Chap016 (2)

August 11, 2017 | Author: leam37 | Category: Bond Duration, Bonds (Finance), Yield (Finance), Coupon (Bond), Interest
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c         p  c    p p p p p p pp p pp   p p p pp p p   p pp p p  p p  pp p p p p  pp p p p p p pp p p p p p pp p  pppp

 ppppp p p  p p p pp   p p pp  p p p p  p p  p !p" p p# $  p !p ppp  p p p   p p p %p   p !p p p pp p p  p  p p p pp p p p p  pp p p   p pp p p  p p  pp p p p p p pp p p p p p pp p  pppp

 p&  pppp p p  p p p   p  p p  p p p p p  p p p 'p (  p p  p   !p p  $ p )p pp  p p p p p p pp p p $ $  p p pp p p   p p p pp p p  p p  p p pp p p  p p p pp p p p p p pp p  pppp

 p&  pppp p p  pp p p  !p p  p p  $ p )ppp p p   p !p p  p p  $ p )pp p p p p  !p p  p p  $ p )ppp  pp  p p p p*p  p ppp p p p   p p  p p p+  $ p  )p p p

` 

c         p p p p p p p p p p p p p p p p p p p p p p p p p p

,p p- 

p -ppp p p.p p p&p pp p p p p p  p pp p p+ pp p p p p  pp p   pp+ p p p p p p  pp p   pp+ pp p p p p  pp p p p p pp  pppp

 p&  pppp p  p/p0p1+ p2pp 3p 4  p p p p  !p p p pp# $  p p p p p p    p p pp p  pp p  pp p .p p p )p p pp p p p p p   p p p   p pp p p p p pp  pppp

 p&  pppp p  pp p pp# $  p p p.p p p  p p p p 5p p  $ p )p pp p pp p p )p p p p    p p ) p p p p pp p p )p  p p  p p   p p p p  ppp p p

 p pp p p   p )ppp  p .p p p pp p p pp pp p !p!p pp pp  pppp

 p&  pppp p  p p  p p p p p  !p p p p p p p p p p p p   p p  p p p p

` 

c         p p

p p p p p p p p p p p p p p p p p p p p p p p p p p

6p 7 p p p   p  p p p p p  p p p p  p 8p p p p ppp !p9!p pp3$$ $  p pp :;p  p p %p p# $  p !pp (  p p  p   !p p p p p   p pp p p  p   8pp p 3$!p:;p  p pp p 3$!p %;p  p pp p 3p!p ,;p  p pp p 3$!p :;p  p pp p  p p  p p  p  pp  pppp

 p&  pppp p  p p+ p p p   p p p p p  p pp  p ?p 7 p p p   p p p 8pp p (  p p  p   !p p p pp p p p p p   pp p 4  p p p  !p p p pp# $  pp p p p   pp p 4  p p p  p p p p  !p p p pp p p p  p p  p p p pp p  p pp pp p p   p p  p p p  p p p p  pp p p p p pp  pppp

 p&  pppp p  pp p pp# $  p p p.p p p p  !p p p

  p p p p  p p p

` 

c         p p p p p p p p p p p p p p p p p p p p p p p p p p

:p p p pp3$p# $  p p pp p p  p3pp p  p  p3pp p .p p3pp p .p p  p pp3$p :;p  p pp p p p p pp  pppp

 ppppp p  p p pp# $  p p.p p p  p p p p p p  # p p pp p    p  p )pp p  pp# p  p  $ p )pp p

 p p p   p )pp p p ppp p p ppp  pppp

 p&  pppp p  p7 pp   p p  #!p p )p p   p )p" p

 pp p p p# p  p  $ p )p %p p p pppp p pp  p p p>;p pp p p p   p p3pp pp p 3ppp p 3,ppp p , 6ppp p ,' ppp p p p p pp  pppp

 p&  pppp p  pp  pp  p p ;p p D>:p D>:1 :>p0pD6,:6p %p D>:p D>:1+ :>%p0pD5>3?p 'p D>:p D>:1+ :>'p0pD5'3 p ,p D>:p D>:1+ :>,p0pD3>>:p 3p D !:>:p D !:>:1+ :>3p0pD6'3:'p Ep p D :::::p

p p

p

` `

7  p/p5pp/pp%p0p: '6%p ::5'3pp/pp'p0p: ?:3p ::3>>pp/pp,p0p:%'3%p :6'3:pp/pp3p0p'563:p ,' %:pp+ p

c         p p p p p p p p p p p p p p p p p

p p p p p p p p p

'p p p pp  p pp p p>;p pp p '3:ppp p % ppp p 555ppp p  pp  pp p p p p pp  pppp

 ppppp p  pp0p :>1::>p0p '3:pp ,p p $ppp ppp  p p p?;p pp 

p p pp p 6ppp p 3,?ppp p 3:'ppp p ,>6ppp p p p p pp  pppp

 p

 pppp p  pp  pp  p p %5pp9pp p0p::>%5p %p D?:p D6363p ::63>pp9pp%p0p: 3 5p 'p D?:p D5?3:p ::5?3pp9pp'p0p:%:>3p ,p D?:p D5'65p ::5'>pp9pp,p0p:%33%p 3p D?:p D3>,?p ::3>3pp9pp3p0p:%?%3p 5p D?:p D3'55p ::3'6pp9pp5p0p:'%%%p 6p D !:?:p D3?5%5p :3?5'pp9pp6p0p, 6, p Ep p D :::::p 3,>56pp+ p p  

p p0p3,>56p1 :?p0p3:'pp 3p App p9$p  !p:;p  p pp p  p>$p  !p3;p  p pp p p :$p  !p3;p  p pp p p :$p  !p:;p  p pp p  p p  p p  p  pp  pppp

 p&  pppp p  pp p p  p p p p p  !p p  p p p 6p 7 p p p p   ppp %;p  p p"  pp p p pD%'p p p) p p pp3:p p 8pp p p p pp p p5ppp p p p pp p p3ppp p p p pp p p%6ppp p p p pp p p3 3ppp p = p p p pp  pppp

 p

 pppp p  pA1Ap0p$p9pH+ 2p1p+ 2I*p$:%'p0p$p9pH::3p1p  %I*pp0p3 3p >p 7 p p p p   p   p pp  p p p pp  8pp p p p p 3;p p  p  ppD ::p p p p  p  p p p 3;p p  p  ppD%::p pp p p p pp 3;p p  p  ppD ::p p p  p  p  p pp 3;p p  p  ppD%::p pp p p p pp 3;p p  p  ppD ::p p p.p p  p p 3;p p  p  ppD%::p pp p p p pp  p pp pp p = p p p pp  pppp

 ppppp p  p p pp  p0p+ p2p1*p !p p p pp  p p   pp p p p p   p p pp  p p p

` 

c         p p p p p p p p

?p p  p   p p  $ p )ppp p  p )p p  p )pp p    p )p p  p )pp p p )p p p )pp p  p )p p   p )pp p p p p pp  pppp

 ppppp p  p  !p  !p pp )pp p p p  $ p )ppJ p  p p   p )pp p p  $ p )p

p p %:p p p pp  p pp p p  p p p p p p p pp p p  p p  p p p p p p p p p  p p pp p p  ppp p p p  ppp p p p p p pp pp p p p p p p p pp p  pppp

 ppppp p p  p p pp  p p p p p  p !p p p   p p p p pp  p p !p p pp p  p p  pp p p % p G " p p p   p p

 ppp p p p p p p p p pK p "p p p p  p p pp 

 p pp p p p p   pp p p  p pp  p p p p p

 p pp p pp  p) p  pp p p p   p p p "p p   p pp p p p p p pp pp p p  pp ppp pp p  pppp

 p&  pppp p p  pp p p pp p   p  p p "p p p

` 

c         p %%p < pp p   p ppD !,>>p p pp p%p ppG p p p  p p  p pD !:::p p p  p  !p p p  !p p

p p p p p p p p?3;p   p p pp p 8pp p p p5$*p :;p  ppp pp p p p3$*p :;p  ppp pp p p p3$*p# $  p pp p p p,$*p :;p  ppp pp p p p p p pp p  pppp

 p

 pppp p p  p7 p p0p  # p !p p p  #!p p  !p   p p

 p p ppp# ppp0p3ppE p p p pp pp  p  p !p p p p  pp pp  p pp0p,%ppp,%p0p+  :1 :p$p H+  :p2p+ :$ :Ip1p0p  *p5>p+  :pp$p5>p2p5>p0p  *p5>p+  :pp0p  *p+  :pp 0p 5 65*ppH p+  :Ip0p p+ 5 65*pp0p3:3p!p p p p3$p :;p   p p p p %'p  ppp p p   p p p pp p $

pp p p   p p p pp  p pp p p p p. p p p p   !p p p ppp

pD !:::pp p p p ppp p p p ppp p  pppp

 p&  pppp p p  pp ppp !pp p p  p p     p p

p p p p+ p  p *p !p p pp  p p p  p+" p p # p p p %,p  pp p p p p p p p p p p p p  p p p p  pp p p  p   pp   p p p  $ p )pp p p pp  p   p  p p p p

 pp p )pp p p p ppp p p p ppp p  pppp

 p&  pppp p p  p p pp  p p p p pp  p pp pp  *p p p  p p p p  pp  ppG p p p p p    p.p p  p  # p !p p  p p  p   p  p  p p p p

` 

c         p %3p G

p p p  pp p  p p+ p p pp p p %:$p  p p p>;p  pp p p %:$p  p pp %;p  pp p p 3$p  p pp:;p  pp p p :$p  p pp 3;p  pp p p %$p  p pp %;p  pp p  pppp

 p&  pppp p p  pp p p  !p p p p ppp# $  p p p p  p p  p !p p p pp p  p p p p %5p 7 p  p p !p p p pp :$p p p pp pp p p pp p p pp p p  p ppp p p p p  !p  p pp p p p p  !p  p pp p  pppp

 p&  pppp p p  pp  p  p  p p p p p p p p p p %6p  p>;!p':$p   p pp p p p p p :;ppp &p p p p p p :%:ppp4  p  p  !p p p  

p p pLLLLLLLLpp p p >:3pp p p ?,,pp p p ?%6pp p p %%pp p p p p p pp p  pppp

 ppppp p p  p/p0p1+ p2p*p/p0p :%1+  p0p?%6p p p

` 

c         p %>p  p>;!p 3$p ppp p p  p p :;p p p p>:3pppG p p ) p p pp%3p p !p pp p p pp p p p  8pp p p >3;pp p p %: ;pp p p '%6;pp p p 5,,;pp p p p p p pp p  pppp

 p&  pppp p p  pMA1Ap0p+$>:3p9p:::%31  p0p >3;p p p %?p J pp  p )p pp p p p  p p   p p   p pp pp p p "p p   pp p p K p p   pp p p 

 p p  pp p p   $ p   pp p p p p p pp p  pppp

 ppppp p p  pJ p p p p   p   p pp )p p p  p p K p p   !p pp p  p p   p p  p p    p p p ':p p p pp p p p p p p pp p p p p  pp p p  p p  pp p p   p pp p p p p p pp p p p p p pp p  pppp

 p&  pppp p p  pp  p  p p p p p  p pp  p *p p   p  p p p p p  p p p  p p p   p p p

` 

c         p ' p 7 p p p p   p p p p   p  p 8pp p p p p p p p  !p p  p p pp p p p p p  !p p  p p pp p p p

 p p p pp  p  p p p

 p  pp   p p p  p 3ppp p p p p p ppp p p  p p p pp p# $  p  pp p p p p p   pp  pp p  pppp

 p&  pppp p p  pp  p  p p p p p  p p p p *p p p p  p  p p p  p ppp

 p p p  p p $ p p p p  p+ p  pp# p p   pp p.p p p  p p p# p p p '%p G # p p pp   p p   ppp p p p. p  p p p   p  p p p "pp p p p p )p ppp p  p pp p p p   p p  p    pp p p p. p . p  pp  p p  p p pp p p  p p p p   p p p pp pp p p p p p pp p  pppp

 p&  pppp p p  pp pp p p p p p   p p p

 p !p .  p   p  [email protected] !pp p p  p p p p

p p p p   p p p   p p p ''p   p  # pp p p pp "$ p p p   p   p   pp p p pp   pp p   pp pp pp  #pp p p pp   pp

p p p p  p pp p p   p p !p p   p p  #p p p p p. p  pp p p p ppp p p !p!p ppp p  pppp

 ppppp p p  p  p  # p pp p p p p  p p pp  # p p   p

p p p pp p p   pp p  p p. p p p  p p p  pp!p p   p pp   p  1 p   *p p p   p pp  #p p

p p p p

`

c         p ',p E p p p p p  # ppp p p  pp  p p pp p  pp p p  pp  p

p

p p p pp !p p

pppp p p  # p p p p p  p p p pp p p  p p  # p p pp pp  p p p p p pp p p !p!p ppp p  pppp

 p&  pppp p p  p p p  # p p p p p p p !p p pp p p  p p p '3p G pp p   p  p pp p p p) p

  !pp pp p )p ppp p   p  pp p p  pp pp p p  p  p p !pp pp p )p pp  p p   p  pp p p  pp pp p 

p p) p  !pp pp p )p ppp  p   p  pp p p p ppp p p !p!p ppp p  pppp

 p&  pppp p p  pG p p p  p p p  p p) p  !p p p )p p p p p   p  p p p '5p   p p" !p  p  p  pp   ppp p p  p   pp p  p p  p  p pp p p  p pp p  p p  p  p   pp p p p pK p p p p  p   pp p p p pK p p p p  p pp p p pp p p  p p )pp p  pppp

 p&  pppp p p '6p p  p  p pp  p p p p pppp p p  # pp p p   p  # pp p p   pp p p  p  pp p p   pp p  pppp

 ppppp p p  pp  p  p pp  p p p p ppp  p    p p p

`

c         p '>p G # p   p p  p p p p   ppp 

 p p

   ppp p p   p p   ppp  p ppp p p  p  p p p  #p   p  pp

p p p p pp p p  # p p  p p  pp p  p   p p p p  p p  pK  pp p p  pp ppp pp p p p p p pp pp p  pppp

 ppppp p p  pp p p pp  p   p  p p   p p

 # p   p p  p p p '?p p p p p $ pp pp  p p p p pp p pp p p  

p pp p p  # pp p p    pp p p  " pp p p   pp p  pppp

 ppppp p p  p " pp p p p p p p p p p $ p!p "ppp  p p p p p p p ,:p   pp p p pp p 

p p p :5pp p " p p % :ppp%p pp p p pp p p p pp% %;!p   p p p ppp7 p pp p  p p p  p p p $ $ " p8pp p p % %;pp p p %3,;pp p p 6:;pp p p :5;pp p p p p p pp p  pppp

 p

 pppp p p  puA1Ap0p$/up2p+ 1%p/p " p/p+u%*p0p$ :5p/p$:%p2p+ 1%p/p% :p/p +:%%p0p% %p2p:,%p0p%3,p+%3,;p p p

`

c         p , p p   p p p" p p p  ) p pp p p  p p p )p pp   pp p p "  p p p pp   pp p p p p p pp   pp p p  p  p p   p  p  p pp p p K p p

 p p p ppp p  pppp

 p&  pppp p p  pp  pp p p"p p p p  !p  ) p p p   p  p  p p p  p p   p p p ,%p p     p p p" p p p  ) p pp p p 

p   p p p p p p   p p p  p pp p p 

p  p   p p   p p p p pp p  p p p  p   ppp p p  p  p p   p  p  p pp p p  p p p )p p p   pp p p p  pp

p p p p pp p  pppp

 p&  pppp p p  pp p   pp p p p  p p  !p p  p

 p p p pp" p p p p $p p p ,'p  p  p p pp p  p p p  p p pp p p  p p  p  p p p  p pp p p p p   ppp p p  # pp p p   # p  pp p p  p ) pppp p p p p p pp p  pppp

 ppppp p p  p(  # p  p  p pp p  p p p   p p pp p p p p  p  p ppp  p p  p

p p p p  pp  p p p

``

c         p ,,p p p p   p p) p pp  p  p p p p p

p p p ppp p p  pp p p  # pp p p p pp p p  p p  pp p p   p  pp p  pppp

 ppppp p p  pp p p   p  p p p p) p p  p  p p

 p p p  p p   p p p ,3p  p p   p   pp p p  p  p) p pp  p pp p p   p p p  p  p  p  p   p p p )p  pp p p   p p p p p  p  p p   p p p )p  pp p p . p   p  !p pp p   p   p p pp p p p p p   p  pp pp p  pppp

 ppppp p p  p p p   p  p  p pp   p p p) !p p  pp" p p p p  p p p ,5p G  $ p )p p    p pp p p  p p   p  pp p p  p p   p  pp p p  p p p p p   p  pp p p  p p p p p   p  pp p p  p p   p  pp p  pppp

 ppppp p p  p p  p p p 

p  p p  p p p p p p p   p  p p p ppA p  p p p  #p  $ p )p p

 p p p p p p   ppp  # p p p

`

c         p ,6p 7 p p p   ppp  p p  $ p   p p 8p p p p Gp  p p p pp p p GGp A p p $ p p  p pp p  p p  p p p  p  p p  $ p p GGGp G  $ p )p p  p p p p p  p p GBp p   p pp p p pp p p p p p  p p p  p p p p p  p p p p p p p pp p p p Gp pGGpp p p Gp pGGGpp p p G!pGG!p pGBpp p p GG!pGGG!p pGBpp p p G!pGG!pGGG!p pGBpp p  pppp

 p&  pppp p p  p=pGGGp p   pp  $ p )p p p p p p  p  p p p p ,>p 7 p p p   ppp   p

 p p p   p    p  8p p p p Gp E  p( p GGp (p&)  #p GGGp  p&) p GBp & pN   #p Bp @ )p&pp p p p Gp pGGpp p p GGGp pBpp p p GGG!pGB!p pBpp p p G!pGGG!pGB!p pBpp p p G!pGG!pGGG!pGB!p pBpp p  pppp

 p&  pppp p p  p(p&)  #p p p $  p  p p pp  p p  p   p   p p p

`

c         p ,?p   p p p p  pp p p p  p p pp p p p  pp pp p p p  p pp p p  p)p p

 p  p p p  p  p  p p p p p  pp p p p  p pp p p  p)p p

 p  p p p  pp  p p p p p  pp p p    p p  p pp p  pppp

 ppppp p p  p p  p  p p p pp  pp p p p   p p  p

 p)p p  pp  p p p p p  p p p 3:p  p p    p p p   p   pp p p p Gp p ppp p  # p   p GGp p  pp  p p p

 p p  p p p   p GGGp p p p p p  p p   p p p   p GBp p pp p  p p  p p pp p p p Gp pGGpp p p Gp pGGGpp p p GGGp pGBpp p p G!pGG!p pGGGpp p p G!pGG!pGGG!p pGBpp p  pppp

 p&  pppp p p  p p ppp p p p "  p

 p p  p p  p p !p p p pp p  p  p p p p

` 

c         p 3 p  p pp p ppp ppp 6pp p  ppp  p p pp  p p p5;p p p p ppp  p p p ';pp7 p p p

  p pp  p p p p p 8pp p p p p p p $  p p pp pp p p p p p p $  p p pp pp p p p p p p $  p p p.p p p p p $   p pp p p p p p    p   p  p ppp  p p p p p  pp p p p p p pp  p   p)  p p p p p  pp p  pppp

 p

 pppp p p  pG p  !p p p   p p p  p ppp  p p p  p  p  p  !p p p p p pppE p p pp pp p p  !p  p   pp  ppp p p p5;p  p p .p+ :51:5/+ $+ 1 :5 6p0p  :ppp p p p ';p  p p .p+  '1 '/+ $+ 1  ' 6p0p65:p p p 3%p 7 p p p   p

pp p "8pp p p & pN pp p p E  pE p pp p p N pp p p p p p pp p p p p& pN pp p  pppp

 ppppp p p  pp p pp p p p " p  p p p "p p p 3'p 7 p p p   p  p p p p p  p p p p  p 8p p p pppp !p!p pp %$$ $  p pp %;p  p p p p %pp# $  p !p!p pp %$$ $  p pp %;p $ $  pp p p  ppp p p p p p  pp p p  ppp p p p p p  pp p p  ppp p p p pp p p  pp pp   pp pp pp p p  pp p p = p p p pp p  pppp

 p&  pppp p p  p p p p pp p p p   *p p p p  p p p p p   p p p

`

c         p 3,p 7 p p p   p  p p p p p  p p p p  p 8p p p p p ppp !p!p pp%$$ $  p pp>;p  p p %p p# $  p !p!p pp%$$ $  p pp>;p $ $  pp p p p  ppp p p p p p  pp p p  ppp p p p pp p p  ppp p p p p p  pp p p  pp pp   pp pp pp p p  pp p p = p p p pp p  pppp

 p&  pppp p p  p p p p pp p p p   *p p p p  p p p p p   p p p 33p (  p p  p   !p p p p p   p pp p p  p   8pp p p 6$!p:;p  p pp p p 6$!p %;p  p pp p p 6p!p ,;p  p pp p p 6$!p :;p  p pp p p  p p  p p  p  pp p  pppp

 p&  pppp p p  p p+ p p p   p p p p p  p pp  p p p 35p (  p p  p   !p p p p p   p pp p p  p   8pp p p %:$!p:;p  p pp p p %:$!p5;p  p pp p p %:p!p6;p  p pp p p %:$!p?;p  p pp p p  p p  p p  p  pp p  pppp

 p&  pppp p p  p p+ p p p   p p p p p  p pp  p p p

`

c         p 36p p p pp 3$p# $  p p pp p p p  p 3pp p p  p  p 3pp p p .p p 3pp p p .p p  p pp 3$p :;p  p pp p p p p p pp p  pppp

 ppppp p p  p p pp# $  p p.p p p  p p p 3>p p p pp%:$p# $  p p pp p p .p pp  p%:pp p p  p  p%:pp p p p  p%:pp p p .p p  p pp%:$p :;p  p pp p p p p p pp p  pppp

 ppppp p p  p p pp# $  p p.p p p  p p p 3?p p p pp  p pp p p :;p pp p p '3:ppp p p ppp p p 555ppp p p  pp  pp p p p p p pp p  pppp

 ppppp p p  pp0p  :1: :p0p pp p p 5:p p p pp  p pp p p5;p pp p p '3:ppp p p % ppp p p 656ppp p p  pp  pp p p p p p pp p  pppp

 ppppp p p  pp0p :51::5p0p 656pp p p

` 

c         p 5 p App [email protected]pp 

p p p?pp7 p p p p   p   p   p p p p8pp p p G p p) p p pp ;p p p p pppD?:pp p p G p p) p p pp ;p p p p p ppD?:pp p p G p p) p p pp ;p p p p pppD5:pp p p G p p) p ppp ;p p p p p ppD5:pp p p = p p p pp p  pppp

 p&  pppp p p  pMA1Ap0p$/M*p$D?:p0p$?+:: p9pD !:::p p p 5%p App p4ppp 

p p p pp7 p p p p   p    p  p p p p8pp p p G p p) p p pp ;p p p p pppD33pp p p G p p) p p pp ;p p p p p ppD33pp p p G p p) p p pp ;p p p p pppD :pp p p G p p) p p pp ;p p p p p ppD :pp p p = p p p pp p  pppp

 p&  pppp p p  pMA1Ap0p$/M*p$D :p0p$ +:: p9pD !:::p p p 5'p 7 p p p   p pp p  p 8pp p p p 3$p  !p:;p  p pp p p p 3$p  !p?;p  p pp p p p%:$p  !p?;p  p pp p p p%:$p  !p:;p  p pp p p  p p  p p  p  pp p  pppp

 p&  pppp p p  pp p p  p p p p p  !p p  p p p p p 5,p 7 p p p   p pp p  p 8pp p p p %$p  !p:;p  p pp p p p %$p  !p>;p  p pp p p p,$p  !p>;p  p pp p p p,$p  !p:;p  p pp p p  p p  p p  p  pp p  pppp

 p&  pppp p p  pp p p  p p p p p  !p p  p p p p p

`

c         p 53p p :;!p':$p   p pp p p p p p %;ppp &p p p p p p 'ppp4  p  p  !p p p  

p p ppp p p >:3pp p p ::?pp p p ?%6pp p p %%pp p p p p p pp p  pppp

 ppppp p p  p/p0p1+ p2p*p/p0p '1+  %p0p ::?p p p 55p p5;!p':$p   p pp p p p p p>;ppp&p  p p p p p>,ppp4  p  p  !p p p 

p  p ppp p p >:3pp p p ?,,pp p p ?%6pp p p 66>pp p p p p p pp p  pppp

 ppppp p p  p/p0p1+ p2p*p/p0p>,1+ :>p0p66>p p p 56p p?;!p 5$p ppp p p  p p ;p p p p?%3pppG p p ) p p pp'%p p !p pp p p pp p p p  8pp p p >3;pp p p %: ;pp p p %56;pp p p 5,,;pp p p p p p pp p  pppp

 p&  pppp p p  pMA1Ap0p+$?%3p9p:::'%1  p0p%56;p p p

`

c         p 5>p p6;!p ,$p ppp p p  p p5;p p p p6pppG p p ) p p pp,,p p !p pp p p pp p p p  8pp p p >3;pp p p %? ;pp p p '%6;pp p p 5,,;pp p p p p p pp p  pppp

 p&  pppp p p  pMA1Ap0p+$6p9p:::,,1 :5p0p%? ;p p p 5?p   pp p p pp p 

p p p %pp p " p p %53ppp p pp p p pp p p p pp %;!p   p p p ppp7 p pp p  p p p  p p p $ $ " p8pp p p % %;pp p p %3,;pp p p 6:;pp p p '';pp p p p p p pp p  pppp

 p

 pppp p p  puA1Ap0p$/up2p+ 1%p/p " p/p+u%*p0p$ %p/p$: p2p+ 1%p/p%53p/p +: %p0p %p2p: '%3p0p ''%3p p+ '';p p p 6:p   pp p p pp p 

p p p%%$p p " p p , 3ppp%p pp p p pp p p p pp,,;!p   p p p ppp7 p pp p  p p p  p p p $ $ " p8pp p p % %;pp p p %3,;pp p p 6:;pp p p 3%';pp p p p p p pp p  pppp

 p

 pppp p p  puA1Ap0p$/up2p+ 1%p/p " p/p+u%*p0p$%%p/p$:%p2p+ 1%p/p, 3/p +:%%p0p,,p2p:>'p0p3%'pp p+3%';p p p

`

c         p 6 p p p pppp p pp  p p p53;p pp p p p   p p,pp pp p p '53ppp p p ',3ppp p p '>3ppp p p ,::ppp p p p p p pp p  pppp

 p&  pppp p p  pp  pp  p p %6>3p :>%6?pp/pp,p0p'' 5p Ep p D :::::p '5,>5pp+ p p p 6%p p p pppp p pp  p p p6;p pp p p p   p p'pp pp p p 'ppp p p %6 pp p p %> ppp p p %? ppp p p p p p pp p  pppp

 p&  pppp p p  pp  pp  p p 6;p pp p p p   p p5pp pp p p 5:ppp p p 3 ppp p p ,%6ppp p p '?3ppp p p p p p pp p  pppp

 p&  pppp p p  pp  pp  p p 6;p 7  p/p6p D>61 :>6p0pD>::,p ::>:,pp/pp p0p::>:,p %p D>6p D>61+ :>6%p0pD6'5'p ::6'5pp/pp%p0p: ,6%p 'p D>6p D>61+ :>6'p0pD566,p ::566p/pp'p0p:%:' p ,p D>6p D>61+ :>6,p0pD5%'%p ::5%'pp/pp,p0p:%,?%p 3p D>6p D>61+ :>63p0pD36''p ::36'pp/pp3p0p:%>53p 5p !:>6p !:>61+ :>65p0pD53>?3p :53?:p/pp5p0p'?3,:p Ep p D :::::p '?3,:pp+ p p p p

`

c           p p p 6,p  p ppG p p p  p p p!p p p  p p  !p p p

 p !p p p p pppp    p   p p+ p p p p p   p p pp p  ppp   p   p pp p 

 p&  pppp p  pp  p ppp p p p p )p p p p   p pp !p  p  p pp p p pD !:::pp p p  p  p p p   p p  p ppp  pp p p p  pp p .p p p  p p# $  p !pp pp  pp p p p   pp pp p p   p pp p p p  p p  ppp p p  p p p !p p p p  p p p p !p  p p p p p p  p p p !p p  p p ppG  $ p  )p   p p  p   pp p )p p   p )ppp  p )p    p p p   p  *p

p p.p  # p !p p  p p p )p" p

 pp !p p p# p  p  $ p )pp p   p    p   p p  # ppE p p p p   p p  p    ppp p   p p  p   p p  p p p *p !p p

 p p !p p   p pp p p  p  # *p  ppp  # p pp+ p pp  p  p *p  p pp  p p

p p p pppp+ p pp  p  # p p*p p !p p   p  ppp  p   p p p  p p  #p   *p !p p p  p  # p p p p pp p p !p p p pp ) p  !p p  p p. p   p  # p p  pp p p    p   p   !p  p  p p !pp   p  ppp   p  p p  p p 

p  p p   p   p p p p  p  #p pp p p p p p p. p p pp  p  p p  p    p   p  !p p p pppp   p   p !p p p    p p  ppp   p   p pp p p

`

c         p 63p  p  p  # ppGp  p p p p   p   p   p  p !p !p p   p p !p   8pp p 

 p&  pppp p  pp   p  # p p   p   p  .pp p   p  p p  p p p p p p  p pp p p p  p p p  p  p p ppp   p  pp p  p p    p p+

p p   p p pp p p p  p p   p pp

 #p p p p p p p p. p  pp!p p   p  pp  #p  p p p  pppG p  pp p p!p p    p p pp  #!p p p p p  p pp  p  p  p. pp!p  p   p p  p ppp   p 1 p  p   p   p   p p p p p  p. p p p  p  p p  p   p   p  # !p p p p p  !p p p  p

 p p pp p p  .pp p p 65p  p p   pppp p   p   p   pp p 

 p&  pppp p  pp  p   pp p p p p   p   p   !pp p   p  p  p ppG pp   p  p p  p  p p p  !p p  p pp p p p  p pp !p

p p    p  p p  p  p p p !p p   p  p p p p p p  p pp p   p p p p !p p p p   p  !p p pp p  p   p p  p p p p   p   p  p p  p  p  p p p    p p p+p 

 p )!p p p p p p  p. p p p  p

p p  p   p p )p p p p p  p  p p p p p   p   p   p p p   p p  p   p p pp p p

` 

c         p 66p < p  pp   p p&p4  !p pp   p p pppp    pppp p p pD'3:!:::p p p p p "pppp pp p &p4  p   p pD%3:!:::pp< p p  p p p pp p  p  p p>;pp< pp p ppp  p  # p   ppp p 7 p  p p p pp  p p p p p !p  p p  p  p 8p p E p  p pppp p p  p p p?;pp7 p p p  p  p p p   p p  p 8pp+ p !p p p p pp p p    pp p p pp p p  #p ppp p  p p  p p  8p p G  p p  p  p p G p p   pp p,pp pD%? !,'6p p p p 8pp p 

 p

 pppp p  pp  pp  p p p   p p pp p p0pD'3:!:::1 :>5p0pD%%:!33?'6p p p  p p0pD'3:!:::1 :?%p0pD%?,!3>>::p p p p p )p )p p p [email protected] p 5 %p p p33:p p < p p  #p p   pp pp p p p  p ppG p pp pD%? !,'6p p p p p pp p p?3?;p p p p  p p p p p p pD'3:!:::ppD'3:!:::p0pD%? !,'6/+ 2%ppE  p pp  p?3?;p p  p. p  p p  p    p p  p  # pp p p

`

c         p 6>p < pppp p pD?6':%ppp ppp  p p p5,;!pp

 p !ppp pp pD !:::!p,pp p  !p pp p p   p p6%;ppp p p p'5,> ppp< p" p  p  p p  p pp';p p p p šp p 

p p p p p "  p  p p p p p  [email protected] p p p p p p p  p  p p p šp p p p p p p pp p p p p p p p p p p p p  p p 7 p p p  p p p

 p  p p  p 8pp7pp p  p

 8pp" p p p p p p   p p  pp p 

 p

 pppp p  pp  pp  p p p @ p p p p 

p p & 

p p0p'5,> 1 :6%p0p',:'pp  "  p  p p p p 

p p0p$',:'/+$:::'p0p :%;p =pA p0pD?6':%p/p : :%p0pD?>%?,p+D?>%?5p

p p   p  p p @ p p pp ) p pp p p p p p  p =0,!pG05?;!pA&05,[email protected] :::!pApAB0?>':'p p p pp

 ppD::?ppp p p  p p 

p p

p p "  p p p  p p p ppG p p ppp

pp p p pp p p p " ppp p p  p p  p p  p !p p p p p   p p  p p p p  "  p p p p p p p pp p  p p p p  p p p  p. p   p p p p p  p    p p !p pp

p "  p  p p   !p p p  p    p p p pp p

`

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