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The National Hardware Association of the United States 505 Arch Street PHILADELPHIA The following table shows the percentage of cost which must be added to effect a given percentage of profit on the sale: Add % to Cost To Make $ Profit on Sales Add % to Cost To Make % Profit on Sales 1 .99 26 20.63 2 1.96 27 21.26 3 2.91 28 21.88 4 3.85 29 22.48 5 4.76 30 23.08 6 5.66 31 23.66 7 6.54 32 24.24 8 7.41 33 24.81 9 8.27 33 K 25.00 10 9.09 34 25.37 11 9.91 35 25.93 12 10.71 36 26.47 12 % 11.11 37 27.01 13 11.50 37% 27.27 14 12.28 38 27.54 15 13.04 39 28.06 16 13.79 40 28.57 16% 14.29 41 29.08 17 14.53 42 29.58 18 15.25 43 30.07 19 15.97 44 30.56 20 16.67 45 31.03 21 17.36 46 31.51 22 18.03 47 31.97 23 18.70 48 32.43 24 19.35 49 32.88 25 20.00 50 33 % The percentage of profit should always be figured on the selling price and not on the cost. T his booklet was originally pre¬ pared for private distri¬ bution, but has been reprinted at the request of a number of business houses who desired to supply their customers, salesmen and house em¬ ployees with a copy. A careful reading is recommended in the be¬ lief that increased prof¬ its will accrue to those who adopt in practice the principle expounded. tj Members can obtain additional copies from the Association's Office. Domestic Engineering’s Cartoon “Pens Asinorum 2««3 ® 8*°S c. a COO £ lUK ^ 21 (-Or i r to 52 The Right Way to Figure Profits By Thomas A. Fernley Published by The Commerce Publishing Company Philadelphia Copyright 1909-1911 Thomaa A. Fernley Philadelphia THE RIGHT WAY TO FIGURE PROFITS I T is indeed remarkable that on such an important sub- _ ject as the method of cal¬ culating the percentage of prof¬ its there should be such a vari¬ ance of opinion as seems to ex¬ ist, for the issue involved is vital to the welfare of every one en¬ gaged in any form of commer¬ cial activity. True, the vital issue is the showing of net profit in dollars and cents at the Correct Method enc j 0 f the y ear Should be , ,, Sought when the inven ' tory is completed and books are closed, but in or¬ der that this showing should be satisfactory, the proper method of figuring profits should be pur- . sued during the year. In our mind there should be no misun¬ derstanding as to the correct method of calculating this most essential element in every busi¬ ness transaction, for accuracy is the twin brother of honesty and ( 5 ) The Right Way to Figure Profits right methods are necessary for the attainment of any desirable thing. Every man engaged in busi¬ ness ought to be able to see that John does not have 50% more than James, be- They Ought to But Do They ? cause James has 50% less than John. Yet many business men seem to have persistently refused to acknowledge that any per cent, of a smaller sum is a smaller per cent, of a larger sum —that if a fixed sum is a certain per cent, of a certain sum, it is a smaller per cent, of a larger sum—or to put it concretely, that if 25 is 25% of 100 it is only 20% of 125 and 25% increase over cost is 20% profit on the selling price. An incorrect or incomplete understanding of percentage of profits and failure to observe the proper method of figuring the percentage of profit is the rock on which many commercial un¬ dertakings have gone to pieces. ( 6 ) The Right Way to Figure Profits Text Books Incomplete The subject of percentage of profit has not been given suffi¬ cient consideration by the school and college text book writers, especially from the standpoint of business men, so that the insufficient and incor¬ rect understanding of the ques¬ tion has led many to falsely be¬ lieve that the percentage of profit should be figured on the cost. The method of figuring the ratio of profit on the sale is de¬ clared by many who may not be fully informed to be diametric¬ ally contrary to the methods taught in 1 our schools, and is therefore loudly decried by those who now insist on using the net cost as a base, to their conse¬ quent loss. So that it may not be misun¬ derstood, it should be said that it is scientifically correct to use either the cost or the selling price as a base in figuring the percentage of profit, so long as ( 7 ) The Right Way to Figure Profits it is stated on what base the per¬ centage has been calculated. This, however, should not be re¬ garded as being in the nature of an academic discussion, for it is certainly the privilege of pro- Strictly a Business Question fessional men to hold any views that they may prefer on this subject; but it is hoped that they will concede to business men the same privilege, especially when the method followed has such a decided effect on the volume of Net Profit realized from the con¬ duct of their business, and per¬ mit them to adopt that method which most fully answers their requirements. The idea is to prevent men from figuring the cost of doing business on the gross sales and their percentage of profit on the cost of mer¬ chandise—without appreciating the fact that it makes a differ¬ ence. School and college text books refer to this question as “Per¬ centage of Gain and Loss,” and The Right Way to Figure Profits the initial figure or cost is used as the base. Some text books use as the base a prime or net cost and again others add a certain amount for expenses using the gross cost as the base. So far as the question under discussion is concerned the percentage of profit should be figured on the selling price, just the same, whether prime cost or cost plus selling expense is used. Many of the examples given refer to abstract figures, citing such cases as the following: “If the population of a town increases from 30,000 to 45,000, what is the per¬ centage of gain? Answer —50%.” This is, of course, correct, and Percentage of the words “gain” Increase in and “increase” Abstract Figures are properly used Not the Question this connec¬ tion, but this bears no relation to the question of percentage of profit as applied to commercial transactions involving money. (9) The Right Way to Figure Profits With the cost as a base or 100 the text books figure that if 25% is added the percentage of profit is twenty-five one hundredths ( 25 /ioo) or !/4, which is equal to 25%. In this case we would consider the cost as 100 and the added 25% would make a total of 125. The selling price should be considered as 100 per cent. (100%) and percentage of Selling Price Equals 100^ profit would be 25 /, 25 or */ 5 which would be 20% profit on the sale. A percentage of gain or in¬ crease of many hundred per cent, is possible, but as percentage of profit is on sale, 100 per Hundred Per Cent. Profit Impossible cent, profit is impossible unless the goods are secured free of charge. The percentage of profit and the percentage of cost of doing business should both be figured on the same base. First, let us consider what we ( 10 ) The Right Way to Figure Profits use as our cost. Almost all mer¬ chants consider as cost the in¬ voice price or “prime” cost, with Most Merchants no s e 11 i n g or Base Figures on other expenses Delivered Cost added, merely figuring in the cost of delivery to their warehouse. All operating expenses, stor¬ age, selling, office expenses and every other item of expense and profit must be provided for in the difference between this net cost and the net selling price. On the other hand, manufac¬ turers very generally start with their shop or mill cost and add to this all the direct outlays incident to placing the goods in the hands of the buyer. This in¬ cludes storage, selling expenses, office expenses, packing, freight and all miscellaneous expenses, making a gross cost above which everything is profit. This fact accounts in a meas¬ ure for the variance of opinion between some manufacturers ( 11 ) Manufacturers’ Cost Includes Selling Expenses UNIVERSITY OF ILLINOIS LIBRARY The Right Way to Figure Profits and merchants on this question. Manufacturers are prone to tell merchants that on their line of goods a profit of 25% is made, when the fact is that the gross profit is 20% on the sale. If argu¬ ments of this na- Don’t be Misled ture are properly met, a change of method beneficial to the en¬ tire business community will be effected. The fact is, however, that no matter whether the prime or gross cost is used the percentage of profit should be calculated on the selling price. Business men generally are coming to a knowledge of the fact that univer¬ sal convention in an approved method of figur¬ ing the percent- Universal Adoption of Correct Method Desirable age of profit adapted to business conditions, will accrue to the general benefit of all. Some of the more important reasons for pursuing this method of figuring the Percent- da) The Right Way to Figure Profits on Two Items of Capital age of Profit on the sale are ag follows: In every business (we refer more particularly to merchan¬ dizing) two separate amounts of capital are re- Returns Needed q U j re d. One item of capital is re¬ quired for invest¬ ment in merchandise. Another item of capital is necessary for operating expenses, selling ex¬ penses and all other expendi¬ tures not properly chargeable to merchandise account. All the capital invested in the business must produce a proper return. Dividends are obvious¬ ly impossible on the entire amount of capital invested un¬ loss all is considered in making selling prices. If the percentage of profit is reckoned on the cost of mer¬ chandise only, no provision is made for the other necessary item of capital demanding re¬ turns. The sales totals are always readily ascertained, but the total of each individual, daily and ( 13 ) The Right Way to Figure Profits monthly cost of goods sold is sel* dom, if ever, recorded in the books of business houses. Therefore, with the sales to* tals always present and the fact _ A _ _ T conceded that the Total Cost Not „ .. Accessible purpose of the business is pri¬ marily selling, is not the sale a proper base for all calculations, and how could cost be considered when it is not definitely known by reference to sales books? Gross costs can only be ascer¬ tained from the totals obtained at the end of the business year, and are not shown daily as are the gross sales. The amount of profits de¬ pends largely on the volume of business, so that the percentage of profits to sales is clearly indi¬ cative of the character of the year’s Work. The percentage of profits on cost would not indicate so accu¬ rately the result of the year’s business. The percentage of expense of (H) The Right Way to Figure Profits conducting a business may be readily ascertained by dividing the gross expenses by the gross sales. As this percentage of ex¬ pense is on the sales* it is thought best to refer to the per¬ centage of profit on the sale to avoid any misun- Percentage of derstanding and Expense is Found on Sales consequent loss through the use of any other method. For in¬ stance, if you figure your per¬ centage of profit on the cost and your overhead expenses on the sale—you may add 25% to the cost—with an overhead expense of 20% on the selling price and expect to make money. Do you ? The fact that a profit is not made until a sale is actually ef¬ fected further ad¬ vances the selling price as the No Profit Till Goods are Sold proper basing factor for per¬ centage of profit. The salary or other form of remuneration of salesmen is al¬ ways reckoned on the sale and ( 15 ) The Right Way to Figure Profits the amount is always based more or less on a percentage of the sales totals. Remuneration Mercantile o r of Salesmen , _ . other taxes of a similar nature are assessed on a certain percentage of the annual sales. Also if any special taxes are levied by the state on the sales of any special Mercantile goods, such as re- Taxcs volvers, drugs,etc. the amount is always a certain percentage of the selling price of such items and not a percentage of the cost. All allowances in percentage to customers for any reason, or no reason at all, are based on the selling price. There is the 10% allowance by Department Stores to the clergy, dressmakers, teachers, etc.—all deduct the 10% from the selling price, and they neither know of nor care about the cost. Certainly the astute mana¬ gers of department stores do ( 16 ) Allowances Always on Sale The Right Way to Figure Pro-fits not add 10% and then allow 10% thereby losing 1%. The use of terms of percent¬ age in the advertisements of re¬ tailers has educated the con¬ sumer to figure percentage. No merchant enjoying a rep¬ utation for honesty would think of making such In Advertising an a H ur i n g prom¬ ise as to give a dollar's worth of goods for fifty cents or even the whole dollar's worth for nothing. This probably seems ridicu¬ lous, yet such expressions as “Let us save you 50% to 100% We Speak of 10% off ON YOUR CLOTHING BILLS," are used by some business houses. None can fail to realize what a saving of 100% means. It means that they Ridiculous are g01I J g to gl ^ e away the goods or merchandise offered. The consumer only has before him the selling price, and al¬ though the merchant may be making 200% increase over cost on his goods, he can never, (17) The Right Way to Figure Profits never make any money selling to the consumer at a saving of 100% even if he got the goods for nothing—in which case he would only come out square and at a loss of his operating ex¬ pense. Again, through this illustra¬ tion, we see the advisability and wisdom of figuring, talking and thinking of the percentage of profit as based on the selling price—not on the cost. The men who figure profit on the cost price aim to prove the correctness o f that method by saying:— The Other Way— Figuring on Cost “Start out with a dollar in your pocket, and buy two bushels of potatoes at 50 cents a bushel. Sell them at 75 cents a bushel. You now have $1.50. You have gained 50 cents. Now 50 cents is 50% of $1.00, and the profit is 50%.” We are dealing with the man who keeps books; who knows what his sales totals are; who has an expense account; whose ( 18 ) The Right Way to Figure Profits This Method is salesmen look for a compensation equal to some One for Merchants fixed percentage of their total sales. If our potato-selling friend in the illustration had incurred ex¬ travagant overhead charges— auto delivery, etc., to sell his po¬ tatoes and his selling cost would have been 40% on the sales—his profits would have been losses. Some have an impression doubtless based on an inaccu¬ rate and incom- p 1 e t e informa¬ tion, that this method of figur- Only the True, Correct Method Being Sought ing the percentage of profit on the selling price is for the pur¬ pose of fooling one's self into the belief that one is making less money than is really the case. This is not so. Business men should figure the percentage of profit on the selling price in order to arrive at the exact truth and to avoid fooling themselves into believing that they are mak¬ ing money when they are losing. ( 19 ) The Right Way to Figure Profits Result of Figuring Percentage of Profit on Cost Of course, net profit in a suffi¬ cient volume of dollars and cents is the ultimate goal, but again the fact may be repeated that correct methods are necessary to the attainment of any desirable thing. As an illustration of the greater safety of figuring on sales, especially with untrained minds which do not properly dis¬ criminate, a case may be cited where the General Manager of a business sold an article which cost $.80 for $1.00 and basing his percentage of profit on the cost figured that he was making 25%. At the end of a given period the sales total¬ ed $20,000. The manager told a stockholder the amount of sales and also the percentage of profit. The presumption was that a profit of $5000.00 had been real¬ ized, while the books only showed a profit of $4000.00 or 20% on the gales. ( 20 ) The Right Way to Figure Profits This General Manager was doubtless like many other men in the fact that it is necessary for them to explain many, many details. Then, why add one more item to this list of things to be explained, when useless, time- wasting expositions could be spared Manager and stockholder by figuring on the selling price. Cases have come to our notice where arrests for defaulting have actually been made in such instances, and the wisdom of figuring the percentage of profit on the sale has been taught the prosecutor and defendant at considerable expense. As a specific instance of a case where the matter of the method of figuring the percentage o f profit was re- Percentage in the Criminal Courts viewed in court, it is on record that some years since, a Phila¬ delphia cloth merchant had his Manager (who was also his bookkeeper) arrested for em¬ bezzlement. The facts were that the pro- ( 21 ) The Right Way to Figure Profits prietor had a certain line of im¬ ported goods on which he had a fixed percentage of profit—say 25%. He figured his profit on the cost—not on the selling price. The proprietor went to Eu¬ rope. When he came back he looked over the books and found that the sales during his absence amounted to $125,000; he thought of the 25% profit he had been making and thought he should have $31,250 gross profits. On referring to other records he found that he had but $25,000 gross profits; — Ignorance Leads he figured he was short $6250.00 in his gross profits. He had the manager arrested for embezzlement. The manager was thrown in the county prison; an expert accountant was sent for, and two days’ work on the books failed to reveal any irreg¬ ularities. The expert accountant closely questioned the merchant as to how he came to charge the manager with embezzlement. ( 22 ) to Arrest of an Innocent Man The Right Way to Figure Profits ‘Diis conversation revealed tha startling fact that it was on the matter of an incorrect concep¬ tion of net profits due to a false method of figuring the percent¬ age of profit that the charge of embezzlement was laid. Two hours* attempted expla¬ nation, by the expert accountant, of the matter of the methods of calculating the percentage of profit and an attempt to show that any per cent, of a smaller sum is a smaller per cent, of a larger sum, or that 25% of 100 was 20% of 125, failed to show the merchant where he had made his disastrous mistake. The accountant then sent for a box of matches. He counted out one hundred Hard to Drive a matches. He then ™ n ‘ ™ r ° ugh a added 25 matches Thick Skull . for the 25% profit that the merchant talked about. Then said he, “We will suppose that these 125 matches equal the amount of your sales, $125,- 000.00 as you saw when you ( 23 ) The Right Way to Figure Profits came home from abroad. You believed you were making 25% profit. You did not think whether this percentage was on the cost or on the selling price. “You possibly thought, in common with a great many other merchants, who have given the matter no considera¬ tion, that it made no difference— but, Sir, you went to your sales account, or to these 125 matches, you took therefrom 25% of the amount of your sales, $125,000, and, in so doing, you went into your cost 6% matches, or $6250. “In other words, you calcu¬ lated you had 25%—31*4— ($31,250.00) on the 125 matches or $125,000, whereas you had made a gain of this 25% not on $125,000 but on $100,000—you had only made 20% on the $125,- 000 or $25,000, so the best thing you can do is to get this mana- ager out of jail and make amends to him as best A Costly Lesson you can.” The merchant saw his mistake ( 24 ) The Right Way to Figure Profits and forthwith secured the re¬ lease of the bookkeeper from prison, but incidentally paid $2,500 damages for false arrest and imprisonment. In a recent series of articles, u The New Gospel of Efficiency,” Mr. E. St. Elmo Lewis, adver¬ tising manager of Burroughs Adding Machine Co., Detroit, said: “A retailer was buying shirts at $1.00 a piece. I asked him how much it cost him to do business. He said he thought 25% would cover it. I asked him what he Prominent Expert Figures Only on Selling Price thought he would make on it; he said he marked it up for 20% profit and his price was $1.45. His price should have been $1.81 to make a 20% profit.” This statement from a promi¬ nent official of a company mak¬ ing wonderful calculating ma¬ chines, and whose daily work has to do with the various methods of correct and rapid figuring, would surely not be based on any method except the right one. Furthermore, the method of ( 25 ) The Right Way to Figure Profits Figure on Selling Price figuring the percentage of profit on the selling price is followed and insisted upon Busmess Houses j^y thousands of manufactur¬ ing and mercan¬ tile houses throughout the coun¬ try, who only advocate methods which are absolutely correct and in accord with sound busi¬ ness practices. From an article printed some time ago we quote as follows: “You will find in every arithmetic such examples as: A man buys a horse for $50 and sells him for $75, what percentage of profit does he make? Answer, 50%.” No more fatal and misleading ones were ever penned. They lead us to think of the percent¬ age of profit from an unbusiness¬ like stand-point, and cause many business men to think they are making much larger profits than they really are. This m^kes them prodigal of expense and often leads to a failure, which ( 26 ) “Arithmetic Method* * Misleading The Right Way to Figure Profits with a more thorough knowl¬ edge of percentage could have been avoided. Suppose a man to have in con¬ templation the sale of a horse on the basis of the above trans¬ action. A broker approaches him and offers to conduct the negotiation. He asks a commis¬ sion of 33 1-3%. Now, the owner of the horse, having a profit of 50% in sight, „ . „ agrees to this, Wrong Method and the br ° ker ’ having complet¬ ed the transaction, renders a bill as follows: Sold one horse at.$75 Commission, 33 1-3%.-25 Due seller.$50 The seller's books would show a profit of 50% entirely eaten up by a commission of 33 1-3%. Not good figuring, is it? Still that is the way nine-tenths of our smaller merchants figure, which fact often accounts for their being small. Always figure your profit on (27) The Right Way to Figure Profits the sale. Then you will be on , . the safe side. To Safe Side obtain the cor¬ rect percentage of profit on any transaction sub¬ tract the cost from the selling price, add two ciphers to the difference, and divide by the selling price. EXAMPLE NO. 1 An article costs $5 and sells for $6. What is the percentage of profit? Answer, 16 2-3%. Process—Six dollars minus $5 leaves $1, the profit. One dol¬ lar divided by $6, Process of decimally, gives Figuring the correct an¬ swer, 16 2-3%. This operation is simple and a knowledge of it being vital to any one engaged in, or intending at any time to engage in busi¬ ness, it should be carefully com¬ mitted to memory and constant¬ ly borne in mind. EXAMPLE NO. 2 An article costs $3.75. What must it sell for to show a profit ( 28 ) The Right Way to Figure Profits Analysis of Figures of 25% ? An¬ swer, $5. Process — De¬ duct 25 from 100. This will give you a remainder of 75, the per¬ centage of the cost. If $3.75 is 75%, 1% would be $3.75 divided by 75 or 5 cents, and 100% would be $5. Now, if you mark¬ ed your goods as too many do, by adding 25% to the cost, you would obtain a selling price of about $4.69, or 31 cents less than by the former method. Which is right? When you take 25% off the selling price, figured according to the first rule, you will still have your cost intact. Take 25% from the second sum and see if the cost remains. A large department store changed hands. The goods in stock, to cover ' freight and other Great Merchant Shows Ignorance charges were marked up 10%. They were to be sold at actual cost, but for convenience sake were invoiced as marked. The inventory hav¬ ing been completed, nothing re- ( 29 ) The Right Way to Figure Profits mained to be done but take off the 10% that had been added. The parties to the sale accord¬ ingly approached the accountant having the matter in charge with a request that this be done. The man of figures set about making an elaborate calculation with this object in view, when he was questioned by the seller as to what he was doing. “Reducing the goods to cost,” he answered. “Nonsense! Just take off 10%,” said the seller. “Do you want it done that way?” asked the accountant. “Why not?” said the mer¬ chant. “Well, just add 10% to a dol¬ lar and from the amount thus obtained deduct 10% and see if you have your original dollar left.” The merchant saw the point at once and said no more to the man of figures, who was saving him more than $3,000 which he would have lost on account of a lack of knowledge of percentage. ( 30 ) The Right Way to Figure Profits Eight Reasons why the Percent¬ age of Profit should be Figured on the Selling Price and not on the Cost. First — Because the remuneration of sales- mt men is figured on a cer¬ tain percentage of the Selling Price. Second —Because the percentage of expense of conducting business is based on the Selling Price. If you talk per cent of profit on cost and per cent, of expense on the selling price, where are you? Third —Because the mercantile and other taxes are invariably based on a percentage of the Gross Sales. Fourth —Because the Sales Totals are always given in books of record— Cost Totals are seldom, if ever, shown. Fifth —Because a profit must be provided for two items of capital—< one the capital invested in merchan¬ dise—the other the capital necessary for operating expenses and other ex¬ penditures not properly chargeable to merchandise account. This is only possible by figuring profit on the Jelling Price. Sixth —Because it indicates cor¬ rectly the amount of gross or net profit when amount of Sales is stated (31) The Right Way to Figure Profits The percentage of profits on sales is indicative of character of result of years' business—percentage of profit on cost is not. Seventh—B ecause allowances in percentage to customers are always from the Selling Price. Eighth—B ecause no profit is made until Sale is actually effected. The following Table shows the per¬ centage which must be added to cost to effect a given percentage of profit the Selling Price: Add to To Make on Add to To Make on Cost Selling Price Cost Selling Price 5% 424% 31.58 24 754 7 33 1-3 25 10 9 35 26 ii.il 10 37 54 2754 12.36 11 40 28A 1254 li X 42.86 30 13.63 12 45 31 14.94 13 47 32 16.28 14 50 33 1-3 16 2-3 1454 53.85 35 17.65 15 55 3554 19.05 16 60 3754 20.00 16 2-3 65 3954 20.49 17 66 2-3 40 21.96 18 70 41 23.46 19 75 4224 25 20 80 4454 26.58 21 85 46 . 28.21 22 90 4754 29.88 23 100 50 ( 33 ) TABLE FOR FIGURING NET PROFITS If your cost of doing business figured on sales is represented by one of these figures in CM * — i LO § © rH|m © —l|(N CM Cott¬ le F< © © CM SO so o Hi> 4* »nfeo © © colt- 00 FH © © CO CM v» o 1 — 1 CO CM w »-<|CC o fh rH|c\ FH vOK o% FH C> © CM N so CO o «V* CO CO »h|co fn r-l|N © a*' O © « © FN 5 CM so so o ** CF fH|cO CM —■* |-|||0^ CM COjb- © CM Tp © in FH in o FH CO FH th|« © HN © CM to(t- P* CM © © F^ © F* FH M*|t- FS iHkc © r-l|C1 © CM «5(t> © CM © © CO FN t- CM FH W FH »—ifso © CM Hn 4t CM tO|t' © CM r- © CM FH © CO i ^ © — H H © © © © F* FH © H FH —t|co CM CM i-l|M © CM ! ^ ‘ T^|b- 00 FH —||M © CM H(N t- © <©|l> © © § © CM i-h|co M © o 4p O © © © © 1— © o 9 o *S t> « © r. « q. o> JT -a ° « « > ^*2o«2a©~ 22©aJa«-a« 8 M O w s -a v ► M F s» c "*5 © 6 C2 ’ o S 3 S rt 5 w 0 CJ 0 <-> c !r o a S vr» 1» U > © > p VC Q« p CM V Jr V Oi *~ ft 4— 1 O Li +■* C « «p Pi P ^ 0 o ta >> 2 3 *r o* © w 0 O dj u S •rH •M CJ P »- S o 3 JO ¥ P3 ^ 3 S © •i—i QJ O o u A L- QJ ft o +-* \S~\ rz 04 w •M S cd 5 QJ U i c -fc rt o © rt QJ Q Si S § T3 © © o ti V •M 3 5 3 QJ O QJ >% tn ., , L— QJ o Si 4- 01 D. ft 00 QJ rH V CJ i- .23 u AS (ft - s •PF .3 © •2 ^ «3 0 © 04 e -S u a-8 ft b4 •p ft © V O 3 3 •° 1- *tr 3

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