James C. Van Horne John M. Wachowicz, Jr.

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Pearson Education Limited
Edinburgh Gate
Harlow
Essex CM20 2JE
England
and Associated Companies throughout the world

© 2001, 1998 by Prentice-Hal!, Inc.

© Pearson Education Limited 2005

This translation of FUNDAMENTALS OF FINANCIAL MANAGEMENT, Twelfth Edition is published arrangement

with Pearson Education Limited .

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 To Mimi, Drew, Stuart, and Stephen
James C. Van Home

To Emerson, John, June, Lien, and Patricia

John M. Wachowicz, JR.
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from "Bad Company?," Treaswy and Risk Management, by Sherman J., March 2003,
pp. 34-36 Copyright © 2003 by Wicks Business Information.
Used by permission. All rights reserved;

~306 80!.Q~(Y)C><>b 3(Jb!.Qom J(Y)8:30600 Financial Times 008!.QOC'io 80G0~000G <'>08(Y)tJD-

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''A manager's real responsibility"© Financial Times, 30 January 2002;
"Companies go back to basics in search for cash" ©Financial Times, l October 2002;
"A deal with strings attached" © Financial Times, 18 July 2002;
"How bigger dividends build trust" from The Financial Times Limited, 7 October 2003
©Joe Fuller and Michael Jensen.

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13
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14
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21
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3<>1Q<>?

38
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39
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o.:.P18M.:.C!?o:J6U 3n6P1ou oo'b6auoo .3oM.:.C!?o '?.J06.:.6U(JMO 8M6.:.0o~n(Y)00U UOC!?OC!?:JU. 8ouo
.:.j8o3noou 6.:.P1Rn6aoou 0806!:!1.:. ~oMno(J~no.:. 467 000$ - 173 000$ = 294 000$, JMM.3M-
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2 32.00 5,120.00
3 19.20 3,072.00
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5 11.52 1,843.20
6 5.76 921.60
l.i';'.Jl!!:' $16,000.00
----·---

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6. 1%-oli 8f'l 0 30.:. 0.:.C!?.:.li.:.b.:.C!?ou 0.:.C!?.:.bt:!?.:.8C!?a 100 8~6 unub'b3 '(J8f'l~f'lC!?:Jo.:i 1 8~6 $-u.
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(]G3~:J~O, .:.u33:J ~OJ30C!?(]Mf'lO.:>G P1Rno.:. 0803:J·

40
Choosing a Business Entity in the i990's. Washington,
D.C.: Coopers & Lybrand, LLP, 1994.
Fabozzi, Frank J., and Franco Modigliani. Capital
Markets: institutions and instruments, 2nd ed.
Upper Saddle River, NJ: Prentice Hall, 1995.
Fleischman, Gary M., and Jeffrey J. Bryant. "C
Corporation, LLC, or Sole Proprietorship: What
Form is Best for Your Business?" Management
Accounting Quarterly 1 (Spring 2000), 14-21.
Friedman, Samuel J., and Steven D. Goldberg.
"Selecting a Form of Business: The Trend Toward
Limited Liability Companies." The Small Business
Controller 8 (Spring 1995), 11-16.
A Guide to Limited Liability Companies, 3rd ed.
Chicago: CCH Incorporated, 1995.
Hartman, Joseph C. "Technical Note - New Deprecia-
tion Rules for the Job Creation and Worker
Assistance Act of 2002 and Their Impact on Capital
Investment." The Engineering Economist 47
(Summer 2002), 354-367.
Kidwell, David S., Richard L. Peterson, and David
Blackwell. Financial Institutions, Markets, and
Money, 7th ed. Fort Worth, TX: Harcourt, 2000.
Rexner, Christian, and Timothy J. Sheehan.
"Organizing the Firm: Choosing the Right Business
Entity." Journal of Applied Corporate Finance 7
(Spring 1994), 59-65.
Rose, Peter. Money and Capital Markets, 7th ed. New
York: McGraw-Hill, 2000.
Van Home, James C. "Of Financial Innovations and
Excesses," Journal of Finance 40 (July 1985).
- - . Financial Market Rates and Flows, 6th ed. Upper
Saddle River, NJ: Prentice Hall, 2001.
Part I of the text's web site, Wachowicz's Web World,
contains links to many Snance web sites and online
articles related to topics covered in this chapter.
41
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!QM6o.:>MoOooou '?.J(Y)M8(J~" .:>MOU
SI = P0(i )(n)
u"C!?"O SI = 80M@Jo3 .3M(Y)Oo6@>u 'B(J~Clo;
Po= m036u, 06 U00tJOU 60uouboo (o<>uouboo(Jd m06b0u (QM(Y)OU 0 dOMO(Y)!QdO;
=
i u.:>M8:JO~ou 0060J3omu IQM(Y)ou .3oMo(Y)!QClo;
n = CQM(Y)OU .3oMO(Y)!:QOOOU Moob3u.
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00~0601QClo 8 80M@Jo30 .3M(Y)Oo6@>ou !:Q<>Moob3om. 10 o~ou Clo8C!?Oo !Q<>oM(Y)30~0 .3!Yl(Y)oo6@>ou
m06b0 006ou0 'bc:?3!Yloo<> Clo8C!?oo6<>oM<>!:Q:
$80 = $100(0.08)(10)
M(Y)8 0<>63u0'bc:?3M(Y)(J) 060.:>MOdOU (!Yl(Y)8o~u<>o 0uo30 (J0(Y)!:Q0006
U0t)Mf':~Mn i::;;offi[Ji'.i<:JC~[J00b) 10 o~ou Clo8C!?Oo (FVIO), b06t1ob 063ob@>o!Yloo(J~ m06b0b fi306
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08 0 30!Y10n<:
FV 10 = $100 + [$100(0.08)(10)] = $180
6ooob8oo!Ylo 80M@>o30 .3!Yl(Y)oo6&ooobm3ob 0600!Y10Clou 8(')8030~0 c:?o!Y106(J~060 n .3o!Ylo(Y)!Qob
Clo8C!?oo 0!Ylob
FV0 = P0 +SI= P0 + P0(i)(n)
FV0 = P0 [1 + (i)(n)]
'b(Y)o~OM fi306 o3EJOM!:Q000 b000600c:?81QOo(Y) 8n80M01(J~OOO(J) 000!Yldo~oo0. 0803<>M0(Q, fi306
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300001 b061:Jobn 063ou&o!Yloo(J~o 0106b0 06() 010360 - 06 00!Y10Clob .:;,b~.)b!:f;;J(:::;o
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PV 0 = P0 = FV11 /[l + (i )(n)]
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45
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d:JMOMl!;!dO, Oc::>OCJMO 8% 200 17.00 4,838,949.59
u><'>0noc::>nl> 3>6>J33mn

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oood~oo.:i 3.:.8(Y)tJD6:JO(J~o od6oli '806061.i()Mo .:.8(Y)(3C>60001.i 'B"M01(Y) li.3od<!!JP1oli 08(Y)li.:ibli6a~.:i!:l?·

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R306 08(Y)3bli6001 .:.63.:.6>0001.i 8(Y)8.:.3.:i~ c:oP1oo(J~Do.:ili (M(Y)8o~li.:.(3 R306li 00801b303.:ioo,
oood~oo.:i (l?C>30Md3.:.01 .:ilio30 M01(J~O C:OM:JO(J~:JOC>) O~oli O(Y)~Ml.i01301.i (FVi).

FV, = P0(1 + i)
= $100(1.08) = $108
li.:io6<!!J:JM:Jl.i(Y),:,, M(Y)8 .:.8 .30M3:J~ O:J~l.i C:OM:JO(J~:JOC> C>Mol.i 03030 M0(3b30, MC>(3 R306 803oc:n01
8.:iM<!!Jo30 .3M(Y)GD6<!!Joli 3.:.8(Y)tJD6nooli 008cnb303000. 8.:.3M08 8li303lioo.:i 0d 801.:.3M(l?:JO.:i.
MC> 8(Y)b(l?:JOC>, 01() 1!?"38(Y)3D001 100$-1.i (l?:J.3(Y)'bo<!!J'bo (Y)MO 0~001? M01(J~O O~O(JMO 8% (l?C>M-
0(3b301.i 308(Y)tJD6Doo01 li.:iotiolio 100$ (l?:J.3(Y)'bo<!!Jo 3.:io'bM(l?:J00 108$-8Cl?D JoP130~0 oo~li. 8:J(Y)M:J
oo~li 108$ 3.:ib!:l?oo0 116,64$, M.:.(!?306 8$ .3M(Y)(3D6<!!JoG li.:ibo01 :JMoGboo.:i 1.i.:iotJol.i 100$ Cl?" 0,64$
:JMoGboo.:i 8$-1.i .3M(Y)Go6<!!Joli li.:ibo01 o~oli o{Y)~(Y)li R306li .:.63.:.Moo'bo. lib30 lio<!!JtJ3Doo01, .36i(Y)-
GD6<!!Jooo :JM0(3boo.:i C>(l?MO (l?C>M0(3b(J~ l.i.:.M3:JO:J~b.:.(3, .:idDC!?"6 8M(l?Ol.i li0b:J~O(Y)(l?:JOC> M01(J~O
.3M(Y)(306<!!Jo . .:ilio01 30010Moo.:ioo 8(Y)8.:.3.:i~o c:oM:JC(J~Do.:i 8o(Y)M:J o~oli013oli od6oo.:i:
FV 2 = FV 1(1 + i) = P0 (1 + i)(l + i) = P0(1 + i) 2
= $108(1.08) = $100(1.08)(1.08) = $100(1.08)2
=$116.64
801.i.:.80 O:J~oli O{Y)~(Y)li .:.63.:.6>000 30o'hM(l?:JOC>
FV3 = FV2 (1 + i) = FV 1(1 + i)(l + i) = P0(1 + i) 3
= $116.64(1.08) = $108(1.08)(1.08) = $100(1.08)3
= $125.97
doMo01C>(l?C>(l?, FVn, (!?0.3M'bo<!!Jol.i 8(Y)8.:.3.:i~o {M01()~0) c:oMOO(J~:JOC> n .30MO(Y)(l?Oli01301.i .:.6>01.i

FVn = PoO + i)"

FV0 = Po(FVIF;,u)
li.:i!:l?.:.G R306 33.:.6>.:i(J(l?(Y)001 FVIFi,n (.:.6() 8(Y)8.:.3.:i~o c:oP1oo(J~Dooli l.i.:.M3:Jo~oli 'B"d<!!J(Y)Mo i%-
001 n .3:JMO(Y)(l?OliOJ301.i ¢he fi1ture value interest factor at i% for n periods) <!!J(Y)~o.:i (1+i) 0 • 3.2
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.3M(Y)Go6<!!Joo'hn. · ·
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46
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Li.'.lol:louo ::iOl'iOf'ltl?Oli 00Ga03c:::f'lo0ao u.Jof'lC:::f'lf'l
0ti0bvc::>n0 !'iimvc::>n
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li06w,lio I 00$ ll/DJ"''bn&nl> 1 $100.00 ,$ 8.00 $108.00
ll/0 Oc::>O(JMO 8% -0060
2 108.00 8.64 116.64
0060J3omnli i'lo8mb3030lln
3 116.64 9.33 125.97
4 125.97 10.08 136.05
5 136.05 10.88 146.93
6 146.93 ll.76 158.69
7 158.69 12.69 171.38
8 171.38 13.71 185.09
9 185.09 14.81 199.90
10 199.90 15.99 215.89
--~----~"-~~- -----------·--~--------~----

(FVIF;,u) = (l + i)"
{ $-nl> 8018030c::>O Cl1'1f'JGD6tll>'ZJC:::O 0060J3DOJO
~nl'iioovc::>olinl>
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al'ii01en6&v~n 'l30d&"'l'iin
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3 1.030 l.093 1.158 l.260 1.331 l.521
4 1.041 1.126 l.216 1.360 1.464 l.749
5 1.051 l.159 1.276 1.469 l.611 2.0ll
6 l.062 U94 l.340 l.587 l.772 2.313
7 1.072 1.230 1.407 l.714 l.949 2.660
8 l.083 1.267 1.477 2.144 3.059
9 l.094 1.305 l.551 2.358 3.518
10 1.105 l.344 1.629 2.159 2.594 4.046
25 l.282 2.094 3386 6.848 10.835 32.919
50 1.645 4.384 11.467 46.902 117.391 l,083.657

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8.:il> 100$-'b8, R30 s 8o 3oc; 8001 <"io 8 b38 ou (U?.:i8<"i 03 .:i~ 8 ooG 0.:ifii 0CJ 0), fiM8~ 8 oo 8 CJ 80 u.:io.:i8 8o.:i
· 1OO$-ol>013ol> fi306l> 0.:i8M.:i60.:ifi0Cloo.:il> 3.2 (3b<"io~oG oM~M l>3o@JClo. 80.:idG0001 tJ\'.JM<>tQc;oo.:i 08
0.:i<"i 08M 0o.:iu.:i 8 , fiiM8 M<"io .:i5 8o<!!Jo o~ol> CJ 0G.:io.:i8ol> 80Jf103Clo, 8M8.:i3.:i~o c.;ofiioov~oooG .3f1M-
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47
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0 t<l.-,8ot<laov~o ba~ob J.->~J(l~<>8MM:JOO. <>8o8M8 J.->M 0 o od6ao<>, mv J.->tTl 0 .->Q?
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t'iim(J~O 'bt'iiQ?.->. 8ovbaa?"3"a? o8ob.->, Mf'18 .-,3.-,aa?a doMOO'l0Q?0Q? R3a6 a30068£JM:Jb:JOQ?0 b.">M(>:JO-
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0?"3()031>m, tTif'J8 Jf'lM.3f'ltTi<>ooob of'l~f'l 0 .->Q?.->bQ?o~o Q?o30Q?36Q?o 0300?aa6b 10$-b 3tTim <>don-
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1 (1.10) $11.00
2 (1.10) 2 12.10
3 (l.10)3 13.31
4 (1.10)4 14.64
5 (1.10) 5 16.11

f790 !l:J~b ~ftl6 ~l>JftlOl.i 1>l.i~ftltli8.-> J(J6d"~ 8.->6.'!a~36ol> .->~8ftll.i.'i3~:J<n 6.->llo~'Bo otjo!J(."> 8ollol.i
6.">J33mo i;e.->.->~aeom 1 .->Jl'lio 58$-~. .:.l.i~ftltli8.-> 1 Mftl83~l>1>(3 m3~oi;e636 8f'lb3!1'ib3o(J~
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48

:JfiM(3J60CJc;'O (GoM-
oJ<'>c;>ol> CJJCJG3c;>n010)
(1060J3J010, fi018oc.;>0(3
0 0801nuo6noo '(JCJ~ol>
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uom30G.
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3oj500001 011Q503 Clo8M8d8a(!(:JC>n, CJ 03de::.'aom .::i8Mo050 .::i8M3bb5001 Cla8Cl(:Jo600Cii0(!(:'
FVm = P0 X (I +
P1., X (1 + X (1 + i)50 X (l + X (l + i)5° X (1 + i) 15
$58 x x x
11.467 l l.467 11.467 11.467 2.079 x x
= $58 x 35,946.26 $2,084,883.08
8M(3:J8()e::.'0 8081Qo60til:J 80001.i <(pbo\; 0 00130e::.'o[;\506:J0001, bo(J-OMMJob (3:J5@JMOO f10f:i[;,
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008M(3(!(0U, MM()MM(3 otild5'()e::.'80 063ab@Jo(3000. b.:io!i@J:JM:JUf'l.'> 0ba30 0c:;36006Mm, MPJ8
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0 06l.i0J(Jm<Yiooom 0()(30C'.'..'OOOC'.'..'o oj6000 f130\:JC'.'..'00Mo30 0joooli ~o<Yioo()C'.'..'Ooob JMbJMO@J(JC'.'..'O
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2000$, i"lM80C'.'..'ll00 f1306 8030Qo6m 10 5C'.'..'oli Clo8CT?oc,? 08 0omb30'lio .30li(Jbnb 0 0ll0eo80!:Q,
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2000$-8Q:?O M01(JC'.'..'o 5C'.'..'o()Mn 8% l.i0M 0 JOC'.'..'oli CQ.:>Mo(3b3ob 0ol"Jp-,oooon? 08 m06b0li ObMCQ000
2000$-ob 0bC'.'..'06CQoC'.'..'o Qn<Yioo(JC'.'..'000, MP18oC'.'..'oG c,0CQ.:>bCQoC'.'..'o (J6CQ0 oti01li 10 5C'.'..'ob Clo8CQ.'.Jo 13?"
CQOliJMb@JoMoo(JC'.'..'O 8%-060 c,060J3omom. 8M(308(JC'.'..' 08M(30b0d0 li0i"lc,00C'.'..'oli c,060J3omli 'bM()-
fe.'.JM 06"1CQ000 CQOUJG50niYlo6ob 0 050J3nmo (06 J&.3oe0~o'b0onoll 0.;50J30010).
0bC'.'..'06CQoC'.'..'o (06 CQObJP15@Jnl0oo(JC'.'..'o) c:?oi"loo(JC'.'..'.'.Jonll 0 06li0 'li~3f.1000 80!0eo30CQ 0!0nli l"lm(JC'.'..'o
.3MM(3.'.J50ooob .3nl"lojomo CQ0Mo(3b30. 08o@JM8 8MCQOO'> fe.'.JM CQ03(JOM(J6CQom 3.4 0 06@JP1C'.'..'Oo0li:
FV11 = P 0(1 + i)"
G3C'.'..'"!3?0ooli 0 0ci:;060e3C'.'..'ooom, f1306 803oc:?oom 0bC'.'..'06i:QoC'.'..'o r:;oi"loo(JC'.'..'Oooli 0 050MC'.'..'Oo0b:
PVo =Po FV11 /(1 + i)"
= FV11 [1/( l + i ) 11 ]
tl(JM0CQc:?OO.:> 800jooom, i"lM8 .3ol0Mo.0 [l/(l+i)"] 0!0oll 8M8030C'.'..'o c:?oi"loo(JC'.'..'Oooli JPl0'Boooo6enli
Cloli0008olio i%-om n 0ol0001CQobm3oli (FVIF;."). 08 00G0008nb boCQOCQOli 00MCQ000 - 0bC'.'..'0bCQ.'.JC'.'..'O
r:;o10oo(JC'.'..'.'.JOob JMO<anono50o i%-om n .30P10P1CQ.'.]Onbm3nli (PVIF,,11 the present value interest fac-
tor at i% for n periods). 08 0r:;60Cl36nli 0 08M(J36ooom CloodC'.'..'000 0 013?035o1"1Mm 3.6 0 06@JMC'.'..'MO.:>
CJo81:Qoc,60ol"l0!3?
PVo = FVn(PVIFi.n)
0bC'.'..'06CQOC'.'..'O c:;ol006(JC'.'..'OOOb dM36oli obl"lnC'.'..'O 000003\.i PVIF lioCQO!:QOli .31'1M(30b@J(JC'.'..'0
49
 (PVIFi,n) = 1/(1 + i)"
1$-ol> .)b~.)6aw~o :JMrJG36t!!i7.l~O o.'.>6.'.>J33ffi0
~oMaov~aool>
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.331'1001C!/ol>013nl> (PV!Fi,n) 0.990 0.971 0.909 0.870
0.952 0.926
2 0.980 0.943 0.907 0.857 0.826 0.756
3 0.971 0.915 0.864 0.794 0.751 0.658
4 0.961 0.888 0.823 0.735 0.683 0.572
5 0.951 0.863 0.784 0.681 0.621 0.497
6 0.942 0.837 0.746 0.630 0.564 0.432
7 0.933 0.813 0.711 0.583 0.513 0.376
8 0.923 0.789 0.677 0.540 0.467 0.327
9 0.914 0.766 0.645 0.500 0.424 0.284
10 0.905 0.744 0.614 0;46~ 0.386 0.247

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13?3~o ~o(i)30'()~3ool> .:i8M(3.:i6ol> .:i8Mbi.>6.:i. (3bMo~o 3.4 6".:i(i)8Mo13?036l> .:i8 03.:i(i)o (3bM0~3ool>
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.33MoM13?ol> 306030106 3 3 .:id~o3l> PVIF 8%.to - 0.463. 31.> 833 '(Jo63o.:i, MM8 0?~330613?3~0 46 8 36®0
10 o~ol> Cl3813?33 oj630.:i 1$ . .:i8ol> 30330001, R336 30~3001
PV0 = FV 10(PVIF 8%.io)= $2,000(0.463) = $926
l>.:ioM~MMi:J?, 01'() Cl33<>i:J?<>M3001 .:i8 .:ib~.:i613?3~ ~o(i) 3 o'(J~ 3 ool> 0106b.:il> (926$) 1000$-l>,
MM83~0G R336 Cl333od~o.:i 13?~31.> 803o~M01, R336 .:i3o(i)R3301 1000$-ol> .:i~30.:il> . .:i8
Cl3801b333.:iClo R3360 8M330.:i oj6::io.:i 74$ {1000$-926$).
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b3~ol>Cl38Cl~3~ .3MM(33l>l> {handicapping). l>b3.:i l>o&tJ330001, 800138.:i&oJ'(JMO l>.:iCl'(J.:i~3030001
R33 6 3 .:id~ 33 01 8M8.:i 3 .:i~ 'B'(J~ol> 6<>J<>i:J? 3ool> CJ 3'B.:ii.> 36.:il> .:ir;Ji.> 3 o'(J~ 'B'(J~01.:i6 808.:i(i)0136.:iClo.
8.:i3.:i~o01.:i13?, .:ib~.:ib.:i6 3.:i6bo~'(J~ .:i8M(3<>6.:iClo 01001M3'()~0 8M8.:i3.:i~o i:J?M~.'>MO Cl3od~30.:i
Cl3'B.:il>13?3l> 8bM~Mi:J? 46 G36&001. M<>G '(J'BMM 83&0.:i 8M8.:i3.:i~o 'B'(J~"i:J?o 6.:iJ<>i:J?ol> .:ir;J.:ib3~­
l>.:il:JM3~Mo.:i, 80016.:iJ~300.:i .:ib~.:i613?3~0 ~op; 3 0'()~3ool> Cl3l>.:io08ol>o JM3'BoG036&0 (PVIF). 3.2
l>'(J(i).:i010 '(JR3363ol> .:ib~.:i613?3~0 ~o(i)36'()~3ool> i:J?MMol> 13?" i:J?OUJM6&or;J30'()~0 3.:i6.:iJ3301ol>
JM80060M30'(J~ 'b::i0.:i3~36.:il> . .:i8 U(JM.'.>01'b3 8M.'.>'B0J(J~0i:J? R.:i6l>, MM8MM 0(33~300 8M(338(J~O
100$-ol> ~o(i)30'()~30.:i, 1-13?06 10 0~0813?3 l>.:i8o 3.:i6.:iJ3301ol>: 5, 1013?" 15%-ol> i:J?OUJM6®0M3ool>
8ob313?3001. ol> 330R3363ol>, MM8 8M(338'()~0 100$-ol> ~o(i)30'()~30.:i 8(30M13?30.:i 8M8.:i3.:i~Clo
J~30.:i13?0 3.:i6.:iJ3001001, M<>(3 (J'BMM ClMM3'()~ 8M8.:i3.:i~Clo 8030~3001 Cl3l>.:io.:i8ol> 01.:i6b.:il>. (i).:i
01j8.:i ()6i:J?.:i, M<>G 83&0.:i .3MM(3D68'(J~o l>.:ir;J 8 3o~ol> 8 .:i6.:iJ 33 010, 8001 6.:iJ~ 3 oo.:i .:ib~.:i613?3~0
~o(i)30()~30.:i, 8.:i3(i).:i8 30~3001 8001 (J'BMM 838<>0? 13?.:ibr;Jo~ 8(;)(Ji:J?l>· 15%-o.:i6o i:J?OUJM68o(i}3-
ool> 3.:i6.:iJ3301ol> i:J?MMU 13?~330613?3~0 100$, 10 o~ol> 006 oj630.:i 24,70$-.:ii:J? CJ3'B.:il>3o'(J~O .:i6
i:J?<><>b~M30001 25 (336®0 01001M3()~ 8M8.:i3.:i~ i:J?M~.:i(i)'b3.

d.:i~o.:i6 8.:i(i)®o3013?. 3M01.'.>13?:JM010 M.'.>(3 8M3301bM3:J0<>01, ()613?.:i Cl:J(33<>~M01 8M8.:i3.:i~o

~OM30(J~:JOOU (.:ib~.:i613?3~0 ~OM:JO'()~:JOOU) 'BMM8'()~"' 111M8 8.:i6 R.:ioM01MU bO~.'>i:J?O
001:J(J~OU <?jMM8.:iClo. i:J?"3()Cl3.:i01, 01j336 .:io.:i613?3001 1000$ Cl386.:ib33~ .:i63.:ir;JoCJ'b3 M01()-
~o b~O(JMO 6%-001 CQ.'.> 0 U(JM01 0 .:io&.:i6M01 01j3360 i:J?.'>6.:i'bM0 o 15 0133CJ0 (8.:i 0 .:i~o01.:i13?,
1.25 00~06".:iCQClo). (i)0813?:J6<>13?.'>(3 FVn = P0(1 + i )", 15 01301.> Clo8i:J?:J8 01j336 Cl3d~3601 8Mb-
l>6.:i01 01j3360 .:i60 .:i610Clo13?.:i6 03813?330 01.:i6b.:i.
FV1.25 = $1,000(1 + 0.06)1-25 = $1,075.55

50
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80

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0
El 60
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c 40
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et
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0
c:;nrii3o(Jc;:>:J6" 5%, 10% 1 2 3 4 5 6 7 8 9 10
<!?" 15% Oc;:>O(JfiiO
fiicr>(Jc;:>O :JfiiM(3:J6@Jnb (50~0
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()G6('t)OO b.:i('T)&:JO~ob (<>6 ~obJ('t)6~0M::JO()~o) 0 060J3[1mo. 'B()~nli CQMMnli 8nb[lCQ3nm

c:;nMOO()~oooli 006b0'bc:;3Mnli0b, 'b('t)o~OM f\306m3nb (30M00~00 8(")8030~0 (Qi> 0b~06Cf?o~n
c:;nMOO(J~oo.:i Cf?<> 8M(308(J~n CQMMnb .3oP1nMCQOOnb M<>M!QOOM00, 80 0M08 0 3006<1)0Moboob,
li1rri 0('t)M00 b<>M()OO~nb 006<>J3ocnn, Mm(J~O .3M('t)(306<1!Jnb (i) l.Q<>Moeb3ncn.
1Q<>3()Cl30cn !i1('t)8, m() md306 U?c::ob oJomoocn 1000$-nb n630<1!Jne00b, 8 o~nb Clo8U?oo md306
8nnc:;ocn 3000$. Mm(J~O Q?<>Mn(3b(J~O .3M('t)Go5<1!Jnb (06 Q?ObJ('t)6~nMoonb) 006"J3ocnn Clond~oo.:i
8('t)odoo6('t)b 8(")8030~0 06 0b~o61Qo~n c:;nli1oo()~OOOb b.:ioo'b('t) 006<1)M~ooob 008('t)tio6ooncn.
80 0 .:i~nm<>Q?, 8(")8030~0 c:;nP'loo()~Oonb 3.5 0 06<1)('t)~oonb 008('t)tJ060oocn f\306 0 30j3b
FV 8 = P0(FVIFi.s)
$3,000 = $1,000(FVIFi,s)
FVIFi.s = $3,000/$1,000 = 3
3.3 (3bMo~nCJn 8 0~0060 .3o6lo('t)l.QOb CJob0008obo 80JM03ob 00!Q0J30mob <>l.Q()O~ob nj6000
8(")8030~0 c:;oP1oo()~OOOb J('t)O'B0(30:J5<1!Jb (FVIF), M('t)8o~ne 0b~('t)b 06lob f\306b 8oot'il
0 08M05 0 0610Cloo()~ c:;nt'iloo()~:JO<ibm06, 3-m.:i5. f\3051.i ebt'ilo~nCln .:ibocno J('t)O'BoGoo5f!!>n <>Mob
3, M('t)8o~b.:ie f\306 3.3('t)(J~('t)om 15%-nb Clob0608ob b3o<1!JClo. M<>81Qo60l.Q0G 3,059 80<1)00 3-'bo,
f\306 3obJ36001, M('t)8 .3M('t)(305<1!J(J~O 0<>foJ3001n 0 .:i5bo~()~ bn<1)()0(3n<>Clo dnMnm0CQ0l.Q ()6!Q<>
OtJ('t)b 15%-'bo 80<1)0.
(J'BM(Y) 'b()b<1)n :3.:ib(Jbn Mrr.8 803oc:;rricn, f\306 (JO{Qo 0 0300130~nboo6rri01 ob, Mrri8 FVIFi,s
Clood~oo.:i 00t'il301Q 006rri01 (1 + i ) , b0bom CQ0 30.3('t)3('t)m i Clo8C!?oo600t'il01Q:
8

(1 + i)8 = 3
(1 + i) = 3118 = 30.125 = 1.1472
i = 0.1472
(i-b0106 !Q<>J<>3Clnt'iloo()~n 0 o50(Y)~o6ob 08rribb6001, f\306 01030CQ06 (J6Q?0 003'l:>ot'iltQrrim 0 .:i5-
<1)rri~o6nb rrifiio30 8b.:ifiio 1/8 06 0.125 b.:ifiiobb081QO· ,,3"-nb 0.125-o b.:it'ilobbCln 0b0b0t'ilnbbo6~0CQ
f\306 3otJ060001 [y'] J~<>30ClG ~n6nb J<>~J()~o0('t)M'l:>o, O:J 0 3tJ03b 3, 303'ot'il01 J~030Clb [yx],
Clo03tJ<>3b 0, 125 CQo 6('t)~('t)G 303'0M01 [=] J~030Clb).
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::j:ot'ilCQ::JG n8nb 0 00 000 1 Mo CQMM CQob3'nt'iltQ06<> IQC::Jb l.Q00o61QJ6()~ t'il0080 m06b0b, MM8

51

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52
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8MGD8(J~O 0060J3001n01. 8000~n010e!:;i, M0 C!:;iMM e!:;i0bi:J:nM!:!:;iD00 1000$ f)...,tJ?DO(J~ 063olionG00li,
MM8 0 0n'b0MCQMli 1900$-8tl?o <Yi01(J~n 10 .3MMGD6on06n tl?0MnGb3nli 006"J3001nli0li? (ii08tl?o60-
tl?0G R306013oli G6M00~00 8MG08(J~O n63obonGnnli 8M8030~n CQ0 0b~06CQ0~0 ~OMOO(J~oo0,
08 Li006 30 t.i 0 n8 n{Y) lino(J0 8 n0Clo 0 08MtJ06oo(J~o M01(J~o (06 tl?ol.iJM66nMoo(J~n) .3M{Y) 80 600 -
ooli e!:;i0MOGb3nli .3oMOMCQOOnl.i M0Me!:;i06M00 (n) Clood~oo0 006nli0'b~3MMli 8M8030~n 06
0b~06CQo~n c;n(iioo(J~Oonli dn(iin010CQn 0 066M~oonli 0 08MiJ06oon01. 8M8030~0 c;n(iioo(J-
~oonli 'lJMM8(J~oli (3.5) 0 06 0 {Y)~ 0 ooli 0 08MiJo6oon01 830 6 3nc;oom
FVn = Po(FVIFJ(l%.n) $1,900 = $LOOO(FVIF10%,n)
FVIF 1o%.n = $1,900/$1,000 = 1.9
360bM01 3.3 Gb(iin~o, 10%-oli Cloli0008nli li3o&Cln 8M3doo6001 8M8030~n c;n(iioo(J~Oooli
JMO'lJoGoo66li (FVIF), (ii0G 0b~M0 8306!.i 8oo(ii 0 08M06 0 0(iinCJoo(J~ ~n(iioo(J~Do0li0106. 8306
0c;8M3080601, MM8 1. 949 0b~Mli 0Mnli 1. 9-0106 e!:;i0 oli MnGb3n Clooli0008000 .3DMOMCQO 7-nli
85J(iin3li. M0CQ 0 06 1.949 tl?ntl?n0 1.9-'bo 30GJ36n01, MM8 0 06bo~(J~ lin6()0Gn0Cln .3MMG06&oooli
CQ0M0(3b3oli .3oMOMCQOOOl.i M0Mtl?o60100 lin608e!:;i3n~0Cln (JG(Q0 Oi]Mli 7 oo~'bo 60J~oon.
!:Q0 'b(Jli6oooli013nli, bo~0b~0 0 0CQ035o(ii{Y)01 FV!Fw''·" MM 0MMG (I + 0.1 O)" (!?0 08M3bli600111-
0106 tl?0J3Cln(iioon01 Clo8!:Qo860n(ii0tl?:
(! +0.10)"= 1.9 n(In l.l)=In 1.9
n=(In 1.9)/(In I.I) 6.73 l>n~o
MM8 08M03obli60 n, MM80~0(3 8306!.i 8oor1 ()0(Q0bDMO~ 006&{Y)~oo0Clo 608306000 OiJM
MM 0 MMG b0Moliboli 808306000~0, 0 08M3niJ06001 .30 0 0(ii0 8Mbo(iiboo0. R306 03oc;om 006-
&{Y)~oooli MMn30 8b0(iioli 606(JM0~()Mo ~M 0 0Mo0180 (In). 0806 8M83G0 li0Cl()0~000 'b(Jbo0!'.Q
tl?00300130~0 n. (Clo60Cl360: (In 1.9) (ii018 0 03iJM01 (In 1.1)-'bo 8306 3niJ060001 (LN) J~030Clli
~nonli J0~J(J~06MM'bo Clo8!:Qoo60nM01:Q: Clo 0iJ303li ,, 1.9"; 303'or101 (LN) J~030Clli; Clo8!:Q08
30.'foMm (/); Clo8!:Q08 Clo0:p3li ,, 1.1 "; 30.'fo(iim (LN) J~030Clli JOQ/03 o(iimbo~ !:Q00M~{Y)li
30.'fo(iim(=) J~0 3 nClli).
R3n'2J~no<Tio30 06'Vo&n60. 06()ol!J;o~n 60r18M0a:0o6li 0106000(iio 'tl(J~0tl?o 0 0!:Q0btl?oooli 06
'808Mli03~oooli linMoooli, b0M8MOMOO~l.i C!:;iMMnli 006li0'b~3M(J~ .3oMOM(!?OOClo. 83o(J~OOM030
06()06o6oli !J.?MMli 8 0tl?0b!:Qooo 06 CJ 0 8Mt.i0 3 ~ 0 oo liM(J~U?oo0 01omc0o(J~O .3or1oMtl?oli oM~Mli.
3.3 l.i()M001'bo 0li0b(J~00 'l)(J~0e!:;i0 60J0!:QOOO 830()~0061030 06()0606oli013oli (QMMnli b0'b'bo.
e!:;i03(Jd3001 li(JM0010 3.3 b0M8M0(Q806li 01j306li 1000$ iJM30~b~O(JM Clo8Ml.i030~li 3 b~oG
806do~'b 0 . 0b~0 8Mtl?o01 lQ<> 3(JCl 3001, <i1M8 013 30 6 0006tl?ooo1 iJM 3 o~6~o(JM Clo8Mli030~li
Clo860b30~ 0600610Cl'bo b~O(JMO M01(J~O 8 .3MM(306ooli (!?0MOGb3001. M0 M0M(Q06Mooli 0106b0
0od600001 li080 6~ob Clo8i:><:JO? li(J<'10010 3.4 0 0d~o301 .30li()bli ( 0 61do~o 0 'b0) - 08oli013oli 8306
308060001 (JJ30 0 06bo~(J~ 06Lio<'1()806&0oli.
0~ 0 0061()~'0 0 08Mli0b(J~Ooo01, FVA 11 0610!.i 06(Jo@Jo6oli 8M8030~0 (6101()~0) ~06100()~000,
R - .30<'10M!:Q(J~o Clo8Mli030~0 (06 0 0i:><0li0b01:Qo) tl?0 n -06()0@:>06oli b06 0 61d~o3Mo0, 'lJMM8()~0
FV A 11 -oli013oli od6000
FVAn = R(I + i)"' 1 + R(l + i)"'2 + ... + R(l + i) 1 + R(l + i)0
= R[FVIFi.n-i + FVIFi.n-2 + ... + FVIFi.i + FVIFi.oJ
FVAn 8061(l)o30a: 0Moli @:>M~O .3o61oM(Q(J~O Clo8f"1li03~000 (R) 008r103~00(J~O n'lJ(J~0(QO
ci 0 a{Y)Li0 3 ~ 0 ooli
8M80 3 0~0 ~o61oo(J~Oooli JMO'lJOGoo6@:>oli P10Ma:o6Mo0'bo i%-001
.3or1001tl?oooli013oli O-(Q06 n-1-8!'.Qo"· li000!!?6oor1{Y)(Q, oli 'lJMM8(J~0 Clo03nd~o0 b0M8M30(Q-
806M01 (J<tJMf'l 8MJ~0(Q;
li0CQ0(3 FVJFA;,,, - ji1t11re value interest factor of an annuity at i%j(Jr n period1·, 0c;60Cl603li ,,06()-
06060!.i 8M8030~n c;n61oo(J~OOOb JMO'lJ0(3006@:>li io/o-nli 11 .30<'1nMCQOli0li''.
 ooc::; 30J80 ot'lmboc::; 'Bli106fl0o'bo63001 080(!(0 l5oJ0()fl"Jb
White Sox ooolioMc::;ob 8()0(QO $10 8oc::;ofl"J50(Q !!?" 5
f5c::;oli Bn81!?oo o0tJO(Q0 $20 8oc::;ofl"Jfo(Q. 8fl"JJc::;D(Q, 806
0MC'16'i801p 01.:.3obo <(3()c::;o 5 f5oc::;0o. Bo8fl"Jli03c::;oG Mfl"J·
()fl"JMO Mm(Jc::;o (Q0Mo(3b3ob 0060J30010 0.:>8C'108()Cl030
3oJ8<> 08 o5 30 ti00 8 0<> 'b 3?
·'B()~oli 0 01'16180 00 00 li101()~0 .3t'i\[')on50ob 0 08[')-
im6ooo01 Cloodc::;oo0 ,,oolio 72"-001. ob o::ibo 0(QO::J5b,
6iC'1 8 0 o5 3::ili0oooob c:o6i::io()~060 fl"Jli1800l!?o60
o~o6ob M0f'11Q05fl"JooG <>6 b01i1 0 no~oG 0 060J3::i01nG
Li0.3fl"J36oc::;0Q? 72 oi:>OtJC'1<(30 o~noob Mi:>MQ?::J6C'16i:>'bn n-
'b::i .:.5 Li061 0 ::i6c::;oli 006.::.J3001'bo i-'bo. 30Joli CJ::i801b3::i30-
Clo, 063nb&ooooli 5 o::i~Clo 00C'11i1803::iooli0Li,
8oc:::i6(J~o b061 0 ::io~oli 0 06.:>J3::i010 i .>P'iob.
72/n i
.:.5
7215 = 14.4%
0~ooli160(>o(J~i:>l:Q, 3oJob MC'18 G?0oo<>6G?::ioo60
m030Go li<iotJoGo 0630G&ooo0 Clo860b30~ 06 0.::.li1oCJ'bo 6
t1i01(J~O dMM(3<J50om, 8,:,l; (JO(Q·~ 8M:J(30(Q<'> (Q00b~C'1-
ooom 12 on~ob0(QO <(3(J~Oli 8i:>C'1M803noolim30G:
72/i = n
<>5
·
72/6 = 12 oo~o
,,onlio 72" 0 30d~n3li 800b~[')noom b0(Y) 0 noc::;oli
0060J3::imb 05 <(3(J~ob 00C'1M8.:. 0ooobm3ob b01foMC'1
o~nooG M0C'1!!?05C'100b. 80 0 (Y)08 .3.:>b(Jbo 0<") 0flob
UbC'1MO. 803.:>~00101,Q, 5 ooc::;ol501,QOO <(3()~0 (ii:>C'1M-
8001,Q:JOv o~o()Mo Mm(J~o 14.87 .3MC'1Q:J51~()~0
5
005.::.J3omob .3oMC'1onooo [(l + 0.1487) = 2]; flobo 72
03ot'lfln3li 14.4 .3fi'iC'1(3:J5&G. 0bo3n, 6 .3PiC'10D6&0060
0.:>60J3:Jmom (Qi:>O&O(Q[jO(Jc::;o 'B(J~o 8C'1ombM3li 11.9
00~000u:li 00MM803nonbm3ob [(l + 0.06) '-" = 2]; ,,onbn
1
72" 330Pil503b 12 oo~oo&CQb, m(J8(3,), ,,15nbo 72"-ob
308C'1tJ<J6no0 Bnli0d~nooc::;n0 onobo[')~Ob bo&(QOC'10ob
}:JO<Q3om 'B(J~ob 00C'1M80 0ooobm3oli.

iJ?Mr~nG bo 'On ':']fi306iJ6G

0 1 2 3
rrr0c:>;nG 6'\Pil?OonG
'--~~~~~~---'--~~~~~~--'~~--~~-___J
cn06808o;;:03MP10,:-;G i:.Jf'13QC::-
$1,000 $1,000 $1,000
50~)0<-;:'.Jf'10Q? 3 Oe:;oG

00Ga.,3c:>;M00Cln 1OOOS-nb
fi30~1r:::•ooliio30 ,,5'Zl"<~J@inl>
iJ?MMU.

0 1 2 3

$1,000 $1,000

J
$1,000
CQMnnb b,J 'bo 1,080
ri 30 CJ~ooliio 3 o .o6'Zlo®o0oG
8rr18,">3~)~0 r~ohoO(J~OOoG
o~a010600Modo00Go130G
{0;Jf'1n01{Q~(J~O d0BmlJ-'.l3vr::;n
R = $ l.000: i = 8°!.i: W"
11 3 5o(":GJ.

53
 n

(PVIFA;,.) =I, o + ir' =c<1 +if -11/i

1$-ol> (R33()c;:>:Jol'1030) t=I
u.'.lMoOoc::>OLi o.J6.JJ3omo
1>6<Jo838ol> 8<'>8031>c;:>o
c:nl'13o()c;:>:JOOU .):Jp;Of'IO::O 1% 3% 5% 8% 10% 15%
J"':J~0(30:J68n I 1.000 l.000 1.000 1.000 1.000 1.000
i%-001 n 2 2.010 2.030 2.050 2.080 2.100 2.150
d:JMO<'>l:l?:JOol>013nl> 3 3.030 3.091 3.153 3.246 3.310 3.473
(FV/FA,.,,). 4 4.060 4.184 4.310 4.506 4.641 4.993
5 5.101 5.309 5.526 5.867 6.105 6.742
6 6.152 6.468 6.802 7.336 7.716 8.754
7 7.214 7.662 8.142 8.923 9.487 11.067
8 8.286 8.892 9.549 10.637 I 1.436 13.727
9 9.369 10.159 11.027 12.488 13.579 16.786
JO 10.462 11.464 12.578 14.487 15.937 20.304

o!!!?OL>of'l!!!?f'l

0 1 2 3

$1,000 $1,000 $1,000

1!10UJ<'>68nl'13o()c;:>O 1 63c;:>n
$ 926 _ _ _ _ _ ___,
>6<Jn8n8nl>
(ll33()c;:>:Jol'in3n)
1>bc;:>1>61!1:Jc::'O
(C!/nl>J"'68n1'1noCJc;:>n)
c:n1"3o<Jc;:>:JOOU
0 08<'>060 01'10Clnonl> C!!M"'ol>
b0 'lin [ J:JMO<'>l!l<Jc::'O
Cl38<'>l>1>31>c;:>n = R = $1,000;
i= 8%; !.!1" n = 3 onc;:>l>].

3.5 obt'locc.>Clo R.:i6li FVlFA-oli .:iot'1030.:i0()MOU R.:i8Mfoen3.:icc.>o. ()<BMM UM(JCC!O R.:i8M6.:ien3.:>cc.>O

R.:i6li 15o 0 6oli oMcc.>Mli .:it'llioo()cc.> obt'locc.>o III !:!?.:ifot'lenoo.
3.4 li()t'l.:ienoo .:i~oot'locc.>o .:i8Mo.:i6oli .:i8Mli.:ibli6occ.>.:>U? obt'locc.>o 3.5 0 .:i8M8o6oooen 3ocwoen
FVA 3 = $1,000(FVIFA 8% 3)
= $1,000(3.246) = $3,246
oli .3.:ili(JbO OU?o60(JM0.) o8oli, M.:>(3 .:ili.:ib(Jcc.'0'> 3.4 li(JM.:>enoo (0060036.:i: '8P1M8(Jcc.>OOOU 6.:i(33cc.'"!:!?
obt'locc.>oooli 0.:i8P1806oo.:ili 8038.:i3.:it'len !:!?.:i81'\ 03.:icc.>oooli CloGU?M8oo.:i8!:!?0· en() R3o6 0.:i8M30-
806ooen 3.8 0 .:>60Mcc.>OC.:ib, .3.:ili()bo .:i~8MR6l:!?OO.:> 40 (3060oen 8000 . .:i8o0M8, en() 8MoenbM300.:i
0.:i6li.:>J(JenMOo()CC!O lio'b(Jli0:J, (3bMocc.>oli 6.:i(33cc.''>!:!? ()61:!?.:i 0.:i8M30806Men ooli.:io.:i8olio <BMM-
8()cc.' ooo).
!:!?'>3(JCM()6U?oen 3.3 li(Jt'l.:ienli . .:ibcc.>.:i 8MU?oen !:!?"3(J03.:ien, MM8 R3o6 30~0001 1000$-li oocc.>oo.:i!:!?Clo
3 Occ.>oli 0.:i68.:i3cc.>MC.)OO 0086.:ib3occ.>o .:i6c..:it'looo!:!?.:i6, MM8:Jcc.>U.:>(3 ot'looboo.:i M01(Jcc.'0 Occ.>O(JMO
8%. t'l.:i en.:i6b.:ili 0.:i6.:ien.:i3lioo!:!?oen end306 .301'\U?.:i.301'\ .:ibcc.>.:i (U?MMoli .3ot'loMU?o 0) !:!?0.3M'bo0'bo,
MP18 OMCC!P1 1000$-oli 8Mbli6oli Cloa!:!?Do end306 !:!?"o:Jb(JM.:>01 .:i6c..:it'looo? 3.5 U(JM.:>01'bo
6.:iR306000.:i .:i8 .:i8M(3.:>6oli .:i8Mbli6oli 01'\docc.>o 0 'b.:i.
MM 0P1M(3 3.5 li()t'l.:ien'bo R.:i6li, .:i6()o0o0oli .:ibcc.>.:i6!:!?Dcc.'o ~o"1oo'()cc.>Dooli 0 .:i6li.:i'b~3"100.:i
O:JU?OU 06U?o30U?()"~(JMO .:ibcc.>.:i6!:!?DCC!O ~OMOO(JCC!DO:JOOU liot'looooli 5(:.:>8oli c..:i6li.:i 'b~3"100.:iClo.
()'8MP1 80000, R3o6 Clo 0 3odcc.>o.:i O:J3"!:!?oo6Men R3o()cc.>Do"1030 .:i6(Jo0o@>oli .:ibcc.>.:i6U?occ.>o
~OMOO(JCC!DOOU do"1oen.:>U?O <BMM8(Jcc.'" n .3:JMOMU?:JOOb013oli (PV A.) oo8U?oo6.:io"1.:i!:!?

PVA" = R[l/(l + i)1] + R[I/(l + i) 2] + ... + R[I/(l + i)"]

= R[PVIF;, 1 + PVIF;,2 + ... + PVIF;,0 ]

54
 n

(PVIFA;, 0 ) = Llf(l + i)' = (1- [l/(I + if])/i

$1-oG ll3Q(Jc:!;QO<'io30 t=l
u.:>t'io::Jo~Ou o.:>6.:>J300Jo
o6(Jn8a8ol> obc:!;o6owc:.>n
.>01'\0f'l!QO (n) 1% 3% 5% 8% 10% 15%
~ol'\3o()c:,>t)OOU
J"':J'1JOGOQ68o 31'\m l 0.990 0.971 0.'.:52 0.926 0.909 0.870
:Jal'io<'>Q?'b3 i%-om n 2 l.970 l.913 U\59 1.783 l.736 1.626
:J31'\o"'ll?Dool>m30G 3 2.941 2.829 2.723 2.487 2.283
(PV!FA,) 4 3.902 3.717 3.546 3.312 3.170 2.855
5 4.853 4.580 4.329 3.993 3.791 3.352
6 5.795 5.417 5.076 4.623 4.355 3.784
7 6.728 6.230 5.786 5.206 4.868 4.160
8 7.652 7.020 6.463 5.747 5.335 4.487
9 8.566 7.786 7.108 6.247 5.759 4.772
10 9.471 8.530 7.722 6.710 6.145 5.019

tj(JMC>CQc:;>Do.:> 80.:idGoom, fi3060 <(3MM8(J~om PVA 11 ()0M~CQD6.:i .30MnMCQ(J~ <(3()~.:>(Q O:J8Ml.i.:>3-

~Doli (R) 8C>8M.:i3~06(J~O ,,.:ib~.:>6(Q:J~O c:;>OM:JO(J~:JOOl..i JM:J<(30(30:J60oli lio(QOCQ:J%0 i%-om, 1-
(QC>6 n-8\1?0 (QMMoli .3oMnM(QOOom". 8.:imo8.:i0oJ(JMO m3.:i~l.i.:i%Mol.iom oli OJ303.:i~o60(JMO.:>
0 .:i8Ml.i.:>b(J~Oool.i:

PVA 0 =R[~l/(l +i)']=R[(l-[1/(1 +i)"])/i]

!QC> o 0 od~ 0 6.:i 8 .:i8Moli.:ibMl..i 8.:i('T)00 3.:i\J?, MM 0MMG
PVAn = R(PVIFAi,n)
l.i.:>(QC>(3 PVIFAi,n 6006.:i3l.i (fi3o(J~OOM030} .:>6()000001..i .:ib~.:>6(Q:J~O c:;>OMOO(J~oool.i JMoino-
(300601..i i%-om n .30MnMCQolim3ol.i . .:i8 oo 0 6ol.i CQ.:>6.:>Mmoo (3bMo~o IV 000(3.:>31..i PVIFA-nl..i
860036o~Mo.:ili, i (QC> n-ol.i l.ib3.:iQ?.:>lib3.:i 860036o~Mool.im3oli, (3bMo~o 3.6 Jn ti.:i(';)8M.:>!Q 0 o6Li 801..i
oo8Gofiioo(J~ 3.:i('T)o.:i60li.
fi306 oo 0 3od~o.:i 0.:i8M3nt106Mm 3.6 Gb('T)o~o 1000$-ol.i .:>6(Jn0o&nli .:ib~.:i6C1?0~0 c:;>nMo-
O(J~oool.i 8Mli.:idao6.:i(Q l.i.:i8o ti~ol.i 0 .:i68.:i3~Mo.:ioo 3.5 l.i(J('T).:imoo 6.:ifi306000 ti~o(J('T)o 8%-ol.i
8oboCQ3om. 3.6 (3bMo~oo 36.:>b(J~Mom, ('T)M8 PVIFAsu ()0M~Cl?o6.:i 2.577-[) (tj(JMC>(Qc:;>OOC>
80.:idGnom, oli lio(QOQ?:J .:>Mol.i .30M30~0 Li.:i8o M0(3b3ol.i m.:i6b.:i 8%-o.:i6 Li30&00 (3b('T)o~o 3.4-oo,
MM8~ol.i Q?C>b8.:iMooomC>(3 8Mndo66oo.:i 860Cl360~(Y)Q.) PV!F). 3. 11 o.:>60M~oool.i 8C>8Mt10606001
Fi306 3oc::ioom
PVA 3 = $1,000(PVIFA 8"u)
=$1,000(2.577) = $2,577

()(36MOO .3MM(3[J68(J~O .:.6 o;?OliJM68nM[JO(J~O 0.:.60J3omo . .:>6(Jn0o0nli 8M8.:i3.:i~o c:;>OM:J-

O(J~Oool.i doMom.:>a;>o 0 .:i60M~Dool.i ooG3~om (.:ib~.:i6a;>o~o c:;>nM:JO(J~Ooolim3ol.i), oood~oo.:i
0.:i30 0Mm Mm(J~o .3MM(3:J60om CQ.:>Mo(3b(J~o l.i.:i('T) 0 ooo~o, a;>oliJM60oli 0 .:i6.:iJ3omo .:i6(Jo-
0o0oo, 01() fi306013ol.i (36MOO~o.:i: (1) .:>6()000001..i 8M8.:i3.:i~o (.:ib~.:i6a;>o~o) c:;>OM:JO(J~oo.:i, (2)
.3o('T)nMo;?(J~o 0.:ia;>.:ibCl?ooo .:i6 008Ml.i.:i3~000 !QC> (3) .30('T)oMCQ060l.i M.:>MCQ06M6.:i. a;>.:>3()03.:im, MM8 7
o~ol.i 008C1?08 md306 CQC>8ffOMCQOO.:>m .:i('T).:i6.:>J~o6 9500$, MM8 0.:i.:i 0 %.:i36Mm md3060 8oMo~ooo
JM8<(3MM0()~ JM(Jn%Clo. oli m.:i6b.:i MM8 Clo.:>8MM3Mm, md306 (J6a;>.:> o.:>6.:im.:i3l.iMm 1000$
tfM3o~o o~ol.i OM~Mli oo8a:>oon 8 o~ol.i 0 .:i68.:i3~f'10.:>oo o.:i6Jol.i 0086.:ib30~ .:i6 0.:iMoo%o !QC> 8.:il.i
.:id3li (QC>Mo(3b3ol.i Mm(J~O b~O()Mo .3('T)M(3060o, MC> 80608.:>~(JMO Mm(J~O O~O(JMO .3MM(3:J6-
0(J~O 0.:i6.:>J30mo ()6CQC> oo8M 0 m.:>3.:>%Mm o.:>6J8C> md3060 (QC>6.:>%M 0:JOOl..i CQC>8:Jo83ol.i.:im3ol.i?
('T)M8 0 08M3om30~Mm l.i.:if'i 0 oo~ol.i 0 060J30010 (i), fi3060 08M(306ol.i a;>080J80t1Mino~ooo~o
.30MMOoool.i013oli, c.08M3ot106Mm 3.9 ()060M~oo.:i 00()000001..i oo8a:>oon c:;>OMOO(J~oool.im3ol.i:
FVA 8 = R (FVIF Ai.s)
$9,500 = $1,000(FVIFAi.s)
FVIFA;.8 $9,500/$1,000 9.5
3.5 (3bMo~do 8 .3oMoMa;>oli 80JM03ob ()0CQ0J3:Jm0do fi306 36.:ib.:i3m, 06()000801..i JM:J<(30(30:J6-
0nli 8M8030~ ~o('T)06(J~:J60b (FVIF A), MM8 0 ~oG 0b~M0 fi3o6 8o 0M 0 08M06 0 0(\)00 0 o(J~

55
 2.

860036oe;;0100bcn06 9,5-cn06. l1306b (3bMoe;;Clo .:ibocno J010'BoGoo6@>o .:>Mob 9,549, M018oe;;b.:>(3

11306 8013doo6ocn 5%-ob 860036oe;;01oob b3o@>on. M.:ium06 9,549 .:>Mob 01CQ603 80@>0, 30CQMO 9,5,
R306 30bJ36ocn, M018 .3M01(306@>()e;;o 006"J3ocno 006boe;;()e;; bo@>().:>(30000 dnMocn.:>lQ.'.>CQ ()6lQ.:>
Ol:J01b 01CQ603 6.:>Je::>OOO 5%-'bo {M018 8nOQ01CTl (J'BM01 'b(Jb@>o dC>b(Jbo, cnd306 !Q0 0[j:OM!QOOC>cn
bb3C>CQC>bb30 b.:.r1 0ooe;;ob 0 C>foJ30CTl00ob, n6@>0M.301e;;.:.(3oob 06 'Bo606b(JMO JC>e::'J(Je::'0@>01Mob
0080108ooob 8ocn01CQ06ob 0 .:.8011:Jo6000 ).
()(36Moo .3af'1oM!Q(Je::'o 3<>!Q<>bl.Q<> (.:.6 008Mli.:.3.:.e;;o). 06()n@>o@>cn.:.6 8(JO.:>Moob.:.b, 'b01 0 ~0M
3.:.Dl:JlQOOocn bo@>()C>Gooob, M01uwb.:.G (3601ooe;;o.:. 8018.:.3.:ie;;o (8n8CQn6.:.Mo) 06()0@>0@>ob
Q?OMOO(Je::>OO.:., dM01(306@>()e::'0 0060J3omo !QC> 'B(Je::>Ob dOMOMlQ(Je::'O ()C>!QC>b!Qooob (.:.5 00801b.:.3-
e;;oonb) M.:>01!Qo60100. 08obcn3ob b.:.[j:oM010 006ob0 'bQ?3M01b 'B()e::'ob cnocnr'10(Je::'O cn06000r10
0.:>lQ.:>blQOOob (06 00801b03e;;ooob) Mo(3b30. oo'b6oboo tJ30e::'"'bO 80@>.:>lQ 03[j:oMCQ000 8M8oo'Booob
'8016!.QOOdn dOMOMlQ(Je::'O 06()o@>o@>ob ()0lQ0blQOOOb 0 06b0 'bQ?3M0 (80 0.:ie;;ocn.:.lQ, '(lr'16!Qob ood860
cn06000Mn cn06bob 8"!.Q"bl.Qooocn) CQ" bobbob 08M<Yl@>o'b0(3oob (bobbob (!/C>'(l0M30 cn.:.6000Mo
cn06booob ()0!Q0bi:Qncn) .:.8M(3<>6ooob 006b0 'bQ?3M.:..
06()0@>0@>ocn 000130e;;oblfo606(Je;;o .30Mo01CQ()e::'o 8"!.Q"bl.Qoonb 06 008Mb03e;;ooob 006b0 'b-
Q?3Mnbcn3ob "()Goe;;oooe;;o<> Clo3(33.:.e;;0101 06()0@>0@>ob 0be;;06CQoe;;o 06 8M8030e;;o Q?nMo-
O(Je::>OOob doM0010lQo 0 06@>Me;;oo0. r10CQ 0 06 bobbob 08MM@>o'b0Goob dnMncn.:i!:!? b.:>Jooibb
odQ36000 Ud0(300e::1(JMO 8"61:JM'Bne::ioo0 08 cn03ob 001e;;MCln, 11306 30l1306oocn, MC'1()01M 008('1-
30.:.600M0Cl0101 .3oMnM(Q(Je::'o 8"lQ"blQooo bo85n'Bob 'B016CQnb 08M(306om.
M0 cn.:.6bob 006cn03boo0 ()5!Q0 801buwb tJ0130e::'0 oe;;ob 001e;;Mb 0086.:ib3oe;; 0600MnCl'bo, M018
8 oe;;ob oo8lQ08 lQ0()MM3lQOb 10000$, CTl() l.Qo.301'bo@>b OM0(3boo0 5%-0060 MOl(Je::'O oe;;n(JMO
b.:iM 80 oe;;oli 0060J 3ooiocn? R30 6 00801 3n06 00M0Cloo01 .3oM001!:!?()e::>n 0.:i!Q.:>b!Qob 80R 30 60ooe;;b
(R), M018oe;;o(3 0.:.601,)3bl.Qoo::i l:J0130e::' ooe;;b Clo860b3oe;; .:.60.:.tiloCl'bo 801803.:ie;;o QOMOO(Je::>Ooob
06()0@>0@>ob 3.9 006@>01e;;ooob 008Mt106ooocn. ,)8.:ib 00MCQ0, R306 3n1:Jo60001 3.5 (3bMoe;;b, M018
8013doo601cn FVIFA5%,8 Clob.:.008obo QOM[JO(Je::>000 008C!'.?00600M.:>CQ:
FYAR = R(FYIFA5%,8)
$10,000 = R(9.549)
R $10,000/9.549 = $1,047.23
CJ003ode;;o0 CQ.'.>30bJ360cn, 8 oe;;ob 006803e;;M00d0 l:Jr'13Je::'0 oe;;nb OMe;;01b ·aa860b3oe;;
0600Moo'bo 1,047.23$ 006cn03booocn Moi(Je;;o 5%-0060 b.:iMoooe;;ob 0060J3001ob !Q.:>Mn(3b3ob
008M1:Jo6ooocn 8 O~ob OC'le;;01b R306 8030Qo001 Clo86.:.b3oe;; 0600Moo'bo 10000$ cn06b0b.
0a0i.5ai:8J';'Jo0o Perpetuity
- ()3,ll?"' 06';')oi:8J::ii:8Jo, .3o(i).3lJ8()o8o. ()30!.QM 06()0@>060 00t08M0CQ 006b R3o()e::>00Mo3 06(Jo@Jo@>b, M018e;;ob 00b03e;;ooo
B30CJ~ooo\030 06';')oi:8Joi:8Jo, 06 00801b03e;;ooo 0Mdoe::iC!'.?000 (Jb.:ib<Yl(Je;;MCQ. 08 06(Jot~D@Job 006b0J(JmM06(Je;;o @>o.3ob 0be;;06-
M"18~ol> 0 0Go3~000 06 C!'.?Oe::>n Q?OM:JO(Je::>ooob 006b0'bQ3Mob G01CQ60 80103ocnb013 000 Clo8lQ00 010300, r101CQob0G 00630-
d:J8Ml>o3~000 0 0'id::J~ll?OO> boe;;03m 8(JCQ8030 01oe;;o00Goooob !QC> .3Mo3oe;;o00Moo(Je;;n .:.dGoooob Q?OMOo()e;;oo,)b.
';'J3"1l?"'ll?· lQ"3(JOM(J5lQ:JOl PYA"-b 3.10 006@>01e;;oo.:.oo. ob CQ"03:Jb80Moo0 0801(306ob 0801bb6ob
0080M@Jo300000. 3.10 006@>01e;;oo0Clo n-ob (Jb.:ib<Yl(Je;;Monb 860Cl36oe;;01oom (00 ) CloG3e::>om, R306
30Q?oom:
PVA==R[(l- [l/(l+ir])/i] (3.12)
M.:.8!Qo60CQ0G 01mbJ(JmbolQ 'B<Yil1boe;;oooo R0b8(Je;;o .3o<YiM00 [!/(! + irJ (J.:>be;;M3CQ060 0-b, 006-
@>01e;;oo0 3. 12 ooode;;oo.:i 00!.Q.'.>ObOMMb .:ibo:
PVA==R[(l -0)/i]=R(l/i)
06 80<Yi@>o30CQ PVA= = R/i 13)
08030M0CQ, ()30CQM 06(Jo@Jo@>ob 0be;;06lQOe::'o QOM:JO(Je::>000 80M@Jo30lQ .:>Mob d:JM001!Q(Je::'O
00801b03e;;ooo (00b03e;;ooo) 001:JM'B0e::'0 dM01(306@J()e::' 00foJ300l'b0 dOM001lQOb 8nb:JlQ300l. 80 00-
e;;ocn.:>CQ, CTl() 100$ 8ooc:ioo0 (Jb.:>bM(Je::101CQ 1:J0130~ ooe;;b !Q0 dMM(306@J(J~O 0060J3omo .:>Mob 8 dMM-
(306@>o, 08 (Jb.:>bM(Je;;Moob 0be;;06CQOe::'O Q?OM:JO(Je::>000 od6000 1,250$ (M0(3 .:>Mob 100/0.08$).
lfo6.-,lio01'10 <>6(Jo8n8o. R3o()e::>Oo<Yio30 06'ZJ06o@>ob 006 006bb303 0oom, M018e;;om0G 00b03e;;ooo
06 Clo801b03e;;ooo 60<Yi8010Cl3000 80130~0 dOM001lQOb 001e;;01b, 6060bo0Mo 06()0@>0@:>0
ocn30e;;oboo6oob cn06000<Yio 00lQ<>b!Q:JOOU bo<Yio.:ib 1:JM3:Je::'0 d:JMOMCQOb CQ0b0Dl:Joboo. 0060bo0<Yio
06()0@:>0@>ob 0801(306oli 0801bli60 801ocnb013b R306li 8oo<Yi (JJ30 0801bb6oe;;o R3:J(Je::'Oo<Yio30 06()-
o@:>o@:>ob 0801(306ooob 80608.:ie;;(J<Yi (33e;;oe;;oo0li.
3.6 U(JM0CTlO 0CQ0M:JOb CQ0 0060bb303oob 1000$-ob R3o()e::>OOM030 06(Jo@Jo8ob 801803.:ie;;o
Q?OM:JO(Je::>:JOOb 008010600<Yi0Cloo0b b.:i8o oe;;ob 006803e;;0100Clo oe;;o(JMO 8%-om (FY A3) 1000$-ob
6060bo0<Yio 06(Jo@Jo@:>oli 801803.:ie;;o c:io<Yioo()e;;oooli 008010600r10Cloo0b (FYAD 3). 800dGoom
l:J(JM.'.>lQQ?OO<>: 'B()~"l.Qo 6.'.>J"C!?Doo R3o(Je::>:JOM030 06()o@:>o@:>olicn3ob 60M8010Cl3000 1, 2 CQ" 3
dOMOMlQOOob lQ0b.:>otJoboo !Q0 'B(J~0!QO 6"J0lQ:JOO 6060b606io 06()o@:>o@Jobcn3ob 006i801003000 2,
3 !Q0 4 .3ol'i'ioMlQ:JOOb lQ0U00iJObOo.

56
 ~30(]~0Mo3o ? }
.:i6(Jo@;o@;o .__ _ _ _$_1~,0-0_0_ _ _$_1_,,0~0-0----$-1,~0-00----~
f f i
I I 1,080
~-------_,.... 1,166

($1,000)(FVIFA83 3 ) = ($1,000)(3.246) = $3,246

fi3J()~Jofin3n o6(JnooonG 8M8030~n 1:2nl'ioo()~J60·

8%-nm 3 o~nG <Jo8G?Jo (FY A,)

1 2 3 4
I I I I
$1,000 $1,000 $1,000
I

l
$1,080

1,166
8 303 ~Jofin3n 06-vnooonG
(!!0 tin60Gl'i0fin o6(JnooonG 1,260
a",a0 3 0~n 1:2nfio<"v~oonG
($1,000)(FV/FA83 ,3 )(1.08) = ($3,246)(1.08) = $3,506
0 08n106 0 ofinClaonG (QM<'lnG
bo'bn Pofi',n"'G?()~"
Clo801G030~n=R 0" 1000$; 5n60Gfo/On ,,6':'JnooonG 8r"803o~n 1:2nl'1oo()~J6"
i= 8%; !:!?" n=35o~G].
0
8%-nm 3 o~nG oo8ll?Oo (FVAD,)

800jeoo01 tJ(JM0CQC:.:000, b08G;.::>0060 5060bG0rY10 06()0@>0@>ob 8M8030;.::>o c:.;orYio<'>();.::>000 ()@>M-

c::'CQ.'.J00 oob0008ob b08G;.::>006 f'i3.'.J()c::'c'.JOM03 06()0<1J>o<IJ>ob 8C08030;.::> c:.;ofiloo();.::>Oo0b orY1010 CQ080-
<1J>o6001n .3orYior0CQ001. 0bo01 30010rY1000CJo, 0060bG0rY10 05()o<IJ>o0ob 8M8030;.::>o c:.;ofiloo();.::>Oo0
i%-001 11 .30MOM(l?Ob013ob (FV ADn) ()0()@>M;.::>\Qc'.J00

FV ADn = R(FVlF A;.n)( I + i)

''~ 'c, ~:~;,,

'tj(J;.::>0(!?0 0J0(QO 0M8Mod302>0 JoMOM(QOb (Q0b0DtJObdo 01() CJo8\:!?oo bdoM0CQ (Q08r»JOCQO-

O(J;.::>00 !Q08J3orY1300;.::>ob 0'bti'iM36000'bo (ti'iM 0MM(3 Jn01b30: d(J0c:.;080 0ti1oh CQc:.;ob \Q0li0b-
M(J;.::>n 01() CJo8CQoon \Qc:.;ob CQ0b0f5t1obo?). 0bo01 3001061000CJ0, fi3:J();.::>:Jor'io30 06(Jo@Jol§nb
CQ0 f5060bG0ti'io ,)G(Jo<IJ>o&nb 8018030;.::>o c:.;oti1oo();.::>:Jonb 0 06bb303ooob 608CQ30;.::>n JMo-
<IJ>oti'io(J8o 0ti1ob 801806<13>0, MM8J;.::>doG 0 08Mo05 0 0ti10CJ000 8M8030;.::>o c:.;oti1oo(J~:J00.
fi3J()~JOM030 06(Jn@Jo<IJ>ob013nb 8018030~0 c:.;oM[JO(J~:J00 0 08010,)6 0 0Modoo0 M01 0MM(j
001~01 'tj(J~0CQO b0J,)(QO. bn60b50P'rn 06()o<IJ>o0ob CQMMb 8018030~0 c:.;nM:JO(J~J00
c,08Mn06c,0ti10Cloo0 <'iMC,MM(j 0(YJ;.::>M 't3()~0CQO b0J0(QOb Clo8CQ3<YJ80 :3o<'inM(QO.

5o50b50Mo 06()00o@Job 0b~06'!?0~0 c:.;06106(J~Joob 0 06b0'bc:.;3ti10 i JMM(jc'.JD@Jdo 11

dJMOMCQ:JOOb013ob (PV AD,,) (JJJ01.'.Jli0CQ 0Mnb 0bb60~0 8030~001001, 3.7 b(JM0010 (Jfl306oob
0()Gn~ooo~ 0 08M06 0 0f10CJ000b 8%-0060 IOOOS fl3o(J~:Jof1030 06(Jn<IJ>o<IJ>ob b080 5~nb CJo8CQJo
(PV A 3) 0b~06CQ0~0 c:.;oMJO(J~Joob CQ0 8%-0060 1000$ 5ofob50Mo 06()000<'.lJob 0b~06CQJ~n
c:;nti'ioo()~Ooob b080 5~ob CJo8'l?Jo tPV AD 3 ) 0 06b0 'bc:;3ti'inb013ob.
MM 0 MM(3 3. 7 b0 ti1001do f\06G, G085;.::>006n 5060G50ti'in 05(Jn0ol§ob 0b~106CQJ~O C'.;OMJO(J~J00
0<YJ~o0 MMO~o060 f13J()~JOM030 06(Jn<IJ>o0nh 0b~06CQJ~ c:;nMJO(J~J00b (!?080@>06()~0 of1010
0M0CQObJ<YJ6@_inMJO(J~O .3JMOMCQ(J~O OJ8r0h0:p~o 06 0 0CQ0bfQ0. oh dJod~J00 n08r'1tJ0~00CQJb
CJ08CQJC,600f10CQ:

PVADn = R(PVIFAi.n-1) + R
R(PVIF Ai,n-1 + l)

57
 o~OG CQ0G0G617.J~O

R3ov~ooli'in3n 0 1 2 3 4
.:i6vn&o&o
$1,000 $1,000 $1,000

$. 926 ___J
857 • I
794 • I
$2,577 = ($l,000)(PVIFA83 ) = ($1,000)(2.577)
R3ov~ooli'io3n .:i6vn&o&oG .:ib~.:i6C!?o~n
~oli'ioov~oo.:i 8%-nm 3 o~nl> (JQ8C!?Oo (PVA3)

on6.:iG6.:iti'in 0 2 3 4
.:i6vn&o&n
$1,000 $1,000 $1,000

926

857 • I
R3;]':'.)~DOMn3n >6':'.Jn8n8nl> $2,783 = ($1,000)(PVIFA 83 ,2 + 1)
>b~>61l/n~n
ll/ObJM68nMDO(J~O on6.:iG6.:iti'in .:i6vn&o&nG .:ib~.:i6C!?o~n ~nli'ioov~oo.:i
~OMDO':'.J~nonb !!/> ()060()36.:i 8%-om 3 b"~nl> 0081!/Do (FVAD,)
lfo6>l>b>Mn >6':'.Jn8n8nl>
ll/Mronl> b>'lin (.'lnMnroll/':'.l~n
<lo801l>>3>~n R = 1000$;
(l.08)($1,000)(PV/FA83 ,3 ) = $2,783 = ($l,000)(PVIFA83 ,2 + 1)
=
i= 8% !!/" n 3 B"n~u. (1.08)($1,000)(2.577) =$2,783 =($1,000)(2.783)

0~@>3t"16.:i80()~.:iCQ, 006.:ibo01'10 .:i6()0838ob 0b~05CQ 3 ~o c;io6130()~30.:i Cl3od~30.:i 00630-

bo~f"l01 61f"J 0 f"lM(3 R33()~301'1030 06()0838ob 0b~06CQ3~0 c;iot"130()~300, 61f"l83~b0(3
803J(J013630.:i o.:it'>lb(J~Ob 31'1010 .33MOf"lCQO. bb30 bo81:J330001, R336 03:J<ot"1CQ30.:i 0061b(J~Ob
31'1010 .331'1of"JCQ0b .:ib~06CQ3~0 c;iot"130()~3o.:i, 30CQl'13 R33()~301'1030 06()0838ob
c;iot"130()~3oob 008f"l.:i5 001'10Cl30.:i. 0b301 CQMf"lb, R336 Cl3 0 33d~f"l 008f"l 0 33.:i5 0.:i61oCl.:i 06()0838ob
0b~.:i6CQ3~0 c;io6130()~300 n .331'1of"lCQ30ob013ob, Cl38CQ3 0 CQ0 0331'10(3b.:i o0 o 361010 .3361of"lCQ001
.,006" . .:ib3010 8oCQ 0f"l8ob dot"1001.:iCQ 'Bf"lM8()~.:ib PVADn - 0.:i5b.:i'bc;i31'1ob013ob .:ij3b .:ib3010 b.:ib3:
PVADn =(I+ i)(R)(PVIFA;.n)
3.7 b(Jl'1.:i010 .:i88Jo(33ob 8.:i 0 0~001001, Mf"l8 PVAD"-ob 006b0'bc;i361ob f".l61033 8oCQ 0f"l80 8(J00f"lob
0106,:,061.:iCQ. 01()8(3.:i, 3.15 0.:i68f"l~3oob 0.:i8f"l1J0630.:i (J'BMf"l 013.:i~b0Ro6f"l R06b. 3.7 b(JM.'.>0100
CQMf"lob b.:i 'bob 0.:i8f"l1J06300'b3 CQ0'B(Jd530()~0 8oCQ 0f"l8.:i .:ib333 033b8.:it"130.:i 0.:i30 0f"l01 do610010CQ0
0 06bb30330300 R33()~301'1030 CQ0 0060bo.:it"10 06()083&ob .:ib~06CQ3~ c;iot"130()~303ob Clf"lt'>lob.

R33()~301'1030 ~5()083@>ob 0b~06CQ3~0 ~01'13o()~Doob 08f"l(3.:i6ob 08f".lbb6ob0b R336

0 063obo~0301 'B(J~0CQ CQ06303ob, Mf"l83~0(3 00618f".loOf"lo.:i .331'1of"lCQOOob Of"l~f"lb (3.7
b(JM001ob 8.:i 0 .:i~o01'b3 1, 2 CQ0 3 .331'1of"lCQ36ob CQ0b0b61(J~o) CQ0 0 08f".l3005001'1003001
61f"lof"lM(3 .306133~0 'B(J~0CQO 5.:iJ0CQOb 31'1010 .33Mof"lCQ001 0CQMO .33Mof"lCQOb .:i6(Jn@J3&ob
0b~06CQ3~ c;iot"136(J~Do0b. 0060bo01'10 06()0@>3@>ob 0b~06CQ3~0 ~ot"136(J~Doob
306b0'b~361300 3301.:i3.:i'bf"lob .3361of"lCQQOOb CQ0b.'.>btJoboo b0M8f"lOf"lOO~O 'B(J~0CQO
60J0CQQOOb 3.:i6bo~3.:ib (R336b 8030~001'b3, .33Mof"lCQQOOb 1, 2 CQ0 3 CQ0b0btJOboo) CQ.'.>
.301'133~0 'B(J~0CQO 50J0CQOb 0b~.:i6CQ3~0 ~0M30(J~Doob 008f"J063.:i610030.:ib.

58
 booM0CQ 'tl(Jc:;>oli CQM01oli 8oboCQ3om 006li0'bc:;3(';)000lim06 CQ0303Cl0Mooom, fS306 306tlCQ:JOom
:JMUl0(Q:JMUlO 'tl(Jc::'0CQO 60J0CQOU 06 :JMUl0(Q:J!'\1mo 06(Jo0o&oli 0!'\10Mlioo0100li. li080000M01(Q,
fS306 Cloodc:;>oo0 0c:;80130fS0601m O[JM[)(Jc:;>o (06 0!'\10m06000Mo) 'tl(Jc:;>0CQO 6030CQoooli b(JMMJO.

Q?<>3(Jo3om md3n6 00\>0::JQ?OO'J Ol)8Q?D0 08Me60b - onb<>dc:;>Mb, &\>8M(3Q'?0'i>n. l'i1M&Ml'i1no

5000$-nb abc:;>a6a;m~n c;:nti1no':'.l~lloo, t'ilM8n~ne f)sn6 ';'.)61Qo 803oc;:Mm 1-~n IQ.!> 8n-2
o~nb 0381Q:J&1 t'ilM8l)~Ub(3 8Md::J3l)O\> Oc:;>O';'.)(i}O 6000$ 8n-3 !Q0 8n-4 0~3onb 038tl;13& tl20
OM~Mb, 1000$ o01Q0bt120 an-5 o~nb an8t12:JB1 O'J';'.l 83lJ~0 !QOUJM6~nt'ilt12lJ00 5%-nm?

08 Jomb30'bo .3.:ili(Jboli 00li0Go80CQ 06 lib30 6oooli8ooMo 8li 0 03lio 0801G06oli 08Mbli6olim3oli,

.30M3[Jc:;>O 6000'.l(;O 0Moli, 00303c:;>Mm (QMMOU b.:i'bo, CQ03li30m 8.:ili'bo 'tl(Jc::'0(QO 60J0(Q[JOO, 00303-
c:;>Mm oUM[JOO, MM8c:;>[J00(3 8o(Jmomooli 8080Mm(Jc:;>[J00li (Q0 8(Q:J00M:JM00U, MM8c:;>om0(3 mj306
0.30Moom 50J0(Q[JOOU (Q0'b(Jli0000li. 8[JMM[J 6000'.S('..O, 0003omom 0(J(30c:;>[JO[Jc:;>O 008M06-
00Moooo0, MM0MMG 8omomoo(Jc:;>o0 md306li C!/000(';)08000 (mj306 Cloodc:;>oo0 093oj!'\1Mm, MM8
08030(';)0 0!'\10'803oli (Q0b0'b30 0!'\1oli ,,li0003Cl301 00MmM00". m(J8(30 00bliM3CQ[Jm, MM8 60(';)80&0-
0(Jc:;>O li.:ibc:;>oli 8Clo5ooc:;>ooo 06::10006 fob.:i'bom CQ0 md306 M00M8 0!'\1 (J6CQ0 CQ006tJMm 08om?).
3.8 U(JM0mo 0li0b03li, MM8 O[JM:J(Jc:;>o 50J0(Q:JOoli 08M(306000 l:jM3:Jc:;>m3ob Cloodc:;>oo.:i 08Mobli-
60li UlOUlM:J(Jc:;>O 50J0(QOU OOCQ030CQ(J0c:;>(JMO (Q0 'b(Jli&ooom (Q0 O:JCQ00000U (Q0'.l(;08ooom. oli
8MombM3li (QMMli, 800!'\108 0Moli 08M(305oli 08Mbli6oli J0M0o li00(J0c:;>[J00.
CJorYio(Jc::> 'tl(Jc::'0CQ C!/06000000 booM0CQ oo 3bCQooom 0.:i5li.:i'bc:; 3<Yi(Jc:;> 305M5'bM8o 0M000li, (';)0 8
odc:;>:J30 008M0600Moooooli 0 080t"J&o3oooli ooli0dc:;>[JOc:;>Mo0li. 0U[)Ul 3om0t"Joo000 08M(3060li,
1'1018c:;>oli 08Mblifoli0G fS306 3GCQoc:;>Mom, 0j3li 08Mbli6oli t'108c!?[)6080 0c:;>&ol'160&o(Jc:;>o 30(';)0-
06&0. ot'lmo .:iliomo 0c:;>&ol'160&030 60fS3060000 3.9 G(Jt'l.:im'bo. 800dGoom l:j(JM0CQC::Oo.:i, fS306
011'16000.'SG006 .3MM(3[)CQ(Jl'10li MM0MM 803l:j030t'lm m06CQ0m06Moom lio011'1 0 0CQ06tJ300oc:;>oo08CQO·

fooO'.l(;O 1: c,003c:;>om !J?MMOU bc:i'bo, 0~60Cl6om 'tl(Jc:;>0(QO 6C>J0(Q:JOO !J;10 00(Jb3om

olit'looo, MM8c:;>[J00(3 (JfS306ooli 80B306ooc::>aooli 8080Mm(Ji::;:ioo0li !QC> 8\!?:J00M[JMO<:>li.
6000$i;O 2: O:J0UM(Jc:;>:JUl 008M06c,01'10Clooooo MM0MM(3 8omomo6(Jc:;>M md306li
CQ000P'l08.::,Clo.

fl30Ei Cloc,3odc:;>o0 Clot'lo(Jc:;>o (01'10m06.::,o.::,t'lo) 'tl(Jc::'0CQo 6.::,30CQoooli 0801G06000G 81'1030c:;>o

80c,0c:;>omoli 8Ml:j3060. MM8 O:J0'tJ0GMm ob c,06lib303000 (Q0 (QC>b3otiMm 08 0801(306oi'.>0li 08Mbli6ob
fS303000, 0801bbo6om 08Mo06000, MM8c:;>oooG 801008(Jc:;>o0 08 m03oli OMc:;>MG. 01'1 Cloti(Jb!J?om,
01() m030Q?C>D md306 !Q0(J03:J6m O:J(3(QM8ooli. 08Mo06060, MM8c:;>[J00(3 obo60 'tl(Jc:;>Oli
c:;ot'loo()c:;>06oli G3c::>Oc:;>[JOC>b (QMMoli 8oboCQ3om, b038.::,<i1ob0(Q Mm(Jc:;>00. 08oli 000000 ac,03li
3Jc:;>Mlio.3oCQom Go0fi1(Jc:;>oli liti03c:;>o60li. C>(JGoc:;>oooc:;>o R303ooob CQ0(J'tJc:;>Oo.:i, 080 m(J 08
Clo8mb3030Clo, CQ0303Clot'loo(Jc:;>o0 0 08M(J30c:;> CloG!J?M8oom06, li0608 md306 01'1 CQ0:J(J'8c::>Ooom
0(JGoc::>oooc::> rs 3030 oti.

mj3060 !J;1000!J?:JOOli CQc:;oli tJM30i:::.' D[Jc:;>li mj306 C>o06CQ[jOUl 2000$ 001Q0li0b01Qooob006 0 0601.::,3ob(J'tlc::'OO(Jc:;> b0.306-
lioM 063ob®o800U C>6 0 06'JoCJ'ba. 65 bc:;>ob 8oc:;0[)30b0b UlJ3:J0 0[)JO[J00Ul 1Q00 6'JM3oc:;>o:
5~006'0 .36if'1GJ60'V~O o060J3QOlO
················-···················
6i0l'Vr:'70 36ir1G:J6<1!i:J3ou C!?.:ie:,ooti30GOl30L> (i) 21 3! 41 Sl
$222,870 $109,730 $46,552
773,0l l 344,634 146,212 54,304
l,437,810 542,048 196,694 63,544
!2 2,716,460 863,326 266,668 74,560

59
 6c::.'Oli !.l?0Li0li6i'Zlc::.'O

0 1 2 3 4 5
I I I I I I

$5,000 $5,000 $6,000 $6,000 $1,000

$ 4,760 ...,_J
4,535 .... l
5,184 • I
4,938 • I
784
$20,201
PV0 = FV1(PVIF5 %) = $5,000(0.952) = $ 4,760
PV0 = FV2 (PVIF5%} = $5,000(0.907) = 4,535
Oc::,>80M60&030 J.
Clor'1o()c::.'O '<J()c::.'0(!10 PV0 = FV3 (PVIF5%, 3 ) = $6,000(0.864) = 5,184
60JO(!?OOOU obc::,>06cr?oc::.>n
PV0 = FV4 (PVIF5%.4) = $6,000(0.823) = 4,938
(!?OUJM6&nr'1oo()c::,>O
~or'1oo()c::,>OOni> PV0 = FV5(PVIF5%, 5 ) = $1,000(0.784) = 784
0 o8Mo6 0or'1nooool> (!?MMnl>
bo 'bo [FV, FV, = $5,000; OOMO(Jc:.'O 'IJ'(Jc:.10!!/0 60J0!!/0ool> 0bc:,i06!!/0C::O $20,201
FV3 = FV4 = $6,000; FV, = c::ofi'ioo'()c:,ioo0 5%-om 5 ()c:,iol> 008!!/08
$1,000; i= 5%; (!10 II 5
6oc::.>i>l

0 1 2 3 4 5

$5,000 $5,000 $6,000 $6,000 $1,000

????? _____...__ _ _ _.....___ _ ___,__ _ _ _.....___ _ __,

$6,000 $6,000 $6,000 $6,000

$21,276 _ __.__ _ __..__ _ ____,__ _ ___.

0 08MJC::OO(J~O
$1,000 $1,000
$1,859 _ _.____ __,

$1,000
$784 - - - - - - - - - - - - - - - - - - - - - '

PV0 = $6,000(PVIFA 5%.4) = $6,000(3.546) = $21,276

oc::.>&01'160&030 2.
oar'1o()c::.'o '<J()c::.'Ocr?n
60Jocr?oonl> obc::.'o6(!10c::.'0
(cr?ol>J"'6&o1'ioo()c::.'o)
~nr'1oo()c::,>QOnU
0 080106 0 o1'ioooool> (!?MMoi>
bo'bn [FV, = FV, = $5,000;
FV3 FV4 = $6,000; FV,
$].000; i 5%; (!10 II=
6oc::.'i>l
808MJ~OO(J~O
PV0 = $1,000(PVIFA 5%, 2 ) = $1,000(1.859) = (1,859)
!!/080~oo'()c:,io
PV0 = $1,000(PV/F5%, 5 ) = $1,000(0.784) = 784
oofi'io(J~o '(3'()~0!!/o 60J0!!/oool> 0bc:,i06!!/o~o $20,201
= c::ofi'ioo'()~Oo0 5%-om 5 ()c:,iol> 008!!/08·
5
00600360: 'b[]8Mm 0c::6o(lfi(J~O 00!.>(Jbn 0t'i'iol> 3.8 U(JM0mol> 8l>803l>o. OJ(J8(30 08 (3bMo~ol>
808MtJ0600001 !!/08fi'i830c:,ioool> 00(3!!/<'1808 oood~oo0 'bMQ'.l(;OM 8M0b!!/06Ml> ()8600360~<'1
8 0!!/0G!!/M80 00!.>(JbooClo 08Mbl>6ol> l>b30!!/0l>b30 8omM!!/ol> 808MtJ06oool> Clo801b3030Clo ofi'imo !!/0
08030 '(J(Jc:.10!!/o 60J0!!/ol> 8080fi'i01.

60

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(33c:::;oc:::;oooo O<><a(Jd3~100 0 ,:, 0 00<>0. ,:,bc:::;,:, LQ"CRo" CQMf"l 0 ,:,63oboc:::;M01 ()(i)0100MJ<>3Clotilo
8f"l8<>3<>c:::; (?OMOO(JC::::OO<>O I:!?" 0Mf"l(3060()~ 3<>6<>J3001000 df"lMOO 0Mf"l(3060o6oo CQ<>M0(3b300
ob3<>LQ<>ob3<> 30Mor>1CQ0001300. CQ<>O<>b::Joooo01300 1:Q<>3()03<>01, Mf"l8 0MM(3060ooo 0 <>CQMbLQoo<>
6.:;b 03 .,<") fioc:::;ofi<>LQ'do 0M01boc::::· ,:,8 Clo801b 303 .,CJo, 01() 01d3o6 CQ<><>o<>6CQ0601 100$ Clo86<>b3oc:::;
,:,6o<>Mod'bo 5Mffo50c:::;';_'.J("10 ,:,6 fic:::;o(JMO 8%-0,:,60 3<>6<>J3001001, 8M8<>3<>~0
c:;oMOO(J~OO<> 6 01301.i Clo8CQOo od6oo<>:
FV05 = $100(1 + [0.08/2]) = $104
lib 3., 0008300001, 6<>bo3<>Mo fic:::;oli Clo8CQOo 01d306 0od600<>01 4% LQ" <>M<> 8%. CQ00M'bo0oli
8M8<>3<>c:::;o (?OMOO(J~OO<> tic:::;oo Clo8CQOo od6oo<>
FV 1 = $100(1 + [0.08/2]) 2 = $108.16
oli 01v6b,:, 0"()0M~l:QOO" 108$, 01() 0MM(3060o 8"1:Q"Obl:Q000 OM01boc:::; tioc:::;ofi<i(!?dO. 306lib-
30300<> 0. 16$ 008Mfi3o()~O,) 08001, MM8 0MM(3060ooo 8oMMO od3li m30Clo OM0(3boo<>
CQ080000001 4$-li, MM8oc:::;o(3 (Q00M0(3boo.:i 00M3oc:::;o od3lio 01301.i Of"lC::::Mli. M0(3 800'.SGOM
(,0CQ00bCQOO<> 0MM(3060ooo fic:::;oo 0 06803c:::;Mo000, 8001 8000 od6000 8M803,:,~o ~OMOO(J~000
8M(308()c:::;o fic:::;oli Of"l~Mo.
8M8030c:::;o ~OMOO(JC::::OOOli v8Mbli6oli doM0010CQO <BMM8(Jc:::;<> n Ei~oooo CQ0000M(JC::::0001300,
MM(.30 0MM(3o60o o<>CQMbCQoo.:i m-:;>GoM tio~otl0CQdO, .)MOO:
FV0 = PV0 (1 + (i/m]tm
,:,bc:::;.:i 1!?<> 3(JCJ 3.,01, Mf"l8 3MMGo60o o<>l:QMbCQo<'><> J3<>M0<>C::::(JM<>CQ l:Q<> 01d 3o6 0li(JM01 oGMCQ001
100$-oo 8M8030c:::;o ~oMOO(JC::::OO<> ti~oli Clo8CQ0oi li<>CQ<>G CQ<>CQo06oc:::;o Eic:::;o()Mo 0<>60J3omo <>Moo
8%. 8M803<>c:::;o c:;oMOO(J~OO<> od6000
FV 1 = $100(1 + [0.08/4])<4X1l
= $100(1 + 0.02)4 = $108.24
rYiM8oc:::;oG, f\'i.:i 01d80 (J6CQ<>, 0Moli 80c:;0c:::;o, 30CQMO 60bo3<>rYiti~10060 06 tic:::;o(J.rYio M01(Jc:::;o 0f\'i(")-
Go60oli CQMf"lli.
8M8030c:::;o ~OMOO(JC::::000 0,:,80 oc:::;oli OMC::::Mli J3<>M0<>c:::;(JMO M01(JC::::O 0MM(306l8.Jo01 od6000
FV 3 = $100(1 + [0.08/4])( 4l< 3l
= $100(1+0.02) 12 = $126.82
60b 03 0rYiEic:::;o060 rYi01(Jc:::;o 0Mf"l(3o60o<'>oli CQ<>Mo(3b3001 8M8030c:::; ~o<'lo6(Jc:::;:Jo<>li0106
CloCQ<>rYioooli.:ili
FV3 = $100(1 + [0.08/2))< 2l<3l
= $100(1+0.04) 6 = $126.53
l:JM30c::::fic:::;o(JrYio 6101(Jc:::;o 0MM(306<8.ioooli CQ<>Mo(3b3oli<>li
FV3 = $100(1 + [0.08/1])(1)( 3)
= $100(1+0.08)3 = $125.97
,:,8 03 .:irYi.:iCQ, rYi0 8 bC!oM<>CQ c,<>l:Q<>obCQo<'><> 0rYiMGo60ooo tJM 30 c:::; tioc:::;o, 8001 8o0o 0c:;8Mfi6CQoo0
8M8030c:::;o e,;orYioo(Jc:::;oo.:i. MMCQ000(3 m ()<>bc:::;M3CQ000 (J000M(JC::::M000 3.17 o<>60MC::::00000, f\306
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0 063obo~0301 8(JCQ803 l:Q<>Mo(3b30li CQ<> CQOliJr<16@iorYioo0li.
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CQ0M0(3b(J~0,) 0<'101'00 8o@>:;>GOM, 0bc:::;061Qoc:::;o e,;o(i)oo()c:::;oooli c,08M0600M0Cloooli <BMM8(Jc:::;<>
(J6CQ<> o"CQ"ooo6:;>GMli 080 30 b.:i'b 0ooo 0 0Gti3Mo 3, 61M8c:::;oo'b 00 bCQoo.:i 8M80 3 0~0 c:;o6loo(J~OooG
8 08M06a0610CJ 000. 8M80 30c:::;o 'B'(JC::::<>CQo 6<>J<>CQoo (1+i)"-'bo o<>tJM<anli 60 83 ~.:iCQ, rYiM 0 MMG fl 30 6
080G 30Jo010001 5c:::;o(J6lo 6lm(J~o 061f"l(3050oooo CQ<>P1oob30G (QMMo, f\306 0063G0'bc:;3(i)0 3m
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61
 G.:i!.!;!.:>G, MM 0MMG .:>!.!;!MO, FV 0 .:icY\oiJ 8M8.:i3.:i~o '?3()~ol; 6.:iJ.:>!.!;!o 8oe:oo()~o n 15~ol; OM~MIJ, m
.:ie:6006.:i3G cY\.:i8!.!?o6:5(;ocY1 !.!?"OMoGboo.:i 15o~ol5.:i!.!?oo IJ.:icY1 0 oo~oiJ .3r'iMGo68o, i .:ir'ioiJ !.!?oGJM6-
8or'ioooiJ 0.:i6.:iJ30010. 0 .:i68M~oo.:i 3. 18-oiJ 0 .:i8MtJ0600001, R3o6 00 0 3od~(Y)' 8.:i 0 .:i~o01.:i!.!;!,
0 .:i8M 030 .:i6 0 .:icY\oo.:i 80G.:i8 0 15~oG o(Y)~(Y)G 8oe:oo()~o 100$-oG .:ib~.:i6!.!?o~o e:or'ioo()~oo.:i 8%
6M8o6.:i~()Mo !.!;!OiJJM68oMoooiJ 0.:i6.:iJ3001001 !.!;!.:>MoGb(J~O J3.:>M8.:>~(JM.:>{!;!:

PV 0 = $100/(l + [0.08/4])<4l< 3J
= $100/(1 + 0.02) 12 = $78.85

01() {!;!OiJJM68oiJ 0.:i6.:>J30010 {!;!MMoGboo.:i 8b(Y)~(Y){!;! b~O(JM.:>!.!;!, R3o6 o3od6oo.:i

PV 0 = $100/(1 + 0.08) 3 = $79.38

.:i8 03.:ir'i.:i!.!?, r'i.:iG 6.:iJ~00:5(;0M b!.!?oo.:i 15o~ol5.:i!.!?oo 6M8o6.:i~()Mo {!;!OiJJM68or'ioooiJ 0.:i6.:iJ30010G
!.!;!.:>M0Gb3.:i, 8001 8000.:i .:ib~.:i6!.!?o~o (!?OMOO(J~oo.:i. oiJ !.!;!.:>8MJO!.!;!OO(J~OO.:> 8M!.!;!OG GM()~
15o6.:i.:ie:8!.!?0oMO.:>Oo 8M8.:i3.:i~o (!?OMOO(J~ooolJ 00801b303.:ioo .

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0.:i63obo~M01, Mf'l()MM ba;ioo.:i oiJ. 0.:i3obiJ06M01, MM8 8M8.:i3.:i~o (!?OMOO(J~ooolJ 0.:i8M.:i60.:ir'iooooolJ
IJ.:i0M01M '1JMM8(J~.:>IJ n b~oiJ 008!.!?0o, 0 .:>68M~OO.:> 3.17 .:io3IJ 008!.!?0oo IJ.:ibo:
FV11 = PV0 (1 + [i /mJr"
MM!.!;!OG"G m, 15~oiJ 0 .:i68.:i3~Mo.:ioo .3r'iMG068ooolJ !.!;!.:>"10Gb30G Goboor'io, (J.:>b~M3!.!;!00.:i (JG.:iiJ-
M(J~Mo.:iiJ ( 00 ) , R3o6 3oe:oo01 8()!.!;!803 .3MMGo60ooolJ a;i.:iM0Gb3.:iG, .3oMMO.:> (l + [ilm])"'"
(J.:>b~M3!.!;!00.:> e;" -!.;, G.:i!.!;!.:>G e .:ir'iolJ !.!;!.:>.:>b~M300001 2,71828. oo!.!?Oo"!.!?' PV0 -oiJ iJ.:ibtJoGo !.!;!0.3M'bo-
8oiJ 8M8.:i3.:i~o (!?OMOO(J~oo.:i n b~oiJ Clo8!.!?oo, MMG.:> .3MMG060ooo !.!?"OMOGboo.:i 8()!.!;!803.:>!.!;! i
IJ.:icY1 0 00~0G 0.:i6.:iJ300100, .:icY\oiJ:
FV11 = PVo(e Y"
R3o61J 8oocY1 0 .:i6bo~()~o 1506.:i 8.:i 0 .:i~o010G0130G, 100$ !.!?0.3M'bo8oiJ 8M8.:i3.:i~o e:ocY1oo()~Oo.:i
3 b~oiJ Clo8!.!?0o ctMMG068oooiJ 8()!.!;!8030 !.!;!.:>M0Gb30G Clo801b303.:ioo 8% 0.:i6.:iJ3001001 00600.:i:

FV3 = $100(e )(0 o&J(JJ

= $100(2.71828)< 0 ·24) = $127.12
olJ 003.:i!.!;!.:>MM01 8M8.:i3.:i~ (!?OMOO(J~Oo.:iiJ tJM30~b~O(JMO ctMMG068oooiJ !.!;!.:>M0Gb3001:
FV3 = $100(1 + 0.08)3 = $125.97
M01(J~O .3MMG068oooiJ 8()!.!;!8030 !.!;!.:>M0Gb3001 803oe:oo01 8.:id1Jo8.:>~(JM oolJ.:id~f'l 8M8.:i3.:i~
(!?OMOO(J~Oo.:iiJ n .3or'ioM{!;!OOoiJ !.!;!.:>GM(J~OooiJ.:ii.; 8MG08()~ 6M8o6.:>~()Mo .3MMG068(J~O
3.:i6.:iJ30010G .3or'iMooooo .
.:i"8.:i30 0 .:i6bo~30G 0.:i8MtJ0600001 803.:.~01 !.!?"GJ36.:i8!.!?o, r'iM8 IJ.:icY1 0 oo~oiJ .3r'iMGo60oooiJ
8()!.!?8030 !.!;!.:>M0Gb30G Clo801b303.:ioo n 15~oiJ 008!.!?oo 8oe:oo()~o '?3()~"!.!?o 6.:iJ.:>!.!;!oG .:ib~.:i6!.!?o~o
(!?OMOO(J~ooolJ '1Jf'lM8(J~" 8ooe:ooG 0081!?00 IJ.:ibolJ:
PV 0 = FV11 /(eY"
.:i8 03.:icY1.:i!.!;!, 1000$-oiJ .:ib~.:i6!.!?o~o e:ocY1oo()~Oo.:i, r'iM8o~iJ.:iG 803oe:oo01 10 15~oiJ 008!.!?0o 20
.3r'iMG068o.:i6o !.!;!oGJM66or'iooolJ 0.:i6.:iJ30010G 8()!.!;!8030 !.!;!.:>M0Gb3001, od6oo.:i:
PV0 = $l,OOO/(e)<020 )0o)
= $1,000/(2. 71828)2 = $135.34
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.3MMG060000G 8()!.!;!803 !.!;!.:>MoGb3.:iG, .:ir'iolJ 8M8.:i3.:i~o (!?OMOO(J~ooolJ 0.:i8M.:i60.:ir10CloooiJ
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63
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6 ~ 573 4 778 0
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64
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= R(PVIF A 1•11) (3.11) IV
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PY AD,, = R(PVIF A 1•11 • 1 + l) (3.15)
=(l + i)(R)(PVIFA 111) (3.16) IV

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(Q<> M08l.:Q D6om?
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060.:.MoCl'bo fl000M0(3b03(Q<>01 1000$-G. Clo860b30~0 060.:.Modo 0MOb 5%-o.:.6 b~O(JMO
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. i:Q03()Cl30m, MM8 mj306 !:Qe:?JG 00blio6om 100000$-0060 Clo860b30~0 0600M0Clo. 100000$
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70
 00801@>06.:i 801bQ;?oo.:i 80-9 Dc:_ioli oo8!:!?D0 - O::J(!?00"!:!? 803o~oom 'B()c:.'"Q;?O 6.:>J<>Q;?t:JOOU Q;?(i\01oli
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0801bb6.:ib).
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0"C!?"b(!?.:ib. M01001MOC> 801008(Jc:_iO 063obeooooli D'BDdeo.:i6o Dc:_iO(JMO li.:i(i)0::ioc:_iob 0.:i-
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l:J013::Jc:.'(!?~O(JMC>CQ (365 Q;?~t:J}, (3) 8()(!?803.:i(!?? (8omooi::JO<>. D.:>M8010Q;? 0 o6om mj3060 .3.:ib(Jb::JOO 4
oo'BMo.:i6o bo'b(Jb@)om 8do8ob Cl::i8C!?D0i 800.:ic:_iom.:>Q;?; 0,098706 9,87%).
1. ,,0b(JMITT 8010001m 8oc:_io0160 {!?01c:_i.:i(i)o? .:in (i)01001M ... ::JMmo 008.:iMSi:3::JO(Jc:_io, MM8oc;;oo
Clo8mb303om oj6oo.:i 08M!Yif1o(Jc:_iO tl3Dc:.'" bb3.:i 8016.:iooc:_iob Cl01Moli, 801oooob 1 8c:_i6$ <>6()-
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Dc:_io.:i6o 0"C!?"b(!?C> 25000$ ())00">01::J(Jc:.' 0"C!?"b(!?C> 'b::i; 8mc:_io.:i6.:iCQ mj3::i6 8oo~oom 1000000$-b.
.30M3oc;;o 0"C!?"b(!?C> 801b(!?::JOC> 1 0063.:iMb; (!?<>6"Mf1t:J6o 0"C!?"b(!?t:JOO 801b!:!?oo.:i l:J013t:Jc:.' 0063.:iMb
.:i8oli Clo8C!?D0"· oc:_io(JIYio MITT(Jc:_io 8% 0<>6<>J3::imob 00801tJ06::ioom, M01001Mo.:i 08 ,,8oc:_ioM6o-
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c:_iolib8::io.:i 08 b.:i8o 06!:!?0dbob 8o~::i6oli o@>.:i.3o6ob.:ib?

())00">01t:)()c:.'0 'B()c:.'0(!?0 6.:>JC>CQOb 801803.:ic:_io (b.:i601c:_i0101) ~0Mt:J6(Jc;;;:J00 !:!?" 0">00">01::J(Jc:.'O

foJ<>Q;?ob 8mc:_io.:i6o 801803.:ic:_io ~OM[J6()c;;Oo<> o.:iti1801!:!?0D6oc:_io.:i j30801m 8omom::io()c:_i
oblYioc:_iClo (0 .:i8Ml:Jt:J6::J6(Jc:_io.:i obti1oc:_io 1 0006oli 001c:_i01li .:i(i)lioo()c:_i (!?<>6.:iP'lmClo):

{)\!!;Ou cf!ll!!;'f% 80e:?Dc()!!!;'0 FV5 06U:030!Q().'.)!!!;'()6)0

8ffit::!?0060
'(.l()c:!?.)!!?0 "?.J'V!!!;'.'.JU?O 60J0U?O 8f118.'i30t::!?O
60J0!QO 2 3 4 5 ~OI006Clt::!?Oo0

w $146.40 $266.20 $242.00 $330.00 $ 300.00 $1,284.60

x 878.40 878.40
y 1,200.00 1,200.00
z 292.80 605.00 300.00 l,197.80

())00">01::J(Jc:.'0 'B()c:.'"Q;?O foJC>(!?Ob .:ibc:_i.:i6(!?t:Jc:.'0 C::OM::JO(Jc:.'::JOC> Cl?" b<>JC>(l?Ob 8mc:_io.:i6o

.:ibc:_i.:i6!J?Dc:.'o c:::>OM;:JO(Jc:.'t:J6<> (00801l:Jt:Jbt:JO(Jc:_io.:i obti1oc:_io II oo 0 6oli 001c:_i01li .:iti1bt:i6(Jc:_i
!!!<>6.:iti1mClo ):

71
 6~0u of'l~(% 801:!.'0oV~O PYo 06!l?OOO!l?V.:>~VM0 '?JV~.:>!l?O 6.)J.)!l?O am~o.:>60
'a<J~.:>C!?O
8P18.:>3.:>~0
6.)J.)(!10
1 2 3 4 5 c;op:,ao<i~ao.:i

w $ 87.70 $153.80 $135.00 $177.60 $155.70 $709.80

x 526.20 526.20
y 622.80 622.80
z 175.40 337.50 155.70 668.60

FV 10 0008.:i 1 = $500(FVIFA 3.s%, 20)

20
= $500{[(1 + 0.035) - l]/[0.035]}
= $14,139.84.
FV10 0008.:i 2 = $l,OOO(FVIFA7_5%,IO)
= $1,000{((1 + 0.075) 10 - l]/[0.075]}
= $14,147.09
o0o8.:i 2 od6o6.:i (J'BMf'l b<'.>b(JM30C?!o (J'BMf'l 6.:iJC?!o<'>o 0.:i6"J3001001 - $7.25.
FV 10 0008.:i 2 = $1,000(FVIFA 7%,IO)
= $1,000{[(1+0.07)
10 l]/[0.07)}
= $13,816.45
.:i8 Clo801b303.:iC!o (J.30M<'.l&.'.Jbf'10.) o6n:foo.:i 1 3.:iMo.:i6&b, M<'.l!Q(,<'.>6 BM(,00" <'.>Mob 80&0 $323,37.
3.:iMo.:i6&06ob 8be,.:i3boo.:i e,301.:i3.:i 'bC'16b, MC'18 80('.?00(JC?!O 25000$-001 01d306 Cloe,ode?!C'101
8M 00b!Qo6.:i01 Moo63ob&oM06.:i 6 6'C?!ob 3"1!?001 X%-001, MM8 8o 006'M!Q0006.:i01 50000$-ob
oJ 3o3.:ie?!o6&(JMO 'B()C?!"l!?o 6"J"l!?o 12 ooe?!ob.:i!QC!o . .:ib 001 3001.:iMoo.:iC!o, 25000$ 0.:if'1M8.:ie,l!?o-
6MIQ" 6 oe?!o01. ,,o0bo 72" -ob 0.:i8M::Jo6o6001 3oc:?oo01 72/6= 12%-b.
8oMMO 8bM03, l:J(JM<'.>IQ('.?06" e,.:i.:i8.:ib30C?!o01 08.:i'bn, MC'18 50000$ = 25000$ (FVIFx%.6).
C!ol!?Oo"I!?' (FVIFx%,6) = 50000$125000$ = 2. 6'o 0 6ob OMC?!Mb .:iMbOO(JC?!o !Q<'.>6"M01ob 1 (3bMoe?!Clo
8M 0 ooob JMO'BoGoo6&o 6 ooe?!'bo 12%-001 .:iMob 1,974 !!?" 13%-001 .:iMob 2.082.
06&0M.3C'le?!OM00001, 30('.?0001 b<'.>MQOOC?!Ob 3.:i6.:iJ3001b, M<'.>(3 Cloo01.:i3.:i 'bo6.:i JM6&M.:id&f'1Mb:
2 000 974
x % = 12% + · - 1. = 12.24%
2.082 - 1.974

(J'BMf'l bDMMo .3.:ib(Jbob013ob, 803of\60M01, MM8 FVIFX~1,,6 Cloode?!o<'>.:i ,)b030 o"l!?"°DOMMb

(I + i)6 • 8.:iC!o6 f\306 Clo 03ode?!o" .:i8M3bb6.:i01 .3oMIQ.:i.3oM i-013ob (!!?" X% = i[lOO]) Clol!?Oo•)(Q:
(I + i) 6 = 2
(I + i) = 2116 = 20.1667 = 1.1225
i = 0.1225 or Xo/o = 12.25%
PV0 = $7,000(PVIFA 6%, 20) = $7,000(11.470) = $80,290
PV0 = $7,000(PVIFA 8%,20) = $7,000(19.818) = $68,726
PV0 = $10,000 = R(PVIFA 14%.4) = R(2.914)
"JO(Q"6 R = $10,000/2.914 = $3,432

(1) (2) (3) ~

6~0VP'>O m0360u am030p:,o !l?0P'if\06o~o
G~ou o0630!l?Ooom :JP'if'l<.3061§0 001J?0u0b0!l?o m06b0 G~ou of'l~f%
1J?0u0uP'>V~o 001J?0u0b01J?o x 0.14 (1)-(2) (4),.J (3)
0 $10,000
1 $ 3,432 $1,400 $ 2,032 7,968
2 3,432 1,116 2,316 5,652
3 3,432 791 2,641 3,011
4 3,432 421 -1Qll 0
$13,728 $3,728 $10,000

72
Mf'l(QOb"(.3 f1305 3GQ?Oe:::'f'l0()) o.::.P'i8f'l30(Qo05f'J()) 08f'l(.3050 ()M09JOJ(Je:::'O G.::.bom, 30C'.?00()) 1000$
tJf'l30e:::'o (Q<>6f'l8Moe::;o oe::;ob Clo8!:Q0o 1-(Q.::.6 20-8(!?0·

$1,000 $1,000 $1,000

0060036.::.: tJf'l30e:::' f'lM ooe::;G !:QC>Mo(.3b(Je::;o 1000$ o"\\'"ot13.:i6om tJf'l30e:.'oe::;o(JP'i 0J3030e::;o5-

@)()M .::.6()0@>0@>Clo (.::.5() .::.6()o@>o@>Clo, P'if'l8oe::;oG 8f'l 0 (3o8m 0be::;06\\'oe:::io '?J()C:::ob foJ"\\'OooG
0J3030c::;o5@)(JM 0be::;06\\'oe:::i .::.5 8f'l8.::.30c::; c::?OMQO(Je::;oo.::.b ). f'lMOe::;o.::.60 05(Jo@)o@>ob
()0(Q0b(Qob bO(QO(QOb 006G0 'bc::?3Mom, Mf'l8oe::;o(.3 0J3n30e::;o6@)(JM00 80-2 oe::;ob Of'le:::'f'lb
8oc::?OO(JC:::O 1000$-ob 8f'l803.::.e::;o c::?OMOO(JC:::OOob, 3c::?OO(Jc::;f'lom:
FVA 2 = $1,000 = R(FVIFA 1o%. 2) = R(2.100)
M0(Q()<>5, R = $1,000/2.100 = $476.19. ())00lf'lO(Je:::'0 1000$-ob CloG3e:::'0 QJ3030e::;o6@>(JMO
f'JP'ioe::;o.::.60 .::.5(Jo@)o@>om 8f'l83Go8G 476, 19$ 20 oe::;oli 0 .::.5803e::;f'lo.::.Clo.

0 1 2 3 4 19 20
I
I I I I I I I I I
I I
$476.19 $476.19 $476.19 $476.19 $476.19 $476.19

PV A 20 = $476.19(PVIFA 10%.20) $476.19(8.514) = $4,054.28

0'?30d@>o.::.5o oe::;o(JMO G.::.P'i 0 ooe::;oG 0.::.50J3omo = (1 + [i/m])m - l

4
= ( 1 + [0.0706/4]) - J
= 0.07249 (1:Q00be::;Mooom 7.25%)
.::.a 03 0P1.::.rr;, 11 30 5 03 .::.d3 G .3P'if'lGo6@>oooG w0 3oe::;J 3.::.r¥l@>.::.e::;()Mo !:Q.:iP'io 8 b3.: . !:Q0 G"Jomoom
10000$-oG 0630G@>oP'ioo0li 7 ,06%-om, Mf'l8oe::;oG !:Q00P'i0Gboo.::. tJM30e:::'J3"M@>.::.e::;(JMC>CQ 7
m30G 0 .::.68.::.3e::;Mo0Clo (8omomoo.::.: 7 m30 00 0300, P10G 21/3 J3<>M@)0e::;(JP'io .3oMof'l(Qo),
8oc:;oo()e::;o:
$10,000( l + [0.0706/4))2-33 = $10,000( 1.041669) $10,416.69
FV A 65 = $1,230(FVIF A 5%.6s)
65
= $1,230[([1+0.05] - 1)/(0.05)]
= $1,230(456.798) = $561,861.54
f1 30 5ti ,,Go6eoooG CJ 085.::.b 30 e::;G" od5oo01!:Q<> ()Jomol>o !:Q060'bM 0 o, Cf?0'bf'J 0 oe::;o 80 5eooo
momf'l,'.J()e:::' ooe::;G Mf'l8 0 06om03Gooo6.::. Clo850b3oe::; 05 0 0M0Cl'bo oe::;o()Mo 5%-0060
(QC>Mo(.3b3om ($561,861.54 - $80,000) = $481,861.54 -- 06 48,186,154
$50,000(0.08) = $4,000 dMf'l(.305@>oli ()<>(Q<>b<ib(Q;Je:::'O
$ 7,4 5 l .4 7 - $4, 000 = m0306oli 30(Q0li0bu;wc::;o
8me::;o06 ()<>(QC>b(QOOl.i - 8me::;o05o m036ob ()0(Q0b!:Qooo
C,0(Q0b(Q30b
$74,514.70 - $50,000 =

73
 Rich, Steven P., and John T. Rose. "Interest Rate Concepts
and Terminology in Introductory Finance Textbooks."
Financial Practice and Education 7 (Spring-Summer
1997), 113-121.
Shao, Stephen P., and Lawrence P. Shao. Mathematics for
Management and Finance, 8th ed. Cincinnati, OH:
South-Western, 1998.
Trainer, Richard D.C. The Arithmetic of Interest Rates.
Federal Reserve Bank of New York. (Available free of
charge from the Public Information Department, Federal
74
Reserve Bank of New York, 33 Liberty Street, New
York, NY 10045, USA).
Part II of the text's web site, Wachowicz's Web World, con-
tains links to many finance web sites and online articles
related to topics covered in this chapter.
See, especially,
Annuities: Ordinaty? Due? What do I do?
and Annuity
Problems
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U.)Moo6<.:.?0U .3MM(306&o o"::JfTl'?JO<.:.?O oou.)6.)8ou U?OUJM6&ou a"foJ3om'bo .30MofTl!!?OU 8obo!!?300'l.
!!?"3()03.)0'l md306 Clooodc:?O.)Q) O::JO!!?fTlO'l M6<.:.?0o"GO"' MM8<.:.?0UO'l3ob.)G 8()!!?803.)!!? oOb!!?o"6
50$-u 0<.:.?0(JM"!!?· !!?"3()03.)0'l, MM8 md306u 8ooM 8MmbM360<.:.?0 8Moo6ob o"foJ3omo .)bomo
&o.3ob M6<.:.?0o.)GOObO'l3ou .)MOb 12%, ..,8 qJ.)U0.)60 D"!:!;'"c:?U?Ob "b<.:.?"61!?0<.:.?0 !:!;'OM06(JC".?06" od6o6"
v = $50/0.12 = $416.67
Ob .)Mob 8.)dbo8(J80 O'l.)6b..,, MM80c:?OU o"!!?"b!!?"U"G md306 OU(JM306!!?00'l ..,8 M6<.:.?0o.)GO"'l>o
o"!!?"b!!?oum3ou. O'l(J b.)6,')'bMM qJ.)bO (Jq)MfTl 8"!:!;'"<.:.?0.), "C".?6"m, md306 .)M Ob(JM306!!?00'l 8ou ::J0!!?3"b .

..,111..,6(J~M3.:i60 J().3M6ou Mo~o 0 .:iooaoo. m(J M6<.:.?oo"Go"b "d3b 0 ..,6u" 'b!:!;'3M(Jc:?O bo8ooiaob
3"!!?"· 8.)006 M6<.:.?0o.)GOOU 00'?J"bo6ou.:ib K3o6 ()61!?" 0"63obo!.:.?fTlO'l .)Mi) 8.)M&(T) U.)Mo06<.:.?0U
.3MM(3068(Jc:?O 6"J"!!?o, "M"80!!? "b030 U.)6Mc:?MM ..,6 uo8ooiaob !:!;'OM06()<.:.?06" (6M8o6"<.:.?(JMO
!:!;'OM06(J<.:.?06")· ..,u 0mo M6<.:.?0 0 .., 8 oob o 0ia..,uo6ob 0..,6&Mc:?06", MM8oc:?'l>o 8 o"!!?"ob!!?o6" .3P1M-
806&o ::JM30C".?O 0<.:.?0U 6Mc:?Mb .)MOU:
I I I MV
V= 1 + + ... + +---
(1 + kd) (1 + ~) 2
(1 + kd)" (J + kd)"

=2:" (1 +I kd)'
t =I
+--
(1 + kd)"
MV

= I(PVIFAkd.n) + MV(PVIFkd,n)
b"!!?"G n .)Mou o<.:.?o6ob M.)M!!?06M6.., b.)6fTl!.:.?fTlfTl 8M8ooiao6"8!!?o !!?" MV .)Mou M6<.:.?oo"Goou
uo8ooiaou !:!;'OM06()!.:.?06".
K3o6 oood<.:.?06" o3b(JM!!?OU 1000 !!?fTl!.:.?.)MO 6M8o6"<.:.?(JMO !:!;'OM06()<.:.?06ob 8dM6o M6<.:.?o-
o"GOOb !:!;'OM06()<.:.?06ob 0.)6b"'b!:!;'3M" 10%-0..,60 J(J.3M6ob o"6"J3omom !!?<'> 9 0<.:.?0"60 bo8ooiaou
3"!!?00'l. J(J.3M6ou o<>foJ3omo 000b"6"8o6" 00<.:.?00.)U?00 100$-ob .3MM(3068(JC'.? o"!!?"b!!?o6b. O'l(J
K3o6u 8ooM M6<.:.?0o.)GO<'>'l>o 8MmbM360<.:.?0 008fTlb.)3<.:.?oU o"6"J300'l0 .)MOb 12%, 8.)006

v= $100 + $100 + ... + $100 + $1,000

(1.12) I (l.12) 2 (1.12) 9 (1.12) 9
= $IOO(PVIFA 123.9) + $1,000(PVIF 123,9)
36..,bMm "8 oo 0 6ou 6M<.:.?Mu .)MbOo(J!.:.? !!?"6..,Mmoo 8 bMoc:?o IV, K30 6 "!:!;'8M3..,Ko6m, MM8 12 .3111M-
Go6&o..,6o "6(Jo&o&ou "b~"6!!?0<.:.?o !:!;'OM06()<.:.?06ou .3MMG068()<.:.?0 JMO'?JOGoo6&o
(3bM.)O~o..,6o .30MoM!!?oum3ob .)Mob 5.328. !!?"6..,Mmoo GbMoc:?o II 12%-0..,60 u3o&ob d300
0 30K30606u, MM8 "b<.:.?"61!?0<.:.?o !:!;'OMOO(J<.:.?OOob .3MM(3068(Jc:?O JMO'?JOGoo6&o (3bM.) .3oMoM!!?OU
OMO'lO o"!!?"b!!?obm3ob 8M8"3"<.:.?00 .)Mob 0.361. OO!!?Oo"!!?· M6C".?Oo.)GOOU !:!;'OM06()<.:.?06" v od6o6"
v= $100(5.328) + $1,000(0.361)
= $532,80 + $361.00 = $893.80
U.)Moo6<.:.?ob o"!!?"b!!?o6u "d3u 532.80$ "b<.:.?"61!?0<.:.?0 !:!;'OMOO(J<.:.?06", U"!!?"G Q),')36ou o"fo!:!;'!!?OOOU
bo8ooiaou <>d3u 360.00$ "b<.:.?<>61!?0<.:.?0 !:!;'OM06()~06". (0060036.): 830<.:.?" Ob b(JM.)O'lO .)MOb
8o"b<.:.?M06omo, M.)!!?o"6 o"8M::Jo6oo(JC'.? (3bMoc:?oooo "b<.:.?"61!?0<.:.?0 !:!;'OMOO(J<.:.?06" 8Mo3"<.:.?!!?06" 3
GO'?JM"8!!?0i MO<.:.?oo"Goou fo8U?30<.:.?o "b<.:.?"6!!?oc:?o !:!;'OM06(JC'.?Oo" .)Mob $893.44).

78

5'3t::;:itri;,;,10o
f'l-6c;nc/:.c1n0
hnnd - (l)O~oo0Gn'>,
"'"'aa~l>"G 010 a"'oGbo<»
bo6i 00 o;i~o, o6<J 06i" 0d3G
Go6i 0 ;io~ob 36i"'Go61§<J~o
.'l;i6io"'C!?'V~n <>"U?"b"~ooo,
80 0 1'\08 OtlO~;Jli>
601806"~<Jl'i
c;:o6ioo<J~Do"b01"6 oo~o­
l'iooom 8600360~"'3"60
'B"l>U?"J~ooo01 C!?"
foc;:~~oo" 601806o~<J6io
9J"bo01.
01() oob.:.o.:.8obo !:QObJf'l6tl!Job 0060J30010 M;)ob 8%, 12%-ob 60(33~.:>!:Q, oo'tl.:.booob 006-
tl!Jf'l~.'.Jo.:. od6oo.:.:
v= $100 + $100 + ... + $100 + $1,000
(1.08)1 (l.08) 2 (l.08) 9 (l.08) 9
= $100(PVIFA 8%.9) + $1,000(PVIF 8%.9)
!:Q.:>60M0100 II !:Q.:> IV (3bMo~oo oob.:.o.:.8obo b0M3oo~ob .3Mf'l(3.'.J6ti!J(J~o Jr'1.'.J'lJOGoo6tl!Job 60b3001,
11306 0063b.:.'bc:;3M0301, Mf'l8
v = $100(6.247) + $1,000(0.500)
=$624.70 + $500.00 = $1,124.70
.:.8 00801b303000, f'lO~o3.:>(3oob .:.b~.:.6!3?.'.l~o c:;oM.'.JO()~.'.JO.:> .:>ff.:>MO.'.Job 8ob 1000$ 6f'l8o6.:>~(JM
C::OM.'.JO()~.'.JO.:>b, M.:>(Q3.:>6 008f'Jb03~ob 8f'l01bf'l360~0 306.:>J30010 .)Mob 6.:>J~ooo, 30!:QM.'.J J()df'l-
6ob 3060J30010 063obtl!Jf'lM.'.JOb b(JM01 00!:Q.:>(Jb.:>!:Qf'l6 .3Mo8o.:. f'lO~o30(3oob 80CQ3ob013ob. oofo
00801b3030000, 008rYJb03~ob 8f'l01bf'l360~0 006.:>J30010 ()'lJMf'l !:QO!:Qo Ol:Jf'l, 30CQM.'.J J(J.3f'l6ob
0060J3.'.]010. O.'.J!:Q::J30(Q, f'l0~000(3oob .:.b~.:>6(Q.'.J~O c:;oM.'.J0()~.'.)00 ()'(JMf'l 6.:>J~.'.JOO.:> 8ob 6f'l8o-
6.:.~()M c:;oM.'.JO()~.'.Jo.:.'bo. o6 3obtl!Jf'lM.'.Joo 8'b.:.!:Q .:.t11o.:.6 o8oi:Qf'l6 0bo010 f'JO~o 0 .:. 8 o 0 oo 8bf'l~f'll:Q
08 00801b303000, 01() 030 0Ml:JO(Q.'.JO.:> '(J.:>b(Q.:>J~.'.J0001 8ob 6f'l8o6.:.~()M c:;oM.'.JO()~.'.Jo.:.'bo . .:.b~.:.,
01() 8f'J01bf'l360~0 8f'l8300006f'loob 006.:>J3.'.)010 3.:>(Jtl!Jf'l~(Q.'.JO.:> f'lO~o30(3oob J(J.3f'l6ob
006.:>J3.'.]01b, f'lO~o3.:>(30.'.Joob .:.b~.:>6(Q.'.J~O c:;oM.'.JO()~.'.JO.:> 00(Jtl!Jf'l~(Q.'.J00 8ob 6f'l8o6.:>~(JM
C::OM.'.JO(J~.'.JO.:>b - 1000$-b . .:.8 Jf'l6(3.'.J'(l(300 'bo (J'(JMf'l 8otl!Jb 30683001, Mf'l(Q.'.Jb0(3 3.:>CQ.:>30~01
f'Jo~o 0 .:. 8 o 0 oob 'll.:.b 0oob 8f'ld8oe!?oo.:. 'b 0.
6(J~M3060 J(J.3M6ob Mo~o00Goooo. 6(J~f'l3060 J(J.3f'l6ob rYJ0~030(300 .:.M 00130~oboo6oob
b0M3oo~ob .3Mf'l(3.'.J60ooob .3oMof'lCQ(J~ 3 .:.!:Q.:>bi:Q0b, 0M08o!3? o8 o!3?oo.:. 86oo 3 6 0 ~f'l 3 .:.6o
'lJ0b!:Q.:>J~.'.loo01 0103ob 6f'J806.:>~(JM c:;oM.'.JO(J~.'.Jo.:>b0106 O.'.J!:Q0M.'.J0001. 306 l:JO!:Q()~f'lob obo01
f'l0~000(30.:>b, Mf'l8o~b0(3 .)M 8f'l0d3b dMf'l(306ti!Jooo? .3.:.b(JbO 8CQ3f'l80M.'.Jf'lOb 08000, Mf'l8 0bo010
f'l0~000(30.'.JOOb 8tjO(Q3.'.J~O 8006(3 oc:;aob 8f'l3.'.]00b. ob 8f'l3.'.J00 .:>Mob oob.:.o.:.8obo '(J0bo.:.6o
d0c:;0~(QOb C'.;OM.'.JO()~.'.JOOb otl!J0.3f'lOM030 'bM(Q0 (.:.6 O.'.J'(l.:>boo.:.) Bob b0btJOb '(l0b0106 O.'.J(Q0M.'.J0001,
6f'J8o6.:.~(JM c:;oM.'.JO(J~.'.JO.:>'b.'.J !:Q.:>O.:>~o '(J.:>bo01 0080CQ3ob.:.b, b06.:.8 030 800c:;oo3b 6f'J8060~(JM
c:;oM.'.JO(J~.'.J0.:>8!:Q.'.J bo8oo'llob CQMf'lb.
6()~f'l3060 J(Jdf'l6ob f'lO~o30(3oob c:;oM.'.JO()~.'.Joob oo'tl.:.booob 306tl!Jf'l~.'.JO.:> .:>Mob 08 006-
0f'l~.'.Joob O.'.JOM(J6.'.JO(J~O 30Mo06ti!Jo, Mf'l8.'.J~0(3 308f'lo806000 f'lO~o30(3oob 6f'lM8.:>~(JMO b0M30-
o~ob .3Mf'l(3.'.J6ti!Job 3.:>CQ0b(Qob (QMf'lb. ,,.3Mf'l(3.'.J6tl!J(J~o 30CQ.:>b(Q.'.JOob 0b~06CQ.'.J~o c:;oM.'.JO(J~.'.JOob"
Jf'l8.3f'l6o6tl!Jo 008f'JOM0(3boo0 006tl!Jf'l~.'.JOO(Q.:>6 (Q0 11306 33Mf1000 c:;oM.'.JO(J~.'.J00, Mf'l8.'.J~0(3
006ob0'bc:;3M.'.)O.:> 8bf'l~f'l(Q ,,01036ob 00(Q.:>b(Qob .:.b~.:.6(Q.'.J~O c:;oM.'.JO(J~.'.)0001 bo8Do'(Job (QMf'lb" 06
MV
V=---
(1 + kd)"
= MV (PVIFk".n)
CQ03()03001, Mf'l8 ob.3o6f'lb.:.b b.:.15.:.M8f'l 308f'lb(308b 6(J~f'l3060 J(J.3f'l6ob f'lO~o30(30.:>b,
Mf'l8o~b0(3 0d3b 10 0~0060 bo815o'(Job 3.:>CQ.:> CQ0 1000$ 6f'J8o6.:.~(JMO c:;oM.'.JO(J~.'.J00. 01() 01d306b
8ooM 8f'l01bf'l360~0 008f'lb030~0 0Mob 12%, 80006
v = $1,000
(1.12) 10
= $l,OOO(PVIF 12%.IO)
(3bMo~o II-ob 008f'll:J.'.J600001 !:Q.:>60M0100, fi306 0c:;8f'l30l10601, Mf'l8 .3Mf'l(3.'.J6ti!J(J~o Jf'l.'.J'lJoGoo6-
tl!Job .:.b~.:.6(Q.'.J~o c:;oM.'.JO(J~.'.J00 10 .3.'.JMOf'l(Qob .'.JM010 00CQ0b(Qob013ob 8f'l8030~00 12%-001 .:>Mob
0.322. 08330M0CQ:
v= $1,000(0.322) = $322
01() 01d 3o6 o 0 d~ 0 001 Cloodo6f'l01 ob f'lo~o 3 0 8 00 322$-.:.!3? !:Q0 08000 3 0!3?0 0 obi:Qo.:.6 1000$-b 10
15~ob Clo81J.?03, 01d3060 b015tiobo 063obti!JoG00 08030M0!:Q 8f'l3(30801 8f'l0ooob 12%-o.:.6 M01(J~
b~O(JM 006.:>J3001b.
b.:.M 0 ::Jo~ob l!;?0Mo(3b30 O:Jc::,>oooCQClo M081.;w6~::il'i18:J. 8o(Jb::J!Q.:>3.:>CQ o8ob.:., Mf'l8 'bf'J000M01 f'lO~o-
30(30.:>b (f53::J(Jc::.'.'.J0Mfl3 .'.J3Mf'ld()c::,> 00'bMoo'bo 008f'l03::JO(Jc::,>b) 0d3b dMf'l(3::J60()~0 00!Q0U.:>b.:>(QO
06101bo~ b.'.J~Obu!QOO, O.'.J.'.JM01::JO(J~ 00000000 308f'l03.'.JO(J~O f'l0~fl0u(30.'.JOOb ()Boeobf'JO.:>'bo
dMf'l(3::J60!Joob nb!Qou5 f'lMj(;::JM Eio~obui:QClo. Clai:>w301Q, ()613.?0 003(33.:>~0101 153060 f'lO~oc,.:.Goou
79
 2.

Clo'B"uooou 0 .:i6eM~ooooo 08oum3ou, MM8 Q?o3006 0 0Mo0Mm o 0 ~o6.:iQ?Clo MMJi:OM Q?0Moob30. 3

80 0 0~om0Q?, (4.4) !:!?" (4.5) 0 06eM~'ooooo 0 0 0 83 ~ 0 00 Clo8l:!?oo600M0Q?:
20
1/2 MV
V='(' +---
f:t (1 + kd/2)' (1 + ~/2)2n

= (I/2)(PVIF Akct 12,211) + MV (PVIFkct12.211)

u"C!?"O kd .:iMou u.:iM 0 oo~ou 8MmbM360~0 o~o()Mo 6M8060~()Mo 0 060J3omo, 1/2 .:iMou 60bo-
30M6~0060 J(J.3M6'bo ()0Q?0U0bQ?O~o m06b0 !:!?" 2n oMou 60bo30Mo~o060 .3oMoMQ?O
8M80o'IJ0008Q?0·

800deo3m ::J'(JM0CQC70o.:i, 61CYJ8 60bo3<>610~0<>60 CQObJM6!.!l:Jo c,<>8MotJ3630<> MCYJ 0CYJM(3 6;,b33<>61-

6~0;,60 u.:i(i} 0 3o~ou ."3MCYJ(3[Jb8(J~O o"!:l?"bCQ[JOoum3ou, <>U[J30 8m~o;,6o m;,6bou [JMID1G[JM'>CQO
0 <>CQ<>bCQoum3ou uo86o<tJou Q?MCYJU. 8o(JbDC!?"3"C!? o8ou.:i, MCYJ8 fobo3<>610~0;,60 Q?OUJCYJ68ou
c,<>8CYJtto6oo<> uo85o<tJoG C7o(i}oo(J~Do"'bo Bood~oo<> "C78f'lf16CQol> a0(Ju<>o<>8CYJ, 3u <>l>o ;,(i} <>Mou.
m(J 0<>8CYJ3otJ36oom 6<>bo3<>(i}o~o06 Q?OUJCYJ68u o61mbo~, 8;,006 8ouo 008CYJtto600<> Bood~oo<>
t!3D~" Bo8CYJU<>3~[JOOl<>b 8o8<>MOl[J0'>00.

0 063obo~Mm JMM.3MM<>oo<> US Blivet-ou MO~o 0 .:ioool> 8;, 0 ;,~omo, MCYJ8o~l>.:io .:id3u 10%-
0060 J(J.3M6ou M0~0()'>800 {!?'> uo80o'IJ08Q?0 Q?<>Mf1o6o~n0 12 00~0 CQ'> f1306 8noM 8CYJmbM360~0
6M8060~()Mn o~n()Mo u<>M 0 oo~oG 0 060J3omn Clo.:il:!?o06G 14%-G . .:i8 Clo8mb3030Cln 1000$ 6M8-
o6.:i~()Mn ~nMOO(J~Oonu [JMmo MO~n 0 .:ionnG ~oMOO(J~OO" od6000
V = ($50)(PVIF A 7%. 24 ) + $1,000(PVIF 7%. 24 )
= ($50)( 11.469) + $1,000(0.197) = $770.45

MO~o00onoonm 8M303'Mo .3MM'IJObnMfo~o 8M6060~0000 o8nG 6003~0{!?, P1M8 bo~nm

Q?00o6 0.:iMnoM6 MO~o 0 .:iooob ~oMOO(J~Oo.:i, booMoQ? ot1060006 (3bMo~ool> MO~o 0 .:iooooou
~OMOO(J~ooou Clol>0'130l>oo~0Q?. 8Mo08()~0 8M80o'IJooom, J(J.3M6ou c,.:ifoJ3omom !!?" 8MmbM360~0
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Mo~o 0 .:ioooG ~oM:JO(J~oooG !!?" 8.:im 0.:i6 8M 0oooG 8o~oooG Q?M6 00Moooool>m30G, m(J 8Mo08()~00
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MO~o 0 .:iooooou 8(J00M00bm.:i6, md306 oo 0 od~o.:im 0o8MOtJ06Mm OU o6b0M(J806eooo.

30bGCYJ3CQ[)ID, MMCQ[Jb<>(3 Ol:J[Jb[]Offi (4.4), (4.5), (4.6), (4.7), (4.8) CQ.'.> (4.9) 3068M~[JO[JOU
"10~o 0 .:ieooooum3ou, MV 8M~o.:i M~o 0 .:ieoou l>o8ffo<tJol> C7o6100()~3oou !:!?" .:.M.:i 8ouo u.:io.:i'ti61M
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~JGoDOo - Preferred stock
0~00oMoo(J~ 008 o0oG 0M0 0d3m CQ0l:!?oo6o~o Go86o'l3oG 30{!?0 Q?0 0Gom .:idoooo'ti0 '13ndl>o<Ylo-
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111"'3"'111(3 5ol>o, 0oMoo(J~o 0doooooG Clo'l30uoool>0G, f\306 3ot106oom 08030 80Q?c,CYJ80G, MM8o~l>00 3ot10600Q?O(J)
30m30~01.i5o500()~00
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80

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03bli6001, 610 06101.i 31>. f13:J(Jl:'.?:Jor'io30 0doo300G 8u 003li0m,
.361030{'.?3 0 or'i30()\:'.?0 0doo300 -v'b61(]63:J('.?l:JM<(3li Bolio
8<(3{'.?MO:J{'.?OU (]'(3{'.?:J00U JM8.306ooli OO{'.?M06103 U0J(J01-
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300001, .3t<lo30{'.?:Jo061:JO(J{'.?O 0doo3ooli 8<(3{'.?MO:J('.?:JOO,
61M 0r;i61o 031.io, 0M <(3{'.?MO:J6 b8oli 800380G (]'(3{'.?:J00U
.:.dooM6361300G J61300'b3 . .361030{'.?:JC,OM:JO(J{'.? 0doo3o'b3
folfo\:'.?Mo6103 0 0m00bm300 0 0r'i.:.6ti>o6130(]!:'.?o m0 '(3odlio-
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(0.14 - 0.06)
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= $8.99 + $22.13 = $31.12

84
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4 2(Ll0)4 = 2.93 0.592 1.73
5 2(1.10)5 = 322 0.519 1.67

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(l.14)'
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(!{030(l?06Q?:JOO a:i-6 oc;,iob Q?.'.>U0UM'2)c;,1U = $3.22(1.06) $3.41

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.::.b~"6tJ?o~n ~nM:Jo()~£lo" a 0 ~s 6c0nl.i !Qi>l.i.::.l.it;\(J~b = ($42.63)(PVIF 14%.s)
. = ($42.63)(0.519) = $22.13

+ $22.13 = $3 l.12

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V = $80(PVIFA 10%, 12) + $1,000(PVIF !0%, 12)
= $80(6.814) + $1,000(0.319) = $864.12
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. = $80(5.421) + $1,000(0.187) = $620.68
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.:ib~0 .;,('i)oG .;,8 "aGoob o.;,'btiloG 8onti1 8M01bM360~0 b.:.61 0 a6~o.:i6Mo.;, .;,6 (JOM.)~f'l{Q .3ti103o~n-
0otiln6(J~n .:ideoob b.:i6\oao~o.;,6Mo.:i. "aacr:06 fl3[16 oa 0 3od~o.;, 0030QM01 .3t\1030~0 0 oM[lO(J~o
"aGooG 8M8 0aoo.;,5f'100:
kP = Dp/Po
8.;, 0 .;,~0010cr:, cr:03()Cl30m, MM8 Jf'l8.306oob ,,Acme Zarf' 10%-o.:i6o .3ti103o~nool"iao(J~n
.;,foooG G.;,o.;,'bl"if'l c:n.:ibo 100$ 5M8o6.;,~()Mo ~ol"iao(J~Doom ()8M~D:?Do0 91,25$-b . .3"'103o~n-
0ol"ino(J~n .:idGonoob ab c:n0Go JM8.306oob0130G ()'bl"i(J63[l~i:Jf'lC?JG Cln8cr:Do 8f'l8 0 noo.;,6Mo.;,b:

kp = 10$/91.25$ = 10.96%

G.;,l'1 0 no~oG (JJ(JoDoob 0 060Jsn010 0i:l0~ooaob 8Mb,)~Ml:l?6n~o 'B(J~"cr:o cr:oaoCRn6CRD<'>oG

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.:idGoaooG0130G, 80006 8o8cr:o6"fi1a b.:io.:i'b!"if'l ca.)Go(P 0 0(J~f'1~l:QD0"
0)

P0 = D 1/(k 0 - g)
k,,-b 08MbG60G.;,b, MM8a~oe 8Moa8()~ 1Ja8mb3a3.:iClo .;,l"ioG o.:i'bl"ioG 8oal"i 306G.;,'b~3M(J~O
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6a3"'1.:iCR G30~ao.:.CQ0. all .:ifi)ob CQn30CQa6!:Qoooli ~"8(Jl"in o~o'::J(fio Li.:ifii 0 ao~oG 'bfil!:Qoli

89
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<>J(3000ob 'l_3<>boli IJ('f)3D~o~o(JMO 8('f)li<:>~('f)f.1<6D~o .)l'i)('f)GD6<!!J(J~O (33~0~00<> (<>6() P/P0 -1 =g)
f.1<<> <:>8o<!!J('f)8 oo('f)f.J?OO<> b<:>l'i1 0 oo~o<:>6('f)O<:> J<:>."3o<!!J<:>~oli 'bl'i1f.J?of.1<<:>6.

Mf'l0 f'l(i}O,) fla:rv~ao(i}o30 .:.rlooaoob b.:.o.:.'b(i}('t) b.:.(Y}0ao~o.:.6Mo.:., M{t')a~oooo otioll:wo<>

40$-.:ill/1 (i}f'l8~ob ~03o~a6~aoob 'b(i}ll/ob 0.:i6.:iJ3amo 8f'lb.:i~Mll/6a~o.:. oa~olfoi:eoo Otjf'lli
9% r:e.:i .:.rlooob ca.:ibob 6.:i'b.:i(i}i:eo Otjf'lU 2,40$?

li<>o<> 'bl'i1M Li.:il'i1 0 oo~n<>6('f)o<>, k. 8('f)~o.:i Q?o 3of.1<o6u;wooli li<>l'i1ooo~o<>6('f)o<>li, D/P 0,

Q?<>8<><!!Joo(J~o li<>l'i1 0 oo~o<:>6Mo<> J<>Jo<!!J<>~oli 'bl'i1Q?of.1<<>6, g. "JD0?"6 3ocwom:

k0 = $2.40/$40 + 0.09 = 0.06 + 0.09 = 15%

P10~000Goac,o

- I I
V=l:--=- (4.1), (4.3)
•=t (l + k,i)' ku
2. 0<:>6li.:. 'b~31'i1(J~O lio8oo'l_3ob 3<>f.J?om <>M<>6(J~('f)3.:.60 J(J."3M6oli 0<:>6<>J3omom
n I MV
v= t;. ( l + k,i)' + ( l + k,i)" (4.4)

= I(PVIFAk,,,n) + MV(PVIF1;,.n) (4.5)

3. 6(J~M3<:>60 J(Jd('f)6oli 0<:>6.:.J3omom

V=~ (4.6)
(l + k,i)"
= MV(PVIFk,.n) (4.7)

1. 0 <:>8('f)li1Joll13" <>M .:.l'i1oli 8('f)li.:.~('f)f.1<6o~o

- D D
V=l:--P-=_£_ (4.10)
l=l(l+~)' ~

2. 0<:>8('f)li1Joll13" 8('f)li<:>~Mf.1<6o~o.:. n Jol'i1o('f)f.1<Clo

V ~ DP call price
= tt(l +~)' + (l +~)"

= Dp(PVIFAk,.n) + (3~a"'L>~o0<3ol> <(pl>o)(PVIFk,,n)

-------------------·------------··-·----·-------·----····----~-~--~-----------~---

f130()~0o6'030 .)dGOOoO

(4.14)

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93
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94
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( 1 0063Mobm3ob }?
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0 08(Y)J~Ooo01, MM8 .:.b~.:. MO~oc,000000 .:.M .:.Mob ()30CQM. b.:.8.:. 0o:JM(Y)l.Q 80010 6M8o-
6.:.~(JMO ~OMOO(J~000 .:.Mob 1000$ CQ0 0d3b 10 0~0060 bo8tio<tJob 30CQ0.
0 06b0'b~3Mo01 .:.8 (Y)o~oc,.:.ooooob 60bo30Mo~o060 u0M300~006Mo0 8M8oo'Boo081.QO·
(8001001000: Ol(J 01d306 8()00(Y)001 8b(Y)~MCQ 0b~06CQ0~0 c;:oMOO(J~.'.loob obMo~oom.:.6,
md3:J6 80060 Clod~oom 8Mdoo6Mm 60bo30MO~o060 YTM-ob 8o.:.b~M000010
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Jomb3ou .3.:.b(Jbo JO - CQ08M 0 30~00(J~O 8o.:.b~(Y)00()~ dM(Y)0068081.QO - 8(Y)800801
J0M 0 b.:ititiob DOM0o~b 08 8001MCQob013oll) .
.:. Jomb3ob .3.:.b(Jbou 0 .:.8(Y)tio6ooom, (J.30b(Jbo01 0081.QOo Jomb3oob: (a) MM 0MMo.:. (6M8o-
6.:.~()Mo o~o()Mo) b.:.M 0 oo~o.:.6(Y)oob l.Q(Y)6o bo8oocao81.Qo - YTM 08 (Y)o~oc,.:.oooo'bo?
(b) MMC,(Y)M00 (tJM30~b~O(JMO ocaod80060) U0MQD0~0.:.6Moob CQM6o bo8009308CQ0 -
YTM 08 (Y)o~o30oooo'bo?
J(Y)8.306008 ,,Red Frog Brewery" 008(Y)(J030 MO~o 0 .:.ooooo 1000$ 6(Y)8o6.:.~(JMO ~oMOO(J~Ooom
008CQOC,O 80b0bo0moo~om: 08tJ0801.Q obo6o OtJOCQ000 6(Y)8ofo~om; Uo8bo<(3001.Q0 Mfioo.:. 5 bO~Oi
J(JdM6ob c,0foJ30010 0MOU 9% (.3M(Y)oo68o6o 801.QMbl.Qoo.:. fobo30Mb0~0001.QOO OM01bod· 930d-
8(Y)OM0301.Q J(Y)8.30600b ,,Old Chicago Brewery" 0 08(Y)o300()~0 0d3l> 8b 003bo MO~oc,000000, 08
306ub30306001, M(Y)8 8obo .:.dooooou bo8oocaob l.QM(Y) CQ0CQC,02i.:. 15 o~ob Clo8CQOo· .:.b~.:.
CQ03()Cl3001, M(Y)8 o.:.'bMob 8o:JM 8(Y)01bM36o~o b~O(JMO 6(Y)8o6.:.~(JMO U0M8:JO~ob c,060J3omo
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08 (Y)O~oc,00006obm3ob o.:.'bMob .:.b.:.~o, b.:.M 0 oo~ob CQ.:.00~0 8Mmb(Y)360~0
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b.:.tvi 0 :J6o~b 08 .:.doooo'bo. J.'.l~ob 0'bM001, MM8MMo 0b~06CQ0~0 ~oMoo()~.'.lo.:. (J6CQ.:.
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11 %-81.Qo \:!?.:. CQ.:.tviR 0o.:. 8(JCQ8o 3.:.CQ 08 l.Q(Y)6 0'b 0.

95
 2.

6.

ol!!.'OG t!10GJf'l6@>0G 0bl!!.'06tl10l!!.'O f!.10GJf'J6@>0G 0bl!!.'06tl10l!!.'0

of'll!!.'f'l o0tl10btl10 Jf'l0'130G006@>0, 15% ~Of">Oo'Vl!!.'Oo0, 15% Jf'l0'130G006@>0, 12% ~0M.·o0, 12%
---------------'--·-·-------~-------··----------·--------·--··-----------·--···---·--~ --"··----··------------·-·~-~--

1-3 $ 80 2.283 $182.64 2.402 $192.16

4 1,080 0.572 617.76 0.636 686.88
$800.40 $879.04

o:i60036.:.: obr;Jo~::ioou 0<>8MtJ:J6:Jool;,:,l; .!!?<>8M 0 3.:i~::io.:i8 't>M8.'Ji::JM Cl:iodt:;>;JO<> 0.:>8Mo530MU 8ooM;J

8"6ub3.:i300<> :J<>U(Jb;JOOo, Mf'l!!?:JU<>(3 ()<>8Motw6ao.:i il~@>JM6.:>@>ov~o ()<>(!1.:>DtJ3:J@>O~;JOOU 8;JCT>f'l!!/;)OO
8u3.:i3uo '(J()~"i:i?O 6.:>Ji>!!?:JOOU.'.>U.

8%-o.:i6o Mo~o 0 .:i(3nnb l>.:io.:i'b<"iM c:;nt1ioo()~Jo.:i; 1'1M8J~OG od~o3.:i SoAi-o.:.6 l>.:i1'1 00-
o~o.:i6Mo.:il>, 8ol>o OM8n6.:i~()M l!;OMJO(J~J00 01"iol> 1000$.
6. b00.:i'b<"iM c:;o<"iJO()~JO<> nd6JOMQP 1000$, o.:i'b<"iob 8031'1 8MaibM360~0 b.:i1'1 0 J-
o~o.:i6Monb 3.:i6.:iJ3Ja>O MM8 :.JP1ez30~0:.JP1 1_5%.

ol!!.'OG l:!!OGJf'l6@>0G 0bl!!.'06tl10l!!.'0

of'll!!.'f'l 00tl10b11.10 Jf'l0'1l00006i§O, 8% ~OMJo'Zll!!.'Oo0, 8%
------·--------------···---------·-··---·---·----·-·-··
1-3 $ 150 2.577 $ 386.55
4 . 1,150 0.735 845.25
u.:io.:.iMf'l ~OM;JO(J~;JO.:> $1,231.80

2.

ol!!.'OG 0bl!!.'06l:!!Ol!!.'O ~Of">Oo'Vl!!.'OoOG o08f'lffi3l!!.'0 f!.1030tl106l:!!OoOG

-··---------------·---·-------~-----

of'll!!.'f'l (!!?030!!/;)6!!/o PVIF 16%,t) x

0bl!!.'06l:!!Ol!!.'O ~Of">Oo'Zll!!.'Oo0
i--------------$1.60( 1.20)1 ,,;, $1~~----x·------o:&e;z·---------------------fT66________ _
2 1.60(1.20)2 = 2.30 x 0.743 1.71
3 1.60(1.20)3 = 2.76 x 0.641 1.77
4 1.60(1.20)4 = 3.32 x 0.552 1.83

5 3.32(1.13) 1 = 3.75 x 0.476 1.79

.6 3.32(1.13)2 =. 4.44 x Q.410 1.74
7 3.32(1.13)3 = 4.79 x . 0.354 1.70
8 3.32(1.13)4 = .5.41 x 0.305 1.65

- or [ s:L-- D ]
1~1 (l.16).
1
-
$13.85

----------------

!!1030!!?06!!/:JOO 9 o~ou oM~f'lU .07) = $5.79

D. $5.79
.:idooou ~oM:JO(J~:JOil 8 o~ou oM~MU= - - 9
- = $64.33
(k. - g) (0.16 - 0.07)
.:ib~<>6!!?o~o ~oM:JO(J~;Jo.:> 64.33$, 8 o~ou oM~f'lU = ($64.33)(PVIF163•8)
= ($64.33)(0.305) = $19.62

v = $13.85 + $19.62 =

96
Li.'.>P1 0 oo~o.:i6rryo.:i rryo~o 0 .:ioooli
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oo8<l:?Do6.:iolil.:i<Q:

$935 = f
1=1
$40
(I+ kd/2)'
+ $1,000
(1 + kd/2)20

= ($40)(PVIFAkd 12.20) + MV (PVIFkd12.20)

.:ia 0 .:i68f')~oo.:ioo kJ2-ol.i (6.:ibo3.:ililfi~o.:i60 YTM) .:i8rrybli6oli.:ili J"~J(J~"8f')liloli, Jf')8.3o-
()8Dlil()~o .)('lirry 0.:ilil.:i8oli .:i6 oblilo~oli <Q.:>b8.:ililooom 3o~oom 4,5%.
(fi~O(JMO 6rry8o6.:>~(JMO) YTM .:iliom Clo8mb303.:iClo .:ililoli 2X4,5=9%.
fo'?3Dd8o.:>6o fi~o(Jlilo) YTM .:ililol.i ( 1+0,045)2-1 =9,2025
P0 = FV20(PVIFk/2,20)
(PVIFv2•20) = PofFV20 = $312/$1,000 = 0.312
oo 0 6ol.i orry~rryb (Q.:>6.:ililmoo oblilo~o l-!:!?.:i6 3.3rry(J~rryom, ('lirry8 li.:ilil 0 oo~ol.i JrryD'?JOGoo68o 20
.3oliJorry(Qob.:i 6%-ol.i.:il.i 8rry~o.:i 0,312; .:i8o8rry8 8rryGD8(J~O rryo~o 0 .:ioool.i 6.:ibo3.:ililfi~o.:i60
li.:ilil 0 oo~o.:i6rryo.:i lio8fio'?3oa<l:?D (YTM) .:ililoli 6%.
(6rry8o6.:>~(J!'lio fi~o(Jlilo) YTM = 2 X (6.:ibo3.:ililfi~o.:i60 YTM)
x = 2 (0.06)
= 12 percent
(D'?3Dd8o.:i6o fi~o()lilo) YTM= (1+6.:ibo3.:itv\fi~o.:i60 YTM) - 1
2

2
= (l + 0.06) - 1
= 12.36 %
k 0 = (D/Po + g) = ([Do(l + g)]/Po) + g
= (($1(1 + 0.06))/$20) + 0.06
= 0.053 + 0.06 = 0.113
arryl.i.:i~rry<l:?6o~o <Qo3o<Qo6<l:?oooli Li.:iP1 0 oo~o.:i6rryo.:i = D/P0 = $1(1+0.06)/$20 = 0.053
af')Li.)~f')a?6o~o G.:ilil300~0.:i6rryo,:, J.:>.308.:>~oli 'bM!:!?O(Q.:>6 g = 0.06
V = ($140/2)(PVIFAo06,6) + $1,000(PVIF0.06 •6)
$70(4.917) + $1,000(0.705)
$344.19 + $705
= $1,049.19
V = ($140/2)(PVIFAom.6)+ $1,000(PVIF0.o7.6)
$70(4. 767) + $1,000(0.666)
$333.69 + $666
= $999.69 06 $10000
(~oliloo(J~Do.:i ()6<Q.:> (J(QMOQ?Dli 1000$-G, ('lirryG" o~o(Jlilo 8rrymbrry36o~o 6rry8o6.:i~()lilo
li.:ilil 0 oo~o.:i6rryo.:i 8M~o.:i J(J.3rry6oG 0.:i6.:iJ3omoli; fl3o6o .3.:ili(Jbo 1000$-li0.:i6 0.:i6Gb-
3"3C!?Do.:i 8brry~rry!Q oblilo~Clo 0 .:i8Ml:JD6DO(J~o ~oMDO(J~Dooool.i (Q.:>81il 0 3.:i~oooG 0.:i8rry).
V = ($140/2)(PVIFA 0.08 •6) + $1,000(PVIF008•6)
$70(4.623) + $1,000(0.630)
$323.61 + $630
= $953.61
.:i8 8o.3oG rry()~o 0 .:ioooli ~olilo6(J~Do0 D93(Jd6o6.:i momrryD(J~o rry()~o 0 .:ioooG lio8fio<aoli
.:ib~.:i6!Qo~o ~oliloo(J~D6oli (JOM.:>~rry !QOUJM68li. 11306 (JJ3D o"3"JDmom oli .:i. Jomb30G
.3.:il.i(Jboo !:!?" 8.:imo ~oMD6(J~D0Doo .:i01oG (i) $705; (ii) $666; !Q0 (iii) $630.

97
Alexander, Gordon J., William F. Sharpe, and Jeffrey V.
Bailey. Fundamentals of Investment, 3rd ed. Upper
Saddle River, NJ: Prentice Hall, 2001.
Bauman, W. Scott. "Investment Returns and Present
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Chew, I. Keong, and Ronnie J. Clayton. "Bond Valuation:
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Fuller, Russell J., and Chi-Cheng Hsia. "A SimpliSed
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Haugen, Robert A. Modem Investment Theory, 5th ed.
Upper Saddle River, NJ: Prentice Hall, 2001.
Reilly, Frank K., and Keith C. Brown. Investment Analysis
and Portfolio Management, 7th ed. Cincinnati, OH:
South-Western, 2003.
Rusbarsky, Mark, and David B. Vicknair. "Accounting for
Bonds with Accrued Interest in Conformity with
Brokers' Valuation Formulas." Issues in Accounting
Education 14 (May 1999), 233-253.
Shao, Stephen P., and Lawrence P. Shao. Mathematics for
98
Management and Finance, 8th ed. Cincinnati, OH:
South-Western, 1998.
Siegel, Jeremy J. "The Application of the DCF
Methodology for Determining the Cost of Equity
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46-53.
Taggart, Robert A. "Using Excel Spreadsheet Functions to
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46-63.
Van Horne, James C. Financial Market Rates and Flows,
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Woolridge, J. Randall. "Do Stock Prices Reflect Funda-
mental Values?" Journal ofApplied Corporate Finance 8
(Spring 1995), 64-69.
Part II of the text's web site, Wachowicz 's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
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0.008 (0.04-0.09)2(0.20)
0.027 (0.09-0.09)2(0.30)
0.028 (0.14-0.09)2(0.20)
0.020 (0.20- 0.09)2(0.10)
0.014 (0.28-0.09)2(0.05)
:E = o.o9o = R :E = 0.00103 = cr 2
101
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The Coca-Cola Company (KO) 0.20
Dow Chemical (DOW) 0.90
The Gap (GPS) 1.67
General Electric (GE) 1.09
Georgia-PaciSc Group (GP) l.81
Hewlett-Packard (HPQ) 1.71
The Limited (LTD) 1.46
Microsoft (MSFT) 1.70
Nike(NKE) 0.72
Yahoo! (YHOO) 3.30
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~oM!JO(Jc::?OO.:> CQ" 12% l.i<'lJ.:>6CQ.:>M@J(Jc::?o 8i>CQ.:>bP'i.:i !QC> 8<YJli.:>c::?f'lCQ60c::?O Jf<IM0c::?"Gooli Jf'l0'lJ0(3o-
06<'3Jo (Y)M .:idGo.:ili O<YJMol.i .:>Mol.i 0.40. omm<YJO()c::? 08 <YJM .:ijoo.:ioo cn06000Mo 'lJ()c::?"CQo cn06boooli
0630!.i<'lJoM!JOom, .3<YJM<'lJ'lJOc::?oli 8<YJl.i.:>c::?<YJCQ6!Jc::?O ~OM!JO(Jc::?000 oj6000
~ = (0.5)16% + (0.5)14% = 15%
eiliom 008cnb303000, 8f'lli.:>c::?<YJCQ6oc::?o ~oP'ioo()c::?Oo" .:>Moli .3<YJ6l&'l3Dc::?oli 0080CQ006oc::?o (Y)Mo
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'Bo1.i31.i.
0dG001 0dG00 2
2
0dG00 1 [ (0.5)2(1.0)(0.15) (0.5)(0.5)(0.4)(0.15)(0.12)
0dG00 1 (0.5)(0.5)(0.4)(0.12)(0.15) (0.5)2(1.0)(0.12)2
J
(jp = ((0.5) 2(1.0)(0.15) 2 + 2(0.5)(0.5)(0.4)(0.15)(0.12) + (0.5) 2(1.0)(0.12) 2]°"5
= [0.012825] 05 = 11.3%
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.:ij(3ool.icn3oli, 80006 0630!.i<'lJoMOO(Jc::?O .36l<YJ.3<YJM(3o0 (0.5) .:>1:j306oc::?o (J6CQ.:> oj6oli J30CQMo@Joo,
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j=2 CQ.'.> k=2 .
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li<'lJ.:>6CQ.:>M@J()c::?o 8i>CQ.:>b6l.:i (J'lJMf'l 6.:>Jc::?OOo oj6000 f'lMo 06CQ030CQ()"c::?()Mo li<'lJ.:>6CQ.:>M<'lJ()c::?O
0 0CQ0b6loli li.:io()"c::?(Y) o0of'l6oc::?'l>o. [oooG"CQDm () 003 .:ic::?(Y)()) Jf<IMOc::?"Gooli J<YJO'l3oooo6@Jo .:i8
800.:ic::?omoo 1.0-om CQ" 6.:ib<YJcn, M.:> li&06CQ.:>M<'lJ(Jc::? 8"CQ0b6l0li 8oo~oocn 5.:i. l 006<'lJf'lc::?!JOol.i
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8"CQ"b6loli li.:io(J.:>c::?<YJ oo5<YJ6oc::?oli <'l;<YJc::?o (0.5)15% + (0.5)12% = 13.5%.]. 'l3"d@Jf'lo6lo30CQ, 6000!.i-

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l!/008.:i&(Y]b 0M0bM(J~tJ(Y]'Bo~o 'B0bo060 O"~"~U!ooo, M(Y]8~ 3 ob.:io 00301 C!?"l!/300010 J(Y]M3~0-
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J.:>.30&.:>~()Mo 0d&o33oob Cl3<(30b3oob 8(Y]u:3~ob (CAPM) tJ33~0'b3 860Cl363~(Y]3060
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CQ36(Y]o.:>b.
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CQ36(Y]OOb 038030~0 0doo3oob J(Y]M6'BO~ob 'B~(Y]oo01. ob 0600000 0<'1ob 00 030, <'100 f\306
0063obo~o01 J0dO<'.!J0~(JMO 0d&n3oonb dQ<(30booob 8(Y]u:o~Clo, n8ob o08(Y]J~ooo01, M(Y]8 0b~0
MobJob oM01 80f\ 30 5 0 o 0 ~b oo&0b 60 83 ~0u: 0<'1ob (Y]Mo f\nbJob 'B0de(Y]r10. MobJo 00<'18(Y]U!oo-
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b0.30<'1ob.30M(Y](Q 0<'1ob
Rj =Ao+ b1j(A1) + b2j(A.2)
.301\1080<'.!Jf\o Ao Cloob0<'.!J::i3nboo0 ()MobJ(Y] 0d&o3ob b.:ir1 0 3oo~b. bb30 A (~0801!/0) .301\1080&<'1000
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123
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R =Ao+ h1i(A 1) + h2i(A2)

= 0.08 + 1.4(0.06) - 0.8(0.02) = 14.8%
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124
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16 -0.02 -0.04
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18 0.02 0.06
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I. Stillman Zinc Corporation 17.0% 1.3

2. Union Paint Company 14.5 0.8
3. National Automobile Company 15.5 I.I
4. Parker Electronics, Inc. 18.0 1.7

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Acme Explosives Company (KBOOM) 11,000 0.16
Ames-to-Please, Inc. (JUDY) 9,000 0.17
Sisyphus Transport Corporation (UPDWN) 7,000 0.13
Excelsior Hair Growth, Inc. (SPROUT) 5,000 0.20
In-Your-Face Telemarketing, Inc. (RINGG) 13,000 0.15
McDonald Fam1s, Ltd. (EIEIO) 9,000 0.18

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Nanyang Business Systems (NBS) ·-·--·-T;rn-·
Yunnan Garden Supply, Inc. (YUWHO) 0.80
Bird Nest Soups Company (SLURP) 0.60
Wacho.com! (WACHO) 1.80
Park City Cola Company (BURP) 1.05
Oldies Records, Ltd. (SHABOOM) 0.90

128
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(0.35 -
0.50 0.10 0.050 (0.50 -
0.20)2(0.10)
.E = 1.00 ~:= 0.200 = R .E = 0.027 = cr 2
(0.027)05 = 16.43% = a

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129
 40% ci5 80&0 Gci61 0 00~0G0130G 8305 30~0001(40%-20%)/16.43% = 1.217 li&ci5(Qci61&()~
oil(QC>b61cili. oli dO(QOoO ci61oli .306130~0 Clo801b3030G 8G3ci3Go, 00030, 61MGC> 0ci63obo~o01
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o. Ol(J 0 ci8M308060001 (Q030(QOO(Qoli 8(J(Q8030 'b61(Qoli 8M(QO~li, o30J5ooci

p =~ = $ 2 (1.IO) = $41.90
O ke - g 0.1525 - 0.10

0 . R = 8% + (13% - 8%)0.80 = 12%

P0 = $2(1.lO) = $110
0.12 - 0.10

o:?.:>6061010 0-l; 013omCln<t10l>nool; 08M(3060!.l .:J0b(Jbn

3. RP= (0.60)(0.10) + (0.40)(0.06) = 8.4%
2 2 2
O"p = [(0.6) (1.0)(0.05) + 2(0.6)(0.4)(-0.35)(0.05)(0.04) + (0.4) 2(1.0)(0.04) )0.5
'bo8Moi ci~5oCl5(J~Clo GciCl()C>~(T) 0~0806&0 ci~5oCl5ci3G JM3ci61ocioocili (-0.35)(0.05)(0.04)
0 ci861ci 3 ~ 0 o()~o 0.6 (Q" 0.4 CJ 0 6M5o~'b 0 , 61M8~o!:Qci5cio 830 ~" C!?""5 0 ci61nCJ 0 o()~oci M61'.$Go61
- "JO(QC>O, M61o ci61oli no5 . .306130~0 (QC> OM~M 0~0806&oli013oli, JM61o~cioooli JMO<?:JOGoo5-
&ooo ci8 CJ 0 nM5o~o 3ci61ociooooli o~o8o5&oooli

O"p = (0.00082) 05 = 2.86%

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Part II of the text's web site, Wachowicz 's Web World,
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articles related to topics covered in this chapter.
131
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!:Q0 b0<'lolibo. !:Q(JOO@)MM(Jc:;,1 !Q0301::'.'006ooooli CQ0 80<'10 0 o6b ()'13P1M !:QO@;i0c:;_i(JP10l:Q 0 063oboc:;_i03ai
0j@;io(JMMooli J01(J'130(3006@;ioli 0 06boc:;_i3oli !QMMl.i. 8,:,608!QO !5306 Clo3060<'lfi(J60001 c:;_ioJ30-
l:Q(JMM00 'l:Jo 0Mc:;,1M !Q0UJ3060l.i.
3.:i~oh li.:i.:idGoM J.:i..'3o@;i0~01.:i6 Q?<'.18MJO!:Q:J6()~0ooh JMD'130G01J6&0. 08oli013oli, MM8 O(J'130U!:QOli
f50t'lf101000, <'1018oc:;,iCloG JM8.30600 liolib(Jc:;_iMoli '(J()c:;_ili, fl306 Clo 0 3od~o0 0 0801308o601ai <'108(!w-
145
 3
:PC'Cnl> J"'D'?lnGonG&oon -
Debt ratios - JMtJ<(J0(30tJ6-
i§oaoo, t'lMatJC'COG .>G.>b-
"3ti6 JMa:Jo>6ooG 3"~aooG
b.>t'l'.l(.'ba !Qo>'?Jo6.>6GaooG
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146
608 0 0 .:i6Gb 3 .:i 30 o()~n 3 0~0G JM:J'1Jneoo600. 6.:il>ol>boon !.!?" G.:>J(J01ot'1o G.:iCl(J.:i~oooool> JMO'Bn-
8oo66o 801'16030(!/ 308M006301'10Cloo0 JM8.3.:i6nnl> 801~0060 G.:il>ol>bM G.:iCl()o~oooool> 00l:JP'1'B001
(8001 ClMt'lnl> 808!.!?nfot'lo 30~!.!?00(J~Oooonl>) 8nl> l>.:iodGnM JC>.306.:i~'bo:
801~0060 30~0
GeiodGnM J.:>.3060~0
JM8.306nnl>013nl> "Aldine Manufacturing" 20X2 b~nl> OM~MU ol> JMO'BOGno66n nd6oo.:i
$1,454,000 = 0.81
$1,796,000
JMO'BOGno66n 030()06000, MM8 JMOU?06MMOOO nd~o3006 (!/0C[Jn6.:i6l>oonl> 81 Go66l>
"DGOM6ol'1oonl> 8001'1 (!/0006{!/:JO(J~ 01001M0()~ (!/M~ot'l'bo. JMOU?06MM:JOOU013nl>
R 30 ()~oot'ln 3 8M8 00 on.:i6o.:i, MM8 01.> 8.:iR 30 5 0 o 0 ~n .:i(i) Ol:JMl> 80~0~0. 1'10 8 (J'BMM !.!?000~00 n0n,
8001 (J'BMM (!/O(!/ 6.:ion~G .:io06U?ooo6 odGnM6ot'loon (!/Ci 8001 80600 JM:JCJ?06MMOonl> CJ?"G3nl>
CJ?M6:J JM8.306nnl> .:id6n3oonl> ~nt'loo()~Oonl> U?"G:J8nl> .:i6 .3nMU?o.3n(iio 'b.:i(ii.:i~nl> Clo801b3030Cln.
o~od6M(J~O 0.301'1.:>6(JMOU n6(!/(JU6Mnnl> 6.:il>ol>boon (!?0 U0J(J010MO G0Cl(J0~oooonl> JM:JC[30(30-
o66nl> G.:iCl(JC>~M 8oCJ?nC>6(JMO .:>MOU 0.80, 08330MC>CJ?, ol> JM8.3.:i6n.:i C>MOU n6CJ?(JU6Mnnl> 6n.3(JMO
b.:>M8M80CJ?0D6o~n, 06() C>MOU 'boCJ? b.:i'b'bo (.:i(ii .:it'lnl> 00(!?.:>bMo). G030MC>(J(!/M(!?, 08 JM8.3.:i6n.:il> OM
od6oo.:i UOM01(J~:JOOO JMOCJ?06MM0001o6 .'.J'.:iMon l>ol>bnl> JMOCf30G0066nl> 308M.
JMO'Bnono66nl> 308Ml:J06oonl> 8n'b6nl> 8nboCJ?3001, .3(iio30~00n(iioo()~n .:idonoon 'bM0Ji;OM
306nbn~oo0 MM3MMG 3.:i~CJ?OO(J~Do.:i (30~0) !.!?" .:it'l.:i l>oJ(J01.:>Mn J.:i.306.:i~nl> 0~080660 . .3(iio3-
n~o0nl'1oo(J~n .:idonoon .3o(ii30~ Mo3Cln 00(ii8MoCJ?00606 30(!/ol>.:ibCJ?O~ 3.:i~CJ?OO(J~Do.:il>
(JOMo~M eidonoonl> 8'B~MO:J~oo0106 CloCJ?.:il'100001. Clo!.!?:J0C>CJ?, ol> G0Cl()0~000G 330d~o3l> nl>n6n
R.:i3013o~M01 30~!.!?00';'J~Oonl> 801~006 0106b0Cln JM8.3.:i6nnl> 06.:i~n'bnl> (!/MMl>. 6.:il>ol>boon CJ?Ci
U0J(J010MO J.:>.300.:i~nl> JMO'BOGno6&nG CJ?08MJOU?OO(J~000 Clond~oo.:i 8oMl:JOMOCJ?OU on'b6ol>nl>
b.:il>n001nl> CJ?" 'B(J~.:>CJ?n 6.:iJoCJ?oonl> 8MdMoMonl> G3"~n~oonl> 8nboCJ?3n01. o~od61'1Mo6o(ii3nnl>
800M8M:JOO~ JM8.3.:i6n.:il>, 010301.>n l>6oOO~(JMO C[3()~0CJ?O 6.:>JC>{!/00001, l>.:iol'101M Clo801b3030Cln
Clond~oo.:i JdM6CJ?ol> .:i8 JM:J'BOG006&nl> ';'J'BMM 80~0~0 860Cl36o~MO.:>, 3nCJ?MO
806d060018Clo6oo~Monl> JM8.3.:i6n.:il>, MM8~nl> Cf3(J~C>CJ? 6.:iJoCJ?ool> .:id301 ';'J'BMM 1.>0.:ion~(Jt'ln
b.:il.>00010. 8MG08';'J~n JM8.3.:i6noonl> 6.:il>ol>boon CJ?Ci G.:iJ(J01oMn G.:iCl';'J.:i~oooonl> JMO'Bnono66oonl>
CJ?.:>8MJOCJ?Oo';'J~Donl> CloCJ?.:i1'1 0o.:i .:i6o~C"l 0 n()Mn JM8.3.:i6n 0onl> 80R 3 0600~000106 fl.:i(Y)8MU?006.:il>
03 0d~o3l> JM8.306nnl> JMOU?n6()60(iio06Mo0'bo Cl?" 'Bn606l>()Mn Mnl>Jnl> CJ?cYl6o'bo.
3.:i~nl> 8m~oo6 0d~o3oom06 ~o8MJO!JWO(J~Oool> JM:J<(30(3006~o. 3"~CJ?OO';'J~Oonl> CJ?Ci
801~0060 od6n3oonl> CJ?08MJOCJ?:JO(J~OOOU JMOCf30G0066n 306nl>.:i'b~31'1000 JM8.306nnl>
801~0060 3.:i~oonb 00l:JM'B001 8nU 8m~no6 od6n3oo'bo:
801~0060 30~0
"Aldine" JM8.306onl>m3nl> 20X2 o~ol> OM~MU ol> JMO'Boono6&n nd6oo.:i
$1,454,000 = 0.45
$3,250,000
08 JMO'Boono6&l> 0d3l> 03030 8n'b.:i6n, M.:>G 3.:i~nl> (!/Ci bC>J(J01C>Mn J.:>.30&.:i~nl> CJ?08MJOCJ?O-
O(J~oool> JMO'Boono6&G. o0 o 0.:i8Ml:JM'Bl> JM8.306nnl> .:id6n3oonl> 08 6.:ioo~G, 1'1M8~oono
'Bnfo6l>CJ?no.:i 30~001. 08 3om01'1000Cln, JM8.3.:i6nnl> "Aldine Manufacturing" .:id&n3oon 'Bn606G-
C!W00 45%-0060 30~001 (Gb30CJ?.:il>b30 G.:ibnl> ), CJ?Ci6.:i(Y)Ro6n 55%-ol> (J'bM(J63o~l:JM'Bo bCJ?oo.:i
G.:>J(JOlC>Mo J.:>.30&0~001. 010MMO(J~"Cl?• 01() 'BoM8.:i ~nJ3nCJ?OM:JO()~n0 .:ib~.:i, 8.:ian6 8nl>n
0d&n3oon (iio.:i~n'boo()~o ()6CJ?" Ol:JMG .:it'l.:i6.:iJ~Do 45 006&00? 0d&o3000G 1 CJ?M~ei(ii'bo, JMOU?-
n&MMoo8.:i MC"l8 ,:,(ii 306000CJ?M6 CJ?"foJ.:>M30. ol> JOCJ?D3 OM01bo~ 0~60Cl603G 08 'B.:id&l>, MM8 MC>G
80&00 U0J(J010MO J0.3n&ei~nl> bn~n, 8001 80&00 JMOCJ?06MM:JOOU n6&ol'1ol>oonl> CJ?"G30U CJ?M6o.
8MJ~:JCJ?, M.:>G 80~0~00 30~01.>0 CJ?Ci 801~0060 0d6n3oonl> CJ?.:>8cYlJOU?:JO';'J~Oonl> JMO'Bnono6&n,
8001 80~0~00 Cf30606G(Jt'ln t'lnl>Jn; M.:>G 0?000~00 JMO'Bnono6&o, 8001 6.:iJ~ooo.:i 'Bo6.:i6l>()Mn
MOU JO.
0"MCJ?0 0060 MMO 3.:i~ol> JMO'Boooo6&nl>o Clol>.:id~M0 308C"l3n::Jo6M01 Clo8CJ?o0n JM:JC[30G006-
&oon, t'1M8~ 0 ono 0b0Gn001 0ol> 8bM~MCJ? JM8.3.:i6nnl> 3t'ldo~30<Q006 3"~CJ?OO(J~Do.:il>:

JMQ<(JOGOQ6@)n, fi\rri8-
~3CnG .:>J03llnr'iooG
JM8~06nnb <(J0606b(JM
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(l,0(!10b(Q08(Q::J (l,O::JM<(JO~O
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bor'i:;<;'l>3. 8ob "l.>033
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6.
061doC0'..'3"1Qo.:i6o 3"CO'..'o ooca.:i611Qo<'>(JCO'..' 8mCO'..'o.:i6 J.:>.308"CO'..'IQ"o.:i61Qoo.:i'bo (long-term-debt-to-total-cap-
italization ratio):
8mCO'..'o.:i6 J.:>.3o8.:>C0'..'1Q"0<>61QOO.:>
b.:>IQ"G 8mCO'..'o.:i6o J.:>.308"C0'..'1Q"o.:i61Qoo.:i .:i61ob tl30CO'..'" 0 61doC0'..'3"1Qo.:i6o Gobbo IQ" b.:i.:ij(3of'1 J.:>.3o-
8"CO'..'ob '.!(;"So. JM8.306oobm3ob "Aldine Manufacturing" of'1CO'..'f'1 5CO'..'ob 061doC0'..'3"1Qo.:i6o Gobbo
8mCO'..'o.:i6 J.:>.308"C0'..'1Q"o.:i61Qoo.:i'bo JM0'8oGoo6@>o .:i61ob
$631,000 = 0.26
$2,427,000
ob 8.:iR306000CO'..'o .:ib.:ib.:i3b 0 61doC0'..'3"1Qo.:i6o bobbob 8600360CO'..'f'1oob oob.:io.:i8obMo.:ib Jf08.3.:i6oob
J.:>.30@>.:iCO'..'ob b861(JJ@J(J61.:ibm.:i6 (0 61doC0'..'3"1Qo.:i6o IQ.:icaofo6boo.:i). JOl!W3 o61mboCO'..' .:ic:;36006Mm,
61f08 ob Jf'10'{30(3006@>o .:i61ob 061Q()U@>61oob b.:i'b'bo, U<>d(J.)CO'..'f') 801Qo.:>6()61ob 0.24 Jf0o-
'{30(30068m.:>6 . .:ibCO'..'.:ib.:i6b 0.:i8f'1m 3CO'..'oCO'..'o bobbob Jf'10'8oGoo68ooo IQ"'8(Jd6oo(JCO'..'o" O(JC::"C0'..'-
8o61o.:i 'b0, b.:io.:iCO'..'.:i6bf'1 c:;o61o<'>(JCO'..'O<'>"'bo, 8.:iR 30 6o<'>CO'..'o<'>'bo; 'bf'1 0 '.l(;o61 boCO'..'b<>t161oCO'..'o<> .:ia
Jf'1ocao 8 o060ooob 0.:i8f'1m 3CO'..'" b.:io.:i 'b61f0 c:;o<llo<'>()CO'..'O<'>ooob 0 .:i8MtJ06ooom. 8f'1JCO'..'OIQ, bobbob
JMO'{lOGoo68ooo o30(Jo6oo.:i J6101Qo@>M<llooob IQ" 8'{3CO'..'f'100CO'..'Ooob 800<11 fi.:>IQOO(JCO'..'O J.:>.30@>.:iCO'..'ob
.3<l'if'1.3f'1<11 8 oob -a 0u.:ib 0o.
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.:ij@>o()61Moob IQ" 8M8 00 oo.:i6Moob Jf'1ocaoGoo60o<'>'bo - 61f'18CO'..'o<'>oG .:ic:;o<'>(JCO'..'o" 008f0b.:i3CO'..'ob
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IQ" Standard & Poor's, ca061mf'11Q ot10602>06 .:i8 Jf'10'{30(30068o2>b. 1Q.:>ca.:i613ob Jf'10'{30(30068o<'>o1Q.:i6
o<l'imo tl 30CO'..'" 'bo @>61.:ilQoGo(JCO'..'o .:i61ob b.:iP1 0 ooCO'..'ob C!?"'B"fi\3ob Jfl1::J'BoGoa68o .:i6 fi1.:i81Qo6~ofi1
0 .:i8M308()Cl.:i3om JMO~o@>ob b.:>M'.l(;O. ob Jf'10'{30(30:J6@>o 8.:i<l1@>03.:>1Q .:i61ob .:i6 0 .:ifi1oo 0 ooob
0 .:i6b.:>J(JCJJM:JO(JCO'..'O .3061of'11Qobm3ob 8M 0:JO.:> JM:J1Qo8ob b.:ifil~ob.:i IQ" 8M 0:J6ob 0 .:ilQ.:ib.:ib.:ilQob
0 .:i~.:>b1Q.:>81Q:J 0.:>l:Jf'1'(30CO'..'O J61:JIQO@>ob b.:ifi1'.l(;'b0 61.:>(3 .:ifilob,
8M 0 :J6.:i J61:JIQO@Job b.:ifi1'.l(;.:i8~:J IQ" 0 .:i~.:ib.:ib.:ilQooob 0.:i1Q.:>b1Q.:>81Q:J (EBIT)
J61o~o@>ob b.:ifil~o
JM8.3.:i6oobm3ob "Aldine Manufactruing" 20X2 caobJ"CO'..'(JMO OCO'..'obm3ob ob Jf'1:J'(30(30:J6@>o oj6oo.:i
$400, 000 = 4.71
$85,000
:JU JM:J'{l0(30:J6@>o 8o(Jmomoob JM8.3.:i6oob d::JU.:>dCO'..':J0CO'..'f'10.:> 'b::J 0 .:i~.:iob.:i~Mb 8obo bobbob
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Gofilm(JCO'..'ol> 0.:ifiloCl:J. 080 odC0'..'03" .:iG030 o6caf'1fi18.:iGo.:iG Jf'18.3.:i6ooG Clol>.:idCO'..'o2>CO'..'f'12>.:i'bo .:ioc::(T)l>
.:ib.:iCO'..'o Gol>bo . .:ij3l> fi1.:i o6~(Jl>@Jfi1o.:il> l>.:io(J.:>CO'..'f'1 801Qo.:>6()fi10 4.0, Jf'18::J.:i6oob 5CO'..'o()Mo 4.71
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147

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JM8.306oolim3oli "Aldine Manufacturing" 0j6n(JMM60G JM::J<(30(30(J68::iooG 808M0680Mo-
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808Mnti::i6000 08 Clo8MG03~0G/00~06GoG 0680/Y\oCloG JM::J'Booo::i6&nom06. MM8MM(3 fi3::i6 806-
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'(30(30066o od~o30 JM8.30600G a:;i::ion8MM(J~O a:;>030~006n6060G b0MnGboG .3MM86M'bo/Y\o6oG
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80tina:;i3oo'bn: a?n3o6MM(J~o a:;i0 3 0~006no::iooG 6('Y)(J6 3oG JMO'Booo::i66n =
b~O(JMO JMOa:;>n8om 801JOl3;>3000
(6.7)
a:;io<'>o8MM(J~o !:!?0 3 0~006oon60
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OIJM JMO!:!?o&om 801JOi:Q306o, ::iG JM::JC(30Gon68o oj6::io0
$3,992,000 = 5.89
$678,000
al> JM0<(30(30(J66o 83ofi3n600G o~oG 806803~M60Clo i:Q()On8MM(J~O a:;i030~0060006oli
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0M(J630 806bMMGoo~a:;i0 5.89-1(;(JM 20X2 on~G.
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OM(J630 CQC::;J;JOOo (receivable turnover in days RTD) 06 8<>CQ<>bCQnU .3;JMOfYl(QOU U<>O(J0~(Y)
808306000~0.
CQ;J000fYlM(J~O 8(Y)01b(Y)36oli 08fYJc:;oo0 CQC::;J;JOOO (RTD) 06 8"CQ<>bCQOU dOMOfYl!:QOO U<>O()<J~(Y)
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8(Y)01bM36oli OM(J03<> .)MOU 5.89, 8"!.Q"bCQOU .3o(i)o(Y)CQOU U<>O(J<J~(Y) 808306000~0 M"iou

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8"CQ<>bCQoli (.QM{YJ(Jc:;>{Y)Ooli Cloli0boo f\306 oo 03odc:;io0 008{YJ3otio6{Y)m 00030 .3P1o6eo.3o, (Y)0li0e
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(6.10)

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(6.11)
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$3,250,000
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8f'18 00 0005f'100G 0 080CQ 30 00106 CQ08f'1JOCQOO(Je:;ioo000 CQ0 8f'18 00 0006Mo0li o5 30 u00 8 0000106
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$1,312,000 = 32.9%
$3,992,000
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20Xl 20X2 20X2

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$201, 000 = 5.04%

$3,992,000
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156
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00cY\8C'1oooli b0P1~ooo 8<>i:foQ?3000106 Q?<>J03oocY\00001 o'bMC!(OO<>. 0lio01 008mb303.:ili ooode'.?oo.:i
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$201,000 = 6.18%
$3,250,000
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eleqtronics" c»c:;»6bn (llc:;nl; 61!(Q!QO '(}<)c:,>O $ 2,507 $ 11,310 $ 19,648 J.O 3.8 5.1
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JM8.'J06oob ''RB. Harvey 20XO 20XI 20X2 20XO 20Xl 20X2

elcqtronics" lla8Ml>03c:;ol> fi8nO!Q0 o>LJO!Q3()60 $323,780 $375,088 $479,077 100.0 100.0 100.0
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Electronics" ooc;:>o6l>n (31
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3!1'id(Jc.:>3~ 30c;:>n 888 l,276 4,005 100.0 143.7 451.0
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JM8.3.'>60.'> - Acme Plumbing - tJOIQOU U.'>68od6oJ(JM "'~ff(JM30~MO.'>U 8-"IQ-'>blQOU .3ol'i1Moom
,,2/10, 608(') 30." 8ouo '806.'>6U(JMO .'>6C,.'>MOd:JOO OM~MU U.'>80 o~ou o-'>68.'>3~MO.'>dO .'>MOU
d:J81Q:JoO:

20XI 20X2 20X3

6>c;C!?o iavc::o $ 30,000 $ 20,000 $ 5,000
C!?QOn8fTlM<JC::O 8rombro36300 200,000 260,000 290,000
8>61>3000 400,000 480,000 600,000
&ao6C!?> iandl>nt'i3ovc::n >d803360 800,000 800,000 800,000
$1,430,000 $1,560,000 $1,695,000
Jl'iaC!?n8"'1'ivc::o 3,c::C!?aovc::aoaon $ 230,000 $ 300,000 $ 380,000
36idac::;pC!?n>60 3>c::ou 8n8C!?n6>1'ia 6>&oc::n 200,000 210,000 225,000
8"'JC::03>C!?n>6o JM:JC!?08n 100,000 100,000 140,000
36id3c::3>C!?n>6n JM:JC!?n8n 300,000 300,000 300,000
R3:ivc::aol'io 3o >dGoaon 100,000 100,000 100,000
3>v6>&nc::303c::o 8"'330, 500,000 550,000 550,000
$1,430,000 $1,560,000 $1,695,000
3,80C!?3:JOO $4,000,000 $4,300,000 $3,800,000
t'i;pc::o'b3ovc::o t,,3, m3omc;ot'i3ovc::ao> 3,200,000 3,600,000 3,300,000
&8o6C!?> 8ro330, 300,000 200,000 100,000
--------·-----·------·
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a,t>i, 30 001.i ot>iv6 3, 9 J:Ol'i
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atl,3,·8al>8 J"':J'(l0(30:J68o I, I m>6
• C!?,3<Jd3,°' b()C::Ob>C!?do ,t'iou 360 C!?c;O C!?, lJ30C::,
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168
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11/:JOOl!l>Mt<'ieJ(!!'O 8MmbM36300
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--- 3t<ldac::3>11?M60 30(!!'11?30CJ(!!'QO:JOO
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---
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--- $100,000
lla6""o> CQO oc;lf'::lt<l3oc::"'oo o>CJ6060(!!'::JOQ(!!'O 8MC,QOO
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$ l>oojeo"' JOJo8oc::n $
---

J018.3.":>6o.':>G - Kedzie Kord - 001c::?01 G.':>80 bc::?oll 0.":>68"3c::?010.':>Clo .3d016CQ" <lo8CQ::JOo O.':>c::?.':>61.io CQ"
<lo8MG"3c::?OooG .":>6 0.":>l'i1o<l 0 oo.:i (.:im.:illoo<lo):

20XI 20X2 20X3

~'BCJ(!!'O $ 561 $ 387 $ 202
(Q~O 8MmbM36300 1,963 2,870 4,051
a~oaoo 2,031 2 613 ---11§1.
&aCQnfut'la >j8o330n $ 4,555 $ 5.870 $ 7,540
680~ qindl>nt<lo¢CJC::O oj8o330n 2,581 4.430 4,364
~Go od803o(>n $ 7,136 $10,300 $11,904
Jt<l~3~~3°a 00 $ 1,862 $ 2,944 $ 3,613
;:>,t<'idQ(!!'3~"6o 3.>qnl> &aCQ06ot<13 fu6oqo 301 516 587
l>o0"6JM U:JUbo 250 900 1,050
a~t<1330C!'ll?n~noo¢0 $ 2,413 $ 4,360 $ 5,250
3t<ldoq3~6nJt<l~ 500 1,000 950
~dG°"'J,;i~ 4,223 4940 5,704
a~Go3~o~n00 00 ~
~dG°"'J,;i 0 ~ $ 7.136 $10,300 $11,904
i?,OlJOCQ3o00 $11,863 $14,952 $16,349
t<la~'b~ U,jf'lGc::ol> m30~30C)c::n0c> 8,537 11,124 12,016
C,Ol)OCQ3()0ol>, doi'\omoCQO ~
~l.>8~~&obot<l:iwoo 2,276 2,471 2,793
Jt<l~l> bot<'i:J?.n (~oa"c::nl> :Jr.iroea68n) 73 188 _.12Q
8f'lc,o0o ~303t<lo8CQ3 $ 977 $ 1,169 $ 1,340
o~u,~oOO 390 452 _:ili.
68o~ &r.c,oOo $ 587 $ 717 $ 764

.3MMG060(Jc::?O (Q.':> o6CQOdll(JMO .':>6.':>c::?o'boll 0 .":>8011:106ooom <lo.:ica.:illom J018.30600G cao6.':>6ll(JMO

8CQ 0018.:ifi100100G Cl;?" .:id@Jo3010000.

l. ofi1mG0 CQC> 08030 o6CQ()ll0MO.':>d0 (lf'ld8oCQO Gb3.':>CQ.':>bb30 J018.3.":>6oob 8016.':>Go8000 .)Moll

d08CQ0()0 b.:ibob:

Jl'l8.3060.J

A B c D E F
001;10!!(3:)00 (8oc;,mM6:JoClo) $10 $20 $8 $5 $12 $17
a~ .:>d&o300o (8nc:;>OM63000) 8 10 6 2.5 4 8
080~ Cl:J8Mlio3~ (~630()0) 0.7 2 0.8 0.5 l.5 1

0.:.6b.:.'bc;:3l"1om 8mc::?o.:.6o .:.d@Jo3000G ofi1v63.":>, 68o6CQ" 801 0 ooob 8.:>MtJ.:> CQ.:> 801e,no0 b<>J(Jm<>l'i1
J<>.'3o@J.:>c::?'b:.J ROE mo0">01:.J(Jc::?O J01830600Gm3ob.
J0183.:i600G Cordillera Carson <>d3b Cl:.J8CQ:.JoO b0bnb o.:ic::?.:i6bo CQ<> <lo8Mi.>.':>3c::?DOob .:i6 0.:il'i1o<l 0000
20X2 fioc::?b (.:im.:ibno<lo):

169
 ~~ $ 400 68~ 8,i:JO~l>o (Jl'1~8nm) $12,680
11w~~ a"""bro36noo 1,300 tli~'b. l.>,d<'i~l.>m3~n0cJc::'.'.Jo, _1,2lQ_
a~onoo 2,100 1.>,~a"'on0, $ 3,750
aoalJ106.>t'in ,d8nanoo $3,800 8,i:JOC!<3n0nl.>, ~ 111,
Gao~, '1lodlinl'1n0cic::>o ,d8"3nbo 3,320 ~ao6ol.>8fuo"7Jc::'O 6&61J1, b.>l'i'.Ji::Jl>o 2,230
a°'c::'..ooo ,d,:iin3:J°'• $7,120 Jr'i~l> t,,M~I.> b.>l'i'.Ji:o _1§Q
a"'~~:J83~n $ 1,060
JM~~~ 3~n0clc::'a0n0n $ 320 a~,b.xQneo _l2Q
3MdDc:.:>3~,Go 3 ~1.>aoa~ 0 fu~ 260 Ga~a"'ono, $ 670
8"'Jc::>:J3~6o JM:J\J108n0n 1.100
aoa1J10fuMa 3 ~o~:JOooo $1,680
3MdDc:.:>3~6o JM:J~ 2,000
l.>.>JVO>~J,.3~
a~6o 3~:JO. ~ 1.>,JVO>~ JM~

O[j6o"CJ36i>: (i) 808(!?06~[) .'3[JMnM(!?Ob ~(YJfi\~0~(30.) ~b 480$; (ii) 20X2 b~b ~Mb 8i:>Mi:>&JOO OtJM 1800$.

i>8 o6'?J(Y)M8i>(300b bi>'?J(Jd3o~'l>o, 0 08(Y)oi:>6 00"10Clom (a) 808(!?060"10 J(Y)O'?J0(30068o, (b)

8l'.Ji>3"-80b8 J(Y)O'?J0(30068o, (c) CQ0008(Y)M(J~O 8(Y)mb(Y)36ob i:>8(Y)~Ooob bi>O(Ji>~(Y) dOMO(Y)(QO,
(d) 80"10 0oooG OM(J630G J(Y)0'?3oooo68o, (e) 30~0G bi>J(JO">i>Mo Ji>.'3080~'1>0 CQi>8(Y)-
JOCQOO(J~OooG J(Y)0'?30Goo680, (t) 0 "1do~3i>CQoi>6o 30~0 8m~o06 Ji>.'308"~CQi>Oi>6CQ000'1>0
(Qi>8(Y)JOCQOO(J~Ooob J(Y)O'?J0(30068o, (g) bi>OMO">(Y) 8(Y) 0ooob 8i>MtJi> 1 (h) 6'8o6(Qi> 8(Y)oooob
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20XI 20X2 20X3
80811106,1'13 J"':J'1J0(30:J68o 2.6
Bi:p3,-8nl>8ol.> J"':J'1loooa68o 2.1 1.0 0.6
3,c::>ol.> 111, Bmc::>o,6 ,d803no'b3
111,8MJOl11:JO()c::>:JO, 23% 33% 47%
a,111,33001.> 01"()63, 8.7X 5.4X 3.5X
1113008MM()c::>O 8MmbM36ol.>
,aM(!!:JOOU [,,(l(),c::'"' .3ol'ioM1110 33 111t!!:J 36111(!!.'.J 49111t!!:J
8mc::>o,6o ,d8033ool.> OM()63, 3.2X 2.6X l.9X
6806111, 8M 0:Jool.> 8,Ml'.), 3.8% 2.5% 1.4%
8M 0:Jo, 063ol>80(3M'b:J (ROI) 12.1% 6.5% 2.8%
8M 0:Jo, l.>,J()m,l'i J,.308,c::>'bo (ROE) 15.7% 9.7% 5.4%

0. "108(Y)8 800"1CQ000 8(Y)ooo0 0630G80000'1>0?

Oi:J(Y) O">(J i>Mi> 3"~CQOO(J~OOOb 'l>MCQi> 808(!?060"10 3"~(!?00(.J~OOOb 'l>MCQOb 06
0 "1do~3"t!10060 3"~\'.QOO(J~OooG '1>"1CQob Clot!?ooo? 0blio6om.
J(Y)Md(Y)Mi:>(30i>'l>o "Vanier" 0"1Goo(Y)ob Clo8C!?ooo Li0boG 06'?3(Y)"180000:

~ '1l~~~l>:JJ3o3"c::'a68nl>n $500 Jl'i~~ 3 ~nOcic::>:JOnbo $ 400

1110~ aMmbro36neo ? 1.>.>Q,6JM Jl'in~ ?
B~onl>n __? 8t11dDc:.:>3,~6o 3~ 800111oful'1n fu6~ _1QQ.
aoa~n ,d8°3n00 ? aoa1J10fuMn 3~D0()c::>:JOD 00 ?
31'idDc:.:>3~6o Jl'i~ 2,650
o~ '1JOdlinl'in0ci~ ,d8n3nbo R3D()c::':JOl'io3 o,doonbo~ 0~fu60c::>:JO~B"'aa0, 3,750
a~Go ,d8oanoo 8~603~~nOnOn ~ l.>.>J()°"""" JM~ ?

JM:JIJ10800J o,~OIJ1an00
tli~'b~l.>.>~l.>m3~:JOclc::'nO, ?
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8,i:JOC!<3:Jl>ol.>~~fu(30()~~fub,1'1~ ?
Jl'i~ol.>l.>.>Mon~l.>b,l'i'.Ji:o 400
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BM~~083~D
3~1.>.>b.xQnoo (44%-ol.> a,foJ3nmoml --1.
68o~8M~
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170
 aoaJ310&><"'>o J"'o'Boeoo60o 3 to 1
08"'<"'>@io'keo0 $500
tJ8o~ 8"'330ol.i &f>t;0 7%
~60 3~30~0000ofli-">de001 J"'3o@Joe:cro6 I to 1
awoo@l~c::"' 8Mmb<.->3600o1.i "~oool.i.33~ 45~0
a"""'aoool> Olii()63oli J"'::mneoo6@1o 3 to 1

Q:?03';'.)Cl3001, MM8 00::JOQ:?3Doo (Q0 b0M8Moo0 0MoG 0106000Mo DD~Ob..'l(QOO 360 Q:?c-.;oG
006803~Mo0Clo, Clo03Go01 00~06Go Q:?..'l C!o8MG03~0G 0600M0Cl0000.
JM8:30600G 0d3G 801~0060 5~ovMo 00::ioe!?3Doo (::i30~0 JMDQ:?oeo01) 400,000$ Q:?0 G0aM01M
8M0aooG 80Mt:J..'l 20%. 8oGo 808Q:?o60Ma 0deo3aoo 0MoG 80,000$; 808Q:?o60M[J 30~C!?aov~a­
oaoo JO 60,000$; 80M00[)00 30,000$ (Q..'l 601:'_;(Q0 '13';'.)~0 10,000$.
0. MM 0 MMo v6C!?0 o8MG 80M0 8 aoo, 01-v 8a6o~8a6eG GvMG 80M0 8 aooG oMv6 30 o8MG 4?
M08(Q[J60(Q GbM0<(3..'l(Q (M08(Q[J6 (Ql:'_;[JOO) ';'.j6(Q..'l od6aG 08Ml:'_;[JO';'.j~O (Q[J000MM';'.j~O
8M01bM36aoo, 01-v 8a6a~8a60G GvMG G0ov0~M{Q 50,000$-oG 063aGeoM[JO..'l? (Q:?03vo3001
b::J~Ob0(QOO 0MoG 360 {QC'.;[))·
6. JM860600G "Stoney Mason" 00::iotQ3::JooG 8M(3';'.J~Mo..'l O::J0{Q()[J6G 6 8~6$, 5::i~o50Q:?oo
0deo3000G 801~0060 0M';'.)630G JM::J<(30(30::J60o 0MoG 6, 0806Q:?0 8M0ao0 ..'lMoG 120,000$.
M0 0MoG JM860600G 8('] 00 00 0deo3oo'b::i?
JM860600 006obo~03G 0b0~0 8MQ:?::J~oG G0J0GM 060M00vMoG (Q..'l8M600tJ::io0G 01030G
80c-.;0 'bo::ioClo. 8MG0~MQ:?60~00, MM8 ::iG 0c-.;ifvM3o~Mo0 00'bMQ:?oG 80M00000G JM6-
0MM~G, D'l3od0006Mo0G, oa08 8 0M::ioG 0106080MM8~ 0 ooG a08 Q:?M8 8oG Q:?..'l 8 00v8~Mo::i­
GaoG !5060noM::JOG ..'ll:'_;M0(3b30G G0Ge::i8000. 0b0~0 0c-.;ifvM3o~MO..'l 00'bM(QOG
0630GeoG00G 0deo3aooo 20%-001 (Q0 8MG..'l~M(Q6::J~00 0806{!?0 8M0000G 8..'lMtJOG 'bM(Q0
2-C!?06 3%-8Q:?::J· 0 080C!? 30 ooo 83 ~o~ 0 o 0 oo 0M 0MoG 8MG0~MQ:?6o~o. M0 a'l3Ddeo ad6::io0
0b0~ 0c-.;ifvM3o~Mo0G JM::J<(30(30::J60'b::i. 8M()[)O..'l 0deo3000106?
JMMdMM0000G Queen Anne's Lace-G 00~06GoG 0Md::J~3..'ltQM6o JM::JQ:?O@.>oG 6000~0 ..'>Mou
oa8C!?::J8o G0boG:

9 j % nClf'l01QJ(JMO f'l0c::'OC,il(30QOO $2,500,000

12%% 8Qf'lM01:QO oClM01::JJ(JMO M0c::'OC,0(30QOO 1,500,000
10114% 3t'iio3oc::io0ofiioo()c::in .:idGnooo 1,000,000
1
14 12% 3::Jdl>nc::iooo l,000,000
$6,000,000

01() JM860600G G0ov0~n 8n 00 00 G0M 80 o~oG 6Mn 8 ::i6eaooG Q:?..'l 00Q:?0G0b0Q:?o<'>oG 80Q:?0b-
Q:?..'l8Q:?::J ..'lMoG 1.5 8o~on6o $ Q:?..'l 830~..'l JM[J{Q00o ..'lMoG 0 Md::J~3..'l(QO..'l6o, M..'l od6::io0
Q:?..'>'130M30G JM::J'IJ0(30::J6@.>o?
JM860600G "Tic-Tac Homes" 0d3G d::J8Q:?[J80 G0boG 00~06Go OM~M M01bo o~oG 006-
803~MO..'JOO (001000000):

20XI 20X2 20X3 20X4

6~'(l(Jc:'0 $ 214 $ 93 $ 42 $ 38
13?0°"0~ 8(')0)~6000 1,213 1,569 l,846 2,562
8ofu300o 2,102 2,893 3,678 4,261
naoGll?" 'B"dlio<"'>oo";Jc:?O 0d@lo3o00 2.219 2,346 ~ 2,692
~rofu 0;!003300 $5,748 $6,90! $7 954 $9,553
JMOJ3100"'~ 3~;JO';Jc:>Ooooo $1,131 $1,578 $1,848 $2,968
2>"Ga0';Jc::"' 33jGoc:>o0° 500 650 750 750
3Md:Jc:>3"!3?""6o 3~l> Bo8J3?ofo<"'>o fobni::;n 656 861 1,289 1,743
(l,MdJ!'.;'30J3?0"6o 3~D<'>";Jc:>J°" 500 800 800 800
fi3J';Jc:?0°1"in3o "JG°" 200 200 200 200
o""1fotinc:ooJc:>o a"'&i°" 2,761 2,812 3,067 3,092
a"'c::"'"5n 3~00(Jc:>n°o 00 ll?"
\,,:,.)Q(jOM J0do@J"c:'o $9,553

171
 0 08MOl:J:J6::im o6Q?:Jjli(JMO 060c:::io'bo, tl10 0tl1oli JM8.306ooli 'Bo606li(JMO 8CQ 0M80tl1:JMOoli
dotl1om0CQO dMMOc:::>:J8:JOO?
008-oli M:JGd(J0c:::ioJoli J~Mtl10oooli 0.:>~600, CQ:JJ:J80:JMn 20X3 .

~'a~ $ J,000,000 3"G~30JG~abo $ 4,000,000

ll!0°"8""""'1~~36obo 5,000,000 Jfli~3.>c::'ll!O~a0a0o 2,000,000
a~oabo 7,000,000 3"<JGa8~ b~"t;a0o ll1" o"ll!"~aOo 2,000,000
6&~ 'l'J"dlxiM~ "~30°" 17,000,000 aMdoc::>a~~ 12,000,000
.36io3nc:;>nonl'iab<J~"dGoobo 4,000,000
~:#inan"dGnaOo 2,000,000
a"<Jfullnc:;>oon~®~ 4,ooo,ooo
8mc:;>oo6n 3.>c::'ll!O~aOooo ll1"
$30,000,000 t;.,,.,,JGOM J"3n8~ $30,000,000

.,,(JCl-oli <'ioli:l<J~Joli Jro<iiJ°"""(.lOOli C!o8roU.,,3~li ll!" o"<J~oo~ 8rooaboli "63""'°C!o.

20X2 o~Li ~t. 31 ll!oJaao<'inl> 8ll!aro8""'orobom.

llao~ 3"8"!.l13Dbo
JMDll1"8nm $16,000,000
~'bo 4,000,000
~ $20,000,000
~'.l':Oll!"ll!"~~
"'o"~'bo~u.,,~1.icn3~~D°" $12,000,000
3"8"!.l13aOol>,~ll!"~n6nLiyi.>G~ll!"fuM'.l':Dbo 2,200,000
"8M<'i8o~OO" 1,400,000
Jfli~ ~onOc:.-oli .3<'iMGo68n 1,200,000 $16,800,000
8"'~~033~0 $ 3,200,000
a"ll!"u.,,~abo Clo8"'u.,,3"c::''bo 1,200,000
680~ 8m0 a°" $ 2,000,000
3"8MJc::>ab<J~: ll!030ll!O~obo 3<'in3nc:;>o3riM~ "JG0oo'bo 240,000
68~ C!a8roU.,,3~ R3D<Jc::>DOMn30 "JGODOnU 8C(J~ac::>nbolim30li $ 1,760,000
ll!"a"8a~: a"<Jfu0nc:;>()Oo~ arooaoo l/l/X3 2,600,000
'.1':"80 $ 4,360,000
3"8"'Jc::>DO<J~: R3D<Jc::>a0Mn3 "dG0oo'b3 3"ll1"~ ll!030ll!D~D0° 360,000
ll1"8"'"'3oc:;>o 3"(Jfu6nc:;>nODc::>o8Monoo 12/31/X3 $ 4,000,000

INDUSTRY
Jf'lO'aOGoa6<!!JO 20XI 20X2 20X3 NORMS
1. 8ooll!Ofu<'io JMD'l'Joono68n 250% 200% 225%
2. a'll"3"-8Dl>8 J"'O'l'Joooo68o 100% 90% 110%
3. ll!D~ 8MmbM36nb OM<J6:J" 5.0X 4.5X 6.0X
4. 8""'"oaboli OM<J63.,, 4.0X 3.0X 4.0X
5. 3Mdoc::>3"!.l10"6n 3<X!..""/~"6n J.,,;io@J"c::'ll1"°"6ll1ooo 35% 40% 33%
6. u.,,~ 8rooabol> 8""""" 39% 41% 40%
7. 080~ a"'oaooli 8""""" 17% 15% 15%
s. aro00o.,,u.,,J<J="'J~'bo 15% 20% 20%
9. aro~ 0633l>8ooro'bo 15% 12% 12%
10. a~6n "d@Joaaooli OM<J63" 0.9X o.sx I.OX
11. ~3~Li :iM"'GDG@Joli ll1"'1'3""'30Li J"'.'.l'l'Jo00D68n 5.5X 4.5X 5.0X

o. Cl::i0qpli::im JM8.306ooli 8CQ 0 (T}80tl1::i(T}o0 obtl1oc:::iClo 0tl1li:JO(Jc:::'o 06'B(T}tl180oooli

0 08(T}tj:J6::ioom. fi08(T}m30c:::i::im m30c:::ili0fio6(T} li.3::ioo'BoJ(JMO J(T}:J'Booo::i68oli !Q(T}6::i::ioo CQ0
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Jf'l8.30600 01j3::i6 001030'bf'lo01 50,000 CQ0800::ioo01 0j(300Li 08 930Lioo.

808CQ060<"1::i Jf'l::J9J0(30:J60n = 800$/500$ = 1.60.

700$/500$= 1.40. 808CQ060<"1::i 0j003::ioo 8(30MCQ::J00 CQ0 0<"1 0<"1oli (33e:;ioe:;i::io0 808CQ060<"1::i
30e:;>CQ::JO(Je:;>::JO::J000.
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o'bMCQ::J00 0803::i lioCQOCQ001.
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O::J(33e:;'Oe:;>0.
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o'bMCQ::J00 0803::i linCQOCQ001.

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= (0.9)(1,000,000$) = 900,000$

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80M<>8:JOO - 8c.tfl.:>8:JOn
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$1,000,000
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100,000 $

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175
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articles related to topics covered in this chapter.
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cYl<>(Q3<>6 801~0.:.60 OtJ<IMMOOO tJM3D~013oli ~rrJ~o ()6CQ<> Otjf'lli 801~0.:.60 3<>8MtJ0606oli<>, 030
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DIRECTION
JM8:3v6ool> "'Aldine 0d~03Do0 20X2 20Xl G3~0~Do0 otl.:>t<'.f'l:Joo 00af'ltiD6Do.:>
Manufacturing" o.:>~v6Gn 6v~!.Jlo 'lJV~n !.ll" 8ol>o [JJ303>~068aon $178 $175 + $ 3
(>m>l>ao'iln) !.llaon8"'"'v~n ~"3"~n>6aonoo 678 740 $ 62
8v1'i<> 0aon l»o<>'bf'iM '(Jvl>nm .:>6
ai3oai~o1'inovc:;>Dooai 1,329 l,235 + 94
&n6vGlfo1'i 0 <>1lnv~o b>M:Ji::JOn 21 17 + 4
<>JV8v~DOvc:;>noofubb~ 0~vt,,b~~ · 35 ~ + 6
8n8!.Jln6.>1'i:J "d803000 $2,241 $2,196 NIA
'l3odl>n1'iaovc:;>o <>d<§n3000
U<>blJnGo ~OM:JOV~nooai 1,596 1,538 NIA
8"8"'J~nov~n: !.ll"8"'"'3Dov~n
v8M1'i8n'bv(30v _mm (791) NIA
&806!.Jl" 'l3odl>o1'i:iov~n <>d8n3noo $ 739 $747 8
0 1'idn~3"!.Jlo<>6o 063:il>8nonnon 65 + 65
Gb3<> 0 1'idnc::>3>!.Jln>6n <>d803:ion 205 _w
8mc-:>nv6n <>d<§n3:ion $3,250 . $3,148

3.)~!.11DoV~Do:JoO 1.11.) (;.).)d(30f'l J.).)0~0~0

~JM l>ol>bo0n!.ll"
a"!.Jl"L><>b!.JlDc::>O 3Ddl>nc::>n0n $448 $356 + 92
J1'i:J!.Jl08r:i1'ivc-:>n 3"c-:'!.Jl:JOVc:;>DOQOO 148 136 + 12
>Jvavc-:>of'iaovc-:>o 8"!.Jl"G.:.b<>!.Jlnoo 36 127 91
Gb3v !.Jl1> 01'iM3nc-:>n 3"c-:'!.Jl:JOVc:;>DOQOo _ill 164 + 27
808!.Jlnfof'ia 3"c::'!.JlDOVc-:>:JO(JOO $ 823 $ 783 NIA
01'idnc-:>3"!.Jl°"6o 3"c-:'!.Jl:JOVc::>Do" 631 627 + 4
l>»don"' J<>:ln8>c-:>n
fl3n-vc::>no1'io30 <>dGnv, $ l 6r<J8n6>c-:>nm 421 421
!.Jl"8~ 0 ~6~()0Vc:;>nJo.3n~ 361 361
8"V6vbo~(JO:Jc-:>n 8M0:JOv 1,014 ~ + 58
G-v~ l>Mj(3nM Jv:ln8>c:;>o $1,796 $1,738 NIA
l>vc::> 3"c-:'!.Jl:JOV~Donoo !.Jl"
.l><><>donM J<>3o8<>c-:>n $3,250 $3,148 $263 $263

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'B"'6CQnonb 068ot<ln<l3nonb
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2XO 1 o~nb 31 8ot<l@)nCQo6
'bt<lCQo, liooo6J"' u0bbnon 92 bt<lCQo, Sn6oboot<l 3>b:.J(Jc:;>n bot<l'.JCaon 4
2X02 o~nli 31 8ot<l@>o8CQ.'l
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~. 6"c;tl.l!" iav~n !.!?" 8nuo ::JJ3n3~a68aoo _ _ 3
$263

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States of America, Lucille. (Laibility - 3.>~!Q::JO';'J~Do0, Asset - 0d@lo30,
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eb<">o~o 7.2 ';'.Jfl306oou JM8.306oou "Aldine Manufacturing" 'BP16!Q::JOOU 06306iooooou ,,u000'bM"
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80<">0anou <Q0 u0803o::i<">M<Q <lodleoMoo<Q.> fol!;<Q 'B(J~b.

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3.:.8f'liJo6noou 05 3.:.<'10030oom, <'1.:.8<Qo6o8::i a8 oM 0 <Q.:.'b(]G<§::io.:. 8f'l83Go8u a000<Q u0u0M 30 o~f'l
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181
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8ou.:i~oo1>!Q fl306 8.:iM8031>CQ 31>(Jd80001 0806tJ<1> G3C!'OC!'[)Oi>U 0.:i(J6i>OnC!'[]O[]C!' 8M 0 []o<>Clo !Qi> 8ou
JM8.3M6o68nou 3G3C!'om fl3 06u '(3M6!QDoou .:i60.:i(y)oCJClo - 0806!.'!?" aM 00 o.:iu, MM 0MMG '(3M6tJ<noou
OtJ<>MMu !Qi> 'B(JC!'i>!Q ti<o 3o!.'!?o6CQDou, MM()MMG 'BM6u:woou 01>8Mt1n6no.:iu.
Otji>Mf'l: f78o6f:Ri> 8f'l(3()01> $201
01>8f'lJC!'[JO(Jr:;'O: ?J'Jr:::'"fRO fROJOfR(J6fR(JOO 143
(0806CQ1>) 01:1.:iMf'l: 'bMQ?<>, 0 1>'J61>f7nc:::>aoac:::>n 8f'l 0 ao.:i $ 58

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8MdMi>MOi>'b[J.

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182
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196
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'h 00 03~ 0 60Li 0b!Qo61J oo8U?ooo '?30d&(Y)M 0oo: ( 1) ll?ooo&f'JM(J~o ll?030~ci06 0 oolJ 8060fe8o6@>o,
Mf'l8:J~OG o08MoiJ0boo0 8o1Jo 08f'Je;ooolJ U00(J0~(Y) d:JMOM(Q001i (2) 80M0o:JOOU 806::ife806@)0,
MM 0 f'lMG 8omo01oo(J~o0 80M0 0oooiJ OM(J6301J JMO'?J0Go::i6&001; (3) '?3odiJoM:JO(J~o 0d@>o3::iooiJ
806::ife806@>0, 308MoiJ0boo0 0e;if(JM3o~f'JOOU 800M8MOO~(J"1M0001 C!?,) (4) ~OJ30ll?(JMf'lOOU
8050fe8::i5&o, Mf'l 0 f'lMG 03 oll3 06001J 8f'J 00 00 ~oJ 3 0!Q(JM 0d&o 30 o'b 0 ll?0 80010 fio~o 0d@>o3 0ooiJ
801~006 0106b000. J0Mo0!Q o00:JOOU01301J, 11306 3()03[)001, Mf'l8 ~OJ30ll?(JMO 0d&o3000
a 0 60Mll(J6oo(J~o0 o 083 ~o~ ll?f'l600 o'b 0.3 ·

200
 o8o6CQC> 8Mc,oooli 8.:i1'1'i'.J" .:>MOU M.30MC>(30(J~O O'BOd0o.:>6Mooli li.:i'bM8o 830~" b.:>Mji;OU a:?"
008Mli.:>3~oli ()C>CQ.:>li.:ib.:>CQOU 8boCQ30~MOC>Oo 8o~ooob oo8a:?Oo· Ol(JBG" MM03o'bo, 801~0.:i60
.:ij003ooob ()C>tjilCQ3000J.:>6 CQ.:>BMJOCQ00()~06oli JMO'lj0(30060'bo !QC> o8o6CQ.:> 8M 0 ooob 8.:i1'1'i'.J.:> 'bo
'boc,.:i3~06.:ib .:>b!Qo6b c,.:iP'io o.:i'bP'iooo, obo6o (J8o0oboo~C>CQ .:ib.:ib.:i306 8o6oJ(;8o60ob OOCQC> O'Bo-
d0o.:>6Mo.:>li. 8M 00 ooli J".300.:i~Clo o 06.:i1'1f1()6oooli 0.:i6.:iJ3o010 a:?" 3"~a:?06(J~Oooli.:i a:?" J".30-
0.:i~ob !QC>8MJOCQQO(J~OOOb JMQ'lj0(30Q6&o (J6CQC> c,.:i6oli.:i 'br::3P1Mb CQ030CQ06!Qo6oli a:?"
JC>.300.:>~ob b0M(JJ8(JMOU OJOMMooli !QC> .31'1.:ij0oJob oob.:io.:i8ob.:>CQ· 8.:im'bo 860036o~M3.:i6
'bQo"3~Qfo(; .:>bCQQ606 0.:iP'io 'Bofo6li(JMO o.:i'bP'iooo. 83060 8o'b.:i6o C>M .:>Mob 8bM~MCQ 0.:i30 0 Mm,
Ol(J MM()MM 8"~00!Q00" obo6o, MC>CQ()C>b ob c,.:i6obo~oo.:i .:i8 l5no6ob bb3.:i 01.:i30600, C>M.:>8oCQ
b.:iiJ'oMMC> 0.:i30 0MOl 8,:,010 OQUC>0.:>8obMOC> b.:>M8MCQ()QbO~O 8MCQQ\:'.:!;Ob CQC>()0()83.:ioo .

S!Qc,(T)"!QO 'b(T)!QOU ()"6"J300'lfl (SGR) . .:i8 od3bo 03~C>CQOOl f1306 Cloc,3od~o" 0"63b"'br::3MMOl
BCQ()MC>CQO 'bMCQOb o"6"J3QO'JO (SOR). O(QO" .:>Mob oli, MM8 .:id0030600 'bMCQC> (CBM6CQo6ob
0.:i8M 80 60o.:i) 0M~o ()6CQ" o8Mb 3 .:i~CQOO(J~oo 0 ooo !Q" b""JGOM J".300.:i~Clo 'bP'iCQob (CBM6CQo-
6ob Otji>MM) . .:ij00306Clo 'bMCQil oaod~oo.:i c,.:i8Mob.:ibMli 6'iM()MM(3 L'.iS(A/S), ()iltJOCQ30000
83 ~o~ 0 o.:i 0 .:i8P1.:i 3 ~ 0 6(J~o 801~0.:i60 .:ij00 30 oob a:?" a.:itioa:? 3ooob CQi>8MJOCQOO(J~Q6ob JMO'Bo-
8006& 'bo. b.:i.:ij(JOM Ji>.30&.:i~Clo 'bMCQC> (CQil()MM30~0 8Mc,ooob 'bM(QOb c,'bom) .:>Mob b(NPIS)(So
+ LiS) .:i6 OQJ"3oooli ()i>bi>J3QOlO ()C>8P'i.:i3~06(J~O l58o6CQi> 8Mc,oooli a"M'i'.Ji>'bQ (Qi> c,.:i8M.:i3~QO(J~O
8m~o.:i6 ()iltJOCQ300'bo. bi>OM~MMCQ, 8m~o.:i6 3"~(QQO(J~00000 'bMCQil 8.:iP1&03.:>CQ .:it'0ob b.:i.:ij-
(30M Jildo0.:i~ob 'bM!Qil c,.:i8P'i.:i3~QO(J~O 8o'b61'16P'io30 3"~CQQO(J~QOOb !Qi> bi>i>J(30M Jild0-
0.:i~ob a:?"8MJomo6(J~Ooob JMO'Bo 8 oo6& 'b 0, .:i6 [b(NPIS)(S0 + LiS)]D!Eq . .:ia MMo 0 .:i60M~ooo01,
8306 30~0001
"a80306ou 'b6'i!Q" =p,.:i(J6"oo!!!'ooo!!!'o 8\'150001.> 'b(l')m" + 3"!!!'1l?oo(J!!!'Doob 'bP'icrp

l1S
SGR

oli .:>Mob 0 .:it10CQ3oooli 'bP'imob 8.:ijbo8.:i~(JMO 0.:i6.:iJ30010, Mil(3 .:ifi1ob ooli.:io.:i8olio 8o'b6M0Mo3
JMOCBOG006&0001.:i6. 8oor::oo3.:i 01() i>Mil 'bMCQOb ::ili c,.:i6i>J30010, Mil mj8.:i (Jb!:Qil, CQ08MJOCQQO';r
~o.:i .3MMCQ()J(300U 0i>M::J 60'bfi1oo'bo (Qi> JM8.3.:i6oob o.:i'bMoli bi>M8.:ie::io.:i'bo. 0 .:i6bi>J(JOlM::JO(J~o
'bMCQOb 0 .:ibi>J3::JOlO OQOd~oo.:i 'ljOb.:ibb(JMilCQ OtJMb 6,~tJM'ljOQM0 1 8.:i 0P'i.:i8 .3MM!Q(JJ(30C>'bQ
8M01bM36.:i o 0 od~::io.:i 8.:i61&03"CQ .:iM otJMb .:ij. CQi>Mo(3b(Jc::;o .:i8M6'i0o'b.:i(3o.:i, o.:i618MCQ()06o~o
'B::Jb3ob b.:ibom 'ljMM8(J~"Clo, li.:iJ8.:i1'1obo.:i Md::JM"Go()c::;o 0j003ooob ~o6l::io()~Ooob
006"Mfl(J6Qoob013ob. OM~M 8001001::io.:i !Qi>J.:i300MQO(J~°" dMM(3Qb0(Jc:::' 0.:i6.:iJ300101.:i6 .:ib.:i~
bobb'bo. O(J6CQM3.:i60 3.:>MC>(JCQO i>Mob ob, MM8 830C:::" .3MM(3060()~0 b.:>Mji;O c,.:i013.:i-
~olil506oo(J~Oil 8o'b6Mo61030 o8ob(Qi> 8M 0 Qoob 8i>MtJi>Oo.

l>06<Jnun 8M50o::iaaon tQ0 l>0llt1nbn 1;..,..,denM.J1>'5000~0 {13n~1w-,6a0Cln) $100

03 c::>0U?aon 8 0a"'e::i6::iovc::>n b1>ot1nbn 3<'>i!!;ll(:JO(ll!!;:JO" (l3n~oM6:;oCln) $ 80
8tQ3M0(!?0 'bMtQnl> 00foJ33mnl> 0060 G~nb o"!l""13iJOO (8oc:;;oM6:JOOn) $300
fl306::i?inGm3nG b an'b6MOMn3n 3Me,aonb O;JJ<'>3[)0nb c,060J3::imn 0.70
NPiS 3n'b6Moli1n3n 63n6m1> 30MtJ<'> 0.04
0.80
AlS 0.60

201
 e,<>68<>1Ti&no<>. CQ<'>3()Cl3<>01 JM8.3<i6o<iu <>d3G 7<i.1 (3bMOC!!.'00 <>U<>b(JC!!.'00 8M6<>Go8ooo. 8(.Q()M<'>CQO
'bMCQoG 8060J 3o010 008Mo.:.60 06)0CJ 000 a08C!?o 8600M<>CQ CQ<> a0C!? 8o6<> G&000C!!.'()Mo- 00(i)o8(T)o60G
G3C!!.'<'>CQ06001 60R306060 7<>. 1 (3bMoC!!.'Clo.

SGR = 0.70(0.04)(1.8) = 9.I 7%

0.60 - [0.70(0.04)(1.80)]
Clou<>dC!!.'M<'> 60R306060 OtJMU, MM8 U0btJOUO J<'>do&<>C!!.'O o'blTiCQ060 9.17 dMM(306&001 109.7
80C!!.'0M6081QO CQ<'> 3<'>C!!.'CQOO()C!!.'00<'> o'bMCQOO<'> 9.17 dMM(306&001 87.34 80C!!.'0M608CQ0, MM 0MM(3
830C!!.'<'>'?JOMO o'bMCQOO<'> u&060C!!.'(JMO bM60UbMM(T)6001. 01() MO<'>C!!.'(JMO 'bMCQOU 3060J30010 0M
0(i)ou 9.17%, olTi010 06 80&0 G3C!!.'<'>C!?o ()6CQ<> ClooG3<'>C!!.'Mu 06 (J6CQ<> 8MbCQoG R30()C!!.'Oo(i)o30
<>dGoooou 8<'>tJOCQ3<>, 06 OOUtJOCQ3<>.

70.2 0068l'lC!!.'{)O<>ao 81Tioob30C!!.'ou IQ<> 860Cl360C!!.'ou 3081Ti03C!!.'06om (S/A)-'bo CQ<> 1Ti08CQ06-

080 JOMMOOU 8<'>CQ060(33C!!.'{)OOOl, 3ocwom 08030 'ljMM8(JC!!.'OU 6'i081Qo6<>CQ80 308061&030-
0(JC!!.' 30ff'io068l> :
SGR = b(NP /Eq)
l - [b(NP /Eq)J
au '?JMffl8()C!!.'<'> b0 'bu '2}U308l> 08 '?J<>d&u, <')(T)8 - 8ol> tl3{)C!!.'<'>'bo 00'b()M OC!!.'0806&<>8(.QO
Clo8Go1Tioo()C!!.'O - JM8.306oou SGR 0<')ou !:!?<'>CQOOom<>IQ IQ<'>J<>3ao!'i'ioo'VC!!.'o 8ol> 8o'b6MolTio30
3<>'2}6000C!!.'000C!!.'o 8M0 aoou 0 06<>J3omm06 (b) !:!?<'> Bou U<><>dGoM J<>do8<>C!!.''bD 8o'b6Mo(i)o3
8M 0 {)0<>Um06 (NP/Eq).

8Mtl?Q~OMQC<> (33<'>~QC<'>t!?O qj<'>J~MMQCob t!?MMU

MM8 360bM01, ITi0 8MbO?oo<>, MMO?nu0 8 R30 6 8..,C!?.., 30?o 30!'i'i01 G&060C!!.''VITio a0? 8M80ITioM<'>o0?06
00ITiCQ0803<>C!!.' G3C!!.'0C!!.'aoooo!:!?06 oC!!.'0!:!?06 oC!!.'<>8CQo, ()6CQ<> 030 0Mm 8CQ 01Ti<>CQo 0 06300101Tio6ou
8MCQ:JC!!.'o ub30CQ0ub30 0 'bo01. '?J<>d&M0Mo3<>0?, 'bMCQ<> G00dGoM ooC!!.'ou U<>'?J'2Jd3:JC!!.''bo CQ<'>
8 080C!? 30 oCJo 'blTiCQ<> <>Mou CQ<>()O<>C!!.'06uoooC!!.'o CQMMou 80680 3C!!.'(T)o0Clo. (J'?JMM u.:i 08 o'?JOJ(JM<>O?,
R3o6 ()6CQ<> 8M3otJ3<>6M01 u<ibtJOU 8<'>tJOCQ30oClo S0 CQ<'> u<>OtJoGo 00C!!.'M6!'i'io30 J<>do&<>C!!.'o Eq0,
MM 0MM(3 G0doMJ30C!!.'o. !:!?080&00001, R3a6 0 08M3G0b0301 0?030CQ06C!?'2JM dMC!!.'o&oJ<>U CQ030CQ06-
C!?Doou 00GMC!!.'()8'V!'i'io uo!:!?oCQol> .3ol"'iMoo6Clo, MM8oC!!.'oG JM8.30600u u(JITiG 0 <>CQ<>ob<>O?MU
8<'>!:!?<>bCQoG JMO'?JoGoo6&oG G0.3o(i)oG.301TiMCQ. oMC!!.'Mu, R3a6 30dC!!.'03m R30()C!!.'Oo1Tio30 <>dGooG
8080C!? 3ou u0Cl(J<>C!!.'oo0u 8MG:Ja(JC!!.' oaC!!.'u, 01()8 8 0 au a0odC!!.'o6<> 0060G0'bc;3(i)(T)u MM 0MMG
6(JC!!.'0·
08 83 C!!.'0C!?noo01 8CQ 0 M<>CQo 'blTiO?ou 8 060J 3o010 8 08 00? 3aoClo Clo80?oo oC!!.'o6Clo, SGR ooC!!.'<>C!?
'?JMM80CJ0, b!:!?o60

(Eq 0 +New Eq -Div)(l+~)(~) [ ]

SGR ~ 1-[(~)(1 + ~n~il A Slo -I

(70.3)
[

U<'>O?<'>G 0b0C!!.'o Eq 01Tiou 0bC!!.'<'>!:!? 8M'bOCQ(JC!!.'O 00C!!.'MOM030 J<>.3o&<>C!!.'ou Go!:!?o!:!?O• Div 0ti'iou bC!!.'O(JMO
CQ0300?06U?o60G 00GMC!!.'()8(J!'i'io l>olQoC!?o IQ<> SIA 01Tiou 0 0tioC!?3o60G0 IQ<> 801C!!.'0060 <>d&o3oooli
CQ08MJOCQOO()C!!.':JOOl.i JMO'?JOGoo6&o. (JJ<>60GJ60C!!.'o 80(i)&o3<>1Q 0Mol.i 801C!!.'0060 <>d&o3000G
8 0t101Q3000106 IQ<>8MJOCQ:J6'VC!!.'Dooli Clou<>&tJ3olio JMO'?JoGoo6&o, MM8oC!!.'oG R3o6 806081Qo
308M3otJn6001. o6&()0(30(JM<'>CQ, 8Mo(3b30C!!.'o 70.3 306&MC!!.'OOOU .3o!'i'i3aC!!.' 01TiRboC!!.'Clo 001Ti8M<>1Q-
806G 3<>tJoCQ3ool>, MM8C!!.'oooG CloodC!!.'ao<> 00(i)8M0Cl30G 0(i)l>o6()C!!.'o J<>.3o&<>C!!.'ol> li<>'?J'2Jd30C!!.''bo
CQ<>8<>&a<'>()C!!.'o 6oooli8oo(i)o G3C!!.'OC!!.':JO<> 008Mo3o(JC!!.'O 0b0C!!.'o R30'VC!!.'06(i)o30 <>dGooG 3<>tJ01Q3001

202
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Li.:.ovc::ioooonm, o0a!:!?oo o0 o 8fii.:. 3c::iU?oo.:i 0 .:. 8o!:!? 3oonl.i 8mc::in.:.6 .:id&n 30 om.:.6 U?"8MJOCQO-
ovc::ioonl.i JM0<(30(30060'bo. 860036oc::io dnM3[lc::' <(3Mfiboc::ioo l'.3JMc::>n.:i ofiiml.i 0.:.8MJc::>OO(Jc::'O JM8-
:3.:.6ool.i CQ"0008oc::io 0.:.8M8(JO.:i3oonl.i onli.:idc::iooc::iMo.:i, (NP/S)(S/A), 0" 'bM!:QOc::'O 0.:.8MtJ06oovc::io
3"c::>U?oovc::ioonl.i :3fiiM:3MfiiGoom. MM!:Qoli.:.G 8fiio(3b3oc::in ntJMCB" 86oo 36oc::i'b 0, fi 3n6 3nc;oom
o"tJO!:Q3000l.i .:ib.:ic::i !:QM6oli, M.'.>(3 oondc::ioo.:i oj6oli 8oc;oovc::io. OMc::>M <(3Mfiboc::ioo fi306 oli .:ib.:ic::io
!:QM6 0 0.:. 38 .:. 3om Li.:.6 8ot.i 0.:. 8o!:!? 3oo'b 0, fiiM8 0.:.6 030 t.i.:i'bc; 3fii.:. 83 c::inc::ioo.:i 0.:. 80!:!? 3nooo,
fiiM8oc::in 8 8Mbi:Qoo.:i o0al:Qoo t>oc::ili.
oli MM8 3.:ifi306Mm, !:!?"3()03.:im, MM8 8o'b6MOM030 !:Q030!:Q06!:QO OtJM 3,93 8c::i6$ CQ" .:ifii OtJM
CQ"0D08oc::io .:ib.:ic::io .:idGnoonl.i o8nl.io.:i, l.ib3.:i G3c::'"!:QOOO JO fiifioo.:i VG3c::'Oc::'O (6.:ibom (jbfiioc::io
7.:..1). 81:Q0fii.:.1:Qn 'bfii!:Qoli JM0</30Goo6<'.3Jn 7.:..3 0.:i6<'.3JMc::>oonl.i 0.:.8MtJ06oonm .:ifiiol.i:

SGR = [(100 - 3.93)(1.80)(1.6667) ][-1-]- l = 9.17%

1 - [(0.04)(1.80)(1.6667)) 300

oli .:.fiiol.i 00030, MM0MM(3 0.:.8M.:.6c,.:ifiioooovc::io.:i Li&.:iooc::ivfiio 8!:Q0M8.:ifii0Monl.i 8M!:QOc::>On,

fii.:il:Q0.:.6 3,93 8c::i6$-ol.i i:Qn 3ni:Qo6U?o o 00 Li.:.o.:.8 0o.:. 0.:.8M8vo.:.3 0ool.i ooJ.:i3 0ool.i 0.:.6.:.J 3omli 0,70-Li .
.:ic;36006Mm .:ilio30, MM8 8mc::in.:.6o .:ij&n3oonl.i 0"tJO!:Q300(J).'.>6 !:Q.'.>8MJ0!:Q00(Jc::'000b JM[l<(30(30-
o6&n 0.60 oooli.:.0.:.800.:i 0.'.>tJO!:Q3[JOOb !:Q.'.> 8mc::io.:.6o .:ij1'.3>03oool.i !:Q.'.>8MJO!:Q[l0(Jc::'OOOb JM[j<(30-
(30061'.3J 1.6667-Li.
.:ibc::i.:i CQ"3(J03.:im, MM8 8o'b6MOM030 8mc::io.:.6 .:ij&n3oool.i 0"tJO!:Q3oom.:.6 !:Q.'.>8MJO!:Q00(Jc::'OOOb
JM0<(30(30[J61'.3>0 .:ifiiol.i 0.55 (0.:itin1:Q3oonl.i .:ij&n3oom.:.6 !:Q.'.>8MJOl:QOO(Jc::'Oool.i JM0<(30(30D6&0 .:ifiiol.i
1,8182) 0.60-ol.i 6.:.G3c::'"CQ· (JC(JMM 80&0, 8o'b6Mofiio30 6806\:Q.:i 8M0nool.i 8.:ifiiti.:i .:ifiiol.i .:ilio30
()Jomolio 0,05, 0,04-ol.i 6.:.G3c::'"U?· li.:.OMc:!MM(Q, 8o'b6Mofiio30 3"c::'!:Q00(Jc::'OOOl.i l.i.:i.:ij(jOM
J.'.>dnl'.3J.:ic::im.:.6 !:Q.'.>8MJO!:QOO(Jc::>Oool.i JM[l<(30(30061'.3Jn 0.:.n'b.:ifiil:Q.:i 0,80-i:Q.:.6 1,00-81:QO· !:!?"3()03.:im 4
8c::i6$ !:Q030!:Q[l61:Qol.i .'.>MbOOMO.'.>, 8!:Q0M.'.>(Qn 'bfii!:Qol.i 0.:.6.:iJ30mn oo8!:Q000 oc::iol.im3ol.i oj6oo.:i

SGR =[ (100 - 4)(2.00)(1.8182) ][-1-]- l = 42.22 %

1 - [(0.05)(2.00)(1.8182)] 300

oli 8()1:Q8030 'bM!:Q.'.> SGR-Clo 0.:.8M03[J()c::'O.'.> c,.:iv8~Moolioovc::io Md[lM.'.>(30(Jc::'0 DCBod&n.:.6Moom,

fiiM8oc::in 8 6.:ifii8MoMoli a
00 0 .:.v6.:.6oc::ioooc::i 8M 00 o.:.Li !:!?" 8.:ic;.:ic::io U?oon&MM(Jc::>n
CQ.'.>3.:ic::io.:.6oool.i JM[l<(30(3006<'.3Jl.i. 860036oc::iM3.:.60.:i 3.:ic;n.:.MM(J), MM8 o"tJO!:Q3000l.i ooli.:idc::iM
'bM(QOb 0.:.6.:iJ3[lmO 0.:.6ol.i.:i'bc;3filoo.:i 8bMc:!M!:Q ofilmo oc::iom. m(JJO MdOM.'.>(30(Jc::'0 0</30d&n.:.6MO.'.>
0.:.0fiidoc::iU?oo.:i 0.:iv8~Moolioool.i b.'.><(3(Jd3oc::i'bo, 3"c::'!:QOO(Jc::>OOOb JM0<(30(3006<'.3Jo 0.:io'bM!:QoO.:i
8v!:Q803.:.1:Q 08ol.im3ol.i, fiiM8 SGR Clo6.:ifiifiv6U?oli 42,22%-ol.i !:QM6n'bo. 3"c::>U?oovc::ioool.i JM0<(3o-
Gno6&nli G3c::inc::ioo.:i 'bo0.:.3c::io6.:il.i .:ib!:Qo6Li tl3Dc::'" .:.d&n3'bo !:!?" .:ifii.:i 8bMc::>MCQ 'bfii!:Qoli JM8:3M-
5o61'.3J'bo.
8.:.0.:ic::iom.:ii:Q, C!?"3(J03.:im, MM8 3"c::'CQOO(Jc:!OOol.i CQ.'.> J.'.>dnl'.3J.:ic::ioli CQ.'.>8MJO!:QOO(Jc:!OOol.i
JM0<(30(306o<'.3Jn oo6.:ifiifi(J6CQ.'.> 1.00-ol.i !:QM60'b0 !:Q.'.> l.ib3.:i JM0<(30(30[J6@)ooo !:Q.'.>Mf1.:. 00030· oc::iol.i
OMc::>Mli f13n6 !:Q.'.>306tioom l.i.:.Jvm.:.fiio J.'.>dnl'.3J.:ic::ioli C!?" 0"tJOCQ3ol.i 8M(3(Jc:!MOol.i (J!:QO!:Q[lbO
860036[Jc:!MOOCQ.:>6:

S1 = $300(1.4222) = $426.66
Eq 1 $300(1.4222)0.05 - $4 + 100 $117.333

8CQ0fii.:.1:Qn 'bM!:Qoli 0.:.6.:.J3omn 8oMMO 6c::iolim3ol.i b!:Qoo.:i

SGR
2
= [(117.333 - 4)(2.00)(1.8182)
1 - [(0.05)(2.00)(1.8182)]
J[-1-J-
426.66
l = 18.06%

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213
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Bhandari, Shyan B. "Pedagogical Issues Concerning
Analysis of the Cash Flow Statement." Journal of
Financial Education 29 (Spring 2003), 1-11.
Chambers, John C., Satinder K. Mullick, and Donald D.
Smith. "How to Choose the Right Forecasting Technique."
Harvard Business Review 49 (July-August 1971),45-74.
Gahlon, James M., and Robert L. Vigeland. "An
Introduction to Corporate Cash Flow Statements." AA!!
Journal 11 (January 1989), 14-18.
Gup, Benton E., William D. Samson, Michael T. Dugan,
Myung J. Kim, and Thawatchai Jittrapanun. "An
Analysis of Patterns from the Statement of Cash Flows."
Financial Practice and Education 3 (Fall 1993), 73-79.
Helfert, Erich A. Techniques ofFinancial Analysis, 11th ed.
New York, NY: McGraw-Hill/Irwin, 2004.
Higgins, Robert C. "How Much Growth Can a Firm
Afford?" Financial Management 6 (Fall 1977), 7-16.
- - . "Sustainable Growth under Inflation." Financial
Management 10 (Autumn 1981), 36-40.
- - . Analysis for Financial Management, 7th ed. New
York, NY: McGraw-Hill/Irwin, 2004.
Moore, Marty. "Cash Flow Management in a Leveraged
Environment." Strategic Finance (January 2002), 31-33.
Numberg, Hugo. "Inconsistencies and Ambiguities in Cash
Flow Statements under FASB Statement No. 95."
Accounting Horizons 7 (June 1993), 60-75.
Plewa, Franklin J., and G. Thomas Friedlob. "New Ways
to Analyze Cash Flows." National Public Accountant 47
(February/March 2002), 25-30, 43.
Statement of Cash Flows: Understanding and Implementing
FASB Statement No. 95. Ernst & Whinney, January 1988.
Van Horne, James C. "Sustainable Growth Modeling."
Journal of Corporate Finance I (Winter 1988), 19-25.
Part III of the text's web site, Wachowicz's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.

214
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230

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Gilmer, R. H., Jr. "The Optimal Level of Liquid Assets:
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Hawawini, Gabriel, Claude Viallet, and Ashok Vora.
"Industry Influence on Corporate Working Capital
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Hill, Ned C., and William L. Sartoris. Short-Term Financial
Management, 3rd ed. Englewood Cliffs, NJ: Prentice
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Petty, J. William, and David F. Scott. "The Analysis of
8.
Corporate Liquidity." Journal of Economics and
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Sartoris, Willian L., and Ned C. Hill. "A Generalized Cash
Flow Approach to Short-Term Financial Decisions."
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Van Horne, James C. "A Risk-Return Analysis of a Firm's
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Part IV of the text's web site, Wachowicz's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
231
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()0'bM(Q001 CQ0 0b0~0 8l:JO(Q3[}~06nb CQ;:JOO@JMM(J~O CQ030~006oooonb oo~nDC>(QdO 6-j?,::JM
061()63001 ( 12 0130 0 0t101'80~0 '8(J~nG 8ne'.?oonb .3JMof'11QnG b0o(J~M 80f130606o~'bo, 06(] 2
013o'bo) (Q.:>80<5)000010 IQ06o(li01M(J~O CQ030~0060000 od5o6.:i 600,000$ I 6 = 100,000$. 08 (QOOO-
@J01M(J~O 1Q030~005oooocn06 1Q0J03ClnM06001, 3f'18.305neiG (Jb!3?000 Clob0008nbo !3?080&000010
83"~060CQO b0M~oooG c,0c:;oo0. 11306b 80c,0~001Cln, 801:JO(Q306Cln 01nmMO';'Jr:'{O 1$-nb 0,80$ b0M-
8010u:oo6G CJ30~000(Q b0Mj?,OOb. O[J(Q0801Q CQ080@Joon01n n630G@JnG00 (Q::JOO@JMM(JC.::'
CQ030~n06000600 0tiioG 0.80 X 100,000$ = 80,000$. 088r06.:ieo8n01,11306 0003od~n0 ().:>3030010101

265
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1!1.)(l~()Ooom 3"HO!l?3300li 8M83300.)6M&. =
fo!'i1m3v~'ti3 ~3~c:?O 8MQ33"l x(1!1.)(!"8o6oo> o"~ 3"1m3()~3 00)
2$ X 60,000 3!11cn3v~'b3 = 120,000$
1!(1>81><!lJ36ncno 1!(36o<!lJMM(J~O 1!1"3"~01>636360 =
(1!1.)(!"836ocno 3"HO!l?3~6 a~oO'Vc:?O BM~) I (~3~63001.l ~631i ~o 8mba.:>M~3ool>cn30li)
600,000$ / 6 = 100,000$
1!(1>81>836ocn 1!(36o<!lJMll1'V~ 1!1"3"~01i6361iCJo 0633l.i<!lJ0001i =(031i~36.:i!Qo !Q1>61ib.:ill1:i<;360 3!11013v~
JMMl!((JJ(30ll'b3 I 3!11013(J~Ol.i a.:ili.:>tjOl!(O ;:zplio} x (l!(.:>8.:i<!lJ360010 1!(36o<!lJMM'V~O 1!1"3~0"636360)
0.80 x 100,000$ =80,000$
1!1"8"8360010633li8rioo36'b3 8M01bM360~0 8M 03 o" l!l"o3331111ial!13 = (.:i~83!116.:i8o'J~o
c;io!1136()~36.:i) X (~()Ooom o633l>8nooa00l!la008~1!(1>3~01>6~&)
0,20$ x 80,000$ = 16,000$
10.1 (3bMo~Clo 61iR306noo a08Mm3~:JOO. M08!Q:Jfo!Q0(3 8M8:J00 !Ql>Bo&noom 8"80!Q31>'lJO, 06()
2$ X 60,000 = 120,000$, 860Cl36:J~M360C!? oS:oMO:JOG !Q1>30~0060000Clo 0630G&0GonooG
8MmbM360~ 8M8:JOoG, 06() 0,20 X 80,000$ = 16,000$, JM8.30600Gm30G ()J:Jffi:JUO od6:JOI>
Clo08G(JO(JdMG 8oGo Ul>JM:J!QO&M G&06!Q1>M8:Joo. JM8.30600G M.3&o8o~()Mn .3M~o&oJ1> 8Mo-
(31>3G JM:J!Qn&oG ~oO:JMl>~(JM 8"!!?"3"C!?:J01>G G0608 'bQ3M(J~o 8M8:JO" !Q1>80&noom 8"801Q3:J-
o'bn oM 8"()8M~!Q:JOI> 8MmbM360~ 8M8:JOl>U 063:JG&oGooG !Q:J008MM(J~O 1Q1>30~01>6:JO:JOdn
ll(J(30~:JO:J~O 8"80!Q3:JOOU (J'bM(J63:J~8M'lJOUm30G. m(J8(3o, M0(3 .an& JM:J!QO&oG MOUJU
30Qnom, R3n6 8om 80Q~" 3003m JM8.30600G MoGJG, Mo(3 1ioG0bno0 JM8.30600G 8MGo~M!Q6:J~o
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.3MM!Q(JD(3oe>'b:J 8M01bM360. MM()MM(3 (JJ3:J 1>Q360Cl6:Jm, c.l'lGnoMoG JM8.31'lM8oGo !QC.80&000010
()080!Q3:JOOU 8M88:JOn1>6Mo0G0 !QC> !Q:JOn8Mt'il(J~ 1QC>30~0060000CJ0 !QC.80&00001 063:JG&0Go1> 'b:J
8MmbM360~ 8M 0 :J00U CIMt'iloG.
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30" JM:J!QO&oG .3ot'i1M00 .. 6:J8M 60" -om 06() !Ql>JM:J!Q08:JOOO .3nl'i1oM!QO 80 'bot'il!QC> 30-!QC.6 60 C!?Q:J8C!?:J·
08001 U?noo&Ml'l(J~o C!?0 3 0~006 0 o 0 ooG aoQnooG G0Cl()o~M .3ol'loM!QO d 30 ~o 3M8b801'l 0 o~ 0 ooa?"6
a0o'b0t'il!Q1> :JMmo m301Q06 MM 01308U?:J· (J'ljt'ilM ~OO:JM0~(JM8o !QC>Jt'il:JQ;?08:JOOO .3:Jt'ilOM!Q80 a08Mo-
0300 360,000$-oG a0801Q3:Joo !QC> 0b0~0 8M8b80t'ilno~noo Gc.Cl(Je>~M!Q ob1Qo06 MM m30Clo. 8m~o060
C!?080&ooomo U?noo&Ml'l(J~o !Qe>30~006nonoo Cl:JC!?o:JOe> Ml'lo fooo~oGac.6 . .3ot'i130~ 6000~0 00l'l-
8M0U?on6G ac.'bM!QO~O ()080!Q3:JOOU 01068b~:JO !Q:J008Ml'i1(J~O !Q1>30~006000G. O:J~000!Qd0 6-ji;:JM
!Q:J008Ml'i1(J~n !Q1>30~006000G 0b0~0 ot'i1()63om, 0b0~ 8"801Q3:Jom06 m068b~noo !QC>80&noomo
C!?Doo&Mt'il(J~o C!?"3"~o.'.>6:Jo" d:JC>!Q():J6G 360,000$ / 6 = 60,000$. "a !QC.8.'.>@J:Joomo C!?Doo&Ml'i1(J~o
!!?"3"~006000Gm30G, JM8.30600G 8ont'il o"J:Jffi:JO(J~O 0630G@>n(300 O:J!Q8:JO.'.> 8.'.>01m.'.>6 !QC>J.'.13-
Clot'iloo(J~O G3"~Do"U?o b"l'i1'.)i;nooG 006. R30 6G a"o"~o01Clo 0G.'.>Mob (8$/10$) x (60,000$) = 48,000$.
8m~o060 !Q:JOO@JMt'il(J~O !Q.'.>3.'.>~o.'.>6:JOOU 6.'.> 'bt'il!QOU 8:JMM:J 6000C'.!:'o 81>8M03:J(J~O.'.> d3:J~O
8M8b8.'.>M:JO~:JOO!Q.'.>6 !Q:J008MM(J~O C!?"3"~o.'.>6:JOOU Clo6o~:JO(J~O 80Q:JOOm. d3:J~O 8M8b8.'.>-
M:JO~:JOO!Q06 8oQ:JO(J~o U?noo&Mt'il(J~o C!?" 3 0~006nonoo "b~" 080MnQ:JO" 60~0 &o8.3om,
t'il"G 003030 U?noo&Ml'l(J~o !!?"3"~006nonooG a"Q"~ !QM6:JG. G"o8oGo 2,4 8~6$ 0 0tinQ?3om,
!Q:J008Ml'i1(J~O C!?"3"~o.'.>6:JOOU !QM6:J O:J~OO.'.>!QOO 12-ji;:JM OM(J63001 !:>t'iloG 2,400,000$ / 12 =

8M8&aooC>6Moou OQtQ"<'>Do"
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b.:iJfiio~o&M Jofiim-.1~0[; Cl303c:;>.:i8a;>3
CQ..">8..">&000010 ()..">ti0CQ30ooh 8m83000.:,6mo.:, =(D<'lmo'Vc:;> Jfiimo;:'VdGo.:,'bo 'bcwfii(Jt:;>O 8m300.:,) X
(CQ<>8...,8ooom 0.:. 8 0~';'.Jc:;>O ofiimo(Jc:;>Ooo)
.:.b..">t:;>O i:)..">ti0~3000U (Q..">8..">&000010
2$ X 36,000 nfi'imo(Jc:;>'bo = 72,000$
1.imoo&m~(]c:;>o CQ<>3..">c:;>o..,600000 = (.:.bC>t:;>O ()ilti0CQ3000U()ll6 8oc;oo(Jc:;>O u.:,6\30oc:;>o) I
(.:,b.:,c:;>o JMa;>oo&mM(Jc:;>o o;:031>c:;>o.:.63ooh 061()63.:.)
360,000$ / 6 = 60,000$ .
...,bllc:;> 3.:,~3o0001063nh&oooo0ob 6..">~ = (G3"c:;>0~~6...,b..">6'i~ ofiimo~'bo/
ofiim~ob 31ilii>1JOQ;?O <(31>00) X
(~.:.a...,&oonmo a;>ooo&Mfii(Jc:;>o a;>"a...,c:;>o06oooon)
0.80 x 60,000$ = 48,000$
=(6c:;>o(JMO (llllJ0~300o JMOa;>o@Jnm) /
(d3oc:;>o ~non@Jmfii(Jc:;>o CQ"3.:ic:;>n1>6noob 061()63.:i)
2,400,000$ / 12 = 200,000$
a;>noo@JmM(Jc:;>n Cl1"3"c:;>o.:i6oooli
.:.b1ic:;>o (Qm6o b.:,olJob 0..">lJOCQ3:Jonb = (oc:;>O(JMO olllJ0~3non JM:J(QO@Jom) I
e,.:,a.,3.:.c:;>ob606noo01 (1ib1>c:;>n CQ:JOn@Jmfii(Jc:;>o Cl1"3"c:;>n.;6oooli 061()63.;)
2,400,000$ / 6 = 400,000$
b.:>6lJob &olJ0~3oo'bo
063ob@Jooooonb fo 'bti'i(Qn =400,000$ - 200,000$ =200,000$
801c:;>n.:,60 063nl>@Jooonoob 6.:, 'bP11Qo
(Q:JOO@JMM(Jt:;> 1Qo3c:;>o.:.600.:,Clo = 48,000$ + 200,000$ =248,000$
8mcnbm36oc:;>n 8M3001i 1QC>O:J&3(i}.:,31QD = (<>c:;>@j:J(i}fo@Jn'Jc:;>n c;n(i}no(]~:JOC>) X (3cnc:;>o.:,6n
063nb@Jnon...,'bn Cl1"8"®oon01 IQDoo@J"'(i}'V~ 1Q..">3<>c:;>n06oo»Cln)
0,20$ x 248,000$ = 49,600$

200,000$ . .:,b.:ic:::o !:f?M5::J noc:::oo.:i!:f?oo 6-~or1 or1()53001 .:ir1olJ 2,400,000$ I 6 = 400,000$ . .:i8 0 3.:ir1.:i!:f?
d3oc::: 8M8b8.:itilooc:::oo'bo oC>tJO!:f?3DOOU !:QJOO@)MM(Jc:;>O !:1?"3"C'.!;0.:>5ooolJ 5.:i'bM!:QOC> 200,000$. 1Jb3.:i
IJo@>tJsooo01, !:f?ooo@)MM(Jc:;>o !:f?"S"c:::o.:i500.:iG01.:i5 !:f?.:i,p 3ootiloo'(Jc:::o 83 .:ic:::oo.:i!:f?o b0r1%ooo1J
c,.:i8MtJD5oo.:i 8ooJ(J0135oo.:i 8bMC'.!;f'l(Q .:ib.:ic::: oC>tJO!:f?3DOU. JM8.3.:i5o.:ilJ Mf'l8 ,:,(\) d::JOG3"C'.!?" 01.:i301Jo
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5.:i'bM!:QO 200,000$ 8oe;i]O(Je;:'O oj5i]OP1!:f?C> '13(Je;:'C>(QO IJ.:ibo01 d3Jc:;> 8M8b8.:iMi]OC'.!;::JO'b::J
0.:>tJO!:f?3::J0001. 8M(3::J8(Jc:;> .3oMMOi]OOO, JM8.3.:i5o.:i8 (J5(Qo 0.:i 'b.:>M!:f?MU 01.:i301Jo 0630IJ@>0Goooo !:f?OO-
o@)MM(Jc:;> (Q.:>3.:ie;:io.:i600.:ioo 200,000$-001. 1
.:i8 8M5.:ieo8oo'bo !:f?C>'13()d600001, R3060 c,.:i8M.:i5c,»Moooo.:i .:ilJ.:ib(Jc:;>O.:> 10.2 ebMoc:;>odo.
8M(308(Jc:;> 00801b303.:ioo !:f?.:>8.:i@)ooo010 0.:>tJO!:Q300ou 0.:i5 8oe;o2i(Jc:;>O 8MQOOC> ()5!:1(.:i 003.:i!:Q.:>MM01
!:f?"S"c:::o.~5 0 o 0 ooo !:f?.:>8.:i0ooo010 o5 30 u00 8 00G .:ic:::@>oM5.:i0o'(Jc:;> l:'.!oMoo'(Je;:ioo.:ilJ. .:i!Jo MP18
!:f?.:i8.:i@>o6001 8ol:'.!oo'(Jc:::o 8M 00 o.:i, 72,000$ .:i::J:.:iMo 0oG !:f?ooo@>Mtil(Jc:::o !:f?"S"e::o.:i5oo.:ioo 06301J&o-
800oolJ 5.:i'bM!:f?'bo 8M01bM36oc::: 8f'l000.:ilJ 49,000$-IJ, !:f?C>JMO!:QO@>OOOU .3oMOf'1(QOU 0.:i'bM(QC> 30
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(Q<>fld<>M:JOOb '1:JMOM(QO 3Mo3G:J3b 01() i>Mil 'B"b(!?i>J~aoo01 c,08rrio3a()~ c,<>'hM(QO~ !:Q05<ib<iM-
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Q?030~006aoob b<>O(J0~(Y) 00~06bo 0Mob 3,000,000$ / 6 = 500,000$. "2/10, 5a0(Y) 45" 3oMMoa-
oob d:JG3~001 <i3M~:JOOb b0d(Jil~(Y) 3QMO(Y)(!?0 O:Jb<id~Mil Cla3GOM(!?:Jb QM010 013001, Mi>8Q?o-
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273
 17 61 Asendorf Tin Shop FF2
76 22 Austen Wes TV Service EE2
55 41 Backers Service Station HH2
57 12 Barber Furniture Co Inc. CCI
50 13 Beasleys Automotive FF4
53 11 Beaumont & Hunt, Inc. 881
Rating Classification (Based on Net Worth C-Omposite Credit Appraisal 59 41 Bedlans Sporting Goods DC3
from Interim or Fiscal Balance Sheet) Higfl Good Fair limited
SA $50.000,000 and over 1 1 3 4 51 91 Servin Distrg Inc of Beatrice
4A 10,000,000 lo 49.999,999 51 91 Servin Distributing Inc. CC2
JA 1,000,000 to 9.999,999
1A 750.000 to 999.999 15 21 Blackwell Trenching Service DD2
IA 500,000 to· 749,999 15 21 Boeckner Brothers Inc. DC2
BA 300,000 lo 499,999
BB 100.000 lo 199,999 54 14 Boogaarts Fairbury Inc.
CB 125,000 lo 199,999
cc 75,000 to 124,999
DC 50,000 to 74,999
DD 35.000 to 49,999
E£ 10,000 to 34,999
ff 10,000 to 19,999
GG 5,000 to 9,!199
HH up to 4,!199

Rating Classification (Based on C-Omposite Credit Appraisal

Number of Employees) Good fair Limrted
1 3 4
2 3

Key to the D&B PAYDEX• Score

PAYIJEX PAYMENT
100 Mlicipat•
90 Disooont
80 Prompt
70 15 Dars Bej'1111d Terms
60 22 Days Berond Terms
50 30 Oars Berond Terms
40 60 Dais Beyond Terms
30 90 Oars Berond Terms
20 120 Days Beyond Terms
UN Unavailable

Key to Employee Range

ER! 1,000 or more
ER2 500-999
ER3 100-499
ER4 50-99
ER5 20-49
ER6 10-19
ER7 5-9
ERB 1-4
ERN

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CQC'.,'08<:QO· ()6CQ<> d[J(33<>~Mli 01() 0P10 Bolio .3ofil(')oooo ,,60&01/10, EOM"-!.J:?<>6 ,,2/10, 6o0M 30-
B!.J:?o"? fll<:>&MB?
JMfl.3MM0(3o<> Porras Pottery Products D~o()('i)<>(Q b<:>('i)'.S(.<>3li 220,000$-li 8olio 08Mc:;oooli
!.J:?0.3<:>fil<f!J<>8o60'bo. JM8.3<:>6o<:>li 0j3b 12 8~6$ JM[J(QO@Jocn o<>80U?300Clo, Bolio <>BMc:;ooob
b<>O(Ji:>~(') .3[JMOM(QO <:>Mob 2.5 m3[] CQ0 (J08[JCQ(') 3<>~ooob 0 .:.6 8oc:;oo(J~O (Q060J0M 0 oli .3fi1M-
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3<>~ooolic,<>6 8oc:;oo(J~ !:Q<>foJ<>flooob 3%-B!:Qo· !:Q08<>@Joo(J~o b<>fil'.R.o ,:,l'iiob 180,000$,
fil(')Bo~oG J(')~odooob 801~0<:>6 b<:>fil'.S(.oooli 'bfilCQob 400,000$-BCQO 5o~o5<>CQdo. <>Mob en()
i>Mi:> c,<>'bM(QO~O 8(3CQ0~(')0.) c:;ofiioo(J~O CTl(J (Qi:>O[J()31'108!:Qo <(3M6!:QOOOb <>~0ofii6<:>&o(J~O
c:;ofiloo(J~Oo<> <>Mob 20%? ,:,5 01() o0 o ;,(\')ob 10%?
JMMdf'1Mi>(30i> The Pottsville Manufacturing o<>5oboe:::'<:>3b JM8[JM(30(J~O JM[J!:QO®ob o"G08,:,b JM8-
.3<:>5o,:,'bo San Jose. Bobo f5.:.6,:,oo1'1ooob Cloli6<>3~ob,:,b <loCQo" CloBC\?080 'Bofo5b(Jfilo c,<>foGb"C!?Ooo:

0d&03()00 20XI 20X2 20X3

8n8iQ06vli1o >J80300o
~~Cl?" DJ3°3~D6l!JXJOo $ 1.5 $ 1.6 $ 1.6
i!?oOo&...<~ (!?>3~ro60°00n 1.3 1.8 2.5
a""""e.ooo (';')8 8 o610oo 06 b.>O>'b6101 ~oO'ZJ~oo=) 1.3 2.6 4.0
bb30 __M_ _Qi_ - 0.4
8~ro6o 8n81.l(o6v1'1o 0:J&o~1 $ 4.5 $ 6.5 $ 8.5
qindl>nMooCJ~ >:J&o3000
<l36"'0> (ful0Ro6n ~oov~o<») 2.0 1.9 1.8
l.l?"'he.ooo Cl?" ~&v1'13~ (fo1'1Ro6n ~o6l~oe<>l 6.5 6.0
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Gb30 0:JtJJ03oi'"' _l:Q_ ___M_ 0.6
3~"'6o ~D0"3DOo $15.7 _$16.9

293
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ana~ 0 l!/oone"""'v~ !!i'> 3 ~o60 o0 oo

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l>b30 3~b,,bl!/~Doo _Q1_ 0.2 0.2
8~6n 8n8l!/06.>t'ia Jl'i~8~ 3~D°'Ji.::.'aoaoo $ 2.5 $ 3.7 $ 4.9
l>o0>6JM JM~@Jn (8.5%) _1;Q_ _J_,Q_ _1Q
amc::>oo6n Jl'io~"'~ 3 ~0 o~0o 0 oo $ 6.5 $ 6.7 $ 6.9
b>J()Ol.>t'in J>J~n
.3t'in3n~oe.nt'ia~ >dGoaon (6.5%) l.O 1.0 1.0
fl3o~o0t'in3n >dGnoon 5.0 5.0 5.0
3><JfulJ"oc::>aoa~ a"'00o, _1:.Q_ _J_,Q_ _.iQ
8mc::>o>6n JMDl!/O~~ 3~DO<Ji.::,>D<laoo
l!/> t,,,J<Jm.>t'io JM~o $14.5 $15.7 $16.9
=

~Li San Jose Cl~:JOoli~o.)('i)o(J~(~aOCJo)

20XJ 20X2 20X3

68n~o JMDl!/Oenm 3>~nl!/3Doo $15.0 $15.8 $16.2
t'io~'bo°'J~ l>od"'~l> c;ot'iao~ 0 o, -11.l_ -11.l_ ....J1:Q.
~6n8Moo<I> $ 3.7 $ 3.7 $ 3.2
M.3o<"i>GO<J~ CQ'>fub.>t'i:i<;o<ln _l_.1_ 1.2 __lQ_
08n6CQ'> 8MQD(\, (!/oOD03t'i>8(!/Q $ 2.6 $ 2.5 $ 2.2
3~l>o~a<ln _Ll_ 1.2 1.2
aM00oo ~a031'inl> aaal!/o3 $ 1.3 $ 1.3 $ l.O
l!/030(!/D~oOO _Ql_ 0.3 _QJ2
3><Jfufi~o<loi.::,>n BM3aoo $ 1.0 $ 1.0 $ 1.0

JP18.°3<>6o<> San Jose-Li <>d3li Dun & Bradstreet-oli 4A2 MOo8o6 0o. 8olio li<>o<>6JP1 <>6 0<>Moooooli
c,<>8P1J3~03<>8 <>8306<>, MP18 8<>cn <>d 3cn 83o()~00Mo 3 6<>J~ooo li<>O()<>~ooooo. 8olio b(Jcno
8o80P1(!1000~o o8tJP10o6oo<>, MP18 San Jose JP18.°3<>6o<> c:?OO(J~P1oli li<>8o 8<>cn 0<>6o(!1<>6 (MP18-
~oooG .°3"1P1(!1(JJGo<>li tJ0(!1o<>6 :3o"1P1oocn ,,2/10, 6o8P1 30") 'lPliC!!<>J~oo<>li <>6c,<>l"loooli
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8'>(!1<>b(!1<> lib3<> P1MO 8080P1Q?OO~olicn3oli, MP18~ooli<>G <>d3cn JMOQ?08oli dOMP10'> ,,6o8P1 30".
c,<><><>6<>~o'bocn JP18.°3<>6ooli San Jose b<>JMOQ?08P1 c,<>6<>Gb<>(!10. M<> C!!"C!!Ooocno (!/'> M<>
(J'>MtJP1'l3ocno 'l3'>J8P1M0000 o.:i(;)8P1(!1806o~o?
7. JP1~0feoli oo 06oli 80(!?0 'bo.:i GQ?O~P10b 006li0 'b(!?3MP1b 00J3ocnoli P1.°38080~(JMO M0P1(!10-
6P100 <(3bOJP1~P1C,OOb dP1d(J~0M(J~ ooc,6'bo. 80(!?0 'bo.:i tJO(!?Ob 08 ooc,6oli 5000 08 'bo8:3~0Ml.i
00~000C!?oo 12.50$ li0G0~P1 'B.:iliocn, o0 o 0Mol.i 20%-ocn 6.:iJ~ooo, M0Q?c,<>6 0 <>8P18Go8o~o
<(301.iQ?.:iJ~ooocn 003(!10!.i oo 0 6ooli. li.'30Go0~oli8oooli Q?M6 0<>"1ooooocn 08 c,<>8P1Go8oli
80(;)000001.i 0060b3oli (!?0 (!108()0030001.i 808(!?060(;)0 b.:i(;)feooo 80(!?0 'bo.:ili (!10(Jfe(!100'> 1$ ol"lcn
00 0 600, bP1~P1 00J3ocn0 'bo C!/060b0"1feooo 000C!1006li I 00$-li.
,). 006li<>'b(!?3"1ocn 8cn~o060 80(;)000001.i C!/060b0(;)fe0oo MP18o~oG cn06 <>b~03li 00J3ocn0li
00~000{!?00 1,2,5, 10 (!10 20-feoM.
6. 0 06li0 'b(!?3Mocn 00J3ocnoli OJP18P16P18o()Mo 8P1G(J~P100.
0 . MP1 0P1Mo 30M0()(!10 oood~oo.:i 0.:iJomC!!oli 00t10(!13oli tJP130~o~o(JMO 'b"1(!1oli 808:3cn06
Q?0J.:i 3ool"looocn?
8. JP1MdP1M0Go0 Hedge 000M8P1ooli 8bP1~P1C!! ol"icn .°3"1P1(!1(JJ8li - :3~.:i6Jooli. 00M8P100000
6oC!?~O(J~0(!1 c,08P1ot106000 (!108()0'>300()~0 '(30G0MO. (J)0(J)P10()~0 00M8P100(J~O
:3~06Jolicn3oli li0.'.'fo"1P1<> 12 (!?08()00300()~0 <(30G0Mo. (!?03()03.:icn, MP18 JP18.'30600 00..,(;)-
8P1ooli 150,000 d~,)6J"b oo~o0<>(!100, d~,)6Jo0 'bo 8P1cnbP1360 8cno~o o~oli 8"68<>3~P10000
.)Mol.i 8()(!18030, Q?08(J0"300(J~o 'BoGMoooli cnocnP1o(J~ 00J3ocn0 'bo 8olio C!1"6"b"l"lfeooo
,)MOb 200$ C!!" oofob3oli b,)Mfeooo ,)MOb 8$ ol"lcn (!108()0"300()~ <(30G.)M'bo O~O(JM.)(!?.
0. c,<>6li"'bc:?3"1ocn (!108()0"300()~0 'BoGMol.i 00J3ocnoli OJP16P18n(Jl"ln 8P1G(J~P10.).
6. (;).:, ..,(;Joli 8..,l"\.., 00001.i 8cn~o060 C!?060b0MfeOoo JP1MdP1M0Goolicn3oli Hedge (0060b3oli
8cn~o"6 b.:il"lfeooli C!/080800()~0 00J3ocnoli 8cn~o060 b.:il"lfeooo)?
0 . 00~000C!!oo (;)08C!/06feo(;) ()6(!?0 8P1bQ?oli 80(;)0 0000!.i 00J3ocn0?

294
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l:QD6o .)d0M<>0(JMOli 8.:iM.:i0000G M.) (QP16:J l:Q<>li3'oM(Q:J00. 'Bo6.:i6l.i(JM8.:i 8o6ofeoM8.:i
0 .:i6u.:i'b~3M.:i, MM8 d:JJ3001ou o<>Jo01ooou 'B.:ilio.:i 200$. 8.:iM.:i 0ooou 'B~Moou ~oM:JO(J~:JO<>
.:iMou 4 Go6&o 0130Clo u.:id(J<>~Ml:Q 8.:iM.:i 0Clo 8tJM'B .:i.'3.:iM.:i&'bo. 8M01bM360~0.:i b(J01l:Q~o.:i60
d:JJ30010G 0.:i6bMM(jO:J~DOOU (QMP1 dMM(Q( dGooli 8ou.:i~oo.:i(Q. (d:JJ3:J010l.i 0.:i6bMM-
(30D~DOOU oli (QMM .:iMol.i 'b(Jlie<>l:Q (36Moo~o).
,). "~ODOM(J~O 0.:i8Ml.i.:ib(J~D0001 0.:i8Mu.:ibo01 8.:iM0(J:JOOU 'B~P10ol.i (Q0 d:JJ3:J010U
801~0060 b.:iMfeooo.
6. d:J<>(Q(J06001 801~0060 'B~P100U b.:iMfe:JOOl.i IQ<> 801~0060 d:JJ30010G b.:iMfe:JOOU (JM0CBOJO,
li.:ilQ<>G dP1MO'bM60<>~(JMO ~:JMdo .)MOU d:JJ30010G 8M(j(J~P10.) IQ<> 3DMOOJ0~(JMO
~oMdo .:iMou l:Q<>6.:ib.:iMfeDoo.
0 . 0 .:i6G.:i'b~3MJ01 EOQ 0 M.:i'BoJO(Q<>6.
10. JMMdMM<>Go.:i Common Scents, .:io.:iM8Mooli Gb3.:i1Q.:ilib3.:i .:iMM8.:i&o(]~ G.:iJ300 .'3MM-
IQ(JJ0li. JP18.'3.:i6o.:iu .:id3u 0.:i6G.:i'b~3M(J~O 8.:iM.:i0000G M:J'bJM30, 8.:i0M.:i8 JP18.'3.:i6o.:i
.:ibMM(jOJ~oou 8(30MJ 8.:iM<>(JJOOl.i Clo6.:iM~(J6ooou dP1~000J0U, .:i8o&P18 'bP1ofeJM
o.:iM8P10df'10.) U00()<>(30JOO, MP1(QJU0(3 O(JO (J0MU :J(J06J00 01.:i3ou 8tJOl:Q3J~ooli.
Lioo()<>Gooli 0 006.:i~o'booo01 JM8.'3.:i6ooli bo~8d~3.:i6J~Mo.:i8 0.:i.:iJ001.:i l:Q<>6<>J<>M 0 oli
'bM8oli Clo'B.:iuoo.:i u.:i&oMM .'3MMIQ(JJGoou .:iM 0MUJOMoou dJCQJo"CQ 80M0 0ooou MJ'bJM30G
Gb301Q0ub30 !:QP16:JJOou 8obJCQ3001.

l>oo\o'boo\3"' 8oo\oaol> 8o8l!?ofuo\o l!?"'60 5,000 $26,000

Oio'bo0i3CJ~o 8oo\oaol> obo~o l!?"'60 1 7,500 14,000
Oio'boo\3()~0 8oo\o0oG ob.:i~o C!/"'63 2 I0,000 7,000
Oio'bo013eJ~n 8oo\0 0ol> ob.:i~o C!?"'6D 3 12,500 3,000
MJ 'b30i3CJ~o 801"0 0ol> .;b.;~o (!?"'6D 4 15,000 1,000
Oio'bo1"3CJ~O 8oo\o 0nl> ob.;~o C!?"'6D 5 17,500 0

Clo60b3ou b0Mfe:JOO .:iMol.i 0.65$ JM01 (i0~P16'bo b:J~Ob01QdO. M.) .:it"ioli MJ'bJM3(]~0 8.:it'1.:i0ou
u.:i(JJJ01:JUP1 l:QP16J JP18.'30600G013ou?

d3~n !Q;JOo<.llJ~~ !!?"3~oo6oboonl> 0M(J630 = 360/45 = 8-:li:Do\

"~ !Q;JOo<.llJMOi(J~ C!/"3~630360!.> 6M(J630 = 360/75 = 4.8 -'.J'o"'
8""1onoro6"'0o o"8"!!?3oeol> 5o~'bo = 0.2 x $9,000,000 = $1,800,000
.;b~ (\0i:JOC!/3:J00Q) (\i>8Mb3:JCJ~O

t!? 3 oo<.llJ~~t!?"3 ~6;io 0 ooG fu~ $9,000,000/4.8 $1,875,000

.:>bo~ 8"80C!?33°nm 3"801630CJ~

LQOOo<.ilJ~o !!?"3~°"6oooool>n63ol>800000nl>fu~ = 0.8 X $1,875,000 = $1,500,000
1!?0~"()~1!?"3~60000nl>LQM6Q
JMO~nG :Jo1"n"'LQOG Cloo~oilLQD = $60,000,000/8 $7,500,000
.;o\l>oO'CJ~ 8"80l!?300oG LQOOo<.ilJM~o
C!/"3~0"6303ool> 0b~o C!/"'60 = $60,000,000/4.8 = $12,500,000
01"l>oo()~ 8"8"!!?30<'>=>6 cn06B~o0n ~"<.ilJn0ncn
moOn<.ilJMf""()~ l!?"3~"6ooa6<3n
0633l><.llJoon30o = $12.5M - $7.5M = $5,000,000
t!?"8"<.ilJD0ncn LQ;i000~~ lli"3"~°"6::Joooan
8m~oo6n 0633l>l§no00 $1.SM + $5.0M = $6,500,000
a,'l01bro3~ Of'1QD00 [QC>OJoJMMLQO

mo80l§oiio01 063ol>onom'ho = 0.20 X $6.5M = $1,300,000

295
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fYl.:i!:Q 0.:i5 8M 0oo.:i CQ.'.>8.:ie!JoooO'l 0 .:itio1:Q30000, 1,800,000$ .:i&.:it'lo36l> 8M 030.:il> CQ36ol!!JP1M(J~

CQ"3"~o.:i5o6oooo oob.:id~fYl o53obe!Joooo1:Q.:i5, 1,300.000$-b, JP18.3.:i5o.:i8 (JDCQ.:i 0 .:i.:i0fYldO~P1b
8obo b.:iJMO!:Qol!!JfYl .3ot'loP11:QO 30 !:Q"5 60 CQ~08CQO·
2. M.'.>CQ8"5 ()0831:QP1 3.:i~o!:Q.:i5 80~00()~0 u:.:i5.:iJ.:it'i0ob JP10'BoGoo51!!Jo 8.:i~.:i~t'lobJo.:i5o
J"&08MMool>O'l3ob .:i&.:it'loo6b 22%-o.:i5 8M006ob 8.:it'lti.:iG, G.:ib(Jt'l33~0 (JOCQ.:i OtJMb
00J300'l000U (J.'.>MtJfYl'lJ.'.l .:i8 MOUJOG J~.'.>UOCQ.'.>O, O'l'() .:iboO'lo 00J330'l000 od5oo.:i (Q.'.ll:Q8000~0.
O'l(J8(3.:i, b.:iJMO!:Qol!!JM o5'lJMM8.:ioool> ~ot'loo(J~Oo.:i, MP18P1M(3 b.:io(J.:i~fYl ooJ330'lol> .3t'iM-
Go51!!Jo, .:ifYloG 4.$150$=8% CQ" oh ~ot'loo()~Oo.:i 0.:i8Motio5oo.:i 830~" .:ib.:i~ O:JJ330'l.:i'lio.
M.'.l!:Q8.'.>0 8.:i~.:i~t'lol>Jo.:i5o J"&OofYlMO.'.l .:it'lol> o"tJOCQ3000b :JMO'lo-83b(JO'l:J(QO, OOCQ"MOO.'.l
od5oo.:i 5 X 8% = 40% (Jo8o!:QP1 3.:i~ol> 24%-o.:i5 CQ.:i5.:iJ.:it'i 00'l.:i5 ool>.:i6.:i8ob.:i!:Q . .:i 0MOO'l30'
JM8.3.:i5o.:i8 (JDCQ.:i 8M.:ib!:Qo5Mb .:ib.:i~o 8oot'lo ooJ300'l0oob b.:iJMOCQOl!!JfYl .:i5.:i~o'lio.
8.:i 0 .:i~oO'l8.:i 03od~oo.:i (JJOO'l .:if\335Ml> 3b .3.:ib(Jbo. CQ"3(Jo3.:iO'l, MP18 .:ib.:i~o 03J330'l0ool>
~0M30(J~30.:i OtJfYl 100,000$. 8.:ioo5 8fYJ0.'.>(338300 od5oo.:i 0081:Q300:

8mc:;>n1>60 d(JJ3D°'Doo $30,000 $50,000 $20,000

<JMDn:<"' 3"c::'O!J?'6 8oc;oO(Jc:;>n IJ<'foJY'i~o 900 3,500 4,800

00J300'lOOOU M.'.>P11:Q30P10.'.l = 100,000$ I 50$ =2000

b.:iJMOCQOl!!JP1 .:ifo~o'liol> ~ofYlo6()~30.:i =2000 X 4$ =8000$
(Jn831:QP1 3.:i~ol> CQ.'.>5.:iJ.:ifYl0o(Q.:i5 80~36(J~O 4,800$-ob (Q.'.l 'liM0ol>O'l3ol> .:ib.:i~o 03J330'l:JOob
8.:i~.:i~o fYlol>Jol> J"&3oP1Mool> CQ"l:Qo35oO'l, JM8.3.:i5o.:i8 (JOCQ.:i l:Q.:ib.:ifYl~(T)b 8000$. ool:Q08"CQ, 8.:i5
.:ifYl (JDCQ.:i 0.:i5.:ib(T)M(303~(T)l> .:ib.:i~o OOJ330'l3ool> l>.:iJfYl31:Qol!!JP1 .:i5.:i~o'lio. ob .:ifYlol> 0380'lb303.:i,
MfYl!:QOU.'.>(3 JM31:Qol!!Jol> .:i5.:i~o'liol> CQ.'.>l>.:i'li(Jl>l!!J30~.:il:Q O:JJ330'lob '!iM8.:i .:ifYlol> d.:i~o.:i6 .3.:i@J.:ifYl.:i .
.:ib.:i~o 00J33mob 80~3oob O'l.:i5b8(T)ool> 0081:Q3 0 , JP18.3.:i5o.:i oood35b 0 .:i8(T)(31:QO~Oo.:ib CQ"
03(Jd~o.:i (J.'.>Mtj(T)L> 0081:Q300 OOJ3om300, O'l'() 8obo 0.:i8P1(31:QO~oo.:i od6o6.:i (3(J(QO.

3..). Q* = ~ 2(0)(S) = 2($40)(20) = 4 (oliimo(J~n 0010uo0Clo) :J0!ii~o0

c $100

03J330'lob (T).31!!Jo8.:i~(JMO 'liM8.:i od636.:i 4000 <(30~@JfYlo, M(T)83~0G .:ifYlol> b(JO'lO 03J330'l"
0')3300.
(.:if;:?l.i.:i606fo30.:i: Cl35.:ib3ol> b.:i(Y\~360 (C) 1000 .3.:iM@Jo.:i'li3 =0.10$ X 1000 = 100$).
o. Q* = ~ 2(0)(S) = 2($40)(20 ) = 5.66 (oliimo()~n 0010uo0Clo) :J0!ii~o0
c $50

M.'.>(3 cQ.'.>O.:i~o.:i d:JJ330'lob ~oMOO(J~bo.:>, 8oO'l 831!!J.:il:Q 8600353~(T)3.:i60.:i oo5.:ib3ob b.:ifYl~o

CQ.'.l 8oO'l CQ.'.>6.:i~o.:i 03J330'lob (T).31!!Jo8.:i~(JMO 'li(T)8.:i .•
4. 8.:ifYl.:i 03oob 00G3~ol> Cl381:QOo = 48 8~5$ I 6 = 8 8~6$
.:ib~.:i51:Q3~0 8.:ifYl.:i 0300 = 48 8~6$ I 8 = 6 8~6$
CQ.:i8.:i@JoooO'lo 8.:ifYl.:i 03 oo = 2 8~6$
.:i~l!!JofYlo.:i@Jo(J~o b.:iM5(;o = 2 8~6 $ X 0.15 = 300,000$
.:i~@JofYl5.:il!!Jo(J~O ~OM06(J~OO.:i, 300,000$ .'.>MOU CQOCQO, 301:QMO d(T)l!!Jo6GO(JMO (Q.'.>6.:i'li(T)oO
260,000$.
OOCQOo"CQ, .:ib.:i~o o.:it'i8Mo6ol> 8088.:i .:ifYl (J61:Q.:i 0.:i6b(T)MGoO~CQOG.

296
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Cloud, Randall J. "Supply Chain Management: New Role for
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Gamble, Richard H. "Financing Supply Chains." Business
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Hill, Ned C., and Kenneth D. Riener. "Determining the Cash
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297
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see N. C. Miller, The Grem Salad Oil Swindle (Baltimore: Penguin

have taken against secured lenders, see Monroe R. Lazerc, "Swinging Swindles
60 (September 1977). 44-52.

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326
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4
$1,600 $2, IOO $1,500 $3,200

Solid-Arity 0Bti0B0CQ otio6ooli liolibli '130606li(J610 JMB:30600CQ06, 61MBoc:?oo (J'b61(]6 3oc:?ti-

M'IJO<:?o0 BMd61030 30610M010. li0613ooc:?oli 3060J30010 061oli :36100B 61oo@:lli CQ0B0&oo(Jc:?O
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,).1/10, 60801/30 ( 1/99)(365/20) = 18.4%

2/10, 60801/30 (2/98)(365/20) = 37.2%
3/10, 60801/30 (3/97)(365/20) = 56.4%
10/30, 60801/60 ( 10/90)(365/30) = 135.2%
D· 3/10, 60801/60 (3/97)(365/50) = 22.6%
2/10, 60801/90 (2/98)(365/80) = 9.3%

327
 4.

3/ 1o, 6o~f'l/90 (3/97)(365/80) = 14.1%

5/1 o, 6 0 ~(')1100 (5/95)(365/90) = 21.3%
2. O~O(JMO bC>M~:JOO C>MOU d:J8!.Q:J()O:
UC>3C>jMM JM:J!.QO~O:
(3/97)(365/20) = 56.44%

(5,000,000$X 0.15)/(4,400,000$) = 17.05%

(300,000$/4,400,000$) x 2 = 13.64%
oC>6Jou uoubo 80C>b~M:J0001 C>Mou 3.4% (J'{JMM d30Mo, 30!.QM:J uC>3C>ffMM 3Dduo~o: C>8o~M8
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3. O~O(JMO ~OM:JO(J~:JOC> ,)MOU d:J8!.Q:J()O:
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M(J~U 8C>6 Clood~:JOC> 8oo~Mu 01C>6b" 97,000$-8!.Q:J (97%X50,000 013o(JMC>!.Q 2 013:J'b:J)·
081> 'b:J !.QC>fobC>M~:JOO d:J1>!.Q():J6u:
(3/97)(365/60) = 18.8%
0. U0006JM U:JUbo: !.Q"3(Jd3C>01, MM8 U0JM83:J6UC>(jOM OC>~C>6uo C>M od6:JOC> d:JfoMfi(J6:JO(J~O,
!.QC>6C>bC>M~o od6:J00

(106,000$ x 0.13)/(106,000$ x 0.90) = 14.4%

. o· <a"d~(JMOM:JOC>: ca0d~(JMOM:JOOU bC>M~O O:J~OOC>!.QdO od6:JOC>
2% x (150,000$ x 12) = 36,000$
01()8(31>, JM8306oou :JJM6M8oou 0 C>0130~ouoo600001 30,000$-ou ca01'i1 0 ~oooo, ca0d~(JM-
060 'b:J !.Q06C>bC>M~:JOO d:J1>!.QO:J6U 6000$-u. bM~M, 95000$-'bo U:JUbo !.Q:JOO~MM(J~O
!.Q"3"~oC>6:JO:JOou 8ob:J!.Q3001 od6:JOC> 80C>b~M:J0001

[(0.12 x 95,000$) + 6,000$]/95,000$ = 18.3%

O:J!.Q:J()0!.Q, u00C>6JM uoubo C>Mou !.Q"cao6C>6uooou ti 3 D~"'b:J °"'ao DtJC>MM.
,). 6 013o'b:J 400,000$-ou 80%-ou 12% 19,200$
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10 !.Q~O!.QC>6 40 !.Q~:J8!.Q:J 0 1> 0 ty)d:J~:JOOU 8o'b6001.
(2/98)(365/30)(80,000$)( 1/2 5o~'bo) = o.2483 x 80,000$ x o.5 9,932
801~0C>60 6 0130C>60 !.QC>6C>bC>M~:JOo $36, 132
o. 400,000$ X 20% X 1.2 oo~'b:J $40,000
6 m3:J'b:J 400,000$-ou 70%-ou 10% $14,000
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6 013ou 8C>6do~'bo ()1>!.Q0b!.QOU 3:JMOM!.QOU 10 !.Q~O!.QC>6
40 !.Q~Oa!.QO 0 C> 0 Md:J~o6ou 8o'b6001:
(2/98)(365/30)(120,000$)(1/2 oo~'bo) = 0.2483 X 120,000$ X 0.5 14,898
801~0060 6 0130060 !.QC>6C>bC>M~:JOo 38,898$
d:J!.Q:J()0!.Q, U,) 'hM()C>!.QM:JOM030 UC>btJMOOU d300lMOU ()C>8Mtj:J600001 uoubo od6oo" tl30~" 'bo

328
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articles related to topics covered in this chapter.
329
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343
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lio8o 6~oli obo~o, ';9ez3MM ocaod&oo6o o~ff';9M30~M0001. MMO d3()~0 o~ff';9M30~MOo
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oMoli 40% CQo 01(.J 60MBM0030 'boMo~o .3MMOd&oli MMBo~oBo 6o~li, !Qoli0Cl30000, MMB JMB-
.30600 aod~ooli oo6o'b~o';9MMli CQ060JoM50 JMB.3o6ooli lib30 ooBMlio3~001.
Mo Cl(Jo~o!Q(JMO CZ3':9~o!Qo 60JoCQoooli Clo8Mlio3~000 od6ooo M3o 6~oli e,06Bo3~Mo0Clo
CQo Mo ot'ioli lio61:Jolio CZ3':9~oli e,olio3~000 (.3MMOd&oli CQolio61:JoliC:lo)?
2. JMB.30600 Fresno Finial Fabricating Works e,06obo~o3li 038M800';9Mo e,oboCQMU Bolio oMlio-
O(J~O OoMBMooo. o~ff';9M30~MOOli Bo6o~oM8o, 80~ JM6&o6&Bo 01d306013oli 8Mo5MM30
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Clo8GoMoooli 150,000$-001 60~00o!QOO.
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038MBo&o'boooli 6060CQ01Qooo od6ooo 80~00':9~0.
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o~ff(JM3o~Moo 8Mb3CQ000 lioB6~oo6o dM6oooli J~oliClo !Qo 08MM8o'b0Moo':9~0 od6ooo
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6~o()Mo Clo60Mf1':96oooli boM~ooo e,on'bM!QOOo 2000$-CQo6 8000$-B!Qo, 01(.J C:loli1:Jo!Q':9~0
od6ooo obo~o o~ff';9M3o~Moo
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M(3b~oli e,06Bo3~Mo0Clo !Qo Mo oMoli oM~M 6o~li 'bM!Qo!Qo 68061Qo CZ3(.J~oli 6oJoCQo?

1. JMB.306008 Thoma Pharmaceutical Cloliod~Mo Ol:JO!QMli CQ68~oli &oli&nMoooli o~ff';9M3o~Moo,

Mo(3 ~ot'Yili 60,000$. 8Mlio~M!Q6o~oo MMB oli 8od6oJo ClooB(30MOOli J~060JOli oJoMo&oli
0MMB001 CQo6obot;J~ooli 6o~o6oCQClo 20,000$-001. o~ff()M3o~Mooli od3li b(J016~0060 liolioG·
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JM(';)JMMo(30(J~o lioe,oCQoliobo!QM 5060J30010 JMB.306ooli013oli (e,oot'Y\0100600':9~0 CBO!QOM·
o~()Mo CQo CJ&o&oli CQM6o'bo) ot;Joli 38% CQo Bolio 8M01bM360~0 8M8e,oooo6Mooli 5060J30010
oMoli 15%. (01() 8Me,ooo CQoooe,3Moli ao8CQ05 .3t'YiMOd8'bo oMoli (JoMl:JMez3001o 6oooli8ooM
oo~li, JMB.30600 oo6o'b~o(JMOOli !Qo6oJoMe,li JMB.3o6ooli lib30 aoBMlio3~001 08 oo~li). 08
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2. 1-~ 0BM(3060Clo !Qo3()Cl3001, MMB OM~M M01bo 6~oli 506Bo3~Mo0Clo BMlio~M!Q6o~oo 6%
o6ca~o(30o lio8(.JOoM boM~OOOCQo6 80~00':9~ CQo6o'bMe,ooClo, 0Be,30Mo!Q, t'YiM8 Q?o6o'bMe,ooo
.30M30~ 6o~li oMoli 20,000$, BOMMO 6o~li 21,200$ CQo olio ao80?05·
0. oB o6ez3MM8oeooli lioca';9d3o~'bo 1 t'Yio oMoli Cloliooo8olio CZ3';9~o!Qo 6oJ'>!QOoo?

344
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CQC>800ooocn CQ0 Ob CQC>80&ooocno 063ob00000 b0ifoMP1 OtJPl dMP10d0ob 0MbOOP100b
0 06803~Plo000, M0 'bo 0 03~060 od6000 080b oob0008ob 'B()~C>CQ 60J0CQoo'bo? (t130~0
bb30 .3oMPloooo 0Mob 00 030 1 MPl()PlMO 08Plo060 2-oo, 60lfo~o (0)).
3. d0~0d San Jose b()Mb 0003.:i~Plb 8obo oo8o60ob 008Mo30 d3o~o 806d06000 0b.:i~o
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d06ooob 8()0.:>Ploob 80b0bo.:icnoo~ooo. JP18,306oob0 .)6 Rockbuilt truck, MP18o~oG c::?oMb
74,000$, 0d3b ()80c::?~obo 0od5nJ()Mo 80b0bo0cnoo~ooo. 08 806d06ob b0boGPlob~(Y) (30J~o
8 oo~o.:i, 8P10P1Mob J0d000~()MO 61o8P160ocn b(JcnO O~ob odbd~(),)0,)GOOb oo8CQDo· 8Plb,)-
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JP1B.3060.:i Bulldog Trucks, t101Qob 806d05oob 59,000$-0(.Q. odu.3~()000Gool; b0MJi;JOo 0B
8P11QO~Ob B06d.:i60'bo od6000 B0c::?0~0. 8Plb.'.l~P11QbO~M, MP18 doM30~ oo~b olio6o
oo.:i<Q 006o6 3000$-li <QC> 8 o~oli odb.'3~()000ooob 0 06B03~Plo000 olio5o 00o'bMCQ02>0 1500$-
ocn oo~oO.:><QOO. Odb.'3~()000oooli BoP1cnbo oo~b 8P10P1Mb 1Q0biJ'oM<QQ00 J.'.ldo00~()Mo
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00(330~Plb 0Bi]0801Q c,0BP1t106oo()~O cn03oli 00MBP1Q0000. JP1B.306oob bdQ(300~ob&ooo 080-
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2000$.
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8bPl~P1CQ 3000$.

345
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fb6003!:!!?000G 08M(3.:>60Gm30G?

2 3 4
L ~'bM<>n6o $100,000 $100,000 $100,000 $100,000
2. ob~ o8"il<\<§o°l»(3o.> 96,000 153,600 92,160 55,296
3. d;JDC.;>Oo8~°!»(3o.> 34 560 34,560 17,280 _ _o
4. ~8n~ 6<>'bfiiC!?n
bo'bo (2)- bo'bo (3) 61,440 Il9,040 74,880 55,296
5. 8M<>n6ol> ~:JO.> ~D83~D
bo'bo (1)-bo'bo (4) 38,560 (19,040) 25,120 44,704
6. 3~l>o~::J0o
bo'bo(5)X(40%) 15 424 (7,616)
7· 8M<>n6ol> G3~oec::JO.> ~D83t<iol> <ln8!.!ID8
bo'bo (5) - bo'bo (6) 23,136 (11,424) 15,072 26,822

2 3 4
8. "'3ifioG~ '13CJ~fuJO!.!IOl>oo~:JO.>
bo'bo (7) + bo'bo (4) o6
bo'bo (1)-bo'bo (6) 84,576 107,616 89,952 82,118
9. ~J30!.l/0G°"'~~;]Oo
X(1--0.40) 0 0 0 0
IO. na~~fuJO!.!IO
b,,'bo (8) + bo'bo (9) $ 84,576 $107,616 $ 89,952 $ 82,l 18

5 6 7 8
I. !.l/ofu'bM<>n6o $100,000 $100,000 $100,000 $100,000
2. ~'l»(3ro,ob~ 55,296 27,648 0 0
3. ~8n°l»(3o.>,d3~ 0 0 __o_ o
4. ~'bo(3ool> fu~
bo'bo (2)-bo'bo (3) 55,296 27,648 0 0
5. at"l()DOOU G3~oec:neo ~D83Moa!:QD
bo'bo (1)- bo'bo (4)) 44,704 72,352 100,000 100,000
6. 0o!.!lol>obo!.l/DOO
bo'bo (5) X (40%) 17,882 28,941
7. a"' 0nool> G3~o~noo !.!loona3r<>ol> <lnB!.!lna
bo'bo (5) - bo'bo (6) 26,822 43,411 60,000 60,000
8. "'.:i 3 r<>oGoCJ~o 'BCJ~0!.!10-60J.>!.!10L> G3~o~noo
bo'bo (7) + bo'bo (4) 06
bo'bo (1)- bo'bo (6) 82,118 71,059 60,000 60,000
9. l>o~OJ30!.!10(30t"l ~OMDOCJ~noo
x (1 - 0.40) 0 0 0 24,000
I0. 08061.l/O 'BCJ~O!.l/0 60J0!.!10
bo 'bo (8) + bo 'bo (9) $ 82,118 $ 71,059 $ 60,000 $ 84,000

G.:.fitioGo 6.:>~(QO ~()!:!!?OU 00G03.:ie!!?o

~.:.Go - d30!:!!?0 tQ<>6<>tQ 0 <>M:JOOU 3<>tJOtQ3<> - .:>~Mo(3b(JC!!?O tQ<>O:J 0 36)0G tQ.:>60 'tJcry 0o
480,000$ - 70,000$ - (0.40)(86,400$ - 70,000$) =403,440$

346
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2. 'lJMl!/O(l?O :Jdl>3t::,'M0®0(30(Jf>10 (J?OOObOMji:DOO 6,000 6,000 6,000 6,000
3. 0801t<i®o'lio(3M 166,650 222,250 74,050 37,050
4. 8M()QOOU G3t::.>0t::,':JOO (J?00Qo3t<1o81!/D
bo'lio (1) - bo'bo (2) - bo'bo (3) (22,650 (78,250) 69,950 106,950
5. 0oQ?ol>obol!/aoo
bo'bo (4) X (40%) {9,060 (31,300) 27,980 42,780
6. a..., 30 ool> 83 t::.>ot::.>aoo l!/oo033 t<1ol> oaal!!Do
bo'bo (4) - bo'bo (5) (13,590 (46,950) 41,970 64,170
7. M3at<1o(30(Jt::,'0 'lJ(Jt::,'01!/0 6oJOl!/ol> (33t::,'0t::,'QOO
bo'bo (6) + bo'lio (3) 06
bo'bo (1) - bo'bo (2) - bo'bo (5) 153,060 175,300 116,020 101,220
8. l>ot::.>oJ30Q?oG001 c;ot<\30(.Jt::.'QOO
x (1 - 0.40) 0 0 0 30.000
9. 08061!/0 'lJ(Jt::,'O(l?O foJO(QO
bo 'lio (7) + bo 'bo (8) $153,060 $175,300 $116,020 $131,220

b0c;>tQO 'B()~OU 000030~0 b(J~0'l306 (QM0'lU (0008000 'B()~oG 00003~000) = 500,000$ (08
Clo8a>b3030Clo, au 0t"10G tQ060b0t"1feooo .3<Yi0'lod@JoG 006b0'lM(308~Do0 '1lo).

Aggarwal, Raj. Capital Budgeting Under Uncertain(v. Englewood Cliffs, NJ: Prentice Hall, 1993.

Barwise, Patrick, Paul R. Marsh, and Robin Wensley. "Must 82-91.

Finance and Strategy Clash?" Harvard Business Review 67
(September-October 1989), 85-90:
Bierman, Harold, Jr., and Seymour Smidt. The Capital Bud-
geting Decision: Economic Analysis <~/'Investment Projects,
8th ed. New York: Macmillan, 1993.
Hartman, Joseph C. "Technical Note - New Depreciation
Rules from the Job Creation and Worker Assistance
Act of 2002 and Their Impact on Capital Investment." The
Engineering Economist 47 (Summer 2002), 354-
367.
Kim, Suk H. "A Summary of Empirical Studies on Capital
Budgeting Practices." Business and Public A.flairs 13 (Fall
1986), 21-25.
Levy, Haim, and Marshall Samat. Capital Investment and
Financial Decisions, 5th ed. Englewood Cliffs, NJ: Prentice
Hall, 1994.
Marshuetz, Richard J. "How American Can Allocates Capital."
Harvard Business Review 63 (January-February 1985),
Rappaport, Alfred, and Robert A. Taggart Jr. "Evaluation
of Capital Expenditure Proposals Under Inflation."
Financial 1Hanagement 11 (Spring 1982), 5-13.
Seitz, Neil, and Mitch Ellison. Capital Budgeting and Long-
Term Financing Decisions, 4th ed. Mason, OH: South-
Westem, 2004.
Shapiro, Alan C. "Corporate Strategy and the Capital
Budgeting Decision." Midland Co1porate Finance Journal 3
(Spring 1985)~ 22-36.
Van Horne, James C. "A Note on Biases in Capital Budgeting
Introduced by Ination." Journal of Financial and
Quantitative Ana(vsis 6 (January 1971 ), 653-658.
Part V of the text's web site, Wachowicz 's Web FVorld,
contains links to many finance web sites and online
articles related to topics covered in this chapter.

347
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351

':'JJ(JQDOnb llnll("
a06.:>J3a010 - !internal rate
of return (IRR) -
063al>8nl3nao't>a
llo8"'u"3~ou 0060J 3amnu
lla'1J"l>aoou a0m"'IJ(n.
IJ(OUJM6(linfiaonb
0 06.:>J3aa10, "'"'aa~n 8
':'J8"'~1J(DO" 8ro8.:>3.:>~n
'(J()~>ll(O 801dfi.:>MOD00U
8081l(n60fia
c;nfia<>CJ~aonu,
u0063ali(linl30"' :Jfi"'Dd8nli
0 06bMfi(30D~Donu IJ(.:>
u061Jnlin n63au(lio 8 00onli
c;nfiaoCJ~DOOU
0 00130~nu606oonm.
352
30!.l?MD .3M(Y)Od8b, M018o~oG od~D3" 00030 'B(J~"tl? 6"J"tl?06b 6-ti?.:>6 10 0~08!.l?O· dOC\?00"!.l?
801b0~01tl?60~0 'B(J~"tl?o 6"J"ti?06ob ti?M01()~0160 .:>Mob 808"!.l? 8600360~013060 G.:>n63ob80-
G001 0"tl?"otJ3080~06ob 8o~o6ob ti?M01b.
ti?ObJ01680Mo6()~0 'B(J~"tl?o 6"J"ti?ob 8om01ti?o60 b.:>Cl()"~o60li 030d~o3b 0~80130Ro601m
006bb30306060 'B(J~"tl?o 6.:>J"tl?06ob ti?M01()~0100Clo bb30ti?0bb30 .3M01od806obm3ob ti?ObJ016-
80Mooob .3M01Gobob 80Cl30016om. 08ob 0"Mti?.:>, !:QObJ01680Mo6ob 0MR0306ob 8oboti?3om, !5306
Clo03od~o0 0bo30 008f'1300600M0Cl01m .3M01od8ob MobJo. b080 801030610 !:QObJf'16801'lo6()~0
'B(J~"U?o 6.:>J.:>!:Qob 8om(Y)!:QO .:>Mob (JJ(J006ob Clo!:!?" 0060J3omo (IRR), 0b~06U?o~o 0806!.l?"
~ot'lo6()~06" {NPV) ti?" 8018006006(Y)6ob o6U?odbo (PI). dOC\?00"!.l? !5306 0063obo~.:>3m
ffi0ffi(Y)0()~ 8om(Y)i:Qb. ob 0061801ti?0060 "006()~0.'.> 80-3 m03ob bi>CZJ(Jd3o~'bo, M(Y)l:QOb"G !5306
0063obo~om 'B(J~ob ~oMoi'i(J~Oo" i:QM01ob 8oboti?3om !:!?" 80-4 m03ob b"'B(Jd3o~'bo, M(Y)!:QOb"G
0063obo~om 'B"bo.:>60 D"~"~U?o6ob 80180000.:>6(Y)6ob b.:>Jombo.
(JJ()00oob Clo!:Q.:> 006.:>J3omo (!RR) b.:>n63ob8ooo(Y) 0060U?"U?Ooobm3ob .:>Mob ti?ObJ(Y)68ob
006.:>J3omo, M018o~oo 8(Y)~Oi> 8(Y)bi>~(Y)tl?6o~o o8o6!:Qi> 'B(J~i>tl?O 6"J"ti?000b 0b~.:>6ti?o~
~oM06()~06ob (CF) bi>OtJObo 'B(J~i>tl?O 6.:>Ji>ti?ob 0 0b03~om {ICO). ffi(J bi>OtJobo 'B(J~i>!:QO 0 0b030~0
06 b.:>Mfeo 00M8(Y)Cl(Y)60~00 6()~01306 ti?M(Y)b, o0o tli>M8(Y)!:Q806o~o.:> 006"J3omom, IRR, 0803061.:>!:Q
_ CF1 CF2 CF
Ico - 1
+ 2
0
+ ... +--'---- (13.
(1 + IRR) (1 + IRR) (1 +IRR)"
08 0 301'\0!.l?, IRR .:>Mob .3M010068()~0 0 06.:>J3omo, M(Y)8o~oo ti?ObJM680Mo60b ()Jomo6b
8(Y)8030~0 0806!.l?i> 'B(J~i>!:QO 6.:>Ji>l:QOi'iob t\?0606.:>b - CF 1 - CF0 - ()8M~!:Q06i> bi>OtJOUO 'B(J~i>!:QO
0 0b03~ob (ICO) 0b~06U?o~o ~oMOO(J~06ob 6(J~(Y)306 ti?M01b. !53060 mo3'bob 00801b.:>dM(Y)60
i:Q.:>6.:>!:Q0.:>Mobm3ob 08(Y)(3.:>60 Clob0d~(Y)" 00801ob.:>b(Y)b Clo8U?oo6.:>nM.:>ti?
$100 000 = $34,432 + $39,530 + $39,359 + $32,219
' (I + IRR)1 (1 + IRR) 2 (I + IRR)3 (1 + IRR)4
o6CJ>aM.3M~.:>Go<>. (JJ()QO<'iob Cloi:Q.:> 0 06.:>J3omob 08(Y)bb6om, IRR, 'b(Y)8fe0M 8(Y)oo03b
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0i>8(Y)t10606om, b06oti?600M(Y)tl? 01'lbo6(Y)6b J(Y)8.3o(J806l(J~o .3M010M08060 U?" !:Q.:>.36l(Y)061080-
6(J~o J"~J(J~.:>8(Y)M06o, 61018~060(3 Clo03od~o0 008(Y)3ot10601m (3i:Q0180~06ob 0 .:>bo(Y)t'lo6ob
.3M(Y)(30t\?(JM1>do. Ob 03ob801'io60 m03oi:Q.:>6 030(30~(Y)m bo~om 06 0 061000. 8006108 .:>Mob
Clo8mb303060, M(Y)l:QOb"G GU?0180~06ob 00bo(Y)Mo6ob 8om(Y)i:Qob 008(Y)t106060b 3061 03000~06m.
m3i>~b0Ro6(Y)o6obi>m3ob, U?"3()6M(J6tl?om !5306 800.:>~omb. b.:>!:Q.:>(3 (J6!:Q.:> 0063b0'b~36l(Y)m
fQObJM68oMo6ob 0060J3omo, M018o~oG 000m.:>6i>6Mo<'>tl?" 0b~06tl?o~ ~o6lo6()~06"li
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M(Y)8 !5306 3oot106m 15%-0060 i:QObJ(Y)68oMo6ob 0060J3omom (Q" 008(Y)3d3om03m 0b~06tQO~
~ot'lo6()~06"b 8(Y)8030~0 0806(!?" 'B(J~i>(QO 6.:>Ji>(Q06ob tl?o60606oi:Q.:>6. 0b~06ti?o~o
~o6lo6()~06ob Clob0608obo J010'Boooo68ob 8(Y)do66obm3ob 008(Y)3ot106(Y)m 08 0006ob
!:Q<'>606lmotQi>6 (3bMo~o II. {i>~80M608o(J~"tl?' Clobi>d~o<'>o~o OtJ(Y) Mi>8tQo6feoM8o
0.)8(Y)03080606060 0068(Y)~o6.) PVIF;,0 = 1/(1 + i)".)
PVIF 15%-0ffi
$34,432 x 0.870 $ 29,955.84
2 39,530 x 0.756 29,884.68
3 39,359 x 0.658 25,898.22
4 32,219 x 0.572 18,429.27
$104,168.01
------··-·---·
15% ti?ObJ0168ob 0i>6i>J3omo dOtQ00iltl? od~03il 0i>6b0bo~30~0 .36l(Y)od8ob 0b~.:>6tQO~
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3G"tQ(Y)m 808.)tQ 80~0~0 fQObJ(Y)68o1'looob 0.)6i>J3omo, 6\(Y)8 (J'BM(Y) 8o8"tQ 0.)3ilmi>6i>6M(Y)m
8(Y)8i>3il~O 'lJ(J~i>tl?O 6.:>Ji>t\?060 (Qi> CJ03i>8(30M01m 8i>mo .:>b~il(Q06(J~O ~ot'io6()~06i> 100,000$-
8(!?0· 610 btQ060 (QObJ01680Mo6ob 20%-006 006.:>J3omob (QM(Y)b?

'""''"""'''""' - "'"' 6006"'0
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060rc;n'bom, 306>J3omn,
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--·----~--·~-·-------·---------------·----- ..
I $34,432 X 0.833 $28,681.86
2 39,530 x 0.694 27,433.82
3 39,359 x 0.579 22,788.86
4 32,219 x 0.482 15,529.56
$94,434.10
.;8 (QMMb .:.8Mmflo(JC::O 1QObJM60oli 0060J3omo OtJM d.:.e::;o.:.6 CQOIQO. 80('.?00(JC::O .:.be::;.:.6uwe::;o
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0060J3omo, "()Goe:::oooe::;o 'B()C::"(l:!o 6"Jo1Qoli CQOliJ0160omooolim3oli 100,000$-8(l:!o, ()61Q" OtJMli
15 (l:!" 20%-ooli ClMmoli .
.:.be::;o6(l:!OC::o ('.?OM::JO()C::OO" 15%-om >ICO> .:.be::;o61QOC:: ('.?OM::JO()C::::JO" 'bo 20%-om
$104,168.01 > $100,000 > $94,434.10
mo.:.c;:()m 006"J3omm06 800be::;Mooolim3oli, 8306 3"Jomoom
l
ClMMoli Clo81Qo 0 6.:.oM.:.IQ:
0.15 $104, 168.01 ] 4 68 01
0.05 X [ IRR $100,000.00 $ ,1 · $9,733 .91
[
0.20 $ 94,434.10
x $4,168.01 x = (0.05)x ($4, 168.0 l) = 0.0214
0.05 $9, 733.91 $9,733.91
(l:!" IRR = 0.15 + x = 0.15 + 0.0214 = 0.1714 .:.6 17.14%-li. (JM8.3o(J0oM'bo IRR-oli
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ANHEUSER_ BUSCH Anheuser-Busch

Comj>allies JM8.3060:JOO

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li<>'l3(Jd3n~o. 01() 8M8c,00006f'JOOU 8M01bM360~0 8o6o8<>~()MO c,06<>J3n010 c,06G0'bc::i3(i}03u 08
8f'J8 80 0006Mo0G, MM8 0 ~o 8 o6 3nt.i®MMou 0'bM001, JM8.306Mu ci 0 (Jd~°" (J'bM(J6 3 o~tJMG
0 06G0bo~30~0 u0063nu®oGoM 0060~<>~0oou M[l<>~o'b.:.Goou Cl0801b3n3<>Clo ~<> Jf'l8.3060.:.
oc::inoli 0060~0~000G, MM8~oG 0806~0 0b~06~0~0 c::io(i}oo(J~Do<> .:.tJ:0(i)o00G 6(J~M306
860Cl360~f'lo0G, 80Clo6 Jf'l8.30600G <>dG0000G G000'bMM 'B<>uo ()6~0 0 0o'b0(i}~(Y)G. (i}:_p~()M<>~,

354

('/Oo'(JOJO, "'"'aD~OG
0Gobo3l>
mo8MJOf.l?D6CJ~OooG
<'iro8o~n8o :J<'\,.,odenl>
f58n6m> c;n<'iooCJ~ooolio
!!I" !QOl>Jrri6(lin<'io6CJ~
c;o<'ia6CJ~oo0G <lrri<'iol>.
01() 8M8000006MOOU 8M01bM360~0 80608.:>~(JMO 0060J30010, .:>6 CQOUJM6@)oMooou 0060J30010
.:>Ml50(J~o0 u6MM.:>CQ, JM8.306oou .:>dGoooou 0130018u30CQ30~Moou u000'llMM C(puo (J6CQ0
ClooG30~Mu uoC!?oC\?001, MM8o~oG @)M~o0 Clou0008ouo u0063ou@>oGoM .3MMOd@>ou 6806CQ0
.:>b~06CQ0~0 c.;oMOO(J~Ooou . .3MMOd@>ou M00~o'ti0Go08, MM8~ou 6806CQ0 .:>b~06CQ0~0
c.;0MOO(J~Oo0 ()@)M~CQOO.:> 6(J~u, 'lio003~06.s .:>M (J6CQ0 8M0bCQ06Mu JM8.306oou .:>dGoooou
u000'tJMM <(30U'tJO.
01() 15306 CQ.:>3()030001, MM8 8M0aoou 8M01bM360~0 0060J 3o010 .:>Mou 12% C\?00 003 Mou
Clo8C\?00• 153060 6060 8000~001ou 6806CQ0 .:>b~06CQ0~0 c.;0MQO(J~Oo0 od6000
NPV = $34,432 + $39,530 + $39,359 + $32,219 _ $IOO OOO
(I + 0.12)1 (1 + 0.12) 2 (I + 0.12)3 (1 + 0.12)4 '
.:>6 0~@>oM60@>0()~0CQ,
NPV = $34,432(PVIF 12%. 1) + $39,530(PVIFm,.2) + $39,359(PVIFm,,,3)
+ $32,219(PVIF 11%.4) - $100,000
= $30,748 + $31,505 + $28,024 + $20,491 - $100,000
$10,768
JOCQQ3 OM01bo~, .:>8M(3060 dOU0d~M0 .:>8Mobu60u JM8.3o(J@)OM001 1 J0~J(J~0@)MM001 1 .:>6
Clou0008ouo .:>b~06CQ0~0 c.;oMOO(J~Ooou (3bMo~ou u0Cl()0~00001, MM8o~oG .:>Mou 6006ou
OM~MU .:>MUOO(J~ Qp60M01Clo. M.:>8CQ060CQ.:>(3 .:>8 606.:>CQ.'.>CQQOOU 6806(\?0 .:>b~06CQ0~0
c.;oM::JO(J~000 .'.>MOU 6(J~'ti0 CQOCQO, 6o60CQ0CQ000 (J6CQ0 oj6ou 8oc.;oo(J~O CQ0<(3(Jd6oo(J~O 6806(\?0
.:>b~06CQ0~0 c.;oMOO(J~OOOU 8001MCQ'lio.
o8o6(Q.:. .:.b~.:.6(Q(J~O ~ofi'i(JO(J~(JOOU (NPV) al'1.:.iaoJO. 5806CQ0 .:>b~06C!?o~o c.;oM[)O(J~Ooou CQ0
(JJ(J0000U dOQ?0 0.:.6.:.J3001ou 8::J01MQ?OOU doM0010CQ0Q? 8033030M01 .3MMOd@>oU 8oc.;ooou .:>6
(J0MSM'?.lou 8u 0 03u 0 0Q?053 3 o@>o~ 0 008n?o· u(JM001Clo 13.1 15 30 6 0 M.:><cJOJ(J~0Q? 30Cl(Jdo<'>01 MM
006bo~()~ 8001MQ?U 15306 8ooM a06bo~(J~O 80a0~0010U U0<(3(Jd3o~'tio. 0M0<(30JO, MM8o~U0(3
06MQ?Oo0 0 1'i10'?.J0Jo, (Jl5306oob Q?.:>8MJOQ?O<'>()~oo0b .3MMOd@>ou .:>b~06C!?o~ 6806t\?0
c.;0P'ioo()~Oo0b Q?.:> 008M30600()~ CQObJM6@)ob 0060J3001b oMMob. MMQ?OU.:>(3 Q?ObJM6@>ou
0060J30010 .:>Mob 6(J~o, 6806Q?0 .:>b~06n?o~o c.;oMOO(J~oo0 80M@)o30Q? .:>Mou 801~0060 '?3()~.:>Q?
Clo8MQ?06oooob 008MJ~OO(J~O .3MM::Jd@>ob 801~0060 '(3()~0Q?O 60J0Q?OOO. Q?.:>3()03001 @)M0Q?0-
(30()~0 .3MMOd0n - b0Q?0G 801~0060 o 08MQ?o6 0o0oo .:>j:0Mooob 801~006 0 0n?o6oooob Q?0 b0n?0G
b063obo 00Q?o6000 (00n?o600000) 8M33000 Clo8MQ?o6oooou - 50P'i8Moo3000 ()80c.;~obo 6806t\?0
.:>b~06n?o~o c.;0Moo()~Oo0, MMQ?::Jb.:>(3 Q?ObJM6@)ob 0060J30010 .:>Mob 6(J~o. M0n?006 Q?ObJM6-
@)ob 0060J30010 o'liMQ?oo0, 68o6Q?.:> .:>b~06n?o~o c.;oMOO(J~Ooob 0M0<(30JO obM000 j303ocn 80M-
ji;3603. 6oM@>o~Clo, b.:>!:Q0(3 NPV b0'tio 00Q?0J3001b dMMo'tiM6@).:>~(JM c.;oP'idb 0P'10'(30J'bo,
.3P1Mod@>ob 58o6Q?.:> .:.b~.:.6uw~o c.;0MOO(J~Oo0 0P'lou 6(J~o. 006b0'tic.;3P'lob 8oboQ?3ocn, Q?ObJ(Y)6-
@)oP'looou 006.:.J3o010 08 6oP'i@>o~Clo 60P'i8M.:.n? 0 o6b (JJ() 00 oob Clot\?0 0 060J3o01b - b(JP'l0010 13. 1
NPV 0P'l0'?30Jo 0103'bob 008Mu00MM00 Q?060Q?00P'lob 8000~001'bo (Jl5306oob .3MMOj@>ob 6806(Q0
0b~06n?o~ c.;oP'ioo()~oo0b 0 08M0600P'loo 0 o(J~b 801 0 ~0 P1o 0 o Q?ObJM6@>ob 0 060J 3o-
01ooob013ou. Q?ObJM6@)ob 0060J30010, MM8~0010G .3P'iMod@>ob 5806Q?0 0b~06(Qo~o
c.;0P'lo~v~oo0 (J@)M~(Qoo0 6(J~b. 08 (QObJM6@>ob 0060J3o01ooou013ob, MM8~ 0 ooG 8o@>o0
(JJ(J 0 aoob Clot!?.:. 0 060J 3o01'b 0, .3P'iMod@>ob 5806(Q0 .:.b~06n?o~o c.;oMoo()~oo0 0P'iob
(J0M3M<(30CDO.
01() 8M0ooou 8M01bM360~0 0060J30010 60J~ooo0 (JJ(J0000b dOQ?0 0060J3001'tio, 15306
Q?0300106b800001 .3MMoj@)b MP'io30 8001MQ?ob 008M30600001. (Q03()Cl3001, P'iM8 8M0ooob
8(Y)01bM360~0 0060J30010 03(Y) 12%. MM0(Y)MG 60153060000 13.1 b(Jfii001'tio, .36iMod@>ob 6806t\?0
0b~06(Qo~o c;::ofiioo()~Oo0 0P1ob (Q00b~Mooo01 10,000$-'bo 80@)0. (6806(Q0 .:>b~06!:Qo~o
c;::oP1oo()~Ooob 15 30 60 5060 0 08M05 00P100 0o0onCQ06 308 001, P1M8 o0 o o3M 10,768$). P108(Qo-
60n?0G .3P1Mod@>ob 5806Q?0 0b~06!:Qo~o c.;0P1oo()~Oo0 0!Yiob 6(J~'bo CQO!:Qo, 15306 300106b8ooocn
.3!Yi(Y)oM>G 5806(Q0 0b~06!:Qo~o c;::ofiioo()~Ooob 8001MCQnb 008M30600001 . .:.8ob 8b003G0CQ f\306
300106b800001 .3fiiMod0b (JJ()00oob Clo!:Q0 0060J3001ou 8001(Y)CQob 008(Y)3o600001, P10CQ 0 06
(JJ(J&Ooob oo!:Q0 0 060J30010 ( 17%-BCQo) 0EJ:0P1ooob 8(Y) 0 ooou 8(Y)01b(Y)360~ 0 060J 3omb ( 12%-u).
m(J 8(Y)01b(Y)360~0 0 06.:.J 3o01000 CQO(Qo0, 30CQ!Yio (JJ(J 00 oou Clo!:Q0 0 060J3ocno, 15306 3(]0!Yi3M'(301
.3!YiMod0b MIYio30 8om(Y)!QOb 8obo(Q3ocn. 08030!Yi0(Q, f\306 360b(J~Mo01, fii(Y)8 (JJ(JOOOou CloCQ0
a
0 060J 3o010 (Q0 6806CQ0 0b~06CRo~o c.;o!Yioov~ooob 0mMCQo<'>o 03 0d~o3u 8b 003u .30bvboob
u00630 G0 o0 oM .3!Yi(Y)odonG 8oc.; 0 oou 06 ()0IYisM'?.loG CJ 0G00080G0CQ.
355
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-10,000
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<Bo~ol.i <§M.:>CQOQO(J~O dM(Y')Dd<§obm3ob booM.:>CQ ODl>.::.d~(Y').::. 0.::.8(Y')03.::.CQ 0 :Jb 0M.:><noJo,
M(Y')8D~OG .::.000()~0.) 8b(Y')~(Y')(Q b.::.80 O:JM<§o~om: NPV CQOUJ(Y')6<§oMnooli 6v~(Y')3.::.60
0.::.6.::.J3Dmom, NPV 8(Y')80Doo.::.6(Y')ool.i 8(Y')mb(Y')360~0 80608.::.~(JMO 0.::.6.::.J3Dmom {!?.:> NPV
ClDli.::.o.::.8ol>o dM(Y')Dd<§oli IRR-om.

J(r),,.,Dd(!iob .::.6 8(Y')0Donli Q?.:> b.:>MJ::Donli Q?.:>8(Y')JOQ?DO(J~:Jonl> .J(Y')D-

dMMtJJ8ol> 8M8030~0 csnonn6<§n 8(Y')8.::.3.::.~o 0806!!2.::. <[J()~.:>CQO 6.::..J.:>Q?Dool.i .::.b~.::.6(Q:J~O ~OM:JO(J~Dool.i CQ.:>
6806(!/0 '1)()~0(!/0 l.i.::.o::inl>o <B(J~.:>Q?o 0 .::.l.i.::.3~nonl.i Q?.:>8(Y').JOQ?DO(J~Donb .j(Y'):J<B0(30:J6@>o. :Jb Clnod~no.::. 0.::.8(Y')ol.i.::.b(Y')b
6oJ->C!laoob 1>b~o6C!/o~o Cln8U?no6.::.nM.::.U?
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PI=[~-+~+ ... + CF~] lrco

(!/08MJO(!/QO(J~tJOob

(l + k)" r
J"'tJ'B0(30tJ68o oa
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fi3n6li 8nnM 0 .::.6bn~()~o 8.::. 0 .::.~nmoli 8obnCQ3nm,
PI = ($30,748 + $31,505 + $28,024 + $20,491 )/$100,000
= $110,768/$100,000 = 1.11

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b:J~O:Jb::J(Y')O<ib, M(Y')8o~li.:io dM(Y'):Jd@>n ().J:JOl:JOb "dGn(Y')6ot<'l()~ lin81QO(QM:Jb. 8(Y')8c,oon06(Y)OOU
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356

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PI NPV
c $42,000 $30,000
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+15% 20,670 20,985 21,299

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60J1>1:Q::JOol.i C>b~061:Q::J~ c:;>ol'1oo()~Oo0li li06'uoli 'tJ()~"l:Q
001:Qo6ao0li0106. 01() .3MMOd&oli IRR i:Qoi:Q00 06 0M~o0
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od6ali 8oc:;>oo()~o.
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'tl()~0{QO 60J0!.Q::JOOl.i 0b~061:Qo~ c:;>oM:JO(J~::JOC>i.i 008MJ-
~::JO(J~n 6'06"1:Q"!.Q::JOol.i li06'uolin 'tl(J~0!.Qo 0 0li03~aon.
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.3"1Mod&oli 8M8 0aoo06Mooli n6!.Qadlio (PI), "6 8M 0 aooli0
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368
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(Y)Mo: 25% CQ0 400%.

$1600 = $10,000 - $10,000

' (1 + IRR)1 (1 + IRR) 2
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0 2 3
$6,000 -$11,000 $6,000

1,000

500

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NPV 3l'io<tJOJO liodoRoli
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G3~o~ooou 8o(Jb0<Q"3"<Q:

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NPV = $10,000 - $10,000 - $1 600

(1 + 0.20)1 (1 + 0.20)2 '

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NPV = ~ NPV 0

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0 5 10

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NPV 11"6"G3c::>3<'>oG
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k = 10%; !!i" R = 2)

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I ( 1,000,000) 0.877 (877,000) 0.885 (885,000)
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3 300,000 0.675 202,500 0.693 207,900
4 350,000 0.592 207,200 0.613 214,550
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~O~:J<!:'0"-"""~00o $ (54,250) $ 14,000

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0.01 X [ IRR $14,~
]$14,000]$68,250
[ 0.14 $(54,250)

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0 1>6i>J3Dmo i>MoG 6i>Jc::>ooo, 301.QMO 8fYlooooG 8fYlmbfYl36oc::>o 0 i>6i>J3omo, .3MfYlJd&o i>M
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350,000$ + 400,000$ + 400,000$ = 0)

378
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86,890 0.877 76,203
2 106,474 0.769 81,879
3 91,612 0.675 61,838
4 84,801 0.592 50,202
5 84,801 0.519 44,012
6 75,400 0.456 34,382
7 66,000 0.400 26,400
8 92,400 0.351 32.432
68o6<Q> ob~>6<Qoo:!!o c;:ol'ioov~oc> = $ 2,924

81'l0lbl'l360<':!!0 81'l8030<':!!0 '13';'.l<".!!0<!?0 60J0<l?Ou 6806<!?0

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$200,000 $290,000 $ 90,000
2 115,000 185,000 70,000
3 270,000 400,000 130,000
1, 2 315,000 475,000 160,000
1, 3 440,000 690,000 250,000
2,3 385,000 620,000 235,000
1, 2, 3 680,000 910,000 230,000

';J6CQ0 nd6oli 0til~O';J~n 1-~n CQ" 80-3 .3tilMod®ooo, til.:iCQc,06 nlin6o nd~o3006 ';JCQOCQ:Jli 6806CQ0 .:ib~06CQO~
~OM:JO'ZJ~oo.:ili.

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379
 Decision Making." Financial Management 11 (Autumn
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380
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Part V of the text's web site, Wachowicz's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
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.'3o<'lo<YJQ?olim3oli CF, 0.:i6oli.:i 'be:;36loo.:i Clo8t!?o06.:io6l.:i!!?
n
Cf\= L(CF.. )(P.. ) (14.1)
x =I
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Cloo<YJ6oc:::io 1 o.:i618<YJCl<YJooli .:ic:::io.:im<YJooooli Cloo<YJ6oc:::iooom.
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n
cr, = L(CF,, -Cf\)2(P.,) (1
li.:iU?"G"' .:i<'loli J3"U?M1>8(Jc::?O '13oli3oli 6oCJ.:i6o. li&.:i6(!/1>M8(Jc::?O 0"!.!?"b<'loli J3"U?M.:i&o, cr/ I G6<YJ-
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o<'lm'bo 80&0 li&.:i6(!/.:>M8(Jc::?O 0"U?"b610 li.:iO(J1>c:::'CYJ 860Cl360~0CQ.:>6. 0c::?000l<YJO.:>, M<YJ8 Mt:J0c::?(JMO
dt:JU?D0o 8f'1b3U?OO" 0"3MGOc:::'Dooli 8<YJli0c:::i<YJU?6oc:::io e:;o<'loo()c:::'Oooli <YJM li&.:i6U?.:i<'l&()c:::'
00Q?.:ib6l.:ili o<YJ<'loli .:i<'loli U/0.:ibc:::i<YJooom 95% !!!" 0c:::io.:im<YJ0.:i 1 6l<YJ8 000 8<YJb3U?oo.:i li.:i8 li&.:i6U?.:i6l-
8()c:::' 0"!!?0b6l.:ili o<YJ<'loli .:i<'loli 99%-'bo 80&0. 0006oli o<YJc:::i<YJli .:i<'llioo()c:::> !!?"6.:i<'lmoo V Gb<'loc:::iClo
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0"!!?.:ib<'l.:i ooli0dc:::i<YJ.:i 0.:i8<YJ1:jt:J6t:JO(Jc::?O oj6oli lib3.:>13?.:>lib3.:i 813?0<YJ806lo<YJooli o.:i618<YJO<YJOoli
.:ic:::io0m<YJooli 00<13.:ili0ooolicn3oli.
oc:::i()li&«l10Go.:i. Cloli0dc:::i<YJ </'J()c:::'0U?o 6.:iJ0U?oooli .:ic:::io0m<YJooli 003P1Goc:::ioooli 8<YJli.:ic:::i<YJU?6oc:::io
e:;o<'loo()c::?OOoli !!!" li&0613?.:>M8(Jc::?O 0013?0b6loli o.:i<'l8Mo<YJooli 0.:ili00()Jt:JOc::?"!:!?• 0.:i3006ldoc:::i<YJm
0060 <YJMo dM<YJOJ&oli 006boc:::i3.:i.
0 6060tl10!li?Oo0
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a::Ju0de:'f'l <a'il~0U?o 0~c.0mf'lc.01;
60J0tl10, CFx 1 606i8f'lClf'lo0, Px 1 (CFx 1)(Pxi) (CFx 1 - CF 1) 2(Px 1)
·-----·-------· ------·T3o0______ ($3,000--=$4~0) 2 (0.1 o)
$3,000 0.10
3,500 0.20 700 ( 3,500 - 4,000)2(0.20)
4,000 0.40 1,600 ( 4,000 - 4,000)2(0.40)
4,500 0.20 900 ( 4,500 - 4,000) 2(0.20)
5,000 0.10 500 ( 5,000 - 4,000) 2(0.10)
L = 1.00 L = $4,000 = CF 1 L = $300,000 = crj
($300,000)05 = $548 = cr,

384

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6,000 0.10 _2QQ { 6,000 - 4,000)'(0.10)
:E = l.00 :E = $4,000 = CF I :E = $1,200,000 = <Ji
($1,200,000)05 = Sl,095 = <JI
·-------·--------------------·
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dO!QOoOonli !QO!Q (Qnb.30P'ibn0b - 06() !1306 Clo 0 3nd~n0 3mj30m, Mf'l8 80b 0j3b 80c:;0~n l'Y'inbJn.
0 03fY'>Go~oonb Clob0008nbn <Qnb.3or<'ibnnb b0'bf'l8n 0l'Y'inb 30Mo0Gonb
80mo80&nJ(JM0!Q n0 n 0 06nb0'bc:;3P'ioo0 Mf'l()f'lMG 0 03l'i"iGo~oonG b&06<Q0l'Y'i&(J~n 00!Q0bt"'inb
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30M0(Q, n0n 0P'inb 8f'lli0~f'l!Q6o~n c:;nl'i"ioo()~Donb ol'Y'imo(J~'bo P'inbJnG 80P'i&n30 b0'bf'18n. 0
on60CQ0<QOOnl.im3nG 30t"'in0Gnnb JfYl[)'aOGno60n 0P'inb
CVA = $548/$4,000 = 0.14
CVB = $1,095/$4,000 = 0.27
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JfYl0'aoGno6&b, 80b 0j3G Clob00080Go l'Y'iobJob 801::;0~0 b0l'Y'inlibo.
1
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l (1 + 0.08) I (1 + 0.08) 2

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+ ( 394 - 116)2(0.05)
+ ( 117 - 116)2(0.30)
+ ( -161 - 116)2(0.05)
+ ( -676 - 116)2(0.10)] 05
+ (-$652 - $116)2(0.10)
+( 374- 116)2(0.10)
+ ( -141 - 116)2(0.10)
+ ( -418 - 116)2(0.10)
[$197.277] 05 = $444

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0 0010~006 .30ModeooClo, 0M8~ 0 ot.i0 8 003 01 0106000Mo li001:Jolio 1Q060b00 3 o. MM
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----------·---

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-----
0.20 $2,000 0.10 $2,000
0.30 4,000 0.40 4,000
0.30 6,000 0.40 6,000
0.20 8,000 0.10 8,000
1.00 LOO

0. 306100ooob JMO'i'.Joooo6<!)ob CQ0 li0Cl(J0~M 860Cl36o~Mooooli 0 08r.... 013~oli 0061000,

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.
---·--~-----·-----------··---- ---"------------------~-------------·----

A $100,000 S l 0,000 $20,000

B 50,000 10,000 30,000
c 200,000 25,000 I0,000
D 10,000 5,000 10,000
E 500,000 75,000 75,000

(QM8060P106li 01() 0M0 'bM000P1010 .30Modeo CQC>60P1f\06'bo 8Mli.:>~MCQ6o~o c::>o0o-

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405
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-------·--·---------· ----------
A $100,000 $200,000
B 20,000 80,000
c 75,000 100,000
D 60,000 150,000
E 50,000 20,000
F 40,000 60,000
G 120,000 170,000
H 90,000 70,000
50,000 100,000
J 75,000 30,000

406
 <Q0b,:>'bom 'bo8Mbbo5oo(Je:'..'0 .3Mt>'\~<a.'.le:'..'.'.loo.
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0.15 26,000 0.30 $6.00 0.30 $160,000
0.20 27,000 0.40 6.50 0.40 165,000
0.30 28,000 0.30 7.00 0.30 170,000
0.20 29,000 l.00 l.00
0.15 30,000
l.00

Cl08mb303omo Mo(3b3oon (3bMoe:'._'nb 05 'bM 0 ooMmn bb30 Clo8mb303omn .3MM(3.'.Jb.'.JOob

008MtJ.'.J5ooom 0 00Jomom 08 b080 <a0d0MMob 20 05 a00n CJ 08Mo8 0oob bo8(Je:'..'0Go0 <Q0
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eo(300 'b.'.J.
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2 3 4 5 6
0.16 0.12 0.24 0.24 0.!2 1.00

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c:;oM.'.JO(Je:'._'.'.]O.) <Q0 (ii) O.'.Jb0de:'._'f"l 58o5<Q0 0be:'._'0b(J:!.'.Je:'._'O c;?OM.'.JO(Je:'._':::JO:::JOOb 0e:'._'00ffiMOOb
0 03M(J[.Je:'._'.'.]Oob 8Mb0e:'._'M<QD.'.Je:'._'O c:;oM.'.JO(Je:'._'.'.)00 (Q0 b@J0b<Q0M@J(Je:'._'O 0 0<Q0bM0 .::iP1nb
Clo8<Qooo (<Q08Mo3"e:'..'.'.lonm ):

407
 0 60~0 1 60~0 2 60~0 ®Pl®O NPV
-----------------·-------------------
$ 826 ) $ -810

-$3,000 -
$1,364
-E 1,240
1,653
2
3
-396
17

{ 1,653 4 926
2,273
-E 2,066
2,479
5
6
$1,339
1,752
NPV = 0.12(-$810) + 0.16(-$396) + 0.12($17) + 0.24($926) + 0.24($1,339)
+ 0.12($1,752) = $595
SNrv = [0.12(-$810 - $595)2 + 0. I 6(-$396 - $595)2 + 0.12($17 - $595) 2
+ 0.24($926 - $595)2 + 0.24($1,339 - $595) 2 + 0.12($1, 752 - $595)2) 05
=$868
-----------------------
0 . 6(J~ol:!?.:i6 0.:i6Gb3.:i3000G G8.:i6!:!?.:i<Yi8o'bo<Yiooo01, 8306 03.:id3G - $595/$868 = - 0.685.
Clo3bol:!?M01 v ob<Yio~oG 5oc.6oG OM~MG .:i<YiGoo()~ C!?.:i6.:i<Yi01Clo, 8306 .:ic:i8M3.:i8:)601 MM8
-0.685 ClooG.:io.:.800.:i 80.:ib~Mooo01 0.25 . .:i8o8M8, 8o.:ib~Mooo01 .:i<YioG M01bol:!?.:i6 o<Yi010
Cl.:i6Go, MM8 08061:!?.:i .:ib~.:i6!:!?o~o c:io<Yioo()~OO" od6oo.:i 6()~0 .:.6 6.:iJ~ooo.
2. ,). 8MG~M!:!?6o~ 080~ "~"61:!?0~0 c:in<YioO(J~oo.:i = $16,000 + $20,000 + $10,000 = $46,000

G8.:i6U?.:i<Yi8()~o o"!:!?"b<Yi.:i = [($8,000) + (2)(0.9)($8,000)($7,000)

2

+ (2)(0.8)($8,000)($4,000) + ($7,000)2
+ (2)(0.84)($7,000)($4,000) + ($4,000) 2) 1/2
= [$328,040,000]°' 5 = $18,112

6. 8MG.:>~M!:!?60~o 08061:!?.:i .:ib~.:.61:!?0~0 c:>OMOO(J~OO.:> = 46,000$ + 12,000$ = 58,000$

G8.:i6!:!?.:i<Yi8()~o 0.:iU?.:ib<Yi.:i = [$328,040,000 + ($9,000)
2

+ (2)(0.4)($9,000)($8,000)
+ (2)(0.2)($9,000)($7,000)
+ (2)(0.3)($9,000)($4,000)) 112
= ($513,440,000] 05 = $22,659
.:i<YiGoo(J~O .3MMOd8oooG 3.:i<Yio.:ioooG JM0930000680 p,NPV) = $18,112/$46,000 = 0.39 .
.:i<YiGoo(J~O .3MMOd8oooG 3.:i<Yio.:ioooG JMO'?j0(30068G !:!?"8"800()~0 .3(){!?060000
$22,659/$58,000 = 0.39. 8o(Jb0!:!?"3"!:!? o8oG.:i, MM8 .3(){!?06QDooG b.:i'hG .:id3G 3.:i<Yio.:ioooG
8.:ic:i.:i~o JM0930000680 ($9,000/$12,000 = 0.75) 3o{!?MO .:i<YiGoo()~ .3PiMod8ooG, MM8-
~oooo ()8 30 60006 <YioGJoG 8.:ic:i.:i~ b.:i<YioGbl>, .:.8 G.:i5.:i<Yi8MM b.:i'hoG JM<Yio~.:ioo.:i .:i<YiGoo()~
b.:i'hoo01.:i6 .:i<YioG G.:iJ8.:i<YioG.:iC!? C!?.:io.:i~o, MM 0 MM(3 tl30~" .3PiM!:!?(JdGooG 3.:i<Yio.:ioooG JM0-
cnoooo680, .3(J!:!?06c.oooG 8.:.013~001, b.:i'hClo 8bM~M!:!? .:i<YiGoo()~ .3MM!:!?(Jd80001.:i6.
3. ,), 060~0 160~0 260~0 ®Pl®O NPV

-E
$20,000 -$17,298
$60,000
-E 30,000
40,000
40,000
2
3
4
- 8,724
151
9,108
-$00,000
70,000
-E 50,000
60,000
60,000
5
6
7
17,682
26,255
35,514
80,000
-E 70,000
80,000
8
9
44,088
52,661
8Mb<i~M(r/6:J~O NPV = (0.30)(0.30)(-$17,298) + (0.30)(0.50)(-$8, 724) + (0.30)(0.20)(-$151)
+ (0.40)(0.30)($9, 108) + (0.40)(0.40)($17,682) + (0.40)(0.30)($26,255)
+ (0.30)(0.20)($35,514) + (0.30)(0.50)($44,088) + (0.30)(0.30)($52,661)
=$17,682

408
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Aggarwal, Raj, and Luc A. Soenen. "Project Exit Value as
a Measure of Flexibility and Risk Exposure." The
Engineering Economist 35 (Fall 1989), 39-54.
Amram, Martha, and Nalin Kulatilaka. Real Options:
Strategic Investments in an Uncertain World. Boston,
MA: Harvard Business School Press, 1999.
Bailes, Jack C., and James F. Nielsen. "Using Decision
Trees to Manage Capital Budgeting Risk." Management
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Berger, Philip G., Eli Ofek, and Itzhak Swarg. "1nvestor
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Brennen, Michael J., and Eduardo S. Schwartz. "A New
Approach to Evaluating Natural Resource Investments."
Midland Co1porate Finance Journal 3 (Spring 1985),
37-47.
Butler, J.S., and Barry Schachter. "The Investment
Decision: Estimation Risk and Risk Adjusted Discount
Rates." Financial Management 18 (Winter 1989), 13-22.
Copeland, Torn, and Vladimir Antikarov. Real Options: A
Practitioner's Guide. New York, NY: Texere, 2001.
Cromwell, Nancy 0., and Charles W. Hodges. "Teaching
Real Options in Corporate Finance." Journal ofFinancial
Education 24 (Spring 1998), 33-48.
Dixit, Avinash. "Entry and Exit Decisions Under
Uncertainty." Journal of Political Economy 97 (June
1989), 620--63 8.
- - , and Robert S. Pindyck. "The Options Approach
to Capital Investment." Harvard Business Review 73
(May-June 1995), 105-115.
Hertz, David B. "Risk Analysis in Capital Investment."
Harvard Business Review 42 (January-February 1964),
95-106.
- - . "Investment Policies That Pay Off." Harvard
Business Review 46 (January-February 1968), 96-108.
Hillier, Frederick S. "The Derivation of Probabilistic
Infonnation for the Evaluation of Risky Investments."
Management Science 9 (April 1963), 443-457.
Ingersoll, Jonathan E., Jr., and Stephen A. Ross. "Waiting to
Invest: Investment Under Uncertainty." Journal of
Business 65 (1992), 1-29.
Journal of Applied Corporate Finance 15 (Winter 2003).
Entire issue (10 articles) highlighting real options and
corporate strategy.
Kulatilaka, Nalin, and Alan J. Marcus. "Project Valuation
Under Uncertainty: When Does DCF Fail?" Journal of
Applied Cmporate Finance 5 (Fall 1992), 92-100.

409
 5.
Kwan, Clarence C. Y., and Yufei Yuan. "Optimal
Sequential Selection in Capital Budgeting: A Shortcut."
Financial Management 17 (Spring 1988), 54-59.
Luehrman, Timothy A. "Investment Opportunities as Real
Options: Getting Started on the Numbers." Harvard
Business Review 76 (July-August 1998), 51-67.
Magee, J. F. "How to Use Decision Trees in Capital
Investment." Harvard Business Review 42 (September-
October 1964), 79-96.
Miller, Luke T., and Chan S. Park. "Decision Making
Under Uncertainty: Real Options to the Rescue?" The
Engineering Economist 47 (No. 2, 2002), 105-150.
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Park, Chan S., and Hemantha S. B. Herath. "Exploiting
Uncertainty Investment Opportunities as Real Options:
A New Way of Thinking in Engineering Economics."
The Engineering Economist 45 (No. 1, 2000), 1-36.
Winner of the 2001 Eugene L. Grant A ward for the best
paper published in The Engineering Economist in 2000.
Robichek, Alexander A. "Interpreting the Results of Risk
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- - , and James Van Home. "Abandonment Value and
Capital Budgeting." Journal of Finance 22 (December
1967), 557-589; Edward A. Dyl and Hugh W. Long,
"Comment," Journal of Finance 24 (March 1969),
88-95; and Robichek and Van Home, "Reply," ibid.,
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Theoretic Basis for 'Generalized' Mean-Coeficient of
410
Variation (MCV) Analysis." Journal of Financial and
Quantitative Analysis 16 (December 1981), 671-683.
Special Issue - Pmts I, IJ, and III: "Real Options: Strategic
Planning Under Uncertainty." The Engineering
Economist 47 (Nos. 2, 3, and 4, 2002). Three issues fea-
turing a total of 12 articles related to "Real Options."
Triantis, Alex, and Adam Borison. "Real Options: State of
the Practice." Journal of Applied Corporate Finance 14
(Summer 2001), 8-24.
Trigeorgis, Lenos. "Real Options and Interactions with
Financial Flexibility." Financial Management 22
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- - , and Scott P. Mason. "Valuing Managerial
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(Spring 1987), 14-21.
Van Home, James. "Capital-Budgeting Decisions Involving
Combinations of Risky Investments." Management
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- - . "The Analysis of Uncertainty Resolution in Capital
Budgeting for New Products." Management Science 15
(April 1969), 376-386.
- - . "Capital Budgeting Under Conditions of Uncertainty
as to Project Life." The Engineering Economist 17
(Spring 1972), 189-199.
- - . "Variation of Project Life as a Means of Adjusting
for Risk." The Engineering Economist 21 (Summer
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Wachowicz, John M., Jr., and Ronald E. Shrieves. "An
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Variation Analysis." Financial Management 9 (Winter
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Part V of the text's web site, Wachowicz's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
(web.utk.cdu/~jwachowi/part5.html)
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8oo1Yl 80t'i1tio01.

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(1 + k)'
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= $116,870 - $104,000 = $12,870

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John R. Ezzell and R. Burr Porter. .. Flotation Costs and the

and Quantitative c\naly;,is I l (September l97h).

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6.:>J.'.>CQ:JOOU .:.be?.1.:>6CQ:Je?.10 ((?OM:J6(Je?.':J6.:> CQOUJ01680M:J6(J~O U0J(J010MO J0d080e?.10U 0M0e?.1:J3-
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0 .:>8MtJ06:JO(Je?.1 b::ibb'b:J . .:.8 J018.3M6:J68 'b::i 0 .:.8MtJ:J6:JO(Je?.10 CQOUJM68ob 0 06.:>J30mo .:>Mob u::iubob
JMMdMM.'.>QO(Je?.1 CQ06:Jo3M08CQ:J ((?OM:JO(Je?.1:J00. :JU 306.:>J30010 30801tio606(Je?.'°"1 M.'.>CQ().'.>6
8.:.b 'b:JG 3MG:Je?.'CQ:J6.:> MOU JO b.:.b::ibb01 b.:.Cl(J.'.>e?.1:J6:JOOU ((?OM:J6()e?.1:JOOU O:J8.:>CQ 0 :J6e?.1016ob
Cl::ib.:.6.:.8ob.:.CQ. 601e?.1Mb, 0 08Mod3001000 6::ioob8o::iPSo ::i8oboou CQ.:>6.:.b.:.M~:J6o, P1018 8030CQ001
.3MM:Jd8ou .:.be?.1.:>6CQDe?.1 ((?OM:Ji'>(Je?.':J6.:>8CQ:J M:J()()e?.10M:J6.:>.
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be?.'OU 8.:.6doe?.''b:J. 8t<J01bt<J36oe?.'o 8M 0 :JOOU 0 .:.6.:>J3:J010 .:>M0e?.1:J3:JM:J~()e?.1 u.:>3()01.:>M J.:>.308.:>e?.''b:J
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o8o6CQ.:> .:.be?.1.:>6CQ:Je?.'O ((?OM:JO(Je?.':JO.:> 006060
NPV = ±
t=l
4
$ 00,000 - $2,000,000
(1 + 0.13)'
= -$80,400
i.8 .3oMM6:J6ob 0 .:.8M dM01:Jd80 od6:J6.:> (J0Mi:J01<(30e?.1o· ()Oe?.'o 6MMCQO, CQ.:>6.:>CQ 0 .:>M06oG 8:J6:J~OMo
e?.'"o6 0PS 0oob 0.:.Mb.:.6.:.ao, o()e?.'o"8:Jboe?.'o", M.:>CQ 0 .:.6 8.:.u 6.:.8CQ3oe?.'"C!? b(JMCQ" .:.b.:.e?.'o e?.'"o5 0Mo.
· 8.:.0 M.:.8 ~OM JOCQ:J3 830e?.'"'B:JMo .:>M i:Jf'>'Boe?.1" C!?"J"Mo(Je?.'o! 83De?.1"'8Mou Cl::i8C!?:Jo, JM8.3.:.6oou
.3Me?.108030 .:.PSoG C!?""'Bo606u01b J.:>.308.:>e?.'()Mo G00630b80Go01 .3M01od8060 .50% bobbo01,
fi1.:>CQ 0 .:>6 .:>Mob 8o'b6M6Mo3~ Gobbo J018.306oob 801e?.1006 J.:>.308"e?.'CQ"606CQ:J60'bo. JM8.3.:.6o.:.G
Tennessee-Atlantic Paper d:J(Jde?.100 obobbMG 1 8e?.16$ 10% 0 06.:>J3:J01001 .:.b.:.e?.'o e?.10060Mob
.:>btJM6ob 6.:.6'oe?.'oG CQ.'.><(30606b06ob013ob {CQ.:>60t1if1060 CQ.:><(30606bo60 b!Qo6.:. "DGO:J6ob <(3016CQ:J6ob-
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40%-ob, 8306 .:.be?.',:, 0 30d3b U.:>J8.:>filoGo 06<(301M8.:>Go0, filM8 0 08M300130e?.10101 b.:.M 0 :J6e?.'ou
0 06.:>J3001om 0 08016'3o(Je?.'O CQ.:>6.:.b.:.fil~om Q;100[JB3MOIQl>b Clo8MG030e?.'o CQ.:> 8.:.mo
0be?.106!Q[le?.'O C:OM::JO(Je?.':JO.:>, d::J!Q0o06o 6083060600 156.1 (4) l.130800 36.:.b(Je?.101601,
61018 b.:.61 0 ooe?.'ob 0 060J3001ob CQ.:>6.:.b.:.M~om !Q"oo 0 36'1o!Q.:>6 !Q"G()e?.'o Cl::i801u030e?.'ob .:.be?.1.:.6-
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APV = - $80,400 + $132,000 =
441
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8Mol.i8o6Ml.i 0b0~0 ~0o6o1'1oli 0(Jo()60.
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08 <Q06"b01'1S(:ooli 800J(J0136000 0b0~0 liolibo (!?0 li0J(J0101'10 J0do@.>0~0, MM8o~oo 01'1oli
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Atlantic JM8.306008 o'b01'10~0 40,000$-001 (Q000o3Mol.i oo8<Qc,M8o o8oliooli (Q060b0MS(:00001
(0b~06(Qt:J~o e;ol'1oo(J~0ool.i dOMMOt:JOOo). oli (Q060b01'1S(:t:J00 08001'10006 JM8.306ool.i 'B(J~0(Q
60J0<Qooli, 08 03 01'10(!? 1'1oc,(J~ol'1oo(J~o 0b~06<Qo~o e;ol'1oo(J~Do0 bQ?oo0

APV = -$80,400 + $132,000 - $40,000 = $11,600

dMMOd@.lo J3~03 01'1ol.i 8oli0e;ooo, 80 01'108 od~o30 60J~oo l.i01'1 0 ooo~li, 3o<QMO o8ol.iool.i
(Q060b0MS(:OOOl.i 0M 01'1liooMOOl.i (QMMl.i.

W ACC 8[j01f'l!:QO APV 8[JOJMl!;?Ob :Jo(i}ob.'306)

f\306 003ol.io03~001 .31'1Mt:Jd@.loli e;ol'1oo(J~Oooli 006li0 'be; 31'1oli MMo 0'b0. 01'1010 8001M<Qo ol:Jo6ooli
JM8.306ooli J0do@.>0~oli li0'8()0~M oooM6o~ e;ol'1oo(J~Oo0li (WACC) (!?0 8oMl'1t:J 06<QM00 .31'1Mo-
d@.loli MOo(J~OMOO(J~O 0b~06(Qt:J~O e;ol'1oo(J~OOOl.i (APV) OO<QDoli. APV M00~(JM0(Q 01'1ol.i
'bMC,0(QO 01t:JMMO(J~O oolio, MM8o~oo ooli0d~M0 601-\306000 O::JMl.i w ACC 8001MCQOli013ol.i. APV
8001M(QOl.i (Q0li0(3030(Q 8oli l.i001:jOl.i li@.>0@.>0000, 80001'1li80 80()010010 'bMC,Ot)M010 'boc,03~06ol.i
ooli0boo w Ace 8001M<Qoo. 8oli li@.>0@.>00Li 8Ma 83 0 l'108<Qo608o CQ0CQD00010 CQ0 Li000600e;8CQOoM
16
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J0.30@.>0~(Jl'10 063oli@.looooli 001'18M0Mooli0li, 01'1lio0Mol.i 063oli@.looooli CQ0 <Q0<?Jo606lioooli
(JM01ool'101d80CQ000. doM0010(QO oolioli 8obo<Q3001, M0(3 (QO(Q b06li 0601'1fl(J6ooli JM8.30600
ool.i0008ol.i0(Q 8(J(Q8030 liol.ibol.i JMt)<?J0(30t:J6@.ll.i (QMMol.i 0 06803~M0000 (Q0 063oli@.>0M000l.i
0J001ooli (JJ30 01'1lioo(J~O dMMt:Jd@.loooli 8lic,03li dMMOd@.loooo, WACC 8001M(QO od~o30
ooli0008oli0(Q dMMOd@.loli e;ol'1oo(J~OOOl.i 'b(Jli@.l 0e;ool'10li. 801'1@.>030CQ MM8 001d30li, <?J0606l.i(JMO
MOl.iJO (Q0 oo'b6olil'1ol.iJO ooli0008oli0(Q 01'1ol.i ()(33~0~0 (QMMol.i c,06803~M0000. 01() JM8.30600
l'10CQOJ0~(JM0<Q 006lib303CQ000 8ol.io 0060 CQ0<?Jo606lioooli l.i()l'1001oli0 06 06/CQ0 0Jo01ooli 0630-
li@.lol'1000li 801~0060(Q 0b0~0 oo'b6ol.iol.i b0'bOo (MMC,MM0(3 0Moli J06M<?J0~8oool.i 00M8M000
()0~JMdM~(Y) JM8.306ooli 8001'1), 80006 APV 8001M(QO ooli0d~M0 010MMO(J~0(Q od~OMCQOli
(J<?JMM 'b(Jli@.l .30l.i(Jbl.i.

(1) (2) (3) (4)

J';'.JOJ360~0 l>:Jl.>bO 6~0';'.JP'.0 [,.)Q.)C!!.)IJ.)b.)C!!(l] l>M:io3o~OIJ
li>1ii3aoc::>oli 3>6>J3amoli
[!1>6>b>li\3(;00>
6~01; 6~0uorJ~rJL> .'.lP:.rJG36cl!JO Cl3~0300JO PV
[!1>0a33r'io[!1>6 [!1>(3(JC::,io
orJ~rJ -$125 X0.10 x 0.40 10%-00J
Cl38"'li>3>c::>o >bc::>>6Q'.1ac::.'o 0 $1,000
~or'i3o';'Jc::.'Dooli 1 875 $100 $40 $ 36
P>aav~or'iaooli ebr'ioc::>o 2 750 88 35 29
>b>c::>o c::>>n6ar'lnli 3 625 75 30 23
>Otl"'onlim3nli (>m>liaooo)
4 500 62 25 17
5 375 50 20 12
6 250 38 15 8
7 125 25 10 5
8 0 12 5 2
$132

James Miles and John R. Ezzell, .. The Weighted Average Cost of Capital, Pcrfccr Capital Markets. and
Project Life: A. Clarification." Journal c<F Financial and Quamitath·e Analysis 15 (September 1980). 7 l 9··730:
Donald R. Chambers, Robc11 S. Harris, and Jobn J. Pringle, '"Treatment of Financing Mix in Analyzing lnwstmcm
Opportunities," Financial Managcmcnr 11 (Summer 1982). 24··4 l; and Robert A. Taggart .Ir.. "Consisten! Valuation
and Cost of Capital Expressions with Corporate and Personal Taxes," Paper, National Bureau of Economic
Research (August 1989).

442
 15.

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00B01tio6oo()r:?O oo'b6oliClo. olio30, APV Bo0101(QO oM 0Mlioo01oli liod6or:?ooooli 00Mooo. lioM01(Jr:?0
oMoli oBoli tQ0Cl3000, M01B oM 0Mlioo01oli liM()r:?tJ01'80r:?O oo'boMo J01M.301Mo(30()r:?O 0otQoliobotQO-
oolio tQo oBoliooli tQo6oboMji;OOoli 00M0Clo. lib30 liootJ300001, lioffoM010 lioM000r:?oli 0ofoJ3001oli
boMji;Oli (Q00003MO(Qo6 0103oli()'Bor:?O CloB01lio3r:?oli (QO oBoliooli tQo6oboMji;OOOli 006bor:?30, M01tQO-
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306ooooli Bo-17 010 3Clo, M01tQolio 8 830 6 CJ 03o'Bolioo01 Jo.3ooor:?oli lioM()OO()Moli
0otQ0DtJ306or:?ooooli '80M0101 li.3oo6MotQo6. obr:?o, lioJBoMolioo 3oc;:ooM0101 006lib30300000
BotQ 001BoClo tQo M01B ()Booolio lioo()0Gooooli013oli 01Mo BotQ 001Bo (01() 00B01tio6oo()r:?oo 'b(JliootQ)
00303li Bli003li, Boc;:oooli 06 ()0MtJ01'Boli, 0otQ0DtJ306or:?ooooli.

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c;:oMoo(Jr:?Oooli 00B01013r:?0Clo?
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tQo6oMoGbooo, 003 01 Jo.3ooor:?oli c;:oMoo(Jr:?Ooo? oblio6001.
4. Mo B01tJ3000 lioliboli '8016tQoooli c;:oMoo(Jr:?Oooli Jo.3ooor:?oli c::oMOO(Jr:?Oooli Bo'b6oooli013oli,
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B01tQOe:?o01? Mo oMoli JMOOOJ()r:?O G3e:?otQO liotQOtQO oB B01tQOe:?do?
6. Mo oMoli tQ0Bobolioo01ooor:?o JMoooJ(Jr:?O 30Mo(JtQO Jo.3ooor:?()Mo 00603oli Clo'Bolioooli
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063olioooooooli01 3oli?
7. oo'bMoli .301M6<Bor:?'bo B01lior:?01!:!26or:?o B010oooli tQo CAPM Bo0101tQClo (JMoliJ01 0060J3001oli
0 0B01tio6oooli Go 83 e:?otQ lioJ(J01oM ,p.3ooor:?'bo B0101b01 36or:?o B01 00 ooli 0 o6lio'bc:: 3Moe:?otQ,
M01001M 00B013otJ060001 J01B.3o6ooli lioliboli c::oMOO(Jr:?Oooli CAPM &o.Joli Bo!:!2001Booo, M01B
0063lio'bc::3MM01 J01B.3o6ooli B0101bM36or:?o BM0000 lioJ()010M Jo.3ooor:?'bo?
8. fi1o ofi1oli lio6oB()ClM JMB.3o6ooli Bo'bo6o Jo.3ooor:?()Mo 00603oli Clo'Bolioooli BMtQOe:?oli
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9. 006olib303001 li.Jooo'lloJ()Mo .3fi101006oli B01&ib0136or:?o B010000 li.Jooo'BoJ(JMo .3M01oo60-
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<Bolioli BoolioBor:?()Mo(Q 00 'bfi1tQo?
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B0101b0136or:?o 0 060J3001000 lioo5 3oli600001 .3fi1Moo0oo'bo? Mo@JMB JO 06 610@JMB 0M0?
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0blio6ocn.
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448
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Iffational World." Journal of Business 69 (1996), 429-
455.
Stewart, G. Bennett. The Quest for Value. New York:
Harper Collins, 1991.
Van Home, James C. "An Application of the Capital Asset
Pricing Model to Divisional Required Returns."
Financial Management 9 (Spring 1980), 14-19.
Weaver, Samuel C. "Using Value Line to Estimate the Cost
of Capital and Industry Capital Structure." Journal of
Financial Education 29 (Fall 2003), 55-71.
Part VI of the text's web site, Wachowicz's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
451
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G0P10ooc:::ioll 00b<>J3omoll J(i)f'lCJ06@>ll C!!" J('i)o3oc:::io00Moo()c:;:>o 0dGooll ~030~06~00G. oll
~060b<>M,Si:000 .:>M ,)(i\oll JM8J05ooll 8mc:;:>o<>6o '(JodGoMOO(Jc:;:>O 01Jo(i\<>Go()c:;:>o ~060b<>M,Si:OOoll
foooc:::io CQ" 01.3o('i)0eo()c:;:>o c:::'03::JMO,Si:oG 060c:::io'boll013oll 06 ()6~0 OtJ01ll 006boc:;:>()c:;:>o. 8001
0 03om30c:::i0Gtio6oom, MMCJ<> 0030Jomoo01 <(Jo606ll()(i)o c:::'.'.l30MO,Si:oll 060c:::io'bll.
0'>()000c:;:>MOOll (M<>M~i:)6M0Mo30) oo610oc:::io. 8mc:::io060 ~060b0(i\~oooll bM<tJoll 801c:::io060
Clo8MG<>3c:::ioooll ti('i)'tlom 0 <>1Q<>J3omoG ooM@;oc:::ill .'.Jbf'l~.'.Jo" O<>(J 0 o-

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b.><J33o~MOOU 3c<\.>'1JOJO
b.><J33o~Mool> 63<'\CJ>n~om
0 .>8MU.>b<J~O 1,000 2,000 3,000 4,000 5,000 6,000 7,000
3c<\m3v~3ollo !!!"
m.>6bMoc<\n3.>!!!

Or:::>(")OOb 0DM8or:::io oMob 801r:::io060 008(")Go3r:::iooob0130G 8(")0'lb(")36or:::io o<>l:JOU?3DOOb 8(")G';r

r:::i(")oo 801r:::io06 (").3DM<>GO(Jr:::' (1?060b0M~Do0106 0 0m060ocYlooob013ob 06 (").3DM<>Go(Jr:::'O 8(") 0ooob
6(Jr:::im06 00m0600Mooobm30G. 16.1 b(JM<>0100 ob 00(JoD<'>r:::i(")ooG ooM8oc:::io 0Mob .3M(")U?(JDGooG
4,000 DMIDD(Jr:::>O (06 200,000$ o01:JOU?3D000). 80mo8080J(JM0(1?, 360b(Jr:::'(")OO) 08 0DM8oc:::ib
(0M01D(Jr:::'Dooo) .30M3or:::i0U? o8ob 0~60036om, M(")8 (").30M<>Go(Jr:::io 8(") 0000 (EBIT) 8(")r:::io0
8mr:::ioo6 008(")G03r:::ioob 0 o8(")Jr:::>DO(Jr:::'O G3r:::'0(l?O (1?0 '8odboMDo(Jr:::'O (").3DM0GO(Jr:::'O (1?060b0M-
~Doo:

EBIT = P(Q)- V(Q)- FC = Q(P - V)- FC ( 16. 1)

G0(1?0G EBIT = 8(") 0000 boM 0Dor:::iob 0 06oJ3om08U?D (1?0 U?00003cYl08U?D ((").3DM<>Go(Jc:::>o 8(") 0000)
p = DMIDD(Jr:::>Ob f80GG
v = DM01D(Jr:::'Ob G3r:::'0(1? b0M~oob .
· (P-V) = DMIDD(Jc:::>nb 'b~3M(Jr:::> b06) 0oor:::io06(")00G
Q = 00M8(")oo(Jr:::io .3M(")(l?(J0Goob (1?0 001:10U?30G (0M01D(Jr:::'Doob) M0(")U?D6(")oob
FC = '8odbocYloo(Jr:::' U?060b0M~Dob
00() 0Dor:::i(")oob ooM8or:::ioo (Q8E) EBIT 0Mob 6(Jr:::io. 0808(")8,
0 = Q8 E(P - V)- FC (1
16.2 0 068(")c:::>Doob 0Mo018080J(Jr:::'o 00MU?<>d86om 00(JoDOr:::>(")Oob ooM8oc:::io 0Mob
QsE=FC/(P-V) (16.3)
0doU?06 008(")8(1?0606)0 00() 0Dor:::i(")oob {cYl0(")U?D6(")0Mo30) ooM8or:::io 8(")c:::io0 '8odbocYloo(Jr:::io
U?060b0M~Doo 001:J(")'8or:::io .3M(")(l?(JOGoob DMIDD(J~ob 'bc:;>36'l(J~ b0M 0 [J6~n06(")00'bn (P-V).

456

:lt'i"'ti?<Jdooob oPimo<Jc::iol>
ao8f'lbo3oi::io, 'l.JOL>bo ti?"
03c::ioti? t!?o5obot'l:i;;oob
()"'t'lob bb3of'loo,
MO'l8c::iomo(3 <J6(!?o
t!?"°'1.J"MMb 8()(!?8030
bot'l:i:ooo ti?" 8030C<"'°'
8"1(1000.
QBE $100,000/($50 - $25) = 4,000 [jtilO'l[j(J~O
00()(,[JO~Moob b[JM0o~'b[J 80&0 0 .:>l:JOl'.Q3[JOOU.:>u, 800~000 'bfii(QC> 8M 0 [JO[JOOo, MM8[J~0(3
b0M8M1'.Q(,[J60~0,)16. 1 b(JM00100 c,<>8(JJ[J2'(]~0 8b.:>M001. M<>(Qc,<>6 8M(3(J~M00 [)(3[]8<> b<>(J(,[J-
O~M6ou O[JM0o~'b[J CQ<>o~0, o'bM(Q[J6.:> (Q<>60J.:>M 0 [J6o, MM8[J~0(3 O<>M8M1'.Q(,[J6o~o<> O[J(QC>M[Joo01
~o,:, '(3[JM001. .
O<>(J&[JO~f'lOoU {o.:>tjO(Q3[JOOb) O[Jtile!>o~o. booM01'.Q 0.:>8MOl:J[J6[J60 b0(](,[J6~M6ob b[JM0o~ou
'?3(]~01'.Q[JM01[J(J~[J0Clo M<>M1'.Q[J6Moou 6<>(3 3 ~0CQ. 'bM 0 '.l(;[JM 0u 0()(30~ 0 0 0 ~00, MP1 0MM(3 08
JM8:3"6oob 00801b3[J3<>00, Mr'J8[J~o(3 l:JO(QOU 8M03<>~030M .3MM(Q(JJGO<>U. O[J(Jd~[JO[)~O oj6000,
8000~001.'.>CQ, 01() 860036[J~M306 b0(](,[J6~M6ou O[JM0o~U O[J301'.Q0M[J601 JM8.306oou 8m~o.:>6o
[JM01[J(J~D6ou M<>Ml:Q[j6Mo0u, MM 0MMo 8 .:>Mou s<:o6oM0~ o~od0MoJo, a0c,M<>8 0 <> 8ol'.Q 30 0ou
Cl[J8Mu03~oo'bo CQ"'?3(Jd606(]~0 D<>(J0[JO~Moou O[JM0o~o O[JU<>d~M<> (]'(3MM .:>(Q30~<>1'.Q
O<>M8M301:Q006M01. MM(Q[JU0(3 0<>63u.:,'b~3M<>301 doMo0101'.Q D<>(]0[JO~M6ou b[JM0o~U 8M<>30~
.3MMCQ(JJ(300U 8jM6[J JM8.306oou013ob, f1306 3()030001, MM8 01001M[J(J~O .3MM(Q(JJ(300b 00l:JOCQ-
3[J6o .:,(Y\ob JM8.3.:>6oou 801~0.:,60 0<>i:JOCQ3[JOOU 8(JCQ8030 .3MM.3MM(30<>.
o8ou ,:,~o.:>M[J6001, MM8 O<>(JQ[)O~Moou O[JM00~001 (0<>l:JOCQ3[J6Clo) JM8.306o<>U O[J(Jd~o<>
CQ0<(3<>MMU 8ouo '(30JUOM[JO(J~O CQ0 83~01'.QO M.3[JM0(30(J~O CQ06.:>b<>MS(;[J6o, f13[J6 3(]2'M(JOCQ[J6001
Cl[J81'.Q[J0 9JMM8(]~0u:
U0CQ0(3 SBE = O<>(]()[JO~Moou CQM6ou O[J8MU03~[J6b
FC = '?3ojuoriloo(]~ CQ<>Ei<>b.:>MJ<:.[JOU
VC 8 E = 801~0<>6 (33~"1'.Q (Q<>60b.:>MJ<:,[JOU O<>(J0[J6~M6ou b[JM0o~Clo
u080(Jb<>MM(Q, f1306 .:,b~<> 030j3u [)Pl010 0<>60M~[)O<>, MM8[J~0(3 O[J0(303U MM (](36M6U - SBE
1'.Q<> VCsE-u. <>Uo010 0<>6&M~[Jo0 .:>Mob .:>8M(Jbu6o~o. b<>6o1'.Q6ooMMCQ, <>fiib[J6Mob [JM010 bo6lbo,
MM8[J~0(3 0003od~o0 008M30l:J[JOM01 16.4 006&M~[J6ou oU[JOl 0 <>60M~[JO<>Oo 0<>1'.Q<>tJ3<>6001,
o
MM8 0 ~u<> 8 od6o6<> 061010 (](36Moo . .3061 30 ~0(.Q, f1 30 6 bo~<>b~0 ()61'.Q<> 0 <>1'.Q0 3 061M01 16.4 0 <>6-
0M~oo<> CJoaC\? 00 60061<>1'.Q= .
(1
M<>CQ0<>6 801~0<>6 (33~"1'.Q (Q<>fob0MJ<:,[JOU0 1'.Q<> o<>l:JOCQ3[J6G OMMOU 8of16[J(J~00 MM0MM(3
1'.Q<>8MJ01'.Q[JO(J~[JO<> 06\'(3030 D<>(J0[JO~Moou ,:,6,:,~o'boo, R3[J6 Cl£J03od~o0 (VC 8 E/S 8 E) JM[J9J0(3o-
[J60o 0£J3(330~M01 00tJ01'.Q3[JOOU 801~0.:,6(33~01'.QO1'.Q<>60b<>P'iS(;[JOOU JM[j9J0(30[J60001 0<>tJOCQ3[JOOU
6ooou8o£JMO (QMOOb013ob. 8000~001<>1'.Q, O£J03od~o0 c,<>8M30l:J[J6M01 801~0060 (33~01'.QO
CQ<>60b<>61S(;[JOO 1'.Q<> 00l:J01'.Q3£J6o JM8.30600U OM~M O[j8MU03~0G 006.:>(3b01'.QO(Q06, MM8 803o~M01
U<>U(]M3[J~o (VC/S) JM[J9J0(30[J60o. 8MJ~[JCQ, (VC8 dSaE) JMD<rioGoo60oU (VC/S) ,,U<>[JM01M"
JM[)9J0(30[JD0001 O[J(33~0U O[J81'.Q[J0 16.5 006&M~[JO.:>Oo, f13[J6 30~0601
S8 E = FC + (VC/S)S 8 E
S8 dl - (VC/S)] = FC
SBE = FC/[1 - (VC/S)]
f13060 8M('yM(30J~[)00U f1093b(J(l)OU 800P18M[JO[J~O JM8.306oob 8000~001'bo, 801~0060 (33~01'.QO
CQ<>60b0P'iJ<:,[JooU 00l:J01'.Q3[Jom.:.6 (Q08MJOCQ[JO(J~Doou JM[)9J0(30[J60o 0P'iou 0.50 8o(Jb[JCQ"3"Cl.?
(,0tJ01'.Q3[J6ou 8M(3(J~MOOU0. 08o(lyM8' 16.6 c,06(lyM~[)OOU 008MtJ[JO[J0001 b0(J()[JO~M6ou
(0.:>tJOl'.Q3:JOOo} b[JM0o~ou 08MU0bu60~<>1'.Q, R3[J6 30~0001
SBE = $ l 00,000/[1 - 0.50] = $200,000
50$ [JM01:J(J~ou 8obo1'.Q3001, ou 200,000$ 00(]0Do~MooG (0080CQ3[J6Clo) 001'1&0~0 ClooG03u 4,000
[JM01[J(J~OU b0(](,[J6~M6oG (P'i<>M(Q[JOM6P'io3) b[JM0o~b, MM 0MM(3 [JU 01'.QM:J 0 063u,:,'b~31'1001
[(4000(50$) = 200,000$].
457

MdQM<>()OCJO(JC::O
c::?D30M(l:Ji;Ol> 0?"'60 -
Degree of operating
leverage DOL -
'3(1)01 8 a68C1c::o e3c:;oc:;ao<>
J018'306ool> MJ()M<>()O(JC!:'
oaa"'L>" 3c:>oooo (EBIT),
M(")8ac:>oG !>MOU 0()(!?()80
00(i)8roaool> (06 a<>t10Q?3ol>}
(lMOlJM01(3tJ68o<>6o
G3C!:'oc:>oool>.
458
md306 aoe,odc:~.>nom 013?30~013? aoG3"~"'m !fo()83o~rooob (M<>roO?o6roo(\)030) 16.3 306-
&ro~ooo O?<> l50()33o~rooob (301;100?3300!.>) 1536)80~0 16.6 e,<>68ro~oo<>ao, 6)ro8
a<>8Pio<>60 <>(\)oarom 0 <>1;1013?33oob 8roo(J~"'oo (.36)"'C!?(JdGoob o(l)mo(J~Doao <>6 '?J'(J~oQ?
M<>roO?o6roo<>ao) 8rombro360~0 "8o'b6roo(\)030" ro.33(\)<>oov~o Cl38robo3~ob (EBIT)
(\)0Gb3ou 8oboc;mo<>C!?· 80M803013? C!?o()8o8om md3360 8o'b6roo(\)030 <>6 80608o~(J(Y)o
b<>b(J(Y)33~0 ro.3[J6)oQO(J~O a38rob<>3~ob (Y)0Qb30 <?JOdbo!'il:JO(J~ 13?<>6<>b<>6)'.?G[JOb (FC)
momroo(J~ 3068ro~[JO<>Oo. 801."WO(J~O .°3<>b(Jb:JOO od630<> md3::i60 8o'b6rooM030 8otJOC!?3:J"
oob 8roG(J~"'o<> - .3M"'IJ'.2(JdGoob 3Mm:J(J~30Clo Q'.2<> m<>6broo(Y)o3<>13? - M<>G b<>:joMro<>
md3::i60 8o'b6roo(\)030 ro.3::i(Y)<>GO(J~O Cla8rob<>3~ob Moob3ob 8ob<>~[JO<'>Q?·
ID M.3::JMil(30(JC:::O C:::D3DMD~ob O<fl16[.J
<>13?M[J R336 3md3om, Mro8 ro.33M<>oov~o ~3331'il3'.?Gob .3ro836oovl'ilo 'bo 0<>3C'.!:'36<> <>Mob ob, 6)M8
0<>tJ013?33oob 8roo(J~roo<>Clo 03~0~00<> 00333b .3(Y)ro.3roMGo(JC'.!:'<'>!3? 838 G3~0C'.!:'3o<>b
M.°33M<>oo-v~ 8ro 03o<>ao (<>6 00 0 300Clo). J"'8.306oob ro.33M<>Qo(JC'.!:'o 8M 03oob 8 0 (Y)d6Mo3~rooob
b0'bro8b JM8.306oob 0<>1;1013?33oob (33~0~3oob 8o8<>Mm 30MC!?30<> M.33t'1<>(30(JC'.!:'o ~33:JM3'.?Gob
Q?M6[J (DOL). JM8.306oob M.33M<>(30(J~O ~D33M3'.?GOb 13?M63 00(\)8(Y)3oob (06 o<>tJ013?33oob)
0 06b<>J(JmM30()~ 13?ro63'b3 80<Yi803<>13? <>Mob M.33M<>Go-v~o 8M 03oob .3MMG368v~o 83~0~300
O<iM8M3oob (06 o<>tJOQ'.233oob) .3MM(3368(J~O 03~0~3oob 8o8<iMm, MM83~0G G3C'.!:'ob 8M33oob.
08 0 3<>M<>13?,
"'."lo(i)<>Govc:> 801300000 (EBIT)
M."l()M0(30CJC!:'0 1!!:'030MO:Ji;OU !!1"'6()
:J(i)01ea68vc:>n G3c:>nc:>ooo
(DOL) bC>M801oovc:>o (<>6 8"80!l?CJC!:'0} =
l>ot'i\80100000 (06 3ouo!l13(}000)
Q OMOlOCJc:>ol>m3ol>
JMM(3068vc:>n G31!!:'0C!:'000 (16.7)
JM8.306oob 83Md6roo3~MO<>, o<'>/:J013?330Clo 03~0~3oob 80806'lm, MMoMMG 30'bM80~0<> DOL-ob
8ob313?3om, od63o<i 306bb30330(JC'.!:'O O<i6'l8M3oob (06 o<>tJ013?33oob) O'IOO'lM3()~ 13?M63'b3. <i8o8M8,
R336 tJM33C'.!:'O'l30b o3ffOM13?30<> 803-vmomMm 00618M3oob (06 o<>tJ013?33oob) Q:2M63, MM83~Cloo
DOL <>(\)ob 0<i'bM8oC'.!:'o - Q 3Mm3(J~ob 8ob313?3om.
(\)roO?oboo otJo6aom 16.7 0 o68M~aoob DOL-ob <>~l5ol'ilobm3ob JM8.3.:.6oob 808C!?o60l'ilo
o"l:J013?3;:Joob Q:2~6om, Q:2.:.08.:.bbro3!'il::im, l'ilro8 md3a6 (313?0~(')00'! EBIT-Clo C!?O o<>lJOQ'.2330'80
8m803.:.~o .3('i)rooa68-v~o G3~o~aoaoob .:.8mbb6.:.b 15.:.Mb(J~o .3(';)mo368-v~o 03~o~::i­
oaoob b0.30Mob.306)f"l13?. ai:.68M~:JO<>OO Of"l~f"l .'3:JMOf"lQ:20b .361moa68-v~o G3~0~:JO:JOOb
e,.:.8m1.m6aoo R3o6 8m()3(~38b Jm8.306oob DOL-ob 8oa61 a08m1;1a600'()~0 8o8C!?o6.:.6)o
b.:.00600~813?3()M G3~o~aoaob.
booM<>Q'.2 d63C'.!:'o<> .3oMQ:2<>.3o6'l 16. 7 506&m~300bm06 8(JO<>MO<i DOL-ob 08mb0bb6:.JC'.!:'"C!?
o<>tJOQ:233oob Jf"l6JM38'()~ 13?f"l63'b3, M<>13?5<>6 8Mb<i~f"l13?63~0 .3MMQ368(J~O 03~0C'.!:'300 EBIT-
Clo (8(';)oob33~0 3<>68m~300'80) 06) od6oo<> m3.:.~b0Ro6m ob&M(\)o(J~o 8M6<>038013?<>Ei. 08 0 -
3061013?, 8o(Jb313?<>3<>13? o8ob<i, 6'lm8 16.7 5<>68m~300 <>Mob ()<>13?<>8otJ3380 DOL-ob
0 06b0'b~361obm3ob !!?" 5003oobm3ob, 80618030 <>~83MEi<>8ovC'.!:'o 'Bm1118(JC'.!:'3oo 8oc;ioov~o
16. 7 0 <>Ei8m~ooo13?<>Ei ()'?JMf"l 0 08mb<>tJ36300~00 DOL-ob 613<>C'.!:'(JM0 c;iol'il30()~3oob
0 08mm3~obm3ob:
DOL = Q(P -V) Q
Qo'""'O'IJ<'.;'O Q(P-V)-FC (Q-QeJ (16.8)
 16.

S -VC EBIT + FC
S - VC - FC EBIT (1

16.8 0 06~P1c;_i.'.)O!> J0M(l,0CQ O.'.).'.Jl.>0008.'.)00 P1d.'.)M000(Jc;_io c:'.!.'.l3.'.JM.'.Jftol> CQP16ol> 008P106 00P10Cl.'.)00l>

.'.)Mmo dMP1CQ(JOOool>m3ol> 06 .'.)Mmo dMP1CQ(J00ool> 8lfot'18P1.'.)0.'.)c;_io JP18.306ool>m3ol>. 1 o0o
8P1ombP13l> 06<(3P1M80oool> 8bP1c;_iP1CQ (T)M Dl:J0MP1l>, Q CQ0 Q8 E, MP18c;_i.'.)ooo CQ0!:Qo.'.l6oc;_io0 .3P1(Tl-
CQ()OOool> .'.JMm.'.J(Jc:'.!.'.Joom. 16. 9 0 06~P1c;_i.'.)00, 8.'.JP1M.'.J 8bt'103, 0P1ol> d0c;_io06 8P1b.'.Jt'1b.'.Jo()c;_io
P1d.'.)M000(Jc;_io c:'.!.'.l3.'.JM.'.Jftol> CQP16.'.)l> 8P1l>0d.'.)060CQ 8P1030c;_i(Q0M 0P13060 JP18.306ool>m3ol>. o0o
0l>.'.l3.'.l 8P1ombP13l> 06<(3P1t'180oool> 8bP1c;_iP1CQ (T)M Dl:J0MP1l> EBIT CQ0 FC, t'1P18c;_i.'.looo CQ0!:Qo.'.l6oc;_io0
m06bP10P1030CQ.
CQ03()Cl30m, M(Tla f\3.'.)6 o3l>()Ml> c,063l>0 'bc::3M(Tl()) P1d.'.JM000(Jc:'.!0 c:'.!.'.l3.'.JM.'.JftOl> CQP10.'.J 00M8P1.'.J-
ool> CQ0 ()0l:JOCQ3ol> 5000 .'.)Mm.'.J(Jc:'.!Ol.im3ol> fi3.'.)60 dOdP1m.'.)J(JMO JP18.30oool> 80 00c;_iomol.im3ol>. 16.8
0 06~P1c;_i.'.)ool> 008P1:.J.'.)6.'.)oom, fi3.'.)6 03003l>

DOT = 5 ,000 =5
-s.oco~ (5,000 - 4,000)

DOL
6
6,000 =3
'00<b.IX0~;6,000 - 4,000)

CQM80bl>M3<'1.'.)m, <i1M8 MMQ;i.'.)l.>00 00m8M.'.Jo0 00o'b.'.>ti1CQ0 5000-CQ06 6000 ::iP1mn-vc;.i08CQ::J,

Md.'.JM00o'()c;,io c:'.!D3::JMDftol> (QMb.'.J 830MCQ::J00 5 c:;oM::JO(Jc;_i.'.)OOCQ06 3 ~OM::JO(Jc;_i.'.)608CQ::J·
08330<'10CQ, 6100 OMMl> 0<'1ol> 00m8M.'.)6ol> (QMO::J 00()8.'.)6c;_iP16ol> O::JM~oc;,io(Qo6, 8om
(Qv60c;_io0 P1dJJM00o()c;_io c:'.!::J3::JM::J~ol> ~MO::J. M.'.>8CQ:J60~ 0bc;_iMl> 8()0.'.>Mol> JM8.30600 8ol>
0.'.>()8.'.Ji'>c;_iMool> o::iti1~oc;_im06 - 0ti10 8ol>o ~odl>ofi1ao()c;_io ·(')d.'.)M0(3o()c;_io (Qv60b0ti1~::icml>
ool>Mc;_i()~()M 06 onl>0008ol> l>oi:i;>OCQ::Jl>moo - 006l>0'bcwm"'3l> ti)..)8l:l;>::J00l:l;> 83fi1d6M60.'.>M::J
nd6.'.lo"' 8ol>o (Tld::JM<>oo()c;_io 8M31Jo::i60 00ti18(')::io0on 06 8"'1:Jni:i;>3.'.)6Clo 03c;.ioc;,inool>1'>~80.

B\)6'8f'l0o7Jt::JQ !!;?(! f'l;)06io<3D7lc:Jo ('}<!06'0(30';'.}~(l ~0306'0~0l>

Moo<'>ooocic:'o 8cri 0 ooo !!?" &ol:JO!l;?7J~rn.. 6iof'l1J;?06f'l00 8f'lMo0 !l?f'l60
01'3o<'iooovc:'o c:':J3o<'ln~ol> 0 $-100,000 0.00
!!?"'50 oo<'i8f'"l:JOOb 1,000 -75,000 -0.33
(0080CQ33ool>) bb30(!?0bb30 2,000 -50,000 -LOO
!!?"'6:J'bo R30 6o 3,000 ...:25,000 -3.00
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t>{]OCl("Jn~;>o -
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t =Jf'lMdf'lM.:>QO'()~ CQ.:>oo 03Mob 0<>foJ3omo
NS = 8o8(T)doo 3<>oo 0 <>8f'lo 30 o'()~o fl3o'()~ooM0 3 o 0dooooob M.:>f'l!Qo50160b
CQ'>3'()030m fl306 33b'()Mb 30001\Qom oMm 0doo0'bo M<> 3.:>8f'l8'()003000 od6000 CQ.:>800ooomo
CQ<><(30606booob 0038ooob b080 0~80M6<>&03ob 8obo<Q3om, O'l'() EBIT ou(T) 2.7 8~5$. 0 08f'lm3~0
6<>fl3060000 16.3 obMo~oo. CQ.:>080bbf'l3Mom, ('i\018 dMf'lQ05eo bobb'bo b.:>M'.Ji:oooo CQ.:>0033-
M.:>8!Qo, bf'l~01 .3Mo30~000Moo'()~o 0fooob \Qo 3o<Qo5!Qooo 308f'lod 3om 000 CQ<>oo 03 Mob oo8CQOo·
OOCQ00"CQ, fl3o'()~OoM030 <>dooooob 8<(3~f'loo~ooobm3ob 0Mbo6'()~0 308018'()00300000 (EACS)
80~<>~0<> bobbob <>~00M5<>&03ob 8obo<Q3om, 30CQMO .3Mo30~0 0 o(i)oo'()~o 0dooob .:>~00M50-
&03ob 8obo<Q3om, 08 'B'>d&ob 8o'(Jb0CQ"3"CQ, Mf'l8 dMf'lGo60'()~o 0 <>6.:>J3omo bobb'bo <>Mob
8,:,~,:,~o .3Mo30~030Moo()~o 0dooob CQ030CQD6!Qob 0060J3omm<>6 OOCQ<>Mooom.
EBIT-EPS &M.:>'(30JO. 16.3 ob(i)o~oo 8f'l(3:J8(J~o 06<(301M80ooom, fl306 0033od~o0 0303f'lm
EBIT-EPS b'>'(J006~f'loob 0M.:><(30JO 01.30M<>Go'()~o ~030MoJ::ob 3li10cs0Job 8b 0,:,3b<>(Q. df'lMo-
'b016e<>~'()M b,:,'b'bo fl306 <>~3600603m 8f'l3oo<>b b0li13oo~ob b.:>M'.l<:08!Qo {Q'> (Q'>O:J33M.:>8!Qo {Q'>
3 oM00J'()~ b0'b'bo B30 5 0~ 3 5oo50 3 m b0M 30 0 0 ~b 0Mm 0doo<>'b 0. mom01o'()~o Q?'>'Bo605b 0oob
0~80Mfo803ooobm3ob, f\306 '()5Q?.:> 3<>303~(T)O'J bo01Mo b<>'bo, M018 03b0bf'lm EPS \Q'> EBIT-ob
(Q0801JO(QOO(J~OOOb 830~'> oob0d~(T) (Q015oooo. fl306 03ifoM(Q:J00 f'lMO ooMeo~ob 8f'l600080-
oob O:JCQDoo 01001f'l0'(J~o .:>~00M50&03ob013ob. doM30~0 <>Mob EPS 308f'l013~0~0 EBIT-ob
'b01 000M010 .30.301eo010J'()Mo (Qf'l6ob013ob. EBIT-ob 2.7 8~6$ 801b0~f'lQ?60~0 (!?f'l6ob013ob, 16.3
obMo~oo fi306 360b'(J~f'lom, M018 oMm <>dG00'bo 008f'l8'()00300000 .:>Mob 5.40$, 6.30$ CQ'> 5.35$
fl3o'()~OoM030 <>dGoob013ob, bobbobm3ob CQ<> .3Mo30~030Moo'()~o <>doooai Q?'><(30606booob
<>~0:JMfo003ob013ob. fl306 80Meo3.:>(Q 0~3600603m 08 b0M3oo~ob (Qf'l5ob oli1mo '>dGo.:> 'ho
EBIT-ob 2.7 8~5$ CQCTl5ob ooli0008ob0CQ. 0od6oJ'()M'>CQ, 860036Q~f'lo.:> .:>M <>d3b EBIT-ob Mf'l8o~
CQ<>b.:>0300 CQ016ob <>8f'l3oli1flo3m EPS 0 08CTl013~ob<>m3ob. 3M<><(30J'bo ali1mo EBIT-ob CQ0160 J.:>M-
300, Mf'l3f'lM(3 8CTl8C!?o35f'l, 803M<>8 fl06b 830~<>'ha 800'>\Q b030M0'(J(Qf'l 06 8CTlbi>~CTl(Q50~ EBIT-
ob C!?016ob 0MfiQ3<>b <>d3b 'bf'l 0 .:>(!?o 860036o~(T)o0, 30Q?MO bb30 01i108f'lb.:>~CTl!Q50~ CQ016ob
0li1flo3<>b.
8001Mo 15oli10o~ob 801foG08000 - 0<Ylf'io'(J~O 8ol>o 0 0801013~ob bo.:>(!?3o~ob 308f'l - Mf'llQOb'>G
EPS <>Mot 5()~0. 80Meo300, M018 EBIT '>'()(30~00~0\Q Q?i><(30M<>3b Q?<><(3ofo6booob 830~"
'Bodbo<Yloo()~ (!?.:>60b.:>M'.Ji:b J015JM00()~o cso606b'()Mo 30380G0130G CQ'> 030 0~06006000 df'lMo-
'bf'l60<>~'()M b0'b'bo. fi306 oo 0 3od~o0 008CTl3o::io6f'l01 16.10 0 06&01~000, df'lMo'bCTl50.:>~(JMo
b,:, 'bot o'>C!?'>J30mob 3<>8f'lb0013~o~<>Q? mom010()~0 <>~00M60eo3ob 8obo!:f?3om, 80Meo3<>Q?
463
 f\3D'Zlc;>Oo1>1030 .>Mo3oc;iae.01>100'Zlc;io
QMO> <>dGn<>'bo U<>MoOOc:?OU 0dGO<i bOlibO 0dGO<i
0.:.a"'.:.60.:.Molloo<> li.:.80 8MM030.:. li.:>M03oc::>nli dMM(336i§oli
lib3<>CQ<>lib3.:. CQ" CQ<>oq 03M<>8CQ:J EBIT $2,700,000 $2,700,000 $2,700,000
CQ<>'lJn6"6li3ooli JMM(336i§n (1) 600,000
<>c::>l§OM6.:.1§0330001 a,.,,o:JO<> !!(<>OD83M<>8CQ[J (EBT). $2,700,000 $2,100,000 $2,700,000
b.:.Cln8Mbu3c:;>M 8"!!?"b"b"(l1:JOO (EBT t)x 1,080,000 840,000 1,080,000
8M830<> CQ<>O:J83MOU Clna!l1D8 (EAT) $1,620,000 $1,260,000 $1,620,000
CQn3n(l136CQ300 <l<iio3oc::>aoo<iino'::Jc:;> <>dGooo'bo (PD) 550,000
b3c:;>8nl.i.:.El3(l1"180 U<>Mo:JO:Jc:?O
fi3:J';:)c:;';JOM03 "dGooo'ba (EACS) $1,620,000 $1,260,000 $1,070,000
8"t1nCQ'::Jc;>o fi3o<ic::>:JoM030 "dGooooli
M<>"'(l1:J6Mou {NS) 300,000 200,000 200,000
b"M8:JO~ :J~ <>dG°"'Ila {EPS) $5.40 $6.30 $5.35
-·----·· ----·----------·--'"~'·---~----~------"

00631.J.:i 'br::3cY\03cn 8cY\oob3o~li 0066M~oo0Clo, MM8o~oG 6M~o.:i 6(J~oli C!?" 08M3bli6ocn EBIT-G.
fi33()~oocY\030 <>doooooli <>~6ocY\606030Gcn30G 008C!?oofoocY\0C!?

0 = (EBIT - I )(1 - t) - PD (1 11)

= (EBIT - 0)(1 - 0.40) - 0
= (EBIT )(0.60)
EBIT = 0/(0.60) = 0

C!?0080btif'l3cY\ 0m, cY\M8 .:icY\ .:icY\ti02iMoli 0cY\0 3ocn.:icY\o <tJodliocY\oo()~o C!?"<tJ0606lioooli b.:icY\fa 3oo (.:icY\o
d3o~ (Qi> i>MG obi>~ (Qi><tJ06o6lioo<> 'bo). ;,8o6M8 EPS 6M~Oi> 6()~01.i 6(J~M3060 EBIT-oli (!?Mf'lli 3•
<>~6ocY\6;,6o()~o li3libolicn30G fi306 0 3<>j3G

0 =c (EBIT - I )( 1 - t) - PD
= (EBIT - $600,000)( l. - 0.40) - 0
= (EBIT )(0.60) - $360,000
EBIT = $360,000/(0.60) = $600,000

08 0 3<>M<>(Q, (Q<>oo 03cY\ol.i oo8(!? 0M8o dMMG066(J~O li.:icY\ 0 oo~oli b;,cY\fao o<>l:JM'(lo~o 1-'bo 0;,8MJ-
~OO(J~o li<>o<>(Q.)G;,b;,(Qf'l 0<>6<>J3ocno o3"d~o3li EBIT-G, Mi>G "(JGO~ooo~o;, ;,8 dMMGo66()~0
b;,cY\fa3ooli (Q<>li<><tJ<>M<>3<>(Q. 8MJ~0(Q, fi306 ()6(1?<> o3dM6(Qoli 600,000$, MM8 C!?"3<tJ<>MMcn dMM-
G366(J~o b;,cY\faooo, <>6() 600,000$ b(Q30<> df'lMO'bM6<!J><>~(JMO b;,'boli o"C!?"J30CJli>. Of'l~Mli,
.3cY\03o~ooocY\oo()~o <>doooli <>~60<%<>6030Gcn30G f\306 030d3li

O=(EBIT-I)(l -t)-PD
= (EBIT - 0)(1 - 0.40) - $550,000
= (EBIT )(0.60) - $550,000
EBIT = $550,000/(0.60) = $916,667

fi31J6 o"3tJ01'(lCJl 8cn~o;,6 O~O(JM .3cY\030~000Moo(J~O <>doooooli (Q030(Q36C!?ooli 1-'b3,

0<>8M3<>J~oom o<>(Q<>liobi>(QOG 0<>6<>J3omli, cY\018 803or::Mcn EBIT, "(JGO~ooo~o ;,8 (Q030(!?36C!?o-
ooli (Q<>li<><tJ<>M<>3<>(Q. ;,8 03;,cY\;,(Q, f\336 0 33'ocY\C!?oo0 916,667$ EBIT-Clo, MM8 C!?"3<tJ<>MMcn 550,000$
.3cY\03o~ooocY\oo(J~O "JGooooli (Q030(Q06C!?Ooo, 40% l.io0 <>(Q<>liobo(QM 0 o6<>J30cnoli (QMMli. JOC!?03
ocY\cnb3~, .3cY\030~3 0 ocY\oo()~o "JGrioooli (Q030(Q06C!?ooo 008Moj3omoo0 (Q<>oo 03cY\oli oo8C!?Oo 1
<>6() OoO 01:.106001.i (J<tJMf'l 806 801000<>!.i (Qi>03o3Mi>8(Q3, MM8 (Qi><tJi>Mf'lli olio6o, 30(QMO dMMGo6-
6oooli (Q<>li<><tJ<>~<>3<>(Q. 8MG08(J~O dMMo'bM66<>~(JMO b;,'bol.J 0 <>(Q<>J33cnooocn (Qi>
0 <>8M8()Cl<>3ooocn ocY\cn <>doo<> 'bo EBIT-oli 'bM 0oocY\cno (Q<>iJ<>o3000 C!?0160Gcn3oli (,,8Mli<>~MC!?6o~o"
EBIT-oli 8lio<>3li<>(Q), f\306 3"3~oocn lioMM b;,'bli CJ)OCJ)f'lO(J~O oocY\6o~oli 8M6<>oo8ooli OMMOl.i.
JM8.3o6ooli Cherokee Tire O<>()o00~0100G, ;,6 o6(QO<tJOMo6li(J~O oMi><tJOJO 6;,f\306000;, 16.3
li(JM<>cn'b3,

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06 o6(QO<(JQMQ6UCJc:;'O
0
01'\o'BoJo !:!?0'1306"6l>oonl> 1 2 3 4
l.>080 (!?0808ooomo
0c:;>80"16o803ol>cn3ol>

16.3 U(JM<>ai'bo 11306 3bo!.Q<>3ai, MM8 c:,08M8()Cl<>306060 OMO> .:ijeo.:i'bo o6!.QO'BOMQ6U(J~

ooP'l&o~Clo uoubu.:i !.Q<> l13av~o6(Y)o30 .:ijeoou !.Q<>80eo6oaio-!.Q<>cao606uo6ou <>~8a(Y)6.:ieo3a6u
dMMOU ,)MOU 1.8 8~6$ EBIT-Clo.4 al() EBIT ,)MOU 08 b::JM&o~'bo (Q06~.:i, l13Q()~Q6Mo30 0J(300U
<>~80M60eo30 8Mo3Go8u 80~0~ u.:iM 0 aoo~u oMai .:ijeo.:i'bo. 08 ooMeo~'bo 8.:i~~" uoubou
<>~80M60eo30 od~o3.:i" 80~0~ u.:iM 0 06o~u OMai .:ijoo.:i'bo. o6(Qo'BOM06u(J~O b::JM8o~o .3Mo3-
0~00o(Y)Qo()~ .:ijoo.:iu.:i !:!?" 11 3 a()~06Mo30 .:ijooou <>~80M60&030u Cl(Y)Mou ,:,(Y)ou 2.75$ EBIT-clo.
oo(Y)&o~ou 'bo3oai, .3(Yio30~0 0 o(Y)o6(J~o .:ijooou <>~80M60&030 od~o30 (J'BMM bo~u<>tJMQ~
u.:i(Y) 0 aoa~u oMai .:ijeo.:i'bo. 08 6oM&o~ou !.Q<>6~.:i, l130()~86(Y)o30 .:ijeoou 0~@)QM60eo30
od~o30 80~0~ U<>M()OOO~U OMO> <>deo.:i'bo. (QM80buM3Moai, MM8 ,)M 0MU06M6b 06(QO'BOMQ6-
U(J~M6.:i l>oubou.:i !:!?" .3Mo 3 o~a 0 o(Y)oo()~o .:ij 8 o8ool> <>~8aM6.:ieo 30 ou ClMMou. l>oubou <>~8oM-
6.:ieo3.:i !.Q(Y)8060Mo6u EBIT-ob tl3D~" !.QM6o'bo !:!?" OMai .:ijeo.:i'bo u.:iM 0 oo~ob 8()!.Q8030
Go!.QOIQoai, J::JMdM!.Q 95 80 6eoai.
8.:iaia8<>0oJ()M<>(Q 0 .:>6b.:>'bCJ36l(J~O 06(QO'B8(\)<J6b(J~O O<J6leo~. o6(QO'?.J:JM86b(J~O b<JM0o~o
!:!?"'Bo6.:i6u 86ou MM .:i~ea(Y)6.:ieov~ 8aai(Y)!.QU ClMP'lou Clal>.:id~(Y)" 0 .:i6ob.:i'b~ 3 P1Mu 8.:iain-
8.:ieoJ(JM<>!.Q .30M3<J~<>(Q 16. 1Q 0 .:i6&M~<JOOb 0 .:i8MtJQ6Q6oai OlOOlMO(J~O <>~8:JM60eo3obai3ob
EPS-ob c:,08Mu0b3oai !:!?" Clo8a?oo 08 c:,08Mu.:ib(J~0606ob OMai806oaiai06 o<>8M~oooai
Clo8!:!?oa6.:ioP'l.:i!:!?

(16.12)

U0(Q0(3 EBIT1.2 = EBIT-ob o6CQO'?.JOM:J6U(J~O Eio(Y)eo~ob (Q0'?.J0000bo6ou MM <>~80MD<>8o()~

80aiM!.Qb ClMMou, P1M8~ 8 6o 8 11 38 6 03 .:io6eaP'lol>o6l> - 08 Cla8aib 383 .:iCJo 1-~o !:!?" 88-2 8oaiM!.Q06o
11, 12 = 3<>!.Q<>b!.Qo~o o~o(JM .3MM(386&G 1-~ !.Q<> 80-2 !.Q<>'Bo6.:i6bo6ou 8oai(Y)!.Qob
8obo(Q3oai
PD 1, PD 2 = .3(Y)o3o~oooMOO(J~ .:ijeo.:i'bo o<>!.Q<>b(Qo~ o~o(JM CQ030CQ86CQu 1-~ CQ<> 80-2
CQ<>'Bo6.:i6bo6ob 8oai(Y)CQ86oai

465
 t = J01Mdf'1M0GO(J~ b<:.30CQ0b0b0CQ01 3060J3001b
NS,, NS2 = fl30-v~oo6io30 0dGoooob 6i001U?o60100, 6i018~000G 308010300-v~o od6000 1-~
CQ0 80-2 800101CQ00ob CQ0<(30606booob 8oboCQ3001
CQ<:.3()03001, 6i018 33b()Mb o6CQO<(JOM06b(J~o oo6i<!!Jo~ob 006b0'br.;>36i0 fl3o(J~Oo6io3 0dG00b0
CQ0 bobbom CQ0<(J0606booob 0~(!)06i60(!)03oob 001MOb fl306b 8030~00100. 80006 03od6000

(EBIT1•2 -0)(1 - 0.40) - 0 _ (EBIT1,2 - $600,000)(1 - 0.40) - 0

300 ,000 200 ,000

.i:306io!Qo60CQ 3086i03~00001 CQ<:> 0 0CQ060G3~ooom 803oc:;oo01

(EBIT 1•2)(0.60)(200,000) = (EBIT1,2)(0.60)(300,000) - (0.60)($600,000)(300,000)
(EBIT 1•2)(60,000) = $108,000,000,000
EBIT 1,2 = $1,800,000

EBIT-EPS 06CQ0'806io6b(J~o oo6i<!!Jo~o, b<:>CQ<:>G 308018()00300000 06i01 0dG00'bo CQ0<(30606boOob

01MO 800101CQObm3ob 0Mob 8b303bo, 0Mob 1.8 8~6$. ob bOCQOCQO oob0d~010 CJ08r>108CQOb
36i0caoJ(J~0CQ 16.3 b(JM<:.0100. 08 0 306i0CQ, o6CQO<(JOM06U(J~O oo6i<!!Jo~ooo oou0d~010
306ob0 'b~36i01b 36i0caoJ(J~0CQ CQ0 8001080(!)0J(JM0CQ.
'baa03~n60 MOUJ'b:J. 0d08CQO EBIT-EPS 060~o'bm06 R3060 o6<!!Jo6iobo Ol:J01 8b01~01CQ, O'l'() M0
801()30CQ01CQ0 fl3o(J~066io30 0dGooooG 8<(3~016o~ooob 8013000b 06i01 0dG00'bo
308018-vo030000001. fl306G 8030~00100 360bo01, 6i018 O'l(J EBIT 0filob 1,8 8~6$-'bo 'bo80101,
G[Jbbo01 CQ0<(30606boo0 06iob b<:>G(J6i30~0 0~<!!Jo6i60(!)030 06i01 0dG00'bo G0fil3oo~ob
0130~b0'b6i0Go01. fl3060 <:>CQMO(J~O 306bo~30Q?06 30Go01, "1018 'bo303~060 801G0~010?60~
8013000'bo 06ioG 8b01~01CQ 8016o<!!JoG ofil010 8b0filo. 8[J01MO JO 06ioG 'bo303~060, 6i0180~0G
cao606b(JM ~0306io.i:G 0d3G MObJ'bo. EBIT-EPS 3fil<:><(JOJO 0M od~o30 filobJOU (!?0'b-vu&oooG
G00-v0~000G. 080G 8o(JbOQ?030Q?, onG0d~010 'b013006i010 306'b01300?000. 06i01ob 8bfilo3,
cao606b()6i80 8060.i:o6i80 (J6Q?0 O[J<:>Q?<:>filMG o6Q?o<(JOM[J6G()~o oofil<!!Jo~o 01fil 0~<!!Jo6i60(!)030G
CJ016ioG, 6iM 0C'16io 8 0filob G0Gbo01 Q?0<(30606Goo0 R 30 v~o2!~o 3 o 0dGoom CQ0<tJ0606booob
G0.306iob.306i01Q?, EBIT-ob l:J30~0'bo 801G0~010?60~0 Q?M6001. 6i0G 80~0~00 EBIT-ob 801G0-
~010?60~0 CQ0160, Q?<:.3'()03001, 6i018 030 03'0filoooG o6Q?O<(JOM06Gv~o oo6i<!!Jot0b, 8001 d~oofilo0
on801b3030, fil0180~0G 00G0d~f'10 30J001Q?Ob Gobbo01 CQ<:>cao606Goo0Gm3ob, mv l:J30~0
(!?0606iflo60 dOMC'100 06ioG 03030.
080G 306iCQ0, <(30606Gv6i80 8060~06i80 v60?0 000ca0b01G 8018030~0 EBIT-oG o6Q?ocao6io6-
b(J~o oo6i<!!Jo~'bo Q?<:>0~0 6io0~v6io Q?0Go8oG 0~00010160. 6i01 001filG <:>Q?MO, 801b0~01U?60~0
EBIT-ob fl3060 CJ0<(30boo0 06iob 2.7 8~6$. J018.30600G 801808()~0 oo'b6ob filobJ001 Q?0 EBIT-oo
CJ0G0d~01 G3~o~o6oooG 00<'18Mo016om, cao606b(J6i80 8060.i:o6i80 ()6CQ0 000'80G01G EBIT 1.8
8~6$-'bo CQ<:>0~0 Q?<:>Go8oG 0~00010160. 01v 0~00010160 06iob ()8600360~01, 8b0filU?03'06io~o
od6060 GoGbob 0~&ofil60(!)03ob 008Ml:Jo6000. 8oM6io 8b6io3, 01() EBIT 06iob 8b01~01CQ 01Q?603
'bo3001 o6Q?o'8ofilo6b()~ oo6i<!!Jo~'bo Q?<:> EBIT-oG 08 oo6i(!Jo~'bo Q?<:.6~0 Q?<:>Go8oG 0~00010100
06ioG 80~0~0, <(30606b()6i80 8060.i:o6i80 ()61'.!?0 CQ<:><:>GJ360b, filM8 GoGbob 0~(!)06i60(!)030 0filob
d0~006 filobJo<:.60.
Ob oobocrrn~o60 0b0b(J~00 16.4 U(JM00'lOo, U0CQ0G 00G0d~01 EBIT-ob Mfilo 0~6001010ob
&o3MGO~ooo O<(J()d6000 16.3 G(Jfil00100 .3ofil30~0CQ 60fl30606 o6!Qocao6io6Gv~ 36i0'80JG. 16.4
Gv6i001CJ0 fl306 tJ(Jfil<:>CQ~Oo0b 3080b30~0001 8b01~01CQ GoGbob CQo f)3ov~no6io30 0dGoooob
0~<!!Jofil60(!)0300 'bo. vG0cafilmbM (80b30~63ofilo060) 3036iG0~060G013ob 3ofil<!!Jv0~(JM<:>Q? 06i
06iGooM6b 0~60010100, 6i018 EBIT CQ00Go80 06CQ0'806io6b(J~ oo6i<!!Jo~'bo Q?<:>0~0. 08o(!JM8 fl306
oobod~f'10 Q?<:.3<:.bJ36001, 6i018 GoGbo ()6CQ0 od6ob 308Ml:Jo6oov~o, M<:.(!?306 'bo303~060
0dG001606ioooG 8013060'bo 06ioG 0filbooomo, bf'1~('1 MOUJO 06ioG ()8600360~01. filobJ006o
(ofil&l:Jo~o) 3036iGo~ooob0130G 0filboo010G 8600360~013060 0~0001Mo0, 6iM8 EBIT CQ00G080
o6CQo'l3o6io6G(J~ oo6i<!!Jo~'bo (!?00~0. 08 00801b303000, cao606b(J6i80 8060~06i80 oood~oo0
Q?<:><:>bJ360G, fil018 bobbob 0~&ofil60(!)030 06iob d0~006 6iobJ0060.
b<:.601~Mr>1 ~<:.800, fil0G Q?OCQ00 8Mb0~MQ?6o~o EBIT-ob (!?0160 06!Qo'l306io6b(J~o oofil<!!Jo~'bo
'bo3001 Q?<:> fil0G l'.!?000~00 oo8Go6ioooG 0~0001Mo0, 8om d~oofilo0 G0Gbo01 CQ0<(30606booob
30801t106ooob CJ08mb3030. EBIT-EPS 60()300~0100G 060~o'bo 0filoG 6i08Q?o6080 8001011'.!?o!Q<:.6

466
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Clob0d~M0 o"JOOlCQOU 006'bP100CQ000.

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467

'B()~ol> (JJ806inl>016" --
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(1/2,000)(1 - 0.40)($40,000) = $12.00.

firm
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469
 oa3oio8Mm
• JM8.'.3o6ooli 8m~oo6o tl'ioliJO = oo'b6ali tl'ioliJli + '(306o6livmo moliJo .
• amm odeoo'b3 liomaao~oli 3oll'iooeooli JMD'(30EJOD68o, CVEl'S omoli JM8.3o6ooli
8m~oo6o tl'ioliJoli lio'bMBo: CVEPS = O"Eps/E(EPS).

lioll'iaao~oli 8"6"J3:JCT>o8ow ~" ~003a3tl108~3 8M()3ooli 3oll'iooeooli Jf'l3'(3oeo3680,

CVEBIT oll'ioli oo'b63litl'ioliJoli l.h':> 'b(Y)Bo: CVEBIT= yEBITIE(EB!T).
ao6lib303300 3tl'im odeoo'b3 liot>la3o~oli 3omo0eooli JM3caoeo368li (CVErs) ~" li0t>laa-
o~oli a060J33mlio ~" ~00333tl108~3 8M()3ooli 3ot>looeooli Jf'l3caoeo368li OMMoli
(CVEBJT} omoli cao6o6livt>lo P1oliJoli 80R336303~0: (CVEPS - CVEBIT).

16.4 ebt>lo~Clo R336 36ob3m, M(Y)a Jf'l8.3o6ooli Bm~oo6o moliJo 803o~OO'lOO, MM3f'lMG
30 'bM8o~oo 3mm odeo0'b:J liom33o~oli 3omooeooli JM3CSOG0368om oMoli Bo~o~o 50%-0060
f'lO~o3oeoom ~0'(30606li3ooli Bob3~3om, 3o~P13 100% li"Jvm0t>lo Jo.308.">~om (!?0'(306.">6li3ooli
Bob3(!?3om. mvBG"' 3P1m "dGM'b:J lioP133o~oli BMli.">~M~63~0 (!?f'l63 .">li333 oMoli Bo~.">~o. R336
J0~33 3P1mb3~ 3"C!?"li8vm3om moUJOli."> Cl?" af')33ooli JMBJmMBoliv~ ov630.">li, M.">(3
ob.">lioom3oli '(3o6.">6livmo ~333P13:1(:oli 3"a?"OtJ3380~3ooli ()B383lifYlooli.
DFL 'btl'i~ou tl'iol>Jb. JfYlB.3o6ooli Bm~oo6o P1oliJoli li.">'bfYlBo, 3t>lm <>deo..,'b3 liotl133o~oli
30t>lo..,eooli Jf'l3caoeo3680, 03li.">d~f'lo 3.">Bf'lom3<>~f'lli JoM(!?.">Jot>l 3t>lm "dGo"'b:J liom33o~oli
l>8"6C!?<>m8v~o 3o(!?<>bmoli 3"l:Jf'l'(3om 3t>lm "DGo"'b3 Bf'lli.">~f'l(!?63~ 3"B(Y)Bvoo3303o'b3. mvBG"
a(Y)e3Bv~o 30111.">(J(!?:JOOO'l f13360 Bo30~omoli Bo~B<>, Cl3li.">d~MC> 3.">Bf'lR6(!?3li, MMB 3li
B.">f1336303~0 ,;li333 8(Y)~Oo liotl133o~oli 306.">J3:JCT>.">B(!?:J (!?C> (!?o0333M.">B(!?3 Bf'l33ooli
3.">Mooeooli Jf'l3'(3oeoa68o 30Bt>l..,3~3ov~o 'Bo6o6livt>lo ~333tl13:1(:oli ~(Y)63'b3 BMli<>~f'l(!?63~0
EBIT-oli ~f'l6om. 5 R336li B.">3o~omClo " Jf'lB.3060.">li ,:,t>l <>d3li '(30606livt>lo ~333M3:l(:O Cl?"
Bo~3ov~o DFL 8(Y)~O.) 1-oli: Bf'lJ~:J~, .">M .">~06006300 oo'b63li MoliJoli 'btl)~..,, Mf'l3f'lM(3 3li
().">'bf'lBo~o."> CVEBJr-om.,:, Jf'lBJ.">6oolim3oli, CVEPS 8f'l~o,:, CVEBIT-oli Cl?" 0B33.">M.">~, JMB.3.">6ooli
Bm~oo6o t>loliJo 8(Y)~O.) Bolio oo'b63ut>loliJoli. B:Jf'lM3 Bbtl103 0 Jf'lB.306ooli CVEPS 8(Y)~O,') Bolio
CVEBIT (Bolio oo'b63lit>lnliJo) 3.">BM.">3~30()~0 1.6-'b3 (Bolio DFL Bf'lli.">~f'l(!?63~0 EBIT-om) . .">B3-
3.">M.">(!?, Jf'lB.30603oolim3oli, Mf'lBtJ~OG OtJ363oli cao6.">6livP1 ~a33P13:1(:li, B0mo DFL 30'bM(!?Oli
oo'b63li mnliJoli 'b33.">3~36.">li 3P1m "den0'b3 li.">m33o~oli G3"~30o(!?f'lO.">'b3. Bovb3C!?"3"C!? oBoli.">,
Mf'lB DFL .">M omnli '(306.">6uvmo moliJoli lin6f'l6nBo, Bolio 'bP1(!?o 3.">6li.">'b~3P103li C!?"B"8aonmo
MoliJnli 03li00.">Boli lio(!?0(!?3li, can6o6li(JMO ~333M3:l(:Oli 3.">Bf'ltJ363oom. Cla~33"C!?' Jf'lB.3.">60300
B<>c;>.">~o oo'b63liP1nliJOO'l bonM.">~ 3.">BMntJ363036 03tl13()~ a?<>cao606li300li, Mf'lB3~ne 30Bf'lo-
0333li 03'b~VC!?V~ DFL-li ~" Jo(i)ndnm.

mv can606li(JP10 ~333M3'.l(:o 3.">3mmoo63ov~o."> f'l.33(i)0env~ ~333M3:1(:CT>.">6, B.">m :l(:.">Bli

3of'lC!?Do" Bm~o060 ("6 Jf'lBoo6oP1 3 ov~o) ~ 3 33P1 3 :1(:o. Jf'lB006o(i)3ov~o 'Bo6..,6livP1o Cl?"
f'l.33P10eov~o ~33:JM3:l(:Oli 'b33.">3~360 oMOU 3"l:JOC!?3300o 63onliB03Mo (33~0~3ooli f'lM li."><(33b-
vmo.">60 'bm~."> 3P1m <>den<> 'b3 li.">M33o~oli 0<><aC>MO'lf'l:JOV~O e3~0~3onli Cl3li.">o.">Boli.">(!?. JMB-

Ci}:'fl)_

EPS)

470

Total (or
cmnhincd) !average -
MMo3iJ. '1lodbol"ioo'3c::'o
"1.3QM0(30C)c::'O !QO !Q0'1J0-
606u3oob 1:Qo6obo"1:icnool>
i>0B"'81J6300 JM8.3o6ool>
8031'1.
- Degree of total
leverage (DTL)- 31'10>
odoM'ba 038Ml>o3oi!::>nli
EPS dMM(3060eJ!.!'.:'O
G3!.!'.:'0!.!'.:'000, e,oBMIJ3aeJcc:>O
&>8n1:Q33oob (06 IJofii-
8M3ool>) 1%-0060
G3c::'0!.!'.:'IJOOo>. ob ol.>030
0M!.!'.:'00 Md£JM0(30CJc::'0
cc:'03£JMO:l<:ob !QM61J (DOL)
e,081'103c::'OOCJcc:>n
'1lo6o6beJMO cc:'33QMO:l<:ob
!Q"'6.'.l'b.'.J (DFL) 1Jofii8rooool>
(0 >801:Q33ool>) JM6JMiJ-
0CJ!.!'.:'O !QM6nl>m3ol>.
· 080G ()i>M(Qi:>, 16.8 (Qi> 16.9 0 i:>60MC:::[JOi:>Clo "C:::0DM6i:>&o(Jc::;o DOL-oG 6i:>8(\')i:>3c::;o DFL-'bo 16.14
16.
.30600G o(Y\01 0doo0'bo G0M 0ooc::;oG i:>8 801c::;M60 80 (Y)d6(Y)ooc::;C'looG Mi:>C'l!:Q[J6M0Mo3 8i:>f1306ooac::;G
JM8.3i:>6ooG 8"::JO!:Q3QooG 03c::;oc::;oooG 8080(\')01 QfiM!:QQOi:> 801c::;M60 C:::Q3QMQfaoG !:QM6Q (DTL).
J(Y)8.3i:>6ooG 801c::;ni:>60 C:::D3DMOfeoG !:QM6Q 00M8MQC oG (06 8"801:Q3DooG) JM6JM00(JC::: !:QM6a'bo
0C'lc::;o0 [JM01 0doo"'ba Gi:>M 0 aoc::;oG .3MC'JGQ60(Jc::;o 03c::;oc::;oo" 8"8C'l<tJoc::;o Di:>M8(Y)ao0Clo ("6
()0::JO!:Q3[JOOo) .3MC'lGo60(JC::: 03c::;oc::;aoi:>'b[J, Mi:>G 06303G QM010 "doooG Ui:>M()QOc::;oG 03c::;oc::;a-
Oi:>U. "883"M"!:Q,
am!.!'.:'0060 !.!'.:'03£!MD:l<:ol> CQM6o :.iMa> >dGn" 'b3 l>ol"ie,oo!.!'.:'ol>
6ol"i8Mnool> (06 e,o 8oCQ 3aool>) = .3fiiM(31J60eJ~n G3!.!'.:'o~aoo
Q IJM"'iJCJc::'On (06 S l10"18M30000 (06 3080CQ30000)
0106bMofiin30CQ) :Jfii"'Go60CJ~ G3~o~ 0 oo'bo
(16.15)
0i:>8M013c::;o01, f13a6 Clo 0 3odc::;o0 0 08M3o::ia6M01 oG 'D"d&n, (Y)C'l8 801c::;oi:>60 C:::Q3DMQfeoG !:QM6Q·
80M&n301:Q i:>MOU C'l.3QMi:lQO(JC:::O C:::D3DMQfeOG (QC'l6oG .3MC'l!:Q(Jden (Qi> <tJ06i:>6U(JMO C:::Q3[JMQfenG
(QM6oG fei:>8o
(16.16)
0"6&C'lc:::ao0<lo R30 6 83 "dc:::a 3G
. Q(P -V)
DTLQ 0'""' 3ci"'o0°= Q(P -V) - FC - I - [PD /(l - t)] (16.17)
DTL _ EBIT + FC
a>~otl1 3300 s '<JCJ(!::'O- EB IT - I - [PD /(1 - t)] (16.18)
0G "C:::0aM6"eo(Jc::;n 8"60C'lc:::ao 0oo 830 (Jo6ao", (Y\(")8 JM6JMD0(Jc::;n JM8.3i:>600G01 3oG, M"G
!:QO!:Q00 <tJn6"6G(JMn !:Qi>6i:>b0MfeQOO !:Qi>O[J83Mi>8!:Q[J, 8001 !:QO(Q00 801c::;oi:>60 C:::Q3QM[JfenG b0MnGbo,
i:>6(J MC'l!:Q[JG"G 0M i:>MU[JOMoG <tJn6i:>6G(JMn C:::Q3DM0feo.
!:Q"3()03i:>01, MC'l8 f13a60 8C'l0C'JGOJC:::a&nG f10<tJb(JeDooG 800M8C'JQOQC::: JM8.3i:>600G 0d3G
200,000$ M.3QMi>GO(Jc::;o C:::D3QM0feo 8 .3MMQQ6&ni:>6 GaGbClo. 003obGa6M01, MM8 [JM01[J(Jc::;nG
8"::JO!:Q30U <tJi:>UO i:>MOU 50$, QM01Q(JC:::OU G3C:::i>!:QO C'l.3QMi:lGO(JC:::O (Qi>fobi:>MfeQOO 0MOU 25$ (Q0
oc::;n(JMO <?JOdl>nMQO(JC:::O C'l.3QMi:lQO(JC:::O (Qi>6i:>bi:>MfeQOO ()MOU 100,000$. i:Q"3(Jd3001, MC'l8
Ui:>oi>!:Qi:>Ui:>bi:>(QC'l c,06i>J3:J010 i:>MOU 40% (Qi> MC'l8 f1306 83U(JMU 8"63Gi:>'bc;3MC'l01 801c::;o060 c:::a3-
QM[JfeOG !:QM6Q bi:>M8MQOnG (Qi:> ()0::JO!:Q3QOoG 8000 [JM01[)(JC:::OG0130G. i:>8o&M8, 16.17 0i:>60MC:::[JOnG
0 08C'l::ia6aoo01 f13a6 0 30d3G
DTL _ 8,000($50 - $25) = .
2 38
S.Q003ri\0>3C)(!::'O - 8,000($50 - $25) - $100,000 - $16,000
"883"i;l"!:Q, 10%-0060 'bM!:Q0 Di:>M8C'loo(Jc::;n !:Q" 8"::JO!:Q(JC::: Mi:>C'l!:Q:J6C'loi:>Clo 008Moo3 03 G23.8 .J(YJ(")-
006&0"6 QM010 0doooG Gi:>M 0 Qoc::;oG 'bM!:Qi:>G.
f13a60 80 0 0c::;o010G JM8.3i:>600G0130G 801c::;ni:>60 C:::Q3[JMQfeoG bi:>Mnl>boG !:Q0!:Q8Q6001, i:>6(J 8oGo
M.3QM0Go(Jc::;o C:::D3QMQfanG !:QM6oG fo8f\1"3c::;o01, 8oG <tJ06i:>6li(Jf\1 c::;o3of\1afe'bo, 3nc;o601
x DFLEB!T OU $IOOPQO
8,000($50 - $25) x $100,000 = 2.38
8,000($50 - $25) - $100,000 $100,000 - $16,000
2.00 x 1.19 = 2.38
471

lioubnG eD3"1!?"'6" Debt
capacity - u3ubnu
80dl>n8oc:;>vt'in unll?nl!?a
(8001 0011'\nl>, avll?8n 3n
b0t'i~oonl> ll?"«Jn6o6u 3onl>
00m30c:;>ouon630001),
t'i0183c:;>oG JM8.'l0600l>
Clovdc:;>n0 v.'lt'i01oc:;>a801il?
ou3ub01u 1!?0
801a8u0bvt'i01u.
f!?"'ll"t'i30G J"'D'll"(3n36C!Jn
- Coverage ratios -
J01:J«J0(30:J68o, MM8-
c:;>;J00(3 0J0 3Clnt'i 0ou
JM8.'l06nnl> «Jn6o6uvt'i
3"c:;>ll?QO<Jc:;>oooou, Bou
Cl3uodc:;>;JOc:;>MOOUOlo6,
80138l>obvt'i01l> 06
fl?O«JOM01U 8MJc:;':J301l?006o
3oc:;>ll?:JO<Jc:;>DOD00.
uot'i 0ooc:;>ol> ll?"«J"t'i3ou
J"'O«J0(30IJ6eo - Interest
cowragc ratio - 8M3300
JMD!l?oenl> uot'i33oc:;>nl>0
ll?o 8M0300L> 0 oll?"l>0b0il?ol>
00ll?"bll?"8n;:a 001:1"'<aoc:;>n
JM(Jll?Oenl> l>0t'i33oc:;>OU
b0t'i~'li 3 . 80u 0L> 033
vo01n;:ooo6 t'i08il?o6~o"'
308M308(J003301
Jt'ioll?neol> b01'i~o.
472
'?3o6.:i6l>(]Mo ~030MO.'.Si\ol> .:.61 .:>Ml>oocYlool> !Q61cYll>, fi3060 JcY18.'3.:i6ool> 801~0.:.60 ~030610.'.Si\ol> !QcY16o
o"(J8cYl~!Q00.) 8ol>o M.3061.:ioo(]~O ~030MO_$i\OU !QM6ol> !!!" od6oo.:i 2 (!!/.:io8.:ibl>cY13Mo01, DFL
JcY18.'3.:i6ool>013ol>, MM8o~l>.:io .:>M .:ij3l> '?306.:.6!.>(]610 ~030610.'.Si\o, 8cYl~o.:i 1-ol>). fi306 36.:ibo01,
McY18 JcY18.'3.:i6ool> '?3o6.:i6l>(JMO ~030MO_$i\O 'b61!Qol> 8ol> DOL-l> 1.19 JcYlO'?JOGoo68001, McY18
8030QcYl01 2.38-ol> 8M~o 801~0.:.60 ~030MO_$i\OU !QcY160.
DTL !l(<) JM8.30600G 8m~o.:.6o MoUJO
M.3 0 61.:ioo(]~o ~ 030 Mo.'.Si\o !!!" '?306.:.6!.>(JMO ~ 030 Mo.'.Si\o o 0 L>.:id~(Yl" 0.:.0M010.:i6!!!o1.> M.:i8!!!o6o8 0
0 '0001, McY18 8030QcYl01 l>.:il>(JM30~o 801~0.:.60 ~030MO.'.Si\ol> !QcY16o !!!" JcY18.'3.:i6ool> 801~0.:.60
MOUJOU (!!M6o. 8.:>Q.:>~o oo'b6ol> MOUJO ool>.:id~(Yl.) .:i6.:i'bQ.:>(J61!Qol> (!!.:>O.:>~o '?3o6.:i6l>(JMO MOUJ001
!!!" .'3061ojo01. JcY18.'3.:i6ool> MOUJOU 801~0.:.60 M0.:>~(]610 CQcYl6o 8cYloo.:i3l> JcY18.'361cY18ol>l> 801~0.:.6
MOUJU.:> !!!" 8cYlU.:>~cYlCQ6o~ 8cYlooo.:il> OM61ol>, McY18o~oo (]6(!!.:> o"J001CQOU l>.:i.:idoo(Yl l>o8!QOCQMOU
8.:ijl>o8.:i~(JM.:>!Q 0 .:i'hM!Qol> 8o'b6ol> 006.:.Mfi(J600001. fi306 0 .:i63obo~.:i301, 61cY1 0cYlM oood~oo.:i
od6ol> o.:>8cYltJD6oo(]~O 'bMoOOM010 U.:>O(J.:>~oo.:i o6'?jcYlM8.:ioool> 8ol>.:>QOO"CQ ~030MO_$i\OU cYlM
8o.'3'ho - M.'3 0 M.:ioo(]~ G:?" '?306.:.6!.>(]M'ho - G:?" 8.:.01 0 .:i 0 M01o.:i600(]~ 'ho 0 .:i3~06.:i'ho.
JcY18.'3.:i6ool> ool>.:io.:i8ol>o '?3o6.:i6l>(JMO ~030MO_$i\OU 0.:i6l>.:i'bQ3Mol>.:il>, fi306 .:il.>030 .:.6.:i~o'bl>
3(]J0010001 JM8.'3.:i6ool> '?j(J~.:>CQO 6.:>J.:>CQOU ool>.:id~OO~cYlO.:>U '?jOJUOMOO(J~O '?306.:.6!.>(JMO
o"!Q.:>U.:>b!Qo~oool> 8cY18l>.:ib(]MOO.)'ho. M.)G (QOCQO.) '?j.:>Uo.:.60 J"Q"~CQOOOU '?3(]~"(!!0 UO!QOCQO,
MM8o~l>.:io 0.:i8cY1l>oo8l> JcY18.'3.:i6o.:i !!!" 6.:iJ~ooo.:i 8.:.010 l>o8ffo'?3ol> 3.:i!Q.:i, 8001 CQO!QM JM8.'3.:i6ool>
'?jOJUOMOO(J~O '?3o6.:i6l>(JMO 0 .:>CQ.:>U.:>b!QO~Ooo, ol.>060 8cYloo.:i306 01.:.360!.> (!!.:> U.:>M 0 oo~ol>
0.:i6.:>J3001oool> o"!!!"b!!!ool> l>ol>b'bo, '?3o6.:i6l>(]Mo ~o'bo6 0 ol> o"!!!"bG:?ool> G:?" .'3Mo30~0 0 o­
MOO(J~o .:ijoooool> !Qo3o!Qo6!!!ool>. !Q.:>8.:i8ooo010 '?3odl>oM 0 o(]~o '?3o6.:i6l>(]Mo 0 .:i!Q.:il>.:ibG:?o~oool>
"Q00.:>8!Qo, JcY18.'3.:i6o.:i8 (J6CQ.:> 0 .:i.:i.:.6.:i~o'bcYll> 8ol>o 8Ml>.:>~cYlCQ6o~o 8cY18.:>3.:i~o '?3(]~"G:!o
6"J"G:?ooo, M.:>!Q0.:i6 '?3odl>o61oo(]~o '?3o6.:i6l>(]Mo o"!!!"L>"b!!!o~ooo (J6G:?" o00 L>.:io.:i8 0ocYl!Qol> 6.:iQG:?
'?3(]~1.> . .:.8 o"G:?"l>"bG:?o~oool> !!!"'?3"M3ou oo(]d~oo~cYlo.:.8, .'3Mo 3 o~ 00 oMoo(]~o .:ijoooool> CQ03-
0!Q06!!!000L> 0.:>M!Q.:>, ool>.:id~M.:> 0 .:>8cY1003ocYlU '?3o6.:i6l>(JMO 0.:>JcY18Moo.:i. M.:>G CQOCQo.:> CQ.:> 808.:>CQ
l>8.:>00~(JMO.) JcY18.'3.:i6ool> 8cYlU.:>~cYl!Q6o~o 8cY18.:>3.:i~o '?3(]~"(!!0 6.:>J"CQOOO, 8001 (!!O(!!O.) JcY18-
.'3.:i6ool> l>ol>bol> <!lJ03<>CQP'IO.:>.
!l?0czp6130G JMD<Booon6c§n6o
08 0'boo!.> OcYlMol>, McY18~ooooo fi306 oo 0 3od~o.:i 8030QcYl01 o6'?JcYlM8.:ioo.:i JcY18.'3.:i6ool> l>ol>bol>
CQ.:>'?J.:>M3ol> (16.:>M'bo, .:>Mou !Q.:><(j<>M3ol> JcY10'?30(30::J68oool> .:.6.:i~o'bo. ol> JcY10'?3oooo68ooo,
McYlocYlMG oood~oo.:i 01d306 o.:ibl>M301 80-6 01.:.30(!!.:>6, 008()0.:>300(]~°" JM8.'3.:i6ool> cao6.:i6l>(JMO
3.:>~!QOO(J~Oooool> !Q<>U.:>J.:>300Moo~.:>!Q JM8.'3.:i6ool> 8ooM 8.:.010 8cY18l>.:ib(J610ool>, .:.6 !!!"'?3.:.61301.>
ool>.:id~oo~cYlo.:>l.>01.:.6. .:.8 JcY10'?3oooo68oool> 0 .:>8cY1013~.:ioo fi306 fi3o(]~Oo6103.:iCQ 308060001
8M 00 o.:il> l>.:iM 0 ooo~L> 0.:i6.:iJ 3o01.:i8G:?o G:?" G:?"o003 M.:i8!Qo, McYlocYlMG bo~8ol>.:iti3 CQM8o 'B(]~"G:?o
6.:>J.:>!Qoool> l>.:i 'bcY18l> caojl>oMOO(J~O cao6.:i6l>(]Mo 3.:i~!QOO(J~::JO::JOol> CQ.:>l>.:ica.:iM.:>3.:>CQ. (J'BMcYl
'?.J.:>M01MCQ o.:>8M806oo(J~O G:!"'B"613ol> JM::J'?.JOGoo68o .)MOU Ui>Mo[JO~ob !:Q"'B"M3ob JcYl::J'BOG0-
0680. ol> JM::J'?.JOGoo68o 8.:>M803.:>CQ .:>Mob 8cY1 0::JO.:> U.:>M 0 ::Jo~ob b.:>M_$i\.:>8!QO !!!" !Q.:>O::Jo3M.:>8CQ0
JcY16JM08(J~O dOMOcYl(QOU013ob 0 .:>8M'?.JO~o U.:>M 0 ::JO~ob 0.:i6.:>J3001ob b.:i61.'.Si\'b0 dOMOcYl!QOO
8013300 u0t'i33oc:;>nl> b01'\~081l?D
l>0t'i33oc:;>nl> ll?"«Jot'i3ol> 1!?0 ll?00()(13M081l?o (EBIT)
(16.19)
8.:i 0.:ic::.m01.:i!Q, 830~" 'ho oM~(Y) fi~o(]Mo 8cYlooo.:i l>.:iM 0 oo~ol> 0.:i6.:iJ3001.:i8G:?o G:!"
!!!"oo 03M.:i8!!!0 JM8.'3.:i6ool>013ol> o8cYl 6 8~6$ !:!:?" fi~o(]Mo L>oubou .:.6() l>.:.Mooo~ou .'3MMG068ol>
b.:iM.'.Si\o 830 ~.:i u.:iL> 0ubcYl 3 .:i~!:!:?oo(]~o<>o<>'ho o8cYl 1.5 8~6$. 8.:.006 EBIT "G:?"'?.J"M.:i 3L>" .'3MMGo6-
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 DOL - 16M =4
16 aoc:>nf'l6o JMOlJCJ<::'O - ( l 6M - I 2M)

(15%) X 4 = 60% 'bc"'i~,:, EBIT-Clo

2. (.3c"'i(Y)oo6@>(J~O 03~0~000 ()0l:J0~3oooo) x DOL = dM(Y)Go6@>()~ G3~0~Q00U EBIT-Clo
(20%) X 2 = 40% EB IT-Clo
,:,8o@)(Y)8 1000 X ( 1 + 0.40) = 1.400$

,:,8o@)(Y)8 QBE ()6~0 ()0(.J&(Y)~~ol> 5000 QM01Q(J~U.

12,000

.'36\030~Do06\Do ()~0 f\3D'V~Do6\030

GDGbO 0dG00 0dG00
MJ.')M"GO()c:'O 8M(l.'JO" (EBIT) $1,500 $1,500 $1,500
M(IDoc:;oli <1>6"J3amo .:,Mi.i30(Jc:; 3~'ba 360 360 360
[,.:,M~li (lo6"J3.')mn o~n li3lib'b3 ~ --
a"'<ID°" C!?"°a83mwll?a $ 580 $1,140 $1,140
8"1!?"!.i.:,~30n _ill 456 456
8"'~ C!?"°.'l83"1nli Cla8C!?.'lo $ 348 $ 684 $ 684
J6\o3oc:;a0°"'00(Jc:;n "dGool> C!?03°C!/D6C!?ao0 _1lill
0 oli"6o~non~ ~°" fi3JCJc::>n1>Mn30 o:Juoooou &a~0c::>ol>'bo $ 348 $ 204 $ 684
"dG030nu "'""'C!?06Mb" 800 800 1,050
· M(ID03c:;n 3"1o1 "00°"'b3 $0.435 $0.255 $0.651
·------·-----~--------

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500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

l>ol>bn (1) CQ<> fi3o()~00Mn3n <>don<> (3): 2.7 8~6$ EBIT-Cln

.3Mn3n~::10nMQO(J~n <>don<> (2) I.Qi> fi3o()~QOMn3n <>don<> (3): 3.7 8~6$ EBIT-Clo

l>ol>bn CQffl8n6nM 0ol> .3(Y)n 3 n~ 00 nP100()~ <>don<>'bo 8l> 003l>n 80P1'iln01 i:Jffl 30 ~8bti1n 3 . 0P1
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8001f'lCQQol> Clf'JP1nl>.
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df'lMnl> 0010l>o0Cln 0P1nl>

(EBIT1•3 - $920)(1 - 0.40). - 0 (EBITu - $360)(1 - 0.40) - 0

800 1,050
S(;3<>Mo!:Qn6n o<>CQ<>8M03~oon01 CQ<> 0 080ti1@.>n3oon01, 8n3nc.;0001

(EBITu)(0.60)(1,050) - ($920)(0.60)(1,050) (EBIT 1•3)(0.60)(800) - ($360)(0.60)(800)

(EBIT 1,3)(630) - ($579 ,600) (EBIT 1,3)(480) - ($172,800)
(EBIT 1•3)(150) = $406,800
EBIT 1,3 $2,712

13?0080bl>f'l3M:Jai, Mf'l8 l>ol>bnl> 0~@.>0M60@.>n3nl>013nl>, o<>CQ<>l>0b<>CQ0008CQO 801~n06n .3Mf'l-

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l>ol>bn ( 1)

000
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' ' onr::;nM · $1,500, 000 - $920,000

.'3<'103o~O(PMOO(J~O <>dGnc. (2) :

' ,= $1,500,000 =441

DH"EBlf$1,Saoc::;nMUO $1,500,000 - $360,000 - [$480,000/(l - 0.40)] ,

485
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EB!T$1,58oe,>nM6n- $l, 500,000 _ $ 36 0,000 - '

132· .:.b~061Qo~o EBIT-ou !Q(Y'J6oum3ou, fiiJo(J~OOMo30 0j(300 .:>MOU U0U(JM30~0. EBIT-u

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06l>()~o f'io/YJ®o~o uoubom. fi306 030/Ylfio3600 .:.8 061QO'ZJOM06U(J~O oo/YJ®o~'lio 8.:.~~0
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06l>(J~o oo/YJ®o~'lio 1Q00~0, 8om d~oo/Ylo.:. l>ol>bou .:.~ooou 0~®0/Ylfo®o30, ub3.:. tJ30~"
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4.

;i..,;,,,Ga68vc::in G 3 c::inc::ia<>~ [ ~Q(P - V) ]

= ,,,;i3..,;oGnvc::i a,,,030000 (EBIT) = Q(P - V) - FC
:i..,;,,,Ga68vc::in G3c::>nc::i300 ~Q/Q
6~..,;a,,,30000 (~6 0 ~~nll!3Doon)

2.4 a~G $-nu 15% $ 360,000

3.0 a~G $-oli 13% 390,000
2.0 a~G $-oli 18% 360,000
$1,110,000

.'3/YJ(Y)Go6®ol> !Q0'ZJ0/YJ3ol> J(Y'JO'ZloGoo6®o = $2,000,000/$1, 110,000 = 1.80

8m~o060 o~o()Mo m036ou 301Q0b!Qooo = $100,000 + $150,000 = $250,000

l>3libnli-8Mab~beJ<"i3onb = $2,000 ,000 = J.24

{!/O'BOM3nliJ"'(J'B0(30:J68n $1,110,000 + [$250,000/(1- 0.50))

.o. EBIT-ou 8(Y'Jmb(Y'J360~0 301Q0b/YJ0 8ouo u0Cl(J0~(Y'J ~0MOO(J~Ooo1Q06 l.>06.:.8 J(Y'JQ'ZJOGoo6®o

00b!!?oo0 1: 1:
dM(Y'J(306®(J~O !Q0'ZJ.:>/YJ30: $1, 110,000 - $2,000,000 = -$890,000
u0ubou a(Y'Jau0b(J/Ylooou !Q0'ZJ0i'130: $1,610,000 - $2,000,000 = -$390,000

mom(Y'Jo(J~o L>.:.Cl()0~(Y'J!Q"6 l>®061Q0M®(J~o 00!!?.:.b/Ylom 0 30d~o3L> Clo8!!?oo Z-j(J~ool>:

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<ilrri8 Varlas <>d3G <iloGJoG (JCQOCQOGo b.:>Mobbo.

Donaldson, Gordon. Corporate Debt Capacity. Boston:
Division of Research, Harvard Business School, 1961.
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- - , and James Gentry. "On the Relationship Between
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Hong, Hai, and Alfred Rappaport. "Debt Capacity, Optimal
Capital Structure, and Capital Budgeting." Financial
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Levy, Haim, and Robert Brooks. "Financial Break-Even
·Analysis and the Value of the Firm." Financial Management
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Myers, Stewart C. "Capital · Structure Puzzle." Journal of
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Piper, Thomas R., and Wolf A. Weinhold. "How Much Debt Is
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Part VI of the text's web site, Wachowicz 's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.

487
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V JM8.3,:,6ooli 8m~n,:,6n ~OM::JO'()~::JO.:> (O!Kti) $6,667
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E $700
k
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RecapitaHzation -
J"'8:Jo6ooonG Jo3n8o~ob
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30 15
Arditti, Fred D. "The Weighted Average Cost of Capital:
Some Questions on Its Defition, Interpretation, and Use."
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512
.)M.)~a 3 at11a'.Ji:';'.J~o + babbob ~~oaa3t110~.)6 ~.)(3301.i
JM8.'fo6oob ~otllao';'.J~:JO.) U.)tllaao~ob ,)b~,)G~a~o ~otllao';'.J~[)O.)
= $10,000,000 + ($4,000,000)(0.40)
=$11,600,000
= $10,000,000 + ($7,000,000)(0.40)
= $12,800,000
(3) (4)
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t!?0G30l> 1.>0t\\o:Joc::>o1.> t!?0 o0'bt\\t!?O°"O ~t\\f'IG:J6&>0l> <!10l">Oo'1Jc::>Oo0
---------
$0 $0.0 $15.0
I 0.0 16.0
2 0.6 16.4
3 1.2 16.8
4 2.0 17.0
5 3.2 16.8
6 5.0 16.0
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 17.

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(September 1969), 592-595.

513
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Guy Charest. "'Split Information, Stock Returns and ··Journal o(Fi11011ciaf Economics(>
(June-September l 978}, 265-296; Eugene F. Fama, Lawrence fisher. Miclrnd .knscn..and Richard Roll "'The
f~dj:1stment of Stock Prices to New fnformation," l111ema1imw! Economic· Review JO l 969), 1-2 ! ;
S. Cmnblatt. Ronald W Masulis, and Sheridan Titman. '"The Valuation Ell~cis ofSt,ick Splits Stock Dividends."
Journal of Fi11a11cia! Economics l3 (December 1984). and J. Randall \Voolridr.:c. "Stock Di\ idcncb
Signals." Journal ofFi11ancial Research 6 (Spring 1983). !··12. '

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545
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M0(J!QMl:Q <'JM nd6ao.:. M08!Qo6o8n !QM~0M'b:J 8080 06101 0dG00'bn, 01() !Q03:J8M!:Q6M0001
0 a.3o61o(J~ 8M60Go8oou.

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Part VI of the text's web site, Wachowicz's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
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N = OMmo "GGoob 1101Q3obm3ob 8MmbM36oe:::o vcae:::ooooob Mi>M!Q06Moi>

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x N
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Markese, Gau, Galdon, and Cammack

Incorporated

Ding, Sexton, 'Woatich, Nguyen-Barnaby & Co.

:J<"i"'b:Jod8nb 00<"ioJ>6nb Murphy, and Kuhlemeyer, Inc.
6n8v<ln, l"),.,.,8oc:;>nti A.E. Winston &Sons
vri 33 G0ou 'lJ>l>n>Gn Harikumar, Went, Banner,
d"~"C:;'{!{OU dD"'"3" 'b3onb
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bn6{!{nJ>8oonb 603<"i300»6 Securities Corporation
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Incorporated
Ding, Sexton, W oatich, Nguyen-Barnaby & Co.
Murphy, and Kuhlemeyer, Inc.
A.E. Winston &Sons
Harikumar, Went,. Banner,
Morgan, and Truitt, Inc. Collins Brothers, Inc.
Cohn, Gonzalez, Espinosa, &Gallina
Securities Corporation
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()6Cl:?<> O::JMb .:i8 .3M@.l06(3o(JM 0</30d8cn<>6 Cl:?<'>J<>300Mooocn, b.:i6<">8 8ooe:?ooe!:?ob <(3<>bo.:i6o
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2
08.30"10'()~0 ai3.:i~l>.:if\06"'oool> 0"1f51:Jo630~0 l>o6aio'bol>ai3nl> 6.:iboai Clifford W. Smith Jr., "Investment
Banking and the Capital Acquisition Process," Journal of Financial Economics 15 (January-February 1986), 3-29.
See also Paul Asquith and David W. Mullins Jr., "Signalling with Dividends, Stock Repurchases, and Equity Issues,"
Financial Management 15 (Autumn 1986), 27-44.
3
6.:iboai Stewart C. Myers and Nicholas S. Majluf, "Corporate Financing and Investment Decisions When Firms
Have Information That Investors Do Not Have," Journal of Financial Economics 13 (June 1984), 187-221.

566
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Contracting and the Role of Venture Capitalists." Journal
of Finance 49 (June 1994), 371-402.
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Thompson. "The Shelf Registration and Self Selection
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Equity Issues." Financial lvfanagement 15 (Autumn
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Philadelphia (January/February 1998), 15-26 (available
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'iloodc::.ioo.:. 0.:.8Mo 80 1.i.

0. [$2/(1 - 0.40)] + {$8(0.10)] = 4

[$8(0.10)] + [(0.10) x]

$3.33 + $0.80 $4.13

=4
$0.80 + (0.10) x $0.80 + (0.10) x
4($0.80) + (4)(0.lO)X = $4.13
(0.40)X = $0.93
x = $0.9310.40 = $2.325
o. $30 + (0.5)X =2
$8 +X
2($8) = 2(X) = $30 + (0.5)X
(1.5)X = $14
x = $14/(1.5) = $9.33
o· $8 + x =o.s
$40
$8 + x = (0.5)($40)
x = $20 - $8 = $12
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fYlOC!.'Oo"GOQOOUm3oli,

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3. 0.
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598
 20.

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0. li03'0P101 0dGno60G P1001Q?o60160 oP'lmo CQnP'lod&01P'loG 0P'lfio30Gm30G =

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(9 + 1) '

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0. boffOMM odGnoooG M0M(Q050160 oP'lmo (QOMOd&01P'lob 0P'lfio30Gm3ob =

2,000,000 x 1 + 1 = 500 001

(3 + 1) ,

80b 0M Clo(Jd~no 0M(30MO'l0 (QOMDd&01P'lob 0P'lfio30.

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599
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contains links to many finance web sites and online
articles related to topics covered in this chapter.
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$148,000 = X + X{3.998) + $30,000(0.425)

$148,000 = X(4.998) + $12,750

x= ($148,000 - $12,750)/4.998

x= $27,061

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31>!QOC>6o l>oubo01 8oc;ioo(J~O 01C>6booo C,1>8M806oo(J~O nd6oo" Acme Aglet JM8.3C>6ool>

C>c;>3'(JM3n~MOC>do U?" !:QOOn0MM'(J~ 3"~!:QOO(J~OOOOdo 063ol>&0Go"Clo C>bC>~o ,, 0 0b1>M(31>Mo"
8o<!!J"~ol> bo~l>"o8Mb !:QC>8'bC>c!wool>013ol>. JM8.3C>6o" O~M!:QOO" 24%-oC>6 'bM!:QC>b oo~nOC>Cf?Clo,
01C>6C>OM1>(.!? 8"8(")'?30~0 8o8Q;?o6C>MO "d003oouC> {QC> o8o6!:QC> caodl>nMOO(J~ "d003ool> OMMOb.
1>8 OO~b 8Mb.)~(")!Q6:J~00 1.5 8~6$ 0806(.!?C> 8MC,00.) (QC> 8Mb.)~M!:Q6:J~O.) :Jb 8M 000.)
01>0'bC>M!:Q(")b 250,000$-001 8(")30~ oo~l> Clo8U?:JoO bC>8o o~ob 0 C>68C>3~MOC>do. JM8.3C>6oC> C>M
obtQnU tQn3nQ;?o6C!?ool> !:l?" C>M "d3u 0 C>6'b(Y)C>b(J~o 8C>010 8"!:Q"bl:Q" Clo8U?oon M01bo !'i~ou
c,068C>3~MOC>Oo. C,1>b(J~ oo~l> C>8MM&n'bC>(301> 08(") 2.5 8~6% l:Q<) .3MMC,6(")'bOM:JO(J~O.) 8ol>o
c,C>'bM!QC> Clo8Cf?:J30 M01bo o~oli 3C>68C>3~MOC>dO 081>30 o"6"J3001001, MMC,MM(3 'bM!:QC> o8o6!:QC>
'?JOJbOM:JO(J~ C>d@Jn306Clo.
ood~o6l> JM8:3"6oC> 8nC>c;>00(")b 8olio 'bMCf?Ob 8o'bC>6b l>::il>boli O[J01C>6b800001? C>bl.>06001
t'10(3b(")6Mo30Q;? ..
8(")(3:J8(J~O 06'?3(")t'l8C>(3on01, 0 C>8Mom3C>~:JOl b~O(Jt'io bC>o3C>fii01 C,1>!:QC>b!:Q0 (oo6C>bOC>M
8"l:Q"bCQo~o), t'l018o~l>0G 801001bM3l> 800'.?G"t'lo:

621
 0. 260,000$ ClolitJnQ;woli ttJ<>lio, 13% .3MP1(3068';'.Jc:.>o 0 i:>6<>J3omo, 5 oc:_>oi:>6o c:_>o'l)06 0 oli
.3ocYioP1CQO (Qi:> 0M i:>MliOOPlOl.i 6i:>cYil5o6o ~OMOO';'.Jc:_>OOi:>;
o. 138,000$ ClolitinCQ3oli <~pl.in, 6% .3MP1(3068';'.Jc:.'o 0 i:>60J3omo, 9 oc:_>o060 c;_>o'bo6 0oli .3ocYio-
P1CQO (Qi:> 20,000$ ';'.J'b';'.Jli&Pl 6i:>cYil5o6o ~OMOO';'.Jc:_>OOi:l;
o· 773,000$ CJol.itJOCQ30l.i <(li:>l.io, 9% .3MP1(3068(Jc:_>O 0i:>6i:>J300"l0 1 10 bc:_>o060 c;_>o'bo6 0 ob .3ocYio-
Pl(QO (Qi:> 0M i:>MUOOPlOU 6i:>cYil5o6o ~OMOO';'.Jc:_>OOi:>.
4. Volt Electronixs JPlS.30600 ()i:>6oboc:_>03ll Sol.lo ocYimo .3Mf'l(Q(J08oll Ofei:>MOa> o"GoS0ll SMSb-
Si:>MOOc:_>OO'bo .3oMCQi:>.3ocYi o"tJoCQ30llm06 ocYimoCQ . .3MP1CQ';'.J08o, Volt Tester, OtJOCQOO<> 18,600$-
"tl? (Qi:> 003ll OJP16P1SoJ';'.JMO U0(3P1(3bc:_>oll';'.)6i:>Moo6Ploi:> cYi30 ooc:_>o.
0. 12 .3MP1(3068';'.Jc:.>o SP1 0 oooll Soll0~oo"CQ, MP1 0 McYio oc:_>o(JcYio c;_>o'bo6 0 oll o"CQ"bCQ<> ';'.)6!.!1"
SP1oa>bP13Mll Volt JMS.3i:>600S, MP1()P1M(3 Soofe"cYioS? (CQ<>3()Cl3i:>m, cYiMS lli:>ofei:>MP1
0 i:>(QobCQOOo bCQOO" fio6i:>bOi:>cYi).
0. ffi';'.J .3Mf'l(Q';'.JO&ll 003ll lli:>c:_>OJ30(Qi:>(30P1 ~OMOO';'.Jc:_>OOi:l ((36PlOOc:_>Oi:> Clolli:>ooSollo llo'b(Jll&om)
4,000$ SocYi30 bc:_>OU (Q0Ui:>UM';'.)c:_>U, MPl()PlMO bc:_>O(JMO Ui:>Ofei:>MPl ()i:l(Q0b(Qi:> 00600"
SP1a>bM36oc;_>o?
5. Fez Fabulous Fabrics JP1S.3i:>6oi:>ll U';'.)MU Cloodo6Mb 100,000$ ~ocYioo()c:_>Oooll ScYi03i:>c:_>SbcYio30
lli:>~cYioc;_>o S"60060. SP1lli:>c;_>P1CQ6oc:.>o<> S"6006oll 0 i:>SP1tJo6oo" cYi3" fic:_>om, cYiMSc:_>oll CloSCQOo"G
SP1lloc:_>Pl!.!/6oc:.>00 Sol.lo 6i:>cYil5o6o ~ocYioo';'.lc:_>Oo" OtJMb 20,000$. Fez cYiMS CQ"D'tlo6i:>6llooo6" S06-
0"6oll Clodo6" cYi30 fic:_>oi:>6o ,.60SCQ3oc;_>o" lloofei:>MPl JP168cYi"o8nll boc;_>SPlfiocYiom, SMm-
bM36oc:_>o bc:_>O(JMO lloofei:>MPl ()0(Qi:>Ui:>b0(QO no6ooPl(Qi:> 16,000$ fio60ll!'ii:>M. JP1S.306oi:>U
Clo';'.Jdc;_>o<> "llo30 CQM<(ln6i:>6bMll Si:>6006oll ClolltinCQ3" 12%-oi:>6o 3"CQoi:>6o llollbom, cYiMSoc:.>ll"G
00600" 8llc,i:>3llo docYioa>i:>(QO JP16<(lO() ';'.)Mi:>(300U ()i:>(Qob(QOU ()i:>6Moc,o Mf'l()P1M(3 Ui:>Ofei:>MC'l
0 i:>(Qi:>b(Qoll 0 .:.6cYio 0 ll. "08030 b3(QOOi:> b(Jmbc:_>ni:>6o Ui:>J';'.)a>MOOoll Jc:_>i:>llClo ~ocYioo';'.Jc:_>OOob
"~CQo06oll (i:>SPlcYi&o'bo(3ooll) So'b6ooollm3oll CQ" JP1S.3i:>600ll "o3ll 35 .3cYiP1(306&0060
ll"o"CQ"ll"b"tl?Pl o"6"J3omo. cYi" "cYioll 'tl';'.Jc:.><>CQo o"ll" 3c:.>oooll i:>bc;_>i:>6CQoc:.>o ~ocYioo';'.lc:_>Oo"
(J)0())P10(Jc:.'0 0S "c:.>8ocYi6i:>&o3ollm3oll, llollboll ()i:>(!/0Ui:>bi:>CQOOOU CloSCQOo ~OMOO(Jc:_>OOOU
0 i:>SP1tJ06ooom, MP1 0 P1M(3 CQOUJP16&oll 0 i:>6i:>J30mo? MP1Soc;_>o "c:.>80cYi6i:>&o30 i:>Mob
ll0ll';'.]cYi3oc:.>o?
6. Valequez Rances JP1M.3P1Mi:>(3o<>ll b(JcYib 0 i:>SP1ntJo6Plb i:>bi:>c:_>o lli:>&30Ma>Pl Si:>6oi:>6oll ll0!'i3i:>3oll
l:Q"S&o6o CloJ(JSCl';'.)c;_>o O';'.J6oocYio30 0 i:>'bom, Mi:>(3 ~ocYill 80,000$. JP1S.3i:>6oi:>ll ll';'.]cYill ll0&3ocYimM
S06oi:>6i:> i:>S';'.)Cli:>3P1ll b';'.Jmo Oc:_>oll 0 06Si:>3c:_>P10i:>Clo, MP1Sc:_>oll CQi:>llollcYi';'.]c:_>ll SP1Ui:>c;_>P1CQ60c:_>oi:> Si:>ll
dOP16CQoll 16,000$ 6i:>cYil5o6o ~OMOO';'.Jc:_>OOi:>. CQ"3';'.)Cl3i:>m, MP1S <>08030 b3CQ000 lli:>Sbc:_>Oi:>6
ll<>J';'.)mcYioooll Jc:.>"llClo SP1CQO<tloGocYioo';'.lc:_>o CQ<>Ro0cYioo()c:_>o ~ocYioo';'.Jc:.>oooll "~CQo06oll (i:>SPlcYi-
&o'b"8ooll) So'b6ooollm3oll !.!/" Valequez Ranches JP1S.3i:>600 0cYioll 30%-oi:>6 J"80oP1Moi:>Clo.
boc:_>Solli:>o3CQP1S00 i:>bi:>c:_>o lli:>&3ocYimP1 "38P1SP1ooc:_>oll CQ"'tlo6i:>6lloooll PlMo lli:>Cl(J"c:.'Do".
b';'.Ja>Oc;_>o060, ,.oSo6(Q" c;_>o'bo6 0 oll" Clom06bSoo" SPloa>bM3b 17 ,000$ tic:_>o';'.)M ll0ofei:>MP1
o"!.!/"bCQooll fio6i:>ll!'i"cYi. llollboll "c:.>8ocYi6"803" Cloo<3"3ll 10% .3MP1(306&oll CQ"6"b0cYifeooll.
llollboll ()i:l(Qi:>b(QOOO SP1b(Q000 ())0(J)f'10';'.Jc:.'0 bc:_>oll (Qi:>U0btJOUClo b(JmO bc:_>OU ()i:>6Si:>3c:_>P10i:>Clo
llollboll i:>SP1cYi&o'b0(3ooll o.3Ma>OJOU &o.3oll 0 oSP1tJ06ooom. '(l(Jc;_>i:>CQO 0 i:>lli:>3c;_>oooll SomP1CQOU
0bc;_>i:>6CQoc:.>o ~ocYioo()c:_>Oooll 0 oSP1tJo6ooom, 0 06lli:>'b~3cYiom G"';'.JJOmollPl 'tlo6i:>6ll';'.JcYio
"c:.>8ocYi60&03".

t:Q<>6ofi'imob o8M(3o6o
7. JP1M.3P1M0(3ooS Locke 0bc:_>i:>bi:>6ll c;_>o'bo6 0 om 0 i:>U(3i:> So&"c:.>oll SP1lli:>~()6o Si:>6oi:>6i:>, MP1Soc;_>o(3
SP1oa>bM3ll 30,000$ fic:_>o';'.JM c:_>o'bo6 0 oll 0 i:>CQi:>bCQOOll oo6i:>ll!'ii:>cYi. c;_>o'bo6 0 oG .3ocYioP1CQO i:>Moll
003llo bOc:_>Obi:>(QO (Qi:> Ofei:>Mi:> Jc:_>i:>UO<(l0(30MCQ000, MP1()P1M(3 Ji:>.3o&i:>c:_>(JMO c;_>o'bo6c,o
O(J~"c:.>8M(Jc;_>O So'b6ooollm3oll. JP1S.3i:>6ooG llollboll 0 i:>6<>J3omo i:>Moll 11%, MP1CQOU<>(3 Soo-
fei:>M:Jb 0 i:>()MJ3030c:.'o .3MP1(3068(Jc:_>n 0 o6i:>J3Dmo i:>Moll 12%. c:_>o'bo6 0 oll oSP1cYi&o'bi:>(30i:>
.3oM30c:.' fioc:_>ll Clo<>!.!/o06ll 16,332$-ll. i:>S o6<(lP1MSo(3ooll bo<(l(Jd3oc:.>'bo 0 i:>SP1om3i:>c:_>Oa>
CloS!.!/000:
0. O(J~"c:.'80M(Jc:_>n c:_>o'bo6 0 oll 30c;_>CQ:JO()c:_>Oo", MP1Soc;_>o(3 i:>ll.:>b(Jc:_>o 00600" O(Jc:;>.:>c:_>8M()c;_>
()OtJnGClo CQ<'>()tJP136ooc;_>o3 .30M3oc:.>o c;_>o'bo6 0 oll o"CQ"bCQoll CloS!.!/Oo·
o. Oc:_>n(JMO c;_>o'bo6 0 oll (Q<>6.:.b0Mfeo (0SMM8o'bi:>(30.:>G !.!/.:.S.:.8oo()c;_>o .3MP1(3068o) .3oM3Dc:.'
ooc:_>ll, MP1 0 P1M(3 oll 0 0SP1!56!.!/oo" a0SP1ll" 3c:.>oooll "60 .:.(Y)oCJ 00 00Clo. [.3MP1(3o68()c:.>o
(Q.'>60b.:>Mfeo (Q<'><(l';'.Jd6oo()c;_>O.:> ll000c:_>06GP1 ~OMOO()c:_>000 'b::i, c,06ll0 'b~3M()c;_>O (.))
JOa>b3.:.CJo ).]

622
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€5'0~0

2 3 4 5 6
6ob3bb300 0106bo bc:?ol> &>6803c:?M0000 $1,400 $3,000 $3,000 $3,000 $2,000 $1,000
0 .:>8M(Jtl06non~o l'io~o 1,600 0 0 0 1,000 2,000
3>c:?IJ?30(Jc:?3ool> U>'1J>U()Mo (0.005) 8 0 0 0 5 10
dMMG36~(Jc:?O 1J?>6obol'1i;n .'Jl'1on8'b3 8oc;>c:?n
(1% .301'1331!? 3 OQc:?l> IJ?O 1.5% OMc:?M 3 bQc:?U) 14 30 30 45 30 15

2. (21.2) 0 .:i68M~:JOnl.i Of'l~ffl 3:JMl.in.:i,

0. $46,000 = X + X(PVIFA 11 %, 5)
$46,000 = X + X(3.696) = X(4.696)
x
= $46,000/4.696 = $9,796
o. $210,000 = $47,030/(1 + PVIFAx,5)
$210,000/$47,030 = (1+PVIFAx,s)=4.465
1-nli 0.:i8MJ~:JOOO'l nli 03.:id~n3li IV obiYln~Cln 8Mdno6nm (lfo06nli Of'l~f'lli 0Ml.i:JO(J~
!Q06.:iMmon) 4 .3:JMOffl!QOl.i 80JMn3nli o0!Q0J3:JO'lOl.i <>!QoO~.:ili 36.:ib(J~f'lO(J) Mf'l8 3.465 0Mnl.i
6 .3MMG:J68nlim3nli. :J.n. X, .:iiYlnli 6%.
0 . X = $16,000(1 + PVIFAs%. 6)
x = $16,000(1+4.623) = $89,968
IQ· $165,000 = $24,412(1 + PVIFA 10%,x)
$165,000/$24,412 = (1 + PVIFA 1o%,x) = 6.759
"J:J!Q06 1-nli 008MJ~:JOOO'l 3n~nom 5. 759-Li. IV obiYln~Cln 10%-n.:i6 G3n8Cln fl3n6
36.:ib(J~Mom, MM8 5.759 O:J:Jli.:io08no.:i 9 .3:JMOM!Qnli 80JiYln3li. 0808M8 ~n'bn6 0 nG .3niYln-
M!QO <lMnl.i 9 + J, .:i6 J0 b:J~O.

3 · '?J'(Jc:?.:ill?o 60J01l?DoOL> 0061'\0oo 1.:>00~01'\M .:i~t!li::J6.60<!l>0301.:>m301.:>

(a) (b) (c) (d)
1.:>000ll?01.:>0b0ll?M "3'il~.:ill?o
001.:>03.:ic:?o <a'il~.:ill?o 001.:>03~::Joo1.:>
cinc:i.:i::i.:imo ll?0oDo3t>'>Ou cioall?::Jo .:ib~061l?D~o C:Ot>'i::Jo'il~Do.:i
x
0 $16,000 $16,000 $16,000
1-7 16,000 $6,400 9,600 49,305*
8 6,400 (6,400) (3.357)
$61,948
- - - - - - - - - - ---·--·---

!QObJM68nli 0.:i60J3:JO'l0 .:iiYlnG LinGbnG !Q00:Jo3M<>81Q:J ~OM:JO(J~:JO<> 0.:i8iYl.:i3~:JO(J~O 1-'bn

0 .:i8MJ~:JO(J~O b0 0 .'.l!Q.'.ll.i.:ib.:i(QM 0 .:i60J3:JO'l0 1 06 (14%) (1 - 0.40) = 8.4%
o~O(JMO li:Jbbnl.i 0.'.l(Q.'.lb(Q.:i

$100,000 = X(l + PVIFA 14%, 7)

$100,000 = X(l + 4.288) = X(5.288)
x = $100,000/5.288 = $18,910

623
 7
I.

(a) (b) (c)

6!!'..'0L>of!l!!'..'r% 61!'..'0()6>0
61!'..'0L> l>:JL>bOL> o0t!!0l>0bllW!!'..'O ffi0360 .'.36if'JG:J6<!!i0
of'l!!'..'f'l 00t!!0btl!0
0 $18,910 $81,090
1 18,910 73,533 $11,353
2 18,910 64,917 10,295
3 18,910 55,096 9,088
4 18,910 43,899 7,713
5 18,910 31,135 6,146
6 18,910 16,584 4,359
7 18,906* 0 2,322

<aV!!'..'0t!!o 60J0t!!aooL> o06t">Ooo L>:JL>bOL> 0!!'..'<!!i:Jt"i60<!!io3oL>m3oL>

(a) (b) (c) (d) (e) (f)
t!!0o:Jo3t">OL> 'aV!!'..'0t!!O
1,,000t!!0L>0b0t!!f'l CJ:Jat!!of!lao 60J0t!!:JoOL>
61!'..'0l> l>:Jl>bOL> 61!'..'0()6>0 61!'..'0()6>0 'a()!!'.,'0t!!O 60J0t!!O PV
of'l!!'..'f'l 00t!!0bt!!0 .)6if'l(3:J6<!!i0 08f'lt"i<!!iO'b0800
0 $18,910 $ 0 $ 0 $ 0 $18,910 $18,910
I 18,910 11,353 20,000 12,541 6,369 5,875
2 18,910 10,295 32,000 16,918 1,992 1,695
3 18,910 9,088 19,200 11,315 7,595 5,962
4 18,910 7,713 11,520 7,693 11,217 8,124
5 18,910 6,146 11,520 7,066 11,844 7,913
6 18,910 4,359 5,760 4,048 14,862 9,160
7 18,906 2,322 929 17,977 10,222
8 (24,000)* (9,600)** (14,400) ~)
- --
$100,000 $60,308

* u.::.~0J30°'1.::.<30"' ~OM:JO(J~:JOC>
** G.::. 0.::.°'1.::.G.::.b.::.°'1"' 3.::.~°'1:JO()~oo.::. .::.8"'/i\tfl.>o'b.::.ooou 8ou.::.~0 o.::.°'1
($24,000)(0.40) = $9,600.

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(J6tQ.::. 8.::.8M301;JD6Mm ~o'bo68ol>m3ol.i l>olibol.i 8.::.Q?.::.li.::.b.::.tQol> oo8t\/08 ~o(Y)oo(J~Oo.::.'bo
8.::.~.::.~o tQOliJM68ol> 8.::.6.::.J3omo (8.::.8.::.~om.:>tQ 8.4%) 6.::.(Y)Ro6o ~o(Y)oo(J~Oool>m3ol> .::.8
</J(J~.:>(QO 6.::.J.:>(QOU (QO(QO 8.::.(J(Y)J303~MOOU &.:>8M. 11.8%6 .::.6 8080 (QOl.iJM68oli &.:>6.:>J3omo -
8.::.8Mt106oo(J~O 6.::.1'1Ro6o ~o(Y)oo(J~OOOUm3ol> - .::.b~.::. &.:>b(QOU </J(J~.:>(QO 8.::.l>.::.3~000!.i
.::.b~.::.6t\/0~ ~OMOO(J~Oo.::.l.i (J</JMM (QO(Ql.i l>olibol.i .::.~801'16.::.803ol>m3ol.i, 3otQMO oli .::.t'lol.i
~o'bo68ol> .:>~801'16.::.803ol.im3ol.i . .::.8 lin8(J.:>(30.::.0o, R3o6 3.::.8'.}i:M006oom ~o'bo68ol> .::.~801'1-
6.::.803.::.l.i.

624
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1982), 71-79. Management 16 (Summer 1987), 5-12.
Lease, Ronald C., John J. McConnell, and James S. Part VII of the text's web site, Wachowicz 's Web World,
Shallheim. "Realized Returns and the Default and contains links to many finance web sites and online
Prepayment Experience of Financial Leasing Contracts." articles related to topics covered in this chapter.
Financial Management 19 (Summer 1990), 11-20.

625
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00!QC>b!Q00o.
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V58 = ($45)(PVIFA 6%,40) + $1,000(PVIF 6%Ao) = $774

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C!2· M08!:Qo6o 0b0~0 fl3o(J~OOM030 0JG00 ()6lQ<> 0<>8f'lOG:Jb, ()")() 830~" lQ:JO:J6()(JM<> .:.Mob
Jf'l63:JM()oM:JO(J~o?
O· m(J Blue Sky-ob O:J(Jd~o.:i 0.:i'b.:iMlQf'lb f'ld:JM<>GO(J~O 8f'l 0:JO<> (lQ<>O:J 0 3M<>8lQO) 1 8~6$­
om tJf'l30~ O:J~b lQ:JO:J6()(JMnb o8nbonb O:J8f'lb03~ooom, 0 .:i8f'lnm3.:i~om .:ib.:i~o 8f'l 0:JO<>
:JM()) "JGM'b:J lQ<> 0<>()6000~000~0 8f'l():J00 Jf'l630M0<>G008lQ:J lQ0 8ob 008!'.!?0o·
2. lQ<>3()03.:im, Mf'l8 Jf'lMdf'lM<>Gn<>b Blue Sky (1 08f'lG<>6000) O:J(Jd~o.:i 0<>tJnlQf'lb 10 8~6$
f\3o(J~00Mn3 b:Jbboo 12%-om, Mf'l0 f'lMG Jf'l63:JM()0Moo<>1:Qo <(3<>bo060 j<>q<>~lQoli 0801.ioob
<>~0:JM6.:i()o 3 .:i. 0 08f'lom30~ 0 m 8f'l 00 o.:i oMm <>dGn.:i'bo lQ<> 0 0()6000~ 8 0 8 ~0 8f'lo::JO<>
fl3:J()~:JOM030 liolibob o8oboob 008!'.!?0o f'ld:JM<>GO(J~ 8f'l 0oo.:ioo 1 8~6$ 'bMlQoli 8obolQ3om
!'.!?" O:J<>lQ<>Mom md3060 .3.:ili(Jb:JOO 1.:i8f'lG06oli (o) JOmb3000 8oqoo(J~ d0b(Jbooli.
3. Jf'l8.30600b Faversham fiS farm 8n8f'lJG03<>0o 0 08f'lG:J8()~0 0j3li 7.75%-0060, 20 0~0060
Jf'l63:JM()OM:JO<>lQO lQ:JO:J6()(JM0. ()")()()")f'l:J(J~O 1000$-o.:i6o lQ:JO:J6()(JM0 .:>Mnli Jf'l630M()nMo-
00lQO 25 fl3o(J~00Mo3 .:ifoo.:ioo. Jf'l8.30600li 0lio30 8o8f'ldGo 3.:ioo 0j3li f\ 3 o(J~OoMo 3 o liobbo
80.:ib~f'looom 8li 003lio bo8oo'13om, 06() <>lQ3n~o0 Jf'l630M()oMoo<>lQO <(3<>bo060 j.:iq<>~lQoli
o8obooli fl3:J(J~:JOM030 f'lO~o 0 <>Gooli qnM:JO(J~Oooli 006li0'bq3M.:i. Jf'l8.306ooli Faversharm
f\3o(J~:JOM030 "JGOOb b.:io.:i'bMf'l <(3<>bn 0Moli 806it1030. Of'l~(Y) o~ob 006803~f'l0000
()08f'lJ3~0()~0 oj60 008!'.!?oon:

2 3 4 5

o<'iarn "J(300U l>000 'b<'\01 'i'.pl>n $ 40 $ 45 $ 32 $ 23 $ 18

fi3D()!:'.'..'DO<'io30 0101:'.'..'no"Gool> l:?OMDO()!:'.'..'DO> 690 700 650 600 550
J"'6301'1&01'ioc»tgn t!?DOD60()MOl.i t;,c,.,, 'bMM '1)>lio 1,065 1,140 890 740 640

0 08f'lom30~om .36>0800 Jf'l6306i&.:iGooli qo6ioo(J~Oo0'bo (lQf'l~<>Moooo) !'.!?" .3Mo8o.:i

f\3o(J~OOM030 f'lO~Oo<>GOOb qoM:JO(J~:JO<>'bo ()")()()")f'l:J(J~O 0<>8f'lJ3~03olim3ob.
O:J<>lQ<>M:Jm f'lMo .3Mo8o.:i Mf'l 0 M6>G 3n'b(J<>~()M<>lQ, 0lio30 0 M<><(30J(J~<>lQ· M<>b
00 ()06 80.:im lQ<>8f'lJOlQ:JO(J~Ooooo Jf'l6 3oM()nMoo<>lQn !'.!?ooo6()()Mnb oo'B<>lioooli
O:Jb0008oli.:ilQ?
8f'l8lQ:J36f'l D:J~b, Jf'l8.306008 Favershann Farm (6.:ibom .:i8f'lG.:i6.:i 3) 0 .:i6oG<>lQ<> 8GnM:J 'b.:it\1-
.:i~o. 8obo :JMmn <>JGooli <(3<>bo lQ<>:JG<> 10$-81'.!?0 lQ<> Jf'l63:JM()nM:JO<>lQO lQOO:J6()(JM:JOob
li.:io.:i'bMf'l <(3<>bn 440$-81'.!?o :JM()) lQ:JO:J6()(JM<>'bo. f\30()~00Mn30 f'lO~OQ<>GOOb qoM:JO(J~:JO<>
0 .:iblQ<> 410$. 0 .:i6b.:i 'bq36iom .3Mo8o.:i Jf'l630M0<>Goob qnM:JO(J~:Jo<> 'bo !'.!?" .36>0800
f\3o()~:J66>030 f'lo~o 0 .:iGooli qn6ioo(J~Oo<>'bo. M<> oo 0 nd~o.:im mj30m f'lO~o 0 <>Goob
qnM:JO(J~:JOOb 80608.:>~(JM 'bq3.:iM'bo?
Rambutan Fruit JM8.30600li li3'06ilQ:JO<> 10 8~6$-ob 8M 'bolQ3<> b<>3.:>~f'l <(3<>bo.:i6o j.:iq<>~lQOOnli
0801.ioob li.:io(J<>~ooooom. 8.:ili .:ij3li 008!'.!?ooo MMo <>~&06>60()030: 20 0~0060, 8 .3MMG06-
()0060 JM63:JM()OM:J00lQO lQ:JO:J6()(JMOb [1801.io.:i 50$ Jf'l630M8<>Gooli <(3<>bom lQ<> 1000$ 6M8-
060~(JMO qoMoo()~Ooom; .:i6 20 0~0060, 12%-o.:i6o f\30()~00Mn30 b<>3<>~M <(3<>lio060
j<>q<>~lQOb n8olio.:i. momMO(J~ 1000$-o,:,6 f'lO~Oo<>Go<>li 0j3li 8MGO~:J00lQO 30M.:>6()0 Mmbo
<>dGooG tJOlQ3nGm3oli, MM8:J~OG 8m~o.:ifolQ O[J<>lQo:J61.i 200$-G. Jf'l8.3.:i600li 0j3li 40%-o.:i6o
lQ<>O:J()3Mnli 006<>J3omo IQ<> 8obo oMmo 0JG00 08tJ<>8.:>lQ OtJOlQ:J00 40$-.:>lQ. 8oGo o8o6lQ<>
008f'll>.:i3.:i~o .3MMG:J6&ooob !'.!?" !Q<>6o 03M081Qo 06>01.i 8olio 8m~o.:i6o J<>.30&.:i~o'b.:ioooG
8()!'.!?8030 20%, Mf'l8o~oG <>8tJ<>8<>lQ .:ifi\oG Clo81Qooo b.:iboli:

649
 fl33vc::,>30!';\030 0doo0 (5$ 6M806.::.c::,>001) $ 5,000,000
m.::.8.::.t!lJ30001 a.::.m.::.bmoc::,>o J.:>Clot!lJ.::.c::,>o !0,000,000
0.::.v6.::.6'oc::,>303c::,>o 8M 0300 15,000,000
801c::,>o.::.60 J<:>Clot!lJ<:>c::,>o 'ti000.::. $30,000,000

.:i.0 ,:,8(Y]m3<>~001 J<>.30@>0~0'00(30<> 01001(Y]D'(J~o <>~@JDM60@>030Q?<>6, J(Y]630M@J.::.81!?D Q?<> 8ou

Clo8C!?Do .::.6 MD.::.~o'h<>(3n<>8U?o .:.6 8ou Clo8C!?Do ((Y]01bo 0 .:.6ub3.::.300'()~0 J<>.30@>.::.~o'b.:.(30<>).
6. 0 .:.8(Y]o013<>~D01 [)M01 <>dG°" 'bo 8(Y] 0 oo<> .:.8iJ,:,8,:,Q? Cl?" (Y]01bo30 J<>.3o@J.:.~o'b.:.(3oou
8obol!?3001, M(Y]8o~oG 0 .:.6u.:.'bc:?3M(J~o<> (<>) Jo01b3.:.oo.
o· OJ'() Rambutanis <>dGoou '?J<>Uo <>Mou 75$, 0 .:.6u.:.'bc:?3M001 01001(Y]O'(J~o 3.::.M.::.6@Jou
01[)(Y]MO(J~O c:?OM[)O(J~DO<> 8o(Y]MO <>~@JDM6.:.@>03ou 8oboQ?3001.
6. J(Y]8.3.:.6o,:, Singapore Enterprise 0 .:.6obo~.:.3u 0 <>(33~<>Q?o (Y]o~o 0 <>(3oou o8ouo.:>u, U<>Q?<>G
01001(Y]O'(J~o (Y]O~o 0 <>(3o<> oood~oo.:. o"'°G3"~(Y]U Malaysian Palm Oil J(Y]8.3.::.6oou 162/3
<>dGo<>'bo. J(Y]8.3.:.6oou OM010 <>dGo<> <>8iJ<>8<>Q? OtJOQ?OO<> 50$-,:,1!?· o"'G3~0U c:?OMOO(J~DO<>'bo
M(Y] 0(Y]Mo .3Mo80001 0.:.080\!?oo.:. (Y]o~o 0 .:. 8 0 8 00, 01() DM010 (Y]o~o 0 .:. 8 0.:. o8oC!?oo<> 1000$-.:.1!??
<>d3u .:.8 @Jo.3ou (l?<>'?Jofo6uoo.:.u (JdOM<>@JOU(Y]Oooo J(Y]630M@JOM[)O.'.:>Q?O '?J<>Uo.::.60 d<>c:?<>~Q?DOOU
08ouo.::.u01.:.6 ODQ?"MD0001?
7. 22.3 c.<>6@J(Y]~ooou c.<>8(Y]1:Jo600001 c.<>8(Y]0013<>~001 01001(Y]0()~0 oo8C!?ooo 3<>M.:.6@>0U
010MMO(J~O c:?OM[)O(J~[)O<>:

306>06~0 N E
(a) 5 $100 $400
(b) IO 10 60
(c) 2.3 4 10
(d) 3.54 27.125 35.40

8. J(Y]8.3.:.6o.::.8 Alexander Zinc 0.:.8(Y]oUl:JOQ?<:> 8ouo 7%-0.:.60 J(Y]630M@J0Moo.::.l!?o Q?<>8MJOQ?OO()~o

Q?00[)6@>()MOOO 8o8MdG030Q?<>6 .:.8MU.'.:>c:?OO<>CQ o<>U()~O 013ou Of'l~f'lU. c.<>8MUl:JOQ?3ou '?J.'.:>UO
Ol:Jf'l 106 (1.060$ OM01 1.000$ 6(Y]8o6<>~(JM qoMoo'(J~oo.:.'bo). 1000$-0.:.60 Mo~oc..::.Goou
8'?3~(Y]OO~O '()'?3~oo.::.8MUO~O Ol:Jf'l 8MobQ?o6.:. JM630M@JOMOO.:> 34.7 <>dGo,:,oo. c.<>8(Y]Ui:JOQ?30U
0.:.8M(3b<>Q?ooou Q?MMU Aleqsander Zinc JM8.3.:.6oou [)M01o R30'(J~OOM030 .::.dGo<> Ol:JOQ?OOMQ?<:>
43$-<>Q?·
.:i. M<> 80.:.b~Mooo010 u.:.o.:.'bMM '?J<>U<>Q? 0 .::.ol:JoC!?oo(Y]C!?"' C!?ooo6@J(JM<> 0.:.8MGb"l!?Ooou Q?MMu?
6. Mf'lo(Y]MO dMf'l(3[)6@>001 ()61!?<> Clo8(30MQ?[)U OM010 <>d(300U U<>O<> 'bMf'l '?J<>Uo u.::.6.::.8 f'lO~o-
0<>(300U 8'?J~MO[)~Ooo M<>(3oM6<>~()M<>Q? Q?<:>01.:.6b8Q?ooo.:.6 0 ,:,8(Y]Ui:JOQ?3ou '?J.:>uu?
9. JMM.3MM<>(3o<>u Jenni Shover 8o8MdG03<>oo <>d3u 3.:.M.::.6@>000, M<>(3 ()'?3~00.:.u .:.d~o3u 8ou
8'?J~Moo~u [)M010 3<>M<>6@>001 Clooul:Joi:QMU u.:.80 R30()~00Mo30 <>dGo<>, MM8~ooou 801~0.:.60
c:?OMOo'(J~Oo<><> 60$ • .:.8iJ<>8<>CQ JMM.3MM<>(3oou R30'(J~OOM030 <>dGoou u.:.o.:. 'hMM '?J<>uo <>Mou
18$. 063ou@JMM000 8Mo~o.:.6 <>dGoou '?J<>uou oo8C!?Do <>~o.::.01Mooou oo8C!?ooo od3uo 013ou
8.:.6do~'b 0 •

$16 $18 $20 $22 $24

0.15 0.20 0.30 0.20 0.15

.:i. M.:> <>Mou 3<>M<>6@Jou .::.b~.:.6C!?o~o 01of'lMO(J~o RoMoo'(J~Oo<>?

6. M<> <>Mou <>dGoou '?3.::.uou 8Mu<>~MQ?6o~o c:?OMOO()~OO<> C!?ROOQ?<>6 od3u 013000?
o· M<> <>MOU 3<>M<>6@>0U 8MU.'.:>~(Y]C!?6o~o 010(Y]MO(J~O c:?OMOO'(J~OO<> C!?ROOQ?.'.:>6 od3u 013000?
<Q· 0~001 01'() 0Mi:>, Mf'l8 3<>Mi:>6@Jou .:.b~<>6Q?o~o u.:.o.::i'hMf'l '?Ji:>UO od6oo.::i 8ouo 010f'lMO(J~O
qoMOO()~OOOU @JM~o? 01() <>M<>, M<>@JM8?
10. Q?<>3()Cl3.:.01, 01d306 .::ib~.:.b.:.6u 01:JoQ?o01 3<>M<>6@>0, MM8o~oG '(J'?J~oo.:.u 0 .:.d~o301 ooodo6M01
(Y]Mo R30()~00Mo30 <>dGo<> 45$-<>Q?. OM010 R30'()~00M030 <>dGoou u.:.o.:.'hMM '?J<>Uo <>Mou 26$,
Mf'l(3<> 3.:.M<>6@Jou u.:.o<>'hM(Y] '?J<>uo <>Mou 10$-001 8o@Jo 8ou 01of'lMO(J~ RoMoo'(J~oo.:.'b 0 .

650
 22.

:JM010 oe;:iob Clo8l:!?Do :JM010 f)3D'Ve::'DoM030 0dGoob 'B0bo 00o'b0Mi:Q0 50$-8i:QD· 30M06eo 0be;:i0
otlol:!?oo0 2$-001 a000i:Q, 3oi:QMD 8obo 01:JMMo(Je;:io ~0Moove;:ioo0.
0. 01v f) 3ove;:iooMo 3 008 00 'bo 0 0l:!?0obl:!?oo0 1$ l:!?o 3ol:!?o6l:!?o ooe;:ioo0l:!?Clo, M0 0MoG
f)3ove;:io0Mo 3 0d 8 00Clo o6 3obeo 8 00'bo 8M 0oo0?
o. M0 0Mob 30M06eCJo o6 3obeo 8 00'bo 8M00 00?
er M00M8 (i06bb303i:Q:J00 8M(i:JOOb MMO (i060J3:J010?

1. 0. JM63:JM80Goob ~OM:JO(Je;:':J00 = JM63:JM80Goob JM:J<(30GO:J6&o X :JM010 0dGoob

b000'bMM 'B0b'bo = 2 x 21$-'bo = 42$.
o. .3Mo800 JM63:JM80Goob ~oM:JO(Je;:':J00'b:J = $50 - $42 = $8
(06, .3MMG:J60(Je;:>0i:Q = $8/$42 19.05%) =
(,. 8M 0:Jo0 :JM01 0dG00'bo:

8mc::>oo6n 8(T)3000 !.!?"0333<i\ol> lla8!.!?a3 (3$ X 500,000 >dGoo'bo) $1,500,000

.'l<i103oc::>aoo<i1ao()c::>o >dGoaonl> i:Qn30!.!?06!.!?oon 140,000
l53Q()c::'Oor'in30 0dG0"'6o<i1oonbm3nb b3c::>8oboo3!.!?i'l80 8(T) 0ooo $1,360,000
"JGnoonb M0MCQQ6(T)00 +500,000
do<i\nmoi:QO 8M 0(J00 QMm 0JG00'bQ $2.72
8mc::>n060 8"'3000 !l2"00 03<i\nl> lla8!.!?oo $1,500,000
"OGnooob MoM!.!?Q6"'00S (500,000 + 80,000) +580,000
8M3300 QMffi >dGn"'bo $2.59

8mc::>oo6n 8"'3000 !.!?"00 03<i1nb llo8!.!?0o $2,500,000

.'J<i\03nc::>nooM36(Jc::'O "JGOt)OOU i:Q0301:QQ61:QOOO 140,000
fl33()c::>Oil<i1n3n >dGn"'6o<i1oonGm30G boc::>8nb003tJ1"'80 8"'3000 $2,360,000
>dGnoonb <i\""'!.!?06"'o" +500,000
dnr'inmo!.!?n 8M 0300 o<i1m >dGno'bo $4.72
8mc::>oo6n 8M3000 !.!?"0033<i\nl> llo8CQ(J 0 $2,500,000
"DGnoool> M0MCQQ6Mo0 (500,000 + 80,000) +580,000
8"'3000 o<i1m 0dG00'bo $4.31

2. ,). JM63:JM00Goob <(30bo = $36 X 1.12 = $40.32

008MbtJOi:Q3ob <(30bo :JM01 0dG00'bo .30M3:Je;:> 10 O:Je;:>b = $40.32 X 1.06 = $42.74
<(30bo, MM8e;:io010G f)3ove;:io0Mo380 0dG008 (J6i:Q0 8Mo'bO(QMb, b.:i608 JM8.3.:i6o.:i od6oo.:i
a.:iG&oBve;:ioMoooe;:i JM6 30 M00 8 oob .3M'boGo.:i'b 0. $42.74 X 1.15 = $49.15
'bfi1(Q.:> .:ibe;:i.:i6(Q:Je;:'O <(3.:>bO(Q.:>6 = ($49.15/$36) - 1 = 36.5%
8%-o.:i6o 'bMi:Qob.:ib 8M 0oo.:i ofi101 .:idG00'bo 00o'bMi:Q:JO.:> 36%-8i:QD 4 ooe;:ioo: oG 80fi1eo3.:ii:Q
.:>Mob (2.08}4 - 1. 01v <(30GoG.:i l:!?" 8M 0 oooG JMD'Bo<.3006&0 Mlioo0 00 030, b.:>ffoMM od6oo.:i
8o.:ibe:::M:J0001 M01bo O:Je:::o b,:,6.:i8 JM8.3.:i6o.:i od6ao.:i od(Je::::J00010 JM63:JM0.:>GooG
.3M'boGo.:i'bo.
01() :Jb .3:JMOM(QO .:>Mob M(Q6.:i3 (QO(QO, 3oi:QMD MMo-b.:i8o ooe:::o, MMG" o.:i'bMob 8M6.:i-
ooe;:ioooo oe:::Mi:Q:J00,)5 JM63ofi1eofi100.:ii:QO <(3.:>bo.:i5o O"~"e:::l:!?oooG (i.:>8Mlio6.:ib. O(iO b0 'bo-
i:Q.:>6 0fi1 .:i&1oG i:Q.:>dMM:JO(Je:::o iQ0 JM8.3.:i6o.:i8 CloG.:ide:::M0 ob(JM3Mb 006 ti.:iG3e:::0. 01v80.:i, 01v
Ci"(JMJ3D3e:::Mo.:i, obo30 MM(iMM(3 8M():JO.:> ofi101 .:idoo0'bo, o'bMiQQO.:> (QMMOo, CloG.:ide:::M.:i
.:ifi1GooMo!QoG ,,b.:ifi1~ooob 00'bfi1iQob" 860Cl36oe:::M3.:i60 fi1oGJo . .:i8.:i6 CloG.:ide:::M.:i 0 08Mo-
ti3oMG JM8.3.:i6oob BooM b0fi1~oooG 00iQ.:>b:Ji:Q3"·
3.:ifi1.:i6@:>0G G.:io0'bfi1M 'B"l.:io l:!?" moMfiio(Je:::o ~ofi1oove:::oo0 Gb3.:ii:Q.:ibb3.:i R3D';:ie:::oofiio30 .:idGooG
'B"Gaool.:i 8oboi:Q3001 ('bfi1rQob 8oboi:Q3001):

651

6<>b<>'bou <>3ooou !QMMU !Q<>8MJO!QOO~~OO<> <>Mou 22.2 u(JM<>m'bo 6<>~306ooou 8u<>3uo. 8<>duo-
8<>~(JMO dMo8o<> <JlOMMO(J~ C::OMOO(J~OO<>'bo O<>M8MOMO<>, MM(3<> <>dooou ca<>uo .)MOU 24$ !Q<>
3<>M<>6~u <>d3u 6(J~M3<>60 <JlOMMO(J~O C::OMOO(J~OO<>. <>d O<>M8MOOMO<> (J!QO!QOUO ~030Pl0'.ji;O
!Q<> 8oM~OMO.) od~o3<> M<?3(300U C::OMOO(J~OO<>U, dM08M <JlOMMO(J~ C::OMOO(J~OO<>'bo od6oo<>
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Mikkelson, Wayne H. "Convertible Calls and Security
Returns." Journal of Financial Economics 9 (September
1981), 237-264.
Tsiveriotis, Kostas, and Chris Fernandez. "Valuing Con-
vertible Bonds with Credit Risk." Journal ofFixed Income 8
(September 1998), 95-102.
Van Horne, James C. "Warrant Valuation in Relation to
Volatility and Opportunity Costs." Industrial Manage-
ment Review 10 (Spring 1969), 19-32.
- - . Financial Market Rates and Flows, 6th ed. Upper Saddle
River, NJ: Prentice Hall, 2001.
Part VIII of the text's web site, Wachowicz's Web World, con-
tains links to many finance web sites and online
articles related to topics covered in this chapter.
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<im.·,0.,0v•60Cll'ic»8n llarry DcAngelo. Linda and Edward Rice.
and StockhoJd,,r \Venlth." Journal of and Economics 17 (June i %4 ).

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ea600 0..'l!Q.'.>Ob!QJO<> mnmMQ(J~O O~ol.i 6M~Ml.i. 8M8'b<>!QQO(J~O.'.> <>liQ3:J 2 8~6$-nl.i (]8(3MMl.io
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0 .:i6bMM(30:J~:JO.'.>!QO .:ijonaonl.i 50%-ol.ial3nl.i.
J.'.>6.'.>~o'b.:ioool.i 8o~ol.i 0 <>6l:JM<tJO~:J00 :J~M!Q:J00 3.4 8~6$ 8MO:JO.'.>l.i dMM(3:J60:JOOl.i !Q.'.>
!Q<>6a 0 31'i1.:i8\l?D alnmMJ~ oo~Li :3nl'i13o~n l.i.:i8n 6~ol.i 0 .:i68.:i3~Mo.:iClo ll?" 3.7 8~6$-l.i oM~M
li.:i8o 6~ol.i 0 .:i68.:i3~Mo.:iCln. l.i.:i 0.:i!Q.:il.i.:ib<>!QM 0 .:i6.:iJ3omn .:il'i1ol.i 33.3% O?" JM86.:i6o.:i :J~M!QtJO<>
J<>dn@J<>~(JM !Q06.:ib.:il'i1i;o6li, 063oli@>noo.:ili 3<>~!Q:JO(J~:JO:JOOO !Q.'.> 8.:il'i1<>o:J6Clo, M0(3 @JM~().,')
.:i8Ml'i1@Jn'b.:ionnli b.:il'i1i;oonli alomM:J(J~ oa~li. 3<>~!Q:JO(J~:Jonli l:l3:J~<> 8M8li.:ib(Jl'i1:Jo<> ()60?.:i
8M!QOM!Q:Jli 8M 0 oonll?.:i6. (0?<>3()0 3.:ial .:ilio3tJ, MM8 3.:il'i1.:i6@Joon .:il'i1 bMl'i1ono~O?:JO<> !Q<>
d:J!Q:Jo<>!Q .'.>M 0Mb:JOM0b 6.:ic::!Qn <tJ(J~Ol.i 0.:i8Ml:JtJ6:JO<>).
m(J :3M.:io8 M:Jn@Jn l'i1Roo.:i li.:iO(J<>~M\Q 12% od3lin 6~oli 0 .:i68.:i3~Mo.:iCln, Clad~ooli al(] .:il'i1.:i
l.i.:i6.:il'i18M 8M:J8li.:ib(JMMU 3<>~!Q:JO(J~:JO<>U ji;t)MM36.:i!Q? ffi(J dM.:in8 M:Jn@Jn 0.:io'bM!Q:JO<> 20%-
8CR:J 8:JMM:J O:J~U ll?" 0()0 nd6oo.:i U.'.>O(J.'.>~M dMM(3:J6@Jn 8tJMM:J!Q06 8oad3lia 6~.:i8!Q:J,
O:JOG3~:JO<> al(] .:il'i1.:i lin@>()<>Gn<>?

692
 23.

12. JM8.':l06008 Merry Land, 0 0b0MmM080 .':l0(;)380 .;&c::;06&0Clo, 0 06080!!?0 bod6oc:::oooo

0600Mooooob (!!0'B0M3ob (!!Mf'lb. 8o()bO(Q030(!! .;8ob0, d0MJb .\jM6(!!0 8Mo000 'bc:;3M(JC:::O
oc::;ooob 006803c::;Mo000, 808(!!060(;)0 .':lo(;)b.':lo~'8030 .;(;) ,;(;)ob b0o80(QM, M0(!! 006 8M 0 000
Of'lc:!?f'l MOO oc::;ob 006803c::;Mo000 O(jf'l ()0M(jf'•<aomo. d0MJO 8Mm03boo()c::;o0 608(!!3oc::;0!!?
c:;o1'1oo()c::; ()d<'i103 df'lfJ000'bo !!?,, 0d3b 5 8c::;6% b0c::;o330!!?0Gof'l c:;o1'1oo()c::;oo0.
JMO(Q08MMOom06 (QO(QO b6ob 8b~OC:::Moob oo8!!?0oi 8060~80680 (!!0m06b8(!!0
c::;o330(!!0(300'bo. 6(!!Moom .;c;i:J<()M3oc::; .':lo61b, 1'1M8oc::;oG !!?0060060 bb30(!!0bb30 8b0(;)oooob
800(;) b03(Jm<'i1ooob c::;o330(!!0Goobm3ob, 0 0!!?0ob!!?oo0 200,000$-b m03obo 8M8b0b()-
1'1ooobm3ob. JM8.':l0600 Merry Land 'BC:::Mob 300,000$ 8M 0 ooob 0 0(!!0b0b0!!?b (Jd61030
dM6ooo(Q06. 80b 0C::OO(JC:::O .;d3b 2 8c::;6$ o0b0M(J)f'l00 d0MJOb 'bMooo61mo .;c:;i:J<()M3oc::;(Y)oOb
(!!000M03oornn, Mf'l8oc::;o(3 ooodc::;oo0 o00(JO(Qf'lb 8bf'lc:!?f'l(Q 1 8c::;6$-0(!!. JMO!.Q08MM0oob
8MmbM3fo 01'10G 0081.Qooo G0boG:

do6'ncn.:>(Qn JMQ(Qn6MMQOn $1,750,000

odMcnQJ()Mn MOC::OQ<>Gnoon 2,000,000
06'doc::i3<>1:Qn.:i60 l:Qud303l:QQOilMQO(Jc::>n 3.:ic::in 1,000,000
~3D'VC::QOM030 <>d(.30300 5,000,000

610 m06b0b 8oocwob momMO()c::;o 8b01'10 c::;o3301.Q0Goob0G?

3. JM8.':l0600 Fias 61.QMOom .;c:;3'()M3oc::;o .':loMo 8ool%03G, MM8 JM8.':l0600b OO(Jdc::;00
0 08Mo8()003Mb 1.5 8c::;6$ .':l61MG:J6&oooG 1.Q0 1.Q00 00 361081.Qo (40% G0 0 01.Q0b0b01.Qf'l
006033omom) 8M8030c::;oo. 0b0c::;o 30.':lo&0c::;i.Q0006crwoob i.QMMb, 61.QMoom 0~ff()M3oc::;o
.':lot'1o <aodt'1MoG, Mf'l8 !!?ooo68(J<'i1ool> ()6op JdM6i.Qom 10% J(J.':lM6()1'1o 0060 330 mo 1.Q0
1.Q0'B01'13ob JMO'BoGoo6&o 6, 008MG03c::;006 Moc::;o 0 0Goool> ( 12%) ()61.Q0 JdM6i.Qom
8mc::;o060 l.Q0'B01'13ob JMO'BoGoo6&o 2, .36103oc::;o 0oMoo()c::; .;dG00b ( 10 dMM(306&o) ()61.Q0
JdM6(Qob o01.Q0b0b01.QOOOG 1.Q000o3MOb JMO'B0(30068o 3 1.Q0 f13o()C:::OOM030 00(300 ()61.Q0
008M0Gol> 'B0Gol>01.Q0 8M 0oooG JMO'BoGon6&om - 12. 006b0'bc:;31'1om 30.':lo&0c::;oG G&fi1()d-
8()M0, MM8oc::;o(3 oool.>0008000 61.QMOom 0~i:J<()613oc::;o .':lo61oG JMo8o<'i1o(J80oG.
'B"Goc::; <aol>&6o(;) JM8.':l,:,6o,:,b JdM61.Q" 0081.Qooo 3"C:::i.QOO()C:::Ooooo 1.Q0 G,:,,:,dGoM 30.':lo&0c::;oG
81.QoM80M::JMO,), MM(3i> 806 oo,:,3GM o0JM8Mooob .':lo&oGo0 ao-11 m030G 8oboi.Q3om
(.;m0b 0ooo):

JMQ(.!(n6MM(JC::O (Qu3<>c::>n.:>630300 $ 500

(Ql> 0MM3nc::io b3c::iqpb300 200
b.:io.:i6JM b3bbo, 12% 31>6.:>J30010 (()'b6'()63oc::8f'l'?3nc::in) -®Q
8n31:Qo6.:.6>3 3"C::CQQO(JC::QOQOn $1,300
13% .306'33c:;o n.3M01QJ()Mn Moc:;n01>Gnooo 500
15% CQ.:>d3381:Q30.:i6>3o(Jc:;n (QQOQGC!J(JMQOo 1,700
801c::in.:i60 3"C::l:QQO(JC::Qo.:> $3,500
~3D'VC::Qo6'030 <>dG°" CQ" l:Q<>80C!J3oocn
()060!::?(.!(QO(JC::O JildnC!J1>c:;o 500
a0'V60onc:;oooc:;n af'laoo0 420
301c:;n1160 3<>c:;(.!(QO(JC::QOQOn (Q.:> Ju.30&.:ic:;o $4.420

'bM 0 oo61mo M.':lo1'10Go()c::;o .:.8M(306ob 00dc::;oo61oornn 8Ml>.:>c::;M(Q6oc::;o0, MM8 JM8.':l,:,6o.:>

o0dc::;oob oc::;o()M"C!? soo,000$-oG 0.:>8M8()00 30 o.:>G .3<'i1MG06&oo.:>81.Qo C!?" 1.Q"oo031'1"8C!?o·
8Md8oi.Qo b,:,o,:,618Mb c:;o1'1oo()c::;oo"'bo !!?"'B(Jd6ooom f1.:>6G, 61M8 3018.':l.::.60,:,, t'1M 0 MMG
8mc::;o.:>6o, c:;ot'1G b(JmS(;OM 80&0 8oG EBIT-'bo. MOMM 0 .:>6o'b.:>(3oob m.:>68bc::;ooo
b,:,b08,:,(i)mc::;Ml> b.:>M3(;ooo oo.:> 006b 8mc::;o.:>6.:>e!< 200,000$-b !!?" 801b0c::;011.Q6oc::;o i.Q.:>oo 0 3(i)ob
o"6"J3omo .'.>Mob 40% MQMM0.:>6o'boo0c::;o JM8.3.:>6oobm3ob. Mf'l()f'l6}(3 6CQ0100(J)
.:>c:;i:J<(JM3oc::;o .306}0, i.Q"3(J03.:>m, MM8 md306 0 .:>d3m oo8U?ooo 06b8M(J806&000 JM8J,:,6oob
0Mdoc::;3.:>i:Qo.:>6 3.:>.30&.:>c::;i.Q.:>o.:>6CQOO"oo 0 .:>801t106ooobm3ob: 13 JMM(306&o.:>6o :Jo(i)3oc::;o
o.':lMm:JJ()Mo 01oc::;o 0.:>Goooo, 15 .3M01Go6c!!Jo.:>60 3.:>.3oc!!J.:>c::;ob 3:.Jdboc::;ooo, 13 .'3(;)01806&0.:>60
.3rrio3oc::;~moM06()c::;o "OGoooo !!?" f1300c::;o0Mo30 "0Goo6o.

693
 0b0~0 J.:i.308"~!!!"0"6!!!0oom J".3o8<>~oG 3Ddl>o~nol> v6!!!" .3jr<>6<QDm 8m~o.:.6o
!!!"<a<>M30G Jr<>ncao 8 on68o 4, G.:.o.:.6Jr<> l>nl>boG .3Mr<>Gn68ol> o"!Q"b<Qol> Clo8!!!Do !!!" .3Mo3o-
~D0oMnov~ "JGMU v6!Q<> .3jr<>6!Q:JU !QC>f8<>M30G JM:Jf80GO:J68o 2, dMMG:J68nooG !!!"
o<>!QC>UC>b<>!Q:JOOU Cln8!!!Do· (Jf8MM 8n8oG, R06G, Mr<>8 R3DV~:JOM030 "JGOOU JC>.308<>~0 v6!!!"
8"V8r<>~!QDU Jr<>8.3.:.6ooG 8m~0060 <>d803000G .:.M06.:.J~Do 30%-G.
0. M.:. .:.Mou Jr<>8.3.:.6ooG 8m~o.:.6o !!!OM:JOV~Do<> M:Jr<>M 0 .:.6o'b.:.GooG Cl:J8!QDo?
6. mv ()<>8MtJD6nov~o.:. 30~0G !!!" .3Mo3o~D80M:JO(J~O "JGOOU 8.:.jGo8.:.~vMo M!Q:J6r<>-
O:JOO, M.:. oj6no.:. Jr<>8.3.:.6ooG 0b.:.~o J<>.308.:.~oG l>8MVJ8VM" !!!" 8o8!Qo6.:.MD 3"~!!!D"
ov~nonoo?
o· MM()MM v6!!!" OtJMU nu ca.:.Go.:.60 J"l!?"~<QDOO ()<>6.:.oo~nov~o, mv !!!"3V03:J0()) .:.oGr<>-
~V8VMO .3Mo3o~noooG onl>G?

1. .). YABLONSKI YA WITZ

8M8::JOI> omm i>J(3ni>'b::J $2.00 $1.25
'{30UOUI> (Qi> 8M3oooli JM::J'{30(30::J68o 12 8
t.i.:.o.:.'bmM 'B"t.io 0mm "JG°"'bo s 24 10 s
Yawitz-oli .:.jooM6omooli Yablonsk-oli <>dooooClo Clom.:.3.:.'boo.:.
(m.:.o 8Moo.:.3li .:imoao.:.li) = 10$ X 1.20 = 12$ omm .:.doo.:.'bo

8"G3~oG Jr<>:Jf80Gon68o = 12$/24$ = 0.5 06 Yablonsk-oG :JMm 6.:.bn3.:.Mo "JG°" Yawitz-oG

tJM3D~ "JG 0" 'b:J.
0b.:.~o 0 .:.8r<>on8v~o "JGonooG M.:.r<>!Q:J6r<>o<> = 800,000 <>dGn" x 0.5 = 400,000 "aGo.:.G.
6. o>t!!><'iR36oc:::io J"'8.3>6oou 8"'&:JOv (vm>u3ollo) $ 5,000
8o8MJ(3:J3vlln 0 v8M(338-;:ic:::io fi33-;:ic:::i30<'\030 vJ(30:JOO (vmvu3ollo) 2,400
a...,03ov n<'im >doov'1>3 $2.0833

Clo8dn6o Jr<>8.30600G 8M():JOC> ;)Mm .:.doo<>'bn o'bM!Q:JOC> !QC>OC>~O ca.:.GnG.:. !!!" 8M():JOOU
JM:Jf80GO:J68om.
0 . G.:.o.:.'bMr<> ca.:.Go :JMm .:.joo.:.'bn: 2.0833$ X 12 = 25.00
G.:.o.:.'bMr<> ca.:.Go :JMm <>doo.:.'bn: 2.0833$ X 11 = 22.92
.30M3D~ Clo8mb303.:.Clo <>dGooG ca<>l>o o'bM!QOO" 24$-!Q.:.6, MC>!Q 0.:.6 o'bM!Q:JOC> OMOJ "JGo.:.'bn
8r<> 0oo.:.. 8or<>M:J Clo8mb303.:.Clo .:.joooG ca.:.Go OGD8<>, M.:.!Q 0.:.6 8GOM!Q:JO" ca.:.GoG.:. !!!" 8r<> 0o-
ooG !QC>8MJO!Q:JOV~nooG JMOf80GO:J68.o. ocand8n.:.6o o.:.'bMoooG (QMMU, R3n6 Clood~oo.:.
8r<>3o~M!QO()) ca.:.GoG.:. !!!" 8r<>o:JOOU JM:Jf80GO:J68ol> Clo8GoMoo.:.G, mv C>M oj6oo.:. Gn6oM-
~O<> .:.6/!QC> 0 <>()8~r<>OOU:JO(J~O 8060~80680.
2. 1.5 o"G3~ol) JMOf80GOD68om, Groove JM8.3.:.6o.:. 8"8r<>l>Go8G 300,000 0b.:.~ "JGOC>U 28$ x
300,000 = 8,4 8~6$ G.:.o.:.'bMr<> !!!oMoov~ooom Tongue R30V~OOMn30 .:.joooo0Gm30G. nu
.:.3'.:.Moool> mr<>6 0oG "JGor<>6:JMV~ J<>.308.:.~nG 1.4 8~6$-nm. Clndn6oG 8omr<><Qom, Tongue-nu
canjl>oM;JO(J~O .:.j803000 "!!!O:JMO~o nj6000 400,000$-.:.!Q !!!"Groove-I> ()()<Q30~0 1 8~6$­
"~· o.:.~.:.6GoG ()OtJnGn CloM6'tJ8nG ao8!!!0o Clodo6oG 8omr<><Qom .:.Mou (8o~or<>6ooClo):

8o8i:Qo6.:.mo 1>j8n3000 $25.0

·'tJodliomoov~o .:.d803000 (l'i806i:Q.:.) 37.4
8'ZJ!:Q30~0 3.0
liv~ $65.4
8o8i:Qo6.:.mo 3<>~i:Q::JO'ZJ~Ooooo $12.0
8 mdo~a<>i:Qo<>6o a<>~i:Q::JO(J~oo<> 17.0
U<>l>J(30M J<>.3081>~0 36.4
li(J~ $65.4

694
 23.

3. 0, 6.

150~0 0630u<!!>OG00
1 $2,300,000 $1,000,000 $1,300,000 $ 1,101,100
2 2,645,000 1,645,000 1,181,110
3 3,041,750 2,041,750 1,243,426
4 3,498,013 2,498,013 1,288,975
5 4,022,714 3,022,714 l,320,926
6 4,626,122 3,626,122 l,341,665
7 5,320,040 4,320,040 1,356,493
8 6,118,046 5,118,046 1,361,400
9 7,035,753 6,035,753 1,358,044
10-25 8,091,116 7,091,116 8,254,059*
8m~n~6n ~b~~6CQ;J~n ~OM;JO<J~;)O~ = $ J9,807,198

80jl.io80~(Jfi10 qpl.io, fi10G 0l>0b(J~o0, 800b~MDOom 0!'i1ol.i 19.8 8~6$. (J6!.J?0 0~06006Mli, MM8
nli 308Mm3~noo o~w6non6 ~OMDO(J~nool.i Gbfi1o~noli. MM8 803o~MOl t'QOUJM6&oli
3060J3nmli 93()~0\'Qo 60J0t'!?nool.im3ol.i 10-\'!?06 25 6~08\'!?D• fi3n6 308M30J~nom 06(Jo&n&oli
80!.J?0b!.J?nool.i 9 6~ol.i t'QOUJM6&oli JMD930Gon6&li 4.303, 25 6~ol.i JMD930Gon6&li, 5.467-1.i.
306l.ib303no0 5.467 - 4.303 = 1.164 0MOU 93()~0!.J?O 60J0t'QDOOU t'QOUJM6&oli JMD930Gon68o
06()08olim3ol.i, MM8D~OG o6tJD00 8n-10 6n~l> t'Q0 3!'i1dn~t'QD00 25 6~08\'!?D· Ol(J
308MotJn6no01 J0~J(J~08Mfi1ol.i 0b~00{QD~o ~ofi1no(J~Dool.i 93(JOJ(300l.i, onod~no0
8oo~M01 8GoMDMt'QD6o 306l.ib303no0 l.i08 eo93fi108!.J?D !.J?08!'i1330~nool.i 308M.

4 . .). 50,001 0dG00 X 65$ = 3.250,065

49,999 0dG00 X 50$ =2,499,950
8m~o060 ondn6ol.i 9301.io = 5,750,015
801~0060 0jeool.i ~o!'i1no(J~Do0 = 100,000 0jeo0 X 55$ =5,500,000
'b!'i1\'!?0 J0l.io()Mo 0deonool.i 893~Mon~010m3ol.i = $ 250,015

8o~DO(J~O DJMOM8ool.i ~OMDO(J~D00 od6no0 1,500,000. 0808M8 J0l.io(JMO 0J(30M6n!'i1noo

o~non6 8bM~M!.J? DJM6M8ool.i 801~0060 ~OMDO(J~nool> 'bM8onfi1 6060~!.i.
l.i0Jofi1ol.iJofi1M{Q, 08MDUO(J~O 0J(30M6DMDOO o~DODO !.J?O{Q 6o~l.i.
6. MM00M(JU006o onm030'bnoo01, 06{Qo30Q?(J0~(JMO 0JGOM6nfi1nool.i013ol.i 0P1linoMOU t'QO!.J?O
8M8030eo0 0t'QMD(J~ on01030'bno0'bn 1 nli (J'bM(J63D~l:JM93l> on8dn6o JM8J06ool> 60!'i1-
808no0l.i. JM~DJ80(JM0!.J? 1 J0l>o(JMO 0J(30M6DMD0ol>m3ol.i ()JD01nl>o oj6no0 93~MOt'Q6D6
DJM6M8ool> 8m~o060 ~OMDO(J~nool> (J!.J?O!.J?Dl> 6060~1.>. 80m OD(Jd~o0m 0801.> 30Jnmno0,
Ol(J ol.io6o o8Mj8D!.J?DOD6 J0M8D~ol> 8l>303l>0{Q on01030'bnool> l.i0J0l>(JbMt'Q.
o· 8M8b3ntb~nool.i l.i060600~8t'QD8M G3~o~nonool> t'Q0 8nd06o'b8nool> 8o~noom onl>0d~M0
onod860l> 'bM80DMOlO 8M8030(300 00t'Q030!.J?(J0~(JMO 0J(30MODMD0ol>m30U 80~0~0
onm030'bnool.i 8M01bM36ol.i013ol>. Ol(J8(30 1 .3!'10j@JoJ(J~0{Q 0D(Jd~DOD~00 l>M(J~O
J0f'18n~ol> 8o~no0 l>0J0l.i(JbMt'Q.

50.0016o~nooX65$ = 3,250,065
49,999 6o~noo
X 40$ = 1,999,960
801~0060 ondn6ol> 9301.>o =5,250,025$

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698
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709

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"80@.;n 069:JMM80oool>00130G, 6,ob;pi Christine R. Hekm::m, '"Don't Blame Currency Values for Strategic Emxs."
Midland Corporate Finance Journal 4 (Fall 1986), 45---55.
 24.

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731
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8oMJOU 8oe:i::ioou0106o3::i 90 Q?~[JdO, 0()0 8oo~::iou M50,000 I 1.70 = 29,412$. 01() 0()0
8ooe:i::iou 30<Q0b!!?0u <!?e:>:JU, '1>00Jo 8ooe:i::iou M50,000 / 1.71 = 29,240$.
6. 8oMJo ocYlou 'BfYlM30MQ?(J~O dM[J80001, Mo()?306 80MJ3oou 90 O?e:io.:.60 'BfYlM30MQ?(J~o
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o· [(1.70- 1.71) I 1.71] x [365 O?e:'D I 90 O?e:>:J'l>::i] = rM - rs= - 0.0237
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CJ::i60Mfi(J6Q?[J00 dMfYl(3:J6&ou 0060J3[J010U d0M06.J&o, dMfYl(3[J6~(J~O 0060J3[J01[JOO
d[J[JM01[JO(J~ Cl6o6::ioClo od6::io0 2.37%-001 80e:i0~0 'l.JMOQ?cYl600'1>::i.

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733
 1$-ob 8M8030~0 r::?OMQO(J~OOOb b0"13oo~ob cn0d&MM0/JMQ'[30(3006&o
i%-om n .30"10M(Qob OM~Mb (FVIFi,n)

1$-ob 0b~061:Qo~o r::?OMQO(J~OOOb b0"13oo~ob cn0d&MM0/JMQC[30(3006&o

i%-om n .30610M1:Qob OM~Mb (PVIFi,n)

1$-ob (fi3o()~QM030) 06()08o&ob 8M8030~0 r::?OMQO(J~OOOb b0"13oo~ob

cn0d8MM0/JM[)'[30(30Q6&o i%-om n .30MoM(QOb OM~Mb (FVIFi,n)

1$-ob (fi3o()~OOM030) 06()o&o&ob 0b~061:Qo~o r::?OMQO(J~[)OOb b06i3oo~ob

'B0d8MM0/JMOC[30(3006&o i%-om n .30"10M(Qob OM~Mb (PVIFi,n)

6M<i180~()Mo 0 060oo~ooob Z G&061:Q0M8()~0 0 01:Q0b<i10 b0Cl()0~M

061om80&0J(J~o!:Q06 806iob603 06 8061~3603

poo;,mcn, J.!?.:>p[JM[Jcn oe:p da,')'15[) J.!?<> ffoo6n'lJ6[Jcn po0 fil)o, M<lJ.!?8<>6 o0 o O[Jodr:::[J3<:i Of:JMU
~f>?'(Jf!:;!O 08 8("}806<!Jobcn3ob, (i)ro8[Jr::;:oa 8(Jf!!<:i803<:>1J! 8M3<:i !!!" 8M3<:i.

- 0G00.J 30:8

735
~

1$-ou 8('1')8,:,3,:,1.?:~m ~otrioo~f!?{)OOU u,:,triaoof!?OU C(J.!>d<.f!>('l')trio/J('l'){)C(J0(.30{)6<.f!>o i%-om n d{)MO('l')~ou O('l')f!,>MU (FVIFi,n)

FVlfi.n= (1 + W
.)6il"JG06(l!i~~O 8060J30Ul0

6 1.062 1.126 1.194 1.265 1.340 1.419 1.501 l.587 1.677 1.772 1.870 1.974 6
7 1.072 1.149 1.230 1.316 1.407 1.504 1.606 1.714 1.828 1.949 2.076 2.211 7
8 1.083 1.172 1.267 1.369 1.477 1.594 1.718 1.851 1.993 2.144 2.305 2.476 8
9 1.094 1.195 1.305 1.423 1.551 1.689 1.838 1.999 2.172 2.358 2.558 2.773 9
10 1.105 1.219 1.344 1.480 1.629 1.791 1.967 2.159 2.367 2.594 2.839 3.106 10

16 1.173 1.373 1.605 1.873 2.183 2.540 2.952 3.426 3.970 4.595 5.311 6.130 16
17 1.184 1.400 1.653 1.948 2.292 2.693 3.159 3.700 4.328 5.054 5.895 6.866 17
18 1.196 1.428 1.702 2.026 2.407 2.854 3.380 3.996 4.717 5.560 6.544 7.690 18
19 1.208 1.457 1.754 2.107 2.527 3.026 3.617 4.316 5.142 6.116 7.263 8.613 19
20 1.220 1.486 1.806 2.191 2.653 3.207 3.870 4.661 5.604 6.727 8.062 9.646 20
 (~,<>&!'Yld3~30.:>)

={1 + i)"

6 2.082 2.195 2.313 2.436 2.565 2.700 2.840 2.986 3.815 4.827 7.530 11.391 6
7 2.353 2.502 2.660 2.826 3.001 :1.135 3.379 3.583 4.768 6.275 10.541 17.086 7
8 2.658 2.853 3.059 3.278 3.511 3.759 4.021 4.300 5.960 8.157 14.758 25.629 8
9 3.004 3.252 3.518 3.803 4.108 4.435 4.785 5.160 7.451 10.604 20.661 38.443 9
10 3.395 3.707 4.046 4.411 4.807 5.234 5.696 6.192 9.313 13.786 28.925 57.665 10

16 7.067 8.137 9.358 10.748 12.330 14.129 16.172 18.488 35.527 66.542 217.795 656.841 16
17 7.986 9.276 10.761 12.468 14.426 16.672 19.244 22.186 44.409 86.504 304.914 985.261 17
18 9.024 10.575 12.375 14.463 16.879 19.673 22.901 26.623 55.511 112.455 426.879 1477.892 18
19 10.197 12.056 14.232 16.777 19.748 23.214 27.252 31.948 69.389 146.192 597.630 2216.838 19
20 11.523 13.743 16.367 19.461 23.106 27.393 32.429 38.338 86.736 190.050 836.683 3325.257 20

--.I
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--.I
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w
CX>

1$-ou ,:,b~~G~::i~o c;?OM::JO'V~Doou u~MO::JO~ou 'tl~d~MMo/JM::J'tJOGoa6<!!>o i%-om n d::JMOM~ou oM~Mu (PVIF;,u}

PVlfi.n =1/(1 + i)"

6 0.942 0.888 0.837 0.790 0.746 0.705 0.666 0.630 0.596 0.564 0.535 0.507 6
7 0.933 0.871 0.813 0.760 0.711 0.665 0.623 0.583 0.547 0.513 0.482 0.452 7
8 0.923 0.853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.467 0.434 0.404 8
9 0.914 0.837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 0.424 0.391 0.361 9
10 0.905 0.820 0.744 0.676 0.614 0.558 0.508 0.463 0.422 0.386 0.352 0.322 10

16 0.853 0.728 0.623 0.534 0.458 0.394 0.339 0.292 0.252 0.218 0.188 0.163 16
17 0.844 0.714 0.605 0.513 0.436 0.371 0.317 0.270 0.231 0.198 0.170 0.146 17
. 18 0.836 0.700 o.587 0.494 0.416 0.350 0.296 0.250 0.212 0.180 0.153 0.130 18
19 0.828 0.686 0.570 0.475 0.396 0.331 0.277 0.232 0.194 0.164 0.138 0.116 19
20 0.820 0.673 0.554 0.456 0.377 0.312 0.258 0.215 0.178 0.149 0.124 0.104 20
0.375 0.'295 0;233 0.184 O;J46 o:uo 0.092 0.074 0.059
',\1
0.308 0.231 0.174 o.m 0.099 .. 0.0:75 .. 0.057 0;044 0.033
0.253. 0 •.181 "o.t3o · o.~9.f '. 0.068 0.049 0.03.6 0.026 0.019 35
0.307 0.208 0.142 0.097 0.067 0.046 0.032 0.022 0.015 0.011 40
.0.372 0.228 0.141 0.087 0.054 0;034 0.021 0.013 0.009 0.005 0.()03 50
 (&"&!'ild3~30.))

6 0.480 0.456 0.432 0.410 0.390 0.370 0.352 0.335 0.262 0.207 0.133 0.088 6
7 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279 0.210 0.159 0.095 0.059 7
8 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233 0.168 0.123 0.068 0.039 8
9 0.333 0.308 0.284 0.263 0.243 0.225 0.209 0.194 0.134 0.094 0.048 0.026 9
10 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162 0.107 0.073 0.035 0.017 10

16 0.141 0.123 0.107 0.093 0.081 0.071 0.062 0.054 O.Q28 0.015 0.005 0.002 16
17 0.125 0.108 0.093 0.080 0.069 0.060 0.052 0.045 0.023 0.012 0.003 0.001 17
18 0.111 0.095 0.081 0.069 0.059 0.051 0.044 0.038 O.D18 0.009 0.002 0.001 18
19 0.098 0.083 0.070 0.060 0.051 0.043 0.037 0.031 0.014 0.007 0.002 0.000 19
20 0.087 0.073 0.061 0.051 0.043 0.037 0.031 0.026 0.012 0.005 0.001 0.000 20

-.J
c,;i

'°
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e:;

1$-ob (~3n~c:woerio30) .:>6~o~n~ob 8M8.:>3.:>~o c:?OM:JO~~:JOOb b.:>M&:JO~ob cn.:>d~MMo/JM:Jcn0(30:J6~o i%-ocn n .'l:JMOMQ?Ob OM~Mb (FVIFi,n)
n
FVIFA1,n= L(1 + nn-1 = (1 + W-1
M i

7 7.214 7.434 7.662 7.898 8.142 8.394 8.654 8.923 9.200 9.487 9.783 10.089 7
8 8.286 8.583 8.892 9.214 9.549 9.897 10.260 10.637 11.028 11.436 11.859 12.300 8
9 9.369 9.755 10.159 10.583 11.027 11.491 11.978 12.488 13.021 13.579 14.164 14.776 9
10 10.462 10.950 11.464 12.006 12.578 13.181 13.816 14.487 15.193 15.937 16.722 17.549 10

16 17.258 18.639 20.157 21.825 23.657 25.673 27.888 30.324 33.003 35.950 39.190 42.753 16
17 18.430 20.012 21.762 23.698 25.840 28.213 30.840 33.750 36.974 40.545 44.501 48.884 17
18 19.615 21.412 23.414 25.645 28.132 30.906 33.999 37.450 41.301 45.599 50396 55.750 18
19 20.811 22.841 25.117 27.671 30.539 33.760 37.379 41.446 46.018 51.159 56.939 63.440 19
20 22.019 24.297 26.870 29.778 33.066 36.786 40.995 45.762 51.160 57.275 64.203 72.052 20
 (&<>&1'1do!.'.;>OO<>}
fl
(1 + i)n -1
(1 + ;:::

.Jtr.l'lGOGc!l>'W!!;'O e>.'.>6.'.>d30Ull

6 8.~23 8.536 8.754 8.977 9.207 9.442 9.683 9.930 11.259 12.756 16.324 20.781 6
7 lo.405 10.730 11.067 11.414 11.772 12.142 12.523 12.916 15.073 17.583 23.853 32.172 7
8 12.757 13.233 13.727 14.240 14.773 15.327 15.902 16.499 19.842 23.858 34.395 49.258 8
9 15.416 16.085 16.786 17.519 18.285 19.086 19.923 20.799 25.802 32.015 49.153 74.887 9
10 18.420 19.337 20.304 21.321 22.393 23.521 24.709 25.959 33.253 42.619 69.814 113.330 10

16 46.672 50.980 55.717 60.925 66.649 72.939 79.850 87.442 138.109 218.472 541.988 1311.682 16
17 53.739 59.118 65.075 71.673 78.979 87.068 96.022 105.931 173.636 285.014 759.784 1968.523 17
18 61.725 68.394 75.836 84.141 93.406 103.740 115.266 128.117 218.045 371.518 1064.697 2953.784
19 70.749 78.969 88.212 98.603 110.285 123.414 138.166 154.740 273.556 483.973 1491.576 4431.676

~
~

1$-ol> (B3D()C:WOM030) .:>6()o8D8ol> .:>b~.:i6!!?D~o c:?OMDO()~Dool> l>.:i('i)ODo~ol> ez3.:>d81"'lMo/J~Dez30GoD68o i%·0()') n .°3DM~ol> ~l> (PVIF;,n)

n
PVIFA;,n = L 1/(1 + i)t = 1 - [1/(1 + i)"J
1=1 i

jQe;'iOrllQO (n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% jQe;'iOrllQO (n)

6 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.355 4.231 4.111 6
7 6.728 6.472 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868 4.712 4.564 7
8 7.652 7.326 7.020 .6.733 6.463 6.210 5.971 5.747 5.535 5.335 5.146 4.968 8
9 .8.566 8.162 7.786 7.435 7.108 6.802 6.515 6.247 5.995 5.759 5.537 5.328 9
10 9.471 8.983 8.530 8.111 7.722 7.360 7.024 6.710 6.418 6.145 5.889 5.650 10

16 14.718 13.578 12.561 11.652 10.838 10.106 9.447 8.851 8.313 7.824 7.379 6.974 16
17 15.562 14.292 13.166 12.166 1 I.274 10.477 9.763 9.122 8.544 8.022 7.549 7.120 17
18 16.398 14.992 13.754 12.659 11.690 10.828 10.059 9.372 8.756 8.201 7.702 7.250 18
19 17.226 15.679 14.324 13.134 12.085 11.158 10.336 9.604 8.950 8.365 7.839 7.366 19
9.129 8.514 7.963 7.469 20
9.l:m 9.077 $.422 7;843
10.274 9;427 8.694 ··s.055
1.0.567 !?.64'1. 8;855 8.176
10)57 9;779 8.951
10.962 .9.915 .9.042
 (c;.:i3t>ldo~o 0 .:i)

n
PVIFA;, 0 = 1/(1 + W = 1 - [1/(1 + WJ
i

6 3.998 3.889 3.784 3.685 3.589 3.498 3.410 3.326 2.951 2.643 2.168 1.824 6
7 4.423 4.288 4.160 4.039 3.922 3.812 3.706 3.605 3.161 2.802 2.263 1.883 7
8 4.799 4.639 4.487 4.344 4.207 4.078 3.954 3.837 3.329 2.925 2.331 1.922 8
9 5.132 4.946 4.772 4.607 4.451 4.303 4.163 4.031 3.463 3.019 2.379 1.948 9
10 5.426 5.216 5.019 4.833 4.659 4.494 4.339 4.192 3.571 3.092 2.414 1.965 10

16 6.604 6.265 5.954 5.668 5.405 5.162 4.938 4.730 3.887 3.283 2.489 1.997 16
17 6.729 6.373 6.047 5.749 5.475 5.222 4.990 4.775 3.910 3.295 2.492 1.998 17
18 6.840 6.467 6.128 5.818 5.534 5.273 5.033 4.812 3.928 3.304 2.494 1.999 18
19 6.938 6.550 6.198 5.877 5.584 5.316 5.070 4.843. 3.942 3.311 2.496 1.999 19
20 7.025 6.623 6.259 5.929 5.628 5.353 5.101 4.870 3.954 3.316 2.497 l.999 20

~
t;
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6Mt'ila..,~tiio l>l!!>.'.>61!1.'.ltl'il!!>'ZJC!;'O 8.'.>6il3b603 .)6 l>l!!>.'.>61!1.'.ltl'il!!>'ZJC!;'O 8.'.>6il3b60!!1.)6
a..,6..,oo~ao.., l>..,~..,~{'I') &.'.l!!l.'.lbtl'i.'.l 8.)t\13e3603 &.'.l!!l.'.lbt11.'.l 8.)6i:Je3603
a6oa 3 6a~{'l')oo~..,6 0.00 0.5000 1.55 0.0606
z l>~..,5~..,(Yi~~~ 0.05 0.4801 1.60 0.0548
&..,~..,btil.., a..,l'iiGb6o3 ..,5
a..,tii~ 3 6o 3
0.10 0.4602 1.65 0.0495
0.15 0.4404 I.70 0.0446
0.20 0.4207 1.75 0.0401
0.25 0.4013 1.80 0.0359
0.30 0.3821 1.85 0.0322
0.35 0.3632 1.90 0.0287
o.40 0.3446 1.95 0.0256
0;45 o.3264 2.00 0.0228
0.50 0:3085 2.05 0.0202
0.55 0.2912 2.10 0.0179
0.60 0.2743 2.15 0.0158
0.65 0.2578 2.20 0.0139
0.70 0.2420 2.25 0.0122
0.75 0.2264 ·2.30 0.0107
0.80 0.2119 2.35 0.0094
0.85 0.1977 2.40 0.0082
0.90 0.1841 2.45 0.0071
0.95 0.1711 2.50 0.0062
I.00 0.1577 2.55 0.0054
I.05 0.1469 2.60 0.0047
1.10 0.1357 2.65 0.0040
1.15 0.1251 2.70 0.0035
1.20 0.1151 2.75 0.0030
l.25 0.1056 2.80 0.0026
1.30 0.0968 2.85 0.0022
1.35 0.0885 2.90 0.0019
1.40 0.0808 2.95 0.0016
I.45 0.0735 3.00 0.0013
1.50 0.0668

V (3bfilo~on ()U()b';'.j~M 6Mll)a,)~';'.jll)n l),)3ll}-

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744
.J6brri!!!?(Je(ll"lo - Absolute-priority rule
- oobo, MM8e::ob 8obo1:1wom JM8.3.J6oob 8"JMe<'1ooob
...,5 M:.JMM()<>6o'b.:.Goob f!?MMb, .3t'flo30~0806100(}~
"dGoM6o61oonb 8MmbM36000 J8"t1MqJO~f!?OO.J .3061-
30~ t'flo3Clo O?" b61(J~"C!?• bM~M fi3:.J(J~Oo61038"
.:>j(3oM6o61oo8.:> Clood~oo" 30 61 8oo~M6 30 61.,<Bot'flo.
(m.,30 23).
"30M8.J0()Mn - Automated clearinghouse
(ACH) - O~:Jd8<'1M6(J~O 861.,6bq]o61o, MM8:.J~0(3
.)Mob b"f!?:.JdM'bn8M61M fioJnb 8"f!?.:>610(3b3ob O~oj-
8t'flM6(J~O 8:JC1>Mf!?O. (01.)30 9).
<'>JM[Ji:QO@)o30 - Letter of credit (UC) - 8ob080 8b061ob
o 0 61o~Moomo .3ot'flMo.:> (fi 3 ov~oo61o 3 o"6Jnb), 61M8
8'>f!?Mbf!?ob 8iJOIQ30~ob 3o~b, 3.:>6bo'b~3M(J~O
.30MMO:.JOom, 08 d:J8mb3:.J3.:>oo, ffi(J 8ttOf!?3:.J~O .:>8.:>b 3061
Clod~oob tJ?Mfil(J~"C!?· 08 0 bClo61.:>f!? 8.,8Mntto6oo"
61M3f'l61(3 3.:>e::f!?:JO(J~3oob 3.:>61.:>680.:>. (m.:>30 11 C!?"
. 24).
- Probability distribution -
o~Oo01fil0.)0),) Cl3bod~M 860Cl36o~MO:.JOOb 6.:>J61ooo,
t'flM8o~oG Clood~oo.:> 8oo~Mb Cl38mb303om8.:>
G3~"f!?:.J08.:> iJ?<> 8.:>bm.:>6 .:>bM(30613ov~o Clo8mb33-
3omMoob Clob.:>d~oo~Mo.:>. (m.,30 5).
0e;oomf'100G - Probability tree - 0 t'floqJOJ(J~O 06 8.:>®61o-
(3(J~O 8of!? 0 f'l8o, 063ob®0Go3om.:>6 J3~03ooob
bo93(Jd3o~'b:J 80~30()~ Cl3b.:>d~f'l 't3(J~o1Qo 6oJ.:>-
Q?OOo. 8obo 9JM618o 8"3b bob 0M83ob, bM~M 01001M-
8(J~O 6M®o oo618Mof!?8:.J6b '?J(J~o{l{O 8Md61oMO:.JOob
361m t'iM8oe;:o83 Cl::ib.:>d~M J3~03ob CloC!/88b.
(01.:>30 14).
"C::l§[J1'ii5.:ie;o()c:;:io - Opportunity cost - fi306b
803fi1 Clofi1fi:J(J~o b.:>(JJo01obM .:ifi1fi336ob, bb3.:i
Clob0de::M ()8()~800~t!f'l't30~0 0~®061606o(Je::O 8'b0
063ob60P'>ooob0m3ob. (m030 12).
,~8f'l6C1 0 :Joob 8M(Jl);?O - Yield curve - 't30l>o060 jo~0~Q?ob
08f'l6.,33ob0 !:Q0 bo8oo't3ob oM61ob Q?08MJOIQ:.JO(J~:Joob
0 P'>.:>930JO JM6JM06(J~O 9J0boo6o j0~0~(Qobm3ob.
(m030 2).
,:,8rryfrl"o'b,;(3o,:, - .Depreciation - doMom.:>Q?o 0j@Jo3ooob
~OM:JO(J~:.JOOU Gob8o8vr1io o0Q?08060 Cloj860~/001'0-
8M:.JO(J~ dMf'l(Q(jj(JMOo, 0 .>6b0 'b~3M(J~O d:.JMOMC!?ob
0 068.>3~MO.>do. 9306.:i6b(JMO .>6 0.>6'1003000 0b.>b3om,
.>6 b.> 0->Q?0b0b0C!?M Q?OJ~.:>6'1061000G0m3ob .>6 M61o-
:JMC1l->Q?· (01030 2).
60'b.:, - Depreciable basis - b.> 00f!?<:>b.>b->C!?M
.>6 00fi10Cl3ooob.::im3ob, 8m~oo6o jM60061030 0dt!.lo30G
~061oov~oo0. ob 0fi1ob m06b0, 61M8Q~0(3 od308-
!:Q0006100<> C!?61Mmo 0 06803~f'lo0Clo .361f'lC!?(JJ(30ob
~o61:JO(J~:.JO<>oo fi<>8MO:.JM<>b 'b:.JC!?O<>C!?:.JOO bo613i:ooob
bobom, J<>OM6ob 8oboC!?3om l>o 0 0C!?<>b0b.:>C!?M 8o'b60-
oob013ob. (mo30 12).
<:>8Ml'i10o'bo(3oob 0 06f.1050 - Amortization schedule -
(3bt'flo~o, 61f'l8:J~Clo(3 0b0bv~oo b<:>613oo~ob .3t'flM-
Go68ooob !!?<> do61omo(QO m.:>6bob 3fi10930JO, bobbob
<>()(30~003~0 C!?093<>fi13ob 30Q'..?ob 8oboC!?3om. (m<>30 3).
<:>8b060 0 Mo0 - Partnership - oo'b6ol>ob f'lM3<>6o'booob
9JMM80, Mf'l8~ob 8oboC!?3001 f'lMo 06 fi108C!?o6080 .3ofi1o
<>fi1o.:i6 oo'b6obob 8ob.:>J(Jmfi13000. fi3:.J(J~Oo6103
08b0603MOQOdO t!30~" .30fi1860MMU <>j3b m<>600.)MO
.30b(Jbob83oo~MO:.Joo oo'b6ob30~Q'..?OO(J~Oooo'bo.
o 0 'b~(JC!?(}~o .30bvboba 00 o~Moob <>8b06<> 0Mo 0oao,
ofi1m 06 fi108M!:Q:.J6080 83b<>J(Jmfi13b Clob0d~M<>
JjM6Q'..?ol> Clo'b~(JC!?(J~o .30b(Jbob8 0 oo~Mo<>. {m030 2).
<:>6 0 0P10Cl-<ti0de(lM.:>/063Mouo - Invoice - b.:>O(Jmo, j30-
m<>fi10, 8M8'b<>(l?:.JO(J~O 308iJOlQ3Q~Ob 8oofi1, 8<>!!?0(3:.J"
a(J~O 8tiOC!?3:J~Obm3ob, MM8:J~OG dQOG03b
Clodo6o~o b0jM6~ob !Q<> 8M8b0b(Jfi13ool> 9J0UU (!?0
8<>t101Q;3ot> .3ofi1MO:JOG. (01030
- Public Company accounting Oversight Board -:
0fi108M80000060 b0'bM3<>!QM:JOfi1030 Mfi1306o'b0000,
l'i1M8o~oG Clooj860 2002 o~ob b0fi1o<>6ob f'l()Jb~ob
J06M6om, b03i:<>MM JM8.306ooool> 0(JQ'..?08 'bo JM6®P1M-
~obm3ob, 063ob8MM:JOOb !);10 b<>'bM8<>C!?MQOOb
068QM:Jbooob Q'..?.:>U0(3030Q'..? 1 0693MM80(30(J~O, b08ofi1-
m~o060 Q'..?0 C!?08f'l(JJOC!?:JOQ~O 0(Jf!?00MM(J~O 8Mbbo-
6ooob 8M8'b0C!?:.JOOb013ob. (m030 1).
C>6 0 0{1')0CllibMM[JOnb - Disbursement float - (!?MM
JM8.306oob 8ooP1 fioJob 't3f'lbt§om 30 0 'b036o!Q06,
Jf'l8.30600G b<>fiQJM 06 00ModOf!?06 '?J(J~ob 8Mbb6ob
8M8:J6@)08f!?:J· (m030 9).
0630fi10Clbof'16l[J2iob 3o&ri6o(JM[Jb0 - Remote disbursement -
b0Gc!!Jo80, fi1f'18~oli 8ob:JtQ3om00, JM8.3<>600 0.:.8Mo3P1b
fioJb 006Job b0bo~'b 0 , P1Ma 0 ~o 8 o:JM 0 fi10 93 o(J~0f!?
8MOMMQO(J~O.:> m030Go J~oo6t§ob 0 06, M<:>f!? 0 06
80jbo80c:;:i(JM0(Q o'> 'b0MQ'..?f'll> fiJJOU J~OM0600, M:J0-
~'()M0(Q ;p60~C!?ooob !QMM. (m030 9).
0b!J;![JMMMmo6 0o - Underwriting - 9J<>bo060 j<>c;.:>~Q'..?:JOob
::JOC\?30 Cl38(Q 0M8o b<>'.$i:0MM(Q ()0iJO(Q3obm3ob; o8o-
t§Jb8ob <'1nliJOU b0J(JOl0M m03'bo 8oc;ooo, MM8:J~OG
f!?oJ03'8nMJO(J~o0 ~pG0060 d.:>~<>~(QJOoG C!?0!Q806o~
9J.:>b'8o o<>t1o!Q3.:.bm06, 0bo30 (36f'J60~00, fi1M 0 f'J(>)G
745
 Cl(J.:.8.:.3cz.iou 81:f.:.!'i1o 3"cz.'CQQO(Jcz.>Do.:. CQ" (J'bfi1()63ocz.i-
8""93u 93.:.uo.:.60 d.:.~.:>cz.>(QQOOU 3.:.!'i1.:.680M[JO(Jcz.' 3.:.6-
m.:.3uao.:.u. (m.:.30 19).
&5n;>o6J(i)&omo6 0ob bo61QoJ060 - Underwriting syndicate -
u.:.063::JU80(30M o.:>6J[JOOU, JM8.3.:.6oooou, (QMM[)Oomo
0.:.afi1mo.:.600.:. .:.bcz.i.:.CQ 0.:.8MCl3oo(Jcz.io 93.:.uo.:.60 d.:.~.:.cz.i­
C!Woou 0.:>1:fO(Q3ou 8o'b6001. (01.:.30 19).
,m-•m"'""'""' - Annuity - 01.:.6.:.o.:.fi10 93(Jcz.>.:>(QO 0.:>(Q.:>b(Q[JOOU
.:.6 d[J8Mu.:>3cz.>QOOU U::JMO<>, O<>M8MdMOOcz.'O .3[JMO-
M(Q[)OOU 0 .:.61.>.:. 'b~ 3 !'i1(Jcz.io !'i1o 8 b3oCQ.:.6. R3a(Jcz.>Dofi1030
.:.6()08080!.> Clo801b303.:.Clo, o<>CQ<>b(Qoou .:.6 93(Jcz.'"CQ
d[J8Mu.:.3cz.iaou "CQ80cz.'O <>d3l> l:fM3Qcz.'O .3[JMOM(QOU
(ocz.iou) OMcz.>MU, oo6.:.uo.:.!'i1o .:.6(Jo8o8ol> (QMMU,
l:fM3Qcz.'O .3[JMOM(QOU (Q<>U<>Ol:fOUdo. (01.:.30 3).
;:,PS060G&::i8<>e()P?o t'?o6Jo - Unsystematic risk - <>doooooG
.:.6 u,:,063ol>8ooo(Y) .3Mfi1893ocz.iou G.:.fi13oocz.iou (33<>-
cz.ioo<>(QMO<>, MM8ocz.ioo .)M Cloodcz.ioo.:. ,:,obu6.:.G o.:.'b!'i1oli
'bo 0 .:.3cz.io6001. o0 o Cloodcz.ioo.:. <>(30cz.'OO(Jcz.'O od6ou
CQ03ofi1uo930J<>(300li 0'bo01 (01.:.30 5).
0M<>(J'i:iM(J63:J~tJ(Y)<[jO~o Gobbo(io - Unsecured loans -
93(Jcz.'<>(Qo 3.:>cz.>CQOO(Jcz.>Ooooo, fi1M8ocz.ioo .:.fi1 .:.fi1oli
(J'bM(J63ocz.iH(Y)930cz.'O Gb3.:>(Q.:>lib3.:. G.:.boli .:.d803000G
00M.:>M010. {01.:.30 11).
0t1loo@l6l0t.Jo - Arbitrage - MMo <>d803oli 8Mdoo6.:., !'i1M8-
cz.ioooo, fi1o.:.cz.i(J!'i1.:.CQ, ofi1018.:.6o01ou0 .:.6 .:.!'i1.:. 93 !'i1001 .:.!'i1
0.:.6l.ib3.:.3CQOO<>, 6.:.l:fO(QO 0.:.93.:>(Q (Q.:> 0.:>l:fO(Q(JCZ,'O d30M<>(Q·
(93.:.Go.:.60 d<>~.:>cz.>(QOOOU l:fO(Q3.:>- 0.:>l:fO(Q3.:>). (01.:.30 17) •
.::i6loo@l6'i.:.tJ(J~O C[l'f.3<'.>bQOoG mo(Y)li1n.:. - Arbitrage pricing
theory - 010Mfi10.:., fi1M8cz.ioli 8obo(Q3n01.:.o <>d803oli
93.:.l.in (Q.:>8MJO(Q00(Jcz.>O<> 8fi1.:.3.:.cz.i <(J"D8MM'b:J (Q<>
0 .:.C!?.:.80830 8 !'i1Mcz.il.i 01.:.8.:.CJMol.i .:.fi1oo8fi1<>iJoli o<Bod-
80.:.60 8Md8oC!?oo.:.. (01.:. 30 5, C!?"6.:.!'i1010 o) .
.:.lio 0 5o6'ioo(J~o (b.:i6'tJnlio) c;oM[lb(J~060 - Assigned (or
stated) value - .:.doooli 6M8o6.:.cz.i(J!'i1o ~ofi1oo(Jcz.>OO.:.,
fi1M8ocz.ioo R3o(Jcz.ioo!'i1o 3 .:.~8MR6C!?oo.:. 0 .:.8MCJ 30 oou,
'B.:.t.i0o'bo (Q<>ocz.i.:.. (01.:. 30 20).
0j003n6ob 50tio~Moffio30 0!.>1;!011?3"' - Sell-off - JM8.3.:.6ooli
3068M<BOcz.'OOOli o.:>tJO(Q3.:>, MM8ocz.ioo (36Moocz.io.:.
6.:.oocz.iMOM03 8"80(!?3001; .:.6 801cz.io.:.6.:.Q? JMB.3.:.6001.i
0 .:. 80CQ 3001, 8 6Moocz.io fi1M 0 Mfi1G 6oo.:. 8M<Bcz.>Moo010
cz.'OJ30(Q.:>(30.:>. (01.:>30 23).
<>d&o3000G G[JJ(J(y}O@Jo'l:h'.>(30.:> - Asset securization - oli .)MOU
.:.d8o 30 ooli l.i.:.(i]o'bo(i] 3(Y) <BM6Q?Clo 0 .:. 0!'i1010.:.6 0ooli
.3fi1(Y) 80 t.io C!?" Clo8C!?oo li.:.fi1 0'b 0!'i13(Y) 93 M6(QoCQ<>6 .3fi1M-
oo68oooli 0.:.80CQ3<> .:.d@.>0300001 (J'bM(J63ocz.i8(Y)93ocz.io
'B,:,lio.:.60 d.:.~.:>cz.>Q?OOou 'BM!'i18.:.Clo. (01.:.30 20).
(J'bfl(J53ocz.>tJM9.JO~•o 'i'30Goei60 "·"'''·'"''m"
Asset-backed securities (ABS) - u.:.liolibM 'B.:.lio.:.60
d.:.~.:.cz.iCQooo, fi1MBocz.i01.:. .3MMGo68ooo (Q.:> 01.:.3601.i
0 .:>Q?.:>b(Qooo b(Y)M(300cz.'CQOO<> 'B(Jcz.'"C!?o 6.:.J.:>Q?00001
.:.d803oooli (i]o'bo(i]3o(Q.:.6. (01.:. 30 20).
0j&o3Moob JPl[l<(J0(30::Jb6:J?io - Activity ratios - 8.:.R30600-
cz.'Ocz.'000, MM8cz.iooo 8 .:.li.:.b.:. 30 6 (i].:.8Qw6.:.C!? o93od8o-
.:.6.:.CQ 080 6001.i JM8.3.:.6o.:. .:.d8o 30 ot.i. (01.:. 30 6).
0d0Dooll li08M/:tfl0 - Equity carve-out - Cl3ocz.iMoocz.io JM8-
746
.3.:.6ooooli <>dooooou li.:.'.li:.:.fi1M 8.:. 8oCQ 3.:., fi1M8ocz.i'boo
88.:.fi1m3[JCZ,'O JM8.3060,:, .:. 0 fi1docz.>OOU JM68MMcz.'Ol.i
Clo6.:.MR(J6oo.:.li. (01.:.30 23).
- Stock dividend - (Q.:>8.:.8ooomo
.:.doooool.i o"C!?"G08.:. JM8.3.:.6oou <>d(30M6ofi1ooou013oli.
bCJofi1.:>(Q 0 .:.8Mol:fo6oo.:. 93(Jcz.><>Q?O (Q030(Q06CQOOOU
6.:.03cz.i.:.C!? 8.:.0101.:.6 ofi101.:.C!?)· (01.:.30 18).
''dGoo6ob - Reverse stock split - .:.doooooli
0 .:.ofi1mo.:.6 0o.:., MMCQOli"G 0 .:.8M(308()cz.io <>dGooooli
M<>(Y)(Q06Mo.:. 8(30M(QOO<>: 8.:. 0 .:.cz.io01.:>Q? 1-2 .3MM-
.3MM(30001 .:.doooooli 8.:.0!'i101006ooo01, li.:.C!?"G 01001M-
O(Jcz.>o .:.dooM6oMo o~ooli ofi101 .:.b.:.cz.i <>doo.:.li MMO
d3ocz.io .:.doooli013oli. (01.:.30 18).
<>dGooooG o.'.'>8('t}UtfOC!;'3" - Stock repurchase - JM8.3.:.6o.:.
080806801.i 8oofi1 m.:.301.io .:.doooooG 0.:.8Ml.il:fo(Q3<>
80(Y)M<>Q? o.:.'b.:.fi1'b 0, .:.6 8o6CQofi1001 (li<>8o6CQOM(Y)
CJ 001.:.3.:. 'boo.:.). (010 30 18).
<>dGnoonli o<>tl"l'CJ<> - Stock split - 0.:.8(Y)oo8(Jcz.io 0doooooli
M0M(Q::J6Moou o" 'bMQ?.) .:.doooooli 6M8o6.:.cz.i(JMO
~OM::JO(Jcz.>OOOU (Q<>Jcz.>oooli b,:,(i]'.li:'bo; 8.:.c,.:.cz.io01<>Q?,
.:.doooool.i o<>iJM'Bo01, .3fi1M.3MM(30001 2-1-Clo, <>dGooool.i
6(Y)8o6.:.cz.i()Mo ~oMQO(Jcz.'000 8(3oMQ?::J00 1 ofi1mo <>doooli
6M8o6.:.cz.iv!'i1o ~oM::JO(Jcz.>OO.:> od6000 6.:.bo30(i\o .:.don<>.
(01.:.30 18).
.:>j(3nob bo86M~(Y) - Ticker symbol - v6oJ<>cz.>()Mo,
.:>UM[J0001 JM(QOMQO(Jcz.>.:>Q? .:.~60036.:. 'B.:.l.io.:.60 d.:.~.:.cz.i­
CQOOOU C!?" 'bo.:.!'i1o li.:.063ali8ooo(Y) <BM6CQoooli. 83ocz.>.:. 'bo
808.:>Q? ol.io6o 008MOij::J6::JO.:> 0,:, 'b::J01[JOOO (!?0 93.:>U01.)
J3M8ofi1ooou 8M8li.:.b(JM::JO<>do. OQ?::J680930J.:>(300U oli
li8o6M(,M.:><BO(Jcz.'O 8001MQ?O doM001.:>Q?0Q? c,.:.63001.:>MQ?<>
8oobfi108o8o li.:.vJ(J6oClo li.:.8ocz.ioc,fi1.:.93(Y) M.3oM<>8M-
fi1oooli 8o[JM 1 <>U030 od.:.bo.:.6 80JQMOU lio8oMcz.>MU.
5 (Q<> 23).
"'·"'"h.,,mm - Shareholders' equity - .:.d80-
3oooli 801cz.io06 '.l(;.:.al.i c,.:.8MJcz.'OO(Jcz.>O 3.:>cz.>Q?OO(Jcz.>OOOU
801cz.io.:.60 '.1(;08o, ,:,6 Ub30 U08l:f3Q0001 1 JM8.3.:.6ooU
R3ovcz.ioofi1030 .:.doooooli li.:.o.:.cz.i.:.6u(Y) (6(Y)Bo6.:.cz.iv(i])
~ofi1oovcz.ioo.:.li (Q08.:>8::JO(Jcz.'O 0 06.:.~(QQO(Jcz.'O J<>.30-
8.:>cz.io (!?.:> (Q.:> 0fi1M3ocz.io 8M 0[JO.:>. (01.:.30 6).
0b~i>6f!?[J~n c:;o6loo'0~0o0 - Present value - CQ~o3.:.6-
CQOcz.>o, 8o8(Qo6.:.MQ ~ofi1oovcz.ioo.:., (i\.:.080 8M8.:.3.:.cz.io
'B(Jcz.>OG/01.:.6boli .:.6 c,.:>Q?<>b(Qoooli 6.:>J.:>(QOOol.i, Clo93.:.-
lioovcz.iofo.:.8M013cz.iocz.io 0.:.6Li.:. 'b~3!'i1vcz.i .3!'i1M(3::J6<!!Jvcz.i
0 .:.6.:.J3omClo. (01.:.30 3).
- Balance sheet - (QMJ(J8o68o, M(Y)Bocz.iCloo
Clo'.li:.:.8 0ovcz.io.:i J(Y)B.3.:.6001.i 'Bo6.:.6liv(i]o 8Q? 0M8.:i(i]o(Y)o,:,
(QMMoU 0 .:.61.i.:.'b~3!'i1(Jcz.>O 8M8068oli.:i013ol.i, ol.i .:iR-
306ooli, MM8 801cz.io.:i6 <>d803000 = 801cz.io.:.6
3.:>cz.>(QOO(Jcz.'OOOoli + li.:>J(J01.:>Mo J.:>.308.:.cz.io (li.:.0dGoM
J<>.308.:icz.io). (01.:.30 6).
o<>Mo[J(r) 0 ~o 0 i>6<>J3[Jmo - Hurdle rate - 8M8oooo.:.6Mooli
80608.:.cz.i(J!'i10 0.:.6.:.J 3o010, !'i1M8ocz.ioo li01fo!'i1M.:i
li.:.063oli8ooo(Y) .3MM::Jd8oli Boli.:.~oo.:.Q?, 8o~oovcz.io
'B(Jcz.>.:>Q?o 6.:.J<>Q?QOol.i (QOUJM68ofi1oooli .:.6.:icz.io 'bo01;
 0 060J30010, Mf'l8c::.'oli 8oboCQ30010G, .3"1f'lod0o
0 06obo~o60 8oli0e:?o60CQ. (01030 13).
6300 - Beta - lioli80808(JMO t'loliJoli Jf'l0'13oGoo50o;
'bf'l803li 0dG006oli li0"1 0 06~005f'l6oli (e:?ot'io6(Jc::.'OOoli)
80"1d5f'l00c::.'f'l60li li000 'bfif'l .3f'lM0'130c::.'oli e:?OM06(J-
c::.106oli G3~o~o6oli<>CQ8o. .3f'lM0'130c::.'oli ,,6080"
Jf'l0'13oGoo50o (J6"10~f'llQ 008f'lo013c::.1000 o5CQ030CQ(J-
0c::.1()Mo 0dGooli 0000Li Li0Cl()0~(Y) Cloof'l5oc::.1001
.3f'lM0'130c::.'Oo. (m030 5).
- Business risk - 0 <>6(Jli<> 'be:?3MOC!::.1f'l00
( 0 0(JMJ303c::.'f'l60), Jf'l8.306ooli C(30'boJ(JMO li0d800-
6f'l6oli0li. 8olio 'bo8f'ld80CQOO<> 0oli0bo60 Jf'l8.306ooli
f'l.30"1<>8o(Jc::.'o/808CQ060"10 008f'lli<>3c::.1060Li G3"c::.'oo0-
(Qf'l60Clo, 8(Y) 0 000Clo 3<>CQ<>l.10b0CQ0608CQO CQ<> G0"1 0 06c::.10G
o<>CQ<>b(Q<>8CQo (EBIT). (01030 16).
oo'b6::ibo-oo'b6::iG0Gm30L - Business-to-business (B2B)
- Jf'l8()50J0G0000 (Q0 0M<>6'b<>dGoooo 306bf'lM(30-
0c::.'06(J~O Jf'l8.306006li, 05 Jf'l8.30600G.::. (Q<> li06f'lc::.'f'lf'l
8f'l8b80"106o~G Of'lMOU. .'.>c::.1<(3<>6(J80"10J(Jc::.1 '13f'lM8oli
B2B <>e:?60Cl360, o0 o <>e:?500603G o60o"16o0om
0 .::.5bf'lM(3oOC!::.106()~ 8"106'b0dG006G. (m030 10)
oo'b6obo·co'b50Gribm3ob o'°'G3C::" - B2B exchange -
60'b0"10 06806)60800, o6eoM6o0om 30IJ:Mf'lo0,
Mf'l8c::.1001<>G bf'lMGOOC!::.1CQ06<> "1o<>c::.1(JM (QMf'lOo <>()d-
(30f'l6ob 8b 0 03G<>CQ C(3<>boG 0001.::.30'booocn. (cn030 10).
- Bill of lading - b.::.df'l6~ob 00-
(Qf'lJ(J80680, Mf'l80c::.'OG 000G03Li 06'13f'lM-
8<>(300U 830"1cnob CQ<> G.::.df'l6~ob o<>CQ<>'boCQ30G
<>CQ 0 o~ob Clob0boo, 0b:130 o5<(3f'lM8<>Go<>b 80mo
a'l3c::.'f'l6oc::.'oG CJ 0Li0b 0o. (010 30 24).
6v6066lo30 d[J!J.1~061000 - Natural hedge - .30CQ~oP1000,
(MoUJOU Clo8GOM::JOOU d80CQ::JO<>) Mf'l8::Jc::.1U0(3 0(Qo0c::.'0
0d3G 0()600<'103<>CQ, '13o<'18ob 5f'l<Yi8<>c::.1()Mo f'l.3ot"io<Yiooob
CloC!?Oo"C!?· 80 0 0c::.'om.::.CQ 008f'll.1030c::.'o Boe:?oo()c::.'o
()Gbf'l()Mo 3"c::.1()0ocn CQ<> 08030 3"c::.1()0001 0Mb::Jo()c::.'o
3"c::.'CQ::J0(Jc::.'Oo<> 0u; 0 05Li o(J5oo<'1o 3 .3ou;~o<Yi 0 00G.
(cn030 24).
0 0LQ<:i30~no0i::;;o 0 0~0b0b0!.Qo - Deffered taxes - 3"c::.'U:O-
o(Jc::.'Oo0, Mf'l8::J~0(3 00P18f'l<>tQo06b 0J(JB()c::.10MOO(Jc::.1
0 06bb303000b, CQOJC!::.1<>P1o<Yioo(Jc::.1 3<>1Q<>G0b0u;G0 u;<>
'13"Deo(J<'1 0 0u;0bCQooG of'lt"iob. oll 0 06Gb303000
bCJ0<'10u; l56CQ000, Mf'l(30 b1Qo60 8f'l 0 o6oli bb30u;0bb-
30030<'10u; 0 08f'lcn3c::.1<> '13ofo6b(Jt"io 06 0 0<'100 0 000G0 CQ0
b0 0 0(Q0G0b0u;f'l 06 0 0<'100 0 000G0cn3ob. (cn030 6,
u;060t"icno).
c>':>Q?0bcf?,) Q?Mo930rioo - Payable through draft (PTO) - 15oJob
8G 0 03bo 0 <>CQ<>bu;ob o6b0"1()8::J50ob 0 08MtJD6000,
Mf'l80~0(3 c.08f'looo<Yio60 c.<>u;08b(Qo~ob li,:,bc::.''bo u;<>
.'.>M0 0063ob b0boc::.''bo. Mf'l(30 <>e:?5oCl6(Jc::.10 U00()010
00MoC!?c.05 000 005Jb, 0 0u;0BbCQo~o oe:?oob o<>CQ<>o-
t13o00~000b 0e:?o<><'1f'lb 01() ooot1 3oef'lb B"IQ"bC!?"·
(cn030 9).
- Dilution - <>dGof'l5o<Yio6ob ooc::.'ob Clo8GoP1000,
<>08030600 IQ<>B<>&ooomo <>dGoooob
0 08f'lCJ30 oob CloC!?Oo"G!' f\ 30(.l~ooP1o 3 o <>dGoooob <'10f'l-
IQ05f'loob 2>0'bt"iu;0 0d803ooob 06 8f'l 03oob Clob06080Go
0 .:.'bt"iu;ol.I 0 0<'10CJ3. 80 0 0c::.10010(Q: f'lOC!::.'oo<>GooooG Jf'l5-
30M0o<Yiooob;:,b "JG°"'bo u;<> 0.Cl. (cn030 18 u;<> 22).
8M8'b0~noei - Prepackaged bankruptcy
(prepack) - <'1of'l<'1 0 06o'b0(30<>, Mf'llQ[lUC>(3 Jf'l8.30600G
(J8bb30~0Go JM[lCQ00f'lMQooli (J8M03~obM00, 088-
JOGOOG 006JMM8oli .3MM(30tQ(JMOoob (Q00l:I000li.
(cn030 23).
<>dooooo - Treasury stock -
!53o(Jc::.'OOM030 <>dGoooo, MM8c::.'::J00(3 od50 3.::.8Mb-
l:IO(Q(Jc::.'O (Q0 o50boo<> JM8.30600-08oeo6eoli <(30606b(JM
0 06t1M'130~::J0000. (cn,:,30 18 (Q0 20).
- Call price - '13<>bo, Mf'l8c::.1001<>G
d0e:?<>c::.1u:o Cloodc::.'oo<> 0 08f'lbtJotQ(Jc::.'o nt1f'lb
3<>(Q0BCQOC!::.'o 0 08f'llitjoCQ3ob .30<'1f'loo01 o8oeo60ol.I 8ooM
<(3<>bo060 d<>e:?<>~(Qob bo85o<(3QBCQO· (01030 20).
008P1liuocimob 6::if.'lo(Y)cr;:o - Payback period (PBP) - tQMf'Job
.3oMOMtQO, MM8o~oG b0iJ:oMf'l0 b0063obeo(30f'l oo'b6oG
.3Mf'l0Q00o o53olieo<Yioo(Jc::.'O m06boooli e(Y)c::.10 '13()-
c::.'<>tQO 008Mli<>3c::.1oli 8ob<>c::>oO<>(Q. (m030 13).
- Call premium - <(3<>lio060
d0e:?<>c::.1CQOOOU 6M8060c::.1(JM ~OMOO(Jc::.'Q00U0 tQ0
30u;081Qoc::.'o <lodo6oli 05 (JJ<>6 0 08f'llit101!!3<>li ClMP1oli
608080 e:?OMOO(Jc::.1000. (cn030 20, CQ<>50M010).
\QC::D - Payment date - U:e:?O> MM(30 Jf'lM.3f'lM.::.-
(30<> '13<>deo(JP1<>u; obu;oli 008(Y)Gb<>CQOO(Jc::.1 CQ0301!!06-
CQOoli. (m030 18).
rn"''""""'n - Dividend-
'13()~01QO tQ030(Q05tQ000 o<>t1-
f'l'130~0 oc::.'O(JM aM 00 00'bo; 05 0c::.'eo<Yi60eo(Jc::.'"CQ,
u;o301Q061Qooo 0P101 <>J(30<> 'bo o<>tJf'l'l3oc::.'o ot'lm <>dGoob
8f'l 0000'bo. oli JMOC(30Goo50o 80()0100100G oP1cn <>dGo-
0'bo 8(Y)c.oooG MC> OOC!::.10 odfo o<'>GQB()c::.10 (Q03ou;o61!/0G
li0bo01. (01030 2 u;<> 18).
G0Jf'131Q0l'!i'1 - Revolving credit
agreement - '13(Y)M8<>~()Mo 306('1600<'10 3<>~1QOO(Jc::.'Oo<>
303<'1do~l!!Oli JMOCQO@_io (Q<'>l!/o05o~ (QMM'bo 808 b,:,6G.
(0103011 (Q<>21).
;:i,01J1:Jf'lfflfionc:i;iaol\ 'BJB!Q0 ffl8o - Post-completion
audit - .3P1Modeoli M:J<>c::.1(.)MO u;060b0<'1~000G (Q<> 8(Y)c.o-
ooli <(3(Y)M8<>~()Mo d:J(Q<>P1000 u;0 0 o0 8oc::.'cn05. 0Gomo
<>()l!!oeoG doP1001<>1Qo (Q<>5oCl5(Jc::.10000 (JJ(JJ<>3<loP1ob
o5'13(Y)M8<>(30<>: 05() <>(JCQo0oG O:JU:OoOoo 0 0u;<>Q(3::J8<>
CJ 0Li00080G .3oP1Llf'J60c::.'b, 8(Y)8030c::.'o a"l!!0ot130®0-
c::.'OooG 8oc::>oooG 0 0G0()8~(Y)o0Goo~0u;. (01030 13).
;;vrr·1vo1ti\Ov - Security (collateral) - .::.d&o3060 O<>MCQ 0 05o~o
GoGboG 80dooo~oG 8ooP1 Bolio CQ<>OM(J6oooG (J'b<'1()5-
30c::.'G<>tJf'l'l3"CQ· m(J lioliboli 801b(Y)35o~o 30P1 u;006-
<'1(J600G G0GbLi, aLi 0 t.ib 0 o 0 ~Li <lo(Jdc::.'o<> 008ou;(Y)G 0t.i
(J'bM(J53oc::.'l:lf'lC(30U <>d803000 GoGboooG u;<>b0<(30M0-
3"1Q· (cn030 11 ).
()CiM::J 612b·06bofii260 - Outsourcing - 'bf'l 0 00<'1010 6o'b60G-
f'l.3::JM<>(300G <lob<'1(J~Oo<> J30J(Y)5e<'10d8(Y)<YioG 800<'1,
o8oli 50(33~0lQ, Mf'l8 oli G0d8006f'lo<> 0 060b(Y)<'1Goo~(Y)G
m030u;. (cn030 9 (Q0 23).
747
 <'>_'}Gi>83ou 8"()6.'>00c:?.>OOOc:?.>O 8CYJ8000U 03!:!:?.'0c:?.>OO<'>U
U.'><'>68.'>MOOCYJ .33t'loCYJ!3?00 - ou .'>MOU Clo!l?080 8M8000!3?<'>6
(.:,6 'bi>M<'>c:?.>0!3?<'>6) !!?" 8"!3?"b!l?Oc:?.>O !3?030l3?06!3?oool3?<'>6.
3u ;,68i>MoClo bCloMi>!l? JM80060M30()!:!:?.'°"
Cl38Mu;,3c:?.>ooou <'>68i>Moam.'>6. (m<'>30 6).
o()ll?30c:?.>O - Goodwill - u;,j8o.'>6o M3.3()8"0o", JM8.3.'>6oou
<'>M<'>8<'>80MO<'>c:?.>()MO .:,j803300, 8CYJ.3CYJ330()!:!:?.'0 U<'>j8o-
.'>6Moou Clo!l?08"!3?• MCYJ(3<'> JM8.3.'>6o<'> ob!l?ou 8ou U<'>O<'>c:?.>-
<'>6uCYJ <'>d&o 30 o'bo 8o&u. 8 ()!3? 3oc:?.>o ()6!3?" a 08CYJo8!l?ou
00c:?.>00<'>!3?00 OMmboc:?.> 8M6(3, 8ou 8<'>8.'>Mffi(Jc:?.>OO<'>'bo (.:,6
(J<'>Ml:JM<[J"'bo). (m<'>30 23).
8<'>1:JO!l?3" OJi;i>Mom <'>c:moou .3o6iCYJoom - Sale and leaseback -
8<'>1:J0!!;!3<'> Clom.'>6b83oom, 8.'>00630 ;,o~CYJU 080 b3c:?.><'>bc:?.><'>
i>M06!3?om ll;!MCYJou 8M(308()!:!:?.' .3oMoM!l?Clo. (m<'>30 21 ).
&"03!:!:?.'"C!?o CYJOc:?.>08"0°" - Exchangeable bond - CYJOc:?.>08<'>-
(30<'>, MCYJ8oc:?.>oo 8<(3c:?.>MOOc:?.>u Cl3()dc:?.'°" 8"03"!:!:?.'CYJu
ub3<'> JCYJ8.3;,6oou R33()c:?.>Oot'lo3 "DO°"'b3, MCYJ8CYJM(3
03uo, 08 <'>J(30<'>'b3, MCYJ8c:?.>ou <(3!:!:?.'Moou 0683M3uoo ;,j3u
8M(308()!:!:?.'0 CYJ0!:!:?.'08<'>(3oou 080836&u. (m;,30 22).
8"G3!:!:?.'omo J(JMUo - Exchance rate - 3Mmo 3"!:!:?.'()8ou
ot'lmo()c:?.>ou M<'>M!l?06CYJo<'>, MCYJ8oc:?.>oo Cloodc:?.>oo" 01:10!3?CYJ
ub3;, 3"c:?.>()8ou 3Mmo OMmO(J!:!:?.'om (m;,30 24).
8<'>if:o<'>6(JMOO()c:?.>O JMOC!?08(Y)M()c:?.>o 3"!:!:?.'!l?OO(Jc:?.>OOOOo -
Stretching accounts payable - 8"!3?"bl3?ou 8"!3?"3"ll?DO<'>
8"!3?"u"b!:!?Oc:?.>O 3"!:!:?.'!3?00()!:!:?.'0oou 8080M!!;!OOc:?.>Ooou-
m3ou; ;,u330 (JOM!l?Ooo6 806!:!?06Go<'>u 3<'>tfMCYJO<'>'bo.
(m<'>30 11 ).
8<'>bc:;:iolb - Spin-off - .:,j803ooou 6<'>00!:!:?.'ou 8"!3?"G08;,.
Q?o33u&o8()Mou <(3MM8;,, MCYJ8c:?.>ou Clo!l?08"!3?"G
Cl3oc:?.>CYJOoc:?.>o JM8.3;,6o;, .'>6 JM8.3<'>6oou MCYJ8oc:?.>083
8"61:JMC(30c:?.>OO<'> b!l?OO<'> Q?i>8M()JOQ?OOOC!:?.'o JM8.3;,6o.'>.
R3o()c:?.>OOM03 ..,b..,C!:?.'o JM8.3..,6oou "DGoooo Ol:JM<B" !3?01:1?"
JM8.3..,6oou "DGoCYJ60Moou ClCYJMou .3MCYJ.3CYJMGoou
U<'>C(3()d3oc:?:'bo. (m<'>30 23).
* !3?<'>0083MoUi>8<'>6 Q?<'>(3()!:!:?.'0 - Tax shield - JM8.3.'>6oou
8i>8Mj3om3<'>!3?0 b<'>M.'JGOOo, ouo6o 3j338!3?00<'>M000<'>6
8<'>8Mj3om3<'>U U<'>8<'>!3?<'>U.'>b.'>!3?CYJ Clo8CYJU<'>3c:?.>OQ?<'>6. ou
b;,t'li;ooo "oo;,3u" 8<'>mo Cl38CYJu<'>3c:?.>ou DJ303"!:!:?.'D68
m.'>6b<'>u Q?i>0083MOU<'>8i>6. (m<'>30 15, !3?<'>6.'>t'lmo o Q?<'>
m;,30 17).
!3?"8MM330<'>1320 1Qo301Q361Q3oou .3o(r)Mo" - Cumulative divi-
dends feature - 8CYJcnbCYJ36<'>, MCYJ8oc:?.>oG m;,6.'>b8;,IQ
1:130!:!:?.'" IQ<'>8MM300<'>!QO 8<'>!3?<'>(Jb!QOC!:?.'o !3?0301Q361Qooo
.3Mo3oc:?.>080MOO(Jc:?.> <'>J(30i> 'bo (J61Q.'> 8"!3?"°b"!3?CYJU
R33()c:?.>OOM03 <'>doooo'bo 1Q0301Q061Q3oou 8<'>1Qi>b!Qi>8!3?0·
(m<'>30 20).
!3?"o(r)M3:JO"lJ?o b8ou 8oon80 - Cumulative voting - JMM.3CYJ-
M<'>Goou !QOMOJ8MMm<'> U<'>o~u i>Mfl33ou 83mCYJ1Qo, MCYJ8-
C!:?.'ou 8obol3?30ffii>(3 O)OO)CYJO(JC!:?.'O f\33()c:?.>OOM030 "JGO<'>
<Bc:?.>Mou b8ou 80038ou 081Q36 M<'>M!l?06CYJo;,u, Mi>8Q?360
1QOMOJ8MM0(3 .'>Mou i>Ui>Mf\030 IQ<'> momMO(JC!:?.' <'>J(300U
8<(3!:!:?.'CYJOOc:?.>U Clo()dc:?.'°" !3?""8MCYJ3CYJU ou b8ooo !3?"
8<'>8CYJ01:106CYJu 080 63oou803Mo u<'>bom ot'\010 "6 M<'>81Qo6083
JM6JM:J8()c:?.>O !QOMOJ8MMOU i>Ui>Mfl:J3"C!?· (01.:,30 20).
748
Q;?<'>'lJ<;:iGt:~iOO(Jc:?.>O
on8o - Adjusted beta - "DGoou 8M8<'>3"!:!:?.'o
oo&" JMOC(30(3006&ou OO'tJ"UQOi>, MCYJ80c:?.>OG .'>MOU
C(j<'>U0.'>60 D"~"c:?.>a?OU ou&CYJMO(JC!:?.'0 (8o'bCYJ80c:?.>o) oo&i>u
8M!QOC(3oJ"Go" !3?"0300001, 03&;,u !l?MCYJm;, 8"6-
8"3!:!:?.'Mo;,Clo <'>j3u 806!3?0600<'> 8o(J<'>bc:?.>M3!3?0U oo'lJMou
<'>6 JM8.3.'>6oou o;,M8CYJ3oou !Q<'>M8ou U<'>O(Jl>c:?.>CYJ oo&ou.
(m;,30 5)
Q:?<'>o680Mouno()C!'o 8b"MOD6o - Stakeholders - 1:1 3oc:?:"•
3060 <QM680M:JU06(JC!'°" JM8.3.'>6oou oo'b6ouom. 8.:,01
Moob3u 803J(Jm3636006 8ouo "DGoM6:JMDoo, JM01Qo-
8MM000, Jc:?.>Oo68o6o, 8CYJU.'>8U.'>b(JMOOOO, 8o80CYJ<QO-
Oc:?.>OOO <:!?" "!3?80c:?.>CYJOM030 U<'> 'bM81><QM:JO<'>. (m.'>30 1).
!3?"8"8D6001 &"a?"bCQoc:?.'o J<'>.3081>!:!:?.'o - Additional paid-in
capital - JM8.3..,6oooou 803M R3o()c:?.>OOM030 "DGoooou
8"1:Jol3?3om 80~30(Jc:?.>O u;,buM300, MCYJ8oc:?.>oG <'>tf<'>Mo3ou
ojooooou 6CYJ806;,C!:?.'(JM "6 ;,uo860M30()!:!:?.' ~oMo­
O(Jc:?.>OO<'>U. (m<'>30 20).
C!?"8"8Doom .3Mo3oc:?.>080M:JO(JC!'O 8<'>8MDOMI> - Oversub-
scription privilege - ()<(3!:!:?.'00" Cl3odo6CYJu (.3MCYJ.3CYJM-
(30(JC!:?.' u"<B(Jd3ac:?.>'bn) 63oou8onMo "t'l"M:J<'>c:?.>o'b30()!:!:?.'0
"DG°"· U.'>O(Ji>c:?.>:JO.'>U .'>dc:?.>:J3U "JGOCYJ63Moou,
8<'>8MOl:J06CYJ6 m.'>3ouo ()<(3!:!:?.':JOI> i>boc:?.>O 8i>8CYJ03QO(Jc:?.>O
"DGoooou Clod36ou b:JC!'Ui>l:JM:Jc:?.> C(ji>UoCQ, MCYJ8c:?.>nooo
i>M <'>Mou Clndn6oc:?.>o ub3;, "DOoM6:JM:JOou 8o:JM. (mo30
19).
Q?1>8<'><§:JO(Jc:?.>O :JJM6CYJ8o(JMO ~o(r)32i()c:?.>:J6" - Economic
value added (EVA) - oo'b63uou 8<'>63001;,MOoou,
. OJM6CYJ8o(JMO D<BOd8o<'>6CYJoou, uo'bCYJ8o. OJM6CYJ8oJ(JMO
8CYJ8ooou <§0.30, tl'iCYJ8oc:?.>oo 8Mc:?.>o" JM8.3;,6oou
8<'>!3?<'>Uob.'>!QOU 8"!3?"b!QOU O:J8!Q08 o8o6CQ.'> CYJ.3t)Mi>(30()!:!:?.'
8CYJ800<'>U 8<'>0MJc:?.>OO(Jc:?.>O Ji>.308<'>!:!:?.'ou ~OM:JO(Jc:?.>:JO<'>
(b<'>M.'}GO 8"8· Ui>M8:JOc:?.>ou 8"6"J30010). (m<'>30 15).
!Qi>8CYJJO!Q00()!:!:?.'0 (<'>6 JM68o8:J68(JMO) .3MM:JJ80 -
Dependent (or contingent) project - u.'>063nu0000CYJ
.3MCYJOd8o, MCYJ8c:?.>ou 80~30<'> Q?o8MJO!Q:JO(Jc:?.>Oo 3Mmo
06 M<'>81Q36080 ub3;, .3MCYJOd&ou 80~36..,'bo. (mo30 13).
CQ<>OM(JJOCQOOOc:?.>O .3MM:Jdc!!Jo - Independent project - .3MCYJO-
d&o, 8o~00(Jc:?.>O (.:,6 (Jl>Ml:JM'tJOc:?.>O), MM8:Jc:?.>OG i>M
"ba?o6u 'b 08 .., 3c:?.>o6"u ub 3.., .3MM:Jd&oo'bn. (01.., 30 13).
CQl>(r)oob(Jc:?.>O bot'1Ji;300 - Accrued expenses - 8"CQ<'>U<'>b-
!3?D!:!:?.'Doo, tl'iM8c:?.>ooo 0 Clo"a?8 o6o6 JM8.3..,6oou 3"!:!:?.'cr/D-
o()!:!:?.'Oooou, MCYJ<QOU<'>(3 .'>M .'>MOU 8"CQ"b<QOc:?.>O
ub 3"!3?"ub 3.., l3?" 3"!:!:?.'o"6ooooo: boc:?.><B"uooo, 8 "l3?"uob-
"!l?Ooo, !3?030CQ:J6CQooo !:!?" .'>.Cl. C!?"8MM30c:?.>O boM_'}G:JOO
<'>Mou 8MJc:?.>03"!3?°"6o 3"!:!:?.'C!?:JO()c:?.>OOOOo. (m;,30 11 ).
a?"'?J"M3ou JMOC(30(30068o - Coverage ratios - JMOC(30G0-
06&0, MCYJ8c:?.>oooo i>Jo3Clot'l3ou JM8.3.'>6oou 'Bo6;,6u(Jtl'i
3"!:!:?.'a?OO(Jc:?.>OO:JOU, 8ou OQU<'>dc:?.>o6c:?.>CYJ0.'>Umi>6, 8CYJo8-
uob(JMCYJU _.,5 a?"<B"MCYJU 8MJc:?.>D3"!3?o<'>6o 3"!:!:?.'a?OO()c:?.>O-
oooo. (01.:,30 6 !:!?" 16 ).
C!?"D3DO!QOO"t'lo6(Jc:?.>O a?o6o58()Mo - Subordinated debenture
- 8Md:Jc:?.>3"!3?o"5o <'>M<'>(J'bM(J53oc:?.>HM<Bo!:!:?.'o uo3oc:?.>CYJ
o5u8M(J8o58ooo, MCYJ8C!'oooo b;,uoom1Q30006 800M3
Clo8CYJu<'>3c:?.>006CYJoom, 301QMO ub3" Jc:?.>"uooou 3"!:!:?.'o; o5CYJ-
oo!:!:?.'o" MCYJ8MMG ,,8(30M3 3"!:!:?.'Doo". (m<'>30 20).
!Q.::ifij0<'106()!!::,'0 - Accelerated depreciation -
.)8MM@.>o'h.)oooli 8[JO">MCQO, MM8!!::,loli a.)8M~:JD6oooli
CQMMli.)G bCQ::JO.) J.).300.)!!::.'(JMO .)j@.>03;:iooli ~OM::JO(J­
!!::,l;:JOOU uoM.)<(Jo fl.)80100/Y),) b.)M_SG;:JOOo, 30CQM::J DM<(Jo30
.)801M@.>o'h.)ooou !QMMli. (m.::i30 2).
o:wo::i6t~'l'(JM.) - Debenture - .)M.)(J'hM(J630!!::.1tJM<(JO!!::,lo 3.::i!!::,1-
CQ:JO(J!!::,l::JO.), 51i1d:J!!::,13.)i:Qo.)6o .)M.)(J'bM(J63[J!!::,ltJM'(30!!::,'o
U.)30!!::,lM 06u@.>M(J80600. (m.)30 20).
!Q::J00801trl(J!!::,'O 1.Q.)30!!::,1006000 - Accounts receivable -
'?l()!!::.'.)CQo u0buli1aoo, (Y)rri8!!::.'aooo Jrri8.3.)6008 (J6CQ0
8oo~rrili J!!::.'006@.>aoou0506, MM8!!::.'ao8.)(3 8ou 0 .)6 JM:J-
CQo@Jom Cl;:iodo6au .3(Y)MCQ(Jj(3o.) .)6 8M8u0b(JM:JO.). !Q:JO-
o@.>MM(J!!::,10 CQ03.)!!::,'o.)6[JO.) 00ti18M.)CQo:J6U 8o8CQo6.)MQ
.)d003u. (m030 10).
CQ::JJ!!::,10Mof.iaoou CQ~D - Declaration date - !Q~:J, MMCQ:JU0(3
CQOM:Jj@.>MMO"l.) l.i.)o:fM, 0ob0CQ:JOU fl3:J(J!!::,l:JOM030 CQ030-
CQ:J6CQ:JOou UOCQOCQ:JU !:Q.) 80mo 50CQ0bCQoU cn.)Mo~u.
(m.)30 18).
O?a.3rri'bne(Jf.io li.)e!'\106u'?lo6101 RoJn - Depozitary transfer
check (DTC) - o.)8M(JtJ:J6aoa!!::.'o R:JJO, CQ:J.3M6oM:JO(Jc::.10
JM8.3.)6ool.i 065.)MoO'b:J oa860b3:Jc::.> 006JOO. (m030 9).
!!/D'?Jl"f!!:'.,180 - Default - <(306.)6l.i()MO JM60M0jeou .3oMM-
O:JOOU Clau(i)()c::.':Jooli O:J(Jdc::.iaoc::.iM00, 8050c::.iom.)1Q
(J(J60MM00 0.)!QMb0CQMli 30c::.inu m0360 06 l.i0(i)5;:J-
O:Jc::.10/.3MM(3:J60o (m.)30 2).
CQ03::JU0o0(JM0 - Divestiture - 0j@.>03aoou 00tioCQ3.), !!::,'OJ-
£fo(i)8rriaooli 8mc::.io060 .)6 60ooc::.irrio<Y'io3
23).
- Dividend rein-
vestment plan (DRIP) - .)MR::i3omo ona8.), MM8:J!!::,10(3
()'?lc::.'::JO.)l.i 0dc::.ia3u 0jooou 8<(3c::.iMoac::.inou 8o~a<'>()c::.io
!:!?o3ol!!a6CQ:JOom 030rria00(JM.)CQ 500Jomrri6 bac::.i0b.)c::.io
o6 3ou0000000 JM8.3.)6oou u.)0j 8 001 J0.3000c::.ioli CQ.)8.)-
0ooom 0jooaooo. (m030 18).
Q?n301J;w6!.'!?(J(Y}o b<'>l:JM'?JO::JM:J6.::i - Dividend yield - CQ030CQ06-
CQ:JOOU 8MU0c::.1MCQ6;:Jc:;o oc:;o(JMO 860036oc::.irrio0, 0.)tJM-
.::ijoooool.i u.::io.::i'bMM ctpli'ho. (m030 18).
'"'"''·'"'"M' '(3()!!::,l'b1J - Cash discount - .31i1rrioa6@.>()c::.'O C(3i:>U-
CQ.)JC:::JOi:> u.::ijM6c::.iou 00tJOCQ30U 06 oal.itJOCQ30l.i C(30U'b:J,
063.::iP'loClaooli i:>CQM(J(Jc::.10 00CQ0b(!?OUO"l3ou. (JU .)MOU
u0o8(Jc::.'O JM:JCQ00om 8tJOCQ3:Jc::.'D00U.)Ol3ou 065.)Mo-
Clooo 0.::i£!?Mb.::iCQM6 (Y).::i 8 ooodc::.i;:i60 8,;c:; 0. (m.::i 3o 10).
!.QOUJM60o(i)ai'i()~o 'tl()~.)!Qo - Discounted cash
flow (DCF) - li,;063au0ooorri .3MM1Jd0ou O::JC(3i>U::J6oli m.)
CJo(i)flo3ou 8aoK'1CQo, Mrri8c::.ioo 8obauwom C(3()c::.'oo
6.)Ji>CQ(JOO 0 .::i8rriom3~()6.) '13':'.Jc::.'Ol.i ~OM;:JO(JC::D6ol.i
CQMrriomo 03c::.ioc::.ioooli 0 .::im3.::ic::.iolioo6aoom. (01.)30 13).
ll(OUJM6eiob 0.::i6<'>J3nmo - Discount rate - .31i1rrioo68':'.lc::o
(l.i.::i(i) 0 ooc::.iou (JJ()o3c:;o010) 0.)foJ30010, <'1rri8oc::.ioo
0 08MOtJ(J6(JOi:> C(3(JC::00 8M8,;3.::ic:;o ~OM(JO(JC::()Oob
.::ibc::.i.)6i:Qo!!::.' ~0M::J6()!!::.'Doo01 0 .)60.) 'bc:;3(Y)ou001300
(01030 3).
- Dot-com - JM8.3.::i600, <'1018oc:;li.::io .::ij3li
di::;oofi'io o6@.>oli16oe()C::O U00(Ji>C::::JO::J60 (Qi> .)bMM-
(30::Jc::.'D00 8ouo li.)j8006Mooo dofi'iom.)CQ .)6 8mc::.io.::i6
foooc:;u 30 0- 830 6'imou ti.)a':'.l.::ic::ooom. li.::iboc:;o01!:Qao.)
8MCQOU 8olio .)0<'1030.::ie(Jfi'ioCQ.)6 (.com), M.)(3 6006.)30
JM8:JM(30(JC:: liC(3(JMMl.i, :J!!::,1-'13Mli0ou 06 300-33(JMCQOli
orric::.iMClo• .::il.> 030 (JOMCQD<>o6 £!?M01jf'l8l.i 06 CQM@.>-df'l8-t.i .
(01030 7).
t!?Mi>'13GO - Draft - boc::.i8rrioo(i)oc::.io oa<l'ioc::.iMOOOJO o<l'id.::i-
6000, <l'irriili::;o01.::io :JMmo 8b.::i(Y)::i (drawer) (JD:Jliaoli
8:Jf'lM:J 860<l'iali (drawee) u.3::ioo0c:;':'.)Mo 01.::i6boli
00CQ.)00b.::i!Qli 8oli08::i 8b0(Y)ol.im30G (payee). drawer !:!?"'
payee <'>Mo.::i6 bCloM.)CQ :JMOJo !Qi> o0 03a. (01030 11 ).
!J?MM(J00010 O<'>OM':'.)6<'>30 Ji:>.'3080~0 - Temporary working
capital - l.i.)OM(J6.::i30 J.::i.300.::ii::;o, (i)0180!!::.'0G 0030c::.iao.::i
.)':'.looc:;aooc:;o ua'h016(JMO 80101b01 360oou CQ0li.::iJa.::i801-
<Boc::.i::ioc::.i.)CQ. (01030 8).
CQMM(JC::O 8o0<'1iQ:JOOb .3tilo6oo.3o - Just in time (JIT) -
8MY1.::i5aoou 8,;(Y)013oli CQ0 Jf'l6@.>(Y)01c::.ioo 800101CQ0, <11018-
c:;oli 8obaCQ3om00 u.::ib0j016c::.i01-800o(Y)o.::ic::.i()Mo
8.)M.::i 00 oou 8o5MCQ:JO.) b!Qoo.::i (JO(J.::ic:;MCQ 6.::i(Y)801aoou
.3MM(3(JUOo 'h(JU@.li:>!:Q 08 8018a6@.la000, Mf'l!:Q:JU<'>(3 8.::i01'ba
Oi:>M80100M00 8f'l01b0136.). (01030 10).
oi:::ad0MM6(Jc:;o ()i>!QC..M0(3b3.::i - Wire transfer - 6.::i~CQO <(3()"
c::.iob ::ii:::ad0(Y)016':'.lc::.io 0 .::iCQ.::iMoob3.::i 01(Y)8b(Y)o30, .3o(Y)-
CQi>.3o(Y)o J.)300Mom, 8.::i 00c::.io01.::icrt obo010, /Y)01501Mo(3
.)Moll n'(J:JCQ300M" 06 •3:J:JU@.>:JM6 O(J60M6o". (01.)30 9).
DC::Ddl§f.i016()c:;o JM8(JM(3M - Electronic commerce (EC) -
u.::ij8o.::i6o o6<(3MM8.::iooou 5.::i(33c:;0 (,,j.::i~.::ic:;Q?oli
11
()i>M:JO(J ) oi:::::id0MM6(Jc:; M(J'lJ08Clo - 8.)m OMMOl.i
o60a(Y)6aeo01. (01030 9).
oc::od0ti1M6':'.)c:;o c:;Mj6Mdliooo - Electronic lockbox - u.3a-
(30i>c::.1(JMO b.::io.::i6JM 8M8uc..b(JM::JOi:>, 5.::ib(J':'.JC::O Jf'l8-
.3.::i6ool.i 606Job OO:JM, MM(30 006JO o~oob !:Qi> .::i5<'1M3oob
C(30M8ob ac::.iad0M016(Jc:; '13()c::.'"'CQ CJ::i8f'lt.i03c:;aou !Q.)
':'.lo 'b.::i36ob 8M6.::ioo8aob/o6'13rriMB.::i 8 o.)li JM8.3.)6o.::iu
b.3aoo.::ic::.i(JM"'U?· (010 309 !:!?"' 20).
IJ8oooob !Q<>foboM~:JOo - Flotation costs - !:Q06.::ibc..M'.l(;[J00,
!:Qi>J0300M:JO(Jc:;o C(3i>lio.::i6o j.::i~.)c::.'!:QIJOol.i o8olio.::i 'b[J.
8.)boo OIJcrtoli oo8crtD 0 o b0M'.l(;Doo: b006 31Jbeooof'J
006Job 8f'J8u.::ib(JM[JOi:>, O(JMOCQO(Jc::.10 8f'l8U.::ib(JM:JOi:>,
c:;obeo650 crt"' oo:f!.!?3"'· (01030 15, 18).
1J.30010.3o~P1o p,o6o(3bi:>£l!O - Tombstone advertisement -
oocl'U? 3001 liM6C(301M8.) 8 001 b.::io':'.l.::ic::.iooDooo 0.::i501.::i 3t.i 0-
6()c:;o 0 .)6ob.)~[JOIJoo, ti1018oc::.ioo oaooo3li C(3C..Uo.::i6o
j0~0c::.'CQ()Oob 000103.)'boooo'ba b.)O.)'b01 o6C(3f'lM8.::ioo.::iu.
ob e:JM8o6o 801c::.io.::i6.::i~ .::i~:JJ3"'0(JMM, 010301.l b.::ibac::.i-
tif'l!:Q:JOob, Mi:>!Q 0.)6 8bf'lc:;01CQ li.::io.)'bM 06C(3f'Jti18.::ioo0u
odc::.ia3.::i - Mf'10f'ltYl(3 IJ.'30010.30.) (li0C(3c:;.)30G 03"' 'hi)
0"JD°'D<'>()c::.io O.)Mb[JM0). (01030 19).
:J'B:Jd®o.::i5o <tJ0606bTIMo 00'bc..fi'lo - Effective financial mar-
ket - <tj06.::i6b(JMo 00 'b.::i(Y)o, bi:>!:Qi>(3 <(3i>Uo.::i6o j.::ic:;c..c::.i-
CQ[)Ool.i 8081:!?06.)M:J '13.::ibooo UM(Jc::.>"'U? .)bob0306 tJ3Dc::.'"'
M:JC::D3"'60(JM o6C(3Mti18.::ioo.)l;. (01030 5).
D'BDd<!lJoo6o oc:;ovtiJo li0MQDoc:;oli 0 c.6"J3[Jcrio - Effective
annual interest rate - 0.::i8018(J0.)3::JO(JC::O (301:Qi:>b<Qoc::.io)
<?Pdeo(JMO bi:>M():JOc::.>ob 3.::i6.)J3:J010, Jf'l:JC(30(30[J60o-
oou 6M8o6.::ic:;~<Ylo 0 .::i6.::iJ3001:;oob ~.::i'h(Jlieooou 008-
!.l?Do• Mf'l 0 01Mo 8 .::iMob 5oc::.ioo.::i!.J?Clo ti101(Jc::.io
.3MM(3:Jb0:JOOU !:Q.)M0(3b306 M0M!:Q[J6MO.) :31JMOM!:Q:JOOb
8ob[J1:Q3001. (01.)30 3).
749
odli-13!03otQ[J6n;;ooob - Ex-dividend date - <Qo30CQ-
6CQoooli <>M 8ocwooli .30P13oc:::>o CQ~D' 01<>P10~0, MM(3<>
<>doooooli 81:Jo<Q 3oc:::>li oP1018 03 ., 0 <>8Mob<><QO<'>(]c:::> <Qo 3o-
<QD6!.!?oooli 80~0001.i (]'?.lc:::>O<'><>. (01<> 30 18).
Ddli&IT'i<> !'.!?03on;:o61Qo - Extra dividend - <>M<> P1o 0(Jc:::><>M(Jc::?O
[)M01~[)M<>CQO CQ030CQ[)6CQo, o<>CQ<>bCQOc::?O <>J(30M6[)-
M[)Ool.i013ol.i, P103(Jc:::><>M(Jc::? CQ030CQ06a?oooli 0 <>MCQ<>,
0 <>6li<>J(J01M06(Jc:::>o 0 <>P1o8M 0o0ooli 0 <>8M. (01<> 30 18).
rt-.."."""'n - Ex-right date - .30P13oc:::>o CQ~D'
MM(3<> <>doooooli 81:Jol.!?3Dc:::>li <>~<>P1 <>d 31.i (]'?.lc:!?O<'><> Clo-
odo6Mli CQ<>8<>8[)00010 <>J(30[)00, CQOCQO bfiolJ ()o6 0 .:>8M(3-
b<>CQ[)O(Jc:!?O oo6<>CQ<>CQ[)Ool.i li<>'?.J(]d3oc:::>'bo. {01<>30 19).
[JM01[J()c:!?oli 'bt:;>3t0(Jc;,io L<>M 0[Joc;,io<>5M(,_, - Unit contribu-
tion margin - .3P1MCQ(JJ(30ol.i 0P101o(Jc:::>Oli Clo8Mli<>3<>c:::>o,
'?.J<>lili<> a?" 83 c::?"CQ CQ<>6<>b<>P1~ooli ClMP1oli l.ib 3<>P1o<>,
P1M8c:::>o01<>o (J6CQ<> CQ<>O'?.J<>MP'll.i 8(]CQ8o3o b<>f'l~ooo CQ<>
803o~M01 8M 0 [)0<>. (01.:>30 16 ).
uftl01.30Mf'l36()c;,>O 8<(3c;,>MO[Jc;,>M6<> - Sole proprietorship -
oo'b6olioli P1M 0 <>6o'boooli '?.JP1M8<>, MP18oc:::>li<>(3 '?.Jc::?Mol.i
0P1010 Ji>(30 !.!?" <>8.:>li01<>6<>30 <>d3li O[)(J'b~(JCQ<>30 .3.:>li(Jb-
oli83ooc:::>MO<> 01<>301.io '?.JoP18ol.i l:J30c:!?" 3<>c:::>CQO-
o(Jc:!?OOOo'bo, li<>d<>P1013oc:::>MClo <>lio010 li<>boli oo'b6olioli
MM 0 <>6o'b 0ooli '?.Jf'1M8<>li .3d 3o<> o6CQo 3oCQ(J<>c:::>(JP1o 80-
o<>P18o. (01<> 30 2).
- Euro - 03P1M.3oli 0P1010<>60 3<>c:::>(]8oli CQ<>li<>boc:::>o<'><>.
M'?.Jooo<>c:::>(JMO <>oP1 03 o<>8(JM<> EUR. P1M 0 P1P1o CQM-
c:::><>Mo ($) CQ<> ot'lo8<>6(]c::?O '?.J(.)680 (£), 03MP11.i <>d3li 0 <>6-
8.:>l.ib3<>3oooc:::>o lio8oP1c::?P1, P1P18oc:::>oo .3 0.,31.i <>liM ,,C"-1.i,
CQ<> 0<><Q<>J3[)010c::?O<> 8Mc::?MOol.i 6006001 €. (01<>30 24).
,..,,fi,mcnmrm.,1n<11m - Eurodollars - CQ[)dM'bo8ooo, CQ[)dP1-
60P1oo(Jc:!?O <>Clo CQP1c:::><>P1oooo - P1M 0 MP1 8 001.io, <'><>6JClo
o00 P101o<'>(Jc:::>O Cl8<>8o<'>oli '?.J<>Moc:::>ooli 0 <>P1o01, P1M8c:::>o-
o'b08 <>P1 3P1(30c:!?<QO<'><> <>oo-oli li<>o<>6JP1 M.3oP1<>oooooli
oolio. (01<>30 9 !.!?" 24).
;i;.io0Mf'lO!!;>op,,<>(~·00 - Eurobond - 6oooli8ooP1o Moc:::>o00000,
MM80c::?0(3 Ol:JOCQ000 08 d30l:J6oli 00P1001, MP18c:::>oli
3<>c:::>(]80Clo 8 o0o 060boo<> (80 0 0c:::>o01<>CQ, 03 P1P1CQP1c:::><>P1oli
Moc:::>o00000, 03t'lP1006oli Moc:::>o0000<>). (01<>30 24).
03P1M30c;,i()0<> - Eurocurrency - 30c:::>(]80, MP18oc:::>oo
CQOdM6oP1oo(Jc:!?O<> 801.io 00P18MOP100l.i J301:J6oli '?.J0M-
oc:::>o<'>li 00P1 001. (010 30 24).
3<>CQ<>8CQ[Jc;,>o 0 08MlitJO!:f?3oli .3oMMoooo - Call provision -
0801.iooli Clo01<>6b8oooli .30P1Mo0, P1M8oc:::>oo 60001.i
P101<>3li JM8.3.:>600-0808a68li 0 08Molil:JoCQMl.i '?30lio060
d0~0c:!?CQ000 '?.lodlioP106(Jc:::> '?301.ioo (06 '?.lodliot'loo(]c:!?
lioP1o(Jc:::> '?.J<>lioooo) lio800'?308CQO· {01030 20).
"""''""'"' li[Jbbo - Term loan - 30c:::>o, P1M8c:::>oli 0 0CQ<>bCQ0
ool:loo<> 0P1010 Oc:::>oli oo8<QOo• 800P108 doP10010CQ0<Q - 10
ooc:::>'bo 6<>Jc:::>o<'> CQMMClo. (01030 21 ).
30c;,ioG CQMDO - Debt ratios - JP10'?.J0(3oo68D<'>o, MP18oc:::>oo
0li0b03[J6 JM8.3<>6ooli 3<>c:::>o<'>oli b0P1~'bo CQ<>'?.Jo606lioooli
b0P1olibli. (01030 6).
30P1060o - Warrant - 0dooooo01 3<>ffMMooli 0 P1doc:::>-
3<><Qo060 <'1'?.J(300, li.3ooo'?30J(JM0CQ l.!?"<Qoo6oc:::> '?301.ioo
750
<Q<> CQMMol.i JP16JM08(]c::? .3oP1oP1CQOo. (01030 22).
30Mo.:>(3noG JMQ'(lnGooEion - Coefiecient of variation (CV)-
li806CQ0M8(Jc::?O 0 0CQ<>bP1ol.i JP10'?.J0(30068o, P10080
lioCQOCQOl.i 0 0CQ1>bP10 Bolio l.i00(J0c:!?P1 1>Mo018080J(Jc::?O
86oo 36oc:::>M<'>oCQ"6. 01.i <>P1oli P10LiJ01"6 CQ"J" 3ooP1o<'>(Jc:::>O
81>R306o<'>oc:::>o. (011> 30 5 !.!?" 14).
306flo6i(Jc;,io 3006imo0602><) - Joint venture - li1>00P18M,
P1M8oc:::>oo OJ(J0136oli Cf?" 0P101Moc:::>o30CQ 080P101000
P1MO 06 8080 CQ1>8M(JJO<QOOOc::?O JP18.31>6ooli 8ooP1.
01001<'10(.Jc:!?O .3<>P1&6oP1MO 03P1doc:::>o<'>li 0P1liooP10<>li,
MP1 0 P1P1 8 <Ql>BP1(JJOU?o<'>oc:::>o JP18.3060<>, "a?oOc::?P1oP1o 3o
li<>o0P18P1 01>P18P11><Q306Li 011>3oli011>30CQ <>b1>c:::> li<>o<>P1-
8Ml.i. {011>30 23).
3oti10(J·~c;,''(JMO JMMd('JM0(300 - Virtual corporation - oo'b-
6olioli P1M 0 1>6o'boooli 8P1CQ0c::?o, P1M8oc:::>oo 8<'1001>31.i
oo'b6olioli '?3(]6dooP160P1oooli '?.Jl>M01P1 81>lio&1>00<>6
Ol:J<>MMOoli. (011>30 23).
,, 'b300 ::i6::i6oli" li0'i3P1mbMO[Jc;,>•:. - Shark repellent - JM8-
.3<>6ooli 8ooP1 3<>8M1:J06oo(Jc:!?O 011>3CQ1>(330010 li1>Cl(J1>-
c:::>OO<>, dP1806(30(JMO "JGOOOOl.i li<>JM68MMc::?M
.3<>Jo8oli 8ttoU?30c:::>O<'>oli 8M01bM36oli Cloot1308oli013oli,
"'b303060" 8ttOCQ30c::?OOOl.i oofo0~8CQ03 8081>M01(Jc::?O·
(011>30 23).
011>36oli 0b0936lmbfYl:J00 - Safety of principal - ca1>lio<>6
J"~"c:!?CQOOOO 063oli&oP1oo(Jc:!?O doM001i>CQO 01.:>6boli
.,aP1~ 0 ooli ooli<>dc:::>o<'>c:::>M<'><>. (01<> 30 9).
- White knight - 803MOM(Jc::?O 8ttol.!?3Dc:::>o,
MP18oc:::>oG JP18.31>6ooli 8Mo303001 iJOCQ(]c:!?P10U "J(30[)0li
JP16J(JM068 JP18.31>60000CQ1>6 <>6 <>Jo01ooli 800P10M(Jc:::>
JP168P1-Clo01<> 3<> 'booooli, P1P18 CQ""P1~ 3 oP1li li"ottolio
1>M1>800P10M(Jc::?O "JG000001 3<>ffMP101>. (01030 23).
o5CQ::J500M<> - Indenture - li<>3<>c:::>M 3<>c:::>CQOO(Jc::?Oooooli JM6-
8P11>d&o, O(JMOCQO(Jc::?o 00011>6b8001>, (JOP1CQO<'>o6 <>lio30
li<>6CQP1P100U CQP1J(J8o68li (deed of trust), JP1M.3MM<>(3000li,
3.:iaP1o30 o(]c:::> Moc:::>o 0" 8 o0oti CQ0 .,a Moc:::>o 3., 8 o0ooli
8'?.Jc::?P100c::?OOU OMMOUj <>8 Clo011>6b8001>00 31>6oli1> 'b-
~3M[)OI> P10c::?Ool>(300l.i 31>8P1Cl3oooli dOMP10[)00 Cf?"
8001001o<'>()c:::>o1> 6(QM00011>~ff(]P13oc:::>o .3ot'lo. {01<>30 20).
o6i!?:Jdb(Jl'ilo - Index analysis - .3MM(3068(]c::?O
CQ1>8P1JO<QOO(Jc:!?Oooli <>foc:::>o'bo '?.lo6.:>61.i(JP1 1>6 0 1>P10Cl-
OD01>00, MP1Cf?Oli"G <'><>c:::><>6lioli 06 Clo8Mli1>3c:::>o<'>oli
<>63<>P10Cl3oooli 81>R306o<'>oc:::>o li1>0<> 'boliM Oc:::>oli 1>P1oli
100% CQ<> o3 o30 '?3061>6li(JP10 <>6 3 <>P1oo 00 ooli 80R-
306o<'>c:::>o<'>o 3 08Mli1>b(Jc:::>o<> .3P1P1oo68(Jc:::>"l.!? li001> 'bP1
ooc:::>oli <>60<>P1003001>li01<>6 8081>P10100<>00. (01<>30 6).
o6!:QO<(J0<'1o5li(Jc;,io Bfil(Ji:QO - Indifference curve - 8P1(JCQO,
6lP18oc:::>oo <>li1>b<> 3li tt 3 o~" JP180061>ooooli 8Mli1>~P1CQ-
6oc:::>o (JJ()OD<'>oli1> CQ<> P1oliJoli, P1M8c:::>o<'>oo o6 30 u-
8MP1ol.i013oli oP1016<>oMl>CQ 8oli1>~0000. (01<>30 15).
606'looc:::;o 061Qo'?Joftlo6b(Jc;,io
6o610oc:::;o)- Indifference point (EIT-EPS indifference
point) - li"!.>!"G Clo8Mli<>3c;,ioli CQM6o 0"CQ"li"b"CQ0<'>"8CQO
li1>P13ooc:::>1>8CQ0, (J'bM(J63oc:::>t1M'?.JU Clo8Ml.i03<>c:::>oli OM01
"J(30I>'bo EPS oP101fooP1 CQP16oli P1Mo <>6 6l<>8CQ06080
 .:i~@)o<Yl6.:i@)o(J~O Ji>.30@).:i~ob b@)M(JJ@)()<Ylobm3ob.
(m.:i30 16).
o61§[Jt'1obnoob - Pooling of inter-
ests - O(J('.?i>~@)M(J~O 060.:i<Ylooooob 8o01M!J<O JM8-
.3.:i6oooob 0.:io<Ylmo.:i6ooob.:ib, <YlM8~ob iJ<MML.:iG biJ<oo.:i
MMO JM8.3.:i6oob o.:i~.:i6bob (JOMi>~M!J< aoo<Ylmoo.:i.
23).
- Interpolation - MM 6.:i(36Mo (30f8ML
OMMob 8!.J:<oo.:i<Ylo (J(36Moo Mo(3b3ob 8o.:ib~Mooomo
ao'B.:iboo.:i. (m.:i 3o 4 iJ<i> 13).
oocmno.:ir~<1<> - Inflation - b.:ijM6o~b.:i !J<i> 8M8b.:ib(JMOo.:i'bo
<(ji>bob b.::>O(Ji>~M CQM6ob 'bMCQob .3MM(30bo (m.:i30 2).
o.:i5JoMo - Mortgage banker - f806.:i6b(JMO
06L@)o@)()80, filM8 0 ~oG tJOCQ(J~Mob !.!<"0ofil.:i300()~
60301oob - 8.:imo oo8CQ0M80 0iltJOCQ30b013ob. (m.::>30 2).
oJrrim[JJ(J6'io - Mortgage bond - obo010 b.:ibob
Mo~o 0 .:i 8 o 0 oob 0 .:i8Mo 30 o.:i, filM8o~o 8 (J'bfil(J6 3 o~ti­
Mf8o~o.:i o8o@Jo6@Job JM6ooob o.3M0'>0J001. (01030 2Q).
- Capital budgeting -
01iii·~l::'!:P0i).::>b·©fl<)oll no'""""'°''~m''"'·'
b.:io630L@JoGoM .3filMod8ooob oCQ0680'80J.:iGoob,
.:i6.:i~o'bob CQ" Clofilfio3ob .3filMoobo, filM8~ob Clo8M-
b.:i3~000 ('8(J~il!J<O 6i>Ji>!J<OOO) 8Mbi>~MCQ6o~o.:i,
M.::>8CQ06080 o~ob 0.:i68.:i3~MOildO CQ"0'8()d6oo.:i J.::>.3o-
@)i>~CQi>Oi>6CQooob .:i~8ofil6.:i@)o()~o .3filMod8ooob
.:i6.:i~o'bb. 12).
- Cost of capital -
8M01bM360~0 ()J()0000L 0.:i6.:iJ3omo bb3.:iCQ0bb3.:i
CQilf8o6.:i6Loooo'b 0. J".300.:i~ob 801~0060 c:?ofiloo()-
~0o.:i 308Mo013~000 8M8000006Moob (3il~JO(J~O
8MmbM360~0 0060J3001ob b.:id(Jil~M 000M60~001;
.::.6() 8M8 00 oo.:i6Moob CQM6 0, filM8~ob 8obouwo01.:iG
063nL@JMfilooo 01.:i60b8060 .:ifilo.::.6 fii>CQM6 Ji>.30@).:i~o
8M(308(J~ b.:ij8006MOi>OO. {m.:i30 15).
,p6n0oE;>oli 6.:i'b,~t'1o - Capital Market - o.:i'b.:ifilo, b.:iCQil(3
808CQ06.:ifil0Mob 3.:iS<MMOi> 0tl1do~3il!J<Oi>6o (8M85o-
'8000b 3.:iiJ<.:i 1 5 0 ~'bo 8o8o) '8o6.:i6L(Jfilo o6L@>fil()-
8o68ooom, 'B"bo.:i6o d.:ic:?.:i~CQ:JOnm (Mo~o0.:iGoooom
2 {Qi> 19).
- Capital gain/loss -
bof.QO!J<O, filM8~om.:io dofi\001.:itQo J.:i.3o@J.:i~(J0lo .:id@)o-
3000 .:ifl:.:it11o 0ob .:i6 6.:iJ~noo.:i, 30CQfilo 8.:imo .3om 306-
(01.:i3o 2).
- Capital rationing - bo@)(J.::>(30.:i,
MMQ" bf.Qoo.:i ~o8o@Jo<Yloo.:i (.:i6 00()308ob &o-
<Ylob/'boCQ.:i 'bc;3.:ifilob f.Q"5obno.:i) 8m~o06 J.:i.3o@J.:i~(J<Yl
f.Q.:i6.:ib.:ifil 30 o'bo JM6J<"1o0()~o .3nfiloMiJ<nL 0 .:i68.:i 3-
th<M''''Tl'M'"''r".~ - Capital structure - JM8.3.:i6oooob
oo'b6obob 8Md:J~3.::>(.QOi>60 8(J(.Q8030 CQ.::><(30fo6booob
JM8.3~odbo (.:i6 .301M.3Mfil(3o.::.) 5.:ifil8MCQ()06o~o Lobbo01,
.3tl1030E;>o0otl1oo()~O i>JGOOOOOl (.Qi> fi3o()~OCM030
.:idooooom. (m.:i30 16 CQ" 17).
- Capitalization rate - f.QOb-
JP16@Job 0.:i6.:iJ3omo 0.:i8MtJ0600()~0 8o8f.Qo5.:i<i1a
~o<i1oo()~0oob 0 06b.:i'b~3<Ylob.:im30L, 8M8.:i3.:i~o ('.?OMO-
O(J~Ooob '8()~"CQ 6.:iJ.:i\:Qoom.:i6 808.:if\lmoo.:iClo. (m.:i30 17).
,p.3o@J.:i~o'boo"'o::o beiP1J<:ooo - Capitalized expenditures -
b.:it'130 oo, <i1M8~ooL0 8 oo()d~o.:im (J'bfil(J6 3 o~tJM6
Clo8Mb.:i3~000 8M803.:i~oo, obo6o OOMCQ:J0006 filM-
()Mfil(.3 J.::>·lo@J<>~f.Q<>o<>6CQooooo tQ" .:ifil.:i 8o8CQo6.:ifilo
.3o<i1nMCQol b.:i<'1~ooo. (m.:i 3o 1
J.::>dn0"~()Mo 0denm:iooL - Capital-
asset pricing model (CAMP) - 8MCQO~o, filM8o~oG
"c:?tiofilb J<>3oofilb filobJb<> Cl?" 8Mb.:i~MCQ6o~ (8Mm-
bM360~) b.:ifil0ooo~b oMt11ob, .:i8 8M!J<D~oo <(3<>bo.:i6o
J"~"~CQOOOb 8Mb<>~CQ6o~o (8MmbM360~0) b.:ifi\00-
00~0 @JM~o.:i (JMObJM 0.:i6.:iJ 3omL CQ<>8<>8oo()~o .3M 0-
8o.:i, 0<>m3~0~0 f8<>bo.:>6o d.:ic;<>~CQob bob@Jo8<>8(JM
MobJm<>6 8o8.:it'1moo<>oo. (m<>30 5).
{<>6 .3nMIJ:(00oMo) e,.:i6m03boo" - Private (or direct)
placement - .:>0l<>M:J0ob@)Mo<i100()~0 ,'?3<>Lo.:i6o d<>c:?<>~­
CQOoob (fi3o()~[loM03 Mo~o3<>Goooob) 8m~o.:>6o
0.:>8Mo 30 oob 0<>tioCQ 3<>, (Jd(Jil~MCQ 001m 8tinCQ 3 o~b.:i .:i6 ·
8tin1J<3o~m<> ~0(Jf8'bo (fl3o(J~Oofilo 3 , '13o6<>6b(Jfil
d(J.::>8<>3~00 'bo)- (m.:>30 19).
J~oo0M6ob 0d@Jo - Clayton Aqt - Ji>6M6o 8oc:?oo()~o 1914
tio~b, '130CQ0fili>~(JMO .:>6@)o@JMOL8()~0 J06M6o,
JM6J(JM06Goob bo~ClotitJMoobm3ob. J<>6M6b <>d3b
.:>6@)o8M6M.3M~O(JMO 8o8i>MOl(J~OOi> 1 MM80~0(3
JMd.:>~<>3b fil.:>bMoM03 CQ'> bb3.:i!,J:<.:>bb3<> CQObJMn8o6.:i-
(m.:>30 23) .
<rCJ<i.~M•o;,r~fh) - Covariance - b@).:>@)ob@JoJ(JMO 8.:>8306000-
~o, MM8o~o(3 .:>b.:>b.:>3b MM G3~i>(.Qb dMMob Ji>300Mob
b.:>Mobbob CQM6:Jb (8<>0<>~om.::.CQ, <(ji>bo.:>60 J'>('.?0~CQOOob
Bob 8M8 00 oo.:i6Mo<>bm<>6). CQ<>CQooomo JM 3.:>Mo<> 8 o<>
8M58Mob o8.::.'b 0, 01M8 <>8 MM 83 ~.:if.Qb oMMoL
bi>d(Ji>~M G3~o~oo<> 8M8b(Qi>MOi> o<i1mo {Qi> 08<>30
808.:>MOl(J~Ooom (m.:i30 5).
- Covenant - Clo'bc:?(JCQ30oo CQ.:itioboo(J~o
ab 0 Lb 0 o~ob aonM 0 <>8bobbooo~'bo, BM~.:i.3.:>M.:iJooob
CQ<>(33ob .3oMMOOOo. 8.:> 0 .:>~om<>CQ, 8M3<>~08 ()6(.Qi>
Cloo6.:>Mfi(J6Mb 80608.:>~(JfilO b.::.8(JOi>M Ji>.'30@).:i~o.
18 (Qi> 21).
.i0100c•QJO·r"io - Limited partner - .:i8b.:>6<>0Moob .3.:>fil@)6oMfilo
Clo'bc:?(JCQ()~o .3<>L(Jbob8 0 oo~Mo 0 oom, MM8o~o 8 <>fil
<>@J.::.Moob .3oM.::.CQ .3<>b(Jbob80oo~Mo<>L .3.:ifil@J6oMfilMoob
3<>~0°'bo. (m<>3°
JM8J06rn:ib 8mE;>OC>OO - Total firm risk - ofilm i>J(.30"
<>'bo b<>fil0oo~ob G3~o~oo<> (EPS), oo'b6obob filobJb
(Qi>8i>@J:JO(J~O <(j06.:i6b(JMO filnbJo. (m.:i30 16).
JM5liME;>o - Consol - (]3'>!.QM MO~o0"G°'» filM8o~oG .:>fil<>-
LMCQOL .::.!'i1 85n'8CQJO.::> (<>01 .:>8MCQOb 8o8f'1dG030CQi>fi);
8.:ifil.::.f.Qo(J~Moei Mo~o00ooob <(3Mfil8.:>oo. (m<>30 4).
1mi1ll<0·1tr'l11ro>'>nr«) - Consolidation - Mfilo 06 80@;0 JM8-
.3.:>6oob 3<>ofilmo0600<> bM(J~O<'>Q? .:ib.:>~ b.:>bob JM8.3.:i-
6o<>CQ. d 30 ~o JM8.3.:>6oooo 5i:J3J0ofi <>filbooMo;:,b.
0">()8(30 8od6oJ(JfilO ClofilotJ8i> (.Qi> JMObM~OCQOMJOi>
00fibb3<>3CQ00.:i ofilm8.:>6Jmoli 0.:>6, @Jofil8ofio O:JMOtJ8;:,
(ofilmo JM8.3.c>fio.:i Mfioo0 0<>8Lb3o~JO(J~O) Cl?" JMObM-
~OCQOM:JOil fl3o(J~Oofilo3 (]filmoofilmClo8G3~0~ooo
;:,Mo.:>6. (m.::.30 23).
751
 oo>,0f'~•oo,uor0M:100 - Controlled dis-
bursement - lrnu8n8.::., Mf'l8~001.::.G Jf'l8.3.::.6o.::. .::.3 '!i.::.36ou
8ou fi:JJ:JOU o.::.6JClo (.::.6 o.::.6JoU 'Bo~o.::.~Clo), Mf'l8:J~-
8.::.G 0 nod~no.::. v'li(';)v63:J~tJf'lU 3.::.0?.::.'lin .::.C!?M:J (.::.6
C!?c;'OU .30M3:J~ 6.::.bn3.::.(';)Clo) 8.::.010 0c;'O.::.M:J00 .::.63.::.-
Moo'lin, u.::.6.::.8 01.::.6bnoou fi.::.(';)0Gb3.::. 8f'lbC!?no.::. Jf'l8-
.3.::.6oou .::.63.::.(';)oCl'lin .::.8 C!?c:'Du. (01.::.30 9).
- Conversion price - :JM010 .::.dGoou
<?J0Uo, Mf'l8~ou 8obnC!?30010G fi3nv~:JOM030 .::.dGO:JOO
onod~no.::. 3.::.0G3.::.~f'lu Jf'l63:JM80Mno.::.C!? 'B.::.uo.::.6
d.::.c;i.::.~C!?'!i:J. 030 8f'l~00 Jf'l63:JM80M:J00a?O 'B.::.uo.::.60
d.::.c;i.::.~Q?OU 6f'l8o6.::.~ou, 80tJf'l<?JO~O Jf'l63:JM80GOOU
Jf'l:J'BoGon68 '!in. (01.::. 30 22).
JM63n6'i@J.::.Goob JM[l<BOGoo60o - Conversion ratio -
fi3nv~:JOM030 .::.dGO:JOOU Mi:J(Y)Q?:J6f'lo.::., M(Y)8~no'linG
onod~no.::. 3.::.0G3.::.~(Y)U JM63:JM80M:J00Q? 'B.::.uo.::.6
d.::.c;i.::.~Q?OO. 030 8M~O.::. JM63:JM80M:J00Q?O 'B.::.uo.::.60
d.::.c;i.::.~Q?OU 6M8o6.::.~';'.)MO c;'OM:JO';'.)~:J00, 30tJM'Bo~o
J(Y)63:JM80GOOU 'B.::.u'lin. (01.::.30 22).
JM63nfl'l<!!J.::.GooiJ qo61o6v~no<> - Conversion value - Jf'l6-
3::JM8oMno.::.C!?o 'B.::.uo.::.60 d.::.c;i.::.~Q?ou qoM:JO';'.J~::Jo.::.
fi3nv~:JOM030 .::.dGO:JOOU .3oMf'lO:JOOO, Mf'l8~ooCloG
<lnod~no.::. 3 .::.o 83 .::.~f'lu 'B.::.uo.::.60 d.::.q.::.~O?o· o3 o
8f'l~o.::. Jf'l63:JM80GOOU JM:J<?JOGO:J68ou, 3.::.8(';).::.3~n­
O';'.j~O :JM010 fi 3 nv~noMo 3 o 0d 8 oou 8080?06.::.Mn
G.::.o.::.'!iMf'l ca.::.u'lin. (01.::. 30 22).
Hnt><><1fn,8d'11<1'""''m" '?JC>bo060 - Convertible secu-
rity - f'lO~o3.::.GM, .::.6 .3Mo3o~n30M:JO';'.)~O .::.dGo.::.,
M(Y)8n~oo onod~no.::. 0 .::.003.::.~f'lu 08.::.30 n8o8n68ol>
fi3nv~noM030 .::.doonoou 3 .::.6L>.::.'!iq 3 Mv~ M0f'lQ?:J-
6f'lo.::.'lin. (01.::. 30 20 !!?.::. 22).
JM(l')[l~<>GooG - Correlation coefficient -
G8.::.6Q?.::.M8v~o G8.::.8nl>8oJvMo 8.::.fi3n6non~o,
Mf'l8:J~OG i:JMOU MMO G3~0Q?OU 0M'l3030 C!?08f'lJOQ?:J-
O';'.j~:JOOU u.::.'IJM8o. 01';'.) 8ouo 86oa36:J~MO:J000: -1 .::.Mob
l>M';'.J~o ';'.)0MtJf'l'Bo010 Jf'lM:J~.::.Go.::., 0 .::.61 .::.Mob J(Y)~­
:JM0(3o.::. !!?.::. + 1 .::.61ol> u(';)v~o Q?0Q?:J00010 J(Y)M:J~.::.oo.::..
(01.::.30 5, Q?.::.6.::.(';)010.::. Q?0 01.::.30 14).
Jf'lM.3MMe>(3o,:, - Corporation - oo'li6nl>ol> (Y)M3.::.6o'linool>
'B(Y)M8.::., M(Y)8n~oo .::.(';Jou C!?.::.8(Y)vJoO?non~o ovMoQ?o-
v~o .30(';)0, 8ol>o v.3o61.::.8:JUMo.::..::. 8'B~f'lO:J~Doou
on'liqvO?v~o .3.::.L>vbou8 3 no~(Y)o.::., l>.::.Jv01Mnoou v<n-
~noou 3 .::.0?.::.on8ou uooM~:J, .::.(';)uno(Y)oou onv'liqv0?.::.3o
l>oo(Y)Gb~ol>v6.::.Mo.::.6(Y)Oi:J a?<> Q?OQ?O J0.3o8.::.~ou 8f'l-
'!inQ?3ol> <lnl>.::.d~no~Mo.::.. (m.::.30 2).
J01MdMM'->(30(J~o 8801'1013[l~Mo<> - Corporate governance -
uou8n8.::., MM8~ocn0(3 J(Y)M.3(Y)Mi:JQO:JOO 08.::.Mcnno.::. Q?0
J(Y)68MM~C!?:J00. 030 8(Y)0(3<>3l> ';'.)Mcno:JMm(Y)O:Jol> J(Y)8-
.3.::.6ool> <>dGo(Y)6:JM:JOb, Q?OM:Jd8(Y)Mm.::. u.::.o3'Ml> Q?0
v8.::.c;i~nu 8n6mwMnou a(Y)Mou. (m.::. 3o 1).
J(Y)M.301M00o(J~n (i)nllf§<'1(Jd@l()Mo'!i0(30<> - Corporate
restructuring - 6nool>8on61o 03~o~no.::. J(Y)8.3.::.6ool> J.::i.3-
08.::.~ol> ll8Mvd8vM0Clo, <?Jv6doo(Y)6o(';)no.::.u0 !!?.::.
'B~(Y)o.::.Clo, M(Y)8n~o(3 G3~ol> oo'li6nuou fi3:J';'.)~:Jo6103
J';'.)Ml>l>. (m.::.30 23).
752
"a.""'"'"" d[!MOMQ'.;'.O - Credit period - Q?M(Y)OU b.::.6 0 1'ld~o-
3(Y)o.::., M(Y)8~ou 0 .::.68.::. 3 ~Mo.::.<loG 8tto!!?3:J~8.::. v6a?.::.
300?.::.oboC!?(Y)l> JM:JC!?08om 8oc;ino(J~O u.::.df'l6~ou
c;'OM:JO(J~:J00. (m.::.30 10).
JM[l(!;'0<§()6<>61006M60G O[J'(l"li[l6oli - Credit-scor-
ing system - l>ol>8n8.::., M(Y)8:J~0(3 3.::.8(Y)OtJ:J6no.::. o8ou
3.::.C1?.::.l>.::.ott3n8.::.0?, 3.::.l>Gn6 01() .::.(';).::. JM:Ja?o@Jo, l>b3.::.-
a?<>ub3.::. 80fi 3 n6no~nool> d(J~(Y)oMo 3 o on'B.::.unool>
8obn<Q3om, M(Y)8~nooo 3.::.6u.::.'!ic;i3(';).::.3n6 J~on68ou
JM:JO?OC!J(J60M006(Y)oi:Jl>. (cn.::.30 10).
J()d(Y)6oli 0 .::.6.::.J30010 - Coupon rate - n8o8n6C!Jou 8on(';)
u.::.(';) 0 no~ol> .3M(Y)(3:J68ou !:Q0C!?8:J6o~o 0.::.6.::.J3nmo
(Y)o~o 8 0 0 00'!in; 8 (Y) 3 n~o~ovMo .3t11(Y)on68v~o u.::.tl1-
80o~ou UO!:QO!:Q:J 80tJ(Y)'BO~O onl>.::.o.::.8ouo (Y)Q~080GOOU
6(Y)8o6.::.~(JM c;io61nov~no.::.'!in. (cn.::.30 4 (!?0 20).
~D3DM:J~o - Leverage - 'Boduo61no(J~o b.::.Mji;:JOou
0 .::.8MtJ:J6no.::., 08oum3ol> M(Y)8 0.::.o'l>.::.MQ?MU (.::.6 .::.ooo(Y)u)
8(Y)8 0 noo.::.6(Y)o.::.. (cn.::.30 16).
~D3[JM:J,%001 0 08f'1lit10!:!?3" - Leveraged buyout (LBO) -
J(Y)8.3.::.6ool> boJ(Y)68M(Y)~(Y) .3<>Jn8ol> .::.6 8cnn~o
.::.doonoou <lndn6.::. JM:JC1?08001 063nu8(Y)Mcn.::. j\;oV'Bou
8o:JM. (cn.::.30 23).
~D3D(i)D~()~O ~o'bo6 0 o - Leveraged leasing - l>.::.oji;.::.M(Y)
<lnm.::.6b8no.::., M(Y)8:J~00(3 8(Y)Oji;0M:J od~n3.::. Oji;i:JMOO"J
0 <>on8v~o .::.d803ou qo(';)nov~nool> .::.doo(Y)6n(';)v~
G.:.!>o~u (fi 3 nv~not11o 3 .::.0? 20-0?.::.6 40%-8a?n) !!?.::. 8nu.::.8n
8b.::.M:J JM:J(QOC!J(Y)M:JOO v'bM';'.)63n~tJP1'B:J6 Q?0Mfin6o~
cao6.::.6unol>. (cn.::.30 21 ).
~o'bo5 0 o (0~0!'i1,:,) - Lease - b:J~O:JJM(J~Do.::., M(Y)8~ou
8obna?3ocn.::.o d(Y)6nool> 8n.3.::.C!JMM6:J v<n~no.::.L> .::.d~n3u,
d(Y)6noou 0.::.8(Y)::JD6no0 'hn 8n(Y)M:J .3o(';)u, 8(Y)oji;.::.Mnl>, !!?.::.
oqnou .3:JMO(Y)C!?';'.)~ l>Mji;0M(Y) 3.::.<Q.::.l>.::.boa?l>. (m030 21 ).
~oJ3nCT?<>eo0 - Liquidation - 'Bo(';)8ou .::.de!Jo3noou 0 0::io0?30,
.:.6 uv(';)3o~ol>08no(';), .::.6 8 0J(Y)8tl1nool> O:JC!?:J30!:Q. (m030
23).
qotilno·w::~o60 - Liquidation value - cn06b0,
M(Y)8n~o 8 Clnu0d~(Y)0 8o3oc;i(Y)m cnv, (';)n0c:~10'l>nov~o
od60 .::.d8030 06 .::.de!Jn3cn0 ~8';'.J<?JO. (cn.:.30 4).
~0J3o~()fiirrio0 - Liquidity - 0de!Jo3noou ()60(';)0 .::.!!? 3 o~<>!:Q
800?.::.odGnu 60c;ia? <nv~.::.C!?, 86oa 3 6n~(Y) 3 060 Cl/060-
J0MO:Joou 0 0(';)nCln. (m030 6).
~0J3013<(]Mf'10oli J(Y)O'B0(30:Jb0o - Liquidity ratios - JP1:J-
caooon68noo, M(Y)8~:J00(3 'l>M803n6 JM8.306ool> 8081Q-
060M:J 30~<Q:JO';'.J~Donool> 0 .::.<Q0b1Qol>v60Mo06(Y)ool>.
(m.::.30 6).
~ol>0o68o - Listing - <?J<>l>o.:.60 d0qo~!Q:JOOb !Q.::.<l3no.::.
3.::.&M(Y)o0Clo (Y)M 3 06o'bnov~ 0061t1.::i'l>n. 08 03 0M01Q,
!Q003:JO';'.)~ ca.::.l.>006 d0q0~<Ql>, :JOM!Q:J00 M:Jo-
oUC!JMoM:JO';'.j~O ca0uo060 d0q0~1QO. (cn.::.30 20) .
~M613<M60G 606Jm.:>OMMnlio - London interbank
offered rate (LIBOR) - .3M(Y)(3:J6C!J(J~o 8"6.:.J3:Jmo,
MM83~L>0 8 8l>f'l<?J~O(Y) J~0uou o<>6Jnoo, 8 06~0 80 -
ov~o ~(Y)6(Q(Y)6Clo, (Jb{l/006 :JMm806nml> :J3MMQ?(Y)-
~<>M:Jool> u.::.Cl(J0~non6om. (m030 11 0?0 24).
~(JM:!(;o ooli J<>6M6[Joo - Blue sky laws - J06(Y)6noo,
8oc;ino(J~o <le!J08nool>/01Q 0 o~(Y)oMo 3 !Q(Y)6n'hn, tl1M8-
 ~ 0 00 8 .:i<"io 0 (J~oP1ooo6 93 0bo060 j.:ic:;.:i~uwoob CQ0
.:i 08 o0oob 008MCJ3 000b CQ0 0 .:il:JoU? 3.:ib. (010 30 19).
,.,,,,.,,,,ct<>mw Stockout - b0J(J010Mo, b.:ib0jM6-
m1'la:lM)l'H:ho -
~M-80<!)0P100~(JMO P1o'boP1 30 oob (JJ80<"iobM00 81:JoU?-
CloJ3001ob oob0b<"i(J~Do~0U?· (010 30 6).
80('i)m3nl> - ABC method of
inventory control - MM8~ob 8oboCQ300100 d30P10CQc:;o-
P100()~0 80P10 0 ooob JM6@Jll1M~b (J'?JMf'l 80&0
l:J(JM0CQC'.;Do.:i 060~000, 30CQMO 0093ob0b. (01030 10).
h.\f:nri.\i1m1'!,, (~033oiQ'Je0F100) - Marketability (or
liquidity) - 930bo060 j.:ic:;.:i~(Q:JOob ~OJ30(Q(JMM00
(0(Q30~0(Q 0.:ib01:JO(QO). 930bo.:i60 J0C'.;0~(Q:JOOb 8600-
36o~f'l3060 M.'.>(T)(Q:J6Moob C,.'.>l:JO(Q3ob oob.:id~oo~f'lO.)
8MJ~O (QMf'lOO, 8:JMM0(Q 00 'b.:iP1'bo 860036o~(T)3060
930bCQ.:im8Moob 0 .:i(Y\ooo (m030 2 CQ.'.> 9).
- Simple interest - .31'1M(3:J6&o
C,0(Q.'.>b(QO~O ( 0 .:i8M8(J0.'.>300(J~O) doMOOl.'.>(QO 6.:ib-
:Jbb:JOO { 0 .:ib:Jbb:JO(J~O) m.:i6bO(Q06, m036o(Q06.
(h1tm1"'1•)mm 0301firry800 - Economies of scale - 8bb30~0
5.:iP18Mooob (J.301'1.:i&obf'lo.:i, P'if'l 8 0 5.:iP18(T)ooob P'i0MU?o-
6Moob 'bM(QOb 0:JU?Oo0(Q 8(30MCQ000 .31'lf'l(Q(JJGOOb
b.:iCl(J.:i~M m3omc:;o1'loo()~Do0. {m030 23).
- Junk bonds -
80c:;0~P'iobJM60, 80c:;0~0:J8Mb03~0060 f'lO~o 0 .:i-
(30:JOO (booP'i.:iU? CQ0(JG 3 o~o) .:ibo01 f'lo~o00oooob,
P'iM 0 f'lM(3 oobo .:ij3m C\?000~0 P100<!)060ob b.:io63ob<!)o-
J~.:ibo. (01.:i30 20).
5fil'(l;J - Characteristic line - (3.'.>~JD()~o
ca0bo060 J0C'.;0~(QOOob 008Mb03~006Mo0b0 (Q.'.>
b.:io.:i 'bP'if'l .3MP18cao~ob o 0 8Mb0 3 ~006Mo0b oMP1ob
(Q08f'lJO(Q:JO(J~:JOOb 808306000~0. 08 51'193ob (Q.'.>bM.:i
.:iP'iob "oo&.:i"JMD<aoooo68o. (01030 5).
8 0 6ld5r'1CJ;)~f'loob 060~0"00 - Sensitivity analysis -
0~0001Moob .:.60~o'bo "1'10 m(J" b.'.>(Q.'.>(3 (33~.'.>(Q:JOO 06
U?.:iCJ 30 o0oo 0 83 ~ 0 00 b.:io.:.'bf'l b.:ica(Jd 30 ~'b 0 ,
08ob0013ob, M(T)8 0.:i6ob0 'bc:;31'1Mb 8.:imo 'boc,03~05"'
.3P'iMOJ@>ob 0.:i'bM830CQ d:JCQD8DO'b:J, Mf'l8MM0(3 .:iP'iob
58o6CQ.:i 0b~.:i6!3/o~o c:;oP'ioo()~Oo.:i (NPV) 06 (JJ(J80-
oob OO(Q0 006.:iJ30010 (IRR). (01030 13)
(M[J"'~(Jf<lo) - Managerial
(real) options - 80605(;806&ob 8Mj6o~M00 8ooc:;Mb
00U?051:J3080~00000, P'iM8~ 0 oo 8 'b 08 .:i 3 ~ 0 5"'ti 8M0b-
!Qo6li .3Mf'l:JJ@>ob 8Mb0~MCQ6o~ <8()~0(Q 8MdP'i.:i-
(T)0:JO'bo, b0bo 8 M 8 b~(Y) onJ~'bo 06 8M80 3 .:i~
{m030 14).
- Management buyout
(MBO) - .:idoooooli JMO!Qo<!)om 008Mbl:JoCQ30, P'iM8~ob
8obocr1300100, b00jooM J0.30&0~oli ()860036o~M-
306olio lfo~o 0c:;8Ml56CQ:J00 JM8.3.:i6ooli 8ca~f'10:J~M-
0000. 23).
- Secondary market - (JJ3D 008M1:J:J6:Jo(J-
~o, 8o8MJ(303.:ioo 81:JMcao, 930lio060 j0c:;0~!:QOOoli
00 'b,)f)o. (m030 2 19).
- Total (or
Combined) !average - Mf\1030, caodbof\1oo(J~O f'1.3:JM0(30-
()~o !:Q0 U?.:icao606liooob Q?060b01'15(;ooob 0 08M1:Jo6oo0
JM8.306ooli 8ooP1. 16).
- Degree of total leverage
(DTL) - :JM01 .:ijoo.:i'bo O:J8Mli.:i3~ob EPS .3P1MGo6-
8()~0 (33~0~:J00 1 ()08f'1030()~0 C,01:JO(Q3000b (06 00M-
8Mooob) 1%-0060 G3~o~ooom. ob .:ilio30 @JM~O,)
M.3:JM.'.>(30()~0 ~03:JMOS(;Ob (QM6:J (DOL) 0081'103~0-
0(J~O 9306.:i6b(JMO ~D3:JMOS(;Oli (QM6o'bo (DFL) 00P1-
8Moooli (o.'.>l:JO!:Q3:JOOb) JM6JM08()~ (QM6:J 'bo. (01030
16).
.li'.l<l0,-ll10cr•10 - Gross working capital _
JM8.306oob 063ob@Jooo0 808Q?o601'10 0j&o30000
{MMC,f'lMOG .:iP'iob <8()~.'.>(QO b00(J0~:JOOOO (Q.'.> 8M8c,o-
00060 ca.:ilio,:,60 j.:ic:;<>~!:Q000 1 (Q:J008MM(J~O !Q030~0-
.:i600000 (Q0 8,:,1'100000). (01030 8).
808!Qob0f>ln JM[l'?]OQO[lbc§o - Current ratio - 808(Qo601'10
00803000 801:JM<Bo~o 808!:!?0601'10 30~\Q:JO(J~Oooo'bo.
0b0b03li JM8.306oob ()6.:iP'ib !:!?.:ica0<'1Mb 8o8!:Qo6.:i<"io
cao6.:i6b()<"io 30~!:Q:JO(J~Ooooo 0103obo 808Q?o60P'io
.:ij<!)o3ooom (01030 6).
806!Q016o~no0 - Proxy - O(JMO!:QO(J~o !:QMJ(J8o6@Jo,
P'iM8o~oG 60001.i P'im.:i3b 01'101 .3oP'ib 08Mj80CQf'lli 8oMP'io
.3oP'iob b.:ibo~om. oo'b6obob licaoP'iMoo l53o()~OoP'io3
0 .:i6obo~oo.:i 06b@J1'l(JJ(300, 80008()~0 0jooM601'10-
oobm3ob 8.:imo 0joooooli b8ob 8ooo8ob dMM(3[ltQ()-
rnn,r,m:'h !Q0J.'.>300M[J0001. (01030
cJtm-nf1,\c1rr>"'1mn 0~®0P160®n0~0 - Alternative
minimum tax (AMT) - 0.:i!:Q.:ib.:ib.:i!:Qooob !:!?00600<'10Clo6ob
.:i~&oP16.:i@Jo()~o 80mMQ?o, !:Q.'.><8(Jd6o6(J~o 80!:Q.:i8bQ?o-
~oli 1'108()~.:i<"i(J~ b00.:i!:Q0b0b01:QM 008Mb03.:i~'bo,
8.'.> 'bM(QO~O 0 06b,:, 'bc:;3M(J~ b080(Q0li0b.'.>(QM O[JC'.;.'.>-
3.:i01ooom, [JM01f'lb~o30Q? OOM!:Q000 Mf'l8f'lM(3 n(i0Q?0-
b.:ib.:i!:Qo6ob (J.30<'10@.loliM6ob 0~08068060". 8.'.>!:Q.:ib.:ib.:i(Qob
8.'.>!Q08b!Qo~o ob!Qob MOC,(J~.'.>M(J~0!Q 006li0'bc:;31'1()~0
8.'.>!Q0li0b0(QO(Q.'.>6 06 AMT-O(Q06 (J(QO!Q:Jbb.
ric..fl.mc•"A''''· 12;nr1000~02><o - Abandonment value - m06b.:i,
Mf'l8o~oo Clob0d~f'l,) 8oc:;o6(J~O od5ob .3MMOJ@JO(Q.'.>6
1'10080 .:ij@>o3ob 08Mc:;o6ob 06 b.:io63oli&ooof'l .3P'if'lo-
d&ob 301Q08U?o~o Cloti1:J3o&ob Clo!Q:J80!Q. b.:io63ob@Jo-
GoM .3P1Mod&ob013ob 60P1Ro60 c:;oP1oo()~Oo.:i
l53o()~06P103 006oli0'bc:; 3m060, MM8f'lM(3 ,)j@Jo3ooob
li.:i~oJ30Q?0GoM c:;o<"io6()~0o.:i. (01.:i30 14).
8obM!QQOob £QPlM - Lead time - !QMMob b.:i60<"id~o3f'16.:i,
80<'10 006ob CloJ3omo!Q06 8.:im b.:iol:JMooo 8oc:;oo08!QO·
10).
dbor.::~ob - Supply Chain manage-
ment (SCM) - 800M8f'lo6~o!Q.'.>6 li06M~(Y)(Y) 8M8b80Mo-
0~08!Qo li0jM6~oli, 8M8li.:ib(J<"io6ob !Q.'.> 0693MM80ooob
8oOM!Q:Jboli 8o605(;8:J6eo. (01030 10).
Acid-test (quick) ratio - 008Mo013~060, 808!Qo60&io
,)d@>o3oooli0 f!?0 b.:ili0df'l6~M-800omo.:i~(JP10 80<"i.:i00 ooli
lib30f'l6oli 001:JM93001 8o8!Qofo<"io 3.)~CQOO(J~060'bo. ob
JMO<t30(3006@Jo .:ili0b03li JM8.3.:i6ooli 30~!QOO(J~:JO:JOob
80!Q0b!Qob(JfoM006f'16.)l;, P108!Qofo!Q b5m.:i 93 .:i!Q f!?0
(J8@JJ036o(J~M!:Q oo(Jd~o0 Jf'18.306008 0<"ilio6()~0
30~!QOO(J~J6060 !Q0930P1Mli. (01.:i30 6).
753
8M 0 ::i6ol; 80dL08o'b0(30<> - Profit max1m1zation - JM8-
.306o::ioou 8M 0 oooL 80dlio8o'b0eo.::., 0 .::.CQ.::.li.::.b.::.Qwooli
8"CQ"bCQoli oo8CQOo· (m.::.30 1).
8M803.::.i:::;io ~OM;JO(Ji:::;';JO<> - Future
value (terminal value) - 8('18.::.3.::.~o ~o6loo()~Oo.::.
(li.::.o(Y)~(Y)(Y) c:?OMOO(J~OOi>) - CQM(Y)Ol.i M(Y)8o~o8o 8('1-
8.::.3.::.~ 8M8o6@>oo, CQl.0?03"6CQo~o '?3()~01.i c:?OM00()~00i>.
'?3()~o 8 .::.'b6lCQo~o 8.::.1.i'bo 801.0?oo()~o li.::.tYi 0 oo~om
8('18.::.3.::.~o CQM(Y)ol.i 0 .::.6lJ30()~ 8('1806@>00. (m.::.30 3).
- Profitability index (PI) - dMMOJ@>oli
8('18.::.3.::.~o o8o6CQ.::. '?3()~"CQo 6.::.J"CQOOol.i .::.b~.::.6CQo~o
c:?OMOO(J~OOOl.i CQi:>8(Y)JOCQOO(J~OOOl.i J(Y)oc:aoeoo68o .::.8
.36l(Y)od@>oli li.::.lJtjoli 06301.i@>oeooo'bo. (m.::.30 13).
8C"l815060.::.6Mooli JM::Jc:aooo::i6&ooo - Profitability ratios -
a(Y)oc:aoeoo68ooo, 6lM8~ 0 oo 8 ()R 30 60o06 a08(Y)l.i.::. 3-
~oli CQi:>8MJOCQOO(J~OOi>l.i 8"tJOCQ300aJi:>6 .::.6 063oli@)o-
(3000aJi:>6. (m.::.30 6).
OC'.'..'DJ0MM6(J~O 8"G3i::::'" - Eleqtronic data
interchange (EDI) - li.::.d8o.::.6o o6c:a(Y)6l8.::.eooli o"CQ"Go8.::.
li@)M(JJ@)(JMOOl.i OMMoli, J(Y)8do()@JOM(J~i>CQ CQi>8()-
(J;,3oo()~O c:af06l8.::.@)om. (m.::.30 9).
li.::.lJ0('i)8f'lU - Going-concern value -
m.::.6b.::., M(Y)8~om.::.e ooli.::.d~ooo~o OtJM o"tJOCQ(J~OtJM
JM8.3.::.6o.::., 6l(Y) 0 M6l(3 6lo.::.~(Jl"i"CQ c:a(J6deoM6o6loo.::.CQo
oo'b6olio. (8o(Y)tYio6.::.o<"1.::.CQ 8.::.G (JOC"lCQOoo6 .::.lio30
8Md80CQO J(Y)8.3.::.6ooooli c:?OMOO(J~oo.::.li). (m.::.30 4).
- Expected value - Cloli.::.d-
~M .::.~o.::.m()Mo ooC!?Oooooli li.::.Cl(J.::.~(Y) a 0 o(Y)6o~o,
li.::.CQ"G oolJM6o~o JMoc:aoeoo68o .::.8 ooC!?OoOooli
o.::.<"18(Y)Cl(Y)ooli .::.~o.::.m(Y)o.::..::.. (m.::.30 14).
- Expected return - ooli.::.d~(Y)
8(Y)ooooli l.i.::.O(Ji:>~f') 000('160~0, lii:>CQi>(3 Cloo(Y)63oli JMo-
c:aoeoo68o .::.<"1ou 8.::.mo .::.~o.::.m(Y)ooooli o.::.<"18(Y)ClMooli
Cloli.::.d~oo~(Y)o.::.. (m.::.30 5).
- Takeover - J(Y)8.3.::.6ooli lib3.::. J(Y)8.3.::.6ooli 8ootYi
a0d06.::., tYiM8 0 ~o 8 a 0 od~ 0 o.::. 08('11.i 8 08 MotYi(J~o .::.6
.::.6l.::.80 0 (Y)oM(J~o Clo<"16'tJ8.::. (Clodo6o~o JM8.3.::.6ooli
8060~806@>01.im3.::.~li.::.'b6loliom). (m.::.30 23).
om<:>~.:,mo .i.~"''l:ht'nc~1""' - General partner - .::.8b.::.6.::. 0 Mooli
003tYio, Clo(J'b\:'.?(JCQi>30 .3.::.li(Jboli83oo~(Y)OOOOaJ .::.8b-
.::.6.::.o(Y)00U 3"~CQOO()~OOOO'bo. (m.::.30 2).
8Md(i)030 - Floating lien - .::.d@>o3oooli ~o (]c:aoli
G.::.a6lmf'l 0 otYi.::.MCQ.::.6, 8.::. 0 .::.~om.::.CQ li.::.li.::.d(Y)6~f'l-
li.::.603mf'l tYio'ba6l3000 .::.6 Cl?ooo@)(Y)M(J~o CQ"3"~o.::.-
6aoooo, 8f'l(308(J~o .::.d@>o3oooli J(Y)6JtYio@J(J~o
8omomoooli 0 .::.tYiooo. (m.::.30 11).
8Mdt'il.::.30 d(Y)6oooli 15o(i)036Mo0 - Chattel mortgage - CQ030-
tYi.::.3oooli ()<a~oo.::. li.30 8 oc:aoJ(JM"CQ .3otYi.::.CQ d(Y)6oo.::.'bo
((JdM.::.30 d(Y)6oooli 0 .::.MCQ.::.), tYiM8o~oG .::.tYioli lioliboli
0 .::.(i).::.6@)o.::.. (m.::.30 11).
861030!:'.'..'D(i)M3060 J(Y)8.'3.::.600 - Multinational company-J(Y)8-
.3.::.6o.::., M(Y)8o~li.::.e .::.d3li .::.d@>o3000 Cl?" 0003.::.
OJ(Y)6f'l8oJ(JM li.::.d8o.::.6Mo.::.li (Y)M .::.6 808 J30tJ"6.::.Clo.
(m.::.30 24).
754
8l>tio!:.!?30!:'.'..'(Y)oomo .30t'iln@Joeo - Purchasing-power-
parity (PPP) - OCQ::J" 0801.i Cloli.::.boo li.::.dM6~oli li&.::.6CQ.::.6l-
8()~o Ji>~.::.moli c:a.::.lio o6lmo Cl?" 03030.::. (Y)M D30tJi>6.::.oo,
m(J 8b::JCQ30~f'lo.::.oo 8030<:'.?oom 3"~()<§oli 8"G3~om
J(J6ll.ili .::.8 d3otJ6ooClo. (m.::.30 24).
8(JIQ8030 G006106,~3n - Permanent working capi-
tal - li.::.otYiv6.::.30 .::.d&o3aooli lioCQOCQO, JC"l8.3.::.6ooli
"()Go~ooo~o 0 Md 0 ~ 3 .::.CQo.::.6o 8(Y)mbf'l 360ooli 8060-
8.::.~(JM"CQ CQ.::.li.::.J8"tJ(Y)c:ao~oo~.::.CQ. (m.::.30 8).
''-'fYmnr'" <::?06-ioo(J~D60 - Residual value - 0 .::.dntYi.::.300()~0
li.::.d(Y)6~oli <::?otYioo()~Oo.::. li.::.o~.::.tYi(Y) 8M~.::..306l.::.Jol.i
3.::.CQoli CQi>liM(J~Oool.i.:il.i. (m.::.30 21 ).
6.::.P'lfio5o - Arrearage - CQ"83o.::.6oo(l~o .::.6 3.::.CQ.::. 0 .::.-
1.i()~o 8 .::.CQ.::.li.::.b.::.CQooo, 6l(Y)8o~o 8 Claod~oo.::. o8f'lli
CQi> 0 M(Y)300(J~O. (m.::.30 20).
'?30!:'.'..'oli 6o(J~D0o - Cash budget - 8('18.::.3.::.~o
'?3(J~i>CQO 008(Y)l.i.::.3~oool.i CQ0 0 .::.l.i03~oool.i 8(Y)dM.::.M-
ooool.i 8088.::., R3ov~oo6lo3 tJ(Y)3::J~Ul30(JMO, ob8.::.6loo.::.
(Y)6l 0 .::.6o'b.::. 8 00li/8o6o~otYili Cl?""Cl?oo6Ml.i, od6oo.::. mv
.::.tYi.::. li.::.J8.::.6lolio Mi:>MCQ06(Y)o.::. <a(J~i>CQo li.::.Cl(J.::.~00000
8(Y)J~03"CQOi:>6o li.::.3'otYi(Y)ooolim3oli. (m.::.30 7).
'?](Jc::;>nli (30JC'.'..'O - Cash cycle - CQM(Y)oli b.::.6 0(Y}d~o-
3(Y)o.::. c:av~oli c:a.::.d<§ovtYio 0 .::.li.::.3~0CQ.::.6 8ou 008MG.::.3-
~.::.8CQ0, .::.l.io30 od.::.bo;,6 6i>!.O?CQO '?3(J~i>CQ J(Y)630M@JOMOOOl.i
(30J~li. (m.::.30 6).
foc:;!:.l!o JM6(3ofi@l&lo6l::i6.::. - Cash concentration -
6.::.\:'.?CQO c:av~oli 8MdM.::.f'lOi:> 0M06CQOMOO(J~O li.::.c:aC"lli<§f'l
liooc:aoooCQ.::.6 .::.6 .3o6loc:aotYiv~o o.::.6Jo6oCQ.::.6 G06<§tYi.::.~(JM
c:af'l6CQClo JM8.3.::.6oou c:av~0CQ0 l.i0Clv.::.~oooooli Clo6.::.b3.::.,
M(Y)8o~oG 0 .::.6m.::.3licrwo.::. Clo86.::.b30~ o.::.6JClo. (m.::.30 9).
60c:;i:Qo 'B(JC'.'..'oG 8Mdli'l.:wJooli (JOLJolio - Statement of cash
flow - J(Y)8.3.::.6ooli Di>c:?!QO c:av~oli 8(Y)dMi:>f'lOOl.i
.::.6 0 .::.tYioo 0 oo.::. CQMMoli 0 .::.61.i.::.'bc:?3M(J~ .3otYio(Y)CQOo.
(m.::.30 7).
hrn•nAr'1' 8Mo80160 - Trust receipt -
0 0tYi.::.6@)00, M(Y)8~om.::.o
81.iolibooo~o 8.::.6lm.::.3li JM6JtYio8V~"CQ 8omomoo()~
8.::.tYi.::. 80 01.i, li.::.li.::.dC"lfi~C"l-8.::.<§otYio.::.~vtYi tYio'botYi 30 01.i IQ"
8.::.mo (>i>tJO!Q3000CQi:>6 801.0?00(J~ 008f'lli.::.3~ool.i JMOCQO-
<§(Y)Mol.i DCQMOol.i 8oboCQ3om. (m.::.30 11).
nmrnoom il\c?[f'(JM30~0 .3ofiio - Trustee - .3otYio .::.6 o6li@)o-
8V<§o, CQ.::.6oo6v~o C"lO~o 0 .:ieooooli 080@>06<§01.i 8ootYi
Mo~o 0 .::.Gooool.i 0086.::.b30~0G f'l'?30(300~(JMO 006l8(Y)-
8.::.!Q006~ol.i li.::.bom. M(Y) 0 f'lM(3 oolio, 6CQ(Y)O.::. 8oGo8v~o
Oi:>M8(Y)8i:>CQ806~oli M(Y)~li .::.l.iM()~::JOl.i M(Y)8o~o8o
006JO. (m.::.30 20).
60 0 .:i@Jo(Jfiio od0101oaoli dofii0100 - Negative pledge clause -
CQ"8G.::.30 Clom.::.6b8oo.::., tYiM8~oli 8oboCQ3om0G 8Golibo-
oo~o Oc:?QOl.i m.::.301.i m.::.3'bo 3"~CQOO(J~00i>li i:>M
CQ"()Cl3.::.li 801.io tYi0080 .::.d<§o3oooli 0 otYi.::.(Y)Clo R.::.CQoo.::..
(m030 21).
fiM8o60t:::;>(JMO (IQ0(QQ06oc::;>o)
Nominal (stated) interest rate - 1.i.::.tYi 0 oo~oli 0 .::.60J3omo
::JMOlO o~oli dOMO(Y)CQOO, MM80~0(3 i:>M 'bvli<§CQOOi>
tYimv~o dM(Y)Go68aooG CQi:>Mo(3b3oli GobClotYiom. °'()
.3tYi(Y) 8 o68ooo u;.::.otYio 8 b0o.::. oa~oo.::.i:QCJo M.::.8u;a6-
~otYi80, o<aad<§o.::.60 .3MC"l(306<§v~o 0 06.::.J3omo
 .:ic:;i8Mfl6CQOO.:> ()'(JMM 8.:ic:;i.:i~o, 30CQMO 6M8o6.:>~(JMO
.3MM(3060(J~O 0.:i6.:iJ3ocno. (cn,:,30 3).
6M8060~()Mo c:;ofiioo(J~D6.~ - Par value - .:idGooool.i .:i6
MO~o 0 .:iGoo6ol.i 6M8ofo~(JMO c:;ioP1o6()~06.:i. (cn.:i30
20).
- Floating-rate note (FRN) -
3 .:i~CQ06(J~o6o6o 0 .:i8MG08()~0 6.:i6J6M&o6o G3"~o-
6.:iCQo .31'1M(3068(J~o 0.:i6.:iJ3ocno6ocn. (cn.:i30 24).
"""'"'"''"·""' 6.:i~06ll0b .:i6 0 0P10Clo - Zero balance account
(ZBA) - JMM.3MM.:>(3ool.i l.i.:>jM68MM~M 06 0.:iP1oCJo,
MM8~ol.i 80Cl30M6ocn.:>(3 8ooc:;io6.:i 6.:ic:;iCQo '?J(J~ol.i
6(J~M3.:>60 00~.:>6l.io. .:ibocno .:>6().:>MOdO CQ"'?J()d6o-
O(J~O,) CQ.:>8M(JJOCQ06o~ .:i6 0 .:iP1oo'b 0, li.:ioCQ.:i6.:i 8
"38M8.:>&0(JM0CQ 8"CQ.:>OM0(3bo6.:i '?J(J~.:>CQO l.i.:>d(J.:>-
~06060 (J.:>MtJM'(JO(f) 6.:i~.:i6l.iol.i JM8.306li.:i(300bcn3ol.i
CQ" .:i0P1ocn30 8008.:i(Y\cnooo,:,6 cn.:i3ol.i()'?J"~o l.i.:ibbP1o6o,
08oli.:icn3ol.i MM8 JM8.3.:i6oob doP1ocn.:>CQ .:i6 0.:iP1oCll.i 8(JCQ"
803.:iCQ 6(J~M3.:i60 6.:i~.:i6bo :3dM6CQoli. (cn.:i30 9)
6(Jc:;>M;p6o - Zero-coupon bond -
M6~0 8 0 8 0.:i, Mrria 0 ~t.i.:i 8 .:iP1 0Mo 8 b06.:i Li.:iPi 80 6 0 ~o, .:i6()
,:,(i\,:, .:id3l.i b.:iti1 0 o6~ob .3MM(3068(J~O .30MOMCQ(J~O
o"CQ"bCQooo, 800Pi.:i8 OtJOCQo6.:i 6M8o6.:i~(JM c:;io(Y\06()-
~06.:ibcn,:,6 CloCQ.:iPio6ocn 860Cl36o~M3.:i60 'B"GCQ"J~ooocn
('Q" 6.:>c:;>CQ('Q06.:i 6rri8o6.:i~(JMO '(3.:>liocn. (cn030 4).
- Bond - 0 Md0~3"rQo.:>6o b.:i3.:i~M '(3.:>lio.:i6o
d.:ic:;i.:>~CQO, ()08Mo3oo(J~O JMM.3MM,)(300l.i ,:,6 l.i.:ib-
o~86o'(3Mli (cn,:,30 4 ('Q.:> 20).
mnu "'""""' - Bond discount - (J0MtJM'(JO(f)O
bb3.:iM60 MO~o 0 .:>(3ool.i 6M8o6.:>~(JMO C'.;'OM(J6(J~06.:il.i.:i
808rQ06.:i(Y)o b.:i6.:i'bMM C'.;'OM(JO(J~06"l.i dMMol.i. (cn030 4).
,jf0[J80()8o - Bond premium - ('Q"CQ060010
bb3.:iM6.:i, M6e;_io 0.:ioool.i 6M8ofo~()Mo c:;ioPio6()~06"
808(,'QofoPio l.i.:io.:i'bMM c:;io(Y\06()~()6.:>b dMMoli. (01.:i30 4).
- Operating lease - 8MJ~03"rQo.:>6o
OS(;.:>M.:i, MM8o~oG 6.:i6o~M6Mo3 0013.:i~ol.i60606li
0"(Jd8oool.i ()'?3~06.:il.i. (01.:>30 21 ).
- Operating leverage - JM8-
.3.:i6oob 8ool"l '?JOdl.ioMo6()~0 (Q.:>6.:ib.:>MS(;o6ol.i 0.:i8M-
::io600.:i. (01.:i30 16).
- Degree of operating
leverage (DOL) - .3MM(3068(J~O (33~0~06.:i JM8-
.3.:i6ool.i M.3oP1.:ioo()~ 008Ml.i.:i3~0600 (EBIT), MM8o-
~oG .:>Mob dOrQD8o 6.:iM8Moool.i (.:i6 0 .:itJ01Q3ol.i)
oP1cn.3MM(3068o.:i6o G3~o~oool.i. (cn.:i30 16).
Md:JM1>1lJ;n0c:;in - Operating cycle - rQMMob b.:i6-
0P1d~o3Mo.:> 8.:iM.:i 0 o6ol.i oobtJOrQ30(Q.:>6, .3MM(Q(JQ(300l.i
,:,6 8M8l.i.:ib(JM(J6ol.i 0.:>tJO(Q3£)60rQ.:>6, 6.:ic:;i(Qo '(J()~ol.i
8oc:;i 0o.:i8!!?D· (01030 6).
r'ld1ll>od0r'";'1Mo ,,,.11"'"'''rrnr11, ,,1Mn'"'"··"''"''rn,, - Optimal capital
strncture - j.:>.30&.:ic:;ioli olio010 b0M(JQ0(JM.:>, IYlM8o~oG
.:i8GoP1ooli Jf<l80.:i6oo6ol.i J.:i.3o@>.:i~(JP1 b.:iP1S(;o6b 8.:i 0 -
P1.:i8 0£JrQD3"(Q, .:ib!Qo6li JM8.3.:i6oob C'.;'OM[]O(J~06ol.i
8.:ijl.io8o'b.:.000l.i. (cn.:i30 17).
fl3[)(Jt::;uof.1030 tdGo::;on - Dual-class common
stock - Lib30(Q.:ilib3.:i Li.:ibol.i 1)30()~06(;)030 0doonoo,
1)30()~06P103 .:ic:;i6oo6(J~o, J~.:il.io ,,.:i" !!?" J~.:>bo ,,6" .
J~.:il.io ,,.:i", MM 0MM(3 6olio, '?J~M6b, ()'?JMM 80&.:i!Q,
li()Li&o b8ol.i 8000801.> (J'?J~o6.:i8Mbo~o6.:il.i (.:i5 .:i8ol.i
l.iM(J~ .:>MjMfoli), 8.:iClo6 MMrQ£Jli.:>(3 j~.:>l.io 6, ,:,8 8b(i)o3
d.:i~o.:i6 d~o0Pio0. (01,:,30 20).
M6o.:ifil()bo.:i6o &:J6!:QOM(Jt::;o - Two-tier tender
offer - &o6!Q:JM(J~O 0001.:i3.:i'bo6.:i, MM8~ob 8oborQ30-
0J,)(3 8tJOCQ30~0 cn.:i30'bM6b .30Pi30~0 (QM6ol.i
l.i.:>(JJQO>OliM '(3.:>Ul.i (8.:i 0 .:>~00J,)(,'Q 1 8M8.:>&06()~ '(3.:>l.il.i ,:,6
'(J(J~Ocn 0 .:>(Q.:>brQ.:>U) "Q(30J6ol.i 0 .:i6l.i.:i 'bc:;>3M(J~O 8.:idl.io-
8.:>~(JMO M0MrQJ6M6ol.i013ol.i (.:i6 .:idooo6ol.i .3MM(3J6-
&001) (Q.:> 08.:>3CQMM(J~.:>(Q cn.:>3.:>'bM6l.i OtJOCQMli
(Q.:>Mflo6o~o .:ijooo6o 8[]MMJ CQM6ol.i 'B"li"CQ (8.:i0.:i~o­
OJ,)CQ, CQ.:>0,)~ '(3.:>UdO .:>6/rQ.:> 0.:>8MOtJJ6Ml.i '(J()~Ol.i
6.:io3~"!!? .:ifooooo01 0 .:i8Md30013.:i ). (cn.:i30 23).
f;!;!<'>O::J 03l"l<'> - Double taxation - JM6Jl"lJ8(J~o
Clo8Mli.:i3.:i~ob MMS(;JM CQ"6o 0 3Pi.:i. 8ol.io J~.:iboJ(JMO
8.:i0.:i~ocno,:, JMM.3MM.:>80(J~O l.i.:ioo8Mli.:i3~f<l C."CQ"-
l.i.:ib.:i(QO rQ.:> !Q030CQ06CQol.i o"GJ8ob.:ib, .:>d(3oM6QMOl.i
0[]8Ml.i.:>3~0(Q06 U.:>008MU.:>3~M 0 .:>CQ.:>U.:>b.:>(QO (cn,:,30 2).
M'iJG°'° ,,<(l()Ol" - Put option - JM6&1Yl.:id&o, MM8J~0(3
.:id~J3b ()'(J~J60l.i 8ol.i 8'(3~M6J~l.i 0.:>tJOCQMli .:ij&o30-
6ol.i 0 .:i6l.i.:i'bc:;i3M(J~O M.:>MCQJ5M6.:i 6o6.:ib6,:,(;)
0 .:i6b.:i'bc:;i3P1()~ 'l.l"lioo (l"l;p~o'b.:ioool.i 'B"boo) CQ"rQoJ·
60~ 3.:>CQ.:>00, 06 8ol.i 08M6(Jl"l3.:i8CQO· (cn.:i30 22,
CQ.:>foMcno).
M<(3GO" - Call option - ~ooo6'bo.:i 0.:i8MbtJ01Q3.:i'bo,
(6ol"l'i'.J"'bo) JM6&Pi.:id&o, PiM8o~oo ()'?3~06.:il.i 0d~o3Li
8ol.i 8'?J~MO[]~b OtJOrQMl.i .:id&o306ob 0.:i6b,:, 'bc:;>3M(J~O
l"l.:>M!QQ6M6.:i, 0 .:i6b.:i'bc:;i 3 Pi(J~ 'l.l"Lioo (1Ylo.:i~o'b.:i(3ool.i
'13.:>lioo) Cl?"!!?o06o~ 3.:>(Q.:>OO ,:,6 8ol.i .:i8MO(JM3.:>8CQO·
(cn.:i30 22, CQ.:>fol"l010).
•nn'"'"''"""""" - Perpetuity - ()3"(QM .:>6()080&0, fl3J(J~J6-
P1030 .:i6(Jo&o&o, PiM8~ob 0 .:ib.:i3~060 .:i5 Clo8M-
b.:i3~060 0 Pido~CQo6.:i ()30rQM!Q. (01.:i30 3).
d£lfilbM6<>c::.'()6ln oob<'>!Q<'>!Q(JO<'> - Self-tender offer -
JM8.'3.:i6006ol.i0130IJ 0JOJ030'bo60 0.:>8MOl.itJOCQM6 01,)-
3006010 .:idGo.:i. (m030 18) .
Jo!"l!l;:;,,'fo{;)o 3c.c:::;o (06
Straight debt (or equity)- liolibo (.:i6 0dGoM6JM(J~o J.:>'3-
0&0~0), MM8J~0(3 ,)M oood~o6.:i 8"°G30~Mb l.ib30
0d&o3'bo. (m030 22) .
.30Mf'loo010 - Conditional sales con-
tract - oocn06b806.:i, MM8~ol.i m06.:ib80CQ.:>(3 8"8tJO(Q-
30~0 IYlfloo.:i li0dM6~ob 8oG"J(JmlYlo 8tJ01Q3o~ol.i 8oo1Yl
306l.i0'bc:;i31Yl(J~O dOMMoooob oolil"l(J~J008CQo,
fl3o()~Oo(Y\03 30~rQQO(J~Oooool.i l.ilYl(J~"rQ l!?"'B"1Yl-
3.:i8CQO· (m030 21 ).
<lo&l3:Jc::.'"C!?0 00'ti0f'i10 - Primary market - o.:i'b0P10, li.:iCQ"G
o::io!!?oo.:i 0b0~0, .'3ofi13o~"CQ 0 08Mo306()~0 'l.l"l.io060
d.:ic:;i.:i~u:ooo '3o(Y) 3 o~"CQ ("0b0~0 0 .:i8MCJ 30 o0 ool.i"
o.:i'b.:iPio). (01030 2 Cl?" 19).
u8nGoob - Red herring - ol.i
8Mo(3.:i3l.i, .:ic:;i600360l.i (fiomo~o 8o~5om) 08.:ili, MM8
(Y)o 0 ol>&(Y)ofi1oo()~o 8.:i6.:i 8 b.:i!Qo JOCQ03 .:ilYl Cloli()~"
d.:i~.:ioo. (m030 19).
755
 - Face value - 6rriBofo~(JMO
"''~"rm'''"'
~0MOO()~Oo0, 06 6rriB060~0. oBo@>o6@>oli BooM (!(0bO-
lioo()~o MrriBo~oBo 0d@>o3oli 6rriB060~()Mo ~oMo-
0()~000. R 30 ()~ooMo 3 . 0 Mm rrio~o 8 0 8 0 0 o'lio
000(!(806li 1000$-li. (m030 4).
- Initial public offering
(IPO) - Jrr>B.306ooooli BooM m03olio R30()~JoM030
0dGooooli 80li0t10!:!?0C!? .30M30~0C!? 80Brri@>060. (m030 19
(!(0 23).
.imfn,8'.mn1rnoM0"1m,!hm1nrro"""' - Portfolio - rr>Mo 06 Bo@>o
qplio060 d0~0~C!(oli 06 0d@>o3oli Jrr>Boo60(300. (m030 5).
- Prime rate - 006Joli BooM
!:!?0nolioo()~o, BrriJ~o 3 0!:!?0060 li0M 80 o 0 ~oli 8 060-
J3omo, Blib30~ jM0!:!?0@>()60Mo06 J~oo6&oo't>o. 80li
0lio30 (JbMC!(OOJ6 (JOM0~rr>C!( ,,.3M00B"-li. (m030 11 ).
Premium over straight bond value - rrio~o80Gooli
li0M8000~0, MrriBo~oG 0Moli Jrr>630M@>0Moo0C!?
rrio~o80Gooli li000 'liMrri 'B0lili 8 0BrriJ~oo()~o rrio~o-
808ooli .30MC!(0.30Mo ~0Moo()~Oo0. (m030 22).
- Premium over
conversion value - Jrr>630M@>0Moo0C!?o qJ0lio060 d0~0~-
C!(Ol.i li000%Mrr> qJ0lili 80Brr>J~OO()~O Bolio Jrr>6-
30M@>0(300li ~0Moo()~oo0, 01.i 030 0nrril:!?oo0
Jrri630M@>0Gooli .3M0Bo0. (m030 22).
- Going private - li0~0Mrri Jrr>B.306001.i
@>M06liqJrr>MB0(300, JOMdMC!(, 8qJ~rrioo~oli0806 0Q(30"
oooli 808rrilit10!:!?3om 06/(!(0 80MO JoMdrri 063oli-
@>0Mooom. (m030 23).
- Preferred stock - 0dGooooli
@>0.30, Mrr>8~oli 8obo(!(30())0(3, MM8MM(3 nolio,
80m30~olibo600()~00 qJOQUOMOO()~O (!(030(!(06C!?oooli
80!:!?0bl:!?0. olio6o 'B~rrioo6 ().30M0@>olirrio0li, R30-
()~0oM03 0dGooom06 OJC!(0Mooom, .30M30~0C!? (!(00-
qJ0MMli 80mo (!(030(!(06!:!?000 06 060 'li~0()MC!(Oli 0dGooli
~OM00()~000. (m030 4 (!(0 20).
.3ot'iMoom - Participating preferred stock - .3Mo-
30~00oMoo()~o 0dGoooo, MrriBo~oG ()'?J~oo0li 0d-
~03li 8oli 8qJ~rrioo~li, 8oo~rrili 80'1iMC!(o~o
l:!?o 3ol:!?o6l:!?ooo, m(J R 30 ()~ooMo 3 0d 8 orri6oMooli
(Jbl:!?o06 80'liMC!?o~ C!?o 3ol:!?o6l:!?ooli. (m030 20).
- Cost of preffered stock (capital) - 8rrimbrri360~0
8rriB300006rriooli 8060J3omo .3Mo30~080Moo()~o
0d 8 ooooli a'B~rrioo~oooli 8o 0M, Jrri8.306ooli 0dG000Clo
80m 063oli@>0Moooli0li. (m030 15).
Jli1•ci::ioeio;i,olti;ic>':'JC':'.'O 80BMOt:JM0 - Privileged subscription -
0b0~0 qJ0lio060 d0~0~C!?oooli 80t10!:!?30, MrriB~oli
8obo(!(3om0G 8rridBol:!? 0dGorri60Mooli Clo()d~o0m
8 08rriot106rri6 (J.30M0@>olirrioooo qJ0lio060 d0~0~l:!?oooli
Clodo60'lio R30()~oot'1o 3 o 0dGooooli no~oli Cloli000Boli0C!?,
Mrr>8~ooli0(3 olio6o ()J30 qJ~rrioo6, (36Moo~o0 olio30
MM8MM(3 Clom030 't>oooli ()'?3~000. (m030 19).
756
- Prospectus - M08oli@>M0Gooli 8060Gb0C!(oli
.30M30~0 6.:ino~o, 80GOB()~o SEC-Li BooM, oBoliooli
.3Mrrili.3od@>Clo n0M8rricimo6o~o0 06'BrriMB0(300 JrriB.30600
- oBo@>o6& 'lio (!(0 Bolio 'B0lio060 d0~0~C!?oooli 0b0~
Clom030 %000't>o. oBoliooli .3Mrrili.3od@>o 08 %036000m 0630-
li@>rriMooli (30~JO O()J~o@>oli li0bom. (m030 19).
- Exercise price - 'B0lio, Mrri8~oli
Bobol:!?3om0 8 Clood~oo0 R 30 ()~ooMo 3 o 0d 8 ooli
Clodo60, MrriBo~Li0 8 0d 3li 30M06@>0 06 M'?JG°"' "call",
Cloli0d~rri0 ot1ol:!?oorril:!?oli C!(Mrrioli · 806li0%~3M()~
.3oMOMC!(OO. (m030 22).
lh:id016e:;iob m3ocnc:;o{'i)oo0~1JO<'> - Cost of
goods sold - C!?060b0M~ooo dMMC!(()QGooli n.:iMBrri;:r
o.:i'li 0, MrriBo~o 8 .:i~oMo 8 b 0 o.:i BoBC!?o6.:iM0 a0Morril:!?oli
b.:.M~OO<>C!(, MM(30 .3MMC!(()Q(300 8MtfOC!(000, @>rr>~00
li0bt1olili B.:.M.:i8ooli C!(<>B<>@>oo()~O B.:>M08JOOU
Bolit10!:!? 3ooo !:!?" 8 .:iBrriJ~oo()~o li.:iorri~Mrri B.:.M.:.80 ooli
6.:.Clmo. (m030 6).
r'11p~v610 ~061200~n6.::i - Intrinsic value - qJ<>lio, Mrri8::i~oG
qJ<>lio.:.6 d<>~<>~C!(li .. ()6(!(<> .3dM6C!(oli", Bolio ~o­
MOO()~Oooli "Oo'?J<>lioooli tl30~" '?J<>d@>rriMom (m030 4).
fi1::J8obe(r},~G<mG m.::ifiloi;::o - Record date - <>dGoM6J.MOooli
M08oli@>M0Gooli m.:>Mo~o, C!?~O' C!?"C!?806o~o
C!(OMOQ@>MM())0 li003'Mli 8ooM, (!(030(!(06C!?oooli 80BM(3b-
"C!?OOOli Bo8mb 303 0"00; 08 !:!?~0!:!?06 60ooli8ooM
063oli@>rr>MO ()6(!(0 C!(<>Mo8oli@>MoMC!(Oli <>dGorr>6oMoli
li.:ibom, M<>G 8.:ili ()'?J~oo.:ili 0d~o3li 8<>8MGb"C!?Oo()~o
!:!?030!:!?06l:!?oooli Bo~::io.:i'lio. (m030 18).
1'1[J 0 (J~'>fi)(Je:;io c;;:o301Qo61Ro60 - Regular dividend - C!(030-
C!?06C!?ooo, Mrri8o~oG R30(J~OOM03 Brrili0~MC!(60~00,
Mrr>B JM8.30600B 8<>C!(Mb<>C!(rr>li. (m030 18).
MD& ()e;io6loo'(]e:;>o ..,be;i,:,6a;>oe:;in c:;ofil1JO()e:;>Do" - Adjusted
present value (APV) - Li0063oli@>0Gorri .3(Y)MOd&oooli
Clo'?J<>lioooli BomMC!(o, M.3;JM<>@Jo(J~o '?J()~"C!?o 6.:iJ<>l:!?o-
ooli C!(OliJrri6@JoM;JO()~ (!'.!OM;JO()~;Jo<>li .3~()li tf30~"
li08<>C!(<>li0b0C!(M Clo~030mo 06 l.i0M80oo~o 0lirri(30Mo-
ov~o dMM;JQ@Joli qJ0606lioom06 8<>BMJ~OO()~O
oBoliooli (!(<>60b0M~;Joo. (m030 15, (!(<>6.:>Mmo o).
r;::,n'bo(r]3'()e:;>o 6lo 0oliel'10G00 - Shelfregistration - dMMGo-
C!?(JM<>, MMB;)~OG 600.:ili Mm03li JMB.3060.:ili C!(<><>M;J8-
oli@JMoMMli 'B0lio060 D"C!:!"~C!?OOO, MMB~oooli
8 080!:!? 3.:ili.:. 8 00 0 0.30Mooli 8rriB!:!?o 36M MM no~Clo. 080
0lio30 (36rr>oo~00 MM8MM(3 SEC-oli nolio 415. BoBC!?o8
oli qJ<>lio060 Q0(!'.!0~(!(;)00 Bood~oo.:i 8MtfOC!(Mli 60b-
O~;JO<>C!(, MM(30 oli od6000 BMb;JMb;JO(J~O
Jrr>B.'306oolim3oli. (m030 19)
610063MoG06ioooG (3:JOOMO - Reinvoicing center - JMB-
.306ooli qJ0606GvMo '?30~00~0, MMBo~oG tfOC!((J~MoG
odli.3rriM@JoMoo'()~ u,:,dM6o~li a 3 o~Moo~ JMB.30-
6ooom06 !:!?" 8"tlol:!?oli B.:im (8"!:!?""3 'li036oli 0680Mo"O-
'B"G6()M;Joli) 08 Bm030Mo Jrr>B.30600G lib30 "03o~Moo~
JMB.306000%0 06 C!(<>BM(JJOC!(;)O;)~ BMBbB0Moo~oom06.
(m030 24).
M[JJ<>doCJ.>0e;io'b0Go<> - Recapitalization - Jrr>8.'306ooooli J<>d-
o@J.:i~ou U@JM(JQ@J(JMOU d;J(33~"· 8080~0())0(!(, JM8d0-
600B Clood~oo<> 8 080C!?MG Mo~o 8 0 8 0 0 oo, M0m0
 008Molitio!:Qf'lli JM8.306ooli 808MdG030Clo 0P1lioi'i(]c:;o
R3o(]c:;ooP1030 0d 8 00ooli 60ooc:;o. (010 30 17).
(i}:.Jf•1fil 0 06o'b0eo0 - Reorganization - cao606li(]Mo
Liod5oc:;ooooli 8dM5o JM8.306ooli P10MP1006o'b0(300,
P1M8oc:;o 8 808CQ060P1 0Mol.i 0 0JM0P1oooli o 0Li0boo
J05M5oli 80-11 0103oli 8oboCQ3001, 0lio010 P10MP10060-
'b0(3ooli 8o'b060 8CQ0M80mof'lol.i 8(JCQ8030 b0P1'.li:oooli
CJ 0a8 oP1 000Clo. 5o 301Mo610 3o .3P1oeo5'bo 0ooli 8dM5o
.3omool.i ooodc:;oo0 CJ0001030'bMli 0b0c:;o <[30l.io060
d0~0c:;CQOOo. (01030 23, CQ050P1010).
r11mvnrnm .3fi01006l8_io - Compound interest - l.i0M()Oi'ic:;oli
0006()0P10Cloo0 b!:Qoo0 MM0f'lM(3 010360CQ06, 0lio30
80Li'bo CQ0Mo(3b(Jc:;o li0610ooc:;oli 0106bo!:Q06. (01030 3).
- Risk - li0610ooc:;o06Moolifclo8Ml.i03c:;o06Mooli,
030c:;oi'i0(Qf'l00, 006(Jli0'b~36ioc:;M00, 8Ml.i0c:;MCQ-
6oc:;0106 Clo!:Q061 00001. (010 30 5).
li1o&'Gi.::.'o61no(Jc:;o fi?DbJMEieob - Risk-
adjusted discount rate (RADR) - 8M01bM36oc:;o (JJ(]0000
(CQOl.iJM5eoli 0060J30010), MM8oc:;oo o'bMCQ000 JM8-
.306ooli J0.3oe0c:;oli ~06loo(]c:;Oo0Li0106 !:Q0J03-
Clo6100001 8mc:;o060C!? .3P1Modeoli013oli 06 .36if'lode010
'.li: 0(]"13oli013oli, MM8c:;oooG (]R3 050o05 "Li0Cl(]0c:;M'bo"
80~0c:; MoliJli Q?0 8(30MQwo0 .361Modeoli013oli 05
.3MMOM!.>010 '.li:0(]"13oli013oli, mM8c:;o<'>oG (]R3 05ooo5
"Li0Cl(]0c:;M'bo" CQ000c:; P1oliJLi. (010 30 15).
0P'i!J08b3c:;oi.::::o - Risk averse - ol> 006)8060
0b0Lio00100G 063ob0MMli, Mf'l8oc:;oG 001bM3li 80~0c:;
8Ml.i0c:;MQ?6oc:; li06)ooooc:;li 80~0c:;o mol.iJol.i .3oMM-
ooOClo. {010 30 5).
t:h:h:1•w1om Ji>dol'?i"e?ob - Cost of equity capital
- JM8.305ooli R3o(]c:;oo6)o 3o 0d 8 00ooli 8cac:;Mooc:;oooli
8006) 8M80;:ioo06MooG 0060J3001oli 8M01bf'l360 JM8-
.306ooli R3o(]c:;oo6)03 0dG000Clo 80010 0630Li00-
GooooG013oli. (m030 15).
G000e:06bm c;oM[lO(le?O?i" - Book value - (doM0010CQo J0.30-
®0c:;oli 60<"1Ro5o ~06ioo(]c:;oo0) (1) 0d®o30Li Clo8-
mb3030Clo: 08 0d®o3oli O(J~0c:;®M(Jc:;o ~06)oo(]c:;Oo0 -
06() 8oli ~0Moo(]c:;oo0Li 008MJc:;oo(]c:;o !:Q00MM3oc:;o
08MM&o'b0(300; (2) JM8.306ooli Clo801b3030Clo: 801c:;o05
0d&n3ooli 008MJc:;oo(]c:;o 30c:;C!?oo(]c:;ooooo CQ0 .36)030-
c:;o006)oo(]c:;o 0deoooo, mM 0MM(3 R08M013c:;oc:;o0
b000c:;06bM 05 00MOddO. (01030 4).
\),)()0fno0ot;o1008eo<'lno01:Qo 08r'l(i}00'110G°" - Declining bal-
ance depreciation - 08MM®o'b0(3ooli 8001MQ?o, MM8c:;oli
CQMMLi0 8 0deo 30 ooG li000c:;06l.iM c:;oP1o<'>(]c:;oo0
8(30MQW00 caodlioMoo(]c:;o .3P1MG06eo01 tJM3Qc:;o
oc:;oli CQ0li00tJnliClo. (01030 2).
cJt>'"''"''loo - Bankers' acceptances (Bas) - 8f'lJc:;-
JM80MG00c:;o 30dlioc:;ooo, 01080li(JdOoo,
MM8c:;oli 8oboCQ30010G 006Jo (0!:!?00Li 80cn 60Cl06Li
"0~006ioo(]c:;o0"), .30MM00G odc:;o30 00CQ0(]b0CQMU
8o.30eP1M5 0G 5M8060c:;(JP10 c:;oP1oo(]c:;oo0, Go8oo 73 oti
(Q0(Q()M8oli0!J. (01030 9 (Q0 j j ).
nf•&cOfm•f1A,, - Market value - li000'b6101 ca0Go,
P1P18c:;o0100 0deo30 Cloodc:;oo0 00ol:lo!Q01G
JM5J(JM[J60(Jc:; 00'b0fl'bJ. (01030 4).
- Working capital
management - 8o8!Qo50t00 0deo3oooli IQ" cao606Goooli
01Q8060G&t0ot0000 08oli0013oli, MM8 (J'bfl(J63oc:;-
tJf'>caoc:;o od5oG li0J80t0olio 8081Qo60t00 0d&o3000.
(01030 8).
•y1 u, 1v;"J" - Negotiable certificate of
deposit (CD) - 8Lib3oc:;o 60180606eoli 063oli&0Go0,
Q?J.3M'bo&o Jf'l8oP1Go(]c:; 006JClo 06 Clo860b3oc:;
o5Geo0(]0Clo 0060~Q?Di'i(]c:;o caodliol')oo(]c:;o 06
(330c:;oo0C!?o l.i06) 0 ooc:;oli 0060J3001001 CQMMoli
006G0 'b~36'i(Jc:;o .306ioMCQOli013ol.i. (01030 9).
t;1>0,tJM,omi ""'"'"""·''"" - Field warehouse receipt -
d30011>mo li0dM6oc:;'bo, (Y)M8oc:;oG 008MtJMcaoc:;o0
80P10 08 00CR06 CQ0 060b 800 li008Mooli 8 0c:;Jo 'bM60Clo
(li0li0btJMOO JM8.306ooli JM60(Y)01c:;oli d3oCl), C!?0 08
806)0 00 oG JMDQ?00M6io o80 50oli 0 0Pi0MQ?. (010 30 11 ).
"''i'.3800 - Currency option - J016et00deo,
PiM8 0c:;o 8 0dc:; 03 ti Bou 8cac:;010 0c:;li (]"13c:;oo0li OtJOCR(Y)li
(M<[3(300 ,,dMc:;") 06 00tJOCRMU (M<[3(300 ".3()01")
G0 'b~306100P1001oli 30c:;(]8Dooli 006li0 'bc:;3M(Jc:;o M0(Y)-
C!?D6Mo0 CR0b[lU[lO(Jc:; ca0Goo 006G0 'b~3M(Jc:;o CRMMOU
006803c:;Mo0Clo (06 30C!?oli 08Mb(JM308CR0)· (01030 24).
""'·''"'""nm 't"'""""'''" - Trade credit - JM[l!:Q08o, ()0(308(Jc:;o
{doP10010Q?0Q? G0dM6c:;oG G0bo01) QM010 caoM8oG 8ooP1
8o(Y)MDG013oli. (01030 11).
rm"'"'''" - Trade liabilities "'" JM8.305ooG
"13(]c:;0CR0 30c:;CRoo(]c:;ooooo 8M8DMQ?ooc:; 0ooG !5060Cl 0.
(01030 11).
- Commercial paper - JM8oP1Go-
(]c:;o/ JM(Y).3(Y)M08o(]c:;o d0e;i0c:;Q?o, 8MJc:;o30CR0060,
.:.6)0 0 0(Y)06eomoo(]c:;o 30c:;C!?oo(]c:;oo0, 3odlioc:;o,
008Mo3oi'i(]c:;o, MM()M(Y)G ooGo, 8Gb3oc:;o JMM.3MM0-
(30QOOU 8oot<i, MM8oc:;oG 0t<iol.i .:.fl0(J'bt'i(J63oc:;ti·
M<(Joc:;o JMM.3(Y)M08o(]c:;o G030c:;M CQMJ(J8o58o. {01030
9 CQ0 11).
VVCl."1\,'11 - Investment banker - cao606li(JMO
o5Geo8(]8o, Mf'18oc:;oG boc:;CloJM(Jc:;oooG 01060b80C!?
{<aodGot<ioo(]c:; ca0liClo caodGot<ioo(]c:; (QMMli) tJOQ?(J"
c:;f'lou 0b0c:; ca0Go06 d0~0c:;CQ00G Clo8C!?8(')8Clo 00li0tio-
!:Q0C!?· (01030 2 (!?0 19).
- Commitment fee - 00Q?0G0b0CQ0 C!?0JoGt<io-
O(Jc:;o JMOCR08MMoli 8oofl GoGboG CQ08eJ0GoooG
Clo801b3030Clo, J(Y)8olio(Y)5ooo JMD!:Qoeoli 0 0Go80G0Li.
(01030 11 CR" 21 ).
- Compensating balance -
006JoG G0C!?o.3f'1'l:io@Jf'1 8M01bf'1360, (J.3M(Y)Go5@Jf'1 ()30-
C!?M C!?D.3M'bo@lo, 0060103Lioo(]c:;o 8f'18G.:.b(JP1o 006JClo,
JM8.30600G 8oofl 8olio C!?060b0(Y)'.li:Dooli 0G.:.60 'bc:;0(Jt'io-
oi.::::0CQ, o0b[l(Jc:;o 8M8li0b(JM[lOOU, U0JMQCR08(Y) b0'boooG,
G0li08.:.6)01c:;MG 06 Gb30CR1>Gb3.:. 0 0(Y)0600000G0130G.
(01030 9 {Q" 11).
wu,,,,.,:icuu1row, l.lrl:!\00tll<)!Y11tlio - Credit standard - JMCRo0oG
80dr1 0oc:;ou JMOCRoe(J50<Y1006MooG 806080e:(JM0 !Q(Y)-
60, <Y1f'18oc:;oo 8oli0!::'.?0000 JMDl:Qo0oG 0088080 Jf'18.'.30-
600G0130G. (01.:.30 10).
757
IJ00MO!:QO@)f'l b.:.'bo (lic.006001) - Line of credit (with a bank) -
0<"i001caooo0~()<"io Clom06b8000 0060li0 IQ<> 8oli
0~00681.i Cl(T}<"ioli, M(T}8o~oo 006li0 'bc:?3<"i03li 0<"io!:Qo-
8oli 80dlio80~()M m06b0li, M(T}8~oli ca.:.<"i 0 ~ooClo
00600 60001.i <"im03li 0~00681.i 6oooli8ooM !:QM(T}l.i
008(T}o806(T}li !:QC> Cloo8<>6(T}li 0<"io!:Qo80, lfo60lio0<"i
0 06G0 'bc:?3M()~O Gei<"iooo~om. (m030 11 ).
li03<"io!:Qocf)(T} bei'lio - Line of credit - 0(T}6JM08()~0
J~oo68oli0m30G 0 08(T}8(T}'Bo~o U0JMO!:Q08(T} <"ioG()<"i-
Goli !:Q(T}6 0, <"i(T}8~oli ca0<"i 0 ~ 8 0CJ0 806 Clood~ooei
8ooc:?(T}U li0d(T}60~0 JMD!:Q08om. (m030 10).
UC>JMOU::o@J(T} bo~Cl[JJM(J~o60 - Loan agreement - O(JMO!:Q-
o()~o Clom06b8000, M(T}8o~Cloo 8omomoo()~o0 00M-
8(T}!:Qo060~0 JMD!:Qn8nli .3o<"i(T}ooon !:Q<> 8uo1Jboo~ou
8(T}30~o(T}oooo. (m030 21 ).
G080<'1m1:::;in060 l>.::ioei'b6l(T} 'l)<>lin - Fair market value - ca.:.lio,
<"i(T}8~om00 Clood~oo.:. 0.::in8o!:Q(T}U 603mo J(T}8DMGn-
()~o Clom.::i6b8oonm !:Q08(T}(JJO!:Q000~ 8(T}60oo~OOOU
d(T}Mou. {m.::i30 21 ).
li.::ifflo060G-M()dG~ou 2002 o~ob <>d@in - Sarbanes-Oxley
Act of 2002 (SOX) - J(T}M.3(T}<"i.::i8n(J~ 880<"im3o~(T}ooli,
i>(J!:Q08oli !:Q<> O(Jc:?.'.!~8DMol.i .::id8n, .::ic:?80liM(J~Oo~oli
.::i6.::i'bc:?.'.l(JMDoou !:Q.'.l JMM.3(T}M.::i8n()~o o6'B(T}M8.::ioooli
().'.!3M(3(T}00~ !:Q0 !:QM(T}()~ Clo88(T}006ooou Cloli.:.boo.
(m030 1 IQ<> 19).
li.::i<"i 0 ooo~n - Interest - 'B()~<>!:Qn (.31Ti(T}oo68(J~o Clo8(T}li0-
3.::i~o) 0 .::i!:Q.:.G.::ib!:Qo~o (8oc:?oo()~o), 'B()~ou G01Ti 000-
~(T}oolim30G. (m030 3).
G.::i1'1 0 noo~o - Return - 063nu8oooo!:Q.::i6 8oc:?oo()~ .()J()oD-
001.i !:Q.'.180800()~0 6oonli8oo1Tio (33~0~[)0.'.l ca.::iun.::i6o
d<>c:?.'.l~!:QOl.i U00.'.l 'bM(T} ca0uClo, R30()~[JOM03 0.::i8(T}ob-
.::i8000 M(T}()(T}M(3 063oli8nooou U.'.!Ol:JOUO U000 'bM(T}
ca<>lioli .31Ti(T}oo68n. (m.::i30 5).
IJ01Tiooo~o.::i6(T}oolJ CQf'lOO 1Jo81Jmmi8!QO - Yield to maturity
(YTM) - 0.::i8(T}OIJ0600.::i (T}0~0()0(300U Clo8mb3030Clo
(m.::i30 13).
li01'Jooo~n06(T}ooli lio86'09308a::o - Yield to maturity
(YTM) - (T}O~n 0 .::ioo.::i 'bo 8(T}u.::i~(T}!:Q5D~o li.:.1Ti 0 oo~ou
()0()oDo.::i, <"i(T}8o~oo 60801:Qn.::i G.::io.:. 'blTi(T} 0()1TiGom !:Q<>
C:lon6.::ib 0o.::i lio8oocaou !:QM(T}oli !:Q<>!:Qo(T}8.::i8!:QO· {m.::i 3o 4)
IJ.::iM 0 oo~oli !:Q.'.!9J<>M30G 0MO<onooo68o - Interest coverage
ratio - 8(T} 0 000 0<"io!:Qo8nlJ u0M 0 oo~oli0 !:Q.'.l 8(T}oooou
()0!:Q.'.!U0b.::ii:Qnli ()0!:Q.'.lb!:Q<>8!:QD ().'.!IJ(T}'BO~o 0MD!:Qo8nli
u0<"i000~0G b.:.ITi~'ba. 801.i 0IJ030 (Jb(T}!:Q0006 M08!:Qo6-
~0M 0 08(T}308()Cl.::i3om 0ITio1:Qn8nG b.:.1Ti30. {m030 6
!:Q0 16).
li01'1ooo~oli 00600 30 010G (06 o 0 8(T}G03~006(T}60G) 1'1oli3n -
Interest-rate (or yield) risk - ca0IJ0060 d<>c::><>~!:QOOou
l.i000 'b<"i(T} ca.::ilJolJ 301Tin000.::i/030~00.::i!:Q(T}O<> 008(T}o30()-
~o G.::ilTi 0 oo~olJ 006"03omou G3~o~ooom. (m030 4
!:Qi> 9).
G.::i<"i 0 oo~oli 006.::iJ30010G !:QM(T}omn li@)<"i(Jdc!!Jo<'i<> - Term
structure of interest rates - !:Q<>8(T}JO!:QOO()~Do.::i ca01Jo.::i60
d.::ic::>.::i~!:Qoli lio8oocaou0 IQ<> u0M 0 oo~oli 006.::iJ3omou,
8ouo 0<>!:Q.'.lb!:QoG .301Tio(T}!:Q()~(T}o0li Cl(T}<"ioli. (01030 2).
li01Tio 0nlic§ITi000M 0.::i60ob<>i:Qn - Registration statement -
G0~01Ti(T} !:Q(T}J(J8o68o, !:QD8.::i~(JITio 06ca(T}<"i80ooom
758
0808068'bo, Clo3lioo()~o 'll"Go060 d<>c:?<>~!:Qoooli CQ"
OOMtJOOOl.i J(T}8oliooli (SEC) 8oo<"i, i>bi>~O ca.::ilio060
d<>c::>.'.l~!:QDOOl.i 0<>8MCl3000 ITio00G&<"i0oooli0130G.
0 060ob<>!:Qo 8(T}o 8 .::i3G .3<'i(T}li.3od&li !:Q.'.l SEC-ou 8ooM
a(T}mb(T} 3 6o~ ub 30 06ca(T}M80 8 001.i. (010 30 19).
G06061:QD('l'i(Y) 0001030 'boo<> - Tender offer - J(T}8.30600G
.::idoo(T}6o<"iooolim3oli Clou 801:Q3nu Clom.::i30 'boo<> 80010
J()01360~0 <>doooooli 0061.i.::i 'b(;?31Ti(J~ ca0liClo, bClo<'i.::i!:Q
J(T}8.3.::i600'bo J(T}6&<"i(T}~oli 8(T}.3(T}3000G 8o'b6001,
bClo<"i.::i!:Q 8(T}!:Qoli Gb30 J(T}8.3.::i6noi:Q.::i6 !:Q<> R30()~Do1Tio3
G000'btTi(T} ca0li'bo 8.::ie:?.::i~n<>. (01.::i 3o 23).
li00 3omol>M d0~0Gb803oli - Best effort offer-
ing - ca0lio060 d<>e:?.::i~l:!?oooli 00801:Q3<> (Clo01.::i3.::i 'boo<>)
.3Mo600.3001, 1Ti(T}8 G.::io630G8noo(T} 006Joon <>M oc:?ooo6
010301.i 01.::i3'bo 3<>~!:QOO()~Oo.::ili 01JO!:Q(T}6 6oooli8oo1Tio
<>M()i:>IJO!:Q(J~O ca.::ilin060 d<>c:?.'.l~!:QOOO. (01030 19).
'"''"'mnmm o6CQodlin S&P 50() - Standard & Poor's 500 Index
- n6!:Qodlio, 0013~000 500 d~oolTio J<>.30&.::i~o'b0onnli
J(T}8.30600G R30()~DOM030 .::idonoli li.::io<:> 'bM(T} l.i.::id(Ji>~(T}
CJ 0 o(T}6o~o (;?OM::JO()~oooli li.::ica 0 d 30 ~'b 0 , oJ(T}6\'l8nJoG
ub 3<>!:Q<>lib 30 !:Q<>M 00 oo!:Q<>6. 0 0a(T}o 80 G0o.::i li0ca(T}6!:Q(T}
o.::i'bMnu a!:Q 0(T}a0Mo(T}oou C:loli<>ca.::ilioo~.::il:!?· (01.::i 3o 5).
l><>'\')Mb@Jf'l ~Md6Mdbo - Lockbox - li.3000.::i~(JM<>!:Q
8(T}8u.::ib(JMQ o.::i6JoG 8noM J~no68nli0130G Clod86o~o
li0ca(T}li&(T} lioncao, M(T}8o~Clno Clo!:Qnli J~no6&nli li0b-
o~'bo Clo8(T}li()~O Ui>'B(T}li&M 'B()~.'.l!:QO 0 'b036o~oon -
R:JJOOO. .::ilio010 U.'.!CBMU8M uoncaoon, d::JMQ(J~O­
li030:fMM M.3::JM.'.!(30[JOOl.im3oli, 08li0b(JM::JO.'.l !:QO!:QO
M.'.!M!:Q::J6M0001 .3.::i&<>M.'.l !:Q.'.l li<>Cl(J.'.l~M ()i:>!:Q.'.!M0(3b306li.
bM~M 1Jj0(300~(JMO IJ<:>caMIJ&(T} IJoocao ~Md-oMdUo
0 08Mn 8n6oo0 8l.ib 3 o~o IQ<> a8 o1Tio M<>M!:Q::J6(T}i.'rnli
dOJ3001QOol.i 8(T}8l.i.::ib(JM::JO.'.l'bo. {01030 9).
IJ0(f}o'boP13M 801D0 00 - Safety stock - G0G0d(T}6~M-8.::i&o­
Mo<>~()Mo M::J'b[JM3:Joo, O(J'B::JM()~o 80('1'i.::i 0ooo, M(T}8-
~oooo nd8600006 .3MM!:Q()d(3n.::i'bo <>6 !:QMMdn
8M01bM36oli (06 b01Ti~oooli} 8M(J~M!:Q6o~o 03~0-
~nooli 010 301.i !:Q<>u.::i 8 .::i 301:Q. (010 30 10).
liMl',o'boM3M 8MmbM36.:i - Standby arrangement - G0'b(T}80,
litTi()~o 00('1'i80&noou (J'bM(J630~8M'Bnli 8nu<>c:?D03"!:Q,
MM!:Q::JU<>(3 G006 3ou&nooM o<>6JnMn .::i6 G.::io6 3ou&non(Y)
006J01.'.l ~o ()'BO m.::i6b8!:QQO.'.l ,,MD 'bo('l'i3CJ0 !:QM8M3(T}U"
bo~8Moo('l'iooo 6oonli8noMn .::i('l'i01Tio.::i~n'boo()~o {<>M<>-
008o!:Q(J~n) 6000~0 0 08M0300(J~O ca.::ilJ0060 d<>(;?.'.l~­
!:Q::JOOU. {01030 19).
li<:>Cl(p~(T} 3<>1!;?0060 n31Yl(T}6M0<> - Euro medium-term note
(Euro MTN) - 0 08M(308(J~O MTN-oli o<>8n1:Q3.::i
li00M0100MMol.i(T} 00'bMoo'bo, 08 d3o86ou li.::i'bc:?3M::JOU
0.:.('l'iom, M(T}8~ou 3 ,..,~()&.::ioo 8 .::i('l'iol.i MTN !:Q<>li.::ibo~o­
o()~n. (01030 21).
li0Cl(l<>~M3<:>1:Qn<>6n 6M<l!l<:> - Medium term note (MTN) _
J(T}M.3MM.'.!8o()~O ,_.,5 G.::ibo~8oncaM li.::i30~M n6li@>M()-
8o6@>n, ITiMa 0 ~1.i,.., 8 010 30'b(T}o 06 o6 3ou@>(T}M 001.i,
0060b~oo<>!:QO .301Ti(T}ooonm. 9 01301:Q.'.!6 30 0~08!:Qo
lio8oncanm. (01030 21 ).
li0b0'bn6M 00636(T}&n - Treasury notes - .::iCJCl-nli b.::i'bn6nli
G.::iCl()<>~M3<>i:Qn.::i60 (2-!:Q.::i6 10 o~<>8!:Qo Gn8oncaoli
.3::JMO(T}!:Q0a>) <a<>lin.::i6n d<>c:?<>~!:QO. (m03n 9).
b0b.:.'bo6M - Treasury bonds - .:.ClCl-oG G0b0-
'bo6M 0 1i1do~3"0'?0060 ( 10 5o~'bo 80&0 Go85ocnoG
.3oli1of'l!:Q001) f'lO~o 0 .:.Go0 (cn0Go060 j.:.c.;:.:.~!:QO ). (01030
9).
b0b.;'bo6«1 3odbo~ooo - Treasury bills, T-bills - 8f'lJ~o30-
!:Qo060, (J.3Mf'lG06&f'l, .:.ClCl-oG b0'bo60G f'lO~o 0 .:.Goooo
(cn0Go060 d"C::"~O'?o), li1f'l8o~oG 01:100'?00.:. ClJ"GCf?"J-
~00001 Cf?" 6.:.c.;:!:Q!:QOO" 6f'l8060~(JMO c.;:oli1oo(J~Ooo01.
(01030 9).
nbc:id,:,O{i)rry 00Cleo" - Balloon payment - o"Cf?"b!:QoG eo.30,
GoGboooG 01i1001060001i10 o"Cf?"b!:QoooG !:QMf'lb, Mf'lG"
o"Cf?"bCf?" 0 0 8 0~ 0 6001 8oeo.:. Gb 3.:. o"Cf?"bCf?oo'b0. 08
@)o.3oG o"Cf?"b!:!?ooo, .)MOU 8010301i10 o"Cf?"b!:Qo<'>o GoGboG
Cf?"ClJ"li130G (!?Mf'lu .3oli1of'l!:Q'(J~f'looG 8obo!:Q3001. (01030
20).
- Public issue - f'lO~o 0 .:.Goo6oG 06
"dGooooG 0.:.1:100'?3" 830~" 8G()li1 30 ~'bo. (01030 19).
bn'bf'l6(Jfilo ()01:!;>030!QDO" - Seasonal dating - JMO!:QO@)oG
.3oli1f'loo6o, Mf'l8o~oG Geo8(J~G .:id~o3G Go'bf'l6(JMO
.3Mf'l!:Q(JdGooG 8tJO!:Q30~G 8f'lC>b!:Qo6f'lG CloGtJO!:Q3000
0 C>tJO!:Q300ob .3oJob !:QC>!:Q0 f'l808!:Q0 !:QC> o0Cf?C>ObC>!:Qf'lb 08
!:QMf'lOb !:QC>80103li1000G.:iG. (01.:i30 10).
bn6io(]i::;;o Moi::;;o0 0Gnoon - Serial bonds - f'lo~o 0 .:.Goo6oG
0 08rryCJ3060 Gb30!:Q0Gb3.:i 0 .:i6.:.c.;:!:QOOoG 3.:iCQ001 -
0 06Gb3.:i 30 0001, f'lo~o 0 .:i 8 oob 0 .:i8f'lo 30 o.:. 01i1016001i10
0 06.:ic.;:!:Qo<'>oG 3"0'?001 (term Bonds). (01030 20).
bobbob (a0Jne0!::'.!?ob) i:::;n6looal::'.!?Do0 - Cost of debt (capital)
- JM8.3.:i6ooG JMO(!?O@)f'lMoooG 8ooli1 8M01bf'l360~0
0.:i6.:iJ30010 0630G&oGooooG 8M8000006f'lO.)'bo. (01030
15).
3f'l8b0b(JM::J6nl; - Debt-service burden -
'(3(J~o, 8f'l01bM360~0 0 06G.:i'bc.;:3li1(J~O .3oli1of'lCQOb
0 068.:i3~Mo.:ioo (il3o(J~Ooli103 5o~oG ), li1.:i01.:i !QM-
<(30Mf'lU .3MMG06@>()~o b.:.li1'.Si:o<'>o Cf?" cn.:i360G
o"C!?"bCf?ooo . .:iG030 (JbP1!:QO<'>o6 - GoGboG 8M8G.:.b(JMO-
o.:iG. (cn.:i30 16).
'"':,mrnr"' - Debt capacity - GoGboG 8.:ijGo8.:i~(JMO
GoCQO!QO (8.:icn ClMli1oG, 8()(!?8030 b.:.li1'.Si:oooG CQ<><(3o6.:i6Go-
6oG 0 0cn30~0Gl50600001), MM8o~G"G JM8.30600
(J.31i1Mo~o8M!Q ob!:QoG, 08G0b(JM060. (cn.:.30 16 ).
- Society for Worldwide Interbank Financial
Telecommunication (SWIFT) - 06ClJMli180GooG o"CQ"G08oG
Cf?" 00!:Q0Mo(3b3000G CloGli1()~0ooG 006Jcn00Mli10Go o~o­
j@)P1M6(J~o GoG&o80. 8Gb30~0 G0oli1cn00MP10Gf'l
cno6.:i6G(JMO G.:ieo~OJM8()60J0GO(') dllo~o, Mf'l8~ocn0G
o0(!?00G08" G00P1cn00MMOU(') o0!:Q0MOGb3000, 0Go30
Gb30 '(lo6"6G(Jrfio b0Go0010G Clo88Moo606060. (01030 9).
- Maturity - <(30Uo.:i6o j0c.;:<>~CQ060G GoG-
MGb~oG(Jforfio.:i6M60, !:QMf'lol> b.:i6 0 P'\d~o3M60 l.>0608
'Cl0Go060 d"C::"C'.!?!Qol> cn.:i360 00b!:Qa60 0 0G060c.;:CQa<'>a~o.
(cn030 2 Cf?" 9).
- Sinking fund - '(Jf'l6(Qo, Clod86o~o
8oarfi, G.:.Cf?"G 0MP13!:QD<'>" cn.:i6ba6o, .3o6ioM-
!Q()~o 8"!Q<>b!:Qa6om, M6~o 0 .:.GooooG 006.:ic:;!:Qo-
00Gcn30G, G.:i608 8.:.mo Go8oo'CloG CQMM CQ0CQ 0 [J6.:..
JP1M.3MM0(300U 8MacnbM3060 c,060bMM(300~MU .3oP1o-
01CQ()~O 0C>(!?llM0(3b3060 08 <(3M6!:QOO. (01030 20).
bo6oli1~o - Synergy - OJM6M800, MMG" 300P1cno06oo()~O
Jf'l8.30600G 50ti18M[JO()~o 0j@)o3000G c.;:ot006'V~D60
.:.t'loG 8.:ic:;.:.~o, 3o!:Qtrl[J 01ocnMO()~o 80cno 0j@)o3a60G
G"~-G"~JD· (cn.:.30 23).
G0Gen80@>()610 610!..>Jo - Systematic risk - .:idGoo6oG 06
1.>006 3oG&,1oof'1 .3MP18cno~oMG G.:.P1 0 o<'>~oG 83 .:.~ 0 -
<'>.:.!QM<'>.:., MP18o~oG 0obG6060 8cn~0060 o.:.'bt'loG
Clo8MG03~000G G3~o~ooocn. (cn.:i30 5).
b.3M6&06()610 !Qil<(30606Goo0 - Spontaneuos financing -
JP18ot'loo'V~o JMoCf?oeo CQ" Gb 30 o"Cf?"G"bCf?o~o Cf?"
!:Q0b0M0(3booo .:.c:;8MG[J6o6()~0 G.3M6&06':'.JMC>!:Q JM8-
.306ool> l:JM30~CQc:;o()Mo f'l.3oti1000()~0 G0j8006rryooG
!:QMMb. (01030 8).
<:;,0C3r::,iomo J()l"iGo - Spot exchange rate - o"G3r::;oG
J()trlbo 8MG08()~ 81'1806@>00, ot'lcno 3"~()@)oG 8n(')-
li1o'bo o<>Cf?ilG.:. 83 ~ 0 ~"0'?' CQ"()tJP1 3 6 0 o 0 ~o 8oorry-
!:!?oo0Gcn30G. (01030 24). ·
G@Jo6CQ<>M0(J~O - Standard deviation - G(!J0(!)0G-
80J(JMO 8.:.i\ 30 6 0 o 0 ~o, ti1M8o~o 8 .:.t'loG 83 ~.:iCQoG
8Mb0~P1!:Q6o~o 8"3MGD~o6.:./ JP16Go68M0(300, 8.:.cno
G0Cl()0~\'1 0ti1ocn8oeoJ()~oG 0.:.t'lo 081'1. (cn.:. 3o 5 !:!?" 14).
<i~o<i6Go - Strategic alliance - MMo 06
80&0 !:Q08M()JO!:QOOO~ JM8.3060.:iG OMMOU Clocn06b8000
cn06.:i8otrJM8~P100 'bo JP16JMO@J()~O JP18[JMGO()~O
8o'b6oooG 80G0c:;oo30Cf?. (cn.:.30 23).
1>60~o'bo - Common-size analysis -
cno606G(JMO .:.6 0 .:.t'loooG .31i1MGOb@)()~o 06.:.~o'bo,
MP18~oG 8obo!:Q30010G 00~06GoG 830~" 8()b~o 06"~­
o'b!:Qoo.:. .:ij(!Jo3oocn06, 8cn~o.:.6 8"80!:!?3000106,
Clo8MG030~cn.:i6 Cf?" .:..Cl . .3MM(30b8()~ !:Q08MJOCQO-
O()~Oo.:,Clo. (cn030 6).
m<i8000 - Pure play - 0630G&ooo0, JM6Go6-
(!Jrfiot'loo()~o oo'b6aGoG ati101 8080ti101(J~Oo0Clo.
G()'CJ01" 0108.:iCloG G000600c.;:8U?oo(') 0630Ge0Goooo
JM6 0 ~M8o<Y1.:.(!JClo. (01030 23).
"rnnnt>M">"n~~11 11,\l'ltiM(l110 " " " ' " · ' ' " ' -
Terminal warehouse
receipt - G0'bM 0 0!:Qf'lOoti103 G001:1Mooo 08 G0jM6~0G
c,060103GoooG j30010Mo, MP18o~G.:.G '(l~(Y)OG JM[J!:QO-
(!J(Y)MO, ti1M 0Mti1G GoGboG 0oti1.:.M. (cn.:.30 11).
8M<>CQnGn(JC'.!?O (a0.3o@i0c;;oh
- Traditional approach (to capital struqture) -
J0.3o(!J.:.~oG G(!ifi()d@>()trloG 010Mfio0, M(Y)8[J~OOG
.:.P1Goo(Y)oG J0.3o(!J.:.~oG M.3(!)08.:.~()MO G(!Jt'l()j(!}()M[JOO
CQ" MM(3<> 8060'.Si:806(!JG O[J()d~o.:. 0 .:. 'b.:.trl!:QMG J(Y)8-
.30600G 801~0060 c:;ot'loo()~OO" <(30fo6G(JMO ~n3oli10-
o(Y)603M()~O 0 08(Y)tJ0600001. (01030 17).
,&tc..,11·nrm"'"(l"" 8('f) 0no0 1>6 - Translation gain or
loss - o()c.;:0r::,i(!Jt'l()~o 8M 0 oo.:. 06 'b0ti10~0 00P1-
8M0Moo~o, (](3b(Y)()MO Cl3o~rryoo~o J('f)8.305ooG
'(J0606G()mO 0600ti10Cl0000G .,80(Y)OO~O" J(')8.306ool>
3"~()@)1l00 8"CQ"83"6001. (01030 24).
(JOM0e::;01 - Promissory note - O(JMO!:QO()~"(Q 0 .:i8-
.:i0t'loo()c;;o (Q0.3ofioo.:. 8i>(Q0()b0!:Q(Y)U JM:J!:QO(!}P1MU
'B()~OG c,06G0'bc.;:361(J~O M0P1!:Q06(Y)O.). (01030 21 ).
759
 - Secured loans -
'B()~.)CQO 3.)~CQOO(J~OOQOo, C'ii(Y)8~o8 (J'hC'ii(J630~-
8(Y)'Bo~o.) J(Y)6JC'iiQ8(J~O 30C'ii.)(Y)mo, 3.)~ol> 3.)CQ.)b(Qol>
3.)C'ii.)68.)C!(. (0).)30 11 ).
'i:lorQ,'> 0060J3ocno - !internal rate of return (IRR) -
063ol>8oooao'ha Bo8(Y)G.)3~0G 3.)6.)J 3amoG Bocn.)L>oooG
8001(Y)C!(O. C!(OUJ(Y)68oC'iioooG 3.)6.)J3Qmo, C'ii(Y)8o~o8
8(Y)~C!(Q0.) 8(Y)8.)3.)~0 'B()~.)C!(O 8(Y)d(ii.)(Y)0QOOU 808(!(-
06.)C'iio QoC'iiao()~DooG, G.)063ol>8ooo(Y) .'3C'ii(Y)od8ol>
3.)6b(Y)C'iiooo~oooG (!(.) G.)0 801.>o o6 3aG8ooooooG
QOC'ii[JO(J~QOOU 3.)m3.)~0Goo600001. (01.)30 13).
()8l'i03c;;olif'loocn b8oG 8ooa8oG f5olm - Majority-rule voting
- J(Y)C'ii.'3(Y)C'ii.) 8 ooG C!(oC'iiod8(Y)C'ii01.) G.)o8'(Y)G .)C'iiRa 3oG
8001(Y)C!(o, C'ii(Y)8~oG 8obo(!(3om.)o mom(Y)Q()~o
fl3Q()~QOC'iio30 .)doo.) 'B~(Y)oG 0C'ii010 b8oG 8ooo8oG
()'B~QO.)U C!(OC'iiod8(Y)C'iioG 0)001(Y)[)()~ 3.)J.)68(JC'ii
01.)6.)8C!(QO(Y)O.)'ho; Qb(Y)C!(QO.) .)UQ3D C!(.)8'B(Jd6000~01.)
b8oG 8ooo8oG ()'B~QO.). (m.)30 20).
()5o'Boe,;iofilo6·w::c;in JM8Q/\1oo(Jl!?O - Uniform com-
mercial code - flMY\fl(Y) J.)6M6o, C'iiM8Q~oo .)C'iio3-
()~ot\100G JM8QM80(J~O (Y)d[JM.)OOQOOU 003t\1
.)u.'3od8o2>G (!(.) 8oQQO(J~O.) .'306Go~3.)600G B8.)8Bo
1954 oa~G. ()860B36o~(Y) 03~0~0000001 8(Y)330-
.)6aoom, 030 od6.) 8oQQO(J~o ()808Dl>o d8.)8aooG
U.)J.)6(Y)68C!(QO~f'J (Y)M3.)6(Y)oooG 8oat\1. (m.)30 11).
(]'13\!?860 - Preemptive right - .)doo(Y)6ot\1oooG
.'3t\1030~030.), Boo6.)t\1fl(J6(Y)6 m.)30Go oo~o .'3t\1(Y).'3(Y)t\1-
8o()~.)C!( J(Y)8d.)6ooG U.)bQUC!(QOf'l J.)d08.)~do,
.)dooaooG .'3t\1(Y).'3Mt\1 8 o()~o t\1.)(Y)C!(Q6(Y)ooG Bodo6oG
3'bo01 6000G8oot\10 .)b.)~o .)doooooG .)6 Jf'l63ot\18ot\1o-
o.)C!(o <n.)Uo.)60 O.)Q.)~C!(ol> 3.)8f'ld3QOOC!(.)6. (01.)30 19).
DJ303"'1!?D60o - Certainly equivalent (CE) - 306801.>
8oot\1, 3.)t\1.)680MQO(J~.)C!( 8ol>.)QQOO 'B(J~o
3.)MJ30()~ C!(Mf'JOU 8f'l8o68Bo, Mf'l8[)~08 'b(Y)3~QM
.'3ot\1(Y)3600.)U o6C!(O'BQMQ68(J~G bC!(oU. - d[J(Jd~ooo~o
b(!(OO.) .)Mflo3.)60G 3.)JQ0100.) .)8 01.)6b.)U.) (!(.) .)M.)-
3.)M.)680MQO(J~ t\loGJo.)6 Bo8(Y)G.) 3 .)~G df'JMoG, t\1M8-
~oG 8oQQOoG 8(Y)~(Y)C!(o6o (!(300.) ot\lmG.) (!(.) 08.)30
C!(M(Y)G (01.)30 5).
(JMcnoiJMm 008f'l86'!0(3b030 - Mutually exclusive
project - dM(Y)Dd8o, MM8~oG 8oQ00.) 3.)8(Y)t\1oob.)3G
[JM010 .)6 M.)8(!(06080 .)~8ot\16.)80(J~O dM(Y)Dd8ol>
8oQQO.)G. (m.)30 13).
(}'?3\!?Do" - Right - 8(Y)J~03.)C!(M6o (Y)'BOO.) 3.)6U.) 'hQ3M(J-
~o M.)(Y)CQQ6f'looG (.)q oo~oG) 'B.)Uo.)60 O.)Q.)~CQOOoG
Boda6.)'bo J(Y)Md(Y)M.)80.) 080826801.)6; .)U030 Obf'l(!(00.)
(J'B~QO.) 3.)8f'loot\1.)'bo (subscription right). (01.)30 19).
JMQ'?JOGoo60o - Price/earning
ratio (PIE) - J(Y)8.'3.)6ooG fl3o(J~Oot\1030 .)doooG
U.)0.)'bMf'l 'B.)UO, 3.)8(Y)'BO~o, .)doo.)'bo Bo8f'lU.)3.)~'bo
o(Y)~(Y) 12 0130G 3.)68.)3~(Y)o.)Bo; .)U030 (Jb(Y)C!(OOQ6
3 'b.)8J3~D3 PIE J(Y)ocnoooo68G. (01.)30 20).
'B0Go06 j0~Cil!?Q?OO'b:J 1933 Dl!?oG J0bM6o - Securities Act
of 1933 - J.)bf'l6oG 0).)6.)b8.)C!(, 'B.)U0.)60 d.)Q.)~C!(QOOU
U.)~.)M(Y) Bo01.)3.) 'boo.) ()6(!(.) C!(.)M[J3ol>8MOMC!(QU 'BOC!("
OM.)~(JC'ii 801.)3M(Y)Q.)dO .)8 00Q.)~C!(OOOU 3.)l:JOC!(3.)8C!(Q·
760
ol> J.)6(Y)6o o6(Y)oo~M, ol.>030 Mf'l3(Y)M8 ,,Clol>.)0.)8ol>f'lo.)
<n.)Uo.)60 O.)Q0~(!(02>oG J.)6f'J6m.)6". (01.)30 19).
'{3olio060 J"'C::"'l!?C!?Dool> 6.:.'blYloli bMC(3:J - Security market line
(SML) - ot\lcno. M(Y)8o~oo .)QbOMU ot\1cno3 C!(Ci8f'lJOCQO"
O(J~OO.)U J(Y)6JMQ@J(J~o 'B.)GM6o O.)Q.)~C!(QOoG
G.)t\1300~0G 8(Y)G.)~f'l(!(6Q~ 3.)6.)J3Q01G ((!(.) .'3f'lt\1@Jcn(Y)-
~of'll>o) (!(.) Gol>@Jo8.)8(JM t\1ol>Jo2>G d(Y)Mol>, 3.)'b(Y)80~0
11
.. 2>08.) J(Y)O<aoooo6@>001. (m.)30 5).
'13Cibo,'J60 JL>r.:;o\!?rQDi'iob oof<'iv;:ioob JM8obo,) - Securities
and Exchange commission SEC - .)dd·oG U.)801.)3M(Y)O(Y)
f'JM3.)6(Y), d.)U(Jbol.>83000~0 'BOC!(QM.)~(JMO J.)6M6aooG
'B.)U0.)60 d.)Q.)~C!([JOOU Clob.)boo CQ.)J3ot\13000G Jf'l6-
@JM(Y)~'bo, 8.)01 t\1oob3Clo 1933 (!(.) 1934 o~oooG
J.)6f'l6oo'ha. (01.)30 19).
'IJL>b<h)bo d0c:;0\!?rQ:J0001 1
Securities exchange act 1934 - J.)6M6o .)M03(J~ot\1ool>
3t\1do~3.)C!(0.)60 'B.)U0.)60 d.)Q.)~C!(OOOU 8o(Y)M.)C!(
0.)'b.)MU - 'B.)Uo.)60 d.)Q.:O~CQOOOU OOMtJOU CQ.) 8ob 3.)M[J
(Y).'3ot\1.)ooool>. (01.)30 19).
13 - FASB 13 - cno6.)6G()t\1o .)63.)t\10Cl3000G l>@J.)6-
CQ.)M8Q2>ob U.)03'(Y)G l>@J.)6(!(.)M@Jo ~ 13 l>8.)6CQ.)M@Jo,
Bo8()B.)302>()~0 cno6.)6G(Jt\1o .)63.)t\loCloG l>@J.)6CQ.)M8D-
ooG U.)03'(Y)G 8oot\1 (Financial Accounting Standards
Board), t\1(Y)8o~oo .)bQl>oob cno6.)6l>()MO .)QMoob30-
.)6(Y)ooG l>8.)6CQ.)t\1@Jool> 8Mo~.)t\1aaooG.) CQ.) 8oo~.)­
t\1002>0G0130G. (m.)30 21, CQ.)fot\1010).
'lPJl§()Mor'1::i60 - Factoring - CQQ008f'lM(J~O CQ.)3.)~o.)-
6aooG 8ot10CQ3.) cno6.)6U()Mo CQ.)bOUQO(J~QooG0130G,
fl3[J()~QOM03 "t\lol>(JMU[JOOU 3MY\0Bo"· (01.)30 11) .
'tJDQ;;:JMbc:;_>\1.JMO b003::i6i!!Jr0 - Federal agency - G.:.801.)3M(Y)O(Y)
CQ.)bQUQO(J~Oo.:., C!(.)8f'l(JJOCQQOQ~o 'BDCQOM.)~()Mo
!:Q.)OQl>o2>()~0o.:., J(Y)Md(Y)M.)80.) .)6 Gb3.:. u.)bob f'lM3.)60-
'b.:.Go.), CQ.)'B()d6o2>()~o JM63t\10GoG 8oot\1, Mf'l8o~oG
801~0.)6.:0CQ .)6 6.)bO~f'lOM03 .)t\lol> Cloot\10102>()~0
d8.)&aooG U.)J(J01M[J0.). (01.)30 9) .
'{30606b·061 8M60o::i8cn0 :Jc::.'Ddi!!J<'iP16(Je:::::o 0 0(33c:;_>i> -
Financial EDI (FEDI) - Jf'l8.'3.)6oool>.) CQ.) 8.)01G 0.)6Jo2>G
.)6 0.)6J[JOU d(Y)MOU cno6.)6U(JMO U.)d8o.)6MOOU o~o­
d8M(Y)6()~0 o6cnMt\18.)oooG 8(Y)dM.)(Y)0.). (01.)30 9).
<(l06i>6b0 1'io (06 0 ,)MoClo::i6nb) - Financial
(Statment) analysis - 8f'l6.)GD8aooG 3.)MCQ.)d860G
bo~(Y)36[JO.), cno6.)6U(JMO .)63.)t\loCloCQ.)6 - o6cn(Y)t\1-
8.)Go(J~Oo, MM80~0G U.)U.)M3[JO~(Y).) Gb3.)C!(.)Gb3.)
CQ(Y)6o'ho 3.:.C!(.:.OtJ3080~000G 8o8Qooo .'3ot\1000G0130G.
(01.)30 6).
930606b(J1"in - Forecast
financial statement - 8f'll>.)~(Y)CQ6o~o 8(Y)8.)3.)~o
cno6.)6U(JMO .)63.:.t\100300.), CQ.)l:JMCQ6f'loo~o 8060~806-
@Jol> 8f'l~(Y)CQo6'ho, t\1(Y)8o~oG ()6(!(.:. Ol:J(Y)G 80Qoo3.:.CQ0
8.)010 d8DCQQOOOOU OQCQD3.)CQ. (01.)30 7).
'(30606b(J6lo <>D(l,0MOO:JOOb b01:>6~01"i~ob
Financial Accounting Standards Board (FASB) -
f'lM().)6(Y), Mf'l8o~oo .:.ool>ooli U@J.)6(!(.>M@J[JOb O(JQ.)~­
@JM(J~O .)63.)t\looaooli 3 .)6bf'lMGoo~oo.)'b 0 • (m.) 3o 24).
mnh,,;,hvr11nn 00 'bt'ila6o - Financial markets - 830~.) o6G&o-
@J(J@)QOO U?" dMMGQ!:Q(JMOOo, U.)!:Q.:0(3 b!:Qo6.) cno-
6.)6U()Mo 06G@Jt\1()806~000G 8t10(!(30~Q2>0G (!(.)
0 .)8t10CQ30~000G 01.:.38(Y) 8!'i1.:.. (01.)30 2 CQ.) 19).
ow10,:,c,u".'lmn J(')[l'{lflGoo5®o - Financial ratio - n6U?odbn,
MM8o~n 8 .:iJ.:i3ClnMoob MM 6()~.:i~@JM()~o .:.6 8.:.MoCl-
80oob Mo(3b3b U?" 800~00.:i OM01ob 80MMO'bo
80tJM'?JOO'l. 6 ).
<on606b0 P10 - Degree of financial lever-
age (DFL) - JM8.3.:i6oob OM010 .:idonnb b.:iM()OO~ob
(EPS) .3MMGo6@>()~o 03~0~ 0 0.:i, MM8 0 ~oo 8"8Ml5-
30()~o.:i MdOM0(30(J~ 8M8Q6.:.Clo (EBIT) 1%-0060
(33~0~00001. 16).
<(30606G0 610 - Financial leverage - JM8.3.:.6oob
8ooM 8MdQ~301Q0.:>6o '?JOdboMOO(J~O <(306.:>61,l(JMO
CQ.:ifob.:.M~oooli 8"8Mtio6oo.:.. oMo@J.:>6(J~"IQ .:.~o6nCl-
60o.:. @JJM8o6om "gearing". '?3n6.:i6li()Mo b.:>M~Jonb
6MM8oMoo.:i. (01.:.30 16).
i:::;o oo6 0o - Financial lease - bo~ClQJM(J~oo.:i
0
8MdQ~3.'.>1Q006o <(306.:i6b(JM o~.:.M.:i'bo, MM8Q~0(3 0M
Clood~oo.:. n8Mt.i 8 .:.(Jd8o6(J~n. (01.:. 30 21).
t[p6.:.6G0<'i\o 8a6o~8D6<!lJo - Financial management - ob
.:>Mob b.:.d8n.:i6Mo.:i, MM8o~oo 8Moo.:i3u .:id@Jn3ooob -
8M.3M300.:.b, '?3o6.:i6boC'iloo.:.b IQ" 8o'b.:i6808.:>M01()~ 0'?30-
d&o.:.6 8.:.C'il013.:ib M.:>n8o 8o'b6nb 8ob.:i~tio301Q. (m.:.30 1).
'i'30606b(J(i'io filobJo - Financial risk - JM01 .:.don.:.'bo b.:.C'il30-
o~ob (EPS) G3"~Q001QMOOb 8.:i@Joo.:., d~(Jbb
Cloli.:id~M '?3()~ob (JJ8.:>MobMoob MobJn - MM8o~n 8
308MD3Q()~O.:> <(3n6.:i6U()MO ~Q3Mo~ob 308Mt1Q6Q0001.
(01.:.30 16).
'i'30606li()li}o - Financial intermediaries -
<(306.:i6b(JMO o6b@Jo@J(J@)QOO, C'ilM8~Q00(3 O~QOQ6
'?3(J~b CQ.:i8'bM33o~ooob8.:i6f8086.:ib3o~oonli3.:.6 CQ"
ntio6ooo6 .:.8 !(3M6CQJOb boubooob 8"GQ8oum3ob IQ"
bb3.:. !(3o6.:.6u()Mo n63ob@Joonoonb013ob m.:.3006mn
b.:ibo~o01. obo6n .:.C'ilo.:.6 JM8JM(30(J~O o.:i6JJOo,
Clo86.:ib30~0 06b@Jo@J(J@>OOO, b.:.CQ.:> 'b~303f'l JM8-
.3.:i6oooo, b.:i.3o6lioM <tJM61Qo6o, 'Bo6.:.6b(JC'ilo JM8-
I'.!?" b.:>n63ob@Jooo(T') <tJM6CQo6o. (m.:.30 2 CQ" 9).
bni:::;BoJM(J~Do" - Futures contract -
bo~CloJC'il()~[JO.:> b.:idM6~ob ()(3bM(JMO 3"~(.J@Job .:.6
'Bo6.:.6li()Mo 06b@JC'il(J806&oonb 8ol5MCQJO" 'bo, 1506.:.b-
ti.:iiY\ ei.:i6b.:.'b~3M(J~ <(301.i.:>CQ 8M8.:i3.:.~Clo 8M~0d0M<>Jo­
O(J~ CQC'ilM'b 0. <tJO(J'iiJC'ilb(J~n bo~CloJM(J~ooom
8n8CQn6.:>C'iloMol.i 3.:>~MMo.:> CQ<> 0 003~.:i. (m.:i30 24).
'tJP161Q[.!dob ::J~DDl~fi1rri6(J~o &"U?"M0Gb3.:i - Electronic
funds transfer (EFT) - o6<(3MM8.:>(300U 8MdM0M00 o~o­
d@JC'ilM6()~ M[)\::Jo8Cln MC'il CQQdM'bo@)()M o6b&o@>()@)b
Cl(T)P1ob, MM8~oli OJCQQ8<>CQ<>(3 bCQoo.:i 'B()~<>CQO
(m.:i30 9).
- Flow of funds state-
ment - J(T)8.3.:.6ooooli 'Bo6.:i6b(Jl'1o 8CQ3M8.:il'10Moob
83 ~o~ 0 o 0 onli ei8b.:ib 30 ~o !:QMJ()8o6&o, .3oMoMIQoli
!:QC>b.:if58oboCQei6 !.Q.:>b.:ib('t)(J~.:i8CQo; 8.:ib .:ilio30 (Jf5Ml:!?Ooo6
'?JM6CQo6ob Ol:JMDMJooli CQ<> 0.:>8MtJ06oooli .:i60 .:i('i)oCJ0oo.:ib
(sources and uses of funds statement) .:.6 'Bo6ei6b0P10
8!:Q 0M8<>MoMooli G3~o~ooob .:.6 0.:iC'iloClooo.:il.i (statement
of changes in financial position). (m.:i30 7).
- Forfaiting - li.:i<l().:.~('1 .:i6 0 1'1do~3<>CQ0.:i6n
li.:iodb.3MC'il@JM 8MmbM36oonb 8ot10CQ3.:i Mob0P1bob
3.:iMoClo <tJ06.:i6b0('t)o MM 0.:i6o'b.:ieooool.im 3ob, '?JMM-
'Boo@>0Mob013nb. CQ<><tJo6.:i6boo.:ib (J'bl'1()63o~tJM<tJb
8ob.:i8o 8b.:.1'1o, fi3[J()~[JOM03 o.:i6Jo .:.6 b.:i8m.:i3MMOM
CQ.:itioboo()~Do.:i. (m.:.30 24).
'(301fii306u;:0 i:::;n - Forward exchange rate
- CQ~;)3<>6CQ0~0 0 .:io3~omo J()Mbo ;)Ma>o 3<>~()@>ob
8:JMM:J'bJ, CQ"'BodboM:JO()~o bb3.:i 8M8.:i3.:i~o
006.:ibo.:.M 8.:i6b.:i'b~3M(J~O CQ~OO'l. (m.:i30 24).
o:if':1M'1'CJfilro~1f"'lo b;:ii:::;'80J610i:::;ao0 - Forward contract - JM6-
@JM.:id@>o b.:idM6~ob, ()(3bM(JMO 3"~(J@)Ob, .:.6
'?3n6.:i6b()Mo ri6b@)M()8o6&nli 8nCQ3.:i-3.:il:JnCQ3.:i'bo, MM8-
~nli '?3.:ibo 0 .:i6nli.:i'b~3M:JO<> .:ib~.:i, bM~(T) 8of5MCQ:JO<>
bMM(30:J~CQ:J00 8M8.:i3.:i~oo, f5ofobti.:i(Y) ei.:i6G.:i 'b-
~3M(J~ CQMMb. 8.:>()M.:>8 ei.:i6bb3.:i3oonm '?JO()~[JMU(J~O
b:J~O[JJM()~Oonl.i 0 .:.6 ol.i ,:,(Y) .:>Mol.i .:>CQ30~.:>CQ 8"CQ"G0-
8.:i!J?n .:i6 o<>()d8o6.:iCQo. (m.:.30 24).
'B()c:?"!:'?o CQ030Q?[l6~noo - Cash dividend - '?3()~.:>CQO
3.:ib.:.008000 .:idoo(T)6:JMooobm3ob JMMdMM.:. 8 ooli
8M 0 oooCQ.:i6, .:idooob tio~ob 8obo<Q3001. ~3:J()~:JOM03
bMMQO:J~CQ:JO<> J30M@).:>~(JM0CQ. (cn.:.30 2).
oo'l:i-)<Do - Money market - 8MJc:.>:J30!:Q006o
<a<>lio060 d<>~0~CQ[JOOU (8M8lfo<aooob CQMM - 0M0
(J8o®oli 061010 f5o~o) G.:ibo~8tio'BM IQ<> J(T)MdMM.:ioo-
(J~o b.:.3.:i~o <tJ0Uo.:i6o d.:i~.:>~CQOOob o.:i'b.:.Mo. ob .:ibo30
8(T)oo.:i3G G.:ibo~8f5o'?3M <tJ.:ibo.:.6 d.:i~"~CQ:JOG, MM8-
~oooli 8M8tio<aooob 3.:.CQ<> 0.:i8MCl3ooob l:!?MMl.i
0 .:i6ob.:i'b~3(Y).:i :JM010 ti~ob 008\Q:Jo, 8.:i 0M.:i8 CQM(T)oli .:i8
8M8o50Clo 8.:imo 8(T)8tio<aoo.:i IQ():JO.:> :JMcn f5o~'bo <>CQM:J.
(m.:i30 2).
'?3':'.l~olJ oc,'b6iob - Money market instru-
ments - '?3.:.MmM 0.:i3ooocn - G0boc:,>8tio'?3Ml.i 838~"
'?3.:ibo.:.60 d.:i~.:i~(QO !:Q0 8MJ~[J30CQ0.:.6o JMMdM-
M.:>00()~0 M0~0().:>(30:JOO. (01030 9).
'B0i:::::ob 6.:i 'b<Dob :Jti103o~naotiln60~0 - Money
market preferred stock (MMP) - .3Pio3o~M 0 o6\oo()~o
.:idooooo, MM8~oli CQ0301Qo6CQ000G 3.:i60J30010 ob0CQ-
CQ:JO.:i tJM3;)~ 49 {!?~[JOO. 9).
'?3()~ob 6.:i 'b6iol; "bollMD - Money market mutual
funds (MMFs) - 'bo.:il'1o '?3(T)61Q:JOO, MM8~oooo 080-
60006 88 oM 0 o6 3oli0MMOoob 'B()~"CQ G.:iCl(J"~oooou,
(QOIQO JM8d.:>60:JOOb 't)()~01QO 00 'bMoU o6U@)M(J-
8[J60[lOCJo (m.:.30 9 CQ" 20).
'?j()~ob - Cash discount period -
fiiM8~oU
(QMMOU d[JMOMCQOi 0 .:i68.:i3~MO.:>Oo(3
063061000!.i 01QM:J(J~O 0.:.CQ.:>b!J?obm3ob 8tJO!:Q3:J~8.:>
Clood~oo.:i 8oo~MG qpG<Q.:>J~[lO<>. (m.:.30 10).
[lJ303oi:::;[lfi0lJOo - Cash equivalents - 8.:i~.:i~­
~0J30CQ()Mo, 8MJ~o3<>CQ0.:i60, 00'b.:.M'b:J 01.:i30G(J'B-
~.:i\Q 8MdM.:i30 <tJ<>lio.:i6o d.:i~<>c:.>IQOoo, P1M8i:::;noo 8
UbM0<tJb(Q ()0CQ00dG03" 5.:ic::?IQ 'B(J~0CQ, MM()MM(3 b[JUO
u.:.8 m3:J81Q:J 0 .:.6.:i~(Q:JOOU d:JMOM(Q001. (m.:.30 6).
"'"''"'"'>n(JJ8ofr'mb0160 - Cash insolvency - 3.:i~IQ:JO'ZJ~ooo-
oob ()01Q.:>bCQoU ()()50M!'100. (01030 16).
"'""'""""'"'"·" - Netting - dli:J~()fiio Md;)MoMooob boli0o8.:i,
MM8:J~Oo(3 G.:i'bQ3M:JOU ClMMob 3o::J:fii010.:i !.!?"
.:i60 .:i(Y)oCJbl5MM:JO.:i, :JMOio IQ<> 00030 JM8.3o6oob 8016.:itio-
~O <(30~0.:i~oob OMMOU bMM(30:J~IQ:J00 o8!.J?0()30Mb(Q,
761
 MM8 momMO(Jc:?O 8M6<>ooc:?O obQ?ol> Cl?" OQ06l>
8bMc:?MQ? m<>3ol>o C:lol>80Q?306ol> <>6 8<'>80Q?306ol>
C:lol><>6<>8ol><>Q? JM8.3<>6ool> 8moc:?o dl>oc:?ol> C:lo 0 6om.
(m<>30 24).
8"Cl?"~" - Lien - c:?08"c:?(JMO .3"10806'bo<>/8MmbM36<>
0<>6l><>'bQ3M(Jc:? <>d80306'bo. ol> C:loodc:?o6<> 0<>8M806o-
6(Jc:?O oj6ol> JMOQ?08nl> (J'bM(J630c:?U<'>8M<tl<'>Q?·
(m<>30 21 ).
Clo 'bQ(J'J?(Jc:?o .3<>l>(Jbnb8 0o6c:?M6ol> JM8.3<>6o<> - .Limited
liability company, LLCs - 6o'b6ol>ol> MM 0<>6n'bo6ol>
<BMM8<>, MM80c:?OG 8ol> 8<Bc:?M6oc:?o6l> (OM{!?Q6(Jc:?O
11
,,003"106<>Q? ) <'>Jnl>t'lo6l> C:lo'bQ(J!.Q(Jc:? dOM<'>'J? JMMdM-
M<'>(30(Jc:?O 8n.3ol> .3<>l>(Jbol>8 0 o6c:?M6<>l> Cl?" oo 0"1<>3l>
<BOQ?OM<'>c:?(JMO ()<'>Q?<>U<>b<>Q?nm. (m<>30 2).
Clom<>6b8oo<> 0<>8Ml>8ouw<>'ho - Repurchase agreements (RPs;
repos) - C:lom<>6b8oo<> <B<'>l>o<>6o j<>Q<'>c:?Q?06ol> C:lodo6<>'bo
(IJ3o(Jc:?06"103 l><>b<> 'bo6M 3"c:?Cl?06(Jc:?0006ol>) Cl?" 8<>m
C:lo8Q?8M8 8<'>8MU80Cl?3"'bo, C:lom<>6b806(Jc:?1 dOQ?<'>MOOOOJ
8<>Q<'>c:? <B"l>"Cl?· (m<>30 9).
CloJ3ocnol> OJM6M80(JMO 8M(3(Jc:?MO<'> - Economic order
quality (EOQ) .,.. dOJ3omoc:?o JM6JM08(Jc:?O 8<>M<> 0 o6ol>
8MG(Jc:?M6<>, MMQ?ol><>o l><>o"1mM 3..,t11..,80 o'bo Cl?"6"b"t11-
~o60 80608<>c:?o'bo6(Jc:?o", 8<> 01'1<>8 O<Bod8o<>6o<> Cl?"
0<>6U<> 'bQ3M(Jc:?O dOMOMQ?OUm3ol> Q?<'>8088oc:?o oj6o6<>.
(m<>30 10).
CloJ3omol> oot'len~o - Order point - Clo800"1oo(Jc:?O
3..,t11..,80 ool> M<>MQ?o6M6<>, MMG" (J6Cl?" 8MbQ?ol> 3..,t11.., 80 -
6oL> boc:?<>b<>c:?o o 03 L>o6<>, <B"d8n(JM<>Q? <>8 Q?M6o'bo
C:lo800"106(Jc:?o 8<>"1<> 0 060 8060Cl6o6<>l> <>Jomo6l>
boc:?"b"c:? CloJ3om<>'bo. (m<>30 10).
Clo8mb3030010 l'ilnl>Jn - Event risk - t'lol>Jo, MM8
8<'>Q?<'>b(l?OU()6<>MM6Mo<> <>MU06(Jc:? 3<'>c:?do 0(308<> Q?<'>-
8<>8o6omo U<'>3<'>c:?M <B<'>U0<>6o d<>Q<'>c:?Q?OOOU o8ol>ool>
dOQ?08<'>Q?, IJ30(Jc:?06Mo3 JMMdMM<'>80(Jc:?O MOMM-
0<>6n'b<>on<>l>m<>6 Q?<'>J<>3Clo(Y)o6()c:?O· (m<>30 19).
Clo8Ml><>3<>~0 <>dCJn<>'bo - Earnings per share (EPS) - 8Moo6<>
8<'>Q?<'>U<>b<>Q?o6ol> 8<'>Q?<'>b(l?OU C:lo8Cl?Do> 8<'>8M<BOc:?O JM8-
.3<>6ool> IJ3o(Jc:?06Mo30 <>dooo6ol> M<>MQ?06Mo<> 'ho
(m<>30 1).
oo8MU<'>3c:?o6ol> <>6()<>M00806" - Income statement - Q?MJ(J"
80680, MM80c:?OG dOO(l<>3l> o6<BMM8<'>(30<'>U JM8.3<>6ool>
o08ML><> 3c:?o6L><> Cl?" b<>M~oo'bo 8..,6L><>'bQ3M(Jc:?
dOMOMQ?On, <'>U030 Q?<'>UM(Jc:?06(Jc:? o8o6Q?<> 8M 0oo<>l><> <>6
o8o6Q?<> 'b<>M<'>c:?U <>8 dOMOMQ?nl>m3ol>. (m<>30 6).
Clo8Ml><>3c:?ol> Mo~o 0 <>oo<> - Income bond - M6c:?no<>on<>,
MM8c:?ol> .3MMCJ068oool> 8"Cl?"bQ?<>, .30MQ?<>.3o(Y).3(Y)M-
.3MMG0Vc:?"Cl? Q?<'>8MJOQ?OO(J~O<'> JM8.3<>6ool> 80QOO(Jc:?
Clo8Ml><>3c:?'bo. bCloM<>Q? 0 <>8Mo8o6o6<> JM8.3<>6ool>
MOMM 0<>6o'b<>onol> Q?MMU. (m<>30 20).
Clo8b301:QM0 3<>1f:61Mo<> - Countertrade - o<>M80M(Jc:?O Cl?"
l>b3<> l><>bol> 3<>8'MM6ol> U<'>OMOJM 80M8o6o, MM80c:?OG
8M0(3<>3l> l>b3<>Q?<>l>b3<> l><>oMm<'>dMMOUM l><>jM6c:?OU Cl?"
8M8l><>b(JM06ol> 8"80Q?306l>, 8"Cl?"bCl?" o<>M8Mo6l> -
8mc:?M6<>Q? <>6 6<>00c:?M6Mo3 - l><>jM6~ol> <>6 8M8l><>b(J-
MOM6ol> 8M<>6l><Bo61om l>b3<> d3o86nQ?<>6. (m<>30 24).
762
Clo616'88" - Merger - MMo <>6 8080 JM8.3<>6ool> 8"0Mmo-
<>6o6<>, MM8c:?ol> Clo'l?08"Cl?"G' 8bMc:?MQ? <l3()6donM6o-
61a6<>l>, oMmo O(JMOQ?O(Jc:?O .3o(Y)o "8(Y)doc:?n6l>.
(m<>30 23).
'Bo61o88ol> l><>6'8ol>o l><>~<>ei1M (lom<>3<> 'bo6<> - IPO roll-up -
OJM6M80JOU [)M(Jl Q?<'>M()OO 00M0888c:?O Q?<>8M(JJOQ?O-
O[J~O JM8.3<>6oaool> 8oo(Y) <>doon6ol> l><>58ol>o l><>~<>MM
Clom<>3<> 'ba6<>. IP0-Q?<>6 8oQo6(Jc:?o <Bo6<>6l>()Mn
l><>Cl(J<>c:?o6n6o 0 <>8M 80 60o(Jc:?°" C:Ja(Y)o 88(Jc:?O JM8-
.3<>6oo6ol> Clodo6ol> Q?<>l><>9306<>6l>ooc:?"Cl?· (m<>30 23).
Clol>80Q?3ol> (8omMQ?n) - Purchase (method) - 6(JQ<'>c:?-
8M(Jc:?O <>6 0..,(Y)oC:lon6ol> 8amMQ?n, MMo JM8.3<>6ool>
Clo(Y)o88ol><>l>, Q?<><>6 0 <>MnC:lo6(Jc:?O l><>o<>'hMM <B<'>l>om,
MM8[!c:?OG 8"Cl?"bQ?oc:?o<> Cladn6oc:?o JM8.3<>6ool>m3ol>.
(m<>30 23).
onvdGD3"Q?O b<>M:l(;[!60 - Sunk costs - <>8M(JQ06<'>Q?O
Q?<>6<>b<>M~o6o (m<>3ol>o Q?<'>(J<B<'>M<>3M6ol> 8o'bo'bom),
MM8c:?ao8<>(j <>M (J6Q?<> ojM6oMU 'bo8"3c:?D6" 8o8Q?-
o6<>MO <>6 8M8<>3<>c:? 8<'>Q?<'>08308o~o6o6'bo. (m<>30 12).
Clod()fJo6<>/61M~c:? <>ca - Roll-up - DJM6M8nJnl> o(Y)ml><> Cl?"
08<>3[! Q?<'>M()dO <Bv6dGnM60M[J6<>Q? 8M<>3<'>c:?O 8(30MO
JM8.3<>6ooool> O[JM088" o61m 8l>b3oc:? JM8.3<>6n<>Q?.
(m<>30 23).
Cl3oc:?M00~0 JM8.3<>6o<> - Subsidiary - JM8.3<>6o<>, MM8c:?ol>
U<>JM68"1Mc:?M .3<>Jo8ol> (b8ol> 8oGn8ol> V<Bc:?06ol>
8jM6n <>doooool> 6<>ba 3..,(Y)'bo 8o8ol>) 8<Bc:?M6oc:?o <>Mol>
L>b3<> (Q?<>8<Bvd6oonc:?o) JM8.3<>6o<>. (01<>30 15).
Clb<>8o<>6o <>60 - Poison pill - JM8.3<>6ool> 8onM 0<>8M8D6o6-
Vc:?o 8omMQ?n, M<>m<> 0 <>bQ?al> 6<>Jc:?o6<>Q? 808'boQ?3ac:?o
Q?<'>U<'>(J<tlc:?D6Dc:?o J<>6Q?nQ?<>8n. "Clb<>8o" o08[JOU 8Mj-
8[JQ?[J6<>l>, MMQ?OU<'>(3 880Q?3[lc:?O (3Q?Oc:?M6l> Cl?"O(J<tl-
c:?MU (.. (JJ006Ml>") JM8.3<>6o<>l>. (m<>30 23).
IJ3o(Jc:?Oo61030 <>don<> - Common stock - <B"l>o<>6o
d"Q"c:?Q?O, MM8nc:?oo o<>M8M<>Q?&a6L> a18 c:?M6oc:?ol>,
063ol>8MMU V<Bc:?D6ol> l><>6(Jml>, 0<>6l><>'b~3M(Jc:?O
ooc:?ol> l><>J(JmMoo<> i 0 (Cl?" Mol>J'ho) JMMdMM<>on<>oo.
(m<>30 4 CQ<'> 20) •
IJ3[l(Jc:?OOM030 M6~o8<>(3onl> ~ocYioo(Jc:?OO<'> - Straight bond
value - JM630M80Moo<>Q?O M6c:?no<>Gool> ~oMo6(J­
c:?D6", mv JM63[JM80Moool> .3oMM6<>l> <>M<> <>j3l>
QOM[J6'ZJc:?DO<'>i l>b3<> l>o88306om, <>M<'>JM63o(Y\80Mo-
o<>Q?n MOc:?08<'>(300U QOM06Vc:?D6" 08<>3[! JMd'ZJ6(JMO
0 <>6<>J3omom, l>o8oo<Bol> Cl?" Cl?Oez3Mc:?8ol> Mnl>Jnm,
MM0MM(3 JM630M80Moo<>Q?O MOc:?08<'>(30ol>. (m<>30 22).
!So6l> - o<>6Jm<>OMMOUO Oc:?Dd8MM6'ZJc:?O <'>~M0(3b3oool>
Jc:?nMo6 0 ol> l>ol>8o8<> - Clearing House Interbank
Payments System (CHIPS) - <>38M8<>8n'bo6(Jc:?O
Jc:?nMo6 0vc:?o l>ol>8o8<>, MM8nc:?oo 0 <>8Mo8o6o6<>
l><>oMm<>ClMMnl>M 8<'>Q?<'>M0(3b300Clo. 8ol>o 6Mn8<>6vc:?o
3<>Mn<>680 o6M6oc:?°" l><>bac:?oMQ?Ooom 1Ja.3l> - CHAPS.
(m<>30 9).
f}ty)l:QOc:?M <>80MOJ'ZJc:?O o6Q?(Jl>eMnol> Jc:?<'>Uo930J<'>(300U
l>ol><!!Jo8ol> (NAICS, 8<'>8Momj8ol> .,6<>nJol>") JMQ?O -
North-American Industry Classification System (NAICS)
 Codes - 0Jf'">6(Y)8o(Jl'io li.)j8o.:.6(Y)ooli 0o.3oooli 8obo(!(-
3oen oo'b6ol.iol.i li0.:>6Q(.:>l'i0o'boo()~O J~C>l.iO'lJOJC>(30C>
ol'ien(Y)o~o3.:>Q? 0.:.63oen.:.l'ioo()~o J.:>6.:.!Q.:.oo, 8odlioJ.:.l.i.:.
!QC> Clool'ienoo()~ 08.:>80000. b(Jeno .:.6 DD3l.i (30'lJMo.:.6o
Jf'">!J?O 800601foo.:. oo'b6olioli 808.:>M01(J~Dooli 8obo!Q-
3001. (01.:.30 15).
'' f).;(i)8f'">80CQ3D6~Moo010 !QC>60b.:.6J~ooo - Agency costs -
8o6oJi;81J60nli 8(Y)608f'">l'io60oli !Q.:>6.:.beil'iJi;QOo, o8oli
!J?0li0!!10D60!Q, l'i(Y)a 000 08f'">d8D!QDoli Jf'">8.306ooli 8oo(i)
Jl'in!!1o0f'">61 0oenei6 !!1"' .:.j 8 ofYJ6o61ooen06 8oe:;oo()~o
Cloen06b8ooaooli ooli.:.008oli.:.!Q. (01.:.30 17 !Q0 23).
00fl18M80C!lo::J6oe::;o - Agen(s) - Li06!J?f'"> .30610 . .30610, ()'BC!:'..'D-
008f'">l.io~o lib30 .3nl'ioli 8no61, Of'">(QQO(J~O 61f'">0f'">M(3
8en030Mn (6!Qf'">O.:> 8nGa8()~o), Mf'">8o~oG 8f'">d8D!QDoli
Bolin Lieiba~oen. (enei30 1).
6'0618M8.:.o;:e,06e::;f'">6nenn ID::JMMM - Agency (theory) -
0Jf'">6M8nJ()Mo 80G600Moonli 6.:.oo~o, MM8::J~0(3
Li60 3 ~Mol.i 0j 8 o(Y)6ol'ioooli !J?0 80eno 00060000Li, 50'"1-
8M80!!1e.06~000Li (8.:. 0 .:.~oen0!J? 8o60Ji;DM::JOol.i)
8f'">d8D!J?Do.:.l.i !!1" li.:.6!QMf'">o.:.li. (en.:.30 1)
fl0618M::JO(J~n (U?D6ln30.:.en) 9pGo.:.60 jeic:;.:.e::;CQn -
Derivative security- '8n6.:.6li(Jl'io Jrr>68'"1.:.d8o, Mf'">8~nli
e:;n6lao()~Do0 6.:.ffo~f'">0Mo3 0.:.6oli.:. 'be:;3Moo.:. 8.:.LiClo
.:.MliDo()~o [)Meno .:.6 8000 dol'io010!Qo .:.j003aooli
(800.:.e::;o01.:>Q(, C/)C>lio060 j.:.e:;.:>~!J?DOo, li0jf'">60~0), dMf'">-
(3060(.J~O 306.:>J300106oli, 00(33~0010 J()l'iliaooli 06
o6Q(adlio6oli e:;nl'iao()~Donen !!1" b.:.Lin.:.01n01. (01.:.3n 22).
EHIT-EPS fl.:.(J 0[!6e::;(Y)onli .:.6.:.~o'bn - EBIT-EPS break even
analysis - [)Menn .:.dGnoli 8M006oli lin(QnQ(O'b[) lib30!Q0-
lib3.:. 0~0al'ifo0o()~o 'Bo6.:.6Liol'iaooG G01'i()d0()M::J-
6oG 'ba8f'">d8o!Q06oG .:.6.:.e::;n'bo. 6.:.()0[)0~f'">ooli
oal'i0o~o Claali.:.0.:.806.:. EBIT-oG nGoen !Qf'">6::JG, l'irr>8-
e::;nG 8oba!Q3om.:.G EPS ::JM010 !J?0 0003D" J.:>.308.:.e::;oG
rr>l'in (06 l'i.:.8!!106080) .:.e::;8al'i6.:.00()~0 G<!!ll'i()de·:r
l'ioG013nli. (01.:.30 16).
- Break-even analysis - 8001f'">Q(o,
Mf'">8e::;oG (QM(Y)U.)(3 ClooGo.:.3~06.:. !J?C>8f'">JOQ?::J6()~[)6C>
'BodGo61o6()c:: CQ.:.6.:.b.:.l'i'.s'i:a6G, 83~"!!? !Q.:>60b.:.M'.s'i:::JoG.:.,
0.:.t1n!Q3060G a(Y)G()~f'">o.:.G.:. !!1" Cla8f'">G030~G Of'">MnG,
8.:.G .:.01"iaen30 od.:.bo.:.6 !Q.:>b.:.l'iJi;aon/8f'">(3'(JC::f'">6.:./8rr>00-
ooG (C/V/P) .:.6.:.~n'bG. (01.:.30 16).
l50-ve.Doc::0100G - Break-even chart - 0M0'lJOJ(J~O
()6101oal'i01Q(.:>8{Y)Jn!QOO(JC::000G o.:.l'i8f')!J?006.:. 801c::o.:.6
Cla8f'">G03c::ooli.:. !!?" 8enc::o.:.6 b.:.l'i'.s'i:aoli Clf')l'ioG,
Gb30Q?0Gb30 5.:.l'i8f')D6oG !!?" 0.:.1:10!!?30G !Qf')60060G0130G,
Mf')8oc::oG .:.G0b.:.3G af')3000G0 (!:?0 o.:.3000G .:.l'iaa6G.
(01.:.3n 16).
00~'l;>.fl0{"0(Y)()O(j !5n6ieoc::n - Break-even point - oal'ieoc::n,
0[)8f'lbo3.:.c::o 0.:>tJOQ?3::JOOQ(.:>6 !QC> 801c::n060
Q(.:>60b.:.l'i'.s'i:aoo al'i018.:.6001G ()0f')~Q([)O.:>, 0Dod~ao0
af'">G(Jc::n ow0Li l'i01 0 f')l'i 8 al'i01o'ZJc::aoon .:.G 030
0106brr>ol'in30CQ. (ro.:.30 16).
- Letter stock - .3ol'iGrr>6.:.c::(JMC>Q?
0.:.60103G:JO(J~O R3a(J~[)OM030 "DGnaon, Mf'">8c::aoo(3
.:.l'i .:.l'ioG !!1"1'ia 00G0'"1061ao()c::o ool'iti"'b 0 , !!1" 0 00~60.:.
Gb3.:.!Q.:.Gb 3.:. G.:.boG Clo'be::v!!13Doo, 800.: .:.(i) Cloodc::oo.:.
!Q0(JtJf')3600~03 0.:.otJOQ(f')U bo~0bc::0. (01.:.30 19).
006.:.Go.:.l'i .::i38rr>l'io'boo(Jc::o Q(:JO:J0o61o6.:. - Preauthorized
debit - 'B()C::"!!?o 01.:.6baooG 00!!?0Mo(3b30, 006G.:.'b-
e:;361()c:: !QMf')l.i, 30!Q.:.8b!Qa~oG Li0606Jf'"> .:.6301"1000!!?.:.6
aoae:; 0ooli G.:.o.:.6Jrr> .:.6 0.:.(i)oo'b 0, 00!J?0Mn 8 b3.:. bf'">M-
8ooc::!!1o6.:. 3"C::!!1D6vc::oooli 006.:.Lio.:.(i)o .:.e:;o0(i)o6oli
Li.:.'Bvd 30 ~'b 0 . (01.:. 30 9).
.:.be::;.:.61J?:JC::O e:;ol'io6()~:JO.:> - Net present value
(NPV) - GM630Li00 8 of') .3(i)f')ad8a6oli .:.b~.:.6Q(ac::o
c:?o'"1::i6(J~D6", 0806!!1" 6.:.e:;Q(n 'Bv~oli o 0af')t.i.:.3c::aoli
3.:.8rr>JC::::JO(JC::O dMf')::Jd8oli G.:.01:10Go 6.:.e:;Q(o 'BVc::oG
00li.:.3.:.c::o. (01030 13).
el8o6Q(.:> .:.bc::.:.6u:oc::o e:;o6106()C::Di'mb 361.:.'BoJo -
NPV profile - 3MC>'(30JO, Mrr>8[)~0(3 .:.Li.:.b03G u:.:.af')-
JO!Q[)O(JC:::JOC>l.i Mrr>8a~o8o .3Mf')Od8oli o8n6(Q.:> c:?ol'ia-
6(.J~[)o.:>G !!1" !QOGJ01680Maovc:: e:;n(i)o6()~D6"G
Clrr>MoG. (en030 12).
mm'm"''';i_" - Net float - 306Gb30300.:., Jrr>8.3.:.6naooG
06 J[)Mdf') dOMol.i Li.:.RoJrr> 000600 '8()~0(!10
G0Clv.:.~06000G 6.:.oenG.:. !!1" li00.:.6Jf'"> .:.63.:.l'ioCloG 6.:.ClenG
Clrr>MoG. (m030 9).
el8o6!QC> 0~0P1.:. - Net lease - 8rr>c::.:..30(i).:.Joo.:., Mrr>8c::oli
o 0G.:.6.:.8oli.:.!Q .30G(Jbot.ia 00 oc::rr>o0G o'.s'i:.:.l'i.:.Clo .:.l'iGao()~
6o 3en 06oG 0ad8(Y)8G0b(Jl'iao.:.Li0 (!(" CQ" 'be:;303.:.'bo
01.:.30Gro.:.3'ba oe::ooli 800'.s'i:.:.(i)a. (01.:.30 21).
Q(<>2i::i331'ioG - Net
operating profit after tax (NOPAT) - Jrr>8.306onli .3rr>8a6-
(30()Mn 0806!!?.:. 8f')3ao.:., en() 030 !!1"'Bo6.::i6Gao(Jc::o0
8en~o.:.6.:>(Q b.:>J(J01.:>Mo J.:>.3080c::o01 06 01"1 oj60
308f')1:1a6ao()~o JMD!Qneaoo. (010 30 15).
1nmn.~c•rm•m - Net operating income
(NOI) - 8o!Q3f')8.:. (J0.308.:.c::oG b6M()D<§J(JM0G0(!(80)
J.:>.3n0.:.c::oli G0M(JD0()MoG 01orr>l'io.:., Mf')8a~ooG J.:>.30-
0.:.~oli Q(060b.:.l'iJi;[)i'inG G.:.Cl(J.:>C::rr> orr>60 CQ" Jrr>8.30600G
8enc::o.:.6o e:;ol'ioo(J~Do0 l'iRao.:. 8()(!18030, bf'">~f')
'Bo6.:.6G(JMO C::D3DM[)'.,'i:n nG3C::oo.:.. (ro.:.30 17).
ll0C!M".'lb0~!1 .«C><l!11,lj\0('TIO - Net working capital - aoa-
Q(06.:.l'io .:.j<§Jn 30 oG 00801Jc::ao(Jc::n 808!!?06.:.l'ia
3.:.~!Q[)O(JC::::JO[)Oo. (01.:.30 8).
- Straighte line depreciation -
08f')'"18o'b0(300G 8001f'">Q(n, Mf'">8c::ob Q(l'if')G J0.30-
80~()Mo 0d803aonG e:;nl'ioo(Jc::OooG 0"!!?"0.:.60
b.:.P1300Clo b!Qao.:. .:.j<§Jn3aooli GP1(Jc::o .:.8f')P1<§Jo'boooG
Q(Mrr>li 3.:.68;:,3c::rr>o.:.oo dM01d01M(30(JC::"!!? . (01.:.30 2).
- Aging
accounts receivable - CQQ000r'1M(JC::O CQC>30e::;o.:.600000G
Jc::.:.Go'BoGol'ioooli .31'if')Golio 60M8rr>orr>ooG !QMf')oli
8obol:!?3n01. (01.:.30 6).
ti:1~"'0ti0~>0 n;:0'00606bno<> - Refunding - d3ac::n Li030~rr>
!Qrr>J()8o6<§Jaooli oaG 3c::.:. 0bc::nen, R30()~00P103 6.:.J-
~aon Li01'i3ao~nli 3.:.6.:.J3001001. {m.:.30 20, !Q.:>6.:.l'ieno).
763
:'l[J'.1(;01Da60 - Hedge - .:id(J;o3(Y)o.:i, M(Y)8;:i~oG Cl;:i.:i8ooP1;:ioli
8(Y)803.:i~Clo '?3.:ilioli G3~o~;:iooli P'ioliJG, 8(Y)d8DCQ;:JO.:>,
808.:iP'im(J~o li.:io63;:ili(l;ooo(Y) P'ioliJoli Cl;:ili.:i8oo-
P'i;:io~.:i{Q. (m.:i 3o 22).
dnbu61:,8obn) -
(maturity matching) approach - '?306061.ioP'i;:iooli
8;:im(Y)(QO, M(Y)(Q;:jb.:>(3 aJOOJ(Y);:)(J~O .:id(J;o30 060 'bc;i.:>(J-
M(Q;:JO.:> 8li803lio lio86o<Boli 3.:>CQoli 8d(Y)6;:i CQ.:><ao6.:i6li;:i-
ooli o6li(J;P'i(J8;:i6(J;om. (m.:>30 8 (QC> 15).
- Dutch-auction - '?3.:ilio.:i6o
764
d.:ic;i.:>~(Q;)Ool.i tJOCQ3oli (8.:it10CQ3;Jooli) .3M(Y)(3;){Q(JM.:>,
O(Y)CQ;:JO(J~o lioli(l;;:i8oli .3.:i(J;o3li.:ioa80CQ, P'\(Y)8;:i~oo
8 08(Y)t1a6;:io(J~o.:i d(Y)~.:>6CQo.:iClo 1:1 3 .:i 3 o~;:iooli .:>(Jd-
oo(Y)6'b;:i. 8tJOCQ3;:)~0 (o.:>8tJOCQ3;)~0) ;Jd;JOU '?JC>UU,
8061.i.:i 'bc;i3P'i(J~ '?3.:ilim.:i t"Qo.:i.3.:i 'b(Y)6Clo - R3D(J~;:ioP103
8lib30~0 .:idoo;:iooli 06 (Y)O~o8.:>Goaooli .3.:iJ;:i(J;olim3oli.
8 0006.:i~o'b;:ioli P'i.:i (J<a~ao.:iClo Cl;:im.:i 3 .:i'b;:io(J~ <B.:ilili,
8t10CQ3;:J~O (8.:i8t10CQ3;)~0) 0P1R;:i3li 80608.:>~(JM ca.:ilili,
P'\(Y)8;:i~oG 8.:ili li.:iCl(J.:i~;:io.:ili .:id~;:i3li 8ooc;i(Y)li (8.:itio-
CQ(Y)li) 8m;:i~o .3.:iJ;:i(J;o. (m.:>30 18).
ACH Automated clearinghouse 03®01806(.)MO J~OMo50.30(J'bo
AMT Alternative minimum tax 806080~(.JMO 0~®ofi160®o(J~O 00!."Q0b0b0(QO
NP Accounts payable JMO!."Qo®01M(J~o 30~!."Q00(.)~000
APR Annual percentage rate b~O(JMO dM01(3o56()~0 2105.:iJ3omo
APT Arbitrage pricing theory 0fi1oo®fi10\'.J(J~o oo<n0booob mo01fi100
APY Annual percentage yield b~O(JMO dM01(3o56()~0 b0fi10000~0
AIR Accounts receivable !."Qooo®01fi1()~0 !."Q0 3 0~005000
BAs Bankers' acceptances ll0005J01 0080 00 051.lo
~ Beta 00®0
CAPM Capital-asset pricing model J0.'30®0~(Jfi10 0d®o3oll oo<n0lloooll 801<!?0~0
CD Negotiable certificate of deposit m03ob(J<(3~0!."Q 80801dG030!."QO b0tQo.'301'bo®01 llofi1®o<n.
CE Certainty equivalent (JMObJ01 0J3030~05®o
CFt Cash flow at time t <(3()~0!."QO 50J0!."QO t (QM01ob 006803~010000
CML Capital market line J0.'30®0~ob 00 'bfi1ob bM<nO
COD Cash on delivery 00!."Q0b(Q0 8ob01tQOOob0b
CV Coefficient of variation 30Mo0(300b J010<(30(3005®o
DP Dividend on preferred stock !."Qo3otQ05!."Qo .'3fi1030~021ofi106()~ 0dG00'bo
Di Dividend at time t !."Qo301."Qo5!.Qo t !."QM01b
DCF Discounted cash flow (QObJ015®ofi1oO(J~O <{3()~0(QO 50J0!."QO
DFL Degree of financial leverage <[3o505b()Mo ~030M0:5(;0b !Q0150
DOL Degree of operating leverage 01.'3ofi10(30()~0 ~030M:J:5(;0b !."Q015o
DRIP Dividend reinvestment plan !."Qo301."Q:J5!."Qoooll fi1oo5 3oll®ofi1oooll 0 0080
DTC Depository transfer check ll0!."Qo.'301'bn®01 ll0®fi106ll<nofi101 f>oJo
DTL Degree of total leverage 8m~o05o ~030M0:5(;0b (Q0150
EAT Earnings after taxes 801 0 000 !Q060 03 fi1oll oo8!."Qo0
EBIT Earnings before interest and taxes 8013000 .)fi101Go5®oll 00tQ.:>b!Q08tQO !Q0 tQ06033fi108!."QO
EBT Earnings before tax 8013000 !."Q00033fi108!."QO
EC Electronic commerce o~od®fi1015(J~o 303:P10100
EDI Electronic data interchange 8015.:i(308m0 o~od®fi1015(J~Cl 30(33~0
EFT Electronic funds transfer <(301b!."Qi.JOOG o~od6M\fl5()~0 o"!."Q"Go80
EOM End of month m3ob O\fl~01
EOQ Economic order quantity Oi.JJ3i.JOlOG :JJ0150180J(JMO 801(3()~0100

765
EPS Earnings per share oa8Mu0 3 0~0 0do00'ba
EVA™ Economic value added !:Q0808JO(J~O JJM6M80J(JMO ~o<'1JO()~J00
FASB Financial Accounting Standards Board cno606b(JMO 0630<'10Claoob U806!:Q.:>M8ob U00ffM (cn0bb)
FEDI Financial EDI C(30606U(JMO 8M60(3J8JOOU [)~Od8fi1M6(J~O ()0(33~0
FRN Floating-rate note 6M80 8o()fi1030 006.'.>J3amom
FV Future value 8M8030~0 ~OMJO(J~J00
FVA Future (compound) value 068()08ob (R3[J()~JOfi1030) 8M8030~0
of an (ordinary) annuity (OJ!:QoJ6o~o) ~OMJO()~J00
FVIF Future value interest factor 8M8030~0 ~OMJO()~JOOU U0M()JO~ob cn0d8MMO
FVIFA Future value interest 06()0808ob (R3J()~[J0<'1030) 8M8.:i30~0 ~OMJ6()~JOob
factor of an (ordinary) annuity U0M()JO~ob cn0d8MMO
g Growth rate 'bfi1!:Qob 3<>60J3omo
Interest rate per time period b0fi1 0 ao~ob 0 <>60J3omo !:QMMob 3afi1oM!:QOo
IPO Initial public offering U00tJOUO U0~0MM oam030 'boo0
IRR Internal rate of return ()J()QD6ob Clo!:Q0 3060J3omo
IRS Internal Revenue Service Clo!:Q0 Clo8Mb03~ 0 oob b08b0b(Jfi10
JIT Just-in-time !:QMM(J~O 8oOM!:Q[JOOU 3fi1o6oo3o

ka Before-tax cost of debt babbob ~ofi1oo()~06" cr?000 03fi1<>8!:Qo

Cost of equity capital b00dooM J0.3080~ob ~ofi1oo()~060
After-tax cost of debt bobbob ~ofi1oo()~Oo0 i:Q000 03fi1ob Cla8!:Qoo
k0 Overall cost of capital J03080~ob 8m~o060 ~OM[JO()~J00
kP Cost of preferred stock 3fi1030~03ofi106()~0 0dooob ~0M[JO()~Oo0
LBO Leveraged buyout 308Mbt1oi:Q30 ~03ofi1o~om
L/C Letter of credit 0Jfi1ocr?o8030
LIBOR London interbank offered rate ~M5!:QM5ob 006Jm00M<'1obo Clom030'boo()~o 3060J3omo
LLC Limited liability company Clo'b~()!:Q()~O 30b(Jbob8306~MOOU JM83<>600
MACRS Modified Accelerated Cost Recovery !:Q0Rd0MJO(J~O 08MM8o'b0ooob
System bob8a80
MMFs Money market mutual funds cnv~ob 00 'b<'1ob 'b00<'10 C(3M6!:Qo6o
MMP Money market preferred stock 'B()~OU 00'bt>1ob 3<'1030~000M[JO()~O 0doo0
MTN Medium-term note u0Cl(J0~M 30cr?o060 6M80
n Number of periods 3[JMOM!:QJ6ob M0M!:Q[J6M60
NOI Net operating income M3[JM0(30(J~O O[J8Mb030~0
NPV Net present value 0b~06!:QJ~O ~OM[JO()~[J00
NWC Net working capital 0806{!?0 b00<'1()6030 J<>.3080~0
OP Order point O[JJ30mob 00<'180~0
P, Market price at time t b.:i6.:i 'bfi1M C(30Uo t !:QMMOO
PBP Payback period 0 08MUtJO!:Q3ob 3[JMOM!:QO
PIE Price/earnings ratio cn0bo\8M 0[JOOU JM[JC(30(30J68o
PI Profitability index 8M8 000006M6ob o6cr?odbo

766
PPP Purchasing"power parity 8litioi:Q30~Mooli (J60l"1oli .30l"108080
PTD Payable through draft 0 0(Q0bi:Q0 (QM0CB8om
PV Present value 0b~06i:Qo~o ~OMOO(J~000
PVA Present value of an (ordinary) annuity 0b~06i:QO<~o ~OMOO(J~000
(R3o()~Ool"1030) 06()08080
PVIF Present value interest factor 0b~06i:Qo~o ~OMOO(J~oooli
.3MMG068(J~O CB0D8MMo
PVIF A Present value interest factor 0b~06i:Qo~o ~OMOO(J~oooli (R3o()~OOM030)
of an (ordinary) annuity 06()08o80 Li0t"1 00 o~oli 'B0d8Ml"10
QBE Break-even sales quantity 80tioC!? 30 ooG l"10Mi:Q06Mo0 00() 8 oo~Moo1.i
ool"18o~Clo
r Interest rate or return G0l"1 0 oo~oli 0 060J30010 06 Clo8Mli030~0
Rr Risk-free rate (JMOliJM 0 060J30010
~ Expected return on security j 8Mli0~Mi:Q60~0 li0l"1 0 oo~o 'B0lio06 d0~0~i:Q'bo
Rm Expected return on market portfolio 8Mli0~Mi:Q6o~o 8M 0 000 00 'bl"1oli .3Ml"18<Bo~'bo
RADR Risk-adjusted discount rate l"1oGJom M08()~ol"1oo()~o i:QOl.iJM68oli
3060J30010
ROE Return on equity a(Y) 80 00 Li00d 8 o(Y) J0.3080~'bo
ROI Return on investment a(Y) 80 00 o6 3oli80Go0 'bo
RPs Repurchase agreements (repos) Clo0106b8oo0 008MlitioC!? 30'bo
SBE Break-even sales revenue 80tJO!:Q3000l.i Clo8Mli03~oli 00()800~MOoli (Q(Y)6o
SEC Securities and Exchange Commission 'B0Go060 d0~0~i:QOOol.i (Q0 OOMtJOOol.i JM8olio0
SML Security market line 'B0Go060 d0~0~i:QOOOl.i G000'bMM OMCBO
li806(Q0M8 06i:Q 'B(JM li (0ClCl-oli 'B0Go060 d0~0~-
1
S&P Standard & Poor's
i:QOOoli l"1oo8o6 0 oli 8o86otl:ooo~o JM8.30600)
SWIFT Society for Worldwide li30CB80 - 06CBMl"180Gooli 0 0i:Q0Go8oli i:Q0 0 0i:Q0-
Interbank Financial Telecommunication l"10Gb3oooli Clolil"1(J~Oooli 006Jm0dMMolio
o~od8l"1M6(J~o Lioli8o80
er Standard deviation li806(Q0M8(J~O 0 0(Q0b(Q0
cr2 Variance 3°l"1° 0G00 (G3~ 0 ~o 00 )
I Summation sign i:Q0~08000G 60Cl060
t Time period (QMMol.i dOMOM(QO
ucc Uniform commercial code (J60CBOGOMOO(J~O JM80MGO(J~O JM!:Qodlio
WC Working capital li0ol"1()6030 J0.3080~0
YTM Yield to maturity G0l"1 00 oo~o Lio8oo'Bo8i:Qo
ZBA Zero balance account 6(J~M3060 00~061.ioli 06 0 0f'10Clo

767