PHWHRH[SORUDWLRQFRP +RPH )RUHFDVWV 0DSURRP 3URGXFWV /DQJXDJH¬¬ψ 'HXWVFK (QJOLVK (VSDxRO )UDQo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¬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¬ KWWSZZZPHWHRH[SORUDWLRQFRPLQIRUPDWLRQSKS PHWHRH[SORUDWLRQFRP 3UHFLSLWDFLyQ ,QGLFDWHVW\SHDQGDPRXQWRIDFFXPXODWHGSUHFLSLWDWLRQRYHUWKHODVWWKUHHKRXUV1RWHWKDW SUHFLSLWDWLRQVPDOOHUWKDQPPKLVQRUPDOO\XQUHOLDEOH3UHFLSLWDWLRQDPRXQWLVDOZD\VJLYHQDWWKH EDVHRIWKHPRXQWDLQWKHKHLJKWRIWKHJULGFHOOSRLQW,QWKHVXPPDU\WDEOHWKHSUHFLSLWDWLRQW\SHLV HVWLPDWHGIRUWKHVXPPLWFRQGLWLRQV 7RWDO5DLQ &RQYHFWLYHSUHFLSLWDWLRQ )UHH]LQJUDLQ VQRZ ,FHSHOOHWV ¬ :LQG&KLOO,QGH[ ,WLVEHLQJXSGDWHG &RQYHUVLRQ7DEOH PHWHU PV PV PV NPK & ) & ) PE 3UHVVXUHWRKHLJKW IHHW NQRWV NPK PSK PSK ) & ) & K3D¬ ¬ 6SHHGHTXLYDOHQFHV KWWSZZZPHWHRH[SORUDWLRQFRPLQIRUPDWLRQSKS PHWHRH[SORUDWLRQFRP ¬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¬ 6RPH5HIHUHQFHV $KUHQV&'0HWHRURORJ\7RGD\$Q,QWURGXFWLRQWR:HDWKHU&OLPDWHDQGWKH (QYLURQPHQWWKHG:HVW3XELVKLQJ&RPSDQ\6W3DXO01 +ROWRQ-5$QLQWURGXFWLRQWR'\QDPLF0HWHRURORJ\(OVHYLHU$FDGHPLF3UHVV%XUOLQJWRQ 0$ /DFNPDQQ*0LGODWLWXGH6\QRSWLF0HWHRURORJ\'\QDPLFV$QDO\VLVDQG)RUHFDVWLQJ $PHULFDQ0HWHRURORJLFDO6RFLHW\%RVWRQ0$ 6DOE\0/3K\VLFVRIWKH$WPRVSKHUHDQG&OLPDWH&DPEULGJH8QLYHUVLW\3UHVV1HZ<RUN 6WXOO5%0HWHRURORJ\)RU6FLHQWLVWV$QG(QJLQHHUV%URRNV&ROH3DFLILF*URYH&$ :KLWHPDQ&'0RXQWDLQ0HWHRURORJ\)XQGDPHQWDOVDQG$SSOLFDWLRQV2[IRUG8QLYHUVLW\ 3UHVV1HZ<RUN :HDWKHUDQG)RUHFDVWLQJ-RXUQDO 2QOLQHUHVRXUFHV ¬ KWWSZZZPHWHRH[SORUDWLRQFRPLQIRUPDWLRQSKS
© Copyright 2026 Paperzz