ࡱ> MOL%` bjbj"x"x .@@ 8...>NNNb3338"44bi25Z6"777A8A8A8iiiiiii$jhPm+iENq9=8A8q9q9+iNN77;piO>O>O>q9N7N7iO>q9iO>O>n`NNc7z5 Vzu/839a igi0iam;m@cc"mNeA8>8,O>8$8A8A8A8+i+i=jA8A8A8iq9q9q9q9bbb'F-bbbF-bbbNNNNNN TIME VALUE OF MONEY Financial Calculators (Texas Instruments - BA II Plus) N Number of periods I/Y Interest rate per period PV Present value (often negative) PMT Payment FV Future value Example  Enter: N = 3; I/Y = 5; PV = -100; PMT = 0; CPT; FV Answer: 115.7625 Notes: Please set your calculator to the following: 1 period per year End-of-period payments 4 significant digits  EMBED Equation.DSMT4  Excel PV Function =PV(I,N,PMT,FV)  EMBED Equation.DSMT4  Excel FV Function =FV(I,N,PMT,PV) Questions: How much will 1 be worth in 100 years if you can earn 20% per year? How much will 1 be worth in 100 years if you can earn 21% per year? How much will 1 be worth in 105 years if you can earn 20% per year? How much will 1 be worth in 105 years if you can earn 21% per year? Excel Rate Function = RATE(N,PMT,PV,FV)  EMBED Equation.DSMT4  Excel NPER Function = NPER(I,PMT,PV,FV)  EMBED Equation.DSMT4  Question: How long will it take $1 to double at an interest rate of 20%? Answer:  EMBED Equation.DSMT4  Enter: FV = 2; I/Y = 20; PV = -1; PMT = 0; CPT; N Answer: 3.8018 Annuities Constant payments Fixed number of periods Ordinary annuity payments are due at the end of the period. Examples: mortgages, car loans, student loans   EMBED Equation.DSMT4   EMBED Equation.DSMT4  Annuity due payments are due at the beginning of the period. Examples: rent, insurance, lottery payoffs   EMBED Equation.DSMT4   EMBED Equation.DSMT4  Note: You can switch your calculator from end to begin to do this directly, but be sure to switch back! Perpetuities Constant payments Infinite number of periods  EMBED Equation.DSMT4  Additional Cash Flows  EMBED Equation.DSMT4   EMBED Equation.DSMT4  Cash Flows on Bonds  Financial Calculators (Texas Instruments - BA II Plus) CF Cash Flow Register Notes: Please clear out all previous work! To compute IRR, at least one CF must be negative. Enter: CF (CF0) = 0; ! (C01) = 10; ENTER ! (F01) = 2; ENTER ! (C02) = $110; ENTER; NPV I = 5; ENTER ! CPT; Answer NPV: $113.6162 Irregular Cash Flows  Enter: CF (CF0) = 0; ! (C01) = 100; ENTER ! (F01) = 1; ENTER ! (C02) = $200; ENTER ! (F02) = 1; ENTER ! (C03) = $100; ENTER; NPV I = 5; ENTER ! CPT; Answer NPV: $363.0278 Interest Simple Interest  Interest is earned only on the principle (not on the interest). Compound Interest  Interest is earned on principle plus interest. Nominal Interest Rate  Also called the  quoted rate is the rate quoted by banks, brokers, mortgage lenders, student loan officers, and car dealers. Periodic Interest Rate the rate paid (or charged) each period. Example A 12% nominal annual rate (or annual percentage rate) that is paid quarterly is also a 3% periodic rate that is paid quarterly. Effective Annual Rate the actual annual rate paid (or charged) taking into account the number of times the interest was compounded per year. Example Compare the following two loans: A credit card loan that charges 1% per month [12.6825%] A bank loan at 12% compounded quarterly [12.5509%]  EMBED Equation.DSMT4  where, M= the number of periods per year. Nonannual Compounding Semi-annual Compounded Interest is credited (or charged) each 6 months Example: bonds Quarterly-Compounded Interest is credited (or charged) every 3 months Example: dividends Monthly Compounded Interest is credited (or charged) monthly Examples: mortgages, student loans, and auto loans  EMBED Equation.DSMT4  where, M= the number of periods per year and N = the number of years. Continuously Compounded Interest the number of periods per year that interest is compounded is infinitely small.  EMBED Equation.DSMT4  Questions: Would you rather invest in an account that pays 5% with annual or monthly compounding? Would you rather borrow at 5% with annual or monthly compounding? Amortized Loans is a loan that is repaid in equal amounts (often on a monthly basis). Examples: mortgages, car loans, student loans If you borrow $15,000 to buy a car and the bank charges you 6.25% interest, how much can you expect to pay monthly? Enter: N = 60; I/Y = 0.5208; PV = -15,000; FV = 0; CPT; PMT Answer: $291.74 Table 1: Amortization Schedule $15,000 at 6.25% for 5 years. MonthBeginning AmountPaymentInterestRepayment of PrincipalEnding Balance[1][2][3][4][5]1$15,000 ($3,585.20)$937.50($2,647.70)$12,352.30 2$12,352 ($3,585.20)$772.02($2,813.18)$9,539.12 3$9,539 ($3,585.20)$596.20($2,989.00)$6,550.12 4$6,550 ($3,585.20)$409.38($3,175.82)$3,374.30 5$3,374 ($3,585.20)$210.89($3,374.30)$0.00  Note: In Excel, make sure to use 6.25% (not 6.25). Real Rate of Return  EMBED Equation.DSMT4  The Rule of 72 This is a useful rule of thumb for the time it takes an investment to double with discrete compounding. To use the rule, divide 72 by the interest rate to determine the number of periods it takes for a value today to double. Example: If the interest rate = 6%, the rule of 72 indicates that it takes 72/6 = 12 years to double. Using your calculator you can check this solution: Enter: I/Y = 6; PV = -1; PMT = 0; FV = 2;CPT; N Answer: 11.8957 years or ~ 12 years The Rule of 69.3 This related rule of thumb works for interest rates that are continuously compounded. Example: If the interest rate = 6%, the rule of 72 indicates that it takes 69.3/6 = 11.55 years to double. Practice Questions A company invests $4 million to clear a tract of land and plant young pine trees. The trees will mature in 10 years, at which time the entire lot will be sold for an expected value of $8 million. What is the companys expected rate of return? Enter: N = 10; PV = -4; PMT = 0; FV = 8;CPT; I/Y Answer: 7.1773% Bank A charges 12.2% compounded monthly on its business loans and Bank B charges 12.4% compounded semiannually. As a potential borrower, which bank would you prefer? To solve this problem find the effective annual rate for each bank:  EMBED Equation.DSMT4  where, M= the number of periods per year.  EMBED Equation.DSMT4   EMBED Equation.DSMT4  Answer: Bank B You can afford to make car payments of $650 per month. How much will the bank loan you at an annual interest rate of 13.5% on a 4 year loan? Enter: N = 48; I/Y = 1.125%; PMT = 650; FV = 0;CPT; PV Answer: $24,006.21 You decide you want to save money for your retirement. You are currently 25, and estimates you can afford to save $ 500 each month until retirement. If you plans on retiring at 65, and save the money in an account earning 4 % interest compounded quarterly, how much will you account be worth when you retire? To solve this problem, first calculate how much you deposit every period, as well as how many periods this will cover. At $500 a month, then each quarter (3 months) will cover a total of $1500 in deposits, while over 40 years, there are 160 total quarters. Enter: N = 160; I/Y = 1%; PMT = 1500; PV = 0;CPT; FV Answer: $587,073.95 After deciding to buy a new car, you can either select a lease or a purchase the car with a 3 year loan. The car you want costs $35,000. The dealer has a special leasing arrangement where you pay $1 today and $450 per month for the next 3 years. If you decide to purchase the car, you will use a loan with an 8% APR and will pay the car off over three years. If you believe that you will be able to sell the car for $23,000 in three years, should you buy or leas the car? Find the PV of both options and compare: PV lease (Note: use the interest rate on the loan to compute the PV of the lease) Enter: N = 36; I/Y = 0.6667; PMT = $450; FV = 0;CPT; PV Solution: $14,360.31 + $1 = $14,361.31 PV loan (Price of the Car PV of the Resale Price) Enter: N = 36; I/Y = 0.6667; PV = 0; PMT = 0; FV = $23,000;CPT; PV Solution: $35,000 - $18,106.86 = $16,893.14 Answer: Lease What break-even resale price will make you indifferent between buying and leasing? Find the FV of the PV of the Resale Price that makes (Price of the Car PV of the Resale Price) = PV of the Lease $35,000 PV of the Resale Price = $14,361.31 PV of the Resale Price = $20,638.69 To find FV Enter: N = 36; I/Y = 0.6667; PV = 20,638.69; PMT = 0;CPT; FV Solution: $26,216.03  Discrete compounding is the process of calculating interest and adding it to existing principal and interest at finite time intervals, such as daily, monthly or yearly. It differs from continuous compounding where interest is calculated and added to existing principal and interest at infinitely short time intervals. *KLMNbe         E W m n ڵڵڭjh? hy0EHUj K hy0CJUVaJhy0jhy0UhGHhGHhN<6 h}hhN<hN<5>*jhN<UhN< hN<5hN<hN<5hh(UhbI5\ h?y5\6LMb   E W n gdy0 & Fgd & FgdN<gdgdbI*Հ       $ % ( O P Q R i j k l m u ŭɱɥɖɅɅ}na}jhuhuEHhUj&)K huCJUVaJjhuUhujh h EHUj&K h CJUVaJjh Uhhw(hw(h? 6hw(hw(6hN<h j h? hy0EHUj K hy0CJUVaJhy0jhy0Uh? hN<hy0$     U $ % & ' ( P Q m n gd  & Fgdw( & FgdN<gdy0gdN<  # $ V e o   ' ( D E  & Fgdugd3gd gdY* & F gdY*     ! " # $ ) + - 3 6 = ? F I O R T U V \ ^ a d e o  # {wh7gjh7gU hh7ghjVhUhuhu6h8$hu6huhuhu5 h}h3 hkYS5>* h35>* h35hN<h35j"h3h3EHFUjDK h3CJUVaJjh3Uh3hY*)# $ % & ( ) @ A B C E P k t Ȼ׳ׄwۛsks\jAK hmCJUVaJjhmUhmj5h7gh7gEHUj(K h7gCJUVaJjs-hUhhhu6h8$hu6huhhu5j,)h7gh7gEHUjK h7gCJUVaJh7gjh7gUj$h7gh7gEHUjK h7gCJUVaJ Z[hzTUklsgd%gdm & Fgdmgd  (BZ[h漯櫦yl]jK h%CJUVaJj?h?h%EHUjK h%CJUVaJh%jh%U h5hh5 h?5 hmz5hj&<hmhmEHUjEK hmCJUVaJhmhm5hmz hmzhmzhmzhmz6hmjhmUj|8hmhmEHU2STUXlq&(*BLNPp~汪z haT5>*haThaT5>*haThaT>* haThaThaThaT5haTh%H* haTh%haTh%5haThGHh%6 h%5hN<h%5jGh?Uh?h?h5h%jh%UjCh?h%EHU.s  >ln&m89gd TgdbgdaTgd%gdm & FgdaT   $,.<>RVZdfhz|<>RVXhjlnǿǻǻǻǻǻǻǻǻdzǢhbhb5h%haThaT5>* haT5>*haThaT>*haThaThaTH* haThaThaThaT5jNh?Uh? h?5h?h?5 haTh%haTh%5>*:&Hm789N*+_`wxyz{|俺ƫƢƢ~voj hD5 h Thh Th6jUhhEHUjK hCJUVaJjhUh h T5 hFh Th Th T5 h5 hFhFh T hF6hFhF6 h T6hFhF5hF hF5 h?hbhbhb5hb(+^_{^qGH & F gdh & F gdhgd & F gd Tgdmgd T(356AN^eqFGHhijkŻŬŕↂzjh^T#Uhbh^T# h Th Th Th Th T6jYh Th T5EHUjK h TCJUVaJjh T5U h T5h qh q6hbhj_5hj_hj_6h qhj_haThbh q5hhhaT5>*/~|TUjkvûwswskshy0B*phhy0hy0CJaJ hy05\ hy05hDhy0>*hAVhAV>*hN<hAV5hAVhb5hAV hAVhAV hAV5hAVhAV5hhhbh qhFh q6h Tjh^T#Uj]h^T#h^T#EHUjKK h^T#CJUVaJ*<~{| %.ET $$Ifa$gdAV`gdAVgdb & F gd qgdmTUkd`$$Ifvֈ p <xx62 22 22 22 22 22 24ap<UVZ^bfj $$Ifa$$IfjkkdIb$$If;ֈ p######62 22 22 22 22 22 24ap<kmv $$Ifa$ $$Ifa$%.9EFP[dowxy}~UV7k筠眔~hOhhOhhD6jhD0JUhDhD5hDj/jh^T#h^T#EHUjLK h^T#CJUVaJjh^T#U hy05h^T#h^T#5 h Gs5hJge hD6hJgehJge6h^T#hy0CJaJhy0hy0B*ph1kdc$$If;ֈ p######62 22 22 22 22 22 24ap< $$Ifa$ $$Ifa$kdd$$If;ֈ p######62 22 22 22 22 22 24ap< $$Ifa$ $$Ifa$kd*hGhN<hG5 hG5hhhhh Gs5jhh0J5Uhhhh5hOhhOh6hDhOhhOhhOh5 hOh5>* hD5>*hN<hD5 hOhhDhOhhD5hD3c!k!!!!!!!!!!"""."/"0"1"2"3"J"K"L"M"N"T"V"["\"^"a"""""""zpie^e^e^e hOhhOhhOh h\#5>*hUghUg5>*hUghUg5jvhhUgEHUj=]K hUgCJUVaJjrhhUgEHUjO=]K hUgCJUVaJ h ThUgh ThUg6 hUg5jnhhUgEHUjK hUgCJUVaJjhUgUhUgh\#hUg56$!!!!"2"N"]"^"""$#7#8#m$n$p%q%%%%' $ & F a$gdh^gdM* $^a$gd+ $h^ha$gd+^gdOh $ & F a$gd+^gdUg"""""""" # #####!###$#*#,#7#n$q%v%x%y%%%%%%%%%%%%%%%%'''''((((%((()(+(1(2(3(6(?(A(չյ hh h5hN<h5h Gshhhhh hM*5>* hM*5hOhhM*5hN<hM*5hM* hOh5>* hOh5hOhhOh5hN<hOh5hOh hOhhOh:''''(N(u(v((())*)+)~))))!*E*F*Q*** $^a$gdhgdh^gdhgdAV^gd $h^ha$gdhA(F(I(K(M(N(V(X(i(j(t(u(v(~(((((((((((((((((((((((()) ))))))")$)))*)+)Q*V*X*Y*`*c*d*f*l*m*n*p*~***ֽ֤֮hhhh5>*hhhh5 hh5>*hhh5>* hhhhN<hh5hhh Gshh5>* hh hh5hN<h5h@**************[++++++++++UimoԀՀր؀ـۀ܀ހ߀ɸɰɨɠɜɊ h+0Jjh+0JUjhRUhRhUgh+H*hUgh+>*hhh+H*hhh+>*U hDh+h+jh+0JU hKB5hM*h Gshhhh5>* hh5hhhN<hh52****************+ԀՀ׀؀ڀۀ݀ހgdAV $^a$gdh These problems are modeled after the following end of chapter question: 2-22 & from Financial Management, 12th edition, chapter 2 and 4-17 & 4-58 in Corporate Finance, 8th edition by Ross, Westerfield, & Jaffe.     PAGE  PAGE 7 Time Value of Money gdAV &`#$gd7h]hgdbI &`#$gd  hKB5hRh+ h+0Jjh+0JUh\#0JmHnHu,1h/ =!"#$% Dd }}D  # A#" `"]G ,S'cD@=]G ,S'c:85Gx]HWE&-!`h4%blҦФi0Tli(}>B m4>SJ3u3;*܁=;{wwGS(1 `\ F-nbρV$h*CQ/P6`kBؽx (Jzd*@%"c\px :KJ;WH=};/+ii磽6 m[-yZF%tX1W,B=6 X&X,Kmܝ Y`]FhtL, tz/ 2d#,PXZA-Y( ez~+r/Ì_򖁅|OjmL|/, aƂH4Zv$wYL1.˴-'RlAK%3V/|odZV{#cՊ}2X_,22m_g:vWP.fj:1ew/9yӃ1z(ＶQllXlrσRAURfkH6ߪ(Uas0}p}ryNk2X!xׅ68()~1#dk 17Qbۼ1k{mCss.j?R>Y?EXon+Z۽ΙSwTj{tfO>cnV̛7zҘtФI(qL}ht869^qFp/\ ~!"^L d*kjrbsILQ4Te1u?,Tm0fLQեTO~-bL )?LmJ T STS|2u}S*Sz `]x#?!2Eu"Lu8րA^.~#/ c;a0ef1 W _t:b0o;wldo%aj'nr&y˖ v܊/BW(X8-sqUe_$O$O$OL|'|'|'|'|'|tD^y!qW55Y%>OBGaTݧ}-QL?IpDd h b  c $A? ?3"`?2(K'š[p`!K'š[p@ 0JdxڭTOQBm`lt!PPLC<4cYˊk-v jb I=zȁƛxᢁ"uf?@4Fegoͼߛ rl / gAm ӎw䙈D] A CDBIOF9^}Uw E`|hE-nTIE?(0!?qs{u]xCtß2{ ZE5iuEV7+q4WG8<fxfDa2b@Wwh&9vx0|<preG+y:)2Vkgx,Lb J^_VKjkKཥ(x$+5f~qci"\f<|οE#I&Ejh /i^R/J7(x@*-\r<Z)YWsʂj@{0aI#MVjZE{)}^S [19gE9w,S!̴ylM$M9\2[e)p1ULȡ>)2 @XE 0Vsh_RI|\FTHI-B?Zi.DʲL 9<BxF`52=F F;mwo;wfu| Vp {Ojc/tzUd%Dd |b  c $A? ?3"`?2R~4P:J| `!R~4P:J|`0yxڥT;oAfcv"H< !.R YA [B,$G+eJH)"z4 8*f| !`nvfݙ]f @jYHt]-I6"~!!0>P1t3W,<#WYy;߮I`PBbބc{)@$oeC_;j٪@igEy ܊<{xU24<ZAl03_1&aO=MdGc28^=Cu.jr*df\p3| _GG_t~rj  _`"1]zwZ#I& 78NIJ6쭊+ڲR+!r2h]1JaMiZ[xݨ?YmmYWy=}Y0t'hN$|`'O3pR` 'I;sUZ.|w1WHҎqHj@ۜÌR-TWJz{h[}ZJ.M ϰYO;tsqgx0񒊝<meؘ~4~|zWѦsFSWa OߍJsDd 4( b  c $A? ?3"`?29Flx!jZX`!9Flx!jZ& @X1xڵWkA3v7 EciJA4& 'خfKRARDGAċCЃ^nMH:7|.@LfJcbY!Ź磥v~گ C+Ƙ̋h?V^N+? fϤftCeFz{-YH70<%eL>?@ABCEFGHIJKNQmRSTUVXWY\Z[^]`_abcdegfihjklnoprqtsvuwxyz{|}~Root Entry_ Fu/8P9Data DzWordDocument^.ObjectPoolawu/8u/8_1259206159 Fwu/8wu/8Ole CompObjiObjInfo  !"#$%(+,-./012345678;>?@ABCDEFGHILOPQRSTWZ[\]^_befghilopqrsvyz{|} FMathType 6.0 Equation MathType EFEquation.DSMT49qWqLPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  PresenEquation Native _1259206084 Fwu/8wu/8Ole  CompObj itvalue==PV== FV N (1++i) N FMathType 6.0 Equation MathType EFEquation.DSMT49qW]DPR DSMT6WinAllBasicCodePagesObjInfo Equation Native y_1259218663Fwu/8wu/8Ole Times New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Futurevalue==FV N ==PV(1++i) N FMathType 6.0 Equation MathType EFEquation.DSMT49qCompObjiObjInfoEquation Native _12592192381Fwu/8wu/8zDPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  FV==PV(1++i) N $150==$100(1++i) 10 $150/$100==(1++i) 10 1.5==(1++i) 10 1.5 (1/10) ==(1++i)1.0414==(1++i)4.14%==i FMathType 6.0 Equation MathTyOle &CompObj'iObjInfo)Equation Native *pe EFEquation.DSMT49qzDPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  FV==PV(1++i) N $150==$100(1++0.045) N $150/$100==(1++0.045) N 1.5==(1++0.045) N ln(1.5)==Nln(1.045)[]N==ln(1.5)/ln(1.045)N== 0.40550.0440==9.2116 FMathType 5.0 Equation MathType EFEquation.DSMT49q 8 DSMT5WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_1262785532OTFwu/8wu/8Ole 9CompObj:iObjInfo<Equation Native ='_1259262491'Fwu/8wu/8Ole JCompObj Ki_A  FV==PV(1++i) N $2==$1(1++0.20) N $2/$1==(1.20) N 2==(1.20) N LN(2)==NLN(1.2)()N== LN(2)LN(1.2)N== 0.6940.182==3.8 FMathType 6.0 Equation MathType EFEquation.DSMT49q{DPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APObjInfo!MEquation Native N_1259262668,$Fwu/8wu/8Ole UG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  FVA ordinary ==PMT 1++i() N i"- 1i[] FMathType 6.0 Equation MathType EFEquation.DSMT49qCompObj#%ViObjInfo&XEquation Native Y_1259262248)Fwu/8wu/8{DPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  PVA ordinary ==PMT 1i"- 1i1++i() N []Ole `CompObj(*aiObjInfo+cEquation Native do FMathType 6.0 Equation MathType EFEquation.DSMT49q{SDPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  FVA due ==FVA ordinary (1++i) FMathType 6.0 Equation MathType EFEquation.DSMT49q{\DPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/AP_1259263041.Fwu/8wu/8Ole jCompObj-/kiObjInfo0mEquation Native nx_1259263301";3Fwu/8wu/8Ole tCompObj24uiG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  PVA due ==PVA ordinary 1++i() FMathType 6.0 Equation MathType EFEquation.DSMT49qObjInfo5wEquation Native xO_12592649138Fwu/8wu/8Ole ~{3DPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  PV perpetuity == PMTi FMathType 6.0 Equation MathTyCompObj79iObjInfo:Equation Native w_12592650066J=Fwu/8wu/8pe EFEquation.DSMT49q{[DPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  PV==p CF t 1++i() tt==1N "Ole CompObj<>iObjInfo?Equation Native v FMathType 6.0 Equation MathType EFEquation.DSMT49q{ZDPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  FV==pCF t 1++i() N"-1t==0N " FMathType 6.0 Equation MathType EFEquation.DSMT49q{DPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/AP_1259273952BFwu/8wu/8Ole CompObjACiObjInfoDEquation Native _1259273378@GFwu/8wu/8Ole CompObjFHiG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  EffectiveAnnualRate==1++ i nominal M() M "-1 FMathType 6.0 Equation MathType EFEquation.DSMT49q{mDPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  FV N ==PV1++ i nominal M() MObjInfoIEquation Native _1259293464ELFwu/8wu/8Ole N FMathType 6.0 Equation MathType EFEquation.DSMT49q DPR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_ECompObjKMiObjInfoNEquation Native '_1259293832QFwu/8wu/8_A  FV N ==PVe iN FMathType 6.0 Equation MathType EFEquation.DSMT49q»<PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APOle CompObjPRiObjInfoSEquation Native G_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  i real == 1++i nominal ()1++inflation()[]"-1 FMathType 6.0 Equation MathTy_1264401743YVFwu/8wu/8Ole CompObjUWiObjInfoXpe EFEquation.DSMT49q$PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  BankA EFF% ==1++ 12.2%12() 1Equation Native _1264401824[Fwu/8wu/8Ole CompObjZ\i2 "-1==12.91% FMathType 6.0 Equation MathType EFEquation.DSMT49q$PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_EObjInfo]Equation Native 1TablenSummaryInformation(`_A  BankB EFF% ==1++ 12.4%2() 2 "-1==12.78%Oh+'0 ( H T `lt|BALANCE OF PAYMENTSWendy M. sP:X:.l-a[;h /^x +?ɒjPRDEqYp!@Ԯ8}`E9,،Ԫ2rcQLm|jcmv lzvMU_.:VyjӺōDvBy)yDRQuP>MR7rƅ@4nrEQh$u]Mr3HHt@H;VcCG~Di`$9bX<hj//\dmói}`'vn?1=|gy~cXDd b  c $A? ?3"`?2[+PgfL~`!v[+PgfL8DxڵWMlU֎u6HE7^GvPFM"V8T6鶵8>2Rq \z@"P *53럘{oy}3cϾe.l3ˉ3fHZ-MƜzcJύxH/ [ϱ5~eh\ab'I~v S!QaAZ-R${78PF`ZmΕlog'Qf@=gcѓfFLzy@e>v:+'[\Vyu=r܇70G6 y8AБ2 dzᨅDYĔLFYB Ocè';0|42(c'N׆ߛʼn~9&ٛAZT:T*O"6}[:<Ç,|!hg#| 8y0IlUb1a!Jߏ+ 'Hd1G%Uz][Go1}쬌LxW`W0n;}Ȏ~>h?X<^ l3E;Ps9^jrzh>ؕߏ-vm}x1_?D @]Wrϊ{~ڃ5)9:}O9JX/ȈNtAHV$OBmV/ KE>|$a-] Y,'Jjq)rN.U9ɕw*EBse*pjs64%kDf3(?M@3|y2MҰjϝjnj3x \I߄wa e4ĉiw5q3='ۈLd&Ch8caF:2ٶ]q}RtGz3 շĆhK\n Cͣ z` ug91L>Gɠ#0Qk_Ll*X18aiM[ֺ0ϫ[1lۘY+:(Ki_f|V]SaV~?vѼZ4Dd H b  c $A? ?3"`?2~g̜xHdZf`!Rg̜xHd@ ` xڽWMl[Esg'~~QF88CWKjAIXB2REHq"z8 R/7;;3|D%3fHj5M v^tSN CA503^gK~(qy9 >`[Je Qq#??ʗ7(D[h .*R쯽G#c3g F1\xLZdf6: Jtݽҩف!9-6FVס}ȑL9 Xx*\ tQGd,$ZX,F0T`W``[mq36g0A) mPxPia ڐD6q(umފv~.YH43;PD5E#gM/Cㅌmeps%,Vo% bV8* c[I#Hڎ2b [Pք Y0GX{L}9[[ hgڈNޡ;a"c-"SԺ%8K9j&[(,g,)0m~2/EhCGKUm$ha(^I~/KhkQGDd D  # A#" `"QΙO8!@=QΙO8!K!ȆGx]lUβn]Zڔf--)$[(4Z@+?)M?bH x!Ac# D_E3ea$e& 2]-,f?cZWhO8\ǽ,S?E˜֥~/~n&%%g>}Bv9rnL6HvH 꿍yh7^e Q!qב{|k}vG:Uσ XPXCkzܶn}q>~8LoE91}rz2 !x Zm)Lt+BPgkE7 gw!]'j X}߫?9Eu1]*ԇ k۷% im>튚u_EET"W.E!GcCOyX;#C"g#__Hm9pbg0azMMǍ[TۜEi.~YG;Ѐ'1"Τ]21SU.a!U`+;Ui0U%Se~~T6L-u S{)tZ%S?SAT6L-s Ssd,eɔ wp&?zTTn)͆)e )-S ST.v|BdNy'fj ߫aj:pjӫSsʡm|azן[YI2ߌ6-ib h*/HfzbH1uFplhF9¹XOBF h[S }5(faiƋ Bl(I*RLDd Hb  c $A? ?3"`?2a&JڈKar$%`!ja&JڈKa @"8xڭUkQ6imEi[JR  1]B-IYċЃGAD*TD-4μ&$.y&378w 6>;6X]cV m\ͧχڙ7Cujes>bdiYPEqP0Vo[N eV6լlufp$Zf{y7xw~fr! !)ja/DFrmDˌJ9`KzN]ZILXE^{xzq3kyrK*[|djqO_N~ܭB5R=]-ϤPCԕ#l,,ߞEENS*Tw72&pa$ռ%1OBEG>lȓX ȑH7x 1I$Dωy0j"$ FE5G c*c +$]|c "5|΁=)bj0Q*,f$P1\/5Α$\GDd W Hb   c $A ? ?3"`?2S-X 2\mzmp)`!eS-X 2\mz@"3xڭUkQvMQA,~)EZMR!%Xӵ]hDjPKă^U`yу"8MHXh}dM뗙7/@x+LHx\֤>vsGL+J'Nh29r!Lѝ/⹙h~N2 j1G."ez!_A颃$+asݺ δZ] 8",@bk(N$ז'uFà 0 w&5́0:V^J?븋PI%PxaM:.[AQb⇖430*1c%*K:3|&! H$-37/|qQm>1ڿb“r8-B0̌noClTMūUUn,U]iDd D   # A #" ` "'7u8A䰀-@='7u8A䰀K@Hx]lUΰݥ)d A~-H( 8Ң 5 (<@DcJ &}D IP_ԇ&*Ĥ3ve,w{v={fN؎ltj7  L{ 2eO(+1"6,-a%-obfWY((LP z%AePfUdC(o+ KO-hTlڞB}>҂5X?f.i:rPt^.n\gu?xOeu z[֚Py3ܮ3.q&EZ&eSVC}YWŦU~P{t=lzS-njAQK)# >"+;;:,SR{ܯB?dZk8ºR_ս>aayK [#wdU6Ka*|yg!0 ,Yh޵dSB`H``%^XX# caQalK"qeԡY5:cDϗuX\Yh*PL(uXlT BHecL$_  !WYh@BfaY8a,XJ}nH$J7?꧈~׺/8e/dgOHn|;﶑hZm#}}F"y3B$ֽeۍrBQy@5h'l3>zAjѱ$uJlJ0Px.XLXCo -W]Twy{.KzW1lamO4m_av}SfɎ5yה -)(P:>IPlN_c㖽`l 4gю8ӘrMM݇ [L[~~wy _q<ȬȣSЀGPyg*ʙ*0sŐ*gҘY0U'ST>L S#)әl'S?2N$S05'LM9t(/T LkbU`n)Յ)e)5S S'Z\<'BdjC35U05\xeehk}Sk@}yv`Z ?RIr[_O6-wizMۗ/h}m~A2]YPɇ-({9胹˹PEWk4Qr{qsYc<Ӳ8ϴa>ϦfT˰h#p†`vQwA]0cP߆6[2G1O6xJ0;GY7κa͌ (Ouκz?u_Y7+¸XݍӬɽg,=?Q^v{O=ģ?=F~Ź_ŭ{2ʼweˡȃ8_GWNjFެC1118@b|SDْNۡQ{ Z85y8rPoܑW.Z2?ȯ7\6(.SlYVX]1/k2! uۖjF˪7v+UiZf7Z~iPB&V2wcͲv<37^teB15Ţqʛn[Y'pTN3.] ʑ(XAIP%"™{eVb9zrYr5aZlfx矄>YD_ğWac KzY4Wk:ÿFŧ5 ˘hDd b   c $A ? ?3"`? 2Ķ0.琇߿8`!Ķ0.琇߿hxڝTkA3$ n*(V~hk=xtCJ0!Ašu uO-<ēOr='E=x]OBf7og޼a68Du$f0E&ߔGQ:?$IG ϑdxbVwk:@MX =N1bc(Ÿ Cb9zZx|;ʫSHʥ_BwT\80G=f@?0z,16UQVuÚcǐWcL08àTeW S]yUUFQrlA׀o?ƽ^8~*5_bQNn1Vs2K$[KcTreC7Y !H2+F-jQNZ=ăKWհ ݦM2y%}nk\S^LVR?ΜFyJ19IS3MXYycu*=zU90G`&Aen+K@LōSbBA S< H >`{G b&1^U{8huf>.<$6~ UU1+-qah9שU(Rp2]'}]vDd lb   c $A ? ?3"`? 2-`-sX9!Ȫj<`!-`-sX9!Ȫ 8>kxڭSkAli _*EmłIj=f%8օ|sREG^A#K/^z]/ f7 EPgW>c)M2Y NQ4vp$aJ1ı߬[j6LF`YlbQhިW![W!R7Vi;L*TU`m9ŋH{iUDxn97.[7^ _ϝ%|2f͹ZPW9+p`%ۆN p`\ xڵU;lAݵI Hbȇ?–)(,("RҘ"6 R$"Ҡ !0ݻ[ގfg l0fN $BYMg `thpclN5b!@4+;DҥrAb(z.{g@iZ>|TPpٙuc?FK?.#\EkkVne5W6k_c18  TFŖ+#<(XT6[7 5|JV.JQyAϦs]Z>-*Q16ٰIŨ CL;0;p9&$b>F7&/:h9-mf76eQ61! )ѫ^a8J~X (|R\1A^8p&^ }C8ڧx26>LůsJV k b$2Ee+ҭ\f LGׁx*9Tdr,=+el/iyE2DRqi> n0qtLc/Gz~^JtP GS4 T0H(6\'K@,bx/Yn`SWu1aT'4%!0al{ /o??\6zV-U@ᬪwPڂY Wuқ=]Hx(^.,? ,YsO2ړDd \b  c $A? ?3"`? 2L<) .UhȡWUa( D`! <) .UhȡWUa` @0xڵUOA3-Hti[ʶ-6Z늛+{Cbz@8xx!^=IG*Jo<@Ivl**Jkp3B` L*p R$AbKna*_9˹6Nu5E  ei-m:~ȶ!)ʼ\n_`6 cx1UQNT:kc ({*;;V* xX.ha_񜁼Dd ND  # A#" `"Y"՗eW c>5X5 H@=-"՗eW c>5XC!Hx]H\GsqPYZM֒&)&iFӚ%1Iki6`H+$"RKs/P JH)BRҗ&BXJ3q5{uYd.;g7U,JTVC3X"'~=l6qMW Cynt(=bzp㟆nnSQwgm4!lЌ󿩧20vnZ+G1mdm fږڎiZί52uK*gO7-PCh8h%_lZG]~>ƮOSy2RLy!; >f v ?G#9".첰ki3}&Uo8߭\_ƧkYYJP9 :%g8 Xz,h. CY6̄,Y B SC 3MB}X0SYcpY"Piz,XȈ,|d,LP,p9 }2X_,r+GmH:QcwZF6|n 5o7FG}[F'*B<uTƳ<8ki۝;zuX^Z(6ѷ./TvxN ~zw< oS&bRyO=s869\/ *NgTx_qvӜQzqgpbױ|Ycv==W[W,k$2(/Os)AfE15xWq&%SY3Ր'L`Cb//%0Eu`'SuAԽdSyT1Ec"STS>15Lajw0UbLV3Eu0'Sǟ?()% SJ `~}VgO 6ﵘju <,7WF\U} \9 v܁o~X'Wܳ81ꃗĚ71<oj15ovBc{;~5 g_]Œ׮ 㫸x5_TkK_5×_ZRm_(%/w"_TG|i b~K3<2-2-2-ڒ)>-2-2-2-2-2-ymזyukᜥN>ξs|ny0%"g=VXr%<'`Dd ND  # A#" `"Lƌ=1jC(N@= ƌ=1jC C!Hx]h\EKnivIҐEv#I[ސ4ԤҦV#XZHښB`B RA`C>;slvݽɺp:g3?LϞQb: 02F"<s@';mUt3S0vߡ^$UkmlGE)QyQ1&KVǰW[ӗ||*t <ނB;o `5fu=!aۍv]m#&kE(tֶ vD˼zv~5֗uq[q_bW=iBmF+rVMER4=z;v}kvPȔ@ "c\px->NcVx BIoG S/qu ǂ,JgaȊFeca<U`0) d, [,! c!Ƃx4Zy<YL1.˴-'RlAK%3=!cvrke72UXD"bX*ոhFY7H ](W2MoGuy^}{1:5:Vs΃h֐|-lU[1p6_C +0} ʂ.8KЏ߶M,$. ڠXg\#cC{5b;cwܱy}^://PCgKt9am.op!wv>[ON?5o~;`C?^?sӾNga6Ǿsβ/at6ʄU>GjN*i̮5Euݡ5_i.xJYdL^FEyTL5 S!Űg=i0cNH2~OLQGJLp<,WF\U} \k v܁OX'W)ܳ]8!ꃗĚ7siiRo}( =:xr\/. z+fHcC%k\UKc5z`l1Ud{,Uξ{|nY0!3Y)W R~דs Dd b  c $A? ?3"`?2jqZNDH{vcFU`!>qZNDH{vcx&(+ xڵTOQvmK"F@zƥ-bBxlֺM[B ȩ$&xz0Ɛ pٛ Wht&ԙB1{y770"`g̕o64:ܽVE#:(oB'4G iU"zVPҬA66p4AD?ė8IIzI 6w[|%ډwfNV&EiRVM|\CN}ZT[K0Î@*u7]`v'zOӋ(:ZߣWGJj9 %>$RMՀ ·p^=m_0v3;cPdK%X44UcZim0ptVmÆ;_x'kg;mLF Nk+"vυoZ0:0|?-. ;m{|k~%M&VtS_h`&˰ew%VFHFL')Pyb*17jxcFXfv`@9HA u]+8{D뤠8 b}0%zmܟ_dzLڝzxRw}(W _`>Dd b  c $A? ?3"`?2;s1`K%sR;Z`!s1`K%sR;``(+xڵT;oA;;\"H yPPȝ,lBDcs|(  )B4@P $PQ& Bp<fhB`ݝٙo "NΘO1j\jy<8+R #a Eq$pD NYȋ埊/(5 ;K g=|OEJ!*NT'ZWR?OO@dZF]֌EBm~Z)~^}}a=5@l Yg{f;́kcU91E/Ca> 6JNf^iwP3>|댟l&=7Y'9yƖ=m ӛ0%lB/?j۟_ aZ_L,.aͽRoE-+tJ@z^X wJ}=%nFumg\]g2 ,;ͬQ7gmX1 bٕa1CNK]2mZf%SfY&?Pvs4IIQ-ɹ[ :>HHQ NB:[V Dzs;͉2R )C[3 '9$P9[9W83eV4('L#v7a0\\q.'v4j֏ ,\bbBi>%QZT5t5]wRfqJ L]`=7(6 @Ն7~>M/\p-1Dd (|b  c $A? ?3"`?2{$_V$Y#[\MW]`!O$_V$Y#[\M@` 0xڥSkAllZD -(XE+%PiǺ_d#1'=ĻPx7^D'fvS$7uؙ͛o,! 8jQ(D$өFt!%Ō{b+ꂉ-jyG2dPi} (qO(tNbO#u.^vg9rdu]X~qn$Fv `:qLAtC7?SQg4LC.Vw%Np8LhX6Xk/ϔw`IvUʅ!ɋtZ˕ݖn%,Xo]nzn{(!/CD 'W"2J*="Q7쪟64˗/6şl7͂2'ڳ{Ql|f$qK`@!]]'%!$DeyWi9E#MtC6| XԳc/q"7{Qoxax0oHi$$If!vh5 55<55x5x#v #v#v<#v#vx:V v6,5 55<55x/ 2 22 22 22 22 22 24 p<O$$If!vh5 55<55x5x#v #v#v<#v#vx:V ;6,59/ 2 22 22 22 22 22 24 p<O$$If!vh5 55<55x5x#v #v#v<#v#vx:V ;6,59/ 2 22 22 22 22 22 24 p<O$$If!vh5 55<55x5x#v #v#v<#v#vx:V ;6,59/ 2 22 22 22 22 22 24 p<O$$If!vh5 55<55x5x#v #v#v<#v#vx:V ;6,59/ 2 22 22 22 22 22 24 p<O$$If!vh5 55<55x5x#v #v#v<#v#vx:V ;6,59/ 2 22 22 22 22 22 24 p<O$$If!vh5 55<55x5x#v #v#v<#v#vx:V ;6,59/ 2 22 22 22 22 22 24 p<nDd b  c $A? ?3"`?2\!hCjHsj`!\!hCjH`8ZxڵVOA3-Җ"#BC7y8خykP:fBh2&E0s@I88I2աΝ=|Cu#8]]xc sg$$Њ#8И6m%fVNk26Tho۰79XE?eنwv5H@nYerO2I5(=}Ke>fSPȞWuBBCLL7tK Df׉L lr L8>iPB'MtFl6A%SHp s e*+2oh_`@̶+Yg<>q,`P:RxT8 Dd b  c $A? ?3"`?2jqZNDH{vcFn`!>qZNDH{vcx&(+ xڵTOQvmK"F@zƥ-bBxlֺM[B ȩ$&xz0Ɛ pٛ Wht&ԙB1{y770"`g̕o64:ܽVE#:(oB'4G iU"zVPҬA66p4AD?ė8IIzI 6w[|%ډwfNV&EiRVM|\CN}ZT[K0Î@*u7]`v'zOӋ(:ZߣWGJj9 %>$RMՀ ·p^=m_0v3;cPdK%X44UcZim0ptVmÆ;_x'kg;mLF Nk+"vυoZ0:0|?-. ;m{|k~%M&VtS_h`&˰ew%VFHFL')Pyb*17jxcFXfv`@9HA u]+8{D뤠8 b}0%zmܟ_dzLڝzxRw}(W _`>Dd b  c $A? ?3"`?2_[@@Bwәߐ;s`!3[@@Bwәߐ P&(+xڭTMLQvK)F5nC&zk]nbxhKbs!_Y%.SiY.Y )R.1Ʈ/.d ޑX%:"M՝DFr(cu_ΠtDhzE9 TL4_rq, 6J&%Q$1I5p_C+F"[>l+6+!!vy- ;?izq' 3ցj'&o7 &An:C]W=P}(dg@/Q/a>}n [A8 Jeffus Normal.dotWendy Jeffus3Microsoft Office Word@G@^>Qn@Hr/8՜.+,D՜.+,@ hp|  ; ' BALANCE OF PAYMENTS TitleDocumentSummaryInformation8CompObjqH 6> MTWinEqns   FMicrosoft Office Word Document MSWordDocWord.Document.89q@@@ bINormalCJ_HaJmH sH tH DA@D Default Paragraph FontRi@R  Table Normal4 l4a (k(No List4@4 bIHeader  !4 @4 bIFooter  !.)@. bI Page Number>@"> * Footnote TextCJaJ@&@1@ *Footnote ReferenceH*jCj hW Table Grid7:V04"A"LMbEWnU$%&'(PQmn#$Veo  '(DEZ[hzTUkls7NOdegh   r L   = > Z = P &']^_Z[ $3459=AEIJLUaiu $%'/;COVWXK{u~ij-<=LMOPxy-TU  ]^ $ % 0 m !"""""""""""""""""0000000000000000000 0 0 000000000000 0 0 0 000000000000000 00000000 0 00000000000000000000000 0 00000000000000000000 0 000000000000000000000000000 0 0000000 0 0 0 0 0 0P 0000000000 0 0000000000000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 000000000000000000 00000 000000000 00000 0000000 000000000000000000000000000000000000000@0@000@0X00@0X00@0X00@0X00@0@0@0@0@0@0X00`  $3459=AEIJLUaiu $%'/;COVW"ۊ006@ ۊ005ۊ004K00K00K00K00K00K00@0 K00K00K00K00K00K00@0 K00K00K00K00K00K00@0 K00K00K00K00K00K00@0 K00K00K00K00K00K00@0 K0 0K0 0K0 0K0 0K0 0K0 0@0 K0 0K0 0K0 0K0 0K0 0K0 0@0  777: # kc!"A(* "#%&,78:<=B sTUjkEFwx!'*!$'()*+-./01234569;>A Qik! #%(@B> V X  )+":::::::::::::::::::  :!!  /X"$"՗eW c>5X5"$ƌ=1jC(@ 0(  B S  ?"\ll,,44"1199"9*urn:schemas-microsoft-com:office:smarttagsplace9*urn:schemas-microsoft-com:office:smarttagsState DB :; """""""""""""""">C[ ` sw-<|$(d h """"""""""""""333333333333333MEmnQl"eow &(C[hpzUjO > Y = P WK{uO},-:;<V0 """""""""""""""":; """""""""""""" o"  awIfH~9QW"N0l"+m)R1G;V\lN&S@ o(3aLԭmeh8rxTlZK~Lh^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh ^`hH.h ^`hH.h pLp^p`LhH.h @ @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PLP^P`LhH.h ^`hH.h ^`hH.h pLp^p`LhH.h @ @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PLP^P`LhH.h^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hH^`o(. ^`hH. pLp^p`LhH. @ @ ^@ `hH. ^`hH. L^`LhH. ^`hH. ^`hH. PLP^P`LhH.h pp^p`hH.h @ @ ^@ `hH.h L^`LhH.h ^`hH.h ^`hH.h L^`LhH.h PP^P`hH.h   ^ `hH.h L^`LhH.h^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh ^`hH.h ^`hH.h pLp^p`LhH.h @ @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PLP^P`LhH.h ^`hH.h ^`hH.h pLp^p`LhH.h @ @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PLP^P`LhH.h^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh ^`hH.h ^`hH.h pLp^p`LhH.h @ @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PLP^P`LhH.h ^`hH.h ^`hH.h pLp^p`LhH.h @ @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PLP^P`LhH. NSwI9Q\lNoo(3ame8r+m) G;K~                                                                                                                      &0c""&@th}(d="]""pp#"U}%"p/"t2"cP5AC;"jzG"4uO"eGQ"&AJQ")DT"y'/U",6V"8<`W"jX|.Y"UKZ"wZ"Yv\"g\"\`"jb"X8Pc"\f"c)i"j"t-l"&m"fCn" w",{"wA{"th}jX^]Ohh} KBb\#^T#M*Y*+#/Y4&6z_7j8<N<DEGHbI0P_PRRkYSaTc7VAVhWj_88bJge7gPikM]k qr Gst?y{C|#}p[w(zduFLPCGD*KX>8$Dy0''IhPhR7 Thfm=iM3mz|? Ug'%?buB $3459=AEIJLUaiu $%'/;COVW"@;; ;;@ !"p@ppp(@p@UnknownGz Times New Roman5Symbol3& z Arial?5 z Courier New;Wingdings"1hjf&;;Y4d  2QHX ?z2BALANCE OF PAYMENTSWendy M. Jeffus Wendy Jeffus@