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# Class Note for Fin 526 at WSU 02

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Date Created: 02/06/15

CHAPTER 7 Making Investment Decisions with The Net Present Value Rule Answers to Practice Questions 10 See the table below We begin with the cash flows given in the text Table 76 line 8 and utilize the following relationship from Chapter 4 Real cash flow nominal cash ow1 inflation ratet Here the nominal rate is 20 the expected inflation rate is 10 and the real rate is given by the following 1 rnominal 1 rreal x 1 in ation rate 120 1 meal x 110 rreal 00909 909 As can be seen in the table the NPV is unchanged to within a rounding error YearO Year1 Year2 Year3 Year4 Year5 Year6 Year7 NetCash Flows Nominal126OO 1484 2947 6323 10534 9985 5757 3269 Net Cash Flows Real 12600 1349 2436 4751 7195 6200 3250 1678 NPV of Real Cash Flows at 909 3804 11 No this is not the correct procedure The opportunity cost ofthe land is its value in its best use so Mr North should consider the 45000 value of the land as an outlay in his NPV analysis of the funeral home 12 Investment in net working capital arises as a forecasting issue only because accrual accounting recognizes sales when made not when cash is received and costs when incurred not when cash payment is made If cash ow forecasts recognize the exact timing ofthe cash ows then there is no need to also include investment in net working capital 71 13 14 Ifthe 50000 is expensed at the end of year 1 the value of the tax shield is 035gtlt50000 105 Ifthe 50000 expenditure is capitalized and then depreciated using a veyear MACRS depreciation schedule the value of the tax shield is 020 032 0192 01152 01152 00576 105 1052 1053 1054 1055 1056 16667 035 gtlt50000 gtlt 15306 Ifthe cost can be expensed then the tax shield is larger so that the aftertax cost is smaller 5 a NPVA 1oo000 2 3810 t1 NPVB nvestment PVaftertax cash ow PVdepreciation tax shield 5 NPVB 100000Z 263900 32 03935 t1 020 032 0192 01152 108 1082 1083 1084 01152 1085 035gtlt100000gtlt 00576 1086 NPVB 4127 Another perhaps more intuitive way to do the Company B analysis is to rst calculate the cash ows at each point in time and then compute the present value of these cash flows tO t1 t2 t3 t4 t5 t6 100000 Investment Cash Inflow 26000 26000 26000 26000 26000 Depreciation 20000 32000 19200 11520 11520 5760 Taxablelncome 6000 6000 6800 14480 14480 5760 Tax 2100 2100 2380 5068 5068 2016 Cash Flow 100000 23900 28100 23620 20932 20932 2016 NPV at 8 4127 b IRRA 943 IRRB 639 00639 00943 Effective tax rate 1 0322 322 72 No of ears de reciation Tax rate roent Period 1 2 3 4 5 6 MACRS 1429 2449 1749 1249 893 892 Tax de reciation 1 429 2 449 1 749 1 249 893 892 MACRS X de reciable investment Sales 0 523 12 887 32 610 48 901 35 834 19 717 0 Cost of ods sold 0 837 7 729 19 552 29 345 21 492 11 830 0 Other costs 4 000 2 200 1 210 1 331 1 464 1 611 1 772 0 Tax de reciation 0 1 429 2 449 1 749 1 249 893 892 1 338 Pretax ofits 4 000 3 943 1 499 9 978 16 843 11 838 5 223 611 Tax 1 400 1 380 525 3 492 5 895 4143 1 828 214 TABLE 76 MampC s quano proiect revised cash flow analysis with MACRS de areciation thousands Period uninun I 1 Sales 0 523 12887 32610 48901 35834 19717 0 2 Cost of goods sold 0 837 7729 19552 29345 21492 11830 0 3 Other costs 4000 2200 1210 1331 1464 1611 1772 0 4 Tax 1400 1380 525 3492 5895 4143 1828 214 5 Cash flow from operations 2600 1134 3423 8235 12197 8588 4287 214 6 Change in working capital 550 739 1972 1629 1307 1581 2002 7 Capital investment and disposal 10000 0 0 0 0 0 0 1949 8 Net cash flow 567 12600 1684 2684 6263 10568 9895 5868 3737 9 Present value 12600 1403 1864 3624 5096 3977 1965 1043 Net present value 3566 Cost of capital percent 20 73 TABLE 71 MampC s duano proiect proiections lthousandsl reflecting inflation and straight line depreciation Period nunInn I 1 Capital investment 15000 1949 2 Accumulated depn 2417 4833 7250 9667 12083 14500 0 3 Yearend book value 15000 12583 10167 7750 5333 2917 500 0 4 Working capital 550 1289 3261 4890 3583 2002 0 5 Total book value 3 4 13133 11456 11011 10223 6500 2502 0 6 Sales 523 12887 32610 48901 35834 19717 7 Cost of goods sold 837 7729 19552 29345 21492 11830 8 Other costs 4000 2200 1210 1331 1464 1611 1772 9 Depreciation 2417 2417 2417 2417 2417 2417 0 10 Pretax profit 4000 4931 1531 9310 15675 10314 3698 1449 11 Tax 1400 1726 536 3259 5486 3610 1294 507 12 Profit after tax 10 11 2600 3205 995 6052 10189 6704 2404 942 Notes No of years depreciation 6 Assumed salvage value in depreciation calculation 500 Tax rate percent 35 Sales 0 12 887 35 834 Cost of ods sold 0 7 729 21 492 Other costs 4 000 1 210 1 611 Tax 1 400 536 3 610 Cash flow from o rations 2 600 3 412 9 121 Cha e in workin ca ital 739 1 307 Ca 39 a investment and dis sa 15 000 0 0 Net cash flow 56 17 600 2 673 10 428 Present value 17 600 2169 6 189 1 2 3 4 5 6 7 8 9 Net esent value 6 614 Cost of ca ital rcent 11 7 4 TABLE 71 MampC s duano proiect proiections lthousandsl reflecting inflation and straight line depreciation Period nunInn I 1 Capital investment 15000 1949 2 Accumulated depn 2417 4833 7250 9667 12083 14500 0 3 Yearend book value 15000 12583 10167 7750 5333 2917 500 0 4 Working capital 605 1418 3587 5379 3941 2202 0 5 Total book value 3 4 13188 11585 11337 10712 6858 2702 0 6 Sales 575 14176 35871 53791 39417 21689 7 Cost of goods sold 921 8502 21507 32280 23641 13013 8 Other costs 4000 2200 1210 1331 1464 1611 1772 9 Depreciation 2417 2417 2417 2417 2417 2417 0 10 Pretax profit 4000 4962 2047 10616 17631 11749 4487 1449 11 Tax 1400 1737 716 3716 6171 4112 1570 507 12 Profit after tax 10 11 2600 3225 1331 6900 11460 7637 2917 942 Notes No of years depreciation 6 Assumed salvage value in depreciation calculation 500 Tax rate percent 35 Sales 14176 35 871 39 417 Cost of ods sold 8 502 21 507 23 641 Other costs 1 210 1 331 1 611 Tax 716 3 716 4 112 Cash flow from o rations 3 747 9 317 10 053 Cha e in workin ca ital 813 2169 1 438 Ca 39 a investment and dis 0 0 0 Net cash flow 56 2 934 7 148 11 491 Present value 2 382 5 227 6 819 1 2 3 4 5 6 7 8 9 Net esent value Cost of ca ital rcent 75 16 17 Assume the following a The rm will manufacture widgets for at least 10 years b There will be no inflation or technological change 0 The 15 cost of capital is appropriate for all cash flows and is a real aftertax rate of return d All operating cash flows occur at the end of the year Note Since purchasing the lids can be considered a oneyear project the two projects have a common chain life of 10 years Compute NPV for each project as follows 1 2X200000X1 035 NPVpurchase Z 1 15 1304880 t1 10 NPVmake 150000 30000 2 W ti1 115t 035gtlt15J 0JJgtlt014219 024429 017439 01219 115 115 115 115 008953 008963 008973 0045 3001000 245111181328 115 115 115 115 115 Thus the widget manufacturer should make the lids a Capital Expenditure 1 lfthe spare warehouse space will be used now or in the future then the project should be credited with these bene ts 2 Charge opportunity cost ofthe land and building 3 The salvage value at the end ofthe project should be included Research and Development 1 Research and development is a sunk cost Working Capital 1 VWI additional inventories be required as volume increases 2 Recovery of inventories at the end of the project should be included 3 Is additional working capital required due to changes in receivables payables etc Revenue 1 Revenue forecasts assume prices and quantities will be unaffected by competition a common and critical mistake Operating Costs 1 Are percentage labor costs unaffected by increase in volume in the early years 2 Wages generally increase faster than inflation Does Reliable expect continuing productivity gains to offset this 76 Overhead 1 Is overhead truly incremental Depreciation 1 Depreciation is not a cash ow but the ACRS deprecation does affect tax payments 2 ACRS depreciation is xed in nominal terms The real value ofthe depreciation tax shield is reduced by inflation Interest 1 It is bad practice to deduct interest charges or other payments to security holders Value the project as if it is all equity nanced Tax 1 See comments on ACRS depreciation and interest 2 If Reliable has pro ts on its remaining business the tax loss should not be carried fonNard Net Cash Flow 1 See comments on ACRS depreciation and interest 2 Discount rate should re ect project characteristics in general it is not equivalent to the company s borrowing rate Potential use of warehouse Opportunity cost of building Other working capital items More realistic forecasts of revenues and costs Company s ability to use tax shields Opportunity cost of capital QPWNT The table on the next page shows a sample NPV analysis for the project The analysis is based on the following assumptions 1 In ation 10 per year 2 Capital Expenditure 8 million for machinery 5 million for market value of factory 24 million for warehouse extension we assume that it is eventually needed or that electric motor project and surplus capacity cannot be used in the interim We assume salvage value of 3 million in real terms less tax at 35 3 Working Capital We assume inventory in year t is 91 of expected revenues in year t 1 We also assume that receivables less payables in year t is equal to 5 of revenues in year t 4 Depreciation Tax Shield Based on 35 tax rate and 5year ACRS class This is a simplifying and probably inaccurate assumption ie not all the investment would fall in the 5year class Also the factory is currently owned by the company and may already be partially depreciated We assume the company can use tax shields as they arise 77 Revenues Sales of2000 motors in 2007 4000 motors in 2008 and 10000 motors thereafter The unit price is assumed to decline from 4000 real to 2850 when competition enters in 2009 The latter is the figure at which new entrants investment in the project would have NPV 0 Operating Costs We assume direct labor costs decline progressively from 2500 per unit in 2007 to 2250 in 2008 and to 2000 in real terms in 2009 and after Other Costs We assume true incremental costs are 10 of revenue Capital Expenditure Changes in Working Capital Inventories Receivables Payables Depreciation Tax Shield Revenues Operating Costs Other costs Tax Net Cash Flow Capital Expenditure Changes in Working Capital Inventories Receivables Payables Depreciation Tax Shield Revenues Operating Costs Other costs Tax 8 Tax 35 of revenue less costs 9 Opportunity Cost of Capital Assumed 20 2006 2007 2008 2009 2010 201 1 15400 801 961 1 690 345 380 418 440 528 929 190 209 1078 1725 1035 621 621 8800 19360 37934 41727 45900 5500 10890 26620 29282 32210 880 1936 3793 4173 4590 847 2287 2632 2895 3185 16201 1250 3754 4650 5428 5909 2012 2013 2014 2015 2016 2017 5058 459 505 556 612 6727 229 252 278 306 336 3696 310 50489 55538 61092 67202 73922 35431 38974 42872 47159 51875 5049 5554 6109 6720 7392 3503 3854 4239 4663 5129 6128 6399 7038 7742 20975 3696 Net Cash Flow NPV at 20 5991 78 18 The table below shows the real cash flows The NPV is computed using the real rate which is computed as follows 1 rnominal 1 rreal X 1 in ation rate 109 1 rreal X 103 rreal 00583 583 tO t1 t2 t3 t4 t5 t6 t7 t8 Investment 350000 150000 Savings 85800 85800 85800 85800 85800 85800 85800 85800 Insurance 12000 12000 12000 12000 12000 12000 12000 12000 Fuel 10530 10530 10530 10530 10530 10530 10530 10530 Net Cash Flow NPV at 583 272542 19 tO t1 Sales Manufacturing Costs Depreciation 1200 Rent 1000 Earnings Before Taxes 2000 Taxes 700 Cash Flow Operations 2500 Working Capital 3500 4200 Increase in WC 3500 700 Initial Investment 12000 Sale of Plant Tax on Sale Net Cash Flow 15500 1800 NPVat 12 858 20 t2 1200 1040 2170 760 2611 4410 210 2401 t3 1200 1082 2348 822 2726 4631 221 2505 t4 1200 1125 2537 888 2849 4862 231 2618 t5 1200 1170 2735 957 2978 5105 243 2735 350000 84330 84330 84330 84330 84330 84330 t6 1200 1217 2943 1030 3113 5360 255 2858 84330 234330 t7 1200 1265 3163 1107 3256 5628 268 2988 Note Section 72 provides several different calculations of pretax pro t and taxes based on different assumptions the solution below is based on Table 76 in the text See the table below With full usage ofthe tax losses the NPV of the tax payments is 4779 V th tax losses carried fonNard the NPV ofthe tax payments is 5741 Thus with tax losses carried forward the project s NPV decreases by 962 so that the value to the company of using the deductions immediately is 962 t8 42000 44100 46305 48620 51051 53604 56284 59098 37800 39690 41675 43758 45946 48244 50656 53188 1200 1316 3394 1188 3406 00 5628 4000 560 12474 Pretax Pro t t7 1949 t3 t4 t5 t6 9807 1694011579 5539 t 0 t 1 t 2 4000 4514 748 Full usage oftax losses immediately Table 76 Tax loss carryfonNard O O O 21 1400 1580 262 NPV at 20 4779 3432 5929 40531939 682 714 5929 40531939 682 NPV at 20 5741 In order to solve this problem we calculate the equivalent annual cost for each of the two alternatives All cash ows are in thousands Alternative 1 Sell the new machine lfwe sell the new machine we receive the cash ow from the sale pay taxes on the gain and pay the costs associated with keeping the old machine The present value ofthis alternative is 30 30 30 3o 30 PV50 03550 0 20 1 1 112 1122 1123 1124 1125 5 o355 0 9380 1125 1125 The equivalent annual cost for the veyear period is computed as follows PV1 EAC1 gtlt annuity factor 5 time periods 12 9380 EAC1 gtlt 3605 EAC1 2602 or an equivalent annual cost of 26020 Alternative 2 Sell the old machine If we sell the old machine we receive the cash ow from the sale pay taxes on the gain and pay the costs associated with keeping the new machine The present value of this alternative is 20 20 20 20 20 pV2 25 03525 0 112 1122 1123 1124 1125 2o3o3o3o3o3o 1125 1126 1127 1128 1129 11210 5 0355 0 7 12751 11210 11210 710 22 The equivalent annual cost for the tenyear period is computed as follows PV2 EAC2 gtlt annuity factor 10 time periods 12 12751 EAC2 gtlt 5650 EAC2 2257 or an equivalent annual cost of 22570 Thus the least expensive alternative is to sell the old machine because this alternative has the lowest equivalent annual cost One key assumption underlying this result is that whenever the machines have to be replaced the replacement will be a machine that is as efficient to operate as the new machine being replaced The current copiers have net cost cash ows as follows Before Tax Net Cash M Cash Flow AfterTax Cash Flow Fl 1 2000 2000 x 65 35 x 0893 x 20000 6749 2 2000 2000 x 65 35 x 0892 x 20000 6756 3 8000 8000 x 65 35 x 0893 x 20000 45749 4 8000 8000 x 65 35 x 0445 x 20000 48885 5 8000 8000 x 65 52000 6 8000 8000 x 65 52000 These cash ows have a present value discounted at 7 of 15857 Using the annuity factor for 6 time periods at 7 4767 we find an equivalent annual cost of 3326 Therefore the copiers should be replaced only when the equivalent annual cost of the replacements is less than 3326 When purchased the new copiers will have net cost cash ows as follows Before Tax Net Cash M Cash Flow AfterTax Cash Flow Fl 0 25000 25000 250000 1 1000 1000 x 65 35 x 1429 x 25000 6004 2 1000 1000 x 65 35 x 2449 x 25000 14929 3 1000 1000 x 65 35 x 1749 x 25000 8804 4 1000 1000 x 65 35 x 1249 x 25000 4429 5 1000 1000 x 65 35 x 0893 x 25000 1314 6 1000 1000 x 65 35 x 0892 x 25000 1305 7 1000 1000 x 65 35 x 0893 x 25000 1314 8 1000 1000 x 65 35 x 0445 x 25000 2606 These cash ows have a present value discounted at 7 of 21967 The decision to replace must also take into account the resale value of the machine as well as the associated tax on the resulting gain or loss Consider three cases a The book depreciated value of the existing copiers is now 6248 lfthe existing copiers are replaced now then the present value ofthe cash ows is 21967 8000 035 x 8000 6248 14580 Using the annuity factor for 8 time periods at 7 5971 we nd that the equivalent annual cost is 2442 b Two years from now the book depreciated value ofthe existing copiers will be 2678 lfthe existing copiers are replaced two years from now then the present value ofthe cash flows is 67491 071 67561072 219671072 3500 035 x 3500 26781072 17602 Using the annuity factor for 10 time periods at 7 7024 we nd that the equivalent annual cost is 2506 0 Six years from now both the book value and the resale value ofthe existing copiers will be zero lfthe existing copiers are replaced six years from now then the present value of the cash ows is 15857 219671076 30495 Using the annuity factor for 14 time periods at 7 8745 we nd that the equivalent annual cost is 3487 The copiers should be replaced immediately 23 a Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Year 11 MACRS1000 1800 1440 1152 922 737 655 655 656 655 329 Percent MACRS 4000 7200 5760 4608 3688 2948 2620 2620 2624 2620 1316 Depr Tax 1560 2808 2246 1797 1438 1150 1022 1022 1023 1022 513 Shield Present Value at 7 11457 million The equivalent annual cost of the depreciation tax shield is computed by dividing the present value ofthe tax shield by the annuity factor for 25 years at 7 Equivalent annual cost 11457 million11654 983 million The equivalent annual cost of the capital investment is 343 million 983 million 2447 million 712 24 25 The extra cost per gallon after tax is 2447 million900 million gallons 00272 per gallon The pretaX charge 00272065 00418 per gallon 10000 10000 10000 106 1062 1063 PVA 66730 Note that this is a cost 8000 8000 8000 8000 2 7374 106 106 106 106 PVB 77721 Note that this is a cost Equivalent annual cost EAC is found by PVA 40000 PVB 50000 PVA EACA gtlt annuity factor 6 3 time periods 66730 EACA gtlt 2673 EACA 24964 per year rental PVB EACB gtlt annuity factor 6 4 time periods 77721 EACB gtlt 3465 EACB 22430 per year rental Annual rental is 24964 for Machine A and 22430 for Machine B Borstal should buy Machine B The payments would increase by 8 per year For example for Machine A rent for the rst year would be 24964 rent for the second year would be 24964 X 108 26961 etc Because the cost ofa new machine now decreases by 10 per year the rent on such a machine also decreases by 10 per year Therefore 9000 8100 7290 2 3 106 106 106 PVA 61820 Note that this is a cost 7200 6480 5832 5249 2 7374 106 106 106 106 PVB 71614 Note that this is a cost PVA 40000 PVB 50000 713 26 Equivalent annual cost EAC is found as follows PVA EACA gtlt annuity factor 6 3 time periods 61820 EACA gtlt 2673 EACA 23128 a reduction of 735 PVB EACB gtlt annuity factor 6 4 time periods 71614 EACB gtlt 3465 EACB 20668 a reduction of 786 V th a 6year life the equivalent annual cost at 8 of a new jet is 1 1000004623 237941 lfthe jet is replaced at the end of year 3 rather than year 4 the company will incur an incremental cost of 237941 in year 4 The present value of this cost is 2379411084 174894 3 80000 The present value ofthe savings is Z 1 08 206168 t1 The president should allow wider use of the present jet because the present value of the savings is greater than the present value ofthe cost 714 Challenge Questions 27 28 Year0 Year1 Year2 Year3 Year4 Year5 Year6 Year7 PreTax Flows 14000 3064 3209 9755 1646314038 7696 3951 IRR 335 PostTax Flows 12600 1630 2381 6205 1068510136 6110 3444 IRR 268 Effective Tax Rate 200 Ifthe depreciation rate is accelerated this has no effect on the pretax IRR but it increases the aftertax IRR Therefore the numerator decreases and the effective tax rate decreases Ifthe inflation rate increases we would expect pretax cash ows to increase at the in ation rate while aftertax cash ows increase at a slower rate Aftertax cash ows increase at a slower rate than the in ation rate because depreciation expense does not increase with in ation Therefore the numerator of TE becomes proportionately larger than the denominator and the effective tax rate increases 0 l1 TC I1 Tc C E 39lt1Tcgt TE C l1 TC I C 1 1 TC TC l1 TC Hence if the upfront investment is deductible for tax purposes then the effective tax rate is equal to the statutory tax rate V th a real rate of 6 and an in ation rate of 5 the nominal rate r is determined as follows 1 r 1 006 X 1 005 r 0113113 For a threeyear annuity at 113 the annuity factor is 24310 For a twoyear annuity the annuity factor is 17057 For a threeyear annuity with a present value of 2837 the nominal annuity is 283724310 1167 For a twoyear annuity with a present value of 21 00 the nominal annuity is 21 001 7057 1231 These nominal annuities are not realistic estimates of equivalent annual costs because the appropriate rental cost ie the equivalent annual cost must take into account the effects of in ation 715 29 V th a real rate of 6 and an in ation rate of 25 the nominal rate r is determined as follows 1 r 1 006 x 1 025 r 0325 325 For a threeyear annuity at 325 the annuity factor is 17542 For a twoyear annuity the annuity factor is 13243 For a threeyear annuity with a present value of 2837 the nominal annuity is 283717542 1617 For a twoyear annuity with a present value of 21 00 the nominal annuity is 21 001 3243 1586 V th an in ation rate of 5 Machine A has the lower nominal annual cost 1167 compared to 1231 V th inflation at 25 Machine B has the lower nominal annual cost 1586 compared to 1617 Thus it is clear that in ation has a signi cant impact on the calculation of equivalent annual cost and hence the warning in the text to do these calculations in real terms The rankings change because at the higher inflation rate the machine with the longer life here Machine A is affected more The spreadsheet on the next two pages indicates that the NPV forthe MidAmerican wind farm investment is 87271675 By eliminating the tax in the spreadsheet we nd that the NPV is still negative 7692376 NPV becomes positive with a tax subsidy of approximately 35 Using the same spreadsheet we can show that a capacity factor of 30 reduces NPV to 138249182 716 ESTIMATED NPV OF MIDAMERICAN ENERGY39S WINDFARM PROJECT IN THE ABSENCE OF ANY TAX BREAKS PROJECT DATA Capacity megawatts 3605 Load factor 35 Year 1 electricity price mWh 5500 Year 1 maintenance amp other costs 18900000 Inflation 300 Total capital cost 386000000 MACRSyears 20 Cost of capital 120 Year 0 1 2 3 4 5 6 Capital cost 386000000 Revenues 60791115 62614848 64493294 66428093 68420936 70473564 Maintenanceampothercosts 18900000 19467000 20051010 20652540 21272117 21910280 MACRSdepreciation 14475000 27869200 25784800 23854800 22040600 20380800 Pretaxprofit 27416115 15278648 18657484 21920752 25108219 28182484 Tax 9595640 5347527 6530119 7672263 8787877 9863869 Cashflow 386000000 32295475 37800321 37912165 38103289 38360942 38699414 PV 386000000 28835245 30134185 26985130 24215329 21767029 19606328 NPV 87271675 MACRS depreciation 375 722 668 618 571 528 717 Year Capital cost Revenues Maintenance amp other costs MACRS depreciation Pretax profit Tax Cash flow PV NPV MACRS depreciation Year Capital cost Revenues Maintenance amp other costs MACRS depreciation Pretax profit Tax Cash flow PV NPV MACRS depreciation 7 72587770 22567588 18875400 31144782 10900674 39119508 17695679 489 15 91952016 28587946 17215600 46148470 16151965 47212106 8625475 446 718 8 74765404 23244616 17447200 34073588 11925756 39595032 15991769 452 16 94710576 29445584 17215600 48049392 16817287 48447705 7902870 446 9 77008366 23941955 17215600 35850811 12547784 40518627 14611423 446 17 97551894 30328952 17215600 50007342 17502570 49720372 7241491 446 10 79318617 24660213 17215600 37442803 13104981 41553422 13379090 446 18 100478450 31238820 17215600 52024030 18208411 51031220 6636079 4 46 11 81698175 25400020 17215600 39082556 13678894 42619261 12252019 446 19 103492804 32175985 17215600 54101219 18935427 52381392 6081835 446 12 84149120 26162020 17215600 40771500 14270025 43717075 11221084 446 20 106597588 33141264 17215600 56240724 19684253 53772070 5574377 446 13 86673594 26946881 17215600 42511113 14878890 44847824 10277964 446 21 0 0 8607800 8607800 3012730 3012730 278857 223 14 89273802 27755287 17215600 44302915 15506020 46012495 9415068 446

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