seqcalcfull

8/3/2019 seqcalcfull

1/20

,1752'8&7,21723(5621$/&20387(56)25&+(0,&$/

(1*,1((56

&+$37(5

&203/(;&216(&87,9(&$/&8/$7,216

0RUGHFKDL6KDFKDP

'HSDUWPHQWRI&KHPLFDO(QJLQHHULQJ

%HQ*XULRQ8QLYHUVLW\RIWKH1HJHY

%HHU6KHYD,VUDHO

,QWURGXFWLRQ

(QJLQHHUV VSHQG D ORW RI WLPH GRLQJ FDOFXODWLRQV &DOFXODWLRQV DUH UHTXLUHG IRU

H[DPSOH IRU WKH GHVLJQ DQG RSHUDWLRQ RI FKHPLFDO SURFHVVHV DVVHVVLQJ

SURILWDELOLW\RIDQHZSURGXFWDQGGLDJQRVLQJIDXOW\RSHUDWLRQRIDSDUWLFXODUXQLW

RUHTXLSPHQW7KHFDOFXODWLRQVUHVXOWVPXVWEHFOHDUO\GRFXPHQWHGZKHUHHYHU\

QXPEHUPXVWEHDFFRPSDQLHGE\H[SODQDWLRQIRUZKDWLWUHSUHVHQWVDQGZKDWDUH

WKH XQLWV WKDW XVHG 7KH UHVXOWV RI WKH FDOFXODWLRQV PXVW RIWHQ EH SUHVHQWHG LQ

WDEXODURUJUDSKLFDOIRUPV7KHVHWDVNVFDQEHFDUULHGRXWPRVWHIIHFWLYHO\XVLQJ

VRIWZDUHSDFNDJHV

7KHUH DUH PDQ\ VRIWZDUH SDFNDJHV VRPH RI WKHP PD\ EH EHWWHU VXLWHG WR D

SDUWLFXODUWDVNWKHQRWKHUV,QWKLVFRXUVHZHZLOOOHDUQWRXVHWKHUHVXFKSDFNDJHV

QDPHO\ 32/


2/20

7DEOH7\SHVRI3UREOHPV(QFRXQWHUHGLQWKH&K(3UDFWLFH

3$57

12

0$7+(0$7,&$/02'(/ 352&(6602'(/,1*

(;$03/( &RPSOH[&RQVHFXWLYH&DOFXODWLRQV 3HQJ5RELQVRQ(TXDWLRQRI6WDWH

,WHUDWLRQV6XFFHVVLYH6XEVWLWXWLRQ &DOFXODWLRQ RI WKH )ORZ 5DWH L Q D

3LSHOLQH 2QH1RQOLQHDU$OJHEUDLF(TXDWLRQ $GLDEDWLF)ODPH7HPSHUDWXUHLQ

1DWXUDO*DV&RPEXVWLRQ

6\VWHPRI1RQOLQHDU$OJHEUDLF(TXDWLRQV :DWHU'LVWULEXWLRQ1HWZRUN

6\VWHPVRI/LQHDU$OJHEUDLF(TXDWLRQV 6WHDG\6WDWH0DWHULDO%DODQFHVRQD6HSDUDWLRQ7UDLQ

6LPXOWDQHRXV2UGLQDU\'LIIHUHQWLDO(TXDWLRQV

ZLWK.QRZQ,QLWLDO&RQGLWLRQV

+HDW([FKDQJHLQD6HULHVRI

$JLWDWHG7DQNV

0XOWLSOH/LQHDU5HJUHVVLRQ )LWWLQJ5LHGHOV(TXDWLRQWR9DSRU3UHVVXUH'DWD

3RO\QRPLDO5HJUHVVLRQ )LWWLQJ3RO\QRPLDOWR+HDW&DSDFLW\

'DWD

1RQOLQHDU5HJUHVVLRQ )LWWLQJ$QWRLQH(TXDWLRQWR9DSRU

3UHVVXUH'DWD

,QWDEOHWKHW\SHVRISUREOHPVHQFRXQWHUHGLQWKHFKHPLFDOHQJLQHHULQJSUDFWLFH

DUHVKRZQ,QWKLVFKDSWHUWKHVROXWLRQRISUREOHPVLQYROYLQJFRPSOH[FRQVHFXWLYH

FDOFXODWLRQVXVLQJ32/


3/20

E&DUU\RXWWKHVDPHFDOFXODWLRQVXVLQJ([FHOIRUWKHWHPSHUDWXUHDQGYROXPHYDOXHVOLVWHGLQ7DEOH3UHSDUHWZRVHSDUDWHWDEOHVDQGSORWVRIWKHFDOFXODWHG

SUHVVXUHYHUVXV7DQG92QHZKHQWKHYDOXHVDUHFDOFXODWHGXVLQJWKH3HQJ

5RELQVRQHTXDWLRQRIVWDWHDQGWKHRWKHUZKHQXVLQJWKHLGHDOJDVDVVXPSWLRQ

6KRZ WKH SUHVVXUH YDOXHV LQ WKH 7DEOHV ZLWK WKUHH GHFLPDO GLJLWV DIWHU WKH

GHFLPDOSRLQW3UHSDUHWKHSORWVLQDORJDULWKPLFVFDOH

F 5HSHDWSDUWEXVLQJ0$7/$%3UHSDUHDQDGGLWLRQDOWDEOHDQGDQDGGLWLRQDOSORWRIFRPSUHVVLELOLW\IDFWRUYHUVXV7DQG3SDFNDJH8VHOLQHDUVFDOHIRU

WKLVSORW

7DEOH9ROXPHDQG7HPSHUDWXUH9DOXHVIRU([DPSOH

0RODU9ROXPH

OLWHUVJPRO

7HPSHUDWXUH.

(TXDWLRQVDQG1XPHULFDO'DWD

7KH3HQJ5RELQVRQ35HTXDWLRQLVXVXDOO\ZULWWHQ&XWOLSDQG6KDFKDP

E9EE99

7D

E9

573

ZKHUH

&

&

3

57E

73

757D

&

&D

> @

&77N7 D ZZ N

&XWOLS0%DQG06KDFKDP 3UREOHP6ROYLQJ,Q&KHPLFDO(QJLQHHULQJZLWK1XPHULFDO

0HWKRGV3UHQWLFH+DOO8SSHU6DGGOH5LYHU1HZ-HUVH\


4/20

3SUHVVXUHLQDWP

9 PRODUYROXPHLQOLWHUVJPRO

7WHPSHUDWXUHLQ.

5JDVFRQVWDQW5DWPOLWHUJPRO.

7FFULWLFDOWHPSHUDWXUHLQ..IRU&2

3FFULWLFDOSUHVVXUHLQDWPDWPIRU&2

WKHDFHQWULFIDFWRUIRU&2

7KHFRPSUHVVLELOLW\IDFWRU]LVGHILQHG

93

57]

DQGWKHUHGXFHGSUHVVXUH3533FDQGWKHUHGXFHGWHPSHUDWXUH7577F

6ROXWLRQ

3DUW D 7KH VROXWLRQ RI WKH SUREOHP IRU RQH VHW RI VSHFLILHG YDOXHV RI 7 DQG

9 LQYROYHVLQWURGXFWLRQRIWKHQXPHULFDOYDOXHVRIWKHYDULRXVYDULDEOHVDQGFRQVWDQWV

LQWR HTXDWLRQV WR 7KLV FDQ EH DFFRPSOLVKHG XVLQJ WKH 32/


5/20

7KHRSWLRQRILQWHUHVWWRXVIRUVROYLQJWKHSUREOHPSUHVHQWHGLVWKH$GG((H[SOLFLWHTXDWLRQ RU DX[LOLDU\ HTXDWLRQ RSWLRQ 7KH DGGLWLRQDO RSWLRQV DYDLODEOH LQ WKLV

ZLQGRZZLOOEHGLVFXVVHGODWHU&OLFNLQJRQWKH$GG((EXWWRQRSHQVWKHIROORZLQJ

GLDORJER[

(QWHUHTXDWLRQQRWLQJWKHIROORZLQJSULQFLSOHV

7KHQDPHRIWKHYDULDEOHWREHFDOFXODWHGLVHQWHUHGRQWKHOHIWVLGHRIWKHVLJQ

WKHHTXDWLRQWRFDOFXODWHLWVYDOXHRQWKHULJKW

$YDULDEOHQDPHPXVWVWDUWZLWKDQ(QJOLVKOHWWHUDQGPD\FRQWDLQ(QJOLVKOHWWHUV

QXPEHUVDQG WKH XQGHUVFRUH B VLJQ1RWH WKDW QR VSHFLDO FKDUDFWHUV *UHHN DQG

+HEUHZOHWWHUVSDUHQWKHVHVDQGDULWKPHWLFRSHUDWRUVVXFKDVHWFDUHDOORZHG

%HFDXVHRIWKDW9VKRXOGEHXVHGIRUPRODUYROXPHLQVWHDGRI9 DQGDVKRXOGEHXVHG

LQVWHDGRID7

7KHPXOWLSOLFDWLRQVVLJQPXVWEHH[SOLFLWO\W\SHGHYHU\ZKHUHLWLVQHHGHG)RU

GLYLVLRQXVHWKHRSHUDWRUDQGH[SRQHQWLDWLRQXVHWKHARSHUDWRU


6/20

8VHRQO\URXQGSDUHQWKHVHV/LPLWWKHXVHRIVTXDUHEUDFNHWV>@RQO\WRFDVHV

ZKHUH \RX DUH VSHFLDOO\ LQVWUXFWHG WR XVH WKHP 0DNH VXUH WR XVH HQRXJK SDLUV RI

SDUHQWKHVHVHVSHFLDOO\ZKHQGLYLVLRQLVLQYROYHGWRREWDLQWKHFRUUHFWVHTXHQFHRI

FDOFXODWLRQV

)RUFODULW\RIWKHGRFXPHQWDWLRQHQWHUWKHQDPHRIWKHFDOFXODWHGYDULDEOHDQGLWV

XQLWVLQWKH&RPPHQWILHOG

8VLQJWKHDERYHSULQFLSOHVHTXDWLRQLVW\SHGLQDVVKRZQLQWKHQH[WSDJH

7KH DGGLWLRQDO HTXDWLRQV FDQ EH HQWHUHG DQG WKH FRQVWDQW YDOXHV FDQ EH VSHFLILHG

VLPLODUO\7KHIROORZLQJSRLQWVQHHGVSHFLDODWWHQWLRQ

7KHQRWDWLRQ 7 PXVW EHUHSODFHG E\DOSKD IRUH[DPSOH DQG PXVW EHUHSODFHGE\RPHJDEHFDXVHRIWKHYDULDEOHQDPLQJUXOHVPHQWLRQHGHDUOLHU

7KH VTXDUH URRW VLJQ LV QRW DFFHSWHG E\ 32/


7/20

%HIRUH DWWHPSWLQJ WR VROYH WKH V\VWHP RI HTXDWLRQV WKH ILOH PXVW EH VDYHG ,W LV

UHFRPPHQGHGWRXVHWKHYDULDEOHQDPLQJUXOHVRI32/


8/20

,W FDQ EH VHHQ WKDW 32/


9/20

7KHILJXUHDERYHVKRZVSDUWRIWKH([FHOZRUNVKHHWZKHUHWKHRUGHUHG32/


10/20

2QHFRPSOHWHVHWRIQXPHULFDOYDOXHVRIWKHYDULRXVYDULDEOHVDQGFRQVWDQWVDQGWKH

FRPSOHWHSUREOHPGRFXPHQWDWLRQLQWKH([FHO:RUNVKHHWDUHVKRZQEHORZ

7KH QXPHULFDO UHVXOWV DUH LGHQWLFDO WR WKRVH REWDLQHG E\ 32/


11/20

SUHVVXUHYHUVXVWHPSHUDWXUHDQGPRODUYROXPH7KHWDEOHVFDQEHYHU\FRQYHQLHQWO\

SUHSDUHGXVLQJWKH7ZR,QSXW'DWD7DEOHRSWLRQRI([FHO7KHSUHSDUDWLRQRIVXFKD

7DEOHLVGHPRQVWUDWHGLQZLWKUHIHUHQFHWRWKH)LJXUHVKRZQDERYH

7KH9YDOXHVOLVWHGLQ7DEOHDUHHQWHUHGLQVHSDUDWHURZVLQFROXPQ*DQGWKH7

YDOXHVDUHHQWHUHGLQWRVHSDUDWHFROXPQVLQWKHWK

URZ7KHDGGUHVVRIWKHFDOFXODWHG

YDOXHRIWKHSUHVVXUH&LVHQWHUHGLQWKHXSSHUFRUQHURQWKHOHIWVLGHRIWKHWDEOH

FHOO*1RWHWKDWWKHKHDGLQJVHQWHUHGLQWKHWK

URZDUHQRWUHTXLUHGSDUWVRIWKH

WDEOHEXWXVHGDV/HJHQGLQWKHJUDSKWREHSUHSDUHG

$IWHUHQWHULQJWKH9DQG7YDOXHVDQGWKHDGGUHVVRIWKHWDUJHWUHVXOWWKHZKROHDUHD

RI WKH WDEOH LV VHOHFWHG DQG WKH 7DEOH RSWLRQ IURP WKH 'DWD PHQX LV FKRVHQ 7KH

DGGUHVVRIWKHSDUDPHWHU7LVVSHFLILHGDVWKH5RZ,QSXW&HOOVLQFHWKH7YDOXHVDUH

HQWHUHGLQDURZDQGWKHDGGUHVVRIWKHSDUDPHWHU9LVVSHFLILHGDVWKH&ROXPQ,QSXW

&HOO $IWHU FOLFNLQJ RQ WKH 2. EXWWRQ WKH 7DEOH LV ILOOHG ZLWK WKH FRPSUHVVLELOLW\

IDFWRU YDOXHV FRUUHVSRQGLQJ WR WKH UHVSHFWLYH UHGXFHG WHPSHUDWXUH DQG SUHVVXUH

YDOXHV7RSUHVHQWWKHFDOFXODWHGSUHVVXUHYDOXHVZLWKWKUHHGHFLPDOGLJLWVDIWHUWKH

GHFLPDOSRLQWVHOHFWWKHSDUWRIWKHWDEOHWKDWFRQWDLQVWKHSUHVVXUHUHVXOWVDQGFKDQJH

WKHIRUPDWRIWKH&HOOVWRQXPEHUVZLWK'HFLPDOGLJLWV7KHUHVXOWDQWWDEOHIROORZV

7RSORWWKHUHVXOWVLQFOXGHGLQWKLV7DEOHLWVKRXOGEHPDUNHGH[OXGLQJWKHURZWKDW

LQFOXGHVWKH WHPSHUDWXUH YDOXHV 7RDFFRPSOLVK WKDWPDUN WKH SHUWLQHQW SDUW RIWKH


12/20

IRUWKURZFHOOV*WR/ILUVW$IWHUWKDWPDUNWKHUHVWRIWKH7DEOHFHOOV *WR/

ZKLOHKROGLQJGRZQWKH&WUONH\:KLOHWKH7DEOHLVPDUNHGRSHQWKH&KDUW:L]DUG

DQGVHOHFWWKH;


13/20


14/20

7RFDOFXODWHWKHYDOXHVRI33LGHDODQG]IRUGLIIHUHQWYDOXHVRI9DQG7WKHVFULSWILOH

WKDW FRQWDLQV WKH VHW RI HTXDWLRQV PXVW EH FRQYHUWHG WR D IXQFWLRQ ILOH DQG DQ

DGGLWLRQDOVFULSWILOHZKLFKZLOODFWDVDPDLQSURJUDPDQGZLOOFDOOWKHIXQFWLRQZLWK

YDULRXV9DQG7 YDOXHV VKRXOG EHSUHSDUHG 7RFRQYHUWWKH VHW RIHTXDWLRQV LQWR D

IXQFWLRQDIXQFWLRQVWDWHPHQWVKRXOGEHDGGHGDVWKHILUVWVWDWHPHQWLQWKHILOH

IXQFWLRQ>3]3LGHDO@35IXQ79

ZKHUHIXQFWLRQLVD0$7/$%NH\ZRUGZKLFKLQGLFDWHVWKDWWKLVLVDIXQFWLRQILOH7

DQG9DUHWKHLQSXWDUJXPHQWVQDPHVYDULDEOHVZKRVHQXPHULFDOYDOXHVDUHSDVVHG

IURPWKHPDLQSURJUDPLQWRWKHIXQFWLRQ3]DQG3LGHDODUHRXWSXWDUJXPHQWVZKRVH

QXPHULFDO YDOXHV DUH SDVVHG IURP WKH IXQFWLRQ WRWKH PDLQ SURJUDP DQG 3UIXQLV D

QDPH VHOHFWHG E\ WKH XVHU IRU WKH IXQFWLRQ 7KH LQSXW DUJXPHQWV DUH VHSDUDWHG E\

FRPPDV DQG SXW LQVLGH URXQGSDUHQWKHVHVDQGWKH RXWSXW DUJXPHQWVDUH SXW LQVLGH

VTXDUH EUDFNHWV 1RWHWKDWWKHIXQFWLRQPXVWEH VDYHGZLWK WKH VDPH QDPHWKXVDV

35IXQP$OOWKHYDULDEOHVWKDWDUHGHILQHGLQVLGHWKHIXQFWLRQH[FHSWWKHLQSXWDQG

RXWSXW DUJXPHQWV DUH ORFDO YDULDEOHV WKXV WKH\ DUH QRW UHFRJQL]HG RXWVLGH RI WKH

IXQFWLRQ

7RSUHYHQWSULQWLQJWKHYDOXHVRIDOOWKHYDULDEOHVVHPLFRORQVPXVWEHDGGHGDWWKH

HQGRIDOOWKHHTXDWLRQVEHIRUHWKHVLJQRIWKHFRPPHQW

7KH VFULSW ILOH PDLQ SURJUDP IRU FDOFXODWLQJ3] DQG3LGHDOIRU 7 DQG

GLIIHUHQWYDOXHVRI9LVVKRZQEHORZ

7KHSURJUDPVWDUWVZLWKFRPPDQGVWKDWQRQVSHFLILFWRWKHSUREOHPDWKDQGDQGDUHLQ

WKHFDWHJRU\RIJRRGSURJUDPPLQJSUDFWLFH

FOHDUFOHDUVWKHZRUNVSDFHIURPDQ\OHIWRYHUYDULDEOHVRUIXQFWLRQVIURPSUHYLRXV

UXQV

FOFFOHDUVWKHFRPPDQGZLQGRZ


15/20

IRUPDWFRPSDFWVXSSUHVVHVH[WUDOLQHIHHGV

IRUPDWVKRUWJSULQWVQXPEHUVZLWKWKHEHVWRIIL[HGRUIORDWLQJSRLQWIRUPDWZLWK

GLJLWV

1RWHWKDWWZRFRPPDQGVLQWKHVDPHOLQHDUHVHSDUDWHGE\DFRPPDRUDVHPLFRORQ

$GGLWLRQDOLQIRUPDWLRQ DERXW DQ\RI WKHFRPPDQGV FDQEH REWDLQHGE\ W\SLQJKHOS

FRPPDQGKHOSIRUPDWIRUH[DPSOHLQWKHFRPPDQGZLQGRZ

,QWKHVHFRQGOLQHWKHVLQJOHYDOXHIRU7LVGHILQHG,QWKHUG

OLQHDURZYHFWRU9BOLVW

ZKLFK FRQWDLQV PRODU YROXPH YDOXHV LV VSHFLILHG 6TXDUH EUDFNHWV DUH XVHG WR

VSHFLI\YHFWRUVDQGPDWULFHVZKHUHWKHYDULRXVQXPHULFDOHQWULHVDUHVHSDUDWHGE\DW

OHDVWRQHVSDFH6HPLFRORQLVSXWDWWKHHQGRIWKHFRPPDQGLQRUGHUQRWWRSULQWWKH

YHFWRULQWKHFRPPDQGZLQGRZ

,QWKHUG

OLQHDIRU VWDWHPHQW LV VWDUWHG 7KH SXUSRVH RI WKLV VWDWHPHQW LV WRUHSHDW

VWDWHPHQWVDVSHFLILFQXPEHURIWLPHV

7KHJHQHUDOIRUPRIDIRUVWDWHPHQWLV

IRUYDULDEOHH[SUVWDWHPHQWVWDWHPHQWHQG

7KH YDOXHV RI WKH H[SUHVVLRQ DUH VWRUHG RQH DW D WLPH LQ WKH YDULDEOH DQG WKHQ WKH

IROORZLQJVWDWHPHQWV XS WR WKHHQG DUH H[HFXWHG ,QWKH SDUWLFXODU FDVH VKRZQ WKH

YDULDEOHMREWDLQVWKHYDOXHVXSWRDQGWKHWZRVWDWHPHQWVLQOLQHVDQG

DUHH[HFXWHGIRUDOOWKHVHYDOXHVRIM

7KHVWDWHPHQWLQOLQHLVXVHGVROHO\IRUSULQWLQJWKHFXUUHQWYDOXHRI9,QOLQHWKH

IXQFWLRQ 35IXQ LV FDOOHG ZLWK WKH LQSXW DUJXPHQWV 7 DQG 9BOLVWM 7 FRQWDLQV WKH

XQLTXH YDOXHRI WKH WHPSHUDWXUH DQG 9BOLVWM FRQWDLQV WKH MWK HOHPHQW RIWKH 9BOLVW

YHFWRU7KHUH LVQRVHPLFRORQ DWWKHHQGRIWKLVVWDWHPHQW VRWKDW WKH YDOXHVRI WKH

UHWXUQDUJXPHQWV3]DQG3LGHDOZLOOEHSULQWHG

7KH VFUHHQ FRS\ RI D VHFWLRQ RI 0$7/$%V FRPPDQG ZLQGRZ VKRZQ LQ WKH QH[W

SDJHVKRZVWKHUHVXOWVSULQWHGIRUWKHILUVWWZRYDOXHVRI 97KHYDOXHRI7LVSULQWHG

RQFHZKLOHWKHYDOXHVRI9BSUHVSUHVHQWYDOXHRI93]DQG3LGHDODUHSULQWHGHYHU\

WLPHWKHIXQFWLRQ35BIXQLVFDOOHG


16/20

$IWHU FKHFNLQJ WKH UHVXOWV WR YHULI\ WKDW WKH PDLQ SURJUDP IXQFWLRQ FRQQHFWLRQ

\LHOGVWKHFRUUHFWUHVXOWVWKHPDLQSURJUDPVKRXOGEHH[WHQGHGVRDVWRFDUU\RXWWKH

FDOFXODWLRQVIRUWKHIXOOVHWRI9DQG7YDOXHVDQGWRSUHVHQWWKHUHVXOWVLQWDEXODUDQG

JUDSKLFIRUPV

7KHILJXUHDERYHVKRZVWKHSDUWRIWKHPDLQSURJUDPWKDWFDUULHVRXWWKHFDOFXODWLRQV

IRUWKHIXOOVHWRI9DQG7YDOXHV,QVWHDGRIWKHVLQJOH7YDOXHWKDWZDVVSHFLILHGLQ


17/20

WKHSUHOLPLQDU\YHUVLRQRIWKHPDLQSURJUDPQRZDURZYHFWRU7BOLVWFRQWDLQLQJILYH

WHPSHUDWXUHYDOXHVLVGHILQHGLQOLQH$QDGGLWLRQDORXWHUIRUVWDWHPHQWLVDGGHGLQ

OLQHDQGLWLVFORVHGZLWKDQHQGLQOLQH7KLVZD\WKHFDOOWRWKH35IXQZLOOEH

H[HFXWHGWLPHVIRUGLIIHUHQW LDQGMDQG9DQG7YDOXHV7KHLQGH[RIWKH

LQWHUQDOIRUORRSFKDQJHVILUVWWKXVIRU LIRUH[DPSOHWKHLQGH[MZLOOFKDQJHIURP

WRDQGRQO\WKHQLZLOOEHLQFUHDVHGWR7BOLVWLWKXVWKHLWK

HOHPHQWRIWKH

7BOLVWYHFWRU DQG 9BOLVWM WKH MWK HOHPHQW RI WKH 9BOLVW YHFWRU DUH XVHG DV LQSXW

DUJXPHQWV IRU 35IXQ 7KH FDOFXODWHG 3 ] DQG 3LGHDO YDOXHV DUH VWRUHG LQ WZR

GLPHQVLRQDOPDWULFHV3]DQG3LGHDO(DFKRQHRIWKHVHPDWULFHVKDVURZVRQH

IRUHYHU\9YDOXHDQGFROXPQVRQHIRUHYHU\7YDOXH7KHILUVWLQGH[LQVLGHWKH

SDUHQWKHVHVUHIHUVWRWKHURZQXPEHUWKHVHFRQGLQGH[WRWKHFROXPQQXPEHU

,Q OLQH D QHZ IRU ORRS GLVSOD\LQJ ILYH WDEOHV RI UHVXOWV IRU WKH GLIIHUHQW

WHPSHUDWXUH YDOXHV VWDUWV 7KH IXQFWLRQGLVS LV XVHG WR RUJDQL]H DQG GLVSOD\ WKH

UHVXOWV 7KLV IXQFWLRQ GLVSOD\V DUUD\V PDWULFHV RU YHFWRUV ZLWKRXW GLVSOD\LQJ WKH

QDPHRIWKHDUUD\,WDOVRGLVSOD\VVWULQJV7H[WVWULQJVVKRXOGEHVXUURXQGHGE\VLQJOH

TXRWHV

,QOLQH DQHPSW\VWULQJLV GLVSOD\HG LQRUGHUWR VNLSRQHOLQH,QOLQHWKH WH[W

7.IROORZHGE\WKHWHPSHUDWXUHYDOXHLVGLVSOD\HG7KH QXPVWUIXQFWLRQLV

XVHGWRFRQYHUWWKHQXPHULFDOYDOXHRIWKHWHPSHUDWXUHLQWRDWH[WVWULQJ6XFKVWULQJV

DUHVWRUHGLQYHFWRUVDQGLQOLQHWKHYHFWRUFRQWDLQLQJWKHVWULQJ7.DQGWKH

YHFWRU FRQWDLQLQJ WKH WH[W VWULQJ RI WKH WHPSHUDWXUH YDOXH DUH FRQFDWHQDWHG WR RQH

YHFWRUDQGGLVSOD\HGWRJHWKHU

,QOLQHWKHFROXPQKHDGLQJVRIWKHWDEOHDUHGLVSOD\HG,QOLQHWKHUHVXOWFROXPQV

DVVRFLDWHG ZLWK WKH WHPSHUDWXUH VWRUHG LQ WKH SRVLWLRQ 7BOLVWL GHILQHG DV 3L

3LGHDOLDQG]LDUHFRQFDWHQDWHGWRFUHDWHRQHPDWUL[QDPHG5HV7KLVPDWUL[LV

GLVSOD\HGLQOLQH

7KHSDXVH FRPPDQG LQ OLQH FDXVHV WKH SURJUDP WR ZDLW IRU D NH\SUHVV EHIRUH

FRQWLQXLQJWRGLVSOD\DQDGGLWLRQDOWDEOH

7KHILUVWWDEOHFRUUHVSRQGLQJWRWKHYDOXHRI 7.DVGLVSOD\HGLQWKH0$7/$%

FRPPDQGZLQGRZLVVKRZQLQWKHQH[WSDJH


18/20

7KHFRPPDQGVXVHGIRUSORWWLQJWKHFRPSUHVVLELOLW\IDFWRUYHUVXVWKHWHPSHUDWXUHDQG

WKHSUHVVXUHDUHVKRZQEHORZ1RWHWKDWWKHSUHVVXUHLVSXWRQWKH[D[LVKRUL]RQWDO

D[LVWKHFRPSUHVVLELOLW\IDFWRURQWKH\D[LVYHUWLFDOD[LVDQGWKHWHPSHUDWXUHLVD

SDUDPHWHU

7KHFRPPDQGSORW[\VSORWVYHFWRU\YHUVXVYHFWRU[ZKHUHWKHVWULQJVLVXVHGWR

GHILQH WKH OLQH W\SH V\PERO DQG FRORU 7KH WULSOHV FDQ EH UHSHDWHG WR SXW VHYHUDO

GLIIHUHQW FXUYHV RQWKHVDPH SORW,Q OLQHV DQG RI WKH 0$7/$% FRGHVKRZQDERYHVHSDUDWHFXUYHVRI]YHUVXV3DUHEHLQJSORWIRUWKHGLIIHUHQWWHPSHUDWXUHYDOXHV

,QWKHILUVWWULSOHWWKHILUVWFROXPQRIWKHSUHVVXUHYHFWRUFRUUHVSRQGLQJWR7LV

SXW RQ WKH[ D[LV WKH ILUVW FROXPQRI WKH] YHFWRU FRUUHVSRQGLQJ WR WKH VDPH

WHPSHUDWXUHLVSXWRQWKH\D[LVDQGWKHVWULQJLQGLFDWHVWKDWVROLGOLQHVKRXOGEH

XVHGWRSORWWKLVFXUYH7KHUHDUHILYHVXFKWULSOHWVDUHGHILQHGIRUWKHILYHWHPSHUDWXUH


19/20

YDOXHV1RWHWKDWWKHWKUHHGRWVDWWKHHQGRIOLQHDUHXVHGWRLQGLFDWHWKDWWKH

VDPH FRPPDQG FRQWLQXHV LQ WKH QH[W OLQH7KH FRPPDQGV OHJHQG WLWOH[ODEHO DQG

\ODEHO DUH VHOI H[SODQDWRU\ 7KH SORW REWDLQHGXVLQJ WKLV VHWRI FRPPDQGV LVVKRZQ

EHORZ

,QWKLVSORWWKHGHWDLOVDWWKHORZSUHVVXUHUDQJHFDQQRWEHVHHQYHU\ZHOOEHFDXVHWKH

SUHVVXUH FKDQJHV RYHU VHYHUDO RUGHUV RI PDJQLWXGH 7R REWDLQ D JUDSK ZKHUH WKH

GHWDLOV FDQ EH EHWWHU GLVWLQJXLVKHG WKH SUHVVXUH D[LV VFDOH PXVW EH FKDQJHG WR D

ORJDULWKPLFVFDOH7KLVLVDFFRPSOLVKHGE\XVLQJWKHVHPLORJ[FRPPDQGLQVWHDGRIWKH

SORWFRPPDQG7KHWZRFRPPDQGVKDYHWKHVDPHV\QWD[WKHRQO\GLIIHUHQFHLVWKDW

WKH[D[LVLVSORWWHGLQORJDULWKPLFVFDOH

7RSORWORJ3YHUVXVORJ9DQGORJ3LGHDOYHUVXVORJ9WKHFRPPDQGORJORJLVXVHG

LQVWHDG RI WKH FRPPDQG SORW 7KH IROORZLQJ VFULSW LV XVHG IRU H[DPSOH WR SORW

ORJ3LGHDOYHUVXVORJ9

7KHSORWREWDLQHGLVVKRZQLQWKHQH[WSDJH


20/20

Documents

seqcalcfull