PreSuit Collection Strategies


 Patrick Gibson
 1 years ago
 Views:
Transcription
1 PreSuit Collectio Strategies Writte by Charles PT Phoeix How to Decide Whether to Pursue Collectio Calculatig the Value of Collectio As with ay busiess litigatio, all factors associated with the process should be assiged probabilities, assumed cash flows, ad assumed timig of paymets ad receipts i order to arrive at a ratioal decisio that maximizes shareholder wealth. If the Net Preset Value of the cash flows associated with collectio is positive, the collectio should be pursued. Mathematically: If NPV(collectio) > 0, the proceed Of course, this begs what cash flows should be cosidered i the NPV calculatio. Here are some: Expected cash collected Filig costs Legal costs Iteral persoel costs Ivestigative costs Each of these cash flows should be assiged probabilities ad expected cash flow. For example, a decisio maker might believe there is a 25% chace of collectig $100, a 50% chace of collectig othig, ad a 25% chace of collectig $1,000. A decisio maker might also believe there is a 100% chace that the accoutig departmet will work 10 hours at $10/hour. The decisio maker might also kow that the collectio lawyer s fees are pied to a variable cost of 50% of the amout actually collected (icludig outside costs). Mathematically: Ε(collectio retur) = P i C i = (25%) ($100) + (50%) ($0) + (25%) ($1,000) = $25 + $0 + $250 = $275 Ε(iteal persoel costs) = P i I i = (100%) ($10) (10 hours) = $100 Ε(legal costs) = P i L i = (100%) (50%) (collectio retur) *Sice the actual collectio retur caot be kow util after it occurs, a decisio maker muse use the Expected Collectio Retur derived above = (100%) (50%) ($275) = $ Copyright 2014 Rhodes Tucker Phoeix Chartered
2 Ε(et collectio) = Ε(collectio retur) Ε(iteral persoel costs) Ε(legal costs) = $275 $100 $ = $37.50 Next, the decisio maker eeds to load the model with values for moral, behavioral or emotioal factors. For example, a decisio maker might believe that there is a moral hazard associated with ot collectig that ca be quatified ad is empirically prove (i the example, that value is a fixed umber of $10). A decisio maker must also decide if this value should be cosidered as a beefit of collectio (a positive value) or a detrimet of collectio (a egative value). I the example, the factor is a positive value i other words, there must be weight i favor of collectig. Mathematically: Noecoomic Load = Moral, Behavioral ad Emotioal Factors = $10 Ε(collectio value) = Ε(et collectio) + Noecoomic Load = $ $10 = $47.50 If Ε(collectio value)is positive, the the decisio maker should determie the time value of moey associated with the effort (that is, the Net Preset value) makig this more complicated calculatio is t warrated if the decisio maker ca t get a positive Ε(collectio value)i the first istace. I order to determie that Net Preset Value, the decisio maker must determie a cost of capital (iterest rate) associated with usig moey i the collectio effort versus other busiess fuctios 1. The example assumes: the busiess has a hurdle rate of 12%, Ε(iteal persoel costs) of $80 will likely occur i the 1 st moth, $5 i the 12 th moth, ad $15 i the 24 th moth, Ε(legal costs) will occur at the time of the Ε(collectio retur) (the lawyer deducts them upo receivig the collectio cash), Ε(collectio retur) ($275) will likely occur i the 24 th moth, ad the Noecoomic Load is worth $9 i moth 1 (provig the poit that collectio will occur), is worth $1 i moth 13 (as the poit was prove), ad othig i moth 25 (the calculated moral priciple value depletig i the face of a legtheig battle or because, i this case, the creditor has collected some or all of the judgmet or debt prior to moth 25). The Net Preset Value i this example is $22.62 (istead of $47.50) as demostrated i the followig table. Because Net Preset Value is positive, collectio should proceed. Cash Flow Period E(iteral persoel costs) $ (80) $ (5) (15.0) E(legal costs) (137.5) 1 This rate is ofte called the hurdle rate as it is the retur value eeded for a busiess to cosider goig forward with a project because all busiesses have limited resources ad, therefore, caot pursue all thigs oly those that, at a miimum, expect to icrease shareholder wealth at a certai rate. Copyright 2014 Rhodes Tucker Phoeix Chartered
3 E(collectio retur) Noecoomic Load 9 $ 1  Net cash flows per period $ (71) $ (5) $ $  Hurdle Rate 12.0% Net Preset Value $22.62 What if, however, there is o possibility of collectig $1,000? What if the largest possible collectible assets were oly $800 2? Some expectatios, the, chage as calculated below. Ε(collectio retur) = P i C i = (25%) ($100) + (50%) ($0) + (25%) ($760) = $25 + $0 + $190 = $215 Ε(iteal persoel costs) = P i I i = (100%) ($10) (10 hours) = $100 Ε(legal costs) = P i L i = (100%) (50%) (collectio retur) *Sice the actual collectio retur caot be kow util after it occurs, a decisio maker muse use the Expected Collectio Retur derived above = (100%) (50%) ($215) = $ Ε(et collectio) = Ε(collectio retur) Ε(iteral persoel costs) Ε(legal costs) = $215 $100 $ = $7.50 It appears that movig forward with collectio is still warrated, but the decisio maker eeds to check Net Preset Value before fially cocludig that collectig is the correct form of actio. Usig our assumptios (as modified by the revised optimistic case for collectible assets), Net Preset Value becomes egative ad, therefore, the creditor should ot proceed to collect. Cash Flow Period E(iteral persoel costs) $ (80) $ (5) (15.0) E(legal costs) (107.5) E(collectio retur) Noecoomic Load 9 $ 1  Net cash flows per period $ (71) $ (5) $ $  Hurdle Rate 12.0% Net Preset Value ($1.01) 2 Of course, a decisio maker might ever kow what was possible to collect, but assume the realities revealed after collectio efforts cocluded. Copyright 2014 Rhodes Tucker Phoeix Chartered
4 All of this might appear to be very basic; that everyoe should be satisfied if there is a collectio. I reality, without makig these types of calculatios (icludig factorig for iteral burdes ad ocash flow items), decisio makers misapply corporate resources ad fail to maximize shareholder wealth. What Is Theoretically Collectible? Ultimately, of course, the lawyer has to provide iformatio ecessary for a decisio maker to make a iformed decisio. The most obvious questio becomes what ca actually be collected? usually startig with the questio, is the debtor collectible? I the ed, those aswers are more art tha sciece. See the sectio etitled How to Discover Assets? for iformatio sources available to help make iformed decisios. Discussio What other costs should be cosidered? What other cash flows are possible? How ca the Net Preset Value be augmeted usig the same factors? As a group, desig a decisio rule formula Prevetative Collectio Collectig Without Filig a Lawsuit Thik before suig: Kow yourself Kow the eemy Kow the terrai Ca collectio be achieved presuit? Selfhelp ad actios agaist secured properties Negotiate forbearace agreemets to: o Elimiate defeses to suit o Secure collateral o Gai iformatio o Marry debtors to fiacial iformatio Write demad letters that get results o Elimiate trite phrases like gover yourself accordigly o Develop acceptable alteratives ad let the debtor choose his or her ow course o Ecourage actio without scarig the debtor ito hopelessess o Use civil theft otices where possible o Use active voice o Write like humas talk: o such or said o Write like a jouralist: Simple seteces Who, what, where, whe, how ad why o Do ot threate crimial actio o Read it agai ad make your child or mother the recipiet: Copyright 2014 Rhodes Tucker Phoeix Chartered
5 Are you cocered? Are you agry? The differece is success or a lawsuit Discussio What else? What to iclude i a forbearace agreemet Split ito groups ad draft a demad letter Desigig a Collectios System I order to desig a collectio system, a desiger must cosider how the system iteracts with the outside world. I other words, what prompts collectio to begi ad how does it iterface oce it has begu. From that, a desiger ca develop a process flow that sesibly ad efficietly guides the process. There are may cosideratios, but desigig a system that satisfies customer eeds is probably most importat. Who is the customer? Who is the target? What resources are available? I other words, kow yourself, kow the eemy, ad kow the terrai. Discussio Desig a workflow as a group How to Discover Assets Resources available to idetify assets iclude: Govermet databases o Property appraisers o Secretaries of State o USPTO Almost always overlooked o Courts May soud strage, but good iformatio ca be available uder a lawyer s ose Bakruptcy courts Divorce judgmets Real estate records o Licesig agecies o Tax collectors o Secured trasactios registries Services Copyright 2014 Rhodes Tucker Phoeix Chartered
6 o Westlaw o LexisNexis o Private detectives Iteret search egies Social etworkig websites Iformatio from debtors themselves o Do t forget to review isurace policies Discussio What else? Copyright 2014 Rhodes Tucker Phoeix Chartered
CHAPTER 3 THE TIME VALUE OF MONEY
CHAPTER 3 THE TIME VALUE OF MONEY OVERVIEW A dollar i the had today is worth more tha a dollar to be received i the future because, if you had it ow, you could ivest that dollar ad ear iterest. Of all
More informationHandling. Collection Calls
Hadlig the Collectio Calls We do everythig we ca to stop collectio calls; however, i the early part of our represetatio, you ca expect some of these calls to cotiue. We uderstad that the first few moths
More informationInformation about Bankruptcy
Iformatio about Bakruptcy Isolvecy Service of Irelad Seirbhís Dócmhaieachta a héirea Isolvecy Service of Irelad Seirbhís Dócmhaieachta a héirea What is the? The Isolvecy Service of Irelad () is a idepedet
More information*The most important feature of MRP as compared with ordinary inventory control analysis is its time phasing feature.
Itegrated Productio ad Ivetory Cotrol System MRP ad MRP II Framework of Maufacturig System Ivetory cotrol, productio schedulig, capacity plaig ad fiacial ad busiess decisios i a productio system are iterrelated.
More informationGet advice now. Are you worried about your mortgage? New edition
New editio Jauary 2009 Are you worried about your mortgage? Get advice ow If you are strugglig to pay your mortgage, or you thik it will be difficult to pay more whe your fixedrate deal eds, act ow to
More informationLearning objectives. Duc K. Nguyen  Corporate Finance 21/10/2014
1 Lecture 3 Time Value of Moey ad Project Valuatio The timelie Three rules of time travels NPV of a stream of cash flows Perpetuities, auities ad other special cases Learig objectives 2 Uderstad the timevalue
More informationChapter 5 Unit 1. IET 350 Engineering Economics. Learning Objectives Chapter 5. Learning Objectives Unit 1. Annual Amount and Gradient Functions
Chapter 5 Uit Aual Amout ad Gradiet Fuctios IET 350 Egieerig Ecoomics Learig Objectives Chapter 5 Upo completio of this chapter you should uderstad: Calculatig future values from aual amouts. Calculatig
More informationAmendments to employer debt Regulations
March 2008 Pesios Legal Alert Amedmets to employer debt Regulatios The Govermet has at last issued Regulatios which will amed the law as to employer debts uder s75 Pesios Act 1995. The amedig Regulatios
More informationwhere: T = number of years of cash flow in investment's life n = the year in which the cash flow X n i = IRR = the internal rate of return
EVALUATING ALTERNATIVE CAPITAL INVESTMENT PROGRAMS By Ke D. Duft, Extesio Ecoomist I the March 98 issue of this publicatio we reviewed the procedure by which a capital ivestmet project was assessed. The
More informationPage 1. Real Options for Engineering Systems. What are we up to? Today s agenda. J1: Real Options for Engineering Systems. Richard de Neufville
Real Optios for Egieerig Systems J: Real Optios for Egieerig Systems By (MIT) Stefa Scholtes (CU) Course website: http://msl.mit.edu/cmi/ardet_2002 Stefa Scholtes Judge Istitute of Maagemet, CU Slide What
More informationSimple Annuities Present Value.
Simple Auities Preset Value. OBJECTIVES (i) To uderstad the uderlyig priciple of a preset value auity. (ii) To use a CASIO CFX9850GB PLUS to efficietly compute values associated with preset value auities.
More informationA Guide to the Pricing Conventions of SFE Interest Rate Products
A Guide to the Pricig Covetios of SFE Iterest Rate Products SFE 30 Day Iterbak Cash Rate Futures Physical 90 Day Bak Bills SFE 90 Day Bak Bill Futures SFE 90 Day Bak Bill Futures Tick Value Calculatios
More informationLEASEPURCHASE DECISION
Public Procuremet Practice STANDARD The decisio to lease or purchase should be cosidered o a caseby case evaluatio of comparative costs ad other factors. 1 Procuremet should coduct a cost/ beefit aalysis
More informationFrance caters to innovative companies and offers the best research tax credit in Europe
1/5 The Frech Govermet has three objectives : > improve Frace s fiscal competitiveess > cosolidate R&D activities > make Frace a attractive coutry for iovatio Tax icetives have become a key elemet of public
More informationINVESTMENT PERFORMANCE COUNCIL (IPC) Guidance Statement on Calculation Methodology
Adoptio Date: 4 March 2004 Effective Date: 1 Jue 2004 Retroactive Applicatio: No Public Commet Period: Aug Nov 2002 INVESTMENT PERFORMANCE COUNCIL (IPC) Preface Guidace Statemet o Calculatio Methodology
More informationINVESTMENT PERFORMANCE COUNCIL (IPC)
INVESTMENT PEFOMANCE COUNCIL (IPC) INVITATION TO COMMENT: Global Ivestmet Performace Stadards (GIPS ) Guidace Statemet o Calculatio Methodology The Associatio for Ivestmet Maagemet ad esearch (AIM) seeks
More informationHow to use what you OWN to reduce what you OWE
How to use what you OWN to reduce what you OWE Maulife Oe A Overview Most Caadias maage their fiaces by doig two thigs: 1. Depositig their icome ad other shortterm assets ito chequig ad savigs accouts.
More informationBond Valuation I. What is a bond? Cash Flows of A Typical Bond. Bond Valuation. Coupon Rate and Current Yield. Cash Flows of A Typical Bond
What is a bod? Bod Valuatio I Bod is a I.O.U. Bod is a borrowig agreemet Bod issuers borrow moey from bod holders Bod is a fixedicome security that typically pays periodic coupo paymets, ad a pricipal
More informationInvesting in Stocks WHAT ARE THE DIFFERENT CLASSIFICATIONS OF STOCKS? WHY INVEST IN STOCKS? CAN YOU LOSE MONEY?
Ivestig i Stocks Ivestig i Stocks Busiesses sell shares of stock to ivestors as a way to raise moey to fiace expasio, pay off debt ad provide operatig capital. Ecoomic coditios: Employmet, iflatio, ivetory
More informationDetermining the sample size
Determiig the sample size Oe of the most commo questios ay statisticia gets asked is How large a sample size do I eed? Researchers are ofte surprised to fid out that the aswer depeds o a umber of factors
More informationGOOD PRACTICE CHECKLIST FOR INTERPRETERS WORKING WITH DOMESTIC VIOLENCE SITUATIONS
GOOD PRACTICE CHECKLIST FOR INTERPRETERS WORKING WITH DOMESTIC VIOLENCE SITUATIONS I the sprig of 2008, Stadig Together agaist Domestic Violece carried out a piece of collaborative work o domestic violece
More informationTenants handbook Booklet 4. Paying your rent. June 2015
Teats hadbook Booklet 4 Payig your ret Jue 2015 Your Ret ad other charges Payig your ret ad other charges is a coditio of your teacy. If you do ot pay, you will have broke your teacy agreemet with us.
More informationDomain 1: Designing a SQL Server Instance and a Database Solution
Maual SQL Server 2008 Desig, Optimize ad Maitai (70450) 18004186789 Domai 1: Desigig a SQL Server Istace ad a Database Solutio Desigig for CPU, Memory ad Storage Capacity Requiremets Whe desigig a
More informationProfessional Networking
Professioal Networkig 1. Lear from people who ve bee where you are. Oe of your best resources for etworkig is alumi from your school. They ve take the classes you have take, they have bee o the job market
More informationTime Value of Money. First some technical stuff. HP10B II users
Time Value of Moey Basis for the course Power of compoud iterest $3,600 each year ito a 401(k) pla yields $2,390,000 i 40 years First some techical stuff You will use your fiacial calculator i every sigle
More informationValuing Firms in Distress
Valuig Firms i Distress Aswath Damodara http://www.damodara.com Aswath Damodara 1 The Goig Cocer Assumptio Traditioal valuatio techiques are built o the assumptio of a goig cocer, I.e., a firm that has
More informationFor customers Key features of the Guaranteed Pension Annuity
For customers Key features of the Guarateed Pesio Auity The Fiacial Coduct Authority is a fiacial services regulator. It requires us, Aego, to give you this importat iformatio to help you to decide whether
More informationFlood Emergency Response Plan
Flood Emergecy Respose Pla This reprit is made available for iformatioal purposes oly i support of the isurace relatioship betwee FM Global ad its cliets. This iformatio does ot chage or supplemet policy
More informationComparing Credit Card Finance Charges
Comparig Credit Card Fiace Charges Comparig Credit Card Fiace Charges Decidig if a particular credit card is right for you ivolves uderstadig what it costs ad what it offers you i retur. To determie how
More informationIn nite Sequences. Dr. Philippe B. Laval Kennesaw State University. October 9, 2008
I ite Sequeces Dr. Philippe B. Laval Keesaw State Uiversity October 9, 2008 Abstract This had out is a itroductio to i ite sequeces. mai de itios ad presets some elemetary results. It gives the I ite Sequeces
More informationSavings and Retirement Benefits
60 Baltimore Couty Public Schools offers you several ways to begi savig moey through payroll deductios. Defied Beefit Pesio Pla Tax Sheltered Auities ad Custodial Accouts Defied Beefit Pesio Pla Did you
More informationPresent Value Factor To bring one dollar in the future back to present, one uses the Present Value Factor (PVF): Concept 9: Present Value
Cocept 9: Preset Value Is the value of a dollar received today the same as received a year from today? A dollar today is worth more tha a dollar tomorrow because of iflatio, opportuity cost, ad risk Brigig
More informationBest of security and convenience
Get More with Additioal Cardholders. Importat iformatio. Add a coapplicat or authorized user to your accout ad you ca take advatage of the followig beefits: RBC Royal Bak Visa Customer Service Cosolidate
More informationCDs Bought at a Bank verses CD s Bought from a Brokerage. Floyd Vest
CDs Bought at a Bak verses CD s Bought from a Brokerage Floyd Vest CDs bought at a bak. CD stads for Certificate of Deposit with the CD origiatig i a FDIC isured bak so that the CD is isured by the Uited
More information5.4 Amortization. Question 1: How do you find the present value of an annuity? Question 2: How is a loan amortized?
5.4 Amortizatio Questio 1: How do you fid the preset value of a auity? Questio 2: How is a loa amortized? Questio 3: How do you make a amortizatio table? Oe of the most commo fiacial istrumets a perso
More informationPROCEEDINGS OF THE YEREVAN STATE UNIVERSITY AN ALTERNATIVE MODEL FOR BONUSMALUS SYSTEM
PROCEEDINGS OF THE YEREVAN STATE UNIVERSITY Physical ad Mathematical Scieces 2015, 1, p. 15 19 M a t h e m a t i c s AN ALTERNATIVE MODEL FOR BONUSMALUS SYSTEM A. G. GULYAN Chair of Actuarial Mathematics
More informationFM4 CREDIT AND BORROWING
FM4 CREDIT AND BORROWING Whe you purchase big ticket items such as cars, boats, televisios ad the like, retailers ad fiacial istitutios have various terms ad coditios that are implemeted for the cosumer
More informationConsider these sobering statistics
Idetity Theft is a form of fraud or Idetity theft cotiues to icrease every year ad has impacted millios of Americas. cheatig of aother perso s idetity i which someoe preteds to be someoe else by assumig
More informationA GUIDE TO BUILDING SMART BUSINESS CREDIT
A GUIDE TO BUILDING SMART BUSINESS CREDIT Establishig busiess credit ca be the key to growig your compay DID YOU KNOW? Busiess Credit ca help grow your busiess Soud paymet practices are key to a solid
More information2014 Menu of Agency Support Services 17 TOP OF MIND TOUCH POINTS
2014 Meu of Agecy Support Services 17 TOP OF MIND TOUCH POINTS Table of Cotets Turig a moolie customer ito a multilie customer icreases retetio by 7x! ORGANIC GROWTH Policy Reewal Appoitmet Calls.4 Life
More informationDesigning Incentives for Online Question and Answer Forums
Desigig Icetives for Olie Questio ad Aswer Forums Shaili Jai School of Egieerig ad Applied Scieces Harvard Uiversity Cambridge, MA 0238 USA shailij@eecs.harvard.edu Yilig Che School of Egieerig ad Applied
More informationPrivacy Guide for Small Businesses: The Basics
Office of the Privacy Commissioer of Caada PIPEDA Privacy Guide for Small Busiesses: The Basics Privacy is the best policy Hadlig privacy cocers correctly ca help improve your orgaizatio s reputatio. Whe
More informationStatement of cash flows
6 Statemet of cash flows this chapter covers... I this chapter we study the statemet of cash flows, which liks profit from the statemet of profit or loss ad other comprehesive icome with chages i assets
More information.04. This means $1000 is multiplied by 1.02 five times, once for each of the remaining sixmonth
Questio 1: What is a ordiary auity? Let s look at a ordiary auity that is certai ad simple. By this, we mea a auity over a fixed term whose paymet period matches the iterest coversio period. Additioally,
More informationKey Ideas Section 81: Overview hypothesis testing Hypothesis Hypothesis Test Section 82: Basics of Hypothesis Testing Null Hypothesis
Chapter 8 Key Ideas Hypothesis (Null ad Alterative), Hypothesis Test, Test Statistic, Pvalue Type I Error, Type II Error, Sigificace Level, Power Sectio 81: Overview Cofidece Itervals (Chapter 7) are
More informationInstitute of Actuaries of India Subject CT1 Financial Mathematics
Istitute of Actuaries of Idia Subject CT1 Fiacial Mathematics For 2014 Examiatios Subject CT1 Fiacial Mathematics Core Techical Aim The aim of the Fiacial Mathematics subject is to provide a groudig i
More informationPENSION ANNUITY. Policy Conditions Document reference: PPAS1(7) This is an important document. Please keep it in a safe place.
PENSION ANNUITY Policy Coditios Documet referece: PPAS1(7) This is a importat documet. Please keep it i a safe place. Pesio Auity Policy Coditios Welcome to LV=, ad thak you for choosig our Pesio Auity.
More informationFI A CIAL MATHEMATICS
CHAPTER 7 FI A CIAL MATHEMATICS Page Cotets 7.1 Compoud Value 117 7.2 Compoud Value of a Auity 118 7.3 Sikig Fuds 119 7.4 Preset Value 122 7.5 Preset Value of a Auity 122 7.6 Term Loas ad Amortizatio 123
More informationOnline Banking. Internet of Things
Olie Bakig & The Iteret of Thigs Our icreasigly iteretcoected future will mea better bakig ad added security resposibilities for all of us. FROM DESKTOPS TO SMARTWATCHS Just a few years ago, Americas coducted
More informationApproximating Area under a curve with rectangles. To find the area under a curve we approximate the area using rectangles and then use limits to find
1.8 Approximatig Area uder a curve with rectagles 1.6 To fid the area uder a curve we approximate the area usig rectagles ad the use limits to fid 1.4 the area. Example 1 Suppose we wat to estimate 1.
More information2014 Menu of Agency Support Services 10 TOP OF MIND TOUCH POINTS
2014 Meu of Agecy Support Services 10 TOP OF MIND TOUCH POINTS Table of Cotets Turig a moolie customer ito a multilie customer icreases retetio by 7x! ORGANIC GROWTH Policy Reewal Appoitmet Calls.4 Life
More informationDeceased organ donation
Deceased orga doatio Let's talk about it Table of Cotets Itroductio Why orga doatio is so importat Facig the facts Kidey trasplats are highly successful What exactly is deceased doatio? What orgas ca be
More informationCorporation tax trading profits
2 Corporatio tax tradig profits this chapter covers... I this chapter we provide a brief review of the Corporatio Tax computatio, ad examie the step by step procedures for compilig the computatio, before
More informationUNIT 3 SUMMARY STATIONS THROUGHOUT THE NEXT 2 DAYS, WE WILL BE SUMMARIZING THE CONCEPT OF EXPONENTIAL FUNCTIONS AND THEIR VARIOUS APPLICATIONS.
Name: Group Members: UNIT 3 SUMMARY STATIONS THROUGHOUT THE NEXT DAYS, WE WILL BE SUMMARIZING THE CONCEPT OF EXPONENTIAL FUNCTIONS AND THEIR VARIOUS APPLICATIONS. EACH ACTIVITY HAS A COLOR THAT CORRESPONDS
More informationQuestion 2: How is a loan amortized?
Questio 2: How is a loa amortized? Decreasig auities may be used i auto or home loas. I these types of loas, some amout of moey is borrowed. Fixed paymets are made to pay off the loa as well as ay accrued
More informationTwo people, one policy. Affordable longterm care coverage for both.
Logterm care rider, available o Natiowide YourLife NoLapse Guaratee SUL II Feature guide LIFE INSURANCE + LONGERM CARE wo people, oe policy. Affordable logterm care coverage for both. NAIONWIDE LIFE
More informationShareholder Information Brochure
The Ivestor Service ad Automatic Divided Reivestmet Program for Shareholders of Johso & Johso Shareholder Iformatio Brochure The Program is sposored ad admiistered by Computershare Trust Compay, N.A.,
More informationODBC. Getting Started With Sage Timberline Office ODBC
ODBC Gettig Started With Sage Timberlie Office ODBC NOTICE This documet ad the Sage Timberlie Office software may be used oly i accordace with the accompayig Sage Timberlie Office Ed User Licese Agreemet.
More informationSum of Exterior Angles of Polygons TEACHER NOTES
Sum of Exterior Agles of Polygos TEACHER NOTES Math Objectives Studets will determie that the iterior agle of a polygo ad a exterior agle of a polygo form a liear pair (i.e., the two agles are supplemetary).
More informationUnit 20 Hypotheses Testing
Uit 2 Hypotheses Testig Objectives: To uderstad how to formulate a ull hypothesis ad a alterative hypothesis about a populatio proportio, ad how to choose a sigificace level To uderstad how to collect
More informationThe analysis of the Cournot oligopoly model considering the subjective motive in the strategy selection
The aalysis of the Courot oligopoly model cosiderig the subjective motive i the strategy selectio Shigehito Furuyama Teruhisa Nakai Departmet of Systems Maagemet Egieerig Faculty of Egieerig Kasai Uiversity
More information5: Introduction to Estimation
5: Itroductio to Estimatio Cotets Acroyms ad symbols... 1 Statistical iferece... Estimatig µ with cofidece... 3 Samplig distributio of the mea... 3 Cofidece Iterval for μ whe σ is kow before had... 4 Sample
More informationHypothesis testing. Null and alternative hypotheses
Hypothesis testig Aother importat use of samplig distributios is to test hypotheses about populatio parameters, e.g. mea, proportio, regressio coefficiets, etc. For example, it is possible to stipulate
More informationHow to read A Mutual Fund shareholder report
Ivestor BulletI How to read A Mutual Fud shareholder report The SEC s Office of Ivestor Educatio ad Advocacy is issuig this Ivestor Bulleti to educate idividual ivestors about mutual fud shareholder reports.
More informationOverview. Learning Objectives. Point Estimate. Estimation. Estimating the Value of a Parameter Using Confidence Intervals
Overview Estimatig the Value of a Parameter Usig Cofidece Itervals We apply the results about the sample mea the problem of estimatio Estimatio is the process of usig sample data estimate the value of
More informationAnalyzing Longitudinal Data from Complex Surveys Using SUDAAN
Aalyzig Logitudial Data from Complex Surveys Usig SUDAAN Darryl Creel Statistics ad Epidemiology, RTI Iteratioal, 312 Trotter Farm Drive, Rockville, MD, 20850 Abstract SUDAAN: Software for the Statistical
More informationCS103X: Discrete Structures Homework 4 Solutions
CS103X: Discrete Structures Homewor 4 Solutios Due February 22, 2008 Exercise 1 10 poits. Silico Valley questios: a How may possible sixfigure salaries i whole dollar amouts are there that cotai at least
More informationCHAPTER 7: Central Limit Theorem: CLT for Averages (Means)
CHAPTER 7: Cetral Limit Theorem: CLT for Averages (Meas) X = the umber obtaied whe rollig oe six sided die oce. If we roll a six sided die oce, the mea of the probability distributio is X P(X = x) Simulatio:
More informationSolving Logarithms and Exponential Equations
Solvig Logarithms ad Epoetial Equatios Logarithmic Equatios There are two major ideas required whe solvig Logarithmic Equatios. The first is the Defiitio of a Logarithm. You may recall from a earlier topic:
More informationMARTINGALES AND A BASIC APPLICATION
MARTINGALES AND A BASIC APPLICATION TURNER SMITH Abstract. This paper will develop the measuretheoretic approach to probability i order to preset the defiitio of martigales. From there we will apply this
More informationTime Value of Money, NPV and IRR equation solving with the TI86
Time Value of Moey NPV ad IRR Equatio Solvig with the TI86 (may work with TI85) (similar process works with TI83, TI83 Plus ad may work with TI82) Time Value of Moey, NPV ad IRR equatio solvig with
More informationMainStay Funds IRA/SEP/Roth IRA Distribution Form
MaiStay Fuds IRA/SEP/Roth IRA Distributio Form Do ot use for IRA Trasfers or SIMPLE IRA INSTRUCTIONS Before completig this form, please refer to the applicable Custodial Agreemet ad Disclosure Statemet
More informationFlorida Governor Rick Scott Signs Senate Bill 408 Into Law
JUNE 2011 Florida Goveror Rick Scott Sigs Seate Bill 408 Ito Law Florida Goveror Rick Scott siged Seate Bill 408 (SB408) ito law o May 17, 2011. The legislative itet of SB408 is to reform the ustable property
More informationChapter 6: Variance, the law of large numbers and the MonteCarlo method
Chapter 6: Variace, the law of large umbers ad the MoteCarlo method Expected value, variace, ad Chebyshev iequality. If X is a radom variable recall that the expected value of X, E[X] is the average value
More informationSection 11.3: The Integral Test
Sectio.3: The Itegral Test Most of the series we have looked at have either diverged or have coverged ad we have bee able to fid what they coverge to. I geeral however, the problem is much more difficult
More informationImpact your future. Make plans with good advice from ACT. Get Set for College 1. THINK 2. CONSIDER 3. COMPARE 4. APPLY 5. PLAN 6.
Impact your future Get Set for College 1. THINK 2. CONSIDER 3. COMPARE 4. APPLY 5. PLAN 6. DECIDE Make plas with good advice from ACT. 1. Thik Thik about yourself ad your college eeds Do you start thigs
More informationBENEFITCOST ANALYSIS Financial and Economic Appraisal using Spreadsheets
BENEITCST ANALYSIS iacial ad Ecoomic Appraisal usig Spreadsheets Ch. 2: Ivestmet Appraisal  Priciples Harry Campbell & Richard Brow School of Ecoomics The Uiversity of Queeslad Review of basic cocepts
More informationEnhancing Oracle Business Intelligence with cubus EV How users of Oracle BI on Essbase cubes can benefit from cubus outperform EV Analytics (cubus EV)
Ehacig Oracle Busiess Itelligece with cubus EV How users of Oracle BI o Essbase cubes ca beefit from cubus outperform EV Aalytics (cubus EV) CONTENT 01 cubus EV as a ehacemet to Oracle BI o Essbase 02
More informationIncremental calculation of weighted mean and variance
Icremetal calculatio of weighted mea ad variace Toy Fich faf@cam.ac.uk dot@dotat.at Uiversity of Cambridge Computig Service February 009 Abstract I these otes I eplai how to derive formulae for umerically
More informationComputershare Investment Plan. Best Buy Co., Inc. Common Stock
Computershare Ivestmet Pla A Direct Stock Purchase ad Divided Reivestmet Pla for Best Buy Co., Ic. Commo Stock Best Buy Co., Ic. is listed o the New York Stock Exchage (Tradig Symbol BBY, CUSIP 086516101)
More informationSequences and Series
CHAPTER 9 Sequeces ad Series 9.. Covergece: Defiitio ad Examples Sequeces The purpose of this chapter is to itroduce a particular way of geeratig algorithms for fidig the values of fuctios defied by their
More informationSECTION 1.5 : SUMMATION NOTATION + WORK WITH SEQUENCES
SECTION 1.5 : SUMMATION NOTATION + WORK WITH SEQUENCES Read Sectio 1.5 (pages 5 9) Overview I Sectio 1.5 we lear to work with summatio otatio ad formulas. We will also itroduce a brief overview of sequeces,
More informationI. Why is there a time value to money (TVM)?
Itroductio to the Time Value of Moey Lecture Outlie I. Why is there the cocept of time value? II. Sigle cash flows over multiple periods III. Groups of cash flows IV. Warigs o doig time value calculatios
More informationSoving Recurrence Relations
Sovig Recurrece Relatios Part 1. Homogeeous liear 2d degree relatios with costat coefficiets. Cosider the recurrece relatio ( ) T () + at ( 1) + bt ( 2) = 0 This is called a homogeeous liear 2d degree
More informationTrading the randomness  Designing an optimal trading strategy under a drifted random walk price model
Tradig the radomess  Desigig a optimal tradig strategy uder a drifted radom walk price model Yuao Wu Math 20 Project Paper Professor Zachary Hamaker Abstract: I this paper the author iteds to explore
More informationMathematical goals. Starting points. Materials required. Time needed
Level A1 of challege: C A1 Mathematical goals Startig poits Materials required Time eeded Iterpretig algebraic expressios To help learers to: traslate betwee words, symbols, tables, ad area represetatios
More informationOutput Analysis (2, Chapters 10 &11 Law)
B. Maddah ENMG 6 Simulatio 05/0/07 Output Aalysis (, Chapters 10 &11 Law) Comparig alterative system cofiguratio Sice the output of a simulatio is radom, the comparig differet systems via simulatio should
More information5/gallon. Earn. Then save. Cash Management. Control. Must Apply by 6/30/16. Save 25 /gallon on fuel purchases for the first 2 billing periods * ; then
Ear The save 25/gallo for the first 2 billig periods o fuel purchases with the ExxoMobil Busiess Card. * No miimum purchase requiremets ad o maximum savigs cap. Limitedtime offer. Must apply by 6/30/16.
More informationNATIONAL SENIOR CERTIFICATE GRADE 12
NATIONAL SENIOR CERTIFICATE GRADE MATHEMATICS P EXEMPLAR 04 MARKS: 50 TIME: 3 hours This questio paper cosists of 8 pages ad iformatio sheet. Please tur over Mathematics/P DBE/04 NSC Grade Eemplar INSTRUCTIONS
More informationI apply to subscribe for a Stocks & Shares ISA for the tax year 20 /20 and each subsequent year until further notice.
IFSL Brooks Macdoald Fud Stocks & Shares ISA Trasfer Applicatio Form IFSL Brooks Macdoald Fud Stocks & Shares ISA Trasfer Applicatio Form Please complete usig BLOCK CAPITALS ad retur the completed form
More informationFramingham State College Department of Economics and Business Managerial Finance Practice Final Exam Spring 2006
Name Framigham State College Departmet of Ecoomics ad Busiess Maagerial Fiace Practice Fial Exam Sprig 2006 This exam provides questios that are represetative of those cotaied o your exam. This test should
More informationArithmetic Sequences and Partial Sums. Arithmetic Sequences. Definition of Arithmetic Sequence. Example 1. 7, 11, 15, 19,..., 4n 3,...
3330_090.qxd 1/5/05 11:9 AM Page 653 Sectio 9. Arithmetic Sequeces ad Partial Sums 653 9. Arithmetic Sequeces ad Partial Sums What you should lear Recogize,write, ad fid the th terms of arithmetic sequeces.
More information1. C. The formula for the confidence interval for a population mean is: x t, which was
s 1. C. The formula for the cofidece iterval for a populatio mea is: x t, which was based o the sample Mea. So, x is guarateed to be i the iterval you form.. D. Use the rule : pvalue
More informationWeek 3 Conditional probabilities, Bayes formula, WEEK 3 page 1 Expected value of a random variable
Week 3 Coditioal probabilities, Bayes formula, WEEK 3 page 1 Expected value of a radom variable We recall our discussio of 5 card poker hads. Example 13 : a) What is the probability of evet A that a 5
More information4 n. n 1. You shold think of the Ratio Test as a generalization of the Geometric Series Test. For example, if a n ar n is a geometric sequence then
SECTION 2.6 THE RATIO TEST 79 2.6. THE RATIO TEST We ow kow how to hadle series which we ca itegrate (the Itegral Test), ad series which are similar to geometric or pseries (the Compariso Test), but of
More informationConfidence Intervals for One Mean
Chapter 420 Cofidece Itervals for Oe Mea Itroductio This routie calculates the sample size ecessary to achieve a specified distace from the mea to the cofidece limit(s) at a stated cofidece level for a
More informationCurrent Year Income Assessment Form
Curret Year Icome Assessmet Form Academic Year 2015/16 Persoal details Perso 1 Your Customer Referece Number Your Customer Referece Number Name Name Date of birth Address / / Date of birth / / Address
More information6. p o s I T I v e r e I n f o r c e M e n T
6. p o s I T I v e r e I f o r c e M e T The way positive reiforcemet is carried out is more importat tha the amout. B.F. Skier We all eed positive reiforcemet. Whether or ot we are cosciously aware of
More informationA Resource for Freestanding Mathematics Qualifications Working with %
Ca you aswer these questios? A savigs accout gives % iterest per aum.. If 000 is ivested i this accout, how much will be i the accout at the ed of years? A ew car costs 16 000 ad its value falls by 1%
More informationTell us if you need help because of a disability Ask for a free interpreter
Your rights uder Califoria Welfare Programs for people applyig for or receivig public aid i Califoria Tell us if you eed help because of a disability Ask for a free iterpreter 2 Your rights all people
More information