Question 1

Dividend income and rate on investment with brokerage per share Find the annual income and the rate of interest on the investment from 44 shares of Rs. 25 face value each, bought at Rs. 5 premium (market Rs. 30) with brokerage Rs. 0.25 per share, wh…

Accepted Answer

Introduction / Context: This exercise combines two computations: (1) annual dividend income based on face value and dividend rate; (2) rate of interest (yield) on the actual investment after including a flat brokerage per share in the purchase price. Given Data / Assumptions: No. of shares = 44 Face value per share = Rs. 25 Market price = face + premium = 25 + 5 = Rs. 30 Brokerage = Rs. 0.25 per share (flat amount, not %) Dividend rate = 5% per annum on face value Concept / Approach: Income = dividend% * face value * number of shares. Investment = (market price + brokerage) * number of shares. Rate on investment = (income / investment) * 100. Step-by-Step Solution: Per-share dividend = 5% * 25 = Rs. 1.25Annual income = 44 * 1.25 = Rs. 55Per-share cost = 30 + 0.25 = Rs. 30.25Total investment = 44 * 30.25 = Rs. 1331.00Rate on investment = (55 / 1331) * 100 ≈ 4.132% ≈ 4.13 % Verification / Alternative check: Rough check: 4% of 1331 ≈ 53.24; our income 55 is slightly higher, consistent with ~4.13%. Why Other Options Are Wrong: The other income figures assume different face or brokerage interpretations; the given flat brokerage clarifies the precise investment base. Common Pitfalls: Treating Rs. 0.25 as 0.25% or computing dividend on market price instead of face value. Final Answer: Rs. 55, 4.13 %

Question 2

Dividend computation from number of shares and face value A company declared an annual dividend of 10%. What annual dividend does Anu receive if she owns 4000 shares of face value $100 each?

Accepted Answer

Introduction / Context: The dividend paid equals the declared percentage times the face value, multiplied by the number of shares held. Market price is irrelevant to the dividend amount. Given Data / Assumptions: No. of shares = 4000 Face value per share = $100 Dividend rate = 10% Concept / Approach: Per-share dividend = 10% * $100 = $10. Total dividend = $10 * 4000 = $40,000. Step-by-Step Solution: Compute per-share dividend = $10Multiply by number of shares: 4000 * 10 = $40,000 Verification / Alternative check: 10% of total face value ($400,000) is $40,000, matching. Why Other Options Are Wrong: $45k, $50k, $60k are not 10% of $400k; $35k is too low. Common Pitfalls: Using market value to compute dividend instead of face value. Final Answer: $ 40000

Question 3

Dividend income from number of $100 shares Jatin invested $27260 in $100 shares at a market price of $116 each. The company pays a 16% dividend. What is his annual dividend income?

Accepted Answer

Introduction / Context: First determine how many shares are purchased from the total investment at the stated market price. Then compute the dividend based on the face value and the declared percentage. Given Data / Assumptions: Total investment = $27,260 Market price per $100 share = $116 Dividend rate = 16% on face value ($100) Concept / Approach: No brokerage mentioned. Number of shares = investment / market price per share. Income = dividend per share * number of shares, where dividend per share = 16% of face value. Step-by-Step Solution: Number of shares = 27260 / 116 = 235 sharesDividend per share = 16% of $100 = $16Total income = 235 * $16 = $3760 Verification / Alternative check: Rough check: $16 * 200 = $3200, plus $16 * 35 = $560; sum $3760. Why Other Options Are Wrong: $3560, $3660, $2760, $3360 do not match 235 shares at $16 each. Common Pitfalls: Accidentally using $116 as the dividend base; the dividend is always on face value ($100). Final Answer: $ 3760

Question 4

Income on 12% stock from a given nominal holding Find the annual income on 12% stock if the nominal holding is $60,000 (shares purchased at $110, but price is irrelevant for the dividend).

Accepted Answer

Introduction / Context: Dividend income depends solely on the nominal (face) value held and the declared dividend percentage. The purchase price does not affect the dividend amount, only the yield on investment. Given Data / Assumptions: Nominal holding = $60,000 Dividend rate = 12% per annum Concept / Approach: Income = dividend% * nominal value. Buying at $110 would impact yield but not the dividend cash received. Step-by-Step Solution: Income = 12% of 60,000 = 0.12 * 60,000 = $7,200 Verification / Alternative check: 10% of 60,000 = 6,000; adding 2% (1,200) gives 7,200. Why Other Options Are Wrong: $7,500 and $7,400 imply different percentages; $8,200 and $7,000 are not 12% of $60,000. Common Pitfalls: Using the market price to compute dividend instead of the nominal holding. Final Answer: $ 7200

Question 5

Investment required for a target income with brokerage What investment is required to obtain an income of $1938 from 9.5% stock quoted at 90, if brokerage on purchase is 1%?

Accepted Answer

Introduction / Context: To secure a target dividend, first determine the required nominal amount. Then convert that nominal into an investment using the effective purchase price per $100, including brokerage. Given Data / Assumptions: Target income = $1938 Coupon rate = 9.5% ⇒ dividend per $100 nominal = $9.50 Quoted price = 90 per $100 nominal Brokerage on purchase = 1% (on market price) Concept / Approach: Nominal needed N satisfies 0.095 * N = 1938 ⇒ N. Investment = (N/100) * (quote + brokerage% of quote). Step-by-Step Solution: N = 1938 / 0.095 = $20,400 nominalEffective per-100 price = 90 + (1% of 90) = 90 + 0.9 = $90.9Investment = (20400/100) * 90.9 = 204 * 90.9 = $18,543.60 Verification / Alternative check: Check income: 9.5% of 20,400 = 1,938, matching the target. Why Other Options Are Wrong: The other amounts correspond to misapplied brokerage or rounding; $18,543.60 is exact from the given data. Common Pitfalls: Computing nominal from price rather than from dividend; forgetting to include brokerage in effective price. Final Answer: $ 18543.60

Question 6

Company profit distribution – Reserve after paying declared dividends A company has issued 10,000 preferred shares and 50,000 common shares, both of par value $100 each. Dividends are 12% on each preferred share and 17.6% on each common share. The t…

Accepted Answer

Introduction / Context: We translate dividend percentages into absolute payouts using the number of shares and their par values. The remainder of the profit (after total dividends) is transferred to the reserve fund. This is a straightforward allocation question in corporate finance arithmetic. Given Data / Assumptions: No. of preferred shares = 10,000; dividend = 12% on $100 par No. of common shares = 50,000; dividend = 17.6% on $100 par Total profit = $15,000,000 Concept / Approach: Preferred dividend = count * (rate * par). Common dividend = count * (rate * par). Total dividend = preferred + common. Reserve = total profit − total dividend. Step-by-Step Solution: Preferred dividend = 10,000 * (0.12 * 100) = 10,000 * 12 = $120,000Common dividend = 50,000 * (0.176 * 100) = 50,000 * 17.6 = $880,000Total dividends = $120,000 + $880,000 = $1,000,000Reserve fund = $15,000,000 − $1,000,000 = $14,000,000 Verification / Alternative check: Per-share dividends: $12 (pref) and $17.6 (common). Multiplying by counts confirms the totals. Why Other Options Are Wrong: $5M–$6.5M reserves would imply much larger dividend payouts; our exact calculation shows $14M remains. Common Pitfalls: Applying percentages to market prices, or assuming the “Millions” scale changes per-share calculations. Final Answer: $ 14 Million

Question 7

Share purchase cost and subsequent gain on sale at premium 12,500 shares of par value $20 each are purchased at $25 per share. Later, they are sold at a premium of $11 per share (i.e., at $31). What is the purchase amount, and what is the seller’s g…

Accepted Answer

Introduction / Context: This question combines computing the initial outlay with a later sale at a higher price (premium). The gain is simply the difference between sale proceeds and purchase cost for the full quantity of shares. Given Data / Assumptions: No. of shares = 12,500 Buy price = $25 per share Sell price = $31 per share (premium of $11 over par $20) Concept / Approach: Purchase amount = shares * buy price. Sale proceeds = shares * sell price. Gain = proceeds − purchase amount. (No brokerage mentioned.) Step-by-Step Solution: Purchase amount = 12,500 * $25 = $312,500Sale proceeds = 12,500 * $31 = $387,500Gain = 387,500 − 312,500 = $75,000 Verification / Alternative check: Per-share gain = $31 − $25 = $6. For 12,500 shares: 12,500 * $6 = $75,000, confirming. Why Other Options Are Wrong: Other pairs do not match both the correct purchase total and correct gain simultaneously. Common Pitfalls: Using par value $20 as the buy price; the buy was at $25. Final Answer: $ 312,500 purchase; $ 75,000 gain

Question 8

Income from a premium purchase – nominal inferred from investment Find the annual income by investing $81,000 in 9% stock quoted at 135.

Accepted Answer

Introduction / Context: The income depends on the nominal amount acquired. When buying above par, the same cash buys less nominal. First infer nominal from investment and price, then apply the dividend rate to nominal. Given Data / Assumptions: Investment = $81,000 Quote = 135 (i.e., $135 per $100 nominal) Dividend rate = 9% on nominal Concept / Approach: Nominal purchased N satisfies Investment = (N/100) * 135 ⇒ N = Investment * 100 / 135. Income = 9% of N. Step-by-Step Solution: N = 81000 * 100 / 135 = $60,000 nominalIncome = 9% of 60,000 = 0.09 * 60,000 = $5,400 Verification / Alternative check: Per-$100 block: each $135 buys $100 nominal earning $9. With $81,000, that is 600 blocks ⇒ 600 * $9 = $5,400. Why Other Options Are Wrong: $6,000 assumes $100,000 nominal; $5,500/$6,400 are not consistent with the 135 quote. Common Pitfalls: Applying 9% directly to $81,000; dividends are on nominal, not on cash invested. Final Answer: $ 5400

Question 9

Investment required to buy a given nominal of stock at premium What cash investment is required to purchase $90,000 nominal of 8% stock quoted at 110?

Accepted Answer

Introduction / Context: To buy a specified nominal amount at a premium quote, the cash investment scales by the quoted price per $100 nominal. Dividend rate does not affect the cash required to purchase nominal. Given Data / Assumptions: Nominal to buy = $90,000 Quote = 110 (i.e., $110 per $100 nominal) Concept / Approach: Investment = (Nominal / 100) * quoted price per 100. Step-by-Step Solution: Investment = (90,000 / 100) * 110 = 900 * 110 = $99,000 Verification / Alternative check: Per-$100 block: need 900 blocks, each costs $110; total $99,000. Why Other Options Are Wrong: $88,000 and $88,500 correspond to discounts, not a 10% premium; $9,950 is off by a factor. Common Pitfalls: Confusing nominal with cash; nominal $90,000 at 110 requires more than $90,000 cash. Final Answer: $ 99,000

Question 10

Cost to buy shares at premium and gain on later sale Shares of par value $10 each are available at a 20% premium. A buyer purchases 2500 shares. How much does the buyer pay, and what is the gain if he later sells those shares at $20 per share?

Accepted Answer

Introduction / Context: Premium over par increases the buy price; a later sale at a higher absolute price generates a gain equal to the proceeds minus the original purchase amount. We compute both figures for the full lot of shares. Given Data / Assumptions: Par value per share = $10 Purchase at 20% premium ⇒ buy price = $12 No. of shares bought = 2500 Later sell price = $20 per share Concept / Approach: Amount paid = shares * buy price. Sale proceeds = shares * sell price. Gain = proceeds − amount paid. Step-by-Step Solution: Amount paid = 2500 * $12 = $30,000Sale proceeds = 2500 * $20 = $50,000Gain = $50,000 − $30,000 = $20,000 Verification / Alternative check: Per-share gain = $20 − $12 = $8; total gain = 2500 * $8 = $20,000. Why Other Options Are Wrong: The other pairs mismatch either the outlay or the computed gain from $20 resale. Common Pitfalls: Confusing 20% premium on par ($2) with $20 sell price directly; both must be applied correctly. Final Answer: $ 30,000 paid; $ 20,000 gain

Question 11

Market value for a target yield from a fixed dividend Mac buys 200 shares of par value $10 each. The company pays an annual dividend of 8%. At what market price per share should he buy if he wants a 10% return on his investment?

Accepted Answer

Introduction / Context: The investor’s required yield determines the price he should be willing to pay for a given fixed dividend. Yield equals annual dividend per share divided by market price per share. Rearranging gives the target market price for a specified yield. Given Data / Assumptions: Face value per share = $10 Dividend rate = 8% ⇒ dividend per share = 0.08 * 10 = $0.80 Target yield = 10% per annum Number of shares (200) is irrelevant to the per-share market price calculation. Concept / Approach: Yield % = (Dividend per share / Market price) * 100. Therefore, Market price = Dividend per share / (Yield%/100). Step-by-Step Solution: Dividend per share = $0.80Required yield = 10% = 0.10Market price = 0.80 / 0.10 = $8 Verification / Alternative check: At $8, the yield = 0.80 / 8 * 100 = 10%, matching the target. Why Other Options Are Wrong: $10 implies an 8% yield; $6 would produce 13.33%; $12 would give 6.67%; $7.50 gives 10.67%. Common Pitfalls: Using face value or market price to compute dividend; dividend is fixed on face value, whereas yield depends on market price. Final Answer: $ 8

Question 12

Stocks and shares — combined dividends: Sunil holds 200 preferred shares and 1000 common (ordinary) shares, each with a par value of $100. The company declares a dividend of 10% per annum on preferred shares and 12 1/2% per annum on common shares. C…

Accepted Answer

Introduction / Context: This problem tests understanding of dividends on preferred and common shares using their declared rates and par values. Dividend income is typically computed on the nominal (par) value, not on the market price, unless otherwise stated. We must add the income from both categories to get the total annual dividend for the shareholder. Given Data / Assumptions: Preferred shares held = 200; dividend rate on preferred = 10% per annum. Common shares held = 1000; dividend rate on common = 12 1/2% per annum (i.e., 12.5%). Par (face) value of each share = $100. Dividend is calculated on par value and paid annually. Concept / Approach: Annual dividend on a block of shares = (number of shares) * (par value per share) * (dividend rate). Compute separately for preferred and common shares and then add the two results to obtain the total annual dividend income. Step-by-Step Solution: Preferred dividend = 200 * $100 * 10% = $2000.Common dividend = 1000 * $100 * 12.5% = $12,500.Total annual dividend = $2000 + $12,500 = $14,500. Verification / Alternative check: Rates are per annum and applied on par values. No compounding or partial-year adjustments are mentioned, so a direct multiplication and summation is appropriate. Why Other Options Are Wrong: $550, $3500, and $4000 ignore the correct scale (number of shares * par value). $12,500 is only the common-share portion, missing the preferred dividend. Common Pitfalls: Confusing dividend rate with yield (market-based) or mistakenly applying the rate to market price instead of par; forgetting to add both preferred and common incomes. Final Answer: $ 14500

Question 13

Dividend rate from totals: A company has 50,000 shares of par value $10 each. If the total annual dividend distributed is $62,500, determine the percentage rate of dividend paid on the share capital.

Accepted Answer

Introduction / Context: This question checks the ability to convert a total dividend amount into a dividend rate on paid-up (par) share capital. When a company declares a cash dividend, the rate is the dividend amount divided by the total nominal capital, expressed as a percentage. Given Data / Assumptions: Total number of shares = 50,000. Par value per share = $10. Total dividend paid = $62,500. Concept / Approach: Dividend rate (%) = (Total dividend / Total par capital) * 100. Total par capital equals number of shares multiplied by par value per share. Step-by-Step Solution: Total par capital = 50,000 * $10 = $500,000.Dividend rate = ($62,500 / $500,000) * 100 = 12.5%. Verification / Alternative check: A quick mental check: 10% of $500,000 is $50,000; 12.5% would be $62,500, which matches. Why Other Options Are Wrong: 12% and 10% understate the rate; 13.75% and 8.5% are not consistent with the exact ratio $62,500 / $500,000. Common Pitfalls: Using market capitalization instead of par capital; misplacing the decimal when converting to percent. Final Answer: 12.5%

Question 14

Compute dividend rate from totals: A pharmaceutical company has issued 125,000 shares of par value $20 each. If the total annual dividend declared is $375,000, what is the percentage dividend rate paid by the company?

Accepted Answer

Introduction / Context: To determine a dividend rate from company-wide totals, divide the dividend amount by the total par capital and convert to a percentage. This is a straightforward ratio application frequently used in stocks-and-shares aptitude problems. Given Data / Assumptions: Total shares = 125,000. Par value per share = $20. Total dividend declared = $375,000. Concept / Approach: Dividend rate (%) = (Total dividend / Total par capital) * 100, where total par capital = number of shares * par value. Step-by-Step Solution: Total par capital = 125,000 * $20 = $2,500,000.Dividend rate = ($375,000 / $2,500,000) * 100 = 15%. Verification / Alternative check: 10% of $2.5 million is $250,000; adding half again (5%) gives $125,000 more; total $375,000 confirms 15%. Why Other Options Are Wrong: 13%, 14%, 12.5%, and 10% do not match the computed ratio exactly. Common Pitfalls: Confusing par value with market value; forgetting to multiply shares by par before dividing. Final Answer: 15%

Question 15

Preferred vs. common dividend split: A company has 50,000 preferred shares (dividend at 20%) and 20,000 common shares; each share has par value $10. The company earns $180,000 profit, keeps $30,000 in reserves, and distributes the remainder as divid…

Accepted Answer

Introduction / Context: This question examines how profits are allocated between reserves and different classes of shares. Preferred dividends are usually paid first at their fixed rate; the remaining distributable profit is then paid to common shareholders, often expressed as a percentage on common share capital. Given Data / Assumptions: Preferred shares = 50,000 at $10 par; preferred dividend rate = 20%. Common shares = 20,000 at $10 par. Total profit = $180,000; reserve kept = $30,000; distributable = $150,000. Concept / Approach: First compute the preferred dividend and deduct it from the distributable amount. The balance belongs to common shareholders. Divide that balance by common par capital to get the dividend percentage on common shares. Step-by-Step Solution: Preferred dividend = 50,000 * $10 * 20% = $100,000.Amount left for common = $150,000 − $100,000 = $50,000.Common par capital = 20,000 * $10 = $200,000.Common dividend % = ($50,000 / $200,000) * 100 = 25%. Verification / Alternative check: Total paid as dividend = $100,000 (preferred) + $50,000 (common) = $150,000, matching the distributable amount after reserves. Why Other Options Are Wrong: 24%, 20%, and 30% do not equal the exact $50,000/$200,000 ratio; 22.5% also does not match. Common Pitfalls: Forgetting to subtract reserves before calculating dividends or misallocating preferred dividend priority. Final Answer: 25%

Question 16

Income from fixed-interest stock: Find the annual income from 7 1/2% stock on a nominal (par) holding of $20,000 if the stock was purchased at $120. Assume the quoted price does not alter the coupon income.

Accepted Answer

Introduction / Context: Fixed-interest (coupon) stock pays a stated percentage of the nominal (par) amount annually, regardless of the market price paid to acquire it. The question focuses on calculating annual coupon income, not yield. Given Data / Assumptions: Coupon rate = 7 1/2% = 7.5% per annum. Par (nominal) holding = $20,000. Purchase price = $120 per $100 nominal (affects yield, not coupon income). Concept / Approach: Annual income = coupon rate * nominal amount. The purchase price is irrelevant to the coupon dollars received each year; it only matters for yield computation, which is not asked. Step-by-Step Solution: Income = 0.075 * $20,000 = $1,500. Verification / Alternative check: 10% of $20,000 is $2,000; 7.5% is three-quarters of that, i.e., $1,500. Why Other Options Are Wrong: $1,450, $1,550, and $1,600 are near-miss distractors; $1,400 is too low. None matches the exact 7.5% of $20,000. Common Pitfalls: Incorrectly applying the market price to compute the coupon income; mixing up coupon with yield. Final Answer: $ 1500

Question 17

Dividend rate after reserve transfer: A company has 50,000 shares of par value $100 each. It declares a total of $125,000, but transfers $50,000 to the reserve fund and distributes the remainder as dividend. What percentage dividend is paid to share…

Accepted Answer

Introduction / Context: Sometimes an announced figure includes allocations to reserves. Only the portion actually distributed to shareholders should be used to compute the dividend rate on the paid-up (par) capital. Given Data / Assumptions: Total shares = 50,000; par value = $100 each. Declared total = $125,000; transfer to reserve = $50,000. Dividend distributed = $125,000 − $50,000 = $75,000. Concept / Approach: Dividend rate (%) = (Amount distributed as dividend / Total par capital) * 100. Total par capital = shares * par value. Step-by-Step Solution: Total par capital = 50,000 * $100 = $5,000,000.Dividend rate = ($75,000 / $5,000,000) * 100 = 1.5%. Verification / Alternative check: 1% of $5,000,000 is $50,000; adding half percent (0.5%) gives $25,000 more; total $75,000 confirms 1.5%. Why Other Options Are Wrong: 2.75%, 2%, 1.25%, and 1% do not agree with the exact $75,000 on $5,000,000 calculation. Common Pitfalls: Using the declared total instead of the distributed amount; forgetting to base the percentage on par capital. Final Answer: 1.5%

Question 18

Income from stock purchased above par: Find the annual income by investing $81,000 in 9% stock quoted at 135 (i.e., $135 per $100 nominal). Assume coupon is on nominal value.

Accepted Answer

Introduction / Context: When purchasing fixed-interest stock at a premium or discount, annual coupon income depends on the nominal (par) amount acquired, not on the cash investment directly. The quotation tells you how much nominal you buy for your investment. Given Data / Assumptions: Coupon rate = 9% per annum. Quoted price = 135 per $100 nominal. Cash invested = $81,000. Concept / Approach: Nominal purchased = Investment / (Quoted price per $100) * 100. Annual income = coupon rate * nominal purchased. Step-by-Step Solution: Nominal purchased = 81,000 / 135 * 100 = 600 * 100 = $60,000.Annual income = 9% of $60,000 = $5,400. Verification / Alternative check: Buying at 135 means paying $1.35 for each $1 of nominal; $81,000 / 1.35 = $60,000 nominal. 0.09 * 60,000 = 5,400 is consistent. Why Other Options Are Wrong: $6,000 would be 10% of $60,000; $5,500 and $5,000 are off; $6,400 does not correspond to 9%. Common Pitfalls: Taking 9% of the cash invested instead of the nominal; mis-scaling when converting from quote per $100. Final Answer: $ 5400

Question 19

Market value for a target yield: A company pays a 15% annual dividend on shares of par $10. Shyam wants a 10% return on her investment. At what market price per share should she buy (so that dividend yield is 10%)?

Accepted Answer

Introduction / Context: Dividend yield equals annual dividend per share divided by the market price. To achieve a target yield, set dividend/price equal to the desired yield and solve for the price. This is a common pricing question in stocks-and-shares topics. Given Data / Assumptions: Par value = $10; dividend rate = 15% ⇒ dividend per share = $1.50 per year. Desired yield = 10% per annum. Concept / Approach: Yield = Dividend / Market price. Rearranged, Market price = Dividend / Yield. Substitute dividend per share and the desired yield to find the fair buying price. Step-by-Step Solution: Dividend per share = 0.15 * $10 = $1.50.Target yield = 10% = 0.10.Market price = $1.50 / 0.10 = $15. Verification / Alternative check: At price $15, yield = 1.50 / 15 = 0.10 = 10%, matching the target. Why Other Options Are Wrong: $20 or $24 would produce yields below 10%; $25 even lower; $12 would over-yield at 12.5%. Common Pitfalls: Using par value in the denominator instead of market price; mixing up percentage points vs. decimal fractions. Final Answer: $ 15

Question 20

Reinvesting sale proceeds across companies: A man sells 5,000 common shares of Company X (par $10, dividend 20%) at $30 each. He reinvests all proceeds in ordinary shares of Company Y (par $25, dividend 15%) priced at $40 per share. How many shares …

Accepted Answer

Introduction / Context: This problem is about moving capital from one stock to another. The key is that the entire cash proceeds from selling the first holding are used to buy the second, at its given market price. Dividend rates and par values provide context but are not needed to count the shares purchased unless yield is asked. Given Data / Assumptions: Company X sale: 5,000 shares at $30 each. Proceeds fully invested in Company Y. Company Y market price per share = $40. Concept / Approach: Total proceeds = number sold * sale price. Number of new shares purchased = proceeds / market price of the new shares. Step-by-Step Solution: Proceeds = 5,000 * $30 = $150,000.Shares of Y purchased = $150,000 / $40 = 3,750. Verification / Alternative check: The dividend information is extra here; the count of new shares depends solely on prices and proceeds. Why Other Options Are Wrong: 3,700, 3,800, 3,850, and 3,650 do not equal the exact division $150,000/$40. Common Pitfalls: Attempting to factor dividend rates into the share count; mis-multiplying proceeds or dividing by par instead of market value. Final Answer: 3750

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