CHAPTER 7

Bonds Valuation

ANSWERS TO
END-OF-CHAPTER QUESTIONS

7-1. Book value is the asset's historical value and is represented on the balance sheet as
cost minus depreciation. Liquidation value is the dollar sum that could be realized if
the assets were sold individually and not as part of a going concern. Market value is
the observed value for an asset in the marketplace where buyers and sellers negotiate
a mutually acceptable price. Intrinsic value is the present value of the asset's
expected future cash flows discounted at an appropriate discount rate.
7-2. The value of a security is equal to the present value of cash flows to be received by
the investor. Hence, the terms value and present value are synonymous.
7-3. The first two factors affecting asset value (the asset characteristics) are the asset's
expected returns and the riskiness of these returns. The third consideration is the
investor's required rate of return. The required rate of return reflects the investor's
risk-return preference.
7-4. The relationship is inverse. As the required rate of return increases, the value of the
security decreases, and a decrease in the required rate of return results in a price
increase.
7-5. (a) The par value is the amount stated on the face of the bond. This value does
not change and, therefore, is completely independent of the market value.
However, the market value may change with changing economic conditions
and changes within the firm.
(b) The coupon interest rate is the rate of interest that is contractually specified in
the bond indenture. As such, this rate is constant throughout the life of the
bond. The coupon interest rate indicates to the investor the amount of
interest to be received in each payment period. On the other hand, the
investor's required rate of return is equivalent to the bond’s current yield to
maturity, which changes with the changing bond's market price. This rate
may be altered as economic conditions change and/or the investor's attitude
toward the risk-return trade-off is altered.
7-6. In the case of insolvency, claims of debt in general, including bonds, are honored
before those of both common stock and preferred stock. However, different types of
debt may also have a hierarchy among themselves as to the order of their claim on
assets.

170
 Bonds also have a claim on income that comes ahead of common and preferred
stock. If interest on bonds is not paid, the bond trustees can classify the firm
insolvent and force it into bankruptcy. Thus, the bondholder's claim on income is
more likely to be honored than that of common and preferred stockholders, whose
dividends are paid at the discretion of the firm's management.
7-7. Ratings involve a judgment about the future risk potential of the bond. Although they
deal with expectations, several historical factors seem to play a significant role in
their determination. Bond ratings are favorably affected by (1) a greater reliance on
equity, and not debt, in financing the firm, (2) profitable operations, (3) a low
variability in past earnings, (4) large firm size, and (5) little use of subordinated debt.
In turn, the rating a bond receives affects the rate of return demanded on the bond by
the investors. The poorer the bond rating, the higher the rate of return demanded in
the capital markets.
For the financial manager, bond ratings are extremely important. They provide an
indicator of default risk that in turn affects the rate of return that must be paid on
borrowed funds.
7-8. The term debentures applies to any unsecured long-term debt. Because these bonds
are unsecured, the earning ability of the issuing corporation is of great concern to the
bondholder. They are also viewed as being more risky than secured bonds and as a
result must provide investors with a higher yield than secured bonds provide. Often
the issuing firm attempts to provide some protection to the holder through the
prohibition of any additional encumbrance of assets. This prohibits the future
issuance of secured long-term debt that would further tie up the firm's assets and
leave the bondholders less protected. To the issuing firm, the major advantage of
debentures is that no property has to be secured by them. This allows the firm to
issue debt and still preserve some future borrowing power.
A mortgage bond is a bond secured by a lien on real property. Typically, the value of
the real property is greater than that of the mortgage bonds issued. This provides the
mortgage bondholders with a margin of safety in the event the market value of the
secured property declines. In the case of foreclosure, the trustees have the power to
sell the secured property and use the proceeds to pay the bondholders. In the event
that the proceeds from this sale do not cover the bonds, the bondholders become
general creditors, similar to debenture bondholders, for the unpaid portion of the
debt.
7-9. (a) Eurobonds are not so much a different type of security as they are securities,
in this case bonds, issued in a country different from the one in whose
currency the bond is denominated. For example, a bond that is issued in
Europe or in Asia by an American company and that pays interest and
principal to the lender in U.S. dollars would be considered a Eurobond.
Thus, even if the bond is not issued in Europe, it merely needs to be sold in a
country different from the one in whose currency it is denominated to be
considered a Eurobond.
(b) Zero and very low coupon bonds allow the issuing firm to issue bonds at a
substantial discount from their $1,000 face value with a zero or very low

171
 coupon. The investor receives a large part (or all on the zero coupon bond)
of the return from the appreciation of the bond at maturity.
(c) Junk bonds refer to any bond with a rating of BB or below. The major
participants in this market are new firms that do not have an established
record of performance. Many junk bonds have been issued to finance
corporate buyouts.
7-10. The expected rate of return is the rate of return that may be expected from
purchasing a security at the prevailing market price. Thus, the expected rate of
return is the rate that equates future cash flows with the actual selling price of the
security in the market.
7-11. When the coupon interest rate does not equal the bondholder's required rate of return,
the bond will be issued at either a premium or discount. If the investor's required
rate of return is higher than the coupon interest rate, the bond will be issued at a
discount to the investor. If the coupon rate is higher that the investor's required rate,
the bond will be issued at a premium.
7-12. A premium bond is issued when the coupon rate is higher than the bondholder's
required rate of return. The premium is the excess of the market value over the face
value of the bond. A discount bond is issued when the bondholder's required rate of
return is higher than the coupon rate. The discount is the excess of the face value of
the bond over the market value.
Over time, the premium or discount on a bond is amortized. This amortization
allows the bondholder to realize an effective yield equal to their required rate of
return.

172
7-13. A change in current interest rates (required rate of return) causes a change in the
market value of a bond. However, the impact on value is greater for long-term bonds
than it is for short-term bonds. The reason long-term bond prices fluctuate more than
short-term bond prices in response to interest rate changes is simple. Assume an
investor bought a 10-year bond yielding a 12 percent interest rate. If the current
interest rate for bonds of similar risk increased to 15 percent, the investor would be
locked into the lower rate for 10 years. If, on the other hand, a shorter-term bond had
been purchased, say one maturing in 2 years, the investor would have to accept the
lower return for only 2 years and not the full 10 years. At the end of year 2, the
investor would receive the maturity value of $1,000 and could buy a bond offering
the higher 15 percent rate for the remaining 8 years. Thus, interest rate risk is
determined, at least in part, by the length of time an investor is required to commit to
an investment.
7-14. The duration of a bond is simply a measure of the responsiveness of its price to a
change in interest rates. The greater the relative percentage change in a bond price in
response to a given percentage change in the interest rate, the longer the duration.

SOLUTIONS TO
END-OF-CHAPTER PROBLEMS

12
$80 $1,000
7-1A. Value (Vb) =  (1  .12) t

(1  .12)12
t 1

= $80(6.194) + $1,000 (.257)

= $495.52 + $257.00
= $752.52

12
12
80
1000
CPT  ANSWER -752.23

173
7-2A. If the interest is paid semiannually:
16
$45 $1,000
Value (Vb) =  (1.04) t

(1.04)16
t 1

Vb = $45 (11.652) + $1,000 (0.534)

Vb = $1,058.34

16
4
45
1000
CPT  ANSWER -1058.26

If interest is paid annually:

8
$90 $1,000
Value (Vb) =  (1.08) t

(1.08)8
t 1

Vb = $90(5.747) + $1,000 (0.540)

Vb = $1,057.23

8
8
90
1000
CPT  ANSWER 1057.47

174
 20
$40 $1,000
7-3A. $900 =  (1  k b /2) t

(1  k b /2) 20
t 1

At 5%: $40(12.462) + $1,000(0.377) = $875.48

At 4%: $40(13.590) + $1,000(0.456) ≈ $1,000.00

Interpolation:
Expected rate of return = 4% + = 4.8%

20
900
40
1000
CPT  ANSWER 4.79 semiannual rate

The rate is equivalent to 9.6 percent annual rate compounded semiannually, or 9.8
percent (1.0482 - 1) compounded annually.

20
$90 $1,000
7-4A. $945 =  (1  k b ) t

(1  k b ) 20
t 1

At 10%: $90(8.514) + $1,000(0.149) = $915.26

At 9%: $90(9.129) + $1,000(0.178) ≈ $1,000.00

Interpolation:
9% $1,000.00 $1,000.00
kb % 945.00
10% 915.26
$55.00 $84.74
k b % = 9% + = 9.65%

20
945
90
1000
CPT  ANSWER 9.63
12
$70 $1,000
7-5A. $1,150 =  (1  k b ) t

(1  k b )12
t 1
At 6%: $70(8.384) + $1,000(0.497) = $1,083.88
At 5%: $70(8.863) + $1,000(0.557) = $1,177.41
Interpolation:
5% $1,177.41 $1,177.41

175
 kb % 1,150.00
6% 1,083.88
$27.41 $93.53
k b % = 5% + = 5.29%

12
1150
70
1000
CPT  ANSWER 5.28
15
$80 $1,000
7-6A. a. $1,085 =  (1  k b ) t

(1  k b )15
t 1

Interpolation:
At 7% $80(9.108) + $1,000(0.362) = $1,090.64
At 8% $80(8.559) + $1,000(0.315) ≈ $1,000.00
7% $1,090.64 $1,090.64
kb % 1,085.00
8% 1,000.00
$5.64 $90.64
k b % = 7% + = 7.06%

15
1085
80
1000
CPT  ANSWER 7.06

15
$80 $1,000
b. Vb =  (1.10) t

(1.10)15
t 1

Vb = $80(7.606) + $1,000(0.239)

Vb = $847.48

15
10
80
1000
CPT  ANSWER -847.88

c. Since the expected rate of return, 7.06 percent, is less than your required rate
of return of 10 percent, the bond is not an acceptable investment. This fact is

176
 also evident because the market price, $1,085, exceeds the value of the
security to the investor of $847.48.

7-7A. a. Value
Par Value $1,000.00
Coupon $ 100.00
Required Rate of Return 0.12
Years to Maturity 15
Market Value $ 863.78

b. Value at Alternative Rates of Return

Required Rate of Return 0.15
Market Value $ 707.63

Required Rate of Return 0.08

Market Value $1,171.19

c. As required rates of return change, the price of the bond changes, which is
the result of "interest-rate risk." Thus, the greater the investor's required rate
of return, the greater will be his/her discount on the bond. Conversely, the
less his/her required rate of return below that of the coupon rate, the greater
the premium will be.

177
 d. Value at Alternative Maturity Dates
Years to Maturity 5
Required Rate of Return 0.12
Market Value $ 927.90
Required Rate of Return 0.15
Market Value $ 832.39
Required Rate of Return 0.08
Market Value $1,079.85

e. The longer the maturity of the bond, the greater the interest rate risk the
investor is exposed to, resulting in greater premiums and discounts.

15
$90 $1,000
7-8A. $1,250 = 
t 1 (1  k b ) t

(1  k b )15

At 7%: $90(9.108) + $1,000(0.362) = $1,181.72

At 6%: $90(9.712) + $1,000(0.417) = $1,291.08

Interpolation:

6% $1,291.08 $1,291.08
k % 1,250.00
b
7% 1,181.72
$41.08 $109.36
k = 6% + = 6.376%
b

15
1250
90
1000
CPT  ANSWER 6.364

178
 20
$110 $1,000
7-9A.(a) Vb = 
t 1 (1.09) t

(1.09) 20
Vb = $110(9.123) + $1,000(0.178)

Vb = $1,181.53

20
9
110
1000
CPT  ANSWER -1,182.57
20
$110 $1,000
(b) (i) Vb = 
t 1 (1.12) t

(1.12) 20
Vb = $110(7.469) + $1,000(0.104)

Vb = $925.59

20
12
110
1000
CPT  ANSWER -925.31

20
$110 $1,000
(b) (ii) Vb = 
t 1 (1.06) t

(1.06) 20
Vb = $110(11.470) + $1,000(0.312)

Vb = $1,573.70

20
6
110
1000
CPT  ANSWER -1,573.50

(c) We see that value is inversely related to the investor's required rate of return.
7-10A.
Bond P Q R S T
$1,080 $960 $1,268 $1,000 $872
Years Ct *tPV(Ct) Ct t*PV(Ct) Ct t*PV(Ct) Ct t*PV(Ct) Ct t*PV(Ct)
1 $100 $93 $70 $65 $120 $111 $80 $74 $65 $60
2 100 171 70 120 120 206 80 137 65 111
3 100 238 70 167 120 286 80 191 65 155

179
 4 100 294 70 206 120 353 80 235 65 191
5 1,100 3,743 1,070 3,641 120 408 80 272 65 221
6 120 454 80 302 65 246
7 120 490 80 327 65 265
8 120 519 80 346 65 281
9 120 540 80 360 65 293
10 1,120 5,188 1,080 5,002 65 301
11 65 307
12 65 310
13 65 311
14 65 310
15 1,065 5,036

4,539 4,198 8,554 7,247 8,398

Duration 4.20 4.37 6.74 7.25 9.63

Solution to Integrative Problem

10
$78.00 $1,000
1. Bank of America Bond Value (Vb) = 
t 1 (1  .06) t

(1  .06)10
= $78 (7.3601) + $1,000 (.5584)
= $574.09 + $558.39
= $1,132.48
10
6
78
1000
CPT  ANSWER -$1,132.48

17
$75.00 $1,000
Hilton Bond Value (Vb) = 
t 1 (1  .09) t

(1  .09)17
= $75.00 (8.5436) + $1,000 (.2311)
= $640.77 + $231.10
= $871.87
17
9
75.00
1000
CPT  ANSWER -$871.85

180
 4
$79.75 $1,000
Time Warner Bond Value (Vb) = 
t 1 (1  .08) t

(1  .08) 4
= $79.75 (3.3121) + $1,000 (.7350)
= $264.14 + $735.00
= $999.14

4
8
79.75
1000
CPT  ANSWER -$999.17

2. To compute the expected rate of return for each bond, use a financial calculator to
solve the following equation:
Time Warner:
4
$79.75 $1,000
$1,035 = 
t 1 (1  k b ) t

(1  k b ) 4
4
1,035
79.75
1000
CPT  ANSWER 6.94%
Bank of America:

10
$78 $1,000
$1,030 = t 1 (1  k b ) t

(1  k b )10

10
1,030
78
1000
CPT  ANSWER 7.37%

Hilton Hotels:

17
$75 $1,000
$973 = t 1 (1  k b ) t

(1  k b )17

17
973
75.00
1000

181
 CPT  ANSWER 7.79%

3. i. Time Warner Bond Value (Vb) =

4
$79.75 $1,000

t 1 (1  .11) t

(1  .11) 4
= $79.75 (3.1024) + $1,000 (.6587)
= $247.42 + $658.70
= $906.12

4
11
79.75
1000
CPT  ANSWER - $906.15

182
 10
$78 $1,000
Bank of America Bond Value (Vb) =  t 1 (1  .09) t

(1  .09)10
= $78 (6.4177) + $1,000 (.4224)
= $500.58 + $422.40
= $922.98
10
9
78
1000
CPT  ANSWER - $922.99
17
Hilton Hotels (V ) = $75.00 $1,000
Bond Value b 
t 1 (1  .12) t

(1  .12)17
= $75.00 (7.2497) + $1,000 (.1456)
= $543.73 + $145.60
= $689.33
17
12
75.00
1000
CPT  ANSWER - $679.62
4
$79.75 $1,000
3. ii Time Warner Bond Value (Vb) = 
t 1 (1  .05) t

(1  .05)4
= $79.75 (3.546) + $1,000 (.8227)
= $282.79 + $822.70
= $1,105.49
4
5
79.75
1000
CPT  ANSWER - $1,105.49
10
$78 $1,000
Bank of America Bond Value (Vb) = 
t 1 (1  .03) t

(1  .03)10
= $78 (8.5302) + $1,000 (.7441)
= $665.36 + $744.10
= $1,409.46

183
 10
3
78
1000
CPT  ANSWER - $1,409.45

17
Hilton Hotels (V ) = $75.00 $1,000
Bond Value b t 1 (1  .06) t

(1  .06)17
= $75.00 (10.4773) + $1,000 (.3714)
= $785.80 + $371.40
= $1,157.20

17
6
75.00
1000
CPT  ANSWER - $1,157.16

4. As the interest rates rise and fall, we see the different effects on the bond
prices depending on the length of time to maturity and whether the investor's
required rate of return is above or below the coupon interest rate. If the
investor’s required rate of return is above the coupon interest rate, the bond
will sell at a discount (below par value), but if the investor’s required rate of
return is below the coupon interest rate, the bond will sell at a price above its
par value (premium).

184
5. Duration of bonds

Time-Warner Bank of America Hilton Hotels

Bond Value $1,035.00 $1,030.00 $ 973.00

Required rate of return 8% 6% 9%

Year Ct t* PV(Ct) Ct t* PV(Ct) Ct t* PV(Ct)
1 $ 79.75 $ 73.84 $ 78.00 $ 73.58 $ 75.00 $ 68.81
2 79.75 136.75 78.00 138.84 75.00 126.25
3 79.75 189.92 78.00 196.47 75.00 173.74
4 1,079.75 3,174.59 78.00 247.13 75.00 212.53
5 78.00 291.43 75.00 243.72
6 78.00 329.92 75.00 268.32
7 78.00 363.12 75.00 287.19
8 78.00 391.51 75.00 301.12
9 78.00 415.51 75.00 310.79
10 1,078.00 6,019.50 75.00 316.81
11 75.00 319.71
12 75.00 319.98
13 75.00 318.02
14 75.00 314.21
15 75.00 308.86
16 75.00 302.24
17 1,075.00 4222.86

Sum of t*PV(Ct) 3,575.11 8,467.02 8,415.17

Duration 3.45 8.22 8.65

6. Although the Bank of America bonds and the Hilton Hotel bonds have
different terms to maturity, the duration of the two bonds is very similar.
These two bonds will likely have similar sensitivity to changes in interest
rates as evidenced by their duration values.
7. The Time Warner and Hilton Hotels bonds have lower expected rates of
return than your required rate of return. Bank of America’s expected rate of
return is greater than your required rate of return. So we would buy Bank of
America and not Time Warner or Hilton Hotels.

185
Solutions to Problem Set B
10
$90 $1,000
7-1B. Value (Vb) =  (1  .15) t

(1  .15)10
t 1

= $90(5.018) + $1,000 (.247)

= $451.62 + $247.00
= $698.62

10
15
90
1000
CPT  ANSWER -698.87

7-2B. If the interest is paid semiannually:

22
$50 $1,000
Value (Vb) =  (1.045) t

(1.045) 22
t 1

Vb = $50 (13.784) + $1,000 (0.380)

Vb = $1,069.20

22
4.5
50
1000
CPT  ANSWER -1068.92

If interest is paid annually:

11
$100 $1,000
Value (Vb) =  (1.09) t

(1.09)11
t 1

Vb = $100(6.805) + $1,000 (0.388)

Vb = $1,068.50

186
 11
9
100
1000
CPT  ANSWER -1068.05

16
$45 $1,000
7-3B. $950 =  (1  k b /2) t

(1  k b /2)16
t 1

At 5%: $45(10.838) + $1,000(0.458) = $945.71

At 4%: $45(11.652) + $1,000(0.534) = $1,058.34
Interpolation:
Expected rate of return = 4% + = 4.96%

16
950
45
1000
CPT  ANSWER 4.96
The rate is equivalent to 9.92 percent annual rate, compounded semiannually or
10.17 percent (1.04962 - 1) compounded annually.
20
$100 $1,000
7-4B. $975 =  (1  k b ) t

(1  k b ) 20
t 1

At 10%: $100(8.514) + $1,000(0.149) ≈ $1,000.00

At 11%: $100(7.963) + $1,000(0.124) = $920.30

187
 Interpolation:
10% $1,000.00 $1,000.00
kb % 975.00
11% 920.30
$25.00 $79.70
k b % = 10% + = 10.32%

20
975
100
1000
CPT  ANSWER 10.30

15
$80 $1,000
7-5B. $1,175 =  (1  k b ) t

(1  k b )15
t 1

At 6%: $80(9.712) + $1,000(0.417) = $1,193.96

At 7%: $80(9.108) + $1,000(0.362) = $1,090,64

Interpolation:
6% $1193.96 $1,193.96
kb % 1,175.00
7% 1,090.64
$18.96 $103.32
k b % = 6% + = 6.18%

15
1175
80
1000
CPT  ANSWER 6.18

14
$90 $1,000
7-6B. a. $1,100 =  (1  kb) t

(1  kb)14
t 1

Interpolation:
At 7% $90(8.746) + $1,000(0.388) = $1,175.14
At 8% $90(8.2445) + $1,000(0.341) = $1,082.96
7% $1,175.14 $1,175.14

188
 kb % 1,100.00
8% 1,082.96
$75.14 $92.18
k b % = 7% + = 7.82%

14
1100
90
1000
CPT  ANSWER 7.80

14
$90 $1,000
b. Vb =  (1.10) t

(1.10)14
t 1
Vb = $90(7.367) + $1,000(0.263)

Vb = $926.03

14
10
90
1000
CPT  ANSWER -926.33

c. Since the expected rate of return, 7.82 percent, is less than your required rate
of return of 10 percent, the bond is not an acceptable investment. This fact is
also evident because the market price, $1,100, exceeds the value of the
security to the investor of $926.03.

189
7-7B.
a. Value
Par Value $1,000.00
Coupon $ 80.00
Required Rate of Return 0.07
Years to Maturity 20
Market Value $ 1,105.94

b. Value at Alternative Rates of Return

Required Rate of Return 0.10
Market Value $ 829.73

Required Rate of Return 0.06

Market Value $1,229.40

c. As required rates of return change, the price of the bond changes, which is
the result of "interest-rate risk." Thus, the greater the investor's required rate
of return, the greater will be his/her discount on the bond. Conversely, the
less his/her required rate of return is below that of the coupon rate, the
greater the premium will be.
d. Value at Alternative Maturity Dates
Years to Maturity 10
Required Rate of Return 0.07
Market Value $ 1,070.24
Required Rate of Return 0.10
Market Value $ 877.11
Required Rate of Return 0.06
Market Value $1,147.20
e. The longer the maturity of the bond, the greater the interest-rate risk the
investor is exposed to, resulting in greater premiums and discounts.

14
$70 $1,000
7-8B. $1,110 = 
t  1 (1  kb)
t

(1  kb)14
At 5%: $70(9.899) + $1,000(0.505) = $1,197.93
At 6%: $70(9.295) + $1,000(0.442) = $1,092.65

Interpolation:
5% $1,197.93 $1,197.93
kb% 1,110.00
6% 1,092.65
$87.93 $105.28
kb = 5% + = 5.84%

14
1110
70

190
 1000
CPT  ANSWER 5.83

17
$70 $1,000
7-9B. (a) Value (Vb) = t 1 (1  .085)17
+
(1  .085)17

= $70(8.825) + $1,000 (0.250)

= $617.75 + $250.00
= $867.75
17
8.5
70
1000
CPT  ANSWER -867.62
17
$70 $1,000
(b) (i) Value (Vb) = t 1 (1  .11) 17
+
(1  .11)17

= $70(7.549) + $1,000 (0.170)

= $528.43 + $170.00
= $698.43
17
11
70
1000
CPT  ANSWER -698.05
17
$70 $1,000
(b) (ii) Value (Vb) = t 1 (1  .06)17
+
(1  .06)17

= $70(10.477) + $1,000 (0.371)

= $733.39 + $371.00
= $1,104.39
17
6
70
1000
CPT  ANSWER -1,104.77

(c) We see that value is inversely related to the investor's required rate of return.

7-10B.
Value Bond A

191
 Par Value $1,000.00
Coupon $ 90.00
Required Rate of Return 0.07
Years to Maturity 5
Market Value $ 1,082.00

Value Bond B
Par Value $1,000.00
Coupon $ 60.00
Required Rate of Return 0.07
Years to Maturity 5
Market Value $ 959.00

Value Bond C
Par Value $1,000.00
Coupon $ 120.00
Required Rate of Return 0.07
Years to Maturity 10
Market Value $ 1,351.18

Value Bond D
Par Value $1,000.00
Coupon $ 90.00
Required Rate of Return 0.07
Years to Maturity 15
Market Value $ 1,182.16

Value Bond E
Par Value $1,000.00
Coupon $ 75.00
Required Rate of Return 0.07
Years to Maturity 15
Market Value $ 1,045.54

192
Bond A B C D E
$1,082 $959 $1,351 $1,182 $1,046
Years Ct t*PV(Ct) Ct t*PV(Ct) Ct t*PV(Ct) Ct t*PV(Ct) Ct t*PV(Ct)

1 $90 $84 $60 $56 $120 $112 $90 $84 $75 $70
2 90 157 60 105 120 210 90 157 75 131
3 90 220 60 147 120 294 90 220 75 184
4 90 275 60 183 120 366 90 275 75 229
5 1,090 3,886 1,060 3,779 120 428 90 321 75 267
6 120 480 90 360 75 300
7 120 523 90 392 75 327
8 120 559 90 419 75 349
9 120 587 90 441 75 367
10 1,120 5,694 90 458 75 381
11 90 470 75 392
12 90 480 75 400
13 90 486 75 405
14 90 489 75 407
15 1,090 5,926 1,075 5,844

4,622 4,270 9,252 10,977 10,053

Duration 4.27 4.45 6.85 9.29 9.6

193