S

{\rtf\ansi\deff0\ansicpg1252
{\fonttbl
{\f0\froman times new roman;}{\f1 times;}{\f2\fswiss helvetica;}{\f3 calibri;}}
{\colortbl\red0\green0\blue0;}
{\info{\author ravic}}
\jexpand\viewkind1\viewscale100
{\shp
{\*\shpinst
\shpleft5240\shptop1546\shpright6333\shpbottom2773
\shpfhdr0\shpwr3\shpwrk0\shpfblwtxt1\shplid2200\shpz0\shpbxpage\shpbypage
\absh16826\absw11906{\sp{\sn shapeType}{\sv 75}}
{\sp{\sn fFlipH}{\sv 0}}
{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn pibFlags}{\sv 2}}
{\sp{\sn fLine}{\sv 0}}{\sp{\sn fEditedWrap}{\sv 0}}
{\sp{\sn fBehindDocument}{\sv 1}}
{\sp{\sn pib}{\sv {\pict
\jpegblip
FFD8FFE000104A46494600010100000100010000FFDB004300080606070605080707070909080A0C
140D0C0B0B0C1912130F141D1A1F1E1D1A1C1C20242E2720222C231C1C2837292C30313434341F27
393D38323C2E333432FFDB0043010909090C0B0C180D0D1832211C21323232323232323232323232
3232323232323232323232323232323232323232323232323232323232323232323232323232FFC0
0011080052003103012200021101031101FFC4001F00000105010101010101000000000000000001
02030405060708090A0BFFC400B5100002010303020403050504040000017D010203000411051221
31410613516107227114328191A1082342B1C11552D1F02433627282090A161718191A2526272829
2A3435363738393A434445464748494A535455565758595A636465666768696A737475767778797A
838485868788898A92939495969798999AA2A3A4A5A6A7A8A9AAB2B3B4B5B6B7B8B9BAC2C3C4C5C6
C7C8C9CAD2D3D4D5D6D7D8D9DAE1E2E3E4E5E6E7E8E9EAF1F2F3F4F5F6F7F8F9FAFFC4001F010003
0101010101010101010000000000000102030405060708090A0BFFC400B511000201020404030407
05040400010277000102031104052131061241510761711322328108144291A1B1C109233352F015
6272D10A162434E125F11718191A262728292A35363738393A434445464748494A53545556575859
5A636465666768696A737475767778797A82838485868788898A92939495969798999AA2A3A4A5A6
A7A8A9AAB2B3B4B5B6B7B8B9BAC2C3C4C5C6C7C8C9CAD2D3D4D5D6D7D8D9DAE2E3E4E5E6E7E8E9EA
F2F3F4F5F6F7F8F9FAFFDA000C03010002110311003F00F19A28A2A4B3B3D2BC05F6ED322BAB8BE6
8A499772A2C60800F4CD73FADE8577A1DC88AE4068DBFD5CCBF75BFC0FB57A2783F544D43428A2DC
3CEB6022907B763F955ED734D8B55D22E2DA51CED2D19FEEB0E86BCD5899C2B353D8EFFABC254AF1
DCF1AA293EBD696BD238028A28A007471BCB2048919DCF4551926B4E1F0DEB738CA6997383FDE5DB
FCEA6F0A6A70695AF473DC9DB13298CC9FDDCF7AF598A549E249637578D864329C822B8F11889527
648E9A14233576CF32D33C3FE29D32E85D5A5A98E41C10D2AE187A119E457593DFF8926B07893435
4B965C799F6952A3DC0AE8E8AE09E25CDDDA475C6828AB26CF266F076BEA326C0B7D2553FD6B2AF6
C2EB4DB8305DC0D0CA0676B7A57B75719F10EDA16D3AD6E49026597CB1EA41193FCABAA862E539A8
B473D5C3A8C7991E79451457A5738C2BD37C012193C3EC87A24EC07E87FAD79957A4FC3C60745B85
CF22E0E47E02B8F14BDC3A30FF0010FF000EEB777A8789754B69E5DD0267CA5C0F97071535C6B972
BE37B6D29187D98A7EF171D5882739FCAB0FC1CC3FE12ED4F1CEE1260FFC0A9F7AFE5FC50B739C64
C63FF1DAE574E3CED5BA1BAA8F953F32DF8DF5DBFD325B5B6B19CC1E629691947279C019AE0AEEF6
EAFA5F36EEE659DC743236715D5FC45FF909D9FF00D703FCEB8DAECC3412827639F1137CED051451
5D5739C2B4B4AD76FF0045F3859BAA89861832E7F11EF5D27C2DD1749D73C592DB6B76EB3D9ADABC
843123041183C7D6BA4D67E1D69DA5F806D04CB05B6B53EA82192F2790811C45A40B9F6C283D3349
C5356609B5AA3CEFC3FAD1D1355FB5B2199194AC8A0E0907FF00AF525F7880DCF89935848366C652
B196EC3DEBA4B8F85D730DE228D72CC59B58BDFF00DB268658808E3601B2A46475C8F5A9C7C3C6B7
B4D4EC4BD8DD4C67B116DA802EBB639C9C10BEFDF3F8547B28F373752FDA34AC729E24D7575EBE8E
7481A18D23DA159B27AE7358B5DD5C7C36920B9800F11E9B25B1B992D2E2E155F16F3463263DB8CB
123A63AD3F57F0447E1CD03C43F6B31DD5D5BFD8A5B4B950D1E23949CFCA7A1E3906AA31515644B9
393BB382A28A2981AFE1ED7A4F0F5C5DCF0C0B2BDCDA496BCB6366EC7CDF862BB1B8F8C17D75A847
7736936EDB2EA0B90A65240F294AE3A77DC4E7B1AEAED5BC317B6F22C1E08D2BED800291EC2432EC
0E5861727693C8033D31D6A429E194B964FF008433429A3013FD465B69210E49DB8DA776077E3914
C9386D4BE26B5EC32C116925236B09EC019AF5A67DB2B06DC588C9208A9F4DF88DF69D52D60BBB38
6D6DA49B4F59673313E5ADB9FBDD3BFE95D75B47E1CBAF27CAF08680E3CB77674B79CAC9B403853E
5F18E84B606475AD0BED33C39A6E822EAE3C1BA31BC8EE5619912276420C5E682B852DC820723839
CF1401C75DFC51B4D335ABA8749D1611A7BDCDC4B3C915D306B879015F3636C663E3A63D4D73DE20
F1FC9AF585EDAFF66AC2B7515B45BDAE1A42A212483923249CF39AF598748F0C48B75BBC13A627D9
66B7824CC7C179A550369EE363AB67D4E2A8EAB69E1AB5D4AFED6DFC23A162CD821F32DE472D9936
823621FA91D7D33401E07457D03FF08FE9BFF42AF863FF00006EFF00F8D514582E61588C68514DFF
002D6399F63F75FDD41D0F6AE9B49E7E1ADF93DF5104FF00DF515145311CA78C6FAEECFC67651DB5
D4F024F69FBE58A42A24FDCC7F780EBF8D30DF5D8F81DA7DF0BA9C5E49AA7CF71E61F31BAAF2DD4F
CBC7D38A28A00EB7C6AEF6BE11F151B76684C77361B0C676EDF920E98E95CDDADF5D8F85FE26BE17
53FDAFCAB293CFF30F99BBCEFBDBBAE7DE8A2803CB7FE133F14FFD0CBAC7FE074BFF00C551451401
FFD9}
}}}}
{\shp{\*\shpinst\shpleft866\shptop3306\shpright880\shpbottom3306\shpfhdr0\shpwr3
\shpwrk0\shpfblwtxt1\shplid2028\shpz1\shpbxpage\shpbypage
{\sp{\sn shapeType}{\sv 0}}
{\sp{\sn rotation}{\sv 0}}
{\sp{\sn geoRight}{\sv 14}}
{\sp{\sn geoBottom}{\sv 0}}
{\sp{\sn shapePath}{\sv 4}}
{\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(13,13);(13,0);(0,0);}}
{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457
7;32768}}
{\sp{\sn fFillOK}{\sv 1}}
{\sp{\sn fFilled}{\sv 1}}
{\sp{\sn fillColor}{\sv 0}}
{\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}}
{\sp{\sn lineType}{\sv 0}}
{\sp{\sn fArrowheadsOK}{\sv 0}}
{\sp{\sn fLayoutInCell}{\sv 1}}}}
7;32768}}
{\shp{\*\shpinst\shpleft880\shptop3306\shpright3386\shpbottom3306\shpfhdr0\shpwr
3\shpwrk0\shpfblwtxt1\shplid2030\shpz3\shpbxpage\shpbypage
7;32768}}
{\shp{\*\shpinst\shpleft3386\shptop3306\shpright3400\shpbottom3306\shpfhdr0\shpw
r3\shpwrk0\shpfblwtxt1\shplid2031\shpz4\shpbxpage\shpbypage
7;32768}}
{\shp{\*\shpinst\shpleft3400\shptop3306\shpright10440\shpbottom3306\shpfhdr0\shp
wr3\shpwrk0\shpfblwtxt1\shplid2032\shpz5\shpbxpage\shpbypage
7;32768}}
{\shp{\*\shpinst\shpleft10440\shptop3306\shpright10453\shpbottom3306\shpfhdr0\sh
pwr3\shpwrk0\shpfblwtxt1\shplid2033\shpz6\shpbxpage\shpbypage
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
{\shp{\*\shpinst\shpleft10480\shptop9560\shpright10480\shpbottom11946\shpfhdr0\s
hpwr3\shpwrk0\shpfblwtxt1\shplid2148\shpz121\shpbxpage\shpbypage
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
{\shp{\*\shpinst\shpleft10480\shptop11946\shpright10480\shpbottom11960\shpfhdr0\
shpwr3\shpwrk0\shpfblwtxt1\shplid2157\shpz130\shpbxpage\shpbypage
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
7;32768}}
{\sp{\sn fLayoutInCell}{\sv 1}}}}\paperw11906\paperh16826\margl666\margr133\marg
t666\margb93
\cols3\colno1\colw2826\colsr-0\colno2\colw1493\colsr-0\colno3\colw6786\pard\li32
0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li320\ri0\sl-213\slmult0 \fs18\cf0\par\p
ard\li320\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li320\ri0\sl-213\slmult0 \fs18\c
f0\par\pard\li320\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li320\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li320\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li320\ri0\sl-213
\slmult0 \fs18\cf0\par\pard\li320\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li320\ri
0\sl-213\slmult0 \fs18\cf0\par\pard\li320\ri0\sl-213\slmult0 \fs18\cf0\par\pard\
li320\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li320\ri0\sl-373\slmult0 \fs24\cf0\f
1\charscalex100\b {D}\b0 \fs24\cf0\f1\charscalex100\b {R}\b0 \fs24\cf0\f1\charsc
alex100\b {I}\b0 \fs24\cf0\f1\charscalex100\b {V}\b0 \fs24\cf0\f1\charscalex100\
b {E}\b0 \par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-2
13\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\
sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\
ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\
li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\p
ard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\p
ar\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-386\slmult0 \fs24\c
f0\f0\charscalex100\b {Fall 2015}\b0 \par\column\pard\li0\ri0\sl-213\slmult0 \fs
18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slm
ult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213
\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl
-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri
0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-306\slmult0 \fs24\cf0\f1\charscal
ex100\b {ASSIGNMENT }\b0 \par\pard\sect\sectd\sbknone\cols2\colno1\colw2853\cols
r-0\colno2\colw8253\pard\li320\ri0\sl-280\slmult0 \fs24\cf0\f1\charscalex100\b {
PROGRAM }\b0 \par\pard\li320\ri0\sl-280\slmult0 \fs24\cf0\f1\charscalex100\b {SE
MESTER }\b0 \par\pard\li320\ri0\sl-280\slmult0 \fs24\cf0\f1\charscalex100\b {SUB
JECT CODE &}\b0 \par\pard\li320\ri0\sl-280\slmult0 \fs24\cf0\f1\charscalex100\b
{NAME }\b0 \par\pard\li320\ri0\sl-293\slmult0 \fs24\cf0\f1\charscalex100\b {BK I
D }\b0 \par\pard\li320\ri0\sl-280\slmult0 \fs24\cf0\f1\charscalex100\b {CREDITS

}\b0 \par\pard\li320\ri0\sl-293\slmult0 \fs24\cf0\f1\charscalex100\b {MARKS }\b
0 \par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f1\charscalex100\b {MBA/ MBA
DS/ MBAFLEX/ MBAHCSN3/ PGDBAN2 }\b0 \par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f
1\charscalex100\b {II}\b0 \fs24\cf0\f1\charscalex100\b { }\b0 \par\pard\li0\ri0\
sl-280\slmult0 \fs24\cf0\f1\charscalex100\b {MB0045 }\b0 \par\pard\li0\ri0\sl-28
0\slmult0 \fs24\cf0\f1\charscalex100\b {FINANCIAL MANAGEMENT }\b0 \par\pard\li0\
ri0\sl-293\slmult0 \fs24\cf0\f1\charscalex100\b {B1628 }\b0 \par\pard\li0\ri0\sl
-280\slmult0 \fs24\cf0\f1\charscalex100\b {4 }\b0 \par\pard\li0\ri0\sl-293\slmul
t0 \fs24\cf0\f1\charscalex100\b {60 }\b0 \par\pard\sect\sectd\sbknone\pard\li320
\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li320\ri0\sl-320\slmult0 \fs22\cf0\f1\cha
rscalex100 {Note: Answer all questions. Kindly note that answers for 10 marks qu
estions should be approximately of 400 }\par\pard\li320\ri0\sl-373\slmult0 \fs22
\cf0\f1\charscalex100 {words. Each question is followed by evaluation scheme.}\p
ar\pard\sect\sectd\sbknone\cols3\colno1\colw3920\colsr-0\colno2\colw4013\colsr-0
\colno3\colw3173\pard\li320\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100\b {Q.N
o }\b0 \par\column\pard\li0\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100\b {Que
stions }\b0 \par\column\pard\li0\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100\b
{Marks Total}\b0 \par\pard\li1000\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex10
0\b {Marks }\b0 \par\pard\sect\sectd\sbknone\pard\li560\ri0\sl-426\slmult0 \*\tx
1133\fs24\cf0\f1\charscalex100 {1 }\tab \fs24\cf0\f1\charscalex100\b \i {Explain
the liquidity decisions and its important elements. Write complete information}
\b0 \i0 \par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100\b \i {on
dividend decisions. }\b0 \i0 \par\pard\sect\sectd\sbknone\cols3\colno1\colw8266\
colsr-0\colno2\colw933\colsr-0\colno3\colw1906\pard\li1133\ri0\sl-426\slmult0 \f
s24\cf0\f1\charscalex100 {Explanation of liquidity decisions with its important
elements }\par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100 {Explan
ation of dividend decisions }\par\column\pard\li0\ri0\sl-426\slmult0 \fs24\cf0\
f1\charscalex100 {5 }\par\pard\li0\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100
{5 }\par\column\pard\li0\ri0\sl-426\slmult0 \fs24\cf0\f1\charscalex100 {10 }\pa
r\pard\sect\sectd\sbknone\pard\li560\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li560
\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li560\ri0\sl-413\slmult0 \*\tx1133\fs24\c
f0\f1\charscalex100 {2 }\tab \fs24\cf0\f1\charscalex100\b \i {Explain about the
doubling period and present value.}\b0 \i0 \fs24\cf0\f1\charscalex100 { S}\fs24\
cf0\f1\charscalex100\b \i {olve the below given problem: }\b0 \i0 \par\pard\li11
33\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-320\slmult0 \fs24\cf0\f1\
charscalex100\b \i {Under the ABC Bank\uc1\u8217Xs Cash Multiplier Scheme, depos
its can be made for periods}\b0 \i0 \par\pard\li1133\ri0\sl-333\slmult0 \fs22\c
f0\f1\charscalex100\b \i {ranging from 3 months to 5 years and for every quarte
r, interest is added to the}\b0 \i0 \par\pard\li1133\ri0\sl-320\slmult0 \fs22\cf
0\f1\charscalex100\b \i {principal. The applicable rate of interest is 9% for de
posits less than 23 months and}\b0 \i0 \par\pard\li1133\ri0\sl-333\slmult0 \fs24
\cf0\f1\charscalex100\b \i {10% for periods more than 24 months. What will be th
e amount of Rs. 1000 after 2 }\b0 \i0 \par\pard\li1133\ri0\sl-333\slmult0 \fs24\
cf0\f1\charscalex100\b \i {years?}\b0 \i0 \par\pard\sect\sectd\sbknone\cols3\col
no1\colw8200\colsr-0\colno2\colw1000\colsr-0\colno3\colw1906\pard\li1133\ri0\sl213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-333\slmult0 \fs24\cf0\f1\charscalex
100 {Explanation of doubling period }\par\pard\li1133\ri0\sl-413\slmult0 \fs24\c
f0\f1\charscalex100 {Solving the problem }\par\pard\li1133\ri0\sl-413\slmult0 \
fs24\cf0\f1\charscalex100 {Explanation of present value }\par\pard\li560\ri0\sl
-213\slmult0 \fs18\cf0\par\pard\li560\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li56
0\ri0\sl-413\slmult0 \*\tx1133\fs24\cf0\f1\charscalex100 {3 }\tab \fs24\cf0\f1\c
harscalex100\b \i {Write short notes on: }\b0 \i0 \par\pard\li1493\ri0\sl-413\sl
mult0 \*\tx1853\fs24\cf0\f1\charscalex100\b \i {a)}\b0 \i0 \tab \fs24\cf0\f1\cha
rscalex100\b \i {Operating Leverage }\b0 \i0 \par\pard\li1493\ri0\sl-413\slmult0
\*\tx1853\fs24\cf0\f1\charscalex100\b \i {b)}\b0 \i0 \tab \fs24\cf0\f1\charscal
ex100\b \i {Financial leverage }\b0 \i0 \par\pard\li1493\ri0\sl-413\slmult0 \*\t
x1853\fs24\cf0\f1\charscalex100 {c)}\tab \fs24\cf0\f1\charscalex100\b \i {Combin
ed leverage}\b0 \i0 \par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex1
00 {Explanation of operating leverage }\par\pard\li1133\ri0\sl-413\slmult0 \fs2
4\cf0\f1\charscalex100 {Explanation of financial leverage }\par\pard\li1133\ri0

\sl-426\slmult0 \fs24\cf0\f1\charscalex100 {Explanation of combined leverage }\p
ar\column\pard\li66\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li66\ri0\sl-333\slmult
0 \fs24\cf0\f1\charscalex100 {2 }\par\pard\li66\ri0\sl-413\slmult0 \fs24\cf0\f1\
charscalex100 {3 }\par\pard\li66\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100 {
5 }\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \f
s18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult
0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\sl
mult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-21
3\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\s
l-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-360\slmult0 \fs24\cf0\f1\charscalex1
00 {4 }\par\pard\li0\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100 {4 }\par\pard
\li0\ri0\sl-426\slmult0 \fs24\cf0\f1\charscalex100 {2 }\par\column\pard\li0\ri0\
sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\
ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-320\slmult0 \fs24\cf0\f1\charsc
alex100 {10 }\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\
slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0
\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0
\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard
\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\
pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-346\slmult0 \fs24\cf0\
f1\charscalex100 {10 }\par\pard\sect\sectd\sbknone\pard\sect\sectd\sbkpage
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
{\sp{\sn fLayoutInCell}{\sv 1}}}}\pgwsxn11906\pghsxn16826\marglsxn666\margrsxn13
3\margtsxn666\margbsxn186\pard\li560\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li560
\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li560\ri0\sl-213\slmult0 \fs18\cf0\par\pa
rd\li560\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li560\ri0\sl-440\slmult0 \*\tx113
3\fs24\cf0\f1\charscalex100 {4 }\tab \fs24\cf0\f1\charscalex100\b \i {Explain th
e factors affecting Capital Structure. Solve the below given problem: }\b0 \i0
\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-320\slmult0
\fs24\cf0\f1\charscalex100\b \i {Given below are two firms, A and B, which are
identical in all aspects except the}\b0 \i0 \par\pard\li1133\ri0\sl-306\slmult0
\fs24\cf0\f1\charscalex100\b \i {degree of leverage employed by them. What is th
e average cost of capital of both}\b0 \i0 \par\pard\li1133\ri0\sl-306\slmult0 \f
s24\cf0\f1\charscalex100\b \i {firms? }\b0 \i0 \par\pard\li4173\ri0\sl-213\slmu
lt0 \fs18\cf0\par\pard\li4173\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100\b \i
{Details of Firms A and B }\b0 \i0 \par\pard\sect\sectd\sbknone\pgwsxn11906\pgh
sxn16826\marglsxn666\margrsxn133\cols3\colno1\colw4840\colsr-0\colno2\colw2066\c
olsr-0\colno3\colw4200\pard\li1680\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1680\
ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1680\ri0\sl-320\slmult0 \fs24\cf0\f1\cha
rscalex100\b \i {Net operating income EBIT }\b0 \i0 \par\pard\li1680\ri0\sl-360\
slmult0 \fs24\cf0\f1\charscalex100\b \i {Interest on debentures I }\b0 \i0 \par\
pard\li1680\ri0\sl-373\slmult0 \fs24\cf0\f1\charscalex100\b \i {Equity earnings
E }\b0 \i0 \par\pard\li1680\ri0\sl-360\slmult0 \fs24\cf0\f1\charscalex100\b \i {
Cost of equity Ke }\b0 \i0 \par\pard\li1680\ri0\sl-373\slmult0 \fs24\cf0\f1\char
scalex100\b \i {Cost of debentures }\b0 \i0 \fs24\cf0\f1\charscalex100\b \i {Kd}
\b0 \i0 \fs24\cf0\f1\charscalex100\b \i { }\b0 \i0 \par\pard\li1680\ri0\sl-360\s
lmult0 \fs24\cf0\f1\charscalex100\b \i {Market value of equity S =}\b0 \i0 \par\
pard\li1680\ri0\sl-280\slmult0 \fs24\cf0\f1\charscalex100\b \i {E/Ke }\b0 \i0 \p
ar\pard\li1680\ri0\sl-360\slmult0 \fs24\cf0\f1\charscalex100\b \i {Market value
of debt B }\b0 \i0 \par\pard\li1680\ri0\sl-373\slmult0 \fs24\cf0\f1\charscalex10
0\b \i {Total value of firm V }\b0 \i0 \par\column\pard\li0\ri0\sl-373\slmult0 \
fs24\cf0\f1\charscalex100\b \i {Firm A }\b0 \i0 \par\pard\li520\ri0\sl-373\slmul
t0 \fs24\cf0\f1\charscalex100\b \i {Rs. 1, 00, 000 }\b0 \i0 \par\pard\li1533\ri0
\sl-360\slmult0 \fs22\cf0\f1\charscalex100\b \i {Nil }\b0 \i0 \par\pard\li520\ri
0\sl-373\slmult0 \fs22\cf0\f1\charscalex100\b \i {Rs. 1, 00, 000 }\b0 \i0 \par\p
ard\li1400\ri0\sl-360\slmult0 \fs22\cf0\f1\charscalex100\b \i {15% }\b0 \i0 \par
\pard\li1400\ri0\sl-373\slmult0 \fs22\cf0\f1\charscalex100\b \i {10% }\b0 \i0 \p
ar\pard\li520\ri0\sl-360\slmult0 \fs22\cf0\f1\charscalex100\b \i {Rs. 6, 66, 667
}\b0 \i0 \par\pard\li1533\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1533\ri0\sl-4
26\slmult0 \fs22\cf0\f1\charscalex100\b \i {Nil }\b0 \i0 \par\pard\li520\ri0\sl-
373\slmult0 \fs22\cf0\f1\charscalex100\b \i {Rs. 6, 66, 667 }\b0 \i0 \par\column

\pard\li0\ri0\sl-373\slmult0 \fs24\cf0\f1\charscalex100\b \i {Firm B }\b0 \i0 \p
ar\pard\li693\ri0\sl-373\slmult0 \fs24\cf0\f1\charscalex100\b \i {Rs. 1, 00, 000
}\b0 \i0 \par\pard\li933\ri0\sl-360\slmult0 \fs22\cf0\f1\charscalex100\b \i {Rs
. 25, 000 }\b0 \i0 \par\pard\li933\ri0\sl-373\slmult0 \fs22\cf0\f1\charscalex100
\b \i {Rs. 75, 000 }\b0 \i0 \par\pard\li1586\ri0\sl-360\slmult0 \fs24\cf0\f1\cha
rscalex100\b \i {15% }\b0 \i0 \par\pard\li1586\ri0\sl-373\slmult0 \fs22\cf0\f1\c
harscalex100\b \i {10% }\b0 \i0 \par\pard\li760\ri0\sl-360\slmult0 \fs22\cf0\f1\
charscalex100\b \i {Rs. 5,00, 000 }\b0 \i0 \par\pard\li693\ri0\sl-213\slmult0 \f
s18\cf0\par\pard\li693\ri0\sl-426\slmult0 \fs24\cf0\f1\charscalex100\b \i {Rs. 2
, 50, 000 }\b0 \i0 \par\pard\li693\ri0\sl-373\slmult0 \fs24\cf0\f1\charscalex100
\b \i {Rs. 7, 50, 000 }\b0 \i0 \par\pard\sect\sectd\sbknone\pgwsxn11906\pghsxn16
826\marglsxn666\margrsxn133\cols3\colno1\colw8200\colsr-0\colno2\colw1000\colsr0\colno3\colw1906\pard\li1133\ri0\sl-333\slmult0 \fs24\cf0\f1\charscalex100 {Exp
lanation of factors affecting capital structure }\par\pard\li1133\ri0\sl-413\sl
mult0 \fs24\cf0\f1\charscalex100 {Solution for the problem }\par\pard\li1133\ri
0\sl-413\slmult0 \fs24\cf0\f1\charscalex100 {Interpretation }\par\pard\li560\ri0
\sl-426\slmult0 \*\tx1133\fs24\cf0\f1\charscalex100 {5 }\tab \fs24\cf0\f1\charsc
alex100\b \i {Explain all the sources of risk in capital budgeting with examples
. }\b0 \i0 \par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100\b \i {
Solve the below given problem: }\b0 \i0 \par\column\pard\li0\ri0\sl-333\slmult0
\fs24\cf0\f1\charscalex100 {6 }\par\pard\li0\ri0\sl-413\slmult0 \fs24\cf0\f1\cha
rscalex100 {3 }\par\pard\li0\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100 {1 }\
par\column\pard\li0\ri0\sl-333\slmult0 \fs24\cf0\f1\charscalex100 {10 }\par\pard
\sect\sectd\sbknone\pgwsxn11906\pghsxn16826\marglsxn666\margrsxn133\pard\li1133\
ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100\b \i {An investment will have an i
nitial outlay of Rs 100,000. It is expected to generate cash}\b0 \i0 \par\pard\l
i1133\ri0\sl-320\slmult0 \fs24\cf0\f1\charscalex100\b \i {inflows. Cash inflow f
or four years. }\b0 \i0 \par\pard\sect\sectd\sbknone\pgwsxn11906\pghsxn16826\ma
rglsxn666\margrsxn133\cols2\colno1\colw5413\colsr-0\colno2\colw5693\pard\li4280\
ri0\sl-213\slmult0 \fs18\cf0\par\pard\li4280\ri0\sl-373\slmult0 \fs24\cf0\f1\cha
rscalex100\b \i {Year }\b0 \i0 \par\pard\li4453\ri0\sl-400\slmult0 \fs24\cf0\f1\
charscalex100\b \i {1 }\b0 \i0 \par\pard\li4453\ri0\sl-400\slmult0 \fs24\cf0\f1\
charscalex100\b \i {4 }\b0 \i0 \par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0
\par\pard\li0\ri0\sl-373\slmult0 \fs24\cf0\f1\charscalex100\b \i {Cash inflow }\
b0 \i0 \par\pard\li146\ri0\sl-400\slmult0 \fs24\cf0\f1\charscalex100\b \i {40000
}\b0 \i0 \par\pard\li146\ri0\sl-400\slmult0 \fs24\cf0\f1\charscalex100\b \i {50
000 }\b0 \i0 \par\pard\li146\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100\b \i
{15000 }\b0 \i0 \par\pard\li146\ri0\sl-400\slmult0 \fs24\cf0\f1\charscalex100\b
\i {30000 }\b0 \i0 \par\pard\sect\sectd\sbknone\pgwsxn11906\pghsxn16826\marglsxn
666\margrsxn133\cols3\colno1\colw8266\colsr-0\colno2\colw933\colsr-0\colno3\colw
1906\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-373\slmult0
\fs24\cf0\f1\charscalex100\b \i {If the risk free rate and the risk premium is
10%, }\b0 \i0 \par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0
\sl-306\slmult0 \*\tx1466\fs24\cf0\f1\charscalex100\b \i {a)}\b0 \i0 \tab \fs24\
cf0\f1\charscalex100\b \i {Compute the NPV using the risk free rate }\b0 \i0 \pa
r\pard\li1133\ri0\sl-333\slmult0 \*\tx1466\fs24\cf0\f1\charscalex100\b \i {b)}\b
0 \i0 \tab \fs24\cf0\f1\charscalex100\b \i {Compute NPV using risk-adjusted disc
ount rate }\b0 \i0 \par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133
\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\p
ard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-306\slmult0 \fs24
\cf0\f1\charscalex100 {Explanation of risk in capital budgeting with examples }\
par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f1\charscalex100 {Solution for the
problem with interpretation }\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\
par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\
cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \f
s18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult
0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\sl
mult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-46

6\slmult0 \fs24\cf0\f1\charscalex100 {5 }\par\pard\li0\ri0\sl-413\slmult0 \fs24\
cf0\f1\charscalex100 {5 }\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\p
ard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\p
ar\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\c
f0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs
18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-466\slm
ult0 \fs24\cf0\f1\charscalex100 {10 }\par\pard\sect\sectd\sbknone\pgwsxn11906\pg
hsxn16826\marglsxn666\margrsxn133\pard\li560\ri0\sl-426\slmult0 \*\tx1133\fs24\c
f0\f1\charscalex100 {6 }\tab \fs24\cf0\f1\charscalex100\b \i {Explain the object
ives of Cash Management. Write about the Baumol model with their}\b0 \i0 \par\pa
rd\li1133\ri0\sl-333\slmult0 \fs24\cf0\f1\charscalex100\b \i {assumptions. }\b0
\i0 \par\pard\sect\sectd\sbknone\pgwsxn11906\pghsxn16826\marglsxn666\margrsxn133
\pard\sect\sectd\sbkpage
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
7;32768}}
7;32768}}

7;32768}}
{\sp{\sn fLayoutInCell}{\sv 1}}}}{\shp
{\*\shpinst
\jpegblip
FFD8FFE000104A46494600010100000100010000FFDB004300080606070605080707070909080A0C
393D38323C2E333432FFDB0043010909090C0B0C180D0D1832211C21323232323232323232323232
3232323232323232323232323232323232323232323232323232323232323232323232323232FFC0
001108009D014003012200021101031101FFC4001F00000105010101010101000000000000000001
02030405060708090A0BFFC400B5100002010303020403050504040000017D010203000411051221
31410613516107227114328191A1082342B1C11552D1F02433627282090A161718191A2526272829
2A3435363738393A434445464748494A535455565758595A636465666768696A737475767778797A
0101010101010101010000000000000102030405060708090A0BFFC400B511000201020404030407
05040400010277000102031104052131061241510761711322328108144291A1B1C109233352F015
6272D10A162434E125F11718191A262728292A35363738393A434445464748494A53545556575859
5A636465666768696A737475767778797A82838485868788898A92939495969798999AA2A3A4A5A6
F2F3F4F5F6F7F8F9FAFFDA000C03010002110311003F00F7FA28A2800A28A2800A28A2800A28A280
0A28A2800A28A2800A28A2800A28A2800A28A2800A28A2800A28A2800A28A2800A28A2800A28A280
0A28A424633400B4991EB5CF7887C69E1FF0C28FED5D4E182461958B9690FF00C04735CA7FC2F5F0
679DB3CDBEDB9FBFF6538FE79FD2803D368AE6F41F1BF873C4DF2693AA4334D8C981B2920FF80B60
D7494005145636B9E26D1BC350433EB17C9691CCFB2366563B9B19C700F6A00D9A2B1F44F11695E2
4B37BBD22F52EA047F2D9901186C038C100F715B1400514531982A92C40006493DA801F4572763F1
0FC25A9EA7169D65AD4335D4CFB238D51FE66F4C918ED5D650014557B9B98AD6D65B999C2430A192
473FC2A0649FCAB3B42F1368FE25B7967D1EF92EE289F63B2AB0C36338E40ED401B3451450014563
6BBE25D1FC336F1DC6B17C96914AFB11D958E5B19C700F615A36B710DE5AC57703878A645911C7F1
291907F23401628A28A0028A28A0028A28A0028A28A0028A28A0028A28A0028A28A0028A28A0028A
28A0028A28A000F4AE5BC7BE243E14F07DF6A9185370AA23803743231C0CFD339FC2BA9AF3CF8CBA
55C6ABF0EEEC5B2976B5952E5940C92AB9DD8FC093F8500723F0E3E1D5AF886C17C59E2B2FA95C5F
319238A6725719C6E6F524F6E8057A97FC21BE1A107923C3FA5F978C63EC887FA5719F09FC6DA4EA
1E16B0D1A5BB860D4ACD3CA303B8532283C32E7AFD0735EA008238E940CF15F881F0A2CEC34F9BC4
1E151258DDD98333C1139DACABC929E8C00CE3A1AEBFE1578CA5F17F8584978CADA859BF9370CBD1
F8CABFE22BB8923596368D865581561EC6B99F09780F47F04FDAD749373B6EB6798269378F9738C7
1C7DE3408EAEBC6FF6853B7C39A39F4BC6FF00D166BD92BC6BF686FF00916B48CFFCFDB7FE8B3401
83F082F66F0BF8E6EBC377AD88F5081268BD0BEC0EA7F15623F0AFA0ABC03E24E9B3E95A5F83BC69
620ACF6D6F6F14AE3FBC143213FF008F2FE35EDFA3EA50EB3A459EA36E730DCC4B22E3B6474A0668
D70BF153C45FF08F780EF658DB65C5D0FB2C38E082F90587D1726BB9ED5E13F115DFC6FF0015B47F
08C0CCD6D68C0DC6DE402C3739FC1463F1A048E23C0DA64DA57C4DF0C477000799A2B8000E555D18
A83F857D5D5E07ADC490FED21A4C51A8544F21554740046401FA57BDD0065F897FE455D5FF00EBCA
6FFD00D798FECF38FF00846757C71FE98BFF00A00AF4EF137FC8ABABFF00D794DFFA01AF31FD9E3F
E459D5FF00EBF17FF401401EC7451450078E7ED0A09F0B6958FF009FC3D7FDC6AF4BF0BFFC8A7A37
FD78C1DBFE99AD79B7ED07FF0022BE95FF005FA7FF00406AF49F0BFF00C8A7A37FD78C1FFA2D680E
86C51451400514514005145140051451400514514005145140051451400514514005145140051451
400533019791D47208A7D79AFC50F1FEA7E04934A365676D3C379E60769B3952BB7A60FA1A00AFE2
3F821E1FD6A692E6C25974BB873B888806889F5D87A7E06B9AFF008571F133C3273E1FF11FDA615F
BB17DA0AF1FEE382BF866BDBADA649EDA29908292206057904119E3DAAC1E41A02E783A7C55F1C78
4A7487C61A019602706611794C7E8C09427F2AF59F0C78A74BF16E96B7FA64DBD436D9233C346DE8
47F5E86B4AFAC6D352B296D6F618E7B794157490641078FC2BC3BE19C27C37F19F59F0FDA4A5ACF6
CB1E33D421CAE7DC0E2819EFF5E35FB437FC8B5A47FD7DB7FE8B35ECB5E35FB437FC8B5A47FD7DB7
FE8B3408ECEEF415F127C2C87496C079F4C8846D8FBB204054FE605729F02F5D79F42BDF0EDD12B7
3A64C4A231E4231391F8306FCC57A47873FE458D27FEBCA1FF00D00578EEB18F87DF1D6DB541FBBD
3B58FF005BD946F3B5FF00270ADF8D033D9B5AD4A0D1B46BDD4EE7886D61695BDF03A7E3D2BC97E0
8E993EA9A86B5E32BF1BA7BB99A28DC8EE4EE723F1207E1573E3A6B9245A258F876D0EEBAD4E605D
01E4A29181F8B103F0AF41F0A6889E1BF0B69DA4A6336F101211FC4E7963F8B13401E4BE21FF0093
97D2FEB07FE8B6AF77AF08F107FC9CBE97F583FF00459AF78A0464F89BFE455D5FFEBCA6FF00D00D
798FECF3FF0022C6AC7D6F17FF004015EA5ADC2F75A0EA36F18CBCB6B2A28F52548AF25FD9E6E546
93AD593102549E3931EC5719FD2819ED94519A4C8A0478F7ED0A7FE296D2BFEBF0FF00E80D5E95E1
8FF9157471FF004E307FE8B15E59FB425CA9D1F45B2539964B8924DBDF0AB8FE6D8AF59D0A06B6F0
FE9B038C3456B121FA840281F434A8A28A0414514500145145001451450014514500145145001452
51400B45251400B45251400B45251400B5C3FC4EF07B78C3C306DADB6FDBED9FCEB7DDC0638C14CF
6DC38AEDE83401E13E07F8AFFF0008D5BA786BC636F756D35981125C34792AA3A071D703D4035E97
1FC48F064F16F4F1269EA08CE1E5D87F23835A3AC786344F10A04D5B4CB6BB03EE99231B87D18723
F3AE61FE0C781DE42E34B95727EEA5D4807E59A00CDF14FC69F0FE996B245A2CA753BE6184D8A444
A7D4B11CFD0673547E0DF84B52B6BABEF166B88EB7D7E0889655C39563B9A423B6E38C7B5771A47C
3EF0A6872ACD61A2DB24C318964064607D4162706BA7C7B50171F5E35FB4373E1AD2391FF1F6DFFA
2CD7B25656AFA0695AFC31C5AAD841791C6DBD1664DC14E3191400BE1C20F85F49F43650FF00E802
B89F8D3E1C3AD781DEF6142D75A6BF9EB8192633C38FCB07FE035E8704315B411C10A08E28D42220
1C281C00289A18EE2078A640F148A55D186430230411DE80B9F3DFC3CFB6FC42F89369ABEA63CC8B
48B58F27A82C8309F89625CD7D178E6B2748F0EE8FA02CABA469D6F64B2906410A6DDC474CD6B501
73C1FC41FF00272FA5FB183FF459AF79AC69BC33A2DC6B51EB3369B6EFA94782B7253E718181CD6C
50006BC0B5DD3F55F84DE3F97C4BA6DA35C6857CE4CD1A0E1431CB21F420F2A7A76AF7DA827823B8
89A19A3492371875750C187A107AD0099C7695F15FC1BAA5B2CBFDB505A4847CD15D1F2D94FA64F0
7F0346ABF15FC1DA5DB3CBFDB30DD3A8F962B53E6337E2381F89A5D47E14782F5295E597448E291C
E58DBC8D167F05205163F09FC15A74A258F448E591790D3C8F263F0271487A1E73A1D86ABF167C7B
1788F50B46B7D06C987928E3865539083D493824F4C715EF806315145147044B1451AC71A8C2A280
028F40054D4C57168A4A280168A4A280168A4A280168A4A280168A28A0028A28A00C4BBD73ECB74F
07F666A336DC7CF0C3B94FD0D47FF0937FD41B56FF00C06FFEBD56F15F8D34AF08C307DB3CF9AE6E
58ADBDA5B47BE594FB0F4AC7D2BE29E9779AA41A66A7A66A7A35CDC30587EDF0EC5909E80367AD45
A5DCA56EC6FF00FC24FC67FB1F56FF00C07FFEBD2FFC24FF00F507D57FF01FFF00AF43F896D53C5B
1F874DB5D1B97B7371E708FF007400EDBB3D78E94DF0DF8AEC3C52350FB0C73A7D86E5ADA4F3540C
B0EE304E452B4FBFE03F77B0E1E27C9C7F636ADFF80FFF00D7A3FE127FFA836ADFF80FFF00D7A3C5
5E27B2F08E8726AD7E93496E8EA8561505B2C703A9AD7B7992E2DE299410B22065CF5C119A2D3EFF
00805E3D8C8FF849BFEA0FAB7FE03FFF005E8FF849C7FD01F55FFC07FF00EBD28F125B9F169F0E7D
96EFED22DFED1E7F97FB9C67A6ECF5ADC041E945A7DFF015E3D8C2FF00849C7FD01F55FF00C07FFE
BD1FF0938FFA03EABFF80FFF00D7ADD073D8FE5467DA8B4BBFE01CD1EC617FC24F8FF9836ABFF80F
FF00D7A3FE127CE07F63EABCFF00D3BFFF005EA9F8CBC73A67822DAD67D4E1B9912E5D9105BA8241
033CE48ADAD2352B6D6749B5D46D0936F731892327AE0FAFBD16977FC0778F6288F13E7FE60DAB7F
E037FF005E8FF849BFEA0FAB7FE03FFF005EB213E25689278DC785238EE9EFBCD3099022F9618296
3CE73DBD2BB41CD169F7FC0578F630BFE127FF00A83EADFF0080FF00FD7A3FE1271FF407D57FF01F
FF00AF5BB9F6A33DBBD16977FC039A3D8C2FF849B9FF00903EADFF0080FF00FD7A3FE126FF00A836
ADFF0080FF00FD7A3C45E25B6F0DDADB4F716B7570B7170B6EA2DA3DE431CF279E071D6B747AD169
F7FC02F1EC617FC24E3FE80FAAFF00E03FFF005E8FF849C7FD01F55FFC07FF00EBD6EE3DA8C7B516
977FC02F1EC617FC24FF00F507D57FF01FFF00AF47FC24FF00F507D57FF01FFF00AF57F55D461D27
49BCD42757686D61799C4632DB541271EFC543E1FD6ADFC45A1DAEAF691C896F749BE31200180CE3
9C13E945A5DFF00BC7B15FFE125FFA836ABFF80FFF00D7A4FF00849BAFFC49B56E3FE9DFFF00AF50
6ADE2EB0D13C49A46857315C35D6A64885914145E7F88939AD4D63548746D1AF354B957305AC4D2B
88C658A819381EB45A5DFF0000BC7B14BFE1281FF406D57FF01FFF00AF47FC2503FE80DAAFFE03FF
00F5EACF87F5CB7F1268969ABD9C7225BDD26F459400C39239009F435AD8CD1CB2EE178F639FFF00
849C7FD01F56FF00C07FFEBD2FFC24E3FE80FAAFFE03FF00F5E86F12DB2F8B63F0E1B5BBFB4BDBFD
A3CFF2FF007407A6ECF5E3A56EFE145A5DFF0000BC7B185FF0938FFA03EABFF80FFF00D7A3FE1271
FF00407D57FF0001FF00FAF5BB9F6A339EC7F2A2D2EFF807347B185FF0937FD41F56FF00C07FFEBD
1FF0937FD41F56FF00C07FFEBD6EFE147E145A5DFF0000BC7B185FF093FF00D41F55FF00C07FFEBD
1FF093FF00D41F55FF00C07FFEBD6C4F2882092665256352C428C9381DAB9DB0F1BE9579E127F12C
E2E2C74F8C90E6E6221970DB725464E324516977FC02F1EC5AFF00849FFEA0FAAFFE03FF00F5E8FF
00849BFEA0FAAFE36FFF00D7AD5B3BB82F6CA0BBB670F04F1AC91B018DCA4641FCAAC7E145A5DFF0
0BC7B0D46DCAAD823201C1E3152D20A5AD090A28A2803CC3C79E18F10C9E29D23C57E1E821BCBBD3
A331B5A4CC06F19272327D188EB9E958BAAF8CB48D72E6C74CF1FF0085351D29D670D0CEC4F96AFD
33B860E3F31C56FF008BF47F14E99E2EB5F1678711B504587C9BAD35A62A1C7F794138CFEB583E26
1E2FF899696FA13784E5D1ACBED0B25C5DDECA0950B9FBA303D7B034023A397C41A90F8D369A1C77
84E94FA6198C0154A97E70D9EBE9DEBCF7C39E388FC2B69E24B0B411C9AD6A1ACC91DAC7210A8993
B7CC72780A0F6F6AEFC78775387E3258EAA968EDA5C1A4FD98DCE571B8678C673583E1FF00868FA8
E8DE2CB4D6F4DFB2DD5F5F3BDA5CB6D660A09646041240DD9C8F7A07A0EF891A7EA961F0726875AD
55F51BF7B985E594AAAA82587CAA001C0AB3A678A6FF00C75E20B7D1FC37A9AD9695A7428D7D76A1
4CB707006D8C11C0EC4E3FA550D5B4BF186B7F0926D0F51D2277D5ECEE2289183A7FA446AD90E0EE
C6401CE7FA9AD2D7FC1BA8E87A8685E25F08E9EA2F6CE34B6BCB084AAF9F0E39EA40C8E47E5E940F
43562D7754FF0085D526806ED8E9ABA589BC82AB83267EF6719AE63C27378D7C73A46A92FF00C253
2584767792C70BC70A9791872031ECA38E95D1DA68DAB3FC67FF0084824B19534E934958CCAC4616
4E32B8CE73F8549F0AF41D5341D0356B7D4ECDADE69B509658D5981DC84000F04FA5049CBF866EBC
69E37F064DAA9F13369C6CBCC8905BC0A5AE1D064B484F6E40C0F4AEE3E18F88AF7C51E07B3D4B50
21AEF73C523818DC54E338ACAF869A06A9A27C3EBDB0D46CDE0BB927B87488B02486000E848E6AE7
C26D1B52D07C090586AB6AD6D74B3CAC63620900B64742680307E33DB477979E0FB59977433EA7E5
B8FF0065B683FA1A3E1FEB83C2DE19F1368DA8BFCFE1B9A565DC7EFC472CBF99CE3EA2B53E25683A
AEB5A8F85A5D36CDEE12D35112DC15603CB4CAF3C9F63D2B07E21F81359D5BC6904FA423FF0067EB
11C76FAAB29002AA383B88272781DBD280394F0B6972D978EFC11A85E13F6DD5FCFBF9C9FF006F76
D1F9577DE249BC432F892F1751F17DA785F458547D97CB92232CFEACC18E40A9F5FF000DEA327C52
F08EA16362CDA5E9F03C72CA080B10C1006339F4AE7E2D2359F0FF008DB5EBCBEF05B7890DFDC79B
69781D088D39C2FCD9DA39FD281DCB7E19F196AD77E17F1A4526AA97F2E8D1C86CF5348C29906D7C
311D09056AAD87FC275AF7C3C8FC507C56F6B2436AF3436F0C098942672D21FEF360F1D0547A1E89
E27B69BC716D7DE1E7865D66D249619207530ABEC60B1039EBF301F515D8787746D46CFE0EC7A35C
5A347A88D3A684C048CEF21F0339C7391DE811CC6B3E3AD724F867E15D76DAEBECD7B7D7D1C370D1
A290E32E1B00838076E6AE789357F14DC7C568BC31A2EAC2D2DEE34F123BB42AFE50CB6E71C7DEE0
01EE6B26F7C21E2093E14784F474D2E537F67A8ACB710865CC6A19CE739C1FBC3BD4BE259F56B4F8
ED6F71A35A2DE5CC5A5EF7B56709E6A65B72A93C06EE3340EC8D36D43C4BE05F19E8FA7EADADB6B3
A36B12185259E254921978C74ED922A4F10CBE209BC457A353F18D9F85B48840FB22C52C465987F7
9831C8FA542F69E24F1DF8DB45BDD4B409B45D1F4694DC62E6405E6938C00076E05665B695AD7877
C67AEDCDF782DBC4725FDCF9B697AAE8762765F9F3B40CF5F6A044DA1F89AF75EF0178EAC2F7504D
4974D8658E0BE54DBF688CC6D8247FC06BB2F855FF0024C341FF00AF73FF00A1B570DA0E85E28B4F
F84F2CAFB4178A6D62DA49A19207530872AF88D79E4FCF8FC2BD0FE1EE9B79A4780F48D3F5080C17
70425648D88254EE27B71DE8038EF8803FE2F1F80FFEBA37F3AECBE221FF008B77E20E79FB0C9FCA
B07E24F85757D56EB46F106808926A9A44A64481D8012AE41C7271DBF5AC1D775AF1EF8C3469B418
3C192E9AD76A239EEAE261E5AAE7E6C74EBF534019CDE20D5FC3DF06BC1D368D388EE26BA11302A0
AC80B3FCA73D013815A5E2BB9F18781E4D375DB9F1236A115C5E2417364D02A44036784C73D01E6A
D78BBC11A8C3E08F0B687A4DB35EB69B790B4C5480368CEE6E48E327EB5B1F16343D4BC41E1CB0B6
D2ACDEEA68F508A5745206100393C91EA281DC86F359D59FE33C1A0477CF169F2694D2F96A8A7127
CD86E475155FC0FE2FBE8F42F11C3E24B9335FE8334BE73B0552D1804AF4C0EC47E5ED5727D0F546
F8DD6BAE0B373A62E98616B8C8C07E78C673DFD2B9BF885E09F10DE78BEE25F0FDB3358EBD6F15BE
A32295023DAE3E620919F940FD6810C8FC75E21D1FE18596AF7D7892EADADDE14B47B85558EDE23D
18E31C0033CFAD57D43C57A8F8356D7578FC7D67E248BCE54BDB0DD16769EAD1ED39E3DEBB2F1EF8
266D67C2BA6DB68D1C46EF4792396D61971B240831B0E78E401D78AE7FCBD775B9AD6C74FF0087D6
5A24DE62FDAAFEF2DE178D107DE0800E49A07A0ED7FC41E2ABEF8A0FE1CF0FEA2B05BDCE9E92ABC9
182B029E5A41C649C7007A9AA5E24D6F5FD035DD23C35AB78AA5D36C3ECA649B5A16E0B5C4BB9BE5
279DA3A0AE9AD7C3FA9C5F1A26D605932E97FD96B024E3685DE08F971D47AF4A7F8BE4F13D9EBF1C
F1E850F887C39245B5EC4469E6C527F786E1C8E3F5A0433C2975AFC716AA66F10D86BBA5240D259D
FC72299D5B1D1C28C7FF00AAB87BEBED77C4DF01DF58BDD6A52F1349F6A8CC498BA5F3142A9200DB
B7DAB73C27E15D4FFE12BD5F5D83C3E7C3DA6CF62F047A7990169A423EF6D1C0E9FAD3B47F076B87
E03DEF8726B27875493CC29048CB93FBC0C06738E40F5A0772ADEC9E2BF0A7C2CD275CB3D7A6BB48
0DB4D2426DE35096C500F2FA1CE091CE6B7BC6DE29BF993C33A7F872F0C17BAE4E8EB2AAAB148300
B1E47BFF00E3B5A1E17B6BFD73C0AFA1788743974D11DAAD91596457F354201BC63A60D70BF0734C
BCD43C4935EEA1209A1F0FC074CB46072B92C4923F0FE62803DC114AA00496238C9EA7F2A968A281
051451400833411F8D2D140098E3DA918855C92001DCD3AB9AF1D80DE0BD501E863008F505803401
D12BA37DD607F1CD2820E71CD71BE24D1F4ED17479B59D2AD22B1BDB322647B6509BFE6195603821
871CFAD430EB37C352FECFD32CACD25BAD42ED1A490B6D5F2F69DE403924E7A71CFA75A00EE09CE3
14641AE025F1BCE82E6ED6E74FD96D2BC66CF63F9D3846DAC4367E52483B5769F73CD6B2EA3AE6A4
97977A5A59FD9EDA578A1826562F7250E1BE7040404820707DF8A00EA7AFA7F852D70A356D4B4CD5
FC49793C914F0C2B6E22B50181DEE308BBB7103938240E7AD685CEA7AD6932C2BA87D8AE12E12454
6B78993CB956369029058EE5210F3C74ED401D4FAE31F851FA7F8D71D1EB9AB9D12CB51BB934BB08
EF7CB757958910214CF3F30F31C9C000631EF59B77AE6ADA9D95BFD96E6D925B6D660B6799619152
6042329DA58103E6C11CE7B5007A1FF3EB4BF435C1DEF8BE74BAD4521BDD3A2161218BCA9E37325C
3A805B04101013903AF35D0DF6B82D7C323584819CBC48D1C24ED2CCF80AA49E9CB0E68036B1402A
D9C115CC4B7DAED8DEDADB5E496321BF2D1432C513010CC119C2B02D965214F3C74E94DF01C1245E
11B0926F20CB3A099DE28CAEF2472589272DEA7BD0074CB246C70AEAC7D0366B04F8574F7F1A2F89
FCD9BEDCB6BF67081C797B3279C63AD62F85BC31A3EA7E13B496E2CA137127984DCA0DB283E63608
71C82315534CF10DF2D87DAD6D52F2FE3D310F9F8666900B878CB10B9257037E0727A0A00F46FAFE
14138AF3DD5359D4EFBC2FAB359EA9A6CEB0A46C9776A191865BE6468C3EE46E060E791DAB5B53D6
6FACEE45BB5FE976CCB087DD246D234CE7390B1AB6E55E073CE73C5007561810369047B53B2073C5
71DA7EBFAC6B93DAC762B6B6A9369905F34B2A349B59CB0D8141191F2E739A2CB5DD53566B4B3B61
6F6F78D1CB25D4922B48918490C5855C8277302793C01F4A00EC7208EBD68ED5C65F789350D3E6B3
D3EFDEC6C6F2632B3DCC9B9E211210159541072DB8704F183D6B53C37AC36B36B7065685E4B698C4
F2419F2E4E036E5CF23EF63F03401B7E6C61882E80F4237538306008E879E2BCEF4AB5B19A5D55EE
3C24FA93FF0069DD0FB488A160C048D8037B83C74E9DAB7A3BAD4A7BE9EC3498ECECADEC12356134
65B2ECBBB600A4050148E79EBED401D3EE1838E83DA8279AE2FC1FA95CB2DA58CD0AC4265BDB993E
6C9475BA2BB41F4F9BF4A9C6BFA8DDDF369F670C2972D797112CAE0B2AC316DCB900825B2E063DE8
03AE34839E3FC8AE5EEF52D5F4FB4DB78FA7DBBFDA8462F646C4663DB9DC23DD9DD91B76E7DF38AC
4BAD7354D52C556DAEE0592DB58B7B769D61915655628C0852C081F3608E41140AC7A16E0723AE3A
E3B52E3DEB8E5D5AE61D52F34FB282D96FE7D43C912B86DB85811DA465CE7BE00079F5EA696FBC41
AB69724D632436971788F6DE4BAE51258E597CB3919254A9E7A9C8A06763DB8EF460E2B9EB1BDD49
3C40FA4EA4D6D2936A2E629608CC7FC5B594824E7A8E411F4AE8A8030FC4BA09F11E962C86A77BA7
FEF0399ACE4D8E4608DB9F439A4F0D786B4FF0A68F1E97A6A388558BB3C8DB99D8F5663EBFFD6ADD
A2800A28A2800A28A2800A28A2800ACBD734B1AD68F73A6B4A6113AEDF31402570410707AF4AD4A2
8039B6D02F2F248BFB5B5792F2DE27127D9D205891D94E5776324E081C6707D2A4B5F0DC56DAA25F
0B891992E2E270A40C132EDC8FC36D7414500730DE1CBA433DBDB6AD35BE9D712B48F0A463CC5DC7
732A499F94124F6CFA1A74FE1DB82D771D96A72DA59DEB979E2540CE19BEF18DF3F267F1E4E462BA
5A28039A9FC3115D5C6A1BEE1C5ADF4091490AA8DCAC830AEAFD411EE3AD07C3975773249AA6AAD7
5E545247088E011046752A5CE09CB6091D873D2BA5A28039BB8F0ECC63D25AD6F7C9B9D32331472C
908915D4A856DCB91C9C0390463DEABB784A5F2EEB3AACCF7335DC57AB2BC4A764C800C81FDD2140
C76F5AEB28A00E6A4F0EDE896E7EC7AC3DA4374DBE75484160E400CD1B67E4271EF8CD68DE69305F
68D26993990C2F188F707F9C6318209FE204039F5AD4A28039EB6D0EF1B50B7BBD4B54376F6A1BEC
EA902C4AACC305CE09DCD824761CF4AD2D274F4D2B48B5D3D1D9D6DE311863D4E2AFD1401C8DAF85
751B3B25D3A3F105C259A96F962B745936B12480E738EA791835664F0AC0847D8AEA7B3D96B15B42
623CC7E5B9756E7AF27041E08CD74B450072771E1292F97509350D47CDB9BBB616DE6456EB1AA283
9076E49639F53530F0FDF25ECD7916AED1C97514697445BA92C5463721CFC991DB900D74D450073D
A1786D34591185D493F97691DA2EF503E446665271D4FCD8CFB542BE1792D5E19AC2FDADEF2269BF
7AF107574964321565C8C80C78E735D3D1401CC0F0D4F0BC1736DAA4ABA8C6F2B3DC4B1871289082
CA538F97E55C608C6DF735A3A6E9F35843209EEE5BB9E590C8F2B9C0C9C0C2AF21540038AD6A2803
988340D56CA4BAFB0EB8218AE2E24B831BDA2BED676DC4673EF529D0EFA3BB92EED75430CF7088B7
44DBAB2CACA301C0CFCAD8FA8E0706BA2A280393B6F0A49A6C76474FD4A48A7B659A3F3658849E62
4926F218123A363073F85107848DA2ACB6BA8CCB7C9732DC2DCC9187C9971BD597BA9C0EE08C0AEB
28A00E59FC3572D7105E7F6ABB6A514ED2F9F2421A33B9021511E46D1B40E873C67272690F852568
EF09D5A66B8B9B986F3CD6894EC9A3DB8217A6D215463DBAD75545007353F868BCB2DCC178F0DF1B
AFB5C73AC60847F2D632A573CA955E991F5A6FFC23324B23DC5DDFBCD74F341234A220A15227DEB1
AAF619EA735D3D14019C74E53AE8D53CC6DC2D8DBF97DB058367F4AD1A28A0028A28A0028A28A002
8A28A00FFFD9}
}}}}{\shp
{\*\shpinst
\jpegblip
FFD8FFE000104A46494600010100000100010000FFDB004300080606070605080707070909080A0C
393D38323C2E333432FFDB0043010909090C0B0C180D0D1832211C21323232323232323232323232
3232323232323232323232323232323232323232323232323232323232323232323232323232FFC0
001108003500B303012200021101031101FFC4001F00000105010101010101000000000000000001
02030405060708090A0BFFC400B5100002010303020403050504040000017D010203000411051221
31410613516107227114328191A1082342B1C11552D1F02433627282090A161718191A2526272829
2A3435363738393A434445464748494A535455565758595A636465666768696A737475767778797A
0101010101010101010000000000000102030405060708090A0BFFC400B511000201020404030407
05040400010277000102031104052131061241510761711322328108144291A1B1C109233352F015
6272D10A162434E125F11718191A262728292A35363738393A434445464748494A53545556575859
5A636465666768696A737475767778797A82838485868788898A92939495969798999AA2A3A4A5A6
F2F3F4F5F6F7F8F9FAFFDA000C03010002110311003F00F7FA28A43D28018D228EAC07D4D27991FF
007D7F3AE0B5DB9375ABC983F2C67CB5C1AB6BE14BD650C278FF00335E2FF69D59D4942953E6517B
DFFE01E87D4A1184655276BF91D909631FC4BF9D3832B0F9483F4AE33FE111BEFF009EF17EB5D0E8
BA69D2EC844EC1A424B3115D587C4D7AB3B54A7CABBDCC6B51A508DE13E67E86A52640E6A292E628
8E1E4453E85AB37C437BF66D21D908DD26114E7D6BA6B578D284A5D95CC614E53928AEA6AAC88E70
AC09F634FAE3BC236BBA796E9C9C20D8B93EBD6BAF0C0F420FE359E0F13F58A4AA356B9588A3ECA6
E09DEC3E8A424019359DADEA71E91A1DF6A2E46DB685A43CFA0AEBB98970DD5B8255A78811D41715
20218020E41E8457C1DA86A171A86A3737B2C8C64B895A46E4F52735F5E7C25D5E7D67E1AE917372
419111A1273D4231507F202803B567545DCCC147A938A6A4B1C99D8EAD8EBB4E6BC63F685F12BD8E
8763A1DBC8564BC7F3642AC4108BD3F334DFD9D2DCFF00C23FAB5FCAEE647B9112976C8DA141E3F1
26803DB68A6EF5F51F9D0181E9CD2BA01D4534B01D481F5340653D083F8D301D457CF7F137E2AF89
34BF1DCBA2E817690C30ED8C8F2D58B39EBD7EB5EE9A3ADDA68D682FE6335DF92A667200CB639E05
00685145140086A3958244EC4E30A4D49593E21BAFB2693291F79FE41F8D635E6A9D394DF445D28B
9CD4575383F3034FE6499397DCDEFCD752BE30880C7D8E4FFBE8566787F4A8F529A5370098906300
E326BA1FF845B4DFEE3FFDF66BE6B2FA18DE47528B494BBF97C99ED62EAE179B92AA6DA2B5AF8A56
EEEE2812D240646C0F987149AE7884DA48F696C33281F339E8BFFD7AB96FA158584DF698D4EF8C12
0939AE4638FF00B535B206544D29639EC335D58AAD8CA54D539C973C9D95BB7DC8C2852C3D49B9C5
7BB15F896EDF40BFD463374EE177FCC0B1C96F7AA3777172B17D8276CAC0E71FE7D2BD1A3458A354
418551803D2BCEF556371ACDC6D182D2EC1FCAB9B30C2470D4E2E2DF34B47E66F83C4CABD46A4959
6ABC8BD74C6C7C3B6D6EAC44970DE6311C715AFE138196CA4B86766F31B0A09E80573BAC499BA480
1C8B68D63FA91D6BB0D06DCDBE8D6E8DD482DF99CD6D97FEF316EDB41597E4658BF770FAEF277FD7
FC8CDF175E18E282D518AB39DE4838E0579C7C4CD64691F0BA484C8CD3EAB3794B93D157EF5761E2
694C9AD4A33908AAA3F2AF15F8D9AA31D634FD04642E9F6E1E4F7793E6FE4456F8593AD984E4F68E
8675E2A9E1211EAF5FEBF031B44F013EADF0C758F12AE7CEB394796BEA83EFD7A77ECEBE22136977
FE1F94FCF6EDF688B9EAADD47E75D4FC24D1925F83B6763751009789317047DE576383F962BC37C3
3A937C2EF8A720BE0ED0DAC925BCDB47DE43D0E3F235EE9E59B3F1FB558B51F1F45690825AC6D961
73EAC496FEB8AF54F0B784E5D0BE1AE991292B72A9F689B6E4125F9C7E00D7856896F2FC42F8AC85
F95BCBC334991D23073FCABEB6BEB8B6B0B1633604417685F5F615CF8B8467465193B2B6E6B42728
548B8ABB38CD3A47BBB69AC3CC712BFEF637DDFC43B7E229DA36B234CBA91EF25616DB0F98CC73B3
1DEABE9D1BBEA22580F951C6DE6167E88BEF59FAFEA1A75A477B7F707CBB2C316DDFC59EC07BD7C8
D2AB38F24E3F12765E68F7EA4232738BD9ABFA33CDBC61E35D63E2778CACF4DF0B7DB20863CC71AA
485779CF32363A0C5761A8FC30F1168FE0B7FB3789E537DB8CD7B7324EEAA225190A9CFAF7AD5F81
3A3E911F87AF75AB1C3CF7772EA7728DF0203C267F5FC6B5BE356BE344F87779129226BF3F664C7A
1FBC7F2AFB54EE8F9B3E6BF0BE81AAF8DFC52B656B739BD70D299E66271B79C935F497C33F06789B
C2D797F3F8835937EB346A9121959F6E0924F35E6FFB37DA093C43AC5DB479F2AD9111FD096E7F41
5F485300A28A2801BDAB8FF17DDEE9E1B507EE0DE7EBDABB1A864B5B795B7C90A337A9504D726368
4B1149D38BB5CDF0D5551A8A6D5EC703A7EB53E99118E054219B712C0E6AE7FC25D7FF00DC87F235
D7FD82D3FE7DE3FF00BE451F60B41FF2EF17FDF22BCD865D8BA7151855B25E4764B19879BE6953BB
30B48D5AF35869E295635882104A839C9E95CCA492699A96E18F32DE42083DEBD1E2B786007CA8D5
33D768C66A19B4EB3B87DF35BC6EFF00DE2BCD5D7CB6AD5A70BCEF38BDC9A58CA74E72B47DD7D0E7
64F134F790BC5696CC926D25A46390A3D6B2343B76BDD5E2DC776C3E6127BE2BBB4B2B68A331C702
2A370540E0D3A2B4B7B762D0C2919231955028965D56A548CEACF9ADE5F90A38C85384A14E36B9E7
7A9829AA5D075C1F3588CF719ADEB7F134B25BA5BDB59B3CE171BB3F28C0EB5D1CF616B72DBA7B78
E43EACB934E86CEDEDD4AC304680F50AB8CD4D2CB6B52AB29427652F2D4A9E369D4A718CE176BCF4
3CFECA37D47578D646DCCF26E76FA75AF07F883723C5DF166F52CD47EFAE52D139EBB404CFE95F5B
C3636B03EF8A08D1B18CAA806A845E16F0FC3782EE2D1AC12E43EF12ADBA860DEB9C75AEBC0609E1
94B99DDB6618BC4AAF2565648B5A3E9D1E93A35969D10012DA158863D862BE5EF8F1A64965F12AE2
E59408AF218E48C81D70A14FEA2BEB0ACCD4B40D235878DF52D36D2F1A318433C41CA8F6CD7A2721
E03FB3FE951C173AA789AE9D562B65FB327AEE2327F4C57A8DF5ECBAF5FC6B1232AA8F9431E00EEC
6BABB4D0348D3ED9EDECF4DB5B785DF7B47144154B63192077AB31D85AC6AC12DE201860E140C8AF
3B1B85AB88B439928F55D59D587AF0A3795AF23809A6DB1FD86D5CC885F2CC07FAC6ED8F6AE1FE33
F862FED7C2369A91B83E4C73059A01D06EFBA4FBE6BDDE3D36CE27578EDA1565E8420C8A2FAC2CF5
2B47B5BEB68AE6DDFEF452A8653F81AC707962A353DA4DDDADBB235C4635D4872415975F33C1FF00
674F115B44FA8F87A51B679DFED51313F7B00023F4CD5FFDA4E52349D0E10A706791F776FBA062BD
6AC7C21E1DD32E92EEC744B0B6B84FBB2C502AB0FC40AB3AB687A56BB0243AAE9F6F791A1DCAB3C6
1B69F519E95EB9C0783FECF7E21B6B6BCB9D063D3E692EAE98CF25CEF1B11147031D6BE8AAC5D23C
27A068370F3E95A4DADA4AEBB59E240091E95B540051451400514514005145140051451400514514
005145140051451400514514005145140051451400514514005145140051451401FFD9}
}}}}\pgwsxn11906\pghsxn16826\marglsxn666\margrsxn0\margtsxn666\margbsxn666\cols3
\colno1\colw8266\colsr-0\colno2\colw933\colsr-0\colno3\colw2040\pard\li1133\ri0\
sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\l
i1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\
par\pard\li1133\ri0\sl-320\slmult0 \fs24\cf0\f1\charscalex100 {Explanation of ob
jectives of cash management }\par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f1\c
harscalex100 {Explanation of Baumol model with assumptions }\par\column\pard\li0
\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard
\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\
pard\li0\ri0\sl-320\slmult0 \fs24\cf0\f1\charscalex100 {5 }\par\pard\li0\ri0\sl413\slmult0 \fs24\cf0\f1\charscalex100 {5 }\par\column\pard\li0\ri0\sl-213\slmul
t0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\s
lmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-3
20\slmult0 \fs24\cf0\f1\charscalex100 {10 }\par}

S

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

S

Uploaded by

Copyright:

Available Formats

{\rtf\ansi\deff0\ansicpg1252

D }\b0 \par\pard\li320\ri0\sl-280\slmult0 \fs24\cf0\f1\charscalex100\b {CREDITS

4\cf0\f1\charscalex100 {Explanation of financial leverage }\par\pard\li1133\ri0

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fArrowheadsOK}{\sv 0}}