From: Always Learning
Dear All
<p>
I asked the question a few weeks back about the relationship between the CG growth and CPI. ie. Can high capitial gains ares such a Sydney North Shore or Melbourne's baysides can the CG always (8~10%) be expected to always remain higher than CPI (3%) and for that matter higher than average CG for the "other" suburbs?
<p>
The basic answer or my interpretation of the answer is as follows: The Australian economy is always expect to grow. Lets say by 3% a year on average.
<p>
Unfortunately this bigger pool of money wont be fairly distributed to all Australians. As we all know the rich will get richer. Via the unfair and unreasonable mechanics of capitalism the money will flow in unfair proportions up the economy "food" chain.
Of course, if it's about me getting rich, then I can delude myself into thinking it's all very fair and very reasonable as I have mustered some self control and "delayed gratification" .
<p>
Thus the rich will be gett'n richer in the future just as they have done it the past, they will get a much larger slice of the much larger Australian economic pie whilst the poor will get the same small slice as they have now.
<p>
Thus when the economy grows by 3% we could expect the rich to benefit by some multiple of this eg. 3 (3*3%)= 9%. I would susspect the richer you are the higher the multiple.
<p>
With all that extra money the rich will have lots more money to spend on a nice place to live. As the is a limited supply of premium land...prices in premium areas I would expect to grow by the rate the rich are getting richer eg. 9% (or whatever).
<p>
What are the flaws to my picture?
<p>
Now here is my new question, should I buy now in a premium CG suburb, can I expect the growth in rental returns to match the CG? (generally over many many years of holding)
<p>
If CGs are 9% PA but will rental growth be expected to be lower than this eg. only 4.5% (a little more than 3% CPI). Or should I expect on average that the rental growth to match the CGs. (9% PA CG and 9%PA Rental Growth)
<p>
If the Rental Growth lower, then IRR will slowly fall (maybe I wont care once it is +cashflow anyway)
<p>
<table x:str border=0 cellpadding=0 cellspacing=0 width=387 style='border-collapse:
collapse;table-layout:fixed;width:290pt'>
<col width=64 style='width:48pt'>
<col width=81 style='mso-width-source:userset;mso-width-alt:2872;width:61pt'>
<col width=83 style='mso-width-source:userset;mso-width-alt:2958;width:62pt'>
<col width=95 style='mso-width-source:userset;mso-width-alt:3384;width:71pt'>
<col width=64 style='width:48pt'>
<tr height=22 style='height:16.8pt'>
<td height=22 class=xl24 colspan=5 width=387 style='height:16.8pt;mso-ignore:
colspan;width:290pt'>Rental Return and Capital Gains Comparison</td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 colspan=5 class=xl25 style='height:13.2pt;mso-ignore:colspan'></td>
</tr>
<tr height=18 style='height:13.8pt'>
<td height=18 class=xl26 colspan=2 style='height:13.8pt;mso-ignore:colspan'>Capital
Gain Rate</td>
<td class=xl26></td>
<td class=xl27 align=right x:num><a name=CG>9</a></td>
<td class=xl27>%</td>
</tr>
<tr height=18 style='height:13.8pt'>
<td height=18 class=xl26 colspan=3 style='height:13.8pt;mso-ignore:colspan'>Rental
Increase Rate</td>
<td class=xl27 align=right x:num><a name=RG>4.5</a></td>
<td class=xl27>%</td>
</tr>
<tr height=18 style='height:13.8pt'>
<td height=18 class=xl28 style='height:13.8pt' x:str="Year ">Year </td>
<td class=xl29>Value</td>
<td class=xl30>PA Rental</td>
<td class=xl31>Gross Return</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>0</td>
<td class=xl33 align=right x:num="500000">500,000</td>
<td class=xl34 align=right x:num="26071.428571428572" x:fmla="=(500/7)*365">26,071</td>
<td class=xl35 align=right x:num="5.2142857142857144E-2" x:fmla="=C6/B6">5.21%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>1</td>
<td class=xl33 align=right x:num="545000" x:fmla="=B6+(B6*(CG/100))">545,000</td>
<td class=xl34 align=right x:num="27244.642857142859"
x:fmla="=C6+(C6*(RG/100))">27,245</td>
<td class=xl35 align=right x:num="4.9990170380078643E-2" x:fmla="=C7/B7">5.00%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>2</td>
<td class=xl33 align=right x:num="588600" x:fmla="=B7*1.08">588,600</td>
<td class=xl34 align=right x:num="28606.875000000004" x:fmla="=C7*1.05">28,607</td>
<td class=xl35 align=right x:num="4.8601554536187572E-2" x:fmla="=C8/B8">4.86%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>3</td>
<td class=xl33 align=right x:num="635688" x:fmla="=B8*1.08">635,688</td>
<td class=xl34 align=right x:num="30037.218750000004" x:fmla="=C8*1.05">30,037</td>
<td class=xl35 align=right x:num="4.7251511354626803E-2" x:fmla="=C9/B9">4.73%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>4</td>
<td class=xl33 align=right x:num="686543.04" x:fmla="=B9*1.08">686,543</td>
<td class=xl34 align=right x:num="31539.079687500005" x:fmla="=C9*1.05">31,539</td>
<td class=xl35 align=right x:num="4.5938969372553838E-2" x:fmla="=C10/B10">4.59%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>5</td>
<td class=xl33 align=right x:num="741466.48320000013" x:fmla="=B10*1.08">741,466</td>
<td class=xl34 align=right x:num="33116.033671875004" x:fmla="=C10*1.05">33,116</td>
<td class=xl35 align=right x:num="4.4662886889982892E-2" x:fmla="=C11/B11">4.47%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>6</td>
<td class=xl33 align=right x:num="800783.80185600021" x:fmla="=B11*1.08">800,784</td>
<td class=xl34 align=right x:num="34771.835355468756" x:fmla="=C11*1.05">34,772</td>
<td class=xl35 align=right x:num="4.3422251143038916E-2" x:fmla="=C12/B12">4.34%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>7</td>
<td class=xl33 align=right x:num="864846.5060044803" x:fmla="=B12*1.08">864,847</td>
<td class=xl34 align=right x:num="36510.427123242196" x:fmla="=C12*1.05">36,510</td>
<td class=xl35 align=right x:num="4.2216077500176724E-2" x:fmla="=C13/B13">4.22%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>8</td>
<td class=xl33 align=right x:num="934034.22648483876" x:fmla="=B13*1.08">934,034</td>
<td class=xl34 align=right x:num="38335.948479404309" x:fmla="=C13*1.05">38,336</td>
<td class=xl35 align=right x:num="4.1043408680727374E-2" x:fmla="=C14/B14">4.10%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>9</td>
<td class=xl33 align=right x:num="1008756.9646036259" x:fmla="=B14*1.08">1,008,757</td>
<td class=xl34 align=right x:num="40252.745903374525" x:fmla="=C14*1.05">40,253</td>
<td class=xl35 align=right x:num="3.990331399515161E-2" x:fmla="=C15/B15">3.99%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>10</td>
<td class=xl33 align=right x:num="1089457.5217719162" x:fmla="=B15*1.08">1,089,458</td>
<td class=xl34 align=right x:num="42265.383198543255" x:fmla="=C15*1.05">42,265</td>
<td class=xl35 align=right x:num="3.8794888606397397E-2" x:fmla="=C16/B16">3.88%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>11</td>
<td class=xl33 align=right x:num="1176614.1235136695" x:fmla="=B16*1.08">1,176,614</td>
<td class=xl34 align=right x:num="44378.652358470419" x:fmla="=C16*1.05">44,379</td>
<td class=xl35 align=right x:num="3.7717252811775251E-2" x:fmla="=C17/B17">3.77%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>12</td>
<td class=xl33 align=right x:num="1270743.2533947632" x:fmla="=B17*1.08">1,270,743</td>
<td class=xl34 align=right x:num="46597.58497639394" x:fmla="=C17*1.05">46,598</td>
<td class=xl35 align=right x:num="3.6669551344781483E-2" x:fmla="=C18/B18">3.67%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>13</td>
<td class=xl33 align=right x:num="1372402.7136663443" x:fmla="=B18*1.08">1,372,403</td>
<td class=xl34 align=right x:num="48927.46422521364" x:fmla="=C18*1.05">48,927</td>
<td class=xl35 align=right x:num="3.5650952696315338E-2" x:fmla="=C19/B19">3.57%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>14</td>
<td class=xl33 align=right x:num="1482194.9307596518" x:fmla="=B19*1.08">1,482,195</td>
<td class=xl34 align=right x:num="51373.837436474321" x:fmla="=C19*1.05">51,374</td>
<td class=xl35 align=right x:num="3.4660648454751017E-2" x:fmla="=C20/B20">3.47%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>15</td>
<td class=xl33 align=right x:num="1600770.5252204242" x:fmla="=B20*1.08">1,600,771</td>
<td class=xl34 align=right x:num="53942.529308298042" x:fmla="=C20*1.05">53,943</td>
<td class=xl35 align=right x:num="3.369785266434127E-2" x:fmla="=C21/B21">3.37%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>16</td>
<td class=xl33 align=right x:num="1728832.1672380583" x:fmla="=B21*1.08">1,728,832</td>
<td class=xl34 align=right x:num="56639.655773712948" x:fmla="=C21*1.05">56,640</td>
<td class=xl35 align=right x:num="3.2761801201442897E-2" x:fmla="=C22/B22">3.28%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>17</td>
<td class=xl33 align=right x:num="1867138.7406171032" x:fmla="=B22*1.08">1,867,139</td>
<td class=xl34 align=right x:num="59471.638562398599" x:fmla="=C22*1.05">59,472</td>
<td class=xl35 align=right x:num="3.185175116806948E-2" x:fmla="=C23/B23">3.19%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>18</td>
<td class=xl33 align=right x:num="2016509.8398664715" x:fmla="=B23*1.08">2,016,510</td>
<td class=xl34 align=right x:num="62445.220490518528" x:fmla="=C23*1.05">62,445</td>
<td class=xl35 align=right x:num="3.0966980302289775E-2" x:fmla="=C24/B24">3.10%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>19</td>
<td class=xl33 align=right x:num="2177830.6270557893" x:fmla="=B24*1.08">2,177,831</td>
<td class=xl34 align=right x:num="65567.481515044463" x:fmla="=C24*1.05">65,567</td>
<td class=xl35 align=right x:num="3.0106786405003947E-2" x:fmla="=C25/B25">3.01%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>20</td>
<td class=xl33 align=right x:num="2352057.0772202527" x:fmla="=B25*1.08">2,352,057</td>
<td class=xl34 align=right x:num="68845.855590796695" x:fmla="=C25*1.05">68,846</td>
<td class=xl35 align=right x:num="2.927048678264273E-2" x:fmla="=C26/B26">2.93%</td>
<td></td>
</tr>
<![if supportMisalignedColumns]>
<tr height=0 style='display:none'>
<td width=64 style='width:48pt'></td>
<td width=81 style='width:61pt'></td>
<td width=83 style='width:62pt'></td>
<td width=95 style='width:71pt'></td>
<td width=64 style='width:48pt'></td>
</tr>
<![endif]>
</table>
<table border="0" cellpadding="0" cellspacing="0" >
<tr>
<td rowspan="4">
</td>
<td colspan="2" align="center">
<p align="left"><font size="1">Investment Laws</td>
</tr>
<tr>
<td align="right" >1st Law:</td>
<td>"What ever you don't invest you forfeit."</td>
</tr>
<tr>
<td align="right">2nd Law:</td>
<td>"What ever you reap is what you've sown"</td>
</tr>
<tr>
<td></td>
<td><p align="right">Jim Rohn;</td>
</tr>
</table>
Dear All
<p>
I asked the question a few weeks back about the relationship between the CG growth and CPI. ie. Can high capitial gains ares such a Sydney North Shore or Melbourne's baysides can the CG always (8~10%) be expected to always remain higher than CPI (3%) and for that matter higher than average CG for the "other" suburbs?
<p>
The basic answer or my interpretation of the answer is as follows: The Australian economy is always expect to grow. Lets say by 3% a year on average.
<p>
Unfortunately this bigger pool of money wont be fairly distributed to all Australians. As we all know the rich will get richer. Via the unfair and unreasonable mechanics of capitalism the money will flow in unfair proportions up the economy "food" chain.
Of course, if it's about me getting rich, then I can delude myself into thinking it's all very fair and very reasonable as I have mustered some self control and "delayed gratification" .
<p>
Thus the rich will be gett'n richer in the future just as they have done it the past, they will get a much larger slice of the much larger Australian economic pie whilst the poor will get the same small slice as they have now.
<p>
Thus when the economy grows by 3% we could expect the rich to benefit by some multiple of this eg. 3 (3*3%)= 9%. I would susspect the richer you are the higher the multiple.
<p>
With all that extra money the rich will have lots more money to spend on a nice place to live. As the is a limited supply of premium land...prices in premium areas I would expect to grow by the rate the rich are getting richer eg. 9% (or whatever).
<p>
What are the flaws to my picture?
<p>
Now here is my new question, should I buy now in a premium CG suburb, can I expect the growth in rental returns to match the CG? (generally over many many years of holding)
<p>
If CGs are 9% PA but will rental growth be expected to be lower than this eg. only 4.5% (a little more than 3% CPI). Or should I expect on average that the rental growth to match the CGs. (9% PA CG and 9%PA Rental Growth)
<p>
If the Rental Growth lower, then IRR will slowly fall (maybe I wont care once it is +cashflow anyway)
<p>
<table x:str border=0 cellpadding=0 cellspacing=0 width=387 style='border-collapse:
collapse;table-layout:fixed;width:290pt'>
<col width=64 style='width:48pt'>
<col width=81 style='mso-width-source:userset;mso-width-alt:2872;width:61pt'>
<col width=83 style='mso-width-source:userset;mso-width-alt:2958;width:62pt'>
<col width=95 style='mso-width-source:userset;mso-width-alt:3384;width:71pt'>
<col width=64 style='width:48pt'>
<tr height=22 style='height:16.8pt'>
<td height=22 class=xl24 colspan=5 width=387 style='height:16.8pt;mso-ignore:
colspan;width:290pt'>Rental Return and Capital Gains Comparison</td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 colspan=5 class=xl25 style='height:13.2pt;mso-ignore:colspan'></td>
</tr>
<tr height=18 style='height:13.8pt'>
<td height=18 class=xl26 colspan=2 style='height:13.8pt;mso-ignore:colspan'>Capital
Gain Rate</td>
<td class=xl26></td>
<td class=xl27 align=right x:num><a name=CG>9</a></td>
<td class=xl27>%</td>
</tr>
<tr height=18 style='height:13.8pt'>
<td height=18 class=xl26 colspan=3 style='height:13.8pt;mso-ignore:colspan'>Rental
Increase Rate</td>
<td class=xl27 align=right x:num><a name=RG>4.5</a></td>
<td class=xl27>%</td>
</tr>
<tr height=18 style='height:13.8pt'>
<td height=18 class=xl28 style='height:13.8pt' x:str="Year ">Year </td>
<td class=xl29>Value</td>
<td class=xl30>PA Rental</td>
<td class=xl31>Gross Return</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>0</td>
<td class=xl33 align=right x:num="500000">500,000</td>
<td class=xl34 align=right x:num="26071.428571428572" x:fmla="=(500/7)*365">26,071</td>
<td class=xl35 align=right x:num="5.2142857142857144E-2" x:fmla="=C6/B6">5.21%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>1</td>
<td class=xl33 align=right x:num="545000" x:fmla="=B6+(B6*(CG/100))">545,000</td>
<td class=xl34 align=right x:num="27244.642857142859"
x:fmla="=C6+(C6*(RG/100))">27,245</td>
<td class=xl35 align=right x:num="4.9990170380078643E-2" x:fmla="=C7/B7">5.00%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>2</td>
<td class=xl33 align=right x:num="588600" x:fmla="=B7*1.08">588,600</td>
<td class=xl34 align=right x:num="28606.875000000004" x:fmla="=C7*1.05">28,607</td>
<td class=xl35 align=right x:num="4.8601554536187572E-2" x:fmla="=C8/B8">4.86%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>3</td>
<td class=xl33 align=right x:num="635688" x:fmla="=B8*1.08">635,688</td>
<td class=xl34 align=right x:num="30037.218750000004" x:fmla="=C8*1.05">30,037</td>
<td class=xl35 align=right x:num="4.7251511354626803E-2" x:fmla="=C9/B9">4.73%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>4</td>
<td class=xl33 align=right x:num="686543.04" x:fmla="=B9*1.08">686,543</td>
<td class=xl34 align=right x:num="31539.079687500005" x:fmla="=C9*1.05">31,539</td>
<td class=xl35 align=right x:num="4.5938969372553838E-2" x:fmla="=C10/B10">4.59%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>5</td>
<td class=xl33 align=right x:num="741466.48320000013" x:fmla="=B10*1.08">741,466</td>
<td class=xl34 align=right x:num="33116.033671875004" x:fmla="=C10*1.05">33,116</td>
<td class=xl35 align=right x:num="4.4662886889982892E-2" x:fmla="=C11/B11">4.47%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>6</td>
<td class=xl33 align=right x:num="800783.80185600021" x:fmla="=B11*1.08">800,784</td>
<td class=xl34 align=right x:num="34771.835355468756" x:fmla="=C11*1.05">34,772</td>
<td class=xl35 align=right x:num="4.3422251143038916E-2" x:fmla="=C12/B12">4.34%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>7</td>
<td class=xl33 align=right x:num="864846.5060044803" x:fmla="=B12*1.08">864,847</td>
<td class=xl34 align=right x:num="36510.427123242196" x:fmla="=C12*1.05">36,510</td>
<td class=xl35 align=right x:num="4.2216077500176724E-2" x:fmla="=C13/B13">4.22%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>8</td>
<td class=xl33 align=right x:num="934034.22648483876" x:fmla="=B13*1.08">934,034</td>
<td class=xl34 align=right x:num="38335.948479404309" x:fmla="=C13*1.05">38,336</td>
<td class=xl35 align=right x:num="4.1043408680727374E-2" x:fmla="=C14/B14">4.10%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>9</td>
<td class=xl33 align=right x:num="1008756.9646036259" x:fmla="=B14*1.08">1,008,757</td>
<td class=xl34 align=right x:num="40252.745903374525" x:fmla="=C14*1.05">40,253</td>
<td class=xl35 align=right x:num="3.990331399515161E-2" x:fmla="=C15/B15">3.99%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>10</td>
<td class=xl33 align=right x:num="1089457.5217719162" x:fmla="=B15*1.08">1,089,458</td>
<td class=xl34 align=right x:num="42265.383198543255" x:fmla="=C15*1.05">42,265</td>
<td class=xl35 align=right x:num="3.8794888606397397E-2" x:fmla="=C16/B16">3.88%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>11</td>
<td class=xl33 align=right x:num="1176614.1235136695" x:fmla="=B16*1.08">1,176,614</td>
<td class=xl34 align=right x:num="44378.652358470419" x:fmla="=C16*1.05">44,379</td>
<td class=xl35 align=right x:num="3.7717252811775251E-2" x:fmla="=C17/B17">3.77%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>12</td>
<td class=xl33 align=right x:num="1270743.2533947632" x:fmla="=B17*1.08">1,270,743</td>
<td class=xl34 align=right x:num="46597.58497639394" x:fmla="=C17*1.05">46,598</td>
<td class=xl35 align=right x:num="3.6669551344781483E-2" x:fmla="=C18/B18">3.67%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>13</td>
<td class=xl33 align=right x:num="1372402.7136663443" x:fmla="=B18*1.08">1,372,403</td>
<td class=xl34 align=right x:num="48927.46422521364" x:fmla="=C18*1.05">48,927</td>
<td class=xl35 align=right x:num="3.5650952696315338E-2" x:fmla="=C19/B19">3.57%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>14</td>
<td class=xl33 align=right x:num="1482194.9307596518" x:fmla="=B19*1.08">1,482,195</td>
<td class=xl34 align=right x:num="51373.837436474321" x:fmla="=C19*1.05">51,374</td>
<td class=xl35 align=right x:num="3.4660648454751017E-2" x:fmla="=C20/B20">3.47%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>15</td>
<td class=xl33 align=right x:num="1600770.5252204242" x:fmla="=B20*1.08">1,600,771</td>
<td class=xl34 align=right x:num="53942.529308298042" x:fmla="=C20*1.05">53,943</td>
<td class=xl35 align=right x:num="3.369785266434127E-2" x:fmla="=C21/B21">3.37%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>16</td>
<td class=xl33 align=right x:num="1728832.1672380583" x:fmla="=B21*1.08">1,728,832</td>
<td class=xl34 align=right x:num="56639.655773712948" x:fmla="=C21*1.05">56,640</td>
<td class=xl35 align=right x:num="3.2761801201442897E-2" x:fmla="=C22/B22">3.28%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>17</td>
<td class=xl33 align=right x:num="1867138.7406171032" x:fmla="=B22*1.08">1,867,139</td>
<td class=xl34 align=right x:num="59471.638562398599" x:fmla="=C22*1.05">59,472</td>
<td class=xl35 align=right x:num="3.185175116806948E-2" x:fmla="=C23/B23">3.19%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>18</td>
<td class=xl33 align=right x:num="2016509.8398664715" x:fmla="=B23*1.08">2,016,510</td>
<td class=xl34 align=right x:num="62445.220490518528" x:fmla="=C23*1.05">62,445</td>
<td class=xl35 align=right x:num="3.0966980302289775E-2" x:fmla="=C24/B24">3.10%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>19</td>
<td class=xl33 align=right x:num="2177830.6270557893" x:fmla="=B24*1.08">2,177,831</td>
<td class=xl34 align=right x:num="65567.481515044463" x:fmla="=C24*1.05">65,567</td>
<td class=xl35 align=right x:num="3.0106786405003947E-2" x:fmla="=C25/B25">3.01%</td>
<td></td>
</tr>
<tr height=18 style='height:13.2pt'>
<td height=18 class=xl32 align=right style='height:13.2pt' x:num>20</td>
<td class=xl33 align=right x:num="2352057.0772202527" x:fmla="=B25*1.08">2,352,057</td>
<td class=xl34 align=right x:num="68845.855590796695" x:fmla="=C25*1.05">68,846</td>
<td class=xl35 align=right x:num="2.927048678264273E-2" x:fmla="=C26/B26">2.93%</td>
<td></td>
</tr>
<![if supportMisalignedColumns]>
<tr height=0 style='display:none'>
<td width=64 style='width:48pt'></td>
<td width=81 style='width:61pt'></td>
<td width=83 style='width:62pt'></td>
<td width=95 style='width:71pt'></td>
<td width=64 style='width:48pt'></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" >
<tr>
<td rowspan="4">
</td>
<td colspan="2" align="center">
<p align="left"><font size="1">Investment Laws</td>
</tr>
<tr>
<td align="right" >1st Law:</td>
<td>"What ever you don't invest you forfeit."</td>
</tr>
<tr>
<td align="right">2nd Law:</td>
<td>"What ever you reap is what you've sown"</td>
</tr>
<tr>
<td></td>
<td><p align="right">Jim Rohn;</td>
</tr>
</table>
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