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MW Petroleum Corp. - A

Harvard Business School Case #295-029

Case Software #XLS083

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Table A

Table A: MW Petroleum's Estimated Reserves
Oil (MMB)	Gas (MMCF)	Total (MMBOE)
Proved developed producing	73.6	381.1	137.1
Proved developed non-producing	7.9	61.5	18.1
Proved undeveloped	15.8	58.5	25.6
Total Proved	97.3	501.1	180.8
Total Probable	14.1	70.4	25.8
Total Possible	44.5	75.4	57.1
Total Reserves	155.9	646.9	263.7

Exhibit 1

Exhibit 1 Amoco Corporation, Selected Historical Financial Data (in $ millions except as noted)
1986	1987	1988	1989	1990
Income Statements
Operating revenues	$18,281	$20,174	$21,150	$23,966	$28,010
Consumer excise taxes and other	2,064	2,282	2,769	2,794	3,571
Total revenues	20,345	22,456	23,919	26,760	31,581
Purchased crude oil, petroleum products & merchandise	7,593	8,970	8,471	10,619	13,697
Operating expenses	3,451	3,370	3,915	4,380	5,395
Petroleum exploration expenses	925	647	767	726	693
Selling and administrative expenses	1,358	1,424	1,466	1,888	1,991
Taxes other than income taxes	2,592	2,840	3,207	3,224	3,395
Depreciation, depletion and amortization	2,418	2,295	2,318	2,500	2,413
Interest expense	468	410	468	728	587
Total costs and expenses	18,805	19,956	20,612	24,065	28,171
Income before income taxes	1,540	2,500	3,307	2,695	3,410
Income taxes	793	1,140	1,244	1,085	1,497
Net income	747	1,360	2,063	1,610	1,913
Balance Sheets
Current assets	4,200	5,899	5,393	6,428	8,216
Investments and other	1,337	1,072	1,431	1,355	1,287
Properties, net	18,169	18,151	23,095	22,647	22,706
Total assets	23,706	25,122	29,919	30,430	32,209
Current liabilities	4,180	4,503	4,799	5,148	6,092
Short term debt	174	468	444	483	492
Long term debt	3,556	3,303	6,274	5,915	5,464
Other liabilities	4,472	4,741	5,060	5,200	6,093
Shareholders’ equity	11,324	12,107	13,342	13,684	14,068
Financial Ratios
Return on operating revenues	4.1%	6.7%	9.8%	6.7%	6.8%
Return on assets	3.2%	5.4%	6.9%	5.3%	5.9%
Return on average equity	6.5%	11.6%	16.2%	11.9%	13.8%
Current ratio	0.9	1.1	1.0	1.1	1.2
Debt / capital ratio	19.1%	22.1%	32.4%	30.8%	28.8%
Interest coverage ratio	7.4	8.3	8.8	5.3	7.4
Debt rating	Aaa	Aaa	Aaa	Aaa	Aaa
Price - earnings ratio	22.59	14.7	10.0	14.4	15.4
Cash flow per share	$6.3	$7.1	$8.1	$8.0	$8.3
Common shares outstanding, (millions)	502.0	515.3	517.1	511.5	502.0
Year-end stock price	$32 3/4	$34 1/2	$37 1/2	$54 5/8	$52 3/8

Exhibit 2

Exhibit 2 Apache Corporation, Selected Historical Financial Data (in $ millions, except as noted)
1986	1987	1988	1989	1990
Income Statements
Revenues	106.0	100.5	141.7	246.9	273.4
Operating Expenses:
Depreciation, depletion and amortization	82.1	184.6	61.4	96.3	116.8
Operating costs	23.5	25.5	27.6	42.5	44.6
Gathering and marketing costs	14.4	31.3	22.1
Administrative, selling and other	14.6	18.9	16.7	23.4	21.5
Financing costs, net	15.9	15.1	14.5	21.4	11.0
Income from continuing operations before income taxes	(30.1)	(143.6)	7.1	32.0	57.4
Provision for income taxes	(14.8)	(62.1)	1.6	9.8	17.2
Income from continuing operations	(15.3)	(81.5)	5.5	22.2	40.2
Discontinued operations:
Income from discontinued operations, net of income taxes	4.4	0.6	2.6	0.0	0.0
Gain on sale of discontinued operations, net of income taxes	0.0	8.8	0.0	0.0	0.0
Net income before extraordinary item	(10.9)	(72.1)	8.1	22.2	40.2
Extraordinary item:
Gain on early extinguishment from debt, net of income taxes	0.0	1.1	1.0	0.0	0.0
Net income (loss)	(10.9)	(71.0)	9.1	22.2	40.2
Balance Sheets
Current assets	89.6	121.0	109.2	132.6	138.5
Property and equipment, net	490.7	363.4	570.9	603.6	663.4
Other assets	64.3	20.0	21.6	28.2	27.8
Total assets	644.6	504.4	701.7	764.4	829.7
Current liabilities	75.6	91.3	87.3	105.5	117.6
Long term debt	260.9	238.8	320.0	198.1	200.0
Shareholders’ equity	207.4	128.8	206.9	350.3	386.8
Financial Ratios
Return on assets	1.3%	2.9%	4.8%
Return on average equity	5.4%	8.0%	10.9%
Current ratio	1.17	1.26	1.11	1.23	1.13
Debt / capital ratio	55.7%	65.0%	60.7%	36.1%	34.1%
Interest expense (net)	15.9	15.1	14.5	21.4	11.0
Interest coverage	1.7	2.5	6.2
Debt rating (subordinated convertible debentures)	Ba3	B2	B2	NRa	Ba3
Price - earnings ratio	33.2	19.4	17.9
Cash flow per share	$2.87	$2.45	$2.03	$2.70	$3.52
Common shares outstanding (millions)	20.3	20.1	33.0	44.0	44.7
Year-end stock price	$9	$7 1//2	$7 7/8	$18 3/8	$14 5/8
Unlevered (asset) betab	0.82
aNot rated.
bThe mean asset beta, estimated by Morgan Stanley for six independent companies including Apache, was 0.64.

Exhibit 3

Exhibit 3 Proved Developed Reserves: Production and Cash Flow Projections ($ millions except as noted)
Proved Developed Reserves	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005
Production:
(1)	Crude and condensates (MB)	9.4	8.1	7.1	6.3	5.3	4.5	3.7	2.9	2.4	2.2	1.9	1.7	1.5	1.4	1.2
(2)	Gas (MMCF)	45.3	36.8	29.5	25.0	21.7	18.6	16.5	14.9	12.8	11.3	10.3	8.5	7.6	6.7	6.2
Cash Flows (in millions):
(3)	Revenues - oil	192.0	180.4	168.2	154.5	139.4	124.5	109.1	94.7	82.7	75.7	72.0	66.7	63.4	59.9	56.6
(4)	Revenues - gas	90.5	82.1	73.5	67.8	64.1	59.2	56.7	54.2	50.4	47.6	45.8	41.1	38.2	36.9	36.1
(5)	Total revenues	282.5	262.5	241.7	222.3	203.5	183.7	165.8	148.9	133.1	123.3	117.8	107.7	101.6	96.8	92.7
(6)	Direct production taxes	25.5	23.6	21.6	19.9	18.0	16.2	14.4	12.7	11.4	10.5	9.8	9.1	8.5	8.1	7.7
(7)	Direct operating expense	79.9	80.3	79.8	78.9	76.0	71.0	63.8	56.1	49.9	48.2	45.5	44.1	44.5	43.7	43.0
(8)	Overhead	33.9	32.2	28.6	25.9	23.0	20.4	18.3	16.1	13.9	12.6	10.8	9.7	9.0	8.3	7.8
(9)	Fin. book DD&A	58.0	45.2	35.6	29.1	23.8	19.1	19.6	16.6	13.3	10.7	9.0	7.5	6.3	5.3	4.5
(10)	Net income before taxes	85.2	81.2	76.1	68.6	62.7	57.0	49.7	47.4	44.6	41.4	42.8	37.3	33.3	31.3	29.7
(11)	Federal and state income taxes:
(12)	Current	48.5	44.4	39.3	34.1	29.9	25.9	23.6	21.5	19.3	17.5	17.4	15.2	13.4	12.7	12.0
(13)	Deferred	(19.1)	(15.2)	(11.8)	(9.5)	(7.7)	(5.9)	(6.2)	(5.1)	(3.9)	(3.1)	(2.5)	(2.2)	(1.8)	(1.4)	(1.2)
(14)	Total income taxes	29.4	29.2	27.4	24.6	22.3	20.0	17.4	16.4	15.4	14.4	14.9	13.0	11.7	11.3	10.8
(15)	Profit contribution	55.8	52.0	48.6	43.9	40.4	37.0	32.2	31.0	29.2	27.0	27.9	24.3	21.7	20.0	18.9
(16)	Non-cash charges	38.9	30.1	23.7	19.6	16.1	13.2	13.5	11.5	9.5	7.7	6.4	5.3	4.5	4.0	3.3
(17)	Cash from operations	94.7	82.0	72.3	63.5	56.6	50.3	45.7	42.5	38.7	34.6	34.4	29.6	26.2	24.0	22.2
(18)	Capital expenditures	5.4	2.0	2.7	0.5	0.6	0.8	0.8	0.6	1.1	0.4	0.1	0.1	0.1	0.5	0.1
(19)	Cash flow	89.4	80.0	69.6	63.0	56.0	49.5	44.9	41.9	37.6	34.3	34.2	29.5	26.1	23.5	22.1
(20)	Terminal value	92.1
(21)	Cumulative cash flow	89.4	169.4	239.1	302.1	358.0	407.5	452.4	494.3	531.9	566.2	600.4	629.9	656.0	679.4	793.6
Notes to follow Exhibit 7.

Exhibit 4

Exhibit 4 Proved Undeveloped Reserves: Production and Cash Flow Projections ($ millions except as noted)
Proved Undeveloped Reserves	Year 1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
Production:
(1)	Crude and condensates (MB)	0.3	0.6	0.5	0.5	0.5	0.5	0.5	0.7	0.8	0.7	0.7	0.7	0.7	0.7	0.6
(2)	Gas (MMCF)	1.7	4.9	5.6	3.3	2.3	2.0	2.0	2.2	2.3	1.9	1.6	1.3	1.3	1.0	0.9
Cash Flows (in millions):
(3)	Revenues - oil	6.0	14.0	12.9	11.8	12.3	13.2	16.1	21.0	27.1	25.2	25.3	26.8	28.7	30.9	29.3
(4)	Revenues - gas	3.4	11.3	14.5	9.1	6.7	6.2	6.6	7.1	8.2	7.2	6.6	5.5	5.2	5.2	4.5
(5)	Total revenues	9.4	25.3	27.4	20.9	19.0	19.4	22.7	28.1	35.3	32.4	31.9	32.3	33.9	36.1	33.8
(6)	Direct production taxes	0.9	2.4	2.3	1.8	1.7	1.7	2.0	2.5	3.1	2.8	2.8	3.0	3.1	2.9	3.0
(7)	Direct operating expense	1.2	1.5	2.0	2.3	2.8	3.4	3.3	3.3	4.5	3.4	3.7	4.2	4.5	4.7	4.8
(8)	Overhead	1.1	3.1	3.2	2.4	2.1	2.2	2.5	3.0	3.7	3.3	2.9	2.9	3.0	3.1	2.8
(9)	Fin. book DD&A	12.3	12.6	10.6	9.3	8.1	6.7	6.8	5.8	4.6	3.7	4.3	3.6	3.0	2.5	2.1
(10)	Net income before taxes	(6.2)	5.7	9.2	5.1	4.2	5.5	8.1	13.5	19.5	19.2	18.2	18.6	20.3	22.8	21.1
(11)	Federal and state income taxes:
(12)	Current	2.1	6.4	7.0	5.0	4.3	4.1	5.1	6.5	8.0	7.7	7.6	7.5	7.9	8.8	8.1
(13)	Deferred	(4.1)	(4.2)	(3.5)	(3.0)	(2.6)	(2.1)	(2.1)	(1.8)	(1.3)	(1.1)	(1.2)	(1.0)	(0.9)	(0.7)	(0.6)
(14)	Total income taxes	(2.0)	2.2	3.5	2.0	1.7	2.1	2.9	4.7	6.7	6.6	6.3	6.5	7.1	8.1	7.5
(15)	Profit contribution	(4.2)	3.5	5.8	3.1	2.6	3.4	5.1	8.8	12.8	12.6	11.8	12.1	13.3	14.7	13.5
(16)	Non-cash charges	8.3	8.4	7.1	6.3	5.5	4.6	4.7	4.0	3.2	2.6	3.1	2.5	2.2	1.9	1.6
(17)	Cash from operations	4.0	11.9	12.9	9.3	8.1	8.0	9.8	12.8	16.0	15.2	14.9	14.7	15.4	16.6	15.1
(18)	Capital expenditures	17.5	17.7	5.3	4.1	3.5	1.3	0.1	0.3	0.0	0.1	8.1	0.0	0.2	0.0	0.0
(19)	Cash flow	(13.5)	(5.8)	7.6	5.2	4.6	6.7	9.7	12.5	16.0	15.1	6.8	14.7	15.2	16.5	15.1
(20)	Terminal value	67.8
(21)	Cumulative cash flow	(13.5)	(19.3)	(11.7)	(6.4)	(1.9)	4.9	14.6	27.1	43.1	58.2	65.0	79.7	95.0	111.5	194.3
Notes follow Exhibit 7.

Exhibit 5

Exhibit 5 Probable Reserves: Production and Cash Flow Projections ($ millions except as noted)
Probable Reserves	Year 1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
Production:
(1)	Crude and condensates (MB)	0.2	0.3	0.4	0.4	0.5	0.5	0.7	0.9	0.8	0.7	0.6	0.5	0.4	0.4	0.3
(2)	Gas (MMCF)	2.8	4.2	4.9	5.3	4.2	3.8	4.5	4.2	3.3	2.4	2.1	2.0	1.5	1.3	1.1
Cash Flows (in millions):
(3)	Revenues - oil	3.7	6.3	8.0	9.6	13.3	14.3	17.0	19.6	20.3	19.8	18.6	17.1	15.8	14.5	13.4
(4)	Revenues - gas	5.8	9.4	11.6	14.1	12.3	12.3	13.0	11.6	10.7	9.3	9.5	10.1	8.8	8.1	7.3
(5)	Total revenues	9.5	15.7	19.5	23.7	25.7	26.6	30.0	31.2	31.0	29.2	28.1	27.2	24.7	22.6	20.6
(6)	Direct production taxes	0.8	1.3	1.7	2.0	2.2	2.3	2.7	2.9	3.1	3.0	2.8	2.7	2.5	2.3	2.1
(7)	Direct operating expense	0.4	0.7	0.8	2.6	4.4	4.7	5.3	5.7	6.0	6.4	7.0	7.4	7.4	7.3	7.2
(8)	Overhead	1.3	1.9	2.3	2.8	3.0	2.9	3.1	3.3	3.0	2.8	2.6	2.5	2.2	2.0	1.9
(9)	Fin. book DD&A	0.4	0.8	1.2	2.5	1.6	1.3	1.5	2.0	1.5	1.4	1.4	1.4	1.4	1.3	1.3
(10)	Net income before taxes	6.6	11.0	13.5	13.8	14.5	15.4	17.3	17.4	17.5	15.5	14.3	13.3	11.3	9.6	8.1
(11)	Federal and state income taxes:
(12)	Current	2.9	3.7	4.8	4.8	3.8	4.2	5.5	5.8	5.5	5.4	5.0	4.7	4.0	3.5	3.0
(13)	Deferred	(0.2)	0.0	(0.2)	(0.2)	0.3	0.3	0.1	(0.0)	0.0	0.0	0.0	0.0	0.0	0.0	0.0
(14)	Total income taxes	2.6	3.7	4.6	4.5	4.1	4.5	5.6	5.7	5.6	5.4	5.0	4.7	4.0	3.5	3.0
(15)	Profit contribution	4.0	7.3	8.9	9.3	10.5	10.8	11.7	11.7	11.9	10.1	9.3	8.6	7.2	6.1	5.1
(16)	Non-cash charges	0.2	0.8	1.1	2.2	1.9	1.6	1.6	1.9	1.6	1.4	1.4	1.4	1.4	1.4	1.3
(17)	Cash from operations	4.2	8.1	9.9	11.5	12.3	12.4	13.4	13.6	13.5	11.5	10.7	10.0	8.6	7.5	6.4
(18)	Capital expenditures	10.0	4.3	11.4	14.0	2.6	0.5	0.3	0.6	0.3	0.5	0.5	0.0	0.2	0.5	0.0
(19)	Cash flow	(5.8)	3.8	(1.5)	(2.5)	9.7	11.9	13.1	13.0	13.2	11.0	10.2	10.0	8.4	7.0	6.4
(20)	Terminal value	51.0
(21)	Cumulative cash flow	(5.8)	(2.0)	(3.5)	(6.0)	3.7	15.7	28.8	41.8	55.0	66.0	76.3	86.3	94.7	101.7	159.0
Notes follow Exhibit 7.

Exhibit 6

Exhibit 6 Possible Reserves: Production and Cash Flow Projections ($ millions except as noted)
Possible Reserves	Year 1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
Production:
(1)	Crude and condensates (MB)	0.1	0.8	0.9	0.8	0.8	1.0	1.6	2.1	2.4	2.3	2.0	1.7	1.6	1.4	1.2
(2)	Gas (MMCF)	0.5	3.5	3.8	3.9	3.6	3.7	3.2	3.0	3.2	2.8	1.9	1.3	1.4	1.2	1.0
Cash Flows (in millions):
(3)	Revenues - oil	2.1	10.1	13.2	14.4	18.0	24.1	42.3	59.1	67.4	69.4	66.8	62.7	59.7	56.4	52.0
(4)	Revenues - gas	0.6	3.6	5.1	6.9	7.2	7.7	7.7	7.0	7.8	9.3	8.1	6.1	5.9	5.9	5.7
(5)	Total revenues	2.7	13.7	18.3	21.3	25.1	31.8	50.0	66.1	75.2	78.7	74.9	68.8	65.7	62.3	57.7
(6)	Direct production taxes	0.3	1.2	1.6	1.8	2.2	2.8	5.0	6.8	7.9	8.0	7.1	6.7	6.4	6.1	5.6
(7)	Direct operating expense	0.2	1.0	1.5	2.1	6.5	13.1	21.2	31.9	33.0	35.1	26.4	26.3	25.7	25.8	25.6
(8)	Overhead	0.4	1.6	2.1	2.5	2.9	3.4	5.2	6.9	7.3	7.6	6.9	6.3	5.9	5.7	5.3
(9)	Fin. book DD&A	0.7	1.4	2.2	4.9	3.5	3.1	3.6	4.5	3.5	3.3	3.3	3.2	3.2	3.1	3.1
(10)	Net income before taxes	1.2	8.5	10.9	10.0	10.0	9.4	15.0	16.0	23.4	24.6	31.1	26.2	24.5	21.6	18.1
(11)	Federal and state income taxes:
(12)	Current	0.8	3.1	4.2	4.4	3.2	3.2	5.4	6.1	7.8	8.9	10.9	9.4	8.8	7.9	6.7
(13)	Deferred	(0.4)	(0.0)	(0.3)	(0.5)	0.7	0.7	0.2	(0.2)	0.2	0.0	0.0	0.0	0.0	0.0	0.0
(14)	Total income taxes	0.3	3.1	4.0	3.9	3.8	3.9	5.6	6.0	8.0	8.9	11.0	9.4	8.8	7.9	6.8
(15)	Profit contribution	0.8	5.4	7.0	6.2	6.1	5.5	9.3	10.0	15.4	15.7	20.2	16.9	15.7	13.7	11.4
(16)	Non-cash charges	0.3	1.4	1.9	4.4	4.2	3.8	3.8	4.4	3.7	3.3	3.3	3.3	3.2	3.2	3.1
(17)	Cash from operations	1.1	6.8	8.9	10.6	10.4	9.3	13.2	14.4	19.1	19.1	23.5	20.1	18.9	16.9	14.5
(18)	Capital expenditures	9.7	9.8	22.4	38.9	27.4	6.8	0.7	1.0	0.7	3.0	2.3	0.0	0.1	0.0	0.0
(19)	Cash flow	(8.6)	(2.9)	(13.5)	(28.4)	(17.1)	2.5	12.5	13.4	18.5	16.1	21.2	20.1	18.8	16.8	14.4
(20)	Terminal value	72.3
(21)	Cumulative cash flow	(8.6)	(11.6)	(25.1)	(53.5)	(70.6)	(68.1)	(55.6)	(42.2)	(23.8)	(7.7)	13.5	33.6	52.4	69.2	155.9
Notes follow Exhibit 7.

Exhibit 7

Exhibit 7 Aggregated MW Production and Cash Flow Projections ($ millions except as noted)
Aggregated MW Projections	Year 1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
Production:
(1)	Net crude and condensates (MB)	10.0	9.8	8.9	8.1	7.1	6.5	6.5	6.6	6.4	5.8	5.2	4.6	4.3	3.8	3.4
(2)	Net gas (MMCF)	50.2	49.5	43.7	37.5	31.8	28.1	26.2	24.4	21.6	18.3	15.9	13.1	11.8	10.2	9.3
Cash Flows (in millions):
(3)	Revenues - oil	203.9	210.9	202.3	190.3	183.0	176.1	184.5	194.4	197.5	190.2	182.7	173.2	167.7	161.7	151.3
(4)	Revenues - gas	100.3	106.3	104.7	97.9	90.3	85.4	84.0	80.0	77.2	73.4	70.0	62.8	58.1	56.1	53.5
(5)	Total revenues	304.1	317.2	306.9	288.3	273.3	261.5	268.5	274.4	274.7	263.6	252.7	236.0	225.8	217.8	204.8
(6)	Direct production taxes	27.5	28.5	27.3	25.5	24.1	23.0	24.1	25.0	25.4	24.3	22.5	21.5	20.4	19.4	18.4
(7)	Direct operating expense	81.7	83.5	84.1	85.9	89.7	92.2	93.7	97.0	93.3	93.2	82.6	82.0	82.0	81.5	80.6
(8)	Overhead	36.6	38.7	36.3	33.6	31.0	28.8	29.2	29.3	27.9	26.3	23.2	21.4	20.1	19.1	17.8
(9)	Fin. book DD&A	71.4	60.0	49.6	45.7	37.0	30.2	31.6	28.9	23.0	19.2	18.0	15.7	13.8	12.3	11.0
(10)	Net income before taxes	86.8	106.5	109.7	97.5	91.5	87.2	90.0	94.3	105.0	100.7	106.5	95.5	89.5	85.4	77.0
(11)	Federal and state income taxes:
(12)	Current	54.2	57.6	55.3	48.3	41.2	37.4	39.5	39.9	40.7	39.4	40.9	36.8	34.2	32.8	29.8
(13)	Deferred	(23.8)	(19.4)	(15.8)	(13.2)	(9.3)	(7.0)	(7.9)	(7.1)	(4.9)	(4.1)	(3.7)	(3.2)	(2.6)	(2.0)	(1.8)
(14)	Total income taxes	30.4	38.2	39.5	35.0	31.9	30.5	31.6	32.8	35.8	35.3	37.2	33.6	31.6	30.8	28.1
(15)	Profit contribution	56.4	68.3	70.3	62.5	59.6	56.8	58.4	61.5	69.2	65.3	69.2	61.9	57.9	54.5	48.9
(16)	Non-cash charges	47.6	40.6	33.8	32.4	27.7	23.3	23.6	21.8	18.1	15.1	14.3	12.5	11.3	10.4	9.3
(17)	Cash from operations	104.0	108.9	104.0	95.0	87.3	80.0	82.1	83.3	87.3	80.4	83.5	74.4	69.1	64.9	58.2
(18)	Capital expenditures	42.6	33.8	41.8	57.5	34.1	9.4	1.9	2.6	2.0	3.9	11.0	0.0	0.6	1.1	0.2
(19)	Cash flow	61.4	75.1	62.2	37.4	53.2	70.7	80.2	80.7	85.3	76.5	72.5	74.3	68.5	63.8	58.0
(20)	Terminal value	283.1
(21)	Cumulative cash flow	61.4	136.5	198.8	236.2	289.3	360.0	440.2	520.9	606.2	682.7	755.2	829.5	898.0	961.8	1302.9
Notes follow Exhibit 7.

Exhibit 10

Exhibit 10 Selected Contemporary Financial Market Data
U.S. Government Bond Yields, Year-end 1990
Term	Yield
30-day	6.52%
10-year	8.03%
30-year	8.24%
Note: Yields are expressed on a bond-equivalent basis.
Industrial Bond Yields
Rating	Dec-90	Jan-91	Feb-91
AAA	9.08%	8.95%	8.80%
AA	9.45%	9.40%	9.09%
A	9.54%	9.50%	9.29%
BBB	11.55%	11.67%	10.38%
BB	12.41%	12.24%	12.30%
B	19.02%	20.20%	17.37%
Sources: Wall Street Journal, Morgan Stanley, Standard & Poor’s.

Essay Answers

GARCH Data

t	Date	Oil Price
1	4/4/83	29.44
2	4/5/83	29.71
3	4/6/83	29.92
4	4/7/83	30.17
5	4/8/83	30.38
6	4/11/83	30.26
7	4/12/83	30.83
8	4/13/83	30.82
9	4/14/83	30.67
10	4/15/83	30.48
11	4/18/83	30.75
12	4/19/83	30.75
13	4/20/83	30.7
14	4/21/83	30.68
15	4/22/83	30.75
16	4/25/83	30.84
17	4/26/83	30.71
18	4/27/83	30.78
19	4/28/83	30.74
20	4/29/83	30.63
21	5/2/83	30.61
22	5/3/83	30.5
23	5/4/83	30.42
24	5/5/83	30.2
25	5/6/83	30.45
26	5/9/83	30.1
27	5/10/83	30.31
28	5/11/83	29.97
29	5/12/83	29.72
30	5/13/83	29.8
31	5/16/83	30.12
32	5/17/83	29.91
33	5/18/83	29.75
34	5/19/83	29.95
35	5/20/83	30.3
36	5/23/83	30.27
37	5/24/83	30.05
38	5/25/83	30.25
39	5/26/83	30.31
40	5/27/83	30.19
41	5/31/83	30.25
42	6/1/83	30.33
43	6/2/83	30.4
44	6/3/83	30.36
45	6/6/83	30.35
46	6/7/83	30.59
47	6/8/83	30.6
48	6/9/83	30.49
49	6/10/83	30.77
50	6/13/83	31
51	6/14/83	31
52	6/15/83	31.3
53	6/16/83	31.6
54	6/17/83	31.4
55	6/20/83	31.42
56	6/21/83	31.18
57	6/22/83	30.95
58	6/23/83	31.1
59	6/24/83	31.2
60	6/27/83	31.2
61	6/28/83	31.24
62	6/29/83	31.2
63	6/30/83	31.38
64	7/1/83	31.35
65	7/5/83	31.27
66	7/6/83	31.2
67	7/7/83	31.4
68	7/8/83	31.4
69	7/11/83	31.64
70	7/12/83	31.72
71	7/13/83	31.87
72	7/14/83	31.85
73	7/15/83	31.7
74	7/18/83	31.7
75	7/19/83	31.62
76	7/20/83	31.65
77	7/21/83	31.51
78	7/22/83	31.46
79	7/25/83	31.4
80	7/26/83	31.53
81	7/27/83	31.73
82	7/28/83	31.82
83	7/29/83	32
84	8/1/83	32.12
85	8/2/83	32.2
86	8/3/83	32.2
87	8/4/83	32.14
88	8/5/83	32.15
89	8/8/83	32.05
90	8/9/83	31.94
91	8/10/83	32.14
92	8/11/83	31.95
93	8/12/83	31.99
94	8/15/83	32
95	8/16/83	31.98
96	8/17/83	31.87
97	8/18/83	31.72
98	8/19/83	31.65
99	8/22/83	31.53
100	8/23/83	31.65
101	8/24/83	31.57
102	8/25/83	31.73
103	8/26/83	31.8
104	8/29/83	31.66
105	8/30/83	31.68
106	8/31/83	31.59
107	9/1/83	31.6
108	9/2/83	31.57
109	9/6/83	31.36
110	9/7/83	31.38
111	9/8/83	31.34
112	9/9/83	31.21
113	9/12/83	31.15
114	9/13/83	31.23
115	9/14/83	31.4
116	9/15/83	31.48
117	9/16/83	31.55
118	9/19/83	31.45
119	9/20/83	31.33
120	9/21/83	31.39
121	9/22/83	31.3
122	9/23/83	31.3
123	9/26/83	31.22
124	9/27/83	31.11
125	9/28/83	30.76
126	9/29/83	30.6
127	9/30/83	30.36
128	10/3/83	29.92
129	10/4/83	30.18
130	10/5/83	30.14
131	10/6/83	30.26
132	10/7/83	30.47
133	10/10/83	30.85
134	10/11/83	30.57
135	10/12/83	30.52
136	10/13/83	30.66
137	10/14/83	30.55
138	10/17/83	30.61
139	10/18/83	30.68
140	10/19/83	30.32
141	10/20/83	30.3
142	10/21/83	30.33
143	10/24/83	30.44
144	10/25/83	30.43
145	10/26/83	30.23
146	10/27/83	30.31
147	10/28/83	30.26
148	10/31/83	30.37
149	11/1/83	30.38
150	11/2/83	30.35
151	11/3/83	30.42
152	11/4/83	30.46
153	11/7/83	30.39
154	11/8/83	30.38
155	11/9/83	30.38
156	11/10/83	30.26
157	11/11/83	30.14
158	11/14/83	30.15
159	11/15/83	30.17
160	11/16/83	29.95
161	11/17/83	28.95
162	11/18/83	29.19
163	11/21/83	29.14
164	11/22/83	29.04
165	11/23/83	29.19
166	11/28/83	29.69
167	11/29/83	29.39
168	11/30/83	29.23
169	12/1/83	29.28
170	12/2/83	29.38
171	12/5/83	29.3
172	12/6/83	29.29
173	12/7/83	29.06
174	12/8/83	29.27
175	12/9/83	29.31
176	12/12/83	29.27
177	12/13/83	29.21
178	12/14/83	29.28
179	12/15/83	29.11
180	12/16/83	28.57
181	12/19/83	28.38
182	12/20/83	28.76
183	12/21/83	28.88
184	12/22/83	29.08
185	12/23/83	29.44
186	12/27/83	29.85
187	12/28/83	29.98
188	12/29/83	29.66
189	12/30/83	29.6
190	1/3/84	29.4
191	1/4/84	29.5
192	1/5/84	29.3
193	1/6/84	29.18
194	1/9/84	29.47
195	1/10/84	29.45
196	1/11/84	29.46
197	1/12/84	29.54
198	1/13/84	29.58
199	1/16/84	29.72
200	1/17/84	29.57
201	1/18/84	29.79
202	1/19/84	29.85
203	1/20/84	29.89
204	1/23/84	29.52
205	1/24/84	29.7
206	1/25/84	29.78
207	1/26/84	29.95
208	1/27/84	30.14
209	1/30/84	29.89
210	1/31/84	29.98
211	2/1/84	30.3
212	2/2/84	30.19
213	2/3/84	30.11
214	2/6/84	30.16
215	2/7/84	30.04
216	2/8/84	30.04
217	2/9/84	29.83
218	2/10/84	29.83
219	2/13/84	29.63
220	2/14/84	29.74
221	2/15/84	29.83
222	2/16/84	29.91
223	2/17/84	29.9
224	2/21/84	29.79
225	2/22/84	29.79
226	2/23/84	29.92
227	2/24/84	30.1
228	2/27/84	30.79
229	2/28/84	30.45
230	2/29/84	30.55
231	3/1/84	30.73
232	3/2/84	30.7
233	3/5/84	30.78
234	3/6/84	30.73
235	3/7/84	30.75
236	3/8/84	30.8
237	3/9/84	30.99
238	3/12/84	30.91
239	3/13/84	30.86
240	3/14/84	30.91
241	3/15/84	30.85
242	3/16/84	30.64
243	3/19/84	30.49
244	3/20/84	30.52
245	3/21/84	30.42
246	3/22/84	30.55
247	3/23/84	30.61
248	3/26/84	30.59
249	3/27/84	30.72
250	3/28/84	30.65
251	3/29/84	30.86
252	3/30/84	30.85
253	4/2/84	30.8
254	4/3/84	30.85
255	4/4/84	30.81
256	4/5/84	30.78
257	4/6/84	30.75
258	4/9/84	30.72
259	4/10/84	30.78
260	4/11/84	30.8
261	4/12/84	30.7
262	4/13/84	30.68
263	4/16/84	30.69
264	4/17/84	30.66
265	4/18/84	30.5
266	4/19/84	30.52
267	4/23/84	30.57
268	4/24/84	30.63
269	4/25/84	30.55
270	4/26/84	30.48
271	4/27/84	30.43
272	4/30/84	30.26
273	5/1/84	30.29
274	5/2/84	30.17
275	5/3/84	30.16
276	5/4/84	30.25
277	5/7/84	30.16
278	5/8/84	30.22
279	5/9/84	30.34
280	5/10/84	30.34
281	5/11/84	30.36
282	5/14/84	30.59
283	5/15/84	30.6
284	5/16/84	30.98
285	5/17/84	30.73
286	5/18/84	30.75
287	5/21/84	30.93
288	5/22/84	30.67
289	5/23/84	30.6
290	5/24/84	30.75
291	5/25/84	30.88
292	5/29/84	30.71
293	5/30/84	30.81
294	5/31/84	30.83
295	6/1/84	30.7
296	6/4/84	30.75
297	6/5/84	30.73
298	6/6/84	30.55
299	6/7/84	30.4
300	6/8/84	30.37
301	6/11/84	30.15
302	6/12/84	30.17
303	6/13/84	30.1
304	6/14/84	30.18
305	6/15/84	30.03
306	6/18/84	29.79
307	6/19/84	29.87
308	6/20/84	29.74
309	6/21/84	29.34
310	6/22/84	29.26
311	6/25/84	29.55
312	6/26/84	29.36
313	6/27/84	29.25
314	6/28/84	29.56
315	6/29/84	29.75
316	7/2/84	29.59
317	7/3/84	29.5
318	7/5/84	29.57
319	7/6/84	29.65
320	7/9/84	29.47
321	7/10/84	29.4
322	7/11/84	29.35
323	7/12/84	29.08
324	7/13/84	28.95
325	7/16/84	28.88
326	7/17/84	28.99
327	7/18/84	28.82
328	7/19/84	28.69
329	7/20/84	28.48
330	7/23/84	28.35
331	7/24/84	28.15
332	7/25/84	28
333	7/26/84	27.77
334	7/27/84	27.7
335	7/30/84	27.64
336	7/31/84	27.6
337	8/1/84	28.13
338	8/2/84	29.07
339	8/3/84	28.78
340	8/6/84	29.12
341	8/7/84	29.31
342	8/8/84	29.38
343	8/9/84	29.35
344	8/10/84	29.08
345	8/13/84	29.15
346	8/14/84	29.25
347	8/15/84	29.19
348	8/16/84	28.99
349	8/17/84	29.03
350	8/20/84	29.44
351	8/21/84	29.69
352	8/22/84	29.88
353	8/23/84	29.77
354	8/24/84	29.91
355	8/27/84	29.86
356	8/28/84	29.87
357	8/29/84	29.75
358	8/30/84	29.28
359	8/31/84	29.23
360	9/4/84	29.04
361	9/5/84	28.88
362	9/6/84	29.28
363	9/7/84	29.22
364	9/10/84	29.36
365	9/11/84	29.53
366	9/12/84	29.31
367	9/13/84	29.35
368	9/14/84	29.28
369	9/17/84	29.2
370	9/18/84	29.24
371	9/19/84	29.62
372	9/20/84	29.58
373	9/21/84	29.47
374	9/24/84	29.48
375	9/25/84	29.55
376	9/26/84	29.54
377	9/27/84	29.58
378	9/28/84	29.66
379	10/1/84	29.69
380	10/2/84	29.62
381	10/3/84	29.54
382	10/4/84	29.47
383	10/5/84	29.4
384	10/8/84	29.37
385	10/9/84	29.45
386	10/10/84	29.33
387	10/11/84	29.28
388	10/12/84	29.06
389	10/15/84	28.79
390	10/16/84	28.67
391	10/17/84	27.85
392	10/18/84	27.54
393	10/19/84	27.7
394	10/22/84	28.45
395	10/23/84	28.36
396	10/24/84	28.51
397	10/25/84	28.65
398	10/26/84	28.58
399	10/29/84	28.41
400	10/30/84	28.22
401	10/31/84	28.46
402	11/1/84	28.74
403	11/2/84	28.65
404	11/5/84	28.55
405	11/6/84	28.7
406	11/7/84	28.73
407	11/8/84	28.68
408	11/9/84	28.53
409	11/12/84	28.42
410	11/13/84	28.46
411	11/14/84	28.44
412	11/15/84	28.23
413	11/16/84	28.08
414	11/19/84	27.83
415	11/20/84	27.85
416	11/21/84	27.74
417	11/26/84	27.16
418	11/27/84	27.31
419	11/28/84	27.32
420	11/29/84	27.48
421	11/30/84	27.31
422	12/3/84	27.3
423	12/4/84	27.52
424	12/5/84	27.7
425	12/6/84	27.68
426	12/7/84	27.46
427	12/10/84	27.45
428	12/11/84	27.25
429	12/12/84	26.72
430	12/13/84	26.57
431	12/14/84	26.45
432	12/17/84	26.8
433	12/18/84	26.79
434	12/19/84	26.38
435	12/20/84	26.33
436	12/21/84	26.5
437	12/26/84	26.79
438	12/27/84	26.34
439	12/28/84	26.41
440	1/2/85	25.92
441	1/3/85	25.84
442	1/4/85	25.18
443	1/7/85	25.56
444	1/8/85	25.48
445	1/9/85	25.43
446	1/10/85	25.76
447	1/11/85	25.77
448	1/14/85	26.12
449	1/15/85	25.91
450	1/16/85	25.62
451	1/17/85	25.69
452	1/18/85	25.68
453	1/21/85	25.97
454	1/22/85	25.55
455	1/23/85	25.38
456	1/24/85	25.28
457	1/25/85	25.25
458	1/28/85	25.23
459	1/29/85	25.38
460	1/30/85	25.67
461	1/31/85	26.41
462	2/1/85	26.74
463	2/4/85	26.52
464	2/5/85	26.78
465	2/6/85	27.07
466	2/7/85	27.21
467	2/8/85	27.59
468	2/11/85	28.04
469	2/12/85	27.36
470	2/13/85	27.82
471	2/14/85	27.8
472	2/15/85	27.8
473	2/19/85	27.29
474	2/20/85	27.18
475	2/21/85	27.14
476	2/22/85	26.76
477	2/25/85	26.44
478	2/26/85	26.79
479	2/27/85	26.69
480	2/28/85	26.73
481	3/1/85	27.2
482	3/4/85	27.74
483	3/5/85	27.55
484	3/6/85	27.77
485	3/7/85	28.08
486	3/8/85	27.74
487	3/11/85	27.57
488	3/12/85	27.92
489	3/13/85	28.06
490	3/14/85	28.19
491	3/15/85	28.32
492	3/18/85	28.85
493	3/19/85	28.8
494	3/20/85	28.98
495	3/21/85	28.34
496	3/22/85	28.24
497	3/25/85	28.09
498	3/26/85	28.45
499	3/27/85	28.16
500	3/28/85	28.25
501	3/29/85	28.29
502	4/1/85	28.72
503	4/2/85	28.85
504	4/3/85	28.82
505	4/4/85	28.9
506	4/8/85	29.09
507	4/9/85	29.05
508	4/10/85	29.24
509	4/11/85	28.94
510	4/12/85	28.68
511	4/15/85	29.14
512	4/16/85	29.04
513	4/17/85	28.95
514	4/18/85	29.02
515	4/19/85	29.31
516	4/22/85	29.8
517	4/23/85	28.32
518	4/24/85	27.93
519	4/25/85	27.87
520	4/26/85	27.94
521	4/29/85	27.66
522	4/30/85	27.63
523	5/1/85	27.33
524	5/2/85	27.36
525	5/3/85	27.29
526	5/6/85	27.19
527	5/7/85	27.31
528	5/8/85	27.17
529	5/9/85	27.58
530	5/10/85	27.38
531	5/13/85	27.59
532	5/14/85	27.66
533	5/15/85	27.79
534	5/16/85	27.93
535	5/17/85	27.8
536	5/20/85	27.9
537	5/21/85	28
538	5/22/85	27.1
539	5/23/85	27.6
540	5/24/85	27.7
541	5/28/85	27.57
542	5/29/85	27.64
543	5/30/85	27.92
544	5/31/85	27.84
545	6/3/85	27.48
546	6/4/85	27.47
547	6/5/85	27.02
548	6/6/85	27.08
549	6/7/85	26.92
550	6/10/85	26.81
551	6/11/85	26.95
552	6/12/85	27.01
553	6/13/85	27.41
554	6/14/85	27.29
555	6/17/85	27.23
556	6/18/85	27.22
557	6/19/85	27.3
558	6/20/85	27.2
559	6/21/85	26.92
560	6/24/85	26.89
561	6/25/85	26.75
562	6/26/85	26.94
563	6/27/85	27.09
564	6/28/85	26.87
565	7/1/85	26.68
566	7/2/85	26.94
567	7/3/85	26.91
568	7/8/85	26.99
569	7/9/85	27.45
570	7/10/85	27.55
571	7/11/85	27.37
572	7/12/85	27.11
573	7/15/85	27.31
574	7/16/85	27.37
575	7/17/85	27.48
576	7/18/85	27.49
577	7/19/85	27.4
578	7/22/85	27.7
579	7/23/85	27.16
580	7/24/85	27.34
581	7/25/85	27.31
582	7/26/85	27.3
583	7/29/85	27.36
584	7/30/85	27.34
585	7/31/85	27.12
586	8/1/85	27.19
587	8/2/85	27.31
588	8/5/85	27.33
589	8/6/85	27.26
590	8/7/85	27.27
591	8/8/85	27.31
592	8/9/85	27.37
593	8/12/85	27.58
594	8/13/85	27.61
595	8/14/85	27.73
596	8/15/85	28.06
597	8/16/85	28.03
598	8/19/85	27.99
599	8/20/85	28.09
600	8/21/85	27.88
601	8/22/85	27.97
602	8/23/85	27.95
603	8/26/85	28.1
604	8/27/85	28.08
605	8/28/85	28.1
606	8/29/85	27.94
607	8/30/85	28.08
608	9/3/85	28.28
609	9/4/85	28.27
610	9/5/85	27.97
611	9/6/85	27.75
612	9/9/85	27.64
613	9/10/85	27.89
614	9/11/85	27.88
615	9/12/85	28.04
616	9/13/85	28.01
617	9/16/85	27.92
618	9/17/85	28.08
619	9/18/85	28.1
620	9/19/85	28.2
621	9/20/85	28.72
622	9/23/85	28.05
623	9/24/85	28.23
624	9/25/85	28.42
625	9/26/85	28.9
626	9/27/85	28.93
627	9/30/85	29.08
628	10/1/85	29.03
629	10/2/85	29.26
630	10/3/85	29.31
631	10/4/85	29
632	10/7/85	29.16
633	10/8/85	29.27
634	10/9/85	28.98
635	10/10/85	28.66
636	10/11/85	28.73
637	10/14/85	29.06
638	10/15/85	29.35
639	10/16/85	29.36
640	10/17/85	29.55
641	10/18/85	29.52
642	10/21/85	29.97
643	10/22/85	30.28
644	10/23/85	29.33
645	10/24/85	29.59
646	10/25/85	29.65
647	10/28/85	30.17
648	10/29/85	30.22
649	10/30/85	30.12
650	10/31/85	30.38
651	11/1/85	30.39
652	11/4/85	30.19
653	11/5/85	29.96
654	11/6/85	30.34
655	11/7/85	30.39
656	11/8/85	30.45
657	11/11/85	30.69
658	11/12/85	30.82
659	11/13/85	31.04
660	11/14/85	31.35
661	11/15/85	30.97
662	11/18/85	30.93
663	11/19/85	31.31
664	11/20/85	31.72
665	11/21/85	30.82
666	11/22/85	30.91
667	11/25/85	31.01
668	11/26/85	30.74
669	11/27/85	29.75
670	12/2/85	29.75
671	12/3/85	29.06
672	12/4/85	28.64
673	12/5/85	28.88
674	12/6/85	28.74
675	12/9/85	27.51
676	12/10/85	25.23
677	12/11/85	26.78
678	12/12/85	27.25
679	12/13/85	27.37
680	12/16/85	27.27
681	12/17/85	26.42
682	12/18/85	26.53
683	12/19/85	26.07
684	12/20/85	25.77
685	12/23/85	25.57
686	12/26/85	26.22
687	12/27/85	26.89
688	12/30/85	26.66
689	12/31/85	26.3
690	1/2/86	25.56
691	1/3/86	25.97
692	1/6/86	26.57
693	1/7/86	26.2
694	1/8/86	25.93
695	1/9/86	25.9
696	1/10/86	25.79
697	1/13/86	25.08
698	1/14/86	24.96
699	1/15/86	25.15
700	1/16/86	24.11
701	1/17/86	23.55
702	1/20/86	21.27
703	1/21/86	20.59
704	1/22/86	20.39
705	1/23/86	19.82
706	1/24/86	19.5
707	1/27/86	20.83
708	1/28/86	20.17
709	1/29/86	19.66
710	1/30/86	19.66
711	1/31/86	18.83
712	2/3/86	17.36
713	2/4/86	15.44
714	2/5/86	16.16
715	2/6/86	16.45
716	2/7/86	17.68
717	2/10/86	16.78
718	2/11/86	16.55
719	2/12/86	15.73
720	2/13/86	16.47
721	2/14/86	16.01
722	2/18/86	14.77
723	2/19/86	15.12
724	2/20/86	14.17
725	2/21/86	13.53
726	2/24/86	15.11
727	2/25/86	14.55
728	2/26/86	14.6
729	2/27/86	13.95
730	2/28/86	13.26
731	3/3/86	12.27
732	3/4/86	11.98
733	3/5/86	12.09
734	3/6/86	13.16
735	3/7/86	12.28
736	3/10/86	12.85
737	3/11/86	13.1
738	3/12/86	14.01
739	3/13/86	12.65
740	3/14/86	12.72
741	3/17/86	13.2
742	3/18/86	13.73
743	3/19/86	13.28
744	3/20/86	12.78
745	3/21/86	13.94
746	3/24/86	12.13
747	3/25/86	12.25
748	3/26/86	12.02
749	3/27/86	11.44
750	3/31/86	10.42
751	4/1/86	11.27
752	4/2/86	11.52
753	4/3/86	11.75
754	4/4/86	12.74
755	4/7/86	14.33
756	4/8/86	12.47
757	4/9/86	13
758	4/10/86	13.48
759	4/11/86	13.61
760	4/14/86	12.97
761	4/15/86	12.7
762	4/16/86	11.43
763	4/17/86	11.83
764	4/18/86	11.92
765	4/21/86	12.57
766	4/22/86	13.2
767	4/23/86	13.21
768	4/24/86	12.98
769	4/25/86	13.39
770	4/28/86	13.36
771	4/29/86	13.51
772	4/30/86	13.34
773	5/1/86	13.81
774	5/2/86	14.73
775	5/5/86	14.33
776	5/6/86	14.32
777	5/7/86	15.21
778	5/8/86	15.74
779	5/9/86	15.86
780	5/12/86	15.77
781	5/13/86	15.89
782	5/14/86	15.51
783	5/15/86	15.68
784	5/16/86	16.16
785	5/19/86	17.16
786	5/20/86	16.04
787	5/21/86	14.82
788	5/22/86	15.16
789	5/23/86	15.59
790	5/27/86	15.1
791	5/28/86	14.83
792	5/29/86	14.54
793	5/30/86	14.3
794	6/2/86	13.81
795	6/3/86	13.87
796	6/4/86	13.1
797	6/5/86	13.23
798	6/6/86	12.76
799	6/9/86	12.63
800	6/10/86	12.56
801	6/11/86	13.49
802	6/12/86	13.66
803	6/13/86	13.81
804	6/16/86	13.66
805	6/17/86	13.74
806	6/18/86	13.65
807	6/19/86	13.76
808	6/20/86	14.69
809	6/23/86	13
810	6/24/86	12.88
811	6/25/86	13.26
812	6/26/86	13.14
813	6/27/86	13.4
814	6/30/86	12.78
815	7/1/86	12.38
816	7/2/86	11.99
817	7/7/86	11.19
818	7/8/86	11.22
819	7/9/86	10.77
820	7/10/86	11.25
821	7/11/86	11.13
822	7/14/86	11.04
823	7/15/86	12.11
824	7/16/86	12.61
825	7/17/86	12.4
826	7/18/86	12.86
827	7/21/86	13.09
828	7/22/86	11.07
829	7/23/86	10.85
830	7/24/86	11.05
831	7/25/86	10.9
832	7/28/86	11.07
833	7/29/86	11.41
834	7/30/86	11.73
835	7/31/86	11.15
836	8/1/86	11.55
837	8/4/86	13.29
838	8/5/86	15.02
839	8/6/86	14.97
840	8/7/86	15.32
841	8/8/86	14.83
842	8/11/86	14.91
843	8/12/86	15.35
844	8/13/86	15.28
845	8/14/86	15.42
846	8/15/86	15.82
847	8/18/86	15.61
848	8/19/86	14.87
849	8/20/86	15.26
850	8/21/86	15.46
851	8/22/86	15.49
852	8/25/86	15.51
853	8/26/86	15.83
854	8/27/86	15.79
855	8/28/86	15.81
856	8/29/86	15.9
857	9/2/86	16.46
858	9/3/86	16.13
859	9/4/86	16.21
860	9/5/86	16.37
861	9/8/86	15.62
862	9/9/86	15.27
863	9/10/86	14.88
864	9/11/86	14.99
865	9/12/86	15.06
866	9/15/86	14.34
867	9/16/86	13.97
868	9/17/86	14
869	9/18/86	14.56
870	9/19/86	14.48
871	9/22/86	13.97
872	9/23/86	14.45
873	9/24/86	14.57
874	9/25/86	14.27
875	9/26/86	14.43
876	9/29/86	14.89
877	9/30/86	14.77
878	10/1/86	15.16
879	10/2/86	15.36
880	10/3/86	14.87
881	10/6/86	14.82
882	10/7/86	15.4
883	10/8/86	15.41
884	10/9/86	15.1
885	10/10/86	14.93
886	10/13/86	14.37
887	10/14/86	14.6
888	10/15/86	14.85
889	10/16/86	14.53
890	10/17/86	14.8
891	10/20/86	15.13
892	10/21/86	15.19
893	10/22/86	15.19
894	10/23/86	15.08
895	10/24/86	15.02
896	10/27/86	14.41
897	10/28/86	14.13
898	10/29/86	13.73
899	10/30/86	15.04
900	10/31/86	15.27
901	11/3/86	14.71
902	11/4/86	14.96
903	11/5/86	14.96
904	11/6/86	15.08
905	11/7/86	15.17
906	11/10/86	15.34
907	11/11/86	15.41
908	11/12/86	15.35
909	11/13/86	15.51
910	11/14/86	15.64
911	11/17/86	15.62
912	11/18/86	15.59
913	11/19/86	15.48
914	11/20/86	15.08
915	11/21/86	15.38
916	11/24/86	14.99
917	11/25/86	14.95
918	11/26/86	15
919	12/1/86	15.31
920	12/2/86	15.19
921	12/3/86	15.12
922	12/4/86	15.2
923	12/5/86	15.13
924	12/8/86	15.03
925	12/9/86	15
926	12/10/86	15.13
927	12/11/86	15.5
928	12/12/86	16.1
929	12/15/86	16.36
930	12/16/86	16.1
931	12/17/86	15.86
932	12/18/86	16.06
933	12/19/86	16.21
934	12/22/86	17.22
935	12/23/86	16.91
936	12/24/86	17.27
937	12/29/86	17.65
938	12/30/86	17.65
939	12/31/86	17.94
940	1/2/87	18.13
941	1/5/87	17.95
942	1/6/87	18.22
943	1/7/87	18.25
944	1/8/87	18.57
945	1/9/87	18.77
946	1/12/87	19.01
947	1/13/87	18.89
948	1/14/87	19.13
949	1/15/87	19.14
950	1/16/87	19.1
951	1/19/87	18.7
952	1/20/87	18.72
953	1/21/87	18.69
954	1/22/87	18.87
955	1/23/87	18.76
956	1/26/87	18.64
957	1/27/87	18.47
958	1/28/87	18.58
959	1/29/87	18.66
960	1/30/87	18.75
961	2/2/87	18.54
962	2/3/87	18.36
963	2/4/87	18.26
964	2/5/87	18.58
965	2/6/87	18.44
966	2/9/87	18.34
967	2/10/87	18.45
968	2/11/87	18.06
969	2/12/87	17.98
970	2/13/87	17.85
971	2/17/87	17.79
972	2/18/87	17.4
973	2/19/87	17.44
974	2/20/87	17.77
975	2/23/87	17.08
976	2/24/87	16.73
977	2/25/87	16.4
978	2/26/87	16.78
979	2/27/87	16.6
980	3/2/87	16.39
981	3/3/87	17.35
982	3/4/87	17.51
983	3/5/87	17.75
984	3/6/87	18.13
985	3/9/87	18.04
986	3/10/87	18.12
987	3/11/87	18.35
988	3/12/87	18.39
989	3/13/87	18.36
990	3/16/87	18.64
991	3/17/87	18.87
992	3/18/87	18.69
993	3/19/87	18.6
994	3/20/87	18.67
995	3/23/87	18.27
996	3/24/87	18.71
997	3/25/87	18.47
998	3/26/87	18.63
999	3/27/87	18.62
1000	3/30/87	18.69
1001	3/31/87	18.83
1002	4/1/87	18.78
1003	4/2/87	18.91
1004	4/3/87	18.7
1005	4/6/87	18.67
1006	4/7/87	18.84
1007	4/8/87	18.65
1008	4/9/87	18.59
1009	4/10/87	18.11
1010	4/13/87	18.01
1011	4/14/87	17.98
1012	4/15/87	18.47
1013	4/16/87	18.64
1014	4/20/87	18.65
1015	4/21/87	19.03
1016	4/22/87	18.39
1017	4/23/87	18.59
1018	4/24/87	18.68
1019	4/27/87	18.83
1020	4/28/87	18.84
1021	4/29/87	18.6
1022	4/30/87	18.73
1023	5/1/87	18.83
1024	5/4/87	18.92
1025	5/5/87	19.05
1026	5/6/87	19.23
1027	5/7/87	19.13
1028	5/8/87	19.26
1029	5/11/87	19.41
1030	5/12/87	19.27
1031	5/13/87	19.41
1032	5/14/87	19.56
1033	5/15/87	19.8
1034	5/18/87	19.89
1035	5/19/87	19.87
1036	5/20/87	19.03
1037	5/21/87	19.24
1038	5/22/87	19.35
1039	5/26/87	19.42
1040	5/27/87	19.37
1041	5/28/87	19.26
1042	5/29/87	19.38
1043	6/1/87	19.56
1044	6/2/87	19.69
1045	6/3/87	19.86
1046	6/4/87	19.81
1047	6/5/87	19.79
1048	6/8/87	19.9
1049	6/9/87	19.82
1050	6/10/87	19.82
1051	6/11/87	19.85
1052	6/12/87	19.91
1053	6/15/87	20.06
1054	6/16/87	20.27
1055	6/17/87	20.39
1056	6/18/87	20.52
1057	6/19/87	20.66
1058	6/22/87	20.48
1059	6/23/87	19.57
1060	6/24/87	19.4
1061	6/25/87	19.64
1062	6/26/87	20.24
1063	6/29/87	20.35
1064	6/30/87	20.29
1065	7/1/87	20.48
1066	7/2/87	20.61
1067	7/6/87	20.93
1068	7/7/87	20.74
1069	7/8/87	20.88
1070	7/9/87	21.23
1071	7/10/87	21.33
1072	7/13/87	21.4
1073	7/14/87	21.58
1074	7/15/87	22.15
1075	7/16/87	22.34
1076	7/17/87	22.39
1077	7/20/87	22.2
1078	7/21/87	21.7
1079	7/22/87	21.55
1080	7/23/87	21.23
1081	7/24/87	20.57
1082	7/27/87	20.49
1083	7/28/87	21.32
1084	7/29/87	21.44
1085	7/30/87	21.36
1086	7/31/87	21.37
1087	8/3/87	22.16
1088	8/4/87	21.97
1089	8/5/87	21.29
1090	8/6/87	21.14
1091	8/7/87	20.99
1092	8/10/87	20.73
1093	8/11/87	20.99
1094	8/12/87	20.99
1095	8/13/87	20.77
1096	8/14/87	20.57
1097	8/17/87	19.83
1098	8/18/87	19.9
1099	8/19/87	19.63
1100	8/20/87	19.42
1101	8/21/87	18.9
1102	8/24/87	18.6
1103	8/25/87	18.64
1104	8/26/87	19.46
1105	8/27/87	19.64
1106	8/28/87	19.39
1107	8/31/87	19.73
1108	9/1/87	19.63
1109	9/2/87	19.64
1110	9/3/87	19.5
1111	9/4/87	19.32
1112	9/8/87	18.94
1113	9/9/87	19.38
1114	9/10/87	19.67
1115	9/11/87	19.4
1116	9/14/87	19.61
1117	9/15/87	19.7
1118	9/16/87	19.73
1119	9/17/87	19.56
1120	9/18/87	19.55
1121	9/21/87	19.73
1122	9/22/87	19.25
1123	9/23/87	19.68
1124	9/24/87	19.65
1125	9/25/87	19.46
1126	9/28/87	19.45
1127	9/29/87	19.54
1128	9/30/87	19.59
1129	10/1/87	19.62
1130	10/2/87	19.86
1131	10/5/87	19.82
1132	10/6/87	19.44
1133	10/7/87	19.66
1134	10/8/87	19.59
1135	10/9/87	19.7
1136	10/12/87	19.65
1137	10/13/87	19.7
1138	10/14/87	19.77
1139	10/15/87	19.75
1140	10/16/87	20.22
1141	10/19/87	19.8
1142	10/20/87	19.87
1143	10/21/87	20.05
1144	10/22/87	20.2
1145	10/23/87	20.16
1146	10/26/87	19.99
1147	10/27/87	20.12
1148	10/28/87	20.08
1149	10/29/87	19.97
1150	10/30/87	19.96
1151	11/2/87	19.62
1152	11/3/87	19.49
1153	11/4/87	19.07
1154	11/5/87	18.98
1155	11/6/87	18.8
1156	11/9/87	18.63
1157	11/10/87	18.94
1158	11/11/87	18.9
1159	11/12/87	18.91
1160	11/13/87	18.93
1161	11/16/87	18.65
1162	11/17/87	18.4
1163	11/18/87	18.64
1164	11/19/87	18.57
1165	11/20/87	18.93
1166	11/23/87	18.78
1167	11/24/87	18.71
1168	11/25/87	18.62
1169	11/30/87	18.51
1170	12/1/87	18.46
1171	12/2/87	18.56
1172	12/3/87	18.87
1173	12/4/87	18.74
1174	12/7/87	18.25
1175	12/8/87	18.08
1176	12/9/87	18.55
1177	12/10/87	18.51
1178	12/11/87	18.31
1179	12/14/87	17.44
1180	12/15/87	16.63
1181	12/16/87	15.96
1182	12/17/87	15.84
1183	12/18/87	15.58
1184	12/21/87	15.16
1185	12/22/87	16.61
1186	12/23/87	16.64
1187	12/24/87	16.52
1188	12/28/87	16.42
1189	12/29/87	16.93
1190	12/30/87	16.89
1191	12/31/87	16.7
1192	1/4/88	17.69
1193	1/5/88	17.85
1194	1/6/88	17.82
1195	1/7/88	17.39
1196	1/8/88	17.31
1197	1/11/88	16.75
1198	1/12/88	16.63
1199	1/13/88	16.59
1200	1/14/88	17.21
1201	1/15/88	16.95
1202	1/18/88	17.33
1203	1/19/88	17.35
1204	1/20/88	17.25
1205	1/21/88	17.18
1206	1/22/88	17.01
1207	1/25/88	17.09
1208	1/26/88	17.04
1209	1/27/88	16.71
1210	1/28/88	16.96
1211	1/29/88	16.94
1212	2/1/88	16.82
1213	2/2/88	16.94
1214	2/3/88	17.14
1215	2/4/88	17.14
1216	2/5/88	17.28
1217	2/8/88	17.66
1218	2/9/88	17.42
1219	2/10/88	17.13
1220	2/11/88	17.11
1221	2/12/88	16.75
1222	2/16/88	16.67
1223	2/17/88	16.61
1224	2/18/88	16.45
1225	2/19/88	16.7
1226	2/22/88	16.62
1227	2/23/88	16.6
1228	2/24/88	16.46
1229	2/25/88	15.92
1230	2/26/88	15.78
1231	2/29/88	16.01
1232	3/1/88	15.72
1233	3/2/88	15.67
1234	3/3/88	15.5
1235	3/4/88	15.59
1236	3/7/88	15.37
1237	3/8/88	15.45
1238	3/9/88	15.49
1239	3/10/88	16
1240	3/11/88	16.29
1241	3/14/88	15.59
1242	3/15/88	15.68
1243	3/16/88	16
1244	3/17/88	16.28
1245	3/18/88	16.58
1246	3/21/88	16.49
1247	3/22/88	16.09
1248	3/23/88	16.86
1249	3/24/88	16.96
1250	3/25/88	17.03
1251	3/28/88	17.1
1252	3/29/88	16.98
1253	3/30/88	17.08
1254	3/31/88	17.08
1255	4/4/88	17.01
1256	4/5/88	16.79
1257	4/6/88	16.81
1258	4/7/88	17.06
1259	4/8/88	16.88
1260	4/11/88	17.89
1261	4/12/88	18.09
1262	4/13/88	18.12
1263	4/14/88	18.3
1264	4/15/88	18.37
1265	4/18/88	18.52
1266	4/19/88	18.03
1267	4/20/88	17.74
1268	4/21/88	18.36
1269	4/22/88	18.3
1270	4/25/88	18.4
1271	4/26/88	18.6
1272	4/27/88	18.27
1273	4/28/88	17.98
1274	4/29/88	17.99
1275	5/2/88	17.14
1276	5/3/88	17.37
1277	5/4/88	17.2
1278	5/5/88	17.39
1279	5/6/88	17.74
1280	5/9/88	17.54
1281	5/10/88	17.46
1282	5/11/88	17.49
1283	5/12/88	17.48
1284	5/13/88	17.49
1285	5/16/88	17.66
1286	5/17/88	17.76
1287	5/18/88	17.43
1288	5/19/88	17.45
1289	5/20/88	17.17
1290	5/23/88	17.35
1291	5/24/88	17.4
1292	5/25/88	17.37
1293	5/26/88	17.54
1294	5/27/88	17.43
1295	5/31/88	17.51
1296	6/1/88	17.58
1297	6/2/88	17.65
1298	6/3/88	17.5
1299	6/6/88	17.26
1300	6/7/88	17.37
1301	6/8/88	17.33
1302	6/9/88	17.07
1303	6/10/88	16.73
1304	6/13/88	16.43
1305	6/14/88	16.83
1306	6/15/88	16.53
1307	6/16/88	16.66
1308	6/17/88	16.45
1309	6/20/88	16
1310	6/21/88	15.89
1311	6/22/88	16.44
1312	6/23/88	16.37
1313	6/24/88	16.01
1314	6/27/88	15.86
1315	6/28/88	15.78
1316	6/29/88	15.43
1317	6/30/88	15.16
1318	7/1/88	14.94
1319	7/5/88	15.09
1320	7/6/88	15.36
1321	7/7/88	15.83
1322	7/8/88	15.46
1323	7/11/88	14.78
1324	7/12/88	14.72
1325	7/13/88	14.44
1326	7/14/88	14.76
1327	7/15/88	14.86
1328	7/18/88	15.7
1329	7/19/88	15.23
1330	7/20/88	15.66
1331	7/21/88	16.39
1332	7/22/88	16.38
1333	7/25/88	16.05
1334	7/26/88	15.96
1335	7/27/88	16.16
1336	7/28/88	16.15
1337	7/29/88	16.31
1338	8/1/88	16.08
1339	8/2/88	15.61
1340	8/3/88	15.26
1341	8/4/88	15.03
1342	8/5/88	15.26
1343	8/8/88	15.87
1344	8/9/88	15.68
1345	8/10/88	15.71
1346	8/11/88	15.76
1347	8/12/88	15.52
1348	8/15/88	15.61
1349	8/16/88	15.49
1350	8/17/88	15.47
1351	8/18/88	15.57
1352	8/19/88	15.73
1353	8/22/88	15.76
1354	8/23/88	15.7
1355	8/24/88	15.68
1356	8/25/88	15.31
1357	8/26/88	15.34
1358	8/29/88	15.22
1359	8/30/88	15.27
1360	8/31/88	15.18
1361	9/1/88	15.08
1362	9/2/88	14.79
1363	9/6/88	14.24
1364	9/7/88	14.16
1365	9/8/88	14.48
1366	9/9/88	14.18
1367	9/12/88	14.49
1368	9/13/88	14.56
1369	9/14/88	15.4
1370	9/15/88	14.9
1371	9/16/88	14.57
1372	9/19/88	14.73
1373	9/20/88	15.04
1374	9/21/88	14.56
1375	9/22/88	14.65
1376	9/23/88	14.18
1377	9/26/88	14.2
1378	9/27/88	14.14
1379	9/28/88	14.11
1380	9/29/88	13.92
1381	9/30/88	13.37
1382	10/3/88	13.06
1383	10/4/88	13.07
1384	10/5/88	12.6
1385	10/6/88	12.66
1386	10/7/88	12.94
1387	10/10/88	13.6
1388	10/11/88	13.55
1389	10/12/88	14.11
1390	10/13/88	14.21
1391	10/14/88	14.92
1392	10/17/88	15.21
1393	10/18/88	14.61
1394	10/19/88	15.4
1395	10/20/88	14.6
1396	10/21/88	14.37
1397	10/24/88	13.17
1398	10/25/88	13.26
1399	10/26/88	13.41
1400	10/27/88	13.68
1401	10/28/88	13.85
1402	10/31/88	13.58
1403	11/1/88	13.44
1404	11/2/88	13.75
1405	11/3/88	13.9
1406	11/4/88	14.04
1407	11/7/88	14.06
1408	11/8/88	13.8
1409	11/9/88	13.86
1410	11/10/88	13.98
1411	11/11/88	13.95
1412	11/14/88	14.27
1413	11/15/88	13.9
1414	11/16/88	13.67
1415	11/17/88	13.29
1416	11/18/88	13.6
1417	11/21/88	12.98
1418	11/22/88	13.86
1419	11/23/88	13.97
1420	11/28/88	15.03
1421	11/29/88	14.92
1422	11/30/88	15.32
1423	12/1/88	15.61
1424	12/2/88	15.64
1425	12/5/88	15.34
1426	12/6/88	15.46
1427	12/7/88	15.74
1428	12/8/88	15.44
1429	12/9/88	15.84
1430	12/12/88	16.06
1431	12/13/88	16
1432	12/14/88	16.37
1433	12/15/88	16.35
1434	12/16/88	16.72
1435	12/19/88	16.31
1436	12/20/88	17.73
1437	12/21/88	16.3
1438	12/22/88	16.49
1439	12/23/88	16.61
1440	12/27/88	16.95
1441	12/28/88	16.97
1442	12/29/88	16.77
1443	12/30/88	17.24
1444	1/3/89	17.36
1445	1/4/89	17.08
1446	1/5/89	17.42
1447	1/6/89	17.55
1448	1/9/89	17.72
1449	1/10/89	17.69
1450	1/11/89	18.14
1451	1/12/89	18.17
1452	1/13/89	18.48
1453	1/16/89	18.88
1454	1/17/89	18.95
1455	1/18/89	19.26
1456	1/19/89	19.28
1457	1/20/89	18.86
1458	1/23/89	17.33
1459	1/24/89	17.54
1460	1/25/89	18.12
1461	1/26/89	17.72
1462	1/27/89	17.74
1463	1/30/89	17.29
1464	1/31/89	17.03
1465	2/1/89	17.51
1466	2/2/89	17.73
1467	2/3/89	17.53
1468	2/6/89	17.38
1469	2/7/89	17.7
1470	2/8/89	17.49
1471	2/9/89	17.39
1472	2/10/89	17.11
1473	2/13/89	17.59
1474	2/14/89	17.42
1475	2/15/89	18.25
1476	2/16/89	18.33
1477	2/17/89	18.56
1478	2/21/89	18.59
1479	2/22/89	17.84
1480	2/23/89	17.83
1481	2/24/89	18.07
1482	2/27/89	18.14
1483	2/28/89	18.15
1484	3/1/89	18.28
1485	3/2/89	18.72
1486	3/3/89	18.56
1487	3/6/89	18.67
1488	3/7/89	18.3
1489	3/8/89	18.54
1490	3/9/89	18.52
1491	3/10/89	18.5
1492	3/13/89	19.03
1493	3/14/89	19.29
1494	3/15/89	19.77
1495	3/16/89	19.84
1496	3/17/89	20.33
1497	3/20/89	19.51
1498	3/21/89	20.05
1499	3/22/89	20.04
1500	3/23/89	20.15
1501	3/27/89	20.53
1502	3/28/89	19.91
1503	3/29/89	20.2
1504	3/30/89	20.81
1505	3/31/89	20.19
1506	4/3/89	19.95
1507	4/4/89	20.42
1508	4/5/89	19.99
1509	4/6/89	19.8
1510	4/7/89	20.02
1511	4/10/89	20.59
1512	4/11/89	20.63
1513	4/12/89	20.64
1514	4/13/89	20.29
1515	4/14/89	20.69
1516	4/17/89	21.22
1517	4/18/89	21.51
1518	4/19/89	22.61
1519	4/20/89	24.65
1520	4/21/89	21.32
1521	4/24/89	20.61
1522	4/25/89	21.41
1523	4/26/89	21.19
1524	4/27/89	20.92
1525	4/28/89	20.42
1526	5/1/89	20.66
1527	5/2/89	19.8
1528	5/3/89	20.1
1529	5/4/89	20.58
1530	5/5/89	20.02
1531	5/8/89	19.44
1532	5/9/89	19.76
1533	5/10/89	19.52
1534	5/11/89	20.06
1535	5/12/89	20.09
1536	5/15/89	20.51
1537	5/16/89	20.7
1538	5/17/89	20.13
1539	5/18/89	20.2
1540	5/19/89	20.6
1541	5/22/89	20.93
1542	5/23/89	19.04
1543	5/24/89	19.66
1544	5/25/89	19.48
1545	5/26/89	19.52
1546	5/30/89	19.95
1547	5/31/89	19.9
1548	6/1/89	19.81
1549	6/2/89	20.14
1550	6/5/89	20.52
1551	6/6/89	20.46
1552	6/7/89	19.67
1553	6/8/89	20
1554	6/9/89	19.88
1555	6/12/89	19.26
1556	6/13/89	19.34
1557	6/14/89	20.23
1558	6/15/89	20.57
1559	6/16/89	19.95
1560	6/19/89	20.86
1561	6/20/89	19.53
1562	6/21/89	19.31
1563	6/22/89	19.3
1564	6/23/89	19.71
1565	6/26/89	20.25
1566	6/27/89	20.48
1567	6/28/89	20.03
1568	6/29/89	20.26
1569	6/30/89	20.27
1570	7/5/89	20.79
1571	7/6/89	20.3
1572	7/7/89	20.75
1573	7/10/89	20.36
1574	7/11/89	20.53
1575	7/12/89	20.15
1576	7/13/89	20.35
1577	7/14/89	20.32
1578	7/17/89	20.45
1579	7/18/89	20.34
1580	7/19/89	19.85
1581	7/20/89	19.9
1582	7/21/89	19.51
1583	7/24/89	18.74
1584	7/25/89	18.54
1585	7/26/89	18.3
1586	7/27/89	18.12
1587	7/28/89	17.93
1588	7/31/89	18.31
1589	8/1/89	18.03
1590	8/2/89	18.28
1591	8/3/89	18.21
1592	8/4/89	18.03
1593	8/7/89	17.91
1594	8/8/89	18.12
1595	8/9/89	18.21
1596	8/10/89	18.59
1597	8/11/89	18.48
1598	8/14/89	18.58
1599	8/15/89	18.68
1600	8/16/89	18.97
1601	8/17/89	18.68
1602	8/18/89	18.8
1603	8/21/89	19.08
1604	8/22/89	19.08
1605	8/23/89	18.8
1606	8/24/89	18.61
1607	8/25/89	18.51
1608	8/28/89	18.64
1609	8/29/89	18.64
1610	8/30/89	18.83
1611	8/31/89	18.83
1612	9/1/89	18.85
1613	9/5/89	19.05
1614	9/6/89	19.28
1615	9/7/89	19.41
1616	9/8/89	19.75
1617	9/11/89	19.76
1618	9/12/89	19.7
1619	9/13/89	19.86
1620	9/14/89	19.72
1621	9/15/89	19.96
1622	9/18/89	19.88
1623	9/19/89	19.56
1624	9/20/89	19.64
1625	9/21/89	19.62
1626	9/22/89	19.28
1627	9/25/89	19.46
1628	9/26/89	19.53
1629	9/27/89	19.59
1630	9/28/89	19.86
1631	9/29/89	20.13
1632	10/2/89	20.01
1633	10/3/89	20.13
1634	10/4/89	20.15
1635	10/5/89	19.96
1636	10/6/89	19.87
1637	10/9/89	20.02
1638	10/10/89	20.17
1639	10/11/89	20.25
1640	10/12/89	20.47
1641	10/13/89	20.89
1642	10/16/89	20.59
1643	10/17/89	20.75
1644	10/18/89	20.56
1645	10/19/89	20.42
1646	10/20/89	19.98
1647	10/23/89	19.76
1648	10/24/89	19.72
1649	10/25/89	19.62
1650	10/26/89	19.38
1651	10/27/89	19.77
1652	10/30/89	19.72
1653	10/31/89	19.94
1654	11/1/89	20.07
1655	11/2/89	20.01
1656	11/3/89	20.21
1657	11/6/89	20.1
1658	11/7/89	20.02
1659	11/8/89	19.87
1660	11/9/89	19.92
1661	11/10/89	19.84
1662	11/13/89	19.59
1663	11/14/89	19.5
1664	11/15/89	19.67
1665	11/16/89	19.86
1666	11/17/89	19.91
1667	11/20/89	19.99
1668	11/21/89	19.96
1669	11/22/89	19.82
1670	11/24/89	19.82
1671	11/27/89	19.63
1672	11/28/89	19.25
1673	11/29/89	19.4
1674	11/30/89	19.89
1675	12/1/89	20.3
1676	12/4/89	20.25
1677	12/5/89	20.34
1678	12/6/89	20.47
1679	12/7/89	20.51
1680	12/8/89	20.48
1681	12/11/89	20.7
1682	12/12/89	20.65
1683	12/13/89	20.77
1684	12/14/89	20.65
1685	12/15/89	21.1
1686	12/18/89	22.22
1687	12/19/89	22.33
1688	12/20/89	21.21
1689	12/21/89	21.52
1690	12/22/89	21.29
1691	12/26/89	21.91
1692	12/27/89	21.78
1693	12/28/89	21.5
1694	12/29/89	21.82
1695	1/2/90	22.89
1696	1/3/90	23.68
1697	1/4/90	23.41
1698	1/5/90	23.08
1699	1/8/90	21.62
1700	1/9/90	22.07
1701	1/10/90	22.9
1702	1/11/90	23.14
1703	1/12/90	23.13
1704	1/15/90	22.36
1705	1/16/90	22.78
1706	1/17/90	22.1
1707	1/18/90	22.76
1708	1/19/90	23.67
1709	1/22/90	22.55
1710	1/23/90	21.6
1711	1/24/90	21.59
1712	1/25/90	22.24
1713	1/26/90	22.56
1714	1/29/90	22.8
1715	1/30/90	22.46
1716	1/31/90	22.68
1717	2/1/90	22.7
1718	2/2/90	23.02
1719	2/5/90	22.39
1720	2/6/90	22.51
1721	2/7/90	22.32
1722	2/8/90	22.09
1723	2/9/90	21.74
1724	2/12/90	22.03
1725	2/13/90	21.9
1726	2/14/90	22.07
1727	2/15/90	22.84
1728	2/16/90	22.42
1729	2/20/90	22.19
1730	2/21/90	21.74
1731	2/22/90	21.75
1732	2/23/90	21.42
1733	2/26/90	21.79
1734	2/27/90	21.58
1735	2/28/90	21.54
1736	3/1/90	21.17
1737	3/2/90	21.35
1738	3/5/90	21.58
1739	3/6/90	21.3
1740	3/7/90	20.93
1741	3/8/90	20.78
1742	3/9/90	20.43
1743	3/12/90	20.24
1744	3/13/90	20.22
1745	3/14/90	20.05
1746	3/15/90	20.38
1747	3/16/90	20.07
1748	3/19/90	19.6
1749	3/20/90	19.28
1750	3/21/90	19.96
1751	3/22/90	20
1752	3/23/90	20.39
1753	3/26/90	20.46
1754	3/27/90	20.48
1755	3/28/90	20.08
1756	3/29/90	20.03
1757	3/30/90	20.28
1758	4/2/90	20.48
1759	4/3/90	20.3
1760	4/4/90	19.78
1761	4/5/90	19.43
1762	4/6/90	19.15
1763	4/9/90	18.44
1764	4/10/90	17.68
1765	4/11/90	18.06
1766	4/12/90	17.78
1767	4/16/90	17.85
1768	4/17/90	17.44
1769	4/18/90	16.96
1770	4/19/90	18.06
1771	4/20/90	17.95
1772	4/23/90	19.07
1773	4/24/90	19
1774	4/25/90	18.66
1775	4/26/90	18.47
1776	4/27/90	18.54
1777	4/30/90	18.54
1778	5/1/90	18.81
1779	5/2/90	18.68
1780	5/3/90	17.99
1781	5/4/90	17.98
1782	5/7/90	18.27
1783	5/8/90	18.28
1784	5/9/90	18.99
1785	5/10/90	19.02
1786	5/11/90	18.95
1787	5/14/90	19.71
1788	5/15/90	19.59
1789	5/16/90	19.03
1790	5/17/90	18.87
1791	5/18/90	18.73
1792	5/21/90	18.26
1793	5/22/90	17.68
1794	5/23/90	18.14
1795	5/24/90	17.83
1796	5/25/90	17.8
1797	5/29/90	17.98
1798	5/30/90	18.08
1799	5/31/90	17.4
1800	6/1/90	17.5
1801	6/4/90	17.14
1802	6/5/90	16.68
1803	6/6/90	16.92
1804	6/7/90	16.67
1805	6/8/90	16.78
1806	6/11/90	16.82
1807	6/12/90	17.51
1808	6/13/90	17.58
1809	6/14/90	17.13
1810	6/15/90	16.62
1811	6/18/90	15.94
1812	6/19/90	15.65
1813	6/20/90	15.3
1814	6/21/90	16.94
1815	6/22/90	17.46
1816	6/25/90	17.38
1817	6/26/90	17.14
1818	6/27/90	16.68
1819	6/28/90	17.15
1820	6/29/90	17.07
1821	7/2/90	16.72
1822	7/3/90	16.8
1823	7/5/90	16.5
1824	7/6/90	16.47
1825	7/9/90	16.58
1826	7/10/90	16.94
1827	7/11/90	17.47
1828	7/12/90	18.46
1829	7/13/90	18.36
1830	7/16/90	18.67
1831	7/17/90	18.65
1832	7/18/90	18.55
1833	7/19/90	18.99
1834	7/20/90	19.61
1835	7/23/90	20.5
1836	7/24/90	20.56
1837	7/25/90	20.38
1838	7/26/90	20.3
1839	7/27/90	20.04
1840	7/30/90	20.21
1841	7/31/90	20.69
1842	8/1/90	21.54
1843	8/2/90	23.11
1844	8/3/90	24.49
1845	8/6/90	28.05
1846	8/7/90	28.31
1847	8/8/90	25.96
1848	8/9/90	25.67
1849	8/10/90	26.23
1850	8/13/90	26.23
1851	8/14/90	26.42
1852	8/15/90	26.46
1853	8/16/90	27.36
1854	8/17/90	28.63
1855	8/20/90	28.56
1856	8/21/90	28.41
1857	8/22/90	31.22
1858	8/23/90	31.93
1859	8/24/90	30.91
1860	8/27/90	26.91
1861	8/28/90	27.88
1862	8/29/90	25.92
1863	8/30/90	26.77
1864	8/31/90	27.32
1865	9/4/90	29.12
1866	9/5/90	29.77
1867	9/6/90	31.43
1868	9/7/90	30.04
1869	9/10/90	31.3
1870	9/11/90	30.76
1871	9/12/90	30.97
1872	9/13/90	31.07
1873	9/14/90	31.76
1874	9/17/90	33.63
1875	9/18/90	33.41
1876	9/19/90	33.18
1877	9/20/90	34.71
1878	9/21/90	35.43
1879	9/24/90	38.25
1880	9/25/90	37.53
1881	9/26/90	38.67
1882	9/27/90	39.54
1883	9/28/90	39.51
1884	10/1/90	37.09
1885	10/2/90	33.95
1886	10/3/90	37.32
1887	10/4/90	36.93
1888	10/5/90	37.99
1889	10/8/90	38.95
1890	10/9/90	40.4
1891	10/10/90	38.69
1892	10/11/90	40.42
1893	10/12/90	39.69
1894	10/15/90	37.95
1895	10/16/90	38.89
1896	10/17/90	36.72
1897	10/18/90	36.8
1898	10/19/90	33.79
1899	10/22/90	28.38
1900	10/23/90	29.37
1901	10/24/90	31.08
1902	10/25/90	34.25
1903	10/26/90	33.01
1904	10/29/90	34.68
1905	10/30/90	34.54
1906	10/31/90	35.23
1907	11/1/90	35.17
1908	11/2/90	34
1909	11/5/90	31.96
1910	11/6/90	32.63
1911	11/7/90	35.31
1912	11/8/90	35.53
1913	11/9/90	33.89
1914	11/12/90	31.87
1915	11/13/90	33.12
1916	11/14/90	31.16
1917	11/15/90	31.12
1918	11/16/90	29.78
1919	11/19/90	31.5
1920	11/20/90	28.91
1921	11/21/90	29.63
1922	11/23/90	31.9
1923	11/26/90	32.95
1924	11/27/90	32.86
1925	11/28/90	33.28
1926	11/29/90	32.91
1927	11/30/90	28.85
1928	12/3/90	29.15
1929	12/4/90	30.66
1930	12/5/90	27.29
1931	12/6/90	26.4
1932	12/7/90	26.58
1933	12/10/90	26.9
1934	12/11/90	26.41
1935	12/12/90	25.35
1936	12/13/90	26.42
1937	12/14/90	26.55
1938	12/17/90	27.05
1939	12/18/90	27.86
1940	12/19/90	26.93
1941	12/20/90	26.39
1942	12/21/90	25.92
1943	12/26/90	27.22
1944	12/27/90	27.01
1945	12/28/90	27.57
1946	12/31/90	28.44
1947	1/2/91	26.49
1948	1/3/91	25.48
1949	1/4/91	24.9
1950	1/7/91	27.65
1951	1/8/91	27.17
1952	1/9/91	27.26
1953	1/10/91	27.71
1954	1/11/91	27.29
1955	1/14/91	30.78
1956	1/15/91	30.07
1957	1/16/91	32
1958	1/17/91	21.44
1959	1/18/91	19.25
1960	1/21/91	21.3
1961	1/22/91	24.18
1962	1/23/91	22.04
1963	1/24/91	21.71
1964	1/25/91	21.35
1965	1/28/91	20.96
1966	1/29/91	21.85
1967	1/30/91	20.97
1968	1/31/91	21.54
1969	2/1/91	21.34
1970	2/4/91	21.14
1971	2/5/91	20.66
1972	2/6/91	21.49
1973	2/7/91	21.22
1974	2/8/91	21.92
1975	2/11/91	22.47
1976	2/12/91	22.93
1977	2/13/91	22.56
1978	2/14/91	22.32
1979	2/15/91	20.88
1980	2/19/91	20.07
1981	2/20/91	20.48
1982	2/21/91	18.5
1983	2/22/91	17.91
1984	2/25/91	17.94
1985	2/26/91	18.37
1986	2/27/91	18.86
1987	2/28/91	19.16
1988	3/1/91	19.38
1989	3/4/91	20.25
1990	3/5/91	20.43
1991	3/6/91	19.73
1992	3/7/91	19.42
1993	3/8/91	19.31
1994	3/11/91	18.99
1995	3/12/91	19.68
1996	3/13/91	20.45
1997	3/14/91	20.27
1998	3/15/91	20.01
1999	3/18/91	19.76
2000	3/19/91	20.61
2001	3/20/91	20.38
2002	3/21/91	20.49
2003	3/22/91	20.1
2004	3/25/91	19.62
2005	3/26/91	19.76
2006	3/27/91	19.41
2007	3/28/91	19.63
2008	4/1/91	19.29
2009	4/2/91	19.7
2010	4/3/91	19.47
2011	4/4/91	19.98
2012	4/5/91	19.96
2013	4/8/91	20.31
2014	4/9/91	20.26
2015	4/10/91	21.05
2016	4/11/91	20.89
2017	4/12/91	21.48
2018	4/15/91	21.91
2019	4/16/91	21.64
2020	4/17/91	21.71
2021	4/18/91	21.08
2022	4/19/91	21.13
2023	4/22/91	21.62
2024	4/23/91	20.88
2025	4/24/91	20.94
2026	4/25/91	21.15
2027	4/26/91	21.28
2028	4/29/91	21.26
2029	4/30/91	20.96
2030	5/1/91	21.25
2031	5/2/91	21.17
2032	5/3/91	21.37
2033	5/6/91	21.68
2034	5/7/91	21.63
2035	5/8/91	21.78
2036	5/9/91	21.93
2037	5/10/91	21.27
2038	5/13/91	20.91
2039	5/14/91	20.74
2040	5/15/91	20.92
2041	5/16/91	20.89
2042	5/17/91	21.18
2043	5/20/91	21.37
2044	5/21/91	21.4
2045	5/22/91	20.83
2046	5/23/91	21.02
2047	5/24/91	21.19
2048	5/28/91	21.33
2049	5/29/91	21.11
2050	5/30/91	21.32
2051	5/31/91	21.13
2052	6/3/91	21.13
2053	6/4/91	21.02
2054	6/5/91	20.47
2055	6/6/91	20.33
2056	6/7/91	20.28
2057	6/10/91	19.84
2058	6/11/91	19.96
2059	6/12/91	20.05
2060	6/13/91	19.71
2061	6/14/91	19.67
2062	6/17/91	19.94
2063	6/18/91	20.13
2064	6/19/91	19.99
2065	6/20/91	20.15
2066	6/21/91	20.23
2067	6/24/91	19.98
2068	6/25/91	20.05
2069	6/26/91	20.08
2070	6/27/91	20.48
2071	6/28/91	20.56
2072	7/1/91	20.76
2073	7/2/91	20.82
2074	7/3/91	20.67
2075	7/5/91	20.89
2076	7/8/91	21.24
2077	7/9/91	21.29
2078	7/10/91	21.43
2079	7/11/91	21.29
2080	7/12/91	21.72
2081	7/15/91	21.47
2082	7/16/91	21.65
2083	7/17/91	22.14
2084	7/18/91	21.94
2085	7/19/91	22.16
2086	7/22/91	21.72
2087	7/23/91	21.32
2088	7/24/91	21.52
2089	7/25/91	21.46
2090	7/26/91	21.48
2091	7/29/91	21.35
2092	7/30/91	21.42
2093	7/31/91	21.68
2094	8/1/91	21.27
2095	8/2/91	21.32
2096	8/5/91	21.47
2097	8/6/91	21.37
2098	8/7/91	21.36
2099	8/8/91	21.58
2100	8/9/91	21.62
2101	8/12/91	21.69
2102	8/13/91	21.58
2103	8/14/91	21.27
2104	8/15/91	21.44
2105	8/16/91	21.3
2106	8/19/91	22.47
2107	8/20/91	22.27
2108	8/21/91	21.55
2109	8/22/91	21.72
2110	8/23/91	21.81
2111	8/26/91	21.97
2112	8/27/91	21.98
2113	8/28/91	21.74
2114	8/29/91	21.97
2115	8/30/91	22.26
2116	9/3/91	22.24
2117	9/4/91	21.81
2118	9/5/91	21.69
2119	9/6/91	21.57
2120	9/9/91	21.33
2121	9/10/91	21.41
2122	9/11/91	21.64
2123	9/12/91	21.53
2124	9/13/91	21.68
2125	9/16/91	21.82
2126	9/17/91	21.62
2127	9/18/91	21.84
2128	9/19/91	21.76
2129	9/20/91	21.97
2130	9/23/91	22.07
2131	9/24/91	22.19
2132	9/25/91	22.21
2133	9/26/91	22.21
2134	9/27/91	22.32
2135	9/30/91	22.23
2136	10/1/91	22.22
2137	10/2/91	22.33
2138	10/3/91	22.67
2139	10/4/91	22.61
2140	10/7/91	22.98
2141	10/8/91	22.99
2142	10/9/91	23.16
2143	10/10/91	22.98
2144	10/11/91	23.09
2145	10/14/91	23.46
2146	10/15/91	23.86
2147	10/16/91	23.67
2148	10/17/91	23.93
2149	10/18/91	24.14
2150	10/21/91	24.04
2151	10/22/91	23.48
2152	10/23/91	23.26
2153	10/24/91	23.49
2154	10/25/91	23.12
2155	10/28/91	23.21
2156	10/29/91	23.11
2157	10/30/91	23.11
2158	10/31/91	23.37
2159	11/1/91	23.82
2160	11/4/91	23.8
2161	11/5/91	23.78
2162	11/6/91	23.4
2163	11/7/91	23.2
2164	11/8/91	23.01
2165	11/11/91	22.58
2166	11/12/91	22.5
2167	11/13/91	22.35
2168	11/14/91	22.52
2169	11/15/91	22.79
2170	11/18/91	22.4
2171	11/19/91	22
2172	11/20/91	22.22
2173	11/21/91	21.78
2174	11/22/91	21.21
2175	11/25/91	21.42
2176	11/26/91	21.02
2177	11/27/91	21.35
2178	11/29/91	21.48
2179	12/2/91	21.08
2180	12/3/91	20.51
2181	12/4/91	20.76
2182	12/5/91	20.39
2183	12/6/91	20.04
2184	12/9/91	19.42
2185	12/10/91	19.41
2186	12/11/91	19.51
2187	12/12/91	19.96
2188	12/13/91	20.05
2189	12/16/91	19.76
2190	12/17/91	19.45
2191	12/18/91	19.39
2192	12/19/91	19.13
2193	12/20/91	18.52
2194	12/23/91	18.78
2195	12/24/91	18.97
2196	12/26/91	18.5
2197	12/27/91	18.76
2198	12/30/91	18.65
2199	12/31/91	19.12