5104 - ,(m N (J? N jun: Hi )1, mi: Imi net pmsnn‘i...

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Unformatted text preview: ,(m N (J? N jun: Hi )1, mi: Imi net pmsnn‘i inismai min 01° minim“ a. ., The Linings Riwr 30 ; ays an 0f 5%} pear share an :is Gammon stock {his dii/inenfi nmonn‘i 312$ “finned ems:an fa}? iha 353' :Js‘sars and ES expecmfi in mmam :nne‘ané Given 1135;, am 3122?»? of inning River Cm 3251 (:2. a) 18 basmaiiy wonnisss as n: offers m gran/fin, pmennai b“ has a mini: ‘5” “ins vagina 0f 55C? om inin today at, is, mined .38 if i536 {iividnnd i5 nerpnmiiy. CL i5 i/ainéd with an agsuinsd min 0f C; has a marks? wing 09$i§ 09, $338 ieiai 33363 nfL‘SEAGQ Casts 83‘s $715 and dnpmciafinn i5 SSH-5. ‘1 flew? a. $93 ii, 555% $349 $383 6. 315%? 8.“ {x 3:; (“"3 reigned to that information. react to nsw informaiinn Over a iwnuday period after which inns n0 further prim adjustments rsiaisd in that information wiii Occur. rigs shn‘piy when nnw inferina‘iinn is first miensgd and than deciine in a new siabie ievei inn foiinwing days “magi. iininediaieiy in new inferinaiinn with n0 farmer prim adjustments reiaisd in that infnin‘ia’iion i ' "‘br inn few hours afier new infnima‘iinn is reieasnd aiinwing far that t i infiminaéinn to 1% ravinwad and anaiyznd. The dividnnd growth (ccenstant gmwth) niacin}: 1' iii assumes that dividends increase at a censiani ran—3 fniaven can b@ used in campute a stock price at any paint 0f timg. iii. states that the markst prion Of a stock is oniy affected by the amount of fhe dividend. IV: cansiders capitai gains but ignores the dividend yieid. Which efrhe refiewrng erecerren’re he efeerive 2111411313 rare eerree’r? “ E percerrrage rather ream 8. The Brackwgehciee pricing meee‘; is depemdenr cm were fixe I. Ween making fixeeiar deeisierre, gum com are emu ’ rrr. Pry. rm roar» Peter": Audie Shop has a cest or“ debt. or“ percem, a cesi 0f equity cf 11 percefitr a 1d a eesé; ef preferred steak Of 8 percent The firm has 253943000 Shares of «Gammon stack eu stand.ng a}: market price of $20 a. Share, ’fhere are 40,080 shares cf preferred creek eutetendin at a market price Of $34 a Share. heed reeue has a rate} face we‘rue of ESGQQGG and seils 3‘32 percent 0 veiuen Tire eempanjfs m rate 34 percent. What, is the weighted average cost of eaprre effective annexe} reres. r e The rmre fre gem? irzrereer 15:3 cempeurrdedg the higher {he e‘meerrve rare, A greeted rare 6% eerrtinueueb we ’ rare were ccmpeunded d a " When berrewirrg and, erreesing ear: m ecceprg "year Sherrie seieet rhe ere; . e « 01 mm :31 M- r , aurmar mmem tax gamer firs/er: r; e of e. e :3” <3“ (r A {6‘3 had (:3 (:3 N 3 G \C) if: :21 c (:3 U1 W§9Efl€fiffi 5.x ed \‘Q 5}) NJ c2» M Luv 9 1,34,.» :22 e R“ er? r 1 § 5 rgnes‘r effecrrve warmer rarer ‘ A :1 vv 1; I: v firs E Land IV? ~ 1 n w 1‘. Stock price exercise price risk free rates probability, and flare to maturity. Stock price, risk free rare? probabfiim time to maturrry, and variance. Sreck price, risk free rare, probebfir‘ryg variance erré exercise prie u Stock price, exercise price, risk free rare, variance and time 10 maturity. Exercise priee, prebabfirty, stock pricea variance and time re meruri‘ry. l A. 6 4 percem 6,54 pereerrr 8.60 percent 9.14 percent 945 percent . 375,1“ 4'? Mar we r‘*-' «3 y...” y WA Ex} yrva .3}. w.» («is kw; , e a a KLBLL‘ZKSS 5ij U: Ln ‘ 3") (D CL .v' LN” '1 53.: return fee a given Eevei 0f rises; 2, .«m ..'»,‘n» ‘ (w . m r 7 a . r . t , .551: “fees e gen, iewe; afiemmie . “ ~ inning year 1) an are expected 1:0 grew at 7% fer the next 6 years (that “rem year 3 2,0 year 6‘3 aud thee grew a.~ 4% ’5; ezeafier dividend expected in year 9 is M 3% SE 93.65% ea 867$ d. $ 9.690 e, 38 0.745 9 The newiy issued bends of the Wyfls‘iew C rp, effer a 6 /c eeupen Wiih semiannuai interest payments. The bonds aye eunenfly priced at: value The effeeiive amide? rate provided by these beads- musi be: a" equai £0 3 %. b greater than 3 % bm’ 3655 than 4 e equai t0 6 % 03, greater than 6 % but iess than '2' 9/55 e equa‘i ta: 12 % W19: ES the mama} Km 0f return m an mveg’mem W163 {he “EGUGMLg eash fee/s7 ear «Cage How a; 593 percent 1/7 F”; $3“ {D m 4, Me A a! , A; a firm has 10w heed; A J V 3, Yea are eensidefing a pr Gimme {either er (1 T I: ¢»igr,r.mwr‘ia§r ‘ r .5. e." L} «1;; mm i ,. .. * seeiimy Wfih {we memeiiy exclusive pregeeis (me. nave ufiwfiigfifid the (L - 2 s 1 7’ 1:, r {h61fl0i”€iflfil’fiaii)_ e1? regeei A Fiejeet B Keg Qeeiflm Seisflei: $84,538 $75,980 7:. $29380 Sifififlfi Z $4‘Qffifii’} $3§£€58 SIZEGQG $26300 EM}. pemem 3,33% percent 1493 percent £6.75 : eieem £7.90 eereeni e smaiiei ehange in EBET fer {he versus ihe other firms effect any way on flee fines as veieme dees :30? effect a decreasing effect an the eyeiieai nature of the business a, iarge Change in EBIT fer Ehe versus the other Name of the above. ej eei Wiih the feilewing data: iniefeai raie 0f reium 8,7 pemem Prefimbiiiiy re‘iie 98 Net present vaiue “$193 Feybaek peeied 2 M years Required: return 9.5 pereem Which ene 0f the foiiewing is correct given this informatien? (1) {Mine The discount rate used in eempuiing the Be“: present vaiue must have beer; iess {has 8,? percent. The discounted payback period wii’i have so be iess than 2.44 years, The disceum rate used to campuie the prefitabiiity retie was equai to the iniemei rate 0f return: This prejeei; shouid be aecepted based on the prefiiabiiiiy ratio. This prejec‘i sheuld be rej eeteci based on the internal rate of return. A 4:: ,w «fiflpfaw v1». u r. w ' ' v 7/ , v r w 5§ )}Z‘3’klt;$.1/{v3 ,1 he ' ‘ “ ‘- §yi i fleweeied.zemm a gem; My: - -; r i5;£$fi:i3:’zfifr V. . m A r1 :m e ,.‘ ~ ‘ r a! A e 77 r V .e 1%.: .e: A 1 e 4. M 13,, E4758 ImQhSéQEfiHM” BIL ZMVSSUBSF‘L W 3L 5. Em? {OM 3W1}? 0&3} ham-3. if @153 E‘SQ {4111363 :&e€ fiv' FSRHM 181‘ t; 1, 1 3 3 4 w V A“ 3 1 1 fit! ’W , W I __‘. f l, _ LU, we weeept fl: smeiy m Esme mteemi 391% e this i5 “:35 perm-1;; 31‘ V ‘ return Why (31“ Wily we? 'E‘eer Cash New 0 $1230?) 3 3%" $5653 Efli’m 3 4% L 90 yee; beeauee file exeeede the required remm e. yes; because ihe ERR i3 2»; peeétee rage 0f e. no; because the RR is Eess fibre be reg‘fiired reium do beeauge 5: e WM is a negam/e 0f eeeum e: 336? net appiy the ERR mie {es ease beeej 186: there are mum ie 11 RS -~ -‘~ '~ n -A«fl>mfi' 47 . a: mu ‘ ‘» n W "E" ‘v 7 n ~ v. n ‘ <. meeaed He erefiie gee dung me; mew/e at $4 @500 g, wee; fox fiiffiw "a a (D :1. e fixed a. s v eddiééenaé « 3,008 05 fiet waking capital Wifl be -. ihmughou‘: Ehe fife of f e megeei. NemeEy, $3500C3 should ee eoesidere ’ a easfi outflow a: 'the begiming 0:” :he " {his 3&6093” will be iiquida‘smg “t the end of this three-year emerge What is the pm} 60“: 3 me esem value if required re‘ie 0f 30%? a; $292083} h, $299541? e $4306.99 d; $5,208.11 e. $559549}? 23. Event studies- attemp‘; to meaeure V) e. ihe influence 0f inferma‘iéon fe‘iease t0 the market en returns in days ether {ham at ameuneemené. if the market is at Eeasi semifing eifieiem. 0. Whether there is a significant reactioe t0 pubiie ammmememe 61., AH effihe “em/e. e. Name Of “eke abeveg Wilberffs flaming Stores just paid. a $1029 annua dividend. The eempae has a peiiey W251 “eby e the dividend. ineeeases by 3% amuefly. Yet: xxx/Ovid Pike to purchase 100 shares of steak in {hie CE m but realize the}; yeu wfli we: have ’ghe funds :0 do 50 for enet‘ner {1 ree yearsg “if you desire a % rate of return? how much shouid you expect {0 pay fer EGO shares when yeu can affoed t0 buy this stack (that is, what is the estimated market price for 200 shares of this Steek at the beginning of the fourth year)? Igmre trading costs“ a, $1,640 O 3 mm 0 d S .1 AU i 3 +1. n) E «A a e x 1 a x U a: S p 9. 0 . L W; 3 A I ; i A «k e . . v A 2 w 0 L n :n V,“ r 1mm. : 4M flm WW 9% RU “2 AU w, , a5» «ti», V 6 a; 15 e41 , . m m 1G. 3 PM“ mam an» ab 1 1n ‘ my e m 0 s n :m mi, \ e W I. .. n. k w m1 em a e u J G “He 3 :1 7h 5 L S w; my 1 6 , AC VT» , VA if 9 iv . 9w 1 6 h 6 H 5 V Aw mu f .E , 1; 3y 1.1 3 . n x aw H I T 1% WU «1 8 mb 0 e Cd. «5 0 2% y .TL 6 S LL 1.0 , 2 PD ‘ , S . , 4L 0 6 % C Q 1Q m a E 61 d mm X m n C S 6 31 Te A AC 3 W @ :gean e ed m ., «X 0 f ,3 O we r W em _ pi 6 0 a M C PM m5 Q «A a], U U E 1 R E B G fl . S . a W e w s 1 n m m 1...; a , ‘Va ml. .3“ . H S H ma TH Ar.» M Mm d «3 m MW e a be u; as M m 1 w 0 d a a.» w, m i mm P e w m m; e eflm 1.. i g , «a. 1,, , A mm 2 fl. mm H qw V. S 8 a M.) g .1 e. 0 e 0 n H A i i e E O 0 fl W ab em Emu an“ g H y m“ mu 1.0 m1 .. m». 6 u H e, x1 em y C a H i i V“ MM. R a 7 5H 6 6 m...” .fl W 6 «p a Q g g 51 Rm fi 4i p Va .qu 6 ., A“ m“ 6 S 1H E W 6 6 m mg m , 9M Q S #1, S h k f “A L! Ema LU mm ., a u A K i f D; m re 0 C m@ , . Cu 6 aw Fri Hm. (d «2}, a PM m m» a m“; m r A gm :m 6 .m % ya " pew, en‘awywmw J\ T A 1 . . “mm W m mwf m S aamwf a.va .m, mm C S. . 0 Mn Lu 6 0 km 0 3,,» E H 3 B V ,J. .1 Y T. S 5 3.2 mm e g V EA 6 J n C $1 S A S AL uh, £2 C «L, E r. @W% ‘ dim em.7mwf: \ a / .~ n c z , , (.9 I n H n m n e fl. in“ e. 3e 2 f we 3 my a be a E .1 an. a} 4% ea. M n eff, _ mu 0 e 0 k 4% i, J p 11 may 6 a O Q. G n \v :i 2d f S v V i, AM 5 HM new 0 Ta ., E r “7. iv , 0 , 3 by e m, .1 be e g an M El 3 any We 6 hwy .3!“ F v 7.5. 10 r: 3 ob, ( M 3‘. r a m n m T 1.: J up 6 i my v.1 vi 6 3 w, i d m1 A” a gnu» «a (L043 Eh O .3 FL 3 $ 10 F; E 0 9mm L1 1” km . £4. 6 i m +20 :s 4U, 3“ 3:, MN“ . G g 11 D; C E I 1:, .. C . a w A e M“ :9 y a. .1 , a nu mu m Gmpufwm‘mw Bevan?“ dewymeOOSQG eswflew ,m . E & WNW 4am V 1G H Ti: 8 I... 1mm B .. m aw RM :3 5 5. AU 6 p1 .A H ,mm fl W‘; fie ragga Aggie unwew57925 emmumu 6 u h n «m h a 3.“, 71 .L Y; C 6 1 a 2 m4 2 3 3 r 6 ,C. 6 m e W 7C mu; m es. 4:. m... T“ vi TA KL I.» v.1: a»; Wu 3% an» 33w 5 g (mm .m a. u .. . V e 9,. 7,5 k z}. ‘1 r Hm m LM 3 fig 6. 30 in , 71 v?“ 1» . w , a . NF mm P m a“ n u a n ¢ If a ¢ . a . T I E E E e .k C d e 1 E O in. at a h e d e i a «0 C d m , {D W a . n54 N}; 6H? {0 a fiVSSflTI riskwfree i ‘ p01”? veE, a rela’ii he unexp egg from 1: by max/i @3116 i a mby a a \./ be exp he Nene 0f the above. a .r m VOL! 3 sailed t Stu i ‘ an 011W ,‘ l A .1? 1 real The excess r 1 I. e, nves‘tment 29. z x ‘ ; i Uxé ("a 33. av) x ~ Swami ‘i Y}, new: a r; ‘ 4 «r increase in LP efmi : e e T: zete afree’m en epeee‘img assets 1'3 unaffee‘; d by ievez‘ege A“: ufieveeeé Ere": 3&3 east 0f eepatai 0f 34% are: Lyefere meresi me? faxes Cf $15? $90 , fies/eyed fian Wife me same Operafiens end assets has bath a B001; vaiue and. a “face veiee deb: Pf $700308 " 323”: a “fined eeupen e mphe’de 2% {eye w: 359/2 W213: as the value 0‘? the 1 we‘resfi firm? a” $696,429 if“), 55%75679 e. $941,429 $§3§845929 e. $3,396,429 mee, we ‘ vs 1‘ ed; a. a meme: assets divided by current Eiabifififié, 1 eas; on fiend pies current liabflifies, divided by semen”: assets. current Eiebfiities divided by current assets, pies inventerys Ci. CUfl‘Qfi‘i assets minus ins/emery? divided by amen“: ia’bfléties eurrent assets minus EIJJeHEQTy minus current haefiities. The prices if 1MB ever the East 3 years are given below Assuming 3:0 dividends were pa: ., Wflat was the Buyea‘r heiding peeied; realm? Given the fefiewing infiermatien: Year 1 remm : Ts: Veer 2, return == 35%, Year 3 return == E2 /0. 12.3% b, “139% 35,830 43.7% M»; m4 L The iedigfiiaezir—Mflier Prepesitien i Witheu’s taxes siaie A firm Came: eeange the mm value of its euistanding seeur‘iTes structure preper‘tiensu b. When new projects are added is the firm the firm value is the of the eéd veflue p‘ius the ('3‘ «a: F) :3“ Q) _ a (In k? :13 (m in: U) 63 ED hrs 73;— SD A. new, e. Managers can make correct eerporeie decisiens that Wm satisfy all shareheiders if {hey seiee’i ,M m M m M W m w a m w. W N. .m M_ . ., W W», m w W M W M w v, M. a, a . 1 wry o y . («hij m ‘ a E < 74. m i. ilk: « “a w : 5 E fl .. 1b 0 .C. 6 i n .45 End .79 m. m n w . r 6 0 m .16. 1A V +3» V; 3 a 6 :4 S S 6 a.“ n h S .0 U1 gm T: Q; Mm,n fl VJ QM. fi an pk % an a a n. J. an g m. mg 8. VJ. «U. C A); m an.“ S is... é L 1. . mm m. Ma mm 8 a 9w .4}. . 1n n+1...“ v1 v1 mm a 9 V 3.. h u 0 O S 2 0.6.. VV 3 g Q C W E. 0 L .8 Wm y m 740 . . n 3:: fr}. / 3U, o h m E ‘ . .3. .x Ww flu; «1 1mm new. a «W 6., mw a s 0 /mu 0 mm. E. 6 p C K a u «M Pr; 1: a 0 EL W pm Wm PM Mr: % um 11 S U _. . , 4.x A . 1. S 1!. w... mm a mm a r0 W; m n w: 1/. 9 .v V. .. .1; c g .a MW m. , . .A Is: , . K ‘ . . A _ fly. f. 4? TM tn < M C .. 2W mm.” W3 G; 8 B“ Q; J a. 0 r. a t E d e a fi f mm f h me A f g W 4:, K G .g . A. f 0 r . S .5 a Mm m L. ,. 45» a f V, S .a Q J a 6 my, 8 t C 5 [vi . V ma LU u «L G S i}. .3 4.59 . .mw .v Mu; «Vi «b in : T. m m c d p d aw . .3 .m .I 0 .3 a 8 «u i O . X 9... Tu, Lnumw «mm V: 3.1 1.8 4mm W h DTL. mt 2A.. 0 3.1 I} M r/ ml? PM ; PM 1: k . r.. K . x E I . Y _. . , «r; 6 .9, m5». a man. m g h W m r. womb Yb ‘ .1,“ .w: 4L at.” a w dram 1V), hm flv I AU. j . C... av & n a mu ,T . . 1 :1 8 T S g LU 3 K :1 x .z. 3 fl 1 d 1 31 K E u A 6 .1 ah P S 6.3 e} 1m Srfl. P .u . S S :w. l V C 6 ,i T Q n m H 0 f m m S a .8. .u Yb. 6 .63.. 6 m 0 a; f, . as $9.7m Unfit. Wm... ewmsy ope . z . . , 7\ .. i . .Ehfimdw .mfw xawemmee .UO 3 . If; ( x. :61 1K «1 [Hum a: H 5 n5 3 .1 J h h 1mm 3 w m d. 6 :W. mu 7” g C :1 pm :1 S c. .E Q A: f. a. E i Y My . v, M.‘ u. 4 in 1‘. IL A R I Wm. fi1mww.1.m0 whom umfimfimm ym n ma + , as. :w. 6 a E . a. a. .1 A . . A... .m. .H n m K Ms. M,” N mm H v. 4m a w .b a mm w m w r m... ,5 .Mbaflapm .mmfimfiWm QM S c .1 L «.1 1: f“ :0 w; A 0 8 0w .1 . 1 A L ., a B C , . fl.“ 3 I . S . r 1 a» 6. mflvmwmad qmma mmwgefimm MMme mwkakflm PM. L. .0 x...“ i e 6. 6 .3 S h .1 a .5 cu m m .m. m i 1% fl Wu. a 3 am I. Z 7;. Lu. mm 11 6 fl S S I H m r. i A . d W QWEWVkWthmL .v..®3wnmw @5pr {wumfhmm . g n a. 6 9 am m m M; ,m 9W .m. e w :3 an S f K m 5 e a mm , V A: g . . / g ‘ 1 i :3 . n flu . C. 37, V Y .ka 6 i! a v» Wm. mi in MW C 6 PM a 3 «Mn Jam O N. a .r. 6 6 mm 9W T i e A E; rm MW .0 4.5. r1 .1 E .E a... r} a .wavjmvsuumm ;1.me} .0 .f eamfcfiu h“ mmfi%hwwwu ofiflaxm deEfiQQ? ssfifimafi nm E. r. w; i a C .3 .1 i 1w .m gm 8 3 ,5 n A 6 3 fl... 5 6 5 O e .mu. 6 .m .mh U W, 7 my PM % , . 11 , 11 awn a w a e a . . M fi 7 «.1 > 7 .21 h i 1 i i a; .V. . . :M. % new .3 7. :4 .2 vfl n... 6 . . a a . U 0 . . . S 7... wt C d 3 a; .. , i r i a a P a. n a b C d 6 S m a b 6 in“ € 0 .1 mm 6.... 7m 0m ,. L w . “17.” any 53 Arm v9 J. '4. EL and equ f. I, percent mix ()f deb fifty M .6 w £1 W G 6 W a . «4:. m S u sf m. Q m wm W a m V M m i w a V .1, . 1. W W kw . P W ii m a V. m mm W m xi m e N w, 43 n , 1? +1 W _. V J s N 6 0w § 4n e S W MW: 3 e ,i 1G m. ii 8 1.,“ , e m I n5 4?; e h .m w Emu Li «J .a Li S i w , s w r 6 d W 0 pm I A. e.th 1V1 . e e.“ ,w m K1, :1 m T» 3&0 A S E «m. Wu «P V; fl :4, T” gm Ar!“ g 0 w as .3 N1 «I n S ‘ u a w; Jr; .5 ad 3; m 1.1m mun £ L 6 11% m rm. 1mm 5 C 9W me.“ n; C Mu Q”. r ‘ I 1 3 u; «i Sui m W C» an 5 wk PTA «51 m. (A 4 a» 3‘” T. O a» y W _ G e O :1 :m M . r.\ at.» jam \ Ev)“ _ mm are N 5 n6 i an _ 9w, 7 A: S w Fwd W5 «A 1K n 11 My $1 m, ,TL . «.2 «WA :V H «.1 a 0 n0 «.1 “E win «T» AT,” A!" mm Mtg SJ $0 6 r1 TM mm MW a I 4m 6 pew. 4; fl. :0 A W JV g Q 0 w, h e 1 k r J J a k gr :E n an a m 45* h; 3 «A «, ‘9, Y TA Am i h . C ‘ 41 m 31 TL «+1 PW mi; 43’ arty n w! m; 0 1 H. I S a 46 f a , 6 i. L a a _ as .11 «b A .1 xi 1 F 7 vi , .1 u I (f; m: X vs at .1 .v 8 a 4.; n1 at; w Y Cl C a 3 a} Y U. S 5 S Lg G A u e. e w w H” ‘ M v, at e .. a A ‘ 5 ¢ 1 T; a, b Au 6 L E L C d 6 T1 “4 n . V :1 2 3 Q. fl? 44 fix Am. _ fee ‘ erm debt. n debt. in p g t LL 6. 03’} 1 I. l we .9 Mn n I “6? any i “fix remms, 5», v 4e Eby issuing i 0 var i z. E. ([5 e’ib e pertm “e stack in the eel“: d i he market in term rid-ex rem ; s! 4; L ‘s A 1: e i must be equefi {e 01" reeier than the ‘vayianee 0f ehe ieag‘s: risky stock in the : weigh e “alumna:- r \ V1 ‘1‘ A 1 i P in, th eiie average 0- ed? Eben th- e 1 of: 2y“ I a. 51 v ’4. nan equa ey costs 0f ShOF’i net the market \ Jessi; fiance eff ‘ELe .- ‘i 1 n Tmpfies that fine: - ' return-s ageing 1 afiance 0? ‘E; age. -6 V 1:: w n a ,o wifl equal {he van A 1sadvantege to deb large age he be? we then 1: it IHCUT’ A i . 6 an a? A WE} ‘be a reighéea‘! everag vised 1 ‘l 1 “£4 E firms W1 (1 Beth A and Be A g pie: None of the above “\flM {beefy with taxes J». mek eomfehe is wefl di‘ may be x I true because debt is more risky t The b. e e?“ e be e“ a. b. bankrupte ea 46. Q C £5 a .xmu ,3 S A h a, Q S h 3 £8; mm Wm M Etmm fir, 3 VS 8 .4 «m r 5 mm mm C 3 C an“ e K i C h C ‘ H“. h; mu t F Y W. S ‘ .E a LG an n: 0 a6 m ; dflebpuafl¢ a U m, m. a Ti W 3 MA 11 p C. cm 3 xi mm , A _ V, 1» a? a \ a f, a 1 a .n 1 m n n f :5 M3 rm.me C , cm. H “L n C LL 0 W 16 , ..ms,. «:1 «y W .H WW fl 31 y S y m4 mm 0 D1 ,Pfi P a, nu fl a a firza tyaywragm arm .1 “‘1 1!} W 4%. vii m «RA n, A a an S r: h a s a a A 6 .1, mu m t m 39 EC W i h f i r n “L i mm mm 6 a; § i S A S .m r n r fim sea fiwmmgpfiaé o A K,, .21 1/. .1 11 Sm rmf figmgfihfiwwfi n e a m 6 mm” my a Q 6., 5 New,” 3 1% mm 6 mm .6 q“ C 1 an S 3 Au W W E a“ 3 fl in” mm m h um.” “up nu WUE 7w 3 1h; V; +3” Pg mm" 8 L?“ w .3; ii . 3n. n1 m a “+4 35 a , C} T i «A L1 is“ 1 1n,» + 1C ,J A 9» so p pm . 6 mm 7 k 1m .1 s Cm % O .H 1 . u 4 an n r V x x a. mm mm P 9% u f ,1 am W a a W k a 4.1. ‘ T f Mu .1 T A“: s n J p; m w u $15” «A €21 D .1 K nv A, ,f .Tu V \U c .x n6 vi a «5,1 f 1.. 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This note was uploaded on 01/15/2010 for the course PUBLIC Public rel taught by Professor Za during the Spring '09 term at École Normale Supérieure.

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5104 - ,(m N (J? N jun: Hi )1, mi: Imi net pmsnn‘i...

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