Your missionsPart A :(1) Based on the same set of assumptions you used in the FCF valuationmethod (WMT (6)), calculate the price of WMT using the residual income method. Is your price identical to that we obtained using FCF? Why or why not? Include a copy of your finalized worksheet.Part B :(2) Based on the same set of assumptions/logics you used in the valuation of Walmart, calculate the price of Amazon. To ease your computational burden, the key parameters of Amazon will be given.Include a copy of your finalized worksheet.

A
B
C
D
1
WMT
AMZN
3
ANNUAL INCOME STATEMENT
4
Fiscal Year Ending
Sales (Net)
Cost of Goods Sold
Gross Profit
2017
496,785
362,867
133,918
2017
177,866
103,134
74,732
Selling, General, & Admin Expenses
Operating Income Before Depreciation
Depreciation, Depletion, & Amortiz
Operating Income After Depreciation
104,736
29,182
10,529
18,653
2
5
6
7
8
9
10
11
12
13
14
15
16
Interest Expense
Interest Income
Other Non-Operating Income/Expense
Special Items
Pretax Income
Income Taxes – Total
Minority Interest
19 Income Before EI&DO
20
Extraordinary Items
21
Discontinued Operations
22 Net Income (Loss)
17
18
23
24
Preferred Dividends
Adjusted Available for Common
4,600
661
9,862
0
0
9,862
0
9,862
25
26
27
28
EBIT including all income and expenses
EBIT*(1-tax)
Net Income +Interest expense(1-tax)
29 EBIT excluding one time and special items
30
EBIT*(1-tax)
31
Net Income +Interest expense(1-tax)
32
33
34
35
36
37
38
39
40
41
42
43
61,612
13,120
9,166
3,954
2,330
152
3,171
(4,523)
15,123
17453.0
12144.3
12144.3
18805.0
13085.0
12144.3
848
202
494
0
3,802
0.304
769
0
3,033
0
0
3,033
0
3,033
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
AA
AB
AC
AD
AE
AF
AG
AH
AI
AJ
AK
AL
AM
AN
AO
AP
AQ
AR
AS
AT
AU
AV
AW
AX
AY
AZ
BA
BB
BC
BD
BE
BF
BG
BH
BI
BJ
BK
BL
BM
BN
BO
BP
BQ
BR
BS
BT
BU
BV
BW
BX
BY
BZ
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
38
39
40
41
42
43
CA
CB
CC
CD
CE
CF
CG
CH
CI
CJ
CK
CL
CM
CN
CO
CP
CQ
CR
CS
CT
CU
CV
CW
CX
CY
CZ
DA
DB
DC
A
B
C
D
E
F
G
H
Amazon.com
1
2
3
Balance Sheet, standardized ($million)
Fiscal Year Ending
ASSETS
Cash & Equivalents
Receivables – Total (Net)
8
Inventories – Total
9
Prepaid Expenses & Other current assets
10 Current Assets – Total
Plant, Property & Equip (Gross)
11
Accumulated Depreciation
12
13 Plant, Property & Equip (Net)
4
2012
2013
2014
2015
2016
2017
11,448
2,600
6,031
1,217
21,296
9,582
2,522
7,060
12,447
3,000
7,411
1,767
24,625
14,809
3,860
10,949
17,416
3,300
8,299
2,312
31,327
22,730
5,763
16,967
19,808
4,400
10,243
2,023
36,474
30,053
8,215
21,838
25,981
6,561
11,461
1,778
45,781
42,441
13,327
29,114
32,315
9,692
16,047
2,143
60,197
68,573
19,707
48,866
140
3,277
782
32,555
127
3,300
1,158
40,159
209
4,083
1,919
54,505
280
4,521
2,331
65,444
467
4,638
3,402
83,402
737
16,721
4,789
131,310
13,318
0
15,133
0
16,459
0
20,397
0
25,309
0
0
1,134
4,550
19,002
0
1,736
6,111
22,980
0
3,600
8,030
28,089
0
3,364
10,138
33,899
0
5,197
13,310
43,816
0
6,221
17,046
57,883
3,830
1,531
0
24,363
5,181
571
1,681
0
30,413
12,489
1,021
2,165
0
43,764
14,183
1,084
2,894
0
52,060
15,213
392
4,696
0
64,117
37,926
990
6,802
0
103,601
0
5
8,347
1,677
1,837
8,192
0
8,192
32,555
0
5
9,573
2,005
1,837
9,746
0
9,746
40,159
0
5
11,135
1,438
1,837
10,741
0
10,741
54,505
0
5
13,394
1,822
1,837
13,384
0
13,384
65,444
0
5
17,186
3,931
1,837
19,285
0
19,285
83,402
0
5
21,389
8,152
1,837
27,709
0
27,709
131,310
5
6
7
14
15
16
17
18
19
20
21
22
23
24
25
Investments
Intangibles & Goodwill
Deferred Charges & Other Long term Assets
TOTAL ASSETS
LIABILITIES
Accounts Payable
Notes Payable
Accrued Expenses
Tax payable
Debt (Long-Term) Due In One Year
Other Current Liabilities & Tax payable
Total Current Liabilities
Long Term Debt
Deferred Taxes (Balance Sheet)
Liabilities – Other
Non-controlling interest-redeemable
TOTAL LIABILITIES
31 SHAREHOLDERS’ EQUITY
32
Preferred Stock
33
Common Stock
34
Capital Surplus
35
Retained Earnings (Net Other)
36
Less: Treasury Stock
37 Shareholders Equity – Parent
38 Non-contrlling interest-nonredeemable
39 TOTAL SHAREHOLDERS EQUITY
40 TOTAL LIABILITIES AND EQUITY
26
27
28
29
30
34,616
0
41
42
ANNUAL INCOME STATEMENT
43
Fiscal Year Ending
Sales (Net)
Cost of Goods Sold
Gross Profit
2012
61,093
44,271
16,822
2013
74,452
51,681
22,771
2014
88,988
59,152
29,836
2015
107,006
66,751
40,255
2016
135,987
81,865
54,122
2017
177,866
103,134
74,732
Selling, General, & Admin Expenses
Operating Income Before Depreciation
Depreciation, Depletion, & Amortiz
Operating Income After Depreciation
14,287
2,535
1,863
672
19,412
3,359
2,668
691
25,925
3,911
3,781
130
32,951
7,304
5,128
2,176
43,369
10,753
6,687
4,066
61,612
13,120
9,166
3,954
92
40
(231)
389
141
38
(153)
0
435
210
39
(33)
0
(74)
459
50
(221)
0
1,546
484
100
114
0
3,796
848
202
494
0
3,802
428
0
(39)
0
0
(39)
161
0
274
0
0
274
167
0
(241)
0
0
(241)
950
0
596
0
0
596
1,425
0
2,371
0
0
2,371
769
0
3,033
0
0
3,033
0
3,033
44
45
46
47
48
49
50
Interest Expense
52
Interest Income
53
Other Non-Operating Income/Expense
54
Special Items
55 Pretax Income
51
Income Taxes – Total
Minority Interest
58 Income Before EI&DO
59
Extraordinary Items
60
Discontinued Operations
61 Net Income (Loss)
56
57
62
63
Preferred Dividends
Adjusted Available for Common
EARNINGS PER SHARE
EPS – Primary, Including EI&DO
EPS – Fully Diluted, Including EI&DO
67 COMMON SHARES
68
Common Shares for Primary EPS Calculation
69
Common Shares for Fully Diluted EPS
70
Com.Shares Outstanding at Fiscal Yr End
71
Stock price–fiscal year end
64
65
66
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
Statement of Cashflows
INDIRECT OPERATING ACTIVITIES
Income Before Extraordinary Items
Depreciation and Amortizations
Extr. Items and Disc. Operations
Deferred Taxes
Equity in Net Loss (Earnings)
Sale of PPEq and Investments – Loss (Gain)
Funds from Operations – Other
Receivables – Decrease(Increase)
Inventory – Decrease (Increase)
Accounts/P and Accrued Liabs – Inc(Dec)
Income Taxes – Accrued – Increase(Decrease)
Other Assets and Liabilities – Net Change
Operating Actiities – Net Cash Flow
INVESTING ACTIVITIES
Investments – Increase
Sale of Investments
Short term Investments – Change
92 Capital Expenditures
93 Sale of Property Plant and Equipment
94 Acquisitions
95 Investing Activities – Other
96 Investing Activites – Net Cash Flow
0
(39)
0
274
0
(241)
0
596
0
2,371
(0.09)
(0.09)
0.60
0.59
(0.52)
(0.52)
1.28
1.25
5.01
4.90
6.32
6.15
453
453
454
251
457
465
459
399
462
462
465
310
467
477
471
676
474
484
477
750
480
493
484
1169
2012
2013
2014
2015
2016
2017
(39)
2,159
0
(265)
274
3,253
0
(156)
(241)
4,746
0
(316)
596
6,281
0
81
2,371
8,116
0
(246)
3,033
11,478
0
(29)
(9)
811
1
1,336
(3)
1,682
5
2,400
0
2,286
0
4,125
(999)
(1,410)
(1,193)
(2,187)
(1,426)
0
2,522
4,180
0
2,177
5,475
0
2,167
6,842
0
4,744
11,920
0
5,342
16,443
(3,583)
7,175
0
(3,765)
18,434
3,302
4,237
2,826
2,306
2,542
3,349
4,091
3,025
0
0
(3,789)
11,955
0
(12,075)
(27,819)
88
89
90
91
FINANCING ACTIVITIES
Sale of Common and Preferred Stock
Purchase of Common and Preferred Stock
100 Cash Dividends
101 Long Term Debt – Issuance
102 Long Term Debt – Reduction
103 Current Debt – Changes
104 Financing Activities – Other
105 Financing Activities – Net Cash Flow
97
98
99
106 Exchange Rate Effect
107 Cash and Cash Equivalents – Change
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
3,785
0
3,444
0
4,893
0
4,589
0
0
(3,023)
6,737
(745)
(3,595)
(312)
(4,276)
(979)
(5,065)
(795)
(6,450)
(116)
(9,876)
0
960
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
588
1,011
1,933
3,378
2,259
394
(539)
6,359
4,432
(3,882)
(3,763)
267
(2,911)
9,860
9,860
(29)
2,815
(86)
574
(310)
5,899
(374)
1,333
4,007
(212)
3,444
713
1,188
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
AA
AB
AC
AD
AE
AF
AG
AH
AI
AJ
AK
AL
AM
AN
AO
AP
AQ
AR
AS
AT
AU
AV
AW
AX
AY
AZ
BA
BB
BC
BD
BE
BF
BG
BH
BI
BJ
BK
BL
BM
BN
BO
BP
BQ
BR
BS
BT
BU
BV
BW
BX
BY
BZ
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
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53
54
55
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58
59
60
61
62
63
64
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66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
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
CA
CB
CC
CD
CE
CF
CG
CH
CI
CJ
CK
CL
CM
CN
CO
CP
CQ
CR
CS
CT
CU
CV
CW
CX
CY
CZ
DA
DB
DC
DD
DE
DF
DG
DH
DI
DJ
DK
DL
DM
DN
DO
DP
DQ
DR
DS
DT
DU
DV
DW
DX
DY
DZ
EA
EB
EC
ED
EE
EF
EG
EH
EI
EJ
EK
EL
EM
EN
EO
EP
EQ
ER
ES
ET
EU
EV
EW
EX
EY
EZ
FA
FB
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
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
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
FC
FD
FE
FF
FG
FH
FI
FJ
FK
FL
FM
FN
FO
FP
FQ
FR
FS
FT
FU
FV
FW
FX
FY
FZ
GA
GB
GC
GD
GE
GF
GG

GH
GI
GJ
GK
GL
GM
GN
GO
GP
GQ
GR
GS
GT
GU
GV
GW
GX
GY
GZ
HA
HB
HC
HD
HE
HF
HG
HH
HI
HJ
HK
HL
HM
HN
HO
HP
HQ
HR
HS
HT
HU
HV
HW
HX
HY
HZ
IA
IB
IC
ID
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
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
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
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125
126
Walmart, Inc. Valuation Worksheet
(747,317) WACC Computation
(138,473) Rd*(1-t)
0.036 D/V
0 RPFE
0.000 PFE/V
(885,789) Re=
0.113 E/V
44,000 WACC
0.108
0
(929,789) Terminal Growth
484
-1921
PV of FCF: 1st Period
PV of FCF: 2nd Period
Non_op. Assets – Hidden debt
Total Enterprise Value
Less Debt
Less Preferred Stock
Total Equity Value
Number of shares o/s
Price Per Share
Free Cashflows (FCF)
0.020
(9,196)
(19,782)
(25,019)
1
2018
2
2019
3
2020
177,866
103,134
61,612
9,166
202
230,081
230,081
0
0
0
294,311
294,311
0
0
0
372,234
372,234
0
0
0
EBIT
4,156
1,164
0
0
0
0
0
0
NOPAT:EBIT(1-t)
2,992
0
0
0
32,315
9,692
16,047
2,143
0
0
0
0
0
0
0
0
0
0
0
0
60,197
48,866
737
16,721
4,789
0
64,331
0
16,721
0
0
84,112
0
16,721
0
0
109,131
0
16,721
0
Growth rate
0
2017
Fiscal Year
As Reported
Income Statement ($millions)
Sales
CGS
S&A excl. depr.
Depreciation
Interest Income
Tax Expense
Balance Sheet
Assets
Cash
Receivables
Inventory
Prepaid Expense & Other C Assets
Total CA
Net PPE
Investments
Intangibles
Deferred charges and Other LT Assets
Total Assets
131,310
81,052
100,833
125,852
59,454
0
0
0
71,856
81,052
100,833
125,852
131,310
81,052
100,833
125,852
Projected LTD+OE
71,856
81,052
100,833
External Financing Needs (Surplus)
9,196
19,782
25,019
Liabilities & Owners’ Equity
Payables & Accrued Expense
Interest-bearing Debt &
Shareholders Equity
Total L+OE
Fiscal Year
2017
2018
2019
2020
0
1
2
3
0.294
0.279
0.265
0.280
15,464.5
0.280
19,781.7
0.280
25,019.1
0.000
0.000
0.000
Assumptions
Current
Sales Growth Rate
0.308
Gross Margin
S&A excl depr./Sales
Depreciation/Begin. PPE
Interest income as fraction of Beginning Cash
Cash /Sales
Receivables /Sales
Inventory /CGS
Prepaid expense & Other Assets/Expenses
Investments/Sales
Intangible growth
Def. Charges &Other LT assets/Net PPE
Payables /Expenses
0.420
0.346
0.188
0.008
0.182
0.054
0.156
0.013
0.004
0.000
0.098
0.361
Tax rate
Cap Ex
Cap Ex/Depreciation
Ref: EBITDA Margin Ratio
0.280
11,955.0
1.153
0.065
0.000
0.935
(31,283)
(38,665)
(47,231)
(57,016)
(68,007)
(80,136)
(93,276)
4
2021
5
2022
6
2023
7
2024
8
2025
9
2026
10
2027
465,427
465,427
0
0
0
575,251
575,251
0
0
0
702,706
702,706
0
0
0
848,281
848,281
0
0
0
1,011,798
1,011,798
0
0
0
1,192,266
1,192,266
0
0
0
1,387,753
1,387,753
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
140,414
0
16,721
0
0
179,079
0
16,721
0
0
226,310
0
16,721
0
0
283,326
0
16,721
0
0
351,333
0
16,721
0
0
431,469
0
16,721
0
0
524,745
0
16,721
0
157,135
195,800
243,031
300,047
368,054
448,190
541,466
0
0
0
0
0
0
0
157,135
195,800
243,031
300,047
368,054
448,190
541,466
157,135
195,800
243,031
300,047
368,054
448,190
541,466
125,852
157,135
195,800
243,031
300,047
368,054
448,190
31,283
38,665
47,231
57,016
68,007
80,136
93,276
2021
2022
2023
2024
2025
2026
2027
4
5
6
7
8
9
10
0.250
0.236
0.222
0.207
0.193
0.178
0.164
0.280
31,283.0
0.280
38,664.7
0.280
47,231.3
0.280
57,015.9
0.280
68,006.5
0.280
80,136.4
0.280
93,275.8
0.000
0.000
0.000
0.000
0.000
0.000
0.000
(107,226)
(121,719)
(136,419)
(150,929)
(164,809)
(177,592)
(188,809)
11
2028
12
2029
13
2030
14
2031
15
2032
16
2033
17
2034
1,595,310
1,595,310
0
0
0
1,810,938
1,810,938
0
0
0
2,029,632
2,029,632
0
0
0
2,245,511
2,245,511
0
0
0
2,452,015
2,452,015
0
0
0
2,642,201
2,642,201
0
0
0
2,809,092
2,809,092
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
631,971
0
16,721
0
0
753,691
0
16,721
0
0
890,110
0
16,721
0
0
1,041,038
0
16,721
0
0
1,205,847
0
16,721
0
0
1,383,439
0
16,721
0
0
1,572,247
0
16,721
0
648,692
770,412
906,831
1,057,759
1,222,568
1,400,160
1,588,968
0
0
0
0
0
0
0
648,692
770,412
906,831
1,057,759
1,222,568
1,400,160
1,588,968
648,692
770,412
906,831
1,057,759
1,222,568
1,400,160
1,588,968
541,466
648,692
770,412
906,831
1,057,759
1,222,568
1,400,160
107,226
121,719
136,419
150,929
164,809
177,592
188,809
2028
2029
2030
2031
2032
2033
2034
11
12
13
14
15
16
17
0.150
0.135
0.121
0.106
0.092
0.078
0.063
0.280
107,226.4
0.280
121,719.5
0.280
136,418.7
0.280
150,928.7
0.280
164,808.6
0.280
177,591.7
0.280
188,808.9
0.000
0.000
0.000
0.000
0.000
0.000
0.000
(198,016)
(204,820)
(208,909)
(213,080)
(217,333)
(221,672)
(226,097)
18
2035
19
2036
20
2037
21
2038
22
2039
23
2040
24
2041
2,946,072
2,946,072
0
0
0
3,047,309
3,047,309
0
0
0
3,108,143
3,108,143
0
0
0
3,170,191
3,170,191
0
0
0
3,233,479
3,233,479
0
0
0
3,298,030
3,298,030
0
0
0
3,363,869
3,363,869
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,770,263
0
16,721
0
0
1,975,084
0
16,721
0
0
2,183,993
0
16,721
0
0
2,397,073
0
16,721
0
0
2,614,406
0
16,721
0
0
2,836,078
0
16,721
0
0
3,062,176
0
16,721
0
1,786,984
1,991,805
2,200,714
2,413,794
2,631,127
2,852,799
3,078,897
0
0
0
0
0
0
0
1,786,984
1,991,805
2,200,714
2,413,794
2,631,127
2,852,799
3,078,897
1,786,984
1,991,805
2,200,714
2,413,794
2,631,127
2,852,799
3,078,897
1,588,968
1,786,984
1,991,805
2,200,714
2,413,794
2,631,127
2,852,799
198,016
204,820
208,909
213,080
217,333
221,672
226,097
2035
2036
2037
2038
2039
2040
2041
18
19
20
21
22
23
24
0.049
0.034
0.020
0.020
0.020
0.020
0.020
0.280
198,015.9
0.280
204,820.3
0.280
208,909.2
0.280
213,079.7
0.280
217,333.5
0.280
221,672.2
0.280
226,097.5
0.000
0.000
0.000
0.000
0.000
0.000
0.000
(230,611)
(235,215)
(239,911)
(244,700)
(249,585)
(254,567)
(259,649)
25
2042
26
2043
27
2044
28
2045
29
2046
30
2047
31
2048
3,431,023
3,431,023
0
0
0
3,499,517
3,499,517
0
0
0
3,569,379
3,569,379
0
0
0
3,640,635
3,640,635
0
0
0
3,713,314
3,713,314
0
0
0
3,787,444
3,787,444
0
0
0
3,863,054
3,863,054
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,292,787
0
16,721
0
0
3,528,002
0
16,721
0
0
3,767,912
0
16,721
0
0
4,012,612
0
16,721
0
0
4,262,197
0
16,721
0
0
4,516,765
0
16,721
0
0
4,776,414
0
16,721
0
3,309,508
3,544,723
3,784,633
4,029,333
4,278,918
4,533,486
4,793,135
0
0
0
0
0
0
0
3,309,508
3,544,723
3,784,633
4,029,333
4,278,918
4,533,486
4,793,135
3,309,508
3,544,723
3,784,633
4,029,333
4,278,918
4,533,486
4,793,135
3,078,897
3,309,508
3,544,723
3,784,633
4,029,333
4,278,918
4,533,486
230,611
235,215
239,911
244,700
249,585
254,567
259,649
2042
2043
2044
2045
2046
2047
2048
25
26
27
28
29
30
31
0.020
0.020
0.020
0.020
0.020
0.020
0.020
0.280
230,611.1
0.280
235,214.9
0.280
239,910.5
0.280
244,699.9
0.280
249,584.9
0.280
254,567.5
0.280
259,649.5
0.000
0.000
0.000
0.000
0.000
0.000
0.000
(264,833)
(270,120)
(275,512)
(281,012)
(286,622)
(292,344)
(298,180)
32
2049
33
2050
34
2051
35
2052
36
2053
37
2054
38
2055
3,940,173
3,940,173
0
0
0
4,018,832
4,018,832
0
0
0
4,099,061
4,099,061
0
0
0
4,180,892
4,180,892
0
0
0
4,264,356
4,264,356
0
0
0
4,349,486
4,349,486
0
0
0
4,436,316
4,436,316
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5,041,247
0
16,721
0
0
5,311,367
0
16,721
0
0
5,586,879
0
16,721
0
0
5,867,892
0
16,721
0
0
6,154,514
0
16,721
0
0
6,446,858
0
16,721
0
0
6,745,039
0
16,721
0
5,057,968
5,328,088
5,603,600
5,884,613
6,171,235
6,463,579
6,761,760
0
0
0
0
0
0
0
5,057,968
5,328,088
5,603,600
5,884,613
6,171,235
6,463,579
6,761,760
5,057,968
5,328,088
5,603,600
5,884,613
6,171,235
6,463,579
6,761,760
4,793,135
5,057,968
5,328,088
5,603,600
5,884,613
6,171,235
6,463,579
264,833
270,120
275,512
281,012
286,622
292,344
298,180
2049
2050
2051
2052
2053
2054
2055
32
33
34
35
36
37
38
0.020
0.020
0.020
0.020
0.020
0.020
0.020
0.280
264,832.9
0.280
270,119.8
0.280
275,512.3
0.280
281,012.4
0.280
286,622.4
0.280
292,344.3
0.280
298,180.4
0.000
0.000
0.000
0.000
0.000
0.000
0.000
(304,133)
(310,205)
(316,397)
(322,714)
(329,156)
(335,727)
(342,429)
39
2056
40
2057
41
2058
42
2059
43
2060
44
2061
45
2062
4,524,879
4,524,879
0
0
0
4,615,211
4,615,211
0
0
0
4,707,345
4,707,345
0
0
0
4,801,319
4,801,319
0
0
0
4,897,169
4,897,169
0
0
0
4,994,933
4,994,933
0
0
0
5,094,648
5,094,648
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,049,172
0
16,721
0
0
7,359,376
0
16,721
0
0
7,675,774
0
16,721
0
0
7,998,487
0
16,721
0
0
8,327,643
0
16,721
0
0
8,663,370
0
16,721
0
0
9,005,799
0
16,721
0
7,065,893
7,376,097
7,692,495
8,015,208
8,344,364
8,680,091
9,022,520
0
0
0
0
0
0
0
7,065,893
7,376,097
7,692,495
8,015,208
8,344,364
8,680,091
9,022,520
7,065,893
7,376,097
7,692,495
8,015,208
8,344,364
8,680,091
9,022,520
6,761,760
7,065,893
7,376,097
7,692,495
8,015,208
8,344,364
8,680,091
304,133
310,205
316,397
322,714
329,156
335,727
342,429
2056
2057
2058
2059
2060
2061
2062
39
40
41
42
43
44
45
0.020
0.020
0.020
0.020
0.020
0.020
0.020
0.280
304,133.1
0.280
310,204.6
0.280
316,397.3
0.280
322,713.6
0.280
329,156.0
0.280
335,727.0
0.280
342,429.2
0.000
0.000
0.000
0.000
0.000
0.000
0.000
(349,265)
(356,238)
(363,349)
(370,603)
(378,001)
(385,548)
(393,244)
46
2063
47
2064
48
2065
49
2066
50
2067
51
2068
52
2069
5,196,354
5,196,354
0
0
0
5,300,090
5,300,090
0
0
0
5,405,897
5,405,897
0
0
0
5,513,816
5,513,816
0
0
0
5,623,890
5,623,890
0
0
0
5,736,161
5,736,161
0
0
0
5,850,674
5,850,674
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,355,065
0
16,721
0
0
9,711,302
0
16,721
0
0
10,074,652
0
16,721
0
0
10,445,255
0
16,721
0
0
10,823,256
0
16,721
0
0
11,208,804
0
16,721
0
0
11,602,048
0
16,721
0
9,371,786
9,728,023
10,091,373
10,461,976
10,839,977
11,225,52 …
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