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MONARCH INSTITUTE PTY LTD

DFP Module 2

Investments

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M 2

I P

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TABLE OF CONTENTS

1.0 IDCI 6

2.0 EAIG CE 7

3.0 IEE CAE 8

3.1 C 9

T 9

W ? 10

H ? 12

H ? 13

3.2 F I 14

W ? 15

H ? 17

H ? 17

3.3 18

R P 18

C P 18H ? 19

H ? 20

W ? 22

3.4 E 26

T 26

I P O 26

H ? 27

A 27

W ? 28

T 45 D R 30

S 35

I 36

S 38

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4.0 EFACE F AE CAE 41

W R I P 43

4.1 44

4.2 48

4.3 D C A 51

O ' ' 51

W ? 51

D ? 52

A 55

4.4 I 55

W ''? 55

O 57

5.0 DIEIFICAI 59

5.1 59

D 59

M 60

A 60

F 62

I 63

T M 64

M 66

M M W 66

C 67

W ? 69

W ? 70

I 71

5.2 E 75

5.3 I 76

S 77

T 82

I 82

S 82

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6.0 DEADIG CIE EED 84

6.1 C & 85

T 85

C 86C S 100

U 103

7.0 DEIAIE A EIE 108

7.1 ? 109

H ? 109

W ? 110

W ? 110

7.2 F C F C? 110

H ? 113

H F ? 114

M 115

H F 117

7.3 ? 119

W T O? 121W O T? 123

O T 123

H ()? 124

I , , 127

C 128

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AEDI 1 HA DE A AIG AGEC D?

AEDI 2 A CE E FD IE FE

AEDI 3 BAACE FD FAC HEE

AEDI 4 IE AE F E

AEDI 5 I F IG ECE EADHEE

AEDI 6 HE FAI GDHE AD HE AGIC AI E HIAKE

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1.0 INTRODUCTION

I ,

A. O

.

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D F P

.

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2.0 LEARNING OUTCOMES

W , :

I .

U

.

D .

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A .

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D .

U .

C .

C .

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3.0 INVESTMENT CLASSES

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3.1 CASH

C ,

/1. M ,

A

2. T A

$250,000

. T F C S

A D I (ADI)

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R B A.

1

F , C M A, , .

2C G F C

(NAB, CBA, W ANZ). T A

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A

.

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A C ()

HA AE HE IK F CAH?

C . T 90

A. C , .

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( A I).

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. T P B S 1990.

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2

T . I , .

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C S P B S (V 1990)

P B S G (V) 1980

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. S GLOBAL FINANCIAL CRISIS,

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A (RBA) (ESA). T

RBA

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3.2 FIXED INTEREST

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H AE HE E GEEAED F FIED IEE?

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3.3 PROPERTY

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11AREIT A R E I T

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HA AE HE IK F E?

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3.4 EQUITIES

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13A MSCI W 31D 2010 S P

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14P 1J 2014, M L 2%.

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HE 45 DA E

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$26.23, $26.22

9,992

$26.22.

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HAE AD CAIA GH

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G $10,000 1 J 1982 J 2013

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A

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P I S F,

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I $100,000 F D 1990,

$200,000 D 2010,

5 . H,

$111,000

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HAE CA BE AIE D AIC

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4.0 PERFORMANCE OF ASSET CLASSES

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D95 20% 13% 27% 19% 8%

D96 15% 14% 7% 12% 8%

D97 12% 20% 42% 12% 6%D98 12% 18% 33% 10% 5%

D99 16% 5% 18% 1% 5%

D00 4% 18% 2% 12% 6%

D01 10% 15% 10% 5% 5%

D02 8% 12% 27% 9% 5%

D03 16% 9% 0% 3% 5%

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A

L

I

A

C

D04 28% 32% 10% 7% 6%

D05 21% 13% 17% 6% 6%D06 25% 34% 12% 3% 6%

D07 18% 8% 2% 3% 7%

D08 40% 55% 24% 15% 8%

D09 40% 10% 0% 2% 3%

D10 3% 1% 2% 6% 5%

D11 11% 2% 5% 11% 5%

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REVIEW

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EIGHED E IEE FI

M .

F , 15 5

. E (..

, )

.

C :

I A I 1

C A $5,000 (5%) 3%

S A $10,000 (10%) 5%

S B $15,000 (15%) 20%

M F A $30,000 (30%) 12%

M F B $40,000 (40%) 7%

$100,000 (100%) 9.05%

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M F A $30,000 (30% )

S A $10,000 (10% ).

T

.

W

.

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I , :

(5% * 3%) + (10% * 5%) + (15% * 20%) + (30% * 12%) + (40% * 7%) = 9.05%

A $100,000

9.05% ( $9,050) , :

A I 1 (%) 1 ($)

$5,000 3% $150$10,000 5% $500$15,000 20% $3,000$30,000 12% $3,600$40,000 7% $2,800

$100,000 9.05% $9,050

4.1 TIMING THE MARKET

I '' ,

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I $100,000

12 .

U T () 20 .

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A $100,000 20 D 1990 D

2010. E ,

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1990 A . T, D 1990, $100,000

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A ,

12 .

A 1991, , $125,000,

, .. A . A 1992, , $122,500,

, .. A , .

U , 20 , $100,000

$394,377. T 7.1% . T

.

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I $100,000

Dec 90

Australian

bonds $100,000 Dec 01

Listed

property $308,101

Dec 91

Australian

shares $125,000 Dec 02

Listed

property $345,073

Dec 92

Australian

bonds $122,500 Dec 03

Australian

shares $376,129

Dec 93

Australian


Listed

property $481,446

Dec 94 Cash $129,311 Dec 05

Australian

shares $544,033

Dec 95

International


Listed

property $680,042

Dec 96

Australian


Australian

shares $625,638

Dec 97

International


Australian

bonds $375,383

Dec 98

International


Australian

shares $382,891

Dec 99

International


Australian

bonds $394,377

Dec 00 Listed property $267,914 A 20 7.1%

S: D S & P I

I ,

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. A

,

, . T

.

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A

M ,

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.

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S

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F

(B)

C O

BT M

B F

33% 6% 24% 15% 10% 12%

U C

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P B

G F

32% 6% 28% 10% 8% 16%

H $100,000 D 1990 D 2010,

( ) .

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A , , , ,

:

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A

20 *

V D 2010*

BT M B F 7.82% $450,803

U C B F 7.72% $442,514

P B G F 7.68% $439,239

* T 1990. A 1990

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R A 3 . A

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4.2 PUTTING PERFORMANCE INTO PERSPECTIVE

C . I

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T BT F M22:

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).

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.

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.

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, . T .

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22S: W ? BT J 2011 ://...//

/2011/07/______.

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T , $100,000

1990. A , D

2010 $376,000.

H $100,000

A 1990,

$679,000.

T $302,000

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.

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. P

, .

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23I.

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4.3 DOLLAR COST AVERAGING

ECIG 'IIG HE AKE' BE

S

( )

. S $100

, $16

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( 3%) . T

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M I U N

1 $200 $10 20

2 $200 $8 25

3 $200 $5 40

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, $10 $200

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, . I

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5 ?

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? W

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M I U N

1 $200 $10 20

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3 $200 $20 10

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,

. U $5 , $3

. T , $10

. U ,

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, , :

83% $120,000 .

F 2.: E

3.0

4.0

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0 1 2 3 4 5 6 7 8 9 10

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AIG DA C AEAGIG IHDAA F FD

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. I .

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. C,

.

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HE F F IK

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.

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)

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5.0 DIVERSIFICATION

5.1 PORTFOLIO CHOICES

I ,

. C,

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G

O

,

. F IT A S E (ASX), .

M IT A A, D M .

. I IT ,

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. T

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. F

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.

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M . T :

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:

. T . T

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FD AAGE

T

, . H ? A ,

. T

. H

, .

T ( ) D 2.

D 2: I

I

PASSIVE ACTIVE

Technical Contrarian Quantitative

Valueinvesting

Growthinvesting

Top-down

(macro)

Bottom-up(micro)

Top-down(macro)

Bottom-up(micro)

Fundamental

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IEE E DEFIED

T D 2 :

/ :

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( )

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A ' ' ' '

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U :

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AAGED EAI FD

T . T

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.

W

, . T

M T W. M T W

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T . I

$100,000 ,

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W .M T W

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) .A M :

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)

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W . H,

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W

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. I

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. W

. T

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.

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W

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W

. S,

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.

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HA I A IDE?

I A ,

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W S ( N Y),

U S.

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,

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.

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A S E (ASX)

( ). H,

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H S (H K), FTSE (UK), DAX (G) N (J).

M . I ' $1,000,000 $100,000,000,

1% . T

( ),

.

I , . T

, . F,

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, . F , A ,

, .

T

MSCI I. ( M S C I). TMSCI W 6,000 '' . T

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'' . A

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IDIIDA AAGED ACC EAAE AAGED ACC

A ,

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G, S M A

, $1 , IMA

.

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A (IA)

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SMA. C, IMA

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IA

Y P B M C

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1300 738 955.

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5.2 EXCHANGE TRADED FUNDS

A E T F (ETF)

A S E. ETF

( , A

), (.. S&P/ASX 200 I).

ETF ETF

.

ETF C ETF S

ETF:

C ETF (.. S&P/ASX 200 I).

S ETF

ETF

.

I, ,

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. A ETF ASX S

BR. G S BR .

T A P

. A P

ETF I ( ) A P

. ETF

ETF A P.

A P ETF. ETF .

ETF

.

H, ETF ,

,

ETF.

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ETF (

),

. I /

. I A ETF.

U , ETF ,

.

ETF , ,

. T

.

L I C (LIC), ETS,

ASX; , LIC

. LIC ETF

. E

LIC ASX AFIC, A M. G .

5.3 INVESTMENT SELECTION

H ?

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)

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T

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. P X VP( I) C ( M).

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)

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E: A

A $200,000. Y

50% S 50% F I.24L

1, . N 12 , A (

).

F F 2, 5%,

15% ( ). T

$220,000. H,

12 (.. 50% ).

I, 48% ,

52%. I .

24F

, A I ,

. T

. T .

F 1 F 2

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?

A , ,

A

. T ( $5,000 ), $5,000 . T

$110,000 50% .

I

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.

I , 5%

15% ( ), 3 12 . A

, $190,000. F

55% , 45%. I ,

.

F 3

?

I , $10,000 ,

$10,000 .

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?

Y ,

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12 23 . U , S

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ACICA AE ACAI

T . I

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IEE EHICE

T .

I :

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.

C

T T, 57 , $150,000 T'

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.

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.

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6.0 UNDERSTANDING CLIENT NEEDS

W I ? W

? H I I

? I I $300,000 ,

? I

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.

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.

F . I

.

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6.1 COMPOUND INTEREST & THE TIME VALUE OF MONEY

IE AE F E

M . T

/ . I

$1,000 $1,000 ,

. T

. T :

,

, , $1,000 . I

,

, , .

B ,

, . T

. I

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,

.

T , ..

$1,000 . I

8% , 8%. T

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S

. I

.

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I ,

'

$1,000 $1,000

' . T .T , $1,000

.

I $1000.00

I 1 = 8% $1,000 $80.00

I 2= 8% ($1,000 + $80) $86.40

I 3= 8% ($1,000 + $80 + $86.40) $93.31

I 4= 8% ($1,000 + $80 + $86.40 + $93.31) $100.78

$1,360.49

W $1,000

8% , (

4 ) $1,360.49.

I , $1,000 , $1,360.49 4

!

CD IEE

F , , ,

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,

, . T . T

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,

.

T . I

$100 10% .. ( ). T $100 . A 12

(1 ) $1,200. A 15

$18,000.

N . T

.

Y , . I

, . B 5 $6,000 (5 $1,200). T

5 $1,744. B 15,

$18,000 (15 $1,200) $23,477! T

15 , $18,000

$41,447. B 20, $24,000 (20 $1,200)

$51,937! T 20 ,

$24,000 $75,937. T

. T

() .

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

How Compound Interest Works

$7.744

I = $1,744C =

$41,447I = $23,477C = $18,000

$75,937I = $51,937C = $24,000

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T , J M,

18 . M 18

$2,000 10% .. S $2,000

13 30 . A 30, M

65.

M J

18. I J 30

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H $2,000 31

$2,000 65 . T 10% ..

T M J .

A M J

18 $2,00019 $2,00020 $2,00021 $2,00022 $2,00023 $2,00024 $2,00025 $2,00026 $2,000

27 $2,00028 $2,00029 $2,00030 $2,00031 $2,00032 $2,00033 $2,00034 $2,00035 $2,00036 $2,00037 $2,00038 $2,00039 $2,000

40 $2,00041 $2,00042 $2,00043 $2,00044 $2,00045 $2,00046 $2,00047 $2,00048 $2,00049 $2,00050 $2,00051 $2,000

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A M J

52 $2,00053 $2,00054 $2,00056 $2,000

57 $2,00058 $2,00059 $2,00060 $2,00061 $2,00062 $2,00063 $2,00064 $2,00065 $2,000 $26,000 $70,000

E M $26,000 , 65, $1,378,296. M

$1,352.296 .

W J ? H 3

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M. W? E J

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I $250,000 ,

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S $100 6%

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U ,

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A

$146.93)

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T

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S $2,000 . I

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1) T ($2,000). W

(FV) $2,000 .

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3) (4 ).

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M LMS. S

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$1,584.19

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8 ?)

) $3,000 $2,000?

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$1,470.06)

) $2,376.28

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:

T

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),

.

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S

,

.

W ,

/

/.

A

O

. I

( ) , .

T 5

$250 .

O 5 , $1,250. H,

, $1,250

5 .

F

S $250 5

7% . T

5 . W ? T

3 :

1) T , ..

$250

2) (7%)

0 1 2 3 4 5

C $250 $250 $250 $250 $250

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3) (5 ).

U ,

.

T T V M M 2

M LMS. S

.

F 1

I $250

I ( , )

7.0%

S

5

F $1,437.68

F ( ) $250

5 7 ..,

$1,437.68.

U , . N,

. F

) ).W :

14 ?)

) $750 $250?

) 11 5 ?

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) H $1,500

9 8.4 ?

A

$1,652.53)

) $4,313.05

) $3,945,90

) $19,047.03

:

T

, . T

, , ,

:

W $11,000 .

O 1 ,

12 . A

7.4% ,

$11,000 , 12 ?

M . I I

$2,500 ,

10 7% ?

A , .

Y

, . U (

),

.

F

S $300

10 . T 6% . A

$3,000, ($300 10 ),

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.

T

, 3 :

1) T , ..

$300

2) ( 6%)

3) (10 ).

U ,

.

T T V M M 2

M LMS. S

.

1

I $300

I ( , )

6.0%

S

10

$2,208.0

3

F , ( )

$300 10 6

.., $2,208.03.

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U , . N,

. F

) ).

W :

8 ?)

) $425 $300?

) 12 10 ?

) I $280 7 8.5

, ?

A

$2,013.02)

) $3,128.04

) $2,515.15

) $1,433.18

:

T

, . T

, , ,

:

W .

I , $7,400

6 8.8% , (

) 6 . T

$35,000 . H I

?

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I I

$1 . I . O

3 . T

$450,000 . T $1.1 . A I 8% ,

?

A , .

Y .

T , , .

U ( ),

.

CAE D

F P

.

W

, . A

, , . T

.

A A I

?

C . I

, . T

,

A 4. R

.

I

. I ,

. F

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://../

.?=&=0&=10&

=20000&=6&=1000&1=&=0

W

. C

.

FV .

S I ( PV )

, PMT .

T 4 5

. I , . A

.

P (S )

I (I/Y)

N (N)

A (PMT)

F (FV)

E

B' $100 .

T 12% ,

25 . H

. H ?

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W $100 FV . T

:

P (S ) = $100

I (I/Y) 3% (12% )

N (N) = 100 (25 4 )

A (PMT) = 0

C C

B $1,921 .86

E

A' $1,000 1 , $1,000

$1,000 A 18 . I

8%

A 18?

W FV . T :

P (S ) = $0

I (I/Y) 8%

N (N) = 18

A (PMT) = $1000

C C

A $37,450.24 18

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IG EADHEE

A ,

. A , ,

. I ,

, .

A

. L 30 .

A , . N

7 . Y

? N . I

,

.

S ,

. T . W

.

T M E .

T . E

. A , , . Y

.

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E . A AZ

AAAZ BABZ . D . A . F A1. T A2

A2 B2.

E A1 10. N A2 5. B

A1 + A2 A3 ( )

A1 A2. A =. N

A3 (

) (=A1+A2) . Y

.

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S , * , / . O

, . F

,

, . A . Y' . A , I'

. N . T

' SUM. W SUM

. T

=C2+C3+C4+C5 O =SUM()

.

Y , ,

( )

. I

,

.

E 2003 B

T 23 E.

://../?=8L1OV2ZQ8

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E 2007 B

T 24 V E 2007. F

' .

http://www.youtube.com/watch?v=X3jB4wncJp4

I A 5

.

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7.0 DERIVATIVES AN OVERVIEW

I A S W O S C:

R

.

I , ,

, , . F ,

. F , .

W ?

I ,

,

.

A USA. T

$US , A

.

QANTAS

.

B , . B

.

F , , ,

.

D ,

.

I

8.2

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109

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7.1 WHAT ARE DERIVATIVES?

D ,

, ,

, , . W A

, , ,

, , . D

. D (

) (

).

D .

B ,

, ,

.

S G F C,

. I ,

.W , , ,

. A

, . I , ,

.

H DE HE E F DEIAIE EDCE EIIAE IK?

F

. R (,

, , , , .)

,

( ) .

T

,

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. I

( )

.

HA I HE BEEFI A FI F HAIG E CEAI I HEI

CAH F?

I ( ) (

), ,

.

HA AE HE DIADAAGE F IG DEIAIE?

W ,

(.. ,

Q). I (..

, Q),

. G

, ( ),

.

A , ,

. T

. L

.

7.2 FORWARD CONTRACTS AND FUTURES CONTRACTS?

F

( " ").

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111

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U ( ),

.

E 1: F

A 3,000 6

. T ,

3,000 . A

. T

$4.50 ($13,500 ),

. N . I , 3,000

$13,500. N

( ) .

I ( ) $5.00

,

$4.50. T

$0.50 .

H, $3.00 , .

U

.

W

. T

. O

. T (, .)

. P

, (..

).

F . T

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. T

. O ,

GUARANTEED .

I ,

.

1. F :

T ,

.

L

. H ,

, . H ,

. T

, .

N,

. T ,

, .

2.

E ,

, .

E

. B

,

, 24/7 .

T

. T

,

.

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113

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3. C

C ,

,

.

4.

L , ,

.

H D FE CAC K?

T

. L'

. E , .

Y

. B

. S

. T

.

T , , ' '

. S '

. I ' ,

.

S . T

. T

, ,

,

. T

.

I A,

S &P/ASX 200.

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114

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W , '

. Y' ,

. U

, , ' ' . I ,

/

. W , .

H' . T :

. T . T

. I

,

( ). I , ' ( ).

E

L' ( ). I' J

100 BHP $35

A 1. T $3,500 (100 $35). B

BHP A 1, . L'

BHP $37 M 1. I 100 ,' $3,700, $200 .

T ( ). Y

100 BHP $35 A 1 $3,500.

B BHP $33 M 1. T

. I

M 1, $3,300 ' $3,500.

B , ' $200.

H D FE DIFFE F FAD CAC?

A .

F,

( ). S

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,

. T . T

.

AKIG AKE

T D

S F E. S ,

M 2, $800 . T 100 ,

100 D . T

. T

$5,000 . A

, , ..

.

S M 3, $800 $795.

C 100 $5 = $500. S

,

$500 . W

$500 ? O ,

$500 ( :

, ). T $500 . S

M 4, $802. S

$795 $802

$7, . I $700 (.. 100 $7 = $700)

. T .

M (

) (

). I ,

,

.

I , $5,000

$4,000. L M 11 $795 $788

. T $4,500

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$700, $3,800. S

. T $1,200.

D F

D/

B

M C

M 2 800 5,000

M 3 795 500 5,000 4,500

M 4 802 700 4,500 5,200

M 5 800 200 5,200 5,000

M 6 803 300 5,000 5,300

M 9 801 200 5,300 5,100

M 10 795 600 5,100 4,500

M 11 788 700 4,500 3,800

M 12 788 0 3,800 1,200 5,000

M 13 794 600 5,000 5,600

M 16 789 500 5,600 5,100

M 17 789 0 5,100 5,100

N ,

. N ,

;

.

T .

C

. A , , .

M ( ) . T

. W

,

. T

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117

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(

).

HEDGIG FEIG ECHAGE IK

I

A$

. T ,

. T

A .

E

Y US. Y

US 3 . W , US . Y

A US ( , US

A ). I , US

A . A

US$0.80 / A$1.00, US$1 US$1

0.8 = A$1,250,000. G 3

, .

T 3

US$0.84 / A$1.00. A

A$1,190,476 . T

US ( A

).

T . I US

US . A

A US .

L () 3 US$0.92 / A$1.00.

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W

US$0.84 / A$1.00?

A

T US$0.84 / A$1.00 US$1

0.84 = A$1,190,476.

W ?

A

T US$0.92 / A$1.00 US$1 0.92 = A$1,086,957.

W ?

A

T ( ) $1,190,476 $1,086,957 = A$103,519

S 3 US$0.77 / A$1.00. W

?

A

T US$0.84 / A$1.00 US$1

0.84 = A$1,190,476.

W ?A

T US$0.77 / A$1.00 US$1

0.77 = A$1,298,701.

W ?

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A

T ( ) A$1,190,476 $1,298,701 = A$108,225

A

APPRECIATES

US$0.92 / A$1.00

A

DEPRECIATES

US$0.77 / A$1.00

U A$1,086,957 A$1,298,701

G () A$103,519 A$108,225

H A$1,190,476 A$1,190,476

W (

), A$1,190,476

A

US .

7.3 WHAT ARE OPTIONS?

A / (

) .

I ,

. I, , , / / . O

/

( / )

(). T ,

. I

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. T

. T

.T C P . A C

, P

.

E:

A C B. T A

100 W B 3J $25. T

W $30.

N: C A

.

I W $25 3J, A

B W $25. W

W $25 A

B $25

.

T $25 , , E ( S)

P. T .

T ( 3J) E ( M) D. T

. A ,

.

I , W $30, A

B $25

$30 $5.

A, W $20, B $25

$20 $5. I

, A

. H

B , O P. B ,

, A .

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I , '

. Y B S

.

O .E , A

. M

A . E .

H ADE I?

T :

'.

A , ,

. A

/ .

A , /

. A

/ .

H /

/ / . T

.

A

. T , . T

, , .

R, , . B

, ,

: HEDGING SPECULATING.

The hedgerbuys futures contracts in order to protect him/herself from price swings in the

future. By using futures to lock in a future price for a product, the costs and profits are

more predictable. In other words, the trading of futures drives riskOUT of the business.

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B .

T speculator . S

, CONTRACTS

. T .

H ,

. H , . I

.

E

R

?

1. C

. H ?

2. P . H

. H ?

3. CC P L

. H ?

4. KM S

. H ?

5. ISD L

. H ?

A:

1. C . S

.

2. P . H

.

3. CC P L . W ,

.

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4. K is speculating. The company is putting down capital and resources with the

intent to profit off its investments.

5. ISD L . T

.

HEE AE I ADED?

O ;

) ( ETO' (E T O))

) ( OTC' (O T C

)).

T OTC ,

. T , ,

: $

.

I E

T : C O P O.

C O

.

P O

.

T .. A

. W A $25? T (C P) .

I , A B. A

B. B A

W $25 3 J. T A

$25 .

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B

() .

T ASX F O

, .

H D I EC F DIDE IK HI EAIIG

IDE IK (BEEFI)?

C

S&P/ASX200 . T $50 4,000 .

T

500 4,000 . T

$1,125,000 (2.25% ). T

S&P/ASX200 ( ) ,

$50 ( )

, . W

S&P/ASX 200, 25 . W 500

S&P/ASX200 4,000

500 25 4,000 = $50 .

1 B &/A200 4,000 2,800.

T $50 . I

$35 (2,800/4,000 $50 ). F, 4,000. T

(4,000 ) ( ) 2,800.

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A ,

:

Y

V $35

V

500 25 (4,000 2,800) $15

N $50

T

. T

4,000 . T ,

$50 .

R

. L .

2 B &/A200 4,000 5,500.

T $50 . I

$68.75 (5,500/4,000 $50 ). I , 4,000.

R, . A

, :

Y

V $68.75

V $0

N $68.75

T ,

.

I ,

, . Y

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,

.

S&P/ASX200

DECREASES

2,800

S&P/ASX200

INCREASES

5,500

S $35 $68.75

P $15 N

C $50 $68.75

L $1.125 $1.125

N $48.875 $67.625

O , .

E

I $120 $3.50 ,

$122?

. $2

. $3.50

. $2

. $5.50A ,

$120 $122. T

() . T $3.50

.

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E

S $2.50 3

$50. W $46

?

. 40%

. 50%

. 55%

. 60%

I , $46, .

T $4 $50

$2.50 . T

$4 $2.50 = $1.50.

T / = $1.50/$2.50 = 60%

I HE E, A HE E, F HE E

T ,

.

F ,

' . C,

'

.

A ' . C,

' .

A

' . C,

' .

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E I

I M $12.75, M

$12.75 . A

$12.75 .

E A

I S $40.20, S

$40.20 . A

$40.20 .

E

I D $75.50, D

$75.50 . A

$75.50 .

CCDIG EAK

T . I

,

, .

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.

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