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Monte Carlo Simulation - Excel

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					278bf33b-2111-4782-8626-60f06c27a951.xls

Simulation Inputs

5/14/2004

Chapter 11: Tool Kit for Monte Carlo Simulation

If an error box like the picture (which is only a picture and not an actual error message) displayed at the right appeared when you opened this file, then you have not correctly installed the Excel Add-In, Simtools.xl a. You should close Excel without saving and read the instructions in the file "Explanation of Simulation.doc ," which explains how to install Simtools.xla . Only open the Excel file, CF2 Ch 11 Tool Kit Simulation.xls , after you have correctly installed Simtools.xla .

This worksheet contains the model used to analyze RIC's new project decision as described in the text. It is the same model as in "CF2 Ch 11 Tool Kit.xls ," but with a Monte Carlo simulation added. There are many available simulation software packages, such as @Risk, but they are not free. For the analysis in this spreadsheet, we have used a free package that works very well for simple simulations. If your model is very complicated, then you would be better off using one of the commercial packages. But for simple models, the approach we show in this spreadsheet will work fine. We assume that you have correctly installed an Excel Add-In, Simtools.xla, developed by Professor Roger Myerson at Northwestern University. If not, then close Excel and read the instructions in the file "Explanation of Simulation.doc ." For more information on Simtools, go to the web site http://www.kellogg.nwu.edu/faculty/myerson/ftp/addins.htm.

Simulation Analysis Step 1: Load Simtools.xla
Make sure Simtools is available, using the procedure described in the file "Explanation of Simulation.doc ."

Step 2: Decide on distributions for risky variables
We assumed that sales price can be represented by a continuous normal distribution with an expected value of $3.00 and a standard deviation of $0.35. Recall from statistics that there is about a 68 percent chance that the actual price will be within one standard deviation of the expected price, which is a range of $2.65 to $3.35. Put another way, there is a 32 percent chance that the price will fall outside this range. The standard deviation also provides insight into the maximum likely dispersion of sales prices. There is less than a one percent chance that the actual price will be more than three standard deviations of the expected price, which is a range of $1.95 to $4.05. In other words, the sales price is very unlikely to be less than $1.95 or more than $4.05. Sales Price: Normal distribution Mean= Standard deviation= 3.00 0.35

RIC has existing labor contracts and strong relationships with some of its suppliers, which makes the variable cost less uncertain. We assumed that the variable cost can be described by a triangular distribution, with a lower bound of $1.40, a most likely value of $2.10, and an upper bound of $2.50. Notice that this is not a symmetric distribution. The lower bound is $0.70 less than the most likely value, and the upper bound is only $0.40 higher than the most likely value. This is because RIC has an active risk management program in place to hedge against increases Michael C. Ehrhardt prices of commodities it uses in its production processes. Page 1 8/12/2008 in the

RIC has existing labor contracts and strong relationships with some of its suppliers, which 278bf33b-2111-4782-8626-60f06c27a951.xls Simulation Inputs makes the variable cost less uncertain. We assumed that the variable cost can be described by a triangular distribution, with a lower bound of $1.40, a most likely value of $2.10, and an upper bound of $2.50. Notice that this is not a symmetric distribution. The lower bound is $0.70 less than the most likely value, and the upper bound is only $0.40 higher than the most likely value. This is because RIC has an active risk management program in place to hedge against increases in the prices of commodities it uses in its production processes. Variable costs: Triangular distribution Lower bound= Most likely= Upper bound= 1.40 2.10 2.50

Based on preliminary purchase agreements with major customers, RIC is certain that sales in the first year will be at least 15,000 units. RIC’s marketing department believes the most likely demand will be for 20,000 units. However, it is possible that demand may be much higher. The new production facility can produce a maximum of only 30,000 units in the first year, although it will be able to produce more in subsequent years if there is higher than expected demand. Therefore, we represented Year 1 unit sales with a triangular distribution, having a lower bound of 15,000 units, a most likely value of 20,000 units, and an upper bound of 30,000 units. Unit sales: Triangular distribution Lower bound= Most likely= Upper bound=

15,000 20,000 30,000

The marketing department anticipates no growth in unit sales after the first year. However, actual sales growth could be either positive or negative, and it is likely to be positively correlated with the number of units sold in the first year. In other words, if demand is higher than expected in the first year, then growth will probably be higher than expected in subsequent years. We represented growth with a normal distribution having an expected value of zero percent and a standard deviation of 15 percent. We also specified that the correlation between Year 1 unit sales and growth should be 65 percent. Growth Rate: Normal distribution Mean= Standard deviation= Correlation with unit sales=

0% 15% 65%

Notice that the growth rate in sales is positively correlated with the level of unit sales. If demand is higher than expected, then unit sales will be higher than expected and growth in sales will be higher than expected.

Step 3: Replace model input values with risky variables
You can use the Function Wizard to create random variables for the inputs. Here is an explanation of how the random variable functions work. The first argument in the function is itself a random variable with a uniform distribution between 0 and 1. This is given by the Excel function =RAND(); notice that RAND needs no argument. Calling =RAND() will generate a random variable uniformly distibuted between 0 and 1. The other arguments for the random variable functions define the probability distribution. For example, the normal probability distribution is defined by its mean and standard deviation. For example, to create a normally distributed random variable with mean of 100 and a standard Michael C. Ehrhardt Page 2 8/12/2008 deviation of 10 (which corresponds to the distribution from IQ tests), you would enter =NORMINV(RAND(),100,10). The function takes the value of RAND() and converts this uniformly distributed variable into a normally distributed variable with a mean of 100 and a

You can use the Function Wizard to create random variables for the inputs. Here is an explanation of how the random variable functions work. The first argument in the function is itself a random variable with a 278bf33b-2111-4782-8626-60f06c27a951.xls uniform distribution between 0 and 1. This is given by the ExcelInputs Simulation function =RAND(); notice that RAND needs no argument. Calling =RAND() will generate a random variable uniformly distibuted between 0 and 1. The other arguments for the random variable functions define the probability distribution. For example, the normal probability distribution is defined by its mean and standard deviation. For example, to create a normally distributed random variable with mean of 100 and a standard deviation of 10 (which corresponds to the distribution from IQ tests), you would enter =NORMINV(RAND(),100,10). The function takes the value of RAND() and converts this uniformly distributed variable into a normally distributed variable with a mean of 100 and a standard deviation of 10. The output would be a normally distributed random variable with a mean of 100 and a standard deviation of 10. As stated above, the first argument in the random variable functions will be a random variable with a uniform distribution. The other arguments will be the parameters that define the distribution, and they are obtained from Step 2. Because we want Growth to be correlated with Unit Sales, we must add another random variable. We call this a Demand Indicator. It is uniformly distributed, and it will be the first argument of the random variable function for Unit Sales. The other arguments for the triangular distribution of Unit Sales are the lower bound, the most likely value, and the upper bound. So the function would be =TRIANINV(Demand Indicator,lower bound,most likely, upper bound), where Demand Indicator is itself a uniform random variable created by RAND(). TRIANINV takes the uniformly distributed variable Demand Indicator and coverts it into a variable that has a triangular distribution with the specified lower bound, most likely, and upper bound. To create the correlated Growth, we must create another uniformly distributed random variable that has the desired correlation with Unit Sales (which itself is driven by the Demand Indicator variable). The CORAND function does this. CORAND's first argument is the correlation and its second argument a uniformly distributed random variable. For example, =CORAND(0.9,Demand Indicator) would create a uniformly distributed random variable that has a 0.9 correlation with Demand Indicator. To get a normally distributed random variable for Growth that is correlated with Unit Sales, we use the function =NORMINV(CORAND(Correlation,Demand Indicator),Mean,Standard Deviation). (Note: CORAND can also create more than two random variables that have a desired correlation matrix, but this is beyond the scope of this model. See the Simtools web site listed above for more details on this feature.) Input Sales Price Variable Cost Demand Indicator Unit Sales Correlated with Demand Indicator Growth Rate Function NORMINV TRIANINV RAND TRIANINV CORAND NORMINV Resulting Random Variable $3.08 #NAME? 0.90 #NAME? #NAME? #NAME?

Notice that the resulting random variables change each time the spreadsheet peforms a calculation. To see this, hit the F9 key. We have replaced the input values for Sales Price, Variable Costs, Unit Sales, and Growth in Part 1 of Table 11-3, shown below, with links to the random variables shown above. Therefore, every time the spreadsheet peforms a calcualtion, it also is finding a new NPV, based on the new set of inputs. To see this, try hitting F9.

Michael C. Ehrhardt

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Sales Price = Variable Cost = Unit Sales = Growth = NPV =

Original $3.00 $2.10 20,000 0.0%

New, based on current simulation $3.08 #NAME? #NAME? #NAME?

$5,809 #NAME?

Step 4: Run the Simulation and Analyze the Results
The full model for the capital budgeting project is shown below. We include it because it is required for all the calculations, but you won't need to modify it (or even look at it) to do the simulation. The simulation will automatically pull seleced inputs and outputs from this model. To run the simulation, click on the Tab named Run Simulation and follow the directions on that sheet.

Note: There is no need to change anything below here. This is the same analysis as in CF2 Ch 11 Tool Kit.xls .

Model for Evaluating A New Capital Budgeting Project: Table 11-4. Analysis of a New (Expansion) Project Part 1. Input Data (in thousands of dollars)
Key Output: NPV Building cost (= Depreciable basis) $12,000 Equipment cost (= Depreciable basis) $8,000 Net Operating WC / Sales 10% First year sales (in units) #NAME? Growth rate in units sold #NAME? Sales price per unit $3.08 Variable cost per unit #NAME? Fixed costs $8,000 Market value of building in 2007 Market value of equip. in 2007 Tax rate WACC Inflation: growth in sales price Inflation: growth in VC per unit Inflation: growth in fixed costs Years 2 3 2.6% 2.6% $312 $312 11,532 11,220 32.0% $2,560 3,840 19.0% $1,520 2,320 = #NAME? $7,500 $2,000 40% 12% 2.0% 2.0% 1.0% Cumulative Depr'n $1,092

Part 2. Depreciation Schedule a
1 Building Depr'n Rate Building Depr'n Ending Book Val: Cost - Cum. Depr'n Equipment Depr'n Rate Equipment Depr'n Ending Book Val: Cost - Cum. Depr'n
a

4 2.6% $312 $10,908 12.0% $960 $1,360

1.3% $156 11,844 20.0% $1,600 6,400

$6,640

The indicated percentages are multiplied by the depreciable basis ($12,000 for the building and $8,000 for the equipment) to determine the depreciation expense for the year. The correct depreciation percentages for the building depend upon

Part 3 of Table 11-4. Net Salvage Values in 2009
Estimated Market Value in 2009 Building Equipment $7,500 $2,000 Total

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Book Value in 2009b Expected Gain or Lossc Taxes paid or tax credit Net cash flow from salvaged
b

10,908 -3,408 -1,363 $8,863

1,360 640 256 $1,744 $10,607

Book value equals depreciable basis (initial cost in this case) minus accumulated MACRS depreciation. For the building, accumulated depreciation equals $1,092, so book value equals $12,000 - $1,092 = $10,908. For the equipment, accumulated depreciation equals $6,640, so book value equals $8,000 - $6,640 = $1,360.
c

Building: $7,500 market value - $10,908 book value = -$3,408, a loss. This represents a shortfall in depreciation 'taken versus "true" depreciation, and it is treated as an operating expense for 2007. Equipment: $2,000 market value -'$1,360 book value = $640 profit. Here the depreciation charge exceeds the "true" depreciation, and the difference is called "depreciation recapture". It is taxed as ordinary income in 2008. The actual book value at the time of disposition depends on the month of disposition. We have simplified the analysis and assumed that there will be a full year of depreciation in 2008.
d

Net cash flow from salvage equals salvage (market) value minus taxes. For the building, the loss results in a tax credit, so net salvage value = $7,500 - (-$1,363) = $8,863.

Part 4 of Table 11-4. Projected Net Cash Flows (Time line of annual cash flows)
Investment Outlays: Long-Term Assets Building Equipment Operating Cash Flows over the Project's Life Units sold Sales price Sales revenue Variable costs Fixed operating costs Depreciation (building) Depreciation (equipment) Oper. income before taxes (EBIT) Taxes on operating income (40%) Net Operating Profit After Taxes (NOPAT) Add back depreciation Operating cash flow

Years 0 2003 ($12,000) (8,000) 1 2004 2 2005 3 2006 4 2007

#NAME? $3.08 #NAME? #NAME? 8,000 156 1,600 #NAME? #NAME? #NAME? 1,756 #NAME?

#NAME? $3.14 #NAME? #NAME? 8,080 312 2,560 #NAME? #NAME? #NAME? 2,872 #NAME?

#NAME? $3.20 #NAME? #NAME? 8,161 312 1,520 #NAME? #NAME? #NAME? 1,832 #NAME?

#NAME? $3.26 #NAME? #NAME? 8,242 312 960 #NAME? #NAME? #NAME? 1,272 #NAME?

Cash Flows Due to Net Operating Working Capital Net Operating Working Capital (based on sales) #NAME? Cash flow due to investment in NOWC #NAME? Salvage Cash Flows: Long-Term Assets Net salvage cash flow: Building Net salvage cash flow: Equipment Total salvage cash flows Net Cash Flow (Time line of cash flows) #NAME?

#NAME? #NAME? #NAME? #NAME?

#NAME? #NAME?

$0 #NAME?

$8,863 1,744 $10,607 #NAME? #NAME? #NAME? #NAME?

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Part 5 of Table 11-3. Key Output and Appraisal of the Proposed Project
Net Present Value (at 12%) IRR MIRR #NAME? #VALUE! #NAME?

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If you get an error box like this picture, which is not an actual error message, then you have not correcly installed

This is a picture of the error message, not an actual error message.

anation of Simulation.doc ."

Michael C. Ehrhardt

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Michael C. Ehrhardt

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E40 E41

E52 E53 E54

E132 E65 E66

E67

E81 F132

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F132

Simulation Inputs

F134 E79 E80

00 for the equipment)

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on. For the building, ipment, accumulated

epreciation 'taken versus "true" ,360 book value = $640 profit. on recapture". It is taxed as position. We have simplified the

ults in a tax credit, so

Michael C. Ehrhardt

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Michael C. Ehrhardt

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which is not an actual error message, then you have not correcly installed Simtools.xla.

Michael C. Ehrhardt

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Michael C. Ehrhardt

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Michael C. Ehrhardt

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Running a Simulation
To run or re-run the simulation, you must first select the range for the simulation. To do this, click Edit in the menu bar, then select Go To. In the resulting dialog box, select Sim1000 and click OK. This should highlight and take you to the selected range where you will also find directions for the next step. This is similar to a data table, with 1000 rows. The difference is that the table will have four input variables (Sales Price, Variable Cost, Unit Sales, and Growth) and one output, NPV. The table will repeat the calculation 1000 times, with new inputs each time, based on the random variables for the inputs.

Output of Simulation
Trial Number 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Index SimTable 0 0.001001 0.002002 0.003003 0.004004 0.005005 0.006006 0.007007 0.008008 0.009009 0.01001 0.011011 0.012012 0.013013 0.014014 0.015015 0.016016 0.017017 0.018018 0.019019 0.02002 0.021021 0.022022 0.023023 0.024024 0.025025 0.026026 0.027027 0.028028 0.029029 0.03003 0.031031 0.032032 0.033033 0.034034 0.035035 0.036036 Sales Price 3.076192 3.344219 2.671979 3.332679 2.45076 3.606256 3.124987 3.072561 2.249869 3.267513 2.99168 2.306743 3.163369 3.809574 3.283728 2.958616 2.954029 2.865786 2.783899 2.580154 3.021595 3.569177 3.228953 3.13825 2.320346 3.04624 3.424948 3.419958 2.442261 2.377316 3.649188 3.136236 2.894336 3.345476 3.508583 3.44579 3.024858 3.005822 Variable Cost #NAME? 2.010324 1.860983 2.04819 2.14764 1.980434 2.125232 1.798165 2.211179 2.099481 2.070056 1.604273 1.814547 2.002456 2.171475 2.032201 2.064737 1.884869 2.299594 1.741092 1.878241 2.458882 1.61142 1.481426 1.886667 2.234218 2.240379 2.271611 2.001618 2.078465 2.202791 1.718684 2.078272 1.731715 1.886149 2.012041 2.16702 2.266944 Unit Sales #NAME? 24856.15 19085.77 22450.77 16575.04 27487.68 19428.8 19602.11 19383.2 19677.98 23005.97 23087.83 20703.5 17263.3 21495.53 18835.38 26564.49 18196.71 24311.11 24098.75 18051.48 20208.42 21114.32 19897.98 24214.95 17077.82 21275.77 23848.81 26969.87 22685.26 19911.46 21975.92 21881.99 28103.97 22845.6 22576.31 28741.59 20605.3 Growth #NAME? 0.14033 -0.04824 -0.06968 -0.26487 0.264862 -0.06928 0.121301 -0.29391 -0.04279 -0.07527 0.055401 0.029862 -0.118 -0.06632 -0.06834 0.203731 -0.15195 0.083249 0.070729 0.24155 -0.06213 0.136919 0.201982 0.289011 -0.16996 -0.10718 -0.03 0.116044 -0.03208 0.026568 0.049575 -0.09995 0.092015 0.047479 0.180427 0.236691 -0.01801 NPV #NAME? 45835.14 -326.753 20829.75 -20194.4 88914.83 5323.878 26941.55 -25801.8 12642.32 7793.301 4978.957 26288.14 21841.48 12773.49 2171.168 28880.96 -174.241 -3767.36 13522.74 25190.76 10417.95 48434.41 52593.24 322.2761 -6688.59 12662.79 20615.7 -2443.59 -15438.5 27473.21 34049.76 1389.48 66742.2 45251.74 48187.89 33566.97 -104.665

While the table is still highlighted, click Tools on the menu bar, then select the submenu SimTools. Then click on Simulation Table. See picture to the right for details.
If you do this correctly, a new simulation analysis will run. This may take 10 or 15 seconds, depending on your computer. All the numbers in the Simulation Table will change, reflecting the output of the 1000 new simulations.

Click on the Tab Simulation Summary to see a summary of the Simulation results.

38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89

0.037037 0.038038 0.039039 0.04004 0.041041 0.042042 0.043043 0.044044 0.045045 0.046046 0.047047 0.048048 0.049049 0.05005 0.051051 0.052052 0.053053 0.054054 0.055055 0.056056 0.057057 0.058058 0.059059 0.06006 0.061061 0.062062 0.063063 0.064064 0.065065 0.066066 0.067067 0.068068 0.069069 0.07007 0.071071 0.072072 0.073073 0.074074 0.075075 0.076076 0.077077 0.078078 0.079079 0.08008 0.081081 0.082082 0.083083 0.084084 0.085085 0.086086 0.087087 0.088088

3.13837 3.300053 2.979374 2.910182 2.477277 2.7463 2.972157 2.684168 3.312389 3.01327 3.263453 3.359148 3.236171 3.233311 2.939795 2.662589 3.319823 2.898264 3.115585 2.463544 2.894281 2.912086 2.739038 3.490024 2.819853 3.522735 3.502452 2.909686 2.723105 2.787786 3.030892 3.214454 2.750092 3.494584 2.810663 2.876052 3.120414 2.335909 2.918798 2.567784 2.728181 3.190863 3.263391 3.018982 3.322056 2.302413 3.095107 2.68865 3.139441 2.849427 2.550205 2.577579

1.838454 2.219567 2.344223 1.777651 2.102568 2.389904 1.92684 2.113839 2.467607 1.816903 2.050407 1.927774 2.246825 1.865939 1.624541 1.939826 1.912103 2.126876 1.996579 2.139631 1.514183 2.21975 2.332112 1.793091 2.134763 2.223358 1.705941 2.219201 1.763397 2.433202 1.652034 1.84711 2.166374 1.773538 1.794406 2.111989 2.042644 2.305245 2.200586 1.723201 2.378968 2.362018 1.553529 1.668894 2.176818 1.897061 1.964908 1.831972 1.903652 2.154252 1.750504 1.764201

25633.11 18536.35 25532.53 21962.36 19478.04 22789.57 22867.56 20228.9 24344.16 24392.57 17121.87 23922.45 26785.68 21553.16 19041.85 19557.57 16889.7 17442.46 23485.53 22609.47 21764.31 21368.62 18439.39 17421.31 16864.24 23342.1 15841.44 16595.13 19674.25 21713.37 22433.3 20463.48 26912.9 24658.17 25459.32 19405.22 24607.96 23667.9 22308.05 18918.75 21666.45 19291.37 19325.99 25286.4 20645.47 26419.88 21130.55 21019.81 18929.01 22209.33 28612.14 18292.93

0.071861 -0.19226 0.104374 0.005472 -0.07852 0.036893 -0.02268 -0.13397 -0.09349 0.047355 -0.15365 -0.05102 0.214797 -0.23524 -0.32864 -0.0152 -0.21437 -0.21566 0.067801 0.083773 0.065231 -0.11818 -0.20344 0.101958 -0.21468 0.110311 -0.28113 -0.19514 -0.04952 0.072293 0.135836 -0.00588 0.139315 -0.08853 0.065369 -0.09088 0.23818 -0.05677 -0.1356 -0.06707 0.120506 -0.0469 -0.06682 0.10613 -0.0188 -0.02392 0.033746 -0.06579 -0.00943 0.129345 0.19229 -0.18193

39912.83 1296.595 6114.429 18868.8 -15014.4 -12112.2 15260.96 -9405.38 5518.89 29747.56 4068.638 31287.13 36502.63 12245.67 2725.14 -1640.94 5828.123 -8390.39 25372.95 -12600.6 33306.33 -4120.31 -16489 35419.36 -10924.2 36857.7 8985.359 -10674.2 5487.725 -12227 41067.61 23878.08 6604.424 41771.43 24434.68 -3019.69 39041.77 -26307.3 -2822.54 -45.6457 -11544 246.6425 28597.11 45009.48 14985.09 -8453.2 18637.44 3196.358 15389.44 6046.257 26509.96 -5390.45

90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141

0.089089 0.09009 0.091091 0.092092 0.093093 0.094094 0.095095 0.096096 0.097097 0.098098 0.099099 0.1001 0.101101 0.102102 0.103103 0.104104 0.105105 0.106106 0.107107 0.108108 0.109109 0.11011 0.111111 0.112112 0.113113 0.114114 0.115115 0.116116 0.117117 0.118118 0.119119 0.12012 0.121121 0.122122 0.123123 0.124124 0.125125 0.126126 0.127127 0.128128 0.129129 0.13013 0.131131 0.132132 0.133133 0.134134 0.135135 0.136136 0.137137 0.138138 0.139139 0.14014

2.718347 3.27821 3.440533 2.804406 2.96597 2.47826 2.927392 3.253057 3.1053 3.411277 3.598396 2.93956 2.359707 3.000599 3.228302 3.036164 2.754093 3.028205 3.216763 3.637327 2.790707 2.494208 3.109549 2.672253 2.86569 2.876292 2.596016 2.657038 3.215659 3.236062 3.008714 2.835366 2.719746 2.68546 3.522398 3.091041 3.074 2.902638 3.047569 2.410633 2.786526 3.927249 2.59013 3.219171 3.122805 2.826871 2.507403 3.007408 2.451775 3.34611 2.876389 3.159801

1.97617 1.434003 1.652311 2.422412 1.935607 1.844389 2.143586 2.302737 2.324337 2.261706 1.969981 2.00094 2.266486 1.965071 1.761942 2.223905 2.078266 1.689241 2.100543 1.855474 1.851006 1.595951 1.888482 1.845264 1.880698 1.773654 2.436436 2.098604 1.974156 2.271325 1.842715 2.024119 2.190104 1.883763 2.073958 2.005336 2.363208 2.13754 2.07 2.365107 1.853852 2.080557 2.000322 2.234359 2.160941 2.261162 2.001786 2.096511 1.577394 2.019124 1.794908 1.896281

15494.34 20270.1 27508.85 18654.75 25167.9 18562.46 29172.87 24962.55 22917.14 20994.07 24088.2 25935.22 19266.68 17745.84 24551.76 17425.44 23977.22 25699.86 19425.43 22617.64 19145.24 21920.36 27118.6 22557.07 26679.57 20607.62 27700.89 16433.15 16682.13 24619.47 16449.96 17081.06 20679.32 22832.01 17942.43 22022.64 25831.62 21792.19 24582.42 23586.44 17176.05 20635.82 21988.75 24254.3 18586.57 19189.26 27894.94 19035.31 24457.7 22047.8 19054.05 19860.44

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142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193

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1.754524 2.137203 1.912424 2.217217 1.450209 2.028813 2.223501 1.782739 2.003474 1.679072 2.012205 1.739981 1.859053 1.708987 1.738692 1.876798 2.002026 2.023426 2.08635 1.88545 2.029349 2.059918 1.937343 2.416161 1.831229 1.792503 2.108772 2.283166 2.362441 1.807693 1.928039 2.346019 2.096937 1.937646 2.047752 1.769693 1.762791 1.79127 2.050524 1.896045 1.96257 2.311982 1.939249 1.76768 1.987048 2.092411 2.108047 2.012868 1.985058 1.650396 2.126649 1.69307

22136.65 19707.1 20179.89 19618.27 19990.26 20235.17 20830.97 24245.18 22418.35 18638.48 21761.04 21819.17 21128.88 28106.93 26642.54 19871.23 24280.08 26423.69 20408.07 22059.68 27867.86 16470.2 23382.1 26740.04 19905.99 16542.01 18437.12 25272.57 24145.38 25280.77 18763.96 21295.75 28880.36 20178.93 17434.86 24440.59 20648.27 26708.52 24941.06 23287.56 22231.41 25020.96 18562.14 17743.33 21205.83 23810.13 18504.84 18632.58 26199.23 15553.89 26075.78 26985.46

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194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245

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2.173025 2.205233 2.121479 2.22393 1.558036 2.232234 2.033343 1.733161 2.163846 1.990266 1.828668 1.9613 2.079955 2.243552 2.124887 1.498844 1.707725 1.833612 2.122455 2.071788 1.955045 2.096768 1.747415 2.246448 1.809655 2.027246 1.642093 2.217039 1.99579 1.849164 1.888525 1.733238 2.361016 2.062821 2.108158 1.843596 1.671349 2.146416 1.609887 1.570706 2.14591 2.048273 1.989471 2.160098 2.09982 2.363665 2.021908 1.8045 1.587419 2.375159 2.487339 1.980833

23309.78 25587.78 25085.47 18699.29 17219.08 24024.91 25418.79 20243.36 26584.02 15885.23 17357.25 26909.13 22479.36 18069.41 19688.07 21323.52 24877.13 29589.71 19811.86 22673.72 19934.23 22010.62 20166.79 22725.87 19459.13 22646.71 19939.98 23778.93 17540.16 22573.57 20682.11 18588.8 22018.66 17040.69 23178.28 18098.56 16266.96 20009.14 23040.41 17477.93 25879.34 23113.78 20572.58 17833.68 20909.58 23570.75 19998.97 19652.54 17887.08 19105.62 20041.36 22585.83

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246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297

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2.980017 3.032715 2.690494 3.075392 2.889816 3.066298 2.563367 2.989269 3.528112 3.111106 2.575778 2.734429 3.457144 3.08994 3.511129 3.349061 3.69324 3.26364 3.177657 3.043372 2.607387 2.906211 2.93458 3.21099 3.09566 3.321225 2.930923 3.760477 3.351814 3.344005 2.983547 3.336488 3.101206 2.528685 2.755546 2.801008 2.919176 2.897546 2.965125 3.553183 3.521951 2.743276 2.962746 3.044091 2.742449 3.082434 3.097067 2.635837 3.068354 3.360688 3.168492 3.273586

1.718244 1.953528 1.7635 1.782207 1.920243 1.991674 1.838849 2.0834 1.904756 2.280637 2.003681 1.605777 2.205675 2.055062 1.762887 2.120431 1.913523 1.71621 1.84911 2.426899 2.083595 1.832665 2.088957 1.521078 1.93938 2.116005 1.975717 2.288791 1.911662 1.44827 2.080023 2.049971 1.597648 2.19779 1.896277 2.04478 2.316118 2.419729 2.366366 2.006199 2.342338 1.54687 1.997887 2.393863 2.36113 1.58778 2.042171 1.737323 1.602319 2.032546 2.008294 1.613298

18544.63 28371.32 17937.57 21314.98 20729.57 19489.55 19743.09 22124.66 16832.49 24470.89 18350.4 20245.36 19683.79 22826.06 19406.58 24857.64 20854.47 22860.39 21568.49 24476.32 26870.87 20795.72 25292.73 19785.26 18779.37 26176.05 15981.75 23339.87 21449.91 19985.44 26744.91 19838.51 21524.16 21031.64 22946.99 21745.7 24509.4 21325.36 20449.66 22366.38 18989.08 20391.29 20023.38 21972.01 24146.97 24073.54 27321.86 28234.57 21453.24 19683.74 21262.47 22909.78

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1430.833 51186.62 436.1637 20408.02 -4082.87 3516.696 -5576.62 15355.57 12086.25 19667.11 -8802.13 5744.19 11289.59 13995.74 32603.72 51470.95 34007.99 56753.35 40715.26 265.1223 2147.61 12295.11 34462.62 28234.91 9499.564 41679.3 -9508.86 32720.14 38605.86 45153.08 37187.51 29391.31 31911.07 -13870.9 13946.39 7362.323 3034.24 -7579.12 -11719.3 28760.78 15355.03 11732.96 7867.53 3454.555 -9279.22 32302.72 38756.78 40546.35 37208.05 16593.2 18977.19 54690.23

298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349

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2.419426 2.226451 1.911817 2.322243 1.959472 2.076737 2.294149 2.334864 2.239812 1.682061 2.243307 1.70727 1.835299 1.638006 2.16613 1.94084 2.162519 2.345337 1.861266 1.596994 2.162704 1.976437 2.066448 1.821584 2.419667 2.331902 1.64593 2.087701 2.081291 2.141968 2.123642 2.12228 1.842628 2.048329 2.123567 1.610734 2.04883 2.248076 2.014076 2.398313 2.073963 1.927019 2.153424 2.019133 1.552646 2.0729 2.037356 2.435257 2.181585 2.193625 1.836005 1.975601

21292.94 19780.44 29013.07 20096.97 26907.84 21318.47 20957.08 20448.95 21636.07 18588.06 27134.4 21234.42 20734.71 15969.55 23461.29 18501.2 16153.39 16965.27 19689.92 27287.28 18615.7 25130.46 19609.29 18688.34 17992.95 18574.34 21343.8 22535.65 19336.06 20022.8 16351.9 22429.35 23336.54 17357.02 20006.11 20233.85 22508.79 22503.5 22532.5 24736.93 20607.69 22797.24 24124.3 18781.25 20187.59 20529.74 20533.93 20461.25 22781.98 18707.53 17654.92 25305.45

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350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401

0.349349 0.35035 0.351351 0.352352 0.353353 0.354354 0.355355 0.356356 0.357357 0.358358 0.359359 0.36036 0.361361 0.362362 0.363363 0.364364 0.365365 0.366366 0.367367 0.368368 0.369369 0.37037 0.371371 0.372372 0.373373 0.374374 0.375375 0.376376 0.377377 0.378378 0.379379 0.38038 0.381381 0.382382 0.383383 0.384384 0.385385 0.386386 0.387387 0.388388 0.389389 0.39039 0.391391 0.392392 0.393393 0.394394 0.395395 0.396396 0.397397 0.398398 0.399399 0.4004

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1.835135 2.411336 2.194975 2.058074 2.308186 1.725074 1.976677 1.932264 1.871096 2.094977 2.298545 1.824599 1.854188 1.761133 2.110534 2.310956 2.394999 2.396734 1.540137 1.789779 1.619428 2.316888 1.896302 2.158669 2.233955 1.589618 2.000501 1.826424 2.183592 1.70744 1.703168 2.300187 2.011965 2.027916 1.861356 2.204656 2.297564 1.730261 2.179349 2.173087 2.094587 2.187617 2.273003 2.04253 2.122502 1.529169 2.389064 1.904386 2.392077 1.5814 1.881716 1.890833

15575.16 18732.64 23819.91 21492 23381.01 28297.8 16305.36 24664.87 22665.49 25286.35 21906.09 20165.31 22818.2 19800.28 22474.64 21920.69 21587.48 18064 18784.41 23172.89 28209.46 19920.86 24604.62 25388.63 23605.84 20265.65 24527.63 21567.96 21034.88 22473.95 24016.98 21261.28 17127.29 24531.62 16973.1 15543.66 19205.52 21443.21 20355.6 19599.84 24228.35 22865.79 17825.98 17554.1 25528.28 20902.03 16139.1 21497.15 16633.49 19209.59 26406.46 26205.94

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402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453

0.401401 0.402402 0.403403 0.404404 0.405405 0.406406 0.407407 0.408408 0.409409 0.41041 0.411411 0.412412 0.413413 0.414414 0.415415 0.416416 0.417417 0.418418 0.419419 0.42042 0.421421 0.422422 0.423423 0.424424 0.425425 0.426426 0.427427 0.428428 0.429429 0.43043 0.431431 0.432432 0.433433 0.434434 0.435435 0.436436 0.437437 0.438438 0.439439 0.44044 0.441441 0.442442 0.443443 0.444444 0.445445 0.446446 0.447447 0.448448 0.449449 0.45045 0.451451 0.452452

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2.016898 2.200082 1.985241 2.256052 1.991997 2.027573 2.173657 2.347337 2.248993 2.094224 1.673876 1.834899 1.651536 1.722936 2.082591 1.903479 1.822469 2.27134 1.864651 1.848397 2.06556 1.676163 1.972627 2.198251 2.13964 2.208563 1.82977 1.666761 1.934348 2.186137 2.111777 1.828897 2.076299 1.884358 2.231427 2.245706 1.958996 2.038265 1.920392 1.965199 1.92649 2.002647 1.755734 1.856137 2.067336 2.161595 2.02369 2.05004 1.916454 2.033428 1.858655 1.560301

29157.76 18039.25 21112.1 23647.21 26203.67 18628.92 21935.53 17479.44 15849.69 26577.39 19141.3 26273.3 22007.48 18807.95 20155.62 26883.51 20328.76 22680.91 18628.69 26588.36 22601.1 17545.59 27350.65 20963.34 25823.69 23207.77 20570.04 15609.68 25193.64 28622.01 20746.32 18225.16 20857.94 25822.97 20985.13 18942.36 25328.1 23443.53 18798.95 19247.9 22702.65 22913.93 20988.14 19414.44 26740.31 19630.86 17985.74 22226.91 22946.03 18566.41 23679.45 19886.27

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59678.01 -278.322 -4201.02 27233.55 33806 5319.243 -10886.8 -16321.6 -7126.11 14476.1 59804.74 62934.89 32932.34 52580.65 -7927.85 22127.77 12241.75 34920.44 2878.048 22694.26 39830.43 11784.58 42813.59 12888.77 3811.357 13714.81 613.7895 6496.73 32389.19 47185.59 6222.495 -1935.16 -8214.12 41335.84 -8101.71 -7606.31 11141.97 20132.81 -14609.9 -8851.12 21997.29 18468.23 48202.09 -22506.3 34579.64 -6052.23 -2228.58 2805.677 20982 10353.99 20524.09 18272.77

454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505

0.453453 0.454454 0.455455 0.456456 0.457457 0.458458 0.459459 0.46046 0.461461 0.462462 0.463463 0.464464 0.465465 0.466466 0.467467 0.468468 0.469469 0.47047 0.471471 0.472472 0.473473 0.474474 0.475475 0.476476 0.477477 0.478478 0.479479 0.48048 0.481481 0.482482 0.483483 0.484484 0.485485 0.486486 0.487487 0.488488 0.489489 0.49049 0.491491 0.492492 0.493493 0.494494 0.495495 0.496496 0.497497 0.498498 0.499499 0.500501 0.501502 0.502503 0.503504 0.504505

3.129181 3.295555 2.885607 3.032397 3.307601 2.908825 2.90304 3.03031 2.999677 3.370319 2.866916 3.270403 3.03771 2.913373 3.542528 3.41663 3.02814 3.150778 2.525639 2.290588 3.114759 3.385267 2.834568 2.227908 2.489958 3.161275 2.936121 3.100049 2.939441 2.943673 3.230439 3.213766 3.298771 3.576833 2.535136 2.691859 3.363527 2.987797 3.199194 2.854018 2.927142 2.961603 3.155126 3.369149 2.571906 2.461774 3.26438 3.511713 3.084909 2.897006 2.710856 2.777327

2.09483 2.175421 2.078026 2.249809 2.195224 2.016985 1.574911 2.073305 1.671086 1.49684 1.61459 2.148118 1.55221 2.198716 1.982065 2.103527 1.944062 2.19122 1.68015 2.174417 2.143167 1.999129 2.032119 2.129402 1.987283 1.768267 2.066795 2.095144 1.755294 2.272073 1.99917 2.259986 2.2562 1.978825 1.897193 2.035442 1.709985 1.722131 2.207555 2.143412 2.385204 2.166881 1.527376 2.030648 2.215615 2.083054 1.925285 1.969775 2.379246 1.787662 1.872097 1.991342

27508.08 27740 23546.47 23503.02 17044.96 26255.92 21272.71 20690.24 20115.69 21449.02 24853.94 21711.99 21114.15 23385.22 18143.22 20878.64 22709.83 22319.23 17210.55 19270.24 18313.17 18360.36 21521.19 22311.63 22772.47 19527.74 28903.05 17353.65 21589.11 19500.47 22784.82 18336.26 20555.27 21494.78 21064.91 18283.72 19893.46 24580.91 23669.94 19597.75 17097.69 17282.56 20156.86 18345.54 26396.68 17011.54 15849.8 21340.82 26028.66 23798.73 28697.91 25942.42

0.201627 0.087391 -0.06031 -0.00238 -0.18593 0.018366 0.042191 0.209203 -0.18528 -0.13094 0.204235 0.012229 -0.01776 0.033734 0.091204 -0.09556 -0.03698 -0.02481 -0.1052 -0.12064 0.008146 -0.14376 0.023541 0.128416 0.155112 -0.21704 0.180537 0.105617 -0.0513 -0.2335 0.057892 0.043173 0.079183 -0.21603 -0.02499 -0.18118 -0.18308 0.034893 -0.05478 -0.07565 -0.04811 -0.08816 0.127727 0.03278 0.121016 -0.31767 -0.38136 0.038354 0.1892 0.326156 0.225231 0.008524

40259.62 36110.69 4760.288 6019.091 130.1848 16391.92 27976.51 20546.17 11275.03 34817.01 47835.97 18052.63 29312.89 4464.52 31725.47 16967.57 15701.54 10555.15 -3513.19 -23502.7 5885.779 11465.1 5397.847 -22961.4 -1766.7 10297.78 30501.86 9778.164 16721.11 -9483.94 28263.54 6767.322 16271.01 19834.86 -3273.7 -9616.66 20151.46 32597.38 12459.38 -4057.23 -11171.7 -4589.87 44723.18 20039.45 -7857.1 -18901.1 -3372.59 36360.62 14993.53 47112.36 31645 10254.95

506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544 545 546 547 548 549 550 551 552 553 554 555 556 557

0.505506 0.506507 0.507508 0.508509 0.50951 0.510511 0.511512 0.512513 0.513514 0.514515 0.515516 0.516517 0.517518 0.518519 0.51952 0.520521 0.521522 0.522523 0.523524 0.524525 0.525526 0.526527 0.527528 0.528529 0.52953 0.530531 0.531532 0.532533 0.533534 0.534535 0.535536 0.536537 0.537538 0.538539 0.53954 0.540541 0.541542 0.542543 0.543544 0.544545 0.545546 0.546547 0.547548 0.548549 0.54955 0.550551 0.551552 0.552553 0.553554 0.554555 0.555556 0.556557

4.331006 3.511244 3.127526 2.643092 3.0129 2.803542 3.048399 2.936906 3.272066 2.747365 3.111207 3.08264 3.487132 3.149512 2.778244 2.915113 2.795263 2.987351 3.179384 3.10986 2.991086 2.806004 3.389989 3.064668 2.900516 2.581212 3.142255 3.199574 2.565032 3.611229 3.385801 3.1219 2.742391 2.602983 3.131134 2.871784 3.542314 3.452477 3.223508 3.414308 3.371053 2.88919 2.737539 2.93631 3.0575 2.488063 3.167523 3.030584 2.928858 2.782517 2.898674 3.377657

2.025893 2.089021 1.889942 2.318548 1.657127 2.152113 2.19107 1.817485 2.020411 1.738104 2.379158 1.872748 2.404232 2.25029 2.239997 2.133952 1.651293 1.739646 1.824203 2.090789 2.329892 1.893035 1.671801 2.034613 2.264052 2.321429 1.93813 1.972643 2.231804 2.138937 2.153182 1.795126 1.997525 2.02896 1.554656 2.279025 2.149537 1.913708 2.073902 2.198869 2.141425 2.129881 1.839204 2.114347 2.021555 1.730698 2.208519 2.101971 2.184164 1.724761 1.660701 1.975437

19687.94 23315.76 20836.67 25385.68 19876 21098.47 25603.31 15480.37 19322.47 21914.84 19203.19 19493.81 23614.93 21333.54 20693.3 19874.34 21131.99 22621.28 21931.35 20277.82 21715.41 19975.82 22623.75 21043.98 26221.39 22287.93 21050.87 23614.68 23082.4 23507.05 20294.52 20844.17 21401.27 16981.07 24388.66 19597.77 19815.66 23522.29 17460.14 22316.47 18777.6 20014.14 22053.93 21979.51 21676.86 23069.13 17148.53 25066.36 16845.96 23276.28 20734.52 17378.26

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82007.76 48803.68 13882.78 -10888.3 10619.68 118.9786 14581.44 -5274.56 10410.45 11860.49 2076.24 8198.116 26398.73 2505.133 -11121.5 -1390.73 16334.92 37986.16 34993.08 14845.39 6411.801 1952.663 37665.15 -1572.97 7697.562 -13815.6 24162.76 33345.82 -12147 45290.1 18680.67 23593.23 5605.645 -11288.7 37123.18 -6259.71 40461.31 48004.74 7274.208 21976.92 16277.15 -2756.4 9978.788 2563.415 17937.47 17143.34 1706.909 19458.24 -8757.52 25812.08 24052.71 7850.137

558 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582 583 584 585 586 587 588 589 590 591 592 593 594 595 596 597 598 599 600 601 602 603 604 605 606 607 608 609

0.557558 0.558559 0.55956 0.560561 0.561562 0.562563 0.563564 0.564565 0.565566 0.566567 0.567568 0.568569 0.56957 0.570571 0.571572 0.572573 0.573574 0.574575 0.575576 0.576577 0.577578 0.578579 0.57958 0.580581 0.581582 0.582583 0.583584 0.584585 0.585586 0.586587 0.587588 0.588589 0.58959 0.590591 0.591592 0.592593 0.593594 0.594595 0.595596 0.596597 0.597598 0.598599 0.5996 0.600601 0.601602 0.602603 0.603604 0.604605 0.605606 0.606607 0.607608 0.608609

3.200593 2.938896 3.324742 3.043878 2.554307 3.729316 3.10167 3.051706 2.206387 2.942454 3.444355 2.835872 3.284349 2.68237 3.205697 2.922927 2.801713 3.163461 2.616065 3.113273 3.019454 3.124486 3.681645 2.955016 2.525594 2.66564 3.265162 2.349687 2.946413 3.158754 3.546348 3.05351 2.675553 3.157321 2.789023 2.486142 2.779429 2.84394 3.100733 2.364622 3.095914 2.547553 2.934313 2.915358 2.824205 2.648221 2.841099 3.098631 2.944007 2.898714 2.937819 2.631198

1.686843 1.744004 1.939531 2.087054 1.969156 2.096107 1.565061 1.970646 2.323002 1.961907 1.901568 2.071739 2.172188 1.877458 1.946312 2.244406 1.844024 1.735789 1.691013 2.329433 1.936732 1.962674 2.007027 2.035884 2.294184 2.322664 2.326556 1.938288 1.773976 2.172284 1.785538 1.953416 1.780719 1.853186 2.032125 2.19718 2.147233 2.32058 2.397546 1.905257 1.702091 1.817597 2.125352 1.923414 2.023551 1.891833 1.779017 1.937627 2.062079 2.025559 1.865574 1.715214

22269.73 22648.18 21931.47 28047.26 26354.52 26273.47 22386.09 23422.45 21897.65 27278.94 19990.08 25676.46 21303.74 22603.4 24716.82 26059.19 17015.76 25396.49 20050.73 20351.15 25050.88 21877.53 19950.96 16534.25 21272.44 23465.09 19538.78 23885.1 25959.73 16722.38 16702.9 16835.88 21693.03 27191.21 23386.22 23348 20779.04 21850.95 23107.29 26439.16 19349.61 18635.69 20847.33 19603.62 21176.04 20306.56 21633.62 20961.68 24897.29 18431.78 20255.7 25607.81

-0.21094 -0.0199 -0.01952 0.198618 0.132128 0.375405 -0.04267 0.029881 -0.00683 0.231994 0.029293 -0.02227 -0.08225 0.113246 0.08882 0.13053 -0.30082 -0.01264 -0.0089 0.004119 0.234855 0.139719 -0.04076 -0.37397 -0.01633 0.199352 -0.05379 0.272079 -0.00554 -0.0897 -0.20072 -0.30639 0.026368 0.056137 -0.00403 -0.08371 0.015236 -0.16816 0.17957 -0.00309 0.002956 -0.05366 0.031765 -0.0439 -0.03399 0.205175 0.074563 -0.09466 0.279901 -0.03197 -0.01277 0.180747

19424.27 21223.73 27063.67 36058.55 5944.872 101303 32613.89 20973.74 -32178.9 38913.51 31800.51 7330.628 11591.98 11501.37 36864.54 10542.68 -6742.68 38111.22 6717.082 2005.866 40365.14 28896.36 30877.25 -9800.71 -18604.8 -8942.06 4005.425 -2077.12 28066.27 -123.775 14322.2 -4257.52 9794.075 42624.08 4883.288 -16337.7 -2736.27 -10544.5 9812.717 -5335.38 22807.59 -3654.07 4953.018 6599.823 2501.669 9737.397 19478.6 12175.03 30424.42 1266.99 12118.8 27352.86

610 611 612 613 614 615 616 617 618 619 620 621 622 623 624 625 626 627 628 629 630 631 632 633 634 635 636 637 638 639 640 641 642 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661

0.60961 0.610611 0.611612 0.612613 0.613614 0.614615 0.615616 0.616617 0.617618 0.618619 0.61962 0.620621 0.621622 0.622623 0.623624 0.624625 0.625626 0.626627 0.627628 0.628629 0.62963 0.630631 0.631632 0.632633 0.633634 0.634635 0.635636 0.636637 0.637638 0.638639 0.63964 0.640641 0.641642 0.642643 0.643644 0.644645 0.645646 0.646647 0.647648 0.648649 0.64965 0.650651 0.651652 0.652653 0.653654 0.654655 0.655656 0.656657 0.657658 0.658659 0.65966 0.660661

2.533097 2.141073 2.64703 3.087534 3.075616 2.901801 3.079358 2.955035 3.061807 3.33351 2.569908 2.864582 3.254386 3.492151 2.584108 3.130845 3.043309 3.261161 3.494351 2.857718 2.845172 2.731326 3.352194 2.430635 2.795251 3.073167 2.65567 2.851868 3.081565 3.341041 3.0033 3.273776 2.962695 3.41366 2.898164 3.090424 3.297741 2.752475 2.746996 3.149402 2.913429 3.071878 2.83908 2.872817 2.905475 2.515684 3.231384 3.126952 3.240849 3.009488 2.959229 3.106666

2.301044 2.062762 1.86616 2.007774 2.101044 2.132136 2.029828 2.159935 1.520068 1.994893 1.854079 2.191736 1.920664 1.677416 2.243663 1.51181 1.870978 1.764545 1.812332 2.179028 1.972923 1.671506 2.297849 2.256225 2.374756 2.234303 1.764019 2.122651 2.068858 1.990911 2.110957 2.095455 2.280481 1.781079 2.086384 2.204157 2.243987 1.99748 2.38023 2.158629 1.955698 2.148041 2.222256 2.139287 1.875521 2.00506 2.396478 1.87797 1.931141 2.296328 1.912981 2.039573

21327.74 23148.85 23188.14 25063.36 22282.45 21791.26 23560.94 23571.46 28197.85 17544.21 16181.84 16745.88 18619.55 25393.57 24463.29 21911.45 22870.86 20787.74 18875.46 23389.77 23140.3 24209.93 20694.6 17480.72 24394.97 17591.43 21329.57 19860.17 27188.27 19062.02 24332.95 26260.79 16706.3 22467.03 20864 18512.3 22850.8 19487.56 20185.27 16502.1 18003.4 24752.88 19384.34 20261.92 16112.9 19478.91 22473.99 15717.6 16997.62 20586.62 19833.48 21902.94

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-18287.5 -23602.7 5205.014 40243.57 12875.64 2162.592 31030.67 12285.74 77927.91 16924.91 -2103.42 -11690.3 6073.153 62728.8 -9256.77 37572.32 32259.18 17885.44 35546.6 9926.945 2682.326 30233.41 6184.791 -22277.1 -8623.69 -6383.18 -1590.33 3900.127 21816.43 19956.48 15468.04 36886.53 -8020.13 39947.84 -2458.92 4861.366 13548.77 256.8164 -13361.9 -5804.5 2172.802 8973.128 -4163.27 -6899.53 -6767.37 -13411.4 7903.464 -5251.75 1392.194 6541.04 9367.013 26278.4

662 663 664 665 666 667 668 669 670 671 672 673 674 675 676 677 678 679 680 681 682 683 684 685 686 687 688 689 690 691 692 693 694 695 696 697 698 699 700 701 702 703 704 705 706 707 708 709 710 711 712 713

0.661662 0.662663 0.663664 0.664665 0.665666 0.666667 0.667668 0.668669 0.66967 0.670671 0.671672 0.672673 0.673674 0.674675 0.675676 0.676677 0.677678 0.678679 0.67968 0.680681 0.681682 0.682683 0.683684 0.684685 0.685686 0.686687 0.687688 0.688689 0.68969 0.690691 0.691692 0.692693 0.693694 0.694695 0.695696 0.696697 0.697698 0.698699 0.6997 0.700701 0.701702 0.702703 0.703704 0.704705 0.705706 0.706707 0.707708 0.708709 0.70971 0.710711 0.711712 0.712713

2.804838 3.118013 3.436451 2.972606 3.290368 2.865502 3.003351 2.555902 3.232022 2.985658 3.415382 2.615085 2.780805 3.164609 2.734193 3.077622 3.1043 2.543928 2.603223 2.759095 3.210011 2.745767 2.6121 2.644713 2.78793 3.304352 3.039716 2.944896 3.539552 3.110932 2.164975 2.820567 3.366085 2.604825 2.939847 3.487086 3.214259 3.096113 2.787745 3.349265 2.428667 2.954463 3.589331 3.794713 2.568467 3.178172 3.273394 3.419563 3.123939 3.110225 3.061064 2.51272

1.713852 1.764881 1.829868 1.933938 2.249279 1.917306 1.811432 1.939631 2.146771 1.797209 2.166559 1.689753 1.924153 2.116103 1.63524 2.06074 1.814913 2.166419 2.318188 2.055908 2.261662 1.950272 2.343152 2.160053 1.905979 2.384888 1.921457 1.951444 1.921231 1.572984 2.28926 2.139074 2.174393 1.941519 2.104707 2.192322 1.987827 1.850605 2.08464 1.619428 1.541764 1.945687 1.93206 1.97658 2.141826 1.906871 2.004794 2.156018 2.119177 2.026049 2.228798 2.212402

21422.66 21978.75 19994.66 17430.05 20480.37 18084.86 20466.51 19326.28 20207.48 19530.95 21874.94 21804.05 16810.13 20112.74 23178.14 16176.91 21818.49 26962.42 21067.5 20479.93 20560.87 19711.69 19539.92 17720.21 24078.28 21964.65 20924.52 20489.71 23862.55 20414.68 25621.51 26732.79 21989.44 24506.23 20480.08 21233.01 19165.88 20655.1 27335.19 23016.19 19937.12 21695.12 18800.88 25502.74 20489.45 23864.73 17637 21496.52 18648.84 18509.06 18867.22 21620.63

0.139943 0.014578 -0.26362 -0.11929 0.157148 -0.1114 0.028357 0.022404 0.195194 -0.02699 0.254944 -0.06394 -0.09936 -0.14883 -0.04919 -0.29424 -0.05524 0.134457 0.091321 -0.09123 0.005799 -0.19398 -0.17743 -0.11717 0.013051 0.163155 -0.07593 0.072522 0.109294 0.004332 0.00495 0.089763 0.117327 0.012207 -0.23144 -0.01007 -0.10196 0.01067 0.47389 0.219207 -0.13214 0.084696 0.20034 0.319438 -0.08109 -0.04672 0.018657 -0.32163 -0.19379 0.048143 0.087833 0.000393

24647.01 28555.62 14246.76 1427.545 20733.79 193.4452 19461.23 -4553.9 24763.66 14116.83 42718.12 6970.041 -3685.22 4517.83 16686.13 -6430.73 20795.57 -5818.25 -15228.4 -3755.86 8665.601 -4781.6 -19455.2 -13475.8 12280.07 18232.51 11639.88 13974.99 54706.7 31103.36 -33745.3 9755.059 28743.29 2875.838 -4076.56 22383.21 10550.66 20809.54 36561.07 70964.1 395.1989 17702.55 47719.66 102423.6 -12784.3 24936.89 15123.41 5115.44 -522.928 12203.94 5091.533 -15520.1

714 715 716 717 718 719 720 721 722 723 724 725 726 727 728 729 730 731 732 733 734 735 736 737 738 739 740 741 742 743 744 745 746 747 748 749 750 751 752 753 754 755 756 757 758 759 760 761 762 763 764 765

0.713714 0.714715 0.715716 0.716717 0.717718 0.718719 0.71972 0.720721 0.721722 0.722723 0.723724 0.724725 0.725726 0.726727 0.727728 0.728729 0.72973 0.730731 0.731732 0.732733 0.733734 0.734735 0.735736 0.736737 0.737738 0.738739 0.73974 0.740741 0.741742 0.742743 0.743744 0.744745 0.745746 0.746747 0.747748 0.748749 0.74975 0.750751 0.751752 0.752753 0.753754 0.754755 0.755756 0.756757 0.757758 0.758759 0.75976 0.760761 0.761762 0.762763 0.763764 0.764765

2.63827 3.265499 2.01259 2.812442 3.245795 3.291013 3.049229 3.725251 3.151157 3.062501 3.195178 2.871281 2.950641 3.665685 2.604937 3.13351 2.722729 3.385272 2.910506 2.719573 3.202293 2.695351 3.06775 2.556816 3.169687 2.631264 2.592054 2.481209 3.353123 2.543902 2.739073 3.219123 3.14241 2.909506 3.518906 2.969292 2.755738 2.647532 3.094607 3.326629 2.956861 2.330073 2.442834 3.773884 2.886597 3.030759 2.842484 2.64689 3.137677 3.02415 3.187248 3.35351

1.606683 2.180333 2.141601 1.976216 2.242491 2.385498 2.427641 1.937883 2.10821 2.11621 1.984975 2.090128 2.473589 1.985799 1.5879 2.197977 1.673237 2.016647 2.136798 1.937712 1.823894 1.77043 1.969576 2.36693 1.941707 2.053224 1.923196 1.783136 1.756802 2.091815 1.825711 1.95874 2.399518 2.258585 2.112498 1.951852 1.467271 2.115595 1.519793 1.649523 1.514383 1.86896 1.858761 2.011095 1.687543 2.076942 1.778405 1.912586 1.635749 2.233692 2.421161 2.181983

16606.47 17092.88 20152.46 18315.09 16848.72 18051.82 22023.55 20086.75 20004.42 16450.12 21602.09 24032.14 26177.29 22669.55 17287.03 21593.85 18729.13 20897.9 18638.11 24513.3 28599.1 16419.84 20309.26 15735.78 27933.77 28526.97 22293.88 21950.66 21235.55 27543.43 22622.05 23434.27 17020.25 25253.91 20122.98 22536.88 21191.57 26779.52 28298.26 19278.11 20005.02 17514.32 19253.25 21806.71 19166.47 24091.53 28447.12 21724.33 20489.88 17409.63 19337.39 21146.26

-0.22648 0.103329 -0.10813 0.042769 -0.36815 -0.21128 0.204927 -0.13573 -0.08877 -0.01583 -0.19963 0.002708 0.077546 0.033754 0.070632 0.130741 -0.03721 -0.01631 -0.17156 0.09836 0.164471 -0.17447 -0.10806 -0.33431 0.217832 0.148138 0.020919 -0.0067 -0.0151 0.168148 0.163827 0.045615 -0.00518 0.128492 -0.05137 -0.02484 0.138308 0.102971 0.123413 0.103053 -0.11708 -0.02445 -0.09504 0.192168 0.211174 0.08984 0.241058 -0.02486 0.070926 -0.32768 -0.00873 0.089248

-3441.77 11975.99 -31146.1 2727.117 -7887.34 -4497.34 4927.021 27696.36 6800.614 1022.003 9471.036 7041.594 -2848.45 45803.67 8778.982 16580.28 7493.878 24121.95 -5980.83 12579.97 62507.99 -4641.2 8283.792 -23080.4 56320.27 8734.219 864.2544 758.1119 33902.93 396.3352 19862.89 30243.2 -4130.53 7785.475 21232.35 13414.63 33514.45 2022.507 69321.91 41340.57 18389.44 -12507.6 -8739.7 63926.49 28980.62 19947.7 48820.41 1130.405 35237.82 -10557.7 -522.866 23799.24

766 767 768 769 770 771 772 773 774 775 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 795 796 797 798 799 800 801 802 803 804 805 806 807 808 809 810 811 812 813 814 815 816 817

0.765766 0.766767 0.767768 0.768769 0.76977 0.770771 0.771772 0.772773 0.773774 0.774775 0.775776 0.776777 0.777778 0.778779 0.77978 0.780781 0.781782 0.782783 0.783784 0.784785 0.785786 0.786787 0.787788 0.788789 0.78979 0.790791 0.791792 0.792793 0.793794 0.794795 0.795796 0.796797 0.797798 0.798799 0.7998 0.800801 0.801802 0.802803 0.803804 0.804805 0.805806 0.806807 0.807808 0.808809 0.80981 0.810811 0.811812 0.812813 0.813814 0.814815 0.815816 0.816817

2.193979 3.714331 2.62444 2.780246 2.815469 3.325091 2.520169 3.091382 3.639602 3.031985 2.442255 3.429532 2.370085 2.360141 2.717446 3.003003 2.903963 3.571315 3.288516 2.758674 3.007574 3.096621 3.069908 3.019561 3.253878 2.973855 3.402231 3.328716 3.266464 3.302856 2.798962 2.90496 2.8772 2.725411 3.375685 3.634552 2.848476 3.126586 2.532086 3.004861 2.769876 2.141687 3.16829 3.268652 3.23278 3.42124 2.703687 2.472585 2.583804 2.927663 3.030135 3.2383

2.151424 2.092658 1.739188 1.805892 2.245693 2.315241 2.315629 1.760526 1.66811 1.850975 1.988932 1.795197 1.856173 2.194587 1.735329 1.899867 2.405563 1.915147 1.713552 2.241024 2.017798 2.158633 1.693171 2.06302 2.397571 1.886627 1.898664 1.744416 2.249137 2.001717 1.663751 2.160153 2.161813 1.677701 1.611428 1.885674 1.562695 1.990919 1.85501 1.707418 2.197023 2.300361 1.997093 1.736456 2.033131 2.246149 2.152801 2.077005 1.768139 2.119508 2.09712 2.194194

25040.84 18434.67 21558.04 22292.04 21321.76 23317.93 19635.59 21189.29 16668.99 16837.91 18983.45 15652.08 19088.45 20160.25 19154.39 20565.55 18419.53 18370.67 27941.58 18604.2 18938.58 19732.21 18673.81 20932.92 16873.36 16568.76 21870.23 24884.42 18734.83 21614.92 18440.56 21118.32 19652.26 20568.55 24756.19 20204.53 23815.93 24817.4 26486.78 25114.53 22177.95 19766.3 22365.13 21029.67 17150.42 26956.87 25630.57 21702.13 17391.48 24338.22 24251.37 22430.49

0.198709 -0.11961 0.015749 0.055276 0.04316 0.034129 -0.14327 0.030107 -0.13525 -0.12465 -0.10424 -0.08545 -0.11703 0.075146 0.192327 0.134631 -0.1248 -0.00453 0.386571 -0.04289 -0.10156 -0.14087 -0.06706 -0.0211 -0.21742 -0.03962 0.08774 0.145236 0.017471 -0.09003 -0.05869 0.094665 -0.1366 0.066348 0.124324 0.074293 0.052192 0.098156 0.104288 0.177168 -0.05795 0.024294 -0.0243 -0.01163 -0.08914 0.183829 -0.00249 0.142933 -0.27775 0.242194 0.205681 -0.1541

-25731.1 19584.81 8707.876 15739.82 -3890.55 17528.67 -21006.1 26841.24 23455.47 4055.506 -13209.9 15107.28 -11477.7 -20694.6 17622.36 22666.88 -12881.2 28525 106979.2 -10468.1 2980.186 961.584 16258.42 8466.218 -7178.07 4533.51 40685.16 60650.2 8564.816 18465.89 8703.631 5283.361 -5628.84 16267.21 67644.81 44601.12 33242.19 31428.87 10209.72 48490.47 -5819.64 -33362.8 19211.06 31190.44 6557.201 46166.32 -1887.11 -8538.76 -8744.52 21839.16 26800.11 7548.751

818 819 820 821 822 823 824 825 826 827 828 829 830 831 832 833 834 835 836 837 838 839 840 841 842 843 844 845 846 847 848 849 850 851 852 853 854 855 856 857 858 859 860 861 862 863 864 865 866 867 868 869

0.817818 0.818819 0.81982 0.820821 0.821822 0.822823 0.823824 0.824825 0.825826 0.826827 0.827828 0.828829 0.82983 0.830831 0.831832 0.832833 0.833834 0.834835 0.835836 0.836837 0.837838 0.838839 0.83984 0.840841 0.841842 0.842843 0.843844 0.844845 0.845846 0.846847 0.847848 0.848849 0.84985 0.850851 0.851852 0.852853 0.853854 0.854855 0.855856 0.856857 0.857858 0.858859 0.85986 0.860861 0.861862 0.862863 0.863864 0.864865 0.865866 0.866867 0.867868 0.868869

3.270824 3.217528 2.914686 2.842852 2.868386 2.716315 3.029815 2.099776 3.323988 3.277914 3.339193 3.258158 3.446964 2.859043 3.146621 3.255446 3.619165 2.877873 3.014784 2.563115 3.334511 2.788904 3.659949 3.573405 2.661919 3.310938 3.162074 3.185907 2.464949 2.864587 2.855011 2.999026 2.831763 3.594802 2.780659 2.617249 3.108207 2.810178 2.494071 2.935141 3.071146 2.830664 2.220771 2.624244 2.85847 2.563819 3.585641 2.727063 2.702004 3.108505 2.581515 3.287933

1.802376 2.138229 1.60969 2.303637 1.942828 1.504322 1.618595 2.245874 2.277567 2.069141 2.049104 2.106718 1.889637 1.974508 1.849876 1.991067 2.113486 2.226824 1.75599 2.360321 2.059391 1.965901 2.173652 2.013356 2.118992 1.633505 1.804232 2.368058 2.067438 2.230998 2.2954 2.2126 2.01522 1.492418 1.497564 1.945608 2.431327 2.031021 2.026669 2.19923 2.131588 2.042143 2.228325 2.309635 2.02957 2.066144 1.854198 2.147021 2.074221 1.766988 2.072072 2.009169

25396.66 19349.72 27267.65 16475.58 21989.92 21301.47 16196.05 22990.17 23914.88 25668.46 17091.16 18556.77 26011.97 16833.35 27669.67 22136.57 18314.71 23214.21 21708.07 22103.95 23702.73 25183.43 24242.66 15936.07 21719.73 16268.19 22708.94 20082.68 22645.73 16478.23 16973.75 25258.9 21985.12 23851.38 18335.73 22423.82 17513.7 27264.55 26422.12 17713.56 16950.87 23503.94 21487.66 24555.12 20055.49 22116.53 15979.92 20656.41 19050.13 17732.07 29151.88 18746.07

0.238583 0.208336 0.266651 -0.44791 0.13073 0.130334 -0.32695 0.023314 0.146849 0.22328 -0.19674 -0.01334 -0.01976 -0.3824 0.117087 0.033656 -0.27197 0.039281 -0.05525 0.305773 0.16074 0.007823 0.045824 -0.11181 0.271197 -0.08329 -0.04314 -0.0831 0.045103 -0.30677 -0.0756 0.178867 0.062538 -0.10829 -0.12205 0.09815 -0.28844 0.32669 0.157784 -0.19338 -0.1164 0.186717 -0.12935 0.176494 0.166467 0.040334 -0.25977 -0.05141 -0.07213 -0.24282 0.145165 -0.0919

66655.79 23210 65758.59 -17634.3 17124.06 29570.49 353.7222 -34012.3 28017.3 48831.11 4123.485 11406.45 44891.42 -10304.3 49431.34 26427.59 8017.841 1587.072 19475.27 -16166.4 41188.58 10924.44 42686.52 12379.29 3121.837 18073.01 26206.1 -379.849 -9935.28 -14042.7 -11268.6 18228.63 8451.243 52369.87 9919.079 4112.68 -12153.3 31708.16 -9.83197 -8487.26 -1939.57 15924.13 -27396.6 -10307.3 10747.32 -6103.74 8947.612 -6721.72 -7132.38 4647.299 4843.494 11828.61

870 871 872 873 874 875 876 877 878 879 880 881 882 883 884 885 886 887 888 889 890 891 892 893 894 895 896 897 898 899 900 901 902 903 904 905 906 907 908 909 910 911 912 913 914 915 916 917 918 919 920 921

0.86987 0.870871 0.871872 0.872873 0.873874 0.874875 0.875876 0.876877 0.877878 0.878879 0.87988 0.880881 0.881882 0.882883 0.883884 0.884885 0.885886 0.886887 0.887888 0.888889 0.88989 0.890891 0.891892 0.892893 0.893894 0.894895 0.895896 0.896897 0.897898 0.898899 0.8999 0.900901 0.901902 0.902903 0.903904 0.904905 0.905906 0.906907 0.907908 0.908909 0.90991 0.910911 0.911912 0.912913 0.913914 0.914915 0.915916 0.916917 0.917918 0.918919 0.91992 0.920921

3.137344 2.515566 2.831531 2.085682 3.104975 3.567763 2.829834 2.437952 2.935583 3.733831 2.409155 3.096523 2.732577 2.792853 3.06024 2.549577 2.579353 3.304567 3.029376 2.620116 3.351646 3.346952 3.043687 3.13295 3.493178 2.770304 2.508693 3.263328 2.748158 3.297905 2.824541 3.609381 3.164256 2.197744 3.24614 3.181434 3.356681 2.571455 2.605398 3.536393 3.323095 3.007866 3.612936 3.163218 2.669517 3.11145 3.160345 3.175516 3.166714 2.835436 2.852729 2.585009

2.090645 2.380635 1.772149 1.933567 1.989543 2.177169 1.864007 1.598444 2.112835 1.89424 2.376723 2.122964 2.042016 1.946496 2.164258 1.654283 2.195337 2.088467 1.758265 1.696933 1.799252 1.857579 2.013671 2.369069 1.931976 2.109372 2.240524 2.015363 1.410384 1.714397 2.220463 1.771974 1.708867 2.157643 2.253454 1.901079 2.424511 1.977574 2.185667 2.021158 1.931651 2.176038 2.238014 2.141411 2.065358 2.051201 2.20929 1.746437 2.153482 1.803439 2.015209 2.234068

19358.42 15578.82 18760.85 22727.11 20105.75 18767.57 28097.83 19725.3 21227.35 20960.3 24580.29 15203.02 19057.68 20784.02 20963.33 18787.94 26519.59 20865.19 23270.91 19797.55 24142.55 19850.34 23782.94 21076.5 22007.64 23568.85 20023.09 20676.51 15360.57 22125.93 26962.95 17229.25 28540.17 28435.77 17355.51 21066.28 22549.56 16077.04 16408.87 24976.47 20435.57 19889.29 22763.91 19004.12 17916.67 23007.21 27061.01 25311.04 28962.12 17689.38 18676.67 22028.88

0.063765 -0.26944 -0.11075 0.065663 -0.11885 -0.10917 0.198375 -0.05537 -0.09486 0.10934 0.060632 -0.34182 0.010855 -0.06336 0.040696 0.001034 0.164215 -0.02739 0.175135 0.085184 0.077746 -0.13668 -0.02223 -0.17268 -0.02897 0.156021 -0.02452 -0.22279 -0.18022 0.019435 0.104526 -0.18214 0.409288 0.333067 -0.25842 -0.02145 0.028916 -0.2857 -0.25728 0.078719 0.022243 -0.0547 0.071571 -0.01529 -0.18497 0.112126 0.267382 0.045708 0.381131 -0.00549 -0.01089 0.162827

13295.37 -23953 4552.887 -20506.2 7969.138 14187.72 37065.94 1399.272 971.4141 54853.47 -26437.8 -9507.64 -2612.92 2527.36 9013.151 4096.838 -4981.12 17609.95 41374.84 10648.02 49089.91 18071.9 16202.68 -3885.59 33392.31 7440.876 -17748.9 7932.19 3064.201 38937.61 6270.165 18550.43 103012.8 -25971.2 -4606.29 20942.74 12365.4 -14675.3 -17753.6 49645.13 26635.89 990.6799 35633.03 7746.831 -11365 24508.86 39016.7 43287.35 60271.75 6411.653 1237.305 -10224

922 923 924 925 926 927 928 929 930 931 932 933 934 935 936 937 938 939 940 941 942 943 944 945 946 947 948 949 950 951 952 953 954 955 956 957 958 959 960 961 962 963 964 965 966 967 968 969 970 971 972 973

0.921922 0.922923 0.923924 0.924925 0.925926 0.926927 0.927928 0.928929 0.92993 0.930931 0.931932 0.932933 0.933934 0.934935 0.935936 0.936937 0.937938 0.938939 0.93994 0.940941 0.941942 0.942943 0.943944 0.944945 0.945946 0.946947 0.947948 0.948949 0.94995 0.950951 0.951952 0.952953 0.953954 0.954955 0.955956 0.956957 0.957958 0.958959 0.95996 0.960961 0.961962 0.962963 0.963964 0.964965 0.965966 0.966967 0.967968 0.968969 0.96997 0.970971 0.971972 0.972973

3.362799 2.184727 2.999296 3.322216 3.307345 3.426993 2.954842 2.94757 2.900714 2.625878 3.013867 3.080894 2.741869 2.525238 3.159975 3.591775 3.405976 3.568106 3.514599 3.190771 2.645669 2.826957 2.887137 2.784137 3.718189 2.818724 2.706461 3.638098 2.372255 3.327025 2.762939 2.959453 3.197619 3.260207 2.599607 2.755637 2.604693 2.940832 2.961407 2.84995 2.920348 3.178287 3.050812 2.996078 3.077724 2.874699 2.909252 2.736253 2.327881 2.836439 3.538557 3.447596

1.932308 2.100573 2.229786 2.328777 2.2332 2.17646 2.076751 2.402511 1.417801 1.816095 2.289056 1.856984 1.465822 1.892682 1.63779 2.359645 2.241937 2.199179 1.986892 1.629276 1.732483 2.149041 2.240707 1.689584 2.343069 2.102707 2.018433 2.301631 1.688279 2.349154 2.102665 2.228852 2.199082 1.647408 2.174215 1.706551 2.078411 2.026723 2.05496 1.627073 2.135841 1.997197 2.035767 2.211048 2.126798 1.990075 1.705421 1.949672 1.940599 1.860368 2.352615 1.980617

23400.76 19247.82 18566.13 21063.82 25026.7 20456.41 23873.14 23214.3 17406.24 19356.22 21072.11 15793.17 24506.37 21096.58 18817.64 20568.34 21407.17 23848.88 20180.36 20608.71 23155.71 18523.92 27236.99 21731.82 24435.59 21479.84 17960.89 19755.04 26091.54 18633.3 19911.68 20278.47 18741.91 17028.01 26723.04 18957.66 24534.1 20373.18 27766.02 21837.85 25451.11 19432.3 16956.69 22139.22 22263.68 20697.49 18811.35 28351.23 25550.6 23274.07 20425.29 20202.92

0.025611 0.015867 0.092185 0.070344 0.176265 -0.14538 0.123236 -0.07711 -0.36188 -0.09423 -0.17084 -0.12041 0.110379 0.115739 -0.1153 -0.21528 0.084177 -0.01032 0.053999 -0.0545 0.030093 -0.12564 0.034289 -0.05717 -0.0195 -0.12654 -0.20814 -0.0547 0.127951 -0.07751 -0.24635 0.205214 -0.13696 -0.17242 0.162162 0.189804 0.164297 -0.33009 0.191024 -0.03386 -0.00882 0.022901 -0.11497 -0.21095 -0.02542 0.096191 0.073479 -0.0012 -0.03627 -0.00121 -0.07667 -0.04616

36237.96 -24159.1 2353.503 14635.3 34463.81 11339.35 17711.66 -6663.34 2453.975 -1569.18 -4975.49 3426.607 39569.61 1306.186 18149.23 7468.617 23678.86 31475.94 33682.94 27940.01 13235.34 -7549.85 5830.98 13403.39 32283.6 -3397.19 -9692.2 17682.75 11419.86 2905.099 -9639.45 8082.059 1462.156 13171.01 -2320.46 20078.73 1628.433 -5025.37 31530.89 19841.08 8535.78 16322.46 169.7347 -3237.62 10145.61 10942.5 19004.9 13139.96 -10146.7 14350.25 12696.9 23960.95

974 975 976 977 978 979 980 981 982 983 984 985 986 987 988 989 990 991 992 993 994 995 996 997 998 999 1000

0.973974 0.974975 0.975976 0.976977 0.977978 0.978979 0.97998 0.980981 0.981982 0.982983 0.983984 0.984985 0.985986 0.986987 0.987988 0.988989 0.98999 0.990991 0.991992 0.992993 0.993994 0.994995 0.995996 0.996997 0.997998 0.998999 1

3.546692 3.251899 3.285368 3.649095 2.914746 3.333849 2.880017 3.106001 2.891638 3.769133 3.138008 3.085272 2.926132 2.532958 3.575057 2.125767 2.97882 2.713209 2.681618 3.33076 2.852236 3.042889 2.594916 3.177068 2.468286 2.624931 3.00877

1.905206 2.304677 2.352842 2.086229 2.142232 2.259835 1.98101 1.975808 2.184173 2.204013 2.021737 2.303387 2.302841 1.856521 1.882701 2.065263 2.178112 1.637023 2.149881 2.229695 1.985746 2.097218 2.121148 1.994836 1.858392 1.83649 2.269488

28068.46 22229.38 22881.84 25280.64 20987.73 19295.04 24267.11 24509.69 16936.72 24730.23 23976.48 21906.69 20316.22 22003.98 20507 16213.39 17132.1 21697.66 23998.74 17740.73 20297.25 19602.08 20247.63 22121.95 18374.2 19259.61 19326.64

0.008497 -0.18685 0.121383 0.189563 0.003641 -0.08148 -0.09966 0.070851 0.092063 0.253393 0.067923 0.107823 -0.08027 -0.10604 -0.06389 -0.02285 -0.01918 0.09715 0.206825 -0.18253 -0.11011 -0.05003 -0.07692 -0.13915 -0.0478 -0.15512 -0.0638

57874.39 2663.839 18227.31 65725.12 2561.531 6854.029 7641.952 28397.07 -2264.38 71687.05 26291.38 8612.205 -6429.55 -3397.39 31312.73 -25120.6 -2496.45 21806.91 2838.399 1006.861 750.7576 4651.967 -11274.4 12539.02 -7600.48 -4259.29 -3154.47

e the table is still ighted, click Tools on the menu then select the submenu Tools. Then click on Simulation e. See picture to the right for

u do this correctly, a new lation analysis will run. This take 10 or 15 nds, depending on your puter. All the numbers in the lation Table will ge, reflecting the output of the new simulations.

k on the Tab Simulation mary to see a summary of the lation results.

Analyzing the Output of a Simulation
You don't need to change anything in this section. It will be updated automatically if you do a simulation. The summary of the simulation results is based on the simulation output, and is updated automatically when you do a simulation.

Part 1: Summary of Simulation Results
Mean Standard deviation Maximum Minimum Correlation with Unit Sales Median Probability of NPV > 0 Coefficient of Variation Sales Price $3.00 $0.34 $4.33 $1.66 Variable Cost Unit Sales $2.01 21,484 $0.22 3,131 $2.49 29,590 $1.41 15,203 Sales Growth $0.00 $0.15 $0.48 -$0.50 65.0% NPV $13,067 $21,190 $106,979 -$50,290 $10,186 72.8% 1.62

Part 2: Histogram
You don't need to change anything in this section. The chart below shows the frequency with which the NPV fell in the specified ranges. This approximates the probability that the NPV will fall in these same ranges in the future. Number greater than bottom of range 1000 1000 1000 999 999 993 967 892 728 504 321 198 108 49 30 14 7 4 4 0 0 0
Probability

Bottom of range -Infinity -$70,000 -$60,000 -$50,000 -$40,000 -$30,000 -$20,000 -$10,000 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 $130,000

Top of range -$70,000 -$60,000 -$50,000 -$40,000 -$30,000 -$20,000 -$10,000 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 $130,000 $140,000

Prob. of NPV in Interval 0 0.0% 0.1% 0.0% 0.6% 2.6% 7.5% 16.4% 22.4% 18.3% 12.3% 9.0% 5.9% 1.9% 1.6% 0.7% 0.3% 0.0% 0.4% 0.0% 0.0% 0.0%

-$70,000

$0

$70,000

$140,000

$210,000 NPV ($)

$140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $210,000 $220,000

0 0 0 0 0 0 0 0 0

$150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $210,000 $220,000 +Infinity Sum

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100%

simulation.

$210,000 NPV ($)


				
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