# Financial Mathemetics

 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video
Save this PDF as:

Size: px
Start display at page:

## Transcription

1 Fnancal Mathemetcs 15

2 Mathematcs Grade 12 Teacher Gude Fnancal Maths Seres Overvew In ths seres we am to show how Mathematcs can be used to support personal fnancal decsons. In ths seres we jon Tebogo, a Grade 12 learner, who s makng plans for the future. We consder a savngs plan, a student loan, the cost of buyng a home and strateges for buyng a car. Currculum Lnks The lessons n ths seres lnk to the followng Learnng Outcomes and Assessment Standards of the Natonal Currculum Statement: Learnng Outcome 1: Number and Number Relatonshps Assessment Standard: A P 1+ (b) Apply knowledge of geometrc seres to solvng annuty, bond repayment and snkng fund problems, wth or wthout the use of the formulae: (a) Calculate the value of n n the formula: ( ) n F v x n [ 1 ( 1+ ) ] and P v x n [ 1 ( 1+ ) ] Assessment Standard Crtcally analyse nvestment and loan optons and make nformed decsons as to the best opton(s) (ncludng pyramd and mcro-lenders schemes). E Educatonal Approach There are four lessons n ths seres. Apart from teachng the Mathematcal processes nvolved n the context of fnance we have take ths opportunty to stress the mportance of good fnancal plannng. We have tred to emphasze the mportance of savng and the dangers of debt. These are real ssues that many young people have to face when they leave school. We suggest that ths seres provdes an opportunty to dscuss mportance ssues, such as poverty and wealth, too. We have not just used the formulae n ths seres but have ntroduced the concepts of an annuty and a loan by compound nterest from frst prncples and have shown how each month s contrbuton forms a geometrc seres. It would be useful to revse calculatons of geometrc seres and fndng the sum of a geometrc seres before startng ths secton. In the teacher vdeo gude, we have also shown how to derve the future value and present value formulae. In addton, we use logarthms to solve the number of repayments requred for the compound nterest formula and then apply ths to the present value formula, when calculatng a home loan. To get the full beneft of the lessons, your learners need to engage actvely wth the concepts presented. So, when you prevew the vdeos, thnk about how to ntroduce each lesson and what follow up actvtes wll be useful. Also watch out for places n the vdeo where you could pause to have a class dscusson, or ask learners to complete an actvty or solve a problem posed n the vdeo. In the vdeo lessons, we use a pcture of a pause button where we thnk you mght want to stop the tape to have a class dscusson, or ask learners to complete an actvty or solve a problem posed n the vdeo. 16

3 Mathematcs Grade 12 Teacher Gude Fnancal Maths Seres at a Glance Lesson Ttle Lesson Outcomes By the end of ths lesson, the learner should be able to: 1. Savng for future studes apply knowledge of geometrc seres to solve future value annuty problems solve future value annuty problems by usng the future value annuty formula: F n x[( 1+ ) 1] 2. Evaluatng loan optons crtcally examne and analyse varous loan optons usng the Present value formula: P x[(1 (1 + ) n ] 3. Housng loans solve dfferent home loan problems usng the formula: P x[(1 (1 + ) n ] 4. A snkng fund explan the terms nflaton and deprecaton solve problems that requre you to establsh a snkng fund 17

5 Mathematcs Grade 12 Teacher Gude Fnancal Maths Lesson 3: Housng loans In ths lesson Tebogo and Deyasha talk about hs plans for the future. The purchase of a house s probably the sngle bggest nvestment most people make. But buyng property s a good fnancal strategy because the value often ncreases over tme. Tebogo goes through the process of plannng for a home loan. He chooses a small apartment, decdes what he wll be able to afford n repayments and then calculates how long t wll take hm to pay off or amortze a home loan. To do ths we use logarthms. We frst show how to calculate the number of terms n n the compound nterest formula and then extend ths process to the present value formula. We show that t does not make sense to choose a longer perod to pay off a home loan. We suggest that you could gve learners addtonal problems on home loans to solve ncludng cases where the repayment exceeds the mnmum requrements. Learners are requred to use the present value formula to calculate the repayment of a home loan over twenty years. They are then told that the nterest ncreases by 0,5%. They need to calculate the new repayment and the dfferent ths small change n nterest rate makes over twenty years. Lesson 4: A Snkng fund IIn the future Tebogo would lke to own a car. In ths lesson we nvestgate how a snkng fund can help save you money n the long term. We show that a car deprecates n value, unlke a house and so a snkng fund can be used to help you buy a replacement vehcle wthout havng to take out a loan The task renforces the learners understandng of a nflaton, deprecaton and the advantages of establshng a snkng fund to replace machnery. 19

### Using Series to Analyze Financial Situations: Present Value

2.8 Usng Seres to Analyze Fnancal Stuatons: Present Value In the prevous secton, you learned how to calculate the amount, or future value, of an ordnary smple annuty. The amount s the sum of the accumulated

### Simple Interest Loans (Section 5.1) :

Chapter 5 Fnance The frst part of ths revew wll explan the dfferent nterest and nvestment equatons you learned n secton 5.1 through 5.4 of your textbook and go through several examples. The second part

### 7.5. Present Value of an Annuity. Investigate

7.5 Present Value of an Annuty Owen and Anna are approachng retrement and are puttng ther fnances n order. They have worked hard and nvested ther earnngs so that they now have a large amount of money on

### 10.2 Future Value and Present Value of an Ordinary Simple Annuity

348 Chapter 10 Annutes 10.2 Future Value and Present Value of an Ordnary Smple Annuty In compound nterest, 'n' s the number of compoundng perods durng the term. In an ordnary smple annuty, payments are

### FINANCIAL MATHEMATICS

3 LESSON FINANCIAL MATHEMATICS Annutes What s an annuty? The term annuty s used n fnancal mathematcs to refer to any termnatng sequence of regular fxed payments over a specfed perod of tme. Loans are usually

### Time Value of Money. Types of Interest. Compounding and Discounting Single Sums. Page 1. Ch. 6 - The Time Value of Money. The Time Value of Money

Ch. 6 - The Tme Value of Money Tme Value of Money The Interest Rate Smple Interest Compound Interest Amortzng a Loan FIN21- Ahmed Y, Dasht TIME VALUE OF MONEY OR DISCOUNTED CASH FLOW ANALYSIS Very Important

### Finite Math Chapter 10: Study Guide and Solution to Problems

Fnte Math Chapter 10: Study Gude and Soluton to Problems Basc Formulas and Concepts 10.1 Interest Basc Concepts Interest A fee a bank pays you for money you depost nto a savngs account. Prncpal P The amount

### 3. Present value of Annuity Problems

Mathematcs of Fnance The formulae 1. A = P(1 +.n) smple nterest 2. A = P(1 + ) n compound nterest formula 3. A = P(1-.n) deprecaton straght lne 4. A = P(1 ) n compound decrease dmshng balance 5. P = -

### 1. Math 210 Finite Mathematics

1. ath 210 Fnte athematcs Chapter 5.2 and 5.3 Annutes ortgages Amortzaton Professor Rchard Blecksmth Dept. of athematcal Scences Northern Illnos Unversty ath 210 Webste: http://math.nu.edu/courses/math210

### Lecture 3: Annuity. Study annuities whose payments form a geometric progression or a arithmetic progression.

Lecture 3: Annuty Goals: Learn contnuous annuty and perpetuty. Study annutes whose payments form a geometrc progresson or a arthmetc progresson. Dscuss yeld rates. Introduce Amortzaton Suggested Textbook

### Lecture 3: Force of Interest, Real Interest Rate, Annuity

Lecture 3: Force of Interest, Real Interest Rate, Annuty Goals: Study contnuous compoundng and force of nterest Dscuss real nterest rate Learn annuty-mmedate, and ts present value Study annuty-due, and

### Section 5.4 Annuities, Present Value, and Amortization

Secton 5.4 Annutes, Present Value, and Amortzaton Present Value In Secton 5.2, we saw that the present value of A dollars at nterest rate per perod for n perods s the amount that must be deposted today

### Thursday, December 10, 2009 Noon - 1:50 pm Faraday 143

1. ath 210 Fnte athematcs Chapter 5.2 and 4.3 Annutes ortgages Amortzaton Professor Rchard Blecksmth Dept. of athematcal Scences Northern Illnos Unversty ath 210 Webste: http://math.nu.edu/courses/math210

### 8.4. Annuities: Future Value. INVESTIGATE the Math. 504 8.4 Annuities: Future Value

8. Annutes: Future Value YOU WILL NEED graphng calculator spreadsheet software GOAL Determne the future value of an annuty earnng compound nterest. INVESTIGATE the Math Chrstne decdes to nvest \$000 at

### Section 5.3 Annuities, Future Value, and Sinking Funds

Secton 5.3 Annutes, Future Value, and Snkng Funds Ordnary Annutes A sequence of equal payments made at equal perods of tme s called an annuty. The tme between payments s the payment perod, and the tme

### Section 2.2 Future Value of an Annuity

Secton 2.2 Future Value of an Annuty Annuty s any sequence of equal perodc payments. Depost s equal payment each nterval There are two basc types of annutes. An annuty due requres that the frst payment

### 10. (# 45, May 2001). At time t = 0, 1 is deposited into each of Fund X and Fund Y. Fund X accumulates at a force of interest

1 Exam FM questons 1. (# 12, May 2001). Bruce and Robbe each open up new bank accounts at tme 0. Bruce deposts 100 nto hs bank account, and Robbe deposts 50 nto hs. Each account earns an annual e ectve

### 0.02t if 0 t 3 δ t = 0.045 if 3 < t

1 Exam FM questons 1. (# 12, May 2001). Bruce and Robbe each open up new bank accounts at tme 0. Bruce deposts 100 nto hs bank account, and Robbe deposts 50 nto hs. Each account earns an annual effectve

### In our example i = r/12 =.0825/12 At the end of the first month after your payment is received your amount in the account, the balance, is

Payout annutes: Start wth P dollars, e.g., P = 100, 000. Over a 30 year perod you receve equal payments of A dollars at the end of each month. The amount of money left n the account, the balance, earns

### An Alternative Way to Measure Private Equity Performance

An Alternatve Way to Measure Prvate Equty Performance Peter Todd Parlux Investment Technology LLC Summary Internal Rate of Return (IRR) s probably the most common way to measure the performance of prvate

### Section 2.3 Present Value of an Annuity; Amortization

Secton 2.3 Present Value of an Annuty; Amortzaton Prncpal Intal Value PV s the present value or present sum of the payments. PMT s the perodc payments. Gven r = 6% semannually, n order to wthdraw \$1,000.00

### A Master Time Value of Money Formula. Floyd Vest

A Master Tme Value of Money Formula Floyd Vest For Fnancal Functons on a calculator or computer, Master Tme Value of Money (TVM) Formulas are usually used for the Compound Interest Formula and for Annutes.

### Mathematics of Finance

5 Mathematcs of Fnance 5.1 Smple and Compound Interest 5.2 Future Value of an Annuty 5.3 Present Value of an Annuty;Amortzaton Chapter 5 Revew Extended Applcaton:Tme, Money, and Polynomals Buyng a car

LIFETIME INCOME OPTIONS May 2011 by: Marca S. Wagner, Esq. The Wagner Law Group A Professonal Corporaton 99 Summer Street, 13 th Floor Boston, MA 02110 Tel: (617) 357-5200 Fax: (617) 357-5250 www.ersa-lawyers.com

### Time Value of Money Module

Tme Value of Money Module O BJECTIVES After readng ths Module, you wll be able to: Understand smple nterest and compound nterest. 2 Compute and use the future value of a sngle sum. 3 Compute and use the

### Small pots lump sum payment instruction

For customers Small pots lump sum payment nstructon Please read these notes before completng ths nstructon About ths nstructon Use ths nstructon f you re an ndvdual wth Aegon Retrement Choces Self Invested

### Uncrystallised funds pension lump sum payment instruction

For customers Uncrystallsed funds penson lump sum payment nstructon Don t complete ths form f your wrapper s derved from a penson credt receved followng a dvorce where your ex spouse or cvl partner had

### Solution: Let i = 10% and d = 5%. By definition, the respective forces of interest on funds A and B are. i 1 + it. S A (t) = d (1 dt) 2 1. = d 1 dt.

Chapter 9 Revew problems 9.1 Interest rate measurement Example 9.1. Fund A accumulates at a smple nterest rate of 10%. Fund B accumulates at a smple dscount rate of 5%. Fnd the pont n tme at whch the forces

### In our example i = r/12 =.0825/12 At the end of the first month after your payment is received your amount owed is. P (1 + i) A

Amortzed loans: Suppose you borrow P dollars, e.g., P = 100, 000 for a house wth a 30 year mortgage wth an nterest rate of 8.25% (compounded monthly). In ths type of loan you make equal payments of A dollars

### Level Annuities with Payments Less Frequent than Each Interest Period

Level Annutes wth Payments Less Frequent than Each Interest Perod 1 Annuty-mmedate 2 Annuty-due Level Annutes wth Payments Less Frequent than Each Interest Perod 1 Annuty-mmedate 2 Annuty-due Symoblc approach

### Mathematics of Finance

CHAPTER 5 Mathematcs of Fnance 5.1 Smple and Compound Interest 5.2 Future Value of an Annuty 5.3 Present Value of an Annuty; Amortzaton Revew Exercses Extended Applcaton: Tme, Money, and Polynomals Buyng

### An Overview of Financial Mathematics

An Overvew of Fnancal Mathematcs Wllam Benedct McCartney July 2012 Abstract Ths document s meant to be a quck ntroducton to nterest theory. It s wrtten specfcally for actuaral students preparng to take

### Number of Levels Cumulative Annual operating Income per year construction costs costs (\$) (\$) (\$) 1 600,000 35,000 100,000 2 2,200,000 60,000 350,000

Problem Set 5 Solutons 1 MIT s consderng buldng a new car park near Kendall Square. o unversty funds are avalable (overhead rates are under pressure and the new faclty would have to pay for tself from

### Institute of Informatics, Faculty of Business and Management, Brno University of Technology,Czech Republic

Lagrange Multplers as Quanttatve Indcators n Economcs Ivan Mezník Insttute of Informatcs, Faculty of Busness and Management, Brno Unversty of TechnologCzech Republc Abstract The quanttatve role of Lagrange

### Trivial lump sum R5.0

Optons form Once you have flled n ths form, please return t wth your orgnal brth certfcate to: Premer PO Box 2067 Croydon CR90 9ND. Fll n ths form usng BLOCK CAPITALS and black nk. Mark all answers wth

### Intra-year Cash Flow Patterns: A Simple Solution for an Unnecessary Appraisal Error

Intra-year Cash Flow Patterns: A Smple Soluton for an Unnecessary Apprasal Error By C. Donald Wggns (Professor of Accountng and Fnance, the Unversty of North Florda), B. Perry Woodsde (Assocate Professor

### MIDDLE SCHOOL TRANSITION PORTFOLIO GUIDE

MIDDLE SCHOOL RANSIION ORFOLIO GUIDE q 6th Grade q 7th Grade q 8th Grade Dagnostc Center Northern Calforna Acknowledgments he mportance of preparng students for adulthood and as productve ctzens can never

### EXAMPLE PROBLEMS SOLVED USING THE SHARP EL-733A CALCULATOR

EXAMPLE PROBLEMS SOLVED USING THE SHARP EL-733A CALCULATOR 8S CHAPTER 8 EXAMPLES EXAMPLE 8.4A THE INVESTMENT NEEDED TO REACH A PARTICULAR FUTURE VALUE What amount must you nvest now at 4% compoune monthly

### Uncrystallised funds pension lump sum

For customers Uncrystallsed funds penson lump sum Payment nstructon What does ths form do? Ths form nstructs us to pay the full penson fund, under your non-occupatonal penson scheme plan wth us, to you

### FINANCIAL MATHEMATICS. A Practical Guide for Actuaries. and other Business Professionals

FINANCIAL MATHEMATICS A Practcal Gude for Actuares and other Busness Professonals Second Edton CHRIS RUCKMAN, FSA, MAAA JOE FRANCIS, FSA, MAAA, CFA Study Notes Prepared by Kevn Shand, FSA, FCIA Assstant

I nt er l nke x pr es spa r c el sl m t ed sas ubs da r yofdpdgr oupukl m t ed express nvest n your future why choose Interlnk Express? If you re consderng becomng a franchse holder wth one of the UK s

### Multiple-Period Attribution: Residuals and Compounding

Multple-Perod Attrbuton: Resduals and Compoundng Our revewer gave these authors full marks for dealng wth an ssue that performance measurers and vendors often regard as propretary nformaton. In 1994, Dens

### ANALYSIS OF FINANCIAL FLOWS

ANALYSIS OF FINANCIAL FLOWS AND INVESTMENTS II 4 Annutes Only rarely wll one encounter an nvestment or loan where the underlyng fnancal arrangement s as smple as the lump sum, sngle cash flow problems

### Answer: A). There is a flatter IS curve in the high MPC economy. Original LM LM after increase in M. IS curve for low MPC economy

4.02 Quz Solutons Fall 2004 Multple-Choce Questons (30/00 ponts) Please, crcle the correct answer for each of the followng 0 multple-choce questons. For each queston, only one of the answers s correct.

### Mathematics of Finance

Mathematcs of Fnance 5 C H A P T E R CHAPTER OUTLINE 5.1 Smple Interest and Dscount 5.2 Compound Interest 5.3 Annutes, Future Value, and Snkng Funds 5.4 Annutes, Present Value, and Amortzaton CASE STUDY

### IDENTIFICATION AND CORRECTION OF A COMMON ERROR IN GENERAL ANNUITY CALCULATIONS

IDENTIFICATION AND CORRECTION OF A COMMON ERROR IN GENERAL ANNUITY CALCULATIONS Chrs Deeley* Last revsed: September 22, 200 * Chrs Deeley s a Senor Lecturer n the School of Accountng, Charles Sturt Unversty,

### GMA/FPA SmartBrief. ASTA SmartBrief. The premier source of daily news delivered to the desktops of travel agents and executives.

GMA/FPA SmartBref ASTA SmartBref The premer source of daly news delvered to the desktops of travel agents and executves. GMA/FPA SmartBref 2011 Meda Kt Subscrber Profle Reach Travel Agency Professonals

### Chapter 11 Practice Problems Answers

Chapter 11 Practce Problems Answers 1. Would you be more wllng to lend to a frend f she put all of her lfe savngs nto her busness than you would f she had not done so? Why? Ths problem s ntended to make

### To manage leave, meeting institutional requirements and treating individual staff members fairly and consistently.

Corporate Polces & Procedures Human Resources - Document CPP216 Leave Management Frst Produced: Current Verson: Past Revsons: Revew Cycle: Apples From: 09/09/09 26/10/12 09/09/09 3 years Immedately Authorsaton:

### Return decomposing of absolute-performance multi-asset class portfolios. Working Paper - Nummer: 16

Return decomposng of absolute-performance mult-asset class portfolos Workng Paper - Nummer: 16 2007 by Dr. Stefan J. Illmer und Wolfgang Marty; n: Fnancal Markets and Portfolo Management; March 2007; Volume

### CHOLESTEROL REFERENCE METHOD LABORATORY NETWORK. Sample Stability Protocol

CHOLESTEROL REFERENCE METHOD LABORATORY NETWORK Sample Stablty Protocol Background The Cholesterol Reference Method Laboratory Network (CRMLN) developed certfcaton protocols for total cholesterol, HDL

### Tuition Fee Loan application notes

Tuton Fee Loan applcaton notes for new part-tme EU students 2012/13 About these notes These notes should be read along wth your Tuton Fee Loan applcaton form. The notes are splt nto three parts: Part 1

### Types of Injuries. (20 minutes) LEARNING OBJECTIVES MATERIALS NEEDED

U N I T 3 Types of Injures (20 mnutes) PURPOSE: To help coaches learn how to recognze the man types of acute and chronc njures. LEARNING OBJECTIVES In ths unt, coaches wll learn how most njures occur,

### 1.1 The University may award Higher Doctorate degrees as specified from time-to-time in UPR AS11 1.

HIGHER DOCTORATE DEGREES SUMMARY OF PRINCIPAL CHANGES General changes None Secton 3.2 Refer to text (Amendments to verson 03.0, UPR AS02 are shown n talcs.) 1 INTRODUCTION 1.1 The Unversty may award Hgher

### Module 2 LOSSLESS IMAGE COMPRESSION SYSTEMS. Version 2 ECE IIT, Kharagpur

Module LOSSLESS IMAGE COMPRESSION SYSTEMS Lesson 3 Lossless Compresson: Huffman Codng Instructonal Objectves At the end of ths lesson, the students should be able to:. Defne and measure source entropy..

### We assume your students are learning about self-regulation (how to change how alert they feel) through the Alert Program with its three stages:

Welcome to ALERT BINGO, a fun-flled and educatonal way to learn the fve ways to change engnes levels (Put somethng n your Mouth, Move, Touch, Look, and Lsten) as descrbed n the How Does Your Engne Run?

### Hollinger Canadian Publishing Holdings Co. ( HCPH ) proceeding under the Companies Creditors Arrangement Act ( CCAA )

February 17, 2011 Andrew J. Hatnay ahatnay@kmlaw.ca Dear Sr/Madam: Re: Re: Hollnger Canadan Publshng Holdngs Co. ( HCPH ) proceedng under the Companes Credtors Arrangement Act ( CCAA ) Update on CCAA Proceedngs

### Joe Pimbley, unpublished, 2005. Yield Curve Calculations

Joe Pmbley, unpublshed, 005. Yeld Curve Calculatons Background: Everythng s dscount factors Yeld curve calculatons nclude valuaton of forward rate agreements (FRAs), swaps, nterest rate optons, and forward

### Chapter 15: Debt and Taxes

Chapter 15: Debt and Taxes-1 Chapter 15: Debt and Taxes I. Basc Ideas 1. Corporate Taxes => nterest expense s tax deductble => as debt ncreases, corporate taxes fall => ncentve to fund the frm wth debt

### On some special nonlevel annuities and yield rates for annuities

On some specal nonlevel annutes and yeld rates for annutes 1 Annutes wth payments n geometrc progresson 2 Annutes wth payments n Arthmetc Progresson 1 Annutes wth payments n geometrc progresson 2 Annutes

### www.gov.uk/studentfinance 2016/17

www.gov.uk/studentfnance SECTION 1 WHAT SUPPORT CAN YOU GET? FEES, LOANS, GRANTS & MORE *Fgures shown n ths secton are based on the 2015/16 student fnance polcy and may change SECTION 1 TUITION FEES AND

### Abstract # 015-0399 Working Capital Exposure: A Methodology to Control Economic Performance in Production Environment Projects

Abstract # 015-0399 Workng Captal Exposure: A Methodology to Control Economc Performance n Producton Envronment Projects Dego F. Manotas. School of Industral Engneerng and Statstcs, Unversdad del Valle.

### Data Mining from the Information Systems: Performance Indicators at Masaryk University in Brno

Data Mnng from the Informaton Systems: Performance Indcators at Masaryk Unversty n Brno Mkuláš Bek EUA Workshop Strasbourg, 1-2 December 2006 1 Locaton of Brno Brno EUA Workshop Strasbourg, 1-2 December

### A powerful tool designed to enhance innovation and business performance

A powerful tool desgned to enhance nnovaton and busness performance The LEGO Foundaton has taken over the responsblty for the LEGO SERIOUS PLAY method. Ths change wll help create the platform for the contnued

### Ameriprise Financial Services, Inc. or RiverSource Life Insurance Company Account Registration

CED0105200808 Amerprse Fnancal Servces, Inc. 70400 Amerprse Fnancal Center Mnneapols, MN 55474 Incomng Account Transfer/Exchange/ Drect Rollover (Qualfed Plans Only) for Amerprse certfcates, Columba mutual

### Formulating & Solving Integer Problems Chapter 11 289

Formulatng & Solvng Integer Problems Chapter 11 289 The Optonal Stop TSP If we drop the requrement that every stop must be vsted, we then get the optonal stop TSP. Ths mght correspond to a ob sequencng

### One Click.. Ȯne Location.. Ȯne Portal...

New Addton to your NJ-HITEC Membershp! Member Portal Detals & Features Insde! One Clck.. Ȯne Locaton.. Ȯne Portal... Connect...Share...Smplfy Health IT Member Portal Benefts Trusted Advsor - NJ-HITEC s

### www.gov.uk/studentfinance 2015/16

www.gov.uk/studentfnance SESSION CONTENTS Secton 1 Assess (Student Fnance ) Secton 2 Pay (Applcatons & Informaton) Secton 3 Repay (Student Loan Repayments) Secton 4 SFE Resources SECTION 1 THE STUDENT

### Chapter 15 Debt and Taxes

hapter 15 Debt and Taxes 15-1. Pelamed Pharmaceutcals has EBIT of \$325 mllon n 2006. In addton, Pelamed has nterest expenses of \$125 mllon and a corporate tax rate of 40%. a. What s Pelamed s 2006 net

### Staff Paper. Farm Savings Accounts: Examining Income Variability, Eligibility, and Benefits. Brent Gloy, Eddy LaDue, and Charles Cuykendall

SP 2005-02 August 2005 Staff Paper Department of Appled Economcs and Management Cornell Unversty, Ithaca, New York 14853-7801 USA Farm Savngs Accounts: Examnng Income Varablty, Elgblty, and Benefts Brent

### Abteilung für Stadt- und Regionalentwicklung Department of Urban and Regional Development

Abtelung für Stadt- und Regonalentwcklung Department of Urban and Regonal Development Gunther Maer, Alexander Kaufmann The Development of Computer Networks Frst Results from a Mcroeconomc Model SRE-Dscusson

### 1. Measuring association using correlation and regression

How to measure assocaton I: Correlaton. 1. Measurng assocaton usng correlaton and regresson We often would lke to know how one varable, such as a mother's weght, s related to another varable, such as a

### The Study on Farmers Debt, Loan Repayment and Guideline for Debt Settlement in the South of Thailand

Internatonal Journal of Agrculture and Food Scence Technology. ISSN 49-3050, Volume 4, Number 8 (03), pp. 835-840 Research Inda Publcatons http://www.rpublcaton.com/ jafst.htm The Study on Farmers Debt,

### ANALYZING THE RELATIONSHIPS BETWEEN QUALITY, TIME, AND COST IN PROJECT MANAGEMENT DECISION MAKING

ANALYZING THE RELATIONSHIPS BETWEEN QUALITY, TIME, AND COST IN PROJECT MANAGEMENT DECISION MAKING Matthew J. Lberatore, Department of Management and Operatons, Vllanova Unversty, Vllanova, PA 19085, 610-519-4390,

### Study on CET4 Marks in China s Graded English Teaching

Study on CET4 Marks n Chna s Graded Englsh Teachng CHE We College of Foregn Studes, Shandong Insttute of Busness and Technology, P.R.Chna, 264005 Abstract: Ths paper deploys Logt model, and decomposes

### Rob Guthrie, Business Initiatives Specialist Office of Renewable Energy & Environmental Exports

Fnancng Solar Energy Exports Rob Guthre, Busness Intatves Specalst Offce of Renewable Energy & Envronmental Exports Export-Import Bank of the U.S. Independent, self-fundng fundng agency of the U.S. government

### Section C2: BJT Structure and Operational Modes

Secton 2: JT Structure and Operatonal Modes Recall that the semconductor dode s smply a pn juncton. Dependng on how the juncton s based, current may easly flow between the dode termnals (forward bas, v

### Getting It Together Project & Implementation Management

Gettng It Together Project & Implementaton Management CFE NETWORKING November 30, 2011 Fnancng NFA Fshng Best Practces Tranng & Mentorng Marketng & Brandng Governance Markets Fsh Legal Regulaton ? HR

### Depreciation of Business R&D Capital

Deprecaton of Busness R&D Captal U.S. Bureau of Economc Analyss Abstract R&D deprecaton rates are crtcal to calculatng the rates of return to R&D nvestments and captal servce costs, whch are mportant for

### Texas Instruments 30X IIS Calculator

Texas Instruments 30X IIS Calculator Keystrokes for the TI-30X IIS are shown for a few topcs n whch keystrokes are unque. Start by readng the Quk Start secton. Then, before begnnng a specfc unt of the

### Underwriting Risk. Glenn Meyers. Insurance Services Office, Inc.

Underwrtng Rsk By Glenn Meyers Insurance Servces Offce, Inc. Abstract In a compettve nsurance market, nsurers have lmted nfluence on the premum charged for an nsurance contract. hey must decde whether

### Social Insurance Institution

Socal Insurance Insttuton PENSIONS FROM THE SOCIAL INSURANCE INSTITUTION ESTABLISHED ON THE BASIS OF THE AGREEMENT ON SOCIAL SECURITY BETWEEN POLAND AND CANADA Who s the leaflet addressed to? The leaflet

### Social Insurance Institution

Socal Insurance Insttuton PENSIONS FROM THE SOCIAL INSURANCE INSTITUTION ESTABLISHED ON THE BASIS OF THE AGREEMENT ON SOCIAL SECURITY BETWEEN THE REPUBLIC OF POLAND AND THE UNITED STATES OF AMERICA Who

### Chapter 31B - Transient Currents and Inductance

Chapter 31B - Transent Currents and Inductance A PowerPont Presentaton by Paul E. Tppens, Professor of Physcs Southern Polytechnc State Unversty 007 Objectves: After completng ths module, you should be

### SPECIALIZED DAY TRADING - A NEW VIEW ON AN OLD GAME

August 7 - August 12, 2006 n Baden-Baden, Germany SPECIALIZED DAY TRADING - A NEW VIEW ON AN OLD GAME Vladmr Šmovć 1, and Vladmr Šmovć 2, PhD 1 Faculty of Electrcal Engneerng and Computng, Unska 3, 10000

### The Funeral Fund Offer Document

Contact Detals Regstered Offce Level 5, 130 Lttle Collns Street Melbourne VIC 3000 The Funeral Fund Offer Document Issued 1 September 2015 Issued by The Untng Church n Australa Property Trust (Vctora)

### ! # %& ( ) +,../ 0 1 2 3 4 0 4 # 5##&.6 7% 8 # 0 4 2 #...

! # %& ( ) +,../ 0 1 2 3 4 0 4 # 5##&.6 7% 8 # 0 4 2 #... 9 Sheffeld Economc Research Paper Seres SERP Number: 2011010 ISSN 1749-8368 Sarah Brown, Aurora Ortz-Núñez and Karl Taylor Educatonal loans and

### Memorandum. New WIC Food Package Education for Moms & Infants

Memorandum TO: WIC Regonal Drectors #09-037 WIC Local Agency Drectors FROM: Lnda Brumble, Unt Manager (Orgnal Sgned) Nutrton Educaton/Clnc Servces Unt Nutrton Servces Secton DATE: March 6, 2009 SUBJECT:

### Kiel Institute for World Economics Duesternbrooker Weg 120 24105 Kiel (Germany) Kiel Working Paper No. 1120

Kel Insttute for World Economcs Duesternbrooker Weg 45 Kel (Germany) Kel Workng Paper No. Path Dependences n enture Captal Markets by Andrea Schertler July The responsblty for the contents of the workng

### A) 3.1 B) 3.3 C) 3.5 D) 3.7 E) 3.9 Solution.

ACTS 408 Instructor: Natala A. Humphreys SOLUTION TO HOMEWOR 4 Secton 7: Annutes whose payments follow a geometrc progresson. Secton 8: Annutes whose payments follow an arthmetc progresson. Problem Suppose

### Vasicek s Model of Distribution of Losses in a Large, Homogeneous Portfolio

Vascek s Model of Dstrbuton of Losses n a Large, Homogeneous Portfolo Stephen M Schaefer London Busness School Credt Rsk Electve Summer 2012 Vascek s Model Important method for calculatng dstrbuton of

### Moving Beyond Open Markets for Water Quality Trading: The Gains from Structured Bilateral Trades

Movng Beyond Open Markets for Water Qualty Tradng: The Gans from Structured Blateral Trades Tanl Zhao Yukako Sado Rchard N. Bosvert Gregory L. Poe Cornell Unversty EAERE Preconference on Water Economcs

### www.olr.ccli.com Introducing Online Reporting Your step-by-step guide to the new online copy report Online Reporting

Onlne Reportng Introducng Onlne Reportng www.olr.ccl.com Your step-by-step gude to the new onlne copy report Important nformaton for all lcence holders No more software to download Reportng as you go...

### A Critical Note on MCEV Calculations Used in the Life Insurance Industry

A Crtcal Note on MCEV Calculatons Used n the Lfe Insurance Industry Faban Suarez 1 and Steven Vanduffel 2 Abstract. Snce the begnnng of the development of the socalled embedded value methodology, actuares

### Calculation of Sampling Weights

Perre Foy Statstcs Canada 4 Calculaton of Samplng Weghts 4.1 OVERVIEW The basc sample desgn used n TIMSS Populatons 1 and 2 was a two-stage stratfed cluster desgn. 1 The frst stage conssted of a sample

### What is Candidate Sampling

What s Canddate Samplng Say we have a multclass or mult label problem where each tranng example ( x, T ) conssts of a context x a small (mult)set of target classes T out of a large unverse L of possble

### Project Networks With Mixed-Time Constraints

Project Networs Wth Mxed-Tme Constrants L Caccetta and B Wattananon Western Australan Centre of Excellence n Industral Optmsaton (WACEIO) Curtn Unversty of Technology GPO Box U1987 Perth Western Australa