UNIVERSITY ASSESSMENTS

Assessment Five (5) – S2-2024

MAC2602
Principles of Strategy, Risk, and Financial Management Techniques
100 Marks
Duration 2 Hours
30 minutes for uploading to myUnisa (submission cut-off time)

ASSESSMENT PANEL AS APPOINTED BY THE DEPARTMENT

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This paper consists of THIRTEEN (13) pages in total (including this page, and other
instruction pages)
1. This paper consists of FOUR (4) questions, as well as four (4) tables (p. i – iv).
2. All questions must be answered, and all calculations must be shown.
3. Each question attempted must commence on a new (separate) page.
4. Include (write/type) your student number in the document/answer file.
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PROPOSED TIMETABLE Marks Minutes
Question 1: MCQs: Analysing and managing working capital 04 05
Question 2: Cost of capital, WACC, and Ethics 30 36
Question 3: Capital investments & capital budgeting techniques and Ethics 34 41
Question 4: Analysis of financial information, Strategy, and Risk 32 38
Converting your answers to a single PDF file and successfully submitting
your one/single PDF file on the module site (myModules). You must
30
successfully submit your PDF file before 11:30, South African Time, on
10 October 2024.
100 150
 MAC2602 ASSESSMENT FIVE (5) S2-2024

MAC2602
Date: 10 October 2024

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 MAC2602 ASSESSMENT FIVE (5) S2-2024

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 MAC2602 ASSESSMENT FIVE (5) S2-2024

QUESTION 1 (4 Marks; 5 minutes)

Please answer the following two questions by listing the question numbers below one another, from
1.1 – 1.2, with your corresponding answer next to each number, for example:

1.1. (a)
1.2. (b)

The questions/scenarios are as follows:

The management accountant of Bothners (Pty) Ltd, a musical instruments store, requested your
assistance with some of the calculations required for the three-month cash forecast. You were
provided with the following extract from the company’s forecast trial balance for the three months
ending 31st December 2024:

Details October November December

R R R
Revenue 5 000 000 5 500 000 6 000 000
Accounts Receivables 2 000 000 2 200 000 2 400 000
Property, Plant, & Equipment 10 000 000 10 000 000 10 000 000
Accounts Payables 3 000 000 3 300 000 3 600 000
Inventories 1 000 000 1 400 000 1 600 000
Long-term Investments 6 000 000 6 000 000 6 000 000
Current Tax Payable 200 000 220 000 240 000
Long-term Liabilities 5 000 000 4 800 000 4 600 000
Accruals 500 000 700 000 900 000
Cash and Cash Equivalents 4 000 000 2 000 000 3 000 000

Additional Information

It is budgeted that 80% of the sales/ revenue will be on credit for the entire forecast period. The
budgeted receipt from customers who buy on credit is 50% at the end of the month the sale is made;
30% will be received at the end of month two; and 15% will be received at the end of month three.
The remaining 5% is expected to be written off as bad debt.

1.1. The total amount to be received from credit sales at the end of December 2024 is……?

(a) R4 800 000

(b) R5 500 000
(c) R6 600 000
(d) R4 320 000 (2)

1.2. The amount of Net working capital at the end of November 2024 is ………...?

(a) R1 380 000

(b) R2 080 000
(c) R5 980 000
(d) R1 600 000 (2)

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 MAC2602 ASSESSMENT FIVE (5) S2-2024

QUESTION 2 (30 marks; 36 minutes)

ADvTECH Limited (“ADT”) is a South African entity that operates within the private education and
recruitment industries in South Africa and the rest of the African continent. ADT has had challenges with
the repatriation of its profits from some of the countries it operates. Furthermore, ADT has reported
losses due to the translation of different currencies to the South African rand. In addition, there is
reported economic red tape in some of the African countries ADT operates. Since the COVID-19
breakout, the education industry has seen the mushrooming of online teaching and learning. The
recruitment division performed dismally due to low employment opportunities. In South Africa, the
education division has experienced rising student debt due to shrinking household disposable income.
ADT is listed on the Johannesburg Stock Exchange and has a 31st December financial year-end.

The following information regarding ADvTECH Ltd’s 31 December 2023 financial position is available:

Share capital Additional information 1

Debentures Additional information 2
Long-term liabilities Additional information 3

Additional information:

1. ADT has 50 000 000 ordinary shares in issue. The shares were issued at an average price of R10
rands per share, and the shares were trading at R12 each on 31 December 2023. The dividend paid
per share for the year ended 31 December 2023 was 80 cents. The South African government bonds
current yield is 10%, Beta is estimated at 1,4, and the market risk premium is currently 8%.

2. ADT issued 1 000 000 debentures at a nominal value of R200. The debentures are redeemable at
nominal value in six years and pay an annual coupon of 10%. The pre-tax market return on similar
debentures is 8%.

3. The long-term liabilities consist of the loan ADT has with Standaard Bank South Africa. The loan
amount is R300 million and is repayable in full in five years. The loan bears interest at 11% per
annum and the current interest rate for similar loans is 12%.

4. The current company taxation rate is 27%.

REQUIRED:

For each question below, remember to:

• Clearly show all the formulas used;
• Clearly show all your detailed calculations; and
• Round percentages to two decimal places and final answers to the nearest rand.

(a) Identify and briefly discuss six (6) factors that are eminent from the given scenario (12)
that ADT should consider that may affect its operations.
(c) Calculate the weighted average cost of capital (WACC) of ADT on 31 December 2023. (18)
Total question two [30]

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 MAC2602 ASSESSMENT FIVE (5) S2-2024

QUESTION 3 (34 marks; 41 minutes)

Hydro-Quench Pty Limited (“HQ”) is a micro-enterprise that bottles and distributes purified water from
its Mamelodi facility, in the Gauteng Province. The company was started by Mr. Nkunzi after he was
fired as a Stock Packer at a U-Save shop for allegedly using a fake matric certificate to secure the job.
Despite the suspension of load-shedding, the area where the facility is located has continued to
experience load reduction from the municipality. The municipality officials recently visited the area and
disconnected HQ on the grounds of an illegal meter connection, a situation that has since been
remedied by payment of the levied fines and reconnection fees.

To take advantage of the continued poor water-delivery service by the Tshwane Municipality, HQ is
considering investing in a new water-bottling machine. Due to its limited access to capital, HQ is faced
with a decision to either invest in the new water-bottling machine or purchase a new delivery truck that
will be used to deliver bottled water to the customers. The management accountant has so far gathered
the following information as part of the evaluation of the project to purchase a water-bottling machine:

1. All the cash flows (including all the relevant taxes) occur at the end of the related financial year,
except for the initial capital outlay which occurs at the beginning of the year.

2. The new machine will be installed on the same piece of land where the facility is located that was
acquired by HQ a few years ago for R100 000. Residents near the facility regularly complain about
the noise caused by the aging machines that HQ bought as second-hand.

3. In line with the requirements of the environmental laws, the company must conduct an environmental
assessment study before the commencement of the machine installation, at a cost of R100 000. If
relevant, these costs are not capitalised.

4. The machine will be bought at an original cost price of R800 000. Delivery and installation costs will
cost R200 000 (if relevant, these costs are capitalised). The acquisition will be funded by a 100%
loan from the Small Enterprise Finance Agency (SEFA) at an interest rate of 8% per annum (this is
linked to the Repo rate as set by the South African Reserve Bank). The capital amount is repayable
at the end of the term and the related interest expense is repayable annually in arrears.

5. The investment in working capital is estimated at R200 000 in year one; and R300 000 in year two.
There will be no investment in working capital in year three.

6. The facility will generate operating profit before interest but after depreciation as follows:

Year 1: R1 million
Year 2: R1,5 million
Year 3: R2 million

7. The machine will be sold at the end of year three (3) at an estimated selling price of R800 000.
Depreciation is provided on a straight-line basis at 10% per annum. The South African Revenue
Service will grant annual capital allowances over the useful life of the machine at 20% per annum.

8. The current company taxation rate is 27%.

9. The minimum required after-taxation return on capital projects of this nature is 12%.

REQUIRED

For each question below, remember to:

• Clearly show all your calculations in detail.
• Round all your workings to two decimals, except where otherwise stated; and
• Where necessary, indicate irrelevant amounts/adjustments with a R0 (nil-value).

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 MAC2602 ASSESSMENT FIVE (5) S2-2024

QUESTION 3 (continued)

(a) Identify and briefly discuss the most appropriate classification of the two capital (2)
projects that are being considered by HQ.
(b) Identify and briefly discuss five economic, environmental, ethical, social, and (10)
governance factors that are eminent from the given scenario that HQ should consider
that may affect its operations.
(c) From a quantitative perspective only, comment on whether HQ should invest in the (22)
new water-bottling machine or not.
▪ Detailed Net Present Value calculation (21 marks); and
▪ Comment/conclusion (1 mark).
Total question three [34]

QUESTION 4 (32 marks; 38 minutes)

Bedvast Bank Limited (“Bedvast”) is a Johannesburg Stock Exchange-listed leading second-tier South
African bank that offers its customers the latest innovative solutions in forex, fleet, business, and
personal financial solutions, products, and tools. Bedvast operates in four of the Southern African
Development Community (SADC) states and reports in South African rands. Two of these four SADC
states have been experiencing political instability over the last few years. Despite these challenges and
the persistent slow economic growth rates, the bank has experienced commendable growth in interest-
and fee and commission income. The banking industry has seen an increase in cyber-related crimes.

There are reported rumours within the South African media about the bank’s involvement in the
manipulation of the foreign exchange rates, involving the South African rand. Bedvast operated for 300
days and has a 30th of June financial year-end. The following financial statements of Bedvast are
provided to you:

EXTRACT FROM THE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE

INCOME FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
R’000 R’000

Revenue
Interest income 75 000 55 000
Fee and commission income 115 000 100 000
Leasing income 110 000 103 000
Operating expenses
Interest expenses 42 000 35 000
Fee and commission expenses 110 000 85 000
Leasing expenses 65 000 66 000
Other expenses 22 000 20 000
Operating profit 61 000 52 000
Other income 26 000 24 000
Earnings before interest and tax (EBIT) 87 000 76 000

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 MAC2602 ASSESSMENT FIVE (5) S2-2024

QUESTION 4 (continued)

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024

2024 2023
R’000 R’000
ASSETS
Non-current assets
Loans and advances 71 000 55 000
Investments 20 000 15 000
Total non-current assets 91 000 70 000

Current assets
Inventories 3 000 2 000
Trade and other receivables 30 000 24 000
Cash and cash equivalents 50 000 55 000
Total current assets 83 000 81 000

TOTAL ASSETS 174 000 151 000

EQUITY AND LIABILITIES

Capital and reserves
Share capital 2 000 2 000
Retained earnings 114 000 60 000
Total equity 116 000 62 000

Non-current liabilities
Interest-bearing borrowings 38 000 54 000
Deferred tax 3 000 13 000
Total non-current liabilities 41 000 67 000

Current liabilities
Trade and other payables 9 000 10 000
Current tax payable 1 000 3 000
Current provisions 7 000 9 000
Total current liabilities 17 000 22 000

TOTAL EQUITY AND LIABILITIES 174 000 151 000

Additional information:

1. The interest expense for the year ended 30 June 2024 was R18 million (2023: R20 million).

2. The prevailing company taxation rate is 27%. The taxation expense for the year ended 30 June 2024
was R15 million (2023: R14 million).

3. The company has 5 million authorised shares of which 1 million are issued (at R1 per share). The
market price per share as of 30 June 2024 was R28 (2023: R25). The dividend paid on 30 June
2024 was R0.50 (2023: R0.8).

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 MAC2602 ASSESSMENT FIVE (5) S2-2024

QUESTION 4 (continued)

REQUIRED:

(a) Identify and motivate the pricing strategy that Bedvast can utilise to set prices for (2)
its various products and services within the SADC states.
(b) Identify and briefly discuss six types of risks that Bedvast is exposed to which are (12)
eminent from the given scenario.
(c) Calculate the Revenue growth rate ratio for Bedvast for the year ended 30 June (2)
2024. Briefly discuss the change in this ratio using the information given in the
scenario.
(d) Calculate and comment on the following ratios for Bedvast for the financial years
ended 30 June 2023 and 2024:
(i) Operating profit margin (4)
(ii) Return on equity (4)
(iii) Current ratio (4)
(iv) Dividend yield (4)

For each calculated ratio:

• Clearly show all the formulas used,
• Clearly show all your detailed calculations,
• Round all your final answers to two decimals,
• State whether there was an improvement or deterioration from 2023 to 2024,
• Provide a relevant possible reason for the deterioration or improvement thereof,
and
• You must consider the scenario and financial information for providing these
reasons.
Total question four [32]
Total of question ONE to FOUR [100]

©
UNISA 2024
All rights reserved. No part of this document may be reproduced or transmitted in any
form or by any means without prior written permission of UNISA.

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 i

TABLE A / TABEL A

PRESENT VALUE OF R1 RECEIVED/PAID AFTER N YEARS / HUIDIGE WAARDE VAN R1 ONTVANG/BETAAL NA N JAAR

Year/ 1% 2% 4% 6% 8% 10% 12% 14% 15% 16% 18% 20% 22% 24% 25% 26% 28% 30% 35%
Jaar N

1 0,990 0,980 0,962 0,943 0,926 0,909 0,893 0,877 0,870 0,862 0,847 0,833 0,820 0,806 0,800 0,794 0,781 0,769 0,741
2 0,980 0,961 0,925 0,890 0,857 0,826 0,797 0,769 0,756 0,743 0,718 0,694 0,672 0,650 0,640 0,630 0,610 0,592 0,549
3 0,971 0,942 0,889 0,840 0,794 0,751 0,712 0,675 0,658 0,641 0,609 0,579 0,551 0,524 0,512 0,500 0,477 0,455 0,406
4 0,961 0,924 0,855 0,792 0,735 0,683 0,636 0,592 0,572 0,552 0,516 0,482 0,451 0,423 0,410 0,397 0,373 0,350 0,301
5 0,951 0,906 0,822 0,747 0,681 0,621 0,567 0,519 0,497 0,476 0,437 0,402 0,370 0,341 0,328 0,315 0,291 0,269 0,223

6 0,942 0,888 0,790 0,705 0,630 0,564 0,507 0,456 0,432 0,410 0,370 0,335 0,303 0,275 0,262 0,250 0,227 0,207 0,165
7 0,933 0,871 0,760 0,665 0,583 0,513 0,452 0,400 0,376 0,354 0,314 0,279 0,249 0,222 0,210 0,198 0,178 0,159 0,122
8 0,923 0,853 0,731 0,627 0,540 0,467 0,404 0,351 0,327 0,305 0,266 0,233 0,204 0,179 0,168 0,157 0,139 0,123 0,091
9 0,914 0,837 0,703 0,592 0,500 0,424 0,361 0,308 0,284 0,263 0,225 0,194 0,167 0,144 0,134 0,125 0,108 0,094 0,067
10 0,905 0,820 0,676 0,558 0,463 0,386 0,322 0,270 0,247 0,227 0,191 0,162 0,137 0,116 0,107 0,099 0,085 0,073 0,050

11 0,896 0,804 0,650 0,527 0,429 0,350 0,287 0,237 0,215 0,195 0,162 0,135 0,112 0,094 0,086 0,079 0,066 0,056 0,037
12 0,887 0,788 0,625 0,497 0,397 0,319 0,257 0,208 0,187 0,168 0,137 0,112 0,092 0,076 0,069 0,062 0,052 0,043 0,027
13 0,879 0,773 0,601 0,469 0,368 0,290 0,229 0,182 0,163 0,145 0,116 0,093 0,075 0,061 0,055 0,050 0,040 0,033 0,020
14 0,870 0,758 0,577 0,442 0,340 0,263 0,205 0,160 0,141 0,125 0,099 0,078 0,062 0,049 0,044 0,039 0,032 0,025 0,015
15 0,861 0,743 0,555 0,417 0,315 0,239 0,183 0,140 0,123 0,108 0,084 0,065 0,051 0,040 0,035 0,031 0,025 0,020 0,011

16 0,853 0,728 0,534 0,394 0,292 0,218 0,163 0,123 0,107 0,093 0,071 0,054 0,042 0,032 0,028 0,025 0,019 0,015 0,008
17 0,844 0,714 0,513 0,371 0,270 0,198 0,146 0,108 0,093 0,080 0,060 0,045 0,034 0,026 0,023 0,020 0,015 0,012 0,006
18 0,836 0,700 0,494 0,350 0,250 0,180 0,130 0,095 0,081 0,069 0,051 0,038 0,028 0,021 0,018 0,016 0,012 0,009 0,005
19 0,828 0,686 0,475 0,331 0,232 0,164 0,116 0,083 0,070 0,060 0,043 0,031 0,023 0,017 0,014 0,012 0,009 0,007 0,003
20 0,820 0,673 0,456 0,312 0,215 0,149 0,104 0,073 0,061 0,051 0,037 0,026 0,019 0,014 0,012 0,010 0,007 0,005 0,002

21 0,811 0,660 0,439 0,294 0,199 0,135 0,093 0,064 0,053 0,044 0,031 0,022 0,015 0,011 0,009 0,008 0,006 0,004 0,002
22 0,803 0,647 0,422 0,268 0,184 0,123 0,083 0,056 0,046 0,038 0,026 0,018 0,013 0,009 0,007 0,006 0,004 0,003 0,001
23 0,795 0,634 0,406 0,262 0,170 0,112 0,074 0,049 0,040 0,033 0,022 0,015 0,010 0,007 0,006 0,005 0,003 0,002 0,001
24 0,788 0,622 0,390 0,247 0,158 0,102 0,066 0,043 0,035 0,028 0,019 0,013 0,008 0,006 0,005 0,004 0,003 0,002 0,001
25 0,780 0,610 0,375 0,233 0,146 0,092 0,059 0,038 0,030 0,024 0,016 0,010 0,007 0,005 0,004 0,003 0,002 0,001 0,001

26 0,772 0,598 0,361 0,220 0,135 0,084 0,053 0,033 0,026 0,021 0,014 0,009 0,006 0,004 0,003 0,002 0,002 0,001
27 0,764 0,586 0,347 0,207 0,125 0,076 0,047 0,029 0,023 0,018 0,011 0,007 0,005 0,003 0,002 0,002 0,001 0,001
28 0,757 0,574 0,333 0,196 0,116 0,069 0,042 0,026 0,020 0,016 0,010 0,006 0,004 0,002 0,002 0,002 0,001 0,001
29 0,749 0,563 0,321 0,185 0,107 0,063 0,037 0,022 0,017 0,014 0,008 0,005 0,003 0,002 0,002 0,001 0,001 0,001
30 0,742 0,552 0,308 0,174 0,099 0,057 0,033 0,020 0,015 0,012 0,007 0,004 0,003 0,002 0,001 0,001 0,001

40 0,672 0,453 0,208 0,097 0,046 0,022 0,011 0,005 0,004 0,003 0,001 0,001
50 0,608 0,372 0,141 0,054 0,021 0,009 0,003 0,001 0,001 0,001

[TURN OVER]
 ii

TABLE B / TABEL B

PRESENT VALUE OF R1 PER ANNUM RECEIVED/PAID AT THE END OF THE YEAR FOR N YEARS /
HUIDIGE WAARDE VAN R1 PER JAAR ONTVANG/BETAAL AAN DIE EINDE VAN DIE JAAR VIR N JAAR

Year /
Jaar N 1% 2% 4% 6% 8% 10% 12% 14% 15% 16% 18% 20% 22% 24% 25% 26% 28% 30% 35%
1 0,990 0,980 0,962 0,943 0,926 0,909 0,893 0,877 0,870 0,862 0,847 0,833 0,820 0,806 0,800 0,794 0,781 0,769 0,741
2 1,970 1,942 1,886 1,833 1,783 1,736 1,690 1,647 1,626 1,605 1,566 1,528 1,492 1,457 1,440 1,424 1,392 1,361 1,289
3 2,941 2,884 2,775 2,673 2,577 2,487 2,402 2,322 2,283 2,246 2,174 2,106 2,042 1,981 1,952 1,923 1,868 1,816 1,696
4 3,902 3,808 3,630 3,465 3,312 3,170 3,037 2,914 2,855 2,798 2,690 2,589 2,494 2,404 2,362 2,320 2,241 2,166 1,997
5 4,853 4,713 4,452 4,212 3,993 3,791 3,605 3,433 3,352 3,274 3,127 2,991 2,864 2,745 2,689 2,635 2,532 2,436 2,220

6 5,795 5,601 5,242 4,917 4,623 4,355 4,111 3,889 3,784 3,685 3,498 3,326 3,167 3,020 2,951 2,885 2,759 2,643 2,385
7 6,728 6,472 6,002 5,582 5,206 4,868 4,564 4,288 4,160 4,039 3,812 3,605 3,416 3,242 3,161 3,083 2,937 2,802 2,508
8 7,652 7,325 6,733 6,210 5,747 5,335 4,968 4,639 4,487 4,344 4,078 3,837 3,619 3,421 3,329 3,241 3,076 2,925 2,598
9 8,566 8,162 7,435 6,802 6,247 5,759 5,328 4,946 4,772 4,607 4,303 4,031 3,786 3,566 3,463 3,366 3,184 3,019 2,665
10 9,471 8,983 8,111 7,360 6,710 6,145 5,650 5,216 5,019 4,833 4,494 4,192 3,923 3,682 3,571 3,465 3,269 3,092 2,715

11 10,368 9,787 8,760 7,887 7,139 6,495 5,937 5,453 5,234 5,029 4,656 4,327 4,035 3,776 3,656 3,544 3,335 3,147 2,752
12 11,255 10,575 9,385 8,384 7,536 6,814 6,194 5,660 5,421 5,197 4,793 4,439 4,127 3,851 3,725 3,606 3,387 3,190 2,779
13 12,134 11,343 9,986 9,853 7,904 7,103 6,424 5,842 5,583 5,342 4,910 4,533 4,203 3,912 3,780 3,656 3,427 3,223 2,799
14 13,004 12,106 10,563 9,295 8,244 7,367 6,628 6,002 5,724 5,468 5,008 4,611 4,265 3,962 3,824 3,695 3,459 3,249 2,814
15 13,865 12,849 11,118 9,712 8,559 7,606 6,811 6,142 5,847 5,575 5,092 4,675 4,315 4,001 3,859 3,726 3,483 3,268 2,825

16 14,718 13,578 11,652 10,106 8,851 7,824 6,974 6,265 5,954 5,669 5,162 4,730 4,357 4,033 3,887 3,751 3,503 3,283 2,834
17 15,562 14,292 12,166 10,477 9,122 8,022 7,120 6,373 6,047 5,749 5,222 4,775 4,391 4,059 3,910 3,771 3,518 3,295 2,840
18 16,398 14,992 12,659 10,828 9,372 8,201 7,250 6,467 6,128 5,818 5,273 4,812 4,419 4,080 3,928 3,786 3,529 3,304 2,844
19 17,226 15,678 13,134 11,158 9,604 8,365 7,366 6,550 6,198 5,877 5,316 4,844 4,442 4,097 3,942 3,799 3,539 3,311 2,848
20 18,046 16,351 13,590 11,470 9,818 8,514 7,469 6,623 6,259 5,929 5,353 4,870 4,460 4,110 3,954 3,808 3,546 3,316 2,850

21 18,857 17,011 14,029 11,764 10,017 8,649 7,562 6,687 6,312 5,973 5,384 4,891 4,476 4,121 3,963 3,816 3,551 3,320 2,852
22 19,660 17,658 14,451 12,042 10,201 8,772 7,645 6,743 6,359 6,011 5,410 4,909 4,488 4,130 3,970 3,822 3,556 3,323 2,853
23 20,456 18,292 14,857 12,303 10,371 8,883 7,718 6,792 6,399 6,044 5,432 4,925 4,499 4,137 3,976 3,827 3,559 3,325 2,854
24 21,243 18,914 15,247 12,550 10,529 8,985 7,784 6,835 6,434 6,073 5,451 4,937 4,507 4,143 3,981 3,831 3,562 3,327 2,855
25 22,023 19,523 15,622 12,783 10,675 9,077 7,843 6,873 6,464 6,097 5,467 4,948 4,514 4,147 3,985 3,834 3,654 3,329 2,856

26 22,795 20,121 15,983 13,003 10,810 9,161 7,896 6,906 6,491 6,118 5,480 4,956 4,520 4,151 3,988 3,837 3,566 3,330 2,856
27 23,560 20,707 16,330 13,211 10,935 9,237 7,943 6,935 6,514 6,136 5,492 4,964 4,524 4,154 3,990 3,839 3,567 3,331 2,856
28 24,316 21,281 16,663 13,406 11,051 9,307 7,984 6,961 6,534 6,152 5,502 4,970 4,528 4,157 3,992 3,840 3,568 3,331 2,857
29 25,066 21,844 16,984 13,591 11,158 9,370 8,022 6,983 6,551 6,166 5,510 4,975 4,531 4,159 3,994 3,841 3,569 3,332 2,857
30 25,808 22,396 17,292 13,765 11,258 9,427 8,055 7,003 6,566 6,177 5,517 4,979 4,534 4,160 3,995 3,842 3,569 3,332 2,857

40 32,835 27,355 19,793 15,046 11,925 9,779 8,244 7,105 6,642 6,234 5,548 4,997 4,544 4,166 3,999 3,846 3,571 3,333 2,857
50 39,196 31,424 21,482 15,762 12,234 9,915 8,304 7,133 6,661 6,246 5,554 4,999 4,545 4,167 4,000 3,846 3,571 3,333

[TURN OVER]
 iii

TABLE C / TABEL C

FUTURE VALUE OF R1 RECEIVED NOW, AFTER N YEARS / TOEKOMSTIGE WAARDE VAN R1 NOU ONTVANG NA N JAAR

Year / 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20%

Jaar N

1 1,0100 1,0200 1,0300 1,0400 1,0500 1,0600 1,0700 1,0800 1,0900 1,1000 1,1200 1,1400 1,1500 1,1600 1,1800 1,2000
2 1,0201 1,0404 1,0609 1,0816 1,1025 1,1236 1,1449 1,1664 1,1881 1,2100 1,2544 1,2996 1,3225 1,3456 1,3924 1,4400
3 1,0303 1,0612 1,0927 1,1249 1,1576 1,1910 1,2250 1,2597 1,2950 1,3310 1,4049 1,4815 1,5209 1,5609 1,6430 1,7280
4 1,0406 1,0824 1,1255 1,1699 1,2155 1,2625 1,3108 1,3605 1,4116 1,4641 1,5735 1,6890 1,7490 1,8106 1,9388 2,0736
5 1,0510 1,1041 1,1593 1,2167 1,2763 1,3382 1,4026 1,4693 1,5386 1,6105 1,7623 1,9254 2,0114 2,1003 2,2878 2,4883

6 1,0615 1,1262 1,1941 1,2653 1,3401 1,4185 1,5007 1,5869 1,6771 1,7716 1,9738 2,1950 2,3131 2,4364 2,6996 2,9860
7 1,0721 1,1487 1,2299 1,3159 1,4071 1,5036 1,6058 1,7138 1,8280 1,9487 2,2107 2,5023 2,6600 2,8262 3,1855 3,5832
8 1,0829 1,1717 1,2668 1,3686 1,4775 1,5938 1,7182 1,8509 1,9926 2,1436 2,4760 2,8526 3,0590 3,2784 3,7589 4,2998
9 1,0937 1,1951 1,3048 1,4233 1,5513 1,6895 1,8385 1,9990 2,1719 2,3579 2,7731 3,2519 3,5179 3,8030 4,4355 5,1598
10 1,1046 1,2190 1,3439 1,4802 1,6289 1,7908 1,9672 2,1589 2,3674 2,5937 3,1058 3,7072 4,0456 4,4114 5,2338 6,1917

11 1,1157 1,2434 1,3842 1,5395 1,7103 1,8983 2,1049 2,3316 2,5804 2,8531 3,4785 4,2262 4,6524 5,1173 6,1759 7,4301
12 1,1268 1,2682 1,4258 1,6010 1,7959 2,0122 2,2522 2,5182 2,8127 3,1384 3,8960 4,8179 5,3503 5,9360 7,2876 8,9161
13 1,1381 1,2936 1,4685 1,6651 1,8856 2,1329 2,4098 2,7196 3,0658 3,4523 4,3635 5,4924 6,1528 6,8858 8,5994 10,699
14 1,1495 1,3195 1,5126 1,7317 1,9799 2,2609 2,5785 2,9372 3,3417 3,7975 4,8871 6,2613 7,0757 7,9875 10,147 12,839
15 1,1610 1,3459 1,5580 1,8009 2,0789 2,3966 2,7590 3,1722 3,6425 4,1772 5,4736 7,1379 8,1371 9,2655 11,974 15,407

16 1,1726 1,3728 1,6047 1,8730 2,1829 2,5404 2,9522 3,4259 3,9703 4,5950 6,1304 8,1372 9,3576 10,748 14,129 18,488
17 1,1843 1,4002 1,6528 1,9479 2,2920 2,6928 3,1588 3,7000 4,3276 5,0545 6,8660 9,2765 10,761 12,468 16,672 22,186
18 1,1961 1,4282 1,7024 2,0258 2,4066 2,8543 3,3799 3,9960 4,7171 5,5599 7,6900 10,575 12,375 14,463 19,673 26,623
19 1,2081 1,4568 1,7535 2,1068 2,5270 3,0256 3,6165 4,3157 5,1417 6,1159 8,6128 12,056 14,232 16,777 23,214 31,948
20 1,2202 1,4859 1,8061 2,1911 2,6533 3,2071 3,8697 4,6610 5,6044 6,7275 9,6463 13,743 16,367 19,461 27,393 38,338

21 1,2324 1,5157 1,8603 2,2788 2,7860 3,3996 4,1406 5,0338 6,1088 7,4002 10,804 15,668 18,822 22,574 32,324 46,005
22 1,2447 1,5460 1,9161 2,3699 2,9253 3,6035 4,4304 5,4365 6,6586 8,1403 12,100 17,861 21,645 26,186 38,142 55,206
23 1,2572 1,5769 1,9736 2,4647 3,0715 3,8197 4,7405 5,8715 7,2579 8,9543 13,552 20,362 24,891 30,376 45,008 66,247
24 1,2697 1,6084 2,0328 2,5633 3,2251 4,0489 5,0724 6,3412 7,9111 9,8497 15,179 23,212 28,625 35,236 53,109 79,497
25 1,2824 1,6406 2,0938 2,6658 3,3864 4,2919 5,4274 6,8485 8,6231 10,835 17,000 26,462 32,919 40,874 62,669 95,396

[TURN OVER]
 iv

TABLE D / TABEL D

FUTURE VALUE OF R1 PER ANNUM RECEIVED FOR N YEARS AT THE END OF EACH YEAR /
TOEKOMSTIGE WAARDE VAN R1 PER JAAR ONTVANG VIR N JAAR AAN DIE EINDE VAN ELKE JAAR

Year / 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20%

Jaar N

1 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000 1,0000
2 2,0100 2,0200 2,0300 2,0400 2,0500 2,0600 2,0700 2,0800 2,0900 2,1000 2,1200 2,1400 2,1500 2,1600 2,1800 2,2000
3 3,0301 3,0604 3,0909 3,1216 3,1525 3,1836 3,2149 3,2464 3,2781 3,3100 3,3744 3,4396 3,4725 3,5056 3,5724 3,6400
4 4,0604 4,1216 4,1836 4,2465 4,3101 4,3746 4,4399 4,5061 4,5731 4,6410 4,7793 4,9211 4,9934 5,0665 5,2154 5,3680
5 5,1010 5,2040 5,3091 5,4163 5,5256 5,6371 5,7507 5,8666 5,9847 6,1051 6,3528 6,6101 6,7424 6,8771 7,1542 7,4416

6 6,1520 6,3081 6,4684 6,6330 6,8019 6,9753 7,1533 7,3359 7,5233 7,7156 8,1152 8,5355 8,7537 8,9775 9,4420 9,9299
7 7,2135 7,4343 7,6625 7,8983 8,1420 8,3938 8,6540 8,9228 9,2004 9,4872 10,089 10,730 11,067 11,414 12,142 12,916
8 8,2857 8,5830 8,8923 9,2142 9,5491 9,8975 10,260 10,637 11,028 11,436 12,300 13,233 13,727 14,240 15,327 16,499
9 9,3685 9,7546 10,159 10,583 11,027 11,491 11,978 12,488 13,021 13,579 14,776 16,085 16,786 17,519 19,086 20,799
10 10,462 10,950 11,464 12,006 12,578 13,181 13,816 14,487 15,193 15,937 17,549 19,337 20,304 21,321 23,521 25,959

11 11,567 12,169 12,808 13,486 14,207 14,972 15,784 16,645 17,560 18,531 20,655 23,045 24,349 25,733 28,755 32,150
12 12,683 13,412 14,192 15,026 15,917 16,870 17,888 18,977 20,141 21,384 24,133 27,271 29,002 30,850 34,931 39,581
13 13,809 14,680 15,618 16,627 17,713 18,882 20,141 21,495 22,953 24,523 28,029 32,089 34,352 36,786 42,219 48,497
14 14,947 15,974 17,086 18,292 19,599 21,015 22,550 24,215 26,019 27,975 32,393 37,581 40,505 43,672 50,818 59,196
15 16,097 17,293 18,599 20,024 21,579 23,276 25,129 27,152 29,361 31,772 37,280 43,842 47,580 51,660 60,965 72,035

16 17,258 18,639 20,157 21,825 23,657 25,673 27,888 30,324 33,003 35,950 42,753 50,980 55,717 60,925 72,939 87,442
17 18,430 20,012 21,762 23,698 25,840 28,213 30,840 33,750 36,974 40,545 48,884 59,118 65,075 71,673 87,068 105,93
18 19,615 21,412 23,414 25,645 28,132 30,906 33,999 37,450 41,301 45,599 55,750 68,394 75,836 84,141 103,74 128,12
19 20,811 22,841 25,117 27,671 30,539 33,760 37,379 41,446 46,018 51,159 63,440 78,969 88,212 98,603 123,41 154,74
20 22,019 24,297 26,870 29,778 33,006 36,786 40,995 45,762 51,160 57,275 72,052 91,025 102,44 115,38 146,63 186,69

21 23,239 25,783 28,676 31,969 35,719 39,993 44,865 50,423 56,765 64,002 81,699 104,77 118,81 134,84 174,02 225,03
22 24,472 27,299 30,537 34,248 38,505 43,392 49,006 55,457 62,873 71,403 92,503 120,44 137,63 157,41 206,34 271,03
23 25,716 28,845 32,453 36,618 41,430 46,996 53,436 60,893 69,532 79,543 104,60 138,30 159,28 183,60 244,49 326,24
24 26,973 30,422 34,426 39,083 44,502 50,816 58,177 66,765 76,790 88,497 118,16 158,66 184,17 213,98 289,49 392,48
25 28,243 32,030 36,459 41,646 47,727 54,865 63,249 73,106 84,701 98,347 133,33 181,87 212,79 249,21 342,60 471,98

©
UNISA 2024

[TURN OVER]