decimal places) (13)
Option 1
Option2
3.3
Outcome A B C D A B C D E
̅
(
̅)
(
̅)
Standard Deviation
Variance
=
=
=
=
Calculate the Coefficient of Variation (CV) for both Option 1 and Option 2 and based on the results decide which marketing strategy would be the best for the firm? (5)
QUESTION 4
[10]
Cooler Ltd is currently considering an investment with a beta of 1.5. The return on the market portfolio of assets is 10% and the risk-free rate of return is set at 7%. Cooler Ltd.’s trusted financial advisors have informed you that they expect the investment will earn an annual rate of return of 11%. REQUIRED: 4.1
If the return on the market portfolio were to increase by 10%, what would you expect to happen to the investment’s return? (1)
4.2
Use the capital asset pricing model (CAPM) to find the required return on this investment. (3)
4.3
Based on your answer in 4.2, would you recommend this investment? Justify your answer. (2)
4.4
The financial advisors inform you that investors are becoming less risk-averse and as a result the return on the market portfolio of assets drops by 1%. What impact would this change have on your answers in 4.2 and 4.3? (4)
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
Page 9 of 9
QUESTION 5
[10]
Mark Selman has recently decided to start his own marketing and promotion company in the northern suburbs of Johannesburg. He has managed to accumulate R1.75 million over the years to use as his start-up capital for his business. His financial manager has advised him to invest his R1.75 million capital as follows: one-third of his capital to purchase IT equipment; two-fifths of his capital to purchase a vehicle and the remaining cash will be deposited into NFB Bank. Mark has obtained the following information regarding the two potential investments:
Year 1 Investment IT Equipment Vehicle
184 000 697 000
Cash inflows Year 2 313 000 809 000
Rate of Return from investment 117 000 11.25% 0 10.75%
Year 3
REQUIRED: Calculate the Net Present Value (NPV) and the Internal Rate of Return (IRR) for each investment (the IT equipment and vehicle). (10) Assume that Mark will follow his financial manager’s advice with regards to the initial amount that should be invested in each investment. [SHOW ALL WORKINGS and round your answers to two decimal places.] The interest factor table below is provided should you wish to use it. n 10.75% 11.25% 12% 13% 1 0.9029 0.8989 0.8929 0.8850 2 0.8153 0.8080 0.7972 0.7831 3 0.7362 0.7263 0.7118 0.6931 4 0.6647 0.6528 0.6355 0.6133 5 0.6002 0.5868 0.5674 0.5428 ASSIGNMENT TOTAL: 100
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
ASSIGNMENT 2ND SEMESTER : FINANCIAL MANAGEMENT 3 (FM303) CHAPTERS COVERED
: CHAPTERS 5, 8 and 9
LEARNER GUIDE
: UNITS 1, 2 and 3.1 to 3.5
DUE DATE
: 3:00 p.m. 20 AUGUST 2013
TOTAL MARKS
: 100
INSTRUCTIONS TO CANDIDATES FOR COMPLETING AND SUBMITTING ASSIGNMENTS The complete ‘Instructions to Students for Completing and Submitting Assignments’ must be collected from any IMM GSM office, the relevant Additional Tuition Centre or can be downloaded from the IMM GSM website. It is essential that the complete instructions be studied prior to commencing your assignment. The following points highlight only a few important notes. 1.
You are required to submit ONE assignment per subject.
2.
The assignment will contribute 20% towards the final examination mark, and the other 80% will be made up from the examination, however the examination papers will count out of 100%.
3.
Although your assignment will contribute towards your final examination mark, you do not have to earn credits for admission to the examinations; you are automatically accepted on registering for the exam.
4.
Number all the pages of your assignment (page 1 of 4) and write your name and surname, student number and subject at the top of each page.
5.
The IMM GSM requires assignments to be presented on plain A4 paper. You must show all working calculations, including and where appropriate multiple choice working calculations.
6.
A separate assignment cover, which is provided by the IMM GSM, must be attached to the front cover of each assignment.
7.
Retain a copy of each assignment before submitting, in case the original does not reach the IMM GSM.
8.
The assignment due date refers to the day up to which assignments will be accepted for marking purposes. The deadline is 3:00 p.m. on 20 August 2013. Late assignments will be accepted, but 25 marks will be deducted from the maximum mark, if received after 3:00 p.m. on 20 August 2013 and up to 5:00 p.m. the following day after which no assignments will be accepted.
9.
If you fail to follow these instructions carefully, the IMM Graduate School of Marketing cannot accept responsibility for the return of the assignment. It may even result in your assignment not being marked.
Results will be available on the IMM GSM website: www.immgsm.ac.za, on 4 October 2013.
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
Page 2 of 9
SPECIFIC INSTRUCTIONS: Answer ALL questions The use of calculators is permitted. Show ALL calculations. Read all questions carefully to determine exactly what is required before attempting to answer. Number your answers clearly and set them out under appropriate headings and sub-headings. QUESTION 1
[30]
For each of the questions below you are provided with alternatives, a- e. You are required to select the most appropriate/ correct answer by writing only the question number and the respective letter for the answer in your assignment. Each correct answer is awarded two (2) marks. E.g. 1.21 b 1.1
The cash flows spent on the acquisition of fixed factory machinery to allow for increased production capacity would be seen as: a. b. c. d. e.
1.2
Which of the following best depicts the calculation of net operating working capital? a. b. c. d. e.
1.3
operating cash flows. investing cash flows. financing cash flows. expansive-financing cash flows. a working capital investment.
Operating assets less operating current assets. Operating current assets less operating current liabilities. Net assets less net liabilities. Current liabilities less current assets. Accounts payable plus inventories less accounts receivable.
If the Return On Invested Capital (ROIC) is greater than the rate of return investors require, which is the Weighted Average Cost of Capital (WACC) then the firm is: a. b. c. d. e.
stable. adding value. decreasing value. concerned about a negative free cash flow caused by high growth. in line with market measures.
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
Page 3 of 9
1.4
A firm has earnings after taxes of R60 000 in 2010 and depreciation charges were R32 000 and a R 3000 charge for a repayment of a bond discount was incurred. What is the firms accounting cash flow from operations? a. b. c. d. e.
1.5
ABC shares have a return of 12% and the market has a return of 10% and a risk free rate of 5% is stipulated. What would be the Beta of ABC shares using the Capital Asset Pricing Model (CAPM)? a. b. c. d. e
1.6
1 1.2 1.4 2 0.71
The EVA (Economic Value Added) of LOST LTD is given as R786 000. The tax rate applicable is 30%, operating capital is R6 800 000 and the after-tax cost of capital is 8%. Using the given information calculate the Earnings before Interest and Tax (EBIT). a. b. c. d. e.
1.7
R95 000 R25 000 R75 000 R31 000 R92 000
R1 680 000 R1 176 000 R1 900 000 R 544 000 R1 330 000
Pick and Save Ltd has a current cash flow of R200 000, and the FCF is expected to grow at a constant rate of 8%. The WACC (Weighted Average Cost of Capital) is 12%, calculate the value of operations? a. b. c. d. e.
R 5 400 000 R 6 000 000 R 2 800 000 R 2 000 000 R 4 800 000
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
Page 4 of 9
1.8
You are provided with the following information on three shares: Correlation Matrix Share A B A 1 B -0.8 1 C 0.4 0.6
C
1
A combination of which two shares would result in the most diversified portfolio? a. b. c. d. e. 1.9
Share A and B. Share A and C. Share B and C. The correlation does not give an indication of diversification. None of the above.
Risk may be defined as: a. b. c. d.
A chance of financial loss. Variability of returns with regards to a particular asset. Uncertainty regarding potential loss. The possibility of the actual outcome being different from that which was planned. e. All of the above. 1.10 What is the average expected return of the asset shown below? Probability Bull 0.3 Normal 0.4 Bear 0.3 a. b. c. d. e. 1.11
Return% 15 12 8
13% 10% 11.7% 11.2% 4.8%
A share issued by BEER (Pty) LTD has a Beta of 1.5 and the return of the market is 12% and the risk free rate of return is 6%. What is the required return of this investment? a. b. c. d. e.
12%. 14.2%. 16.4%. 15%. 21%.
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
Page 5 of 9
1.12 Which of the following investors would require the highest level of return for a given level of risk? a. b. c. d. e.
Moderate investor. Conservative investor. Aggressive investor. Neutral investor. None of the above.
1.13 Massive Sport LTD knows that in order to be more competitive in the market it needs to become more efficient in its operations and to utilise technological advancements. It plans to replace its old machinery which was purchased 4 years ago at an installed cost of R285 000. The policy of the company was to depreciate the machinery at 20% p.a., straight line. The new machinery will cost R320 000 and will require materials and expert fitters at a cost of R40 000 to be available for use. What is the initial investment for replacement if Massive Sport LTD is subject to a 30% tax rate and will sell the old machine for R290 000? a. b. c. d. e.
R228 000 R233 000 R220 100 R139 900 R233 100
1.14 The length of time required for an investment to generate cash flows sufficient to recover the initial cost of the investment is called the: a. b. c. d. e.
net present value. internal rate of return. payback period. average rate of return. discounted payback period.
1.15 An investor is considering adding another investment to a portfolio. To achieve the maximum diversification benefits, the investor should add an investment that has a correlation coefficient with the existing portfolio closer to: a. b. c. d. e.
-1.0 -0.5 0.0 +1.0 +0.5 [15 x 2]
Assignment: 2nd Semester 2013
(30)
© IMM Graduate School of Marketing FM303
Page 6 of 9
QUESTION 2
[20]
This question consists of THREE (3) unrelated parts. You may require some intuitive logic using concepts learnt from multiple study units. PART A You are presented with the following data relating to Marketing Ltd for three possible economic outlooks for the year ahead:
1. Economic Growth 2. Stable Economy 3. Economic Decline
Probability of State 25% 55% 20%
Expected Profit R150 000 R115 000 R 45 000
REQUIRED: 2.1
What is the combined probability (%) of the expected profit of Marketing Ltd being in excess of R115 000? (1)
2.2
Calculate the average expected profit for Marketing Ltd given the probabilities of all three outlooks. (2)
2.3
State with reasons whether there would be a greater probability of economic stability/decline in the year ahead or that of economic stability/growth. (2)
PART B Mike recently invested his savings in 500 Red-Add (Pty) Ltd shares at R33 per share. Mike knows that as a shareholder his return is made up of the capital growth on his shares added to the cash distributions received on those shares. He needs your help in translating this logic into a percentage. Mike obtained the following information about Red Add (Pty) Ltd: Financial information on Red-Add (Pty) Ltd shares Share price at year end Dividend received per share Year 1 R25 R5 Year 2 R55 R8 Year 3 R35 R2 REQUIRED: 2.4
Calculate Mike’s percentage return in year 1 on his Red-Add (Pty) Ltd shares. Clearly indicate whether the return calculated is positive or negative. (Correct to two (2) decimal places). (6)
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
Page 7 of 9
PART C 2.5
Why are some risks diversifiable and some non-diversifiable? Give an example of each to illustrate your understanding. (6)
2.6
Differentiate between Economic Value added and Market Value added. (3)
QUESTION 3
[30]
Trust Appliance Company Ltd is looking at two new marketing strategies which will both cost the same amount. The firm has different probable outcomes for the two marketing strategies and they will each develop different increases in the firm’s sales. The relevant figures can be seen below. Option 1 Outcome Probability A 0.3 B 0.4 C 0.2 D 0.1
Return R1 000 R2 000 R2 500 R3 000
Option 2 Outcome Probability A 0.2 B 0.2 C 0.3 D 0.2 E 0.1
Return R 500 R1 200 R1 900 R2 800 R3 500
REQUIRED: 3.1
Use the table below to calculate the expected return (in Rands) of marketing option 1 and option 2 and clearly state which option produces the largest expected increase in sales? (12)
Return Probability
Option 1
Option 2
Outcome A B C D A B C D E
Assignment: 2nd Semester 2013
ri
Pri
Weighted Value
Expected Return
riPri
̅ ri Pri
=
=
© IMM Graduate School of Marketing FM303
Page 8 of 9
3.2
Based on the information from 3.1 and using the table below calculate the Variance and Standard Deviation for each option. (Round all answers to two decimal places) (13)
Option 1
Option2
3.3
Outcome A B C D A B C D E
̅
(
̅)
(
̅)
Standard Deviation
Variance
=
=
=
=
Calculate the Coefficient of Variation (CV) for both Option 1 and Option 2 and based on the results decide which marketing strategy would be the best for the firm? (5)
QUESTION 4
[10]
Cooler Ltd is currently considering an investment with a beta of 1.5. The return on the market portfolio of assets is 10% and the risk-free rate of return is set at 7%. Cooler Ltd.’s trusted financial advisors have informed you that they expect the investment will earn an annual rate of return of 11%. REQUIRED: 4.1
If the return on the market portfolio were to increase by 10%, what would you expect to happen to the investment’s return? (1)
4.2
Use the capital asset pricing model (CAPM) to find the required return on this investment. (3)
4.3
Based on your answer in 4.2, would you recommend this investment? Justify your answer. (2)
4.4
The financial advisors inform you that investors are becoming less risk-averse and as a result the return on the market portfolio of assets drops by 1%. What impact would this change have on your answers in 4.2 and 4.3? (4)
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
Page 9 of 9
QUESTION 5
[10]
Mark Selman has recently decided to start his own marketing and promotion company in the northern suburbs of Johannesburg. He has managed to accumulate R1.75 million over the years to use as his start-up capital for his business. His financial manager has advised him to invest his R1.75 million capital as follows: one-third of his capital to purchase IT equipment; two-fifths of his capital to purchase a vehicle and the remaining cash will be deposited into NFB Bank. Mark has obtained the following information regarding the two potential investments:
Year 1 Investment IT Equipment Vehicle
184 000 697 000
Cash inflows Year 2 313 000 809 000
Rate of Return from investment 117 000 11.25% 0 10.75%
Year 3
REQUIRED: Calculate the Net Present Value (NPV) and the Internal Rate of Return (IRR) for each investment (the IT equipment and vehicle). (10) Assume that Mark will follow his financial manager’s advice with regards to the initial amount that should be invested in each investment. [SHOW ALL WORKINGS and round your answers to two decimal places.] The interest factor table below is provided should you wish to use it. n 10.75% 11.25% 12% 13% 1 0.9029 0.8989 0.8929 0.8850 2 0.8153 0.8080 0.7972 0.7831 3 0.7362 0.7263 0.7118 0.6931 4 0.6647 0.6528 0.6355 0.6133 5 0.6002 0.5868 0.5674 0.5428 ASSIGNMENT TOTAL: 100
Assignment: 2nd Semester 2013
© IMM Graduate School of Marketing FM303
