Present and future value formulae for uneven cash flow Based on performance of a Business
|
|
- Iris Campbell
- 8 years ago
- Views:
Transcription
1 Advces i Mgemet & Applied Ecoomics, vol., o., 20, ISSN: (prit versio), (olie) Itertiol Scietific Press, 20 Preset d future vlue formule for ueve csh flow Bsed o performce of Busiess Ameh Tefer Tessem Abstrct Busiess firm's icome is ot costt, or fied from period to period becuse of this the firm s csh iflow or out flow is ueve. The decisio of firm either to ivest or to borrow from creditors bsed o ueve csh i-flow eed to hve future or preset vlue predictio formul. The problem to fid future d preset vlue formule for ueve csh flow styed usolved for log periods. However, o this pper it wted to show future d preset vlue of ueve csh flow predictio formule bsed o the performce rte ( P ) of busiess. The Performce rte (P ) is percetge by which the curret performce, ecoomic vlue dded (EVA ), of the busiess eceeds the previous performce. Therefore, the firm csh out flows either for ivestmet or for repymet of the borrowed lo growth ccordig to the performce rte (p) of the firm. Keywords: preset vlue formul, future vlue formul, performce rte, Rte of growth. Costructio d busiess bk s.c., P.O. bo 2042, Addis Abb, Ethiopi, e-mil:mbet22002@yhoo.com. Article Ifo: Revised: Mrch 7, 20. Published olie: My 3, 20
2 94 Preset d future vlue formule for ueve csh flow Itroductio Moey does hve differet vlue t differet periods. The moey we owe ow does hve more vlue th we eed to owe it i the future. The fcts behid this ide re:. we prefer to use moey more productively ow so s to get rel retur i the future 2. Durig ifltio period the moey we use ow does hve more purchsig power th we use the moey i the future 3. At lst sice the future is full of risk d ucertity we prefer curret cosumptio to future cosumptio. This pheomeo is lso referred to s time preferece of moey which is epressed by iterest rte ([]-pp.44-46, [6]-pp , [8]-pp.9-20). A iterest rte is defied s the price pid by borrower to bk/ creditor for the use of moey/ resources durig the give time period. A borrower from bk pys the pricipl d percetge of the pricipl per uit of time. A moey depositor ito the bk ccout will receive i the ed of iterest period the pricipl deposit mout d percetge of the pricipl per uit of time, which is the iterest mout. Compoudig d discoutig techiques re the two methods by which time vlue of moey clculted. The future d preset vlues of uity formule developed i such techique vlid oly for equl mout of periodic csh flow. The formule do hve the followig shortcomigs. The formule do ot clculte csh flow which growth ccordig to the icrese of the project s performce. 2. The formule do cosider project performce to be sme throughout the project life, which is impossible. A project whose performce does ot chge ccordig to the mrket situtio throughout the project life my be out of the mrket.
3 Ameh Tefer Tessem The formule do ot cosider the future ifltio period where the project csh iflow will be reduced. 4. The formule do ot cosider fleibility of deposit to bk or fleibility of pymet to creditors. 5. The preset vlue formul does t cosider low csh flow t iitil stge. At iitil stge of ivestmet where there is high burde of ivestmet cost, high epese for dvertisemet of the busiess products, there might be o csh iflow for the firm. Becuse of this, the set repymet usig preset vlue formul by creditors without cosiderig the busiess firm s iitil ivestmet cost becomes burde for borrower. 6. The repymet set for borrowers by usig uity formul goes decresig from high burde to low becuse the repymet mout i the ed of the lo period comes dow to smll mout d the borrower gets relief ([6], pp.05). This is meigless sice the borrower should hve got relief of lo pymet t the begiig of lo period where the project csh iflow is very low. 7. The csh flow we re goig to clculte by preset vlue formul does t hve y future risk premium though the iterest rte does hve d this cretes mismtch betwee the csh flow d the iterest rte. As hve see bove preset d future vlue formule fil to clculte ueve csh flow. I the ivestmet decisio of firm, oe could receive ueve of csh iflow, which does ot eble him/her to put o decisio merely for there is o y formul to clculte ueve csh ivestmet shortly. Becuse of this, we compelled to use lborious techique ([6]- pp.274, [7]-pp.25, [9]-pp.3-9) by which we re goig to clculte ech periods csh flow to get the totl sum. O this pper, the uthor wt to show how the sum of ueve csh flow either for ivestmet or for repymet of borrowed lo from bk bsed o performce of the busiess firm c be determied.
4 96 Preset d future vlue formule for ueve csh flow 2 Prelimiry ote Although, Trditiol ccoutig mesures of performce of firm re profit, erig per shre(eps), retur o ivestmet (ROI),free csh flow (FCF),cpitl productivity (KP), lbor productivity (LP) d retur o cpitl employed (ROCE) ech of ech igores csh d cost of cpitl so s to geerte the trget profit ([3]-pp.326, [0]-pp.44). Ruther, the best mesurig tool of performce of busiess firm is ecoomic vlue dded which provides the moey vlue creted for ivestor i give period of time by weightig the profit geerted gist the cost of cpitl employed so s to geerte tht profit, [4]-pp.477. From this, sice EVA cosiders the mout of cpitl ivested, the retur ered o cpitl d the cost of cpitl (WACC) reflectig the risk djusted required rte of retur, it is thought to hve ll chrcteristics of the mesure though it is vlid oly for short period of time. Furthermore, sice EVA (Ecoomic Vlue Added) hs cosidered s mesure of both performce d vlue of busiess firm, it ssumes s wy to determie the vlue creted ecess bove the required retur for the shreholder of the busiess firm. The firm cretes welth for the shreholder whe the reveue of the firm eceeds over the cost of doig busiess d the cost of cpitl. A busiess firm cretes vlue for its shreholders o the bses of positive EVA rther th simply mkig ccoutig profits. The positive mgitude of EVA idictes s the busiess firm is improvig its et csh retur o ivested cpitl. The icremet of EVA of the firm from yer to yer will result icrese of the mrket vlue of the firm, []. The eistece of ccoutig iformtio of firm for sigle ccoutig period helps the mger to grsp the bsic kow how of the firm performce i tht ccoutig period. A mger who hs good eperiece of the firm performce helps i fcilittig to predict future performce of firm bsig o the pst ficil sttemet such s icome sttemet d blce sheet. The vilbility of pst tred records help to clculte d predict progressive performce rte of the firm so s to determie progressive csh iflow o the firm ivestmet retur
5 Ameh Tefer Tessem 97 d the firm progressive bk lo repymet, ([2]-pp.64-65, []-pp ). Sice the firm's performce rte hs ssumed to be progressive, the csh flow of the firm ssumes to grow from period to period. Performce rte is percetge by which the curret performce of firm (i this cse, EVA) growth from the previous. 3 Mi results A ivestor who is goig to borrow some fied mout of moey will get ito commitmet to py the lo repymet mout t every period s per the cotrctul greemet betwee the ivestor d creditor. The lo repymet mout pre-clculted d set by the creditors ssumig to py the period iterest mout d portio of the pricipl by the ecess bove the iterest mout. Ech of the et periods repymet mout is the product of the precedig repymet mout d of the curret project s performce rte. At iitil repymet period, the repymet mout ssumed to be smll fied mout without performce rte. However, the et fter the first period repymet mout growth ccordig to the growth of busiess performce. Assume tht the first smll repymet mout to be d the et fter the first repymet cosequetly be clculted s ( P i)( P2 i)...( P 2 i) P Such tht Repymet Period 2 3 Repymet mout ( P i) ( P i) P 2 ( P i)( P i)...( P i) P 2 2
6 98 Preset d future vlue formule for ueve csh flow where P = Performce rte, y rbitrry figure greter th zero, which c be mesured s the percetge by which the ( ) th period EVA growth from the th period EVA, i.e., P EVA EVA =. EVA The reso why the uthor preferred to put performce rte i such wy is to sve the csh flow from u-ecessry eggertio becuse the rtio is very smll though the th period performce rte is greter th/or less th the ( ) th period performce rte. Here EVA for periods is to me projected et icome for lo periods o the firm projected icome sttemet. i = Bk iterest rte which is dded to the performce rte sice the th period repymet should coti portio of the pricipl mout d of the period iterest mout, [2]-pp.444. It is betwee 0 d = Lo period The curret csh vlue of the future csh flow of these lo repymets epressed s follow Result : ( ) ( Pm i) ( i ) i m= ( P i) ( P i) P2 ( P i)( P2 i) P3 = ( i ) ( i) ( i) ( i) ( P i)( P2 i)( P3 i)...( P 2 i) P ( i) Aother decisio of busiess firm is decisio to ivest csh ow i order to receive csh, goods or services i the future period. Here lso let represet the csh ow ivestig for ech period s
7 Ameh Tefer Tessem 99 Period 2 3 Ivestig Csh ( W T) ( p )( W T ) 2 2 ( p )( p )...( p )( p )( W T ) where W = P, T = ( P )( i) for ( P )( i) betwee 0 d, (i.e., 0 < ( P )( i) < ), T = is the firm performce other th bk s deposit iterest. The deposit iterest rte should ot be icluded ito the project performce sice it is lwys less th the bk ledig iterest rte. i = Bk iterest rte which is betwee 0 d. = ivestig period. W T = A portio of performce rte by which the ecess bove cosumptio sved ito bk ccout. Therefore, the future vlue of ivestig csh ow represeted s follow Result 2: ( i ) ( pm )( i) i m= = ( i ) ( W T)( i ) ( p ) ( W T )( i ) ( p )( p )...( p )( W T )( i ) Advtges The pper deeply focus o how busiess firms determie their csh iflow or out flow bsed o their ecoomic profit (or ecoomic vlue dded).as reveled by the formule, the first pymet, which is ecess bove cosumptio, which c be ssiged for pymet of debt or for svig ito bk ccout is very smll mout. The et fter the first csh flow mouts progress or growth
8 00 Preset d future vlue formule for ueve csh flow log with the busiess firm s performce rte. Sice this performce rte shows the reltive level of growth of oe firm, curret to lst ecoomic profit, it embrces ll ctivities of the firm. EVA reflects et of the csh geerted d the csh ivested by the busiess firm. As EVA fluctutes from period to period, the et csh left to the busiess firm lso fluctutes from period to period. This fluctutio of the firm s csh iflow or out flow hs ectly reflected by the busiess performce rte ( P ). Ficig orgs, like bks, use ordiry uity formul to determie lo cpcity s well s lo repymet of the borrowers. Sice the formul does ot coti y mesure of the performce of the borrowig org, Most of the busiess lo re see gettig ito operformig lo ctegory, lettig other thigs beig costt. Becuse of this Bks lwys ly their ow rules d regultios to miimize operformig los t hd but could ot rech t coclusive solutio for log periods. Uless otherwise there eisted stiff cotrol to collect the disbursed lo, the icremet of bd debt from period to period will ectly hrm the ecoomic coditio of the coutry s whole. However, the preset vlue formul stted by this pper clcultes the projected fluctutig repymet mout log with the performce of the borrowig org bsed o the rel csh o hd, which is ecess bove the cosumptio. The preset vlue formul gives dvtge to borrowers sice it relieve borrowers sufferig from pyig huge mout t the beggig periods. The firm t iitil stge ssumed t high estblishmet cost d evetully fter coverig the ivestmet cost the lo repymet ssumes to rise ccordig to the ivestmet performce rte. The repymets clculted d set for ech lo periods by creditors/bks i such wy will beefit them i collectio of lo iterest sice t the beggig yers (periods) the pricipl lo mout hs ot much ffected by the smll repymets comprig to the et periods repymets. Ech of the
9 Ameh Tefer Tessem 0 periods repymet mouts ssumed to cler first the iterest mout d the goes to the pricipl by the ecess bove the iterest mout. O the other hd, future vlue formul reled depositors for they c deposit ech periods ecess bove of their cosumptio. A ewly etrt busiess firm ito mrket does hve little mout of csh t iitil stge d evetully fter coverig the estblishmet cost the liquidity mout o hd grows ccordigly. The growth of the csh iflow of the busiess firm depeds o its performce. Whe performce of the busiess improves, its profit d csh iflows icrese i the sme wy. As result of this, the depositor c deposit the ecess bove his/her busiess cosumptio strtig by smll mout of moey, which c evetully icrese from period to period to higher mout ccordig to the busiess performce. 3.. Cost The formule highly depeded o the performce of the firm, Ecoomic vlue dded (EVA).Sice ll busiess firms do ot use EVA s mesure of performce, they re obliged to go bck d reclculte their EVA first before they hve rrived t decisio to use the formule. Theorem 3. Let for ll elemets of turl umbers such tht p d re rbitrry rel umbers. If the Cf th term csh out flow c be epressed 2 ( pr i) p r= = the the sum of ech csh out flow s preset vlue c clculte s follow ( Pm i) ( i ) ( i) m= ( P i) ( P i) P2 ( P i)( P2 i) P3 = ( i ) ( i) ( i) ( i) ( P i)( P2 i)( P3 i)...( P 2 i) P ( i)
10 02 Preset d future vlue formule for ueve csh flow where i is bk iterest rte which is betwee zero d oe ( 0< i < ). Theorem 3.2 Let for ll elemets of turl umbers such tht p d re rbitrry rel umbers. If the th term csh i flow be epressed 2 = ( pr )( W T )( i r= Cf ) the the sum of ech csh i flow future vlue c clculte s follow ( i ) ( pm )( i) i m= = ( i ) ( W T)( i ) ( p ) ( W T )( i ) ( p )( p )...( p )( W T )( i ) 2 2 where W = P, T = ( P )( i) for ( P )( i) betwee 0 d, (i.e., 0 < ( P )( i) < ), P = performce rte i.e. such tht p or p d, T is the firm performce other th bk s deposit iterest. The deposit iterest rte should ot be icluded ito the project performce sice it is lwys less th the bk ledig iterest rte, i = Bk iterest rte which is betwee 0 d, = ivestig period, W T = A portio of performce rte by which the ecess bove cosumptio should be sved ito bk ccout. Proof. Let the th period csh flow ( ), performce rte p ) d the discout ( rte () be epressed by y figure, which c mthemticlly be epressed s R ( R el umbers) for ll N (turl umbers), such tht,, p R. The the sum of csh flow for periods c be eplied s follow This c eqully epressed s m = 2 m=
11 Ameh Tefer Tessem m =, for 0 2 m= Split the terms s = ( 0) (( 2 2 ) ( )) (( )) ( 2 )) (( ) ( )) Collectig like terms i the brckets we get tht 2 = ( ) ( 2 2 )( ) ( 2 3 )( ) ( ) 2 = ( )( ) ( )(... ) 2 3 ( )( ) ( ) 2 = ( ) 2 ( ) ( ) ( 2 ) 2 2 ( = ) Multiply both sides by, for m= 2 m = 2 ( ) ( ) Sice the formul of geometric progressio t rtio= c be epressed s = ([2]-pp.59), it follows tht = ( ) 2( ) ( ) ( 2 ) Equivletly this c epress s
12 04 Preset d future vlue formule for ueve csh flow = ( ) ( ) ( 2 ) ( 2 ) Let = 0, the it follows tht m= 2 m = ( ) ( 2 ) 3 ( 2 3 ) ( 2 ) From this epressio let s ssume tht the csh flow of project for ech period c be defied s This c epli s =, = p, 2 = p ( ), = p ( ),, = p ( ) 2 or c be writte s =, = p ( ), 2 = p ( )( p ), 3 2 = p ( )( p )( p ),, = p ( )( p )( p )...( p ) 2 2 = p ( ) 2 3 () Such tht P or P & P 0 = d puttig this i (), we hve
13 Ameh Tefer Tessem = P ( 2) ( 2) P2 4 ( 2 3) ( 2 3) P3 ( 2 3 ) ( 2 ) P = ( ) (( p ) ) ( 2)( ( P2 ) ) 4 ( 2 3) (( P3 ) ) ( 2 3 ) (( P ) ) = ( ) (( p ) ) ( 2)( ( P2 ) ) 4 ( 2 3) (( P3 ) ) ( 2 3 ) (( P ) ) Multiplyig both sides of the equtio by, we obti m= m= m = ( ( p ) ) ( 2) ((p2 ) ) 4 ( 2 3)(( p3 ) ) 2 ( ) ( ) ( p ) m = p (( ) ) ( )((p ) ) ( ) ( ) ( ) ( p ) if the bk iterest rte (i) epressed s ( ) ( p ) (2) 2 = d puttig this i (2) d i multiplyig both sides of the equtio by ( i ) we hve the followig
14 06 Preset d future vlue formule for ueve csh flow ( p i) ( 2)( p2 i) ( 2 3)( p3 i) i = ( i ) ( i ) ( i ) ( i ) m m= ( 2 )( p i) ( i ) (3) Suppose tht i the bove equtio (3) P = P i, d ddig both sides of the equtio we obti the followig preset vlue formul ( i ) ( Pm i) ( i ) ( i) m= ( P i) ( P i) P2 ( P i)( P2 i) P3 = ( i ) ( i) ( i) ( i) ( P i)( P2 i)( P3 i)...( P 2 i) P ( i) The iitil csh flow (), i the bove formul, growth progressively from oe period s to other by multiplyig with progressive performce rte of the period. Ech of the periods csh flow cotis iterest rte tht resists ifltio d risk which might be hppeed i the future period. Furthermore ech of the period csh flow cotis the period performce rte tht c move log with the stregth of the busiess which c led the csh flow highly voltile. Agi let cosider equtio (2), by puttig firs = ( i ) d the deductig ( i ) 2 from both sides, d the fter ddig both side of the equtio ( i ), we hve the followig future vlue formul [ m]( i ) ( i ) i m= 2 3 ( i ) ( W T)( i ) ( 2)( W2 T2)( i ) ( 2 )( W T )( i ) This c be writte s =
15 Ameh Tefer Tessem 07 ( i ) ( pm )( i) i m= = ( i ) ( W T)( i ) ( p )( W T )( i ) ( p )( p )...( p )( W T )( i ) 2 2 where W = P, T = ( P )( i) for ( P )( i) betwee 0 d, (i.e., 0 < ( P )( i) < ), P = performce rte i.e. such tht p or p d T = is the firm performce other th bk s deposit iterest. The deposit iterest rte should ot be icluded ito the project performce sice it is lwys less th the bk ledig iterest rte. i = Bk iterest rte which is betwee 0 d. = ivestig period W T = A portio of performce rte by which the ecess bove cosumptio should be sved ito bk ccout. 4 Coclusio Most busiess org uses EVA s mesure of both vlue d performce. The mi objective of bk is cceptig deposit from the society d ledig the collected deposit mout to the people who met liquidity shortge. The lo officer of the bk ought to provide strog relistic fesibility study regrdig the project to idetify the eligibility of the perso to be borrower bsed o the projected et csh iflow of the busiess. The mi problem styed for log is tht projected csh flow of the busiess igores future risk of iterest rte fluctutio d future ifltio. Becuse of these shortcomigs, the lo repymet set by the bk disregrdig ifltio d risk i iterest rte fluctutio will become burde to the borrower whe this fctor hppes i the rel mrket. Becuse of this, the borrowers fil to climb their lo repymet
16 08 Preset d future vlue formule for ueve csh flow obligtio withi the give lo life d this result the bk to fil for collectig the disbursed lo mout properly. The icrese of ucollectble los from period to period leds the bk to meet liquidity problem, which will lso levy shdow to the coutry ecoomy s whole. However, the bk liquidity problem will hve solutio if the bk hs hbit of keepig reserve portio of et csh o hd to fill bck the shortge of liquidity. The future vlue formul eble people, who hve o ecess csh o hd for ivestmet, to decide ow svig portio of icome ccordig to their erigs growth from period to period so s to relize their drem fter some fied period. This lso ecourges the svig hbits of people those who hve low icome d those who re slried, people who get their icome from their employmet t fied period itervl such s mothly or ully. Geerlly, the formule c esily help creditors, ivestors d persos who hve low icome i order to fcilitte their decisio shortly d ccurtely. They c lso help to estimte either the preset or the future csh flow of firm more perfectly. Refereces [] Aswth Dmodr, Corporte fice, 2 d editio, Joh Wiley & Sos, Ic., USA, , 200. [2] Aleder Hmilto Istitute, Ficil mgemet hd book, globl books d subscriptio services, New Delhi, , 998. [3] R.A. Breley d S.C. Myers, Priciples of corporte fice, McGrw-Hill Ic., New York, , [4] Coli Firer, S.A. Ross, R.W. Westerfield d B.D. Jord, Fudmetls of Corporte Fice, 3 rd editio, McGrw-Hill Compies, Lodo, [5] Costructio d Busiess Bk SC, [6] I M Pdey, Ficil Mgemet, 8 th editio, Viks publishig house Pvt Ltd, New Delhi, , 999.
17 Ameh Tefer Tessem 09 [7] A.N. Mosich, Itermedite ccoutig, 6 th editio, McGrw-Hill, Ic., U.S.A, , 963. [8] D.R. Myddelto, The Essece of Ficil Mgemet, Pretice Hll Itertiol Limited, Uited Kigdom(UK), 9-29, 995. [9] Chdr Prs, Fudmetls of ficil mgemet, 3 rd editio, Tt McGrw-Hill, Publishig Compy Limited, New Delhi, 3. 8., 993. [0] Proctor Ry, Mgeril Accoutig For Busiess Decisios, 2 d editio, Perso Eductio Limited, Egld, , [] R.F. Reilly d R.P. Schweihs, Hd Book of Advced Busiess Vlutio, McGrw-Hill Compies, Ic., New York, , [2] M.A. Sobel d N. Lerer, College lgebr, 4 th editio, Pretice-Hll, Ic., New Jersey, , 995.
PREMIUMS CALCULATION FOR LIFE INSURANCE
ls of the Uiversity of etroşi, Ecoomics, 2(3), 202, 97-204 97 REIUS CLCULTIO FOR LIFE ISURCE RE, RI GÎRBCI * BSTRCT: The pper presets the techiques d the formuls used o itertiol prctice for estblishig
More informationMATHEMATICS FOR ENGINEERING BASIC ALGEBRA
MATHEMATICS FOR ENGINEERING BASIC ALGEBRA TUTORIAL - INDICES, LOGARITHMS AND FUNCTION This is the oe of series of bsic tutorils i mthemtics imed t begiers or yoe wtig to refresh themselves o fudmetls.
More informationRepeated multiplication is represented using exponential notation, for example:
Appedix A: The Lws of Expoets Expoets re short-hd ottio used to represet my fctors multiplied together All of the rules for mipultig expoets my be deduced from the lws of multiplictio d divisio tht you
More informationBENEFIT-COST ANALYSIS Financial and Economic Appraisal using Spreadsheets
BENEIT-CST 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 informationSummation Notation The sum of the first n terms of a sequence is represented by the summation notation i the index of summation
Lesso 0.: Sequeces d Summtio Nottio Def. of Sequece A ifiite sequece is fuctio whose domi is the set of positive rel itegers (turl umers). The fuctio vlues or terms of the sequece re represeted y, 2, 3,...,....
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 informationA. Description: A simple queueing system is shown in Fig. 16-1. Customers arrive randomly at an average rate of
Queueig Theory INTRODUCTION Queueig theory dels with the study of queues (witig lies). Queues boud i rcticl situtios. The erliest use of queueig theory ws i the desig of telehoe system. Alictios of queueig
More informationChapter 04.05 System of Equations
hpter 04.05 System of Equtios After redig th chpter, you should be ble to:. setup simulteous lier equtios i mtrix form d vice-vers,. uderstd the cocept of the iverse of mtrix, 3. kow the differece betwee
More informationCHAPTER 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 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 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 short-term assets ito chequig ad savigs accouts.
More informationINVESTIGATION OF PARAMETERS OF ACCUMULATOR TRANSMISSION OF SELF- MOVING MACHINE
ENGINEEING FO UL DEVELOENT Jelgv, 28.-29.05.2009. INVESTIGTION OF ETES OF CCUULTO TNSISSION OF SELF- OVING CHINE leksdrs Kirk Lithui Uiversity of griculture, Kus leksdrs.kirk@lzuu.lt.lt bstrct. Uder the
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 informationTHE RISK ANALYSIS FOR INVESTMENTS PROJECTS DECISION
les Uiversittis pulesis Series Oecoomic, 11(1), 2009 THE RSK NLYSS FOR NVESTMENTS PROJECTS DECSON Cmeli Burj 1 Vsile Burj 2 BSTRCT: Te risk sigifies te possibility of existece of oe situtio i wic te obtied
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 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 fixed-icome security that typically pays periodic coupo paymets, ad a pricipal
More informationn Using the formula we get a confidence interval of 80±1.64
9.52 The professor of sttistics oticed tht the rks i his course re orlly distributed. He hs lso oticed tht his orig clss verge is 73% with stdrd devitio of 12% o their fil exs. His fteroo clsses verge
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 informationDEPARTMENT OF ACTUARIAL STUDIES RESEARCH PAPER SERIES
DEPARTMENT OF ACTUARIAL STUDIES RESEARCH PAPER SERIES The ulti-bioil odel d pplictios by Ti Kyg Reserch Pper No. 005/03 July 005 Divisio of Ecooic d Ficil Studies Mcqurie Uiversity Sydey NSW 09 Austrli
More informationGray level image enhancement using the Bernstein polynomials
Buletiul Ştiiţiic l Uiersităţii "Politehic" di Timişor Seri ELECTRONICĂ şi TELECOMUNICAŢII TRANSACTIONS o ELECTRONICS d COMMUNICATIONS Tom 47(6), Fscicol -, 00 Gry leel imge ehcemet usig the Berstei polyomils
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 informationTerminology for Bonds and Loans
³ ² ± Termiology for Bods ad Loas Pricipal give to borrower whe loa is made Simple loa: pricipal plus iterest repaid at oe date Fixed-paymet loa: series of (ofte equal) repaymets Bod is issued at some
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 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 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 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 information2 Time Value of Money
2 Time Value of Moey BASIC CONCEPTS AND FORMULAE 1. Time Value of Moey It meas moey has time value. A rupee today is more valuable tha a rupee a year hece. We use rate of iterest to express the time value
More informationCHAPTER 11 Financial mathematics
CHAPTER 11 Fiacial mathematics I this chapter you will: Calculate iterest usig the simple iterest formula ( ) Use the simple iterest formula to calculate the pricipal (P) Use the simple iterest formula
More informationUsing your card: goods (8 in person, I by phone, I by computer), pay for services (A in person, E by phone.
ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES The Elecoic Fud Trsfers we re cpble of hdlig for cosumers re idicted below, some of which my ot pply your ccout. Some of these my ot be vilble
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 CFX-9850GB PLUS to efficietly compute values associated with preset value auities.
More informationTO: Users of the ACTEX Review Seminar on DVD for SOA Exam FM/CAS Exam 2
TO: Users of the ACTEX Review Semiar o DVD for SOA Exam FM/CAS Exam FROM: Richard L. (Dick) Lodo, FSA Dear Studets, Thak you for purchasig the DVD recordig of the ACTEX Review Semiar for SOA Exam FM (CAS
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 informationExample 2 Find the square root of 0. The only square root of 0 is 0 (since 0 is not positive or negative, so those choices don t exist here).
BEGINNING ALGEBRA Roots ad Radicals (revised summer, 00 Olso) Packet to Supplemet the Curret Textbook - Part Review of Square Roots & Irratioals (This portio ca be ay time before Part ad should mostly
More informationPre-Suit Collection Strategies
Pre-Suit 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
More informationSTATEMENT OF ECONOMIC INTERESTS
STATEMENT OF ECOMIC INTERESTS NAME y / &, L, V ^i / Cdidte for -- Electio to this office? OFFICE OR POSITION HEL OR SOUGHT
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 time-value
More informationHow To Solve The Homewor Problem Beautifully
Egieerig 33 eautiful Homewor et 3 of 7 Kuszmar roblem.5.5 large departmet store sells sport shirts i three sizes small, medium, ad large, three patters plaid, prit, ad stripe, ad two sleeve legths log
More informationHow To Get A Kukandruk Studetfiace
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 informationMANUFACTURER-RETAILER CONTRACTING UNDER AN UNKNOWN DEMAND DISTRIBUTION
MANUFACTURER-RETAILER CONTRACTING UNDER AN UNKNOWN DEMAND DISTRIBUTION Mrti A. Lriviere Fuqu School of Busiess Duke Uiversity Ev L. Porteus Grdute School of Busiess Stford Uiversity Drft December, 995
More informationAuthorized licensed use limited to: University of Illinois. Downloaded on July 27,2010 at 06:52:39 UTC from IEEE Xplore. Restrictions apply.
Uiversl Dt Compressio d Lier Predictio Meir Feder d Adrew C. Siger y Jury, 998 The reltioship betwee predictio d dt compressio c be exteded to uiversl predictio schemes d uiversl dt compressio. Recet work
More informationCS103A Handout 23 Winter 2002 February 22, 2002 Solving Recurrence Relations
CS3A Hadout 3 Witer 00 February, 00 Solvig Recurrece Relatios Itroductio A wide variety of recurrece problems occur i models. Some of these recurrece relatios ca be solved usig iteratio or some other ad
More informationCHAPTER 4: NET PRESENT VALUE
EMBA 807 Corporate Fiace Dr. Rodey Boehe CHAPTER 4: NET PRESENT VALUE (Assiged probles are, 2, 7, 8,, 6, 23, 25, 28, 29, 3, 33, 36, 4, 42, 46, 50, ad 52) The title of this chapter ay be Net Preset Value,
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 informationThe Program and Evaluation of Internet of Things Used in Manufacturing Industry Hongyun Hu, Cong Yang. Intelligent procurement.
The Progrm d Evlutio of Iteret of Thigs Used i Mufcturig Idustry 1 Hogyu Hu, 2 Cog Yg 1 Xime Uiversity of Techology, xmldhy@163.com 2 Xime Uiversity of Techology, 474899564@qq.com Abstrct The mufcturig
More informationOrdinal Classification Method for the Evaluation Of Thai Non-life Insurance Companies
www.ijcsi.org 362 Ordil Method for the Evlutio Of Thi No-life Isurce Compies Phiboo Jhopit, Sukree Sithupiyo 2 d Thitivdee Chiywt 3 Techopreeurship d Iovtio Mgemet Progrm Grdute School, Chullogkor Uiversity,
More informationDomain 1: Designing a SQL Server Instance and a Database Solution
Maual SQL Server 2008 Desig, Optimize ad Maitai (70-450) 1-800-418-6789 Domai 1: Desigig a SQL Server Istace ad a Database Solutio Desigig for CPU, Memory ad Storage Capacity Requiremets Whe desigig a
More informationThe Stable Marriage Problem
The Stable Marriage Problem William Hut Lae Departmet of Computer Sciece ad Electrical Egieerig, West Virgiia Uiversity, Morgatow, WV William.Hut@mail.wvu.edu 1 Itroductio Imagie you are a matchmaker,
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 informationLesson 17 Pearson s Correlation Coefficient
Outlie Measures of Relatioships Pearso s Correlatio Coefficiet (r) -types of data -scatter plots -measure of directio -measure of stregth Computatio -covariatio of X ad Y -uique variatio i X ad Y -measurig
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 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 informationEcon 4721 Money and Banking Problem Set 2 Answer Key
Econ 472 Money nd Bnking Problem Set 2 Answer Key Problem (35 points) Consider n overlpping genertions model in which consumers live for two periods. The number of people born in ech genertion grows in
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 informationSPECIAL PRODUCTS AND FACTORIZATION
MODULE - Specil Products nd Fctoriztion 4 SPECIAL PRODUCTS AND FACTORIZATION In n erlier lesson you hve lernt multipliction of lgebric epressions, prticulrly polynomils. In the study of lgebr, we come
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 informationI. Supplementary and Relevant Information
hte 9 Bod d Note Vlutio d Relted Iteest Rte Fouls witte fo Ecooics 04 Ficil Ecooics by Pofesso Gy R. Evs Fist editio 2008, this editio Octobe 28, 203 Gy R. Evs The iy uose of this docuet is to show d justify
More information1 Correlation and Regression Analysis
1 Correlatio ad Regressio Aalysis I this sectio we will be ivestigatig the relatioship betwee two cotiuous variable, such as height ad weight, the cocetratio of a ijected drug ad heart rate, or the cosumptio
More informationCHAPTER-10 WAVEFUNCTIONS, OBSERVABLES and OPERATORS
Lecture Notes PH 4/5 ECE 598 A. L Ros INTRODUCTION TO QUANTUM MECHANICS CHAPTER-0 WAVEFUNCTIONS, OBSERVABLES d OPERATORS 0. Represettios i the sptil d mometum spces 0..A Represettio of the wvefuctio i
More information1 Computing the Standard Deviation of Sample Means
Computig the Stadard Deviatio of Sample Meas Quality cotrol charts are based o sample meas ot o idividual values withi a sample. A sample is a group of items, which are cosidered all together for our aalysis.
More informationI apply to subscribe for a Stocks & Shares NISA for the tax year 2015/2016 and each subsequent year until further notice.
IFSL Brooks Macdoald Fud Stocks & Shares NISA trasfer applicatio form IFSL Brooks Macdoald Fud Stocks & Shares NISA trasfer applicatio form Please complete usig BLOCK CAPITALS ad retur the completed form
More informationReleased Assessment Questions, 2015 QUESTIONS
Relesed Assessmet Questios, 15 QUESTIONS Grde 9 Assessmet of Mthemtis Ademi Red the istrutios elow. Alog with this ooklet, mke sure you hve the Aswer Booklet d the Formul Sheet. You my use y spe i this
More informationHere are a couple of warnings to my students who may be here to get a copy of what happened on a day that you missed.
This documet was writte ad copyrighted by Paul Dawkis. Use of this documet ad its olie versio is govered by the Terms ad Coditios of Use located at http://tutorial.math.lamar.edu/terms.asp. The olie versio
More informationTrigonometric Form of a Complex Number. The Complex Plane. axis. ( 2, 1) or 2 i FIGURE 6.44. The absolute value of the complex number z a bi is
0_0605.qxd /5/05 0:45 AM Page 470 470 Chapter 6 Additioal Topics i Trigoometry 6.5 Trigoometric Form of a Complex Number What you should lear Plot complex umbers i the complex plae ad fid absolute values
More informationA Combined Continuous/Binary Genetic Algorithm for Microstrip Antenna Design
A Combied Cotiuous/Biary Geetic Algorithm for Microstrip Atea Desig Rady L. Haupt The Pesylvaia State Uiversity Applied Research Laboratory P. O. Box 30 State College, PA 16804-0030 haupt@ieee.org Abstract:
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 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 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 informationSequences and Series
Secto 9. Sequeces d Seres You c thk of sequece s fucto whose dom s the set of postve tegers. f ( ), f (), f (),... f ( ),... Defto of Sequece A fte sequece s fucto whose dom s the set of postve tegers.
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 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 informationTreatment Spring Late Summer Fall 0.10 5.56 3.85 0.61 6.97 3.01 1.91 3.01 2.13 2.99 5.33 2.50 1.06 3.53 6.10 Mean = 1.33 Mean = 4.88 Mean = 3.
The nlysis of vrince (ANOVA) Although the t-test is one of the most commonly used sttisticl hypothesis tests, it hs limittions. The mjor limittion is tht the t-test cn be used to compre the mens of only
More informationBuilding Blocks Problem Related to Harmonic Series
TMME, vol3, o, p.76 Buildig Blocks Problem Related to Harmoic Series Yutaka Nishiyama Osaka Uiversity of Ecoomics, Japa Abstract: I this discussio I give a eplaatio of the divergece ad covergece of ifiite
More informationPresent and Future Value Formulae for Uneven Cash Flows Based on Performance of a Business
Itertol Jourl of Bkg d Fce Volue 8 Issue Artcle 0--0 reset d Future Vlue Forule for Ueve Csh Flows Bsed o erforce of Busess Aeh Tefer Tesse Costructo d Busess Bk, Etho, bet00@yhoo.co Follow ths d ddtol
More informationDepartment of Computer Science, University of Otago
Departmet of Computer Sciece, Uiversity of Otago Techical Report OUCS-2006-09 Permutatios Cotaiig May Patters Authors: M.H. Albert Departmet of Computer Sciece, Uiversity of Otago Micah Colema, Rya Fly
More informationYour organization has a Class B IP address of 166.144.0.0 Before you implement subnetting, the Network ID and Host ID are divided as follows:
Subettig Subettig is used to subdivide a sigle class of etwork i to multiple smaller etworks. Example: Your orgaizatio has a Class B IP address of 166.144.0.0 Before you implemet subettig, the Network
More informationAnnuities Under Random Rates of Interest II By Abraham Zaks. Technion I.I.T. Haifa ISRAEL and Haifa University Haifa ISRAEL.
Auities Uder Radom Rates of Iterest II By Abraham Zas Techio I.I.T. Haifa ISRAEL ad Haifa Uiversity Haifa ISRAEL Departmet of Mathematics, Techio - Israel Istitute of Techology, 3000, Haifa, Israel I memory
More informationApplication: Volume. 6.1 Overture. Cylinders
Applictio: Volume 61 Overture I this chpter we preset other pplictio of the defiite itegrl, this time to fid volumes of certi solids As importt s this prticulr pplictio is, more importt is to recogize
More informationLecture 4: Cauchy sequences, Bolzano-Weierstrass, and the Squeeze theorem
Lecture 4: Cauchy sequeces, Bolzao-Weierstrass, ad the Squeeze theorem The purpose of this lecture is more modest tha the previous oes. It is to state certai coditios uder which we are guarateed that limits
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 informationLecture 3 Gaussian Probability Distribution
Lecture 3 Gussin Probbility Distribution Introduction l Gussin probbility distribution is perhps the most used distribution in ll of science. u lso clled bell shped curve or norml distribution l Unlike
More information9.3. The Scalar Product. Introduction. Prerequisites. Learning Outcomes
The Sclr Product 9.3 Introduction There re two kinds of multipliction involving vectors. The first is known s the sclr product or dot product. This is so-clled becuse when the sclr product of two vectors
More informationOperations with Polynomials
38 Chpter P Prerequisites P.4 Opertions with Polynomils Wht you should lern: Write polynomils in stndrd form nd identify the leding coefficients nd degrees of polynomils Add nd subtrct polynomils Multiply
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 informationMATHEMATICS SYLLABUS SECONDARY 7th YEAR
Europe Schools Office of the Secretry-Geerl Pedgogicl developmet Uit Ref.: 2011-01-D-41-e-2 Orig.: DE MATHEMATICS SYLLABUS SECONDARY 7th YEAR Stdrd level 5 period/week course Approved y the Joit Techig
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 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 six-figure salaries i whole dollar amouts are there that cotai at least
More informationTaking DCOP to the Real World: Efficient Complete Solutions for Distributed Multi-Event Scheduling
Taig DCOP to the Real World: Efficiet Complete Solutios for Distributed Multi-Evet Schedulig Rajiv T. Maheswara, Milid Tambe, Emma Bowrig, Joatha P. Pearce, ad Pradeep araatham Uiversity of Souther Califoria
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 informationThe following example will help us understand The Sampling Distribution of the Mean. C1 C2 C3 C4 C5 50 miles 84 miles 38 miles 120 miles 48 miles
The followig eample will help us uderstad The Samplig Distributio of the Mea Review: The populatio is the etire collectio of all idividuals or objects of iterest The sample is the portio of the populatio
More informationMATH 150 HOMEWORK 4 SOLUTIONS
MATH 150 HOMEWORK 4 SOLUTIONS Section 1.8 Show tht the product of two of the numbers 65 1000 8 2001 + 3 177, 79 1212 9 2399 + 2 2001, nd 24 4493 5 8192 + 7 1777 is nonnegtive. Is your proof constructive
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 informationTransformer Maintenance Policies Selection Based on an Improved Fuzzy Analytic Hierarchy Process
JOURNAL OF COMPUTERS, VOL. 8, NO. 5, MAY 203 343 Trsformer Mitece Policies Selectio Bsed o Improved Fuzzy Alytic Hierrchy Process Hogxi Xie School of Computer sciece d Techology Chi Uiversity of Miig &
More informationVALUATION OF FINANCIAL ASSETS
P A R T T W O As a parter for Erst & Youg, a atioal accoutig ad cosultig firm, Do Erickso is i charge of the busiess valuatio practice for the firm s Southwest regio. Erickso s sigle job for the firm is
More informationMath C067 Sampling Distributions
Math C067 Samplig Distributios Sample Mea ad Sample Proportio Richard Beigel Some time betwee April 16, 2007 ad April 16, 2007 Examples of Samplig A pollster may try to estimate the proportio of voters
More informationVladimir N. Burkov, Dmitri A. Novikov MODELS AND METHODS OF MULTIPROJECTS MANAGEMENT
Keywords: project maagemet, resource allocatio, etwork plaig Vladimir N Burkov, Dmitri A Novikov MODELS AND METHODS OF MULTIPROJECTS MANAGEMENT The paper deals with the problems of resource allocatio betwee
More informationForecasting. Forecasting Application. Practical Forecasting. Chapter 7 OVERVIEW KEY CONCEPTS. Chapter 7. Chapter 7
Forecastig Chapter 7 Chapter 7 OVERVIEW Forecastig Applicatios Qualitative Aalysis Tred Aalysis ad Projectio Busiess Cycle Expoetial Smoothig Ecoometric Forecastig Judgig Forecast Reliability Choosig the
More informationHSAs the American Fidelity Way:
Health Ser vices Admiistratio, LLC HSAs the America Fidelity Way: Kowledge, Experiece, Commitmet With over 30 years experiece i providig pre-tax services, America Fidelity is a pioeer i Sectio 125 flexible
More informationTHE REGRESSION MODEL IN MATRIX FORM. For simple linear regression, meaning one predictor, the model is. for i = 1, 2, 3,, n
We will cosider the liear regressio model i matrix form. For simple liear regressio, meaig oe predictor, the model is i = + x i + ε i for i =,,,, This model icludes the assumptio that the ε i s are a sample
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 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 information