HKAiil #1

Smre

Hams*ftr9,.#ru1"{I},*f;--S*l,Hf

SffiltrT*ffiffim
7-

DetermirretheiryrestonPsm,Om;ffifortfieBeriodftomJanuary.f0bOetohr2S,1996at
1596

interest

ban wro ortrimlly made at 816 simph intetgt fur 4 years. At fie erd of tftis
period,;the loanwas exterff fior 3 yiais widuut tte interest beirg paid but- de new inkmst
rate ras rtr* fO* mnpourded +q{-qr$NailI- Htr mtdt should tln borrrer pry at the etd

3*

ru,@.m

of

Tyemr

BVoorffitionsof arEft,trcsrrmof P25,&OislefttoMitoymbe heHintrust byherffireruntilit

annrrts to P45,(m- IUtlelt uill Mitof reit e the mry if fte ftmd ls irntested atB*,

cunpurn*O qrnrte*Vf
4..

At a astafin i,nterest rate

mnprnffi

ysrs WM-isfuartrxrilfartStewrd
#e
ri,*#o

.$ man

semianmrall%
$f 15 ywlrs

P5,O0O

will arrpurrttu PZO,flX) after

Br years fronr nw- lltlhat amount should he invest

anrrually durirg the filst 5 years and t5?6
conrpmrff
k s,iill ern ineret a?tffi

trffies his sur to reeiffg

P$0O,filO

**ryTyrytu*ttT,'.., . .,
inins'iF

t0

P2IXlpm was depfisiEt fur a period of 4 pars and 6 *otdu and hears
F85,54925- Whffi is *te raEsf efterest if it is ompoun&d quarerly?

r) *;^ rmr3 lD 3i
-

Y.qr"5

jt

It\aq
J

Jv*s
.{du

,'

hrie
eepr
Oct bpl

':'

L1

Manch

o* intere* cf

f = fni
2 ooc ( zaz/eu,rJ
"trco

tb

,1.}

d= f r"a ooo
t

6O

3l

.':

*f=

Fnu,

sO

)p

oco ('l) ( s%)

H"

_ ?ArLb

nT

=:ftnT
\s

")?

P t r+ni)
,.,,o*c,

C,* {@h)J

S =f aG4{rc
h oao

g*:" ?(,t*Lln

q ;
e1

L& "roe>

r- s,B

+ - L4,Boi .qt"g

zyl ,qlz6

(*:l

= 7oorc [ **
s =f 2&r got EteE
.

?xe-

ffiAEil#}

I5lm:...MglB..kr9*fubffJ
S(firETlEFtltfimrcPKmffi

.t{

(I0pointseadt

ArnanbowhtahorseadktworthPl,omp00ifpafrllncastr-Ontheil}stalknentkis,hepaid
adoum pafmentof P2ilFffi;P!ffi,fiIlattte enddoneyear; P4{I},(ffiatthe end of thrce
yealsardafird.payrrentflfte srdof fircyearsilillhatwasftefinatpayrrrcrnif interestwas

M.

,-

years to gp to oileBp- Yqr failkr insted $Sm in a 7%

amuntfioryoureducation&lyousre born- tf yur utthdrawttre S4mO atdre ehdof
ad 21$ y'ears how mudr monv will be h{t in the acmunt at the erd sf yorr 21s
18P ,
year?

2- -You need

$4m

for'fur

per ltear

#,

1*

/*-

depci[Sl(minto a 996 aqrrt today. At the endof turo yearq you nill'deposit another
SUP. ln frr.e par.g iou plan. a $affi irur.*ase- Hsw mrdr b bft ia tlrc aemtrnt soe year after

You

the

gr&ae?

-/ 4. A r*onran borrotrred P3,(m to be paid after I 1{ years Hith lnterc* at 1296 compoun&d.

sc,nrlanmnff asd PS,m to be paid after 3 yers at 1itr96 wnpounded mor$ry. What singte
payrnent rrurst she gy alter t%yearc at an interest rate of 16% ornpourded quarterfu trr settle
the tso :.LiigEtions?

5-

A ksinesssnan is consftie*g the prctrase of a rnaclrine trat l+eryctee to be obsnlete in 5

years. Ttre ,nachirie ns uorft Plm,m- The prerya-lrErq rste d interest is 15%- His dirnate of the
anglml gposs inexnc fun dE qsed of &e macfiine is as follocrs"
Year

3rtcemne

l-

lc,o

aoo -'{3OoO

P2$,GX!
PesJHlo

2*
^,

P35,ffi

4*

p30,(mo

5-

P28ffi

StlonH the hrsircssran prurrftaaethe mahine?

6-

A VOM
1(}96

r)

tffi a onrent

seEfurg

prim of

P/t0O- tf its selling

perumtrmduemotmlmerre,

f.L ozoc o& e

&occ,rlD *4
f i;
pgL 4o o oos '--?
Yr
a-

rJ

._-

?eo

66 &

'SfBc+o&
lf Aoo o O

= F( /t zCI*-){

.s:-f(

trz@*

/r t1 A{* t p(rza%)os

.fr: {,/q8{oo*x
-Er

piEe b erqected to dedine at the rate of

nrhat will hetheseiling:priEn after 5 years?

oooc>e( t{- 2et)rr3-/B{oo

f(lrzae*)a*
go{ J*a"{gei

-E::pl

r
I

FINAL EXAM
NA

M E : ?.,;rr* d.q. . .br:l\l

I .11

pJ.d

1....q

"

ENGINEERING ECONOMY

t'

Score...,....,.r,.. r.. .

I.MULTIPLE CHOICE: Strictly no erasures

1.

is any method of repaying a debt, the principal and interest included usually by a seriesof.'egual
payments at equal interval of time.
d. depreciation
c. discount
a. ' a mortization

lt

r:quitY

Wtlich of these gives the lcwesieffective rate of interest?

c.

b.

1"1

.9% compoundtd semi-annually

co$npounded monthly
What is the corresponding effective rate of 13% con'IpCIunded serni annually? {"
c. LB.46Ya
b. J_9.48%
a" 19.25%
{ U. F.8.9s%
BPI bank charges 1-1i7% per rnonth on the unpaid balance for the purchases mad&d BPI Express Credit
Card. What effective rate is it charging?

J,

n.2A%compounded quarterly

d,

11 .6A%

4.

a.1,6%

$ro.
'd,

s6za

,5104%
b.1801,
years
in
is P100,000. What is the
purchased
The
salvage
value
25
for P500,000.
An asset is
years
method.
using straight line
depieciation in the first three
':' c. P32,000
d. P16,000
b. P24,0c0
P48,000
@
pay
year
lrim
P25,000 a year
and want an account that will
An instructor pians to retire in exactly one
for the next L5 years. Assuming a 6% annual effective interest rate, what is the amount he would
1

,J,

\J.

need to deposit now?

I p249,000

l-lou/ many years

c.

@zaz,aoo

P248,500

d. P250,400

will P100,000 earned a cnmpourd interest of P50,000 if the interest rate is 9%

qrmpounded quarterly?

c. 5.68
b. 3.55
d. 2.35
a.) a.sl
Ll
Xn irrigation pump costing P10,000 is to be paid equal at the end of year payments for 5 years with
f

8% interest compounded annu3lly. What musr be the annr-ral payment?

9.

a. P5,4?A.56

i b1P4,205.55

c.

P2,504.56

d. P2,405.56

yeYfrotn a friend at an interest rate of 1.5% per rnonth instead of taking a

ioanfromJbankatarate of 7Wo peryear.Howmuchlesseryouwill paybyborrowingthemoney

You borrow,P3500 for one

bank?
n. P6"S.q4

from the

, _ i"F. P44.55

c,

P54,66

d. P37.55

10. ,t certain rfiaclrinery cost P5$,m0 last L2 yrs vdith a salvss* value of p5,C1CI0. Mg_ng: js ut sr*h.5%4tthe
awner decides to sell it after using it fcr 5 yi"s.What should his price be so that he will not lose or gain
!'inancially in the transactions?

a P44,378.01

b. P34,578"75

ir,

ic.iPa4,578.67

d. P34,378.25

ii. SOLVE THE FOLLOCWIFIG PROBLI MS: SHCW ALL SOLUTIONS:

i.

A ntanufacturing firm wishes to givc each 80 employees a holiday bonus. Hciw much is needed to invest
monthly for a year at 12% nominal interest rate compounded monthly so that each employee will receive
a P2000 bonus-l
n P12,608.00
b. p12,615,00
c. p12,600.00
d. p12,300.00
A computerized machine shop will require a fixed caBital invpqtment of P8l!1 and an estimated working

-)

,IjlJM-Upon evaluation, the annual Cepreciation is estimated tc be 8% of the fixed capital

investment. lf the annual profit is P2M, what is the rate of return of the total investment?
b.12.74%
l1A.23%
d.1.1.24%
li-.1 74.3L"/o
A mXufacturer produces certain items at a labor cost of P115 each, material cost of P76 each and a
variable cost of P2.32 each. lf the item has a unit price of P500, how many units must be manufactured
each month for the manufacturer to break even if the monthly overhead is p428,000.

4.

lt

.1piEl

J.

a. 1_03-?
b" 1037
c. 1043
c. 1053
is the practice of almost all banks in the Phil that when they grant the loan, the interest for one year is

automatically deducted from the principal amount upon release oi money to the borrower. Let us
therefore assume that you applied for a loan with the bank and the_1899@-was approved at an interest
rate of-Ll% of whigh P!1,200 was deducted anrJ you were given a check of P58,800. Since you have to pay
thdarr,ount of P80,000 one year after, what will be the etfective interest rate?

n.

1"6.S2?;

b. 1"6,?8%

n.

1"6 .3?o/a

d_

16.47%

?cl V+=chmr*C Univer.g;

,ly of

Philiippi ne-=

\Stc>
Co

Ro a

ff"f

Co.np uS

oF f yioee rinJ

Anignrnenl Nc

Mcr

lortr;y

2-

Enb Jlysco

-{tre

lo Tecrs og* c ,nillino tnc,ch iOg

J\{". ? tuo, ooD" A
&p*.,'A-+,bn recer vie hqd - beetl p"o.lcleCl
on' G 28 .\near of
[,fc of 4he rrrochine. The osiner of *h* w\ff)nh^e
.shop
docires *o repla
+he old m ll ty
rnoc-l^,lne ill o nnodetr4 OorT
of n4any od ;ar*ryes *otry P io or ocp . f + can .@tl *he otd un i+ frP zs,DDO) lbr.*r mt-qJt neu -apita
tpill be rctur'rf cl 6r the *out [,o.c'A

P.oblerr,.

rchOse"l
,.r
.eh"oyh+ - line

rnodn ire

Girerr

Cor ? f'Droc'
f)= lD

onvl

ZoC*>

"H *ax

{=

loqq} *?,wO

= ro ( rtro ooo - ?a o6o)

e-rl.

?&:

tOoOOO

= lto oOO
Cq : 2b oob
n=f&

cl. %
rE
d= leo
Dt Eeo xb
!

= &c o% *

Cou

1"r

oos

2o

drry {"ee rwyer+o*ign aF q .bflf ,ra;,nill C+,

crF nw.,k. p
fqh} "**.&.***1g ) ...* ? ,aw;,
*e Srbf* "qg q,t f ,rooo . founcgcitt:on ory/ ,*-r,JI^ ffi'o#*
ofrr
z.roq1'-:-- olirr
2.ro@.
o,.t4

l.cda*ql . upnres
tJtfnreq
. l'.cda*ql

?-"..^^^ .
f zcoco

arryn(ln+yl
*6
orvr>unu:d *o

r9rryrrra-. \r-rrrh
tGlvErcwl,re

x;rka&*ptt* ,.frr.l* 7 b r r.*6 rflq "otiili*+. r** **,g

tplrc
daprccrct+oq cr+
-iet r#r[sg
-t.'/'I

i'

\c%r
of
of le
#a fff
u{qng k6qhf
$frfi ,r u(slrc
F b) t.g l**.s

"t"ta

of

",l,ro frta1s,

- tt"e

lhe

Cto t

TiqC:
-, L_o

fl

Cne

ErD

h=-

?o

CrS

'.?r*FgO

{3@ *

T ?"\160(7

DD

ooo = tbooo

qf$l'o l
D

Ca*G

'c-

Dto

n=

n,rc6

-*
Q

rt-r 0

)a D

Ier ooD

CD

Cra =
C*o

.4{rO OOO

+.-___-_!

Dr,4

bo ooo - lztrooo
Zsc ooO

DUI}O OCD

5 l).sto

,-

IZ.tDo

,B+.rcx>

.S

(.+r

XV

Gr=

3t

ooO

IT'@

lts?<OO

erd

Pou.:er tD q qnote *rorrsrni*hg sbhon is y.avic{e bg o l>ta-el- elechr'c

gmera:ior trri+. The origr'r'ol clst sf *he trnit t: ? &-iooo . tI #ffi1o f zooo tr
<hrP the orti+ +D tl4e
ole. An oclclrhirn coc* o Fgooo bas ,ncrrcd Sr
Jbb
insk2lla+'bn' Q De+- the crnnr-ol aepreci:rrbn .e+t s3l *he kf,'gh+- hhe v,efrd,
,f +te oo,t c+ +}e end d 116 lr urlc erh'ma+-l a* ?(ooo- ,t) Dat- +he
o,oLts{ eFre.,i2+'b4 coc+ bJ Jhe '.ky +\trd melfd. ,{6s..,r,e {ha+ 1+
Fr d5r=-<abrr,bn r.&s- dT*tbl in d., .f;r"ol do,,.,:g co*ptrd
*g*
.
:*'*t,
ih*orctd' ct Jh. ftde of ' ('?o.

rablem

a-

{. +

(trro@

.Lt

G"\ = (f DO@
fi& b

iag%

=,

t-

6lte:

.J|

a) D= ggt

*r

p!E

B.or
r
I r" ooo b -*r"l L@rJ

"qfu$

,r

T:f*11 -

tr_Qrua

Fffi'rP & @

carkry+
J

W,w

r ftrc

frtr

v{lnn o$

ya

d.,

'go&oo

,,

*it?

,rtfg

b')

@tr

6Poc1,@

b*

&epers

, GI

O.oB

ta*

EDo f,'/oo

f"tsomo
1

6. tlg
,q,

(ht t.*

s.x

e'B ;r B't?f
-

l);

a)

\@r\C "l

& gmq5g4l

6l Lr

q,

#"

s%,

6fl

qmr

fuB frr*@l:l*C

e,q

-b)

,"

n
?
-r

ttl

&,ss

'--F*

tl
'-

f" Jo

Uciy

<$qgt^+

s = .*:a.,

D=

- Iine

_o

*o{*rqd

/:3e

br tsDooo
E

$= lbo/B+-r

>
o3ooc)

6'

++*ffi*

*ffi_

1)3ro

(c,tb @o

Gz.S "r33. 1e

ao1

w)

*he-

-l&rt-

consfocftlYA
p to.,+ te {l^cnf,trcfurt a
The, 4W c"*fonJ i.E co"ro,der"',3
'[dt"[7 Co{r^s
,P"c>fcac neu) r,radud, 1f',t lond c-g+g f lrooo ooo thc buitdi
f go oooooo, -$.e $r;grren+ altts f lz<oo,ooo od crrr. ,be cold ft>e f z"roeoooi +,t'
b.,ifdig fier '? ftcro o&r +he. %\rprre'd or ? z'rcf oc>o orcJ crll of +l^ r"..lorl*-,{9
c-pi{ol rporlered- Tve omural 6;lr.rr.rerrcrtts 6- labocr n'rater-r?eLs ond all o+\*
rB0ut'rej a
.t-,*
oce estrffEfr61 +, cer(f f 25 feo@ ' r the *Po:y
minir.n.:ro cs,rurytl of 2s b , h)hat '.hould to {hq nQ,him.rr} Onn.la[ c<ates
ibr tL yeerg +p i*ftfJ *hE invetrfinerr|'
l?'yenrs
RDR- -_TR_ - rAcl5m
tad
t'E

,I

tsH

%-

cosf

brt

1-g "*

B'r4

t*L /trl

tcr

6-2{ = TK *p4tz=re3-'f3

2@Y

tA)

C{

IC.f

G{ i

Q2-5n"r

23 r?ttoe}o

2S0

oo O

iD

ft

tt* - ein) *,

lB6aA *tzl* )

+f

e-#+- eSB

*()

**ery-*EhA fict;lrty ;:ifaEed es *'H rncdran*c s or\ *.'funo5f Xe

f tOoooO *1. ,:t n'oil) rnue.cld ih ce/'+qln
roforr-.
"t*f Lus @-d
. l'[e l.,cd
to
htnr Gl, aotral- t*irriddnd oS

61o
phne
*c.,o-,teE' , ,gfo'oo1
tars
oujq reluir ShdP ln xi3 precrt+ J'b , he rlr **3
,r,!ed+ tlr,6 ...oo.r"*l- in
"to retln +o r.un ht'c o wn tvrined .
he'
{rlrooo a ano*h, bd. " hoS
$c uill r.rd +bg <crdrB.9 ef +he # - 2 r,ehanrqs ecll earnd3 f aoO

l4A will
q da.1 r aod O l,Lye* 6ed *rntg.. f z8 - *3' Th"se
o-tlt"er= ofa,nreJ qFe -ire .
6 +h aalfe ,&0 qf a 3*..

f eo *oo/."enth
? W.GG /r".u:l*h
$% ef 5*s ircor

ffin*q.l
mr'SC&tkxneeuS

rhltc

ruor'!

+a*(

\nCrlrg'ffe

7&

-leose is .f
q'&1
TI"e l.fg+h vF h&
1arc. I F *hc eire$e ct"oge oc
car repa,ird ty h,i d*P is loo . De'l'e':anrhe 'lhe nurnber cF <a^s [e
tco Jhit H,e ''tritl obtoin o p'ofit oF
musl .rcrvr'ce in oRe J*.
q+

Zo

IearEt

1ro

if

fvru e.g|. mer-,+

G[rn (1 -r

Dr*

Co

-Cn
n\

-O
04

D=

GoCTOO

-_

#;

= eooo Go) :- Jry

-l2ooC -

IICOO

-f

___#

2oOOo

pm

.f?oa Cr,)

Ir : qg"9 -,,

*ode Jo pnercrte ilr o.^1D po.^ler +o ..upFly

ploo* +he e.,et1t' 5vr'nd,
o^d :l-+ *he- f t^.er P b*f i,n,rtaitaC 1,uoulof cac'f P 2 ooo oots. l4qnual op"*tton
o.d rroirvferorre, f SoorooD . Oll"e.. eryer.ref r ? too oco/yeon. h'e 6f p*
ph+ ,a V leare r Solr17e Value- oT *rB e.d ef +he l,fe rc t zoaooo,
onnr"nl &te,g P nog'uriarc/ c,?, oF F,'"+ co(+ r atl ra]e. oF io*e-,^'ec+- rb Fr%.
k,'T *he *3fV t44
$r deyecia*l'on , d*' rY +he Pot.rer ?b"rt'\o+hd

ic a'r.r+in'.5 le*

Toxe6 ci"d Iru uyanc8 ;

An"r.g1l Gr.sl-

qfprccdrbn,-

=
E

^
urs

C-'-

WO aoO

l)

fflairrferorlqe :
BoOoOG
.?o+q[ onaulal G6f s
? lqrf r &rO

26o0 006

Arw**+ ,s6vi\ff E lzo! ooo i-

ff,

--

L+

Arn

&oow eLz)
I"eooOOC

ai

e..>)

, e,q-F

I ".t*?s3o

.c,4{

,3 l+2 l&a.6trd'A

r*%
&

G.o.n) lZocc

_*_%*

s+ $ao-eq{8
YVV

14? lbq. gqt.g

eru r ^,3-s

l{-Po 1*

bm: ffi 'aaldrnc

C*E6rr-f **4*

**l.e.';

of a ..o;-'
is
pae
ap/"tar^, of #s puter o{rh*t-rtr*rbn {r,oer. A egde
Pt cocts F tasoo wAf ord ,oill lacl zo yE "t. the """,prty , f,."*,r11y
?rzmo Fer pk o-d oi)r
aonrsfden'$

rn +P1?

ebk+L

H ,"T:"
;fr|*k"
;f
qnor.*,{.
**
lc,$ang
erysun"**

VatL tn bo+t4- rceS II

goth :
I
* o"se+e &E
I
ep

nE

,F.

h_-

?b

/a-r-\ r.'t

taoan

tB ooo

,'",f

q"'nt''ol

"",rl

1-ar(El .BtB

,=lgo-oo

Gp,*al
tooo &-)r"-"

rn*ere.f

forz)
i4al

or,.r

= 2loo.oo

ro

t*r
Ta*e<

in*+es1 in .-prhl!
Eooo (o.12)

" lzalc

o=E--coIgti)a|
v
D: P 683.3f

Crr".rzf-l J+

Tq*es F. inru.o.,e

h I ,7o' ;f *:;t" #"1'.t.:,r:9

J;( Cr,eo$d uDaden pole
I
^ F lzooo
G'

,*L

,;T

J.+-l onnual c"ff

F,^-.,- ,^
'*'lc"t*e

z,

243

.sl

lzooo(o'or)

l?o'oD

----"---'-4/
-' +le aaso+eo,

T*"
r*
bu rcd '

th'otrtd

pnobbrn

p.To.r-cl *o

t+ tj

calqg

rEhore- eF

*he'

Io

ke

<rd&s.

{-o
Lo"d

Rou-t

&,

*tPo

ubr,cn'ne Ro,i,

rto o cr)
I
q.ro

rna int ru.od-.

f ^;W
(W{*
@n
l'Queitrt
tnrheree|+*{r\s
h,le+

c-onne

rO

r miles
k'rrf cos* of *ble/'ni}'
Leryfh

Annual

etis*,U f 't line

yo;dc .oA opPcsi+t

lcrcad G aa.bb cen an

Crb o60

*, (-l9O

tb%

tBlp
S{l/'

icoluage !ut\s /";e

A e,D

l2 oo$

Lrle , $&{S
Wl" ,i r*or #rlo errfu"l

2Zoo0

rd;-

* Lrd ry.rle,
p r ro t et$"" * lzos )to.tg]

t-L-

-.S'uU"rrr'..hg 'P
p)

e .,+"

?zwo)

Cr*BJ*t;
esqe"*+q,+

*i,-+*encle#.* $-{Sd"e}

t 'rrrrilq6;, *

\&v{y*s, :

#ee

*SI, -svL E*.

,*#r&hel {r}@

tr

'

t 3:+q.

I a92. +?q I

ffo

wrol

r oo}
up

{Fr}

osooo) fu.og)

+otaI Anntrat Cr6*

e t r 4+2*Qf

&* ota.

so {")

llduo

F lt#rruurtc,g
$-"C

ffis.p

"*r:f

tkplU*tJ

, # !e#*
cas*

eas4gt

Co

?+ql =

-$-y

-,. {&6u..a (r)

fao alP=

8" lrtdrl %

sfr, Buol
t

Gotnoo

-7r

I
I

Tte .subrtryfi'ne; o"bkz oire

trco 4oMr"CA,l

+o d.

re)

ln bur'ldf19 {hei. plor*, the c"Fsicercs oF Jhe ln*erno*ir,,l

lea{Fer cprnpcrng t,aC the cheice belpeeo ol*ern65|1tg. O^e a{terrnpu}7)e,
Is +o buitd io fv\etr> elOnita whone Jhe pla.^+ ,uould ccr.s* pz.ooaean.
tabor , ,lould c\^r* annro\Iy ? )2o ooo o^d : 6t,s.heodl ruoolcl bg
f Qo o0O 1&reb Cnd i,litr-a^e *'oUld be 'tt+a[ s- ?o of, Jhe
-ftr.lct rosJ of +h,e plar* .

Pncblern

',

$?oi b
eos+

Zoeo

Labor
ercrfrmAt

W ooD
% o<r<>
"ff..

Tat

Inr {{u;n@

lrrlgfe,$

@O

,ff ooo
3ni

2o?n

h{a

2.p-la
ID

lo

* @@. ffir*rla

t b*&@n

''|

&.* tsT r sryg- sf3&

: lwo

Putaorn
? r 2{3 ooc)
loo ooo

p)

@- t4B 6ds'

l,

Cote - ZOg
tbo ooo

ur {fif*-cgp

Tkts zz\m 0 s {o.o>}

fwTrry14i

g5? r a.|-f

ttr/

-/
cfrY
A u+rrr$

"

B E,

. Lcrhof ?
M

E5fund = {oooo

'hab.n

=-

srlri'+h r g5*#

hn**@d#n*,e r'nus @1o*

"roral ilrrruol e.rrf e Jont t+tr ' 2o3

*f,e #' PIaF's +" pr-ovt"de
ic cdt-ndtriftr
'J -^r .^ *he- r.-.*z*r (
++e

6f

G?dso

l*tt,J I 3*4'

treoerr,o

Pb"

R reDurrRE 6A

l,-- art
afi
ha'
-lL.-,
h p,*ftryr r +hq*

e(
e'c-fi tu'd401

uf nL +e.a4';1- .,Jtuge volv-*nnval

I t
oyr-*tl'n f rrcrhlxrgw^* ,o:tl ae @6 oo
at.t+&urernar'tiF 1"
4tui35
ft-nttal fPry L *,"*i t<'rll Se z2- of rt# o'rk'
: .ra7? 8?
ff+

!*tr

,{n'.ual

"l,J;

*ffi
-z::oo"

r,

Cn*a'?(<oooog)
ch>pooro a i

'y;?':ff",?"::';"*
j

- a71s,!12

ftan {r
c^=o.z1uwoor)=0&6_

pp..2c,-r?,zo

iooooo''70Tfu'=,*,)= --_--+'
': ::,",T^',,*^
?'*v T ,
,
':
Lczyo-1J
lk - ??,t{.gz *aqo
*4ta6/qt
-166000

= ttr {.qz

*&ooooTya*,o

TDt

/zo

-+

e4g. >*
Hqn

6,.i eaa*u&