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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 Staff in Fall. Since its upload, it has received 13 views. For similar materials see /class/233181/fin-475-new-mexico-state-university in Finance at New Mexico State University.

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Date Created: 11/01/15

Sharp EL 733A Tutorial To begin look at the face of the calculator Almost every key on the EL733A has two rnctions each key s primary rnction is noted on the key itself while each key39s secondary rnction is noted in reddish brown above the key To use the function on the key simply press the key To access the rnction above each key first press the yellow key with 2ndF printed on it whichwe will call the quot2nd functionquot key and then press the desired rnction key Note that the 2nd function key is located at the upper le comer of the calculator keyboard Turning the Calculator 0n and Off To turn on the calculator press To turn oiT the calculator press Note that the ON and OFF keys are in the upper right comer of the keyboard Also we will designate keys throughout this tutorial by the use of small boxes as above To conserve the battery the calculator turns itself oiT about 10 minutes alter your last keystroke E 911 Also note that pressing the 2nd function key places a little 2ndF symbol in the upper left comer of the display Press the 2nd function key again and the symbol goes away The key is atoggle key that switches back and forth between the regular and the 2nd functions is like the typewriter shift key A er you press look only at the reddishbrown writing above the keys Note that the calculator has a continuous memory so turning it oiT does not affect any data stored in the calculator but will erase any number showing on the screen Clearing the Calculator Three of the most commonly used methods of clearing data are presented below Clears allthe memory registers associated with a particular mode normal FIN or STAT C39CE 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 Review your owner s manual for other methods of clearing information Sharp EL733A Tutorial Page 2 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 cleaiing 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 Changing the Display To change decimals from 2 to 4 press 00000 is displayed To change from 4 places to 2 press 000 is displayed 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 Ch anging th 2 Mode The calculator has three calculationmodes NORMAL FIN nancial and STAT statistics The mode of the calculator dictates the type of calculations that can be performed When working financial problems you will typically use the FIN mode while statistical problems normally will be handled in STAT mode Modes are indicated inthe displayas follows a box showing FIN indicates finance mode a box showing STAT indicates statistics mode and no box appears when inthe normalmode To change modes simply press The calculator rotates through the modes from normal to nance to statistics to normal Time Value of Money T VZW The TVM keys are located on the third row from the top of the keyboard III To enter the time value of money mode do the following Press repeatedly until the indicator appears in the display In general TVM problems involve four variablesithree are known and the fourth is unknown Sharp EL733A Tutorial Page 3 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 whichsets the payment PMT equal to 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 What is the FV of 100 a er 3 years if the interest rate is 26 percent First clear with Next enter the data 3 26 III 100 0 Optional if registers are cleared To determine the FV simply press and the FV of 20004 is displayed COMP is the key framed in black near the upper le comer The EL 733A is programmed so that ifthe PV is then the FV is displayed as and vice versa because the EL733Aassumes that one is an in ow and the other is an out ow 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 first and then enter the following data 5 10 El 0 Optional if registers are cleared 500 Pressing the key reveals that 31046 will grow to 500 in 5 years at a 10 percent rate Sharp EL733A Tutorial Page 4 Example 3 Assume a bond can be purchased today for 200 It will retum 1000 after 14 years The bond pays no interest during its life What rate of return would you earn if you bought the bond 14 200 Thekeychangesthe sign 0 1000 Simply press the E key and the HP calculates the rate of return to be 1218 Remember that the EL733Ais programmed so that if the PV is then the FV is displayed as and Vice versa because the EL733A assumes that one is an in ow and other is an out ow Also note that the negative sign is placed on the 200 PV entry by pressing the key marked Now suppose you learn that the bond will actually cost 300 What rate of return will you eam Override the 200 by entering 300 thenpress El to get 898 percent If you 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 Now do nothing except press to tum olT the calculator Then turn on the calculator The displayshows 000 Is the memory erased Not completely What was onthe screen is gone but pres to see that the N 14 entry is still in the calculator s memory Sharp EL733A Tutorial Page 5 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 5 0 00 1 2 3 4 033331 100 100 100 100 100 VI CN B l P 100 Now press the key and an FV of 56371 is displayed 0 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 Inessence each payment is shj ed back one period To analyze annuities due press The symbol BGN appears in the upper right comer of the display Now the EL733A analyzes the cash ows based on beginning of period payments Change back to end mode by pressing again Sharp EL733A Tutorial Page 6 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 010 12 m 1 T 1 1111133 1 11047 1 01047 11147 However it s much easier to convert the nominal rate using the calculator Before beginning this procedure it is important to note that another name for the nominal rate is the annual percentage rate APR In fact the EL733Auses the term APR for the nominal interest rate Thus the keystrokes required to calculate the above effective rate for 12 compounding periods would be as follows 12 10E The effective rate of 1047 is displayed on the screen Ifyou were given the effective rate and wished to convert it to an APR nominal rate the key strokes for 12 compounding periods would be as follows 12104713 El The nominal rate of 1000 percent is displayed on the screen Sharp EL733A Tutorial Page 7 Cash Flow Operations We can also nd the PV FV and IR intemal rate of retum of a series of unequal cash ows Example 1 Uneven Cash Flows Assume the following cash ows 0 100 l 2 3 4 533331 0 5 0 100 l 5 0 200 What is the PV of these CFs Fi1st clear any previous cash ow or TVM analyses by pressing Next enter the cash ows 0 Sets CFO equal to 0 and moves to CE 50 Sets CFl equal to 50 and so on 100 150 200 The CFs from the time line are entered Now enter the interest rate 10ll At this point the EL733A knows the cash ows the number of periods and the interest rate To nd the PV press to get PV NPV 37740 Example 2 EmbeddedAnnuities We have these cash ows which contain embedded annuities 0 10 l 2 3 4 5 6 7 8 9 g33333333 l Sharp EL733A Tutorial Page 8 What s the PV First clear any previous cash ow analyses Next enter the cash ows 0 Sets CFO equal to 0 and moves to CE 3 Tells the calculator that the following CF will occur three consecutive times 100 Sets the rst three CFs equal to 100 2 200 4 300 Now the EL 733A knows the cash ows Thus enter the interest rate 10 III Atthis point the EL733Aknows the cash ows the number of periods and the interest rate To nd the PV press to get PV NPV 109994 To check your entries Press to see thatthe amount of the first group of CFs is 10000 each You can now check the frequency of this CF group by pressing This 10000 cash ow occurs 3 consecutive times Sharp EL733A Tutorial Page 9 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 1 2 3 4 3331 1000 300 400 200 600 What rate of retum will we eam First clear any previous cash ow analyses Next enter the cash ows 1000 Sets CFO equal to 1000 and moves to CE 300 CH Sets CFl equal to 300 and moves to CF2 400 200 600 Now the EL733A knows the cash ows Thus simply press and the IRR of 1671 percent is displayed 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 m 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 or if a sequence of cash ows has two or more sign changes there may be multiple IRR solutions The calculator displays the IRR closest to zero However the displayed solution has no nancial meaning Thus you should use caution in making investment decisions based on an IR computed for a cash ow stream with more than one sign change When you are solving very complex cash ow problems the calculator may not be able to nd IRR even if a solution exists When this is the case the calculator displays E An error can be cleared by pressing the key Sharp EL733A Tutorial Page 10 Statistical Calculations The EL 733A 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 First put the calculator into the Statistics mode by pressing until the indicator shows on the display Then clear any previous data entries Next enter the data 150 This enters 150 as the data entry and tells the calculator it occurs one time Note that is the meaning of the key when the calculator is in the statistics STAT mode 95 This enters 95 as the second data entry and tells the calculator it occurs one time 260 This enters 260 as the third data entry and tells the calculator it occurs one time Determine the mean by simply pressing the following The mean equals 16833 Determine the standard deviation by pressing the following The standard deviation is 8401 SI and S are sample standard deviations x and y refer to population statistics Sharp EL733A Tutorial Page 11 Linear Regression Beta coeffici ents can be calculated by using the EL 733A s linear regression capabilities The X independent variable and Y dependent variable values must be entered inthe proper sequence where the X data is on the horizontal axis market and Y data is on the vertical axis stock Market km Stock kj 238 386 72 247 66 123 205 82 306 401 First put the calculator into the Statistics mode by pressing until the indicator shows on the display The clear any previous data entries Next enter the data as follows 238 66 123 205 82 306 401 IEEEEE This enters 238 as the first X variable The key inthe STAT mode is the key This enters 386 as the rst Y variable This enters 72 as the second X variable This enters 247 as the second Y variable This enters 66 as the third X variable This enters 123 as the third Y variable This enters 205 as the fourth X variable This enters 82 as the fourth Y variable This enters 306 as the lth X variable This enters 41 as the lth Y variable Determine the intercept by pressing The display shows that a which is the vertical axis intercept is equal to 892 To find the slope simply press The display shows that b is equal to 160 which is the slope coef cient and the beta coe icient Sharp EL733A Tutorial Page 12 Sharp EL733A Tutorial Page 13 Amortization The EL 733A 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 Press repeatedly until the indicator comes on the display screen Then clear any previous data entries Now perform the following steps 3 10 III 1000 A payment of 40211 is displayed Now since all the information about the loan is stored in the TVM register we can use the amortization functions to generate an amortization schedule for the loan Sharp EL733A Tutorial Page 14 Determine the principal and interest paid in each payment and the balance remaining a er each payment by doing the following steps N L AMRT g AMRT Entering 1 tells the calculator we want to examine the rst year The display shows that PRN 30211 Thus out of the rst 40211 payment 30211 went toward paying olT the principal portion of the loan The display shows that INT 10000 Thus out of the first 40211 payment 10000 was payment of interest The display shows that BAL 69789 Thus a er making the rst 40211 payment the principal balance you to be paid is 69789 The 2 moves to the second year The display shows that the principal repayment is Year 2 is PRN 33233 The interest payment is INT 6979 The remaining balance is BAL 36556 For Year 3 the principal repayment is PRN 36556 The interest payment is INT 3656 The remaining balance is BAL 0 Here is the complete amortization table N 03 D g Bal cxo oo gt153 ooo oo 36556 Payment Interest Princ Repmt Ending Bal 40211 10000 30211 69789 40211 6979 33233 36556 40211 3656 36556 000 Texas Instruments BAII PLUS Tutorial To begin look at the face of the calculator Almost every key on the BAII PLUS has two functions each key s primary function is noted on the key itself while each key s secondary function is noted in white above the key To use the function on the key simply press the key To access the white function above each key first press the gray key with 2nd printed on it which we will call the quot2nd shi quotkey and then press the desired function key Note that the 2nd shift key is near the upper le comer of the calculator keyboard Turning the Calculator 0n and Off To turn on the calculator press To turn olT the calculator press Note that the ONOFF key is on the upper right comer of the keyboard Also we will designate keys throughout this tutorial by the use of small boxes as above To conserve the battery the calculator tums itself olT about 10 minutes alter your last keystroke Also note that pressing the 2nd shift key places a little 2nd s bol in the upper left comer of the display Press the 2nd shift key again and the symbol goes away The key is atoggle key that switches back and forth between the regular and the 2nd functions is like the typewriter shi key After you press look only at the white writing above the keys Note that the calculator has a continuous memory so turning it olT does not affect any data stored in the calculator but it will erase any number showing on the screen Clearing the Calculator Five of the most commonly used methods of clearing data are presented below clears all 10 memory locations and the display clears the TVM worksheet clears worksheets other than the TVM worksheet 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 Review your owner s manual for other methods of clearing information Texas Instruments BAII PLUS Tutorial Page 2 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 Changing the Display To change decimals from 2 to 4 press 00000 is displayed To change from 4 places to 2 press 000 is displayed 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 Periods per Year Setting One ortant setting that can cause problems is the periods per year setting To check the current setting 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 finance textbook problems generally use 1 periodyear To change to lyear Press 1 Now the calculator is set to assume 1 periodyear To confirm this setting press 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 third row from the top of the keyboard I In general TVM problems involve four variablesithree are known and the fourth is unknown Texas Instruments BAII PLUS Tutorial Page 3 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 press which sets the payment PMT equal to 0 or enter 0 as the PMT when entering the input data Ifyou know any three variables you can nd 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 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 BAII PLUS is programmed so that ifthe PV is thenthe FV is displayed as and vice versa because the BAII PLUS assumes that one is an in ow and the other is an out ow 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 years at a 10 percent rate Texas Instruments BAII PLUS Tutorial Page 4 Example 3 Assume a bond can be purchased today for 200 It will retum 1000 after 14 yea1s The bond pays no interest during its life What rate of retum would you eam if you bought the bond 14 200 The key changes the sign 0 1000 Simply press the key and the BAII PLUS calculates the rate of retum to be 1218 Remember that the BAII PLUS is programmed so that ifthe PV is thenthe FV is displayed as and Vice versa because the BAII PLUS assumes that one is an in ow and the other is an out ow 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 press to tum olT the calculator Then tum on the calculator The display shows 000 Is the memory erased Not completely What was on the screen is gone but press to get N 14 Texas Instruments BAII PLUS Tutorial Page 5 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 5 0 00 1 2 3 4 033331 100 100 100 100 00 UI ON a P 100 Now press the key and an FV of 56371 is displayed 0 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 BGN appears on the screen and in the upper right comer of the display Now the BAII PLUS analyzes the cash ows based on beginning of period payments Change back to end mode by pressing Texas Instruments BAII PLUS Tutorial Page 6 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 12 m 1 T 1 1111133 1 11047 1 01047 1047 However it s much easier to convert the nominal rate using the calculator m Filst we need to set the calculator to 12 payments per year Elm Elm III The effective rate of 1047 percent is displayed on the screen Cash Flow Operations Example 1 Uneven Cash Flows We can also nd the PV FV and IR intemal rate of retum of a seIies of unequal cash ows Assume the following cash ows 0 0 l 2 3 4 l93331 0 50 100 150 200 What is the PV of these CFs Filst clear the BAII PLUS and make sure that pe1i0dsyear is set equal to 1 Enter the cash ow worksheet by pressing then clear any previous cash ow analyses Next enter the cash ows Texas Instruments BAII PLUS Tutorial Page 7 0 El Sets CFO equal to 0 and moves to CE 50 El Sets CFl equal to 50 and moves to frequency of occurrence of CE 1 El Tells calculator that the 50 CF occurs only once 100 III 1 III 150 III 1 m 200 m 1 The CFs from the time line are entered Now enter the interest rate 10 III At this point the BAII PLUS knows the cash ows the number of periods and the interest rate To nd the PV press to get PV NPV 37740 Example 2 EmbeddedAnnuities We have these cash ows which contain embedded annuities 010123456789 33333333 1 0 100 100 100 200 200 300 300 300 300 What s the PV Clear set PYR 1 if changed First enter the cash ow worksheet by pressing then clear any previous cash ow analyses Next enter the cash ows Texas Instruments BAII PLUS Tutorial Page 8 0 100 3 200 2 300 4 El Sets CFO equal to 0 and moves to CE El Sets CFl equal to 100 and moves to frequency of occurrence of CE El Tells calculator that the 100 CF occurs three consecutive times III III III Now the BAII PLUS knows the cash ows Thus enter the interest rate IOEI At this point the BAII PLUS knows the cash ows the number of periods and the interest rate To nd the PV press to get PV NPV 109994 To check your entries then use the up and down a1row keys to view each cash ow Texas Instruments BAII PLUS Tutorial Page 9 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 1 2 3 4 3331 1000 300 400 200 600 What rate of return will we eam First enter the cash ow worksheet by pressing then clear any previous cash ow analyses Next enter the cash ows 1000 El Sets CFO equal to l000 and moves to CF1 300 El El Sets CF1 equal to 1000 and moves to frequency of occurrence of CF1 The second tells calculator that the 300 CF occurs only once2 400 IIIIZI 200 IIIIZI 600 IIIIZI Now the BAII PLUS knows the cash ows Thus simply press and the IRR of 1671 percent is displayed 1If a negative CF occurs at the end of a project s life or if a sequence of cash ows has two or more sign changes there may be multiple IRR solutions The calculator displays the IRR closest to zero However the displayed solution has no nancial meaning Thus you should use caution in making investment decisions based on an IRR computed for a cash ow stream with more than one sign change When you are solving very complex cash ow problems the calculator may not be able to nd IRR even if a solution exists When this is the case the calculator displays Error 7 iteration limit exceeded 2If you do not enter a value for frequency a er you enter the cash ow value the calculator assumes a value of 139 however the down arrow key must be pressed again before entering the next cash ow Texas Instruments BAII PLUS Tutorial Page 10 You can also determine the NPV ofthe investment Leave data entered and then enter the opportunity cost interest rate say 8 percent To nd NPV press 8 III The NPV of 22050 is displayed Thus the PV of the cash in ows exceeds the cost of the investment by 22050 Statistical Calculations The BAII PLUS 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 First select the dataentry portion of the statistics worksheet by pressing then clear any previous data entries Next enter the data 150 El El This enters 150 as the data entry and tells the calculator there is no Yvariable associated with the X variable 95 El El This enters 95 as the second data entry and tells the calculator there is no Yvariable associated with the X variable 260 El El This enters 260 as the third data entry and tells the calculator there is no Yvariable associated with the X variable Now select the statistical calculation portion of the statistics worksheet by pressing then clear any previous statistical entries Texas Instruments BAII PLUS Tutorial Page 11 LIN should now be displayed on the screen Keep pressing then until lV one variable calculation method is displayed Press the down arrow key three times to view 1 sample size n 2 mean i and 3 standard deviation Sx The mean equals 16833 The standard deviation is 8401 Linear Regression Beta coe cients can be calculated by using the BAII PLUS s linear regression capabilities The X independent variable and Y dependent variable values must be entered inthe proper sequence where the X data is on the horizontal axis market and Y data is on the vertical axis stock Year 1 2 3 4 5 Market km Stock kj 238 386 72 247 66 123 205 82 306 401 First select the dataentry portion of the statistics worksheet by pressing then clear any previous statistical entries Next enter the data as follows 238 386 72 247 66 123 205 82 306 401 III III III III III III III III III III This enters 238 as the rst X variable This enters 386 as the rst Y variable This enters 72 as the second X variable This enters 247 as the second Y variable This enters 66 as the third X variable This enters 123 as the third Y variable This enters 205 as the fourth X variable This enters 82 as the fourth Y variable This enters 306 as the h X variable This enters 401 as the h Y variable Texas Instruments BAII PLUS Tutorial Page 12 Now select the statistical calculation portion of the statistics worksheet by pressing then clear any previous statistical entries CLR WORK LIN should nowbe displayed onthe screen Keep presslinilm until a appears onthe screen This is the value of the yintercept of the regression line Press one more time and b appears one the screen This is the value of the slope of the regression line Ifyou press one more time r appears onthe screen This is the value of the correlation coef cient of the regression line The intercept value is 892 the slope value is 160 and the correlation coef cient is 091 Clear the calculator by pressing Amortization The BAII PLUS can also be used to calculate amortization schedules First clear the TVM registers by pressing 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 3 10 1000 A payment of 402 11 is displayed Texas Instruments BAII PLUS Tutorial Page 13 Now we will use the amortization worksheet to generate an amortization schedule for the loan Enters the Amort worksheet and clears any old contents El 1 Ending period set at 1 because we want to View the amortization information for each and every payment Now just use the down arrow keyto View the balance a er the payment as well as the interest and principal portions of the rst payment To View the results for the second payment press El to move to P1 press and use the down arrow key to View the ending balance alter the payment is made as well as the interest and principal portions of the second payment Repeat for the third and last payment This is the amortization schedule corresponding to the loan Beg Bal Pament Interest Princ Repmt Ending Bal 1 100000 40211 10000 30211 69789 69789 40211 6979 33232 36557 3 36557 40211 3656 36555 02 N

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