ࡱ> f` Objbj ;4jjjjjjj~bbb86<~f~H(ACCCCCC$(h `gjgjj|jjjAAjjr b7BA0, yj  jlgg~~~ b~~~b~~~jjjjjj Chapter 12 Capital Budgeting Decisions True/False 1. Both the net present value method and the internal rate of return method can be used as a screening tool in capital budgeting decisions. Level: Easy LO: 1 Ans: T 2. When considering a number of investment projects, the project that has the best payback period will also always have the highest net present value. Level: Medium LO: 1,3 Ans: F 3. When discounted cash flow methods of capital budgeting are used, the working capital required for a project is ordinarily counted as a cash outflow at the beginning of the project and as a cash inflow at the end of the project. Level: Medium LO: 1 Ans: T 4. Discounted cash flow techniques automatically provide for recovery of initial investment. Level: Medium LO: 1 Ans: T 5. When computing the project profitability index of an investment project, the investment required will include any investment made in working capital at the beginning of the project. Level: Medium LO: 2 Ans: T 6. If investment funds are limited, the net present value of one project should not be compared directly to the net present value of another project unless the initial investments in these projects are equal. Level: Medium LO: 2 Ans: T 7. In calculating payback where new equipment is replacing old equipment, any salvage value to be received on disposal of the old equipment should be deducted from the cost of the new equipment. Level: Medium LO: 3 Ans: T 8. In the payback method, depreciation is added back to net operating income when computing the net annual cash flow. Level: Medium LO: 3 Ans: T 9. The simple rate of return method is desirable because of its simplicity and the fact that it takes the time value of money into account. Level: Medium LO: 4 Ans: F 10. The present value of a cash flow will never be greater than the future dollar amount of the cash flow. Level: Easy LO: 5 Ans: T Multiple Choice 11. Some investment projects require that a company increase its working capital. Under the net present value method, the investment and eventual recovery of working capital should be treated as: A) an initial cash outflow. B) a future cash inflow. C) both an initial cash outflow and a future cash inflow. D) irrelevant to the net present value analysis. Level: Medium LO: 1 Ans: C 12. The net present value (NPV) method of investment project analysis assumes that the projects cash flows are reinvested at the: A) internal rate of return. B) discount rate used in the NPV calculation. C) firms simple rate of return. D) firms average ROI. Source: CMA, adapted Level: Medium LO: 1 Ans: B 13. If taxes are ignored, all of the following items are included in a discounted cash flow analysis except: A) future operating cash savings. B) depreciation expense. C) future salvage value. D) investment in working capital. Source: CMA, adapted Level: Medium LO: 1 Ans: B 14. In capital budgeting computations, discounted cash flow methods: A) automatically provide for recovery of initial investment. B) cant be used unless cash flows are uniform from year to year. C) assume that all cash flows occur at the beginning of a period. D) responses a, b, and c are all correct. Level: Medium LO: 1 Ans: A 15. The investment required for the project profitability index should: A) be reduced by the amount of any salvage recovered from the sale of old equipment. B) be reduced by the amount of any salvage recovered from the sale of the new equipment at the end of its useful life. C) be reduced by the amount of any salvage recovered from the sale of both the old and new equipment. D) none of the above is correct. Level: Medium LO: 2 Ans: A 16. A company wants to have $40,000 at the end of a five-year period through investment of a single sum now. How much needs to be invested in order to have the desired sum in five years, if the money can be invested at 10%: A) $10,551 B) $8,000 C) $24,840 D) $12,882 Level: Easy LO: 1 Ans: C 17. The following data on a proposed investment project have been provided:  The net present value of the project would be: A) $3,730 B) $0 C) $32,450 D) $88,370 Level: Medium LO: 1 Ans: A 18. Stratford Company purchased a machine with an estimated useful life of seven years. The machine will generate cash inflows of $9,000 each year over the next seven years. If the machine has no salvage value at the end of seven years, and assuming the company's discount rate is 10%, what is the purchase price of the machine if the net present value of the investment is $17,000? A) $43,812 B) $26,812 C) $17,000 D) $22,195 Level: Hard LO: 1 Ans: B 19. Anthony operates a part time auto repair service. He estimates that a new diagnostic computer system will result in increased cash inflows of $1,500 in Year 1, $2,100 in Year 2, and $3,200 in Year 3. If Anthony's required rate of return is 10%, then the most he would be willing to pay for the new computer system would be: A) $4,599 B) $5,501 C) $5,638 D) $5,107 Level: Medium LO: 1 Ans: B 20. Fossa Road Paving Company is considering an investment in a curb-forming machine. The machine will cost $240,000, will last 10 years, and will have a $40,000 salvage value at the end of 10 years. The machine is expected to generate net cash inflows of $60,000 per year in each of the 10 years. Fossa's discount rate is 18%. What is the net present value of this machine? A) $5,840 B) $37,280 C) $(48,780) D) $69,640 Level: Medium LO: 1 Ans: B 21. Apnea Video Rental Store is considering the purchase of an almost new minivan to use as a vehicle to deliver and pick up video tapes for customers. The minivan will cost $18,000 and is expected to last 8 years but only if the engine is overhauled at a cost of $3,000 at the end of year 3. The minivan is expected to have a $1,000 salvage value at the end of 8 years. This delivery service is expected to generate net cash inflows of $6,000 per year in each of the 8 years. Apnea's discount rate is 14%. What is the net present value of this investment opportunity? A) $(2,826) B) $(3,801) C) $7,185 D) $8,160 Level: Medium LO: 1 Ans: D 22. In an effort to reduce costs, Pontic Manufacturing Corporation is considering an investment in equipment that will reduce defects. This equipment will cost $420,000, will have an estimated useful life of 10 years, and will have an estimated salvage value of $50,000 at the end of 10 years. Pontic's discount rate is 22%. What amount of cost savings will this equipment have to generate per year in each of the 10 years in order for it to be an acceptable project? A) $50,690 or more B) $41,315 or more C) $105,315 or more D) $94,316 or more Level: Hard LO: 1 Ans: C 23. Naomi Corporation has a capital budgeting project that has a negative net present value of $36,000. The life of this project is 6 years. Naomi's discount rate is 20%. By how much would the annual cash inflows from this project have to increase in order to have a positive net present value? A) $1,200 or more B) $2,412 or more C) $6,000 or more D) $10,824 or more Level: Hard LO: 1 Ans: D 24. A project requires an initial investment of $70,000 and has a project profitability index of 0.932. The present value of the future cash inflows from this investment is: A) $70,000 B) $36,231 C) $135,240 D) Cannot be determined from the data provided. Level: Medium LO: 2 Ans: C 25. Bowen Company is considering several investment proposals, as shown below:  If the project profitability index is used, the ranking of the projects would be:  A) A above B) B above C) C above D) D above Level: Easy LO: 2 Ans: A 26. Information on four investment proposals is given below:  Rank the proposals in terms of preference according to the project profitability index: A) 1, 4, 3, 2 B) 4, 1, 3, 2 C) 3, 4, 1, 2 D) 2, 1, 4, 3 Level: Medium LO: 2 Ans: C 27. Information on four investment proposals is given below:  Rank the proposals in terms of preference using the project profitability index: A) 3, 2, 1, 4 B) 2, 3, 1, 4 C) 2, 1, 3, 4 D) 4, 1, 2, 3 Level: Medium LO: 2 Ans: D 28. The Gomez Company is considering two projects, T and V. The following information has been gathered on these projects:  Based on this information, which of the following statements is (are) true? I. Project T has the highest ranking according to the project profitability index criterion. II. Project V has the highest ranking according to the net present value criterion. A) Only I B) Only II C) Both I and II D) Neither I nor II Level: Medium LO: 2 Ans: A 29. Major Corporation is considering the purchase of a new machine for $5,000. The machine has an estimated useful life of 5 years and no salvage value. The machine will increase Major's cash flows by $2,000 annually for 5 years. Major uses straight-line depreciation. The company's required rate of return is 10%. What is the payback period for the machine? A) 5.00 years B) 2.50 years C) 7.58 years D) 8.34 years Source: CPA, adapted Level: Easy LO: 3 Ans: B 30. Harrison Company is studying a project that would have an eight-year life and would require a $300,000 investment in equipment which has no salvage value. The project would provide net operating income each year as follows for the life of the project:  The company's required rate of return is 10%. What is the payback period for this project? A) 3 years B) 2 years C) 2.5 years D) 2.67 years Level: Medium LO: 3 Ans: B 31. An investment project requires an initial investment of $100,000. The project is expected to generate net cash inflows of $28,000 per year for the next five years. Assuming a 12% discount rate, the project's payback period is: A) 0.28 years B) 3.36 years C) 3.57 years D) 1.40 years Source: CMA, adapted Level: Medium LO: 3 Ans: C 32. Mercer Corporation is considering replacing a technologically obsolete machine with a new state-of-the-art numerically controlled machine. The new machine would cost $250,000 and would have a ten-year useful life. Unfortunately, the new machine would have no salvage value. The new machine would cost $12,000 per year to operate and maintain, but would save $55,000 per year in labor and other costs. The old machine can be sold now for scrap for $10,000. The simple rate of return on the new machine is closest to: A) 17.9% B) 7.5% C) 22.0% D) 7.2% Level: Hard LO: 4 Ans: B 33. Pearson Co. is considering the purchase of a $200,000 machine that is expected to reduce operating cash expenses by $65,000 per year. This machine, which has no salvage value, has an estimated useful life of 5 years and will be depreciated on a straight-line basis. For this machine, the simple rate of return would be: A) 10% B) 12.5% C) 20% D) 32.5% Source: CPA, adapted Level: Medium LO: 4 Ans: B 34. Assume you can invest money at a 14% rate of return. How much money must be invested now in order to be able to withdraw $5,000 from this investment at the end of each year for 8 years, the first withdrawal occurring one year from now? A) $24,840 B) $23,195 C) $21,440 D) $1,755 Level: Easy LO: 5 Ans: B 35. How much would you have to invest today in the bank at an interest rate of 5% to have an annuity of $1,400 per year for 5 years, with nothing left in the bank at the end of the 5 years? Select the amount below that is closest to your answer. A) $6,667 B) $6,061 C) $7,000 D) $1,098 Level: Easy LO: 5 Ans: B 36. You have deposited $15,584 in a special account that has a guaranteed interest rate. If you withdraw $3,700 at the end of each year for 5 years, you will completely exhaust the balance in the account. The guaranteed interest rate is closest to: A) 6% B) 19% C) 24% D) 4% Level: Hard LO: 5 Ans: A 37. You have deposited $16,700 in a special account that has a guaranteed interest rate of 11% per year. If you are willing to completely exhaust the account, what is the maximum amount that you could withdraw at the end of each of the next 6 years? Select the amount below that is closest to your answer. A) $3,465 B) $3,089 C) $2,783 D) $3,947 Level: Medium LO: 5 Ans: D 38. Latting Corporation has entered into a 7 year lease for a building it will use as a warehouse. The annual payment under the lease will be $4,781. The first payment will be at the end of the current year and all subsequent payments will be made at year-ends. What is the present value of the lease payments if the discount rate is 6%? A) $31,573 B) $22,257 C) $33,467 D) $26,688 Level: Easy LO: 5 Ans: D 39. Schaad Corporation has entered into a 8 year lease for a piece of equipment. The annual payment under the lease will be $2,500, with payments being made at the beginning of each year. If the discount rate is 14%, the present value of the lease payments is closest to: A) $20,000 B) $7,011 C) $17,544 D) $13,220 Level: Hard LO: 5 Ans: D 40. Tangen Corporation is considering the purchase of a machine that would cost $380,000 and would last for 6 years. At the end of 6 years, the machine would have a salvage value of $80,000. By reducing labor and other operating costs, the machine would provide annual cost savings of $104,000. The company requires a minimum pretax return of 14% on all investment projects. The net present value of the proposed project is closest to: A) $104,456 B) $24,456 C) $133,753 D) $60,936 Level: Easy LO: 1 Ans: D 41. The management of Urbine Corporation is considering the purchase of a machine that would cost $350,000, would last for 6 years, and would have no salvage value. The machine would reduce labor and other costs by $79,000 per year. The company requires a minimum pretax return of 14% on all investment projects. The net present value of the proposed project is closest to: A) -$42,769 B) $124,000 C) -$93,877 D) $56,493 Level: Easy LO: 1 Ans: A 42. Riveros, Inc., is considering the purchase of a machine that would cost $120,000 and would last for 8 years. At the end of 8 years, the machine would have a salvage value of $29,000. The machine would reduce labor and other costs by $25,000 per year. Additional working capital of $9,000 would be needed immediately. All of this working capital would be recovered at the end of the life of the machine. The company requires a minimum pretax return of 18% on all investment projects. The net present value of the proposed project is closest to: A) -$18,050 B) -$63,683 C) -$10,336 D) -$16,942 Level: Easy LO: 1 Ans: D 43. The management of Edelmann Corporation is considering the following three investment projects:  Rank the projects according to the profitability index, from most profitable to least profitable. A) T,S,R B) R,T,S C) S,T,R D) T,R,S Level: Easy LO: 2 Ans: C 44. Villena Corporation is considering a project that would require an investment of $48,000. No other cash outflows would be involved. The present value of the cash inflows would be $52,800. The profitability index of the project is closest to: A) 0.90 B) 0.10 C) 1.10 D) 0.09 Level: Easy LO: 2 Ans: B 45. Crowley Corporation is considering three investment projects-F, G, and H. Project F would require an investment of $21,000, Project G of $49,000, and Project H of $82,000. No other cash outflows would be involved. The present value of the cash inflows would be $21,210 for Project F, $57,820 for Project G, and $95,120 for Project H. Rank the projects according to the profitability index, from most profitable to least profitable. A) F,H,G B) G,H,F C) H,F,G D) H,G,F Level: Easy LO: 2 Ans: B 46. The management of Cantell Corporation is considering a project that would require an initial investment of $47,000. No other cash outflows would be required. The present value of the cash inflows would be $55,930. The profitability index of the project is closest to: A) 1.19 B) 0.81 C) 0.19 D) 0.16 Level: Easy LO: 2 Ans: C 47. Kautzer Corporation is considering a project that would require an investment of $418,000 and would last for 9 years. The incremental annual revenues and expenses generated by the project during those 9 years would be as follows:  The scrap value of the projects assets at the end of the project would be $13,000. The payback period of the project is closest to: A) 5.9 years B) 6.1 years C) 17.4 years D) 16.9 years Level: Easy LO: 3 Ans: A 48. The management of Helberg Corporation is considering a project that would require an investment of $203,000 and would last for 6 years. The annual net operating income from the project would be $103,000, which includes depreciation of $30,000. The scrap value of the projects assets at the end of the project would be $23,000. The payback period of the project is closest to: A) 1.5 years B) 2.0 years C) 1.4 years D) 1.7 years Level: Easy LO: 3 Ans: C 49. Wombles Corporation is contemplating purchasing equipment that would increase sales revenues by $478,000 per year and cash operating expenses by $249,000 per year. The equipment would cost $738,000 and have a 9 year life with no salvage value. The annual depreciation would be $82,000. The simple rate of return on the investment is closest to: A) 19.9% B) 30.8% C) 31.0% D) 11.1% Level: Easy LO: 4 Ans: A 50. The management of Duker Corporation is investigating purchasing equipment that would increase sales revenues by $130,000 per year and cash operating expenses by $39,000 per year. The equipment would cost $328,000 and have an 8 year life with no salvage value. The simple rate of return on the investment is closest to: A) 12.5% B) 27.7% C) 38.5% D) 15.2% Level: Easy LO: 4 Ans: D 51. An expansion at Fidell, Inc., would increase sales revenues by $75,000 per year and cash operating expenses by $38,000 per year. The initial investment would be for equipment that would cost $135,000 and have a 5 year life with no salvage value. The annual depreciation on the equipment would be $27,000. The simple rate of return on the investment is closest to: A) 20.0% B) 7.4% C) 27.4% D) 13.3% Level: Easy LO: 4 Ans: B 52. Messersmith Corporation is investigating automating a process by purchasing a machine for $688,000 that would have an 8 year useful life and no salvage value. By automating the process, the company would save $160,000 per year in cash operating costs. The new machine would replace some old equipment that would be sold for scrap now, yielding $19,000. The annual depreciation on the new machine would be $86,000. The simple rate of return on the investment is closest to: A) 23.3% B) 11.1% C) 10.8% D) 12.5% Level: Easy LO: 4 Ans: B 53. The management of Stanforth Corporation is investigating automating a process. Old equipment, with a current salvage value of $24,000, would be replaced by a new machine. The new machine would be purchased for $516,000 and would have a 6 year useful life and no salvage value. By automating the process, the company would save $173,000 per year in cash operating costs. The simple rate of return on the investment is closest to: A) 17.7% B) 16.9% C) 33.5% D) 16.7% Level: Easy LO: 4 Ans: A Use the following to answer 54-56 Overland Company has gathered the following data on a proposed investment project:  The company uses straight-line depreciation on all equipment. 54. The payback period for the investment is: A) 0.27 years B) 3.75 years C) 10.00 years D) 2.13 years Level: Easy LO: 3 Ans: B 55. The simple rate of return on the investment is: A) 26.67% B) 16.67% C) 36.67% D) 10.00% Level: Medium LO: 4 Ans: B 56. The net present value of this investment is: A) $40,000 B) $3,625 C) $57,831 D) $95,800 Level: Medium LO: 1 Ans: D Use the following to answer 57-59 Perky Food Corporation produces and sells coffee jelly. Perky currently produces the jelly using a manual operation but is considering the purchase of machinery to automate its operations. Information related to the two operations is as follows:  Perkys discount rate is 12%. Perky uses the straight-line method of depreciation. 57. What is the net present value of automating operations using the incremental cost approach? A) $11,940 B) $56,940 C) $(104,106) D) $112,684 Level: Medium LO: 1 Refer To: 12_02 Ans: C 58. What is the simple rate of return for automating operations? A) 3.8% B) 12.1% C) 14.5% D) 22.9% Level: Medium LO: 4 Ans: A 59. What will be the effect on the net present value of the decision to automate operations if 60,000 jars instead of 50,000 jars are expected to be sold each year? (Assume no change in cost structure or selling price.) A) no effect B) $52,030 decrease C) $63,179 increase D) $115,208 increase Level: Hard LO: 1 Ans: D Use the following to answer 60-62 Tam Company is negotiating for the purchase of equipment that would cost $100,000, with the expectation that $20,000 per year could be saved in cash operating costs. The equipments estimated useful life is 10 years, with no salvage value, and would be depreciated by the straight-line method. Tams required rate of return is 12%. 60. The net present value of this investment is: A) $5,760 B) $6,440 C) $12,200 D) $13,000 Source: CPA, adapted Level: Easy LO: 1 Ans: D 61. The payback period of this investment is: A) 4 years B) 1 year C) 10 years D) 5 years Source: CPA, adapted Level: Easy LO: 3 Ans: D 62. The simple rate of return of this investment is: A) 8% B) 20% C) 12% D) 10% Source: CPA, adapted Level: Easy LO: 4 Ans: D Use the following to answer 63-64 Evans Company is considering rebuilding and selling used alternators for automobiles. The company estimates that the net cash flows (sales less cash operating expenses) arising from the rebuilding and sale of the used alternators would be as follows:  In addition, Evans Company would need to purchase equipment costing $275,000. The equipment would have a 12 year life and a $25,000 salvage value. The companys required rate of return is 10%. 63. The payback period on this investment is: A) 3.00 years B) 2.75 years C) 1.50 years D) 4.00 years Level: Easy LO: 3 Ans: B 64. The net present value of the project is closest to: A) $364,090 B) $372,065 C) $339,090 D) $389,090 Level: Medium LO: 1 Ans: B Use the following to answer 65-66 Baldock Inc. is considering the acquisition of a new machine that costs $420,000 and has a useful life of 5 years with no salvage value. The incremental net operating income and incremental net cash flows that would be produced by the machine are:  65. If the discount rate is 12%, the net present value of the investment is closest to: A) $330,000 B) $539,365 C) $119,365 D) $420,000 Source: CMA, adapted Level: Medium LO: 1 Ans: C 66. The payback period of this investment is closest to: A) 5.0 years B) 3.2 years C) 1.9 years D) 2.8 years Source: CMA, adapted Level: Medium LO: 3 Ans: D Use the following to answer 67-68 Delley Inc. is considering the acquisition of equipment that costs $340,000 and has a useful life of 6 years with no salvage value. The incremental net cash flows that would be generated by the equipment are:  67. If the discount rate is 17%, the net present value of the investment is closest to: A) $45,811 B) $385,811 C) $301,000 D) $117,341 Source: CMA, adapted Level: Easy LO: 1 Ans: A 68. The payback period of this investment, rounded off to the nearest tenth of a year, is closest to: A) 3.9 years B) 3.6 years C) 3.1 years D) 5.0 years Source: CMA, adapted Level: Easy LO: 3 Ans: C Use the following to answer 69-70 Westland College has a telephone system that is in poor condition. The system either can be overhauled or replaced with a new system. The following data have been gathered concerning these two alternatives:  Westland College uses a 10% discount rate and the total cost approach to capital budgeting analysis. The working capital required under the new system would be released for use elsewhere at the conclusion of the project. Both alternatives are expected to have a useful life of eight years. 69. The net present value of overhauling the present system is: A) $(321,084) B) $(532,516) C) $(560,536) D) $(592,516) Level: Hard LO: 1 Ans: B 70. The net present value of the new system alternative is: A) $(483,095) B) $(583,095) C) $(596,395) D) $(536,395) Level: Hard LO: 1 Ans: D Use the following to answer 71-72 Lambert Manufacturing has $100,000 to invest in either Project A or Project B. The following data are available on these projects:  Both projects will have a useful life of 6 years. At the end of 6 years, the working capital investment will be released for use elsewhere. Lamberts required rate of return is 14%. The company uses the total cost approach to evaluating alternatives. 71. The net present value of Project A is: A) $51,000 B) $60,120 C) $55,560 D) $94,450 Level: Medium LO: 1 Ans: B 72. The net present value of Project B is: A) $90,355 B) $76,115 C) $36,115 D) $54,355 Level: Medium LO: 1 Ans: D Use the following to answer 73-75 Carlson Manufacturing has some equipment that needs to be rebuilt or replaced. The following information has been gathered relative to this decision:  Carlson uses the total cost approach and a discount rate of 12%. Regardless of which option is chosen, rebuild or replace, at the end of five years Carlson Manufacturing plans to close its domestic manufacturing operations and to move these operations to foreign countries. 73. If the new equipment is purchased, the present value of all cash flows that occur now is: A) $(48,000) B) $(39,000) C) $(41,000) D) $(37,000) Level: Easy LO: 1 Ans: B 74. If the new equipment is purchased, the present value of the annual cash operating costs associated with this alternative is: A) $(28,840) B) $(19,160) C) $(14,420) D) $(36,050) Level: Medium LO: 1 Ans: A 75. If the equipment is rebuilt, the present value of all cash flows that occur now is: A) $(55,000) B) $(25,000) C) $(16,000) D) $(23,000) Level: Easy LO: 1 Ans: B Use the following to answer 76-79 Cedar Hill Hospital needs to expand its facilities and desires to obtain a new building on a piece of property adjacent to its present location. Two options are available to Cedar Hill, as follows: Option 1: Buy the property, erect the building, and install the fixtures at a total cost of $600,000. This cost would be paid off in five installments: an immediate payment of $200,000, and a payment of $100,000 at the end of each of the next four years. The annual cash operating costs associated with the new facilities are estimated to be $12,000 per year. The new facilities would be occupied for thirteen years, and would have a total resale value of $300,000 at the end of the 13-year period. Option 2: A leasing company would buy the property and construct the new facilities for Cedar Hill which would then be leased back to Cedar Hill at an annual lease cost of $70,000. The lease period would run for 13 years, with each payment being due at the BEGINNING of the year. Additionally, the company would require an immediate $10,000 security deposit, which would be returned to Cedar Hill at the end of the 13-year period. Finally, Cedar Hill would have to pay the annual maintenance cost of the facilities, which is estimated to be $4,000 per year. There would be no resale value at the end of the 13-year period under this option. The hospital uses a discount rate of 14% and the total-cost approach to net present value analysis in evaluating its investment decisions. 76. Under option 1, the present value of all cash outflows associated with buying the property, erecting the building, and installing the fixtures is closest to: A) $(200,000) B) $(491,400) C) $(600,000) D) $(387,200) Level: Hard LO: 1 Ans: B 77. Under option 1, the net present value of all cash flows is closest to: A) $(456,000) B) $(600,000) C) $(300,000) D) $(507,000) Level: Hard LO: 1 Ans: D 78. Under option 2, the present value of all the annual lease payments of $70,000 is closest to: A) $(466,200) B) $(408,900) C) $(483,700) D) $(910,000) Level: Hard LO: 1 Ans: A 79. Under option 2, the present value of all cash flows associated with maintenance costs is closest to: A) $(23,400) B) $(52,000) C) $(70,100) D) $(4,000) Level: Hard LO: 1 Ans: A Use the following to answer 80-81 Clairmont Corporation is considering the purchase of a machine that would cost $150,000 and would last for 5 years. At the end of 5 years, the machine would have a salvage value of $18,000. By reducing labor and other operating costs, the machine would provide annual cost savings of $37,000. The company requires a minimum pretax return of 12% on all investment projects. 80. The present value of the annual cost savings of $37,000 is closest to: A) $133,385 B) $235,070 C) $185,000 D) $20,979 Level: Easy LO: 1 Ans: A 81. The net present value of the proposed project is closest to: A) -$6,409 B) -$11,295 C) $1,385 D) -$16,615 Level: Easy LO: 1 Ans: A Reference: 12_12 Use the following to answer 82-83 The management of Mashiah Corporation is considering the purchase of a machine that would cost $290,000, would last for 6 years, and would have no salvage value. The machine would reduce labor and other costs by $102,000 per year. The company requires a minimum pretax return of 13% on all investment projects. 82. The present value of the annual cost savings of $102,000 is closest to: A) $849,012 B) $612,000 C) $195,872 D) $407,796 Level: Easy LO: 1 Ans: D 83. The net present value of the proposed project is closest to: A) $154,663 B) $322,000 C) $117,796 D) $245,246 Level: Easy LO: 1 Ans: C Use the following to answer 84-85 Lebert, Inc., is considering the purchase of a machine that would cost $380,000 and would last for 7 years. At the end of 7 years, the machine would have a salvage value of $49,000. The machine would reduce labor and other costs by $96,000 per year. Additional working capital of $6,000 would be needed immediately. All of this working capital would be recovered at the end of the life of the machine. The company requires a minimum pretax return of 18% on all investment projects. 84. The combined present value of the working capital needed at the beginning of the project and the working capital released at the end of the project is closest to: A) $16,872 B) $0 C) -$4,116 D) -$13,111 Level: Easy LO: 1 Ans: C 85. The net present value of the proposed project is closest to: A) $1,338 B) -$8,849 C) -$14,048 D) -$2,778 Level: Easy LO: 1 Ans: D Use the following to answer 86-87 Dube Corporation is considering the following three investment projects:  86. The profitability index of investment project E is closest to: A) 0.13 B) 1.13 C) 0.87 D) 0.12 Level: Easy LO: 2 Ans: A 87. Rank the projects according to the profitability index, from most profitable to least profitable. A) F,E,D B) D,F,E C) F,D,E D) E,F,D Level: Medium LO: 2 Ans: D Use the following to answer 88-89 The management of Keno Corporation is considering three investment projects-B, C, and D. Project B would require an investment of $15,000, Project C of $50,000, and Project D of $89,000. The present value of the cash inflows would be $16,350 for Project B, $56,500 for Project C, and $96,120 for Project D. 88. The profitability index of investment project C is closest to: A) 0.13 B) 0.87 C) 0.12 D) 1.13 Level: Easy LO: 2 Ans: A 89. Rank the projects according to the profitability index, from most profitable to least profitable. A) B,D,C B) C,B,D C) D,C,B D) D,B,C Level: Medium LO: 2 Ans: B Essay 90. Tranter, Inc., is considering a project that would have a ten-year life and would require a $1,500,000 investment in equipment. At the end of ten years, the project would terminate and the equipment would have no salvage value. The project would provide net operating income each year as follows:  All of the above items, except for depreciation, represent cash flows. The companys required rate of return is 12%. Required: (a.) Compute the projects net present value. (b.) Compute the projects payback period. (c.) Compute the projects simple rate of return. Level: Medium LO: 1,3,4 Ans: (a.) Since depreciation is the only noncash item on the income statement, the net annual cash flow can be computed by adding back depreciation to net operating income.   (b.) The formula for the payback period is: Payback period = Investment required EMBED Equation.DSMT4 Net annual cash inflow = $1,500,000 EMBED Equation.DSMT4 $400,000 = 3.75 years (c.) The formula for the simple rate of return is: Simple rate of return = Net operating income EMBED Equation.DSMT4 Initial investment = $250,000 $1,500,000 = 16.7% 91. Five years ago, the City of Paranoya spent $30,000 to purchase a computerized radar system called W.A.S.T.E. (Watching Aliens Sent To Earth). Recently, a sales rep from W.A.S.T.E. Radar Company told the city manager about a new and improved radar system that can be purchased for $50,000. The rep also told the manager that the company would give the city $10,000 in trade on the old system. The new system will last 10 years. The old system will also last that long but only if a $4,000 upgrade is done in 5 years. The manager assembled the following information to use in the decision as to which system is more desirable:  Required: (a.) What is the City of Paranoyas net present value for the decision described above? Use the total cost approach. (b.) Should the City of Paranoya purchase the new system or keep the old system? Level: Medium LO: 1 Ans: (a.)  (b.) Keep the old system; the net present value of the costs under the old system is lower than for the new system. 92. The following data concern an investment project:  The working capital will be released for use elsewhere at the conclusion of the project. Required: Compute the projects net present value. Level: Medium LO: 1 Ans:  93. Five years ago, Joe Sarver purchased 600 shares of 9%, $100 par value preferred stock for $75 per share. Sarver received dividends on the stock each year for five years, and finally sold the stock for $90 per share. Instead of purchasing the preferred stock, Sarver could have invested the funds in a money market certificate yielding a 16% rate of return. Required: Determine whether or not the preferred stock provided at least the 16% rate of return that could have been received on the money market certificate. Level: Hard LO: 1 Ans:  No, the stock did not provide a 16 percent rate of return. 94. Big Blue Co. is considering three investment opportunities having cash flows as described below: Project I would require an immediate cash outlay of $10,000 and would result in cash savings of $3,000 each year for 8 years. Project II would require cash outlays of $3,000 per year and would provide a cash inflow of $30,000 at the end of 8 years. Project III would require a cash outlay of $10,000 now and would provide a cash inflow of $30,000 eight years from now. Required: If Big Blue has a required rate of return of 14%, determine which, if any, of the three projects is acceptable. Use the NPV method. Level: Medium LO: 1 Ans:  Conclusion: Projects I and III have positive net present values and are thus acceptable. Project II would not be advisable since its net present value is negative. 95. Axillar Beauty Products Corporation is considering the production of a new conditioning shampoo which will require the purchase of new mixing machinery. The machinery will cost $375,000, is expected to have a useful life of 10 years, and is expected to have a salvage value of $50,000 at the end of 10 years. The machinery will also need a $35,000 overhaul at the end of year 6. A $40,000 increase in working capital will be needed for this investment project. The working capital will be released at the end of the 10 years. The new shampoo is expected to generate net cash inflows of $85,000 per year for each of the 10 years. Axillars discount rate is 16%. Required: (a.) What is the net present value of this investment opportunity? (b.) Based on your answer to (a) above, should Axillar go ahead with the new conditioning shampoo? Level: Medium LO: 1 Ans: (a.)  (b.) Yes, accept project. The net present value is positive. 96. Lajara Inc. has provided the following data concerning a proposed investment project:  The company uses a discount rate of 13%. Required: Compute the net present value of the project. Level: Easy LO: 1 Ans:  97. Burba Inc. is considering investing in a project that would require an initial investment of $200,000. The life of the project would be 8 years. The annual net cash inflows from the project would be $60,000. The salvage value of the assets at the end of the project would be $30,000. The company uses a discount rate of 17%. Required: Compute the net present value of the project. Level: Easy LO: 1 Ans:  98. Grossett Corporation has provided the following data concerning a proposed investment project:  The company uses a discount rate of 10%. The working capital would be released at the end of the project. Required: Compute the net present value of the project. Level: Easy LO: 1 Ans:  99. Woolfolk Corporation is considering investing $210,000 in a project. The life of the project would be 9 years. The project would require additional working capital of $46,000, which would be released for use elsewhere at the end of the project. The annual net cash inflows would be $42,000. The salvage value of the assets used in the project would be $32,000. The company uses a discount rate of 17%. Required: Compute the net present value of the project. Level: Easy LO: 1 Ans:  100. Swaggerty Company is considering purchasing a machine that would cost $462,000 and have a useful life of 7 years. The machine would reduce cash operating costs by $115,500 per year. The machine would have no salvage value. Required: (a.) Compute the payback period for the machine. (b.) Compute the simple rate of return for the machine. Level: Easy LO: 3,4 Ans: (a.) The payback period is computed as follows: Payback period = Investment required Net annual cash flow = $462,000 $115,500 = 4.00 years (b.) The simple rate of return is computed as follows:  Simple rate of return = (Annual cost savings - Annual depreciation) Initial investment = $(115,500 - $66,000) $462,000 = 10.71% 101. Alesi Company is considering purchasing a machine that would cost $243,600 and have a useful life of 8 years. The machine would reduce cash operating costs by $76,125 per year. The machine would have a salvage value of $60,900 at the end of the project. Required: (a.) Compute the payback period for the machine. (b.) Compute the simple rate of return for the machine. Level: Medium LO: 3,4 Ans: (a.) The payback period is computed as follows: Payback period = Investment required Net annual cash flow = $243,600 $76,125 = 3.20 years In this case the salvage value plays no part in the payback period since all of the investment is recovered before the end of the project. (b.) The simple rate of return is computed as follows:  Simple rate of return = (Annual cost savings - Annual depreciation) Initial investment = $(76,125 - $22,838) $243,600 = 21.88% 102. Yeung Corporation is considering the purchase of a machine that would cost $330,000 and would last for 6 years. At the end of 6 years, the machine would have a salvage value of $33,000. The machine would reduce labor and other costs by $86,000 per year. The company requires a minimum pretax return of 12% on all investment projects. Required: Determine the net present value of the project. Show your work! Level: Easy LO: 1 Ans:  103. The management of Glasco Corporation is considering the purchase of a machine that would cost $270,000, would last for 8 years, and would have no salvage value. The machine would reduce labor and other costs by $63,000 per year. The company requires a minimum pretax return of 18% on all investment projects. Required: Determine the net present value of the project. Show your work! Level: Easy LO: 1 Ans:  104. Lovan, Inc., is considering the purchase of a machine that would cost $450,000 and would last for 8 years, at the end of which, the machine would have a salvage value of $63,000. The machine would reduce labor and other costs by $76,000 per year. Additional working capital of $3,000 would be needed immediately, all of which would be recovered at the end of 8 years. The company requires a minimum pretax return of 8% on all investment projects. Required: Determine the net present value of the project. Show your work! Level: Easy LO: 1 Ans:  105. Dimpson Corporation is considering the following three investment projects:  Required: Rank the investment projects using the profitability index. Show your work! Level: Easy LO: 2 Ans:  106. The management of Grayer Corporation is considering the following three investment projects:  The only cash outflows are the initial investments in the projects. Required: Rank the investment projects using the profitability index. Show your work! Level: Easy LO: 2 Ans:  107. Flamio Corporation is considering a project that would require an initial investment of $210,000 and would last for 6 years. The incremental annual revenues and expenses for each of the 6 years would be as follows:  At the end of the project, the scrap value of the projects assets would be $24,000. Required: Determine the payback period of the project. Show your work! Level: Easy LO: 3 Ans:  Payback period = Investment required EMBED Equation.DSMT4 Net annual cash inflow = $186,000 EMBED Equation.DSMT4 $97,000 = 1.92 years 108. The management of Sobus Corporation is considering a project that would require an initial investment of $458,000 and would last for 9 years. The annual net operating income from the project would be $58,000, including depreciation of $48,000. At the end of the project, the scrap value of the projects assets would be $26,000. Required: Determine the payback period of the project. Show your work! Level: Easy LO: 3 Ans:  Payback period = Investment required EMBED Equation.DSMT4 Net annual cash inflow = $432,000 EMBED Equation.DSMT4 $106,000 = 4.08 years 109. Shiffler Corporation is contemplating purchasing equipment that would increase sales revenues by $246,000 per year and cash operating expenses by $133,000 per year. The equipment would cost $275,000 and have a 5 year life with no salvage value. The annual depreciation would be $55,000. Required: Determine the simple rate of return on the investment to the nearest tenth of a percent. Show your work! Level: Easy LO: 4 Ans: Simple rate of return = [Incremental revenues - (Cash operating expenses + Depreciation)] Initial investment = [$246,000 - ($133,000 + $55,000)] EMBED Equation.DSMT4$275,000 = [$58,000] EMBED Equation.DSMT4 $275,000 = 21.1% 110. The management of Moya Corporation is investigating purchasing equipment that would cost $336,000 and have an 8 year life with no salvage value. The equipment would allow an expansion of capacity that would increase sales revenues by $288,000 per year and cash operating expenses by $164,000 per year. Required: Determine the simple rate of return on the investment to the nearest tenth of a percent. Show your work! Level: Easy LO: 4 Ans: Simple rate of return = [Incremental revenues - (Cash operating expenses + Depreciation)] Initial investment = [$288,000 - ($164,000 + $42,000)] EMBED Equation.DSMT4 $336,000 = [$82,000] EMBED Equation.DSMT4 $336,000 = 24.4% 111. Hinck Corporation is investigating automating a process by purchasing a new machine for $520,000 that would have an 8 year useful life and no salvage value. By automating the process, the company would save $134,000 per year in cash operating costs. The companys current equipment would be sold for scrap now, yielding $22,000. The annual depreciation on the new machine would be $65,000. Required: Determine the simple rate of return on the investment to the nearest tenth of a percent. Show your work! Level: Easy LO: 4 Ans: Simple rate of return = (Cost savings - Depreciation) EMBED Equation.DSMT4Initial investment = ($134,000 - $65,000) EMBED Equation.DSMT4 ($520,000 - $22,000) = $69,000 EMBED Equation.DSMT4 $498,000 = 13.9% 112. The management of Kleppe Corporation is investigating automating a process by replacing old equipment by a new machine. The old equipment would be sold for scrap now for $19,000. The new machine would cost $180,000, would have a 9 year useful life, and would have no salvage value. By automating the process, the company would save $30,000 per year in cash operating costs. Required: Determine the simple rate of return on the investment to the nearest tenth of a percent. Show your work! Level: Easy LO: 4 Ans: Depreciation on the new machine = $180,000 EMBED Equation.DSMT4 9 = $20,000 Simple rate of return = (Cost savings - Depreciation) EMBED Equation.DSMT4 Initial investment = ($30,000 - $20,000) EMBED Equation.DSMT4 ($180,000 - $19,000) = $10,000 EMBED Equation.DSMT4 $161,000 = 6.2%     PAGE 590 Brewer, Introduction to Managerial Accounting, 3/e PAGE 589 Brewer, Introduction to Managerial Accounting, 3/e ')46  " # - . 1      oxy )*4578JST^_bh)CJaJh\KhM|CJaJh[),hM|5CJ\aJhM|CJaJ&h[),hM|5CJOJQJ\^JaJM '()456| / 0 1   gdM|$a$gdM|N    b67 =`abgdM|0Qh}1JcCa-gdM|  TUVW!*+569:w """"""P$Y$Z$d$e$h$i$w%%%%%%%%jh> h; CJUaJh)CJaJhM|CJaJh\KhM|CJaJSTUWXT_jugdM| 789> J V ` j d"w""gdM|""""""#$ $2$E$f$g$h$%#%.%:%j%%%%%%%%5&6&8&D&gdM|%%%4&6&7&h&s&|&}&&&&&&&&j's't'~''''''''[(d(e(o(p(s(((((8*A*B*L*M*P*,,,$,%,(,),)-*-+-,-jR$h> h; CJUaJjh> h; CJUaJj h> h; CJUaJh)CJaJj,h> h; CJUaJjh&9h; CJUaJh\KhM|CJaJhM|CJaJjh> h; CJUaJ6D&P&\&h&&&&&&&&%'3'A'O']''''''''($(2(@(N(q(r(gdM|r(s(((((>)?)))))**+*N*O*P*+++++,&,',(,)-*-,-gdM|,-----------....//9/:/;/D1M1U1^1h1111222gdM|,-------#/,/-/7/8/;/s1|1}11111333'3(3+3R4[4\4f4g4j4555555666666H8Q8R8\8]8_8`899999:G;P;Q;[;\;_;L=U=V=`=a=d=???(?)?,?-?AAAAAABB Bj,h> h; CJUaJh)CJaJhM|CJaJh\KhM|CJaJT2223)3*3+34'424=4G4h4i4j4`5j5t5~555556666666gdM|6688'818;8^8_8999999::;;&;1;<;];^;_;==*=6=A=gdM|A=b=c=d=>>>> ?*?+?,?QA]AiAuAAAAABB BlBuB~BBBBBgdM| B BBBBBBBCCCCCCEEEEEEE#G,G-G7G8G;G$H%H&H'H)HHHHIIIJJJJJJJhLqLrL|L}LLMMMNN NOOOOOOQQQQQQQSSSSSSRTSTTTj:h> h; CJUaJj2h> h; CJUaJh)CJaJh\KhM|CJaJhM|CJaJNBBCCCCCCCCEEEEEEEEFGGGG9G:G;G%H&H(H)HgdM|)HHHHHHIIIJJJJJJJJ9LBLKLTL]L~LLLMMMMMgdM|MN N NzOOOOOOOOQQQQQQQQSSSSSSSSSRTgdM|RTSTUTVTTTTTTTTTUU UTU^UhUrU|UUUUUUUUU V!VgdM|TTUTTTUUUUU UUUUUUU VVVVV"V#VEV;WWWW0X9XEXIXJXTXUXXXXXXXXXZZZ'Z(ZMZ[[[\ \!\+\,\-\/\\\\\\\1]:];]E]F]k]f^g^h^i^jJh> h; CJUaJhEKCJaJj@h> h; CJUaJh)CJaJh\KhM|CJaJhM|CJaJK!V"VEV;WW?WWWWW XX#X;XVXWXXXXXXXXXXXYYYYgdM|YZ)Z*Z+ZMZ[[[[[[[[ \-\.\/\]\h\r\~\\\\\\\\]gdM|] ]]&]G]H]I]k]f^g^i^j^+_,_-_[_i_w________```B`C`gdM|i^^^^*_-________,`5`6`@`A`f`^a_a`aca bbb!b"b%bbbbbbbbbccccldudvdddd>eGeHeReSexeGfHfIfJflgngogggghh hhhhhjrZh> h; CJUaJj/Uh> h; CJUaJjbNh> h; CJUaJh)CJaJhEKCJaJhM|CJaJh\KhM|CJaJEC`D`f`^a_aaabacaaaaaab#b$b%b^bkbxbbbbbbbbcccgdM|cccd(d4d@dLdaddddddeee3eTeUeVexeGfHfJfKfmgnggggdM|ggggh h hFhThbhph~hhhhhFiGiIiJiEjFjGjrj}jjjjjjgdM|hhhFiGiHiIiDjGjjjjjjj'k0k1k;kxGxHxRxSxUxVxxxyyjYlh> h; CJUaJh)CJaJjdh> h; CJUaJhM|CJaJh\KhM|CJaJNjjjjkkk=k>k?kbkkkkkmmmnm{mmmmmmmFnSn`nmngdM|mnznnnnnooo+oLoMoNoqo7p*rt6u7u8uuuuvv3v4v5vvvgdM|vvvvvvv h; CJUaJh)CJaJhM|CJaJh\KhM|CJaJO}}}}}}ju{ "CDEggdM|9:;ł @ABƄDŽȄgdM|Ȅ.7@IRuvw}~%/]ڇgdM|}/023]^`aLJЇՇڇۇ9:NO}jTx2H hM|CJUVaJ!jh> h; CJEHUaJjUx2H hM|CJUVaJjhM|CJUaJjh> h; CJUaJjfh> h; CJUaJh)CJaJj}}h> h; CJUaJh\KhM|CJaJhM|CJaJ/h7890 VWY gdM|OPQhiklȉɉ݉މ߉690134 VWXYϠϘωzjhMBh; CJUaJjhMBh; CJUaJh)CJaJjhMBh; CJUaJ!jh> h; CJEHUaJjSx2H hM|CJUVaJhM|CJaJh\KhM|CJaJjhM|CJUaJ!jѓh> h; CJEHUaJ0 vw!*+89;uxIJLMVY#,-:j%hMBh; CJUaJjhMBh; CJUaJjhMBh; CJUaJjhMBh; CJUaJh)CJaJjhMBh; CJUaJhM|CJaJh\KhM|CJaJ7 v078:;vwxݑ[֒NXܓ?I gdM|WXY29:<=>ښIgdM|:;>?˚Ԛ՚IJKL&')*iru+,./bcde25BCEjhMBh; CJUaJjhMBh; CJUaJjhMBh; CJUaJj8hMBh; CJUaJjhMBh; CJUaJh\KhM|CJaJh)CJaJhM|CJaJjhMBh; CJUaJ6IJLM› &^z+bcegdM|ef3458BsɢТ=y=>@AΤnxҦgdM|EFstvwĢϢТѢӢԢ =>?@æ̦ͦڦۦަmvwr{|jKhMBh; CJUaJjEhMBh; CJUaJj8hMBh; CJUaJjk/hMBh; CJUaJj$%hMBh; CJUaJjwhMBh; CJUaJh)CJaJh\KhM|CJaJhM|CJaJ6Ҧ٦ڦܦݦަ"b|MWggdM|7B0JQRTgdM|78;DERSTz{ʮˮ̮ͮޝ}ޝn]!j}vhsh; CJEHUaJjQx2H hM|CJUVaJ!jthsh; CJEHUaJjRx2H hM|CJUVaJjhM|CJUaJjlhMBh; CJUaJjHehMBh; CJUaJj[hMBh; CJUaJh)CJaJh\KhM|CJaJj]UhMBh; CJUaJhM|CJaJ$TU4>{./0T^DzWҳӳԳzgdM|İŰٰڰ۰ܰ-0Ҳ۲ܲ{|òrcjMx2H hM|CJUVaJ!jhsh; CJEHUaJjNx2H hM|CJUVaJ!jhsh; CJEHUaJjOx2H hM|CJUVaJ!jhsh; CJEHUaJjPx2H hM|CJUVaJjhM|CJUaJjmxhMBh; CJUaJhM|CJaJh\KhM|CJaJ"ѳԳ./CDEF\]qrst޸߸ !5Ϡχxg!jhsh; CJEHUaJjJx2H hM|CJUVaJh)CJaJ!jʉhsh; CJEHUaJjKx2H hM|CJUVaJ!jއhsh; CJEHUaJjLx2H hM|CJUVaJhM|CJaJh\KhM|CJaJjhM|CJUaJ!jhsh; CJEHUaJ$z P O sFgdM|5678YZnopq~Իջֻ׻/012\]qrq`QjEx2H hM|CJUVaJ!jyhsh; CJEHUaJjFx2H hM|CJUVaJ!jhsh; CJEHUaJjGx2H hM|CJUVaJ!jhsh; CJEHUaJjHx2H hM|CJUVaJhM|CJaJh\KhM|CJaJjhM|CJUaJ!jhsh; CJEHUaJjIx2H hM|CJUVaJrst¼ļżǼȼʼ˼ѼҼռּ׼ؼ KLNOק}} hOJ6]hOJhRu0JmHnHu hOJ0JjhOJ0JUhdUjhdUU!jYhsh; CJEHUaJjDx2H hM|CJUVaJhM|CJaJh\KhM|CJaJjhM|CJUaJ!jihsh; CJEHUaJ%üļƼǼɼʼ׼ LMNOgdM|h]hgdI  !$hh]h`hgdI &`gdOJ90&PPM:p)/ =!"#$% Dd D  3 A"b'v5SDen'v5SPNG  IHDRr% pHYs+tIME+;wT2tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# aIDAThM8  J}s A+CACʎm%v?q 0]w;i}EG2m#ğ[߂%_οo!ʅ#hax/UWk9aD@S M߈UY#Wlzh1[r8<%yC_ss_E̴"8Lo3o!"Al }ѭ#X᩟ly&i !ҁ1=v2{p<Ѩn!DbOio%obxK6lGnے%Ar*r1ĆF1@"&EEr臷[EbPi^W]1E g(N,iD"(ţ nĆ%%N!6;'RD-^ j@Ay:"oLz*FaےDi3ߏ%e!+9'T8K-("׮'t*xsQݬVRZE*FhZ(2M6y(DE [fՏ vi]MN.DĒl4G&ۢxWE=e;~+g+pKJIWiQ&bq7w  dMq*6_r )M*)DB;u2XqRhؐQR\1:qS 2눍XH0P_I3PދœVN-Hk7;AΊ-4"TK]V-xP0BIF kDPqHyD-AZ/)JJKCliGvψNWM7AXӸFI"ʴqhBl2Ĕ$F+Q%vȗKTCKےRGկM 5jV]:(yt!?i/FD%1!71&mԁX:+;gk{04$P:Fl:n֬\\uUim$Oڄ"6| Aj: *"$GATLk2 w4qCD/L(mT" |F}vď%yP.*Òd_jd\p~<.yʂcH|CmRv e$aiCjLH aD( b SBrn(pCYH' ̨b$("`i`6}aKAeAu=^;RP u4$G:38&ʤ4¡vY8ÃYuX,DU\K25zHՠS+\j 7e6"]4Mz Aa'pTcX$:Xemv#XbaRvEDWo67e?5YvdyRQ S$S^b6bzVX\^VAvi "}T&<X/j.Xό!(h kWJk 9G._{j=ʤxܡo΂ ,bT3Ϋ[zO)aKVYD,8ǒ, fY(ذ{ty!5f&<)F,4eI=vwE%*5Ao! i C4",,"z?>6‚yA,ՎSc,K3։OX'>h0y mXWn>nG۫*KI_uo]Х/_R3AȰY_h;t9(°~Ɛ23 j-CHa>2 SqƁ Cms;Y&c 'A`>=qOh,>MqnZ !1넲5YeS:F- : tz>ql:㘸CO7x$c`bsCpԪLb+3p1Xg$]XsY9O+r̞ACcMUسfՏuX(>+19 {+ Ɵg8Y6ݟIENDB`Dd cD  3 A"bE\ ZB!pen\ ZBPNG  IHDRm3W pHYs+tIME,*RdtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDATX헱0 O"$}4ܻ$p(X=eʗرSw 8b(u)'yo'徵S260A.y:;~8᭺L@-`LWuɩ4V@^kR7Z@r1/@c,I89*qxfA UnKzaUPOD *دxn&1F ˁ\ώ]̤5ihnRJp[#Gy!ij 9ВcfPq@r=lBtE$dXBX2HNM)^г͔Fg %Jk@fYn}>\ s,gYF % ;@hD N'2.V#`Bţ3m W}h^p;,rB;S9)fLr0|5egլUT:d0t$d7lh9L QojMnm%&0@ʺ@s`hF:zlR( @7Xy& (X?BGn6@l"k0"Щz=W+c x%x,;2>ܻVHy3ɶ2ES~̽Rڙ:ͤPJt#R;up?Kl{֢ v*lAh=mBR< #r nW'蚝)R/CBJ2o-n-G;,zP({zM(=uPpGVBxȉ&->iBe"Bq$g =#ϦByz>lK+.[4<y wDP#N#O9Ŀ N^_R~ЛIENDB`Dd cD  3 A"bF )gwtb/d"Men )gwtb/dPNG  IHDR m$# pHYs+tIME,36tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDATXM0 F "J}Z P3C$> Bм"ydPC8`pJ+ iĒK% Ȋ%Y UEj|d@àJR0KT)$00+/a#/GR >Y.' p'ˌ?AJ}F2Ao`D-3cXx)b}2^-d0?M8MQҎ3 0xTzfB)%\wF.Vas\12s5s>4ј1>F 8#H]K !j >*`2F8#̧{q™QC7Fmä0hJkFsHpHumpǐ,d%BX:Ejs6N?|8&N*DKLRϋq)n=FxH:?G}+'>p_A[Z 2ejr&֌97;22 OL!"8a3؃ t2rQP=Zk`(Q[e-O`XX 4PzVd|ͰZftx,Ȯ4!Ԫ~|a˖QMFsХːM>G}1;ȇ %1;萓"v>d[Q}1lk,P5sZreAj::H; m# 819bLmhx3rw:4c9h$A>-K[FR_\M{{|`m{ 143e1`Ŵ}Nȩ0mƬx=[O1~ ,:F IENDB`kDd D  3 A"b7$KyzO*+en7$KyzO*PNG  IHDRO pHYs+tIME-tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# LIDAThKn#9  P+K ϦWlRvzxB+S^пϯoo _3%>d :w24pFl![ tfS2A1/\4D`. x t]f 1,PLKyCҺDͥQ:^DPj*2ATs6.T ,y.[G0>PX<$ Jz˶M ^swwPаBw+-he?b(ϡ|Ph>A@uK v-N@'vS dy.W IB!ܠ(QJ {(rQ偆ha֞f0Q#TЩ &DK*)Ɯ=A꩚*h2?QALv9q 7(VPJ0f ZhP*вʲl)t^Zٜ،JMZ jJDދ.b_²zq5ɧIjq$H;q2ִ+ݭ ?/޶6rYe||7(B:~| MJ B^KEnr=S0Һ,c7EU5ĬҸz@ԶQQ4/M0)z aP51I '2<1qN TN =TMUR[s@,$oJ'&Q)ԱQԩ *hFB` ͸@L\i TYd-PWxCaNLi BoВT?*VP-CҸtޡ!Aa-~A pYVo͡^O`?3q=7!& Le]DgWEP\eH*L5-t nk$&{(C5j>X; TC1Τ?-_APU#IWǠ{I/`QךY>5]CB_ -z PjJc~ZQC CpqۧfzF`9oB2ݭ P SH??^krx3LzbIENDB`Dd AD  3 A"b$#ڬت*$en#ڬت*PNG  IHDRt pHYs+tIME-n4PtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDAThM: J}ަGS^zeE>Z oc#ȏD GuP~gŦѸ&|R?ȷr})\vʅ { _U#%oS 0*Yg= _,bv [&+Hmq*sHHͻ6OKAds;@Vg!gz@H~Pk D㫂("^J(*B4.:sqo+Dt ו!PE5ݷ.k;ms]:͆> 劏mxZUu/r5|.!6D,[ע\@\E1ɔ\ sa *rC P_EڃECW|XƬ}4T|l8"gkF̠/u(e Ӌߐp\Hַjٽ ;rc4ҶP Je g׹8 I:Z\oq}$:A- ΰzs jUJ|8Ǡ \8> iл3G/Q'/jHaゝW(#{ yƗ݊_2EVKuL>tNZXbF=gӛ't$@:Jzy I"g@zfAZY"h`@*kgmѪ$ؠ}[zh΃6ڷ 9 bfk"*O|䉺Z xz./r*bћd§ Ԑg|T,IOnjuMvC-w"hS+ v*6M/(/5V2T h$u /pKU;=h*|%!AZ4!viG4Td() 7Ȅf}}FEJA ]~G3;@lQH@}0Hc/mO\?\IxO}d%bQ';&X+SSگ77R#^_-k=\#mGSМE;A'ޥG'? aTn%IENDB`xDd D  3 A"b6<4)=C%R,en6<4)=C%PNG  IHDR< ah pHYs+tIME9#:tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# YIDATXMn8 QKWBaVD- O9Jֿ4mxd4ݴŏd=k{ y;F}lul}Ϯa]D2Qg'KSw[>0ϛ $N7W99[g{-غgst_ Gfeml ܶxdKVotMO?`6%Ļxv6ʣQodc]?Ff8eK  W2;,8"C'N١l ;5 @<4S4ٳR3&YSj]ҧ첬Į(Eز1<)[G5F6spd @y+_Kl=a`lùb'}m1b vYM JvB_lg$'41 mז9U>:MlYbbm쑪xp~ϽyΟds;zI;zI젛ׯK6rd;ӸV=fO쌷ʘ&] :Ca/w^V|xbēM쁩D[lvgOc#,T UR|/dqMoo17l-[~m ޗIkt .f7'5څ?ȭ]{^;ǑE'^y/(g:xݤNw/m$Wz+FI*TkHR֮M"IR6Jv-JJ6nwu"iHTyNkWR{N/@N׈<*%~F;(f%Rt$mim.`}R^sO{ܖI98@x|%w+`GHeJJlCsK%c)z[/!ۈ"UHwKZ$v5Tg-`F5$4vTaĜ&֝ !. 6jSID.v.Rdfw"?חFVZd|5 "%y{{RLyrOe5Ax$ai Ҏ I E7OI}ϫQ̭e>9;K;YP:e"$o`;lt$\63$W@z>nROS^vM>CAׇI)(QIENDB`Dd UD   3 A " b<&O`r3ݷꗅZ:en&O`r3ݷꗅPNG  IHDR[* pHYs+tIME0 tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDAThM*#UX]bd7B5*)l'vBұdԴ!3C9F>^e`+5/?` ]#^GSL8+o_Lm@HJBD| v֢kfJ #I$n.p~cς;CR#pJ9٘,&i%〯O3:U0^p(ڢ | 8*$ڌ L$NT. OڤV y`z }SQ@щ1# 3Z! E^ӼewaWe:gC5|2ALv >*w< lό;ÀaSQt 9HmFRY>̰uuڏR2ʨQ(e!g2Jj3cIU(+N#5r&T2K?mT)0 ׋`d1e+ Lia#1.9?aLl敁MQ/3ΈtwkTJ< M/0~=ͱZ<) 0T[.f?nWecEs<GO8,~s!4$j>`?:qNTk5Ca*YԜ e; Vӣ6W!FMzݛAʨcuc834 Pxx}ͣȧ7;b2Ep:R]D>K^uq6A˦LK>hGk){zO~:?wz牚kv1:=18xh1#alUa HO}iaDU@>jh~T !ԛ~p^[d1C^A7 dfLRAv3uJ7|FjGMa"4Y#̫Xsr̫||8âIENDB` Dd D   3 A " b< LHqHK .Aen LHqHKPNG  IHDRQ$ pHYs+tIME0ЁtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDATxQ8@-E>EėUXBu U[eC$mLzaL/: _Sug`cf[pGӯX*y}+)WP'aRn3}6w7l6E&`(Rk3'+CgD uqy>yB(L gN kGZ(d3RqpѧbCQP<4`E|ɟEeqx$!':+uuex1`+W"3Bu,AWC2^mF۲e-eq Rҁ"{)[ߜ$G8='K9ݰyv-@,`C7ڌ )HhG%Fw,ߐ'aY%J  oU/*ѓN sHbG>Z$#֑_oL̳WMbei[cfzZfHG,HQ[F!IϱQH!$Xy:^زHyX)a@l0͛`54oP58Q>V~b8l<8ZJKC`O`1`xI522aʫwltvu^F5BYZE0iͦbE`W?˷ 5sdG X#6 X B:$C^%a[(+V܏X_ X.Xޒ4b2M6RmHzΆ`.* g+"z~~J|K;bnOi5_hsڄG,7 wagyҖ`$(ob>r쒗4x%4)k3[k䬾LL=>*rLmmݴY[Ѣ:RTA~lp:z6ږM ]w1l>zm>pÖc >"umFkP-*6%es N#Y$oDN,w $oi~%]ֺ7"ұ*HKFI9wnͿ{ܵQՈK7X]x9BX_[o\ǙoTWD癡&5Ϸ5GF6:aX(ogX1M ;|הa&/S *w(YhIJ|;j`s+ؙLU# ICF 9Vbۥh>ױ.Ap:"wz;7+ؙm97e\P.'X9-D9=V%w)mTE B;m[l[@Ձ(gce 7E]Bk`9l4urXإy>`\h^!soIroڮ{iWK'99SmYܮw[XTiҵ1j^.1,Įi^gwA(7=ŊZ%`U1ɼ/3w}r^5ST8fvU}oeȫ1}|x-kLjBjN;ж,4y91HE{IINx)'[qP?@ߚOnX<@}|[>`<6:s<;߃-͚ϦsWJӾ=b}U)U7`urYޮyg*&qKHF%#RѬq`[m+C,xGZc!+?Զq?jޘ[$a˽y|94]p>UCh}b``nZxIENDB`Dd  D   3 A " b POѕH@2KenPOѕH@2PNG  IHDR>UK pHYs+tIME:.IPtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDATH1n0 E:E}z',e;Lv(<ٖ?<;}9L:NXؐ:Ta3D!pdiUDTa/828ۿ} ,sy2a pBtf#f3,:, t:GQ<ʜ!C2eLROtCw_ss=J).KYF V}J],Y^X}[U6}Up'%ˮς×:df#Lo+p===?,Ŗ^`/q#ܩ+Z>>raQZjwys?o+OweIENDB`Dd D   3 A " b5\p=sU K?Nen \p=sU K?PNG  IHDR?< pHYs+tIME0!#tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDAThM8 F "J}} C+b)?IXLuSScW!@%t=KDfj>iG׏?="Qn#Yc"x(}꿌&/CJpmHZ#!#Bs-cD|$|C Bi0BR.Y)(RΚ"Rᅙ#C0)Y!Z2gUUO*g7x?18bZdœ"fXn ъ)RnC QtD%1'Dhwާ'D_&18yQ4\Z*p,UBh-&M1 cmsYoF1[3&-2]Bf H}#vĝ^CG݄mD<׌[mU郚h$"9Dxu&:駅.(ȇQsp#փ\ yw?̵ș (rvEwe"#\p$rwxXmT pꤟuF!uy񶗻87E? D`@br7턟Y\ Ƴ~*uAY3Θ꟨[rn-!K*I\"VUm$U5"+aMb]|[ =*Aȩ>z@Z<LSkMhv *ZzSOas Sd4.KG\Q' K)~pUQag'srA|+*|.*RGIzcd$Z%%D]Z eY ]1⩒^@w׸:+&4NQIENDB`CDd l D  3 A" bg!yjQrsUeng!yjQrPNG  IHDR@ pHYs+tIME0+ tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# $IDATXQ #F >{9))<>嚴m!IVj<7Pf3cߧ~ӗ_ӚPH{— )٦ R%2 *1WqFD_B㹘1J7B :T$!.LCJ:Jy*ɘ"@(E0d]J. `E%-=%Irhĸ~! ALHU#>JfvUJQQ9>uCtnzUV̐=8HS(+qDM斪zEVg"qVGU)ڤx : Trt>Q(aBBQ2zbxmJ^'~L:hL=lK'ZFVj+ּTm&RJy\Yϛʆ*2\ᆕ&U"9O+>L9eW|VVeYE$MmܳRƔ%+g;+ʌVV+YheeGiV)Zf o+W\YY)]V;ʦ5+vFVt/סsίWa_rWIRT9I*_ Ld"'rxyb,#mdc"OD7-$ӸS0-qLqMƉ@0!Xב3@) ndr)Yܔ^H֫mZp6hM#Bod##3M%J/%'sJ,&Yk.fAOE"a국8.\,m"B< ۲gj7msqny7y׹_gpQM=2\=^8&!^gUͼ2"0 *i;xGyunYo'Ƙ.9 ;6#SSESMa~"tيN|y)R`$墹G^DV'jY ͂+k/fy.ƠKN y=ٍyx<˲/Rwc9ν LSb;š7Mn8l]d#L^I6O^gO~JrO1?E?{;!\}8vKξ6$ g|WúDϒ 5HUdo/_G9`m.A< (ݴ9HӊUL *C$- "xp0o EXUIU*K)`.r㌬͇b$u6}-dB(S6y9۬W(leB54d:ah?p9dr8ْ8L&;z=vla X6lf`oQ9Ӫ$AE:uuu6wG\ n.rSvMTɹ^%.*yFMd992-XI&(w&&_mV3I<&sa _`nRgbiceQ&I[mZ6JMm!҄-(&D3yILmro94e~a NL&9awnLN r~,4 pĶaF;,`b3(ΠIR^Md{3{R'{_Mx|&\ oЪS?$i*1/8wm:6ls;Z! YL¤Jh?n ZdZY,>Rj j ZLK8B,=A4 VeVp,r@o=z<"s^"8LtLt"Vpf2z`i7T}j IG >?38xl7ujMg`> so:>cv2i:&& ]fȋwZi &dhA'LJf`1ڃ6]H|i urd-{w~vs&9ugp&n5F5UgPeuC}r*Kǹ df]puzg4k^͠@N jd~@1TvnWEeLP+Mv KpdmB+jۜy~;y̺ `r0w6l\98:䀙jsju5-<1=T7*.'W a{"]?#ڙhM_ |Oln+/"w#, N+Ɩu 'O r`8?aqb;n&ɫo~7t;5uE 7Ѫ>?7ǍXIENDB`Dd UD  3 A"b:bo7ʕ+denbo7ʕ+PNG  IHDR[Rb pHYs+tIME1dtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDAThQ< Q)~&*"WɓU ))kF`|NL>t|r'u…]E5oΔețO6S!rPoQ'a . ,S1غLK\ׁ7^?_q|Rm$yZut`otQ҃!v}_C+?Z&mES A>7 fpcƼGY"w>A'bH66N UU־At J+7wf:ggMA #l_b@dǗ/}2qwqM TLI"#A/lp!|PS$/v r8Jc|?JϪˣӖM2Lп."בy#ۡ'juH8̯F k?f}hF eZ?>_tJmhs@m3 ͞ }wy[_ X}7_x gOc [&fLfz],})_)K;am +?aGW6%k!NҝZo7/'/&t}>$k>uWO"]w?hYl]~?*M.9yy?nOf#&YlC|\5;doz?||1c~O{J~Aԁt8?Fҩ fy/NEK*T7^(;Hy=v82_߼ .r^)Y {0eN8ߊ*ןf~n;L1Hym~h׍?W埝=1//AFo .joЩ3#h3^пSZ^>:o !Mo}XgOTrqIENDB` Dd  D  3 A"b" }#el4 len }#el4PNG  IHDR dO pHYs+tIME1i tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDATxK8  J}f32tZ )]f*vzqPn/E6/2o7ÛAa篟f__Cm 2!K.uv +ƞ)6ڰd@ |FcJ% R' 3 C0/cϏ 0 g08^  3lxͼz}o7Û UTl^jR@/tpiƀte 9k 6Aȁ Ƒ<0 f{O&+S |,̐XO1:OlgƅAp#FVy'3|ZH]\rB3ԍH,k?8?wxie06c^-\@Y?K1Κ~WUot]Aֻ/\~>wF z6i 3L#?!C[+/"?exiڡ+QaLyS 0zErD%ΖX1gP=ge)s|J?Z39 Cr b2b5ڡ4@mICF>A*FaLd]u? '?2 D[x.Ğvm"αW1[i1*cIQCm|MB-gkP~3Q'9\Ȱ)? e|kU|9CÐLN Go΅G4p@khSJE{"7C| 6OByPw02 vf0K+VL|'\Ƣ m,^] *}0Ͼ1 ߉մ3_u}ׯ>qsMٻ0%XۀCo72y9;V:LdXDf.LvuP^B+)5oS5osH7%%4MrSp=wWfbLppLЦS^Jy _nfbV; up9>=\+cP!\D: : mϓF[>=5ph4Jm<}NHx5:slcyb , x5Lvвͱ߹5p$g; p)Zs ʪ;5\?{XTG+ O* G $on1o4tKqeLWoCG"{+UENI媽5$2b!P`=a[q%qGψyO T.נ2DQB^We^$:d1A#"XW4ԅ =M\W"x^kd&`ϩ`UElz7cިMYҒkwg׏rԔkM}nwS;~"| ]b)Gה{9߫K6R\Qp IG\-\W8v'.4R ÂK7 軥k.g d›~~0v]Of'c5?juLGq~søA_tFD٩'ml!w{ؒGTali#HɢȑjoeQO;mĬI;rq>g?dNth߹.CN.Kc['\rmuiv\ʕ)w+YgXÝ+em7#;Ę[k˟"wP@!\Hr@2ĕ+qmjǭZU&и$sS^./_/f{) .-I7%+L _)8\=\\go=rv.wa.Y̷a~+;u-+@Q?-|]ſC_sU.E+\y2|+_ƍzӚx"ʍ7.Y+'w%ƚ%oH<'-Pmtޅ{}YǼ1^Xϻqc+=wr'ߝO{qMobhP|/.'5_:o}OqЧB}rZ׹˻}㩗^?zUMn"-,u߿ϐU-w/EE./n>)>ݍq+\]yUi ?G &pc= 5I=|۟ƏٓMX2[0';3N]wS3Wb+0bHL`XjM66ܱ{B)*=,S5XI;#3l|Ҽj * Y`i:L^03Caoջ?R5˭QiJOSt5iZ?M44kgFxm@{(O{.YqT8LvÌ;(8N%œb8qF7xTw`BumayGj XV1Qh,6`Y͠)0',~>*E%2lUkixNoCJ+~Vǩ.` q ;ab&_rmU7}tZ~ Y5֝+3& f1;Ǎ0:8GN 2'٨¸+ΑW"#TmcA]K[9aX;UaCd6zQ|a8Vfs,^I`9-%K o[Ҵ ql8}?gf] v;/.ؿ^IENDB`Dd  D  3 A"bDrf,x$ Lenrf,x$ PNG  IHDRq pHYs+tIME2;tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDAThMn8 Њ%WBaVD-rHPd+mNHi #_{T7\9)NU>~)/=?~m77 bO{|_- P! RMq kIj : jAa "B HI:s $x#ʧWz qyшJaMW:}䏢8SQ#; wU#P4憂m3HKEo"Zhc([pkpt=T| l~2E #& msyGns{ZӼHZ(9 _,V#JH@N(٩m\Y lD H\OP( G P$R9DETSGT(7R_-XBB:)όBfO&,IK`xTp[> >ū,5Em>L!P8.3SNc;44e(Ne~W~P Q³Meh؛i(LN&$5# U E Q|DwNJI4R(w,-%HS(P zpK,Rk[l1#Q( =H3 OVONGκZmT3SHB+7(H]Y#_y+/)bG!S] )X: JHƕvQt;(`aFD!vR%x4}[{o@Dw*ee۫$~iej+\8 =zYPOxz.J?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~C67Root Entryq F@9YData IWordDocumentp;4ObjectPools.@9_1211267157FOle CompObjiObjInfo  !"#$(+,-./01234567;>?@ABCDEFGHIJNQRSTUVWXYZ[\]adefghijklmnoptwxyz{|}~  FMathType 5.0 Equation DS EquationEquation.DSMT49q?F   tL."SystemL0d9 - @Times New Roman-sKOlePres000 nEquation Native )_1211267156 FOle ,--.  @Times New Roman- .Symbol- 2 b7"System------'"System|x Z9-'''@Times New Roman- 2 aSKs -- ~   FMathType 5.0 Equation DS EquationEquation.DSMT49q?F CompObj iObjInfoOlePres000 nEquation Native %)  tL."SystemL0d9 - @Times New Roman-sK,--.  @Times New Roman- .Symbol- 2 b_7"System------'"System|x Z9-'''@Times New Roman- 2 aSKs _-- ~   FMathType 5.0 Equation DS Equ_1211267155FOle &CompObj'iObjInfo)ationEquation.DSMT49q?F   tL."SystemL0d9 - @Times New Roman-sK,--.  OlePres000*nEquation Native 8)_1211267154" FOle 9@Times New Roman- .Symbol- 2 b7"System------'"System|x Z9-'''@Times New Roman- 2 aSKs -- ~   FMathType 5.0 Equation DS EquationEquation.DSMT49q?F   tL."SystemL0d9 -       !"#$%&'()*+,-./012345g98;:=<>A?@DBF_EGIHJKLNMOQPRSTVUWYX[Z]\^b`adcehijklmnopqrstuvwxyz{|}~b  c $A? ?3"`?274*jg)2V(e`! 4*jg)2V:@@hhx=Na]wD(tD{EAHH*jy!8K6;2@lQy E8 CEuG;˲G  'AUCCqhn0%~% p:d0+",RsyI׸kNKoZ!"K^z8Ht\p{EeAoS5Dd b  c $A? ?3"`?28k/l{7*Fe`! k/l{7*F:@@hhx=Na{$.R ! NP(x#"*:d ! X{̋K(Ba*jP!e,wCZ""BC#EPD*qWAe~# pg@/awc}*7~~ . j;r5 կNgNU/X>`AlU`燋iɏ{5Dd b  c $A? ?3"`?28k/l{7*Fe`! k/l{7*F:@@hhx=Na{$.R ! NP(x#"*:d ! X{̋K(Ba*jP!e,wCZ""BC#EPD*qWAe~# pg@/awc}*7~~ . j;r5 կNgNU/X>`AlU`燋iɏ{5Dd D  3 A"bZM:BzGQ#6en.M:BzGQ#PNG  IHDR pHYs+tIME2tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDATh]*Oj?s1@~jQ ?vLbviGjw*n>E6+1߸q|p l4 \pJ)隙qJ%{G:7#I/Y/89qL2&N'8CCpɔ,4%/1s|u )nn>YѴc+<,iEw'^r=e3Oe0Y|B0YKHCmK0:4fvKQGSK^m=8j㨉q⊠Zqf8}{3q|U/i+\H ;.)wɇqyNGcpF'S'qgO646p&B᳈`SE#id~8)8 $yvLƋxk¼+.`9;µna 0t^+q&+.:ך ru'16C#lBeͼ7Q;Q<:<4(}z9?z`Dox&憳"aź{㸸q$=| 7y|:S4}R@G>VEFU(Q:OHW>oZmD%8\U.ڪ"[qWߎi3DR]f)G]s Np>Ok ,y}Ȗ4qMWqYN8^@TP)XVSbЏm~%e~Uݵ"@AA PUx!ϳԋ4{>\㨍6joNUTZY͸&NG̍JpG'2soOX꫷~SH[4/[8jR>yUuK|vӃ5w$*T-U~UMU{g\?z*Sh3mŅC#q7iUZ8ʾEʆ}Hn>GW8[pQc2wg~ǜV8 &D.ړU7Qfqع=7HAA^ [jBɊ-G&/#Q?B[:ӁEay"m\/pi.K;p-=#vq4i"Ia EhEvLדJ,Š)wmǮ+CҶw$A:|:ǖEcrz噸x'Nn ~aS,7[V򵧧Z*wثTeeAЧ)zWppI{`l3 * 2{;ò7yu ads-}6] Ed;Ug!#- w19=HCu9=3/於~)iJ]5pw=4h>7?ZFR;c \5/z.ռ+\5/:;3N~UB^3q:o.U|!HUq{s׉EGkhFO5׍4]ͿVW߸?/VBmIENDB`Dd D  3 A"bib9-5<6=?$xMEen=b9-5<6=?$xMPNG  IHDR )/[ pHYs+tIME2PmtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDATx8 =E>Gؓ@`\=咔8v=cOOM]"K/ܜ 'Y?L@4ů1op!k ^ C{pOk MU9} Ő_kbv '?2e;29yy9l3>bmy $> `^ܞh>GBĝvfHO❄fq1Zb__w'{Cb_'Cjp`@ rU9cHN~G pD "/ۏA0@P1hC+(l?C긓@cpr~ .J: o``'-<_vXmH.ob8TON=f^36B S )cq  '6 L `ZAO L l+CCQI|Uܝ!_$o!abmm蓰24EH5-;NTBcKl$uA r>yP,,r^N ɝ.nyAA @tQ4o)3j}) jjn C_2w%RdrQб`X)y} c`7%U9r "$+[|l# S/\({܈fBJx欓ap%UŽ< 2/ hv Cܖht Aקpx]vȊ@@ܫ5c-ЀDZ$-#6eWQۣ!vJ.iۘ.3tkc !kC N{0je3Xhqs1ǨK_Y:!rH8v~vG3f^X9:8p8R,@Mx@48h!ib+{ Ȭg*t#A)3{A d.VN5 7=X%>12Pj 2O2k0/kvq2  ̠/`:1/>h`? z{ \hݤYcΰ!C{geȫ @ ' Hdt9mC$K`]g6G3DNF|"K<=1J+2XzM C%oȵ2lGoΙb5eZ[psC!.^Y8bޠFUrV^Y 5 U_a; $U4L*L)U5(A.)h0 ;2*.ИAX0BAt5_\\geyp ZShfef]exf@PS|J]&E˛r!\YE %Wq2c OƀkŠ& C[Y-E?t\CMM7ؽ`ߔq2d\p)*qdDl2&??:̱H? ~ps|&W~P6ӃC0]~:LQHHps+~͈ʰ!W~auu?L~ ?.Y ?LaꇹΰF<cuyy}|CfO?̟o1T `>-ۙd9vaZ3辤8֒v&NO<]s/{tg@Uٺy*3`&h,"UT{zk%gE-Š>E; ?ma cK;o[D ݗTa̔|`!M 8ݙTgv$MX`@u,۴^$nӻزTYKҝI,F%7OC꤬/^Wxzs/H/C}>Xa s{ǩavlLo]|M9[ciV& O/nVOo^0?歞%/yzY3ae۷kܿ9O/b S\! O xz{Z|Ӌԙ:szzL G)?O ޝk]O&G?op#Xw01ɬ3飼Hɳt9eJv:+ h Yd&W\)3Cך})b hR*ڷO\C9`h1oluY?j*cf TWf019:'QvV#ǜ2jܜ'4p"]6s[%{d8HA|Gۯ?v w06О;s;! \} _c' UEߝ*-CsL7C`ધ ipЊXR!?-Cn#~$:-3 Rq#wex_ɶM!ol6'Xibb9ud8Nd8~d8~;%uQ9IENDB`yDd D  3 A"b5]@୉oTen5]@୉oTPNG  IHDReoI9 pHYs+tIME2) btEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# ZIDAThM(-Fq^_8jՕ**oA!迾r߹t3{k͋Gh@ϣ6'3zC}≲w"r9:oFyԛňO}4myd"qFcil?v3j;$6 .Ա}tF*/2>ZюG}A#ׁOcCh0QR`Ν:F[G]2b%qHJ,tjАrf4DI^N)YMQnhZEG_o 6ݷH[5n V cȞVYԭ"IЦ!J;@V֊*9`7qt9kQѪ@mF5KBN7c)hwzxlQ,x =$]/F::;K*҉A7"6݉jk lo#J ߜ­ݦ 1tn;Jx.q%c@= Fm Ɗ(#/b>>9R_J15F+V+ܳ,hu{jB򻼑zB* ;ot l19AfB)G{7=8:12#MSpNA1=]=_tY#wa4б=&]HvB'el(J/OwHoOw)]fNFKt%@xAO{^W^uw< ih 9pqhhC4 iq) ӱײXY1~ex#Txڮt<˽zw$vۃD'N\MnS]j*}{Zr^pQÆe8IeұԾ5]3f(];qi 'ܢB5]lUGM'+?OR>]v+K>=߻*M 3MUKcyUt};eHw\Eo5wצFONW@ .4̢MsFCE;]󞚰6Vfŝ8jCzrg闺,֋K)na~nM1^wnsywQ 4FݻʦFcZ-J]]XWu DoIW-hc;#Ϸs6-U"g87z*PahhY5]%==%? 7I yL\jzT7vBq1?>J{{ ]U:&,]یz =-t׳yi5]S~CMmZ4'+kiozG,&l뽋ro.J 1 t:G]q0 }NEzҴNp\_.t{w.Ү=AV Մv28x3||zB]?ӵW4pBT9u"%Vy3"nŔ=.yL{BsbߵwQ t<@u.d2"4d=?d5$:>.PoX SӵQ&}U]#ѻÒ.3ߕN\8݃muDLuumL i'7O ߈.^˽T|Ex%3j/{~_.mz oMz G"ۦcJ7P]>zL1sώ Rug؎P]($>\ [pw$Wm w Iw1G"sTZgl<.3t>.ifG䲗LM z n C25~,֥OsdJGi)5RmO!lm'}@} wa;bW~ߢ{OOg^k=d)g'+]?q7aA~߉-owm~~/EGE?aTɈ8YdIENDB`p Dd D  3 A"b c/MfP Ven c/MfPPNG  IHDRJ.sM pHYs+tIME3%@wtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# QIDATxߎ>QP*>O+GثS%v2g&v' r9 6/%~4F!HIpnO | B̼4p+xa߉K.ă+ C&md &h$fA'(O Dk'uD!H!@;^vjُD3 0E] 3l@`߀E<xc^@xHABڂ0݀+@0C W".s.V@` Y/N}x#"D<D#|`2tF@$"kTH F5YWL Id8 l$!?yx\f}" &AX_֞2F}sXA#`CbAG~*. TLʡ!&L8!~5y r v L\}"dmsv@Eۃ7rx H]i\uocq5$4-tXWKtq"@ FU laO|Y遆< S ;Hc~o@h"7 =K/}J$$!=1qnA {-.^A+:*5 m!@$+J+jp Mn01HҸh#vDc2ggnoFz_vwTwHF9"xH=ؤ bԪ\${u7 >]_vR2=-2yh#c8H.RpKzѮM_Yc{#_.:y]lqtDu:C:kW Eo&?b+CS{\F_bl`zȮzHmf7p rn; h26m} 2Ҥ}ne7,;9{&xEM1iEtQ`?1 _}I?$08b; t1U$D_AB6/f@(jv$ N ](A%e$EtǢ.F=SE>M5_FG;9NlLkpY'= 60Doa&M Qv>` ஔgG{³>CW ?ώ? J.o\pQ;y,0BpԐH5n7JcLIzD})v&;e,pKcsR48 ֮~UF c.[`lwH`Ԩ,5g]cgvPXzn7K.\JӚ:>b5NI_Kf l>k#S{8q(2d6# nF&T+ 0j/j 8*o}2l`30| F-3=aFRmP9+hKQIF:ZT%YxH `FB\c!QV]#},WJ4ԃ%yˤ"@D4}?}09E UyfPh;Dbc ^mH+ T jR4?XD ^|,-Z[ب(?DXi)!e]$Baq%Hs-%ME̮p ilb52}'Ir;Ow3 :/Z6FFx+($54;7ur{p8~gZ.oaF{[Gq-\ɨ\0)Ŋ \Q5iϿt4 eT; sƇgL30.JX[6;[IגD7  qĽpS>w:gF@`cK&ncU\f=Ga^X"uJ[o5ۚ3k 0:Mauw"0c0-eIsUcqQSIAyԜi#pH &gט'83 5Kw.M"vrԛC×~ vXe֙`Qedǰ@* Qr7*%,!^N:l2a%VU0*kS G5~vK t8(%!@ݚ3\c lB D]($oЁTKB@zH P]ޟt!ZWF%gR0 'r BHET9CCnυ"Zphs;\: K6.$+ 2dןJ 8#^y!X Ǔpqfy%I<άq ?̂7#`u#8<2 ZYަy~5 ̂Սk!d3}<9?Nq ]͂,9{L&Q5[5^Z`y`I״KL`G ^r*m_OWK -/xY0M!S4jx*xM`#P1d P3>e_z pŜD2 AB^ZAV6xo B``*\D9X[!t8j-h4- < 5qX;!`kSUlr XbSn83!@/8Ҩ3|{63p+w<:ns>/] E R l0 ָI4V8nc$I|f(;%oQw%<\=G7o<#pY0Ø+ _3 FeabjQp- K͂5A*{2>,v~Y^/5 f<<7\Jvt.8+byRc@'p'p'',^zp# YpuYj5̂6سYFplt'`2 ^!; ;sgCf3wYpf#v?Ypn<`gY5`gY.,G<',x,x΂x0I ŵigd\'Qp2 & '`2 ~$Yp#;%,/6,t>τ; >X}΂M6Bj{/5 t/6 /YY_` ͂]5!Wjڈ՗`vLNN_9>'ZԔIENDB`U Dd X} D  3 A"b e;CkWjJ en e;CkWjJPNG  IHDRG pHYs+tIME4{otEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# 6IDATxM8 J}wA+CG@`rH',;vjT~BS+R&5O?cf.:v~_A}=.1A1 ~߂k1A92E Afc[׎#oG1C g1 ha)(Mv[4Obm>+\(bcj# j`n䭇0<`xQ࿍y<-0ԻA*ca fI36@X`D|@Đ1Ԏ`qz1<[gyQc<<,LUtw=fY䬉Br<z[QS's ;a0YO`p[3E ',2{O00<`MҤ3Kcn\rpعcؖ7F1,Xr `wac9 ‹9`9Sv4_KݔiQS;cHg6zK x}dLsKG1 d3)=`Hx"{z0ah ~]1hF8&a#l"kem Ŋg{`f !Ǔ%,$= 3)-Tg0b5 hc=2ǀCx1(1#s 7c=`~EQ.qKsEЁ`dLjx3|1%^5~~ԣoMmkM${g'P*eOZpKyT\Io8BoT\ijqU던g0B [c:F9^Akd +r\5&W=w AyV=Sb EcKs]Cx1z˞旺S*2iC ðFЌAj€нVmr)Bs1; *NU6FJzMٰfLLLk݈ab7&0D4n$6p J.nKdEeO-|^cY|Ų'|H_='V:krQirMbqKT{*ٲF7d鉈e#cGlaTJƆkrŠ%{=Ol{M.s5`IJ׶%{|P>=;%kL5klV.zv0pKQ-]OWNvMUbl74ҊQ={d 4)qm4]ʩkc)/hɼ׷7~x\YPB5j=k(D+^ο/=ыBD^~d9cBK4$C-c&5dGe93RX>vI/9Gء.jBy*Up@T*f6tE%ϝf^CprbD6aOV 縻Q}[x.jy9v*ho8ΕT&5F>K"?J;d3Q(9cTu_uGX& U/}yRe4e9ٙlH$ˀjGa{CEbT*3rΫZ9x6 TU:J+u__}SX5 `B֞G mZ[X7qt5j|[{3t럖vekD}\Tr_e"VĪ]fZb|WA:OPi:H1AQALZz'GV.ZjB*"n!l1U92Jo2 UjD/UThLZd뻗)LS6S3TϥQi]rL6zj&5T (_SF^QLoQLӜ/ZW#d?&]>pr֢ bk>pOMc׽TteqO:ͷcOQjBCvd(nx aU^j]! kNBnjRj+֢jE\t6x(1-QYLD'9Bm BȼlvY![+$˱e퇨]~}A{SIBIENDB` Dd 9 D ! 3 A " b%}ui/L[`enX%}ui/L[PNG  IHDR&ty pHYs+tIME4gtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDAThK: "H~:K* . ^ȏ8ɉӦvۓ EM?eK@9PF#(?篵~_uc($0J+ /P%9[AI6y g(oA  D@y2ȋ(C ~"@N5b=&Ib'.RmnB`Dt S#;D)aBK]y>Jre:t1fM)Իz(yʐHJhJZ"Y(` ʖYQ% Ef '(rVT xEf;pPPNӄ ТN($ .4]ցsV0 1lQeSIgԠRT?rX B] p-Oį6 v!3ax<*R$RRڌ'W ojL_[*ꗯ1q[(ףn_P+&jQ:lFx %=Ϣ-2D-tN|NvTB:"B(g7`HjבMP"b{ʽn2OdˍbN띨ȸX`f(̆JTkC$pS#-QB+nP+"*|V(j>qDmf5(t7mu%J K`D +VQBEJA\A(i%WJpE-I6's]2.NZ,a:M%.YH8fU9[{<.TEi:"=OTG:ƨ\Qo>(ܢPdxA: l M[ D Ow Ӌ'F+=eox7 MPuA{GTIXa>f@9P@A~S@9P/(WIENDB`Dd D " 3 A!"!b!7g.kDen!7g.kDPNG  IHDRp,̑ pHYs+tIME4"etltEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# fIDAThA: )R:ʥK)\^Q>[O26i萞L=!"ҏC>crE |KA~Q (?ĸH(@<7b H ,LO"fV>@B}  HMlCgKc;jC] =[܉ B;;H`}"hos<DGb l@OaLVΊfdϘ5s~$`IA,?@P 2 )ug ߧ䞕8EDCA9"T;\f*8s@08hO`ld-8F$ JLF^q>T1gL :{?>q~FCgHX}ވ0s5 1v#sx#"HsY۠sD|m7+ IuPI  N@wNB:@:n\t̹yR@ʆ֪%)`7#"f4ch'HvR%V`n 2W74RڮA_9*vHi *rm؞4J9~LVnMEȑho7XmCA5*sE rM_CeA+lO5{(?J|a{j#}ֶozIp uD rL7AT<g4ʩɹKrfea@Z:MmdH(ץ\@V~r5ي230 Xt"$\ a콏HAFk XI@$muW{ˡ +ø`쾹-F'_ ,"$ 64G#„dQIԱ_=꾾D4Gh+GYӨC⠓ǻ<4%+ ~ɊIghquTrDFKYи&LFYb\Mk #5,+g -‹ {^F=F&~⹒M Y%]IZ]_wEWz$2A=h}"'zL$c ;@[sMKF3[ MzX#-oXochU#R6߿sry1 aQ;H# khy(ޮEt?r9!1wz;q΋klq[V4 HUqڵU4kART \@. @ G>b@>? 4nIENDB`rDd D # 3 A"""bjW=F/Ѵ|enjW=F/ѴPNG  IHDRW^' pHYs+tIME4+tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# SIDAThM8 F J}f12M.O9$؊5P@0*(ǿ+Coʟ5?O` lhdg/aG^>VNgj$$J$8߈U*VFv\KCq0E߄Jհ%y9k"+#MŔИάfR|+pjĎJ6Z+;bs>c5>#Em'"%l{7⽺.d I }$JBUyjD?cEg?x;cqqXylz]Ԉ`EX)ҀI${|rPze5-r.074̺z/-XG[u$, sX\Ա^o;"KmTTÌmJJ esh:E:wqz|J},6 ??h5K6y=|*6T%%ֿXpt;&S5o F˃-J4NVX!,1v25[HαǾ,lՈð%>Z6s֖d&s$lz%a's-?ca- V֤+&77E,jt[-6N4"[ 7{rXl58V~O+s)t ¯)v5s/r Sf*{aJˉFlz؉RW's/>bՇXJxKqI-,FD.@հsF(nyF^:c;!|عEU ɢaE[m9aXPm*XFxV=(ήp|iv3C^=gͼ4糦ΚEQ5ń-o+ߥ!kE񨭷"9fOmF)$5H{[w< f#vݎ:h,vRPce|>V[4-BH4jk0CL/-ޚfVP4͖Rx\[fcl2"6hLl- +qjGjYTBF aikonQO@ntjM#4khҸ ʡP[7pfcik7/UeE_eя۲jMC'֧&9coS$P~m}WGmXOzsN}Hx%q>yfԖ$4m0\P[A˓ +%9ѬVfCm1#kf-FF!&YЬԖ"ϩ0DM g}T92D߬rV<ڝ,ۚgiZiK 4>o?6QhfEVJONó"J}W޶xFW[ߦ؍D:52\ PS7$Cukp[%ۣ_Mp*Q1JՖ ,amCxn :iObjInfoOlePres000=?nEquation Native )  tL."SystemL0d9 - @Times New Roman-sK,--.  @Times New Roman- .Symbol- 2 bo7"System------'"System|x Z9-'''@Times New Roman- 2 aSKs o-- ~   FMathType 5.0 Equation DS Equ_1211267147BFOle CompObjADiObjInfoationEquation.DSMT49q?F   tL."SystemL0d9 - @Times New Roman-sK,--.  OlePres000CEnEquation Native )_1211267146R:HFOle @Times New Roman- .Symbol- 2 b7"System------'"System|x Z9-'''@Times New Roman- 2 aSKs -- ~   FMathType 5.0 Equation DS EquationEquation.DSMT49q?F   tL."SystemL0d9 - CompObjGJiObjInfoOlePres000IKnEquation Native )@Times New Roman-sK,--.  @Times New Roman- .Symbol- 2 bo7"System------'"System|x Z9-'''@Times New Roman- 2 aSKs o-- ~   FMathType 5.0 Equation DS EquationEquation.DSMT49q_1211267145NFOle CompObjMPiObjInfoOlePres000OQnEquation Native )_1211267144^LTFOle ?F   tL."SystemL0d9 - @Times New Roman-sK,--.  @Times New Roman- .Symbol- 2 b7"System------'"System|x Z9-'''@Times New Roman- 2 aSKs -- 8}  CompObjSViObjInfoOlePres000UWnEquation Native  ) FMathType 5.0 Equation DS EquationEquation.DSMT49q?F   tL."SystemL0d9 - @Times New Roman-sK,- "#$%&'()*+,-.256789:;<=>?@AEHIJKLMNOPQRSTWXYZ[\^_`ac-.  @Times New Roman- .Symbol- 2 bo7"System------'"System|x Z9-'''@Times New Roman- 2 aSKs o-- ~   FMathType 5.0 Equation DS EquationEquation.DSMT49q?F   tL."SystemL_1211267143ZFOle  CompObjY\ iObjInfo OlePres000[]nEquation Native )_1211267142dX`FOle 0d9 - @Times New Roman-sK,--.  @Times New Roman- .Symbol- 2 b7"System------'"System|x Z9-'''@Times New Roman- 2 aSKs -- ~   FMathType 5.0 Equation DS EquationEquation.DSMT49qa#08 Hb`y2MQQ+ø8ZMKn#8 Ӂ&7Hk`0z:L=M35˘w$x)8Z`/MK~Ƨx?fSio~$#0'~0Cy]m3H&4Zhz-88@Bҁ߄if0z‚ 8~X>&+ mx$)(K/`S`GФ6 f$4]-wm[Xz>Pܬh>Ӵ-acq66[Y,w\ۆN>3|&0(dLYqà^Qv&wWiBV\c|2q2,tfA6B5]Ts&Mj Y2U L]|RJSo)ρ4E=9<\47r5UaH"!Nqf)0GT|0@ \9i8#^¸*Wj2DeS![OUjC\3v )fǕeR#X[&C0u`` aZW+&<S÷hϬ+$l**!r6^I.BֆזYW 3l.0,*:L3kj5x2n5qϘ#EUhat1]qE,r@@5D, R \'0I=qu\~:/jC. =0rm5qpHh 0?Lgnq%GCU,Z8 jW8d3:C`Rta2 aJsF L/-fZX%Vcw9p-@{Ul$TK>R& fW St|Z QV&i`[\;L:'0gZq~q5E7eTk]\ζ &^WUz{`.} 'apڙm-Q$$3JC-s9B>2Ic 6h#b4>#'0dS5"=[<cDQМ. 01 #U0X*l}9aQ;T&?`|m9sAWv:t`|F`f`d/H՗ҷ6l''সz+qțD nm 0u$J/Z&~Ѷ`is' sœ0' s`I|uœ0'a0&KIENDB`Dd fD & 3 A%"%bDg@U1avh enDg@U1avhPNG  IHDR: pHYs+tIME5EtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTEUUUbIDATXK ضU"b l=IRUzt-ZT N_ߟS潁SNj )- _䷹4к3[_rdp>q<~6A( <#lcTB:)x3.Ohה40,cď,;J-)fHަ0)Q[."aEt.7 yolx{Ĥ{3b  G.ߜK9Rb諥Ɯh 'Xch.R]f>m3 fPC\YUev $Ge<ɮaN#20,/,c79x-7DkCjЀ>s09D !Z EfyS>;|USh4U ~e;?JAn{@#68k]߫A؟w .v <c<]?4#f& 0D4\NP*t*&$= 2:x ux.iHe.!)@!Q@E=G$ q`6)Xe !nr H@ ZPV I@j:?ަtJ :#j)׀r4RC Pi\: X⪋ow!5@gNu0>{dRk|7/wW\s\ Bd~,c#)sa ,HPAC[bE @"u+",Ƞ)d IT@2ep 4 Iw%Ldp*o΀h&n"ԥyFrH ]H\_,)S fЉяnU7$j= cxJ6DQ#KQiIɟ1N ZY@]dkR%ShTj DɃ vCy$fBj1͒TTQW Q΁cM@i!+$M |:3-A\R Y t*F$$b:yeH~Br֨W4Jb⚗ &X$y\lj wuU`9Gw2\g 2CzOKe5ɪf_+3,r W@ pE`b#.WL:VVQ4~biX-kqyހpk%z<Ѓ4/h+:]d 4.ךsxYyrduj A[E{ -1OE  HUHYFvAʻuV/X6[rby)yۓy B/>оExc5b]ن ނX؂cAJߖfcF[>^ly^0X ؀0FyǭEh5vQe5) 5"ԃjWLg ϕG3r FJHmBSi M/@T0ybw1Ze^Ng;F"e=O@lddwўE.oCQ~+2[+͞Joҵ%ɿK) yNd989u/T] |Qϯ#ޔv H^Q`MRP @7\@{]F D׽ݳDBoYc{losv =12Xs b5/Vɰ+.Ih-QNk{A>#>m?!-r v r 7 r CA 9c; {/IENDB`Q Dd cD ) 3 A("(b.b:/en.b:PNG  IHDRmo pHYs+tIME52UItEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# 2IDAThMn8 J}f102ͬ. BR~,IiEܢMHWJG<{so'?ۏ?v%sGU>7·xηfHYn dMr43ZTgEYnCEd-Iq!DRϣc$sS)ʔ='!bWC $JpD2 +௅'U%S@ éOms h9`%a IV4?tmfpXi8`[ьJ ` I I&rI[HPI4T.zKJx36p`xMR?fgE‰ܹ~]_^1|c8ϑ‘q9n"Sw8-+qP\VΝֳt~|{Q :7 T= -=mWuHelUw9h'+*[|QK;89 S7HXʟ9 *T}-) EG8$*;?dA'G7}N猃0HsZ0 FU3Bs 1!9raB~Ä3¹^9;C|&}хP1m!( ǤdCT#ɧGXp@W 撕f}˰+f,8ո?EbRy O~)Smǡwm~^A"ȼA;9Zk}X(7Gnմ0^^kg]5Sr ҒCoeM \dO8M،CsG{)D6SUC!:WpPb/Qls R傼, ڿ&mT?!87 ٧KZJ80yT^D 9en w^>yT^DPNG  IHDR+e pHYs+tIME6N4gtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDATxώ:QV(O*z ,}| =oB?]~Tqk'KXnd pǫ07\#=!A 5b%邳Ii`s#:e J.X0Y(xZ8D`a5^V.↯XX4QαT"ablt6ыIJ~0`7q| `Y=an?%M]KQ{6ŲVPO)ވeN]좵F8A [0>s͆E!k4Sbb!X,Vyoɼ 8,IC|jǠ٭ BGveY(6Kc#K̳0YdlBlhc;SbEyW,". BebdM# X_E$]r`y&!ɳѼUG|ntIg,-I3񌥗=nXZYc齹`AX+p`{.2/,/TӜ9;{XJ|0&V0M#KcҰ,$0ĺ)X<:UE:z>Oxrb)x,<{r>~esc<ɍ?G3|T.sg$䂸/ba/_ojXaϰX1\KMm Z*-7,xjTZjlXR)ҕX%YbNlۀ 4Nd\ُA8].nZ*biO7\r|av33xeQi%'rR >Ţ JGæd%dYXtRAPWrnEh_`?ZI\]2:w"u"\GOlE],wrc:lR`Rg6>a 1>Lwn@obbF3,w]?XDB 4X V8mjQRo񗁅0&,jq+VdH$-7ͣS-˜D}6kNczěX",i軩Zk6ipH,7`b9:@kd?MUf{,US\ld{ Kh]>Z꧌чa|X>,,?Iay?byJyIENDB`^Dd D + 3 A*"*bwCoMbEenwCoMbPNG  IHDRAnw pHYs+tIME M{tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# ?IDAThM0 "J}zB*f%p1%i;-{ 1='gw}Gb_u([;ٖ{[9.9.x.&?}tju~i>!aqD~x@R} %E,6W$w]‰G~W-cĦPt^:ka8.c GJ:cذ |&Á{{]b3$&u<] gJ%8;(/-׆35ZMek {.ٽWx C˞KrW-+;YlX&{UƦlhvs A1ؘٖ3"l\?tD}19UYwn&*Zđ }/IV͆46?s-]bK ;Xn)l4Mj$dټb"gRoEfsGl3[4l[:3N X;z4(lqΐy$qFgeZ6glbSv[ws6.(?̷e.;@.W : H(-21k$0ﱬ2Fzٸ̦\)]Se՝{k<`'} iD=;j/!Z6l:`wq/.0Ug=f`mlMq^֡"ף1;I&Llvwvf[v0dlٴec ӖaAG4@DM6|DLjW۳b 5,$"f G %7wg{SږWmj/.`f8ff=]K޷}.q5j2{gŶ@n;l[]f  ۲lw}˶|/逽o~z+v0G!ծ+x_AtKKu6A쐥])ŕh[|+MVSP%%̿~]/vKIENDB`t Dd =D , 3 A+"+bFҖerҿdH9-LenFҖerҿdH9PNG  IHDRt$ pHYs+tIME6]XtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTEUUUbRIDAThM8&*oq>l%M c"$$gYCg)xO M~6^pۢ_;E?dZ2LN:bɈiʟL43sE(JNt-|r7Dw3yB+܉< 7AN!ӀN]12$R{9%ydJ@IN /O Ո =Htzd2#U],2":LCw]trΗa>pDL&䬒x!by Z\.@iK8K֟[RkD{.E+G(9? U,hxL#rߒdsD) ds%d|4\7QF&K3uT=r&iTEq'6Lߦy;SF(JV2摿?+ok/YjbbZ3%{Z!, K.By";ɀ"B^fi]g\4A:a&qN39gM#GN9"9l!A]CjMЉ Zo d4O.dɕ:ڒu&K:rJEhd8NciZEFSîȪF[2cC6bYm!X,% r=㚜䄶d} Y4,LD6:7ȩ8ٸ=2凅[{"]&q2Y&K_ɱ_y&ę8c^Kk^qj}t hOe:96{3LggjUɞfO?@ƖL;yN%w%JK|;TwВqcX;Ƶ3 on2=Tgˋ93\ dɩ%S[G%vܶC+G&Z)U!){t޷ykt8A9jg@yCȍ?8BwRl ܕ\zؚ,=vz@@=;GPSKn6w?HLydIjg380ʞfO$OݼeZ:  sfK Y|lYw6䘽\f)9H$&l*Y*Ѩt]3I7os]%x:dOp8N@|6Lд"-j | %g%i29=;xLD:C䱐ǼqΟT520^r> J&ɻ U&_l3IUUFT2^F/"Π|Qx瓋3Љta7 GsyJK\s]gN}Κ~팓 p:P7,inHAw^AXfR*qJ.L]2 a  ,֜w#X/FVF p pzuD6B&`.q%mK;&idiYHESy&Uc^,'y!EU\^?O XXꁱ&aVN>pz/a~`I~fsD}>m=c@6aVNuW3eO1L(3j"}ܵ}Xw |1',dTA1u ~0'^C۶;:~{8 2BcPGKr)79#L<;f8„=//h! = l^/Ǡ1M*ż3w$ v⮶8i ޠy#棭fգ fY>7g kx[pGޛc/bgx|x!-!TXleP(>LT a+2ȔaDW[^^mXxo,9?ϿܯJIENDB`\ Dd D . 3 A-"-bU!{ |Q&0\enU!{ |Q&PNG  IHDRp"SD pHYs+tIME60gtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# =IDATh_( #J"}v1@B?!K;rʵT*NOi՝/{.~_o_ߝ_mG[ 8UY TtD/;(f[7?w ,P0RjM5):ܧ }^9R1[>jGh Ly@t\j%&<$] dP "P( RI<7(0_jG¬$,J4 Z#N "b!`eEb8X,('pudZ=ο3xhI"Ϳ_W[1&W5y<% ^{`9 7)W,b⊖Z|ػtr_"l~#ZDy#r- @A`<`>ܟRb?W 4J=01O)-LF`>& 9"'9kDy58Pe|T`١<%zM$wwRvA f21 #x4w]Uv ` .#6-`QG!=F|>l ɣLp{ n`#MIޛ HdNj " <s܂룁σZ.kp}:*izw%$dYMp@E]$]Jj^Ypj|3L_LH;0_f {o̟ XJ| #VCZ`/ <>Qވ.e11`WkF1xG@:,g"4 #<麿Ko~3?%P!IENDB`Dd } D / 3 A.".bMgx31܅seenMgx31܅sPNG  IHDR!Bt pHYs+tIME6:?tEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# IDAThK8 J}s JACy$ TEh v"idIzGH,/ݓDk$:0RI=ԟnHX:t AFJ$&q$HLd$V,Ien'&"1#رwII<$@c8ؤBv^`ɓ6gKwhA3`x k+e³nLqs!/Qx1m%` Uy+$Q9gG=9_ox-BiHcLD&ɡnr9@w"|gEN"`YH8ɯ6{ <\0I" 4YG:tNB zIN7j>VĖlbweҝސ|YxڀhfU#k_%~[;mO+ɝv4ωXP0υx?%sΚ"^X$-!N1PX$E +$ϣIRIܛT(Hd\!ivhj.[uH"8$M $w$X%wX%M8釧!8Ǯlt\OJ}>푠tN:t rI;BsKFp` ANbB"rI2 ̣ \#9s:Lq(R^$t(2j1)vGs:L9i'w.rj􅪟v:t흤,{饸+$ oӷS:2t3Uw&[>9[uתl2Ѫ-M:])F[uZ"DMRmՉD|$iNj׸b`mlϩIvJ&ͭ:-\U2t:\Žn'Z>}/֧{T\/)K?9 1伣t97HV5sθ!>pw`]u6k]./@}C޽qgHlsF]I"+ШjQ+Fa$իu۪rY]Cn;SXIkmyg_zeFt-K(]/-;Q=;[s$Z!Ɨͮ$u IGǬ jPJq>NRⱾ8M5%4H\ɓqa'y~h$SӢ"5yf5co$RQ %<X!qTHlI:GeJ<$%y|7NyhcX*xf:{Ҷ?ю>h~,Ct҇!Iӧ7(SVEuIENDB`Dd D 0 3 A/"/bz^>44="+EAmenz^>44="+EPNG  IHDR>?u pHYs+tIME73DtEXtAuthorH tEXtDescription !# tEXtCopyright:tEXtCreation time5 tEXtSoftware]p: tEXtDisclaimertEXtWarningtEXtSourcetEXtComment̖tEXtTitle' PLTE# qIDATh߮8 ƣ\!?EU}+,\;-4 i~q OH?[I?YJ5$^;b*X`sLH@!@3鹈3 DʂwFS.qȤa' E|+IwH-yIu)%!7Γ@ RJ; `aIv[6wFbOjB$@HzQI:'͈+#1h S%v,]/˝ė;ӟ:zA:H qDڑ+ɞ(I(NH<0߯P$jiԃ7yk-$\#ETlmm.`-11YƄlߴ@Hj{6WҨ ?56zΤжH:)^H:O=V8n΅]]WWJn;7'l]}}A#/!f- w'˜'FwJzn=WhAZ@6k}k$9!YK]x5MSlNrіꊬuɢHeLEM&umiػ& ܑjk?3Hmr=)_D*y)%ӤSҬs'SkUZDO3ؓ\s@J}=czL7Sn% iņFފe yߴDuf%t0F/:D($dyXxz%>-d/ ^w6ϓ9.]^2{SތQwc[?YwhldI$c8V$kH~O ,MA6`Lr'<;' /zSk[-;OxA:HH>}hM0-H7IENDB`Dd b 1 c $A0? ?3"`?02:=eV1/IM te`!=eV1/IM:@@hhx=Na]DG#Ty(\HH: HB9Y$< ;m *ISӵ)'#}GO9;=0,аu2{v!Xd%,vz N?2,)RuO3OH܎/ *% vtȳ=!k]c;o=QDAIAh}QsPrqڑ-1(U]A9(?#tiJC4, ( *z^AbQKv؆iɐs6QyQr7I={=$T7D ((Y; 7o|tVOIضlD[(FiK,Shr|z:t6XH&'u ꗠ&ݛҶ֏,# GkW1TqkE T_rT?oqlu:PgC U75FWPM/.oHခ:Uip|N܄l}55ѣY֣@N :A' Ay"w@W# e&u LpszGKvZ]f\8P x%Ȏ^J ߑ9][eS}Z 3^"2{ SABn#y@u 'GAv|tޙ Rhg.MCoALa-qrˋz\zqUN֯]rO_-hed[fĢK cVa]T0TɛuE ?%GCiet0F)iŗk%rYV{DkPHA*Xc17 7KƱLlmĨk>5>>z%wCK!j-Ts|-0Lu|.Jon[my H4WLw FO|w`>ݕ> ƈAj뻖SFPu|[ЈCx}k T_?{hr|B*5.6fku_8;u=ك=B~v :A']zTN Q:IENDB`Dd b 4 c $A0? ?3"`?32:=eV1/IM be`!=eV1/IM:@@hhx=Na]DG#Ty(\HH: HB9ܥ {+ϡ|T494J ڃդ/F@I_ykH1?Χ4kX_JoƽkNJoPhҫ_ Κ+{(c?\|=HM~"ӛ4Dd b 9 c $A0? ?3"`?82:=eV1/IM e`!=eV1/IM:@@hhx=Na]DG#Ty(\HH: HB9 c $A0? ?3"`?=2:=eV1/IM e`!=eV1/IM:@@hhx=Na]DG#Ty(\HH: HB92:=eV1/IM e`!=eV1/IM:@@hhx=Na]DG#Ty(\HH: HB9 I 3&b\KJ[),61&9MBOJEKsM|z)~YdURu@GTOp@UnknownGz Times New Roman5bSymbol3& z Arial3z Times?5 z Courier New;Wingdings#hBBJkř\Hř\H!x4bb:#?M|2 Chapter 12Connie SignoreMHE