Investment Appraisal

Investment
Apprai
sal

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Investment Appraisal

Investment Appraisal

Non-discounted Cash Flow Techniques

Payback Period Method

Accounting Rate of Return Method

Discounted Cash Flow Techniques

Discounted Payback Period Method

Net Present Value Method (NPV)
Internal Rate of Return

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Investment Appraisal

Non-discounted Cash Flow Techniques:

Non-discounted cash flow techniques ignore the time value of money. It is assumed that 100 will
be of the same worth even after five or ten years.
1. Payback Period Method:
Payback period is the time taken by a project to payback its initial
investment in the form of cash flows.

A project can be any capital investment/expenditure. Some examples are as follows;

1. Launching of new products/services.
2. Acquisition of plant and machinery.
3. Acquisition of shares of other companies.
4. Opening a new outlet etc.

Theoretically the only difference between profits and cash flows is of depreciation.
Cash flow = Profit + Depreciation
OR
Profit = Cash flow Depreciation

Decision Rule:
Mutually Exclusive Projects
(Only one project can be selected)

Project with minimum payback period

should be selected.

Non-Mutually Exclusive Projects

(More than one projects can be selected)

All projects, with payback period not

exceeding targeted payback period can be
selected.

Calculation of payback period:

In order to understand the calculation, one must understand the certain conventions used in the
investment decisions. The most important convention is the time line.
The time line is illustrated as follows,

Y0

Y1

Y2

Y3

Y4.Yn

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Investment Appraisal

Year zero represents today or the current time. If it is said that 5 million is invested in a
project today or now, cash outflow of 5 million would be shown in Year zero.
Year 1 would end 12 months from today or Year zero.
Year 2 would end 24 months from Year zero or 12 months from Year 1 and so on.
It is assumed that all cash flows arise at the end of relevant year e.g. if it is said that 1
million would be received in Year 3, it is assumed that it would be received on the last day
of Year 3 and cash inflow of 1 million would be shown in Year 3.

Example Time Line:

5 m is invested today in a project. The project would yield 0.5 m in year 1, 2.5 m in year 2 and
2 m in year 3 to year 5. Further investment of 0.75 m would be required in year 4.
Required:
Illustrate the timing of cash flows using a time line.
Solution:
Y0

Y1

Y2

Y3

Y4

(5 m)
0.5 m

2.5 m

2m

Y5

(0.75 m)
2m

2m

Note: Cash outflows are shown in negative/bracketed figures.

Example Calculation of Payback Period:
Project A requires initial investment of 50,000 now and 50,000 after 12 months. Project
would yield cash inflow of 20,000 each year for 5 years.
Project B requires initial investment of 135,000 today, 65,000 in 2 years time and 30,000
in 5 years time. The annual cash inflows would be 20,000, 35,000, 55,000 in Year 1, Year
2 and Year 3 respectively and 20,000 in Year 4 to Year 10.
Required:
a). Calculate payback period of both projects.
b). Assuming that both projects are mutually exclusive, advise as to which project
should be selected.
c). Assuming that both projects are non-mutually exclusive and the targeted
payback period of the company is 5 years, which project /projects should be
selected by the company.

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Investment Appraisal

Merits and Demerits of Payback Period Method:

Merits
Payback period method is most
widely used initial screening criteria.
It is very simple to calculate and easy
to understand by the managers.
It uses cash flows rather than profits,
cash flows are hard to manipulate
and are not affected by changes in
accounting policies and estimates.
Project with greater initial cash
inflows are favored by this method,
this automatically incorporates risk in
the investment appraisal.
Payback period method is a relative
measure and comparison between
projects is easy.

Demerits
Payback period method ignores time
value of money.
This approach ignores the cash flows
after payback period and thus
ignores the overall profitability of the
project.
Payback period method ignores the
volatility of cash flow within payback
period.
It is a relative measure and ignores
the size and strategic value of the
project.
Choice of targeted payback period is
arbitrary.

2. Accounting Rate of Return Method (ARR)

Accounting rate of return (ARR) method is also called Return on Investment (ROI) method or
Return on Capital Employed (ROCE) method.
Accounting rate of return (ARR) is measure of percentage return on investment which
is calculated by dividing average profit over average investment
Calculation of ARR:
There is no absolute method of calculating ARR. Different organizations calculate ARR differently.
Use the following formula unless otherwise stated in the examination.
ARR =

Average Profit
Average Investment

x100

Where,
Average Profit = Profit for Y1+Profit for Y2+Profit for Y3+.. Profit for Yn
No of years

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Investment Appraisal
Average Investment = Initial Investment + Final Investment (Scrape Value)
2
Some of the other formulae used to calculate ARR are as follows,
ARR = Average Profit x 100
Initial Investment
ARR =

Average Profit
x 100
Mid-year book value

Decision Rule:
Mutually Exclusive Projects
(Only one project can be selected)

Project with maximum ARR should be

selected.

Merits and Demerits of ARR Method:

Merits
Percentage return on investment is the
simplest concept and non-financial
manger can also understand this
concept.
ARR method considers the entire life
and overall profitability of the project.
It is a relative measure and comparison
is easier.

Non-Mutually Exclusive Projects

(More than one projects can be selected)

All projects with ARR exceeding targeted

ARR should be accepted.

Demerits
This method uses profits which can be
easily manipulated by changing
accounting policies and estimates e.g.
by changing the depreciation methods
or useful life of the assets.
ARR ignores time value of money.
There is no absolute method of
calculation ARR that makes
comparison difficult.
It is a relative measure and ignores the
size and strategic value of the project.

Example:
A company is considering an investment of 200,000, which will provide net cash inflow
(before depreciation) of 78,000 each year for four years of its life. It is companys policy that
investments must show a minimum return of 15%.
Required:
a). Calculate ARR for each year of the project and for four years combined.
b). Taking into account the targeted ARR of 15%, comment on the viability of the project.

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Investment Appraisal

Discounted Cash flow Techniques:

Time Value of Money:
Prior understanding of basic Time Value of Money (TVM) concepts is necessary to grip the
sophisticated discounted cash flow techniques e.g. NPV and IRR. A brief list of these basics
concepts is as follows,

Compounding/Calculation of Future
Values
Annuities
Annuity in Advance
Delayed Perpetuities

Discounting/Calculation of Present
Values
Delayed Annuities
Perpetuities
Perpetuity in Advance

Compounding/Calculation of Future Values:

If 1000 were invested today, what would be its value after 2 years given simple or compound
interest rate of 10%?
The value of 1000 invested today (Year 0) after 2 years is called its Future Value (FV).
In the case of simple interest, interest is always calculated on the original amount invested
(1000). Under simple interest calculation interest would always be the same each year (provided
interest rate remains constant).
In the case of compound interest, interest in charged on the capital as well as the interest earned
to date.
Future value under compound interest would be probably be higher than the under the simple
interest assumption.
The calculation of Future Value (FV) under both simple and compound interest is illustrated in the
following table. Future values in Y1, Y2 and Y3 are highlighted.
Initial Investment (Y0)
Year Interest
1
Capital+Interest
Year Interest
2
Capital+Interest
Interest
Year
3
Capital+Interest

Simple Interest
1000
100
1000+100 = 1100
(1000 x 10%) 100
1000+100+100 = 1200
(1000 x 10%) 100
(1000+100+100+100) = 1300

Compound Interest
1000
100
1000+100 = 1100
(1100 x 10%) 110
1000+100+110 = 1210
(1210 x 10%) = 121
(1000+100+110+121) = 1331

Compounding Formula:

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Investment Appraisal

Following formula can be used to calculate Future Value of any amount invested today provided
compound interest rate and no of compounding periods.
n
Future Value (FV) = PV (1+r)
Where,
n = Number of compounding periods (No of years if one compounding period is equal to one
year).
r = Compound interest rate.
PV = Present Value/amount of initial investment.
Example:
Using compounding formula, calculate FV of 1000 invested today in three years time assuming
10% interest rate?
Discounting/Calculation of Present Values:
What amount should be invested today in order to yield 2000 in 2 years? The investment
required at year 0 in order to get any specific future value is called Present Value (PV).
Present Value is calculated with following formula,
-n
Present Value (PV)/Initial Investment = FV (1+r)
-n
The factor (1+r) is called discount factor. This factor is calculated using numerous values of
compound interest r and compounding periods n and results are provided in the form of present
value tables. The discounting formula can be rephrased as,
PV = FV x Discount factor.
What amount should be invested today in order to get 1331 after 3 years assuming 10%
compound interest? The investment required today would be the Present Value of 1331 to be
received in 3 years. The discounting calculation reverses of compounding calculation and is
illustrated as follows;
Year 3 Future Value
Less: Compounded interest amount for Y3
Year 2 Future Value
Less: Compounded interest amount for Y2
Year 1 Future Value
Less: Compound interest amount for Y1
Year 0 Present Value

1331
(121)
1210
(110)
1100
(100)
1000

Note: Same results would be reached using the compounding formula.

Annuities:

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Investment Appraisal
If a similar cash flow is to be received each year for a certain period of time, it is called annuity.
E.g. if 1000 would be received each year for 5 years, 1000 is called cash flow in annuity.
The first cash flow would be made by the end of Year 1.
Cash flows would be made each year and no period would be skipped out of a given period.
What amount should be invested today to get 1000 each year for next 5 years? This calculation
calls for calculation present value of an annuity of 1000 for five years.
Following formula can be used to calculate the PV of an annuity.
PV of Annuity = Annuity x Annuity Factor
Once again, annuity factor can be found from annuity tables or by adding the present value
factors of years involved in annuity calculation. In our example, annuity factor can be calculated
by adding PV factor of year 1, 2, 3, 4 and 5.
The annuity factor provided in the annuity table can be used provided the following conditions are
met,
The first cash flow would be made by the end of year 1.
No period/year would be skipped out of given annuity period.
Delayed Annuity:
The matter discussed below deals with the violation of the first assumption of annuity formula i.e.
the first cash flow must arise by the end of year 1.
If annuity is does not start from year 1, the annuity factor is adjusted. For example, if 1000 is to
be received for 5 years starting in 3 years time, the time line will be as follows,
Y0

Y1

Y2

Y3

1000

Y4Y5

1000

Y6

Y7

1000 1000

1000 y

The annuity factor would be manufactured by deducting the 2 years annuity factor form 7 years
annuity factor.
Manufactured Annuity factor = 7 year annuity factor 2 years annuity factor
PV of delayed annuity = Annuity x manufactured/adjusted annuity factor.
Annuity in Advance:
Annuity in advance also violates the assumption that first annuity should arise by the end of year
1. In the case of advanced annuity, first cash flow arise by the start of year 1 or in year 0. For
example, if 1000 is to be received for 5 years and first annuity is to be received now or in year 0,
the data can be presented using time line as follows;
Y0

Y1

Y2

Y3

Y4

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Investment Appraisal

1000

1000

1000

1000

1000

Once again the factor is adjusted.

Manufactured annuity factor = Annuity factor for 4 years + Factor for year 0 (i.e. 1)
PV of Annuity in Advance = Annuity x manufactured/adjusted annuity factor

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Investment Appraisal
Perpetuity:
A perpetuity is a cash flow that arises for infinite period of time e.g. if 1000 is to be received
forever, it is referred that 1000 would be received in perpetuity. PV of perpetuity is calculated as
follows,
PV of perpetuity = 1/R x perpetuity
Where,
R = Interest rate/discount rate
Delayed Perpetuity:
The above mentioned formula for calculating PV of perpetuity cant be used if perpetuity does not
arise at the end of year one. For example 1000 is to be received every year in perpetuity starting
in 3 years time, the time line would be as follow,
Y0

Y1

Y2

Y3

Yn

1000---------------------------------------------------------1000
PV

PV of Perpetuity

PV of delayed perpetuity will be calculated in two steps,

1. Calculate the PV of perpetuity using the above mentioned formula. The timing of this PV
would be the start of Year3 or the end of Year 2. (The formula would assume year 2 as
year 0 and year 3 as year 1).
2. Assume this PV as Future Value and discount it back to year 0 by applying two years
discount factor.
Perpetuity in Advance:
If a cash flow arises for infinite period of time starting from now or year 0, it is called advanced
perpetuity and its PV is calculated using following formula,
PV of advanced perpetuity = (Perpetuity x 1/R) + Perpetuity

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Investment Appraisal

Net Present Value Method:

Present value of cash inflows of a project less present value of cash outflow, is called Net
Present Value (NPV).
If present value of cash inflow is greater than the present value of cash outflow, the NPV
would be positive. Positive NPV implies that the project is generating return at a greater
rate than the rate which is being used to discount the cash flows.
If present value of cash inflow is less than the present value of cash outflow, NPV is
negative. Negative NPV implies that project is generating return at a lesser rate than the
rate being used to discount the cash flows.
Decision Rule:
Mutually Exclusive Projects
(Only one project can be selected)

Project with maximum positive NPV should

be accepted.

Non-Mutually Exclusive Projects

(More than one projects can be selected)

All projects with positive NPV can be

accepted.

Assumption Underlying NPV:

NPV method of project appraisal is based on following assumptions,
The objective of the organizations should be the maximization of wealth of shareholders.
The discount rate being used to discount the cash flows is opportunity cost of the
business.
The investor is rational.
All the cash inflows are reinvented in the project at the discount rate.
Examples:
1. A project has initial cash outlay of 100,000. 15000, 20000, 10,000 will be received in
year 1, 2 and 3 respectively. 12000 will be received each year for year 4 to year 10.
Required:
A. Calculate the NPV of the project assuming the following discount rates,
a) 10%
b) 20%
B. Calculate the simple and discounted payback period of the project.
C. Comment on the viability of the project.

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Investment Appraisal

Internal Rate of Return Method:

The rate at which present value of future cash inflow is equal to present value of cash
outflow (i.e. NPV is zero) is called Internal Rate of Return of the project.
IRR indicated the rate of return which a project must generate in order to breakeven.
The difference between actual rate used to discount the cash flows and the IRR indicates
the margin of safety
Decision Rule:
Mutually Exclusive Projects
(Only one project can be selected)

Project with maximum IRR should be

accepted.

Non-Mutually Exclusive Projects

(More than one projects can be selected)

All projects with IRR exceeding the cost of

capital/required rate of return can be
accepted.

Calculation of IRR:
Following steps should be followed in order to calculate IRR,
1. Assume a discount rate and calculate the NPV of the project.
2. Assume another (higher than the previous) discount rate and recalculate NPV of
the project.
3. Use the following formula to calculate IRR of the project,
IRR = a + [A/A-B x (b-a)]
Where,
a = discount rate at which NPV is higher or positive.
b = discount rate at which NPV is lower or negative.
A = amount of higher or positive NPV.
B = amount of lower or negative NPV.
Example:
Calculate IRR of the project detailed in previous example.
Adjustment to NPV
NPV calculation is adjusted for the followings;
a)
b)
c)
d)

Adjustment for relevant costs.

Adjustment for working capital.
Adjustment for inflation.
Adjustment for taxation.

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e) Adjustment for risk and uncertainty.

a) Adjustment for relevant costs:

Only relevant costs are considered in NPV calculations.
Relevant Costs:
A relevant cost for the decision has following characteristics,
Relevant cost is a future cost. The cost which has been incurred in the past are
called sunk costs and are not relevant for the decision.
Relevant costs are incremental costs. Relevant cost arises as a direct consequence
of a decision.
Relevant costs are cash flows. These are always paid in cash. Non-cash expenses
are never relevant.
Different terminologies are used for different types of relevant and irrelevant costs. Theses are
summarized as follows.
Irrelevant Costs
Sunk costs:
Costs which have been incurred in the past
prior making any decision are called sunk
costs. E.g. If the raw materials have been
purchased prior making a decision about the
new product, raw material cost is not
irrelevant for this decision.
Committed cost:
The costs which have been committed to be
incurred in future are called committed costs.
Committed costs are sunk costs and irrelevant
for the decisions.
Unavoidable costs:
Costs which cant be avoided by not taking a
decision or project are called unavoidable
costs. These costs do not arise a direct
consequence of a decision hence irrelevant
for a project decision.
Examples:
o

General overheads
overheads
are
unavoidable hence
project decisions.

or

absorbed
considered
irrelevant for

Relevant Costs
Avoidable costs:
Costs which can be avoided by not accepting
a project or by not making a decision are
called avoidable costs. Avoidable costs are
relevant for the project decisions.
Examples:
o
o

Variable overheads are considered

avoidable and relevant cost for project
decisions.
Directly attributable fixed costs i.e.
fixed costs which arise as a direct
consequence of a project, are
considered relevant cost.

Opportunity cost:
The benefit of the best alternative forgone by
preferring one alternative over the other is
called opportunity cost.
Opportunity costs become relevant if the
resources are scarce.
Examples:
o

If a project uses a building which can

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Investment Appraisal

Other fixed costs which do not arise

or change as a direct consequence of
a project are considered unavoidable
and irrelevant.
o

otherwise be rented or sold, the rent

or the sale proceeds forgone is
opportunity cost of using the building
and is relevant for the decisions.
If the raw material being used in the
project can be sold or has an
alternative use, its use value or
scrape value will be its relevant costs.

B) Adjustment of Working Capital:

o It is assumed that the working capital investment in the project will be received by the end
of the project.
o It is shown as an outflow in the year 0 and inflow in the last year of the project.
C) Adjustment of Inflation:
Inflation is general increase in prices.
The return required by an investor in the absence of inflation is called real return.
Return required by an investor considering inflation is called nominal return.
Inflation always increases the rate of return required by an investor i.e. nominal rate of
return is higher than the real rate.
The relationship between real rate, inflation rate and money or nominal rate can be
expresses as follows,
(1+monery rate) = (1+inflation rate) (1+real rate)
Or
(1+m) = (1+i) (1+r)
There are two approaches/methods of incorporating inflation in investment appraisal.
These are summarized as follows,
Money/Nominal Approach

Inflate all the cash flows of the project

at their specific inflation rate. Cash
flow inflated at their specific inflation
rates are called money or nominal
cash flows.
Discount the money cash flows using
money rate of return in order to
calculate NPV.

Real Approach

Inflate all the cash flows of the project

at their specific inflation rate. Cash
flow inflated at their specific inflation
rates are called money or nominal
cash flows.
Discount these cash flows with
inflation rate.. Nominal or money cash
flows discounted at inflation rate are
called real cash flows.
Discount real cash flows with real
rate of return in order to calculate
NPV.

D) Adjustment for Taxation:

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Investment decision calculations can be adjusted for taxation in following two approaches,
Approach 1
Approach 2
o In this approach only one cash flow
o In this approach two cash flows
relating taxation is included in the
regarding taxation are included in
NPV calculation.
computation.
o The cash outflow due to taxation is
o Tax payable is calculated by applying
calculated by applying tax rate to the
tax rate on cash profits ignoring
cash profits after capital allowances.
capital allowances initially.
o Capital allowances are never treated
o Capital allowances are calculated in
as a cash inflow/saving directly
workings and potential tax savings
because these are not received in
due capital allowances are calculated
cash.
by applying tax rate to the capital
o Cash profits are adjusted for capital
allowance of each year.
o Tax payable is shown as tax outflow
allowances prior calculation of tax
payable for each year in workings
while tax savings due to capital
only.
allowances is shown as cash inflow
o It is assumed that tax is paid one year
each year.
o It
is
assumed
that
all
in arrears i.e. tax payable in year one
will be shown in year two and so on.
savings/payments arise after one year
i.e. tax saving/payment of year1 will
arise in year 2.

Adjustment of discount rate:

Pre-tax discount rate must be adjusted for tax. In order to acknowledge the fact that
interest expense is tax allowable/deductible cash flows are required to be discounted a post-tax
discount rate. Post-tax discount rate is calculated as follows;
Post tax discount rate = pre-tax discount rate (1-t)
Where,
t =tax rate
.
E.g. if tax rate is 30%, t = 0.30
E) Adjustment for Risk and Uncertainty:
Risk:
Risk is a condition where several possible outcomes exist and their chances or
occurrence/probability can be estimated from past experience or data.
Uncertainty:
Uncertainty is a condition where several possible outcomes exist but their chances of
occurrence cant be estimated reliably.
Methods of incorporating risk and uncertainty:
Following techniques are used to incorporate risk in investment decision calculations,
o
o
o
o
o

Certainty Equivalent Approach

Sensitivity Analysis
Probabilities and Expected Values
Standard Deviation
Simulation

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Adjustment to cost of capital.

Certainty Equivalent Approach:

In certainty equivalent approach, all the cash inflows of a project are reduced by a certain
percentage in order to incorporate risk e.g. cash flow arising in year 1 might be reduced to 90%,
year 2 cash flows to 80% and so on. Cash flows reduced by a certain percentage in order to
incorporate risk are called certainty equivalent cash flows.
Sensitivity Analysis:
o
o
o
o

Sensitivity of a variable refers to percentage increase or decrease in that variable which

will turn positive NPV to zero or negative.
In sensitivity analysis, sensitivity of each variable is calculated and most sensitive
variable i.e. is the variable in which minimum change will result in zero or negative NPV,
is identified.
Management than tries to keep the most sensitive variable.
Sensitivity of a variable is calculated as follows;

Sensitivity of a variable =

NPV of the project

x 100
PV of cumulative cash flow of the variable

Note: The sensitivity of the contribution can also be taken as sensitivity of the sales volume
and selling price. Sensitivity of cost of capita/discount rate is calculated using a different
formula that is as follows;
Sensitivity of cost of capital =

IRR cost of capital

Cost of capital

x100

Limitations of sensitivity analysis:

This approach assumes that all other variables will remain constant other than
the variable whose sensitivity is being calculated. This assumption is unrealistic.
The most sensitive variable identified by the management might be outside of
control of management e.g. sales demand, selling prices etc.
Sensitivity of a variable is a relative measure it significance of certain important
factor might be undermined.
Sensitivity analysis assumes that all the factors are independent of each other
which is not true in practice.

NPV & IRR Compared

Assumptions Underlying NPV Method:
1.
2.
3.
4.

The objective of the organization is to maximize the wealth of the shareholder.

The cost of capital is opportunity cost of the business.
Investor is rational.
All cash inflows are reinvested at the cost of capital.

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Advantages of NPV Method:
1. Considers the time value of money.
2. Considers all relevant cash flows.
3. Risks can be incorporated into decision-making by adjusting the cost of capital for risk
and inflation.
4. Considers cash flows rather than profits which are unaffected by the accounting policies.
5. NPV is an absolute measure and calculates the net increase/decrease in the worth of the
business considering complete life of the project.
6. NPV considers the relative size of the investment.
7. NPV can incorporate non-conventional cash flows.
Disadvantages of NPV Method:
1. Future cash flows may be difficult to forecast.
2. The basic decision rule that all project with positive NPV will not apply in capital rationing
situation.
3. The cost of capital is difficult to calculate.
4. The cost of capital may change over the life of the project.
5. The assumption that firms persue the objective of maximizing shareholders wealth may
be questionable given wider range of stakeholders.
6. Not for profit organization may invest in capital assets but may use non-profit objectives
to appraise their investment, NPV is redundant in such organizations.
7. The assumptions that cash surplus can be invested at the discount rate may not be
practical.
8. NPV cant be used easily when the cash flows are not arising at the year-end.
9. Managerial incentive schemes may not be consistent with NPV. Incentive schemes are
usually related with accounting profits.
10. NPV only takes into account the time value of money and ignores the time horizons
involved. Managers may prefer projects with more near cash flows.
11. NPV cant consider non-quantifiable cost and benefits.
Assumptions Underlying IRR Method:
1. Objective of the firm is to maximize the wealth of the shareholders.
2. Investor is rational.
3. All cash outflows are reinvested at IRR.
Advantages of IRR Method:
1. The managers easily understand it.
2. IRR is a relative measure and more suitable for the comparisons.
3. It calculate the breakeven cost of capital and the margin of safety and makes decision
making easier.
4. Consider time value of money and cash flows rather than accounting profits.
Disadvantages of IRR Method:
1.
2.
3.
4.

IRR is a relative measure and it ignores the size of the project.

The may be problem of multiple IRRs in the case of non-conventional cash flows.
The assumption that all cash surpluses are reinvested at IRR may be impracticable.
IRR can be confused with ARR.

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NPV and IRR Compared
1.
2.
3.
4.
5.
6.
7.
8.
9.

NPV Method is an absolute measure but IRR Method is a relative Measure.

The IRR method is more easily understood.
NPV technique is technically more superior to IRR Method.
When cash flow patterns conventional and projects are non-mutually exclusive both
methods produce the same result.
There may be multiple IRRs in the case of non-conventional cash flows.
NPV Method and IRR Method may produce different results if projects are mutually
exclusive.
NPV Method assumes that surplus funds are reinvested at the cost of capital while IRR
assumes that surplus funds are reinvested at IRR. Reinvestment assumption under the
IRR Method is not reasonable.
If the discount rate differs over the life of the project, NPV method can incorporate the
change while IRR method cant.
IRR Method is more widely used than NPV method.

Compiled By: Qassim

19
Mushtaq
Hajvery University