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# International Managerial Finance FIN 475

NMSU

GPA 3.66

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This 0 page Class Notes was uploaded by Jules Mertz on Sunday November 1, 2015. The Class Notes belongs to FIN 475 at New Mexico State University taught by Maria Boyrie in Fall. Since its upload, it has received 21 views. For similar materials see /class/233180/fin-475-new-mexico-state-university in Finance at New Mexico State University.

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Date Created: 11/01/15

HewlettPackard 10B Tutorial To begin look at the face of the calculator Every key except one the gold shi key on the 10B has two functions each key39s primary function is noted in white on the key itself while each key39s secondary function is noted in gold above the key To use the lnction on the key simply press the key To access the gold function above each key first press the key with the solid gold face which we will call the quot gold shiftquot key and then press the desired functionkey Note that the gold shi key is near the lower le comer of the calculator keyboard Turning the Calculator 0n and Off To tum on the calculator press Note that the ON key is on the lower le comer of the keyboardithe face of the key has a white quotCquot while the word quotONquot appears below the key Also we will designate keys throughout this tutorial by the use of small boxes as above To conserve the battery the calculator turns itselfoff about 10 minutes alter your last keystroke To turn the calculator off press I Here we are using the solid black square to represent the gold shi key Thus the keystrokes to turnthe calculator oiT are 1 press the gold shi key and 2 then press the C key Note that the word quotOFFquot appears above the C key in gold Thus by pressing the gold shi key first we are activating the gold lnction above the C key whichis the off mction Also note that pressing the gold shi key places a little quotup arrowquot symbol in the lower left comer of the display Press the gold shi key again and the symbol goes away The key is a toggle key that switches back and forth between the regular and the gold functions is like the typewriter shi key After you press look only at gold writing Inthis tutorial whenever you see the label on the next key is the gold label above the key not the label on the key itself Note that the calculator has a continuous memory so turning it oiT does not affect any data stored in the calculator Clearing the Calculator CLEAR ALL To clear the calculator s memory press I HewlettPackard 10B Tutorial Page 2 Ifwe did not press I we would input the data shown on the screen to memory Clearing the calculator is very important since unwanted data in memory can result in improper calculations and hence wrong answers It is best to get into the habit of automatically clearing memory before starting a calculation Occasionally you may purposely want to save data but in general you will be entering all new data so starting with a clear memory is the safest approach There are three di erent levels of clearing data I clears all memory and the display clears the entire display but not the memory El clears numbers on the display one at a time if you made a mistake entering data Changing the Display Enter 55555555 To change the number of decimal places from 2 to 4 press I 55555555 is displayed To change from 4 places to 2 press I 555556 is displayed Rounding is automatic We usually set the display to 2 places which is especially convenient when working with dollars and percentages However we often use 4 places when dealing with interest rates and rates of return that are entered as decimals preriods and commas are reversed press I Many European countries use a conventionthat is just the opposite of ours Note that PEND means something is pending For example press The calculator is waiting for the denominator so PEND appears in the display EnterlZl and to get 067 Press I to see 06667 Press I to shi back to 2 decimal places To control the brightness of the display hold down and press or HewlettPackard 10B Tutorial Page 3 HewlettPackard 10B Tutorial Page 4 Periods per Year Setting One important setting that can cause problems is the periods per year setting To check the current setting press and then press and hold down The display shows the setting for periodsyear The calculator comes preset at 12 periods per year that is it assumes calculations will be done on a monthly basis However finance textbook problems generally use 1 periodyear To change to lyear Press 1 I Now the calculator is set to assume 1 periodyear To confirm this setting press and hold I Unless needed for other work we generally leave the calculator setting at 1 period per year Time Value of Money T VZW The TVM keys are located on the top row of the keyboard I In general TVM problems involve four variablesithree are known and the fourth is unknown Lump Sums To begin we consider TVM calculations with single lump sums Inthis situation we do not use the PMT key so be sure to either clear all which sets the payment PMT equalto 0 or enter 0 as the PMT when entering the input data Ifyou know any three variables you can find the value of the fourth Example 1 39 What is the FV of 100 a er 3 years ifthe interest rate is 26 percent First clear with I HewlettPackard 10B Tutorial Page 5 Next enter the data 3 26 100 0 Optional if registers are cleared To determine the FV simply press and the FV of 20004 is displayed The HP is programmed so that ifthe PV is thenthe FV is displayed as and vice versa because the HP assumes that one is an in ow and the other is an outflow When entering both PV and FV one must be entered as negative and the other as positive Example 2 What is the PV of 500 due in 5 years if the interest rate is 10 percent Clear rst and then enter the following data 5 10 0 Optional if registers are cleared 500 Pressing the key reveals that 31046 will grow to 500 in 5 yea1s at a 10 percent rate Example 3 Assume a bond can be purchased today for 200 It will retum 1000 a er l4 yea1s The bond pays no interest during its life What rate of retum would you eam if you bought the bond 14 200 Thekey changes the sign 0 1000 HewlettPackard 10B Tutorial Page 6 Simply press the key and the HP calculates the rate of retum to be 1218 percent Remember that the HP is programmed so that if the PV is then the FV is displayed as and vice versa because the HP assumes that one is an in ow and other is an outflow When entering both PV and FV values one must be negative and one positive Now suppose you leam that the bond will actually cost 300 What rate of retum will you eam Override the 200 by entering 300 thenpress to get 898 percent If you pay more for the bond you eam less on it The important thing though is that you can do what if analyses with the calculator Now do nothing except I to tum olT the calculator Then tum on the calculator The dis la shows 000 Is the memory erased Not completely What was onthe screen is gone but press H to get N 14 The other memory registers also retain information unless you press I Ordinary Annuities Example 1 39 What is the FV of an annuity of 100 paid at the end of each year for 5 years if the interest rate equals 6 percent 0 6 1 2 3 4 5 33331 100 100 100 100 100 VI PV 100 0 IE Now press the key and an FV of 56371 is displayed HewlettPackard 10B Tutorial Page 7 Example 2 What is the PV of the same annuity Leave data in calculator but enter 0 as the FV to override then press to get 42124 Annuities Due Each payment of an annuity due occurs at the beginning of the period instead of at the end as with a regular annuity In essence each payment is shi ed back one period To analyze annuities due press 13mm The word begin appears on the screen Now the HP analyzes the cash ows based on beginning of period payments Change back to end mode by pressing I Interest Conversion The following equation is used to convert a nominal rate to an effective rate I 1 E 1 m Given kNom 10 and m 12 paymentsyear 010 n m 1 1 10033 1 11047 1 01047 104794 m However it s much easier to convert the nominal rate using the calculator 10 I 12 I I 1047 shows on the screen Now switch back to 1 paymentyear 1 I HewlettPackard 10B Tutorial Page 8 Cash Flow Operations Example 1 Uneven Cash Flows Assume the following cash ows 0 00 1 2 3 4 533331 0 5 0 100 1 5 0 200 What is the PV of these CFs First clear the HP and make sure that periodsyear is set equal to l 0 Sets CFO equal to 0 50 Sets CFl equal to 50 OnneXt entry hold down CFj keyto see what it says By holding down CFj key you see that you just entered CF2 100 OF 150 0F 200 OF The CFs from the time line are entered Now enter the interest rate 10 At this oint the HP knows the cash ows the number of periods and the interest rate To nd the PV press i to get PV NPV 37740 Example 2 EmbeddedAnnuities We have these cash ows which contain embedded annuities 0 10 1 2 3 4 5 6 7 8 9 gi33333333 0 100 100 100 200 200 300 300 300 300 HewlettPackard 10B Tutorial Page 9 What s the PV Clear set PYR 1 if changed 0 I 100 0F 3 IIIIHI 200 2 IIIIHI 300 OF 4 I Now the HP knows the cash ows Thus enter the interest rate 10 Now press I to get PV NPV 109994 To check your entries 0 to see CFO to see rst CF entry I to see how many times CFl is repeated etc HewlettPackard 10B Tutorial Page 10 Example 3 The Rate of Return O ered by an Investment IRR1 Assume that we invest 1000 now t 0 and then expect to receive an uneven set of cash ows Here is the CF time line 0 l 2 3 4 3331 1000 300 400 200 600 What rate of retum will we eam Enter the following I 1000 300 39539 400 Hold down CFj key to be sure you entered CFZ 200 CE 600 CF I 1671 You can also determine the NPV of the investment Leave data entered and then enter the opportunity cost interest rate say 8 percent To nd NPV press 8 l The NPV of 22050 is displayed Thus the PV of the cash in ows exceeds the cost of the investment by 22050 1If a negative CF occurs at the end of a project s life then the HP may give an error message indicating that there are two IRRs Enter data then enter 10 I to get the rst IRR Then enter a large percentage such as 100 I I to nd other IRR You might have to experiment with guesses to locate the two IRRs HewlettPackard 10B Tutorial Page 11 Statistical Calculations The HP can also be used for several types of statistical calculations Mean and Standard Deviation m Sales 1994 150 1995 95 1996 260 What s the mean average and standard deviation of sales over the 3 years Use the 0 key to enter data I 150 A number 1 is displayed 95 A number 2 is displayed 260 A number 3 is displayed Determine the mean and standard deviation by simply pressing I The mean equals 16833 I S Sv The standard deviation is 8401 S and S are sample standard deviations x and y refer to population statistics Linear Regression Beta coe icients can be calculated by using the HP s linear regression capabilities The X independent van39able and Ydependent van39able values must be entered in the proper sequence where the X data is on the horizontal axis market and Y data is on the vertical axis stock Year Market kM Stock kj 1 238 386 2 72 247 3 66 123 4 205 82 HewlettPackard 10B Tutorial Page 12 HewlettPackard 10B Tutorial Page 13 Enter the data as follows I 238 386 72 247 66 123 205 82 306 4o1 0 I The value 892 is ywhenX 0 or kj when in 0 which is the vertical axis intercept I The value displayed 160 is the slope coef cient or the beta coe cient Amortization The HP can also be used to calculate amortization schedules Example Determine the interest and principal paid each year and the balance at the end of each year on a threeyear 1000 amortizing loan which carries an interest rate of 10 percent The payments are due annually First check paymentsyear and be sure it s 1 Now perform the following steps I 3 10 1000 A payment of 402 11 is displayed This is the amortization schedule corresponding to the loan HewlettPackard 10B Tutorial Page 14 Beg Bal Pament Interest Princ Repmt Ending Bal 1 100000 40211 10000 30211 69789 2 69789 40211 6979 33232 36557 3 36557 40211 3656 36555 02 With the data still entered in the TVM menu do the following 1 I PEr 11quot is displayed El Hold down to see Int then release and 10000 is displayed whichis the interest payment during the rst year Write it into a table as 10000 El Hold down to see Prin release to see 30211 This is the repayment ofprincipal in the rst year Write it in the table El Hold down to see Bal release to see 697 89 the ending balance at the end of the rst year Write it down I PEr 2 2quot is displayed El El E1 36557 is the ending balance at end of Year 2 I PEr 3 3quot is displayed El El El 6979 is the interest paid in Year 2 33232 is the principal paid in Year 2 3656 is the interest paid in Year 3 36555 is the principal repayment in Year 3 002 is the balance at end of Year 3 See the manual for an explanation of how to do monthly amortization HewlettPackard 10B Tutorial Page 15 Next with the data still in the calculator do the following 1 El El El 3 Hold down to see Int then release and 2063 5 displayed This is the total interest paid over Yeals 1 to 3 PEr 13quot is displayed Hold down to see Prin then release and 99998 is displayed This is the total repayment of principal over Years 1 to 3 Hold down to see Bal then release and 002 is displayed This is the remaining balance HewlettPackard 17BII Tutorial To begin look at the face of the calculator Most keys on the 17BII have two lnctions akey s primary function is noted in white on the key itself while the key s secondary function is noted in gold above the key To use the lnction on the key simply press the key To access the gold lnction above each key first press the key withthe solid gold face which we will call the quotgold shi quot key and then press the desired lnction key Note that the gold shi key is near the lower left comer of the calculator keyboard Turning the Calculator 0n and Off To turn on the calculator press Note that the ON key is on the lower left comer of the keyboardithe face of the key has awhite quotCLRquot while the word quotONquot appears below the key Also we will designate keys throughout this tutorial by the use of small boxes as above To conserve the battery the calculator turns itself off about 10 minutes a er your last keystroke To tum the calculator off press I Here we are using the solid black square to represent the gold shi key Thus the keystrokes to turnthe calculator olT are 1 press the gold shi key and 2then press the CLR key Note that the word quotOFFquot appears above the CLR key in gold Thus by pressing the gold shi key first we are activating the gold function above the CLR key which is the OH lnction Also note that pressing the gold shift key places a little up arrow symbol in the upper left comer of the display Press the gold shi key again and the symbol goes away The I key is a toggle key that switches back and forth between the regular and the gold functions I is like the typewriter shi key A er you press I look only at the gold writing Note that the calculator has a continuous memory so tuming it off does not affect any data stored in the calculator The Menu System The HP17BII diiTers frommanycalculators inthat it uses a menu system To access the main menu press The display shows five menu choices FIN BUS SUM TIME and SOLVE To access one of the menu choices press the arrowhead key directly below the appropriate choice To illustrate press the arrowhead key directly below FIN We will designate this operation by Thus a shaded box means press one of the arrowhead keys rather than one of the regular keys Now a new set of menu HewlettPackard 17Bl Tutorial Page 2 choices appears Press to get into the time value of moneymenu To get back to the main menu either press or press a number of times until the menu items stop changing Clearing the Calculator To clear the calculator s memory press I Clearing the calculator is very important since unwanted data in memory can result in improper calculations and hence wrong answers It is best to get into the habit of automatically clearing memory before starting a calculation Occasionally you may purposely want to save data but in general you will be entering all new data so starting with a clear memory is the safest approach There are three diiTerent levels of clearing data I clears all memory and the display clears the entire display but not the memory El clears numbers on the display one at a time if you made a mistake entering data Changing the Display To change the number of decimal places from 2 to 4 press Now press 55555555 55555555 is displayed Note that the calculator display itself is o en used to designate calculator functions When this occurs we shade the box as above To invoke the function displayed press the arrowhead key directly below the Jnction To change om 4 places to 2 press Now press 55555555 555556 is displayed Rounding is automatic We usually set the display to 2 places which is especially convenient when working with dollars and percentages However we o en use 4 places when dealing with interest rates and rates of retum that are entered as decimals To control the brightness of the display hold down and press or HewlettPackard 17Bl Tutorial Page 3 Periods per Year Setting One important settin that can cause problems is the periods er ear setting To check the current setting first press I to get the main menu and then press The display shows the setting for periodsyear The calculator comes preset at 12 periods per year that is it assumes calculations will be done on a monthly basis However the problems in finance textbools generally use 1 periodyear To change to lyear 1 From the main menu press 2 Return to the main menu by pressing three times or I Time Value of Money T VZW To enter the time value of money menu do the following From the main menu press In general TVM problems involve four variablesithree are known and the fourth is unknown Lump Sums To begin we consider TVM calculations with single lump sums In this situation we do not have payments so be sure to either press which sets the payment PMT equal to 0 or enter 0 for the PMT Ifyou know any three variables you can find the value of the fourth HewlettPackard 17Bl Tutorial Page 4 Example 1 39 What is the FV of 100 a er 3 years ifthe interest rate is 26 percent First clear with and enter the following data 3 26 100 0 Optional if registers are cleared Next press and the future value of 20004 is displayed The HP is programmed so that ifthe PV is thenthe FV is displayed as and vice versa because the HP assumes that one is an in ow and the other is an out ow Ifyou are entering both PV and FV one must be entered as negative and the other positive Example 2 What is the PV of 500 due in 5 years ifthe interest rate is 10 percent Clear data first and then enter the following 5 10 0 Optional if registers are cleared 500 Next press and the present value of 31046 is displayed Thus 31046 will grow to 500 in 5 years at a 10 percent rate HewlettPackard 17Bl Tutorial Page 5 Exam p163 39 Assume a bond can be purchased today for 200 It will return 1000 after 14 yea1s The bond pays no interest during its life What rate of return would you earn if you bought the bond 14 200 The key changes the sign 0 1000 Next press and a rate of return of 1218 percent is displayed Remember to press to convertthe 200 to 200 because the purchase of the bond is a cash out ow Now suppose you learn that the bond will actually cost 300 What rate of return will you eam Override the 200 by simply entering 300 and thenpress to get 898 percent Ifyou pay more for the bond you earn less on it The important thing though is that you can do what if analyses with the calculator Ordinary Annuities Now we will use the PMT key and either the PV or the FV key depending on whether we want to nd the PV or the FV of the annuity HewlettPackard 17Bl Tutorial Page 6 Example 1 39 What is the FV of an annuity of 100 paid at the end of each year for 5 years if the interest rate equals 6 percent 0 00 1 2 3 4 5 033331 100 100 100 100 100 VI H 1YR 100 ON 0 Now press the key and an FV of 56371 is displayed Example 2 What is the PV of the same annuity Leave data in calculator but enter 0 as the FV to override then press to get 42124 Annuities Due Each payment of an annuity due occurs at the beginning of the period instead of at the end as with a regular annuity In essence each payment is shi ed back one period To analyze annuities due press The words BEGIN MODE appear onthe screen Now the HP analyzes the cash ows based on beginning of period payments Change back to end mode by pressing To get back to the TVM menu press Em Interest Conversion The following equation is used to convert a nominal rate to an effective rate 1l1 Given kNom 10 and m 12 paymentsyear m HewlettPackard 17Bl Tutorial Page 7 010 quot 12 EAR 1 T 1 10083 1 11047 1 01047 1047 This formula is fine however the calculator can be used to convert the rates much faster From the main menu press Now enter 12 and then press El to compound 12 times per year To enter 10 percent as the nominal rate press 10 Now to determine the effective rate simply press and 1047 percent is displayed Cash Flow Operations The HP is useful for nding the PV FV and IR rate of return of a series of unequal cash ows Example 1 Uneven Cash Flows Assume the following cash ows 0 1 2 3 4 lg3331 0 50 100 150 200 What is the PV of these CFs Clear the memory by pressing I You should also clear any previously entered cash ow lists by pressing I Now press until TIMES PROMPTING OFF is displayed because each cash owis different than the one before it and thus occurs only one time There is no need for the HP to prompt you for the number of times that a particular cash ow occurs since each one is dilTerent than the one before it HewlettPackard 17Bl Tutorial Page 8 The screen should now display FLOW0 Next enter the following O quotIN SS This enters 0 as the cash ow at time 0 VI 0 This enters 50 as the CE INPUT This enters 100 as the CF2 VI 0 INPUT This enters 150 as the CF3 N O 0 INPUT This enters 200 as the CF4 A er allthe cash ows have been entered press to retumto the menu Select and NPV NUS NFV NEED 1 is displayed Now enter the 10 percent interest rate by pressing 10 Atthis point the HP knows the cash ows the number of periods and the interest rate To nd the NPV press to get PV NPV 37740 Example 2 EmbeddedAnnuities Assume the following cash ows which contain embedded annuities or groups of equal consecutive cash ows 0101 2 3 4 5 6 7 8 9 g33333333 1 0 100 100 100 200 200 300 300 300 300 What s the PV Clear the previously entered cash ow lists by pressing I from the main menu Now enter until TIMES PROMPTING ON is displayed A er eachcash ow is entered the calculator will prompt you for the number of times that cash ow occurs This feature saves you from having to enter identical consecutive cash ows one by one Ifeach cash ow is different than the one before it see previous example then the TIMES PROMPTING can be tumed off HewlettPackard 17Bl Tutorial Page 9 The screen should now display FLOW0 HewlettPackard 17Bl Tutorial Page 10 0 This enters 0 as CFO 100 This enters 100 as the CF1 This tells the HP that the 100 CF occurs three consecutive times 200 This enters 200 as the CF2 2 This tells the HP that the 200 CF occurs two consecutive times 300 This enters 300 as the CF3 This tells the HP that the 300 CF occurs four consecutive times A er allthe cash ows have been entered press to retumto the menu Select and NPV NUS NFV NEED 1 is displayed Now enter the 10 percent interest rate by pressing 10 At this oint the HP knows the cash ows the number of periods and the interest rate To nd the NPV press h to get PV NPV 109994 Lastly the El and El keys canbe used to view your cash ow list entries First exit to the menu that lools like this Then simply use the El and El keys to view the cash ow entries Example 3 The Rate of Return O ered by an Investment IRR1 Assume that we invest l000 now t 0 and then expect to receive an uneven set of cash ows Here is the CF time line 1If a negative CF occurs at the end of a project s life then the HP may give an error message indicating that there are two IRRs Enter data then enter 10 to get the rst IRR Then enter a large percentage such as 100 to nd the other IRR You might have to experiment with guesses to locate the two IRRs HewlettPackard 17Bl Tutorial Page 11 0 1 2 3 4 3331 00 300 400 200 600 What rate of return will we eam Clear the previously entered cash ow lists by pressing I Now press until the TIMES PROMPTING is turned off Now enter the cash ows as follows 1000 300 400 200 600 A er allthe cash ows have been entered press to retumto the menu Select and NPV NUS NFV NEED 1 is displayed Now enter the 10 percent interest rate by pressing 10 At this point the HP knows the cash ows the number of periods and the interest rate To nd the IRR press to get IRR 1671 You can also determine the NPV of the investment Leave data entered and then enterthe opportunity cost interest rate say 8 percent To nd NPV press 8 The NPV of 22050 is displayed Thus the PV of the cash in ows exceeds the cost of the investment by 22050 Statistical Calculations HewlettPackard 17Bl Tutorial Page 12 The HP can also be used for several types of statistical calculations Mean and Standard Deviation Year Sales 1994 150 1995 95 1996 260 What s the mean average and standard deviation of sales over the 3 years The rst step is to enter the data into a sum list From the main menu press Clear any previously entered sum lists by next pressing I ITEM1 is displayed Enter the sales data into the sum list as follows 150 95 260 Now press to return to the menu and then press to display the following menu Press and the mean of 16833 is displayed Press and the standard deviation of 8401 is displayed HewlettPackard 17Bl Tutorial Page 13 Linear Regression Beta coe icients can be calculated by using the HP s linear regression capabilities The X independent variable and Y dependent variable values must be entered in the proper sequence where the X data is on the horizontal axis market and Y data is on the vertical axis stock Year Market kM Stock kj 1 238 386 2 72 247 3 66 123 4 205 82 5 306 401 Enter the data as follows To clear any previously entered list from the main menu press I First we must create two sum lists one for the Xvalues and one for the yvalues Each list must have the same number of items To create a sum list for the Xvalues do the following Enter the ve X variables 238 72 66 205 306 Now we must store this list under aname before we create another sum list for the Y variables Store the X variable sum list as follows HewlettPackard 17Bl Tutorial Page 14 The HP now asks you to input a name for the sum list We will name the list X by pressing Of course you could have named the list any name that su iciently describes the contents of the list market retum such as KM or MKRT We have just created a sum list names X which contains the ve X variables The display now shows ITEM6 but we need to create a sum list for the Y variables starting with Iteml To create a new sum list for Y start a new list as follows This tells the HP to start a new sum list Now simply enter the Y variables and name the list Y just as you did for the X variables above Next press At this time the HP asks you to select the X variable from the lists we created Press to select the list named X and press to select the list named Y as the Y variable Next we must select the curve tting model we want to use by pressing To calculate the curve tting results press Calculates the correlation coef cient 091 Calculates the slope coef cient or the beta coef cient 160 Calculates the Yintercept 892 That s all there is to it Amortization The amortization menu calculates the loan balance a er payments are made and calculates the amount of the payments applied toward interest and principal HewlettPackard 17Bl Tutorial Page 15 Example Assume a 1000 loan at 10 percent with annual payments is amortized over 3 years Create an amortization schedule for this loan From the main menu press to set paymentsyear equal to 1 Exit to the TVM menu and enter the following 3 10 1000 Next to calculate the payment press and the loan payment of 40211 is displayed Now press to enter the amortization menu Key in the number of payments for which to calculate the amortization schedule 1 We entered 1 because we want to determine the principalpaid interest paid and remaining balance a er each payment is made Now press Displays interest paid in first year INTEREST 1000quot PRIN Displays principal paid in first year PRINCIPAL 30211quot Displays balance at end of first year BALANCE 69789quot To calculate the amortization schedule for the second year press Repeat for the third year The amortization table you create should contain these results Ifnot try it again Beg Bal Pament m Princ Repmt Ending Bal 1 100000 40211 10000 30211 69789 2 69789 40211 6979 33232 36557 HewlettPackard 17Bl Tutorial Page 16 3 36557 40211 3656 36555 02

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