CONFIDENTIAL 1 AC/FEB 2025/MAF503

UNIVERSITI TEKNOLOGI MARA

FINAL EXAMINATION

COURSE : FINANCIAL MANAGEMENT

COURSE CODE : MAF503
EXAMINATION : FEBRUARY 2025
TIME : 3 HOURS

INSTRUCTIONS TO CANDIDATES

1. This question paper consists of four (4) questions.

2. Answer ALL questions in the Answer Booklet. Start each answer on a new page.

3. Do not bring any material into the examination room unless permission is given by the
invigilator.

4. Please check to make sure that this examination pack consists of:

i) the Question Paper

ii) a four-page Appendix 1
iii) an Answer Booklet – provided by the Faculty

5. Answer ALL questions in English.

DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO

This examination paper consists of 7 printed pages
© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL
CONFIDENTIAL 2 AC/FEB 2025/MAF503

QUESTION 1

Presented below are the newly published financial statements of Riche Bhd for the financial
year ended 30 September 2024 as well as the benchmark ratios relevant to the firm's
operations.
Riche Bhd
Statement of Profit and Loss for the year ended 30 September 2024
RM
Sales 9,000,000
Less: Cost of goods sold (2,700,000)
Gross profit 6,300,000
Less: Administrative and selling expenses (1,800,000)
Interest expenses (820,000)
Profit before tax 3,680,000
Less: Taxation (883,200)
Profit after tax 2,796,800
Dividends (640,000)
Retained earnings 2,156,800

Riche Bhd
Statement of Financial Position as at 30 September 2024
RM RM
Assets
Property, plant and equipment 15,000,000
Investments 6,000,000 21,000,000

Current assets
Inventories 900,000
Accounts receivables 1,300,000
Cash and cash equivalents 800,000 3,000,000
Total assets 24,000,000

Equity and Liabilities

Ordinary shares 8,000,000
Retained earnings 1,600,000 9,600,000

Non-current liabilities
Loans 9,600,000
8% Convertible Bond 2,400,000 12,000,000
Current Liabilities
Accounts payable 1,500,000
Accruals 100,000
Loans 800,000 2,400,000
Total equity and liabilities 24,000,000

© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL

CONFIDENTIAL 3 AC/FEB 2025/MAF503

Industry Average
Current ratio 2.82 times
Quick ratio 1.55 times
Average collection period 50 days
Total assets turnover 1.25 times
Gross profit margin 50.80%
Net profit margin 25.25%
Times interest earned 8.15 times
Debt ratio 40.60%
Earnings per share RM0.65
PE ratio 5 times

Additional information:

i. The market price per share as at 30 September 2024 was RM6.20 for 3,000,000
ordinary shares outstanding.
ii. Cash sales was 15% of total sales.
iii. Use 360 days per year.

Required:

a. Calculate the above ratios for Riche Bhd for the year ended 30 September 2024.
(12 marks)

b. Evaluate the firm’s liquidity and asset management as compared to the industry
average.
(4 marks)

c. Explain three (3) recommendations to improve the firm's return on equity (ROE) based
on the Du Pont analysis (the industry ROE is 38%; show all calculations).
(4 marks)
(Total: 20 marks)

QUESTION 2

A. HealLife Sdn Bhd (HSB) sells health supplements aimed at promoting overall wellness.
Below is the information presented in the company's Statement of Financial Position
as at 31 December 2024.

Assets RM Equity and liabilities RM

Machineries 180,000 Share capital 125,000
Motor Vehicle 120,000 Retained earnings 53,000
Bank balances 124,000 Long term borrowings 152,000
Inventories 82,000 Short term borrowings 135,000
Account receivable 100,000 Accounts payable 141,000
606,000 606,000

© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL

CONFIDENTIAL 4 AC/FEB 2025/MAF503

One-third (1/3) of the company’s current assets are considered permanent. The
interest rates for short-term and long-term borrowings are 6% and 9% per annum,
respectively. HSB’s earnings before interest and taxes is RM766,280 while tax rate
remains at 24%.

Required:

i. Discuss the financing strategy adopted by the company. Show all workings.
(6 marks)

ii. Calculate the earnings after tax of the company.

(4 marks)

B. Archie Sdn Bhd, a supplier of Cambria Sdn Bhd, provides credit terms of 3/10 net 40
as an incentive for Cambria Sdn Bhd to make early payments. However, Cambria Sdn
Bhd is unable to accept the offer due to cash flows issues. Cambria Sdn Bhd needs
RM250,000 to pay its supplier. Following a discussion, Archie Sdn Bhd agreed to
extend the payment terms to 45 days without incurring any penalties. Cambria Sdn
Bhd has sought several financing alternatives, which are presented below:

Alternative 1 Borrow from EMI Bank for 3 months with 11% discounted interest
per annum and 20% compensating balance. Cambria Sdn Bhd has
an account balance of RM12,000 in the bank.
Alternative 2 Borrow via line of credit of RM300,000 for 3 months period with an
interest of 9% per annum. A 3% commitment fee will be charge on
unused portion.

Required:

i. Calculate the effective annual rates for alternative 1 and 2. Assume there are
360 days in a year.
(7 marks)

ii. Analyse whether Cambria Sdn Bhd should forgo the cash discount and pay on
the last day. Show the necessary workings.
(3 marks)

C. The record of Saradine Sdn Bhd indicated that the accounts payable are paid
approximately 45 days after they arise and account receivable are collected in 40 days.
The inventories have an age of 62 days, on average. The company spends
RM6,000,000 per year on operating cycle investments. The annual operating cost of
financing is 10% per annum. Saradine Sdn Bhd plans to implement a stricter credit
policy, where the debtors would be required to pay within 35 days. Assuming there are
360 days per year.

Required:

i. Compute the cash conversion cycle of the company.

(2 marks)

© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL

CONFIDENTIAL 5 AC/FEB 2025/MAF503

ii. Compute the daily savings should the company implement a stricter credit
policy.
(3 marks)
(Total: 25 marks)

QUESTION 3

A. Vertex Sdn Bhd is considering the replacement of an existing machine. The new
machine would cost RM850,000 and requires an installation cost of RM35,000, and
modification cost of RM 25,000. The machine must be imported from Korea and the
transportation and taxes incurred is estimated to be RM10,000. Last year the training
of machine operators cost the company RM40,000.

The existing machine originally cost RM450,000. The existing machine has already
been used for 5 years and could currently be sold for RM80,000. It has a useful life of
another 5 years with no salvage value. The company uses the straight-line method in
depreciating its assets.

An increase in investment in net working capital of RM75,000 will be needed to support

operations if the new machine is acquired. This working capital is expected to be
recovered once the machine is sold. The new machine has a useful life of 5 years and
is estimated to have a salvage value of RM 50,000 at the end of its useful life. The
sales and operating expenses for the existing machine for the current year, as well as
forecast figures in using the new machine, excluding depreciation are as follows:

Current Year Year 1-2 Year 3-5

(RM) (RM) (RM)
Sales 350,000 650,000 800,000
Operating expenses 100,000 80,000 90,000
Utilities expenses 25,000 38,000 44,000
Salesman 35,000 48,000 60,000
commission
Defect cost 20,000 15,000 11,000
Selling expenses 18,000 25,000 30,000

The company would have to borrow RM850,000 at 5.5% simple interest per annum.
The corporate tax rate is 24%. The company’s minimum required rate of return is 12%.
The targeted payback period is three years.

Required:

a. Calculate:

i. Initial outlay
ii. Annual cash flow
iii. Terminal cash flow
iv. Payback period
v. Net present value
vi. Internal rate of return
(Note: round-off to the nearest RM)
(19 marks)
© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL
CONFIDENTIAL 6 AC/FEB 2025/MAF503

b. Based on the analysis above, suggest whether Vertex Sdn Bhd should buy a
new machine or continue with the existing machine.
(3 marks)

B. Manistry Bhd has developed a new confectionery line that currently can be sold for
RM5.00 per box and is expected to have continuing popularity for many years. The
current price term for variable and fixed costs per box is RM2.80 and RM500,000
respectively.

The forecasted sales volume are as follows:

Year 1 2 3 4
Demand 500,000 800,000 1,000,000 1,200,000
(boxes)

The production equipment for the new confectionery line would cost RM800,000 and
an additional initial investment of RM250,000 would be needed for working capital.
Capital allowances (tax-allowable depreciation) on a 25% reducing balance basis
could be claimed on the cost of equipment. The corporate tax rate of 24% per year will
be payable one year in arrears. A balancing allowance would be claimed in the fourth
year of operation.

The average general level of inflation is expected to be 3% per year, and the selling
price, variable costs, fixed costs and working capital would all experience inflation at
this level. Manistry Bhd uses a nominal after-tax cost of capital of 12% to appraise new
investment projects.

Required:

Assuming that production only lasts for four years, advise on the financial acceptability
of investing in the new product by showing the net present value.

Notes:
1. Round-off the selling price and variable cost per unit to two decimal places.
2. Round-off other calculations to the nearest RM.
(23 marks)
(Total: 45 marks)

© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL

CONFIDENTIAL 7 AC/FEB 2025/MAF503

QUESTION 4

A. Ali, a 25-year-old fresh university graduate, aims to retire at 55. To achieve his
objective of accumulating RM1 million by retirement, he intends to invest in a savings
account with a 12% annual interest rate. Calculate the amount he must save at the
beginning of each year to meet his goal.
(5 marks)

B. Explain briefly two (2) types of preference shares.

(5 marks)
(Total: 10 marks)

END OF QUESTION PAPER

© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL

 Table A-1: Present Value of RM1 Due at the End of n Periods

Period 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% 24% 28%
1 0.9615 0.9524 0.9434 0.9346 0.9259 0.9174 0.9091 0.8929 0.8772 0.8696 0.8621 0.8475 0.8333 0.8065 0.7813
2 0.9246 0.9070 0.8900 0.8734 0.8573 0.8417 0.8264 0.7972 0.7695 0.7561 0.7432 0.7182 0.6944 0.6504 0.6104
3 0.8890 0.8638 0.8396 0.8163 0.7938 0.7722 0.7513 0.7118 0.6750 0.6575 0.6407 0.6086 0.5787 0.5245 0.4768
CONFIDENTIAL

4 0.8548 0.8227 0.7921 0.7629 0.7350 0.7084 0.6830 0.6355 0.5921 0.5718 0.5523 0.5158 0.4823 0.4230 0.3725
5 0.8219 0.7835 0.7473 0.7130 0.6806 0.6499 0.6209 0.5674 0.5194 0.4972 0.4761 0.4371 0.4019 0.3411 0.2910

6 0.7903 0.7462 0.7050 0.6663 0.6302 0.5963 0.5645 0.5066 0.4556 0.4323 0.4104 0.3704 0.3349 0.2751 0.2274
7 0.7599 0.7107 0.6651 0.6227 0.5835 0.5470 0.5132 0.4523 0.3996 0.3759 0.3538 0.3139 0.2791 0.2218 0.1776

© Hak Cipta Universiti Teknologi MARA

8 0.7307 0.6768 0.6274 0.5820 0.5403 0.5019 0.4665 0.4039 0.3506 0.3269 0.3050 0.2660 0.2326 0.1789 0.1388
9 0.7026 0.6446 0.5919 0.5439 0.5002 0.4604 0.4241 0.3606 0.3075 0.2843 0.2630 0.2255 0.1938 0.1443 0.1084
10 0.6756 0.6139 0.5584 0.5083 0.4632 0.4224 0.3855 0.3220 0.2697 0.2472 0.2267 0.1911 0.1615 0.1164 0.0847

11 0.6496 0.5847 0.5268 0.4751 0.4289 0.3875 0.3505 0.2875 0.2366 0.2149 0.1954 0.1619 0.1346 0.0938 0.0662
12 0.6246 0.5568 0.4970 0.4440 0.3971 0.3555 0.3186 0.2567 0.2076 0.1869 0.1685 0.1372 0.1122 0.0757 0.0517
13 0.6006 0.5303 0.4688 0.4150 0.3677 0.3262 0.2897 0.2292 0.1821 0.1625 0.1452 0.1163 0.0935 0.0610 0.0404
14 0.5775 0.5051 0.4423 0.3878 0.3405 0.2992 0.2633 0.2046 0.1597 0.1413 0.1252 0.0985 0.0779 0.0492 0.0316
15 0.5553 0.4810 0.4173 0.3624 0.3152 0.2745 0.2394 0.1827 0.1401 0.1229 0.1079 0.0835 0.0649 0.0397 0.0247
APPENDIX 1 (1)

16 0.5339 0.4581 0.3936 0.3387 0.2919 0.2519 0.2176 0.1631 0.1229 0.1069 0.0930 0.0708 0.0541 0.0320 0.0193
17 0.5134 0.4363 0.3714 0.3166 0.2703 0.2311 0.1978 0.1456 0.1078 0.0929 0.0802 0.0600 0.0451 0.0258 0.0150
18 0.4936 0.4155 0.3503 0.2959 0.2502 0.2120 0.1799 0.1300 0.0946 0.0808 0.0691 0.0508 0.0376 0.0208 0.0118
19 0.4746 0.3957 0.3305 0.2765 0.2317 0.1945 0.1635 0.1161 0.0829 0.0703 0.0596 0.0431 0.0313 0.0168 0.0092
20 0.4564 0.3769 0.3118 0.2584 0.2145 0.1784 0.1486 0.1037 0.0728 0.0611 0.0514 0.0365 0.0261 0.0135 0.0072

21 0.4388 0.3589 0.2942 0.2415 0.1987 0.1637 0.1351 0.0926 0.0638 0.0531 0.0443 0.0309 0.0217 0.0109 0.0056
22 0.4220 0.3418 0.2775 0.2257 0.1839 0.1502 0.1228 0.0826 0.0560 0.0462 0.0382 0.0262 0.0181 0.0088 0.0044
23 0.4057 0.3256 0.2618 0.2109 0.1703 0.1378 0.1117 0.0738 0.0491 0.0402 0.0329 0.0222 0.0151 0.0071 0.0034
24 0.3901 0.3101 0.2470 0.1971 0.1577 0.1264 0.1015 0.0659 0.0431 0.0349 0.0284 0.0188 0.0126 0.0057 0.0027
25 0.3751 0.2953 0.2330 0.1842 0.1460 0.1160 0.0923 0.0588 0.0378 0.0304 0.0245 0.0160 0.0105 0.0046 0.0021
AC/FEB 2025/MAF503

CONFIDENTIAL
 Table A-2: Present Value of an Annuity of RM1 per period for n Periods

Period 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% 24% 28%
1 0.9615 0.9524 0.9434 0.9346 0.9259 0.9174 0.9091 0.8929 0.8772 0.8696 0.8621 0.8475 0.8333 0.8065 0.7813
2 1.8861 1.8594 1.8334 1.8080 1.7833 1.7591 1.7355 1.6901 1.6467 1.6257 1.6052 1.5656 1.5278 1.4568 1.3916
3 2.7751 2.7232 2.6730 2.6243 2.5771 2.5313 2.4869 2.4018 2.3216 2.2832 2.2459 2.1743 2.1065 1.9613 1.8684
CONFIDENTIAL

4 3.6299 3.5460 3.4651 3.3872 3.3121 3.2397 3.1699 3.0373 2.9137 2.8550 2.7982 2.6901 2.5887 2.4043 2.2410
5 4.4518 4.3295 4.2124 4.1002 3.9927 3.8897 3.7908 3.6048 3.4331 3.3522 3.2743 3.1272 2.9906 2.7454 2.5320

6 5.2421 5.0757 4.9173 4.7665 4.6229 4.4859 4.3553 4.1114 3.8887 3.7845 3.6847 3.4976 3.3255 3.0205 2.7594
7 6.0021 5.7864 5.5824 5.3893 5.2064 5.0330 4.8684 4.5638 4.2883 4.1604 4.0386 3.8115 3.6046 3.2423 2.9370

© Hak Cipta Universiti Teknologi MARA

8 6.7327 6.4632 6.2098 5.9713 5.7466 5.5348 5.3349 4.9676 4.6389 4.4873 4.3436 4.0776 3.8372 3.4212 3.0758
9 7.4353 7.1078 6.8017 6.5152 6.2469 5.9952 5.7590 5.3282 4.9464 4.7716 4.6065 4.3030 4.0310 3.5655 3.1842
10 8.1109 7.7217 7.3601 7.0236 6.7101 6.4177 6.1446 5.6502 5.2161 5.0188 4.8332 4.4941 4.1925 3.6819 3.2689

11 8.7605 8.3064 7.8869 7.4987 7.1390 6.8052 6.4951 5.9377 5.4527 5.2337 5.0286 4.6560 4.3271 3.7757 3.3351
12 9.3851 8.8633 8.3838 7.9427 7.5361 7.1607 6.8137 6.1944 5.6603 5.4206 5.1971 4.7932 4.4392 3.8514 3.3868
13 9.9856 9.3936 8.8527 8.3577 7.9038 7.4869 7.1034 6.4235 5.8424 5.5831 5.3423 4.9095 4.5327 3.9124 3.4272
14 10.5631 9.8986 9.2950 8.7455 8.2442 7.7862 7.3667 6.6282 6.0021 5.7245 5.4675 5.0081 4.6106 3.9616 3.4587
APPENDIX 1 (2)

15 11.1184 10.3797 9.7122 9.1079 8.5595 8.0607 7.6061 6.8109 6.1422 5.8474 5.5755 5.0916 4.6755 4.0013 3.4834

16 11.6523 10.8378 10.1059 9.4466 8.8514 8.3126 7.8237 6.9740 6.2651 5.9542 5.6685 5.1624 4.7296 4.0333 3.5026
17 12.1657 11.2741 10.4773 9.7632 9.1216 8.5436 8.0216 7.1196 6.3729 6.0472 5.7487 5.2223 4.7746 4.0591 3.5177
18 12.6593 11.6896 10.8276 10.0591 9.3719 8.7556 8.2014 7.2497 6.4674 6.1280 5.8178 5.2732 4.8122 4.0799 3.5294
19 13.1339 12.0853 11.1581 10.3356 9.6036 8.9501 8.3649 7.3658 6.5504 6.1982 5.8775 5.3162 4.8435 4.0967 3.5386
20 13.5903 12.4622 11.4699 10.5940 9.8181 9.1285 8.5136 7.4694 6.6231 6.2593 5.9288 5.3527 4.8696 4.1103 3.5458

21 14.0292 12.8212 11.7641 10.8355 10.0168 9.2922 8.6487 7.5620 6.6870 6.3125 5.9731 5.3837 4.8913 4.1212 3.5514
22 14.4511 13.1630 12.0416 11.0612 10.2007 9.4424 8.7715 7.6446 6.7429 6.3587 6.0113 5.4099 4.9094 4.1300 3.5558
23 14.8568 13.4886 12.3034 11.2722 10.3711 9.5802 8.8832 7.7184 6.7921 6.3988 6.0442 5.4321 4.9245 4.1371 3.5592
24 15.2470 13.7986 12.5504 11.4693 10.5288 9.7066 8.9847 7.7843 6.8351 6.4338 6.0726 5.4509 4.9371 4.1428 3.5619
AC/FEB 2025/MAF503

CONFIDENTIAL
25 15.6221 14.0939 12.7834 11.6536 10.6748 9.8226 90770 7.8431 6.8729 6.4641 6.0971 5.4669 4.9476 4.1474 3.5640
 Table A-3: Future Value of RM1 Due at the End of n Periods

Period 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% 24%

1 1.0500 1.0600 1.0700 1.0800 1.0900 1.1000 1.1200 1.1400 1.1500 1.1600 1.1800 1.2000 1.2400
2 1.1025 1.1236 1.1449 1.1664 1.1881 1.2100 1.2544 1.2996 1.3225 1.3456 1.3924 1.4400 1.5376
CONFIDENTIAL

3 1.1576 1.1910 1.2250 1.2597 1.2950 1.3310 1.4049 1.4815 1.5209 1.5609 1.6430 1.7280 1.9066
4 1.2155 1.2625 1.3108 1.3605 1.4116 1.4641 1.5735 1.6890 1.749 1.8106 1.9388 2.0736 2.3642
5 1.2763 1.3382 1.4026 1.4693 1.5386 1.6105 1.7623 1.9254 2.0114 2.1003 2.2878 2.4883 2.9316

6 1.3401 1.4185 1.5007 1.5869 1.6771 1.7716 1.97382 2.1950 2.3131 2.4364 2.69955 2.9860 3.6352

© Hak Cipta Universiti Teknologi MARA

7 1.4071 1.5036 1.6058 1.7138 1.828 1.9487 2.21068 2.5023 2.6600 2.8262 3.18547 3.5832 4.5077
8 1.4775 1.5938 1.7182 1.8509 1.9926 2.1436 2.47596 2.8526 3.0590 3.2784 3.75886 4.2998 5.5895
9 1.5513 1.6895 1.8385 1.999 2.1719 2.3579 2.77308 3.2519 3.5179 3.8030 4.43545 5.1598 6.9310
10 1.6289 1.7908 1.9672 2.1589 2.3674 2.5937 3.10585 3.7072 4.0456 4.4114 5.23384 6.1917 8.5944

11 1.7103 1.8983 2.1049 2.3316 2.5804 2.8531 3.4785 4.2262 4.6524 5.1173 6.17593 7.4301 10.6571
12 1.7959 2.0122 2.2522 2.5182 2.8127 3.1384 3.8960 4.8179 5.3503 5.936 7.28759 8.9161 13.2148
13 1.8856 2.1329 2.4098 2.7196 3.0658 3.4523 4.3635 5.49241 6.1528 6.8858 8.59936 10.6993 16.3863
14 1.9799 2.2609 2.5785 2.9372 3.3417 3.7975 4.8871 6.26135 7.0757 7.9875 10.1472 12.8392 20.3191
APPENDIX 1 (3)

15 2.0789 2.3966 2.759 3.1722 3.6425 4.1772 5.4736 7.13794 8.1371 9.2655 11.9737 15.4070 25.1956

16 2.1829 2.5404 2.9522 3.4259 3.97031 4.5950 6.1304 8.13725 9.35762 10.7480 14.1290 18.4884 31.2426
17 2.2920 2.6928 3.1588 3.7000 4.32763 5.0545 6.8660 9.27646 10.7613 12.4677 16.6722 22.1861 38.7408
18 2.4066 2.8543 3.3799 3.9960 4.71712 5.5599 7.6900 10.5752 12.3755 14.4625 19.6733 26.6233 48.0386
19 2.5270 3.0256 3.6165 4.3157 5.14166 6.1159 8.6128 12.0557 14.2318 16.7765 23.2144 31.9480 59.5679
20 2.6533 3.2071 3.8697 4.6610 5.60441 6.7275 9.6463 13.7435 16.3665 19.4608 27.3930 38.3376 73.8641

25 3.3864 4.2919 5.4274 6.8485 8.6231 10.8347 17.000 26.4619 32.9190 40.8742 62.6686 95.3962 216.5420
30 4.3219 5.7435 7.6123 10.0627 13.2677 17.4494 29.9599 50.9502 66.2118 85.8499 143.371 237.3763 634.8199
35 5.5160 7.6861 10.6766 14.7853 20.4140 28.1024 52.800 98.1002 133.176 180.314 327.997 590.6682 1861.0540
40 7.0400 10.2857 14.9745 21.7245 31.4094 45.2593 93.0510 188.884 267.864 378.721 750.378 1469.772 5455.9126
50 11.4674 18.4202 29.4570 46.9016 74.3575 117.3909 289.002 700.233 1083.66 1670.70 3927.36 9100.438 46890.4346
AC/FEB 2025/MAF503

CONFIDENTIAL
 Table A-4: Future Value of an Annuity of RM1 per period for n Periods

Period 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% 24%

1 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
2 2.0500 2.0600 2.0700 2.0800 2.0900 2.1000 2.1200 2.1400 2.1500 2.1600 2.1800 2.2000 2.2400
3 3.1525 3.1836 3.2149 3.2464 3.2781 3.3100 3.3744 3.4396 3.4725 3.5056 3.5724 3.6400 3.7776
CONFIDENTIAL

4 4.3101 4.3746 4.4399 4.5061 4.5731 4.6410 4.7793 4.9211 4.9934 5.0665 5.2154 5.3680 5.6842
5 5.5256 5.6371 5.7507 5.8666 5.9847 6.1051 6.3528 6.6101 6.7424 6.8771 7.1542 7.4416 8.0484

6 6.8019 6.9753 7.1533 7.3359 7.5233 7.7156 8.11519 8.5355 8.7537 8.9775 9.44197 9.9299 10.980
7 8.142 8.3938 8.654 8.9228 9.2004 9.4872 10.0890 10.7305 11.067 11.4139 12.1415 12.9159 14.615

© Hak Cipta Universiti Teknologi MARA

8 9.5491 9.8975 10.2598 10.637 11.028 11.4359 12.2997 13.2328 13.727 14.2401 15.3270 16.4991 19.123
9 11.0266 11.4913 11.9780 12.4876 13.0210 13.5795 14.7757 16.0853 16.786 17.5185 19.0859 20.7989 24.712
10 12.5779 13.1808 13.8164 14.4866 15.1929 15.9374 17.5487 19.3373 20.3037 21.3215 23.5213 25.9587 31.643

11 14.2068 14.9716 15.7836 16.6455 17.5603 18.5312 20.6546 23.0445 24.349 25.733 28.7551 32.1504 40.238
12 15.9171 16.8699 17.8885 18.9771 20.1407 21.3843 24.1331 27.2707 29.0017 30.8502 34.9311 39.5805 50.895
13 17.7130 18.8821 20.1406 21.4953 22.9534 24.5227 28.0291 32.0887 34.3519 36.7862 42.2187 48.4966 64.110
14 19.5986 21.0151 22.5505 24.2149 26.0192 27.9750 32.3926 37.5811 40.5047 43.6720 50.8180 59.1959 80.496
15 21.5786 23.2760 25.1290 27.1521 29.3609 31.7725 37.2797 43.8424 47.5804 51.6595 60.9653 72.0351 100.82
APPENDIX 1 (4)

16 23.6575 25.6725 27.8881 30.3243 33.0034 35.9497 42.7533 50.9804 55.7175 60.9250 72.9390 87.4421 126.01
17 25.8404 28.2129 30.8402 33.7502 36.9737 40.5447 48.8837 59.1176 65.0751 71.6730 87.0680 105.9306 157.2500
18 28.1324 30.9057 33.9990 37.4502 41.3013 45.5992 55.7497 68.3941 75.8364 84.1407 103.740 128.1167 195.9900
19 30.5390 33.7600 37.3790 41.4463 46.0185 51.1591 63.4397 78.9692 88.2118 98.6032 123.414 154.7400 244.0300
20 33.0660 36.7856 40.9955 45.7620 51.1601 57.2750 72.0524 91.0249 102.444 115.380 146.628 186.6880 303.6000

25 47.7271 54.8645 63.2490 73.1059 84.7009 98.3471 133.3339 181.871 212.793 249.214 342.603 471.9811 898.0900
30 66.4388 79.0582 94.4608 113.283 136.308 164.4940 241.333 356.787 434.745 530.312 790.948 1181.882 2640.900
35 90.3203 111.435 138.237 172.317 215.711 271.0244 431.663 693.573 881.170 1120.71 1816.65 2948.34 22729.00
40 120.800 154.762 199.635 259.057 337.882 442.5926 767.0914 1342.03 1779.09 2360.76 4163.21 7343.858 *
50 209.348 290.336 406.53 573.770 815.084 1163.909 2400.018 4994.52 7217.72 10435.6 21813.1 45497.19 *
AC/FEB 2025/MAF503

CONFIDENTIAL