- INTRODUCTION
The Marshallan Investment Fund (MIF) in its current form is bedeviled with many challenges requiring massive re-structuring intervention to it more attractive and appealing to contributors.
- Stunted Growth of the fund. In the first place the fund experienced stunted growth resulting from:
- excess of outflows over inflows. The demands made on it from SC & GC(for administrative expenses) being more than cash inflows from new initiates.
- Structural inadequacies. The structure targeted only one revenue centre – Annuity – as an inflow which is woefully inadequate to make impart as an incentive strategy.
- The scanty Annuity payments being made directly into SC & GC accounts and virtually not easily available for investment purposes.
- Fund managers being paid from the Fund every year whether the Fund is growing or not.
- Lack of effective financial commitment coupled with weak instructional procedures at the Local and Regional levels to ensure MIF levies are promptly remitted to the appropriate account.
The need therefore to undertake re-branding of former Marshallan and Investment Fund (MIF) is rife and cannot be overemphasized. The purpose is to make the fund more beneficial to serve the needs of all contributors, namely the individual brothers and sisters, the Regional councils and Courts as well as the Supreme Council and the Grand Court. The re-branding hence abolishes the previous MIF by replacing it with a fresh fund mobilization and investment strategy structure consisting of institutional share holders made up Supreme Council, the Grand Court, the Regional Council and Court as well as the component Council and Courts. In addition to the shareholding structure each brother and sister member contributes a minimum savings which is invested for a determined period to earn a return on investment sufficient enough to cover all DUES and LEVIES established in the Order.
The name shall be MARSHALLAN SAVINGS AND INVESTMENT FUND with the acronym – MaSIF.
The tag line shall be: MaSIF – “FUND FOR THE LIVING”
MaSIF is a one-time payment for shares allotted or savings made for investment. It is not a levy.
- OBJECTIVE
The objects of the fund are:
- To free contributors from annual payment of dues and levies in the Order
- To free the Order from being dependent on members for financial sustainability ( EXCEPT SUBSCRIPTION PAYMENT)
- To promote thrift among its members by providing them a means of savings.
- To provide assistance to institutions within the Order to establish businesses.
- To provide quality financial services to these institutions to manage such businesses.
- FUND OWNERSHIP & STRUCTURE
3.1 The fund shall be owned through share holding by: Supreme Council, Grand Court, Regional Councils and Courts; Local Councils and Courts
3.2 Individual brothers and sisters make savings with the hope of reducing future financial obligations to NIL COST or covering ALL yearly dues and levies and use the balance to improve their personal economic circumstances.
- GOVERNANCE
The fund shall be managed by a 7 member Committee (4 Knights and 3 Ladies) with expertise in fund administration. i.e. Investment Analysis, Fund Management and Resource Mobilisation.
At the Regional level a team of three members shall be appointed to monitor and coordinate receipts and payments of contributions.
At the Council or Court level there shall a MaSIF mobilizer with an assistance who shall collect, record and bank proceeds in a designated bank and report to the MaSIF Management Committee (MMC).
- CONTRIBUTIONS
- MaSIF is based on a 2-6-12 fund mobilisation, investment and distribution strategy.
- Fund mobilization is for a period of 2 years; i.e. 2017 – 2018.
- Each member contributes a minimum of GH¢1,200.00 in 2 years or GH¢50.00 per month for 24 months (GH¢1,200 in total).
- A share in the Fund shall cost GH¢100 and each participating institution shall hold minimum shares as follows:
- Local Level: Each Council and each Court – 50 Shares = GH¢5,000.
- Regional Level: Regional Council OR Court – 100 Shares = GH¢10,000.
- Supreme Council 500 Shares = GH¢50,000.
- Grand Court: 500 Shares = GH¢50,000.
- INVESTMENT INSTRUMENTS
- These shall consist of: Treasury Bills, Note, Fixed Deposits etc as advised by fund managers
- After mobilisation period of the 2 years total amount is invested for next 5 years at a minimum Treasury bill rate of 23% p.a. (T-Bill rate being the benchmark)
Note: The higher the Treasury bill rate the higher the Return on investment to all savers and share holders and the shorter the MATURITY period of investments.
| Years of Disbursement | Payout Rate |
| 6 – 20 | 50% PA |
| 21 – 30 | 75% PA |
| 30 – Onwards | 100% |
From year 6 to 20, each contributor shall receive back a minimum of 50% of capital contributions a year. From year 21 to 30 the return on investment increases to 75% per annum. From year 31 thereafter it is 100% for ever.
- From year 6, there shall be NO PAYMENT OF DUES AND LEVIES AT ALL LEVELS as Gh¢600.00 of each contributor’s receipt (the minimum of which is equal to total ANNUAL DUES and LEVIES) shall be used to set off all DUES AND LEVIES.
- There will be no payment of DUES AND LEVIES except SUBSCRIPTION OF perhaps GH¢20.00 a year. (ON CONDITION THAT TOTAL DUES AND LEVIES PER YEAR IS WITHIN GH¢600.00).
- On condition that each Council or Court is able to enrol a minimum of 30% of its membership, in year 12 an amount of about Gh¢10m shall be disbursed as follows for investment in business project:
- Each CONTRIBUTING Council: Gh¢100,000
- Each CONTRIBUTING Court: Gh¢100,000
- Each CONTRIBUTING Regional Council: Gh¢100,000
- Each CONTRIBUTING Regional Court: Gh¢100,000
- Supreme Council: Gh¢200,000
- Grand Court: Gh¢200,000
- Start year proposed is 2017.
- All withdrawals are made by 31st December and all investments are made on 1st January
- Membership of the MaSIF is optional and membership application form shall be filled in by any prospective member.
- A separate bank/investment account shall be opened and operated for the purpose.
- Each application shall be followed by a non-refundable registration fee of Gh¢10.00
- Each member shall have a pass book.
- All contributions for MaSIF shares and or savings shall be paid direct in the DEDICATED ACCOUNT AND NOT TO BE COMINGLED WITH Council/Court bank accounts.
- Upon completion of payment for MaSIF each participating member shall be issued a Certificate of Membership which serves as a receipt.
- Each Council or Court shall appoint two persons: a MaSIF Officer and an Assistant MaSIF Officer to be solely responsible for collection and banking of MaSIF monies in the designated account on the next available working day..
- Quarterly statement of account shall be prepared for distribution to all Regions, Councils/Courts.
- There shall be MaSIF management meetings consisting of Regional Representatives every half year.
- Regular quarterly Report on performance of MaSIF shall be given at every local, Regional Advisory Board meetings as well as Supreme Council and Grand Court Standing Committee meetings.
- After the close of the 2 year CONTRIBUTION CYCLE every subsequent year new initiates/non-member transferees/late comers shall start a dedicated cycle.
- Any contributor who wishes to withdraw can do so and his/her entitlement shall be purchased by the Fund.
- MaSIF shall be advised by fund managers who are brothers and sisters with investment banking expertise.
- Like all financial intermediaries and a not-for- profit making organisations the accounts shall be audited annually by an External Auditor.
- QUESTIONS
- What happens when I die before fund matures for disbursement.
Ans: Your contribution shall be bought by the existing shareholders and capital and return on investment paid to your next of kin specified in the application form.
- Can I resign anytime?
Ans: Yes, and your entitlement shall be treated as in question above.
- How do I make payment of my contributions/savings?
Ans: At Council/Court meetings to a dedicated individual selected for the purpose. Or walk to the MaSIF Office (if opened)
- Can I save more than the minimum? If I do what will be my annual returns? Ans: Yes you can save more than the minimum. Council/Court can buy more shares than the minimum and your returns shall be the specified percentage of total contribution on maturity.
- What is the difference between MaSIF and the MST? Any relationship?
Ans: MaSIF is purposely to ensure that Councils and Courts become financially independent of dues paid by members while the MST is to provide subscribers (brothers and sisters) a savings plan for each and every one who contributes to it.
SUMMARY: MaSIF
| S/N | BASIS | MaSIF |
| 1 | Objective | To generate ROI to cover dues and levy payments; Any surplus for personal recovery plan |
| 2 | Capital Base | Share holding plus savings |
| 3 | Mobilisation Structure | Shareholders buy minimum no. of shares: SC & GC=500 shares; Reg. Council & Court = 100 shares:
Local Cl & Ct = 50 shares each. Each member contributes minimum of Gh¢1,200. |
| Membership Evidence | Completed Application form, Certificate of Membership and Pass Book | |
| 4 | Duration Of Fund Mobilisation | 2 YEARS |
| 5 | Ownership | All institutional structure in the ORDER: SC/GC, RCl/RCt, Adult Cl/Adult Ct |
| 6 | Investment Instruments | All instruments in the money market |
| 7 | Distribution Of Benefit (Roi) | Year 6: Fund matures for disbursement. Total accumulated fund in Year 6 = Gh¢16,165,879.28. Each shareholder and savings holder receives 50% of contribution every year for 15 years. This increases to 75% from year 21 to year 30.From year 31 thereafter return on investment is 100% forever.
Year 12: Amount of Gh¢10,000,000 is made available for distribution to each participating shareholder to undertake income generating project work. In year 22 amount of Gh10,000,000 shall be invested in the restructuring of MWS and the MMF. Year 26: Gh¢20,000,000 is made available for establishment of in insurance company. Year 33: Gh¢40,000,000 is set aside for modernization of SC and GC. Year 40:Gh¢100,000,000 shall be made available for the establishment of a medical facility. |
| 8 | Management | Experienced member Fund Managers in the Order |
| 9 | M&E | Team put together by SC & GC |
| 10 | Reporting & Accountability | Quarterly, Half yearly, Annually. External auditor appointed by the Order |
| 11 | Records To Keep | Membership contribution/ownership lists, relevant financial records etc. |
- Can MaSIF have a negative influence on the growth of MST
Ans. MaSIF will not have a negative influence on the growth of MST. Rather, the collections made by MaSIF can be invested in MST for better returns.
- What happens to the previous MIF contributions?
SC and Grand Court will deposit this balance of Gh¢300,000.00 in the MaSIF as a start-up fund.
MARSHALLAN SAVINGS AND INVESTMENT FUND (MaSIF)
WHAT YOU NEED KNOW ABOUT MaSIF
- What does MaSIF stand for?; what is it and what are the objectives for establishing it?
Ans
- MaSIF is an acronym standing for Marshallan Savings and Investment Fund.
- It is a savings and investment fund plan which seeks to mobilise contributions from members for the purposes of investing on their behalf for a return on investment in the future.
- objects of the fund are:
- To free contributors from annual payment of dues and levies in the Order
- To free the Order from being dependent on members for financial sustainability ( EXCEPT SUBSCRIPTION PAYMENT)
- To promote thrift among its members by providing them a means of savings.
- To provide assistance to institutions within the Order to establish businesses.
- To provide quality financial services to these institutions to manage such businesses.
- What is the capital Base and Mobilisation structure for MaSIF?
Ans
Capital base is consists of SHARE HOLDING and SAVINGS
Mobilisation Structure:
The fund shall be owned through share holding by: Supreme Council, Grand Court, Regional Councils and Courts; Adult Councils and Courts
Each institutional shareholder buys minimum number of shares as follows:
- Supreme Council & Grand Court =500 shares;
- Regional Council & Court = 100 shares:
- Adult Council & Court = 50 shares each.
Each member contributes minimum of Gh¢1,200
Individual brothers and sisters make savings with the hope of reducing future financial obligations to NIL COST or covering ALL yearly dues and levies and use the balance to improve their personal economic circumstances.
- What is the duration for fund contribution and mobilisation?
Ans.
MaSIF is a ONE-TIME CONTRIBUTION based on a 2-6-12 fund mobilisation, investment and distribution strategy.
- Fund mobilization is for a period of 2 years; i.e. 2017 – 2018.
- Each member contributes a minimum of GH¢1,200.00 in 2 years or GH¢50.00 per month for 24 months (GH¢1,200 in total).
- A share in the Fund shall cost GH¢100 and each participating institution shall hold minimum shares as follows:
- Local Level: Each Council and each Court – 50 Shares = GH¢5,000.
- Regional Level: Regional Council OR Court – 100 Shares = GH¢10,000.
- Supreme Council 500 Shares = GH¢50,000.
- Grand Court: 500 Shares = GH¢50,000.
Shares allotted must be paid for within 2 years
- In what instruments shall the fund be invested?
Ans.
- The investible instruments shall consist of: Treasury Bills, Note, Fixed Deposits etc as advised by fund managers
- After mobilisation period of the 2 years total amount is invested for next 5 years at a minimum Treasury bill rate of 23% p.a. (T-Bill rate being the benchmark)
Note: The higher the Treasury bill rate the higher the Return on investment to all savers and share holders and the shorter the MATURITY period of investments.
- What return on investment shall I derive from joining MaSIF?
From year 6, each contributor shall receive back a minimum of 50% of capital contributions a year for 15 years in the first instance. Returns are graduated as follows.
| Years of Disbursement | Payout Rate |
| 6 – 20 | 50% PA |
| 21 – 30 | 75% PA |
| 31 – Onwards | 100% |
- From year 6 there shall be NO PAYMENT OF DUES AND LEVIES AT ALL LEVELS as Gh¢600.00 of each contributor’s receipt (the minimum of which is equal to total ANNUAL DUES and LEVIES) shall be used to set off all DUES AND LEVIES.
- There will be no payment of DUES AND LEVIES except SUBSCRIPTION OF perhaps GH¢20.00 a year. (ON CONDITION THAT TOTAL DUES AND LEVIES PER YEAR IS WITHIN GH¢600.00).
- On condition that each Council or Court is able to enrol a minimum of 30% of its membership, in year 12 an amount of about Gh¢10m shall be disbursed as follows for investment in business project:
- Each CONTRIBUTING Council: Gh¢100,000
- Each CONTRIBUTING Court: Gh¢100,000
- Each CONTRIBUTING Regional Council: Gh¢100,000
- Each CONTRIBUTING Regional Court: Gh¢100,000
- Supreme Council: Gh¢200,000
- Grand Court: Gh¢200,000.
- What is the possible start year for the MaSIF?
Ans.
Start year proposed is 2017.
- What is the governing structure of MaSIF?
The fund shall be managed by a 7 member Committee (4 Knights and 3 Ladies) with expertise in fund administration. i.e. Investment Analysis, Fund Management and Resource Mobilisation.
At the Regional level a team of three members shall be appointed to monitor and coordinate receipts and payments of contributions.
At the Council or Court level there shall a MaSIF mobilizer with an assistant who shall collect record and bank proceeds in a designated bank and report to the MaSIF Management Committee (MMC).
- What other modalities exist for the operation of the fund?
Ans
- All withdrawals are made by 31st December and all investments are made on 1st January
- Membership of the MaSIF is optional and membership application form shall be filled in by any prospective member.
- A separate bank/investment account shall be opened and operated for the purpose.
- Each application shall be followed by a non-refundable registration fee of Gh¢10.00
- Each member shall have a pass book.
- All contributions for MaSIF shares and or savings shall be paid direct in the DEDICATED ACCOUNT AND NOT TO BE COMINGLED WITH Council/Court bank accounts.
- Upon completion of payment for MaSIF each participating member shall be issued a Certificate of Membership which serves as a receipt.
- Each Council or Court shall appoint two persons: a MaSIF Officer and an Assistant MaSIF Officer to be solely responsible for collection and banking of MaSIF monies.
- MaSIF monies SHALL BE Banked into the dedicated MaSIF Bank Account on the next available working day.
- Quarterly statement of account shall be prepared for distribution to all Regions, Councils/Courts.
- There shall be MaSIF management meetings consisting of Regional Representatives every half year.
- Regular quarterly Report on performance of MaSIF shall be given at every local, Regional Advisory Board meetings as well as Supreme Council and Grand Court Standing Committee meetings.
- After the close of the 2 year CONTRIBUTION CYCLE every subsequent year new initiates/non-member transferees/late comers shall start a dedicated cycle.
- Any contributor who wishes to withdraw can do so and his/her entitlement shall be purchased by the Fund.
- MaSIF shall be advised by fund managers who are brothers and sisters with investment banking expertise.
- Like all financial intermediaries and a not-for- profit making organisations the accounts shall be audited annually by an External Auditor.
- Other Questions
- What happens when I die before fund matures for disbursement.
Ans: Your contribution shall be bought by the existing shareholders and capital and return on investment paid to your next of kin specified in the application form.
- Can I resign anytime?
Ans: Yes, and your entitlement shall be treated as in question above.
- How do I make payment of my contributions/savings?
Ans:
At Council/Court meetings to a dedicated individual selected for the purpose. Or walk to the MaSIF Office (if opened)
- Can I save more than the minimum? If I do what will be my annual returns?
Ans:
Yes you can save more than the minimum. Council/Court can buy more shares than the minimum and your returns shall be the 50% of total contribution on maturity.
- What is the difference between MaSIF and the MST? Any relationship?
Ans:
MaSIF is purposely to ensure that Councils and Courts become financially independent of dues paid by members while the MST is to provide subscribers (brothers and sisters) a savings plan for each and every one who contributes to it.
- Can MaSIF have a negative influence on the growth of MST
Ans.
MaSIF will not have a negative influence on the growth of MST. Rather, the collections made by MaSIF can be invested in MST for better returns.
- What happens to the previous MIF contributions?
Ans:
The accumulated balance in the previous MIF as per the 2016 Annual report from the Board of Trustees was Gh¢307,620.38 of which Gh¢300,000 shall be distributed and credited to SC (60%) = Gh¢180,000 and GC (40%) = Gh¢120,000 respectively. The balance of Gh¢7,620.38 will go to settle consultancy and administrative expenses.
Appendix 1: Institutional Shareholding Assumptions
| INSTITUTIONAL SHARE HOLDINGS | DATA |
| Council/Court | 50 shares |
| Regional Council | 100 shares |
| Supreme Council/Grand Court | 500 shares |
| Cost per Share in Cedis | Gh¢100.00 |
| No of Councils in Ghana | 93 |
| No of Courts in Ghana | 90 |
| Contribution per Council & per Court in Cedis | 5,000.00 |
| No of Regional Councils | 17 |
| No of Regional Courts | 17 |
| Contribution per Supreme Council & per Grand Court in Cedis | 50,000.00 |
| Contribution per Regional Council/Court in Cedis | 10,000.00 |
Appendix 2: Assumptions and Individual Savings
| Assumed % participation | 40% |
| Total share contribution: Councils | 186,000.00 |
| Total share contribution: Courts | 180,000.00 |
| Total share contribution: Regional Councils | 68,000.00 |
| Total share contribution: Regional Courts | 68,000.00 |
| 30% Institutional share holding Fund for ALL except SC & GC | 502,000.00 |
| Total share contribution: Supreme Council | 180,000.00 |
| Total share contribution: Grand Court | 120,000.00 |
| Total estimated share contributions | 802,000.00 |
| INDIVIDUAL SAVINGS | DATA |
| Total membership | 10,000.00 |
| Assumed % participants | 40% |
| Monthly Contribution in Cedis | 50.00 |
| Mobilisation Duration in months | 24 |
| 24 Months Contribution per member in Cedis | 1,200.00 |
| Total Monthly Contribution in Cedis | 200,000.00 |
| Total Savings Contribution in 24 months | 4,800,000.00 |
| Total Share Contribution in 24 months | 802,000.00 |
| Grand Total | 5,602,000.00 |
Total fund mobilized for investment in Year 1 = Gh¢5,602,000.00
Summary of Benefits
Years of Disbursement and Savings Payout Rate
| Years of Disbursement | Payout Rate |
| 6 – 20 | 50% PA |
| 21 – 30 | 75% PA |
| 31 – Onwards | 100% |
Other benefits
| Period | Amount to Release | Purpose | ||||||||||||||||||||||
| A | Year 12 | Gh¢10,000,000 |
|
|||||||||||||||||||||
| B | Year 21 | Gh¢10,000,000 | Restructuring of Marshallan Welfare Scheme (MWS) and the Marshallan Medical Fund (MMF). | |||||||||||||||||||||
| C | Year 26 | Gh¢20,000,000 | Seed capital for establishment of an insurance company | |||||||||||||||||||||
| D | Year 33 | Gh¢40,000,000 | Fund for modernization of SC and GC structures | |||||||||||||||||||||
| E | Year 40 | Gh¢100,000,000 | Seed capital for a medical facility |
The fund continues to grow from year to year as per Appendix 3 below.
Appendix 3: Computation using interest rate of 23% p.a.
| YEAR 1 | 6,737,058.57 | 1,549,523.47 | 8,286,582.04 |
| YEAR 2 | 8,286,582.04 | 1,905,913.87 | 10,192,495.91 |
| YEAR 3 | 10,192,495.91 | 2,344,274.06 | 12,536,769.96 |
| YEAR 4 | 12,536,769.96 | 2,883,457.09 | 15,420,227.06 |
| YEAR 5 | 15,420,227.06 | 3,546,652.22 | 18,966,879.28 |
| YEAR 6 | Disbursement begins at 50% p.a.
16,165,879.28 |
3,718,152.23 | 19,884,031.51 |
| YEAR 7 | 17,083,031.51 | 3,929,097.25 | 21,012,128.76 |
| YEAR 8 | 18,211,128.76 | 4,188,559.61 | 22,399,688.37 |
| YEAR 9 | 19,598,688.37 | 4,507,698.33 | 24,106,386.70 |
| YEAR 10 | 21,305,386.70 | 4,900,238.94 | 26,205,625.64 |
| YEAR 11 | 23,404,625.64 | 5,383,063.90 | 28,787,689.54 |
| YEAR 12 | Release Gh¢10m to shareholders for project work
15,986,689.54 |
3,676,938.59 | 19,663,628.13 |
| YEAR 13 | 16,862,628.13 | 3,878,404.47 | 20,741,032.60 |
| YEAR 14 | 17,940,032.60 | 4,126,207.50 | 22,066,240.10 |
| YEAR 15 | 19,265,240.10 | 4,431,005.22 | 23,696,245.33 |
| YEAR 16 | 20,895,245.33 | 4,805,906.43 | 25,701,151.75 |
| YEAR 17 | 22,900,151.75 | 5,267,034.90 | 28,167,186.66 |
| YEAR 18 | 25,366,186.66 | 5,834,222.93 | 31,200,409.59 |
| YEAR 19 | 28,399,409.59 | 6,531,864.21 | 34,931,273.79 |
| YEAR 20 | 32,130,273.79 | 7,389,962.97 | 39,520,236.77 |
| YEAR 21 | Payout rate of 75%p.a. begins.
Release Gh¢10m to support MWS/MMF 25,318,736.77 |
5,823,309.46 | 31,142,046.22 |
| YEAR 22 | 26,940,546.22 | 6,196,325.63 | 33,136,871.85 |
| YEAR 23 | 28,935,371.85 | 6,655,135.53 | 35,590,507.38 |
| YEAR 24 | 31,389,007.38 | 7,219,471.70 | 38,608,479.08 |
| YEAR 25 | 34,406,979.08 | 7,913,605.19 | 42,320,584.26 |
| YEAR 26 | Release Gh¢20m seed capital for insurance co.
38,119,084.26 |
8,767,389.38 | 46,886,473.64 |
| YEAR 27 | 42,684,973.64 | 9,817,543.94 | 52,502,517.58 |
| YEAR 28 | 48,301,017.58 | 11,109,234.04 | 59,410,251.62 |
| YEAR 29 | 55,208,751.62 | 12,698,012.87 | 67,906,764.50 |
| YEAR 30 | 63,705,264.50 | 14,652,210.83 | 78,357,475.33 |
| YEAR 31 | 100% payout rate begins.
72,755,475.33 |
16,733,759.33 | 89,489,234.66 |
| YEAR 32 | 83,887,234.66 | 19,294,063.97 | 103,181,298.63 |
| YEAR 33 | Release Gh¢40m for modernization of SC/GC
57,579,298.63 |
13,243,238.69 | 70,822,537.32 |
| YEAR 34 | 65,220,537.32 | 15,000,723.58 | 80,221,260.90 |
| YEAR 35 | 74,619,260.90 | 17,162,430.01 | 91,781,690.91 |
| YEAR 36 | 86,179,690.91 | 19,821,328.91 | 106,001,019.82 |
| YEAR 37 | 100,399,019.82 | 23,091,774.56 | 123,490,794.37 |
| YEAR 38 | 117,888,794.37 | 27,114,422.71 | 145,003,217.08 |
| YEAR 39 | 139,401,217.08 | 32,062,279.93 | 171,463,497.01 |
| YEAR 40 | Release Gh¢40m seed capital for medical facility
65,861,497.01 |
15,148,144.31 | 81,009,641.32 |
| YEAR 41 | 75,407,641.32 | 17,343,757.50 | 92,751,398.82 |
| YEAR 42 | 87,149,398.82 | 20,044,361.73 | 107,193,760.55 |
| YEAR 43 | 101,591,760.55 | 23,366,104.93 | 124,957,865.48 |
| YEAR 44 | 119,355,865.48 | 27,451,849.06 | 146,807,714.54 |
| YEAR 45 | 141,205,714.54 | 32,477,314.34 | 173,683,028.88 |
| YEAR 46 | 168,081,028.88 | 38,658,636.64 | 206,739,665.52 |
| YEAR 47 | 201,137,665.52 | 46,261,663.07 | 247,399,328.60 |
| YEAR 48 | 241,797,328.60 | 55,613,385.58 | 297,410,714.17 |
| YEAR 49 | 291,808,714.17 | 67,116,004.26 | 358,924,718.43 |
| YEAR 50 | 353,322,718.43 | 81,264,225.24 | 434,586,943.67 |