Aula Taxas Acumuladas e Taxas Flutuantes

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Universidade de São Paulo
Faculdade de Economia, Administração e Contabilidade
Departamento de Administração
EAD 630 Matemática Aplicada a Finanças
Profa. Liliam Carrete
Taxas Acumuladas, Taxa Flutuante
É esperado que o aluno entenda o processo de acumular taxas de juros, diferença entre taxas flutuantes e pre-fixadas, avaliar o histórico da rentabilidade da poupança versus LFT e LTN, como determinar o rendimento da poupança, como acumular taxas de juros, como decidir sobre investimentos em taxas pré e pós fixadas.
Taxa de Juros Acumulada
Conceito
Refere-se ao processo de acumular as rentabilidades diferentes a cada período de capitalização ao longo de vários períodos de tempo.
Exemplo: Se a inflação mensal do período de Janeiro/2013 até março de 2013 é dada por:
Jan/13: 3,5%; Fev/13: 3,3% e Mar/13: 4,25%
Então a inflação do período é dada por:
3
Taxa de Juros Acumulada
Isso significa que a inflação possui um comportamento exponencial pois reflete o processo de aumento dos preços: a variação de preços de um período de tempo recai sobre o preço exercício no período anterior. Consistente com o conceito de capitalização composta.
Considere que o preço de um terno/vestido era em 31/Dezembro/2012 R$1.000 e em 31/3/2013 passa a ser R$1.145,94, significa que incorreu em uma variação de preço de:
4
Taxa de Juros Acumulada
Pratique:
Entre no site do Banco Central: www.bacen.gov.br e pesquise a taxa de inflação de janeiro/13 até junho/13 e determine qual é a taxa da inflação do primeiro semestre de 2013.
5
Taxas Flutuantes
As taxas flutuantes também são denominadas taxas pós-fixadas que consistem nas taxas que são formadas com componentes que variam durante o período de vida da operação financeira.
6
Classificação
Compostas por dois componentes: taxa de juros real pré-definida + correção monetária
Exemplo: poupança, NTN
Composta por um componente 100% flutuante
Exemplo: LFTs, CDBs
7
Aplicação-Poupança
Para depósitos realizados antes de Maio 2012:
TR+6%a.a. (taxa nominal linear com capitalização mensal)
Para depósitos realizados após Maio 2012 (Medida Provisória no 567/2012):
TR+6% se meta da SELIC maior que 8,5%
TR+70% da SELIC igual ou menor que 8,5%
Isenção IR Pessoa Física
8
Poupança- 
Rentabilidade História
Fontes de informação:
www.bacen.gov.br
www.ipeadata.gov.br
Planilha: POUPANCA RENTABILIDADE.xls (disponibilizada no erudito)
9
9
Poupança-2011/2012
NOTEM QUE A META SELIC
FOI ESTABELECIDA EM 8% EM 11/7. A PARTIR DESTA DATA OS DEPÓSITOS REALIZADOS APÓS MAIO DE 2012 PASSAM A SER REMUNERADOS A 70% DA SELIC + TR E OS DEPOSITOS ANTERIORES A MAIO/2012 CONTINUAM A SER REMUNERADOS A TR+6%a.a., excelente rentabilidade
10
LFT-Letra Financeira do Tesouro
100% SELIC diária
Sujeito alíquota de IR de acordo com o prazo da aplicação financeira.
Para determinar a rentabilidade da LFT, deve-se acumular as rentabilidades diária: veja planilha SELIC.xls, disponibilizada no Erudito.
Maiores informações: Tesouro Direto: característica dos títulos de dívida federal
11
Rentabilidade Acumulada
Entre na planilha e pratique a determinar a rentabilidade acumulada dos investimentos indexados à taxa SELIC!!!
12
Decisão de Investimento
Decisão entre investir em LTN (pré-fixado) e LFT (pós-fixado) no prazo de 1 ano
Taxa Atual LTN (pesquise no Tesouro Direto)
Expectativa de mercado da SELIC média para os próximos 12 meses. Qual seria sua decisão??? 
13
poupanca
		fonte: BACEN		Fonte: IPEA			Fonte BACEN
	Data	Poupança	6%a.a.	TR	TOTAL	DATA COPOM	META SELIC	NOVA POUPANÇA
	Dec-06	0.5719	0.5	0.0715	0.5719%
	Jan-07	0.5527	0.5	0.0524	0.5527%
	Feb-07	0.6218	0.5	0.0396	0.5398%
	Mar-07	0.5371	0.5	0.0369	0.5371%
	Apr-07	0.6578	0.5	0.157	0.6578%
	May-07	0.612	0.5	0.1114	0.6120%
	Jun-07	0.6235	0.5	0.1229	0.6235%
	Jul-07	0.7086	0.5	0.2076	0.7086%
	Aug-07	0.6008	0.5	0.1003	0.6008%
	Sep-07	0.5623	0.5	0.0404	0.5406%
	Oct-07	0.5648	0.5	0.0645	0.5648%
	Nov-07	0.5942	0.5	0.0937	0.5942%
	Dec-07	0.5868	0.5	0.0864	0.5868%	11/29/07	11%
	Jan-08	0.5	0.5	0	0.5000%	17-Jan	10.50%
	Feb-08	0.6073	0.5	0.1068	0.6073%	17-Jan	10.50%
	Mar-08	0.5228	0.5	0.0227	0.5228%	6-Mar	9.75%
	Apr-08	0.547	0.5	0.0468	0.5470%	17-Apr	9%
	May-08	0.5	0.5	0	0.5000%	29-May	8.50%
	Jun-08	0.5145	0.5	0.0144	0.5145%	29-May	8.50%
	Jul-08	0.5124	0.5	0.0123	0.5124%	10-Jul	8.00%	0.47%
				0.0123		28-Aug	7.50%	0.44%
Sheet1
	Data	Selic (TOA)	Fator Rentabilidade Acumulada	Rentabilidade Acumulada
	1/3/11	10.67	1.0004023928997736	0.04%
	1/4/11	10.66	1.0008045888484507	0.08%
	1/5/11	10.67	1.0012073055090642	0.12%
	1/6/11	10.66	1.0016098250601166	0.16%
	1/7/11	10.67	1.0020128657420644	0.20%
	1/10/11	10.66	1.0024157091558588	0.24%
	1/11/11	10.66	1.0028187145264718	0.28%
	1/12/11	10.66	1.0032218819190157	0.32%
	1/13/11	10.66	1.003625211398629	0.36%
	1/14/11	10.66	1.004028703030476	0.40%
	1/17/11	10.66	1.0044323568797475	0.44%
	1/18/11	10.66	1.0048361730116604	0.48%
	1/19/11	10.66	1.005240151491458	0.52%
	1/20/11	11.16	1.0056622830723925	0.57%
	1/21/11	11.16	1.006084591919497	0.61%
	1/24/11	11.16	1.0065070781072112	0.65%
	1/25/11	11.16	1.0069297417100058	0.69%
	1/26/11	11.16	1.007352582802383	0.74%
	1/27/11	11.17	1.0077759612043218	0.78%
	1/28/11	11.17	1.0081995175472063	0.82%
	1/31/11	11.17	1.0086232519058229	0.86%
	2/1/11	11.16	1.009046804155763	0.90%
	2/2/11	11.17	1.0094708946189417	0.95%
	2/3/11	11.17	1.009895163322337	0.99%
	2/4/11	11.17	1.0103196103408612	1.03%
	2/7/11	11.17	1.010744235749458	1.07%
	2/8/11	11.17	1.0111690396231028	1.12%
	2/9/11	11.17	1.011594022036802	1.16%
	2/10/11	11.17	1.0120191830655942	1.20%
	2/11/11	11.17	1.0124445227845493	1.24%
	2/14/11	11.17	1.0128700412687683	1.29%
	2/15/11	11.17	1.0132957385933845	1.33%
	2/16/11	11.17	1.0137216148335622	1.37%
	2/17/11	11.17	1.0141476700644974	1.41%
	2/18/11	11.17	1.0145739043614179	1.46%
	2/21/11	11.17	1.0150003177995832	1.50%
	2/22/11	11.17	1.0154269104542841	1.54%
	2/23/11	11.17	1.0158536824008431	1.59%
	2/24/11	11.17	1.0162806337146144	1.63%
	2/25/11	11.17	1.0167077644709843	1.67%
	2/28/11	11.17	1.01713507474537	1.71%
	3/1/11	11.17	1.0175625646132211	1.76%
	3/2/11	11.17	1.0179902341500184	1.80%
	3/3/11	11.67	1.0184362192433669	1.84%
	3/4/11	11.67	1.0188823997243497	1.89%
	3/9/11	11.67	1.0193287756785667	1.93%
	3/10/11	11.67	1.0197753471916553	1.98%
	3/11/11	11.67	1.0202221143492907	2.02%
	3/14/11	11.67	1.0206690772371854	2.07%
	3/15/11	11.67	1.0211162359410895	2.11%
	3/16/11	11.67	1.0215635905467908	2.16%
	3/17/11	11.67	1.0220111411401145	2.20%
	3/18/11	11.67	1.0224588878069234	2.25%
	3/21/11	11.67	1.0229068306331179	2.29%
	3/22/11	11.67	1.0233549697046362	2.34%
	3/23/11	11.67	1.0238033051074542	2.38%
	3/24/11	11.67	1.0242518369275853	2.43%
	3/25/11	11.67	1.0247005652510803	2.47%
	3/28/11	11.67	1.0251494901640283	2.51%
	3/29/11	11.67	1.025598611752556	2.56%
	3/30/11	11.67	1.0260479301028274	2.60%
	3/31/11	11.67	1.0264974453010445	2.65%
	4/1/11	11.67	1.026947157433447	2.69%
	4/4/11	11.67	1.0273970665863126	2.74%
	4/5/11	11.67	1.0278471728459566	2.78%
	4/6/11	11.67	1.0282974762987322	2.83%
	4/7/11	11.67	1.0287479770310306	2.87%
	4/8/11	11.67	1.0291986751292803	2.92%
	4/11/11	11.67	1.0296495706799482	2.96%
	4/12/11	11.67	1.0301006637695389	3.01%
	4/13/11	11.67	1.0305519544845949	3.06%
	4/14/11	11.67	1.0310034429116965	3.10%
	4/15/11	11.67	1.0314551291374623	3.15%
	4/18/11	11.67	1.0319070132485484	3.19%
	4/19/11	11.67	1.032359095331649	3.24%
	4/20/11	11.67	1.0328113754734964	3.28%
	4/25/11	11.92	1.0332730229394678	3.33%
	4/26/11	11.92	1.0337348767532659	3.37%
	4/27/11	11.92	1.0341969370071247	3.42%
	4/28/11	11.92	1.0346592037933187	3.47%
	4/29/11	11.92	1.035121677204164	3.51%
	5/2/11	11.92	1.0355843573320183	3.56%
	5/3/11	11.92	1.0360472442692801	3.60%
	5/4/11	11.92	1.0365103381083891	3.65%
	5/5/11	11.92	1.0369736389418269	3.70%
	5/6/11	11.92	1.037437146862116	3.74%
	5/9/11	11.92	1.0379008619618204	3.79%
	5/10/1111.92	1.0383647843335455	3.84%
	5/11/11	11.92	1.0388289140699378	3.88%
	5/12/11	11.92	1.0392932512636857	3.93%
	5/13/11	11.92	1.0397577960075186	3.98%
	5/16/11	11.92	1.0402225483942076	4.02%
	5/17/11	11.92	1.0406875085165652	4.07%
	5/18/11	11.92	1.0411526764674455	4.12%
	5/19/11	11.92	1.0416180523397438	4.16%
	5/20/11	11.92	1.0420836362263972	4.21%
	5/23/11	11.92	1.0425494282203842	4.25%
	5/24/11	11.92	1.0430154284147248	4.30%
	5/25/11	11.92	1.0434816369024809	4.35%
	5/26/11	11.92	1.0439480537767556	4.39%
	5/27/11	11.92	1.0444146791306939	4.44%
	5/30/11	11.92	1.0448815130574822	4.49%
	5/31/11	11.92	1.045348555650349	4.53%
	6/1/11	11.92	1.0458158070025638	4.58%
	6/2/11	11.92	1.0462832672074385	4.63%
	6/3/11	11.92	1.0467509363583261	4.68%
	6/6/11	11.92	1.0472188145486214	4.72%
	6/7/11	11.92	1.0476869018717614	4.77%
	6/8/11	11.92	1.0481551984212245	4.82%
	6/9/11	12.17	1.0486329890094479	4.86%
	6/10/11	12.17	1.0491109973935155	4.91%
	6/13/11	12.17	1.0495892236727071	4.96%
	6/14/11	12.17	1.0500676679463481	5.01%
	6/15/11	12.17	1.0505463303138087	5.05%
	6/16/11	12.17	1.0510252108745048	5.10%
	6/17/11	12.17	1.0515043097278978	5.15%
	6/20/11	12.17	1.0519836269734937	5.20%
	6/21/11	12.17	1.0524631627108445	5.25%
	6/22/11	12.17	1.0529429170395475	5.29%
	6/24/11	12.17	1.0534228900592451	5.34%
	6/27/11	12.17	1.0539030818696253	5.39%
	6/28/11	12.17	1.0543834925704219	5.44%
	6/29/11	12.17	1.0548641222614132	5.49%
	6/30/11	12.17	1.0553449710424241	5.53%
	7/1/11	12.17	1.0558260390133243	5.58%
	7/4/11	12.17	1.0563073262740292	5.63%
	7/5/11	12.17	1.0567888329244999	5.68%
	7/6/11	12.17	1.0572705590647427	5.73%
	7/7/11	12.17	1.0577525047948098	5.78%
	7/8/11	12.17	1.0582346702147991	5.82%
	7/11/11	12.17	1.0587170554248537	5.87%
	7/12/11	12.17	1.0591996605251628	5.92%
	7/13/11	12.17	1.059682485615961	5.97%
	7/14/11	12.17	1.0601655307975286	6.02%
	7/15/11	12.17	1.0606487961701918	6.06%
	7/18/11	12.17	1.0611322818343225	6.11%
	7/19/11	12.17	1.061615987890338	6.16%
	7/20/11	12.17	1.0620999144387018	6.21%
	7/21/11	12.42	1.0625934489608977	6.26%
	7/22/11	12.42	1.0630872128177553	6.31%
	7/25/11	12.42	1.0635812061158414	6.36%
	7/26/11	12.42	1.0640754289617724	6.41%
	7/27/11	12.42	1.064569881462214	6.46%
	7/28/11	12.42	1.0650645637238816	6.51%
	7/29/11	12.42	1.0655594758535403	6.56%
	8/1/11	12.42	1.0660546179580048	6.61%
	8/2/11	12.42	1.0665499901441393	6.65%
	8/3/11	12.42	1.0670455925188576	6.70%
	8/4/11	12.42	1.0675414251891231	6.75%
	8/5/11	12.42	1.0680374882619494	6.80%
	8/8/11	12.42	1.0685337818443994	6.85%
	8/9/11	12.42	1.069030306043586	6.90%
	8/10/11	12.42	1.0695270609666716	6.95%
	8/11/11	12.42	1.0700240467208686	7.00%
	8/12/11	12.42	1.0705212634134389	7.05%
	8/15/11	12.42	1.0710187111516949	7.10%
	8/16/11	12.42	1.0715163900429983	7.15%
	8/17/11	12.42	1.0720143001947606	7.20%
	8/18/11	12.42	1.0725124417144438	7.25%
	8/19/11	12.42	1.0730108147095594	7.30%
	8/22/11	12.42	1.0735094192876689	7.35%
	8/23/11	12.42	1.0740082555563837	7.40%
	8/24/11	12.42	1.0745073236233655	7.45%
	8/25/11	12.41	1.0750062441186272	7.50%
	8/26/11	12.41	1.0755053962750933	7.55%
	8/29/11	12.41	1.0760047802003296	7.60%
	8/30/11	12.41	1.0765043960019522	7.65%
	8/31/11	12.41	1.0770042437876273	7.70%
	9/1/11	11.91	1.0774852625912941	7.75%
	9/2/11	11.91	1.0779664962307804	7.80%
	9/5/11	11.91	1.0784479448020379	7.84%
	9/6/11	11.91	1.0789296084010607	7.89%
	9/8/11	11.91	1.0794114871238858	7.94%
	9/9/11	11.91	1.0798935810665935	7.99%
	9/12/11	11.91	1.0803758903253065	8.04%
	9/13/11	11.91	1.0808584149961908	8.09%
	9/14/11	11.91	1.0813411551754553	8.13%
	9/15/11	11.91	1.0818241109593516	8.18%
	9/16/11	11.91	1.0823072824441746	8.23%
	9/19/11	11.9	1.0827902857588241	8.28%
	9/20/11	11.9	1.083273504624275	8.33%
	9/21/11	11.9	1.0837569391367214	8.38%
	9/22/11	11.9	1.0842405893924005	8.42%
	9/23/11	11.9	1.0847244554875926	8.47%
	9/26/11	11.9	1.0852085375186205	8.52%
	9/27/11	11.9	1.0856928355818505	8.57%
	9/28/11	11.9	1.0861773497736917	8.62%
	9/29/11	11.9	1.0866620801905962	8.67%
	9/30/11	11.9	1.0871470269290591	8.71%
	10/3/11	11.9	1.0876321900856187	8.76%
	10/4/11	11.9	1.0881175697568564	8.81%
	10/5/11	11.9	1.0886031660393964	8.86%
	10/6/11	11.9	1.0890889790299065	8.91%
	10/7/11	11.9	1.0895750088250973	8.96%
	10/10/11	11.9	1.0900612555217224	9.01%
	10/11/11	11.9	1.0905477192165791	9.05%
	10/13/11	11.9	1.0910344000065075	9.10%
	10/14/11	11.9	1.091521297988391	9.15%
	10/17/11	11.9	1.0920084132591563	9.20%
	10/18/11	11.9	1.0924957459157734	9.25%
	10/19/11	11.89	1.0929829084387814	9.30%
	10/20/11	11.4	1.0934512441085991	9.35%
	10/21/11	11.4	1.0939197804570346	9.39%
	10/24/11	11.4	1.0943885175700778	9.44%
	10/25/11	11.4	1.0948574555337547	9.49%
	10/26/11	11.4	1.0953265944341284	9.53%
	10/27/11	11.4	1.0957959343572989	9.58%
	10/28/11	11.4	1.0962654753894032	9.63%
	10/31/11	11.4	1.096735217616615	9.67%
	11/1/11	11.4	1.097205161125145	9.72%
	11/3/11	11.4	1.097675306001241	9.77%
	11/4/11	11.4	1.0981456523311874	9.81%
	11/7/11	11.4	1.098616200201306	9.86%
	11/8/11	11.4	1.0990869496979552	9.91%
	11/9/11	11.4	1.0995579009075307	9.96%
	11/10/11	11.4	1.100029053916465	10.00%
	11/11/11	11.4	1.100500408811228	10.05%
	11/14/11	11.4	1.1009719656783261	10.10%
	11/16/11	11.4	1.1014437246043032	10.14%
	11/17/11	11.4	1.1019156856757402	10.19%
	11/18/11	11.4	1.1023878489792549	10.24%
	11/21/11	11.4	1.1028602146015023	10.29%
	11/22/11	11.4	1.1033327826291748	10.33%
	11/23/11	11.4	1.1038055531490016	10.38%
	11/24/11	11.4	1.1042785262477492	10.43%
	11/25/11	11.4	1.1047517020122213	10.48%
	11/28/11	11.4	1.1052250805292587	10.52%
	11/29/11	11.4	1.1056986618857396	10.57%
	11/30/11	11.4	1.1061724461685793	10.62%
	12/1/11	10.9	1.1066266789784018	10.66%
	12/2/11	10.9	1.1070810983119859	10.71%
	12/5/11	10.9	1.1075357042459244	10.75%
	12/6/11	10.9	1.1079904968568421	10.80%
	12/7/11	10.9	1.1084454762213951	10.84%
	12/8/11	10.9	1.1089006424162708	10.89%
	12/9/11	10.9	1.1093559955181884	10.94%
	12/12/11	10.9	1.1098115356038984	10.98%
	12/13/11	10.9	1.1102672627501828	11.03%
	12/14/11	10.9	1.110723177033855	11.07%
	12/15/11	10.9	1.1111792785317602	11.12%
	12/16/11	10.9	1.1116355673207752	11.16%
	12/19/11	10.9	1.1120920434778081	11.21%
	12/20/11	10.9	1.1125487070797988	11.25%
	12/21/11	10.9	1.1130055582037186	11.30%
	12/22/11	10.9	1.1134625969265706	11.35%
	12/23/11	10.9	1.1139198233253893	11.39%
	12/26/11	10.9	1.1143772374772412	11.44%
	12/27/11	10.9	1.114834839459224	11.48%
	12/28/11	10.9	1.1152926293484673	11.53%
	12/29/11	10.9	1.1157506072221324	11.58%
	12/30/11	10.91	1.1162091725443368	11.62%
	1/2/12	10.9	1.1166675267824582	11.67%
	1/3/12	10.9	1.1171260692367426	11.71%
	1/4/12	10.9	1.1175847999844781	11.76%
	1/5/12	10.9	1.1180437191029846	11.80%
	1/6/12	10.9	1.1185028266696135	11.85%
	1/9/12	10.9	1.1189621227617483	11.90%
	1/10/12	10.9	1.1194216074568042	11.94%
	1/11/12	10.9	1.119881280832228	11.99%
	1/12/12	10.9	1.1203411429654984	12.03%
	1/13/12	10.9	1.1208011939341258	12.08%
	1/16/12	10.9	1.1212614338156528	12.13%
	1/17/12	10.9	1.1217218626876535	12.17%
	1/18/12	10.9	1.1221824806277338	12.22%
	1/19/12	10.4	1.1226231571156102	12.26%
	1/20/12	10.4	1.1230640066553479	12.31%
	1/23/12	10.4	1.1235050293149036	12.35%
	1/24/12	10.4	1.1239462251622607	12.39%
	1/25/12	10.4	1.1243875942654296	12.44%
	1/26/12	10.4	1.1248291366924468	12.48%
	1/27/12	10.4	1.1252708525113762	12.53%
	1/30/12	10.4	1.1257127417903079	12.57%
	1/31/12	10.4	1.1261548045973588	12.62%
	2/1/12	10.4	1.1265970410006731	12.66%
	2/2/12	10.4	1.1270394510684212	12.70%
	2/3/12	10.4	1.1274820348688002	12.75%
	2/6/12	10.4	1.1279247924700342	12.79%
	2/7/12	10.4	1.1283677239403742	12.84%
	2/8/12	10.4	1.1288108293480981	12.88%
	2/9/12	10.4	1.12925410876151	12.93%
	2/10/12	10.4	1.1296975622489416	12.97%
	2/13/12	10.4	1.1301411898787508	13.01%
	2/14/12	10.4	1.1305849917193227	13.06%
	2/15/12	10.4	1.1310289678390693	13.10%
	2/16/12	10.4	1.13147311830642913.15%
	2/17/12	10.4	1.1319174431898678	13.19%
	2/22/12	10.4	1.1323619425578777	13.24%
	2/23/12	10.4	1.1328066164789783	13.28%
	2/24/12	10.4	1.133251465021716	13.33%
	2/27/12	10.4	1.1336964882546641	13.37%
	2/28/12	10.4	1.1341416862464224	13.41%
	2/29/12	10.4	1.1345870590656182	13.46%
	3/1/12	10.4	1.1350326067809053	13.50%
	3/2/12	10.4	1.1354783294609649	13.55%
	3/5/12	10.4	1.1359242271745049	13.59%
	3/6/12	10.4	1.1363702999902603	13.64%
	3/7/12	10.4	1.1368165479769929	13.68%
	3/8/12	9.65	1.1372322083900235	13.72%
	3/9/12	9.65	1.13764802078323	13.76%
	3/12/12	9.65	1.1380639852121819	13.81%
	3/13/12	9.65	1.1384801017324686	13.85%
	3/14/12	9.65	1.1388963703997002	13.89%
	3/15/12	9.65	1.1393127912695069	13.93%
	3/16/12	9.65	1.1397293643975397	13.97%
	3/19/12	9.65	1.1401460898394693	14.01%
	3/20/12	9.65	1.1405629676509872	14.06%
	3/21/12	9.65	1.140979997887805	14.10%
	3/22/12	9.65	1.1413971806056549	14.14%
	3/23/12	9.65	1.1418145158602893	14.18%
	3/26/12	9.65	1.1422320037074809	14.22%
	3/27/12	9.65	1.1426496442030232	14.26%
	3/28/12	9.65	1.1430674374027299	14.31%
	3/29/12	9.65	1.1434853833624348	14.35%
	3/30/12	9.65	1.1439034821379925	14.39%
	4/2/12	9.65	1.1443217337852778	14.43%
	4/3/12	9.65	1.1447401383601861	14.47%
	4/4/12	9.65	1.1451586959186331	14.52%
	4/5/12	9.65	1.1455774065165552	14.56%
	4/9/12	9.65	1.1459962702099089	14.60%
	4/10/12	9.65	1.1464152870546713	14.64%
	4/11/12	9.65	1.1468344571068401	14.68%
	4/12/12	9.65	1.1472537804224332	14.73%
	4/13/12	9.65	1.1476732570574892	14.77%
	4/16/12	9.65	1.1480928870680671	14.81%
	4/17/12	9.65	1.1485126705102464	14.85%
	4/18/12	9.65	1.1489326074401272	14.89%
	4/19/12	8.9	1.1493213946935241	14.93%
	4/20/12	8.9	1.1497103135086224	14.97%
	4/23/12	8.9	1.1500993639299411	15.01%
	4/24/12	8.9	1.1504885460020142	15.05%
	4/25/12	8.9	1.1508778597693914	15.09%
	4/26/12	8.9	1.1512673052766367	15.13%
	4/27/12	8.9	1.1516568825683298	15.17%
	4/30/12	8.9	1.152046591689065	15.20%
	5/2/12	8.9	1.1524364326834522	15.24%
	5/3/12	8.9	1.1528264055961159	15.28%
	5/4/12	8.9	1.153216510471696	15.32%
	5/7/12	8.9	1.1536067473548475	15.36%
	5/8/12	8.9	1.1539971162902403	15.40%
	5/9/12	8.9	1.1543876173225596	15.44%
	5/10/12	8.9	1.1547782504965056	15.48%
	5/11/12	8.9	1.1551690158567938	15.52%
	5/14/12	8.89	1.1555594923494468	15.56%
	5/15/12	8.89	1.1559501008330806	15.60%
	5/16/12	8.89	1.1563408413523113	15.63%
	5/17/12	8.89	1.1567317139517705	15.67%
	5/18/12	8.89	1.1571227186761046	15.71%
	5/21/12	8.89	1.1575138555699751	15.75%
	5/22/12	8.89	1.1579051246780587	15.79%
	5/23/12	8.89	1.1582965260450473	15.83%
	5/24/12	8.89	1.1586880597156477	15.87%
	5/25/12	8.89	1.1590797257345817	15.91%
	5/28/12	8.89	1.1594715241465867	15.95%
	5/29/12	8.89	1.1598634549964149	15.99%
	5/30/12	8.8800000000000008	1.1602550954801647	16.03%
	5/31/12	8.39	1.1606260940813611	16.06%
	6/1/12	8.39	1.1609972113116096	16.10%
	6/4/12	8.39	1.1613684472088424	16.14%
	6/5/12	8.39	1.1617398018110041	16.17%
	6/6/12	8.39	1.1621112751560514	16.21%
	6/8/12	8.39	1.1624828672819529	16.25%
	6/11/12	8.39	1.1628545782266895	16.29%
	6/12/12	8.39	1.1632264080282542	16.32%
	6/13/12	8.39	1.1635983567246524	16.36%
	6/14/12	8.39	1.1639704243539013	16.40%
	6/15/12	8.39	1.1643426109540305	16.43%
	6/18/12	8.39	1.1647149165630815	16.47%
	6/19/12	8.39	1.1650873412191083	16.51%
	6/20/12	8.39	1.1654598849601767	16.55%
	6/21/12	8.39	1.165832547824365	16.58%
	6/22/12	8.39	1.1662053298497634	16.62%
	6/25/12	8.39	1.1665782310744748	16.66%
	6/26/12	8.39	1.1669512515366134	16.70%
	6/27/12	8.39	1.1673243912743063	16.73%
	6/28/12	8.39	1.1676976503256928	16.77%
	6/29/12	8.4	1.1680714563504331	16.81%
	7/2/12	8.39	1.168444954280407	16.84%
	7/3/12	8.39	1.1688185716386084	16.88%
	7/4/12	8.39	1.1691923084632252	16.92%
	7/5/12	8.39	1.1695661647924576	16.96%
	7/6/12	8.39	1.1699401406645178	16.99%
	7/9/12	8.39	1.1703142361176306	17.03%
	7/10/12	8.39	1.1706884511900326	17.07%
	7/11/12	8.39	1.1710627859199727	17.11%
	7/12/12	7.89	1.1714157472528985	17.14%
	7/13/12	7.89	1.1717688149692771	17.18%
	7/16/12	7.89	1.1721219891011727	17.21%
	7/17/12	7.89	1.1724752696806591	17.25%
	7/18/12	7.89	1.1728286567398198	17.28%
	7/19/12	7.89	1.1731821503107485	17.32%
	7/20/12	7.89	1.1735357504255477	17.35%
	7/23/12	7.89	1.1738894571163301	17.39%
	7/24/12	7.89	1.1742432704152181	17.42%
	7/25/12	7.89	1.1745971903543435	17.46%
	7/26/12	7.89	1.174951216965848	17.50%
	7/27/12	7.89	1.1753053502818831	17.53%
	7/30/12	7.89	1.1756595903346096	17.57%
	7/31/12	7.89	1.1760139371561984	17.60%
	8/1/12	7.89	1.1763683907788296	17.64%
	8/2/12	7.89	1.1767229512346935	17.67%
	8/3/12	7.89	1.1770776185559899	17.71%
	8/6/12	7.89	1.1774323927749284	17.74%
	8/7/12	7.89	1.1777872739237281	17.78%
	8/8/12	7.89	1.178142262034618	17.81%
	8/9/12	7.89	1.1784973571398367	17.85%
	8/10/12	7.89	1.1788525592716326	17.89%
	8/13/12	7.89	1.1792078684622638	17.92%
	8/14/12	7.89	1.1795632847439981	17.96%
	8/15/12	7.89	1.179918808149113	17.99%
	8/16/12	7.89	1.1802744387098958	18.03%
	8/17/12	7.89	1.1806301764586433	18.06%
	8/20/12	7.89	1.1809860214276626	18.10%
	8/21/12	7.89	1.1813419736492698	18.13%
	8/22/12	7.89	1.1816980331557914	18.17%
	8/23/12	7.89	1.1820541999795631	18.21%
	8/24/12	7.89	1.1824104741529307	18.24%
	8/27/12	7.89	1.1827668557082498	18.28%
	8/28/12	7.89	1.1831233446778855	18.31%
	8/29/12	7.89	1.1834799410942125	18.35%
	8/30/12	7.39	1.1838148235031125	18.38%
	8/31/12	7.39	1.1841498006717326	18.41%
	9/3/12	7.39	1.1844848726268862	18.45%
	9/4/12	7.39	1.1848200393953945	18.48%
	9/5/12	7.39	1.1851553010040863	18.52%
	9/6/12	7.39	1.1854906574797981	18.55%
	9/10/12	7.39	1.1858261088493738	18.58%
	9/11/12	7.39	1.186161655139665	18.62%
	9/12/12	7.39	1.1864972963775307	18.65%
	9/13/12	7.39	1.1868330325898377	18.68%
	9/14/12	7.39	1.1871688638034605	18.72%
	9/17/12	7.39	1.1875047900452811	18.75%
	9/18/12	7.39	1.1878408113421888	18.78%
	9/19/12	7.39	1.188176927721081	18.82%
	9/20/12	7.39	1.1885131392088624	18.85%
	9/21/12	7.39	1.1888494458324455	18.88%
	9/24/12	7.39	1.1891858476187502	18.92%
	9/25/12	7.39	1.1895223445947043	18.95%
	9/26/12	7.39	1.189858936787243	18.99%
	9/27/12	7.39	1.1901956242233089	19.02%
	9/28/12	7.39	1.1905324069298528	19.05%
	10/1/12	7.39	1.1908692849338329	19.09%
	10/2/12	7.39	1.1912062582622149	19.12%
	10/3/12	7.39	1.1915433269419722	19.15%