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

9GOOau u. JM6>60 9GM6 a.

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

© 2001, 1998 by Prentice-Hal!, Inc.

© Pearson Education Limited 2005

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

with Pearson Education Limited .

8ml>M(>86:JC?_>O: (;OMMoO
aao6onl'l1-M[Jfl/l>d8Mll'io: DJ" B:)&:JOOd:J
ll'i:J(!("d8Mtilo: 8:.JMl>O G"o"M:J0030C?_>O
6.::.6.:> :Jb.::.1'\mM
l:Jfl/Ob f:!?O'b.::.060: o0 MP'\ QDP'1CIOfi:J6JM

2(::J08b li. :p6 JMl'i6ob C>(CI 2(:M6 8. 3.">bM3oflol.i (J8(3M . .">8 i.i.">8(JOCIMb "38MMOool.i
!:!?" b0.::i3e,MMM 1988 C>(n'b.:.0601.i Cl("
b.:i.3.::ie,o68M JC16M6oli 8nb:JC>(300">.

. .::.8 0 .:i8M(3:J8nb 0M(3:JMcnn ,:,6) oj6t:Jb .::.6

6aool.i8o[JMO <(3MM8om 06 8oj060J(Jl'io, '1JM8Mb(Jt\1<>mocn,
l\.:.60llofiiom .;6 lib3033.:it\1.:i!l(, 3.:ia,,,aoo8C2;Mool> llo6.:.li6.:it\1n 6:.it\1nC2;M6omo 6no1>t\1m3ol> 0.:i(\)niln. (J'13C?!DO"
8oc;oo'VC?_>n.::. C!/ne>/o ot\108.:i63mol> l>.:i.:i3<.!l;MMM ';'J'BC?!:JODonb C?_>0(3t:J6'boPinonb 0 .:.3o:i8o b.:i.::.ao68Mb Copyright
Licensing Agency Ltd, 90 Tottenham Court Road, London WJT 4LP.-li 8ool'i.

.:id 0 .,a""1:Jn6o<'>';:Jc:;:>o 83 ne?.'" b.:i 3.::.1'ft'i..,, 600<>60 .:iPiob anb.:io.::.aobo B<ac:::>"'<'>oc::':ioob b"J';')mfi1no.:i. .:.a
.:ifi1bo<'>';'Jc:;o 6ooob8o:itl\o 6oo.:i6o .:it'i 1>dC?_>t:J3b b<>J'(Jml'inoob ';'.!'13C2;tJO<>li "38"'fi1b .:.6
,:,linm b;,3.::ijfii..,, 6o<l6:io'ba !:!?" .:.bamo b;,3.:>jPiM 6o1l6noob 0 .::.8"'1:Jn6no.:i 01'i 8(Jc::'nbb8Mob oo 0 6ob
8nb"J'VmP1ooom1>6 f\1.::io8n 0 .:ioPimo<>6no.:ib .:.6 8b.::.Pi!l;1.:i8'ofii<>b.
 To Mimi, Drew, Stuart, and Stephen
James C. Van Home

To Emerson, John, June, Lien, and Patricia

John M. Wachowicz, JR.
 C(J0606li(JMO 8o6oJGOMO 1
2 6o'b6olio, 0 01Q0G0b01Q060 IQ<> cao606li()Mo 0 0<'108M 15

3 C(J()C:::Ob c::o<"io6(Jc::;o60 IQMMOO 43

0 <'ldoc::;301Qo060 C(3<>lio060 d<>c::<>c::;CQo6oG CJ0CC30Go60 75
5 <'loGJo IQ<> G0<'1 00 6oc::;o 99

6 cao606li()Mo 06 00<'100 0 060G 0foc::;o 'bo 133

C(3M61Q06oG 8MdM0M60G 060c::;o'bo, foc::IQo <[3()c::;oG 8MdM0M6ol> 060c::;o'bo
IQ<> CC30606G(J<'lo IQ<>oooa 30 177

8 i.>06<'1()6030 J.::>0o0<>c::;oG 8o6oJG8o60oG 808Mboc::;30 215

9 60c::1Qo <(3()c::;oG IQ<> c::;oJ30CQ()Mo C(3<>l>o060 d<>c::<>c::;CQo6oG 80<'1m30 233
10 1Q06o0MM(JC:::O 1Q<>30e::;o06060G - 8MmbP136060G IQ<> 80<'10 0060G 80Mm30 263
8MJC:::03<>1Qo060 CQ<>cao606Go60 299

2 J00000c::;CQ<>o061Qo60G oo()JG00o<'l 000 CQ0 <B()C:::<>CQo

50J<>CQo60G ooca0G 000 331
13 J<>0o00e::;CQ00061Qoool> 6o(JJG00o<"io6oG 8omMCQ06o 349
<'lob30G CQ<> 8o5oJG8o60oG <>e::;003<'105003060 J00o0<>e::;CQ<>0<>6CQo6oG
OO(JJGo0o<'lo60G0L> 381

vii
 15 8(Y)01b(Y)36oc::io 8(Y)()OO.:> CQ'> J.:>.'3080c::iou 4 11
16 (Y)dD61'>(30(JC::O CQ'> CB0606G(J610 453
17 J0.'3080c::iou l.>861()08()610 489
18 CQ030CQD6CQ(J610 .'3(Y)c::io80J0 515

19 J0.'3080c::iou 00 549
061dnc::i30CQ0060 '->nl>bo, .36103oc::in0o6100(Jc::io CQ0 0deonoo 573
21 30CQ0060 '->o'->bnoo CQ0 601

J(Y)6 3o618061no0CQ0 'B0Go060 00e3c::i01:Qo Moc::io 008 00oo CQ0

3061068000 627
ODMOtJ80 CQ0 J(Y)M.3(Y)610(30(JC::O Gb30 'B(Y)618ooo
653
1.>0n61010Cl(Y)610G(Y) <Bo606G(J610 8n6o'.SG8o68o 699
CQ06061010 735

c::iodl>oJM6o 745

008Mtio6oo()c::io L>oao(Y)c::i(Y)ooo 765

o6CQodl>ooo 769

viii
 15ofobo0tJ30M60 XIX
xxm

<(30fo6b(JMO
80 'b6o6o 1
1
6i0 06iob <(_30606!.i(JMO 2
JM8.306oob 8o'b060 3
7
qJofo6b(J6io <(3()6dGoo6ob MM 0 06o'bo60 8
15o0 6ob b06i(J00(JM0 9
6i 0'bo(J8o 13
Jomb3060 13
14

2 00C06nbo1 8<'>a:?<'>bobol.l:?[)OO a?.:> <(306.">6b(JMO 8<'lM[J8{'!") 15

80 'b6o6o 15
oo'b6obo06io8(Y) 16
b0 00\Q0b0b0(QM 006io8M 19
<(_30606!.i(JMO 006108M 26
6io'bo(J8o 35
Jomb3000 36
m3om00<(3<'>booob 08M(306ooo 38
08M(306ooo 39
m3om00<(30booob 08M(305ooob J0b(Jbo6o 40
41

3 l.l:?M{Y)Oo
8o'b6o6o 43
0 060J 3oeno 44
806i8030 JMM(3060o 45
JMM(3060o 45
1.Q06i0Gb30 61
l>obbob 08Mfi18o'b0(300 64
JMM(3D60ob MD 'bo()BO 65
6io'bo()Bo 65
JOmb3060 66
m3omdi)<(3.'.>bi)OOlJ 08M(306::JOO 67

ix
 08fl1(306000 68
O'l300'lClo<B<>lioool> 0Bfl1(3<>6oooli .3oli()booo 71
74

4 <B">Uo.">60 oa<B">uao..., 75
8o'b6ooo 75
<>d00 3oooli Clo<B<>lioooli tib 3oCQolib 30 Jfl16Go<BGoooo 76
Clo<B<>lioo<> 77
008 001.i Clo<B<>lioo<> 80
008 ooli Clo<B<>l>oo0 81
0 0603300'>0 (06 ()J()oOo<>) 85
<B<>boo6o doMOO'lOl.QO
90
(Y)o'bo()Bo 91
JOO'lb3000 92
O'l3oO'lClo<B<>lioooli o8fl1(3<>6ooo 93
o8fl1(3<>6ooo 94
O'l3oO'lClo<B<>lioool> o8fl1(3<>6oool> .3oli()booo 96
98

61ouJo
8o'b6ooo 99
Mob3obo CQ<> 0 o6bo 'bc::i3Mo 100
Moli3oli 0olio 'bfl18o!.Q 0 o8fl1tJ06ooo 101
Moli3olio1.Q80 103
Mol.>30 CJ?<> 105
CJ?030MbO<BOJ0(3M 106
<>d003oli Clo<B<>lioool> (CAPM) 108
D<Bod0no6o <Bo606b()Mo 00 'b(Y)ooo 118
(Y)o'bo()Bo 119
CJ?<>6oMO'lo .:.: (Y)ol>3ol> Clo<B<>lioo<> 120
CJ?<>6oMO'lo o: Clo<B<>l>oool> O'l0fl1Mno 123
JOO'lb3000 125
o8fl1(3<>6ooo O'l3nO'lClo<B<>l>oooboO'l3ol> 126
o8fl1(3<>6ooo 127
O'l300'lClo<B<>lioool> o8fl1(3<>6oooli .3oli()booo 129
130

<Bo6.">6u'V61o ...,6 0 ...,610'83aoou 133

8o'b6ooo 133
<Bo606b(JM0 06 00(Y)oo 0 000 134
f1oMf1fl1 139
Jfl10<BoGoo60ooo 143
06 00(Y)0Clo CJ?<> 06 0 0(Y)0Cl 0 oooli Jfl10<BoGoo6-
0ooo 147
0o6CJ?o6Go()Mo 159

x
 CQ0 o6CQojG(JMO 160
M0'bov8o 163
d0Mom0CQ0 J01oCZJ0 8 oo60oooG (Y)o'bov8o 164
CQ060Mmo: 0 0CQ0G0b0CQ000 CQ0 C(30606G(JM0 165
J001b3000 167
m3001Cloez30GoooG 0801806000 168
0801806000 169
m3001Cloez30GoooG 0801806000G :30Gvbooo 173
176

7 <8ft'l6!!?aool> 8ft'ld<'ilbft'l000 b6b(!!lO'b07 <B'ZJf!!lOO 8ft'ld<'ilbft'l000 b6b(!!lO'bo !!?b

<Bo6b6l>'ZJ<'1o !!?b8Q883b 177
8o'b6ooo 177
C(3016CQoooG 801dM00100G 06()0MOd()000 (OtJ0M01000 CQ0 ()0801tio6000) 178
801dM00100G (JOtJoGo 184
60J0CQOOoG dM01 0 601'boM000 188
60J01:QOOo 193
C(30606G(JM0 06 0 0MoCl 0 oooG dMM 0 601'boM000195
(Y)o'bov8o 199
!:Q0foMmo: 8CQ 0 M0CQ0 0 0630010MoooG 200
JOmb3000 204
m3001Cloez30GoooG 0801806000 205
0801806000 207
013001Cloez30GoooG 0801806000G :30Gvbooo 211
214

l>bo<'1()6b30 Jb:3o8bf!!1ol> 8o8ft'lbof!!13b 215

8o'b6ooo 215
216
G00Mv6030 G0Jombooo 218
8081:Qo60Mo 0j003000G !:Q0ez30606Goo0: CQ0 0j003000
221
G0MVJ0(JM0 !:Q0 8081:Qo60Mo 0d003oo'bo 226
Mo'bov8o 227
JOmb3000 228
m3001Cloez30GoooG 0801806000 228
0801806000 229
m3001Cloez30GoooG 0801806000G :30Gvbooo 230
231

8o'b5ooo 233
801003000 234
235
()0Cf?0bQ?oool> 240
J018QM800 243

xi
 001'001'00G(Jf0Gof0000 (G0001'080101 qJ()6jGooooG Gb30'bo 00i:Q0Go80) 245
60r:;ii:Qo 00601'0R()60o0 245
0630G&of0000 8018 000006 qJ0Go06 247
f0o'bo(J8o 257
Jomb3000 258
m3omoo<B0GoooG 0801006000 259
0801(306000 259
m3omoo<B0GoooG 0801G06000G .30G(Jbooo 261
261

. - 8MmbM36aool> a..,ti'i..,aaool> a..,ti'im3.., 263

8o'b6ooo 263
JMOl:Qo&o CQ0 0801r:;ioooG 264
JM:Ji:Qo&oG 272
801'00 0oooG 801'0m30 CQ0 278
f0o'bo(J8o 290
Jomb3 0oo 290
m3omoo<B0GoooG 0801(306000 291.
0801(306000 292
m3omoo<B0GoooG 0801G06000G .30G(Jbooo 295
297

11 299
8o'b6ooo 299
G.3016&06(JMO i:Q0qJ0606Goo0 300
CQ0qJ0606Goo0 306
qJ0J8()Mo6 0 o 319
i:Q0qJ0606GoooG G&f0(Jj8()1'00 321
f0o'bo(J8o 322
Jcimb3000 323
m3omoo<B0GoooG 0801(306000 324
0801(306000 326
m3omoo<B0GoooG 0801G06000G .30G(Jbooo 327
329

aa'l3..,l>ao.., 331
8o'b6ooo 331
.31'001Gol>o: 332
G00630G&oG001 G0.31'001oj&01 0060i:Q0i:QOOOooG 0 06G0 cbc:>3M0 332
dM01od&oG oo<B0Goo0 - ,,i:Q000o3MOb 008!3?00, 8(JCQ030
60J0i:QOOo" 333
f0o'bo(Joo 34.3
Jomb3000 343
m3omoo<?J0GoooG 0801(306000 344
0801(306000 344
m3omoo<B0GoooG 0801G06000G .30G(Jbooo 346
347

xii
 aom('l')CQDOO 349
8o'b6o6o 349
.3P1Mod@Joli Clo<B0lio60 m0 CJ 0P1f) 03 0: a0mMmo6o 350
dM@JOOGO()MO 357
dMMOd@Joli 8M6o@JMM0630: dMM()Molioli d0<(30jo60 CQ0 Clo81:QoM8o
0()CQO@JO 368
P1o'bo()8::J 368
m060P1mo 0: ()J()o::J6oli Clom0 0 060J3omo 369
m060P1mo 6. 371
JOmb3::J60 373
m3omClo<t30lio6oli 08MG06060 374
08MG06060 375
m3omClo<t30lio6oli 08MG0606oli .30li()bo60 378
379

('t)obJob (Q.'.l
381
8o'b6o6o 381
dMMOO@Joli <'iloliJoli 382
.3<'ilM::Jd&oli P1oGJo 385
JM8.306ooli MoliJoli J(Y)O@;Mo6()GM: J(Y)8.306ooli 8om 0 (Y)80.
393
397
(f)o'bo()8o 402
JOmb3060 403
m3omClo<t30lio6oli 08(Y)G06060 403
08(Y)G06000 405
m3omoo<t30lio6oli 08(Y)G0606oli .30li()booo 407
409

a('l')&DO.'.l CQ<'> 411

8o'b6ooo 411
Cl 00860 412
J(Y)8.306ooli 413
CAPM: dM(Y)::Jd@Joli li.3oG0<(30J(JMO CQ0 li.3::JG0<(30J(J<'ilO 8(Y)30ooli
0 060J3omooo 427
.3P1(Y)od&oooli Clo<B0lioo0 80mo f.1oliJoG 433
1'0 0'bo()8o 438
m060P1mo 0: 00&0li <(30606li(JMO 439
m060fi1mo o: 440
JOmb3::JOO 443
m3omClo<t30l:ioooli 08(Y)G06000 444
08(Y)G060 oo 445
m3omoo<t30lioooli 08(Y)G06oooli .30li()booo 448
450

xiii
 fQ<> cno6<>6b(JMO 453
8o'b6ooo 453.
454
cao606b(JMO 462
470
(J60MO 8f'108G0b(JMMG boGbG 472
bb30 475
J(Y)80060Go0 477
p; 0'bov8o 478
JOO'lb3000 479
m3omooca0booob 08(')(306000 480
08(')(306000 481
m3omooca0booob 08(')(306ooob .'30bvbooo 484
487

17 l>8M()d8()M<> 489
8o'b6ooo 489
bo!Q30 490
.'3(i)o6(3o.'3o 494
00 'b<"lob CQ0 497
CQ000 03(i)ob O<BOd8o 499
00CQ0b0b0CQ000 CQ0 00 'b(i)ob 501
cao606b(JMO 503
CQ0 cao606b(JMO 504
cao606bo(i)ooob U0JOO'lbm0 505
p; 0'bov8o 506
JOmb3000 507
m3omooca0booob 08f'1(306000 508
08(')(306000 508
m3omooca0booob 08(Y)G06000G .'30bvbooo 511
512

fQ030fQD6fQ()MO 515
8o'b6ooo 515
0d8o(JMO CQ0 CQ030CQ06CQ(JMO 516
CQ030CQo6CQ(JM 8(')8d8oC!?o ca0d8(Y)Mooo 522
CQ030CQ06C!?ooob 526
CQ030CQ06C!?ooo 0dGoooom CQ0 0dGoooo 528
0dGoooob 008(Y)b80CQ30 534
b0Jombooo 539
p; 0'bov8o 540
JOO'lb3000 542
m3omooca0booob 08(')(306000 542
08(')(306000 543
m3omooca0booob 08(')(306ooob .'30bvbooo 546
547

xiv
 ooCOoetio 549
8o'b6o6o 549
JOCQ03 550
czpG0060 Clom030 'bo60 G51
0 ci8fl10:JM0 553
C(pG0060 Clom030'bo60G 558
J:JMdfl1 0 06m03Go60 562
CQe>930606Go60 564
0930d0o 565
8:Jfl1M0CQO 60'b0fY10 567
fY1o'bo(J80 567
JOmb3060 568
m3omClo930Go60G 08fl1G06000 569
08fl1G06060 569
m3omClo930GoooG 08fl1G06000G .30G(Jbo60 570
5711

unubo, orlGOlJOO 573

8o'b6ooo 573
CQ0 80mo m30Gooo60 574
G0G0Gbfl1 o6G0fY1()8o60oooG 60.3000 575
Go800930 578
0dG0060 CQ0 80mo m30Go6000 581
0dG0060 CQC> 80mo m30Gooooo 584
0dG0060G 587
fl1fY180 0 o 0dG00 589
Mo'bo(J80 590
CQ060fY1mo: o8oGooG CQ0930606Go60 591
JOmb3000 594
m3omClo930Go60G 08fl1G06060 595
08fl1G06000 596
m3omClo930Go60G 08fl1G06000G .30G(Jbo60 598
599

unubaoo 601
8o'b6ooo 601
30CQ0060 G0Gb 0oo 602
G0G0Gb(l) Clom06b800060G dOMfl10000 604
CQ09Jo606G 000 606
CQ0930606Go60 608
CQ0930606Go60G CloCQ0fY1060 GoGbom CQ0930606Goo0Gm06 611
fY1o'bo(J8o 617
(Qe>fofY1mo: 0c:iM0Gb30 617
JOmb3:JOO b 19
m3om'do930GoooG 08fl1G06000 620
08fl1(.306060 621
m3om'do<a0Goooli 08fl1G06060G .30G(Jbooo 623
625

xv
 1l30Goo60
30Mo68noo 627
8o'b6ooo 627
<nd.>0060 628
J(1)63o<'i1®o<'i1no0CQO <nolio060 632
636
30<'i106®noo 637
<'i1n'bovan 640
CQ060<'i1010: (1)<noo0 <n0lio0<'i18(1)d860 'bn 640
Jomb 3noo 647
013001Cln<n0linooli 08(1)006noo 648
o8(1)(306[JOO 649
01 3001Cln<n0linool.i 0a(1) 8 06nool.i .30Livbnoo 651
652

23 O[JMOtJ8o M[)U8M(JQ8(JM04boooou ub30 <B.MM8[JOO 653

8o'b6:Joo 653
OtJ0M(1)[J00 654
ool.itJOCQ3000 0J(30[J0001 657
ondn60 (QC> 663
l.i0j8ol.i 666
Li0®n6CQo<'i1(1) on010 30'bno0 CQC> 010 3CQ0 83 0 668
672
CQ03nli®o®v<'i10 673
li0Jvm<'i1nool.i <'i1oli®<'i1vd®v<'i1o'b0 8 00 677
008(1)l.i80CQ30 679
<'i1o'bovan 681
CQ060<'i1010: J(1)8.306ool.i 682
Jomb 3noo 687
013001Cln<n0linool.i 0a(1) 8 06noo 688
08(1)006noo 690
01 3001Clo<n0linool.i 0a(1) 8 06oool.i .30Livbooo 694
696

24 uonMmooMMouM <Bo6o6G(JMo 699

8o'b6ooo 699
'b(1) 0on<'i1mo 06<n(1)M80000 700
J()Mlio CQC> <'i1oliJo 705
J()Mliol.i <'i1ol>Joli 710
Li0o<'i1m0Cl(1)<'i1ol.i(1) Li0 30S:<i1(1) ®<'i106'b0doonooli li®<'i1vd8v<'i10 721
<'i1n'bova 0 726
Jo01b3noo 727.
m3omCln<n0linool.i 08(1)006noo 728
08(1)(306000 729
m3001Cln<n0linool.i 08(1)006nool.i 731
732

xvi
 735
I: ca0d&0101o/J01QC(30(3o::J5&o 736
II: J01QC(30(30:J5&o 738
III: 05(Jo&o&ol>
'B0d&0101o/ J01::J<(30(30::J5&o 640
IV : ( 0600&0&0G
<?Pd&0101o/ J01Q'?J0(30:J50o 642
v: 744

745
765
769

rri.)30\J 8o'b5::ioo;
(!!;J::JG&ooo u:0 bb30Q;?0l>b3053001o G00 .::i801(3Q;?M Jombm100 0 0b08001610-
.)\Joao (:,,)(;:'.i.)mooo mo80Clo do01omo(QO &al'i'l8o6noob Q';?O506(fo01&o-
oooob
m03ob PowerPoint-ob .Jl'i'io'bo6&000060, 8m03001o Jrl6(30'?3Goooob
no3oom 03&01fi'iob 3no- 0 3:Jfi'i!.l(G {Q<> &nb&noo, Jnmb3noo, .)\J03D b030MJ?,0Cl01000 {Q0
0b016om {Q.)8.:i&ooomo

8301M{Q(JMO
oo0 5Clo (30'(3MO IQ.) f508010&3otf1mMU !Q0
01::101u t'101 001fi'iG
000600

01.>oarh """"'"'"'
0,)M :JOC>, ,,,t11-.nt'tm

xvii
 cao606liooo 8301:?0 JM8.306ooli, li0bo1:?8EiocaMli, 0610li08010361MoM 01() li0061m00M610GM M6100-
6o'bC>(300b 8o'b6oooli 8oc:;Eio3oli o61m-o61mo .3061301:?0 00610c:;o0.
010608o!Q61M30 8bMC(3t:?OMb 808Md6103000!:?0 deie'.?0 <(30606liooo0. <(30606li(J610 Md0610(30000
8301:?006 !QC> 8f"l30!:?0130b 0106 03!Q03li. OJM6M80JC>b cao606liooo 80610103li !QC>, 01() cao606liooli 3061
8061m03, 80006 ob 08061m03li 006. 08 <(3M6'bo 8600360!:?M30600 dei6101()!:? b0 'bM00!QM000b
b0<(3(Jd3t:?006o 00618M!Q0060 ddM6!QOb <(30606liooob 8061013ob ooli0boo. !QC::Ob 003610 C>b0!:?00'b61!QC>
b003t:?MOb caofo6liooli, do610010!QC>!Q 0601:?oli(J6106M3060 li0bo1:?8dc:;30601:?MOOO!Q06, bMt:?M 08
.3061oooli0013oli, 306(3 3061 8M0bo61b0 ()(3bM o6oli 0013olioo0, .361Mo1:?080li 60618M0!Q-
006li cao606G(J610 8061m3oli licao61Moooo 80G60061()!:?0!Q 0061J3030. 0lio30 00'b061'bo deie'.?006 860610
0liM61@>0806@>001 061oli Ei0618M!Q0060t:?O J06100 OJM6M80J(J610 !QC> cao606liv610 .361MC(30t:?Ob
li0bo1:?8dc:;30601:?MOOO.
liEiM610!Q 08o@>M8 00!Q036830@>001 01d306013oli 008M03001030'booo60 8GMC(3t:?OM ooli@>liot:?o61o,
b. 306 dM616oli (b@>06<(3M61!Qob ()603061lio@>o@>o) !QC> 8. 30bM3ofloli (@>o6olioli ()603061-
bo@>o@Jo) cao606G(J610 b0<(3(Jd3l:?OOOb 8001M618o@>O 008M(3080.
600600 01038M8610!:?00 010608o!Q61M30 caofo6li()61o licao61Mli 8301:?0 be>Jo01bo,
61M8t:?oli 00G0boo li0cavd31:?006 06caM6180(30C>li 3oc:;oom. 60060 24 01030G006 dO!Q000C>, 61M80t:?OG
8 60Eiot:?C>(Q. MC> 01j80 ()6(!20, 008000 cao606liv610 061lioli 00G6Moo01
(!20 cao606G(J610 301:?Q200()t:?OOob0 (!20 .30GvboG80001:?MOoli 60618M(Q006001, Clo8C!200
006bot:?()e'.?00: 0d@>o3oooli Cloca0lioo0, cao606Gv610 060!:?o'boG !!20 !Q0000830G o6G@>61v8o6@>ooo,
Gei8(J00M J0dO@JC>t:?oli 0630G@>o61000 J0do@>0!:?()61 0d@>o300Clo, JC>do@>e>t:?oli
c:;o61oo(J!:?000, J0do@>0t:?oli li@>61(]d@>v610 (!20 !!20301!?06(!2()610 dMt:?O@>OJ0, b0d(J0!:?M !!!0
061do1:?30!!?0060 cao606Go61000, cao606G(J610 006be>J(J016100(]1:?0 licao6101000 !QC>
li00610100M610GM cao506G(J610 806o:se806@)0. G0bo1:?8dc:;30601:?Mdo b0J001booo 60011:?0!!! !!!0 80P'i@jo30
06001 0610G Ei0618MQ2006ot:?o. Eio060G G@)61(]d@>(]610 od1:?030 li0ca(Jd31:?006 (3M!Q60G MM8M61(3
0Go30 .3610d@JoJ(Je'.?0!Q. 8301:?0 01080G 0Mt:?Mb 60P'i8MQ28060t:?00 J001b3000, 08M-
(3C>6000 !!!0 MM8t:?oG 60001:?oli C!2000t:?(JMO 08MbG60 oj300 8M(308(J!:?O· 0lio30
800100100()!:?00 080 01(] 08 li0Jo01boli 0061Clo8M (Qe>80@>00001 G0Jo01b03 80G0!:?0m0 6(Jlib0,
Goc:;6180Go()t:?O CloG6031:?ob00130G. G0bo1:?8dc:;30601:?MG 6odlioClo 8301:?0 60618060 008()dDO(J!:?00,
0lio30 8o6!QMP'i'bo Cloli00080Go 0068061@>000 !QC> 0601:?0G(J6106M3060 CloG0@>83olio01 061oli
008M@>060!:?0· 00P100130, 6006oli OMt:?Mli 01038M8MOt:?00 8301:?0 60618060 0068061@>00001
t:?odGoJM6Clo, be>(QC>G 8001omoov1:?00 01() 61M8D!:? m03Clo 061oli 08 G0Jo01b'bo li0()00610. 006bol:?()!:?o
6o618o5ooo(Q06 (J8oooGo 60601:?0 G0d06101301:?MOO (QC>8J30!Q61oovt:?o cao606G(J610 6o618o-
6Mt:?M000b 8obo1:Q3001 od60 oo61fl(Jt:?O, 01()800 o8M 003610 0b0!:?0 60618060, 61M8t:?ob d06101vt:?o
Cloli068 3oGoli 8Mdoo60 .3061301:?0C!2 8Mbl:Q0 Q20 G0J80MQ2 6101()!:? G0d8oli Ei0618M0C!2 0 o5!Q0, 610!Q 8 06
cao606li(JP'i licaoP'iMoo 8M8()Cl030 .3061000 080 01() 08 @>o618o5G o.6. ,,G1:?060oli" li0bo01 d86006,
006100130 bClo<'10!Q 8001 0d3m lio5M5o8ooo, 61M8ot:?oG 930606liv61 1:?0@>0610(!Jv610Clo 008Mo806000.
fl305 Clo30G0Cl2om oli oo618o5ooo 60618M 0 30Q28nfo li61()!:?'80GM3fol:Q Q20 li5M61oe!2 08n@>M8 83o1:?0
@J()618o6li 0b1:?03G 0601:?oli(J61()6M3060 CloG0@>83olio, P'i0G 0000(!230!:?()0b li0bo1:?8dc:;30601:?Mli
d06101(Jt:?C>Q2 0c:;d80li.
{fo060 008M01:QQD00 .361McaoliM61-80G6031:?001:?00G, 8J3!:?D3061ooG, b@>()!Q05-
6ooli, oo'b5(Jli8o5Doli, (QC> 80m0(3, 30G0G li(J61li 608Mo68Mli 00J(J010"10 li0j80.
a0\!?t:?Mo0li 8 ob(Qo01 08 6o 0 5oli 061fln 30G001 3oG i:Q0 301:?001 md 3o5li JM8o6@J061ooli, 006003 5001.i
!:QC> "1flo300G. (8Me,3Eio61001: ekagege@yahoo.com)

IJ0'3JamalJM O(JM3or:;iaoom
DJ0 aae:,jlJoJo

xix
 cao606b(JMO 8o6D'.l(;806@.Jo l.ioP'lo<z3<>CQ. Cloo60Cl6000 <>M<> 8bMC!:?MCQ <z30606b(JMO
8060JG806@.ioli 010MP100Clo, 0P1080CQ 0lio30 .3P10d@.ioJ<>Clo(3. 08 G3C!:?oe!:?oooooli
CloCQ::J80 <>Mob ob, MM8 JMMdMM0(300U <z30606l.i()MO '001J(JbOMOO<>b
<>Jo010006 li@.JP'l<>@.io8o(}C!:? li0Jo01boo'bo 0d 8 0001<> 00'bP1CQol.i01 3ol.i oP'ldMe.;i<>Clo.
Clod86oli dMMGoliClo <z30606b()MO 8060'.l(;OMOOO (Q06080Joli @.JM<>(Q0(30()e.;1
Lio'b(Y)a 0ol.i (JB<>@.iooo6 0b0e.;i a001MU?ooli, P'lMBe.;ioooo 8001 ob80P1oo0 8 0(JP'lJ 303 e.;iMooli
30010P1000CJ0. <(Jn606l.i(JMO 8"CQ001.J30@.Joe.;ioool.i CQMMb <>be!:?<> 006oboe.;ioo<> JMMdMM0(30-
()e.;'O aa0P101 30 e.;i(Y)o<>, 0010J()Mo .5P1Moe.;i 0a0oo, CQ<>n6@.JoP'lolioo(}e.;io ab0P1 00 ool.i .5P'lo@.io6'boooo,
Clo30DMMOO(Je.;'O JMMdMM0(30(Je.;'O 8"M08M, <(J06o6lioool.i 0e.;>MO<>C!:?o'bo(3o<>, Oe::'OJ@.JMM6()e.;>O
JM80P1000, li@.JP'l<>@.io8o(}e.;io J<>3CloP1000, 0<>P10P'loli()P'llioP'loooli 'bP'lCQ<> U?" l.ib30 8P1030e.;io
li<>Jo01bo. 80aM03030 00Li0 U?" ci 0Li0de.;iooe.;iM0 0ooli CQMM<>.
'?30606li(JP'lo 8060JG806@.ioli li<><(J(Jd3e.;ioooli8001MP180@.io 0<>8MG08oli 8o'b060 0P1oli li<>Cl\'.J"e.;>OO<>
8M8(3001 1 8"08M01 <(306o6b()MO o<>CQ<>Ol.J30@.JOe.;'OOOb dMM(30bo CQ<> <>0oblJfo01 ob
'bo0<>3e.;io60, P1M8oe.;ioG 08 </30606l.i(JP'l 8"U?"61.J30@.ioe.;iooooli od6000 Clod860'bo.
080@.JM8<>(3 ob 00060 01d306 8"8"(36Mo01 8<>CQ<>Dl.J30@.Joe.;ioool.i l.i08 dofilo01<>CQ 8b0P101J
<(Jn6"6li(JP1 8060JG806@.JClo: 063oli@.ioP1000Li, cao606lioP1000Li U?" <>d@.io3oooli 0</30D@.io06 80fil0130li.
R30 6 3oJ 3e.;i 03 01 '13o6"6Liooli, 8001 ci 0t.i0de.;iooe.;iMoooli, 8Jo01b 3oe!:?ot.i01 3ol.i "U? 3o-
e::'"U? 00li0 0ooo U?" 8M8b80P1oooe.;i0106 808MOM(Je.;10 CQ<>BMJOCQOO(JC!:?Ooo01. 8o(JbOU?"3"CQ 08ol.i0,
MM8 00060 8M0(3<>3li b0Lio001oli J()Mbl.i <(J06o6b(JM 8060JG806@.JClo, ob Cloode.;ioo<>
0<>BM1.J06oo(}e.;io od6oli 0Lio30 MOJM8o6CQ0(300b Li0bo01. 800<>e.;io01<>CQ, 08 0006oli 0<>BM1.Jo6000
Clo(Jde.;io<>01 8060JG806@.ioli 00630010P1oooli .3P1M0P1080Li 8M60ooe.;ioooli, lib3<>CQ<>lib30 LioP1&0</30-
GoP1oooli .3"1M0P108oooli013oli (8000e.;io01<>CQ: CQ0."3C!:?M8ofi'ioo(}e.;io c:ao6"6li(JP'lo 8o6oJGoP'lo U?"
CQOde!:?M8oP'loo(}e.;io U?" cao606b(JMO li."30(3o<>e.;ioli@.Jooli.
080@.JMB<>(3, 0006ol.i @.iodli@.ioool.i o6@.iofil6o@.i 830MCQOOol.i <a<>M01MCQ boe.;i8ol.i063CQM8Moo 80l.i
OCQO<>e.;>()Mb bCQoli CQOG@.J06oo(JMO Lio03e.;ioool.i0 U?" 8M8'b<>CQoool.i 00080Clo o6@.iofil6o@.ioli 00'b0'bo.
08 0b0C!:? 0<>8MCl3000Clo 003P10 860Cl36oe.;iM3060 03e.;ioe.;ioo00. 80010 f'\08M013e.;ioli 6<>(33e::'"U?
R30 6 03bli6001 'bM 8 o0P101 doP1001<>U? 01 080Li, filM8e.;ioo80 8 808Moo 300 CJ 0l.ioMP1 0o 0oo U?"
P108CQo608 0 83 e.;ioe.;i 000 8 . 8 060be.;iCQ<> 8010 30P10 Li0 8 060, P10 8 "(}Goe!:?oooe.;io<> oa 80P1o8Ml.i
30li0ooo<>CQ, MMBoe.;iCloo <(J06o6li(JMO 8"U?"bl.J30@.ioe.;iooooo. 00060 odo6li (J<l3MM Bo@)
Li0 0P1010ClMP'loliM 860Cl36oe.;i(Y)o0Li. oo 8 6t.i U?"oB<>@.i<> 0b0e.;io a0 00e.;io01 0oo U?" li0Jo01b 0oo, P1M8-
e.;ioooo 'BMJ(JboP1U?ooo06 c:ao606li(JP'lo 8o6oJG8o6@.ioli li00P1010ClMP'lol.iM 0Li.30P1o'b'bo.
0<>3080b3oe.;io01 0lio30 0100101o'(JC!:? 0103Clo doP1001<>CQo oU?ooool.i ()Jocnoli<>CQ U?" 6"cne.;i<>CQ 008Mb-
<>@.i3<> 'bo.
<>be.;><> /.J30C!:?" cn030 001.JOO<> 8o'b6ooob f'l08M600130e.;iocn; 808Ml.J0600(Je.;100 <>J@.JO(JMO @.JOM-
806000, P1M8C!:?oooG (JP'lf'lo3Li li@.i()U?o6&ooli, filM8 </30606li(JP'lo a06038o6@.ioli li<>ca(Jd 3e.;ioooli
Clolio03e.;i<> 8MocnbM3l.i <>d@.Jo()P'l f'\0P'lcn30Li 80010 8bP1oCQ<>6. I 60ooe.;ili, </30606b(JP10 80603806@.Jli,
U?<>o80@.i<> 0b0e.;io 0<>61.JM<aoe.;ioo<>, MM8oe.;ioo JMMdMMo@.JO(Je.;1880P'lcn30C!:?MO<>b. oli@)M-
MO(JC!:?O .. oo@.i<>li" CQ<>'b()li@.Joo<> 0<>0P101006CQ<> 80-5 cn03Clo - MOl.iJO U?" Li0P10oooe.;io. 80-6 cn03Clo,
<(30606li()MO 0600P10Clol.i 060e.;io'bo, (JuMM 80@.J<>CQ CQ<>ob3000 li@.JM()J@.J(JM(JC!:?O cao606b(JMO
06 00P10Cloool.i 006boe.;i3oli 0130e.;ili0'bP1olio01. MOC!:?oo<>Gooooli 0J303<>C!:?o6@.J(JMO U?" 0'130d@.ioo6o
oe.;io(JP'lo 8Ma 80 oo<>6Mooli CQ<><>6 8 0P10Cloo<> Li0b0'bo6M 3odlioe.;ioo'bo 806boe.;i(}e.;>°" U?" a(Y) 80 a(}-
e.;io<> 8030e.;iocnooo Bo-9 0103CJ0, 0IJ030 u()e.;'OlJo CQ<> e.;10J30CQ(JMO <>J(30000b 80P1cn30.
0b0e.;io 0<>61.JMcaoe.;ioo<> "JIT - CQMP1()e.;io 8oB'MU?oooli .3P106 8 0.30, 80P10 00 ooli 80P'lcn30 U?" 06@.ioP'l-
60@.io"o<>8<>(36Mocn 0b0e.;i @.JoP1806ooli (Q<> JM6(30'0Goool.i Bo-10 0103Clo, 0lio30 0 06oboe.;ioo0 CQOOo-
@.JMM(Je.;10 U?"30e.;in06oo0 U?" 80610 00 ooli 80P101 30.
80-13 cn03li, J0dO@.J<>e.;>CQ<>0<>6CQoooli 00()308oP1oooli 8001MCQOOl.i, CQ<>o8<>@.i<> 0b0e.;io 3<>61.JM-
<(JOe.;'OO<>, MM8oe.;io(3 80P'ld6MOOe.;>Mooli 060e.;io'bli. 80-15 01030, 8M01bM36oe.;io 8M()OO<>
U?" J<>."30@.J<>e.;ioli r:?oP'loo(}C!:?Oo<>, 0li0b03Li doP1001<>CQ<>CQ .3P1Mod8oli Eoli<>c:a<>liooe.;i<>CQ filol.iJocn
0061J0 (QOGJM6@.Jnb 0<>6<>J3001ol.i 80CQ8M80l.i. 80-17 0103Clo, J<>do@.J<>e.;iol.i b@.JM()J@.J()M<>,
8M(30B()e.;100 CQMM(Je.;1MOol.io U?" <(J0606b(JMO 8Md6oe.;iMooli 0b0e.;io 006boe.;i3<>, 0P'ldoe.;i3<>(.Qn<>60

xx
C/306061.i()r'lo Jocr1b300001. Jf<l8.:306ooooli
c,00P10100606oli 06 ool'ilotJ8oli CQMMli, CQ<'> 23-o 010300, ,,Clol'ilotJ80 CQ<'>
JMM.3MM0(3ooli filoli81'il(Jj8(Jl'ilo'b0oooli lib30 C(3Ml'il8o6o". oo 0 5oli 01030,
odc:?36000 li0ol'il0100Mr'lolif<l <(306051.i(JM 8060J;806&li, CQ<'> 1Q<'>080&0
li0Jo01bo2m.
ooc,61.i CQ<'>080&0 003r<io li0J001bo, 8001 Of<lMoli <'11103060, J001b30-.30li(Jbo60 CQ<'>
tJ(JM<'>CQC::Oooli 8oli0dG03<'>CQ CQ<'> JMbGOC/3-
Gooooli 00360 8001 0 060 &odli&oCQ06 ,,CCH 6o'b6olioli
8oli0J(J01MJm<'> 06li&l'il(J806&000", ,,dJ001bo (CCH Business Owner's Toolkit: Ask
Alice!): ; CFO, CFO Europe, Shareholder Value, The
Treasurer, and Treasury & Risk Management magazines; the Financial Times newspaper; and
Anheuser-Busch, NASDAQ International, Protiviti, Volkswagen AG, and UBS AG corporations.

0103000 06iob J(J61liob 8oboCQ3001, 8036108

01<'>3[]601.i 01068081Qo3t'lf<J00, olio MM8 li8()CQJ5&b 0M
oovd860b boP'i01(Jr:waoo. 'bMc,ooP101 (JP'lfio3600
80-3 ,,'(306051.ivP'io CQ<'> n:?000 0 83ob 06b&P1v806&000",
8a-2 ,,0j&o3oooli oo<a0liooob"
0vP'iob 0103[]?.ioli 0 00G6Mli
(Q080(J)[J6om 08 m03aoob 8Mli08'b0CQn-
m03oli 1Q0606i01aoo ()<(!MM
r::P180CQ fi003CQoli 'hM(pt)M01 li0J001bli.

8odb&b 0 800060 lib301Q0lib 30 8o01f<li:Q(Jl'ilo

000G03li 6111030?.ib J()P'ilioli MP'i 0 06o'boooli013oli, .301.i()bMoli 0103ob
Jo01b 3ooli CQ<'> 08f<J 8 06oob. 8of<JP'io CQ08b806io 06iob odb0o5bo(JP'io Jo01b 30 oob CQ<'>
08M(306ooob b0 0 08M(3CQf<l Jomb306io, .36if<l'B· 0 6io 0 M6io 0.
8ooM, oli CQ05080(J)o Mf<lC,f<lM(3 JM8.30-
li0c,08f<l(3CQf<l 00bJO, (306(QM()liolim3oli) Pearson 06 Prentice Hall-oli o<'>1JOCQ306ob
80030M6om. 08ob o<'>M!:Q<'>, .3MMC(30liMM80
onli060CJ6030 b08(JO<'>f<l 1000-'bn 8n6o Microsoft PowerPoint-ob
8M8'b0CQooom 08 &ndb&ob 8oboCQ3001. PowerPoint-ob .3filo'bn5&0Gooli
0 M<'><(!OJJOO Pearson Education JM8.306oob o56JM5[J(l) o3JMCQ'ho: www.hook-
siies.llet/wadrnwicz. 0odli(J)ob Go'B61o (Q0 'bo8Mm
o6&o615n8 0 3J61(Q'bJ. .3filM 0 M080,
.361f<l'B0lif<lMO C(30()05oli 8ooM, 61ofi8M5(QOb ()603061bo&n8o!:Q06,
OtJf<lb 0103ob 08f'1(3<'>6oom06 [JM(J)0CQ, CQ0(QC,[J-
0oj&M 0 fil08ooom (6.:il1306000 o30M!:Q'bJ), Microsoft
Excel-ob '{3MM80&Clo 0803[) o66nM6[J6 0 3061!.Q'bJ. Jf'18006oob 066061608 0 3[J61(Qo 0bn30
CJ00G03b o5&o615o&om .361MqJJbMM
80061 1 b6(JCQD56ooob <'>(35Mob 8001 m03ob
06&06160(!)001 01030 d00(3<'>3li 0103ob
8o'b5n6li, &ob&oob CQ<'> Jo01b30-.30li(Jbooli, PowerPoint-oli
CQ0 Excel-oli
li@)()CQD6&0G013oli ,,m3001Clo</30bnoob 08M(306n60" 08r"G06noo,
001..ivbooo 6108(!2[)6080 o3DMCQOO oo8C!?Oo<'><'>), ()08Mf16(QJ00 m03oli
nlio600 (!?080tJJn60010 8M61oc,o J001b3000 (Q0 08Mo06000. nli
m3omoo</30Go6oli 08f'1(306oon G&·<'.J!Q05&n6li CJ008Mo8f'16 m03nlin (3f'1CQfo
(Q0 8oor::M6 n6<(3f'1M80Gn0 0103oli GM(!25ob Cloli0boo.
m3omCluqJ0lioooG 08f'1(306000 .30b(Jbo6m06 8061,1)030(!?

xxi
 Ol:JMb MM0MMG !:Qi>8.:i8000010 .:i8MG.:i6ob .:i8Mbb6ob
cao6.:i6booob a0.:i3b ()GbM o6ob ::JM01-0M010
e:'..'::JdboJM6ob 8.:iM803.:ii:Q bo"3e:'..'"· .:i8o8M8 oo 0 6Clo ,:,Mob 0.:i68.:iM8::J00010
8MoG.:i3b 400 oo'b6ob-8oM8o6b MM ez3MM8.:i8Clo - 8o8!:Qo6i>M::J 3.:i68.:iM8::J00010
e:'..'::JdboJM6o lb6b 8odb8()M 8o6!:QMM'b::J) (Qi>
3.:i68.:iM8::J00010 e:'..'::JdboJM6o 0036ob OMe:'.,'Mb . .:i8ob oi>M[Qi>, Pearson Education JM8J.:i6oob 0680M-
608 o3::JMCQO: l'l:J!_W.l]ooksili;.11-!lCt/w:u.:!].Q}\ic;; Clooo.:i3b R3o6o 3068.:iM(l!Jt:J00010 e:'..'::JdbnJM6ob
M6e:'.,'.:io6 3::JMbo0b (Qi>8i>8::JO(Je:'.,'O o.:iM.:i01::ioo 01001M::J(Je:'..' 01.:i3Clo
d0Mo01.:ia?o 8::JM8o6 0oob a?" 0.:i68.:iM8::io::ioob GMCQ6nb Cl::ib08Mo8oot:'..'0a?.

f\306 8o'b6M0Mo3.:i(!? 0.:i8M301:Jo6001 o68::JM6o8nb 8ob.:i8.:iM01oonb Mi>MCQ06Moo

(80(\i>e:'.,10010(!?, 8obo80M010, oo:fa?<>301 md3060 JM8Jn()60MOb
fl3o()t:'..'00M030(!? 001:J00i> http://www.) 08 8odb8nb 6.:ione:'.,100. 0680M608 o30M(!?OOO .)Mob
(!?MM000010 - 6ooob8ooMo 0680M608 o30MCQO, fl306 a3b()Mb, Clob0de:'.,'M0
Cl::ioo3<>e:'.,'Mb. 8obo 8ob080M010, 06 b00M01M(!? a<>()d8!:Qob . .:i8o6M8, f\306 301:Jo60001 o66::JM6o6
03 oM!J?b, MM8 o03 06.:ibM01 8.:ib0t:'..'ooo, MM8ot:'..'oG 01d 3o6 a?0 0.:in68oMoboo01. oo8a?oo
8()CQ803<>(!? 0680M608 o30M!:Qb (!?<> 3.:i8Mo80001 6ooob8noM ao8oboe:'.,' .:i6
()8Md8oa?M M::JJM8o6a?oG00b 3000301 a08MOl:J06M01 6odb8(JMO 0660M608 o30M(!?O
0103ob 00Jo01b30G0b. 01()88.:i 6odb8()Mo n66::JM6o6 o30M(!?o Clood86o
b6()Cl?o68oonb01 3ob. R30 6 bo08M 3600001 8Ma.:ibu0600001, MM8 80b 0b 030 ol:Jo6 0o06
0660M606 8lJDMCQ80 8MoM6oo.:i (!?M8b0b()Mi>
M<>8(!?06080 oo'b6ob- 0.:i8MG08.:iClo, 8001 OMMob 0.:i'bo01 Financial Times CQ0 Corporate finance-Clo,
'(}()Mfoe:'.,'OoClo - CFO Asia (!?<> Strategic Finanse magazunes-oo.

b8(Ja?::J66oob (a?" o6b6M(Jj8MM::JOb) dO(Jde:'.,'oi>01 0030M6 o68oM6::J6 o30M(!?b, Wachowicz's

Web World, (0060036.:i: JoMbM6ob o68oM6o&
o30M(!?b - 0bo30 0d3b (!?080J.:i3CloM::JO(Je:'.,'O Wachowicz's
Web World-0106), MM80e:'.,'OG ()Jo3CloM(!?OO.) cao6.::i6b(JMO 0bM0001 o68::JM6o8
o3::JM(!?b (!?<> Cl?"%o (Jez3::JO(Je:'.,'o.::i 8odb8Clo 801.:i30Mo b.::i01.::>(JM::Joob 8ob::J(!?3001
Cloca.:iboo.::i, cao6.:i6b(JP'io 060e:'.,'o'bob Cl?" .a?"oOo83ob o6b6P'>(J8066ooo a?" .::ibo
Clo8a?::Jo)· 08ob 0i>MCQ0, 0680M608 o3::JM(!?o ClooG.::i3b a?" 8(Y).::i3.::ie:'.,'3i>Mo.::i68006
8ob8oob Cl?" b.::i30M%OdM::JOb. o6&oM6::J& o3::JM(!?0(!?.::>6 Clob<>de:'.,'MO Ro8Mo830M01Mb
JM(J3::JMJMo68ob !:Q" 8.::ioJMMbMez38
<>38MM::JOO 8<>(Qe:'.,'M00b (Jb(!?006 P'>Ro3ooob, JM8::J68.::>M::JOOb a?" (Qi>b8.:iM::JOob.:i013ob
bb3<>(!?0bb3.:i oo'b6ob-JMMez3::JboM6i>e:'.,'OOb .::i8 0.:i8MG::J8ob 8M8'b.::>(!?::JO.::>On. 0 06b<>J(J01M::J0001,
33b()Mb 80(!?e:'.,'M0.) o0(!?i>3(Jbi>(!?M01 o.::i6oMb, Jo(Y\0063 OMJe:'.,'::JO CQ0 JM8.3.:i6o.::ib - CPAs
(!?0 JM6b(Je:'.,'8068b, ::Je:'.,'<>Ob 803Mb, CCH, Inc.; lQ0 80P'i060.::i6b Cl?" The Motley Fool.
R3o6 03b()Mb 8<>!:Qe:'.,'M0.) o"Cl?"3(Jbi>(!?M01 '(J(Jb8060 bo8o6b, (Q::JOe:'.,'b, ::JOe:'.,'::J6
MM%::JMb (!?<> 8oo::iMb .3oMbM6Clo Cl?" OMM(J6b, .30&MOJ OM6ao8 CQ0 C!?030(!? o.::iMoJ-
e:'.,'0(Jb, a?"o3::ib8.::i(Y)6o6 08 0.:i8MG::J8ob 8M8'b.:ia?oo.:iClo.
R3o6 3080(!?<"'1360001, MM8 cao6.:i6b()MO 8060%8068nb 8::J01MM8::J8::J 0.::i8MG08.:i,
!:Qi>o::Jb8;:,(Y)::ioo01 cao6.:i6b::ioob 0<>000000. 01j306, bol'i101 8bi>%(Je:'.,'O. R3o6
80CQe:'.,'Mo0b 0oba?o01 f\3060 oo 06ob .:i(Y)Ro3ob013ob CQ0 3::Je:'..'001 01d3::i6b JM80680P'>oob a?" MR03::iob
(0 01bM301, 8M03o::JMM01: jwachowi@utk.edu).
 o
R33 6 83 G(JIYlG 008M 3b00M01 80!:Qc;;o 31Yl 300 38!:Q3 0o G0Gl:l03c;;3oc;; 3ooG 80801Yl01, 0G333 IYlM 0MMG
!:Q<>8<>0300010 06M608()Mo 8Jo01b33c;;300G0!:Q80, MM8c;;308<>(3 8M 0301:lM!:Q3G IYlf\33300 08 l:lo 0 6'b3,
8301MIYl8363 008M(3380G 8M8'b0!:Q300G0G:

Bode Akinwande, London Metropolitan University, UK

Jean Bellemans, VUB, Belgium
Enrico Gallina, The European School of Economics, Italy
Peter Went, Bucknell University, USA
Michael Woatich, The Netherlands

f\336 8<>!:Qc;;Mo0G 3()b!:Qo01 Cl38!:Q3 0 f\08M013c;;oc;; .301Yl30G, MM8c;;308<>(3 8M 0 3(33G 80mo

80G0c;;300G 0 08M1:J36300G ()<aC'.:;300:
Figure 10.3 D&B Composite Rating from a Reference Book and a Key to Ratings. Reprinted by
permission, D&B 2003. Page 269 from "What is needed to make a 'just-in-time' system work," in
Iron Age Magazine, June 7, 1982. Reprinted by permission, Iron Age; Anheuser-Busch
Companies, Inc., for permission to reproduce their logo and an extract from 2002 Annual Report,
p. 34. Copyright © 2002 by Anheuser-Busch Companies, Inc. Used by permission.
All rights reserved; The Association of Corporate Treasurers for permission to reproduce
The Treasurer logo and an extract from 'Money Market Phenomena', The Treasurer, by
Bedell D., May 2003. Copyright © 2003 by The Association of Corporate Treasurers. Used
by permission. All rights reserved; CCH Incorporated for permission to reproduce their logo and
extracts adapted from Alice Magos, "Ask Alice about Ethics" and "Ask Alice about Accountants"
reproduced from Reproduced with permission from CCH Business
Owner's Toolkit, published and copyrighted by CCH Incorporated; CFO Publishing Corporation
for permission to reproduce the CFO Asia logo and extracts adapted from "Wheel of Fortune,"
CFO Asia, by Winton K. and Tsui E., April 2003, pp. 28-37, and "Tag Time?," CFO Asia,
by Deady M., February 2003, p. 16, Copyright© 2003 by CFO·Publishing
Corporation. Used by permission. All rights reserved;
CFO Publishing Corporation for pem1ission to reproduce the CFO logo and extracts adapted
from "The Added Cost of Corruption," CFO, by Durfee D., January 2003, p. 18 and "Natural
Performers," CFO, by Fink R., June 2003, pp. 37-39. Copyright © by CFO Publishing
Corporation. Used by pennission. All rights reserved. "Reverse Psychology Today," CFO, by
Reason T., December 2002, p. 19, Copyright © 2002 by CFO Publishing
Corporation. Used by permission. All rights reserved; CFO Europe (The Economist Group) for
permission to reproduce their logo and an extract adapted from "The dividend dilemma," CFO
Europe, by Wood J., December 2001/January 2002, pp. 16-22. Copyright© 2001/2002 by CFO
Europe Used by permission. All rights reserved; The Coca-Cola
Company for extracts from their Annual Report, 2002 and permission to reproduce their registered
trademarks: Coca-Cola and the Contour Bottle. Coca-Cola and the Contour Bottle are registered
Trademarks of The Coca-Cola Company; Federal Reserve Bank of New York for an extract from
"The Basics of Foreign Trade and Exchange," September 2002, published at
Dell Inc. for extracts from their quarterly and
annual reports. Copyright© 2004 Dell Inc. All rights reserved; The First Tennessee Bank for per-
mission to reproduce their logo and an extract from "New Accounting Standards are having a Big
Impact on Acquisitions and Goodwill," First Tennessee Business Review, Vol. 12:3, 2002, p. 7.
Copyright © 2002 by First Tennessee Bank. Used with pem1ission. All rights reserved; The
Economist for an extract from 'The Big-Mac Index" published at """"'·'-'·"'""-""=·'"-'-"""'''·='=·-'=c•"'··-

Copyright © The Economist Newspaper Limited. Used by permission. All rights reserved;
Harvard Business Review for permission to reproduce their logo and an excerpt from "Must
Finance and Strategy Clash?" by Barwise Marsh P.R. and Wensley R., October 1989.

xx iii
 Copyright © I 989 by Harvard Business School Publishing Corporation; all right reserved;
Institute of Management Accountants for permission to reproduce the Strategic Finance logo and
an extract from 'Why Automate Payables and Receivables?', Strategic Finance, by Hurt S., April
2003. Copyright© 2003 by IMA. Used by permission. All rights reserved; International Business
for the extract "Taking the Bite Out of Exporting," International Business, Resnick R., April 1992;
Kennedy Information Irie. for an extract from 'Harmonizing Accounting Standards',
Shareholder Value Magazine, January/Febmary 2003. Copyright© 2003 by Kennedy Information
Inc. Used by permission. All rights reserved;
The author Ruth Ann Marshall for "Prepare for paperless payments," 2002 © 2004
MasterCard International Incorporated. All rights reserved. Used by permission. The Motley Fool
for extracts from and permission to reproduce their logo; NASDAQ International,
Ltd. for an extract adapted from "Lessons from the European boardroom?,"
The NASDAQ® International Magazine, by Bmmmer A., September/October 2002, pp. 54-
55. Copyright© 2002 by NASDAQ International, Ltd. Used by permission. All rights reserved;
The Nasdaq Stock Market, Inc. for an extract from "Money Mechanics: A Guide to U.S. Stock
Markets (release 1.2)," The NASDAQ Stock Market Educational Foundation, Inc., by Angel J.J.,
2002, p. 7. Copyright© 2002 by The Nasdaq Stock Market, Inc. Used by pennission. All rights
reserved; Penton Media, Inc. for permission to reproduce the Business Finance logo and extracts
from "A New Chapter in Lockbox Technology," Business Finance, by Gamble R.H., March 2003,
pp. 35-38, "Asset-based Financing Gains Ground," Business Finance, by Sammer J., July 2003,
pp. 31-35 and "Divest and Conquer," Business Finance, by Hansen F., January 2003, pp. 7-9,
Copyright © 2003 by Penton Media, Inc. Used by pennission. All rights
reserved; Protiviti Inc. for pennission to reproduce their logo and for an extract from "The
Sarbanes-Oxley Act of 2002," October I 0, 2003, published at Copyright ©
2003 by Protiviti Inc. Used by permission. A!l rights reserved; UBS Group for pennission to
reproduce their logo and an extract from UBS Annual Review 2002, p. 44. Copyright© 2003 by
UBS AG. All rights reserved. Used by pennission;
Unisys Corp. for permission to reproduce their logo and extracts adapted from
"Strategic Alliances: When I + I = 3," Exec, by Schoeniger E., Vol. 24:4, 2002, pp. 13-18,
Copyright © 2002 by Unisys Corp. Used by permission. All
rights reserved. "When Not to Focus on Cost Savings," Exec, Vol. 25:1, 2003, p. 4 and
"Being a Responsible Corporate Citizen," Exec, Vol. 25: I, 2003, p. 5. Copyright © 2003 by
Unisys Corp. Used by pe1mission. All rights reserved; Volkswagen AG for pennission to repro-
duce their logo and an extract from Annual Report 2002, p. 57. Copyright© 2002 by Volkwagen
AG. Used by permission. All rights reserved; Wicks Business Information for
permission to reproduce the Treasury & Risk Management logo and an extract adapted
from "Bad Company?," Treaswy and Risk Management, by Sherman J., March 2003,
pp. 34-36 Copyright © 2003 by Wicks Business Information.
Used by permission. All rights reserved;

3(Jb!.Qom J(Y)8:30600 Financial Times 008!.QOC'io <'>08(Y)tJD-

6000G0130G:
''A manager's real responsibility"© Financial Times, 30 January 2002;
"Companies go back to basics in search for cash" ©Financial Times, l October 2002;
"A deal with strings attached" © Financial Times, 18 July 2002;
"How bigger dividends build trust" from The Financial Times Limited, 7 October 2003
©Joe Fuller and Michael Jensen.

'/)(Y)('iOOM()) Clo801b30300Clo 30M 8ol>0J(J01MOb

!.Q0!.QC'i060 !.QC> CQ030qpl>oo01 06qrl')80Go0G, !.Q02i30b801')000 080G
('i0('i00000.

xx iv
 08 m03ob oa8CQD8 md306
t'i1.::. .::.t'l1ob iao6.::.6b'(Jt'l1o 0bb60m, P1o8(T)8 .:iP'iob cr.;:c:;ab 'Bo6o6b(JP'io 8n6n'.l(;-
063oli80P1000i 0.. 8o68o
930606boP1300'lio•
300P1!5o(T)Q1 n<(306o6b(Jr'10 8n6n'.li':8o68o" 3ol.lp{:)-
<>d8033oob 806im30 'li3
8oc:nonb 0080 do6iomoi:Qo 808061-
JM8.'31>6ool> 8o'b1>60 8obnQ?3om, <ao6o6b(JP'in
ood860 " 806::J'.Ji':::JMO Ol:J:J6::iob:
"
c;06b0'lig;3i1i(T)en J(T)8.5.:i6oob 8o'b6ooo Cl?" 1'108('18
061ob ·0doo(T)601'1aoob bo8cr.;:oQ?<Ylob 80jbo8o'b0000
()936101 8o'b060.
moP1od8(T)t'1m0 b.:io.:f(T) ., 080100601m .5(T)8o6oo'ZJflo fi(T)8-
2002 J.:>6(T)6o o.:ifi801oo(T)o0, M(T)G" J(T)flrl(T)fioeoob
iao6.:i6b'(Jt'l1o ia'V6deoaoob 80t1im30 Q?o
MM3.:i6o'b301> (80 0 .,

oo0 6ou 0 068i:lfl8rrim, Mi:Jb 60Cl603b

0j803ooob 80P'im30 (Qi> O[ld[lb<>"
0d803::ioob i:Q<>930606Lioo0 " 0C?DQM(T)ffi, (Y)<':J i:JMob J018606oob
8b0P1onoo

tiJo'ho(.183 3060bb30301m <(30606b(JMO 8o6o5GOM[lOOb

dot'iiom<>CQo

,,i:lj(Jn(')6o(f)cn0 .:ijtJoo3o& 8(J!J?8n;p 'bf'Jf!!.:> <>(f)ou f53060 88Dr::.:.'i:J

O<:J'(](Jdaor::.;>n".
- &1110'b7JOl!!l0
Jf'IJi':r Jf'lr::.;'00 f:Jf'?f(]Or::.;'0 <:Jt;:8<>&fi1(]r::.;>DO[Jr::.;>O f!!Otr5odr!Jro{i'}o
 1.

'80606b()r'io 8o6a'.J(;DMo, OJ060801:Qr'irr>3[J Jrr>8.306oob ;p6300J0r'ioo0Clo, CQ0608o(JM Mrr>t::'._lb 0bM(Jt::'._l[JOb.

OJ(J8(3.::> tJrr>3at::'..'OJ3ob 0ba .::>M bi:Q[JOrr>Q?.::>. XX b.::>(JJ()6ob .3or'i3at::'..' 60ba3li1Clo '80606b(Jlilo 8060'.J(;DMaoo
dor'ioOJ.::>i:Q.::>i:Q '80606b(Jlil b0Cl(J"t::'..'Donob 8rr>o'i>o1:Q.::>31:Q606 !:!?" Jrr>8.306onoob 'tJ()t::'..'"I:!? 81:Q0rr>-
80r'iorr>oaob 80MOJ.::>31:Q6a6. 'tJ()t::'._'OU 0bt::'._'.::>61:Qat::'..'o qoMaO(Jt::'._laoob JM6(3a'tJ(30[JOOU 'tJ0MOJMQ?
003M(3at::'..'0008 1950-006 Ot::'._l[JOOO 'tJ0606U(JM bat::'._'8dq306at::'..'aob ()Ood00 0"D'tJ0MOJrr>aoo600J
OJ030060Jo d0U(Jbob8oooC!IMOQOO !:!?" fl0MOJ(J(;!'Ol:J3606 dMrr>Dd8noob
Cl0Mfln30Clo.
Q?qob 'tJ0606b(JM 8060'.J(;DM[JO'i>a 8'b.::>Mi:QO 'bo0"3t::'..'D6" 0j3b 00Ma 'B"08rr>Maob. 'tJ0606b'(JMO b0j-
8o.:;,6rr>onoo 0ot1i:!?Do°"6 obaOJ .3Mrr>ot::'..'o8aob, r'irr> 0 rr>t'lo 8 0r'iob 0 0dt::'..'oor'iao()t::'..'o
Jrr>Mdrr>M0(30'()t::'._'O Jrr>6J(JM[J6(300 1 (33t::'._'0t::'._l[J00 1 o6'?Jt::'._'0(300U i:Q0 dMM(3[J68(JC!'O
006.::>J3a0Jaoob 83"t::'..'D001:QM00, 00(JMJ3D3at::'..'o DJM6rr>80J'()MO 006300J0MQ00 80J[Jt::'._'U 8UM'tJt::'._'0rr>Oo,
0"(33t::'._'00JO J'()MU[JOOU 8[JMtJ[JM00, U0001:Q0U0b01:QM J06rr>6ob (33t::'._'0t::'._l[JO[JOO !:!?" [JOJOJ'()MO
b0Jo0Jbnoo. Clol:!?a 001:Q, '80606u 0oo OJ080Clrr>ou 8n8"1:!? b0uo 8 rr> 8 bt::'..'rr>l:Q l>8M08n 0o()t::'..' !ilrr>t::'._lb
JMMdMM0(30000. 'tJ0606b'(JMO 8a6a'.J(;aMo JO 0q8rr>fl61:Q0 Jrr>8.306ooli 3'()61:QOO 80J030Mo 8rr>OJ080Cla.
,,b0d8aaoob JDOJaooli d3[Jt::'._'0 8[JOJMQ?aoo" (JJ3D 0q0M .:>Moll l.i0J8.::>Mol.io Q?qa306Q?Jt::'..' 81.irr>'tJt::'._'OMOO,
li.::>Q?0(3 li0j8006rr>ooli 8aOJrr>l:Qaoo liOM0'tJ01:Q d3at::'..'l:!?ao0. 0833.::>M.::>i:Q, OJ0608ai:QMrr>3a 'tJ0606b(JM
8a6a'.J(;aMo (J61:Q0 OtJMU 8rr>j6ot::'._lo, Mrr>8 ClaD0(JMU 83"t::'..'ao.::>i:Q 00lilo8rr>li OJ.::>3obo Jrr>8.306ooli
<'>"!:!?"1.i"r'ifla60!:!?·
8rr>8030t::'._'80 001il808ao(Jt::'._'80 'tJ0606l>'()M80 806a'.J(;JM80 li.::>8(J00rr>U 8M01:Q0(30(Jt::'._'0 00M80MOJ30
()61:!?" aa0 3urr>li 0b0t::'..'o 8oOJrr>Q?aooOJ, Mrr>8t::'..'ooo 8 l:!?"nb80r'iao0 o"'()MJ 3a3t::'..'rr>o 0oou !:!?"
8M0 30t::'..'8080r'iOJ'(Jt::'..'aoo060 08rr> 8 060oob o"l:!?"li0083 n8"1:!?· ab 0b0t::'..'o 8aOJMQ?aoo 00M8rr>0fla6li
060000803aoob 8rr>j6ot::'._lrr>00U !:!?" 60Cl061:QM0t::'._'OM00U - olio3a, MM0MM(3 0 'boll 00b03t::'._l[Jt::'._'01:Q
0 "1:!?"1:!? 0 8'()t::'..'0 .3oM 3at::'..'o 6000'.J(;ol> oa81:!?o 0 0 003 0J 0Mfla 3060 aoflaM!:!?aOJ, 000 0MdDt::'._'MOJ OJ()
0flj0MQ?aOJ. 8rr>Jt::'..'al:!?, liorr>r'io 00!:!?0083 n8ot::'..'ao0 onodt::'..'oo0 8rr>o 8 031:!?ali MM8Jli 0 0Jn0Jao0G, r'i0u0 8
Q?qJl.i .308.::>M.::> qoM[JO(Jt::'._'JO.::> 0j3li, 800r'i08 8rr>8030t::'._'Clo Q?OQ?O qoMaO(Jt::'._'JO.::> 006000.
OJ() bl:!?nooOJ '80606b(JMO bnt::'..'8dq 306ot::'..'o, 80006 OJd 3a6o a0u0dt::'..'oot::'..'rr>o0 a000 '(Jrr>OJ
(33t::'._'0t::'._lao0b, 8rr>o'bOQ?MOJ '806061.i()MO li0Cl(J0t::'._'JOJOO, i:Q000061:QMOl 0d803a0Clo !:!?" 8.::>MOlrr>OJ
Ja0lot::'._'0rr>603M'()t::'._'01:Q, 'ba003t::'._'J6.::>li 8rr>.::>bi:Q[J6b md3060 JM8.306ooli 00r'i808ao0'bo, U00Mt::'._'MM
'.$(;0800, 80Jt::'._'00601:Q DJrr>6rr>8oJ" 'ha. '806061.i'()Mo b0Cl(J"t::'..'Donoob 0M0r'i0oorr>60t::'..''()Mo 008rr>t1a6000
0060.30Mrr>Oaob aJrr>6rr>80J(JMO 'bMQ?OU Cln6at::'..'ao0li. [JJrr>6rr>8oJ(JMO 8rr>OJbrr>36noob i:Q0(JJ8.::>-
8M'tJ0t::'._laont::'..'M00U0l.i, 'tJ0606b(JMO li0Cl().::>t::'._laoaoob 0M0U0rr>M80 00600ot::'._lao08 Claodt::'._'ao0
unr'iorr>'b(Jt::'..'o 'bo060 8rr>(J806rr>b li0'brr>001:Qrr>ao0li. 6aoob8oaM JJrr>6rr>80J0Clo MJU'(Jr'il>aooli J'BJd-
80060 0060oot::'..'ao0 "()Got::'..'aoat::'..'o" JJrr>6rr>8oJoli rr>.38080t::'..'()Mo 'blilQ?ol>OJ3ou; 01.i 030 8rr>d0t::'..'0-
dnno80 ()61:!?0 800qoorr>6 800Jo .3oM.::>Q?o 8rr>OJbrr>36ot::'..'nooli l:!?"J80 8rr>'tJot::'..'noob '()80qt::'..'ali Q?rr>6ob -
80jlio8o'b0000li. 08030M.::>i:Q, 0d803aoob a't3Jd800601:Q Clada6oOJ, !:!?"'80606baooOJ !:!?" 80MOJ300J
'80606b(JMO 8a6a'.J(;aMo bJt::'._'li (JO::Jrr>Ol.i Jrr>8.306oob !:!?" 80Jt::'._'00601:Q aJrr>6rr>8oJoli bo(3rr>(3bt::'._'oli-
()6.::>Mo06rr>oob 'bMQ?.::>b.

eoo6.::i6h(J61n ao5D:f!8o6eio - ob .:>Mob b0j8006rr>o0, !ilrr>8ot::'..'oo 8rr>oo03b. 0d80 30 ooli -

8rr>.3rr>3JO.::>u, '80606boM[JO.::>l.i !:!?" 8o'b06808<>MOJ'()t::'._l J't3Jd8006 80r'iOJ30b MM8[J 8o'b6oli
8ob0qoa301:Q. "ODl:!?"6 008rr>81:Qo6<>Ma, '806061.i(JM 8o6o'.J(;8o68b 0j3li b080 doMoOJ<>Q?o '8()6doo0:
8ooqrr>li 00!:!?0083 n8ot::'..'nonoo o6 3nli80Mno0'b 0, '80606bor'ino<> 'ha !:!?" 0d803aooli 80MOJ 30'ha.

>MOU l>od8006Moo,
"'"'aac::.'oo a,,,o 0 , 3i,
>dl§o3noou - a,,,:i,,,30001>,
'?lo606uo"1no>u CQ>
8o'bo68o8o"1m(Jc::.'
D'?3Ddi§oo6 80"1m3ou "10080
8o'b6ou 8oi>oc:?oa3>CQ.
o6 3ob8o61 000'bo
0"1:!?"o83J8ot::'..'oo0 063oli80Mno0 'ho <>liloli 83Dt::'..'" 'bJ 860Cl36at::'..'rr>3060 Jrr>8.306ooli b080
doMOOJ01:QO 0..'li:Q00tJ3D80t::'..'[J00i:Q06, Mrr>8t::'._'OU U0'tJ(Jd3at::'..''bo oj86000 qoMaO(Jt::'._lao0. 06-
3oli80Mao0 'bJ 0"Q?"OtJ3D8ot::'..'nooli 8oqno0 008000 Jrr>8.306oob00J3ob li0jor'irr> 0d803aoob
80Jt::'._'0060 M.::>rr>i:QJ6rr>ooli 0<>6b0'bq3r'ioOJ. 8rr>8J680t::'..'(JM.::>i:Q fi0M8MoQ?006nOJ Jrr>8.306oob O.::>t::'._l.::>6bo
0rr>6000Clo, b.::>i:Q.::>(3 8obo 80r'i'.J(;3J60 8b.::>MJ <>li0b03b Jrr>8.306ooli 3"t::'..'Q?JO(Jt::'._'Doaob !:!?"
8oli0J'()OJMaaoob J.::>.3080t::'..'li, brr>t::'._lrr> 80M 8 bn60 8b0r'iob 6011 3a6noo0 Jrr>8.306oob 0d803noo.
'806.:;,6b(JM80 bat::'..'8dq306at::'..'80 (J61:Q0 006li0 'bq3Mrr>U JM8.306ooli OJ..'l6brr>OM030 8M(3(Jt::'._'M00,
r'irr>8ot::'..'o8 1\061.i li000t::'._'06l>M 0600M0Clob 80r'iobo60 8b.::>MJli rr>M8000 b.:;,'i>ob 'ba3om - r'i00 .:>Mob
Jrr>8.306oob UOQ?Oi:Q[J· 8000600 JO, MMQ?al>.::>(3 ab M0(3b30 (36f'l00t::'._'00, 0d803aooli Cln801:Q3a6t::'..'rr>00
'()61:!?0 oj6oli 0"Q?"OtJ3a8ot::'..'o. 8000t::'..'om01:Q: Jrr>8.306oob 8mt::'._'0060 0d803oool> lil0 60oot::'._'80 ()61:!?0
Clo0!:!?006rr>li 60q1:Qo 'tJ()t::'..'o 06 80M00000? 080b 0"M!:Q.::>, .::>M Cloodt::'..'000 063oli80MJOol.i
L>0.3or'iol>.30Mrr> d8nl:!?aool> - 063nli8or'inooli a0o83 n8ob 06 <>8rr>q 0ooli 006rr>M0Mno0. 0d803000,

2
8
qC <'<;?C9µu qu'(wgCOJw <'\;! 'OJ<-£<-OJCqG:.ue queu "iWiDeCe. 001 wg<-GilG:.we
-weCe. 'u<ijlµCw\;Jf; <')?Cgµu 'uc;:C\;JC9wu8µ<'
gC<(wc;:Gq\;)<' ·Gq,<''(W9<'U£C'ilewe ('OJ <.OUW\;)OJ qu)?C\;)w<ijlqG8gu 'l°'2Cu8pQ
('OJ quug<-eewr Cq, <-£qwur 8<' uqG:.q<'f? l 'l<''i?C<awe ooo'g l quugoi;gwr
'\lCilleGe. 9uillqQiiloll
q9<-Gilu8<awe g 'ui$lµCw\;Ji;: G:.w 'q<-<;?C'ilwe
qw<Cilloqoqoiil<0'2 ol'Gllwe -
000'001 q9<-Gilu£<awe 'iiCOieCe. g 'u<S>µCw\;Jt; w\;JRiG;. qu\;)<'
ui$lµCw\Yt: wu8u<ijlqC89u<-q <-Oi qw\;)Oi
118<-q<'q<' \;)<' qC 9<-'ilOi<'\;) '09<-q,ue U']U8<''?<''1CR ']U\;)<' \;)<' ('U8<-q,ueuqµ<-e
Cq, ('uoµ(' W\;)C <-89G:.t0 '<'U<j\;)C£ quOi\;Jq, <-'ii ·llCiileCe.
q'u£C'ilwe 8\;)w'ilw\;) <'£C'i10iw9\;)<'SJ 'Oi<'to('u8e_u G:.w 8\;)<' 0
eq,•, uE!p0 <0u8<0<i,ugu9poe
qul'C'2we 'JUl?Cu9oi:gwf'
w\YG 'C\;J<-9u0iew90'i1 9<-0iCµ<' ·q0£C\Yu8eCe.
,, ue.e<-2l q£09e_u9 qC qu£Cu9<-i;:9wr
wguq,<'q<'q <''?C\;Ju<iJlqC89u qwguOiq<-we <-OJ u<;:CuOµ<' q08e.G:.w9<-'i1
'<-Oi\;Jq, qu<(C'ilwe qwgC8\,JG;. <'8\oJC2lC9C9 Oid!C51L00que qu9q,u9 8<' 089G:.w
Oi<-tou\;)up qu'2w90u9µ0q qu<;:Cug<:>t;>ewr oO'l(;Jrt, .;•\3
·qCOiq<-RiCe. <-OigG:. wuq0Ri quu8µ0 <''2C<ii><'8\Y<'SJ qu'(w9<-u9µ<-qqC9q,u'2
qu<;?C£uGilµ<' <-Oi qu<;:Cq9<-90Ri<-Oi 'wu8ul'.fj)qC£9u<-q quu9<-i;:9wr q8<-q<'q<'
'wuqd1 <''2<''1 qu<;:CuOµ<' quuO<'\oJWt:\oJwr <-qug<-'a C\;JOiuOieuq
qu\;)CgwuOµ<' ·ue.<-u0<'\9Wt:\;Jwr qu£CC\YwG:.t'<-qCe u'2Cu0µ0
·<'Oi\!)q,<-'a qu\;)OiuOJ9uq uque qu\;J<' 09<-q,09 quug<-t;ewr
ew\9 9C£\,l ue_9'ilu9 e<- ·u<;:C9q,u9 <-8qq<-Oi<-8qq qCOi'2w<;:Cq\9<' <-OeG:.w
·oou80iCqu9 qu<i?\;J<-Oi901'.fj)q Ceu<-\;J qCOiqw9 <-Oi9G:. <-<;:Cq<-RiCe. u\9G:.q9<-9ufu
90'a0i<'\;) 'q<'<(W<(Cq\;)<' qu9q,u9 C9u<'\;) q£wqwuwe ul'.fj)9Ce2lC9Ce U\!)G:.q9<-9ufu u90ul'.fj)µca,c
·q£C8ul'.fj)µ<' 9C'2C9Cfiu qu'?Cwe\Y<'SJ 90 quOiwe Cq,<-8t0SY<'8
qu'2C8u<i?µ<' ·wu8to\!)<'8 qu)?C8ul'.fj)µ<'
C\90iu8 'wu8toSY<'8 qu12G8ul'.fj)µ<' G\;)09u0ieu9 qCOi8<-t'<-Oi Oi<-<i?Ce u\:YC2lC9Ge
U\!)G:.q909ufu ew\:Y 'q8wqwuwe qC ·uqqu\!)<'q 08qq00i08qq
-G:.q0i;: q£µ<' Gq,<;?C£u<;ilµ<' q\;)C2lC9Ce \;)G:.q9<-9ufu '<'£W\!)<'8 u90u<;il
.µca,c qu<;:C£u<;ilµ0 8<' 'ilCOieCe. wu<;:Cq9<-9uf100i uque<-'i?<''ICe.
<-Oi qu9GpCe. qu<;:C8u<;ilµ0 ·0£toSY<'8 qu<;?C£u<;ilµ<' Ge0qGe quu90i;:ewr
·qw0iufi0'i1 u12Cu8µ0 9<' quu9<-i;:ewr 12G9µu 'qwe\oJwtb<-<''il
G:.to 'uqqGq qw.'.;iu<' u\!)G:.q9<-9ufu w\:Yu¥<-q qwOiuq,uwe \!)W'iiw\9 ·wuqoq quill9Cillu8uill
'qw\9£.'.;Jq, <-q9<-'a <-OigG:. <'8\:YG:.q9<-9ufu 'ilCOieCe. qu8C\,J\Y<' qu<;:Cq9<-90Ri<-Oi<-90w Qgpo ui:;iu9
·Oiw<;;ui;:qu\!)Uf?<''I qu<(Cllwg C<t, ou8po
'll'CwuwC.ue u<ijl9Cu8u!1Cwr
qu£wqu)?Cq909uRi<-Oi qu<(C\!)CgwuOµ<' qCgµu 00i9G:.
9C ·Cq,"l?Cllwe quo8pQ
qu<(COi9COiu£uOi qu8wqu<(C\!)C9wu8µ0 ·Gq,<:>Oiq<-Oi<-'a qu<(COigGOiu£uOi ui:;Jufbwikll Cq, oo8po
C<;;<-9u0ieue quOiue wue C<;;<-9u0ieue <'U9<'t:ewr q'(G£w<ijlu 012Cill9Cillo8oill
GilGe W<;oJtbG:. 0<-<;; '']<'09<'t:ewr <'<(G\,j\!) <'\!) q£<-\!)£wq,<-q90'i1 u\!ilgGuOufbCTwP
11uczG2ll9Cruu£uru qu<(Gwue Cq,<-<(Cq9<'9 9Q !C<t, "l'Cllwe
-uf1<-0i quu9<-i;:ewr qC9µu <-Oi9G:. qu)?C0i9CO'lu8u0i '<:>que0 <'Ol\;)<''a u.7;JofbwiMl w2Cill9Cillo8oill
uOJQ.7;JC.Q, -
z.OiwqCwCt'G:.<-q <'£Gq9<-9uf100i \9C2l'ilwq,
z.ew<iil<-SY 'ut' G:.w l'l'2GCq<-q qu<(C<)9<-9uf1<-0i Ceu"SY <'\9<' G:.to q£µ<-
'<'U9\,J<'<''il \9<' Oiww<;;C<'q u'Ju <)<'U9<'t:Bwr to\9Gu'ilwq, 0<-<)GO'lw\:Y '9ue.<-e G:.9<-
uOiuOi q£µ<' Ol<'<)U8<''(<'qGe q<-09<-i;:ewt' w\:;\Cu'ilwq, ''1<''2C£<-£qq9<-'i1 tou<(C<)\9<' w£C9\,je<-C[t 'q<''(Gq9<-9
-uf1<-0i <)U<(C'il<;;<-Oi 'luruew9wt'C <-£qq<-O'l<-£q<) tou<;?C0i<;;u8t'<-00i 9G£µw G:.w ·Cq, <'\!)G:.<;ilµG:.\9<iil'l
qC\9<'G8 <-9C£2l<;;<'B <''2c\9µuf1<;>Q; <'<(COiqG:. q\!)C2lC9Ge \9G:.q9<-9uf1
µ<' ·Cq, <''2C\9uq9<-9uf1 u<)GO'luOiG:. C\9wCe 'luu9<:>i;:ewr
9<- 'lc0ieµG:.<-<a
'<)GOi\!)uOeGe 'Ol<'\!)G:.ruew9wrc <''(W'(C<)\!)<'
.
 1.

.'53060 ao'b.:i6o.:i .:ijoom6:JM:JOou jm6aoou 0Md:Jc::.>3<>(!?o.:>6o

'bM(!?<>". ,,t\3060 (Ja01.:i3M:JUO ao'b6aon.:i ao3.:ic;6om01 a.:ic;.:.c::.> u.:iama-
ba.:iM:JOc::.>m !!?"Ja.:i::im<anc::.>no.:iu, a.:ijuoa.:.c::.>(JM<>(!? 0.:i3'b.:>M(!?m01
.:ijoom6:JM:JOOU (!?.:> 3o::im01 ajm6n
"Cadbury Schwerppes" a01-.3.:>Mo <>amo.:ifo <>Mou
.30Mnoou013ou b.:iuvM 3nc::.>o !!?"au.:ija0ooc::.>o" •
.:ijoom6:JMf>10ob 'bl'i(!?.:.". fj",:,t.)tt?rl1: Credit Suisse Group, 2002 Gc:r:,nb

,,t53::i6u (Ja01.:i3M:Jb ao'b6.:i!!? J3c::.'"3 Mtlao.:i ob, M.:>(3 ::Jf>13:Jc::.>013ob

o::im: a.:ijuoa<>c::.>(JM.:>(!? a.:i3'b.:iMtJ?m01 b.:i.:ijoom J<>.308.:>c::.>nu
,,u.:.od:m !:!?" (J'lJMmuo bac::.>adc;3.:i6nc::.>mo-. .:i01300106moo::iM:Jo::i6
0Md:Jc::.'3"!!?o.:i6o (!?OM[JO(Jc::.'Do.:i".
01.:.30.:.601 .3.:iu(Jbouaaaoc::.>mo..;u __:___ 0.:io01.:i3oum6 <>doom6:JMti- The Chenti1\ Company.
oou o68:JM:JU:JOO !:!?" a.:ijuoa.:>c::.>(JM.:>(!? 0.:i'b.:.M(!?m6 .:ijoom60MO-
oou. ". .ExxonMobil-ob ao'b.:.60 .:>Mou Claja6.:ib ()Md:Jc::.>3"!!?o.:i6o, a::J.:iMo
u.:i.:ijoom J.:>.3nt!)c::.>ob
J780r0rrJ: :Exxon ivlobil, 2002 h1r.10··•H•m m•ml\·'""'''''

00CQ00'>CQ, R3o68.:> ()6CQ.:>

b.:>un.:>mn.
<>den<>'bo 'bMCQnu 8n'b6nu JOCQ03 oMmn .:>Mou -
n63ou&nennu M.:>(3
0<>8(Y)oi:w600<> <>den<>'bo u.:>CQ<>G bCQoo<> MnuJ-<a<>d8(Y)Mou
n06(Y)M0Moo.:>. 'bfYl0noMmo u.:>063ou&nGofYl .3MfYlOd&n
MnuJoom.:>6, 3nCQMO ub3<> .3M(Y)Od&oon, Clou<>o.:>8nu<>CQ, oMm <>den<>'bo
6.:>J<>CQoon nd6oo<> 8o&<>CQ MnbJn.:>6n, a>(] nd6oo.:> .:>bomn .3M(Y)Od6oon. .:>8.:>b 0'>MCQ<>,
J(Y)8.3.:>6nnb MnbJn.:>6(Y)oob .:>6 (Q(Y)6o 8nbn
U6M(Jd6(JM.:>Cln UnCQOCQob.:> CQ'> b.:>J(Ja>.:>Mo
Clou.:>o.:>8oU.:>CQ. ob <an6.:i6U(JMO MOUJO .:>uo30 0<>6.:>.30Mrr>ooob n63ou6rr>Mnb MObJU. rr>M
Jrr>8.3.:>6n.:ib .3drr>6CQob o(Y)m <>den<>'bo :JMm6.:>nMo .3Mrr>06rr>'bn, 8<>0M.:i8,
a>(] oMmob on'b6obn CQOCQ MObJm.:>6, 30CQMO 8orr>Moun, 8nun <>denoonb
b.:>o.:i'bMrr> J(]Mun .:>61b 0onm<>CQ
ob 8n'b.:i6n .:>61 CQ03nCQ06CQoonu Jrr>8.3.:i6nnu
<>jenoonu b.:>o.:>'bM(Y) <a<>b'bo. J(Y)8.3.:>6onu o61m<>CQo61mn 8n'b.:>6n 61rr>8 .:ijen.:i'ba
(p'b61CQ.:>, 8.:>Cln6 Jrr>8.3.:>6o.:> .:.61.:>U(Y)CQOU 0'>CQ.:>obCQnCQ.:> CQ030CQ:J6CQu. 8.:>b
0<>o'b.:>61CQ.:> a61m <>den<>'bo CQ03nCQ06CQ:JOnu 0<>eo8nb CloRo61oonm CQ<>
8.:>mn n6306b6n61oonm 6aonb8no61 8rr>86.:>6 b.:>j8n.:>6rr>o.:i<ln, 61(Y)8
au 0<>6<>J3omn. n8 0<>0oonm, 61rr>8 CQn30CQ06CQoonb
0<>CQ<>bCQ.:i8 ndfYl6o(Y)u <>dennb a61m <>den<>'ba
0" 'b61CQ<>, m.:>3num.:>3<>CQ, .:>61 nd6oo<>
8o'b.:>6o.
8n'bo'bm.:> 0<>8rr> o61m <>den.:>'bo 0<>'b61CQnb 8n'b.:>6n .:>61
OtJrr>U 61rr>0rr>61(3 '>J(30.'.> 'bo U.:>O.:> 'b61fYl <a<>Uob 0<> 'b61CQ.:>. JfYl8.3.:i6nob <>dennu U.:>O.:> 'b61(Y) <a<>bo
o.:i(Y)8rr>.:iCQ006u o.:>'b61nb 8na61 nba3a
61(Y)0rr>61(3 Jrr>8.3.:>6nnb Clo<a<>uoo<>um.:.6 CQ<>J<> 3CJn(i)oonm. 000
<>den<> 'ba CQ<> .:.8
CQ61fYlb, CQ<> MnbJb; Jrr>8.3.:i6nnb CQ03nCQ06CQnu CQ<> ub3.:> <a<>d6rr>61oou,
.:ibCQa6u <>dennu u.:>o.:>'bMrr> <a<>u'bo. u.:>o.:>'b61(Y) <a<>un JO .:>61nb on'b6obnb
8CQ0fYl8.:>Mo(Y)oob u.:> 'brr>8n nu 8n(Jmnmoou, (Y).:i8CQ:J6<>CQ J<>610<>CQ 8rr>j80CQOOU
8060380660 m.:>3nun .:ijen(Y)6o61oonb
8060380660 .:>61nu 8()CQ8030 d3oa 8nbn <>denrr>6o61oonu 8bMoCQ.:>6.
<>denrr>6o61oon, .:>61 .:>610.:>6 80603806&nb u<>d8n.:>6rr>onm,
0<>tJoCQrr>6 m.:>30.:>6mo <>denoon CQ<> n63ou&n6100<> 8(Y).:>bCQn6(Y)6 bb3.:i Jrr>8.3.:i6n.:>Cln. ob, a>(] 8.:>b 8b.:>61b
()ito61o6 ub3.:i <>denrr>6o61oone, (]<>61tJ(Y)<aom.:iCQ 08(Y)d8ot.l?oob Jrr>8.3.:i6nnu <>denoonu
u.:>o.:i'b61(Y) <a<>b'bo CQ<> nu CQ.:>noo3b . .:>803.:.61.:>CQ, J(Y)8.3.:>6nnu <a(Y)J()Uo61oo<>
(J6CQ.:> 8fYl.:>bCQn6rr>b b.:>.:>foo(Y) Clod86.:i'bo. ob 8(Y)nmb(Y)3u Jrr>8.3.:>6noonu
Clo<><a.:>b(Y)6 n63ob6n61oonb, <an6.:>6un61oonb CQ<> Jrr>8.3.:>6nnu <>d6n3oonb
8.:>61m3nu u661<>600noon 'bo {.:.6() <>dennb <a<>u 'bo)
8.:imn CQ<>8<>&oonm, 8060380668<> (J6CQ<> au<>
a>(J nu .361rr>CQ(JJ(3n.:>-o.:>'b61nb b661<>800noon, o.:i'b61nu 8rr>.3rr>3oo<>'bo .:>6
CQfYl6ob 'b61CQ<>'bo, 08 Clo8mb303.:iCln, a>()Jn nun6n
0<> 'b61CQn.:>6 b.:i<>denfYl

4
 JoM3[Jc:;'O <:>Mob 00'b6iob 1:Qob(30Jc:;106.;, MP18c:;1ob

J MfiiJMM1>(3M M'1ob Clob.;6006.;30 o6b0o0()00.

8.; 0 fii.;o 0()0 d(J0(31>3b 860036oc:;'M3<>6 b.;fii30-
'b:J6b, 8.;m0.;6 (J8m.;3fiiobo o600M:Jbm.; JM6q:ic:;'od0o<>.
JM8J.;6oob 6l::ib()fiib::i6'bo JM68fiiMl!?o 860036al!?M-
3.,6ool!?"U? .;t'i1ob 88.;fiim3oc:;'m<> bal!?Clo, MM8-
l!?:J6o(3, O:JOdc:;1:J6<> omd3<>b, <"1<>(30Mfoc:;1(JM<>l:Q 0(.3<>306
m<>3o<>6m 8o'b6a6b bb306ob b.;fii%'b:J • .;8.;b <JJM6M-
8obea6o ()OM!:Q<J6o6 ,,o.;fii8rri8<>U?OOl!?M6om" JfiiM6-
l!?n8<>b. m.;6.;8Q!:Q"'1M3[) [)JM6M80J1>00, b<>l:\?1>(3 <>doon6o
.;fiiob '?Jf>16!:Qo6ob 8n6n%ofiin6ob bnl!?Clo, 8bMc:;'Ml:Q oMmo
01>M8M81>l:Qo<J6[Jc:;'M6omo '(JfiiO'l0[)6Jm01(}.; JO .)('ry .;fiibo-
601ob <>fii<>8<Jl:Q 8<>mo 0"'1dol!?o %<>3'30.
O<>M8M81><Q8[J6c:;1016omo J61M6c:;1[J81> MOl(Jc:;'<Q06"
ub3<> MMO 3<>61080106om<>(3: .;bo80e"'1o(Jc:;'O o6q:iMfii-
8<>(3M U?" JMl!?Od8o'(Jfiio 801d8:J<Q06ob 6.;61ooMo6o.
JMMJMM1>(30'()c:;181> 8060'.J\:061008.; 0(3M6 8000, M.)
b!:Q[JO<> oo'b6nboo, 30!.'QM:J U?<>6<>Mfl:J6no8;:, U?" o60[JM::Jbo
<>d3m m<>3<>Q? O:Jo6.;Mfl(J6016 [Jb 06<t)01M8<>(3M, Clnb0-
6.:>8ob<>l:l[, 8(30M0 M0M(l[[j60100U <>dGon6ob 8<t)c:;1M-
O:Jc:;'OOU <>d3m u()beo 8Meo30e00 8Md80!!?06oum3ob,
M<>l.Q&<>6 obo6o 8013060u bb3oom.:>6 OMOl1>U? 03Mq:J06,
80&P1.:>8 (3l.QOc::'M006 !:QC>Oc:;'<> (![1>0030b.
O::JU?08<'>l.Q JMMJM6'i1>(300b dfii0160J(JI!? uobvb-
eou 88.:,6'\m3:Jc:;1M6ou 0M.:>bM(Jc:;11JM'?JOc:;1[lOOb, m3omdo-
[J00b, m<:>61>80?i)o0106'io30 !:Q<>60Cl<:>(lc:;'Ooou m(J 801<§8'VOoob
c,<>8PI. JM<>denJ(Jl!?<>Q'.? 061booP1ob .,a (JMmo 061mQ:?<>J<>3"
Clofiino'Vl!?o t'i1obJooob Clo8Gofiinoou b(Jmo 0 'b0.
uob(Jbenl> d<>Mom<>CQ<>Q;? 030006 8n6mwfiiaoo. 8QP1MQ
<><"iob Clo!:Q<> a08Mo8oonoo l:Q<>8P1(JJO!:Q::J0DI!? CQ0P1od-
8Mfiioom06 06 o6beoe'(JGO(JMo <>dooP16nfiinoou 8oafii
b8ou 8oGo8ob 8MmbP136noo. 8nu08n 06iob b<>od<Plb
aa8<>!:Q&061!?P1oob, oo'b6obob b86i'Vd8'Vfiiob0 U?<'>
8P1bbnonoob 8P101bP1360 oob <"iaa()l!?<>M(Jl!?O 0 060b-
l!?ao.:>. 80P1mbo ofiiob 0 083'306i 30!!?P100, MM8nl!?oo
8P10(303b beo6CQ<>61enob U?"' !:Qo8P1-
(JJno;;nonl!? <>(JQ:?oeu. OP1c:;'P1 <>Mob J<>80P1b<>60
(JM01o;:i61mP1o::Joo (Q<> •
aJ016M8ob8noo 8;:i&<>!:Q 0<"l<>J018'?.JMM8()1!?60 0Mo06
8 6000 - 8M610!!?m06. fiiM 8M618 1S06b, 80b 0d3u bb30
860036al!?P100 oo'b6obob JP168ndbeClo. oao fo8603b
J<>eoP1u60o;; 8rrid8nU?no0u 8<>00608 JO, MM!:QOUoG 8P1-
(JJoMo8nliP1o<> 0d3b. 0unmo 801M<>c:;10 0Mou
860Cl36[Jc:;'P13o6o 8301!?"' u06i:QP1 (J61mo;:i6'i01P1oobm3ou.
08ou e,0Moo.n 'batr?08boo;;3nl!?P1oou o;;<> JM68M01!!?ou
o;;060b<>M%::J00 (J'bP18M e,0bawo0; aam06b800000 lJ<0
361d[Jc:;13<'>i:Qo<>6o (JMIDO[JMmMOOOo 3.:>b(QOO<> OO(Jdc:;'[lOOc:;'O
'!1" b0'bP1&"tQMOo" l:Q<>fiifino0
JMMJMl"10(30ob 061006 (J'?Jl!?:J008Muoc:;'o
Jo61noo 06'V <>Mo06 '?JM6o;;nooh M<>(.3 'V'?3-
IYlP1. 83®0C!? 0JM6061Mc:::Ooo6 obo6o m03n<>601 m03u ((!(<>
0fiio06 o<>JM68fiifflc:;1QO(J\!?O), ouo6o od30001olJ<
Oo'b6:Jbdo d:Jd86oc::: o68::JMOUOl0 JM6-
'?Jc:;'od8ob 0060<10.

(JJ30 (QO(QO b.;600 MM8 U0J(JmM3oob 'V'?Jl!?[JOOb (Q0 JM68MMC:::OU a<>tJM'?J<'>

- Go61Q"' :Jo<'io,
0Zlc::?JC>8MGnc;o Gb30
:Jo<'ioG 8nJM, OMIQJO';'.Jc;:?O
MMC,MM(.l 8cn>3<>1'in
(Ocr?M0.:>30(.lJOCJC:O),
"'"'aoc;oo 8Mj8ol!?ool>
8olio l>0boc;o01.
DJ"'6"'80J0"10 8J(l6o-
:J<'io6oli 6oonc;:?n, M018oc::?oo
Gfoac::?"'ol> "JG""'6at<ioonl>
cr?" 80mn 0 006;il)360G, o>l'i-
3,ry3"1!?oD6l'.!.'31>ol> (8>0<>·
r::;om<>(!!, 8060'.Ji:ot<iaool>)
8Mj83(!!QO>li il?"
lio6cr?o>MOoG.
01.:>608o!:QMM3:J JMMJMM1>(300do e,060.30610103ob JM8[J6(30(JMO JM6'?Jc:::od8o6ou b1>M801dM00U
8'/3!!?Mo3c:::noli<> o;;0 a0161ou. Jn61dMo;;, 8o'b6ooo aob<>dc:;1M<>
e,06ub3<>3(!(06M(QQU JM8J06oou 0fooM6[JMOOOU 8o'b63oob506. 8ub3oc:;' JMMJP1M0(30[j0dO
bood(.3001 JC>Jo8<>c:::o anodc:::oo.:, e,00'b0P1o;;Mb 08 Q;?M6o8o;;;:i, MM8 <>d(30M606136u 3o(Jd6nc:::o;;3m
06 8010bU?o6016 'bae,<> 3c::: 35.:. boc:::8dc; 306nc:::M60 'b 0. ootr?o&<>J!?,
8ob<>J(J01MOMOob :JU a<>tJMq:J0 d86oG obnm bo8(J<>(300U, MM8Qc:;1d0(3 aou0dc:::P1<>
8Md83(QOOC!(OU U0J(JOl0MO 0683fii3b[JOOC!(o6 e,08M81:Qo60fi13 U?" 0M0 od(30M6361noob
0680613u3oou e,0m30c:;'oboo63oom.
Cl3odc:::o60 803ofl600101 83U<>J(JOlMOOOob El0ffi8MOC>i!:!(i[l61!?[J6>'.>(Q. <>d(30M63fi1300
o8:J(QP1 360o06, ffiM8 6(QM6080 8 o8'Vc:::o Jo613oo, 80'!10u00 an5 fii0 80m a0tr?0083 n8oc:::ooou 8oc;0oou
(J'Bl!!.'30.:>b, 08Md83(QQ036 8.:>cno 068361nbnoob Clob.:>008ob<>(Q· '!1" BQJ\!?06080 .306133c:::3080
d[J08(Jdo3ob o,:,f\18M81>!l!&6[lc:.::P'l0()01() Ol[jMMOo. 1 80m 0fi3063b, MM8 6(QMOOU 808(33860, B3o6b
Clo801b333.:>Clo <>dooM6o61noo, a::iodl!?oo0 ol:J3636 (!(06108(J6::JO(Jc:;160 080<10, ffiM8 80m 8oofii 61QM0080-
G08()1!?0 6061300 M.38o8.:>c:::(J61 e,<>1Q<>l5a3o®oc:::no0b 8bP11!?P1U?
Clnb0008ouo u008(Jl!?ob <>MU:JOfflOob0u J!?C> °'() 15.;fii8M8o!:Q&061!?:JOO od600006 a<>J0160MMC:::OO(Jc:;160.
8Mo(3<>3b 0103006mo Jffl8J.:.6oob <>dGoooob 061fl330b, 6M6(JGoob '!1" s;:nc:::U?MOou
(M01()MfYl0(3 <:>Mob JM8J06onu 03801806d06000 {!(<'> M'?JOUQOO) !!?" ob Jo61o;;0Jof\1
(J6CQ" U?"(JJ"'3Clof>CQ:JU, fi08CQ36<>!:Q .:.bl!?Mu 061ob B"C!?"'g83o8oc:::oo000 <>donM6o61oooG
anJ

5
 n68::JM::Jl>oom.:.6. SfYJ6o8fYJMo60o JOmCJ?oo.:i .3nMm.:i6 JfYl68M<>d8nb
CJ?"CJ?OOnm, unl>8oS.:.8()M<>CJ? SfYlOSCJ?oo.:i <?J06.:.6b()Mn .:.60.:.MoClooob <>(JCJ?n8ooo CJ?<> So6o-
SfYl6n8fYlMn63ob ou
u.:idSn.:.6(Y)oooo S(Y)oG.:i3b CJ?<>6.:ib.:.M-
.:.Mou JfYlMd(Y)M<>Goou CJ?" S.:.Mm3ou 3.:.::ifYl<?Jnu CloCJ?o 3o. M<>G
()<?JMfYl .3MfYlG068n .:id3m JfYlS.3.:.6oou U<>J(JmMoooCJ?.:.6 Som OCJ?fYlO<>,
MfYlS S.:imo SfYldSoCJ?oo.:i nd6oo.:i <>dGnfYl60Mooou unSCJ?nCJ?Mob 'bMCJ?<>'bo Cl?"
Som So8n<> u.:idSn.:i6fYlonu SfYl6o8fYlMn60'bo SfYlmbfYl3fo ,,3,:,Mc'.J'' <>dGnfYlOOMOoou
8bMoi.Q,:,6.
'b(Y)300Mmn MfYJS dnMom<iCJ?O SfYJ608(Y)M0630 SfYlCJ?OU <>M<> Sou.:i-
J(JmMooonCJ?<>O, <>M.:.SoCJ? dM(Y)Sou o,:,'bMnCJ?.:i6. ouo6o .:.88JnGooo6, MfYlS O<?JOd8n.:i6o
o.:i'bMooo JfYlS.3.:.6oou <>dGnooou Cl?" dOCJ?03"C!?
Soun 8(Y)dSoCJ?oo.:.'bo. J<>M30 Ui.lS(Jd<ifYl
ub3.:i u.:.Su.:ib(JMnu SfYldoo6.:i {m(J S.:im 30CJ?MO oS .:id3m
SooMo u,:,S(JCl<>fYl . .:.S33<>M<>CJ?, m(J u.:.S()Cl<>(Y) o.:i'b.:.Mn <>Mou JfYlOJ(JM06-
8(JfoMo.:i6o JfYlS.3.:.6oob Clo36om CJ?" 0.:.Mom, 030 . .:il>::im
U08()<>Gn<iClo JfYlS.3.:i6oob <>dGoooou u.:io.:i'bMfYJ o.:.SfYJ-
ll(•>n5&o1'inli::i6·;:ic.:;m bCJ?oo.:i
l'iotion - Stakdwltiers -
3n60 11?"°68n1'in-
J018.3>6ool>
on'b6::il>n01. 8.)0l M0(3b3l> <>dGO(Y)O::JMoonu unSCJ?OCJ?MOU 'bMCJ?<> <>M 60Cl6.:.3u, MfYlS
8nnJCJ°'36()0M6 Bolin
036fYlMnM::JO<> (JOCJ?<> 3<>(JJ0mfYlu JfYlS.3.:i6oou MfYl3(Y)MoG .:.Mou
.)don016n1'inon,
JM()(1?08011'inoo, n680MOU::Jonu C!?"G3"• J(Y)S.3.:i6oou S()Cl<>J::JOnu.:im3ou
8non, 801l>>8l>.)bv1'innon, 3"CJ?"bCJ?<>, CJ?<>dnM.:i3ooou SomfYlCJ?oonu
(1?> 3.:.SfYl::io600.:i Cl?" dMfYlSou (JU<><?JMmbfYl dOMfYlOOOOU 8bi>MCJ?<>3'::JM<>
[,, 'b013>- CJ?" oS l><>Jnmbooou 3<>CJ?<>O::J308<>Cln oboo.:i 3.:.MoS(Y)u CJ?<>G3<>u,
(1?01:.JO>. MfYl3fYlMOG .:.Mou d<>::JMOU CJ?" 3.:ioS06CJ?"· JfYlS.3.:.6oou <>Mn.:.6
<>M<> S0M8fYl <>dGnfYl6oMm.:i, <>M.:.SoCJ? ub30 o;:.:io6C!Jofi10Goo0c:;_io 8b011)0060G
n68:JM:JU:JOOG· S0m Mnob3u Sn:JJ(Jm36:Jon.:i6 S.:imo <>dGo(Y)O:JM:JOn, JMOCJ?n8fYlM:Jon, .
SfYJu.:.81.i.:ib(JM:J Ui> 't:ifYl3<>(!?(Y):JO<> Cl?" .:..Cl.
JfYl8.306oou ub3<>CJ?<il>b3.:i 8b.:iti1o::ioou Ji>OfYJOO:JMO S(Y)mbfYl36::iool>.:iCJ?SO

EXEC 8on6inl:!ln <(J'V6dooM6ot'i1n6001

.:>MbtJOMob on'b6nbon. JM8.3.:i6onoo .:i3001<>t'i1noo6
.:>80i)OOb i)M01-i)M010 01i)81>.:i ob8M- b8M.:>8tJoOiJOb 1 - 1>80Mob o'V'Von6bo, 6i.:i011>
u <'ioaon aob"bao, 6n'b6nb0..,nt'i1010<>6noob ot'i101.:il:!I 8-vo.:iMo<>
<(J.:>M01M b8M.:>8noonb
M<'i0.:i6o'b.:ioo::ioo odaoa6
0'h 0ob, 8600 360-
oo'b6::JbOb013ob; <(Ji>M01M b8M1>8tJoO.:> 600-
<>Mob ':'.)M010i)M01MO.:> oo'b- 6.:i3(!?£lb oo'b6nbob 15.:.t'i18.:i8oo.:.b oM60:JMO MM()i>60-
6[Jbb1> !:!I" b1>'bMo"l:!IM::Jo.:>b oM6'ob", .:i8oMob 'b.:iooooob013ob - o'V'Voo6bo.
0-v-v006bo,
(l?Md8MMO, 0Mb8M6ob dMM<(J::JbMMO (!?I> JM6'dMM.:>· b.:.voMMOb JM8.31>6oob 801.-,3.:.M
(3::J686'ob (l?OM::Jd· - .:>80MOb Ob. 8b.:>M£l()OO <>(l?.:>-
8MMO (oMb8M6o). o'V'Voo6bo 80-v01001oob MM MtJ0£16 01d3n6b 8Md8iJl:!IDO<>b 08.:ib, t'i1.:.b"G 01j306 1>80Mo01 !:!I"
'ho 800R6n301 801.-,31>t'i1 8M8anoo1>6Moi> l:!li>8MJO(l?Q"
, 8b1>MtJtJOOb 6(l?MOi>'btJ"·
l>Mob !:!I" ()l>Mi)8Mb b.:>J001bi)O'bi) 8Mb- .:.bn3n, JMB.3.:.60060 bb601>6 01.:.3ob013ob
biJ6oonb 'hM(l?I>. uJM8.3.:i6ni)OO 1>8'b.:>(l?::JO::J6 .8Mbb::J6i)O::JOb/ o.:i'h<'lnob 08 b1>'hMo<>l:!IMDoob !:!I" d3n86noob DJM6M8oJ-v6'
1>6(i,1>t'i1oooob, - .,..,d 0... 630011>6ino"oo o63nb806'noo01, <>d 301
6i"b"G R30 6 3"Jn01oo01 !:!I" MM0Mt'i1 30008...01 01>3.:i-vaJ;:MO:JbM01 :JJM6M80J.:>.
R3060 !:!I" 0.:>M:J8Mb l:!l"G3ob013ob" - .,01j306 3.:.8M01jtJ6M01 !:!I"
,:,8oMob ()';'.J';'.j()06bo. M6i01>6o'b1>(30::JOO l>b:J01, o6<(JMM81>(30.:>b • DJM6M80J';'.JMO MM8 ond86.:.01 bi>MQDO"
8Mbbo6oonooo .)6 dl>b';'.jbnb- b.:>'hM()l>(l?M:JOOb013nb !:!I" 8M()£10i> JM8-
l:!IMJ-v8n68ooon oo<'la6. .3c.6oob1>013ob - 1>81>8tJOb o'V'Voo6bo - tJb OljMb
8:JMM:J .:>Mob o8ob MM8 Mt'i18b6'03.:.l:!I 8M8 0n0n1>6n 8(!? 0M81>t'i1tJM61>".

6

bobt§o8o, li\"'8c::ino100
J"'M3Mliioooo6o o8oliimn6o
(J?O JMfit§Mf'1Q(J?(J60. o0o
8010003!.> (Jli\monli\m..,,oa6b
J"'83.:.6ooG .:.£100016oli\a6l>,
(!?oli\nd6011i\m0 G.:.61f"'l> °'"
CJ3.:.c.;c::ial> a05o:x;oliinol>
Clmli\ol>.
.:.jt§o: J"'M3roli\.:.ooCJc::io
3301i\m3nc::i"'ool>, "CJ'1?o6nl>
'1?" OCJC.:"c::>6oliiol>,
.:.c.;80l>r'iCJQOOQnl> .:.5.:.'b-
C.:"CJM:Jonl> !'<" J"'li\3"'-
liioonvc::in n5'1JMli\8oennl>
c,031i\(30160Q (J?O (J?MM(JQO
Clo61:1rooo6oool> <Jol>oboo.
"'"'-'U<">Ui\;)U<<vUO b.:. 'bro30-
'1?"'DOMn3n roli\ 0 o6o'boono,
li\"'8oc::ioo <loo£186.:. 2002
Sc::iol> l>oli\oo6ol> "'Jl>c::iol>
J06ro6nm, l>.:.:x;.:.li\M JM8-
3.:.6ooool> "CJn<o6 'ha
J<"66MMQol>m;pb, 0630-
bt§MMQOnb (J?O b.:. 'hMc,o-
l:l!"'OOOU o6t§aO'lol>oooG
a?·'l>oo.:.30(!?, o6'0"'o18oon-
()Qo, l>.:.8.:.li\mc::in.:.60 {l<O
(!?08f'l(JJO(!?:JO(JQO OCJ{l<O"
lS,MMCJQO 8Mbuo6iJOOU
8018'l»>(J?JOob013ol>.
'I.
l:J(JM"!:!?C::Oooli 8odG03001 JMB.306008 80.::.c:;noMl.i 8oli 80103.::.fil 8o'b.::.6li - "0GoM6ofiloooli
l.io8i:QoQ?filol.i 0 .::. 'bMQ?oli.
003filo oQ?.::.80060 'BojfilMoli, MM8 JM8.306Mli 06\0 0j3li lib30 06lt503060, 0 0MQ?o 0801.i.::., MM8
o8Mj8ol:QMl.i 0 'bo01. olio6o .::.8&J0(30006, MM8 "0GOM6ofiloooli
lio8Q?Ol:QMO Q?0 JMM.3MM0(300 c:;fi180Q? ofiloli 010301.i
o8o&M8, MM8 JMo&ofilo-
()80 06\ 06\oli 0.::.61.ici 01()8(30 ooli0008olio
MMQ?Oli"G li.::.'bM 0 ol:QMOo" 8Mj8oU?ooli lib30Q?0lib30 M61 0.::.-
6Moooli 80030Moo01, 0noliooli noliooli 3otJMMOo'bo 1 8o'b6oolio Q?o
OJM6M80J(J61 O'BOd&o06Mo0'bo, JMM.3M61.::.Gooli 8o'b060 0filoli 0 0li0 0ooo. 80006 15306
JM8.30600, MM 0 MM(3 JofildM U?" l.i0Jo01oli l:Q"
0j(30M6061oooli lio8Q?ol:Qfiloli 'b61i:Qo fi1Roo0 JMM.3Mfil.::.eooli 801030fil 8o'b60Q?.
,1r0<"1.301f'10(3o(Jc::.'o 8806lm3[Jl!;,'f<'loei 06101.i lioli&o80, Jrr>61.3M610eo0 080fi101000 U?" Jrr>6-
oli 8rrio(303li (J61010061mrrioooli Jrr>8.306ooli oj(3orri6o61ooli, Q?ofiloj&rri61m0 li.::.2>ffrrili
U?" orri61oli. oli ()Mmoofilmrrioooo 0noliooli 8.::.filfirriooli,
8o'b6 0oo C\?" li0j8006Mo0 Jrri6&filrri-
n0fi180&oooli 0 0li0c:;ooo 06101.i 06Q?o-
.3ofiloooli li080 '.Ji'.,o(J'lJO: ojGooooli
ofi1Ro306 (QOMOd&rrifilm0 licio&rrili; 8orri61o, m3omrri6 Jrr>8.3.::.6ooli Q?OMOd0rriMm0
licio&rrili no3filooo; U?" 8oli080, m0608l:Qoorriooli .3ofilooo,
li.::.G Q?OM000MMO (CEO).
Q?otl'iod&rrifilm0 li.:io&rri Jo3ootl'io 0jeorri6ofilooli0 U?" 8060'.Ji'.,061001.i orri61oli - .3rri&o6Go(JMC>Q?
0filoli JC>M0o O'BOd&o060 Jrr>8.30600'bo 0filoli
8olio MrriQ?oli.::.G li008'rri 8vo0rrioli linrrifiloQ?, o0o 0610!.i 0lio30
8060'.Ji'.,806001.i Bolio 'Bv6j 8 000
8060'.Ji'.,806&0!.i 8rrij80U?oo0 .::.jeorri6of')oooli 06&06101.ioooli ooli0008oli0i:Q.
Q;?OM000rr>Mmo liooffM 0 06li0 'bc:;3fi)03l.i Jrr>8.3.::.6ooli 'lJC>MmM (QC> (JMR03li
Q?OMOd&rriMl.i (CEO) (QC> lib30 (J'lJMrr>l.i 306 8061mrrili Jrr>8.30-
600 li0j8006rrio000. 'B"d0o(JMC>Q?, li0ojrrili
oMmo 06101.i i:Qofiloj&rrifiloli (CEO) Q?ojofi10302r0, 8()00rrio0 U?"
8olim3oli .::.fo 'bc:;o(JMOooli Q?ob olioo0.
li008'rriooo U?" 08&J0Gooo6 I.i&P10&00oooli, 063oli80Goooli l:Q"
Cloli1:JoU?3ooli. li.:io&rri 01.i 030 000800!.i, o6 30 1.i008 00ooli oo(J-
'.Ji'.,O&ooli (Qo Jrr>8.3.::.6ooli 'Bo606li(JM 8rriblio6ooooli 0jeooooli
OO:JM010C(J!!;,' o&.::.&oOClo Q?OMOd&rriMmo li.::.oifrri:ioli d1:Jo3m 10 06 11 503610,
Jrr>8.30600Clo (Qo61oj&rriMo boofiloQ? m038'.)i'.,Q?rri80filorrioli l.icioifrril.i. ofilo&.::.6omoo
61rri8 l.i.::.od:Mli m038'.)i'.,Q?rr>80filo (Qo Q?OM:Jj&rrifilo 0filo06 Q?o8rri-
.3ofilooo, :ili OQ;?O" odo6li 8b0MQ?o&o610li 0&0&ooooe.
Q?Mf'll.i o6&oMolio 808061m,
0.::.8M, 8rrioe30 Enron, WorldCom, Global
Crossing, Tyco l:Q" lib30. 8m036'irrio:ioo U?" rri61 0o6M[JOO
0P1m300006 6lo'B01f18oooli
li0Jo01b 0ooo. Cloof101oo(Jc::.' 0&0&0000 08 li0Jomboli "l:Q"li0(JM[Jol.i J016 0 tl'iolioli
8ooM 2002 o'f"'>nli 8n12:;uovri("1n li0fiio05nb-F1··llitmnb 10fir05n (SOX).
0b[Jl.iMo8o?1 (Q;: oofiid3oli (Q"
tfo600c:;8U?oo, .::.noliooli 0j 8 00ooli a0I.i.:ib0o Jo6M6oli l:Q.:ifiic:;303 .::.'b0. 000
"1.i 030 .::.n0t.i 0oli I.ib30!:!?0I.ib3.: . li&06l:Q.:>fii&ooli 'bo !:!?"
.::.cnvd6ooli ,)60 eifi1na 30.::,,,t,D b.1'1""P/-'IQP1of00 3n b0oif;F1b (PCAOB), 'B0lio060
U?" 3.:i&fi)(Y)ooli J018olio0 (SEC) 5oCl503li PCAOB-oli m03'.)i'.,i:Qrr>80fiioli !:!?" 8oli 503t'1ooli.
PCAOB-li 8ooe.::. 8ooc:;Mli "(JU?o&oli, b0<0oliboli omoJol.i U?"
06<(3rrit'180eooli li.:i'.)i'.,oMrr>Mooli li&06Q?0fil&ooo J018.306oooolim3oli U?" 80mo C>(Jl:QO&rri1'1ooolim3oli .
.:>lio30 ,:,o,:,P18P1rrili li0008rridooorri U?" c:;rri5olido 0o0oo.
7
 t') 3MITl.3<>00 <'>M <'>Moll J!TlM.3!TlM1>(30(Jc:;'O 88;,Mm3:Jc:;>!Tlooli
U :JMmo<>6o 'l.JITlM8<>. mom!Tl:J(Jc:;'O :J3MITl.3(Jc:;io ·d3at1<>6<'>,
M!Tl8ac:;ioe oa<>C!1oa6li a3M!Tl.'.loli J<'>300Mli, 8oC!1oli
Ui>J(JO"l.'>MO 3'bom. o:JM8<>6o;,oo C!1'> d1Tlc:;><'>6C!10<'>00 li;,ol'f!Tll.i
!TlM 8ali<'>8:JC!1l.i, M!Tl8c:;iaoli<>e <'>d3m 8<>f!?<>c:;>o Jc:;><>lio, <>d3m
a3&o J!Tl6&fii(Y)c:;io <'>f.!?8<>lifii(Jc:;iaoc:;iao'ba !!'l.:.o.:.c:;i Jc:;i.:ilicn.:.6
OOC!1<>Mooom C!1'> (J'bM(J63:Jc:;>tJM'l.J06 JMM.3!TlM.'.>(30<'>U cn<>6<>8"
C!100M0<'1030 C!11'6<>o<>()c:;>Oooli3;,6 .:.3li8<'101'00,
C!1<'>6o;,oo, onl'18;,6o;,oo, c:;>(Jdlio80()<'13li;, C!1'> 03oen<>oo
m.:.6;,8oMf'l8c:;iooli <'>d3m (J'l.Jc:;'OO<> MMfloM6 'bM300<'1mo.
603Mo cn<>301>6mo JM8.3o6ooli lio8om3oc:;>tJ(JMO!Tl U1'0ffMOo
80006, Mf'lC!1olioe li"''B<'1063omoo m1'61'8oMM8c:;ioooli 01'M-
8!Tl80C!1306c:;iooli O:J(Jdc:;io.)m C!11':JUOM!Tl6 U1'0l'J!Tll.i
t.i.bC!1f'l83oli (8..,01'1<>8 ..,<').., ..,d3m b8oli 8oeo8oli (J'l.Jc:;>Ooo).
a("l3c:;iab(i\o3o
D3M!TldOU Jo300<'1oli l:J3Dc:;'"' 3<'1'ba 8o8"'C!1 8"'DM-
ID01'6(JO(Jc:;>81' li1'8:J'l.JM8 3.:.603om1'M1' 880Mm3ac:;iMooli
l:J!Tl30c:;>8bl'1030 lioli&a8..,. all 1'M 8M8bC!1oMo oa8mb3a3om.
&o:JMIDoo6ao(Jc:;i lio83'l.JMOO .)MOU tl3Dc:;>"''b() 8080
J!Tl8.31'6oaoo 03M(T)J.)OO, 1'U:J3D 'l.JOU01'6o dof!?Oc:;'C!1:JOOU
3<>(33c:;>oU 81'f.!?1'c:;'O 8M(3(Jc:;'M01' C!11' c:?O.'.l J1'd081'c:;>OU8(JMO
8MC!1ac:;io, <'1M8ac:;ioe (J'l.JMC'l 8a8oC!1 .)Moll C!1.:...,bc:;i!Tlao(Jc:;io
OO:JMm:JO(Jc:;'O 061'8:JOOU 8MC!1(Jc:;'ID1'6 .
doMOO"lOC!10 ao6lib31'3(J01' .)MOU oli, M!Tl8 OMc:;'!Tl om6-
c:;'0(Jc:;'OU 0 oal'1mo..,63o(Jc:;i8.., li1'8:J'B!Tl8
C!1M0l:JM 'b<'1(J630 01'M8o8:JO(Jc:;' oo'b6oli'bo, <'i1'C!13"'6 "'C!13-
oc:;io .3d1Tl6C!1<'> 'Bo6o6l.i(J<'i l.iJo6C!1"'c:;>Ooli, M1'8o(3 01'odc:;ioa<'io
O(Jc:?"'c:;>8ol\1ooli C!1"'b3060 C!1o JMM.3Ml\1.:ieo(Jc:;io 88.:i<'im3a-
c:;'ITlO.:i • ..,8..,t.i 8!Tl.3tJ 3.:i l.iJ.:i6C!1.:ic:;iaooli t.i 0mo.:i, m!Tl8c:;ioo8<>e
31'8Mo630.:i 08.3al\103ooli C!11'0c:;'.:J JM68MMc:;>OMOO(Jc:;'O
· Of'lc:;'M 'Bo6.:i6l.i(JMO 8.:i36.:i8oli MMO:JM6 8.:idli33c:;ioli 803<'i,
01'Mo63ol.i o.:i6Jol.i (JC!1oC!1olio C!1.:i6.:iJ.:i<'i3aoo, 0 0631.iol.i
6oc:;ioli 8b<>MC!1.:il'Jo<'ioli Md:JMo(30(Jc:;'O UJ.:i6C!1.:ic:;io C!1.:i O!Tl-
c:;>MU, l.i.:i'bM81'C!11Tl(JOOU o66:JM:JUO C!1ol\1od81TlMm.:i li.:io-
ffM(JOOU .:i6.:i'bc:?.:>(JMOo.:il.im.:i6 C!1"'J"'3oomaoom.
JMMdMtil1'(300U m3omtil[J8(Jc:;'1'(3M
o"'ommo.:i6oo()c:;io t.i..,8 3'l.JMl.i 8oC!1 0M8oli li;,o68o1'loli(T)
1'li.'.lad8o .)MOU oli, MM8 C!1f!?08C!1a oli 'l.J1'MO"JITlC!1 OtJ:JO:JOU
m3om<'ia 0(Jc:;>o(3ooli C!1.:i 881'1'lm3ac:;>!Tlooli J!TlC!1:Jdlili, 31'030-
m1'MtJO()c::_>li 013001M6 JMM.31TlM.:J(30(Jc:;'O liod8!TlMoli 803M.
3o:JMmo.:i63o()c:;> l.i.:i83'l.JM00 6ali1'!Q 3"'bC!11' J!TlC!1tJdl.iol.i C!1"'G3"'
JM8.3..,6ooooli013oli1 a..,3<'i..,a C!1f!?:J8!Qo ..,<') otJ!Tl ..,1.i.:ib(Jc:;io JMM-
.3MM<'>(30(Jc:;> J<'>6M68C!1:JOc:;>Mo.:ioo. JM!Q:Jdlio C!1.:i6ol\1oc:;io.:i lia<'i
"'C!16\o.:i6 J"'!Q01'Moli 80061, tJM'l.Joc:;io J3oooli Cadbwy
Schweppers, li3<'i M!Tl6o .338.33c:;i ICI, C!1o li36\ mof\1'MC!1 3maa6-
o.:i<'io, fl!Tl'l.JOc:;'O Marks and Spencer, M!Tl8c:;ioooe U1'0ff!Tl000U
d1'c:;'1'61'00 boc:;i8dc:?3"'6oc:;i(Y)OC!1636 J!TlMdMM1>(300U 8()01'-
MOOU 8o8<><'im(Jc:;ioo.:ib.
C!1"''l.J(Jd6C!11' M1'81Q36083 doM0011'C!10 U.:>J001bo, 81'01 OMMOU
1'Mol.i d.:ic:;>1'()'l.Jc:;'OOob C!1o
oc:?8..'>liM()c:;>Oooc:;i o!TlMoli, (3oc:;>JO()c:;>o 06C!10-
30C!1oli ..'>OU!Tlc:;>(}tl>(JMO C!11Tl8o6o1'looob oeoc:;iooob 8om!TlC!1o·
tJ(JM'>C!1c:?00o 3.:i8..,b3oc:;ioo()c:;ioo .:ilio30 0Mo..'>c:?8ob1'l(J-
c:;i3oc:;iaoob <'iMc:;i'b3. C!1o8M(JJO!QOOtJc:;>o C!1o1'lod&(T)1'loool.i
3063001.:>M:JOOU JM8o&o&oo'bo 88,:,6\013oc:;>!Tl0001 8!TlbU363-
00000 C!1oC!1o odeo6&o JOmC!1oo.:i ,'.>6.:i'bc:?o(JMOoob, o()C!1o&oli
C!1"' C!1.:i6oo630 ooli l.i.:iJomb3o'bo.
88Jo360(Jc:;'O 3..'>0M01006oo()c:;i
boao'l.JMoo, <'iM3M1'lG oMc:;>M C!1MMb ooo1'l01ao()c:;i o&o-
8oooo, ol\1ob C!1omad6MMOoob 1'6..'>'bc:?o(JMOOo. 3-:.01'l-
0101'6oo(Jc:;io li-:.Bo'l.Jf'lb 801..., 31\1Mooli 8o'b<>6o OtJM b<'i(Jc:;io
• .:.833"'6\"'C!1• J!Tl8.3.:i6ooli 8Mbb363oaoo obc:;i.:i
oaoe...,3b o6'l.JM1'l8.:ieooli oM6()liaooli, "'deoooom
C!1M3ooob C!1o odeooli 01'lf133ob 30380001.i oab.:iboo.

li'BQMMOo(3 o<'i (JOC!1..'> 30011'MIQ(JOCYJQ;?Oli 01d3060 Jo<'ioa1'lo, 6..'>m8CYJaooli, 81'MJa&o63oli,

'Bo6o6liaooli 01() O(Jc:?..'>c:?0!>a1'looli 8(l806l01(JC!:?D<'>o01, 01d3a6m3oli 860Cl36ac:?CYJ3..'>6oo 0 003CYJ01, (1)...,
MMc:?li 0108.:ioCYJob 'Bo6-:.6b(J6lo JCYJ8.3o6oob bod8oo6CYJooClo. b';'.]6\.:i01'ba 1.1 8M(3Q8';'.]-
c:?oo fl3a(Jc:?QOM030 b.:i6..,6l8CYJCYJ JCYJ8.3..'>6oob MM306o'b.:.(30';'.Jc:?O bda8.:., MCYJ8[Jc:?0(3 0.:.6b.:.J(J01-
ma<'>(JC!:? tJ';'.JM<>(Qcwo.:.b .:.6ol'Jaob 'Bo6.:.6bo1'laoob 'B(J6dGo.:.b.
JCYJ8.3.:.6oob b.:.80 do6\001.:.(Qo 'B(J6d(3oCYJ6"c:?(JMO 3.:.6t1CYJ'BOC!:?[JOO(Q<>6 [JM01o
'Bo6.:.6baooG 30(3a-.3ma'bociw60!>0 .:.6 'Bo6..'>0U';'.}MO (QOMDd8MMO fl3a(Jc:?DOM03 .3oM(QC>.3oM
.:.6 0.:i6\0Cl3.:.c:?IQDO(Jc:?O" ';'.JO(J"C!:?CYJ(Q JCYJ8.3.:.6oob Q;?OMDd8MM01.:.6. 8bb3oc:?
JCYJ8.3.:.6oaooo 'Bo6.:.6uv1'lo b.:.d8o.:.6CYJo.:., MCYJ8ac:?b"G
(Qo1'lad0!>CYJMo, Ol:JM'B" CYJM 808.:.1'l01vc:?ao.:.CQ, MCYJ8c:?ot:Q.:.6.:.G a1'lmb b.:.'bo-
6.:.CQ.:.Mo CQ" 8[JCYJM[Jb 801.:.3.:.cYio
801.:.3.:.cYio docYiom..'>CQO .3.:.Livbob8onoc:?MO.:. 8CYJ0(3.:.3G .:.60.:.-
6\000aoob b<nacYiCYJb, .:.60.:.1'loo0ao.:.G, ClaU?0a6.:.li CQ" .3cYiCYJ06CYJ'bocYia-
o.:.G JCYJ8.3.:i6oob OOCQC> 8CYJmbCYJ36aoob013ob. b.:.0.:.cYiaCYJ 'B06..'>6Gv1'lo ..'>60.:.mooaoo bC>M[JCQ006ao.:.
IRS-[; (Clot:QC> Cla8MbC>3c:?aoob b.:.8G.:.bvcYib), 'B"bo.:.60 3"ffMCYJOOU JCYJ8obo.:.b (SEC)
U?" CQ"o6<!)acYiaua<'>vc:? 8b.:.m 00 ou.
b.:.'bo6C>CQC>MOU 3"C!:?CQD0Vc:?D0:JOO 8M0(3C>3b U<B[JMCYJ[JOb, MCYJ8c:?aOo(3 tl3Dc:?"'ba 8a<!).:.CQ
';'.JJC>300MCQ[JOC> 'Bo6.:.6b(JM 063ab<!)0(30[JOri (063ab<!)0(30[JOOG 0mdac:?3"CQOC>OO

8
 <ao6.)6b:JoOl> 30G:J-aP>O'bO!:!?:J61!!10
{Md:JM1>(30:JOo) (8cr">31>Mo (81>6>Ja806z,o)
<(3061>6b(JMO (QOMOO@JMMO)

b.)'b06.)!:!?.)P,0 8ffi.)3.)P,0 o'ZJ'!?.)f:!!.'C!1JOP>O

aM<loc:?3""1o"6o
0633li@Jot'loooli l:Q"83oa3" · 8/>Mm31>
a,,,5"Go8oooli l!?"a'V<J"33o
l>.,,Oi>6JM a?" 6o0 6ob
b.>o633l>@Jo(30M- °"°"6JM Ol>M8M::JOI> (bot?'lJl>U::JOo,
(!/:JOo@JMM(Jc:?-JM[JCQO<§M-
M(Jl:?O
Jl'\D!!?"&tJOob 8""1m31>
lio8m1>3MMOM
l!?"30l!?06i:Qol>nl> 0ofu60c:?o°"
i>63.;t<1n<l33oi> (lRS, SEC)
'l)ofu6li()<'>n a?"
lloa;:1>
a?"MQ831> 'lJo5"6b(J"1o "630"1nll 00 onli
8M8'b1>(!/::JOi>
3M8'b1>CQ::J01>
tio:i06tmM :i"1,,., 05"''bol'\ 0o0ooli
8"6i0131> 8M8'b1>CQ::JOi>

. "1""1"aoaa3"

'llofu6b(JMn 3360'.JC806@Job
MM(l,>6n'bol>nb (3bMoc:?o *033"181> Jm8:J.;6M8, Transamerica Corporation-ob 8li 0 i>3b1>CQ, 1>deoo1601'\3oob 8f'181>@JJC()c:;>O 06il!J3"13liob
bo:Ji>li()bMCQ, (!/l>n6il!Jol'\olioo'Jc:;>O 8bi>MQ::JOO (Qi>i>(JD5" (QOMOd®"'"'""' l»'.>Ol'fM'b::J 81>C'.?c:;'" 01i>3nb
MM006n'b1>(30(Jc:;' l>d38i>llo.

(!?0()0()83.), li0.306boM 'Bf'15(!?o6ob 8o5o5(;8o5&o), CQ0'Bofo6lio60 ((JM<JlO:JM(J)f'l6o6o b00530Li&oGOM (!?0

Jf'180MGO(JC::: 605Jo6m05, (JMmooMmf'16:J6o o53oli0MM06m05, (!?030CQ[J6(!?[J6oli 00CQ0b(Q0) (!?0
.:id&o3oooli 8.:irT1m30 ('B(JC:::!l(!?O f'ld:JM.'.lGO:JOOU JM60MMC:::O (!?!> P'ioc,()c::;ot0o6.:i, C!?o6o&MM(JC:::O (!?!>
JM:JCQO@JMM(JC:::O .:i5c,.:irT1oooooli 8.:i<"im30). f'1Mc,.:i6o'b0Gooli li0M(JJ0(JMOU 8MG:J8(Jc::;8.:i lido8.:i8
8Jomb3oc::;li Cloodc::;o6.:i 8G(!?.:>Mo 6.:i<"i8M(!?C,[J5.:i O:J(Jd85.:ili, momdf'1li b.:i'bo5.:i(!?.:irT1ob (!?.:> 8m.:i3.:i<"io
6(Jr:;.:ic::;&P'ioli .3.:ili(Jboli8 0o6c::;Mo.:ili of'1P'iob Cloodc::;o6.:i 0.:io3c::;Mli 'br:;3.:i<"io. li.:io8oe!?MCQ 'B(J5d-
Gof'15oP'io6.:iCQ JM8.3.:i5o.:ioo f'1Mo30 08 808.:iMm(Jc::;o6.:ili Of'1MOU b.:>M8f'1o6li o5csf'1M8.:>GOOU o5@Jo5bo(JMO
0.:i(33c::;.:i. .30&.:i<"i0 JM8.3.:i5ooooo b.:i'bofo(!?.:i<"ioli CQ0 8m.:i3.:i<"io 6(Jr:;.:ic::;e<"ioli 'B(J5dGoo6o Cloodc::;o6.:i
OtJf'1U c,.:io<"imo.:i5oo()c::;o :JM(J) m0fo8(!?:J6f'10.)do, M.)G 06303li b.:id8o.:i5Moo6oli C,0:JMmo.:i5oo.:ili.

oli m030 f1305 (!?.:>3otitJom 8Jomb3oc::;oli o!l'BM<Jlboc::;ooom, MM8 m.:i5.:i8[JCQMM3:J csofo5li(JM8.:i

m(J 8.:ib li(JP'ib m.:i3olio Jf'18.306oob 0 .:i53om.:i<"io6oli (J'bM(J53oc::;tJM'B.:i, ()5(!?.:i
008M03c::;o6Mb li0J8.:>P'iolio 8Md5oc::;M6.:i, Mf'l8 ti.:i<"i80&06(Jc::;.:>(!? d:J:JC,()Mb 00P'i:J8Mli
03c::;oc::;o6ooli. oMc::;M tic::;oooo 0.:i8Mf15CQ.:i J0.30&0c::;ob 8f'l'brn:Q 3oti CQ0 o5 3oti&o<"iooob .:ib.:ic::;o
8omf'1CQ:J6o, P'iM8c::;oooo CQ.:>J.:i3Clo<"ioo()c::;o.:i 06csf'l<"i80oo()c::;o 0od5Mc::;f'l 0ooooli li<a:JMf'loo .:i<"io
m() (!?O!:Qo b5oli IQMMo5CQoc::; MM8c::;o680 8 0.:i()dc::;M .3oP130 c::; o 3c::;oc::; 0o0oli.
<Jl(J8o.:i OG3C::::JO!l csofo5li(JMO 8o5o5(;8o5&oli 8:JOIMCQ:JOO, .3P'io5oo.3o6o 0M OG3C::::J00.
f1305 0000G5Mom <ao5.:i5li(J1'1o 8o5o5(;8o6&oli tl 3oe::;.:i'bo (J.:ibc::;oli a0mMCQ:Joli. 15 30 50 <aMJ(J-
lioP'ioo0 od5oo.:i .3P'io6Go.3oooli .:i5 li.:ics(Jd3c::;oooli .:ir:;600350 . .:i8 0'bocn, 3'BOJMMom, 003dc::;oom
8M 008'b.:>(QMm (JJ:Jmoli0C!? G3c:::oe::;oooli O:Jo(J:JOolim3oli 8moe::;o md305o J.:>1'1oo<"ioli 0.:i68.:i3-
e::;Mo.:ioo.

9
 .3o<Yi3oc:;io m.:.30!.i .3o<Yi3oc:;i 6.:.ooc:;ioo R3o6 0.:.63!.io 'bc:?3<Yiom cao6.:.6l>(JMO Ro-
a(T)301:pc:;io6om ,jMa.3.:.6oou ao'b.:.60 - "JGO(T)00M06ou uoaQ?o(QMOU a.:.duoa.:>c:;i(JM.:>(Q 'be'i1(Q.:> C!'.?"
0.:.30060c:;io'bom, Mu uQ?oOc:;'O ()Ju3ou cao606l>(JM (T)M0u6o'b000(.Jc:;>O li8M(JJ8(.JM.:>oo.
R3o6o ooa!!?ooo ao'b060 0C'i1ou oo 0 000<Yioc:?(T)m u()Goc:;io6oc:;io <tl(JOQ'.?oao68(.J<Yio G(T)l:Q6om Q?u 0 0-
0006(T)m cao606li()Mo 060c:;io'bou l>o6o'b(T) aom(T)l:Q06o. 8o(T)<Yio m03Clo R3o6 0 063oboc:;io3m cao-
606l>(JC'i10 u080<Yimc:;io6<Yio3 0 ofiloa(T)Li 6o'b6ouf'1fil 0 o6o'bocou ub3ui:Q.:>Gb30
ca(T)fil806m06 Q?u 8(T)daDC!'.? Go 0 .:>Q?ul>ubul:Q(T) uol>8080um06 Ju3Clotiloo. cao606G(Jfilo 60 'be'i1o6oG i:Qu

R306u [Jdf'lJuOO au o8Q;?o6.:i<Q ut'il .:.t'ilou u.:.3063.:iClf'l,

((.ii;" Business Owner's Toolldf'
Total know-how for small business
oo'b6auou a'13c::'"'0:Jc::'°'" o6be!Jl>i(Jaa6<§aoo
aaolli3 0o'b63hnu
dJOM'Z).:>UM oi:::inu,
bM8 uM 83[J<!JtJMfROOJ <Yiun8[J o<Yid6(Jr::'0 f!!u a0808-
b6[]3[JO[Jr::1U fi3[]6n [)MM(J6(Jr::'O 8MMur::'00 JMO'boucnu6
f!!uJu(JOOM[J3(Jr::' ,:,tJoM<!JutJUu f!!u 3n'b6[Jbn/.J [Ja>nJnb
'8 [Jb.:.b [JO?
M.3<!Jn8nb<!Jn J030000
d30M'lJuUM Mdtl!Jo8out!!JM,
0 ouao6M01, ,:,a t'il01(.Jc::' Q?t'ilMoo 'l>M 0ont'ilmncu
JOO?n3 ont'ilR.:.01 aMt'il.:>c::>OU (JJ30';?"3MOOU t'iloan6.:.. an ,:,('i)
30(30, t'ilotl!JM8 (J6Qi?.:> OtJMU oo'tJ6nun010J.:> 308MtJ(Y)'lJOc::'O
u.:.n<'i01M n010JO(l?u6, a.:.3til.:.a an au(Jt'ilU
t'ilf'l 0Mt'il ooodc::>nco aMobQ?OOMU 'ti:Jo"3c::>n6.:. nt'il01ou
n010Joa anM<'iou oo'ti6nu'hn.
u.:.dao.:.6 uQi?o8o.:.6u o.:.<'i8ot!!Jnoou u::fot'ilO?ooo
t'il.:.aO?o6o8n dot'ilo01.:>Q;?O nc:;inan68o. ob ooodc::>no.:. OtJMU
u.3oeo'BoJ'(J<'io R3n3noo 3.:.jt'ilMo.:>00, u.:iJa.:.t'ilouo J.:>.308.:>c::>o,
8Ga;?nc::>MOOU U(Jt'il3oc:;io Cl?" u.:.ot'ilcnM(l? J.:>MoO
803t'il.:.a 83Dc::'v 'hnaM01 lfo8M013c::>oc::>o <'i"'aG
ot'ilU:JOMO(l?nu, 01() ot'il OJO:JO<'> .3o<§of'lu6noo, u.:.o.:it'ilaM 3nt'il
o.:.t'il8<"><§:Jo<">u. - t'il.:. u.:ibou oo'h6nuo (J6Qi?"
o"Qi?"t'ilRou J.:it'il8 o t'ilo.3(Jtl!J"Goou 8.:.t'ilooo? a?" t'il.:. .:.t'ilou
t'iln.3(Jtl!JuGo.:i, 01() 0t'il0 n010J" Q?u .3.:.<§oMu6no.:.?
(l?.:i<'ifl8()63o(Jc:;>o otJ.:i3001, Q?{WU 3.:.t'il3 'tl"J8Mt'ilnooQ;?.:>6
(J<tlt'ilM 8otl!Jo 8M1'1.:ic::>oo O?"onuno(Jc:;io. J<">6M6aoo Q?u onunoo
8.:.t'il0103::i6 06Q;?o30Q;?nou, JMt'il.3f'Jt'il.:>(30:JOU (Qu d3D86oouoe JO
(J'lJt'ilM n'Badt!!Joo6o<Q, 30Q;?t'iln ouo6o oaodc::>noo 08.:.t'il01n-
of'l(l?6n6 <Q<'>af'l(JJOQi?Doc::>"Qi?· J"1'18o 806'ht'il.:.b3noo ao3a-
6oat'ilo.:i, 803t'il08 8eo6lo u8o8(Jc::>o 30t'ilnQi?o6 o<'ioUf'l(l?[JU
on(JOl!;>OU bnc::>u u.:.a(JOOMU O[JUt'il(Jc:;>[JOuU. t'ilM8f'lM(3 'B"J"
8DOO(l?u6 R06u, u.:.'bM3u(l?M:JO.:>OO uQ;?u8006noou (J8:Jt!!JDUMO.:>U
JOQi?:J3 0d3u Clo<Q.:> aMt'il.:>c::>(Jt'ilo JM8.3.:iuo (l?u u(Jt'il01
UOf'lt'ilu(l? uJ:J01M6 u0d80 3ot'il33060 'hoomc:;>ou ()uM:JO:JG JO,
<'i.:.e 608Q;?3oc::>"a;? o8oO?ou 8Maen8o.:..
t'il.:.a<QD6"<!?"G u<Qt'il:J. 01'() 3.:.63oboc::>o301 0t'ilou8M8ac::>au
Jc:;>.:>6010 uou8080u, 'lJut'il01(Y)(l? 3036lenc::>oo(Jc::>
Jf'lt'il(J'lJ(30uU t'ilMaou o8.3ot'ilo.:.oo, uoubc::>uo <!?" 8Jo3oc::>u
av.:. UO()J(JO:J[JOOO, R03013uc::>M01 JMc::'f'l6o'ti.:ieoou
adli.3c::>M.:>8uGM Of'lc::>f'l :Jdf'lJ:JOOO.
01-v md3n6 3u(Jt'ilcn <QM6obM01 803::i603t'ilo 8.:. 00c::>o010
t'ilf'l3Mt'il 8.:.acrio8a6oo.:. <!?c:?au d3oc::>o o.3cridaoou 0010Jvt'ilo
(QOl!;>:Jau, ()C>OObOl!;>lJ01 .3o80MU.:>Oo oo'bO:JUOb UOt'iJ01()c::':JlJOO.
.:id 01d3n6 8cridno6om MuOQ;?O t'iloRut'ilfJ;?OU o8o6JJ;?u .:.8ot'ilcriunu
(J603a<'iuo8nt!!Jou u.:.30'bncncri u@>o8oou u.:i01.:ivli1001
.,.3.:i@>ocriu.:.60 oo'b6auou UOMOl'(Jc::'DlJOOU (30(3lJt'ilM6o (Qu
tt:
030 o3Dvo6no.:., t'ilcri3crit'il <Qoflot'ilo eoent'ilcri6a0 0103ouo
8t'ilodt!!Jo8o 8cri3.:.c::>ocriono'tio, tl1crianc::>Clo 8 080 "c:!ooll1Li, t'il.:.
(J6JJ;?u 303.:>JlJ01M01, MM(l?lJU1'(3 lioli0"13aoc::>crio V'Bc::>noouo
<Qu n010JoU (l?u(330 ...
eoeoll1cri680 30.:i3 'ti.:.36.:. 01.:i3olio 03oc::>o u.:iuo.:>3c::>no-
c:;i0C!! 001n600, Uu<QuG .:.boc::>30'b(i}Qi?.:> 3ob<Q.:> G6criooc::>o
acriuo.:i3c:;>n· t'ilcri<!?nu.:.e ou uo.:. 3c::>ou Qi?.:>Ut'il(Jc::>Doou onaa;?no
(l?.:>Ot'il(JOQ;?C> tl1cri8oo, 8.:i80a 8"0';?"08308.:> Qi?.:>[JO:JMu (l?OQ;?O
onfiloc::>O 8cri3uc::>ncrioooou ooli.:>bno. (30(3[JMM6oli 8cri30-
c::>nMonoou onull1(Jc:;>noou 0moJ()Mo 6tl1crioc::>oa 0oo,
t>1M3crit'ile ut!!Jo<§o.:ioo, .:.t>1ou ounao odt!!J(J-
uc::>(JMO <Qu 0106.:i80Qi?t>1cri3a 1 t>1cri3criMG 6nooli8onfilo
oo'h6nuou :J010JOU on801b3[J3.:>, <Ticri8oc::>oG 01d3n6 oood-
c::>noo 6"00Jo01bcrim 8cri 3oc::>Qi?c:!ovll1 8.:.<ti00100. acri8 aoou.:. a;?"
odeoooou 8.:.6od(Jc::'"Gou n6Mcriuo <!?"
o6Qi?nt'ilun6oo! ca00Mnu8cri600 6MM<Q(JdGoou 06 8ob0J(Jm-
Mo010 'b.:>Muc::'OU <!?"<tl"M3u! 03030 OuM8criocriou-O:J'lJ"Unoou
006ub3030 a(Jc::>o uoo(J"c:;>ooooo!
0833uMuQi?1 ono6oll1Rv6om 6<QMOu Qi?u OtJ.:>3001 o8na;?o-
u6o. u(l?.:i8006crio.:. oo<'id3ou 0010Jv(i} <Qoc::>o8aou u.:iJ-
a.:.t>1ouoa;? OuM8ut!!J[JO(Jl!;>"O";? MMO .:>m.:>UOc::>[J(Jc::>OU
3.:>6803c::>crio000, Qi?.:>OtJ[JO(Jc::'O d3nc:;>o otl5dn6o tl1cri8onc::>O·
ooJJ;?.:>6. M.:>8<Qn6oQi?.:>G 3ootl5d3om, uocriMo aoa.:."101(Jc::'Do0
ob3aooo.:. O?" 003oc:;>o'ti.:.ooo 3omot'il<Qno0 - aovb:Jfl?"3"C!!
udnuou, 8rr>t!!Jt1vooou0 (l?u 8oa;?oou MnJc::>o8oooli.:.,
tilrr>8c::>oooo R3n6o Qi?M"'ooou 0600";?080.:i.:..

10
o6G&o8()8:JOOb 'B()6dGo", OU:J3:J MM(/'lM(3 o"6"J3:J01:JOO, MMC.Mrtl(3
b"o"'b(Y) o6caMM8"(30"· J:JMdM!Q, o"C."MJ3:J3m, MMC.MM (JMO"lO:JMmd8:J!Q:JO:J6
JM8.3_-,6onoo cao6"6b(JM o"'bM:JOm_-,6. M" "Moll !QMMClo, "D803noob
O:J<a"U:JO" Cl?" MObJob" Cl?" 8&o!QMM (JMO"lO:JM01J"300MO II fooo-
80-3, 80-4 !:!?" 80-5 m"3:JOOo. _-,3 doMom"!QO JM5(3:J'B(30:JOOb o"o:JO" 8600360-
UOMMo <(306_-,5G(JMO "0(30M6:JM:JOob bo81Q01QMob
'hM!Q" do<Yiom"C!?"C!? ()J"3Clo<Yi1Q:JO" d:J'B"G:Jo"b Cl?" 8"8:Jo"G
o6 30 G0 o8 o0oob !QMMb P'ioGJG" !:!?" 8M8 0noo"6Mo"G aMP'ioG. boMM:J!Q _-,8o 0 M8
G"Jombnoo f1306 ()61:!?"

m(J 83 .:.til 8b(Jtilb B"3bC!?D cao6o6b()tilo M.:>8('1)8 cao6.:i6b()tilo

_-,8oG n<'lmo 8o'b3'bo _-,<'Job ll08()<30Mb0m3ob 8f'l8'b01:Q30". ()<(3MM

8:J00 JM8.3.:.600 .:.8(3o61:JOb m_-,301.l 610(3
8&o!:Q61f'l!Q .3o<Yi.:.8oa?ob bb3.::.a?0bb3.::. l:Qf'l5[Jb.
ab J[)O"l(Q:JOi:> O[J8(30M:JOOU !Qi:> 3.::.'bM!:QOUm3ob. O:JC!?Do"C!?
b.::.8b.::.b(JM:JOM030 ()'BMM 808.::.C!?
<B<>MmM3a?no.::.. 8n61J'.l'Gn610 vcati1f'l an&.::.!:!? ()5t:Q.::. Ol:Jf'll.i 8()5t:Qoo 8Mm.::.8.::.o 0,
.::.d3b GMC!?5.::. !:Qi:> ()5.:.ti1o !'.Q.:.006.:.()Mf!?:Jb J"ti1onti10cfo 0ti1.::. 8.::.ti1 0 M 3nti180J0-
880ti1m301:Q f'lM 0.::.5o'b0(30.::.oo, 0P'i.::.8:J!:Q 0bnm 30010(Y)[Jo0Clo
cao5.::.6b(J(Y)o b.::.o.::.'bobM f13[)3:JooG <>Moll ll08b0b(JM:JOM030
md3n6 !:Q.J 0::j:o(Y)i:i;ino.:.m .JM(3 m() obn

0633G&oM3oobm3ob !:Qi:> <>d803noob D'l.l:Jd8o"5"!:Q G.::.80ti1m3<>i:i;i caofo6b(JP'i8.::.

()61'.Q<> !:Qi:>8:J88M6 &J30.::.6(JM<>(Q. [)Mmob 8b&io3, 8001 ()6i:i;i.::. (Qi:>i:>dMM[)OOM6
6<iJi:>CQ[)OO (Qi:> O:J8C!?:Jo O:Ji:>'Bi:>Uf'l6 .,a 6.::.JC>CQ:JOOb JM8.306oob cao6.,6bno'b3 . .::.8ob
JO 80m ()51:!?.::. CQi:>o:Jo8M6 JM8.3.,6ooG .::.5 0.::.ti1oo 0oob !'.Q"
<i8 0 _-,b_-,!Qf'lU CQ"8"8:JOomo
'Bofo5b(JMO 8M'bOCQ3"· b.::.8vo.::.f'lb 'Bo6<i5b(JM
:Jb"&oMM:JOi:> 'bvboo 6f'ltiS83oob CQ0D:JU:JOi:>. :Jb 6MtiS8noo 0 _-,8Mol:J:Jb:JO" 8o8(Qo6<>M:J
b"8vo.::.Mbm"6 O:JCQi:>M3ool:.m30L:.. 'l.lofo5b()Mo CQi:>C.:J83" C!?" J<>M()<>CQ _-,6Jol:.
.::.8 oo 0 5ol:. 8:JG"8n 80-6 (Qi:> 80- 7 m.::.30000.

"D803nooG 3_-,&,m3"'b:J v5!:Q" od5:Jl:. "DGoM6:JM:JooG Go8CQoCQMob

3<i'bM(l(Ol:."m3ob JM8.J_-,60300G do&iom"C!? 8o'b5nom_-,5 O:JU"o<i8ol:.Mo"Clo.
8:JMmbn f1306 l:.<>Jombnob, ()J"300MCQ:JO" JM8.3.,6onool:.
C!?" 8M8():J00"5 'B"l:,o_-,5
C!:?" 8.::.ti1<> 0noob a_-,ti1m3.,L:.. R3n6 b_-,oti1v6<>30
:J'B:Jd8o<i5o a_-,ti1m30G o"8MOl:J:J5:JO" 8M833oo<i6MooG 8"dbo-
o"'bM(Qobm30L:.. "D803noob a_-,&im30L:. i:>MU[JOOQ"JO "MOU
Cl3b.::.o<i8obo (QM5ob L:,_-,oM()6"30
CQM5:J <i8 CQM5oG 8f'l83noo"6(Y)Oi:>'b:J U?" C!?"60b0&i-
0 ei8f'lOl:JJ5:JO" 8obo O:J5<>Mf1()5:JooGm30L:..
G0o&iv6030 8"P'im30 (8o8Q?o5_-,&i:J 0d@>o3noob U?" 80mo 8b"ti1CQ"8&nfi1o cao5_-,5b360L:.)
OC>M8MC>CQQD5(Q" '(305ei5b(JMO do&iom"CQ ei8f'l(305eib. 8o(Jb:JC!?"3"C!? o8obei, Mf'l8 ob
'B()6dGoei eifi1Gnof'lo"u, 80@>0 l:J(JMC>CQr:;>:JO" nm8M60
3"!31oei5o "D@Jo3;:i60G C!?" 8<>Mm3"G.
V 063;:ib@>oGonooG C!?"0Jo83000, Fl3:::i6 0d0lJ03noob Cl;:id;:i5<ib.
8f'lo(303b b<>o63;:ib®oGOf'l 0eifo(3bC>(Q:JOOb O:JMfl:J3<>b,
G03<>M<>()Q?f'lCQ, 8M 0:Jo.:ib 8f'loe<i5u 1 O:J8Q?:Jo· m(J b<>n630Lt)ooof'l 006.::>Q?"CQ:JO" 8f'loo1bM3G

11
 u.:ioM(J6.:i30 3.:i 'bMo;>.:iu .:.6 oo8GoMoo.:iu, ou Mf'l8PlM(3
063ou&0Goooou o;>.:i30383ou a;>.:> .:i(i).:i u.:ioM(J6.:i3
M.:>o;>3.:i6 u.:io63ou&oGoPJ 006.:io;>.:>!QOOoo;>.:.6
8PJo:JO.:>, MOUJo m.:i68o;>o30.:i a;>.:> JPJ8.3.:i6oou
oo'b6ou(i)ouJoU m3ouoo.:ioo .3dM6!QOU
JP18.3.:i6oou u.:io.:i 'bMM 'bo . .:.8 3.:i8PJ,
l:J(JM.:>!Qc:?Oo.:i MOUJou 3.:i 'bM8 3ou 'bo u.:io63ou&0Go(')
.3MPJOd&ooou.:im3ou, booM.:>CQ JP18.3.:i6oou 3.:i6u.:i'b-
. .:i8o&PJ8 .:i()Go-
.:i(i)Ro3.:i6ou .3MPJOd&ou oo(Y)R 03.:i'bo .
.3MPJOd&ou 8PJ83000.:i6PJ0.:i .:i(i) ()6o;>.:i ooo6.:i.:iC'.!8!Q080oPJ!QOU JP18.3.:i6oou
.:idGof'l60MOOOU U08!QO!QMOU 3.:i 'bM!QOU 80 'b6oou.

'tlo6.:i6u()Mo 8060'.)(;806&ou u.:id8o.:i6PJoou U<tJOMPJ.:> u.:i.'.foMPJ 'tlo6.:i6u(JMO

8Mdoo6.:i .:id&o 30 oou.:im 3ou. ll:?C'.!ou !Q.:><tJo6.:i6uooou
ub3.:io;>.:iub3.:i MOU(JMUo, 8.:i3M.:i8 8.:im3.:i6u .:id3u ub3.:>!Q.:>Ub3.:i
o;>.:.6.:ib.:.M'.l(;ooo, 8.:i!Q.:ib!Qou .:i 0MoPJ!Qo, .3(i)o&o6'boooo .:id&o 30 o'b 0 !!?.:. ub 3.:i
.3o(i)PJoooo 8ooM. .:.8 <tJ.:>d8PJMOoou
'tlo6.:i6u(JM8.:i 8o6o'.Ji;OM8.:i ()6!Q.:i oo.:i(i)RoPJu JP18.3.:i6oou !Q.:><tJo6.:i6uooou
U.:>(JJOO'JOUM 3.:.Mo.:.6&0, .:i3Mom30 ()6!Q.:> od6ou
.:idGoM60MOoou 8PJmbPJ36000 a;>.:>
80-6 R3o6 JM8.3.:i6oou u&M(JD8(JM.:iu (.:.6 8(J!Q8030
CQ.:><tJo6.:i6uooou ). R3o6 003RoMl:!?Ooom
JP18.3.:i6oou u.:iJ(JO'l.:>M a;>.:> u.:iu 0ubPJ u.:iJomb'bo, Mf'l8
8.:.6 3u.:i'bc:? 3MPJO'J <tJo6.:i6u(JMO MOUJO Cl?.:. MM 8 PJM .:.Mou 0u MOUJO
oo'b6ou(i)ouJm.:i6 (.:.6 8olJ.:i(i)8oPJo.:ium.:i6). o;>.:.8.:i<!l;ooom, R:Jo6
oo6.:.MR(J6oo.:iu, Mf'l8MM(3 (Q.:><tJo6.:i6uooou OtJ.:>MPJU. M.:>o;>3.:i6 ou OtJ.:>Mf'l O.:>M8PJ.:>CQ306u
.:id 8 oM6 0(i) 0ooum 3ou !Qo3o!Qo6!!?oou. !!?o3o!Qo6o:<ooou
.:ib!Qo6u !Q.:><tJo6.:i6uooou !Q.:> .3oModom. O'J(J IV odC'.!3600.:i
o;>.:><tJo6.:i6uooou ub3.:i(Q.:iub3.:i Ol:J.:>MPJU, VII
CQ.:><tJo6.:i6uooou DtJ.:>MPJOoo. PJM030 8.:im3.:i600 !Q.:><tJo6.:i6uooou
8omf'lo;>ooou JP16Go'BGoooo o;>.:i

(;Q"
80-8 R3o6 .:ic:?3fio(i)m <tJo6.:i6u(JMo 8060'.)(;806&ou (i).:.80<06080
U<tJOMPJU, .:iuo30 ouom <tJ06.:i6U(JM 06U<'.l;M(J806&oou, MM3MM0(3 .)MOU 0630-
u&oP'loo.:i(QO <tJ.:>Uo.:.60 <tJ.:>Uo.:.60 Ol:JPlU
ub3.:i <tJ.:>uo06 CQ0 3.:i(i)06&oo'b0. 0uo30 JP18.306oooou
3.:io(i)mo06000, J0300Mooo, !Q0<tJ0606uooou 00RoP1000 !Q0 0d&o3ooou 301:JoCQ30,
MOU8M(JD8(JMO'b0(30.:> (Q0 JM8.306oou 8CQ3M80MOMOO!Q06 3.:i8M1j306ou U00(J-
JP18.306oooou 806 3om0M 0o.:iu .3dPJ6CQou 0060 8.:.60, 80M 03.:i60 06 PJM030,
u0006.:.PJ !Q0 u00Mm00PJM0UM b0uo0mo. M0o;>306 JP18.3.:i6oooo
CQMMU 30bo;>0 u.:io6&0MOUM od6000 JM8.3.:i6oou 3.:i63om0Mooou
u.:ioMO'J00PJMOUf'l 8.:iuo<'.l;.:ioom.
0833.:>M0(Q, <tJ0606U(JMO 8060'.)(;806<!3;0 8PJ0(303U 0d&o3ooou 8PJ.3PJ3000u, o;>.:><tJ0606uoo0u !Q0
80Mm3.:iu. ou u080 U<tJOMPJ 0MOU 0d&o3ooou oodo6ou
0d<'.3;03ooou !Q0<tJ0606uoo.:i o;>0 80Mm3.:i, u0C!?0G 'tlo606uo(i)ooou !Q0 80(i)m3ou
CQ06.:ib.:i(i)$G000 0b!Qo6u 063ou&o(i)ooou . .:.8 0036ou 8m03.:i(i)o
mo80 0Mou JP18.306oooou 063ou&0Moo0'bo, !Q.:><tJ06.:i6uoo0'bo CQ0 .:id<'.3;03ooou
80Mm30'bo. OMO'J.:>CQ ou 306u0'bc:?3M03u JP18.306oooou
8ouo 0dGoPJ60Moooum3ou. 'bo8(')0'J JP16(30'tJG0000U 0MOU
<tJ0606u(JMo 8060'.)(;806<'.l;ou 303ooou 8m030Mo 30u.:ic:?ooo.

12
'(30606u-vl<io 8363'.)i;836eo 3b300 0Mlo33oou B3d360u, "JGOM63fi13oou U08!QO!QMOU
!Q.:>'(30606u300u (!(<> 801'im30u 006u0 8o'b63oou 'bcY1!QouJ36, 08 Cl38mb3n3.:iBo, D'l'(J
8ou.:ic;o330!Q. 0M603-
'(30606u-vl<io 8363'.)i;836eou '(3(J6J(30.:>.:> uou0 380 U?" O'l'(J 3Md8oU? 300
oou 8oc;300 u080 dol<iom.:>!Qo 0deo33oou 3(J!Q803.:>!Q
8MdM3300, !Q.'.>'(30606u300 !Q0 8.:>MO'l30. 0J(30M6ocY1noob uo8!QO!!!MOU 'bM(J.(OUJlJ6
.:.8 ooc.6Bo fi336 MM8 JM8.'30603oou 8o'b060 8obocY10'?_l300 01'1 JM8.'30600u
8!Q 0M80fi13MOU 80mo C>J(30M63fi13oou uo8!QO!QMOU 00'b-
M!Q.:>Oo . .'.>J(30M63fi13oou uo8!QO!QMOU o" 'bM!QC> c.06ou0 'bc;- JM8.'306008 o3Md8lJ(J.(MU .'30G-vbou3 0 30-
3fi1300 <>dG03oou u000'bfi1M <B<>uom,
JM8.'306oou o<>!Q00833- .:.Mou uou&n80, MM8-
B31Q3 000, M.:>(3 m.:i3ou 8bfi103 JMMdMM.'.>(30300 080Mm300 (J.(0
.:id&o33onu 8M.'3M330.:ium06, '(30606uofi1300um.:i6 !Q.:> o0o 3Mo(303u (JMmo3MmM03ou JM8.'306oou 0dGoM63cY1nou,
801<im3.:ium06. (J.(OMlJJ@.>MMO'l.:> u.:.oj<Mu.:> !!!<> (J'?_lMMU
JM8.'30603oou 0J(30300U U.:>00'bMM '?_l0UO 8M0(303U o.:i'bl<iou OMMou.
B3'?_l<>u300u JM8.'306oou JM3.'306on0Clo '?30606u-vcY10 '?_l()6dooou
B3u0b30. o0o .:.Moll '?_lo606u(JM u0Jomb30Clo 30Gn-.'3M3'bo!Q36@.>ou 06
uo!Qo!Q3u !Q.:> 8M 0 300u 0doo0'b3; '?_lo606u(JM0 (J.(OM3J@.>MMou (CFO)
00!QM00u !QMMou 8ob31Q3om, 08 08M60ono3oou !QMM(J- doMOO'l0(J.(0(J.( dOM(J.(0dOM
!Q.:> fi1ouJu; Cl3u00.:i8ouo .'3M3'bo(l.(36@.>m06 06
JM8.'306oou !Q030!Q361Q3oou o<>!QC>b!QOU (!(.'.> (!(06i3j@.>MMm06 (CEO). '(30606u()Mo
bb 3.:. <B0d&Mfi1 3ou, .::ib!Q 36u 803M 'Bofo6u(JMo M.'33M<>(30300 o8M'?.J.:> MM
.:.dGoou u000'bl<iM 'B.:iu'b3. 3Mmo,
m3Ml'io0 03ofi1fi33u, fi1M8 8363'.)i;3- bc.'bo6.:i(J.(.:>Mo (!(.'.> 33MM3u - 8m030Mo
fi13oou .'3ofi13oob) 8o'b6300, 0.:i6b.:>J(Jm- 8m030<Y'io
fi13oom 8()Bwio36 c;o.:. 0o.'3ou 06 00cY10B300, 3.:.Clo6, MM(J.(3U0(3
U00J(30M JM8.'306030Clo, 0 06bb3031Q30M!Q3U b.:i'bo6.:>(J.(.:>Mou doMom.:>(J.(O 8Mo(303u
0dooM63fi13oou (06() 61.QMOou 808(338ob) 8o'b63oou 006. U'?_l3MM3ou, 'b3 83@).:>(J.( (JJ<>3CloM(J.(300
0j(30M631'1300 083636 '?306061.l()M 80cY1m30u.
08.:iClo, MM8 8363'.)i;3fi13oob 8080fi1-

JM8.'30600u MM8 .3jM6M!Q0 m.:i3ouo ClJ(30M63M3oou uo8(].(0(J.(MOU o" 'bM(J.(OU 8o'b060,

0.:>()8'.)i;Mo3u(J.(30M!Q.:> D'l'(J .:icY10 .:i3ou Cl3(].(oo<>CQ .:>!Q080063oou D'l(J .'3ocY1ojom,
o<>(J<>M3GCQ30M!Q.:>?
B3.:>(J.(<>M3m 3ti'im8063mG 8M 0noou 'bcY1(].(ou !Q<> 0dooM6ocY1noou uo8!Qo(J.(Mou 'bcY1!Qou
8o'b060.
cY10Clo 8(!( 0M80ti'inMou '?_lo6.:i6u-vMo .:>Muo?
Cl33u.:io08no0 O'l(J 0M0 3Mc.3oou c.0M3B3 8(Jd0MOOU 8o'b.:i6o 8MolJ00) !QMMOU
3M6.:>J33mBo u.:i8o(J.(.:>6 b(Jm 8o'b06u, 0.:i8Mob.:i&300 0dooM6:.Jti'i3oou uo8-
!QO!QMoG 'bcY1(J.(.:iClo?
0bG36om, M.:>@.>M8 8cr10mbM3u 63ooli803ti'io '?30606u()Mo 3'(J3j@.>o.:i6Moou Cl3'(30li30.:i 3o'b6ou
0MUOOM00U?
cao606G(JMO 8363'.)i;3MoU u080 doMOO'l.:l!QO '?_l(J6doo0? MMC.MM .:>MOU ouo6o 3fi1m8.:i63mm06

<Tl() 0M0 JM8.306oou 3363'.)i;:JM3ou 0doo3oou M.'.>M!Q3-

6Mo0G? 0u3mo 0<'1 0()836@.>300, M.:>@.>M3 :.im06b83oom 06 M.:>@.>M8 b.:.fi1m
l50600c;8(!(300?
M.:>8(!(36083 0 .:i8Mfib(J.(<> 6MM3.:i@.>030, cY1.:io
0.:icY138Mu !.!?"(330um.:i6, G08-vCl.:iM'b3 (!(.:>joM.:i33oou (!(.:> 3.:ium.:.6 .'3Mo6(30.'33om06,
.:icY1G3oom.:>(!( Cl3'bc;()!.!?" l50cY18M303oou u.::ij3006Mo:.ioou 08
b.::ilio.:imou m-v .:>M.:> omj3.:ib, MM8 0dooM6:.JM3oou uo8(J.?o(J.(Mou
'bcY1(!(.:ibm.:i6 8o'b060 (J006!QOO(JM.:>(!(
MM 0MM(3 063ob@.>MM0, '?_lOJMMom D'l(J .:icY1.:i md306, MM8 'bM 0 o:.icY1mo 806:.J'.)i;3Mo oc;:.ioG
bM3 .:>M 'BOJMMOO'l, MM3 30010 .:i60'bc;.:>(JM:J00 b(J.1tJO.'.l 01d3:.i60 b.:>M'.)i;:JOO(J.?06?
10. MM 0MM 30cY1m.:i3b MoGJoG (J.?.:> 0600.:i '?30606u(JM0 8:.i63'.)i;3M3ooli 8Md3o\l.?oo.:.G?
. M0 0MoG M0 01.:.8.:>ClMOU (J.?OM:JJ0MMO'l0 G.:io&M
30cY101;pClo?
Clo.:>(J.10M:J<n 36101806301\; b.:i'bo6.:>(J.?.:>Mou (J.?.:> 801.:i30Mo '(3(]6doo300 JM3.3.:i6oou u0j8006Mo.:>Clo.

13
Ang, James S., Rebel A. Cole, and James Wuh Lin.
"Agency Costs and Ownership Structure." Journal of
Finance 55 (February 2000), 81-106.
Barfield, Richard. "Shareholder Value: Managing for the
Long Term." Accountancy 108 (October 1991),
100-101.
Barnea, Amir, Robert A. Haugen, and Lemma W. Senbet.
"Management of Corporate Risk," in Advances in Finan-
cial Planning and Forecasting. New York: JAI Press,
1985.
- - . Agency Problems and Financial Contracting.
Englewood Cliffs, NJ: Prentice Hall, 1985.
Bernstein, Peter L. Capital Ideas. New York: Free Press,
1992.
Birchard, Bill. "How Many Masters Can You SerVe?" CFO
11 (July 1995), 48-54.
Brennan, Michael. "Corporate Finance Over the Past 25
Years." Financial Management 24 (Summer 1995),
9-22.
Brickley, James A., Clifford W. Smith, Jr., and Jerold L.
Zimmerman. "Corporate Governance, Ethics, and
Organizational Architecture." Journal of Applied Cor-
porate Finance 15 (Spring 2003), 34-45.
Chambers, Donald R., and Nelson J. Lacey. "Corporate
Ethics and Shareholder Wealth Maximization."
Financial Practice and Education 6 (Spring-Summer
1996), 93-96.
Chen, Andrew H., James A. Conover, and John W.
Kensinger. "Proven Ways to Increase Share Value."
Journal of Applied Finance 12 (Spring/Summer 2002),
89-97.
Copeland, Tom, Tim Koller, and Jack Murrin. Valuation:
Measuring and Managing the Value of Companies, 3rd
ed. New York: John Wiley, 2000.
Dore, Lucia. "Corporate Governance in Europe." Share-
holder Value 3 (January/February 2003), 54-59.
Felo, Andrew J., and Steven A. Solieri. "New Laws, New
Challenges: Implications of Sarbanes-Oxley." Strategic
Finance (February 2003), 31-34.
Friedman, Milton. "The Social Responsibility of Business
Is to Increase Its Profits." New York Times Magazine
(September 13, 1970).
Hart, Oliver. Firms, Contracts and Financial Stn1cture.
Oxford: Oxford University Press, 1995.
Holmstrom, Bengt, and Steven N. Kaplan. "The State of
US Corporate Governance: What is Right and What's
Wrong?" Journal of Applied Corporate Finance 15
(Spring 2003), 8-20.
14
Jensen, Michael C., and William H. Meckling. "Theory
of the Firm: Managerial Behavior, Agency Costs and
Ownership Structure." Journal ofFinancial Economics 3
(October 1976), 305-360.
Jensen, Michael C., and Clifford W. Smith Jr. "Stockholder,
Manager, and Creditor Interests: Applications of Agency
Theory." In Recent Advances in Co1porate Finance, ed.
Edward I. Altman and Marti G. Subrahmanyam, 93-132.
Homewood, IL: Richard D. Irwin, 1985.
McTaggart, James M., Peter W. Kontes, and Michael C.
Mankins. The Value Imperative: Managing for Superior
Shareholder Returns. New York: Free Press, 1994.
Chapters I and 2 offer an especially good discussion
concerning the goal of the finn.
Megginson, William L. "Outside Equity." Journal of
Finance 55 (June 2000), 1005-1038.
Millman, Gregory J. "New Scandals, Old Lessons:
Financial Ethics After Enron." Financial Executive 18
(July/August 2002), 16-19.
Rappaport, Alfred. Creating Shareholder Value: A Guide
for Managers and Investors, rev. ed. New York: Free
Press, 1997.
Seitz, Neil. "Shareholder Goals, Firm Goals and Firm
Financing Decisions." Financial Management 11
(Autumn 1982), 20-26.
Shleifer, Andrei, and Robert W. Vishney. "A Survey of
Corporate Governance." Journal of Finance 52 (June
1997), 737-783.
Special Issue on International Corporate Governance.
Journal of Financial and Quantitative Analysis 38
(March 2003). Entire issue (ten articles) devoted to recent
empirical and theoretical research in the area of interna-
tional corporate governance.
Statement on Management Accounting No. JC (revised),
Standards of Ethical Conduct for Practitioners of Ma-
nagement Accounting and Financial Management.
Montvale, NJ: Institute of Management Accountants,
April 30, 1997.
Stewart, G. Bennett. The Quest for Value. New York:
Harper Business, 1991.
Treynor, Jack L. "The Financial Objective in the Widely
Held Corporation." Financial Analysts Journal 37
(March-April 1981), 68-71.
Part I of the text's web site, Wachowicz's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
oo'b6:.JU(!).:iM:J8M
0<'1016ofi1M36ve:;o O'lJl:!:;MO(Je!:;MOo" 08bo603M60 •
JMMdMMo(30(JOO" Clo'bc:;()CQ()C!:;O
60li(Jboli8 006e:;M601J JM86o6oa6o {LLC}
u.:ia.':l!J?.)U.)b.'J13?1'.'l &.':IM:J8M
JMMdMMo(30()1:!:;0 b0Cln8Mli03e:;M (l,0(Qobob0(QO "
d(JMbM6oe:;(JMO b0Clo8Mb03e:;M (l,0CQ0U0b0(QO
a.:i(;)38l'.'l
'Bo606b(JMO 60'bM(JOob 8o'b060"
'?30606b(JMO 60'b6\060" 'tj06o6U(JMO Cl(J0803e:;a60
"'tlo606li(JMO OMMJ(JM(JOO" 8()MM0CQO 60'b0Mo"
<(JM61Qo6ob 0060103lio60 1Qo lioMQD6e:;oli
0060J30010
(;)a'bo()BO
Jnmbaaoo
o8(T)o.)6aoo
o8M(3.:i6:.JOO
.'>8M(3.:'16:.JOOU .),:,l,,(JbQOO
.:ia m.:>3ou CJa8iJ?a& mdaa6
()06ol>b303M01 oo'b6ol>ob MM(l,o6o'baoob Mmbo
do610010e«o '{SMM8o O(J()Mmao(Je:; Cl<l!Jo<l!Jn6Clo -
80010 (JdOM08(JbMO(JOO CQ0 60Je!:;M306[JO(JOn.
0bb6001 ('>)0 0MniJ JMMdMMoGnnb !Q.:>l>.:.o 00Mn
Clo8Mbo3oe:;o IQ.:> JMMdMMo(30(Jl:!:;O l>00(J0e.'M e«o
'br::3M(Jl:!:;O 0.:>e«.:>U.:>b.:>IQOU 0ofoJ3[Jmn.
(l,08MOfJD6M01 08MM8n'b0Gnnb 1Jb3.:.i:ipbb3.:. 8(JmM-
CQDOO.
00680M@)M01 0d<l!Jn306nb d:Jd[J6.:> 3oe:;1Q[J6()e:;[Jonl>
b.:>MJG'ba. M.:><l!JM8 oam.:.30'bM6l> U0()0CQ0Uob.:>!QM
oac:;.:.3001b fi3o(Je:;(Jo6103n IQ.:> 6t'ln3ne:;o 0 nMa-
ove:;n .:.a 8 0001 e«o<Bn6.:.6ua6nl> b.:.t'lJG'ba.
'{S0606U(JMO o.:.'b(i)ob 8n'b.:.6n IQ.:>
b8M(JG8()t'10.
0.:..:.61finMm Mane:;n6 0 nl> 8o86n:Jnone.'n l>.:..:. 0 o6-
8MDonb Je.'.:.bn'BnJ.:>Gn.:. CQC> MM0 MM Clande:;ao.:.
000'8.:.l>Mm .:.liM[!oob 8nboe«3n01 qpbn.:.60 d.:.r::.:.e:;-
u:nb !Q[l'{SMl:!:;8ol> 61nbJn. .
306b0'bc:;361Mm 6\.:.b 60CJ603l> ,,dMM(3()6<l!J(Je.'0
306.:.J3amob e«t'1Mnmn l>0"1()d8(JM.:>" !Q.:> CQ.:>()-
J.:>3Clo61M01 O(l,O ,,8M8300006Monb (l,M0'tjOJb".
-0aot'l1111.>o oOat\11.>o,
!!({):JOf!!!n& f!!.'adhnJm6o!!(.:.6
15
 canfo6uv<Yin 8::i6:Jfe:JMOU 'VJ:J01 c..:iu.:ic.::i2h'.>C!;/ 01d3::i6 v6!.!10 :JMJ30MC!?:J01 80010 u0d8n06MOOU
o0M:J8MClo. oo'b6ouou MM006o'hoonu CBMM8.:i, o<YiR::i3u JM8:3060.:., .:>Mou 8ouo cav6dGo-
M6o<Yi::ioou on'h6::iuc..:i<Yio8MU :JM01-:JM010 .:>Ud:Jd&o. R3o6 .:.3bu6001 on'h6::iuou MM006o'hooou ub30-
C!;/C>Ub30 CBM<Yi8ou v:lo<Yi.:i&ouMo::iou !.!/..., Baal.!!oo R3::i6
o03:JG6M0001 U.'.>o.'.>C!;/C>UC>b.'.>C!;/M o0M:J8Mu, MM8 'VJ:J01 c.0oc.M01, MMC.MM 'b:J8Md8ol.!!:JOU oC>C!;/.'.>UC>bC>C!;/:JOO
ub3C>!:QC>Ub30 cao6.:.6uv<Yi R3::i6 canfo6U(JM unu&o8.:iu
{!{" avl.!18030{!{ ().)M:J8rou, b!QOO.) 8M'bo{!w>.

Cl@J.:.&::ioClo C>MUOOMOU oo'b6ounu MM0.:.6n'h0GOOU M01bo dot'ilo01C>C!;/O CBMM8.:.:

(:JM01o 8:JUC>JV01MO), .:.8b.:i6.:. 0Mo.:> (u.:.'bM 0 C>C!;/M C!;/C> Cl::i'b-
JMMdMM.'.>GO:JOO l.!1" JM8:3060000 (LLC).
JM8:3.:.6ooonu MC>MC!;/06M00 MMfe:JM 8::i@Jo.:> C!;/C>6.:.tilRo6, OM01.'.>C!;/
oo'h6ouou MM006o'booou CBMM8oo'ho, 8.:ic.<Yi.:ia JMMdMMC>GO:JOO OJ.'.>30006 C>C!;/-
0.:>tJO!Q3000U 0d@Jn3oonu, 8M0 :JOOU !QC>
UOC!;/OC!;/OU 8obol.!13001 . .:.a 0108ou o"G6Moou.:iu, 01d306 0e;8M.:.Ro601 oo'h6ouou MM006n'bo-
oou CBM<Yi8ou l.!1"!.!1Don01 !.!/..., v.:i<YitiMcao01 8b.:i<Yiooou.

'1\')1::nd11{1 IrCJ'ltl"f!(Y'nO 8'13i::::,11'10[)i::::,1Pl02' .:>Mou on'b6::iunu MM().:>6o'h::ioou CBMM8.:.. MMoMMG

8ouo o30'V06oo.:i, oo'b6ouou 8oUC>JV01M:J :JM010 dOMM36::io0.:., OJ-v0136nu
JM8:3.:i6nnu 0d@Jn3n !.!/..., .:i<Yiou 8nu
pmprietorsllip - oo'b6aGoG 8ou.:iJ(J01M:J .:i<Yi nbl.!/ou 0.:il.!1.:iu.:ib.:il.!!oou. 8:JUC>J'V01<Yio 0103ouo
MM306o'baooG '1J"'1'iao, oo'h6::iuou 6ooou8oo<Yi 8M0:JOC>U v8.:i&::iou 06 6ooou8oo<Yi C!;/C>6.:iJ.:>M0 u :3o<Yi.:il.!/o u.:iCl::i-
1'i01Bac:;>GoG a1'imo 30C!;/.:iu.:ibC>C!;/OU c..)6u0'he;3<Yiou0u. oo'h6::iuou :JU CBMM8.:i <aC>M01MCQ .'.>MOU
B'IJc:;>MOQc:;>n 8oG
8M8u.:ibv<Yi::ionu U<a:JMMClo. 8ouo un8.:i<Yi@Jo30C!;/.:i6 c.08M8C!;/06.:i<Yi::i,
oj3G C!aCJ'lic:?CJ(!?03n
CQ" o.:icao 8nuo v:lo<Yi.:i@J:JUMOC> uo80<Yi@Jn300 .
.'Job(JboG83aoc:;>010o 0103obo
'IJoMBnG
oo'b6ounu MM006o'hooou 08 CBMM8nu 80103.:i<Yio .'.>MOU dOM0C!;/O Clov'be;vl.!1"30
3oc:;>(!?QO(Jc:;>OooG 8n801'i01. JM8:3.:i6onu u.:id8006 01-v MMc..:i6n'h.:iGOOU u.:.d8o
80Cln6 15.:i<Yil.!!c.oo.:i
onfoClo !QC> 8ouo .'.>MOU Cl::iv'he;vn:?030, M0G 60Cl603u 08.:iu, MM8 Soun dOM0C!;/O
U0JV01M:JOOU OU:J30 MM8MMG on'b6ounu 0d@Jo3::ioo, !QC>:J-
d3:Jan:?000MMU JM6CBOUJ0(300U 8M8Rn306ou
8oMM:J .:i<Yiou 8M'boC!;/3ou 30600!.!106 oo'b6ouou
06M01> l.!1" 15.:i<Yi8.:i@Joo.:i 01"101 do<Yi'ho.
,:,(Yi OtJMU JMOC!;/O@JMMooou013ou. 'VCBMM 8o@JnG, .:id3u
C!;/.)00o3MOU l.!1"8"®:J00010 Cloe;.:i3001000, MMo(Y)MOG .:i<Yiou u.:iaol.!10(306(Y) 8(Y)8u.:ib-
(JMOOOU 00!.!1.:iu.:ib.:iCQo 06 feo'V<a()<Yio Q?.)'he; 303 .:i, .:i<Yi Cl@J.:i@Jooou
U0o.'.>C!;/.'.>U0b0C!;/(Y) u08u0bv<Yiooou 8oo<Yi, MC'loMMG J(Y)8:306nou b.:il"1feooo !!?.'.>. C>M
008Mod3n01::io.:i JMMdMM.:iGo" Jn bClot'1.:i!!? 008r<id3n01.:i3u 8u003G b.:itl'ife::iou, 800cY).:ia
0u::i010 u.:ibou b.:i<Yifeooo (J6CQC> 0.:i!:Q.:iob.:iC!;/MU 0.:i!:Q.:ili.:ib.:iCQ:JOou
o.'.>!:QC>bC!;/oU Cl:J8!!?oo 08 o"M!:Q0, oo'h6::iuou 08 CBMM8.:iu
CBM<Yi80u01.:i6 Bo!!?0<Yiooo01 u.:iJ(J011"1ooou o"l.!!"Goa.:i.
8ou.'.>J(J01MOU u.:i6.:i<Yi8MU 0MG :JM010 foooc;:io ,:,(Yi o"C!?":JG:JU
(Y)fe.'.>bou ub3.:i O:J3M:JOU. 08 8n'bo'b::ioo01, (Y)M806n'h0GOOU 08 CBMcY18.:iu 0M0 0d3u MMo(Y)MG
ub3.:i ca(Y)<Yia 0ou.

16
 2.

- oo'b6obob MM().>6o'boooG .:imi.:io,);:>,r100 8u0.:i3un0, 80 0i\108 on'b6olmu 8ou<>J(Jmi\lo 0i\lnu

9JMM8.>, \;"C!!"O oo'b6obob
8ol>"JCJ01MQ ·>Mob MMo 06
8080 .3ofiio. G.> 'b"'o"C!!"'
o8bo6o 001000Clo 830c:'"
Jo1'106o"'fii\; .>j3G <loCJ'b-
C::CJC!!"3o J.>b(JboG-
80ooc;:"'oo J"'8.3.>6ooooG
3"c:'C!!OilCJc::oooo b01c;:"'
Clo 'bc::CJC!!Clc:'o .3.>GCJboli-
80ooc;:01ool> .>8bo6"&"'-
o0oao ofii01 .>6 fiio8C!/06080
3.>fii06o,,,fiil> Cl 0odc;:oil"
;id,,,6C!!ol> a0'bc::CJC!!CJc::n
.3.>L>CJbol>8e,ooc::"'""·
Clo'bc::CJC!!Clc:'o :J.>l>CJbnli-
B&ooc;:01ool> .>8bofoe,"'onG
603"10, fii018ol'.:'li"O .>Pi
oj3b 3ofii.>C!!o 3.>G(Jbou-
a&ocl'.:'"''"' o8bo6"&"'onl>
3°c::C!!o 0CJl'::'o 0o0'bo.
b; 'bM()'>fQM doM05001Mo
partncr-
b.>'b01&"C!!"' 3.>"10fim,.,<'\o, .>6
:Jof'l,1)60"'<'\o
0ob(Jbo8&ol>l'.:'"'"o"om, ol>
.>f'\o\; .>8b.>6o&o1onb 503"10
a 0v'bc::':'JC!!" 3o :J0L>vbol>8-
&ool'.:'"'"om 08bo6o 0 0160G
3"l'.:'o 0'bo.
oi\lm'bo 8o&n .3ni\ln. nun6n o<>!:J?<>U<>b<>CQoou 0i\l nbCQn<>6
8u003b<>(Q, 800i\108 08b0fo001onu tio3i\loob m03006mn on'b6obn(Q06 8010oonu !:!?"
Clo0d3m b<>0<>CQ<>b0b0(QM on'b6obnu MM0.:i6n'boonb 08 <(3MM8nb
oi\lmn .3M&06(30(JMO (J.3ni\10&ouM00 0i\lnb ob, MM8
Clo!:J?<>Moonm, bClni\10(Q (QO(QO 8M'bn(Q3<>. oi\lm'bo 80&80 8ob<>J(JmMo8
m03006mn .3oi\l<i(QO 8M.:>b(Qn6M6 JMOCQn&nb (Jb<><(3MmbMoonb
M<(3<>, i\10 8 ()'13i\1M 8nb<>Qoon ntJMb JMO!:J?&Mt1ioonu0m3nb CQ<> 0d3m
8Mo.3M3M6 80&0 'l30606uooo 063ob&nGoooou0m3ob.
u0'bM()0(QM 08b06<>()M000o 3 .30i\1&60MMU <>d3b Clo()'bQ(J(Q<>3n
nuo6o 0i\1006 08b.:i600Moob
M0(Q 0.:i6 .30i\1&6nMMb <>d3b b.:i'bM-
()'>(QM .:i8b0600Monu on'b6ounu MM()<>6n'booob '13MM8ou Cloi\lflo3ou0u u.:i8'ni\1M.
003i\l Clo8mb3030Clo Clom06b8000 06 08b06.:i 0Monu Clom.:i6b8000 006b0'bQ3i\103u
.30i\1&6nMMnb 8M 0 ooou .3.:ii\1&6nMMOOOU 8ooi\l 0630-
M<>M!:J?06Mo0b, .30i\1&60Mc1iooob 8nQooou !:!?" c1ioMi\1 0 06o'b0Goou
.3i\lMGO!:J?(JMOob, .30i\1&60Mi\lnb IJ:?'>Q(J.'33ob 06 08b.:i6.:i 0 01on!:J?<>6 Clo8mb3030Clo. J<>6M6ob
m06.:ib80(Q, oi\lmn .3.:ii\1&6nMMnG (Q0Q(J.33ob 06 008mb303.:ion .3.:ii\1&6nMMM00 btJ30&b
0i\1GooM00U . .:iuomo bn&(Ji>(300b MM()MM(3 noun,
i\lo 0 o<>!:J?.:>OtJ30&0bm06, .:i8o&M8 .30i\1&60MMMonb t1i0Mc1i-
0.:i6o'b0Go.:i ti.:ii\108.:ii\lmMb b.:iJ8<>M!:J?
.:i8b06.:i 0Mo.:iCln
.30i\l&6001i\loon CT?ooo6 !:!?" 8.:imo 08 Gn-
(QO!:J?om. 80m 0M (Q'>J0M0M6 080'bo 80&0, M0(3 08 oo'b6ol>Clo fi<>(Q:JG. 08 .30c1i&60MMM0000
(J6(Q.:i OtJMU 80608()8 oi\lmo G0'1JM(l,'>(QM 36M86nvii\ln, nd6000 O:J()'b-
Q()(Q<>30. .36i\1&6oMMOOO .:ii\l on'b6:JbM.3:JM<>-
(30000o; ob .)MOU u0'bM()'>(QM di'>M&6nMMOb (66 .30i\1&6001i\1000G) G0d80.
8dM6o .3"'i\1&6n01i\looo .:ii\ln.:i6 063ob&01t1iooo, 80m0.:i6b .:i 03 u
.30i\1&6001i\1Monu 801000.:iClo "'6 b.:ii\l:Ji;ooClo .30i\1&6001i\101oob Clom.:i6b8ooou
Clob.:io080G.:i(Q. 68 &n.3oG oo'b6ouMM0.:i6o'boo<> booi\l.:i(Q 00801ot106000 (Jdi\103 d01600.:ium.:i6
01.3oi\10GooooG CQ<><(306.:i6boonbm3ob.

ob 00 0 60
'1301J()Got1i!:J?oo0 J01t1i.301i\10 8 00o'b 0 Cl&<>&ooon 08 'l301i\18ob
Jro1'1Jr•i(<}0G°" - 00801. J01Md01M0(j0.) 0i\10G 0i'>:JMmo.:i6oo.:i" JC>60160G
Corporn!ion - oo'b6oliob 8oboCQ3om. 000 .:id&o300G !:!?"' <>&"'i\lool!?ol>
01fii 0 06o'booob 93"'"18.>,
!Q'>0(Q006i'.i (Q0 (Q0Mm8(Jm 1819
MM8Jl'.:'0(3 O(JMO(QO()l'.:'"C!!
C!!"3"'(JJOC!!000r::'00 8obo
8'1JQ"'OOC::OOol.i0 06. 8obo
m30\;:JOJ000
.l0bCJbol>8&oilc;:0100,
li.>J'J°'MOool.i 'J'lll'.:'Ooob
o"C!!"G08ob lioo01c;:o,
dJ(J'bC::(JC!/030 i.io(_)M(_)·
bc;:ob(jfoM000M60 C!/O
(!/OC!/O J00n0ol'.:'OD 8M'bn1Q- oo'b6obnb 01i\1006n'boooG 08 '13MM8nb 8m03.:ii\lo dOMM00 0i\10G oG, i\1018 J01M.301Mi'>(j00 C>MU:JOMOG
3ob
I!?" Bobo 8ol><>J(Jmt1iooooG .30-
80mo 063ob&0Gonm. .30b(JboG8 00 -
<>d3G (JdOM<>&obM00 l:Q'>

17
 l.i-'.>'bM8i>CQM ;,8bi>Oi>8M0i>Umi>Ei ODCQ<>Mooom. odEioG JMMdM-
Mi>(300U 8;,G'bo 8oG<>J(JmM00 ooG 8.,(Y) 0CJ 0. ;,8 8 -
3<>M<>CQ, dOMi>CQO <>d@;o3000 i>M C!?"Da3D8CQD0i>MMU JM0<(30bJi>(30i>U 8M8flo3;,Eiob
8ob<>J()OlMDMOi> CQ80DCQD0i> <>dooooom
<>dooMODMO bi>Oi>M8Mb <>doooooG oG <>dooooo i>Mob i>CQ30-
8"C!?"G"GD8o 8ob<>8o :3o(Y)ob<>m3ob, M<>G o;,(Y)8M<>CQ8D6b JMMdMM<>ooob 80MMD
v:loM<>@JobMo<>b. ()<(3MM 8000 8 , JMMdMM<>oooob <>d 3m Clov'b-
3<>CQ<>, 'BodMMOCQ<> JM6G C!:/D MMCQDG"G 080
odo<'>CQ<> Mi>CQ8i>6 JMMdMMi>(30i> i>MbDOMOU 8obo
8obo i>M i>MOU 8ob<>J(JOlMDDOOb
C!?" ;,8b;,6i>8MODooba<>Ei
a<>6Gb3., 3ooom). JMMdMM<>ooob ;,(Y)booMo<> mv
<>dooooob ;,6 8i>i:JOCQOU m;,3ob <>doooob.
oo'b6obob MM8i>6o'booob <(3MM8ob Mi>MCQDOMOi> 8i>O'bi>M(!/i> xx
b<>(JJ(JEioClo. b<>J(JmMoooG 8"C!?"GD8ob
<>dooooob 8i>i:JOCQ30G, (J3i>CQM i>MbOOMOOU CQi> 8M'boCQ3ob
(JdOMi>@JDUMODOOb 8i>8M. 6ooob8ooMo DJMOfTl80JOb a<>63omi>MDOi>b m;,6
GCQ03G CQOCQo 8fTlmbM3Ei<>, C!?" ;,8b<>6<> 8Mooob JO
i>Mi> <>d3m (JOi>MO 8fTlmbfTl36<>, ;,8o@>M8 JMMdfT>Mi>(30i>
01r;18030 l'.!/.:>0033r;10 - a<>bCQ<> (J'(3MfTl 8o@;<>CQ oo'b6obob fT>M8<>Eio'boooG <(3fT>M8<>.
Double taxation - DMmo !'.!/" JMM.3MM<>oooG a<>CQ<>G<>b<>CQo<'>m<>Ei. JfT>MdfT>M<>oooG
08033 oo8"'G"3c::>oG
8M8DOi> od308CQDOi>MDOi> MM8i>8 CQi>0083M1lU. JM8.3.:iEio;, obCQob 8i>CQi>Ui>b.:iCQo<'>b 8obo 8fTl8D00CQi>O
MM:l(:DM l'.!/.:>0033r;1;,, 8oGo
Jc::'.:>GoJCJMO 803oc::>n0>M CQ0 0door>16o(Y)o 0Go30 obCQoG 80CQ0G0b0CQG, MfT>CQDG00 ob 8M8Doob
JMMdMM.:>(30CJ!C'.'O G003- CQ030CQOOCQDOOU b0bom (d308fTlm oG Ui>JOmbo (J'lJMfTl od6000 a0Ei-
801Gv3c::>"' 3"1'.!/"G.:>bvl'.!/O l'.!/V 0bo30, 8ooMO (JJ03CloMCQD00 MD8ob@>M0(3ooG CQMMoG b0Ei-
vdGnM63r;10G Clo8MG03c::>oG CQ0 oo(JMMJM0@;00bm;,6 0aMom30
l'.!/"c. 003 r;>, G00 0a"'u" 3c::>"'
o"l'.!/"Gvbvl'.!/om
MD8ob@>M0ooob (J6CQ0 odEiob 08 Cl@>0@>Clo,
CJ?0301'.!/D6CJ?OG o"Go80G0G. JM8.30600 MD80U@JMOMCQ000. 08a30M<>CQ, JMMdMMi>(300b CQ0<(3(Jd6oo<> 0Mob (J'(3MfTl
30CQMD 06 08b060 8f'loob.

JM8.3<:>6oooo
JM8.3;,Eio;, (LLC) 0MoG oo'b6obMM8<>6o'boooG dooMoCQo,
00Mmo06oob JMMdMM0(300b CQ0 08b0EioaMooG bi>(JJDmob(Y) ;,b.3od@>oob. oao
olJ'bl'.!/CJCJ?C)f.;'O (,,003(Y)o<'><>CQ" vo 0u0ob @>o.3oG .3<>bvbob-
,'lolivbol>80 no"""'""G CQi> <'>oaM03b 08b060aMooG 8i>CQi>Ui>bi>CQOOOm. 6 ob <(3MM8i>
J01860600 -- Limited a<>Eib<>J(JOlMOoom J0M8i>CQ 8i>8Moi:Jo6oo<> .3<>@;0M0 CQ0 'bM8ob JM8.3;,6oooobm3ob, 8;,b
liability company, LLC - 0d3G 8ooMo CQ.:i 80@>0 30CQMO oo'b6oboG MM8i>Eio'booob <(3MM8ob
oo'b6aGoG MM306o'baonl> dOOMOCQb - S-JMMdMMi>(300b.
'1JMM8o, MM8Dc::'"G 8ol>
1990 MMO O@Ji>@>o, 300M80Eiao (!/i> LLC-ob Clod86ob
a'<l"""'"or.:;iooG (B'"'CJ?a-
1988 ;,Clo-ob b08<>CQ<>b0b<>CQM G;,8G;,b(J(Y)8;, (IRS) oi<>30Go
"cic::>o .B'a3l'i3o>CJ?")
"Jnl>M30G Cl3'bl'.!/Vl'.!/Vc::'
CQ0i>CQ8o6;,, MM8 bi>8i>CQ0Ui>b0CQM
doMo!Q JMMdroMo(30';'.Jc::'" 3i>OP'l8oEiaClo EiooobooMo LLC (JOCQi> MM8MM(3 ;,8b06i>8P100
dol>vbnl>8ono- b<>8<>CQ0b<>bCQM CQ00D83MoG0m30G, (Y);,800 8obo0 CQ<>Ei<>Mflo6
c::'"'o"G Cl?" o00 r;>o3G Cl@><>@>oob CQ<>DOi:JMm LLC b@><>@>vGooobm3ob 806o:foo0. 80006, MMCQDb<>o
08b060 0Moou "301'.!/0M"- LLC '(3P'lM8i> Oi:JM O@;<>@>oo0Gm30G, obo6o (!/OCQO b6ob
c::>CJl'in o"CJ?"G"b"C!?""'· 8i>8MOi:JD000MCQ0 03MMdi>OO CQi> 080MOJi>Oo.
JM8.3;,6oooo doMom<>CQ0CQ Mmbo JMMdMM<>oo-
m30Gooo(!/i>O DMm ;,6 MMb (1) (2)
(3) <>MbDoM00 CQ0 (4) bi>J(JmMooob
8"C!?"808oG bb3;, m06b8MooG 80MOOD. LLC-oob

18
 2.

(0.:i6li.:i'bc:;3<'100001) .:ij301 Bolio 003filooo ;:,<") .:i<'1o.:i6 .30<'1.:im.:im

M.:>080 Cloj86.:ili LLC-li. 003<'10
0<'1f103li LLC 'B01<'18.:ili 08oli013oli, <'1018 Cloo6.:i<'1f1()601li
li0M(JJ0(JMOli 00.30. LLC-li ofil010 .:>Moli oli, <'1018 .:ilio01 J018.3.:i6oooli, fil010010 oolio, .:>M
.:ij301 013olioo.:i ,,.:ifillioo01ooli Clo(J'bc:;(J!.:!?"30 01()88.:i 003filo
Cle.:ieoli 600.:ili fil01.:i3li LLC-li 01.:i3olio li.:ij80.:i6010.:i, 01() Bolio
ofil010 003<'1oli li.:>J(J01M000li 8"!3?"0808" lib3.:ili .:i6 ClootJ3oeli .:i<'1lioo010.:ili. LLC-li J0!.:!?83
ofil010 8m 0 018.:i<'1001oli 08.:iClo, <'1018 li.:>J(J01MOooli 8"!.:!?"808"
801001b301li LLC-li lib3.:i 003<'1oooli 01.:i6b8010.:ili.
8o(Jbo!.:!?"3"!.:l? o8oli.:i, fil018 LLC-li liefil(JJ0(JM<'.> 0.:i801otio600.:i 003<'1 li.:ij80.:i6010.:iClo, 8018li.:ib(J-
<'1oooli li'Bofil01Clo 8018()Cl.:i 30 003 fil Cle.:ieClo, li(J<'101 CJ 0j86"6
LLC, (J6m.:i 0.:i801otio6016 M.:>080 li0M(JJ0(JM<'.> . .:i8.:i30 Cle.:i000Clo
o(Jfilolieooli, 0jo8 0oli !.:!?" lib3.:i .:ij301 CJ 0j86.:i6 LLC-
800 (PLLC) .:i6 .3.:i<'1&6001<'1010.:i (LLP) PLLC-li 8li0.:i3li.:im .
PLLP/LLP-li li0<'1(JJ0()<'1oli o6moJ.:>001filo
OtJ01li oli, fil018 "Big four"-oli J018.3.:i6o.:i CJ0.:ieo0Clo .:ifiloli LLP.

oo'b6oli (J8o0oli0100'bo .:ibmo6li .3ofilm0.3ofilo !.:!?" ofilooo

0.:im.:ili<ib.:imooo. m<>oo 03filoli Cl@).:i@)oli !.:!?" 80103<'101oooli
momo .:ij301 oo'b6olioli !.:!?" 8.:i010 J803"'b0. J<'.>M 0 o oo'b6oli-
.:ic:;801f16moli .:i6 0.:ibmoli () 3.:ifil0 olio li.:i 0.:i-
m0li.:ib.:im01 0.:ifilo801Clo (m<> .30<'1ojo01). .:i8 f1306 8"8"8601001 m<>oo 0 -
3filoli 'b01 0 00<'101 .3<'1o6eo.3li. .:i8 0108oli 8018mo3601 01.:i300Clo
li.3oeo'BoJ()Mo 'Bo6.:i6li(Jfilo
3ootioo01 8"!.:l?"li.:ib0u:o01. Clo8u:oo
00u:.:ili.:ib.:imli. f1306 ()6!.:l?<> 030bli013moli, <'1018 li.:i 0.:i-
m.:ili0b.:im01 bClo<'1<>!.J:? !.:!?" 8(Ju:8o 3.:i!.l:? ()6m.:i 3<>mo3601m
8.:ili.

J01fil.301<'10 8 ooli u:.:ili00 00 filo 0.:i6oli0 'bc:; 3<'1 0o.:i J.:>60168u:oo-

00801j30013om, .:i801<'1eo'b0oooli !.:!?"
.3filPl(386&oooli f10fil013001. 0.:im0li0b.:imli .:ij3li j3080101 801-
li@)M(JJ0(JM.:>:

$ 0 $ 50,000 15 0.15 X (iJ[J8MUC>30ec;o 0$-'b,') 8080)

50,000 75,000 25 $ 7,500 + 0.25 X {Oo8MU. 50,000$-'bo 8{)80)
75,000 100,000 34 13,750 + 0.34 x (Clo8MG. 75,000$-'hn 8o8o)
100,000 335,000 39• 22,250 + 0.39 x (Cln8Mb. 100,000S-'hn 8n8o)
335,000 10,000,000 34 113,900 + 0.34 x (CJ 0aMG. 335,ooos-'ho 8o8o)
10,000,000 15,000,000 35 3,400,000 + 0.35X(<ln8MG. 10,000,000$-'ho 8080)
15,000,000 !8,333,333 38° 5,150,000 + 0.38X (Clo8MG. 15,000,000$-'ho 8080)
18,333,333 35 6,416,667 + 0.35 x (<lo8"'b. 18,333,333$-'ho 8n8o)

• $100,000-b0 (!(" $335,000 ()n8rol>03ec; 3ol> ci,,,t'iol.i 34% a0foJ33m'ho ()D6(!(300/oib8300 5%-n1>6o 30\!/ol>oboll?o· al> b\J/000
08o(!p18, f'iM8 JP1f'i0Mf'i0eoooo, f'iM8oec;010 008MG0:j.>ec;o b3(QQ00 $335,000 · $10,000,000$ (QM:l0'bM6<lo, dnt'io010CQ"CQ
ob(!(OC>O 34%-006 o"6"J300lU 008Mb03ec;ob (J8o(Jiob Soec;'b3.
o $15,000,QQQ-\;0 (QO $18,333,333-ool.i orof'ioi.i JO 35% (10(!10UObO(!(Ob ()C>OOJ(lQCll'bQ of'ini.i (!(08ol§oo(Jec;n 3%-0060
2>·'1l?"l>obO<J;?O. ob b(!?000 n8n(!)ro8, f'iM8 JMf'i3Mf'i0enoon, MM8oec;m0 008rol.io30ec;o b(l(!(QOO 18,333,333$-'bo 8o@i ll?oo00'bM6Clo,
dof>om><J;?O<J;? ob(!l006 35%-006 0.:.60J3oml.i.

li.:i 0.:im.:ili.:ib.:im01 0.:i6"J 3omli -

8"!.:l?"li"b"moli .3fil01ea6<!!.Jli, ()6{l?<> OtJMli - iJOM{l?iJO<'.>

19
 1.
;,80111\<§n'b>ono
Depredation - dnll\nmol!?n
od@Jn3oonli C<OM:JO<Je:.>:JOOU
linli@J:J8<JMn 301J?o@Jo60
Cl::id86ne:.>/ooll\8"'Do<Je:.'
:311\"'i!?<JdGnoon 3061.io'b-
C<3M<Je:.>n J:JMOMIJ?OU
306803e:.>M00on, <;J0606li<JM
063011\na::ioCln 0li0b3001
IJ?0/06 lio301J?0liob01!?01
l!?:JJe:.>OMnM:Jonli0li 06
01Pin3::ili013nl> o<'i0101J?.
cll\qio30 oorot'i<§o'b,:,G°"
Siraightl.' lirn.• depredation
- 0801<'i@Jn'b0ennli 8::i-
01011J?n, Pi018e:.>nli IJ?<'i"'li
J0:ln@J0e:.><JMO 0d@Jn3::iooli
e<n<'i::io<Je:.>oool> 301J?0@J060
b0<'i.'Ji:ooClo blJ?:JC» 0d@Jn30-
ool> UM<Je:.>O 08MM@Jn'bo-
M:JOOU IJ?MMOU
306803e:.>MOOOn JMM-
JMM(30<Je:.'01J?.
Cl?"l'>d0t>in<'>·w.:;:o
.:,8ror'S@Jn'b0000
Accc1crated depredation -
0801<'\@Jo'boeoob 8om"'IJ?o,
<'i"'8e:.>oli 308"'tlD6::iool>
IJ?Mr<1U0(3 blJ?:JOv Jv:lo-
@JOe:.><Jl'in 0d@Jo3oooli
C<OMOO<Je:.>oonb l>oM0<;JO
f\o8Mb:JMO boM.'Ji;:JOOn,
3n1J?MD bM<;Jn30 o8M<'i-
@Jn'boennl> IJ?MMl>.
20
0<>6<>J30010. 8.:i0<>e::.>001<>Q?, 01001MD(Je::.'0 Q?<>8<>&000010 Q?Me::.><>Mo, Clo8Mb<>3e::.>ob
50,000$-'bo 'b::13001, od308Q?oo<>MD0<> &<>Q?<>b<>b<>Q?b 25%-o.:i6o 0.:i6<>J3001001, b.:i6.:i8
Clo8Mb<>3<>e::.>O 75,000$-b. bMe::.>(Y) Clo8tQD8 0<>6<>J30010 btQDO<> 34%. b<>d(J<le::.'(Y)
3<>13.?<>b.:ib<i(!?Ob 0<>6<>J30010 JM8d.:i6oob013ob o'bM8oo.:i MO<>e::.>()M<>tQ &<>Q?<>b(!?Oe::.10 &<>Q?<>b<ib<>tQDOob
8"tJM'Bo01 b<>&<>tQ<>b<>b<>tQM a08Mb.:i 3.:ie::.>'bo. 8.:i 0 <>e::.>001<>tQ, JM8.1.:i6o.:i, MM8oe::.>b<>G .:id 3b 100,000$
Clo8Mb<>3<>e::.>o, b<>Clo8Mb<>3e::.>M 8"Q?<>b<>b<>Q?'bD obtQob 22,250$-b Cl?" .:i8o&M8 8obo b<>d()<>e::.>M
3<>13.?<>b<ib<i(!?Ob 3<>6<>J30010 <>Mob 22,250$ 0 <itJM'{30e::.'o 100,000$-'bo, .:i6(J 22.25%. 6.:i&<>M<>
JM8.1.:i6o 0oob013ob (8.:i 0.:ie::.>001<>Q?, MM8e::.>oob.:i 8 .:id 301 335.000$-'bo 6<>Je::.>ooo a08Mb.:i 3.:ie::.>o) 8.:i6-
bb3.:i30o.:i b<>O(J<le::.'(Y) Cl?" o<>tQ<>b<ib<i(!?Ob 0<>6<>J3001oob dMMOb ooode::.>oo<> OtJMb
860036oe::.>(Y)3"6o. 01()80.:i b<>d(J<>e::.>M !:!?" 0.:i6<>J3001ooo 0M010<>6Q?ooo.:i6 34%-Clo
JM8.1.:i6oooob013ob, MM8e::.>oob<>G .:id 301 CJ 08Mb..:i 3.:ie::.>o 335,000 !:!?" 1o 8oe::.>oM6$-b ClMMob.
JM8.1.:i6oooob01 3ob, MM8e::.>oob<>G .:id 301 b.:iCJ 08Mb<> 3e::.>(Y) 8 .:iQ?<>b<>b<>Q?o 18,333,333$-'bo 8o&o
DM010<>6Q?ooo.:i6 35%-o.:i6 0.:i6<>J3001Clo.
o<>tQ<lb<ib<>tQO. JM8d.:i6ooob <>M 8MbbM601 o<>tQ<>b<ib<>tQOb
8"C!?"btQ<>, .:i8o&M8 obo6o obbM<>'{330.:i6 ob<>M8DOe::.>M6 tl3De::.'" 3.:i8Md30013001 !:!?" (JdOM<>&obM0001,
M<>b<>G 8.:i01 .:ide::.>o301 J<>6M6o. Clo!:!?o 8"C!?' Cloe!?" Clo8Mb<> 3e::.>ooob b.:i8b.:ib(JM8.:i b."3 0-
oo<>e::.>()Mo 80608<>e::.>(JMO 8"Q?<>b<ib<>(QO 08 JM8d.:i6oooob013ob, MM8r::.>oooo OtJD6ooo6 <>bo01
3.:i8(Y)d 30013 0ob !:!?" b."3ooo<>e::.>(JM 8.:itQ<>b<>b<>tQb 0f5MQ?Do" <>e::.>&DM6<>&o(Je::.>o 8o6o-
8<>e::.>()Mo 3<>13.?<>b<ib<>Q?O (AMT). 3<>13.?<>b<ib<>Q?O - <>e::.>&DM6.:ie!Jo(Je::.'O 80608<>e::.>(JMO b<>3<>13.?<>b<ib<>Q?M
Clo8Mb<>3e::.>ob (AMTI) 20% - 3<>8MotJ0600.:i 8bMe::.>MtQ 08 Clo801b303.:iClo, MMQ?Db"G AMT
8"C!?""if"MODOb JM86.:i6oob R3D(Je::.>DOM03"C!? 3.:i8M013e::.>oe::.> o"C!?"b.:ib<i(!?b. 08ob013ob, MM8
8"'{3<>M01M3Q?Db b<> 0<>Q?<>b<>b<>(!?M Clo8Mb<>3e::.>ob o.:i 'b.:i, AMTI 0.:i8Mo.:i63.:iM0Cloo<> tQ<> 'b(Jb&ooob
3.:i8MtJD600001 Clo8Mb<> 3e::.>ob 08 8(Jbr::.>ooob01 3ob, MM8e::.>oo8.:io <>Q?MD 'bM 0ooM010
b<>o<>Q?<>b<ib<i(!?M
8<>tQ<>U<ib<>tQ[JOO. 6ooob8ooMo UO(!?OQ?Ob JMMdMM<>oooob 8Mo01bM300.:i01 8"Q?<>b<ib-
"tQDOOb J3<>MC!J<>e::.>(JM<>tQ 3<>CQ<>btQ<>. b."3ooo'BoJ(JM<>tQ, J"e::.'D6Q?<>M(Je::.>o f5e::.>ob 0.:i68<>3e::.>Mo<iClo,
JMMdMM<lGODOb 8Mo01bM300.:i01 8"C!?"ob<iQ?M6 8.:i010 £506.:i .:i6 8o8!.Qo6<iMD f5e::.>ob &<>tQ<>b<ib<>tQOOOb
25 dMMGD6&o 8o8!.Qo6.:iM0 f5oe::.>b, 15 .:i.1Moe::.>b, 15 o36obb, 15 bDd&o8o 0Mu C!?" 15 !:!?DJo8o 0Mu .:i6
.:i8 MMCQDb"G MD<>e::.>()Mo Clo8Mb.:i 3.:ie::.>o 8.:i6bb 3.:i 3C!?oo<> 8oR6o(Je::.>ob 0.:i6, JD01C11oo<>
CQ<>'b(Jl>&oo<>. JM8.1.:i6o.:i8 MM8De::.>b<>G .:id 3b J"e::.>D6!.Q<>M(Je::.>o f5e::.>ob 8obotQ 3001, ()6CQ<>
.:if5.:iM8MMb 3<>Q?<>b<ib<>tQDOob b<>OMe::.'MM 3<>!.Q<>bCQ<> 8M8<>3<>e::.>o f5e::.>ob 15 8.:iM&ob013ob.
08MtriC1.>o'b.:>(30<l . .:i8MM&o'b.:ioo<> <>Mob J<>do&<>e::.>(JMO, doM001<ltQO, <>d&o3ooob
bob&D8(JMO o"C!?"C!J"6" Clod86oe::.>/f5.:iM8MDO(Je::.1 dMMtQ(JdGo<iClo 0<>6b.:i dDMOM(QOb
3.:i68.:i3e::.>Mo<>Clo. 'Bo6.:i6b(JrYio .:i63.:irYioCl 0ooob.:i013ob C!?" b<>&<>tQ<>b<>b<>tQM C!?DJe::.><>rYiorYiooob.:i013ob
JM86.:i6oob b<> 0 <>!.Q<>b<>b<>Q?M Clo8Mb<>3e::.>00Clo .:i8MrYi&o'b.:iooob 3.:i8Md30013000 0 .:i6oboe::.>oo.:i
rYiM8MMG JM8.1.:i6oob . .:i8MrYi&o'b.:ioo.:i .:i8 8 orYioob b<>&<>tQ<>b.:ib<>CQM CJ 08Mb<> 3e::.>oob.
.:i8o&M8, M<>G ()'{3MM 80&0<> .:i8MrYi&o'b.:iooob 0<>8Md30013<>, 8001 tQ<>O<>e::.>M o<>tQ<>b<ib<>tQO . .:irYibo-
OMOb .:i8MM&o'b.:iooob bb3<>tQ<>bb3.:i <>e::.>&orYi6.:ie!Jo(Je::.'O 8001MCQ000, 8.:i01 rYioob3Clo.:i DM'('3030 C!?"
8001MtQDoo . .:i8MrYi&o'b.:iooob 8001MQ?o Cloode::.>oo<>
0 .:i6bb3.:i3oo(Je::.>o OtJMb b<>3<>Q?<>b<>b<>tQM Cl?" Cloe!?" 'Bo6.:i6l>(JMo .:i6 0.:irYioCJ 00 oob013ob. JM8.1.:i6oooob
()8D&DbMo<> otio6oob tQ<>Rd.:irYioo(Je::.>o .:i8MrYi&o'b.:i 8 oob 8o01MtQb b<>&<>tQ<>b<>b<>Q?M 8o'b6 0oob013ob
- ob 8001MQ?O (J'bM(J6 3or::.>tJM'Bb <>d&o 30 oou bf5rYi.:i'B R.:i8Mo0rYi.:ib C!?" CloC!?Oo"C!?·
b<> 0 <>tQ<>b<>b<>tQM CJ 08Mb<> 3e::.>ob a088 oMoo.:ili.
1986 f5e::.>ob b<>&<>tQ<>b<>b<>tQM rYio'BMrYi8.:i (J'Be::.>oo<>b .:ide::.>o 3b JM8.1.:i6o 0ob b<>o<>tQ<>b<>b<>tQM
8o'b6ooob013ob 0<>8MOtJ:J6M6 tQ<>Rd<>M:JO(Je::.10 .:i8MrYi&o'b.:ioool> 8001MtQO· :Jb o6MOOe::.>o<>, MMoMMG
8MtQo'BoooMoo(Je::.'o CQ<>Rd.:i<'loo(Je::.>o .:i8MrYi&o'b.:iooob bob&o8.:i (MACRS, 3.:i8Mo01d8ob ,,8<>J-
o<'lb")7. MACRS-ob 8obotQ3001 tQ<>6<>tQ3<><'10, C!?" (Jd<'l.:i30 d(Y)6oo<> OtJM'{3<> <'13.:i
Je::.><>b<>tQ, MM8:Je::.>OG b<>d()<>e::.>oo<>b ode::.>o3" 8.:i010 8Md8otQooob (QMM, <>6()
dDMOMtQO C!?" .:i8MM&o'b.:iooob 8001MtQO. b<>J(J01M:JOOU Je::.><>bo,
MM8:Je::.>dOG b3!.Q:JO<l Db<> 01() ob <>d&o30, .:i8 <>d&o3ooob
dOMOM(Qb .:i6 d:JMOM(Qb b<i 0 <>!.Q<>b<ib<>(QM 8o'b6ooob013ob. 8Md8:JtQOOOb :Jb
3"1!?" CJ 0ode::.>oo<> 3.:i6bb3<>3tQ:JOMtQ:Jb Clob.:io.:i8obo <>d&o3 0oob 3.:irYi 0obo.:i6Moob .:i6 DJM6M8oJ()Mo

"j@Jn3060G Jc::>"l>o<'>o
MACRS 8obo(Q3om
0801M@Jo'b0onnl; 8omro\Rn
MM8c::>nl> (J?M<'>b0(3 0j@Jn·
3oonG l>06>c::>>6l>01
<'>CJc::>o<>> 8eol'i(QJO"
'1Jndlinl'io6CJc::>n :Jl'lm-
G06@Jnm 8"'3Jt':?O bc::>nl>
(Q>l>>oBol>oo.
2.
3 200%-0060 8M0(3.:>3u .:id&omiol> 4
.30MoM(!{001, 03@JM8,)6d.:.6oooli (!{O 8li()O(JOO @i301'1018'bol!?o6oli ,,od@Jo306oli
o8MM8o'b"Gooli 1'1oo&n60 oli" (ADR) lioli@io8oli ooli"6"8oli"tQ, "0@>03060 '.Si:8()'13!QOO"
00 06001 (!{o b.:.'bo6oli
tQ0.3"1'18"8o68nli 8001'1 ("lio nOM!QOO" .:.Clo-Li '(30o,.,6li01" li"8o6oli@il'1M, MOtQ·)·
5 200%-oo6o 8Mo(3.:i3li .:id803ooh 4-cr:"6 10 3"tQ001,
ADR-ou 8obotQ3001. 8,.,li(lo "li030 oocr:oli "38M8o6d,.,6oon, 8li()o'()do 8301'1018'bocr:ooo,
(J8o@ioliMOo (!{o 6"b::J3"MC,o8@J.:.Moooli
O,)M8Moooli013oli, JM8()8"GO(JMO 8(30MO
(!?" U.)8o-
(!?0(306M Jr<i8.3o(J80MOoo I!?" lioM'(3nlio
7 200ofi>-oo6o 8Mo(3"3li od@Jo3ooli 10-cr:,)6 16 3o(!?OOl
ADR-oli 8obocr:3001 cr:.:. 8MoG"3li 80()1'16or<16oli "lio30 boM'(3olio
"30'.1{.li I!?" lib3.:. 6oooli8ool'1 dM606,.,li, Jo6M6o
10 200%·0060 8M0(303li od@Jn306u 16-1.1{06 20
3"1!?001 ADR-oli 8obol.!{3001.
15 150%-o.:i6o 8r<10(303li .:id@io3ooli 20-cr:.:.6 25 3ocr:n01
ADR-oli 8obocr:3001. tQo liotQ0()1'1ooo.
20 150%-0060 8Mooo3li od@Jn3ooli 25 80@>03.:.mo01
ADR-oli 8obocr:3om. vdl'1030 dM6oooli0.:i6 0 06lib30300001.
27,5 08Mf'l<!!Jo'bot'1:J0oli 8Mo(303li
dM6o6.:.u.
39 6t'1<(3030 o8Ml'1@Jo'bof'lnooli 8r<10(3.:.3li lib3.:. vdti103 d[YJ6oo.:ili.
8obo(Q3001. b.'.>J(J01MQOOb Jc:::>ol>oooli 2. 1.
(06caMt'180(30o .::i8 li<:>Jo01b0106 (QC>Jo3oo(i)Doo01 8Jo01b3oc:::ili OQ()dc:::io0 ()'BMM (Qo03Mn-
8ModoMli on(Qo 008Ml>.:.3c:::inooli JM(Q:Jdlioo).
3063obnc:::'M01 'bM80:JM010 08MM0o'bo(300\.i 8:J01M(QO, bfiiC(lo30
01() oodo6oc:::io 0d@>o3oli oMoli boJ()01M:JOOb 8ob()Ol:J
0Qo(Q8Q6li 10,000$-li, 80006 308Md300130 bM'13030 o8MM0o'bo(300b 308M-
t106noom od6000 10,000$/5 06() 2,000$ (8.:.3.:.c:::io010(Q, l.i.:.3o(Q0liob0(QM 8o'b6oooli013oli 8Mlio-
li.:.c:::ioJ3o(Qo(3of'l ,:,(;) ob(Q:J6li .:.8MM@)o'b0Gooli
300630MOO:J00'bo).
boCh'.l:::.::'<>EiliM O:JB(3nM::J001QO o8MM0o'bo(300 - 08 (QMMli 0d803oooli 60(;)1'1060
003001000 ,,'13odlioM:JO()c:::' .3MM(3Q6@)o" (oodo6oli (Qo8MM3:J-
O(Jc:::>O o8MM@)o'bo(300). o8MM@.Jo'bo(300b 308Md300130 b(Q:J00 oc:::ioli (Q0bobtiolioo.
MM(Q:Jlio(3 c,.::i8MOtJQ6oo.:i o.:ic:::i.:i6lioli O:J8(30MQOOl.i MM8.:i30 8QOlM(QO (DDB), 11306 JMD-
<(30(30:J6@.Jli .:ilio: 1 38M'(30l .:id003nooli o8MM0o'bo(300li 30(.Qo'b:J - oc:::inooli MoM(Q:J6Mo.:i'bo.
oo8(Q:J8 JMQ<(30Goo6@.Jo MM'b:J (lib30 l.i.:io.:ic:::i.:i6liM Clo8Gor1oo.:i\Qo .:i8Mr1@.Jo'b.:iGooli
8:J01MIQ:JOO OtJ:J60006 lib3.:i '(3MM8(Jc:::':J0li). o.:ic:::i.:i6lioli O:J8(30M:JOOb 8:J01MIQ:JOOOl o8MM00'b0(300b
dot'lo01.:i1Q 6oooli8oo<"lo .3o<"loM(Qoli013oli .:id3li oo8(Q:J80 li.:ibo:
m(l/n)NBV
li.:i(Qo(3 m .:i<"loli 8:JOlMIQOli G3c:::>o(Qo, MM8.:i30 8001M1Qoli.:ili od6oo.:i 2, n .:i(i)oli .:id003oli .:i8Mr1@)0-
'b0Gooli (QMM l!(o NBV .:ir1oli .:id@.io3oli 0806(.Qo li.:io.:ic:::i06lif'l oc:::ioli (Qoli.:iotiolioo.
liooMobc:::ioli 8dM6Q $10,000-oli .:id@.io3oli .:i8MM@.Jo'b0oooli
onc:::ili DDB 8:J01Ml!(OU 008f'ltJ:J6ooom od6no.:i:
2(1/5)$10,000 = 4,000$
l'\30 61.i 2(1/5} ,,'Bodl>o<"loo()c:::i .3r1Moo6@.Jli", 06() 40 3MMG:J60li,
0 .:i8Motio6oo.:i 08061!(0 60r1f1060
<:>8MM@.Jo'b.:i(3ooli 308M.:i63.:i<"loooo0 8Mbl!(:JOo 8:JMM:J 6.:i<"lf1o6o
d[J01Q8Q6G 6000$. o8MM0o'b.:ioo.:i 8:JMMQ od6oo.:i:
2( 1/5)$6,000 = 2,400$
21
 2(1/5)3,600$ = 1,440$

O?<> <>ho 0080?00·

.:>8Mtil&o'l>.:>(300U Uoh&38<>. Q?<>fld<>-

MOO(Jt!:!O <>8MM&o'b<>(3ooh hoh8n8<> 0<"i8Motm6n6<> 3, 5, 7 Q?<> 10 ot!:!n<>6o Jt!:!<"iho6oh <>dt!Jo-
3n6oh013oh (<>U03D [JOMQ?OO" 200%-0.:.60 Cln8oofi)n6oh nli 8()0lMQ?O ClnBO?:Jo o<>Q?<>Q?oli
66)cao3 <>8MM&o'b.:.oooli BnmMQ?'bn 6<>Mfl[J6o
<>d803nooli013oli, 8onJ()Ol36oo<> 15 Q?<> 20 .:.8CYJM&o'bofi)nooli
0<>8Mo8n6oo.:. 150%-0.:.60 CJ080061no.:.Q?o .:.8CYJ61&o'b<>oooli BomCYJQ?o
0M<B03 800lf'1Q?'bo Q?MMOh 8M6.:.J3001Clo. 061'Bo30 <>8M61&o'b<>oooli
8[JOlMQ?O ()6(.Q<> 08Mh (Jd61.:>30 dM6[JOOU013ol.i.
CJ 088 oMno.:.i:!{ 8n01CYJ!!?01<>6 ()6!!?<> 8 .:.8CYJo 8n6nof'1!!?nli
8o(.Q 0 M8.:., 08 <>d8030 .:.fi)ol.i 8o(Jb[JCQ"3"!!? 80(.Q3oli
. .:.61hnoCYJoh .:.lio3n .:.8CYJ61&o'b.:.Gooli 6<>bo3.:.610 08
.:.d&o30 0M80(.Q<> .:.6 0 <>8M30(.Q<> 8M8l.i.:.bvt'i1noo(.Q<>6. OJ() .:.d&o30 (J'BMM Bo&o b6001
3<>8CYJ08n6no.:., 30(,Q61[J aouo <>8M618o'b<>oooli .30MoCYJ(.Qn<>, (.Q.'.>0Cl3no<> <>8CYJ618o'b.:>(300U
8 .:.<>60<>MoCJno.:. .3o61oM!!?oh CJ 0h.:.o.:.8oli<>!!?·
5 200%-0<>60 <>d803oli !!?"3()Cl3.:.01, 61CYJ8 .:.d8030,
10000$, fl3n60
Cln8oo61nooh 2(1/5)=40%, 61M 0M61G .:.8M61&o'b.:.Gooli
.361M(3()68li. 01v80.:. 0<>8MotJo6no<> Cln01.:.6b800<>,
<>8o8M8 .:.8M618o'b.:.oo<> Cl[J.'.>(.Q8[J6h 20% .:.6() 2000$-h. 8[JMOlb0
3<>(,Q<>30(.Q()Ol 66)cao3 <>8CYJ61&o'b<>(3o<>'bo. <>U[JOl 3001.:.fi)no.:.Clo <>8MM8o-
'b<>oooli nd6oo.:. Cln8!!?n00 li.:.bn.

\l8PlM<!!i0'b\lGOOl.i
6\lMf\::JGO !.'WM::Jo
0.:iaPJ.:iGo\lMOcJ::Jo.:i \l8PlM<!!JO'b\lGO\l
$

0 $10,000
1 (0.2)$10,000 $2,000 8,000
2 (0.4)$8,000 3,200 4,800
3 (0.4)$4,800 1,920 2,880
4 $2,880/2.5 6. 1,152 1,728
5 $2,880/2.5 6. 1,152 576
6 (0.5)$2,880/2.5 6 576 0

61CYJ8 66)'Bo30 <>8MM8o'b.:.oo.:. 8nCYJmbo (.Q<>U<>D8ohClo 6806!!?"

anh.:.an OtJf'1'B.) M.'.>M(.Q[J6CYJO.)'bn.
3"U?" .:.61oh 2.5 DJ(Jm 36oh .3610600.301.i Bnnd3hn
annd3lio od6oo.:. 576$ <>6 0M<B030
.

.:.homo 0.:..:.6a.:.6)oCJnooooh 08('11.i Cl61M8.:.& 03 .:.!!?o),

3<>8CYJOtJ06M01 h<>OtJOUO .:.8MM&o'b.:.(300h .3MMGn6&oh Cloh.:.o.:.8olio
.:.d&n3oh013oh (6<>bom 2.1), b.:.'l>o6oli aooM .
Mmbo J<>808MMooh .:.d&o33ooh <>8MM8o'b<>(3ooh d308Mm .

22
 2.

3 61.:'.;'0.)60 5 61.:'.;'0.)60 7 61.:'.;'0.)60 10 61.:'.;'0.)60

1 33.33%
2 44.45 32.00 24.49 18.00
3 14.81 19.20 17.49 14.40
4 7.41 1l.52 12.49 11.52
5 11.52 8.93 9.22
6 5.76 8.92 7.37
7 8.93 6.55
8 4.46 6.55
9 6.56
10 6.55
11 3.28

100.00% 100.00% 100.00% 100.00%

ob R30 6o lfo60
!Q0 0 08(Y)o1:106000 08(Y)l'1@.lo'b0ooob
Cln8b(Ji'>(Jd::Ji'>nb 2003 800Goo .3!'1o'bo!Qo6@.l80
0()080 8(Y)00:JM0 OJ(Y)b(Y)80JOG J06(Y)6G !Q0li0d8000G, 'bM!QOG Cl?"
!Q00:J()3MOb 008li(JO(Jdoooli 2003 0d@.lb (JGTRRA). J0b(Y)6G <>d3li JoM(Y)00,
()80@.lob(Y)o0 .:i<"ioli ,,!QM(Y):Jonmo". 930606lioooli li@)()IQ06@.>ooolim30G
0 0Eili0J(Jm<"iooom o1'1mo Jo!'1(Y)o0,
8(Y)0b1Q0Ei(Y)G J(Y)8.306ooli 0 01Q0li0b01Q:JOob c,<>1Q<>b!Q0 'bo IQ<>
0061Qoooli Cl?"o:Jo830G do!'1om<>!Qo Jo!'1(Y)o0 .:i<"ioli ,,o(Y)Ei()li(]Mo .:i8(Y)<"i&o-
'b0000G 00'bl'11Q<> Cl?" 0 0930Mm(Y)oo0". d308(Y)m 08 li<>Jnmboli <>C20:JM<>.
(]9JM(Y) G08(Jo<>(Y) ood86oli Cl?" IQ<>b80<"ioooli 2002
J06(Y)6oli (JCWAA} m060b801Q, oo'b6olili 6000 !Q00Mm(Y), 0d@.>030G odli-
0 080101:10Eiooo60m 30 Jl'1(Y)o0Ei&o060 001Ei(Jli(J<"io .:i801!'1-
&n'bol'10ooli 0 060J3omo - .
.:iliom 0d@.>03m0 l'1oob3000 0od6oJ<> !Q0
80 01'108 o0 o .:i!'ii 8010(303G (Jdl'103 d016060G Q0 oo6(Y)oo6li. <>d@.>030 (Jb!Q<> n1:101li
2001 10 liod@.>080!'101Q06 !Q0 2004 11 bod&o8ofii081Q:J· o(Y)Ei()li(]Mo .:i801!'ii-
@.>o'b0000 c,<>Q<>b0b01Qnb Cl?"
c,<>IQ<>li0b01Qoli 0 005 0 0!'iioooooli0m3ob {AMT).
!Q<>80@.>ooom, 6o'bEiobli 80000 MACRS .:i8(Y)l'1&o'b0(3oob
m(J8(3<> b0J(Jml'iiooob 08MM@)o'bol'1000G !Q0 ,:,8(Y)M@)o'b0-
800 !Q<>80@.>06om 'b(Jli@)IQ::J00 0801tii@)o'b0000G 0 08Md3om30G .:ili0b3om.
1Q<>li0d8060G, 'bMQob IQ<> Q06oc,36ioli oo8b(JO(Jd06ob 2003 <>d@.>ob (JGTRRA} 8obo1Q3om,
08MM@)o'b0000 Pl(Y)()MM(3 ,,6M5(Jli(JMO 08MM@)o'b0000",
o'bP1CQ000 30%-1Q06 50%-81:1?0 <>d@.>030G G051:1ob (08(Y)6i-
@.>o'b::io01:1?) 50%-0060 OMb(JG(JMO 08(Y)M@.>o'b0oob <>d@.>030000 0Moli oli 0d@.>030,
nd6000 30 .3MMO:Jb@.>0060 O(Y)b(jb(JMO 0801M@)o'b0ooom (1?0
06 2003 5 80olioli Clo8Cl?Oo !Q0 2005 1 0063&i081QO.
c,01Q0li0b0!Qob .:iofiiR001G 50%-0060 oMEi()li()Mo .:i8(Y)P1&o'b0 8 00
<>M>n30G 08 008mb303000 c,<>!Q<>li0b01:Qoli
od308Qo60M::J00 30%-006 OMO(Jl.i(JM 08MM@)o'b0(30<>li, M<>CQc,06 JGTRRA 0930Mm(Y)ooli 30 .3MM-
00Ei&o06 o(Y)5()li()M .:i801fii@.>o'b0000b <>d@.>03000Gm30G, 8Mb806io-
60Gm30G 2005 1 00636>08CQ:J· 0 013.?0b0b013.?oli
Clo06>Ro(Y)G 30%-0060 OM6(Jli(JM 08MM@)o'b0000 Q0 !.!?"Od3:J8!.!?oo0M01b
0 0!Q0li0b01Qnli 08MM@)o'b0(300b.
{50%-0060 oMEi()b(Jf"io .:i8MP10o'b.:iGoom): 2004 1 bnd&o8o::i<'1G
,:,63061000noom oo'b6nG80 03odo6;, !:!!" 8M8b.:ib(JM::J6ob bnd8MMOo 30fom03b.;
$100,000 5 .>d803ob oo'b63b(h 8MombM3Mb
(2004 ll.) 08MM80'1:>.>t::Joob 60,000$ - <>Ei() 50,000$ oMEi()bob .:i8Ml'i1-
i§o'l:>.::iwi0b (!00,000$, 50%-'b3} 10,000$
MACRS .:i8<'1Mt.!!>n'b0000
[{ 100,000$ so,oOO$) 20%-'bnl· a3M6l::J (2005 o.) MACRS
.:>8MMt.!!>o'be>(30C> odEinoc. 16,000$ [(100,000$ 50,000$) 32%-'b3]
!:!?" .:.Go aoaf.'QDo·

23
 'b:J8M01 n:J'?3:Jd<f!Jo<>6o" <>8MM<f!Jo'b<>(.300ll .3MM(.3:J6<f!Jo
<>Moll CQOCQO 60% [(50,000$ oM6(Jll(JM <>8MM<f!Jo'b<>(.3o<>ll 10,000$
<>8MM<f!Jo'b<>(.3o<>) 100,000$ ll<>58oll
8:JMM:J u0'?3Dd<f!Jo<>6o" <>8MM<f!Jo'b<>(.3o<> <>Moll 16% (16,000$ 100,000$-'bo) CQ<>
<>llo Clo8CQD8·

M<>{!;/8<>6 ,,oM6';'.)ll'(Jfi1o <>8f'1M&o'b<>(.300ll" 0<>8f'1d3om3<>ll 3"U!" o"';:JU?Oll 2004

mj3:J6 u<>3<>fi1<>'(){!;/01U/ <>M o:Jd6ao<>m <>M(.3:JMmo ,.0016'(JU'()Mo .:,801fi1&o'b<>Goou" oa8mb3:J3<>
8'(JO<>f'10oll<>ll. '()'?3M01 8a&oG, f\3060 U?" .:,801(.3<>6", 8010G<>3ll MACRS
<>801M&o'b<>(.3o<>u, o0601t11ofi1:JO<>u 8"(JJ:JOl:JOll "orr>6'(Jll'(Jt11o <>8rr>fi1&o'b<>Goou" .3ot11MO:JOU.

{!;/<>08.:,bllM3M:Jm, 8o()b:JU?"3"CQ o8oll<>, MM8 JM68M:Jll8<> CQ" 0 <>'b<>MQ?<>

u(!?MM:J00010" 30%-0.:,60 OMfi(Jll(JMO <>8MM<f!Jo'b<>(.300ll dOMMO<>, ,.(!?Mf'1:J00010" OM6(Jll(JMO <>8MM-
<f!Jo'b<>(.300ll .3oMMO:JOO ollo3 CQ.'.>OM(J6Q?oll 01d306ll - <>U:J
MM8, 08<>3001 8'b<>(!?. 01() C,U(JM01, 8o<f!Jo JCWAA-'bo, :JU<f!J(J8M:JOl 300-03:JMQ?U
JGTRRA-'bo 6"bom

- {Q030Q?:J6awoou U<>.306iou.306iM(!?. JMM.3MM<l(.300U

.3MM(.3:J60!Jooo M(Y) 8(Y)MG CQ<> 0<>8Mod300100<>
01()8(.3<> .:i6 <>dGono'bo (!?030-
Q?D6Q?.JOO .:iti1 0.:i8Mod300100.:i .:iuo01 3om.:iti1oo<>Clo, 8"C!?"u<>b<>Q?ol>
JM8.3.:,6ooll013oll llb3<>Q?.:>llb3.:i 0.:i8M8:J6:Jo<>
01.:i3ou 01<>6<>l:Q<>'?306.:,6ll.JO<>do ll.:>8<>Q?.:>U.:>b<>l:QM
Cloc:!<>3.:i01ooll .:i6 .:idGooooll 0.:i8M8:J600.:iu01.:i6 Cl.JQ?<>ti1ooom.
01() JM8.3.:i6o<> b3l:Q:JO<> 35%-o.:>6 u.:, 0.:>Q?.:>ll<>b<>l:QM 8<>6<>J3.J01do !:!?" ou obl:Qoll 1$-li, .3ti101(3:J6<f!Jou
li<>bom, <>8(3oMoou 01.:i3ou 8"C!?"li"b;.,Q?t.i 35 G:J60!Jom, M.:>Q? 0.:i6 oli 1$
0<>8Mod300100<> <>8 JM8.3.:i6ooli .3MM(.3.J60!Joli 1$-ou 8"l:!?"li"b"Q?oli Clo8l:!?ooo
.)MOU 65 (3.J6<f!Jo: 1$X (1- li<>3<>Q?<>ll.:>b.:>Q?01 0.:i6.:>J30010).
8.JMti1:J 8bti103, JM8.3.:,6oou 80.JM Q?030Q?.J6Q?.JO'b:J 1$-oli o<>Q?.:>li.:>b<>Q?OU
Clo8!:!?.J8 .:iti1oli 1$ - ti1.:il:Q 0<>6 .:i8 Clo8mb303<>Clo .:itTi .:,(i)oli li.:i 0.:>Q?<>li<>b.:>l:QM d.Jc:!"3"010. <>lio01
3001<>ti1oo<>Clo, 33<>d3li li<>3.:>Q?<>li<>b<>l:QM d:Jc:!"3"010, ()J<>3CloMQ?.JO<> lib3.:>Q?.:>lib3.:i u<>boli
!:!?"'?3o6<>6lioooli c,<>8('1 80 606.:ili, .:iti1 .:iti1liooMoli .:i6
.:idG000001 C!?"'?3o6<>6lioooli Clo8mb303.:iClo.
Q?o30Q?:J6!.'!1()6io JMM.3Mti1"G°" ub 3., JM8.3.:i6oou .:idGoooli.
131030!!106131000 - 01() oli oc:!ooli .:i8 .:idG000001 !J?030!.Q.Jb!J?.JOU, 8.:,Clo6 .:i8 1.Qo301.Qo6Q?.J6oli 70%
Cash dividend -
8"!.Q<>U<>b<>!.Q:JOOU8<>6 8 • li.:i 0.:>!.Q.:>U<>b<>!.QM JMti1.3Mti1.:>(3oooli
&>l>>Gaa 0oo
>j(3oro601'ioooli013oli (CQ<> .:iM.:i 06!:!?0 301.Qooli) u.:i 0.:il:Q<>l><>b.:il:Q01 Cloc:!<> 3.:imooli, ti1.:iCQ 8<>6 o8Mli
JMMdMM>(3ool.i 8"'&000131>6 8"CQ"li"b"l:!?o oti101li.:i !.Q" 08., 30 30% od 3o8!.Qo-
>dGool> 8obn1313001. o<>Moo<> 8.:>!J?<>bQ?<>li JMti1.3Mti1.:>(300l.i li.:>8.:>Q?.:>li.:>b.:>!.QM 8<>fi<>J3.'.J01001. JM8.3.:,6o<>,
oc:!noli 10,000$ Q?030Q?:J6!J?oli l:Q<>O.J83ti1oli Moood&o .:iti1oli
3,000$-li .:,8 35%-o.:i6o 8"!.Q<>li.:ib.:>Q?OU 3.:i6<>J3omoli C10801b303<>Clo, 8"!.Q.:>U<>b-
"C!!.'.JOO d:J.:>!.QQD6u 1,050$-li 3,500$-ou 01() Q?030!.Q.J6!.Q(Jti1o
ti1M 0Mti1(3 li<>0<>Q?.:>u.:ib.:>!.QM
<>6 d:JMOM(!?OO 8"1.'!1"8<>6<>. 01() JMti1.3(Y)(i).)(30.'.> 3.:i60(.3!.QOli 58o6Q?<>
doti1om.:>!J?o u<>d8o.:i6Moo!.Q<>6, 8<>Clo6 ou l:Q<>6<>J<>M 0 o
od6:Jli 2 506 <>6 .3.JMOMQ?dO 20 ti1.:i01<> oli

r<l(T]8 !3;/0301:!/06!3/oooG Clo8(T]G030cc:o 0 06m03oli';'J'l.J!:'.C?!3/Dli

'l.JCC:(T]O(Q::Jli Cloli0008obo ->dooooob 0000,i)b 0r<l060Jcc:oo 45 C\?C::O·
0doooooli 20%-b 06 80,i)li, ()0(Q0b0b0i:;:woob;y:>6
080b 0 0r<l(!?0, m';'J ,rr<l.3e<>r<l<>o00 '1Jcc:01oli lib30 J(T]8005onli 80% .:i5 .:idonooli, 8,)5
0 0or<lmo05oo';')cc:o li0 0 0CQ0li0b0(!?(T] l!/OJcc:0r<l000'" 08 008mb3030Clo 60011li8nor<l11 '13'ZJ!:'.C?0(!?o
o"C\?"C\?"5 000 08 (T]r<l li060r<1801(T] G0d8006(T]onli b';')onodoooli a(T]r<lnb, G0 0 0C!/0li0b"C!?"'
m30cc:li0'br<loliom, ,;r<l om3cc:oo0 C!/"3"1:!/05<:!?0001:!/ l!!" 0liomo 8"l!!"r<loob3000

24

Capita! gain!foss -
li'iM8c::>omv(3 do!i'iomv(QO
0J603000
<>l.foli'ioool> .,5 6"Jc::>ooo>
3olJ?li'iO 8.>mo :Joli'i3v6CQJc::'O
2.
008f'1od3001f'1b 08 6ooob8ooti1 .3oti1of'1CQ'bo 'b0ti1-
(J6CQ0 od6ob
.30MOf'1CQOb013ob. 01(] 3M8.306008 0060(3.:>CQ<> 2004 400,000$-ob
0103obo doti1001.:>CQO b.:>d8006f'100CQ.:>6, 806 01030CQ06 (]6CQ0 00CQ00<'.J).:>6f'1b ob CQ<>6030ti1 0o 2
006, 06(] 2002 01(] 3M8.306oob b(J'8010 8f'1c,000 08 00<>CQo06CQ0 400,000$-b IQ.'.> 806
C,0CQ00b0CQ0 C,0CQ0b0b0CQOOdO 136,000$, 80b 0.:>8f'1o<>6o0M0000060 8obo
o<>CQ<>b.:>b.:>CQOOO 2002 Mf'18 0830600060 8f'1c,000 b.:>c,<>CQ.:>b0b.:>(Qf'1
8o'b6ooob013ob. OOCQOC,<>CQ, 3f'18.306oob013ob od6oOf'1CQ0 Sob 8ooti1
136,000$-ob o<>CQ.:>b0b01Qob ()306 CQ<>OM(J6000. 01() 2004 CQ<>6030ti1 0 ooo 3M8.306oob
doM0010CQO b<>d8006f'100CQ.'.>6 ()'8Mf'1 80<'.J)o OtJf'1, 30CQMO 8f'10000 2002 60ti18060
OtJf'1b 2003 IQ.'.> o<>CQ<>b0b.:>CQOOO 08
01()8(3<>, 01(] 0806CQ0 CQ.:>6030ti1 0 o 3M8.306oob doti1001.'.>CQO b.:>d8006MOOCQ<>6 ()'8Mf'1 80<'.J)o
0c:;8f'186CQ000, 30CQMO o8o6CQ0 8f'1c,000 8obo doM0010CQO b.:>d8006f'100CQ06 b.:>80
oob0008ob0CQ 60ti18060 od6000 oo8CQOo 801000000 2005-
2024 08 801 0000b CQ<>6030ti1 0 ob
boCQOCQO, b<>c,<>CQ<>b0b0CQ01 J<>6016ooob 08
0d3b 0103obo 8o'b6ooo - 3M8.306ooob, 0d301 o8o6CQ<>
8f'1 0 ooob 8tiobooti1o CQ<>60 30ti1 00 oo, o0()8b(J6(]d01b
0d301 o8o6CQ<> 801 0ooob 8::iobooti1o CQ<>6030ti1 0ooo.
60'b(i)1J20 1J2<> 1J2<>603.:>(i)0 o. M011Qob<>(3 <>d<'.3Jo30 (ti101 0 01M(3 ob
ooCQ<> b.:>8b0b(Jti1ob 8ooti1) 000::ioCQoo0, 00ti180100 30 00 0 06bb-
303000, 'bti11Q<> .:>6 CQ<>6<>J<>ti1 0o 8001 001ti1ob. booti10CQ 83060 b<>c,<>Gpb0b0CQ01
ob<'.3J01Mo000 OtJ01 b.:ic,.:>CQ.:>b0b0CQ01
6.:i'bti1CQ001 CQC> b<>d8006f'100CQ06 001ti1ob IQ<>
'bti1CQ.:i ()"lJM01 1993
0 .:ioti101006ooob 306016ob 0106.:ib80CQ, J01ti1.301ti1.:ieoooob 'bti11Q.:i od308CQ00.:iti1000
0.:iCQ.:ib0b.:iCQoob 006033n01001 06 8.:idbo8()8 35 .3ti1f'1eo6&001. 30.30-
CQ0603.:iti1 0 ooo 0.:i801od3001no0 0.:iCQ.:ib.:ib.:iCQo6oCQ.:i6 6.:i 'bti1CQoCQ.:i6 .
.3oti10CQ0 00CQ.:ib0b.:iCQDoob b.:>3001bo 8o&<>CQ 01()8(3.:i 00801b303000 8306
0 3006<'.lJOMQbQob 08 .3oti1ooob .3oMC>CQO 0 .:>CQ.:>b.:ib.:>CQOOo, oo'b5obb -
8ob.:i3()01P'ionoob, .30ti1&6001ti1 0oob, o03 ti1 0oob 301a-
.306oooob) (QC> .:ideo01606Jooob. .3.:>M<'.3J5o01M0100IJ .:i6
J018.3.:i6oob 8006> 6ooob8oo6io bCQoo<>
8ob<>3()01Mob (8ob.:i3()01Moooob) (QC> C,0CQ00bCQ000 c,06033001001 .
.306JM36ooooob013ob 08'(]08.'.>CQ C>MOb od3b J018.301606<'.3Jo.:i60 b.:> 0 0CQ0b0b0(Qf'1
1o, 15, 25, 28, 33 IQ.:> 35 .36>01 80 600060. b.:i 00CQ0b.:ib01Qf'1 006.:iJ 3o010
0 0801otto6oo.:i b.:i 00CQ.:ib.:ib.:iCQ01 6i081Qo608 0 CQ016 0'b 0,
.3oti1ob b<'.lJ.:i&'ZJbob oob00.:i8ob0CQ - .:ifiob 01() .:i6i0 ob d016ioo6oo.:ioo
8::i01"80 .:i 3boob b.:i 0 0CQ.:ib.:ib0CQ01 j016ioo6 0o.:ioo 8::i01"80 03b0ob
b.:> 0 .:iCQ0b0b.:iCQ01 06 .:iP'iob ()"86i01bo. 01()8(3.:i
300 00 016ioo0Clo b<> 00CQ0b0b0CQ01 1Qf'1600 oo, 000b0ob
b.:ic,.:>CQ.'.>b0b.:>(Qf'1 c,06.:i33001b, .:iP'iob .:ibo30
008Md30013000 CQ.:> 00!:!;<>3001000,
.:iP'i 0 01Q.:iob0CQ016 0.:iCQ<>b.:ib.:iCQooo 8001, 3ob.:ie 0d 301 .
.3filf'1(3D68noo, Q;?o30CQD6!J?ooo IQ.:i 'h1'1i1Q.:i. IQ<> b.:i 'bo6ob
0108.:ib(Jdoo'bn 3ofi1d01 .3o<'1ooob od308CQ0-
00<'100.:i 0 0CQ.:ib0b0CQ001 CQ<>oo 03 61.:ib CQ016o'bo (.3<'1Moo6&ooo b.:i'bo6ob
25
 m.::.8.:ili()dc'.Jo'bo <>M od308cr;>oo<>Mc'.)O<> cr;><>oo33M.:il.i Cl0<>0oli !J;>M6o'bo)· m(J8(3<>, ()800.'.llio 8()6000-
m.:i8.:ili()dc'.)OO!J;>06 .3MM(3c'.)60ooo
3.:icr;>.:ili.:ib.:icr;>oooli3.:i6. 3.:icr;>.:ili.:ib.:icr;>li od 3o8cr;>o-
o.::.Moo.:i li.::.3.:icr;>.:ili.:ib.:icr;>M 3.:i6<>J3omli. 8o8cr;>o6.::.Mc'.J
o8o6cr;>.:i 6.:i'bMcr;>oli cr;><> !J;>030!.J;>c'.)6!.J;>c'.)OO
od308cr;>oo.::.Mc'.JO<> 15%-0.::.60 3.:i6.:iJ3oenom cr;><>oo33M.:il.i. 3.:icr;>.:ili.:ib.:icr;>oli
oli 3.:i6.:i03omo <>Moll 5% .
.'3.:it\J.:i3(i}.:i'?30 s. Clncr;><> JMCT;>Odlioli s .3.:iM.:i 3 M.:i'IJo 6no.:ili Mm.::.31.i .3.:i0<>M<> JMM.3MM<>-
oooooli .:i8MoMRoM6 3.:icr;>.:ili.:ib.:icr;>oooli 3<>cr;><>bcr;>.:i MM3MM(3 s JMM.3MM0(30<i8 . .::.8
<iMR03.:i6oli 3"Jc'.JO'lc'.)6om JM8.3.:i6o.:i 01;w606li JMM.3MM0(300l.i MM3.:i6o'b.:ioooli '13MM8.:ili, 8.:i3M.:i8
c'.Jd3::J8!.J;>c'.J6<>M::J6<i 3<>cr;><if.i.:ib.:icr;>f.i .3.:iM06oMIY\M6of.i '13MM8of.i O::Jf.i.:io.:i8of.i.:icr;>. 0833.:iM<>!J;>,
m3omM6 3.:i8Mo806M6 JMM.3MM<>(30c'.JOol.im3oli J<>6M6noMo
(J.'3oM<>0oliMoo6o, 8.:i3M.:i8 6oooli8ooMo li.::.3.:icr;>.:ili.:ib.:icr;>M
oooo. olio6o 8.::.M003<>cr;> 3.::.6.:iob<>!J;>::JO.'.J6 6o6oli8ooM 8M306.:ili MM3MM(3 .3oM<i!J;>
!J;>C> obcr;>oe>6 O::Jf.ie>oei8of.i 3eicr;>e>f.ieibeicr;>f.i ei8
. .:iliomo 8ocr;>3M8C> mei3ocr;>ei6 8eim MM8ei3 (!?C>O::J33Meil.i, mei6
cr;>n3ocr;>o6cr;>oooli lieibom - JMM.3MMC>(3ooli 8ooM
Q?n3ocr;>o6cr;>ooo 3 eicr;>eili.:ibeicr;>oli 3 eicr;>e>bQ?oli Clo8cr;>o 3 Q?C> eidooM6.'.JM.'.Jooli 8o 0M cr;>n 3o-
C!?D6cr;>o6oli 8nc;>ooei'b 0 3 eicr;>eilieibeicr;>oooli 3 eiC!?eibCQei. 6o'b6 0 t.ioo
eidooM6c'.)Mc'.J68ei Q?e>8ei0o6om 3ei8Md3omM6 lieid8oei6Mooli Clocr;>o3eicr;> 6ooob-
8ooMo Q?C>6C>JC>M30 8eimo .3oMC>Q?O
MM3MM(3 8ei6.:i8cr;>o JM8.3ei6oei (LLC)
3ei S JMM.3MMC>(3ooli 8b3ei3li (J.'3oMC>0.'.JbMo::Job, 8ei3Mei8 8(30M.'.J oo'bc;>(J!J;>306om
eiMei3omeiMo Clo'bc;>(Jcr;>3ei 0n.3'bo Q?C> Me>Mcr;>c'.)6M6ei'bo). 003Mo e>Jomo6li .3MM3-
6M'b0Mooeili, MM8 LLC 6o'b6obob 'IJMM8ei Mo(3bMoMo 3eiC!? 3 eio'b(i}cr;>ooei cr;>e> 3 eiC!?eiei3'eiM606t.i s
.3MM<'.>(30c'.J61.i.

lieibob 6o'b6obo bb3eiQ?eilib3ei beiMol.ibom 8Md8ocr;>oob '1306ei6b(JM liob0o8.:ioo,

O::JQ?3::JOC> Mo30 o6b0n0()0.'.JOObe> !J;>C> oei'bMc'.)OOl.i3ei6, o8lieib()Mc'.)OC> 6o'b6oli-
JM8.3ei6oo6li, J::JMdM .3nM::JOb !J;>C> 8mei3MMO.'.JOb. MM(3C> JM8.3.:i6oei <>Jomooli
[!!O Q?MMc'.)6om 063ob0oM.'.J6eili '13eilio.:i6 8.:ib eid3b .3oM-
Go[!!0(3 cr;>e>.3oMo JM60eid00 '(JflOi:>bb(JM o::r'bM[JOVJ06. ()'13MM MM8 JM8.3.:i6oo6ob ()8o-
b[!!aoo '(lo6o6L>vliio 0obMO.) 08::J6oob '1306.::.61.i()M 6.:i 'bMoob mei3olio eid00306ob !J;>C>'1306ei6booobm3ol.i.
o6li81iiv8a68aooG JM8.3ei6ooli <>dooo6oli b.:ioei'bMM 'IJC>bo .::.Mob JM8.3.:i6ooli oeiM8ei0ooob cr;>e> oe>M(J8<>0o-
U/o 0ei8MGQ?"· MM(!?::Jb<'.>(3 oo'b6obJM8.3.:i6oo6o JM6J(JM::J6oo.:ili (JO::J3.'.J6 ::JMm8.:i6omli .3MM-
C!?()dGoob o.:i'b.:iM'b::J, 8eim (J6Q?e> o8Md80Q?M6 '13o6ei61.i()M oei'bMoom.::.6 ::JMme>cr;>. ob
mo38MtjMO._
3<>Mc'.J8Mo6.:i MM3MM(3 '13o6.:i6li()Mo 80601GoMobm3ob, eilio30 '13o6ei6li(JM
8M81.ieib(JM.'.J0000 .30Mobm3oli, ei8o0M8 oli
c'.)dc;>36ooei '1306061.i(JMO boli0o8ob (!?<'.> 8()(!?803.:icr;> 3<>M::J8Mb,
bQ?o6.:i 8M'bocr;>3<>.

TIM<;t'lrll\ 8o'b0bO
::JJM6M8oJ<iOo <iMb::J6Mob '1306ei6b(JMO <>d003060. bb3eicr;>.:ibb3ei .30Mo6ol.i, JMM-
dMMC>(30::JOOb !J;>C> 8m.:i3MMO::J6oli cr;><i6.:i 'bM()c'.J6o !J;>MMOl.i d::JMOM!J;>Ob 3ei6lib3ei3cr;>o6.:i
eid00300Clo 8eimo 063ob000006ob3ei6. <>d00306Clo R3o6 33 ob om
liei36ooli, P1M3MM0(3 eiMol.i Clo6Moooo, 8eiMei3060 Q?C>
!J;>MMOO'l 3.:i8M8.'.J6c'.)6C>Q?O ::JJM6M80J<>Oo cr;><>6.:i'bM3::J60 MM8
063ob0ooooooli <>d00306Clo OJM6M8nJ()<Yio 3<>0Mmo.:i6ooobm3oli, 8eioo6
e>M od6::J6Mcr;><> <>Me>3ome>Mo 3e>M::J Q'.?<>'1306ei6booei, <iMei3ome>Mo '1306061.i(JMO <>d003000 (Q<>
e>Me>3ome>Mo .::.6 6ei'be>Mo. ::JJM6M80J(JM 3ei0Mmo.:i6ooeib od6o-
OMQ?C> b.:iJ8<>Mol.io '13o6.:i6t.i 0oo. 8o8Q?o6.::.M 0 beiM1Gooo, o63ob0oooo6o Cl?" eid003000
od6ooMQ?0 8o8cr;>o6e>M::J '1306.:i6b(JMO eid0030 od86o6ei

26

- 801Ji:::03"!!1""6n
'll"l>006n
(bo815n'l)nb !J/fO"' - of'i"
CJ8oeob 0f'imo 60i:;:n)
b"b3i:;:8f5m1301 !!?" JMMdM-
<"'>"(30';')i:;:o b"3"i:::"'
'll"l>n"6n
o" 'b"f'in. ob 0G333 8f'ln(3>3l>
l;"boi:;:85o'll"' 'll"bo"G
f'iM8i:;:m"
bo85o'llnb 3"1:!/"
008Mo33onb l:l/f'i"'l>
o"6nl;" 'bq3f'i" QMO'ln oi:;:nb
008!!/oo, a"of'i"a !!lf'i"'ob "a
8f"J8o6<§on a"mn
8M8bn'lJD0" l:l/000" of'im
53i:;:'b3 "l:l/f'i3.
- o"'bof'io,
Gol:l/"G 808!!/060f'io01ob
3"ffMMOO 3f'idoi:::3"'!J/0·)6o
(Gn86n'l)nl; 3·'!!1" 1 63i:;:'b3
8o0n) <(Jn6"6G(Jf'in
o6b0f'iCJ8o6<§oonoi,
<(J"bo.:i6n
(rooi:;:no"GO:JOnm !:!?"
"jooooom).
-00i0Mn,
U0!J?0(3 ntlO!J?:JOo 0b0i:;:n,
0n"13oi:::"!:!? o•'8o1il336(Ji:;:o
'B"bo"6o
:lnf'i33i:;:>!!I (,,"b"i:;:n
3,;801033o;ionb" o>'b,,f'in).
8bl'1c::;M!:Q 8.:iClo6, MM!:Q:JG"G :JJMOM80J(JMO o<>:JMO'lo.:i6o2ioG 0630G80Go<> M:J<>C:::(JM <>d80300Clo
<>&<>MoooG 8oG !:Q<>Ei<> 'bM 00 oG !!?" 000 "'Bo6.:i6GooG .:i8 0.:i6Gb 3.:i 30 o.:iG G0Gb0oom .:i6 .:i 08 ooli
0<>8MCl30000'l. M<> md8.:i (Jb!:Q<>, Gb3.:i :JJM0!'180J(JM o<>:JMO'lO.:>b:JO.:>G (Jb!:Q<> l.i(JM!:Q:JG o<>liol>boo.:i.
8Gol>booc::;oli 008b3:J!:QMO !:Q<>8MJO!:Q:JO(JC::::JO<> o<>8lioliboooc::;m.:i6 o<>5G.:i'bc;:3M.:i3li dMMG:J58li <>O(J
li.:ifil 0 ooc::;oli 0 .:>0<>J3:JO'll.i. Bmc::;o.:i5.:>!:Q :JJl'10M8oJ<>Oo :JJ!'15M8nJ(JMO :JMO'l:J(JC::::JOO 3'.:ifiloo
!:Q<>Ei<>'bMQDOom (oGo6o, MM8oc::;m<> !:Q.:>5.:i'bM 0:Joo <>&<>MO:JOG 8.:>mG 0630G80GoooG M:J<>C:::(JM
<>d8030000) <>031:Qo.:>6 '(300.:>51.i(JM li<>Cl(J<>c::;ooooG :JJ!'10M80J(JM :JMO'l:J(JC::::JOG !:Q<>O<> 'bMo:JOOG
!!?:J'BOGo8om (.:i5 8.:im, MM8:Jc::;m<> 06306G&0Goooo filo<>c::;(Jfil <>d80300Clo <>S'<>MO:JoG 8.:im !:Q<>5.:i-
'bM0:JoG ). 'Bo6.:i6G(JMO li.:>Cl()<>c::;oooooli :JG o"G3C:::" m3.:ic::;li.:if'lo6M.:> G.:io63:Jli80GO(Y)
li.:>Cl()<>c::;:JoDoom, <>dGooooai, O.:>M8M!:Qo:J6nc::;o 'Bo5.:i6l.i(JMO <>d803Doom B.:imo
8'(3c::;MO:JC:::Doolim3oli !!?" 'Bo5.:i5G()Mo 3"C:::U?:J0(JC::::JO:JOnm 8.:imo :J8n&:J68:J00Gm30G.
'Bo5.:i6G(Jfilo 00'bfil:Jooli 8o'b.:i5o :JJMOMBnJ<>Oo .:>Mob !:Q<>5.:>'bM 0:Jooli D'BDd&o060 0 .:i6.:ifioc::;t)oo
Bom li.:>oMc::;MM B!'18b8.:>M:JOC::::JOo8!:Q:J· <>8030M DJMOM80J(JM o<>:JMO'lOob:JO:JOl.i, MM8C::::J08.:>G
!:QC> 'bMO:Jl.i li<>Cl(Joc:?:JO:JOo, m3omM5 MM8 1:Q<>l>3'0M3:JOM!:QoO'l o0 o, 80006 :JJM5M8oJ<>
o<>53om.:>M!:Q:JOM!:Qo '(300.:>0l.i(JMO O.:> 'bfiloooG 30M:JO:J. O'l(J8G" O'lo5.:>8:J!:QMM3:J :JJMOMBOJ.:>Oo ()'(30-
606GM JMM.°3MM<>Gooooli (J8:J&:JliMo<> 0110500!.i l><>J(JO'l<>M 8mc::;o.:i6 'B(JC:::"!!? !:Qo5o'bM 0 oo'bo 8o&li
M:Joc:?()Mo 0d&o300Clo 063:Jli80Mooolim3oli. 08.:i30 !:QMMli, ()8:J&Dlio f'l'.)i;oboooG 'l.l(JC:::o!:QO !:Q<>O<>-
'bMQDOo oS'oMO:Jol.i 8.:im 'B(JC:::"!!? 0630G&oG0DoG. 'Bo5.:i6li()Mo o.:i'bfiloli .:>8MG.:>6.:i .:ifilol.i
:JMm8.:i5oaiG Clo0b3:J!:QMMG d0Mom0!!?0 063oli0MMo, MMBc::;ooG0G G&nM!:Q:JOo 'l.l(JC:::"!!?o
li.:>Cl(Joc:?:JO:JOO M:J<>C:::(JM, <>d803oooli O:Jli<>d:JO<>!:Q !!?" 'l.l(JC:::"U?O li<>Cl()<>c::;oooooli a'BC:::MO:JC:::O,
BGnM:J lJ<ofob0M'.)i;:J6001 !!?" 8GoM:J O:J(Jli<>o.:i8Mooai.
'(300.:>6li(JMO o.:>'bM:JOO - :Jl.i .:>M .:>Mob 8ofil8M 'Bo'boJ(JMO <>!:Q 0oc::;oli 005l.i.:i'bc;:3M<>, .:>M<>8:JCQ
'B(JC:::"U?o CQ<>O<>'bM 0:J6nG ,,oMbooom" CQC>J<>3Clof'1000G 8od05o'bBo MtJOC:::(JM <>d80300Clo G00MC:::MM
063:Jl>8MM:J0<>8!:Q:J· l.i(JM<>aio 2.1 (Jfl3:JO:JOl.i '(3o5.:i5li(JMO oo'bM:JOol.i !:Q<> '(3n5.:i6l;(J(i)o o5li8n0()0::i-
ool; MMc::;li '(30bo6l.i(JMO lioCl(Joc:?:JO:JOOG CQ<>Oo 'lil'1():.JOOG liod0MMOCQ.:>5 (:JJMOM80J(JMO
:JMO'l:J(JC::::Joo &<>Moo !!?"5" 'bM 00 oom) o6 30 1.i00 8 00ooli God8MMoGJo6 (oJ(Y)6M8nJ()Mo
[JMO'l:J(JC:::OOO CQ<>Oo 'bMooooli U?:J'BOG0800'l) ()o(Q.:>boG3C::::JOol.i. l.i(JM<>O'lOCQ<>O fl306 Clo33odc::;o.:i
ol.i:J30 (!?<>305.:ibMm :JJl'10M8oJodO 'b!'1 00:JMO'l0 '(300.:>0l.i(JMO o5liene(Jenli (QM8o5.:i5e(JMO BQ?o-
O<>MOl'10o 'Bofo6li(JMO li.:>Cl(J<>c::;:Jooooli boJ<>U?ooClo. Bol'1<'1.:>CQO o.:i'boMo, cao6.:i6G(JMO C(Jo803c::;ooo
!:QC> '(300.:>bli(JMO OMMJ:JMOOO oMOob 8m03.:>Mo o6li8n8()0000, fi1M8c::;oooG .:idc::;ooMooo5
'(306.:iEil>(JMO li.:>Cl(J<>c::;oooool.i CQoEiooooli. .:i8 0 .:>btJl'1'(30C::::JOoOo fl30Ei 003ol.io03c::;om B.:iai
(JOOJC>C:::(Jp; MMc::;G.
'(3(Jl!::;'OGo 13?0 JodOl'.?Jol!::;'OU 00'b.:it'i10. '(30bobl.i(JMO o.:i'bfilooo O:Jodc::;oo<> CQOOtJMl.i !'1M Jc::;<>Go(Q -
'B(JC:::Ol.i o.:i 'b.:>Mo 8MoG<>3li 8l'1JC:::030Q?O<>b (l.io8f50'(3ob :JMOl
f5oc:;:'bo Ei<>Jc::;ooo 3<>13?001) li.:i8m.:i3fi1Mo(Y) IQ<> JMM.°3l'1MoGo(Jc::; IQ:JOo0Mf'1(Jc::;o '(3olio0Eio d<>c::0c::;-
CQ:JOol.i tJ01Q3<>b CQ<> 0otJOQ?3<>li.
8:JMM:J 8bM03, J<>.°3n0<>c::;oli o.:i 'b0fii'bo Bo81Q0Ei<>M:Jl'1ob l'1d:JM<>Goooo 0 Md:Jc::;30Q?o0Eio
(boBf:lo'Boli, .°3Ml'1G:J60oli 0<>1Qob1Qoli :JMai f5oc:;:'bo Boen 3<>1Qoai) li0boc::;Bf5o'BM IQ<> JMM.°3MM<>Go-
(JC:::o IQ:J000!'1M(JC:::O '(3<>lio.:i5o d<>c;:oc::;IQ:JOOO'l. ob 0 .:i5tJl'1'(30l!::;':JOo .:iB.:ib3oc::;ooli tJ(JMolQC::Oo<>b
0Mdc:?:J3<>1QO.:>bo '[3olio.:ibo JC>C::<>C:::IQ:JOOl.i o.:i'b.:iM'b:J - Jo.3n0<>c::;oG o.:i'b.:>M'b:J, bMC:::M '(3(JC:::Ob IQ<>
'[3<>lio.:i5o d<>c::oc::;1Qooob o.:i'boMO .:>Moll Bolio li.:ilioGMGbc:::(Y) OtJ<>Mf'l. OoO ooEiboc::;(Jc::;n<> .:i8 f500Eioli
80-4 50f5oc::;Clo.
.3otiJ3l)l!::;'o1QO {Qo 8::i(Y)l'i1o(QO 00'b6lnoo. 'B(JC:::Oli (Qo J<>.3o8oc::;oli o.:i'bM:JOO .:ifilG:J0!'10l.i MM()MMG
.30M3oc::;01Qo, ob:J3D 8ol'1M<>(QO. 3o61[3.[Jl::.'?c'l!:QO be> <>Mob ,,.:ib0c::;o 0.:i8M03:JO(Jc::;o '[3<>lio0Eio
doc::<>c:::IQ:JOOb" o.:i'boMO . .:ilioai Cl:JBaib3030Clo C(3MbQ.?:JOO 8l'1o'boCQoO<> oboc::;o '(3olio.:i5o d<>c::<>c::;-
IQOOOb o0tJOIQ300l {Qo ()<>IQ<>Q?Ob:JOOOl doMOO'loQ?O CloBEi.:ib3oc::;nCQ<>b M:J<>C:::()MO 0;:)0030000
dof0oaio(Q 0Ei3:Jb<.f!:>MM08(Q:J· OtJO(Q:JOo C!?" oOOtJOIQ:JO<> .:i<'1lioo()c::;o ca.:ilio.:iEio
doc::?"C:::!:QOOo. &fi10Ei%0dGo:J60 (JJ30 0fillio6(Jc::;o '[3<>lio.:i5o J"C'.?"C:::IQ:J6om 0fi'i odc::;o3<> CQ<>Bo&:J6nm
'Bo6.:i6li(Jfil b.:iCl(Joc::;:Joooli Jo.3o&<>C:::()Mo 0Ei3:Jli80Goooob 1Qoli0930Ei.:iEiliooc::;<>CQ (Cl0Eioo3fo:
b(Jli1<>m'bo 2.1 .:ili1 <>Mob b.:i'bo, fill'18oc::;o 8 .3061£Q.:i.3ofil U?""J" 3Clof'looCQ<> BoMfil<>IQ 00'b0li1li li.:io5 30 t.i-
&oeoM li:JJ0MMm.:>Ei). ob.:>c::;M 0o d::Jodc::;oo<> 0.:>J:JOlCQ:Jli <>38M8!'1ooc::;oool.i o.:i'b.:iM'b:J. oboc::;o B06-
Qob:JOOl.i 3otJOQ?30 lioCl()oc::;o6.:ili 0dc::;o3li Boll 8ti0fil8M:J6c::;ooli 8ooC'.?l'15 'B()C:::o .Bobo
o.:iM8Mooolim3oli. 00'b0<'1%0 0 08MtJ:JO:J6(Jc::;o B05j.:i6ooob 3 0tlo1Q3nli0L JO 8f50<'1BMoooc::;o
27
 1.
'1l"'6tJ?aooli 6oJOtJ?o
OJM6ro8oJOdo
- ()J30
8o8M0(3Q30dO
'1JOl.ioo6o doc;Oc:'.,'tJ?::JOOU
oo'boliio.
'1306061.ivliio o6l>8o·
8v8aoo, liiro8c:'..'aoo 8
oc;noa6 'BVc:'..'u tJ?o8'broa ·
30c:'..'nooliao6fcla86ob·
3Gc:'..'Goouao6 tJ?O o:m6aoa6
08 '1J"'6tJ?::JOU liaubaoou
()0(3Q80U0>3ou tJ?O ub30
'1lo6o6uv!iio 063al>8neo·
aoolim3ou 0>030060>0
UOb::Jc:'.,'00>. aua6o oliioo6
J<'>8(JM(30(Jc:'.,'O oo6J::JOO,
ll::i86ob3ac:'..'o o6li8o8v·
8aoo, l>otJ?o'bc;3a3ro
J"'83o6oaoo, lio3a6lioM
'1JM6tJ?aoo, '1J0606U(JMO
J"'83o6oaoo tJ?O
uoo63au80(30<'> '1JM6tJ?::JOO.
28
- oo'b63lio
80103tlJMOo
lioM:J(;obM 8:r:'.Jt'l63Moo
t
'806.'.l6u'tlmo omP'ldOmOoO
<B06.'.>6uilti'!O
Uoo63:Jl.iC!JoooM Oo6J:JOO 1-
OdMOl:JJ(JMO oo6J:JOO 01>6J:JOO
!!p6.:i'liM8:JOOU 061.lC!JoCIJ(JClJ:JOC
li.:ill?"'lie;>333M JM8<l.,6oaoo
801'16>0!!?0 C,,Yb06i0 U1><l36lioM '{JM6(.l?:JOO
U1>'{JM6(.l?M QOMtJ::JOO '{ln61>6U(JMO JM8<l..,60300
'll"lio..,60 'lio.:it'lo '{JM6(.l?300
OOMtJOU a.:it'l301 Q,) 'li.:it'lo ,
t
CQ060'bP100oOu uOdlibP'lti'!O
U.:>M:J(;.:>bM 83()M6:JMO,)
oo'li6alio
- -- -- -- -
801.:i3MM01>
- oli.:it'ln 80()01001301.l 6.:iJ.:>(!13001.l ('{l.:ilio.:i6o
8038.:it'lmao" l.i.:ilfo6.:i.:ie;>8(!138M
b.:i'bo 80()01001301.l, MM8 '{ln6.:i61.i(Jt'lo '8.:ilin..,60
ll?"6.:i'bM03 onli .:i60.:it'loa3ou .:.6 li.:ill?.:i'be;>333M 6"J"ll?Dooli 8Mdt'l.:iMo"li
(.l?.'.>6.:>'bMc,aonli li3dC!JMMOUJ:J6.
.:it'J .:>MU:JOMOU JnM(.l?.:>JnMo J.:>3Clot'ln li.:io63oliC!JoGnM li3dCIJMMU.:> (.l?I> 83MMl>(.l? o.:i'b.:it'll.i
dMMnl.i; .:>(.l?M::J '{l.'.>Un.:i6o o"°tJO(.l?.'.> 83MM.:>(.l? o.:i'b.:it'J'ba ,)M
.:.6'3(.l?oli 'llo6.:i6li()t'l .:.8 'll"lio.:i6n 3aoC!Ja68ooli.
1>M1>'{3[JMl.i oe;i::iol.i. '{31>lio.:i6o J"e;'"C'..'CQ.'.)Ool.i 8::JMM.:>CQO o.:i 'b.:iP'io .:iP'iol.i ,,6.:ib8.:iP'io-8.:i6j.:i6::iool.i o.:i 'bP'iM-
ool.i" 8lic..:i3lio, M1>CQ()06 "38M8MOOC'..'::J00U o.:i'b<"i::iool.i 0MU[JOM01> mj306 ()01>CQ30C'..'Q0<1l
8"CQ"D83o8oC'..'oool.i 8oe;i 0o.:ili, o8oCQMm .:ib0C'..'o 806j06.:i, P'i0CQ 0 .:i6 boC'..'Clo 0 .:ij3m 8oj06o'b80 -
()1>1jOCQM<1l 806j060, Ol(J o0 o 0e;>1>M 0 [J6CQM8[J01>m. 08ol.i 8l.i 0.:i3li0CQ, 8::JMM1>CQO o.:i'b<"ioool.i 0MU[JOMO.:>
08b603ooli CQ1> lieo8(JC'..'l.i 0dC'..'::J3U 0b0C'..'o '{30l.io060 J0e;'0C'..'CQ[)Ool.i 81jOCQ3.'.JC'..'l.i. 8[JMM0CQO 00'b<"iol.i
.:i(Y)liooMoom 'l30606l.i(JP'io Li0Cl(J0C'..'oo::iool.i 88oCQ3DC'..'li li:)(;o<"i.:i, MM8 ClodC'..'ooli 80m 8"80CQ3.:il.i . .:i82>-
3.:iP'i.:iCQ, '{31>lio.:i6o J"e;'"C'..'CQ[)Ool.i l.i.:io8.'.JCQM 8[JMM1>CQO o.:i'b(Y)ol.i .:iP'iliooMo.:i .:idC'..'O[JM[JOl.i .'30P'i3.'.)C'..'0CQO
o.:i 'b<"iol.i O'l3.'.JJ8006Mo.:il.i.
'B(JC'..'ol.i 0 .:iCQo6 0o.:i Clo86.:ib3oC'..'oooCQ.:i6 M::J0C'..'()Mo 0j&o3 0oCJo 063oli8MP'ioom.:i6 CloodC'..'000 o8Ml.i
dOMCQ1>-1oP'io; <1l(J 1>MU[JOM0.'.)6 9305.:i6li(JP1n [JJM6M80J.:iClo, CQ06[J01> Cl::indC'..'[)00 OljMl.i
.:ili::i30 1>M0.30MCQ1>dOMO. 'Bo6.:i6l.i(JMO d(J1>81>3C'..'[)00 d::J1>CQ806.'.J6 '{30606l.i(JM 06Lieoe(JeOoli,
MM()MM[JOOG .:il'lo06 JM8[JMGO(JC'..'0 o.:i6Jooo, Clo86.:ib30C'..'o 06liene(J8000, U1>CQ1>'be;>3.'.)3M JM8-
.1.:i6noon, l.i.:i.1o6lioM '{3M6CQ[JOO, 'lJ06.:i6l.i(JMO JM8-1.:i6oooo CQ0 'bo01'Jo '{3M6CQ[JOO. [JU d(J.:i8.:i3C'..'[JOO
doMOC111>CQ0CQ 1>MU[JOMO[J6 8liolib::ioC'..'.'.JOU0 CQ0 c..:i8li::ilibooC'..'ooli dMMoli, ()0CQ0lioo8o6 M,) dOM-
CQ0dOM 8MmbM36.:il.i ol'loo.:iCQ. 'lJ06.:i6l.i(JMO d(J1>8.:i3C'..'[JOO ljOCQ(JC'..'f'l0.'.)6 .3oMCQ1>dOM (.:i6 .1ol'l3.'.)C'..'0CQ)
'{31>lio.:i6 j0e;i.:iC'..'tlWOl.i CQ1> m.:i3ol.i l'lo0Clo, .:il'l0.1ol'lCQ.:i.'3ol'l 0.:ili1>1jOCQ1>CQ ()Cl30006 m.:i3oh U0J(J<1l1>M
(8[JMM1>CQ) 'l3.:il.io.:i6 j.:ie;i0C'..'CQ[JOl.i li.:i:5(;1>MMCQ. 8.:i 0.:iC'..'om.:iCQ, .1ol'lCQ0.'3ol'lo 'l3.:il.ioo6o j.:ie;i0C'..'CQ0,
MM8[JC'..'U1>G ljOCQ(JC'..'MOl.i Cl::i86.:ib3[JC'..'O CQ1> U1>JM[JCQ08M .:iliMGO"G°" .:iMol.i m03ol.im.:i3.:iCQ 0 0M0M;
bMC'..'f'l o.:iP'i8Mdf'l00C'..'0 Bolio ,)M,)dOMCQ1>dOMO 8MmbM36.:i ,)MOU Clo860b30C'..'o .:i6c..:il'loClo 06 U0CQ[J"
.1M'boeM Liol'leoinoJ.:ieo. 8[JMM[J 8bl'lo3, li0CQ0'be;i3o3M JM8.3.:i600 80CQ(JC'..'Moli JMM.1MP'i.:ioo(JC'..'
MoC'..'0 8 08 00ol.i CQ" ()Cl 30 ol.i lioGMGbC'..'ol.i CQ" 'be;i3o3ol.i .3MC'..'ol.i 0ol.i.
 2.

cno606b(JMO 0t1iob f'lM8bt1io30 .3Mf'lGobo: 00103booo6 cno606b(JM

cno606b(JM 08ob0, Mftl8 .3oMCQ6.3oM Ol:JO(Qf'l6 0dGoooo
CQ6 CQ6 8 00bobbf'l6 dot1io010CQ
063ob@:>f'lMD00106. R3o6 3cnojt1if'lo01, Mf'l8 cno606b':'.)Mo 00'1it1iob D'Bod-
(!)oo6ftloob 08 8 ot1iooo6 CQ060J0t1i 00 ob 06
cno606b(JM0 8f'l8b0b(JMDoob b.
'lif'l 0oot1i010 6JD010ob CQOCQo 063ob(!)ot1ioo0b oo'li6obJf'l8-
.306oooob cn0b0060 301QMD bb3000. Clo8CQ08f'l8Clo R3o6
08 0503006 cn0bo060
l:JOIQ36- 061:J01Q3ob.
U6(Ql)dC'l'!:io8C'l o6li8o6()6DOO. 006Jooo 50M8f'l61Q8D606 Jf'l8.306oooob oo'li6oliob
CQ<>cno606Gnoob 80@:>01Q fi1:J0Mftlooli. 006Jo60 8f'lo'lio1Q0306 () 361Qf'l (b0RoJC'l) CQ6
30CQ006 (Clo860b 3od IQD.3f'l'lio@:>oob JoMdf'l .3ot1ioooG006, Jftl8.3060 0oob 006, 801.:i 3t1iftlo 0oob 0 06 CQ6
Clo81QD8 00bG0806 bobbooG 1Q6 063ob@:>oGoooG. oo'li60GJf'l8.306ooo'lio boGboob Clf'lt1ioG
0t1iob bo'lif'l6()Mo, b(J01 1Q6 o.3f'l010J()Mo boGbooo.
b0006Jf'l <(3()6dGoooob 066Jooo 0b1Qo-
606 Jftl8.30600oob G0j8006f'lo0oio 010 3006010 b061Qf'l !:Qo.30t1i@:>08o6@:>000G 80CJ3 0ftloo01,
6JD010006 063ob@:>oGoooG 1Q6 0jG000Clo. obo6o 0bo30 00bG0806
o.3ftl01DJ(JM bobbooG Jf'l8.306ooo'lio 1Q6 80t1i010306 b0.306Goftl <(3f'l61Qoob.
bb30 bo1Q0.3f'l'lio@:>f'l o6G(!)o@:>()@:>Doo 8ftloG0306 1Q6 G0JMDCQ0@:>(') 0GftlG00Gooob,
'lioot1i 006Jo6G CQ6 b0JMDIQO@:>f'l J03Clot1iooG. ob o6b@:>o@:>()<!?:>Doo dot1io0161Q6!:!(
(JM0100M01f'loo6 JDMdf'l .3ot1ioo0106 ot1i0101Q, oc::ooo6 8001 0 06 CQ060'1if'l 0 oob !:!(6 00bG0806 bobboob
(Jdt1i0 3o jf'l6 0ooG CJ 0G0do601Q CQ6 bb 3.:i 8o'li6oooG013ob.
li0CQ0'1ic::3n3(Y) Jftl8.3060 0oo. 06iboof'loG ftl!Do b0bob G01Q0ic:: 303 (Y) Jf'l8.30600: b0J(J01t1iooob 1Q6
1Q6 'lic;i303ob J(')8.3060000. 0 61Q6b!:!(OOob 8001, 3ob0G
obo6o 0'lic::30306, 060'lic;?6(JM00001 (JOOCQ(JMO Clo801b303ob0b. cno606G(JM0
8oc;i 0oob 80CQ0b1Qob G0bo01, G0!:!(0'1ic:: 303 (Y) Jf'l8-
.30600oo 0103006m t1io'liot1i3oob !:!(6 0Ja010006 80010
Go0b cno606b(Jt'i1 0j®o300Clo.
Jftl8.3060000G U6!:!(6 'lic::303f'l 8f'l8b.:ib(JMOO<> 8f'lOG03b: b06d0t'i1G, j(jfDIQ(')0.)U,
030t'i100b IQ<> 8G 003G - 0t1i0b0Go08ftl 36f'l CJ 0801b 303 oob. t1i01Q 006 01> 0010 Jf'l8.3060000 80CQ0b0b-
0Q(oob obCQo66 ()6!:!(6G0bo1QOU 0060J3001001, obo6o cno606b(JMO
o6 30 6b@.io<D 000b 0b1Qo6o6
Goa0Clo, .:>M od3a81Qoo0t'i1000 ()6!:!(6G0b6Q(OOb. 8GOMO
063ob@.J0Moo0b 0dGooob0 IQ<>
J018.306oooo, IQo ic:? 303 0b G010 30'b01oa6
8(Y)cno6 IQ6 ic;i 303 .:ib Clo801b 303 0CJ0. t1i01Q 0 06 oCQ08005 0ooG
'.?G 0()cnol> CQ6c;>(J.3 3ob 08 J018.306ooob 0j 301
800Jo01016 010 3006010 o5 30 Geo<D000 cn0bo06 j0-
08.:ib 0oMCQo, 08 bCloM0!:!( 001Q0-
G0b0!:!(000G006 1QM010G t'i1 0'b 0(Y) 30 oob
0Go01 30010Mao0Clo, oGo6o OUbM6'(33006 0Go010 063ab@:>0Goa60GJ06, od3081Qoo0t'i1000
CQ00083Mob Q?o 8010000 (J'B<"if'l 80@:>0 oj6000, 30Q(MO M018-
0M od308CQ000Mooo06 !:!(00003M6b. dOIQDo0CQ J018.3060000, 0'bc;i30306 boG-
o6 3ob@:>o<D 0o.:ib
CQOCQO 0j3G oU03D o.30101DJ(JM JMOCQo@.Joob,
0Mo06 J018.3060000.
lib30 cno61>6b(JMO G0.306bo01 '(30161Qo6o JtJMd01 .3o1Yiooob Clo-
8.:imo .306bo000 Clo8!:!(00· Cl6'iP18ob()606'io0601oob
ob0JOO 8M8()Cl030000, obo30 MP10P1MG 80mo 'Bo606b(JMO
006b0 00103Gooo6 08 93M6CQ00Clo. b0.306boP1 '?Jf'l6!:!( 0oo
0J001ooo6 .:i8 Clo60@.i06000G 063ob@.>06'ioo0b Cl(<> (Jb!:!(066 0106bo6b
.3o6GoM6ot'i1 8(JCloJooG 06 8001 G0Gbo01. u:0 0 6'iM3ooob
.3oMOP1(!?00 'B016u:o0Clo 6M 00006'ioo0 . .3o6GooooG 00!:!(6b(QoG IQMMb .3o6-
GoP16ot'i1ooo ob!J;?006 ooli00080G 00o;:0G0b0o;:ooli. oo6Jo6o 01030.:.6010 G06o;:Pl

29
 1.
o6G&o&v&o,
MM8D(':'0(3
bat:':'BDJMCJ!:':'DooG
m>6b8>Q? ('llndGomaovt:':'
'IJ>Goo, 'llodGomaovt:':'
[!?MMb) tfOQ?CJ(':'MOb >b>(':'
'IJ>l>n>6
aaaC!?&"'aao 5 ,G,8oC!?"C!?·
'1Jo6>6l>vmo o6G&o&v&o,
MM8;)(':'0(3 tfOQ?CJ(':'<"lOU
Q?>5ot'1>3;:iovt:':' 603m;:iol>
0;)8(!?()M80o o>b>tfO(!?>(!?.
30
CQ03<>M<§.:i8o6<§o6oll 80Cl3ofYl6om CQ" ll<>CQ<> 'bc:303(Y') JfYl83.:i6oooo llm.:i3.:i 'bfYloo6 ll.:i6o6llofYl
<(3fYl6!:Qo6ll 8m.:i3"1fYl6oll, 8m.:i3MfYl6oll CQ<> M<>8CQ06o8o
<>M<>ll<>CQ<>'bc:303(Y') fYlM8.:i6o'b.:iGooll 8ll8.:i3ll<>CQ· 8.:imo
6()6o6oll 8"8(Y') ll.:i6o6llofYl <(3fYl6!:Qo6ll 8""J0mfYl6 063oll<§0Mo6.:i
<>dGoo6Clo. Clo!:Q08"CQ, ollo6o <>Jomo6o6 063oll<§0Goo6ll JfYlM3fYl-
<>dGoo6Clo CQ<> <n<>d<§fYl6Mo3<>CQ ll.:i6o6llofYl <(3fYl6!:Qo6o <>Mo.:i6
o6l><§o<§(]GO(]Mo 063ou<§fYlmo60 .:ijooooClo.
'bo.:iMo ll.:io6 3oll<§oGofYl <(3fYl6CQo6o .:illo 30 .:ib!:Qo6o6 063oll<§o"100.:ill JfYlM3(Y')-
<>dGoo6G.:i CQ<> oG <(3fYl6!:Qo6o oc:o<'>o6 JOMdfYl 3o('i)o6oll8.:i6 CQ<>
.:i6.:i6!:Qo6o6 llb3<>CQ<>llb3.:i <§o3oll 'Bo6.:i6ll()M <>d<§o306Clo. 'bo.:iMo <(3fYl6(l?o .:i8.:i m(J
08 JfYl83.:i6o.:illm.:i6, <(3fYl6CQo (Jbc:Qoll ll<>JfYl8ollofYlll
(bCloM<>CQ <>d<§o3oooll 0,5% <>d<§o306oll 8.:it>1m3oll
8fYl8u.:ib(JM06ol>m3oll. 06CQ030CQ0 'bo.:it>1o <(JfYl6CQoll 8<>6ll.:i 3MfYl-
Go6<§ll, .:i8 3o6loll ll.:il:l(Joll JOMdfYl 6o('i)u
6o6oll8ooM CQMfYll> 8o1JOCQfYlll ll.:io63oll<§oGofYl '(3fYl6CQll 8oGo <>dGoo6o, MfYl8-
Cloll80CQ3<>'boG <(3fYl6!:Qo <>Mou 8.:iClo6, MfYl!:Qoll<>o 603Mo 'bo.:iMo <(JfYl6CQo <>Jomo6li
'Bo6.:i6ll()Mo 0630G<§oM06.:ill <>dGoooClo, llb3060 l>3o-
- 6.:i'b('i)oll
oliom 06li<§M(J806<§06Clo, 8fYlo(3<>3ll JfYlM3fYlM<>Goo6ol> 8ooM JfYl8o('i)-
.:i6 <(3<>llo.:i6 llb3<>CQ<>llb3.:i <(3<>llo.:i6o
<(3fYl6!:Qo6li <>d3m 063oli<§oM060G li<§M<><§o8o<>, 8fYl8o6oli,
<>dGofYl6o"1o6oll ()li<><(3MmbfYlo6oll, 'bMCQOll 'bo!:Q8o<§<>CQ 8olll:J('i).:i'Bo6oli 8o'b6o6oli
8oboc:Q3om. 6o6ol>8ooM CJ08mb303.:iClo JOMdfYl 3oMo m.:i3oli oc:o6li 'Bo6.:i6l>()Mo
<>d<§o306oli o8.:iMmo6.:i
800(';). ll.:i8l5(Jb<>MfYl!:Q, ,:,(';) <>Moll o8oli 8fYll:J8fYlo<>, MfYl8 .:illom 8.:it>1m3.:ill 080 80.31J.:i3ll
Clo!:Q0806"8CQO·
<(306.:i6b(JMO JfYl83.:i6oo6o 8"liGo8o6 CQ<>
llolibooll. ol> JfYl83.:i6oo6o 8fYlo'bo(Q<>306 <>dGooool.i 8<>8fYlo306om, .:ili030
8"l>olibo6om - 'bfYl8o <>Moll 8.:i8M<>8 (J8o<§olio JfYl80MGo-
6.:i6Jo6o(l?<>6 8fYl!:Qoll.
'bfYl800Mmo <(3o6.:i6li()Mo o6ll<§o<§()<§o l>.:i6('i)fYlJ0MfYl <(3()6dGo<>li. MfYl-
CQOU<>G 6MfYlJOMo6o OMm8.:i6omll .:ib30CQM0606 <(3fYl6CQo6oli CQ<> CQ<>6.:i'bfYl8000b
ollo6o ,:,(';) 3oMCQ<>3oM 8<>liollbo6.:il>, <>M<>80CQ 8fYld8oCQ06o6 MfYl8fYlMG
.:i('i)o,:,6
Goo6oli CQ<><>dGoo6oll 8"80CQ3<>Clo. MfYlCQOll"G JfYl83.:i6o.:i 8"CQ"D1J308li <(306.:i6ll(JMO
8fYl'boCQ3<>ll, l>.:io63oll<§oGofYl 6.:i6JoMo bCloM<>CQ
<>dGo.:ill CQ<> Clo8CQ08 1JOCQoli 8.:im 063ol><§fYlM06'bo l>.:io63oli<§0Go(Y')
6.:i6JoMo6o (J<(JMfYl 0'?30d<§o<>6<>CQ .:ib30CQM0606 <(3fYl6CQo6oll 8.:im, 3oll<>G lljoMCQ06<>
<no6.:i6b()Mo 3o!:QMO .:i8ol> 8.:iJomo6.:ili 08o<§o6<§o JfYl83.:i6o.:i . .:i8
8fYl8li<>b(JM06ol>m3oli ll.:io630G<§oGofYl 6.:i6Jo6o oc:o6o6 li<><(J<>U()Mll <(3fYlM8om
<>dGoo6oll 8"80CQ3om m.:i6bo6oll.:i CQ<> JfYl83.:i6006ol>m3oll
m.:i6bo6o!:Q<>6. li.:io63oll<§ooofYl 6.:i6JoMo6ol> (J'(JMfYl 80<§0 od6o6.:i 6.:imd3.:i80 80-7
MfYl(l?Oll"G CQ<><(3o6.:i6l>o6.:ili.
00GJOM:JOO <>Mo.:i6 o3fYlmoJob 8oc:o6.:ili.:i CQ<> 8<>6m.:i3llo6.:iClo.
o3fYlm0J(JM liolibo6li oc:o6o6 MfYl8fYlM(3 JOMdfYl 60(';)060 CQ<> JfYl83.:i6oo6o, .:i6 (J<(JMfYl 8o<§<>CQ,
JfYl83.:i6oo6o CQ<> (Jd"1.:i30 d(Y')6o6ol> U<><>8o6<§fYlo6o. m.:i3oli 8bt>103, o3fYlUJOJ(JMO
6.:i6JOMO 8<>6li.:i'bc:3M.:i3Li o6ll<§o<§()GO(JM (Q<> llb3.:i 063oli<§fYlM06oli o3fYlm0J(JMO
llollbo6olim3oli. 8o(JbOCQ"3"CQ o8oli.:i, MfYl8 o3fYlm0J(JMO 6.:i6JoMo6o CQOCQO b6om
<>M OdfYlUJOJ(JM liolibo6ll m.:i30.:i6m ll<>J()Ul<>M ol>o6o o8li.:ib(JM06o.:i6
o3fYlm0J(JM llollbo6ll 063oll<§fYlM06ollm3oli. oll 8"CQ<>ll.:ib<>!:Qo6oli
8oc:o6.:illm.:i6 CQ" 08 8<>CQ<>D1J30<§<>lim.:i6, obo6.:i !:Qo6-
CQ<> lil:JfYlMOCQ .:i8 8fYl8li.:ib(JM06olim3oll oc:o6o6 ll<>JfYl8oliofYlli.
 2.

<(JC>Uo06n U0<(JM51Qf'1 OOMtJ::JOO 1Q0 G030jMf'1 <(J0606G(JM Gnb@>o80G ob80Moon06

U0f'1M01Q <(3()5dG()f'16nM::J0000. (JJ30 <(J0606U(JMO 0d@>n3000G oodo60 1Q0 o"tJOIQ30 0,)M-
8M::JOU 8::JMM01Q 00'b0M'b::J. @>M06'b0dGnoon 08 00'b0r'l'bo 0M 'bMIQOU <(30Un06n
G0o(i)mf'1 Gn1Qn1Q::JG, m(J8G0 8::JMM01Qn 00'bMoG 0(i)Go0Mo0 'bMIQnG 'Bn506G()Mn 0d@>n3000G
IQ" O::JIQOC."IQ ob80(i)oo0 <(JC>Un06n 00 'b0(Y)G 'B'J6dGn-
M6nM000on. 080Gm06 1QC>JC>3on(i)oonm, nbomn onMtJ::JOn Mf'1 0MMnG00, 6n·;rnMMJnG
U0<(Jf'16(Qf'1 OOMtJ0, U0'I_3f'16(Qf'1 OOMtJ0 (QC> 6n(J-Of'1MJOU OOMtJC>, 0Mn06 nu
n5G@>n@>()@>::JOn, O::JIQ005 00G00080Gn <(JC>Uo06n (QC> 0 08801.Q-
onMtJ0'bo 'B"Gn 0 060G0 'bc: 3M000 onMtJ" 'bo 8Mmbf'1 350-8noMIQ::J6nG
080G 00M1Q0, <(pboi>6o oo6ltJob 0i>til3 oi>'bi>tilo (over-the-counter (OTC) market serves)
08G0b(JM::Jo0 8::JMM01Q 00'b0(Y)G, 08 <>dGooooG0 IQ" 3::JM 06 ,:,(Y) 0 000M::JU
00MtJ0'bo M::J 0 ou@>M0Go<>, U?" 'bM 0oaMmo JM8.306nnG onMtJ0'ba
"DGO::JOOU tJOCQ3i> oi>tJO(Q3C>G. OMMJ::JM::JOO 1Q0 8'b0(Q 0Mni>6 ooodo5f'15 (Qi> o'>tJO(Qf'15 <(30Uni>6n
<(JC>Gom. U?" 8(JCQ80301Q 8'b0M1Qo 0dGooooG
M0f'1(Q::J5MOOU (J8o@>auf'10,) OtJO(Q::J00 (QC> ooodn6000 ,)M,) OOMtJC>'b::J, 0Mi>8::JCQ <(J0Uo05o
OOMtJOU c.0P'ia 00'bc.M'b::J. <(Ji>Uo060 OOMtJOU o"M::J 00'b0Mo c.c.b(QC>
Gc.U?"G 00'bMoG ::JMm806omm06 c.(i)oc.5
8()60J"GoM 8c.m ,)M (Jb(Q::JOC>m O::JJM::J00 []Mal MMC.MMG ob
b(Q::JOC> ooMtJc.'llo. <(JC>Goc.60 c.GM-
GOC>GooG J3f'1@>0GooG 8M8G0b(JM::J00 (NASDAQQ, oc.M8Momd8oG ,,60'1l1Q0d")
08 8(Joc.Mo0G U?" qpG 0ooG J3M@)oM000 bU?oo0 008ooM0Q?. n8f'1 CQMM, MMIQ::JG"G
G0J(Jm0Mo 0dGooooG M::J 0 0G@>P10Go<> 0088306 00MtJ0'bo n/:Jf'1 6oooG8ooMo JM8.30600Gm30G
.3M::JU@>OtJOU U0JOmbo, O::J3M 008mb303000 JO ::J.3Md08 JO au
003M JM8.3c.600G ()Mflo3600 03c.jMf'1U m030Go "DGO::JOOaJ .<(30U005o OOMtJOU o"M::J
00'b0M'll::J, 8o(Jb::JCQ"3"CQ o8obc., MM8 8c.m 1Q00M::J0 ou@>MoMM6 <>dGoooo
ooMtJC> 'llo. 8c.m U:;i:::JMi>m, MM8 ooMtJoG 0 0Mom <(JC>Uo060 oc. 'b(Y)ob 8M8G0b(JM::JooG
008MtJ::J6000 80mm30G (JJ::JmoG O::JCQDoG
8o(Jb::JCQ"3"CQ Mo0 o Gb3c. <(30606G()Mo o6G@>o@>()@>::JooG 0MUt:JOMooG0, f\306
nbo5o, (JMa>O::JMmd8oCQOOt:J5 JM8.306ooom06. 08 000600, O::J8CQc.f'18o Ui>JOmboooG
md306 ()Jt:imoG0CQ o"::JG6Moom 'Bo6c.6G(JP'i o5G@>o@>()@>::JoG.

01'loli Jo<'13[Jf!:'<l online &.)()63a&ena()('} n5e!JM5:Ji!;-

. 8n&n 80&00 <>Mo& 00<>Mcnf'iU ll?" 0 .:,.::.8!J(?lllJ?MM&« 8Jomb3ar::o.
i:p0itw':'1db:1oe,,')d,:f<> d8ao80, ll?"JOfR ll?" a<>Mll?5afi1:J08.:,, 80aM0j3:wG:f> fi1.::.B!J?a5oaa oa&&ar::afiio
U'J'1UU'lU iJM:JiJl!:'J:JOM!J(Jr:!ll &n6!J?OJ"i3(]Mll &.:ia0'b:JO>M .j{f,(Y)cfiw<> n'ZJM(Jr::>"
8ai!Jn o:J:Jfi1cr:n) fR" fi1<>fJ<Of'l Of'l(J {fiiMBoe:na ('i'fR.)()G:JB.:. 100 fi1oe,oM50n).
80cnc:;o '?JM(Jc:;nl.i 6n<"ln"'!Q';'.JC::"C!? '2JG 30 30 6 Jnmb30ob, <"iM8c:;noG.:i 8 "O" 6<>b(]bMoG 010 301.i
Gc. 0.:i't>nm(') 6<'1M 0<'1<>8.:i<lo .:i6 3n6-e,30<'1CQ't>a. on, a<"imo 80010060 ..•

6).-, .'>tiJob oo<lliJob 0.'>t'ill) 'i3.:.boi>6o oi>'b.::.ro'b3 tJ[!O'b[J, "B"CQ[)O<> .Jo6iol.i6o6i [JMm G.>oOMiJM 0 06t1M-
0.:.8M(.!33o'(Jc;.>o 'il.:.bo.-,60 d..,C?..,t!:?l:!!aoo 'B"c:.'[)O[)OOO ("pits"). Gb30 'IJ<>Go060 ;:,<'}ol.i,
OOMjjOb c,.:i6\a 00'b;:,<'}'b3, ad300 OTC '(3<>lino6o
a"C:>"C::t!?noo, <'>M8nc:;cn1> 30CQ3<>-aot1nCQ3" Clal.i1>dc:;n<'>nc:;o0
'1JOG""'C::';'.JM0CQ <lnd86oc:;o.:i .6'000G&06iGooG e,0<'1noa" (!?OC::[JM[JOU OMMol.i 8nCl3aMoom
80c,6108 '(J'?JMM 803G0!:!;10(',:J60 c,08Mmd8ob d3a360G 3;:,GCl&e>oom. 60'1>!:!;10aoG 01>'h.:>t'io .;fiioG dn<'>nm.:it!?o OTC
,,JM860-;:i&36lom". 13101:!;/o b6ol.i lfo6 MM8 Cl3ondn6M1 ..,5 0000-
Gol.i<!lJn80 00Cl-oo, MM8nc:;o(3 a"'oo03G 5,500 JM86.:i600G. 8.:ibClo
!JOCQom ol.i <a.:ibno6o MM8c:;aono 606'jj1>'t>a .:i!'ii
ClnCQol.i MM0 MM(3 03d86oc:;o (J(36Moo G0S0<'>3Maon,
(')CO O<'>MJ[JMO. o0n 8m(]-
.:>Gosa ol.iamo (J(!?OU?QUO JM86,:,6oaoo, MMC,MM[JOO{j C>Mo.:>6
8DC::D<a"'6om, <'>00 8MJMMliM'(}mn (QI> 06<!)3c:;o . .:>010br'1oom OTC J(')8606n<>, MM8-
u,::,000(!'""(9 s
u11uti;_i,nd0. 1971 0c:;b
C::iJ00(3 061 onali000a 000 6.:>'bCQ"a"G 8MmbM 36aoG, s<>iJ'fiiMob
Go
(!?i:i8M(JJ0(!1:JOc:.'0!Q, baotDi>i:Q lhmo ra.:>uaoo u.:>b;Jc:;!QQ6<> U?t:::QOO
0McJl:l0;1fl;i6(!?ol>oo:<o'l>. 0c;8<>16-'
o<'>cnb3c:; .3.:>MCQOU<(3[JMO O.:>Mb(Ji;:;oci". 08 JM8606oaool.i CJ3b.:i-
b30 <>Q?3oc:;o<> 8(30M[J o6'?JMM8.:>(joou 8oc;360 CQ" ;:JGQ6o .:>Mo.:>6
fi31J(Jc:.'QOM03<>U: 0'1'(30 <a<>lio060 8JMO[l JM8·
6.:i6oaoo, .:i8onol.i 'B"''Zlc:.'o.

31
 1.

>dGo:.ioo
,dGO:JOO
b,11\ol>bol.>

'lJ,[io>6o 8Ml>>- • 063nl>80Govll\o b>ll\ol>bol.>

MOUJOU 8df'160l.> •
>d3l>
>aa-l.> b>'ho6ol> (vll\ol>J"' '1J>Uo>6o

11\0l>JO

!Qo 0 060J30010
:JJM6M8oJoClo IYlo0Clo, 80010
'?Jolioli IYl.:.G .:.IYloli .3olYlMoooo.
OJM6M8oJ(JIYl8.:. G[j:olYlt:!?oo.:.01 'Bo6.:i6li(JIYlo Gb3ooli
(J6C!?" Cloli01.:i3.:i 'bM6 '?J<>lio 80010 0<>8Mt:fD6oooli013oli. 8o(Jb:JC!?"3"C!? 080!.i.:i, 1Ylfll8 0.:ifoo-
dMM(3[JU'b[J <>bQ'.?o6li 6MM8o1Yloo.:i, li.:i80103MMOM Clo'bq(JQ'.?3:JOO
Q'.?o o6lieo0()(30(JMO 8M01bM36000, d:JoQ'.?3[]6U do1Ylo010Q'.?
8od.:.6o'b8li, 80Cl30Moo01<>G 8ooqoa30 8M01bM36oli.:i Cl?" 8oOMQ'.?Oi'>oli
'Bo6.:i6l.i(JMO 06lielYl(J8:J6eoli013oli Gb3<>Q'.?<>lib30 'Bo6.:i6li(JM o.:.'b.:ilYl'ba. 01() MOUJOU
Q'.?M6:J '?J06o6li(JMO 308Mt:fD600.:i'bo oqaoa6 :JJM6M80J(JMO
8'boQ'.? .:i1Ylo.:i6 0<>Q'.?00b<>Q'.?M6 G.:ilYl00-
3.:i60J30010, 'Bo6o6li(JM 308Mt1:J6aooli013ob. 01() <>Q'.?<>8o.:i6ooo 8ModG:J30<>6
:JJM6M8oJ(JM li01.:i 3.:.'bMi'>:J6 'B"lioob,
od6:J0001 'bo boo63obeoGoM d:JQ'.?03"C!? Q'.?<>6.:i 'bM3:JOob
3<>Q'.?0Q'.?06000 8MbQ'.?ao.:. D'BDdeo.:i6o 3.:i8Mt106ooobJ06.
.:iq360Cl6M01, IYlM8 :JJM6fll8oJ.:iClo Q'.?06.:i 'bM3aooli .31YlM(3:Jbo
.:.IYl.:i 8.:ilYleM 8M 30 oob .:i1Yl.:.8ot:!? IYloGJob
lib3<>Q'.?<>bb3.:i '?J06.:i6b(JM o6lie1Yl(J8:J6eli vd301 MOUJOU bb30Q'.?.:ilib3.:i Q'.?M6:J . .:i8
'?J06o6l.i()M8.:i o6be1Yl(J8o6eoo8.:i MM8 '?J06o6li(JMO 8oOMQ'.?:JOo, 8001
()6Q'.?o bb30Q'.?<>lib30 0.:i60J3001001 '?JM6Q'.?aoob
8oOfllQ'.?:JO<>. U(JM.:>010 2.2 (JR306aoli b.:.o.:i 'bMM 'B"bo.:.60 MOU JU<>
Q'.?O 306<>J3001b dMMOU - ob 60Cl6.:i3b 08.:ili, MM8, M<>(3 "GGOOU MOUJO, 8001
3<>6<>J30010, M<>G ()6Q'.?<> Cloo01.:i30'bMb 063olieMIYlb. 01()
<>dGo.:ili <>d3b olYl016.:iolYlo MOUJO, 8.:i01 (J6Q'.?<> Cloli01.:i3o'bM6 olYl016oolYlo
0<>6<>J30010 li.:.o.:i'blYlM oMfoboMIYlMoob .3olYlMoaoClo. IYlobJob, 8M830-
oo.:i6Moob, lio8oo'Bob 3<>Q'.?ob, 3<>Q'.?oli.:iboQ'.?OU 3<>Q'.?<>bQ'.?OU(J6.:>Mo.:>6fllool.i Q'.?<> 3.:i6l.io
01YlR03.:i60G dOMMO:JOOU 3.:i6bb303aoob 3.:i8fll lib3<>Q'.?<>lib3.:i 06belYl(J806eo MOUJOU
lib30Q'.?0lib3.:i b.:.IYlolibb Cl?" bb3<>Q'.?<>bb3.:i 063obeM6il.i.
- Default - 6aooli8oo1Yl 'Bo6.:i6G(JIYl M.3o1Yl.:i 8 o0ob 0106 IYloliJo, 8001 ClMIYloli
'Bo6>6l>vll\o J"'6811\>d8ol> IYloGJoo. IYlM8 .:ilYl 3.:.C!?oob<>Q'.?fllb
0011\"'onool.> dot'10010C!?o 01.:i6b.:i, 01.:i360 .:i6 .31YlMG06eo, 8.:ib'ba. 08 '?J<>lio.:.6 01.:i3olio
a, 8 ,- R.:it:!?aoo01, .:ib.:ibo.:.010001 6ioliJo, 063ob0MM:Joo 001bM306
vv6>11\Mo>
i)>fQMb>fQf"lb 01>360 C!?080&ooo01 0.:i6.:.J 3o01li .:i8 IYlobJob01 3ob. t>1.:i 8 8oeo<> IYlM8 81.iobbo-
>6 b>M8:JO:J- oq8MR6C!?:JO<> lioe()o(30<>do, 8001 8oeo<> MOUJO Q'.?o
o.:i'blYlob 8oa1Yl. b.:i'bo6ob '?J<>bo.:i6o MM3MM(3
IYlobJo Cl?" 8.:i0101.:i6 Q'.?<>8MJo-
M.:>(3 Q'.?OQ'.?O<> o8oeo6eob MOUJO, 8001 8oeo.:i .:i8 vdGoob
10
.:i6 .:.dGoOQ'.?<>6 .:i8M6<>3000, 01() bb30 .3ot'1Moo .:ilYlob 03030 •

'° 9plio05o (30801li03e:;,'0050100 'bo,

.::ilio30 Gb3,)13?0lib3.::i Cloli.>boo
;:,.)6.>J3omooo C!?" 6.:iJ<>CQooo, 01030 8. 08 5n 0 6Cln 0<'1nli
8.:ib.:ilin.:imoocc:'oooli (c,,,,ae:::.'oono

32
 88
·Cq,<(C'ikgwe« (;:;)Cg0:lw(;:;)<:>qwe que <:>gC(;:;)f)<;>'iWq, ut;;Cu(;:;)p qwugwpu <;>u(;:;)pG;,Ce. q0:lwut;;Ce qutbu53euq
qu<(C01(;:;)<:>l.;J«P g«uq«fh ·Cq,t;;w<SlP«fh quwt;;0:l <:>u(;:;)G;,<(COJuPwe«0:l ugG;,q«e Lew<Sl«t;; <:>OJ wu<,?C'il<:>gwe« ·«;iCO:lqoll
d:!gq«OJ<:>8gq 9wR(;:;)C89G;,';;lq,G;, ut;;wGJl-iC89u 'uqG;,<£l«<£lq qut;;8';;C<(<:>OJ <;>OJ '<<(Wt;;G:.01u8Pu(;:;) 'uPqut;; ui;;JC£CO:lC;io9oq<'ll u9£ow
qu<gl(;:;)wfbCru uq8«'il-ie w8P« Ekq<,?C(;:;)ewt;; '«e<;?C01(;:;)"<;:i"p «eg«u-idii «;:.>« Gm "'i?C(;:;)puCt;: quO:lWioC;iop ugouqofO eo9oq
'0'2wCu;;:;ip\!lll9oq quw\!lill
·wu<,?w;:,iG:.ruu8Pu(;:;) 'o<;:w9ou\!109C',qu;;:;iqOwOuq
ugouqofb
u(;:;)G;,<(C8<:>8c;i-i9«'il C8Cq« 0:lCe«;;i« 'wuPqu';;I qu<gl(;:;)wfbCO; wi$lt;;«8 "'?'" <:>u(;:;)G;,C89we«'il 'wuOJ<:>8 - .\H.WWH: CL")o53eo1
quf1u9eu'l uq8<:>'ilqe qu';;IW(;'. q<,?COJ(;:;)<;><;J<;>p g«uqd.b <:>8gq<:>OJ<:>8<;j'l «<(C8<:>8qqg«'il ']U<,?wg<:>u<(C';;ewe
'Ol«<;;«8';;8" ·uqg«e. qu'(wew«Ol uque qu8wqu';;lwtBlqC89u <:>uruu0:l wue '«<;?w<;;G!,OJu8Pu(;:;) quu8p<:> ·C12C\!loll 'lu1:wew<cu<J<fh
<;>u(;:;)<:><(«Ol 8<:><;> 'OJ<:>Ol<:>wut;;up ·qw(;:;)q« g«wq<:>S:i (;:;)G;,<;?C;;iuGilwCP <:>u8p<:>q,9«t;;<$l u(;:;)u8qqe qCOigwe u90£,,_,;::;ic9812u9e
Cq,\!l<'l,<<;: illo\!lwCe 'uew\!lill
'«<,?w(;:;)'2C(;:;)p<:>qCe. <:>u<;ilCe wue '«'2wt;;G!.01u8Pu(;:;) \juu8p<:> <:>u<;ilCe 8<:>!) ·Ce.C'?l"g qu2wew«01qd6 cWirwe <£W;;:;il?c;;:;ipo<JCe
u9d:!w(;:;)C98e.u9e ue.0:lwu'?'Ct: C(;:;)Pwe quw!)O:l wu2w(;:;)2C(;:;)p<:>qCe. qu8cuuR<:>'il qu2w(;:;)G!.8we quCilluRoll <ju<;:w9Ccuwo\!I
u9d]w(;:;)C98e.u9e qu2Cu8P« <:><,?Ccuqdh '<<(W';;IG!.cuu8Pu(;:;) qu8wqu<,?C<;il9CeG!.<;;><$lq9u u<;;>G!.q9<:>9uS:i u908w;::;iC9Ce_o9e
·wu'2wew«cuqd6 u9<:>8w(;:;)C98e.u9e G!.9« 'cu<:>th<:>u ue_cuwu<;;>Ct: C(;:;)Pwe quw<;;cu qwcuuRu<:>';; u8u<$1P« u9<u<j<fb ·( uillufio<joll
<:>u(;:;)C<(C(;:;)p<:>qCe. Ol<:><;;ue.q g<:>';;OJ<:><;;> '«u(;:;)G!.<(Ct;;ue.8<:>P<:>cuw<;;>Cuw<;;>G!. u(;:;)C<(C9C8<cJ"8 u<;;>w qC ·w<;;>cu illoi;;JuCillo)
ug<o<j<fb -
W<;;ufkq CJ<;>OJuR<:>q«'il <;'CU uq<:>fh quu8<:>q,u(;:;)<;>C<;;> :<:><(C9CRuwe«'il uewq,«q U<;JW qu8wqu<,?Cq<:>fhCe.
uque ·ue.(;:;)G!.fb cu<;J«9 "'2C<;;ufsl<;;>C89wP uque "'2C(;:;)puCe. cuw'il<;;>«P«g«cuG:. «cu cu<:>th«<;;«SJq O:l<:>9Crue«<;;> (
G!.w 'Cq,«eu <:>u(;:;)G!.<,?CcuuPwe«CiJ («<,?w<;;>G!.O:lu8Pu(;:;) 9«) "'2'u9c:u\Y"9G;,GJlCPS;J"8 qucu(;:;)<;><;J«P u9«uq<:>fh
·"e'2Cu8P«
qu9wcu wu8u<;ilqC89u«q C<;>O:lu8 'u(;:;)C<(C'il!)«\j u(;:;)C9cuw(;:;)<:>qwe u(;:;)<;>l;J«e 9<:>u(;:;)<:>p 9wq, <:>8<:>wqCe.
<:>OJ9G!. «e<,?Cu8P« e« we«'il quPqu!) qu<gl(;:;)wfbCO:l u(;:;)<;>l;J<;>e UlD<;'e <;'CU qu98wqwwe u<;;>G!.u8G!.tg>uGiJ'J9U
u(;:;)G!.cuC<;Jq,Ce. Cq,<,?Cu8P« e« -,,u<,?Cu8p<:> qu9wcu u<;;Cu8<:>(;:;)CPCeq" 8<;;w'ilw<;; 'g«u<,?COJw<:>uq«q
u<,?Ccu(;:;)<;><;J<:>p ug«uq<:>S:i u(;:;)C<(Cq<;;« <:>(;:;)<(«cu qu<,?Cu8P« quu<;;w'ilC!jil<:>P ugww ufhwRe <;>(;:;)w«e ·u<,?Cug«f_'
-ewP w8C8wq,<:>OJ<:>q <:>OJ u'2CP9«'( u(;:;)G!.u8<;;Cewf' g«u<;;>« 8u<,?C<;;w'ilw<;; 'qu8wqu<,?Cu8u<;ilqC89u
:;>Cue qu<,?C<i!>G!.<;ilu<;ilqgu u!)Cq9«9uS:i u'ilCcu<:>q0Je«'il 9«utp1<:> 8u<(C(;:;)ew<;; 'qu8wqu98e.u9w«
qu<,?Cu8p<:> eu :;>Cue qu2Cw<;il9C'il<:>«q u(;:;)C<(C<;;u(;:;)G!.'ilC<;;«e «<,?CgCRuwe«'il u9ue<;;C<i!> qC ·O:l<:>gCp<:>qCe.
qu8wqu<,?C<;;w<;ilqC89u <:>u(;:;)G!.2Ccu9CewPC<;; u2CCiJ(;:;)<:>w«P u9<:>uq<:>S:i qC G!.9<:> 'q2Ccu(;:;)<:>w«P 9«uqd6
,,qu9wcu wu8utg>qC89u«q" 8tp1w'ilw<;; w«2Cf'u9Cue (aaa-vvv qu8toqu-Jood <:>cu p.mpmns !1ma
· -miy qu8wq-.<poow) u'il9u<;iluCtp1 q2Ccu(;:;)<;>l;J<;>p g<:>uq<:>fb quu<;;w'ilCtg><:>P uqww u(;:;)G!.9e.u9w«weCq,
·u9«e.u9 q-v ue«q w8P« u(;:;)C'2C:fu9ue '0(;:;)"'2"01 9«u(;:;)«p
qu:;.>« uPqu<;; <]u<;il(;:;)wfbCcu <:>w(;:;)Cew<;; «wCcu(;:;)<:>w<:>p 9«uq<:>f0 quq<:>(;:;)f' uqC(;:;)w«eC ·ue(;:;)utp1q8
z:·z: <:>u(;:;)u9C'ilcuwe<;;«SJ u'il9utg>uCtp1 u(;:;)G!.2C9CRwe«'il <;>Cue qw<;ilgC'il<:>«<] utp1w 8" ·wu801Cc;iue
qu2w(;:;)C9cuw(;:;)<:>qwe wcuG!.«<;;«8«q qu<;jl(;:;)wfOCCiJ u2CO:J(;:;)<:>w<:>p u9«uq«t0 gwfOC 9C2w(;:;)uO:J8
u<,?Cw<;il9C'ilc;>«q qw:;.>cu <]u'ilgutg>uC:;,> ·u'2C<;Yw<iJl<]C89u 9C<,?C9CRu 'ilCO:ieCe 8<:><)«<p1 'q«<(Cq<:>fOCe
wu<,?Cwq« quqqu<;;«c;i 9CC(C9RC8pc;>we«'il c;>OJ 9C12C:fu9«ue u12Cwtg>9C'il<:><:>q wu8utg>qC89u«q <]C
·wu'ilgu<;iluC<;> <)Uq<]u:;,>«q wu8u<i!><]C89u«<] <)U<(COJ(;:;)<;>wc;>p u9<:>u<j<:>tO u(;:;)C12Cf'u9ue 's,lOOd 1fl
pltlpuuis <;>OJ ::l:l!t\.I<lS SlOlS::lAUI s,.<poow '<;>Cue <)UC(Cw<;il9C'il<:>«<] u(;:;)C'2C:f u9eue <)Uq<)U<p><:>q U<p><:>C<:>toe
O:iCe«<;;>« '<;YUf_'<;'CU<;)Uf: «<(COJ<j<:>tO <;;>« uf'<]U<;) <)U<;il(;:;)wfOCO:i <)08tD<)U<;YWfsl<]C89u u8u<p>12C(;:;)G!.C8<cJ
·qoCwqo<(Cu8j.)<' o<;;JG.<(C<)SIJ<' <'<;;i<(<'Co llq,q<)OSIJ<'q
wo804jlqCC9o<'q <;>o<;;JG.C(CSIJoCSIJCq,CSIJ O<(COSIJw'i:ll4jl<'f' o<;;JG.<(lll"}C<'w9<''i: e.llCp l"}Oq,<'q o<;;Jo($1CCfl9 !,,l"}C9w1:o
wo8o<jjl'lCC9o<''l 09<'oq<:>fb" qC<-9e.09t:3<' <'OSIJw'i:C<jjl<:>f' oqww :c;>9Ce.091Je.
a ll9w1:o ol"}C<;;i<(<'O:leG. :::>
<'C(CO:lqo<>OJ<>'il SIJ<' o<(C($19C8wS1Je
ue.<iil<;;JwS,CO:J <)OSIJ<' Ol<'SIJOfi.q
09<:>o<(C'i:ewe ;) - OSIJG.o8c;-<;;J(;).f'Ce'l ll:J
o4jl<;;JwfbCO:l
O:lc;-ol:3 ;);)-;););) - <'<(wCSIJ<'ew<aO:Je oO:lCW qo<jjl9C4jlueC llll;)
OW<'ol"}<'q l"j008o<jjll"}CC90
SIJCo<;;Jp g c;-o<;;Jf'c;> Ulc;-OJc;>WoSIJop g
gg <)<(C4?9GeC<;;iC SIJG.o8c;-<;;J(;).f'Geq eg
C9wro ggg G9wro mig
ollgu<gloC\!)
G9wro v G9w1:o v '101:Cw<gl9Cllo<q
G9w1:o vv oql"}oSIJ<'q o<;;Jc;-t:;:i<>e llV
wu8u<glqCC9u<q
G9wro vvv oq<)OSIJ<'q Wl"}CwGf'G.c;-q IJllV
S,'MOOd 1fl G'MVGNV.LS S'MO.LS3ANI S,AGOOW
·c;
 ./)ICV)t_:J IC...:'.)-=:)J'j C_:Jl...:'.)Ct ...:'.)CJ'J IC I C'?ll.O I Jjl.OlO I .l'J I
rO·\£ N \£ c
c:> €1 s €1
\£ c I) c
€1
LO c €1 c €1 s
€1
C S €f c:l €f c:>\£ C I) C r0 I) I) LO ef C
c:> I)
ef<.o 2
<":lrO
S c r0 I c:i
rJ
S
"'"''° c
,6J c:> $! f) JSI) "':) I) rO
-'g ti c:> c€) I)
g,
c f)
I)
'55 "'' ::n •J --..1 • J <":) 'C- .:D
W} er ;;:is €f,g 6°
-0 c:> I) .:D co
<.o €f c:> <O
c:ij? c:irO
\£ ti C ef c:>
"\£ "
SJ ""CJ <":l rJ FO 6 e< <":lLO ..g - S C I) C efCO I)..:::>
c:> c->LD C \£
-'Jc:>rOJ:;
rJ C CO LO\£
\£COSc:iC
LO "'JI) I)
..,S..,..,"'J..:::>
<:P "s
"'
cef
-g c:i c:i S rJ
:'.'.) c \£ I)
c0 c:> "'LO 6 C "55
FO CJ ro €f
-'g d'o'f? rg, CJ\£"' c s '1£ '° s erLO c.., c0<:P "..:::i
'" ""' ..,
c:i-.::l
cO '
C CLO
...., FO s ..,
I) C "55
", '° ..:::i cO c
I)
er 2 c:l-5$ €1'1£ I) 2 "':) &rg, 5f
"'-
0
'LD"
%
""'JLD"'J CJc:i"
c etSJcLO
Sn
€1 c:ic0 ..:::i 2,.., "55 s s· c c er-n\£ s s
"" \£ FOr0€f et..:::>
FO cO cC":l co "
-55 ..:::> s I) 2
\£ c c:lC
C • ..:::> ef
rJ \£ <:P rO c
€f\£ LO €f "c "'J
C":)C
2
f);;? s
'55
..:::> c0"'-cr0,..,c:FO
We erFh 27..,"55'1£-..:::i 2:,,g
ticc:iccc:i
0
(Y)
er c ..:::i - .., - c:i "' s FO
:'.'.)'i:b
..:::i er
c€l s co
c I) <":) c:i..::;i c I) €1
I)..:::> c c€l c €1
.., r0 C S ..:::> _,,, CJ €f'° ..:::> .., LO c:> ..:::iLOs..:::iserc\£ ..,-n,,co.., :'.'.:>
C":l 2rg,_;;
CJ
S
<l" CO
g LO 2
.:D I) c:>'c-
C 27 C ..:::>
"'JrO
C":l
€f '-'LO ef
\£
efS<":l
€1 I -g €1 €1
r01)r0.r')l)-':JLD
n ..:::i ti c SJ-g c€l
r0F0c:i'<-
J(
..:::i per..,\£ c c015 €1 ..:::i c:i c:i s s c €1 I) c c:> ti 2 c:i1'"'CJ2 €1
;:g..:::i ti ,§5
g.,r0
g·
€f.:D
c:> I) C <.o
.., 6.,..., et\£
;:.:;;
.., ..,
I) ef ti c
S \£ rJ I) C-
\E -o \E er<":) .:D
I) c:ii €f\£ ;;:iLD C -5j SJLO \£
L!l
N
<.o ef ti\£ C c:>..:::> c I) c€) c0.., OC FO -5j LO l)S -':JCOl)L0""''1£"n'
<":l'g,<":l-""C..:::> c c . . , o•crO ';;LD c.
c
co % I) f)
""CJ"'"'"' €1 c "' "' s rO c ..:::> c rO LO F0 FO " --..1 LO c ..:::> CO C C c. LO .:D -':J "'J
J5 .., -i? -g, 2 ;;:> -55 er
C
..:::i
c
c. cCJ 'J
S
c
CJ CJ
"':) P c ..,
LO c:> c€) c:iLO
n <":) s er CJ .., er
"'LO c:> c:i
"'
CJCO
r0 c
..:::> c. <":)..:::> c:> SJ
s c€l .., ,,
""' c:i c ..:::> ..:::> c c
COLO I) €fc..:::> o•..::;irO C -':J <":lS
s
0
N c
efefcLO
I) ..,,,_,""'
O'c
c:iCO
ef
c:>
tiefl)
..:::> CJ
I) S
C I)
OC Er
\£ CJ
er.., ;;:i
cO c:>
..:::i c:i c SJ "':) co
F0 .., co S ..:::>
,, n r0
- et
er er g
c:> I) c
er
E:
c:i<:P "" C C ..:::> LO C LO C ef C c0 lj' "'J c
<:P I) €1 €1,g I)..:::> 'g I) co
I) cOI) I) \£
2,;..:::ii..:::i I)..:::>
.., \£ J5
c-g l)LO
iei €1 2
er c:i :'.'.) s <:P
l)LO
2
€1 s- f) c:> s rg,,g c \£ rg,..:::> "55 L!l
..... ,,,
CJ
s c ..:::>
LO li'Jc,...,'° S \ELD crO ..,..:::i
c ..:::>- er
"efccoCO..:::i €1 gg .., LO .:D <":) erc:i..," er..:::i S\£ c c0
c er s .:D c:ir0 ...., .., er c ..::>
c
S' c:lCO,:Dl)c.c:l<":)I) c.c:>c€) I)
€1 6 €1 c:i"': ;f?\£ rg, €1
co c€) <:P .., €f "
I) ""CJ I)
-g,£
8 .:D C f) I) -
c

cO
€.rrg,2
er
I) OC C cO "' ""' C FO ..:::> .., c SJ
\£ CJ o• \£
:'.'.) c:> \£ c:l LO
s.2_,..,2-0
c:> • c:>
:'.'.)rO
2
c:> c:>
c:>
,; li r
erco
c. LO C '" I) C <l" -':J rO
"55
c0 -':J CO I) rO
\£ c:i<":l"- <O<":l\£-c:>c:ic:i..:::> c:ic c:i-c:>c:i
Er\£ 0
.....
SJ
c
to
co
erw::>€fJ?etc c c S-i:::i €fLD rJ C -':J C €f c0 C c€) €f <":l €f c
..::>
"'..:::i .., FO % s<":l r0 er 3
c .., c n c c- c€l co C- C":l
\£ I) c c rO I) I)
..:.J
\£ cP LO c:i.2
s • J 'C- ) J
f)
c:i
"'"2J5
CJ SJ c
f)LO s ..:'.)
c:> c cvrO c <":l SJ"' S FO ..:::> ..:::>
ef I) 0 c:lrQ c:l C CJ LO r0 c:l C "' c0-nr0 s r0 er c r0 _g I)
c <":)
I) rJ c:i I) ..:::> oc
er er
'55 ..:::i co P.., c:i C":)r0€1 c. c:> I) c:i I) " ' c
c€) cP
._,
-= c
"
.., .., c
er
c:i
€1
..:::i
I €1 5f :'.'.) ('
c:i ,., c co ..:::i \£ "s <":)
cg rg,
2
.., c
• 2<g ;;:'
SJ

ef .:D CJ LO
..:.J
<":) I) I) C
€1 .2
I) .:D
er
I) \£
f) C":l LO I)
SJ s
f I.:{;) -;;,
-.2
I) €1 C0 €1
2
C C';l

L!l
LO sers<":l<":l..:::i-O""c€l .:D _LDFO Coe tier-':Jco CJ 0 efp-':J S'I£ ef.
I) I) "'J"l)\£"..::;ic:>l)C Sl)SrO I)
ti S CO CO CO c:l
C
..:::>
I)
LO C":>COI) S
I)
c0 I)
"'c:>
r0 cQ ""CJ c:l \£
CC":lefO
-5j €f I) LO LO c er S CO F0 :'.'.)rg, €f
l)c:>c:ll)ef 6 cO..:.J
\£ c c ';:;' c..::; -g tic €1..:.J..::; c:i .....
SJ
..:::>
-g -g er
c0 p,g 2
c <":)
c€) SJ S- :'.'.) errO c:i..:::> CO LO- :'.'.)<:P S C
'1£ co co
"'J ti
€1 .., c:i,2 -55 -g \£ 2 c:>,g2 £5 ..... 0
.....
er "'€1:) s
<":l"co
\£
c
"' c
CJ co c
c
€1
P
c:> I) I) I) I) '"
SJ\£ s \£ r0 ""
I) I)
c LO -n er c:> ef S -5jc\£<':)I)
c€l • S CJ""..::; CJ'° c:>""
-5j rJ CO <Oc€)LO CO 2LO c0LO % Ot;:;iC'2C'tl':J"'l
FO ScocPc:i\Ec..,.., r0 .., -SLO -LO et '" ""' cO c€) \£ \£ S FO -':J S '"' S " "
;;( SJ _5 _2 co CO "'J LO rO S- c:> - ..:::> ,(5 €f "55 2 c c "'- o• c:>FO cO S \£ S -':J <0\£ c r0 cO
'2
"':) ...".) c s ..:::i c5
c s c 2 er c:i s s c ..:::i
"'J '1£
· " er g er
c- ..:::> C c:> "'J €f C - ..:::> LO
'°
s c ""
E1 .2 6 \£ \£ c .., €1..:::i co c
€1 er 2
s -g
er er
'1£ .:D €1 er ..,
"" rO""'° "" I) '"' I) er ..,er . ::;-
<":)
I) f) LO c
er'° "I
s c s ,,
LO rO (".)
\£
cc:itC
<:P P ,,.,-
S "' C rOc:> "' rO
c:i
CJLO
c \£
"' I) "'I)
pco n
CJ ti c•LO <":) "'LO
c:>LO -':J
<":) ..:::i c ..:::i r0
S -':J -':J -':J C C":l S c:>
..:.J
CJ .., c:i c
c:i f) "'J ef\£
c:i c:>cO
<O •• ..,e<
CJ 0/
<0CJ<0
c:> ;;:i I) CJ
c" c."cPFOFOc:>c
CJ I) c0 "s ..:::> <OrO
c:i c:> s
r0 LO S CO €frg \£ r0 c co c-,
c:i c ..:::> c:> c. I) c:> "' c:i 'J
S
'" \£ er \£ "':) P
\£ P \£ \£ LO ti <:P ti .., r0 c er Q
r0 " er c€l
I)
\£ co \£ <:P c FO SJ €1 er
ti CJ <":) €1
"'- '2 S f) C \E '2 C I) CO ..:::> I) I) I) LO c:>LO "- I)
f)..:::i co..:::> <€lco ..:::> :'.'.:>..:::> SJ.:D co ..:::>'"'CJ"' cO <":) erco er'fS 2:,,(5 £,(5 2 rg,3 2
..::>
c
.2c:> ' SJ
b SJ
f)
et C
21..:) cO\£
g Q
I C ..5
"'::>.., c -g
&tE c e: f) 'J LO c:> et SJ..::i LOC \Sn
\,£$1Er;)£,..,cc
c5 l! co I E\£ EIS
...: ";J ::.i ..:) cO f.)...::>
SJ'i?:,,.Z EI n
et_:g ..::> etet'-'et
EJIE o:>et..::> :.; EJCO ..::>-g, 1£ EI
€! .., _g €1'2 I)
Jo t-t
E.6°4.i&'?o::ot '"'t"J Piro r0 "'?-n .2 _z '<l'
C')
 2.

061?.lc::oe00 - lnfla!io11 -
God"'6oc::>'ho !Qo
8M8Gob(JMQ00'b:J 'IJObob
b00()0c::'M !QM6ol> 'lJM!QOb
JMM(3Qbo.
M'tJGOM6ou .3ofil!"loaoo. (Jb(!?<> 0.:i3oal3<><:!;ol.1006fYlal .:iuo3::J, 000G.:i3u al() .:iP1.:i '13<>Uo.:i60 d<>c::><>(:!.'(!?O
P1.:io8o fYl'(38oC"l6G, MfYl(J(Y)MoG .:iP1oG JfYl63oti1GooG v.3oP1.:ic.f)oG(Y)o.:i .:i6 3.:iP1.:i6c.f)ooo, MfYl8::J<:!;OG
V'B<:!.'Oo.:iG .:id<:!.'::J3G 063ouc.f)(Y)P1G 8ooc::i(Y)G l13::J()<:!;::JCM030 <>dGo.:i. Gb3.:i (Y)'BGo(Y)6o 8(Y)oG.:i3G
<(3<>Go.:i6o d<>c::><><:!;(!?Ol.i 3<>13?<>813?::J(:!.' 00Gl:J013?3.:iG, MfYl8::J(:!.'OG 600.:ili Malil3U J(Y)8.3.:i6o<>li 3<>13?<>'bo il(!?M::J
0.:i8fYloGl:JO(!?(Y)li al<>30Go (Y)O(:!.'O(J<>Goooo .3::JMO(Y)(!?()(:!.'<>(!? 6<>(!'.;'(!?0 '(3()(:!.'0l.i 0 <>CQ<>bCQOal .:i6 Ol:JO(!?(Y)G
(Y)Q(:!.'O(Ji>GO::JOO 8::J(Y)Mi>CQ Oil 'b.:iti1'bo. al() 0630Gc.'!J(Y)M::JOO oc::iooo6 C"l'(3GO(Y)6ooli, o8oc.f)o60- J(Y)8-
.3.:i6oooG (J6CQ<> .3d(Y)6CQ::Jal O::JUi>d<:!;::JO(:!.'(Y)O.) 8(Y)o'bo!:Q(Y)6 l.ii>O(J<><:!;OO::JOO (!?i>Oil(:!.'O ctMfYlG::J6c.'!J(J<:!.'0
0.:i6<>J3::Jaloal, IQ<> .3oP1odoal, al() JfYl8.3.:i60.:i-08oc.f)o6c.f)G 0.:i.:il16o.:i fYl'(3(3o<>, M(Y) 0 (Y)MOG .:ifiloG <(3<>lio.:i6o
d<>c::><>(:!.'CQoli 3<>CQ<>8CQ::J<:!.'o 0 .:i8(Y)Gl:JoCQ3<>, 0630Gc.'!J(Y)ti1008.:i ()6CQ<> 8ooc::i(Y)6 J(Y)8.3o6li.:iG°" ti1.:iG
oood<:!.'oo<> 8.:ic::i.:i<:!.'o 8(Y)8 0 ooo.:i6(Y)ooal. G.:i38.:iti1oli<>!Q Mal(J<:!;O<> oo'B.:iGoooG .3P1o6Go.3ooo,
M(Y)8::J<:!;OG oboo.:i <>li::JalO G.:iboli (Y)'BGO::JOG. ()'(3M(Y) (Q<>03Mo(:!.'::JOOal oG .36io6Go.3ooo 3.:i6obO(:!.'::JOil
22-o al<>300.
06'13(:!.'i>GOil. l1306G 800<1> (JJ30 3.:i6bO<:!;(J(:!.' 'B"dc.'!JfYlM::JOl..i 0(Y)MoG, MfYl8(:!.'::JOOG 'b::Jo"3<:!.'::J6.:ili .:ibCQo-
606 ub3.:i1Q.:iGb3.:i <(3<>Go.:i6o d<>c::><><:!.'!Q::JCol.i 008(Y)G.:i3<:!;0<>6fYlo.:i'bo, .:i8(Y)6.:iooooG 0 .:i6<>J3::Jaloo'bo
.:iP1lioooal 'b::Jo"G<:!.'o6.:iG .:ib!Qo6G 06'tl<:!.'0Gooli 8fYl(:!.'(Y)CQ06o. 'b(Y)o"C!?"C!? G6(Y)oo<:!.'00, P1(Y)8 .:i8.:i al() 08
<(3<>lio.:i6o d<>c::><><:!;(!?oG .3fil(Y)Go6c.f)oli 6(Y)8o6.:i<:!.'vti1o 0.:i6.:i33::JalO 000G.:i3u 6.:i8.:ic.f)u,
o6'B<:!.'"Gooli 8(Y)li.:><:!;(Y)!Q6::J<:!;O !Q(Y)5oli 0.:ial3.:><:!;0Goo6oooal. ti1.:iG ()'(3MfYl o6'B<:!.'"Go.:i,
8oal <(3<>lio.:i6o d<>c::><><:!;(!?oli, 6fYl8o6.:><:!;(JMO .:i8(Y)6.:i0 oooli ctMfYlG::J6c.f)o IQ<> .3o6iojoal, M<>G
!Q<>C.:><:!;o.:> 8(Y)li.:>(:!.'fYl!Q6::J<:!.'o o6'B<:!.'"Go.:i, 8oal CQ<>C<><:!;o<> 6(Y)8o6.:i<:!.'vti1o u.:iP1 0 oo<:!.'oli ctM(Y)Go6c.f)o.
ti1.:i8CQ06080 D<:!;oli 506 03ti106 0 'Boooti18.:i 0.:i8(Y)li.:ib.:i 6(Y)8o6.:i<:!.'vti1o .36i(Y)Go60v<:!.'o 0.:i6.:i33oalo
fYlC<:!;oo<>Gooooual30G, P1(Y) 0 C"lfi1G .3fil(Y)Go6c.f)oli ti1o<><:!.'vP1o 0 .:i6033oalo (06v .3fil(Y)Go60v<:!.'o
006033oalo VG3<:!.'0<:!.'o 'B0lioooal) CQ0 <(3<>1..ioli G3<:!.'o<:!.'oooli .3ti1(Y)Go6c.f)o, P1(Y)8o<:!.'oG li030ti10v!:Q(Y)CQ
00M8fYl00(Y)O.) 8(Y)G08(J<:!;O 06Gc.f)ti1v806c.f)oli 0P1lioo(Y)OOl..i 006803(:!.'[")0000 11 • al() b<:!;O(JMO
M::J<>(:!.'()Mo .3P1(Y)Go60v<:!.'o 0 .:i6033oalo OJ(Y)6(Y)803000 000!3?0061..i 4%-1..i !Q0C0<:!;o fi10G3oli '13<>lio060
CQ0 8(Y)G0<:!;(Y)(Q6::J<:!;00 1 M(Y)8 8[")803.:><:!;o 10 O<:!;oli 0.:i68.:i3(:!.'(Y)000o 06'13<:!;0G00
od6000 6% O::J<:!;OD0CQOo, oG 6006"31..i 10%-006 6(Y)8o6.:i<:!;(JMO 08(Y)6.:i 0 oool.i 8(Y)8 0 00006fYlo.:>li 10
O<:!;o.:i6o b.:i6ioliboli (Y)0<:!;0()0GOOlial3oli (0060036.:i: MO<><:!;(JM ctM(Y)Go60V<:!.' 0 06033::JalG
08.:ic.'!Joo0 8(Y)Li0<:!.'(Y)!Q6o<:!.'o !:Q0 0<1>0 0 08(Y)J 3<:!.'0V<:!.'o 06 0CQMO !Q0'13odlioti1oov<:!.'o .3ti1(Y) 8 o60v<:!.'o
o6<(3<:!;0Go0). oli 6006031..i 08.:ili, M(Y)8 Jfil::J(QOc.'!J(Y)MOOO Oalb(Y)306 li03806\oli0(Q 6(Y)8o60(:!.'(JM
ctM(Y)G::J5c.'!J(J<:!.' 0 060J3::JalG, M(Y)8 80m .3j0161:QOm ooli0d<:!;::JC<:!;0100 0 080108vo.:i3016 M00<:!;()Mo
G.:iti1 0 oo<:!.'oli 0 06033omo, 06'13<:!;0Gooal 0 0801ti3::J(J(:!.'O '13()<:!.'oli 801li0<:!;01!:Q6::J<:!;O 81..i8oi:Q30<:!.'01ooalo
ooli0d<:!.'oo<:!.'01ooli !:Q<>tio3oli 008alb303000.
08f'l6003oob ()03<:!;:J60 Jr<lfi1.3fYlM0(jO(J(:!.'O '130lio06 0 06Gb30300000 CQO'Br<l<:!;c.f)ol.i
filol.i300, 80P13oc.'!Jv6.:iP1005(Y)00dO, lio85o'Boli 30CQildO, (Q00::J()3Mild0 (Q0 (Y)'BGO(Y)bOU .3oM(Y)Ooooo
'b 00 03<:!.'o50Li .:ib!:Qo5G t.ib 301:Q0Lib 30 'l30Lio060 d<>c::i0<:!.'nwooli 08M60 00 o'b 0 !:QM(Y)oli 080 al() 08
8M6033omoo. 080G (J0M(Q0, '13.:>lio060 d0(!'.;'0(:!.'(QOl..i 008MG03(:!.'006010.:i ((Q0 <>(JM::Jal3::J1 oo'b5oli '(30M-
8oli '13(Y)b(Q::J00G OG3<:!;::J00 (QMMOo. G3(:!.'0(:!.'00::JOO 8fYlalb(Y)360G.:i (Q0 8oOf'l(!?::J000o
'boo"3<:!.'050li 0b13?::J6G '1306.:i6Livfil 00'b6\oo'bo, olio30 Mf'l()MMG Ob'13<:!;<>Gooli 8M(:!.'01(!?0b0 030b-
8.:iP100.:i 03bl.i6.:ial ob G3<:!;0(:!.'000 <(j<>lio060 li0ti1 0 ooo<:!.'V6.:i6io.:i5Mo000.

0P1lioo(Y)oli oo'b6olioli fYlM().:>6o'boooG f'lalbo 8al03.:iti10
<(jMM80: ::Jfilm.3ofi1M36(J<:!;O 8'13(:!.'MO;J<:!;M00, 08b.:i60 0 0100,
JMMctf'lM.:>G00 (!20 .30Livboli8e,oo<:!.'(Y)OOl..i
JM8.3060.:i (LLC).
JMMct01M0GO.:> .:iti1ol.i 8301'.:!.'" 'bo 8600360<:!;M3060 01P13.:i-
60 'b0GO(J(:!.'O '13f'lfi18.:i, fil018;J<:!;OG <(3(:!.'MOl..i fil0813?::Jb08::J
v.3061000Li010.:ili Gb30 MP1 0 06o'b0Gov<:!.' 'B(Y)6\8oom06
oo!:!?0P1ooom. 01..i v.3ofil0eolif'loooo 8010 8 031..i oo'b-
3<>(:!.'CQ::JO(J<:!;;J00l.i, li0J(Jm<1ioool.i ()'131'.:!.'0ool.i
"!3?30(:!.' ()0(!?0(3::J80li, ()30(!?M 0ti1Goo0100li CQ0 8Gb30(:!.'0
30.3oc.f)<><:!;(JMO m.:i5boooG 801'bouwoli ooli0d<:!;::JO<:!;(Y)00u.
JM8.3060000G (J8M<>3<:!;::Jl.iMo.:i 0Mf1::J3l.i 0 08(Y)Ol:j::JbMli
CQ0l1d0P1oov<:!.'o .:i8MP1c.f)o'b0Gooli 80010113?0 !Q00::J 0 3/Yioli
8o'b6ooolial3oli, P1M8 Clo08Go/Yi01G 8oGo 0 013?.:ib0b<>(Q::J00.
JM8.3060.:i8, M(Y)8::J<:!;OG 06iol.i 8M8e,000060 '130605-
b(JM0(!?1 i'lood(:!.'::J00 '130Jc.'!J010Mo3013? 0l1306MG 'b0M.:><:!;O
li0 0 01:Q0li0b013?M C!?OJ<:!;<>P10P1000G0G.

35
 JMM.3MM1>(30Dool.I 8oDM .3MM(3D5&Doo, col> 1>M<>8DCQ 8Md8oCQDO[J5 MM(iMM(3
5.:.LIDllbDo 01.:.6b.:. 'bD 0.:.5ob-
Mf'l(iMM(3 ei.:.8Mj30011>CQO b.:.MJ'i':O,
'Bo5.:i5llvMo o.:.'b.:.Mo (!?Ml:JMO MM -
CQ030CQD5CQDOo 1>M b.:.MJ'i':DO"CQ·
(!?<> o.:i'bM1>(!?. o.:.'b<iMo
DJM5M80J1>do 1>MUDOMOU .:.j&o3Doo obDo" l>.:.801.:.3MMOM .:.6 JMM.3MM1>(30-
(CB.:.l.10.:.60 o8o&M8, MM8 CB1>Uo.:i5o (!?1> 0.:.81:.JOCQ-
063Dll&0Go" .:.j&o3D0Clo (MM- o.:.'b.:.Mo
0MM0(3 <>Moll CJD6MODOO (!?<> bCloM1>(!? a?" U1>1'J(30M5[JMM J<>.3-
0 .:.6l.lb3<>3CQDO" Bolio CQ<i5.:. 'bM(iDOOCQ1>6.
DJM6M8oJ.:.Clo &.:.Moo
CQ<> o.:.'br;\Do'bo .:.Ml>[JOMol> .3or;i30-
(!?1>6.:.'bM 0Doo01 (ol.1060, 3ol.lo CQ<>6.:.'bM(iD00(3
(!?<> 8[]MM1>(QO o.:i'b.:iMo • o.:i'b.:iMo <>Moo
.:il:f.:.MoDol> 063Dl.1&0G0Dol>
'13<>l>o.:.60
.:.j&o3D0Clo) .:.03CQol> 'Bo6.:.5l>vM CQ1>5.:.-
8[JMM<l(!?O -
'bM0Dool.I - a?D'BoGo&oi>5 {8.:.01, 3ol.lo
'B"l>o.:.60 o.:.'b.:.r;io.
063Dl.1&0G0Doo .:.j&o3D0Clo .:.3'.:.MoDol>
a?"5"'bM 0Dol.I ). 01.> 8DMM1>CQO o.:i 'b.:.Mo '131ll>o.:.60
1>00.:.boo.:. 01>063Dl>&oGoM o5l.l&MV8D5&ooClo, .:i6 cr/Dool>013ol.I Cloa?oDO" ooMtJ[]Ool>0.:.5
CB<>llo.:i6o o<>M8M"C!?o05D5 a?" OOMtJOU o"MD 'B"l>o.:i5o o.:i 'bMollei.:.5
<>j803ool> (!?<> {OTC), ol.I 00030 .:.j&o3oool.I
'Bo5.:.6l>vM D80&06&Dool>013ol>. (!?<> Cloa?Oo"C!?
'B"l>o.:.60 o.:i'br;\ol> 0 <id-
o.:. 'bMoool> 8o'b.:.5o DJM5M8oJ.:.Clo .:.Moo
CQ<>5.:. 'bM 00 ool> D'BOd&o.:.60 8.:.01
063Dl>8MM[Jo01.:.6. DJM5MaoJ.:.Clo a?<>fo'hf'l0[JOol.I
Mo0CJo 01.> 0010
ob8.:.MDoo.:i5 'Bo6.:.5l>vM
Mf'l0f'lMn 8 .:.Mol.l 8M8QD0o.:.5Mo.:i a?" r;Jol>Jo.
o.:.'bMDOU D'BDJ&o.:.5.:.CQ 081:.JM-
'BDoo.:.6 801.:.3.:.M a?" Mol>Jol> CQM5DooClo,
dMMol>, 0.:.M(!?1>J85o.:.5 .3oMCQ1>.3oM 8M01bM36Dol> 1>M1>- o"a?"bCQol> 3.:.CQol>, 01>(!?1>U1>b1>CQ[JOU1> cr!" f'l'13(30M-
.3oM(!?1>.3oM 8M01bM36DO"CQ· 6ol.I .3oMMODOdO ei.:.6l>b3.:.3Doooo
.30M(Q1>.30M "JGO- fol.I .:.ba?o5l.I CB<>l>o.:.60 8M8 0Doo.:i5Mo.:.'tiD
ool> a?" CJoaa?oo 8oa?o"6 Li"J'l:"MMCQ a0MM"a? o.:i'b.:iM'b 0• l.lb3.:. 'B"l.10.:.60 808.:.M01 f!?MMol> .:ia.:. oa
8M51>J3[)01dO. 8M01bM361>U1> (!?1> 8o-
'Bo5.:.5l>vMo OMMJOMDoo, MM 0MMD00(3 .:.Mo.:i5 l.l.:io63ol>-
OMCQD01>dO .:.bCQD5l> o.:i'tir;ioo'b 0,
&0GoM o.:.5JOM[)OO cr!" o.:.5JOM[J00 1 [JM01-
ol.1030 MM(iMM(3 o3ob8.:.MDO<>
8.:.6001l.I .:.b 3oa?MDoo5 ab.:.Moool.I,
.:.3bl>6.:.01 (!?MMOU 'B"l>o.:.60
l>3'0MCQ[J01>01 8.:.010.:.5, 3001>(3 .:.j3l> (!?1>5.:.'bMQOOO.
CQDOOU BM(i[JODOdO
DU OMMJ[JM[JOO .)M .30M(!?1>.30Mo o"l>Dllbo-

1. M.) .)MOU oo'b5ol.lol> MM(i<>5o'boool> '13f'lM8ol> 801.:.3.:.Mo v.3oM.:.&ol>M01>?

.:.8 .3<>&.:.M<> MDl.18MM5ol>
Mol>013ol>. .:.8 8CQOCQ1>Mo 800.:.M8ol>013ol>, MM-
M.:.8a?o5o8D oo'b5Dl>l>.
M001 ei.:.6l>b3.:.3CQ[J01> .3.:.M&5oMMO - "J(30M5[JM00o1>5 oo'b5Dl>l>.:.o.:.M8MClo
DM0161>0Mo 6o'b5ol>ol> .3oMMO[JoClo?
M.) .:.j301 CJDaa?Do oo'b5ol>ol> CBMM8ool>: {.:.)
(o) .:i8b.:i5.:.(iMO<>U, fa)
JM8.3.:.5o.:.l> {LLC)?
JM<"1.3MM1>(301> M<i o"a?"l>.:.b<>(!?OO
0.:.8MtJD5ooo01?

36
 Mf'l(,f'lMO.) .3Mo6(3o.3ooo,
bob<§o8<> (MACRS)?
b.:>'bo6ob <>M od3081QO<>Moo<> o<§<><§ob
c,<>IQ<>b<>b<>!Qoob 8,:,006, MMCQOb"G <[3<>bo.:.6 .3Mrr>Go6<§ooo
<>M od3081Qoo<>Moo<> c,<>CQ<>b<>b<>CQ:Job. M<> <>Mob .:,8ob 8o'bo'bo?
MM0rr>Mo<> b<> 0<>1Q<>b<>b<>CQM 0<>6<>J3001000, 01() MOoMO-
CQM6oooob 'bMIQob <>6 8oboCQ3001?
01() 'bMIQ<> IQ"OD308o:?oo<>Moo<> c,<>IQ<>b<>b<>CQOOb ()8(3oMobo 0<>6<>J3001001, 301QMO
Mrr>of'lM(.3 Ob OtJrr> <>IQMO, 063obeoGOOb Mf'l(,f'lMO <§0.30 od6o-
Of'l(Q.'.>
<>8rr>M®o'h<>(3oob 0<>8Md30013ob 8001MCQO <>M
01.:>6b<>b <>d803ob M<> 8.:>b IQ<> M<>8rr>8 <>Mob ob <>bO

b<>o<>CQ<>b.:>b<>CQf'l <>8.:>b (,<>MCQ<>, <>MbOOMOb

M0(3bf'l3<>60 b<>c,<>Q;?<>b<>b<>l:Qrr> a8 oM 0 .,5 IQ<>b<>-
0()0100<>. M<>8M8 CQ<> Mrr>0 MM od86oo<> Ob 0103060 <>'bM001, <>Mob M.:>080
8o6oo6oo<>, Mf'l8 ob o"'VDao:?oo<>?
M.) C>MOb b<>(,<>Q;?C>b<>b<>(Qrr> .:,6 .3oMOf'lCQOO
c,<>Q;?C>8<>6ob 8o'b,:,6o?
M<> <>Mob caofo6b()Mo o<>'bMooob 8o'b.:,6o? MM(,MM Ob 8o'b<>6o ocaod-
eo<>6<>CQ?
cao6<>6b(JMO <[3()60(30000.
06 8M 00 oob c,<>60J 3001ooob <>Mboorr>oeib
'B"D®MMo, ,:,b.:,bo<>010001 o6b8M(J806eooob bb3<>Qpbb3<>
eo.3oob. MM0 MMo<> Ob 'B"D®MMOoo?
Mu o0 cao6<>6b()Mo o<> 'bMooob O'BOD®o<>6rr>oob 0 .:, 'bMCQ<>Oo?
M.) <>MOb obo010 b<>'l.Jrr>6CQrr> OOMt.JOOOb Mrr>of'lM0(.3 .)MOb 60()-0f'lMJOb
b<>C(3rr>6!.Qrr> OOMtJ<>?
. Mf'l 0rr>Mo <>d301 d308rr>01 !.Q<>
o<>'h<>M'ho?
03 oti<>6<>oo a8 oMCQOO<> JoMdf'l .30Mooob<>01 3ob !.Q<>6<>'hf'l 00 0001
JOMdM .3oMooo 'hMCQo<>6 01.:>30<>601 !.Q<>6<> 'bMO:JOOb · b<>JMOCQoerr>
<>brr> 8 o., 8 o<>oo !.Q<> 0a 8 0Mooo6 01<> 30<>601 IQ<>6<>'bf'l00 ob o<>6Joooo.
801<>3MM0<> <>noboob o<>tQ<>b<>b<>!.Qb 'hMCQ<>'ho
c,<>Q;?<>b<>b<>CQob 0<>6<>J3001ob 8obo!.Q3001.
O<>M8f'l00f'l0.) !:!?" C(3<>booob Q?rr>6o
()(30<>CQ 0003b.
b<>!.Qo.3rr>'bo®rr> o6b®o&'V®ooo 13?" 'bM!.Qo<>6 o<>IQ<>Mo 8 b3ob c,<>6<>J 3o01oob
IQ<>6<>'brr>00 o'bo Cl?" bobbooob o"Go8ob013ob.
<>8M0Mf50001 01d306013ob J<>Mc,<>!.Q <[306<>6b(JMO IQ<> o<><>MJ30001 8obo
OJrr>6f'l80J<>Oo. 01() <>M<> 8.:,b <[306<>6b(JMO o<>'bMooob O'BOd®o<>6MOob
o<>'bM!.Q<>?
ti'i<> 0<>6bb3<>300<><> o<> 'b<>Mb<> 13?" o<> 'b.:,t'Ylb C:lM!'i'iob? ob 0<>6bb3<> 3oo<>
01()
t'Ylrr> 0rr>M <>bCQD6b 8M<>6'h<>dGoooob
i:Qo6oono 'hn !:!?" 'Bo606b(Jl"lo o.:. 'be;Jnooli o<Bod®°"6rr>o0i 0?
Mrr>of'lMOC> JM8.306oob o<>Mo CQC>'tjo606booob doM001.)C!?O O/JC>Mrr>ooo?
't)06<>6li(JMO o0MC!?'> JOC!?03 o6Li&o&'V&06b (.!;>'> li8M(JD8()M:::J6b
8ooe<>6M6 lic.O(J<>C?;OO:::J60 JM8.3.:,6ooom<>6 CQ<> 8<>010.:.6?

37
 1.

1. '.l(',M6 d:J6P'loli <>d3li 0060ooli M:J8M6&oli 8(30M:J oo'b60lio !Qi> oli i>Moli
JM8.3.:>6o.:>do 8(Jdi>MOl.i (3bM<> 0i>Ui>(3:J8o
d:J<>C!?o:J6li 480 000$. JM8.3.:>6ooli m.:>6b.:>
90 000$, 8olio <>d&o3000 - 263 000$. m<>3olio JM8.3.:>6ooli
d:J6P'loli dM60ooli 68o6!Q<> d:J<>C!?o:J6li
467 000$, 8olio <>M .:>Moli
oo'b60Lim.:>6 i>Moli 42 000$, 8olio oo6om
OdMUltJJ(JMO li0libo.:>. d:J6P'loli li()M!Qi> 80008<> m<>3oli oo'b60li<Jo 8Mli.:>8li<>b(JM:J UJMMO
JMOi>Oi>dolim3oli. d:J6P'lolim3oli oo'b60lioli MM()i>6o'bi>(300l.i .3<>P1&60MMMOoli !Qi>
<BMM8<>, JMO<>o<>Cloli 0d600<> P1<>81Q:J6080 <>doo<>. JMO<>n<>Cloli
68o6!Qi> dM6tJOi> d:J<>C!?o:J6li 36 000$.
0. MM()MMo<> d:J6<i1oli <i1oliJoli !QM6:J, m(J 8.:>li
b<>M:J!Q()06:J6<> 8MmbM36<> .3MM(3:Jli'b:J (3md3<>m 600 000$-'b:J)?
6. MM()MMo<> 8olio <i1oliJo .3<><i1&6oMMMooli <BMM8.:>Clo? 0<>o'bo<>M:JO:J6 .3<>P1&6oMM:J6o <i1oliJli?
o· MM()MMO.) MOl.iJO <BMM8.:>Clo?
2. 6:Jfi16li&:Joli &fi1<>d8MMoli JM8.3.:>6o.:>8 :Jli-:Jli<><> 0 i>i>J0Uli> 063oli&ofi1:J6<>
M<>(3 16 000$, M<>(3 80DJ()m3606<> 5 <>d&o30oli. <>8
(<>8M<i1&o'b<>ooolim3oli) li<>tJ:o<i1M.:i 5.
MM()MMO lii>i>8M<i18o'b<>(30M 0 .:>8Md3om3060 o<><>Jt)aJMl.i JM8.3060.:>8
O:J8!Q:J80 od3lio
3. JM8.3<>6o<> 0801QM360oli, <i1M8 8<>m <>d3m
b<>M80806om 8M:JJO!QM6 Md:JM<>(30:J6li o.3MUJOJ(JM 6.:i'b.:><i1'b:J.
8M8:J68<Jo ob!Qo<>6 7% 8Mdfi1<>3 0 oM.:>Mli 00foJ3:Jm'bo. dMM(306-
3<>6<>J3omo !Q:J.3M'bo8'bo, li.:>JMOU?o8M M:Jli(J<i1li0ooli 8M'bo1Q3oli<>li,
O:J<>C!?o:J6li 3%-li, <>li030 <>Moli 8Md<i1.:>30 o.:>'b<i1oli .30MM006m.:>6 <J0li<>o<>8oli01Q.
b.:iM'.l('.tJOo, <l000<>3li o6'BM<i18<>-
!Q<>6<>b<>M'.l(',:J6li, O:J<>Cl?o:J6li 2 100 JMDC!?o&oli

0. MM()MMO 306<>J3om0ooli !Q<>C!?o06<>li (JMR031QOUJ md306

o.3Mm:JJ(JMO li0lib0ooli !Q0 !Q:J.3M'bo&olim3oli?
MM8 o<>:J(3i> 100 JMO!QO&o 6.5% 3<>6<>J30mom !Qi>
<>li0mo30 m.:>6b.:> 8MtJ'bO!Qi> Q?tJ.3M'bo&'bD 3,5%-0.:>60 0060J3:Jmom MM()MMO
61Q:JOM!Qi> 8MQD6<> ()i>!Q0b!Qi>8!QD?
MM8 0 <>6i>J3:Jm:JOO fi1f):JO<>
4. Q?<>3()<l30m, <i1M8 91 b<> 'bo6oli
!Q<>OM(J6:J6oli<>li .:><i1oli 6%, 25 b.:>'bo6oli JO 7,25%. <n<>M8<>-
JM8.3.:>6o.:>8 3<>8M(J030 25
8M8 0 000.:>6Mo<> lio86o'Boli !QMMl.i <>Moll 9%.
08 .3o<i1M6:J6<lo, MM!Q:Jli0(3 8M8 0 060.:>6M6<> li.:ib.:>'bo6M .:>Moli
(JMOl.iJM, MM()MMO 08M6.:>0tJ60 od6000 <i1oliJolim3oli IQ<>
!Q0b:J3olim3oli JM8.3.:>6o.:>lim<>6 !Q0J<>3-
<Jo<i10oom?
!Qi> (JMOUJM <n<>lio.:>60 3<>6<>J3omoli
'b03om MM()MMo 8M8QD00.:>6Mooli .3<i1080.:>li 0li.:>b03li <n.:>lio.:>60 lio86o'Boli
3<>1Q<>?

38
 2.

1. 08b0603P'loo 'boa0Mo0li-e::ioM0li dP'l(JUDe::>DMli 80Mm0oli lib30(Q0lib30 3o(Qo'bo(Q3oli JP18-

.30600ooli 418,000$. 0M806(Q 'boa0Mo0li .3oMo(Qo ,)j&o30ooli 58o5(Qo e,;0Moo'(Je::'Do0 000CR0D6li
1,346,000$, MP'l8oe::ioe 00oe03li li0.300P'l ooe:!:'li 140,000$ 08b0fo3P'lo000. 5oJ e::ioM0li .3oMo(Qo
0d&o30ooli 58o5Cf?" c::oMoo'(Je::iDo" 000CR006li 813,000$, MP'l8oe::ioe 00oe03li 08030 li0.300P'l
00fo&06li 140,000$ . .3oM05oP1MDoli 0060b(Je:?O 0j3m doMomo<Qo JC>.30&0e::io. 8bf'le::'P1<Q
280,000$ 08 oo'b5olioo 30<Q8P10&060li. Mo 8P'l3000 0j3m 08 oo'b60lio<Q06 - 80m li(JMm
0008eoMP'l6 80mo MOUJOU (QP'l5D (QC> 306o'bM0b0li C,0(Q030<Q5o5 oo'b60lioli P'lM306o'b0eooli
JP1M.3P'lMo(3o'(Je::' 9:JP1M80 'bo.
8P1(3D8(Je::> 8P1806&00 MP13P1Mo0 80mo .30li(Jboli830oe::if'looli <QP15D 08 oo'b5olioo? Mo
oe3e::i060 JP1M.3P'lMC>(30(Je:? 9:JP1M8000 0 0<Q0li3e::iom?
JP1M.3P'lMo(3o'(Je::i <(3P1M8000 30Cf?0li3e::iom JMDU?o0P'lMDoli 8o0"U? 06<QP18000m m'(J 60Je::io-
00<Q 00lie06 80m'b0 JMDU?o&o?
2. e::'P'lo5 e:?D 8oe::io63 JP18.30600 08'b0<Qoo0 ooodo5P1li 28,000$ c::oMDo'(Je::'Dooli li0&0li0P1
0c.;3'(JM3oe::if'looli 0b0e::io JP18.3e::iod0o <QC> 0b0e::io <Qo60<Q30P10 53,000$-o<Q. oli 0c::iJ'(JM3oe::iP100
000li0008000 li08oe::io060 0d&o30ooli Je::>olili, <QC>60<Q30Mo - b(Jm6"e::io06 Je::iolili. MP'l3P'lMo
tJP13De::'be:?O()Mo li008P1M0o'bo(30P1 308P'lj3om30 00ode::ioo0 3"J:Jffi(Q:JU 08 P1Mo
0j&o3olim3oli?
3. JP18.30600 0Mo.3odli JP15lif'le::io<Qo0DU? o5<Q(Jli0Mo08 Ro<QP'l 1,5 8e::i5$ UP1e:?P13 De:?Dd0MP15ojli
JP18.306ooli 12%-006 P'loe::io30eooooo. 030 0lio30 9:Je::'P1oli lie::iP13 De:?Dd0MP15ojlioli 100,000
.3Mo3oe::i030M:JO'ZJe:? 0deo0li, MC>(3 Cl00<Q3:J6li lie::if'l3 De:?Dd0MP'l5ojlioli 0 0li0tto<QC><Q
c,08P'lo30o'(Je::'O tl3De::'" .3Mo3oe::i030M:JO(Je:?O 0deooli 10%. 3oli()e::> 5oe::ili UP'le::'P'l3 De:?Dd0MP'l5-
ojli80 3o<Qoobo(QC> C>(QM:J 00.30M:JO(Je:?O .3MP1(3:J50ooo m03olio P10e:?030(30:JOO(Qo5 (QC> 3$ <Qo3-
0(Q:J6(Qo mom01o'(Je::> .3Mo3oe::io30Moo'(Je::i 0deo0 'bo. 0Mo.3odlioli 80M 0 060e::i()Mo
li030<Q0li0bo<QP1 3060J30mo 0Moli 34%. MP13P1Mo 30<Q0li0bo<Q:J00 (J6<Qo 30<Q0obo<QP1U
0Mo.3odli80 .3MP1(3:J5&oooli U?" U?o 3o<Qo5U?oooli 08 CJ 08P'll>0 30e::i'bo?
4. J"lime::i JP1MJ JP18.30600 <Q"'tl(Jd5<Q" 1997 5oe::ili U?" 0j 3li Clo8U?o 3 o li0C1 08P'lu0 3e::if')
30(Q0li0b0<Qo b(Jmo 5e::ioli 306803e::if'lo0Clo:

20Xl 20X2 20X3 20X4 20X5

$0 $35,000 $68,000 -$120,000 $52,000

(QC>Oo630Moo0m JP1Mdf'lM0(30(Je:?O li0008P'lli03e::if') 3o(QC>UobC>(QO 06 3o(QC>UobC>(QO(QC>6

(QC>600M(J6000 tJP13De::' 5oe::ili, 08 m0300 306boe::i(Je:?O dMP'l3MDU(Je:?O li;3C>(QC>UobC>(QP'l
3060J3omoooli 8obo<Q3om.
e::'P'ldf'l'(Jm 'tJ'(J<Qli JP18.30600li oo(Jde::i00 oliolibf'lli oMmo oe::iom 9% li0M30oe::ioli 3060J3omo060
liolibo. 08 oe::iolim3oli 8P1lioe::if'l<Q60e::io0 oo'bMoli 4%-0060 06'tle::'"Go0.
v. 800be::iP13Doom, Mo MD"e:?(JM li0M3oooe::ioli 306033omli 306oboe::i03li JMDU?o0P1Mo?
o5'tle:?"Gooli MP'l3P'lMo <QC>80&0oomo li0M30ooe::io0 RoMm(Je::io 6P'l8060e::i(JM .3MP'l(3:J6&oli
3060J3omoo?
6. m(J 0e,;8P1R6uwo0, M018 06'tle::>"Go0 08 ooe::ili 000<Q3:J6li 2%-li, 801()&06li m(J 0M0 oli JM:J<Q-
0&01Mli M0080 'bo06li? 801()&06li m(J 0M0 0L> 8lioliboooe::ili M0080 'bo06li? Mo0018?
. 306 8P103ooli CR" 306 50030oli, m(J 0c::801R6!3?060, MP'l8 0693e::i0eo0 08 ooe::ili Clo0CQ306li 6%-li?
08010MR00m ,,3P'le::i li@JMo0" '(j(JM60e::ioli MM0000moli 601e::i01 :JMmo 6018Mo(Q06 06<(301M80eo0
Mvo80 0 MdDe::'3"U?o06 li0b0 'bo5P'l M6e::io30eooli 8P'l8 0 000060100 'b:J, li0b0e::i8009301 J018v-
60e::i(JM0 li06"0P1801!.i C'16e::io30eooo'b0 {M0180e::im0 b0Molibo (Jb(Qv Cl00li06080001Cl?oli AA-li),
8(J6oeo.30e::ivMo 01oe::io30eooli o6CQ:Jjliom 0e,;6"0Moe::> 8()6oeo.30e::i(JM 016e::io 0 0eooo'bo, li0b-
0'bo601 3odlioe::iooo'b 0 Cl?" 3018oMGo'(Je::i 3odlioe::iooo'bo (oli 06<(301M80 8 00 R3o'(Je::>D6Mo 3 0Moli
30'bomoli 601e::i01li, 306ttf'l'tJoe::ioo000 Bond Market section, the Money Market Rates section, and
the Treasury Issues). M01301t<l 003odc000m 0bli5.:,m fL801m3e::ioe::io o6li@Jo@J'ZJ0:J6oli 801830-
00060160[; 306lib30306060?

39
 L

1. 0. 3n6!Y)o MM 0 MMG
.:.6 0.:./Y)oonooo .:.un3n 8.:.m'bn, 8.:.u o.:.Mnt:!?oo-
6Mu. (])() oao 15.:..:.onou oe,o C!?.:>J.:>Ma.:.3u m.:.3ou jM6no.:.u,
0806!:!1.:. on.:.!:!18n6u 467,000$. m(J .:.P'i 8Mbt:!?no.:.
OQO 8.:.o6G oj6no.:. 90,000$ m.:.3ouo JM8.3.:.6oou m(J
!Y).:.o8n 8o'bn'bom o0 o 3nP1 0 .:.C!?.:.bt:!?.:.u .
. 8.:.6 JOC!?n3 C!?.:>J.:>M 0 MU .'3o!Y),:,C!?o 0806!:!1.:. .:.j803noo, P'i.:.8C!?n6.:.C!?.:.G
JMO.:.o.:.oou .3oM.:.C!?O .:.j803noou 0806!:!1.:. 0M .:.P'iou U.:>J8.:.P'iouo
m.:.6bou C!?.:.U0'?.J.:>M.:.C!?, 600 000$ - 36 000$ =
564 000$. !Y).:.8C!?n6.:.C!?.:.G .:.8 MP'io .3.:.P186oMP'iou .3oP1.:.C!?o .:.j803noou U(J'?.Jm.:.
a.:.6ub3.:.3C!?no.:., 8.:.m ,:,/Y),:, .:.j3m m.:.6.:.o.:.P'io MOUJO. 3n6P1o 6noou8onM on8mb3n3.:.oo C!?.:>J.:>M-
8.:.3u 8n8u.
0 . 'tjMM8ou 0 .:.8MtJD6noom 8.:.6 C!?.:>J.:>M 0 MU :JU oo'b6nuo.
U.:>J(Jm.:.P'io JM8.3.:i6oou O:J.:>C!?on6u 263 000$ - 90 000$ = 173 000$, nu m.:.6b.:.
o.:.P18M.:.C!?o:J6U 3n6P1ou oo'b6auoo .3oM.:.C!?o '?.J06.:.6U(JMO UOC!?OC!?:JU. 8ouo
.:.j8o3noou 6.:.P1Rn6aoou 0806!:!1.:. 467 000$ - 173 000$ = 294 000$, JMM.3M-
'?.JMM8ou 0 .:.8MtJD6noom nu oj630.:..
2. 0 .:.8f"lj3om3.:. oj630.:. on8C!?aoo:

oOl!!:'O
I 20.00% $ 3,200.00
2 32.00 5,120.00
3 19.20 3,072.00
4 11.52 1,843.20
5 11.52 1,843.20
6 5.76 921.60
l.i';'.Jl!!:' $16,000.00
----·---

a. 0. 2 100 baUbnO'bn oJ6n0"

2% . .:.uam 3om.:./Y)30.:.oo, Jf"l8.3.:.6o.:.8 (JGC!?.:. C!?.:..:.C!1 0 o6f"lu 0.:i6.:.J33mo 2 .3P'if"l-
Ga68ou 0 06ub3.:.33oom, Mf"l8 .:.P'i 0.:.6oG.:.C!?f"lU ,:,!Y)u3of"lou t:!?n.3f"l'bo-
8ou 0 .:.60J3nmu.:. C!?" o.'3f"lm:JJ(JM 0 .:.6.:iJ3:JmU Of"lMnu. C!108083oom,
u.:.o.:.'bMf'l .3oMf'lO:JOO (JJ0M6.:.b3ou, MM8 3% .:>MOU J33C!?" U.:.C!?a-
.3f"l'bn8f'l 0.:.60J3nmoum3ou C!?.:. 7% .:.P'iou 'bat:!?.:. o.'3f'lm:JJ(JMO unlibou .'3Mf'1Gn6-
0.:.6.:iJ33moum3oli. C!1"3(J03.:.m, Mf'l8 Jf'l8.3.:.6o.:.
e,.:.6o'bP'i.:.b.:. e,.:.'b.:.MC!?f'lli 808!:!106.:.P'in U.:.C!?a.3f"l'l>o8f'l e,.:.6.:.J33mo C!?,:, 03.:.8GOMf"lU 808!:!106.:.P'ia
o.3f'lm:JJ(JMO 0.:.6.:.J33mo m.:.6.:.o.:./Y)o m06b3oom, 08.:.l.i M0f'lt:!?n6f'l-
oou 1%-om 0.:. 'b!Y)C!?om 0.:.!Q.:.li.:.b.:.C!?aonu 0 .:.C!?.:.bt:!?.:.8C!?:J· .:.8 CJ38mb3n3000 Jf'l8.3.:.6o.:.u
C!?.:.litl'oP'i!Q:JO.:> CJnum.:.3.:. 'bf'JU 3,5%-0.:.60 li.:.C!?a.3f'l'bo8f'l 0 060J3:Jmo,
0 06.:.J3:Jmo o.3f'lm:JJ(JM linlib:JO'b:J - 6.5%. P'i.:. mj8.:. (JGC!?.:. ub30 .'3.:.li(]b:JooG
.:iP'ioli e,08f"l8C!106.:.P13 08 8f'l8:JOOC!?.:.6, e,li(JMO)
6. 1%-oli 8f'l 0 30.:. 0.:.C!?.:.li.:.b.:.C!?ou 0.:.C!?.:.bt:!?.:.8C!?a 100 unub'b3 1 $-u.
Li C!10808aoomo .:.Li.:.b.:. 3u P'iol>Ju C!?" .:.8 8 oP1 3oG
CJa.:.C!?o:J6U 9% - 7,25% = 1,75%.
C!?.:.8.:.83oomo 0u.:.b.:.3u 0.:.C!?.:.bt:!?oli (J'?.JMf'l
3.:.C!?.:.li, on.:.C!?o:J6u 7,25% - 6% = 1,25%. .:.8 CJ38mb333.:.CJ0 P'iouJo !Y)R300
.:.u33:J P1Rno.:. 0803:J·

40
Choosing a Business Entity in the i990's. Washington,
D.C.: Coopers & Lybrand, LLP, 1994.
Fabozzi, Frank J., and Franco Modigliani. Capital
Markets: institutions and instruments, 2nd ed.
Upper Saddle River, NJ: Prentice Hall, 1995.
Fleischman, Gary M., and Jeffrey J. Bryant. "C
Corporation, LLC, or Sole Proprietorship: What
Form is Best for Your Business?" Management
Accounting Quarterly 1 (Spring 2000), 14-21.
Friedman, Samuel J., and Steven D. Goldberg.
"Selecting a Form of Business: The Trend Toward
Limited Liability Companies." The Small Business
Controller 8 (Spring 1995), 11-16.
A Guide to Limited Liability Companies, 3rd ed.
Chicago: CCH Incorporated, 1995.
Hartman, Joseph C. "Technical Note - New Deprecia-
tion Rules for the Job Creation and Worker
Assistance Act of 2002 and Their Impact on Capital
Investment." The Engineering Economist 47
(Summer 2002), 354-367.
Kidwell, David S., Richard L. Peterson, and David
Blackwell. Financial Institutions, Markets, and
Money, 7th ed. Fort Worth, TX: Harcourt, 2000.
Rexner, Christian, and Timothy J. Sheehan.
"Organizing the Firm: Choosing the Right Business
Entity." Journal of Applied Corporate Finance 7
(Spring 1994), 59-65.
Rose, Peter. Money and Capital Markets, 7th ed. New
York: McGraw-Hill, 2000.
Van Home, James C. "Of Financial Innovations and
Excesses," Journal of Finance 40 (July 1985).
- - . Financial Market Rates and Flows, 6th ed. Upper
Saddle River, NJ: Prentice Hall, 2001.
Part I of the text's web site, Wachowicz's Web World,
contains links to many Snance web sites and online
articles related to topics covered in this chapter.
41
b.:,t'i)M<'>l!?ob 0.:i6.:>J33mo .:ia m<>3ob 03b6.:i3!.!?0b '83813?33 md336
8.:,t'i)8030 at'i)M(3[)68o
0.:in0Mm, 6J.:ib 6006.:i3b ..
:3t't)M()[J68o (QMMon".
al'lm'.Ji\()M<>(Qn. &<>rQ<>brQ()OO " .:ibb61>m CQ" 301-
.:i6(Jn8a8aoo .. 6"J"!.1Woo Of'1MOU •
b.:il'llaaol!?ob 13?.:>('i}oeb3.:i .:ii:::oo&'i01m, Mf"l()MM oj6ob 3.:.8M-
()<'.>O<'.>J300l0
C!?" ub3.., .3&'!Mo:J60aoob ObJ<lrQ:JOOU CQ<>'b(Jb8ooobm3nb -
rQ<>P1o 8 b3ob .3o&'in01rQaoo " .3P101en6- rQ<'1Mob .3o&'in01<Q'dn.
8aoob !:Q<>Mn(!b3;, " :J'B:Jd0n.:i6o
0.:i6.:iJ3omo 0.:i8MOb0 0 bMOOM01: .:>) CQC::JU
m<l6b,:;; o) m;:.6.:io.:il'lo O<>J<>CQ:JOOU 8o3.:iM-
b3bbob {<>6(Jn8o0n); CQ" &)
.'Jt'i)fl'>(3[J68ob O<>J<>rQ:JOob 11:?" 3M-

0.:i60t.ib 3.., 3f'1m 06'Vn8n0n" CQ"

,,.:i3.:i6bvl'lo ,:;6(Jn6o8n".
JOmb3l)OO
0.:i801ntio6Mm JM:JC(30(!0:J68oli (3bMo-
m3omo3ca.:ibaoob .:iaf'}e66aoo rQ0 0 .:in 0Mm CQ"

68Meo6aoo 0 .:i3M.:.6 8 06'10CJ 0ooli 3nmM<Qn.

m3omoaca<>baoob 6BM(360iJOob a.:ib'()biJOO 308Mn1:Jn6M01 JM:J<lJOGoa66nb (!bl'lo-

08obm3ob, 6JM8 8Mdno6Mm (i(36Moo b.:i"10 no-
('i}3JM8iJ613?iJO()l!?O 0060J3nmo 06 'hM<Qnb 0.:i6"J 3nmo, MM!l:?Db"o
CQMMnb .3:JMOMCQO, (!;?<>

on.:irQ0 n6\Ylm bnbbob ,,.:.8M"18o'b0eoob 3.:.6(\')030"

0106.:.6.:.(\'}0.:irQ<>b.:ib.:.<Qn babbob013ob.

'lJ()e::mb 8m.:.3.:#io .::.6lob ob, i'9f118 !5306 :Jabfl1:Ji'9f116oo 81.iM'(JC:::orriClo,

a
Oi){!!.::>(3 [Jb £!!ntf1 []3(Je:! [JO.::> 'b [)£5!8 Or!!:J.'.>t!! .::.1"10/.i [J'(J.::.b
- J.c:!:.'. 806dD60

43

(Mi"'(3068'ZJC::n
(Bnc;n<'>'ZJc::o),
'B'Zlc::nli
c::>"'ontim3oti.
Mo 30MR036oom - 1,000$ m(J 1,000$ 10 OC7_'oG oo8l!?o8? Mo md8.:i ()6<Qo,
()JOOJOGoo 1,000$ Mo<Q3.:i6 'B()C7_'0U !Q.'.>8rr>JO!Q[JO(JC7_'0o !QMrr>'bo.
1000$-oG <Qo(Jl:Jrr>36nooC7.'o o::iGodC7_lOOC7_lrr>o.:iG 33odC7_'[J3G 308()003rr>m 'B()C7_lO obC7_'o <Qo
l1<:>("ii306ne:m. 08 on8mb303000, Mrr>!Q::JGoo l:J3::JC7.'" 'B()C7_'o<QO 6oJo<Qo 'b(JG6.:i!Q oMoG
o6rr>ooC7_lo, ooodC7_looo 308rr>1:Jo6oo()C7_lO od6::iG GoM3[JOC7_loG .3Mrr>G::J66()C7.'o 306.:iJ3ocno 'B()C7.'oG
!QMrr>oG 8obn<Q3om 308rr>G.:ibo603.:i<Q . .3Mrr>G::J66(JC7.'o 3060J3nmo G.:io()oC7.'oo.:iG
33odC7_'03G <Qo3o'b()G6rr>m 'B()C7.'"<Qo 6.:iJo<QoooG !QMrr>oG 6nooG8ooMo
8rr>80660Gm30G, ooM8rr>orr>ooG 8obn<Q3om, .:i3Mom30 1'1306 on33odC7_'0.:i 3().30G(Jbrr>m ()'BMrr>
Mm()C7_l GoJomb::ioG, 803.:iC7_lomo<Q, Mo 1000$ m(J 2000$ 10 OC7_loG
on8!Q08? .:i8 Jomb3.:iG tiirr>8 3().3.:iG(Jbrr>m, "()GOC7_l[JO::JC7_'0o 3.:i63oboC7_lrr>m <Qo 'b(JG6::JO(JC7_'0
'B()C7_'0(Q0 (QMrr>OU Jrr>6JM::J6()C7.'0 8rr>8o66o, 61.:io 8rr>33o::i8G ooG.:idC7_l[J0C7_'ffl0.'.>U 303.'.>J[j(J)ffl(J) 8omo
Gorr>61o O[J!Q.'.>M[JOO.
m(J R3::i6G o6.:iC7_'o'boo 303om3.:iC7_'0Goo6::iom 'B()C7.'"<Qo 6oJo<Q::JOoG 30()-
MJ303C7_lrr>o.:iG, 80006 "()GOC7_l::JOOC7_'0 od6oo.:i 8oG Go613::ioC7_lOU 306.:iJ3nmG l!?"3()8.:i6rr>m 61oUJOU
GoM3rr>, 61rr>3rr>61G 30()61J303C7_lrr>ooG Jrr>8.3::i6Gooo.:i. orr>C7_lrr> mo3::i0Clo 1'1306 0030Goo3C7_lom 61rr>3rr>M
03000C7_lrr>m 3o()MJ303C7_lrr>Oo. 80361.:.8 obC7_lo R3n6 'Brr>J()Go61nooG 8rr>3ob<Qo6m 'B()C7.'oG
!Q61rr>oo <Qo 08 3'boo'b[J, 61rr>8C7_'omoo onodC7.'ooo 308rr>l:J[J6::JO(JC7_lO od6oG dMrr>-
G068()C7.'0 3.:i60J3nmo 'l3()C7_'.'.l<Qo 6oJ.'.l!Q::JOoG <Qo 'b(JG8000Gm30G <Q61rr>oG
3061J3::J()C7.' 8rr>6.:iJ3nmoo.
'Bo6o6G()Mo 8"<Q"bl:J3D8oC7.'::JODooG ()8::J6::JGrr>oo, 61rr>3rr>61G d::JMlirr>6.:iC7_l(J61o, oli::J3D li.:id8oo6o,
8rr>oo.:i3G 'B()C7.'oG <Q61rr>oo 3om3.:iC7_loG006::iooG. .3oM3::JC7.' mo300 R3n6
oa30Goo3C7_lom, Mrr>8 8o'bo6o ()6<Qo Ol:Jrr>G .:idoorr>6::J61(JC7_'0 Go8!Qo!Qt'1oG 0o'b61!Q.:i l!?"
[JU <Qo8rr>JO<QOO(JC7_'0o 'B()C7_'o<Qo 6.:iJo<QoooG <Q61rr>(JC7_lrr>Oo'bo. 0.:iG.:iJ30610 .'.>M .:i61oli, 08 m.:.300
'l3()C7_'0(Q0 6.'.>J.'.>!Q[JOOU o::iGo'BoGooC7.'o<Q 008rr>30l:J::J6aom OM(J) 8600360C7_lrr>306 Jrr>6G::J'BGOoU.
md306 3::JMoUffl!Q[JU 0003nom 61ooC7_l()MO(Q 'l306o6G::ioG, Go6o8 OM 3000nom 'B()C7_'0U
<Q61rr>oo. m(J8o.:i !QOUJ()U0.'.>00 md306 8rr>0oon3m 8.:imo8.:i8oJOU 008rr>1:Jo6000, R3n6
8rr>3003<Qom l:J3::JC7.'"'bo "()GOC7_l[J0[JC7_' 'l3rr>618(JC7_'[JOU, 61rr>8C7_'[JOOG (QOQ[Jb8.:iM[JOoOl ()J[Jm[JUO!Q
0 .:io 0 rr>m G.:i'l3(Jd3C7.'ooo. f\306 306boC7_l30G <Q.:i3ootwom (J061.:iC7_lrr> .3Mrr>GD66noom <Q"
0.:i8rr>301:Jn6nom 8.:im 61m(JC7_lo .361rr>on66nooG Jrr>6G::J'BoooG 00Goo3C7_'olim30G. o8oG 0o61CQ.:i,
Mm(JC7_'0 .3Mrr>G068::iooli · 'b::i 003C7_l[J6.:i 0CQ30C7_lo!Q 0o8rr>lioJ3C7.'03o 61rr>8 3ob<Q::JG, 8o 0oC7_lomnooG
()8o8oG 6oooC7_lli 08 mo300 oo8rr> 0mo3o'b::iom 8%-oG 6rr>C7.'o OC7_'0(JMO GoM800C7_loli 0060J3nmom.

Go6o8 306boC7_'30G <Qo300l:J[JO<QOm, o()QOC7_'[JO[JC7_'0.'.l 3.:i308ob30C7_lrr>m 8Jomb30C7.'0G

Mo8<Qa6o8o 860036aC7.'rr>306 G.:iJomb'b::i. 08 010300 8rr>oo8()C7_'0 8030C7_lomooo
booMo<Q onooo3n6 MOQb3noG, 61rr>8C7_loooo ol:J3060C7_'0 ()6(Q.:i Ol:Jf'lU n botiioGboo. 803.:i-
C7_'0(J)o!Q, ( 1.05) 8aGo8o b.:iMoGboo ( 1,05)3 MoG 6006.:i3G, (( 1,05)X( 1,05)X( 1,05)).
m(J8o.:i 08 rr>dOM.:ioooooG oaG61(JC7_'[}0o .:><Q30C7_'00 JoC7_lJ()C7.'"8rr>61oG <Qob8o61ooom; oMGo-
orr>oG QbMoC7_l[JOo, Mrr>8C7_'ooooo oGomo 308rr>m3C7_looo (JJ3D ooG61()C7_'00(JC7_lO.'.l md306m30G.
oGomo ob610C7_'000G 8rr>b[J61boo(JC7_lrr>ooG (lo'(JbO<Qo3o<Q, md3a6 .:.61 003odC7_'o.:im 8omo
3.:i8rr>l:Jo600.:i 6aooG8oo61o 08rr>o060G 08rr>GobG60C7.'"<Q· oM ooodC7.'ooo 08 ob61oC7_loooo ooM-
8rr>a?806oC7_lo od6oG l:J3::JC7.'" G061306C7.'0G .361rr>G:J66(JC7.'0 3.:ifoJ3omo <Qo l:J3::JC7_lo <Q61rr>oG
8rr>60J3nmo. o8o6rr>8 Gorl:o61rr>o J.:i610 o<Q OQM<QOm <BMM8()C7_'o61noo, MM8C7.'ooGoo
O'B()d6ooo nu GbMOC7_lOOO (oa3.:ibG::i6oom, MM8 ooG.:ioo8oGo <t3MM8()C7_'0 8omomoo()C7_'0.'.l
l:JM3:JC7_l0 ob610C7_'0U m.:i3'b::i). 8001, 30G.:io od3m oo'b6aGJ"C7.'J()C7_l08M61o, OO(JdC7_loom oM
808Mo1:Ja6M6 8 bMoC7.'aoo <Qo 'BM618(JC7.':J00 l!?" 8 o8Mol:Ja6M6 J"C7.'J()C7.'"8M61oG Gb3.:i<QoGb3.:i
'B(J6doorr>6oC7_'()610 JC7_'0300000 JOC7_'J()C7_lo8rr>M0000 'B()C7_'o<QO !Q61rr>oG
8ob:J(!?3om m(J8Go f\306 3061Ra3m 3.:iom.:i30GMm 08 mo300
008rr>m3C7_'0G dMMGOC!?()Moli C7_lM80Jo. m3om G61()C7_ll:JM'BOC7_lo JO 3[)61
c1p0 ab8.:i61noom 0o8rr>Mo(3bMO? O:JGC!?M8o, 308M03::J()C7.'o 061.:iGorr>Mo M.306100000001,
61rr>8oC7.'oG <Qo.361rr>061o8o6()C7_lO.'.l 8M8b8oMOOC7_loG 8ooM.

44
 .:>MOU U'1M8:JOC::mu dM(Y)oo6@>o, 60uoubooo
m06bou 8obo1Q3om, .:>6() m03601Q.:>6. .3M(Y)Oo6@>ou 008(Y)u0b30
dMM(3J68o .:>MOU u.:>80 <tJ(J6doo.:>: doM001'11QO 60uol·booo m06b0, .:>6() m.:>360;
o"6"J3omo IQM(Y)OU .3or<io(Y)(QOU 8obo1Q3om; Cl<" IQM(Y)OU .3oMO(Y)!QOOOU
do&locnoCQo fol>ol>b::ioo M.:>(Y)!:Q06(Y)o.:>, 010360 .:>Mou 60uoubooo 80M@>o30 .3M(Y)006@>ou
cno6bo!J1o6,
!QM6o.:>MoOooou .:>MOU
cno36o!J106.
SI = P0(i )(n)
u"C!?"O SI = 80M@Jo3 .3M(Y)Oo6@>u
Po= m036u, 06 U00tJOU 60uouboo (o<>uouboo(Jd m06b0u (QM(Y)OU 0 dOMO(Y)!QdO;
i = 0060J3omu IQM(Y)ou .3oMo(Y)!QClo;
n = CQM(Y)OU .3oMO(Y)!:QOOOU Moob3u.

C!?"3()Cl30m, M(Y)8 md306 0m03uoom 100$-u 06 0.:>MoCl'bo 10

8 80M@Jo30 .3M(Y)Oo6@>ou !:Q<>Moob3om. 10 Clo8C!?Oo .3!Yl(Y)oo6@>ou
m06b0 006ou0 'bc:?3!Yloo<> Clo8C!?oo6<>oM<>!:Q:
$80 = $100(0.08)(10)
M(Y)8 0<>63u0'bc:?3M(Y)(J) 060.:>MOdOU 0uo30 (J0(Y)!:Q0006
10 Clo8C!?Oo (FVIO), b06t1ob m06b0b fi306
3080@>0001 .3!Yl(Y)oo6&oob do!Ylom01:Q m06b0 'bo.
value) - !J1M01ob 08 0 30!Y10n<:

801836800
FV 10 = $100 + [$100(0.08)(10)] = $180
6ooob8oo!Ylo 80M@>o30 .3!Yl(Y)oo6&ooobm3ob 0600!Y10Clou n .3o!Ylo(Y)!Qob
8ob'b[J
Clo8C!?oo 0!Ylob
!J1MMol> FV0 = P0 +SI= P0 + P0(i)(n)
8018 36&00.

FV0 = P0 [1 + (i)(n)]
fi306 o3EJOM!:Q000 b000600c:?81QOo(Y) 0803<>M0(Q, fi306
300001 !Q0.3(Y)'bo&nb i .3!Yl(Y)oo6&nb IQM(Y)b n 0!Yl
300001 b061:Jobn 0106b0 06() 010360 - 06 00!Y10Clob
8o8!J1o5o&la (PV0 = P0). 08 Clo8mb3030Clo b0Ef:o!Yl(Y)0 bb3060o!Yl01Q 00M8(Y)301Q 0o6(Y)m (3.2).
&10080
PV 0 = P0 = FV11 /[l + (i )(n)]
06 (IO!J10b(QQOOU
6.>JOCQQ1>nU 1
M(Y)!QOl.>00 md306 000006001 80!Yl@>o30 .3!Yl(Y)oo6&ou !Q0Mo(3b3nb 8od06o'b8b, b0(Y)-
(30Mo0, 80 0!Y108 !:QM(Y)ob 8nbo1:Q3001 'Bo606boob
ao6l>o ()8o&ol> Clo8mb30300Cln 0!Y10 0d3b 0!Y1060o!Ylo 80!Yl@>o3 .3!Yl(Y)Go6&000106.
3060J300100. 00 001 o08mb3 030 oCJo 0 08(Y)o::Jo6oo0 .3!Yl(Y) 8 o6&ooo. m(J8(30 80!Yl@>o30 .3!Yl(Y)-
Go5&oonli CQ0Mn(3b3ob 8od06o'b80 !!?0onb80!Y100001 (JJOm 00o!Y1J3001 .3!Y101Go6&oooli
JM6(30'?.J(300dO.

006lib303000 80M@>o3 !Q0 dMM(3050ooli dMMOO ()J001 od6oli fl'.h)IJ,)0"Tlf"10

3.1 (Jfi306ooli 8010b1:Qo601u
8oo6&o&lollaoo
!:QM(Y)Clo 0630!.i&oGoou 80!Yl@>o3n .3!Y101006&ou
b!J1:JOO M"1(1MM(3 dJCQ0MJOOm. 'b01 0 o::i!Ylmo OJ(Y)6018ob@>o M0@JM8 (JO(Y)CQOOO
01036011(06, ob;i33 80b'b3 .3!Y101oo60001.i J0GM6Mo(Y)oob ()!QOCQoL> 00a(Y) 0 016oo0u.
b0&laaoc::;ol> .3!Y101 8 o6&ooob J(Y)6Go'BG00li U?OCQo 003 u 'Bo505u(J!Ylo 80mo80@>0Joli
0106bn(Q06.

45
 60!!::'0
063al>i!lJn<'lnocic::>n I $-nl> 2 1.16 1.17
8M8>3>c::>n c;n<'>nocic::>no> 20 2.60 4.66
bb3>1!;!>bb3> l!;!MMob
d:JMOMl!;!dO, Oc::>OCJMO 8% 200 17.00 4,838,949.59
u><'>0noc::>nl> 3>6>J33mn

0.:.0nooli013oli. oli 8:JM8o6o 01.:i3oli01.:.3.:i(l? .:ic:6006.:.3li, MM8

0"!:l?"ob!:l?:Jo" (0.:.8(Y)8()o" 3!:l?Do") t.i 0t.ib'ho (o6 3ot.i&o 8 o.:i'ho), 080<!!Jno0 010361.i.
O:J(l?D0"!:!?' :JM0(3b:JOC> M(Y)0MM(3 010361.i, .:ilio3D ,,.3M(Y)-
(3:J6<!!Jo-.3M(Y)(3D6<!!J 'ho" .:.6 (l?C>M0(3b3.:i (J'h.:.6>8.:i 'b.:.6> 3061.ib3.:.30001.i 8.:.P1-
<!!Jo3 !:!?" .3P1(Y) 8 o6<!!Jooli oMP1oli. M(Y) 0{Y)P1 8 36.:ib.:. 301, .3MM(3:J6<!!Joooli J(Y)6GD'BGo"
od6oli '806061.i()Mo .:.8(Y)(3C>60001.i 'B"M01(Y) li.3od<!!JP1oli

(.:.6 (l?C>li.:iotiolioli013oli lio<!!J(J"(300, M(Y)(l?:Jli"G

C>(l?C>80060 .:.01.:.31.iooli 100$ 063.:.P1oo'hn. 01() 3.:i6"J30010 .:.P1oli 8%,
(JMO (l?C>M0(3b3001, MC> nc:oP1000 100$ 1 008!:l?a0? .:.8 .:.8M(3C>6oli .:.8(Y)bli601.i013oli,
R306 08(Y)3bli6001 .:.63.:.6>0001.i ( R306li 00801b303.:ioo,
(l?C>30Md3.:.01 .:ilio30 (FVi).
FV, = P0(1 + i)
= $100(1.08) = $108
li.:io6<!!J:JM:Jl.i(Y),:,, M(Y)8 .:.8 C>Mol.i 03030 M0(3b30, MC>(3 R306 803oc:n01
8.:iM<!!Jo30 .3M(Y)GD6<!!Joli 3.:.8(Y)tJD6nooli 008cnb303000. 8.:.3M08 8li303lioo.:i 0d 801.:.3M(l?:JO.:i.
MC> 8(Y)b(l?:JOC>, 01() 1!?"38(Y)3D001 100$-1.i (l?:J.3(Y)'bo<!!J'bo (Y)MO 8% (l?C>M-
0(3b301.i 308(Y)tJD6Doo01 li.:iotiolio 100$ (l?:J.3(Y)'bo<!!Jo 3.:io'bM(l?:J00 108$-8Cl?D 8:J(Y)M:J
108$ 3.:ib!:l?oo0 116,64$, M.:.(!?306 8$ .3M(Y)(3D6<!!JoG li.:ibo01 :JMoGboo.:i 1.i.:iotJol.i 100$ Cl?" 0,64$
:JMoGboo.:i 8$-1.i .3M(Y)Go6<!!Joli li.:ibo01 R306li .:.63.:.Moo'bo. lib30 lio<!!JtJ3Doo01, .36i(Y)-
GD6<!!Jooo :JM0(3boo.:i C>(l?MO .:idDC!?"6 8M(l?Ol.i
.3M(Y)(306<!!Jo . .:ilio01 30010Moo.:ioo 8o(Y)M:J od6oo.:i:
FV 2 = FV 1(1 + i) = P0 (1 + i)(l + i) = P0(1 + i) 2
= $108(1.08) = $100(1.08)(1.08) = $100(1.08)2
=$116.64
801.i.:.80 .:.63.:.6>000 30o'hM(l?:JOC>
FV3 = FV2 (1 + i) = FV 1(1 + i)(l + i) = P0(1 + i) 3
= $116.64(1.08) = $108(1.08)(1.08) = $100(1.08)3
= $125.97
doMo01C>(l?C>(l?, FVn, (!?0.3M'bo<!!Jol.i n .30MO(Y)(l?Oli01301.i .:.6>01.i

FVn = PoO + i)"

FV0 = Po(FVIF;,u)
li.:i!:l?.:.G R306 33.:.6>.:i(J(l?(Y)001 FVIFi,n (.:.6() 'B"d<!!J(Y)Mo i%-
001 n .3:JMO(Y)(l?OliOJ301.i ¢he fi1ture value interest factor at i% for n periods) (1+i) 0 • 3.2
6.:.R306000.:i ·R3060 .:.8M(30601.i 8obo!:l?3001
Cl?" 80-3 ()R306ooli .3M(Y)(3D6@>oli (l?C>Mo(3b3.:ili (JJ3D
.3M(Y)Go6<!!Joo'hn. · ·
Cl?":Ji:"8:JOC> (3.4) b(l?oli . .:.8.:.1.i
3.:.6>(!?.:i, ( 1+i)" - FVIFi,n - i (!?0 'B"MOJ(Y) Cl?o.:i.3.:i'b(Y)6oli
. .:.8 (ooli.:.00801.i.:i(l?)

46
 .'31'1l'lGD680 o03f'l8'Vo030o'ZJC:::O
Li.'.lol:louo ::iOl'iOf'ltl?Oli 00Ga03c:::f'lo0ao u.Jof'lC:::f'lf'l
0ti0bvc::>n0 !'iimvc::>n
J!'ii"'GDG&oonli ll/0!'iioeb30 oDC:::O ffi06b0 ffi06b0
li06w,lio I 00$ ll/DJ"''bn&nl> 1 $100.00 ,$ 8.00 $108.00
ll/0 Oc::>O(JMO 8% -0060
2 108.00 8.64 116.64
0060J3omnli i'lo8mb3030lln
3 116.64 9.33 125.97
4 125.97 10.08 136.05
5 136.05 10.88 146.93
6 146.93 ll.76 158.69
7 158.69 12.69 171.38
8 171.38 13.71 185.09
9 185.09 14.81 199.90
10 199.90 15.99 215.89

(FVIF;,u) = (l + i)"
{ $-nl> 8018030c::>O Cl1'1f'JGD6tll>'ZJC:::O 0060J3DOJO
.'3D1'10f'lt!?O 1% 3% 5% 8% 10% 15%
'l30d&"'l'iin
n Jol'iin011l/nG ""'c::>"'l> l l.010 l.030 l.050 l.080 l.100 1.150
(FV!Fi,n) i%-nl> Jnl'iif'16nm. 2 1.020 !.061. l.l02 1.166 l.210 l.322
3 1.030 l.093 1.158 l.260 1.331 l.521
4 1.041 1.126 l.216 1.360 1.464 l.749
5 1.051 l.159 1.276 1.469 l.611 2.0ll
6 l.062 U94 l.340 l.587 l.772 2.313
7 1.072 1.230 1.407 l.714 l.949 2.660
8 l.083 1.267 1.477 2.144 3.059
9 l.094 1.305 l.551 2.358 3.518
10 1.105 l.344 1.629 2.159 2.594 4.046
25 l.282 2.094 3386 6.848 10.835 32.919
50 1.645 4.384 11.467 46.902 117.391 l,083.657

.3MM(3D68oG JMD'?.J0(30D68oG (.:iG dMM(3D68oG J"18<(30(30D68oG)

(3.5) 3.3 o.:ifii8M<>(Q()D5G
8Mo(3.:i3G Gb3.:iu:.:iGb3.:i 0.:i5.:iJ3001G 1-u:.:i5 15%-8u:o· .:i8
0 .:i5.:iJ30010 (i) u:<> .3ofiioM(!?o (n) J 0.:i3G <"ivJoG JMMM-
u:o5.:i<!!JooG. oGo5o 03ob8.:i<"iooo.:i6 0 .:i5<>J3D010G ooG.:io.:i8oGo JMD'?.JOGoo5<!!Jol>
8Mdoo5.:iCJo. JM0<(30(3006t')o 8%-001 9
o8tJM'?.JOO<> 8%-o.:i5o l>3080G 80-9 .3ofiioM(!?OU 80J<"io3ol>
u808 o.:iao !!?" 1,999-L>. 8G fiio 8 b3o 1,999 5oCJ5.:i 3u, fiiM8 o5 38 -
o<"i010 8%-001 .3MM(3D50oool> (!?<>M0(3b3ol>
Clo801b303.:iClo 9 01d306 2 8M0o@J.:i601; oG 01.:i6b.:i 8M0(3<>3l> U.:>btJOU
01.:i6b.:il> .3MM(3D5@Jooo (\'.J'?.JMM .:i8 000-
Gol> Q?.:i6.:i<"i01do 1).
mv fi306 .:i3oc;oo01 FVIF-ol> JMD'?.JOGoo5<!!Jl> 1$-l>013ol> 8%-o.:i6 l>308Clo Q?.:i
8.:il> 100$-'b8, R30 s 8o 3oc; 8001 <"io 8 b38 ou 0.:ifii 0CJ 0), CJ 80 u.:io.:i8 8o.:i
· 1OO$-ol>013ol> fi306l> 0.:i8M.:i60.:ifi0Cloo.:il> 3.2 l>3o@JClo. 80.:idG0001 tJ\'.JM<>tQc;oo.:i 08
0.:i<"i 08M 0o.:iu.:i 8 , fiiM8 M<"io .:i5 8o<!!Jo CJ 0G.:io.:i8ol> 80Jf103Clo, .3f1M-
'bM(!?,) b!!?oo.:i Q?O(QO, M.){!?(\.:i5 o'bfiiu:oo.:i 0.:i6.:>J30010. l>vfii.:i010
a?"oDb8.:if1M01 .:i8 li.:iJ001boli 0.:i000.:iClo. Liv<"i.:i01'bo 3.1 fi306 .:i3li.:ibo01
'b<"iu:.:i li.:i6tiolio 100$-oli u:.:io.:i6U?oooli013oli 5, 10 !:!?.:i 15 dMM(3::J58o.:i6o li.:ir1000-
0.:i6.:iJ3001oli 0o<"iMooOClo . .:i8 livr1.:i01ou:.:i6 fi.:i5li, <"i.:iG 8080<> 0.:i6.:iJ30010, b.:i'bo
8001 \'.)<(3MM ob<"ioo.:i 'bo3001, Cloli.:io.:i8oli.:iQ? o'bMQ?DO<> . .:i8.:ili
0.:ir1u:.:i, M.)(3 8ot<)o.:i M.)MtQDGMo.:>, bQ?oo.:i JMM(306-
0oooli Q?<>f1o 8 b3.:i, 8001 \'.J'?.JMM a800.:i

47
 400 15%

350

/.)
rO
(J
300
El
f:>
rO
(J
\£ 10%
c 250
El
c
El
/.)
{".)
/.)
co 200
E
co
5%
150
100$

5%, 10%
100
15% tiim(Jc:!;O Oc:!;O(Jtiin 0 1 2 3 4 5 6 7 8 9 10
."ltii"'GD68nl>

0<>8f'1(3C!Wo'ba md3a6 8M0 £JOMQ?:JO.->m

Q?."> od6aoom a.->8f'10tf:J6f'lm doMOO'lo.'>Q?O /)M.)dMf'l•
<>8o8M8 J.->M 0 o od6ao<>, mv J.->tTl 0 .->Q?
0.->a(36Moom
'bt'iiQ?.->. 8ovbaa?"3"a? o8ob.->, Mf'18 .-,3.-,aa?a doMOO'l0Q?0Q? R3a6 a30068£JM:Jb:JOQ?0 b.">M(>:JO-
006<>J33m300, .->b£J3D 0030 0Mm, Mf'18
001> a<>8f'lOtJ:J630<> 63oob8oatTio 'bMQ?Ob b<>b:Jf'lOobm3ob: 'bMQ?0
036'bo6'b3, 0 1>Q?<>b<>b1>Q?' b :J, 8f'1 0 no<>'ba Q?I> t!?o 3oa?a6a?no'b 3.
0?"3()031>m, tTif'J8 Jf'lM.3f'ltTi<>ooob Q?o30Q?36Q?o 0300?aa6b 10$-b 3tTim <>don-
..,'ba, a..,0 tTi..,a R33 6 ...,a O?o 3oa?a6a?aoob 'btTiQ?<>b 10%-0060
0 060J33mom. 038Q?3 0o 5 Q?030Q?£J6Q?DOo 0 00'bMQ?£JO<> ob£), Mf'l(>f'1M(3 :Jb
6<>R3a6aoo0 d3:J8f'lm
50!!!:'0 Jf'I0'8ooooGl!!iOu 'b<">C!10 af'lu.'.>t!!:'f'lll?GO!!!:'O ll?030ll?OG!l?0/50t!!:'O
..
1
1 (1.10) $11.00
2 (1.10) 2 12.10
3 (l.10)3 13.31
4 (1.10)4 14.64
5 (1.10) 5 16.11

f790 otjo!J(."> 8ollol.i

6.">J33mo 1 .->Jl'lio
.&lil>J:J<nl> 033!1'io .:.aa31>tlio 'Bal>t1oi:e31>. M/) ad630ftll.li!I><» 8ol>
2005 O>(J 8olfol.i 61>J33mol.i tfOl.li!3ol.i 1>1.ic!!JftlMo
a.:.61>m1>3l>3Ci;e1> m.:.301.i 58$ 1>6a1>tlio'B'ha 5

48

:JfiM(3J60CJc;'O (GoM-
oJ<'>c;>ol> CJJCJG3c;>n010)
(1060J3J010, fi018oc.;>0(3
0 0801nuo6noo
c;>J<'>om 2,>6bo
uom30G.
5"0350[; OMe::.'01[; t;Q06.::iCii01Clo 0MU:JO(Je::.' 1 obCiioe::.'dO !1306 3:JM 30:3M3001 $1-oG FVIE-li 215 be::.'o[;
Cl:J8Cl(:Jo tie::.'o()Ciio 5%-oG .3oCiiMooOClo. f13a5 35i>b03m 1$-ob FVIF 50 tie::.'ol> Cl:J8Cl(:Jo .::iCiioG 11467
(!(0 1$-o[; FVIF 15 tie::.'ob Cl:J8Cl(:Jo - 2079. ab 0fi\ob, Cii00 01j3a6 0005@J:JM:Jli:Jo(!(w1. 01() !1305
3oj500001 011Q503 Clo8M8d8a(!(:JC>n, CJ 03de::.'aom .::i8Mo050 .::i8M3bb5001 Cla8Cl(:Jo600Cii0(!(:'
FVm = P0 X (I +
P1., X (1 + X (1 + i)50 X (l + X (l + i)5° X (1 + i) 15
$58 x x x x
11.467 l l.467 11.467 11.467 2.079 x
= $58 x 35,946.26 $2,084,883.08
8M(3:J8()e::.'0 8081Qo60til:J 80001.i <(pbo\; 0 00130e::.'o[;\506:J0001, bo(J-OMMJob (3:J5@JMOO f10f:i[;,
MM8 0b@JMtiloli 0 0(!(0btJ3D@Joe::.'0008 8otiob 50J3nmob 1 0JMob Cl::idn60'b3 0 0()0e::.'P1 Cl(MMol>
008M(3(!(0U, MM()MM(3 otild5'()e::.'80 063ab@Jo(3000. b.:io!i@J:JM:JUf'l.'> 0ba30 0c:;36006Mm, MPJ8
061(301() tilm'()e::.'O ()0bboe::.'3001, f13:Jb (Qi>()3tf;o61\Q0 O:J'bc::''()\Q()e::.'0 801fo(3:J8:JOOU ()08PltJ:Jb:J00,
MPl8:Je::.'0(3 8M(3:JO(Je::.'00 3.3 (3bMOe::.'00. .
0801.i 8lic,03b0!:Q, f1306 c,063b.:>'lie:;3MMm ub30 G3e::.'0CQO 8M8030e::.'o CQP160000,
MM8oC'.'..'m0 'bMCl(0(3 od308CQ000P'ioo0 Mm(JC'.'..'0 .3MM(3060oooli J06M6l.i. oli .3Mo6oo.3o
0 06l.i0J(Jm<Yiooom 0()(30C'.'..'OOOC'.'..'o oj6000 f130\:JC'.'..'00Mo30 0joooli JMbJMO@J(JC'.'..'O
8MCQOe::.'Oooli 0 06\.i;,'be:;3<Yiolim3oli oo8Cl?Oo m03Clo.
808CQ0606Jo (06 CQOUJM680M[JO(IC'.'..'0) c:?OMOO()C'.'..'[]00. 11305 tl30e::.'0li c,3oli8oli, MP18 1Qe:;o306!:QOC'.'..'O
'B'()C'.'..'o ()<BMM d306'10 r:;oMli, 301:QMO ot'0mo, r>1Mo 06 b080 5e::.'oli oo8Cl?Oo 8oc:;oo'()e::.'o 08030 610P1CQ06M-
ooli 'B(JC'.'..'0· 8M8030C'.'..'o 'B(Je::.'0(QO 60J0CQOOOU 0be::.'06CQOC'.'..'O 0 08M06 0 0/000000
\.i,)O(J0e::.'000\.i 0 30dC'.'..'03\.i 8M30m03liMm tl30C'.'..'0 '?3(JC'.'..'0CQO boJ0CQO 8o8CQo60MO \.i,:,'B(Jd30C'.'..''tJ0,
MM8oC'.'..''boo H30C'.'..'0 dOCQ0M000 EoodC'.'..'000 o"J001CQ0b CQC::.'.J306!:QOC'.'..' 'B(JC'.'..'m06 dOCQ0MOOOm.
80813?0601"10 c:?oMOO(JC'.'..'0ooli JP16(30'(JGOol.i 0 00 0008 l.i0d'()0C'.'..'000 ()613?0 8MC,3(30li 3(Jd0U(JbP1m
08 m03ob CQ.:>li,)Oi:joliClo CQ.:>li8()C'.'..' Jomb30li: 100 0 ol"lf103600m 1000$, CQe:;oli m(J 2000$ CQl';OOCQ06 10
5C'.'..'oli Clo8CT?oo? 2 CQ"3".'.JCl30m, MM8 MM030 m06b0li 8oor:;oom ()0B'30C'.'..'"CQ, 08 m06boli mj3060
0C'.'..'@JOM60@Jo(JC'.'..'O JO .:>Mob 8% 60C'.'..'060CQdo (l.ib30 lrn@Jti300om, mj306
00 0 t.i Lib0m 06 0 0c,oliolib.'.Jon60m 8%-0CQ)· Q?e:;oli 8oc:?oo(JC'.'..'o 1000$-oli 0bC'.'..'06Q?oC'.'..'o r:;n/0 0-
o(JC'.'..'.'.Jooll 0 06li0 'bQ31"10 061 .:>Mob l"lm(JC'.'..'o: Sol.lo r:;nl006(JC'.'..'Oo00 1000$. 01c;98(30, 100 QnMli CQe:;oli
2000$, i"lM80C'.'..'ll00 f1306 8030Qo6m 10 5C'.'..'oli Clo8CT?oc,? 08 0omb30'lio .30li(Jbnb 0 0ll0eo80!:Q,
Cloc,3ndC'.'..'00 30JombMm lib3,'>600M0CQ: CQC::.'.J306!:QoC'.'..'o 1"10 m.)6b0 800e:;l503li 10 5C'.'..'oli Clo8CT?oo
2000$-8Q:?O M01(JC'.'..'o 5C'.'..'o()Mn 8% l.i0M 0 JOC'.'..'oli CQ.:>Mo(3b3ob 0ol"Jp-,oooon? 08 m06b0li ObMCQ000
2000$-ob 0bC'.'..'06CQoC'.'..'o Qn<Yioo(JC'.'..'000, MP18oC'.'..'oG c,0CQ.:>bCQoC'.'..'o (J6CQ0 oti01li 10 5C'.'..'ob Clo8CQ.'.Jo 13?"
CQOliJMb@JoMoo(JC'.'..'O 8%-060 c,060J3omom. 8M(308(JC'.'..' 08M(30b0d0 li0i"lc,00C'.'..'oli c,060J3omli 'bM()-
fe.'.JM 06"1CQ000 CQOUJG50niYlo6ob 0 050J3nmo (06 0.;50J30010).
0bC'.'..'06CQoC'.'..'o (06 CQObJP15@Jnl0oo(JC'.'..'o) c:?oi"loo(JC'.'..'.'.Jonll 0 06li0 80!0eo30CQ 0!0nli l"lm(JC'.'..'o
.3MM(3.'.J50ooob .3nl"lojomo CQ0Mo(3b30. 08o@JM8 8MCQOO'> fe.'.JM CQ03(JOM(J6CQom 3.4 0 06@JP1C'.'..'Oo0li:
FV11 = P 0(1 + i)"
G3C'.'..'"!3?0ooli 0 0ci:;060e3C'.'..'ooom, f1306 803oc:?oom 0bC'.'..'06i:QoC'.'..'o r:;oi"loo(JC'.'..'Oooli 0 050MC'.'..'Oo0b:
PVo =Po FV11 /(1 + i)"
= FV11 [1/( l + i ) 11 ]
tl(JM0CQc:?OO.:> 800jooom, i"lM8 .3ol0Mo.0 [l/(l+i)"] 0!0oll 8M8030C'.'..'o c:?oi"loo(JC'.'..'Oooli JPl0'Boooo6enli
Cloli0008olio i%-om n 0ol0001CQobm3oli (FVIF;."). 08 00G0008nb boCQOCQOli 00MCQ000 - 0bC'.'..'0bCQ.'.JC'.'..'O
r:;o10oo(JC'.'..'.'.JOob JMO<anono50o i%-om n .30P10P1CQ.'.]Onbm3nli (PVIF,,11 the present value interest fac-
tor at i% for n periods). 08 0r:;60Cl36nli 0 08M(J36ooom CloodC'.'..'000 0 013?035o1"1Mm 3.6 0 06@JMC'.'..'MO.:>
CJo81:Qoc,60ol"l0!3?
PVo = FVn(PVIFi.n)
0bC'.'..'06CQOC'.'..'O c:;ol006(JC'.'..'OOOb dM36oli obl"lnC'.'..'O 000003\.i PVIF lioCQO!:QOli .31'1M(30b@J(JC'.'..'0
49
 (PVIFi,n) = 1/(1 + i)"
1$-ol> o.'.>6.'.>J33ffi0

J"':J'1J0(30:J68o i%-001 [!1.) n :J3M0rJC!?O(n) 1% 3% 5% 8% 10% 15%

.331'1001C!/ol>013nl> (PV!Fi,n) 0.990 0.971 0.909 0.870
0.952 0.926
2 0.980 0.943 0.907 0.857 0.826 0.756
3 0.971 0.915 0.864 0.794 0.751 0.658
4 0.961 0.888 0.823 0.735 0.683 0.572
5 0.951 0.863 0.784 0.681 0.621 0.497
6 0.942 0.837 0.746 0.630 0.564 0.432
7 0.933 0.813 0.711 0.583 0.513 0.376
8 0.923 0.789 0.677 0.540 0.467 0.327
9 0.914 0.766 0.645 0.500 0.424 0.284
10 0.905 0.744 0.614 0.386 0.247

3.:i6.:iJ33013ool> 13?" i:J?MMol> a3p;oMi:J? 3ool> 'B"M01M l>.3 3j&(i)oi.>01 301.>, (i).:iG 01.:i3oi:J?.:i6
.:i60.:i(i)oCJ30.:il> (3.6) MMi:J?:Jl><>G R336 8M3306"33l>
.:i8M(3.:i6ol> .:i8Mbi.>6.:i. 3.4 6".:i(i)8Mo13?036l> .:i8 03.:i(i)o
33(i)l>o.:il> ('(J'BMM 33(i)l>o.:i ob.13?.:i6.:i(i)01Clo) .
R336 0 .:i8M301:J36M01 (3.7) 13?" (3.4) MM8
2000$-ol> R336 10
Clo8i:J?3o 8%-ol> 3.:i6.:iJ3301Clo. 3.4 8%-0060 l>33®ol> 8"!3?"J3301.:i 10
.33MoM13?ol> 306030106 PVIF 8%.to - 0.463. 31.> 833 '(Jo63o.:i, MM8 46 8 36®0
10 Cl3813?33 oj630.:i 1$ . .:i8ol> 30330001, R336
PV0 = FV 10(PVIF 8%.io)= $2,000(0.463) = $926
01'() Cl33<>i:J?<>M3001 .:i8 0106b.:il> (926$) 1000$-l>,
R336 R336 .:i3o(i)R3301 1000$-ol> . .:i8
Cl3801b333.:iClo R3360 8M330.:i oj6::io.:i 74$ {1000$-926$).
001j3.:il>, MM8 6.:iJ<>13?3ool> i:J?OUJM6®o(i)30.:i J3.:i3l>
.3MM(33l>l> {handicapping). l>b3.:i l>o&tJ330001, 800138.:i&oJ'(JMO
R33 6 6<>J<>i:J? 3ool> CJ 3'B.:ii.> 36.:il> 808.:i(i)0136.:iClo.
.:i8M(3<>6.:iClo
Cl3'B.:il>13?3l> 46 G36&001. M<>G '(J'BMM 83&0.:i 6.:iJ<>i:J?ol>
Cl3l>.:io08ol>o JM3'BoG036&0 (PVIF). 3.2
l>'(J(i).:i010 '(JR3363ol> i:J?MMol> 13?" 3.:i6.:iJ3301ol>
. .:i8 U(JM.'.>01'b3 R.:i6l>, MM8MM
100$-ol> 1-13?06 10 l>.:i8o 3.:i6.:iJ3301ol>: 5, 1013?" 15%-ol> i:J?OUJM6®0M3ool>
8ob313?3001. ol> 330R3363ol>, MM8 100$-ol> 8(30M13?30.:i
3.:i6.:iJ3001001, M<>(3 (J'BMM Cl3l>.:io.:i8ol> 01.:i6b.:il>. (i).:i
01j8.:i ()6i:J?.:i, M<>G 83&0.:i 8 .:i6.:iJ 33 010, 8001
8.:i3(i).:i8 8001 (J'BMM 838<>0? 8(;)(Ji:J?l>· 15%-o.:i6o i:J?OUJM68o(i}3-
ool> 3.:i6.:iJ3301ol> i:J?MMU 100$, 10 006 oj630.:i 24,70$-.:ii:J? .:i6
25 (336®0

8.:i(i)®o3013?. 3M01.'.>13?:JM010 M.'.>(3 8M3301bM3:J0<>01, ()613?.:i

111M8 8.:i6 R.:ioM01MU
<?jMM8.:iClo. i:J?"3()Cl3.:i01, 01j336 .:io.:i613?3001 1000$ .:i63.:ir;JoCJ'b3 M01()-
6%-001 CQ.'.> 0 U(JM01 0 .:io&.:i6M01 01j3360 i:J?.'>6.:i'bM0 o 15 0133CJ0
1.25 (i)0813?:J6<>13?.'>(3 FVn = P0(1 + i )", 15 01301.> Clo8i:J?:J8 01j336 8Mb-
l>6.:i01 01j3360 .:i60 .:i610Clo13?.:i6 03813?330 01.:i6b.:i.
FV1.25 = $1,000(1 + 0.06)1-25 = $1,075.55

50
 100

90

80

.r,;, 70
tO
0
El 60
f:l
tO
0
c 50
El 10%
c 40
0
El
et
!.O
15%
.r,;, 30
El
.:£>
.r,;, 20

10

100$-l> "bc::>"60<3c;:>o
0
c:;nrii3o(Jc;:>:J6" 5%, 10% 1 2 3 4 5 6 7 8 9 10
<!?" 15% Oc;:>O(JfiiO
fiicr>(Jc;:>O :JfiiM(3:J6@Jnb
008mb333.>tln.

()G6('t)OO (<>6 0 060J3[1mo. CQMMnli 8nb[lCQ3nm

006b0'bc:;3Mnli0b, f\306m3nb (Qi>
Cf?<> CQMMnb .3oP1nMCQOOnb M<>M!QOOM00, 80 0M08 0 3006<1)0Moboob,
li1rri 0('t)M00 006<>J3ocnn, .3M('t)(306<1!Jnb (i) l.Q<>Moeb3ncn.
1Q<>3()Cl30cn !i1('t)8, m() md306 U?c::ob oJomoocn 1000$-nb n630<1!Jne00b, 8 Clo8U?oo md306
8nnc:;ocn 3000$. .3M('t)Go5<1!Jnb (06 006"J3ocnn
8('t)odoo6('t)b 06 b.:ioo'b('t) 008('t)tio6ooncn.
3.5 008('t)tJ060oocn f\306 0 30j3b
FV 8 = P0(FVIFi.s)
$3,000 = $1,000(FVIFi,s)
FVIFi.s = $3,000/$1,000 = 3
3.3 8 .3o6lo('t)l.QOb CJob0008obo 80JM03ob 00!Q0J30mob nj6000
J('t)O'B0(30:J5<1!Jb (FVIF), 06lob f\306b 8oot'il
3-m.:i5. f\3051.i .:ibocno J('t)O'BoGoo5f!!>n <>Mob
3, f\306 15%-nb Clob0608ob b3o<1!JClo. M<>81Qo60l.Q0G 3,059 80<1)00 3-'bo,
f\306 3obJ36001, M('t)8 0<>foJ3001n bn<1)()0(3n<>Clo dnMnm0CQ0l.Q ()6!Q<>
OtJ('t)b 15%-'bo 80<1)0.
(J'BM(Y) 'b()b<1)n :3.:ib(Jbn Mrr.8 803oc:;rricn, f\306 (JO{Qo ob, Mrri8 FVIFi,s
00t'il301Q 006rri01 (1 + i ) 8 , b0bom CQ0 30.3('t)3('t)m i Clo8C!?oo600t'il01Q:
(1 + i)8 = 3
(1 + i) = 3118 = 30.125 = 1.1472
i = 0.1472
(i-b0106 08rribb6001, f\306 01030CQ06 (J6Q?0 003'l:>ot'iltQrrim 0 .:i5-
rrifiio30 8b.:ifiio 1/8 06 0.125 b.:ifiiobb081QO· ,,3"-nb 0.125-o b.:it'ilobbCln
f\306 3otJ060001 [y'] O:J 0 3tJ03b 3, 303'ot'il01 [yx],
Clo03tJ<>3b 0, 125 CQo 303'0M01 [=]
(06 :J::it'ilorriO?::i6oli ()(36Mon Gocat'Jo. (!?0 03-
::j:ot'ilCQ::JG n8nb 0 00 000 1 Mo CQMM CQob3'nt'iltQ06<> IQC::Jb t'il0080 m06b0b, MM8

51
 8n0c;o0Mli .3MMGD66oooli tl?0M0Gb3oli
0060J3001n01. M0 C!:;iMM e!:;i0bi:J:nM!:!:;iD00 1000$ 063olionG00li,
MM8 0 0n'b0MCQMli 1900$-8tl?o 10 .3MMGD6on06n tl?0MnGb3nli 006"J3001nli0li? (ii08tl?o60-
tl?0G R306013oli n63obonGnnli CQ0
08 Li006 30 t.i 0 n8 n{Y) lino(J0 8 n0Clo (06 .3M{Y) 80 600 -
ooli e!:;i0MOGb3nli .3oMOMCQOOnl.i M0Me!:;i06M00 (n) 06
dn(iin010CQn 0 08MiJ06oon01. c;n(iioo(J-
(3.5) 0 08MiJo6oon01 830 6 3nc;oom
FVn = Po(FVIFJ(l%.n) $1,900 = $LOOO(FVIF10%,n)
FVIF 1o%.n = $1,900/$1,000 = 1.9
360bM01 3.3 10%-oli Cloli0008nli li3o&Cln 8M3doo6001
JMO'lJoGoo66li (FVIF), (ii0G 8306!.i 8oo(ii 8306
0c;8M3080601, MM8 1. 949 0Mnli 1. 9-0106 e!:;i0 oli MnGb3n Clooli0008000 .3DMOMCQO 7-nli
85J(iin3li. M0CQ 0 06 1.949 tl?ntl?n0 1.9-'bo 30GJ36n01, MM8 lin6()0Gn0Cln .3MMG06&oooli
CQ0M0(3b3oli .3oMOMCQOOOl.i M0Mtl?o60100 (JG(Q0 Oi]Mli 7
!:Q0 'b(Jli6oooli013nli, 0 0CQ035o(ii{Y)01 FV!Fw''·" MM 0MMG (I + 0.1 O)" (!?0 08M3bli600111-
0106 tl?0J3Cln(iioon01 Clo8!:Qo860n(ii0tl?:
(! +0.10)"= 1.9 n(In l.l)=In 1.9
n=(In 1.9)/(In I.I) 6.73

MM8 08M03obli60 n, 8306!.i 8oor1 608306000 OiJM

MM 0 MMG b0Moliboli 0 08M3niJ06001 .30 0 0(ii0 8Mbo(iiboo0. R306 03oc;om 006-
MMn30 8b0(iioli (In). 0806 8M83G0 'b(Jbo0!'.Q
n. (Clo60Cl360: (In 1.9) (ii018 0 03iJM01 (In 1.1)-'bo 8306 3niJ060001 (LN)
Clo8!:Qoo60nM01:Q: Clo 0iJ303li ,, 1.9"; 303'or101 (LN) Clo8!:Q08
30.'foMm (/); Clo8!:Q08 Clo0:p3li ,, 1.1 "; 30.'fo(iim (LN) JOQ/03
30.'fo(iim(=)

06'Vo&n60. 60r18M0a:0o6li 0106000(iio 0 0!:Q0btl?oooli 06

linMoooli, C!:;iMMnli .3oMOM(!?OOClo.
06()06o6oli !J.?MMli 8 0tl?0b!:Qooo 06 .3or1oMtl?oli
3.3 l.i()M001'bo 60J0!:QOOO 06()0606oli013oli (QMMnli b0'b'bo.
010fo60f\io 9J(Jc::'0(t/O e!:;i03(Jd3001 li(JM0010 3.3 b0M8M0(Q806li 01j306li 1000$ 3
0 0lt?0blt?oonl> 06 8Mtl?o01 lQ<> 3(JCl 3001, <i1M8 013 30 6 0006tl?ooo1
a0a01u0 3c::>oool> l>or>io", 0600610Cl'bo 8 .3MM(306ooli (!?0MOGb3001. M0 M0M(Q06Mooli 0106b0
00Pi801tl01onc::>o 0od600001 li080 Clo8i:><:JO? li(J<'10010 3.4 .30li()bli 0 'b0) - 08oli013oli 8306
308060001 (JJ30 06Lio<'1()806&0oli.
0 061.>0 FVA 11 0610!.i 06(Jo@Jo6oli
Pioob3olt/06. R- (06 0 0i:><0li0b01:Qo) tl?0 n -06()0@:>06oli
.>5CJo<'!Jo6nG (:)08mb3030Clo, FV A 11 -oli013oli od6000
o"lt?"blt?o<'>u 06 'BCJc::'"Q?
Clo8"'G"3c::'O<'>G ·'(!?flOr:;-o FVAn = R(I + i)"' 1 + R(l + i)"'2 + ... + R(l + i) 1 + R(l + i)0
"JOG W"30c::'o :Jor>io01Q?nl> = R[FVIFi.n-i + FVIFi.n-2 + ... + FVIFi.i + FVIFi.oJ
(IJc::>ol>) 6"'c::>"'l>, IJ060l>IJ0Pio
06CJ0606ol> !:QM"'l>, FVAn 8061(l)o30a: 0Moli (R)
8"'3Dc::'O :Jor>io"1CQOU JMO'lJOGoo6@:>oli P10Ma:o6Mo0'bo i%-001
Q?'>b»IJ8ol>Clo. .3or1001tl?oooli013oli O-(Q06 n-1-8!'.Qo"· li000!!?6oor1{Y)(Q, oli b0M8M30(Q-
806M01 (J<tJMf'l

li0CQ0(3 FVJFA;,,, - ji1t11re value interest factor of an annuity at i%j(Jr n period1·, 0c;60Cl603li ,,06()-
06060!.i JMO'lJ0(3006@:>li io/o-nli 11 .30<'1nMCQOli0li''.

52
 ooc::; 30J80 ot'lmboc::; 'Bli106fl0o'bo63001 080(!(0 l5oJ0()fl"Jb m030Go li<iotJoGo 0630G&ooo0 06 0.::.li1oCJ'bo 6
White Sox ooolioMc::;ob 8()0(QO $10 8oc::;ofl"J50(Q !!?" 5 dMM(3<J50om, 8,:,l; 8M:J(30(Q<'>
f5c::;oli Bn81!?oo o0tJO(Q0 $20 8oc::;ofl"Jfo(Q. 8fl"JJc::;D(Q, 806 ooom 12 8i:>C'1M803noolim30G:
0MC'16'i801p 01.:.3obo <(3()c::;o 5 f5oc::;0o. Bo8fl"Jli03c::;oG Mfl"J· 72/i = n
()fl"JMO Mm(Jc::;o (Q0Mo(3b3ob 0060J30010 0.:>8C'108()Cl030
<>5
3oJ8<> 08 o5 30 ti00 8 0<> 'b 3? ·
72/6 = 12
· 0 01'16180 00 00 .3t'i\[')on50ob 0 08[')-
im6ooo01 Cloodc::;oo0 ,,oolio 72"-001. ob o::ibo 0(QO::J5b, ,,onlio 72" b0(Y) 0 noc::;oli
6iC'1 8 0 o5 3::ili0oooob fl"Jli1800l!?o60 0060J3::imb 05 00C'1M8.:. 0ooobm3ob b01foMC'1
M0f'11Q05fl"JooG <>6 0 060J3::i01nG M0C'1!!?05C'100b. 80 0 (Y)08 .3.:>b(Jbo 0<") 0flob
Li0.3fl"J36oc::;0Q? 72 oi:>OtJC'1<(30 Mi:>MQ?::J6C'16i:>'bn n- UbC'1MO. 5 ooc::;ol501,QOO (ii:>C'1M-
'b::i .:.5 Li061 0 ::i6c::;oli 006.::.J3001'bo i-'bo. 30Joli CJ::i801b3::i30- 8001,Q:JOv 14.87
005.::.J3omob .3oMC'1onooo [(l + 0.1487) = 2]; flobo 72
5
Clo, 063nb&ooooli 5 00C'11i1803::iooli0Li,
0 06.:>J3::i010 i .>P'iob. 03ot'lfln3li 14.4 .3fi'iC'1(3:J5&G. 0bo3n, 6 .3PiC'10D6&0060
72/n i 0.:>60J3:Jmom (Qi:>O&O(Q[jO(Jc::;o 8C'1ombM3li 11.9
1
.:.5 0 0MM803nonbm3ob [(l + 0.06) '-" = 2]; ,,onbn

7215 = 14.4% 72" 330Pil503b 12 m(J8(3,), ,,15nbo 72"-ob

308C'1tJ<J6no0 bo&(QOC'10ob
3oJob MC'18 G?0oo<>6G?::ioo60 }:JO<Q3om 00C'1M80 0ooobm3oli.

bo 'On ':']fi306iJ6G
0 1 2 3
rrr0c:>;nG 6'\Pil?OonG
cn06808o;;:03MP10,:-;G i:.Jf'13QC::-
$1,000 $1,000 $1,000
3 Oe:;oG
00Ga.,3c:>;M00Cln 1OOOS-nb

iJ?MMU.

0 1 2 3

$1,000 $1,000

J
$1,000
CQMnnb b,J 'bo 1,080
.o6'Zlo®o0oG

d0BmlJ-'.l3vr::;n
R = $ l.000: i = 8°!.i: W"
11 3 5o(":GJ.

53
 n

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

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

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

0 1 2 3

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

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

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

R.:i6li 15o 0 6oli oMcc.>Mli .:it'llioo()cc.> obt'locc.>o III !:!?.:ifot'lenoo.
3.4 li()t'l.:ienoo .:i8Mo.:i6oli .:i8Mli.:ibli6occ.>.:>U? obt'locc.>o 3.5 0 .:i8M8o6oooen 3ocwoen
FVA 3 = $1,000(FVIFA 8% 3)
= $1,000(3.246) = $3,246
oli .3.:ili(JbO OU?o60(JM0.) o8oli, M.:>(3 .:ili.:ib(Jcc.'0'> 3.4 li(JM.:>enoo (0060036.:i: '8P1M8(Jcc.>OOOU 6.:i(33cc.'"!:!?
obt'locc.>oooli 0.:i8P1806oo.:ili 8038.:i3.:it'len !:!?.:i81'\ 03.:icc.>oooli CloGU?M8oo.:i8!:!?0· en() R3o6 0.:i8M30-
806ooen 3.8 0 .:>60Mcc.>OC.:ib, .3.:ili()bo 40 (3060oen 8000 . .:i8o0M8, en() 8MoenbM300.:i
0.:i6li.:>J(JenMOo()CC!O lio'b(Jli0:J, (3bMocc.>oli 6.:i(33cc.''>!:!? ()61:!?.:i 0.:i8M30806Men ooli.:io.:i8olio <BMM-
8()cc.' ooo).
!:!?'>3(JCM()6U?oen 3.3 li(Jt'l.:ienli . .:ibcc.>.:i 8MU?oen !:!?"3(J03.:ien, MM8 R3o6 1000$-li oocc.>oo.:i!:!?Clo
3 Occ.>oli 0.:i68.:i3cc.>MC.)OO 0086.:ib3occ.>o .:i6c..:it'looo!:!?.:i6, MM8:Jcc.>U.:>(3 ot'looboo.:i M01(Jcc.'0 Occ.>O(JMO
8%. t'l.:i en.:i6b.:ili 0.:i6.:ien.:i3lioo!:!?oen end306 .301'\U?.:i.301'\ .:ibcc.>.:i (U?MMoli .3ot'loMU?o 0) !:!?0.3M'bo0'bo,
MP18 OMCC!P1 1000$-oli 8Mbli6oli Cloa!:!?Do end306 !:!?"o:Jb(JM.:>01 .:i6c..:it'looo? 3.5 U(JM.:>01'bo
6.:iR306000.:i .:i8 .:i8M(3.:>6oli .:i8Mbli6oli 01'\docc.>o 0 'b.:i.
MM 0P1M(3 3.5 li()t'l.:ien'bo R.:i6li, .:i6()o0o0oli .:ibcc.>.:i6!:!?Dcc.'o
O:JU?OU .:ibcc.>.:i6!:!?DCC!O liot'looooli 5(:.:>8oli c..:i6li.:i
()'8MP1 80000, R3o6 Clo 0 3odcc.>o.:i O:J3"!:!?oo6Men R3o()cc.>Do"1030 .:i6(Jo0o@>oli .:ibcc.>.:i6U?occ.>o
do"1oen.:>U?O <BMM8(Jcc.'" n .3:JMOMU?:JOOb013oli (PV A.) oo8U?oo6.:io"1.:i!:!?
PVA" = R[l/(l + i)1] + R[I/(l + i) 2] + ... + R[I/(l + i)"]
= R[PVIF;, 1 + PVIF;,2 + ... + PVIF;,0 ]

54
 n

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

$1-oG ll3Q(Jc:!;QO<'io30 t=l
o.:>6.:>J300Jo
o6(Jn8a8ol> obc:!;o6owc:.>n
.>01'\0f'l!QO (n) 1% 3% 5% 8% 10% 15%

J"':J'1JOGOQ68o 31'\m l 0.990 0.971 0.'.:52 0.926 0.909 0.870

:Jal'io<'>Q?'b3 i%-om n 2 l.970 l.913 U\59 1.783 l.736 1.626
:J31'\o"'ll?Dool>m30G 3 2.941 2.829 2.723 2.487 2.283
(PV!FA,) 4 3.902 3.717 3.546 3.312 3.170 2.855
5 4.853 4.580 4.329 3.993 3.791 3.352
6 5.795 5.417 5.076 4.623 4.355 3.784
7 6.728 6.230 5.786 5.206 4.868 4.160
8 7.652 7.020 6.463 5.747 5.335 4.487
9 8.566 7.786 7.108 6.247 5.759 4.772
10 9.471 8.530 7.722 6.710 6.145 5.019

tj(JMC>CQc:;>Do.:> 80.:idGoom, fi3060 PVA 11 O:J8Ml.i.:>3-

(R) JM:J<(30(30:J60oli lio(QOCQ:J%0 i%-om, 1-
(QC>6 n-8\1?0 (QMMoli .3oMnM(QOOom". 8.:imo8.:i0oJ(JMO oli

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

!QC> 8 .:i8Moli.:ibMl..i 8.:i('T)00 3.:i\J?, MM 0MMG

PVAn = R(PVIFAi,n)
l.i.:>(QC>(3 PVIFAi,n 6006.:i3l.i .:>6()000001..i JMoino-
(300601..i i%-om n .30MnMCQolim3ol.i . .:i8 oo 0 6ol.i CQ.:>6.:>Mmoo IV 000(3.:>31..i PVIFA-nl..i
i (QC> n-ol.i l.ib3.:iQ?.:>lib3.:i 3.6 Jn ti.:i(';)8M.:>!Q 0 o6Li 801..i
3.:i('T)o.:i60li.
fi306 0.:i8M3nt106Mm 3.6 1000$-ol.i .:>6(Jn0o&nli c:;>nMo-
8Mli.:idao6.:i(Q l.i.:i8o 3.5 l.i(J('T).:imoo 6.:ifi306000 8%-ol.i
8oboCQ3om. 3.6 ('T)M8 PVIFAsu 2.577-[) (tj(JMC>(Qc:;>OOC>
80.:idGnom, oli lio(QOQ?:J .:>Mol.i Li.:i8o M0(3b3ol.i m.:i6b.:i 8%-o.:i6 Li30&00 3.4-oo,
Q?C>b8.:iMooomC>(3 8Mndo66oo.:i PV!F). 3. 11 8C>8Mt10606001
Fi306 3oc::ioom
PVA 3 = $1,000(PVIFA 8"u)
=$1,000(2.577) = $2,577

()(36MOO .:.6 0.:.60J3omo . .:>6(Jn0o0nli c:;>OM:J-

doMom.:>a;>o
0.:i30 0Mm .3MM(3:J60om a;>oliJM60oli 0 .:i6.:iJ3omo .:i6(Jo-
0o0oo, 01() fi306013ol.i (1) .:>6()000001..i (2)
0 .:ia;>.:ibCl?ooo .:i6 !QC> (3) .30('T)oMCQ060l.i M.:>MCQ06M6.:i. a;>.:>3()03.:im, MM8 7
008C1?08 md306 CQC>8ffOMCQOO.:>m 9500$, MM8 0.:i.:i 0 %.:i36Mm md3060
JM(Jn%Clo. oli m.:i6b.:i MM8 Clo.:>8MM3Mm, md306 (J6a;>.:> o.:>6.:im.:i3l.iMm 1000$
oo8a:>oon 8 o.:i6Jol.i .:i6 0.:iMoo%o !QC> 8.:il.i
.:id3li (QC>Mo(3b3ol.i .3('T)M(3060o, MC> .3MM(3:J6-
0.:i6.:>J30mo ()6CQC> oo8M 0m.:>3.:>%Mm o.:>6J8C> md3060 (QC>6.:>%M 0:JOOl..i CQC>8:Jo83ol.i.:im3ol.i?
('T)M8 0 060J30010 (i), fi3060 08M(306ol.i
.30MMOoool.i013oli, c.08M3ot106Mm 3.9 00()000001..i oo8a:>oon
FVA 8 = R (FVIF Ai.s)
$9,500 = $1,000(FVIFAi.s)
FVIFA;.8 $9,500/$1,000 9.5
3.5 8 .3oMoMa;>oli 80JM03ob ()0CQ0J3:Jm0do fi306 36.:ib.:i3m, 06()000801..i JM:J<(30(30:J6-
0nli (FVIF A), fi3o6 8o 0M

55
 2.

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

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

56
 ?
.:i6(Jo@;o@;o .__ _ _ _
} ___
f f i
I I 1,080
1,166

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

o6(JnooonG
8%-nm 3 <Jo8G?Jo (FY A,)

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

l
I $1,080

1,166
06-vnooonG
(!!0 tin60Gl'i0fin o6(JnooonG 1,260

($1,000)(FV/FA83 ,3 )(1.08) = ($3,246)(1.08) = $3,506

0 08n106 0 ofinClaonG (QM<'lnG
bo'bn
1000$; 5n60Gfo/On ,,6':'JnooonG
i= 8%; !:!?"
0
8%-nm 3 oo8ll?Oo (FVAD,)

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

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

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

'c,

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

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

5o50b50Mo 06()00o@Job 0 06b0'bc:.;3ti10 i JMM(jc'.JD@Jdo 11

dJMOMCQ:JOOb013ob (PV AD,,) (JJJ01.'.Jli0CQ 0Mnb 3.7 b(JM0010 (Jfl306oob
0 08M06 0 0f10CJ000b 8%-0060 IOOOS 06(Jn<IJ>o<IJ>ob b080 CJo8CQJo
(PV A 3) CQ0 8%-0060 1000$ 5ofob50Mo 06()000<'.lJob
b080 CJo8'l?Jo tPV AD 3 ) 0 06b0 'bc:;3ti'inb013ob.
MM 0 MM(3 3. 7 b0 ti1001do f\06G, G085;.::>006n 5060G50ti'in 05(Jn0ol§ob
06(Jn<IJ>o0nh of1010
06 0 0CQ0bfQ0. oh
CJ08CQJC,600f10CQ:

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

57
 0 1 2 3 4
.:i6vn&o&o
$1,000 $1,000 $1,000

$. 926 ___J
857 • I
794 • I
$2,577 = ($l,000)(PVIFA83 ) = ($1,000)(2.577)
.:i6vn&o&oG
8%-nm 3 (JQ8C!?Oo (PVA3)

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

926

857 • I
>6':'.Jn8n8nl> $2,783 = ($1,000)(PVIFA 83 ,2 + 1)

on6.:iG6.:iti'in .:i6vn&o&nG
!!/> ()060()36.:i 8%-om 3 0081!/Do (FVAD,)
lfo6>l>b>Mn >6':'.Jn8n8nl>
ll/Mronl> b>'lin
R = 1000$; (l.08)($1,000)(PV/FA83 ,3 ) = $2,783 = ($l,000)(PVIFA83 ,2 + 1)
=
i= 8% !!/" n 3 (1.08)($1,000)(2.577) =$2,783 =($1,000)(2.783)

006.:ibo01'10 .:i6()0838ob 00630-

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

08f"l(3.:i6ob 08f".lbb6ob0b R336

CQ06303ob, 00618f".loOf"lo.:i .331'1of"lCQOOob (3.7
b(JM001ob 1, 2 CQ0 3 .331'1of"lCQ36ob CQ0 0 08f".l3005001'1003001
61f"lof"lM(3 5.:iJ0CQOb 31'1010 .33Mof"lCQ001 0CQMO .33Mof"lCQOb .:i6(Jn@J3&ob
0060bo01'10 06()0@>3@>ob
3301.:i3.:i'bf"lob .3361of"lCQQOOb CQ0b.'.>btJoboo
60J0CQQOOb (R336b .33Mof"lCQQOOb 1, 2 CQ0 3 CQ0b0btJOboo) CQ.'.>
50J0CQOb 008f"J063.:i610030.:ib.

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

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

5000$-nb f)sn6 ';'.)61Qo 803oc;:Mm IQ.!> 8n-2
0381Q:J&1 8Md::J3l)O\> Oc:;>O';'.)(i}O 6000$ 8n-3 !Q0 8n-4 038tl;13& tl20
1000$ o01Q0bt120 an-5 an8t12:JB1 O'J';'.l 5%-nm?

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

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

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

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

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

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

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

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

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

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

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

0 1 2 3 4 5

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

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

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

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

$1,000 $1,000
$1,859 _ _.____ __,

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

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

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

60

b0li1e,00C':'.'0G e,06.>J3001n
oli1mo OC':'.'OU dJMOMCQOO,
MMBJC':'.'0(3 .>M 'b(Jbii)CQ360
!i1m'ZJC':'.'n .3M"'Go6il)o6nb
CQOMn(3b3ol> Gnbonli1om. O'l'ZJ
.3!i101eo6il)o60 CQMMo 8 b000
bJC':'.'00.>(QdO M.>8CQ36-
j>GQM8J, J'/JOMJ>no6o
.31i1"'(3Q6ii)(JC':'.'n e,06.>J3omn
0c;8mfi6CQOO" (J'(JMM
8oc;.>C':'.'n, 3n(QMQ
501806.>C':'.'(lMn .3MM-
(3J50CJC':'.'0 0 0G.>J 3o010.
8M8.:i3.:ic:::;o .:i6 0DCQoD6oc:::;o <>d<>8LQO fi306 803ofi603LQ001, (i)(")8 0Mf"l(3060o obCQoo<>
tic:::;o(JM<>CQ. <>00010 80CQ3M8,) ,:,(i)oooo01.)CQ <><>CQ3oc:::;ooo <B(JC::::OO CQMf"lOO 8oboCQ3001
(33c:::;oc:::;oooo 0 ,:, 0 00<>0. ,:,bc:::;,:, LQ"CRo" CQMf"l 0 ,:,63oboc:::;M01 ()(i)0100MJ<>3Clotilo
8f"l8<>3<>c:::; (?OMOO(JC::::OO<>O I:!?" 3<>6<>J3001000 df"lMOO 0Mf"l(3060o6oo CQ<>M0(3b300
ob3<>LQ<>ob3<> 30Mor>1CQ0001300. CQ<>O<>b::Joooo01300 1:Q<>3()03<>01, Mf"l8 0MM(3060ooo 0 <>CQMbLQoo<>
6.:;b 03 .,<") fioc:::;ofi<>LQ'do 0M01boc::::· ,:,8 Clo801b 303 .,CJo, 01() 01d3o6 CQ<><>o<>6CQ0601 100$ Clo86<>b3oc:::;
,:,6o<>Mod'bo 5Mffo50c:::;';_'.J("10 ,:,6 fic:::;o(JMO 8%-0,:,60 3<>6<>J3001001,
6 01301.i Clo8CQOo od6oo<>:
FV05 = $100(1 + [0.08/2]) = $104
lib 3., 0008300001, 6<>bo3<>Mo fic:::;oli Clo8CQOo 01d306 0od600<>01 4% LQ" <>M<> 8%. CQ00M'bo0oli
8M8<>3<>c:::;o tic:::;oo Clo8CQOo od6oo<>
FV 1 = $100(1 + [0.08/2]) 2 = $108.16
oli 01v6b,:, 108$, 01() 0MM(3060o 8"1:Q"Obl:Q000 OM01boc:::; tioc:::;ofi<i(!?dO. 306lib-
30300<> 0. 16$ 08001, MM8 0MM(3060ooo 8oMMO od3li m30Clo OM0(3boo<>
CQ080000001 4$-li, MM8oc:::;o(3 (Q00M0(3boo.:i 00M3oc:::;o od3lio 01301.i Of"lC::::Mli. M0(3 800'.SGOM
(,0CQ00bCQOO<> 0MM(3060ooo fic:::;oo 0 06803c:::;Mo000, 8001 8000 od6000
8M(308()c:::;o fic:::;oli
8M8030c:::;o v8Mbli6oli doM0010CQO <BMM8(Jc:::;<> n CQ0000M(JC::::0001300,
MM(.30 0MM(3o60o o<>CQMbCQoo.:i m-:;>GoM .)MOO:
FV0 = PV0 (1 + (i/m]tm
,:,bc:::;.:i 1!?<> 3(JCJ 3.,01, Mf"l8 3MMGo60o o<>l:QMbCQo<'><> J3<>M0<>C::::(JM<>CQ l:Q<> 01d 3o6 0li(JM01 oGMCQ001
100$-oo 8M8030c:::;o Clo8CQ0oi li<>CQ<>G CQ<>CQo06oc:::;o Eic:::;o()Mo 0<>60J3omo <>Moo
8%. 8M803<>c:::;o od6000
FV 1 = $100(1 + [0.08/4])<4X1l
= $100(1 + 0.02)4 = $108.24
rYiM8oc:::;oG, f\'i.:i 01d80 (J6CQ<>, 0Moli 80c:;0c:::;o, 30CQMO 06 tic:::;o(J.rYio M01(Jc:::;o 0f\'i(")-
Go60oli CQMf"lli.
8M8030c:::;o 0,:,80 oc:::;oli OMC::::Mli J3<>M0<>c:::;(JMO M01(JC::::O 0MM(306l8.Jo01 od6000
FV 3 = $100(1 + [0.08/4])( 4l< 3l
= $100(1+0.02) 12 = $126.82
60b 03 0rYiEic:::;o060 rYi01(Jc:::;o 0Mf"l(3o60o<'>oli CQ<>Mo(3b3001 8M8030c:::;
CloCQ<>rYioooli.:ili
FV3 = $100(1 + [0.08/2))< 2l<3l
= $100(1+0.04) 6 = $126.53
l:JM30c::::fic:::;o(JrYio 6101(Jc:::;o 0MM(306<8.ioooli CQ<>Mo(3b3oli<>li
FV3 = $100(1 + [0.08/1])(1)( 3)
= $100(1+0.08)3 = $125.97
,:,8 03 .:irYi.:iCQ, rYi0 8 bC!oM<>CQ c,<>l:Q<>obCQo<'><> 0rYiMGo60ooo tJM 30 c:::; tioc:::;o, 8001 8o0o 0c:;8Mfi6CQoo0
8M8030c:::;o e,;orYioo(Jc:::;oo.:i. MMCQ000(3 m ()<>bc:::;M3CQ000 (J000M(JC::::M000 3.17 o<>60MC::::00000, f\306
3().:ibc:::;M 3LQ00001 0rYiMGo60oooli 8(JCQ803 CQ<>Mo(3b 3.:ili. d3o8M01 f\ 30 6 (J<BMr<1 CQ<>fl3(i)oc:::;ooom
8(JCQ803 l:Q<>Mo(3b30li CQ<> CQOliJr<16@iorYioo0li.
06 MM(.3<> o.:iM 0 ooc:::;oo 0P1MGo60o fioc:::;o50U?Clo
0<'101'00 8o@>:;>GOM, 0bc:::;061Qoc:::;o e,;o(i)oo()c:::;oooli c,08M0600M0Cloooli <BMM8(Jc:::;<>
(J6CQ<> o"CQ"ooo6:;>GMli 080 30 b.:i'b 0ooo 0 0Gti3Mo 3, 61M8c:::;oo'b 00 bCQoo.:i
8 08M06a0610CJ 000. 8M80 30c:::;o 'B'(JC::::<>CQo 6<>J<>CQoo (1+i)"-'bo o<>tJM<anli rYiM 0 MMG fl 30 6
080G 30Jo010001 5c:::;o(J6lo 061f"l(3050oooo CQ<>P1oob30G (QMMo, f\306 0063G0'bc:;3(i)0 3m
C'.;OMOO(JC::::000U Clo8CQoo500MC>CQ:
61
 G.:i!.!;!.:>G, MM 0MMG .:>!.!;!MO, FV 0 .:icY\oiJ 6.:iJ.:>!.!;!o n m
.:ie:6006.:i3G cY\.:i8!.!?o6:5(;ocY1 !.!?"OMoGboo.:i .3r'iMGo68o, i .:ir'ioiJ !.!?oGJM6-
8or'ioooiJ 0.:i6.:iJ30010. 3. 18-oiJ 0 .:i8MtJ0600001, R3o6
0 .:i8M 030 .:i6 0 .:icY\oo.:i 80G.:i8 0 100$-oG 8%
!.!;!OiJJM68oMoooiJ 0.:i6.:iJ3001001

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

01() {!;!OiJJM68oiJ 0.:i6.:>J30010 {!;!MMoGboo.:i R3o6 o3od6oo.:i

PV 0 = $100/(1 + 0.08) 3
= $79.38
.:i8 03.:ir'i.:i!.!?, r'i.:iG b!.!?oo.:i {!;!OiJJM68or'ioooiJ 0.:i6.:iJ30010G
!.!;!.:>M0Gb3.:i, 8001 8000.:i oiJ 8M!.!;!OG
15o6.:i.:ie:8!.!?0oMO.:>Oo 00801b303.:ioo .

.3cY1.:id8oJ.:>Oo 'bM()j(;OM b!.!;!oo.:i .3MMG060000G 8()!.!;!803.:i{!;! !.!;!.:>M0Gb3.:i • .:i8o8M8,

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

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

= $100(2.71828)< 0 ·24) = $127.12
olJ 003.:i!.!;!.:>MM01 ctMMG068oooiJ !.!;!.:>M0Gb3001:
FV3 = $100(1 + 0.08)3 = $125.97
.3MMG068oooiJ 8()!.!;!8030 !.!;!.:>M0Gb3001 803oe:oo01
n .3or'ioM{!;!OOoiJ
3.:i6.:iJ30010G .3or'iMooooo .
.:i"8.:i30 0.:i8MtJ0600001 !.!?"GJ36.:i8!.!?o, r'iM8 .3r'iMGo60oooiJ
8()!.!?8030 !.!;!.:>M0Gb30G Clo801b303.:ioo n 008!.!?oo 6.:iJ.:>!.!;!oG
8ooe:ooG 0081!?00 IJ.:ibolJ:
PV 0 = FV11 /(eY"
.:i8 03.:icY1.:i!.!;!, 1000$-oiJ 803oe:oo01 10 008!.!?0o 20
.3r'iMG068o.:i6o !.!;!oGJM66or'iooolJ 0.:i6.:iJ30010G 8()!.!;!8030 !.!;!.:>M0Gb3001, od6oo.:i:
PV0 = $l,OOO/(e)<020 )0o)
= $1,000/(2. 71828)2 = $135.34
R30 6 3bo!.!?.:i 301, r'iM8 0.:i8M.:i6 0.:ir'ioo 0o.:i, a0o8 .:i 3G
.3MMG060000G 8()!.!;!803 !.!;!.:>MoGb3.:iG, .:ir'iolJ 0.:i8M.:i60.:ir10CloooiJ
ooiJ.:>8tJ30Go. 01()88.:i .3r'iMG060ooolJ 8()!.!;!8030 a;i.:ir'i0Gb3.:i 803oe:M01
o0o

62
 <'lf'l!J?:Jb.:.13 o.:>6JO 80f.!?8:JOm O!!;?O'()M b.:.:3<'lf'l():J68f'l Cia8f'lb.:.3.:.c;:>b (an annual percentage yield
(APY) md3a6b Cia86.:.b3:Jc;:> .:.6aii<'loCi'ba i.6 b.:.!:!1:Jdf'l'bo8f'l ba<'l8o<l30J1>8'b:J, <'l.:.b 60Ci6.:.3b ab?

000-0U JM63(i);:il.iol.i 8on61 8oc:;no(Jc:!?O J.:>6m6ol.i Ui><(3(Jd3nc:!?'b;J, 'BD!:Q;JM-'>c:!?(JMO Di>M;J'b;JM3m l.ioli@Jn80

006J;JOOl.i306 !!?" l.ib3.:. (!?i>6.:>'bm3nool.i C!;:i86.:.b3;Jc:!? !:Q.'>tl;JD;:JO(Jc:!?DO;JOOl.i3.:.6 ombM3b 8ooc:;M6
.'ll'i'i"'oD6@J()c:!?o 0.:i6.:iJ3nmol.i D'BDd@Jn.:.60 !:QM63.:il'i'ioonooG li@J06!:QoM@J(Jc:!?O 8;:imM!:Qo, (i),.,,8c:!?Doli00
ol.io6o (Jb(!?Ol>6 Jc:!?O;J6@Jnoli C!n8fob3;Jc:!? 063.:>MOO;JO'b;:i . .:.8 8;:imm(!?b ;:JOM!:Q;JO.'.> Oc:!?O(JMO b:JMM(3;J6@JM
o;:i8Mli1>3c:!?nG 0.:i8M.:i60 .:it;\oono.:i (APY). APY-oG 0.:>8mtin6;:ioom m.:i3o!:Q.:>6 ()6(!?.:i od6;:iG .:>(30c:!?;JO(Jc:!?o
(JO;JbMOl)t'10.:> 3.:>8M03;J(Jc:;'O !:Q.:>8'bM83()c:!?O 061.ie!Jo@Jv@JnooG 8onl'i'i dMM(3;:J6(1)nooG (!?0M0(3b30G
Gb3ofQC>Ub3.:> 8nmMlQOD !!?" Gb30(!?0Gb30 @J;JM8o6mc:!?M30b 31>8msn6noom, 803.:ic:!?om<>lQ, n<BDde!Jo060
O;J8Mll03c:!?o.:i6Mo.:i, bc:!?O(JMO O;J8Mb<>3c:;>o.:>6Mo.:i f.!1" D'BDde!Jo.:i6o 0060J3nmo (effective yield, annual
yield, and effective rate). APY-ol.i 3<>8m.:i6301'i'ioono.:i f.!1"'B'Zld6;:io(Jc:!?n<> U?c:.innool.i .:it;\G;:io()c:!?
(';).,,.,,lQD6mo,)'bn 1 (';),.,,8c:!?nooo 0 'B'Vc:!?o 3.:i6m<>3lif.!1no<> 06 301'i'ioo'bn 365 U?c:.io<>6 onc:!?oo0!!?00.
0803n 8nlQ3M8om J<>6mtio lQ0JM;J!:QO@JIJOOl.i b<>6lQMMOOb d;Jb1>bno "3"c:!?f.!11JO(Jc:!?DOb tl3Dc:!?"
G0<(306.:.6Gm o6G(l)'o@Jv@Jll Jc:!?O;J6@JG 0011C!Jsmoo6ml.i n'Bnd@Jo1160 l.i11t;\3;:ioc:;>oG 3.:.60J3nmnool.i onG.:.bno
6nool.i8ool'i'io l>nlibol.i 30on8oll lQl'i'imll • .:illnm 3116.:.J3nmll nomf.!?no.:i oc:!?o'ZJl'i'io .'ll'i'imon6@Jvc:!?o 3060J3nmo
(APR). m(.)8(30 <(30606ll(JMO o6G@Jn@J(J@J;:JOO i>M i>MOi>6 ()0c:!?lQ;)O(Jc:!?6o on.:.C!Jsmoo6M6 Oc:!?O(JMO
dMM(31J6@J(Jc:!?O 3.:>61>J3nmoll ,,608lQ3oc:!?o" n<Bnd(l)oll O;JDl>b;JO, MMqMM0(3 <>Mob APR . .:i8oll fo(33c:!?"f.!1·
81>m oovdc:!?o,:,m .:io6MoM6 D'BDd@Jo.:i6o Oc:!?O(JMO 0,:,6,:,J3nmoll 3ol'i'illo,:,, .:il'i'i
lQMM0(3b;JO<> dMM(3;:J61§oG 8;:J01Mf.!1001. !:Q-'>3()03001, MM8 006JO 30G(3;:i8ll
JMIJlQO@Jb ;:JMm 30C!(nm .:i6 .'ll'i'imon68noo !Ql>;:JM0(3b;J00 D;Jc:::mo0lQOO Mo8f.!11J6'J(;;JM8;J.
01>6J8.:> ()6C!(o 3.:i6ll0'bc:,>3MMU ;:J'(3;JO@Jo.:i6o 0060J3n010 - lQ-'><(3(Jd61JO';'.Jc:!?O
(.:iG'V G.:iov0c:;>nonooG Gof.!?of.!?n'bn, MM8nc:;10 8
au 0Gbnonc:!?ll 3 .:i8Mosa6Mll) - oa8U?Do JO 0 .:,.:,8l'i'i.:iac:!?MG 0to
0 .:i60Jaa010 onc:!?o6.:>Q?oo .'lnMnMf.!?Dool.i M.:>Mf.!11J6Mo0'b0• onf.!1Do"l:l1 aooc:;oo.:i APR.

l.ib30CQ0lib30 0633li@Jo(303680 8M 0 3(33l.i l.ib30CQ0l.ib30 dMM(336-

@J32iol.i CQC>Mo(3b3ol.i .33MoMCQ32i'b3 CQ0't3(Jd536001. 01() R335 0 3l.i()Mli 0M01806omli Clo30CQ0MM01
0633li@Jo(30360 dMM(336@J32iol.i CQ0M0(3b3ol.i d:JMOMCQ:J0001,
80006 R336 ()6CQ<> CQ<>3<>CQ806M01 80010 JMM(306@J(Jc;:>o 0 06<>J3301060 M.:.080 Li00M01M 1 li@J<>6CQ0M-
<>doe<:?06 0 08M8CQ060M 0, R30 5 ()61Q0 8 0s<>JomM01 0 05t.ib 3.:. 30 00
,:,6 0<>60J3001li0 IQ<> ocaod@Jo.:.6 0<>6<>J3001li OMMol.i.
O'BOJ@.>0060 0 06<>J30010 - oli <>Moli 0 06<>J3omo,
olio01 80'1806.:.l.i, MMoMM(.3 0<>6<>J30010
- ()08r>3(J003:J0(JC!;'O
(&>(!?>b(!?OCC:>n)
Bolio m M<>MIQ06M6001 1Q<>Mo(3b3001. •
'il"Mlmoo\030 l»6laoile;>oG .:.Lio01 30010Mo2i000,
()060J3JOlO, (1+o'Bod@Jo.:.6o 0 06<>J30010) = (1 + [i Im]) (mj(I)
J"'O'IJOG:J60oiloG
OM8n00C!;>(JolO 00IQ08<">1Q, i 0<>6<>J3001ol.i IQ0 d(JMOMCQ(JOOl.i
&"6"J3001060G m M<>MIQ05Mool.i 8obo1Q3001, Rso5 o<aod@Jo.:.60 0 06<>J30010
!:!?" 'bCJL>8oonG a0al:!? 08 , 60M8M301Q 0 06M01 Clo8e<:?o8o l.i0bo01: 3
61"'8"'6loe 06lnb D'BDd@Jo060 0.:i6<>J3n010 = (! + [i Im])"' - l
b:Jcc:'Ob0(!?00 M01CJcc:'0
:Jo\"'GD60oonb (!?>Moob3nb li<>CQOdf'"J'bo@JM 8()88.:.l.i MM8 oo8M(J01030'baoo6.:. 8
M0r>CQ:J6"1C>0 3oMn0'l(!?:JOOU dMM(.306@.>0060 0060J3a01ol.i 1Q0M0(3b30 063oli@JoG00'b(J, ocaod00060 l.i0M()OO-
3obol:!?3om.
0 c.6i:>J3(]010 OJ600MIQi:>
(1 + [0.08/4))4 - 1 = (1 + 0.02) 4 l = 0.08243
.3MMGo50ooo MM8 ocaod@Jo060 1.i.,p; 80 o-
0 06<>J3(Jmo 0 0(Jm0600M1Q(JOMIQ0 8%-006 0 060J3001l.i.
3.7 1000$-ol.i (JM010
oo8"2Do• 8%-0060 005"J30mo01 1Q.>Mo(3b3ol.i M.>81Qo5o8o l.ib301Q0l.ib30 .30P'ioM1Qol.i013ol.i.
MM8 M.>CJ 8o@Jo<> .3oMoMa::Oool.i M.>MCQ05Mo0, 8001 8o@Jo
0t:;8Mf151Q000 CQOdM'bo@Jol.i ((Qi> 08 (QOdM'bo@J'b(J dMM(.3()5-
8M()000) IQ.'.> Som 8;::i@Jo od5000 ocaod@Jo.>5o ()05.>J30010.

63
 t!106>0Gb30u O'l30o<!!>00Go
.'.l06JOP1!QOOO 1 CJOat!!oo a0G0JGomo•
lib3013?olib30 33"10M1:Q';r ---·-·····-·---···--·-·-----·--····-·· .. ······
$1,000 $1,080.00 8.000%
1:Qot'10Gb3oli 1,081.60 8. 160
1000$-ob
1,000
1,000 1,082.43 8.243
8%-0>60 1,000 013o(JMO 1,083.00 8.300
1,000 !QC!:O(JMO (365 1,083.28 8.328
3060J3301001. 1,083.29 8.329
1,000 ()Ol:J3oCl>o

*0060036.:i: 1 1000$ .36'i"'Go6@loonli 8.:i6.:iJ 3omooan

!Q<>Mo(3b3001 8"'83Go8li 08030 t\1"'8"'MG 80-3 li30Cl>Cln.

J(Y)6Go'BGOOOO bCloM.::>CQ 0.::i8(Y)O/:J0600.::i 0.::i63.::iCQooob tfJ>o.3ob liolibob

0 .::i6b.::i'bQ'.?3Mob013ob . .::i8 liobbob b.::ibo0010 .::>Mob ob, M(Y)8 o0 o 0 0CQ0obCQoo.::i
0106.::io.::>MO 8"CQ0bCQ00001, a(Y)oo.::i306 M(Y)o(Y)MG .::ibo30
01.::i36b . .::ibo010 8"CQ"bCQOOO
.::i6 8.::i6 3.::ie!?ooom 8 .::iCQ0bCQ" Bo&"C!?
8 .::ia(Y)otio6oo.::i o.3(Y)moJ'ZJM liolibooClo, 8.::i6 3.::ie!?ooo01 <lodo6ol.i C!?" 'b(Y) 000M01
liolibClo.
0 .::>CQ0bCQooob ()80M@)o3olio Clo801b303ob CQ"3()Cl3.::i01, 01d306
oliolibo0122,000$ 12%-o.::i6o Gobbo C!?" ob Gobbo ()6CQ.::> C!?"'B"M(Y)Ol Clo8Cl?ooo od3bo
0106.::io.::>Mo 01.::i6bob 0 .::>CQ0bCQOOo. ()6CQ.::>
.::ibo30 ob, M(Y)8 ob 80CQ.::>bCQOOO ()6CQ0 Otj(Y)U b.::iJ8.::>Molio doMOOl.::>CQO 01.::i6bob
22,000$-ob CQ.::> JMOCQO@)(Y)Moli 12%-o.::i6o 8"CQ"bCQoli013ob. M(Y)B 0 .::i6-
3b.::i 'bQ'.?3M(Y)Ol o"CQ"bCQ.::i, R, 15 30 6 ..,a(Y) 3bLi6001 .::ia(Y) 8 .::i6.::ili CJoBCQoc,6.::ioM.::iCQ:

$22,000 = 1/(1 + 0.12) 'J

= R(PVIFA 12%,6)
0006ob CQ.::>6.::>MOldO IV-Clo 15306 MMB CQOUJM6tfJ>oMooob
dMMGD68o<'>oli i:QO J(Y)O'BoGoo6tfJ>o .::i6()o@>otfl>ob 12%-o.::i6o 0 .::i6.::>J3001ob 0.::i8MtJ06ooob CQM(Y)b dO"C!?o06b
doMoOJ>i:QO 0106bob
4.111. 'bo8(Y)OJ .::i8 8M6.::ioo8ob l5.::ib8001 0.::i3000001 R-b:
301:QOb13?nli 3MOCZJOJO,
L>3libnli $22,000 = R(4.1 l l)
1:QOCZJ>M3oli 3013?nli R = $22,000/4.111 = $5,351
8ob31:Q3001
5,351 $-ob c,.::>CQ.::>bCQOOO 6 od6oli
22000$ Gobbo. 8"CQ0b13?.::i CloCQoDo.::i .3MM(306tfJ>ob CQ<>
01.::i36ob 6.::il5306000.::i 3.8 15306 3boCQ.::i301, MM8

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

d06>0ffi0t!!O
o8MM8o'lioGnoli 306"1030
u06tlouo .'.l6JP1G06t!l>O 00U?0u0b0l!10
l>3libnli013nl>
a0t!10u0b0t!!o (4),., x 0.12 (I) - (2) (4),., - (3)
0
1 $ 5,351 $ 2,640 $ 2,711 1
2 5,351 2,315 3,036 16,253
3 5,351 1,951 3,400 12,853
4 5,351 1,542 3,809 9,044
5 5,351 1,085 4,266 4,778
6 573 4 778 0
$32,106 $10,106 $22,000

64
 oc;,io(JMO liMii00oc;,iol.i ctMMG::J60oool.i 00!:Q0b(Q0 006ol.i0'bi:;;>3fiioo0 ji;::JM JOCf?Q3 0M001Q0b(Qoc;,io
lioliboli m036ol.i 60ooc;;oli 12%-'bo 008fii03c;;ooom. m036oli 00n<0b1Qoli lioiQo!:QD 80fii0030!:Q 0fiioli
8mc;,io060 00630(Q::JOOa> 00iQ0l.i0biQ::Jc;:' m06b0l.i 008MJc;:'::JO(Jc;:'O 00!:Q0li0b(Q::Jc;:'O ctMMG::J60o.
800dGoom tJ(JM01Qi:;;>Do0, fiiM8 00n<0biQoli 60ooc;;o lioliboli .31'1MG::J50nooli 00n<0biQ0'bo iQMMol.i
006803c;;Mo0Clo 8GoM!:Q::J00 80006, MM!:Q::Jl.i0G 00!:Q0b(Qoli 605oc;;o lioliboli dofiiom01Q m06b0'bo
o'bfiin<oo0. od3lio 5c;;oli Clo8n<D0 8lioliboooc;;o 001Q0obn<oli linliboli dofiiom01Q m06b0li 22000$
8mc;,io060(Q (Q0 liolibo 08030fii0(Q od6no0 8mc;,io0601Q 08MM0o'bofiioo()c;;o. 00::JM<(30 l.i0fii0ooc;,iol.i
dMMG::J60ooli0 iQ0 lioliboli doMOa>0(Q m06b0li OMMoli 0(JGOc;:'::JO::Jc;:'00, M081Qo5.::iiQ0G oo'b6oli-
liolib'bn 00n<0bn<oc;;o .31'1MG::J50ooo 008Mod3omoo0 MM0MMG b0fiiji;o li000n<0li0b01QM
80 'b6ooolim3o_li.

6.JJ.JU?OoO 50o60l>

n(l)m'.J(;nl'i"!!lo 0106bnoo:
FV 11 = P 0(1 + i)" (3.4)
= P 0(FV!F 1,,,) (3.5)
PV0 = FV11 [1/(l + i)"] (3.6)
= FV 11 (PVIF 1•11 ) (3.7) II

06'zi 8n8n°
0 0:
FVA,, = R([(l + i)"- 1]/i) (3.8)
= R(FVIFA 1,J (3.9) III
PVA,, = R[(l - [1/(1 + i)"])/i] (3.10)
= R(PVIF A 1•11) (3.11) IV
FY AD 11 = R(FVIF A,, 11)( l + j) (3.14) Ill
PY AD,, = R(PVIF A 1•11 • 1 + l) (3.15)
=(l + i)(R)(PVIFA 111) (3.16) IV

cao606l.i(JMO ()0(Q0b::J3D0oc;;oooli (J8o®olir'100, MM- liofilooooG 8081Qo5.::i(T]::i c:;ofil::io()c;;oo0, Cloca0lioo()c;;o

()MMG .3ofiiliM6.::ic;,i(Jfiio, 0lio3n oo'b6oliol.i, O:JoG03l.i <(3()-
c;,iol.i i:;;>ofiloo()c;;oo0li iQMMClo. fl306 3o::io6oom
li0fii 0 ooc;;oli 0060J3omli, filM8 0 08M3li0bMcn <[l(Jc;;oli
QOM:JO(Jc;:':J00 (QMMoli 8obo!:Q30(J).
80r00030 .3fii01Go60o 0fiioli li0fii0ooc;;oli .3fiiMG:J6@Jo
!:Q0fiio 8 b(Jc;;o 8b[')c;;[')n< 60Lioliboo (8 0Li 0Libno()d
li05tioli cn06b0 'bo, cn036'bo.
Mcn(Jc;;o .3MMG:J6@Jo 0fiioli li0fil0ooc;;oli .3fiiMG:J60o
iQ0MoGb(Jc;;o cn036'b:J iQ0 6oool.i8oafii 5060 li0fii00-
ooc;;000, olio30 MM0MMG 60lioliboo (00lioliboo()c;;}
cn036'bo. Ma>(Jc;:'O dMMG.J60oli JM5GO'BG00 Cloodc;;oo,)
008P1::J[J6:JO(Jc;:'O od6oli l.ib301Q0l.ib30 '(30606li(JMO 08M-
G06oool.i 08MG0bli6oc;,i0CQ.
MMo 8m030fiio JM5GO'BGo0 - 8M8030c;,io i:;;>oM:JO(Jc;:':J00
iQ0 0bc;;061Qoc;;o c:;0Moo()c;;Do0 - 0Mlio0Mol.i film(Jc;;o
JMMG:Jf:i@pli tJ30c;:'" 08MG05.::iClo. 8M8030c;,io c.:?OM:JO(J-
c;:':J00 c,(T]oG fii0080 0bc;,i061Q:Jc;:'O cn06bol.i 06 00iQ0biQ:JOoG
lio(T]ooli i:;;>ofilno()c;;oo0 8[')8030c;; CQM[')G, Cloca0lioo()c;;o
801"(3:J8(Jc;,i li0M 0:Joc;,ioG 0060J3:Jmocn. 0bc;,i061Q:Jc;:'O
QOM:JO(Jc;:':J00 eifiiol.i 8[')8030c;,io m06bol.i .::i5 00ci::0b(Q:J00G
8[')G:J8()c;,i l.i0M0:Joc;,ioli 005.::iJ3omClo.
d0c;,io06 8Mli,)bo(T]boooc;;o0 iQMMoG 8obon<3ocn <[l()c;,ioli
c:;oMiJO(Jc;:'QOol.i 08MG06ol.i 08[')bl.i60 :Jofii3:Jc;:'0(Q (Q.::>ob-
tJ[')Oi !:QMP1oG b0'boG 003c::_>ooom, r0[')8oc;;'boG md306
0060c;;00oom CloG0008ol.i 'B()c;;oG 50J0tQooG.
06()00000 .::i1"loG cn06000Mo 00G03c;,ioooli 06 Clo8MG03-
c;;oooG Go1'100, 1'1M8oc;;oG b[')MGooc;;tQ000 ::lofiloMtQ:Jooli
0 06l.i0 'bi:;;>31"l(Jc;;o M0[')(Q:J6[')ooG 8oboci::3ocn.
0filG::io01oli (T]08tQo608o 80b0lio0cnoooc;;o, (T][')8c;;ooo 8
n<00ob801'1000cn Gb30iQ0Gb30 0o:JoG 06()00o@Joli 0 06-
li0'bc:;3M0Clo ci::.:. 08[')G06000G 08[')bG5.::iClo:
I . fl3:J(Jc;:':JOM030 06()00000Li 0bc;;06uwc;;o QOMiJO(J-
c;;oo0 <[l()c;;oli 60J0U?ooo 00fil8[')00P100 cnocn[')-
O()c;;o :JoM.oM<QoG 008<.Q:Jo tQ" .::ibc;;06tQoc;,io
c:;oM:JO(Jc;:':JO<'> 0 08[')0050 0Moooo0 Mf'l()[')MG ofilcno
.3ofilo[')(_QO :Jo1'13oc;;o <(3(Jc;:'0iQO 6<>J0<.QoG 506.
5ofob5.;fm 06()o@Jo@JoG 0bc;;06tQoc;;o c.:?OM:JO(Jc;:':JO" -
<[3(Jc;:'0(QO foJ0<.Q:JOO b0M8[')000100 cnoCDMQ(Jc;:'O d:JMo-
f'liQOb (Q0G05aobClo U?0 0bc;;06ci::oc;;o <:;OM:JO(Jc;:':J00 008M-
00600M.0Cloo0 M.010[')r0 8 .:Jofii3oc;:o 'B(Jc;:'0tQo foJ0<.Qo.

65
 06()0808ol> 30Moo6806ol> (J?0()0b8oM00om
- 6oJOQ?OOO ffoM8ModMOo l>o&oMM o6()0Modo6ol> ooP18Mo6ol>ol> .
.3oMOM(J?Ob Clo8tJ?oo (J?O 08ol>m3ol>, MM8 ClootJ?oMMm 063ol>80-
0o8Moo6 0oModo6o MM()MM(3 6oJO(J?o. Goo60, od3m .3MM(3068o6ol> Q?0Moob306ol>
. oo6ol>ooMo 06()0808ol> - l>b30Q?ol>b30 .3oMoMQ?OOo, bCloMoQ?
6oJO(J?000 boM8MoOMOO .30- 0o8Moo6 0oModMm 8omo O'BOM>o6o l>oM0o6-
MOM(J?Ob (J?ObObi:Jol>Clo (J?O 0 060J3omo60. oiaod8oo6o
MM0 MM(3 oMmo .3oMoM(J?O 006"J3omo oMol>
6oJO(J?Ob Clo8tJ?Oo· ()060J3omo, 0()030
Oi:JM l>b30Q?ol>b30 .3MM(3068l>, MP'"JQf'lMl>oo
0 oQ?obQ?00ol> (J?O 06()0808ol> (J?O 0060J3omo, MMtJ?ol>oo Q?ooMo(3b06" m-30M
08Mbl>6ol>m3ol>. l>ol>bol> C>8MM8o'b!>(300 8Mo(303l> .3oMoM-
6oJoQ?ol> o8Moo6o6o ()!>(J?!>b(J?ob 0,:,6[i,:, doMo<n!>(J?O mo36ol>
Oi:JMb 60JO(J?Ob 06Q?o30Q?()- l>o8ooiaol> tJ?MMol> 8obotJ?-
Q?o 'b()l>8o6om Q?o Clo8tJ?oo 8omo ClotJ?ooo6ol> 3om, 8M0(3!>3b .3MM(3068ol> ()!>(J?C>btJ?OOb
Q?o30806om. 6oJOQ?OOol> m,:,36'b:J. o"tJ?"btJ?o6ol> (J?MMl> mo36ol> m,:,6b,:,
(J?O ()O(J?ObtJ?o6ol> oo6l>o 'b- 8ooMQ?:J6o.

. MC> !>Moll 8,:,M8030 .3MM(3068o?

MC> !>Moll .3MM(3:J68o? Mo8M8 !>Moll
MC> l>obol> iao6,:,6l>(JM 8Mo(3C>3l>
.3MMoo68o6l>?
MC> !>Moll o6(Jo8n8o? oMol> m(J oMo 06()0808ol> 8080 06 30Q?M:J
:JMm3:JM!>(J?!>(J? ()O(J?Ob(J?ol> 06, M0(3 od6o6"
C>6(Jo8o8ol> o"tJ?"btJ?:JOol> m,:,6bol> mofoOoMo?
.3MM(3:J68o6ol> tJ?C>Mo(3b3ol> MM()MM 8o.3l> md3n60
,:,6 0,:,Moool>m3ol>? MC>8M8?
O::J!>(J?!>M::Jm 0 ,:,8M,:,6 0 oMoon6ol> .3MM(3::J(J?()MO
0o8M,:,6 0 oMoCln6ol> .3MM(3:J(J?(JM!>l>. MC> 0,:,6l>b3030600 8om
dMMol>?
MC>do 8Q? 0M8oMoM6l> 0 ,:,8Mi:J:J6n6ol> (J.3oMC>8::Jl>M6C>
Clol>o6,:,8ol> Cl::itJ?oM::i6om?
OJ() md306 iao6,:,6l>(JMO JM68P1C>d8om m,:,6bol>
5 Clo8tJ?:Jo, 8C> 0 MC>8 ()b()Mm ()!>i:JO(J?Mm :Jb JM68M"08o 8ol>o
.3MM(3::J68n6ol> 8o.3l> 0C>8MotJ::i6n6tJ?om? Mo8M87
,,onl>o 72" omC>3C>'bM6m, MM8 m,:,6b,:, 6o6JdO 0630M0Cl'bo C,!>MM8C>()(J?::JOO 12 8ol>o
6%-0,:,60 .3MM(3068o6ol> (J?OM0(3b3om, 06 0C>MM8C> 0o6om 6
12%-0,:,60 ()06!>J3::J(J)O(J). !>Mob (J)() !>MC> ::il> ool>o (J?O MM()MMO!>
8ol>o l>o'b(Jl>8::i?
8(30M(J?00" (J)() !>Mo OM<ao30 o"6"J3omol>, 'bM(J?!>(J?O
0"6"J3omol> ,:,6 Clo8ooM::JO!>(J?O o"6"J3omol> (J?MMb (J?ObJM68oMo6ol> c,06C>J3omom? MC>8M87
1, 8(30M(J?::JO!> (J)(j OMO OM<ao30 o"6"J3omom, 'bM(J?!>(J?O
0 ,:,6,:,J3[Jmom ,:,6 Clo8(3oM::JO!>(QO 0,:,60J3omom (J?MMol>
::JM(J)!>(J? 08 8M8::J68o8Q?o, MM(J?Ob0(3 (J6(J?o od6ol> MC>8M87
l>306 l>8MM()Ob0MP1(J?o oMol> 35 0()0 OM (3bM3M::JO!>b. ol> 8,:,l>
oiaodMMl>, MM8 8ol>o OM6o 0M'bMtJ?OO" 3%-om. o0 o
ooM6ol> 200 'B(J68l>. MC>8tJ?o6o od6::i6" 8ol>o OM6C> 60 ol>oJClo?

66
 'ff".'.Jl::.',)!l:W 6l::.'Oli ll"<0li0liM1Jl::.'0
60J0!QO 2 3 4 5
w $100 $200 $200 $300 $ 300
x 600
y 1,200
z 200 500 300

008f'lo0680(Y\00001 50,pCQoG 80-5 oo8CQ00

10%-0060 0060J 3o010G .3oMf'looooo.
008f'lo0600Mooo01 50J0CQOG 01() CQOGJf'l6&o(Y\o-
ooG 0060J30010 0(Y\0G 14%.
80'1306 808000JG0 01030Go CQ060'bf'l80G f'lM 30(Y\005&G . 00080G
00G00080G0CQ, 806 (J6CQ0 80600103G(')G 500$ oj3G 013000 CQ0
(Y)0CQ 7%-0060 8060J30010. 8of'lM0 00080G 01060b80Q;?, 805
(J5Q;?0 80600103Gf'lll 1000$ 7.5%-0060 0060J30010G Q;?0MOGb3001.
G001:J0Go l.!?0.3f'l'bo&o 8088oG 8oboCQ3001 0060103GCQ000 6 013000 Q;?0
8of'l"10 00080!.i 8oboCQ3001 1
(Y\0 0"10G QD88oG 10 oo8CQ00?
(Y\0 0MoG 8of'lMO 8088oG 10 008CQ08?
808 80 ()6CQ0 0 08f'lo1:Jo6f'lll 80'130680, 01() 80G 006&o<'lollooG n:?0006CQo-
10 oo8CQoc)
01() 0P10 01j 30 6o .30!.i(Jbo li0Jo01b'b 0, 01()
8060J30010 8of'lM0 30Mo06& 'bo 80()01060o(Y\CQ000 7%-G?
'Bofo6G()Mo Jf'l6&(Y)0j&oG 00G0008oli0CQ, 01j306 00j301 25000$
od3Go 008!.!?08 06 50000$ 12 oo8CQ00·
.3P'if'lGo5&oG 8001f'lCQ001, 8060J30010G 8oboCQ3001 f'lM030
oli 30Mo06&0 01j3060130G 0P101600Mo?
o8o(Y)llf'l6 J080Jo 000803!.i ooodo6f'lll 06()0®0&0G Jf'l6®"10j&o, M0G 80G CQ0(JS(,C!W00 7000$
Bolio Gbf'l3MoooG Jf'l8.30600G
06G(J(Y)06G Jf'l8.30600G o:m0GoooG 8oboCQ3001 8vG JOCQ03
20 Jf'l8.30600 01v30G 0MOGb03G
6 .3Mf'l(306&G 05()o0o&oG Jf"l6&P10j&oG 8oboCQ3001.
Mv 01v6boG 80CQ0bCQ0 8f'l(Jb:J3G Jv8vJG v6()0®0&0G0130G?
P'iv8CQo5oli 00CQ0bCQv 8f"l(J003C!?"' 80!.i Jf"l8.30600G0130G, 006vJ30010 Mf'l8 8%?
01j306 0oc::io01 4 liollbo 10000$ 0106bv'bo 14%-ob CQ0Mo(3b3001.
Golibo 0'130M:J00 0106000P10 01v6bo01.
Mf"l0f"lMo (J5<:Qv Ol:Jf"lG 8<'>CQ<'>b!Qob GoCQon:?o lloliboli l.!/'°''B'°'M30G0130G, Mf"l8
8f'lb!Qoll lioGboG 0.:i!Qvb!Qv 4 CloBCQOo? 0105boG
).
Mf"l()f"lMo oj6000 01060ovMo 0.:iCQvb<QoG Go<QOCQO? m0360G
lioGboG Go<QOCQO? (Mf1030: 00<Qvb<Qoll doM0010CQO 8M<QOG JM("l-
Go5&oooG 0 0CQ0b<Q0'bo, Clo8CQ08 GobboG d0Mo010C!?o 0 0<Qvb<Q0'bo)·
01j3060 oodoG 30<'160G v6CQo<"idoli 01060b80<Q, Clo8C!?08o 20 01j306 (JO<Qv
8ooc::iMm 1000$ Of"l('C_'f"lli . 8ooc::ioom 2 Clo8CQOo·
Mf"l 0 f"l<"io.:i 08 60Jv<Qoli
10%-ol> CQ0M0(3b3001? (ClooGvCQ001 08f"lbl>60m ol> v8f"l(3000 Mv8CQ06080 6000'.S(',001 ).
005Jo 0 0103.:i'bMOm 030CQ013006 l>0<Qo.3M'bo&01 bo<'l&o<aoJ0&li (CD) 7.06%-0060
c,06vJ3oomm, M0(3 7.25 .3Mf"l(3.'.J60 o<aod&o06
0 06li0°oc::i361001, 610
Mv(Q m(J <:QviJM0Gboo0 JMf"l(.306&.'.Joo CD-li? "108CQiJ6l> 8ooc::ioom 7
0130!.i CliJ81QOoi Mf"lCQ.'.Jb0(3 08f"lob()MiJOv mj3.'.]60 CD-ob ()vCQvbCQol> 30CQ0, 01() 01j306 OiJodo6m
CD-b i0000$-0CQ? lib30 bo&tl300001, "10 0106b0'bD (JOCQv BMoGDm 006J80 floJo, 01() 01j305
<:Qvb(J"10301 mj306li 06 0.:i<'loClb 7 0130G Clo8C!?oo?

67
 OMOJO 8(3bM3<'i1000 (0&0&0 Md00f'1) 65 00 Mf'1300!Q0
CQ060'hM 0 t.i 1 80 6&Li. Mf'1!Qoli0 8 806
MM8 80Li 00(J0Mf'130000 8 (06() 80 0ai0Lio 40 Li03lio oli
0CQ080060 00 MM300CQ0 1230$. <'10 ai06b0 Cl?0080&00MCQ0 08 0CQ08006oli
0600<'i1oo'bo 65 Ol(J 000 (QM()Mf'1300!Q0
Go6&ooli 06 0 0<'i1oo'b 0 5%-oli
!Q0M0(3b3oai? <'108CQ060CQ Bo& Go6&Li 008M08(J00300CQ0 R3o6o n(306&oooli
Ol(J 000 000 0<'i1f'1 30 0CQ0 8001 0<'i10 60<'i1Ro6oooli 0<'i108o!Q 06 00<'i1oo'bo?
.3() 10 50000$ liolibo. 08 liolibli o<'i10Gboo0
8%-0060 0060J30010 CQ0 (J6!Q0 oo6ol.i 7451,47$ 0106000Mo ()0(Q0b(QOOl
oo8CQ8M8o 10 .
.). 00CQ0b(QO!Q06 M0 ai06b0 800J(J0136000 01036Li?
<'108!Qo60 006000 08 lioliboli 0<'i1lio0Mooli 006803-
(8001001000: 010306 8M0001bM3t]000l 1 li0J80<'i1ol.i0CQ 80<'i1&030 8001080&0J(JMO
M.30M0(30000l.i 008M:Jo6000. 08 J001b30'ho .30li()boli 00li0Go80CQ 0M 8M0001bM300001
lioliboli 08M<'i1&o'b0(3ooli 006<'i100 oli 00 000) .

. 0308Mai 08M(306000
0. M0 006000 Li080 oo8CQ08 100$-oli Li0o::iolio !Qt:J.3M'bo&o .3MM(3t:J6&oooli
(QC>Mo(3b3oai, Ol(J 0 060J30010 006000: (i) 100%, (ii) 10%,
(iii) 0%-Li?
M0 00b!QOOC> 5 oo8CQD0 500$ !Q0.3M'bo&o, Ol(J 5
8MbCQ000 100$-oli 008M&060 !Q0
0060J30010 006000: (i) 10%, (ii) 5%, (iii) 0%-li?
MM()MMO 006000 6 oo8CQ00 500$ li0o::iolio (Qt:J.3M'bo&o, ffi(J 5
8Mb(Qt:J00 100$-oli 00!Q0b(Q0 !Q0
0060J30010 (i) 10%, (ii) 5%, (iii) 0%-l.i?
Mf'"l()MMO 3 oo8CQ08 500$ Li0o::iolio (Qt:J.3M'bo&oli
.3<'i1M(3t:J6&oooli CQ0<'i10 8 b3001, Ol(J
0060J30010 (i) 100%, (ii) 10%-l.i?
<'i10&M8 006Lib303CQ000 CQ) CQ0 0) Jo01b3oo'bo 0103 060 .30l.i()booo o<'i1018060010Li 006?
a· Mf'10f'1MO 10 oo8!Q00 100$-oli li00l:JOl.io CQD.3M'bo&o, 01()
80li CQ00M0(3boo0 10%-oli 0060J30010: (i) (ii)
60b 03 0<'i1 (iii) (iv) 8(JCQ8030CQ?
2. 0308M01
L). Mf'1()f'1M00 Li080 oo8CQD8 100$-oli Ol(J
CQOl.iJM6&o<'i1oooli 0 060J30010 (i) 100%, (ii) 10%, (iii) 0%-Li?
6. Mf'10f'1M00 3 oo8!QD8 500$-oli
Ol(J CQOliJM6&o<'i1oooli 3060J3oaio (i)
4%, (ii) 25%-Li?
100$ o<'i1010 500$ - 8oMMO !Q0 1000$ - 80Li080
Mf'1()f'1M00 08
O(JC::000, 01() CQOl.iJM6&oli 0060J3oaio (i) 4%, (ii) 25%-Li?
1000$ ()6!Q0 oo6oli 500$ MMO Clo8CQ00 CQ0 100$
Li080 oo8CQ00· MM()f'1M00 08
OJ() <QoliJM6&o<'i1oooli 0 060J3oaio (i) 4%, (ii) 25%-Li?
0 . oo0CQ0<'i1o01 0 ) !QC> Cl?) ai 030 6o .30li(Jbooo o<'i101806o01Li CQ0 0blio6001 08 006Lib 3030 -
ooli 8o'bo'bo.
3. OM606CQ0l.i80 808J30CQMOM0001 25000$ CQ0 L>03l.i C>6(Jo&o&ol.i JM6-
&<'i100&0 000<(JMM8Ml.i, 80Li Li008oCQf'1 o0a!Q 00 o
12 8oliai3oli Mf'18 li0JMOCQO&f')-
0l.iM(300(30000 ei8tp80CQ ob!QOC>6 6%-Li 80Li Mf'18
CQ060'1M 0o 08 0t.iM 8 00 8 0000 0 C>6 0010 3t.i 00060, <'i1M 0M<'i1o
80li olio, Mf'18 12 Clo8CQ00
0106boli 8Mbl.i6001 80Li !Q0t:Jb(JM0 0103olio 06 0 0<'i1000 0l.iM(300(30000?

68
 1o o
Clo8<i?oo 01j 30 5 0 3orti<i?oo001 0 jM6<Qo01 50000$. 0u 0106b0 fiiM8 0.:.0 rtiM 3M01, 01j 30 5
0 C>(QC>OtJ30&001 Clo8<i?ooo 10 0 0600103GM01
o.:.6 3Clo 0106b0. <l?:J.3M'bo&'bo 005 30 .:.rtio 8 b.:. 3G 8%-
G. MC> 0106b0 (QC>c,3'oM(Q00001 06c,0fii0Cl'bo c,060103GnooG0130G (<Q08-

08M(3C>60 4-oG 8Gc,03G0(Q, o8oG MM8 Clo8<i?ooo 10

01j 30 5 0 060010 3G0 001 01j 30 5 06 0 .:.rtioCl'bo 0106b0G
CQC>UC>OtJOUdO ).
6oj&M oj306MjGG U(JMU oGoGbMG 10000$ G.:.80 3ofiidM .3ortioooG
01060b800 .:.GoGbMG 8.:.G oG 01() o0 o oj6000 G.:.80
8001 0.:.CQ.:.(Jb.:.CQMG 16000$. rtiM 0Mrtio 0 060 330 0100
0Go01 Clo0105b8 0o.:.Clo (.3rtiMG06&08<Qo
. 01j3 06 CJ 08M 0 01030'b 0G CQC><(30fii30G 4 30<!?001, 8ob 0CQ 30010 8
Clo8<i?ooo M01bo 01j306 C,C>CQC>c,ob(QoC>6 3000$-G.
08 Clodn6.:. 01j306 10200$. rtiM 0Mrti .3rtiMGo6&G 8ooc.:>0001
01j306 .3rtiMG:J6&0008<i?o)?
3M8.30600 .3.tJ. 3rti08ortioG 8oorti 08 C,0tJOCQ3000U M0M(Q[J6M00 C>MOU
500,000$. 3M8.30600G rtiM8 Clo8CQoc,o 0j 3Go
3M8.3.:.6ooG 'brtiCQ.:. .3fiiMoo5&nooG CQC>fiio 8 b3oG 8001M<Qo01
d[JC>CQC,OEiG 20%-G. 0Gn01 Clo801b3030Clo, MMC,MMO oj6000 C,0tJO(Q3000
Clo8CQ0oo oj3Go
H & L Bark 3M8.30600G U(JMU boG CQC>6C>CQ(l,0MOU
CJ 0d06.:., 3M8.3.:.6o.:.G 8ou 80 u CJo8CQoc,o 5.:. 3.:.\:Qooo.

1 2 3 4 5
"----·---··--------·-·--------·-·-------------------
60Jo!l?O SJ,200 $2,000 $2,400 $1,900 $1,600

6 7 8 9 10
60Jo!J?O $1,400 $1,400 $1,400 $1,400 $1,400

MM 0MMo oj6000 08 603.:.(QoU 01() CQOU3M6&0G

(JMO 0 060330010 oj6000 14%?
(QC>3()Cl3001, 10 Clo8<i?oo 01j306 ()6CQ.:. 800C,?M01 1000$. MM 0Mrtio.:. 08 0106boG
01() 0 060330010 oj6000 10%, <i?.:.ortiooboo.:. (.:.)
(6) (0) 8(J<Q8030CQ?
. .:.ClCl-oG MMC>UO CQC>303Clot'i100001 oj6.:.
o0(30[J60 1000$ 100 Clo8\!?oo O[JC>CQC,06G 1 $.
t'i1r<1 0Mt'i100 Clo8M01030 .3ot'i1MooooG 0 060330010?
3Ma 06G, 0.:. 30<!?0 .3 06Go.:.'b 0, 63 8.:.G G(Jt'i1CQ0
8ooc.:>M 8tJC>MO (QC> 00CQC>OtJ30&0 C>6(Jo&o&oG 3M6&rt10d(l)oG CQ0(Q[J60
G0CQ0'bQ:? 303 C') 3M8.30600 0Go0180 3M6&t'i1.:.j&8.:. o0 o (J6CQ.:.
8oGo 080G0130G
3M.306G (Jb(Q[JOC> G.:iotinGo 0106boG 0630G&nrt1000. G&0&0G&n3(JMO
8M60008060G 00G00080G0(Q, UC>(Qw'b(!?3[J3M 3M8.30600 3<>MC>(J(QMOU, MM8 o0 o
30CQ03 15 008M8CQ060t'i10 01030Go 08 G030MC>(JCQP1
3M8.30600 03omooG 01030G 8o(JbOCQ030CQ
080G0, MC>8<Qo6 b06G 000.
01() 0 08Mnt10606G 5%-o.:.6 0060330011.> 01030G
MM0MMo ()6CQ.:. OtJMli 3M.306oli li.:iotinGo 063oli&ooooli Lou;oCQo, MM8 60tJoCQ80 06()-
0&0&8<':> 8M(J&<>6ML 8.:.L 10000$ (CQC>3()Cl3001, MM8
(JMO O')(QC>b(QiJOO oo8CQOo 15
MM()MM00 C>6()o&o&oli oodo6oG <(3C>bo, 01() Uw!QC>'bC,?3J3P1 3M8.306oob dMMGo6-
0060J30010 oj6oo<> 10%?

69
 06vo8080G MM0MM 00!!10ba;woG 8ooe:?ooli JMd::J6o, mv
8oGo G0f'il::J0Go 063oli8oeo0 oj6000 30000$, 0060J3omo JO,
G0!:Q0'be:?3D3M JM8:30600 0Moeb03G m030G dMM(3::J68ooG,
5%-oG? mv 0060J3omo od6000 10%?
dJdO d::J60 JM8:30600 J8'b0l.:Q::J00 Ol::JO!:QMG d::J6M00. 08 8o'b6om 806 8oo!C:?M 190000$
o3MmJJ()Mo Gobbo 20 08 GoliboG Cloli00080G0!:Q, lioliboli
0MOb 17%. 00!:Q0b!:Q0 00M8MJOb 20
m06000Mo 00!:Q0b!:Q::J000) MM0MM00
m06b0? .
Clo0!!1006om 08MM8o'b0(3ooli 006Mo00 Clo8!!1000
(3J68JOdo). 8li003lio 3.8
8000$ 36 0130060 liolibo, m06000Mo 00!:Q0b!:Qom m3oli
0060J3omo 0MoG 1% m30Clo.
184000$ 25 o3MmJJ()Mo liolibo, 10% 3MM(3J6-
8oooli !:Q0Mo(3b3oli 8omMi:Qom. 00!:Q0bl.:Q0 b!:Qoo0 25
m06000Mo 00l.:Q0bl.:Qom
md306 oliolibom 14300$ 15% 0060J3omom !:Q0 08o!:QM36oom,
MM8 oli liolibo 00!:Q00b0l.:QM01 3000$-oli m06000Mo
00!:Q0bl.:Qom. 00!:Q0b!:Qooo 8Mo(303li MM0MM(3 lioliboli m036li, 0lio30 8oli M0 !:QMM
!:Q0 0:j:oM!:Q::J00m 08 lioliboli 1:Q0G0<(pM0!:Q b!:Q::J00

!:Q()8fl8o6 8006li" JM8:30600G 063oli80(300G Cloli0d-

d::JM(Jb JJM6M80J0dO. JM8:30600 dJM(Jb Gm030'bMob m030G
8M8li0b(JMJ00b JM010 G000(QMb l.:Q08(JCl03000Clo. 08 l.:Q08(JCl03ooo!:Q06 8MQD00
od6000 5 Clo8!:QD0· MM8 08 (QMMb b000l.:QM8 Cloodc;:ioo0 JM8:30600li
8M(J806Mb 5 8M0J00. 0M0600Mo lib30 !:Q060b0M'.ji;o, 00Ml.:Q0 b000(QMb !:Q08(JCl03oooli
8oe:?oo0'bo, JM8:306ooli 8bMol.:Q06 0M 0Moli 8m03MMoolim3oli
(lib 30 0?060Mflo6 b0M'.Ji:ooli JM8:30600 0v60 'be:?0vMooli a0Mvli ). MM 0MMo
()6!:Q0 Ol::JMb ()0!:Q0b(Qob Gol.:QOl.:QO JM8:306oolim30G b000!:QMG !:Q08()Cl03oooli
8oe:?ooolim30G, mv Clo8Mli03c;:io06Mo0, MM0-
0680Go0li 0JJ01JOb JM8:30600G d::J0!:Q()J6li 20%-li? !:Q0 01() dMM(3J6-
8ooo JM0(3bJ00 (0) (o) (&)
(i:Q) 8(J!:Q8030!:Q?
. O::JM!:Q80 00!:Q0bl::J3080 (Q00bl::JMli !:Q0 'bM 030 8olio :306lioolim3oli. 21 l5c;:io!:Q06
l::JM3Jc::' !:Q000!:QJOOb !:Qe:?OG 0m03liooli 0600M0Cl'bo 2000$-G
7%-oli !:Q0M0(3b3om. 000 dJ()MM3J00b 10 oc;:ioli
Moll Clo8!!1oo0G 06 00MoCloG Clo 3lioo0 Clol51:JO?Do0. mv8G0 08 0600M0Clo!:Q06
m06boli 8Mbli6.:. 0M Clo8!:QJ0o 35 li0608 0M
65 m06b0 8oli 06 0.:.MoCl'bo 000'bM!:QJ00 dMM(3::J68oooli !:Q0Mo(3b3oli
dJ!:Q::J00!:Q, 08030 7%-om. 03.:.6 (J::J80b 0bJ30 b(JMb 8M0b!:Qo6Mb 2000$-oli 063Jb-
80MJ00 m030G !:Q00<>l.:QJOOb !:Q!C:?::J'b::J 35
7%-om. mv8G0 08 3MM0M08oli 006bMMGooc;:ioo.:.G 000 ·1:Q0ol5l::Jooli 80li Clo8!:Q::J0, MM!:QJb<>(3
80li 31 M0 m06booo !:Q00MM3!:QJ00 !:Q0 03M6oli Clo860b3oc;:i
0600M0Cl'bo 80010 65 80m006G <>d3li VJomolio G0:306lioM !:Q0'1Jofo6lioo0
(Q<> M08l.:Q D6om?
MM!:Q::JG0(3 mj306 l.:QMO<>!:QJm, mj306 d3oM<(30bo !:QJO!:Q0 8060 Clo 030Mi:Q0m, MM8
l.:Q000!:QJOOb !:Q!C:?J'bJ mj3060 !:Q00<>!:Q::JOOb !:Q!C:?O!:Q06 md3J6b
060.:.MoCl'bo fl000M0(3b03(Q<>01 1000$-G. 060.:.Modo 0MOb 5%-o.:.6
0.:.60J3omom. md306 25 (Q0 0 b(JM01 8ooe:?Mm
m06b0. m(J8(30 0e:?8Mfl6!:Qoo0, MM8 d30M'130li80 !:QJO!:Q08 0M Clo03GM md3060
0600M0Clo mj306li 8obvmo, 80Cl301:QD !:Q0 8omoMm8o8D M0 m06b0 !:Q<>J-
8080 08 0600Modb 25
. i:Q03()Cl30m, MM8 mj306 !:Qe:?JG 00blio6om 100000$-0060 0600M0Clo. 100000$
.:>6()0MOdb ::JM0(3b::J00 5% !:Q0 800R6030, MM8 oli 0<>60J3omo !:Q0MflJ00
d::J8!:QJ()O d::JMOM!:Q::JOOb 4 d::J8!:QJ() mj3::J6 8Mbb6om
md3060 06()0MOdO!:Q06 R M08!:Qo6o8o 8M81:Qo36M md306
md3060 0600MOdO!:Q06 R 8Mbli60 - 0Mc::1M

70
 00801@>06.:i 801bQ;?oo.:i 80-9 Dc:_ioli oo8!:!?D0 - O::J(!?00"!:!? 'B()c:.'"Q;?O 6.:>J<>Q;?t:JOOU Q;?(i\01oli
8ob::iQ;?3om 03c;;oc:_ioooli oo8!:!?D0 li()M<>mli (00600360: <>Mob 6(Jc:_i013060 C!?(i)01ob .3oMo-
01Q;?o. 1 Dt:)c:_io .:>Mob 1-c:_io .3::JM001Q;?OU (!?<>b.:>bM(Jc:_io; (!?<> .:ib::J Ot:J8CQJ0)·

0 1 2 3 4 5 6 7 8 9
I I I I I I I I
R R R R R R
M<> boCQOQ;?ob ()6CQ<> OtJ01li R, (i\018 001c:_i01 R CQ01c:_i.:i(i)::iooli 801bli6oli Clo8C!?D0 80-9 oc:_iob 001c:_i01b
0">J3::J6 'b(Jb@)o 6(Jc:_iM3060 o.:ic:_i.:i6lio? (8omOO">::JOC>: C>6(JO@);:J@)OU J01::J'BOGO::J6@>ooob
ob(i)oc:_ioooli 06 'l301M8(Jc;;;:JOOb 00801tJ::i6::io.:i MC>8Q;?::J6C>Q;?8::J 0<>00<>(!?3oc;;::iom 0801006ob
0801bb6.:ib).
CQ<>3()Cl3.:im, M018 063::ibeooo.:i 0.30MQ;?t:JO<>m tJ013oc;;nc;;o()Mo 9.6% 601806.:ic:_i()Mo 0.:i6.:iJ 3::imob
0"C!?"b(!?.:ib. M01001MOC> 801008(Jc:_iO 063obeooooli D'BDdeo.:i6o Dc:_iO(JMO li.:i(i)0::ioc:_iob 0.:i-
60J3omo, ITT() 0.:im3.:ic:_ioboo6::JO(Jc:_io.:i .3M01(3;:J6@)t:JOOU Q;?C>M0Gb30 (<>) (o)
::JMmb::ic:_i, 6.:ib 03 .:i(i) noc;;Clo, (0) 6.:ib 03 .:iMJ 3.:iM@><>c:_i()M<>Q;?, (!:!?) tJ013oc;;m 3o(JM<>CQ, (o)
(365 (3) 8()(!?803.:i(!?? (8omooi::JO<>. D.:>M8010Q;?0 o6om mj3060 .3.:ib(Jb::JOO 4
oo'BMo.:i6o bo'b(Jb@)om 8do8ob Cl::i8C!?D0i 800.:ic:_iom.:>Q;?; 0,098706 9,87%).
1. ,,0b(JMITT 8010001m 8oc:_io0160 {!?01c:_i.:i(i)o? .:in (i)01001M ... ::JMmo 008.:iMSi:3::JO(Jc:_io, MM8oc;;oo
Clo8mb303om oj6oo.:i 08M!Yif1o(Jc:_iO tl3Dc:.'" bb3.:i 8016.:iooc:_iob Cl01Moli, 801oooob 1 8c:_i6$ <>6()-
o@>oeb" . .:ib::imo 006ob<>Q;?t:JO<> 0.:i8Mf16(!?<> 08.:ib 006.:im o6@>o1Yi6o@>Clo. j30801m 8ooo(i)oc:_io.:i 08
J016J(JIYibClo 8016.:iooc:_io01oob nolio (J'BM01 Q;?<>D31Yioc:_iooom ,,.3(i)o'bo 8oc;;o"?.6 CQ01c:_i.:iMClo": ,,40
Dc:_io.:i6o 0"C!?"b(!?C> 25000$ ())00">01::J(Jc:.' 0"C!?"b(!?C> 'b::i; 8mc:_io.:i6.:iCQ mj3::i6 1000000$-b.
.30M3oc;;o 0"C!?"b(!?C> 801b(!?::JOC> 1 0063.:iMb; (!?<>6"Mf1t:J6o 0"C!?"b(!?t:JOO 801b!:!?oo.:i l:J013t:Jc:.' 0063.:iMb
.:i8oli Clo8C!?D0"· oc:_io(JIYio MITT(Jc:_io 8% 0<>6<>J3::imob 00801tJ06::ioom, M01001Mo.:i 08 ,,8oc:_ioM6o-
.:i6o (!?01c:_i.:>Mob .3Mo'bob" .:ibc:_i.:i6C!?Oc:.'o .3o(i)3oc;;o 0063.:>Q;?t:JOob 8"C!?"bQ;?ob
Q;?M01li 1 o.:i63.:iti1b?
08olim3ob, M018 CQ01()-'.$i:016bob Li.:i8::io.:iti18001 'B.:ilio.:i6o li.:iO()<>c;;01 o6C!?odbo 30
o6Q;?(Jb@)Mo(Jc:_i "0800 'bt:J 0" 'bMCQOc:.'0l:J01 1000-Q;?.:>6 2000-8(!?0 Q;?<>li&oMCQC> 14 Dt:)c:_iO. ::Jb o6Q;?t:J-
Jbo MM8 0<>01M80800(Jc:.'0tJ01 2000-Q;?.:>8 4000-8(!?t:J, Q;?<>li&oM(!?C> 8 n::ic:_io U?" ·(i\018 .:ib(Jc:_iOl:j01
4000-CQ.:>6 8000-8CQ::J, (!?<>b3'oM(!?C> (!?Mbc:_iMJOOO"> 2 noc:_io. M01001M00 MO">(Jc:.'0 Dc:_iO(JMO
b.:i(i)0::i<'>c:_iob 006<>J3omo6ob 'bMQ;?<>, CQ<>8(i) 0 3.:ic;;oo()c:_io 8mc:_io.:i6 .3ti101006@>08Q;?t:J, 00(]-
c:_iolib8::io.:i 08 b.:i8o 06!:!?0dbob o@>.:i.3o6ob.:ib?

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

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

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

8ffit::!?0060
'(.l()c:!?.)!!?0 "?.J'V!!!;'.'.JU?O 60J0U?O 8f118.'i30t::!?O
60J0!QO 2 3 4 5
w $146.40 $266.20 $242.00 $330.00 $ 300.00 $1,284.60
x 878.40 878.40
y 1,200.00 1,200.00
z 292.80 605.00 300.00 l,197.80

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

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

71
 PYo 6.)J.)!l?O
6.)J.)(!10
1 2 3 4 5
w $ 87.70 $153.80 $135.00 $177.60 $155.70 $709.80
x 526.20 526.20
y 622.80 622.80
z 175.40 337.50 155.70 668.60

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

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

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

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

(1) (2) (3)

m0360u am030p:,o
o0630!l?Ooom :JP'if'l<.3061§0 001J?0u0b0!l?o m06b0
001J?0u0b01J?o x 0.14 (1)-(2) (4),.J (3)
0 $10,000
1 $ 3,432 $1,400 $ 2,032 7,968
2 3,432 1,116 2,316 5,652
3 3,432 791 2,641 3,011
4 3,432 421 -1Qll 0
$13,728 $3,728 $10,000

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

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

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

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

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

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

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

= ( 1 + [0.0706/4]) - J
4

= 0.07249 (1:Q00be::;Mooom 7.25%)

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

73
 Rich, Steven P., and John T. Rose. "Interest Rate Concepts
and Terminology in Introductory Finance Textbooks."
Financial Practice and Education 7 (Spring-Summer
1997), 113-121.
Shao, Stephen P., and Lawrence P. Shao. Mathematics for
Management and Finance, 8th ed. Cincinnati, OH:
South-Western, 1998.
Trainer, Richard D.C. The Arithmetic of Interest Rates.
Federal Reserve Bank of New York. (Available free of
charge from the Public Information Department, Federal
74
Reserve Bank of New York, 33 Liberty Street, New
York, NY 10045, USA).
Part II of the text's web site, Wachowicz's Web World, con-
tains links to many finance web sites and online articles
related to topics covered in this chapter.
See, especially,
Annuities: Ordinaty? Due? What do I do?
and Annuity
Problems
 03'{3.:ib3oob bb3.:il.'!{.:ibb3.:i b8 rob3ob CJ381.'!{:J8 rod336
JM6(331l3(30:JOO
00601.it 303l'101 1.it301:Q0bt30 8nt'18o6nob oMti1ob
c:;'OJ30Q?0(300D C::OM[JO(Jc:;'J<'><'> (!\'<'> 8Md8:J(!\'O
C::OM:JO()c:;':JOOO 8600363c:;iM60, MM(/'1M0(300
boboM8Mb C::OM:JO(Jc:;'[l00 "<'>()C::<'>c:;>8M(Jc:;'O (!\'<'>
c:;'OJ30(!,?0(300l> C::OM:JO(Jc:;':J00 1 8MJ8:J!:QO bob0M-
b000 'bMM c:;oM[JO()c:;>(JO<'> " b000 't>MM
8Mb c:;oM3o()c:;ino.:., o()c::<>c:;i01"1()c:;io c:;o<l13-
c:;o6'iao()c:;>;-JO<'> Q?0 C::OM(JO(Jc:;'[JO.:>
o'Vc:;in60, b000 'ti61M c::o<l1no'Vc:;ino<> !Q" 1"1n<>c:;i(Jl"1o
Cl31l3.:ib30.:i l:!JOM:JO(Jc:;>:JOo.
8()(!;18030 MOc:;>o30eoaoo " MOc:;>o30(30;-JOO
O:J.:>cn.:.bMm M0c:;'080(30[JOO, .36'Jo3oc:;i300M3o(Jc:;>O
bo8nmnoli 30Q?om
<>0(30360 !:Q<> f533()c:;>36(')030 <>J(lO:JOo .
<>d0oob <:J31l3<>b30.:i
0.:i8Mo0630ti100M01 bb3<>!Q.:>bb30 e>o.3ob
<>d0oob <:J31l3<>b30<> 0 Md[lc:;'301:Q00bo <'>J(lO;-JOOU O[J8Mli03c:;iob (.:i6
o::iodc:;iao.:. m() 06'i0 C!\'03ntifl1<!,?6l'101 <!,?03o(Qa6C!\':Job 8M 02 oob) c,<>6.:.J3n01noo.
f53J()c:;>Do6'io30 0deoob oa<n0bn6oli0li? "
fb8l'1013<>c:;>M01 !'.!;?" 0bb6001 MOc:;>o3<>(lO[J6ob cn.:ibo-
(!\'030Q?[J6(!,?oli Q?ODJM60oM:JOOO 8Ml:Q[jc:;'[JOO
oob 8MJ8[l!:Q:JO.:ibm.:i6 !:Q<'>J<>3006'ino'Vc:;io
&<>6<>J3aroo (b6 ()J'ZJ&ao<>) bb3.:>Q?i:>bb30 3.:.8l'1J3c:;':J3"·
l"loc:;io8 08 oob b0iDc,aoc:;io06Moob !:QM6a
bo8fio<n:J81:Qa .. .3ti103oc:;in306'ino()c:;io .:.jGoaoob ·
b0P1a::ioc:;i006Mo0 .. flan()c:;iaoiD030 0den2oob
li0P1c,noc:;io06Mo0

1l3<>bo.:i60
dotrlorobl.'!{O

t>la'bo()83

306 i:>l'iJob (Jn6nJrobn? i:>f!:!o8o"5n, f9ro8[JC?:;.'8<'>(J n(Jnb

88D!?!.'<'>£t''lnb 'lJi>hn f:f!<'> i:>l'iJ noob .:.l'i'i..:i'lJ(i)nb c:;n(i)[)O()C?:;.'{)3.:i.

- flll>J,)6)

75

- mo6bo, fOMCIOf">f\{)
803oe;Mm, Ol()
6iQi>c::'O'lJQO()('.'.'O od6o
<>d8030 06 <>d803mo
'.JCo()'1JO·
p•mfiicn•>wnoo., ·-
- mo6b>,
6iM8('.'.'00l0(3 OQUi>dc::'QOQ('.'.'O
o>::JO(Q()('.'.'08f'l
JM8Jo6no, 6if'1 0 M6i(3
i;;D'c::'()i;;,ll?
'1J()6dG0"'606ioo<>IQo
Oo'lJ6QUO (8QM6iQ6oot\lo{Q
Bob ()D"'IQDOQ6 <>l>o30
8Md8oll?o JM8:Jo6ooool>
e;otlloo()c::'Dli<>u ).
u0'"'''"uuu"'
(dnt\lom>lJ?O
J>Jn8<>c::'nl> fot11Ro6o
e;ntllo<l()c::'OO<>) ( 1) >d8n3nb
Clo8mb303<>Cln: oa >d803ol>
o()e;>t'.'.'8tl'i()c::'" e;ntlloo()-
c::'Do" - 06() 8nl> (!!OMQO()"
('.'.'JO>U 00801Jc::'OO()('.'.'O
IQ>oMM30('.'.'0 o8MM8n·
'l>o(3n<>; (2) JM8Jo6nnl>
Clo8mb3030Cln: amc::'ni>6
>d803ool> 0<>8MJ('.'.'OO(J('.'.'O
3<>('.'.'IQQO()('.'.'DOQoo IQ<>
at1103nt'.'.'oont11 0o()c::'" oj 8 n-
non, MMoMM(3 Ro80101-
3('.'.'0('.'.'0i> l>oo<>c::'o6b01
o6 0ot\loClClo.
u000'l>P'ir.i 1:;n6i;iovc:;:360 -
\!nrket rnlue - l>ooo 'l>t\101
'1J<>Un, MM8('.'.'001i>(3 al>
<>d8n 3o Clnodc::'oo<>
0<>n::JO(QMU J"'6J()M068()c::'
oo'l>otll'l>o.
"'"·'"""''""
rnlue - '1J<>Uo,
tl'i"'aDc::'nG '1J>l>no6
J<>e;>c_;>(QU "()61!;!> dJM6·
IQDl>" 8ol>o e;ntlloo()c.;>Ooob
Clo'1J<>l>ooou 83Dc::''
'1j<>J0MMom.
76
!5060 0103Clo R3o6 0 063oboc::io01 'B(Jc::>oli qo0oo(Jc::Do<> CQ0MClo CQ<> 0 08M30J3c::ioo01 c>101(Jc::io .30M-
G::J6(!)oooli fe0CQMb6(J00 d<>c::<>. 0bc::0 R3o6 Cloei3odc::o0 oli JM6GD'BGO::JOO ei<>8M30tJD6M01
lib3<>CQ<>lib30 'B<>lio060 d<>q<>c::>CQ::JOob qoM::JO(Jc::>Dooli 0 06li0'bq3Moli013oli. 0 06li<>J(J01M::J0001 R3o6
0 3006(!)0M::Jliooli JM8.306ooooli 0 Md::Jc::>3<>!:Qo<>6o 'B<>lio060 d<>q<>c:.:>CQDooli - rrioc::io 0 0Gooooli,
.3Mo3oc::ia 0 0M::JO(Jc::>o <>dGooooli, R3D(Jc::'::JOM030 <>dGooooli qoM::JO(Jc::>::JO<> (.3Mo6Go.3oooli 0 06b-
oc::i3oli CQMMb 0 08MOtJD6::JO<> lib30 'B<>bo060 d<>q<>c::>CQ::JOOG)· qoM::JO(Jc::>::JOOb 0 06li0 'bq3M<>
0Mliooo01<>CQ li<>'B(Jd3c::i<>CQ (JCQ::J3b 08 15o 0 6oli Clo8Q? 0 M8 b<>Jo01booli, M<>Q? 0 <>6 JM8.306ooli
doM001<>CQo o<>CQ<>O::J3::J(!)oc::ooaoo 80010 'b::Jo<>3c::>D6001 CQ<>J<>3CloM::JO(JC::O<> d::J'B<>b::JO<> 'b::J, R3::J6
()6(!?<> o<>30o(Y)01 MM(iMM "'B"b::JO::J6 063oli(!)MM::JOO JM8.306ooli 'Bo606b(JM 06li(!)M(J8::J6(!)0oli.
lib3<>CQ<>lib30 <>CQ<>8006 801.i 0 06lib303ao(Jc::<>ci? oli8001 8::JM8o6o ,,qoM::JO(Jc:.:>::Jo<>". 08o(!)M8 R3o6
d<>c::o06 o(JC::Q?<>b8001 (J6CQ<> 803(JQ?oD01 8oli 0 08Mt1::J6000li CQ<> 0 0680M8::JO<>b. 0 063oboc::M01 0 06-
lib303aoaoo qoM::JO(Jc::>::JO::JOOb doMOCn0(!? JM6GD'BGO::J0b dMMOb.
oli <>Moli 0106b0, MM8::Jc::ioG Cloodc::iao<> 803oqM01, 01() <>d(!)o30 06
<>d(!)o3010 (80 0 0c::io01<>Q?, Jrri8.30600) 0 <>n::JOQ?<> Bolio 880M013oc::io MM 0 06o'b0Gooli0 06
Q?<>8M(JJOCQ::JOc::><>CQ. oli qoM::JO(Jc::>::JO<> <>Mb::J0001<>CQ 0 06lib3<>3CQ::JO<> JM8.306ooli or'lj8uc>10 lh:io.':11Yi·
801b e:;nrilao .'Jf!::';:J6nbp,06, MM8c::io01<>G Cloli<>dc::M<> JM8.30600 0 00::10CQMb MM 0 MMG M::J<>c::>(JM<>CQ
4
'B(J6dGoM60M::J00(!?0 oo'b6olio. qoM::JO(Jc::>::JOOb ::Jb MMO 860Cl36oc::Mo0 0Cl30001<>(.Q 0801b3::J3<>
01"101806001li, JO JM8.30600, MM8oc:.:ioG <>q<>M <>bM(Jc:.:'Doli li0d8006Mo0li, (J'BM(Y) d3oMo
qoMli, 30(.QM::J 'B(J6dGoM6::JM::JO<>(.Qo.
'B0bo060 d<>q<>c::U?oli d::J<(J<>liaoob 8MU?Dc:.:'Doo, MM8c::iooli0G R3o6 0 063oboc::i0301 08 0103Clo,
MM(iMMG oalio, odq36000 JM8.306oooli - MM8c:.:iooli0G 8M<>d301 (.Q<>CQ::J00010 'B()c::><>U?O 60J0(.Q::JOO
063oli(!)MMOb013oli. 08 Clo801b30306Clo, MM(.Q::Jb<>G <>b::J <>M b(Q::JO<> (80ei<>c:.:io01<>(.Q, o<>JM8M::J008(.Q::J
8oli3c:.:ioli Clo801bjo30Clo), JM8.306noli 'B<>lio060 d<>q<>c:.:>U?Dooli qoM::JO(Jc::>::JOob 0 06li0'bq3M0Clo
860Cl36oc::i(Y)306 MMc:;'b 01080ClMoli JM8.306ooli c::ioJ30(.Q<>Gooli qoM::JO(Jc:;'::JO<>.
<>d(!)o3oli <>Mob <>d(!)o3ob O(Jq<>c::>(!)M(Jc:;'O qoM::JO(Jc::>::JO<> - <>d(!)o3ob
qoM::JO(JC::::JO<>u 0 08MJc:.:>::JO(JC::O 8obo (.Q<> 0 MM3::JO(JC::O G3::J01<>. JM8.306oob b000c::i06liM
qoM::JO(JC::::JO<>, 8::JMM::J 8bM03, (!)Mc:;'O<> JM8.306oob 801c::io06 <>d(!)o3ooli (.Q<> 8obo 3<>c::>(.Q::JO(JC::D-
oaoli0 Cl:?" .3Mo3oc::ioooM::JO(JC:: <>dGO::JOU dMMOU bb30Moob0, MM(iMMG 0b0b(Jc::>O<> 00c::i06GC:lo.
M<>CQ 0 <>6 b000c:.:i06liM qoM::JO(Jc::>::JO<> ::J<(J(Jd6000 ob(!)MMo(Jc:.:' d::J<(J<>U::JO::JOb, 801.i Cloodc::oo<> JdM6-
U?Dli 8GoMD J<>3d0Mo JM8.306oob 06 <>d(!)o3ob b000'bMM qo6ioo(Jc::'Do<>b0106.
b<>::JM01M(.Q, <>d(!)o3ob b000'bfilM 80M(!)o3<>(.Q, <>Mob b000'b6iM qpbo, MM8c::io01<>G
<>d(!)o30 (06 8b 0 03bo <>d(!)o30) O::JO(.Q::JO<> qo<> 00'b0M'b::J. JM8.306oob013ob b060'bMM qoM::JO(Jc::>::JO<>
bClnM<>(.Q <>Mob JM8.306ooli C::OJ30C!;?<>Gooli 06 JM8::JMGO(JC:: qoM::JO(JC::::JO<>'b::J 80(1)0.
01() 0 08M3<>c::i01 b000 'bMM qoM::JO(JC::::JOOU doM0010(.QO 0 06b0 'bq3M::JOOCQ<>6, <(3<>bo060 d<>q<>c::>(.QOb
b000'bMM qoM::JO(Jc::>::JO<> <>Mob <(3<>bo060 d<>q<>c::>CQOU b000'bMM <(J<>bo. U0'BM6(.QM ooM'i'.J<>'bD <>d(!)o(J-
M<>(.Q o"G3c::><>CQO 'B<>lio060 d<>q<>c::>(.QOU b000 'b0M qoM::JO(Jc:;'::JO<> <>Mob Bolio OMC::M M.3::JM<>GOOU
<(J<>bo, MM8c::o01<>G ::JU 'B0bo060 d<>q<>c:;'(.QO (i00::JO(.Q0. MM(.Q::JU<>G li0d80 oboe<> 0M<><>d8o(JM<>(.Q
o"G3c:.:'"CQ <(3<>bo06 d<>q<>c:.:>(.Qli, li03'0MM 006000 b000'bMM <(J<>liob d::J<(J<>U::JO<>.
'B<>bo060 d<>q.:.c::U?oli M:J0c::>(Jti'io 122ot'i1:_i6()c::'[J60, 8::JMM::J 8bM03, <>Mob 'B<>lio, MM8::JC::OG 08
'B0bo060 d<>q<>c::>(.Qb ()6(.Q<> dQMDMCQ0 1 01() d::J'B<>U::JO(JC::O<> 'b(Jb(!)<>CQ ::J3Dc::><> 'B<>d(!)MM'b::J
U?"'B'Zld600001, MM8c::ioooG 'bo 0 <>3c:.:i::i6<>li 0bU?o606 8oli qoM::JO(JC::::JO<> 'b::i ·- <>0(!)03000, 0 08M-
8(JCl<>3060, li08M80 3c::M .3oMli.3od8o 3aoo, 8060fe8o6(!)o U?" 0lio Clo8U?Do· 8MJC::DU?' 'B"lio060 d<>-
q<>c::U?oli M::J<>c::>(JMO qoM::JO(Jc:;'::J00 <>Mob 8obo DJMDM80J(JMO qoM::JO(JC::::JO<>. 01() 00'b0Mo <>Mob
b080M01c::io060(.Q D'BDd(!)o060 (.Q<> Ob<(JMM8oM::JO(JC::0 7 'B<>lio060 d<>q<>c::>(.QOU 8o8(.Qo6<>M::J b000 'IJMM
<(J<>bo ()6(.Q<> 8::JM::J::JMOQ?::Jb 8olio 608CQ3oc:.:io qoM::JO'ZJC::Dooli oM 0 3c::o3.
08 0103Clo <>d(!)o3ooob d::J'B<>liooob 8o(.Q 0 M8<> <>Mob 'B<>lio060 d<>q<>c::U?oli 608(.Q3oc::io
qoM::JO(Jc:;'::JOob ::JM01-0M010 0 068b0'/Jq3M::Jc:.:'o - 06() M<>8U?o6o (JDCQ<> qo0(.Q::Jb 'B<>lio060 d<>q<>c::U?o
 Btj0Mo <zPD0000CQ06 0 0BMBCQ060P10, oli 0P'loli 60J0CQoli
Bool5MCQ000 063oli0MP1li CQ0 Bolio
BMB 0 00006Mooli 0 060J3001001 P'loliJoli Cloli000Boli0CQ. 0B doP10010CQo JM6Go-
'?3Gooli 11306 (J'?JMM
li.3oGO'?JOJ(JMO 0o.3oli <(30lio060

0P1oli '?30lio060 BoboCQ3001 063oli0MP'lo

li060B 0M oj6000 BoBMJG030CQ06
JMB.30600 oBo0o60oli BooP'l. 0Boli013oli, P'lMB 11306 0lio010 '?30lio060 Clo'?30lioo0,
()6CQ0 P10BCQ060Bo 0oP1Bo6o. 0P1010 BbP'\03, 0j3u
0'0e:o;)t:.(3nD 1
0P10G 1000$ oP101 'bo
0 mdoi:!'..' 3"llioo6o L,, 3,1:!'..'"" 000000Clo. 01001jBoli 0j3G GoBbo'(JOU 30CQ0,
'B"boo6o d>c;>C!'.,'l!/n,
0 08Md3JO(JC!'.,'O 0P'loli CQMM, MMCQOU0(3 JMB.30600 00CQ0(Jb0CQMU
JMM.3MMOGoob ,:,6 J(j.3(Y)6nli 00foJ30010 06
b>boi:!'..'8on'B'"b Boom.
(JMO 0060J30010 01() d(Jd(>16ob 0 ofoJ3;:imo
0P'loli 12%, 1000$ J(Y)B.30600 (JbCQOU
i:!'..''iJMn c;oliioo'ili:!'..'Oo' 06 120$-li BMBl5o'Boo0BC!?o·
6"100601:!'..'o· o8n@>o6®nb 06 0B li0boli '?30lio060 Clo'ZJ0boooli0G, 11306 P'lo 0 Clo
ao 0m lll"oobol>CJl:!'..'0 m"'a 0 -
i:!'..'"a0 oj@,03ob 6ro3o6o- 30600P1oliCQ00001 60J0CQoli CQOUJ(Y)600P100001 06
C!'..''1JMo c;of<io6CJl:!'..'06o. 0B '?30Go060 (J6CQ0 Booc:?(Y)li Bolio 0P1lio0Mooli
:_if<icn MOC!'.,'O- .3nP1Mooon CQ0 b0lio001nli
o>Gooo 'tio aool!l005b
1000$-b. 0 0CQ0bCQOOli li0btjnbn 0 08MCl3000CQ06, 0(303li .3MM(3060nll
linCQOCQOli ()0CQ0bCQ0li CQ0 ()0CQ0bCQ<>U,
M(Y)CQOU0(3 8(Y)Bbn'IJCQ000 CQ0
60J01Qooou Clo'B0lioonli013nli !QOl.iJ(Y)60oG 06 J0.30-
""''"""'n'"''°'> lli"llio06oi:!'..'o
0 06>J33cnn rol>i:!'..'000Gno'l:io; 0 060J3001n Cloli000Bnun Cl(Y)P'\oli 0 06Gb303CQ000,
8'''3JC!'.,'bi:!'.,'OCJ(i'}O P'lnl.iJob li0M(JJ0'ZJP'loli Boboa13001. 01()B(30, li.:ioP101r>1CQ
.3f<i"'GJ6@>CIC!'..'" li.:,l'1 0 J6C!'.,'nb MMB oli c,06.:iJ30010 dOCQoc'.)00 (JMOliJ(Y) 0.:i60J3001li .3P1oBn.:i MObJolicn3oli.
l>n(QnG<o
oobo6o8nbn MOC!'.,'0()0(3DOb (00oblio6001, BoMM.'.J m03Cln li000'bMP) JC>6M800001 ,,JMB.3P'\(Y)Bolin"
P'loliJl.10 Q'?C> B(Y)B 0 oon06(Y)ool> ClMfi1nb. CloBU?oo 010300 11306 3ol.i0'ZJ0P10001 fi1obJ'bo
c;nr>100'1J<;'.!.'JO> io. CQC> 00foJ3001'bo).

(JBJ'\.Moolin (CQ0 oj6000, 01() CQ0305tioo01

0 06b0'bc:; 3P10b, 0P10liMCQ.'.Jli 0fi1 B5o'BCQoo0.
G00M01(Y)(Q 0bo010 liobnli 03bCQ000 0Cl3n0010CQ, Boc./\108 Bo01
30l1306M01 Clo930lioonb ()B0P10n3olio '?JMP1B0. 0P1010 0uomo 0P'lnli 0P'lo@J06-
06()00000 consolidated annuities),
CQOCQn 0P'ln@J06oo10li Boo/\1 (Y)a 0onu CloBU?oo U?oo-
CJ3"lli"' MOC!'.,'O()OGOO,
1'101801:!'..'"G 0Mobr•1(QJO
c,00P101006ooob 8o'b6001. oli 0Mn-
31'io'i'.ll!IJ6o (<>M 08ro(Qnli o<>CQ<>obo!QMb
8o8ndG03"1l1"6); .3P'\(Y)Go6@Jo6n.
80M0(!20CJC!'.,'<'100
'B"'fi8o!ln. B()CQBo 3o B0P100 30CQ l.101\1 00 0-
0 oCQC>bCQooob 60JC>CQob
01(] Bolio r ()liob-
00m0bewoli, Bobo v, o6 3ou0MP1ob Boo/\1
8MB 0 00006Monb 0 060J3ocnncn 08 k", o.J6000

77
 I I
V= + + ... + - - -
(! + kd)1 (1 + kd) 2 (1 + kd)
I
=2:-
(1 + kd)'
t=I

= I(PVIFAk
d'
J
MM8o<.:.?oG, MM 0 MMG G6M6oc:?o" K306m3ou 8ou"8o m..,300 (JU.)UM(Jc:?M 'B"uo..,60 d"!:!;'"C".?!!?06ou
0 ..,6bo<.:.?30!!?"6, oood<.:.?06" o"M3"!!?oo6Mm oo8!!?ooo u"bom:
v = I/kd
..,833.)M.)!!?, 8()!!?8030 M6<.:.?0o"GOOU "b!.:.?"61!?0<.:.?0 !:!;'OM06()<.:.?06" 8.)M803"!!? .)MOU .3oMOfTl!!?(JC'.?0
U.)Moo6<.:.?0U .3MM(306&o o"::JfTl'?JO<.:.?O oou.)6.)8ou U?OUJM6&ou a"foJ3om'bo .30MofTl!!?OU 8obo!!?300'l.
!!?"3()03.)0'l md306 Clooodc:?O.)Q) O::JO!!?fTlO'l M6<.:.?0o"GO"' MM8<.:.?0UO'l3ob.)G 8()!!?803.)!!? oOb!!?o"6
50$-u 0<.:.?0(JM"!!?· !!?"3()03.)0'l, MM8 md306u 8ooM 8MmbM360<.:.?0 8Moo6ob o"foJ3omo .)bomo
&o.3ob M6<.:.?0o.)GOObO'l3ou .)MOb 12%, ..,8 qJ.)U0.)60 D"!:!;'"c:?U?Ob "b<.:.?"61!?0<.:.?0 !:!;'OM06(JC".?06" od6o6"
v = $50/0.12 = $416.67
Ob .)Mob 8.)dbo8(J80 O'l.)6b..,, MM80c:?OU o"!!?"b!!?"U"G md306 OU(JM306!!?00'l ..,8 M6<.:.?0o.)GO"'l>o
o"!!?"b!!?oum3ou. O'l(J b.)6,')'bMM qJ.)bO (Jq)MfTl 8"!:!;'"<.:.?0.), "C".?6"m, md306 .)M Ob(JM306!!?00'l 8ou ::J0!!?3"b .

J().3M6ou m(J M6<.:.?oo"Go"b "d3b 0..,6u" 'b!:!;'3M(Jc:?O bo8ooiaob

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

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

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

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

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

78
 01() oob.:.o.:.8obo !:QObJf'l6tl!Job 0060J30010 M;)ob 8%, 12%-ob oo'tl.:.booob 006-
od6oo.:.:

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

(1.08)1 (l.08) 2 (l.08) 9 (l.08) 9

= $100(PVIFA 8%.9) + $1,000(PVIF 8%.9)

!:Q.:>60M0100 II !:Q.:> IV oob.:.o.:.8obo Jr'1.'.J'lJOGoo6tl!Job 60b3001,
11306 0063b.:.'bc:;3M0301, Mf'l8
v = $100(6.247) + $1,000(0.500)
=$624.70 + $500.00 = $1,124.70
.:.8 00801b303000, .:>ff.:>MO.'.Job 8ob 1000$
M.:>(Q3.:>6 306.:>J30010 .)Mob 30!:QM.'.J J()df'l-
6ob 3060J30010 063obtl!Jf'lM.'.JOb b(JM01 00!:Q.:>(Jb.:>!:Qf'l6 .3Mo8o.:. 80CQ3ob013ob. oofo
00801b3030000, 006.:>J30010 ()'lJMf'l !:QO!:Qo Ol:Jf'l, 30CQM.'.J J(J.3f'l6ob
0060J3.'.]010. O.'.J!:Q::J30(Q, ()'(JMf'l 8ob 6f'l8o-
o6 3obtl!Jf'lM.'.Joo 8'b.:.!:Q .:.t11o.:.6 o8oi:Qf'l6 0bo010
08 00801b303000, 01() 030 0Ml:JO(Q.'.JO.:> 8ob .
01() 8f'l8300006f'loob 006.:>J3.'.)010 J(J.3f'l6ob
006.:>J3.'.]01b, 8ob
- 1000$-b . .:.8 Jf'l6(3.'.J'(l(300 'bo (J'(JMf'l 8otl!Jb 30683001, Mf'l(Q.'.Jb0(3
'll.:.b 0oob 8f'ld8oe!?oo.:.'b 0.

5'3t::;:itri;,;,10o J(J.3M6ob J(J.3f'l6ob .:.M

f'l-6c;nc/:.c1n0 .3Mf'l(3.'.J60ooob
hnnd - 3 .:.!:Q.:>bi:Q0b, 0M08o!3? o8 o!3?oo.:.
010 a"'oGbo<» 0103ob O.'.J!:Q0M.'.J0001. 306 obo01
o6<J 06i" 0d3G .)M 8f'l0d3b dMf'l(306ti!Jooo? .3.:.b(JbO 8CQ3f'l80M.'.Jf'lOb 08000, Mf'l8 0bo010
8006(3 oc:;aob 8f'l3.'.]00b. ob 8f'l3.'.J00 .:>Mob oob.:.o.:.8obo '(J0bo.:.6o
80 0 1'\08 otl!J0.3f'lOM030 'bM(Q0 (.:.6 O.'.J'(l.:>boo.:.) Bob b0btJOb '(l0b0106 O.'.J(Q0M.'.J0001,
'(J.:>bo01 0080CQ3ob.:.b, b06.:.8 030 800c:;oo3b
l'iooom bo8oo'llob CQMf'lb.
C!?" J(Jdf'l6ob oo'tl.:.booob .:>Mob 08 006-
30Mo06ti!Jo, 308f'lo806000 b0M30-
9J"bo01.
.3Mf'l(3.'.J6ti!Job 3.:>CQ0b(Qob (QMf'lb. 30CQ.:>b(Q.'.JOob
Jf'l8.3f'l6o6tl!Jo 008f'JOM0(3boo0 (Q0 11306 33Mf1000
006ob0'bc:;3M.'.)O.:> ,,01036ob 00(Q.:>b(Qob bo8Do'(Job (QMf'lb" 06
MV
V=---
(1 + kd)"
= MV (PVIFk".n)
CQ03()03001, Mf'l8 ob.3o6f'lb.:.b b.:.15.:.M8f'l 308f'lb(308b J(J.3f'l6ob
0d3b 10 bo815o'(Job 3.:>CQ.:> CQ0 1000$ 01() 01d306b
8ooM 0Mob 12%, 80006
v = $1,000
(1.12) 10
= $l,OOO(PVIF 12%.IO)
II-ob 008f'll:J.'.J600001 !:Q.:>60M0100, fi306 0c:;8f'l30l10601, Mf'l8 Jf'l.'.J'lJoGoo6-
tl!Job 10 .3.'.JMOf'l(Qob .'.JM010 00CQ0b(Qob013ob 12%-001 .:>Mob
0.322. 08330M0CQ:
v= $1,000(0.322) = $322
01() 01d 3o6 Cloodo6f'l01 ob 322$-.:.!3? !:Q0 08000 3 0!3?0 0 obi:Qo.:.6 1000$-b 10
Clo81J.?03, 01d3060 b015tiobo 063obti!JoG00 08030M0!:Q 8f'l3(30801 8f'l0ooob 12%-o.:.6
006.:>J3001b.
l!;?0Mo(3b30 O:Jc::,>oooCQClo 8o(Jb::J!Q.:>3.:>CQ o8ob.:., Mf'l8 'bf'J000M01
30(30.:>b (f53::J(Jc::.'.'.J0Mfl3 .'.J3Mf'ld()c::,> 00'bMoo'bo 008f'l03::JO(Jc::,>b) 0d3b 00!Q0U.:>b.:>(QO
00000000 ()Boeobf'JO.:>'bo
dMf'l(3::J60!Joob nb!Qou5 f'lMj(;::JM Clai:>w301Q, ()613.?0 153060

79
 2.
- Preferred stock
-
0dooooo - 0doooool> @Jo.30,
8oboQ?3om00,
111"'3"'111(3 5ol>o,
Q?o30Q?D5Q?tJOoU 30Q10bQ10 .
0J(30tJOO
(J.3oll10@Jol>Mo0l>
0joooom06
oat!?0ll1aoom,
Q?M<tJ0111Ml> 80mo
Q?03ot!?06Q?300 06
060 'bc;0()ll1Q?ol> 0joool>
80
Clo'B"uooou 08oum3ou, MM8 Q?o3006 0 0Mo0Mm MMJi:OM Q?0Moob30. 3
(4.4) !:!?" (4.5) Clo8l:!?oo600M0Q?:
20
1/2 MV
V='(' +---
f:t (1 + kd/2)' (1 +
= (I/2)(PVIF Akct 12,211) + MV (PVIFkct12.211)
u"C!?"O kd .:iMou 0 060J3omo, 1/2 .:iMou 60bo-
J(J.3M6'bo m06b0 !:!?" 2n oMou .3oMoMQ?O
8M80o'IJ0008Q?0·
800deo3m ::J'(JM0CQC70o.:i, 61CYJ8 CQObJM6!.!l:Jo c,<>8MotJ3630<> MCYJ 0CYJM(3 6;,b33<>61-
o"!:l?"bCQ[JOoum3ou, <>U[J30 m;,6bou [JMID1G[JM'>CQO
0 <>CQ<>bCQoum3ou uo86o<tJou Q?MCYJU. 8o(JbDC!?"3"C!? o8ou.:i, MCYJ8 Q?OUJCYJ68ou
c,<>8CYJtto6oo<> uo85o<tJoG "C78f'lf16CQol> a0(Ju<>o<>8CYJ, 3u <>l>o ;,(i} <>Mou.
m(J 0<>8CYJ3otJ36oom Q?OUJCYJ68u 8;,006 8ouo 008CYJtto600<>
8o8<>MOl[J0'>00.
JMM.3MM<>oo<> US Blivet-ou .:id3u 10%-
0060 J(J.3M6ou {!?'> uo80o'IJ08Q?0 12 CQ'> f1306 8noM
0 060J3omn Clo.:il:!?o06G 14%-G . .:i8 Clo8mb3030Cln 1000$ 6M8-
[JMmo od6000
V = ($50)(PVIF A 7%. 24 ) + $1,000(PVIF 7%. 24 )
= ($50)( 11.469) + $1,000(0.197) = $770.45
8M303'Mo o8nG P1M8
Q?00o6 0.:iMnoM6 booMoQ? ot1060006
8M80o'IJooom, J(J.3M6ou c,.:ifoJ3omom !!?"
8M8 000006Moom 8Mdoofo . .:i8oG m(J
6ooou8ooMo l.>080 .:i8 MmboQ?.:i6, 30.3M3Mm
8oMmbo . .:i8oG 0.:iMCQo, M08Q?o608o
!!?" 8.:im0.:i6 8M 0oooG Q?M6 00Moooool>m30G, m(J
'bo8Mm .30M0800Mooo. CJ)() md3060 G0d8006Mo0
8(J00M00bm.:i6, md306 0o8MOtJ06Mm OU o6b0M(J806eooo.
30bGCYJ3CQ[)ID, MMCQ[Jb<>(3 Ol:J[Jb[]Offi (4.4), (4.5), (4.6), (4.7), (4.8) CQ.'.> (4.9)
MV l>o8ffo<tJol> !:!?" .:.M.:i 8ouo u.:io.:i'ti61M
.
.:i08 o0ooG (J8oeol>Mo.:i'bo l:!?o 3ol:!?o6l:!?ooo o"l:!?"°bl:!?oo.:i
08 'l30606G(JM0 o6l>0M()806&ou m30Gooooo 80-20 m03Clo . .3Mo3-
008 o0oG 0M0 0d3m Go86o'l3oG 30{!?0 Q?0 0Gom .:idoooo'ti0 '13ndl>o<Ylo-
O(J6ooou MM8 ol> <(30bo060
08G 0 03Goo0 8(JQ?803 0Gom 3om0Moo0Clo, 0 0G0J30Mo 01Yl oMou, MM8
0doooooG Clo'l30uoool>0G, f\306 3ot106oom 08030 80Q?c,CYJ80G, 3ot10600Q?O(J)

.)U-vbo: R336 3361om30001
0(J{'.?O 0doo3ooli Cl3d360li, 01()800 8'b01Q 30r101
03bli6001, 610 06101.i 31>. f13:J(Jl:'.?:Jor'io30 0doo300G 8u 003li0m,
.361030{'.?3 0 or'i30()\:'.?0 0doo300 -v'b61(]63:J('.?l:JM<(3li Bolio
8<(3{'.?MO:J{'.?OU (]'(3{'.?:J00U JM8.306ooli OO{'.?M06103 U0J(J01-
61300'b3. a0 0t<l0a R3:J(Jl:'.?:Jo61o3o 0dooooolic,06 0.:.6ub30-
300001, .3t<lo30{'.?:Jo061:JO(J{'.?O 0doo3ooli 8<(3{'.?MO:J('.?:JOO,
61M 0r;i61o 031.io, 0M <(3{'.?MO:J6 b8oli 800380G (]'(3{'.?:J00U
.:.dooM6361300G J61300'b3 . .361030{'.?:JC,OM:JO(J{'.? 0doo3o'b3
folfo\:'.?Mo6103 0 0m00bm300 0 0r'i.:.6ti>o6130(]!:'.?o m0 '(3odlio-
6130(J{'.?O mo3om36m300, 61M8('.?:JOOG 80c;0{'.?00 l133(]{'.?:J0-
61o3 0doo3o'b3 0.:.m.:.li0bm:JC'.? mo3om361Q3o'b3.
lio60813230{'.?3Clo, .361030{'.?3c,061:io'ZIC'.?o 0doo:ioo 061 .:.r'ioli
c,.:>6J(J01360{'.?0 06mo3o!Q(J.:>('.?(J610 063:ili0MM:JOOU013oli. ,:,8
.:.dooooli fl3:J()('.?:J06103 tlO!Q(J{'.?MOb lib30 JMMdMM0(30300,
MM8{'.?:JOU.:>(3 o'bo1320336 80010 8M 0Qooli (J'b61(J633{'.?8tJ-
M<(3:J{'.?O 1Q030!.Q:J6mooo, MM8Q{'.?0(3 od('.?[]30 OQ8Mli030{'.?li
0.:.1Q0li.:.b0!.!?oooli m00.){'.?o 0060J3a0130001. JMM.3MP10000
om3.:>('.?olioo630G oa c,0P108M:J0.)b0(3, MM8 .361030{'.?QC,OM:J-
O(J('.?O 8<(3{'.?MO(J!:'.?Oooli · .3r'io0o6'boooo JM8.306ooli 8Moo-
00 'b3 !.Q0 0d00 30 o'bo G0r'ic,ool:'.?Mo 06 ()<(361M 8000
.3r'ioMMo0a0001, 301Q61Q fl3Q(]C'.?[Jo61030 0dooaooli 8<(3{'.?M-
03{'.?300G .3r'i3036'bo300. o.:.r'i8MoCQ0 06a01, MM8 (36MOO('.?O
00b!.Q0 JM8.30600 One-Legged Chair Co.-oli oo'b63liom06
00li3('.?0. OQ3Mo JM:JIQO@_iMMO JM8.30600 06 0!.Q080060
001bM3G 010301.i 00{'.?U. JMQ!.QO@_iM61QOU C,0i:Q.):Jbm30,:,01
.361030!:'.?ooot'130(]!:'.? 0dooM6aP1300106 Clo!.Q.:.6130001 0mr'ia,
bM{'.?M Jt'i1030{'.?[JC,061[JO(]{'.? 0dooM6a61oob c,0m0obm30.:.01
11 3a'Zll:'.?:Jo61o 3 0dooM6ar'iao'bo 0mr'io.

4
8(](!;8030 Moc:-::10c,0ooaoob c::ot'1o6(]1:'.?.'.Jooo 0 06b.:>'bc::3t'1ob013oli. 08 0 30t'10CQ, .3t'1030!:'.?ooo6100(]!:'.?o
.:.dooob .:.bc:;i06!:Q::J{'.?O !.".;OM.JO()c:;>::J00 0Moli:
V = Dr/kP
li0m.:.o DP 061oli .3t'103oc:;i3 0 ot'1oo()c:;io 0dGooli CQ0CQo:J6ol:'.?o oc:;io()61o CQ030£Q::J6£Qo ot'101 0doo0'b3
!:Q0 kP 0t'10G Cl3G06080Go Q?OliJM6@Joli 0 .:.60J30010. 01() 80()0c:;io010CQ, Margana Cipher Corporation
()08M(J03:JOU 9%-006 .3t'1030{'.?3 0 ot'136(){'.? '>d(303ob 100$ 6M8060c:;i(J610 ('.?OM30(){'.?::J0001, 01d306li
80361 8M01bM36oc:;io b061 0 36c:;io06Mo0 08 063ob@Jooo0'bo 0 0(J@JMc:;>CQ300 14%-li, 80006 3t'1010
0li3010 0doooli c::o613o(]c:;i30.:> 00()@1Mc:;>CQ300
v = $9/0.14 = $64.29

010Mt'1008, t'1M8c:;iob ooli0008ob0£Q0G bM61003{'.?i:Q.'.J6" '133()c:;i36t'1030 0dGoob Cloc1.Pli300, OMc:;>M MMo

'1J0l>n>6o
j>c;>e:;:!Qo, (<)"'a::ie:;:oo
D>M8M>!QoD5l>
'BC:::"'lioe:;:oG, o5 30 i., 0 "'MoG
l»OCJmb 0 05G> 'bt;;JMCJe:;:>o
one:;:nG b>JCJ01M:J6> 'ho (!Q<>
Mol>J'bo) J<DM3roM<>(3o>i'lo
001Dc:;>:J(J{'.?oli 0 068.:.3c:;>MO.:>do ()06o(30CQ'> 061bo60010 (33('.?0c:;'.'.)O'>. ob 01::JMMo.:> b0lio001Q?::J00
860Cl363c:;i013.:.60 flo600c::8CQ3()M600001 i:Q" llmJ'()f'.:?Ooi;:Jo30 1:1dcioooob Clo'B0li36oli '>M(33t'10180
8301Mi:Q80 0618ooc::M li036101(Y] 0c::o0t'130.:.. 8.:>fo8CQ.J, OMc:;'P' flc:;io6oo 633r'io 00106b830MCQ0 0CQ30li, 61018
06Q?o30£Q(J0c:;'()Mo '133(]c;.'.)061030 0doo3oob 0601:'.?o'bo (J6CQ0 8Mbi:Q3l> 61M()MM(3 i133(}{'.?0661030
0doo3oob 801c:;io060 .3MM@J<(J:Jc:;>oli 0080£Qc,36oc;o 605oc:;io, 61M83c:;ili.:>(3 03b0dc:;iM0 '(lc:;'MO!:Q::Jli
063ob@J01t'10. bb30 00@18300001, 0633o@JM61.J6b 08m3foi:Q 0t'1 M6@Jot'13li3001, t'10 8MOCQoo 80010
JM6JM36'::'.JC:O 0doooli C(.l0oo, t'108CQ3foCQ0(3 80010 .3MM@J<(J3c;oo c::ot'136(Jc:;i::J600 801c:;io060CQ . .:>8 JM6-
G3'(3(30'>0 061booo010 0'bt'1o .:>d3b 080 01(] 08 <(3000060 d0C::0c:;'!:QOU 8M01bM36oc:;io b0t'1 0 ::JO('.?oO
00foJ3001ob 0 060.:.'bc::3t'1ob013ob . .:>8 .361Moc:;i38.:>o 11306 CQ'>D361oc:;i36001 0 08M30J3c:;>3301 038CQ3 0
010 300 . .3o6133 c;0CQ, 11336 tf::'.JM0CQc:: 3o.:> ()6CQ0 003080b 3oc:;i(Y]01 li0r'i0 ooc;oo GoCQoCQ3'b3 Q?0 b@Jtil'::'.Jd6ci-
610 'b3, tilM8c:;>.JOU0(3 oc::300 f13::J(Jc:;'::J061030 00000000 8tJoCQ33c:;io -- 0633b6M610. JM66t'10d600
Cl300008ob.:>Q?, CQ0Q?o::J6oc:;io MOc:;>o()0Gooooo0 CQ0 .36103oc:;i30 otiloo'::'.Jc;o 0doo3oob 006 006bb30330001,
8M 03ooli 8M8030c:;io 6.:>J0CQOO 006(Jb.:> 'bi.;;3613c:;iM00 CQ0J.:>3oot'100'::'.Jc:;io0 f13.J(Jc:;>306103 0doo.:>00106.

MMCQ3b"G 3.:.<(pboom Moc:;io()0Goo60 !:Q0 .3tilo3oc:;im1,ot'13o(Jc:;i 0dGooob, '1336 0 .:>63b.:>'bc::3610301 JM8-

.306oob 80361 063oli6Mtil3oob01300 0 06bMM(303c:;i3o(Jc:;i foc::i:Qo '(.l(Jc;oli 0 060f5oe::,'3000 l:J30C:.:>
CQOliJM600P136()c:;i c::otil36(Jc:;i::J60li. 00330, i133(Jc:;>30P1030 0dGooo c::o613o(Jc:;i300 Cl3odc:;i300 006ob-
oc:;i30MQ?::JO MM 0M61(3 JMB.30600 080606600 8ootil 30CQoli CQC>061(Jc;30.:>8CQ3 8"CQ"b!Qoe::,'o ::J33c:;'" 8Mb-

81
 = i:
t=I (I
D,
+k.)'

l>i:>!Qi:l(3 D, .:,ti1ol> !Q030!Q06!Qo t .3oti1o(")!QOl> !Qi:l ke .:,(Y}ol> 063ol><!!J(")Mol> 8ooM

.3M(")Go6<!!Jo .:,6 0"6"J3omo .:,8 063ol><!!J0Gool>
ol> Clool>.:,0.:,800.:, 08.:,l>, Mi:>l>i:>(3 8306 i:>di:>8!QO 3"JOmoo!Qom.
a.., 0M..,a M(")0 (")M l>.:,bol> m'i'J 830 6 ..,d 8 o0oG CJ 03 o6.:,M8'i'J6oom 2 ..,a
CJ08mb303i:ldO 83060 i:>l>om [.).:,boll:
D1 D2 P2
V= +
(1 + k.}1 (J + ke) 2 (l + ke)2

l>i:>!Qi:l(3 P2 i:>Mol> 83060 "dGool> 0"l>"8o!Qo ca.:,l>o (")Mo . ..,3

Clo8mb303.:,CJ0, 8306 M(")8 (")MO Clo8!Qoo 063ol><!!JMMOOO 8'bi:l!Q od6ooo.:,6
080!Q(")6 83060 "dGoooo. 063ol><!!J(")MOOO mi:l3ol> Cloca"l>oo.:,l> !Qi:li:l'8()d6ooo6 "dGooool>
!Qo301Q06!Q:.JOol> !Qi:> .:,8 lldGooool> 0i:>l>i:>8o!Q
'8i:>l>'bo (.:,6 00030 omd3.:,l> 8MMO() 063ol><!!J(")Moo'bo, MM8-
8'bi:>!Q od6ooo.:,6 0"8(")ol>8o!Q(")6 "dGoooo .:,8 063ol><!!J(")MOool>0.:,6 !Qi:> .:,.Cl.
8MdGoom MM8 "dGool> 1Qo301Qo6-
!QO<'>ol> !Qi:l 0"80!Q30l> '8i:>l>ol> .:,l.>030 0'8()d6ooi:l
1Qo301Qo6!Qool>. "dGo(")6oti1ooo JM8.3.:,6o.:, 0ao<!!Jo6<§ol> 0 .:,6 !Qo301Qo6!Qool>.
Clo!Q00"!Q, "dGooool> '8()6!Q"8o6<!!Jo ()6!Q" o8MG
!Q030!Q06!QOOO. !Q030!Q:.J6!Qoool> 0"QDOi:l ()ll!Q8Mo(3ol> '8i:lM())(")!Q, Mi:l(3 60Cl6.:,3l>
6oool>8ooM o"!Q"b!Qo<'>l> "dGo(")6oMoool>m 3oG, 8.:,m Mo(3b3Clo Clo!Qol> "dGooool>
0"8(")l>801Q3" ("dGooool> 0 .:,8(")l>8o!Q3"' M(") 0 (")MG !Qo 3o!Qo6!Qoool> o"!Q"b!Qoool> l>.:,oMm(")
80-18 m.:,3Clo) .
..,a..,Gm.:,6 !Q"J"3Cl0Mooom, ()6!Q" !QllOO"!Q(")()) Cl0Jomb3.:,:
Mi:l<!!J(")8 i:>Mol>, MM8 JM8.3.:,6ool> "dGoool>, l>.:,oti1m(")!Q i:>M ob!Qo.:,6 1Qo301Qo6!Qool>, .:,d3m
!Qll!QOOomo (!Qi:> l>i:>J8i:>(")!Q .3.:,l>()bo 8!Q 0(")8i:>MO(")Ol> 08.:,Clo,
M(")8 063ol><!!JMMOOO caodMMoo6 ..,a "dGooool> o"80!Q3i:ll> '8i:>l>i:l!Q, 30!QMO 08
'8"l>Clo, 8.:,m 8.:,l>Clo ()ll!Qi:>Obi:>!Q:.Jl>. ol> 063ol><!!J(")M000 caodMMoo6 i:>Mi:l 1Qo3o!Q06!QOOo!Qi:>6
8(")000.:,'bo !Qi:> 8.:,m .:,(Y}.:,80!Q "dGool>
m.:,3ol> 8bM03,
o.:,'b.:,ti1'bo, M(")()(")Ml>i:>(3 ol.>060 bo!Q"306 ..,a i:>6() doMO())i:l!QO
8!Q0(")8i:>MO(")ol> 08.:,Clo, M(")8 J(")8.3.:,6o.:, !Qi:> ()ll!Qi:>Ob!Qol> 1Qo301Qo6!QOOl> ti1o 0'i'J-
.:,6 !QM(")l> !Qi:l 063ol><!!J(")Mooo JM8.3.:,6ool>3.:,6
Clol>.:,o.:,8ol>.:,!Q 8(")000.:,l> m.:,30.:,6m . .:,8ol> 0i:>M!Qi:l 063ol><!!J(")Mooo
o8ol> M(")8 (")!Qol>8o ol.>060 o"80!Q(")6 m.:,30.:,6mo
"dGoooo !QM(")l>, M(")!QOl>ll(3 ..,a "dGooool>m3ol> ()i:l8M86!QOOll Oi:l'bi:>MO . .:,8.:,30 !QMMl>,
J(")8.3.:,6o.:, "Jomool> m.:,3ol>o 063ol><!!Joti100.:,l> cr?" o8o!Ql> ..,38..,Mool>
m.:,30.:,6m !Q" 1Qo301Qo6!Qo<'>'bo.

!Q030!Q06!QOOOG !QOl.>JM6<!!JoMoool> 3.:,8(")080600.:, "dGool>

3i:>Mi:l'i'J!QOool> 8obo!Q3om, MM 0 MM(3
1Qo301QQ6!QOOol> 'bti1!Qol> l>()Mllmo !Qi:> Clol>.:,o.:,8ol>o !Qol>J(")6<!!Jol>
0.:,6.:,J30mol> 0"8(")80600.:,l>m.:,6 !Q"J"3Cl0Mooom. Merrill Lynch, CS First Boston IQ" l>b3.:, l>M63ol>-
<!!J0Go(") Oi:l6JQOO .:,l>om 0i:l8(")i:>6()i:>MOdOOOOl> m.:,30.:,6m l>i:>J(J())i:lM
IQ" 'iloca"l>o<'>o<'>'bo !Qi:l 8M!Q6(")oom. 'iloaC!/oo 830 6 8L> 0.., 3L>
IQ" !Q" 3oo 80 om 8i:>M<!!Jo 3o!Qi:l6.

8(.)!Q8030 'bM!Qi:l. J(")8.3.:,6ool> 1Qo301Q06!QOOol> 'bM!Qi:>8 01l!Qi:li:>B'i:>MO(")Ol>

8306l> 8.:, 0ti1.:,8, m'i'J !Qo301Q06!QQOol> 'bM!Qll 8()!Q8030
0..,6..,J 3omom, ti1(") 0(")ti1 CJ 00 G..,o.:,8 0o.., 0G ..,d 8 ool> 'iloca"l>oool> 830 6G l>.:,o.:,'b(") 8o!Q 0(")8.:,l>? m'i'J ..,3
8()!Q803 0"6"J3oml> M(") 0(")MG g, 8.:,Clo6 4. 11 Clo8C!/oo l>.:,bol>:

V = Do(l + g) + Do(l + g)2 + ... + Do(l +

(1 + k.}1 (1 + k,) 2 (1 + kS

82
88
(!l - 0 ){)/Pa(q - I)]= A
:wuq"9 u'iWOi8Ce. 9wq<;>9uw8<:''ii <:'<(CWlpuCe_ "£CWlwC$>
-9"'i3 vi ·v ·uROlwu\:YCt: c:;:;;(]{];;,iu(' Cq,<;>u8p" to\;YC uWlC<(C'i3\:Y"9 uW'.lC90iwWl<:'<JW8 qut;J<;> 13 8<:'0l<:'<]
ia = iacq _ I) "ai
1
a1 1a = (q - 1)
'8wCS>u8" ·u8u8
-Ci:lG'!.8 <:>£C9pu C8Cq" (Cq,"£C8"RG'!.8w8"'i3 quu8p" uw\:YC uW'.luS:.wR"'i3 u12CCi:l9CCi:lu8uCi:l uWiG'!.12C<Ju8 Cq,"
-u8p<:> to\;YC) u<8J9Cu8uS:.Cwt' qu0lq<;>eu<;>'i3 qu12COi9CCi:lu8uCi:l uR<:>8C8qto8CR 8" ·q towOiw9C!.8 qCOiuOiuq
8" WiG'!.u8t;Jwt:w\:Yt: 8u80;G'!,8 qu12C'i3w8 uqu8<;>to '9"£Ct;J<:'tou8g<;>'i3 9u9C9q,u12 q<(C9G'!.H\:Y"9u
qW'.lC9 WiC8wri <;>ug<:>t:ewt' 8w\:Y 'to<;>8e_G'!.8<;>0l ·Ci:l"£ClJ<:'<]U8 9u12C'i3w8 uWiC9Ci:lwWlN)W8 uWl<;>8<:'8w8 to<:'8
to\o)G'!.<j <;>euq<;>Ql<;>\'.l quqg('to <:'1;J G'!.to '9<:'CuU'(W1;JUt:' g<:>ueuw8<;>'i3 Ol<:'\o)UR_q U£Ct;Jw<;Jl9C89u 8W\;Y 1 UR_<:'8U <j'(W
-Ct;J"8w'i3Ci:l8 U<JsY" 9uW'.l8w\:Y 'Cq,Ci:lwwC8 WiG'!.12C9pG'!.S:.<:'Ci:l Cq,<;il9Cu8uS:.Cwt' quWi.12C'i3\:Y"<J wCOiu8<:'eu<:''i3
eu<;>Wlu8Ci:l<;> <;>uWlpu8'i3CR 9C8\.l '9<;>euu12CW'.lwtgl9"'i3 vi ·v qu12Cq<:>S:.Ce_ 9uOi9CO;u8uOi 'Ol<:>tot;JC
9<;>toWlCOlw8 quCi:l\;Yq, u8u80lG'!.8 ·Cq,<:>ew<a1liue t]Ut;Jw'ijl<;>PuO:i:lt:u'ii>WiG.e quWi12C<a\:Y<;>(j <:>O:i:l8q<;>Cil<;><a
'iil<:'W'.l88<;>9 9uCil9CCilu8uCil uWiC9CilwWl<;>9we 9wWiw12 90Wi9
uW'.l8<:>ewe wu12C9Cflwe<.''2 U';;)W99"\:Y" 9u-1a uCil<;>Wl80 9uCil9CCilu80Cil u\;JG!.uWi9 wWlw£ Cq,<;>W'.lC8R
9ou9"t:8wP "£C8e_u<;>Cil "ewCilOCe_ 9w\:YCil qu)?C9Cflwe"'l:? 9u12C'?CW'.lw99"'2 91 ·v "01 vi ·v ww\:YC"q
·u9<;>uWlt01;J<'8<'9 qu';;l" OJ<:>1;JuRq uW'.lCcuw8 9uill1;Jq, u8u8Ci:lG'!.8
'q<:>eu<:-8 quS:.u98ulJ 9C8C9<J<.'08 uRWlt'u8 wW'.lq8w8u9<:>q t.09<:'u8<:>t.0 8u12CWi8w\:Y '9u8wqu12Cu9<:>t:8wt'
$OS (90·0 - vI"O)J$v =A <:><(Cgpu <:>£CWlG'!.£C1;JulJ quu8p<:> Ul01;JC
qu-N)!'1 ·%vi qwRu uwC8t'<:>g<:>'li qu<;Jl9wP9uill uqu8"'2"1JCR <:>Ci:l O:l<:>8u8Ci:lG'!.8 Cill8-%9 qwCi:l<_:Y<:>q,u<:>'i3
<:>uW'.lC9illwW'.l<:>9w8 8<:>1;J '$\7 qCillq<:>'i3 <:>uW'.lC9Ci:lwWl<:>1Jw8 'l=l 8<:>9Cillw<_:Y 'Cq,<:>u8p<:> w\:YC qu-N)I!
<:>ug<:>t:8wt' u12Cill9CCi:lu8uill 8w\:Y 'w<:>8f?.G'!.8<:>Ci:l '<:>£C9Criw8"g 9u<;;CW'.lw<;il9<:>'li \71 "\7 wwq,uWi<:>g<:><:>8<:>'l:? 8W\:Y
·9<:>t.09<:><;;wWl<:>C\:Y wW'.lq<;> Ul<:>IJU\!J<'8r"IJ qCCi:l9\.lw8<J" <:><;;CW'.lpuCR <:><;;w\:Yue<:-909 qC qu8wquug<:>e8wt'
U1;J8C<;; ·wut.0C8t'<:>9<:>'i3 j3 uWlG.t.0\l) <:>Ol1;Jq, eu<;>8u8aic.8 qu<;;Cill9Cillu8uO:l Cq, <:>u8p<:> t.Ot;JC <:>uW'.lCg
-OlwWl<:><]w8 8W\!J 'qu 9u1;J<:> <:><;;w1;JUf;<:>9u9 uW'.lG'!.q,wo<_:YCq quW'.lCillw8 8<' qu<;;Cq<:>S:.Cf?. qu<;;CWlC.<;;C';;lulJ
0
!l+(N 1CT)= ){
:Ol<:>1;J<:>8'li8<:'
9wq<:>9uw8<:>'i3 <:><;;CWlpuCf?. <:><;;C'i3w8 uW'.lu98wqt.0w8 t;JCu8 9u\l)w<$lqC89u 'wuWi88Cf?. qu<;;CW'.lwC$>g<:>'l:? 8"
(t'f (!l-")f)/ 1CT=A
9
qoq<:>q u'l:?CO:l8CR <:><;;Cgpu <:><;;CW'.lw<;i'lg<:>'l:? 81"\79uR<'8 '(Cill8<:>£CW'.lG!.<;;Ct;JulJ Ci:luO:l illwW'.lG.\:YIJ<'IJG!.
9uu8p<:> <:>eu9<:>8Ru8'l:?u8 qC gul?."8 'uwC8t'<:>g<:>'i3 quu8<:>q,uWi<:><$lue<:>t' C1;JO:lu8 '<:>u<$lC8 qu8wW'.lC8wR
uwC8P<:>g<;>'ii quill';;lq, qu<;;Cill9Cillu8uill 8<:>0:l<:>9Cill8<'\:Y 'uillG!.<:>1;J<:>8 u<;;C8e_<:>9<:>cu Ul<:>uWlG!.\l)q)
'Cq,-l:l <:>uC$>C8 :>t 8w\:Y 'w<;;C8f?.G!.8<:>0i C.w '"88G'!.t.0 ·u<$lg<:>u\!J<:>8 uW'.lC.<;;C9C<;;w'.l&8C."<;; Oi<:>98wW'.lC981?.u98
qu-11 ·v <:><;;CW'.lw<;i'lg<:>'li qwRu \l)<' "£CWlpuCf?. qC t.0u8Ci:lCqCf?. UlO\l)C .u(l:l+ I) Cq, <:'Ol\l)q, qu<;JlgC
-u8uS:.CwP uWlG'!.t.Ot;J uWlC.<;;CWl8<:>\!J8"g uCi:l9Cillu8uill wWlw<;; Cq,<:>WiC8R <:>uWlw<;i'l qwWlw<;; quillwut;JCf;
u uCi:l9COiu8uO:l uW'.lC9illwWl<:><Jw8 'Ol<:>1;J<:>8'li8<' "<:><;;CW'.lC.<;;Ct;JulJ uW'.lCillg<:>Wlq<:> quu8p<:> IJU\!J<' oa 8<:>eu<:>9
 li0U?0G c;o61oo'Z!e:.>oo0 0be:_>0 U?0'lJ'ZJd6oo'Z!e;,>00 Li06100 ooe:.>'bo .3o613oe:.> .5 061ofYl'!?Clo. R30 6Li
oofo (!?03(]Cl30m, 61fY18 LKN JfY161.:3fY1610(300li 0d3li 008fY18(]Cl0300oli (!?fY160 40% (!?0
Clo8fYlli030e;_>o o61m 0dG00'bo 1-e;_>o .3061ofYl(!?olim3oli 6.67$. dOC!'.?080(!?
v= [(0.60)$6.67)/(0.14 - 0.06) = 50$

0 060fYle:.>oo0 7. 17-oli CloG3e:.>om R3o6 3oc;om

G0tTi 0 ooe;_>oli 8'(Je:_>8n.3e;_>nJ08MtTio =V /E 1 = (I - b)/(kc - g)
08 0 30til0(!?, 0 06@JfYle:_>000 4.18 0 30de;,>03li li0Cl(]0e;_>oo0li 0 063li0 'bc;3P1fYlm 0dGooli 8fYlli0e;_>fY1(!?60e:_>o
li0til 0 ooe;_>oli B(]e;_>@Jo.:3e:_>oJ0@JfY161oli 80dlio80e;_>(]MO 860Cl36oe;_>f'100, MfY18e;_>olim3oli0(3 063oli@JfY1610
8fYloli(]613ooli 'lJ'ZJe;_>oli 0 0(!?0b(!?0li. R3o6li 80 0 0e;_>omC:lo:
8'(Je:_>8n.3e:_>nJ08CYJ<'1io = (1 - OA0)/(0.14 - 0.06) = 7.5-

08 0 30til0(!?, 6.67$-oli 8CYJli0e;_>fY1(!?6oe;,>o 8fY1 0 000 li061 0 ooe?.'oli 8(]e;_>@Jo.3e:_>oJ00fYltilm06

Cloo61mooom R30'Zle:.'Oo61030 o61mo 0dGooli c;o61oo'Zle:_>Oo0 bC!'.?000 50$ (6,67$x7,5=50$). 80 0til08
a0blifY13(!?om, MfY18 R30'Z!e:.>0061030 0dGooli Clo'l30lioooli 08 0e;_>@JoP160@Jo3oli li0'lJ(]d3oe;_>o OtJfYl
(!?030U?o6(!?oooli (!?OliJfY160ot'ioooli 'ZJOtJ3o@Jo 'b61(!?oli R3o6o 0060 8fYl(!?lJe;,>o.
11tTi0'btTi(!?0(!?0. (!?030(!?06U?oooli 'ZJOtJ3o@Jo 'btil(!?oli 80-iU?oe:.>oli 0 06li0J'Zlm61oo'ZJe;_>o Clo8mb3030
8fYlOO"lbfY13b 8fYlli0e;_>fY1(!?60e:_>O (!?030(!?06(!?000b 'b61(!?ol_i 6'Z)e;_>fY1306 0 0foJ3omli g-b. 08 bo@J(]0(300d0 1
30P10'ZJC!:?o 8(!?0 fY18061ofYloli 08000, tilfY18 (!?030'!?06'!?000 tJfY130e:_>m3oli C!:?061Roo0 m03oli 808'!?060610
(!?fY16 0'b 0. 08oli 8ob 0(!? 3om 4.14 0 06@JfYle:_>oo0 Cloode:_>oo0 8 0(!?0000tilfYlli Clo8U?o060otil0U?·
V= DJkc
0Cl300mo0 oliomo 0dGoooo, 61fY18e;_>oli (!?030(!?06(!?000 tJfY130e:_>m3oli 61Roo0 'ZJG3e:.'Oe:.'O· ID(]8(30,
8fYlb0e;_>fY1(!?60e:_>00 li@J0ooe;_>(]610. (!?030(!?.'.J6(!?oli 0060tilR(]60o0 (!?O(!?O b6om, 4. 19 0 06@JfYle:_>Oo08
Cloode;,>000 8f'183(30U c;o61oo'Zle:_>OOOli J0"130 800be:_>fYlOOOO"lO Clo'lJ0lioo0.7
'll"'bo6o. m'Z) 8fYlli0e;_>M(!?6oe;,>o (!?030(!?06(!?06oli 'bfi1(!?oli li(]610mo oliomo0, tilfY18 8(]!.!?8030
'b61(!?oli 8fYl(!?Oe:,'O 0M Clooli0008000 liofo8(!?3oe;_>oli, O.'.Jode;,>000 o08fY13otJ06fYlm 4.13 o06@JfYle;_>.'.JOOli 8fYl(!?-
O'lJ0(3061oo'ZJe;_>O 3.'.J<'llio0. 0dGoooob Clo'i:plioooli 8moe;,>o 610 0 0 8fYlC!:?Oe:.>06o O'll'Zld600006 08 .5061fY100li,
61fY18 JfY18.30600li Clo(]de;_>o0 (]R306Mli R30'Zle:.>066103'bo 80c;0e;_>o 'b61(!?oli 808.3060 6108(!?06080 oe;_>oli
0 06803e;_>fY100Clo (08 'lJ0'b.'.Jooli 006803e;_>fY100Clo g Cloode;,>000 0c;8fYlR6(!?.'.Jb 8000, 3o(!?MO k), 80 06108
li0ofYle:_>fYlfYl!.Q 'b<i1C!:?oli 0 0foJ3omo 00Rotil(!?Do0. 0liom 3om0<'1000Clo, Cloode:_>.'.J60 8fYlb'!?oli 0 0(!?0li3e:_>0 6(Y)61-
80e:_>'ZJ61'bo 80c;0e;_>o 'bM(!?oli 0060J3omo(!?06 6fYlM80e;_>(]MO 'bM(!?oli 00foJ3om'bo. O"l'Z) 8fYlli0e;_>fY1(!?60e:_>o0,
61(Y)8 (!?030(!?06(!?.'.JOO o61m 0dG00'bo oM'b61!.Q000 10 MO"l(]e;_>O .361fY1(306@Joli 0060J3omom 5 Oe;_>oli

V= ±
006803e;_>fYl00dO (!?0 08ol_i d08!.Q.'.Jo od6060 6 % o0foJ3omo, 4.13 o06@JfYle:_>000 o0b(!?000

1=1 (I +ke)
i:D5 (1.06)' -
1=6 (I +kc)1
5

'!?0080blifY1 361 0m, tilfY18 C!:?o 3o(!?o6U?oooli 'bM(!?0 80(Y)61 0 'll0'b0Clo 8oli li0'll'Zld 3e;,>0U? otio6ooli 8fYlli0-
e:_>fY1(!?6oe:.> (!?030!.Q06(!?li 80-5 dOMOfYl(!?OO. dOC!'.?080(!?, 'bM(!?Oli 80R306.'.JOOe:_>O 0P1oli t-5, 610(3 60Cl603li,
filfY18 8dl 30 6oo.'.le:_>o 80-6 .3oMofYl'!?Clo 'ZJ0fYle:.>(!?oo0 1-li, 80 -7 .3oP1ofYl(!?do 'ZJ0fYle:.>(!?oo0 2-li (!?0 0lio
Clo8(!?08· oli 80fYlM0 'lJ0'b0 0filoli (]OtJ300o 'bM(!?oli 8fYl(!?Oe:,'o, 6fY16180e;_>(]M'bO 80c;0e;_>o 'b61(!?oli
.3o61ofYl(!?Oli oo8'!?0o· 08 'lJ0d@Joli 0 08fYltJ06ooom, 4.20 0 060fYle:_>000 0 0CQ0300MfYlO"l 008C!:?Oo600610(!?:

V= ±
t=l
Do(l.10)' + [
(I +kc)'
I ][ D6
(I + kc) 5 (kc - 0.06)
] J)

O"l'ZJ 808(!?060610 (!?030(!?06(!?0 Do 061oli 2$ o61m 0d(300 'b.'.J (!?0 li0613ooe;_>oli 8fYlmbfY136oe;_>O 8060J3omo
0P'ioli 14%, R3o6 Clo3de;,>06m 08fY13bli60m V (60bom (3bMoe;_>o 4.1 (!?0'b'ZJli0ooolim3oli).

V= ±
t=I
$2(1.10)'
(1.14 )'
+[-I-][
(1.14 )5
$3.41
(0.14 - 0.06)
]

= $8.99 + $22.13 = $31.12

84
 'tl0'b0 1. U?030U?:J6U?:JoOu c:;op;oc,
(J6i:l10 om% s
i:Qo3ni:Qo6l:Q31'ol>
010930 'bno5o 'bMl:Q<> l:Q<> C'.!OP'i:Jo'ZlC::ooou 00af'10600<'10<loo0 tl1030tl?:J6tl?Ou
fi30CJc:::>otlio3o <>do 0 oool> of'lC::Pl CQ C'.!OP100'1C::Do0
ccotlioi'"(Jc:::'JOol>
0080106 0otl\oCJ3(» 1 ""$2.20. CQ. 0 877 $1.93
2 2(1.10)2 = 2.42 00 1.86
3 2(U0) 3 = 2.66 0.675 1.80
4 2(Ll0)4 = 2.93 0.592 1.73
2(1.10)5 = 322

[±
5 0.519 1.67

$2(1.10)' ] $8.99
t=l (l.14)'

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

"dGonb 8:i-5 CQ0l.i0bt;\(Jc::;•b = D6/(k.- g) °"' $3.41/(0.14 -0.06) = $42.63
6c0nl.i = ($42.63)(PVIF 14%.s)
. = ($42.63)(0.519) = $22.13

+ $22.13 = $3 l.12

l!!n3ni!!o6i!!nl:i 'bl"ii!!nl:i 6MP'i80\.'.!:'(JM'bo 0 060J3001n<Q06 0 0<Q0l:i3(.'.!:'0 oond!:.'.!:'000

(Q0'b(Jl:i0<QOIJ ()<(3MM b0P'iniJbM0Mn30<Q, 3n<QMO olJ 0 00130(.'.!:'nl:iffo600()(.'.!:'00 0 06bn(.'.!:'(J(.'.!:'O
MM<(30'bn06n 8n(QoM8n01. 001J0d(.'.!:'M OtJM o30'Bndl"i0, MM8 5 b(.'.!:'nl:i 006803(.'.!:'M00dn 1!!0301!!06<Qoon
0 0n'bl"i<Qo0Mi!!0 10% 0 060J3omnm, Clo8i!!oo 8MdtJ300Mi!!0 8%-0060 'bf>(l.?0 oo8i!!ooo 5 51:.'.!:'nl:i
0 06803(.'.!:'Mo0on 1!!0 oo8i!!oo 6%-0060 'bf>(l.?nl:i 0 060J3omn. f10G (J<BMM 80000 'bl"i!:J?nl:i 1Jo 08o6enl:i
P'i.:ir,,i!!o60100, 8001 8oe0G? !:J?0()0b!:.'.!:'01 3G?oo0 CQo 3ni!!o6G?oonl:i 'bl"i!:J?0 81"i(J!:J?Ob0'bM 306 'B(J6d 8 n01J.
01()8 8 0 ,:,l"i 0t"i1Jo0Mol:i JM8.306n0, P'i018o!:.'.!:'t:i0 8 (JG0Gt"i(J\.'.!:'M!:J? oo(J601"if1()6i!!ooM!:J?0 601P'i80!:.'.!:'(Jl"i'bo
8060J3omnl:i 'bM(Q0. MM()MM(3 ool:in, 6oonl:i8nof>o JM8.306n0 m03nQ?.::.6 n'bM!:J?000 d.::.(.'.!:'n06
0060J3omnm, P'inl:i oo8i!!Oo0(3 8nl:in 'bl"i!:J?nl:i oolJ0d!:.'.!:'oo\.'.!:'Mooon 8(3nM!:J?000 dnl"inm01!!0i!!
JM8.306noonl:i 6Mf180\.'.!;(JM 0 060J300108CQO· MM(l.?OG0(3 JM8.306n0 Gn8on'Bnl:i Ge01!/n01J,
'bM<Qnl:i 008.3000 001J0d\.'.!;M0 8m(.'.!:'n060i!! 0 0f1of>CQ:JG.

08 010380 00m8M0f1n60 6oonlJ8not"in 0 f>d:J(.'.!:'30CQn06n <(3n606i:i()Mn n6iJ0M(J8:J6eniJ oo'B0lioo0,

0101 0Mf> 8Mn(3031J 'B0Gn06n J0.3ne0!:.'.!:'n'bn0'1000 IJ001 0 oo!:.'.!:'nl:i 60J0i!!ooli CQnl:iJ016enli
0 060J3Jmn01 ( 06 8Mmbf'l36nr:;i U0M8(Jdr:;>nU 8060J:J()OlU) 'B01Jn060 MniJJniJ ooli0008niJ0Q?.
01() 11306 d:J<(30Goonl:i 006eM(.'.!:'QO:JOdO <(30Gn06n 608CQ30(.'.!:' V-IJ
d:J3(33(.'.!:'00l IJ000'bMM 'B01Jnm (Po), Clo3d(.'.!:':JOm 60'br'1ou Bnar'1 8f"Jmbr'l36nr:;in
u0r'18a6r:;iou 8060J3aain, MM8:J!:.'.!:'0(3 0!:J?8361J 8P1IJ0\.'.!:'Mi!!60!:.'.!:'n 'B(J!:.'.!:'01!/n 008MIJ03!:.'.!:'oonl:i <Qnl:>JM6-
en01oo()\.'.!:' CQ0 ()0M\.'.!:'CQ000 <(301:in06n 8n8CQn60P'io IJ000 'bP'>P1 <(30Gli, 0IJ330
(JOMQ?:JO:J6 CZJ0Un06n j0c:0r:;i1J2nU (u060'15r'1M} u0r'18a6r:;io06f'l60u. n8nli 8nboQ?3nm, m(J (i]M8:J\.'.!:'
'B0Gn06 3obn\.'.!;0301, 8P1!.i0!:.'.!:'P11!!60!:.'.!:'n 'B(J!:.'.!:'0!:J?n 008MIJ03\.'.!:'ooo Clood!:.'.!:'000 OtJMl:i IJ0(i] 030-
!:.'.!:'nl:i dMM(3:J6eooolJ o0!:J?0b(Q0, m036nlJ b:J(.'.!:'0b0(.'.!:'o 0 0!:J?0b!:J?0 06 !:J?030!:J?06(l.?00o1J 0 0(l.?0b!:J?0.
0()(30(.'.!:'Q00(.'.!:'00 0030 0 rrim, MM8 8bM(.'.!:'M!:J? n8 Clo8mb3030Clo, MMG0 <(30Go060 608CQ30(.'.!:'o
n6301J0MMol:im301J (J@.JM(.'.!:'CQ000 08 <(30l.io060 IJ000 'bMP1
('(301JIJ), 08 06301J0MMOOoiJ 8n:JM 8MmbP1360(.'.!:'0 IJ0M0 00(.'.!:'006MoolJ 00foJ3omo (,0()0P1!:.'.!:'Q?000 ,:,8
'B01Jo060 (G000 'b(i)(Y)) li0(i]0 00!:.'.!:'006Mo0li.
IJ000'b(i]M IJ0(i] 0 00!:.'.!:'006P100 0!.iM(J\.'.!:'DolJ 860Cl360\.'.!:'M306 'B(J5dGn0G, MM8o\.'.!:'oG li0Cl(J0!:.'.!:'000li
030d(.'.!:'031J d:J30!:J?0MM01 olio01n <(30Go06n Mf'18\.'.!:'ooo(3 ()06lib303Q?J00 06i0180-
6omoli006 8001 8oo(i] 'B(J!:.'.!:'0!:J?o 60J0i!!oooli (J'bfi'i(J630\.'.!:'tJM'(Jom, l.io8oo'Bom (!10 808(!10606io
'B0liooom. 8M8030\.'.!; 01030000 11306 360b03m Mr'l0 MM 0Moli (!10J03ClnMoo(J\.'.!:'O 0dGooool.i li0(i]03-
o\.'.!:'006Mo0 JM8.306ool.i 8M8030\.'.!;n (Q0'Bo6.:i6!.i3ool.i CQ060b0M'.l(;:JOm06 CQ0 J0d000(.'.!:'0l.J b0:JMOlM

85
 to
- f00(!!>0- o.:i'liMou 8ooM 0 06<>J3ocnu (kd) (J'lJMl'1 booM<>C!?
81>G01> 'b3 8MUi>(!!>CTl!.l/6:J(!!>O vo1'1!:l?Ooo6 Go85o'Ooaf:Qi.i - au <>Mou
bi>1'i330(!!>0U !.l/"'6:J, MM83- VJVoooou 006<>J3ocno, M1'1(3<> 000 601:.101:!?0<> 8081:!?06.:iMo u.:io.:i'bMl'1 J()Muocn !:!?" 06.:iboo.:i 8ou
(!!>0G 6i>IJO!.l/o" bi>Oi> 'b1'\(T}
81'1800<(300081:!?0· ou .:iuo3a M1'1o1'1M(3 OOfR<> '::JJ'::Jo(JOO/J f.'!?1'16() - internal rate of return
JCJMbo01 !.l/" ci306i>b30"
Go86n«Jnb !.l/MCTlob !.l/"!.1/8''" (!RR). 8.:icno8<>8nJ(JM<>C!? C!?oUJ1'168ou ou 006<>J3ocno dMl'1-
a,a!.l/::i· o"C!?"b!:!?oou !:!?" cn.:i36ou o"C!?"b!:!?.:ili
lio86o'l.lou 81'1806800 08 8081:!?06.:iMo u.:io.:i'bMl'1 'lJ<>licn.:i6 808.:iMcnoo.:ioo.
!:!?"3(JOM(J6C!?ocn 4.4 <>Mou
0 06<>J3ocno.:i60 oo'B<>uooou lioaffo'l.loli 3<>C!?ocn.
V-li 8081:!?06.:iMo u.:io.:i'bMl'1 Po <(30UOU 3oe:;ioocn

Po= it =I (1
I
+ kd)1
+-M_V_
(} + kd)"

O"l() R3a6 08 00308<>6cn I, MV Cl?" Po-U 'B"J81'10M03 R3o6

08 008cnb303.:ioo od6oo.:i u.:iM 0o-
uo86o'Boli.:ili. m(J8(3<>, 'b(Jli8o !:!?1'16oli uo86o'l.lo8!:!?o
<>Mou ()'(3M1'1 i:Q<> 81'1ocnbl'1 3li 06
06 J1'18dO(J80MU.

O"l() R3o6 38()001'100">

lnteqw!atinn - CTlM 6"G6CTlo
on«JMG ciro1'ioG a!.l/::i"'""'n
vo6rooo 1'ioob3ob
8o"bl!!'"':Jon010 d:J«J"b300.
8l'13doo61'1cn
81'1860'30008!:!?0 00U01'1MOOOU dM1'1(30C!?(JMOU o<>81'11:J06ooocn.
o"G00 1000$ oo8C!?ooo cn3oliooooocn: 8081:!?06.:iMO u.:io.:i'bMl'1 'lJ<>lio
<>Mou 761$; uo86o'Boo.:i8!:!?o MRno.:i 12 J(Jd1'16ou 006<>J3ocno <>Moll 8% (.3Ml'1-
G068noo o"!:l?Mb!:!?oo<> R30 6 03 u()Mu 0.:i6 3 li.:i'be:;i3Ml'1cn !:!?oliJ1'168oli ·
006<>J3ncno, "!:!?oo6u 6"J<>C!?oli
808!:!?06.:iMo li.:io.:i'bMl'1 'lJ<>uou.:i.
!:!?"3()03.:icn, Ml'18 R3o6 3061:1oocn 10%-0060 C!?oliJ1'168oli 0.:i6.:iJ 3ocnocn Cl?" 306 00Moo1'1ocn
o<>Goou 6.:iJ<>!:!?ooou .
ooli.:io.:i8ouo Jl'10'lJOG0068oooucn3ou R3o6 301:106oocn 08
6o 0 6oli !:!?<>6.:iMcnoo II Cl?" IV
V = $80(PVIFA 10%, 12) + $1,000(PVIF !0%, 12)
= $80(6.814) + $1,000(0.319) = $864.12
10% C!?oliJ(Y)68ou 006<>J3ocno oo!:l?Oo"C!?
M<>G 8080<> 761$ 8081:!?06.:iMo li.:io.:i'bM(Y) 'lJ<>u'bo . .:i8o8(Y)8, ()61:!?<> 3G"C!?(Y)cn C!?oliJ1'168oli
006<>J3ocnou 0 .:i81'11:J06oo.:i, M(Y)8 6.:iJ<>UWou Cl?" oo8GoMC!?Ou 8.:icno
761 $-81:!?0· 15%-0060 !:!?nUJ1'168ou 006<>J3ocnocn.
V = $80(PVIFA 15%,d + $1,000(PVIF 15%, 12 )
. = $80(5.421) + $1,000(0.187) = $620.68
08030 C!?Ml'1U C!?OUJ(Y)68ou 006<>J3ocno Ol:J1'1 C!?o!:!?o.
<>Mou 3o!:!?MO li.:io.:i'bMl'1 'lJ<>uo 761$. 81'1u0-
6<>J<>!:!?ooou 761 $-81:!?0 C!?oUJ(Y)68oMooou 006<>J3omo ()61:!?<> 01:11'1u 10%-u.:i Cl?"
15%-u 01'1Mou.
Ml'18 0081'1301:13<>61'1cn C!?OUJ1'168oMooou 006<>J3omo, R3o6 0680M-
10 Cl?" 15 %-ooli 01'1MOU 008!:!?006<>0M<>C!?: 8

86

V""'H"''Bomo Gb300100
f'l0c::'0()0CJOOU 6018060c::>CJM
e;ol'106vc::>oo0l>0 U?" 8o8Q?o-
fol'1o G000 'b1'1P1 e;ol'13-
ovc::>o60b a"'l'\oG.
pn.:r:niuin -
(Q>Q?360010 Gb30M00
<'>0c::'O(l0CJOOU 6ro8n6>c::>(JM
e;ol'136vc::>ao0G0 U?" 808-
U/0601'10 G000 'bl'\ro
e;ol'13ovc::>oo0b a,ol'\ob.
'1J"Uo05o D"C:"c::'Q?OOob
Goo.; 'bl'\01 'IJ>l>oG 301'100-
000/
0o8<"'>b3Q';'Jc::'" G0111 0 3oc::>oo
8"5"J3D"mli 03c::>nc::>36om.
l
4.
0.10 $864.12] 3 12
0.05 X [YTM $761.00 $l0 · $243 .44
[ 0.15 $620.68
x $103.12 x = (0.05) x ($103.12) = 0.0212
0.05 $243.44 $243.44
08 80 0 0e;;o0100 X=YTM-0,10. 0800f'18 YTM=0,10+X=0,10+0,0212=0,1212 05 12,12%. JM8.3o(J-
0t:JPioG r:QC>b80Mt:J0001 Ot:Jode;;[J00 0 08M3005 0 0PiooM01 'b(JG0o G0Pi0 [JOe;;o05f'100 MOe;:>o 0 0(.300G
8M800qJt:J008r:Qt:J 11,82%. 0()(.30e;:>OOoe;;o0 030bl>M3r:Qt:JU, MM8 o50oPi.3Me;:>0(.300 U00()0e;:>000U
0 30de;;o3G 8bMe;:>Mr:Q 'b(Jl.>0 dMM(.3050()e;:>f'100Gm05 800be;;M3[J00. QU f:Q08MJO!:QQO(Je;:>[J00
08 f'1M r:QOUJM50ol> 0 050J3t:J01G OMMoG 0Pi 0PioG DMqJ030 0be;;05r:Q[Je;:>
oal>00080G0r:Q. 01()8(.30, t'\08 ()'lJMM 83'or:QPiM0 r:QOl>Jf'150ol> 005"J3001000G r:Qo0.30'bM5o, PiM8oe;;l>0G
f1305 301;w50001 o50t:JM.3Me;:>0(.3ooG r:QMMU, 8001 0be;;M0 .30G(Jbo 80mo800oJ(JM0r:Q
608r:Q3oe;; .30G(Jbm06. 80 00e;;o010r:Q, 01() f13t:J6 0 08M3otJ06t:J001 11 (QC> 12 .3MM(.3060G, f1305o
.30G(Jbo ()qJMM 'b(JG0o fo8r:Q3oe;;
f'Joe;;o 8 0eoou 'B"Gooou 80b0u00maoae;;o. 4.22 0 050Me;:it:Joou G0'?3(Jd 3t:Je;;'bt:J Gb 30r:Q0Gb 30
0 08f'1J3e;;D 3Doo ooode;;oo0 f:Q"()J" 3oot'ir:Qol> Moe;;n 808 00G 'B"Gool>:
MM!:QOU"(.3 00'bPioG 8nt:JM 8f'JmbM36oe;;n G0t'i 0[Joe;;o06MooG 0 060J3t:J010 0PinG 8000, 3or:QMQ
r:Q0r:Q8D6oe;;o J(J.3M6oG 0 060J3[J010, M0e;:>080(.300U qJ0Uo nd6t:J00 ()qJMM 60Je;:>[JOO, 30(.QMQ
8oGo 6M8060e;;(JMO 08 0 30Pi0r:Q, 0Gt:J01n MOe;:>o30(.300 OtJOr:Qt:J00 qJ0Ur:Q0-
Je;:>00001 8oG 6M8060e;;()Pi 00C!?0Piooo01. GoQ?OQ?t:JG, MM8e;;om00 5M80-
60e;;(Jt'io 03'0t'iot:JoG 808Q?n60Pio '?30GG, ODMQ?t:JO" 010C'.:'.:'00eiciooG
MMQ?QU0(.3, o.:.'bt'ioG 8ooPi 8MmbM36oe;;o G0Pic,ooe;;o06MOOU 0060J3omo .:.Pioli 60Je;:>t:JOO
MOe;:>oc,0(.300G J().30160G 0 060J3001'bt:J, 08 MOe;:>oc,0(.300G qJC>Go od6000 8000 8oG 6M80-
60e;;()Pi GoC!?or:Qol>, 808r:Qo60Pio 0S:0PioooG
601806.:.e;;(JMO 00f'1(!?t:J00 .'.lil1n8n(J80.
MM!:QOU0(.3 00'bti10G 8ooti1 8M01bM36oe;;o a(T)c,oooli 8"6"J30010 ()0f'1e;:>(!?t:J00 f'10e;:>OC,0(.300U
J(J.3f'16oli 0 060J3t:J01G, 08 MOe;:>o30(.300G <(30UO 8"()0Me;:>Q?t:J00 8oG 6M8060e;;(JM
080Moo6, MM8 0Gt:Jmo (T)oe;;o00Gn0 0 0ntioC!?Do0 01030Go 6M8060e;;(Jti10
01() 01oe;;o 00(.300 08or:Qoo0 '?3"GC!?0Je;;ooom, 80006 P0 < 6M8060e;;(Jti1 'bo !:Q"
YTM > J(J.3M6ob 0 060J3t:Jm'bt:J.
O"l'() MOe;:>o0 0(3o0 Oi:fOQ?t:J00 m03obo 6f'18ofoe;;(JMO 80006 6M8o60e;;(JM
YTM = f'10e;:>o30(300G J(J.3M6oG 0 060J3oml>.
01() f'1oe;;o 00(.300 0 00t10C!?oo0 .3Pio8oom, 80006 P0 > 6M8060e;;(Jti1 c;0Pioo()e;;Do0'bo r:Q" YTM
< MOe;:>o30(3ooli J(J.3f'15oG 0 06"J3t:Jm'bt:J.
01() li01Yi3[Joe;;oG JMM(.3050(Je;;n 3060J3t:J01D60 0 0o'bti1r:Qo6<> r:Q" 00'bti10G 8ooti1
8f'1mbM36oe;;o l>.:>M 0 t:J6e;;oG 0 060J3t:Jmt:J00(.3 300'bM!:Q000, 80006 M6e;:io 0 <:>(.3onG qJ0bo r:Q00-
(.3t:J80. m(J .3!'i1M(.3t:J50()e;;o 0060J 3Dmt:Joo ;mo80, Moe;;o 8 <> 8 onG 'B"Gooo 0 0o'bti1C!?oo0. lib 3.:.
lio08300om, dMM(.306<'.lJ(Je;:>n 0 060J3omooo (Q0 f'10e;:>o 0 0(.30000U czplit:JOO 8MdM0f'1006
808.:>MGJ()e;:>QOO(J) - G0003C33M 000f'150-(!?000f'160li OMe;:>MQOOG 8G003G<>(!?.
OMe;:>M C!?"J3oti13000C!?06, 5.:.moe;;o.:., MM8 G0ti13ooe;;ob JMM(.305<'.lJ(Je;:> 306"J3omoooo (.33e;;oe;;o608
()5C!?" 3<>8Moo30Mb (T)oe;;o30Gooli qpGt:JooG G3"e;:>t:J00Q?M00. .3ti1(T)oo6@.>()e;;o 3060J3omoooG
01oe;;n8 <> 8 00G G.:.o<>'bti1(T) 'B"Goli 0u 001 83 0e;; 000r:QM00b QDM!:Qo60
li.:.Pi 0o6e;;oG .3ti1(T) 8 o6@.>()e;;o 0060J 3o010G (06 ()J()oOi'.ioG) ti1nl>Jo. 85oC3 350e;;(T) 30600
MM8 063oli@.>f'1Mli od6060 MOGJoom.:.5 (!?06"b0!'i1'.5(;06nli C30G0de;;M
6oGJo 08 Clo801b3030Clo, m(J '?30Go060 8"°tlor:Qoo0 801.i 8M8on'?.loo08C!?o r:Q"
.3Mf'1(.3050()e;;o 0 060J3001060G (Qf'15o 00n'b06r:Q0 8nGn oolitinr:Q3nb 8f'18o5@.>n!:Q<>5.
oo8C!?8f'18n ti10"l8oe;;n(.3 0M(3 (J)() nGo Mf'1C,f'1M(3 0060
Mmbn, 0 063nboe;;f'1m
87
 L.

1600
o080J:Q30

.'3t'1D80'180ffi
1400

€ o080J:Q30
c 1200
.:J
./)
SJ
.:J
c
c
./)
cO 5 8%-0060
'3"lili0 El 800 : J'1.'3f'l60G
tl?" rO I
dMMnli MMn
E I
. I
(300Um3oli, 8M(J(QGOo 600 : f'Jot!:';'Oo0GODoOG J(J.)f'l60G '""''"fl""'"'
lfo(i)8"'"tl?8D6li I o080(Q30 J:QOGJf'l6t!!tOm
(300U 'B"Lioou, 0 06Lib 3030 - I
I
"" 'bMnu
4 5 6 7 9 10 11 12
0 06033amoli0u (u000'b"'"'
()J(JoDonu0u ). J(J.JM60U
o"°"J30010
o0'bt'10G o060J3Dmo (%)

G1iC'i.:i'bMM 8oboawo01
8"GooG qpGo 8oGo 8M8bocz3000G bO(QOCf?001.
G0 0M01MCQ, M0G IQOCf?o" Go8l5oez3oG CQMM, 8001 8o&o0 '?3"GoooG 8oM::JoM00,
oo'bMob 8ooM Mi>(l ()'?JMM
Go8l5o'?3oG Cf?MMoG CQOCQ
.3MMGo6&oooG 8"U?"bU?ooo G000'bMM '?30GoG U?" 8001
oo'bMob 8ooM qpG0060
G000 'b(Y)(Y) '?3"G 'b 0. G00M01MCQ, MMCQoG0 8 8M8l50'?3oo0 0MoG 8o&o0
'?3"GoG MobJo 0630G&MM0G0130G, Mi>CQ8"6 l50M8Moo3000
8060J 30 01 0ooG CQM6 0'b 0.
4.1 b(JM001'bo fi306G 8ooM MMo 806Gb-
3"3U?oo0 Go8l5oez3oG 3"U?ooom. 5 U?" 15 '?3"Go-
ooG 60fi3060000 oo'bMob 8ooM 8i>60J30010G
Jo300Moo. MM8MMG Go8l5o'?3oG
3i>(Q001, (Jfi30600G 80& 8oM::JOrYJ0i>b G000'bMM '?Ji>bOo 6oooG8ooMo
8ob0Cf?3001 (08 MM 8M(JCf?'bD 4.22
00'b0).
JOCQ03 DM010 G0t:J:oMMi> 080
MM8MM(l J(J.3M6oG 0'?3Dd&o.
6. 00'bMob 8060J3omoG 8oboa?3001
'?Ji>bo 8001 8o0"U? M0G J(J.3M6oG 8"6"J30010. Gb30 Go&ti3ooom,
'?3"G 0ooG J(J.3M6oG 8"foJ30010106.
oG 0'?3od&o o8om, MrYJ8, Mi>(l J(J.3M6oG 8i>60J30010,
8001 80&00 063oG&MMoG 010360G 801QobCQoG0G Go8l5oez3oG CQMMG,
8"U?"bU?oooG .30MoMCQooo01. Gb30 Go&::i300001, J(J.3M6oG
8060J3omoG0G 0630G0MMOoo 010300601 83006, 30CQMO
J(J.3M6oG 8060J30010G 8dM6D 008mb303000. G00M01MCQ, Mi>(l ()'?JMM
0Mob 8"U?"bU?oo.oG foJ"U?DooG ()8o&oGo 8001 80&0
0'?3od&o, bi>M80-
01() U?" J(J.3M6oG 8060J3omooo01

, V:m

88
 4.

b.:iGo.:imCQDO" Go85oc:noG nP1mo CR" 08.:i3n 3.:iCQom, c:n.:iGo J(JdM6oG

o"6"J3[)01001 (JC?JMM .:iP1oG
!."!?('t)6a Go8oo't3na!."!?n - YTM !."!?" !."!?"<'10(3b3.:. 6i.:i8"1'?n6-
P1M 0MP1G (JJSD .:iCJCl-Clo
&"CR"°bCRao" "p;" .:iP1.;,8aCR .:i8 .:iP1Ga-
Oo6MMOMao.;, b{!?l)O.) 8.:,01 8oaP1, 306(3
G.;,Jo01boG fl3a6
o"CR"bCR" Clac:n"baoob 4.8 01() bo8ooc:na8CRa
(V) 8o8CQo6.:iti1a
b.;,6.;,'btilM 'B"bo01 (P ClaCQGo"D:?
0 ).

_ I/2 MV
P0 - £.,, + ----
t =I (1 + kd/2)' (1 + kd/2)2n
.;,(j k:J2-G bo8ooc:nob.;,b.
!J{fl'l6::J bo8oo<an8C{l) - YTM 0.;,Mti18.:ioa6oG .3ti1.:id®oJ"
01.;,3b (Ji:Jtilob ti1.:i01.;,
!."!?fl'l6::J bo80'01(3::J81."!?::J - YTM .;,6 oG, t\1.;,G.;,G 8M3.;,3'tilaaoo
(JbMD;?a6a6 - bond-equivalent yield. oao3a
oacr:a 0o 01() ,, 1-G i:Q"3()8"®ao01 i:Q"l'i10(3b30G YTM"-b
J3"!:Qtil.;,®Clo .;,3o(:l3.;,601 D:?" oa8cr:ao 1-G .:,6()
(1+ l:QM''10(3b3ob YTM) 2 = YTM
MMof'lM(3 o.:ibGf'l301 8n-3 01.:i3oi:Q.:i6 (ac:nad®o.:i6o YTM a.:i8f'l30.;,63.:iti10Cla01 ()'8()df!>n.:i6n
pr.;inGJll'ln /J.;,ti'i 80 or.;io& 8 .:i6"JJocnn01 .

.:.dGoa6oG oac:n0GaooG (4.10) 808i:Qo60ti1a G00.;,'bti1M C?J"boG

(P0) fl3a6
P0 = DP/kP
G"CQ"G DP 0ti10G 1:Qn3ocr:a6!3?0 0deo.:i'ba, 80 06108
.;,('i)oG .;,8 "aGoob o.;,'btiloG 8onti1 .;,6
.:ideoob "aacr:06 fl3[16 0 030QM01
"aGooG 8M8 0aoo.;,5f'100:
kP = Dp/Po
cr:03()Cl30m, MM8 Jf'l8.306oob ,,Acme Zarf' 10%-o.:i6o
.;,foooG G.;,o.;,'bl"if'l c:n.:ibo 100$ 91,25$-b .
.:idGonoob ab c:n0Go JM8.306oob0130G Cln8cr:Do 8f'l8 0 noo.;,6Mo.;,b:

kp = 10$/91.25$ = 10.96%

(JJ(JoDoob 0 060Jsn010 cr:oaoCRn6CRD<'>oG

"deo.:i'bn,
"aGoob b.:io.;,'bl"if'l ca0Gob .31'1MGD5®b.;,. m(J
CQ03ocr:n6CRaooG 8(Jcr:8030 'bl"ii:Qob o0 03a ntJf'l JM8.3.:i6oob
.:idGoaooG0130G, 80006 8o8cr:o6"fi1a b.:io.:i'b!"if'l ca.)Go(P 0)

P0 = D 1/(k 0 - g)
k,,-b 08MbG60G.;,b, 1Ja8mb3a3.:iClo .;,l"ioG o.:i'bl"ioG 8oal"i
Jf'l8.30600G "aGo"'ba, R3a5

.:i8 8 b.:iCQo bCQa<'>.:i, l"if'18 "deoaooG 8M8oaoo.:i5f'lo<>

f'lMo . .:il"iob i:Qn30CQa6l!?aoob (Di/P0),
8af'll"ia OtJ.:iMf'l (g) .;,P1ob 'bMCQO!:Q.:i6. g ;:,filoG
6a3"'1.:iCR all .:ifi)ob CQn30CQa6!:Qoooli 'bfil!:Qoli

89
 0 <>6<>J3omo. 8<:> 01'i1<>8, M('f)f.J?Dli"G fl306 oli <:>l'i1oli <>lio30
<>J(3000ob 'l_3<>boli (<>6() P/P0 -1 =g)
f.1<<> <:>8o<!!J('f)8 oo('f)f.J?OO<> 'bl'i1f.J?of.1<<:>6.

Mf'l0 f'l(i}O,) .:.rlooaoob b.:.o.:.'b(i}('t) otioll:wo<>

40$-.:ill/1 'b(i}ll/ob 0.:i6.:iJ3amo Otjf'lli
9% r:e.:i .:.rlooob ca.:ibob 6.:i'b.:i(i}i:eo Otjf'lU 2,40$?

li<>o<> 'bl'i1M k. Q?o 3of.1<o6u;wooli D/P 0,

'bl'i1Q?of.1<<>6, g. "JD0?"6 3ocwom:
k0 = $2.40/$40 + 0.09 = 0.06 + 0.09 = 15%

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

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

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

(l + k,i)" (4.6)

= MV(PVIFk,.n) (4.7)

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

- D D
V=l:--P-=_£_ (4.10)

2. 0<:>8('f)li1Joll13" n Jol'i1o('f)f.1<Clo
V DP call price
= tt(l + (l

= Dp(PVIFAk,.n) + <(pl>o)(PVIFk,,n)
.)dGOOoO

(4.14)

90
.:id@>o3000G c,06G.:i 'bc::3610G JM6(30<(3(30.'.l 060Mi10CloooG0130G 006G0
8M0(303G 0G0b03G CQ030CQo6ciwooG 'bl'YlCQoG
(8Md8oCQo G000618MG) G(JM001G CQ0 8oG CloG00080G CQOGJM6@:>oG 0060J300100G.
G000'b61M CQ0 01'() MM8 CQ030CQ06CQ000G 'bi'YlCQoG
0 060J30010 od6000 8(JCQ8030, 80Clo6
.:i8 0103Clo '130606G(JMO 0d@>o3000G Clo'l30- 0doooooG c::ol'Yloow!'..'oooG 0 08M06 8 0-
Goo0 0 08Mo::w600.:i 'l30Go060 l'YloCJ0ooG od6000 Clo8C!?ooo G0bo:
c,06G0'bc::3610G00130G, 06(J M0BCQo6o
(J6CQ0 C::OMCQOG o0 o, 01'() 8t:J0Mo '130J@)MM0-
00CQ06. oG 0P'>oG 60J0CQoooG
08 Clo801b3030Clo, MMCQOG00 0i'Yl 01'YloG
0630G@:>MM0G0130G CQOG-
CQ030CQOCQ06CQoooG 'bMCQ0, 80Clo6 'bo8(Y)01
od6oo0 Clo8<!? 08 o G0bo:
0 060J3001001, 6loGJoG CloG00080G0CQ.
8(JCQ8030
0P'>oG 80G'bo 6P'>M(306@:>oooG 0 0CQ0bCQoG
foJ0CQoG oG Mf'1(30 <'1M8 CQo 3oCQo6CQoooG
0P'>oG 6P'>M- 'bMQ:?0 006000 JM8.30600G 0 0630-
G06@>oG 0 0CQ0bCQ0 0630G@)MM0G Booi'Yl 010i'YloooG Gb30CQ0Gb30 '130 'b0Clo, CQ030CQ06CQOOOG
0 060J3001'bo. 'bl'YlCQoG Gb 30CQ0Gb 30 '130 'booClo
8M8@:>060 Ot:JMG 8 06G0 CQ0
Go8oo'l3oG 30CQ001, 008 ooG 80G0c::oo0CQ.
C,0CQ0bCQoooG e;ol'ioo'J- 01() f\3060 Clo'l30GoooG
010360G 0 060c::CQ000G (V) '130Go060
Go85o'l3oG CQMMli. oli G000 'b!'l(Y) 'l30Go01 (P 0), 80Clo6 fi306 006-
C,0CQ0bCQOOO CQOGJM6@)oMCQ000 0630G8MM0G 8M01bM3- 3G0'be;3i'Ylf'101 'l30Go060 00'bl'YloG 8ooi'Yl 8f'101-
0 060J30010G CloG00080G0CQ. 3060J30010,
J(JdM6oG 0 060J30010G 0CQQD6G 'l30Go060 G000'beti(Y) 'l30GoG
01'1 6ol'loM- CQOGJM6-
0 0Q:?0b(Q0G) 0!'10G 80G ofif'1CQ000 00 t'000130 08
Go800'130G0G 010360!.i c,060c::CQ060G '130Go060 (l.1000 'bM(Y))
0630G- f.!?M6:J l.m8'iJn'?J:J8f.!?:J (YTM) 0e00G
@:>MM0G 8001'1 0 060J30010G 3060J-
CloG06080G0CQ. 30010, 01() 030 fot:10CQ00 l.1000 'bi'YlM '130Go01 CQ0 ofoboo0 8oGo
0doooG Go8Elo'13oG 30CQ0G CQ0CQ8f'1808CQO· 80G (Jtlf'1CQ0oo6
0!'101 0doo0'bo Q:?o30CQ06- 0Go30 dOCQ0 ()J()8000G CQf'16oG.
CQ060 0630!.i@:>MMOG 8ooe0 3060J3001000 CQ0 '130Gooo
0 060J3001'bo. 8MdM0Moo6 G0Elo600c::BtQ08(Y)
CQ0 0dooo- G0ol'Yl01MtQ, M0(3 80@:>0 CQMf'10
00G006 0 06Gb30300001, Go8Elo'13o8CQO, 8001 80@:>00 08 '130GoG
60J0CQOOO 0060Go0M CQ()06CQ000, fi3o'J- 00 'bl'YloG 8ooe0 8M01-
0doooooG 60J0-
CQOOO l'Yl00 J(J.3M6oG 0 060J30010, 8001 80@:>00
0doooG CloG00080Go '130GoG 00'be00G
MM 0MM(3 JM8.30600 080&06- 8oboCQ3001.
@:>oG 8ooi'YJ CQ030CQ06Q:?oG 0doooG
MMo tlt:J0MMCQ06. 0i'YloG (Q030-
Q:?o30Q:?o6CR000G CQOGJf'16@)ol'YloooG Clod- tQODCQOOoG 8o(Y)i'Ylo -
008 o0ooG 0 08(Y)- 'bMCQOCQ06.

91
 2.

1. 61.:i J.:i3Clo<Ylo .:id3u, m(J o0o u.:io<YlmM(l? .:i<YluooMou, JM8.3.:i5oou u.:io.:i'b<YlM 8ou
.:i5
ffi(J .:i<Yl.:i qpuo.:i5o 063ou&M<Yloum3ou a.:i5ub-
3"3!:l?00M(l?OU .:i8 cn.:iuo.:i5o u.:io.:i'b<YlM m(J Jo, 8.:ioo5 <Yl.:i
0.:i<Ylo8Moooooo:i?
3. <Yl.:i ..:i<Ylou Cl?" .:idooooou
8u0.:i3uo 8.:imo oocn.:iuooou CQMMu?
4. <Yl.:i&M8 .:id3m cn.:iuou 8oeo uoa!>ocnou CQMMU,
30CQMO .:id3m uo8l>ocnou 3"C!?"• MMCQOU"G 8.:im .:id3m
8u0 .:i 3uo uo8oocno8C!?o 8M8 0 ooo.:i5Mo.:ioo?
5. 20 .:id3u 8% J(J.3M5ou 0.:i5.:iJ3omo, 80MMO .:i8.:i30
uo8oocnou 3.:iCQom, .:id3u 15% J(J.3M6ou 0.:i5.:iJ3omo. m(J ou
o"1m5.:io<Ylo.:i ub3.:i 8.:imo.:i6u od5oo.:i u.:io.:i'bMM cn.:iuou 80&0
oo8Go<Yloo.:i 0.:i5.:iJ3omou 88ouoo<Ylo 'b<YlCQoU 008mb303.:ioo?
M08M8?
6. <Yl.:i<§M8 .:i<Ylou CQ030CQ06CQ000 8m.:i3.:i<Ylo "DGoooou. oocn.:iuooou.:iu?
'1. CQ"3(J03.:im, MM8 IBM JMMdMMo(.300U "DGOOOOU .3.:iJoeo
8(JCQ8030 .:i8 "DGOOOOU .:i5 dMM(.306-
eooou .:i<Yl0.:iCQ.:ibCQoU .3o<YlMoooom .:i8 o<Ylm "DG°"'bO
'bMCQ"· MMoMMO 0(!?8MR6CQoo.:i JM8.3.:i6oou "DGOM6o<Yloooum3ou?
M08M8?
8. <Yl.:i&M8 Ro<YlCQoo.:i CQMMO"lo 6ooou8oo<Ylo JM8.3.:i5oou 8MoOOOU CQ" CQ030CQ05-
CQOOOU 'b<YlCQoU 0.:i5.:iJ3omooo? ffi(J .:.<Yl.:i 'b<YlCQoU ou 808.3000 0.:io'b.:iMCQMU? m(J JO,
<YlM 0M<Yl .:iou0boo.:i 0u R30 5u .:id 8 o0o'b 0?
9. 0.:i8Mo8o6om 8()CQ8030 CQ030CQ06CQOOOU 'bM(l?OU !:!?" 0.:i6u.:i'bQ3<Ylom ffi(J
.'lM.:i .3dM5!:l?ou uoeV"Go.:iu, .MMG" JM8.3.:i600 o'b<Yl!:l?oo.:i 30%-om
..,bl.io5om.
10. md3060 m.:i8o (JM5Meo 08QCQM36oou, MM8, MMCQOU"G CQ030(l?::J6CQ::JOOU 8(JCQ8030
'b<YlCQoU oocn.:iu:;oou 0.:i8Mo8o5000 "DGoou 8081:!?06.:i<Ylo cn.:iuou .:ibu6oum3ou,
g) o.:i<Yl8M0CQ805u CQ030CQ06CQOOOU . .:i<Ylou ffi(J 0M0
008mb303000 8080 ..,buo6om md3060 .30uvbo.
11. ,,.:ioo b.:i'bo6ou 1000$ vcn.:iUMCQ! 6ooou8oo<Yln 999$-ou 6.:i301f<Ylou
008mb303.:ioo". 6ooou8oo<Ylo .3<YlMCQ(JDGnou 80C1?3om, u0o<YlmM
00"!:l?805u 999$-u, 8MoOGo8.:im ()'{30UM(l? 8oO(!?Mffi .:ioo-ou b.:i'bo6ou
o<Ylmo 1000$ 'bvue"CQ .:iuomo 8"8M.:iGb"CQ" a.:i'bomoo
o<Ylm8.:i JM8.3.:i5o.:i8. ,,U0M(.30Mo.:i! - md3060 8o 0M00Mo
.3omo<Yl CQ0(J5 eocn.:i5uo. ou bM8 OU .')MOU, MM8
8oo(!?M (J'{30UMCQ"·
800Mo0<Yl8.:i 01') 80.:idGo" 8(JM0CQ(!?00" 08.:iu,
<Yl.:iG.
md30680

do<Ylom.:iCQ
$]000
US. GOVERNMENT
eodu&oo, u"C!?"G M(".)8 0u TREASURY BOND
u(J'{30UM" 0MOU J(JdM-
5ou 0.:i5.:iJ3omom, · uo8oocnou 30
3"CQOO"l. 000G"CQ0ffi 0(Jbu5.:im md306u 8ooM00M
.3omo<Ylu, MM8 :JU u(J'{30UM" .:im0li
FREE!
WITH ANY 5999 PURCHASE
_ .'lM .:i<Ylou OOCQOU ANY COMBINATION OF ANY ITEMS TOTALING
'999 OR MORE AND YOU
u.:iR(Jd.'l<Ylo, .'lM.:i8o!:l? U.'lMOJ- GET As1000 U.S. GOVERNMENT BOND FREE.
'{306(l?00.

92
1. J(Y)8.3.:i6o.:i8 "Fast and Loose" 0 .:iG.:itJO<Q<'><Q 0,:,8(Y)(J03.:i 8%-0,:,60 .4 5c:o.:i6o (Y)oc:oc,.:ioo0 1000$
6(Y)8obcic:(JMO c.;0<'106(Jc::'00001, M(Y)8oc:'boG dM(Y)Gofieaoo o"Cl?C>Ob(Q:JOC> tl(Y)3DC:0C:O(JMC>(Q.
01() 60'b<'10G 800<'18(Y)01b(Y)36oc:o G0P1 0 aoc:ol. 0 060J3::i010 O:J"Cl?o:J6G 15%-G, M(Y) 0 (Y)Mo.:i .:i8
(Y)0C:OC,0(300G G.:io.:i'bti'i(') c.;oM:JO(JC:D00?.
P1M 0(')Mo od6ao0 G06.:i'bP1(') c.;0P106(Jc::'Do.:i, OJ() 00'bP10G 8oaP1 8(Y)01b(Y)36oc:o G.:iP1 0 aoc:oG
0 06.:iJ30010 C1?"DGD80 12%-8<QD? 8%-8<QD?
0 . 01() (Y)oc:oc,0(300G G.:io.:i'bP1(Y) G0P1 0 aoc:oG 0 05C>J3:J010 0 0(Je(Y)C:Cl?Do0 8%-G Cl?" 0P1.:i 15%-G,
M(Y) 0(Y)Pio od6ao.:i .:i8 (Y)oc:oc,0.GooG G00.:i'blil(Y) c.;olilao(Jc::'Do.:i? (dolil(Y)oaooG oaG00080G.:i<Q,
800100106(Jc:o d(J6d0 0-Clo)? <'1.:i 8(Y)(J30<Q(Y)CI?" 08 (Y)oc:oc,.:ioooG G.:io.:i'blil(Y) 'B"GG, 01()
o.:i 'bliloG 8o::ilil 8(Y)01b(Y)36oc:o G061c,::ioc:oG 0 06.:iJ3:J010 <Q0:J(3D80 8%-8<QD?
J(Y)8.3060.:i "James Consol" 08tJ.:i80<Q 00GG::i8G 1,60$-G <Qo3o<QD6<QG oPim 83:J(Jc::'J6Mo3 0dGo-
0'ba. J(Y)8.3.:i6o.:> Dc::'(Y)Cl?:JOC> 13?03013?:J6Q?oG c,0'bM13?C>G 20%"'.0i.>60 5c:o(JMO c,06i.>J3001001 oa8G?ooo
.3olil3oc:o 4 5c:oG 806doc:'bo, 13% .0 06<.>J300108G?o oa8CT?ooo (Y)01bo 5c:oG 0 06803c:(Y)o0Clo,
Clo8G?Oo Jo Q?o3013?06G?o60G 'blilQ?<.>G 7%.-om. <Qo30Q?o6G?o60G <(3<.>'bao013? 'blilQ?oG oG G(Jlil<.>010
ClooG00.:i8000 8(Y)c,oooG 8oc.;oooG 8(Y)Gi.>c::'(Y)G?6Dc: G0Goo(Y)obc:(Y) ooJc:G. 01d306 001b(Y)301 16%-
006 G0Ciloaoc:oG c,<.>6ciJ3omG 08 <'>J(30J6dO 0630GeoMoooG0130G. M(Y)C,(')MO C'.;OM:JO(JC:000
0c.;8(Y)8613?JO<'> md3060130G 80G0c.;060?
3. 1000$-0060 6(Y)8060c:(Jlilo c.;oliloo(Jc:DooG 8d(Y)60 (Y)oc:o 008 00G 80813?060lilo G000 '/Jlil(Y) <(3<.>Go
<.>liloG 935$, (Y)oc:o 0 <.>(3ooG J(Jd(Y)6oG 0 06<.>J30010 0PioG 8%, 8oG 8(Y)850'?30008Q?D Pif1000 10
5oc:o. G0Cilc,aoac:o C,013?i.>Ob13?060 bJC:000Q?OO :JM01b:Jc:· G0608 OJi.>GM(JC::JO(Q:JOl M<.>n8o
0 08(Y)06 0 0<'1oca60G, 0.:i8(Y)0<'1J 3o001, 0if01i10 0oG 01(] 0<'10 G0lilc,ooc:o06(Y)60 Go85o'Ba8G?o J(Jd(Y)-
5oG 0 060J3omG. lil0e(Y)8?
Cil(Y) 0(Y)Pio0 08 00 'bliloG 8oolil 0 06G0 'bc.;3lil(Jc:o 60ba301il5c:o060 G?oGJ(')5eoG 0 060J30010
(06(] Go8l5o'Ba8G?o. 60ba 301i15c:o060 G06ic,ooc:o06(Y)60 )?
o. 0) Jo01b30'bo .30G(JboG 0 08(Y)t106ooom, M(Y) 0(Y)6io0 08 (Y)oc:oc,0000G (i) (5c:o(Jfl'io 6r080-
6<.>c:(Jfl'io) G06i 0 aoc:o06(Y)6,:, Go85o'BD8Q?D? (ii) (5c:o(Jlilo D'?3Dd&o060) G.:i6ic,::ioc._>006(Y)60
Go85o'Ba8CT?D?
6(Jc:(')3060 J(Jd(Y)5oG 0 .:i60J30010G (Y)oc:o 00000 6(Y)8o6.:ic:(J<'1o c.;olilo6(Jc::'J6001 1000$
otJO!:f?:JO<'> 312$-01:!?; o0 o 8(Y)85o'BQ?OO" 10 5oc:Clo .
.). M(Y) 0 01Cilo0 08 01oc:o 0.:ioooG 60'b6i0G 8001'1 0 06G.:i'br.;3<'1(Jc:o 50bo30Pib'c:o060 13?0bJ(Y)6&0G
0 .:i50J3amo (06() 6.:ibo306i5c:o060 G.:iPi 0 ooc:o06016.:i Go85o'BoG !:f?M(Y)G)? 000-
Clo 8(Y)d8oa?o (')0c::'OC,<'>(300G <(30bJ6'1lo oa0106b8ao0 00130c:olitio600G 6i.>bo30Cil5c:o060 dM(')-
GD6eoooG Q?i.>M0(3b30G - 6(Jc:(Y)3i.>60 J(Jd(Y)6oG 0060J3J<Y>OG (')0C:OC,0(30:JOC0(3)·
0 Jo01b30Clo 8oc.;ao(Jc:o .30G(Jboli 0 0801t106aoom M(Y) 0(Y)lilo0 .:i8 (Y)oc:o 0 0000G (i) 5(Y)8o-
6"c:(Jlilo bC:O(JMo li.:ili1 0 aoc:o.:i6(Y)o,:, 8(Y)850'?300<.>813?:J? (ii) (D'?3DJ0o<.>5o 5c:o(Jlilo) G01i1 0 o-
oc:o.:i5(Y)Oi.> lio85o'Bo8crw?
5. CT?C.:Dli J(Y)B.3060.:i ,,Acme Rocket'.' -80 fi3:J(Jc::'Jolilo3 .:ideooo'bo 0 <.>Q?Mb<'>G?<'> 1$ 5c:o(Jli1o Q?o30-
G?D6Q?o <'>J(30i.>'bJ; <'>J(300b bi.>O(Y)C:(Y)(Y) <(3i.>bO 0(:j(Y)20$. Q?S3(Jc3001, M(Y)8 00'b01\10 DC::(Y)Q?OOi.> 08
J(Y)8.30600G tJ(Y)30C:bc::'o(JMo n::o30CQJ6Q?:J00G 'bM!Q<'>b 8(J!Q8030 6%-0060 0 06<.>J3J01001
5oc:oEi0!QClo.
0. c>,05G.:i'bc.; 36i 0m .:i8 f1 3ow:?oor<1D 3o.<.>donoonli G06ic,ooc:o06(Y)o0.
li1(Y) 0 (Y)li1fl<> <Qn30C1?06C1?o6nli 8f'lG0c:(Y)CI?6oc:o G01il 0 aoc:o<.>6(Y)o<.>.
lilr'l 0 (Y)6io<.> J<'>dne0c:ol> 'blil(l(oG 8(Y)Gi.>c::'(Y)Q?6Dc::'o li<.>lil 0 ooc:o06(Y)oi.>?
b. J018.306008 "Peking Duct Tape" 0 08(Y)(J03<.> f'1oc:oc,0000 14%-0060 J(Jd(Y)6oli 0 060J3001001 Q?<'>
1000$ 5(Y)8o6<.>c:(Jlilo c.;oliloo0c:ooo01; (')oc:oc,.:ioooG Go85o'Bo8G?a lilf1060 3 5oc:o.
M(Y) 0 (Y)M OJ<'>'8<'>b:J001 <.>8 (Y)oc:o 0 <.>oo<.>G, 01(] 01d306G 8oalil 8(Y)01b(Y)36oc:o 6018060c:(Jr<10
bc::'O(JMO c,06<.>J30010 i.>MoG (i) 12%? (ii) 14%? (iii) 16%?
Q?<'>3(J03001, M(Y)O G0d80 c,3<>d3G (Y)0C:OC,i.>(30:J001i.>6, M(Y)8c:oooG <'>C'.;bJMOC:Oi.> 'llo8(Y)01, o8oG
c,08(Y)Jc::'Q0001, Mm8 oG i.>MoG (QObJ016eor<1oo(Jc::'O .6(Jc::'f'13i.>6o J(Jd(Y)5oG 006<.>J3001oli
(Y)oc:o 0 <.>(3o<.>. M(Y) 0 01Cil Clo0'8,)Goo01 08 (Y)oc:o 0<.>oo0G, 01(] md306li 8oar<1 8r'101b(Y)36oc:o
8(Y)0oooli bC:O(JMO 6(Y)806i.>c:(Jr<10 ()i.>5i.>J30010 ()<'>(]0(Y)c::'fQOOi.> (i) 12%-G? (ii) 14%-G? (iii)
l 6%-li? (Clo8(Y)m0 30 'llao(Jc:o0 60ba 30r<15c:o060 Q?oGJ(Y)5eo).

93
 JfYl8.3.::i6o.::i8 "Gonzalez Electric" 0.::ili.::i1:100<.::il!? 0.::i8f'l(J03.::i 10%-o.::i6o 1000$ 6f'l8o-
0<.::i 3 lio86o'l3oai, 0.::i0<.::inbawo.::i
.::i8 J:JMdf'l .::i!'i1oli li.::ill<.::i JfYl8.3.::i6o.::i
"Suresafe Fire Insurance". 8.::ili ,li()t'illi 0.::il:Jo!l<f'lli Bolio 0<.::i
oaoli .::i6.::it'il8f'l:JOli lib3.::i 8b.::it'ilaliai.::i6. Bolio O:J'lJ.::iliaooai, 8080<06.::it'ila ti,:,o.::i 'bt'ilf'l .3ot'ilf'loaooo
0.::iooaoo 14%-o.::i6 t'il.::i 'l3.::ilioo
Jf'l8.3.::i6o.::i "Suresafe Fire Insurance" 0.::ia1:100<.::i
Mf'lof'lMO od6ao.::i :JMOlO 'l3.::ilio .::i8f'lo.::i6.::ioo, Ol(J .3MfYlQ:J68aoo 0.::i0<Mbi:Q:JO.::i

Jf'l8.3.::i6M8 "Superior Cement" 0 .::i8f'l()03.::i 8%-o.::i6o .::idooaoo; 6f'l8o-

100$. .::i8ti.::i8.::ill< li.::io.::i'bMf'l 0.::i6.::iJ3:Jaio .::it'iloli 100$.
Mf'l0f'lMo.::i [)Maio .::iliaaio .::idoooli li.::io.::i 'bMf'l 'l3.::ilio? M.::i 8f'l(J3.::i [)Maio .::iliaaio .::idGooli li.::io.::i 'bt'ilf'l
'B.::ilili, Ol(J 0.::i6.::iJ 3aaio ()60<.::i 0.::io'b.::it'ili:Qf'lli oa li.::i'l3ab(Jt'il.::i80<:J, t'ilf'la
0.::ibi:Qali 12%?
JfYl8.3.::i6ooli "Health Corporation" .::idooaoo 01:100<ao.::i 20$-.::ii:Q. Mf'l8 .::ia
.::idooao'ba 0<03oi:Qa60<aoo oa.::i!l<o:J6CQ:Jli 1$-li .::idoo.::i'ba. Ol(J
aid3a6 Ol:JO(QOOl .::ia .::idooaoli !'.!<,) o.ll:JOO<OOl 23$-.::i(Q CQ030CQ:J6CQ[JOOU O:JBCQ[)(),
Mf'l0f'lM 0.::i6.::iJ3aaili 0.::i8f'lo8()Cl.::i3ao0<oai?
JfYl8.3.::i6o.::i "Delphi Products" .::i8ti.::i8.::ii:Q ob0<oli 2$-li CQ030CQ:J6i:Qli. Mf'l8 .::i8
CQ0300<a60<aooli 'bM0<oli 0.::i6.::iJ3amo 8f'l8i:Qa36f'l 3 oa.::ii:Q 0:J6li 15%-li,
oa80<ao 3 - 10%-li, MOU O[J8CQ[J8.lG 'bMCQOU o.::i6.::iJ3aaio od6ao.::i 5% 8(JCQ803.::ii:Q.
md3a60 .::i'hMom, Mo) 8olioa80<oai .::i8 .::idooaoli, Mf'l8
Ol:Jf'l 18% 0 .::i6.::iJ3aaio?
JfYl8.3.::i6o.::i "North Great Timber'', li.::id8o.::i6f'lo.::i.::i boll 0.::iCQ.::i8(JCl.::i3ao.::i, oa80<:Jo
l'.Qo3oi:Qa60<ao'ba 0.::i0<.::inb0<oli 1,50$-li at'ilm .::idoo.::i'ba. .::i8oli oa8CQ:J8 Mf'l8
0 .::i8f'l8()Cl.::i3aoaooli 0<.::i 0<0300<:J6CQ:JOoli 'bt'il0<oli 0.::i6.::iJ3[Jmo O:J.::ill<o:J6li
9%-li O<Mf'loli .3[JMOf'l!l<oli . 063[Jli@)fYlM:JOO ombf'l3:J6
13% 0.::i6.::iJ3amli. Jf'l8.3.::i6o.::i oo'b6alioli 0.::i63om.::it'ilaooli li@)t'il.::i@)a-
oooli t'il.::i8i:Qa6o8a 3.::iMo.::i6@)li 0<.::i li()6'ili .::i8 li@)t'il.::i8a 0oaooli 8olio
at'ilmo .::idoooli li.::io.::i'bMf'l 'B.::ili'ba .
li8M.::i8a0oaooli 8001:1 3.::i6li 'ha8f'lm
'bt'ili:Qoli 0.::i6.::iJ3:Jm.::i80<:J CQ.l 0.::ifoJ3am.::i8CQ:J·
6.::it'il8f'l:JOoli !'.!<,:, 0 .::i1:100<3oli 0.::i<a.::iMmf'l3:Jo.::i 0.::i 'bMO<oli 0<030CQ:J6CQ:JOoli
'bt'il0<oli 0.::i6.::iJ3amli 11 %-8(.Q[), 8.::i0M.::i8 o.::i'bMCQOU JfYl8.3.::i6ooli MOUJli.::io.
Cla0<a0.::i0< 063ali8f'lM[}ooli 8oat'il 0.::i6.::iJ3amo 0.::io'bt'il0<ao.::i
16%-8(.Q[J·
3.::i/j:fYlf'looli 'bo.::ioo fl.::iMm3om CQ0300<:J6CQ:JOoli 'bt'ili:Qoli 0 .::i6.::iJ3[Jmo
0 .::io'bMCQ:JO.::i 10%-80<a. 063ali@>f'lt'iloli 8oat'il 0 .::i6.::iJ 3aaio
0 .::io'hM0<ao.::i 14%-81'.l<:J·
Mf'l0f'lt'ilo li8M.::i@>a0 o.::i .::iMoli (JJ:Jaialio JfYl8.3.::i6ooli .::idooaooli li.::io.::i 'bt'ilf'l qplioli 8obai:Q3om?
7. Jf'l8.3.::i6ooli "Buford Pusser Baseball Bat" .::idoo.::i 0.::io1:100<.::i
100$-.::i!l< CQ.) .::id3li 8$ 0<030!'.l<:J6i:Qo
Mf'l0f'lt'ilo.::i .::i8 .::idoooli
CQ.::i3(JCl3.::im, t'ilf'l8 .::iliamo .::idoooli 0.::i8f'llil:Jo0<3oli <a.::ilio 5 oa81!?:Jo od6ao.::i 110$,
Mf'l!l<:Jli.::io JfYl8.3.::i6M o.::i6o'hM.::ib.::i3li ai.::i3olio .::idooaooli o.::i8f'lUl:JOCQ3.::ili. {oa60036.::i: .3t'ilo30-
.::idon.::i oa8mb3a3.::ioo .::it'il Mf'l 0 f'lMQ 8()0<8030 - 5
O[J8!'.l<[Jo oli od6ao.::i 110$-.::ii:Q). Mf'l()f'lMo.::i 0.::i8f'llil:Joll<3oli O<Mf'lli .::i8
.::idoooli
JfYl8.3.::i6o.::i8 "Wayne's Steaks" 0.::i8f'l(J03.::i 9%-o.::i6o .::idooaoo .::it'il-
0.::i8f'llil:Jo!'.!<3oli .3ot'ilf'loom; .::iliamo .::idoooli 100$.
o.::i63.::iMli :JMmo .::idoooli li.::io.::i'bt'ilf'l 'B.::ilio .::iMoli 73$. 0<030CQ:J6CQ:JOO 0.lCQMb(Q:JO.::i
31 !l<[}J:J8oaMli. Mf'l 0f'lMo.::i .::i8 .::idoooli md3a6m3oli 1
o.::i63.::iMli, Ol(J .::i8 063:Jli8000.::i'ba aid3a6li 8o:JM .::iMoli
12%?
Jf'l8.3.::i6ooli "Melbourne Mining" lio8oo'Boli 3.::i0<oli CQ.::ii:Q 0 f'l8.::i8CQ:J (J(J.3f'l6oli

94
 c,060J3omo01 9%} Mfioo.:. 15 OM010 0uo010 .:.dooou 808CQ060Mo u.:.o.:.'bM(Y) <tJ0UO 6M8o-
1000$, .:.Mou 700$. .3MMoo68ooo 0.:.CQ.:.obCQoo.:.
c,oouM6o 001bM3u, MM8 8Mc,ooou c,060J3om80
oo.:.CQ 0o6Mu 14%. M0 0106b0 ()6CQ.:. 0.:.CQ.:.ob.:.CQMU
OMm 0llo01 (01() CQoll-
JM68o)?
JM8.306008 "Fawlty Foods" .:.doooo'bo 0.:.CQ.:.ob.:.CQ.:. 1,40$ CQ030-
CQ06CQ0. OM010 .:.doooll <tJ.:illo os(Y) 21 $. CQ.:.3()03001, MM8 08 063oll8oooou013ou
o.:.'bMoll 8ooM 06 c,060J3omo .:.Moll 12%; 8Mll-
CQ030CQ06CQDOOll 'bMCQ0 8(JCQ80301.Q.
c,08Mo06c,0Mooo01 CQ030CQ061.Qooou 'bMCQOll c,060J30010.
MM0MMo.:. CQo 3oCQ:J6CQooou
MMC,MM00 'bMCQOCQ06?
. JM8.30600ll "Great Northern Specific Railway" 0d3h ()301.QM 008Mllt101.Q3ou 0.:.MOO:J.
80010 ll.:.osollo 008Mo 30 oou CQMMu 8()CQ8o 3o 0.:.osol.Q.:. 955$-.:.CQ; (I o.:.6 3.:.Mll}
80010 8081.QofoMo ll.:.o.:.'bMM <tJ0Uo .:.Moll 1120$ OM01 JM8.30600 obl.Qoll 60bo30M-
dMMoo68ll (30 036ollll CQ0 31CQOJo8ooMb}45$ OM01
MM 0 MMo.:. .:.8
( 1 0063Mobm3ob }?
.:. Jo01b30'bo .3.:.ll(Jbob 008(Y)t10600001, (J.30G(Jbo01 oo81.Q08 Jo01b3oob: M(Y)3(Y)Mo0 08
0.:.oooooll MM 0MMo.:. 08
oooooll (O<aOd80060
CQ03(J03001, M(Y)8 80-11 08Mo060Clo dOMM00 Mfioo.:. oc,030 o8oll
MM8 .:.M .:.Mob ()30CQM. b.:.8.:. 0o:JM(Y)l.Q 80010 6M8o-
.:.Mob 1000$ CQ0 0d3b 10 bo8tio<tJob 30CQ0.
.:.8 8M8oo'Boo081.QO·
(8001001000: Ol(J 01d306 8()00(Y)001
md3:J6 80060 8Mdoo6Mm YTM-ob
01() 8.:.8Mo 80 60om ca.:.d0(Y)0Mo 3.:.CQ 80-11 08(Y)o06ob0
Jomb3ou .3.:.b(Jbo JO - dM(Y)0068081.QO - 8(Y)800801
J0M 0 b.:ititiob 08 8001MCQob013oll) .
.:. Jomb3ob .3.:.b(Jbou 0 .:.8(Y)tio6ooom, (J.30b(Jbo01 0081.QOo Jomb3oob: (a) MM 0MMo.:. (6M8o-
l.Q(Y)6o bo8oocao81.Qo - YTM 08
(b) MMC,(Y)M00 ocaod80060) CQM6o bo8009308CQ0 -
YTM 08
J(Y)8.306008 ,,Red Frog Brewery" 008(Y)(J030 1000$
008CQOC,O 08tJ0801.Q obo6o OtJOCQ000 Uo8bo<(3001.Q0 Mfioo.:. 5
J(JdM6ob c,0foJ30010 0MOU 9% (.3M(Y)oo68o6o 801.QMbl.Qoo.:. OM01bod· 930d-
8(Y)OM0301.Q J(Y)8.30600b ,,Old Chicago Brewery" 0d3l> 8b 003bo 08
306ub30306001, M(Y)8 8obo .:.dooooou bo8oocaob l.QM(Y) CQ0CQC,02i.:. 15 Clo8CQOo·
CQ03()Cl3001, M(Y)8 o.:.'bMob 8o:JM c,060J3omo
(Y)Mo30 b.:.bob (J000CQ CQ0000 9-CQ.:.6 8%-8CQ.'.l·
J(Y)8.3.:.6oou c,06000CQ0 ca.:.bob 8080 M08M8?
08 o.:.'bMob
0060J3omom 0.:.6b.:.'be;: 3M om 93.:.bo .'.JMmo
93.:.bo CQ.:.oo.:. 80801.Q CQ0 M08CQ06001?
JM8.306008 "Burp-Cola" CQ030CQ061.Qo6ob C,01.Q0bl.Q0
.:.doooo'bo, .:.don.:.'bo 2$. 8obo .:.dooob CQ030CQ061.Qooo
0 .:.o'b.:."11.Q.:. 10% 0060J3omo01. UJM8o 001bM3b 16%-o.:.6
08 .:.doooo'bo. 0'bM001, MM8MMo (J6CQ.:.
.3dM5CQob 08 JM8.3.:.6oob .:.doo.:.b O:J8CQ.'.lo u.:.8 U00()0(30.:.Clo?
"1018 CQ030CQ:J61.Qooob 'bMCQOU c,060J3omo CQ0Mfio6.:.
8(JCQ80301.Q 10%.
tvi018 CQ0301.Qo6CQooob 'bf11.Qob 0 060J 3o010 CJ 08-
8o6'ir:Qoo.:. 9%-81.QO CQ0 8(JCQ8030CQ CQ0Mfioo.:. 08 CQM6o'bo.
M018 CQ030CQ06crwoob 'billCQob 0060J3omo 0.:.o'tiillCQoo.:.
11 %-81.Qo \:!?.:. CQ.:.tviR 0o.:. 8(JCQ8o 3.:.CQ 08 l.Q(Y)6 0'b 0.

95
 2.

6.

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

of'll!!.'f'l o0tl10btl10 Jf'l0'130G006@>0, 15% 15% Jf'l0'130G006@>0, 12% 12%
1-3 $ 80 2.283 $182.64 2.402 $192.16
4 1,080 0.572 617.76 0.636 686.88
$800.40 $879.04

o:i60036.:.: 0<>8MtJ:J6:Jool;,:,l; 't>M8.'Ji::JM Cl:iodt:;>;JO<> 0.:>8Mo530MU 8ooM;J

8"6ub3.:i300<> :J<>U(Jb;JOOo, Mf'l!!?:JU<>(3 ()<>8Motw6ao.:i 8;JCT>f'l!!/;)OO
8u3.:i3uo 6.:>Ji>!!?:JOOU.'.>U.

8%-o.:i6o l>.:io.:i'b<"iM SoAi-o.:.6 l>.:i1'1 00-

8ol>o 01"iol> 1000$.
6. b00.:i'b<"iM nd6JOMQP 1000$, o.:i'b<"iob 8031'1 b.:i1'1 0 J-
3.:i6.:iJ3Ja>O MM8 1_5%.

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

of'll!!.'f'l 00tl10b11.10 Jf'l0'1l00006i§O, 8% 8%
------·--------------···---------·-··---·---·----·-·-··
1-3 $ 150 2.577 $ 386.55
4 . 1,150 0.735 845.25
u.:io.:.iMf'l $1,231.80

2.

ol!!.'OG 0bl!!.'06l:!!Ol!!.'O o08f'lffi3l!!.'0 f!.1030tl106l:!!OoOG

of'll!!.'f'l (!!?030!!/;)6!!/o x PVIF 16%,t) 0bl!!.'06l:!!Ol!!.'O
i--------------$1.60( 1.20)1 ,,;, ________ _
2 1.60(1.20) = 2.30 2
x 0.743 1.71
3 1.60(1.20)3 = 2.76 x 0.641 1.77
4 1.60(1.20)4 = 3.32 x 0.552 1.83

5 3.32(1.13) 1 = 3.75 x 0.476 1.79

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

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

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

!!1030!!?06!!/:JOO 9 .07) = $5.79

D. 9 $5.79
.:idooou 8 -- - = $64.33
(k. - g) (0.16 - 0.07)
64.33$, 8 = ($64.33)(PVIF163•8)
= ($64.33)(0.305) = $19.62

v = $13.85 + $19.62 =

96
 lio8fio'?3o8<QD (J'?JM(Y) 3o<QMD 8% J(J.3rry6oli
0 .:i6.:iJ3omo, lil.:i8<QD6"<Q"G o0 o Ol:JO(QDO" (QObJrry68olilooom m.:i3oli
0D<Q"MD00(J). lio8fio'?3oa<l:?D1
Mf')of')MG arry3.:ii.J:liloooli (jrryliJoli,
J3.:>(QM.:>&oo YTM-li (2 x YTM)2- 1. D'?3Dd8n.:i6o) YTM
(l+YTM -1. 0D<QD8"!:!?·
oo8<l:?Do6.:iolil.:i<Q:

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

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

.:ia kJ2-ol.i YTM) .:i8rrybli6oli.:ili Jf')8.3o-
.)('lirry 0.:ilil.:i8oli .:i6 <Q.:>b8.:ililooom 4,5%.
YTM .:iliom Clo8mb303.:iClo .:ililoli 2X4,5=9%.
fo'?3Dd8o.:>6o YTM .:ililol.i ( 1+0,045)2-1 =9,2025
P0 = FV20(PVIFk/2,20)
(PVIFv2•20) = PofFV20 = $312/$1,000 = 0.312
oo 0 6ol.i (Q.:>6.:ililmoo l-!:!?.:i6 ('lirry8 JrryD'?JOGoo68o 20
.3oliJorry(Qob.:i 6%-ol.i.:il.i 0,312; .:i8o8rry8
lio8fio'?3oa<l:?D (YTM) .:ililoli 6%.
YTM = 2 X YTM)
x
= 2 (0.06)
= 12 percent
2
(D'?3Dd8o.:i6o YTM= YTM) - 1
2
= (l + 0.06) - 1
= 12.36 %
k 0 = (D/Po + g) = ([Do(l + g)]/Po) + g
= (($1(1 + 0.06))/$20) + 0.06
= 0.053 + 0.06 = 0.113
<Qo3o<Qo6<l:?oooli = D/P0 = $1(1+0.06)/$20 = 0.053
'bM!:!?O(Q.:>6 g = 0.06
V = ($140/2)(PVIFAo06,6) + $1,000(PVIF0.06 •6)
$70(4.917) + $1,000(0.705)
$344.19 + $705
= $1,049.19
V = ($140/2)(PVIFAom.6)+ $1,000(PVIF0.o7.6)
$70(4. 767) + $1,000(0.666)
$333.69 + $666
= $999.69 06 $10000
()6<Q.:> (J(QMOQ?Dli 1000$-G, ('lirryG"
J(J.3rry6oG 0.:i6.:iJ3omoli; fl3o6o .3.:ili(Jbo 1000$-li0.:i6 0.:i6Gb-
3"3C!?Do.:i 0.:i8rry).
V = ($140/2)(PVIFA 0.08 •6) + $1,000(PVIF008•6)
$70(4.623) + $1,000(0.630)
$323.61 + $630
= $953.61
.:i8 8o.3oG D93(Jd6o6.:i lio8fio<aoli
!QOUJM68li. 11306 (JJ3D o"3"JDmom oli .:i. Jomb30G
.3.:il.i(Jboo !:!?" 8.:imo .:i01oG (i) $705; (ii) $666; !Q0 (iii) $630.

97
Alexander, Gordon J., William F. Sharpe, and Jeffrey V.
Bailey. Fundamentals of Investment, 3rd ed. Upper
Saddle River, NJ: Prentice Hall, 2001.
Bauman, W. Scott. "Investment Returns and Present
Values." Financial Analysts Journal 25 (November-
December 1969), 107-118.
Chew, I. Keong, and Ronnie J. Clayton. "Bond Valuation:
A Clarification." The Financial Review 18 (May 1983),
234-236.
Fuller, Russell J., and Chi-Cheng Hsia. "A SimpliSed
Model for Estimating Stock Prices of Growth Firms."
Financial Analysts Journal 40 (September-October
1984), 49-56.
Gordon, Myron J. The Investment, Financing, and
Valuation of the Corporation. Homewood, IL: Richard
D. Irwin, 1962.
Haugen, Robert A. Modem Investment Theory, 5th ed.
Upper Saddle River, NJ: Prentice Hall, 2001.
Reilly, Frank K., and Keith C. Brown. Investment Analysis
and Portfolio Management, 7th ed. Cincinnati, OH:
South-Western, 2003.
Rusbarsky, Mark, and David B. Vicknair. "Accounting for
Bonds with Accrued Interest in Conformity with
Brokers' Valuation Formulas." Issues in Accounting
Education 14 (May 1999), 233-253.
Shao, Stephen P., and Lawrence P. Shao. Mathematics for
98
Management and Finance, 8th ed. Cincinnati, OH:
South-Western, 1998.
Siegel, Jeremy J. "The Application of the DCF
Methodology for Determining the Cost of Equity
Capital." Financial Management 14 (Spring 1985),
46-53.
Taggart, Robert A. "Using Excel Spreadsheet Functions to
Understand and Analyze Fixed Income Security Prices."
Journal of Financial Education 25 (Spring 1999),
46-63.
Van Horne, James C. Financial Market Rates and Flows,
6th ed. Upper Saddle River, NJ: Prentice Hall, 2001.
White, Mark A., and Janet M. Todd. "Bond Pricing between
Coupon Payment Dates Using a 'No-Frills' Financial
Calculator." Financial Practice and Education 5
(Spring-Summer, 1995), 148-151.
Williams, John B. The Theory of Investment Value.
Cambridge, MA: Harvard University Press, 1938.
Woolridge, J. Randall. "Do Stock Prices Reflect Funda-
mental Values?" Journal ofApplied Corporate Finance 8
(Spring 1995), 64-69.
Part II of the text's web site, Wachowicz 's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
MOUJOU.) U6M81JO!.!?;!OU 366b.:i .:.a O'J.)30b md3:J6 o*a¢m:
lh'.>M 0QOQc::,>O • fiinbJn
0 .:io 0(Ylm JM8.3(i}rri8olio ti10GJG0 CQ0 b0t"13oooc::,>b
MobJob 61.!?;lo.:im('f)oob Brrit"1ob.
506b.:i'bc::3f'1rri01 ti1obJn IQ.:> l.>0(i)3aooc::,>o IQ.:> ti0t'i18rri-
8Ml>.:ic::,>rriU?6oc::,>n l>.:i(i}0 oooc::,>n lQ0 L><§06U?.:i(i)e(Jc::,>n
.:ilfo6M01 (i)rri5MM ';'.j6CQ0 0.:io'brri8rril> obo6o 8rrib0-
301Q0bfii0 (1Qo3n.:ien0) " 30\'i)n.:.ennl>
c::,>MCQ6(lc::,>O l>.:i(i)5ooc::,>ob, be06CQ<>M8'Vc::,>o 5<>CQobt"1ob
JMQ'130(30Q680
CQ<> 3.:i(i}o.:ieoob JM::J'13oeoo68ob 0.:i8rri:;m6aoom.

MOUJO b.>M8i)O[)!.!?;IO 0 06oboc::,>rri01 063nl>8fYlti1ob t"1obaoG 8080fi'i01

.3rriM<£>'Boc::,>ol> l>.:i(i}0 oooc::,>o .. .3Mt'il8<noc::,>ol> (i)ol>Jo
IQ.'.> JM30M00(300
Gob0o8(Jt'i1o (!;!.:> .:ifii.:ibob8o8()fiio (i}oGJo
!Qb8MJOIQOO()c::,>[JOnb bb3.:>CQ.:>bb30 @:>0.30 .
.:>bG6.:im .3fYlM@:>'lJ[Jc::,>nli t'i1nbJn <Qo b0"13oonc::,>n l:f:?.:>
0 060Gb303M01 061Qo30CQ()<>c::,>()MO 'lJ<>Gn060 d0-
C::<>c::,>i:QoG0 CQ0 .3rriM0<(30c::,>oG MODJO.

O:Jl(J.'.>Uf!Oob 3060Gb303Mm 0(30c::,>[JOb(QO (0P10bolieo8';'.JMO) !Qb

{CAPM) <>P1.:i0eoc::,>06.:ilQo (bnbeo8(JP'lo) 61oGao6o; .:ibb6001
8.:ib.:ibo.:imoooc::,>o tit'i1<no .. 000.:i: GoG&a8()"1o b.3oen'BnJ(JM8.:i 1Qn3a6JG0'130J<>(3008 MfYl&fYlM oaod-
Mol>aob arria'13oeoo68o .. CQ06t'i1(J6ao0 c::,>000 .:i030onc::,>rriG .:i8 6JnbJ06oui06 0P10>-at'i1mo.
.:it'i10l>oG008'V(i} (CQ03ot'i1bo'Boeo"1oo'Vc::,>) "1nGJ'bo ..
0 06b0'bc;3P'lrrim (Q0 obb6,;m J0.3o@:>0c::,>(JMO oj@:>o-
G0fii3ooc::,>0G 8rri01brri36oc::,>o 0060J3amooo lQ'> 30!.> O::J<(30D[IOOb 8MIQOc::,>O (CAPM), 60®" (Q0
'13.:iGo.:i6o d0c,:0c::,>1Qob o,;'bfiinG ti(i}'BO (SML)"
80b.:ibo.:i01aooc::,>n ot'i193n.
G0t'i1on6oc::,>n U?.:i 0deoooob '130Gooo .. CAPM-ob
.:ib.3.:i(i}a'bo ci,08Mo06ci,0P10Brrim 8MmbM36nc::,>n
<ao6.>6b'VMO o.:i'bM:JOO 8 060a3n010 a.:i.3oe.:ic::,>()Mo 0den 3oL> Clo'B.:iboool>
8M(Q[)c::,>OD 308Mtj::J606mn.
00'b(i)ol> a<naden.:i6rri6ob G.:i8o 9JMM80 "
8M3Qc::,>m30G 060fiif)'V600G 00 'b.:it"1o 0bb60m, t'i1M0f'lP1 ntirrib 808Mtm6oo'Vc::,>o
o<Boden06Mo.:iG? 8m0o6ob ci,060a3omb0 !Q<> bobeo8'VP1
Ma'bo'()aa 61obaG BmM<lb !:Q.:>8MJO!'.QOO(Jc::,>o6ob .:.c;oat'i10Gm3ob
'13obo060 j.:ic;<>c::,>CQOb o,;'b&iob OM<(J:J (SML).
M0bJ0b
o: (!31(3.:ibaoob .:>bb6.:.m, M0U 60B603b "O'BOdeo060 'Bo6o6b';'.jMO
m3MM06 00'b0Pio" !Q0 00'b61ob D'BOd0n.:>6m6ob
b080 (QM6:J (06 '13Mt<i80).
JOmb3300
m3om(J3<a.:ibooob
ffloUJ(JOO. (JU 0 ooub303rf!(J&

- Li. '30®f'l60

99
 80-2 mci3Clo f\306 oci'btYiol.i 8o:JM nJM8dMM8ol.iol.i" JM6(30'1J-
(30C> '13"l.ioci6o tYioliJl.i" !:Q" CIMtYiol.i - tYicio 808°" '13"l.ioci6o
MObJO, 8om 8o8oe> 8ol.io 063oli8MMObm3ol.i. oli JM6GD'1JGOC> f\306
3ci8M301;m6om 80-3 mci3Clo, be>!:QC>G f\306 <1Je>boci6o
tYiM 3MtYiG o6 3oli8MtYiol.i 6"J"!:QDool.i
8M3oool.i 3ci6ciJ3omom Mol.iJol.i Cloli.:.oci8olici!:Q. cijci8!:QO fl306 3ci6'bMcib citYi
tYiol.iJol.i !:Q" be>Jombooo f\306 331.i()M!:QC> tYio3Clo
md306 3"003(')(]) O:J<1J<>lioool.i 'b()li8o 30!:QMD 3"!:Qe>b301:QM!:QO(J) ci8 mo8ci'bo.
momj8ol.i MM8 tYiol.iJo ()6!:Q" Clo'B"lioool.i
!:QMMb !:QC> 063oli8MMb C>Mflo3.:.6ol.i '13"J8MOM03C>i:Q, O:J<1JC>b:JOC> !:QC>
l.icioci'bM(Y) JM8.3tYiM8ol.iol.i 3cioooci Mol.iJl.i" !:Q<> CIMtYiol.i "JGoM6:JMmci l.io8-
!:QO!:QMol.i 3ci'bM!:QOb './(;:JM JO!:QD3 C>M !:Q00"8000
0801.i Cloliciboo, MC> C>Moli MObJO !:QC> M(Y)3(Y)M (J6!:QC> od6oli 030

063oli80GOO!:Q.'.>6 d:JMOM!:QOb - 3mj3cim,

:JMm - 8citYi803e>!:Q e>Mol.i be>J(JmM:JOO!:Qe>6 tYi.:.080
1
l.icioci'bM(Y) <1J<>liol.i lici58ol.i <1JC>l.i'bo • mj306
080!:QMm <1JC>boci6o 100$-ci!:Q, 8M308ci6m 7$ !:Q030!:Q:J6!:Ql.i !:QC>
:JMmo Clo8!:Q03 106$. oj6ooci ($7 + $6)/$100 = 13%. ci833e>Me>!:Q, mj306
oc;ioom MMO b8C>MM!:QC>6: <1JC>bol.i 6oool.i8ooMo
('bM!:QC> ci6
"JGOol.im3ol.i f\306 3ci63l.ici 'bc;i3MMO'l 061010 d:JMOM!:QOb bC>MQD-
MM3MMG
k1t0()tJODt:.:YD
063ol>&nonnl!?o6
R = D, +(P, -P,_ 1)
(JJ(Joooou P,_I
6nonu803r'io
'1JObno6n licii:Q"G R ciMol.i a
MMU?olicio t 00 t.i.:.oci8ooci U?MMoli 3ci6-
uooo'l>r'i"" '130[,Clo, d:JMOMCl;?b D, e>Mol.i Cl;?030U?06U?o t Cl;?61Mol.i d:JMO-
308....,nb-
o&noo t<1<"i0MM(3 063nu- MCl;?Ob P, e>Mol.i "JGOol.i <1JC>lio Cl;?MMOb t d:JMOMCl;?Oo; Cl:?" P,. 1 <>Mob "JGool.i <1JC>lio Cl;?MMoli t-1
&nonnb UOblJOUO uooo'l>MM a0MoM!:QClo. U?""J3otYici:?om, MM8 01.i 08(')1.i :JMmo .3otYio-
<1JOUnb JMM(3()68n.
(Y)U?oli (MMCl;?:Jb"G 8M6C>(3:J8oo'bo) Cl:?"
otYimo a06loMU?oli (MM!:QDli"G
1:Qo30U?o6!:Qo6'bo !:Q" '13"1.ioo'bo) cilio30 !:Qe>o8.:.bl.iM3Mom, MM8 5.1
.3oMMoooo e>Mol.i 'bM!:QC> .:.6 Cl;?<>6<>Je>M30 .3otYio-
M!:Qol.i

()8o8oliMo<> U?"o01ci6b8ooci 3<>Mooo.

m(J8(3<> .)(Yj O?"om.:.6b8oo.:. MObJOb 3ci6l.ici'bc;i3Mcil.i, MM8 C>MC><1J:JMO 3mj3cim 8ol.i 3ci'bM8-
3ci'b;}
1:Qe>3008Mm tYiol.iJoli Me>8!:Qo6o8o !:Q<>3()Cl3cim, MM8 md306 o8o!:Qom
ciCICl-ol.i l.icibci'bo6(Y) (T-note), l.io8bo<1Jo8!:Qo tYiflooci otYimo 8%
m(J md306 8cil.i Cloo6cibci3m 8ciClo6 8ooc;ioom
8mci3tYiMool.i 8ootYi e>M(3 8080, <>MG 8%-oci6 mj306li
063oli80GOC> 'bo. i:Q"3(J03cim, md306 080!:Q:Jm 6oooli8ootYio JM8.3ci6ool.i

100

b0"10 aoc::>n"6"'onl>/
ll38Mb03c::>n0601onl>,
l33c::'"lll"'o",
0 06(Jb"
a"'u"c::'"'!Jl6oc::>m"6
lln1J10•'\1onm.
"c::'""°'"'""°'" ll3l>0dc::>01
86nll36oc::>"'O()OOb 6i>JMD-
000, "'"'aoc::>nG llondc::>oa"
<Jn8mb333om80
G3c::>"llla".
60e:;_1n
llob0dc::>"' 8M30onl>
Ui>d(J"c::'"' ll36M6nc::>n,
b"!Jl"G <lo6...,63nb J"'D'1ln-
Gno6<iJin i>MOU 80010
0c::>o0on,.,03onb
60"18MdMOnU
<l;ib0dc::>ooc::>MOO.
b<iJi0<iJinb<iJinJC)MO
80B33636oc::>n, (1),.,,83c::>nl3
0"1nb l33c::'"!Jlnb
8rou"c::'"'!Jl6ac::>n
003M(.3Qc::'Do"/JM6-
(3J66"11>(3M, 00010
l>oll';'.loc:'"' 0t'inm8a-
6nJClc::'nb 0 0"1ll38rr>.
i>c:'Oi>0101onb 003"1-
GOc:'Oonl> nc:>Clb&"1oono.
8MU0c::'M!J16ac;:>n b0"1-
oDOc;:>nb i>c;:>Oi><nMonb
b&061J1i>M<iJiC)c::'O o"!Jl"bt'iob
o"a"'"'Gc:>"·
0jooJOO {!?0 ono60(T)R()6Jcn OoO JMOlO bJC:::O. JM8.306008 OJli0dc:::JOJC:::O" aij3J6 o0!:!?.:loOb.:l{!?f'lOl
{!?03o{!?J6{!?JOO !:!?" OJl.i"dC:::M" .:1M.:1 . .:1808M8 6c:::oli OMC:::Mli 0joooli J()Mlio ClJli.:1dc:::M0 Otjf'lli 080'bJ
{!?00.:IC:::o, M.:1li.:10 aij3J6 8MJC:::f'l{!?OOJ - ()'BMf'l 60JC:::JOO tj0{!?3oli 'B"liai.:16 OJ{!?"MJOOOJ . .:18 03.:1M.:I{!?,
aij 3J6o MJ"C:::()Mo li.:1(T) 0 J2>Jc:::o .:18 o63Jli8ooo.:1 'ho ClJodc:::Jo" .:1MliJooai.:1!:!? 0 .:16t.ib 3.:13!:!?J0f'l!:!?Jli
aid 3J6o 8Mli.:1c:::f'l!:!?6Jc:::o!:!?"6. Ol() 0 .:16 3t.i.:1 MoliJli, Mf'l 0 f'lMG 8M0 Jooli/li.:1M 0 Joc:::oli
G3C:::OC:::JO.:ll.i 8oli 8Mli.:1C:::M!:!?6Jc::: lio{!?O{!?[lliai06 OJr;0MJOoai, 8.:1006 li.:1b.:1 'bo6f'l 3JdliJC:::O oj6JO.:I
MoliJoli 0 .:16 ai.:13oli()'B"C:::o 'B"lio.:160 !:!?" R3J()C:::JOM030 .:1joo.:1 oj6ao.:1 (T)ol.iJo.:160 'B"liM6o
(T)"G {!?O{!?M li.:1(T) 0 aoc:::oli 03c:::oc:::no.:1, 8oai 8J8°" .:1joooli (T)oliJo.
Mf'l 0 MM(3 ()J3D ()MoliJM 'B"lio.:160 0 0M{!?.:I, 83DC:::" 'B"lio.:160
8Mli0c:::f'l{!?6Jc:::O li.:1MoJOJC:::O Cloodc:::ao.:1 0"6lib303CQJOf'l{!?Jli 8.:1aio 'BC:::f'lOOOl
li0M 0 Joc:::oli0 0 .:16. MoliJo.:160 'B"lio06n MJ"C:::(JMO l.iC>MOJOC:::nli
o06C>J3JOlO oaodc:::oo.:1 o"6oboc:::nof'l!QJli Mf'lof'lM(3 "l';:OilOJ("lOOU Cl':,361001:,;.ioool> O[jlili tl?"d3J8!Qo-
0.:IMJ6(JC:::O (JbJl.iMOof'ltl? G3C:::"!QO lio!QO!QJ· tl1"3()030ai n63ali8MMli Mf'l8
JMaioc:::o06 Cloli.:1dc:::M li0(T) 0 J6Jc:::li R3J()C:::JOM03 'B"lio06 063oli@>ooooai, Mf'l 0 MMG
Jli 6.:1R3060000 5.1 !Q.:IRM!QOC:::()C::: ob(T)oc:::Clo, MM8JC:::OG 0(T\oli ::JMaio oc:::oli li.:1M 0 Joc:::oli
0c:::o.:1aiMonli 0 0361GDC:::DO" . .:1c:::o0aiMooli oli o"3MGDC:::DO" Cloodc:::oo.:1 (!?0b0lin.:1aitQJli 0 .:13MGJ-
C:::Dooli f'lMO .3061080<§61oai: ( 1) 8Mli.:1C:::M!Q6Jc:::n li0M 0 JOJC:::O !Q0 (2) li806tQ0M8(JC:::O 0 0!Q0b(T\0.
n
R= I (R;)(Pi)
i=l
li0CQ0(3 Ri C>Moli li061 0 ooac:::o oali0dc:::M i-liai3oli, Pi 0(T)oli 08 li0(T\ 0 ooc:::oli 0c:::o0aiM00 !Q0
n 061oli Cl::ili0dc:::::ioc:::f'lo::iooli 8aic:::o060 610MtQ::J6Mo0. 08 0 30M0{!?, 8Mli0c:::f'l!:!?6Jc:::o li0(T) 0 aonc:::o
80(T)8030tQ 0P1oli oali0dc:::f'l li0(T) 0 Joc:::aooli li0Cl(J0C:::M OJ6M6oc:::o, li0!:!?0G OJOM6nc:::o JMJ'Booo-
0680 0c:::o001Mo::J6oli 60(T)8f'lOMooai. 5. 1 ob(T)oc:::Cln 6"83060000 oali0dc:::f'l li061 0 aoc:::o
8f'll.JC>C:::M!Q6JC:::00 Otjf'll.J IJ0,6.
li0MoJ6c:::nli 0C:::000lMOOl.i MM.306108oe!.J610060 o33'0M!QJ00 1'13060 8Mli0C:::f'l!Q-
6oc::: li0Mo::JOC:::n06M2mli {!?Ol.i.3JMlio0/00606030 06 30P100000. {!?Oli.3afi1lioli l.iC>tjM3DC:::cn0M{!?
Hnn"'""'""m"' li0'bM8n 0P1oli li@J06{!?0Me!.J(JC:::O c,0tQC>bM0 (!:!?D3°"Go0). M0(3 (QO!Q00 li0P1 0 ::ioc:::oli l.1 1:"'.)06-
8oai !QOCQ00 8f'l0 ooo6oli 030c:::ao0!Qf'lo0 !Q0 8001 CQOCQ00 063ali<§noooli
MOl.iJO. lie!.J06{!?0M@J(JC:::O o0!Q0bfi10 Ci, 80cno80enJ(JM0!Q OJ8CQJ060ofi10tQ o08f'lnli0bJ00
n
cr = I (Ri - R) 2 (P;)
i=l
8f'Jb.)l!'.'f'Jl!16Dl!'.'0
.._.
(R,)(Pi) (R; -R )2(Pi)
- 0.005 (-0.10-0.09)2(0.05)
- 0.002 (- 0.02-0.09)2(0.10)
0.008 (0.04-0.09)2(0.20)
0.027 (0.09-0.09)2(0.30)
0.028 (0.14-0.09)2(0.20)
0.020 (0.20- 0.09)2(0.10)
0.014 (0.28-0.09)2(0.05)
:E = o.o9o = R :E = 0.00103 = cr 2
101
 2
Ui>(Qi>(3 ;/ i>filoli canli30. lPCQi>bfiloli J3i>(Qfili>@:>o <J
filM 0 Mfil(3 3'>filo'>Gooli Rsn6 3i>6 0 i>l'ioCICYJocn
3'>MOi>(300U i>6 8'>(Qi>bM::JOOU

Oi>fil8MOMOoli 0.'.)8CQ.'.J8 i>8 UOCQOCQOU canli30 li@:>i>6(Qi>fil-

8'>CQ'>bl'ii>li. 5.1 Ri>6li, filM8 Rsn6li 3'>MM(30'> i>l'ioli
0.00703. i>8 UO(QO(QOU caali3oli i>8Mf!;.'.)OOcn, 36i>bi>3cn, MM8 li@:>i>6-
8'>!Qi>bl'ii> i>Moli 8.38%.
o6<al"ltwl8i>(300U 0i>8Ml:JD6.'.)0i>. '>d'>8u;>Q Rsn6 38(JO'>MOCQocn CQOUJMQ-
('>fili> 0i>6 01'id6Moocn) lii>CQ'>G Cla8cnb3n3ocn8i>
8li0 '>3li'>CQ, 8ooc;Mli l'iCYJ8a-
i>li[Jcn Cla8cnb3::J3'>Clo Rsa6 i>M 0 3obu;>QO'> ()'>u;>i>bl'ioli
0 i>8Mi>6 0 i>l'ioCJao'> li.3aGocnoJ()Mo O.'.JCQ.'.l8Dooli 0i>6li'> 'bc;3l'iolicn3oli. R3n6li
0 i>6lii>'bc;3t'iolicn3oli, i>Moli
5.1. Rsn6 filM8 i>l'ioli 0.05+0.10= 15%. .31'iM(3Q-
u;>()fil'> 8a&'>U? MMCQQli'>G Rs::i6 3'>l'iJ3::i3cn 0 i>6 0 t'idMoocn li'>CQ'>G
Cla8cnb3n3ocn8i> 8ooc;Mli 6nooli8oafilo
'>dGooli 0 i>6 01'id6Moocno i>l'ioli 8::J&'>CQ
M'>CQ0 '>6 CJ.'.l'!?.'.lo.'.looli 6aooli8onl'io M'>MCQ.'.J6M-
ooli Oi>M8MOMOi> CQO(QO u;>i>6i>Ji>M()O(Qi>6 CQOu;>
CQ'>3()03i>cn, MM8 Rsa6 o3'>d3li (0'>63MdCYJoocno)
Oi>M8MCQ8.'.l6ocn 8i>li '>d3li 'hi>Moli <BMM8i> C!?'> 8'>3-
68% bsu;>QOi> 8M3aooli [JMcn ()'>C!?i>bMi>'b.'.J (8i>Mji;3603 i>6
8i>M(3b3603}; 95% bsl!?.'.JO'> MM o'>CQi>bMi>'h.'.J u;>'> 99%-'hn 8a&o bsu;>ao'> lii>8 li@:>'>6C!?i>M-
o'>CQ'>bMi>'ha. 0i>6lib3'> 3aoaooli 0i>8Mlii>b3om,
o'>u;>i>bM[JOOU dOMMO.'.JOOo, Rsa6 8i>6lii>'bc;3MM01 filM8
od6a?Ji> ()'BMM 8a&o i>6 30C!?MQ 6::iooli8onMo UOC!?OCQ::J·
Rsn6 3'>R3a6M01 ::ili .3MM(3.'.)lio Mo(3bM0Mo30 u;>'>3()Cl3'>01, MM8 Rs::i6o
8MO::JOOU OtJM 9% 8M()Q00(1) (Qi> 8.38%
()'>C!?i>bMom. u;>'>3(J03i>cn, Rsn6 o3U(JMU 30.3M3M01 o8oli .MM8
od6:JOi> . Rsa6 0'>63lii>'bf!;3M'>3cn,
M'>8C!?a6o 0% o'>C!?'>bMi> '>Moli (9% ). i>8oli013oli Rsa6
3oc;ao01 0'>6lib3'>3:Jo'>li '>8 MM CIMMoli, i>Moli 9% a;>'> 8i>li 3tJM<Bcn li@:>i>6-
. o'>C!?'>bMi>'ha. i>8 CJ08cnb3Q3'>Clo CJ.'.ll!/:Joo '>Moli -0.09/0.0838 = - l.07
8'>u;>'>bM'> (()'>MtJMcnocno 6oCli>6o 03i>blin6aoli, MM8 Rsa6 3adaocn 8i>M-
Gb:J6'> 8bi>M::Jli). doMom'>C!?'>u;>, R3n6 0i>8M3otJ:J6M01

Z=--
R-R
cr

=0 - 0.09 = -1.07
0.0838
lii>u;>'>G R i>Moli CQ'> Z o3:J(J06Qo'>, Mi>8u;>a6oi> li@:>i>6-
o'>C!?i>bMi> R i>Moli 8olio
oo06oli u;>'>foMmoli V od6nli i>8 dMM-
dMM(3ooli ()i>6lii> 'bc;3Moli013oli 'Ui>(Qi>(3 z i>twloli o'>C!?i>bMi> 8i>M(3b603 i>6
8i>Mji;3603. :JU dMM.3Mfil(30i> O[J.'.)Ui>@:>tJ30U.'.)Oi> MM8 Rsa6o od6aoi>
Z ()'>u;>i>bMoli
u;>'>3(JOM(J6C!?:J01 V-li CQ'>6i>MmClo, Rsa6 36i>b'>3cn, MM8 i>Moli 14 dMM-
(3:J6@:>o o8oli MM8 od6.'.JO'> i>6
6i>R3a6:JOOi> 5.1 U()Mi>O"JOO. 8bi>M:J
1.07 ()i>(Qi>bMi>OO 8i>M(3b3603 (Qi> MM()MM(3 Ri>6li, ali
8bi>M:J i>Moli 14%.
MM()MM(3 ()J3.'.l 36i>b[Jm, 8Ma:JOOU ()i>u;>i>bMi> i>Moli MOUJOU
0 '> 'hM83oli o 0 o otiMli MM()MM(3 8CYJ 0a-
ooli lii>'bM8o - fili>(3 o'>C!?i>bMi>, 8001

102
 /)
rO
E
f'O
E
co
'If
/)
C.O
..:::J I
c I
rO I
E I
6/ ) I
rO --1.07cr_....:
Sf
/)
I

8b.>l<\nl> 1.07 litf!J.>6- 0 10 20

o"t11"bell> %
>Mnm83tf!Jn-
8>M(3b603.

80600 OOCQ08060'l06 (J'b(Jb6fYl60. CQ080606nO'l, Sol.in 808fYll:J06o6nO'l

Rso6 8063li0'bc;:3fiJ(Y)O'l 00CQ080 nd6060 l'QOCQO O'l()
lioQ?nl'QObO'l06 CloQ?0t'Jo6nO'l. O'l(J8(30 'bfYl8n 83nt'JR03li, MfYl8' (J6l'Q0 8fYl8oonl.i
t'JnliJnl.i l'Q0 80 a0 l.inQ?nl'Qo'bo (nl'Q0008nli" t'JnliJn) -
60tiJ8fYlofYlo0 - l'Q0 0t'J0 CQ0
808t'J08, M0(3 (J'tJMfYl - b0MJolioot'Jn b(JM00'l0
l'Q0 - 80(.Q0bM0 8(Jd0f'100b.
t'J0 8 80000 80l'Q0bt'J0, 8oO'l 80000 Q?Ol'Qo t'JnliJoli

-
80(.Q0bM0 0M Ol:JfYlb MObJOb 06 (J'b(Jb6fYlOOb
0 >t11>br'iob J"'J'130GOD6tf!Jo, Clol'Q0t'Joonlim3nli, O'l'() olio6o 806lib303CQ000 'bfYl8oO'l.
M>o8n l>nt11nt11nl> 36t11>bM<> 01t'Jo A CQ0 B 063oli60000, 6fYl1'1-
8nbn
0j3l.i Clj8l'Q080 b0l.io00'lo:
al> >r'inb
r'lnbJm>6
063::Jt.<!l>OG00 A 06301>@10(300 B
8f'll>.)c:.'f'ltl16::Jc:.'O t.0t<\O::Jo::Jc:.'O 0.08 0.24
1.i<!li0Gll?0t<\r!!i(JC::O 00ll?0bt<\0, cr 0.06 0.08
30t<\00GDOli Jf'l::J'B()G006<!li0, CV 0.75 0.33

l'Q030liJ3600'l, MM8 O'l'() B-li 80(.Q0bM0 ()'tJMM !QO(.Q00 A-'bo, od6060 000
MnbJ006o 0630Li00000? O'l'() MObJOb 80b0 'bM80!Q 008M301:Jo6060'l 80(.Q0bM0li, 80006
000 nd6000 MObJ006n. O'l()8(30, 00Q?0Mo6nO'l, A
0630Li0oon0li 0d3li 8060 30<'000000. oli 000300, M0(3 10000$
80!Q0bt'00 0t'i'iol.i 3nQ?MO 8000$
80l'Q0bfi10 O'ld3060'l3ol.i. fi1M8 l'Q030'b(Jb0MO'l 0801006oli 'bfYl80
06 80Lio0060, 00l'Q0b<'10 0001:JMli
JFl:J'CJOGon50ob (CV)
30fi100onoli JMOC/300006&0 (CV) = cr/R
08030fi10Q?, 30fi100oooli JMO'tJOGoo60o 0fi1oli Q?oli.3ot'i'ilio0l.iO'l06fo0606030l.iO'l06 (fi1obJO'l06)
- 8Mooonl.i" MObJOb
<'000 l'QOl'Qo0 CV, 8oO'l 80&00 063oli6ooooli Cloli0608olio t'Jol.iJoli
CV-oli 808Mt1n6no0 83060 t'JoGJoli 00G0'bM80l'Q, A 063nG00000 0.75-oG CV-oG 8018n6oli
MM(>MM(3 8n60l'Q t'Jol.iJ0060 0630G&ooo0, 3orQMD B, CV
0.33-b.

ti0t'J8Mol'Q 8 06 00'l, fi1M8 .:i8 5n 0 6oli 'tlo6.:i6li()t'Jo 01.:i3000Li JoO'lb3nli Q?<'iMl.i O'ldso6 .:ic;:8M85CQnO'l
O'l080Cl "Let's Make a Deal" oMfi1oli. 8060'>0

103

(JfY'wb301
- cquivak•nt
- 3068nl> 8ont<i,
e,.:.t<i.:.68ot<i;:io-vc::-.:.tl!
'l3'1c::>n t!!M"'ol>
0 .:>MJ:JD'Vc::> a.....an68i3n,
t<l .....anc::-oe 'b"'a:11:nt11
Jot<\...,36;:io.:.l>
n6t!!n'l3at<i;:i68-vc::-l> bt!!nl>,
i3;:ieJdc::-nonc::-o bt!!;:io.:.
.:.tl1fl;:i3.:.6nl> &"Jnmao.:. .:.a
m.:.6b.:.l>v !.!!" .:.t<i.:.e,.:.t<i.:.6·
8nt<i;:ioeJc::- t<inl>Jn>6
i3;:i8Ml>>3.:.c::-l> i301t<inl>,
t<\018c::-nl>
a"'c::'"'t!!n6n t!!ano> nt<iml>>
!.!!" n8>3;:J t!!MMl>.
0fio,8i.i31!;'DLC.'n -
""""'e - nl> 8nt118n6n
>b.:.bn>mnol> n63nl>801t<il>,
MM8;:ic::-ne nmbM3l>
a01l>>c::>"'t!!6nc::- 1.>.:.t11anonc::-"
t<inl>Jnb
.3ot<i01onoi30.
104
3obu6ocn, MM8 cnj3a6u 0060on .'>Mou MMo J.'>Mo: [)Meno J.'>Mou "Will it be door #I, or door #2?"
()J.'>6 .'>MOU 10000$ 6.'>t;:?!:!;>O 8[1MM[) J0MoU ()J.'>6 JO -
0M0<B[)Mo. cnj3[16 0Mf1[13cn J.'>Mou 3"1':?[10.'>U !:!?"
!:!;>MU "c:?no0u. 8.:.3M08, u0608 cnj3a6 0Mf1[13.:i6u 30.:iJncnno!:!?acn,
8.:.6cno 3D()o6no.:.cn, MM8 030 cnj3a6 oa8M3cn03.:.'bnocn
cn06b0u, u08030[1MM!:!;> cnd3n6 ()6!:!?" ().'>MtJMcn cnj3a60 3013100-
(u.:.608 Jocnb30u, cnj3n6cn3ou 30!:!;>.:>0tJ30-
&ncn, M0 cn.:.6b.:. 3.:.cnj8a306ao!:!?0cn ().:>Mu J"Mou 3"c:?Do.:.'ba .-,6 Le.t's
.:>t;:?[JO.:> 'ba. ub30 uo&ti3noocn MM8 3cnj30cn, 3061.i.:.'b- Make
c:?3M[Jcn [)Meno 8n&o cn.:.6b.:., 30!:!;>03.:.o- A Deal
tl3D&o6nocn "c:?[)O.'>l.i !:!?" [IMCY>O
cn06b.:., 3"!:!?"3.:>0tJ3D&o6nocn J.:>Mol.i 3"t;:?[JO.:>l.i.
!:!;>.:>O[JM[JCY> [JU M0Gb30 f13a6 8M8[!6-
3D&tJ3ocn, M.'> oj6ao0 nli MOGb30).
!:!?"3(J030cn, cnj3a6 30131.:>0tJ3o&ncn, MM8 CY>() 806cno O[J8M3cn03.:.'bnocn 2,999$ .:.6
cnj3[16 3Mt;:?[)Ocn J0Mu. 3000$-oli on8cnb3n3000 cnj3[J6 3[1M
80t;:?[JO.:>l.i. 8.:.3M08 3001$-oli .:.6 8a&oli O[J8Mcn03.:.'bnooli oa8cnb3n3.:.oo, cnj3n6 1310cn.:.6b8!:!;>[JOOCY>
.'>Ot;:?Mcn O[J8Mcn.:.30 cn06b.:. !:!;>.:> 3.:.b3o!:!;>[ICY> cn0800013106. 806cno cnj3[J6 3cn03.:.'bMocn 3500$-li,
.-,8330M.:>!:!;>, cnj3n6 oc:?nocn 1310 30!:!;>ob0Mcn cn08000!:!;>06. (803M.:.8 10000$ OtJM
J.'>Mou ()J.:>6 . .-,8330M.:.!:!;>, cnd3n6 !:!?"J"M3[Jcn cnj3n60 006uo .:.3[lt;:?Mcn 10000$).
!:!?" M0 J"3ooMo .-,j 31.i .:.80u MOUJcn06 !:!?" !:!?O!:!?o· R3n6 vJ 3n
3.:.R3n6ncn 'B"d&o, MM8 063nu&MMO OUOM.'>'?3301.i 3"DJG[Jli MOUJU. 8M!:!;>OCY> 36.:.bMcn
M08M8. cnj3n6 3jM61310cn o.:.61.io 50/50-'bn 803[jt;:?MCY> 10000$ .-,6 0M0<B[JMO J.:>Mol.i 3"1':?[100(1). J.:>Moli
3.:ic:?nooli .'>Mou 5000$ (0.50X 10000$+0.50XO$). R3n6li
cnj3a6 cn3ocnM6 8Mdno6ncn MoliJ006 5000$
!:!?" 'bvli& 3000$ OMMOU. lib30 uo&tJ3[JOOCY>, nli 'bvli&o .-,6 ()MOUJM
cn06b0, cnd3n6cn3oli (JMolla01 Dd3030c::;iofieo Mnl.iJo.:>6 cn080000, cnj3[16 0803[1
.:.6 MM3MMG 5000$-ou MoliJo.:.60
3.:.u0J30Mo oj6[JOM!:!;>0 cnj3060 ()MOUJM .-,8 lio&V"G0.'>00 MM8
'bvli&.:.!!1 3000$, M0Gb30, R3n6 3.:.8M3otJn6ncn 803M08
on3b[Jt!/f'lcn M0Gb3li, R3a6 3cnbM3ncn !!1"3DO[JM.:>cn 030 .'>Mou 5000$-'bn
.-,R 3n60, MM8 .3oMnooli ()8n&nuo 8u 3.-, 31.i
U08().:>GO.:>Oo oli()M3[10!:!;>0 .3jM6Mt!10 ()MOUJM 30131M[J
(5000$-'bn R3n6 'B"J8M0Mo3.:.t!/ 308M3otJ[J6Mcn 06!!/o-
3o!:!;>ou ()MOl.iJf'l MOl.iJ006o 063nli&oGOOU (.-,6 O[JU.:>d-
MM8 3063u0'b('.?3MMcn 8.:.cno
MOl.iJoli 8080Mcn. CY>() ,
()MOU JM < 'ba, 8.:.006 330j3u fYioUJOU
.'>()Of!;.'[)00 ( .:>:J[JfYiUn0).
()MOUJM = 8.:.006 33.:.j3li fYinUJOU.:>fR80
n6fRO'()[JfYi[J6<1!J(Jf!:.'MO.:> ( 8(Jf!:.'8(Yinf!;.'M00J.
()MOliJM > 80006 330j3u fYioUJOU 0Mfl[J:J"·
.-,83;30M0!:!;>, R3n60 ,,cn08.:.ooli" 6nooli8onMo ()MoliJM MMC!;>[JU.:>G
5000$-'bn, vR3n6nou r0oba'b1J .:.t'lo0ab3c::;i 2c::;ib. MouJou v0M8tJM<Bo
cn3ou, 3.:.6ub303no0 (JMOUJM !!/.:. 063ali&oGOOU OMMol.i
O[J.:>t!/3[!6U MOl.iJoli dM[J8o.:.li; nli .'>MOU !:!;>080&noocno
MOUJ0.:>60 063nli&oGO.'> ()61!1" li01.:.30'bMO!!/[Jli 063nli8MMli MOUJ0.:>6 063nu&oG00'bn cn06b8Mooucn3oli.
.:.c:?li.:.60060300, Mf'l8 R326li MOUJM6o 063nu&0Goou
3000$-oli oncn03.:.'bno0u, 2000$-ocn .:.6 8n&ocn cnd3n6 801.i 8ooc:?nocn.
.-,8 003600 R3n6 u.:.nMcnf'l!:!? b[J!:!?3"u, Mf'l8 063nu8MM[Joo d0Mo01.:.!:!?"!:!?
MOliJU. [JU 6006031.i 0801.i, MM8 MOUJ0.:>60 063nu&oGO[IOO ()6!:!;>0 ucn.:.30-
'bMot!/6[16 3o!:!;>M[J Mol.iJo.:.60 063nu&0Gonoo,
M0!:!;>3"6 onodo6Ml.i olio6o (t!/008.:.bl.iM3M[JCY>, 8o(Jb[J(!?.:>3.:.131 o8ou.:., MM8 R3n6 3U.'>()OMMO'l
 5.

8Mb.'.>e:'.;'M(Q5::Je:'.;' 8M0oooo'bo; M::J.'.>e:'.;'(JMO b.:>Mo::JO::Je:'.;'O MObJo.:>5 o53ob@io(.30.'.>'b::J ()5(!?.:> tJM930e:'.;'OtJM

() 93 M(Y) 5.:>Je:'.;'ooo, 3o(QM::J M::J"e:'.;'()Mo b.:>M 0 oooe:'.;'n foJe:'.;'ooMobJo.:>5 "e:'.;'@J::JM5.:>@Jo3,:,'b 0). !:!?" M(Y)8
odM5(Qocn (Q.'.>O.'.>e:'.;'O MObJo, cnd305 ()5(!?.'.> ob(JM(Q::Jcn l:!?"ocn.:>5b8Mcn o53ob@Jo(.30::JOb (Q.'.>O.'.>e:'.;'O 8Mb-
.'.>e:'.;'M(Q5::Je:'.;'O 8M 00 o0oocn. 8MJe:'.;'::Jl:!?, .:>M ,:,t0booMob (J</J"bM b.)\QOe:'.;'o, MM\Q::Jb"G b.:>d8o oboo"
o53ob@io(.30::JOb. 5ooob8ooMo 8.:>r_;.'.>e:'.;'O 8M0ooob 8McnbM35,:, 8or.;oo(Je:'.;'O (Q.'.>O.'.>e:'.;'O MObJo.:>5o
o53ob@io(.3oobcn3ob ()5(1.?.:> 0 .:>5oboe:'.;'::JOM(Q::Jb bJo.3@JoJ(JM.'.>(Q.

"D"8!:Qo fi305 93MJ(JbOM::JO.'.> 8M3.:>b(Qo5ocn (.3i>e:'.;'JO(Je:'.;'O o53ob@io(.300oob MobJ'bo !3?" b.:>MoDO::Je:'.;''bo

o'bMe:'.;'OM::JO(Je:'.;'"!:Q· 063ob@JMM::J00 0030.:>cnu(Q .:>o.:>6(QOO::J5 cn.:>30.:>5cn bo8(Qo(QM::Jb oMcn .:>o@Jo300 ,:,6
o53ob@io(.30.:>oo. ()93MM 8o@J.:>(Q obo5o d86o.:>5 0011'0®<z3D1:::?ob ,:,6 o53ob@J0Goooob
ool!?Oo"ti?' fi306 0 3d'oMQ?OO" 0 .:>3.:>93.:>McnM3Mcn fi305o MobJob !:!?" 8M 0 ooob .:>5.:>e:'.;'o'bo
.3MM@J93oc::_>cn.:>5 808.:>Mcnoo.:>oo.
"'<'lo 06 8o@Jo '130Go060
06 oj@Jo30G
JM80o60Q00.

.3MM@J93oc::.>ob 8Mb.:>c::_>M(Q5oe:'.;'o b.:>M 0 oooc::_>o 8.:>M@Jo3.:>(Q .:>Mob 93.:>bo,:,60 D"C".;"c::.'l:!?Ooob 8Mbue:'.;'M(Q-

5oc::_>o b.:>M 0 ooc::_>ob b.:>Cl(J.:>c::_>M o0oM6oc::_>o, MM8oe:'.;'o<.3 oo"l:!?oo5b .3MM@J93oc::_>b. o0 oM6oc::_> 0oo
0Mc::_>o<> cnocnMO(Jc::.' 93.:>bo;,5 D"C".;"e:'.;'Q?Oo 8cnc::_>o.:>5o 063ob&0Moo(Jc::_>o 93(Jc::_>ob .3MM.3MM(3oob
(ooorr>6oc::_>ooob (J5Cf?" OtJMb 100%). .3MM0 93 oc::_>ob 8Mbuc::_>Ml:!?5oc::_>o 8Moooob doMocn.:>(Qo
93MM8(Jc::_>.:>, RP, .:>Mob oo8l:!?ooo:
J1l

Rp = .L,wjR.j
j=I

b.:>(Q.'.>(.3 Wi .:>Mob j 93.:>bo.:>6 o<>r_;.'.>c::_>(QdO 8cnc::_>o.:>5o o53::JbeoMOO(Jc::_>O cn,:,6bob .3MM.3MM(.30.'.> .:>5

oo6M5oc::_>o; Ri .:>Mob j 93.:>lrn.:>60 d<>r.;.:>c::_>(Qob 8rr>b.:>c::_>rr>(Q6oc::_>o b.:>M 0 oooc::_>o !:!?" m .:>Mob .3MM@)93oc::_>oo
0 .:>5bb3.:>3oo(Je:'.;'O 93,:,Go.:>60 D"C:"c::.>ti?ooob 8cnc::_>o.:>5o M.:>M(Q06rr>o.:>.
MMO 93.:>bo.:>60 D"C:"e.;_'C!(Ob oob.:>dc::_>M 8Mc,ooob .:>c::_>O.:>cnrr>oob o"3M(.30c::.'000b 8Mb.:>c::_>rr>(Q6oc::_>o
b,:,t0 00 o0c::_>o !:!?" be.:>5Q?"M@>()c::.>o o"!!?"bM.:> 6.:>8 30 6000.:> 030 8Mcn.

8Mliuc:;>"'n<5oc:;o liMii 0 oooc:;o, R1 14.0% J 1.5%

liCJJ<>6tQ.'.>MClJ(Jc:;>n 0 .'.>(Q<>bM<>, crj . 10. 7 1.5

en() MM 93.:>bo<,6 D"C:"c::.>CQOO 063ob&ot0oo(Jc::_>O.'.> ob cn.:>5.:>o.:>Mo cn.:>6booo, .3MM@)93oc::_>ob 8Mb.:>-

e:'.;'MCQ5oc::_>o b.:>M 0 ::JO::Je:'.;'O 00600.:> (0.5) 14.0%+(0.5) 11.5%= 12.57%.

cn(J8(3.:> 8Mbuc::_>M(Q6::Jc::_>O 8M 0 oonb .3MM093::JC'.:_'0 i>Mnb ::JMcnn.:i5n, 8M 0 ::JOnb b.:>O(Jvc::_>M d::JbM6oe:'.;'O

061:Qn3o(Q(J<>e:'.;'(JM 93.:>bo.:>6 d<>r.;<>c::_>!:Q'bo, .3MM@)93oc::_>ob b&.:>5Q?.:>M0(Jc::.>O 0 .:i(Q.:>bM.:i uM <>Moll 8.:it0-
&030, oG .:iPSob 06(Qn3n(Q(J"!:::?()Mo 93;,Go,:,60 d<>t:><>c::_>(QoG G@J.:>6(Q<>M0(Jc::.>o 0 u(QvbP1oonG ll<>O(J<>c::_>r1
ooorr>5oc::_>n. MM8 .:i3or_;Mcn 06(Qo3o!:Q(Ji>c::_>(JM0 93.:>bn.:i5o d<>r.;<>c::_>!:QoG b<>O(Ji>c::_>M oooM6ne:'.;'oG be.:i5-
(Q.'.>M0(Jc::_>O o<>!:QvbPSooo 006MMOM[]Ov ()6(!?.:> o"3(JJO(l)f')(l) (Qv8f'lJO(Q[JO(Jc::_>JOuG .:i6
93.:ibo.:i60 d<>r.;<>c::_>!:QQOoG 8rr> 0 oooob O(Y)Mob. Mu!:Q 0 .:>5 ob JM3.:iP100(.30<> e>M
JM<0e 93 oc::.>ob 8MG0c::_>rr>l:!?6oc::.> b0PS 00 ooc::.>'bo.
JM30Mn.:>Gn" ,)Mob beueobeoJ()Mn 80n306oooc::_>o, Mrr>8oc::_>nG .:iG0bu3G G3c::.'"l:!?Oob Clr1Mnb
Ju3onl'0ob !:QM5ob (80 0 0e:'.;'nm.:>CQ, 93.:ibn06n D"C:"e:'.;'l:!?Oonb 8oG 8M8 0 000;,6Mo.:iGcn06). ti?"l:!?Ooocno
J(Y)30M00(300 8M08Mob n80'bo, MM8 ei8 (')Pl G3e:'.;'"(Qb dMMnb bC>d(J.'.>C'.:_'M G3C'.:_'0C'.:_'Q00 8(Y)8b8(QC>M00
01'0mb0 !:!?" 08030 8n8;,<0cn(_)c::_>::JOOm. (JvMtJM93nmn Jrr>30t0nuoo0 o30(J05000, MM8 G.::io(J<>e:'.;'M(Q
MMO G3c::.'"(QO 8MdMC>MOb oV"lcn8.:>5ocnnb b0f506.:i.::ir.;8ti?oorr> 808.:>Mm(Jc::_>OOOm. 5(Jc::_>M306n
JM30(Y}o.::ion.:> 5nCl5.:>3b, Mrr>8 MM G3C'.:_'c)(QOOG .'.>MC> <>d3b oP1mv(Q (33c::_>oc::_>oonG eo51Qo5oo.:i
"?"IQOOnmo .:i5 (Jc)MtJr093ncnn 6P19303n <?JMM8nm. <?J<>bn.:i5o d.::ir.;<>c::.>\Qooob 8M 0 ooo6b OMV"lob

105
 J(Y)30Mo0000 0Mcn()e:;;3ou .3(Y)M@><aoe:;;ou u(l)06CQ0M@)()e:;;o !'i"!:!?"bMou 300630Moo300u.
80cn380(3)0J()MO uod63i::;;ou 3u 8()do Q:?M()o3i::;;o JO!:Q33 O(JM()Uocn C>MoU !:!?"'?J"M(Je:;;o -
'?JC>UOC>6 D"Q:?"e:::!:!?oou 0(Y)MOU J(Y)30M00GOC> odi::;;330 'b(Y)303Mcno MOUJOU cn03o!:QC>6 0ooe:;;3oou
03u0di::;;3oi::;;(Y)o0u .3(Y)(J)36oo()Mo u0M33oi::;;ou 03800M3oou 30M303 .
.3(Y)M@><a3e:;;ou u(l)06!:Q0M@)()e:;;o 30CQC>bMou 308(Y)0630Moo300, crr, 0Mou Mcn(Je:;;o !:!?" 8(Y)ocnb(Y)3u
83(3) 306boi::;;30u 2 !:!?" 08 cn03ou o(Y)i::;;(Y)oo 0Mu3o(Je:;; A !QC>60Mcnoo 0bu6oi::;;o0, M(Y)8 8ub3oi::;;o
.3(Y)M@><a3e:;;oucn3ou u(l)06!:QC>M@)()e:;;o 8"1Q"bM0 cn031Q0.30M33e:;;0CQ !:QC>8(Y)JO!:QOO(Je:;;o0 ,,036(Y)6oi::;;"
J(Y)30M00003o'b3 '?JC>uo06 D"Q:?"e:;;CQ3ou o(Y)Mou. ,,036(Y)6oi::;;300" 0b0uo0cn3ou cnocn(Y)3(Je:;; '?3"uo06
D"Q:?"e:;;!:Qoo 0633u@>oM3o()e:;;o cn06b3oou .3(Y)(Y).3(Y)MG00u !:!?" J(Y)30Mo000300 08330MC>!:Q 0Mou
306u0 'bQ:?3M(Je:;;o '?JC>Uo06 D"Q:?"e:;;CQ3ou O(Y)Mou '?3"uo060 D"Q:?"e:;;CQ3oou tl33e:::" !:!?"6tJ3oi::;;3o(Je:;;o
J(Y)80060oooucn3ou .
.3(Y)M@><aoe:;;ou u(l)06CQ0M@>()e:;;o 8"!:!?"bMou 306u0 'bQ:?3Mou 303300 !:!?"833b80M300
8600363i::;;(Y)3060 !:Q"UJ36ou 308(Y)(J)06000 . .3(Y)M@><aoe:;;ou MOUJ006(Y)o0 (J'?JM(Y) 83@>0!:!? !:!?"8(Y)JOCQ3-
0()e:;;o0 !:QC>l5tJ3oi::;;3o(Je:;;o '?3"uo060 D"Q:?"e:;;!:Qou J(Y)30Mo0003o'b3 30CQMO G"e:::JO(Je:;;o '?30uo060
D"Q:?"e:;;CQou <ai::::(Y)oou MOUJ006(Y)o0'b3 (u(l)06!:Q0M@)()e:;; 8"!:!?"bM3o'b3). 3u 600603u, M(Y)8 06CQ030CQ-
()"e:;;()Mo MOUJ0060 '?JC>uo060 D"Q:?"e:;;CQ3oou J(Y)80060000 ()6!:Q" 0301Q336CQ3u 'b(Y)803Mo!:Q06
!QC>OC>e:;;MoUJOC>6 .3(Y)M@><aoi::;;08!:Q3, MC>8(Q36Ci!QC>G '?JC>Uo06 D"Q:?"e:;;CQ300 C>M 8(Y)dMC>(Y)0U
3Mcn806301ou cn060808CQ33M(Y)Oo01. 8(Y)Je:;;3CQ, !:QC>o0i::;;o J(Y)30Mo000300 06333u .3(Y)M@><a3e:;;ou
!QC>OC>e:;; MOUJU.

!:Qo33Muo'?30J"Goou J(Y)6Go'?3G°" 'b3 R08(Y)ti"i::::oo3o()e:;;o0 u0 'b(Y)8"l!?(Y) "'b(Y)o. R3360 tl(Y)30i::::-

!:QQ:?O()Mo i::::oduoJC> 030003u ub301Q0ub30330M 8o!Q3(Y)80u 8ou!:Q080 (8cn030Mo .3Mo6oo.3o 30!:Q8(Y)-
G08()e:;;o0 0381Q330 Ci6!:QC> 'bocn: ,,3M01 JC>e:;;001000 6() R0CQ30 tJ33i::;;0 J33MGbu "). O!:QO"
8!:Q3(Y)80M3(Y)ou 08000, M(Y)8 01d336 MoUJo 300606oi::;;(Y)01 ub30CQ0ub30 0d@>o3'b3 0633u@>oooM3-
oou0u. 8o(Jb3!:Q"3"!:!? 08ou0, M(Y)8 8080Mcn()e:;;300 ul5(Y)MOC>, 3u C>MOU !Qo33MUO'?JOJC>GOOUC>!Q80
8008o(J)()MO 801Q3(Y)80. 08001 03odi::;;300 !:!?"3"UJ36001, M(Y)8 10000$-ou 0633u@>oooou cn06000Mo
30606oi::;;30001 10 ub3C>CQC>Ub30 '?JC>Uo06 D"Q:?"e:;;CQOO 8(Y)83G08U !:QO!:Q !Q030MUO'?JOJC>GOC>U, 30CQM3
08033 0106bou 0633u@>oM300 5 '?JC>Uo06 D"Q:?"e:;;CQOO. u0M3303i::;;o 080000, M(Y)8 (JOMC>e:;;(Y) CQ033M-
UO'?JOJC>GOC> 036(Y)MoM300u ()J3013ou '?JC>uo060 D"Q:?"e:;;CQ3oou 8(Y)3303ou o(Y)Mou J(Y)30Mo0000u (06
J(Y)M3e:;;0000u) . .3(Y)M@><a3e:;;o, M(Y)83i::;;oo 030003u 10 '?3"uo06 D"c:?"e:::!:!?u 03odi::;;300 60(Y)8(Y)0CQ-
336awu 0doo3ou 8b(Y)e:;;(Y)!:Q 3Mcno u060M8(Y)!:Q"6 !:!?" .3d(Y)6CQ3u 038(Y)li03i::;;300, M(Y)8i::;;3000 d0i::;;o06
0Mo06 3Mcn8063cn0106 !:!?"J"300M3o(Je:;;o. 5 '?30uo060 D"c:?"e:::!:!?ou .3(Y)M@><aoi::::o 03odi::;;300 60M-
8(Y)Ci!:Q806!Q3u ub 30!:!?0ub 30 u060M8(Y)3ou, M(Y)8oi::;;010 <a"bo060 D"c:?"e:::!!?ooob 038(Y)b0 3i::;;3ob
03odi::;;300 .3d(Y)6CQ301 !:QC>OC>e:;;o ()Mcno3M01JC>300Mo !:!?" .3d(Y)6CQ301 .3(Y)M@><a3e:;;ou i.i0M33oi::;;ou
!:QC>o0i::;;o G3"e:::O!:Q(Y)OC>.
3(Y)603Mo Q'.?033Mi.io<aoJC>Go" 06 <a0lio060 D"Q:?"e:;;CQ3ooli 08330Mo J(Y)80060000, M(Y)83i::;;oo
030800M30CQ" MoliJli, 60R3363000 5.2 li()M00100. "D <a0lio06 A D"c:?"i::::f.l?'bo 8(Y)330300 0Moli ooJ-
i::;;oli 8ob3CQ3001 G3e:::"f.l?0 1 06() 003i::;;300 M(Y) 0(Y)MG 801i::;;o060 3J(Y)6(Y)80J"· B <a0lio060 D"c:?"e:;;!:QoU
038(Y)li03e:;;300 JO 60Je:;;30Ci(Q 83(Y)d6(Y)oo0M3 !:!?" 06@>0G0Je:;;()MOC>. 08330MC>(Q, 08 (Y)Mo '?JC>Uo060
D"Q:?"e:::f.l?ooou 038(Y)li03i::;;300 0Mou ()J(J.3M(Y).3(Y)MGo()e:;;"C!? J(Y)e:;;oM0Go(Je:;;o. 010600M0!:Q 0633-
u(J)oM3o(Je:;;o cn06b300 (Y)Mo33 '?JC>lio06 D"Q:?"e:::!:!?·ao 030800M3oli 038(Y)li03i::;;3ooli 8(Y)33ooli
83MtJ3(Y)o0u cr,,-li 0633li@>ooo3ooli .3(Y)M@><a3e:;;'b3. 3u o8o(J)(Y)8 b!:Q300, M(Y)8 01001(Y)3(Je:;;o '?30uo060
D"c:?"e:;;!:Qoli 030i::;;300Q'.?(Y)OC> C>Moli J(Y)8.336lioM3o()e:;;o 06() 00i::;;06lioM3o(Je:;;o. (Qo33(Y)lio<aoJC>Go-
o!QC>6 038(Y)li03i::;;300 MOUJoU 038GoM3oou '?J(Y)M8001 60M8(Y)oo3300, MC>!:Q8"6 <a0lio060

106
 5. Q;?<'>

0 !:!?0 o Jf'l8o060G00

Q?n33Ml>0'1JOJ>Gno\;
:J'il:Jd8n
MOUJ'b:J

0(1) 0(1)006 !Q0!Q000010

930606G(JM 00'bl"'ia0Clo 0630G6o(i)ooo01 !QO!QO 1:Qo3o(i)Go930J0-
Go0, 301:QMO 0!"1010 03086oG 930Go06 0630G60Goo01. MM 0 MM(3 f1306
24-o 010300, Gb301:Q0Gb30 d3oti6oli OJM6M8oJ()Mo 0(1) 0!"1006 Go6dl"1M6o'bo-
!Q0 OM01 d308060Clo U(JU6o OJM6M80J0 od6ob 8oMMO d3o8-
6oG OJM6M80Jo01. ()<(3MM 8060(3, J(JMGoG (i)obJo !Q0 Gb30 (i)oliJooo
24- 0 010300 !Q0 0806oo0 !:!?o 30 !"1Go 93 0J0GooG ac:aod00.

----·-----r-------
MOUJn I

8011!:,'0>60 unl>833<JMO [Q>

>M>bnl>838<JM0 Mnl>Jnonl>
[Q>801JO[Q:JO<Jc:_>:JO>
'b018>u01>6

f1 30 6 !:!?0 30!:!? 0 06a01, (1)018 008 0000, 0<Y1 0<Y1006 !:!?0!:!?ooo01

33ob80!"1000 <Y1oliJoli Clo8Go<Y1 000Clo. <Y10 (i)0011Qo6MooG <Y1oGJoli
Clo8Go<Y1ao0G (JD!Q0 (Q0 <Y108!Qo60 0dGooli 0<Y1liao0100 od6000
5.3 G(JM0010 33ob80<Y1000 08 J001b30'ba .30G(Jbo60G 00Go80Clo.
(3b0(QtJ01 <Y10 801li1'.Qoli fYioliJG, 01() Cl::i801b303orn
0deoo60 rn0600M0!Q M01!QtJli0(3 f1306 3otit106rn
0dG0001, MoliJo 01'10G o<Y1010 0lia010 0dGooli 00!Q0b<Yi0,
<Yi0Q;?c,06 Clo801b303orn 0deooooli <Yi001!Q:J6Mo0 0<Yioli 00'b<Yi!Qoe;;o, .301<Yi0-
(i)olijo 0lio010 Clo8Go<Yioo0 0"1oli oo8Gol"'ioool.i 0060J3orno01.

107
 08 0 30M0(Q .3MM6'lJ::JC'.:'.;Oli Mol.iJol.i 0Mli::i6omo .3MM.3MM(300 d::JOd!C'.;::J60 0(30C'.:'.;::J6(JC'.:'.;O od6::ili
d::Jl.i0608ol.i0(Q d::J(33C'.:'.;OC'.:'.;O rQ03::JMl.io'lJOJ0(300l.i l.iorQOrQOm - 06() m06060Mo 'lJ(JC'.:'.;0(QO m06b::J6om
Cl::ilitiorQ()C'.:'.;O 15-20 Cl::i8mb3::i3om d::JMfl::J(JC'.:'.;O 0dGo::i6orn. Cl::ili0608oli0(Q, ::ili 60R3::i6::i600 5.3
l.i(JM0rndo.
Mf'"l0MM(3 'lJ08(JM0 0R3::i6::i6li, 8m!C'.;0060 .3MM6'lJ::JC'.:'.;Oli Mol.iJO d::J(Q8::J60 f'"lMO JM8.3M6::J66oli006:

8mc::;io.:i6o MObJO = (0"10Cf?o33"1l>o'13000"13o()c::;in + (U?o33"1l>o'1JnGnM300Cf?n .:>6

.:>6 <>M<><>onc::;i300U?o) <>ooc::;i30.:iU?n)

.30M3::JC'.:'.;O 6000\C'.;o - 006.30MM606(JC'.:'.;00 08 'lJ006MM06om, MM8C'.:'.;06o(3

'bo 0 03C'.:'.;::J60Li 0brQ::i6Li 8rn!C'.;0060rQ 60'b0cYJ'bo - Mf'"l 0MMoG 0P1oli, 80 0 0C'.:'.;orn0rQ, d3::Jti6oli
OJM6M8oJoli G3C'.:'.;OC'.:'.;06o6o, JM6 0M::Jl.ioli li0 0 0rQ0li0b0rQM MO'lJMM8o6o 06 G3C'.:'.;OC'.:'.;06::J6o
- 0jooo6ob 8l.if'"l'lJC'.:'.;Of'"ll.i ::i6oM8f'"llio6()0(300dO. oli MoliJo6o 'bo003C'.:'.;060Li 0b!Qo6li 'lJ0lio06 00c:'0C'.:'.;(Q::J6'b::i
06 boo63ob8000"' .3"'t"ie-
8rn!C'.;0060rQ rQ0 d::JrQ080rQ 0M Clood!C'.;060 rn03orQ06 od6::ili 0(30C'.:'.;06(JC'.:'.;O. lib30 lio6ti3::J6orn,
063::ili6MMli, MM80C'.:'.;0(3 'lJC'.:'.;f'"l6l.i J0M 0 0(Q (Q03::JMlio'lJ0(30M06(JC'.:'.; .3MM6'lJOC'.:'.;li, 8006(3 0d3li
oobb6::io0 0liomo 6o.3oli cYJol.iJo.
oo'bt"iob Mol.iJol.i 8::JMMO 6000\C'.;o - 0Mol.i JM6JM06(JC'.:'.;O JM8.306ool.i 06 o6rQ(Jli-
6Mool.i (Q0Mooli Mol.iJO. oli rQ08MJOrQ06(JC'.:'.;O 0M 0Mol.i ::JJM6f'"l80J(JM, .3f'"l!C'.;060J(JM rQ0 lib30 '80d-
6MM06'bo, MM8C'.:'.;::J6oG 'b::i 0 03C'.:'.;060Li 0brQ::J6l.i tl3::JC'.:'.;0 '80lio06 d0c:i0C'.:'.;rQ'b::J liolie::i8oli 8ob::irQ3om.
0 0'80(330 Clood!C'.;060 o::iobf'"ll.i 8bf'"l!C'.;f'"lrQ ::JMm JM8.30600Li, 0b0C'.:'.;80 JM6J(JM06680 Cloli0d!C'.;M0 rQM-
0J(l000ob 06 otJMli 8l.i 0 03l.io .3MMrQ(J0(300l.i 00M8M::J60; 6od6f'"l!C'.;0180(JM80 8oc:ioo3::J680 oali0d!C'.;f'"l0 0 08M(J-
boo63obeooo"' li0rQ080Mo 0 0b0rQMli 0cYJl.io6(JC'.:'.;O .3M01(Q(J0(300. 0dGo::i6ol.i ()8::J6::JliM6ol.im3ol.i 0cYJ0l.iol.ie::J8(JMO
Mol.iJo Clo0rQ 0::J6li 8rn!C'.;0060 cYJol.iJol.i 50%-Li, 06 8M 0 ::i6oli Lie06CQ0M6(JC'.:'.; 0 0rQ0bcYJ0l.i. rn(J8(30 08
0M
oobb6ob 60 'bt"iob Li0boli MOl.iJO Cl::ili0d!C'.;f'"l0 Clo8(30M::J6(JC'.:'.;O 06 0(30C'.:'.;::J6(JC'.:'.;O od6oli rQ03::JMl.io'lJOJ0(300rn, rn(J 000
o0 o 0Mol.i ::J'l3::Jd60060. O::JrQ::J80rQ, tl3::JC'.:'.;0 Mol.iJol.i 0M60 rQ0J03ClocYJ::i6(JC'.:'.;O 0dooo6oli 'lJC'.:'.;M60lirn06,
08rQ060rQ 0M 0Mol.i 8600360\C'.;013060, cYJ08rQ060CQ0G 08 cYJol.iJoli 6000\C'.;o Clood!C'.;::J60 od6oli 000C'.:'.;o-
oj6ob lQ03or"ibo<(JoJ0Goob
o(JC'.:'.;O rQ03oMlio'lJ0(30M::JOOl.i 8 'born. 0doooli 860Cl36::JC'.:'.;M3060 MOl.iJO 0Mol.i Bolio 0(30\C'.;OOOl.i
0 'bom.
Clo(Jd!C'.;oo!C'.;f'"l60 06 Liolie::i8()Mo cYJol.iJo. o6 3::ili6MM::Joo o0od!C'.; 000 8M::JC'.:'.;f'"lrQ6::J6 060'bc:i0()Moo0Li
Liolieo8()Mo MoliJoli 8oc:iooolirn3oli. m(J8(30 olio6o 0cYJ (J6rQ0 8M::JC'.:'.;MrQ6::J6, cYJ018 00'b0cYJo
8olio::i8rn rQ080e::ioom 060'bc:i0(JM::Jo0Li 000C'.:'.;000CQ0 cYJoliJoli 8oc:io6olim3oli. C'.:'.;01 0 0J(JM00, cYJ018
::Jl.i o80C'.:'.;060 J0.3o60C'.:'.;(JMO 0deo3::iool.i d::J'lJ0lio6ol.i 8M(QOC'.:'.;Ol.i (JJ06.

cYJol.iJol.i0rQ80 'lJMrnbo!C'.;o rQ0801JOrQ::JO(JC'.:'.;Ol.i 8df'"l6o o6 3::ili6f'"lcYJ0ooli 8Md8orQoo0 03 oR 30 60oLi 00C'.:'.;-

06l.iocYJ::i6(JC'.:'.; rQ08MJOrQ::J6(JC'.:'.;::J00l.i momM::J(JC'.:'.;O 0dGooli MoliJli0 rQ0 8Mli0C'.:'.;MrQ6::JC'.:'.; l.i0cYJ 0 o6::JC'.:'.;li
OMMol.i. Li000'bMM oM60lioMMMooli .3oMMoooClo '80Lio0680 d0c:i0C'.:'.;rQ80 063::ili6MM0 (J6rQ0
(J'bM(J630C'.:'.;t1Mli 801li0C'.:'.;01rQ60C'.:'.;O l.i0cYJ 000C'.:'.;006Moom 8olio liolie::i8()Mo cYJoliJoli Cloli0608oli0rQ -
Mol.iJl.i, MM80C'.:'.;0(3 3::JM od6000 0(30C'.:'.;OO(JC'.:'.;O rQ030Mlio'lJOJ0(3ooli 0 'born. M0(3 rQOrQ00 0dGooli lioli-
0c:?oot'ib 608(JMO cYJol.iJo, 8om CQOCQ00 063::ili601cYJooolirn3oli 8Mli0C'.:'.;01CQ6::JC'.:'.;O l.i0M 0 ::J0::JC'.:'.;O 0dooorQ06.
J.>3Clot'ib MobJbo !!?" 801b0- rQ08MJOrQOO(JC'.:'.;::J00 8Mli0C'.:'.;f'"lrQ6::JC'.:'.; l.i0cYJ 0::ioo!C'.;li0 rQ0 Liolieo8(JM cYJoliJli ClMMol.i CQ0 80m 0 06
(801mbf'l36od
CJ01t'iob, 08
0 08M8rQ060cYJo '80Lio060 d0c:i0C'.:'.;CQOl.i c:iocYJ06()C'.:'.;::JOol.i 0 06Li0'bc:i3cYJ0 Clo0rQQD6li 60100\C'.;oli .3(Y)o8ooli
C(J<>Uo.>60
C'.:'.;0(JM::J06oli (JOC'.:'.;008 Cl0cYJ.3ol.i 8oocYJ O::J8()Cl0306(JC'.:'.;O d::J<(3e>b;:ionb
801l3:!or::::nll (C\P\I) docYJorn0rQ 6000\C'.;li. ::ili 8MrQ::JC'.:'.;O 0 063orn0MrQ0 1960-006 OC'.:'.;::JOOo rQ0 80Li Ji;::JM
JOCQ::J3 0M (Q0(JJ0M()03li rna3olio 860Cl36::JC'.:'.;f'"l60 'lJ0606li(JMO liod6f'"lMdO. m(J8(30 Lib30
8M(Q::JC'.:'.;::J6Clo(3 0Mol.i 0l.i0b(JC'.:'.;O 00'bcYJol.i 801d8::J(Q::J60, CAPM 0 06l.ib303rQ::JOo (JOMo!C'.;f'"l
C)MOUJ01 0 060J3001b
JM6G::J'l3Goorn U1" .3cYJ0deoJ(JC'.:'.;O 0 0801t1::i6::ioorn.
.3"1 0800,
<(30Uo.>6o 6::i6oli8o::icYJo lib30 8MrQ::JC'.:'.;Ol.i 8l.i 003li0rQ, ::ili 8MCQ::JC'.:'.;O 080cYJ603::ioli M::JC>C'.:'.;Moali. o0 o 0li::i3::i
GoGeo8eJ"1 l.iad(JC>C'.:'.;OOC>l.i 0 30d!C'.;::J3li 0 08M30606Mrn .rQC>l.iJ36::i60 cYJol.iJoli (QC> Mol.iJol.i .3cYJ::i8ooli liorQOrQOl.i
MOUJm.>6 8080"101000Clo. Cl::ili0b::io, Ma(3 "(JGOC'.:'.;06::JC'.:'.;O" MoliJol.i 8oli0c:ioo0rQ. R3::i6 (J6rQ0 rQ"3JM6JM::J6CQ::Jm 8MrQ::JC'.:'.;oli
docYJornarQ 0Li.3::id6::i6'b::i CQ" 8oli 860Cl36::JC'.:'.;f'"l306 0 08Mt1::J6::i60'b::i. m(J8(30 Ma8CQ::J6o8::i rQ::J6"C'.:'.;o
od6::J00 0 a8M6M3::JO(JC'.:'.;O.
Mf'"l()f'"lM(3 Lib30 6oooli8ooM 801(Q::JC'.:'.;m06, 08 8MrQOC'.:'.;d0(3 J::JrnrQ::J00 30M0(JrQ::J60 . .30M3::JC'.:'.;O,
R3::i6 8030R6::i3m Mf'"l8 JC>.3060\C'.;(JMO 60'b(l')::i60 ::J'l3::Jd600600, MMCQ::Jli0(3 063::ili6MM::JOO 0Mo06
J0M80CQ 06'lJf'"lM80M::J6()\C'.;60, 80(Q0M0(3b3::iooli c:'0M::J6(JC'.:'.;000 0MOli rQ060C'.:'.;O, 063::ili60000'bo

108
 5.

JM8.30600l:i. ol:io6o bClo<'10!Q 0 o8Mntm5000

00'b61ol:i O[J!QOoO<'>ol:i c;0'bM83nl:i013nb ol:io010 06!Qodl:io01
M{t)e/"Mo(3 0611b S&P 500. l:ib30 o5!Qodl:iooo 061ol:i (J'B<'lM
8oo61a 05 ()'BMM 8[]o0!Q !Q0
0 008 0306 8en<'lo JM8605oool:i 05 JM8-
.306oool:i, di J{t)8.30600ot:i.
01()8 8 0 01d 3a5 o5 3nt:i0 o61 000b 0<'1 0Ja01oo01 o6!Qod-
t:i0oao. 08ol:im3ol:i MM8 oMo{t)O) Mo l:i:'foMCQ000
l:ib30CQ0bb30 o6crwdl:iooClo 063nl:i®o<'ln6ol:im3ob, Clnd-
o6C!?odl:inl:i Clol:i0008ol:io <BM5CQo<'>o. 01() md3n6
0b(Jbn: o6ci;wdl:io 061ol:i 0doooool:i '.5G8(J'BO, M(T)-
0 l:i()<'lm o""JQ01Mm 063nl:i®o<'l 000 0 05l:i<>'bc;i361(Je;;
0DCQ08006M00 o'bM8000 061010CQ. 'bM()O o6CQodl:iClo, 01d 3o6 (Jb!Q<> 8M<>b!Qo6{t)m o6 30 t:i-
061ob (Q0 8M0(303b 0bM0001 (Q0 0010bM0001 0o<'lno0 80l:i'bo 06lQQdUob 'BMb(QdO.

0P1ol:i o 0'bc;i(JCQ 30 oo '120 0P1 8 n<'lmo o6 3nt:i&MP1o 061 061ol:i 08'12o60'12 <'1(')8
8M0be!2o6Ml:i 0foool:i l:i000'bMM <(30li'bn. fi305 0l:in30 3()030001, MM8 n53ob&MP1000
- 061J:?JdGo
dn61om0'120CQ 0106b8'1200005 <(3<>lio05n 8l:i 0 03l.i CloU?Oo 'bn '12" 80mo
0013e;o60 500 de;nor'in <>doool:i b0[JM01M d[JMOM!Q'bo, [JM01
J.'.ldo\i)0e;o 'boonnl> JM8· 061lino{t)ol.i o5 3oli&ooool:i MMo &0.30, fl 30 6 a 030 b0oom .
Jo5ooli 061ol:i 6'ioliJoli 0 05 'B0l.io060 .30610-
odonoli Goo; 'bl'i01
MCQ'b[J 'li(Jl:io0!Q 061ob bClo610CQ, !Q<> b<>b0'lio601 qpbo060
li0Cl'1J"r:;'"' OJbP15oe;n
0 060J3nmooo 0 08MntJ06060 61oliJoli 0 06 0 060-
b.)'?)'()d3oe;'bo JJC05M80JOb J3001ol.i BoMf1io 0610\.i 0dooo6ol.i 00'li61ol.i o0 o 5061-
Gb30(!?0Gb30 (!?OMi)O(QOb. <>dooooom !Q0 l.i000'li61M
b0'lJ(Tlb(QM
B<>mo Cloli000Bob0CQ. 610BC!20601Q<>(3 l:i000'b61M
oo'bP'iob BG(;yo80P'ioo100G
8(Jd0M00 (J<(3MM 003610 OtJo5n6b Bob obom MM(){t)M0(300,
dJb"'?J"GJOr:;'"IJ:?·
li<><BM5C!2M ob!QJdbo S&P 500 (Standard & Poor's 500 Stock Price Index (S&P 500 Index). ob
<B<>MmMCQ b<>o0'1i61M o51Qodbo 0b0b03b 500 (JC!20CQ[Jbo
0doonb Clo'1200b.
8060B'120 fl305 fiobJob O(Q00 - 61nl.iJob, 01'1
od5ob D'BOd@>o060 '1203ofibo'l30J<>Goom. M<>CQ 0 <>5 fl305 01'1
b<>o0'bfiM Bo& o0 o 60!'1BM0'12-
005t:i 0103obm030'12 8ob0c:;6030 1Qo3ofibo'BoJ<>Goob b0 'bc:;30fib. 0l:iom 30010P1000Clo, b<>o0 'bfi01
61nbJn 0fiob 05 l:iob&nB(Jfin.

15305 <>dooob Clo3<>!:Q<>MMm

b<>o0'b6101 fl306li Clo'120fioo0Cln
bO!:QOC!20 (JMObJM c,060J3nmnli dMM(3J5&nb 801B0&oonb Clo8mb3030Cln, M0(3 nd6000
bb30'120l.ib30 fiobJn,)5o <>d@>n3060G Cla!:Q<>fiooob iJ06100 061ob 8Mb0-
(JMnliJM 5.4 b(J610010 (Jf1 30 50ob JM5Jfio-
dodMU.>oon•nob,•16000 QI>
<>dGnob :f;06100 CloCQ<>fiooob 8obn 00'bfioli
d<">M\i)'l)Qe;nb
dJ8<'ll>03ic::oo6016,,b llriP'ioL
b0'bb Ob{t)CQOO<> <>donol:i 8,;b0lio,>moo01::::10 f5f<i1?3[l; o0n 0b0b03b
(Qo80130G(JC(JJC'.'OOob <>donob :f;0616 CR" 60'b<ilob :f;0616
0011c1ooooo<"''O. 08 OMqjob dMMnb. (Q0;)<(3(Jd6Mb
<>P'ioG ,,oatii>''J"'J. <>dGoob £!:!<>80&000010 boCQOCQO CQ<> G060'b61M (!(<>0®06;:io0
'llnono5<1)o.
0 M<><(lOJ'bJ CQ<> Pio 0 61ol:iob b<>'bn, "ZJJomob<>CQ 0b0b03G
0bomo lin&(J<>oo<> 60fi3060600 CQ00 0 61080'bo. b(JM<>m'bo
0MOU 0dGoob ff0MOO £!:!0 S&P 500 o5CQodbo
Ol30::JOdO 60 m3ob m3o(JMO 0 08\rlo0b 0 0MOO;:J00
Clo8CRoo600610CQ:

109
 011
·ruc;o11uec;o'2c;ol"JGfl l")c;o<iilG!( u11ue gc;o u<ijlGe c;o!(Ggpu U!(<;Yc;of 11uu8pc;o wuCruGque
gc;o l")UCll<;l)C), l")U!(Ggwe U!(<;Yc;>p l")U<;l)C),<;'!( BW<;Y '11Cc;o9eu9 11G ·uP11u<oY c;ou<ijlGe wue
'uwc;o<ijlG!( u11ue 8<;Ywgw<;Y '11uCw11uu8pc;o c;o<;Yqc;oru 11ufu<;Y9 c;ouruuru 8c;o<;Y
9·9
-qc;ol")c;o l")uf,'u<ijl uec;ol"J ec;o ·11c;ou8u<gl11GC9u ,, t0uC8c;oruCc;ot0" l")Uf_'u<ijl t0Gl")c;o
11uu8pc;o Gq,c;oill<;Yq, l")U!(Ggwe U!(<;Yc;of w<;Yq,c;o!(c;ol")
U!(<;Yc;of 11uu8pc;o ew<oY '11Cc;o9eu9 c;o<;Yqc;oru Gq,-0· 1 ·c;ou8u<iil11GC9u
-G<;Ygc;>" <;'!(Gillw9G Cll<;'<;l)Ufl<;j l")f_'U<ijl ec;o 11uu8pc;o "U<;l)<;'C), <;'!( G<;l)illuC 't0uP11u<oY
·ueo:;JC£1><iil\!lwe
u<ijlGe c;o!(Gillt0c;ou11c;oq u9c;ou11c;ofu ut0Gl")c;o ew<oY '11c;oCpwu 'gc;oillu<;Yqe c;oCql"] wu.:'.;Ju9w9Ce
wCc;oruGqCGe 11c;oec;o ·ruc;ofuc;o<;Y.911 w<;Yq,c;o!(c;ol"J c;o!(Gill<;Yq,u U!(<;Yc;of 11uu8pc;o <J<l<i'C<( <]UUElp<' U\!l{;:.O'.;Jo
ew<oY '11Cc;o9eu9 'Gq,-Q" I c;ou<ijlGe Gruuruu11 !(<;Yc;of %9 11uu8pc;o GCG11c;o -L:.CiluCuCilgu o£Co:;JCwuwe<>ll
9GC11 !(<;Yc;of %9 ueGCt0 <;'Cll <;'!(Gill<;Yq,u U<;l)<;'C),<;'!( "U<;l)<;'C),<;'!( Cilw.'.ulo\!ll?L:. u<;ilgC
-u8u£1>Cwr ,<><iilC£• 'luo:;JC!O
8<;YWgW<;Y 't0uP11u<;Y Geugu <;'!(GCllt0<;'Ul")<;'q c;ou8pc;o 't0u!(GCR<iilu11 c;oCql") -<iil\!lw(' ·ueCiloqu£Co:;Juo:;Jf!8
l")UCll<;l)C/, c;og W<;l)C), <;'!(<;'\") UCll<;l)C), c;og <]U£Co:;JL:.£C\!lu<;J 900'.;JC!l,
-Gg<;Yc;ol"J Gq,c;ou8pc;o ew<;Y '11Cc;o9eu911G '0·1 l")U<;Yc;o c;o<;Yqc;oru -<iil\!IW(' W\!l'l,<'\?<''] ']<''(WU;JC<(
w<;Yq,c;o!(c;ol"J 11uu8pc;o) c;o<;Yqc;oru -wgp\!llle ('lu\?CU;JL:.\?C\!lo<;J)
9u'(w900U;l\?
11ufu<;Y9 l")U<;Yc;> ruc;oCu<ijl<;Yc;o8 c;o<ijlG!( l")U<;Yc;> uewq, c;ol") Gq,
-Cll\!l"'l qo<(CoElf)o qCoewq,
G<;l)c;oguruewec;og gc;oillu!(Ggq,ue ugGCIJ v,.9 !ulfil9Cu80£1>Cwr qur'lu\!I
u\!IL:.eC<ii1 9u9 - uion ,9G"
·Cq,U;JuCll9 09
901?CeC809we qu;;;Jl?Cll\!lo'l
U\?\!lof uU;JL:.1?C9pL:.£1>0Cil
'JO\!lwe 9U;JC<(Cll\!l<''l \?\!l<'P
qu;;;JC£1><ijl\!lw(' 'JU\!l'l, <'\? oCD
<>q;;;JCl?Cll\!lo'l wul?ClfiloeoCil
quu8f)o O<(CU;JL:.\?CCiluPweoCil
@
"
W\!l'lSll<;''1
O.'.u!CllCll\!1<;''1 Oll\!l<;'i;' + "
{<J'2C'2\Y'-'P'-' ''-''2C1ll\Yq,u)
e
@ "
C!1\Y9
'""""'•"'""'"' c;ow\Y9uC 8<.'\Y +
C'l,<;'OEJP<;>
0.'.u!CllCll\!1<;''1 Oll\!l<;'i;'
"tOU!(W9Cll<;l)flc;o(ll
Gq,£GeG8c;ogwe t0G9ug(llc;oCwe<;Yc;o9 9GC11 "U!(G11wPu<ijl
l")U!(Gu8pc;o 'u!(Gu8c;oq,ugc;og<;YW wu8u<ijl11GC9uc;o11 gG!(GgGflu 11c;oewgruue
ec;o gc;og(llc;o<;Y ·11£Gu8pc;o gGCGWJCE'u 't0u!(G<;Yc;oeqc;oru l")U!(Gl")wE'u<ijluWJc;ogc;o l")U!(Gu8pc;o
-Gg<;Yc;ol") c;ouWlpuCgGfl gGC\j l")U!(GgGflwec;og
-GruuE'wec;oru l")U!(GWJCc;o11weGfl ·Gq,c;ou8pc;o GCGl")c;o l")U<;Yc;o
11uWJGfu<iil<;Ywf,' w<;Yq,c;o!(c;ol"J 8c;o11Gillw<;Y 'ew<;Y 'wCc;oruGqC 11uu8pc;o u9GC11
l")UWl!(Gg<;l)<;'l"j U!(<;Y<;'f <;'!(GflU<;l)<;'ggc;ouwec;>g ut0GCE'c;o9c;og ec;o
Gq,11c;ofu 11ufl9c;o11
(u11c;ofu u11ufl9c;oq - u11c;ofu + (u!(GillgGruuCuru
<eot;.,_"r,;,ot;wuw ·0
 5. i.Q0

li000'1>P'ifYl 0630Li&oeooli 00&0 1.0-oli m03olio 0 06li0'l>c:;:3P'iooom,

08030tii0CQ, 0000 0Moli 0jeooli lioli&o8(JMO 06 MOl.iJoli Cloli0008olio 06CQojlio
00'l>P'ioli tiioliJm.:i6. oli MOl.iJO 0M OtjfYlli 003tiio .:ijeooli
Clodo6om, M0(Q()06 0()0 oliom f1.:i8o'l>o, MfYl()fYlMOG 0fioli [)JfYl6fYl80J(JMO CQ0
0&8fYlli'BofifYlli fifYl8c::•ooo 8 0bCQ06Li 0jeo0'l>o.

MGOOL>
50'b6'1!<0
+

50%6'1!<0

o1'1'1JoG

008>
J"'D'1loGoa68ooom

00@>0 80f\1@>030CQ 0f\1oli 0jeooli 00@>0li

JfYl0'13oGoo6&ooo .3fYlM0'8o-
li.:io.:i'l>M(Y') 08 Clooli000800.:i 080 01() 08 ojeo.:ili . .:i80-
30M.:>(Q, 'B.:ilio.:i6o oo&.:i .:iMoli Bolio
.:ijeooooli f\1oliJClo.

30CQM[J tJ(JM.:>CQC:::OO.:i ()6CQ.:i JOCQJ3 otii01

5.4 li(JM.:>01'1>0. ot'ii'Boli
.:if\1oli .:ijGooli .:ifi.:ilioli&o8(JMO f\1oliJnG li.:i'l>M8o. M.:>(3 '130M01(Y').:i Cloli.:io.:i8olio CQoli-
@.l06eo0 b.:i'l>oe!<.:i6, 8om G<OCQO.) "OGOJOOl.i .:it'ii.:iGoli@.lo8(JMO MOliJo: oG 60Cl603G, MM8 .:ijeooli
0j3li 8'1>0tiiG<.:iCQ J.:>3Clot'iio 00'l>t'iioli PS.:i 8
3otlMM,) (QOUdJMl.in.:i ();?0dMM[JO.:>), 8001 J03d0MO ();?0 0M0boli-
0o8(JMO MOliJO. fl306 3oeo01, MfYl8 ,:,tT},:,GoG@.lo8(JMO MOGJO oj6oG ,:,6
G.:iotT1mMQ;? 0'(3Dd@.io060 G<o3otT1Go'130J0GooG 0'bom. 20 J.:itT1 0 0!:!<
0jeooooli oj6000 80b0Go-
otiiqpli .:ibe:::>MG.

111
 01v C!/03vo33001, MM8 'Bo606uvMo 00'bM300 <>Mou O'BOd80060 C!/0 0633u8MM300
80006 0M0uou838(JMO MOUJO od6300
0dooou (J{!/O{QOUO MOUJO b{!/300 8ouo uou838(JMO MOUJO. M0(3 83800
0dooou 0380, 8001 83800 0u3010 0dooou 03u;,008ouo MOUJO {!/•) 8001 83800
01v fi336 {Q03vo33001, MM8 0M0uou808vMo MouJo 0Mou {Qo33Muo-
'?.J0(30M3oou 0'bo01, 0dooou 8M 03oou 006"J33010 j 0Mou
Ri = Rr +(Rm -
U0{!/0(3 Rr 0Mou (JMOUJM 0 06<>J33010, R01 0Mou u000'bMM
{!/0 <>Mou j 0dooou 03&0 JM3'?.Jooo3680, MM 0MM(3 80608{!/3 "C!:36006301.
ub30 uo6::i330001, 0dooou 0060J33010 00'bMou 803M
(JMOUJM 0633u80000u MouJou .3M3800. 08 030M0{Q,
MouJou .3Mo800 0Mou 'Bv6doo0: ( 1) u000 'bMM ()MOU JM
0060J33010, <>Mou MOUJOU .3M38oe> 'B0u0060
00'b0M'b3; {!/0 (2) 0360 JMO'?.J0(303660. {!/03()03001, MM8 u0M03-
u0b0'bo6M 'B0uo06 0Mou 8%, u000'bMM ue>M0 3-
0Mou 13% {!/0 ,,u0 306u JMM.3M<'i0ooou" oo80 <>Mou 1.3. oo80 vR 30 60ou, MM8 80u 0d 3u 8o8o
uou838(JM0 MouJo, 3o{QMO 'B0uo06 'B0uo06 1.0
0380010). 08 o6'?.JMM80(30001 {!/0 5.8 008M::J3630001, fi336
MM8 ,,u0306u JMM.3MMC>(3oou" '?.j<>Uo060 od6300
Rj = 0.08 + (0.13 - 0.08)(1.3) = 14.5%
M0(3 830Vo6300, MM8 00'b0Mo ,,u0306u JMM.3MM0(300(!/06" 14.5%
M0{Q 006 ,,u0306u JMM.3MM0000u" <>d3u 8360 uou6o8vMo MouJo. 3u
0Mou 3o{QMO 'B0uo060
00'b0M'b3. '?.J0Uo<>6o od6300
Ri = 0.08 + (0.13 - 0.08)(1.0) = 13.0%
{!/03()03001, MM8 fi336 0 300663M3u3ou 0103{!/0(330010 'B0uo060 d0C!:0{Q300,
038<> JM3'?.J0(303680 0Mou 0.7. 80010 0Mou
Rj = 0.08 + (0.13 - 0.08)(0.7) = 11.5%
'?.J0u0060 00'bMob o('i'i'80· 5.8 0C!:63Mu 06{!/030{!/(J"
'B0uo060 CQ0 8ou uou838v<'i tilouJu OMMou, MM 0MM(3 ou
Sci:uritv iine
o'bM8300 0360 JM3'?.Jooo366ou 803M. 3u OM'?.Jo30 MM 0 MM(3
- 6Pi'lJo, Pi"'aoc::>oe
6Pi'<lo3 \Q>801Jo- 'l30uo060 06\'BO {!/0 6083363000 5.6 uvM001'b3. 3u
!l/Oil'Vc::>Oil0G J"'6JMO<'.IJ'Vc::>o 6"8336300<> C!:OMd'b3. 03&<>, uou&o8vMo MouJou fi3360
'<J>boo6o
GoPi 0 oilc::>oG 801Goc::>"'!l/6oc::> 06!.Qoduo, 0tilou C!:Ot'i\d'b3: 'B"uo060 OM'IJO
3ofoJ3QmG (\!?> dMM6'lJ"'- C!:o<Tidu 0 0!.Q0J3001u (JMOUJM 0060J3301ou Cl3u0008ou t'i\ouJol> 0M0Mu30Mool>
c::'o01bo) (Q> GoG(l)o8'VPi 03801b333000 0633u6MM300 060'bC!:0(JM300l> (QMMOU 8ob3{!/3001
t"iobJo6G OMMoG,
3o'li018nc::>o .oo- M0{!/()06 MOUJO o'bt'i\{!/300, o'bM!.Q300 0u333
8>" J"'tJ'<JOtJ(30tJ6(i)nm. 0060J33010, MM 0 M<Ti(3 3u U(JM001'b3.

0doool> lio8oroc::>ro - Ticker

S) mhn! -'<Joboo6o
(Q0 'li00Pio
u0063ob(i)o(30"' '<J"'6(QtJOol;
(J6oJ0c::'()Mn, 0UM:JOn01
J"'1310Pioil'Vc::>0\!1
. i:J30c::>0'lio 80(1)0131 oGo6o
308mnao6000 30 'liomooCJo
(Q0 'l)>U010 J3"'<'.IJOMtJOOU
8m8b0b(JMtJ00dn. O(QtJ6<'.IJn-
'<JOJ0(300U" ob
U8tJ601 0 M0'<JO(Jc::'0
8001M1310 doPinm>(Q>(Q
0 063n010Pi1310 8oebPi08080
G0'VJ'V60Cln G0<'.1Jar::>o-
0p;,'ll"' MdtJM><'.IJMMtJOOU
80tJM, obQ3tJ tJdObo>6 <'.IJOJtJ"
t"iob Go8o"'c::'"'G.
03801.> 8ocwo0. 01v 33MoMC!!Oool> 8M6"0383ol> MM 0MM(3
3MM 0 6M'bou013ou J0M 0 0360u 008M06 0<>Moo3oou013ou 008M3o::i36M01
0dooc:1l> {!/0 00'bMou j0MOO t'i\08{!/36083 u;,8u<>b(JMO
0 301030'bMou 08 JM8.30603oou 036<> JMO'IJ0003663oou <>doo30001
808C!/06"M3Mol> 0d6ovMo 3<>ffMM00. 3u uol:!?oC!!oooo, MM 0M<TiG 63uo, O'Bvd6300 l>080-bv010
06 03&0l> 03l>0b30 06'1JMM80-
000u u3M3ou300 Merrill Lynch, Value Line, Reuters Investor
{!/0 Ibbotson Associates. 08 u3t'i\3ou3ool> v.30M083uM00 8{Qc,M80t'i\3MOU 08000, MM8 8336
8M30.3M3M01 0dooou 0360 JMO'?.Joo366300 8ouo 008M06 0<>Moo3ool>
0<>M303. 6;,b301 5.2 t'i\081.Q36083 JM8.306ool> 0l>333 80010 03u0008ouo
<>doooli Go80Mc::::'M02io {!/0 80010 <>dooooou 036<>. 80010 v8o&ouMOOU o8::JM'?.J000
C!/00.30'bM600 0.4-C!/06 1.4-8!.QO· 01v 1.Q03vo33001, MM8 0dciool> uol>6o8vMo MouJo
. o<>Mli3030G 031§0 od63b
0360 JMO'?.J0(30368ob

112
'B"bo,60
c,,'bPiob tiP>'Bn
03P>fl:icic:;o "deo3oob 03tlJ.>
JM[l'IJ0(30[j6tlJ[j00(2QQ4
tic:;ob 20 n.>63,P>o)
63tlJ" J"'[l'IJ0(30-
36tlJob ll3'13.>b30.>,
MMB3c:;o(3 "Piob '13.>Go,60
obtlJ01P>ovc:;o
(3.>'b018oc:;o) 03tlJ.>b Broa<o-
'IJOJ"GO" IJ?"d3[)0001,
03tlJ.>l> IJ?M"101"
B"6B.:.3c:;010,Clo 0d3li f§n6-
ll?DGo" 8ociobc:;M31J?3b
"" 'bP>oG ,5 J"'83.>6oou
Oi>M8013oob IJ?"M(IOU
t,,llv"c::"' o0e;,u.
Apple Computer (AAPL) 1.75
Boeing (BA) 0.70
Bristol-Myers Squibb (BMY) 0.42'
The Coca-Cola Company (KO) 0.20
Dow Chemical (DOW) 0.90
The Gap (GPS) 1.67
General Electric (GE) 1.09
Georgia-PaciSc Group (GP) l.81
Hewlett-Packard (HPQ) 1.71
The Limited (LTD) 1.46
Microsoft (MSFT) 1.70
Nike(NKE) 0.72
Yahoo! (YHOO) 3.30
6:J&.>b 0 08Mfl61:Q0 @J:J61:Q:J6Go0, MM8 061:Qo301!2()0C'.?_'(JMO <(30Uo060
O:J@J0b 0 0b0'bM80!:Q b0ffOMM0 !:Q03(JOM(J6!:Q:JOl 60'bMob .3MM@J<(3:JC'.?_'nb 6o@J0b 1.0 06 08
b0M8Mo6ob !:Q0M()Ob 6o@J0b, MM8:JC'.?.' !:Q0M()dOG <(3()6fooM6oMo6b JM8.30600. ob @Jo6!:Qo6Go0
Clod!:'.?.'060 0obb60b :JJM6M8oJ()Mn <(30J@JMM:J6om, MM8!:'.?.'o6oG 'bo 0 03!:'.?.'060b 0b1:Qo6b JM8.'306oob
li0d8006Mo0'b 0, '13ofo5t.i 06'bo !:Q0 CJ 8t.i0d!:'.?.'M0 0b 030 b@J0@Job@JoJ'JM '130d@J01M 06'b 0. 08 80180 30!:'.?.'o
@J:J6!:Qo6Gooli !:Q0b0'b(Jb@Jooe'.?.'01:Q Merrill Lynch, Value Line !:Q0 'bM 0 00M010 bb30 b08b0b()Mn
05 0 0MoCJ01oli cDeeiG. li00!:'.?.''Jli@JM0 8 0MQ? !:Q0 3'JCJ 3 001, MM8 ()J(J.3MMG:Jlio
8080M01()!:'.?.'o Ol:JM 6o@J0liJo6. 0 0'b0180!:'.?.'o 0800 M018 Ol:JMb 1.4, 0.670-ol.i CJ::io0163001
!:Q0 0.33-ob CJ 000160!:'.?.'o 008Ml:J:J6oo'J!:'.?.'o M018 n::JMb li060'bMM 6o@J0b01 3ob, !:Q0'b(Jli@Jo6'J!:'.?.'o 6000
od6000 1.4(0.67)+1.0(0.33)=1.27. 00030 .3MMG:J!:Q(JM0 Cloode'.?.'060 008Ml:J:J6:J6(JC'.?_'O l:JM<(30C'.?_'Ol:JM,
Ol(J ()J(JdMMQ:Jlio 8080M01()C'.?_'O od6o6M!:Q0 60M80106ob !:Q0M 0 ob b0Cl(J0C'.?_'M oo@J0liJ06, 06() 1.2.
M0Q? 0 06 fl306 0 3006@JoM:Jbo6li '130bo060 60<§0 8r08030C'.?_'Clo, Clood!:'.?.'060 'JJomobo Ol:JMb
()0 'bM80C'.?_'0 O:J@J0U !:Q0 'b(Jb@J::i60, 01() ()J(J.3MMQ:JbO 00b0006<>1:Q (QC> ooli0608ob01:Q.
8M{l?:JC'.?_'Oli013oli bb3.; o6'Bf'll'iJ8.>Gooli 8f'ldM3:J00. 60<§.:.li 0 0MCQ0, li060'bMC'l l.i0M0 :JOC'.?_'oli CQ0
(JMOUJM 0 0foJ3omolim3ob 0 08Ml:J:J6:J6(JC'.?_'O Mn(3b3060 ()6CQ0 Ol:JMli 8M803C'.?_'oli U0(JJ0010bM
CJ08'130lio6!:'.?.'060. lfoMb(J!:'.?.'o Clood!:'.?.'000 Ol:JMb 06 0M Ol:JMU G06!:QM. 01() 60Ml.i(J!:'.?.'o b0bo0011:Q:JOr'lCQ0
CJob0008olio :JJr'l6018nJ(JMO b@J060C'.?_'(JMMOol.i .3:JMOM(Q:J0001, 800M08 8r'l8030C'.?_'dO 00u00130-
C'.?_'Obo6::ioo!:'.?.'00 8Mli0C'.?_'MCQ6o!:'.?.'o 06'13!:'.?.'"Go0, 60Mu(J!:'.?.'o b000 'bMM l.i0tYi 0 oo!:'.?.'oli !:Q0 ()Mob JM
0060J3001ooob b0d(J0C'.?_'M 80Fi306::io!:'.?.'060 0M od6060 MOO:JJ@J(JMO 8M8<'>3C'.?_'nb d:JU<'><(30U:J6C'.?_'0CQ·
113
 .:.lio01 Clo801b303.:.Clo dOOQ?f'l8.:> od6oo.:. 0.:.8f'ltJ06oo.:.
9JC>lio.:.6o 8f'l 0 oooli 0.:.8f'l.:.60 .:.M0Cloooli013oli. lib3.:. lio<!!>()"Oo.:.Clo,
li.:.c.:.'bMf'l 8f'l 0 ooooo otif'lli U?"
.:.c:,i.:.M otif'lb 8.:.010 8oc:;oo.:.. CloU?Oo"<!?'
0.:.8f'ltJ06oo.:. 0.:.8f'Joo303li li.:.o.:. 'bMf'l 8f'J0 oooli Clo93.:.lioo.:.li .
.:.8 lio<!!>()"Oo.:>Clo (J6Q?.:> 8"J001<QOli ()MoUJf'l 0.:.6.:>J3001oli <!?" b.:.o.:.'bMf'l 8f'l 0oooli .3oM<Q.:>.3oMo
CJ 093.:.liooooo. ()MobJf'l 0.:.6.:.J3001oli Clo 93 .:.Lioo.:. .:.Mob f\306 8.:>M803.:.Q?
Clo3bo<Qf'l01 Cloli.:.o.:.8obo b.:.b.:. 'bo6f'l 9J.:>bo.:.6o 8f'J 0ooob 808(!?06.:>MO 0.:.6.:>J3001b.
li.:.o.:.'bMf'l 8f'J 0oooli Clo93.:.lioo.:. .:>Mob (J'(lMf'l 8.:. 0 M.:.8 .3Mf'J06f'l'boMoo.:. .:.d.:.o
ob dMf'l86f'l'booo Otjf'll.i 9JC>bo.:.6o 0Jf'l6f'l8oli<!!>oooli
<!?" lib3oooli Clo01.:.6b800.:. Clo93.:.boo.:.'bo,
.:.lio01 a(Y)oooooli. 9JC>lio.:.6 8f'looooli Clo93.:.liooooo
oM'bC>M(QC> 12-<Q.:>6 17%-8<!?0·
Mol>Job .3(i')a8oob Li.:.o.:.'bMf'l iJ:.:.Moo (()MoliJf'l
0060J3001'bo Mf'l0 f'lM8 li.:.00'bMf'l MobJob .3Mo800. o0 o 5.8
Cla8U?t:J0600M0<Q (Rm - Rr). j0Moo 0.:>8f'l8Q?o6.:.Mo
S&P 500 06<!?odlio<Q06, Clo0<!?006li 5-<Q.:>6 8-.3Mf'l806<!!>08<QO· li000'bMf'l 8f'l 0ooob
.3oMQ?.:>.3oMo Clo930lioooli f\306 <YiobJob .3(Y)o8o.:. <Q03()80<!!>f'l01
()MoUJf'l 0.:.60J3001li. <Q.:>3()Cl3001, Mf'J8 030d3li .3o(Y)o-
f'l<QO (QC> 00'b0<Yi'bo .:>Mob MOUJOU dOCQ08"CQ, f\306li Boo<Yi
o.:.'bMob 0Mob Rm= 0.08 + 0.07 = 15%, U0CQC>O 0.08 .:>Mob (JMOUJf'l 806.:>J3a010 (QC>
0.07 0Mob f\306li Boo(\') li00.:.'bMf'J MOUJOU .3(\')0800. 01() 803of\60301, Mf'l8 o.:.'b.:.(i')'bo
.:>Mliooo01.:>CQ MobJo, f\306 008f'J3otio6f'l01 5% (Y)obJoli
.3Mo8o.:., MC> Clo801b303.:.Cloo li.:.o.:>'bMf'J od6oo.:. 13%.
Mf'l8 5.8 .:.doooooli Li.:.o.:.'bMf'l
(QC> (JMOUJf'l 0.:>foJ30010 Clooli.:.o.:.8aof'l(Q0li 8o8CQo6.:>MO o.:>'bMob Clo93.:.liooooli. 8f'l0ooob
006.:>J3001ooob oM8.:>CQ 0.:>8f'l8060o.:.8 0.:.8f'loD3of'lb .:.8 8f'l6.:.oo8ooob .:>M.:>b-
bf'lMO CJ 093 0Li 0o0oo .:.d8030ooli CJ 093.:.Li0ooli

li.:.93f'l6Q?f'l ooMtJoo'bo .:.lio30 .:.d301 li08.:.-

lif'lo.:.60 0c:;60Cl36.:.. 60'bU?.:.d'ba 6.:.3.:.jMo .:.doooooli 8oJ-
OMooli 0d301 f'l01bo 0lif'l. 01d306
6.:.bf'J01 b(J010l.if'lo.:.60 0c:;60Cl36.:.o . .'.lb .:.c:;60Cl360 Clooo.:.3li
(\')008.'.J 800100100.:.li Jf'l8.306ooli d.'.Jb.:>b.'.Jo. F
60Cl6.:.3li, Mt:18 .'.JU 0MOU ()Obf'l(JMO Jf'l8.30600 U?" Q
60Cl6.:.3li, Mf'l8 o0o .:.(\')ob o.:>6JMf'l8oli .3(Y)f'l80liClo.
003Mo JfYlB.30600 013001f'l630 0Mflo3li
80JOMoooli li.:.8b(Y)o01
.:>30.:.b0'booo {LUV3),
80J.'.JM .:>Mob JM8.306ooli .:>doooli (i')oli8f'lM6.'.Joo 8M.:>nJM6o (YUM4), .:>d@Jo(JMO 80b.:.-
V .:>c:;60Cl360. Jf'l8.3.:.6o.'.)OO, 30j- 9J001d.'.JCC>CQO (BOOM5), 0680M-
6lf'J0.'.)6 60'::)-0MMJOU li.:>93f'l6CQM OOMtJOU b0.30- 608 Jf'l8.3.:.6o.:. Crosswalk.com (AMEN6) U?"
80(Y) n(QOCQ .:>c:,io60CJ600006 b.:.80 .:>6 Anheuser Busch {BUD7) •
.:.Gf'l 8001, 3060 30jMf'loli .308.:.(\')0

3
LUV - <>Mou .. ot1363036 3o3<>Mm3ou;,u f.l?" 6nCl6;,3u Cl36nCl36<>).
4
YUM - <>Mou 0;,8(Y)b<>8<>3u 0 38(Y)u ;,6 u'2J6num3nu (M3f.!?· Cl360Cl36<>).
5
BOOM - 36;,Clo "'133md30;,u (M3f.!?· Cl360Cl36;,)
8m03Mf.!?QO<> .,a Uo8:;3om ,,<>8n6", M<>() 6nCl6;,3u nf.!?"3 OtJ(Y)f.l? ;,u3" (MOf.!?·
6
AMEN - f.l?"
Cl360Cl36<>).
7
BUD - 3u JM3.3;,6o;, <>O<>M8(Y)3ou uo883" 36;,Clo <>Mou 3n8<>Mm3<> ,,d3;,", 3d3n<> ,,0'2Jf.!?" <>6'2) ,,0'2Jf.!?"
30o'b3Mo" (M3f.l?· Cl360Cl36<>).

114
 5. 13;;0

0j&o 30 ool> ooca0l>oool> o 03 0ca0L>(Y)m

ca0l>o060 ol> OQ8(QQo
0 08(YJ30tJD6(YJCJl (QOl>J(YJ6&nMQOOl.> 0 060J3QCJlOl.> l>0bom (Q030(QQ6(QOl> OQ'130l>QOOl.>
0 03obl>o6(Y)m, t'ii(YJ8 0dGool> 0 08(Y)ol>0b(YJL> t'ii(YJ 0 (Y)t'iiG
i:Qn3oi:Qo6C\?oool> (Qo6oool> 08 0 30t'ii0i:Q,

V=f D,
(1 +kc)' t=l

l>0(Q0(3 D, 0t'iiol> (Q030(QQ6(QO t :Jot'iio(YJ(QOO, kc 0t'iiol> 0J(300l> 8(Y)ooool>

0 06033omo (Q0 :E 0t'iiol> (Qo3oi:Qo6i:QQOOl>
dOMO(YJ(QO(Q06
i:Q03()030m, t'ii(YJ8 R3o6 0 3l>(Jt'iil> 0 063l>0'be:3t'ii(Y)m ,,L>0 306l> J(YJM.1(Y)t'ii0Gool>" 0dGool>
(Q0 OQl>0008ol>0(Q 8(J(Q8030 (Q030(QQ6(Qol> 'bM(QOl.> Ql> 0Mol>

10)

l>0(Q0(3 g 0t'iiol> QMCJl 0J(300'bQ (Q030(QQ6(QQOOl.> 'bt'ii(Qol>

0 06033omo. 0l>o30 (Q03(J030m, M(YJ8 ,,L>0306l> JMMd(YJM0(300", M(YJ()MM(.3
dQMO(YJ(QOO ()0(Q00b(Qol> 2$ (Q030(QQ6(Ql> QMCJl 0J(300'bo, (Q030(QQ6(QQOOl>
'bt'iii:Qol> 0 06033omo 30 ot'iim 0dG00'bo 0t'iiol> 10%. R3o6 "1M8 ,,l>0306l> J(YJM.1(YJ-
"10Gool>" 0J(3000ol>m3ol> 8(Y)c,oool> c,06033omo OtJ(YJ 14,5%. 8(Y)l>0-
l>oi:QoC\?oC\/06 0 08(YJ8(Qo60t'iio, 0dGool>

v= $Z.OO = $44.44
(0.145 - 0.10)
CJl() Ql> 8o8(Q060MQ l.>000'bM(YJ '130l>ol>, 0J(300l.> (Q0
oj6Q00 44.44$ (JR306ool> 0J(30ol> ca0l>ol> b(YJ60l>ti(YJM(YJ00l>,
O'B(Jd6000 J(YJ8.106ool> 0630L>&(YJMOl> 00'b0"1'bo (Q0 0j&o3ol>
(J<'loL> 3(YJ 8C"J 08 00'b 0. ·
ol> M(YJ(.30 0joool> (i:Q0
ca0l>o). (Q03()030m, 61(')8 QJ(YJ6(YJ803000 008oot'iii:Q0 i:Q0 R3o6 003(Qo30t'iim
'b6'i(Qol> :i 061oM!:Qoo. ool'.Qoo0(Q, 0 060 33 omooo o 088 ot'iiC\?oo0 C\?0 063ol>&M61ol>
Mol>3ol>0(Q80 ()'13<">M 80&0, oo8oo<">(Q000 0l>o30 J(YJ8-
.106ool> i:Qn3ni:Qo6i:Qoool> 'b6'i!:Qol> 0 0fo33omo. l>o!:QO!J!OOoo, 08 tio6 (Q0
8ol> oo8l:!?Qo, j308(Y)m.

(J<'iol>JM 0.-,6.-,J3omo Rr 0.08 0.o7

8Mli0e:;iMCQ5oe:;io li000 'b<'if'l li0Pi 0 oooe:;io Rm 0.13 0.11
li0305lioli oot!J.:i 1.30 1.20
li0305lioli (Q03o(Q:J5oli 'b<'i(Qoli 0.-,50J3omo g 0.10 0.09

l>ol>&o8(Jt'ii 61ol>3'bo 0 06033omo l>.:i3.:i6l>ol>

.:ijoool>m3ol> oj6oo.:i
Ri = 0.07 + (0.11 - 0.07)(1.20) = 11.8%
CJl() .:i8 0.:i6033oml> ()08M3ntJ06oom 61M 0 (V)6)8 k, , .:ijoool> OJ6oo.:i

v= $Z.OO = $71.43
0.118 - 0.09
08 0 3.:iP1.:ii:Q, .:i8 Jrri8oo6.:i 8 o.:i 15.:iP18rriorri6l> 0doooli 'bt'ii(Q0li 44.44$-
(Q.:i6 71.43$-8\'!/o oP1m .:ij 8 o.:i 'bo. CJl() .:i8 00 'b.:it'ii'bo .:it'iiol>
71,43$ 0liQ3Q OtJMl> '130lio . .:i8c,30M0\'!(, 0J800lJ
<(30l>O fii.:i(!m06 8ol>o
6.:i 'b.:il"1'bo.

115
 <>dG(),) X
C)

i
LD

C
@
co rl)
LD O
<>d(.300 y ('b:.JC\18:.J@J"!l?
6>Jc::>D0>01 dD<(J>Goo(Jc::>n
01° '1>00180& 0 01 :3 ';'.)MnbJM 0ofoJ3:.J010
CltJ<(J>Gao<Jc::>o >deonoo C)

01t'i01000010 Gooo'l>t'\01 E
.:D
00()60160G601t'i0100GoG 6
E
co

(Q0 0J(30[JOO. M(Y)0 (Y)M(3 (JJ3a 001j30, M(Y)8

u000 'b6l(Y) o(Y)fouo(Y)M(Y)oou !QM(Y)U <>j(3o<> 'ba 0060J3a010
8ou au 60Cl603u 080u, 6l(Y)8 <>j(3o<> 0060103u!Qa60 9J<>Uo060
60'b6lou b<>'b'ba (SML-'ba). !!?" 6l0 8(Y)b!Qa60 Cla801b3a30cfo? !Q<>3()Cl3001,
M(Y)8 5.7 U(JM001'ba SML 063au(!.J(Y)Ma6ou 8(Y)u0'b6la6ou 8001 8oa6l
8(Y) 0a6ou 0060J3a01ou !Q0 uou(!.Ja8()6lo 06 MoUJoU
6l008a 8o'ba'bo01 (Y)Mo 0j(_3oou X (Q0 Y-ou 9J<>Uo
Cla(3!Q(Y)8001. 0J(300 x 0MOU 930uo060 60'b6lou 8(Y)0a6ou
bi>'bou Clal>06080U0(Q (Qi> "J(.300 y 0MOU 'ba!Q8a(!.J0(Q
Cla!!?a00!.Q, 0j(30<> X-1Q06 8a(!.Jo 8(Y) 0 a6ou
8ou uou(!.Ja8()6l 6louJ'ba. u0.306lou.30M(Y)!Q, 0j 8 00 Y 6l(Y)8
8(Y)o3Ga8u 8ouo uou(!.Ja8()6lo 6louJou 060
063au(!.J(Y)6laoo, ba!Q03a6, M(Y)8 "J(.300 X-!Q06 ()9JM(Y) 8a(!.Jo 8(Y)0a6ou
ClaDG!Qa6006 8ou l::JO!Q30U. au 8(Y)d8a!Qa60 00'bM!QOU 0J(300U 930uu !Qi>
Cla08(30Maou M(Y)!Qa8!Qa au? au
80608, u0608 u000'b6l(Y) 930uo 06l oj6ao0 o8 0306lo, 6l(Y)8 !Q0ooo(Y)u
9J0Uo060 u000'b6l(Y) 8(Y) 0aoou b0'b08!Qa· Y 0j(3oou ClaDG!Qaoo06 8ou
0 01::1o!Q3<>u, 08ou013ou, M(Y)8 0803a uou(!.Ja8(JMO 6loUJ001 8a(!.Jo
ub30 930uo060 Y 0j(3oou 0 01::1o!Q3ou u0a6l01(Y) 0.:i6'b6l0b30 Cla08(306la6u 8ou
u060'bM(Y) 930uu !Qi> 00'bM!QOU u0fo8 0()0 0M 9J<>Uo060
u060'bM(Y) 8(Y)0aoou b0'b'ba.
M(Y)!QaU<>(3 08 (Y)Mo 0J(300U !Q0(JOM(J6!Qao0 930uo060
u000'b6l(Y) b<>'bu, u000'b6l(Y) o(Y)60uo(Y)M(Y)o0. 0ua01 Cla801b3a30Clo 80010 8(Y)u0-
8001 8oa6l
8(Y)60(3a8aoo 8o(J01001aou, M(Y)8 u060'bM(Y) 0(Y)60U0(Y)M(Y)00U 8!Q0(Y)806la(Y)00 (QO!Qb06u 0M
!Q0 0J(300U 930ua60 UOM09J0!Q ()0!Q0930U!Qa60 0693(Y)M80(30001 .
8(Y)60Ga8aoou (Jfl 3a6aou 00'b6lou a<sad(!.Jo06(Y)o0u, 080(!.J(Y)8 'B0uo060
60'b6lou 8(Y) 0 a6ou 06l93030 J(Y)6Ga'8Go<> M(Y) 0(Y)M(3 930uo060
!Q0 0 060J3a01ou 008(Y)-
au 0060J3a010 oj6au M(Y)0(Y)M(3 !QOUJ(Y)6-
(!.Jo6la6ou 0 060J3a010 0!Q6la Cla930uaoou .36l(Y)Ga!Q(J6laoClo.

116
CAPM-b <>M fb(J3c:_>o<> (J.3MrrlOc:_>08M!:Q. MM()MMG (JJ30 308001, <>8 8rrl!:QOc:.'Ob 801<>3<>Mo
Clo8<>!:Qo06oc:.>o 6<iboc:_>O <>Mob oo8<>b, MM(,MM(3 MObJob b<i'bf08ob c,<>8Mtio6oo<>. <>!:QMO(Jc;.>8<>
o8.3oMO(Jc:_>8<> J3c:.'03oo8<> <iR306<>, MM8 oo8<>b <>d;ib b<i8<>M01c:_>o<i60 .3Mrrl()6M'boMoo<>!:QO d<ic:_><>
b<>Mc.o<>oc:.>'ho, c,<>6b<>J(J01M00001 R30(Jc:.'OOM030 <>d 3oooob .3MM8'?Joc:.>ob b<>Mc,oooc:.>'bo. <>M<>306
<>!:Q<>b8(JM00b, MM8 8M!:QOc:_>O bM(Jc:_>tjM<(30c:_>O<>, OJ030 Mrrl(,MM(3 <>M<>'?JoMo<i bM(Jc:_>tjrrl<(30c:_>o!
01()8(3<> "U?30c:_>O<> 8obo 0<>000<> !:Q<> c.<>8rrltJ06oo<>. obo010 b<io<i'bMM R<i3<>MQ;?6ob<ib MM()MMOG <>Mob
o<>Jrrl8Mooob c,<>!:Q<>b<ib<>!:QOoo Q;?<> o6b8o8(JGO()Mo 0<>M<>68oooo <>bo30 Cloodc:_>oo<>
od6ob c.<>8M<i6c,<>Moooo(Jc:_>O 8<>010 bM(Jc:_>tjMClJOb013ob. 'brrl(,OOM010 ob b<iJ001bo c.<>8rrlJ3c:.'O(Jc;.>O<>
Clo8!:Q08 01<>30000 CAPM-ob c,<>8Mtio6ooob Q;?Mrrlb.

MM!:Q:Jb<>G 8J3c;.>03<>Mooo ClooG<>U?6o6 <>obb6<>01 <a<>bo<i6o d<>Q<>c:.>U?Ooob MO<>c;.>()Mo

b<>Mc,oooc:_>o, c,<>8rrlR6!:Q<> M<>8Q;?o6o8o <i6M8<ic:_>o<> {6MM8<>c:_>()M<>!:Q 8oR6o(Jc:.'0Q;?il6 ()<>!:Q<>bM0). OM010
8001 0 060 <>Mob .3080M0 JM8.306oob O'BOd8o 06 8(30MO 'bM8ob O'BOd8o. <>Q8MR6Q;?<>, Mrrl8 8GoMO
b<io<i'bMM J<>.308<>c;.>Q;?<>0<>61:Qooob 8df060 JM8.306oob R30(Jc:.'OOM030 <>dGoooo (0M010 <>dGoob J()Mbo
c,08M03c:_>OO(Jc:_>O 808MdG030Clo c.003oo(Jc:_>O <>dGoooob M0MQ;?06f000'bo) odc;.>030 ()<(3MM 80Q0c:_>
b.:iM 0 oooc;.>b, 30Q;?MO Q;?OQ;?o J<>.308<>c:.>Q;?<>o06U?ooob 8dM6o JM8.306oooob R30(Jc:.'00Mo30 <>dGoooo
bb30 0106<>00M .3oMMoooClo. 8oMMO 06f080c:_>o0 <>Mob ob, Mf08 R3:J(Jc:.'OoM03 <>dGooob Q;?<>O<>c:_>o
<(3<>bo01/0<i8M8(J0<>300001 Q;?<> b.:io0 'bMrrl <(3<>bo-b000c:_>06bf0 QOMOO(Jc:_>Ooob Q;?08MJOQ;?OO(Jc:_>Ooob
JrrlOClJOG0068001 0d3b (JJ001obo CloU?ooo, 30Q;?MO 80Q<>c:_>o JMO'?JOGoo68ob 8df06o <>dGooob. 0Mbo-
0Mob JOU?03 bb30 06M80c:_>oooo. 80c,0c:_>0010Q;?, R30(Jc:.>OOM030 <>dGoob '(3c:_>f000 l!?OJo8oMnQ;?06 n06-
3M<>8Q;?o bonM<>Q;? odc;.>030 80Q0c:_> b.:iMc.oooc;.>b, 30Q;?MO bb30 Clob.:idc:_>M 8bc.03bn b.:i6c.Mdc:_>n3Monb
.30MOMQ;?OOnb013ob. ob 06rrl80c:_>00 (36f000c:_>00 MM(,MM(3 0063Mob ornod00. 8o(JbOU?"3"!!? 08ob0, MM8
0063Mob ob OtBOd8o booM<>Q;? 50M8f000rrlo0, obo6o tJrrl30c:.' floc;.>b <>M 8oMMQ;?OO<>.

cnon8::ib !:Q<> ez3M:J6Bob 3<>8MJ3c:.':J3:JOO. 010300601 (36f000c:_> b80800Clo, 03o:J6o cnon8::i8 !!?" Jo6o8
'?JM06f\80 o8.3oMO(Jc:_>0Q;? c.<>6nboc:_>ob Q;?08MJOQ;?OO(Jc:_>000 R30(Jc:.'OOM030 cn0bo060 d<>Q<>c:_>Q;?Ob
8M 0 oooob Q;?<> JM8.306oob b.:io.:i'bMM J<>.3o8<>c;.>Q;?<>o<>6Q;?000b ('bM8001) OMMob, b.:io.:i'bMrrl
QOMOO(Jc:_>OO<i-b000c:_>06brrl QOM:JO(Jc:_>Ooob013ob Q;?<>8MJO!:QOO(Jc:_>OOob JMO<aoG068b0 !!?" oo8<>b
9
OMMob. 1963 bc:_>OQ;?<>6 1990 Dc:_><>8Q;?O <>dGoob b.:iM 0 ooc:_>nb 0 08rrlJ3c:.'03001 8001 6<>bob, MM8
bol!?ol!?o !!?" G3c:.'"l!?Ooo b.:io0'bMf0 QoMoo(Jc:_>Oo0-b000c:_>06bM Q0Moo(Jc;.>:Joobm3ob Q;?<>8MJoU?o-
o(Jc:_>:Jo<> <>Mob 8dc:_>03Mo o6b8M(J8o68o b<iO(J0c:_>M b.:iMc,ooc:_>ob 8dM6o <>dGoob .3MM(,6M'bo-
M:JOOb013ob. 8rrlG08(Jc:_>O G3c:.'"l!?OOob .3nM3oc;.><>1:Qo 0 08rrltJ0600001 MOoMobnM:JO(Jc:_> 060c:_>n'boo
<>Q8MR6Q;?<>, MM8 Q;?<>8<>800001 G3c:.'"l!? oo8<>b 0d3b 0bb6ob 8GoMO Q;?<>808000010 (J6"Mo. 0806
.:iod(Jc:_><> .3MMClJObMMn '(3008:J, MM80c:_>OG b.:iM 0 00c:_>rrlOQ;?0 Q;?OQ;?O 8J3c;.>030Mob <>38MMn808001,
CQ<>088JOG00060, Mrrl8 JrrlOClJOGno6@Jo 008<> - Mrrl()MMG 8M 0 ooob 0bb6ob OM01<>Q;?OM01n G3c:.'0!:QO
- <>Mob ,,8J3CQ<>Mo". 08 0 3<>M<>Q;?, cnoo8o8 !!?" caM06R80 CQ<>ofltiob ClJ<>M01rrl80bCl8000060 008030
CAPM-ob 0 08Mtio6000'bo R30(Jc:.':JOM030 <>dGoob b.:iM 0 ooc:_>ob 0b0bb6oc:.>"U?· obo6o "Gb"l!?Ool!?-
6061 lilM8 MobJob Clob0008obo 80fl306ooc;.>ooo 0Mob Jrrl8.3<i6oooob b.:io0'bMrrl co;oMOO(Jc:_>Oo"
(bo!:QO!:Q001) !:Q<> b.:io<i 'bMM QOMOO(Jc:_>000-b000c:_>06brrl QOM:JO(Jc:_>Ooob013ob !:Q08MJO!:QOO(Jc:_>Ooob
JM0'(30G0068o.
038MM 0oo, 0M010 8bMo 3, oooG<>!:Q6o6 0obb6<>01008 oob b.:io.:i'bMM b.:iMc.oooc:.>o MMo 83 c:.><>!:Qob
c,08Mtio600001, MM8c:_>ooo(3 !:Q0<(3(Jd6oo(Jc:_>00 b.:io.:i'bMM ca<>b'bo. 0808M8 o<>J30M3000b 0M o5303b
ob ca<>d8o, MM8 J<>300Mo 0bb6oc:_> G3c:.'"!:Qb !:Q0 0b0bb6oc:.> G3c:.'"!:QOOb OMMob 80Q0c:_>00. '?30080 !:Q0
'(3Mo6Bo '?JMJ(JboMoo.:ib <>Jo01ooo6 0M0 MobJ'bo, 0M08o!:Q lilo<>c;.>(JM<>Q;? 8oco;oo(Jc:_> b.:iM 0 oooc;.>'bo.
obo6o <>M 0 301030'bMo:J6 0M06<>0M 010MMO(Jc:_> Q;?<>b<>O(J010o<>b 0 <>J:J0100(Jc:_>o <>Q8rrlB06ob013ob.
Clob.:idc:_>M0 008<> 0M OtjMb b<iM():JOc:_>Ob J<>M()O 80B306oooc:_>o, Mrrl8:Jc:_>0(3 MO<>c:_>n'boo(Jc:_>O nd6000
B3o(Jc:.>ooMo 3 008 00000 o6 3ob8oM 00001, ob JM:J<(JOGoo68o J3c:.>.:i 3 lilBoo<> MobJob 0 f06o 3M(Jc;.>
b.:i'bM8 b.:iCJ(J"c:.'Oo<>CQ. 08 JM58odb8Clo, Mf08 o6 3ob8MM:Jon MnbJ01<>6 Q;?08MJOU?Oo(Jc;.>Oo0Clo
01ilo06 <(3M01boc:_>o, 0000 odc;.>030 o5'(3MM80(300b 80608.:ic:_>(JM b.:ililc,oooc:.>'bo, MM8oc;.>b<>G
Oc:.'M!:Q000 063ob@JrrlMO. 063ob8MM80 Cloodc:_>:J00 8oOQMb 06 30M 8ooQMb ob b<iM(,:JO:Jc:_>O. 01()8(30
JrrlM.3rrlM0GOOb <(30606b(JMO 8o'b6ooob013ob 8MG:J8(Jc:_>O Jrrl0<(30(3006eo c.<>8Mb<>tio6oooc:_>n0 J<i.3-
oe<>c:_>ob 0 060flnc:_>:JOob013ob b.:io63obeoGOM .3MMOJ0o6oo.

117
 0d803ooob O:J<BilU:JOOU CAPM Cl?"
8o(Jb:Jci;>.:>30ci;> 08oli0, MM8 CAPM .:>Mob fi3060 8o'b6ooob013ob, 080 0cY\
b.:.00'bcY\M Of'l60bof'lMf'loob dMf'lGDbob 06 0dG00'bo
'b(Jb&o 806b0'bc:?3Mob 8(Y)030r;:'1]0j<!Jf'lrfi(Jr;:o 8f'lf.R(]r::.'(]6o - obo600
08&Jo 80 ob, Mftl8 0d 8 oob 0bci;>o6li
06 o6ci;>::Jdbo ci;>.:> 0M0 00'bcY\ob 8f'ldM0f'lo0 - MobJb
808ooob M0 01d80 (J6ci;>0, (JJD01nb0ci;> bb6ob 30CQMD
0"101<a0d&f'l"10060 MM8f'lMOG .:>Mob CAPM. 08 0103ob ,,o" CQ.:>60M01Clo fi306
CQ.:> (JOMCQD<'>o6
0(Y/(JO<!JM<'>t](Jr;,>O O(J'?J<'>U(J6ou OJ(Jf'l(Y/00/J. fi3060 b[JCQ3001 CAPM <>Mob MObJob CQ<'> 8ftl8QOob 806b-
8'b.:., od6ob Oil 'b.:.M'bo. 080
ilbD3D OilM8f'lilCQ8D6b bilo"101M fiilMfif'lnob (bob&o8()"1o) MobJob 0bb6ob013ob,
CQ030Mbo'BoJilGoob013ob ci;>il MobJob .3"108oboob013ob (JMObJM 8il6ilJ3001'bo 'bo3001, MilG
8f'lbil'bOCQilCQ. ob b&M(JJ&(JM0 808f'lOt:JD6oo0
Clo<n0booob013ob <no6il6bnoClo.

il8 01il3Clo fi3n6 Clo3obn01 <(30fo5b(JMO D'13Dden.:>5f'JOilb. <(lOOil6b(JMO 00 'bilMO D'13Dd&o0-

6oil, MMGil 0dGoob <(lilbooo 0bilb03b bil_')<:ilMf'l o6<(lf'lM8ilGOilb DJf'l6ftl8oJil'bQ,
<no6il6b(JM oil'b"1::jo'b0 !:I?" b.3oGo<BoJ(J"1 Jf'l8.3il6oao'b 0. 08ob Clol:l?o 8ilCQ o6CQo 3oci;>(J-
cia! market - <n0bo060 <B0booo bo"1il<(lilCQ 06<Bf'lM80Goob
o.> 'b.><'in, G"!.!?"G Clobilo08obilCQ. OQCQ[J80CQ, <(lilboil6o <(lilb[Joo Cln801b303001 3001ilMQOildo o08QO[J6
J"C?"c.:'!.!?Doou 8n8!.Qo6.><'io 8[JM8D(T)o0b 8il01 OQCQ0MQ0001. oil'b"1ob D'BDd&oil6f'loob 8ilMCQ0
li<'i(Jc.:>"!.!? ,,i.,,,b,, 3ti
83Dc.:'" MOc.:>D3"68(J<'i .:.Mob 01300106&o"1nlio, MilCQ 8il6 o6 3ob&MM 0ao odooo6 CQil
'boCQ80&0ci;> <(l0boil6 CQil 8ilbil80CQilCQ. M0G 8o&oil Oil'bMob
CQ0 MilG bOMil<(l0CQ o6<(lMM8il(300, Oil 'bilMO 8001 8n&<>ci;> ()6CQil 08f'lb D<Bod-
&oil6o.
o6<(lf'lM8ilGOil8 808ftloo3of'lb <(lilboil6o c:?OMQ-
01()8Gil 8obo <(lilbob .3"1f'l86ftl'bo"1ooil Clo(Jd-
bci;>ooil. il883il"10ci;>, bci;>ooil <(lilboil6o <n.:.bob Clobilboo
8M60Go8ooob 8il8M806000 8obo CQil,
3il8Clo, 8f'l8ooob 8oc:?ooob .3"1M86f'l'b0Mooob013ob. (J<(lMf'l 8o&oG,
ilc:'.?8Mfi6CQob 0bo30 8()MilCQC'.?OOOb MilCQ8il6 08
CQMf'lb, Mf'lCQQbilG 01d306 08ftld8DCQf'l01, <(lilbo060 <(lilbo (JJ3D
od6ooil o<nod&oil6o oil'b"1ob .3"1o6Go.3ooob 808f'l. 01() 063ob&f'l"1oob ilM
obo6o ()6CQil il6
8f'l8ooob 806ilJ3n01001 "1obJob Clobiloil8ob0CQ.

D38D6o '1300808, oil'b"1ooob D'BDd&oil6(T)oob ilc:'.?OQMil oil'bMob D<Bod-

8nil6ftloob bil8o CQf'l6o:

, (J'?J(Jd<!Joil6f'lOOU U(JU<!JO fJ?f'l6(]: 8o8CQ06ilM[j <B.:.booo ilb0b03b <(lilboo'bo

o6<(lf'lM80GOilb. <(lilbooob GftlCQ60 ilM CQil8[Jb8ilM[j0001
<(lilb[JOOb dMf'l86M'bo"1ooob 80()8.')<:f'lO[JbooildO.

(]'1J(Jd<!Joil6MOOU u"8(J0r::.'f'l f.RM6(]: 808CQ060"1n <B.:.booo ilbilbil3b b.:>_')<:ilMMCQ

o6<(lMM8ilGOilb, ilbo30 8Mbbo6oooob CQil
(J'?J(Jd<!Jo06Moou dr;:oo(Y/o f.RM6(]: 8o8CQo6ilMQ <(lilbooo 0bilbil3b 06<BM"180-
Goilb, MM8f'lMG bil30"1Mb, ilbD3D Jo"1dCTJb Cloci;>il .30"1ooob013ob
o6<(lf'lM8ilGoilb ).
dMild80J0 (Jfi306oob, MCTJ8 ildGoooob, 8il6b0J(J01MQ0001 60()-0f'lMJOb
bil<(lCTJ6CQftl 00"1t10'bo (NYSE) 0d 8 noob oil'bil"1o, il"1ob
D'BDd&oil6o. ildGoooob <(lilb[Joo bilJ80"1obilCQ JilM8ilCQ 0bilbil3b o6<(lf'lM8ilGoilb CQil

118
 5. £R0

00M0'?PG? M;p 0 oMooo 06'(3rriM80Go0'1Jo. :JMm01J?:JMmo 0 %0 8600360-

- :JO 0MOO OOIJ?0 o6'(3rriM8()(3000 JM8.30600'1Jo, 06() ooomo,
8000 U?" m.:,608(Q:JOMOOO dOM:JOOom300,
8.:, 0M08 0M 0Moo o.:,ft0Mrri!:Q. 00030, '(30'..io.:,60 U?" ooMtJ:JOoo Jrri80000
0b:JO:JOO J"6rri6ooo, M0m0 O:J0C'(30MMO OO!:Q() o6'(3rriM80(3000
00'1J0M!:Qrri6 m03006mo 00'1Jrri 00!:Qrrioooom300 ()(36rrioo (JJ06rri6rri
06'(3rriM80Goom. 01() 0dGooooo 'll"oooo 000(3030 00'.i(;.:,Mrri 06'(3rriM80Go00, 8001
!:Q0c,3ob8.:,Mrri6 .3Mrri 0 6rri'IJoMoo.:,oo. D'll:Jd@>o060 00'bMoooo 0Mooorriooo
00801b303000 O:JG!:Qrri8oooo
"dGO:JOOO o.:,'bMoo D'llod@>o06rrio0 00M8rric,3o!:Qc,060 00801b303.:,o: Jo.3rri01o'b0,
Mrri8 "dGO:JOOO o.:,'bM::JOO 0MOO D'llod@>0060, od6000 01() 063oo@JMM:JOOO 00J80M000!:Q
!:QO!:Qo M()rri!:Qo6rrio.:, "M !:QMft:JM:Joo 800 D'llod@>o06rrio00 !:Q0 8rriod 8 030 o00.:,008000!:Q. ob30
oo@>ti3Doom, morriM00 8rrio01brri30, Mrri8 0Mooorrio!:Qoo 00'bMoo o.:,J8"Mo00!:Q
!:QO!:Qo M0rri!:Qo6rrio0, 01030.:,6mo 008rrio8()0030006
()(300!:Q !:Q0 Jrri8.306000 O::J00b:JO 00'.i(;0MM 06'(3rriM80(30.:,o,
0d 8 00oo"G 00060 Mrri!:Qoo0 8 8rrifo 80 80ooo o00 Mrri 30 ooo U?" oo'll00 0ooo 0 o
oofltiU?oo", 'llo606o(JMO 00'bMooo 00J0M"U? bU?oo" o'llod-
@>0"60.

3000 8 0borri 3o 1987 19 rrid@>rri8o 0Mo "dGooooo 00 'bMoo JM0bo, Mrri!:Qoo0G 8rrib!:Q0
8000 20%-0.:,60 3"M!:Q6" M"8U?o6o8o 0.:,.:,01001 - 8.:,01 U?"oo0U?0m o.:f: 3o 'llo606o()Mo 00'bMo-
ooo O'll:Jd@>o06rriooo 0000boo. R3o6 30(3001, Mrri8 "dGO:JOOO 00'bM:JOO o'bM!:Q:JO" 80c,t'ii08,
MM(Q:JO"G 00060 OG080, :JO b(Q::JO" OOM0'(30!:Q. 1987 U?"G08" OtJM !:QOIJ?O .
.:,800 010rrio.:,'bo o"JomU/0 o03 Mo 0bo6.:,, 8.:, 0M08 "MG:JM010 0M
R3o6 ()M 03@>rri3000 00 (J00()8rri36rri O::J(>Md6000, Mrri8, 01()8(3" 00'bMoO D'llod@>006rrio.:, J"Mf'>0!:Q
bo6oo 00'bMoO d8o!:Q:J000 (QMMOO ()8:J@J:JO !:Q0 'll"oo060 O'llD-
d@>o060 'll000, 8006 8 ()Moo ob o.:f3d3 oo "tio6oob 08.:,0, Mrri8
b.:,00'bMrri '(30booo 000b03b o5'(3rrit'ii8.:,Go00 !:Q0 O:J!:.Q::Jo0!:Q, 8001 b06-
!:Qrrirrio.:,b. obo01 :JM010!:Q, MM(>MM0(3 OtJM 1987 b0'(3M6(.QO OOMtJOO JM0bo
000-00, ()MOO ob30 (J'(lMM ob Mrri8-
'brri 000M010 R3o5 0!:.QM:J otirrib MOOJO 0M0oob.:,008obo 0 06'brri83ob
O::J!:Q::JoO· 8.:,c,M08 ob OtJMb ooomo M08, M()G R3o6 ()M 83ob800. 8o(Jbo-
!:.Q03"U? 08ob0, Mrri8 'llo505b()Mo 00'bMob D'll:Jd@>o.:,6rriooo JM6G:J'l3Go0 ()!:.Q:J3b 0d
O:J3M 8rrib0'bM0000, tJ(JM"!:.QC::::J0001 (J5!:Q0 8rri3:JJO(QM01

o5300@>0(300!:Q"6 ( 00Q?0b(Y]0 'brri 0 J>i;:JM .:.M otirrib

.3oMorri!:QClo) .:.Moo b.:.o.:,'bMrri 'll0bob U?"80- J0M 0o bb 30!:.!?0bb 30 bo!:!?o!:.l?ob
50oob8ooMo 0 0!:.Q.:ib!:.Qooo 8 0b0J()01- o53ootJJ0Goooob MobJob 05
M:Jrrio.:,'b0, b.:,o8ob 'll0b'b.'.J. . 'brri8000105 05 80bo@>.:i-
zpbo060 MObJO om05 Clob.:,008obrrioob013ob U@J05!:Q0M-
Mrri 0rriMG 30Mo.:, 8 0". C,0(.!?0bM0 o"38M01
80M@Jo30Q? ()Mob !Q0 803oc:::rri01 30MM(3oob JM::J'lJOGo5@>o (CV) -
8rri 00 o0ooo b"U?"G 0Mob b.:,M 0.'.Jo-
JM:J'lJOGoo58ooo 0Mob 80010 8oc:;ooob l'iiobJo".
!J?OUd:JMboob/0060603ob .:.6 30Mo0Goob 053.'.Jb@JrriM.'.Joo 0M005 MooJ'b.'.J 800-
b.:,'brri8o !:.!?080 05 'bo!:.Q8:J@J0Q? Q?08rriJo-
.:.Mob 0 0Q?0bM0 Ci, ob 600603b 0800, Mrri8 obo5o 8rriombrri305
(>0Q?()bMob J30!:QM0@JO <J2 MMC,MMG 3.:iMo()- MOO-
(300. J0001300.

119
 2.

Ill (06 80010 OM93001, 0b0b03b (Q0801JO-

'.li:3()930!:Q06) 80<'16030\Q 0<'101.i 08 930lio060 0doooli lf0P10
((J<'loliJ01 3060J3001oli lf0P100 !.Q0 00'b<'loli
Clo0!:Q 3 o6o6 08 lf0P10 Clf'l<'loli. 08 0<'19301.i
0<'101.i 93 0lio06 l.Q0b<'10 i.QM01oli 0601-
0106boli .3<'1f'l.3f'l<'1 8 ooli <'101301<'10 0060, lioli6o8(JMO MObJOb o6!!!odlio.
'.)i:080 (J6(Q0 08f'lb 100%).. <'100 l.QO!Q00 0060, 8001 !.J?O!:Q00 930lio060
f'l<'lo 93 0tio060 JfYl30- <'loliJo.
P100000 0<'101.i 93 0lio060
8obo1:Q300100 80010 3060J3001li !.Q0 8oli 00601.i Clf'l<'loli
!:Q0 01'10 <'101301<'10 930lio060 0<'1930. oli 0li0b03li
30<'10000 1!?0 li606- !.Q0!Q00001 063oli601<'loooli 800<'1
301:Q0b<'10 P103Clo !.J?0 lioli6o8(J<'l <'loliJli Clf'l<'loli.
930lio06 C101<'1oli J0130P1008 ooo'bo. 01'10!.i (JMObJ01 3060J3001li
8o'b6010<'1030 l.Q03:JMbo930J0800 80100031.i 930lio060 <'loliJoli .3<'10800 lioli6o8()1Ylo <'loliJoli013oli,
J0180060<'1000li <'loliJoli Clo8oo<'loooli- 01'10!.i 00001.i
013oli. <'loliJoli Clo8oo<'loo0 o8!:Qo6 b06li, 8o(Jb0!Q030!Q 08oli0, Mf'l8 CAPM 308010806000 J0.3o-
li0608 93 0lio06 00 'b<'loooli 3060J3001oooli
!:Qoooli 01'1 od6000 !:Q0!.Q000010. Clo930lioooli013oli, 801.i Clood860 lio<'lo-
930lio060 <'loliJo P1013f'l<'loo 0<'101.i
CIO!:Q3000 f'lMO J018.3016066oli306 - uouc!1JJ8(JMO !.Q0 0M0- 800<'10 J018.306ooli 0930d6o, !!10801-
uouc!1JJ8(JMO MOUJOU(306. 'b013'.)i:OM J01093000066oli 0930d6o !.Q0 00631'10!.i 0930-
<'1013011'10 0M00(JOr:;>J001J!O 06 0M01J!OJJMUn- d0o, C1008oo<'loli 8olio . .3<'10193oli01P10080
f]O(JOMJ00f!!O <'loliJo, 0b!!!o6li 9300808 !.Q0 93<'106R80 !.Q00b00(J010li, <'1018 J018.306ooli
930lio06 b0<'loliboli 8o(Jb0!.Q030!.Q. 00 'b<'loli ('b018001) !Q0 li000 'b<'101-
J018.306ooli 0<'10lioli608(JMO <'lol.iJO 01'1 0<'101.i !:Q0801- JfYl:J930-
00'b<'loli li00<'10101 oli MObJO 000600 0<'101.i 0doooli 80130001.i J0<'130
01'10!.i !Qo30<'1lio930J08ooli 3'bo01. o6!QoJ00f'l<'looo, 3o!QMO 0060. 803<'108 CAPM olio3
li000 'b<'lf'l of'l60lio01<'101ooli !.Q<'101li 930lio060 308010806000 P1013f'l<'18 R0<'1R01 <'loliJoli
8olio lioli6o8(JMO 30li03000!!! !Q0 33 0R 30 60oti 08 010 301.i o !!!060P101Clo
<'loliJoli Cloli0008oli0!Q, <'loliJoli, 01'1 Clood- !Q0
od6oli !Q030Mbo930J080ob 3 'bo01. a093 01.i0ooli 010f'l<'looli 0()60001.i.
0d003oooli C1 0930lioooli (CAPM) 9306061.i(JMO 00 'b<'looo 093od000600, Mf'l80 930lio060
08 0li0b0 31.i 06 93 01<'1-
<'loliJli0 !.Q0 C101P1oli. 808001.i. 0lio01 00 'b0<'1 'bo 93 0tio060 9301.iooo
lioli60800(J<'lo <'loliJoli b0<'lolibo, lioP10 93 0!!! P1 003 o<'looli 0693f'l<'l80000 'bo.
930lio060

<'loliJo o'bf'l8000 930lio060 80130001.i

30i.Q0b<'lo01 <JP • 30!Q0b<'l0 <JP 0<'101.i
m m
op= I,I,wjwkaj,k 1)
j=I k=I
li0!!!0o m 0<'101.i 93 0lio060 P1001!!/o6f'lo0 wj
0<'101.i j 930lio06 0106boli .3P1f'l.301<'1000, wk 0<'101.i k 930lio06
0106boli .3<'101.301<'1000 !!10 aj.k 0<'101.i j !:Q0 k 930lio06
Clf'l<'loli JfYl 30P100 8 00 (6o<'l8o6o J0130<'100000 0obli6000
d303o01).
08 lilfo<'l!:Qoo0 !:Q0806000010 0bli60. f'l<'18030 !!!0'.li:08000 :El: 60Cl603li, P1f'l8
R306 30'.li:080001 00!!!08J3001 8oJ<'lo 3ooli !.Q0 li306ooli (m !.Q0 m)
806IYioo0Clo. R3 06 30'.li:080001 m2 806<'1000 Clo!!/3000 930lio060
l.Qoooli J0180060 8 00oti C1011Yioli J0130P1000000001,
011Yi 930lio06 0106boli .31Yi01-

120
 5.

.3MMGoou .3f1Mt:Q()dl§)ou oM6ou 8obot:Q3001. t:Q03()Cl3001, flM8 m

()(!(MOU 4-u. JM8oo60GO:JOOU JM30M00GO:JOOU 800MOG0
006000

1
85Jt'l030 1 W1W2<Ji.2 W 1W3au W1W4CT1.4
85Jt'l030 2 W2W 1a 2,1 W 2W3a2.3 W2W4CT2.4
85Jt'l030 3 W3W1CT3,I W3WzCT3,2 W3W4CT3,4
85Jt'l0304 W4W1cr4,1 W4Wz<54.2 W4W3CT43

JM80060Go0 'b 08M 80(i}Gbo60 J(J01boClo 0f\ou 1, 1, M0G 60Cl603u, f1M8 j=k t:Q0 R30 6 03006-
eof\ouoou 1 <(30Uo060 JM30flo0Go0 06 1 <(J0Uo060
JM30M00G00. :JU o8oeM8, MM8 fo.1 ' 06
0 0t:Q0b(i}0u. f10t:Q 0 06 f\ 30 6 8o 3::i 30 0001 dof10010t:Q 80f1Gbo60 'b 08M 8b0f1ot:Q06 80f\-
j308M 8b0(i}ou, 0f\ou M01bo uoe(J0Go0, u0t:Q0G j=k t:Q0 f\306 0 3006eo(i}ouoou
M01bou JM30Mo0Go0. 8:JMM:J JM80060Go0 80JM03Clo 0MoU W 1W 2cr 1,2 , M0G
60Cl603u JM30f100Gooou (1(0 80-2 <(30Uo060
dMMoU. t:QM80buM3M:J01, MM8 JM80060(.300 80-2 80JM03Clo 0flou W 1W 2cr2 , 1 M0(.3
60Cl603u JM30f100Go0u (1(0 80-2 <(J0Uo060 8M 0:Jooou
C!Mflou. ub30 uoe::i300001, f\306 306 0 0MoC!Mo01 (1(0 80-2 '?30uo06 dMMou
JM30flo0Go0u 08ou 8u 0 03U0!Q, f\306 306 0 0ModM001 JM30M00GO:JOU
ub30 JM80060Gooou C!Mflou, 0M 8:JMM!Q:J00 08oeM8 !:!?00 0M-
'bo3001 0j3u U0MJOU:JOMO U(JM0010, 06() 8u003uo0
j303001. f\306 30flo0Go0u !Q0 JM30Mo0Go0u fl306u
JM8oo60Goooou 80eMo(.30Clo. 80ef10(.3ou f\306 0 30j3u 16
4 (1(0 6 JM30-
flo0Goo01 MMS(;:JM. 013001M6 80ef10G0 Clou0008ou0!:!? b0uo001!:!?000 MM()MM(.3
J0M00(10(JC'O JMJ0M00(1000 80eMoG0·
fo.1 0u0b0 3u :JM01 J06M6'bM8o 0M000u . 0 0!:!?0bM0
0M0 <(30Uo060
0M080!:!? 0uo30 ub30(Q0Ub30 <(30Uo06 dMMOU JM30M00(.30iJO'biJ .
<(30Uo060 M0M!Q:J6Moou 0 0'b(i}!QoU 8oboCQ3001, JM30f100Goou
.3oMMO:JOO 80001:!? b(J(:J00 30M00GOOU OiJ3M:JOOU .30MMOiJOOU013ou. ou
0 08Mfl6!Q:JU JM30Mo0(.3nou 800Mo(.30Clo. MMo '?30un060
0MoU MMO 30M00(.300U .3oMM00 (Q0 MMn JM30flo0Goou
'3nMM00. 30Pin0(.300 Mn0 Cln
JM30Mo0Go0'bo <(J0Uo06 dMMou. 30 <(J0Un06n dMM0'?JD-
Clo801b3030Clo, 800M0(.30dO 0MOU 30 30M0GOOU 003Pio (Q0 870
JM30(i}o0Gnnu 003Mo. MM!Q:JU0(.3 0 0o'bM!QiJ00 !Q0 8MnG03u <(30Uo06
JM30Mo0Gn0 0dJ0M0CQ 0 0bCQ:J00 !QM8060600 <(30QOMMo.
MMo '?30un060 JM30P?o0Go0 0PioG 'b<'i!Qou
8obo!Q30010G 80010 0M010CQ !Q0 0(i}0 0<'101806001ou 0 06
JM30M00(.300U 0MOU fo.1

121
 li.:>CQC.(3 ri.k oMol.i 8<YJl.ioc::?<YJCQ60c::?o J<YJMOc::?"Gooli J<YJ0'(30(3oo6&o j CQ" k 'l30lio060
(lolieidc::?<YJ li0M8000c::?oli O<YJMol.i, cri oMol.i j 'l30lio060 li&c.6CQ.:>M<'lJ()c::?O 00CQobM0 !QC> crk
oMoli k 'l30lio060 li&06CQ.:>M<'lJ(Jc::?O 00CQ.:>bM0. M<YJCQolic.(3 5.:i. l 006&<YJc::?00000 j=k,
J<YJMOc::?C>(3ooli J<YJO'l3oGoo6<'3Jo .:>Mol.i 1.0, MC>CQ8o6 G3c::?"CQoli 8<YJdM.:><YJOo (JJ.:>300P'>CQ000 liM(Jc::?o.:>CQ
U@Jo@Job@JoJ'VMo cn03oli cn03li CQ" riPPi bCQooei cr{ R3o6 JOCQ03 oP'icnboc::? 360bocn, 6lM8 R3o6o o6@JOMOlio 80@JM0-
80R306::iooc::>o, Mf"l8::Jc::>OG
>Mou f"lMo
Goli CQOC>8M6.:>c::?oli 00lio3Mo3 .:>Mol.i cnocn<YJO()c::?O <(3.:>lio060 l.i.:>J(Jcn06lo G3c::?"CQo.
bM'l)o30 J<YJMOc::?"Gooli ((JP'icnooMcnCQ.:>8<YJJOCQOO(Jc::?OOol.i) JMO'lJOGoo6<'lJo booP'>oCQ 8MdP'io<YJol.i -1.0-CQ.:>6
u> 'b,,,ao. m'V + 1.0-8CQO· CQ0CQ000())0 J<YJMOc::?0(300l.i J<YJ0<(30(3006<'3Jo ()R306ooli, Mf'l8 f'lMO <(3C>l.io060
8obo 860Cl306c::>"'O::Jooo: -1 li06looooc::?o doMocn.:>CQC>CQ 8Md6l0Moli 8li003lio 80806lcn(Jc::?Ooocn, MMCQOli"G JMMOc::?"Gooli J<YJ0-
>Mou l>MCJc::>o CJ>MIJ"''llomo
'l30Goo6&0 (JC>Ml:j<YJ'(3ocno0 600603!.i, MM8 do6locnC>CQC>CQ olio6o 8MdMo<YJoo6
JMM::Jc::>>Go>, 0 >M >Mou
J"'c::>::JM>(30> + 1 >Mou 8080Mcn(Jc::?OOocn. MC.(3 ()<(3M<YJ dc::?ooP'>oei CQC>8MJOCQOO(Jc::?000, 8om obc::?M" J<YJMOc::?"Gooli J<YJ0<(30-
l>MCJc::>o (3006&o f'lMO (JJOCQ(JMOlio 860036oc::?MOOCQC>6 o6lcn-oM())())06. 6(Jc::?<YJ306o J<YJMOc::?0(300l.i J<YJo-
'(30(3006&0 600603!.i, 6l<YJ8 <YJMo 'l30lio060 li06l0oooc::?o .:i6l 06loli
(JM())OOMcnCQC>JC>300Moo(Jc::?Oi olio6o OM ()R3060006 oP'icnoCQ G3c::?Oc::?000l.i &06CQ06(30C>l.i .3<YJ'l>o@jo-
(JMO 06 6000@)0()6>0 DM<(3030 <(3<YJM8ocn . .:ijGooooli ()80@JOli<YJooli l.i,:,M8000c::?o 0(33c::?OOC> OMcno
8080P'icn(Jc::?OOocn, 8006l08 06>0 l.iM(Jc::?l:J<YJ'l3oc::?0CQ . .:i8o<'l;<YJ8, Jf<IMOc::?"Gooli JMO'lJoGoo6<'3Jo MM
.:ij(3o.:>li O<YJMol.i doMocnoCQC>CQ .:>Mol.i CQC>CQ!JOocno, 800M08 1.0-'l>o 6C>Jc::?Ooo.
a08Mm3c::?oli Oc::?(JU8C>M(300. 08olicn3oli, M<YJ8 0063oboc::?<YJO> li@Jo6CQC>M<'lJ(Jc::?O 80CQC>b6loli
006!.i.:i .3<YJM<'lJ'lJOc::?olicn3oli 5.:i. l 006@JMc::?!JOoli 008<YJ1:J06ooocn, 0063oboc::?Mm .:ij(3o.:>, M<YJ8-
c::?oli bc::?O(JMO li.'.>M800c::?oli 8<YJli0c::?f'lCQ6oc::?o C>Mol.i 16%, li<'lJ.:>6CQ.:>M<'lJ(Jc::?O 8i>CQC>bM0
15%. !Q"3()030cn, MM8 8o(Y)P'io .:ij(3o.:>li .:ij3li 14% Eic::?o()Mo li06loooc::?oli 8<YJl.i.:>c::?<YJCQ6oc::?o
CQ" 12% l.i<'lJ.:>6CQ.:>M@J(Jc::?o 8i>CQ.:>bP'i.:i !QC> 8<YJli.:>c::?f'lCQ60c::?O Jf<IM0c::?"Gooli Jf'l0'lJ0(3o-
06<'3Jo (Y)M .:idGo.:ili O<YJMol.i .:>Mol.i 0.40. omm<YJO()c::? 08 <YJM .:ijoo.:ioo cn06000Mo 'lJ()c::?"CQo cn06boooli
0630!.i<'lJoM!JOom, .3<YJM<'lJ'lJOc::?oli 8<YJl.i.:>c::?<YJCQ6!Jc::?O oj6000
= (0.5)16% + (0.5)14% = 15%
eiliom 008cnb303000, 8f'lli.:>c::?<YJCQ6oc::?o .:>Moli .3<YJ6l&'l3Dc::?oli 0080CQ006oc::?o (Y)Mo
.:ijoooli cn06000Mo UC>O(JC>c::?f'l ooo<YJ60c::?O· M<YJ8<YJMG oo8CQ8f'l80o 360b03cn, .:ib.:>c::?O .3<YJM<'lJ'lJOc::?Oli
(loli.:idc::?<YJ lioM 0 ooc::?oli .:>c::?O.:>m<YJooli 8"3MGOc::?Oooli li@J.:>6CQ.:>M<'lJ(Jc::?o 8"CQ0b6l0 .:>M oj6000 MMo
.:ijoooli li&06CQ.:>M<'lJ(Jc::?o 8"CQ"b6loli cn06000Mo li.:io()"c::?(Y) oo5(Y)6oc::?o; 'l3"d<'lJ(Y)OM030CQ, 000
oj6000 6.:>Jc::?Doo.
li&06CQ.:>M@J(Jc::?o 00CQ0bM0 .3<YJP'J@J'l30c::?olicn3oli 60.3<YJ360,:, l:J30c::?" Dc::?o8o6&oli
oo8CQ08 30Mo0oo()c::?o-Jf'l306lo0oooli 80@J6loo000 CQ" oo8CQ08 J3"CQM.:><'lJ(Jc::?
'Bo1.i31.i.
0dG001 0dG00 2
2
(0.5)(0.5)(0.4)(0.15)(0.12)

J
0dG00 1 [ (0.5)2(1.0)(0.15)
0dG00 1 (0.5)(0.5)(0.4)(0.12)(0.15) (0.5)2(1.0)(0.12)2

(jp = ((0.5) 2(1.0)(0.15) 2 + 2(0.5)(0.5)(0.4)(0.15)(0.12) + (0.5) 2(1.0)(0.12) 2]°"5

= [0.012825] 05 = 11.3%

5.:i.I 006<'3;<YJc::?oooCQ06 R3o6 30(3ocn, Mf'l8 J<YJ30Mo0000 <YJM .:ijoo.:ili o<YJ6loli ()6CQ.:> R00cn3.:>c::?<YJli
.:i8o<'l;<YJ8 R3o6 3086l03c::?oocn Jf'l30M00(30C>l.i 2-'l>o. Mf'lCQOli"G j= 1 CQ" k= 1 1-c::?O
.:ij(3ool.icn3oli, 80006 0630!.i<'lJoMOO(Jc::?O .36l<YJ.3<YJM(3o0 (0.5) .:>1:j306oc::?o (J6CQ.:> oj6oli J30CQMo@Joo,
.:iti 030 li&06CQ0M<'lJ(Jc::?O 8 0CQ0b6l0 8 (O. 15).
Jf'lMOc::?"Gooli J<YJO'l3oooo68o .:>Mol.i 1.0. 00030 008f'lo1:Jo6000 8of'lM0 .:ijooolicn3oli Mf'lCQOli"G
j=2 CQ.'.> k=2 .
.:i8oli 000000!.i 860036oc::?f'l306o .3Mo6(3o.3o .:>Mol.i oli, M<YJ8 6l.:io ()<(3M<YJ 8o@J"CQ oMol.i
J<YJMOc::?"Gooli J<YJO'l3oooo6<'3;o (Y)M <(3.:>lio.:i6 d<YJMol.i 1.0-'l>o 6.:>Jc::?Ooo, .3<YJM<'lJ'lJOc::?oli
li<'lJ.:>6CQ.:>M@J()c::?o 8i>CQ.:>b6l.:i (J'lJMf'l 6.:>Jc::?OOo oj6000 f'lMo 06CQ030CQ()"c::?()Mo li<'lJ.:>6CQ.:>M<'lJ()c::?O
0 0CQ0b6loli li.:io()"c::?(Y) o0of'l6oc::?'l>o. [oooG"CQDm () 003 .:ic::?(Y)()) Jf<IMOc::?"Gooli J<YJO'l3oooo6@Jo .:i8
800.:ic::?omoo 1.0-om CQ" 6.:ib<YJcn, M.:> li&06CQ.:>M<'lJ(Jc::? 8"CQ0b6l0li 5.:i. l 006<'lJf'lc::?!JOol.i
008f'l1:J06ooocn - ,:,8 li.3000.:>c::?(JM 008cnb303000, oli ()6CQC> Ol:Jf'lli 08 (Y)MO li@J.:>6CQC>M@J(Jc::?O
8"CQ"b6loli li.:io(J.:>c::?<YJ oo5<YJ6oc::?oli <'l;<YJc::?o (0.5)15% + (0.5)12% = 13.5%.]. 'l3"d@Jf'lo6lo30CQ, 6000!.i-

122
 803Mo 'b(Y]8ob M.:io ()'(3M(Y] CQO(Qb06b .:>Mob 3M01 'B0bo06
CQ3oob J(Y]O'Booo36&0 1.0-'b3 0 0u:0bM0
od6300 30CQM3 o0CQ0bMob
030f\3363ob, M(Y]8 010600.:>M JOM(Y]00do, MObJob0(Q80 u:08(Y]JO(QQO(J-
8tJ(Y]'Bo 0633b6(Y]Mo CQM663M3bCQ3b u:o33Mbo'Bo8nM30001 CQ0
l!/008.:i&(Y]b 'B0bo060 00301 C!?"l!/300010
800 (rj,k < 1,0). Cl3801b3330Clo obo6o MobJb.

0d&o33oob Cl3<(30b3oob (CAPM)

- mQMMo.>,
MM8c:;-oG Bobou13001.>(3
oj\8>030G '(J"Go
!Q.>8roJO(!/QO';'Jc:;'°" 8<'1.>3oc:;-
'il"d\8>MM'bJ C!1"
<'iroc:;-G
moB.>orooG .>MOn\8>M.>(JoG
D'lJOd0o.>6o 8rod8o!QOO".
.:>Mob dt:J'tl"lit:J?mli 0Jt)(YJM00 (APT).
b<'.!J3<(306 0. f\(Y]bob 803M 3b 013(Y]Mo0 O(Q30'b3, f\(Y]8
<(30606b(JM 00'bM3o'b3 0MOoc3M0'tJO Cl3<(30b3oob b(Y]60b-
b(Y]M(Y]00b MobJob CQ0 8(Y] 0 3oob 03b0008ob0u:. 11 0!Ylooc3M0't}o 60Clfo3b (Y]Mo b.:i 0 6ob
J(Y]360b, doM0010(Q 0Mob 8bo03bo, 800M08 00'(30(Q (Q0
d30M0(Q. M(Y]o(Y]M (J6(Q0 o"°o(Y]01, <(30bo.::.6o 0Mob 60tJO(QO 00<(30(Q U!"
d30M0CQ? APT-ob 01060b80!:!?, 01 0336 8(Y]d306om MobJ'B"06(Y]M3oob 800M3 M0(Y]-
CQ36(Y]o.:>b.

M(Y]8 30f\336(Y]01 (Y]M<(300<'.!J(Y]M0.:>6o !:!?03()03001, M(Y]8 0doo0 Rr'bo

00bb60b 038CQoo600M0u::

b0CQ08 a 0Mob M(Y]CQOb00 (Y]M 'B0d<'.!J(Y]Mb 0d3b F 1 CQ0 F2 0Mob

CQ0 83-2 'B0d<'.!J(Y]M3oob ((Jo6(Y]oo) b1i U!" b2i 0Mob J(Y]o'Boooo6eooob Mo.:id-
000, 0b0b03b .:idooob 8(Y] 0 3oob 'B0d&(Y]Moo
3M01n 03b0008nb0CQ u:0 ei 0Mob
'B0d<'.!J(Y]M3on 0Mob bob<'.!J38()Mn 06() MobJo. 8(J(_Q8030 a 0Mnb
()MobJ(Y] 0Mob .:idooob b.33oo'BoJ()Mo u:0 00M8(Y]0u:oo6b 0M0bob&3-
8(JM MnbJb. ob MnbJO od6ob bb30u:0bb30 b.:ibo(Y]oob0 (QC> M0(Y]-
CQ36(Y]OOb 0doo3oob ob 0600000 0<'1ob 00030, <'100 f\306
0d&n3oonb dQ<(30booob n8ob M(Y]8
MobJob oM01 oo&0b 0<'1ob (Y]Mo f\nbJob 'B0de(Y]r10. MobJo 00<'18(Y]U!oo-
'B"Oe(Y]f\ob
5o. l <(30bo060 8(Y]oooob
b0.30<'1ob.30M(Y](Q 0<'1ob

Rj =Ao+ b1j(A1) + b2j(A.2)

.301\1080<'.!Jf\o Ao Cloob0<'.!J::i3nboo0 ()MobJ(Y] 0d&o3ob bb30 A .301\1080&<'1000
00<'18(Y]0u: 0 06b MobJob .3Mo800b r1obJob &o.3ooob013ob
'B"06(YJM3oom. A. 1 .:if\ob 3'.:if\on (()MobJ(Y] 0 060J3001ob
'b 33 001), M(Y]CQob0 8 b 1j=1 U!" b2j=O . .30<'108o&r1ooo o8(Y]b C!?"U?Don01n 06 (J"MtJ(Y]'Bomo.
U!"C!?Ooomo A 0b0b03b 00'br1nb 800<'1 P'>obJob0u:8n b0M8(Y]C!?8D-
ci-Pd6(Y]Mooob CloG0008ob0C!?. (JC>MtJ(Y]'Bo010 .30M080&<'10 8o(Jmo01oob 8(Y] 0 o-
onb Clo8ooMoo.::.b.
C!?"3()030m, M(Y]8 Torquay Res01is Limited-ti 0doo0 (Y]M 'B"d-
&(Y]r1'bo U?" Mo.:idooob J(Y]D'Bnooo66300, bli C!?" b2j 0Mob oob0008nb0Q? 1.4 U!" 0.8. 01() ()MoGJ(Y]
0.::.60330010 0Mnb 8%, A1 nj6000 6% C!?" A2 oj6oo.::. 2%, .:idoooG
od630.::.

123
 2.

R =Ao+ h1i(A 1) + h2i(A2)

= 0.08 + 1.4(0.06) - 0.8(0.02) = 14.8%
'B"J6(Y)M0 0li0b03li MObJOb0CQ8o Cl?"
()6CQ0 od60li 8o(Y)fYi0li JO 0d3li 8(Y)0oooli
CQ0CQ00o010 063oli6(Y)Mol.i 0lio01 3001.:ifYioo.:iClo
.30fYi0806fYiooo od6oo.:i MObJOb li.:io.:i'bM(Y) Clocn0li0ooli 'B"J6(Y)Mooo.
0803.:iM.:>CQ, So.2 80M6030CQ 030()06000, M(Y)8 cn.:ilio.:i6o
0Mol.i (JMObJ(Y) 0060J30010, Ao, MObJOb .3fYio8o.:i cn0d-
6(Y)M'b0. 0 06li0'be;3fYi0ooli013oli, 11306
lib30CQ0lib30 MObJ'B"J6(Y)Moli li.:io.:i'bM(Y) cn.:ilili cn.:ilio.:i6o
J(Y)ocno 8 oo66oo'b 0, b-'bo !:!?" Clo8C!?oo 30i;08oo01 8001. 01.i
.:>Mol.i cn.:ilio.:i6o MObJOb .3fYio8o.:i, 11306 3()8060001 (JMObJ(Y)
0 060J3001li 8(Y) 00 ooli 8oli0e;oo0CQ.

'"'mm"·"''" a01
00030 .3fYio6(3o.3ooo 008(Y)o::Jo6000 M(Y)G" (Y)M<n.:>d6(Y)Mo060 o"C!?"3CQ030fYi01
'B"J6(Y)Mo.:i6 11306 30cn0fYi01(Y)30001 So. 1 308060001 cn.:id-
@:l(Y)fYiooli Cl?" 80010 fYio.:idGooli J(Y)ocn0Goo660oli. 'B"J6(Y)fYioli 08
OCQO.:>'b0, M(Y)8 cn.:ilio.:i6o J()Mliooo 8(Y)dM0(Y)006 ofYi010 06
C10801b303001 3001.:ifYioo.:iClo
8o'b.:i6o 8CQ 0(Y)8.:ifYio(Y)oli 08.:iClo, M(Y)8 0.:i8(Y)o::J(Y)l.i Clo801b3030010 CQ" 000MJ3oli oli
('B"J6(Y)Mooo ). 0801.i o"J0010ool.i ofYi010 0 'b.:i .:ifYiol.i b6.:>6oli6oJ(JMO
8001(Y)CQ001, Ob(Y)CQOO.:> 'B"d<!f'IM(Jr;:o 06.:ir;:n'bn, li.:i81J(Jb.:>M(Y)CQ,
08 oo 0 6Clo.
8o(Y)rYi 0 8oCQ 0(Y)8.:i .:irYioli lib30CQ0lib 3.:i 'B"D6(Y)fYioli C!?"C!?o 06.:i 01 0(Y)rYiooli !:!?" Clo8!:!?oo
80010 CJ 08(Y)o8 0o.:i. rYiol1.:ifYiCQ !:!?" li6ocn.:i6 .:i. M(Y)l.ioli i.ii; 0rYi001, rYi(Y)8 .:irYili 0o(Y)oli
b(J010 cn0d6(Y)rYio. 12 01.i 'B"d6(Y)rYi 0oo.:i: ( 1)
(2) (3)
00M8(Y)oo0Clo; (4)
CR" rYiol.iJol.i .3fYio8o.:i) CR" (5)
lib30(Y)ooli CQ0
0060J3001oooli CRM(Y)0010 b6M(JJ6(JM0). li.:i8o 'B"J6(Y)MO
.:ibCQo6li J(Y)8.3.:i6ooli 6"J"CR'bo CR" a0CROo"CR 801.i CRo 30CQ06CQ06oli 'brYiCR.:i'bo.
(Y)Mo 'B"J6(Y)Mo .:ibCRo61.i o.:i'bfYiol.i 06 CROl.iJ(Y)66oMo-
ool.i 0060J3001'bo.
lib 3.:iCR.:ilib 3.:i o6 3oli6(Y)rYi 0oli .3d(Y)6CRo01
MObJoli.:iCR8o. 'b(Y)0oofYi01li li()MCRoli 8(30MO MOl.iJO, 800fYi08
8ooe;(Y)6 rYioliJo CR" IJ.:irYi8(Y)oooli rYiol.iJo. rYi08CR06080 .:idGo.:ili
.3d(Y)6CQoli 00030 oo6.:i, 80 0rYi08 rYiol.iJo. 01()
063oli6(Y)Mooli 'B"J6(Y)OM030CR 0066ofYiolioo01 MObJOl.i oli 'B"J6(Y)Mooo, CAPM-oli 006" .:>M
od6000 0J(30oi.i 8(Y) 006ol.i .3M(Y) 0 6(Y)'bofYi0ool.i J0M 0o

0ti'ioo6M0\'Jo - o(Y)6.:ilio(Y)P1M6oli 8oe; 0ooli a001(Y)a<o

M(Y) 0(Y)M 8ooe;IJ030 cn.:ilio.:i6 cn.:ilio6oli IJ(Y)60li!J(Y)rYi(Y)60 CR" lib30

.3.:ili(JbO 8CR0(Y)80Mo(Y)oli 08000, M(Y)8 b(Y)6.:ilio(Y)M(Y)Q.) 8ooc:,>IJ030 .3ofYio-
6ol.i 8(Y)d80CR06001, 0003006 (Y).3ofYi.:iGoo6li lib30CQ0lib30 cn.:id6(Y)Mol.i
APT-oli 01060b80CR, (Y)MO cn.:ilio.:i6o 8li003lio
J(Y)ocnoG006@>00001 56.2-oo b) (J6CR.:i 8li 0 03li

124
 5.

M.) 8MbCQoo.:i, O'l'() .:iGo .:>M nd6oo.:i? n63oli&Ml"ioon OtJOCQ0.:>6 <ti.:>lin.:i6

0j3G 8o&n CQ0 80tJOCQ006 nliom 'tl0lin06
li00 0j3li
CQ03()Cl30m, MM8 n630G&MMnli 8nol"i 00'bl"ioo'bo 0MnG MMO 'tJ.:>d-
0MMnli 'tl()6don0, li0CQC>(3 ()l"1nliJM 0060J3omn 01'1nh 7%, MM8MM(3 oG 0r>1nli
R J = 0.07 + b 1i(0.04) - b 2i(O.Ol)
JM8.306n0li "Quigley Manufacturing" CQ0 JMMdMM0on0li "Zolotny Basic Products" 0j3m 8li003lin
'tl0d&M6i 0o'b 0 JMo<tinono6&oon , 0M 8 Ml"ino 06inli b 1i = 1.2 CQ0 b2i = 0.9. CloCQ080CQ,
MMn33 'tl0Gn06n 0<0nli
Ri = 0.07 + 1.3(0.04) - 0.9(0.01) = 11.3%
m()800, 0donnG 'tl0li80 CQ0ntin0 CQ0 8nlin li0610oooe:;;n 06inli 12.8%.
0donnli 'tl0Gn, 8oMMO 8bl"in3, Cloli0008nli0CQ 01'1nG CQ0 8nlin
01'1nli 10.6%. 8M6n 06in 01'1on&l'00tin ntinCQnG 0jonooli CQ0 00tinCQnG
'bMe:;:>M06nli .:>j(3n3oli (06 0jonoonl; 8MJC:::030CQ006 00tJOCQ30G).
m(J 01'1on&l"i.:itinli li0d80 J0M00CQ 8nCQnli CQ0 80li 0f'i()booli l"inliJn 1 CQ0 2 'tl0d&MIYioonm,
MM <ti.:>lin.:i6 d0c:;0e:;;CQli od6000 or>1m6.:inl"in li006imM l"inliJn. ol"imn 8bl"in3 01'10litiMM0CQ CQ0CQ8o-
'tJ0lioonl; 008M OMO'l 'tJ0lin.:i6 od6000 8nlin MnliJOO'l 608()e:;:>nlib803'bo 8o&n 8MlJ-
CQ0 8oMMOli JO od6000 0[; 0Moli
m080C!o 0M6oot'1o 01'1oo&l'10tio JO .:i8 3nCQMO oli
nd6oo.:i
0M 0 (')0 8 JO .:il'100&610tio C!oo&tiMoli CQ" CQ"°f'itiooli
8Md8o!Qoo0li, CQ0of'itioo0 'tl0lioli CQ0'b()li&oo0. 0donoli '?Plio 0oti3oli CQ0 8olio 8Mli0-
CQ00G080 . .3o6injom, 0joooli 'tl0lio CQ00G080 CQ0 8nGn 8Mli0-
8 0o'b6i!Qoo0. 0G li0608 (')00 30 <ti0lio06 j0c:;0e:;;CQli 01'1
od6000 11.3%.
APT-oli m060b80Q?, 00 'b6ioli 8M60tioe:;;oooo OtJo6ooo6 Cloli0d-
0l"1oo&l'10tJ()e:;:>o 8oli0c:;oo0<!?. li000'bl'1M tiM60Gf'iMl"iM00 8noc:;f'io30,
MM(30 'tl0lio060 00bCQ000 f'il"i<tio30CQ CQ08MJoaw-
o()e:;;o Gb301Q0lib30 bs JMO'tJOGoo6&oonm. 080301'10!.Q, tJM60Gf'iMMMOoli C!o<zplioooG
li0<ti()d3oe:;;o 01'1oli 01'1oo&l'10tio. APT 60Cl603li, t'i1M8 00'b6ioli 8M60tioe:;;oooo 8Md8o!Q0006 li0ol"imM
ti06i8M!Q 00 60ooli C!oli00080G0CQ o8.:i'b 0 , 1'1M 8 Ml"io 'tl0d&(')l"ioon 0b!Qo6o6 <ti0lio060
J()Mli 'bo.
0li0b03G CD() 0M0 oli l'100e:;;(JM 8CQ8M80l'10Mo0li, 0j&o()MO J080mnli li000600. 0M 01'1Go0Moli
li00l"1m01 Clom05b8 0o.:i, Ol(J 61(')0(')1'10 'tl0d&M0 0000 01'1 0r>1li00Moli 01'10 08.Jol"in-
&oli&oooli C!o<!?ooooo, 801 0380 8<3?0 !Q0 Clo<!?o 0 0101'103 .30<008 0-
&l"iooli &oli&ooClo CQMMm0 006803e:;;Mo0C!o. APT o50(JoGo()M0!Q o.3tJMMoG tJ()M0CQQ?Oo0li,
0081Q006 80liC!o <0oliJo. 3ooom MM8 lib301Q0lib3.:i 'tl0lio06
lib301Q0lib30 MOliJ80 ojMboMli 8001'108,
8o(Jbo!Q0301Q m03olio APT .:il"i Clo()G3e:::o0 CAPM. m(J8(30 000
o8oCRooli JMM.3MM000(Je:;:>O 'tJ0606GoooGm3nG. Gti(')MO(.Q 08
8o'bo'bo01 ti0r>18M00CR006001 oli mj306.

01() 0630G&Ml"iooo oj600006 li0d(J0e:;:>M!Q MOUJ't!a 301.QMO

05 .3or0ojncn, 6inGJ006000, 8noc:;ooo6 80G, 01() 01'10 08 010300
6inliJoli0 CQ0 8MooooG JMbGo<aG00
006li0'bc:;3<'1om DM'tJJ !Q0 00&0.
00&M8 0<'1oli 00&0 GoG&o8()<'1n 6ioGJoli li0 'bM8n? MM()MM 00ode:;;oo0 8olio 006li0 'bc:;36i0?
4. 610 06ioli 0dGooli 0060J30010? 1'1M 0 MM Eoode:;:oo0 000 00o'bM8Mli?
0<'1oli 01() 01'10 'tl0lio060 00'bl"ioli tlM'tJJ 8(JCQ803n !QMMnb 8obo!Q3001? l'10&M8?

125
 6. Ol(J Gb3.:i dOMMOC> C>MoiJ 00030, MM8MMO od6oo.:i
JM8.3.:i6ooG .:idGooG G.:io.:i 'lJMM 'l3"G '!Jo?
0630G@>MMOOO 'lJM8C>IJ!C>IJ! ombM306 "JGOoo'lJo
0.:i6.:iJ3omG.
JM3C>MOC>(30C> JM8.3.:i6ooG "JGOoooG 0.:i6.:iJ3omG.:i 13:!" o.:i 'lJMoU
0.:i6.:iJ3omG dMMOU 8(30MIJ!OOC>.
JM8.3.:i6ooG "DGooG 0.:i6.:iJ3omoooG G&.:i61J1.:iM-
0 .:i!J!.:ibM.:i o'lJMIJ!Oo.:i.
JM8.3.:i6ooG (CQ.:i IJ!o301J1061J1060G) 'bMIJ!oG G.:io.:i 'lJMM
o"C!?"aMo8 0ooG <Joa\J!oo
IJ!"3()<l3.:im, MM8 md306 b.:iMm r'inbJbo .:ir>iJ7.:i8b3r:;>:Jr:;>n, 8.:i 0M.:i8 %OM JOIJ!03 "Jomoom 0630-
IJ@)nMoo.:iG "JGOOOdO. od6oo.:i Ol(J C>MC> C>J(30000U oo@>.:i, md306
"Jomoom o6 3oG@>oM 0o.:iG, 1.0-'bo 8o&o .:i6 M.:i@>M8?
8. OJ() 'l3"Go.:i6o <lo.:iqpl>om Cl!J!.:iMooom qpG.:i!J!,
.:id&o3060G <lo'l3.:iGoooG 8oboCQ3om, Mei 8MbCQo6.:i, OJ() 0630G@>MM000 <loo@>tJMoo6
.:i8oG <J 0G.:iboo?

1. C!?"3()Cl3.:im, MM8 md306 8oofi603m 8M0000G 8or;>oo.:iG JMMd(Y)-

MC>(300U "A.A. Eye-Eye" "JGOOOdO 0630G@>0Mooom <lo8C!/086C>OMC>CQ:

0.1 0.2 0.4 0.2 0.1

-10% 5% 20% 35% 50%

0. MC> od6oo.:i 13:!" 8"1J!"bM.:i?

IJ!"3()Cl3.:im, MM8 md306 0 .:i6G.:i'lJc-;>3Mom [(.:i)
Jomb30G 8obo1J13om), OJ(Jm360G Mei .:iMoU o8oG
MM8 od6oo.:i .:i6 10%-'lJo 40%-'!Jo
80&0?
2. UMMOM6CQ o61J!(JU@)Mo.:iG oo&.:i JM0'(30(3006@>o.:i 1.45. (JMOUJM 0.:i6.:iJ3omo 8%-o.:i 13:!" 8MIJ.:i-
G.:io.:i'lJMM C>MOU 13%. JM8.3.:i6o.:i .:i8tJ.:i8.:i(Q ob!J!OU 2$
C!?o 3o!J!o61J!G .:i08 o.:i i 0. o6 3oG@>MMooo MM8 IJ!o 30C!?o61J1060G
10%-o.:i6 'lJM!J!C>U JOCQ03
,). Mei .:iMoiJ "DGo.:i'lJo 8M 0oooG 0.:i6.:iJ3omo CAPM-oG 8obo1J13om?
o. Mei .:iMoG .:i 08 ooG G.:io.:i'hMM J(JMGo 0Mm .:i 08 o.:i'b 0, Ol(J C!?" 3()<J 30 om .:i8

0 . Mei 8M(J 301J!MIJ!" 13:!" 0Mmo .:i 08 ooG G.:io.:i'lJMM J(JMGG 000.:i MM8
0.80 (CQC>3(Jd3.:im, MM8 Gb3.:i .3oMMOC> IJ!C>MR.:i 00030).

3. A C!?" B JM8.3.:i6ooooG .:idGoooG .:id3m d308Mm

13:!" 8"1J!"bfi1.:i; JMO'l3oGoo6&o .:i8
MM C>J(30C>U dMMoiJ .:ifi1oG -0.35.

"JG°" A 0.10 0.05

"JGo" B 0.06 0.04

MoGJo 13:!" 60% JM8.3.:i6ooG A

C>J(30C>do CQC> 40% JM8.3.:i6ooG B "J(30C>do.

126
 5.

1. :fGOM(Y)8o :fG· :fGOM(Y)8o 006obor::.'03G 0630G&o<Yloo0G "0<.30000, <Yl(Y)8or::.'G"G 003G oo8C!?ooo

oou0dr::.'(Y) o<Yl01Elr::.'0060 G0<Yl 0oor::.'oG 0 060Elor::.'02'0

0.20 0.30 0.30 0.10

-0.10 0.00 0.10 0.20 0.30

<Yl0 0<YloG 08 0630G&oGooG 8(Y)G0r::.'(Y)Q?6;Jr::.'o G0<Yl 0 ooor::.'o Cl?" G&06Q?0M<!!J(Jr::.'o o<>Q?0b<Yl0?

0MOU 01() 0M0 o8oG MOUJO, M(Y)8 G0<Yl0ooor::.'o Q?0;J(3;J80 8(Y)U0r::.'(Y)Q?5or::.''bo Q?00r::.'0? M0<!!J(Y)8
'Boo<Yl(Y)o01 0uo?
Summer Stormc-oG <>Jo0100G 0630G&oGooG 060r::.'o'bG. 8(Y)G0r::.'(Y)Q?60r::.'o
;JM01br::.'oi>5o U0MO;JO;Jr::.'O 0630G&oG00'bo 0<YloG 20%. O;JU0dr::.'(Y) 8(Y) 0 oooG 0r::.'0001(Y)OOU
0 03<Yl(3:Jr::.':JO<> Q?<><>br::.'(Y):J0001 0<YloG 6(Y)<Yl80r::.'()Mo 15% G&06Q?<>M<!!J(Jr::.'o o<>Q?0b<Ylo01.
<Yl0 006Gooo0, <Yl(Y)8 0630G&0Go0 0 08(Y)0Ei'303G (J<>Ml:J(Y)'Bo01 G0<Yl 0 ooor::.'G?
6. <Yl0 0<YloG 0r::.'0001(Y)o0, M(Y)8 G0<Yl 0 ooor::.'o 006000 10%-'bo 80&0? 20%? 30%? 40%? 50%?
Q?<>3()"03001, M(Y)8 010306 'Br::.'(Y)o01 J(Y)M.3(Y)M0(3ooG "Markcsc Imports" "OGooooG Q?<>80<!)000010
J30M<!!J0r::.'(JMO U0M();J0r::.';J00U Cl?" 00'b<YloG .3(Y)M6'(3:Jr::.'OU ooBC!?oo 8(Y)50(3:J8oou:

0dG0060L> 6Yb010L> Clf'1018'<30"-"0L>

J300180"-"0 800160 L>0010D2>D"-"O 800160 G0010D2'D"-"O
0.04 0.05
2 0.05 0.10
3 -0.04 -0.06
4 -0.05 -0.10
5 0.02 0.02
6 0.00 -0.03
7 0.02 0.07
8 -0.01 - 0.01
9 -0.02 -0.08
IO 0.04 0.00
11 0.07 0.13
12 -0.01 0.04
13 0.01 -0.01
14 -0.06 - 0.09
15 -0.06 0.14
16 -0.02 -0.04
17 0.07 0.15
18 0.02 0.06
19 0.04 0.11
20 0.03 0.05
21 0.01 0.03
22 -0.01 0.01
23 -0.01 - 0.03
24 0.02 0.04

08 o5'B(Y)M80(300U U0<(3(Jd3or::.''b;J, M();J01 08 Q?080<!)000010 U0M():J0r::.'005(Y)O;JOU 0(Y)MOU Q?08(Y)JO-

Q?;JO(Jr::.';JOOU 0<Yl0'B0Jo Cl?" C!?"b"'bo01 80b0Go001ooor::.'o 5<Yl'Bo· <Yl0 0<YloG 800br::.'(Y)ooo010 oo<!!J<>? <Yl0
a00odr::.'0001 0103 001008ooG GoG&o8(J<Yl <YloGJ'bo 50<Ylll(Jr::.'0G 00a(Y) 8 C!?or::.'ooou u<>'B()d 3or::.''bo?
Q?<>3()"03001, M(Y)8 CAPM 8oQ? 0(Y)80 0 08(Y)o06 0 0<Ylooo01 01001(Y)O()r::.'o oo8Cl?ooo
"OGooG u0<Yl 0 oor::.'ou 8(Y)01b(Y)36or::.'o 0 060J30010. 8(Y)(3;J8(Jr::.'00 ()Mol.IJ(Y) 0 060J30010 0.07 Cl?"
8(Y)lJ0r::.'(Y)C!?6or::.'o lJ0fi0 ooor::.'o 00 'l:ifiolJ .3(Y)<Yl6'Bor::.'ou01 3ou 0<YlolJ 0. 13:

A B c D E

l.5 1.0 0.6 2.0 1.3

127
 2.

s. Cl?" 80P1&0
8f'l8o'bo 'ClodiYlf'lol.i, Mf'l8 0dG00'bo doP10010C!?"C!? 0P1oli 12%. ()Mol.iJf'l
0060J3omo li0b0'bo6f'l '(lolio06 0P1oli 7%. 8f'l8o'bo
8 06li0J()OliYlooom Jf'lMdf'lP10 8 00Li 8f'l80 ooli
.30P1li.3od&o3ooom. b(JOlO m3o(JM 8f'lfoGo8oo'bo (Q0tJM(Q6f'loom, 806
M8f'l odGooli jc>iYloo OM'(lO S&P 500 o6C!?odlioli jc>iYloo 8f'l0oooli
ooli0&tJ3oli0C!? Cl?" o.3f'l30 b0'boli (QobP10 1.67. Ol(J 'Clo606li(JP10 00'bP1000 0P1oli O'ClOd&o060, P10
(J6C!?" 000 Jf'lMdf'lM0Go000 0630Li&oP1000Cl.?"6?
6. 08ti080C!? (JiYloliJf'l 0060J3omo 0P1oli 10% Cl?" 00'bP1oli li0P100-
oMoli 15%. 00'biYlol.i f'lmbo odGool.im3ol.i
d308f'lm, odGooli 00&0Lim06 oiYlmo(Q.

I. Stillman Zinc Corporation 17.0% 1.3

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

Ol(J 0P1oli l.iOf'lMO, odGoooo od6000 'boe!.?80&0C!?

(m() 0P1oli 0liomo)? od6000 (m() 06ioli 0liomo)?
o. m() (JiYloliJf'l 0060J3omo (JGO"C!? 00o'b0P1Cl.?0 12%-8C!?o Cl?"
00'bP1oli 00o'b06ie!.?0 16%-8C!?o, 0d 8 0000 (m(J 0liomo 0P1lioof'lol.i)
od6000 'boe!.?80&"C!? od6000 (m(J 0liomo 0P1lioof'lol.i)
(Cl.?"3()030m, P1f'l8 00'bP1oli 8f'looooli Cl?" 00&0Li
8306li f'lmb 0dG00'bo P18000 00030).
l. 80P1063i:o0680 8""Jom0 (Q..'l6o'bf'l0oli 063oli&oP1000 odGooooo, Mf'l8-
0d3m 008Cl.?000

0630t.i<!!>oe:ioo
0dG00 (<!!>OJOM ffi06b0

One-Legged Chair Company (WOOPS) $ 6,000 0.14

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

c). 6i0 0P1oli 8olio

o. P10 od6000 8olio m() Bolio 063oli&oGoG00 Excelsior Hair
Growth Jf'lMdf'lMoG00000, 00o'bP1Cl.?000 f'lmb3i:oP1 Cl?" lib30 Cl.?0P18000 00030?
8. lio&o lioP13olioli JP1Md<'1MoGo" 000P18f'looli oo6f'looooli -
ooJomoooli 8f'l8l.i0b(J6ioo0li. 08ti080C!? 8olio odGooooli 00&0 0P1oli 1.08.
()MoliJP1 0060J3omo 0P1oli 10% Cl?" li000'biYlf'l li0P100-
..'>MOl.i 15%. 0Mol.i 00630MO (Q..'l Jf'l8d0600 8..'l(QoObo(Qf'll.i 2$
(Qh30C!?06C!?o oP1m 0dG00 'bo Cl?" C!,?030Cl.?06C!?oli 'biYl(Qo 11 %
(QoM0Gb3om CAPM-'bo Cl?" lib30
30P10()C!?Oo'bo C!?"'Cl()d6ooom, md306 8""JOmf'lm, Mf'l8f'lM
000'(3..'lliOoC!?om m06bf'loP103o(Q oiYlm 0dG00li?
9. oo8C!?o8o 0dG00 0P1oli 0630Li&0Goolim3oli:
0dG00 (<!!>OJOM o0<!!>0
Nanyang Business Systems (NBS) ·-·--·-T;rn-·
Yunnan Garden Supply, Inc. (YUWHO) 0.80
Bird Nest Soups Company (SLURP) 0.60
Wacho.com! (WACHO) 1.80
Park City Cola Company (BURP) 1.05
Oldies Records, Ltd. (SHABOOM) 0.90

128
 m() md306 0.:>.:>Jomoom md3060 m.:.5boooG 20%-oG 0630G@>ofi100.:.G 01mbo J018-
."3.:.600G .:.dGo.:.Clo C!?" 10%-ll 01Mo J018."3.:.600G .:.dGo.:.Clo, M.:> odfioo.:. md3060 ."301M@>-
oo@>.:.? .
m(J (JMOllJ01 0 .:.5.:.J3omo .:>Moll 8% C!?" G.:.o.:. 'bfi101 d01M@>-
.:>Moll 14%, M.:> odfioo.:.
Cl8oCQo8o5 J01Md01M"G°" .:.fi1oll
(foCQo(J8oll C!?" .:.'booll@>oG 8u.:.fi1o C!?"3()Cl3.:.m,
fi1018 J018."3.:.600G .:.dGo" Cloca.:.GCQoG 8(JCQ8030 u:o30CQofiCQoll 'bfi1CQoG
0.:.801uo5ooom (.:.G 030 fi101 0 0161 8 ,, 0 01fi1CQ0160G u:o 3oCQofiCQoll
'bMu:oll md306 fi1018 o.:.'b.:.M'bo od5oo.:. 14% C!?" (Jfi10llJ01
0.:.5.:>J3omo od5oo.:. 6%. md305 8oof\5oom, M018 (Q030CQ(JbCQO CQC:;oou:.:.5 ofi1mo
od5oo.:. 3.40$, CQ030CQ(JbCQo 0 .:.o'bfi1CQ(JO.:> 8CQ803 6%-8u:o C!?" .:.dGooG oo@>.:.
od5oo.:. 1.50. "dGo" .:>8t1.:>8.:>CQ Oi:JO(Q::JO.:> 30.00$-.:>CQ o.:> 'b.:.fi1'bo.
M.:> 8oGGo8m md305 .:.8 J018."3.:.5ooG ::JMm .:.dGo.:.G
.:.8 m.:.3Clo .:.bllfi.:.'bo)?
.:.Moll J018.":l.:.5ooG .:.dGo" 'boCQ808"C!? Cloca.:.-
.:.5 fi1.:.@>018?

. .:.dGoooll D, E U?" F-G .:.d3m oo8U?ooo

0.:.CQ.:>bMoll Cl:?" oall.:.o.:.8oll.:.CQ, 8.:.m 001Moll:

fi3;)';'.JC:::OOMn3n "JGn" D0.08 0.02 D ll<" E-G Cl01MnG 0.40

fi30()C:::::JOMn3n "JGO" E0.15 0.16 D ll<" F-G Cl01MnG 0.60
fi3o()r::,>::JOMn3n "JGn" F 0.12 0.08 E ll<" F-G Cl01MnG 0.80

M.:. .:.MoG U?" o"C!?"bM.:.,

ooU?oDo" m.:.fiboooll 20%-oll0 .:.5 .:.dGo" D-oo, m.:.5boooll 30%
.:.dGo" E-Clo U?" m.:.5boooG 50% .:.dGo" F-Clo?

R.; (R;)(P;) (R; - R )2(P;)

•,_,
-0.10 0. l O -0.010 (-0.10- 0.20)2(0.10)
0.05 0.20 0.010 (0.05 - 0.20)2(0.20)
0.20 0.40 0.080 (0.20 - 0.20)2(0.40)
0.35 0.20 0.070 (0.35 - 0.20) 2(0.20)
0.50 0.10 0.050 (0.50 - 0.20)2(0.10)
.E = 1.00 0.200 = R .E = 0.027 = cr 2
(0.027)05 = 16.43% = a

odfioo.:. .:.5 o"C!:?"b(i).:.

801 0 000CQ"5, f\306 3oc:;oom (0%-20%)/16.43%= -1.217 o"U?"bfi1ooll.
C!?"3(JOfi1(JbCQ(Jffi V-G (Q.:>5.:.Mmoo .:.8 bo 0 5oG 1.217 .:>MoG
o"C!?"bMooo 1.20 C!?" 1.25-G of'JMoll. all o"C!:?"b(i)oon CJ 00 ll.:.o.:.8 0 o.:.
o::iG.:.o.:.8oll.:.CQ 0.1151 U?" 1.1056. oll 5oo5.:.3G, 1'1M8 .:>Mou 11% Mf'J8
od5oo.:. .:.5
od6oo.:. 10% .:.6 o"C!?"blY\om f\305
3 oc;ioom (10%-20%)/16.43%= -0.609 o"G2"b1'1 0 ou. v fl 30 5
Mf'J8 oll oooG.:.00800.:. 27 %-ll.

129
 40% ci5 80&0 8305 = 1.217
oil(QC>b61cili. oli dO(QOoO ci61oli Clo801b3030G 8G3ci3Go, 00030, 61MGC>
ci5 (Ji>611:JM<?:JOOlO o8oli 61M8 lioCQO(QO
ci61oli 8M()OOO(Qil0 8ci61'.$G3603 (Qi> ci61ci 8ci61ob503. dO(QOo"C!?' 40% ci5 80&0
ci61oli 11 %.
2. 0. R = 8% + (13% - 8%)1.45 = 15.25%
o. Ol(J 0 ci8M308060001 (Q030(QOO(Qoli 8(J(Q8030 'b61(Qoli o30J5ooci

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

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

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

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

3. RP= (0.60)(0.10) + (0.40)(0.06) = 8.4%
2 2 2
O"p = [(0.6) (1.0)(0.05) + 2(0.6)(0.4)(-0.35)(0.05)(0.04) + (0.4) 2(1.0)(0.04) )0.5
'bo8Moi JM3ci61ocioocili (-0.35)(0.05)(0.04)
0.6 (Q" 0.4 M61'.$Go61
- "JO(QC>O, M61o ci61oli no5 . (QC> JMO<?:JOGoo5-
&ooo ci8 3ci61ociooooli
O"p = (0.00082) 05 = 2.86%

Alexander, Gordon J., William F. Sharpe, and Jeffrey V.
Bailey. Fundamentals of Investment, 3rd ed. Upper
Saddle River, NJ: Prentice Hall, 2001.
Campbell, John Y., Martin Lettau, Burton G. Malkiel,
and Yexiao Xu. "Have Individual Stocks Become More
Volatile? An Empirical Exploration of Idiosyncratic
Risk." Journal a/Finance 56 (Febrnary 2001), 1-43.
Evans, Jack, and Stephen H. Archer. "Diversification and
the Reduction of Dispersion: An Empirical Analysis."
Journal ofFinance 23 (December 1968), 761-767.
Fabozzi, Frank J. Investment Management, 2nd ed. Upper
Saddle River, NJ: Prentice Hall, 1999.
Fama, Eugene F. "Efficient Capital Markets: A Review of
Theory and Empirical Work." Journal of Finance 25
(May 1970), 384-387.
- - . "Components of Investment Performance." Journal
of Finance 27 (June 1972), 551-567.
- - , and Kenneth R. French. "The Cross-Section of
Expected Stock Returns." Journal of Finance 47 (June
1992), 427-465.
- - , and Kenneth R. French. "Common Risk Factors in
the Returns on Stocks and Bonds." Journal of Financial
Economics 33 (Febrnary 1993), 3-56.
- - , and Kenneth French. "Multifactor Explanations of
Asset Pricing Anomalies." Journal o.f Finance 51 (March
1996), 55-84.
Ferson, Wayne, and Robert A. Korajczyk. "Do Arbitrage
Pricing Models Explain the Predictability of Stock
Returns?" Journal of Business 68 (1995), 309-349.
Grnndy, Kevin, and Burton G. Malkiel. "Reports of Beta's
Death Have Been Greatly Exaggerated." Journal of
Portfo/;o Management 22 (Spring 1996), 36-44.
Haugen, Robert A. Modern Investment Theory, 5th ed.
Upper Saddle River, NJ: Prentice Hall, 200 l.
Horim, M. Ben, and H. Levy. "Total Risk, DiversiSable
Risk and Nondiversifiable Risk: A Pedagogic Note."
Journal o.f Financial and Quantitative Analysis 15 (June
1980), 289-297.
Jagannathan, Ravi, and Ellen R. McGrattan. "The CAPM
Debate." Federal Reserve Bank of Minneapolis,
Quarterly Review 19 (Fall 1995), 1-17.
Kothari, S. P., and Jay Shanken. "In Defense of Beta."
Journal of Applied C01porate Finance 8 (Spring 1995),
53-58.
Levy, Haim, Deborah Gunthorpe, and John Wachowicz Jr.
''Beta and an Investor's Holding Period." Review of

130
 Business 15 (Spring 1994), 32-35.
Lindahl, Mary, and John Wachowicz Jr. "Judging Your
Portfolio's Return, Given its Risk." Review of Business
22 (Summer 2001), 59-61.
Modigliani, Franco, and Gerald A. Pogue. "An Introduction
to Risk and Return." Financial Analysts Journal 30
(March-April 1974), 68-80, and (May-June 1974),
69-86.
Mullins, David W., Jr. "Does the Capital Asset Pricing
Model Work?" Harvard Business Review 60 (January-
February 1982), 105-114.
Reilly, Frank K., and Keith C. Brown. Investment Analysis
and Portfolio Management, 7th ed. Cincinnati, OH:
South-Western, 2003.
Roll, Richard. "Perfonnance Evaluation and Benchmark
Errors," Journal of Portfolio lvfanagement 6 (Summer
1980), 5-12.
- - , and Stephen A. Ross. "The Arbitrage Pricing Theory
Approach to Strategic Portfolio Planning." Financial
Analysts Journal 40 (May-June 1984), 14-26.
, and Stephen A. Ross. "On the Cross-Sectional
Relation Between Expected Returns and Betas." Journal
of Finance 49 (March 1994), l 0 l-121.
Rosenberg, Barr. "The Capital Asset Pricing Model and the
Market Model." Journal of Portfolio Management 7
(Winter 1981), 5-16.
Ross, Stephen A. "The Arbitrage Theory of Capital Asset
Pricing." Journal of Economic The01y 13 (December
1976), 341-360.
Shanken, Jay, and Clifford W. Smith. "Implications of
Capital Markets Research for Corporate Finance."
Financial Management 25 (Spring 1996), 98-104.
Sharpe, William. "Capital Asset Prices: A Theory of Market
Equilibrium Under Conditions of Risk." Journal of
Finance 19 (September 1964), 425-442.
Shrieves, Ronald E., and John M. Wachowicz Jr. "A
Utility Theoretic Basis for 'Generalized' Mean-
CoefScient of Variation (MCV) Analysis." Journal of
Financial and Quantitative Analysis 16 (December
1981), 671-6.83.
Siegel, Jeremy J. "The Application of the DCF
Methodology for Determining the Cost of Equity
Capital." Financial Management 14 (Spring 1985),
46-53.
Stocks, Bonds, Bills and Inflation: Valuation Edition 2003
Yearbook. Chicago: Ibbotson Associates, 2003.
Wachowicz, John M., Jr., and Ronald E. Shrieves. "An
Argument for 'Generalized' Mean-Coefficient of
Variation Analysis." Financial Management 9 (Winter
1980), 51-58.
Part II of the text's web site, Wachowicz 's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
131
 .:,63.:,t'iloCJ030.:,
0693MM8<>(3M •
.:i6 0.:iMoClob 0693MM8<>(30<> 0.:io 0Mm <(30606b(J<"io .:i6 0.:>MOOO[)OOU
!!?" 80010 Clo600Mbob 8o'b6noo •
B.:,t'ilBM
9306.:i6b(JMO Jffl:J'?30(30[J68ooob 3.:i8Mt![)6[JO<> " .:ibb60m, (Y}08M8 <>Mob <(J06.:i6b(J(Y}o
Jffl[l'?30Gon61§noob 8o:lnoo 0600M0Cl3noob JM8:306oobm3ob !!?" J<>do-
3.:i(Y}n
JMnf8ooon6t!inoo
Jffl[J'?30Gon60 0oo • <(3o6.:i6b(!Mo 0.:i6b.::.'b{'.!3MMm, 008Mo.:i600MoOM01 (Q<>
'Bf'lm <(J06"6b(JMO
Jffl[)'BoGon68noo l!?"<?.PM3ob, <>d8o(l(Y}moob !3:1" 8fYl8 0noo.:i6Moob
8ob[J(Q3001) cao6.:i6b(JMO JM[l'B0(3o:J68[JOO (Q"'
.:,63.:,t'iloCJo
063ot'il0Cl33oob 0M 0Mm, <"),:, 8.:im 03ncnb<"i,:,6 JM8:3,:,6oob
Clnu.:ibno.
JM[lf80QOl)6t!i[JOO
(Q<><(J<>M3ol> Jffl:J'?30Goo60noo .. <>d8o(Jfliffloob 0,:,6b,:,'b{'.!3MM01, 0.:i8Mo060.:i61oomm CQ"'
Jrrl[l<(JOGon60noo .. 8M8 0noo.:i6Moob JM8:306oob CQ"' 6,:,{'.!(QO 'B(l-
Jffl[l'BOGon6enoo
c,.:i8MOij[J6Mm JM[l<(30(30[)00[JOO JM8:3.:i6oob
8CQ 0M8.:i6nf'loob CQ<> 0 .:iuooMm
'Bo6.:i6b(JMo .:i60.:iMoClODoob Mf'l 0mfli 8
dMffl(3[J60o " cao606b(JMO M[)Jrrl8[J6CQ<>(3o<> Jm8:306oob
.:i6 0.:>MoClc,noob fliM 0MM(3 B(Qc,M8<i61[JMOOU .
b.:io.:i'bf'l 808.:>fYlcn[JO.:>Clo
JM8:3.:i6oou 8M0[Jo" 063nl>80Go"'b[J
t'ila'bO'(Jaa ,,G.:ill18[Joc::;ob !!?" 8M8[)00 J"'6o-
0"c::;ob 3"'8Mij[JO:J00'b[J, Q.10(J6M61§ob 80(Q0f'l8,:,.
JMiJCS0(3036t!inoob t'iln'bo'lJ81J
o C,M()MOI cao6.;6b(JMO JM[l'?J0(30[J6@Jnb
f806.:>6U'(J('i}O ob b0 'be:;361noo.

JOmb31JOn 3.;8mosn6M01 8n613.1[J6(30:JOO, (Q"'

o6CQ[Jdliou MM8 8ooe:;rrim JM8666oou
'1>8M(j.:>63on b.;d8n.;6rrio<>i 0 !.Q<>8.:i@Jn60010 06carrifi'ia0 8 0<> .
.:>8M(3.)6300
m300103ca.:>b3oob .:>8C"l(3b63oob ...1•,.,,..l\nno

?J05.:>6b()(Y}o o58.:ir'ioo[J3o J 8.:i8u£!?.:iba:Jvoi:::.> b(Jtfi6Ji:::_>b- ffif'18Ji:::.>oo 'll[J8 odf!::!o<> 'lloob'V6cnt}f'1, 8<>8 (1}<>8 a:Jr'1 a.)(!!<>fJi:::.><>:J.:i8 •
- 00e;;00a c.e;;0oc:::rw30

133

. '(J061>6b<J6io
(1>631>6\ooe,aoob) 1>61>c:;o'bo
- Financial (Statmcnt)
mrnlysis- 8M6oon8noob
8"6\lll"d86ob boi:::;M3600.:,,
'(J061>6b<Jfiin o6 01>6\0Cloll?1>6
- 06'1JM6'81>oo<Jc:;Clo,
r'iM8ni:::;o 8 bobor'l80 oc:;M"
bb 3"1ll"bb 3,, ll?M6n'lin
3or'lnoobm3ob.
01>c:;1>6bo - Balance shcet-
ll?MJ<J8o68n, r'iM8oc:;Clo 8
Cln'li:"8no<ic::°" JM8:lo6oob
'(Jo61>6b<JMn 81l?8M81>MOM01>
ll?fiiMnb 01>6b0
8M8a68ob1>m3ob, ob
0f\3a6aob, r'iM8 8mi:::;oo6o
0d803aoo= 8mc:;n1>6
3"C::ll?a<><ic::aoaou +
b1>J<Jm1>Mo J1>3081>c:;o
(bv"dGnM J1>3081>c:;o).
134
JM8.306ooli 8o'b6::iooli 8Mli0d::io60CQ
'?30606li(JM 8:J6:Jji;:JMli (J6CQ0 .3dM6CQ:Jli o6lit§.J1'1()8:J6t§.J:JOO. 08 m03oli CQ0 O:J8CQ:J80
m03oli li0 0060 01'1oli '?30606li(JMO CQ0 CQ08:J883olim3oli
o6lit§.J1'1()8:J68::ioo.
m3omM6 JM8.30600 CQ0 0 0M:J - JM:JCQOt§.JMM:JOO CQ0 063:Jlit§.JMM:JOO
- 0001'18M:JO:J6 '?30606li(JMO 06 0 01'1oooli t§.Jo.30 8b0-
1'1::i::iooli lid:JGO'?JOJ(JMO o6t§.J:JM:Jli:JOOli 8oboCQ3om. li0303'1'1M JM:JCQOt§.JMM:JOO CQ0 8M8-
li0b(JM:JOOli . do1'1om0CQ0CQ 01'1006 JM8.306ooli
(C,0CQ0bCQOli(J60M006MOOm). 80mo 8MmbM36::ioo 01'1oli CQ0 JM8-
.306ooli CQ0'?J0MMli olio6o, 01'1oli li0(JJ:Jm:JliM 8olio
()0CQ0bCQOli(J60Mo06Mooli 8MmbM36:JOO 01'1oli
o::ili0008oli0CQ, olio6o 8:Jt§.J0CQ 01'1006 JM8.306ooli
60J0CQ:JOOli 8M::i8li0b(JMM6 d:JMOMCQOO. 80m
::ili O:J0'?30liM6 JM8.306ooli lit§.JM()Gt§.l()Moli
'?30606li(JMO do!i1om0CQO O:.J0MM:JOOm CQ0 80mo 0 08M:.J:J6:JOOm, JM8.306ooli
8M80::ioo06Moom CQMMOO CQ0 8M80::ioo06Mooli dMM06M'bOM:JOOm.
JM8.306ooli 0dGooooli do!i1om0CQ0CQ 01'1006
JM8.306ooli CQ0 0 08M8()003::ioom, oli::i3:J MM()MMG 8olio
CQMMoli O:JCQ:J80CQ, 063olit§.JMM:JOO,
'?JMJ(Jlio1'1::io0li 0J::im::io::i6 8M8o::ioo06Mooli 80m 0li::i3::i 006t§.J::i1'1::ili::iom JM8.306ooli
'?30606li(J1'10 8CQ 0 M801'1::iM00, 1'10CQ 0 06 o0o 0bCQ:J6li JM8.306ooli
()0CQ00b0CQMli CQ030CQ:J6CQ:JOO CQ0 ()0JM8M:J00.
8::i6:Jji;:JM:JOO 0li:J3:J O:.J:J6:JO:J6 '?30606li(JM JM8.306ooli OOCQ0 M0G
.:io6t§.J::i1'1::ili::iom JM8.306ooli '?30606li(JMO 8CQc,M80M:JMOOli CQ0 li0d80-
06Mooli 80801'1m. OOCQ0 8::i6:Jji;8:J68li ::ili03'0MM:J00 '?30606li(JMO
0 08M:.J:J6::io0 :J'?3:Jd80060 CQ00:J 0 83oli0 CQ0 CQ00:J 083olim3oli
'?30606li(J1'180 806:Jji;:JM80 (J6CQ0 O:J0'?J0liMli JM8.306ooli '13o606li(JMO 8CQ0M80M:JM00
CQ0 08 808CQ060M:J 8CQ 0 M80M:JM00lim06 J030oMOo. OOCQ0
m060b80CQ, '?30606li(JMO 8:J6:Jji;:JMO do1'1om0CQ0CQ JM8.306ooli lib30CQ0lib30
0dt§.Jo3::iooCQ06 063::ilit§.JoG00'b::i CQ0 0dt§.Jo3::iooli :J'?3:Jd80060 801'1m3om.
iB0606li(JMO 001'10 O:.J0MM:JOOCQ06 :J'?3:Jd80060 8M'boCQ3olim3oli,
'?30606li(J1'10 8o6:J:Ji;:JMo ()6CQ0 o8 6MoCQ:Jli '?30606li(J1'10 0li.3::id8li, 1'10li0 8
O:.J:J6:JO:J6 0 0M:J JM8.306ooli O:J'?J0li:JOOlim3oli. Gb0CQ00, MM8
'?30606li(JMO 0 08Mt1:J6::io0 o6t§.J:JM:Jli:JOOli 8ob:JCQ3om.
<(30606li()MO 8MoG03li lib30CQ0b30 '?30606li(JMO 06c,01'1000::iooli 008Mt1:J6000li.
1'10000, 0ji;08:Joli 0dt§.Jo3::ioli, CQ0 JM8.306ooli 8:Jli0J(JmM:J:JOoli
CQMMoli 8M8:J6t§.Joo, 06 O:J8CQ:J8
06801'1000000 0%08::ioli JM8.306ooli CQ0 b0M:Ji;:JOli CQMMoli
d:JMOMCQOlim3oli, 0li::i3::i 06 m(J8G0 01'1oli JM8-
.306ooli '?30606li(JMO 8CQ0M80M:JMOOli li(JM0mo CQMMoli 8M8:J6t§.Joo,
06801'1000000 0J:Jm::ioli JM8.306ooli 8M8 0 ::ioo.:i6Mooli O:J:Ji;08::iooli .31'1M0 6M'bo1'1::i-
00li CQMMoli d:JMOMCQOo. 08 MMo 06801'1000CQ06 'bM 0o::i1'1m o::i8mb3::i3000 ::i80t§.l::io0
8Go1'1:j CQ080t§.J::ioomo 06'?JMM80Go0) O:JCQo:Jli lib30 06 0 01'100000,
MM 0 MMOG 01'1oli 8M0::iooli 06 0 01'1000, '?30606li(JMO 06001'1000
CQ0 80mo 0 08Mt1:J6:J00 6.:ie!;CQO 06 0 01'10000. (MM 80m806li O:J8CQ:J0 m0300).
'?30606li(JMO 06c,01'1ooc,::iooli CQMMli c,08MO:.J:J6Mm
dMM 0 M080. m(J 0Mli:JOMoli 0068:JMM:JOOmo 0li::imo dMM8M080
li0fit1olio 8M60G::i8::iooli CQ0 06 001'1oo::iooli
lib30CQ0lib30 CQ006 0 01'1oo::iooli
8:Jt§.J0CQ e!;M80CQ od6::ili ::ili0 m(J oli li0Jombo. '?30dt§.JM-
01'1030CQ, '?J0606li()MO 06c,0MOO:JOO 01'1oli JM8do-
dMM()M08:JOOm olio6o '?J0MO"JMCQ c,08MO:.J:J6:J00 '?30606li(JMO 06c,01'1ooc,::iooli
MM 0 MMG 0 01'10, 0li::i3:J OOCQ0 8Mb801'1::ioolim3oli.
 6.

o60 >f>ioaaao> - Income

statement - \l?"'JV8o6@.>n, 6. 1 Jf'18.30600G ,,Aldine Manufacturing"
a0n0 0 3 b 20X2 31 80M@>oG0 Q'.?0 20X 1 31 80M@>oG 8Q:?8f'180Mof'10001. 0d@>o3000
0693"'080oo>G J"'8.3o6nnG 'boQ:?<> 8b<>MOG 80mo b0MoGboG 00G00.:>80G<>Q:? (<>6()
\l?" ()'(3Mf'1 GoM0<(30Q:? 0MoG ). Q:?<>
bo0:J(;QO 'ho 3>600
.:>MoG <>d@>o3.'..)00G doM0010Q:?O (!:?0 oGo6o M.:>(3
:Jo00P1(Qdo, OO:J30
58n6{!!o ()'(3Mf'1 <>d@>o30G 8<>Q:?0dG:.J3<> 8001 .:>MoG 000 Q:?:.JO-
801 0 00000 06 5806\l?o 0MoG :.JM010 G.:><(3:.Jb(JM001 (!:?0 80M08:.JOO - f'1MO
'b>0oe".'b 08 G0<(30b(JM001 8f'101bf'136:.JOO .:>MoG 8<>(!:?0b(!:?oG
.3o0nM(Qnb013nG. (I owe you IOUs), ()6(!:?<> od6:.JG G0060<>-
Modf'1 .3:.JMOf'1Q:?Clo, 30-Q:?.:>5 60 80M08Doo 0<>8f'10806:.Jo<> .3Mf'1Q'.?(JdGooG
'13';'.)e:;>no 0J3n3>c.;?06&0Z.n -
Cash equivalents - 00M8f'1:.J00G0130G . .3Mf'1Q'.?()d@>o, Mo0Clo, ()6(!:?0 30080Q:?f'1G (!:?<> O:.J8Q:?:.J8
8oc:>c.;?c.;?OJ30(QCJ0n, 8f'101bf'136.:> 8<>Q:?030Q:?:.JG 8:.Jf'1M.'..J G.:><(3:.Jb(JM'IJ.'..J (!:?0 od6:.JG
8"'JC".'03o\l?no6o, co 'bo0'bo M0Q:?806 0d@>o3000 (doMo010(!:?0 063:.JG-
01>3ob(J9Jc.;?O(Q 801d0030 @>0000 (!:?<> Gb30 0d@>o3:.JOO .:>MoG oGo6o 0MoG
93obno6n d"C:"C".'(QOOn, d3:.JQ:?<> 8b<>M:.J (JR3:.J600G Jf'18.3.:>6ooG Q:?<> G.:>0dGof'1
0M8\':';:JOOQ 0500930{!!
:JG 0.:>Q:?<>bQ:?oG 8ob:.JQ:?3001. 808Q:?o60M:.J
o01!! 00 JG03" 6oc:\l? 8<>Q:?<>obQ:?:.J00 ot'1010 80006, Mf'1(!:?:.JG<>(3
'lJCJ\':';"\J?, 0 ..w,.,0 0 noon
bo8 01308\l?o 3060C:(QDOOU 8<>Q:?.:>obQ:?:.JO<> OM01 8:.J@>o b6oG 0doof'16:.JM000G J<>.30-
.3o0nf'l\J?nm. 80Q:?MbQ:?OO!} Q:?030Q:?:.J5U?oooG G.:>bo01,
<>dGooooG 0:.JG80Q:?3001 Q:?<> Q:?o30Q:?:.J5U?oooG
boodon"' JC>3n(l,01:.in -
G0bo01. GMd(30f'1 .:>6 0806(!:?<> Mf'18f'1M(3 8.:>G 'bf'18J(..'..JM ()Of'1(!:?.'..JO:.J5,
Shareholders' equity
od&n306ob 8mc:;>oo6 './(cab O:.JQ'.?8:.JO<> <Yi<>8Q:?:.J6o8:.J d3:.JJ<>0.'..J8f'1MooG0.:>6. <>doo0 Q:?0 Q:?08<>@>:.J0001
308MJc.;?:J6(Jc.;?O OM010(!:? 00M8f'10(Q8:.J5G Jf'18.3060.:>oo
3oc:;>(QQOCJc.;?06no 8m(".'no6n 01.:>6b0G 0doooooG Mf'18f'1M(3 R3o6 8:.J-20
:J(;08n 06, ob30 01.:>3Clo, .:>b.:>Go.:>01:.JoG :.JM01 0doo0b . .:>8 O:.J801b3:.J3.:>Clo
JM83>6nob fi3:J(Jc.;?QOl'in30 .:>Mob 1$ :.JM01 <>doo<>'bo, M0G 60Cl6.:>3G, Mf'18 20X2 31 80M@>b
odonoool> ooooe".'06b01
(6018060\':';';'.)0) c:n0o- b0<>d(3of'1 Cl:.J0(Q805Q:?<> 8o8f'1dG:.J3<>oo 421 000 0doo<>G.
ov\':';oooo {!/>80@.>oo'ZJc::'O Q:?<>8<>@>:.Joo01 <>dGn.:> 00M8f'1<>Q'.?8:.J6b <>dooob <(30b0(!:? 8<>l:JOQ?3001
e,ofoc:l!!oovc::in J".3n®oc.;?n (!:?<>8<>@>:.J0001 01() Jf'18.3060.:> 8<>80Q:?Ob (!(<>8<>@>00001 0dGO:.JOb 6$-0(\(
(QO (Q0 0 0013nc:;>o 801 0 060. :.JM01 0doo0b, <>dooooob od6:.Jo0 1$ 'bMQ?0 Q?<> (!(<>8<>@>00001
od6:.J00 5$ 'bMQ:?<>· 8f'18.'..JO<> od6oo<>
JM8.30600G 8(')0000 Q:?030Q?06Q?OOOG 80Q:?C>b(!:?Ob oo8U?J8 Jf'18.3.:>6oob b.:>d8o.:>6f'1oob
Q?<>08000Q:?06: <>803<>M<>Q:?, oG .:>Mob
8f'18:.J00 Jf'18.3.:>60000.

&MbOOMob 8Mb.>'bM:.J00, MM8 JM8.30600 {!;?03og:m6Q?:Ji'ib ob(_Qob 8M 0:J60Q?.:>5".

:Jb .:>fil 0filob bo01Mo. Jf'18.'.l.:>600 (.Q030!!:;[!5(.Q:J6b obu;ob 60\:!;13?0 08001
.>8eoma6b 8013n6ob m.:i6b0b. 8013n60 .:>M .:>Mob
13?0b0.:i (.:i5 bb30 <>d®o30), .:>M.:i8nl:l? .:.Mob 1\06.:ionMo, .:ic;onMb JM8-
.3.:>5oob .:idco3a6ob (.Q"'13o6.:i6bnoob n<Yim Dtf&MMb.
R3o6 Mf'18 <>d@>o3:.Joo - 06 -
G.:><>d(30f'1 nli .:>MoG
oG .>b:J3D Mf'18 <>d@>o3ooli (JQ:?MoG G.:>0d-
0001 ()8::J0Db0Q?, Jf'18.3.:>6ool.i 'b(JG@><>Q:?.
OJQ?806oG Q:?M01G do01b3ooob ()808nG010.:> (JJ0300P'i!3?000 0d00300G.
R30 s -;:J6U?0 83 0bt.if'1 3\J?ali, Mf'18 oo<BMnoo :JG <>MoG
006l.ib3.:>3Q?oo.:i .:id@>o3:.JooG JJf'16f'18oJ(JMO
<>d@>o3000G (806.:>, d.'.J0f'10000,
80m (0G@>01Mo(Jd CQ.:>5.:ib.:>MJ(.JO'bJ (!:?0 .:>M<>
8.:iP'i.:i0Doob 00800<> ()800P'i0Go .:>6 li.:>o.:i'bti1M
8f'1mbf'136o<mb m.:i6b0 odOQ:?05 0.:i8f'18(!:?0-
6,)Mo, Mf'18 8f'101bf'1360 od6oo.:i [lb 8f'1b(!:?:.Jb G<"
.>M<>. J018.'.l.:i6oob 8Q:?8f'180MOMo.:>'b:.J o.:>M8f'1Q'.?806oG bCJoP'i&(Q
bQ:?000 (Jq)Mf'1 8:.J@>o o5qJMM8.:>(3ooG 8<>8f'18[!5:.J00 1 3o(QM:.J '(30606G(JM .:>60.:it'100Clo.:>
008f'18(Qo6.:iM(), 6.:iR3n6000 G00doof'1
.JM 0G0b03(Q:.Jli JM8.3.:i6ooG <>d(3of'150(;)060G013ob.

135
 3180611!!>0
JM8.'l<>6onl> "Aldine
20X2 20Xl 0bu6.:i
Manufacturing" 1
$ 175 1. .)"'8.'l.:.Gnoli a0?8M&r;j:i-
{<>m<>l>nollo). 740 .,,o,,1;
&M;,c,nOn, CJ8Got<lal>o "6 l;.,O.,'lii<iM '1J"l>om' 1,235 2. M0(3 J"'8.'lolin<>l> od:Jl>
17 3. fuMClM:JO<>& au""llo
O?" a'h.>
29 4. m<>Gb.:i,
&a!QnfuM() $2,196
arnb&M:JOnc::>'lia
5. b.:>MJi:n, <JJ33
<>d&>sn"" l;,,O:io!.io 1,538
_[fil)
$ 747 6.
l 6nc::>'b(J
oGsol>&>GOD°"
lib3" 205
$3,148 7. 8n6ol> C!l" a"°' ruao-
aada6nli
!!?.'> 31 8.'J6>C!JO 8.
0?0 l>.'JMGOf'l J.'J.30C!i0c:::'0 10•11 20X2 20Xl
U'>0<>6JM Jfl'>(J!Q08.'.JOO !QI>.
9. <>d&>3D°" = + t,,.,,,JG°"'
$ 356
12
136 10. M;, '>dal> J"'8.'lo6rol>.
13
127 11. <>j(30"'63(fi()Ool> <l"'G:JO<>
o"O?"l>"b"!Q::J00
_IB 12.
bb3<>
ool> 6ofua3.
8081Qo6.:.1">3 $ 783
627 13. oG<J
1;,,,,dGOM
17
421 14. bnc::"1J<>l>n0o, G<>J"'8ol.>OC'l()On,
1$
.31"ln®.
361
15. 1
a"'aao.:. 18 956
l><><>J(30M $1,738 16. a"C!l"b!QoL> 3"C!l"
8n6o8<J8 afun o:iaO?DO·
0?" booj(3nM
19
$3,148 I 7. 8onr;; J"'8.)<>lin<>llo .3ot<Jsn-
moGb.:i.
18. 8"'aa0<>, n63nl>&ot<J:i-
0o'b6.'.]l>llo.
19.

of'lc:::'f'l 31 801">C!JO
20X2 20Xl
J"'8.3<>6ool> "Aldine
2
Manufacturing" 08061Q<> 8<>1:JO!Q3.'.J00 $3,721 l. ,)\,.)b,)3\, JM8J<>6oou 8M8()()•
2...5.QQ on<>6"1o<>l> l><>o63"1"lollM
d()MOM!QlJO.
<>6 001"lnll3300 {omol.>3000). U.)(lr;jO"IM 8M330<> $1,221 2.
o<>l:JO!Q3(JOOU, do(fiom<>iQn 0?" <>6 °'"Gb".
b<>Mji;.'.)On4 _Ml 3. b.:ifl'>Ji;.'.JOO, Mt'l8.'.J-
a"'a.'.lo" .3C'1"'Go6&nool> 0?" !Q<>J<>3llnM(J•
8"0?"li"b"O?.'.JOnl> 8"0?"b(l?o8!Q(Js $ 380
JM.'.J!QO&oli b<>(fiji;o6 70 4. l>"3"tlfl'>"' "8.'.JG&nool>
7
. 8M3(JO<> 3"0?"l>"b"!Q.'.J3"8!Q.'.) $ 310 l>"J"'Snl>oM.'.Joo,
8'>(l?.)U'>b.)jQO
b()c:;>'IJ'>U(JOO O?" lib3"·
IQ<> 08'>8nl> (l?M6()'b()) -112 5. U.)M.3()C'1"(30M 0()8Ml>"3"c:::'0·
680601.:. 8M3()0.)B $ 198 6. b'>Mji;(JOO 1.i.:.l>al.>bM
!Q03001()6!Q()OO 130 l>"<l<J"c:::'.'.JO(JO'b:J
a"'anool> iit. 01,, $68 7. O?""""nafl'>o
= 8. .:>j(3oM6.'.JC'1.'.Jool> 80.'.JM
°'"6b<>

136
 gnnds:
IJ<>6>b>r'i:Ji:o6n <lr'i01-
1J<CJfonnl> 5,r;;ari36>'ha,
8081J<nfor'io .3or'in011J<nl>
b06i:Ji:::J6>1J<, r'i"'G"
.3MP11J<CJJG°" (IMtJOIJ<:JO>
l>>6tinl>l> a,r;;, 30 ol>
a,r;;, 3 ::ionl>
Clol>tJOIJ<3DOO °'" 308ro-
80r'i03oonl> 60ll01n.
6.2 QbMoe::;Clo OQ8MG030e::;oG {Clo801G03e::;ooo 06 8M0000-'b0(i\0e::;o) 0600(i\ooo JM8-
.50600G "Aldine Manufacturing" Clo8MG03e::;ooG, b0M300G (!?0 0806(!?0 8M0000G MMO 930GJ0C:::(JMO
oe::;0Gm30G. fi"1001::;n't1[!C>'(JC::;n 0MOG dMMQ?(JJ(300G 00MOM::JOOG
(i)o0e::;()Mo MM8oe::;oo 0001:JoQ?0 Q?MMoG .5o1'1oMQ?Oo. o0 o 6o!:!?C:::O()e:::'oG
G000M8MM CJ(i)M8oG Q?0 (i)o0e::;o'boo()e::;o .5MMQ?(JJ8oG
00M8Moo0Gm06 Q?0J030oM::JO()C::: 8me::;o06 001:JOQ?30G, G0tJM9J0QbM36iooM (!?0
0ci;:8060G81'10oo()e::;o oG 03 o 1'1M 0016io .5MMGo68oooG 00ci;:0bQ?oG
Q0e:::'JO MQ0e::;o'boo()e::;o G0dM6e::;oG (i\0!:!?006 oGo6o 0(i\ol; .5o(i)o-
MQ?oG dMMQ?()JGOOG 006Gb303ooom.

8ooc;;oo01 8.:ic:;o, .:i6 (JJ3D t).,fi\801o"'oot'::'o 8Mblio6no'Jc:;o b0P'l-

Owner ts bold'tf' Ji:D6ob 8M8.:i3.::ic:;on 8"il1"8"6" 1>6\nli G.:iJombob 3,,.,33.:i<f'iaooG
Total know-how for small business
6.':>onc:;n. bCloM.>!Q b(Q(Ji'i.':> Cl[j8!QO(;,o lii>bol; .36\.:id<!)nJoli
c,.:i8(Y)(j[)O[JO.>: "C::(JMO(lb.':>30 8.)fi\.:ic,ooo,
oo'b63bob 83U0J(JO'IMOU U0JOC1lb030. 800(\'}3
.:ifi\.:.liJ8.::i6iolio 8nmo01ao.:i, MM0 rri6ioe .:ifi\ol> Cloli0dt'::'"'
oo'b63bobcn3ol.i
ti.:i8..,fi\01;,t'::'O.:ifi\8rrino.':> .:iG li.':> 0&3..,., b"il?" 'bc; 303 ..,., 8Mmbr'l360on
JM8.),:,6ooli oo'b6uliob C!?.:iliu'13.'.>M.'.>!Q.
d3nr'i;g0&M IJr;:>.:>n&, 8eofiio on'b6oboo li.:ibo'13.':>01rri.:i 013om8M<!)(J(J[JO.'.>.
a6r'iM6n& &r'i;;Jr;:n ;gM6'l:iIJ, ;;]61!?" 81.ib3ot'::' on'b6ulioo, []li (36Moot'::'o.:i m.:ic;;t'::'nmMO.'.>{!;/.
.:ia bi>bnb b.:ib(JMJ[JC::O O(Jt!;i>('.;.'<!)M(Jt'::'ll .)'bfi\M36nonli dMMO-
0 3:;ir;jr'irri1Ra& °''ZI .:ir'i.:i !5306 i3'Z}c;0r;:<!Jl'9Don&?
t'::'u8.:. 1\611100.:i 8.:iClo6, M..,., 1110 1.i.:ie dMr'l'lJoboMG.:it'::'o O'JQ"t'::'-
8ofi\o 8Momb,,.,3li .:,fi\.:ibl),,.,fi\o 063.:imnoob 0.:ilioM<iiao.::ib
&Ja.J<!JnJMIJn &J"'Jnnrr:;>61 8'13c:;MO[JL:.?n/8u60Ji:OM0 J.:iil.:imnli !QMMb Clo 06oo'Vt'::'"!:!? .:;,od(J-
c:;ooli <'>M.:il>OMMO 8M6.::ieo8oonli CloG.,fi\f\()600.:ib. M.'.>!Q8i>D
d30M'13l>bM bJo.)8nJMbrri,
110880 llt'::'n6rrio'bot'::'8.:i i)llO m3001016 O(J!:!;"t'::'8DP'lo 8(JO.:iMob !:!?" 308d.:i'B-
Clonl.il)03t'::'" nb .)fi\rriot'::'na..,, ,,fi\.:i8rf?iJ6o '1.lobo Dd6Do" d0c;;t'::'b, mv M[)O(Ji::;;o.::i J"'6J(JM:J5en.:i Jc:;oo68oool>013nb, fi306 Clo03ndt'::'o.:i
8ob J()Qlb l103m3t'::'nm '1.liJbi>rf??" 8oGn .)0G(Jbo Oijf'l - rrimbo. 806 !Q.'.>306.:ibp;m mM0rriM l).:ifii8rriop;oli ob .)fi\..,.,oc:;o8:JOo 06<!)0-
P'Jrri8 J(JtQnb '1.liJb-"rf? 8"'bG 06o000 .':>M 6006.':>3!.>, t'i\rri8 M:Jbm.:i J"'6'1Jc::nd8ool>.
0301it'i\0G '1.lobo! !53061 8"'6.:ieo8o6oG 8M8b8.':>P'lno- !:QM"'Oo.:i !:!?" i'i(J!:!;.':>C::<!)QMM 31.>b!Qi> (J'IJMrri JM8-
t'::'Do8.:i, (J6tl?.:i Cln306;,fi\R(J6f'101 .:ihnmo JMO<!)OJ()\.'..?O ;,'bMM3600.:,, .)c:;:JdG'Vfi\o 8od6"'C::"'oonb, 801.:>3t'i\MonG O[Jli:JooG, 8C::MO-
P'lrrirf?ol>0e 308 6Moom o!.'..?o(Jl'1 ;,68otiinCJ 0oG, "t'::'(JMO J"'8ofi\eooli IQ" oo'b6ol>oG (J8o®uG 60oot'::'oo
06 0.:itiiooooh 06 R3n6 boJ(Jm.:ifii · (ao8 83 o 06'll"'m80eooG 8"!:!?"G08ol> linf\d.:ifiioli.::i i:Q" 8rrie\'.JC::"'onli 30'b-
b(J8Mf'lOOm, 013o(JM fi060onMooG. M1Qom !QQQOo 24li00010G111.:i J3ofi\;,oo 7 !:QQOl.i 0.':>6803c:;"'o.:iClo.
3ou030 fi\.:i ebM3Mno0 013omM6 006.:,0c;;- d:JOG3"C::" .:ibn30 6(Jc;;0i::;;<!)ot'i\ooli MMi::;;o J(Jt'::'<!)(JM.'.>00. ol:!
8!Q[J8MOfloom 0e;G03Go, Cloodt'::'ao0 8oe .:ifi\.:,(')- 'lPd<§rrit'i\060 li3n63.:i6 8MombM3li, 6)..,.,3 .:i8 J6'o<!)oJ'Vt'::'o .3MM-
ooad8()Mo, 803M.':>8 3'1JOdMr'lO, MM8 :.lMM'IJf)l:iO.':>G !Q(Jdeoob 3,,.,3ba.:il'106t'::'iJ08.> 008M3ot1a6Mm fi3060 b.>J(J010Mn
G(J!Q"t!l 8"'obbo6oooa6, fi\.:ib0e 030 .:,fi\ o8G.':>b'Jfi\Dob. .:>'bM013600.':>, 3.:i8"'(3l!?Ot'::'[JO.'.> ii?" daoc:;8M(Q(JMO li.'.>QO .:i'bfi\p;3-
600.:i, MM!:Q[Jb.':>(l 3:JGOM6om o';'.Jc;;.:ic:;®ot'i\oli 8(JO.':>(Y)6nli
fi\08!Qo6080 G(J!Q8.:i 008mb30308 .:,M (Jb!Q.:i 033.:ic;o<'m6"'b bot'::'o
08 ()8o8obo dM"'<aobnMO.'.>L:.?OC>Ob bo8.':>M01t'::'OU 111"<33"'bo, oal!?OoDoli.
Mf'18t'::'oooe tJM3:Jt'::'0130G 801d8:J!QOO!QD[J6 b0Ji:.':>MM o6<!):JM[Jl>;y dO!J:1"b ';'.J"'t'::' l>i!lJt'i\oi!lJob .:i60c:;o<!)oJMG008.:i Cloo8()Cl.:.3oli
oob Clab0008ob0111. (J'BM"' 111.:i8M'()JOC!?[JOQt'::'O .:i'bt'i\,,.,360001.i !:!?" 060c:;o'boli
(J'IJMM 80<§0(3, 80 8o8.:>fi6o.:., MM8 fi306 83Dt'::'o8 (JDC!?o m.:ie oob.:idt'::'"'" .-,111 Jd..,.,6il?" 06t'i\,,.,6li, Mob 8,,3..,., 8 0.:i6oe.:i!:!?0
3"Jnl>M"'m fi\..,.,8 ot'i\ 003b111om o{Q3ot'::'o!Q bfi\'JC::" JM.>bo l!?" o"J"'<!)t'i\!Q.:i.
8Ml.i.':><!)(J(J[JO[JC::0 1 ()'IJMM bonfii.:i!Q 8"30(36Mcn <(J06.::i6b(Jl'lo .:ifi\ Cloc,oClo6!Qom a..,.,bbo6oo.:ioo o01.ie;..,.,t'i\0onb Clo8.:i6nb, 8nbn
.:iG0.::il'lna8aouol>. 1111>b3oool> 8o'b6om, m'() 000 tl?.:ioa(i:U?ot'::'n.:i c:;.':>8.:i'b Mmb<ao6io.:i6
o(Jc;.:.i::;;<§l'l'Jt'::'n b.':>Jombaooli ;:ifi\.:i..,.,ooud8'Jfi\n .>QDufi\.:i C!:!" .30M0.:.806<§'bo. '1306.:iGb';'.jM 060.:it'i\nClooClo, obo30 MM0MM(3
063ul><!)MM(JOOb !Qi> 81.i:Jbb(JOt'::'(JOnb013nli J8.':>tJM'130C::(JOOl> ebM3moo.:iCln, 8M6.':>eo8oon boot'i\.:i!Q 8 06bb-
80601foo.:. .:i61nl> (Jd3oc:;olio !Q.:>6.:io.>(Jt'::':J611lo3o .311l.':>d<!)oJ.:i, 3.:.31Qa60 MO"t'::'"'ool>3.:i6. m(J md306 'l3odll1Mom, 6),,.,3 il?.:io6.:i-
Mrri8ot'::'o(3 .:ifi\boo"'ob doMnm.:i!Q"!Q oo'b6oGClo .:i6 8oG:JJi:DM:Joon bo01 b(J01'l3obo.:i60 d0e;c:;o, OtJ.>3om O[)';'J.)"'3.:ifiin !!(<'>
3.:i6b.:iJ(J01M[JO(Jt'::'O (Q.'.>8M'()JO!QQ0[)t'::'O .'.>(J(QO<!)rrifVio.
!:!?" ""'" 6(Jc;;.::ii::;;<!)fi\ooClo. 08 Clu801!.i.':> 3c:;oli
.:ic;;oufi\.:i, MM8ot'::'l>.':>(3 md306 o8:J!Q"'36oom ;,6 :Jt'::'M{!;/QOOm MM8

137
 3.

C!nv'IJnMbnoc::;<>ii;> !!?" MMo 30 8b1iMiJb C1n-;:Jdc::;o1i 00000Mli

U<><>dooM '()J[)Ol[JbO b(ll;i1>613?1>M(ll;iOUJn6". b1>M,i;o1>60 <(31>Uo1>60
!!?ooob P1'13(30(JOO, Ji.>6M6.3MMiJd6o (ED2 '>J(30<>'ba
!!?"'13Vd6no-;:Jc:;o 8"f3?1.>b<>b1.>f3?0) 01i8MJ3Dl:J6f3?1> 2003 7
6M[J80()Mb, 2004 oc::;oli 7 8<>M(ll;ioli JM8[J6(.ll;i1.>M[JOOOl.
o"!!?"°!!?8" f3?0f3?0 61>00,i;o b(ll;i1.>613?i>M(ll;i(JOOli
I . <>0Moi.:>ClMMob01 b@lo6ii;>oM@l[Jonb lioo&M boU(ll;i()8ouJD6. [Jb O()Ol<>6b8[JOI>, u031>Mv-;:JlQM13?,
U(IASB) <>oobJob 0 c:;01ooc:;-;:JMO b8.:i6l!?.:i6i- l!?"nb8.:>M[JO.'.l '130Uo1i60 13?1> ooM'IJ[JOoU J018oun11u
6aob. 8obo 8ol!?oM8o .:>Mob JM06(3oJ'b[J 03MM:Jou J1>30oMoU JM8:J06o[JOob 8ooM 8018'b1>Q;>O"
!!?"<(3-;:Jd6oo-;:Jc:;n, MM0MM(3 iJb <>Mob o"iJMOlo1>6no-;:Jc:; b1>8n- 'Bo61.>6b-;:JMO ,:,60 .:.MoCl0oo IAS-u Clou001>8ob0f3?, 1>C!Cl-ou
<(3MClo !!?" (3lQOc:;Mob 8M()3(3[Jb JM8J1.>6oob <(J061>6b-;:JMO 8lQ 0M- us GAAP-boi1>6 O[J3Moiooob o<>MoClo .:iC!Cl-ou o.:>'bMoo'bo
8i.>M[JMOOb 6"8ii;>3oc:;o (QI> b1>81>Moic:;o1>60 b[J!!?3"· .:i8ob 8o'b6nuoi3ob . .:iC!Cl-ou o<>'hMoo'bo '()J30 13?0Mo8-
b1>JoMob3o6iMl:l{, c.C!Cl-ob GAAP .:>Mob O[Jb[Jo'ba !!?"<(3-;:Jd6n- ob(ll;iM0Moo-;:Jc::;n.:i 400 JM8.30601i, <>8a31.>M1>13?,
O-;:Jc:;o. bb3<> 03 M013-;:Jc:; d3atJ6oob <>d3oi b1.>J-;:JOl.::>Mo fo(30M- b<'>OMOl1>Cl01Mob01 U(ll;i1.>613?1>M(ll;io MM U1.>bou
61.>c:;-;:JMO b806ii;>1.>M8iJoo, oi';.".)8(3.::> IAS-b 601M81>ii;> <>Mob (ll;iM-;:JC::: ,:,601>M0Cl00 o.-,u, OMOlU ,:,ClCl-ou GAAP-ou Clob1io080U<>f3?
8ofi6o-;:Jc:;o. 2005 oc:;oii;>1>6 (J30c:;<> iJ3MMJob J1.>3Cl0Mob JM8- f3?1> 8o"'MOU OMM36-;:Jc::;o GAAP-ob Clou1>008nu1>f3?.
J1>6ooboi3ob <>'()(3oc:;aooc:;o 0 .::>bii;>.::> b.:>[JMoi1.>Cl01MobM Ji.>8ooiob 8oMM[j 8boMo />Mob 'bM()OOMOlO
(ll;iM'()c:;o b(ll;io6ii;><>M(ll;iOoob o6b(ll;iP'i-;:J806(.ll;ioooU 13?<> 800lMf3?00ob
b1>6.:i8 o.:>MbiJooob 'b01000Moio <(3'()6ii;>1.>8o(ll;i-;:JM0 01>6bb3c.3001i 81>8Ml:J36oo.:i. ,,JM8:J.:i6ooooU 803M Ub31>13?1>Ub31>-
,:,ClCl-ob GAAP-li !!?" IAS-b Cl016iob, Cl[J[JMoioo-;:Jc:;o Cl(ll;io(ll;ino'bn 831>M1>f3? '()Ol:JOUOO 063[JU(ll;iMMOOO
!!?"<(3Vd6ao-;:Jc:;o <(3nfo6bvMo h(ll;i1>6ii;>1>M(ll;inooli 1.>olJ!!?ooo.-,6 -;:J!!?o!!?ou MOUJU", 01>M6ot§o. o0 o 1>8<>@1aou,
b1103'01 {FASB) (QI> b1>[JM0>1>Cl01MobM li(ll;i1>613{1>M- M018 b1>tJ:oMM1> 8"0Moio<>6oo1.> !!?" b.30Go1ic::;vMo u1>0P'loiM 8o'b-
enoob li1>oi:fr'i (IASB) 08-;:JCl<>3non6 [JMOll>f3? bv[JMOlM li(ll;i1>613?1>M(ll;i(J· 6nu omu 0oMoo. ,,fo 06 b(ll;io6!!?..,M8ou bb3<> f3?<>8f3?ao6oooi1>6
coli 81>oi 1>bc::;<>b1>6b -;:JMOlO[)MOl8'>8(JOOb OMOll>!.l( 08 MM8
8()8MM1>613?'()80. 8o'b6MOM030 (JMOlO(Jc:!.'000 (SPE) f3?1> ()l.>13?1.>P'lo(3b3000U bb31i
,,Clooi1>6b8no<> 8M0(3v3li b(ll;i.:>613?.:>M(ll;i[JOOU 13?<>1>bc::;M[)Ollb (ll;io:Jooo od6ob -;:JOl:JOUClo" .:i80MOU 0()0.
Cln8!!?oon 12 oi3oli a<>681i3c::;01011Clo", bb6ob MMO[JM(ll;i a116l6a(ll;io, ,, 0b <>Mou 8b<>M(J. JM8:31>6noon <>3om1iM0006 Of3?J1.>h,
lAS li11o&Mb O[J3Mo. u[JMOlMOC:::0381> '.Ji:8'()<(3[J081> f3?1>1>(Q()06(Jb M(Y)a 801bbo6oo<> o"JO°'!!?Ob -;:JOl:Jouou f3?1>
0 .:.6bb3<> 3nonoo !!?" Clooi<>6b8!!?6n6 bOMl><(J"!!? a<>6nboc::;1>oi bl>OMOlMf3? <>M 8""J[)OlM6 801bb[J6001i" ·
olio6o". ol>f3?1>01:J3D6oc::;no<> -;:J6f3?<> 0 i>J()Ol[JO'()c:!.'Ol:JM FASB .:>6 u(ll;i<>613?116i(ll;iooou 3.-,P18M6o'b<>(3oob -;:J!!?o-
IAS b(ll;i1>613?1>M(ll;ioonb !!?ouo bac:;ouC!o8Clc::;oc::;n 0<>mo8Moo<> <>mou 03mM.3ou J<>3CloP1ob
li<>&oMM a<>bii;><> <>b<>c::;o b(ll;i1.>613?1.>M(ll;iob 003Mo J3ntJ600013?1>6 8b11M!!?<'>IJ:OM0U 6<>Jc:;300101>. ,;2005
bvo&01li 80[JM. ()l.>M6neo MM8 Ul>J[J6UoM oc:;1>813?0 83Dc:!.'" D03M Ui.>b[Jc::;alfo'l}MU Clou1101>8ou0101>Clo -;:J613?1>
!!?" b1>M:Ji:o<>60 '1J<>Uo<>6o M'1J(30[JOo 801a83.-,6<> oi1>3ouo OM0136-;:Jc::;o U1>0Moi11-
.:>Mob J'>M()O 8,:,a.:ic::;ooio, M018c::;n0Clo(3 <>8'()1>8<>13? l.>M .:>Mb(JOMOb Cl01Mou01 u(ll;i116ii;>11M(ll;inooi<>6", 118001ou 0<>M-
bl>OMOlMf3? b(ll;i1>613?1>M(ll;i(JOO. Ul>J[J6boM 6o@lo. ,,j301:J6oob oM U-;:JMOl 0P10136-;:Jc::;n GAAP-ou
nan 1180Mob, MM8 ,,<>(ll;ic::;<>6(.ll;ioJOU MM03[) 13?1>oi80101>", ,:,8001ob o0o. ,;81.> 06i,:,8 fi306 1.>81.>U
8b1iMnli JM831i6onoo b<>Maaoc::;01oa6 8013ooib013oi 81>m 0,:,6".

J(Y)8.31>5oolioi3oli b<>li1_i:o doli10011>G?"C!? M(Y)8(Y)MG

oli1oio !:!?"' "'883"'M"'(Q, 080
b!:!?OO<l li<l3•\'.J:M(Y)
J(Y)8.3.-,5oolioi3oli (li<loooi(J8(Y) .:l5 doli1ooio(Q0G?
M(Y)8(Y)MG lib30 .3oli1o(Y)(Qoli (Qo60b0fi1_i:o (li1(Y)8(Y)MG b.::.li1_i:o)
li.::.oli1oi(Y) 8(Y)8.JOoli d300. otJ(Y) 8o(Y)li1o 010300, 8081i108
'1Jo6o6l>CJMO o6 0o<'iooo,
ti\"'anc::>oo o'.1Coa 0ou 00CJ-
80bli(Y)3!:!?001 1 li1(Y)8 080 (Qo50b0fi1_i:oo'bo 1
606oc::>nooc::>o a"'o:Jonl> .3oli1o(Y)(QdO OM oooli0008oo(Y)l:!?oli OJ(Y)6(Y)8oJ(JM (Q06ob.::.li1_i:ooli.
G3c::'Oc::>:JOOU uoo63oti\ocM 6.2 li(Jfi1.::.oioo 0580fi10Cloli li.::.80 b.::.'bo .::.li1oli
:33ti\0"113!dO - 3l> oti\ol> 0630l'i10Cln. (Qo30G?o5G?.JOo 808(Y)od3n01000 8(Y)8.JOo(Qo5 80(Qoli.::.bo(Qo-
<lolJ!::ion a"' 33 oolJ!o6 (06
ooli 80!:!?.::.b!:!?oli 008!:!?08 8(Y) 0oonli 80 'bfi1(Qoli013nli. 05801i10Clnli
'!JOM0c::'OIJ!06) IJ!O oOIJ!Ob·
IJ!Oc::'O IJ!0301J!:J61J!:JOOIJ!Ofi.
ooli0008olio(Q 8(Y)8JOoli oi.::.5b.::. 20X2 80n'bo!i1(Qo 58000$-ooi bo5.::.
3G 06301'\o<lo bCloti\olJ! J"'8· 00!:!?0fi100001. oli 'bfi1(Qo oooli.::.008000 6. 1 li10!:!?805
006oti\30CJc::>oo ooa"'uo3- (Y)Mo 8(Y) 80008 Clo.::.!:!?8050
c::>nool> 06301'\000106. o0li0008nli0CQ 956000$ CQo 1014000$, lib30(Y)o"' .::.li1oli 58000$. CloCQ.J80CQ, .::.li1lioo(Y)oli CQ08(Y)Jol:!?o-
(Y)M (Qo 05801i10Clli Cl(Y)li1oli. 08 8(Y)60Go8oonli
8'b.::.C!? 30fi101 8(Y)3ob(Qo6(Y)OJ '{lofo5li(Jfi1n 06801i1008oonli .

138
 6.

8Mb<>3r::;>oooG b<>dM6r::;>ob &<> 0'b036ob wl'1Mb

0b.:.b3om, 8M8b.:.b(Jl'1J<'><> <>Mob
C,i>OJ()r::;'O .:.5 JM6&P10d&oo (30r::;>JO(Jr::;>O
o&.:.3oG !.Q<>bM(Jr::;>Ooob 8oboawom.
JM8Cl0600 "Beehive Wig" (0oJot1i
bo8oMr::;>M: WHOAA), mv 806 3000 'b0360 00).)UO l:J(JffiO
1.Q<>Mo(Jb3ob 80 0 1'1.:.8 <>M

J omb3.:i:
b3nb" S[Ja>f'l!J:?n?
<>a3nbb6.:im »!J:?<>ttlo(J- 8o()c_:o0 8.:.m'bo, 0bomo
008Mf?i61J(J60 dJ8Mb<>3r::;>JOOU .:.630ti1001Jo. u8'b01Jo" 8tJM'f30
8<>o6(3

liJJJOo 8Mobbo5ooo<> P1M8f'lM(3 n\:l?JOo0f'lM()r::;>o

<ib()bn: bn08M36oonm. ou .:it\lnu 860036Jr::;>M3060 JM5-
GJ'ZJGni>, M<>!.!!306 08 Goueo8nl> 8obouwom JM8306oou
008Mu<>3r::;>ol> 06&0"10000 8omomo<'>vr::;>o llo8Mu03r::;>J00
ooodr::;>J00 P'iJ0r::;>(JP'i<>w i>M O::JMU 8oc_:oovr::;>o JM8d06oou
80061.
o0aMu<>ar::;>o<'>o 8Mbbo6oovr::;>o<> MM()MMG
,,8i>::J0!.!!3J<'>o", MM8Jr::;>0(3 <>M 00P18M<>!.Q0J6b 0<>::JO(Q3om
aoe,:o<'>()r::;> foc_:w <zl()r::;>b. o83P1o JM8Cl0600 <>Jomoob llo-
8f'!mbf'l360" 60r::;>06boo.
o.)1!10bJ\:l?J01 \:l?JOOt§MM(Jr::;> 8f'lmbM3606b, MM8 1!1<>M-
o8v6wom, JM8d.:>bn0 bM8 .:,I') i>Uvb.:.3b obom \:l?J000M{i)(Jr::;'
8MmbM3606b, ti1M8r::;>o6ob 8oe,:36.:.e OJ(Jdr::;>JOJr::;>o.:.. 0bo30
(QvM68()5\:l?om, bM8 .:.M .'.>Mou .:.b0b(Jr::;>O 080 01() 08
J30M0r::;>ob ().'.>l:J0\:!130, Mf'l8Jr::;>0(3 uo6v8Q:.?30r::;>JOO JJ(J<n-
36ob 008\:l?J& J3vM0vr::;>b.

Jf'18d0ooob 0bvr::;>o'bob \:l?MMb dJb0dr::;1M0 0 08MtJ;Jb;JO(Jr::;'O OtJMb bb3<>(!(0Gb3.'.> 8o(!( 0M80. o;:i31Yl
060r::;>oeoJ01bb 0d3G Cl;:i8()Cl03;:io(Jr::;>o 80mm3ob b0b(JM3;Jr::;>n 3MM(30C!((JM0 JM8Cl05onb
cso505b(JMO 8(!( 0 M80M;JMOob c,50r::;>o'bob0130G. f\3;:i5 b0M8M 0 o(!( 0 ::J601 JMb(3;Jd6()0r::;1(JM fl0Mi5Mb,
M018;:ir::;>o(3 00801otw6060 obo01 Goe(J0(30JOOn, MM(30 0Q?()Or::;'O .)dab ()0MJ btJ0M01JOOC!(06 (!(0CS0-
606b;:io0b. 0 06G0bor::;>3;:ir::;>o 'lPd®MIYl;:ioo 60f\3060000 6.1 b(JM,)01Cln.
obo6o f\3060 8obo(!(3001. f\3;:i6013ob, Mo 0oo, G006-
®0M::Jb010 J018.306nob csn606G(J(i)O UJ'bM6(J(i)O C!(06080J0.
(\)0 (\)001Q?;:i6MooG CQC>C/30606Goo0 od5000 8018030r::;>'/30 !:QC> (\)0 c,(i)nl; 08
0()6000? c,(i)nG 01() .:,(\)0 0d Go'bM5(J(i)o J<'18.301606®nb b0S:n(i)01oooon? 08
Jn01b 30 o'b 0 :J0b(Jbnb 0 0b0 80 80"<

8o8501tQQOe::;>QOOX,6
8Me::;>0Cl00'i0JOOJOO

139
 C C _::) C I _::) .::J I I "> I I :'.".:) I _::) \£ C _::) _::) I 6 6 _::) _::) "> .::J N _::) "> "> - C CQ C "> _::) "> " "> C • S:r I "> - I C
c fl\£ c c:-:i c:-:i c c c c r0 c c LO c c er\£ E \£ c c:-:i :'.".:lJ]co r0
._g &'b r1:,
- I I
er\£ c .::J E c c .::J LO r0 rP c ,, c tJ c -g LO co E .:0 \£
El
L2 d5
'f .£
c El ,, LO cP
-2,
-0 LO <€) er LO
U,.g P'2?:,ff
'2?:,.::J
rO
'2?:,
LO ,, - er c
.::J .::J
s'2S e1 P\E P
.:0 .::J rO .:0 c co ,, d5 .::J- El rO
er6 6
6 C";J cO E rO \£
<':)6 El
er LO ,, -0 c:> ,, LO
.::J c:-:i "> LO
s u i,.g
cOcP co "> .::J C c:>
rg
"i!:J "> o• o• "> \£ "'- "> EJFO \£ ft)
-2 c0 er 2' .::J E:
"> c C ft) :'.".:) .:0
-2
ft) .::J .::J c:lft) ">
_;;;2E;
o· c0 • C":J C":J
2:i c0 c0FO
._g
'2Ser-g
,, c :'.".:)rO co
P \£ ,, 5] ,, L2 c
,,"FOP,,.,
- c.
._g ",
er" 6 c">t.Jc.
E c c.
J?
C";J
,;
co '2?:,
"'":'.".:l.::J
,, El c
Ll '2?:,-o
.::J
-2,
E.fc:>LO

E
C";J cO
E ":>"'- 2
2'°-
tJ
c-:J
,,
f,-g-
tJ rO
,.3 l'.'2 E c6
E
.::J er g -g
.::J
c LO .:0 c:-:i.,.... 6
c0°'
"er \E \£ co
":>">c:>
c. FO ,,
E "er \E
EJ
T;)
,;:> 2
,,
<0.::J.::J
er ,,
-g
\£
,,
,, "':> c LO LO FO rO .::J cO co ":> p ,, er ,, . c C";J ,, rO ,.3 <':) FO ,, T;) , , er rO co c <€) FO 'C" , , c:> ,, co er c C";J ,, ,, 6 co ,, <':l .:0
EI . EI c c:-:i E c E E ,, ,, "':>_2 cg er s:i :nFO c:-:i,, c:i :nco er'° LO c:-:i,, <':) c:-:i '5s co \E to :'.".:l\£ c6 -n.::J ;g ,, c .::J .:0 co •
J? c c c:> ,, C";J cP• c EicoE s:i
\£
S
E c er c ,, .::J LO er El E g _:
er co ,,- ":> ,.g
E ,, rO c c LO C";J <€) tJ rO
r,-g ci? 31 LOerc:-:i %g U "':> c
3
o•
,,
S C":l">-n-0 c. c
6 ..::i 2 C";J
•
,, E cc'° CLO.::J tJ cOFO c
c:-:i g .::J ercg
fi'.l.:0 er c E
.::J co
tJ
c E.f'2?:,
c.::J c cO>-,, ert.J CLO :T.:l<':)ft)_::)
co E ;;.£ J; L2
pc
'(;. '(;. rO
\£.:;J
.::J
co c FO ,_g
Ef.::J,,
rO ('... :n 6 C";J
c:-:i , E
LO c:>co
cO rO
er ""
cOCO .::J
r0 ">
tJ ,,
c-:J-2,-o C co c
u
co r: f LO ,..., C";J .:0 ,, E C";J
.::J,..., :nr0
,, c :'.".:) ,, .::J ,, .::J \£ T;) , , c c
LO ,, er
- "> \£
\£
c ,, co r0 LO c ,, ,, "'"'° tJ c ,,
\£ " f -0 er ,, c - c C" er" .::J er cer ;;
,; \E LO .:O .::J c:-:i ">LO rO ":>!:D p 2' c:-:i <':> C":Jco r0
E c c. ,, co
c:;?,L2,..., E
<':).::J c.
C" ""' c LO
'"cP .::J
c c
ggco ,, ,, tJ c c g c:i er LO E er c \£ E ,, E1 er c 6 '° - ;; c c:-:i c c:-:i :'.".:lFO c:-:ia;; ,, 2 c:i c..< ,, -2 co "'" .::J ;;:' ,, E1 ;;
E,, cOC Elc:-:i"> ":>erc.:0:1?E 6,.8 E C\£ erLO :'.".:),, c.::J er,, 6
1u
.::J p El E.fco
IB
E ,, ,, c
6 -g 2P
,, LO 2-n c ,, L2 )5
cg uJ
<€) p El\£ . : : J i c co c
2i 7;; g, 1i c5 g 1
c Efr0 c
r0 c c:i.:0
LO
c
":> 6 .:0 c0 c r0 c c E1,, 2co .::J r0 ,, g:i,.g .::J EI
..::> .::J er\£ \E c:-:ico \£ ,, Pc tJ E c .::J c:-:i.::J ,, c:-:i c:-:i,, ,, co
15 6cer FO:'.".:)cP-==>
c p,,
c co - ":>
co c0\E
E ,,
C";J c .::J,..., LO co ,, er\£
FO ,.g .::J E .:0
"' c:-:i c cO er
,:s
,.g er,,..,,, \E cg
p,,
c:-:i c:i >•LO Pto
\£ ,,
.::J c.
:'.".:lc5
C "> $) c0 \£ C
,.g,,
"> c:-:i r0
E1 E .::J er E.fc0 <':) ":>\£ ,.g c .::J <€)LO El er :'.".:l
.::J -0 ":> .2 LO C C":l "> C -2, c:> tJ '2?:, p LO cP "> ">
er uc6 ..D -2
C er .£ .::J \£ ":>
.::J
rg,,,,,
2 '2?:,
c0;; 6,, c€:l
">
C";J CO C- \£ -n 6
LO 6
L2 C";J
gS
C";J •
\£ c0,, :'.".:)E.::J-g cc U-g\£ g,ccP pi15co E 2,_gco ">\£ gJ5 ere g,, "':>PP"> c :'.".:)
tJ - rO rO ,, __, c:> LO C";J.,..- 6 o• p s:i , •. - c "'" c rO ,, ,, ,, "'" .::J 6 c El tJ .::J E . c <':) c:>
, • c:-:i ,c c:-:i c:-:i ,, LO .::J ,, r:-. rP C" ,..., c:i c '° .::J """' c. '° c:-:i ,, E c. .::J \£ LO er E :'.".:) co .::J co c:-:i LO 6 '° 6 :n ,,
LO er .::J C":l C C >" cf:J c. "55 CO ;n - C":J .::J C C C c€) 6 C":J Ef CO CO c0 C ">
'V
.::J CY"\ C";J "'" "> .:O LO - LO LO "> LO C ,c "> "> c:l "> C \£
LO o• er - C":l c:-:i c:-:i <':> c EJ "> "':> c c :'.".:) EJ .::J er r:, c c .::J er r0 co c 6 <=, \E c "> .::J r0 "'" 6 'c \£ c c:> tJ <':> I
LO"> ">Ef C":J rO
C ;nFO
C FO OC: LO ,, ., !:D
p .::J c. COc. C C _.S; C":J C":J tJ rO rO LO p
., "':> \£ c:-:i "> rO .::J. rO
"> CO .::J
c:> c.c ":> "> "'c C
.::J rO tJ -....1 cotJ "> LO
"> LO r0C rOC":J LO
"> rO "'- c cO.:O C ">
p c. C":J "> Ef LO c
gT c0 g.::J -g "':Jrg, e7 .2 c 22-g - ,.g 2' u.::J ,,
,, E'° c g\E g2,8 :'.".:lEJ
rg, c:> s:i'2SL2 6,...,
u.2 :se1cP
El c€) c:-:i-g Q T ; ) p'° ,, rO ,, E
t er
6
c rO rO c ,, c
!.::J c€),, er tJ ,,
J
c E ,.3 ":> E.fco tJ ,,
.f,
\£LO co
r f5 r cO.::J
'::?J,.g
C";J C";J
E 15-g pr0cP 2£}Ucg er .::J E1g¥E,:S E
\E
"> ,,-, c
c LO C" c .::J
r:, "> c. FO
6 C";J
"> ">
FO
.::J ">
c \£ er
rO "> .,
C";J cO tJ ,,
• Ef P
p s:i 3:JLO -g 5
C rO
c ,.g 6 2 E
er --' "':>
rO El c:-:iCO 6 co
c:l
erd5 QC !:D
"> " -__,
:n ,. c. c b tJ
rO 'c
\£ c-:J'° c:-:i c LO c LO C":l\£ c:i c:i c .::J .::J p.::J \£ c:i c:-:i s:i c:i'° E c P ,, 2:i 1 \£ ,, erL2 :'.".:)-n w c LO
?1 c E LO -2 ,, E -g !:D -g E c <':) g.,
__, El ,, c. E ,, 2,, c":> 'fc. ;T,)
C";J .::J co C";J co a;; ,, ,,
c . cO c. ,, .::J p p 0 - tJ
2 C";J ,, FO
El El cer C- ,...,,, .::JE "6f cgCY"\ .::Jc c. ,...,,, LO,, cO <':)
c E c:>
E
":> ,, " f 'C c \£ \£ r: f co ,, c 'C" El LO __, o-
c PcOLO ":>---'LO.::J.::J C\£.::JLOCO ":>.::JLOFOFO,..., ":>.::J ":>c€:lco.:0 C":J":>COco t.J o•E.fcOCOLO c.::J.::J t.lcf:JLO C"i!:Jt.J E'°LO"'",, c:iPC":J
c5 -$5J?,£ c0 &'5 -2 c0c5 L2 L2 £ 'f:,f' ,.3 .€i\£ £ e1
M
0
""'
 ·11c;:C'2Cwutou8 OJ<''i1wq, OJwZUlwq8 d!CZUlpu
u9u11u ·u9<'q,u8tou8to 11wRu <'OJ9G:. ';Y<' uc;:C<fll9Cu8ufbCwr wZUJ<'G;,f?.<''l 11uusY<iil'lG:.OJ9u <'88G:.to 8·c,YCu8
11uc;:Cu8<;>u8w'l<' W)Yp<'8<''l <'OJ 11uc;:Cw<ijl9C'i1<'<''J w<ijluOJCc,YP<'q <'8qq <'OJ UO!SS!UllllO:J ;;iilumpx3 pull
S;;J!]!Jll::l;;)S ;;)ljlfUO!SS!llllllO:J ;;ipll.!J, jll.l<ip;;id <ll{l '(sorwg JDPUDU!d /Df.lJSllPllJ puv SS<JU/Sllfl. Jo .JDUVlUfV)
IIBH ;;i:ipu;;iJd '1;;i;;i.11sp1ll8 78 una 'quu8<;>u8wq<' quPquc,Y qu8toquc;:CusY<fll'JG:.OJ90
<'8qq<'OJ<'8qq <;>uZUlG:.c;:C9RC8Pw8<''2 uc;:C<£19Cu8ufbCwr uc,YG:.q9<'9ufb ·(9<'0Ju<fllc,Y<'OJ9<'<iil'J 9<')
9<'0JuZUlc;:C9C81J<'8 wZUl<'G:.f?.<''J uZUJG:.c;:C9CRwg<''i1 C8U<'<;Y quusY<£l'JG:.OJ9u u'2Cc,Yq<'D:l<''i1 u9<'8wZUJC98e_u98
uc,YCugqu'2C9 ww9u't1D:l<'8<'D:l "'2CsY<'8qC8'2 C8Cq<' u't/u ·q<''2C<;;>uq,w9'2wc,Yt; qu'2CG:lC8Pw8
<'OJ 'JU'2WC)Y<'8W'i10J8 Uc,YG:.q9<'9ufb U'JU8<''2<''JCR. quu9<'t;ewr <;>8CZUipu "'2cc,Y<'OJCf?. uwCq<' ·ue_<ijl9Cew8
C8<;>eu <'OJ <''Jc.D\;)C quwc,YD:l 9<'w'2C<fll9Cu8ufbCwr quuc,Y<iJlqG:.G:l9u 9" 9<'w'2C<fll9Cu8ufbCwP
'JU'2Cu9<'t;8wr uq8<''2qe 'J<''2C)Y<'OJCe_ 'JU'2C<fll9Cu8ufuCwr quu9<'t;8wr U!.O)YC q8<;>8uwe
u0lwc.DC8 C)YwC8 'JU'2Cc,Y<'OlCe_ "O£GW\?)<.'R5J 'JO£G<;il9GoOof1GwP <JUU\?l<s>riG!Ci:lgo <.'Ol O£G'2G\?l<.'O::lGe, a\?l...,g
·qu8wqu'2Cc,Y<'Ci:lCe_ 9<'w'2C<8>9Cu8ufbCwP ZUJG:.q
-sY<'Sl <>Ci:l Cc,Y<'9UOJ8u8 quwsYCi:l Cq,ZUJC8pG:.fu<>q qu'2CgC8...,9wg uCi:l<>'2Cc,Yuq,w9'2wc,Yt; wwZUl<>8tou8w8<''2
C8Cq<' <''2CZUlpuCe u'2C<fll9CuOufuCwP u<;;>G:.q9<>9ufb ·ue,<''2wZUl8<'89<'\; quCi:lwu';;)Ct; quwc,YCi:l
<;>f'ug<'guCi:l uc.D<'8 8c,Yw'i1wc,Y 'qu\9<' ';Y<' uZUJC'2CZUlu8G:.<' OJ<'9COi8u <''2wZUJC98e_u98 qu'2C<£19Cu8ufuCwP
'Ci:lCZUlf'uJ8 ·qu8wquCi:lwu';;JCt; uZUJG:.ZUluqg<''i1 uZUJCwg <''2COiC8Pwe <'Ci:l <''2wC<;;><'8w'2D:le uc,YG:.q9<'9ufu
quu9<>t;gwP "'2CCi:lqCc,Y<'G:. G:.w qw<;18<:Jq, <''J9"g <>Ci:l <>Pu8<'9uCi:l '<''2wZUl9C'i1Ci:l<'8Ce
'Ju'2CZUluZUl88 1c..iZUl8<'9'JuCfl. <;>uZUlpG:.CfI. 'J'lwPu<ijluZUl<;>g<' (ueZUlu<;1q8 9<>u<fll<'8<;;>wfuZUlu8q'J8
'Ci:l<;>wuZUl<''i1<'8) tou8D:lCqug 1u'2COlwuc,YC1; 'JU'2CZUJ5l <;>uZUlG:.'2C't/<;>ZUl<;>Ci:l u'2C<£l9Cu8ufuCwP u<;;>G!'J9<'9ufu
8<''JCCi:lwsY ·9<>w<fll9CuOufuCwP C<;Y<>guCi:l8u8 1uZUiG:.<;;>'J<''J<'Ci:l quZUl9 uZUl<'8<'8W8 qCCi:l<;;><>OlCfl.
<''2CZUlpuCe_ (9<>w'2C'2CZUJG:.'2CCi:lZUl<'8 Cc,Y<>guCi:leue u<ijl9Cu8ufuCwP qu'2C8u<£1P<> C';;J<'9u6:leu8) u<$l9Cu8
-ufuCwP C<;;><>9uCi:leue quZUl9 uZUlCCi:l9<>ZUlq<> ·1'2C<iil9Cu8ufuCwP ZUl<'8<>ewe ZUJC90:lwZUl<;>qwe <'OJ ZUJG:.qc,Y<'Sl
quu9<'t;8wP C8...,8u 'JW<;Y<'Ci:l<'Cfl. u<$l9Cu8ufuCwP uZUJCCi:lg<'ZUlq<' <>uZUlpG:.Ce q1wPu<ijluZUl<>9<' 'uZUlC8';;Jut;
·1eu<£l c,YW qu'2C<;;><'Ci:lCe q8<'8uw8 uq,uZUlc;9<' qu'2C<fll9Cu8ufuCwP uc,YG:.q9<'9ufu ·o'2G£G\?l<'Ci:JGe <>O:loe
·( <'8C8w80J<''i1) <'U8<'<£lC<;;>t;sYC<£l9u uc,YG:.Pu8w9wPC
u8uc,Y'2Wc,YCJ,<' C80J<'9COJ8<'sY wC81ue '1"8 <>ZUlq<' wCOJc;8CCe 8<'c,Y'i1<'8 '1<fll9Cu8ufuCwP w'2C.'.;Juu8
·Cq,ZUl<><fllut;<'P Z;:;JG;,'2COi<:J<'g<''i1 wu'2C<£1<'8<'0J u't/u wu8di<>'t1 <'OJ u'2C\;c;';Y<'8 wClJu<' ·1<'qu9qqc; 'JU'2C<fll
-9Cu8ufuCwP <'OJ ue9c;8C1Jc,Y<' qgC8pw uZUluqwc,Yf1 wu8diu 8"sY'ike ·q<>u8c;gc,Ywfu9u 9<'8wZUJC98e_u98
<;>8CZUlpu u<$l9Cu8ufuCwP 'ue_wuZUl<;>'i:<>e 8<' ·wuf''JU';;J u'2CZUJP<'9 Wc,YfuG;, c;OJ qC Cc,YOJu8 'Cq,<>u8u<ijlqC89u
'l"'2C\;<tJ8 1CwCPG:. c;8CZUipu Uf?.U)Y<''i19<' uZUJC8q<'98Ce ·u<ijl9C8w<;1t; U)Y<'8Cq<'9 'JU)Y<:' Uf?.<'U9<'f:'8Wr
uZUJC'2C'i1sY<''J uZUlG:.£C.'.;Ju8 Cq,c,Yc;ZUlwCi:l 1u8u<£lp<' uZUJG:.'2CsYu<£l1C89u uZUJG:.Cwwuw 8wsY 'q8<'9e_u9
900"0 ·Cq,'2C8u<£lP<> g<>uZUlw8 'J<''2C'i:w8 1uu9<'t;8wr '900"0 = V\1$006/V\1$1 w'2C<:Ju8 9C81J wufuwR<-'2
Cq,'2C8u<fllP<> 9c;uZUiwe 10'2C\;w8 <>OJ9ue9 l,Uf?.'2C8u<£lP<> gc;uZUlc.o8 "'2CsYu<iil1C89u $9ZUl8 006 c;c.oCP<>c;'i:
8"u9<'t;8wr G:.c.o '"'2Cgpu "<;;> 8"sYg"8 ·D:l"'2C't1w8 ZUJC8Ci:luq,8u8 g<>uZUl<>p '19<'\J 1C ·$9ZUi8 I 'JU)Y<' 1ZUJC9
8" <''2C't/w8 c;O:l9u89 1uu9c;e8wP 8wsY 'c.oc;8e_G:.8c;OJ 'Ci:l<>touZUlc;'i:<-8 ·u'2CZUJ'2C9C81J<'8 u1uR9<''J 9wc.ou8w
Cc,YOJu8 'uZUlC'2C9CRc;1w8c;'i: wc,YfuG:. 1wRu "'2CZUlpuCe_ OuZUJCewsY ''l'2CZUJ'2C9C81J<'8 w'2Cc,Y<>OJc;8
Ci:lc;c,Yc;8'28<' 9c;'t10J<><;;> ''1'2C<£l9Cu8ufuCwP c.ouZUl8c.ou8w8<''2 9C81J .!. '1'2CZUJ'2C9C81J"8 quR9c;'J 9wwu8w
C1J'2wZUl8c;918 )Y<' 8W<iil<'c,Y l Cq, "'2Cf?.U\;}<''i19<'W8<''2 'JU'2C<£l9Cu8ufuCwP Wc,YOJ ww'i1\;J<'P8<>0J 8W<iil<'sY
·wuf6wRoll
·wufbwR<-'2 Cq,Cc,YwC8 'JUc.D)YC 'q8q8uc,Y \;JW 108C8<>9w8 u\9G:.'J9<'9ufu Cq,C\l)wCe <]Ut0\l)C
'1'2Cc,Yue_8c;f'<' 8uZUJC8wsY '<i1PCOJ9u 9" 11Gi'l9CuOufuCwP sYG:.<J9<'9uf1 9C'2CD:lw9G:. 8c;1ZUJCew\9 O£C;:;:iuue oO:l <]8q8u\!I
'u<ijl9C8G:.\9<iil'J9u <''2C9CRuwe<>'2 Olc;c,Yue,q 'JWc,YCJ 1uq,w9'2<>uOJ 8" ·uq,w9'2c;uOJ 1u<iilPCt:'I" <'8q1c;OJd!q1 <]U£Clle.u\!Jo'il90
1u'2wC)Y«8w'20Je 1uu9«eewP qwc.oCP<;>c;'t/ <>Ci:l9G:. "8'JwPu<ijluZUlc;9c; "8sYQ,'J9<'9ufu .<:;io;:;:ic., \!lw '1£C\!lue.
-Coro 'u'1PCO:l9u
'«'2C\9<;>c.Du89c;'t/ <;>Ql <:''2WC)Y<'8w'2Ci:le U)YG:.'J9<'9ufu 1uu9«eewP 1COJ1<;>fuCe_ ewsY '1u8w1ueu
- o;nu 1npmrn1;_t -
u!fil9Uu8u9.:Gwr
'9
 ,:,6,:,C'.:'.'0603Mb8,:, <>bo30 ()6(.Q<> M(30C'.:'.'Mb 1J3DC'.:'.'<> 06(.Q(Jb6Moob013ob O::JtQ<>M::JOob ,,::JM010 tQ<>
00 03 0 b6<>6tQ<>M6ooob" 0 <>8MtJ::J6oo<>. oo'll<>boo<>, 01001dMb tJ 3o!.".:'.'<> Jf'18.3<>6o<>b <>d 3 b <>M<>foJ!.".:'.'Do
1.5 {!?.'.> .)M.) (J8o6ob 1 808(.QofoM::J JM::J'(30(30::J60o, .)Mob O::J(Jb.'.>0.'.>8(YJ. ,:,6,:,1.".:'.'o'lm ()6(.Q<> o<>J::J01(.Q::Jb
08 oo'b6obob 00.301,:,6 J<>300Moo, MM8::JC'.:'.'00(3 JM8.3,:,6o,:, .)Mob 8.'.>M01(JC'.:'.'0 {!?.'.> 013001M6 ,:,8
JM8.3,:,60,:,b01,:,6. C'.:'.'0J30{Q(JMMOOb 6<>8(.Q30!.".:'.'0 6ob&o01 8M08(.Q::JO<>, <>d3b 01() .)M.) JM8.3,:,6o<>b
(J6<>Mo 0 <>(\/<>ob<>(QMb 8obo ,:,6 0 .'.>MOO::JOO (QMM(JC'.:'.'<>C\?· O::J3M '(lo6,:,6b(JM0(.Q d!.".:'.'O::JM JM8.3,:,6o,:,b, 8001
OMMob D!.".:'.'Od0MM::J6oMoOOb 8M80M(Q::J0!.".:'.'::JOb, <>d301 ob ()6.'.>MO 8o(Jb::JtQ03.'.>(Q o8ob<>, MM8 8,:,010
8o8(.Qo6<>M::J JM::J'(J0(30::J60::JOO <>Mob (\/<>0<>!.".:'.'o -1.5-(Q<>6 1-8(.Q::J· ob (Q08MJO(Q::JO(JC'.:'.'O.'.> oo'b6obob
O(J6::JO<>'bo. oo'b6obob (tQ<> JM8.3,:,6oob) O(J6ooob <>M<>b<>b(JM3::JC'.:'.'80 0<>6bo!.".:'.'3<>8 oood!.".:'.'::J00 0<>8Mo-
030Mb JM::J'(J0(30::J66ob .'.>M0bOMM0(\/ o<>(\/8M(j::J8<>. 8306 0M O::J 0 3od!.".:'.'00 (,Q<>300106b8M01 08
bo0()<>(300b, MM8 b<>O(J0!.".:'.'M{Q 3.5 d(JC'.:'.'0, MM8::JC'.:'.'b<>(3 b6(Jt!?::J66o ,,M.'.>C'.:'.' (l<>b .3M8 JMM::J-
b.3M6(.Q::J6b" JMb8o0MC'.:'.'MoOOb bJMC'.:'.'.'.>Oo, .)Mob (JJ::J01::Jbo, 30(.QM::J b<>O(J.'.>C'.:'.'MC\? 3.4 d(JC'.:'.'<>,
MM8::JC'.:'.'b<>G b0(JC\?::J60o .3<>M3<>MtQob b,:,8,:,M01!.".:'.'ob bJMC'.:'.'<>oo, 8bMC'.:'.'MtQ ::JM010 o6t!?odbob
8,:,8306001.".:'.'001, MM8::J!.".:'.'OG <>Mob 8::JMM::J'bo 8000. 8bMC'.:'.'MtQ 8b 0 ,:,3bo JM8.3<>6oooob 'llo6,:,6b(JMo
JM::J'(JOGoo6&ooob ::JM018<>6o0101<>6 ootQ<>l"ioo<> 8M0380 ab M::J<>!.".:'.'(JM oa'll<>boo<>b.
oob<>d!.".:'.':J0!.".:'.'MOOb '(l<>Mo!.".:'.'000o, 0<>6bb3<>3::JO(JC'.:'.'O JM8.3,:,6oooob b,:,<>60<>MOOM 8M6<>(3::J8ooo
()6(.Q<> od6ob b6<>6(.Q<>M0oM::J0(JC'.:'.'0 1 6MM8<>!.".:'.'o'boo(JC'.:'.'O (<>6() O<>M8MC\?o::J6o!.".:'.'o od6ob O::Jb,:,o,:,8obo
b,:,bo01). 4 3<>01.".:'.'0 <>M O::JOd!.".:'.'::J00 O::J3<>(\/MM01 C'.:'.'o8M6b. 8,:,006<>(3 JO, 01() 8,:,01 ::Jd6::J0.'.>01 8b 0,:,3bo
8M6<>Go8ooo, ,:,6,:,C'.:'.'060JMbo '(JM01bo!.".:'.'.'.>C\? ()6(.Q<> (Q.'.>.'.>J30M(Q::Jb ,:,6,:,1.".:'.'o'bob O::JtQOo::JOOb o60oM-
.3M::J6<>G0<>b.

JM[l!(30(30[]6@;ooo!J @)Od[JOO
b<>'bM 0 <>tQM(Q, 0 <>8MotJo6oo<> MMo 6o.3ob '(lo6,:,6b(JMO JM::J'(JOGoo66o . .3oM3::JC'.:'.'O &0.30 od!.".:'.'::J3<>
06'(3MM8<>(30<>b JM8.3,:,6oob '(lo6,:,6b(JM 8(.Q 0 M8.'.>M::JMO.'.> 'b::J (QMMob 0,:,6b,:, 8M8::J6&oo -
o<>!.".:'.'<>6bob oot!?oo6ob tQMMb. 8306 3(JOMtQ::J001 8<>01 o<>!.".:'.'<>6b(JM 'llo6,:,6b(JM JM::J'(JOGoo66oob,
M<>G 801!.".:'.'0<>6<>(.Q ooob<>o<>8oo<> 8<>01, M<>tQ 0 <>6 8,:,010 8Mo 8 b3o!.".:'.'o tQ<> 860036o!.".:'.'o 01001M::J(J!.".:'.'
JM::J'(30(30::J66oo 0.)C'.:'.'.'.>6bob (JOtJObO(Q.'.>6. '(J06.'.>6b(JMO JM::J'(30(30::J66ooob 8::JMM::J 00.30
od!.".:'.'::J3.'.> o6'(3MM8<>(30.'.>b JM8.3,:,6oob b<>d8o.'.>6Moob MM8::J ,:,b.3od0oo'bo (QMMob d::JMOM(QOO,
R3::J(JC'.:'.'::JoM03, ::JM010 o!.".:'.'ob 8,:,6do!.".:'.''b::J. <>bo01 JM::J'(JOGoo66oob 00MtQ::J0<>01 oo8Mb<> 3!.".:'.'ob
<>6 0 <>Mooob JM::J'(JOG006&ooo ,:,6 o 08Mb<>3!.".:'.'ob/o<>!.".:'.'<>6bob <>6 0 <>MoCl 0 ooob JM::J'(JOGoo66ooo. ·
O::J8Mb<>3!.".:'.'::JOOb ,:,6 0 <>MoCl 0 ooob JM::J'(J0(30::J66::JOO <>(Q<>M::JOb 8obo ::JMmo 8(Jb!.".:'.'ob 6<>J<>(Qb 8::JMM::J
8(Jb!.".:'.'ob 6<>J<>tQ01<>6. Clo8Mb<>3!.".:'.'ob/o<>!.".:'.'<>6bob JM::J'(loGoo60ooo 8MoGb3o!.".:'.'Clo
8tjM'(l 6.'.>J.'.>(\/Ob (008Mb<>3!.".:'.'::JOOb <>6o<>Moo0oo<>b) 8(Jb!.".:'.'b .'.>(Q0M::JO::J6 860Cl360!.".:'.'Clo 8tJM'(l
,,8011.".:'.'0<>6" (<'><>C'.:'.'<>6bob) 8(Jb!.".:'.'01<>6. 6<>J<>tQob .3(J6d&ob ClotQ<>M::JO<> 8011.".:'.'0<>6 .3(J6d601<>6
0.'.>M8MClMob dM6::J6(30(JM dMM0!.".:'.'::J8<>b ,:,6,:,C'.:'.'060JMb::JOOb013ob. 8306 o3<>d3b G3!.".:'.'<>U?::JOOb
Clo(Jb<>o<>8Moob Clob<>d!.".:'.'M Mob30. 801!.".:'.'0<>6ob .3(J6d&o <>Mob o<>C'.:'.'<>6bob 8M8::J60<>!.".:'.'()Mo b(JM<>010,
MM8::JC'.:'.'oG Clood!.".:'.'oo<> <>M O<>M8M<>tQo::J6tQob ,:,8 83 <>!.".:'.'<>tQob bM(J!.".:'.' b<>bob tQMMob 08 .3oMoMU?Clo,
MM(Q::Jb<>(j 6.'.>J.'.>(QO 006bMM(jO::JC'.:'.'(Q<> (O::J(Jd!.".:'.'o.) ,:,b,:,C'.:'.'o 01.".:'.'ob 'boo8ob (QMMb
md306b b(JM<>01b 0001bM.'.>01 MMoMM 0<>8M01J(JM::JOOm md306 b,:,Cl(J.'.>C'.:'.'MtQ)? Clob<>o<>8ob,:,(Q, 8306
Clood!.".:'.'::JO<> {Q<> 0 31:J:oM(Q::Jb b<>Cl(J<>C'.:'.'M O<>C'.:'.'<>6bob (JOtJobob b()M<>mob 0 <>8MtJ::J6oo<> 008Mb<>3!.".:'.'ob
<>6 0 <>MoClob/o<>!.".:'.'<>6bob ,:,6 0 ,:,MoCl 0 ooob JM::J'(JOGoo6&ob tQ<>b<>b::J!.".:'.'Doobm3ob, M<>m<> 860Cl360!.".:'.'o
OtJMb 8mo!.".:'.' .3ol"ioMU?m<>6 (J'(JMM 8o6<>t!? Clob<>&tJ 3obMo<> (8 30 6 <>8<> 'bo 8o6b 3ob<>(JoM 0om
8M 0 30<>6::J0001 ).

60688,:,filJ0600 - JM3.3,:,6oob Md::JM.'.>(30::J6ob {!?.'.> b,:,j8006MO::J2>ob 0<>'bM83<> 8bM<(JC'.:'.'0M JC'.:'.'C>bob

JM3.3,:,6o::JOOb [i,:,.)ofilob.'JoMM(Q - O::Jb0d!.".:'.'M0 ().'.>3Mtj::J6::J6(JC'.:'.' oj6:Jb JM::J'(30(30::J66ob
,:,6.:i!.".:'.'o'liobm3ob. ()C>M(Q0 JM8:J,:,6oob JM::J'(30Goo6®ooob o6tQ(Jb6filoob li<>o(J<>C'.:'.'M JM::J-
'(30Goo6®m<>6 (QMMOb 8obotQ3om O::J(\/.'.>M::JOOb.:i, md306 oob<>d!.".:'.'M.'.> ob(JM3Mm JM3:J,:,6oob JM::J-
'(30(30::J6®ooob Cloi:Q.:ifiloo<> 2i:J6R8.:ifilJo6()m<>6 .:i6 8b<(JMC'.:'.'oMb JC'.:'.'<>bob JM8.3<>6ooom.:i6,
MM8!.".:'.'::JOOG <>filo.:i6 C'.:'.'OCQ::JM::JOO 8MG::J3()!.".:'.' o6CQ(Jb®filo.:iClo.

142
 2
'{l06.>6b'ZJMo c::.'D3[JMiJ:;i:OU
(li0babbM 3"c::.'CQDO';'.Jc::,':JOob)
J"'D'l30DGon60300 .>l>>b.:.3G
JM8.30600G l>3bbo01
C!1"'13o6"6ono"b
CQ<>'1J<>M3ol> J"'D'1lo8 o:i6onoo
...,. .:>.__ 0b.>b.>3b J"'30.>6oob ';;)6.>MG
8"'iJ3G.:.b'ZJMMU 06 (!(>'13.>MMU
01>3ol>n '1lo6.>6l>';;Jfio
3<>c::,>CQ[lO'ZJc::,'QO[JOo

1 4
c::,>OJ30CQ'ZJMMoob J"':J'1J0(30;:J6f§300 6. .:idon'ZJMf'100U JM[l'130(30:JOQ:JOO
'l>M8<>306 J018.30600G ';'j6<>Ml> ...,. - - i"'a.,306 r;;.,aC!?a6<>CQ
8M38l>ob'Z)MMl>/(pCQ<>ob>C!(01b m>3ob 01:1a6Dob Jro8.3<>6oo 01>301> .:idon3nou
3o>Jc::.>D3"C!?o<>6 3"c::.'a:![)O';'Jc::.'Doaol>

5
8oman0o060>0oU JMQ'130(30D6r§[JOo l>J>3doM:JOU 3"80(!(
(!(" 063nlif§0(300C!(.>6 8M[)[JO:JOb

.). !:!?"ZJ"l'ii30G J"'3Zl"G"06@>300 8ovmom3036 0G333, l'iiM 0Ml'ii oiJ3630G JM830600 m030G
o. JM8.J0600G G0d80060 <>d@Jo()MMOoG JMOZJ"G"06@>300, 3b300 8.>tT10 0300G !:!?"
0.::.801iJ36300G, 0G330 8o'Jmom30G 808!:!?050tT13 <>d@ln3300G .

.:i8.:ili 0.:i<'l(Q.:i, fJ.:i&.:i<'loooli 8o'b6om 1J306 <ao6.:i6b';'.)Mo

JMO<aoooo6&o b(Jm '.li:o';'.J<ado: <ao6.:i6b';'.)Mo
0MO:Ji;O (.:i6 b.:ibobbM CQ.'.l'(:lwM3.:i, "J00';'.JMMO.'.l Cl?" 8M80000.:i6MS>ob JM0<(30(3006-
®ooo (6.:ibom b(JMC>mo 6.2). C>M(3 otY1mo JM0<(30(3006&o C>M 1J306
b.:i38.:it'loli o6<(3MM8.:ioo.:ib, dO<a"bCQoo.:i JM8.3.:i6oob <ao6.:i6b';'.JMO 8CQ()M8.:iMof'10.'.l Cl?"
li.:id8o.:i6Mo.:i. 8.:iClo6 o"3"JOmMm d:J<(3wboo.:i, MMCQob.:io 1J306
JMo<aoooo6&ooob rJ 30 6 ';'.J6'R.:i 3o8Mm, <'lM8
30C'.;oom oo'b6obob 6ooob8oo<'l bo'bf'16';'.JM b.:ibo.:imb.
Clo<a"bCQob a<'lmo 'R" 08030 .3o<'loM(!(ob
8M60008ooob (!(0 JM0<(30(3006®ooob dO(!("MOOOm. Pl306 C>M (J6CQ0 Clo3w(!(C>MMm 31
'ROJo8ot'lob 31 8.:iobob (JbtJobb, 0t'108o'R 31 'R:JJo8oo<'lo (]61!(.:i
O:JCQ0M(!(Ob 31 CQDJo8oDMm.:i6.
m(J8(30 <(30606b(JMO JM0<(30(30:J6&ooob MC>M(!(D6Mo0, 0D(!(0MCQDU, o'bM(!(OOC>
oOM800Mo(Jc;,>0(!( <(30fo6b(JMO 8Mfo(3D8ooob bo(!(O(!(Om, 08 m03CJ0 8bMc;,>M(!( 800.:>CQ
JMO<aoooo6&ooo. JM8.3.:i6ooli <ao6.:i6b';'.JtY1o 8(!( 0M8.:itY1oMoob 'R" b.:id80-
06Moob b.:ij:o<'lM JMO<Z3"Goo6®aoo ClDb.:io.:i8ob.:i'R 0t'lob GM®"·

0.:i8MOtJ:J6o6.:i J018.3.:i6ooli ()6.:itY1ob 0.:ib0'b018.:i(Q MM 0 M<'lo

<:>d3b C!?"'a"t'l01b m.:i3obo 3"r:::.'C!?06';'.Jc;,>OO:J6o. obo6o "C!?"M:JO:J6
.:i<'lboo()c;,> (06 8o8C!?o5.:i<'lo) .:id&o 30 ocn.:i6 .:i8
ob JM:J<(30(30:J6&ooo 03.:idc:::,103b b.:iM8f'lCQoD5.:ib Jf'l8-
0.:i6oob 808(!!05.:i<'lo .:ibo30 Bobo 8b.:itY1C!?.:i&o<'lob Cl::ib0dc;,>ooc;,>M60'bD
t'l.:io8o 6'0P1801ClMoob Clo8mb303.:iClo.

143
 3.

{!(<>3()'83.:.01, <>Mou 30 8.:.tYi&o, M<'la 'Bo606U(JMO

i:>(JC!(08MM:JOO fl3n6 308:JC!(M36:io01 3060Gb0(!(:JOO 0u1ib03li JM8.'31i6oou 'Bo606u(JM0
:J3<1C!(O<i6o u:iubou '8:J8Cl.?:Jo J3o1Yi.:.ao Cl(<> o.:;,6Jo 8(!(3M80M:JMOOU 'l'.J'BM<'l U(JM001U, 30(!(M:J
C!(<>o6&:JMUC!(:JOi:> fl3:i60 8o8C!(o6.:.<'1:i 6:ioou8ool'1o ub30 (!(MMouai3oli, 80006.;,G JO, 01() 01'1
.:.6o o<>!:!!i:>bC!(oU(J6i:>Mo.:.6Moou 8C!( 0M8i:>M:JM0001. od60 <>MG:JM010 'Bofo6U(JMO 8(!(3M-
fl3:i6 (Ji:>Mo 33001d3<> 1Yi.:;,o8nu a:id:i6.:.'b:i C!(i:> 80M:JMOOU
8i:>8<'lo3DtJD6noo6.:. (.:.6 JMB.'3060.:., 001'1flo1>
o<>o3:Jl:JOC!(i:> 8M88:J00i:>6o 'lJ<>Uo.:.60 'bM80:JM010 u0d80060 0d&o(JMMoou b:J'bM6(JM d:JMOM(!(OO
8o8C!(o6.:;,1Yi:J JM:J!:!!08MMou 3.:;,u&'V81Yi:ioou013ou. 808{!(- !J:1MM00: 800dGo:i01 31 801'1&b,
06.:.M:J (!(<> UOM<l'lJO JM:J'lJOGO:J6&:ioo .:.833<>M0(!( M<'l8MMG U0()0!J:10U0b.:>!J:1M
30()8'.Ji:MO:JU(!(:Jb (!(MM:J0001. JM8.'306oou013ou "Aldine Manufacturing"), 8.'.>006 o0o
8M(!(001 360bM01 JM8.'306oou "Aldine Manufacturing" a:iodc:::>:J00 l>MI> MM8:J O:JG!J:1M80'80
a:i801b3n30'80 MM0MM 08()'803nou nu. {!(03()'83001 20X2 O:JtJ306ou 8o'b6001, 01'108:ia? fo1'1fl:i6o 801'10 0:ioob n63:i6&0-
30 80Mf)JJU fl3:i6 330d3u: 1Yio'ti.:.Goob 01()8G0, 08
8M8:J6&oo Ol:JMU !QM6:J'ti:J
anaqz. 8n8cz. J<'>O</lOB·
81i1Yi03noou a:id:i6ou 80Clo6, MM!Q:JU0G JM:J!Q0-
$2,918,000 $1,500,000 1.95
Ol:JMU
01() fl3:i6 30(!(03ob(!(001 677,000$ 808C!(o60M:J !QM6:J'b:i; O:J!Q:J()O Ol:JMU 8o8(!(ofoM:J
8M83:i- !J:10 uol'1.:.cs JM:J'lJOGo:i6&:io'b:i
00060 'B0uo060 '8:J!Q:Jo0!Q, 1'1M0Ml'1G B:i6:J:li\Dt11a0, 01d3:i6 (J6C!?" oGMC!?:J01
013o(JMO .:i6 JM:J-
$2,241,000 $823,000 2.72
'BoGo:i6&:ioo, MM8 1'108CQ:J60!Q
8o8(!(ofo1Yi:J JM:J'lJOGO:J6&o 33ofl3:i6:ioli 30()8'.Ji;MO:JU:JOl>U. JM8.'306oou 8!Q 0M80M:JMO.::i. 1idoC!?06 008M 031id3u !Ql>UJ3fo:
01()8G0 60'8603u 01() 01Yi0 nu 080u, MM8 JM8.'306oou 01() 01d3:J6 md3:i60 'Bofo6u()MO 06 001'1oa:ioo01
8(!(3M80M:JMOI> 00()8'.)i;MO:JU- ub3:ioou 01'1 U0J(J011>Mo 011i3ou
{!(0 JM:J(!(08MM:Joou013ou 0un010 :JM01'.Ji:OM0(!(o
80(!(0bC!(o01?

808!!?06.:iti'i[J JcYll)'(30(30l)68o. JM[JC(30(30[J6&000CJ,?06 [JM01-oli1010 do<i'io010CJ,?o !!10

baoM.:iCJ,? 0 08MtJ::J6Do(Jc:::'O 01'10!.i

fo(l)o <>MJ03000
8081Qo6<>MO
ooo'l>a . .,t,,,b.,3uJ"'a:i,,Gool>
()fi<>l'iu l!!"'IJ"l'i"'u 8081Q-
n6<>1'io 'IJ00<>6l>(JMO
O(Jc;:>00000 m<>3ol>o
8n81Qo6<>MD <>d1!!>03ooom.
JM8.'306ooli013oli "Aldine Manufacturing" oli JM[J'(30(30::J6&o 20X2 Oc:::>oli OMc:::>Mll .:il'1oli
$2,241,000 = 2.72
$823,000
8olio li0d80.:i6MO.'.l.'.l ll.'.>tJM<(J0(3bM3M[JOM oc:::>od8MM0d0M08(JMOll ()08Mo300.:i. Bolio 8n8CJ,?n6.:ifi\o
JM:Jc:z30(30:J6&o .:il"ioli n6CQ()ll81"inoli 2. 1 8o!Qo.:i6.:i JM::J'BOGno68'ho MCQ6.:i3 8080 (8::JCQ0.:.6.:i - .:.6
li.:iav.:ic:::>M 8[J(!?006(JMO - 06CQ(Jll8l"inoli013oli l"inllJOU 8060'.li:806@Joli
0llM(30.'.>(300ll 8o[JM O[Jll003c:::'0c:::'0 063.:>MOO()[JO[JOOll 8nb[JCQ3n01.) 5 • 01()8(30 n6(!?()ll8Mooll
li.:iov.:ic:::>M JM::Jc:z30Goo6@Joo0106 CJo!:l?<>l"iooooo bool"i.:.U? .:il"i 03 .:.R 30 60ot.i 93 0606!.i(Jl"i liodc:::>ool"ioli .:.6
linll(Jll@Joli, olio6o 860036oc:::>M3<>6o.:. 08 JM8.'3.:i6ooooli 0 .:i8Mll<>3c:::>o6.:i!Q, l"iM8::Jc:::>m.:i 'Bofo6li(Jl"io
JM::J'B0(30[J6@Jooo dc:::>nol"i ()'>!Q00bM[JO<> ll.:>O(J0c:::'M!Q06 . .:.6.:ic:::>n&oJMll8.:i ()6(!?<>
8n'b[J'b[JOn, ll.'.l!:\?'>(3 00M8Mn0M00 860036[Jc:::'M306n ().'.l!:\?0bM0. 01()8(30 n6CQ(Jll@Jl"iooll 8m::Jc:::>O
(!?.'.lM()O Ol:JMll (!?0 08 O[J801b303000 JM8.'3060.:i O[JOdc:::'::J00

144
""DJ;:JOIQ()OiMOo -
- >d&o3n6ol> ()6>fiin
"1!!301'.!'"l!i o01!! 00 denl>
'lJ'ZJ"!'>Q'.i,
86003601'.!'"'3"6"
Q'.i>6>J>M 0Doob 3ofiinoo.
- 00801om-
3c::':J<'>> 808Q'.io6om3
>d&o3oool>0 I!!" l>ob0dro6-
"!'"'-8"&Dmo>"!'()Mo
80M>(l36ol> bb30rooob
(l>LJM'lJOOl 808(!/00oM:J
3""!'1!!0;;"11'.!':JO>'l>:J. nu
J"'O'lloeoo6&o obob03b
Jro8:i06oob 3"1'.!'i:Q:JO(J-
"!':J<'>;J6ob ()<>Q'.i>b(Qob(J6>-
Moo60100b, M>3Q'.i:Jfol!i
Gom>'lJ>Q'.i I!!" ()B&Jo360·
'Zlc::'"'l!i O(Jd"!'o> JM8:306008
omb:i<'>vc::;o 3"C:::l!!D6'ZJ-
c::;ooooo l!i''ll"m"'b.
801c:;_io060CQ o8f'lli 8f'l8 0 000060, Bolio c:;_ioJ30CQ(Jflf'looli JfYl0'13oGoo6&Jooo li0Cl(J0c:;_if'l'bo !Q0oc:;_i0(3
fl018 ow'lli. lib30 lio@;i()0(30C>Oo, 0 06li0boc:;,i3oc:;,io JfYl8.3060,:, Cloodc:;_ioo" 08f'lli 80c:;,:,c:;_ic:;_ioJ301Q(Jflo,
8oli Cloli,:,o,:,8oli o6CQ()li@;iflooli !Q0fl 0 01,:,6 OOCQ"flooo01, fl0G ,:,8Goflooli 8oli 8018 0 00006010,:,li.
830 c:;_i 0 06, li0!Q0G ,:,c:;6oCl6()c:;_io,:, ,,l5001oc:;_io !Qflf'lo0", ,:,60c:;_io@;i0Jf'll.i8,:, (J6U?" 8f'ldoo6f'lli ,:,8
lio@;i()0(3ooli '13"fl(Jc:;_io 8o'bo'booo.
01001flo(Jc:;,i"CQ, fl,:,(3 8,:,c:;0c:;_io,:, 8081Qo6,:,flo c:;_ioJ30!Q(Jflf'looli JfYl0'13oGoo6@;io, 8001 8,:,c:;0c:;_io,:,
JfYl8.3,:,6ooli Cloli,:,dc:;_iooc:;_i0100 !Q"'l3"fl01li 010301.io 3"c:;,'!QOO()c:;,1000oo, 01()8(3" 08 J010'13oGoo6&oli
U0'13(Jd3oc:;,i'bo Cloli0dc:;_i010 8oc:;oo()c:;_i od6oli 8bf'lc:;,1f'l{Q 800bc:;_if'looo010 Clo'l30lioo,:,, fl08!Qo60!QC>(3
o0 o 0fl 00130c:;_iolil506ooli 808CQ060flo ,:,j@;io3oooli (30c:;,1JO()c:;,'O oc:;,io8o6@:ioooli c:;,'flJ3fl!Q(Jlrlr110,:,li.
Jf'l8.3,:,600, fl018c:;_ioli 808!Qo60flo 0j@;io3000 OO!QoOO" '13()c:;,1C>!QO li0Cl()0c:;_ioooooli 0,:,6 U?" U?"()8-
3006oooc:;_io 8oli,:,c:;ooo 06 0,:,floooooli 0 06, 0013c:;,ioo0 8,:,c:;0c:;_ic:;_ioJ301Q(Jflo!Q 08 JfYl8.3,:,60,:,li0106
Clo!Q0flooo01, flf'l8c:;_ioli 8o8CQo6,:,flo ,:,j@;io3000 CloU?oOo" doflo0101Q"U? 8,:,fl,:,ooooli 0 06. 6 CloU?Oo"U?'
"()Goc:;,ioooc:;,io0 ()'13flf'l 'b(Jli@;io 80f1306ooc:;,ioli 0 ,:,8f'l806000 JfYl8.306ooooli c:;_ioJ3o!Q(Jflf'looli
l:Qf'l6oli Clo'l3"lioooli013oli - 8ti03,:,-@;ioli@;ioli JfYl0'13oGoo6&o.
(hofl0'130 JC"l0'130(30D6&0. c:;,'OJ30l:Q()Mf'lOOU ()'13MC"l 8oe"U? JM6-
liofl3C>@;i(Jc:;,10 li,:,'bf'l8o ,:,floli 8t1,:,30·0olieo, ,:,6() bot'\0'130 JMD'l3oGoD6r?.io:
808!Qo60flo ,:,j@;io3000 - 80fl0 0 ooo
808!Qo60flo 30c:;,i1:Qoo()c:;_iooooo
JM8.3,:,6ooli013oli "Aldine Manufacturing" oli J010'130(3006eo 20X2 oc:;_ioli od6oo.:i:
$2,241,000 - $1,329,000 = 1.11
$823,000
oli J010'130(3006@:>0 0 08mo80600,:, 8o8c:.Qofoflo c:;,10J30!Q()Mf'looli J010'13oGoo6@;ioli !Q080@:>00001 JM8-
.306ooli ,:,6,:,c:;_io'boli !QMMU. 0()0 8lio,:,3lio0 8081:Qofoflo JMO<(J0-
(30t)6@;ioli, 0801.i ()08fYlJc:;,'00001, P1M8 808CQ060/\10 "D@:io3oooli Clo8C>l:QoD6c:;,iMOC>OO ,:,fl
0 00ai3,:,c:;_iolil50600,:, 80fl,:,0 ooo - li03,:,fl,:,(J!QMCQ, 8o8!Qo6,:,flo 0j@;io3oooli
6,:,ooc:;_io - 8flo(3b3oc:;_io!QC>6. JM0'130(3006@:io oboo,:, 808CQ060Mt) ,:,j@;io3oooli 80@:>0!Q
c:;,ioJ 30!Q(JM oc:;,io8o5&ooli - li,:,Cl()0c:;_i 0o001.i, 0U? 3oc:;,i"U? '(plio06
a"c::"c:;,iU?ooli CQ" - 808U?o60flo
ooli0008ol.iM0000. ,:,8 0 30M0(Q, oli JfYl0'130(3006@;io (J'bfl(J63Dc:;,18M'13U ()'13MM
'b(Jli@;i Clo<n0lioo,:,li, 30l:QMO 80813?06C>MD c:;,'OJ30l:Q(JMMOOU JfYl(J'(30(3006&o. Jf'l8Cl06ooliai3oli "Aldine
Manufacturing" 8tJ03,:,·@;ioli@;ioli JMO<(JOGoo6@)o fYlCQ603 80c:;0c:;_io,:, o6CQ()li@;>Mooli li0Cl()C>c:;,1M 8o!Qo-
,:,6()/\l'bo 1.1, 1\1,:,G 6006,:,31.i, flM8 JM8.30600 ,:,floli JoM 0 8!Q 0 M80/\1 0Mo0Clo 00'/:i,:,(>)'bo.
JM8Cl06ooh "Aldine Manufacturing" <'ln'bo()8tJ. 8olio 80813?060(>)0 !:Qo 8tJ030-@)oli-
C)oli JMO'l30Goo6@:ioooli O:J!:Q0M(JO(JOo o6CQ()li@;i/\looli li0Cl(J0c:;_iM 80G?o06(J<'lai06 0Moli boc:;_ili08M(Jc:;_i
81.1?000<'100000. ai(J8(3o J01(J<(J0(3oo6@>ooo 01') 0li0b03li l:QOOo@;i01M(Jc:;,10 13?030c:;_io0600000 CQ0/ 06
80M0 0 ooo M00c:;,1(JM0l:Q 80r:;0c:;_io0 01() 0<'10. m(J olio6o 80r:;0c:;_io0, 0806 'bo 0 03c:;,io60 (J6!:Q0 8MobCQo-
6Mli 3018.:J06ooli c:;_ioJ3nCQ(JMMooli fi306li ClobO!Q()c:;,1060'bo. 08 0 30M0CQ, !5306 0 3joMCQ060
0030060c:;_io'bM0108 MMO 808CQ060flo 0j@;io3oli 0()(30c:;,1000c:;,10 oc:;,io8o6&oli UO!:QO!Q(J, li@;iM()J@;i(JMC>
!:Q0 b0<'lolibo. !:Q(JOO@)MM(Jc:;,1 !Q0301::'.'006ooooli CQ0 80<'10 0 o6b ()'13P1M !:QO@;i0c:;_i(JP10l:Q 0 063oboc:;_i03ai
0j@;io(JMMooli J01(J'130(3006@;ioli 0 06boc:;_i3oli !QMMl.i. 8,:,608!QO !5306 Clo3060<'lfi(J60001 c:;_ioJ30-
l:Q(JMM00 'l:Jo 0Mc:;,1M !Q0UJ3060l.i.
li.:i.:idGoM JMD'130G01J6&0. 08oli013oli, MM8 O(J'130U!:QOli
f50t'lf101000, <'1018oc:;,iCloG JM8.30600 liolib(Jc:;_iMoli '(J()c:;_ili, fl306 0 0801308o601ai <'108(!w-
145
 3

:PC'Cnl> J"'D'?lnGonG&oon -
608 0 JM:J'1Jneoo600. 6.:il>ol>boon !.!?" G.:>J(J01ot'1o JMO'Bn-
Debt ratios - JMtJ<(J0(30tJ6- 8oo66o 801'16030(!/ 308M006301'10Cloo0 JM8.3.:i6nnl> G.:il>ol>bM 00l:JP'1'B001
i§oaoo, t'lMatJC'COG .>G.>b- (8001 ClMt'lnl> 808!.!?nfot'lo 8nl> l>.:iodGnM
"3ti6 JMa:Jo>6ooG
b.>t'l'.l(.'ba !Qo>'?Jo6.>6GaooG
b.>rioGbG.
GeiodGnM
JM8.306nnl>013nl> "Aldine Manufacturing" 20X2 ol> JMO'BOGno66n nd6oo.:i

$1,454,000 = 0.81
$1,796,000

JMO'BOGno66n 030()06000, MM8 JMOU?06MMOOO (!/0C[Jn6.:i6l>oonl> 81 Go66l>

"DGOM6ol'1oonl> 8001'1 JMOU?06MM:JOOU013nl>
8M8 00 on.:i6o.:i, MM8 01.> .:i(i) Ol:JMl> 1'10 8 (J'BMM n0n,
8001 (J'BMM (!/O(!/ .:io06U?ooo6 odGnM6ot'loon (!/Ci 8001 80600 JM:JCJ?06MMOonl> CJ?"G3nl>
CJ?M6:J JM8.306nnl> .:id6n3oonl> U?"G:J8nl> .:i6 .3nMU?o.3n(iio Clo801b3030Cln.
0.301'1.:>6(JMOU n6(!/(JU6Mnnl> 6.:il>ol>boon (!?0 U0J(J010MO JM:JC[30(30-
o66nl> 8oCJ?nC>6(JMO .:>MOU 0.80, 08330MC>CJ?, ol> JM8.3.:i6n.:i C>MOU n6CJ?(JU6Mnnl> 6n.3(JMO
06() C>MOU 'boCJ? b.:i'b'bo (.:i(ii .:it'lnl> 00(!?.:>bMo). G030MC>(J(!/M(!?, 08 JM8.3.:i6n.:il> OM
od6oo.:i JMOCJ?06MM0001o6 .'.J'.:iMon l>ol>bnl> JMOCf30G0066nl> 308M.
JMO'Bnono66nl> 308Ml:J06oonl> 8n'b6nl> 8nboCJ?3001, .:idonoon 'bM0Ji;OM
MM3MMG !.!?" .:it'l.:i l>oJ(J01.:>Mn . .3(iio3-
.:idonoon Mo3Cln 00(ii8MoCJ?00606
eidonoonl> CloCJ?.:il'100001. Clo!.!?:J0C>CJ?, ol> nl>n6n
0106b0Cln JM8.3.:i6nnl> (!/MMl>. 6.:il>ol>boon CJ?Ci
U0J(J010MO JMO'BOGno6&nG 8oMl:JOMOCJ?OU on'b6ol>nl>
b.:il>n001nl> CJ?" 6.:iJoCJ?oonl> 8MdMoMonl> 8nboCJ?3n01.
JM8.3.:i6n.:il>, 010301.>n 6.:>JC>{!/00001, l>.:iol'101M Clo801b3030Cln
JdM6CJ?ol> .:i8 JM:J'BOG006&nl> ';'J'BMM 3nCJ?MO
JM8.3.:i6n.:il>, 6.:iJoCJ?ool> .:id301 ';'J'BMM
b.:il.>00010. JM8.3.:i6noonl> 6.:il>ol>boon CJ?Ci G.:iJ(J01oMn JMO'Bnono66oonl>
CloCJ?.:i1'1 0o.:i JM8.3.:i6n 0onl> fl.:i(Y)8MU?006.:il>
JM8.306nnl> JMOU?n6()60(iio06Mo0'bo Cl?" 'Bn606l>()Mn Mnl>Jnl> CJ?cYl6o'bo.

CJ?Ci
od6n3oonl> JMOCf30G0066n JM8.306nnl>
00l:JM'B001 8nU od6n3oo'bo:

"Aldine" JM8.306onl>m3nl> 20X2 ol> JMO'Boono6&n nd6oo.:i

$1,454,000 = 0.45
$3,250,000

08 JMO'Boono6&l> 0d3l> 03030 8n'b.:i6n, M.:>G (!/Ci bC>J(J01C>Mn CJ?08MJOCJ?O-

JMO'Boono6&G. o0 o 0.:i8Ml:JM'Bl> JM8.306nnl> .:id6n3oonl> 08
'Bnfo6l>CJ?no.:i 08 3om01'1000Cln, JM8.3.:i6nnl> "Aldine Manufacturing" .:id&n3oon 'Bn606G-
C!W00 45%-0060 (Gb30CJ?.:il>b30 G.:ibnl> ), CJ?Ci6.:i(Y)Ro6n 55%-ol> bCJ?oo.:i
G.:>J(JOlC>Mo 01() 'BoM8.:i 8.:ian6 8nl>n
0d&n3oon ()6CJ?" Ol:JMG 45 006&00? 0d&o3000G 1 JMOU?-
n&MMoo8.:i MC"l8 ,:,(ii 306000CJ?M6 CJ?"foJ.:>M30. ol> JOCJ?D3 08 'B.:id&l>, MM8 MC>G
80&00 U0J(J010MO 8001 80&00 JMOCJ?06MM:JOOU n6&ol'1ol>oonl> CJ?"G30U CJ?M6o.
M.:>G CJ?Ci 0d6n3oonl> JMO'Bnono6&n,
8001 Cf30606G(Jt'ln t'lnl>Jn; M.:>G JMO'Bnono6&o, 8001 'Bo6.:i6l>()Mn
MOU JO.
0"MCJ?0 0060 MMO JMO'Boooo6&nl>o 308C"l3n::Jo6M01 Clo8CJ?o0n JM:JC[30G006-
&oon, 0b0Gn001 0ol> JM8.3.:i6nnl>

146
 6.

061doC0'..'3"1Qo.:i6o 3"CO'..'o ooca.:i611Qo<'>(JCO'..' 8mCO'..'o.:i6 J.:>.308"CO'..'IQ"o.:i61Qoo.:i'bo (long-term-debt-to-total-cap-

italization ratio):

8mCO'..'o.:i6 J.:>.3o8.:>C0'..'1Q"0<>61QOO.:>
b.:>IQ"G 8mCO'..'o.:i6o J.:>.308"C0'..'1Q"o.:i61Qoo.:i .:i61ob tl30CO'..'" 0 61doC0'..'3"1Qo.:i6o Gobbo IQ" b.:i.:ij(3of'1 J.:>.3o-
8"CO'..'ob '.!(;"So. JM8.306oobm3ob "Aldine Manufacturing" of'1CO'..'f'1 5CO'..'ob 061doC0'..'3"1Qo.:i6o Gobbo
8mCO'..'o.:i6 J.:>.308"C0'..'1Q"o.:i61Qoo.:i'bo JM0'8oGoo6@>o .:i61ob

$631,000 = 0.26
$2,427,000
ob 8.:iR306000CO'..'o .:ib.:ib.:i3b 0 61doC0'..'3"1Qo.:i6o bobbob 8600360CO'..'f'1oob oob.:io.:i8obMo.:ib Jf08.3.:i6oob
J.:>.30@>.:iCO'..'ob b861(JJ@J(J61.:ibm.:i6 (0 61doC0'..'3"1Qo.:i6o IQ.:icaofo6boo.:i). JOl!W3 o61mboCO'..' .:ic:;36006Mm,
61f08 ob Jf'10'{30(3006@>o .:i61ob 061Q()U@>61oob b.:i'b'bo, U<>d(J.)CO'..'f') 801Qo.:>6()61ob 0.24 Jf0o-
'{30(30068m.:>6 . .:ibCO'..'.:ib.:i6b 0.:i8f'1m 3CO'..'oCO'..'o bobbob Jf'10'8oGoo68ooo IQ"'8(Jd6oo(JCO'..'o" O(JC::"C0'..'-
8o61o.:i 'b0, b.:io.:iCO'..'.:i6bf'1 c:;o61o<'>(JCO'..'O<'>"'bo, 8.:iR 30 6o<'>CO'..'o<'>'bo; 'bf'1 0 '.l(;o61 boCO'..'b<>t161oCO'..'o<> .:ia
Jf'1ocao 8 o060ooob 0.:i8f'1m 3CO'..'" b.:io.:i 'b61f0 c:;o<llo<'>()CO'..'O<'>ooob 0 .:i8MtJ06ooom. 8f'1JCO'..'OIQ, bobbob
JMO'{lOGoo68ooo o30(Jo6oo.:i J6101Qo@>M<llooob IQ" 8'{3CO'..'f'100CO'..'Ooob 800<11 fi.:>IQOO(JCO'..'O J.:>.30@>.:iCO'..'ob
.3<l'if'1.3f'1<11 8 oob -a 0u.:ib 0o.

.:ibCO'..'" R306 1:J(J61"1QC::Oo.:ib 3.:i8.:ib30CO'..'oom JMO<aoGoo68ob b.:i8 .:ib.:iCO'..' 8o.3'bo - 1Q"'8"613ob,

.:ij@>o()61Moob IQ" 8M8 00 oo.:i6Moob Jf'1ocaoGoo60o<'>'bo - 61f'18CO'..'o<'>oG .:ic:;o<'>(JCO'..'o" 008f0b.:i3CO'..'ob
.:i60 .:i61ooob .:i6 008Mb.:i3CO'..'ob/6.:iCO'..'.:i6bob 8M6.:iG0802>01Q.:i6. 86oo360CO'..'f'136"1Q .:ib.:iCO'..'o.:i ob, Mf'18 R306
.:ic:;.:i61 3G.:i(Jo<l'if'1om o.:iCO'..'.:i6bob 8Mfo 8 o8ooob 1Q.:>8f0JOIQOO(JCO'..'Oo"'bo . .:.bCO'..'" momMO(JCO'..'o JMocao-
800600 .:>J.:i30061oob 6.:i,plQob (008Mb<>3CO'..'ob .:i6 0 .:i<lloooo) 8(JbCO'..'b 8of'1<1'io 6.:iJ.:>IQob 8(JbCO'..'m.:i6 .:i6
6.:iJ.:>IQob o.:iCO'..'.:i6bob 8(JbCO'..'ooob foo<llmm.:i6 (IQ.:> foJ.:>IQob 6.:iCO'..'.:i6bob .3(J6d@>m.:i6 b5M61.:>1Q
R306 ooodCO'..'oo.:i IQ"o3&o611Qob 'bf0 0 oo61mo 8(30610 IQ"'b(Jb@>oo.:i).

0 .:i8MotJo6oo.:i JM8.3.:i6oooob cao6.:i6b()<l'io 3"CO'..'IQOO(JC0'..'000oob

8.:imo 8M8b.:ib(JM0oob IQ" 0.:>1Q.:>b1QOU(J6.:i<l'io.:i6Mo.:ibm.:i6. f'10CO'..'o 0.:i-
(300oob 61oo@>o6 0 ob 8o86o&oooCO'..'o b.:i8b.:ib(J61ooo, MM 0M61ooo(3 0<1lo.:i6 Moody's Investors Service
IQ" Standard & Poor's, ca061mf'11Q ot10602>06 .:i8 Jf'10'{30(30068o2>b. 1Q.:>ca.:i613ob Jf'10'{30(30068o<'>o1Q.:i6
o<l'imo tl 30CO'..'" 'bo @>61.:ilQoGo(JCO'..'o .:i61ob b.:iP1 0 ooCO'..'ob C!?"'B"fi\3ob Jfl1::J'BoGoa68o .:i6
0 .:i8M308()Cl.:i3om b.:>M'.l(;O. ob Jf'10'{30(30:J6@>o 8.:i<l1@>03.:>1Q .:i61ob .:i6 0 .:ifi1oo 0 ooob
0 .:i6b.:>J(JCJJM:JO(JCO'..'O .3061of'11Qobm3ob 8M 0:JO.:> JM:J1Qo8ob IQ" 8M 0:J6ob 0 .:ilQ.:ib.:ib.:ilQob
JMQ<(JOGOQ6@)n, fi\rri8-
.:>J03llnr'iooG
0.:>l:Jf'1'(30CO'..'O J61:JIQO@>ob b.:ifi1'.l(;'b0 61.:>(3 .:ifilob,
<(J0606b(JM 8M 0 :J6.:i J61:JIQO@Job IQ" 0.:i1Q.:>b1Q.:>81Q:J (EBIT)
8nh

8Mo8G.:>b(JMMU 06
(!?M/J"MMb
JM8.3.:i6oobm3ob "Aldine Manufactruing" 20X2 caobJ"CO'..'(JMO OCO'..'obm3ob ob Jf'1:J'(30(30:J6@>o oj6oo.:i

$400, 000 = 4.71

$85,000

- arrianl» :JU JM:J'{l0(30:J6@>o 8o(Jmomoob JM8.3.:i6oob d::JU.:>dCO'..':J0CO'..'f'10.:> 'b::J 8obo bobbob

36"31Qo@)nl>
(Q> 800 0000!:, (l,>(Qill"b>(!?nb
(l,0(!10b(Q08(Q::J
JM3(!1nil)nh
bor'i:;<;'l>3. 8ob "l.>033
(JOM(!?::J636 6"081Q::J6:;c3r<i
&"8"'3n8(JClo3am
JMO(!?nC'Jnb b.:>Mj<;O.
b.:ifi1 0 ooCO'..'o6o .:ioGoCO'..'Mb o"JM<!l.Jfiloo.:i. 61.:iG 8.:ic::.:iCO'..'o.:i JM::J'[lOGo::J6@Jo, 8om
8.:ic::.:iCO'..'o.:i "CO'..'o.:io1Mo.:i, fi1M8 JM8.3.:i6o.:i O::JdCO'..'::JoG 8obo GoGboooG 8M8G.:ib(Jfi1::Jo.:>
Gofilm(JCO'..'ol> 0.:ifiloCl:J. 080 odC0'..'03" .:iG030 o6caf'1fi18.:iGo.:iG Jf'18.3.:i6ooG Clol>.:idCO'..'o2>CO'..'f'12>.:i'bo .:ioc::(T)l>
.:ib.:iCO'..'o Gol>bo . .:ij3l> fi1.:i l>.:io(J.:>CO'..'f'1 801Qo.:>6()fi10 4.0, Jf'18::J.:i6oob 5CO'..'o()Mo 4.71
Gol>boG G.:ifi18::J<'>CO'..'ol> C!?"'8"fi13ob JMO'BoGo6@>o (Jfi306ool> ()l>.:icafi1mbf'1::Jool> 8.:ifi1\'.Jol> J"fi18 1Qf'16ol>.
()'{3Mf'1 ca.:ifi1mf'1 .:i6.:iCO'..'o'bol>m3ol> Jf'18::J.:i6ool> CloG.:idCO'..'ooCO'..'Mo.:i'bo IQ"ca.:ifi1Ml> l:J3::JCO'..'" caodl>ofilo-
o(JCO'..'o 3"CO'..'o. b.:i1'1 0 ooCO'..'ol> R306 O::J83DdCO'..'f'1 f\"83DMmf'1 m.:i360G o"IQ"blQ::JOo

147
 Li0linlibM 'lplio060 a:;io3oa:;in6a:;inoo,
0/Y\n6a:;ioli 00a:;i0Li0b0a:;inoo 13;>0 a:;i060b0M1(;[JOO. MC"l8MM(3 fi3n6 361ib03m
8a-16 m03CJ0, 08 8n.3ol.i 0/Y\ol.i ()<(3MM li008()13;>M 8(JmM13;>0 JM8.306ool.i
Clo'B0Li::ioolim30G, 8Mo8li0b(JMMG m030G 3oa:;i/Y\o
13;>0'(30/Y\3oli JM(J<(30(300680.
JM8.306oolim30G <(30606l>(JMO /Y\nl>JoG 13;>M6oli 00<(30G(JOnl.i0G, /Y\o8Clo,
(J6a:;i0 808Mo0680/Y\0ClMG JM::J<(30(30068o, MM8MM(3 <(30606G(JMO /Y\oGJnG
G::iGboG 0 0a:;i0ba:;inli 8M0<(30JnG a:;i0
8060J3nmoli 8ob::ia:;i3om JM0<(30(30066::io80 8M83Goli
06 0/Y\ 8M83GOl> JM8.30600G l.i()Ml>mo, 80a:;i0ob013;>MG 8ol>o <(30606li(JMO
Cloa:;i::i80a:;i, f13n6 30::i/Y\moom JM::J<(30Goo68G a:;i0'(30/Y\30G JMO'Bo-
oon68::iool> 080G 80/Y\a:;i0, f\306 30(36Monn(i)Dom, MM8 a:;i0 m0360Li
80a:;i0ba:;iooo <(30606l>(JM 0M0 li00680MoOM 8M 0::Jooa:;i06,
0M08::Ja:;> 0l>nm !3;>M0'JG, 0G::i30 JM8.30600G
60,pa:;i::ionG G1>J80/Y\nl>Mooli 8M8G0b(JM::J00Gm3oli {MM8MM(3 Gb30
<(30606li(JMO 80a:;i0ba:;iooolim30G). Clo8a:;io8o 13;>0 80-16 m03000 a:;i083::Jb80('Y)o60 08 li0JomboG

0j8o(J61M6ou JMDf80Go::i68060
->d0o'ZJMMOoi.> 0d8n(JM0'J60G J0'l::JCf30Gon68::ioo 0Go30 MM8MM(3 O'BOd&n06MooG 06 OM(J63oli
J"'D'1Jooo6<§ooo - Activity
ratios -
'Boooo68::ioo, 'bM80306 J0'l8.30600 (i)08a:;in60a:;i D'BOd&n060a:;i nti::i6::i6G m03nli
0l>0b03l> 0d&n3n6li. MM8MM(3 fi306 360b03m, 0d8n(JMM00G 'b01800Mmo 0li.3od80 8jo13;>MM13;>
r'i.>8tQ36.>tQ D'1JDd0no6.>tQ (JJ03Clo(i)a:;io60 08 f\306 tj(JM013;>c:;::Jo0G
J"'8:J.>6o.> (i)08a:;io60a:;i O'B::Jd80060a:;i 80/Y\m03li JM8.30600 MM l>.3noo'BnJ(JM 0d&n3060G
.>j<§o33ol>.
1G8(J'BG - 8MmbM36::i6li a:;i0 80M0QD0G. 0Go30 8oG 0d8n306G.
JM8.306oolim3oli "Aldine Manufacturing" 0j6n(JMM60G JM::J<(30(30(J68::iooG 808M0680Mo-
on60Gm30G fi306 808M3nti::J6oom 0j803000G a:;>M6oool> m(J8(30,
m3o()Mo, 06 13;>0U0btjol>o 13;>0 0d8030G 13;>M60000 bClo/Y\0a:;i
808Mnti::i6000 08 0680/Y\oCloG JM::J'Booo::i6&nom06. MM8MM(3 fi3::i6 806-
08a:;io 0c:;360Cl6om 08 m03Clo, 808M1J::J6060 0/Y\oG J0M8o
8M60o::i806oli, 8M806oli0 a:;i0 0680/Y\oCloG ooa:;i0-
Moo0Gm30G, (i)08a:;io60a:;i0(3 ol>o6o 0a:;ioJ306(JM0!3;> 0G0b0306 JM8.30600G li00MmM 813;>8M80(i)o(')60li
a:;i0 0M0 80M6M 8ol>o m0/Y\oc:;om.

1ij8o(J(i)Mo1>. OM(J630G JM0-

'(30(30066o JM8.30600G b0MnGboG .3MM86M'bo/Y\o6oG
a:;i0 M08a:;io60a:;i JM8.30600li 80mo 8oc:;o60. ::iG JM0<(30(3o-
o68o 8<'>8Mo1>680M0Clo60 81>1JM<(30ffi JMOa:;>n6om
80tina:;i3oo'bn: 6('Y)(J6 3oG JMO'Booo::i66n =

JMOa:;>n8om 801JOl3;>3000
(6.7)

ffi(J f\306 i:Q1>3(Jd3(JOm, MM8 20X2 801JOi:Q30 JM8.30600Gm30G "Aldine Manufacturing"

OIJM JMO!:!?o&om 801JOi:Q306o, ::iG JM::JC(30Gon68o oj6::io0

$3,992,000 = 5.89
$678,000
al> JM0<(30(30(J66o 83ofi3n600G
m06boooli 6/Y\()63oli ti'i00'Ja:;>06M60G {JM630M60Go0G M0(3
OM(J630, Som 13;>MM0G .3nMoMa:;io 80a:;iol> l'.)o.3(JM
80tina:;i30G a:;i0 80a:;i0ba:;iol> 8oc:;no0G oMMoli. JM8.30600Gm3oli
0M(J630 5.89-1(;(JM 20X2
ffi(J JMOi:QOl'.)om 801J0!3;>3000U .3::JMOM13;>0Gm30G 0M 0/Y\oli 83oba:;io60
801JOl3;>300oG 808Mtj(J6(J00. MM13;>::Jli00 801JOl3;>3(JOO 0/Y\oG li::J'bM6(JMO 06
8M'b0(i)a:;i0
0c:;80'Jf16a:;ioli oo(JG0008M. l>o'bM6(JMM00lim06 J<'>3oo(i)CJ0

148
 6.

013n(JMO Oi:J(Y)G 'bo 8o®"C!.? J0fi)00 'bMCQOli

8nboCQ3001, 8(Y)01bfYJ36oonli nd6000
8 0i:Jne!.? 30 00106 8080M01 00000. ooe!.?o 8 0C!.?
8fYl01bfYl36000G OM(J630 0Mol.i 0M0fYlOO:Jd0(JMO Cl?" 8olio 8fYl01bfYl36000G
OM(J630G MofYlCQJ6fYloou od6000 08 00801b303000,
8fYl01b(Y)36oonu Q<>u<>Oi:Jnlion Cl?" Oi:J(Y)li
ooli0008ouo 01() 8"i:JOCQ3JOOl.i 'bMCQ<> Oi:JfYl 8i:j<JMO
n6CQ(Jli0Mnnli 8(Y)mbfYl36oonu OM(J63ou J<'1J'B0(30J60nu 8oCQn<>-
6(JMO .)Mol.i 8. 1, 83J(J06;JO<>, MfYJ8 8fYl01bfYl36000G OM(J630
.)Mol.i 30CQM;J n6CQ(Jli0Mnnli ®n.3(JMO JU Oi:JfYlU
u(Jli0n 08fYJc:;oonli Cl?" 8oli0c:;oon 060M"inooonli
0fillioofYJo<> 0800 8 0cTiCQ<>, 01() 8fYl01bfYl 350 80000 8n8CQn5<>MJ
8306 8fYl03nonfYlli J(Y)8.306ooli 009301.ioo<>.
M(Y)8 8fYJ01bfYJ360 MfYlCQOU0(3 93<>d®(Y)0Mn30CQ
Oi:JfYlO o8fYl(JC'.;;JO<>CQO, bCQ000 J(Y)8:fo6oou
onli 0801.i 8n'bo'boli 006G0'bc:;3Moli0130G,
8fYl01b(Y)36ou OM(J63ou J(Y)J'B0(30J6®n, MfYl8 8onc:;fYll.i 8fYJmb(Y)360G
OM(J630 CQC::;J;JOOo (receivable turnover in days RTD) 06 8<>CQ<>bCQnU .3;JMOfYl(QOU

8(Y)01b(Y)36oli 08fYJc:;oo0 CQC::;J;JOOO (RTD) 06 8"CQ<>bCQOU dOMOfYl!:QOO

0<>8fYln0600Mno 000 o08CQ 08 5MM<>CQ

CQC::;J;JOO

06 ooli0008nli<>CQ
8fYJmbfYJ36000 X CQC::;J;JOOO M0MCQ;J6(Y)00
JM;JCQ00001 0<>i:JOCQ3000
J(Y)8.306nolim3oli "Aldine Manufacturing", li<>CQ<>G 83061.i 8ooP1
8(Y)01bM36oli OM(J03<> .)MOU 5.89, 8"!.Q"bCQOU .3o(i)o(Y)CQOU M"iou

365
---
::>.89
= 62C!.?C::O
83 o8 30 60oti C!.?c::oooou M<>fYlCQJ6Mo0G, C!?"tii:Jo<'>(Jcc_'o o<>i:JO!.Q 30 ooG a0cTioC'1-
C!.?OCQ<>6 C,<>(Q<>b(QOO (QMMOU CQ01Q()M8<>81:Q0, <>6() IQMMOO tDM(3<> m06b0 0(i) .:>Mou
(i)081Qo60CQ.'.l(3 o6CQ(Jli0<"'>ooG 8M01bM36oli 0P1()63ou JM;J<(J0(3006®ou
8;JCQ006'(JtDO .:>Moo 8. 1, o6CQ(JU0Moou 8.'.ll:Q.'.lblQoO d;JMOMCQOU
.:i&ioli 365/8.1=45 IQC::O· o6CQ(JU0Monli ().'.>CQ0b1QOU
IQ" JM80.:i6o.:ili OMMOU oli ()01.'.>6.:iliofYltDMO.'.l JOl:Q03 CQ.'.l80J0(3CQ.'.l·
01()8 8 .:i, u.:i608 CQ.:i 3.:iuJ 3 601J:?o01, f.1M8 0&ilio0Mou 08Mc:;ooou 830 6 ()6CQ.:i
O;J308M08M01 JfYl8.3.:i6ool.i 8o;JtD 01.:i3ol.io JM;JCQ000U
.3o&iMoooo. 01() 0.:ilQ<>bCQnli :Jo&ioMCQo .:i&ioli 62 CQC::O i:Q.'.l JMOIQO®oli :30MMO;J0001 .:i&ioli
,,2/10, 60001 30 C!.?C::o",7 oli 6006.:i3li, MM8 8M01bM36oonli 6.:ioo-
.)MOU 30 CQC::OU ub3.:i 8bf003, 01() :JoMM000001 od6o-
OM(Qi> ,,6o0M 60", ®o0(J&io 8M01bM36.:i 0.:iCQ.:iobCQOOMCQ.:>
()0CQc)b(QOb 3<>1QOCQ.'.>O MMO IQC'.;OU oo8C!.?oo·
01()8(3.:i o"IJ:?"'blQoG :Jo&ioMIQo <>Mnl.i (3()1Qo,
8<>CQ.'.lb1QOU :J;J(;)OM(QO Oi:JMO J.'.>M 0n.
8.'.l!:Q.'.lb(QOb :Jo&ioMCQO Oi:JMU Ui>JMOCQ00M uo80-
0M8o, 8o0nli3o@>.:i!Q 3M01bM 3o0oou a8 ol'1o (;)""'l.Q0-
5fYlo.:i od6oli 'b(Jli0oCQ 30CQ.'.ldo CR" ().'.li:JOCQ30U
d;JOi:JCQ;Jli 8"' 0 00.:i JO Cl;J3(3n1'1Q;?OU CQC> oli

149
 0P1oli 06 001'loooi'rnli o<>CQ<>bCQoli d0c:;io06 8J<>el'lo .3P'Jc:;io&oJoli CloC!/ooo 8P18b80P1oooc:;i0106
80801'10100000. 0lio01 lio&(J<>(30<>oo, (3bi>CQO<>, 8o'b0680801'101(Jc:;>o od6000 Clo8b(JO(JdCQOli CQOO-
o&P1M(Jc:;>O 8P101bP136oooli 08P1c::oooli JP168MP1c:;>oli013oli 8oc:?00(Jc:;'O li&<>6CQ0M8(Jc:;>O
.301'1P10000.
CQ0008MM(Jc:;'O 8M0>bM36000. 8oP1MO 8001P1CQO, P1rri8c:;io010e f\306 Clo03odc:;io0
80301:'.;P101 06'13rril'180(30<> CQ0008P1M(Jc:;> 8P101bP136oooli c:;'OJ30CQ(JMP10i> 'bo CQil 806o:l(;806&oli
Cloli0dc:;iooc:;iP'JOi> 000dc:;iool'1P1li 8olici bi>JMOCQO&('f) dP1c:;'080J0 i>Moli b06CQ.:>'b8(Jc:;>O
CQ<>30c::;o05ooooo. 08 8o01{YJU?o01 R30 6 J<>&oo{YJl'looooli 8oboU? 3001 30c:;i0 00 001 U?ooo&{YJl'l(Jc:;i
(.Qil30c:;io06ooooli 8rrieo8(Jc:;>O 01i>MOC'.;001 0060 01300000 (.Qi>M0(3b(Jc:;>O dMM(3058(Jc:;>OOOb
Aging accounts receivable 8obotQ3001. f\306 ooli0dc:;i{YJ0 o3d{YJ5(.Qb tQ0008{YJM(Jc:;>O 8{YJ01b{YJ36:JOOb oo8CQOoO dod{YJ010'b(JMO
- b06U?<> 'b8(Jc:;i{Y)ooli 0 061'10 00 31 U?DJo8ooP1Li:

'B"G"fiiDonG 8f'lmbf'l36000 31
oofi\8"'Cl"'onG (!/M"1nG Jl"i::J(!/O<!!>Offi 033. tl?0
8nba(!/3nm. o0tJOtl?3aoo tl?DJ. 6f'lD8o. 80608(!(0
f'ld®. GOd.
m3oaoo 808tl?0601"i0 0-1 1-2 2-33 06 801§0

8('1(1)bM36ou ,:,60,:,(i)oCl:JOoU o....M8MCJM2:>ol>

67 19 7 2 5 100

01() (ii>(.Qi>b(.Qi> b{YJM(300c:;'U?000 JMOtQO&oli dOM{Y)Oooom ,,2/ 10, 5o&{YJ 30"' 80006 bi>5(.Q0 'b8(J-
c:;'{YJOOb 0 P10'130Jo 03 oR 30 60ot.i, 1'1P18 31 U?DJo8ool'lli o<>U?"(JbU?oc:;io U?ooo&{YJl'l(Jc:;io a{YJ01b{YJ36000Li
67% 0P1oli 808CQ060P10, 0<>(.Qi>(JbU?oc:;io 19% 0P1oli i>M<> (J8o&oli 1 013oli, 00(.Q<>(JbtQoc:;io 7%
oP101otQ<>6 {YJM 01308U?o tQ<> "Lio oo8U?Oo· b06tQ0'1>8(Jc:;i{Y)ooli 006P10 0oli 06"c:;io'botQ06 801:'.;oo(Jc:;io
tQ<>liJ36oli 8obotQ3001, f\306 Clo 03odc:;io0 0 08{YJ30J3c:;io{YJ01 J{YJ8.306ooli li<>JMOU?o&P'l CQ<> 8olio
08{YJC'.;OOoli d{Y)c:;>o&oJ<> ()'(3M{YJ 1:'.;M80CQ. 08 80 00c:;io0100 f\306 oo 03odc.:::00 0030(3<>(.Q{YJ01 008{YJ30J-
3c:;io{YJ01 G"c:;'JO(Jc:;'O o"CQ"bCQoli 06 0 01'1000 00 3oli&{Y)oo 06 80608CQO 0 0CQ<>li0bCQOc:;>o, M{YJ8
0063li0'bc:?3M{YJ01 ()080CQ{YJ 8{YJ01b{YJ36000. O(JC'.;"c:;>80MOi>d0 60fl306000 CQ0008{YJM(Jc:;'O
tQ<>3<>c:;io0600000 o8CQo6<>CQ Ji>M 000, P108CQ06"U?"G olio6o li0301'10(JCQP1CQ od6000 0<>(.Q<>bCQoc:;io.
8{Y)mb{YJ 360ooli C!?"'.l\;o(J'BOo" 80010 fi0P18{Y)o{Y)ooli 8ob 0CQ 3001 03 0dc:::n 3Li ()'(3M{YJ 80& 06'13{YJP180-
800Li, 3otQP10 CQ<>3<>c:;io06oooli 08P11:'.;0ooli li0o(J<>c:;>{YJ 3<>CQoli 0 08{YJ05 00P10Cloo0, P10U?0"6 ()'(3M{YJ
'b(Jli&<>CQ 030()06 000 li0d80Li 0P10boc:;ili<>til'loc:;io 8U? 0 {YJ80P1 0{Y)ooli o0Li0b 0o.
01() J{YJ8.30600li b(Jl'13oc:::o <>d3li oaolifi03c:;i{Y)li
8olio 3"c:;>CQ[JO(Jc:;>Ooooo, 8o8fi{YJCQOOc:;>Oooli, 8{YJ8b80P1aoc:;ioooli0 CQ<> JMOCQ08{YJM[JOoli0m3oli
8"CQ<>bCQoli (.QM{YJ(Jc:;>{Y)Ooli Cloli0boo f\306 oo 03odc:;io0 008{YJ3otio6{Y)m 00030 .3P1o6eo.3o, (Y)0li0e
C!/ooo&{YJM(Jc:;>o 8{YJ01b{YJ36oooli i>6"c:;io'boli tQM{Y)li 3otio6oom, 0lin30 00300130c:;iolifio6{YJ01 JMOCQo-
&P11'1(Jc:;>n 3"c:;'CQOO(Jc:;>[JOOooli b06CQ0'b8(Jc:;>{Y)o0, M{YJ8oc:;ioe d0c:;io06 a003li fl306li 8001'1 006b-
oc:;i(Jc:;> U?ooo&{YJM(Jc:;>08P1mb{YJ36oooli b06tQ<> 'b8(Jc:;>{Y)Oi>li. JMOU?08{YJM(Jc:;>o 3<>c:;>CQOO(Jc:;>Oooli
OM(J63oli (payable turnover PT) J{YJO'i30Goo6&0 008{Y)o013c:;ioo0, fic:;io(JMO JMOCQ0&001 ooli-
tJOtQ3:JOoli OM(J630 o"tJ{YJ'130c:;'O JMOtQ08{YJM(Jc:;> 3<>c:;>CQ[JO(Jc:;'OOOb 60Clm'bo. f\306 0003odc:;io0
0lio30 008{YJ300130c:;i{YJ01 JMOCQ08{YJM(Jc:;>O 3<>c:;>CQOO(Jc:;>Oooli 01'1()630 C\?1:'.;0{Y)Oo01 (payable turnover
in days PTD) 06 3"c:;'tQOO(Jc:;>Oooli 8"U?"b(.Qoli li0Cl(Ji>c:;>{YJ .3o(Y)o{YJCQO

C\?C'.?[JOOO fioc:;iofii>CQdO
(6.10)

JM[JtQ08{YJM(Jc:;'O 3<>c:;>CQOO(Jc:;'00000 X tQC'.;O[JOO fioc:;iofi0CQOO

(6.11)
fic:;io(JMO JMOU?o8om oolitioCQ3000
li<>tQ"G JM:JCQ08{YJM(Jc:;>o 3"c:;'tQOO(Jc:;>Ooooo <>Mob o"C!?"(JbtQOC:::{YJ6oli li0o{Y)c:;i{YJ{YJ (05 li<>Cl(Ji>c:;>{YJ)
00c:;i06lio 01'1010 fic:;ioli013oli CQ<> fic:;io(JMO JMOCQ08om oobtJOCQ3:JOO 0Moli 001'10 ClolitioCQ3:J60 fic:;ioli
0 06803c:;i{Y)o000. oli (30'(3Mo 0b0lio001ooli J{YJ8.306ooli JMOCQn8{YJM(Jc:;> 30c:;>CQOO(Jc:;>Ooo6oli
li<>O(Ji>c:;'{YJ .3o(Y)o{YJCQli.

150
 6.

01() <>M 0MbJOMOb o6'BMM80(300 OJbljo!Q3<>'bJ, 80006 ;,8 JM(J'B0(30(J60ooob

'bM():;i;(JM 308M3nljJ6M01
30<"i0onoob 6noob3oofio 'bM!Q0
JM860600, <>dab a0c:;0'boaoob MM(l,MM(3
oabo, 0M oon30 IJufi3MJOub. OJ!QD3"!Q, 013001-
30fi.:>32oob 6noob3ooP'lo 3Mo(3<>3b ()B01.:>3fiob<>tJ?
OJdo6 0oob 01()88" bo0()<>(3o 0oao, MM(3u
o'bM!QJOu, MM(l,MM(3 ob b!QoOu b0ouM3MJ0000,
3061.:>():Joob .:>M od6oo.:> onb.:>o.:>Bobo
O(JbljO(Q30bm3ob, 330M6!Q0b CJ3bljO!Q30b bo(QO(QJ 1 01() 308M30ljJ00001
JMJ'B0(3036(J)b. JO!QJ3 :JMO'lo (Qu 'b(Jb0000 :Jb:JOu 'bM(Qul.i. 61M(l,MM(3
8MmbM36aoClo, 3u8Mlj06000
8tQ3M30610Moo01 3033os306b <>M.:>Moond0()61 !Q<> 'botJ?Bo0"!Q tJ?MMob 60610M!Q0106,
M0(3 bcl'oM(Q(JO<> JM8606oub 0103obo ;,630610Clooob o<>tJ?<>b!Qol.i013ob, oa Clo301b3J3uoo, 01()
<>c.;06006000 'bMCQ<>. <>bo01 bo0()<>(3o<>oo, 'VJ001obou 008M3oso6M01
3<>(Qub!Qob !Q<>b0oso600 tl?"

o<>!Q<>blQOb dOMOM!QO <>Mob J0Mo0 o6'?JMM80(300 08 Clo'B0booob013ob,

MM8 JMOCQO@Job 80!Q00b(Qob 01'() o<>lQ<>bQ?ooob 3"lQ" <>Mob 48
!Qc.::10 cr.?" OO<J?(Jb@l6100Clo o"<J?"b!Qol.i dOMMOOOO "6o@JM 30 Cl?c.::'O") 80006 oli 60Cl6.:i3Li,
MM8 dM@J06(30(JMO u6auMOO::JOOl.i <J?<>MR0 8"!.Q"b<J?ol.i 3<>!QOl.i
oo8!Q0o· dM@J06(30(JMO li<>JM::J!QO@JM ol.i@JMMool.i
!Q<>c,ob806100001 c.::'M80!Q 0 0061J3001 lio@l()<>(300Clo.
80<"l.:ianoou MM8 0u63Li.:i'bc.::'3MM01 6108<J?o6<><J? O'BOd@lo060CQ 8.:i610103Li JM8.50600
8.:i610 00 0t.i (CQ<> <>Li 030 , rYiM8 8o 3oc.::'M01 8.:irYi0 00 ool.i Clo'B0Li 000), R30 6
306 0 0rYioClM001 80M0 0 oool.i OM(J630Li (invento1y turnover - IT) JMO'?J0(3oo6@lli:

12)
80rYi00000
"Aldine" JM8.306ool.i013ol.i 20X2 JMO'?JOGoo6@lo oj6000

$2,680,000 = 2.02
$1,329,000
blQ000 orYi010
80Mi>QOOOl.i
fi306Li Ol:JMli 80rYi@lo30 'bMCQOl.i
l.io@J(J'>(300l.i013ol.i 0 08M30tJ06Mm l.i0otiol.io !Q<> 80M0 0 oool.i
.30MOM!QOl.i0130Li, MMoMM(3 oli i>Mol.i 8M01bM3600Clo, m(J8(30
OtJf'll.i (J'?JMf'l 0 08f'ltio6oo0,
MM!Qol.i0 8 "61Lioof'lol.i t.i 0'bf'l6()Mo 80rYi0 00 ool.i orYi(J6 3ot.i JMO'Boooo6eo
830()06000 Mil8CQo6:;i:OM b(QOO" 80M0c,oool.i OM(J63.:i o<>tJO!Q30l.i 80030Moo01
oli JMO'?J0(3006@Jo, l.ib30 Jf'l0'?J0(3006@loool.i 3l.i 0 03l.i0CQ, (JG!Qil dO'?J'>liCQOli
\:!!:J'lloooeo - JM8.506ool.i lQ" JMO'Boooo6@loom06 J<>3oo<l1Clo Cl?" 8Li 003t.io
- U0J(J<T>0MO,
JM8.5060000Li JMO'?Joooo6@loom06 J<> 3ooMoo o6!Q(Jl.i@JMool.i ;,6
l>0l>0d015c:>M-30800io·
"!:'.!?(IMO Oi3'b300306ol> MM030Li0106 OM010CQ.
(JJ800iol>MO> 3BOCQ381''.;>Db d0Mo01<>CQ<>!.Q, M<>(.3 80M0 0 oool.i orYi(J630, 8001 (J'?JMM O'BOde00600 JM8.30600Li
O!JJ3D"'ol> 00Goli- 8061.:>c,oool.i 8o6o:;i:8o6eo C!:?" 8001 8o@i<>!.Q 80rYi0 00 oo. 01()8 8 0 'bMo:;i:OM
0ive:;:>3<'>c:>"C!2· 8.:>M<>c,oool.i OM(J630 80(J0100lOOl.i 8001 ;,<l10l.i0J806loliM00'bo. ;,8 00801b303000,
d::JbtJ!.QOb 00J30010l.i 8o'bo'bo01.

151
 Cloo.:io.:i8oli.:i!Q, 8.:i(;:).:i 0oooli OM(J63.:i bCloM.:>IQ .:>Moo 8.:i(;:).:i 0aooli lioj.:iMooli 8o'ba'bo 06
8(Y)dM0 3o, 60CJ060.
8(Y)omb(Y)3(Y)O f\08(Y)OJM0, M.:>80(3 Clo.:i8(30M(Y)li IQM6J,
Clo8mb3030Clo, 80(;:)030ooli M0c:?"G 8006(3. (;:).:i81QJ6"1Q0(3 80M0 0 aooo OM(J63oli JMJcao-
Goo6<.!lJo li.:iJ80Moli01Q ClJl!?DoDoli, 1Q0 03joMIQJli 8.:iM0 0oooli
0(;:).:iacaod<.!JJ0.:i60 8.:iMm3oli 8o'ba'baooli c;(;:)80 080lim06 IQ0J03Clo(;:)aoom
80M0 0oooli doMom.:>CQo J"<.!lJJoMMoaooli 0M(J63oli 008(Y).:i6 00M0Cl 000, M(Y)8
360b0m m(J 0(;:)0 03of\306(Y)li j0Moo CQ0o.:>61QJ00
80M0 0aooo o.:i 08 ocaoJ(JM JM8.3(Y)6o6<.!lJaoClo.
"Aldine" J(Y)8.3.:i6ooo 8.:iM.:i 0 aooli OM(J63oli JMJ'BOGoo6<.!lJo 2.02 0ClJ0M01Q 000600c;81QJoD00
061Q(Jll<.!JJM000 OM(J6300 JMJ'30(30J6<.!l.Joo 8JIQ006()Mli 3.3-li. ali
ClJ!Q.:>MJ00 3301\306000, M(Y)8 J(Y)8.3060.:i 0Moli ocaod<.!JJ0060 8.:i(;:)03oooli 8060.i;806<.!JJClo.
061Q(Jll<.!JJMooli ClJIQ0MJOom oli 80M030000 3'0Mo M.:>(Y)IQD-
6(">')000. 00.:.1!?000 0lio30 Jomb3.:i, Clooli00.:i8000 m(J 0M0 80M030ooli 8.:im
m(J 0(;:) Clooli0008000, JM8.3.:i6ooo 0(;:)oli
301QMJ 8081Qo60MJ JMJ'B0(30J6<.!l.Jo 06 lioM0cao J(Y)J'B0(30J6<.!l.Jo. m(J 03Jd6oo,)
8.:i(;:)03oooli f\306 ()61!?0 030 (J'BM(Y) li.3oGocaoJ(JM01Q 8000 8o'bo'boli
3.:i6li0 'bc;3Moom3oli.
80M030ooli .:id<.!JJo(JMMooo li.:i'bM8o .:iMoo 8.:iM.:i3oooli OM(J63.:i tQc:?OOooo
8obo1Q3om (invento1y turnover in days ITD):

'bo
"Aldine" J(Y)8.3.:i6ooom300 8.:i(;:).:i3oooli OM(J63.:i, f\306 3.:i8(Y)30.:i63.:i(;:)oCJom .:iMoli 2.02,
8.:iM.:i3oooli OM(J63.:i IQc:?OOooli 8obo1Q3om od6oo.:i (ITD)
365
-- =
2.02
M.:>(3 03J(J06Jo.:i M.:i81QJ6o tQC'.?0" li.:iaoM(Y) 8.:i(;:).:i3oooli 8Mmb(Y)3600Clo
0"1!?"tl3"6olim3oli 0"tJOIQ300 0'born. o61Q(JO<.!lJMooo 8.:i(;:).:i3oooli OM(J63oli 8otQoCi6(JMOli
3.3 3.:iMl!?.:id86om 8.:iM.:i30000 OM(J63oli l!?c:?OooClo, f\306 3oc;oom 365/3.3=111 . .:.833.:iM.:>tQ,
JM8.3.:i6o.:i 70 CQc;om 330.:i6 0"MIQ.:>d86oli m.:i300 8.:i(;:).:ic.ooli
8(Y)mbM3600Clo, 301QMJ oli b!Qoo.:i 061Q(JO<.!JJMooom3oli.
!QCi .:id<.!l.Jo(JM(Y)-
O'lO D(l'\"GO(J!!;!O (lOJ!!;!O - ooli JMO'?'.J0(30J6<.!lJClo f\3060 06<.!JJJMJOO 0Mol> JM8.306ooli MJ::JMC>(.30()\.:.'?0 JM6(3J'3(30Ci.
Op«rntini:: cycle - 131(1'\Moli
b06 0 t"id!!!:'n3<'>00 80(1'\0 0 3ooli
JM8.3.:i6ooli 0Moo IQMMoo Clalitioo:13oli
O:JU8013130131,6, JMM- IQ.:> CJolltJOIQ300m3oli 8oc;J00ll aMMOll. ::Jll
131'ZJdoooli 06 a.,.,al»b(JM.'.r J303li 008'bM8oli f\.:i(;:)m3.:io, Mf'l(3Ci f\306 Clo3odo6m I!?" o.:i8'bM8oo
ooli 0"80131330013106, 60C:?1310 3.:ifi0Moo00, MMG"' f\ 30 6 803oc; 0om 60c;tQ 0 .:itiol!? 3oo Clo8l!?Oo· f\ 30 60
'1J'ZJ!!!?OU 80C:?3008131:J. 008'bM8'bo 60f\306ooo IQMf'l l!?c:?ODoo) .:iMoo JM8.3.:i6ooo
8.:imo80<.!lJoJ(JMCilQ JM8.3.:i6ooli
80M.:i3oool> OM(J63.:i 8mmbM36a6oli OM(J630
+ 15)
(ITD) (RTD)
(J6fQCi 0c;o60Cl6MO 00 '?'.J<'>d<.!l.Jo, MM8 00tJ:J00 CloOtJOfQ300 0"rQ"brQoli
00M8MCJM000 8M8J6<.!lJorQ.:i6 fQ.:> 0M.:i 0<'>fQCiM0(3b300
8m8o6<.!lJorQ.:>6 . .:i8 0.:i6ob303aooo 8o'bo'bo <'>Moo ol>, Mm8 Jm8.306ooooli ()80<.!lJJOMo.:i <'>M ob!QoO
8.:iClo630, CiM08otQ JMJfQO<.!lJom fQ.:> JMOIQ-
m(J8(30, m(J f\306 33b(JMO 3.:i3'bm8Mm tQMmoo
- 0<'>tJOfQ30rQ06 JO .:>MOO
f\306 JM8.3.:i6ooo (J6tQ.:i J(Y)8.3.:i6ooli

152

PlO:Jt'\.>@>O()c:;'O GOJ!!:;'O
'(J(Jc:;>Oli GOJc:;>Ob
l>o:Jno1nblnMm!J?
- !J?i'i"'nl>
bo6 0 1'idc:;>n3"'0" '13<Jc:::>nli
'13"d@>f'lOM030 0 obo3c:::n1Q06
Sol> 008Ml>3c:::o81QD, 0l>o3a
:idobno5 '(J(Jc:::'>IQ
J"'63ot'i@>nl<i:ionl> GnJc:::G.
(06 Ei0i'1801oool>)
d:JMOMl:QO !TD d:JMOMl:QO RTD
----------------------....i--------------
... ____ __ _.
= (ITD+RTD)
= (ITD+RTD) - RTD
f'ld::JM<>@JO'(J(!;:10 (30JC::::O JM::JCQn@JMM(JC::::n 3"C::::CQOO(JC::::00ob OM(.]630
(ITD+ RTD) CQc:;oooob 8oboCQ3om (PTD)
b(JM<>m'bo 6.3 0b0b(Jc::;o0 JM8.306oob r0.3ol'10@.Jn(Jc::; eoJc::;o CQ<> 60c:;CQ0 '13(.]C::::ob eoJc::;o - CQ<> 80mo
9
0 06bb303000.
M0@.Jf'l8 o60o1'1obCQ::J0006 JM8.306oob f'ld::JM0(30(JC::::O (30Jc::;om? b<>d8o ob00, Mf'l8 f'ld::JM0(30'()C::::O
(30JC::::Ob b<:>6 0 1'1dc::;o3f'lo0 <>Mob <>()(30C::::::JOOC::::o '13<>J@JMM0 JM8.306oob 8o8CQofo('Y)o <>d@Jo3ooob
b<>ffoMM::JOob 0 06b0'bc:;3r'1obm3ob. JM8.30600b d0c::;o06 8MJC::::O M.3::J('Y)<>(30()C::::O (30Jc::;om O::J(Jdc::;o0
08()Cl<>3Mb 0'130d@Jo<>foCQ Clob0008ob<>CQ, 808CQ060('Y)o 0d@Jo3ooob 8(3oMo m06bom CQ<> Clob0008ob<>CQ,
CQ<>o0c::;o 808CQ060Mo CQ" 8'(p30-&ob@J JM0'130Goo6&ooom. JM8.30600 Clob0008ob<>CQ <>Mob
c::;oJ30CQ(JMO ,,CQ0608o()Mo" 860Cl36oc::;Moom - 80b O::J(Jdc::;o<> 000M8Mf'lb dMf'lCQ'()J(30h, o<>tJOCQMb
030, CQ00(>Mf'l3f'lb 'B(JC::::<>CQO b<>O()<>c::;ooooo CQ" tl30C::::"'BOMO Ob o""J::JOlf'lb CQMf'lOb 8MJC::::O
d::JMOMCQOO. o0o <:>M <>Mob CQ08MJOCQ::JO(JC::::O c::;oJ30CQ(JMMOob ,,b@J<>0ob@JoJ(JM" '13<>J@JMM::JO'b::J,
0 0'bM8oc::;o 808CQ060Mo CQ<> bOM<>'130 c::;oJ30CQ(JMMoob JM0'130Goo6@Jooom. Ob d0c::;o06 3300 M6::JOb
00c:;ob b<>MD.tJ<>30 8oc::;b<>CQ::Jbob ,,c::;oJ3"C!?(JMMo<>b". <>bomo b<>bob c::;oJ30CQ(JMMO<> iQ<>8MJOCQ::JO(Jc::;o0
0M0 80M@JM 8oc::;b<>CQ::J6Clo 30(li0P1oo()c::; 00c::;ob M<>f'lCQ::JbMo<>'bo CQMMob G"C::::JO()C:::: 8M8o6@JClo,
0P1080CQ <>b::J30 80boo 308030c::;o 00c::;ob bofld0Mo'bo.
f'ld::JM<>(3o()c::;o GoJc::;ob 060c::;o'bo lTD CQ<> RTD Jf'l::J'ZJOGoo6&ooob 80 0 0c::;o010 0 3ob80Moo0
JM8.306oooob b<>d8006f'loooob b0::JMmf'l Clo'13<>boo0Clo. 80 0 0c::;om0CQ, 8MJC::::O Md::JM0(30(Jc::;o
(30Jc::;o, MP1()MM(3 O::Jbo, 80()0l001::JOb CQ::JOO@Jf'lM(JC::::O 8MmbM36ooob CQ0 801'10oooob O<nod@Jo06
80Mm30'bo. 803M08, MM 0 MM(3 (JJ30 0 063oboc::;om, ::Jb 80fl306oooc::;o odc::;o30 CQ<>80@.Jooom
o6'(3MM80(300b 0b::J30 JM8.306oob C::::OJ30CQ()Mf'lOOb d::Jb<>boo. O::Jb00<:>8ob0CQ, 8MJC::::O f'ld::JM0(30-
()C::::O G"Jc::;o CQ<>CQooom0CQ 00b0boo0 JM8.306oob c::;oJ3nCQ(JMM00'bo. b<>.3oMob.3oMMCQ, 0 Mdoc::;o
f'ld::JM<>(30(JC::::" GoJc::;o CJ 0odc::; 000 OtJf'lb t):0Moo 30c::;CQoo()c::;ooooob 06/CQ<> 80f.>0 00 oob <nc::::(Y)oob
0 080'13P'imboc::;oooc::;o 60Cl060 CQ0 ()<>Mt!f'''Bom<>CQ 0ob0b 000 J(Y)8.306oob 1'1o<>c::;(Jl'1
c::;nJ30CQ()Mf'lo0 'bo.
153
 3.

"Aldine" JM8:.J,:,6oob o6i:Q(Jb8Moob 8oi:Qo<>6(JM

JP10'B0Goo6801<>6 ool:Q<>Mooo01, fi306 3oc:?oo01:
Al dine n6(.l!;')li1Si6looli li,:,°'Jvc::i<'1 a:Jll?O"&;;J<'in

8i>Mi>QDOOb (Qi> OM(J63ob O'Bod8o

JP18:.l,:,6oob013ob. b<>J8<>Mob<>(Q 08<>30 o6(Q(Jb8Moob b8<>8ob80J(JM
JP18:.l,:,6o<>b01<>6 ooi:Q<>Mooo01, "Aldine" JM8:.l,:,6o,:,b b::foMi:QOO<> i:Q<>8<>800001 87 l:Qc:?O 08ob013ob,
MP18 i>Oi>M8P1P1b 0MP11:Q(JJ(30<>, 0"::JO(QP1b (Qi> 8oO('.!P1b 6<>c:?i:QO JP18-
:.J,:,6oob <>bo30 O::JMb 8o'bo'bo 8obo
oo'B<>booob01 3ob.
fi306 003Mo <>M 33001d3<>8b JM8:.l,:,6oob 6<>('.!i:QO 0M010 8o'bo'bo ,:,Mob ob, MP18
fi306 ()61:Q<> 3o::JP101 ,:,8 #i,:,6b, MP18
oob<>o<>8ob<>l:Q :.loMoP11:Qob 6<>('.!i:QO <>Mob J<>M30 8o6oi;8o68ob 600,:,60.
<>bo010 JP18:.l,:,6o,:, bOM<><B<>l:Q <>3MM3oob 6<>c:?l:Q 3<>::JOl:Q3000(Q<>6 oob::JOl:Q300ob013ob
3<>1:Q<>bi:Qob oo81:Q00· ob <>b<>b<>3b JP18:.l,:,6oob i:Q<> 'Bo6,:,6b(JM
i:Q" l:Q<>306<>bP101 <>M<>boMMo 8o6oi;8o68o ,:,8
ooi:Q<>6 ,:,6 P1Mo3000 OM01i>(Q. OM010 0 'b,:, 6<>('.!i:QO
<>Mob 8<>M803<>Q?: <>M<>bM(QOb 3<>1:Q<>nbi>(QP101 01d3060 ,:,63,:,Mooooo
(M<>(.3 ,:,Mob G(Ji:QO 'Bo6,:,6b()Mo 01d3060 3<>1:Q<>bl:Qooob OM(J63ob
i:QC'.?OOOob 8oboi:Q3001 od6oo<> (J'BMP1 i:QO(QO i:Q<> 01d306b
8o0('.!0001 6<>('.!(QO (Ji>M::JP1'Z3001b!).
8<>M<>00°'bo l:Q" O'Bod8'bo
'b(Jb8o 'BP1J(Jb0Mooo01,
3<>b<>300 806006oooob.
M<>81:Qo6o8o JP18:.l,:,6o<>b 0Mo8o6'bo,:, .3dP161:Qob (J<>M::JP1'Bo010 6<>('.!i:QO
(3(.JQ?O ,:,6/i:Q<>
8oc:?ooob 0 .,M 0o0. 01()8(3<> <>MbooMob M<>81:Qo6o8 0 JP18:.l,:,6o<>, <>8ob
3<>Jo0100<> - i:Q<> ,:,8,:,b J<>M3<>1:Q <>Jo010006. obo6o doM001<>1:Q<>l:Q 01:1060006 8<>M<>3ooob 8,:,M013ob
801:Q3M8<>b 8oOP11:QOOob 0Mo6(3o:.lb" (,:,8 b<>Jo01bb 01<>300), i:QOOo-
8M01bM36ooob 88JOGOl:Q 8<>M013<>b l:Q<> (Jb<><BM01bM OOl:Q00o<>6 JMOl:Qo8ob :.loMMooob
3<>8P1.

1996 oc::inli 01.:>3olio 6.:>c;(Qo

i
M3oot'101 JM8:.l,:,6o"b <>d3b 01<>3obo 6"('.![!{0 'B(Jc::'Ob GOJc::>ob 0.'.)8MJc::1::JOOb013ob (Q<>6::JM8nc::'o
!.!?" .3MM8M<>8001, JM8.3,:,6oob 6.:>C!;!l:QO 8ob<>c;aoo
. 40 l:Qc:!O!.Q<>6 aaa 0 ot'11:Q<> o"!.!?"(JbC!?ac::> (J"MtJP'l'lJOOl
JP'lM.3P'lMi>(30.:> (DELL) 37 !.!?c:!Da!.!?o 2003 '?JObJ<>c::>(JMO B"c::iob 8[JMO>b[J
<>Mob oa 8oot'1a JM8.3,:,60,:,01,:, OP'lMob, (6i>b[Jm GbMOc::'O 'b[J8Mm).
JdM6(Q<> (J.:>MtJP'l'?J0010 foC!;!(QO 01<>3obo o03 t>1o o8.:>t'1CYJ!.Q<>6 aoc;ao(Jc::io li<>61:QP'l
,:,68<>t'1oClooob 8"C!?"bl:Qoli l:QMMb<>o JO. o<>t'18Maoob aaJaam<> 'ba !.!?"'B(Jd6aovc::ia"
Clao83 oc::iao<>8 C!?Dc::> JM83,:,6o<>b b<>Cl(J"c::'Do"
Bobo" 8"6nb(>')t'1ooac::inoo6,:, 8,:,t'1"8noob 8bP'lc::1Ml:Q 3
8oOM(Q[JO<>. 8i>::JOl:Q3:JOOb i3MMG::Jbob !.!?" 8M8b8,:,t'1a-
oc::iaoo(Qi>6 <>JM[J'lJ3oli 8"V8i;Monbno<> l:Q<>nb8,:,t'1,:, l:QQO-
c1oe:,om0!.l10 .JO@lff1lfiiMaou aeiR3::J60a<::!?::JoO 2003
8MmbM36aoob OM(J63ob Cla8oot'1ao<>b 28
1.aol'ioaoonl> OM<J630 ll!C:::Jno<lo 31 3 !.!?C:Da!.!?D· dot'1om<>l:Qo .3oMMoaooli 8Mc::i.:>-
42 28 ,3,:,t'1,:,JD0001 !.!?" o8ou (J'bM(J63:Jc::'tJP'l'lJOOl, MP'l8 ,:,68i>MOO[JOO
. 3.M.'.l:Jl'io<!Jii<Jc:;'O OOJ(!!'O: b.-,'bo (1)+bo'bo(2) 73 31 ,:,t') od6noMl:Q<> a<>l:Q<>bC!?oc::io 8Mc::i.:>:.l,:,t'1,:,J::JO(Jc::1 3"C!?Do'ba
33 68 <>[!{M:J, C!?:Jc::>8<> 3"c::'C!?::JO(Jc::':JOob 8"C!?"bl:Q<> 8"C!?"l:QM 68
5.Goc;ll!o '?)<)!!;'OU (30J!!;'o: 40 (37) tQc;nm. OP'lc::'P'l O:JC!?D8001, (J.:>M::JP'l'lJOO>o 6.:.c;(Qo 'B'Vc::>ob GOJ-
c::ioli 37 C!?C:D - 60Cl6.:.3b, MP'l8 l:Q:Jc::>8.:. oadc::iP'l <>8M:JC:M
8CYJ01bM36aoo 8M8b8,:,t'1a-
oc::iaoo(!1<>6, b.:.fo8 080 8.:t(Qi>Ob[!{o[!{<> 8ob ,:,68<>Mooaob.

154

- JMJ'1JOGoo60ooo,
MM8r::>:JOOG (JB3060006
Clo8Mli.>3r::>oli (Q08MJO(!/J"
D(Jr::>:Jo.>li o"8oi:Q3000»6 06
0630Gt)0Gooilm06.
6.
"Aldine" Jf'18.305ooli 00!:Q0b:J!:Q30. Mf'10f'1M(3 00blif'1301, "Aldine" Jf'18.305ooli 808-
CQ050t1io CQ0 8tp 30-0olieoli 0 08f'10tJ(JMOOf'1CQ5o5
o5CQ(Jliet1iooli 80CQ005(Jt1i Jf'10'?JoGoo5eooen05 00CQ0t1iooo01. 01()8(30
R30 5 0 0CQ03ot1 300o01 0<"\ 008('1 030 01 03 0 0'b<"\o 'b 0 , li0508 (J'?JMf'1
0r>1 Jf'18.305ooli CQ0 80r>100ooli. ot1i(J53oli Jf'1o'?Jo-
8o05eooo f'1Mo30 08 0deo3ooolim3oli CQ0 O[JCQ00f'10Mo30
0<"\oli o5CQ(Jlie<"\ooli 8oCQo05(JMO ooli0008oli
ooCQ0t1iooo01. 01.i oR
03 30 0 5 oG, Mf'18 08 f'1Mo 0deo3oli
ooli CQf'150 0<"\ 0<"\oli <"\0(3 0bCQ05li Jf'18.305ooooli e:;ioJ30CQ(JMf'1ooli CQf'15oli
li0ot1imf'1 00'?30lioo0'bo. ci:?oooef'1t1i(Je:;io 8f'1mbf'135oooli 50ooe;;li 0d3li
8f'18oo'Boooli 30CQ0, 80<"\0 00 ooli 80t1im 30G 0G 030 003 G 50Je:;if'1 305 0oooo. 08 8f'150 80 80-
o'bo CQ.)'B(Jd5ooom 0030JQO'lf'10'l CQ0bJ350 0deo3oooli CQ000e:;>
e:;ioJ 30CQ(JMf'100'bo 05() CQMf'1oli 0 f'15o 3t1i(Je:;i .3ot1iof'1CQOo 80m li00()0e:;i 0 o0ooo Jf'153ot1i-
eot1ioooli Cloli0de:;iooe:;if'100lim05 CQ0J03oot1iooom (50bom G(Jt1i0mo 8f'18CQo35f'1 030<"\CQ'bo).
0d003:JOOU (06 ot'i1zi530. o8o5CQ0 00tJOCQ3QOOb CQ08f'1JOCQ[J-
0deo3oooli li0ot1imf'1 c;ot1ioo(Je:;ioo0lim05 oof'1CQ000 0deo3oooli ot1i(J53oli .:>5
o<"\()53oli Jf'10'?JoGoo5eo:
0805CQ0 ()0tJOCQ3QOO
8me:;io05 0deo300 'ho
"Aldine" Jf'18.305ooli 0deo3oooli OM(J530 20X2 oe;;olim3oli 0<"\oli
$3,992,000 = 1.23
$3,250,000
0deo3oooli li00()0e:;if'1 80CQ005()<"\o o<"\()530 o5CQ(Jlie<"\ooli013ol> 0<"\oli 1.66, 08030<"\0CQ,
0 0G0 00 000, t1if'18 80li 003 1.i 50Je:;iooo 008f'1li03e:;iooo 00t10CQ30CQ05 0d@>o3oooli 0<"\mo
8oboCQ3om, 30CQMO 'bf'100CQ0CQ o5CQ(Jb(l)f'10000. 8me:;io05o 0d@>o3oooli OM(J53oli Jf'1[)'?JOGoo5<!)o
030R305ooli ooli0008oli O'BOd@>o05f'100li, Mf'1(30 Jf'18.30500 OtJo5ooli 8oli 0deo3ooli
0080CQ30ooli 8oli0c;oo0CQ. Jf'18.30500 "Aldine" 0<"\oli 50Je:;ioo0CQ O'BOd@>o05o, 30CQMO o5CQ(Jb<!)f'100
08 8b<"\03. 8olio CQ030e:;io05oooooli CQ0 80<"\00000!.i 0d@>o()Mf'1ooli 0050 050e:;i-
o'boCQ05, R3o5 CQ030ff3CQOO'l, Mf'18 ff0MOO o53oli@>o(30QOO CQ030e:;io05oooooo CQ0
80<"\000000 b0ff0Mf'1 Otjf'1U .3Mf'1oe:;io8oooli CQOCQO 8f'1li0030t1iooe:;i0CQ. O'l'() oli
8ooc;f'1li 00030 008f'1li030e:;io 00tJOCQ3[JOOCQ05 8f'101bf'135oooo CQ0
80<"\0 0 0000 8(3ot1io '?J(Je:;>om, 0d@>o3oooli o<"\()530 00()8Jiif'10[JUCQ[J00.
8M8 0 <J2io,::,6Mi'mli JM[l'tJOGo<J61§oco 0<"\oli f'1Mo li0boli - Jf'10'?JOGoo6@>ooo, 0li0b0306
8f'18 00 0005f'100G 0 080CQ 30 00106 CQ08f'1JOCQOO(Je:;ioo000 CQ0 8f'18 00 0006Mo0li o5 30 u00 8 0000106
CQ08f'1JOCQQO(Je:;'[J000o. [Jb JM[)<?J0(30[J6@Jooo [)MO'l0CQ (JfS3060006 JM8.306ooli M.30<"\-
O'BOd@>o06Mo0li.
8f'18000006M00 00tJOCQ3::JOCll00 . Jf'10'?J0(30[J6@Jo, R3o6
0063oboe:;i03m 0<"\oli li0<"\mM 8f'10oooli 80<"\tl0:
0806CQ0 ()0tJOCQ3Q00 - 00tJOCQ'()e:;'O b0df'16e:;>OU
B)
o8o6CQ0 00tJOCQ3[JOO
.:.6 (JOM0e:;'MCQ b0[JMO'lf'l 8M 0.'.J00 00tJf'l'?JOe:;'O o8o6CQ0 00tJOCQ3[JO'b.'.J. "Aldine" JM8.306ooi..lm3oli
U0.'.JMO'lf'l 8M0.'.JOOb 80MtJ0 20X2 <?JOUJ0e:;>(JMO oe;;olim3oli 0<"\oli
$1,312,000 = 32.9%
$3,992,000
.'.Jb JM.'.J<?J0(30.'.J6@>o 0 30R306ooli JM8.306ooli 8M 0 Q00b 0 0tJOCQ3.'.JOO'l06 ooli0008ob0CQ 80!.i O.'.J8CQ.'.J(),
MMCQ.'.JU0(3 008f'l30Joe;;om 00M8f'l.'.JO(Je:;'O li0dM6e;;oli oli 0<"\oli JM8.306ooli M.3QM0(30-
.'.l'B.'.ldeo06Mooli li0'bM80 CQ0 .3t1if'1CQ'(JDG00'bo 'B0liCQ0CQoooli 80R 3o5oooe:;io. "Aldine" JM8-
.306ooli li0ot1imM 8Mooooli 80"1'ip 860036oe;;M350Q2 0<"\oli 80c;0e:;io obCQ(Jli@>(Y)ooli li0Cl()0e:;>M
8:JCQ005(Jf'1'bo 23.8%, 6'>0G ()R306ooli, MM8 ooli0008oli0CQ o0 o 0<"\oli (J<?JMM O'BOQ@>o05o, 6'>0!32006
000M8M.'.]Ob CQ0 tJOCQob .3MM(!,1(J0(300b 80c;0e:;io !:!;OM.'.JO(Je:;':J0001.
155
 Mf'l&f'IMCI.) Jf'l8.).)6oob "Aldine"
a>(J8G, 8o8a,o6,M[J J"';J'IJOGon68o 8GoMa,;Jo,, 8,61.>, Mf'>8 030 ,Mnl> (J'IJM"' J,M3n o6a,(Jl>8Mool>
J"'[J'IJOGon68cn,6 O[JO<OMQOocn

20Xl 20X2 20X2

"ALDINE" 06C!l'ZJL><!!J<">OOL>
a::JC!I0.::>6'1<">0

.xiror:;rJxi& .Jifl°"'!!<" c,M'b<#.f!!'> f!!'> 6"'fi'iad.i

50
c
'°
(")
(")
El
er 25

0
20XO 20Xl 20X2 20X2
"ALDINE" 06C!l'ZJL><!!J<">00L>
l>0Cl'ZJ0t!!;f'l 8::JC!I006'1<">0

n0 n30, a,fio0 oon& ol'iCJ63.;(Jn f!?C::Ooon& 8nbof!?3ncn

200

150

(")
100
(")
Er
er 50

20XO 20Xl 20X2 20X2

"ALDINE" 06C!l'ZJL><!!J<">00l>
L>So'ZJ0t!!;f'l 8::JC!I006'1<">0

2,.:, 8o!Q 30 oou a(Y)a 80 oo.:.5(Y)oou ()'8M(Y) ua 08 o'80J(JMO u.:.'b(Y)ao .:.Mou oao5!Q.:. a(Y) 80 oou 8.:.M\'J.:.:
o8o5!Q.:. a(Y) 000.:. 0 .:.!Q.:.u.:.b.:.!Qooou Clo8!Q::J8
o8o5!QC> ()C>ijO!Q3::JOO
J(Y)83.:.5oou013ou "Aldine" qJOUJC>Q;,'()Mo 20X2 oc:;:iou ::JU .:.Mou

$201, 000 = 5.04%

$3,992,000
o8o5!QC> a(Y)o::JOOU 8C>MtJC> .)MOU J(Y)83.:.5oou 8"80!Q3::JOOU a(Y)ao::J00.)5(Y)OOU u.:.'b(Y)80 83::Jc:;:'"
!Q.:.5.:.b.:.M3ou IQ" u.:.Cl::i8(Y)u.:.3c:;:i(Y) 0.:.!Q.:.u.:.b.:.!Qou 8.:.01 3.:.c:;:iouoo5 0oob Clo8!Q::J8· ::iu 030R305oou J(Y)8-

156
.306ooli 0806(!(0 8C'1 0 000li 0 0i:JOC!(300oli 01omC'10()!:'.? C!(C'1!:'.?0M'bo. 0!:'.?(!("°6oli013oli oli 80fi306000!:'.?o,
U00()0!:'.?C'1(!( 5 Go68o M00!:'.?o'boo(JC'.?0 dMC'1C!((JD(300U C!(MC'.?0M'bo, 000C!(C,06li 8(Y)c.000li 80(!(0U0b-
0C!(OOOU 80(!(0b(!(oli 008(!(08· 0!:'.?(!(006oli 0806(!(0 8C'18oooli 80Mt.J0 0cY\oli o6C!(()li@>cY\ooli li00(J0!:'.?C'1
8o(!(o06(JMOU 0806(!(0 8M8oooli 80Mt.J0'bo (4.7%) 80c;C'.?0, MC'180!:'.?0G 0li0b03li, MC'18 80li 0j3li
u80i:JOC!(30C!(06 8C'130ooooli ooli0008oli0(!( 80c;0!:'.?o :QC'16o", 30C!(MO o6Q?()li@>cY\ooli lib3.:i ()80@>0li
JC'18.3.:i600li.
C'1Mo30 JC'10'?JOGoo6@>oli ocY\m.:iCQ 0.:i6boe'.?3om, F\306 oo 0 3ode'.?00 803oc;C'1m 8600360!:'.?C'13060
.3cY\C'186C'1'bo"'1oo.:i JC'18.3.:i6ooli (Y).3ocY\.:iGooooo. 01() li0ocY\mC'1 8C'1 0 oooli 80MtJ<> 8600360!:'.?M36<>Q? .:icY\oli
OO(JG3!:'.?0C'.?o cY\.:i8(!(06080 oe'.?oli 8068.:.31:'.?Mo.:ioo, 8.:i8cY\.:i8 0806(!(0 8C'18oooli 8.:>MtJ<> oo8GoMC!(<>
08.:.30 .30MoC'1C!(Oo, F\306 30(3001, MC'18 8o'bo'bo .:iP1oli 8.:ic;.:ie'.?o 8"i:JOC!(3000, docY\om<>C!(O IQ<> <>(!(806oli-
8M<>(30(JC'.?O (SG&A) C!(<>J0300P100()!:'.?0 8"i:JOCQ3000106 06 80c;.:ie'.?o li.:i8<>C!(<>li.:ib.:>(QM
806.:iJ30010. 8o(Y)P1o 8bP103, m(J li.:iocY\m(Y) 8(Y)8oooli 8.:iP1tJ0 OGo8.:i, F\306 30(3001, MC'18 li0jC'16!:'.?oli
00cY\8C'1oooli 8<>i:foQ?3000106 Q?<>J03oocY\00001 o'bMC!(OO<>. 0lio01 008mb303.:ili ooode'.?oo.:i
0(!( 8 01:'.?o :3jM6Q?oli, MC'1(3<> CQ<>00!:'.?o.:i 'B"liooo .:.6 (!(0001:'.?o (Y).3 0P10Go(J!:'.?o O'Bod80<>6C'100 8"i:foQ?3oli
8C'1(3()!:'.?C'10.:>UOl.:>6 CQ<>8C'1JOCQ00()!:'.?000.
8M8 0 aoo<>6Moob o630 uc;o 8 o0om06 8080P1mno000. 8C'18 80 oo.:i6C'1ooli JC'10'BoGoo68oooli 8o(Y)cY\o
a(Y) 80 00li <>J03oocY\0 oli o6 3oli@>0Go.:ili01.:i6 . .:.8 li0'bC'180CQ06 oP1010 .:iP1oli o6 3oli@>oGo.:i'bo
8M8oooli c..:i60J30010 (return on investment ROI) .:.6 8M8000 0j@>o3oo'bo, 0lio30 od.:ibo06 063oli@>o-
(30000U ()J(J80o.:ili:

a
o3o61.!?.::. 301 00 0., l.!?"0 083 filoL> 031.!?oo
.::.d<?Jn3000

"Aldine" JC'18.3.:i6ooli013oli, ROI 20X2 '?JOUJ<>C'.?(JMO OC'.?oli013oli .:iP1oli

$201,000 = 6.18%
$3,250,000
.:.8 JC'10'?JOGoo68oli 86003601:'.?Mooli OOQ?"Moo.:i o6Q?()li@>P1ooli li.:io(J0!:'.?C'1 8oQ?o<>6(JM
80F1 30 60o0!:'.?0106 7.8% (JR 30 60oti O!:'.?l:Q"°6 JM8.3.:i6ooli .:iP10bo!:'.?li<>tJMO!:'.? al:Q 8 M8.:icY\o(Y)o.:ili.
80c;0!:'.?o 8M8800006C'100 o<>i:JOCQ300oli ocY\01 CQMC'.?0P1'bo, 80 0P108 860Cl360!:'.?C'1360(!( CQ000!:'.?o
a(Y)c.000 063oli80Go.:i'bo .:i8@>JOGooli, MC'18 Ol:'.?C!("06o Ol:Jo6ooli 800 oj003li 80i:JOCQ30li 0P1010
CQMC'.?.:iP1oli 8oli0c;oo01:Q, 301:QMO o6CQ(Jli0P1ooli lib3.:i 0o.3(JMO JM8.3.:i600.
06m:ili@>0Go0'bo 8Mc:,oooli 51>6"J3:Jmo ROI CQ0 !QO(J .3cri6®oli 8olJ;! 0M81>. 1919 oo!:'.?li !:QO(J .3C'168
JM8.306008 .3ocY\301:'.?"CQ 808criotJofo 'Bo606li(JMO JMO'IJOGoo60oli 0601:'.?o'boli 8001MC!(oli MM050-
60e:;(JMO 30P10.:i6®0 Jf"l8.306ooli O'BOd®n06f"Jooli oo'B0lioooli013oli. !:QO(J .3f"l6®oli .:.8 8ol:Q 0 f"l8oli
oP1m 30P10.:i60Li .:ij3li li.3oGo<>e:;(JMO 1:!(08f"lJO!:QOO(Je:;oo.:i 0630G@J0Got> 'bo JM8.306ooli 8f"J8c.o-
oo.:i6f"lOOb 0bG6000. MM()MMG 0G0b(Je:;o0 6.4 b()Mom'bo, Mf"l(30 F\306 3.:i8P103e:;oom JM8.30600G
o8o6CQo 8M 0 oooG 80Mt.J0G 8me:;o060 0j@Jo3000G ocY\()63.:i'bo, F\306 3oc;oo01 8f"l 0 oo.:iG 063oli@J0Go-
0'bo 06 8me:;o06 0j003oo'bo 0.:i8M8()0<>3000G Go8d!:'.?03P1oli.
"Aldine" JM8.306oolim30G, F\306 030j3li

0 08(Y)3()Cl03nool> c/>l:JOl.!?3DOnb 8M80non06M00 x .::.d<?Jn3ol; D'BOd<?Jn1>6P10.::.

ROI 08061.!?0 8M 0 oool; 8061'()0 X 0d<?Jo3ol> OM(J630
6.20% 5.04% x 1.23
oMG 08061:!(0 8f"Jooooli 80Mt.J<> (Qo <>MG 8011:'.?0060 0j@>o30G OM(J63oli JP10'BoGoo6()o m3omf"l6,
0cY\ ode:;o30 801e:;o060 O'BOd@Jo06MooG ooli.:io080G 81>fi306oooe:;li. 8f"lQOOob o8o6CQ<> 80MtJI>
o0 6f"lcY\oP1 000li ()JomooG 0j00 30 ooG 0 08Mt1o6oo0G (!(" am!:'.?0060 0j00 3oG oP1()6 3oG Jf"l0'IJOGo-
o6()o o0 5f"Jfilofiloo0G (JJ00100G ()0i:JOCQ30ooli 8M8 0 ooo.:i5MooG. 8f"l 0 000 063oli()0Gooli Jf"l0'IJo-
G006<'.!J 'bo .:.5 8 0af"l8()00 30 ooG Go8de:;0 361 0 03G0oG 08 60Je:;li. JM8.30600G 0.:i8M8()00 30 ooG
lio8de:;.:i361oli 8f¥ibCQ000, ffi(J oj6000 0j()o3oooli 6P1(J63oli 'bM!:Q<> 06 'b61C!(o oj5oo.:i
IJ8o5CQ<> 8M8QOOb 8oMtJ0Clo, 06 01cY\03000 JM010(!(. f"lM Jf"l8.30600li, Gb30(!(0Gb30 0806CQ0 8M 0 oooli
8061ti.:i010 CQ<> 8me:;o.:i5o 0j®o3oli 061()6300001, ooode:;oo.:i 0jf"l5CQob 8li 003lio 0 08018()003060G
Go8de:;03610. Geraldine Lim's Oriental Grocery, Mf"l80!:'.?lioG 0j3li 0806(!(0 8f"l 0 oooli 8.:i61ti.:i
8bMe:;MQ? 2% !3.?" 8me:;o060 0j@Jo3oli OM(J630 10, 0j3li 00 030 008f"l8()003oooli lio8de:;03filo - 20%
- MM 0MM(j Megawatt Power Supply J"18.3060.:ili, 6101801:'.?li"G 0j3li 8M 0 o6oli 0806(!(0 8.:i61ti.:i 20%
CQ.J 801e:;o060 0j8030G 6fil(J630 1. 0100101o(Je:;o Jf"l8.306oobm3oli momM(J(JC'.?O 063oli0ot'Do6(Je:;o

157
 <>d80306Clo 8(Y)83Go8b 20 oo68b 8"!.'!?"b"b"C!?ob 8"!.'!?"b!.'!?ob Clo8CRo8
8M3n6<> U<><>dGoM (Return on Equity ROE). J(Y)8.3<>6ool> b<>d8o<>6(Y)6ob O'BOd8o<>6(Y)6ob
bb3<> o::i(Y)b b<><>doo(Y) 8(Y)83060<>6(Y)6ob
J(Y)O'BoGoo68o. b<><>dGo(Y) 8(Y)83060<>6(Y)6ob J(Y)O'BoGoo68o OM018<>6001b <>CR<>Mo6b
0806!.'!?i> 8(Y)306<>b 8i>(Qi>bi>bi>(Q06ob 8"!.'!?"be!?ob 008!.'!?08
<>dooo6ob (Qo3o(Qo6CR060, 01() <>Mob <>bo010) !.'!?"
<>doo(Y)6oMo6ob 8o 0M J(Y)8.3<>6o<>oo:

a
0806[!1" 8M 80 o.:. [!/"oa 03 "1oli 08[!/:Jo (6.21)
li.:..:.dooM

0 .:.8018(J0.:>3:Jonli 8M8 0 aon.:>6Mo.:.Xod@Jo3nli :J'1J:Jd@Jo.:>6010.:>'b:J

68061!/0 8Mo()OO 68o61l?O

a"'anoo 68o61l?o 68061!/o ll?"oo33"1ou 0"1()630 ()OIJO!l?3000
o63au00 8 oo<t>n = 8ro3300 8M()()OOU = d[l81l?()8 =
(ROI) aot>'ivo 68o61l?" od8°3ao't>.'.J
<>d@Jo3aon od8°3300
-- !',OIJOl!/3000
x
't>Mao 3u a"'aaaono6Mool> 't>M803u oj@Jo3000U ()08MIJ06oooU
't>M803li ()'(J()D@Joo6Moou
301:1oll?3oomo6 8080"1mooodo ()'(JOd@Joo6Mool> 301:1oll?3()1>mo6
C,()60MOMOOOb obll?(J61.i 8M()()OOl.i
od80300Clo 8080"1mno0Clo

0oa01aCJao 30 oou 0060036.:.: .:>M(3 ,.0806[!10 8M 0 :Jonli 8<>MtJ0" [!10 0"10 0d@Jo3::ioob 0"1()63oli" JM:J'1J0(3o:J6@Jo 0"1
ll?O ll?O'() :J'13:Jd@Jo06Mool> li0'bM8li. 080'b::i ROI JM:J'1J0(30:J6@Jo 06
.30168ou 8oll?3"'8o ,. 0 08M8()003::iooli

"Aldine" J(Y)8.3<>6oob013ob 8M306<> U<><>dGoM ROE <>Mob

$201, 000 = 11.19%
$1,796,000

ob J(Y)O'Boooo68o 330R30606l> 3<>8(Y)8()0<>3060G <>dGo(Y)60Mo6ob 0630G8oooob

!.'!?" booM<>CR 3<>8(Y)o::io606<> o6(Q(Jb8Moob (Y)Mo <>6 8080 J(Y)8.3<>6oob
00CR<>Mo6ob013ob. 8(')306<> bCloM<>CR <>b<>b<>3b J(Y)8.3<>6oob 063ob-
8oooob 8oc:io6ob !.'!?" CR<>6<>b<>M'.l('.b O'BOde!>o<>6 8060'.l\'.806!!!>'bo. 01()80<>, 01()
J(Y)8.3<>6o<>8 <>8(Y)oMRo<> 3<>8(Y)o::io6(Y)b C!?(Y)6o, 06!.'!?(Jb!!!>Moob b!!!><>6(Q<>M-
e!>o6'bo, ROE 8<>M&o3<>C!? o::i(Y)b CR<>b<>Cl3060 3'<>M6o 'Bo6<>6b(JMo MobJob
CloC!?08o. "Aldine" J(Y)8.306oob013ob ROE <>Mob 06!.'!?(Jb!!!>Moob 8(Y)306ob 8oQ?o<>6(JM'bo
( 14.04)
(JC1JM(Y) M(Y)8 R3o6 3<>8(Y)3o::io6(Y)01 C!?O(J .3(Y)6-
!!!>ob 80CR3(Y)8i> - Mi>G 6006<>3b <>8 J(Y)8.3(Y)6061!!>06<>(Q

0806[!/0 8M 0 :JO.:> 0806(!?<> 8M 0 :J00

O?"<'>oa3"10L> aaatJ?aa ll?"0()331'1nl> 0()8Q?()8
0806(!?0 0 .:>tJ0[!!3:JOO

"Aldine" J(Y)8.3<>600G013_ob <>Mob

11.2% 5.04% x 1.23 x 1.81

158
 6.

o6c!t()li@)MooG B0(Qo.:>6(]Mol.i ROE-'b0. 01'(]8(30 8ol.io EiBo6(Q.:> BM 0 000G B.:>MtJC>

.:>Moll (QC> Bolio .:>Moll
o6(Q(Jli@)Mooli Bolio OM(J630
0j@>o30o'b0 (Jfi30600G ROE-Li, o6(Q(Jb@)Mooli JM8.30600G ROE .
.:.Boll 3030MC>(J(QM01, MMB OtJ060oli 0j@>o3000G ooli000Boli0(Q
.3MM.3MM(300G 00tio(Q3000G 8oli0c::>000(Q, 0 o6(Q(Jli@)Mooli Gb30 (]80@>0l>o JM8.3060000,
Moll 8.:.G 0j3G ROE.
8M8 0 00006Mooli JM0ez30G006&00001 0M010 JM8.30600G Boll
8G003G JM8.30600G0106 06 li@>06(QC>M6000106 .:>Moll
OO(QC>M0oiJ0001 0030C(30GM01 JM8.30600G 8M8000006MOC>
J0M800 01(] (QC> M0@)M8. M0c::"0(3 06C(3MM80000G,
800M08 '(]C(jMM 80@>0(Q

0j08(Q0 '13060 06@>0M0lioli G.:.0060 OtJM Gb30(Qe>Gb30 C(j0606G(JMO JM0C(30(3006@>oli 80(36Mo0, 80010
0 08MtJ06000G 0bG60 JM0ez300006&000G oo(Q0M000 '13060.
MM8Mfi1(3 '1306 0063G0'bc::>3M001 JM8.30600G C(j0606li(JMO
3M0C(30(3006@>000G (QMMol.i 08 8bM03,
0c::>8M0Ro6MG -3M8.30600G ez30606G(]Mo 8(Q 0M8.:.M 0Mooli ·(QC> G0j8006Mooli 06
0 0(]0Mol>000.
6.3 3MB.30600G "Aldine Manufacturing" 'bM000M010
ez30606li(JM0 3M0ez300006&000 2000-20X2 o6(Q(Jli@>Mooli B0(Qo.:>6(J(i)o 20X2
8Mfoo08000G 0030BR60301, MM8 8tp30-&0G@>ol> 3MOC(30-
(3006@>ooo (QMM010 8.:. 0(i).:.8 03'0Mo0oli 20X2
.:.BMc::> 0ooL> 80M0 08 00G oM(J6 3.:.
0 0o'b0t'ii(Q0 2000 0 0(Q00j0t'i100 o6(Q(JG@)Mooli
(QM60li. OM(J630 t'i10B00 3001b3000 08 0j@>o3000G
b.:.t'iioGboG Clol>.:.boo. B.:.(i)00000G
o'boli b(Q000 o6(Q(Jli@)Mooli Bo(Qo06(JM 3MOC(30(3000@>0106, .:.fiilio-
OMO(QOI..> 3M8.30600G G03Mo!J?o@)M
3M8.30600G 8oo(i) 08Mc::Oooli (QC> Bolio (J080(QM '()C(3MM 80@>0,
fi306 (JO(Q.:> 80M0 0 oooli 80M0 0 oooli (QC> B.:.M.:. 0 oooli

20XO 20XI 20X2 20X2

JM8.'l.:.6oobm3ol> "Airline
Manufacturing" '1jo6.:.6GeJf>io
8n8!J?o6o6'n J"'£l'1JOGoa60o 2.95 2.80 2.72 2.10
J"'D'13000060000 20XO-
20X2 B'iJ>3>·0ob0 JP1J'1J 0 G0 n60n 1.30 l.23 l.l I I.IO

J"':J'13"G"iJ60o 0.76 0.81 0.81 0.80

J"'D'13"G"n68o 0.43 0.45 0.45 0.44

!Q>'1J>6'3.:.
t!1"'1l"f13ol; J"'G'1l"G"D6;§o 5.95 5.43 4.71 4.00
oj;§o-;:i6'Mov
.:.a"'t!l()oi>b .:Jn<lioM1120' 551121!10 73 ll'.?t!lD 62 !Q{!)J 45 !l?t!l:J
8.:.0.:.anonb 6f>i-;:i63.:. !l?C:Dnooo' 136 tl/C::J 180 112C:O 181 !Q{!l:J !11
oj;§o3ob 06'-;:i630' l.25 l.18 l.23 1.66
8rri8e,nooo6Moo
li<>3f>imh 8"'0::Joob 8ol"11p 30.6% 32.8% 32.9% 23.8%
08061120 0Mf1,;)00U OOM'i)I> 4.90% 5.32% 5.04% 4.70%
8m3;:ioo 063ab;§oono'h3' 6.13% 6.29% 6.19% 7.80%
8M3::JOO b"J'ZJOlOM 10.78% ll.36% 11.19% 14.04%

,,038ml>.::.3c.;>ob/o.)c.;>06bob .)6;pl'iooonoob @.loC!ob" 0.)8r'l.)60.::.1'100301.iCJo

01.i8013n6ncr;:ic.;>01.i llc.;iob omc.;im 8mfoo38300.

159
 C..:)EC ..:)•erEc:>E.f•..:)'> ''\£' .IJ.IJC t.1)1C8(tL0 _:)-..:)_:)_:)CI ..:)..:)N CI ..:)LON I IC'.)
Elg g er I)\£ cP fJ g c er i:>i:g fJ 6 . err0 LO Qr() CO rO I) LO I) Ct c:i'° c _:) Pc c >< EI'° c ,, ><
c:i C'.) ,, c:i
1:,-n f:l1:,
\£ c:i er s:i 2 c€l er ;f} _:)
c€)\£
f:t f)fO LO _::i ..:) ":l C
S fJ C'.}\£
C I) I) C CJ
c:i,g
er LO _:) ?o
LOC co lfj LO ,g
..:) LO CJ CJ
s _:) El
25-g
u
c:i'>
s
E.fc:>E CJc0?o<0
"'-S
Sr;Prci c
\£ 'if
<:.I er CJ") c c€)r0 rO 0
c s
CJ er
C".) c co LO c:i QN
CJ El El I)
CJ El era ._;co
P er ,, , N c c E
;f} c€l8 ..!- g;co_ cO2
t.J er,, ,, ,, p_:) \£ c c€l er c0 C'.)LO -..:) c C?LO LO CJco \£ E c:i ';}' LO _ LO ,.,, c co ,, C'.).:D C".) er CJ ct ca>< E _:) E
fJ E _:) c CJ er CJ c 1:,..:) LO c c 2
\£ '"' _:) El 2LO ,, -o c:i c:i ,, r:t Q.l r:t E
E Q.lQC
"=' _:) fJ E
2
Fj
I) fO LO _:) s E
El c
,fi 6 [(,, c0..:) 2\£ co E ><
E f:l_3 0 C'.)""';5No ,.,,E.f\£
E er"='
SN_:) CJ
..:) "'- C I) t.1 C er LO C? c€) <:.I CJ <:.I c§ E c:i-g CJr0 ,, c fO "')co co a 'IE 'IE ,, c ,, c l:.O er
''° ""er c€l g 6 CO,, "°
'"' C C'.) ,,
p "') CJ CJ ,, c ,, E LO _:) ,, E ,, rO C .-,\£fOLO CJEfer LO CJ er E.l c -g ,, c:iN "') erc:P C'.) UN ,,
I) CJ '> ":l rO cP 'P er C ..:) Ef ":l CJ C LO S- c0 Ef er"? ..:) CJ..:)- LO I) CJ 2 _:) I)_:) ..3 f:, 6 3
er f, c€l er E c:i c '5j _:) er _:) El ;s CJ _:) LO ,g QCE E lfj .:!CJ E.lt.g C".)'55 co c fO ",,,
c w.g, cg
El '55 '° CJ ;s -l
c
CJ ,g c .2 '°
E _:)
v
,g c:> E
c E '"' c
r0 S J]co "'- LO ..:) co
c er-ocCO SE c0Z.r0 I) u
I) 1:.0 LO <"> CJ ·- c cOc-c
r0 - rO
SN er s
EI'° c f:l c0 er c0,, '5j c:ic€)cP E El
2' 2CJ . CJ CJ CJ El erco c _:)
EI,, c 'i?:i\£ coi{? co,,cr0er§
CJ '> I) ..:) LO CJ C? 6 rO f) er ,_
CJ C'.)\£ I) CJ c er LO cO _:) E \£ fJ
!fJ er c E co fO \£ LO c E !fJ "'' """"'
I)
LO 7:i ,, co 'IE
:n c CJ ":l\£ I)
c - c fO LOE I) I) _:) _:) rO 5-. c€)
c "') c
f) c c CJ __,\£
fO _:) rO cO c I)
c:i CJ .o r0 c c <U
u _:)
i...
ti c
c€l 0 ct
CJ c€) co , ... .:!CJ
.o "" E _:)
CJ I) Q.l \£ E I) LO I)
El cP c:>E
er cg ,.,,
f El -g El
r0 _:) '°E g
rn
c erco
co
c
t.J ''""'
f:i
J5 fO coc fO,, -n
§._
-c_,
I)
_g
C'.) CJ
_:) _:)
coc E 2
..3 er
£
I)
co E.f ,, i1:,
I) C".) C
er
I)
c0 ,, r0 o0
S ..:) I) cQ CJ C C'.) Ct er
cg, c ,, '° _ er r0 o E1 P _:) "'
CJ CJ\£
.:!CJ C".) c LO
CJ Ct
t.J S ,...
S LO I)
"'"
>-.
-n\E g f:> c0cP co c
I) c0 ' ' Ef
I) rO E -g C ..:) CJ \£er
s
c:i er c:i r0 _:) ,, co "" c0 S EJ\£ C r0 LO cP Ef .-, t.ILO ..:) S fO CJ C".>CO "'- Ct <U r0
er CJ\£ \£ c .-, .-, .-, ..:) CJ
EI ., '"'
s -3 _:) ""i>
Q • Q
'IE_:) er_:) c:i,g ercP
LO
er- ,,E c€ c lr0,, '"'
E ""' c r0 er c '"'
""' '"E.l "') c:i
c0 \£ ""' -_, 5-.
c0 1--
· ,,
-_, er
""' -oc LO,,
!fJ cE.fi:.O
,, fO c:i r0
S ,,,,
ES
erco co co
ct.icocco
_:) c ,, E ,, _1?
co
,, o C".)
er\£ fJ E
cO f) "='co c:iCO
_g
c ,3 03 . ,2 El
::r:
c c f) I) I) c er El c
E "
,, FO _:) c:i -BS c lfj E _:) c€l _:) -n E S -o C'.) ,, c:i \£ cO -g co f) .:!CJ rO _:) _:) ,E< c
.:!CJ '° ,, f? 0 E.l _:) · · fO er s:i C".) er C'.)\£ 12 s
C '"' LO CJ CJ ., C C "'- ..:) -cg,
s s
f) c:i 7:i ,, co ..3 i:> - E S5 g:i '55 f) c b L.8 fO c '55 ,, LO-_, _:) _:) er r0 r0 E coc
s _:) ..::i erco fO .:!CJ E Elco er c I) LO c
cg 'P
ft \£ _:) c€l 7:i ,, .2 er ,, c:i c cg £ 1:, ,, ;s .:!CJ r:t
t.J C'.) CJ rOc:i'°CJ fOc c€
CJ) CJ
El c I) _:) 1:, c I) 7:i PLO I) ii::: c5 j fO Q.l 6'°
per..:)
"5:f..:) 6 LO er :fj'LO ..3 i{i' c CO _ CO - f) c El C'.)_:) E c LO co c """"° 'Per'° C'.)'° .:!CJ
_:) -_, o\£ <:".)_:) c E _:) C'.) c- LO '° co c er E.f\£
'°LO c _:) ,, E .2
,,cOc,,,,
r:t 'P c0 c_:)c Eer,,'P E c r:t
t.J co _ lf5 c€)
Eco Sc:P
,, c c _:)Seo E
"° ,... Jr
c c E "" er;f}\£
\£ c:i
l2J'.
E "') c
E eJ7:i
C'.) \£ 'g,FO
lfj 'iS
Ct C'.)
Jf E _g
E El g "I'
S oCO C?LO • t.J CJ I) .0 0\£ LO
,.3 El ,.3 El c 0 .o .
C
-co CJ er cQLO..:) \£I) CO _:)C ""
m '°"°s
CJ "° '° "°
C?LO CJ CJ c:>"'- C \£CJ f ?o EJ
<:.I "' f) _:) \£ cO ?o I) I) Q .:!CJ rO _:) _:) f) C".) fO
l)er I)CJ_:}I) Cc:> ,g CO I)f) t..6 fJ I)er f' LOc€) \£ CJ- C er
?of E -g -g ,3 ;s co ,g ,, i:g 0 l:.O 0 c: £
-g c€) i:g -g ;s
I)
rO , ,
E E1 ,, _:) g}-g
\£
c0;s lf5 r0 erg
<:.I I)
g
c
E.l
_:) \£ \£ cP i1:. El _:) cP CJ ..3 ,.3
c "') 3 ..3 c0,2 ,g I)
e7 S
2
"') ;:;:> s:i\£ .0 .o
"c0 E co s
fO '° C".) f)LO r0 2
C rO er CtCO CJ t.1
El f) ,g Q.l f) rO s co cO I) I) \£ C'.) £ CJ rO _:) cP _:) r0 ,, fO ,, E _:)
c:>,f' cO
\E ""' ,, C?-g co E c0 c0 o c
El
_:)"='
I)
r0 o
CJ El \£ El
c t.1 • r0 fJ
E CJ CJ .:!CJ
r0 \£ ,, .:D c:i c:ir0 c:i c E ,, co El c
CJ_:) LO f)..:) E CJ s
,.,, El c:ir:l
c r0 5( c
S:lLO 2 5 - l
f, C 2..:)
"""°<:.I_:) l)fO I)'>\£
c-LO m C '>ercf:l Ef
.:!CJ c
I) rO I) co I) LO \£ _:)
.:!CJ o 'IE ,, r0 '° ,, c _s; ,, co 'IE l:.O
.o C? c0 er o c co E
I)
e0 r _:) er E.l '°
_:) !fJ c c c:i
LO I) er CO \£ -
"=' er
r:t c:i E c:i <?..:) c:iE ,, t.1 co ,2 2 i1:, E cO ..3 J5 cO fJ £ g i1:,
c0 E S
_:) c I) LO El\£ .:!CJ ,... Q I) \£ c:;N co .:!CJ I) I) , , E
...., r0 co c-...:)
CO \£ C \£ LO ;n C
erco _:) CJ_:} ';;' E I) CJC er c c co
S C I) c€)
"='rO El er-@.. .-, JS LO EJ lf5 E ;:;:' -g ..:) ..:) cO EJ C?c€)CO c -o f) c:i"'- 'i?:ico £,,..:)
Ei1:,co
I)
E.l c c€l c ., er fO ,, c c:i CJ , - f) g I) c El _:) rO lfj ,g I) .:!CJ E -n_:)-IB c _:) _:) er<:".)_:) a c s-,,
..:) c;i Ct er ON Ct
,g l:.O er '°c0
,, ,, co ft LO E1 CJ s c:i 'IE c E 'IE co \£ c€l C'.) c: er S co QC S\£ C? ,, E t.g c:i er p CO I) C OLO ..:)
'° c C".),, fO '° E er'°"° C?LO -
QC C
"" '° C?>< "" C s
r0 er -)6 j5 ,, \£ \£ fO 1:, \£ \E f? E !fJ'i?:i f)5 t.g c c f:jl) erc:is:icLOco cQLO S er .0 LO LO CJ I) I)>( I) cQ C 0 I)
1:, -g E IB _:) '5j lf5 2 ,, c '° c _:) E '"' c c"':> _:)
"'- Q.l '° r0c fO er c0 o cC".) er--'N
c0 CJ_:) ,;:., C".)
r0
cP
\£ ,, C? E
s..
er E \£'> LOCJ_:) ..:)c "? ..:) fOer f:><:.I t.1 ..:)
c c ,g
-_, ..::i E c:i r0 C".) c
-
s '> C'.)
LO c ,, C".) c
c Q.l c c r:,
c€) r0 El co ,, ,,cO c co ..:) "?co r: t El
LOCJC'J'>LO '°EE <:.IQ
fO Ef C
s
f) c€) C CJ C .:!CJ c:iN LO
s cg
c€) '55 C".) '°- c 2 er
-cJLO
er c '55
0
-l,; g:'c:iE.f,_3
c:i c0r0 cO
CfOC'J
C'.) c co lfj
,, E cO S E
O'Sc:>er
- E \£
":l
CJco - c
"' t.J
1:, c
Ct CO fOcO .oQ ".._,,' cC? '>El rO'° LOOLOcOLOCJ er'°O Ct I) c I
<:.I S EJ- f) 0
u er
CJ _:) co co I) \£ CJ CJ \£ _:) -cJ _:) C".) COE co I) lfj c\£,, .-,coC?cSFO .o..:) c..:) E SL07:iC'.).o C?'IE%S c cX:\£fO
c c , , c erg er v:;::
c:i_:),, c LO \£,, _:) Q.l I) c-
<;:;
\£ co c ;:;=> I) c5 i:g lf5 LOg'5jcO c\£\£ ,,FOJ cQCJ, ECO\£r00 E 0
\Ee ·'°c:i.-:i'IEEEerLO .P Ct"') I) I) c .:!CJ _:) c E N ,;:.,
-g c er
'°'IE ·EfLOQLOer
fJ El 'rlt I) I) er\£ ft._§ C".) er - El Q.l c CJ c:i co i1:. l'1 er
E'IE E er E \£
"° ,, Ct'° LO t.J .0 QC C?
" " \£
"? c:;_J; I) S C -0 fO .0 -_,-g
C".) ,, ,.3 er coI) I)er CJ- coE ,...er er
I)
E ,, _:) "" "') Per_:) .:!CJ_:) , , , _ c0
re';5 E El c
t2..:) \£ fO -g
t.i\£ t.g c , , "5:f ,,QC\£ S .-,LO!')S,2
f:ll:.O C? err0 ,g LO- cP 2 f) C rO S
,.,, c:i-erw
..:) er C <l .Ji'CO lfj cQ CtLO LO
cO "'co
, , E '° t.J c, c c '° "° c _:)c _:) .o t.J Ct .o coE LO.oc er c
\£-
c 1:,c :n ,,,,c:i,,..:)'>fOcE,.o \£ ..:)c Ef..:)E,.oLOC\E "? \£'5; 0 c-.
cO LO _:) _:) LO ,,- _:) er cO er c LO I) LO CJ CJ
C C '"' ;n C I) C LO
\£ El
<:.I '> I)
Q.l \£ c I) 1:, ,g \£ fJ "':> c .:!CJ r0 .:D E CJ c \£ c co co .o cP \£ ,.
_:) _:) "')
c E _:) c- ,, ;s
J5 c :;;'cc§ c:ico c r0 <:".)_:) 6 'IE C? I) \f:
p C?FO c0 r;-:i CJ p s:i E -n c:i p ,;:., C'.) EJLO c:>6 f)CO EJ cO Q.l.:D
-..; C?.O co'°c:>fO
f:t E 'r]tl:.O c
C'.)-..;t.J"':lt.J,,
"='
c€)
f)
cPc:icoE r:t c:ic0'i?:i_:)c r:t C".) , , ••'.'.! fO _:) _:) Ll P er _:) -n\£ I) cO ft I) c0LO c -g -cJ f) c l:.O cO El
,, "'- 1:,\£
CJ ,, coE 1:, c:i\£ E ES
1
_:) ,,
..:) fJ C LO CO ":l '> \£ CJ C '> LO
LO
t.J c2 E
C <:.I c0 \£ lf5 er -g _:) lf5 c -o fO CJ lf5 f) E _:) CJ t.J Ct C?\£ rO "I" f:l\E fO
\£ c0 E , ... .o t.J erFO ,, o._ci \£ E r:t->< c:i5' \£ E
rO CJ
LO co f) t.g 8( ,g LO L.8 _3 _3 6 LO "'° c0 CJ I) C c0 Ct f:t --.1 .0 ..:)
25cg ';5 E ,,
fO _:) _:) er er
7:i E c2 E.l7:i E -g ,2 ';;
fO c€l ,, -o fO er r0 ,, co
\£ t2 er,, C c:i'>cou::i QC I) CJl).:!CJ C c€l,c E CO 0 er I) C".) Ct LO LO <:.I
t.J
c€) c€) C 0 <:.I LO LO r0
c€l C".) co s:i s:i fO er l:.O c r0 s:i ") fO c0 _:) s:i ..:) "'-fO .OCO :T.>t.JCO .ol:.O ..:) Cl:.ONl:.O c:>C .0
co_,, '
C.. C 1 LO
rOc
f!)l! §15 . CJEf ..:t:> rO..:J CFO
rg
\£I)
u"§coc0c0..,
r:>. 'J? u u,.g
fJ"
E
\£ J?'fo £ rg a;;
Q 2c,..,ro..:Jet\£r<$
Ji ,, c:>
C':>
t..0ceit...1"c..::ic::i[!
"tI2g,,LJECJp
rg,
c" c""FO
?tg t.O LO C
g-g
_. r.J
EJ
ucg
n'°
.3 Jf UJ-l.0--r: w tE
LO ('.)[!LO c I) E
-?fO C
E:.r
C ,c- t.0
.., EI g_::i
c:i LO I)
/) g""
lO \£ 6
.2£ro[IU66,;co f.JI:> t0E!c-:>cc 0
C\£ E
s:i,., \£ '° ,, .,., .,., I)
et et 2 ...0
J"'83>6nnb "RB. Harvey 20XO 20Xl 20X2 20XO 20Xl 20X2
eleqtronics" c»c:;»6bn (llc:;nl; 61!(Q!QO '(}<)c:,>O $ 2,507 $ 11,310 $ 19,648 J.O 3.8 5.1
31 !QDJ0803P>n) !Q()One"'P><Jc:;o a"'cnb0136aoo 70,360 85,147 118,415 29.3 28.9 30.9
8>P>>3300 77,380 91,378 118,563 32.2 31.0 31.0
l>b3> 8n8!QnfoP>a 0den3aon 6.316 6,082 5 891 2.6 _ll _Ll
8081Qo60P>n 0den3300 $156,563 $193,917 $262,517 65.l 65.8 68.5
'13ndboP>ao;:Jc:;n >d8n3000, ll8o6!Q" 79,187 94,652 l 15,461 32.9 32.2 30.1
bb3> 3nld3c:;3>1Qn>6n 0d@Jn3000 4,695 5 899 5491 _bQ. _bQ. _11
801c:;0>60 0j@Jo3000 $240,445 $294,468 $383,469 100.0 100.0 100.0

30!!!:1l<Oo'il!!!:Oo0o0 !Q,) l>\>MGO(T)

JM:J!Qn@JMM;:Jc:,>n $ 35,661 $ 37,460 $ 62,725 14.8 12.7 16.4
8"1l<"l>"bcrwc:;n 33dGoc:;nG 20,501 14,680 17,298 8.5 5.0 4.5
Gb3, an8!QnfuMa ll,054 8.132 15 741 _il _b§. _il
8081QofoP>o 3"c:.'!QQO<JC::OOOOO $ 67,216 $ 60,272 $ 95,764 27.9 20.5 25.0
3n'idac:;3.>1Qn>fin Gal>bn 888 1,276 4,005 _M. _M. _1Q
8cnc:;o>6o 3>c:,>!Q::JO<Jc:,>(Jo300 $ 68,104 $ 61,548 $ 99,769 28.3 20.9 26.0
ll3ovc::a0"'0 3° >do 0ao0 12,650 20,750 24,150 5.3 7.0 6.3
37,950 70,350 87,730 15.8 23.9 22.9
o"<J6"6oc:; 0o0c:;n 80100 ;;., 121,741 141,820 171,820 50.6 48.2 44.8
8cn!!!:0060 b.>0doo"'
J.>'3ne0c:;o $172.341 $232,920 $283,700 79.l 74.0
8cnc;::o06n 3"C::!QOO'ZJc:,>()O(Joo !!1"
l»0doo"' J"'3"e"!!!;O $294,468 $383,469 100:0 100.0 100.0

JM8.'J06oob ''RB. Harvey 20XO 20XI 20X2 20XO 20Xl 20X2

elcqtronics" lla8Ml>03c:;ol> fi8nO!Q0 o>LJO!Q3()60 $323,780 $375,088 $479,077 100.0 100.0 100.0
063>Mnll300 (llc:;ol> 31 184.507 45.8 49.2 46.7
!Q:JJ3800P>o) b":JM"'"' a"'an°" $175,653 $190,581 $255,387 54.2 50.8 53.3
3"1l"!!13(JOOU, l>0otnmf'1 !!1"
"n<8n6ol>@Jn'i0oov!:!;'n b,:,("'i:;.;300 140,913 40.7 37.6 37.7
>OMM8o'tl0(300 9,595 2.4 2.5 2.3
JM:J!QO@Job b0P>:;.;o 0.5
a010no0 a"11<"L>"b"ll10o"a11<o $ 38,717 10.6 10.3 12.9
o>(!/>U>b<>(!/(JOO --2.:.2. --2.:.2. _.4.,2.
!>806(!1.> 8m330,:,
.
6.5 8P1 0 oool1.:> (!?0 05 001Ti0Cloli
8f'lo8f'loli 8f'l 0oooli 8.:itTitJnli ITitJ030li 08 'btTiQ:?ei8 20X2
OJli.:>o.:>8oli0(!? ()C>tJ0(!?3JOOli, liC>JMUlf'l (!?Ci OJ8QOMJOC>lim.:>5
olTim0Q:? 0.:i5.:i.3otTif'loei 8P18 0 oooei5f'looli liotTiei'Bo 'blTiQ:?" 200 (!?" 20X 1 CloQ:?0ITiooom.

Q:?" ei5 0 .:ifiioo 0oooli

(!?C>J80@Jf'lli li00.:>'bf'l O:J(!?C>M:JOOUJO 0ei8f'llieib3oli "Harvey
Electronics"-li013oli lieio0'l:iP1 eitTioli 2000 (QC> <nn505li(JtTin .:>5 0 .:itTioo 0 oooli 08
.:>Mob 100%. Clo8Q:?oon Mf'l()f'lMG 08 Clobeio.:i8obo
n5lQodbaoo. :3 01Ti300 20X 1
(85, 147 ,000$) 003.:>(!?C>MJOQ:?om 8ob 20XO b00.:i 'bM Clob.:ioei8ob (70,360,000$),
n6Q:?odbo oj5no.:> 121.0 [$85,147,000/$70,360,000] X 100). 6.6 Q:?0 6.7
0b0b03n5 (!?0 06001TinClo[J00li
ei6 0.:it110Clnoob 0 .:ilio3tTio 3.

161
 fl3a6 -vGap M(T)a J(T)a6.:.6oou aoa!J2o6.:.(;)a .:..:JC!Jo3aoou !J2"
oou a(T)cnb(T)36aoo, ai>M'>();JOO !J2" JM;J!J20-
- 31>l.JO!J23:JOOU cn.:.6.:.oM/>f.l1
-v6!J2.:> a(T)dM.:>(T)Of.l1:JU 3'>l.JOf.l13aooo.:.6 :JMcn<>f.l1, J'>M()<>!J2 a(T).:Jaa!.l?o J(T)a6<>6ooucn3ou•
.:.aoe!J(T)a 3.:.bu(T)a!.l?acn, M(T)a .la(;)aao 5ao6!J2" 3.:.l.io!.l?aaoou
20X2 .:.<'iol> 148.0, ao-vcnocnaou 48% (148.0
100%) 'bM!J2<>u &"l.ioll2aaoao (T)Mo u.:.o.:.'bl"l Cla!J2"Maoocn.

6.6 ob!'i1oc::;iClo, </3'2Jc:::'Ob 'b(i)C!?" b.">O."l 'b(T) O[Jc:::'OJ.">6 ().">6b.">J()Ol!'i1[JOOOJ 013.">c::;ib.">flo6(T)."> !.'!?"
0801b3[J3" fl306G Cl[J<13"b[Jo.">b. "o!'i100130, 683.7 .3!'i1(T)(3D68o"6o (783.7 0.">8(T)Jc:::'[JO(Jc:::'O 100%)
'b!'i1C!?."> 'B(Jc:::'O" 2 oc::;iob 0.">68"3c:::'(T)0.">Clo .">!'i1ob d!'i1(Y)d(T)!'i1(30(Jc:::'"C!? o"C!?"8D8DO(Jc:::'O, OJ()
a a
03 ..,t!?!'i1oom 8b(T)c:::i(T)t!? 0806!.!?" o"tio!.!? 3oooG 48% 'b!'i1!.!?"G o8_., 30 0!'i1o(T)t!?CJo.

06l!WdlJ06'()3'Vc::'O
JM83o6nnl> "R. B. Harvey 20XO 20Xl 20XO 20Xl 20X2
Electronics" ooc;:>o6l>n (31
foc:;Q!n $ 2,507 $ 11,310 $ 19,648 100.0 451.l 783.7
awJoaonl'\n) 70,360 85,147 118,415 100.0 121.0 168.3
Q!(JOOi!!JMM(Jc::'O (!103.>e,:>no6(JO(JOO
8.>!1\03300 77,380 91,378 118,563 100.0 118.l 153.2
bb30 aoall1n6i>lll:J odi!!Jn3aon 6,316 6,082 5,891 100.0 96.3 93.3
aoa(!1n6<>llln od8n3noo $156,563 $193,917 $262,517 100.0 123.9 167.7
->d803300, 08061!10 79,187 94,652 115,461 !00.0 119.5 145.8
bb3-> 3llld3c;:>3->Q!no6n od803aoo 4,695 5,899 $491 100.0 125.6 ll7.0
a01e,:ioo60 ->dt3Jn3noo $240,445 $294,468 $383,469 100.0 122.5 159.5
-------- ....
3.)l!!.'!.l?Q37Jl!!.'D3D30 Q!,:, lJ.)MGOC'l
·---------------
JM:JQ!Ot3JMlll(lc;:>n 3->c;:>Q!:JO(Jc;:>:JO:JOn$ 35,661 $ 37,460 $ 62,725 100.0 105.0 175.9
3"1l1"l>"bll1:Jc.:>0 aadl>ac.:> 0 20,501 14,680 17,298 100.0 71.6 84.4
l l,054 8.132 15,741 100.0 73.6 142.'4
&aa!nG:.Ma $ 67,216 $ 60,272 $ 95,764 100.0 89.7 142.5
30c;:>n 888 l,276 4,005 100.0 143.7 451.0
$ 68,104 $ 61,548 $ 99,769 100.0 90.4 146.5
odG"" 12,650 20,750 24,150 100.0 164.0 190.9
37,950 70,350 87,730 100.0 185.4 231.2
aO()GoOoc;:>a0:Jc::'O 121,741 141.820 171,820 100.0 116.5 141.l

$172,341 $232,920 $283,700 100.0 135.2 164.6

(!10 boodG°"' $240.445 $294,468 $383,469 100.0 122.5 159.5

·----·-

061l1Ddl>Ot:>D3'Vl!!.'O
J"'a3i>6onl> "R. B. Harvey 20XO 20Xl 20X2 20XO 20Xl 20X2
Electronics" ooaMl.io3e,:iaonl> 08o6Q10 (>OlJOll13l)OO $323,780 $375,088 $479,077 100.0 115.8 148.0
0630!1\003300 148,127 184,507 223,690 100.0 124.6 151.0
(oc.:in<J!l'in, 31 1l10J:J803!1\n) $175,653 $190,581 $255,387 100.0 108.5 145.4
3°l:JOll13:J0n, (!10
131,809 140,913 180,610 100.0 106.9 137.0
7,700 9,595 11,257 100.0 124.6 146.2
Jlll:Jll108nb b:.Mx,o 1,711 1,356 1704 100.0 79.3 99.6
$ 34,433 $ 38,717 $ 61,816 100.0 112.4 179.5
12,740 14,712 23,490 100.0 115.5 184.4
$ 21,693 $ 24,005 $ 38,326 100.0 110.7 176.7

162
 ul.i030 (J5C!p uc:;o5od5Ml.i C!?000<!J>M61(JC'.:!0 8MmbM35oooli 13?0 80610 0 oooli 850Cl35oe:::>M3u5o
'b61a;i0 20X 1 Oe:::>013?u5 20X2 Oe:::>u8U?o· oli G3e::!Oe::!000 061 fb513?u li<!J>61(Jd@>(J61(Je:::> 050e:::>o'bClo. 61M(3u
l'\3 0 5 3013?0610 om a;i 0oo<!J>M61(Je:::>o 8MmbM350ooli !.!?" 80610 0 oooli 8(Jbe:::>o<'>li 68o5a;i0 0 0tioU?3oom05,
'b6113?0 061 f\05li. (JM8.305ooli 30e:::>a;io6(Je:::>O<'>oooli o61()53oli !.!?" 80610 0 oooli 661()53oli Clo8M68ooom
Clo 0 3ode:::>o0 350bMm 6108!.!?05013? Ju61 0 013? 8061m03li JM8.30500 08 8'b06113?0 0d<!J>o306oli
05 0 0610Clooli). caodlio61o6(Je:::> 0d<!J>o300Clo 0c:;o5oCl50 8cio61o 'b6113?0, 80 0 6108 G3e:::>oe:::>o60li m05
0be:::>U?" boe:::>li0ti61oe:::>o, 0610.361M.3M61(3o(Je:::>O G3e:::>oe:::>ooooo 0 utJOU?3ooClo OMe::!M M61o 6e:::>oli
0 05803e::!MOudo.
60e:::>05lioli 3"e:::'U?OO(Je:::>Oooli 506oe:::>Clo l'\305 3bo13?03m 'b6113?0li J61oU?o<!J>M61(Je:::> !.!?" lib30 80813?0-
50610 3"e:::'C!?06(Je:::>OoooClo. 0 0'b6113?oe:::>o0 8bMe:::>MC!? U?ooo<!J>M61(Je:::>o 8MmbM35ooo, 610ci 0 0tioU?30-
ooli 'b6113?0lim05 d013?u61ooom 13?013?M, 0lio30 13?013?0u C!?000<!3JM61(Je::!O 8MmbM35oooli CQu 80610ooooli
'b6113?0lim05 CloU?"61ooom. 08 06caM6180cio0'bo C!?"tJ61!3?5Moom, l'\306 Clo 0 3ode:::>o0 350bMm JM8-
.305ooli J61oa;io<!J>M61(Je:::>O 3"e:::'CQOO(Je::!O<'>oli o"U?"bCQoli 061()530, 61M8 0 030 0 Mm, Clo(Jde:::>o" m(J 0610
JM8.30500li o"C!?"(Jbu13?Mli 8o86MU?06e:::>o6li 13?61M(Je::!"CQ· oMe:::>Mli, 0 61doe:::>3"!3?0060 30e:::>oli,
fi3o()e:::>J6Mo30 0dciooooli !.!?" 0 0()606oe:::>o6oe:::>o 8rri 0 oooli 'bMCQu U?"o3ob80610 0d<!J>o3J6oli
CQucao606lioo0Clo orrie:::>M M61o 6e:::>oli 0 05803e:::>M00Clo.
6.7 (3b61oe:::>Clo o5U?Jdlio61oo(Je::!O Clo8Mli03e:::>oli 05 0 0Mod 0 J00 odC'.:!03" 00 030 li(J61umli,
M01c,0161ci Clo801li03e:::>oli 05c,0610Clooooli li<!J>M()d<!J>(J61(Je:::'0 060e:::>o'bo - Jo61dM13?, 8oMtJOMOli
06 0 0610C1 0ooli 8()be:::>o6o. 20X2 6oe:::>li 8M8 00 0006Mooli 8J3omMo 0 0()8.?GM0 0li 000 (8M 00 60 J61o!.!?-
o<!J>oli b061.?Goli0 !.!?" 0 013?0li0b013?oli o"U?"bCQ08U?o, 61M 0 M61(3 6806a;i0 8M 0 000) (J<a61M "!3?3oe:::>o
Cloli08%0300 - 0 06liuJ(JmMooom 80005, 61MCJ" l'\305 30a;i06106m 80li 0 0tJ013?30600 8cio61o .3MM-
Go6<!3J(Je:::> 0 0()8.$GM<'>olio60li. (J<a61M 8o&oci, o6U?odlio61o6(Je:::>O Clo8Mli03e:::>oli 06 0 0Moo 0 000 l'\305
0 30de:::>o 3 li 06caM6180cio0li 8M 006oli !.!?" b0M.?GJ<'>oli 0oliMe:::>(J<!J>()li'io lio!.!?oU?oli 0Jli0b 06. li<!J>61(Jd-
0()61(Je:::>o 060e:::>o'boli u6()uMOO()OOoooo l'\306 uM o3ud3li 06caM6180cio0 61M()M61 0(33e:::'OOOu6
0oli01e:::>()@>()MO lio13?0U?OJOO 13?Mrrioli c,05803e:::>MOuOO.
oo.?G08ooolim3oli, 60e:::>06lioli !.!?" Clo8Mli03e:::>oli 06 00!i'ioo 0 o6oli 8(Jbe:::>o<'>oli li<!J>06a;i0!i'i<!J>o'b0cio0
MM()M61(3 li<!J>li'i(Jd<!J>()M(Je:::>O, uliJ30 o6a;iodli(JMO, bo0Mu13? c,30de:::>o3li 850036oe:::>M306 13?u80<!3Jooom
06ca016180cio0li caofo6li(JMO JMocaocioo6&oooli 060e:::>o'bm06 JMffiuCQ. li<!J>li'i(Jd<!J>(JM(Je:::>O !.!?" o6U?Jd-
li(J610 050e:::>o'bo (J<aMrri "!3?30e::!o0, 61M13?oli0ci 0 08MotJ05000 JM8.3o(J<!J>061(Je:::>O cibli'ioe:::>(JMO .31i'iM-
0M080 odlioe:::>o. 80c,M08 MM()01610bli6om dOU?Ooo<'>li, 13?u8MJ013?00(Je::!Ou md305'bo, ufoe:::>o<!J>oJ01li'bo.

8o()b0n?"3"C!1 lib30(Q0lib3.::. Q?006&o(;)oli;:iove:;o .3o(;)oooli
0 .::.6\Jb303oo()e:;o o600MOlioooli0, cso606li()Mo 06.::.e:;o'bo
tJM3JC":;m3oli om30e:;olioo6oolJ cso606l.i()MO .::.6 0 01Yioo3000\J
0 08MtJJ6000li, doMom.::.(Q.::.C!? 00e:;.::.6lili (!?0 OJ8Mli03e:;oli
06 0 0tYioo 00 0.::.li.
00e:;06lio 0'.)(;08ooli .::.d&o3ooli, 3"e::'C!?Oo'Zle::ooooli Cl?" li00d-
8o(Y) J<>.30&.:ie:;li (QMMoli 8M8o6&oo. 008Mb03e:;oli
06 0u1Yioo3000 "'.)(;"8oob JM8.306oob Clo8Mbu3e:;ooli Cl?" b01Yi-
'.l(;JOb Q?MMob JM6JMJ0'ZJC'.:! .3.JMOMQ?OO.
cso6u6b()MO u60e:;o 'bob JM6(3Jd0'ZJC>C':;()MO f\01Yif1M u6.:ie:;o-
eoJMbli 0de:;o3li 060e:;o'boli b0M()Je(JMObm3ob ()Mmo-
olYim80Ju3CloMJOJC':; 8omMQ?JOb. 80 0 .:ie:;omoQ?, ()<>MO
DtJoMMJoom IQ<>cso606booob .:i60e:;o'bob0b, f\306 0 3006-
&olYiolioob JM8.306oob cso606b(JMO b0iJ:oMMJOJ00 1 8obo
cso606b()MO 8(Q 0 M8oMJMOo, 0deo3Moo Q?0 oo'b6JbMoJbO .
.::.8 80801Yim(Je:;oooooli 060e:;o'bom, Cloode:;oo0 0 06ob0'b-
c:;3IYiMb "'ZlGor:::oooe:;o C!1"'Bo6u6booob 8M(3'ZJr:::'Mo0 Cl?"
8M8'buQ?Q?Jb beics(Jd3or::;o 8Mr::;<>.30M<>Jooooob 00M8Mooob-
m3ob J.:>.3o&<>r::;ob JM@JJ6(30(JM 808DM(QJOr:::'Oom06.
cso606b()Mo JMOCS0(30J6eooo .:itYiob 06b@JM()836&000,
MM8r::;:iooo 0 08MotJ06000 'l3ofo6b()IDo 8(Q 0 M801Yi0Mooli Cl?"
0deo3Moob 06oe:;o'bobm3ob. f\306 3060 0(;)00Mom JM::Jcso-
ooo6&oob, IYi0Q? 0 o6 08 0 301Yi0C!? f\306 3oc:;oom oobo(Qo-
MJOC":;"C!? "C!? 3or::; 8uf1 30 60or::; 0oL>, MM8oe:;o 8 CJ 0odr::;ooei
O::JMb (J'l}MM 0 o8MGutQOC,O, 30Q?MO m3om IYioob3000.
'l30606G()<"io JM.'.J'lJOGoo6&ooo otl"''B" b()m do<"iomoQ? J<>&-
Oo"'<"io.::.C!?: e:;oJ30Q?'ZJMM00, e:; 030 <'1 0'.l(;o (s0e:;n?n<'>'Zle::ooob ),
C!?"'l.3"<'130, "J®O(JMM6u Cl?" 8M8(>,[JOOu6M00. 0M(3[JMOJO JMo-
'130(300600 8.:i<"i&Ml:Q <>c:;o<'>'ZJC":;O uM .:>Mob buJ8uMOUO JM8-
.306oob 'l30606li()MO 8(Q()M80M[JMOOU Cl?" 0d&o3Moob
M::J"e::''ZJMo Clo'l30Goo0Gm3ob. JMO'lJooon6&::ioob '.)(;2>'ZJ'Bo-
(Q<>6 ooode:;ooei o"J::JmC!?oli Q?uGuo()mQO()r:::'O ooca0Gooooo.
.::.8 8o'b6obm3oli doMomo(QO li.::.iJ:olYiM JM::J<BOGoo6@Joooli
M0M(Q[J6Moo 0<'1 01Yioli 0031Yio - Q?.:>obr::;M::JOom .::.mo8Q?O·
JMO'lJOGon6&oooli 060e:;o'boli O::JCQOoooob 301Yi3obo06Mo0
CQ08MJOCQOO(JC':;Ou 08 cao606b()MO 060r::;oeoJMliob (3MQ?-
60 'bn Cl?" 308M(3CQOr:::'000'bo, MM8::JC":;0(3 o::io6:ioli Sum.
G"e::'JD "C::OO()C':;O cao606li()MO JM::J'lJ0(30J6&ooo 0Mu-
cao1Yioo oM 0 08Mo3"!3./oOOu; 80mo 060e:;o'bo (J6CQ0 8MbQ?::Jb
dJQ?C>M[JOoli li0'13()d3oe:;'bo. 8.::. 0 <>e:;omeiCQ, JM8.306oob
O::JtQC>MJO.:> 8li 0 03b JM8.30600bmu6 l:Q" o6CQ()li0Moob
b@J06CQ<>M&Oom06 CQMMoli 0 068<>3e:;Mo0Clo, IYieio li0Cl'Zl0r:::o-
00li c,30de:;o3li 0c:;8M30f\06Mm n?"<a"M'ZJC':;O 'l3"J®MMooo,
MM8e:;oooe 0 060.30M(Y)ooob JM8.306ooli 'l3ofo6li()Mo 8CQ 0 M-
80M0Mooli C!?o6080Joli Cl?" 80801Yim'Zlr:::oooli 03e:;oe:;oo0li.
OJ(QC>MJOooo Cloode:;oou O::JMli oli&MMO(JC":;O, 8031Yi08 806
CJ3ode:;no0 0lio30 8010030li 8M8<>30e:;o CQ"2>3o8or::;o
cao606li()Mo 06 0 oMoCJ 0 3ooli 060e:;o'bo.
lieM'ZJJG()M()C':;O (Qu o6ci:odl>'ZJMo 06ue:;o'bom ooode:;oo0
803oc:;Mm (Qu80&oooorn 06'13MM8<>000. 'bo8Mm 0 0630-
boe:;om 6.::.e:;06boli lib30Q?0bb30 8()be:;o MM 0 MM(3 8me:;o060
.::.d&o3oooli .3<')01eo6&0 lQ.:> Cla8Mb.:i3e:;oli .::.60 0M0Cl 0 oooli
8br::;aoo, MMC,MM(.3 o8o6(Q0 ()0::JO(Q3JOOb dMM(3J6&o. 00r::;-
.::.6lioli '1<'" oa8Mli.::.3e:;ob 06 0 .::.1Yioo 0 oooli 8(Jbe:;aoo 3.::.8Mli.::.b-
'Zle::'o.::. M01 0 MMG b.::.00'boliM 6oe:;m06 OJ(Q0MJOomo
o6C!?:Jdb::ioo.

163
 'lJM8.:.3li 8n8(!?n6.:i<">::i
aoa1J?o606in !J:?"'l.P<">3nli
8n8(!?n6.:ifil::i .:id803::ioom.

}n8!:Qn6.:Ao .:id!§n3ai'rn-8.:im.:.0aon 'lJM8.:.3li 8o8!:Qo6.:i<">::i

(l.i66i0'?30)
8n8!:Qn6.:imo C!?"'1Pfil3oli
8tJl§i:>(!(
(l>ofil.:i<a) 8080!:!?6"filo .:id!§o3noom

l.i00dGOP1 .:il>.:ib.:.3l> !:!?" bi:>J()Oli:>Mo

!:!?"'Bo6;,6l>oonl>
b.">.)D(30P1

"L>"b., 3L> f\;,mf\Mool>,

1J?0
<">dl§o3000 JM8:Jo)Go;, ntio6ool>
6.:.L>ol>boo
1J?0al'1JOl!?Oo

EBIT* ;,l>;,b;,3l>
1!10'?306'301..i
!:Q<'><(3i>M3ol>
03nf\306ool> (!(MMnl>
Mi:>M(!(tJGMOi:>b, b(!(tJOi:>
.3MM(3tJ6!§ol> 0.:.8M8'(JOi>3tJOi:>

0806(!(."> 'bM8;,3l> Mi:>8(!(()6'.l(:tJM 8Mb(!(i:>

JMtJ(!(O!§nm 0;,tJn!:!?3tJOn
omv63" (6.:ic:;l:Qn
81'1ffibl'1360o01..i (RT)

n6<(3MM8.:>(3n.:il>
b.:imol>b'ba

al'1mbl'1360oOLi 365 8MmbM36nl> ;,8Mc:;oool> C<;?e;aoonl>

2>M<J630 (RTD)
RT M<>M(!(tJGMOi:>
i:>8M!!?000U dOMOM(l/O)

'bM8;,3l> Mi:>813?tJ6'.l(:(JM 8Mb13?.:> 8.:ir<l.:.-

oDOnU omv63;, {0.:>tJOCQ3")
o6<(3MM-
8i:>(30<>b 8.:im.:. 0oool>
l:Q'()MMOi:>'bo l:Q<> 'bo!:!?8o!§o 8.:im;, 0oonl>
_______________ __________ 0;,8MtJo6oonl> 'bo

l:QC::aoonl> m.:.M!:!?tJGMo.:i,
a06>000001..i 365
MMG"
IT 8c.mc. 0aoo, u;,6.:.8 ol>n6o ()MtJO(!(tJOC>

164
 6806!:!1" e.<>t101:!1 3a6o
0dt!!>030oOG o<">\1630 'bM8<>3l> 8cnc;in<>6n "D8n306nl>
o<"i\1630) 8cnc;io<>6o <>d8n3060** o'i3od8°"6"'6ol> 1:!1"8"'Jol:!1o6'Vc;ia6"li
doMoa><>l:\1 a"tloi:!13:J6cn<>6

'bM8,:,3\.i 8M8 0060,:,6M61>\.i

6806!:!1" 8"'0a6<>
0.:it10!:!13aom,:,6 oal:!1.:.liia6ocn;
6806!:!1" o"t101:!1 3a6o 68061:\11> 008Mli1>31>c;io
01>t101:!130ool> aliim 1:!1"'c;>1>lii'ba

68061:\1-'> 8M 0:J6<> 'b"'8<>3l> .:.j8n3n6001

8f'lo000 0630Gt!!>OG00'b0 (ROI) 8"' 0o6nl> 8ocwonl>
l!?"<'>Do3!Vlol> 1ln81Ra8
a..... 8 no0 0d00 3no'bn O'BOd8'Vlii"'6.:.li;
n63ali8oliio6'Vc:::io J.:>:308.:>c:::inli
008M8(J0.:>306oli l>n8dc:::i1i3MO

68061:!?" 8"' 006" o"l:!1"1.;"b"l:!?06ol> 008\:!?0o 68061:\1.'.> 0.:>l:JOIQ3000

6806!:!1" o"t101:!? 3o6'ba x <>j@Jo3060**

'bM80 3ti 01i8"'8'Vo1i30 onli

68061:!11> 8M()OO.:>
ari0000 L>0J\lffi0<"> lio8dc;i.:>3Moli "DGn"'6nliiaooli
1R"<'>n33!Vlnli 1ln81!?aa
(ROE) 6.:ie:i11 06o c:;nliioo'Vc:::iaonli
n63oli80Go"'bo

63060<Q0 ario::ioOL> 0d<!l>03:JoOL> L>0J\lffi0<">0

80<"itl0 X o<"i\1630 X

6So6C!1" 8"' 00 0,,, 68061:!1" 8cnc;io.:.6o

o"l:!1"L>.:.b.:.l!?oooli oo8i:l1oo o"l:JOl:\13QOO "d8°3o 00 **
- 6806(!1" o"l:JOC!130oo
x 8cnc:::io.:.6o
x
1>tJ803000**

* 8"' 0 oo" JMol:!1o8oli b,:,lii:;.;;"81:!1o !QI> o"C!1.:.li0b.:.!:!1oo"8!:!1o

** &"8"'t1a6oo(Jc::;>O oj5oli li.:.Cl(J"c:::'"' 8;,1\305oooc:::io, 301:!1M:J

11
00u;030u;uo(lc::;o (l/>n:;0b0b0!Qn - ob bClnM.:irQ f\06b Jf'l8.3.:i6nnb 00c::;06bnb 01'0doc::;30rQn.:i6n 30c::;-
- 3"c::'!QDOCJc::>Do'" rQOO(Jc::::'Oonb foonc::::iCln - !501'08(Y)Clf'loli P100c::::i(Jt'0 01'0f'loc::::io8ooli <an6.:i6b(Jt'0n 060c::::inonJf'llinbcn3nb
r;\018oc::-no l:for;\8"'"!!1oD5G Jf'l:::J'Bneno6o(JP'l 060c::::in'bCln. cn(J8e0 00c::::i06bCln n0n 8uwo0P'lof'lob 0 1'0d;:ic::::i30rQn06n 30c::::inli
"J(J8(Jc::>nMDO()e:;' 0 06bb30-
3QO>b, !QDJe:::>"Mol'1000e::; 8(Jbc::::ion, 060c::::inonJf'lb[J6b (U?" 0 06b0J(JcnP'l;:ioncn 061 O[J(Jdc::::in.:icn Clo0106b8000
8"1J2"l>"b"(Ql>O !!1" 'l3"d- n8.:>'bo, 01() Mf'l 0 f'lM 0b0bf'l6 o"rl?03"!QOO(Jc::::'n 0 01Q;,li0b0U?oon Jf'l0'8neno6o(JM 06 bb30
G"'6Mo3 8"G?"b(QQOU 06.:>c::::in'bon, Mf'l 0 f'lM(3 3.:>c::::in 06 b0J(Jcn.:iP'ln J.:i.'3no0c::::in, 01() 0P'leot0cnn ,:,8 b0bof'lonrQ06. 1'0.:i 0610[;
OMOlol>. nu 2,06Gb30301>0
bClol'1o(Q o8n0M8 .:i8nb 8n'bo'bn?
5ol'i8Moo3000, """'a b>QJO"
8"'8Dool> lib30G?0lib-
30030M01!? 0 08Mcn3e::;0
'130606l>vl'10 05 0.,1'1nll-
3000G0 "2" lio 0 00!:!/bob0!:!!"'
60e:;.:i6bon 0 01Q0301Qo6(Jc::::in o"U?"li.:ib.:i!Q;:ionb 5.:it08f'lof'lonb (J'?JMf'l 8o(l)01Q 0 03P'leoc::::ioo(Jc::::in
05 00Mo<l 0000G00130G. 8n'bo'bn Miinl; Jf'l80.:i6nnb 8no6'i 08f'lM@Jn'b.:iennb !Q0Mn(3b3nb 0 .:i5bb303;:i6(Jc::::in 8ocnf'l!Q[)Onb

165
 3.

0<>8f'l1:J3630.:i .:i60.:i('i\oool.i Cl3CQ0360Li.:il> C!?" l>.:i0<>CQ<>l>.:ib.:>CQf'l

Cl3l>.:i3L>30.:iC!?. ()83i!!.J3l> Cl3801b333.:ioo Jf'l8.3.:i6o.:i o('i\f\33l> .:i8f'lMi!!.Jo'b.:ioool> CQ<>Moob3ol>
8301f'lCQl> 8ol>o .:i60.:i('i\000300Li013ol>, 8.:i0('i).:i8 01:136aol>
.:>8f'lMi!!.Jo'b.:ioool> (MACRS) 8301f'l(!?Ol.i i!!.Jo.3l> l>.:i0<>CQ<>l>.:ib.:>(!?f'l
.:i60.:i('i\oool.i013ol> (6.:ib301 6 A.I). 3l> "CQMf'l30001" ()<>M31:Jf'l01
8f'l030.:i'b3 0<>u;><>l>.:ib.:>(!?Ol.i 0.'.>CQ.'.>b(!?.:>, M.'.>8CQ36<>CQ<>G 8f'lQ30.'.> o<>CQ<>l>.:ib.:>CQOl.i 8o'b63ool>013ol>
30CQM3 8f'l030.:i. 01() Jf'l8.3.:i6ool>
.:i60 .:iMoOOo .:iol.i.:ib30.:i 8f'l030.:i'b3 0.'.>CQ.'.>l.i.:>b.:>(!?Ol.i 0.'.>CQ.'.>b(!?ol.i (!?OCQO 01.:i6bol.i CQ.:>6.:ib.:>M%o, 30CQM3
od6.:i 8.:ioo6 .:i8 .33MOf'l(!?Ol.i013ol> .'.>M Cl3CQ030.:i .
Cl3oi!!.J.:i63l> 0<>CQ<>l>.:ib.:iC!?3ool>
l><>CQ<>G .:iol>.:ib30.:i 8o8C!?-
o6.:i('f)o 0.:i6l.ib3.:i330.:i o<>CQ<>l>.:ib.:>(!?Ol.i 01.:i6bol.i 060.:i('i\oool.i (!?.'.> l.i.:>0.'.>CQ.:>l.i.:ib.:>(!?f'l
.:i60.:i('f)0Clol> 8ob3CQ3001. 01() Jf'l8.3.:i6o.:i .:i6 .:if\ 3('i)3ol> .:idi!!.Jo3oool> R.:i8f'lo3('i).:il.i,
8f'lbCQOl> d0Modo01 - 0.'.>CQ<>l>.:ib.:>CQOOO
30CQMO 0<>CQ.:>l>.:ib.:>CQ300 - C!?" Li.:i/foMf'l od6oo.:i 0"C!?"3"C!?3-
0<>CQ.:>l>.:ib.:>CQ3ool> .:i60.:iMoool> Cl38(30M30.:i, M.:>01.:i od63l>
. .:il.>001 03801b303.:ioo, 0<>(!?.:>l>.:ib.:iC!?oool>
b(!?30.:> 8f'l01bf'l36.:i", (!?Mf'l01.'.>
0<>U?.:iobCQ30.:i. .:i8.:i33 CQMf'll>, 01() Jf'l8.3.:i6o.:i .:idi!!.Jo()M<>CQ <>Jo01ool> 0633l>i!!.J0Moo.:il> do('i\001.:>CQ
8.:ioo6 0<>CQ.:>l>.:ib.:>CQ3ool.i 0<>CQ<>bu;>.:i
.

.:ifi1Go
.:i6 8'b.:i('f)C!?o Jf'l8.3.:i6ool>013ol> .:i('i\ .:i('i)l.i3of'lol> O<>M(J8<>i!!.J30-
CQ<> .:i8oi!!.Jf'l8 0<>CQ.:>l>.:ib<>CQ000 'bMCQ.:>l>. 033('i\o
8'b.:>MCQO (!?.'.> Jf'l8.3.:i6ool.i013ol.i 0.'.>CQ.:>l>.:ib.:>CQOOol.i .:i60.:i('i\0CJ0 .:>Mol.i
.:i8 l>.:i.30Mol.i.3o('f)f'lC!?, 0<>CQ<>01:J3oi!!.Jf'll>
.:i60.:i('i\0003ool> 8o'b63ool>013ol> .
0<>CQ<>01:J3oi!!.Jf'll> Jf'l8.3.:i6ool> .:i60.:i('i\0003ool>013ol> OM01-
0M010 .:i6 f'lMo 30 0aC!? 30 o a 0.:i8f'll:Jo6ao.:i Lioi!!.J(J<>Gool> 8oboC!? 3001
0<>CQ.:>l>.:ib.:>(!?Ol.i O(J6oo.:i C!?" l>oCQOC!?O· .:i60.:i('i\oool.i 'bM(!?Ol> 8o()bOC!?"3"C!? C!?" O.'.>M()-
a0801b333 .:ioo):
o8o6C!?" 08.:ii!!.Jao.:i 8o8U?o6.:i('f)o .3 0Mof'lC!?oL> 0.:iU?.:il>.:ib.:iC!? 3ooL>
CQ<>6.:ib.:i('i)%o - .:i8ol> <>M0()806i!!.Jo .:>Mol.i ol>, Mf'l8 8f'l030.:i Clo8ooMCQ<>
0.'.>CQ.:>l>.:ib.:>CQ[JOOl.i 0" 'bMCQOl.i 0<>8f'l.
Jf'l8.3.:i6ool.i 0<>(!?.:>l.i.:ib<>CQOOO 08.:ii!!.Joo.:i l.i.:>J()01.'.>M
- .:id <>M0()806i!!.Jo .:>Mol.i ol>, Mf'l8, M<>CQo<>6 ol> 01.:i6b.:i <>M .:>Mol.i C!?"
J<>6f'l6oo('i)o, 8f'lo01bf'l3l.i 0"C!?"bCQ<>l>, ol> <>U?006l> Jf'l8.3.:i6ool>
8CQ0f'l8.:i('f)of'lo.:il>. 000 .30.:i3l> l><>J(J01<>M 30CQM3

063.)MOCJoO<X> l>.)o0t!10l>.)b0t!!Pl 0630t:iOCJOOo0

06 00M0Cl 0ao0 08061:!?" 3.:it10!:!?3noo $Joo.o $100.0
0li0b0 3ti !:!?" 0.:i(i)!:!?.:i 45.0 45.0
(\0f.!?0li>b>f.!?li
20X2 Oc;:>ol>
31 !.!?DJaao0Mti 20.0
).
$ 35.0
14.0
$ 21.0

**3.:>tQ.:>l>.:ib.:>!:!?QOo
8o8i:Qo6.:i(i)Q (8M0(3.:>3u ';'.JJ3D 3<>1Q.'.>bi:Qoc:::'u) $14.0

.:.63.:i(i)o<Jo _.1:Q
8mc:::>o.:i6o .:iu.:>b';'.Jc:::>O o"!:!?"l>.:.b.:i!:QDOo $16.0

166
.:.bn010 Ot:J'lPbno.:., M.) 01d8.:. ()6CQ'>, 8f'l.:.b!:Qt:i6b Jf'l8.3.:.6oob CQ'> 8M8c,n-
oo.:.6f'loob Jf'lt:J'lJOGOt:J68t:JOOb 0.:.8M.:.60 .:.fi'ioOt:JO'>'bt:J.
Gb3.:. (J"MHf'l'lJb f'lfi'io 3n 006.:. Clt:i'll"bno.:.b. oof'l!:Qt:JO" fi'if'l 0 f'lfi'iG
- "net-of-tax" 8oCQ 0M8.:., t:ib bt:JCQ3'> 0.:.8Mo8t:i6t:JO'> (J8t:J&t:Jb'>CQ
o"l!?"b"b"CQt:JOOb013ob 08 bOCQOCQt:Jt:JOOb onb.:.o.:.8obo .:.d&o3noo
JM8.3.:.6oob • .:.c;onfi'ib .:.8 8o!:Q 0 M8.:.b,
()6CQ" o""Jt:J01f'lb on8l!?noo Clt:i'll"Gno.:.:

JM8.3.:.6oob ()'>CQ.:.b.:.b'>!Qt:JOO (J6!Q'> 0.:.8MoJ3001f'lb dofi'io01.:.!QO

.:.d&o3nooCQ'>6 - 08 8o'b::i'bo01, fi'iM8 .:.8M6l&o'b.:.Goob 01.:.6b.:. b.:. 0.:.!Q.:.b.:.b.:.!Qf'l 8o'b6noob013ob
.:.fi'iob S:.:.fi'ioo, Ot:JCQDo"l!? .:.d&o3ob .:.fi'iob (J'(lMf'l 30CQMt:J
b.:.c,'><Q'>b.:.b.:.(Qf'l .:.8f'lfi'i&o-
'b.:.Goob 8t:J01f'l(QO .:.fi'iob b.:. 0 .:.!Q.:.b.:.b.:.(Qf'l ()'>CQ'>b!Qt:JOOb Ot:J8GoMt:JOob dofi'io01.:.!Qo
.:.6 0 .:.fi'iooob b.:.fi'i'.Ji:'bt:J.
b.:. 0 .:.!Q.:.b.:.b.:.!Qf'l Ot:Jc:!"3"01ob o"l!?"b.:.b.:.lQob 0.:.6 l!?"G3")
Ot:J083D8" ()6CQ'> 08f'lb onb.:.o.:.8obo .:.d&o3ob .:.6c,.:.fi'ioClolQ.)6.

nt> on'll"Gno.:. 8M.:.blQn6G Gb 3.:.C!'!.:.Gb 3.:. .:.d&o(Jfi'if'loob l!?" 8f'l8on-

oo.:.6f'loob Jf'lO'lJOGOt:J6&ob 0.:.8M.:.6 0.:.fi'ioooo.:.'bo.

fi'i.:. .:.fi'iob 8o'b.:.6o? .:.6 0.:.fi'ioo 0noob?

2. 61.:.&f'l8 .:.fi'iob 'llo6.:.6b(Jfi'i Jf'lt:J'lJOGon6&nooo &t:16!Qt:16Go(J610
JM8.3.:.6oob Auxier Manufacturing 8081.Qo6.:.6ln Jf'lt:J'lJOGoo60o .:.fi'iob 4, 8.:. 0 fi'i.:.8 JM8.3.:.6o.:.b .:.fi'i
01.:.3obo .:.60.:.fi'iooooob o"lQ"bCQ.:., fi'i.:.&f'l8?
JM8.3.:.6o.:.b Jdf'l6!.Qt:ib .:.d&o30 o'bo 8M8 0noo.:.6Mo.:. 25% l!?" .:.8001 o8f'lb 0od6oJ(J-
fi'i.:.lQ '>M'>C,'>CQ'>b!Qob(J6.:.fi'io.:.6o (.:.6() .:.fi'i 01.:.3obo .:.6 0ofi'iooooob C,'>lQ'>bCQ.:.)? .:.bbo6001.
8M01bM36ob .:.8f'lc;noob .3nfi'iof'l!Qob l!?" .:.d&o3ooob C.61()63ob .3n6lof'l!:Qob
0.:.6b.:.'bc;3fi'i.:. OJ308!Qt:JO'>MOO'> Jfi'io&oJ.:.b, M'>CQ()'>6 Mfi'io3n on801b3n3.:.Clo
.:.6bob 8f'l6'>Gt:J8ooo, .:.fi'iob o'>80lQ3t:JOOb 013ob OOCQDot:JOO,
(JJ'>30oM!Qt:JO'> o'>80lQ3t:JOb (006.:. 00801b3n3.:.Clo) .:.6
o0801b 3n3.:.oo). fi'i.:.&f'l8 b!:Qoo.:. ob
6. .:.bb::i6001, fi'i.:.&f'l8 (J6CQ" o8f'lb JMt:JCQO®f'lfi'io
CQ(JMf'loob Jf'lt:J'lJOGon6&nooo.
7 93 o6.:.6b(Jfi'io Jf'lo 93 o8 on6&ooob 0.:.8f'l 8n6no.:.b .:.8f'Jo61Bo 3CQ001 01 03 n6 fi'if'l8 08f'l01:
o.:.6JOMO, bt:J'bf'l6(JMO 8.:.fi'i.:.c,noob CQ"'llo6.:.6bno.:.b.
8CQOCQ'>MO 063ob0f'lMO, ndnob 8f'J8()t:J00.)6o 3.)fi'io.:.601.>.
o· b.:..3o6bof'l '13f'l6(Qob 8n6o'.Ji:ofi'io, JM8.3.:.6oob
oodo6"b.
CR· .3fi'if'l!:Q()J0ob Jf'l8.3.:.6oob .3fi'in'boCQt:i6&o.
00DG'>CQM01 Ot:J"'l'.l"bf'l01 .:.d3b 01() .:.fi'i.:. JM8.3"6o.:.b on3fi'io . .:.8ob013ob 9306.:.6b(J61
Jf'lt:J'l'.loGon6&oob 0"8f'lo8n6no01 CQ'> fi'i.:. 8o'b6ob013ob?
M'>8f'l8 Jf'l8.3.:.6o.)b Jdf'l6!:Qt:ib 8MC,t:JO'> CQ'> .:.8.:.3n
CQMMb JdM6CQob 01.:.3obo o'>CQ'>bCQ"b01.:.6
C!?"J" 3006lnoo01?
6006.:.3b 01() .:.fi'i" JM8.3"6oob 8.:.fi'i.:. 0noob OM(J63ob Jf'l0'13oGon6&ob 'bfi'iCQ" 8obo 8M8 0o-
oo.:.6Moob 'bfi'i(Q.:.b? .:.8 Jf'lt:J'130G006&t:1oob M'>8f'l8 0.)8f'l08t:J6t:JO.)
.3fi'iMCQ(JJGoob (CQ'> '>M.) 8"80CQ3ob
Mf'l8f'lMG ob J001CQ00'> 'bf'l80t:JM010 <(306.:.6b(JMO G&.:.eobeoJOb b.:.8b.:.b(JMOb
8oofi'i)?
11 . .:.6lob 01() "fi'i" 8f'l01bf'J 36" fi'if'l8 JM8.3"6oob '?3o6"6b(Jfi'i8.:. Jf'lo 93 o8 on6eno8"
8o8CQofofi'io Jf'lt:J'130G006eo} C,'>CQM3'.:.fi'iof'lb 8J'>GM"CQ CQ'>CQ-
G&.:.6CQ.:.fi'i&t:ioob CQM6t:Jb 2.0), fi'i.:.&M8?
JM8.3.:.6o"" ()9361f'l 8oe"U? 8M8 0 noo.:.6o: A Jf'l8.3"6o" .:.d&o3ooob

167
 OM(J63om 10.0 IQ-'> o8o61Q.'> 8Mo:JOOU JM:J'80(30:J68o 2%-om. ffi(J B JM8.3.'>60.'> -"d803::ioou
OM(J63om 2,0 IQ-'> o8o61Q.'> 8M 0 :JOOU JM:J'80(30:J68o 10%-om? 8MotJ3-'>6:J01 MM03:J
8o.3ou JM8.3.'>6oou
M-'>8M8 .'>6o3'::io::i6 JM:JIQ08MM:JOo,
0.'>6J:JOO, MMIQ:JU-'>(3 u::iub::ioou 8MmbM36.'>u? ()61Q.'> o-"-"J:J01M6
ffi(J .'>M-'> 8.'>m JM8.3.'>6oou '8o6.'>6U(JMO .'>60.'>l'i1oCl 0::ioou M-'>8M8?
' MMC,MM o-'>8M30tj:J6Mm o61Q:JdU(JMO 1'1M8
'8o6.'>6U(JMO JM:J<80(30:J68:JOOU 'bolQ.'>6 o6<8MM8.'>(30-'>?

JM8.3.'>6o.'>U - Barnaby Cartage - -"d3u 800,000$ 8o81Qo6-'>M:J -"d8030 IQ-" 500,000$ 8o81Qo6Ml'l:J
l'i1M0 MC'i1o :J'8:Jd8o ::id6:JO-'> Cl:J81Q:Jo 81'i1-'>6'b-"dGo::iou JM8.3.,,6oou 8o81Qo6.'>l'i1:J
JM:J'8oGo::i68'b::i (IQ-" IQ"'-"1Qoo6::im d:JIQ:JoMol'i1030 uolQOIQ:J:JOo)?
od6-" MMO U-'>83ol'i1mM 8.'>6d-'>6-'>, 100,000$
JM8.3.'>6o.'> 100,000$ uoubu .'>8-'>3:J m.'>6bou
8MmbM36ou JM8.3o6U.'>(3oou 'bl'i11Qoum3ou.
1Q.'>8-'>8:JOOmo -"dGO:JOO 200,000$-.'>IQ IQ-'> 8M 0:JO.'>
RMIQM M.'>81Qo6o8o o-"'8-'>MOlM:JO.'>dO.
JM8.3.'>6o.'> 'bMIQOU m.'>3ou MM8 o-"IQMb.'>IQMU 40,000$
IQ0301Q:J61Q:JOO.
JM8.3.'>60.'> - Acme Plumbing - tJOIQOU U.'>68od6oJ(JM 8-"IQ-'>blQOU .3ol'i1Moom
,,2/10, 608(') 30." 8ouo '806.'>6U(JMO .'>6C,.'>MOd:JOO U.'>80 .'>MOU
d:J81Q:JoO:

20XI 20X2 20X3

6>c;C!?o iavc::o $ 30,000 $ 20,000 $ 5,000
C!?QOn8fTlM<JC::O 8rombro36300 200,000 260,000 290,000
8>61>3000 400,000 480,000 600,000
&ao6C!?> iandl>nt'i3ovc::n >d803360 800,000 800,000 800,000
$1,430,000 $1,560,000 $1,695,000
Jl'iaC!?n8"'1'ivc::o 3,c::C!?aovc::aoaon $ 230,000 $ 300,000 $ 380,000
36idac::;pC!?n>60 3>c::ou 8n8C!?n6>1'ia 6>&oc::n 200,000 210,000 225,000
8"'JC::03>C!?n>6o JM:JC!?08n 100,000 100,000 140,000
36id3c::3>C!?n>6n JM:JC!?n8n 300,000 300,000 300,000
R3:ivc::aol'io 3o >dGoaon 100,000 100,000 100,000
3>v6>&nc::303c::o 8"'330, 500,000 550,000 550,000
$1,430,000 $1,560,000 $1,695,000
3,80C!?3:JOO $4,000,000 $4,300,000 $3,800,000
t'i;pc::o'b3ovc::o t,,3, m3omc;ot'i3ovc::ao> 3,200,000 3,600,000 3,300,000
&8o6C!?> 8ro330, 300,000 200,000 100,000
--------·-----·------·
.'>8 ffi.'>3d0 JM:J'80(30:J68:JOOU 0 .'>8Mtj:J6:JOOm 1 JM8.3.'>6ooU
'8ofo6U(JMO 81Qc,M8.'>M:JMO.'> IQ" -"d803MOil u.:iao . .'>MOU ffi'(J .'>M.'>
-"d t\1_,,oa::i
3. cio81Q:JoO o6<8MM8.:i(3oOU 0 .:i8Mtj:J600001, d:J-'>3U:Jm d:J81Q:Jo0

U,J(JO>,Mo J>Jo8,c::nb 36id3c::3,C!?o>6

3,C::C!?:JO<JC::OO,um,6 C!?>8MJOC!?:J0<JC::00, 0.5, 1-'ba
8mc::o,6o ,d803aoob ot'iv63> 2.5 J::JM
iavc::ob >8roc;3oob li>llv,c::ro .'l3t'io"'C!?o• 18 C!?c;a
a,t>i, 30 001.i ot>iv6 3, 9 J:Ol'i
1.i,3t'imro 8ro33oou a,61.,, 10%
atl,3,·8al>8 J"':J'(l0(30:J68o I, I m>6
• C!?,3<Jd3,°' b()C::Ob>C!?do ,t'iou 360 C!?c;O C!?, lJ30C::,
3,lJOC!?3, 3>6brol'i(300c::C!?, JMOC!?o8Clo.

168
 foC!;l1/0 q)C)(!!'O _$_ _ 33dl>ac::noo O?o 3oc::O?n1>CJc::nonoo $100,000
11/:JOOl!l>Mt<'ieJ(!!'O 8MmbM36300
--- 3t<ldac::3>11?M60 30(!!'11?30CJ(!!'QO:JOO
fl33CJc:>aot<lo3o 0de 0300
---
$100,000
80!<103300
--- $100,000
lla6""o> CQO oc;lf'::lt<l3oc::"'oo o>CJ6060(!!'::JOQ(!!'O 8MC,QOO
8mc::oo6o od803300 8mc::oo6o 3>c:>CQQOCJ(!!'Qo300 CQO
$ l>oojeo"' JOJo8oc::n $
---

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

20XI 20X2 20X3

$ 561 $ 387 $ 202
8MmbM36300 1,963 2,870 4,051
2,031 2 613 ---11§1.
&aCQnfut'la >j8o330n $ 4,555 $ 5.870 $ 7,540
qindl>nt<lo¢CJC::O oj8o330n 2,581 4.430 4,364
od803o(>n $ 7,136 $10,300 $11,904
$ 1,862 $ 2,944 $ 3,613
3.>qnl> &aCQ06ot<13 fu6oqo 301 516 587
l>o0"6JM U:JUbo 250 900 1,050
$ 2,413 $ 4,360 $ 5,250
500 1,000 950
4,223 4940 5,704

$ 7.136 $10,300 $11,904

i?,OlJOCQ3o00 $11,863 $14,952 $16,349
U,jf'lGc::ol> 8,537 11,124 12,016
C,Ol)OCQ3()0ol>, doi'\omoCQO
2,276 2,471 2,793
bot<'i:J?.n :Jr.iroea68n) 73 188 _.12Q
8f'lc,o0o $ 977 $ 1,169 $ 1,340
390 452 _:ili.
&r.c,oOo $ 587 $ 717 $ 764

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

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

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

d08CQ0()0 b.:ibob:

Jl'l8.3060.J

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

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

169
 $ 400 $12,680
a"""bro36noo 1,300 _1,2lQ_
2,100 $ 3,750
aoalJ106.>t'in ,d8nanoo $3,800 8,i:JOC!<3n0nl.>, 111,
'1lodlinl'1n0cic::>o ,d8"3nbo 3,320 6&61J1, b.>l'i'.Ji::Jl>o 2,230
a°'c::'..ooo ,d,:iin3:J°'• $7,120 b.>l'i'.Ji:o _1§Q
$ 1,060
$ 320 _l2Q
260 $ 670
JM:J\J108n0n 1.100
aoa1J10fuMa $1,680
2,000

O[j6o"CJ36i>: (i) .'3[JMnM(!?Ob 480$; (ii) 20X2 8i:>Mi:>&JOO OtJM 1800$.

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

8l'.Ji>3"-80b8 J(Y)O'?J0(30068o, (c) 8(Y)mb(Y)36ob dOMO(Y)(QO,
(d) 80"10 0oooG OM(J630G J(Y)0'?3oooo68o, (e) bi>J(JO">i>Mo CQi>8(Y)-
J(Y)0'?30Goo680, (t)
J(Y)O'?J0(30068o, (g) bi>OMO">(Y) 8(Y) 0ooob 8i>MtJi> 1 (h) 6'8o6(Qi> 8(Y)oooob
80"1ti" t!?" (i) 8(Y) 00 0.., G"J(Jmi>M
3. '?30606b(JMO J(Y)O'?JOGoo68ooo J(Y)Md(Y)Mi:>(30i> "RMN"-0Gm30G d308(Y)m:

20XI 20X2 20X3

80811106,1'13 J"':J'1J0(30:J68o 2.6
Bi:p3,-8nl>8ol.> J"':J'1loooa68o 2.1 1.0 0.6
3,c::>ol.> 111, Bmc::>o,6 ,d803no'b3
111,8MJOl11:JO()c::>:JO, 23% 33% 47%
a,111,33001.> 01"()63, 8.7X 5.4X 3.5X
1113008MM()c::>O 8MmbM36ol.>
,aM(!!:JOOU [,,(l(),c::'"' .3ol'ioM1110 33 111t!!:J 36111(!!.'.J 49111t!!:J
8mc::>o,6o ,d8033ool.> OM()63, 3.2X 2.6X l.9X
6806111, 8M 0:Jool.> 8,Ml'.), 3.8% 2.5% 1.4%
8M 0:Jo, 063ol>80(3M'b:J (ROI) 12.1% 6.5% 2.8%
8M 0:Jo, l.>,J()m,l'i J,.308,c::>'bo (ROE) 15.7% 9.7% 5.4%

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

Oi:J(Y) O">(J i>Mi> 'l>MCQi> 808(!?060"10 'l>MCQOb 06
'1>"1CQob Clot!?ooo? 0blio6om.
J(Y)Md(Y)Mi:>(30i>'l>o "Vanier" 0"1Goo(Y)ob Clo8C!?ooo Li0boG 06'?3(Y)"180000:

$500 $ 400
aMmbro36neo ? 1.>.>Q,6JM ?
__? 800111oful'1n _1QQ.
,d8°3n00 ? aoa1J10fuMn ?
2,650
,d8n3nbo 3,750
,d8oanoo l.>.>J()°"""" ?

JM:JIJ10800J
?
--?
?
400
--?
(44%-ol.> a,foJ3nmoml --1.
__?

170
 aoaJ310&><"'>o J"'o'Boeoo60o 3 to 1
08"'<"'>@io'keo0 $500
8"'330ol.i &f>t;0 7%
J"'3o@Joe:cro6 I to 1
8Mmb<.->3600o1.i
a"""'aoool> Olii()63oli J"'::mneoo6@1o 3 to 1

Q:?03';'.)Cl3001, MM8 00::JOQ:?3Doo (Q0 b0M8Moo0 0MoG 0106000Mo 360 Q:?c-.;oG

Clo03Go01 Q:?..'l 0600M0Cl0000.
JM8:30600G 0d3G 00::ioe!?3Doo JMDQ:?oeo01) 400,000$ Q:?0 G0aM01M
8M0aooG 80Mt:J..'l 20%. 8oGo 808Q:?o60Ma 0deo3aoo 0MoG 80,000$; 808Q:?o60M[J
oaoo JO 60,000$; 80M00[)00 30,000$ (Q..'l 601:'_;(Q0 10,000$.
0. MM 0 MMo v6C!?0 o8MG 80M0 8 aoo, 01-v GvMG 80M0 8aooG oMv6 30 o8MG 4?
M08(Q[J60(Q GbM0<(3..'l(Q (M08(Q[J6 (Ql:'_;[JOO) ';'.j6(Q..'l od6aG
8M01bM36aoo, 01-v GvMG 50,000$-oG 063aGeoM[JO..'l? (Q:?03vo3001
0MoG 360 {QC'.;[))·
6. JM860600G "Stoney Mason" 00::iotQ3::JooG O::J0{Q()[J6G 6
0deo3000G 0M';'.)630G JM::J<(30(30::J60o 0MoG 6, 0806Q:?0 8M0ao0 ..'lMoG 120,000$.
M0 0MoG JM860600G 8('] 00 00 0deo3oo'b::i?
JM860600 G0J0GM 060M00vMoG (Q..'l8M600tJ::io0G 01030G
80c-.;0 'bo::ioClo. MM8 ::iG 00'bMQ:?oG 80M00000G JM6-
D'l3od0006Mo0G, oa08 8 0M::ioG a08 Q:?M8 8oG Q:?..'l
GaoG !5060noM::JOG ..'ll:'_;M0(3b30G G0Ge::i8000. 00'bM(QOG
0630GeoG00G 0deo3aooo 20%-001 (Q0 0806{!?0 8M0000G 8..'lMtJOG 'bM(Q0
2-C!?06 3%-8Q:?::J· 0 080C!? 30 ooo 0M 0MoG M0 a'l3Ddeo ad6::io0
JM::J<(30(30::J60'b::i. 8M()[)O..'l 0deo3000106?
JMMdMM0000G Queen Anne's Lace-G JM::JQ:?O@.>oG ..'>Mou
oa8C!?::J8o G0boG:

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

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

01() JM860600G 8n 00 00 6Mn 8 ::i6eaooG Q:?..'l 00Q:?0G0b0Q:?o<'>oG 80Q:?0b-

Q:?..'l8Q:?::J ..'lMoG 1.5 $ Q:?..'l JM[J{Q00o ..'lMoG M..'l od6::io0
Q:?..'>'130M30G JM::J'IJ0(30::J6@.>o?
JM860600G "Tic-Tac Homes" 0d3G d::J8Q:?[J80 G0boG M01bo 006-
(001000000):

20XI 20X2 20X3 20X4

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

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

$ J,000,000 $ 4,000,000
5,000,000 2,000,000
7,000,000 ll1" 2,000,000
17,000,000 12,000,000
4,000,000
2,000,000
4,ooo,ooo
8mc:;>oo6n ll1"
$30,000,000 t;.,,.,,JGOM $30,000,000

.,,(JCl-oli Jro<iiJ°"""(.lOOli ll!" 8rooaboli "63""'°C!o.

20X2 31 ll!oJaao<'inl> 8ll!aro8""'orobom.

3"8"!.l13Dbo
JMDll1"8nm $16,000,000
4,000,000
$20,000,000

$12,000,000
2,200,000
1,400,000
.3<'iMGo68n 1,200,000 $16,800,000
$ 3,200,000
Clo8"'u.,,3"c::''bo 1,200,000
8m0a°" $ 2,000,000
"JG0oo'bo 240,000
R3D<Jc::>DOMn30 "JGODOnU $ 1,760,000
arooaoo l/l/X3 2,600,000
'.1':"80 $ 4,360,000
R3D<Jc::>a0Mn3 "dG0oo'b3 360,000
ll1"8"'"'3oc:;>o 3"(Jfu6nc:;>nODc::>o8Monoo 12/31/X3 $ 4,000,000

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

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

0 08(T}tj:J6::ioom. fi08(T}m30c:::i::im m30c:::ili0fio6(T} li.3::ioo'BoJ(JMO J(T}:J'Booo::i68oli !Q(T}6::i::ioo CQ0
8080tl1m(Jc:::>:JO:JOO.
0 . 8o(Jmom::im, M(T}8::ic:::io J(T}:J'Booo::i68::ioo (J'BM(T} li0068:JM:Jli(T}0 mj3::i6m3oli CQ0 tl10 oj6::io0
mj3::i60 00CQ0bl:J3:J8oc:::i::io0 mom(T}:J()c:::' Cl::i8C!?:Jo lio8()0(300Clo:

172
 ti.

000-oli <"1::ili.3(JOe:;>nJnli Jf'lM.3f'lM0(300li li()Mli OtfOCQf'lli 500,000$ 80<"10 0::ioo 01j3::i60

Jf'l8.306ooli 0 06, 90 0 0CQ0bCQ001.
000-oli M:Jli.3(JOe:;>oJoli Jf'lM.3f'lM0(300li li()<"1li 01j3::i6 1 Mf'l 0f'lM(3 CQOCQ li0CQ0
Jf'l8.30600Li, (l,08f'lnlitinCQf'l01 8olio Li0006,Jf'l 3::Jdli::ie:;i::ioo 10 oe:;io060 Lio80093oli 30CQ001
808CQ060<"1::i 14%-0060 (l,060J3:J01001j
Jf'l8.306008 008f'lli(30 CQ0800::J00010 100,000 0j(300 CQ0 :JM010 0j(300 OtJOCQ::J00 80$.
Jf'l8.30600 01j3::i6 001030'bf'lo01 50,000 CQ0800::ioo01 0j(300Li 08 930Lioo.

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

700$/500$= 1.40. 808CQ060<"1::i 0j003::ioo 8(30MCQ::J00 CQ0 0<"1 0<"1oli (33e:;ioe:;i::io0 808CQ060<"1::i
30e:;>CQ::JO(Je:;>::JO::J000.
900$/600$= 1.50. f'lM03:J 808CQ060<"1::i 0j003::ioo CQ0 808CQ060<"1::i 30e:;>CQ::JO(Je:;>::JO::JOO
o'bMCQ::J00 0803::i lioCQOCQ001.
800$/500$=1.60. 0<"1(3 8n8CQnfo<"1::J 0j003::ioo (!?0 0<"1(3 808CQ060<"1a 30e:;>(!?::JO(Je:;>::JO:JOn 0<"1
O::J(33e:;'Oe:;>0.
760$/540$= 1.41. 808CQ060<"1a 0j003aoo 8(3nMCQ::J00 CQ0 8n8CQofo<"1:J 30e:;>CQ::JO(Je:;>::J00
o'bMCQ::J00 0803::i linCQOCQ001.

20Xl 20X2 20X3

8o8!Qo6.)(iio JM.'.J'ZJOlJoo6&o 1.19 1.25 1.20
8tJ'>3<>-0;Jb&JM.'.J'ZJ0(30.'.J6@>n 0.43 0.46 0.40
C!?::JOn&. &<xnbM360oob <>8Mc;ooob li<>Cl. 18 22 27
of;\·::fo<> 8.0 7.5 5.5
3<>c:.;iolilli<>J()m.)(ii 1.38 1.40 1.61

8mc:.;io.>6 'bo 0.33 0.32 0.32

bi>.'.JMmM 8MQOOnb 0.200 0.163 0.132
8M0.'.Joob 8.:,MtJ<> 0.075 0.047 0.026
8mc:.;io.:,6o <>d&o3[JOob 0M(J63<> 2.80 2.76 2.24
oo8Mb.:i3<>c:.;io 1>d@>o3oo'bo 0.21 0.13 0.06

jf'l8.306ooli 8ftl8 0 ::io006f'lo0 o::i8GnMCQ0 .3::i<"1nf'lCQnli 010600<"10CQ. 8bMe:;>MCQ 50,000$ C!?0::i8000

o<>(J60ooe:;iao:Je:;> 8M 0 ::J00li, JM8.30600 (J6CQ0 ob(!?OCQJli lif'le:;'OCQ(JM (!?030CQJ6(!?JOli. 30e:;iuw-
O(Je:;'::JO::JOO o'bMCQ::J00 C!?000e:;io 0060J3Jmom, 01()8(30 30e:;i(!?JO(Je:;>JO::J00li Li00()0e:;>M
(i060J3J010 J3e::'03 o::ili0008olio0 8M(3J8(Je:;i .3oMMO::J00106. 80cY10c,::iooli OM(J630 oli::i3 8(30M(!?-
J00, <"10CQc,06 0li0b(Je:;io0 80<"10 0aooli 'b<"1CQ0. 30e:;>(!?::JO()e:;>JOJOnli CQ0 80<"10 0::iooli 'b<"1(!?08, Li00j-
(30M J0.3000e:;ioli 8(30M::JCQ 'b<"1(!?0lim06 CQ0J0300<"1::ioo01, 0 060.30Mf'l00 801e:;io060
30e:;>CQ::JO(Je:;>JO::JOoli (!?0 li0J(J010Mo J0.3o00e:;ioli (!?08MJO(!?JO(Je:;'::JOOl.i Jf>1J9J0(30::J60oli 'bcY1CQ0,
M0(3 0Moli CQM6J.
8Mb(!?0 8o8CQofoMJ (!!0 8tp30-@J::ili0oli Jf'l::J9J0(30::J60oli MtJ[J30, 80 0cY108 808(!!060cY10 JMJ-
9J0(30[J6@Jo 0M 0cY1oli d0e:;io06 CQ080J80tJM9JOe:;'JO::Je:;>o. 01()8(30 lio0()0(300 08 JM[J9J0-
(30J60000106 G(JCQ0CQ 0<"1 0 08010tJ(JMJ00 i!!JOo@JMM(Je:;>o 8f'l01bf'l36::iooli CQ0 80cY10 0 oooli
'bcY1CQoli 'Bf'l6'b::i, M0(3 8Mo8Moli 0j@Jo3::iooli 08 8(Jbe:;i::iooli e:;ioJ30Q?(JMf'looli CQM6oli
<l::i8GocY1000Li. 06'iliooo010\!! <lo8(30M(!!0 0Li::i3J li0ocY101M 8M 0 000 (!!0 0806\!!0 8f'l0oooli 80<'1t10.
80010 (!!08MJO(!![)O(Je:;'J00 (i3ofl306ooli, Mf'l8 JM8.306008 OJ08(30M0 2003 o;:ie:;ili.
i!!ooo@JMM(Je:;>n 8M01bM36oooli up 80cY10 0 oooG 'b<'1CQ08 008f'loo300 0j@Jo3000G 0<'1()630G
<lo8Go<'1 000, 8M8 0::ioo06Moob o::i8 8 0<'10008 008Moo300 0j@Jo3000G 8M8 00 0006MooG JP1::J'Bo-
8o::i6@JoG 8tioGoofi1o Clo8Gofi1000.

173
 3.

o"tJ0!:!?306o = 1,000,000$

= (1 - li.:io<Yl01l'YJ a(YJ 00 6oli 8.:i<Yltp)( 0.:ition:? 3o6o)

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

M:JC>c:;>O'b:JO(Jc:;>O u.:>.:JM6c:;inu c;>OM:JO(Jc:;>:JOi> - 900, 000$ =9

80M<>8:JOO - 8c.tfl.:>8:JOn
C!?:JOO<!lJMM(Jc::,'0 8MmbM36:ioo x 360 C!?c;>:J = 50,000$
$1,000,000
6.:>c;>C!?O '13()c::;'O +50,000 $ =I
100,000 $

o.:ic::.'061.io

6>(!?010 '1J()c::,'0 $ 50,000 3:Jdl>:Jc::.':J6n 01> 2,>01>l>>b01:Jc::.':J60 $100,000

01:J608MM()c::,'0 8MmbM36:JOO 50,000 3r'id:Jc::,'3>01n>60 Jr'in01080 100,000
8>(1)>3060 100,000 R3:J'Clc::.':JOM030 >dGoaoo 100,000
ll:J6MO:JOO 01> >(!?/fCJM30c::,'MO> 200,000 (i>eJ6>boc::,':JO:Jc::,'O 8M(i:JO> 100,000
UCJc::? $400,000 beJc::.'' $400,000

l><!IJ(I) <Jd<!IJ'1"1<Jc::.'0 060c::.'O'b0 20XI 20X3

6>(!?010 '1lCJc::.'0 7.9 3.8 1.7
27.5 27.8 34.0
8>M>8:JOo 25.4 27.6
aoa010fuliin >3803:JOo 63.8 57.0 63.3
>J&3o0n 36.2 43.0 36.7
8=:oo6o >j&3:JOo 100.0 100.0 100.0
3:Jdl>nc::,':JOo 26.I 28.6 30.4
fo60c::.'0 4.2 5.0 4.9
\,,0,6JM U;:JbbO 3.5 8.7 _ll
8o8010for'i;:i 33.8 42.3 44.1
7.0 9.7 8.0
U><>JGOM .22:L 48.0 47.9
8=:oo6o Ill<' l»<>dGOM 100.0 100.0 100.0
3>1:10013:J0o 100.0 100.0 100.0
72.0 74.4 73.5
3>1:1001300ou, dot'lom"l:QO Ill<' \ll<'fob>(l):iea0o 19.2 16.5 17.1
l>>Mon1>c::,'Ol> _Q:L 1.3 __u
8MQDO> 01>0;:i33M>8010 8.2 7.8 8.2
-1.L 3.0 ---12
4.9 4.8 4.7

20XI 20X2 20X3

100.0 69.0 36.0
8Mmb<'l36;:i0o 100.0 146.2 206.4
8>"1>8:JOo 100.0 _ill1_ 161.8
>J&3:JOo 100.0 128.9 165.5
>J&13:JOO 100.0 171.6 169.I
8=:oo6o >d&3:J0o 100.0 _lli}_ 166.8
o,lll<'u,lxii:Jc::.'O 30dl>nc::,'n0o 100.0 158.l 194.0
0Md:Jc::.'3"l:Q0>6o 3"c::."'u fo60c::?O 100.0 171.4 195.0
U,0,6JM U:JUbo 100.0 _IBLlL_ 420.0
8o8010fulii:J 100.0 180.7 217.6

174
 JMQIJ?08'> 100.0 200.0 190.0
100.0 .l.l1Q_ 135.I
l>MJ(30<"> 100.0 144.3 166.8
(,OIJOIJ?3Q0o 100.0 126.0 137.8
100.0 130.3 140.8
00IJOIJ?3a°"l>, do<'ioa»IJ?O 100.0 108.6 122.7
100.0 257.5 273.9
8mca"o IJ?oO:J03<"ioSIJ?a 100.0 119.7 137.2
100.0 .-1.QL 147.7
amaac.o 100.0 122.2 130.2

030R30600G, 61M8 6.:ic:;IQo 800611Qoo0 Gb30 8081Qo60610

00803000106 1Q0 'bM001Q01Q 00803000106 00G00080G01Q. 08061Q0
0000 30 00 0 00'b0611Q0 2ox2 80 0 6108 a 081Qo 0 IQ0oo0, 61M0M61G 00003000G .361Moo60o
01001080\.l 20X 1 bOIQOIQOOOO 030R30600G, 61M8 JM8.30-
6M 301Q610 8oGo 08M618o'b00M 00803oo'bo 2003
<(306.:i6G(J610 61oG(J61GoooG 'b610Go01, G00000M 061 080-
306101Q, JM8.306008 008MotJ060 ()<(361M 8000 GoGbo. G0305'61M J61o1Qo0'bo R06G ()<(361M 8080
0 01Q0b610 61M 0M61G 8M01bM 36oG 08061M'b 0, 0G 030 J<"1o1Qo&oG
.361MG:J60'bo. G0006JM GoGbooo IQ0 0Go30 00o'b.)611Q0 8J30016101Q 20X2
061 0610G o:fao 08061Q0 00&03000G 1Q0<(30606GoooG
a0G.:ib0o. G0006JM Gobbo 1Q061R0 o0 o30 2ox3 61M 0M61 8
IQ<> G00000M 61M1Qob00
GoGbo b061(J00()61000 Clo8oo<"11Q0. o8o61Q0 8M3000 M1Q603 1Q0::JQ0,
61M 8M61 8 0 0801Q 30 oob .3<"1Moo6&o, G08 2ox2 0G
0 088 061 000 o8M IQ0 .361Moo6&oG
<lo1Qo 0o, <"101Q 0 06 a088 0<"11Q0 Gb 30 IQ0 8 01Q0G0b01Qooo <"1M 8 (':)<"1 8 8 0801Q 30 ooG
.3MMQ:J60o. 20X3
Clo8oo<"11Q0 61M3MMG 80::JOIQ3DOob 8036108 oG ()<(3MM 8o001Q
o8M Gb 30 C\10 8 01Q0G.:ib01Qooob 'b611Qo01 61M 0M61 8 0 0801Q 30 oob G061(Jo0()-
.3MMQ:J60o.
o61QoOG(J<'iO ()R306oob 03030 b(J61001G. 6.:ic::IQO Clo8oo<"1(Q0 bo610<(301Q,
301Q61D IQ0 8081Qo60610 00003000. 300'b0M1Q0 UOM0<(301Q, 301Q610
ob MMO 8Mb1Q<> 806103ooob 8o61::JDM00, 8006108 20X3 O::JM 03030 Clob0008obo
.3MMQ060o <>0803000106, MM8M61G 20X 1 o8o61Q0
<>0803000 300'b.:>MIQ<> 8J3001610CQ, 301QMD <>0003000 20X2 IQ<>
ao81Qo 8 IQ<>oo<> 2ox3 0c:;o6006000 <>OJ<>M<> 8J 3o01<"10 'b<"11Q<> G0006JM G0Gb 0oao 2ox2 IQ<>
20X3 IQ<> 8J3001610 'bMIQ<> Jt'iloC11o&Clo 20X2 .3t'ilM6-
G00ob 'b611Q0G0106 ofil01<>CQ· b00000M 'b611Q<>
()<(361M o::JM, 301Qfilo <>o003000, 0803<>M<>CQ, Gobbo 00o'b061C\10 8080
.3t'ilMoo60001, 301QMD IQ<>6.:i61Ro6o MMo 8M8000006Mo0G0106
IQ<>J.:>3006100001, 0806e110 8M3000 30o'b<>M(Q<> 80tJOIQ300'bo 0(QMO
8o'b 0'b 0oob 0 08M.

175
Almanac of Business and Industrial Ratios. Upper Saddle
River, NJ: Prentice Hall, annual.
Altman, Edward I. "Financial Ratios, Discriminant Analysis
and the Prediction of Corporate Bankruptcy." Journal of
Finance 23 (September 1968), 589-609.
- - , Robert G. Haldeman, and P. Naraynan. "Zeta
Analysis: A New Model to Identify Bankruptcy Risk of
Corporations." Journal of Banking and Finance 1 (June
1977), 29-54.
Chen, Kung H., and Thomas A. Shimerda. "An Empirical
Analysis of Useful Financial Ratios." Financial
Management 10 (Spring 1991), 51-69.
Cunningham, Donald F., and John T. Rose. "Industry
Norms in Financial Statement Analysis: A Comparison
of RMA and D&B Benchmark Data." The Credit and
Financial Management Review (1995), 42-48.
Fraser, Lyn M., and Aileen Ormiston. Understanding
Financial Statements, 7th ed. Upper Saddle River, NJ:
Prentice Hall, 2004.
Gombola, Michael J., and J. Edward Ketz. "Financial Ratio
Patterns in Retail and Manufacturing Organizations."
Financial Management 12 (Summer 1983), 45-56.
Harrington, Diana R. Corporate Financial Analysis in a
Global Environment, 7th ed. Mason, OH: South-Western,
2004.
176
Helfert, Erich A. Techniques ofFinancial 11th ed.
New York, NY: McGraw-Hill/Irwin, 2003.
Higgins, Robert C. Analysis for Financial Management,
7th ed. New York, NY: McGraw-Hillilrwin, 2004.
Lewellen, W. G., and R. 0. Edmister. "A General Model
for Accounts Receivable Analysis and Control." Journal
of Financial and Quantitative Analysis 8 (March 1973),
195-206.
Matsumoto, Keishiro, Melkote Shivaswamy, and James P.
Hoban Jr. "Security Analysts' Views of the Financial
Ratios of Manufacturers and Retailers." Financial
Practice and Education 5 (Fall/Winter 1995), 44-55.
Richards, Verlyn D., and Eugene J. Laughlin. "A Cash
Conversion Cycle Approach to Liquidity Analysis."
Financial Management 9 (Spring 1980), 32-38.
Statement of Financial Accounting Standard No. 95.
Stamford, CT: Financial Accounting Standards Board,
1987.
Stone, Bernell K. "The Payments-Pattern Approach to the
Forecasting of Accounts Receivable." Financial
Management 5 (Autumn 1976), 65-82.
Part III of the text's web site, Wachowicz's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
<(3f'l6c;woob 8f'ldMbf'loob bG(pMo'B&aoo
!:Qb &o8f'lf;a6aoo}
,,93M6ci:wooG" .:ic:;1,'.J>::J6'l60&0';'.Jc:;o Cl?:J'B050(30:JOO ..
M.:i .'lMoG 15:pMM:Joo? 00aM$J6::io0? ..
M:J()'Z)c:;OM::JO:JOO .. <?JM5Cl?:JOOU 05()0MOO():JOOU
btJ0MM::JOOU Cl?" 008MtJ::J6::iooG .:>5.:ic:;o'bo
6.:>C?!:QO 8f'ldMof'lOob 'Vll3obo
.:i5 0.:i(i}oCl 0::iooG Clo600MG0 !:Q0 .:ic:;&::JM5.:>0o'ZJc:;o
<?JMM8:Joo " 60c:;C1?0 '?J'(Jc:;oG 8Md610Mc10l:. '(JbtJoGoG
.:>foc:;o'bo
6.:iJ.:i!:Qaoob .'3Mfl"l&6f'l'l>ofYlao<>
()01:JO{!W::JOOU dMM()6M'ho61::io0 .. 'B()c:;oG
.:>8Mc:;::J00 !:Q0 Gb30 60c:;i:Qo '?J'Z)c:;ol:. 6.:>J"lQDOo "
6.:>c:(!:QO 00G03c:;;:ioo " 0806lQ0 6.:>r:;!:Qo
<(l'(Jc:;oG foJ.:>!:QO !Q0 00c:;06Go
6<>J<>!:Qa6o
'trvc:;v!:QO 6.:>Jv!:Q::JOOU
()0!:Q0bM:JOO " .:ic:;o001MooG 308M1:J::J5:J00
<Bo6o6b'V(Y}o 0630Mo'Baaoob .)(Y}('l')36f!"l'b0Mao<>
CJ::iaMt:..,3c:;::iooG 06a0<Y10CJM00G .361Ma6M'l>o61::io0 ..
dMMC,6M'ho61;:io.:>" JM::J<(30(30:J6&::iooG
!:Q0 8M60(3:J8:JOOU o60::J61.3fl::J0'>(300
(Y}a'bo'Vaa
3!:Q()Mb!:QO ao63om0Maoob
Jomb3aoo
08f'l(3.::.6300
ro3omoa<B<>b3oob o8M(3<>6aoob .'3.::.b'Vbaoo
.:.a m.:.301.> tl;:ibll03c:;ob 0381.l(::J& md3;:i6
.:ibG6001 0 06Gb303::io0 9JM6!:Q::JOOU 8MdM.:>Mooli
('?JM6!:Q::JOOb !l1:J0MMQOO !:Q0 0 v8Ml:J::J6::J00) 06 00-
MoObi> !:Q'> 6.:>c:;!.l(o 93';'.Jc:;oli 8Md<Y10Mooli ()llt1oliG
dMMol:. - !Qi> C,'>O()M01 01001M::J'(Jc:;ou 008M1:J:J6::i6oli
G0(T) 0ao::ic:;o.
306li0 'tlc:;3MM01 ,,'BM6!:Qaoo" (Q0 (Qi>0(QC,06M01
<(3M6(Q[JOO[i !l1:J0PlM[JOO (Q0 008Ml:J::J6::J00.
8M08'bo!:QM01 <(3M6(Q[J6oli ,:,6 006100 0 000 Ol:J0MM::J-
6oli 13?" 0 08M::JD6::i6ou 8ob;:i(Q3001, 3""J:J01M01
Cln'130li::i6n60 CQ" li06Mc:;MM O::JJ3?Doo<'>oli 060c:;o'tlo.
0QJO[JMM01 for:;(Qo '(3'Z)c:;ol:. 8Md610Moob (JOfjOUOU
8o'b060 !:Q0 Clo60061Go, .:> 0M::J013Q 8Mvb(QOOM01 80G-
Clo 8M50(308:J6oli o600MdM:J0.:>(300.
8M08'tlv(QM01 6.:ic:;(Qo '?J'Z)c:;oG 8MdM.:>MooG 6o()-
C,0tJOlQ3QOOU, d[l8Mb03c:;;:i6ob (Q0 0 0b03-
c:;aoou .361M3 6M'ho61;:ioom - Cl?" 0(3MC1?D01, 610&M8
()6Cl?0 Ol:JMU .:iG;:i010 OO(J'.Ji:D&o 8Mj5oc:;o.
306030010MM01 J61M0 6M'boMQO'(Jc:;o 60c:;06bo Cl?"
Cl 0a01G0 3c:; 0oob .:i630610Cl3060.
()00()M01 0c:;o0mMOOU o6'?JMM80(300b 0 08Ml:J::J-
6aoob 860Cl36oc:;Mo0 '?J0606b'ZJ<'ilO 00C,0MOO:JOOl:.
661M 06M'bo61aoob Cl?" JM8606oob 8lQ3M80f<loMooli
CJ 0qpboo0Gm30G.
J(f,f1'J86f1'J'f:rof'1[J3.J 0ftlob
[Jb tJbDo"
-05£%080
177
 cao606G(Jf'ilo 060c:;io'boG !Q<> !Q"OD8830G o6G061()8::J60oooG 0 08(Y)J3c:;'03oG 8o(Y)61o foooc:;io oboo0
'?3(Y)6!Q::JOOU 60J0!Q::JOOU !Q0 '?J(Jc:;'OU 8(Y)d610(Y)00U, 0061om30 80m dM(Y)86fY?'bo61000G.
'?3(Y)6!Q::JOOU 8(Y)d610(Y)OOU 060061000000 (<>l.1030 (Jb(Y)!Q::JO::J6 <(J(Y)6!Q::JOOU btJ0M(Y)::J00U !Q0
0 08(Y)t106000G 06 00610Cl 0000G 06 cao606G(Jf'il 8!Q(Y)80f'ilo(Y)o0Clo 03c:;ioc:;ioooooG 06 00610Cl 0000G}
d.:,c:;io06 ob80fiioo0 cao606G(J61 8o6::JJ(:::Jf'ilG 06 JM::J!Q00(Y)f'ilG J(Y)8.30600G 8oo<Yi ca(Y)6!Q::JOoG
008(Y)t106000G Cloca0Goo0G0 !Q0 61(Y)a(Y)61 OtJ::J6ooG J(Y)8.30600 08 cao606GooG. 0061-
U(Jc:;'O 60J<>!Q::J00G CloG003c:;ioG 0061!Q0, cao606G(J6180 806::JJ(:::Jf'il80 ()6!Q<> Clodc:;i(Y)G 8(Y)8030c:;io
60J<>!QoooG Cloca0Goo0 .361(Y) 0 6(Y)'bof'iloo0'bo l!?"'?3(Jd5oo(Jc:;io ca(Y)5!QoooG 06 0 06100 80 ooG
80fi306ooc:;iooom. 1989 oc:;i08!Qo 0ClCl-oG J(Y)61d(Y)M0GO::JOOU bc:;'O(J61n 0600610Cloooooo OCJ'lb(Y)3!Q606
ca(Y)6!Q::JOoG 8(Y)df'il0(Y)ooG 06 0 0610Cl 0oooG 00f'il!QQ060G 00c:;i06Gm06 !Q<> Clo8(Y)G03c:;ioG
0600610Clooo0G0m06 o61m0!Q. 0bc:;i0 '?J(Jc:;'OU 8(Y)d610(Y)OOU (JbtJoG80 (Y)'?JOG00c:;'(J61C>!Q
d::JG3"c:;'" ca(Y)6!Q::JOOU 8(Y)d61.:>(Y)00U 0600610ClooooG oc:;io(J610 8(Y)bGo6ooooo. '?J()c:;'OU
8(Y)d61.:i(Y)ooG 06 0 0610Cl 0 000G 8o'b0600 06ca(Y)6180000G 8(Y)b(Y)!Q::JO" J(Y)8.30600Gm30G '?J'()c:;ioG
Clo8(Y)!Q06oooG !Q0 80!Qo6oooG - !Q0 0610 8oGo ca(Y)6!Q::JOOU 8(Y)d610(Y)OOU CloG0boo, 61(Y)8oc:;ioo OtJ(Y)'?30
G08 J<>0::Jo(Y)61o.:i!Q: (Y).3o61<>0o(Jc:;i, 0630G80Go(J61 !Q.:> cao6.:i6G()f'il G0j8006(Y)ooo0!Q. m(J8G0
'?3(Y)6!Q::JOOU 8(Y)d610(Y)00U .:i600610Claoo0 008(Y)OtJ::J6000 '(l(Jc:;'OU Clo8(Y)G03c:;ioooG !Q0
0 .:>!Q<>b!QoooG .:i60c:;io'b0Gm30G l!?" 80GClo 061 8(Y)obGo5o 0o.:i 86oCJ 36oc:;i(Y)3060 808!Qo60610 .30610-
(Y)!QoG 0630G0000000 !Q<> l!?"'?30606Goo0 .:i61<>'?J(Jc:;'<>!Qo 0rY\06'b0jooooom, 80 0 6108 0foc:;io80J(Y)G80
(J6!Q0 8(Y)08'b0!Q(Y)U ca(Y)6!Q::JOOU 8(Y)dM0(Y)00U 060061000000, f'il0m0 UM(Jc:;'O 06ca(Y)f'il80000 .3j(Y)6!Q::JU
0 00 0(Y)G J(Y)8.30600G ca(Y)6!QoooG 6.:iJ<>!Q::JO'b::J.
cavc:;ioG OO(JJ(:::J00 0Go30 860Cl36oc:;i(Y)3060 06G061v806000 cao606Gv610 8060-
J(:::J610Gm30G J(Y)8.30600G 8(Y)Jc:;'03"<Qo060 cavc:;ioG G.:ijo6l(Y)oooG .361(Y) 06(Y)'bo61000Gm30G
!QC>, CloG00080G0!Q, 8oGo !Q0<(J06.:>6GoooG l!?"8::J8830Gm30G. cavc:;ioG OO(J'.l(:::J0061::JOOU
Cl::J!Q08"!Q' cao606G(Jf'il 8o6::JJ(:::J61G Clovdc:;io0 Clo0ca0G(Y)G J(Y)8.30600G oo'b6oG61oGJo !Q"
c:;'OJ30!Q(J61(Y)o.:>, !Q08::Jo8(Y)G (JU0'?J610'lb(Y)oooG 6100c:;iv610 80MtJ.:>, J(Y)8.30600G c:;'OJ30!Q(J61(Y)OOU
61o'bof'il30, boc:;i0bc:;i0 !Q""'.l(:8V'?3(Y)G 8oGo 3.:ic:;ioooG G061(Jd0v610 Go8oocaoooG 8obo!Q3om,
8(Y).:>b::JG61o0 (Y)G U<>JM::J!Q00(Y) b.:i'bo 006Jm06 06 0 .:i8(Y)otio6(Y)G 80mo J(Y)80060000.
00c:;i06GoG !Q" Clo8(Y)G03c:;ioG .:i6 00610Cl 0oooG .3f'il(Y) 06(Y)'bo61oooG 8(Y)8'b<>!Q::JO.:> cao606Gv61 8060-
J(:::J6100G G0Cl(J0c:;i 000G 0dc:;io3G 800060c:;io'b(Y)6 Gb 30!Q0Gb 30 .3(Y)c:;io0nJv61o 0 .:>!Q<>btJ3o0oc:;ioooooG
'bo 003c:;io60 J(Y)8.30600G 8(Y)8030c:;i cao606Gvf'il 8!Q 0 (Y)8061o(Y)o0G0 l!?" G0j8006(Y)o0'bo, 61(Y)8c:;ioooo
o 0odc:;ioo0 8(Y)8'b<>!Q!Q::JG <a(Jc:;ioG oo(J'.l(:::J0ol!?"5 06 !Q<>ocavd5(Y)G 0061G(Jc:;i, 06 .361(Y)od-
0061oovc:;i cao6.:i6Gv61 J(Y)::J'?JOGO::J60ooG 06/!Q0 Gb30 0c:;iO.:>(J')(Y)0::JOU. fi306 Clo30Go03c:;iom
mom(Y)::J(Jc:;' 08 o6G061v8o60G.
060c:;io'boG o(Y)c:;i(Y) 8om(Y)!Qo, 61(Y)8oc:;ioG 8(Y)G::J8(Jc:;io0 08 m030G !Q<>6.:if'ilmClo, 8(Y)oo03G
8!Q 0 61<>!Qo 0 063om061000G 8(Y)!Q0c:;'o61oo.:iG. 0j fi306 !Q.:>J03Clo61oo(Jc:;io0 mv 0f'il0
J(Y)8.30600G o<>tJO!Q3::JOoG 'b61!QoG 8o'b6ooo 8oG (Y)d::JM<>0ovc:;i 0'?30d@J006(Y)o0Gm06 !Q<> cao606Gv61
J(Y)o'?30Goo68oom06. 060c:;io'boG oG dc:;ioo61o o6G0rY\()8::J60o G0Clv0c:;ioo0G 0 30dc:;io3G
8"3"J::JO'l(Y)(J') do61om.:i!Qo 80fi 30 50oc:;i 0ooG 83 c:;ioc:;i 0o0ooG CJ 0G.:idc:;i(Y) 0 03c:;io60G 800bc:;i(Y)oo0
8o'b6(Y)of'ilo3 J(Y)0'?30Goo68oom06, 61(Y)G" fi306 8"l!?"31Qo30f'ilm u00ooc:;i(Jf'ilo 8!Q 0(Y)8.:i6lo(Y)ooG
006108(Y)Clo.
cavc:;ioG OO(JJ(:::J0061::JO.:>, .361(Y)a6(Y)'bo61oooG .:i600610CloooG 8(Y)8'b0!Q::J00 !QC> 8!Qa61<>!QO
0 063om061000G 8(Y)!QOc:;'o61000 <><Q3oc:;io0 J(Y)8.3ov0o61vc:;io .3f'il01 0 6108ooom, 61018c:;ioooo
0 08(Y)ot106000 cao606Gv610 06.:ic:;io'boG !Q<> !Q"8::J8830Gm30G.

cao606Gv610 8o6::JJ(:::Jf'ilo 0<>!Q<>btJ300oc:;iooooG 080Gm30G, 61(Y)8 !Q.:>61o8v6!Q::JG J(Y)8.30600G

G0J80610Go G0bG61000G 0rY\Goo(Y)o0Clo cao606Gv610 3<>c:;i!Q::JO(Jc:;'::JO::J00G !Q<>U<>'?J<>M<>!Q !Q<> 0630-
u0061000G CloG0dc:;iooc:;i(Y)o 0oClo. 08 o"l!?"flti 3o0oc:;ioooooG o0G0'B0G 0oc:;i<>!Q (!Qf'il01m0 0 06-
803c:;i(Y)o0Clo) fi306 03joM!Q::J00 J(Y)8.30600G '?3(Y)6!Q::JOOU 8(Y)d61.:>(Y)00U CloG003c:;i0. J(Y)8.30600G
'?3(Y)6!Q::JOoG 8(Y)dM.:>(Y)ooG GoG0o8v61o G0bom !Q<>c:;'<>o::JOom, 060c:;io80J(Y)GG Clovdc:;io0
006G0 oG 0 .:>!Q.:>btJ3::J6nc:;iooooo ca016!Q::J00G 6100c:;iv61 mv G0oj3(Y) 6<>J<>!Q::JO 'bo.:i
l!?"'?3(Jd5oo(Jc:;io.

178

6oooob '130605b<Jfiio a(]/11"'-
80fiio"'2>ob G3c:::'Oc:::'DOD000
08G0bmic:::>o i:!!"'Jv8a60n,
(]/0b.;[58obo(]/.;6
(]/0b0Gfiivc:;>08(]/D; 80b
0b 030 <Jb"'(]/Doa6 '13"'6(]/ 0-
6oG b80MO'"JQOOG ()!0 1108M-
tlD6060G 062/>Moo11000b
(somces and uses of funds
statement) 06 '130606bvfiio
a(]/1\"'a"fiio0100G 03c::>oc::>o-
00G 06 00fiioo11noob (state-
ment of changes in financial
position),
7.
M.:ili ? 0.:i6li.:i'b(!;3M<>, .:i'bM<i!J:? 8Mo3!J:?Oli, .:>Moli oli,
MM8 <tJM6!J:?ooo .:iMoli 6<>(!;!J:?O (.:i6 fo(!;!J:?O
0M<>6'b.:idGoooo, .:ib!J:?o6li Clo8M!J:?06oooli !:!;?<> o<>!J:?o6oooli
.:i6 0.:i!Y\oCJ 0o'b 0 ('B"J0Mo!Y\o 3.:i!J:?, 830 b8.:iM 0o.:i .:i 3bli6.:im G.:i 3.:i!:!:?oooli .:i6 0 .:iMoCJ 00 ooli
8.:i 0M.:i8 <(3M6!J:?oooli fo(!;!J:?O li.:ibom 0.:i6li.:i'b(!;3M<> <(3M6!J:?o-
ooli 8MdM.:>(Y)00li <(3M6CQooo 83<>(3M<l!J:? .:>Moli MMoMM(3
6<>(!;CQO .:i!Y\ 0M.:i6'b.:ij 8 o0oli, <>M<> .:ij301
,,6<>(!;!J:? .:i8.:i 30 !J:?MMli, .:iliomo 0M.:i6'b.:ij 8 o0ooli otJMli
li0ffOMM oo'b6olioli d0<(3<>liooolim3oli. li.:i.:i6 0.:iModM dOMO(Y)!J:?Oli dObtJOCQ30ooli ()8o-
00liMO<l !:!:?" 3Mo!J:?o&o01 o<>tJOQ;?3<>, JM6oooli Clodofo "JGOoooli .:i6
.:ilio3o 0Mmo jM6 0ooli 80MM 0'b 0, .:iMoli 0M.:i6'b.:idGooooli 8(3oM 0
<>M 8Mobli 06o 0o.:i 'B(Y)6!J:?oooli .:i60.:iMoCJ 80 ooli fo(!;!J:? fo 3.:iCQooClo.
'B(Y)6!J:?oooli 3M6GO'BGooli 0 <><(3<>Mm(Y)oo.:i, 3M8.3.:i6ooli 063oli&0Gooli !:!:?" 8MmbM36oli (.:i8
063oli0oGOOOoli 808.:iMm) 8M3doo6M01 oli 0M.:i6'b<>J(30<> 1
MM 0MMG <(3M6!J:?oooli DtJ<>MM 0ooli, .:ilio3o 80010 0.:i8MtJ06oooli.
<(3M6CQoooli 0 .:i6li.:i'b(!;3M.:iClo ,,063oli&0Gooooli !:!:?" 8MmbM36oooli" f1.:iM013001 f1306
o<>CQ<>3CQ03.:>M01 oli .:>Moli <(306.:i6li(JMO 8!J:? 0M8.:>MOMOOlJ (.:i6 ,,<(3M6!J:?OOOlJ
8!J:? 0 M8.:iM 0Mooli") .:i6 0.:iMoCl 00 o.:i. 8.:iliClo 11 30 6 .:i3li.:ib.:i 301 3M8.3.:i60 0ooli 063 0G-
&oGoooli (<>d&o3ooli) CQ<> 3<>6M60 0M 8M01b(Y)36ooli CQ" li.:i.:idGoM
.:i8 063oli&0Gooooli 808.:iMm 3MOCQ00(Y)Moooli !:!:?" 3M8.3.:i6ooooli 8oli<>3()01Mooooli 8ooM • .:ili 0m
3001.:iMoo.:iCJo, 3M8.3.:i6ooli <(3M6CQOOoli 6.:i3<>Q;?OOO 8M0(3<>3li
06lioli (QMMoli MM m.:>MO(!;li dMMoli. oli 01.:>MO(!;OOO Clooli.:io.:i8oo.:i
.:i6 0.:iMoCJ 0 oooli li.:>Otjolio !Q<> dOMOMCQOOoli m.:>MO(!;OOli 8o(Jb0!J:?"3"!J:?
- .:i6 b(J010 .:i6 0 .:iMod 0 oooli
0 .:i6lib3.:i300000 <>Moli lib3<>!J:?.:ilib3.:i ,,0806!:!::0" <(3M6!J:?oooli 8MdM.:i(Y)o.:i,
8060'.l\:806&oli 8ooM dOMOMCQOli
= <(3M6!Qoooli l'i1o'bnM3li
'B(Y)6!Qoooli ,,58o6i:i;:.:i" 6.:i3<><Qooli.
()6!J:?<> <>(!;360Cl6(')01, MM8 '?3M6\l'.?oooli .:i600f1noooo0 .:ili.:ib03li ()'BM(') 5806!Q0, 3o!J:?MO
MM 8(Y)fo 80 8G ClMMoli.
8Mo(303<Q6o6 00M8MoClM00 MM
li006()0MOdM 010MO(!;li d(Y)Moli, 30!QMO 08 J>(,08li - MMoMM(3 58o6CQ0
01()8(30 3M8.306ooli <(3M6CQoooli 8MdM.:>(Y)OOli (QMMOU
()'(3MM o6<tJMM80(300U, 30!J:?MO <(3M6>Qoooli 58o6CQ0 8MdM0(')00U
f1306 30M01 l1306li o6'(3MM80(30001 1
30MdM!J:?, 801030!Y\o 'Bofo6li()!Y\o 06 00M0Cl 0oom. 01()8(30 'bM0 01Q0CQ 'B(Y)6\!?oooli 'B0M01M bo>Q3oli
()08Mt106000, '(3M6CQoooli 06()0MoCloooQ;?06 ' bCloM0CQ 'B(Y)3(JUOMoo0li 03001ooli 3M8.306ooli
fo(!;!J:?O 8CQ0M80!Y\0Mooli CQMMoli .3oMOMCQOli 06 8oli
00'bo 5806CQ0 li08()Cl0M (8o8CQofoMo 0j&o3ooli 808CQ060Mo
MM()MM(3 01j306 fob0301, 113360 6030!QOU 06()0MOd()300
'tlf'13()li0M000U 8M0bCQ36li 3M8.305ooli fo(!;C!(O 'b3.
11335 308'b0CQ0001 li000 'b(Y), 'B(Y)5Q;wooli 05 00M0Clli. 08oli013oli 11305 ( 1) 0063li0'b(!;3M0301
58o6CQ<> lio>Qo!Qoli CQ0 50M8M0Cl(Y)o0 3M8-
.305ooli lib30CQ0lib30 010Mo(!;oli MMO 8M50(338li OMMoli, (2) 30:5(,()()'tJ0001
58o6CQ<> 'tlf'16CQ3ooli 01::10MM3ooli CQ0 0 08MtJ363ooli 8oboCQ3001 CQ0 (3) 30o<'l01005oom 08
o5'(3MM8<>(300b 'tlf'15CQOOOU 05 0 0<'\oCJoooli '(JMM80&oli btj0MM3000 CQ0 008MtJ0630000. 08 fooo'.l\:o-
OOCQ06 11336 80f1&030CQ 300103lioo01 oMm 8oM<'loli o30MCQ001, 306()0MOdM001
lib30Q.?0lib30 06 00!Y\0ClClo CQ0 0(!;360Cl603m - 'b<'l!Qoli (+)
06 (-) lioCQoCQoooo01. 80MM3 foooS(;Clo,
:s<;o()'BCQ 300 MM 0(Y)f\ 8 '?Jf'16CQ 3ooli DtJ0MM CQ0 0 08Mtto5 300, Clo8!Qoo600(i}0u::
179
 l):.i.:i6'i(Y)aoo 3.:ia(Y)8a6ao<>
6aooG8oomo oa8oomo<'><> (-) 6aooG8oat>lo 'lime!?<>(+) <>rl<!!io30G
6oooG8oat>lo 'bt>ll."!?" (+) 8rr>mbrr>360G 6aooGaoat>ln (-) 801mbrr>36nG
,:,6 ,:,6
u<><>J(30M G<>.:>J(30M

8<>M<>3oooli oj6oo.:. 'B(Y)6C!;?oooli OtJ<>M(Y), olio30 M(Y)8(Y)MG 'bMCQ<>

liolibooClo (8(Y)01brrJ 36,:,Clo). 'bMCQ"
oj6oo<> 'lJf"l6CQOOol.i 3<>8MtJ0606<> CQ<> li<><>JGO(Y)O (8M01b(Y)3606oli) -
<>jGooool> 3<>8MlitJoCQ3<> - oj6oo.:. ,:,li030 'lJM6CQOOol.i 3<>8MtJ0600<>.
7.1 rrJMo 6.:.60.'.li:o JM8.3.:.6ooli"Aldine Manufacturing"
'B(Y)6!:QOOol> 8MdM.:.rrJooli .:.63<>M0Cl3oooli dOCQ806oli013oli, f\306 606,:,
01<>3Clo. <>8 lio(QOCQO (Q<> 'lJM6CQ0-
6oli 6tJ<1MM060 (263,000$) 'lJf'l6Q?oooli 3<>8MtJ06oooli (263,000$).
cYl<>(Q3<>6 OtJ<IMMOOO ()6CQ<> Otjf'lli 3<>8MtJ0606oli<>, 030
f\3060 li.:.8()Cl<>Mli Clo8M68oooli

DIRECTION
JM8:3v6ool> "'Aldine 20X2 20Xl otl.:>t<'.f'l:Joo 00af'ltiD6Do.:>
Manufacturing" !.ll" 8ol>o $178 $175 + $ 3
(>m>l>ao'iln) 678 740 $ 62
8v1'i<> 0aon l»o<>'bf'iM '(Jvl>nm .:>6
1,329 l,235 + 94
&n6vGlfo1'i b>M:Ji::JOn 21 17 + 4
· 35 + 6
8n8!.Jln6.>1'i:J "d803000 $2,241 $2,196 NIA
'l3odl>n1'iaovc:;>o <>d<§n3000
U<>blJnGo 1,596 1,538 NIA
v8M1'i8n'bv(30v _mm (791) NIA
&806!.Jl" <>d8n3noo $ 739 $747 8
063:il>8nonnon 65 + 65
Gb3<> 0 1'idnc::>3>!.Jln>6n <>d803:ion 205 _w
8mc-:>nv6n <>d<§n3:ion $3,250 . $3,148

1.11.) (;.).)d(30f'l

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

CJa60CJ3fo: NIA= .)MM fl3a6 '(JMJ(JGOM[JO<>U om 3"J[JO'>[JOO'> <>rl

,:,6 ,,08061."!?" <>rl&o 3aooG" Jrr>8.3rr>6a6<!!ia<'>'ba.

180
Jro8:Jo6nnb "Aldine 'bt<lCQo, 3ov6oooc:;iaonc:;io a"'8D"" $ 58
Manufacturing" ,,booo'b01" Cln8ent<l::JOo, o8o6(Qo od@)o3,')0o 8
'B"'6CQnonb 068ot<ln<l3nonb
08""""'non CQ> 8,a"'8::J6aoo a3a8 ot<lnoo, CQ::JOn@>"'""(Jc:;in CQ,,3,c:;ioo60oo 62 bi<iCQ>, 8ot<lo3non $ 94
2XO 1 31 8ot<l@)nCQo6
'bt<lCQo, liooo6J"' u0bbnon 92 bt<lCQo, Sn6oboot<l 3>b:.J(Jc:;>n bot<l'.JCaon 4
2X02 31 8ot<l@>o8CQ.'l
'bMCQO, JM::JCQO@)MM(Jt::;>O 3"t::;'(Q::JO()C:>Doaoo 12 'bt<lCQ>, onfou!Jot<l 3>CQ>l>0b"fl?::JOn 6
(0010G3oi'ln)
'bt<lCQo, bb30 CQ>6ot<loebaon 27 'bMCQ>, 3t<ld::Jt::;>3"!.!?°"6n o6s;Jl>@>nGnnon 65
'bMCQO, 3(<id3c:;i3>CQ006n 4 O::J8(3nMQOO, CQ>3MM3nc:;in 3>CQ>UoboCQ::JOn 91
6"c;tl.l!" !.!?" 8nuo __ 3
$263

o::i8C!?D3o Gd::i80 CQ03::Jb80M::J00m <Q0080bGM3MMm 0'ioG306 O::J<Q3::J00 'Bf'l6(Q::JOoG OtJ0MM::JOO

(Q0 008MtJ::J6:J00:

srn
o::iG00080G (J'.l(:M::JOOO 0GM 0oo 0c:;60060 3G0 08Mt1::i6::io0G, 080MM::JoG, A L

urn
0d@lo300G <Q0 . (8o6()Go)
8o(JmomooG 'bMQ?.>U 0d@lo3::iooo 06 0Uf'l::JOO
(JJ::Jm (QM80bGM3fiiM O::J8(Q::J()O Go@ltJ3DooG 8ob::J(Q3om: - United
States of America, Lucille. (Laibility - Asset - 0d@lo30,
Sourse - Uses - 008MtJ::J6000).

M.)<Q306 OtJ.>fiif'l (Q.) 308Mt1::J6000, oGo6o

063.:.<'1003::iooG '{3MM8000 08330<'10<Q, fiiM8 80mo 0GM::ioou 8obo<Q3om.
7.2 ';'.Jfl306oou JM8.306oou "Aldine Manufacturing" 'BP16!Q::JOOU 06306iooooou ,,u000'bM"
OtJ.>MM:JOU <Q0 308Mt1::J6000u 2X02 31 80fii@l0Um3ou.

o<">mo o::ibo<Q3om f\06u, MM8 :JU .>MOU ,,OtJ0Mf'l". 803M08 ob 0M .)MOU UOMMO. ()0bUM3(Q::Jm,
M0(Q()06 fol!;(QO .>Mou 0d<§o30, m';') ou o'bM(Q<JO<>, 030 (()0680M@l::Joom) od6000
,,308Mt1::J6::io0". OtJ06iM ()M'b.>M(QMU u::iubou 0l!;<JOom, 3.>'bM(QO<Q.)
80<">0anou <Q0 u0803o::i<">M<Q <lodleoMoo<Q.> fol!;<Q

8o(Jb::J(Q.>30<Q 08ob0, MM8 1\306 !Q033:JOtJf'l 1\3060 ,,li000'bM" OtJ0Mf'l<JOOU (Q0

3.:.8f'liJo6noou 05 3.:.<'10030oom, <'1.:.8<Qo6o8::i a8 oM 0 <Q.:.'b(]G<§::io.:. 8f'l83Go8u a000<Q
06'Bf'lM80eo0b 3()0.)MOOU (JJ001:JUO od6::io0 03bb60m 30·;r
801300.:.G.; CQ0 08060;20 d0Mom0<Q f\306 8o'b6M0Mo-
30CQ 008M3tJM'Bm 08 MM ub3oonb3.:.6 (3b<">oc::..1 7.2-oo, MM(.30 .:.3 58o6<Q.>
(J'lJMM .:.3bG5nm.

181
 1>8 MMO 8(JbC!'ob O[Jbi><(3i>b[JOC!'i>tJ<, fl3[]6 3(JOM(J6tJ<[JOOOJ Jf'l8.31>6oob Oi>C!'i>6bb tJ<i>
3obi>M8[JOC!'[JOOJ 'bf'l80[JMOJO tJ<i>81>8[JOOOJo o6<(3MM8i>GOOOJ Jr08.31>6oob Cl[J8f'lbi>3C!'[JOOb
i>68i>M008[JOOtJ<i>6 6.2 GbMOC!'OO.

8M 50 ooG !:Qi> !.'!?o3otJ<o6!!?noou i>C!Oi>Mao1>. R30 6o 'BM6CQooou 1>6&1>Moa 00 01> aM 80 8(JC!' n81>.3'bn 1>b1>b-
1>3u 8bMC!'MlJ< o8o6!Qi> G3C!'0C!'[)Oi>U ()i>(J6i>OOC!'[)0[JC!'0 O[J8MUi>3C!'[)OOU .:i6()1>MOO()[]Oi>OO.
8f'l0[JOi> !Qi> l)i>!Q1>b!QoC!'o !Q030tJ<[J6!Q[JOO i>8GOM[JOU o8o6!Q.:i 8f'l 0[JOOU 81>fl3[]6[JO[]C!'U· 06CQ030CQ(J-
,:,C!'(JMO JM8.3M6[]68noo .)MOU 860Cl36[)C!'M31>6o '(3M6!Q[JOOU 8MdM0MOOUi>U !Qi> 6.:ifl306noo ()61!?"
OtJMU G"C!'JD· JM8.3.:i6oou Cl[]8MUi>3C!'[J00U .:i60.:iMOO()[JOOU 0.:i8f'ltj[J6[JOOOJ u1>.'.foMM M0(3b3noou
fl306 8.:iM8031>CQ 31>(Jd80001 0806tJ<1> G3C!'OC!'[)Oi>U 0.:i(J6i>OnC!'[]O[]C!' 8M 0[]o<>Clo !Qi> 8ou
JM8.3M6o68nou 3G3C!'om fl3 06u '(3M6!QDoou .:i60.:i(y)oCJClo - 0806!.'!?" aM 00 o.:iu, MM 0MMG '(3M6tJ<noou
OtJ<>MMu !Qi> 'B(JC!'i>!Q ti<o 3o!.'!?o6CQDou, MM()MMG 'BM6u:woou 01>8Mt1n6no.:iu.
Otji>Mf'l: f78o6f:Ri> 8f'l(3()01> $201
01>8f'lJC!'[JO(Jr:;'O: ?J'Jr:::'"fRO fROJOfR(J6fR(JOO 143
(0806CQ1>) 01:1.:iMf'l: 'bMQ?<>, 0 1>'J61>f7nc:::>aoac:::>n 8f'l 0 ao.:i $ 58

8f'l8[)00U (1>6 'b0M1>r.:;iou) !!<" ()i>!Qi>btJ<Or.:;'0 !Q030!Q[)6!Q[JOOU !Qi>8M(JJO(!?[]Or.:;'1>CQ ()i>6boC!'3001 fl306

6.:iJC!'[JOO d1>r.:;ioub803001 i>(JGOr:;'[)O[]r:;' !Q1>8<>8Doom 06<(3MM81>Go1>u <(3M6!Q[JOOU
8MdMi>MOi>'b[J.

'BoduoM[JO(JC!' 1>d803n0Clo 1>8Ml'l18o'b1>Goou !Qi> 801C!'o1>60 G3C!'oC!'noou i>C!Oi>M[]Oi> • .:i8MM8o'b1>-

(30i> 1>Mob O(Je!"r.:;>8fi1(JC!'O fl1>61>on(Y)o, MM8DC!'oG 1>6.:iooC!'noG <>d8o 30 oou C!oMDo()C!'Do1>u
0[]8MUi>3C!'OU .3o(Y)ou.3oM, 81>3M1>8 i)M 8M0(31>3b Ji>.3081>r.:;iou 6noou8ooM 8MdMi>MOi>b. [JU i>Mi><(3()-
C!'i>!QO b.:iMji;O M[)1>C!'()Mi>tJ< <(3i>M<i3b UM(Jr:;' M.3[]Mi>80(Jr:;' <(3M6tJ<[JOOU 6.:iJ1>!Q[]OU fl3063.:i6. M[)i>C!'(J-
Mi>!Q ou, (Y)ouo GM!Q6i>G R30 6 33M68n(Y)nunou 'bMo:Ji;DM (JOMCQDon6 M.3(JM"GoaoofR1>6 8or:;ao'Jc:::>
?Jffl6f:R(JO& - 'bM8:Ji;DM fl3[]()C!'[)OM031>CQ i>M 1>Mou 1>b1>b(JC!'O .3oMCQ1>.3o(Y) Cl[]8f'lUi>3C!'Doob
.:i6 01>(Y)oCJClo. 1 fl306 ()6!Qi> 83i>bUM3!Q[]U, MM8 1>8MM8o'b.:i(3M M[J"r:;'()Mi>CQ i>M d86ou <(3M6!Q[]OU,
<(3M6!Q[JOO od86001> M.3[]Mi>GO[)OO!Qi>6. 1>80Gm3ou fl306 [lb 8(Jbr.:;io (J6!Qi> !.'!?"3()8i>8Mm o8o6CQ"
Clo8Mu1>3C!'oG 1>631>M0Clc,001>Clo, MM8 01>31>(Jd8Mm O(JQ?i>r.:;>8M(Jr.:;>o 0 1>81>Mnoou 'bn 0 .:i3r.:;io6.:i,
MM8[JC!'8"G fl.:i8MO[)M1> o0 o. 81>006, 8o()b[JCQ3i>!Q 08ob1>, MM8 fl306 1>8MM8o'b1>Gni> 803(JOJOOJ[Jm
MMC,MMG OtJ1>MM 0806!!<" 8M8[)00U 8ob[JQ;?30m, [JU m1>30Gm.:i31>CQ od6001> fl061>0[JMOU o"(Jd8no.:i,
30CQMD 'Br'l6!QDooG M[)i>r.:;>()Mo OtJ1>MM 8ouo U1>J(JOJ<>Mo ()'Br.:;>Doom.
M.3[JM1>GO[)OO!Qi>6 <(3M6tJ<[JOOU 8o(!?[]Oi>Oo CQ1>b81>M[JOOU 0 0M!Qi>, ()Ji>6 Q;?i>81>8[JO(JC!'O 1>8MM8o'b1>-
(30<>, MM 0 MMG <(3M6!Q[]Oou 01:1.:iMM, u.:iCl()i>r:;'[]Oi>b 0 31>dr.:;io3G .:i3bu61>m 8mC!'o1>60 !.'!?"8"8Do1>
(JC!' Doi>) 'BoduoM[JO(JC!' .:.d80300 'bo 0806!Q1> cnodboM[JO(JC!' .:id8030000 G3r.:;>oC!'oooG
u1>.3o(Y)ou.3o(Y)M!Q. 011>30CQ1>6 fl306 0 3[j:oM!Q[]Oi> G3r.:;>or.:;iao1> o8o6!Q<> cnoduoM[)O(JC!' <>d8030000
,,do(Y)om.:iti<o" 01:1.:iMM[)OO!Q1>6 !.'!?" 01>8Mt1D6nooG .:i6 0 0(Y)0Cl3001>CQ.:i6 (Gb(Y)or.:;io 7.2). oo8Q:?Do fl306
0 3[j:oMCQ[J01> JM8.30601> "Aldine Manufacturing" on8Mu1>3r.:;inoou 1>601>(Y)0Cl300.:ioo 1>u.:ib(JC!'o .:i8MM-
8o'b1>(3oou Mo(3b30G .3M361> (GbMor.:;io 6.2 80-6 m.:i300). 1>8 8M6i>(3[]80oom fl306 01>8M3om3C!'om
8mr.:;io1>6 'bM!Qi>U (JC!'oo.:iu) cnoduoM[)O(JC!' 1>d80300Clo 008!.'!?ooo u.:ibom:

fo'bt'iill?o = <'>dtf!>o3aoou + .3at'iioC"lll?'1lo 1)

Clo!QD&i>!Q, ,,DC!'!Q1>06oum3ou" fl306 0 31>d3u (.:i011>uo0Clo)
cnoduoM[)O(JC!'O 1>d803ooob 6.:i'bM!Qo = -8$+112$=104
.:i8 0 31>Mi>!Q, fl306 31>uJ36om:
Ol:Ji>MM: .:i8MM<!Jo'l5.:ic;o.:i $112
oi>8CTlJe:::'D0(Je:::'0 oi>8Ml:J:J6oo.:i: '(]OJOOM[Jf!i(Jr:;>O .:ij<!Jn3[J6n& &.:i)7 iJOOO '15(;)1J!" 104
Ol:J.'.>MM: )78o61J!<> '(]OJOOM[Jf!i(]r:;>O .:ij<!Jn3[J6n& &.:i6.:ir:;i.:i6&M $8

182
 7.

E'il:li:i&.PJDOO
-------------------·-----------------·
J"'8306ool> "Aldine "'3(lM0(30QOn!J?06 '13M613?(lOn
Manufacturing" 'B"'6!J?:JOol> i'i8o61Q<'.> 8<'>(1()00 $201 1Q0301Q061Q360 $143
06 0 0Mod(IQC»b Oi:J>MM:Jlin 08MM8n'b0(300 112 '9odl>nl'0noCJC'.'O 0de,0306ou 'b1'01Q" 104
13?0 0 0801i:Jo6a60 2XO 1
l'iC'.'ol> 31 801'0<§0!3?06 2X02 94
JC'.'[100, IQo6oe,01M(JC'.'O !J?030C'.'006ao300 62 b1'01Q", 80&.03;ioo
bC'.'ol> 31 801'0<§081Q:J
(0m0l>o0Clo)
'bM(!?O, b0006JM l>3l>b300 92 'bi'0£!?>, 5060!.>5,:,til 305n'JC'.'o b0M'.J<DOo 4
'bMIQO, JMQIQ08<'>M<:JC'.'" 12 'btil!Q,:,, 5060!;5,:,til 0.>IQ,:,blQnC'.'o 3.>1Q0U.>b0(!?QOO 6
'b6'13?0, l>b30 13?0601'0oob300 27 'btil£!?"• 063ol>80000 65
'bl'0(!?,:,, 3"C'.'o 4 JC'.'000, o"!J?"U"b"!J?OOO 91
JC'.'o"'"· 6.>e:;(!?O !!?" aoun _3
$510

M(Y)CQOU0(3 08(Y)Meo'b0000 CQC>o800000 'lr6Q:?oooG 06c,01i1o<lG M(Y)C,(Y)M(3 b:J0M(Y) CQ0 CQC>80000000

<(3ojGoli1oo()cc:' G0d(J0cc:'Oooo'bo 60F.306000 oj6000 M(Y) 0(Y)M(3 0 08(Y)ti06000 F.306 <lo 0 3odcc:io0
08('13oc:;(Y)m 03cc:iocc:ioo0 0806CQ0 <(3ojGoli1oo()cc:' 0jeo3oo<lo, Me>CQ 0 06 o0 o 0c:;01i1 01i10G 8oe0CQ
b0ifoli1(Y). 8000$-om <lo8ooli1000 0806CQ0 '13odGoli1oo()cc:' 0deo3oo<lo (J<(JM(Y) 8oe0CQ bli1(Jcc:ie>CQ o::i(Y)
0bb6occ:io, M(Y)0 (Y)M(3 0b0cc:i 0deo3oo<lo 104000$-ob CQ080eooob 0806CQ0 <loC!?ooo CQC> 112000$ 08(Y)li1-
0o'b0(30()cc:io 1QC>Mo(3b3000.
obli1occ:io 7.3 (Jf130600G J(Y)8.30600G "Aldine" <tJ(Y)6CQ.'.JOob 06 0 01i1o<l 0 ooob b0o(Y)cc:i(Y)(Y) D:J0M(Y).'.JOb
CQC> 008(Y)ti06000G. M(Y)CQOb00 F.306 301Q0li1oom 80b 7.2. obli1occ:im06, <tJ(Y)GCQ.'.JOob 06 0 01i1o<l 0 000
0'13(Jd6000 8b(Y)cc:i(Y)CQ 00cc:i06bob G3cc:iocc:ioooob, R306 3boCQ03m, li1('18 03cc:iocc:iooooo (Y)Mo 00cc:i06-
boG C!?o00cc:ioo<lo - 0 0()60oocc:iooocc:i a(Y) 0 000G0 CQ0 f5806CQ0 '13odGo6loo()cc:i 0deo300Clo -
000030cc:i0 06 0 01i1o<l 0 oooG 8('1 0 oooG 1Q0 be>MJ(;OOoG occ:o8o60ooom. dOCQOC,C>CQ, 'bo8('10c:;6006(Jcc:'o
(Y).3061000000G '13('16CQoooG D:Je>61(Y)oooG m06booo IQC> 80mo 0 08(Y):J0600" 0 0o'b061CQ0 510000$-om.

ua1•1F1•m,rn; !J(0

7.3 ob61occ:i<lo f.306 360b(Jcc:i(Y)om, 61('18 2X02 <tJOUJ"cc:'(J61o 5cc:ioG <tJ(Y)6CQooo do61ome>CQ01Q
0,:,8(Y):J.'.l6oo()cc:io OtJ(Y) 1Qo301Qo6CQooob 0 01Q"bQ:?0<lo, 'Bodbo61oo'()cc:io 0d003ooob 'b611Q0Ro, 80610 00-
ooG 1Q0 0 6ldocc:i301Qo060 063obeooooooG 'b611Q0<lo CQC> 0 01Q0G0b01Q.'.J00G '86o<l36occ:i(Y)3060
0080061000<lo. do61om01QC>IQ ob (Y).3061,:,Goooo 1QC><(30606G1Q0 (Y).30610(3o()cc:'o <(3(Y)OIQ0001Q06 1QJO-
o0('161(Jcc:'o 1QC>30cc:io,:,6ooooob <lo8oo61ooom (QC> G0006J(Y) JMOIQ00ob c,0 'bM(QOffi. "'()(30CC:J0QCC:OC>
0c:;o6o<l6(Y)b, M(Y)8 <tJ()cc:'"C!?o be>d(JC>CC:Ooooob 6061F.060 0,:,o'be>MIQC> 3000$-om. 'B(Y)GC!?ooob D:J061(Y)o-
(QC> 0 ,:,8(Y):J00.'.JOob 060cc:io'bdo 8(Y)b0b.'.JMbOOQCC:o0 <tJ(Jcc:'0CQo 1Qo30CQ061QQOob 0 06cc:i0 0 000
f58061Q0 8('1 00oob .3oMob.3oM 1Q0 <tJojboM06()cc:' 0jeo3oo'bo 1Q08,:,eooooo ,:,8(Y)Meo'b0ooob
.3oli1ob.30M. ob l!?0ob8,:,(Y]Oo0 060cc:ioeoJ(Y)bb 01Q3occ:i0CQ <l,:p<(Je>G(Y)G 0 01Qe>b1Qocc:io 1Qo30CQ061Qooob
J(Y)0'13oGoo60ob bo1Qo1Qo !:QC> '13odbo(Y]oo()cc:i 0deo3oo<lo 58061!?0 'b611Q0 (Jcc:ioo0 ).
J(Y)8.30600G "Aldine" <lo8mb3030CJ0 boj<;06b,:,c:;ob 600060 0Mob ob, M(Y)8 1Qo30CQ06CQooob 001Q0b1Qob
O:J0M(Y) (J'l)M(Y) 58o5(Q0 8(Y)c,ooob 'bM(Q00, 301Q610 bobbob 'b611Q0 06 '13odbo61oo()cc:i0 bC>O(J0CC:00JOOb
Jcc:ioo0. m(J8 8 0, J(Y)B.306oob 0d00 30 oob 830 m0 (08('161eo'b0 8 00) f1060 83 cc:i 000'bo Bo8"1!?
(1Q0B0eooooom) <lob,:,dcc:i(Y)" 061 o8(Y)b Je>61 0o 6o<l060. a(Y) 80 a()cc:i 8('18o5e<lo bb 3,:,(Y)o0 061ob .30e01i10,
80c,6108 8('18,:,3,:,cc:i<lo ob <lob0dcc:i(Y)0 c,0bCQJU .361M6cc:io8,:, ffi(J 8(Y)bCQ000, Bobo 8"o61docc:ioo,:, CR" 'b611Q0.
<(3M6Q?36oll .:.6a0<"10Cl0 3ooli .:.60cc:io'boll 'B(Y)61Q3oob 8MdM0Moob 06 0 0Mo<l 0 ooob
,:,60cc:io'bo odcc:io30 CQOCQ 06<tJ(Y)6180(300b J(Y)8.306oooob <(30606b(J61 (Y).30610003o'bo, 61,:,G
0 06b0J(Jm6136om 860Cl36occ:i(Y)3,:,600 '13ofo6G(J61o bocc:i8dc:;306occ:i0Gm3oli, 610CQ 0 06 beibocc:il!?(Y)o61
ob G603cc:ir>1oli J(Y)8.306oob 0 0<(3061mr0oooli o,:,61G(Jcc:i IQC> 8('18030cc:i o.'..J08oob IQC> 80m 'bo 0 03cc:i360li
cc:ioJ301Q(J61('160'bo. 'B(Y)61Q300G 0 08(Y)tJ06000Clo Cloodcc:ioo0 0c:;8r>1f161Qob 1Qobo0cc:i06Go CQ0
80\C:?JO(JCC:o oj5oG <lob00080Go j801Q060oo. 80 0 0cc:iom0CQ, 06,:,cc:io'b80 6108CQ06080 00611.i(Jcc:'O 5cc:ioG
0 06803cc:if'lOC>do Cloodcc:ioo0 0fi306(Y)li 'b61CQ0 8061,:, 0 o0Clo 0d00306oli 8mcc:io06 m06b0Gm,:,6 06
0 0t101Q3000G 8(Y)G()cc:'(Y)o0Gm06 00CQ06'looom. 060cc:io'bo G0<l()0cc:io60li 0 30dcc:io3b 0 08('1303cc:io6(Y)m
8,:,6'l,:, 0 ooob 8061m3oli 06100'13od0006Mo0. 01.iom Clo8mb3030<lo, 05 0 01i1o<l 0 060 <tJM6CQooob
a(Y)dM0M00'bJ o30<tJ61mbocc:ioob .361M6cc:io8oooli <l3b0boo, 61(Y)Bcc:io6oo mj306 <loc,odcc:io0m
0 00060cc:io'b(Y)m C!?" 800\C:?(Y)m b5('161o 'b(Y)Booo 80m 0 08(Y)b0G5('16'loocc:i0CQ.

183
 '?JM6o:wooG .">60 .:iMoClooo 0.:i8Motio6oo.:i .:>U::J30 JM8:3.">6ooG CQi>'?Jo6i>6GoooG
'?JM6CQ::JOOU doM001C>CQO l5tj.:>MM::JOOU a30R30600G JM8d.">6ooG 'bMCQOU Mi> 6.">15-
CQ"'?3o6.">6GCQ" Clo 0 ."> CQ" 0 .">M::J 15tJi>MM::JOOCQ.:>6. JM8:3.">6ooG CQ"cao6.">6GoooG Cloca"GoooG.:iG 01j306
CQ"aaoMCQ::J0.'>01 CQ030CQ::J6CQ::JOOU CQC> 8Ma::JOOU JM::J'?J0(30::J6<'!:JoG d::J'?Ji>b::JOi>
JM8:3.:i6ooG '?JM6CQoooG G.:i8'0MM::JO.:>G01.:i6 CloG.:io.">8oG.:iCQ .
.:iG030 d:Ji>'?Ji>UM01 '?JM6CQ:JOOU 8MdMi>MOOU .:>6(>,i>MOO(l,:JOi> bM8 i>M o'bMCQ:JOi>
JM8di>60i> Gl5Mi>'?Ji>CQ CQC> bM8 ::>M d::Jb(JU<'!:JCQ" JM8:3.:i6ooG cao6.:i6GoM:JOOU
i>U::J30 0 .:i63G.:i 'bc::i3MM01, 0i>o'bi>MCQi> 01() .:>M.:> JM::JCQO<')oG
8o8CQ06i>M:J .:ij<')o3nooG (Qi> (l,i>tJOCQ3:JOOU 'bMCQOU dM(Y)d(Y)M-
01() Ui>3i>8'M(Y) JM::JCQO<')oG UOCQOCQ:J oi>O'b.:>MCQ.'> Gl5MC>'?JO a.:i6i>J3:J01001,
01j3::i6 CQ"o8'oMCQ::JOC>01 d:Ji>'?JC>UM01 G.:i3.">8'M(Y) 'bMCQOU
d::JCQOo::JOO JM8:3.">6ooG JM:JCQO<')(J6i>Moi>6MooG 'bMoG001 CQC> 8oGo CQC>'?Jo-
6.:i6GoooG . .:iG::J3D CQ" CQ"'?3o6.:i6Go-
ooG JM8oo6.">(300U JM8:3.">6ooG '?JM6CQ:JOoG 8M01bM360001.">6 d::JUi>0.">8oGi>CQ. 01() :JU
8M01bM36000 .:>MoG i>j<')o3nooG0130G CQC> 8CQ 0 M.:>CQO 'bMCQoG0130G
8o8CQo6.:iM::J .:ij<')o300Clo, i>M oj6oo" Ji>M 0 o, 01() CQ.:>'?Jo6.:i6GoooG
8M3i> btJi>MM::JO'b::J.
'?JM6CQ::JOOU 8MdMi>MOOU .">6(>,i>MOd(l,::JOOU 8n<'!:J"CQ
oj6:JOi> 01j3::i60130G, MMoMM(3 cao6.">6U(JMO JM8:3.:i6ooG
CQ" CQ"'?3o6i>6GoooG CQ"o::Ja830Gi>G. oG ()R3n600G JM8:3i>6ooG '?JM6CQo-
ooG UC>ffOMM::JOOU d::JMbd::JJ<'!:Jo3::ioG, .:.8 Gi>B:oMM::JO::JOOU CQMMU CQC> 8.:.01
O(J6:Jo.:>G - 8Mb8i>MCQi> 01() i>Mi> 0630G<'!:J0Go.:i 8i>Mi> 0 ::JoG, (doM001.:>CQ)
i>J<')o300G (Qi> .:>U::J O::J8CQ::Jo· 06'?JMM8i>(30001 8MG-
::JM01C>CQ CQ" Gb3i>CQi>Gb3i> CQC>6.:>M0(3b::J0001 01j306 JM8-
d.">6ooG CQC>'?Jo6i>6Goo.:i (J'?JMM ::J'?30J<'!:Joi>6.:>CQ. CQi>8.:i<')noo01, 01j3:J6 8.:iM<')o3i>CQ
a.:i6G.:i'bc::i3MM01 JM8:3.">6ooG 8CQ(l,M8i>M:JM0i> Ui>btJOUO 6.:>c::>CQO
6.:ic::iC!/o CQ"'b(JG<'!:Jooo01, M"G :3MM::Jd<'!:JoG btJ.:>MM::JooG
CQ" 0 i>8MtJ::J6oooG .:i6 0 i>MooClo. doM001i>CQ.:>CQ, 6.:>c::>CQ .:iMoG
6i>MRo6o. 01j306 dMM 0 6M'boMOOC> 0.:>C>J001M01 JM8:3.:i6ooG
6.:ic::iC!/o 8CQ 0M8.:iM 0Mo.:i 'b::i 6.:ic::iC!/o a
80 30 Moo01, G"CQ"G
6.:>JC>CQOOOU dOMCQi>dOMo dO'?J"UOOOOo.

5eit'.;\:!?O ';::JDt,pl>ob 8o'b.:i6oi> 0 3.:iR306MG JM8:3.">6ooG 6.:>c::>CQO

CQC> 6"J"CQOOO CQMMOU d:JMOMCQOO. oG OtJM'?Ji> U.">8 J"<'!:>OoMMOC>CQ:
0630G<'!:Jo(30(JM CQ" cao6.:i6G(JM Gi>j8o.:i6MO:JO.'>CQ. oG .">6(>,i>MOOo:JOi>
cao6.:i6G(JMO .">6(>,C>MOdoOOOU G<')i>6CQ.:>M<'!:JoooG 8oboCQ3001 (SFAS) J\&95. MMCQ:Jb.'>(3 cao6.:i6G(JMO
JM83>6oou
8MdM>MOOU ,63>Moo300> OtJ:J6ooG MM Gb3.:i doM001.'>CQ cao6.">6U(JM .:>6(>,i>MOOdO o6caMM8.:>(30i>b CQ"
CQMMou 8.">0101.">6 G.:iJ001booG, 6.:ic::iCQo 8MdM.:iMooG .:i6 0.:iM0Cl 00 o.., 0b8i>M:Jo"
3:JMOMCQOO. d::Ji>'?Ji>UMU CQ"
JM8:3.">6ooG MdOMC>(30:JOOCQ.:>6 Cl::ij86i>G o8o6CQ.">
6"J"CQ:JOo: dMM(306<'!:JoooG CQ" CQ030CQ06CQ000G o"CQ"bCQoG0130G
JM8:3.:i6ooG 0.:>MO CQC>'?Jo6.">6GoooG0130G Gi>ffOMM:JO"
Gi>j8M6MooooCQ.">6 158o6CQi> n8o6CQ."> 6.">Ji>CQU
dMMOU a.:i6Gb3i>3oonooG 8o'bo'bnoo
2
CQ" 0630G<'!:JoMoooG CQ" cao6.">6U(JMO <')M.:i6'b.:ijGooooG 0'?30J<'!:JDoo

184
"1J()Oi0(30(Jc:;:'O,
063ol>0oeov1'l°', 6.:.£:!mo
m.:. aMab.:.b(Jfiio6ooob
'Bo606uv0in Goj8006"'onoo
3.:.1:1om3om.:.6
bobbob
(.'3fiiMoo68(Jc:::io ooa..,,u.:. 3.:.c;:io) m.:.
,)dGOOb

3.:.m.:.bm.:. B.:.fii.:.3ooobm3ob
m.:.6.:.8(Jfii..,,ac;:iooobm3ob boc:::i'?.l.:.bo6ob 3.:.m.:.bm.:.
(b.:.fii 0ooc;:iob) **
8cn.:.3fiiMoobm3ob 3.:.m1ib.:.b1>mo6ob
bb31> b.:i6Jj\:o6o
0633b8ooo(JMO U.)d801>6M6360
fo£:!!QO 'B(Jc:::'OU 038Mu,)3c;:io60
'Bodbo6Jo6\'.Jc:::io .:id80306ob 3.:.1:1om3om1>6
(b1>Jl'.JO'll"i301>, on6M6o6o,
ub3.., &"61:JM<1Joc;:in6ob 3.:.c:::imn6(Jc;:inoob
,)6 "dooooob &"1:1om3om.:.6
(()6"£:!t!!"' 'B(Jc:::'ob
61>£:!t;!O
'8odbofiio6()c;:io 0d803n6ob ondn6"
(bi>J\'.)O'lM(lob, 036Mo(loo, .:i£:!1fo613oc;:iM01>)
bb3.:. .:i6
.:idooo6ob 03dofo ((J6"£:!1!1"'

<an6.:i6b'2ll"io b,)d8o.:i&.,onoo
fo£:!t!!O onB..,,mo6o<'>n<m
hnhbooom
JMB.'3.:.6oob .:idoooooh 3.:.1:1ot!13om
6.:.£:!!."QO a.:.t!!o6oonoo ·
m.:i36'bo a.:>i.-Q.:>bi.;z.:i
J"'a.'3.:.6oob .:.doononb '1odo6.:.
.:.dennb i.-Qo3ni.-Qo61.;zn6ob &.:>m.:.bi.;z.:.

*ob Clo8"'i.-Qo606000 i.;z.:. 8"i.-Qo6 0o0oo .:.61ob e,o.'.l(Jfiio .:.fii.:.'l3o6.:.6b(Jfiio JM8.'.l.:.6onoobm3nh t"Q"
o(Jc;:iri.:. SFAS .N'!95 MJ(l6'0:.(30(Jc:::'O, 063nb8ooo(JMO i.;z.:i 'l3o6.:i6b(J6iO b.:.d8o.:.6Moob e,.:i6b.:.'b£:!3Mnb
Bnu.:io.:.aol>.:.i.-Q.
** c:::'"'aOJ(JM'>!J< fl.:.66 ,,aot::!n<'>'i':Jc:::io" .:ifii..,, 8 n6®ooob i.-Q.:> i.;zo3o!J<o6i.;znoob
063nu0ooono.:.(!( a.:.006, MM!Q:JUi>(3 ,.3.:.m.:.bi:Qoc;:in" JMM(3n6®noo 3.:.8M01:J(J(i)Oo.:., MM3M(i)(3
'Bo6.:.6b(Jfiio <B"08Mo6'03.:.i:Q, 'Bn6.:.6b(J6io .:.6&.:.li10Cl3ooob b8.:i6!:!p(i)8ooob b.:.ot):Mb Cl3nmo
0036)0(!(06 b.:.80 ,:,(ii (!(.)()O'l.)6b8.) JMM(3::JG8ooob 80£:!30(Jc:::'O {Qi> mo3omo6a;noob
6i>£:!(!(0 '(J(JC:!:iob 6i>Ji>!Q:JOl>I>? M3(l(i)l>(30(Jc:::'0 b.:.d8o.:.6MOiJOO!Q1>6 - a.:.3611>8
.:.B.:.b ll1":JO'll>6ba.:..

93(}e;;iob 8Mdli10Moob 06 0.::.li100 00 00 bb6ob 93()e;;Clo 8 3e;;oe;;aoaob (CQ<> 93(}e;;ob

aJ303.:ie;;a60Clo, li1M 0Mli1oG .:.Mob b.:ib.:i'bo6M 300 1..lae;;aoo) 08 b0d8006Moaoo01, MM8e;;0oa.:i 8
0.:i'boM{\?i)b (QI> OiJ<>8(30MiJb <'.(3(}e;;o. b.:id8o.:i6MOO(Q<>6 '(J(}e;;iob Oi]8f'l(Q06QO<> 06
01>(Qo6ao.:i od86ao.:i oa8CQD&o b.:.80 8Gb3oe;;o Jo0iJoMMoob oab00080G0CQ: MdiJMl>0o(}e;;o, 0630G-
0oGo(JMO .:.6 9306.:.61..l(JMO G0d80.:.6MO.). 7.4 obMoe;;o .:ib.:ib.:.3b 08 G.:id8o.:.6MOi]Ob, MM8e;;aooG tJ3a-
e;;.:i'ba ()9JMM booM<>t:Q 0G.:ib()e;;o<> 93(}e;;ob 8Mdfi10MooG fS3a()e;;a66103 .:.6 0.:.Moo 00 o.:ioo G.:i8o
do61001.:iCQo J"0iJoMMoob oaG.:i6.:i8oG.:iCQ.
'a(}e;;oG 8MdMbf'lOoG .:i60.:ifilooo::io.:i Claode;;ao.:i o.:i618MCQoQEioe;;o OtJf'lO Mf'l()MMG ,,.3ofil-
CQ0dOMO 8a01MCQ001" (MM8ae;;ioG Clad86oe;;o.:i 93 06.:iEil>()Mo .:i5 0.:.Moo 00 ooli b0<>EiCQ<>M0oG G.:io3'Ml>
8oaM, M.:i(Q 0.:i6 o0o (J<aMM "CQ3oe;;o 0.:.G.:i 0aoo.:i), .:il.>030 ,,.:.M.:i.30Mi.Q.:i.30Mo 8001MCQ001" {(Y)M8ae;;b.:.G

185
 3.

Jl'J8.).)600u "ALDINE MANUFACTURING" Jl'l8.3.)600u "ALDINE MANUFACTURING"

6.;J.;ll!oc.ou .)6Mt:iOaooo.; G.;J0r!1DoOu .;G&0t:ioaooo0
2X02 31 8.)fi'><!!>O 2X02 31 8.)fi'><!!>O

6.)J.)!l10o0 uM80.)61'loDOO!l1.)6 6.)J<ill!ac.o 1.>.;:1ao.;Gl'lo::JoO!l?1>6

8oc:?aovc:'.'o Jc:'.'oa683oou 81>6" $4,054 6806!.l?" Cla8Mu1>3.:ic:'.'o $ 201
81>!:!11>bl:l1oc;:>o 8M80Ml:l130c:'.'30oum3ou !:!11> 1>8MM8o'b.:ioo.:i 112
0'>1>608Cl(i)M8c;:>:JOOU0'>3ou0 (3,539) 'B'(Jc:','0 80(!?30'(Jc;:'O (&.:>8MlJtJ6oo'(Jc;:>O)
81>!:!11>bl:l1oc:'.'o .'JMM0068ooo (85) 808Q?o61>.MtJ 1>d8033oom O?"
&1>il1.:ibil1oc:'.'o 3oil11>uob.:iil1oooa _ill_l) 0?"J"3<lo(i)oC'Vc:'.'O
0806!:!11> 'B(Jc:'.'O 8o(!?OO(Jc;:'O (&1>8Mt_J0600(Jc:'.'O) Jc:'.'3o.,, °'3oo8f'i<"i'Vc:'.'o O?"O"c;:>n.:i6 0o.:i 62
MdOMl>QO(Jc;:'O u1>j801>6Mooooi111>6 $219 'b<"i!J?.:i, 81i(i),:,3000 (94)
'bMIJ?"· 606.:iuo.:i<"i 3 .,oavc:'.'o °'"6.:ib.:iM:.1\:300 (4)
G.;J.;!l1o u.;aao.;61'loDoOll!.;6 'b<"i°'"' 606.:iuo.:i<"i o"O?"bll!oc:'.'o o"O?"u"b"IJ? 3oo (6)
'Boduo(i)oovc:'.'o 1>d8033oou 'b<"iil1.:i $ (!04) 'b<"iQ?<>, JM31J?08MM(Jc:','O 3"c:'.'C!130'(Jc:','303oo 12
8"il1"bil1.:i 0Md:Jc:'.'3"il1o.:i6o 0633ll8ooooooum3ou _ill) Jc:','l)Oll, !Qll8MM3oc:','o 8"0?"u.:ib1>Q?300 (91)
0806!:!1.:i '(3(Jc;:'O 8ocwO(Jc:'.'O {&.:>8MlJ36oovc:'.'o) 'b<"iQ?.:i, bb3.:i Q?.:>8MM3nc;:>o 3.:ic;:>Q?OO'(Jc:','30300 -11
0633u8ooovMo u.:ij80.:i6Mo3ooi!1.:i6 $ (169) 80(!?30'(Jc:','O (3.:i8MlJ36ao'(Jc;:>O) 08060?.:i
8M83o.:i M:J31'1.:ioovc:'.'o b.:ij80.:i6Mo3001J?.:i6 $ 219
6.)Jllll!::Joo 'i!l061>6ui'.ltr>O uMao1>GMc.ac.oll!1>6
8MJc:'.'o 3"1l?o.:i6 u0ub3oob 'bMIJ?" $ 92 6.)JIJl310 l>lld801>61'lO::JoO!l11>6
8Md3c:'.'31>1J?n1>60 u3bbaoou 'bMl:l11> 4 'Bndbo<"ioovc:'.'o .:id8033oob 'bM!J.1" $(104)
81>1J?l>b!J?Oc:'.'O (!1030!:!136!:!1300 __um 8"1J?"b!J.1" &<"id3c:','3<>!J.10.:i60 o63ou80003oobm3ou __@)
080613?1> '(3(Jc;:'O 80(!?30(Jc;:'O (&1>8MlJQ630'(Jc;:>O) 8n(!?l)O'(Jc:','O (8.:.8MlJ36;JO'(Jc:','O) 080613?.:>
'Bo6,:,6G(JMO G.:ij801>6Mooooll1"6 $ (47) 8M800" 063oll8ooo'VMO b.:.j8o,:,6f'JO;)OOIJ?.:>6 $(169)

(Jc:'.'300) l:l1" $ 3
61>J<ill!O 1.>MaO<i6l'lo::JC.Oll!<i6
l:l1" 2X01 8.:i(<)8o _ill $ 92
'bM!J.1<> 8MJc:','03"!J.1o.:>6 b3bb;J0Clo
il1" DJ3n3"c:'.'36800o 2X02 8.:i(<)8o $ 178
&Md;Jc:'.'3"!J.1n.:i6o h;Jbb;Joou 'b<"i!J.11> 4
o"ll!"b!J.1nc:'.'o !J.103na;a61J?ooo $(143)
ob!lloc:'.'o: !:rao61li1.:. 038Mb.:.3c:'.':JOO
8nc:.>tJO'(Jc;:'O (0.:i8MtJ06;JO'(Jc:','O)
ll8o61li1.:i 8M&ao.:. b.:>j80.:i6Mo3oolli1"6 $ (47)
0806!J.11> 8M0 3oob 'bMQ(ll (Jc;:>301>)
68o6a;.:i C1 08Mu1> 3.,c:'.'o $ 201
'bl'l!J?" (Jc:','30.:i)'Bofo6uv<"io li.:ij80.:.6Mo3001J?.:i6
.:i8M<"i8o'b1>on.:i 112
8oc:.>30(Jc;:'O (&1i8MlJQ63o'(Jc;:>O) 'B'(Jc:'.'0
'B'Vc:'.'ob !l.1" 'B'Vc;:>ob 3J3n3.:ic:','368aooli L2
'B'Vc:'.'O !l.1" 'B(Jc:'.'Ob 2XO 16c:'.'ob 31 8.:i<"i8o _ill
808tQ061>Mo 1>j8033oom !:!1" 8n8lJ?o61>M.'.J $ 178
!l.1" 2xo2 31 81><"i8n
M.'l3M1>8ovc;:>n 31>c;:>IJ?OO'(Jc;:>303oom 62

'b(i)ll!"• 8.:i(i)1>830Clo (94) !:!1.:.8.:.l!!JaooO'>O 'B'(Jc:','OU 6.:>J.:>f.l!!IJOOU .:>(!?8(')B36.:i

'bMlJ?I>, 6o6.:.u6.:iM 8"1l!"b!J;?Oc:',' b.:>M:.l(:QOClo (4) 31>13?.:>bi!10c:','O dMMQ068300 $ 85
'bl'i!J?"• 006.:iu61>M 0 1>oo'Vc:'.' &"1J?1>b.:ib.:.1J?30C10 (6) . ol>!J.11>b!J.(Oc;:'O o<>(l?l>U.:>bl>(J?lJ00° 211
'bM!J?I>, JMolJ?n8MM'(Jc:',' 3"c:'.'IJ?30'(Jc:','OOtJOClo 12
Jc:'.'oo.:i, !Q1>8MM30c:','O 8<'>1J?l>U1>b1>Q?30o (91)
'b<"i!J?1>, bb31> Q?.:>8MM3oc:','o 3"c:'.'IJ?OO'(Jc:','30lJOO -11
680613?1> 8M3001> 8oc:?o0'(Jc:','O (81>8MlJ3630'(Jc:','O)
Md3Ml>QO'(Jc:','O u1>j801>6Mo30013?.:i6 $ 219

o:w6ooli JM8.306ooooli Bolio ()9JM"1 ). "1Mo30

0 08MtJD600001 'B(Je:;'Ob 06 0 0Mod 0 [J00
JM8.306ooli013oli "Aldine Manufacturing" 7.4 GbMoe:;iClo
0 063oboe:;i0301 Li08(Jd<>M (JbtJolili - (3bMoe:;io 7.6 - MM8oe:;ioG 0 08MotJ06000 'bM 0 o[JMO'lo
"1d[)M0(30(]e:;'O li0d8006Mooli 'B(]e:;'O 0()0
030Goe:;if'101 6oooli8oo6lo 0 06101(Je:;ioo0 'B'Zle::'oli 060e:;io'boli0Li).
0 06lib303000 06100 OMMnb Md[JM0(30(Je:;'O li0d80-
06Mooli 0li0b3000, bMe:;'M 8Mfo(3[]8[JOO 9306.:i6b(JM li0d8006Mo0'bo od6000

186
 7.

&"80!:!?3060 $3,992
J"'8:Jo6nnl> "Aldine __g
+(-) {'bM!l2o) aMmbM36a6'1Jo
Manufacturing"
$4;054
801d<'\,01ool>
o6io<'ioCl 0 oonl>
1;,a'1la,"' $2,568
+(-) 'b61(!?.:> a06i.:i 006'1lo 94
+(-) ('hM(!?C>) (12)
+(-) 'hM!QC> lfo6"l.i6"M bC>M:J(:oOC!o 4
+ o'°'lJO!Q3DOou, docT'iom.:>iQO !Q0 bC>M:J(::.JOO 912
+(-) {'bP'i!l2ol lib3" _ill)
lQO $3,539

uoC!aaMl.io3c;,>M o'°'!Qi:>li.:>boiQ<JOO !Q0 ot§"t§ob) $ 114

+(-) 'hP'iiQ" ffo6.:ili60P'i 00il'.("li"b"C!?D600 6
+(-) ('br>'i!)2o) ll2"8MM30!:!! 0o!)2.:>lioboQ2;JOC!o
o"C!?"b(!?oc;;o 0o!Q<>UoboiQo6o c $ 211

oCQ;:i6<!)(J(i)o . .3o(i)!Q0.3o(i)o 8;:icilM!QoG 010fob80!Q Md;:JM0(3o()c:;io 'B()c:;'"!Qo 60J"CQ;:J00 8MbG;:i6;:io()-

c:;io0 {.30MCQ0.3o(i)) M.3;:i(i)0 8 o()c:;io 'B()c:;'"!Qo Cl;:i8MG0 3c:;i 0ooG (8M8b80Mooc:;iooo!Q06) CQ" o"CQ"bCQo-
oob (8M80M(.Q;:JOc:;'[JOoG (.Q0 010608Cl(i)M8c:;ioooG0130G) Jc:;i0Gooo01. 006Gb303oo'Jc:;io b<!)M(JJ<!)()Mob
8dM6o (oMooo) foc::>CQo 'B()c:;>oG M.3o(i)0Go'Jc:;> G0d8006Mo0'bo ()6(.Qo 8Mbf.QoG 0806CQ0 8M 0 oooG
bb30CQ0Gb30 0 30M0(.Q (.Qo013c:;i0 (JM8.30500G0130G "Aldine Manufacturing" (.Qo013c:;ioc:;io0 8b 0 03Go
8001M(.Q[J0001, 7.5 (3bMoc:;io, 'B()c:;>"!Qo 5.:iJ"!QDooG 8MdM0Mo0 05 0 0M0Cl 0 000 0 5.:iooc:;ioG OMc:;>Mb).
;:iG Clob0008obM00 008000 0c:;Mo(3b(Jc:;io 58o5(.Qo 8M 0 00001 f.Q0 0 06G0'bc:;3(i\03b 08 Mo(3b3b 0M0-
'B'JC'.!;0(.QO Cl;:i8MG030c:;iob 06 0 0Moa 0 oooG 8(Jbc:;ioooG00130G f.Q0 00c:;i05bClo CloG0008obo
(33c:;>oe'.!;00000G013ob Md;:JM0(30(JC'.!;O b0d8005MooCQ05 8oc:;;:io(JC'.!;O 5oc::>f.Qo 'B'JC'.!;oG 0 05G0 'b-
c:;3(i)ob013ob. .
7.5 (3bMoc:;ioG 0 fi0(i\fiMClo 0.:i8Mtj[j5[JO(Jc:;'O (30C(3M;:JOO 60(35Moo0, obo5o 8G 0 03Go0, M0(3 0(.QM;:J
0 063oboe'.!;;:i01 ,,Md;:JM0(3o;:ioolQ05 8oc:;;:io()c:;i C(3M5CQ;:iob" CQ080<!);:io()c:;io JM8.3.:i5oob "Aldine
Manufacturing" 00c:;i05GoG 8(Jbe'.!;;:iooG G3C'.!;OC'.!;;:JO[JOO 8o8(.Qo50M;:J 30c:;>CQ;:JO(Jc:;';:JO;:Jo0105 CQ"
0d003;:io0105, 'B(Jc:;'0!Qo G0Cl(J0c:;i;:io;:ioob !Q" b0005JM JM;:JCQn<!);:iooG 0 oMCQ"· 83DC'.!;" ;:iG 8(Jbc:;io
Cl;:iode'.!;;:io.:i 30.3M3M01 JM8.3.:i5ooG "Aldine" G00Mc:;>MM OtjoMM;:JOob CQ" 0 08Mtj;:J5;:ioob 05 0 0MoClClo,
7.3 (3bMoc:;io. 08 8M50(3;:J8;:ioob Cl;:ib00080Go c,08Mtj;:J5;:ioob dMM(3;:JbO odc:;i;:i30 JOCQ;:J3 ;:JM01
8o'b;:i'bb, MM8c:;ioG 8ob;:iCQ30010G ,:,(ii Cl;:iode'.!;;:J00 (JOM0c:;>M!Q (.Qo30305tiM01 ,,Cl;:i(33c:;>oe'.!;o" OtjoMM;:J-
ooG f.Q0 0.:i8Mti::J5oooG 05 0 0M0Clc,000.
0M0.30M(.Qo.30Mo (oMooo) 8;:i01MCQ0G 01060b80(.Q, MfY18;:ic:;ioG 00M8M(.QC,[J60C'.!;00 7.5 (3bMoc:;iob o
0000C'.!;dO, 0806(.Qo 8Mc,;:iooG Cl;:ib0008obM00 Md;:JM0(30(JC'.!;O b0d8005MOO(.Q05 ()0lQ0(.QOb 0806(.Qo
8M 0;:iooG 50J0CQ'b;:i .30MCQ0.3o(i)o 8;:i01M!:J:?oG M.3;:iP10Go()c:;io G0d8006MooG 'B()c:;'"!Qo °"J"!:J:?ob
0 05tifY1'13oc:;i;:io0Clo fi060 83 c:;i 0 0001. oMooo 8;:i01fYllQO JO G0Cl()0c:;i;:io0G 03 0dc:;i;:i 3ti 8o 3oc::>M01 00(i)-
8M!:J:?oo5oG dOM(.Q0dOMO 8;:J01MCQOU Cl;:i8(30M;:JO(Jc:;'O 3;:it'lbo0.

Gbt'loc:;io 5.7-Clo 3fob(JC'.!;M001, MM8, MMlQ;:Jb0(3 n;:Jc:;'(.Q005oli" 2X02 OC'.!;Ob 050c,0P10Cl0;:io0Clo

0806(.Qo Cl;:i8Mli030c:;io OtjfYl 201,000$, 8oGo foc::i(.Qo 'B(Jc:;'Oli foJ0(.QO Md;:JM0(30(Jc:;'O li0d8005fYlOOCQ05
OtJM 219,000$. Li.:io60;:i<'l;:ibM0, MfY18 JM8.305008 !Qob0<'1'.f?,0 169,000$ - 801;:ic:;io Md;:JM0(30(Jc:;'O
6oJ0!Qoli CQoobc:;>M;:JOom 75% - 0b0c:;i 'Bodliot'l;:io()c:;i 0d<!)o3;:i0Clo CQ0 0 t'ld;:ic:;i30CQ0060
063;:ili60GO;:JOdO. (8b01c:;ifYllQ 'i'3odlioM;:JO(Jc:;'O 0d003;:iooli 'bM(.Q0dO fi06Li tJM3[JC'.!;-
oc:;io()MO 8(Jbc:;io). t'lfi;:io.:i 8bfYlc:;>MlQ 50,000$ Md;:JM0(30(JC'.!?0 'B(JC'.!;0\QO foJ0(.QO(.Q05 143,000$-oG
lQ030lQ;:J5lQ;:JOOb C,0!Q0b(.Qolim3ob. c,.:i'bM!QOC'.!;O 8M'bO(.Q(JC'.!;O JM;:J(.QO<!);:JOO, dot'10010(.Q0(.Q 8MJc:;>;:i30-
CQ0060, G0Cl(J0C'.!;;:io0Li 0 30d\'.!?;:i3li C!?"3'130MMm CQ03olQD6f.Q;:JOOb 0 0(.Qob(.QoG013oli li03'0P1M 0106b;:ioo
(.Q0 (J'bM(J63;:ic:;>3tjfYl01 '13(JC'.!;0lQO b00(J0C'.!?;:J0;:JOOb (.Q0 80010 ;:i33030c:;i;:i5<!);:iooli ()850Cl36;:ic:;i01 'hM!Q0.
MMl!Wli"G (Q00b\'.!?M;:J0001, JM8.306ooli "Aldine" 83;:JC'.!;0 08 Md;:JM0(30(JC'.!;O Cl;:i8Mli03\'.!?oli 50b;:i30610
8M(QOU 08MM@.Jo'boM;:J00(.QO 0J@.Jo3;:ioo\.i JM8.30600\.i o;:ib0de'.!;;:JOC'.!;M00 C,0lQ00b0£!?fYlb

187
 3.

808CQ06.:i(i)o CQ030CQ06CQOOO u.:iuoubM 8MG(J-

'bo. 3o3.:iM<>(JCQM01, MM8 JM8.3.:i6o.:i o.:i.:i6t1CQou
CQ030CQ06CQooou 8 .:iCQ<>bCQou.:iu.
7.5 ,:, 68o6CQ<> 8M0ooou CQ<> 6.:iJ<>CQooou MdOM<>-
u.:ij8o.:i6Mo0ooCQ<>6 fl.:i6u, MM8 a088 oM 0o.:i8
8M 838 .:i 0.:i 830 'b.:iMCQ<> 08 CQMMu, MMCQou.:. 8 8.:i(;).:i80 oou 'bMCQ<> CQ<>
8<>CQ<>U.:ib,:,CQOOOU CQOCQO <Jo8(30MOO<> CQ<>830b8,:,(i),:, MdOM<>(30000CQ.:>6
0<>8Mt10600.:i<lo. 01j306 a0.:i8R6o 001, MM8 6.:iJ.:>CQou
.:i60.:iMo<l000.:i 08.:i'bo 800 o6'(JMM8.:ioo.:iu, (JJ30 '(JM6CQOOOU CQ.:>
8,:,010 0.:i8Mt106oonu .:.60.:iMo<l<lo. 01()8(3.:>, 6.:>J.:>CQOOOU 6.:iM8MCQ806ou dOMCQ<>dOMO
8001MCQOU CQ<>b8.:i(i)ooo01 01j306 (J6CQ.:> CQ.:>8.:i@Joon010 <>M
R.:i6u dM(T)Gou<lo.
8Md<"i.:iMoou .:i60 .:i('i)oo 00 ool>
8MdM<>MOOU .:i60.:iMo<l0ooou doM001.:>CQO (JdOM<>@Jou010.:i (0.:i6U<>J(JGlM00001 .:i60.:i(i)o<l0ooou doM-
CQ<>dOMO 800101CQOU CQM01U) <>MOU ou, M018 6.:iJ<>CQoo01,:,6
o.:iM8MCQQD6.:iu 063ou0ooo(JM CQ<> '(J06.:i6U(JM u.:ij80-
.:i601ooo'bo. @JM.:i6'b.:ij 8 o0oou CQ<>tJM'lJ<> u.:i8 J.:i0 08 01Mo<>CQ .:i6 8.:i(;)o<J 80 oou
ob8.:iMoo.:i <lo<>'(l<>U01U J018.3.:i6oou 8o8CQo6.:iMo CQ<> .3M@Jo6oo(JM.:>CQ CQ<> U(JU@Jo 8b.:iMooon.
<lo06.0CQ<>6 <lod86.:i CQM0101<> <>MOU dM'bo@JO(JMO
6o<l.:i6o. U(JU@J8.:i 6.:iJ<>CQoo8.:i ()6CQ.:> ()Ood0Mu
<lo.:i80168MU 'bMCQ0 80101bM36oo<lo ,:,6/CQ<> 8,:,(i),:,800<lo.
6.:iJ.:>CQooo ,:,(;) <>Mou u<>J8.:i(i)ouo 6.:i(Y}8.:i@Joonu .
.:i60.:i(i)o<J 0 00.:i<lo ()6CQ<> 6.:ib016 01() .:iM<> JM8.3.:i6o.:iu 01.:i3ouo .:iMu0-
6.:iJ<>C!/00001 CQ.:>'(l<>MMU '(l016CQOOOU u.:i3'0M0100000 063ou@Jo-
(3000'bo, 8.:iCQ.:>bCQ.:i'bo C!?" CQo 3oCQo6C!/oo'b 0. 8 .:i(;)o C!?"'llo6.:i6u 0o.:i'b 0 CQOCQO
80101b0136.:i 80101bM36ooou CQ<>U<>'(l<>M.:i3.:>CQ <>MOU (J.:>MtJ01'(J0010
.:i6 0 ,:,(i)o<J000.:i o.:iM8(T),:,C!/806u CQOCQ
01()88,:, ,:,8 .:i60.:i(i)o<l01.:i6 (M018MMG ub3.:i '(J06.:i6U(JM
.:i60.:iMo<loo01.:i6) .)MOU ou, M018 000 (J6CQ<> OtJ01U ub3.:i .:i60.:iMn<loo01.:i6 CQ.:>
06'(JMM8.:ioo.:iu01.:i6 OM01<>CQ ()'(JM01 8<>QDoou013ou.

JM8.3.:i6ooU o8o6fl?.:> (fl?'>IJ{D00010 <>6 (J.:>MljMl(30010) 1

fl?'> <no6.:i6U(JMO U<ij8o.:i6MO[JOOfl?.:>6, d86ol>
8MdM<iMool> U(J<"i<>ml>. MM0(Y)Mo U(JM<>ml> (J6fl?<>

8'b.:iMCQO J018.3.:i6ooCQ<>6 ,.d0Mo01.:>CQ<>CQ"

CQ<>CQ00001 6.:iJ.:>CQOOU l>.:id8006010300CQ<>6;

(J.:>MtJ01'lJom 60J<>C!/ool> o6 3ou@Joo()Mo G0j80.:i6010000CQ06;
CQ<>CQ06001 06 (J<>Mlj011(3001 6.:iJ0CQOOU '(lo6.:i6G(JMO l>0j8006010000CQ06
0(;)018.:.60010 CQM0101,)

6.:>J<>CQoooG .3MM 8 6M'bo(Y}o6.:i OtJMG

JM8.30600Gm30G. 003(;)8,:, JM8.3.:i6o.:i8 MM8 8.:.010 6o'b6nuou
MOUJO <>MU[J6M6CQ.:> 8.:.010 0.:i8Mt106n6ol>0G. CQOCQO
8jM6[J 003Mo J018.3.:i600G0130G 6<>J<>CQo6ol> dMM86M'bOM[J6ou ,:,(i),:,(i)uo-
OM6<> 6o<l603CQol> 08.:iG, MM8 ,:,(;) 8Mo@J0601u 8MQD6<>.

188
 6oooli8ooMo J0Mo0 60J0!.QO!.i lioli8o8oli md306 fob03m foc:?!.QO
t"i018oc:;>lioG Jf'l8.306ooli
od3l> dc:;>oot"io 06®00160-
®Clc::>o liooCJOc:;>OO[JOO, !.Q0 o0!.Q0b!.Qooob !.Q000o83olim3oli !.QMf'lol> lib301.Q0l>b30 OoO
obMMG03c:;>3oli Bolio 03 01'1 30 6001.> 60J0!:Qol> CJ 08f'l!:Qo6 0ool> !:Q0 0 0!.!?06 0ool> !:Q0
lioj8no60100G 06 l>o!.QO!:QOl> !.QMf'lol> dOMOf'l!.QOO. 08 06l(Jf'lM80(3oom '?_lofo6l>(JM80 (J6(Q0
3mc:;>oo6 61>ooc:;>li 060JM-
63®oli, 0 06!.i0'bc:?3Mf'll> Jf'l8.306ool> l>0;f0Mf'l CQ0 000 8f'll> 8ol>o !.Q0'?30606G 000
li1>0(J0c:;>J<'>om. liob3l.':'.'- !.Q0 Jf'l8.306ooli 60c:?!:Q (!;/0 8o(Jbo-
Bolio 1>0"13- !:Q030U? 08ol>0, Mf'l8 60c:?U?o 8f'l8'b0U?CQDL> !:QMf'loli 6oool>8ooMo
(.com), MOG
(J'?JMf'l U/0 0 00 830. oli
6006o3G J"'BQM(30CJc:'
ti 930 t'1f'll.i, ::ie::- 93 ,,,L> 0 oG 06 60J0U?oooo l>o'bf'l6'(JMO 61f'l(QOG0G 60J0!:Q00o
OMc:;'MdO. 0610L> L>03'0Mf'l 0 0bU?oli !.!?0 080 830.
,,i., 333
06

8M8030e::o 60c:?!:QO l>o'b(Jl>8oli doMo010(QO 8f'l8o68o 0Mol> o01:JOU?3000!.i dMf'lo6f'l'bof)oo0.

008Mlio3c:;>aool> 001.>03-
e::oool> 8<'1dM1>Mooooli
030 80, fl3::J'ZJc:'Oot"io3,
LJ'"3::Jc:;>m3o'Z)Mo, ob80"1300
MM 006o'b0eo0b/836o<;>:::i"1L>
od6::ioo "''Zl
OMO UOJ80MOUO "'""'tl?0-
6rooo
Goovoc::>ao;:ioo 8"'Jc:'03"-
GoifoMM::JOolicn30G.
ol> dMf'lo6f'l'bo61000 !.Q0[J'(l(Jd6f'l!.i dO!.Q0 (!;/0 00610 06 f'l6103ol> OM010(!;/· OO(Q0
8o(!;/ 0 f'l8om, 0 01:JO!:Q30ooli limbf'l306 (!;/0 0 [J 0 8M6 ()01:JOU/300o
.30MOf'l(!;/Ol>m3ol>. dMf'l(!;/(}J(300l> o01:JO!:Q3D0ol> 8f'ldoo6006 l>03'061M 00930L>ooool> (!;/0
on0U? 0 n6o6 .361f'l 0 6f'l'bl> f:l0618f'l 0ool> b0'b 0ool>m3ol>. !.ib 30!.Q0l>b30 El0M8M 0ool> b0'b 0ool>
00'?30!.iooooo Jf'l8.306ooli o01:JO!.Q3000l> Clo'?30L>no0Clo. doM0010(!;/0
CloU/0 8oQ;/ 0 f'l80l>m06 0Mol> oli, Mf'l8 o0 o Ol:Jf'll> 0M0of'l61l> 08ol>
c,08f'l bOOM0(!;/, c,08f'l61f\000m 8o6U?o6Goooo
OJM6f'l80J000 (!;/0 06!.Q(Jli8M0000.

8Mli0c::!;'M(QO()c::!;' 0()8Mbi>3c::!;'()000 13:?0 C,1'!!?0-

b(Q:JOOo. 063al>8000'(.JMO li.:id8o<>OMO:JOO 8M0(3<>3n6
J omb3.:i: il1M0M(i}
303n(i}J30M fu.g;iQo 3oc::!;'MOob, Ba6Mo[Joob, dM6noob, JM8.'306onoob m0 'B"bo.::.60
.::.doonooli U!0 onbsnm30b .::.6
.:i60.:i(i}oo<lo? 3.::.301.Q30b. <(lOfo6b()MO b.::.d8006M01JOO 8Moo03a6 1'JGO()COl>
30on80b .:i6 onli301:Q3.::.l> up 30c::!;'Q;?QO(Jc::!;'()O()OOU
8"GnB.::.li 06 o0a8 oM 0o.:il>.
i.ip3(]030m, 6i018 D0<(3MD0M J(JM006180 m(J foJi>U?[)OOb d3DU?" M0(3b30 .">Mol> U?"U?()Oomo,
() 8Me,00000()) \l:!f'lJ()8()60noob d0J:J00 .501<l!Jo6GO(JMO JM8.'3.:.5o.::.b 1'J3b ,,l!?"U!()Oomo bi>Ji>(Q:JOo". [JD .::.Mol>
0dGoM6:Jli'iooobm3ob, 6i018nc::!.'08 md306 ClD(JJ3D(J)Om JMJ0- J.::.1"130. 80(',t'l.::.8 al> 0<'1 0t"\oh ()M010U?at'1mo 1"108, 1'1.::.G cnd3a6
md306 3b(JM(Q0m· Clm:'indo6<>cn 08 JM8.506oob (JO!:Q0 6.:ibMm 08 063.::.Modcro. Bn.:i8M68ncn, l>.::.0CQ06 8MU?oli
0doonoo, 80e,r<108, M<>CQ306 CQ<'>J301'13nc"(Jc::!.'O <>CQ080.">60 b0Mm, d()OMl>03c::!;'()OOU (JO:J8nbo foooc::!;'O. l>.:ib(JM3()c::!;'O
0b(JM(J) '.J'GDM a000601cn 8ob b0d80060100b (J'(JMM od6no0, MMO 030 OM!J:fOMU?()li b<>d8006MOOU?.:>6.
md306 3"CQ0<(3(JM8c::!.1"3cn 6i08CQn6080 2>0CQ6oot'10 0CQ080.:i6ol> 3.::.6oboc::!.'ocn .:r630Moo0aoob bb3.::.U?0bb3.::. 8(Jbc::!.'aoob
b(J1'10cnb, t'1018c::!.'oooo b3.-,3 06 JMJ0-JMc::!.10b. CJoa!.!?D3 c::!.'Do" oMc::!.101 0068<>ac::!.1Mo000.
6.'lb(Jc::!;'MOm b.;8 d0Mom013:? '13o6.:>6b(JM .:i630M0Cl3000l>. S3:J- 'Bo6.::.6b(JMO l>.::.d8o.:i6Mooli 3063M'ljO-
c::!.'" 'b(J (J"CQ3"c::!.'Ol>o 08 b080 06306\0CJ3000CQ<>6 <>Mob JMJi:>-Jf'lc::!;'o8 8"l!?"ob.::.U?o 30c::!;''b() 212 8c::!.'6$-o:fi:>6
.:i530f<l0Clono0, Mf'l8oc::!.'oo (JR30 50oti f<l08- 1995 b()c::!;'l> 571 ac::!;'5$-8U?n 1997 b1Jc::!;'li. 'lPd<l!JMCM030Q;?
\l'./o60 m06b0 3""J()())0 JMB.'3.:.6008 Oc::!;'Ol> 306- JM8.J060.:i8 CQ00bl:JM o601J6lio(JMO 81'o:fi:>b13:?i>.
803c::!;'MO.:>Oo. d08!3:?03 8f'lC!(Ob o.:>c::!;'.:i6bo, Claa!.!?aoo f<l.::.8U?a6o oc::!.'ob JMJo-JMc::!;'<>8
33D(JC6oo.:i, (\).;8ow6o '(J()c::!;'O, 8.:if<l.:..e,o (!(.'."> 30c::!.'l:QD" onob301.Q.:> 01030!.io <>doonoo 1 $-.:rl!?. ali 60Cl6.::.3l>,
0d3b Jf'lJ.:>-JMc::!.1.:..b. 8nl>.:..8n op MMB JM8.'30600 'bt"\G:?ol> 06mo301:Q()0c::!;''2JMo .:rdoonool>
0<'1ob '13'(.Jc::!.'oli 8f'ldM<>01col> <>6301"10Cl3;:io<>. 8.;mo 808Mdon30Bo
6.:ie;Q;?o '?J'()c::!;'Ob 0630f<loo3no0 ()ll3n6nol>, M08o;m6 m06b.;l> Cln8GoMncoli 3'bo01. 'B(Jc::!.18.:i 08061!?"
.:rJnmncl> JMJ1>-JMc::!;'<> 063nb<l!Jo- Md[jt'10QO(Jc::!;'O b<>d8o.:i5M01JOO!!f.'.>6" 1997 B:J.:>!.!?300.)
GO()Mo !.!?" 'Bofo6b(Ji'1o b0d80C>6Mcnoo1.Q<>6. JM8.'3.:.600 05<>0- 4.03 ac::!.11'1(!( $, f<l00 t'130'.)i'..::JM Bn<l!Joo b03'0MM 063al><l!JoGO(JM
oc::!.'nol> 8mnc::!.' (J).:i3oli. !!?..., 8"U?"bcr?()Ob l>0j80.::.6MO()O'b::J. ali 30bcr?.:r 0dooncob 30BMDtfOQ'.?3oli (Q.:>
li.::.a b<(3()MM'bn: M.30t"\.::.on(Jc::!.' b0d80<>6Mo0'bn, o5 3nb<l!Jooo(Jti'i 30!.Q.::.bl!?ol> doMom.::.l!?o 03.::.MM.
(Qi> !(JOfo6b(J<"i'ba. 'bMc,001'1010 b.::.d8o.::.5MC0 '(J(Jc::!;'OD OMdMi:>MOob .::.6301"1003300!.i .'.>Oi:>c::!;'O'bo
8Mo 8 03ti 8.:it'1.:i3ncnli ClabsoU?3nob 06 e,.::.3om3noti m.::. Ol:JMU b0b0M3()0c::!;'M 063nbeot'1ao.::.'bn
8ob.:rc;noo

189
 .;8 8o'bo'bo01 0.'.)3<'10 JfYl8.30600 O/:J.'.)6.'.}oli 0-><'1.'.) 0-><'1.'.) 8o!Q0fYl8001, .'.)JfYl6fYl8oJoli
o&oJfYlli:Joo ->J.'.)01.'.}0.'.}6 .'.)JfYl6fYl8nJoli !Q-> o6(Q(Jli&<'1ooli 0->l:JO!Q3.'.}0oli dMfYl06fYl'boM:JO->li
<'108!Q:J608n 8001 008fYlol:J.'.J6fYl6 .'.JJfYl6fYl8oJoli 8lQ0fYl8-><'1.'.JfYlooli
06(Q(Jli&<'10000 0"l:JO!Q3.'.}00G (QfYl6oli (JM010:JM01fYlOOli
O:J8!Q:J0o fooo:.lGo .;<'1oli .3/\1fYl!Q(JJ(3ooli li0b:JfYlO.'.Jooli013ou 00'b/\1oli O:J'?J->uno->,
'B"linoo, .3<'1fYl!Q()J8ooli 008fYlR 860. ()8.'.J&.'.Ju on801b3:J3.'.Jooo, onu0008ouo
O:J'?J->li:JO:JOO J.'.)01!Q:J00 01()8(3-> 8001
(Q.'.}3li .'.)JfYl60180J(JMO dMfYl06fYl'bo<'1ooou O:J!Q.'.)0->!Q,
8fYl8'b->!QlQ.'.}li 0->l:JoQ;/3.'.}ooli. .3<'1fYl06fYl'bo 0-><'1.'.) 'B"J&fYlM.'.Jooli

0->l:JO!Q3.'.}0ou 0000 !Q-> 0->M.'.) dMP106fYl'bo<'1:Jo-> boo/\1,;!Q 006ub3->3!Q.'.}O->, .;8 00801b303000 (J6!Q->
8fYlb!Q:Jli JfYl8dMfYl8olio !Q-> 0"J.'.J01!Q.'.}li ,;<i1Rn3060. .;8
fYlMo .3<'1fYl 06fYl'lio!Q->6, (J'?JMfYl 'b(Ju&o->. do<'1001->!Q->!Q, 00<'10 .3<'1fYl06fYl'bo<i1000 8fYlob-
80<'1000 MfYl0fYlM(3 0"l:JO!Q3:JOOU dMfYl06fYl'!iOM:JO->, booM->(Q OO(Q0
'B"d&(Y)/\1 80001. 0 0l:loC!/ 38 ooli .3<'1fYl 0 6fYl'bo<'1no-> M(Y) 0(Y)<i1 8 oo!Q->,
->li.'.}3.'.} 0->M.'.} Cl/" (J'?JMfYl 'b(Jli&o->, 30!QM.'.} OO!Q0 !Q-> 0"M:J dMfYl0-
6fYl'bOM:J00. 0"l:JO!Q3:JOOG dMfYl06fYl'bo ()6(Q-> !Q".'.J'B(Jd6(Y)U 8fYl01bfYl36:JOU Cl/"
_,p; (J6!Q-> O:J!Q0.'.JOfYl!Q:Jli JfYl8.306ooli oo!Q-> 'B"J&fYl<'1:J0o!Q->6 008fYl8!Qo60<'1n, MfYl0fYlM0(3 .;t'i1oli,
u000<'18(Y)(Y) U->J(J01<'103, 080'1>.'.), U->'?J(Jb(J-
<'1'1i:J od6oli JfYl8.306ooli OO!Q0
od6000 .3<'1fYl06fYl'bo<'1000'li:J. O:J3"'B"ufYl0108 .3<'1fYl06fYl'boli M->!Q0->6
lib30 .3<'1fYl 06fYl'b.'.)oo lib3->(Q0lib30 li0'B:Jb(JM'b:J 0->l:JO(Q3oli
'li:J.

!Q03(J03001, MfYl8 0030J.'.)01.'.}01 0"l:JO!Q3.'.}00G dMfYl()6fYl'lio, O:J8!Q:J00 ,)MOU

006u0'1ie::3<'10 6->e::!Q 0"l:JO!Q30li 008-
01b303000, 6->e::!QO 8ooe::no0 0->l:JO!Q3oli0u. JM.'.)!QO&o01 00l:JO!Q3oli (QMfYlli,
8oe::oo0 b!QtJO-> 8(')03006 80001. <'108!Q:J6->!Q 03 006 8fYlb!Q:JO-> 8oe::no->, 8oofYl!Q.'.JOou
.3o<i1fYlo.'.Jo'bn, &o.3'b:J Cl/" JfYl8.306ooli u0JM:J!QO&(Y) !Q-> ->8fYle::.'.Jooli .3fYlc;io-
&nJ->'b:J. JfYl8.30600 Pacific Jams u01030'1ifYlou 00l:JO!Q3:JOU ,,6tJ&fYl 30" .306lfYloo01, <'10(3
600603u, MM8 U0'?J0U(JMO (J6!Q-> Ol:JfYlU 30 !QC::.'.)00 ->600<'1oooli 008fYlO.'.)MO(Q->6.
!Q03(J03001, MfYl8 MfYl8 90% !Q.'.}O-
O:J0MfYl3!Q.'.}00 0->l:JO!Q3oli !QC::O!Q06 :JM01 013000 !Q0 10%
O:J0MfYl3!Q:JO-> 0->l:JO(Q3ou !QC::O!Q->6 fYlM 013000, 01() 000 ->M 8fYlb(Q:JO-> (J08.'.)(QfYl
8fYl01bM 360 b->M8fYloofYlo0. 080u0106 o"l:loC!/ 30 ooti 10% b!Q:JO" 6->e::C!/
00l:JO!Q3001.
01() (JJ3.'.J 0"l:JO!Q3.'.JOOU MfYl0MM(3 :JU 60R3060000 7.7
0 R306 008fYl300600/\1oofYl01 0"l:JO!Q3.'.JOO!Q06
0M0'?JOJO 'b:J8fYl01 3->M->(JCQ.'.)O'b:J. 7.7 0

61'lG8o. tl?GJ. 006. mao. 806ii!l>O 0.36).. 800GO 0360IJ)

- - - - - - ·----------
!l?"oOoanc::'n 0 0::in1J? 3oonl> 606nc::'O 0: ()i>tJO!J?3:JOO
!l?" 'BCJc::'nl> 8ncwonl> Jli'in!J?08n<n o"lf'l!?3n0n' 90"/o $270.0 $315.0 $225.0 $180.0 $225.0 $270.0 $315.0 $342.0
0/ilo'BnJn n063li'in!J?06
n36nl>081J?o (0cn0l>ooon)
o"lf'l!?3n0n• 10%
80>c::'006n ()0tJO!J?3:JOO, J00%
30.0
$300.0
_lg)_
$350.0
25.0
$250.0
20.0
$200.0
25.0
$250.0 $300.0
---™- 38.0
$350.0 . $380.0

606nc::>n o: 'B()c:.'nl;
,,a "'3:l& $ 25.0 $ 20.0 $ 25.0 $ 30.0 $ 35.0 $ 38.0
o"'c::>"'l> 013ob JMO!J?n8om
()OtJO!J?30l; 90% 283.5 202.5 162.0 202.5 243.0 283.5
2 cn3nl> b06!J?o'b8(Jc::'"'onl>
10% 27.0 _ill_ _m _ll& -1b2. 27.0
8mc::'<»G0 cn06bo0n $355.5 $254.0 $209.5 $250.5 $300.5 $348.5
-- -- -- --

190
 0.)6. moo. 8.)1\1@>0 .)::lf\1. 8.)01;0 036.
!JOCQ3ou (!?> 01.33M>(30'C]e::,>O 6<>noc:;m <>: oabtin!:!;(3aoo $100 $ 80 $100 $120 $140 $150 $150
Q?>6obor<\:;.:3ool>m3ol>
6o6oe::,in o: O!'"lc:;'<'> m3ol>
3>Q?>b(!?OU .3r<\M3601-
llal>tin<Q3nonl> 100%-0,:,60
'bor<\3ool> 3M>'1JOJ0
00631'\o<QoG 036ol>o8Q?3 8"Q13QOOb C!?" ,,,.)3M>(30'C)c:;'O CQ06.>bor<\:;.:3oob $100 $ 80 $100 $120 $140 $150
(omol>::iollo S) 6oc;Q?n 50CQ3ol> 3>(!?>b(Q:.JOO 80 80 90 90 95 100
3"C!?"b(!?oc:;>o b3c:;>'(lol>o _2Q 50 _2Q _2Q _2Q
lib30 3"1l?"bQ?oe::,io ll?"fobo6:;.:3ooliom3ol>
8me::.in.>6n 3"1l?"b<Q300 llolit10CQ33ooli
C!?" M.331'\ooo'CJe::,>n 1!?"6"b"6:;.:3ool>om3i:l> $230 $210 $240 $260 $285 $300

006. mao. 80f\1<§0 0::it11. 8.)01;0 036.

JMM3d@JoM3o'C]e::,>O 8mc:;>no6o 3ol>o3c:;>300 d:JUtJOl!?3:JOnli
8me::.ino6o 6oc;ll?o '1l'Cle::.'"l> CQ.> M.33P'ioooeJc:;>n CQ06obor<\:;.:3ool>m3ol> $230 $210 $240 $260 $285 $300
30l>03c.;>3ool> 31'\"'IJ"J" (!{o6oboM:J<;[)OO 150 50
00631'\0(!{06 n36ol>081l?D 20 20
C!1"3"1!?061l?aool> 3<>CQ<>b(Q:J60
(omol>3ollo)
3"CQ>Uob>ll?QOO _1Q
8mc.;>no6o 6"cc<Qo 'IJCJc.;'OU a>l>>3c:;>300 $260 $360 $310 $290 $285 $320

6.)00e:::'00 0.)631Yiol> m3000 15306 36.)b(Je:::'C'lOOl, MC'l8 8me:::'o.)6o 0.)tJO!Q3::JOOOl O::J<(pU::JO(Je:::'O.)

250,000$-.)!Q, MC'l8e:::'O!Q.)6.)G 25,000$ 8oc::oo(Je:::'O.) 6.)c::!Q'bo 0.)tJO!Q3::JOOOl. 225,000$ JM::Jl:QO@_Jom
0.)tJO!Q30!Q.)6, 90%, .)6 202,500$ 8MU.)e:::'M!Q6::Je:::'O.), MC'l8 8oc::oo(Je:::'0 nd6oo.) Ol::JO::JM3.)e:::'00 !Q.)
!Q.)<Y'il5o6oe:::'o 10% .)6 22,500$ 8Ml>.)e:::'C'l!Q6oe:::'o.), MC'l8 8onc::oo.) 8.)IYi@_ioo . .)Boll ·8l>0.)3l>.)!Q, l>b3.)
m300000 'B()e:::'ol> 8oc::ooooo 0.)8M.)60.)IYioooo(Je:::'O.) 8l>0.)3l>o JMf'l(j::J6@.J(Je:::'f'l6om. Jf'l8.3.)6o.)
8'b.)!Q (J6!Q.) OtJC'lU, MM8 O::J(33.)e:::'f'lU 8ol>o 0.)8Mm3e:::'ol> 8::JOlM!Q::JOO Je:::'O::J6@.loool> 8oo1Yi 0.)i:Q.)b!QOU
l53::J(Je:::'Oool> O::JG3e:::'ol> ool>.)o.)8ol>.)!Q.
8.) 0.)e:::'o°'o!Q.)6 .)!Q 3ne:::'M !Q.) 306.)bC'lm 0 .) 8o!Q 30 ooo 83 e:::'oe:::'oool> 'b 00 .) 3e:::'o6.) 6.)c::!Qo
'B()e:::'ol> o08(Y)L>.) 3e:::'oool> L>o!Qo!Qo'ho !Q.) !QMC'l(Je:::'Mo.)'b 0, MC'l!Q::JL>.) 8 830 e:::'.) ub 3.) JorYif'lo.) .)Moll
(JG3e:::'Oe:::'o. ()80@.JOl>o Jf'l8:3.)6ooool>m3ol> .)MU::JOC'lob Jf'lM::Je:::'.)Gool> b.)Mol>bo 0.)tJO!Q30ool> !Q.)
'B(Je:::'Ob 8nc::oool> 0.)8f'l(3!Q0e:::'::J0.)00. M::JGol>ool> !Q.) 0.)tJO!Q3::JOOb oo8GOM::JOOb !QMf'lb 'B(Je:::'Ob
8oc::oool> l>.)0().)e:::'f'l d::JMOf'l!QO ()Md::Je:::'!Q::JO.) !Q.) 0.)M8M00f'lO.) (J08::J!QC'l !Q::JOO@_if'lM(Je:::'O
!Q.)3.)e:::'o.)6::JO::JOO . .)803.)M.)!Q, JC'l8J.)6oob <(l(Je:::'Ob .)8MC::::JOOb df'le:::'O@.JOJ.)8 O::JOde:::'::JO.) 'b::J0.)3e:::'::J6.)
odf'l6oC'lb 0.)tJO!Q3::JOnb oo8GnM::JO.)'b::J, 0.).)de:::'n::JMC'lb !Q.)Go8ol> 'b::J0.)3e:::'::Jfo 8me:::'o.)6o o.)tJO!Q30-
0o!Q.)6 o0af'll>.) 3e:::'oo'bo.
foc::!Qo <(l()e:::'.)!QO O::J8C'lb.)3e:::'::JOO ooode:::'::JO.) 0.)M8f'ln03.)b .)d@.Jo3ooob 0.)tJO!Q30!Q.)6, ob::J30
Mf'l0C'lM(3 JMC'l!Q()dGool> 0.)tJO!Q30!Q.)6. Ol(J Pacific Jams JM8d.)6o.)l> b(JMb 0.)tJO!QC'lb 40000$-ol>
c::orYio6(Je:::'OOob 'Bodl>orYioo(Je:::'O .)d@.lo3000 mooorYi3.)e:::'Oo, 8me:::'o.)6o 6.)c::!Qo 'B()e:::'ol> 008(Y)-
l>.)3e:::'ooo .)8 m3000 nd6oo.) 294,000$. (J<(JMC'l boofi\.)!Q, .)d@.Jo3oool> 0.)tJO!Q3.) 0000800.) 006.)l>O.)M
!Q.) .)!Q30e:::'.)CQ :31YiC'l 0 6f'l'bo<YiCQ::JO.) foc::!Qo 'B()e:::'ol> oo()iGO@.lol> O::JCQ006ol> 8o'b6oool>m3ol> . .)8.)l>
0.)MCQ.), 6.)C::CQO <(l(Je:::'Ob 8nc::oo.) b!Q::JO.) ().)MO CQ.)<(J06.)6l>ooo!Q.)6 ol>o30, MC'l0C'lM(3 008f'lb.)3e:::'o
063ol>@.JoGooooCQ.)6 .

.)be:::'.) 15306 0 .)63oboe:::'.)3°' <(l(Je:::'.)!QO o.)!Q.)b!Q::JOOU JMC'l06M'bor'ioo.)li. 0.)tjO!Q3::JOnb dMM0-

6C'l'bofYioooli O::J8!Q00 Jf'l8d.)6oob dO()de:::'o.) 0::J.)CQ 0 o6Ml> b.)0.)M8MM o::Jo8.)
lio'bM6(J<Yio MtJ03oool> 8.)°'3.)e:::'ol>oo6ooom, IYiM8oe:::'oG J.) 3oo1Yioo.) o.:>1Yi8f'J 0ool> B(JCQ8o 3
8M(3(Je:::'r'l0.:>bm.:>6 .:>6 0008(J0.)3(Y)l> 0.)M8Moooli 0<>01Yimo.:>6oo(Je:::'0 U@_iM.)0000.).

O.:>MBM:JOOU !Q.)6.)b.)Mfe!JOO. MM!Q::JU.)(3 0.)M8M::JOOU 0M.)<(JOJO !Q"!Qo06!Q::JO.),

191
 C C -') - ...:;) J:l :'.!) I ...:;) \£ -') -') -') ·- ·- I \£ C ,, ...::;, c
EJ-"
J:l -') ...:;)
<':> C LO CO C -"
...:;)
...:;)
C C c c:> C
I
f) ,.g
•
-':l rO rO J] c0 J')
er
I I I
p c C":>E.fC":>E c c c
_::) ...::'.) .I) ...::'.)
er rOc r0
pJ 2'55 8 er"b'2 E1 g & J LO cW
EJ ':5"':>,,coco
C cg
\£ "b EJ EJ c c:> El
c:)
rO "'- tJ
<::> er-g ,, 6 E
C'J cQ -':l r: t c:> LO -':l c:> LO
,, er co c <':>......:...,,
,.,. FO <"l rO "'-
"'- p • \£ E /VJ
f) ere f)f) '° .:0er ,,C'J ID ""! Cll
"1
-"
-" c ;;:' 6 \£ g 1:.e
/VJ C'J,2-" ,, cO\£ f)
€£ ,, E E.f E '55
7:, El,, c -g
W
_2 '°s -g
,, \£
,, ..; \£
rOc:>et"'-,,,,ercp
c:>
f) :'.9"6 s:i
3 c0 ...:;) EJ ;;=' LO,,er
C
c:)
El ,, . .: ;,
C'J er ,,
,, ,, cO

<':)
c
1()00000
--i::tNN
EA ('fi §II ..::>
c
,,,.g rO?? \£C'J C'c J ,,...6 ,,El
Kl
-nerc:>c <::>-" 6 <':>-" \£FO E/,,FOcor0 Seo-" c0,, El c:>'?:i-" -" cO ('.)
er ,,er
I"'
Ccr0E.f-':lc cOc:>-':lc:>,,-c:> cP\Ec:>EEc,,c c s:i ,, c ,,
S-"
J
E ,, c
S:J :n <::> E "6"6 El <€>-" 2
cO\£ \£ U"brg "b,, -':l C:)...::J £]> CLO Ef C "F.,LO
c-" C1 .., Cl
.:0
c- /VJ
l:.O -" C
E \£ 2 €£
[-> _g er f.>
c:> "" -':l ""' :n-" /VJ .:0 cO I <':> -':l :'.!)co FO C -':l .:0
7:, 1? erel '55 \£a0
f),, cO 2f)co ,, c:>
c FO -" c
...:;) c rO co
OOV">V"l
("fj 0 00 -
{;;:)MN<t='.t
...:;) <':>co c er"'" LO C">CO ,, c:> co,, _LOE,, :nr0 ,, <::> E-" "' c c c rO c:>
C":>\£ er\£ "':>LO l:J rO Ct • €1
:r:J...:;),,
,, <::> E c ,, ,, \£ -\£ FO <::> E et-" c:> c,, co 8f-" -':l -cJLO -cO,, -':lf)c:>tJC El c:> El
er 2 ' ° L l:.O er 2 g,
E ,, 2' "':)
C8frO
6...:;) ,, cO ,,E CE
-':l <':>\£co 0-
f) El ;;:> ,_
f)
"'
-"6f>/VJl.:J<llC-':l-':l<€)rOcQ.
6 sf-_,§ er,.8 fl
c -55
CrOc-':l
E c-:i"b &\£er-" 7:,
8fco &LO FO
'55 QCO 8E oc LO c--.: -2
s:i t'J...:;)
c 2 E ...,
I?
Cl
0 \"!
0 0 0\ <=ii C1
"':JFO-. el8fJ?c:>"
2-" r0 ,, 2 ;,:: c c
-" E.f\£ c
c cO-"
Eier,,
S:J E c0 p.-2 El -"
,2 w\£
C'J
c er7:,,2
u er ,,etc:>\£
r0 c
6 El er E
.,., 0\ "'
<ANN<;;j:'
c
S'
-':l C c:> 8( - t;:: :n r:;,LO
f'O rO C'J ...::J ·u -':l l:J c:> -':l
c:>CO <':>-" ...::J CO "'
LO cQ 8f C C LO c:> l:J \£ ...::J C ...:;) C'J
-':l c:> c er :'.9c:>,,J5 c:>E -':l FO -"
l
LO
I
C
f) c:> El Po<ro cO C'J"b E c:> c:>,, r0C":) r0,, ElJ]..£.rOC er :n
co rO .,:0 0 C / n OJ:: C'J \£ :r:J cO
- <::>-" M f.>-" El:;:;':'.!'.>,, er c,, E
C":) cO f)
3
UJ
E-" <::> c 2 2'\£,, cP
6 c:>
er -- "':) :;:;' c
cP E ,c c. \£ c0 • ,, ,,
\£ c r0 co "'"\£ E erLO er c
c:> c:>.:O
wEl El
c -g
f) ...,\E
..,
0\ "!
oo-o
0\ Cl
00 C1
-g §
E <::>-" <::>-" ,, <::> c c0,, er c0 c PFO 1:.e er
c -':l...::J
et\£ E'°
ere:>\£ C...::J
.:0 er ,, LO c l:J
2 ,, 2'fl,,
8fco er
-/VJ.:O
;-g C F0 -g LO LO
rO f) s:i
s:i c
co
-NM-
<A <;ii:' :11 C>
\£ercLO,,'VJ\£c.Ec0.:0 El ,, -,,co1:.ecc,, LO 6E -':lCOrO c0-':l 8(-':l g c c er ;;i;-
\£ = 8fS C -':l\£ ere:> 8-c0-55 -':lcP\£r0 f)c:>Cr0.,:0 Coe o0 er El
f'O
_ E1 ,, -", , -"
-':l...::J f)...::J-"
,.g
er . g er c "'"' E C":)t:-"\f):'.!)cQ...::Jl:J
"':) C....::JCS-':l<':>O' u
\£ <::> ,, FO ,, \£ co 8f rOc:>c:>-.c.
- ,2' 6 '.Eerl:Jers
-':l 2
-':l EJ LO-':l
E El ,,
LO -':l LO ..0 V">"<!"O\O
...:;)-':l c
c C'J-g r0 er f.>LO c-" c0 6 \£ E1 ,. <::> u c c
C":>-':l
-LO er c c • ,, " ,, co :'.!) J:J cQLO
('.)
6 t-- '° '°
er
0\
"b \£ J
El "'- E "'- ,c • ,c <':>
s E° "b c -g -g
<':>co ""'-" ,,
V
er C'J "ber c i i l
r0 er\£ ero0 \£<::>-" -"
,, r:1_2 EJLO
erg,c0-"\£
,, FO -g c E
eris
/VJ rO LO
<A <A
I
E FO c ""-" ""' er-"\£ 6 ,, ,. c-" c ,, c:> c
,,
-" c0 /VJ c:>c'VJ c'° c:> '°r0 E "':><€)E er c,, '° ,, •
<':><::>'° c
l:J,, cOc:-. \£
f.>LO 5;:' E ,, 8r p c c:> c:> E
r0rOcO -':l LO CO
El 8 ..., Cl ""! qi""!
,, E -" /VJ \£ -" -" -" <::> <::>'° E-" El-" El cO E <€> E FO
s:i er
c \£ c0'VJ er c
\£ ..3 u u f' et
"b
,.g
\£ c:> 6
l:.O
6
ID
c 0 "'
- "1 N
'° <At--
OV">OV"l
:;:;II
<::> <::> er ,, ,, -" <::> FO ·c r0 C'J er :n <::> \£ C'J \£ \£ <::> ,, :'.!'.> \£ c "' ""'-"C -':l ,, \£-':l LOc .:0c rO,,
2\£ E <A <A €1
er g ,,... C'J "b ,, coE -"<::> \£
r:, er
c:> er co LO E c ,, FO "°
.:0 -" c ,, ,, co -" r0 c c
2E s:i c c \£ l:J ,, -"'"'
c:> C'J t'J
c g...::i
('.),,
6
c:>-g
"'"
PE l:J.:0 \£er:'.!'.>\£ :nr0 er,,,, c:>r0
"' ,c c. /VJ c:>
E \£,,/VJ cf) ,, El El c c:>...::J rg 3..:0,, ,,c "' l:J c:>
El LO LO C c fl
c er
<':)
e7 21S..8 C'J er C":>...:;)
"':> • EJ EJ f) -':l
-':l "b wiZ ...::J
-':l 7:, C c0 -':l
FO
-':l 41:>
c:>ii5 2-" -"-
8fLO
$) -':l 8
W
:'.!'.><€)
-':l c 0•8f.:0FO c 8(-':l C...::J
\£'VJ,,,, ,,er
c:>:'.?:,<':>c,, c.:0 c El,_£

P,,
C':>:'.!?J;
""'CJ c:> co
c:> C'J
C':>OC CO
c0 - E
u:>'.J,<>et
.:D
&c.o,;s
[l'cO
I)...;;?
co c
ID
,, c:O
Lr0 -g 2 W ,,er:'.!'.>,, ,, E \£ c 2'f:,2 '55 er\£ g ? C'J,,
"6£ u c c:>-g
:'.!) c:> \£
,, - ,Z .-g, fJf E
<:> "c0 ..,
-" fO Etc-, §'
Kl
er
,,
l:J c:> er C'J ,, -nr0 :'.!?FO f.>'VJ E1 l:J "''° "'°
c l:.O E l:J ,, r:, cO f)...::J ,, \£/VJ cO ...:;) c ...:;) -gl-g-gi.3 El g €1
" E -"
,, \£ .:0 c c-" er E.f "',, c0
f.> <::> c -" c ,, c c.A E - c.
<::>°1£ cP
"' <::> c .:a - tJ
erco t.O tJ.:O E,, <::> "':> d 2 et\£ 2 6 "b El c0
8f f) LO
E
,, C'c J
c:) \£
er [( er r.>
...:;) c ,,er er-g,, E " l:J er E E \£ .:0,, \£,, \£ c:> E,, co...:;) cP E r0 -':l c:> -':l \£ -':l LO
wiZ
'J
fJf .,, S'
er
1? ,,
c -" c0
'° el \£ g,
c /VJ FO E
J? u u
.:0
er ,, :'.!) ii5 ,,-
c f, 6
"b c€
c
E.f • co "b ,, E
er'°
er c c er,,,,-"-"
E c0 6
\£ LO ,, -"c c:O £(
..::> ,,
r0...:;)...::J -':l c. :n...::JLO°I£ -':lLO ''c:>r:,
c:> C C c0 8f C C'J c:> - c0 -':l
l:J C
f>\£ :'.!)
"'°'6
c C
cOEJ
C
,, E1erer6'° c C':>c0c c
c
et C':>-':l ,, - C".).:0...:;) rO rO
-
cO c c
c:> rO
co
I) I) I) I)
et 6'
f.) t.
j>
<':>ID
,, <A
'° '° r:, ,, er E C'J c -" •• <::> , - <::> ,, , , er E1 \£ -" C'J <::> Ceo C C...::J C c:>c:>
,, .:0 .:0 , c er er C'J C'J er <::> ..!) lO lO lO
g:>g
...:;)c:> C'c:>J , , -"c .:0c c.c .:06 OC c0 6 C -" :n LO ;;:'LO
LO c ,, rO c E oc
..g
...::J ...::J -':l -':l C \£ ,c
c:> c -- .:0 .:0 rO "'" .o,,,,-.c.,,.,.,. ,,ererer co El cO
c:) C'J c ij e: C>-
c \£ co <::> ,, E ,c s:i c er· er C'J \£ ,, ,, <::> P.;; ,, co,, ...:;),, f)
El,,
c. l:J c:1:J:n-':l
"' c .:0
,, c s:i E.f ,, c
$)<€) 8f\£ C f'O LO
c:> ""'CJ ,, f) ,, c:> E ,, ,, ,, c .:0 ,, <€) \£
Ef <':>CO"'- -':l CO c -':l C
2, LO LO 41:>0-
c. 6 :'.!)LO ,, E El E g ;;:i w,,
c,,
1 g7:,7:, w
FO -':l \£
,, .,, ,,
..!) ..!) LO .z co
i<
FO -':l 8f S:J cO/VJ CO CO c0 8fco ...::J cO-cJ c0 tJ \£ -':l CO -':l 8f-n -':l LO ..::J c0 c0 <€) LO /VJ ...::J :n FO FO cO co cO cO
c
et -"
Et,,,_g -
i.2
&il [( &.-g,
l..O
c0 [[EpceJ
c co s:> c co
p
et 6'.2 '° c S!
86i
'u<£lC8 'lwRu O:iwO:iC.'-'\;>'-'8'-''l '-''2Ci;:;.JpuCe. uR_<:><;?wi;:;.J8"89'-''2 ')U<;?CCCm 8" "'2Cw\;>uf'-''l 'lui;:;.JC.tb uOJU1<:>9
'Ol<.'';WO:iCR_ ·Cu9q8\;>"8 <;>ui;:;.Ju\;)q<.'OJ<:>'i: ue.i;:;.Ju\;)('<:' <:>OJ '-''l<ii>\!><-'8 "'2Ci;:;.Ju51.:;9<:>'2 'wu2C\;>t0C.l'<:>q9.:;'2
·ui;:AJC.u\;><£lC8u'l"sY<-' 'JU\;)<:' 'ui;:;.JC.u<;:YGJlC8uq qo\;)<.' '-''2Ci;:;.Ju51'-'9<:>'2 C8u9CO:i
-8"\;l <]U<;?WtDQ<;?i;:;.J<.' ·qi;:;.Jo\;lq8 m. L i;:;.JC,8C8w8 "'2c8"'2<-''lCCtt 'oe.'2u<;:Y qu8<:>t0 8<:>\;l 'q'(C<;i>CCq i;:AJQUJ<.'8
"'2C8"'2<-''lCCe, '-''2wi;:;.JC9Cey9e l"JO'(Wt0<.'<;?;;:;.,'-' u<£lC8 Cq, <:>i;:;.JCCR ·CO:l8"'lu98u 9.:;0:iu\;lC9.:;u u2C2wm.:;'2i;:;.J"
d;qq<:>O:i<:>Cq11 .:;ui;:;.JC.q<:>11w8<:>'2 Cq,m.:;\;lC.q 1·L ·CttCS;l<:>'i: 110'2Cq9.:;9utb<:>O:i umu2C<;il<:>e<:>O:i 11wi;:;.Jw'2
11u8w ui;:;.JC.Cwmum 11u'2C'2Ci;:;.J<:>C.[t<:>(j uOJ<;>i;:;.JC,S, wi;:;.Jp.:;(jCe_ w2CU10C 'O:iwwi;:;.Jw'2'-''l
·u2Cg<:>51 <-'<;?COJS!)Up(j<-'Ul
q.:;2C9CRwe.:;'2 11ui;:;.Ju<;:Yq8wsY<£lPCi;:;.JC 11uCm11u'2Ce,uS;l<:>'29<:>.:;0J qu2C2wS;lut:' ui;:;.Ju,'.;:;JC8Ce_ ·'IS;lC.GJl
-11ueu11Ce - uf' C\;lwC8 '11q,w9'2wS;lt:' )YC.GJl11ueu<!?ew 1102CS;l<-'LOu89.:;'2 qo11C9q,u2 <:>OJw2C9pC.tbC.:;O:i
um<;:YC 8.:;9.:;0:iui;:;.J8w\;l 'u'2C<i?C'.ll'C.u'2 11oi;:;.JC.tb uO:lw.:;9 uwu2C<i?<:>8<.'0J wwC<:>e.C.8uCCrt <:>ui;:;.JCC\;lC.'l"ll
'O:i.:;i;:;.J<;?C9u5111oi;:;.J<:>CLO<:>(j<:>'i: 11u2CS;lq<-'O:l<:>'2 wi;:;.Jp<:>(jCf?. 11u2CO:i.:;l'<:>9 11oi;:;.JC,S, uO:iw<:>9 ui;:AJC90:iwi;:;.J<;>qwe
·<:>9C'2D.1w8S;l"5l OS;l<:>O:i88 11ui;:;.JC.:;8w8 11wo851owe<:>'2 <:>wi;:;.Jp<:>11Ce. 'ue_<:>CCCqweCe.
uO:i<:>i;:;.JC.tb ui;:;.JC.u8uO:l<:>S;l<i? 8\;lw'2w\:Y 'muCD.1Cqoe (jUS;lCwq,<:>q9<:>'1:? uw\;lC O:iwi;:;.Jwqe 110'2
-CO:lC..:;S;l<.'8 "eq,ui;:;.J.:;9<:> (jU<;?COJ<.'l'<:>9 uO:i.:;i;:;.JC,S, ·2Cq<:>11Crt l"JU9W'l,<.'('QUOl 11u2C'i:?CO:iCe. wi;:;.Jp<:>(jCft QU8<:>e
-S;lwfu9u mwwuCue <:>O:i9C. 'urt<:>CCCqweCe. 11u2wi;:;.JCCCE'S;lC.'-''2 ·9<:>0:iui;:;.JC90:iwi;:;.J'-'llwe O:i'-'<;?Ci;:;.Jl'i;-9
9" O:i<:><;i>Cg "'2CS;lqo<:>O:l.:;'i:? 02CO:i<.'f'<:>9 oO:i.:;i;:AJC.fu u\;IC.i;:;.J<:>C\;l '9<;>0:iu2C9C.2 quqC9q,u2 ui;:;.JC.CC51wg.:;'i:?
'wuCO:lCque 11u2wCRS!)Ce 11u'?CO:i.:;f'.:;9 uO:i.:;i;:;.JC,fu <:>Ul 'lugC'i:?O:lCe_ qu<i?C'.ll'C.u'? ·"'?C(j<:>fuCe. qu'?
-CO:l<:>f'.:;9 uOJ<:>i;:;.JC.fu ui;:;.J'-'C'-'ewe O:iwi;:;.Jwge qo<;:Y<-' u<;i>C'.ll'C.u'2 11ui;:AJC.fu uD.1U1.:;9 ew\9 '11CO:iCw11q<:>C'i:? <:>O:i9C.
.:;8eC.w ·11'?CCw<i? ll"'?Ci;:;.JuO:ifC<;?<:>LOf?. <!?Ce w\;lfuC. CCO:iul' u<gl9<:>u\;J<:>C ui;:;.JC.S;lC<;ilC.ue8wf' - 'l'?CS!)fuu8
C<.'D.1fC'28"LOft (jC<:>8uCe. u'i:?u 8W\;l 'ew<i?u8u O:iwi;:;.Jwqe 9C9C'i:?O:li;- 11<ii>C'.ll'C.u'? 11ui;:;.JG!.fu uOJw.:;9 Ol<:'\;JUf?_<;j
·wupusYoe <:>OJ ue.'?CO:ii;:AJ<:>wi;-p 9<:>u11.:;fu g<:>u'?C'i:?8we 9<:>0:iui;:;.JC.fu uO:iw.:;9 <-'9'-'<ii>'-'O:i<:>'2
ug<:>u<;ilpCtbC 'lu2C0J9wfu "'?CO:iqwe 'O:i<:>'i:?CO:iCe. ·ue.'?CO:ii;:;.J.:;w<:>p 9<:>u11.:;fu g<:>u'?C'i:?8we '-''?CS;loGJl11CG9u
11u'?CO:i9wfu u'?\9"r 11w8'i:?C'2<.'0J <:>ui;:AJpC.Ce. (jS;lC'.ll'CgCe 'Cq,i;:AJCCpC.tb<:>(j qu<;i>C'.llC.u'? qui;:;.JC.tb uO:iw.:;9
·ue.<;>Gc..oS;l"8 11u2wCsY"ew'i:?O:ie 11ui;:;.JC.fu oO:iw.:;9 qou9'-'eewr o<;ilC'.llC.o'? 11oi;:;.JC.fu uO:iw.:;9 <:>09<:>8wi;:;.J
.-C98e.u9e quGm110Ce'i:?C'i:?<:>Ol '!O'j?Cq9.:;9ofu<:>OJ u9.:;00J.:;8Ci;:;.Jl'we \;>Coe (jU\;)C'.llCgCe U\;)C.q9.:;9ufu
·'12C8i;:;.Jug9<:>'1:? i;:;.JC'?CO:iuf'C.we'-'O:i 9.:;0:iu'?C\;luq,w9'2w\9e <:>OJ q<;?C'2Ci;:;.Jo9Gwgc..owe qu2C0J9wfu
u9<:>uG:id;i;:;.JCp\;1'2 qw9pC.fuC<:>O:i .:;O:i9C. <-''2Ci;:;.Ju<i?CGR9<:>0:i<:>'2 'lu'?Cwue <)U'(C<)9<-'9ufu<:>OJ 09.:;uO:i.:;Gi;:;.JCpS!)'2
·uO:iwc..oCe U<)U8"'2"'1Ce. OJ<:><;ilCe <)U'(Cq9<:>9ufu<:>OJ qwRu ui;:;.JC.'2C\;l<.'C'2we ew\9 '0J<.'S;l<.'C'2eu
<-'\;lGwq,<:>q9<:>'2 quO:iuOJo'l <:>OJ <)U'(wi;:;.JC.w\;,\OJ <)U)?C)?CW\;>Uf<:>q <)O)?Cq9<:>9ufu.:;D.1 wi;:;.Jp.:;<]Ce. <)U\;)<.' uq,Cq,ue
uOJ.:;i.ouS;lup uc..o\;IC-c..o<;;>C <)u9C'2D.1Ce. <]u<i?C'.llC.u'? qui;:AJC.fu u0Jw<:>9 ·Cq,<:>CO:iuRqCe. u'?Ci;:;.JCO:iq.:;q<:>O:i.:;'2
uque 9<-' U'(C'.ll\9"<1"9<.'0J US;lC.i;:;.J<:>tglue.:;r uque 'IWOJ<.'f!<:><;>OJ.:;'2 "'?Ci;:;.JpuCe. 8<-'U9<-'('8Wr ·u'?C'?Ci;:AJ<;>C,e_<;>q
ui;:;.JC.utgl<:>9<;;>Ctgli;:AJ.:; qu;,;iCUiq, <:>q9<:>'2 qu<i?u8ufuCO:i <)U'(Cq<;;>C.qC\;> uO:i.:;i;:;.JC,S, <]'(W'(Cq<;;><:>
·O:i<:>eq<:>9<:>c..o 'lu'?C<;;>uq,w9'2w<;:Ye <-')?CO:igwe u<;;>Cfu<:>i;:;.JCCR C.c..o 'ue_qu9Cu CO:ie-$009' 19 '-''2CG:i\;lu8eCe. qu
8<:>'2CO:igCe_ quS;l 'ue.i;:;.Ju<;;>('<-' <)-$009'90 I <]CC51w'-'u8 ugqCq uc..ou'?Ct8J.:;8.:;0J ·ue.CCc..o qu<Bl<;;><-'8 <:>)?CgqC<] <]U
-$000'99 c..ou'?C<;il.:;e<:>O:i '-''?CO:i<;;>uf q<:>O:i <)<-'8 qu8C.eu9ue 8" q'(Cg9.:;c..o <)'?CgqC<]u
9<:>0Jul'9<:>'j? QOJ CO:i8-$000'9L 8C.8u9ue <:>l'u<;ilui;:;.Jwe <)U<)9'-';;:;.,"'2 qui;:AJC.fu uOJUJ<:>g
"'2C9pC q<:>u9<:>e8wr C.m ·ue.i;:;.Ju<;;>e'-' <:>Crtuwe<;;>"9 <:>9Cwqc..owe qui;:;.JC.fu uO:iw'-'9 O:i.:;<;ilCe Cq,'-'i;:AJCCR
8W\;) 'q'?Cc..ouc..oC.u8 u<;ilC'.llC.u'? qui;:;.JG!.fu u0Jw<:>9 'Uf?.<)09Cu CO:ie-$009'8 I <.'0JS;l<:''l,U<:''2 uq9'-'i;:;.)"'2 <]Ui;:;.JC.fu
uG:iU1<:>9 'Ce.C<;;><:>'2 <)U)?Cq9'-'9ufu.:;D.1 uc..ou'?C<iil.:;8"0J 'c..ou'2Ci;:;.JC.:;qw8Crt 'lui;:;.JC.fu ui;:;.JuD.1\;lct,'-''2 ue.qu9Co
.:;O:i Uf?.<)U<:'8 ·ue.i;:;.Ju\;)('<-' <:>OJ Ufl'iil\9<-'8 U)?CO:i9C&uCuO:i oO:ii;-i;:;.JC.fu $000'06 <:>Ol ue.<Bl<;;><-'8 .:;Ol ue.i;:;.J"CS;lC'?Cw
$000'006 "9u'2&<:>Ce. 8<:>8i;:;.JC8w<;;> 'wo'2C'.llS;l"<1"9"0l u<;;>C.i;:;.J<:>'ijlue<:>l' 'c..ou'?C<;;>u88Ce. qu'(Cwue
qui;:AJC.fu ue.Gil<;;>i;-8 <:>ui;:;.JC.CC9we<:>'2 u<;ilu8ufuCQ) qC ·CO:i8"<)U'-'8 9<:>0:iui;:;.Ju<;;>t:''-' <)Gilu8ufuCO:i 'lui;:;.JC.fu
UOlW<.'9 '-''?CO:iwi;:;.JC <.'U9"f:'8Wr ew<;;> '<i'2CwuwC.u8 u<glC'.llC.u'? 'lui;:;.JC.fu u0lw<:>9 P<:>
·ue.ui;:;.Ju\;)g8 0 I· L .:;ui;:;.JC.<:>gq'-'
u'2u<;;>9<:>'2 wi;:;.Jw'2 qC ·'luCw<]uOlwusYCt:' ui;:;.JCCi;:;.Jug.:;q9<:>'2 C&eCCw 9<:>0luCw "'2Ce.uS;l<:>'29<:>uw8<:>'2 <:><;?w
-C<;;><:>ew'2&e 'lui;:;.JC.fu uO:iw'-'9 ui;:;.Jue'2C'2"0:i <:>O:i $000'00 I quS;l" O:iwO:iC.'-'sY"C"q 8ui;:;.JCewsY 'ue.S;l'-'89<.'o
qi;:AJC.fu &w<:>9 <]uR9<:><] 'lwGil.:;8C"O:i "'2Ci;:;.JpuCe. u&<:>l'<:>9 'lui;:AJC.fu uO:iw"9 du9u89 ·ue.CGw i;:AJCGwR
 r.>
<{)
E
fO
E
C1'.) 150 175 200 75 100 125 -25 0 25
\£
r.>
to
..:;)
c<{)
E
6 8.:-.ol.io
r.>
<{)
fl
r.>

-75 -50 -25 -50 -25 0 0 25 50

30(!?MO 7.10 (3b0(!?00, MM8 o5'lJMM80(300 7.1 li()MC>01'bo 0008li(JO(J;]ooli

00Mo8(Y)oo0li0106 "C!?".'.360 8 00li, 0M
8MdM0Mooli OM010 li(3060Moli

8(!?0M8C>MOM00li 00C!?00000li
o5'lJMM80(300li. R306 (!?C>3060bM01 (!?080000001 8M01-
'lJM5(!WOO 06 'lJM5(!?000 lib30(!?0lib30 00a?0000oli
8obo(!?3001. oli o5'lJMM80(300 (J'lJMM 'b(Jli0"C!? 8060-
8M8tlo'Boooli li0M()J0(JM0 C!?" liolibo-
onli (!?M5ooon, MM8 803(3001 JM8.30600li ()li0'lJM01bMoooli 80MiJ0.
R306 "lio30 JM8.306ooli MM8 a?"3"'b(JlitJ.>M01
0 "C!?"bM0oo ooa?o 00 ooe!?"5. 01() 0 01:Jocr: 30 oo Clo8G0Mcr:oo0, MM 0 MM
R3o5o b0M:1Gooo? Molin M08cr:o6001? M08cr:o60cr: lifJM"'lJ"C!?? MC>
C!?0liffoMC!?000 8M01bM36oli 01() oo'b5olioo C>Moli 'bMcr:0,
Molin (!?0800000010 oolil:JOC!?3" od6000 li03'0MM '!?" MMcr:oli? OMM8oli 0"'lJ0M01(Y)0007
o 05Mo0-60 00 o(Y)o 0oli cr:0800ooo010 8M01bM 350? M0
'Bo606liooo oj6000 liC>ffOMM C!?"'Bo606lioooli013oli? 08 J001b3oo'bo .30li(Jbooo
06'lJMM80(300li JM8.306ooli '!?" O'Bd6006Mo0'bo
00cr: .3oMMoooClo.
oocr:0 C!?"00083oli0li, 00630010Moooli M000 oocr:oooooli
cr:003000 (J'lJMM (JJ0010lio0, 3ocr:MO oli o5'ljMM80(300 006li0-
J(J01M00001 08 JM8.306ooooli013oli, oo'b5olio "0"Mooli 0M0litJ.>0-
b0lio001li. 01() JM8.30600 8oli 0o 08ooli "'B(Jd5ooli
5C>J0(!?00'bo, 81:J0M o5'lJMM80(3Mli, 01() 00cr:0bM0
oocr:o0ocr:06, C!?O'BoGo&o
C!?"'Bo606lioooli013oli. C>8otJ.>M8 JM8.30600 Ol:JMli .30tJ.>0Mli060
013001M6 '!?" 000G"C!?(Y)li 0008(30M(Y)li cr:060b0M:1GOOO,

194
 7.

5oc;o Clo!Q0806oli 00!Q0bfi\0601..'>6. oli Cloli0dc;M0 00Jom!Qoli 0()(3oc;o6oc;o

80!Q0!Q88om lio'b(Jlieoli 8oli0c:;o60!Q !Q0 !Q080eo6omo 60c:;!Qo 'B()c:>oli
8M8'b0!Qo6olim3oli 8moc;o fi\000 Cloli0dc;M Clo!Q0806oli 00m30c;olif50606om.

J0M8o o!Qo00, OJ() Clo301.QoM[J6m momMO';'.)c:>o 0130G 6fi\M86M'bofi\o6()c;o 6oc:;!Qo '13';'.Jc:>Ol.i

60Jo1.Qoli fi\oob300Li fi\00c;';'.)fi\o Clo!Qoooli fi\oob3000106. 860C!36oc;(Y)3060 006l.ib303060
.3fi\M0 6M'bot<lo6()c;Go !Qo (i)o0c;';'.J(i)li ClM<'1ol.i 0<'1ol.i dMM0 6(¥)'bol.i 8om(¥)1.Qoli 0o!Q0bo!Q30G
60C!060. 0 08(¥)fi\oob';'.Jc;o o<'1 0<'1nl.i, <'1(¥)8 l.io(fo6if'l os(")li 608!Qo6n80 C! 0t.i6'(¥)6o6ol.i Cloe060
M.30<'10(30';'.)c; !Q.> 93nfo6li';'.)M liod8006M60Cln 8l.i 003Go <loTili0008oliM6oonli l.io.3oli';'.)bM!Q.

JM8.30600U '13';'.Jc:'0!QO 60J0!Q06oli !QMMOU 006803c;M60CJ0 JMM86M'boli 80M!Q0 1 bCJofi\01.Q

8MU0bofi\bo6oc;o0 d[JMUJOdeo';'.)c;o 06 Uo8M803c;M <(30006U';'.jfi1o o6(l,0l'YloO[jOOU Jfi1f'l0 601'bofiio60.
60c:;1.Qo '13';'.lc:>oli 030dc;o3li 06'13Mfi\80Go0li 8bf'lc:'f'l!Q JM8.306ooli 8f'l8030c; 60c:;!Qo
'13(.Jc;oli 8!Q8M80(i)o(Y)o0'bo 08 !QMMli, MM!Qoli0G JMM86M'bn(i)o601.Qo 'Bofo6li()Mo 06 0 0(i)oCJ060
8M0(303U tf30c:'0 0deo3000U !QC> 3vc:>!Q::J6(Jc:'0006oU 8MU0c:'f'l!Q6::Jc:' CJ0930lio606li, OU03::J
'130606b(j(>\O 0bi)0(>\o(J00(\0,
MM8MM(3 d::J8Mli.:i3c;oli .:i600Moo006oli 8';'.)bc;o6li. 06'13MM80Gool.i ()!QO!Q::JUo 6.:iooc;o, MM8::ic;oG
8o6o:ic· 008Mot10600.:i 6.:ic:;!Qo 'B()c:'OU dO!QOD6oli0li, oaodc;o6.:i 0.:i8Mt1D606';'.)c;o OtfMU
a0 5eol> Clo8Mli03c;oli .:i60ofi\000oool.i .3t'iM86M'bofi\06olim3oli. MJoc:>';'.)M0!Q, Clo8Mlio3c;oli 0600M0Cl0oooli
(Jb(!/0 OtJMl> JMM86M'bo 006 ';'.)UDMJOU 6oc:;<Qo '13(.Jc;oli 08 8bfi\03, 9306.:i6li(JM dJ(Jdc;o.:i
8oc;llo3<>U?o 80010 008Mot106Mli 8o!Q0b!QJ6oli o::i'B0lio6060 Clo8Ml.i03c;oli 060.:i(i)oCJ006oli JMM86M'bo(i)oooli0m3ol.i,
d8oCQDOQOOO dOCQOo"C!?· Mf'l!QJGo 8 08'b0!Qo6::i6 60c:;1.Qo 'B(Jc:>oli

dJ8Mli.:i3c;oli 060ofi\0Cl006oli JMM86M'bOMJOo 0MOU JM8Jo6ooli 8Mli0c;M!Q6oc;o 008Mli03c;o6oli

!Q0 fi\o'bo()8J 8M8030c;o .3ot'ioM!Qol.i 006803c;Mo0Clo, MM8::ic;oG 8mo3M!Q000 f5806!Q0
Clo8Mlio3c;om ('b06>0c;om) 08 dJt'iOM!QOUm3oli. (i\(Y)8f'lt'i(3 oli Otf(Y) fi3060 60c:;!Qo '13';'.Jc:>OU OO(J-
80tf0!Q3D6ol.i JMM(1601'bofi\oo.:i 0MOU 8mo30MO boM8Moooli 8Mo'BOJOU dO!Q806olim3oli
!Q" f5.:i(i)8Moool.i Clo93oliooolim3ol.i. 060c;oeoJ01lili Cloodc;o6o !Q0li(foM!Q::Jli (i)o0c;-
o'bo6(Jc;o livd(Y)6c;oli c:;oM[JO(Jc:>OOOU OJOOJf'lO(Jc:'O J018JM6[j6<!)oli Clo930lio60. Clolit101.Q3oli, Oofi\-
8MJOC> 'bo !Qo'B';'.)d6::i6(Jc;o b::ic;'Bolioooli !Qo lib30 'li::i!Q6"!QD6o !Q::JO"c:'TIMo
.:i6.:ic;o'lio 030dc;::i3Li ';'.J'Bt'if'l 'b(Jli0 JMM86M'lioM[JOol.i. boot'io!Q, 0otfO!Q(Jc:'O JMM!Q';'.JdGooli m3om-
c:;oM[J6';'.)c;[J6oli Cl::i93.:ilio60 0.:i8M8!Qo60M::i016li 0otfO!Q(Jc:'o JMM!Q';'.JdGooli m3omc:;oM::J6';'.)c;[Jooli0
!Qo 00t1oi:Q3::J6oli 8MG(Jc:'M6ol.i ooMb(Jc;o JM::J'BoGoo6e::iooli b.:i93(Jd3oc;'lio.
o8ob Clo8!Q::J8 b!Q::i6.:i doMomoi:Qo, li08::i';'.J"16::i01 !QC> v!Q806ob<1)M0(30';'.)c;o 006b0'b-
c:;3fi\0, M018::ic;oG Mf'l8MMG oolio, d.:ic;oo6 'b';'.lbeoo, fi\08!Q::J601.QvG 08 ';'.)8Deo-
liM60 00008000 0!.QM[J. fi3::J';'.)c:>::JOM03.:i!Q, oli OM oMol.i 80t'id6M000M[J 80tf0!Q3[)00U
(33c;oc;::ioo6oli 808.:i(i)m, 006li0J(JOlM::JOOOJ 80tf0!Q3::JOOU 8MJc:>D30!:Q006o Cl::i8ooM::JOOU !QMMb.
d[J8!:Q[J8 fi3::J6 d::J30'130lio6m l.ib30 d[J8Ml.i03c;::i6li !Q0 oU[J30 t'iM801t'io JM[J!Q0<1)oli
li06>0ooc;oli dMM(3[)6<!)()c;o t'iM8 803oc:;Mm 0806!.Q.:i d::J8Ml.i03.:ic;o 0.:iu:0li0b0u:::i6oli
00u:0b!Q08!Q::J· Clo8u:o0 008Mo0600(i)oCJ000 b0CJ::i8MG0 3c;o 80u:0Li0b0u:ooo - 808Mt1o6::io';'.lc;o
li000u:0li0b.'>!.!?01 0060J3::imoli (0060J3nmoooli) b0'B';'.)d3oc;'b::i - !.!?., 0 08Mod3omo60 08061.!?0 8010::i-
ool.i OJ<[pli::i6oli 8ol.i0c:;::i60!.!? 00!Q0b0b0!Q::JOoli Cl::J8!.!?::Jo· 83::Jc:'0 ::Jli Cl::i'B0li::i60 Clo8cr?Do
0 00Mmo06!.!?060 Clo8Mli03c;oli 0600(i)oCJoo. !Q03';'.)Cl30m, t'iM8 J018.306oob Pacific Jams 8Mb0c;011.Q-
6oc;o 0 0t1ocr?3oli 8M(3';'.Jc:'f'lo0 60b::i30P1 ooc;Clo o.:i636'0CQ06 036oli08CQD Cl::i0cr?0D6b 1730000$-li,
MM()f'lM(j 0li0b';'.)c;o0 8M60008060 7.7 (3bMoc;oli 0 foooc;Clo. 60c:;CQ0 o::Jo8.:iClo oli
m06b0 0P1 0oli0boo0 .3ot'iCQ0.30P1. M::J0c;o'b::i6()c;o li0dM6c;oG c:;ot1io6';'.Jc;::JooG 0 08M06-
00fi\0B::i6';'.)c;o JM8.3M6o6ooooG cr?060c;(JP10 060c;o'boG 60 83 c;0n? 3oso606m t1io0c;o'bo6(Jc;o

195
 li0jf'l6e::?oli Of'le::::'f'l oli&f'lMO(Je::?O 8f'l60008oli ()PlOlOOMmf'lOi>U o"80Q?3000li>6.
Q?<>3006306100f'l0l Ui>O(Ji>e::::'f'l .3o61of'lQ?OU ()61moo61oif'l0i> oo8Cl?ooo li080
Oe::?oli 6100e::?o'b0000Q?06 li<>o(J<>e::?f'l 8f'l0 000lim06. JP10<?JOGoo6&o &f'le::?o<>
75,4-oli. o0 o 0 03086103e::?P10l .361P1 0 6P1'bo61oo<>Q?o o<>80Q?3oli 8P1(3(Je::::'P100'bo, 1730000$, Q?<>
.361P10 6P1'bo61oo<>Q? 860036oe::?P100li 1305000$. lib30 Q?<>Ei.:ib061-
S(;Oooli 8P1Ui>e::?P1Q?60e::?O 860036oe::?P10i> (do61omi>Q?O, Li08o(J616of'l Cl?" i>Q?8060Li&610oo(Je::?O)
&f'le::::'Oi> 50000$-oli m3000, 6100 i>Ui>b(Je::?Oi> 7.8 ob61oe::?OO. od3lim30060 .30610P1Q?OUOl3oli 80m
oo<>Q? 0 o6oli 300000$. Q?<>3()030m, 61P18 8P1 0 oooli o<>Q?<>li<>b<>Q?o (li0boe::?86'0'?3P1 Q?<> o&<>&oli
Q?P16o'bo) oo<>Cl?oo6li 48%-1..i. 08 06<?JP16180 0 om Q?<>b8061ooom Q?<>o06 0 06100000 008f'lli<>3e::?oli
06 0 06100 0 000 0063610Q?<>6 036ol.i08Cl?o (0m0lioooo):

6806(!?0 ()080(!?3000 $1,730 !!/<'<13<Jd6oovc;:>o 308<X!/3QOOG 'b3 ob<'i. 7.7-oG 0 fu6oc;:>'b3

c;o<'inovc::>n00 l,305 .3<'1M3Grri'bn<'in00 30tl<X!/3oG 6806(!?0 75,4%-oG !l?"'6n'b3.
G0n<'imrri 8m3no0 $ 425 !!/<'<13<Jd636<Jc::>n 3 6c::>nG 806d0c::''b3
do<'ioo»(!?o, G08nv<'i6n"' !!?0 6806(!?0 God(J0c;:>"' 80fl30G003c;:>'b3
0(!?8060G8<'i0oovc;:>o b0<'i'.)i;D0o _lQQ 60b3m ob<'ioc;:>o 7.8
8"'3000 30(!?0G0b0!!?no08!!?D $ 125
30(!?0G0b0!!?noo _§Q
8"'8Do0 30(!?0G0b0!!?000G llo8!!?D8 $ 65
!!?o 3oa?o6a?ooo _iQ 60bom ob<'ioc;:>o 7.9
30v606oc;:>3ooc;:>o a"'aoooG 'b<'i!!?0 $ 25 0li0bvc:::o 00c:::06Gou .3<'iM36rri'bllo

'bo8f'lm ffo618f'lQ?006oe::::'o 008f'lli<>3e::?oli 06 0 06100 0 0001..i Of'le::::'f'l Li080 b0 'bo 0Li0b03li 0 <>()606'oe::?o-
ooe::?o 8P1 0 oooli 06 0 06100 0 0001..i 0 08061&03oo()e::::' .361P1 0 6P1'bo61000li. 0 08P106 0 0610Cloo(Je::?O Q?o30-
Q?06Q?000 c,08f'loj3om000 8f'l8000Q?i>6 8i>Q?i>Ui>bi>Q?JOOU oo8Cl?oo 8i>(J6i>OOe::?000e::?O 8P18JOOU
8f'll.ii>e::::'f'lQ?6Je::?O 'b61Q?oli OO<?J<>li0oolim3oli. .361f'J 0 6f'l'bo610o<>Q?O lioQ?OQ?O 25000$ (J6Q?i>
oooli000800P1Q?OU .361f'lc,6f'l'bo61000Q?O 0i>e::::'i>6lioli 8f'l60008ooli, 61P180e::?0(3 008(J0<>3Q?OOi>
oo8Q?c,P18 .

.361P1 0 6P1'b(Je::?O O<>e::?<>6lioli 8f'l8'b0Q?oooli .361P1(3Jlioli Oe::?()li&61<>(joolim3oli Q?<>3()Cl30m, 61P18 fl306

0 33'061Cl?oo0 JP18.306oolim3oli Pacific Jams ooli0008olio Q?P1J(J8o6&oli 8P18'b0Cl?oo0 30 03601..ioli
8Q? 0 P18<>61JP10om. JP18.30000li 0060 be::?oli 31 Q?OJJ8o61ol.i 8Q? 0 P18<>MOP10om JjP16Q?<> oo8Q?0 0 o
00e::::'06lio (0m0lioooo ).

60c;(!?o qj(Jc;:'O $ 100 G0006J"' GoGbo $ 50

!l/30o8rr><'i(Jc;:'O !J?030C:::00630300 342 J<'i0!J?08M<'i(Jc;:'O 30c:::'!J?30(Jc;:'30300 100
80<'103000 350 b,oc:::qi0G300G (!?0 G030!J?0G0b0!J?rr> 30c:::!J?DO<JC::::J0360 150
G0o 3a"'G0 3c:::f'l 80!!?0G0b01J?oG 30c:::a?o6vc::>n60 70
808(!?060<'13 00803060 $ 792 808(!?060<'10 3"C:::!!?DO<Jc:::>Don6o $ 370
6806!!?0 qiooGo<'ioovc;:>o 00803060 800 G000(30M J0.3080c:::o 1,222
8mc:::o060 00803000 $1,592 8mc;:>oo6o 3"c:::'!l?o6vc:::oo3&> Go00(30f'lo J0.3080c::>n $1,592

Q?OOO&P161(Je::?O Q?i>3i>e::?0<>6ooooo 30 03601..ili Cloode::?oo<> OO<?Ji>UJO(Je::?O 08f'lU 61P1C,P161(3 31 Cl?OJ08-

061oli 3"e::?Q?JO(Je::?OOOU Oi>e::?<>6lili Q?i>8<>&JO(Je::?O 80le::?Oi>6o J61oel?o&om o"80Q?-
3JOO 0063610Q?<>6 036ol.i08Q?J, 0 08P1Je::?OO(Je::?O JMJQ?o&oo o<>8o<Q3ol.i 0 06 8P1Ui>e::?P1Q?60e::?O
'?J()e::?"Cl?o 008f'lli<>3e::?ooo 08 .30610P1Q?oli 0 06803e::::'f'lo000. '?J()e::?oli oo()S(;O&oli 8f'l60 8 080-
o'bo Cl?"<?J(Jd6ooom, Cl?0<'>o&P161(Je::?O Cl?"3"e::?o06 0o0oo 30 o36olili oo<>Cl?oo6Li $342000+$1557000 -
$1525500, 06 $373500. <>e::?&o6160&o()e::::'"Cl?' JP18.306ooli013oli Pacific Jams oli 860036oe::?f'lo0
&f'le::?O ()6Q?i> 08f'lU 03601..ioo,JMOQ?O&om oi>80Q?30U c,08P'J06c,061000o()e::::' UOQ?OQ?OU
8001..iClo J61JQ?O&om o<>80Q?3oli 10% (342,000+31,500=373,500).
0d803oooli .3tilf'l06M'botiloo0. Ol(J 061 0611..ioof'lol.i 'B()e::?oli oo()S(;O&o, Cl?ooo&P161(Je::?O
Q?i>3i>e::?0<>6oooli 0i>e::?i>6lio ooode::?oo<> dO'lJi>UQ?OU Cl?ooo&P161(Je::?O Q?<>3iie::?o<>6oooli 061()6301..i Jf'lo-

196
caoooo68oG G0ca(Jd3oe:>.:''bo. oG JMOez30(3006@>o, MM80e:';'0(3 0G0b03G (Q08MJO!:QOO()e:';'000U
JMO!:QO@>om 0 0tJO(Q3<>G0 (Q0 !:QOOO@>MM(Je:';' 1:Q<>3<>e:';'o06000G OMMoG, ()6(Q<> !3?"0'B(Jd6MG 00<Y1G(Je:';'
c.<>8M(3(QOe:';'000U. !:QOOO@>MM(Je:';'O !:Q030e:';'0<>6oooG c.06G0 'bc:;3M(Je:';'O (QM6oG 80G0c:;oo0(Q !:Q<>ooo -
8oe:';'O JMO!:QO@>om ()0tJOf!?3000 (JOM0e:';'M(Q ()00tJM'80 OM(J630G JM0'(30(30060 'bo. ffi(J o0tJOQ?3000U
.3<Y1M 0 6M'bo<Y1 000 CR" o<Y1()630G JMO'B0Goo6@>0 0<Y1"G <Y1o<>e:';'()Mo, 8omMQ?o 8Mo3Go8G 3"e:>.:'C!?o-
0()e:>.:'0ooG 00e:';'06GoG 800be:';'MDOOO) 860036oe:>.:'('")00L. e,08M06e,0<Y1o<loo()e:';' 80<Y1000000 0630G00-
(300 30 o36oGG <loode:>.:'oo0 C!?"Dez3(Jd6MG 00<Y18MoooG 0 <Y10caoJG, P1M8oe:>.:'oG C!?"ez3()d6oo()e:>.:'00
o<>tJOC!?3000U .3<Y1Me,6M'boP1000'bo. 08 oM0<(30J80 ()6(Q0 e,30fl306MG 8Mb0e:';'M(Q60e:';'O ooGtJO(Q3000,
80t1i0 0 000G 8MG<>e:';'M(Q60e:>.:'o 0 08MtJ06000 00P18Moo000 CR" G00Me:';'MM .3<Y1MC!?()dGooG 8MG<>e:';'M(Q-
6oe:>.:'o (QM6o. 08 o6C[3MM80(300U U0ez3(Jd3oe:>.:''bo, 80t1i0e,000G b00tJOU (QM60Gcn06 OMOl0f!?, <loode:>.:'000
o"JOOJ(l?Ob 80<'10 0 oooG .31i1M 0 6M'boli1000.
00P18MoooG 0 M0<(30JOU 0 08MtJD6000G 80 0ooP1, 8M8030e:';'o 80P10 0 oooG OOez3<>Gooooo ooode:>.:'000
C!?"Oez3(Jd6MG 80t1i0e,000G OM(J630G JM0<'.[30(3006@>G. oG Jf'10'(30(3006@>o e,08MotJ06000 08030
G0bom, MM 0 MM(3 C!?ooo@>MM(Je:';'O (Q<>3<>e:';'o0600000Gm30G, o8oG 0 .:>Mf!?<>, MM8 0be:';'0 fl306
300 0()e:>.:'Mocn G00Me:>.:'('")('") 80P10ooooG aC!? 0 f'180<i1oM00G. ri 30 6 03 0d 3G:
= 80M03()ool> OM'l'.}63ol> Jf'l()'(J0(3o()68n
80(1)00aoo
8M(308(Je:';'O 0d&o3000G OM(J630G e,08M06e,01i1o<loo()e:';'O Oe:';'O(JMO JMOC[30(3006@>ocn, od3G cn3000
M00e:';'o'boo()e:';'O G0dM6e:';'oG e,08M06e,01i1oooo(Je:';'O cn3ocnc:;oli1oo()e:';'OOOO) (Q0 U0btJOUO 80<i1.:ie,000G
(3M(Q6ocn, 'bof!?<> 0 06@>Me:';'OO<> ooode:>.:'000 fl08r>itJ<>e:';'OO(QOU 008C!?OofooM0(Q:

en() 801i10 0 oooG OM(J630G 0 08M06(/>Moooo()e:';'O JMOez30Goo6@Jo 0<i10G 6.2143 fl306G 80e,0e:';'ocnoo,
12 cn30060 .3oli10M!:Q0Gcn30G !3?" li100e:>.:'o'boo()e:>.:'o G0dM6e:';'oG 0 08M06 0 0<i1o<loo()e:>.:'O m3ocnc:;o-
P1oo()e:>.:'Oo0 8M803.:ie:';'o 6 cn30060 .3oli10M(QOUm30G 01i10G 1,305,000$, fl306 o30d6000

80m0oaoo = 2 x ($1,305,000)
6.2143
= $420,000
dMM 0 6M'boli1oo'()e:';'O 'bM(QOb (QMMU 801i10 0 oooG 0 0tJO(Q30G 80fl306oooe:>.:'o 30 0360GG OO<>f!?o06G
420000$. 8M(308()e:>.:'o Go!:QO!:QO 0G0b03G 31 !:QOJo8oli1oG 80<i10 0 oooG !:QM6oG 'bM8ooli1 'bli1!:Q0G.
8M8030e:';'o 0806(!?0 '?3odGoli1oo()e:>.:'o 0d@>o3 0oo 0 060G0'bc:;3P1000 0<i1Goo()e:>.:' 6806!3?0 'BodGoli1o-
o()e:>.:'rl 0d@Jo3oo'bo !:Q<>ooo8oe:>.:'o C!;?<>6.:ib0<i1:1GoooG !:Q.:i80@Jooom {!;?<> 08 '.l(;<>80(!?06 6oooG8ooli1o
0 <>tJll!:Q()e:>.:'o '?3odGoli1oo()e:>.:'O 0d@>o30G G000e:>.:'06G('") c:;oli1oo()e:>.:'0ooG 0 08MJe:>.:'Ooocn 08Mli1-
@>o'b0G00Gcn06 oli1m0C\? .5oli1oM!:QOG 0 06803e:';'Mo000. 60c:;i:Qo ez3()e:';'OG oo(J'.IG00o!:Q<>5 Boode:>.:'000
803oc:;Mcn o6C[3MM80(300 080'bo, Mf'18 J.:Jdo@J<>e:';'(JMO (Q.:J60b0M'.l(;OOO oo<>!:Qo05G 200000$ .3oP1o-
('")(QOU 006803e:';'M0000 (!?0 doli1ocn0(QO U00()0e:';'OOJOO o<>tJO(Q(Je:';'O od6000 40000$-.:>!:Q. ffi() 08MM-
@>o'b.:i(300 .30P10M(Q0Gcn30G 00<>!:Qo06G 110 000$-G, 80006 8MU0e:';'M!:Q60e:>.:'o 0806!3?0 'bM(Q<>
ez3odGoli1oo()e:';' 0d@Jo30000 od6000 50,000$ (200,000$-40,000$ -110,000$). !:Q<>ooo8oe:';'o 68o5(Q<>
'BodGoli1oo()e:';'O 0d@>o3000 30 0360\JG od6000 850,000$. en() J<>.30@>0e:>.:'0G (Q.:>fob01i1'.l'Gooo !3?"o0o -
8oe:';'o<> 0060Go01i1, caodGoli1oo()e:';'O <>d@Jo3000G .3MM 0 6M'boli1000 ()C[3MM 0!:Q30e:';'o0.
3<>e:';'!!:U)O(Je:';'DODOOb !!:?<> bc.c.doo(') JC>.3o8<>e:';'Ob dMM36M'boP113oc.. 0be:>.:'0 !3?"3(JOM(J5!:Qom 3"e:>.:'C!:?o-
O(Je:';'OOIJOG, JMO!:QO@>MM(Je:';'O 3"e:>.:'!:QOO(Je:>.:'Doooo <loez3<>G!:Qoo0 P1('") 0 (')1i1 8 !3?"00&8oe:>.:'o
<3olitJO!:Q30ooli cn06b0 0063Mo(Q06 036oli.:i8!:QO, .:.8030 .3oli1001CQOO 00UtJO!:Q300 'bo 0 .:>(QC>b(QOe:';'O
8me:>.:'0060 m06boli 0 08MJe:';'OOocn . .:.Goen 3om0P100000, JMO!:QO@JMM(Je:';'O 3.:>e:';'!:QOO(Je:';'Oooli f\3060
O;Jez3.:>lioo0 od6000 7 40,000$ - 690,000$ + 100.000$, .:.6 150,000$, M0(3 8Mli0e:';'MCQ50e:';'O
06'icn0130060 Bo::i0136ooocn tJO!:Q3oli0 (QC> 0 01:Q.:>b(Qoli !:QMMG OMMoG &01e:>.:'o od6000 036olioo l:JO!:Q3oli
m06b0lim06. (Q<>Mo(3b(Je:';'O biJe:';''B<>lioooli IQ<> b.:>M]G:JOoli 3<>e:';'!:QiJO(Je:';'OOiJOoli 0 08M06 0 01i100000
CQ<>ez3(Jd6oo';'.Je:';'O<> f501Ti8Moooli 0 c.61i1o 0 'bo f!?C> .:.8 3<>e:';'(QiJO()e:';'iJOiJoli0 (Qo fblTi8MiJO.:>li 0016'ioli oli@JM-
Mo(Je:';' (Q<>8MJOCQiJO()e:';'iJO<>'bo. f1306 CQ<>3()Cl3oocn, ITiM8 (Q<>Mo(3b(Je:';'O boe:>.:'<B<>lioooli !!:?<> b0<i1'.l'Goooli
30e:';'£l?;:JO(Je:';'OOiJOoli di]ez3<>lioo0 01i1oli 140,000$. (Q<>Mo(3b(Je:';'O li0008Mlio3<>e:';'M ()<>(Qoli0b0ci;woo

197
 306l.i0 ::Jj3l.i<n30060 .3::JMOfYl(!?Ol.i 'b::J l.i030(!?0li0b0(!?fY1
(!?080&::i6o<n 'b::i (!?0 30(!?0li0b0C!?::i6oli 80(!?0bCQoli
31 C!?DJ::J861Yiol.i 8(!?3fY180<Yi::JfY16o<n, 8fY18::J60'b::J 30(!?0li0b0(!?0 d::J0(!?8::J5l.i
70000$-l.i, .3::JMOfYl(!?ol.i 30(!?0l.i0b0(!?0 01Yiol.i 60000$ {<YifY13fY1MG
06301YioClClo) (!?0 JfY18.306008 3061Yio3o<n CQ00(!?3060
60000$ 30(!?0bCQ0 30(!?0b<!?::i6Clo (cYifY13fYl<YiG 50fi3060600 7.9-Clo),
80(!?0li0b0(!?0 30 0360!.ili oj5::i60 70000$.
Li00joofY1 30 0360!.ili oj5::i60 31 C!?DJ::i861Yioli 8CQ3fY180<Yi::ifY16'o<n Li00joofY1
8fY13060 30(!?0li0b0CQ::J6oli Cl::i8Cl?D8 CQ030CQ::J5C!?n6ol.i
<n06b0. <n(J 8fY13n60 30(!?0li0b0CQn6oli Cl::i8C!?D8 65,000$
06301YioClClo, Li00joofY1 30 0360!.ili oj5::i60 1,222,000$-G
65,000$ C!?o3o<!?n5<!?::J6o 40,000$ 05 1,247 ,000$. <Yifi::i60 fYJMo
(!?0 G0605JfY1 G::iGbo. 6ov.'li:::i&o<!?06 fi3n5 3bnCQ03<n, <YifY18
30 0360Gli oj5::i60 13,500$ CQ080&::i6o<no (!?0<(3o506G::i60G
30<Yi::iCln. <n(J JfY18.30600li 0j3G 80608()8 75,000$ Cl::i501Yifi(J5::J6oli (!?0
606JoCQ06 Li::iGboG 08 Cl::i50<Yifi(J6::J60G<n3oli, 30
0360GG oj5060 75,000$; 606JoG Li::iGbo d::JC!?::J80C!? 300'b<Yi(!?::J60 61 ,500$-o<n, MfY18
111,500$. do<Yio<n0(!?0(!?, (!?0
Li0005JfY1 li::iGb::ioo) 308fY10tj::J6n60 MfY18fY1MG <(30d&fY1M::JOO
05G::iooG 8fY18'b0C!?n60Clo, bCQ::i60 0j&o3::iooG, CQ0 Li00j-
oofY1 30ElfY15.:il.iElfYl<Yi::Jo0.
.3<YifY135fYl'bo<Yi::i6oli d::JCQD8::J6o Cl::iCQoli <(3fY1M80Clo.
7.11 Cl::ioo03G JfY18.30600G Pacific Jams .3<YifY135fYl'bl.I 30 0360GoG 8CQ3fY180<Yi::ifYloo<n.
<YifY18 fi305 'bfYJ3oo<Yi<n C!?080&n6o<n <YifY18 0jfY16-
C!?Dli 8n&o <YiEl8::i50.

fi'iOC>c::>'Zl6>0 .36'fllo6f'l'b06>0o'Zlc::>O
0a<!l>03ooo 12-31-Xl CHANGE 6-30-X2 tl<C>CJ30oOoO
J"'8;3o6oob Pacific Jams ----
ooc:;o6bob ;31'if'la6">'bob 30 $ 100 - 25.0 $ 75.0 '1JVC'.:'"IJ<O boovoc:;no.'.loob 6o"1Rn6ob
0360Goboo3ob, 20X2 80608oc:;v"10 860036.'.Jc::"'o"·
(oooobnooo) 342 + 31.5 373.5 100% 036ol>ob 8"1:JO!J<3"b
l!(0808:JO(Jc:.'0 10% 8ooUOU o0tJ01!(30
aot'ioonoo _lli + 70.0 420.0 Mv63oti J"'.'.l'1lol3oo68'bn 6.2143-'bo
8080<06"6>.'.l .:.jeo3noo $ 792 + 76.5 $ 868.5 ll<" "1ooc::m'boovc:;o :31'i"'!J<Vdl3oob
'bo 1,305$-'b.'.l.
68060<0 '1Jndl>o1'inovc:;o + 50.0 850.0 200$ J0.3o8oc:;v"1o 0<06obo"1J:noo,
oj00300o, 8ooc:;oo6o .>;J&l3o0o $1,5 92 +126.5 $1,718.5 '1JOjl>nM.'.}O(JC::O oj803.'.}ooli o0<JO!J<3"
40$ l>oooc:;o6lif'l l!(O

J.)C'.:'tl?Oo<JC'.:'OoOoO
l>ooo6J"' l>.'.}lib.'.loo $ 50 + 61.5 $ 111.5 6ofu Ooc:;.>6lib !!2"8"8a0oooo
'1Jofu6liv"'o bojoMf'l[JOooo
00 + 50.0 150.0 100% 036ol>ol> O.'.JUtJOIJ<3000
l!(OMO(Jb(J!!;'O b.'.Jc:.''(JOUOOO
!J<" b"MJ:;JOO 150 - 10.0 140.0 0<"'1JVd6oovc:;o 5,,t'ia"'oool> 8"1o'1JoJ'b:J
l!(O 6011'ib(Jc:; 0 o8f'1(31!(0c:.'00"'b[)
l!(OM0(3b(Jc:;o lioo38Mbo3c:;M
0 ol!(ol>obol!([)OO _]J)_ _1M l!(Ofuliio(Jbfo
0 o8MJ!!;'00(Jc:.'0 0 ol!(Obl!([)OO (60$-60$).
$ 370 +101.5 $ 471.5
boojl3o"' JO.'.lo8oc;>o 1,222 + 25.0 1,247.0 83 c:;oc:;.'.loo 8 ovfo6nc;>nooc:; 8"'anoooo
O>OO>f'l(}()c:.' :31'iM36M'bOM.'.JO(Jc:.'
l>.>038f'll>.>3c:;M 063.>M003:J0000
8ooc:;oo6o 3"c:.'!J<.'.JO()C::()O[)OO
1!2" liooj(3of'l
JO.'.lo8.>c:;o $1,592 +126.5 $1,718.5

198
 7.

(Q<> 80mo
MM(/'1M(3 f\306 360b::im, 06'1301M80(300 M018::ic::;o(3 0 0801oti::i6::i60 60r.;CQ0 '8()t.'.:!?oG
o::iodc::;::i60 c,0801ti::i6::i6(Jc::;o Ol:JMG .3(;)01c,6M'boM::JO(Jt.'.:!?O cao606G(JMO ;,6c,0Mooc,::i60G 8018'b0-
CQ::J60Gm30G. JM::JC(30(30::J6&::i6o o::iodc::;::i60 c,08Ml:J::J6[JO(Jt.'.:!? Ol:JMG ,:,8 ;,6c,0MoooooG .3(;)01c,601'boM::i-
60G 80G0r.;060CQ. 80 0 0c::;om0CQ, f\306 .3oMCQC>.3o(;) (J6CQC> CQ03006 0 0(;)0001m 00c::;06Goo l:J3Dt.'.:!?"
CQ00"t.'.:!?o cao606G(JMO JM::JC(30(30::J60::J6nG CQ"o::Jo83rm 8018030c::;oo CQ" d::J8CQ::Jo CQC>3006 0 0Mod01m
,:,8 JM::Jcao 8 o::i6&oooG G0ca(Jd 3::ic::;'b::i. CQ::J60&01M(Jc::;o CQ" 30c::;n06::i6::i60, 80(;)0 00 60, JM::JCQ0-
&01M(Jc::;o 3"t.'.:!?!J:?06(Jc::;::J0::J6o, G0b::ic::;ca0GP1 !:!?" b0MJ(;::J2ioG !J:?C>foMn(3b::J6o boo(;);,!:!? ::J'8(Jd6::i60
C,0l:JOCQ3060G0 (QC> f50(;)801::iooG oG&P1MO(Jt.'.:!? !J:?08MJO!J:?::JO(Jt.'.:!?::J6::i6G, MM!J:?::Jl>0(3 """ 0Ml>o6016G
60r.;!:!?o '8()t.'.:!?oG OO(JJ(;00o. 80 0 0c::;om0CQ, m() '8()t.'.:!?oG C>8P1r.;oooG G0Cl()0c::;01 .3::JMOM!J:?n ;,(;)oG 45
!:!?r.;o, 3"t.'.:!?!J:?::J6(Jc::;::JO::JOOG 6(;)()630 od6::i60 M30J(;::JM 5::ic::;of50!J:?dO. Ol(J CQ::J600MM(Jt.'.:!?0
CQC>30c::;o0606060 Ol:JM 500,000$, 80c,M08 JM8.306008 .3(;)01c,601'bo(;)::i60 o""J::JOIC>, MM8 8018030c::;
f:l::ic::;G 0 C>l:JOCQ3::J6Clo nd6060 2$ 8c::;6-0060 'bM!J:?C>, 3"t.'.:!?!J:?::JO(JC'.:!:'::J6::J6n 0 00'bM!J:?::J60 2$
8c::;5/8=250,000$-om. ;,8c,30MC>!J:?, !J:?::J600MM(Jt.'.:!?0 !J:?C>30c::;o06::i6::ionG 8M(3(JC'.:!:'M00 !:!?r.;JO!J:?05 ::JMOI
f:l::ic::;Clo G030MC>(J!J:?M(Q o::iodc::;::io0 Ol:JP1G 750,000$.
;,5 0 0(;)0CJ::i60G .3P'i01 0 501'bo(;)::i60 G00()0c::;::i60G 0 30dc::;::i3G 0030Gf503c::;01m 801G0c::;01CQ6oc::;o.
8018030c::;o 60c::;06GoG CQ" Cl::i801G03c::;nG ;,5 0 0P'iooc,060G CJ::i80CQc,J6c::;0160. '130606G()Mo JM::Jcao-
(30::J50o6o o::indc::;::i60 c,080106c,0MOO::J6(Jc::;o Ol:JMG ;,6c,0P'ioo::i60G ;,foc::;n'b0Gm30G; ::iG JM::JC(30(30::J6-
0::i6o !:!?" G0f5l:J0Go 80160808060 CJ::iodc::;o60 O::J!J:?"M!J:?::JG ;,bc::;06!J:?::Jt.'.:!? CQ" 00P'i(Jc::; caofo5G(JP'io
;,5 0 0P'iooo60G JM::JC(30(3o::J50::i6G !:!?" 80160Go806G. ,:,8 06caP1P'i80GooG 0 08P1l:J::J6::ioom cao606G(JP'i
8::i5::Jji;::JMG d::J(Jdc::;n0 c,00060c::;n'b01G JM8.30600G can606G(JM 8!J:?c,M80M::JM00G0 !:!?" G0d8n060160Cln
(33c::;nc::;::i6nG 8n80Mm(Jc::;::J6C> bi>M(Jc::;o, ;,bc::;06!:!?Dt.'.:!?o (QC> 8018030c::;n !J:?MMol>m3nG. Ol(J JM8.306n0
"J::Jm::i6G 'b(JG0 0 080106 0 0(;)0CJ::i6::ioG, 60r.;CQ0 '8()t.'.:!?nG 0n(JJ(;::J0oG, ;,6 0 0(;)0Cl::iooG .3P'i01 0 6P1'bnP'i::i-
onG ,:,5 MM03::iG 'b::i!J:?8no::i36nm 8018'b0!J:?::i60 !J:?C>::Jb80P'i::i60 8oGn CQ"oD083nGm3nG Md::JM0(300G
Gb30CQ0Gb30 li<a::iP'i01Cln .301c::;n&nJnG 0 0G0&0P'iooc::;0!:!?. ,:,8 .3P'i01 0 6P1'!.inP'io6::i6nG 8()!:!?8030 M::J3n'!.io0
J018.30600G ;,dc::;::i3G 8n5no5::i60G .30P'i016::icioG !:!?" 8nG on!:!?" 01.3::iP'i0Go::i6Clo (33c::;nc::;o60'b::i.
!J:?080&06nm G"t.'.:!?JO()t.'.:!?o o::ica0G::i6::i60G 5"G3t.'.:!?"!:!? CJ::indc::;::i60 o"J::JOl!J:?::JG ;,6 0 0(;)nCJ::iooG .3P'i01 0 -
501'bn(Y)o60 Cl::iG0dc::;01 860036::ic::;016::i6nG !J:?C>G0Cl3::ioo n6&::iP130c::;::i6nG 0 0801l:J::i6::i6om.

<tJM6!.l2o6oli 6<>J<>!J:?::J6nli 6()r.;<>c::;0""(Jc::;o ,:,6 0 0P'iooc,::i60

<tJM6CQ::i6nG ;,6 00P'ioo 0 ::i6oG 5ti0P'i01::i60 !:!?" 80mn 0 0-
801trn6::i60 ;,6\nG JM8.306onG can606G(JM 8!J:? 0 01-
80M::JM0000 (33c::;oc::;::i6::ionG JMOIO
d::JMOM(QO(Q06 8::JMM::Jd0. ::iG ;,6c,0Mnoc,::i60 ;,60c::;o-
&0JMGG 860036::ic::;P1306 06'1301P'i80(300G ;,dc::;::i3G
c1r6CQ::JOOG c,08Ml:J::J6060'bo (Qu MMC,P1M '130606GCQ::JOC> ol>
0 u8Ml:J::J6::JO<> (QMMoG 0 06G0 'br.;3M(Jt.'.:!? d::JMOM!J:?OO.
60r_;(Qn <tJ(Jt.'.:!?OG 801dM00160G 060c::;o'!.in 86no36::Jc::;M30600
<tJM6CQ::JOoG <>d&n3::iooG 808.:>Mm 0foc::;o'!.inGm30G !:!?"
JM8.306noli li00()0c::;01 !:!?" 0 (;)d::ic::;30!J:?n060 'Bn606G::iooli
!.:!?"o::Jo83olim3nli. Cl::ilio03c::;nc::;o <tJM6f.:!?::i6nG 6"J"f.:!?::JOO
;,P'inli !J:?MMoli MM d::JMOM!J:?li OMMoli 58n6!J:?C> f.:!?0 ,:,(;),:,
8mc::;o060 o"!:!?"Mn(3b3000.
6.:ir.;!J:?n 'B()t.'.:!?oli 801d(;)0016nli ;,5 0 0Mnoc,::io08 f\0060(33c::;<>
<tJP16f.:!?::i6nli 6"J<>CQoli ,:,60 0(;)00 0 060, MMCQ::JG"G JM8.30-
600li 801limb013::ili liM()c::;n '/30606G(J6in ,:,6 0 0P'ioo::i6nli
D<>MCQC,::J5<>. m(J8(3<>, 6<>r.;CQn 'B()t.'.:!?oG 8P1dP'i0016nb
,:,6 0 0P'i0Clc,060G 006 006bb30306nm, '13M6!J:?oonG foJ<>CQ::J"
onG ,:,6 0 0(;)00 0000 ,:,(\) 0 08Mr'in(3b03G 860Cl36oc::;013060
<>M<><tJ()C'.:!:'<>CQn o<>CQ<>Mn(3b3oonli 58n6CQ<> 0'13Dd0oob. ;,80b
0 <>MCQ<>, 'B016nwonli 6<>J<>f.:!?o6nb <>6 0 0!Y'inoc,060G 8018-
'b<>CQ[J6<> <>CQ3nc::;n<> !:!?" bonM<>!J:? 8::i6::J:J(;[JM[J6G (JP'iflo3600m
8nGn 8018'!.i<><Q::J6<> Mm(Jc::;o 6<>r.;f.:!?n 'B()t.'.:!?ol; 801dfi001onb
<>6 0 0fino 00 oob 8018'b<>CQoonG 60 83 c::;"!.:!?·
0G0b03b JM8.306nnb 't}()t.'.:!?<>!.l( d::J801b03c::;::J6b CQ<> 0 0-
G03c::;o6b !.l(MMnb 0 06803c::;0100Cln, (Y)018c::;::ionG Ol:JM<tJ<>
Cl::J8<Q::Jo J<>0oc,01Mooo<><Q: Md::JM<>0o()c::;n, 063::ib0nGn-
()Mn <l?" 'Bn606b()Mn b0d8n06016oon. MM!J:?::Jb"G <>6<>c::;n-
0nJMbn OtJ::J6::ioG lib30 caofo6li(JM 06c,0Mooc,oooob <l?"
80160Go806b, 60r.;!:!?o 'B()t.'.:!?ob 801d(Y)0016nb <>6 0 0(;)00 00 00
(J6f.:!?<> CQ<>::Jb80(;)01b JM8.306nob o::iG0dc::;o6c::;01oob
o::ica0b::io0Clo, 0 00r.;01G "13()t.'.:!?o <Qn3n!J:?::J6!J:?o60G013nb <l?"
063::Jb0nGnDoobm30G, <><QC,::J6G JM8.306nnG b0[):0M01-
::J6::J6b 0 C>M::J !:!?"'Bo6"6b::ionbm3ob CQ<> 0 3nfl3::i6::i6b 0 06-
bb303::iooob 58n5<Q" 00801G030c::;b0 <l?" 58o6<Q<> 6<>r.;<Qo
'B()t.'.:!?ob 6<>J<><Qb 001(Y)nb 01.3::JM<>Go()c::;n b0d800601o::i-
60CQ<>6.
6"r.;<Qn '8(Jt.'.:!?Ob <>MnG JM8.306nob 8018030c::;n
<tJ(JC'.:!:'<><QO O::J801b03c::;::Jonb <Q<> C,<>CQ<>b!J:?::JOob dM01 0 -
601'!.JoM[JOC>. ob .3(Y)01 0 601'bo0060 0 06b<>J(Jmr0::i6nm
0 0801bi>tJ::J6::JO::Jt.'.:!?O<> caofo6b(JMO 8::J6::J:J(;::JMObm3ob JM8-
.306onb b03<>M<>(JrQM 60r.;<Qn '13(Jt.'.:!?Ob 00c::;06GoG
0 06G0'!.ir.;3Mobm3ob <>bc::;01 8018030c::;CJ0 CQ<> 801b0c::;01<Q-
6::ic::;o "13()t.'.:!?"<Qn b0[]:0(;)01::i606nb <l?"o::Jo83000. 801b0-
c::i01CQ6oc::;o 'B()C'.:!:'<><Qo 6<>J<><Q::JOob 060c::;o'bnb 0 <>MCQ<>,
cao606li(J8<> 8b::JCQ3::Jt.'.:!?M60CJ0 (J6CQ<> 8nor.;01b
801b0c::;01!J:?6::ic::io O::JCQ0806oCQ<>6 ooli0dc::;01 c,<><Q<>br0::i6o.
8moc::;o Mo 0 o Cl::ib0dc::;01 O::J<QDoOOoli 060c::io'!.io b<>o(J-

199
 3.

806ofe806&1J (JJ:J01:JU0!Q 000'?30iJMIJ MM8 030 8Mb(Q:J00 06

JM8.306001J :J'?3:Jd&o06Mo0, !Q0 306- ob 06 0 0Moo 0 oo::ioo '?30606b(JM 8o6ofe:JMb
IJ0 'be;3MMU (JU0'?JM01bM:JOoiJ 80MtJ0. o6'?JMM80G00U 80010 JM8.306o::iooiJ
'?30606b(JMO 0630MOO():JOOU .3MM()6M'bOM:J00 0MOU '?30606b(JMO 8(Q3ri80M:JMOOU !Q0 IJ0d800-
30M0(J!QO '?J0606iJ(JMO 8:J6:Jfe8:J6&olJ 8M- 6MooiJ o01J0b0o.

0 0630010M:JOOU 8:J6:Jfe8:J6&o 8Mo01bM3iJ JM8.306001J 0 01:JO!Q3:JOOU 08MG060001J

8oiJ o'?3od&o06Mo01J0106 (!?0 '?30606iJ(JM M:JU(JMU:Jo0106 :JM010!Q.
0:J3MO JM8.30600 01030IJ 0 0630010M:J00U UbOM03U '?J0606iJ:JOUi
08o&M8 . b(Q:J00 O:J3Mo 0 0JM8M:JOOU IJ0d801J
'?JMJ(JUOM:J00 b(!?:J00 o8oiJ 0061J0 'be;3M0 'h::i, O:J:JU0008000 01() .)M.) o01:J0(!?3:JOOU 'bM(QOU
o060J3:J010 JM8.30600IJ !Q0 '?30606b(JMO 00 'bM:JOOU 08
'bMoiJ001, JM8.306001J 8!QoM0(QO 30630010M:JOOU 0MOU !Q0o:Jo8301J
01:1 06001J olJ 0010 JM8.3060 0oo, MM 0MMoG 0MoiJ
Hewlett-Packard. 0 061J0'be;3MoiJ 8obo!Q3001, 8fR 0 01"ifRo 'bl"ifRoO 0 060J3ocnn (SRG - Sustainable
growth rate) .)MOU o01:J()C!?3:J60IJ 'bM!Q0,
od6oiJ 8o'b6M0Mo30 M.3:JM0GoolJ, !Q0 !Qo3o!Qo6!QolJ
00ll?0b!QolJ JM:J'?JOGo::i6&'ho !Q0'?J(Jd600001. 01() 'hM!Q0 0if0Mo 001J 8!Q 0M0!Qo 'bM!QolJ
0060J30011J, 80006 ob M0080010 (J6!Q0 (QM'?J0MMU !Q0 booM0(Q :JU 0MoiJ IJolJboiJ JM:J'?JOGoo6&o.
'bM!QolJ .3MM 80 uoiJ 8o 30U?o01 0M6 0oMo 3 JM8.3MM-
801J08U?o·

8!QofYi0(QO 'hM(QOU o0foJ3::i0101J o08M0600Moo::i601J b0M8MU0!Qob60(Q, 11306 3001:10001

(JMO 8!QoM80M:JM6oli U0!Q0G a3031J (!?0 IJ0d80-
06f'l601J JM:J'?JOGO:J6&olJ o::ilJ0608olJ0!Q. 11306 0U:J3:J 80301160301, MM8 JM8.30600 0M 01:106::i61J o0M:J
!Q0'?3o606IJ::io0IJ; 8Mo:J<'>olJ b0Mfe'h:J.
f'lM03::i ::ilJ 30M0(Jll?O 8M 03006 00001, MM!Q:JU0G 11306 8!Q 0 M0!Qo
0 0630010Mo601J 30M0(J!Q:J00106.
a08f'ltJD6a60. 8!Q()M80M:Jf'lOOU o0M:J8f'lOO 8(Q()M0(QO 'bM!QOU
a060J300101J a061J0 'be;3MoiJ01301J
A/S = 0dl!lJom1oou obl:JOlJ?3[JO'b[J
NP IS = o8n6!l1b 8!'13[)00U 8bM'lJ0 (08061l10 8M3[JOb obl:JO!l13[JO'b[J)
b = 81'10[Joou '1ln60<ilR(J6[Jonb 3060J3[Jmn (1 "b 0tilob !l1030!l1[)6'1{oU obll?bblJ?oU J1'1[)<(30-
(30[J61!lJo)
D/Eq = ll?.:i J1'1[)"80(30[J61!lJo
So= obl:JOlJ?3[)00 (b0l'i'3ol.io 30301l13[)00)
AS= obl:JO!l13[J0'1ln ob80!l13[)0'1lo
M01bo .)MOU 8o'b6MOM030 0d@>o3::iooiJ !Q0 o01:JO!Q30-
o'b::i Jf'l:J'?JflGO:J6&o, O:JU0008olrn 0d&o3::iooiJ
OM(J6301J JM:J'?JOGoo6@)o, 0MoiJ 0'?3Dd@>o06MoolJ IJ0 'bf'l8o. M0G
0061'J3::i010, 8001 (J'?JMM 0'?3:Jd@>o060!Q o08f'lOl:J::J6::io0 0d&o3::ioo. O:JC!?:Jo0!Q, 08 JM:J<BOGO::J68'ho
0b!Qo61J oo8U?ooo '?30d&(Y)M0oo: ( 1) 8060fe8o6@>o,
o08MoiJ0boo0 8o1Jo 08f'Je;ooolJ d:JMOM(Q001i (2) 80M0o:JOOU 806::ife806@)0,
MM 0 f'lMG 80M0 0oooiJ OM(J6301J JMO'?J0Go::i6&001; (3) 0d@>o3::iooiJ
806::ife806@>0, 308MoiJ0boo0 C!?,) (4)
8050fe8::i5&o, Mf'l 0 f'lMG 03 oll3 06001J 8f'J 00 00 0d&o 30 o'b 0 ll?0 80010 0d@>o3 0ooiJ
0106b000. J0Mo0!Q o00:JOOU01301J, 11306 3()03[)001, Mf'l8 0d&o3000
ll?f'l600 o'b 0.3 ·

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

S!Qc,(T)"!QO 'b(T)!QOU ()"6"J300'lfl (SGR) . .:i8 od3bo f1306 0"63b"'br::3MMOl

BCQ()MC>CQO 'bMCQOb o"6"J3QO'JO (SOR). O(QO" .:>Mob oli, MM8 .:id0030600 'bMCQC> (CBM6CQo6ob
0.:i8M 80 60o.:i) ()6CQ" o8Mb !Q" b""JGOM 'bP'iCQob (CBM6CQo-
6ob Otji>MM) . .:ij00306Clo 'bMCQil c,.:i8Mob.:ibMli 6'iM()MM(3 L'.iS(A/S), ()iltJOCQ30000
.:ij00 30 oob a:?" a.:itioa:? 3ooob JMO'Bo-
8006& 'bo. b.:i.:ij(JOM 'bMCQC> 8Mc,ooob 'bM(QOb c,'bom) .:>Mob b(NPIS)(So
+ LiS) .:i6 OQJ"3oooli ()i>bi>J3QOlO l58o6CQi> 8Mc,oooli a"M'i'.Ji>'bQ (Qi>
()iltJOCQ300'bo. 'bMCQil 8.:iP1&03.:>CQ .:it'0ob b.:i.:ij-
(30M 'bM!Qil 8o'b61'16P'io30 !Qi> bi>i>J(30M Jild0-
JMO'Bo 8 oo6& 'b 0, .:i6 [b(NPIS)(S0 + LiS)]D!Eq . .:ia MMo
8306
"a80306ou 'b6'i!Q" =p,.:i(J6"oo!!!'ooo!!!'o 8\'150001.> 'b(l')m" + 3"!!!'1l?oo(J!!!'Doob 'bP'icrp

l1S
SGR

oli .:>Mob 0 .:it10CQ3oooli 'bP'imob 0.:i6.:iJ30010, Mil(3 .:ifi1ob ooli.:io.:i8olio 8o'b6M0Mo3

JMOCBOG006&0001.:i6. 8oor::oo3.:i 01() i>Mil 'bMCQOb ::ili c,.:i6i>J30010, Mil mj8.:i (Jb!:Qil, CQ08MJOCQQO';r
.3MMCQ()J(300U 0i>M::J 60'bfi1oo'bo (Qi> JM8.3.:i6oob o.:i'bMoli bi>M8.:ie::io.:i'bo.
'bMCQOb 0 .:ibi>J3::JOlO 'ljOb.:ibb(JMilCQ OtJMb 8.:i 0P'i.:i8 .3MM!Q(JJ(30C>'bQ
8M01bM36.:i 8.:i61&03"CQ .:iM otJMb .:ij. CQi>Mo(3b(Jc::;o .:i8M6'i0o'b.:i(3o.:i,
'B::Jb3ob b.:ibom li.:iJ8.:i1'1obo.:i Md::JM"Go()c::;o 0j003ooob
006"Mfl(J6Qoob013ob. 8001001::io.:i dMM(3Qb0(Jc:::' 0.:i6.:iJ300101.:i6
bobb'bo. O(J6CQM3.:i60 3.:>MC>(JCQO i>Mob ob, MM8 830C:::" b.:>Mji;O c,.:i013.:i-
8o'b6Mo61030 o8ob(Qi> 8M 0 Qoob 8i>MtJi>Oo.

l>06<Jnun 8M50o::iaaon tQ0 l>0llt1nbn $100

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

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

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

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

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

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

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

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

202
.:.6 CQn3ni:Qo61:Qooom. !:!?.:io.:.6!:!?oovc::io J"-30&.:ic::ioli lini:Qn!:!?o 0·.:.6ol.i.:i 'bc;3fiioo.:i 6.:iliolibooo
Li.:.ovc::ioooonm, o0a!:!?oo o0 o 8fii.:. 3c::iU?oo.:i 0 .:. 8o!:!? 3oonl.i 8mc::in.:.6 .:id&n 30 om.:.6 U?"8MJOCQO-
ovc::ioonl.i JM0<(30(30060'bo. 860036oc::io dnM3[lc::' <(3Mfiboc::ioo l'.3JMc::>n.:i ofiiml.i 0.:.8MJc::>OO(Jc::'O JM8-
:3.:.6ool.i CQ"0008oc::io 0.:.8M8(JO.:i3oonl.i onli.:idc::iooc::iMo.:i, (NP/S)(S/A), 0" 'bM!:QOc::'O 0.:.8MtJ06oovc::io
3"c::>U?oovc::ioonl.i :3fiiM:3MfiiGoom. MM!:Qoli.:.G 8fiio(3b3oc::in ntJMCB" 86oo 36oc::i'b 0, fi 3n6 3nc;oom
o"tJO!:Q3000l.i .:ib.:ic::i !:QM6oli, M.'.>(3 oondc::ioo.:i oj6oli 8oc;oovc::io. OMc::>M <(3Mfiboc::ioo fi306 oli .:ib.:ic::io
!:QM6 0 0.:. 38 .:. 3om Li.:.6 8ot.i 0.:. 8o!:!? 3oo'b 0, fiiM8 0.:.6 030 t.i.:i'bc; 3fii.:. 83 c::inc::ioo.:i 0.:. 80!:!? 3nooo,
fiiM8oc::in 8 8Mbi:Qoo.:i o0al:Qoo t>oc::ili.
oli MM8 3.:ifi306Mm, !:!?"3()03.:im, MM8 8o'b6MOM030 !:Q030!:Q06!:QO OtJM 3,93 8c::i6$ CQ" .:ifii OtJM
CQ"0D08oc::io .:ib.:ic::io .:idGnoonl.i o8nl.io.:i, l.ib3.:i G3c::'"!:QOOO JO fiifioo.:i VG3c::'Oc::'O (6.:ibom (jbfiioc::io
7.:..1). 81:Q0fii.:.1:Qn 'bfii!:Qoli JM0</30Goo6<'.3Jn 7.:..3 0.:i6<'.3JMc::>oonl.i 0.:.8MtJ06oonm .:ifiiol.i:

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

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

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

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

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

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

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

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

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

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

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

.:.803.:ifii.:.CQ, 8MCQOc::>nli CQ.:ib8.:.fii 0oom fi 3n6 3oc;oom 8CQ0IYi.:>1:Qn 'bfiii:Qnli 0.:.6.:iJ3omli 6c::ioC1?.:.6
6c::i.:.8C\?0 G3"c::'DO"i:Qn oo'b6alili.:>Cl(J.:ic::'oooonl.i !:QMMli. 8.:ic;.:ic::io 8081:Qn6.:ifiio SGR Lifiivc::io.:il:Q .:ifii
6006.:.3l.i 8ti.:ifii 'bfii!:Q.:il.i 0fiid[Jc::'3"!:!?o.:.6 .:ili:3oj<'.3JCln. <(3.:ij1'.3>Mofiio3.:.CQ 000 .:ifii oj6oo.:i 8(JCQ8030, l.i.:.6.:.8
.:ifii 8Mbl:Qoo.:i ooli.:io.:.8ol.io G3c::>nc::ioo.:i l.ib3.:i G3c::'"Cl?Dooo . .:.8 0"0oonm 000 .:ifiiol.i o(i)moc::io,:,60
8.:.fi306oooc::io.

203
 01(] 83<>d3l> b(J010 l><>Otfol>o :Jd3l>o!.Q<>6, <>l>:J30 l><>Otfol>o !.Q<> U.:.OtJOUo 8<>tfOCQ-
300o, 30.3<:'13<:'101 8ood3lio. 7<>.2 lib3.:. l>o8(]-
li<>!.Q<> 8 R30 6 ()6U?<> 8.:. 308M01, 6.:.f1 30 60oo.:.
8M<>C(3:JOOo.

8C!? 0Ci\i>C!?O 0 1>630011>Ci\£)6ol> 13 3.:.P"io.:.680

G3c::'0!QO I 2 3 5 6 7 8 9 10 11 12 13
AJS 0.60 0.60 0.55 .0.50 0.65 0.70 0.5263 0.60 0.5882 0.60 0.60
NP/S 0.04 0.04 0.05 0.05 0,035 O.o3 0.05 0.04 0.0538 0.05 0.04 0.04
DIE 0.80 J.00 0.50 0.50 0.60 1.00; 0.7682 ••1,0212 U659
Div 4.00 4.00 . 4.00 4.00 4.00 4.00 4.00 4.00 4.00
NewEq 10.00 10.00 0 0 10.00 0 0
SGR 0.25 0.30 0.20 0.30 0.25 0.25 0.35

CJn6o<J361>: 0C>tJOC!?31JOOl> l>.:iOtJOl.io C!?M6£) =300$1 l>vOtjol>o l>v<'>J(30f"l Jv3o8vc::>n = 100$.

BQ?8M<>Q?o 0<>63001<>cY'ioooli 8<ri6.:.8o8oooli 8 ., 0M010.:.600001, f1306

Clo3<>8Mo8rn01 l>b3.:.1Q<>l>b3.:. 'OM!Qoli o088oool> bCloM.:.ci; !!!"oOo83.:.Clo
JM8.3.:.6Ml> l>(JcY'ib: 0.:.tfO!Q30ooli 'OMCQ.:., l>.:.o.:.M8MM
'OM8ooMo 0 <>8MtJo6oo.:. !!!" !!/o3o!!!o6!Q<JOo. 01()88" 'OM 800M010 8.:.010.:.60
(JM0100M01 0 .:.8M8Moob<>30 OtfMl> .
8!Q 0M<>!QO 0<>63001.:.cY'ioooli <>lio010 (JM0100M01 0 .:.8MM08b3ol> Clo8Mo8oool>
. .:.808M8, od6oli U<>J8<>Molio
cao6.:.6b()MO ci;.:. l>,:,o.:,fil8MM o6<(3MM8<>8ooli !QMMU. 8!Q8M.:.!QO 0<>63001.:.filoooli
.)cYlOU MM8oc::•o8 o3ob8.:.<iloo.:.
8oc;>oo<>Clo. ci;<ilMl> JMfil.3M<il.:.ooooClo 8o8o tf(JM"!.Qc;>Oo" 8018Mo.:. .:.d803[Jooli 8M8 0[J-
oo<>6Mo.:.l> !.Q<> .:.d803[Jooll 8<>M013.:.ll, 8l> 0.:.3llo 01.:,8.:.ClMoll
.

. O<J"!.Q"M[Jm <(3M6!.Q[JColl. 8Md<il.:.Mool> .:.60<><il0Cl[Joo, MM8MM(3 !!!"80883oll o6ll8M(J8[J68[]Co

foc;>!QO OO(J'.)G[]8ll.
2. M.:. <>Moll 6.:.c;>!Qo 8MdM.:.Mooll <>60.:.M0Cl 0oooll 8o'b.:.6o?
3. <ilM8M<ilo (JC(3MM 888"!!! 6.:.c;>ci;o
d[J!Q8<J6olli>b? C>bl.>06001 .),:,ll(Jbo.
4. JM8.3.:.6ooll 6.:.c;>!.Qo 0.:.8Mtf[j6[JCOb !.QMMb.
5. <>bllo6001, <il<>8M8 a8.:.!!! 88 6L> 6<>c;>!Q 'tl<'16!Q 8ool> 08.:.MML>, MM!Q[jll<> 8 6<>c;>CQ
'bM(Q<> .:.Moll '13MO(Q[J00ll 0.:.8Mtf[j6[JOC> OtJC>MM[JOdo CQ" 0.:.8MtJ06<JO" <(3M6(Q[jOOll
.:.60.:.Moo000C>Clo.
6 . .:.blio6om, MC>8M8 8.:.M.:.0oooll 8"80CQ3<> JM[)Q?O@_)o01 <(3M6!Qo-
ool> btJi>MM(Q, MM!.Qoll<>8 ca<>d@>MOM03.:.Q? <>M.:.fooMo .. '13M6(Q[JOO" .:.M
7. M.)8('18 f1<>0M01C>3[J6 "d80M6[JM[JOOll013oll cao6.:.6ll(JMO .:.6.:.0C>MOO[JOO 6.:.c;>ci;o
8MdM.:.Mooll (Jbtfobll, !.Q<> .:.60<><"i0Cl 0 [Jo.:.llmC>6 [JM01i>!.Q?
s. <ili>@>M8 (Jfilf183 6o" 'bM8o8Mm 08()Cl0 3Mll 'llM6!.Q 8ooll 6.:.J0CQ 8ooll
<>6 00(i)0Cl01.:.6, 30(.>!M[J 6<>c;>CQO 60J<>(Qob .:.600(<)000106?
9. 06\nll .:,8MM@_)o'b.:.8o<> '(3M6(Q[]Ooll btJ<>MM? M0 dOMMO[JOdO Cloot130@>.:.3ll oll bl:Ji>MM 0filb[JOMO.)ll?
10. 610@_)M8 006Jo6looo tf(JM0CQc;>[Jon01 8MdM0Mooll
06 80M0Cl0[]o<>ll 06/CQ0 '13M6uwool> 01;pMM 0ooll 06 80Moo 80L> CQ0 8<>01 808Mt1o6 8o<>ll ll.:.JM[JCQ-
. o8M
11. d3o8Mm '?JM6CQ[JColl DtJ0MM !.Q0 008MOl:J[J6[Jo"?

204
 8oooll c/>tJOQ?3"
Q?030Q?:.:J5Q?:.:JOoll 0.:>Q?.:>bQ?.:>
l10 0 0Q?0ll0b0Q?f'J o"l!?"ll0b0\!?oooll -a 0a 8 o<i'i 000
80<i'i0 0 oooll Clo80061000
08f'1610o Q?.:>50<i'ioobooo
3. l108oi03<i'if'lof'l 0 .:>tJOQ?3"
1!?"3"1!?8o5f'loi 'b:.:J8f'loi (i)f'18:.:J<::_'o oj5000 5.:>e;Q?o
0500<i'i0Cl0oooll l10053oll0ooo(Y) 05 rao505ll(JMO ll0j801>5f'Jooll 31>5tjf'J<(lO-
1>(i)1>.30MQ?1>.30Mo 8:.:JOlf'lQ?Oll 0 1>8f'ltJ:.:J5:.:JOOOl.
M.:> d0Mooi1>Q?o 0 1>5lib31>3:.:Jo1>1> 51>e;Q?o !:!?" <(lf'15Q?:.:JOoli 1>5 01>Moo3oooll
DtJ1>Mf'l:.:Joli1> !:!?" 81>oi 308f'ltJ:.:J5oo1>ll Of'lMoll?
()5Q?I> 8f'li>b(Q05f'lll <(3051>5ll(JM81> Jf'15oo50MOM:.:JOI>
08olloi3oli, Mf'18 llo'b(Jll0o? 1>bllo5ooi oij305o
.3.:>ll(Jbo.
1>Moll Ol(J .:>Mi> '(JJ:.:JOl:.:Jllo ll1>'bf'J80, 30Q?M:.:J 0Ml>Q?O-
/>Moll 8o8Q?o5.)M:.:J !:!?" lloMl>C(JO Jf'l:.:JC(JOGoo50ooo?
Ml>0f'18 />Moll ()l>tJOQ?3:.:JOOl.i dMf'1 0 5f'l'IJoM[JOI> i>ll[J
8f'18'bi>Q?[JOl>do?
Ml> 1>Moli 8oi1>31>Mo 8o'b1>5o? Mooio 0 1>5lib31>3Q?[JOI> olio6o
51>e;Q?o 1>l1 030 .3Mf'1 0 6f'l'boM:.:JO"l!?o"?
. f'JMo Boi"J"Mo a0oif'JQ?o, C!?"b81>Mooooi1> 8 af'Ja'b"C!?l!?Dll
.3!ilf'J 0 5f'J'boM:.:JOl>!:QO qJo51>6ll(JMO 1>6 0 1>Mod 0 :.:JOI>.

(i),:, .:>Moll 8Q? 0 M1>i:Qo 'blYiQ?oll 0 1>61>J30oio Jf'18.31>6oolloi30G? Moll bQ?:.:JOI>

8Q? 0 Mi>Q?O 0 1>63wi1>M:.:J00G
1>bllo5ooi 0 1>6llb31>3[Jo1> 8Q? 0 f'J81>M[J0101>G, 8Q? 0 M1>!:Qo 0 063ooi1>M[JooG
00li1> (QC> df'lMoG.
8Q;? 0 M0Q?O 0 063ooi1>M[JOiiG
0j3m (JC(]Mf'1 8000 'bMQ?Oli 3.:>6.:>J3om'bo (:,0tJOQ?3:.:JOOO?

J01M.301M0(300G Dana-Stallings 0j3G Clo8C!?Doo <(30606G(J<i'io 05 0 0Mooooo 20X 1 !:QC> 20X2

80108'b.:>Q?:.:JOl C(jf'16Q?:.:JOOU 05c,.:>M0Cl3oooli OtJ0Mf'l:.:JOO (QC> 3.:>8Mt:JD600.:> (!?0
d:.:JC>qJC>li:.:Joi mj3060 .30ll(Jb[Joo.

0d<?>03:Joo 20Xl 20X2

foe;!Qo iQS (bmo $ 53,000 $ 31,000
87,000 0
346,000 528,000
8061.> 0360 432,000 683,000
80B1Qofo6i3 ojc<;n3000 $ 918,000 $1,242,000
f58o5!J1" ojoo3300 Ll 13,000 1.398,000
$2,.931,000 $2.640.000

$ 413,000 $ 627,000
b.'M:?CJOo 226,000 314,000
boilu6J"' Gol>b3on i00.000 235,000
808iQn6ul'i3 $ 739,000 $1,176,000
<>dG03i'm 100,000 100,000
a01 00o, 1,192.000 l.364,000
.$.2.031,000 $2.640.000

Clo6r)/l360: 20X215c::;oli013nli, .;8"'<;\(ljn'b0000 n:::irri 189,000$, 0 0i:QC>bi:Qnc::;n :3MM(3<J5('Jaon n:::iM 21,000$;

()vi:QC>bi:Qnc::;80 ()<>i:Q0livb0(Q::J080 d::J.Sl:!(;)Ofo 114,000$ i:Q0 0M nd6.> ;)0i:Q.>bi:QOC:::O i:Q030(!(05i!(QOO.

205
 o. o6<[3(T)M80(3ool.i !Q0 0b:J3D 01d3060 <[3(T)6!QQOOb ;:,6 00t'i\0Cl 0 aool.i 15tJ0M(T):JOOb
308(T)tia600001 J001b30 (0)-1Q06 a(T)08'b0!QQ01 <[3(T)6!QQOOb 60J0!QQOOb a(T)dM0(T)OOb
06 00t'i\oa 80 00 0t'i\0.3ot1>1Q0.3ot1>0 a001(T)!Qoli a0a30 (T)oocn !Q0 Cla"'l30lia01 01d 3a6o .301.i(Jbaoo
OtJ(T) 01() 0t1>0 01d3060 60c:;>!Qo 60J0!Qoli 060 0t1>0Cl'ba
(J'lJM(T) 3o!QMD 'l3(T)6!QD<'>oli 06 0 0t1>0Cl 00 ooli foJ0!Q'bD !Q0'lJ(Jd600001 ?).
2. 31 !QDJa8oat1ili J(T)8.306ooli Rodriguez Malting OtJ(T) Cla8U?aoo (00101.iaoClo):

60!!!!J?O 'lJ(Jc::'O . $ 50 360

530 bOM:J<;:JOO 212
80<'\03000 l>oooGJ"' l>ol>booo 400
8080<060<'\o od803000 $1, 125 $ 972
fi8o6!J?O o<J8o300o 1,836 3<'idoc::>300<0060 450
R30CJc::>oo<'io30 odGooon I 00
8"'3aoo J,439

!!10 l>oodG°"' $2,961

J(T)8.306008 8ooc:;>(T) !QO!Qo ClaJ3D010 !Q0 08a!Q(T)36aoli, t'i\(T)a 01;:,30!.io 006Jo!Q06 00'bt"i!Qoli
lialibli. Cl:J!QQ80!Q, 801.i li:j:ot'i\!QQ00 Bolio 60c:;>!Q 8(T)01b(T)36oli .3t1i(T) 0 6(T)'bor1iao0 00630t'i\Clo,
!Q0 80t'i\@.>Clo.
J(T)8.30600 03t'i\(T)3aoli Bolio 80tJO!Q3:JOO!Q06 20%-li o0tJ01!?3D00b 0130Clo,
70%-l.i - O:J8!Q:Jo 0130Clo !Q0 10%-l.i - 0 0tJO!Q3QOO!Q06 8Q(T)(i\D 0133Clo. 0 0tJO!Q30 0t'i\ol.i
JMQ!Qo@.>001.
'Cl:JbtJO!Q30 JQ01!QQ00 00tJ0\!?3QOOb 15060 0133CJ0 !Q0
80tJO!Q3QOOb 60% - Cl38!QD8 0133Clo. 80!Q0b!Q300 08 ClalitJO!Q3QO'l>Q l50t'i\8(T)OCl(T)00 Cl3l.itJO!Q3300b
Cla8!Q3 0 0130Clo. li08()Cl0(T) !Q060b0r1ifeaoo, ClaoG03li 'b3U?80& li0001ooli0(3, 8(T)li0-
Otj(T)li 150,000$ 00630t1>Clo, 200,000$ !Q0 160,000$ 80t'i\@.>Clo. b0tJ(T)-
<[30(3b(T)3MQO(T), li0 00!Q0li0b0!.!?(T) !Q0 l.ib30 60c:;>!.!?o !.!?060b0t'i\feooo
Otj(T)b 100,000$ 01301.i, 0063MO!Q06 80t'i\@.>08!QO· 80tJO!Q-
3000 6(T)a8oot'i\li0 !Q0 !.!?OJ08oat1>Clo, 00tJO!Q3Qoo 0063t1lo!Q06 0t'i\oli
Cla8U?ooo (00101.iaoClo }:

6(T) 0ao 0t1io $500 $1,000

!QOJo8oat'i\o 600 80t'i\@.Jo 650
00630t'i\o 600 750

08 06'l3(T)t'i\80Gooli
0. a(T)08'b0!QQ01 0063t'i\oli, !Q0 80t'i\@.Joli 60c:;>!QO OO(Jfe:J@.JO.
6. 0 06li0'bc:;> 3t'i\a01 !.!?080@.Jaoocno li0006J(T) lioliboooli lio!Qo!Qo, t'i\0 8 60c:;>!Qo
50,000$-oli Clo60t'i\R(J6oool.i01 3ol.i !.!?t'i\(T)li (no6(T)t'i\ot'i\000
80vJa01o01 00!Q0b!Qooli).
0 . 8(T)08'b0!QQ01 31 80t1>@.Joli013ol.i (o 0o ()6!Q0
06<[3(T)M80(300li, (i\(T)8 J(T)8.30600 o60t1>R(J6Qoli 80t'i\00aooli (Jb0<[3t1>01b(T)oooli !Q(T)6ali !Q0 t'i\(T)8
08(T)M@.Jo'b0(300 3 0130060 dQMO(T)!QOb013oli OtJ(T)b 24,000$).
3. JM8.30600 Margaritaville Nautical 2,4 80tJO!Q300b Cla8!Q08 !.!?0
8(T)8!.!?036(T) 00tJO!Q3QOO Clo8!.!?Q80
06'l3(T)t'i\80Gooli 8(T)08'b0!.!?001 06 0 0t1>0Cl3oooli !Q0
.3t'i\(T) 0 6(T)'bot'i\ao0
II 60c:;>!.!?o 8o6oava 4%-0060 80tio!Q 30 oo.
1111 80tio!.!?3oo'l>o
08(T)c:;>QOOb 60 !Qc:;>006o d:JMO(T)!QO·
1111 80t'i\03000: 8-feor1i ot'i\()630
II 158061.!?0 0d@.>03300: 500,000$ J0.30@.>0c:;()t'i\o
!Q060b0r1ifeooo 08(T)t1>@.Jo'b0 8 ooli.

206
 Iii OMmo m30G 00Gt10Q:?300Clo.
Iii boM'.)i';OOO 0 otJOQ:?30ooG 3%.
II G.:io.:i5JM u0ub 0oo: .:i8tJ.:i8.:i'!'.? 50,000$. 0.:io'boMQ:?MG 250000$-8'!'.?o·
II 300,000$ 08tJ080Q:?, 75,000$.
Iii "JGo.:i: 100,000$. oM oMoG o8oGo.:i.
Iii 8M 0oo.:i: .:i8tJ.:i8.:iQ:? 500,000$.
II 0806(!'.?o 8M(:)OOOU 8oMtJ0: (:)0tJOQ:?3000U 8%.
11 '!'.?o 3o'!'.?o5'!'.?ooo: .:iM o"'!'.?"°b'!'.?oo.:i.
11 0.:it10Q:?3000G 60%.
Ill Clol>t10'!'.?3000: 50%.
Ill 0 oQ:?oG.:iboQ:?ooo: 0 oQ:?oG.:iboQ:?oo.:i8Q:?O 8M 0 oooG 50%.

!:!?06ofi1mou m3omon't30unoou 08f'l(3060

4. JM8.30600G Kidwell Industries .:id3G G.:i.:idGoMo 12 8 Cl<"
0<'.ltJOQ'.?3000 30
0. 8.:iG .:id3G 8o'b6MOM03 .:id@io3000G Cl<" (:)0tJOQ:?3000U JM0'80(.3006@io
0.6667, 8o'b6MoM030 fi8o6Q:?o 8M 0oooG 8.:iMtJ<'.l 0.04, 8o'b6MoM030 Cl<"
JM0'80(.3006&o 0.6667 Cl<" 8o'b6MOM030 8M(:)OOOU Clo60MR(J6000G
0060J3omo 0.75. Mo oMoG 8oGo 8Q:? 0MoQ:?o 'bMQ:?oU 0 06"J3omo?
o. C!'.?"3()Cl3.:im, MM8 JM8.3.:i6o.:i8 C!'.?""C!'.?oofo 8o'b6M0Mo30 .:id@io3000G Cl<"
0otJOQ:?30ooG JM0'80Goo6@>0 0.62, 8o'b6M0Mo30 fi8o6Q:?o 8M 0oooG 8oMtJ0 0.05 Cl<" 8o'b6M-
0Mo30 Cl<" JM0'80(.3006@io 0.80. 8.:iG U(JMU
0.:iQ:?.:inboQ:?MU Q:?o30Q:?o6Q:?o 0.3 Cl<" 8Mo'boQ:?MU Q:?o8.:i&ooom 1 G.:i.:idGoM
Clo8'!'.?oo Mo 0MOU 8oGo 8Q:?(:)M0Q:?O 'bMQ:?OU c,.:i60J3omo 8M8Q:?o36('")
Mo@JM8 006Gb303Q:?oo.:i o0 o (.:i) Jnmb30G 0.:i6?

1. JM8.3.:i6o.:i Shmenge Brothers Accordion "JomooG .:i6 0 .:iMoCl 0oo.:iG Clo8'!'.?ooo

o0G.:ib0o '!'.?""Ji';o()'BOm 0u <BM6awooG fit10MMoooG '!'.?" <BM6Q:?oooG
008Mt106000G 8oboQ:?3om.

8'::'.Jb!:!!.?JoO 8'::'.Jb\!!?JoO
601:'.;(!?0 '(3'::'.JC';'O -$JOO JM[J[QO<'.IJMM'::'.J(!!?O +$300
+ 700 moe,fii013orc;n mofoboM'.Ji:[JOn - 100
8ofiioe,o6n - 300 0 fiidorc;3omn060 boubaon - 200
()0[QOb[QOC';'O CQ030[Q[j6[Qo6n + 400 6"8n6mo 8M 0 [JOO + 600
08MM<'.1Jn 'l»Go" +!,000 'Bodbofiioo'::'.J!:!!.?n odl1Jin3oonb 'bfiimo + 900

2. J(T)(li.)(T)(l).;,Goou Svoboda Cl3CQ.">lli3oomo 31 CQ3Jl)80311iu

30\!!?l:l?Jo'::'.l\!!?Jooao 13?0
M.§03000 20XI 20X2 G00dGOrl 20XI 20X2
fol:'.;[QO '13'::'.Jc::.'O mo 0J3n3>c::,>06806n $ 5 $ 3 8"'!?"b"b1J<oc::.>n 3odl>oc::.>:io 0 $20 $ 0
[QiJOOliJiMM'::'.Jc::,>O 15 22 JM[J[Q08MM'::'.Jc::,>n 3"c::.'l:!?JO(JC';'OO[J6n 5 8
00ti\0 0 ooo 12 15 [Q"<'io 8 bCJc::,>n boc::.>'B"l>oon 2 2
'Bodbofiio<'>'::'.Jrc;o 0je,n3060, fi8n51J?> 50 55 !Q<>MnGb'::'.Jc::,>O 8"!Q"b"b"!QD6o 3 5
bb30 0dl1Jin3oon 8 5 afiidorc;3>(Q005n 30c::,>n 0 15
"dGnoon 20 26
a"' 80 00 _:!Q
!Q"
odl1Jin3oon $90 $100 \,,:,"JGOM J03nl1Ji0C';'O $90 $100

207
 J<'lllJ.'3(")(1}i.<.'lnnli Svoboda ClaB<'llii.3e::.10li !!?I> 8<'l3lJonli
i.63i.llJnCl3lJoi.1 20X2 31

6806010 8o:io013000 $48

bodM6c::>ob c:;otlioovc::>ooo $25

l>.>ijM<(J>GbMaMoOM, 01> 5
o8Mtlii!)o'boooo 5
:it11"'Go6i!)ooo 2 37
8"'8000 00010Gobo01300811{3 $11
0o8MJC::OOCJC::O: 0011{0Gobol1{300 4
a;., 00 00 $ 7
11{08oi!)3ovc::>o: e,0()606oc:;303c:;o 8"'aooo 12/31/01-Gm3ob 40
li()c::'' $47
e,o8MJc::'D0CJc::'O: 01030013601000 _l
e,0()606oc::>363c:;o a"'e,ooo 12/31/02-lim3ob $44

0.8M08'b0uwm JMM.3M"10Gool.I Svoboda 20X2 '?JM6U?o6ol.i 60J0U?oli 0600"1000060.

o.8M08'b0U?om JMM.3MM0Gool.i Svoboda 20X2 60c;iU?o 8MdM0M6ol.i
06()0Moo0060 0M0.30M(Q0.30MO 8001M(!?Ol.i 008M1J0606001.
JMM.3MM0Gool.i Begalla <ao606li()Mo 06 00"100000.

J!"lllJ.'3!"lllJ1>('lnnli Begalla 31 ll?aJaBoti'inlim3nli

20Xl 20X2 20Xl 20X2
6oc:;ll{o 010 0J303oc:;36i!)300 $ 4 $ 5 JMDIJ{oi!)Mtli(Jc:;o 3oc::01o<'>vc::ooooo $ 8 $10
01;iooi!)Mtli<Jc:;o 0103oc::>oo630300 7 10 8"11{"bobo010 3;idl>oc:;;ioo 5 5
8011\00000 12 15 01011\oGb<Jc:;o 2 3
ll{OMoGb()c:;o 8001obobo01noo _3_ 2
8mc:;oo6o 80801060"13 odi!)o3000 $23 $30 $18 $20
6806010 odi!)o3300 40 40 e,i<ld3c::>30010060 3oc:;o 20 20
RJovc::oo"1n3o 0dG 00 10 10
e,ov606oc::>30:Jc::'O 8M8:JOO _J1._ 20
uvc::= $63 $70 tivc::= $63 $70

(l,OiJ0013DOo $95
"13oc:;o'b3ovc:;o bod"'6c:;oG 013omc:;otli3ovc::>Doo $50
dotl\00»010, bo83v"160"' 01" 001806olii!)tli0Govc:;o 15
o8Mtlii!)o'bo(300 3
JMMG06i!)300 2 _lQ
680611{0 03Go8MG03oc:;o e,oi:Qoliobol1{3008CQ3 $25
8oll{obobo013on 10
6806010 <l38Mbo3oc::>o ru.
,). 8M08'b0U?o01 '?JM6U?o6ol.i 0600Moo006ol.i b1J0MMOOO (!?0 008M1Jo6060 JMM.3MM0Gool.i013ol.i
Begalla.
0. 8M08'b0(!?001 06 0 0Moo0060 0M0.30M(Q0.3o6\o 8001M(!?Ol.i 008M1J0606001
JMM.3MM0Gool.i013ol.i
4. 8M08'b0Q?o01 JM8.306ool.i013ol.i Ace Manufacturing, 80()01001001
(!?0 00Q?0b(Qo6o 80ol.iol.i 1 036ol.iol.i (!?0 JM8.30600l.i l.i()Ml.i
00060MR(J6Ml.i (QMMol.i013ol.i 80608()8 20,000$.
od6060 01() 0M0 liolibol.i 08 .3oMOM(QOO (!?0 01() od6060,
MM(Qoli (!?0 "108U?o60Q?. 30 JM8.30600l.i .3dM6(!?0
20,000$.

208
 00630Mo $50,000 800!.io $ 70,000
50,000 0360!.io 80,000
80M&o 60,000 100,000
60,000 0030!.i&(Y) 100,000

00(JOCQ306oli 50% 0Moli 50(!CQO

CQ0foMRo5o 50% 8fYl0MfYl3CQ060 m0606M0CQ Clo8CQ00o fYlMo m3oli {JfYl8-
.306ooli (Jo8oCQfYl 0Moli 08o&fYl8 80!.i'bo (J(JM.'.>CQQ!06" 0M
00(JOCQ306ol.i 70%: 08 90%
0Moli Cl38CQ30 m33Clo CQ" CQ060MR060 10% - 3Mmo m3oli Cl38CQ00·
li0ttfYl<a"GbfYl3Mo6fYl, li08o(JM63(Y) CQ" b.:,M1Go6o: 10,000$ m30Clo
00t10CQ306oli 10%. 3li b0M1(;o 80mo Clo8CQ00
m30Clo .
.3MfYlGo5& 3o'b 3 00CQ0bCQooo: .3MfYlGo5&oooli 0 "CQ"bCQ"
150,000$-'bo (12%-0060 J(J.3fYl5om) 0lio30 bfYlM-
50000$-oli 0 0CQ0buwoo M3'b 0M3oMoooli <(3fYl51QClo.
Q?030Q?05CQooo: 10,000$-oli Q?030Q?05Q?oo'bo 00CQ0bCQ0 008fYl(3b0Q?CQ000 U?" 005b(Y)M-

CQ060b0M1Gooo: 40,000$-oli o6 3oli&oM 0 00 8fYlbQ?o60 Cl 06fYl6 30Clo U?"

0360!.iClo.
00Q?0li0b0Q?ooo: 0 013?0li0b013?olim3oli 00CQ0obQ?oo0 1000$
5. d308fYlm o6<(3fYlM80(3oom, Clo0U?006om 6.:>Q!Q?O 6o(J1GO&oli 00 0 80
80(!0'boolim3oli "Central City" 20X2 60bo3Mol.im3oli.
<(3.:>lio Q?0 CQ060b0M1(;000 Mf\000
()0l:IOQ?300o 0Mol.i 75% JMOCQO&om Q?0 25%
0 . JM3Q?o&om 00(JOQ?3:.JOOU Cl3l.i0008oli0Q?, 60% 0.:>(JOQ?300ol.i <lo8U?Oo m33Clo,
30% - 8ofYlM3 m30Clo CQ" 10% - 83li083 m33Clo. ()083Q?fYl .:>Moll
Q?" JMOCQ&om 0 0t10Q?3360 .:>Moll

01d<§01800Mo 20X1 8.:iM@Jo 20X2 $200,000

6010800Mo 20Xl 350,000 .:i:3Moc:;>o 20X2 300,000
llWJo8o0Mo 2ox1 400,000 8MGo 20X2 250,000
0063.:iMo 20X2 150,000 n360Go 20X2 200,000
moo;:iM30c:;>o 20X2 200,000 03c:;>nGn 20X2 300,000

8fYl8Q?o36(Y) m30Clo 00t10Q?306oli 80%.

CQ" l.i0M 0 (Y) .:>Moll

00630Mo $30,000 80M@Jn $50,000 $40,000

01000M3<>c:;>n 40,000 50,000 35,000

01(;.:>M0 .:>Mol.i 2000$ m33Clo.

JMQQ?o&oli .3MfYl(305&oli
()0Q?0bQ?0 7,500$-oli Q?030Q?Q61;QQOO 0M QM0(3b300.
o. 0306li(JM0 li00 0Q?0li0b0Q?fYl 00Q?0li0b0Q?o 20X2 Q?" .:>Moll
50000$.
0360!.i<lo 00008000 063oli0JoGOQOO $30000.
JfYl8.306ooli 60MR060 20X 1 31 Q?QJ08ooMli Clo0U?006li
100,000$, M.:>(3 0Moli fo(';)Ro5o. .:ioQ!fYlli
5000$-oli m06b0 JMQQ?n&om m03olio (.:iliomo lioliboooli
.3MfYlGo5&oo'bo 0P1

209
 6. 0.::i8Mo1_m6om oo(J.S'i:O&o, 80-5 .::i8Mo.::i6.::ioo U?.::i ao8U?oc.o
(Q.'.:>8.::i&ooomo o6'tjMM8.::ioo.::i, oo.::iU?c.06001 "Central City"
.::i6c..::iMoClc.oooli .3MMo6M'boMoo.::i 20X2 6.::ibo3Moli013ol.i .
•:i. 12/31/01-oo 8.::i(Y).::i 0ooo ot.JM 200,000$.

2i. .::i8MM@)o'b.::ioo.::i nM'tjo30 8001M(Q001 .::ij@)o3oool.i 250,000$-'bo

.'.:>(3001..i 3.'.:>(!/001 10 .'.:>M .'.:>MUOOMOl..i

0 . 0.::i(Q.::ili.::ib.::i(Qol.i 0.::i6.::iJ30010 .'.:>Moli 50%.

7. oo8cr?ooo o6'?.JMM8.::iooom (!/.'.:> 80-5 (!/.'.:> 80-6 .::i8M(3.::i6oOCJo 8M6.::i-
(30800o01 oo.::iU?c.06001 "Central City" 20X2
30 036oliol.i013ol.i (U?.::i()Cl3001, MM8 Mfloo.::i 00 030 MM 0MM(3
20X 1 31 U/OJo8ooMl..i ).
'bnolioi3oli "Central City" 20X 1 31

3.)C:!,'C!Wo':'.JC:!,'OoDoO !.Q.)

'IJ':'.Jc::'O $100,000 $130,000

427,500 <'>OC:!,'03>00000 500,000
a,tl\, 33 00 200,000
'llodGotllno':'.lc::>o ,d803non, R3D':'.lc::'30"1n30 >don3on
l>8n6!.Q> !.Q> l4L2illl.
$977.500

!J?cr6ei61moG .J8f'lo06::ioo
8. JM8.3.::i6ool.i Liz Clairom Industries l.i.::i.::idooM Clo.::iU?c.o6li 40
o<>i.JO(Q300o - 150
0. JMO'?.Joooo6@>o A/S JMD'?.Joooo6&o oo<>U?c.o6Li 0,40-1..i,
o8o6(Q<> 8M8 0 ooo.::i6Mooli JMO'?.Joooo6&o - 0,07-1..i, JMO'?.Joooo6&o D/E 0,60-1..i.
8t.J<>Mo 'bM(QOU JMO'?.J0(3006@>o, 01() JMO'?.J0(3006&ooo
a00 Li.::io 0a0o.::i JM8.3.::i6ool.i aU?c.M8.::iM0Mo.::ili.
6. M.::i 8Mb(QOO<> JM8.3.::i6ool.i 8t.J<>Mo 'bM(Qol.i JMO'?.Joooo6&m.::i6, Ol(J JM8.3.::i6o.::i
aU? 0Ma.::iM0MooU?.::i6 o"U?.::i 3.::i JMD'?.Joooo6&oli ooaU?oc.
JMO'?.Joooo6@>o A/S - 0,42, o8o6(Q<> 8M8oooo.::i6Mool.i JMD'?.Joooo6@>o 0,06, D/E- 0.45. (Qo3-
0(Q06U?oo'bo 5 U?" U.'.:>J()Ol.'.:>MO 8M'bo(Q3<> .'.:>M 8M8b-
(Q.'.:>M.'.:>.
9. JMM.3MM.::ioo.::il.i Herb I. Vore Hydroponics li()Mli 35%-o.::i6 'bM(Q.::ili 0 <>t.JoU?30000
oo8U?oc. 0.::i 80U? 3ooo o8M 30 $ U?" JM8.3.::i6ool.i oo.::iU?c.06.::i
12 8.::il.i l.i(JMl..i 8Mo'bo(QMli 0.5 .::idoooool.i
8ot.Jo(Q3001. <>M o0o08oo.::i (Qo30(Q:J6(QOOol.i 0 <>(Q.'.:>b(Q.::i. JM8.3.::i6ool.i 8o'b6M-
OM030 JM:J'?.J0(3006&ooo .'.:>MOU oo8U?ooo: .::id@>o3oooli o.'.:>i.JO(Q3000l.'.:>6 JMo-
'?.J0(3006&o - 0.67, 0806(!/<> 8M 0 oool.i 8.'.:>MtJ<> - 0.08 (Q<> (!/.'.:>
JMO'?.Joooo6@>o - 0.60. JM8.3.::i6o.::ia MM8 Bolio JM:J'?.Joooo6-
&ooo .::iM .::iMoli l.i.::iJ8.::iMolio 0.::it.JoU/30000 35%-o.::i6o 'bM(Qol.i
0. MMC.MM ()6(Q<> JM:J'?.J0(3006&o A/S o.'.:>i.JO(Q300ol.i 35%-o.::i6o 'bM(QOU
oa .30MM000001, MM8 MMO l.ib3.::i JMO'?.J0(3006&o Mfl:JO<>
o. MM 0MM ()6(Q<> o8o6U?" 8M8 0ooo.::i6Mo.::i MMo l.ib3.::i JMD'?.Joooo6&oli
(QMMl..i?
o· MMC.MM (J6(Q<> D/E MMO l.ib3.::i JMO'?.J0(30:J6@)oli (QMMl..i?

210
 7.

00af'ltKJ60o0

01;J3<"ioenoonl!(o6 8nc:?:JOCJc;:>n 'B"'6t!?DOn

68n61l(O 8n3300 $172
0801t"i@lo'boeoo 189 $474
$361
c;:>nJ3ntQci<"io 3odbnc;:>ooob CJ 0aeo<"iooo 87 'bMl!(O, l!<DOO@>MMC)c;:>O l!(03oc;:>no600000 182
JMOl!(O@l"1MC)c;:>O l!(03oc;:>no6ooob 'bMl!(O 214 'bMtQ>, 8o<"io3000 251
l!(O()MM3nc;:>o boM:li:Oooli 'bMl!(O 88
l>ooo6JM l>obbooob 'b<"il!(o 135
__££
$907
-------------------·----------------

JP18.30600l> .:>d3l> lQ.:>60b0filS(:ooo l!?" 808lQ060P10 "Jen3oool>

'bfillQ"· .:>8 'bfillQ08 o"l!?""L>fifilf""l 8M 0oool> 'bfillQ.:>l>. 8ol> lQ.:>l>0cao606l>o-
JMB.306008 Clo0800P10 8ol>o 0 0'b0fillQ0 l>0df'16-
JMOlQOeocn .:>l.>030
(Q0M0(3b3000 ()0Q;?0l>.:>b0(QOO'bo Cl?" l>00.:>6Jf'1 JMOQ;?08oon. Clo'-'l?Oo"CI?' JP18.306008 8Mn'bn(Q0
l!?"cao606l>oool> fi::J.:>filf""looo 808Q;?n60P10 "J8n3oool>

0. J(T)fi'i'3(T)(Y)0c:ioou Dana-Stallings 8im!(Y)0(T)oou 06a0l'i1ooaao0(0m0uaooo)

'iS'Vc::'O f'JJOl>'i.JGO'Vc::'O b.Jd8006f'l00o01l?.J6
68n6tQO CJ08Mbo3oc;:>n $ 172
o8MMl1!Jo'boeoo 189
80!:'.?oocic;:>o (308011:J363ocic;:>o) 601:'.?ll<o 'BeJc::>n 8o81!(n6o<"io od@ln3ooom tQO 01:>01'\oenobmo6
(QOJ03Cln<"ioocic;:>n 8081!(0601'\3 30c;:>tQOOCJc::'OOJ0001
'bM!!<O. JMOl!<o@lroM()c;:>o 3oc;:>tQDO()c;:>Ooooo 214
'l><"il!(>, l!(03<"i013oc;:>o bo<"i:li:300 88
'l>MI!(>, !!<Doo<1!JMM(Jc;:>O l!(03oc;:>oo630300 (182)
'l><"il!(>, 801'\03000 ...ill.l)
68o6(QO 60('.?l!(O '1J'()c::'O 8oQOO()c;:>O (308M:J0600()c;:>O) ro30M0(30()c;:>O bod8oo6roooool!(06 $ 230
6.Jl!?ll?O 'iS'Vc::'Oli 6.)J.)tQO l.i.)06301.i<!!JOGOf'l l.i.)d80.)6f'loOo01l?.)6
'Bodbo<"ioovc;:>n od@ln3ooob 'l>t<\cr:o $(474)
c;:>OJ30tQ()MO 30dbnc;:>aonli oo8(3nMJC» _fil
68o6cr:o 601::?!!<0 'BVc::>n 80Qoovc;:>o (308"'1:JD6oovc;:>n) bon63ob<1!Jneo"' liod8006"'ooootQ06 $(387)
'iSCl!:!;Ol.i 6.)J.)(1(0 '<306061.i'Vt<\O 1.i0d8006f'lo01l?06
8"'Jc::'o3otQoo6n liooo6J"' bobbaonb 'bt<\ll<o $ 135
68o6mo 60Q\!?O 'B()c::'O 8nQDO()c;:>O (308M1:J06:JOC)c;:>O) 'Bo6o6bv<"io bod8no6MO:JOOl!(06 $ 135
Goi:::t!?o <(leJc::>nli tQO 6oi:::ll<o 'tlCJc::>ob aJ3n3>c;:>o68aonb 'l>liltQ> (CJ08eol'\300) $ (22)
Goi:::t!?n 'BeJc::>n ll<o 6>Q!!<n 'BeJc::>nb 0J303oc;:>o68aon, 2XO 1 6c;:>ob 31 t!?DJ08oalilo
6oQmn 'BeJc::>n mo fioc:?mo <(!CJc::>nb :JJ303oc;:>o68000, 2X02 6c;:>ob 31 t!?OJo8oo<"io $ 31

tQo8o@loonmo o6'B"'t"i8oeoo Goc:?mo 'BeJc::>nb Clol>oboo

o"t!?"btQOc;:>o M\"'(3068000 $ 21
3otQObl!(oc;:>o aomobobomooo 114

'?JM6(Q;:iool> O::J.:>M(Y)OOol> l!?" 0 08(Y)::J06oool> (QMMl> 8oc:;oo(Jc;,m (Q.:>l>336ol> 0.:ifilci::0

(J6(Q.:i .:>c:;io6oCl6ril>, MM8 l>0d8006Mon(Q.:>6 JM8.306ool>
00{'.?(QO 00J0(QO 80080filcnoo0 Q?.:>80eooocno .:>M)o3oonu306. u006-
80Mt)l>ri0, Mf'l8 6.:>J0Q?OOOl> .:>600P10Cl0060, 0M.:>-
.3nMQ?0dOMO 8;:icn(Y)ci::ocn, cnd306 08030 06C(3MM80000l> C(3MO!:Q06ol>
.:>600P10Clc.oool> O::J0MMOOOU Cl?" 008ri::Jo606ol> (QM(Y)U.

211
 2•.). 6.)C?ll{o - - - - - - - · - - - - - - · - -..-----··----·-------
6f'J:lao. C!l:JJ. 006. mao. 8M1<!!JO 0:3M.

1)0ljOCQ3:JOO $500 $600 $600 $1,000 $650 $750

'lJ<JC::OU
8o8CQo6or>in m3ol> 0olJOCQ3:JOol> 20% $120 $ 200 $130
OMC::M m3ol> 0olJOCQ3Dool> 70% 420 420 700
2 m3ol> 606 1)0lJOCQ<JC::OU 10% 2Q._ 60 60
l><ic::i a0aMl><Jc::o -n<ic::n $590 $ 680 $890
d:JUljOCQ3:JOO $360 $600 $ 390 $450

6f'l:Jao. C!l:JJ. 006. mao. 80t:i<!!JO 0:3t:-..

<n<Jc::iol> 0 oCQObCQo Cl3l>80CQ33ool>m3ol>

CQO Md:JMOGO<JC::O CQ06oboM:J<;:JOO
OMC::M m3ol> Clnl>80CQ33ool> 100% $360 $ 600 $390
Clr>iMaomn CQofobor>i:i<;aon 150 200 160
l>b30 0oCQobCQoc:;n CQ06obor>i:i<;300 _J.QQ_ _lQQ_ _lQQ_
8mc:;n>6n 'n<JC::OO 80CQObCQ:JOO $610 $ 900 $650
-n<Jc::Ol> -n<ic::nl> 8>CQobCQn0o $ (20) $ (220) $240
· - - - - - - -..- - - - - - - · - - - - - · - - - - - - - - · -
--------------------------·----
6. C!l:JJ. 006. mao. 80&i<!!JO
lio68ol>o l>ooo6J"' l>nl>bnoo $400 $420 $640
CQ0808300010 l>3l>b300 20 220 (240)
lioo"'C::"'"' l>ooo6J"' li3l>b300 $400 $420 $640 $400

'1Jo6.:i6li()MO 'b<'iCQnli linCQO!!W ClolittnCQ30ooli 8"l'<"bCQOOolim3oli 0c.6bMM-

6o6c. m3oli Cl<'iM8omo 11{.:.Gc.b.:.<'i:Ji:ooom. 8.:.<'i<!!JClo 8Mbll{.:.
8ne?:io.:. m3n()Mn .:.60 c.<'inClnli Clo3lioo.:.81!{0, <'i.:.8c.o 0 c.8Mo63n.:. 68n6CQ" 6<>JC>CQnli
Clo8MCQn6oo.:i, <'i.:.o li.:iJ8.:i<'iolin.:i ll{.:.8ei<!!Joonm 6.:.Li:ilibooo

0. 31 (.:.m.:.li30Clo)
i:-.a0c::71i:-.o :l&if'lo6f'l'bO&i:Jo
0o<!!J03:Joo 12-31 3-31 30t:i071C!l0
$ 50 0 $ 50 CQOC!lo36oc:;o 'n<JC::•C!lo l>0Cl<Joc:;i303ool>
8n6n8oc:;<JMO a600363c:;Moo
530 + 90 620 80% 8or>i8ol> 00ljOCQ33oo,
10% mn03r>i3c::00 00lj0CQ3n0o
--2.1i. _±_2.Q_ 635 Iii CQ0'1J<Jd630<JC::O 545$-'b3 CQ08o8nO<JC::O
1985$ Cl3li80CQ3300 0oa"'Jc::ao<ic::o
2250$ (0080CQ33000 a"'G<JC::MOo
006.-cn30.) 008r>ioc:;3o<Jc:;io 0,60-'bn

aoaCQn6or>i3 •d8n3300 $1,125 +180 $1,305

68061!?0 -nodlior>i3o<Jc:;in
0d8°33oo - 24
8mc:;n.:i6o •d8n3300

:lt:if'l86f'l'bO&iao
30C::l!!:Jo 12-31 3-31 30t:i071C!l0
l>ooo6J"' li3lib300 $ 400 0 $ 400 Iii! 6060 Ooc:;o6UU CQ080830<JC::O
C!lo-nofo6liaonli 6<Jc::i"'3060 8MmbM360
CQ:J008MM<JC::O CQ03oc:;n.:i6300 360 + 90 450 Iii 100% 8or>i8oli 03liljoCQ3300
CQ•8M"'3oc:;o bor>i:i<;3on 212 0 212 Iii! (33c:;nc:;n1» or>\ or>inl> 8Ml>oc:;"'CQ63c:;o
aoaCQ05.M3 $ 972 + 90 $1,062
3r>idac:;301Jln>6n 3oc:;o 450 0 450 ill (33c:;oc:;300 OM or>iol> 8Ml>oc:;MCQ63c:;o
fl 3a<ic::nor>io3n od 8 oo 100 0 100 Iii (33c:;oc:;noo oM or>iol> 8Ml>oc:;MCQ63c:;o
80<J606nc:;303c:;o a"'8300 1,439 + 66 11!1 (33c:;nc:;300 0o<J606oc:;303c:; a"'8:JOOdO
8"'1!::'00 80lJOCQ33ool>, 308MJC:::JO<JC::O
8mc:;n.:i6o JOC::CQ:JO<JC::J0300 30CQObCQ30o O:JUlJOCQ33ool>m3nl>,
CQO l>oodGn"' Jo3n8oc:;o $2,961 0o8"'JC::30<JC::O OMM8omo bor>i:i<;noo,
o8Mr>i<§n'bo(3M CQO lib30 bor>i:i<;300
o.:i63or>i-aor>i8ol>m3oli

212
?.

68061!/> 3>tJOl!/3000 $2,400 o>tJOl!/30oou .31'\ro36ro'b'b3

l'io>c::'o'boo()c::'o b>j"'6c::'ob 1,440 60% 68061!1> o>tJol!133 o'b;i
801c::'o>60 8ro300> $ 960
b>l'i'.Ji'.ooo _lli_ 24% 68061!1"' o>tJOl!/3000, o>i!!>liobol!/aoo81!1o
8"'3ooob 8ol'itJ> 16%-oli
(6oba01 0303001)
$ 384 16% 68061!1" 3 0801!1 30 00; 8%
68061!1" a0130 ool> 801'\'il"'bo
1!1" 50% 0 >(!1>li>b>i!!ob 306>J3301'ba.
o>i!!>l»b>i!!ooo _fil 50%-ob dMM06M'bol'i30,)
68061!1> 8..... 30 0,,, $ 192 68061!1" o>tJOl!13000U 8% JMM06M'bol'\3c»
l!/0301!/n6!!1000 __o >M><(3QMOO
'bl'il!/> 0>()6>6oc::'oooc::' 8ro 30 ooi:lo $ 192 JMM0 601'bol> Clouoo>8ol»i!!

<>o8030oo
-------·------·---------- -----------------------
$ 96
UOl!/01!1001i 4% o>80(!13QOOl!1>6 2,4
0106bo'bo.
400 3"1!1"bl!!ol; JOMMO,)'bo 60
(3>:'jol!/3ou 6806(!10
2,4 (360*60)
180 ol'iv6 3ou
J"'0'?3oGoo6&'ba ( 1.44
I 8.
8o3(!1o6>1'io >d&o3000 $ 676
68061!1> >d&o3000 500 500,000$ (!/OUOOtJOlioo 1!1"
1!1>6ob>l'i:i;;aoo,
(!1>MOGb3ou

-----
U>0,)6JM u0ub3oo $ 27 >d&o 30 ou

60 1 m3ob ClobtJol!/3000; (0.5)( 1

b>M'.ji'.QOO _11_ 2.4 3"801!1300 3%.

8o8(!1o6>1'io $ 159
225 300,000$ 75,000
801>3>Mo 3>1!/obobol!/o.
100 <>M >Mob

500,000S 192,000S
8M3300Clo
.>6301'\oll<lo

1!1> l>»joo"' $1,176

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

213
 4· 0·
0.75(0.04)(1.6667)
SGR = - - - - - - - - - - = 8.11 %
0.6667 - [0.75(0.04)(1.6667)]

o. SGR =[(12 + 1 - 0.3)(1.80)(1.6129)

1 - [(0.05)(1.80)(1.6129)]
][_!_]-
30
l =43 .7?%
Jf'l8.30600 0 0CQ030CQ0 8o'h6f'lo"1030 8f'l8 0 0-
0006f'lool.i O<BOd&n<>6f'lo0Clo, liolibol.i Jf'l0'Boooo6&om CQ0
0joooool.i ()01:JOCQ30(J). oli <B0d&f'lMO ()01:JOCQ3000b 'hMCQOb
0 060J3omol.i

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

214
 <>8 m.::.3ob mdaa6
bo6&i(J6030 JMbGD'BO°"' " abb6.:.m, MM8MM nbbOM';'.)6030
bo66l(J6030 8n5J3(;8()58ob .:.6b.:.'bc;:3f'1.:. '3o6.:.6b(JM
0
" 8M8on6oo5Moo CQ<'> 6\obJo
JMb[Jobo m0 oMf'1ob.
b<'>¢6)()6<'>30 b.:.Joaib30o
()M 0Mm MMo do&iom.:.mo
808CQ0606ln 0d&oa::Joob boCQocrw
b0Jombo b006\-v6030 8n5a'.JG8n68i3n -
(ob (QM6J)" b066\';jfo30
m.:. JM8J6\M8obob 00Jnmno0
onb 8nc::noob0b.
8081:1?06.;t')D od803aoob l!(.)'ljo6.;6bao.:.:
MM01TIM 0 .)6ob.:.'bc:;>3<1ino.:.
l>d803300
dJ$1;0M[JCmb 8[JOIMCQO (bo8oocanbcn06 06.:>6\n 0d&o3noob CQP16:J.
d3u<'>6.'>8obMO.:>) CQ<'> .:.c::f5:JMMOI 8M88iJ000bM00U,
m0'30606bao0 6\obJb dMMob b.:>66\()6.:>30
I!(.)

b8til'ZJd8'ZJtil.:. !:!?"' 808mo6<'>til3 8n6n38n6eoo.

.:>d8°330'b3 0bb60m, m(J MM 0(f)M (Jb(I?.) (1?0'.JG8 'ZJ'BIJ:?Db
0i>(JMJ3D3e.'P16.:> CQ0 (Jb0'36\cnbM36ob " b00M(Jb030 8obo nJP18.3Mb:Jb8iJOOb"
6\nbJo CQ0 8P18 0noo.:.6M60 Cl?" ,,Q:?MMob" i3nb00.:.8ob0m 8';'.)Q:?-
6la'bn(J83 8030 (!?.) (!?MMiJOOOIO).

Jomb::mon .)Qf5iJMMOI d:J:X,OM:JOOU 8::J01Ml!(O (bo8f5o'3ob

:3"C1?0bm,:,6 <lnb.)008obMo.:.) m0'306.:.6bnoobcn3ob
m3001Cl3'ljbb()OOU .:>8M(lb6300
l:Q.) o;:.:. o;:0'30-
i>8M(306300 606bn6ob -v.3n6\,:,8nbMonoo m.:.
m3nmCl3'3<>baonb .:>8f'l(3<>63onb Job()b300 0bi.16om, <i?M(!;f'1M oqa6b '3n6o5b(JMo
8n8mo5.:.ffin od8n3nooli
CQ0'306o5ba6ol> b8<'S'ZJd8';Jm.:>'b;:i.

83[)£!::'.'> J[Ja>or::f/J"'3Gr::;()ftJ 'lJo6<>d[J6& <>bf!:?<>a& fiJo&Jo;

n/J, 3n6(J 80/J 0 o{J{f(J[j{Jo, oftJ ':']61!f.-, O'tjojftJf'JU vofiJ8<>6[)0o'b[j.
- .:JOO®<Yif'l 80®0u®0GOf'l

215

t\'806(!(1> IJ061'1(J5->30
JOdot!'J0i::::o - N ct working
capital - aoa[11061><'i3
1>d8033ol> B"a"'Ji::::'QO(JC::O
808mo61><'i3
3"C::C!?OO()C::QOQOO.
8mc::;:n0Gn ll0611'i(J61>30
- Gross
\vorking capital
- JM8.'l1>6ool> 0633!.>80001>
808mo61><'i3 "J80330C!o
(MM(;MMOG />MOU 'BCIC::"C!?O
1.i"C!CJ"C::OOQOn '!1"
i::::nJ30C!((JMO <?J1>1.in1>6n
C!((J008MM(JC::O
C!l"3"C::°"6303on C!l"
a"<'i"c;aon).
ll006v60 3o J'""o"c::nl>
836;:i:;;;8368n - Working
capital tnanagement -
8n8mnfo<'i3 "J8n33onl> C!l"
'Bn61>61.i3onli
1>[!(8n6ol>8<'in<'i30"
n8nu1>m3nli, <'iM8
()'liM<J63:.JC::ll"'<?JOC:: nd631.i
l.i1>J81><'inl>n 8o8mn6"<'iD
"J8°3:.J 00·
216
.:i<l1lioo(T)oli li.:io1'1()6<i30 (T)MO do<l1001<iCQO J(T)680CB806 - 68o6CQ<> li.:io1'1()6.:i30 J<i.30-
CQ<> li.:io1'1(J6.:i30 M(T)CQoli<>8 b8.:i<11(T)oo6 &01'18061.i -
li.:io1'1'J6.:i30 olio6o <;!0!11001.:iCQ<>CQ 08061Q0 li06f0(J6.:i3 J0'3oe0i::::;u,
.:i<l1oli 0.:i6t.ib 3.:i 30 o.:i 808CQ06.:i<11 0 .:id&o 30 ot.i.:i CQ" 808CQ06.:i<110 Cl(T)<11oli.
oli .:i<l1oli li.:i'IJ(T)8o, J(T)8.3.:i6o.:i 80603-
806&01.i CQOCQo .:i<11.:i .:ij3li 8o8CQofo<l1a <>d&o3ooli.:i CQ" 808CQ06.:i<l10
Cl(T)<l1oli 68o6CQ.:i 0.:i6t.ib 3.:i 30 ooli .:id&o'JP1 8.:i<1101 3.:it.i, P1.:iCQ 0.:i6 oli 0.:i6-
t.ib3.:i30o.:i 8(JCQ803..'>CQ
8o(T)MO 8bP103, <Bo6.:i6b(JMO 808CQ06.:i<l10 .:ij&o3ooli, M(T)CQ0-
l.i.:i8 olio6o li.:i(JOM(T)oo6 li.:io1'1'J6.:i3 .:i8o&(T)8 olio6o <B(T)J'JlioP1oo.:ili <>Ja010006
iim•mn:,h li.::.ofii(Jfo3 a.:i.30®.:ii::;;'bo. 1'1.:iCQ 0.:i6 <Bo6.:i6li(JMO 8060301'1oli013oll J(T)8-
.3.:i6o.:ill 8o.:i6(T)CQ(T)li 8o8CQo6.:iP1o .:ij&o3oooli 'h'Jli&o M..'>(T)!.Q06(T)o.:i 6oooll8ooP1 CQM(T)ll, R306
3.:i8(T)3o::Jo60001 li.:ioM(J6.:i30 J..'>.30&.:ii::;;oll J(T)680<l380..'>U. M..'>CQC,..'>6 CQ..'>30bl:J001 b06tfi()6030
a.:i.3o0<>c;;mll 8o6a:s<:8a50ol> R3060 o6&oP1allo oj6ao.:i J(T)8.3.:i6ooll 8o8CQo6.:iMO .:ij&o30-
ooli 0CQ806oli&<l10P1oooll JQMd(T)CQ, 6..'>(!!CQO CQ..'> CB..'>Uo.:i6o
8.:iP1.:ioooo !:!?" 8o8CQo6.:iP10 .:ij&o3oooll013oll
<Bofo6lloP1oo.:i (0.:i6li.:iJ'J01Mooo01 8o8CQo6.:i!l1 0
.:i8 CQ" Clo8CQoo G.:i8 01.:i 3Clo li.:ioM'J6.:i3o 80603 806&0
P1.:i8CQ06080 8o'bo'boll 0.:i8(T). 01'1010 8b<l103, &o.3'JMo J(T)8.3.:i6ooli 8o8!.Qo6.:iP1o
.:ij&o3000 .:i<l1oli 8ollo .:ij&o3oooli 6.:ibo3.:i<l1'bo 80&0. ll.:iCQoli&<l1oo'J8o(T) J(T)8.3.:i6ooli013oll .
olio6o JOCQ03 'JCBM(T) 80&0.:i. 8o8CQo6.:iP1o .:ij&o3oooll !.Q(T)6ooo8.:i
0.:i8(T)o63o(T)li J(T)8.3.:i6ooli 8001'1063oli&o8o"'bo 8(T) 0 oooli 80!!!000.
01'J8 8 .:i J(T)8.30600o8.:i, .:ij 301 8 (T)&.:i 8o8CQo6.:i<l1o .:id&o 30 oo, 0.:i60-
8"CQ(T)6 MOU()Mlloooli CQOCBOGO&o CQ..'> (T).3o<l1.:i8ooooli (Jbl:J30&(T)00U
l:J(T)CBOl.i013oli.
88oP1 0 J(T)8.3.:i6ooooli013oll 8o8CQo6.:iP1o 6.:iP18(T).:iCQ 0o6ll 0.:i1'1o C!?"<Bo6.:i6lioooll
801.:i3.:i<l1 Ol:J..'>M(T)li . .:i8 J(T)8.3.:i6oooli ...,p;..., .:ij301 CQ"<Bo6.:i6lloooli o6li&1'1'J8o6&oooli
o.:i'b<l1oli 0.:i8(T)::J06oooll 01() .:iP1 o.3(T)010J'JM0 lloliboli
0 .:i8(T) 6
80 0 o.:ill. 1.ie;p;...,<B"CQ 8'b.:iP1CQo J(T)8.3.:i6o.:i .:iu 030 o 80 60oG 8o8CQo6.:iP1 0
C!?"<Bo6.:i6lloo.:ili • ...,a 8o'bo'hooom, <Bo6.:i6li'J1'1o 806030P10 !:!?" J(T)8.3.:i6ooli
<Bo6.:i6ll'JP1o .:i.3.:iP1.:i&o G.:iJ'J01.:iP10 CQM(T)oli 'J018(T)oo6 li.:ioP1'J6.:i30 J.:i.30-
li..'>J001booli. 6..'>(!!CQO 80603806&0, <B.:ilio.:i6o CQQO-
CQ..'>6.:iP108b3000 CQ..'>
CQ..'><Bo6.:i6lioooli lib3.:i .:iP1oli <Bo6.:i6l.i(JMO 806030P1oli .301'1!.J?.:i.30P10
j30Cl, 8.:iP1.:i 0oooli 80603806&01.i 0.:iP1CQ.:i. (JCBM(T) 80&08, ali
8(T)001b(T)3li 8()CQ803 CQi>J301'1300.:ili. CQ030!.J?06CQOOOl.i3.:i6 CQ..'>
li&P1'Jd&'JP1oli 0.:i61.ib3.:i300001, 01d306 .:i<l1
0 1.i li.:iJ001bo, 8oo!!!(T)01 8.:ili'ho CQ" o"CQ"CQ(T)01 01.i li.:id8o 030P1U?'ho
1'1.:i8CQ06080 013001 . .:i8 03.:iP1.:iCQ, li.:io1'1'J6.:i30 80603806&0 .:i<l1oli
8.:i<l1&(T) o8o&(T)8, M(T)8 8.:ili 0018(T)o.:i <Bo6.:i6li()Mo 8060301'101.i CQM(T)oli
'J<BM(T) li.:io1'1'J6.:i 3o o0t.i.:iboo .:ij3li
J(T)8.3.:i6ooli P1ol.iJ'bo, a(T) 00 o.:i'bo !:!?" .:ij 8 ooli <B.:ili'ho.
8018aoooa6f'10<> 6lobJo
li.:io1'1(J6.:i30 8.:iP1013.:i 0CB(Jd6oo.:i J(T)8.3.:i6ooli (T)MO <B'J6CQ.:i8o6&'JMO
b..'>J001boli o..'>CQ..'>bl:J30&.:ili, 3.:i6li.:i 'b(!!3P1.:i306:
8o8CQo6.:iP1o <>d&o300Clo 06301.i&oGooli CQ(T)6oli
 .:>j3b 08 03618060G 03G.:>b[Jo,
'bf'13 03P1018.:> 8Moblin6n.:> o3 o 8Mbb 3630 0oon !:!?0
08o&M8.:>o 800101301.i ob 0P10G CFO-G
()8[J03GM00G013ob [JG do61001.:>1Q.:>Q? .:>Mob G.:>o(JO(JfiM
b.:>0M(J6.:>3n .:>8j3ns6n(JMn G08()00M !:!?" 80G 061 361018.:>6n01b Q?0.:>J.:>3-
.:>Mou, 3.:>bQ?D 00P1Mb 3.:>1:JOQ?3[JOOli Q;?[Jd.:>61&0806&00 81:JM'Bo
Q?MMOn. (!?.:> JO.
80&61.:>8 n::f33.:>6i[JO[J.:>, P::1M8 8001013ob .:>j&o3noob
- 01001j8ou 23 8oi.;:no.:> 01'10G <ao606G(J610 610 0
o .:>MQ?n .:>CJo - nu .:>fi1nu 01.:>6b.:>,
000G, 01()
foi.;:(Qo
oj5no0 8Mb80613-
Md[JM0-
8ni.;:no.:>G 8Mo01bM3.:> .:>'bonu 45 JM8.3,:,6nnb 'Bn6.:>6u(Jfi18.:>
8.:>01 3.:>8M[Jl:J[J6[Jonfo01 [JD O[JIQD8G·
01.:>Gb.:> bb3.:>CQ.:>bb3.:> onfodn6nb013ob ,:,6 O.:>M8M[JOOU 'bM()o 361018.:> JM8.3.:>6o.:>8, IQ.:>oosf') 8.:>010
3.:>•C(pM01f'1[JOOb013ob, 8,:,01 3.:>8Mm:JD6noo6.:>01 li.:>061()6.:>30 30801s36nooG
o0 o .:>b[J3D Q?.:>9_pfi13nu013nu, .:>6 6nonu8nnMo Cl[J8(3oM[JO.:>, 8ooi.;:01 O[J(Q33Doo. 2003
lib3.:> M.:>8nli013nu. 8.:>01 8.:>3fi1.:>8 3DM 6.:>b33.:>f.iClo
M.:>CQ3.:>6, u.:>80(Jb0MM(Q, nbn01 dMOJJ010 0 ob b0m08.:>CJM3oob 30[Jfl
d[)b[J0.:>(3 8.:>01 .:>M <>i.;:5oCIG.:> 8.:it'10 3 nool>
IQ" [JU .:>M .:>Mob 3.:>(Qo.:>60 D.:>CQ[)- IQM63noo, MM()MMG 8olm 8Monooli dot'10010Q?o
d0"l'bo0M .:>6().:>PlOO[JOO, [JU[J6n.:> (Q[J6- Cln8osMoo 0806\Q.:i 81Q3M8C>M[JMO.:>li0106
'b[Jff.:>M6n 8.:>M03n6nb Cl31Q.:>M[)0001 (23 0CJCl $) CQ.:> o8o5(Q.:> 8Mc,300Clo 14-
(Qf'l6[J[J6n CQ0 lil5P'i.:><an .:>6().:>Moonb 3.:>1Q.:>b(Q[J6n. CFO.-li 'bM(Q0 (50 $) - 8o()b[J(Q<>30(Q 00EJ01Q336ob
obn6o D.:>OM(J6030 J.:>dn- 11 %-0060 Cl38oot'1noob0. 2002 JM6JJM6 3 oG
.:>833.:>Mo O[JQ;?oli 0 .:>6 (Q.:> JM8.30600 (Q0()8000
8.:>010 8M01bM3- 64 Bobo b0JC>(Ql.i,
6noob, !:!?" 8.:>M0- 0308oot'1.:> i'ii.:i 80t'1@_)0301Q lQQ.3M'boeooo . .:i8oG
()[)00D Q?f'l6[J[)OOU 803M08, M.:>(3 (]'8Mf'1 8b003li<>%
8om (J'8Mf'1 OMMD 306i01 .:>li3010 @JM51Qo5t..
8ob.o 8M01bM36nooG
.:>8 d3m:J5nooo b.:>0P'i(J6.:>30 8oi.;:30.:> (78 29 IQC::Q8(Q[J), 8.:>i'ii.:>3000G
03G.:>b30 069301618.:>(300 061.:>brriu:3G fl6Q?300 oo'b63GoG 038006ioo.:>G01,:,6 06101.:>(Q, 8ooi.;:M 2.3 .3oliM (42
b001.:>30Clo. ,:,61ob 6108!:!?n608n 0u:080.:>60, $) 8oGo G00M(Jb.:>30

(Q0 lQ0<(jOfi.:>6GoooG Cl3G.:>o.:>80G 8o8(Qo-

5.:>MQ 0j@)o3n0Clo 08 n63nll@>ooooG

OQlQDo"IQ• .:>8 0b(Qn6li ,:,<'11\33.:>60,

0"JQ01(QQU 80180000.:>6Mo.:>li.:> (Q0 MOUJb Of'1MOU. 808(Qo60P10 0j@.>03nooo 063nli@.>0(300U (QM6oli
Clo8(30M::J00, MMIQOU.:>(3 000 0.:>EJO(Q3oli f\30()-
00303li 8M8 006006016oli 00 'bM(Q0U JM8.3.:>6onb dnP1001.:>(QO .:>j@.)0306oli 008MEJQ6060 'bo.
M0(j lQ0<(j0606Goooli i>OJ0M0 (Q.:>60b0MJi;060 (Q0
(Q0930606lio6oli oolQ0<'106001, 8001
(Q0 8001 JM8.'30600G 8M8000006M60.
8o(Jb01Q0301Q 08oli0, MM8 30foJ3001060 'iiMC,Ji;OM 0(J0P1606li
0060J300106G, olio6o doP100101Q0Q? MM!QOU0(3
0060J3001060 0P1oli 0liomo lio@)(J0(300 (QMM06omo0. fl306 (J61Q0 C\?030-
IQ061QD6oli .3MM(306@.>o6ob 001Q.:>b(Q0U (QOIQO b6oli
301QMO liolibo01, <(jo606blQ060
bo800<(30b0li. 080!.10106, 0 .:>8MEJ060608
b0.'30P1oli.'30Mf'11Q 308Mo630Mli 8M3[Jo.:., M01Q()06 c,.:i(Q.:.OblQoo.:. 08 .'30<'10-
f')IQOOOG MMIQOU0(3 o0o ,:,(\).:.Mob G0(JoMM.

217
8o8CQn6>1'>n >di§n3ob
0 50,000 100,000
C!!"'6nnoo Goot'\ci6o 3o
J>Oni§>c.;>oG li>8o
oc.;>i§[JM6>i§ncic.;>o
!5Mi8f'lOoOL>
Gi§t'\oi§a800Gm30G

8fYl8 0 ooM.>6fYlci.:. 'bo .:.8 0 3.:.<"io 3.:.<"i,)(j(QO 03o<">flo3li 00306.:i<"ifl()6fYl01 808!!/06.:it>lo <>d@>o3000Li
(Q<>O<>c::_>O (QfYl6.'.J (Q1> 808(!/ob<>M.'.J 3<>c::,>(Q.'.)O(Jc::_>.'.)O.'.JOOl.i 8.:.c:'<>c::_>o .3MfYl(3.'.Jb@>()c::_>O boc::_>o JfYl8.3.:.6ooli
801c::_>o.:.6 3<>c::,>tQ.'.JO(Jc::_>Oooooo. .:.8 li@><"><>0.'.Jo°"'li 6'8o6tQ<> Li.:.o<"i(J6<>30 J<>.3o@><>c::_>oli
(Q<>O<>c::_> Cl?" (J<>M1JfYl'Bo01 (QfYl6.'.J8!!/.'.l· 01()8 8 0 8fYl8oooo.:.6fYlooli li@>t'l<>@>o 0 ooli 0Li.:.o.:i8oli.:.tQ a
o'bM(Q:J01> JfYl8.3.:i6ooli MOl.iJO. oli MOl.iJO 8(Q8fYl8.:i<"iofYloli 08.:iClo, MfYl8 .:.t'llioofYloli Li.:iCloOMfYl:J01>
li.:.ot'l(J6<>30 J<>.30@>.:.c::_>o .:.t'l oo6.:.t'lfl(J6C!?.'.lli li<>J8<>t'loli tQfYl6o'bo
II JfYl8.3.:.6ooooli 'B(Jc::.'"'l'.?o 3"c::.'C!?.'.Jo(Jc::_>Oooooli Clolit'l(Jc::_>[Jo0Li01 3oli 8.:.010 6'.:it'l8fYlClfYlooli
Clo801b303.:.Clo.
11 0 <>1JOC!?30ooli 'b()li@>o (QfYl6oli (J'bt'l(J63oc::,>1JfYl'(3olim3oli (8.:. 0.:.c::_>om<>(Q, 8.:it'l.:. 0 oooli 0<>01<>3oooli
CQMfYlli} .

.:.8 m.:.3Clo fl306 Clo3oli6'.:.3c::_>om JfYl8.3<"ifYl8olioli 8"Jo0100.:ili t'loliJli<> CJ'.?" 8fYl80000.:.6fYlo.:.Li ClfYlt'loli,
<"><>CJ'.?0<>6 000 (JJ<>3CloP1C!?oo.:i 8o8C!?o6.:i<">o <>d@>o 30 ooli CQfYl6oli CJ'.?" C!?"'Bo6.:.6Lioo.:.Li.

II od803nooG UO!.QO!.QD (06

8o8!:Qo6.:it'lo .:id@>o306oli Cloli.:i6.:.8olio lio(QOCQoli .:.6 CJ'.?fYl6oli 8o60J(;J<">8.:i (Jb(Q<>
0<>6oboc::_>fYlli JfYl8.3t'lfYl8olio 8fYl80060.:.6fYl6.:ili.:. Cl?" MOl.iJli ClfYlMOli. MfYl8 0.:.638.:.M@>fYlm MfYl(l,fYlM01> oli
JfYl8.3t'lfYl8olio, cip3()Cl3.:.01, MfYl8 .:.t'llioo(Jc::_>o 'Bodlio<">oo(Jc::_>o <>d@>o300001 JfYl8.3.:i6o.:.li
1>b1>M8fYlfYlli 100,000 :JM01J(Jc::_>O .3MMCJ'.?()d@>o b.'.)c::_>Ob1>(Qd0. 1 8m.'.)c::_>O .:.8 .3JMOfYl(QOli 0.:i68<>3e:'_'fYl01>Clo
6'.:iM8fYl.'.J01> bfYlMQOJc::.'C!?.'.16.:i 0<>6(JbiJ300c::.>03 Cl?" "c:'6'03li 0.:.6Li.:.'bc:'3M(Jc::_> 8fYlG(Jc::.'fYl0.)li. 6'.:it'l8(Y)o-
ooli 01001fYlJ(Jc::.' {!/fYl6:J'bJ JP18.3.:.60.:.li Cloodc::_>JO<> .3dfYlbCQJli 8o8(Qo6.:.M.'.J <>d@>o3oooli 0.:.6lib3.:i30-
0(Jc::_>O (QfYl6.'.J.'.JOO. (Q<>li<>b1Joliolim3oli 0<>63oboc::_>fYl01 li.:.80 lib3<>(Q<>lib3.:. 8o(Q 0 fYl81> <>(JQOc::_>JOJc::_>O
G.:iot'l(J6<>30 <>d@>o3oooli tQfYl6oli 0.:.6Li.:i 'bc:'3<">oli013oli. ()Mmoor'101J<>3Clot'lo o.:it'l8fYloo.:.Li.:i CJ'.?"
Li.:io<"i(J6<>3 .:.M10306li OfYlMoli 8fYlQJ8(Jc::_>o 3.:.t'lo.:.6@>oooli013oli 6.:ifJ306000.:. li(JM<>moo 8. 1.
G(J<"><>01'bo MfYl8, P100 80@>00 6'0P18fYloo0, 8001 80@>00 8o8C!?o6.:.riJo <>d@>o300Clo 063oli@>ooooli

218
b0[fo<YlM300 OoMBM3oob (0<0 0"80!Q330ob) 01()8(30 (JP10lo3P101M00 0M
.:>Mob 6'rr'1'Bo30; 8080<060M3 .:ij&o3300 o'bM(Q()O.:> 6'0<Yl8r<13001.i 306.:>J330101.i Cl38(30M3oob (l!MMli. 3b
(JM0103M01rc100 O'B(Jd6300 (3630.:ib, MM8 b.:i[fofY'iMo 8360 06331.i&ooo.:i 8080<-
060M3 .:ij&o300Clo, MM(Q()b.:>(3 06'0fY'i8M300 M.:>80<36083 3o(QM()
8M 0 300630001, MM(Q()b.:>(3 JMB.306001.i 308Mo806Mb Bob 8080<06.:>M() .:ij&o3360 (J'?JMf'l
D'Bod&o0600<.
O'l(J f5336 30300106.:ioM()OOl " b&M.:>00000 .:>Mob
()'tJMf'l 8o0"G< b080 00M8M 0oob !QM6 0'b 0 0
b0Mo60000 836 8080<06.)M() "deo33ob, 30!QM() bb3.) beM"0000.). M.)(3 (QO(Q00 8080<-
06.)M() "d0033oob !QM63, 8001 !QO!Qo" JM8.3..,5oob MM!Q()b"G bb3"
.3oMMO.) .:>Mob . .) beM"0300.) _.,a'b"(Q()Ob JM8.3.)600b 8M01bM36ob
8080<060M3 "deo300Clo; 'Bo6"6b(JMO 8363:5(.806eob 'bMobo01,
31.i 00 0330, MM8 "0"MM c:;300<0 U?" 0303b"JM"30. 0 b0M"030o" .)Mob C'.:'_'OJ30!Q()Mo
Cl<" .3dM5C!?()b ob ,,l.ioli(Jli&oli (Q" 0"Q;"Moo3ool.i"
li&fY'i"@lo00" 8Mo01bM3b 5"c:;U?o Cl?" 'B"lio..,60
03ooli G<" 8..,<YJ.., 00 ooli U?M6 33 ob. R33 6 (J6i:Q,) 03 ..,bbM 3<.Q 0b, MM8 00M8M 3oob
!QM63'b3 .)Mb30Mob 808i:Qo60M3 "d&o3ooob 80608()80 {!,/M63, JM8.306o"b li[fo(\')i:Q300
0"i:Q"b.)Mf536"0<· .)Mob o8ob 'bc:;3.)MO, Ol(J M.)8C!?o6"C!? 0"bi:Q3b "li(Jb@:Jo Cl<"
Q;.)Mooo". f5336 Cl?"3"'.5?.0(J'BMO'l b.)OM(J6030
CJ3b.)o.)8obo(Q CJ38!Q()06MM.)(Q:

"b@:JM.:>@>3300 MM8MM b{!,/()O.) 08 li080

b@JM0!§33oob MM!Q()b"G R336 3'J8(JMJOO'l .:i8 bd380b 8Mb0-
8M8 0 300.)6Mooli 8(!?3M80fY'i3MooCQ06? .,a Jomb30b MM8 3()J0li(JbM01, R336 ()6i:Q"
()0CQ0303MM01 8M8300006Moob (ROI)
Cl38Q30600M.:>CR:

53n5CJ?" a"'aD""
ROI= _______ ,
301c::n>60 >d&n3oon

'b38MO'l 8M(3()B(JC'.:'_'0 R336 (!?03060bM01, MM8 808Qo60<Yl3 "d@:Jo33oob

bo(QO(QOb Cl38(30M30.) 8MdM.)f'l0.) .) beM"03000(Q.)5 0 b&fY'i0!§3c,oobJ36) 00333b
.3M&o5Go()Mo BM83300.)6Moob 30'bMlJ<"l.i. 01() f\306 Cl3308(30MMO'l JM8.3..,6oob
b.)OM(J6.)30 CT<" 0M'18M3oob (!?0 0"80Q3()00b 'b(Jb@J
30o'bMQ30·) 8M8 0 30006Mo" ROI. 5"c:;Qo
8MOlbM363oob (!?" 8.)Moc,3oob (QM63 Cl308(30M3ob (!?" f\335b
0805(!?" BM330.) Q.)Mfl30.) oc,033 .:i5 0"o'bM(Q30.). 0 b@JM.)@>330.)
8M83300.)5Mooli MM0MM(3 30'1:iM8oe:._10.) ROI-ob 803M.
BMdM.)f'lQ.) :.;-Q"5 0 lieM00 00 ooliJo5 05333 1.i bb 3.., 8M8 03 oo-
"5Mo0b01"6 ()MOl.)tQ. foc:;C!?o 08(30M3ob JMB.3.)6oob
Q-'><(30Mf'lb <(305"5b(JMO 8J0(3Mo
b.)JM()l:QO@Jf'l dOMMO()OOb 8oc:;3oom (Q0
30801003of'lb 'bf'l()O()MOlO 8M8b8.)M()Oc;_>ob U?" 0"tJO(Q3()00l.i Cl?"J"M03"·
8N'1"03o8" Cloodc;_>300 "b333 0"8Moo30Ml.i 0"80Q;!33oob CQ"J"M03" JMMCQ(JG(3ooli M3'b3M30CQ"6
00&06ob 008M. Clol:l?Oo"U?· (J'(3Mf'l 83@>0!'.'f? l.i.)OM(J5.)30 J".30&.)c;_>oli li@JM.)6000.)
0 08Moo3 03b MobJb. 0 li@JM0@>3300 5_.,a1:1?3oc;_>0!Q 01'101.i (J'?JMf'l MoliJ0060 li001'1(J5030
J0.30@>0c;_>ob li@ll'10@>3 0 00. o0 o .:ib333 8MB300006Mo0'bo CQ" 01'10
c;_>OJ30Q?(JMMOo'b3. ()MO'lo bo@l83001, Cloodc;_>30" 3030J()O'lf'l0l Cl381Q330 306'bM 0 o(QM()OJOO:

r::10J30£!?()6'0100 o 8
80180000060100 O o :J01r::io(\)OJ0 0
MOO JO o :J01r::io0nJ<><>

219
 l.i.:.06(!)061ol.iM.:., MM8 83060 li.:.()6.:.610 l.i.:.661()6.:.30 8.:.61m3ol.i l.i(!)61.:.(!)03006'bo
330830606Li MM l.i.:.6.:.'bM .361o6oo.3l.i 'Bo6.:.6lio6Clo:
8M8 0 (J<!:io.:.6fYl6.:. .
.:.C,?360Cl6Mm, MM8 l.i.:.661()6.:.30 li(!)61.:.(!)m)ool.i 83060 l.i.:.80
.:.61ol.i 8M83060.:.6M6ol.i
l.i.:.6'06.:..:.C,?8!.Q08M 8b.:.61oli. doMOOJC>Cf?C>!.Q b!.Qo6.:.
8fYJ83060.:.6fYl6ol.i b.:.MJi;'bo.
8fYl8 0 (J<!:in.:.6fYl6.:. t'iln&Jm.:.6 (JMOlC>fR .:.t'il&(JdfYldU JfYl8.3t'ilfYl8o&o
t'iln&J&.:. CR" 8fYJ 0 ()6.:i& OfYlMn&). 8M8 0 o6o.:.6M6ol.i do66.:.Clo 8306 ()6!.Q.:.
61ol.iJol.i 80<:.?06.:.l.i. !.QC>C>J3061!.Qocn, en() 61.:.8Qw6.:.!.Q o<Qo6(!)()Mo.:. 8306li
8M83060.:.6M6ol.i !QC> 61oliJol.i .3(Y)'booo.:.. ocnj3.:.l.i, Ml"'l8 Mol.iJo !QC> 8M83060.:.6l"'l6.:.
Li 0o616M6o6".
808!.QofoMO .:.j(!)o3ol.i !.Ql"'l60 (60:.(!?!.QO 81"'l88o6o.:.6o
.:.jooo6o, !QC> 8.:.6)0 0 060) oj6o6.:. 8060'.lG806(!)oli
8(Y)83060.:.6(Y)6,:,l.i,:, !QC> 61ol.iJl.i dMMol.i J(Y)8.36)(Y)8ol.iol.i 0.:.Jocno6om. 8306
'bM300Mcno do61ocn.:.!.Qo 3.:.6l.i.:.'b(!?3Mo6ol.i Clo8!.Q08 m.:.30600
8306 (J'BM(Y) li.3ooo'BoJ(JM.:.!.Q .:.8 .:.j(!)o 30 6ol.i !.QM6oo6li, 8M8 0 o-
6o.:.6M6.:.l.i !QC> MoliJl.i.

l.i.:.6.:.8 tJ'(JMC>!.Qc.?06.:.l.i en() MM 8 1"'JM ()6!.Q.:. !.QC>'Bo6.:.6li!.Qoli l.i.:.661()6.:.30 J.:i.30-

0.:.3.:.JocnMcn .:.Moen() olio !.QO!.Qo 0 .:.!.Q.:.b303.:. !QC> 8M3.:.b!.Qo6l"'lm l.i.:.6M(J6.:.30
l.i.:.661()6.:.30 .:.61ol.i 8o8!.Qo6.:.61o .:.j(!)o3060 !QC> 8.:.cno
0 .:.Jocn!.Qoli o 08!.Qoc,6.:.o61.:.!.Q
JM8.3(Y)606(!)060, M(Y) 0 fYlMOO .:.Mob 'B,:,l.io.:.60 8MmbM36060 !QC>
l>ooMCJ6030 >d803nool>
l>oaioai(J> JM8:Jo6ool>
8.:.M.:. 0 060 (Clo8!.Q08 m.:.306Clo 8306 'Bl"'lJ(Jl.ioMo6.:.l.i 8(Y)3,:,b!.Qo601 .:.8 Jl"'l8.3(Y)606(!)06'bo) .:.6
>()(30c;:'000c;:'O !.QM(Y), 8'()!.Q8030 !QC> !.QMl"'l06ocno.
01iidoc::>3, 01 oo6o
8MmbM36oool> l.i.:.6M'(J6.:.30 m3omM6 bl.i6o.:.6 m.:.30.:.6m, !.QMMol.i
80608>c::>CJM>Ql l.i:j:oM!.Q06.:. 8ooMo !.Q.:.8.:.(!)o6ocno .:.bl.i6.:.. J(Y)8.3.:.6ool.i
Geio61060;y1 J.:i:3ne;i0e::_10 .:.Mob 8o8!.Qo6.:.(Y)o .:.j(!)o306ol.i lioCQO!.QO,
80608()80 l.iC>ff0M(Y)06o6ol.i !.QC>l.i,:,'B,:,(i),:,3,:,!.Q. md306 8,:,l.i '(JbM!.Q(Y)O'l
l.i.:.6(Y)(J6.:.30 i:Q0'i('0[)60010 li0ofi)06.)30 8o(Y)MO 8b(Y)o3, .:.1'1ol.i
063oli(!)ooo.:. 8o8CQo6.:.(T)o .:.j(!)o306Clo, lio'bl"'l6()Mo
8obo!.Q3001. 8.2 li'(JM.:.mo '(Jfl30606Li, MM8 JM8.3.:i6ool.i l.i.:.:j:oMM06o6o l.i.:i6<'1'()6<>3
GooM(J6o30 J>3o!§oc::>o,
!.QMMol.i 8obo<Q3ocn !QC> .:i8 l.i.:i:j:o<i1(Y)o606ol.i MM 0MMO 8'()!.Q8030, .:il.io30
MM8[Jc;:'0(3 0(33c;:'[)OO
"CJGoc::>oooc::>n Go'lw16CJ<iio
!.QM(Y)06ocno b.:il.io.:.cno.
8M01bM36000G 8(J!.Q8030 l.i.:i6M(J6<>30 ,:,(Y}ol.i Jl"'l8.3.:.6ool.i .:.j(!)o306ol.i 8l.i 0.:.3l.io MMo
aioGoJ8>8f'>'(JOc;:'OOc::>>Ql. .:.l.i.3od8om . 063oli(!)ooo.:. ,:,(Y)ol.i 08

GoOM(J6030 J>3n!§oc::>oG
Go/tnMMOO[JOO (J1MMOO

220
 cc dJ o-g gro
lf erc
El c et c"' _.:::i • C \£ /)•c0 /)•,.3 bJ3 I 0 C C P
C C C...
S:i%
.tj I
I I /) N
Uco r:i er U oc€>co <':>\£ o E <n'5j s:> "1:,E etc:ierg .'2?:, 6 N
c6 2 rg, .0 er g ,.g L55 '{S
• O,c c pc ,.o o C':lCO 6 -c:> C p c0
c0 ,, LD ,, -:g '? oc_ t£ ,,
6
co LD co c:i -:g ", '"'::> " ' er U oc er <':)
E"ErO t:.iLD"'\£1:> ,,c ,, '-g 'et e, e:i
U r:i co Bf o 'Cito o c /:J FO \E cS
LD c co r:i \£ c:i '{S c Q ,,5 cP <':) s· \£ <:€> ererP,,cP
0
'° "'-n
C _.:::i /) C /) Bf 0 CO
"°
'? c 6 LD FO '°
u ,./C'\
c o LD-c.<noc
-_,
,.<) ,.<)
o Of ...:::i
u
C /:J \E o c ...:::>
c0
er P o Cl '°
,, ,,LDLDEO
cP Of C ,, co E FO "' t.J "'"°
et'? -rOP <nLD ...:::> Q
t.J c rO C":l\£ c c c ,.
"'rO
c-.-c:>/) .E'co co <':> 6
Ec..::iU,,
'-'cc ...:::> I:> /:J LD LD t.J o ., ...:::> -n'° c Q\E
e? P s:i C':l c P er o o o ,, c ,, LD <:€>\£ E E co C':l jco c Qc0c0,,LO,, P...:::i <€>r0 co rO ""O p
E" ,.2
1
}5 .cPetc<0 '? E '° er c:i LD ,, "°'IE LD LO c:i c 0\£ ..::>
to -g -g P g -o ,, €1 \E
p <:t C \£ c€) 0 Bf 6 I:> CO oCO O Cl...:::>...:::>
U er ,, cg, er • 62co 6 -n
I:> C I:>
...:::i \E Q U"° c g., 6 et E " E c
\£ c - rO c'°o' ?\£,,-""'LDr:i::!)
__, c ...:::> c
rO cO
2<€> C':!
L55 rO -ocg cO.g co c c c6 \E pc E c u C-) Q /)
o-n,, co
u
...:::i
'2?:,<€>2 j ,;:' U el" ; :' c ._2 §£i ;;:' 6 '5j
...:::i '° o
f''5j
_.:::iC':l 6 c:i..O c "'"'
Qc:>QLDO'
...:::ic or0P\£ et U c ,;?. r>, Q et r0 o
c s:>
eff:Jl:>_.:::i
<:€>
c \E er ,.g
u,,
/)
c "°,,
<':>}5 E c ...:::> Oco '2?:, c b'° U c '°to...:::> LD . <n\E '-g LD I:> C ""°'...:::> "'- o \£ Q C':l
-_,'?
,, '? /) cg OLD,.<) c p
c c..FO-noc0"'..o'°-...1c <':>"'- c Cc€)
c J? 6 ...:::> c er Of co oc oLO er,, c
E g, etc c '2?:, 6
'? c etLO
<n...:::i c
..::> 0
c:J LO LO LD
:'.!) c ,, Q
:'.!)<:g,LD \£ _.:::i C _.:::i c p O C LD ,c o..O CO C':l-oLD cg
c.<
-0 \£ r:t Bf...:::> FO ...:::> \£ 0 C LD
,, c ,c Cl ,,
U <':>
c C':l c c;.. 0 \E co 0 'C. :'.!) ,, \E 6 ,, ,,
P <n_.g <n ,, E cP FO co co " -n...:::> E ...:::i 0 c co
r;,Ct.JCO
co'°
2fC':lcQC':l\£f:Jl:l
u,,rg, 2r0LO er ,.g '-g J?
itE g
6 c-
u u[rc5 c s:> [r'5j Eet
u u /)er.2
'"'::>,, c
cor01:>6EL01:>EcLO
<':>_co,, u s:ic6 cO
8fQCCQ.ll:l
E
s
E\Eco
u P ·- ,,LO
er ,,
rg,\E E ::::i o;5 '? c "°
_.:::i ,.o \Eco LD co \E c ...:::>,, /:> _.:::i c2 cc€)
E 0 LD ,.g LD
;r c0 o,, c ur8s c c LD LD er
efto C'E ..D
:'.!) o - \£ 6 ,.3 c c to 0
,, Q P\£ c ,c b ,, . .: :> Qto ..o ,, et
LO 6
co,,2,.g
CO.£)
c'?
LD ,, - LD \£ c ,, o,.3 co BfcP \E :'.!) C':l\£ /) \£ '5,; co l:.O ,.3 et._2 QrO co c6 cP c:i c <:€>
..o E o " cg 2 E
._2 ...:::> 6 6 c '? pJS o ;;:',,
g., c 6 6 c uu ,.<) ,, f
6
u '? 2r '{;, u ,.3 co 6 cO
c E C':l ,, LO /) LO c:>\£
E ,..., <€>ct?LD c c Q "°cP ...:::>
c:i 0 c:i "'
..::> t.J c<':) c
p <:€> c
u
c,, 2,etgfrO E c C-05...:::>
5?,' c c01)5 " .-:.. 2£ P <nJ?'2?:, Cl 0
"J'°
c E
co
,, LO Of
rOQo0',,c>'o
Cl co ""' E co LO /)
-co pC':l
c rO "T:lr;,0 /)
o:i
et'° ..o 6 o,,
ergE\E Ef..O Oe?/:J c
'° '?-n c0 c0 '",, c - o E
<net \E
\E
Q o2' ,, er co u :n • -g 0 '? s
uer c
..::i
'?f P c2 €J o o E
\£ co c C':lLD FO u tJ /)
U '2?:, c 0 ,, <':> P 'CJ j et c -'°
u UFO 6 c \£ cP <':) 1?'-55 ,.<) -
'f.i 6 2f
...:::>
LO ...:::>
-c._.:::i
- '? CO
C\£c,.oFOl:loc
c ...:::> . .: :> ..D OFO c:i
C c:>LO CO I:> C':l
6 c <':>
CO -0
c 0
c c2
<':) FO LD ...:::i
2r C':)-g \£ gr;s ...:::> cO_.:::i -:g
\£ er c- 0 tJ ,, o c ...:::i o ...:::i er ...:::i ...:::i E co
1:>c ·,,..o
LO <':) ...:::> rO QN
,, <nc...:::>c
cO /) Q <:€> c C':l ,, co
c s ,.g ,, rg, c:, ,, er c:i -n rg, er rg, ,,
E ..::ioccPc
rg, er '?[ '-55 rg, U
ct? 6 ,.3 P" UFO ;-;:; ...:::> $.\£co p-5; ,.8 :nc 2 s:>...:::i Q...:::i "'cP er "° ,, c:i c:i "' c0 2:..
,, ...:::> E ,, "i!J...:::i LO _, t.J ,, c -- p t.J Cc:iOtJ/:J ...:::>6 c..Dt.J_.:::i c ,, oc:J er
c \£.
c -_,
,.8 '2?:, etFO Pr0 ,:3 UCO o <€>'5 J3 c 'CJ
..::>
ui gLO C -g '2?:, Q C -0 C':lrg,
\£ " ;;:'\£ 6 er 6 _§ }5 et E p E 5f
c0<€>,_2 6 \£ c cP :n r0 n1 u -:? !:.O ,.2 ,, ...:::i E ...:::i
c C,.DLD
- 2 co er ,, ...:::i er ,, "' - o ,, Of\£ co "° <€>-g )7 c ': __,CO 0 "-" r:t CO /) _.:::i _.:::i Of C• (:f 6 /) s..2co
..::i ,, E c..
e£ELD
,, '?
<':>
2,
o t.J
u
cc..o"-'cc€>'?"'--"c..o
,.<) c:i LD,,
c:> LD
c:i c
CO <':>
,, LO r:i 0 0-'56
° ,, E
..0 I:> /:J <':> \£ Bf I:> ' "
-n
,, ...:::i
FOCV>t.J lf2cco
\£ "...:::i "· r0 r0 co '2?:,co E c
_.:::i c,,,, <':le &".looc-'° Eco s:i
t.J LO
er S P,.2 c6 '? c ._2 6 '2?:, '§:, c cP ,.<) .£) c; ,.<) /) erco :'.!)\£ ,, c:i c c ,, U-n
u el"
c -g \E PS'° 2'-g ..::> <:€> <:€> rO c:i ,,
c:i er c cP '° c E c c P er 0 ,, " ' c <:€> c cc Uoer<€>,,,, c ...:::i er
"° '55 ,.3 f'to '{Srg,'-55 s \£ P er-e; ;r)i' er
,, r:i
6-6' '-55 C':l p u
r : i , , U::g\£ C\£ f)_.:::i ::::i,,cP Q\£
c c \£ ,,- ,.g c
LD "T:l LO 0 c:J I:>
,, ,, Q er :n..::i
'-g C CO ci5
i?cP 0 1 o C SFO <':ln1:,1:>..o'° cFOc:icLO c:ico\£ cc
Cl Ot _.:::i Q • C CO
co co ,, o -n Er er<:€> E s /) :'.!)CO
P...:::i c er ,, FO
Q p ,c C C-. 0 CO
'55 co J:,'FO ,, E '-55 2?,, E 0 /) <0'-55 cO<il p s:iuP,,,,,,
LO
-g c:,..o g., c -n
,c 0 -ifJ o• I:>
"s '"'::> c sc '° P C':>LD c c ::::i'°
• <':> c:i co -'° 0 I:> C LD <':> C c:i
'?.
::::i-g \£ ...:::> ett£ <€>._2 cO g,, c c <:€>
55"...:::i 21...:::i._2'-55 2r '-g er s
1-c.er...:::i,, .cc:i6c:iccU
I:> ..0
...:::>C':l...:::ier,,EuEr ,, \£ E c o,, L9. c LD er\£ s:>LO ,,E..::iZ1 ,.g
cO
c:ico
,, rg,,.3 5/ '&co
et et 2 cO cO o p o p E c E :'.!)<':>co 6 6 co\£
-g 6 Sc cg [rco
c:i '?[ 6 E-'°'°\£ er,,; ere c
Uc cc et::z
"" E c 6'-g
'-55c c.:E'U
er • ,, ...:::i I:>
CO•
C':l t.J ,, c Er\£ r0 co
<':>CO - c:>
'IEoLD c COc ,, co "'
- C I:>
E ,,.., .
t.J \£ ;•I:>
t.J
co ..:'.) ;;:' /:J u
"'ccO Cn1rO_.:::i
::!)co c:J e< o C LO n6..::iFOc:iP
CD,,...:!:',,crOLOrO
6 F0 '55 CO •LD c€) C':l U Bf'°...:::> ""O • ::r:>r0 P ci5 'f ..::i E S '2?:, \£ '{S ,,6
0
Ef...:::> "'c:> C':l E ,.3 <:€> £Cr0020
I) 0 -'S? C C <':) I) 01 ,;?. 55"
U I) r: / "' "'-
...:::> p CJ p 2
C $_LO C 0 \£ E c ..::> 6 Q c.. c \E c "' ooc 2 er
I:> 'C. LO •v 0
LD ,, E <€>LD er""° t.J p c0\£ ...:::i <':)FE co Cl LD c0 er oLD
CO "' C '- I:> LO ...:::>
,,- LO/) U I:>et\£ nr
cPcO rOc r:iE /)cO oc
c0 C c0 \£ t.J c€) \£ 6
Cl E LO ,, c PLO /) /)
,r ;5 er ""O rO c LO co
c-, tfl.O c€)CO U
,. ,, ,, -n E ,,
.g '-g er)i' 6 c3 '-g co \E ;5 E J?,.2 ,, .£)
,, 'C. 6 C':lLO ') "'J c:J
c
" \£ -"
1cl?l etf:l c" c r<5 Er
cfilCl'>C
0- g& \£ -"' I
6 f)i?l'"",c
E
'"".)l)l0c€)c:> '\£. CO £ l,' $?LO 6
Uet'2',£ :nui;
-g g
r \£
6
Cr.i.l)ceffJ
_;'.) "' ro
_:::> ...!'.l c-=' n\£
CO..;)LOrOCO c::>'° e7 g:> r.{)
E /) .I') E " ...., 1( '-@ €
•o et etro ":i E c:i Q.l\£J')COC0C
 /)
:D
LO
/)
6

"d8n3oonl>) L>olfnl'i01noo
0068>3e:>"'o"Clo: * [.,:J....,6®!>6(JMO (Qi><(J06!>6l>oool> Oli>6bi> (Qi>
(l>o86o'IJol> C!?i>6.:.l"loobooom.
Clol>ooo8ol>01onm)
;)M(!:'OC!JOJO
** li:JM66!>6(JMO !!?i><(J06!>6l>oooli !!?i>8!>6QOOOl C!?i> !!?i>6!>M0(3booo).

'B(Y)6ii::wool.i 8(Y)01b(Y)36000 8(Y)d8oC1<ooo6 6.:.is 30 60ool.i 8Li 0.:. 3Li.:.!:Q, li(J61.:.01ol.i

01.:.300 6.:.R3tJ6000 61tJD3Doo !:Q.:>'Bo6.:.6li!:Qoo.:. .
.:.8oli013ol.i 61(">')8 oj6oli
03.:.!:Qo.:i60 Li.:.jo61(Y)oooool.i !:Q.:>'Bo6.:.6Lioool.i013oli, J(Y)83.:.6o.:i 0.:.!:Q.:>ob!:Qoli 36101006-
0ooli '{3(Y)6!:QoOol.i c,.:.8(Y)tJ06oooli013ol.i 08 (Q61(Y)ol.i 61M!:Qoli.:.o oli '{3(Y)6!:QOOO .:.61
nd6oo.:. l.i.:.jo61(Y). oli 00801b303.:. 6.:.R306000 OtJ(Y)l.i b.:.'bol.i lio'b(Y)6()610 O(Y)61-
G3000l.i .'S(;3.:.610CQ06.:.!:Q 8.3 li(J61.:.0100, 61(">')8 o.:.618(>')3.:>(Q306(Y)01 !:Q.:>'Bo6.:.6Lioool.i
01.:.6b.:.. 61(">')8 (Q.'.>'{3o6.:.6lioo.:. OtJMl.i lio'b(>')6(j610
(Q.'.>Qb61(Y)8ol.i (Q61(>')l.i - 61(>')(Q0li"G l.i.:.jo61(Y) .:.61 .:.61ol.i . .3o_'S(;o61oool.i 8o01(>')(Q001 (Q.'.>'{306.:.6lioool.i {Q61(>')l.i
!:Q.:> 0.:.661030 !:Q.:>'{30-
6.:.6litJooli013oli 808(!?06.:.610 .:.j0030000 61tJ030ool.i OtJl.i.:.6.:.8oli.:.U?
l.i3(>')60.:>6(J610 (Q.'.>'{306.:.6lioool.i (JO!:Q03 .'.>('.!36006.:.3m, 61(>')8 'b(>')30061010
8o8!:Qo6.::.61o .:.d0030 'Bo6.:.6LiU?oo.:. !!?.:. U?.:.6.:.61oobooo01, 8.:.361.:.8
R306 3.:.8(Y)3j3001.::.301 .:.lio01 Li3(>')60.:.6()61 !:Q.:>'Bo6.:.6lioo.::.l.i (!?.:> 8o8(Qo6.:.1'1D .:.j003Dool.i
lio(!?O!:QtJOOli 8.3 l.i(J1'1.:>01ol.i ood86001).
U?.:.'Bo6.:.6Li 0o.:. 'bo .3m(;o1'1 0ool.i 8tJ01(Y)U?O 33 oc>1R 03 t.i, 1'1(>')8 'btJ
808(!?06.:.1'10 cl\<1C'1030 (,.'.>(Q.'.>b!:Qoool.i 3.:>M(!?.:>, J(>')83.:.6o.:.8 (J6(Q0 .:.R306(Y)l.i Lio'brll6(JM R.:.3.:>M!:Q6oo'bo
0d003oool.i li.::.jo61(Y)oooool.i013ol.i .:.c>1.:.8o8!:Qo6.:.61o liolibooo (8.3 l.i()1'1.:.0100 6.:.R306000). M.:>!:Q 0.:.6
J(>')83.:.6o.:.8 0.:.000.:. lio'b(Y)6()610 .:.d003ol.i li.:.3'oM(>')00000U 3o1'1o(>')(QOO, 030 OU[Jl.ibooli
(!?0.:>6 01.:.6btJOU, 3.:>(QMb(QOU liolibooli 6.'.>('.!(QO M.:>(Qc,.:>6
U?M(>')l.i !:Q61(Y)ooo010 .:.d00 30 oo 0 080061!!?"·
lio'b(Y)6()MO (,.'.>'{3.'.>M01(Y)300.) 8.:.61.:.30000 ((Q0 U.'.>0(>')0.)(Y) (,.'.>tJO!:Q300ol.i
lio'b(>')6ol.i013ol.i !:Q.:>'{306.:.6li!:Qoo.:. liolibooo01. fi1.:.(Q3.:.6 8.:.61.:.3000 oo8oo61!:Q.:.
3.'.>tJO(Q3.'.JOOl.i 0'bo01, 3.:.o'b61(Q.'.JO.'.>. liolibol.i (Q.'.>l.i.'.>'{3.'.>M.'.>(!? l.i.:>ffOM(Y) 6.'.>('.!(QO
R6!:Qoo.:. 80!:'.!oool.i ooU?o 3.:.!:Q. 0t.i 8o8i:Qo6.:.c>1 0(>')ol.i
fi1.:.8!:Qo6o8o 01 3ot.i . .:.8 3 'bo01 !:Q.:>ez3o6.:.6lioo.::. 3 .:.8(>')o80 60o.:. 8.:.006, 61M!:Q.'.J-
li.:.o 030 l.i.:.jo61M.:>. lio'bM6(J610 li.:.3'o61Moool.i 8b.:.61(Q.:>ffo61ol.i liolibo 8M.3tJ306.:.
3o(Q.'.>QOOU 3filo6oo3l.i. 08 03.:.fil.:.i:Q, liolibo 0.:.8(Y)otJo6oo.:. 08 8o'b6ol.i013oli, filM8 o0o o.:.fil8MoMol.i
ez3M6U?ooli M3ofil.:.oooool.i J()Mliol.i 3.:.(!?.:>b!:Qoli0130Li ('B.:.d-
0(Y)ofilo3.:.(Q, R306 .:.C'.!3oofilo01 Li.:.o.:.6JM liolibo" - 600.:.6-
,,SRIS"). 8(J(Q8030 .:.d003ol.i 8M01bM6000

222
CT:!"C/30606b(Q::J60 U?" 08 bo0()->(3ovClo !Q"C/30606bo-
(J6CQ" ntiMb 0j003 06ob 8M8 0 06006M6<>, CQ08ti0(.)U?060
o8oU?o6o Q?09306.-,6lio6ob CQ,:,6.-,b.-,(Y)J(;Ooob !:Q0<(3vM3obm3nb. 'bMQ?ob
bo0()0(300Clo, 8(JQ?8030 U?"'Bo6v6bo60 0M'b(>)CQ060 'bMQ?nb Clo6.-,(Y)f.(J6o6om 8()(!?8030 0jl!J>o3ob
8MmbM3600Clo.

111
m(J8(3v JM8.306oob 5806(!?0 00Jv(Q::JOOb (!?0
0 v(Q0b(Qob 0 M0<(30JO 'b(Jb0o (Qv8mb303v b(Q::J6" '1JM 0 ooMmo .3o&iM6ob 8oboQ?3om, o0 o
.)M 0Mob Clob0608obo MM(Q::JU0(3 0Ml>::J6Mob 58o6(Qv
6vJv(Q::J60 C,0(QMbM::J6v 6vJv(Q::J60(Qv6 JM8.30600G 6o'b6obMobJOU
080@.>M8 Go85o<aob 0 .:i6fio 0 o 0Mob 860Cl-
fiobJobv U?" 8M8 0 06006M60G JM8.3MM8oGoG O::J<(3vbo60Gm30G. 0G8060 Jomb3v:
(Jbv<a61mbM 06oli M0 80MtJ0 (J6U?" 0&ibo6MoQ?ob
8::JMtJ::JMOob (QMMG? ob 08.-,'bo, f\,:,[;
v6oifo6G (JdOM<>0:JbM6.:ib: 6o'b6obob 8M8c,06006M60b (J)(J MOGJb.
Clnboo.;8obo 61obJob .:.6ibacw>o.;. do&iomv(Qv!Q, M0(3 JM8.3.-,6oob
bo85093ob 0 v6Mo 0 o, 8om (QOCQo.:. MobJo, MM8 JM8.30600 3ofi m0360G U?"
dMM(306@.>ooob C,v(Qvb!Q0U. (Q03(J03vm, MM8 JM8.3.-,600 bobbb
08oli0130G, MM8 vvClo6MG Clo6M60. 6vJv(QO Clo6MOO(Qv6 0M
oj6060 GvJ8vMobo Gobbo[; 30(Qvdo. CloU?Oo0CQ, JM8.30600 00.-,('i)o6G
P'iobJb, MM8 .)M Gobbo Go8!)o'Bob (QMMli. !:Q0<(30-
6v6bo6oG ob MobJO Moc,Clo, d::JOM6oli CQ0'?3o6v6Gooom
-
6vJ0n:ooo oj6ooMCQ0 bvJ80('i)obo Jr<18.3.-,6oobm3ob m03nli !QMM'b::J IQ0bvq_pMv-
30n:. 08 0 30fl0Q?, 0 0601v3bo60G Liolibo6on:v6
0d003ooon m06 J<Yl8.3v600Gcn3ob Gobboli (J0Mob MOUJO JM::J(Q-
o@.>MMob 8b('i)on:06. m(J JM8.306oobm30G CQ0::J60 8do8o d::JMOM(QO, JM::Jl:Q00MM::J68v
8MombM3M6 MoGJov6o (!?0 8MombM3::J6 GoGboG
0 v(Qvb(Q0b. ob mv3ob 8b!Ylo3 JM8.3v6nvb 06 0 0v60bo3fiMG b0MJ(;::J6o (Q0 d::J::J(30(QMG
8ooe:;Mb 0j003060G 0 0tioQ?3oli 0'bom, .-,5 0 v8M0(3b0Q?MG
0 vJM@.>P'loov.
CQ0<[3o6.-,6Go6oG fiobJob 0 vM(Qv, 01YlG06M6b vbo30
mv6 .3MM(3:J60nG bvMJ(;::J6b. MM(Q::Jb"G JM8.3060.-, C/3o6.-,5b!:Qo60
806 'b(JG@.lv!Q oonG 8oGo (Qv6.)bvMJ(;::J6o 1Q1'1Mnli
dOMOM(QdO, 801.i obv3'ol'1M::J0v C(3MO(Q::JOO. (J)(J oe,o C(300v6liQ>o6v
!Q,,6.-,b.-,(i)J(;::J6o CQ0'1306.-,6bo60 'bo.
(Q060bvMJ(;.'.J6ob (J'b(Jb(lJM60 vMob !YlobJo f.306
30Gom, P'iM8 0 .-,6.-,a3omo60 8oMtJ::JMoo6
c,060J3omo6 'bo 800002. JM8.306ovb, (!(v0'130606bMb 8obo
0060J3omo6ob 'bP'i(Qob .30P10Mn:Clo,
3(;0800, .3jrYl6CQob n:06,)b0P'i3(;060 .3P'iM(3::J6@.>ooob
3"Cl20060 !Q0b0<(pi>1030n:, 301QM::J
n?"'IPP13obm3ob G05tinb oe00'bo. CloU?Oo"n?' bobboG
Mi1(3M(Q60 ti0M8M0(Q 0::J5G P'ioliJli JM8.30600Gm3oli.

P'iobJo cJM8.3(';)M8oGob b0.3ol"ioG.306lM!Q. 0 06bb30306060 u:>"

30u:io<>60 (!2<>'1306v6lio6ob P'inGJCln 06u:i0 0 06Gb-
30300060G G00oli'ioG:loMMCQ· M0(3 .JM8:30600G bo8tio'l3oG 0 06P10 0 o,
8om d3oMo oj6060 CQ0930606lio60. o8ob 0.:>M(Q<>, 0'lr'18 liobbooo
iQ050b063(;06G, G00068(Y) 0c:;8r-1f.6u:iol>
0 0iQ0nb<>!:QMb :l<'i1M(3!.J6@.>o6o 08 .3oP'inMQ?06Clo, MMiQ!.Jli"G G0GolibM
0c:;0M od6060 G0IJ0MM. 0Gom !QMMG 8M'bo(Q30G iQ060b0!0xoooG
<Jo8Go<'i1o6oliao5 80Gti<'i10CZ3000 0Jomo6G <(3M5Q?o6oli G03'0P1Mooooob Cl:?"'l30-
6.::i6Goo0b G0Libo6oli
Clol.!?Oo"l.!?' fi306 (J6e;:>0 0 03<>JomMm 01'1fi;J3060 PioliJG0 !.!?" 8<.,,8000006Mo0G CIM<'i1oli. F.306

223
 4.

C!!>'1Jn6.>6baonb
b>.'.fnt'lroaonon C!!M"'nb

ll?t<)(T)

C!/>'1Jn6>6unonu * c,08MJC::OO(Jc:;n UJM6&06(JMO !:!?"'130606GoooG m06booo JM(J!:Q06MM(JC::O 3"C::!:!?00(J(C?00::JOnm

!:!?" !:!?0606i0Gbooom.
** G.3M6&06()Mn !:!?"'1.ln606GoooG !:Qll81i&oonm (JM(J!:Q06MM(JC::O 3"C::!:QOO(JC::OOOU !:!?" !:Q<>M0(3b3nG).

36.:.bom, MM8 doMom<:>(!?<:>(!?, .:.d3li 80&0 Mol.iJo, 30C!?MO

8.:.0(\).:.8 8.:.1.i .:.d3li .:.lio30 C!?.:.6.:.b.:.M'.)i;o. J(Y)8.3.:.6ooli 8ooM (Jli<:>CBMmb(Y)oooli
8.:.Mi'.Ji:> od6oli M(Y)001M(3 !:!?"000-
Cl?" ()Ui:>CBMOJb0100.:.li Cl01Moli. oli od6oo.:. 8o6o:Ji;8o6&oli
MoliJoli Clo!:!?o 0 .:.C!?, 8060'.)i;8o6&0Li JM8.3.:.6ooli
lio815o'Boli 808(!?06.:.<">o
808(!?06.:.<"10 .:.d&o3000Li.:. (!?0 C!?"'Bo6.:.6lioooli
(JU0CBMOJb01oooli 8.:.Mi'.JOl.i (J6(!?i:>
m.:.301.io oo'b6olioli (Qi:> !Qi:>'Bofo6lioooli .3<Y'!01-
.301M(300U Cloli.:.boo, <">01001<">8 oli 6.:.8306000.:. 8.4 li()<Y'>.:.m'bo . .:.d 8306 3b::J(!?<:>3m, (\)018 J018.3.:.60.:.
0'806.:.61.iooli Bolio lio'b016(JMO 'B016C!?oooli
Cl?" (!?i:>foMoGboooli Ol(J 801li.:.-
15806!:!?0 6.:.J"C!?ooo 15.:.<">80100010.:. C!?016 0'b 0, noo
0i:>(Qi:>Ob(Qoli .3M01Go6&ooli &.:.<">o (8.4 li(JMi:>Ol'bo i:>MO)
lio'bM6(JMo C!?"Go8oli (!?M01li, M01!Q::JUi:>(3 oli 'B016!Q::JOO .:.<"> .:.Moli li.:.&0M01.
(JJO!Q(JM::Jl.i Clo8mb303.:.Clo .3oJoli 801mb0136000 C!?"'Bo6.:.6liC!?oli
oli .:.Lio 8.4 U()Mi:>Ol'b::J, Ol(J 8306
(Qi:>9J06.:.6lioooli b.:.'bli lio'b016(JMO C!?"Go8oli 0.:.603.:.Q;? li()Mi:>010U 'b::J(Qi:>
<">.:.G C!?"'Bo6.:.6lioooli b.:.'bo, 8001 J018.3.:.6ooli C!?"'Bo-
6.:.61.ioooli li&<">.:.&000.:. Cl?" 8001 80&0.:. C!?.:.6.:.b<:>M'.)i;::JOO.
(lio815o'Boli 006<">00001) (Qi:>qJo606lioooli
li.:..3o<Y'ioli.30<">01C!? C!?"o8Li 0 .:. 3Li01li 8.5 li()<Y'i.:.01'bo . .:.d
8306 3boC!?.:.301, <">018 .:.Mob ()li.:.'B<">01b01oooli 8.:.Mi'.J.:.. J018.3.:.6o.:.8 C!?""'Bo6.:.6li.:. Bolio
8()!:!?8030 808!:!?06.:.<">o .:.d&o 30ooli Clo!:!?00"C!?' 8.:.6
(J6(Qi:> (!?i:>i:>'Bo6.:.6li01li oli lio815o'Boli.:.li (Qi:> 000 ClooG.:.31.i MOUJOl.i
8o6&Li. Mi:>(3 C!?OC!?00 li.:.OM(J6.:.30 80101b0136oooli oli 0i:>C!?i:>0-
93.:.Moo.:. 8001 80&.:.C!? C!?"'Bo6.:.6Lioo.:..
CloC!?00"C!?' ()li<:>CBM01b01 0ooli 8.:.Mi'.J0, J018.3.:.6ooli

224
 060 CQ0 c.6idnc;:30CQ006o CQ0<(30606l.inool.i OtJ0MMli li86>08nc.00l.i0106, onodc;:no0 OtJMl.i
CQ0CQD00010, (J0MtJM<(30010 06 O(JC::M3060 860036nc;:(Y)ool.i. 6(Jc;:M3060 - nli 06iol.i .3n'.Si:o6in-
ool.i li8M08nc.ool.i 306>00680, MM8nc;:o(3 0l.i0b(Jc;:o.:> 8.3 li(JM001'bn.
MMC.MM(3 0(!?6o06(Jc;:o OtJM 6060 c.06tJM<(30C::D000o, JM8.30600l.i on(Jdc;:o0 0lin3n ond860l.i
()l.i0<(3M01bMnool.i 806it.10 01030!.io c;:oJ30rQ(JMO 0d803nool.i 00'bMCQ001. 08 0 30M0CQ, 806 onodc;:no0
on08(30MMl.i <(3(]C::Ol.i CQD<(30(30@)oli MOl.iJO 30c;:ol.i C.0rQ0brQOl.i l.io815o<(30l.i 30rQOl.i c.0'bM(QO()) 06 8MJ-
c:.'D30CQ006o (808CQ0606in) 0d803nool.i 0106bnool.i 0 0'b6JCQ001. GM80 d3n3om 0 08M30J3c::n301
(JM01onM01rQ08MJOCQDO(JC::D00li 08 MM 8orQ 0M80l.i ClM6iol.i. 01()8(30 8MCQ001 80608CQD
c.063oboc;:(Y)01 ob6ioc;:o 8.1.

1!2"'llo6.>6uaoou u.>:for<lmno"
1!2MMdo .>(IM(JUO()l!:,'O t!/ll'>f'J
1!2"'llo6.>6l>aool>
* li.3"'68.:>6(JMO CQ.:><(3ofo6lioooli cn.:i6boooli
!!1" !!1"6;,li1o 8 booocn.
** li.3P16&<>6()MO !!1"'1306;,6lioooli !!1" CQ<>foM0(3b3o<'wli)

8"'Jl!:.'D3"ll?n"6o 1!2"
ar<>dac::a"l!20"60
ll2"'llo6"6u 3o"

(lJ?MM[JOnmo)

(avl!2ao3oJ ll'>OuJO-af'Jaanoo0Gf'lo0

en() .;('\);, B336 8oeo (!/MM cn;,36ob !!P dMM(3:J6eoli

8000 l.:io800<(3ob 0.-,61i1o0ocn?
f.!1.)'1906061.>00-0 l.:ioiibo C1'() i:Q<>o3ffO!l1!ll[JO<>?
od630<> en() i>Mi> 808<Qo6i>M[Jb
bolibol.:i 1!?"6.:,boli1:i<:ooo 80!11()603 b:iiiboo'ho
30Q?M[J Q;?.:>'(.lo6.:,6boonl.:i

225
 8. 1 GbMnc::;in <>'.Ji'.<>80oli BMJc:::'03<>CQn<>6n CQ<> 0 Md0c::;i3<>CQn06n l:Q<>'('3nfo6Li0onli 0 06bnc::;i30G, M<>(!/ 0<>6
0()0 <>J<>3dnMooli JM8dMM8nl.ili MnbJli<> (Q0 a(Y)a000006Mo0Li dMMnli. 0c:;360Cl6Mcn, MMB
8MJc:::'03"(Qn<>6n (Q<><(3n606li0onli lit3.JM0@Joonnli Cl060P1fl(J6000 8MJc:::'03<>(Qn<>6n 06 (QMMooncnn
<>d@Jn3nli li0jnMM0onlicn3nli { 1-c::;in (J'.)i;M<>) (Q<> 0Md0c::;i3<>(Qn06n (Q<>'('3nfo6li000 0Md0c::;i3<>(Qn06n 06
a(J[!/8n3n <>d0n3nli li0::fnMM0onli013nli (8o-2 (J'.)i;M<>) 8MnG03Li Mnl.iJnli0 (Q0 a(Y)a00on06M6nli
'l.iM8n0M li@.JP1<>@J0000li - MM80c::;ili0G f\306 3(JbMCQ0001 .30'.Ji'.0M0ooli 8001MCQli {8M8tio<tJD60li0106
Cl0li0008oliM60) G'.?"'Bn606lioo0li0106 !Q<>J<>3ClnM0on01. lib30 li@JP1<>00000onl.i
0P'lliooMO<>G, 01()8G<> 0P'l 0P'lnl.i <>()Gnc::;>oooc::;io ol.io6n 803nf\6nM01 d0GCQM8<>!Q· P10li0G 010306
8nnc:;oo01 08 0c::;i@JoM60@Jn(Jc::;>n li0P'l<>@.i00006nli d0!Q08"!Q (l50P18MCQ806oc::;io, 80 00c::;in01<>(Q 80-2 Clo
CQ0 80-4 (J'.Ji'.M00Cln), <>()Gnc::;i060c::;io0 Clo<>!Q<>MM01 d:JbM6oc::;ili, MM8oc::;ili<>G 010306 ()<>Mi:JM'('301.
a000c::;io01.:>(Q, (QC>60c::;io MnliJoli (QM6nli !QMMli (/'1doc::;i3<>(QOC>6n U?"'Bn606lioooli l.i(l)l'10t1!Jo0nol>
0 08M::J06060 Li061'1()6<>3 8M01bM36nc::;ioonli ()'hM(Jfi3oc::;i::JM9'.Joli013nli 0 06bMP'l-
Gooc::;i!Q060 CloJ30Gnc::;>n 8M 0 000on01. 8060'.Ji'.806tf!>oli .3.:ili(Jbooo 8li 003li Jo01b3oo'l.io, l'1M8c::;i000G
(Q<>li8(Jc::;in.:i 8.1 GbMnc::;ioli J30!Q" 60tinc::;iCln <Q"830b8.:il'1oo<> 0 063Li0'l.ic:;3P1M01, MM8oc::;in
l.i(l)0<>(l)o 0o.:i <>Moll (JJ001olio 0 08M::J06oonlicn3nli {!Q<> MM!Qoli).

f\306 008M3nJ3c::;ioo01 Li06P'l(J6<>30 J<>.3n(l)<>c::;inli 80M013oli M(\)n 80103.:iP'lo .:ili.3od0o: 808!Qo60P10

<>dt1!Jo3oonli MC> !QMOO (J6!Q<> Clo60P'lfl(J6!Qoli !QC> MM()MM !Q<>'('30606li!Qoli 0()0. oli (Y)(Y\0 0Li.3odt1!Jo C>Mnli
(JM010JM01!Q0J<>3Clnl"ioo(Jc::;in. H3Dc:::'" lib30 010600.:iP'l dOMMOOOdO Jr<18.306n0, MM8oc::;ino OJ3c::;io3li
808!Qn60P'lo 0d@Jn3oonli 8.:ic:;<>c::;in CQM6ooooli Cl0foP'lfl(J6oooli .3Mc::;io@JnJ<>li, ()6CQ<> n::JMli '2JclD01oli
8!Q()M80M0M00dn, 01() l50P180t1!Jo6(Jc::;><>!Q 008f'ln::Jo6ooli 8MJc:::'03"!Q006 3<>c::;>!QOO(Jc::;>OO<>li, 3o!QMO
nli JMS.30600, MM8oc::;ino 0601'ifl(J6ooli 8n8!Qo6.:iP'lo <>d@Jn3oonli 00P'lolin(Jc::;><>!Q !Q<>O<>c::;> (QM6oooli.
ao(Y)P'lo 8b(Y)o3, JMS.30600, MM8oc::;inG 0'(ln6.:i6liooli 8oli 8n8!Qn60Mo <>dt1!Jn3ooli 801c::;in060!Q li00d-
GO(Y) JC>do@J0c::;in01, nd6oo.:i (JJ0010lin MOUJnli 8!Q()M80P'lo(Y)o0Clo, MM8 8onc:;Mli ()9'.JMM <>c.l"iolio(Jc::;in
8!Q()M80MOM00, (Y\M!QOli<>o n0 n 060Mfl(J6ooli 8n8<Qn60MO 0J(l)n3oooli (Q000C:,l (QM6oooli
(,,li<>(JJ0010li(Y) '('3M(Y)8.:ili"). 80010 (JM0100M01!Q08MJOlQOO(Jc::;>OOOl.i c.<>8M li06P'l(J603n J0.3n(l)<>c::;inli
8060'.Ji'.806eoli oli M<l'in 0Ud0J@.in (J6!Q0 Oi:jMl.i 006bnc::;i(Jc::;>n OM01MOc::;>n3.:>(Q.

II 0 o(JP'iJ3D3C:.:0160 IQ.'.> (JU0'rJ(>')mb01060G 80P'i'il0

01() JMB.306008 'l.i(Jli@J<>!Q oGnli Bolin 8M8030c::;in o<>i:JO!Q30onb 8M01bM360, 8nc:;o6(Jc::;in
!Q·)3.:>c::;in06oooonli !QC> b.:>M8Moonli 006<l'ioc.n, nli Clodc::;iooli 006Li0'l.ic:;3(Y)(Y)l.i Sol.in 30c::;ioonli
lin815n'Bnli 0 .:i6<1'in 0 o 8M8030c::;in 158o6!Q<> '('3(Jc::;><>(Qn 6.:>J<>(QOOnl.i 0 .:i6P'ln 0nli 'l.i(Jli(l)<>!Q
Cloli0008nbMo.:>Cln. d0!Q08<>!Q, 8M 0oo.:i 006000 80dl.in80c::;i(J<l'in, <>M nd6oo.:i l.i.:i::fnl"iM 8n8!Qn601'io
0d@Jn3oonli ::f0t>ioo Q?M6ooonli 'Bc::;>Mooli (Cloli0008nli0!Q !Q<>o<>c::;in 8M8 00 0006Mooli) !Q<> ei<l'io (J'B<l'i(Y)
8o@Jo 0<l'idoc::;i3<>1Qn06n !Q0C(j0606Lioonl.i C(jc::;>MOol.i, 3n<Q<l'io 0()0 0M nd6oo<> 0oliMc::;>(J0(JM<>!Q li.:i::fn<l'iM.
MM(QOli"G ()0i:JO!Q3000 !Q0 008Mb3J(Jc::;>O 6<>c:;<Qn '('3(Jc::;>Ol.i 6.:>J<>!QOOO od30BCQ000t'1000 ()0()-
<l'iJ303c:::'MO.:>l.i, lio@J()<>Gn<> <l'i0G !QO!QO<> Cloli.:idc::;iM 158n6CQ<> '('3(Jc::;>nli 6<>J<>C!?:JOnl.i
0c::;io001Mool.i 003l'1GOc:::'Oonli C!?nli.3o<l'ilin0, 8001 !QO!Qn<> (Jli<>9'.J<l'i01bMooob 80P'ltJ<>, P1M8c::;inli
aoc:;oo0 8 li()<l'ili boc::;i8dc:; 306oc::;i(Y)o0Li.
!Q<>3()Cl3001 01<>3!Q<>.3o<l'i3oc::;i0!Q JM8.30600li 0M Clo(Jdc::;io.:i nliolibMl.i 8MJc:::'03"!Q006 dOMOM!QdO,
MM8 Q?<>C(j<><l'iMli 8M(Jc::;>P1!Q6oc::;in 60c:;!Qo 'B()c::;>nli b<>M'.Ji'.OOn. OO!Q08"!Q, 80li Cl:rndc::;io.:i 8n0bM!QMli
(Jli<>9'.JM01bMoooli 8.:il"itJ<> 8bMc::;>M!Q ( 1) 8n81Qn60P'lo 0dt1!Jn3oonli !QM6nli 0 0'l.iMci;:n01 (0 06Li0-
J(J01P'looo01 6<>c:;<Qn 'B(Jc::;>o01 CQ<> 8M8 0oon060 <>doooon01) 06 (2) !Q<>'lJn6.)6lioooli lio8tin'Boli 006-
<l'in0oli 0 <> 0 Mdoc::;iooo01. M<l'in30 0 t.i 8Md8o<Qoo0 'b 08 .:i3c::;i 060Li 0bCQo6li a(Y)a 000006Mo0'l.io . .3n<l'i3oc::;i
Clo801b3030Cln, C(jM6!QoOn O!QOO<> 6.:>Jc::;ioo8M80oon06 <>d@Jn3oocln. ao(Y)<l'io Clo801b3030Clo, JM8.3.:i-
6n.:ili Clo(Jdc::;io.:i c.<>CQ<>nb<>!QMl.i l.i.:iM 00 oc::;inli .3<1'i(Y)oo6en t.i 0t.ib 0o'b 0 !QMMnl.i .3oP'loM!Qnli 006-
803c::;i(Y)o0Cln, MM!QOli0(3 <(3C'l6!QOOO (JM nd6000 li0::fnM(Y). !Q.:>80&00001, ()Mdoc::;i3<>!Qn.:>6 3.:ic::;ili <>d3li
80c:;0c::;io 8Mli.:>c::;>M!Q6oc::;in Li0.3<l'iM(306@JM b<>M'.)i;O, 30!QMO 8MJc:::'03"(Q006 3.:ic::;ili.

P'inbJO Q?.'.:> 80183[J00060100

(Jb'13(l)01bMOOOl.i CJol.i0008nl.io 80MtJOl.i ()0!Q0b::J30t1!Jnc::;>000 OJ6000 MOl.iJOU0 (Q0 8M8 0o-
000fiMOOl.i 0 00130c::;inlil506oon01 !Q<> 8060'.Ji'.806t1!Jnli !Q<>8MJO!QOO(Jc::;>Ooo01 <l'inliJoli 80801'101.

226
 8.

01001MD()c;o 0 C>CQ0bl:J3D@>oc;oo0 (0 .:i'bfciCQoc;o c;oJ30CQ(JMM00, lrn8tio'l3oli 301.Qoli 0.:i6fcio 0 oli

8.)0 fcidoc;oo0 06 08 fYlMoli JM80060 8 00) JM8.30600Li CQ0()'.J'(;CQD60 CQ00bc;Mooo01 fciM 0 fflM(3 8Ma 80 -
6006Mooli 8oc;o6oli 08Li0dc;o6c;(Y)o0. a(Y) 80 8()c;o fcioliJoli 8oc;ooo01, 8o6o]i;8o6e80 Cloodc;oo0
0 06Li0'bc;3fc>MG, fc>M8oc;o 30fci006@)0 0fcioli CQC>J03Clofcio6()c;o 8(3ofcio b0fci:Ji;o60106 I.QC> Clo8CQ08
CQ06DM8Mli, 8ooc;Mli oli 30fci006@)0. 80MMD 8bfcio3, 806o:Ji;8D6@>80 ooodc;oo0 0 06li0 'bc;3fc>Mli
8(3ofciob0fci]i;o060 30fcio06@)0 fciobJoG lib30CQ0lib30 CQM60000G013oli. 806o:Ji;806@>80 Cloodc;o60
'13MM8()c;ofcio60 0 0(JJ001Mli fcioliJoli CQ0Cl3000G ()li<>ez3M01bMoooli 80fcit1oli 800fflCQD60Clo
8MG8o()c;o b0fci]i;oli li<><(3()d3oc;'bo. Li030fci<>()CQffl!:Q, 0lio010 G0b3 Cloo60fcil1()6ooli Li00dGoM J<>.30-
@)0c;oli 0 0'bfciCQoli 8o'b06G.
01() JM8.30600li Clo(Jdc;o0 oliolibMli '13()c;>O Li0libM0'13fYl li03'0M(Y)000li CQfi'lMli, 'bo8Mblio6oo•zjc;o
060c;o'bli CQ<>lil'.J:oMCQD00 (33c;oc;o60. M0(3 CQOCQ00 JM8.306ooli Cloli0dc;ooc;(Y)00 oli3libMli 8MJc;>O
3<>CQC>do, 8001 60Jc;300CQ CQ<>lil'.J:oMCQ00 80Li (Jli0'13M01bM3ooli 80MtJOli 8oOMCQ000 'b38P101 006b-
oc;()c;>O li0d()C>c;>3030001. 'bM 0 00M01 JM8.30600li dO(Jdc;o0 000M8MMb 8Mc;0.30M0J300 JM3CQ0-
4
@)()c;> b0'li36'bo 06 JM3CQ0@)000Li 03@JM80@)()M 0 060bc;300'bo. MMCQ3li0G JM8.30600l.i 0j3li 0Lio010
JM3CQo@)oli 8oc;3ooli G0Cl(J<>c;oo0, 806 ()6CQ0 Clo0CQ0(Y}Mli 08 8Mc;0.30(Yi0Joooooli b0M]i;o Gb30
b0M:Ji;li. (r.0 01j80 ()61.Q<>, 0(Yiliooffloli Li0 'bc; 3(Yi 3oo (i)08CQo60CQ Clo()dc;oei JM8-
.30600Li ol.i3libMli 8MJc;>o3<>13?006 .33MoMCQdo. d3CQ080CQ, 806 ()61.Q<> 00M0CQ 0 o6Mli (Yi0083
()li<>'13M01bM3ooli 80MtJ<> 08 010300 006boc;'()c;o 30MC>()CQ3ool.i li<><(3()d33c;'b3.

c,(YiliooMoli l.i06M()6030 JC>.30@)0c;ol.i MMo 80103.:i(Yio Jffl6-
G3'13Go0 - 08061.Q<> Li00M(J6030 JC>do@)<>c;o (808CQ060r13
0j@>o33ol.i 0 08f'lJc;oo()c;o 808CQ060fcio 30c;!:!?oo()c; 3 -
o3oo) CQ0 801c;o060 li0ofi'i()6030 J<>.30@)0c;o (808CQ060(Yio
0j@)o3300 ).
'Bo606l.i()MO 0130c;Li0'b(Yiolio01, li00M()D<>30 JC>.30@)0c;o
c,(YioG 808CQ060mo 0j@)o3300G lio6M6o8o. b0ofi'i(J6030
JC>.3o@J0c;oli 8360]'(;836@)0 ;Jb300 JM8.306ooli 808CQ060(Yi;J
<>d<'.l>o 30 oob <>CQ806ob@Jm0 8 00li CQ<>'l30606Li 000li0106
0M010'1? (0 06b<>J()01Mooo01 808CQ060Mo 3<>c;>CQDO()c;>D-
0000106) l.i01:fom(Y) 808CQ060(Yio 0j@>o306ob (J'bM(J63oc;-
tlfYl'l3ob013oLi.
8081.Qofofi'io <>M>o3oooli Cloli0608ol.io lioCQoCQoli 06 '.Qf'l6ol.i
0 06b0'bc;3fi0Clo 8060]'(;806@)80 ()DCQ<> 0 0Doboc;Mb Jf'l8-
.30M8olio 8M8000006Mo0l.i0 CQ<> fi'ioliJli Of'lMob. M0(3
CQOCQ00 8o8CQOb0MO 0j<'.)03oooli CQM6o, 8001 CQOCQ00 JM8-
.30Dool.i c;oJ30CQ()MM00, l:J30c;><> l.ib30 0106000(i\
.3oMf'looooo c;oJ30CQ()MfYl00l.i 8M0j3li foJc;ooo
Mol.iJo, 80 0M08 8M0j3li 0Lio30 60Jc;ooo 8M8 000006f'lo0.
b00M(J6030 J0.3oe0c;ol.i 806o]i;806@JClo 11306 360-
b(Jc;f'lo01 CQ<>'Bo606Lioool.i MM 830 c;ei'b 0 8o@J0CQ 8010 30M
.3Mo6(3o.3l.i P1.3000000000:
. 8M8000006M00 0(33c;oo0 c;oJ30CQ()MfYlOOb l.i0.30-
Mol.i.30Mf'l(Q.
8M8000006M00 8MdM0fflOb MOliJ010b OM010CQ.
F1306 Clo 0 3odc;o0 Jc;<>lio'130JC>(30<> 0 03()J001f'l01 Li00-
M(JD.'..>3 J<>.3o@J0c;li 60lfoc;oool.i 8oboi:Q3001 Ei<>c;Q?o
'13()c;o, 8f'l8 0 000060 0jooaoo, !!1aoo@)MM 0 c;o
8M01bffl36aoo CQ0 80r10 0 ooo. 080b 0 0MQ?0, li00M(JD<>3
J<>.30@>0c;li Cloodc; 000 Jc;<>boZJoJ,)(30<> 0 0'ZJJ001CQQli
CQMfflol.i 8oboCQ3001, MM 0 f'lM(3 8()CQ8030 06 CQMMJ00010;
8()CQ8030 b00M(J6030 J<>.30@)0c;o 01'\loli JM8.306ool.i 8060-
80c;(JMO c,l"ldoc;3<>CQ0C>60 b01'.J:oMfYl!JOJOOb CQ0b0'130M0CQ
808CQ060r10 0d@Jo3oooli lioQ?oG?o·
IQMf'liJ00010 b00M(J6030 J<>.3o@J0c;o, 80011"10 8bM03, 01'\loli
808CQ060(i)o 0j@)o3oooli boCQoCQo, Mf'l8oc;oo 0(33c;oo0
b3'bM6(Jl"lo Li0&omM3oaool.i 8ob 3CQ 3001.
01() JM8.30600 8ooc;3oli CQ<><ao60Dli300 'b3 .33S(.0Moooli
8oCQ 0 f'180li (bo8tio'Boli 301.Qoli Cl3li0008oliM00) 01001f'l-
3()c;o 0j@Jo30 oj6000 81.i 0 03bo
Cl3li0008obo lio8oo'l3oli 30CQob CQ<>930606liaoob oDb\'.l>fi'i()-
836@>001. 8M.Jc;>030CQ006o 06 lio'bf'lb(JMO 30M00(30::JOO
8o8i:Qob0M::J 0j@)o300Clo 13?C>ez30606liCQ::J00 8MJc;>::J30CQ006o
30c;n::oo()c;ooo01. 8081Qo60fi'io <>d&o 30 ooli 8()CQ8o 3o
Jf'l8.30160D\'.l>o IQ<> tl3::Jc;><> 'Bodliol'iloo()c;o 0d@Jo3000
CQ<>'l30606liCQ::JO<> 8f'1Jc;>::J3<>CQ0060 3<>c;>CQ::JO()c;>Doo01 06
li00j(30M .
M<>(3 0 fi'idoc;oei Jf'18.306oob 8ooM 0 08Mtt::J6oo()c;o IQ<>ez3o-
506booob bo8tio'?3ob 0 06r10 0 nli Clo8<>CQ806c;Mo0, 8001
60Jc;ooo0 0bo01n U/<>'1306061.ioonb fi'iobJo. 01()8(30, m0 8
0 mdoc;nv ::Jb bo8on'?3ob 0 0DM0 0n, 8001 ()ez3MM b<>Mji;o<>-
600 CQ<>'l30606Lioo0. oalQo&<>CQ, 11 30 6 Jni:iw 3 0m01boc;
()6CQ0 0 03.>J::J01M01 Jf'18.3MM8obo MnliJli.:> IQ<> 8f'18 0 0-
on06Mo0li Of'lMob.
b06fi'i(Jfo30 J<>.3n@J<>c;nli 80M013ob f'1fi'l 801030fi'i .:ili.3ad&Li
orilmol.i .:imlioof'1oli ()M010001J03Clnfi'in - 80813?060r13
0d@>o3oool.i Mei lQfflD::J ()De.QC> Cl360fi'iF1(J6CQ3li CQ.> MM 0r1fi\
f!?<>ez3060Dli1Qoli 808Q20601'il3 0j@Jo3300. 80010 ()M010-
or101J03Cloti'ioll c,08M 3l.i MMO 0l.i.33d@Jo 006boc;()c;>O
()De.QC> nj6ob otii01Moc;o30lQ.

11

227
 . M.:.oo 8CQ 0 P18.:.M[JP10U u.:.0M()6.:.30 JO:.do&.:.c::?ou 8.:.M013.:.? MP10 P1Mo
0.:.CQ.:.51:130&0!!:?00000.:. 8.:.u01.:.6 CQO:.J.:.300M[JO(Jc::?O CQO:. MP10 f'lMo doM001.:.CQo dM06(3odnoo01 .:.6
JP18dMP18ounoo01 .:.8 CQMP1u?
.:i8ti.:i8.:.CQ JP18d.:.6o.:. o::w6oou ,,.:.0 M[JUO(Jc::?O" u.:ioM(J6.:i30 J.'.>do&.:ic::?ou df'lc::?o&oJ.:iu 8o8CQo6.:iM[J
.:id&o3ooou CQP16ou01.:i6 CQO:.J.:i300Mooo01, MP18c::?oou.:iG o0 o o6.:iMR()6Dou (oou.:io.:i8ou.:iCQ, .:id3u
808CQ060Mn .:id&o3noou CQ.'.>O.'.>c::?o CQP16[J o.:iM8f'lnoou 01001P1[J(J!!:?O onu.:idc::?P1 CQP16ou013ou).
JP183.:i6o.:i8 0.:iCQ.:.51:130&.:i 00CQ.:i30CQ[JU (J'aMf'l ,,JP16U[JM308()!!:?" u.:ioM(J6.:i30 J.'.>do&.:ic::?ou
df'Jc::?o&oJ.:i 'ho. M.:i 'hno"3c::?D6" nd6no.:i u.:i3.:iM.'.>(JCQP1CQ 08 o"t!?"ol:l 3n&oc::?no.:.u JP183.:i6oou
8f'J8 00 oo.:i6f'lo.:i'hn a?" MouJ'ho?
3. JP183.:i6oou JP18()6"c::?()Mo 8f'l8u.:ib(JM[JOou u.:io.:iM8f'l 0J.:i3nou 801!!:?0060 .:id&o3noou 10%-u
808CQ060Mn .:id&o30000; u"G"!!:?f'l 3.:i&Mf'Joou u.:io.:iM8P1u .:id3u 801!!:?0060 .:id&o3noou 60%
8o8CQo6.:iM[J .:id&o30000. .:ibuo6001 o6CQ(JU8Moou 8.:.b.:iu0001noc::?noo MP10 f'lM 0.:i6oboc::?.:i3u 08
c,06ub3.:i300.:iu?
4. 0.:i6.:iub3.:.3001 11 CQMP1[J00010" (!?.'.> 11 8(JCQ8030" u.:ioM(J6.:i30 J.'.>do&.:ic::?o·
5. 01() JP18d.:i6o.:. CQ.'.>'ao6.:i6uoo.:i'bo (uo85o<aou 30CQ.:iu01.:i6 oou.:io.:i8ouP1oou)
8o01P1CQU, MP10 f'JM a?""<ao6.:i6unou 000 8ou 8o8CQo6.:iM0 .:id&o3nou?
b. 'bf'l 000M010 JP183.:i6o.:i .:.<ao6.:i6unou 01.:i3ou 8(JCQ803 u00M(J6.:i3 JO:.do&.:ic::?u 8P1Jl!:?D3"a?o.:i6o
3"!!:?CQ[JO(Jc::?30[J0001 (JP18[JM(30(Jc::?O <a.:iu0060 CQ.'.> 8P1J!!:?D3"CQo.:i6o 3DDUDc::?Doou
0 08f'lo300001 ). .:.buo6001 08 o"a?"Ol:J3o&oc::?noou 'hno"3!!:?36" .:.8 JP183.:i6onoou 8P18 0 o-
oo.:i6f'lo.:.'hn CQ.'.> MOUJ'b[J.
7. CQ0:.3()03001, Mf'J8 JP18-°3.:i6o.:i "<ao6.:.6unou 8ou un'hf'l6(JM (CQMP1[)0001) 808CQ060Mn .:id&o33ou
0Md[J!!:?3.:.a?o.:i6o '8P16CQ[J0001. M.:i .:iMou 08 0.:iCQ.:.Ol:J3D&oc::?noou 'hno"3c::?o6.:i .:.8 JP18.'3.:i6oou
8f'l8 00 0006f'Jo.:i'hn CQ" MOUJ'ho?
8. MP18 8o8CQo6.:iM[J .:id&o30001.:i6 01.:i68bc::?ooo MOUJo 8(30MCQ[JOO:. 808(!?06.:iM[J
.:id&o3ooou 0 .:.'bMCQOc::?o CQP16[J[J0001 • .'.>Mou 01() .'.>M.'.> l:JP13[)!!:?013ou [JU 3.:iM.'.>(J(QO 'h(Ju&o 808CQ-
06.:.M3 .:id&o3noou l:J3Dl!:?" CQP16ou013ou - 0.:i6u.'.>J(J01M[J0001, JP18.'3.:.6oou013ou u.:.&oMf'l 8o8CQ-
o6.:iM[J .:id&o3noou d.:ic::?o.:i6 CQP16ou013ou? .:ibu36001.
9. C,Md[Jc::?3"CQ0.'.>6 JM[JCQO&no'b3 dMP1(3[]68(Jc::?O c,.:i6.'.>J3[)01[JOO (QMP10U 8ob3CQ3001 CQ.'.>O.'.>c::?O.'.>
8P1Jl!:?D3"CQ0.'.>6o JM[JCQO&noou dMP16Go68()!!:? c,.:i6.'.>J3[]01[)001.'.>6 O[J(Q.'.>M[J0001. [JU o3[J(J06[JO.'.>,
MP18 8P1Jc::?D3"CQ0.'.>6o CQO:.<ao6.:i6uno.:i ()'8MP1 d30M00. d.:ic::?006 CQ.'.>00:.c::?O dMP1(3368()c::?O
0.:i6.:iJ30 01 3oou .:iMunof'loou.:iu 0 Mdoc::?3"a?o.:i6 JMDCQo&no'hn JP183.:i6o.:i8 (J6CQ.:i CQM<ao6.:i6uP1u
01() .:iM.:i 01.:i3ouo 8P101bP136000 801!!:?006.:iCQ 0Md[J!!:?3"a?o.:i6o 3"c::?CQ[JO(Jc::?Doo01?
10. MO:. 30010M30.:ioo 'hMCQOU JP18d.:i6oou MOUJU 3"c::?CQ[JO(Jc::?D0[JOOU uo85o<aou 3.:iCQOU O[J8(30M[JO.'.>?
M.:i&f'l8 .:i8GoMnou .:.8 MOUJU JP183.:i6onoou .:id&o3noou c::?OJ30CQ()Mf'loou 'bMCQ.:i?
11. MP1 0 f'lMo CQ.'.>J.'.>300M[JO(Jc::?O U.'.>OM(J6.:i30 JO:.do&.'.>c::?OU d.:ic::?o.:i6
CQP16[JU01.'.>6? d.:ic::?o.:i6 CQO:.O.'.>c::? CQP16[Ju01.:i6?
12. MP1 0 P1M bCQ[JO.:i (JU.'.><aM01bf'l[]Oou 8.:iMtiou (J'bM(J63[Jc::?l:JP1'8" u.:ioM(J6.:i30 J.:i.'30&.:.c::?ou
80M013.:ioo?

. JP183.:i6o.:iu Zzzz Worst .:i8ti.:i8.:.CQ .:id3u 3.2 8!!:?6$ 801!!:?0060 .:id&o3000, MP18[Jc::?00(3 808(!?06.:iM[J
.:id&o3000 030CQ0 36u 2.02 8!!:?6$-u. 0.'.>l:JOCQ3[JOo .'.>Mou Oc::?O(JMO:.CQ 10 8c::?6$ (!?.'.> CQO:.O[J 0 3M08CQ[J
0806(.Q.:i 8P1 03oou 8.:iMtJ" (JP183.:i6o.:i .:i8ti.:i8.:iCQ .:iM .:i&.:iMnou .:.M.:i6.:ioM -°3MP1(336&o.:i6 3.:ic::?u)
.'.>MOU 12%. J3!!:?"3 (!?.'.> J3!!:?"3 0.'.>M8f'lOf'l00c::?O d(Y)&n6oo(JMO 'a()c::?OU CQ.'.>J.'.>MC,3ou
u.:.<aM01b330001, CQ.'.>JM[JCQo&noou d.:ic::?o.:i6 8J.:i(3Mo dP1c::?o&oJ001 CQ" (J'b.:iM8.:i'b.:iMo 8.:.M.:i0 00001
JP18-°3.:i6o.:i 0.:i6oboc::?.:i3u 808(!?06.:iM[J .:.d&o3noou CQP16[J[]OU, MP10 f'lM(3 O(J<a3M(Jc::?
U.'.>O(J.'.>c::?[JO.'.>U .'.>M.'.>U.'.>U(JM3[Jc::?O 8CQc,P18.'.>M[Jf'lOOU 8P1(3[]8()!!:? U08().'.>(30.'.>00
CQ.'.>O.'.>c::?o 0,2 8!!:?6$-ou 6.:io3c::?"a? o03 0 8oo.:i u.:.0M(J6.:i30 J.'.>do&.:ic::?ou 0003.:i 0,5 a?" 0,8 8!!:?6$-ou
CQP16[]'b[J. u.:.OM(J6.:i30 J.'.>do&.:ic::?ou 'hMCQ.'.> CQ.'.><ao6.:i6uCQ[JO.'.> .:.b.:ic::?o u.:i.:idooP1 J.'.>-°30&0!!:?001.

228
 c/'6G0 801c::;o060 0j@Jo30G OM(J630, 063oli@J0Go0 'ho 801 0 000 0 0CQ0li0b0cr:oooli
c,0CQ0bCQ08Q:?o Q'.?0 5806(!:?0 801c,oooli 80MtP c,0CQ0li0b0CQ08Q:?o 808(!:?060(;)0 0j@Jo3000G G080
0c::;@JoM6.:i@Jo()c::;o CQ0160000G 8oboCQ3001.
01() 808CQ060r;)o 0j@Jo 30 ooli 0b0c::;o 'br;)CQ0 CQ"'l30606l>Q:?oo0 0r;)doc::;30CQ0060 30c::;o01 15%-
0060 c,060,33001001, M0 oj6000 08 01MO 0b0c::;r .301c::;o@JOJOG (Q000C,3M08Q:?o dM01(306@J(JC:::O
,,b0M:l(;o"?

. J01M.301M0Go0G Anderson (r;)018c::;oli CQ0'130606lioooli OM010CQOM010 OtJ0M01 0(i')ol.i 0jGooooG

0 08010 30 00) 0j 3G 280,000$ 8 0tioCQ 30 ooG Q'.?016 0 10%-0060 801 00 001.i 80M'iJ001 .3(Y)01 8 o6@Joooli
Q'.?0 0 0CQ0li0b0Q:?oooli c,0CQ0bCQ08CQO· 0 0tioCQ3000G 08 801G()c:::>0100G J018.30600
060(i')8()60oli 100,000$-oli '13ojl.io(i')oo()c::;o 0j@Jo30G 063oli@Jo(.300G. 08'(]080(!:?, J018.30600
o6.:i(Y)8()6ooli 50,000$-G 808CQ060r;)o 0j@Jo30000.
801c::;o060 0j@Jo3000G 0M()630 J018.30600G0130G Q'.?0 0 080100130c::;o01 801 00-
ooli 0 060J30010 801c::;o06 0j@Jo3oo'ho 0 0CQ0li0b0CQ0008CQO·
0 0801006 0 0M0Clo01 0d00 30 o'h 0 801 00 001.i 0 060J 3o010 Q'.?0ooc,3(i')08Q:?o 808CQ060(i')o 0j@Jo 3o-
ooli Gb30CQ0lib30 CQ016ooo'ho CQ00tJOO(JC:::o 10,000$-Q'.?06 15,000$ 'bMCQ001 100,000$-8CQO·
fr (i}0 0Moli 6.:ic,()c::;olib8 030 00tJoCQ3000G Cloli0boo o Jo01b30Clo? o Jn01b30CQ06 008018CQ06.:i(i}o,
000'130Go01 08 30M0(JQ:?oli 860Cl36oc::;0100 G00M(J6030 J0.3o@J0c::;oli 801G()c:::>0100G
0 06G0 .301c::;o@JoJ0G0106 o(i}010CQ, M018oc::;oG 00'bMQ:?oli 801 0 0001.i 801c::;o06 0j@Jo30-
o'ho, M01 0 01M(.3 0 080106 0 0(i}0Cloo()c::;o0 o 605oc::;oo.
2. J01M.301M0(.3008 Malkiel Clo0Q:?c,06.:i 0j@Jo3000G oolitioCQ3ou 80880 Clo8Q:?o8o G080 5c::;oli0130G,
M01 0 01MG 6083060000 d3o80101 801Go8()c::; (.3bMoc::;Clo. 806 (i'\018 JMOQ:?o@J01M(Jc:::>o
30c::;CQOO(JC:::OO:JOO (!:?0 CQ060M0(.3booo 00tJ:JO:J6 G00M(J6030 J0do@J0c::;oli 8oli080Q:?oli d:JQ:?o:J60G.
801Go8(Jc::; 801806@>00 J018.30600G 0 0015600 50 8c::;6$ G00j(.3001 J0.3o@J0c::;o, CQ060(i')8060 CQ0'130-
606lioo0 JO b01MGooc::;Q:?oo0 0(i}d 0c::; 30CQ0060 30c::;CQ:JO(Jc:::>ooo01. 801 00 00 Clo0CQ 0 o6G 1 8c::;6$-G
J30M@J0c::;oo.

00@00000 00@00000

3/31/X l (08tp80Q?) $50 $21

6/30/XI 51 30
9/30/XI 52 25
12/31/Xl 53 21
3/31/X2 54 22
6/30/X2 55 31
9/30/X2 56 26
12/31/X2 57 22
3/31/X3 58 23
6/30/X3 59 32
9/30/X3 60 27
12/31/X3 61 23

0 003c::;o01 (i) '13ojl.i0Mo(Jc:::>o 0j@Jo3000G CQM010G b0'bo Q'.?0 (ii) 801c::;o060 0j@Jo3000G b0'bo
(c,0801Jc:::>OO(JC:::O G.3016@J06(JMO (Q0'130606GoooG 0106booo\; JM:J(QO@J01M(JC:::O 30c::;Q:?o-
O(JC:::0000001 Q'.?0 CQ060(i}0Gbooo01).
d00CQ()06001 0j@Jo3000G dOUtJOQ'.?3000U (Q0'130606Goooli 00080 800101(!'.?'ho
(Go85o'BoG 30CQ0G0106 Cloli<>o080G0100G) Q'.?<'>'(3(Jd600001.
J018.3<>6ooG Mendez Metal Specialties G0j801>60101>G <>j3G Go'h016(JM0 b1>uo<>010. o0 o li0Gb(J-
c::;010G Go60M0C:::(JMO Oi>6JO(Q06 Ui>JMO(QO@J01 b1>'bo01 1%-01>60 dM1>080G o06i>J3001001. 8olio
801c::;o1>60 0j6030G 80101b0136000 0bc::;0 (5c::;oli 001c::;01G) (!:?0 8018030c::;o 5c::;oli0130G 8of56o(JC:::O
80101b0136000 <>Moli Clo8Q:?o8o (8oc::;o01600Clo):

229
 --··---·---------
1-!!:';'0 8::J-2 8::J-3 8::J-4
.)bl!:';'.) J301">80!!:';'0 J301">80!!:';'0 J306'80!!:';'0 J306'80!!:';'0
------·----
<>d8o3ob a(Y){Jlbrri36:JOO $4.5 $4.8 $5.5 $5.9 $5.0

CQ03()Cl30m, Mf'18 006803c::ifYlo0Clo :JU 8f'1mbf'1360 .:ic'i Cl::ioG3c::>:J00. 8cYl(3:J8()c::>

8f'18:J68Clo Jf'18.30600 'Bc::'f'10U 4,5 8c::i6$ u00doof'1 J0.30@>0c::iu Q2080@>::io'(Jc::io 06id::ic::i30Q20060
30c::i!:Q:JO(Jc::>:J00 CQ0 CQ0808:JO(Jc::>o 808!!/ofoc'i:J 30c::>U?:JO(Jc::>:JO:Joou 8()(!28030 Jf'18.3f'16:J6@>o6o.
8m::ic::io 08 oc::iou 006803c::if'160Clo ou
m06b0 6if)::i60 (JG3c::>:Jc::in.
8f'1(3:J8(.Jc::> 8f'18:J68Clo u0<'1 0:J6c::iou 0060J3::imo 06iou 11% (!20 JcYl8.30600 06i :Jc::'f'1Q2:J00
G3c::ioc::io60u 08 0 060J3::imClo Cl:J8!!/:Jon oc::ioum3ou. ,.8o6Q2:J'b 80@>0c::i u.'3::iG00c::i<§ou" Jf'18.'30600
0u::i3:J 0 06oboc::i03u u0Cl(J0c::'f'130C!'..?0060 30c::iou 0 0o::i80u 13.5% 0060J3::imom. 08.:ium.)6
CQ0J03Cloc'io6om, u080 0c::i<§:Jc'ifo<§o()c::io UOCQOQ2:J: 6(Jc::if'13060, 500,000$ (!20 1
8c::i6$. !!?0cao606uooou 83:Jc::i0 CQ0800::ioomo 8cYlmbfYl3fo CQ00'006i::i60 Jr'18.306ooum3ou 0 .:ibu-
u0006Jf'1 u0JM:JCQO<§f'1 b0'bnm.
0. 0 063u0'bc;>36iom 'B(Jc::'ou uoub::ioou 8mc::io060 b06ifeooo 8f'1Jc::'iJ301Qo060 Q20 u0Cl()0c::if'1-
3<>CQ0060 30c::iCQ:JO(Jc::>iJOoum3ou 08 u080 0c::i<§:Jc'i60@>03ou 8ob:JQ23om 8fYl8030c::io oc::ioum3nu
(CQ03()Cl30m, Mf'18 06i 06iou G3c::'Oc::'iJOi)Oo 808C!'..?060<'10 30c::>Q2:JO(Jc::':JO:JOClo u::iub::i6ou
00c'iQ20). Mf'18:Jc::io 0c::i@>:Jc'i60<§030 od6::io0 60Jc::>:JO b06ifeo060?
o. 08u0b(JM:JOU m(J 0<'10 f13::i60 1J(JM0CQc;>:JOou 0 080b3oc::i::io.:iu 6i.:io8::i ub30 U.:>Jombou
006obc::i30, O:J8f'1m030 'bJO(Jc::>O CQ06.:ib.:ic'ifeiJOOU C!;?f'16ou 0 .:>MQ20?

1. ,jf'l!!:';'080J0
01">1.>::JoiJc:o;>O 2 3
8"::JOU!31JOo $10.0 $10.0 SIO.O
EBIT 1.2 1.2 1.2
<>d8o31J°" 3.2 3.5 3.8

1>j&>30l> 3.125 2.857 2.632

<>a&i3'bo 37.5% 34.3% 32.6%
aM800oG 12.0% 12.0% 12.0%

()0CQ0u0b0C!;?08CQ:J 0806!!/0 8M 0:JOou 8.:ic'i'i'.10 .:ic'iou (JG3c::':Jc::'o, <11.:i(Q 0.:i6 00tjOC!;?3:JOo U?"
8f'1 0 :J60 dMf'1G:J6<§.:i8U?iJ !!?" 0 0U?0u.:ib0CQ3008U?:J (EBIT) 06iou o0 03:J, 80(.Jb:JCQ030U?
0 08f'11j:J6:JO(Jc::'O c::>OJ30CQ(JMf'10oU df'1c::'o@>odou.:i.
o.
2 3
$300,000 $600,000
45,000 90,000

808CQ0606io 0d<§o3ooou 'bc'i(Qou Cl<"'Bo606uooou ,.b.:ic'ifeo" Cl::i8Go<llCQi)OMCQ0 m.:i6bom, 6if'18-

c::iou 0 08f'18()Cl03000 Cl::iu0dc::i::iooc::io ouf'1 60c;>CQ0 'B(Jc::>oli 6ooou8ooc'io 063::iu<§0Goou
'l>c'i(Q0 "bn 8f'18():J0006 'B0uo06 d.:ic;>0c::'(Qi)OOO. 0U:J3:J, C!;?l>JM:JC!;?O<§:JOOU 8:J<§0C!;? 6i6oc::i
doMf'100U O:JU0dc::'f'10 008f'1:J0300 0 0'bc'ie!;?oc::'o 0 0t1nCQ3300 CQ0 8f'1 0 [.J00. U?"'Bo606b:JOOU
b06ifeo 8(Q 0 f'180<ll:Jf'16u 08.:iClo, MM8 Jf'18.3.:i6oou u0uoubf'1 df'1<§:J6Go.:ic::io
0 08f'10tj:J6:J60 808U?o60<lln 0d<§o3::i6oli 0 0'bc'iCQoc::io C!;?0'Bn606li::iooli CQfYl6iJ:JOoli 83Cl3:Jf'16om
::i1'1m0CQ.

230

Gamble, Richard FL "The Long and Short of Debt."
Business Finance 8 (October 2002), 25-28.
Gilmer, R. H., Jr. "The Optimal Level of Liquid Assets:
An Empirical Test." Financial Management 14 (Winter
1985), 39-43.
Hawawini, Gabriel, Claude Viallet, and Ashok Vora.
"Industry Influence on Corporate Working Capital
Decisions.'' Sloan !vfanagement Review 27 (Summer
1986), l 5-24.
Hill, Ned C., and William L. Sartoris. Short-Term Financial
Management, 3rd ed. Englewood Cliffs, NJ: Prentice
Hall, 1995.
Maness, Terry S., and John T. Zietlow. Short-Term
Financial Management, 2nd ed. Cincinnati, OH: South-
Western, 2002.
Morris, James R. "The Role of Cash Balances in Firm
Valuation." Joumal of Financial and Quantitative
Analysis !8 (December 1983), 533-546.
Petty, J. William, and David F. Scott. "The Analysis of
8.
Corporate Liquidity." Journal of Economics and
Business 32 (Spring-Summer 1980), 206-218.
Sartoris, Willian L., and Ned C. Hill. "A Generalized Cash
Flow Approach to Short-Term Financial Decisions."
Journal of Finance 38 (May 1983), 349-360.
Van Horne, James C. "A Risk-Return Analysis of a Firm's
Working-Capital Position." Engineering Economist 14
(Winter 1969), 71-89.
Viscione, Jerry A. "How Long Should You Borrow Short
Term?" Harvard Business Review (March-April 1986),
20-24.
Walker, Ernest W. "Towards a Theory of Working Capital."
Engineering Economist 9 (January-February 1964),
21-35.
Part IV of the text's web site, Wachowicz's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
231
6oc;fQo 'll':.?i::.?ob '?.11!.?{l'}oou 08 m030G '8abo....3c::;inb oa8u;ia& mj306
6"'c;fQo '?J()i::.?ol> .:,8('1')c;ooob fQ<">Bd.:>Moo.:i u;ic. 0bb60cn 60c::;CQ0
oa 0 t'fi01 3ao0 ( 08Mc:;oo0} .. 1.>0006JM oob 8(')803300.
M.3at'fi0 8 006ob Jf06oa6e610 8 00
000 0(')01 foc::;IQo :J't3:Jd80060
'?J'Vc:.?.:ifQo &<>fQ<>bfQooob Cl-::i-6-o-i::.?-o-o-<> 8ob 8o'b.::i5o.
<Tl080d0 " 060 06\oCJbtrMMlJOO\.i
" CQ<> 0c:;oal'101cn 0801-
060.::itYioClbcMM(Ji'><> c:;aoob i!?"fld0<'1aorib 8ncn(Y)crwoo CQ0 Goqi:i;:o 'B'Zl-
iQ06ob0<'1sr,n6ob 8acn"'iQ::J6n.
JM8oMoo.:..
8(Y)fooo8ao 0b " 3060bb303M01 IQ<>
8(Y)fooa8a6ob 00iQO CQ050b0<'1sr,n60 CQ0 08 MMO 83-
CQ<:i60b0615i:aoo '1;'" 8f'l0 o6.:. 0iM(QO(Q0b :J010J(JMO b0Jombnoo.

8'>MQMOb()MboM:JOo (boooM8MP1 80160oa8aoob

'?J'V6dGoaoob bb:,p'bn o"'fQ"'GnBo) (EDI) iQ0 0 0<'13<'1ab'ZJ6lbo61300,
'ZJJ<>3CloP'lCQao0 J(Y)8.306onb
6oc;fQo <?3'Vi::.?ob ooi::.?o6bob Cl::i60Mf1()6000 .:i801c;n6.:iG CQ" 80CQ0b{l'.wob.
b00(')8.306b00001 up bocs<>b(J(Y)o
iJ?""CQC,05(Y)m 801.:i3.:ifilo
(JbCQ.:> od5nb <(plm.:i5o
'tj<>bo060 onbtinCQ308CQ[);
b,:,80 bo 0 80680 ..
'13C>bo060 CJ:JMfl::J30\.i0b & 3.:i6b.:i'bq3PS01cn 60'b61ob 06beM(J-
oo'btYiob 06b8<'1()8n68aoo .. 930bo060 836i!lJnoo, tl1M8c::;i;:ioo 8 'ba aae"Cl? 'Zl5CQ.:i
U?OC>OG Cla<'11lo3<> 'tj.:>lm.:>60
8a5osr,a6l80 063abe>o<'1ooob.:ib •
Mo'bo'Vao
.:ic:;flotl'i(')cn <(3.:>bo060
Jomb3300 b080 b::io836<§0 cr:.:i 0c:;6006(Y)cn
m3om1J[)l(j<'>Bf)OOU OOlTJf:i.<>O!lOO cs0bo.:>60 d[)i)b.:>00800.:>
(J<(lMM 8n0"1.l? .::i8 b308360b Cl?"' tYi.:i@_irr18.

J;;,.:>3& it::JiJlfb, oP1 0P1ob JoP1f!p 8,:,afii.:ifJ

- '86i06GOG oOJP160

233
 '6_'.)J)U)
-@c.'JC":>.'J6c-
-s I
lDSJCc
I .I') :'.:!'.)
I /)-. /) h 6 C \E' '6_:)_:)1 .I') Cl' c::>CCE.f• CJ
0
C":> CO..DCrQc. c ,, €fr0 '-'r0 r0 rg,co c 2,c €f8t er f(,.g'IE ""
€f._:::i..:::>c;w '-'co -o '-' er '"' '"' w ,, co o\E r0 ,, w f)w '? r0 co r0 E .o '-' ,, cr- '-' El.£> ,, ..:::> El El E _:::i
6 Q..:::> ,, c
er '? .,, c €f f)efc-rg,.of w ..:::> '"'w s:i c s '-' '"'_'.) w er <':,) w c o t-3 ,, co ,, t-3 '""" o<-:> ,.,
_'.)"
c C":> ,,c rO,, SJ oc er& ,,.£> 'IE C":> c _:::i f) c El<€! '-'..:::> -o 6 .o et E
c QlD QlD c ,,
__, .£) ::;;; cO :r:i
E 'IE,,c;t.1,,c E c oc ett €f r0 E ..:::> f, et .o f) 2 .o t.g - ,, c0 c ;51 c ettg 8
2 2<-:> c ,, '-' E f, €f co ".) <€! lD 15 '-5.l -t!J -D w €f\E El "'=> f) E co c t.1 E co SJ O\E c. et c0 etFO a..:::> ,,
C":> etFO \E 0 C":> f) .'J _,, "'rO €J' -2.-..:::> f) _,, 6 _3 _., p';', ".> 0 CO C Ge§ ef 0 E
J'j lD co \£ rO FO
COQE Q
E
co 6 lD - §' 2 S° s er -3 E E C'.'">lD lD CA Q
co-D 0 ''-'w E'IE SJ ..:::>
_'.) SJ\E Q
ef..:::>'IE
co _'.) l::.I 'IE c _'.) 'IE cP
f)f:l>1c
c
E C":> '? 6 cO g\E -g c g_:::i rO _'.) FO '£'IEE..:::> 6 c FO Q €f c ,, __, ,, rO c E 6 '" c l::.I rO cO " c.
etrO
c:>
E€f c _:::iEJ';)SJSJc
"Joe ..:::> w co '-' E rO 'IE ClC 2,
.2 f) c- 6 !'Of) rO c'IE_:::i,,,,';5 _'.) E er
c co El-g s .£) .o ,.g
rO E %..:::> et\E E €f SJ Q
5f ,, c:>W €f
€f c: w -75 <€! er SJ er ,, ;;:'\£ 6 'IE
s ji E
w'-'s-'-'EJi_:::i
er er ,, cO ".>CfO.'J
c (9.'J..:::>
Er0
co Q
E
_'.)
'1£SJc':5'1Ec€
Q f)rO c0to
J
€f c ,, r0 EI co ';:? o
C":>£
E 2C, w SJ 'IE c w p €f g, €f c _:::i c.{5 'IE et 2;
c;cw _:::it.DE \Ee-:> Q SJ Q _:::>C f) 6 !:£. E SJ 6 eti:E 'IE ,J] . w C":> <€! c - c c:> 0 Er 'IE E co SJ..:::>
'°.orOC
e>.
0
er€J'EcEG\E
C":>'"D\E er C":> ,, ".) f:t '-'\E
?! E1
i2 f) ;;sit.g ".) -3 SJ2 6 EI\Er0_:::i,,
° s: EI FO co 2 '"' er '? <€! c '?
p5f,, fJ'f:,,,,, t
c : c rg, ,, c Uro
6 cfJ \E;:)rO\E?jJ.o-" c: :r:iLO- -n
fJ55°': er FO er_'.) rO f:t nt 6 \£ ".) _'.) l::.I c-:>lD ,, _'.) ._g
,, ,, ,, ""'
f)_'.) er €foe c ,, _:::i CO C CO . "' >c. rO ".>
()
E ' - ' w _:::i a..§':, c:>_:::i El ,, c: l::.I £5 .o r0 '-5.l c c c0 s:i ,, ,, w ,, er j?w <€! c J'j _'.) SJ §
%1: cP '-'co ,,
J'j
_,, €J' _5 C EJ' SJ -..:::> ef'g, .'J C ,, FO 2 c:> EJ'CO C c
,,_:::ifJcef,,w.
co c
c rO c J';l ,,
'J
s ,,
c
c FO
QJ';l c _'.)
&..:::>cow
c lD ,,
co - ".) cO

Geo
\E -
r -g
f) ('.) .'J 2,
rO c
er
-g s ,, _"'.) ?:i'-5.l
IP_::> 2f (9FO €f
w
".> r0 EJ)S \E _,, tD
l::.I
SJ..:::> c C":> .0 -g
GFO _:::> 6
c SJ..:::> FO -D ,, 6 [(
<€! s:i u::::- :=;, ,, <€! -g El er c _'.) er s:i
'"D SJ :r:i
c:> w c E c c
c:.< ..:::> _:::i co f) .'J \£ _,,
r0 6 ,, SJ..:::>
SJ
,,-
EJ er
f) c:t
'ji
;;:
":l
:::
<€! '-' i:' E ,, ':5 <€! rg,
J'j 6 l::.I .£) '"D co f, 6 _'.)
,, "-'rO c
J'j
_:::i'-'
;g
3'1E 'IE 2'_3 ,:3 2 ".)
E'-',,'IEcc-_:::ir0
w
.')f, ,,
c "' r0 ,, p
er r0Q _'c.) 'IEC. 'IEQ CO SJ
SJ g, -3.. ;;:' \E rQ... ..:::> c o c c0 c c :=;, 6 SJ w
Q CA w Q " 6 LO ' " lD '" r0 Cl .,.,
E '-'£ _:::i w 6 '-'et _'.) f) '-'r0 El c er'IE ".) 'IE -0 ".) "'- Q ?\,..:::>
c <':,) f:t c co ".) rO c. c _'.) E c r0 '-' P-o E f) €f,,"" c;.i,,
fJ
t.1\E err0 SJ cw ..:::> ,, 'IE
..:::> '?E c ,,6r0 SJ€! ..:::>C\Ec:>
c 0 c C":> r0 er l::.I -g _'.) SJ 2 €f r0 f, s fJEfUfJ\E 0
p'-'er1 e?c SJ '?er cw,,
c
r0
rO Q
g,,E.l_:::iEI
Q,,
rO ,, J'j c
E\Ec;c€!
Ee
lD :r:i '-'co ,.g er C":>
rO:r:i ,,t.1SJc:>t.1
El f) co c ,, ,, c <€! er er
cP El rO lD ,., El
""'-" _:::i .£) fJw '"
,, c lD ".> ,., c0"" ,,-'-5.l 2,
c. a c rO '? <-:> G\E
sr EJ c: t-3 c0 E
E
g-g ,,- c \£ 2, 2, 4., €f o-o E 2 _'.) €f _'.) Q_:::i 2 _'.) c5 SJ -g P ,, ..:::> '-' 8'1E .o SJ.2 !:£.'IE E ..§':,& C":> O ,, c ot..0 c ..:::> co
c _'.) \£ <€!('.. c 6 lD co'-' -oc Ecc-c
<€! c C":>""Q c co ,, SJJ'j 'IE co -nFO ".> _:::> .£> r0 C. f:t CV C c u-n15._glD _w c ".)cc Sf et;t?SJc
'"D co El ,, €f lD \£ c E '-'_:::i .'J _:::> ".> 6 QCO l::.I a ef '-5.l :;?t.8 ..:::> ,, E j?,, 6 er2 _3 J'j _:::i c§ r0 'IE ;c-,
-g '? c _:::> - c:> SJ lD QCO ;?, Ef ..2
,, E o;; '-' f) gc.{5 €f .. _'.) rO • ,:3 FO 'IE c-:>FO E l::.I ,, J'j -n,, '?r0 rO c El E ..:::> '-' _ _:::i ,, c:> c:> E f) c ,, t.1 ,, r:,co
E w o '-'r0 ,, '? c o 6 c c <€! [(SJ '-'tE r0 ,, c t.1 ,, "'-
Q\E
\£ ..:::> \£
J'j lD ,, SJoc ..:::> SJ § 2, '-'rci c J? ,,SJ .£)E -:gf:t 'IE SJw co '-' c
f, "'=> g f? El ..::i t.8 E '-' tr'-5.l -:g f)w i )5' g')5
:::
i.w
,, cg ,, lD c _'.) f ,w
f)
SJrg, €f;;; 2 r0
c .£) • 6
\£ c:> ,, c ;?, _'.) 6 l::.I _'.)- _'.) rO
f)_:::i
rO SJ t.1_.:..0C <€! s.,,, _'.) rO ".) \£ er _'.) g c c co 0 co co lD -6
E
lD c. cO c efrO l::.I ,,
c '? -" er El 2 f) ,.g Cef".l\EC '"';?er
.or0t.1f)Ef),,co
f
2 .. co SJ._g cg 2 c 3 j, e{ E E :;g 5;"
c. w w 0 ,, .o co :r:i ,, o o E co r:, c '? c .o "" _:::i
J'j 1 SJ E ..:::> oc 6 f FO
::;
c)
er_'.) cco,, f)SJ'-' u co ,, c. cP _:::i
cg c'Ec5w..:::> Elto co J'j t
€f f: ( _'.) ,c- ,, c _'.) c ,, 6 ,.,..,
f) l::.I rO ""co C":> c efJ';l
-005\Et.1 Q Q Q et €f c €f El'° _'.) ,,
cO'
'IE ,, 2 w .£) c0 r:, ,, er c c '? ,, l::.I er _
[( rO c:> Q l::.I co E <€!
s- ,, o :r:i c: er 2 -;:;>"'@co_'.) 2 c C":>,, er\E
,, SJ El ,, E .....
c ;g, c: s SJ f) c
c CA cO c lD
o et'IE c o o
c :g
Q
er ere: .£) '-5.l i-
6 FO C
Q _'.) <€!\£
g, :r;i Q E/CO
c cP t-3 ,:3
w E SJ <-:>cg et .. .,., <€! f) .o E 15
-g _'.) 5? '?_:::> oc c. w c ,, E SJW '?_:::i 0C":>
··\E'-'<':>'-'co ..:::> Ge:>
LO _'.) E c. c FO El
c 2tr'-5.l erw\E
Q c€JlD c:> C":> ,, _'.) ".) L1;' E QCO _'.) ,, Q [( _'.)
c ,0
e
':5 5;.., f_r c:> c:>
'J
€f '?_'.) C":> ,, rO Q 2, c c..:::>_:::i_:::i FO ':5 15 _:::i c cO E SJ£!
a, c er c C":> . ,,
§
15-g fJE1£f g6\E -Dc-DEf) ,0 .o- cC":> -_, E a €f Elw -n_:::i ..:::> tE f)..:::> c0\E 2, 6 ,.8 ,, £ g ,, "'@ "?t.g E r0- tr 75' o t t.b" Ci;!
'"' cP
c<':,)"" cP c-.-D _'.)
lD ,, c _'.) c g '-'_:::>
_'.) ,, ,,
E <€!
c SJ ...Werco.2
wc;w :r:lc Ji ,, - c _'.) rO lD co f ( 6 2'2,
6
U
SJJ
,, & ,,
'C..
';:? 6 'IEC')r0Q ".)El 2C,r0
CA_'.) _'.) Q
c 55· G-nw E -D FO ,, c
Q _'C .) lD ,$5 ccQ <€! \EO_:::iC 15 .£>G,:3 'C. '<- Q\E
E C":> c0 ,, 'IE E E · I er
"
c
JJ
!'.J-:-
cc,_
'?1 g _gco
wcofJEE/ fl::.I( ,,
ef_:::i\Ec c:>cEt.1..:::>_:::i
f)\E €f €f '? f) c c ,, El SJ-c co srt.8 £'IE 2t.8 f) c0 s .o -6 f) c0 SJj? er-"
Er
'
z
w ,, <':,) , , er co 2C, w
G..:::> c cOco ,, co c ,, 6 ':5 t-3 cO
rO
c ,, c c:> ,, C":> ._g ,, 5j
et <-:>.:3
c ,, ..:::> 8r,, co [( E c E "'@
.o <-:>_5 c ,, J'j o-g 'IE r0 \£ t.8 '"'-g er'IE ,, e?'-5.l c:
E t.g r0 ,, ,:3 i:: <::..
<
c2 ,:3 '? c cO_:::i f) CA Oo-Dw c
c..:::>.'J .'Jc 6et€fcc:>,,
r0'1E ,,
,, \£ er 5; er er f, Q et..:::> c:>,, rO <' ot.8 .£) c co ...,.... .c
E ,, ,, FO <':,) f:t er s €f '"'rg, ;;f ,.8 -75 €1\E 'IE E grg, E g:> c. c:>rO -_,
E.fw f?
o• f)..:::> ".> l::.I FO C
E.I 6 c SJr0 f? '-'..:::> 6 t r o t tr?£ tr 2 C":> et-n er
C":>J';l c. ,., ".> <€! E
-t:: "'·-
er f)6 JEcO c.{5,,SJ E€f ::]'-' ,, 'IE,, cet
01
C lD G\E C rO .'J l::.I '-'2cO ,c- '-'..:::> '-'t:.8 Sf ,, 0 f) E 'IE t [( 2 fJ-@ '? c ".) ,, _'.) E SS C":>
%,,'IE rO lD cP rg,_'.) 15 €f f)'c ;::: '
,, ,.g t-3 cO 2 er \£ o• €f,,r0 ';? f) ,, J'j
>·..c
'.,"j
()
6'-'c'-'s€fc:& co c c f ) c. rO c0 _:::> >c. c0CO <"lLO ..:::> r0 <g WE.1_3 EJ _SJ5 cJ?U,,-g_3 6w § c-'EJ? /.': 6
w..:::>-Dw w ,, '"' ,, '''IE c <':,) , , , , f) c er c er r:, c cP C":> tr tr'° r0
w
,, er er c
COCO'?uc;u
c0 Ct
c:_gs_g,, 6 II CO C":> EJ' t cO d '-'tE ;?W lD Qc€) Ef ef Ef 6
r:,
6 .'J <g f) f) [{ c:> 5
c co
to E COc FO
'-' ..:::>
,, '"D'C.
,, '"' lD
,, 2C,c\E cco § c '? u er.2 SJc-5 SJ SJ2 1
0
.....,
;.;:
-<i
u
J;,,
LO "
(")
N

'1J(JC:::OU
a06o:ica 050 ol> l>ol>oaB>
e,>81JO\Q3JC:::Ob 8o[JM,
e,>(Q>(3QO(JC:::"
81JOQ/30c:'.'nbm3oli,
6\018::ic:::oe llooG03b
ond;:ionc:;n liojro6c:;ol> 1.1?>
8"'8bob()Mi)6ou <(J>bl> G?"
:O"IJ"\.1?30l> .'JoMMOJi'il>.
I I
I I
I I
I I
I I
I I
I I
I I
I I
I I
I I
I '\\ I
I I
I \ I
I \ I
I I I
I I I
I I I
I I I
I I I
I I
I 8r"cronoo>6o <(J>l>o>6o : I
I I
I 063ol>60G°" : I
I I I
I I I
I I I
tt
ob<eW>fi1•d>1:1ool> (!1MM(Jc:;>n 06 0 0610Cl 0oonm JM8:J0600l> <lo<;dc:::oo 860Cl36oc:::"'3"5o 008rol>030c:::n
?,>CQ»ba;>n6ob, '13CJc:::ol> 00c:::o6bol; G?" 8008 0 00006 <(J>l>o06 063::il>60Gnol> 'bcil>6n 806\m3nm.
bb3.:i1Q.:ibb3.:i .:i8MC'.?02mb !!?" o"C!?"bl:Qob 8omfYli:Q06o, <"irri8r:?o6b.:io Jrr>8.3.:i600 080606b 8obo 60C'.?C!?o
'[J(J!::?Ob 80603806001..i D'Bod0006M6ob 0"()83M6olio6obm3ob o<"imfY161::?03.:i(Q 0b!Qo606
'b 08 .:i 3r:?o60b 60C'.?tQO 'B()!::?ob a0603 8o60ob 8mr:?o06 o'l3od00.:i6M60'b 0. ob 6oo6.:i 3b, <"ifY18 Jrri8.30-
60.:i b0<"ic,06or:?b 060b.:i3b 6.:iC'.?tQO '[J(J!::?Ob 08Mc:?000b "tQ0fid0<"io6om" (QC> foc:?(QO '[J()\::?OO"l
o"'C!?"'btQo6ob ,,o- 0-6-o-r:?-o-o-o-m". JM8.3.:i600b b(J<"ib tQ00fid0<"irrib !!?o6o0M<"i(Jr:?O tQ.:i 30-
!::?o.:i50oob 08MC'.?060, 08obm3ob, MfY18 8.:ir:?o oodr:?Mb '[J()\::?Ob c,.:i8MiJ05000, (QC> .3o<"iodom, 80b
b(J<"ib 0 0tQ0ob01QMb JMO!Q00MM(Jr:?o 3"'!::?tQ06(Jr:?OOOoo M0(3 oood\::?060 0 30.:i5, <"i.:i81Q06.:i!Q0(3 8.:ib
08ob b0Cl(J01::?060b .:idr:?o3b Jrr>8.306oob b0JMOQ200M 8Q2 0 M8.:i<"ioM6ob oo5.::.<"ifi(J506.:i
8M8bM(QOOr:?OOm.:i5, <"i.:im0 0 0'b0M(QMb 80dbo8.:ir:?(JMO b.:i61 0 o6or:?o 08 50C'.?(QO '[J(J!::?O(Q.:>6,
&ifY18or:?oG 8M(308()!::? 8M8o6@>oo JM8.3.:i500b 0 0.:il5500. !:!2C'.?Db Q20Q2o 'bM8ob JM8.3.:i5oooob ()8000-
bM60 080606b 0.:i8M(3tQ01::? 0od5fY1\::?rrioo.::.b 'B()r:?ob 08fY1C'.?06ob Q2.:il5d0<'1ooobm3ob (Q"' 8"'Q2"'btQo-
oob 8J0(3M JM50MMr:?b 0fioboob. 8M(QO(J) c,063obo\::?fYlffi, MfYlC,fYlM 0Jomooo6 obo6o .:i80b .
.3o<"i301::?"tQ 15305 0 053obor:?.:i3cn '[J()!::?ob 08Mc:?Ooob (Q.:ifid.::.<"ioo.:ib, MM8or:?oG 8Mo(3.:i3b JM8-
.305oob 800<'1 C,0(Q0(Q()8()!::? fooo3oob dMM(Q(JJ(300b 06 8M8b0b(JMOOob (,C>iJO!Q301Q05 8M8b8.:i<'1o-
Or:?Ob fioJooob ooc,P1M306.:i8!:Qo !!?" b0bb61ooob JfY18.3.:i5oob 0600r1>oo'bo 0.:i6m.:i3bo6.:i8C!?D·
08MC'.?OOob .3MfY1(30bob CQC>i5JC>MJ6obm3oli 0.:i8MOIJJ6oo.:i oo8tQJ80 8omrr>CQ06o(Q06 OMmo 06 M08-
(Q05o8o or1>m0!:!2: ( 1) 05 0 06100-'tF'J0a"1nooG (06301obob) 8M8'b0C!?ooob !QC> o"'C!?"'o 'b;,35ob
tQ.:il5d;,r1>000; (2) 8M8b8;,r1lo6r:?ooob 0 ;,5 JM8.3;,6oobm30G 82'Q22'b(Qob fioJo6ob 0 2! 0'b.:i36nli
rr::.:il5d;,<'1oo2'; (!?2' (3) CQMrriob 00800<'1060, MM8r:?ob 0.:i682'3r:?Mo.:iCloo Jrr>8.32!5nob 800<'1 8oi:::oo(Jr:?O
!!?o6n0rrir1>(Jr:?O C!?.:i 3.:ir:?o.::.6 0o0oo <"ifioo" (JJM50<'1Mr:?M rarri6\!?oo.:i(Q.
b.:iJ0bl"'I 8oMr1>o U?"' 80G...,a 0 B(Jb!::?o 01'1mfY16!::?oo.:i\!? 5.:ir1>8f'10Cl?006G G.:iJ.:il>f'1 '?Jr:?M(J&b,
8m\::?o.:i6o (l?MfYl 8M8b8.:iM::JO\::?QOOU 8ooM fi::JJOb 0.:i 0 'b036.:ib.:i (!?<'> Jrr>8.3.:i5oob 8ooM 50f.C;(QO '?J(Jr:?Ob
8oi:::ooob Clob.:idr:?oor:?rrio.:ili OfY1Mob. (6.:ibocn b(JMC>mo 9.2). 8::Jrr>M::J 6000\::?G m030Gm0301:Q,
::JOfY1(QJ60 G.::.rarrib0fY1 'B!::?fY1()00, 06() (!?MP'), MfYl(Q::JU0(3 fioJo 0<'106 0'b.:iClo. 8ob080 8(Jbr:?b,
<"irri8or:?o(3 2>Mob tQ::Jdrri'bo&ob 'Br:?rr>(J0o, 0d3b rri<"io 0b.3od00 . .30<"1301::?0 0<"io6 Q?C>8()Cl03000G
235

U>J>bM '1Jc:;'M(J@JO {Q" 8ol>o
J"'3.3"'6o6cllloool> 0bl>60
(QMf'ldO
'IJCJc::'"{Qo 0106b3ool>
&>(Q>Moob30, 006l>0'b-
c:?3MCJc:;> (QMMl>, o"ll!"ab(Q[J"
c:;>ol> l»o.>6J"'
06301'1ollo(Q>6 308(".?3ool>
G0006J"' 06301'10Cl'b3,
&>(Q>Moob30 b"'l'ioo-
Dc::'C!!Do" 3"c::'(Q:JO(Jc:;>3ool>
l'io6ol>l'iol'io O(".?OOM[JOOU
l><>'1J(Jd33c:;>'b3.
236
JM8.3o6oo Jf'18.)0600U 006JO
8018b80liioooc::<o J"'8.30600 l'ioobo 3G'IJ';'Jc:;>l>
0 'bo36ol> fi3JG , 1. " 1. 06mo3l>3ol> l\3Jb
n3Ju ,JM3.3o6ool> 06301'10CJ'b3
l-------111>-I I I
I I I I
I I i'i<'i(J630: I O>Jc:;>n1"n6c/" 'i!Jc::'"''J@i'" (QMf'l, I
I
0
"\?1"'0G"' \?Jc::'"''JG 0' : JM8:l0600G013ol> l>ol!oMM (QMM : MM3c:;>ol> 0 06803c:;>Moollo :
8 0
: (QM"', """' 0c::' G I fi3Jnb dO(QO CQ>8(Jd>33ool.i013ob I 00fii8f'ljOU fi3Job o6J>U>GM (Q>I
I ob>MJ«:OO> fioJob I I I
: '1JMUcillom
000
'bo fo'bo : : o>CQ>bCQ> b0006JM bobeo8om :
3
I I I I
I llJ!JJM'boc3o& 'i!]c:;'M()G'" (QMM, Mf'lOc:;>ol> ao6803c:;>"'oooo JM8.3o6oob I
l l 8001'1 8oc:?oil'ZJc::>" &>CQ>bCQooo 1'11\o2» bobl>1'1ooo(Q. l
I I I
I I I
I I I
I ' I
I UOJ00(') Vc::'"'CJc!!>n: ol> oliiol> CQMM 8f'18b8ol'iooc:;>oool> 3oo1'1 l\oJOU o'fl 'bo36ol>0 (QO I
: JM8.3o6ool> 8001'1 60(".?CQO 'IJ(Jc:;'OU 8oc:?oool> ll3l>0dc:;>o6c::<"'OOU d01MOU. :
I I
'Br::'(Y)(J@Jo, 06(] CQM(Y), 6'i(Y)8oc::ioG 006803c::i(Y)o0Cloo bCQ000 J(Y)B.3060000 f1oJoooG Clo<r10
CQ08(]Cl03000. oG 06&06130c::io ol5tioo0 f1oJoG 8oc:::ioooCQ05 08 8(Y)806&08CQ:J, G0608 000
0060103GCQ000 006JClo J(Y)8.30600G 06006\oCl'bo J6loCQo@JoG0130G. CQ:J.'3(Y)'bo@JoG 'Br::'(Y)(J@JoG 8o(Y)6\o
0G.3od&o 06\oG G0Jc::io61060(Y) 'Br::'(Y)(J@Jo; 000 8(Y)oo03G CQ6l(Y)G, 6\(Y)8c::ioG 006803c::i(Y)o0Cloo 808CQ-
0606\o(Y)oG 06J0G0000 CQ0 0060c:::iC!/000 G0006J(Y) GoG@Jo8001. f1oJoG 08(Y)c:::ioo0 bCQ000 G0bG6100001,
(i\(Y)CQ:JG00 000 00610CQ0n6000 00CQ08bCQor::'oG 006JG CQ0 6\00c::i(J610CQ 00CQ0obCQ000 08 006JoG
80061. n80G0130G, 6'i(Y)8 00806'i@Jn3CQ:JG J6l:JCQO@JoG 8oc:::ioooG boc::i80G003CQ(Y)8(Y)o0, 'BDCQo6'i0c::i(J6180
G06\o'bo6\3(Y) Goli@Jo808 CQ00CQ0060 00661000 1 6\(Y)8oc::ino 6100c::i0806@J0Moo0G (]JomooG 60c:::i<r1n
'B(]c::'oG 8oc:::io60G f1oJoG 80Cl3o(Y)oo01, 0060103G:JC.(Jc::'G 08 006JoG 0600(T\0CJ'bo. oG obtYioc::in
CJ 0CQ 00 5oc::io0 G0Cl(J0c::i(Y) C!/6\(Y)oG 6\(Y)8oc::ioo G03'0M(Y)0 'BDC!?otYi0c::i(J6'io G0(T)o'bo6\3(Y)
005JOO JM01 06006\oCl'bo f1030G CQ:Jd(Y)'botYioooG0130G, (i\(Y)8oc::ioo 8oc:::io6(]c::io (]5CQ0 Otj(Y)G J3:Jti5ob
J(Y)5JMJ®()c::1 0D(Y)0610'Bo(]c::' 6100o(Y)6Clo. oo'b60G0600610Cloo0Gm30G, f1oJoG CQ003006000G 80dGo-
8(]80 .3otYio(Y)CQO 06\oG m6\o CQc:.'D· oG 60Cl603G 080G, M(Y)8 08 Clo8mb3030Clo, 01(] f1oJnG 06J0G0000
G06\o'b:JM3(Y) GoG&o8oG 80Cl3or'loom 'B0d@Jo(J610CQ 0J0300G (Y)6\'bo Bo& CQc:::':JG,
60c:::iCQo 'B(Jr::'O 01030G CQM(Y)'bo 00G0b::io0 8o8c:::ioooG 06006\oCloG JMDCQo@JClo, o8o&(Y)8 M(Y)8 'BDCQ:J61-
0c::i(Jl'10 G0Go@Jo80 m030G 01.)3'bo oc:::ioob 'Br::'(Y)(J@JoG 606lf106G GoG@Jo80Clo.
G0J0G(Y) 'Br::'(Y)(J@Jo 0(](30c::1:JODc::'o0 'Bo606G(J610 boc::i8dc:::i306oc::ioG0130G, 610CQ006 J(Y)8.306008
f13:J(Jc::':JOM03 (]6CQ0 8(Y)oG0CQ(Y)G G0608 8(Y)8b806looc::ioG 80061 000 'b036oc::io f1oJo G0o(Y)c::i(Y)(Y)CQ 01'1
0003c::ioG G0006J(Y) GoG&o80G <!10 J(Y)8.30600 06\ 8ooc:::iooG 60c:::iCQ 08 0d@Jo3(Y)oob 8o'b060
06\oG Go610cn0CQ 8(Y)bQ?:JG 000 f1oJoooG 60c:::iQ? 00Q?0JGD30, 08001 cno606G(JtYi
8060'.SG06\o Clo08006100G G0J0G(Y) 01(] 610 8(Y)b<r10<'>0 Clo8Q?:J0, f1306
Gb30(!?0Gb30 0 'booG G0J0G(Y) .36\(Y)ooGoooG (!?0f1J0M:JOOG0130G 'B(Y)5(!?JOOG (J'BM(Y) GOM0<(30(!?
008mtio6000G 8o'b6om.
0600('f)oCloG 0060uo0('f)o oi>('f)Q?0:J6i>. 0ClJ0M0 Q?:JOo@J(Y)6\DooG006
8oc:::ioooG0130G, bClo6\0CQ 008(Y)Q?oG 0MJQ?06, 06\oG
06006\oCloooG 008(Y)ooM0 Q?0 80010 00CQ00080. 8(Y)8b806\o-
0d301 00Q?0bCQoG 83030. 'b(Y)00 obQ?oG 0600('>)0ClooG Q?6'i(Y)G
06 0"CQ"bQ?oG Q?c:::'OG (06 (]'BM(Y) 03006) Cl?" Gb3000 obCQo.:>5 063(Y)oGoG
8oc:::ioooG0106030. 6oooG8oo61 Clo8mb3030Clo, 063(Y)oGoooG 8(Y)8'b0CQ000 CJ:?"
0"C!?"0 'b036.:i 008moo303G Go61.:icn 0,)CQ.:>bCQ.:iG, 063(Y)oGoG 8oc:::ioooG Cl?" CloCQDo"C!?
CQOGJ(Y)6@JoG Cl?" 0"CQ"bCQoG 01.:il")oc:::ioooG 008(Y). 080G0130G
008mntio6000 J(Y)8.3o(J@JD6\'bo 06006\oCloG 008(Y)oo610. 0"MCQ.:> 080G0, 'bm0006\010 J(Y)8.30600G0130G
8(Y)800000600 @J30M010G 0"0 'b0360G0G Q?.:>(JM01(Y)G 063(Y)0Gooo, 0"0 'b036mG 063(Y)0Gooo 'B"JGom
06 8(Y)omb(Y)3(Y)G 006.:iGo.:il'ilo 0"CQ"bQ?.:i.
 05 0 06'-'>oCloli 0 08f')f5ofi0 0 0(Jj8(Q::Jb
n18;Jnfi1Ji'inb 0 08f0 0::J6::J6001. 0oofili 000105b8060li 3f08.30600li0106,
6060li fi0103li 3f08.30600li 03@)1'l80@)'2JM0(Q 0 0()3::J01f0b (Q::JOo@)ofio60
8M8l>0- b0606Jf0 05 0 0fi0Clli (QMf0b (Q0 0 0(Q0r'ioobf')li '?JM5(Q::J6o 606301Q06
beJ<'io oo6Jnli 30061
@Jnl>0130G
3f')8.306ooli 606300. b0(Q0 (Q0 o.3f0cn::J3(Jr'io 0 >(Q0b(Qo6o booM0(Q 08 0 '0001
l>0'1JP>b@J01 l>on'1Jn, fi0(Q 0 06 MM030 :n.;6bob 0 0(Q0btQ06cn06.
ri018oc::>Clne oolJ?nl> Jc::>no6-
@Jnli 0ClCl-oo {Q0fij0fiooob r::::'''do01-
b0'1JMG@Jrn 3M8.3..,600 jofi0M6b b.'>93Mb6f0 M93oboli tJ(Jcr>b (Q0 8oli
0 ilaJaco. o.:.63l.i 8f03t'io93Mb lioo93Clo. 0 08f0::JbOM::J60cn 05 0 0r'iooo o5b0r'i()j-
olwnn l>0'1301li@J"' liao'1Jo6n, (30::J6001, MM8 0 0(Q0r'ioob016 80cno 08 lioo93Clo. 60630 93Mli@)0li 08Mf5806b !:l?c:.'Odo fi08!:!?06-
01:lo<'i0eoooobm3nli,
Jl';::Jfii80 (Q0 fio3o6li 0cn0 3Lio6li .3ofiCQ0.3ofi 3M8.306oob 06 0 0t\10Cl'bo. fi 030 6o fi00f5ofio60 (Q0 b(Q 800
J8l'.>beJMJ00 IJ?OQ?O 80cno Jf08.30600 Cloli0608oli (Q0b8(Jflb fioJob 'bo, 0b::J30 0 00
Oi001Q?D6"'n01 :30@Jc.fi\0 G?" c,.:i(Q0b(Qob (Q0 3M6 3ofi1@.lo6oo boo(i}0{Q 0 0(Q0fi-
o"G?"<'in 8 b30 oli. oob30oob b06(Jcno60 b306ofi1Qo60 !:!?" 060bo60 li0bocn
l>0'1JMU@JM lion'1JO 0 0(Q00(3080 JM8.30600li, 06 8oof5M(Q060 3f08.30j®-1Qoli3ocn. 08 boli®o8oli (J.3ofi0®;iliM60 <>Mob oli,
CMjl>n 0 _,a01oua6000 Mf08 fio3060 (Q0.3M6oM(Q000 (Q08()Cl<>30608(Q::J· oficno lio(!jtJ3ocn, b093Mb@_if0
G?' 8enti\a lioo93oooli (Q<>jof\03000 01030(!?<>6 (Q<>8()Cl03ooob (06() (QMf0b 3M8.306ooli
M0M(J?QbMCnli dJJ3D"'Doob 8oofi c,<>1Q<>Mo(3b3ooob 8oc:,iao0li0 IQ<> 006JClo 8001 0 060103boo0b df0Mob).
8018l>0b'J<'iao0'bo. cn06"8;J{!<Mf"l3::J 0 08f"l bob@)[J8ol.i <>b[]3[] b0fi 0 []-
8M60(3[]806oli d[JtJ306ob J'?3::Jd@.lo06r>1oob C,0()8Jl';MO;JbJ6om (Q0 o6<(3MM80(joob 60J0(QJ-
oob 030M800(JMO
603fi 3f08.30600b 0j3b 8oc:,iooob <(3MM8om.
b1Qoo0 b093f0b@)f') 1Q0 Cl;i8Gofioo<>

.:i636ol> 803Pi 8.:>010 03l>0(Jc:?36ol> 6.:16Ja6n os36ao36

i!>nd6f'lc:;,iM2,o<> 6i.31>3'b3 3tilob ji.C?<>c:;,il.l(ob l.l(<>bl!!Jnob (J<ijtilM
8300 l.1(1> b1>(JJ3m3l>M o6<ijM618.::.Gool> l>ot11<><ij<>l.l( 80!:!!30obm3ob.
JMtii.)MM<>eonoo .::.a l!!Jnd6f'lc:;,il"l8 naob oi:fn6non6
31>l.1(1>tiloebanoolim3ob.
ICR IJ.:>03l> (J'130M 8080 'b(ll>;!!;o 06f8MM8.'>oonl> 8ob.:ii:::o60l.l(
063Mol> 3o'h 0 m" ,:,80!> (lf8MM litit'ii.:i'l3"\!1 l.l("
<>Jo010006.
o.:>6Jo6o 8MOc:?fl00 c:?MdOMJl>aoom dMM(3:Jl>ol> O[JG3c:?0l>
'130<'imM AJR (Account receivables) l>aP13ol>3ool> 0.:>8MtJ:J6a¢001.
foc::tQO '{3()\!:?0l> ,:,(i),:,l>M(Q:Jb l:JM'{30c:?'> ,:,8ol> 8l>003Go.
&<>oo.:i6om .::.bc:;,i.:i 8,:,G

a cnc:;,io.:i6o C,'1t)fl!:Q306ob c::i01d6Mdbom CQ08(J0'13:J00 Mi'ifl[;

01,:,fo8o!:Q<l1f'l33 0od6Mc::>M 0o(J0o <'io3Mc:?'()Goc.c '8ofo6liol>-
i!!io68,:, ()J 33 0.:>8Mo80 6aL> ob (l:io000al>Mo.:>, cn(J8o.:i Jnow3
00300,:, ,:,8 8bPin3 0.:ib.:>Joooaooc:?o. 0od6Mc:?M"
00068,:, bi.foc,3o'ho 8"CQ"8"(;)" D"C::01:?1.1106ol> (Q"l>i!!iaon - flaJa6o,
l>0f8MU0M 8.:>MJOo6o JM63aP10000 l.1(0 C,'>(Q0Mfl(3b33onl> (QMJ()"
bc.MS\:[JOO - 0om.:>{3 G.?";:,f\d.:>M(Q;:, 8"(Q0b!:Qol> 00f8MM8,:,-
(300b "'VGoc:?nooc:?o os.:>tl1r<1a6ol> (Q"8'Vo0306.:.. 'bM 0oa!'iS010
0.:>8tj3.:i60 0.:>6JO b/;)(J\!:?0.'.11.l! C,01.11'>3(1\Q.) ,;,b,:,c::i UOIJ(l)3cb'b3. obo6o
.:ibJ,:,6303036 !.l!"'J()8o60ol> o3<:JMll(l>; 0"'!.l!Olia(.3 ol>o6o
8Mb3!.l!:JOO'>O ,:,8olJ O:J8!.l!:Joi 830\!:?'> 300(3
IQ<IO(J0.:>3ao0l> "J::J01oob, 8()0.'.>MOIJ JM8dO(l8:JM01o6 (Qi> ,:,(;),:,
D"C!i"c:?!'Q[J001.:>6. 01.:i6,:,8ClPiM8c:?aoo m.03nl> l>1i8'2JCl.>Ml> (Jf8MM
l>o0.:i'l3"0? ol'i::iooa6 1.110 ,:,l>M(lc:?06o6.
.:i8ol> ::l'l33doo060 CQ.:>6,:,b0Pi'.1(;36ol> 0'baool>
o600\!:?'1Q000(JMO b,:,bo.:>O'loU Clo(36MOOb (intel!i"
gent character recognition JC:R) 8Mbcbt'iia6001. 6'oo603L> 08.::.l>,
!'iS01a L0 c:? (J'l30M 8a0"CQ 01bM 30 G
u('11'1ll.C'1.)0".'](m 8(J(l'1f'1(',,:,[i, IQ'>O::J3'3!.l!Ob ,:,6
m.:i.:>6\do336ol> a0010mo!'iS010 (l:lo0,:,;!!;:Jl>MO.:> ,:,t'iioG 8ol>o
l>·,:i!'iS001ol> IJ.::ibo01 036.:>b30. 3c::'Od®0MO(Jc::'O '8"°\!:?ob 6,:,b3,:,
8Mo01bM3iJ 0.:iam 36o8o dn61001.::icgo ClMd8ocgo6ol> oaG!'iS(Jc:?::lo01J
MM o,:,Cl(lo IQ" ,:,(;),:, 801ac:?o CQ!:!?O c:?MQ?061J '8"'l>®om,:,6 0 'b0-
36nc:?aool> 8M;!!;.:>6ol>013ol>. 8.:> 0!'iS08 c.Pido3000 l>b30 61.:.Bal>
5oo60 3u. c:?Mdo,,,dl>aool> 8dM6 0 o.:>6Jo6ol> 8oa0
d®61"'5(lc::io :i0,,,0Pi.:i8aool> 3.:>8M1:Ja6oool> ():lo0.:>®oG"'6ooo.:>:
J!?r>'i"'(Jc::>"'i3", JM8.'3.:.6oaoG O:J(ldc::io.:im 6.:>bM6 o6'13M08.:>oo,:,
O'>OJOIJ 0000M6J® o30/;)i3?'b() f8Ml>®.:>do l.l(MJ(l8::J60QOOIJ
61.:>8Q?o6oCla L00010G oo81Qao; 8001 <>Pi
Gcl:o01.11ao0m c:?"'C!?o6n Cl'2J"C::"8o8G?o·
6oc::i80/J.::ifl3!J;?M8MO.:>. 83Dc::'"G, 3ol>.:io l>joM(Q:JO'> 8M6cioa-
8aoo, 6i>bMb 06®0Pioa0 a3061U?aoo; bC>J.'.>UM 8060-
3\::JM:JOO "C'.!"(;) 0:JJ"3:J6 006JOO 8,:,mo b0J0a1.1108M
J"'l!:?Do:JOOIJ ll.:>ll•ni"'OO'l;
(J'(Ji]Jf.3n05Mi3c.. l>.:>J.:>l>M 1.>.Jc::>OJ.:>(3onl> 8MIJ081Jc.b(JM:J:JOU
0.:>8Motm6M6 :Jt'iim06\.::.8ooo
di>C::"l!:?(QOOOG (QMJ(l8a6;!!;aom06 8(J00MOoG

237

Dc:?Jd8"1"'6CJqo
c:;o1jo"'dl>ooo - Electronic
lockbox - u.3oeooc:'CJ"1o
bo<'»6J"' a"'abobCJ"1ooo,
obbOCJc:'O JC'l8.3o6oou
006Jnb 800"1, "'"'G" o>6Jo
oc;oob CJ?" >3"1"'3001.i <(JO<"'i-
8ob Oc:'Od8"1"'6Vc:' '(JCJc:'-
"C!? o0a"'ti" 3c:'oob CJ?"
Vo 'l>, 36ob 8"'6"eo8aoli/
o6<(3"'"18>eo>u J"'8.3>600b
li.3oeo'(lov"1 '(l"'"'a,ei,oo.
bOC!;CJ?" <(l';'.if!:'.'OU
J015Go6l§li'io"1o1» - Cash
coneentraliou - 6.'.)c;Q?o
<(l';'.lc:'"U 8"'d"1>"10>
""'o6CJ?o"1oo'Vc:'" b"<tJ"'be"'
UJO<(JOOOCJ?>6 >6
.3o"1o<(Jo"1vc:'" <'>>6Jo2>nCJ?>6
Go6<'3J"1>c:'CJ"1 <(J"'6CJ?CJo
J"'a.:i,6oob '(l'Vc:'"C!?"
u>OCJ"c:'Dooonb 006>b3>,
"1"18Qc:'OG 3>601031.iCJ?oo>
o0aG,b 3oc:' o>6JCJ"
G0J018606b0G""' 00CC?u6Gn
- Compensating balance -
ou6JOU Ui>CJ?QJC'l'l>oei,(')
8M01b"136>, v.3"1"'G06<'3J"'
V3"C!?"" CJ?OJC'l'l>oei,o,
0 >6010 3ti 0ovc:'o
8M8uubCJ"10 ou6Joo,
JM83u6oob 800"1 8obo
0b060 'l>c;0v1<1o<'>c:'"C!?·
0 0oovec?" 8....,ati0bv"1ooob,
b0J"10CJ?"8"' b0 'l>ooob,
1.i,,,1.i.,a01<101c:;"'1.i 06
bb3>CJ?>bb30
30t'106&0ooob013ob.
238
G,:,clrG&(Y) ,3'()6d&oo01<>6 0,:,601,:, 3G00001. <>Go010 &o.3oG
8 <>601,:, 3G0o<> do<Yio01<>CQ<>CQ bCQoo<> CQM60'b 0, JM8.3<>6ooG <Yio 0oM6-
o,:,6JoG ,:,<YiR03001 8oGo ,:,6 0,:,tTioCloG 0<>8Mtio<YioG b,:,Go<>010CQ<>6 0,:,8(Y)8!:Qofo<Yio. <Yio 0o(Y)6oooG
Cl?" 8oc;?oooG 0<>6G,:, 'hc;?3M<>8CQO RoJoooG 8oc:?oooG
M<>CQ<>3<>6 3,:,60G,:,'bc;?3MMU U.:>CQ (J6CQ.:> 0.:.601.:.3GCQ0G 0Go010 U.:><(3MU8(Y) Goo<aooo.
dotTio01.:>CQ.:>CQ, 8oc:?oooG G.:>()J0010G(Y) 0j301 G0.30o<Yi(Y)
G,:,&<Yi06G.3(Y)M8(Y) M0CQ006 JfYlM::JU.3(Y)6CQo6GooooG (J8080Go 00 'b.:.36000
030.:><(3MG800001.
801030tTio (J.3o<Yi0&0G(Y)o0 0tTioG oG, <YiM8 RoJooo 0060103GCQ000 006JClo ()<(3M(Y)
Gti<Yi0'?30CQ CQ0 CQ0o<Yi0Gboo0 J(Y)8.306000G .:.600<Yi0Cl'bo, 30CQMO ol.1060
CQ08(Jd03CQ00006 JM8.30600G 8oo<Yi 006Jd0 CQ0.3(Y)6o<Yioo08CQO·
G093MG8(Y) Goo93000G 801030tTio 0tTioG 8oGo G0Jr::?o<Yio60M
(Y).3o<Yi0Gooo0106 o<Yi010CQ 006Jo Gb30 CQ.:>80&00001 8M8G0b()<YiooooG0(3, tTioG0130G0G
030 8Mo01bM3G J(Y)8.30600G0130G 0tTi oj6000 8M83000060 G093MG8M Goo93000G
CQ0jo<Yi03000, 01() 8oGo 60c;?CQO 0M od6oo<> CQOCQO, o8o&M8 M(Y)8 93(Y)G&oG
Clo801b3030Clo .3o<YiCQ0.3otTi RoJoooG
M0MCQ[J6Mo0G0106.
00<YiCQ0, 006Jooo JM8.3060,:,G G01.:. 30'b(Y)oo6
008(Y)1:Jo6000G 00U?0bU?oooG 80G.:.c:?oo0CQ. 006Jooo 00<Yi(Y)30006
Clo801b3030Clo) 00CQ0M0(3b300G MfYl8fYlM(3 0Go30
U?0 93 (Jd6 00001.
G0 93 MG8(Y) G0o930 ooG 0.,8(Y)l:Jo6oooG CJ 08Mti8oooG 1:J30-
'ho G0(JJD010GM 0tTioG 08 GoG&o8oG 008Ml:J::J6000G O<sOd8006o(Y)o0,
d::JCQ0M::J00 08 8(Y)3000G0106, 6.:>c;?CQO 8oc;?oooG 8001MCQO.
01() ()93M(Y) Gol.1&080 0tTioG 8(Y)80000060; 01'() 0<Yi0, 80Clo6
Gol.1&080 .:.<Yi 0<YioG 8(Y)8300006(Y)ooG b.:.<YioGbo do<Yio010CQ0CQ
GoU?oCQo'ho CQ0 <s(Y)6U?ooCJo 0.:.8M8(.)Cl030 ooG 0060J 3o01'h 0.
l>.::>oo6JM Md()<'i1o(30;:JOOU
J(Y)8.30600, ol:Jo6ooG 06 J(Y)8.3.:.600G, 0j 3G
l.1030/:J:MfYl U0CQ0(3 00CQ0M0(3b3000 bCQ000 60c;?CQO .:.j301 U0CQ::J.3M'b08(Y)
06 00<Yi0Clo 006Jo2>Clo. M<Yio30 G013oG 8M8 00 00060 Ol:JMG
06 00U?08 'b.:.360 o<Yi01 006JClo,
0tiMU?oo0 G0J(Y)6 8 o6&<Yi0 8 o(Y) 006Jo.
ooG) .3<YiMGOoo 0j3G <Yi08CQ06080 o<sod&o:
030 60c;?CQO Clo8MCQ06000000 U?"
0 .:.CQo6 0o0o'h 0. 00 0010 8oCQ 0M8oG 0<Yioo 8CQ 0M80tTi 0fYloG 080cfo, <Yi(Y)8 J3o<Yi 8 bo
Clo801b3030Clo, °"c:?CQO 8M0103GCQ0G o<Yi01 Cl?" Clo8U?o0 8(Y)bCQoG
8000
030 08(3o<Yiooo 60<YiR0600G, 06() 00CQ0.3M'bo8(Y)
006JooClo <YiRoo.:. o8CQo6o M08CQo6oG
G0::J:o<YiMoooG01300 (06 l.i0J(Y)8.3o5b0c:io(T)
6oooG8oo<Yio ::j:0<Yioo '13M6CQ::JOO 00JM6(3o6-
8M0(30M (01038Ml:JM00) 006JClo.
000 (J</3MfYl 8080 o<sod8o<>6o 0630G&o<YioooG
6.ci<YiRo6oooG J(Y)6Go6&<Yi0000 ()'13MfYl G,:,::J:o<YiM 01.ci6booG <Yi08CQ06-
080 </30Go.:.6 0630G&o<YioooG0130G, tTiM8-
8Mo01bfYl 30 6 CloGl:JoCQ 3oG 0106b0G. <Yi08U?o6080
</3000060 Ol:JOCQOO" 100,000$ 06 8o8"U?·
<(3M61:12ooou 8"!:!2"610(3b3ou u::iti13ol>::ioo. <sM6CQo6oG 00U?0<Yi0Gb30G .3<YiM-
00oo '13(Y)6CQ000G 0<>CQ0(i)oob30'bo '130606G(JM 060808()8000 ClM<YioG.
006JooG Cl(Y)<Yioo 061Goo(Y)oG <s(Y)6CQJOoo l.1080 06106(30.30: (1) U<>CQo.3(Y)'bo8M
G0&<Yi06G93o<Yi(Y) RoJooo; (2) &<Yi06G<so<YioG RoJ::JOO 03&r'l808(JMO
0.30(J'bJ0001 C!?" (3) 0<>CQ0M0(3b3.ci.
 9.

'lJf'16(Q;:JOOb ().)(Q.).)CQ()Occ:';)00 b<J?;:J00 0CQ()0cc:'f'1-

DTC- 0M030 006Job 8o;:JM d;:J8(Jd03;:J0()cc:'O (fo60lio0M CQ00;:Jff<J?Occ:'O b0CQ;:J.3f'1'boef'1 fl;:JJOb 0 08f'1tj;:J6;:J0001
0o8"'cJUD6o6oe:'..'n fl;:iJn, (9,0 b0JM6(3;:J60M0(30f'1 006Jdo Jf'18.306nnb ;:JM01 06 0 01i'inCJ'bo ()0CQ0bCQo01. 'lJf'16<J?OOob 0 060C!;CQ;:J00
U!D:i"'6ol"ioo'JE'.'n CQ0()tJf'136;:iocc:>o3 01'1 bCQ;:i60 DTC-nli 8nc;;:ion01, M<1CQ 0 06 fl;:iJn 0li;:i3;:i ()6CQ0 ntJMb 8nc;;:i6()cc:>n
Jo18'306onG o6 0ol"ioo'bo
0086ob30E'.' 6o6JC!n.
fl3;:i()cc:>D6!i'in3n 01'1b;:ion01. <J?c:>oli, '.:J'lJMf'1 <J?0 ()'lJP'f'1 Boen Jf'18.306n0 n8;:i6;:ioli li0CQ;:i.3(Y)'bn&M
06'lJf'1M80Gnnli 0 0CQ0 0 'b0360li 0Dcc:'D'lJf'16001 010300601 b0Jf'16(3;:i6&P10(30M 006JClo 1 Mf'18;:Jcc:>nG
08'b0C!:?;:ioli <!?" 001.::.3li;:ioli DTC-li Jf'18.306nnli 06 0 01'1nCl;:io'b;:i. ('i).) 01j8.:i ()6u;:0 6oonli8n;:iP1n CQ060-
- Aulomated
(,\C!l) -
'bM0n, Mf'18occ:>nG 8nnc::;:io0 DTC-li 008MtJ06ooocn ()6u;:0 0 0n'bcY18f'1li (!?0 Cl;:iu;:0P1u;:oli .:i8 8001f'1<J?oli
8 0a(Y) 80 60onli
o6io6G'IJJMn a 0(Y)l'1o 0cc:>&oP160en 30 0P1nli e!JM1>6ll<no6lo .. ,'"''""''m
ol"inu UO(!!JdM'bnorol"iro (ACH). 01.; .::.P1nli <J?o.3(")'boef'1P1n Li.::.&1'1.::.6li<noli'i(Y) floJnli Dcc:>Dd0P1f'16()cc:>n floJoli 0 P1.::.'BnJ()cc:>n 30 1'1-
fiJJOU (>O(!!OM0(3b3ou
8J01f'l(!!O. lin0 (li()l'l.::.010), Mf'18occ:>nG Cl;:indcc:>oo.::. 0 .::.8f'1tJ;:J6;:io()cc:>o oj6;:ili o.::.6Jooll CJ(Y)t'loli, Mf'18cc:>oonG .::.t'ln.::.6
03&f'180e()l'ln Jcc:>o<"io6 0 .30()'b linlieo8nli o03 P1;:ioo. 00CQ.:iP1n 8 b(Jcc:>n 'lJf'16!Qo6n 8nnc;;:i60 ;:it'101n
li08()Clo(Y) !Qc;ncn 0 3006. M01Qc,06 0!Ti 0!Tinli 86nCl36occ:>(Y)3060, ACH Occ:'DJ<1!JMf'16()cc:>80
"'"''''l'1<ll>b•10 -Wire
trnn>fer - '(J'JE'.,'OU
<1)1'106li<norTi;:i680 fl0060G3cc:>oli 'lJMlieocn 0 00 'b0360 'bo <J?0'lJ()d6o6()cc:>n DTC o03 rTin e!JP106li'B;:i!Tin.
o"U!o- 006J;:i6li df'1MOb 'B()cc:'Ob ()0CQ00CQ()Occ:';)00b 830cc:'0'b;:J (JlibM0'lJ;:JbO 0 'IJ0 0Moli Li0&occ:>OoM0'lJM
6in8b3o MM8b6\030, dnM- <1!Jl'l06li<norTin. Dcc:>Dde(Yl(Y)f:i'Vcc:>n 31>CQ0Mn(3b30 801'l<1!Jn 3.::.!Q 0t'loli Li0&occ:>D'lJf'16(Y) Jf'18v60J0 8 onli
(!!O:JnMn J03006\nm,
8li303lin, Mf'18occ:>nG li0ovc;0cc:>&l'l(Y) 8f'160Go8oonli 80Cl3of'10001 nc;ooli 'lJf'16CQ;:i6li 0 0CQ08bCQOcc:>nli
ouo01n, 6\ro-
o"'Mo(3 06\01.i .. 'IJJU!3"o6\" li0606Jf'1 06 0 0t'lnClnCQ06 CQ0 0m03liooli 8001 8o8c;oonli li0006Jf'1 06 0 0rTinCJ'IJo. Dcc:>odeP1M6(Jcc:>n
06 ,,3ooliClJ01"6 ov6m'l6o".

JM8."J.:.603oail 'Z)b!);?I> L®v!.!?061.Qaob 8c..; 0'b036o.;6

a<>f:!!<>bf:!!3oobm3ob a'b.:. '!:iM0ool'lcn JM8.3.:.6Mdn 8Mbc.8b.>b'ZJMD36nb 606},:,-
cnoon, MM8c::;ao'ba0 flc.nMnGb;:J0'1, flJ1>33036 i)l>f.!!C>b-
'13';'.]6(i;aoo, [J31'iM CQil mnli floJ::JOnb 1>f.!i0oc::;u. 6i>c:;(l1n '(3()1:'.'n d[Jndc::;oo.:. 0c.8M@>.'.>6ne.l(l
ll3Ja<'>00 J"; 3338l>0b(Jfi3oc. ,306J3c.CQ, nd63b 0061.:imni.1?06 006J6M8o(i;n!);?,-,5, 06 nu O[Jndc::.'00'1
80361;,8 8,)mn m;,6CQ"m"6 bCQ30;, !!?" 008MtJ3606()c::;n O::JMU MM()MM(3 01>M1>cno O;Jlitincr:-
o"U?"bob MM8- 3000!.>
.:>Mnb ()'(3""'1 Cl?" OMbQMb;JO(JC::"· J3o6nb ®"C'.!:'"'5o 06 !.Q0b80Moonb oc.M0cnoon
.:iC!CJ-C!n f.!11> floJ::JOOCD l)<>f.Q.:>bf.Q.:> 1990 06inb lloJa6nm .,5 31>(Jfl:.J1'13onb
80061 0.:.a"'°tJo6a6"'!!?" 81% 8'!:ic.<11CQn .:.<111133.:.60. B"U?"bcr:nli
JOl!Mnb61%. 83mMCQ;J60 0Mnb (J<(lMM <>1Q3nc::;n Cl?" 6.JJC'.!;'30 b0M_'Ji;n'160 0'b,:,
bt>fo8 303301\G!:Q[JOt> 6Mb®"C'.:?B"" f13Jooou;, !:QI> J'i:!;"C'.:?!!l"b 80n613 JM8.30603onb !!?" 300-33;JMCQ[J6nbcn3ob n6®o616o&
8080Mcn, 330buM3CQ3L, MM8 @;M<>6'b"d- IJl>CQ<>bf.!?;JOnu 8obc.c:;oo0m. C!o8Mu.:. 3-
G"Oonb 50%-'b3 8o®n J3c::;"3 0'13(Jd6ao,). '130U?DM- ()80®3bn MM0M6'in(3 .:>Mob ebay, o"f.l?"b
"l:'.'()Mn u06io'!:i3/\l3r>1 u08li.:ibvf'lnb cn0fob81>CQ, 7 ooc::;oM6nb 00!J?0bmob 0bocn 8amMf.!i[Job.
BoJaoo o"8"'"tio6o<'>.:. .>C!Cl-u 1.;.,3.:.lfMM .:.u030 B"f.!!"b!!loon i:Qil
6nc:;;bM6nb 8Mbb36aoou cn,)fob80m 8M8b8061a- 05 0'1MnClob 15c.P'icr:0a6" f.!!" o"CS?"bf.!11> (EBPP). 03@>M80-
6c::;aonu 8o0M o"U?"b!!lo68.; 0C!'3-C!n oMc::;M ooc:;;b C!a"l!?o"fo 5,500 0()Mn 00m.>bl!/3on 013n(JM0 boM3nb3onlim3nL, 61M 0MM0(3 ,:,t;\oli
ooc::;oM6n, 3,400 001:'.'flMfu o<>CQM6loobc. fuc:;l!?n MM(p6o'!:i.:.0nou b.;0036lM l)<>(Ql>U.Jbl>(Qn, .:.6
'(l(Jc:;;ncn c.5 floJnm. 2, j 00 01>i:Q0li0bi>!.Q[JOn, MM0MM0(3 061nb odMO'l[)J" flJ:!;::JOU
bb30 '(3MM8nu o"!!?"b!.Q;:JOOO'l, J3MdM!:Q UOM.'.>qJ.)!:Q 8'!:i1>M{QO !:QQO- on61oc::;Monmn fl[JJ300U <(lMM80u. EBPP .'.lMOU
ntl!JMM(JC::O 0.)M.:imooob U[J88o60nm. 063.:i6lnCJa6nb o"U?"b13?0U (JUl><BMmbM 83cr>Mf.Q<>.
l)i>(!?.:>bcr:;:ionu O(J6oonu cfoc::;oon.:i dMMo'!:iM60'b3 8Mfl06li ';'.J<(lMM m.:>b-
!.Q.:> JM8qJMM0n. foJQO'lfl 3ol5nc::;n B"fQ"bCQnb 3.:.Mo06&3on. lln6oonb l506}8"'a6c. 0300106laou
3'IJOd0n<i6n 0.>b0CQ'1 J"'80M(lO(Jc::.'" md3a6n 806d0fo f10McnMU
(JM010i)MCDM6o6o. {Q(!;3b, Ol>c;>l>c::.'!:QO ()J30 cr:ooo&-v6'ln 00cr:0bcr:ob 001i}.:.cn'30. 8.o6dc.foC!o fic.8M60"\'.JOO'('.)C'.:;O
rnfao ,:,(ii <>Mob, MM8 b08M06b6mt;\®"' fln.3000 M<>r.QnMb 8aCl3nMonm f.l?""J"30061oob
Cl'l"ry(l("OOC>CD 8Mo3GD5 (,l>(!?l>b!QOU .:.b1>c::;n !!?" 0'1,Jl:'.'[J0j1>C:l>l:'.'(l?Ml:>O 8ue,03b flo.3oonb 8dM6iJ JM8.3.:i6onom"6 03e,"'a00v6'ln 8MdM.:.3o
00CQ1>bf.!?ooobcn3nl>, boM<>qJn J33oncr:06
m.\l1nhno">11n>'1on,C>iin ,:,bl:'.'i> 008Mnf);:i6;:i60 030M00b1>8061cn L0!:Qe,(JM0008l!?O· 0bomn Lnli-
Clob060bn oc.6i.;moon. 0o8noo (JJ33 0.:.8MntJo6oo" 'bm 0noMmn o"'l!?"b.:.b013Znl>m3nb,
d'lv'ld("OO.)'CIJ ,,fli>()Mfl(lbMm" 61M0MMn(3 .:it'inli EZ Pass '17li3-C!o.

239
 8"'!?01>'ioob30 G0cT1o'bocT13(") Goli@;oBom (Fedwire) 06 JOMdf'1
Goli@;0Bo01. DTC-Goli@;0Bo01 8"C!?"cT1oob30 e;iocT1G 50 006@;0,
Goli@;0Booo01 - 1$. M"U?8"5 Bolio B0G docT10010C!?"C!?
8 ...,U?...,bU?oooG01 3oG 080 50005.

oB {!?Mf'1b, Mf'1{!?oli00 b0e;'{!?O B0cT10130G B01030cT10 0Bf'100600 B0010 Boe;ioooli U?"f1d0cT1000,

Bo(")MO 0Bf'100600 b0e;'{!?O 8"!.!?"bU?ob M00 {!?O<;f!O b5001.
GocT10cao 0Bf'1e;ioo0Li U?" 8 ...,U?...,bU?oooG ooocT101oo0 oo 303 Li
'bM{!?0b.

ti8o5(Q0
noat - 0 .>6Gb 3., 30 c.,, 50e;i1Qo 50fl 30 60000 Jf'lB.30600G 008 600 00cT1BM"U?805Li
J"'8:J.:.6o0oou .,5 Joffid"' G003U?(")B 0106b0G, Jf'1B.30600G 0d3li 00bJOO. C(30J@JO()M0!!!, b0e;'{!?O Jf'1B-
:io!fioG G.>RoJ"' oo6 0Clo
.3060000G G0006Jf'1 0b80Moo'bo, Mf'18MMO oolio, 0ff0Moooli
'tlCJc::>->C!/o G->ClCJ->c::>o<'>ooou
6oClmGo [!/-> Gooo6J"' 0b80M000b 0106bf'10M03 806Gb303000G JMB.30600G G0006Jf'1 Cl?" Bolio
o6 0offioCloG 6->ClmG dMMob. 60e;iU?o Of'1Mol.i, OOf'1{!?00" 00J0M0
oBo5{!?0 oli .)Mob 80!Q0b{!?Ob 00C!?J80, 306-
floJob 0 0Bf'1oocT10G Bf'1Bo6@;li0 !Q0 o0bJOb 80061 Bolio 06J0li0000G BMBJ5@;li
OMMOb !QMMOb Gb30f'10001. !Q0{!?00 o8oli Mf'1B JMB.30600 dJf'1b{!?Jb
(J0MtJMC(30010 cT10C!? 006 Jf'18.30600G 8oocT1
floJOOOb CQ0P'lf1Jb 8o8f'1J003000. 0805{!?0 bo{!?O{!?Ob 'b(Jb@)o
ooca0lioo0 G0006JM oo8ooP'ioooG G0006Jf'1 0630cT1oo'bo Cl?"
U?"CT?ooo010 a(") 80 ooli 8oe;ioo0l.1 Li.:.bGcY1 000U?05. 08 Li0d8006Mo0G Jf'1M.3f'1cT10oooG
b0 'bo60U?0<'iloool.i 800<'1 00f'1{!?0 .. 0108.:.00".

b0e;'!QO J'BOJ@Jo060 80cY10130 0Mob 0600MoObOMMJOOb Jf'1B.306oob 8oJM,

50e:CT?o 00'!?05 000 CT?" o008oocY1MG !QMf'1, Mf'1U?oli.:. 0 0cT1
0 08f'1otJ06000 60e;i!Qo CQJ.3M'bo@;ooo. JM8.30600, 8(JO.:>Moli 003cT1 006J01.:.6,
(JfiU?" LiocT10ca0U? o"CT?""o'b0 35f'1l.i 08 005Joo,
0U?060o o"U?"bU?ooo, cY10010 0<'1 8f'1bU?oli a0cY100 C!?"ocY1M3000 Mf'18o-
006J00. Jb 600603G, Mf'18 Jf'18.30600G dJf'1b!QOb ooli00080Go
0106booo Gb30CQ0lib30 006Joooo tl?" 0cY1 C!?"(Jo30G 3'0cY100 08
Bo'b6000Gcn30G Booe;iMG ObC(3MM80000
06lioo'bo, ff0Moo 0106booo ()0CQ008 'b036f'1l.i ()0CQ0bCQob o0bJJOOo 06 0680Moooool.i
!!!0b.:>C(30M0!Q, 06 8f'1B800006 ca.:.lio06 063oli@;ocY1000G0130G. 003<'1B0 Jf'18.3.:.6008
0008()0.:.3.:. Jf'18.3o·;:i6o'bo<'loo(Jr::,io lioli6o8ooo 06caf'1cT180000G
8oli0e;i 0001Q U?" a.:.<'loo 50<'1flo5oooli 03@;M80@;()Mo o"C!?"cT1o 0 b30G0130G. 0Lio010 Goli@;o-
8oooli G0J(J010<'ilo oo8()00 30 ooli Jf'18.30600G 0.)8Motiofif'1li Gb30
Jf'18.305ooli !Q0b80cY1oo0, o"(Jo 03 G 8f'1Bli0b(JcY1oo0Li 'bo8f'101
C(3(JbJOOOOOb
60e;iCQo ocT101-ocY1010 8J00Mo 0cY1ol.i
0<'101 0500cT1oo'bo (05 <'1081Qo6080 0680cY1oo'bo),
00B01b303000, Jf'18.30600G b001.)(") MC(3olioooo. 0bJ010 Bo!Q8f'1B0 306bf'1M-
8"CT?"b!QJOO 8f'18o5@;oo. 080G013oli, ()0!Q0bCQJOoli .3Mf'100-
{!?(JMOOo (Jb!Q0 od5oli 'boCQ800036001.
308Mtio6000G 00B01b303000 Jf'18.306008 (JbCQ0 000M8f'1f'1b C,0!Q0bCQOOO !QObJf'16-
6oMoooG .3o<'ilof'1CQoli 01() JM8.30600 0cY1 o80 50oG 80006 805 0<'1 (Jfi"tl?"

240

- f>JJnb 8G 0 03bn
()0(Q0b(QnG o6b01'i·v8o6t)ob
l'i"'8o""oo
008010600000 00<:Q08-
b<:QJl'.!?ob l>.>boe;>'bo <:Q·' ,,0,
000JOb b0boe;>'ho. Mf'l(30
""'5od5'CJl!:!?O l>.>O';')OlO
501'io<:Qon5060 li06Jb,
()0\Q03b(QJl'.!?0 o"'o6b
()>(Q058300"1'.!?J00b
''"'00<'\rob ffi';'J
(l>(Q0b(Qo.
-J01MJM·
fii0onob boJM50(.\01;;:::f'l
06 0 01'1oi30, MM8e;>nli
80i330016nm,>o 8nn"' 060
foc:;(Qo <zl(J(C'.'OU b(J('.'.'C03060
Ooe;>obl>n. 0l>ocno 06 0 0Pio1lo
i:Q"'Zl';'JdGoo';'Jl'.'.'"0 i:Q"a"'Cl-
JOG:?JOJc:'.' 06a0l'ioi'l'ho,
l>0otQ0600 o30"'a00o';'J<'i"\!?
()O(QOOM0(3bJ00 '(l';'Je;'>i:QO
b0o';'J>e;'JOJ00
';')0M8f'l'(lOOlO 00!.'.;'.>blinb
JM8:Jo6l>0ooobcn3nb <:Q"
"o"'D°'30 8no80f'icnooo06
m03nb(J'?Pc:'.'o bobbt>\300,
n8nbom3nl> 1"1018 J018006nob
dnf'in010\!? ob;?,.>f'ioob
8';'Ji:Q8n30{Q 6';')!.C?"'3"6n
00e;>06uo :Jj016tQJb.
a06oc:;{QJO(J('.'.'O RoJJOOU
o5Jol»ooo
JMMCJJb(l)';'Je;'O(Q
8M0ba:;o6Ml.i 06 0 0P'i0Cll.il5MP'ioo.:i a:;c::o8a:;o, MM8 0.:i8Mo30601l.i 6.:ic:;a:o
(80-11 m.:i3CJ0, f1306 "(JC[JMM 0.:i8MtJD6oool.i
0.:ia:.:iba:oonli
<QM0'?J0om o"l'.l?"ba:;0. 0 0!.!(ob1.Q0 0P'iol.i 0 .:iCQob!:Qol.i o"U?"3"1.QiJOob
f10Joli 0 06 0 06lib3.:i3ooom, CQM"'Bc.'.'.Jom o"U?"bU?.:i ,:,(Y) .:i1'1ob 0 0Cf?0ba:.:i 8MmbM36.:i'bo.
MMCf?iJli"G 8.:ib l5.:ir10U?00606 o.:i5JClo 06J.:il.i0oonlim30L, 006Jo b"0r1(J<l?o06li 8.:iL
a:0Lie()Mob0013ol.i, Mob oo8U?Oo JM8.3060,:, 0 06001.:i3liooL li0bGr1ooli CQM"'tJeoli 00!:QC>bef?oli a:.:ili0-
C[JC>M0!:Q. U?ril"'tleom 0 0a:.:ir10 8 b3oG (Jdor10eol>Mo0 8!:Q 0 M80r1o010Li 08.:ioo, 1'1M8 06oe;,1 0o06
0 0a:0ba:oli <QMMoli a:0a: 0M80L, MM<QQli0(3 JM8.3.:i600b 'tJ0d0n(JM0!:Q (]6<Q0 3dM61QoL 6.:ic:;!:Qo
(QQdM'boe 'bo (QC>C[JC>M3ol.im3ol.i. dQQ?0()0(Q 1 Db JM8.3.:i6o.:il.i
Cloofor1f1()601l.i 601'1f1060 m06b<JOO l.i0006JM 06 0 0r10Cloo'bo. l.iol.i-
008ol.i 8a: 0M80r1 0010Li 080Clo, r1M8 'DM 0 oor1mo ().3or1.:ieoliMo.:ili 06o&ooli
lioJoonm 8(JdC>Mo0l.i. 0bD30 006JOOb 0r1 801bbM6m ,:,8 l.i.:ibol.i 0 0a:.:ir10(3b3000, r1.:i(Q 0 06 ol.io6o 6.:il5-
801omb01306 M.3or1.:ieMr1nb tJ(JM0!:QC'.20o0L. 080@,>018 006,iooo,
MM0 MM(3 15ol.io, 0501.>0006 8M8b0b(Jr1oool.i q_plil.i a:r10'13@,iom 0.:ia:0r1oc3b3oli
8M8L0b(J"1000G013ob, 3o{QMO floJooob CQC>8(JCl03000'b 0.
a:.:. {Qo 3oi.Qo6iiwoob o"l'.l?"bl'.l?.:.. 003 r1 JM8.30600Li 003 t.i .:i6 0 01'10C10 0 0-
0 0a:.:ibef?0Lcn3oli. 08olim30L, r1018 80608()808a:o a:.:i30Q?oli 6,)r1f1 060oo
.:i8 06 00r10CJ'b 0, JM8,1.:i6008 .3r1010 6M'bor1000 (J5U?0 0 00JomMl.i MMCQoL 8Mba:0o.:i t.i.)b-
lioJoooli l50r1a:0000 0.:ifoc::a:ooolim3ob. m"(J 00a:0b!:QnL U?C::O 8P"1Cf?oli .3.:ir10bJo3Li, 8.:iClo6
lioJoG 006.:ic:;{QQOC> 0M 8Mbef?OO,) ,:,8 a:c::oli. diJ!:Q000<Q, JM8.30600li 0M l.iffOM(QQ00 6.:ic:;a:o
<QQdM'bn0'bo m.:i6boli Cf?C>l.iC>C[JC>ML>(Q. MMd000ml.i,:,G JO
'bM 0oor1mo lioJoli 15.:ir1U?c.ofo 0r1 ba:oo0 8.:imo a:o.3M5or1 0ool.im 3oli
0.:i8M. bC>J(JO"lC>MO c..:i8M(3<QOc:;:•oooCQC>6 008M8a:ofor10 JM8.3.:i6008 (J6a:.:i diJ0{Q()06Mb
001.Q.:iba:oli lido80. 0Liomo bdo8oli 6.:if13060000 L(]M0mClo 9.3. 06'13Mr18.:iGooL
JM8.3.:i600li 6.:ic:;CQn m06boooG dOC[J0biJ00,
(]6{Q0 0Mf16a:ol.i U?0.3M'bne'bo Li.:if1oJf'l 'tJM6a:oooli CQ0L.:i'l.3.:iM.:iU?·
8l.i 0,)3l.i0CQ, 003r10 JM8.30600 d86ol.i 06 0 0r10ClL a:o3oa:o6!:QDOobm3ol.i, ol.i
60Cl603li, r1018 .3r1M 0 5M'bor1000 8"(]JOm<l?oo.:i floJoooli l50r1U?c.o6ol.i 30<!?oob
0.:i6.:ic:;a:oonl.i0Li, U?o 3oU?o6a:oooli 0 080 aot.i0Li a:00001 3Mt.i 05 00r10Cl'bo 60r1flo6oooli 8060-
60Clmo.
060.-,(';:)oClo. 06 0 0{"10Clob liol>eo80,
003r10 cn03oa:06 'b(Jlieo dMM 0 -
6M'bor1ooob li0&or1Moo0b Cf?0 o"U?"bCQoli 05 0 0r10Cl'bo m06bob
f\.:ir1oob3.:il.i. 0Lomo l.iolieo8ob {Qr1Mb or1mo dor1om0a:o .:i6 0 0r10ClClo ob80r100.:i
Cf?06.:ir1f1 06 a:08b8.:ir1 0 06 0 0r10Clli. MM!:Qoli0 8 a:c:;oli ba:oo.:. floJoooli
001'101.>J. !'lf'io. 1'080. 0101bo. bvmo. 30!'10bJ. 011'io. i:Q-' o.CJ.
241
 o.:>6JO .:i3<!)C'180<!)(JM0(Q 8"(Q0M0(3b.:i3G doMOOl.'.>(QO .:i630<Yi0Clo(Q.:>6
.:i630<Yi0Cl'bo G03'o<Yif'l m.:.6b.:.G (06() 3<>0080Gm30G, JMOcr?o8f'l<YioooG
8"cr?"bcr?0Gm30G cr?" 0.Cl.) floJoooG 'b(JG8"C!? (Q<>G0'B0<Yi030(Q. 3 .:i8330<Yi<>(Q
.:i630<Yi0Cl'bo cr?e:'O 60<Yifl()6cr?oo0 doli1001.:>(QO 063.:.<YioCloG 3.:>M(Q.:>.
3<>M(Q0 080G0, Mf'l8 6.:.<Yiflo6oG GoG8o8<> 8"()8fef'lOOGC!?oG
3.:>(Q<>b(Q<>'bo, 030 m03o(Q.:>6 (J8f'ld80(Qf'l 6.:ie:icr?o
0<YiGoof'lo0G cr?080<!)ooom 06 80<YioCJ'b 0. JfYl8.30600G 6.:ie:icr?o 8o6o%o<YiG
cr?"GB:o<Yi!:J?oo<> Q?Mf'l, 0833.:i<Yi<>(Q, Mf'l8 do<Yiom.:>(Q .:.6 0.:i<YioCl'bo
otJfYlG G0J80<Yi0Go 6<>e:i!:J?o (Q.:>8b8.:i<Yio .:i6 8 .:i<YioCJ 0ooG o"cr?"bf:!?oooG 8f'l8G0b(J<Yioo0Gm30G.
803<Yi08 (QO(Qo <Yioob3000G J<>6f'l6oG 8obo(Q3om,
0of'l60Gof'l<YiooG o<Yimo 8of'l<Yi 0G cr?" do<Yiom<>cr? 06 0.:.<YioCl'bo OiJf'lG
G03'o<Yif'l 6<>e:icr?o Clo6.:i<Yifl()6oo<>.

.>63<>6\ollboMM[!OOU II a<>::J;o<:>6(JMQ6()e;o IQ<:> JfYl68M0"le;oMoo()e;o .:i6ao61oobofYlM06<>

- Disbursement
lloat - [QMM JM83<>6ool> floJoooG 0 .:.8fYltJo6ooom G0<Yio'bo<Yi3f'l
8006\ FioJol> lmG8080Clo !:!?" o<>6Jo0Clo, 0Go30 G093MG8(Y) 8f'l8G.:ib()fYiOooG .:i<Yi.:.G-
3>3%0360CQ06,JM8d>6ool> JfYl8.30600G
l>>FiOJ"' >63>6\o<Jo[Q"6
0 .:i'b.:.<YiQ?fYlG (QMf'l,
8Mbb6ob
8oGo floJooo 0<YioG
8(T)8o68"8CQO· Gb3<.>(Q.:>Gb30 .:i6306'0ClGof'lM060G 30G0
o<>(Q<>b(QOU o<>6Jo6oli Clo<Yiflo3om. oli 60Cl603li 8"f:!?"b!:J?OU o.:>6Jo-
063>6\o<JL>o016'0ool> ooG Clo<Yiflo30G (Q<> 80m'bo floJo6oli 008f'loo<Yi0G 08 03.:i<Yi.:.(Q, Mf'l8 0.:io'b.:iM(QMG
301'1006<Jl'io60 - Remote
disbursNnent - l>ol>@>;:i80,
(QMM, MM(3<> floJo (;)floo.:i JfYl8.306008, oiJo6ooG .:i60.:i(i)oCJGS'P1MOooG
8nboCQ300>>G, 0.:i3'o.:.6()M06.:iG, floJo o"()o 'b.:. 36f'lG 8.:io6Clo,
J"'a:i,60> 3,a"'oo6\L> ll;:iJL> od6<> 8M6&060G CJ&.:i<!)Clo.
0>6Jol> 060 .:i<YioClliof'lM06oG 0.:i 'b<Yi(Qom, JfYl8.30600G Clo08oo<Yif'lG
6<>e:icr?o Liocr?ocr?o, 080 cr?" 8 08f'lotJo6f'lG 0G <?Jf'l6cr?ooo ()<?JMfYl 8M8 80 -
oo.:.6o 0 'bom. m(J8(3.:i OMmo JfYl8.3.:.6oob 8f'l 0oo.:i ,:i(;)ol.i 8oM<YioG (Q06"J.:i<Yi 0 o. .:i6 0.:.(i)oCJGoMMOooG
01"3ol>o
l"i0CQ306 0 .:i'b<YiQ?.:i 60Cl603li, Mf'l8 .:,(Yi od6oo.:im 306.:ie:if:!?OO<>(Qo
G0bG(;)ooo o8Q?ofocr? <>Q?MO, M08Q?o6<>(Q0(3 oli Gb30 Clo8mb3030Clo
30%>MIJ?Mb FioJoU
0<>(Q0bf:!?oG 08 030(;)0 .:i<Yi 80.:if\60001 <Yiom.:io
(JMmooMmf'l00 8"(J"MOU(QOG.
IQMO'l.

"t!<"bll<oli bob®o8ooo bb3"0<"bb3.:i d30l:J6ooobm3ob 0.:i6bb- o"O<"bO<oooli 6'.:iM8MOMoob013oli. o""<"bO<ooo oolii>d-

U bnb®o8.:i, MM8o- <>lio3a 8fYlbC!;!OU &!'i\.:i6li'l)QMQOOO"l, fl3ov-
'lJl>MO"lf'lt!< .:.!'i\ob Cl®"®oooo 'lJM60<oooli 0Mm0<c;o..,60
.:i!'i\ .:i!'i\oli .:ilio bb3.:i d3oti6oooo. 'i:'.JGbfYlv!'iJo O<"o3ni>60oom, 01';:'.J <>Mob bfYlCC:M M<'lo
0.:i8fYltJ06oo.:i do!'i\om.:i"<""< 'i:'.J'lJMM d3o!'i\o Q?c;om 03oi>6, 01';'.J <>Mob ';'.J(3bfYl';'.JMO.
300<!'iJo .:ioo-Clo. tvi.:i0<3.:i6 JM8.3..,6oaoob013ob 6"c;t!<o !!?"
03tvlf'ldi>UI> "<" .:i'boi>Oo, .:ij ';:'.)6Q(i> OtJMU 8(30M0 1 i>8n®M8 'lj<>Uoi>6o 006.:ibvcc:o od6ob
"<" 8M()OOOU JMO'lJ0(3006®o i>tvl i>Moli 080<06"0< bb3i>C!;!<>bb3.:i 3"CC:V8,:,CJo. 003Mo JfYl8di>6o<>
MfYl0M!'iJo oli <>tvioli Cl®"®oooo. 061>Mflv6oob 08 d3ol:J"fooo, li.:.l!?"O <>d3li 063ali&0Goooo
03MfYldl>C1o 8""<"b!l?oli 'i:'.J8o®obfYlOI> bC!;!OOI> Ul>'lJMU®f'l fl"CQOO'i:'.JCC:o Q?.:./.:.6 li.:>CQ<>G IJ<>MBMoofYlol> dMfYli."Q'i:'.JdGoob G'tJ.:>MM.
063 dl>';'.J'boli liotvi3oliom . ."l8 8bM03, \'.)OMfYl (giro) liob@>o8<> <>liomo JfYl8.3.:.6oob 'lJ.:>Uo<>6o D"C:"CC:l!?Oooli 8CQ 0M-
"3®fYl8"®'i:'.ltvio 8"ll<"bt!<oooli li"'lJMli®(Y) lioM3obom. 8.:.MoMo<> <>Mob MoliJnli Clo8o3occ:Moob 'lJ."lMmf'l
boM3olio 8ootvi 'lJM60<oooli 806®oli 6.:i6'ncc:o, MM8occ:li0G fl306 0.:.63obocc:.:i3m 24-o 01,:,300.
8"ll<"Mo(3b3om <>6 01>MoC1'bo "<" Clo8tJMoo6ooooo 86oo 36occ:M3..,6o.:i, Mf'l8 'llo606li(JM8.:i 0.:io0Mli
Oo'b1>3600<> fYltvlo30 8b."ltvlOU· l>M 0."l8MOl:J060oi> 'lJO'bOJ';:'.JMO o03Mo 006ub 3.,3ao<> MJ:J"'6oli0.-,c;8<> o"!l?"h!l?ooob !!?" &"Moo
floJOOO. oli UOM3olio li.:io."l6JM bob®a8ob3<>6. 'lJM6CQoooli 063oli&0Goob o6li&o&voo';:JM 0b.'lod®Clo. fl306
floJooo li<>o"6JM boli®o8..,(Jo 0."l8fYlntJa6oo" <>lio30 8..,o,pb!l(o- C103obom 8bMCC:MCQ Mi>8CQo6o8oli, 8il()Mi>8 oo'b6olioli.:i Q?."l
ooli013oli !l(."l 81>010 0<>8MtJ06oo<> ."lMoli 8'b."lMC!;!O. O"l';'.)8(3i>, \'.)OMfYl 'ljo6.:i6lioooli o3J.:iM6.:ibfYlob o8oli 0<>(36Mo.:ib,
o""<"bll<oooli liob®o8.., 'lJi>MO"lf'lcr/ <>Mob .:iMoli m'i:'.l 0M.:i JM8.'3.:i6o.:i 8'b<>CQ 01>30Q?oli 8bfYlcc:'lJof'l i>b.'3.:iMob'bo.

242
S\:'C:
5i<;GJlCe riwliu '-'5i9G;, ·u12C£C9u1:c.i9RQCe
<JUWOU'JO(\ us;fC.<]9<9ufb o8q<]
<.'5i '-'5iq<.'OJ<.''2 wu<(CPC\J C<;15iu8 'wgw<;1fD'-'<]r;;, w<;1fDQ. <;rogG;, wu'2wC8eCe CP-C'lo 'u£C8q8us;oiilo\l
riuOJg<.'OJ<.''2 <.'<(C<;1u9wt:Cro U';JUE''-'OJ<;1ut: qu<(Cgg<;c.o W'JUS>JWf?_O<.O!;ICoq
oeC8Coiilo\l 8owu.:;;Jews;
<cillgG;, ''-'OJ\;J<.''il g<c'il 'u.:;;JGqp wu8oru9Q.e
<jUOJ<>g<cOJ<c'2 <;>OJ «<J0<2C9G;,<;1<(«0J <jOOJ<cq«<]<cOJ<c'2 '«OJq<cOJ<c'il -wrc;;;iG<;jlo'l us;Cq909ufb
ew\;J '9C90:l8wgc.ouwe 'u<(C9w9d' <cOJu8CfI <c8w\-Y 6661 wli51 W'JU!;IWf?.OtDS>JCO<)
u.:;;Jo8qqe ·oeC\ilquq
-u«OJ <>OJ\;Jq, u\;JGuqulie 110'2CCilq<.'OJ<c'2 ur:z<j!C<;il<><i?e. u.:;;ifC.gw\;)Qp().:;;J() U<)O\;)W(l
-owr909 qu£C.:;;J£C.\ll'lce
<]U1?08q8u\;l<Olo\l oiil
'lueCEloiilo\l 'luu8oe\Ywfb9u
'-'8C8<cOJ<c'2 - (LH.\\S)
quu8<-e\-Ywf09u qu<(C<;1Cf0q9«<;1<i? «OJ qu'2Cu8pr;;,<;1Gil<J9u qd;8uwe e-.1:13 Cq,\;J«q, "'?
wqu\;)WfZ<.'C.O<;iC«<] ·q<j!C\;JCfOq9«\;JCSl <;OJ <]<(C<;1CfD<]9«<;1<i? (H:JV) <juq,G;,«t''29u
<J8<c8uwe Cq,t;;<><j,«'2 <c0:lur:z <jut;;Cf1<J9'-'\;JGJl
uOJ.'.:;:i<c9 «wC0:lg<cOJ<c'2 9C<(C.'.:;:iu <cilJ 9<cu98<-q, '2<c (u<(CP9«'( OJ<cOJ<cwut;;up) ·.;8q8u\;loiilo\l
'lu'2C£C.:;;io£C.ao'l
wG)luq,wE'CilJ<c<j ''-'98«q, uOio.:;;JC!1 012COiq
<><(CilJq c.oue« ew<;; '<Ju <jut;;<> u9«eu9 <ju-..Ld3 8o0io\lCOiCI?. <]u.:;;J9w\;I
11u-m3 <]9C'2ilJ<>we<;;«5J ilJ<-8<cc.o<ju8<cc.o <cf!q8u::;;'-'ill11'il 11012CO:l9wfb ''JU\;}W(l ']tiilfC.Qu<;i\']90
!;i<Quq,wf;GOl \;}W ua900,C!;1
·u'2Cr11uru -GilP«t:ewr 9" u<(CP<juG:l <]u<;;i<> 8ui;;w'2w<;;i .:;;ic 9w\Y<ii>PG.:;;ic <£wo\Ypwe
'<Jui;;we <wCu9«eewE' <]«98«q, '2<cCil<c'2 i;;G;,E'oq,uf1 'luu8«ei;;wf09u 'luu8oe\Ywfb9u -
C8C<j<' ruCe"\Y" 'C.Ou<(CWIJ<;J"l:J wu811E'u9G;,ewr<.'q <]U<(CeC8<cgwe OfI<;iCGJlG;,ueewE'
9«ruu';ICGJlG;,ueewE' '\YuE'<cru<;iUE' q8<c8uwe <;;J<1 IG3 ·ueGJl«8';1Wf1 qc.ouE'<c<]«SJ lDO<;;JCGJlG;,ut_'8WE'
(11«08<.'e\Ywf09u 11u<;:C8Ciluq,<;>Cil<;>'2 <;>ru <]'i?Cc.oC8E'Ce. qu8ruuli11Ce 'q<;:C11uw89u
<]<.'8C8<.'Cil'-''2 'luo8<.'e\Ywf19u-qC9q,u'2 <]8<.'8uwe (lmI}
·wu<;i>oe\Ywfu
o.:;;JCl?C8oafC.eoiil
Oio.:;;JC!;!C'SlCurewr
'qu!;lwi?. <Jl?C!;!C<SJpiC.!;i<SJ'l
·11<;:CilJq<.'Cil<.''2 oeG8 0iilo\l quu8oe\Ywfb9u
«ru q<;><;:C8w\Y'2we t;;Cue quu9'-'E'8wr IGH <.'<(CG:l\Yue.8<;>E'G:. <;;iw'2w\Y c.ou'2C<;1c.oG;,E'<;><j9<.''il u9ou9poq -
'Cq,<J<>e <]<.'<(Ct;;u<]G;,E'wfO 9C81:J 8<.' ·(raa) <cweC8<;>9we
8i;;w'2wt;; '<;>eC8<-ilJ<.''2 <ju2[u'IC8 ur
'<]Ct;;<.''J8 C<;:,>wCe <.'<$)<]wf1 <;>ru «9d)<>q,'2<;>'2 qu<JP<.'fD <]O';I<' 80<;:,>w'ilw<;:,>
·wu<;)>C9\;)C<;l>9u <]U!;IW(l woe
'<.'98<;>q, '2<cru<.''2 <ju2[u11Ce <J8P<.'8'2 9C81:J w<;:,>C ueeuaG\Y .:;;JfC.9w!;l1£lpC.:;;iG
<]o<;:,>GilPCt,><] <juu8<;:,>CewE' <iueCGJl<Jo'I (.,CeG\Yo\l qoOi.:;;Jo<JoP"l
o.:;;J88o\l quu8oe\Ywfu9u
<]U';I<' - ue.eut/.C<;:,> <.'<';:;)88<>'2 <juu8<.'e<;:,>wf19u 09<.'08P<.'<J - !'.iu8\;JC8wf' ugouep<'] -
·c.ooGJl11wf1 <j<;:Cwe\;J<.'5) 'lu'2Cu89CQ:J9wE''IC\;Jwr <;><;:Crue
-0wf1 ue.<;:C<i?«CSl[l <.''(w<]CGJlCeG!. <]U<(Cruq<;>ru<.''2 <;ru <ju<;:C<;il9CeG;,E'wG:l<jC9q,u<;: 'ru<>e<>t/.e'-'
'ru<.'<;i)<]G;,q, (<Ju<;:C2[\;J<.''J<.'9<.'ru) <ju<(Crug<;>Cil<;>'2 <ju<;:Cq9<;>c.o uq,w9'2wt;;t_' ·<JC00i eo Cq,au\Yo\l90
11w90'2Cil<cCf? <]<.'ug«eewE' o<;ilp<.'fO <]C ·('2CrueCe. <]u98<:>q, '2<.''2 o<;:,>G!.u.'.:;:iru o'2GOiqwe
'l"'2Cqgow eo90']
<]U<(Crc\J 9<;>CiluP9«<;: w8\;)Cq,C\;)<.'<] <c<;:C.'.:;:iuoe o<;:CE'Cl:J) <]U\o)!'.i <c<;:C9<;>08
'Cq,eu\Yo\l90 O\?C!;ioUUlO
-'2«o:i <]u9C'2Cil\:Y"5l <Ju'i?crc\J 8w\;J 'ue.<>eu 11'2wC\;J<.'ew'2rue ue.'-'8CIJ\;J<.' 'lu'2CE'9<;><;: c9wpe <JuCilq<;>ru<.''2 uwoe (uas;o8Gqo9
uc.oC<]<> uq,Cq,ue U\;)<.'8<;>c.oe <c8eG;.c.o ·(';!Cue <]U<(CE'9<.''( 9<>) qu00i 90) C!;!OlO Gq, o0io8
\;)Coe 11u<;:CE'9<.''( <'\;J<.'<ii'l<'E' <]C9pu C8C<]<.' <JC ·<;>t;:GS1Jw5l<] qwR.:;;JC89C\;Jq,li. "l?C.:;;JpuCe
Ooe.:;;JCew\Y '(ue.:;;Jou.:;;Jofb
-{?,U\:Y'-''il9!'.i <.'<(Cruw9C uru<.'<;:,>wCe uwof1wli<;:,><>G!. ruC\;Ju8e
<JuP90£ go) ueP901? <J'2GPCIJ
<]8p<;> '<J<.'Pu<S>P<>\;Jt: 9<.'lD<j<.'<(C\;JG;,9«ufi<-'2 <ju<(C';lw5l'lf?u\;J«'29<> que <1u98oq, \lo
8owu.:;;Jew\Y 'oeC'Bl<Juq
<]uPC\:J <;>E'u<;i)p<;>G)l <ju<;i'l9Ce2[C9Ce uru.'.:;:i<;>9 - JUJH!JS.lll<JS!P [l<l!IOJ)ll<l;)
wliu 0'20 ew<;; 'ru<;>\;JG;,Puc.oC<>\;J<.' <><;:C\;JG!.9<:>up<;>'2 <]U<(C\;Jw9<j[lu<;:,>«'29<.' 'ue.<;:C8C8qc.o8CR
W\;)Cu'2wq, ·u<jpCruwE' <]U<(W<'ft.G!.e <;>ru <ju<;il9Ce2[C9Ce uru.'.:;:i<-9
<JC.'.:;:iuue «e 12 Cug<>eewr ru<;'2CruCe 11u8ruCq<>W«'2 8(,' 'ue.'2C8C8qc.oeCe. <;:,>8C'2 ·11 u8c.o 11 u<;;> 9 Ce2[C 9ce
uW.'.:;:i<;>g U<]u8<;c.o <;>ruCgC<;>Cil<.''2 <>t;;Puf1<;<eru <;'09'-'t:ewr U\;)8C'2 e«8C8gc.oeCe. e<> ·c.ou<(C9CRwe<.''2
11o<;:C\;Jw9<Jf?.u<;i<-'29<.' - <;>E'oGJlP<><;;it: <jugePCe.
«9Cliuwe<.''2 «89w<;i'lG;,u€ <'U9<.'[.'8WE' <jU<(Cu8<;>Pu9G;,8wl' wGJl<]wf1<.'<]
<;>ru QQQZ: ruC8<-[l<>9e«ru «\;J<.'o.'.:;:i<; u8<cc.o '<jw\;JG:l 8<.'
8'-'09<.'E'ewr w\;JCE'w\;J<?"'I C<J8PCCe <Ju91iC8p '<;>egw<S>G;,ut' f1·C '<Jqu«e z: 986i
<;-OJ .6
 4.

(JC!<OCQOlrn
MM()MMG cno606li(JMO EDI 06() cno606li(JM 8Mb0[J08m0 oli
BMOQ03l.i oo'b6olio6'BMM80QOOl.i JM8.30600l.i0 !:!<0 Bob 006Jli 06
006Jooli OMMoli. oli BM0G03li ()0!:!<0MOQb3oooli 06cnMMB0-
000li ci<0 006Joli 06cnMfiB0000li.
036<,,,80@.>o'bor'iooCJl':'.'O JMB.306ooooli013oli, CQ060MC,Oli 06cnMfiB0oooli (JM0100P101-
Jl':'.'or'ioGe,(Jl':'.'o Goli@Jo8o, ci<0 'BM6ci<oooli <.1)M06li'B0Moli 6od60J0, B0010 <.1)M06'b0doooooli (JBo&oliM00 CQ0MR000
MM80l':'.'O(j
Goor'1moo"'r'1oli01 60bo3fi0ci< JMB.30600 Bolio oo'b6oli-
()OQ'.?OMo(jb30000.80Go li0rJB006Mooli <.1)fi06'b0rJ000li EDI-ob 0 0BMt10600001 CQ0 'bM 0 00M01
o<'in,l)o5(Jl':'.'0 301'10,6@)0 c,0ci<0bci<ooli RoJoC.001. JMB.30600!.i
06(')00l':'.'00 'bM 0 oofi010 8M6000B010 OtJMli MMCQoli00 03<.1)MB0-
Gobol':'.'""'Q'.?Ooo01 ri 000
CHAPS.
!:!?0 <.1)M06licno(';)ooB0 BM0030li Bolio
c,0U?0bU?ooo.

J"'80o6ooolio (]'.!" 8omli BM60(30B010 00BMtJ06000li 0rJ3li (JdOM0<.1):JliM00.

oo6Jooli 06 oo6Jooli oMr'ioli
'(lo5"6G(JMO liod8oo6Mooli
Dl':'.'Od@Jr'1016(J('.'.'O
06<(l01<'i80000G 801dr'100100.
06'?_lMMB0oooli !:!?0 ()0!:!?,)bci<oooli BMdM0fYJ00 00MBMooli bOM0'lj0U? !:!?0 U?OC!<O
li06U?MM0001. 0()8sz;Mooliooli 60e;>U?o .3MM 0 6M'boM 000li u:0 Bo6osz;8o6<.1)li.
JMB.30600!.i 0ti 030 lio(Y)0'Bo u:0 Bo&0U? li00BoU?M ti 0(';) 3oliom.
080!.i 00MU?0, JMB.30600!.i Clo0800MMl.i li0<(3Mli<.1)M, !:!?0 C!(MJ()Bo66oooli
Clo60b3oli b0M:l(;OOO. 01(JB(30 0B 0rJ3li 01030!.io u:060b0M:l(;O. Br'160(30-
Boooli BMdM0Mo0 BM001bM3li &od60J0li !:!?0 .3(Y)M 0M0B0li. JMB.30600B (J6!:!?0
BM0B'b0u:Mli EDI lioli<.1)oBoli 0 0BMtJ06000Clo. 0Boli 0 0MC!(0, bClofi0C!? ob0M:l(;000
U?MM, (!(0 (!(0 U?0MOB()Goo0Clo
JMB.30600li0106 oo'b6olioli 000MBMM6 MOtJ08Clo. M0 01rJB0 ()61:!(0, cno606lioooli
<.1)M06li<(30Mol.i lioRrJ0MO 01030!:!?06 'bM 0 00M010
JMB.306ooli013oli u:0J0M 030 00C!?0buwooli U?MMli ()'.l(;!:!<000 d3oMo.
oo'b6oli C!<MJ(JB06<.1)oool.i !:!?'°' ()0(!(0b(!(oli lioli<.1)oBol.i 0 0BMtJ0600001 8M()000
0&0Moooli 01() 0(';)0 b0M:l(;ooli, oli ()61:!(0 00U?0DtJU?Oli JMB.3060000!.i BoolYJ
01()B(30 oB JMB.306ooooli013oli, 0lio010 lioli<.1)0B0,

!:!?ol; 3.:iCQ<><'>oob306om
aoo<'>
'Bo6,:,6b()6'lo G6<'10<(3.'.>CQ 30CQ,:,bCQoG0130G 8['Joe!J.:i6CQ.:i 2
b06'l,:,03ao,:,
mv800 GE-G .3jf')6!J<<> EDI 8['}6.:ion801.:i 000-
(JMOlOJMOl['JQ,:, 'bf')80JM01 8ol;

J M8.3060,:,li GE-li tl{Ol:!?O b6oli

.3f')'booo.:i u;:.:i 0<'1 U(JM!:!?"' 8oGo 8"Cl?.:ibu;:n6oli
GOM[J6.:i". Jf')(i).3['}<'>0oo.:i 8.:i<'>C!J6n<'>oG
j(YJ6!:!?.:i 8C!JJOGJ

GE-ti CJ 0u.:ibno
8001 OO(')C\1606, M(YJ8 oGo6o 3JM 8"'mbf')3Q;?6J6 8001
'b(YJ8ol; 06 .30C!J.:i<'i0 EDI 8(YJCQ-
ondn6.:ili. 0883 .::.<'>.:il:!? 8.::.01 !:!?"6n<'>0nli 3no-03n<'>l:!?'bJ
(Gartner CS-13-4085, 2001 6. 800lio) 83J(J66n6.:i, MM8 GE-l;
063f')oboG o.:i<'>l:!?806oli liolie!Jo80
!QJ.3,:,(i}C!J.:i8n6C!JClo 'b.::.<'inool; - EIP, 8oli nv6oo.:i, M(YJ8 GE 8['J,)b(!16[;
70% Ol:J(YJ Clo!Q.:i 8a6a.Ji;J<'>nooG3.::.6, Jo01bv- 15 1.5%-0060 060.::.<'10ClGo(YJMJ00U, 01()
8"Cl?"b(l?OU 8tl{3r08.:i<'12ooli ClJUi>bJO, 063f')olinoo oj6no.:i GE-li EIP liolie!Jo8001.
u;:06,:,(i)f\260 20% 3.:i8tJOCQ3JC::DOOli306, 03030 063Mnlinooli G.:ibo01 00MCQ8060G on8cnb303000
Jo01b30G li308!:!?606. ()<(JM"' 8ne!Joo, J(YJ8.30600G .:i.30<'10C!J8.:i 00CQ<>bCQ" 60 6 01301i6 :3n<'>oMCQoo, GE-
CQ.:ib.:i<'>.Ji;" 80010 Q?M['JoG 50%-'bn 8ne!Jo C!nlitJol:!? 3oG ClnJ 3n01nooli li 15,000-'bn 8ne!J80, 01:1 3606 45%,
o6 3f')oG 0001.:i6 Cl2G00080GM00 'bn CQ0 8 0Cl?0 'boCQ3nooG 8M.:>b(!1o6Jli 063MnUJOnli o,:,(i)C\?8(]6JOO . .::.8 .30<'10-
GE-Li 'Bofo6Gv<'>a.:i oof')l:!?6n6, <'>(')8 MU<oli JM8.3.::.6008 12%-001 0£J.:>8ooM.) 8olio
8f')b(!1[J0['}(!1.) b.>M.Ji;[JOOU (!10'b(YJ330
l:!?"a'VCJ.:i3nooG b.::.(i)J:o.

244

UIH"JU!Ull" - 'bMc,03fiom
ilo'b63G MdJfl·'GooG
il0Gfi(Jce:>3<'>o
J30,J"'5®ofi;J(li"'1'iol> 3oo1'i,
o3ob 6003ce:><><Q, MM3 oG
l>oj8006Mo0
0103>(!1·
9.
Cloodr:?oo0 ,Y(JQO\::?Door:?o OtJMl.i (o(JMOl.QO(Jr:'.;o, 80P130eo5 0(Jr:?O !3.?" lib30 8o'bo'bo6om) MM800 0
Liolieo8oli CJ 0foPSf1()5D60 - t>',01 0 Mr0o Dr:?Dd0P1M5':.'.Jr:?o, 0t.i 030 d0c:;0r:?!3.?'bo !Q0'?3'(Jd5o6':.'.Jr:?O
P10c:;0o .3 0P1oMl.Qoli 0 0580 3r:?M60Clo.
6Mr:'.;M Or:?o6Clo JMS.30600080 8oeo tJ(JM01.QC:::D00 1.Q0(Jm8oli 80mo oo'b5olioli 8m030M
8080Mm(Jr:'.;000b ·- 08 8m030M dMM'?_30boM50r:'.;(JM QMl.Qfoli, ol.io5o '?_3r:'.;MOD5
o8oeM8, MM8 Clod8fo5 '.Q0 c,00dr:?ODMM5 m03olio (JdOM0eoliM00 JM5J(JMD5eoooli oo50Clo.
830\::?0 1.Q060P1f105n 0(JQOr:?D60\::?o, 80 0 P108 0P10 8m030P10, oo'b5olili0j8006Mo0 br0(,G0\::?!3.W60
0 0P10 P1oli()P1lio6om, 05() l.ib30 JM8.305ooooli 80Cl30Moom.
1)"MOMDb()PlU0\'1000 - ,.dO!:l.;0" M.30P100006oli o0!3.;0Q080 c,0P10 JM8.306oolim3nli 0M 0MOb
0b0r:'.;O 01.QD0 50c:;1.Qo '?J()r:'.;Ob 8o5o:?(;8D5eClo. 1.Q03(JOM(J51.QDm r:'.;MJOMJbDOOb 8.)o0r:'.;Offib. JM8-
.305nnli li0f103r0 05 0 0P10Cloli Clo8!3.?oo, \::?f'lJOMjl.ioli lioP13olio 0P1oli 50c:;1.Qo '?J';'Jr:?oli 8o5o:?(;8o5eoG
8M8li0b(JM06ol.i JMMdMM0QO(Jr:'.;O m0508aMM8r:'.;OOOb (Jd3Dr:?Obn '13MM80. r:'.;MJ6Mjlio6ol.i
c,08Mt106000 0MOb dMMGolioli 0(JQ0r:'.;06Dr:?O, 800(1)08 0M0 dnMOffi0!3.;0 C,0MOMDb(JM-
lior<l0ooli 8.'.> 0 0\::?nmo. '?Pdeo(JM.'.>1.Q, 60c:;'.Qn '?J()\::?oli l:J30r:'.;0 d0Mom01.Qn 8b.'.>M0 -
'(l(Jr:'.;Ob Clo 0 MM3Do0, 0 01.Q0b!3.?06n !:!.?" <(30l.io06 j0c:;0c:;1!3.?06Clo o530lieoon000 -
0Mol.i 0 0(1)0(';)0li()Mlinr<loonli 0 06bor:'.;3oli 80 0 0\::?omo.
C,0MOM0b'()MboM060li "J3b .3Me06000r:'.;O Cl00800MMb JM8.305ooli 1.Q06"b0MJ(;DOO. c,0M0-
M0b()Mbob 893Mo0r:?li, l.i(JOJM5e(i)0j(J)Mt0l.i, Clo(Jdr:'.?00 008Mnt106f'1G 00P18M06oli 80CleC>6oli 0'?3 0-
d0005fYlo0 !:!.?" m03olio li.30000\::?n'boMD6(Jr:'.;O GC>jM5r:?oG 00f18M0ooli !:!.?" 6n'b6oliM.30610oooli
Cl0lif1\'Jr:?Doolim3oli. dD!:l.?Do"lQ, JMB.306008 Cloodr:'.?060 8ooc:;Ml.i 8olim30G li0t.foMM liofi13olio
60Jr:?D00 b0M:?(;om !:!.?" 80c:;0r:'.;o b0(i)ol.ibom, 3nCQMD o0 o Cl0dr:?00!3.?0 08nli 8oc:;oo0li m3001f'l530·
08ol.i 0 0(i)!Q0, 0 0M:JM:Jb(JMboM0608 Cloodr:'.?000 0 00m030G(J'(3r:'.;f'lb !3.?Mf'l !Q0 .30('r)l.iM60\::?o, Mf'l8-
r:?D6oo JM8.3,:,500li Cl0(Jdr:'.;00 8f'l0b80Mf'lb m03oli dnMom0'.Q li0j8M6f'l60li. 08 0 3,:,(i),:,'.Q, m(J800
CQC>5,:,b0(1)'.?(;Dooli Cl08Gof1001> 0Mol.i 850Cl35o\::?f'l3060 0 C>613610li()li'ilio610ooli Cloli0bo6
0 0!Q00l:J3D@Jor:?0ooli 8oc:;o6oli0li, 80 0 6108 o 0 o 0M 0(i)ol.i OMm01Q0Mmn. Mf'l!Q3li00 2002 Or:'.;oG
0 08M3nmb30Clo 0 0P10610G()Mli0Moooli J3r:?o3oli 06li@Joe(Je81> Clo0Jomb0 80m 0 08M8t1 05oor:?o6li
f108Mom30r:'.;0 8o'bo'booo, M0@.JM8 ()0!3.?00(30ffi 81>m '(3()5dooo6o, 8M8b8061ooor:?80 .306130\::? Moc,Clo
0c:;60Cl61> ,.3M8.30600G '(3f'lJ(Jbnt>'ioonli o0()8j<(;MOOlioo,)") 83MMO MOodn - "M.30P1000';'Jr:'.;O
1Q060b0M:?(;06ol.i Cl08oo('r)o60 C!?I> JMC!JMMr:?n", bf'l\::?f" a0b"8o (';)no Clo - "('r)ol.i':.'.l('r)lio6ob
0
0 08M6m03oli()93r:'.;,')60 lib30 8o o506obm3ol.i".
f1305 ()J30 360b0m 00M0M0li()f1liof10ooli 0 08Mt106000 '(l(Jr:?nli Cl0 0 f>M306olim3oli (r:?MJOMlioli
liob@.!080). 8'bC>M!3.?80 o5e0Mob80 0f13060, Mf'l8 JM8.306006ol.i 8oofi1 0r:?0det11f'lb(Jr:'.;O Jf'l80P'ioooli
c,08Mt106000 o"'!Q"be!?0oob bqJ0Mf'ldO 0MOb o<>MOM0b(JMbOMD6ob J0Mo0 81>C,l>r:'.;O(J)O. 00f>-
otT\0li'()MboM0oob 01.3otT\0ooob 01>8Mt1Q6060 006J3oobm3oli (J'(3Mf'l b1>li'()M3Qr:?n0. 8,:, 0 ,)\::?nm.:ie!?,
JM8.31>60,:,8 Clood\::?000 8000M(QMb l:J30r:'.?" 0 01Q0b!3.?ol.i o5l.i@JM(JJ(3006oG '?_30nr:'.;o 0063b EDT
'(3MM80@;Clo. 00bJO Cl08!QQC, 008Ml:Jf'l'?Jb o"IQl>bC!?DOb @Jo.30oob 8ob01.Q3nm (f1030, ACH, .:i5
lio@JDr:?0oM"'(lM) Cl?" 0 060bMM(300r:?Q<'>li o"l!?"be!?0oli. 0li lio(i)3olio 0 C>6l.i03'()mf106om
008Mli0t10600Dr:?00 JM8.306oolim3ob, MM80r:'.;0(3 000M8Mooli li0otT\m0ClMMnbf'l o"C!?"be!?ooli.
8lib3nr:'.; oo5@.JM0r:'.;(JM 0063G Gt.fnMCQ000 l>(j(_jOr:'.;000\::?fl 0od6nJ'()MO 0dli.30P'it)o'b0, MM8 80Mmf'lb
81'0030\::?o 3"r:'.?'()@J0 Cl?" b0Jr:'.;OMnD 0 f'l Gol.>@;080.
003tT\o JMS.30600 0nol>ooli foc:;(Qn '(l()r:'.;nl> 00\::?05GoG oo5061f1'()50ooG 8o'b5M0Mn3 C\?f'l6oG. 81>m 01'0
G(Jl'0m t.fC>Moo foc:;C\?o '13'()\::?oG o,:,\::?05bob Cl061>1'0f1()6000, 610\!? 0 05 00odr:?060 b01'0 0 06r:?oG
008M8()'il03060, MM!QOb"G <ao606G060G o530l>@JoM060 b!QQ6.'.> 8M8 0 06005 '?30Go05 J"C:::"r:?!Q060o.
1'0,:,o tQOl:Qo" b0r:?8oli0El3tQM80 .31'0Mo35@.J(Jr:?O 0 0foJ3omo 8M8 0 06005 <aol.>005 d0c:;1>r:?!3.?D6'bo, Som
(QO(QM ()8Md8ol:QM(Q Cl061>Mfi(J606(Jr:'.;O 501:'.;(QO '(l(Jr:'.;Ob 60\::?05Go6oli l>r:'.;@J0Mb0@.JO(Jr:'.;O
c:;o6i06()\::?D60. 01>1:'.;'.Qfl '?Jor:?Ob f'ld@Jo81>r:'.;(JMO (Qf'1b::J (Jb!:l.10 Ol:JMb ( 1) 60c:;(Qo '(l(Jr:'.;Ob 80601(;806-
@Jnb 0'?3Dd@Jo,:,5Monli l:QMMli 8Mmbf'1360\::? @;6i05°00dooo6oli o,:,r:?.:i5li'bo 80@.Jo, .:i5 (2) JP1806ioo-
(Jr:'.;O 01>63oooli l.i.:iJM8.306G000M 00r:::·06lioli 8MmbM360o'bo Bo(;o, P1M8Dr:?Cloo JM8.30600G
01>bli60\::?o 1>j3li .:i6 01>1'00Cl000.
245
 UtJOnlim3oli Cl?" Ui:IOtJnlin li.:.®De:D'lJf'l6f'l 8M8li0b(JMDonli
0 0()81(;M0Dlioonlim3nli. m(J8G"• bClnM0(!? MP'i0 06n'b.:i(30<>
a'b.:>P'i(!?o D'BDdeo.:.6Mo.:., P'ioli()P'ilioooli
Cl?" 8.:.P'iJoeo60oli {!1MMoli
t'l0G f'lP'i0 06o'b0Goooli
0P'ioli 8GoP'io
8ooe;>f'l6
0 0P'itJMtJli()P'ilioM.'.)Oom .:>M 8"!!1"li(3tJ8li dot'lnmi:I(!? 'lJ(J6d-
GODoli. CloC!?Do<>l!1, a<>t'ltJt'loli()P'ilioMDonm o"C!?"GDa()e:n
li"®De:D'lJf'l6f'l GD6®P'in "83i>MtJOU aDe Ui:IJOO'lbli, 8.:i3P'i08
00P'iot'loli()P'ilioP'ioooli 008MtJ06ooom. 8me:o06n 8M 0 3<>MtJonli {!1Mf'l MtJ<>e:(JP'i"l!1 n'b"1!!1tJO<>. Dli
800t'l08 003t'lo JM8.30600 m03oli o8DC!?Doli 08tJ0MDoli 00P'i- 00303li 8M8b8.:it'looe:Dooli o8oC!?Dooli a<>GM()Donli 'b"1(!?0li
DMDU()Mliot'loo0'bo 8bf'le:f'lC!/ DMO'lO ooli0de:f'l af'l8DOOU !!1" bClnM<>(!? Ui:IJOO'lbo nli8tJ00 1 Mf'l8 JM8.306nnli 0 0t'l-
008M: (!?0fob0P'i:l(;Dooli {!1<>'bM03olim3oli. Unisys-oli 8lif'l'lJ- DP1Db()"1linMtJOi:I .:it'l 0"1nli lit'l()e:tJf'l'lJne:n.
e:of'l 80tlol!13oooli 80t'lJ06060oli 806D:l(;ao66oli !!1oMod- ()<>MDMtJU(JMUOMtJOOU 8Daa.:i, Mf'l8tJe:OG (!?<>'lJ()d6o-
®f'lt'lo .3f'le: 003060 080Moli, P'if'l8. oli G"e:8bP'io3n O(Je:n<> 8bf'le:f'lC!/ {!1<>'bM 03.:i'btJ, dnt'lomi:l(!?i:I(!?
0'bP'iM36oonli 60.30 no303li ()i>MDMDU()MUOMDOOU Oi:IM(J" .:>M .:iP'inli Ji:IM()O li6"1"®Dao.:., .:i8of'lOU 003060. ,,(!?.:>60b.:i"1-
a06ooe:f'lo0li. !:\?<>'bf'l83" Clonde:Do<> o<>P'i8Mno30li, - <>8®JnGD<'>li n0n -
MP'i006n'b0Gnoon, P'if'l8e:oooG 'lJf'lJ()linP'ioo0li 0b(!?o606 8.:iaP'i<>a 8"MDMtJU(JMUOMtJOi>8 aD®"l:l? (J6l:l?" 3.:i<>6m.:i-
abf'le:f'lC!/ b0t'l:l(;nli ooaGnP'ioo<>'bo ntJo6ooo6 8 0P1ot'loli()t'l- 3nli(J'lJe:f'lli MM0.:i6n'l><>(3n<>; "1M8 'lJf'lJ()lint'lDo" 8M.:ib(!?n-
lint'loooli ()boo 'lJf'lt'l8.:.li, P'iM8oe:nG no303li MM doP'inm0C!? 6Mli dnP'inmi>(!? li<>d8nli 0 06bMM(3nDe:Do0'bo"·
.3P'if'loe:0a.:.li, bli6oli 003060. JnP1 3oe:n .3t'lf'loe:0a.:. .:.P'inli
0 0P'iot'loli()t'llinli 8'lJe:f'looe:li0 Cl?" Mt'l0.:.6n'b.:.Gn0li ClMP'inli can606b(Jlllo !!?.:. o6<!!>alll6a<!!>
()MmnoMmf'lonli (J'b()li6Mo0. !!?a.'3.:.lllc!!J08a61!!>aoou <na8.:.3e:a6.:. 8.:.lllalllau-vllluolllDo.:.<na
,,f'lM()06o'b.:>GO" 0M (JO'l8f'loli (!/Mf'lli, {!10M08()6!!1oli
Clooli000800.:. O'l() .:it'l<> 'l>()li®"l!1 8nlin J()e:e(JP'i" 0.:it'l- n6c!'Jotll63e,
oP'ioli()P'ilinb a'lJe:f'looe:nli J(Je:6(JP'i<>li", 080Moli 08 0. a363:;c836c!'Jn
"t'lM(!?Dli"G md306 lib3.:i JM8.30600b o<>l!1<>liGo8m t'l008oli
19% 37%
Db 0.:il!1nli md3060 JM6®P'iMe:nC!?06.
md306 ()6(!?<> Clod860m lioMP'in 8.:iP'im3oe:Monmo J<>3ClnP'io,
Mf'l8 ()'l>M()63oe:tJf'lO'l H3oe:<>'lJDMO 'l>()li6<>C!? Oi:IMn8.:iMO'lf'lU 28% 36%
'bo&.:.31!:.'0Gom
Cl?" f'lM03D ab.:iP'io Otjf'lli 0P'imli0 Cl?" 08030 oe<>J'bo"·
8G0fl0
8DMM.'.J .3t'lMoe:o80 .:it'lnb nli, Mf'l8 'bM0n MP'i0.:i6n'b0Gn0 'bOo.'>3!!:.'0GOm 31% 8G0fl0 17%
30 t'l 806obne:.0 3ti P'i.:ial!1o6<>(!? 0bC!/06li 'b 00 03e:o6.:.li 00P'i-
oP'ioli()l')lioP'ioo.:i 8<>mn on'b6olinli 60ooe:'bo. G00Mffi[')l!!.'l(.,,)
23% G.'>Oflffi[')l!!.'>M.'l 10%
,)(13[,
"003"10 JM8.3.:.6n<> <>M nm30e:nlioo6ooli 0.:iP'ioP'ioli()P'i- 0d3G 'b0&.'>31!:.'0G.:.
linP'ioonli 'bo 0.:.3e:o60li 8nli 808!!1060t'lo .3P'iMGDlitJ2>'btJ,''
080Moli on3D60. "PIM(!?tJU<>G md3tJ6 0.:>MtJMtJU()MlinP'itJonm Unisys-nli .:.tl3a6<>, MM8
o"C!?"liGDam 'B(J6dGn0li, 8.:i6 0Dnde:oo0 'bDo"3e:o6.:i b.:.8a•?rli 0031'\ 011'J3.,Go'b.:.oo"Clo, 'Bo6.:.6li()M C!?Da"l'Ji§.:.8a6i§li <>d3li
8M0b(!?n6Mli md3tJ6n o6etJP'i6De 6Dd6Me:f'l0ntJonli Jt'lM- C!{OC!{O 3.:>M:JM:JU(JMUOM:JOOU
GDliDonli 6<>one:'btJ, 06'lJMM80Gnoli (!?<> .3P'iM(3Dlioli 30C!{M:J o6i§al'J6oi§ C!?a3.:.l'Ji§.:.8o6i!!Jli. odli3ol'J·
i§ooo 33ol'Jtlo306, l'J018 011'J3.:.6o'li.:.00008.:. .:.l'J 8b01·
C!?"8()Cl<>3tJo<>'bo."
<:::'MC!{ 3<>M(JM:JU(JMUOM[)OOU C!{MMU.
80 0.:ie:nm.:i(!?, of'le:f'l oe:DOCln otJ3P'i8.:i JM8.3.:i6o<>8 0.:iP'i-
DMtJb()P'ilint'ltJoom o<>l!1<>liG" li0®De:D'lJM6f'l GD6et'lnli 0::1.:il'J01: ()6o'b()bob J3<:::'D3.:. UK CEO "6C!1 CIO. 8016.:.00801.:.
OiJMU 100%-'bo 8oi!!Jo 3.:.801.
M.3tJM<><Jnoon li08(JO<>f'l 0 0()81(;MOtJ-

"When Not lo Focus on Cost Savings:• Exec. Vol. 25:1 (2003), p. 4. Copyright 2003
('"'"""'"'""' Used by permission. All rights reserved.

6<">06'b.:idoooooli o.:ie:06liooo 08 m0300 8.:i6.:i8C!?o a.:i6boe:()e: Ui:IJOmboom.:i6

o<">m<>(Q . .-,lio30 1 <'100 li0<'1 0 ooe:nli .3<'1MGD66()e:o 0.:i60J3omo, 8om
'B()e:oli 'Be:f'loob 0c::;>60<">6<>6o()e:n Cl?" 8nm JM8.306nnb ooli00.:i8obo
b(J<'13oe:o 0008on<">Mli 'B()c::;>o, MM8oc::;>li<>(3 n0 o '(3c::;>Moli, a>() lib30 m.:i6000<'10 .3o<'1Mooon.:i.
OMc::;>M (QMMli 0 063om0M(Q<> 'B()c::;>oli 8<'1030e:o 8M(Q[]c::;>O 'B(Jc::;>bi> (!?<>
8M8 0 00006 '13<>lin06 OMMnb M.3608.:ie:()<">o ()Mmno('i\mMooli

246
 9.

Ill boJ('l18.3o6uooo('l1 t:Qo

6.:ic:iCQo '(3(Je::'OU 00e:;06lioli 806080e:;(Jl'ilo CQM5oli 0 06G0 'bc:i3!'il0 CQ08MJOCQJO(Je:;o0 oo5Joli U0JM8-
.3o5lio(30M 00e:;06lioli 8McnbM360 'bo. JM8.306ooli 8080!'ilcn 8McnbM360, Cloo601'ilfi(J5Mli lioCQJ.3M'bo-
0M 8McnbM36oli 'b(Jli0o cn06b0, oo5Joli Boor) 0 oOJ(Je:;o 8M8liob(Jl'i1Jooli lio<(30li(Jl'ilo,
006oli0 'bc:i3l'iloo0 0600!'il0Cloli 8M8000005MOOCQ05 ()01M8CQ060!'ilo.
l'iloCQ 0 o5 oo5JJOO 0 06lib303CQJ0006 08 05 0 0!'il0Cloli 060e:;o'boli 8ocnMCQocn, l'i1M8Je:;lio(3 olio5o
01;w5ooo5, 060 'bc:i0(Jl'iloo0'!?0 00e:;05lioooli 0 06li0 'bc:i 31'i10 o83 e:; 000. 0800M8 JMB.306008
Cloli0de:;M0 8Mdoo5Mli 005Jo, l'ilM8oe:;oG 8MocnbM3li CQ000e:; lioJM8.306li0(30M 00e:;05lili li.:ij80-
05Mooli CQM6olicn3oli. en() JM8.30600li 0j3li li.:iliolibM 8Me:;0.30l'i10Jooooo 006Jcn06,
JM8.30bo0u OJode:;J00 JcnbM3Mli dJ05o!'ilfi(J5Mli 08 8McnbM36oe:; 0106bo'bJ 8J00 00e:;05uo 1 l'i1M8
0()60'bc:i0(Jl'i1Mli oo5Jli 8oli 06 0 0!'il0Cl'bo li.:ij8006Moolicn3oli. li.:iliolibM 8Me:;0.30l'i10Joooli CQ060b0!'il-
80-11 0103Clo oj6000 0 06boe:;(Je:;o.
OMC::M lJe:;ooClo, 0c:io60Cl60 5oc:>CQO '(3(Je::'Oli o0CQ0bCQoli 005Joli 8ool'il o00J(Je::'0
liol'i13oliooolicn3oli 'B0lio060 00e:;05lioooli Clo501'ilfi(J5Jooli 50(33e:;0CQ. JM8.305ooli (J.3ol'i100oliM00
0!'iloli oli, l'i1M8 806 Cloode:;ooo lioJM8.3o5lio(30M 00e:;06lioooli 008MtJD600001 Clode:;Mli o00J(Je::'0
8M8liob(Jl'ilJOOli <(30li'bo 8000 0106boooli 008M8(JCl03000. l'ilo(3 80c:i0e:;o0 liol'i10ooe:;oli 0060J30010
'B(Je::'oli 00 'b0!'il'bo, Boen 80c:i0e:;o0 lioJM8.306li0(30M 00e:;05lioooli c::ol'iloo(Je:;Joo
CQ0 8001 80c:i0e:;o0 0 .:>0J(Je::'O liol'i13olioli (J.3ol'ilo0JliMoo. o8oli 0 06li0'bc::3!'il0, l'i1M8 8M(3J8(Je:;o
JM8.306ooli013oli (J<(Jl'ilM 8M80000060: 8M8liob(Jl'ilJOOli lio<(30li(Jl'iloli o0CQ0bCQ0, ())()
06 0 0!'il0Cl'bo lioJM8.306li0(30M 00e:;06lioooli Clo60l'ilfi(J6Jo0 - 0!'il 0!'iloli l'i101(Je:;o. li.:i.:fol'ilMo 8bMC::MCQ
8M8li0b(Jl'ilooolicn3oli lio<(Joli(Jl'iloli CloCQ0l'iloo0 0 08M0103oli()'(3C::JO(Je:; '(3(Je::'0CQ
li0Cl()0e:;ooooo'!?05 8oc::oo(Je:; 8M 0 000licn05. 08 Clo8cnb30300Clo, l'i1M(3o (JJJ01olio0 0 0Eio()e:;o
8M8li0b(Jl'ilJOoli013oli U0<(3oli(Jl'iloli 0 oCQ0bCQo, JM8.30600li (JOCQ0 J(30MOMli 08 (J.3ol'ilo0JliMooli
Cloli0boo CQ0 ()5'!?0 Clo08Gol'i1Mli Bolio GoJM8.3o5li0(30M 00e:;05liooo.

do!'ilo010CQ0CQ, JM8.305oooo (3CQOC::MOJ5 Cloo5.:il'ilfi(J5M5 60c::C>?o '(3(Je::'oli !'il0080 8o'b6Mol'i1030 CQM5J

!'ilM8 CQ0<(3ol'i1M6 cn03olio li.:i.:fol'ilMJOJOo 01'ilo5'b0j(3ooooli013oli CQo/ 06 li0JM8.306li0(30M 00e:;06lio-
ooli 8McnbM30JOO. 80 0!'il08 08oli 0 ol'i1CQ0 fi3J6 bCJo!'iloCQ 3oboe:;03cn JM8.30600oli, l'i1M8C::J00(3 063J-
li0ol'i1J00li 0JJ01JOJ5 8MJC::J30CQ005 e:;oJ30CQ(Jl'il <(30Uoo5 J0C::0e::'CQJOOo. 08 0 o5tJM<(30e::'J000o
fi306 0 08M303Je:;o301 l'i1M 0Ml'il ot106ooli JM8.30500 e:;oJ30CQ(JM <(3olio06 d·)c::oe:;CQJOli, MM()MM(3
60c::C!?o '(3(Je::'oli 063oli00Go0li. li0608 0 05boe:;30li CQ030Eit1JOCQJ01, fi306 (JO(Qo
0 03ocn30e:;olioo6M01, MM8 lioo(Jc:ioe:;0ti1M 8o'b6oooli013oli e:;oJ30CQ(JMO '(3olio060
(CQo 30CQ0060 CQJ.3M'bo0ooo) 60fi3060000 (JOtJoliClo, MM()MMG 60c::C!?o '(3(Je::'oli
.. JJ3030e:;o50ooo" 01() 80cno CQoP1fio5oe:;o lio8Eio<(3oli 30CQ0 0P1oli li.:i8o 0130 06 5oJe:;ooo CQl'ilM
Clodo5oli CQC::OCQo5. lib30 e:;oJ30CQ(JMo <(30lio060 j0c::0e:;CQJOoli013oli, CQ03()Cl3001, MM8 80cno
lio8Eio<(3oli 30CQ0 0P1oli 1 DJe:;'bJ 5oJe:;Joo (Q0 0li0b(Je:;o0 l'i1M 0MM(3 ,,8MJC::J30CQoo5o
063oli0)0Goooo" ..

JM8.306ooli 8MJC::030CQ0000 e::'OJ30CQ(JMO <(30lio060 j0c::0e:;CQJOOU .3MM0<(3Je::'0 Cloode:;oo0

Ei0M8M3o(Q 0 o5Mcn 608(3b3P1oli li0bom, 0 0.:J:P1oe:;o li.:i8 60Eioe:;0CQ (01'1 01'1oli
0106000ti10 'bM8001 0 0.:fti10). (60bo01 G(Jl'i100100 9.4) 4 608(3b31'1oli oti1010 60.:fo1'1o, MM()MMG Eiobo,
8Mo(303li 8M8 0 00005 <(30bo06 j0c::0e:;CQJOli, MM8e:;oooG 01080ClM006 JM8.306ooli 60c:iC!?o
0600ti10Clob 1'1o'bol'i13ob l'ilMe:;li. oli 60Cl603li, MM8 08 <(30lio060 j0c::oe:;CQOOOli 60Eioe:;o Cloode:;ooo
lil51'ilo<(30(Q 0 ootJO(QMb en() JM8.30600 60b03li, l'i1M8 Bolio (QC!;'O(J!'ilo 60c:iC!?o '(3(Je::'oli 00e:;05lio 0!'iloli
08 lio0(J.:>Gooli 0 08MM0(3b3001, MM!QJU0(3 '(3(JC::0CQO Clo8Mli03e:;000
tJM3Je:;cn3oli ()0MC::CQJ00 80cn boMSi;JOli, 06 800)00 80cn'bo, JM8.30600li b0301'i10(JCQMC!?
CQoli3'ol'ilCQJ00 <(30bo060 j0c:i0e:;CQJOoli 60l5oe:;o .3ol'iloMCQ(Je::'0CQ 0 0(330e:;01li 60c:il:Q -
01()8(30 Mcn(Je:;0CQ .3MM06M'bol'iloo0CQ00 l'ilMC!?Ob 8Mb(QJ00 oli ()0(33e:;0 CQ0 Mo l'iloMCQ:JOMOO()). 08

247
 bo0806@>Clo 8m030Mo JMO@>OMO(J80 .:iiYlob 00800Mo M0CQ000 ob <(30bo.:i5o
08ob013ob, MM8 3080101 JM8.306oob
b03'0M01ooooob006, ob <(30bo.:i6o
OtJMb 30()(0dO. JM8.306oob <(30bo060
.301M6'?30e:::'ob b03'0M01ooooob CQ0b.:><(3.:>M0r:Q 8306 3(JOM!:QM01
M01 001MG 8'b0 foc:;CQo boc.80660 (R$).
o8oli ()0M(l(0, MM8 b000'bMM <(30bo060 Clodo60 b[Q::J00 6.:ic:;u: 'b01000M010
u:0b0<(pM030u:, 'B0bo060 d0c:;0c::_1u:ooo
0bo30 od6oli (06 b061s;;ooob CQ0b0<(30M030u:.
JM8.306oobm3ob 0060lio0M !:Q" d30Clo 0Moli
0 0u:0bu:oooli 0106booo u:o 3 ou:o6u:oo'b 0 U?" 0 0u:0b0b0Cl?oo'bo. lib3.:i JM5-
od5oo.:i lioliboli r:Q0 0.:iu:.:ibu:ooo.
JM8.3.:i600b 8Mo8'bC>[QMli 08 06C>.3MOM03.:ir:Q
r:QC>0MP1300C>[QO b.:ibbMoooli oli o@>.:i.3MOM030 [QC>Moob3.:i [Q0M8ob 5.:ic:;u:o
.:i5 0.:iMoo'bo, 8.:i0M.:i8 8.:ib .:ibo30 8Mo&.:i60 8M000.:i b.:ibo01
e::_>nJ3or:Q()M 'B.:ibo.:i5 063ob80Mooo01. .:ilio01 r:QMMb JM8.306oob <(3C>lio.:i6o
Clo8u:o 0 o 6.:ic:;CQo boc.806@:!0
(C$), 0.:i8MOtJMli bC>Mji;OOoli [QC>bC><(3C>M.:i3.:iu:,
obomooob, MP10MMOG ,)Mob 00u:.:ib0b0u:ooo CQ0 u:o3ou:o6Cl?ooo.
8306 030d3li 5.:ic:;u:o lio0806@Jo (F$). ob .)Mob
<(3.:>bo.:i5 0106b.:i, .:i(Y) .:.Mob .:>MG
5.:ic:;u:o 05 0.:>Modoli 8M8li0b()MOOob013oli, C>MG b0M_'.l(;OOob013ob. ob
d0Mo01.:iu:0CJ? .:>Mob u:.:i8.:i&ooo010 5.:ic:;u:n 063oli@J0Moo0li JM8.3.:i600 "Jo01ooli
<(30bo.:i5 01() JM8.3060.:ili ,)M litloMr:QOO.) ob 01.:ifibooo U?"'ZJ8f'135000-
'ZJJ0010bo0 ,:,8 b.:ibb(Y)ooob 063oli80Moo.:i, JO!:QMO olio5o 0060103boo(Je::_>o OtJMb ()8Md8or:QP1
5.:ic:;u:o .:i60.:iM0Cl'bo.
b06.:i8 0"U?"308308Cl?001, <(3C>bo.:i5o ,)Mob ()'(3Mf'1
Clob.:i6.:i8olio li080 lio08n6@>oli013oli, 83n5 'Z.l5u:.:i 3oo5Mou:o01 MM8-
()br:Q.:> OtJMli <(3.:>bo060 00M803ob .3MMGoliClo.
8306 .:ilio30 03tfOM!:Q::JOC> 30GM!:Q001 <(3.:>lio.:i5o

<(3.:>bo060 Clodo5oli.:ib, JM8.3.:i5oob 8060'.l(;OM80 .30M30-

()br:Q.:> 0000Mli MM0MM ()J.:>300Mr:Q060 <(3.:>bo060 .3M&o5oo()Mo
ClobtJor:Q3.:> doMo01.:>[Q 8,:,01 OMMob ()93MM
()b.:><(3M01bMooob, 8M8000006Moob U?" lio8oo'Bob r:QMMoli

'(l()c::'Ol> l>o88o6&o (R$): C::-OJ30ll?(JMO '(l>l>oo6o "13&o8>c::>';'.JMO O>c::>o6l>n,

'(l';'.Jc::>ol> i'lol>>dc::>"' ll?O'(JOGo&oli ll?>l>><(JoM>ll? J"'83o6onl> '(l';'.Jc::'nl> 0680<1\ni'l'bo.
J"'83o6ool> C::-OJ30(!?()MO '(J';'.Jc::'OU l>o88o&n (C$): C::-OJ30ll?CJMO '(loUno6n
<(pl>oo6o
J"'6&<1iroc::-o<liooo(!?n 8olio3c::-oonli ll?>U>'(l><'io3>!!1, <l\"'8"'<1ioe o<'inl> 8oll?>l>>b>ll?Ooo ll?> ll?n3nl!106!!1000.
J"1M8'1JOC::-O i'loodc::-000
6o<l\8"'1!?806oc::-o D mo3nl>v'(J>c::>n '(l()c::'ol> lio 08:i6&n (F): .m>3nl>()'(J>c::>n" c::-nJ30(!?CJMn <(J>lioo6o
6>8eb3<'iol> l>obom, (<licr>8c::>oooe l>o(fn<liMo 0o(JMJ303:Jc::'O 8n'b6:iool>m3nl>).
<l\"'8oc::-oe 8olf<lioc::-oo l>o8
606oc::-o(!?.

248
 (JU0C(3rrlmbMIJ00. G000i01 @Jou@Jo, '?30uo0680 ()61.!(0
000061011..l, .:i61ou ou 60Cl603u 00030
'(pbno6 J"C:"<::'.'G?QOOn
o6 30 bc§Mnoo<J<::'.'"
m06bou 8oc;oo0u, 0630G@Jo610000 801b1Q0. (JU0'(361mb01000 '?3"G1Qoo0 .:iClCl-G
dnMnmoll?o mo6boli b0io6ou '?30Go060 Clou00080G01Q, G00801Q01\Q Go8(5o'?3ou
.,a"'c:oonG 3"1Q"81Qo Clo60b30G0G. b0 io6ou '?30Go060 00611.!(0, .:iuomo '?30Go060
a0Gode:;:oo<::'.'"'o". (JU0<(361mb01000 o8o@Jo6t)oG Cl?" '?30Go060 t)o0ou 8obo1Q3om.
Clou00080G01Q (JUCiC(361mb01000G b0610Gbo .:i61ou (),30610@Jou0100 '?30Go060

8061J1J8()60610.:i60100. '?30Go060 (JJ03Clot'11Qoo.:i

·· '130bn05n J"C:"<::'.'ll?Oilob 1Q6101Clo 0"\Q"°ti 3.:i501G o0 o m(J8 8 0
<::'.'OJ301l?()Mrooo ("ll?30Q'.:?01l? 61018 C(30Uo060 OtJ01U ,,(JU0C(361mb01" Go8ffo'?3ou 301.!(081.!(0, ou .:i6160Cl603G,
(,<>b08oll?o). '130boo60 61018 .:i61ou 0 00tio1Q01G '?3.:iuo060 Go85o'?3ou
J"C:"<::'.'ll?Ooob 3"CQ"81QIJ, 1Q060J.:i610 ou
8600360<::'.'0l3060 0 0610Clo. m(J md30680 06Gt)61(Jd@J016180 .:i61ou
M001Q?Q6Moob (\080Q?30U 00t)o01G060 01.!(.:>80060) 801 0 0.:im o61m J30610060
00God<::'.'ooe:;:n100 a"'JC:::D IQ" md306 .:iuoubom 10$, 03'30 .:i61 Cloo@J0601m, 61018 J3061ou md306
ll?MMOO, 8oMM0Q? 00'b0t<i'bo (JJ"6 md306u m(J880 d008"1QOm 0"tJOl.!(01m ou md306
8600360<::'.'"'3"60 oe'iio3 G030j6101 l.!(0 60b03m 610100161 0""Jomoom .:i80G. ou od6000 .:i8010060. 5061-
'IJ"UQ?.>m3MonG 50Mooo.
8.:i@Jooou Clo8mb3030Cloo JO, md306 od6ooom CQ00m06b801m <(3<'.>Uou
l.!(0D030G. G.:io61m01CQ, 080G0130G, 61018 C(30Uo060 OtJ01U (J6CQ0 .:i61uoo010CQOU
80@>0\Q .:io@Jo(J61o 800161.:il.!(o 00i0C'iio, 06() ouomo 00i0610, o8ouoou Clo81QIJ0 bCQ000
C(30Uo060 tjOCQ3" CQ0 ()0tJOCQ3"·
'?30Go060 .:i6 CQ"J" 3_
0630G@Joooou G.:i5tioGo 0106bou ,36101006t)01.:i6 .:i6/CQ" '?3"Gou 80@Joo0G0106,
G.:io <(30Uo060 'ti0100061mo C(30Uo.:i6o do61om01Q01Q
b0io60G ,36101006@>000 .:i61 0"C!?"ob1Qoo.:i . .:i8 Clo8mb3030Clo, '?30Go060
OtJOCQOO" CQ" Go800'?30Gm06 8080610100.:iClo

8.:.3.:ic:::iom::ioo
1000$-o.:i6o 26 J3o6'io.:i6o boat!o'l3ob b.:ib;, 'bo6m 3::Jdboc:;o E::iodc:;::io;, 3o:iou:mm 956$-.:iu:. .:i8
E::i8mb3[]3C>Clo, 44$ bi.>fii 0ooc:;o.:i6mo.:i <loodc:;::io" 008Mob1>bmb fii;,8ci;o6o8::i 0'bocn .•

3odboc:;ol> ::JJ3030c:;::i6&()6'io (BEY) 8ocn01u:o

::JU 8::JO"Wl(J;10 6018060c:;()M l>0fii3::ioc:;o1>6Mo0l> 365 13?"
3.:i801ntw6ao1> bb30u:,:,bb3,:, boa!fo'l3nl> 31>ci;ol> 8dm6::i b0'bo6nb moc:;n3.:ion::ioob b0fiio::ioc:;n06moob
.:i63.:i6'ioi'loonl>m3ob.
BEY= [(FA- PP)l(PP)](365/DM)
b0ci;00 BEY =
FY = 6m8060c:;()6'i
PP = <lob:inci;3nb 'l3.:ibb
DM =bo86n'l3nb
'bn8mm bi.>b.:i'bn601 l>06130oc:;ni.>6mo.:ib !53n6 0 08m3M6 0.:ifiin(Joom
o::iaci; 00 6006i<>ci;:
BEY [($1,000 - $956)/($956))(365/182) = 0.0923 = 9.23%
D'BOd®n<>6o bi.>M 0:Joc:;n;,6mooG (EAY) 8omrr>!QO
::JU 8ommu:o n:io6::iob dM01(3::J6@Jnb !Q.'.>M0(3b3i.>b Cl;" 0.:>801006306'ini'lno0 365 b.:i<zrvd-
onec:'bn. (au !Q'"'3()d6no()c::;M ::J'l3odein06 dMrr>(3:J68ob e,1>8Mm3c:;1.>'b:J - 006-
8MC?;QOI> 3.31 80-3 m03l:lo.
EAY=(I + l= -1.

li1>!Ql>G EA Y = :J'Bnd&m,60 5c:;n()Mo !:!?" Gb30 C>61oG b"ofoli!5061

.
l\3;:i60 80e,0e::.'001ob li0b0'bo601 3Qol>oc:;oG, 6c:;o(J6'io b1>ti130oc:;o06MooG
30801060 1>6'i0Eno1> 0d6ao1>:

EAY = (1 + [0.0923/(365/182)))3651182 - l = ($I,000/$956)365m2 - l = 0.0944 9.44%

249
bolii&aoc:;ol> &"6"J3Dmob
(06 Cla801li03c:;o0601oob)
liiol>Jo - !ntcrcs!-ratc (or
yield) risk - '1)ol>0060
oc:;oc:;uwool> l>oo'blii01
'1)ol>ol> 30600000/
(33oc:'JOo(!!MOo
308MD3J(Jc:'n Golii33oc:'ol>
3060J3omol> G3c:'oc:'ooom.
l>o815o'Bo - M:iturity -
'1J<>l>o060
U0(3M(3Uc:'OU(J601'i006M00,
(QMMOU bo636dc:'o3M00
l>o6o8 '1)ol>oo5o doc:;>c:'!:Qol>
mo360 3obi:Q30o
'(l(J\;:;'OU Oo 'b1'1ob
06b@J1'i(J836@Jo<'.m - Money
market instruments -
'(l•>MmM 0 033oocn -
l>oboc::>800'1301l>
'1)oGoo6o {Qo
8MJc::'Q3>(QM6o
l>0b0 'bo6M 33dl>o1::woo
Treasury bills (T-bi!ls) -
(J:3MM(3Jfi@JM, odcJ-b
bo 'bo6ol> MOc::>o30(30000
{'1)ol>oo6o
MM8Qc::'0(3
'1)ol>i:Q0Jc::>ooom i:Qo
250
aid306 00bli<YJ3oi, M<YJG0 80-2 oi03Clo !i1<YJ 0 <YJ!i1 (Qe>30-
'B0lio 0 .:i60J3ooioli c.6 8<YJ8 0 00006<YJooli li0JoMoliJoM<YJ(Q.
J<YJ8J06oou 'B0lio060 ()6!!?0
c.bli<YJ3(QOU a.:i60J3omou c.6 MOUJO. 'B0d000, M<YJ8
lJ0M8<YJ0Cl30li Ol() qplio060 0 0ot10!!?000 lio8lJo'Boli 30Q?C>8(QO !J?C>
0 0o'b0M!J?0 JM<YJGo60oli 0 060J3ooioli Q?<YJ6o.
!J?03(JC130oi, Mf'l8 6306 Clo3odo6;Jm 0060 c.c:;oofi1oe.'o 26 J3n<'io060 li0b0'bo6M
aodlioe.10· !Q03()0300l JO(Qi)3, Mf'l8 R:.io6 ()800!!? (Q0033'0M!!?" foc:;!!?o <(3'('.Je.'O, !!?" lib3.:i!!?.:ilib3.:i
8o'b;J'bom !!?" ei06.:iJ3ooio 0.:io'b.:i!'i'i!!?" obo, fi1rri3 063ob0Mfi1iJoli
8rriombrri3<YJ6 10%-o.:i6n DJ303"e.'D60(JMO li.:i<'ieinooe.'o, li.:i6.:i3
obo6o Cl3odo606 26 J3oMo.:i6 b.:ib.:i'bo6rri MOe.103"G°"l;·
t.>oOOv""' '1l"oo c;oMnil::Jc:>oO> 3'.JJOOc:;.cl.> od;Joa<>c:'t%6@J()Mo
!J?Oc:'O $956.00 $1,000 [($1,000 - $956.00)/($956.00))(365/182) = 0.0923
o8"30 $952.50 $1,000 [($1,000 - $952.50)/($952.50))(365/182) = O. lOOO
ffi(J 8"380!J'.!Offi Ra36 l;.;,b.:i'bo6f'J 08.:i30 !!?C::OU b.:ic:;.:i3rrib - 3.:ib aoa!!?D8 M1>(3 b.:ifi1eiooe.'oli
3.:i6.:iJ33mo ei.:io'bfi1!!?30.:i - Raa6 3o'b.:i!'i'i.:ie.'nooi 3.50$-G (956.00 - 952.50$) . md336m3ou
()J3m 0fi1ou 30li03000 1 fi1M8 Mf'l!QiJlie>G <a.:ilio060 D"C::'>e.'!!?nli <a.:>liooo .:ifi1oli G30e.1iJO'>!!?n, JM8-
J06oou e.10J30!J'.!(Jfi1n <a.:>lio.:>60 .'.lrrifi10<aoe.'oli 3o6iJJi;iJMo Clonde.'ao0 CloDG'>!!?rrili
M(30e.1Mli 'lj1>lio.:>6o d.:ic::0e.'!!?iJ6oli 3"tJOi:Q30 lio3bn'ljOU 3"i:J.?0 'b;J '>(QMiJ.
uo81fo'BD· '13C>lio06n 80fi1003'>(Q :)bM!J?OO'> uoaifo'BD· 'b!'1(300MOl
'13.:>lio.:.6 <>d3u
li.:ib.:i'bo6<YJ .:>fi1uoo!"loo6 4, 13 .:.6 26 J3oMoli
lib30 '13<>Uo.:i68.:> M<YJ3<YJM0(3 .:>MOU !!?"
808.:>Mai3<>(QO U0(QOdM'bo0<YJ lioM@J0'(30J'>0ooo, O.:>Mlioo<YJ6 8.:.010
3<>Q?oli 8oboQ?3001. v8o&ou 00801b303000, M<>G 8o0n<> 3'>i:Q<>, 8001 8000<> li.:iM 0 o-
Cl?" 8001 80@;0<> 8ouo ,:,('i) 8oc:;ooou MOUJO.
'hMi6Jo
J<YJ8J.:i6oou cn<>uo.:>60 'bc:;()Q?<>3li
<B<>Uo.:i6o O;JUtJOQ?3<>u 6.:i'b('f'iou o6lil8JM(J8.'.J6l8>0000"l. oli 06li@JM()806&000
.;,('i)oli (u.:ilJttolio lio8lJo'?3oli 3.:>(!(001 1
li.:io8o!Q!'1 li.:i8m.:>3M<YJO<YJ !Q'> . .:i8ou 0e>M(!(<>, u.:>80103M<YJO<YJ '13.:>uo.:.60
doMo01.:>(Q,)C!? 0.:.8<YJoGo8<YJ(Q<> 1 8000 lio8lJo'?3oli 3<>(Qo01, 8.:i 0('i).:i8 <>d301 1
c.6 lio8bo'?)OU 3"i:Q" !!?" .:il.>030 Ob<YJ(Q00001 o.:i'bMoU 06li@JM()806t)ooo.
oo8C!?ooClo R3o6 o.:i'bMoli 06li@JP'i(J806@;;Joli,
J<YJ8J.:>6n.:ili 308<YJot106<YJU 063ou@J0Goooou G.:iboai.
b0'bo6ol> <lj<>Uo.:i6o b.:i'bo6ou '13<>bo060 .:>Mou c.ClCl-li 8ai.:i3P'i!"looli JoP'i-
Q?<>JoMo !Q<> 8.:ili <>d3u o.:>6J6<YJ0ooo (QC>
e>Mou 8oi.:i3.:i('i)<YJoou '?J<>lio.:i6o li0b0'bo6<YJ
lio8bo'?JoU 30Q?o01 4, 13 !Q'> 26 J3oM.:> ntto!!?oo.:i J30P'>.:>G u.:io.:i 'bP'i<YJ '13'>lio01. li.:>b.:i 'bo6(YJ
.:ili1oli J'()J<YJ6o.:i6o, 80 0M08 otJoC!?oo.:i 1,000$-'bo
'B'>uooi !Q<> c.c:;503u 1000$-u lio8lJo'?3oli.:>u. ou '?J<>lio.:i6o c.Mou
J<YJ8J.:i6oooli Cl<YJMoli, M<>!Q 0 <>6 8.:iu .:>d3u <>d@Jo()Mo o.:i'b.:iMo. 8o<YJP'><>!Q o.;,'b.;,('i)'bo li.;,b.)'bo6<YJ '?J<>lio.:.6
!Q<>6.:>b.:>M%OOo .:>M c.li1oli !QO(Qo.
G.:ib0'bo6!'1 o.:>6J6M0oooli uo8lJo'Bo .:>Mou 2-Q?<>6 10 l;,:,b.:i'bn6!'1 Moc:::;o 0.:ioooG
uo85o'BO .:if.Joli 10 8o@Jo. c.P'>lioo<YJoli 8<YJ8o60Doo, M!"l(QOli"G .:.8 'B"uo.:i6o
uo8lJo'Boo8Q?o ('i)Roo.:i o('i)01 (QM<YJ !!?'> 8.:>010 0 .:i8(YJtto6oo.:>
063ou0!'1MOooli .:>8M(3<>6oooli ()<>(Qe>U<>bi:J30@J0(Q. o.:>6J6fYl00oo !!?"
0.:>8!'1oGo8.:i J()d<YJ6001 !Q<> 8.:i01ai3ou .:>Mlioo<YJoli c.d@Jo()Mo o.:>'b.:>Mo.

l»bo 'bobf'l 005J6roen --
T rcnsury notes - oi3i3-li
bo 'bn6nli boi3vor.;:M30CQno6n
(2-{l/Ob 10 or.;:o8CQ:J
bn85n<[JnU d:JMOM(Qnm)
<[JOUno6n
bobo'bnl3f'"l f'l0!!:;'0(,&(30:JOO -
Treasury bonds -
oi3o-u uobo'bn6f'l
[IO'idoc::>3"CQOObO ( 10 o::ir.;:'b::i
uo8on'[JOU d::JMnf'l-
(Q001) Mor.;:n[l"G"'·
Repurchase agfccmcnts
(IU's; repns) -
O:Jmo5b8:JOO <tJOUno5o
i3::id::i60'bo
(fi3ovc::>::io1'io3 bobo 'bo6M
3or.;:CQ:JOCJC'.'.':JO:Jonb) Cl?'
8001 O::J3CQ[l013 308Mb-
Cl::imo5b8::iovc:.'>
O::J(QOM::JOnm
'tJOUO(Q.
u""Mso'"
agency-
L>08m031'i010"'
(QOO:JU::JOC)c:;>::JOO, CQ08mv-
JO(Q:JO::Jr.;:n '[l:J(Q:JMSc:;>CJMO
(Q00::JU:JOCJc:;>::J6o,
J"'M:3M1'i0on0 06 bb30
b0bob f'1M[I05o'b0000,
CQ"<[JCJdb:JOCJc:;>n
J"'b[IM:JGnb 8n::JM,
Mf'18;Jc:;>"G 801r.;:00foCQ 06
foooc:;>010M03 0MOU
d::J:JMUl:JOCJe.:>O 01300::ioob
b0Jvmr>'>::io0.
9.
li.:ib.:i'bo5M .:ifi1oli o.:i'bfi1oli (Jli0'?3M01bf'1 (QC>
063oli60Go.:i. liDMMO!:Q .:i8 8o'bo'bo01, olio5o fi305li 8oofi1
lib3.:ii:Q.:ilib3.:i o5li0fi1()8050ooli d(Y)Moli 8li 0.:i3lio lio85ocaoli .3oMMO:JOdo. (oli ca.:ide>o
JOiQ:J3 03.:ifi158()5ooli f\305 MObJG.:i (QC> 8M8000005M00li df'1Moli .:i(i)fio305oli
.:iMliooMo.:i<lo) . .:i8 ca.:ilio.:i5 iQ" .3Mf'1(3050oooli li.:ibo01 od308!:!?000Moo.:i
0.:iiQ.:ili.:ib.:iiQli, 01()8(3.:i o0 o <l0.:i0oli Cl?"
c,.:iCQ.:ili.:ib.:iCQoooli 0.:i5.
O::Jm.:i5b8ao.:i 0 .:.8Mb!:JOCQ3.:>'b[l. li.:i80103MMOM ca.:ilio.:i5o JMM.3M610(3000li
li01.:i3.:i'bMo 05 <lom.:i5b8nonoG 0.:i8Mbl:Jol:!;?3.:i'b0, 61.:iCQ.:i 0 .:i5 !l'1""'?3o5.:i5lif'15 011> 3006010 '?3.:ilio.:i5o
80610 0 000. CJ 001.:i5b8 0o.:i 0 08Mlitioi:Q3.:i'b 0 , .:i5() 61 0.3f'1, .:iMoli
'?Jl>lio.:i5o 0 .:i8oiQ3" 8ooM 063oli0M61'bo, MM(30 0106b8CQ00.:i
0.:i8MolitJOiQMli <z31>lio.:i5o <(30lil>iQ iQ61Mli.
063oli0MMo 1>8oli013oli oe;ooli 5o5.:ilio.:i61 <z30lio.:i5o
.3oMOf'1iQdO. .3oMOf'1iQOli <looli.:io.:i8oo.:i 063oli<.§JMM0li
. .:i8 03 .:i61.:i!:!? 0 08Mti 80!:!? 3oli <lo0105b8 0o0oo o5 30 ti0M<T\li
iQOiQ lio8oo'Boli Cloli.:io1>8oli.:iiQ. 0 08Mli8oiQ3oli Clo011>6b8oooooli
0 .:ifoJ3001 0 oo li.:ib.:i'bo5f'1 0 .:i5.:iJ 3o01oo01.:i6,
<z3M6iQ00011>6 Cl?" lioliboo01.:i6, n1>ti10C!?oo600.:i li1>8010 3<T\f')of') 'B.:ilio.:i5o
af'1 3.:i&Moooli 01>6Joooli 80 061. 0 08Mli 80!:!? 3oli o00106b8oo.:ili .:i 03 ti
01()8(3.:i ()<(3Mf'1 booM.:iiQ 0 3b!:!?oo.:i lio85o<z3oli 3"!:.!?ooo 6.:ibo3.:i610
M08iQo6o8o o8oli Mf'18 do61001.:i(QO o5li061()8o5e>ooo
.:i<T\oli li.:ib.:i 'bo5M '?3.:ilio.:i5o <lo01.:i6b8oooli ()G.:i<(3M01bMoo.:i CQC>8r<1JO<:Q[)O()-
li.:i6iQMMo.:i'bo 'bo.
!:.!?" 8ob '?3o6.:i6i.i(J61 8iQ 0M8.:i<T\oMo.:i
li.:i.:ic,a60MU <(30Uoo6o c,1>8Mli(308::i6
ca.:ilio.:i6 .30"1(!?.:i.301'1 05 .:i<T\.:i.30"1(!?.:i.301'1 li.:i'Bo5.:i5lif'1 o.:i5Joli
8o<l3o(Y)Q001, doM001.:i(Q li.:i.:ic,o50(Y)ooli 8ooJ()Ol35ooo.:i6 0(Q8o5-
oli0611>(30I>, o.3Mm0J()Mo .:iliM(3o.:iGo.:i (GNMA, "Ginnie Mae")5 CQ0 0o5-
olioli boC'1ooli .:i8oli 01>61(!?0, 8m.:i361Mooli 80061 lib3.:iCQolib30
JM8.3.:i6o.:i (GSE), .:i<T\oli Joli1d(Y) li.:iJ(Jm61 0o.:iClo
0.:i 061mo.:i5 0o.:i,
0 .:i8f'1li(3o8li 01030\.i li<>J(J010M '13.:ilio.:i5 (JQ?OiQOlio GSE .:iMo.:i5 'Bo61-
8oti1oooli li.:iJ610iQO<.§Jf'1 o.:i6JO (Federal Farm Credit Bank),
o.3C'1010J(J610 .:ilif'1(300(3o.:i (Federal National Mortgage Association) Cl?" G.:i(3bf'13Mo-
o.3f'1010J(JMO .:ilif'1(300(300 (Federal Home Mortgage Corporation). li.:i.:ic,o6-
0f')oooli (QI> GSE-li 800"1 <z30lio.:i5
ObC'1iQ000 li1>0 0 o5<.§>Mli '?:JC>lio1>60
80103MC'10oli lib30(!?1>lib31> b.:i.:ic,o5<.§lf'1:JOOli
li1>0 0 o5<.§>Mli 8oo<T\ '?3.:ilio.:i5o 0 08M(308001 Cl?" 1>ClCl-li 80103Mf'1ooli 80061.
80103Mf'101> 0 1>611>5<.§Jo.:ili .:i<T\ GSE 'B"lio.:i6 8001'bo 1>M .:i<T\oli
fi1.:io8o 81> 0 \Y\08 o0 o o"!:Q"J361001 8oo5oCl5oo.:i.
lJ.:i(Y)8Mli.:iiQ 0:J5o.:i 801.:i3<T\l'lo08 8oliGoli 8001 fi.:i30MiQ5oli li.:i.:i 0 o5<.§JM !:.!?"
GSE 'B.:ilio.:i5o
b.:i<T\olibli (!?" otio!:!?oo.:i 8of'161.:i!:!? 01>'b0<T\'b::i 081>30 8oo<T\, 8oiQ01>5 b.:i'bo6oli
<(3C>li01>6 01()8(31> .3MM(3050oli .:ilio01 '13C>lio.:i6
od 3o8!:.!?oo.:i(i) 0o.:i B"C!?"li"b"C!?Ooli !:.!?" ()8o8oli <l 0a01b 303 .:i<lo .:i61
251
 4.

od308\!?och)Moooo6 o<§o<§oG (!/O 0(!/80c:.:'(Y)0M03 Gooo8(Y)Go3c:.:'(Y) 80r.Qol>obomool>. 008M(308(Jc:.:'0

'Bol.>0060 dor.;oc:.:'\!?OooG 6obo3MoG Go8oo'BoG 3omo oMoG 1 ooc:.:''bo 6oJc:.:'ooo.
- Go 30afii"'
m080l>CJdooo' (BAs) oMoG 3omo060 JM80M(30(Jc:.:'O mo8ol>()d0ooli (8MJc:.:'03omoo6o lioliboG
8oboC!?3n°'"G
006Jn (oC!?ool> 80m 6ntlo5li 3odlioc:.:'ooo), MM8c:.:'oooo 808MoOoMooo JM8.3o6ooli 8ooM oo6JoG lioboc:.:''bo 00(!/0 mo 80MO
3o:j:MMooli (!/O'lJ0606lioooG mol>ob8oMOOc:.:'o{!!. 7 'Bol>oo6 dor.;oc:.:'m'bo oo6Jo 0Jomooli or.;600360!.i
:lnMM60li "or.;ooMoo()c:.:'oo" Moll Go'lJ(Jd3oc:.:''bo oG, 3oc:.:'i!?Oo()c:.:'Oooli or.;ooG 0omo(Jbom(Y)li 8oG 8'Bc:.:'(Y)ooc:.:'li
(IOC!?0(JbOC!?M[, 80.30&MM6.'.J[,
006Go'br_;3M(Jc:.:'O mo6bo lin8on'Boli mom8M8ol>oli. liooMc:.:'MM 6o6Jn 06.:.(33c:.:'ooli m03nli
lin8ffo<1Joli JMomo<§G liolibom. oomo8om, liooo6JM odoo.3<§oonG 8 omobmoli(J60Mno6Moo 806olio'br_;3M 000
C!?"C!?(IM8olioli. .3nM30c:.:' M0800 6o6Joli Gon8om(Y)(Y)6om, MM80c:.:'0(3 nr.;o6G 3odlioc:.:'G. Ol(J8(3o f5oJnli 808(3o8n
.3oli(Jbnli88oooc:.:'o Mt5o6o olio30 8'lJc:.:'MOOc:.:'nli 006000, m(J 6o6Jn 30M oooliM(Jc:.:'Ooli .3nMM6oli.
odoo.3<§0Moo()c:.:'o 3odlioc:.:'o6n oMnli <§Momnon()c:.:'om 6obo30Mooc:.:''bo 6oJc:.:'oon Go8oo'Bnli
3omnm. ol>o6o OtfO{!!OOO <(plioo6o dor.:oc:.:'mo6nG 0MolioOOMiJM 60 'boM'bo. lio6o6JM odoo.3<§oonli
8060J3omo6n oMnli M{!/603 8or.;oc:.:'n ooliooo8nlio 30mol> 8dM60 liobci'bo6M 3odl>oc:.:'06'bo mo MMn30
oli o6li<§M()8o6<§o OtJOmo6o 'B"GmoJc:.:'0000l 06() moliJM6<§om. Gooo6JM odoo.3<§oon ooodc:.:'ooo
8o8MOOM0c:.:'0 nd6oli MM8f'lM(3 OMM36()c:.:'1 ol.>030 8lib3nc:.:'n ()(3bM(JMO 006JoonG lic.boc:.:''bo,
MM8oc:.:'mo 8M8806n06M60 oMoli doc:.:'006 8or.;oc:.:'o.

G03.:;if(l)M sndl>oc:.:'O· b031>[fti')M m:idlmr:.:;o oMoli 8MJc:.:'030{!!006n, 0M080Mo6<§nMo6(Jc:.:'0 lio3oc:.:'f'l

{!!MJ(.)806<§0 8o8M(308(Jc:.:'O 'lJ06o6li()Mn JM8.3o6on6oli mo 'bM8noMmo o6m()li<§Mn(Jc:.:'o JM8-
pap<'r- .306006nG 8noM. o8n 000m806li 8Gb3nc:.:' 'Bo6oli6li()M n6li<§M()8[)6<§li 'lJ()c:.:'nG oo'boM'bo. li030:j:MM
JMMJMMo- 3Ddl>nc:.:'o oondc:.:'[)60 800tJO{!/Mli o8n<§o6<§o JM8.3o6ooli 8noM dOM(!/OdOM 06 {!/Oc:.:'[)MOli,
O(Jo803c:.:'oli 8003[)MOnm. 8 8Gb3nc:.:'n 'Bo6o6G(JMn JM8.306naonl>m3nli ()'lJMM oo'ljno 8<">tfO{!!M6 80mn
J"C!?°"6n,
3odlioc:.:'060 dOM{!/0dnM n63ol><§MM06'bo, MOCQ806 80mn 8M(3(Jc:.:'M6o oolioo08nliom 8lib3oc:.:'no. n8
JM8.306no6li OMMnli, MM8c:.:'o6oo 3odlioc:.:'G .3nMCQo.3oM tJOl_Qno6 0Mn06 General Electric Capital
MM(IMM(3
b.'.Jlin, 8lib3ne:;n
Corporation, Ford Motor Credit Company, General Motors Acceptance Corporation (GMAC), CQ<">
JMMJMM0(30.'.)6nli 8no<'i, Sears, Roebuck Acceptance Corporation. mnc:.:'OM[)6nG 8[J03[)MOnm 8<">tJO{!!(Jc:.:'n 3odlinc:.:'n 808M-
MMB.'.Je:;>0(3 o<'inli G08()c:.:'M lioo0M8MM JM8.306006oli (!?0 8(30M[) 'Bn6o6G()Mn JM8.306006nG 8noM. (!?Oc:.:'OMOoo
0M0()'bM(J63.'.Je:;'<JM'1Jne:;>n
JMMJ01M0&nCJe:;>O li030e:;>M CQO<§oc:.:'()Mom 08Mo8 06n5 .3M<§o6on()Mn 08n<§o6<§oooli JMomn<§()60Mn06M6oli. moc:.:'oMo6o
C!?MJCJ8o6@Jo. r.;OO(Jc:.:'M006 80MJ30()c:.:' one:.:' .3oG(JbnG88ooc:.:'f'l0oli, MM{!/[)li0(3 8om Gm030'bM006 0630-
li<§MMooG.
t53o()c:.:'[)OMn3, lio303'Mf'l 3odlinc:.:'0 Otf0{!/[)60 'lJOli(!/OJc:.:'06nm (!/O lin8on'Bo ooom8o6li 270 mr.;oli,
MM(30 b(!?[)00 8nlio .30Mm0.30M 80t1om30, lio303'MM 3odl>oc:.:'oli lio8oo'Bnli {!!MM bonMo{!!
oooli0008000 8tJ0\!?30c:.:'nli 8noM 806Go'br.;3M(Jc:.:' li.3oon'Bo(JM moMnr.;li. 9 3odlioc:.:'06nli ()80<§0-
GM00 .">M OtfO{!!OOO Gn8oo'Bo8mo mo 8omm3oli OM oMlio6Moli 8oMM0(!/0 6o'boMO. Ol(.)8(30, G0303'Mf'l
3odlioc:.:'oooli .3nMm0.3nMn 8<">8tJn\!?30c:.:'06n bonMoCQ boc:.:'obc:.:'0 o 0nlitJomno6 3odlioc:.:'G 8MmbM36nli
8nbom3nm. 8Mc:.:'o.30M0Joo0 ooodc:.:'ooo 0lio30 8oJommoli mnc:.:'oMoooli 80030Moom 8om 8noM
8otfO{!!(Jc:.:'O 3odlioc:.:'nG boc:.:'0bc:.:'0 ool>t1ni:Q3o'bo. 0d<§o()Mo 80MMo{!!o oo'bMnli <">M oMl>OoMooli 808M
m0 (J860036oc:.:'(Y) (808Mo8 0MG06()c:.:'n) li0JMO(\?o<§M MnliJoli 808M JMMdMMo(30()c:.:'
080<§06<§0600, JM80M(30()c:.:' 3odlioc:.:'li od3li 8or.;oc:.:'n G0M8JOc:.:'006Mo0 3omMO bo'bn6oG 8noM
808M(308()c:.:' 3odlioc:.:'li 8li803Gn lin8on'BnG 30mom - 06 8nobc:.:'M30oom 08030 li0M80oc:.:'no6Moo,
MM8MM(3 8li 8 o3 lin Gn8on'Boli 30moli 8jM6 0 lioo06JM 0doo.3<§ooli. .3nM(!?0.3nM
30dlinc:.:'o doMnmo{!/<">{!/ odc:.:'030 mo6oc:.:' 008f'1l.i030c:.:'G, 30{!/MO {!!Oc:.:'[)Mnl.i 80030M6om 80tfO{!!(Jc:.:'0·
Jf'180M(30(Jc:.:'O 3ojl>oc:.:'n ntto\!?060 8bMc:.:'f'1\!? G080Mmc:.:'006om 8lib3nc:.:'o 6M8n6oc:.:'nm,
f53[)()c:.:'00Mo3 0M060Jc:.:'oo 100,000$-om.
00[)Mmo6(Jc:.:'O O<§o<§oooo ()(3bf'1(JMO Jf'1Mdf'lM0(3006nG 8ooM 808Mo3oo(Jc:.:'O Jf'180M(30(Jc:.:'
sodlioc:.:'G 00M{!!06o o<i6Jt1 lio303'M(Y) 3ojlinc:.:'n. 808<">c:.:'00l0(!/, 80Ml>omol>-6060 AG-a
Clondc:.:'ooo 808M()Cl30li li0303'MM 3odlinc:.:'n ClooMm[J6(Jc:.:' Cl<§o<§oOClo, Mf'18 (J'bM(J63oc:.:'t1Mli
Go6M(Jfo30 J0.30<§0c:.:'0G lio3'oMMOoo6o 000-on oMlio6(Jc:.:' li000M8f'100Clo. d3ott6nli 8<">MOm
808MCl306(Jc:.:' mo 8ottnm(Jc:.:' JM80M(30(Jc:.:' 3odlioc:.:'G, Mf'18oc:.:'l>00 6f08o6oc:.:'()Mn r.;nM[)O()c:.:'06o
0j3li n8 d3ott6nli 30c:.:'()<§0dO, li0moo nli nttnmo6o, ODM!:Qo60 03/l)(Y) - G0303'Mf'l 3odl>nc:.:'O (Euro CP).

252
 9.

08oll ll030.'.fP101
801001P'illoll 80061 Cl30000P100Clo. 036101-ll030.'.f P101 o8o0o50ll (!?080000001
8ooc:;01ll llollbooo llb30Q'.?0llb30 8o(JbOQ'.?030Q'.? 08oll0, Pi018 036101-
0aG0 0 03llooo05 80050 0P1llo-
001oll 8001 Cl01Pioll 0 05llb 3030 00. ,:,ClCl-ll
270 D:?C?o'bo llo85o'lloll 3"D:?" ,:,d301, 036101-ll030.'.f6101 ()'lJM01
8000 b5oll llo85o'lloll 30(!?0 Jj015D:?oll, M.:>(!? 0 05 o0 o 0ClCl-oll 'b01c,0061010
'll0llo05o ,:,llo3Q, 036101-ll030.'.f Pi01
"d00()1'100 8001Pi0D:?o 00 'b0Pio, (J'lJMM 30Q'.?MO ,:,Clo ll030.'.ft'101

061oll qJ0610101 llJod01'1oll 80801d803"C!?o CT:?"

8080610130(!?0 30(!?0050 D:?oJ01'bo0o - o53oll00000, 50618010030 1961
o.:>5JOO ,:,5 o5ll0o0()00o. 80ll'bo ()0(!?00b(!?000 ,:,5
-
60180606000 0630000000 0 050J 3o010 D:?P101Clo. 0050c:;D:?oooll Q'.?M01, 6101 0 01610 50llo,
0 06Go'b- 8oMl:JOMOll 30 (!?C'.;0(!?05 12 01308(!?0• 08oll013oll, M018 UOM00'lJOJ000 Ol:JMll 80801doo-
3i>(!?O Pi018 0801G 8ollo a 001P10D:? 00'b0P1'bo 0 080D:? 30), 'Bofo5ll(JP'i 00'b61oo'bo 801d8oD:?o
!J<o001'booo 005Joooll ()8o0oll0100 0D:?c,o5ll 100,000$-ll. 005Joooll 80061
oo6Joo 06
ll0D:?oJ01'bo001 LioP10o'lloJ"0ooollm 3oll ,:,61lloo01oli a 001Pi0D:?o 00 '00610. 01()800 oc,o
o6Gono()Odo 0 060\:?-
06 ,:,6101.i 30Q'.?MO ll0b0'bo501 'll0llo05o 00'b0610, M.:>(!? 005 ll0D:?o-
J01'bo001 llo1'10o'l30J00ooo (J'lJMM 8o0"D:? 30Q'.?MO ll0b0'bo501 'll0llo05o
0 060J3omom CQMP>oG ll0D:?oJ01'bo001 llot'10o'lloJ"0ooo 005llb303D:?ooo05 005Jo-o8o0o50oli
b0Piollbo01, llo85o'lloll 30(!?001 CT:?" 0 050J3001001. (!?0
dQMM1(Qobm30G.
PSollJoli 0 0801, ll0D:?oJ01'bo001 lloP10o'lloJ"0oooll ,:,.'.f061oooll ,:,llo01030 30(!?oll ll0b-
0'bo501 a01a 00 00050100ll, a0 0(i)08 o 00 1.i0008000 ll0005J01 "DooJ00ooll Q'.?0 J0180P100-
'll0llo05o 8018 0000050100ll.
,:,j.:>8(!?0 83050 lli>(J00MO lli>(!?0J01'bo001 llo(i)0o'BOJi>00o'bo obOOM(!?0 dot'1001C>(!?i>(!?
CD-ll - 005Joooll 8ooP'i ,:,Clo-Clo. 01()8 8 0 ,:,61lloo01oll CD-oli
li080 llb30 00.300:

a:Jfl01fJ?01r:;i0fio CD - - CD ,:,Clo-Li o.:i5Joooll (Job01()1'10 0 05 8 -

CT:?" ()8b01(JP'io 005Joooll 80 061, dot'10010D:?0D:? (50bo01
<"i0D:? Clo8D:?ooClo );
006Jo CD - CD ()Ob(Y)()Mo 005Joooll 0ClCl-ll ao 0Pi;
a 0 a606 3 ar::;io CD - CD CT:?" ll0llob01 ,:,Li01 8 00 8 00ooll,
o.:i5Joooll CT:?" ll0JP'ioD:?o001 J"Cl 3ot'1 0ooll ao 0<'1.

,:,8 0 30t'10(!?, JM8J05ooG 'lJ0llo05o 8o5o:s<:o1'1li ,:,j3li CD-ll '(301'10101

0P180305o, Pi01D:?oG00 ll0j80 oboo0 o53oli00000ll.

,:,<"ioG ll0005J01 D:?oJ01'b.00ooo, ,:,Clo

- (QQdM'bo- ,:,(i) od308D:?oo01'100005 ,:,ClCl-ll ll0005J01 oollooll. 8o(Jb0C!?"30C!? 08oll0, 61018 (J80-
QQOO, 0CJ(J 0oll0100 03 PS01Joll o.:i5JooClo, 00618050 0 080101:105000 50ooll8oo61o
MM 001Ml) D:?oJ(Y)'bo0oll0130G '(]8b01(JP'i 005Joo<lo, ,:,5 0Cl<l-G 005Joooll ()8b01(JM 03P101-
5oGo, oo6J7ln
30(!?005 D:?oJ01'bo000Clo (Euro TD) 05
o@»l!io<'>ol>
0°P1om, -
ll01QoJ01'bo001 llo1'10o'lloJ00ooClo (Euro CD). m(J8(30 Euro TD 0<'1 0Pioli "1!?30-
0P1 8o8(Y)j 803 01Qo, (J8o0oli0100li 0j3li <loli0008oli0D:? Go85o'lJo, 80P11:1001oli
oilil-G 50b 03 0610 1Qc:;o1Q05 01'101 01 30 81!/0· Euro CD, a 001fiioli 8bt'lo 3, 01'1oll 80801doo 3 0D:?o
Gooo5J"' "''30P10eooooG o5G01'1()8o50o Bolio CloCQ.:> ll0Jo<"iollJot'ii011Q. JMMJ01<'10ooooolim3oli,
ooGo
0j3 01 li0ofii010Cl01t'iioli(Y) 00'b1'1 0o'b 0, l!?o:301'b-
000 01'10G G0063oli000001 0<'1803060.

0000oooli I!?"
0 080103000 o53ol>0o-
GooooG 0<"ilioo01oli G030.'.f<"i01
o5G0<"i(J8360oli 00.30, 0 0foJ3omli

253
 0(3b0C!WO:J6 J30M0li. 06() <a0lio060 <ac.lili 0d3li 8(3(JM030 J(]Mlio,
8olio 0 08f'1(3b0CQ:J00 JO li000'bMf'1 <a0lioli 0 0M06000li.
'bf'1()0:JM(J)O Jf>1M.3f'1M0(300 063oli00Moo0li 0J:J(J):JOU <a0lio06
80 0 M08 lio86"o<aoli CQMf>1 CQQ:J00 :JM(]) .:.6 MM
o6li0M(J8o60oo(J)06 .:.Moli oli, Mf'18 olio6o .:.M .:.Mo06
o6li0M(J8:J50ooo 8Mb80Moooli0
CQ0 00'bMoli 'bo0Mo 'tJf>16CQoooli(J)3oli, .:.d3(J) (JJO(J):Jlio
CQ0 <a0lioli

00'b(\')ou .::idGOIJOO. 1982 0 08f'10(3:J80

.:.dGooooli 00.30, o603'oo0 (JdoM00oliM00 Jf>1M.3f'1M0Gooli
<a0lio060 80-20 (])0300,
oo 'b<"iol; .:.dG00 .:.Moll 8(JCQ8030 ca0lio060
odoooon - Money market CQ030CQ:J6CQO(J). (])()8(30 Jf>18.30600 080006080 (J0MO (J)d30li CQ030CQ:J6CQ:JOOU ()0CQ0b-
preferred 'tock (MMP) CQ0 'b:J, (])(] 8olio '?_lo606li(]Mo 8CQ 0 f>180M:Jf'100 ()0(]0M:Jbil?:J00 . .:.8 8o'b::i'bo(J), 15306 Mf'18
0J(30:JOO 0M 0 08MCQQ:J00 Jf>1Mdf'1M0(3ooli '?_l0lio060
0donoon, (])()8(30 063oli0MMo occ;ooli
ll?o3ni:i106ll?oonl> 0 060J30010 U0()0CQ0U0b0CQf>1 O:J('.;'030(J):JOU, J:JMdf>1CQ .:.dGooonb CQ030CQ:J6CQ:JOOU 70% 0M
(3bO!l?ll?:J00 O()J(30f'16'b:J
49 ll?r:?OOo.
od308CQ000Moo0 0 0CQ0li0b0CQooli (0&00oli 0 0CQ0li0b0CQooli od308CQ000Moo0 CQ030-
CQ:J6CQoooli (J)06b0).
U0()0CQ0U0b0CQf>1 O:J('.;'030(J):J080, 5f'1M8oool.I :JM(J)0CQ, c.08f'10-
6"3ooli bb30CQ0lib30 8(3(JM030 J(]Mlioli 8df>15:J .:.dGooooli .3Mf>1CQ(JJ0oooli
Clod860. CQ('.;':JU 'bo 00 'bti1oooli .:.dGO:JOO.
0J(30:JOOU 00 'bMoooli 0(JJ(30f'16o 00MCQ:J00 49 CQ('.;':JOO,
.:.dGooooli CQMMoo, 08oli(J)3oli Mf'18
o6 3oli0f'1M80 l:!?o 3nCQo6CQoooli
0 0CQ0li0b0CQoonli 0 06 . .:.(]dGof'16oli l50&0Moooli 063oli0f'1Mli
CQ0 ooli0008olio '?_l0U:JOOU ()0M06000li. 0()0 .)M 0(303li
063oli0f'1Mli o8n0o60oli 8o:JM (J)03olio 0(JJ-
(3of'16oli 0 060J3:J(J):JOO CQ()06CQ:J00 8f'1(J)bf'1360 8obf>1CQ:JOOU J05f'16o(J) 00 'bMoli
0 060J3o(J)oli 08 Jf>1Mdf'1M0(30:Joli,
IJM(J)CQ('.;'0060 "()J(30f'15oli R0&0M 0ooli Clo8CQ:Jo (JJ 3o 00'bti1oli
0J(30:JOli, 08MoMRof'16 :JM(J)-:JM(J)O O:J8C!Wo0 30Mo0600. 80(]) ( 1)
8oo('.;'f'16 303'Mf'1000o, (2) ()00J:J(J)f>15 0 060(3b01J?O ()080CQ30'b:J, (3) ()00.J:J(J)f>16
0 060(3b01J?O 0 080CQ3oli 0 06 (J)03oli O:J.J03:J00'b:J CQ0 .:.8 O:J8(J)b303000 olio6o 060Ml5()5:JC:J5 (J)03oli
.:.dGoooli, J3f>180M:J00 8f>1bCQ:J00 J(JMUO(J).
(])(] 0(JJ(30f'16o 0M0li0J80Molio 0 08f'1, 0 08f'10806000
CQ030CQ:J6CQoli 0060J3:J(J)O :JM(]) .3:JMOf>1CQ'bo 110%-oli li0303'Mf'1
J(]Mlio(J), '?30bo060 Ml5000 dJf'10CQ:Jli
o6li0M(J8o50o oli dOMf>10:JOO CQ('.;':J8CQo 0(303li 063oli0f'1Mli, li0608
Jf>1M.3MM0(300 080006&0 0M CQ0J0M()03li ()0CQ0bCQoli (JfoMo,)6f'1000U CQ0 063oli0f'1MU
b0M(JCQ()00f'1U 00('.;'il?O (J)06b.::i. CQ('.;':J8CQ:J 08("<") 0(JJ(30f'1-
5oli M.::i8CQo5o8o o08(J)b3030.

Ill d:Jt'i11Jo3<>
60cc;CQ0 8f'18300006 '?_l0U000 063oli&0Gooli 8f'10(303li
0M0 80M&f'1 li0063oli&oGOf'1 (J)06b0li, 0M08:JCQ 0bo30 'tJ0U0000 &o.3li,
bCQ:J00 063oli80Moo0. Jf>18.306ooli '?_l0U0000 l5306li
8o:JM 0CQM:J li08 bo 0 8o5&0CQ CQ08f'1'?.J0 33ob80Moo0 3030J:Ja>f>1m oli
006li0 'b('.;'3M:JO:JOO. Jf>18.306oob 00('.;'CQO 00J0CQOU b.::ilio0(J)OU
Cl?" 80lim06 b.::iMoliboli Clo'?.l0lioo0 (JU0'?_lMmbM:Jooli
'bf'18oli 306li0'b('.;'3Molim3oli, Mf'18 30.3f'13f'1(J) lio 0 8o60o. '?_J0lio060
Clo0CQ3:J606 JM8.306ooli 8'b0 60('.;'CQO lio3806&li (R$),
(JU0'tJM(J)bf>1:J00li CQ0 6.::icc;CQ li6"M0'?_l0CQ JM63:JM80Moooli .:.Moli 8m030Mo
o60:JM:Jlioli li00060. M0CQ()06 olio5o 0Mo06 (JU0'tJM(J)bf'1 CQ0 80&0C!? o.::i'bMoli
o6li0M(J806&m06 O:JCQ0M:JOO(J), li0b0'bo6f'1 0Moli 0Ml503060 Jf>18-

254
 9.

Lioo336@101li
c::.'"J30!:lr.'.l 'iroro

bi>;pffM<'>
0080o<(Jn
CD-::iOO

8"'J"!.'D3"<!?oo5o
c::,>OJJO(!?CJMO "plioo6o
j0c;oc::,>Q;?::JOob J"'a:Jo6ooli
:JroM@J<(JOc::.>ob (,>6bo'bc;3Pio
.3,:,6ooli 8fYl(Je:.?MCQ50e:.?o li.:>ffOMfYlOOOOoli CQC>li.:><(3.:>(i).:>3.:>CQ 5.:>c::;CQo '(3(.Je:.?001. 8MJe:.?03"CQ0.:>68.:>,
8.:>c::;.:>e:.?b,:,(i)olibo,:,68.:> M0.3M8 CQ" 8.:>c::;.:>e:.?e:.?OJ30CQ(JM8.:>, 8MJe:.?03"CQo.:>68,:, 8()60(3o.3.:>e:.?(JM8.:>
<(plio.:>68,:, d"C:::"e:.?CQ008.:> ooli.:>de:.?fYl,) .:>lio30 001.:>8.:>0fYlli 8li0.:>3lio MfYle:.?O· 01(), 8.:>0.:>e:.?001.)CQ,
6.:>bo3.:>MCQc;>o.:>60 M0.3M .:>Moli 0.:>M.:>6@loMOO(Je:.?O b,:,'bo6oli <(3.:>lio,:,60 d"C::"e:.?!:!;!00001 CQ" 8(JCQ803.:>CQ
OM(J6.:>3li {boe:.?0be:.?" 063oli@loMCQOO" lib3.:> P'lo.3Moooo), '(3fYl6!:!;!00o ooli"de:.?fYl" CQ.:>P'>f\oli 0630-
b&ofioo(Je:.?O 01036oli 8(JCQ8030 e:.?OJ30CQ(JMfYlOOli C!?" ()li.:><(3M01bfYloooli .3o(YifYlooooo.
JM8.3.:>5ooli <(3.:>lio.:>60 d"C::"e:.?CQOOob .3MM6'(30e:.?oli 80MMO lio0806®0, JfYl60MfYle:.?OMOO.:>(Qo
5.:>c;>CQO '(3(.Je:.?Oli lio0805®o (C$), 8fYl0(3.:>3li <(3.:>lio.:>6li d"C:::"e:.?CQ::JOli, 0.:>8o'b6(Je:.?O JfYl6@lMfYle:.?OM::J-
O.:>iQO ((36M6oe:.?o) 0"CQ"b(Qo6oli (J'bfi(JG3::Je:.?tJM<(3oli013oli, MfYl0f'IM0(3 .:>fioli 0.:>8fYl8(J0.:>306(Je:.?O
boe:.?'B"liooo, lie>JMOCQ00fYl .:>50.:>fiooooo, 0"CQ"li,:,b0iQ060 CQ" CQ03o(Q;:iGCQ060. 8M(308(Je:.?
008mb303.:>oo f\306m3oli (36016oe:.?00 m.:>Moc::;o, Mf'ICQ0li"(3 .:>(J(30e:.?O<'>oe:.?o" 8,:,mo 5.:>c::;CQ '(3(.Je:.?Oo
8"C!!"tl3"5" (,:,5 (JJO(Q(JMOli 00801b303c.oo, ooli.:>de:.?::JO::Je:.?O.) Bolio .3fi0105fYl'bofioo.:> d.:>e:.?o.:>5 30DMM
li.:> 'bc:;3Mo0Clo ). CloC\!Do"CQ, <(3->lio.:>5o d"C:::"e:.?CQO<'>o, MM8e:.?o<'>ob f\,:,801tJ.:>e:.?0006(Je:.?00 oli
li,:m8o6@lo, ,:,ti) .:>Moli "()Goe:.?oooe:.?o .30b(JbM61Q605 00030 8J<>(3M 801mb0136oe:.?oo.:>li CQ"(JtJ-
fYl35ooe:.?o3 e:.?OJ301Q(JMMo.:>lim.:>5 CQ"J"3Clofiooo01, <"i010f'lM(3 8'b,:, 6.:>c::;CQo 'B(Je:.?oli lio0806&oli
'B"bo060 dc.c:;e:.?CQOOo . .301M&'l3oe:.?oli Clob0de:.?M" O::J::JG"CQ01li .:>oMflof'lli <(3->lioc.5o
d"C:::"e:.?CQOOo, Mf'l8e:.?oooli lio85o'8oli 3"C!!" ()'(3M01 'b(Jb@l.:>CQ Clooli.:>o.:>800.:> 6.:>c::;CQo '8(.Je:.?Oli
0 .:.i5li.:>J(J01M::JO(Je:.? li.:>l'foM010006li - J3->M@l.:>e:.?()Mo CQ03013?061Qo<'>oli 0 013?.:>bCQoli Cloli.:>o.:>8oli01Q .:>6
8lib3oe:.? .:>5c,.:>Mooooli, &ifYl8e:.?o6o(3 0"CQC>biQOe:.?O (J5CQ" od6ob tjf'130e:.?O m3oli 15 M0(3b3Clo. ,:,8
boc,8o60oli013oli (p013.:>e:.?nlib'o606(Je:.?O ()6(1?.:> OtJfYlli 'BOCQO&i"e:.?()Mo li.:>.:> 0 o6@lfYlli <(30bo.:>5o
d"C::"e:.?!:!?O<'>o, b.:>(Q0.3Pi'bo@l01 lioM0o'BoJ"®o6o, Jf'l80M(3o(Je:.?O 3odlioe:.?060, M0:3Mooo, bc.606JM
"dGo.3C1.Jo6o, 03MM(Qf'le:.?<>Moli CQ0.3M'bo@Jaoo !:!?" '(3(.Je:.?oli 60'bMob .3(Y)o3oe:.?080Mo6(Je:.?O .:>dGoo6o.
01()8(3.:>, 860CJ36oe:.?"l3.:>600 <(3.:>lio.:>5o d"C::"e:.?CQ06ob (Jb.:><(3M01bfYlo6.:> CQ.:> e:.?OJ30Q?(JMM6.:>, .3rri&i@l-
'(30e:.?Oli 8a@lo tJ(JM0Q?C::06" (J6CQ.J CQ0()01801li <(30bo.:>5o d-)C::.)e:.?CQOOOb 8M8000006016.:>li
,:,8 bo08o@l6Clo, 30CQMO 6.:>c::;CQo '8\'Je:.?ob .:>Mboi'i(Je:.? '(pl.1006 d0c::;0e:.?CQ06LI.
6Me:.?01b, M.J(3 Clooboo" 'B"l.1005 D"C::"e:.?CQo6b, (Y)018e:.?000C3 "tJ"e:.?000605 JM8.3.:.i5ooll 9pllo.:>60
d"C::"e:.?CQOOOb .301M@l'(30e:.?Ob 01.:>3ob(J<(30e:.?O 5.:>c::;Q?o '8(.Je:.?OLI Llo0806@Jb (F$), 5.:>c::;CQ '(3(.Je:.?dO 8.:>010
JM63ofil0oMo6ob 01.:>fiioc::;o Elo5.:>Llb0M C>M .:>Moll (35M60e:.?O - 8'bc. '(3(.Je:.?OLI lio0806@Joli 8b003li.:>CQ -
8c.0P'i.:>8 8001 linm.:><(3 JP163or1i@J.:>(30,)'bo c.M 0mob ,:,mbooomn 8(Y)mb01360 . .301m&'Boe:.?ob 806030M8.:>
Clobc.de:.?M" n'BodMMb, P1018 br:'10ooe:.?n"60160 .:.imob 'B"bo060 d"C::"e:.?IQOooli 8o@l"D:? 860Cl360-
8.:>b.:>bo00106oe:.?o, Mrri8oe:.?nG 00m3c.e:.?oboo6oo'Z.Je:.?O (JbCQ" nti01li c.8 bo0806@lCln. 80c::;0e:.?n
8M8 0 00006M6C> oobc.de:.?f'i.'.> dnMn01C>CQ.:>CQ 8oc:;DO(Je:.?O OtJMb 0 Md0e:.?30CQ005, 6.:>Je:.?00 e:.?OJ30!.Q(JM
<(3.:>boc.5 doc:;<>e:.?CQOOOn 063ob@loP'ioon01 CQ0'(3f'le:.?@lnb 8c.c:;c.e:.?o P'iobJom. 01'()8(3" JM8.3.:>600
tJM30e:.?013nli (J6CQ0 CQC>06@loM::JliCQOb e:.?OJ30CQ()Mf'i6om, 063ob@lnP'ioo(Je:.?O mc.6bob 8(3oP'io li.:>30-
M.:>(JCQM (Q.:>60J0M()Offi, ode:.?030 b0J8.:>Mnb'bo 80c:;0e:.? 8MbC>e:.?MCQ5::Je:.? 8M0000b . .:>8030-
M0CQ, ,:,8 lio080&6?fo {P'iM 0 MM(3 CQ06,:,P'if\06 MMClo), J018:3.:>6008 ()6CQ0 00.:>Jo0101b JM8.3fiiM8nlin
MnliJG" ()(0 Gc.M0::JOe:.?o.:>6Mo0li 001fiinli (50bom f\3060 8omP1CQoli Mo'bn()Bo, 9.5 U(JM.:>mo, JM8-
.305nnG 8MJe:.?03"1Qn06n e:.?OJ30CQ(JMO '13C>bo,:,6n d.:ic:;<>e:.?CQ:JOnb .3MM@J'?JOe:.?nl:, 0.:>6b,:, 'bc:;3MoG0130G ).

255
 4.

d<J6o.5<:8o61§n. M0G JM8.306ooli ca0Li0060

8om 80&00 08 MdOM0Gooli C!(0 6'0M8Moooli
80CJ&0ool.i OJM6M8ool.i CJ06l.io. <(30lio060
8MombM3Ml.i Li08'ZJCl0M 0.30(Y)0&0, od6000 8oli 80(Yim30'bo. 0Liom80
0.30(Y]0&80 !.Q0oOo8Ml.i !.Q030MliocaoJ0GOOOO, Cloo60M-
R(J6Ml.i Li000'bMM .3oMMooooli !.QM6o !.Q0 8(J!.Q80301.Q 0 00JomMli JM8.306ooli 8!.Q 0 M-
8.:i(Y)oMooli !.Q" MM!.Qol.i0 8 0Moli
'B()6dGo.:> JM8.30600Clo, 0630Li&0Goolim3oli lib301,Q0lib30
ca0Lio060 M0M!.Q06M00. (JC(3MM 8o&oG,
8'ZJ1.Q8030 JM8.306ooli
Li.:i::foMMOOOOOl.i C!(0 'Z)li0<(3MmbMoooli, C!(0 lio86'ocaoli 8MmbM36oli
'ZJ'(JMM <(30l.io060 8dM60 JM8.306ooool.im3ol.i
oJM6M8oJ(JM"!.Q 0M Ol:JMl.i 0.30(Y]0&0Li 0Mlio0Mo0. (JC(3MM
8o&oG, 0630Li&0Gooli li0Jombooli 0Mmo .:>!.Q080060,
8()Cl.:>Moli 60bo30M 0 060J 3om'b 0. t.ib 30 Cl 08mb 303 0Clo a'ZlCl0Mo0 0 01.Q.:io-
Goli lib30 JM8.30600Li 0 0MJMOli()Ml.ioMJOom 06

00'btilol.i 'bootilo 'B('l')60:woo. ca0lio060

l:J01,Q3olim3oli li0::foMM &M06'b0dGnoooli C!(0

CNAV 'B(Y)6!.Qo, 61(');;(')61(3 Bolio 1:'>33()0630.-i,

URER ;;08(Y)t.i 83 81.i .-ij8 o3oti, 0j 301 a(Jl1?8o 3o 6(Y)ao-
8(');;30.-i ('iM(Y)31Q30.-i £Qc;o(J610£!?
C!(030C!(06£!?0U 06 0 .-it'i\oo'b3 C!(.'.> 06
O.:i'bMoh 'B('l')61!;?::JOO a0bf:!?0 b0'bo60f:!?011lob b.:iboo-
b.:>8()'80(1') o6bi§til(J8::J6i§o. M(T)&(T)til 8(J'80(T)ob !!?.-i8.-ii§300010 .-ij(303ooli l:JOC!(3oli013oli 01301.i
ANAV i(J(Y)60::3000 - .-ilio33
O.:i'b.:illlo til(T)a(')lll ooa::io.:i oao?
M(Y)('i(T)61(3 i(l(Y)6C!(300 - ,:,(i\
('iilC!(Mbo::30.-i, 80;;P108 <>j(303ooli
o.:i'btilob 'B(T)6C!(JOo (MMFs) 061ob
U 33ti\(T):3000. 000-00 '13(')6!.Qooo 3063001.:>MC!(606
o
0li0b.-i 3Li 8(Y);; 300b. f.i(Y]o 33 3801b3o3.-ioo,
06 oj63l.i 6;:JOOU-
1970-0060 C!(<>U<>Ol:Joboo C!(0 80010 til;]8- 80361 o::til(Y)li 08.-i3;:i 'B(Y)6l)?;:JOOU (J8;:ii§oliMO.) 0031.i;:ioli
8(Y)b!!?0 000-li 'ZJ0bo060 £!?" U0i(J0U(JMb, 80;;6108 dot'i\00100::0\Q
OOMtJ30oli J(T)8oliooli (SEC-ob) 8ootil 1983 m(.)8(30, olio6o 061 .-io;:ili::1036 G0ol:Joli li.:ii(l.-ili(J61li o::.-i 8(');;300
ol.io6o J3MM:3000 308(Y)R60::6::16 1980-0060
J3(Y)i§OMC!(300 C!(0 ('i0C!(ilObC!(;:J00 08060::.-i
O(J.:>b063000, 33ti\(Y):3oli (336&til30Clo, li0i(l0li()t'i\001.
!.Q.:> MMFs 610GJ006,
80mo 1'1.:>(Y)1Q36(Y)00 ;;.:ibC!(<>
oob 8d(Y)6J li.-io63;:ibi§o(30M 06bi§61()836i§b
8ob30::3001 i(J(Y)6C!(300 J3M(Y)d00o ;;0o'b0MC!(0 1 o::oa(Y)'boi§ob 8ocwoo01, 61(Y)riwb0(3
1995 2002 Jo 130 6.-ib;:i30611Qc;o060 o::;:i3(Y)'lioi§ob - 08
o6lii§oi§()(30(JMO 00 'bMol.i i(J(Y)61Q3ooli 0U(Y)(300(300l.i
8ob;:io::3001 o;;o 0!Tloli
(IMMFA) l.i0301:ftil(Y) (Y)til;;06(Y)l.i 8(Y)60Go8::1ool.i 8ob3C!(3om C!?"
C!(0 C!(.:>
oli 'btilo::.:.li (!(0 o6bi§oi§(J(30(J61o b0 'lio60C!(.:>Moli C!(OC!(O
Bolio (J8m03Mobo 0Moli oli, M("')8 80('iM00MO.
o.:i'btiloli 'B(Y)6C!(O 0MOU O::J(J'bc:t;;io::030 'bo..:itilo. i(JM6C!(o,
063olii§otil::io0Li <>J3m3ot.i 03l.i0008ol.i0!!? (Jli<>i(l-
M01b(Y), o6lii§M(J8::J6i§oo - 000-00, '13(Y)61Q300 080M01300 801§.:iC!? 8J<>(3Mo SEC-ob
Mf'l('i(Y)M0(3 0tiloli li00::33(Y)'boi§(Y) li::itili§o'BoJ.:ii§300, J(Y)8::i61- ooli30001 - J3Md(T)(!?, SEC2a-7 ooli3oom - 1983
(CP), ;;060J3301ol.i 006- ;;06b0'bc;3t'i\03b C!(0 "C!?l:'i::J6li MMF-li
J6(Y)i§300 (FRNs), 6133(')300, l.i080103<"1(Y)o(T) bi§<>6£!?.-iMi§ 3ob. 8.:ioo6 MMG.-i 033 <"1 d3o8.:i6.-ili 33t'i\(Y)a.-ioo
o.-i6J6(Y)i§300 C!(il 3.-i(!(o060 C!(::Jd(Y)'boi.§300. obo6o 061006 (')610 0j3b 'li(T)('iO;:JMOlO R.-it'i\flrr1,
do610010\Qo i§o.'3oli: 06 8()!!?8030 0806(!(0 ,)Pl <>(!?a;:i6b 8J0(3M 03boob !:!?" 08;;30610(!? 33M(T)dOU MMF-
0ji§o3oli i(J(Y)6C!(O {CNAV), (Ji(J61(Y) oli JM31Qoi§ob M3oi§o6;;o <>Mob 83i§01!?
boo610£!? 83 b£!? 3o.:i .-ioo-oo lQ0 ·o8o6C!?" P1ooi§o6 0oli b00;;;:i6i§M300,
0di§o3ol.i 'l.JM6l)?o {ANAV), ;;301030'li(Y)o36 MF-b MOoi§o6;;li, 0P1006 Moody's Investors
8'b.-iMC!(il£!? 33<"1(1')3000. Service, Fitch Ratings £!?0 Standard & Poor's.

256
 '(3(Je::?Oli c,0801, .30<!)0P10 JM8.305oooo 0MG JO c,05oboe::;03CQ5o5 8MJC:::030CQ005o li000 'bMM <(30lio05o
J0Q;0e:::'CQOOOU .301P1<!)93oe::;oli '(3e::?MOOU U0Jombli. 1970-0050 oe::;oooli CQ0U00,'.joliClo '(3()e:::'Oli
00'bP1oli 'bo0P10 <(3M5CQoooli Clod8fo8 0CQ3oe::;o 0 0b0CQ0 8GoMo JM8.305oooolim3oli0G (CQ0 JOMdM
.30P1ooolim3oli0G) CQ0(J'Be::?OOMCQ505 e::;oJ30CQ()Mo ca0lio05o d0c:;0e::;CQoooli J0M 0 0CQ CQ030P1liocao-
GoMOo()e::; .301M<!lJez3oe:::>li. cave:::oli 00'bP1oli 'BM5CQooo .'.JOCQ005 0dGoooli 50c:;CQ0 cave:::oli 801li0'bo-
CQ0CQ CQ0 8GoMo o53oli<!)01Moooli 8lib3oe::;o M0MCQ05Mooli ca015CQoooli JM5Go5<!lJM0GOOm, 80m
dO(Jde::;o0m o53oli@;0Moooli 0 0Jomoo0 lib30CQ0lib30 'B()e::?oli 00 'bP1oli o5li@;M(J805<!lJooClo. lib30
'b00P10 <BM5CQOOoli 0 05 0 05lib303ooom, 'B()e:::'oli 00'bP1oli <BM5CQOOo .'.JM30e:::'CQQ;O(JM0CQ 0Gb0CQ0005
CQ030CQ05CQooli (P1018oe::;oG li0c,0CQ0li0b0CQM 8o'b5ooolim3oli 0 05oboe::;oo0 P101 0 01P1G .3P101Go5-
0ve:::o CJ 0801Li0 30e::;o), P1018oe::;o 8 Cloode::;oo0 0300180@;vP10CQ O.'.JMli P1oo53oli@;oP1oove::;o 05
(,0CQ0,'.J305oe::;o 50c:;CQ 'B(Je::?do. 08 'BM5CQoooli ()80<!lJOUM00 ode::;o30 05 0 0P10Cloli 0 0bli5oli
li0Clv0e::;oo0li li00.'.Jolio 500$ o53oli@>0Goom. ca015CQooli 0d3li floJom 0 080100P1oli .3P103oe::;o 0 00,
f\30()e:::'OOM03 CQ0CQ(,05oe::;o li0floJM 8o5o8()8om. 08 0 30M0CQ 'B()e::?oli 00'bP1oli 'bo0Mo <BM5CQOOO
8GoP1o JM8.305oooli 0de::;o305 80<!)0CQ 80c:;0e::; e::;oJ30CQ(JMM00li, CQ030P1liocaoJ0Go0li CQ0 8018 0 0-
00050100li (b0P1feoooli 00801d3om3om), 30CQMO 80m Cloode::;01m 08oli 8oc:;oo0 80mo li0Jvm0P10
e::;oJ30CQ()Mo ca0lio05o J0Q;0e:::'CQOOoli .301M<!lJ<aOe:::>oli CQ08M(JJOCQOOC:::0CQ 80P1m3oli 008mb3030CJ0.
8lib3oe::;o JM8J05oooo 0lio30 O.'.Jo5ooo5 cave:::oli 00'bP1oli 'bo0M <aM5CQooli M08CQo5o8o
e::;oJ30CQ()Mo ca0lio05o d0c:;0e::;CQoli JMM@J<aOe:::>oli li03'0Mf'JOOOoolim3oli. 8o'bo'bo 0Moli
()li0caP1mbf'Joooli, e::;oJ30CQ(JMMooli CQ0 li0C'i1 0 ooe::;o05f'Jooli JM8oo50Go0, CQ080@;oo()e::;o
li08vCl001li CQ0 f'J.30M0GO(Je:::'O b0Mfeoooli Clo8GoC'i1oooli Cloli0de::;ooe::;0100 m030005cn U0J(Jm0M li0b-
0'bo5f'J U?o.30C'i1@;08050ooClo.

JM8.305oooo, olio30 Mf'JC,f'JMG o5CQ030CQ000, 'Be:::'f'J005
50c:;CQ <ave:::Li c,0CQ0P10 8 b30 ooli 0 05li0b01P1 8 ooe::;ooe::;0CQ,
0lio30 li.30Jve:::0GovP10 CQ0 CQ0c,P1013oooli 8C'l@;o3om.
50c:;CQ0 93 ve::;oli 8f'Jo 8 03li foc:;CQo 93Ve:::oli
O<aOMlo05 0801c:;oo0li CQ0 0 0CQ0bCQ0li CQ0 foc:;CQo cave:::oli
5oooli8ooP1 CQMMOOom o53oli@>0Go0li, MMCQOU0G oc,o
0 00f\500 JM8.30600li.
JC'l8J05oooo doC'i1om0CQ0CQ li0<'1 0 ooe::;f'Joo5 50c:;CQ0
93Ve:::>oli 8oc:;oooli ,,CQ08d0<'1ooom" CQ0 foc:;CQo 'B()e:::>om
c,0CQ0bCQoooli ,,CJ- 0-5- 0-e::;- 0-o-o-cn". JC'l8J0600li li()P1li
CQ008d0<'1f'Jli CQ000@;011'i(Je::;o CQ030e::;o05oooli 0801c:;oo0,
08olim3oli C'i1018 80e::;o 0 08C'lo.'.Jo501li 'B(Je:::'O· 80li li()IDli
C,0CQ00b0CQC'lU JMOCQO@JMM(Je::?O 30e::;CQOO(Je::?000 M0G
Cloode::;oo0 0 3005, P108CQ 050CQ0G 08oli li0Cl(J0e::;oo0li 80li
0de::;o3li 8o8501CQooe::;oocn05 li0JMOCQ0<!)01 5CQ01ooli
8b0MCQ03'ol'1oli :J01e::;o<!)oJ0, 08olim3oli Mf'J8 0 0'b0MCQMli
80dlio80e::;(JID0 li01Dc,oooe::;o 08 50c:;CQ0 'B()e:::>olic,05,
C'i1018oe::;oG 801Go8(Je::; 8f'J8o5<!lJClo 80li 0 008500.
50c:;CQ0 CZ3()e:::>oli 8oc:;oooli CQ08d0P1ooolicn3oli JM8.305008
Cloli0de::;f'J0 0 0801ot10501li lib30CQ0lib30 8om01CQ000,
ID018oe::;oG 8010G03li JC'l8.3o(J<!)o'boC'i1oo()e::; CQ005 0 0-
ID0Cloo0li, 5ofoli501D CJ 0m05b8oo()e::; U?ooo<!lJolDoo0li CQ0
Li0'lJC'lLi001 e:::Mdof'Jdliooli.
8Lib3oe::;o JM8J05oooo 80Mm(Je::;5o 01'1005 50c:;CQ0
'B()e:::>oli JC'l5Go5@;1'10Gooli JtDf'JGoliClo 08olim3oli, 1'1018
JM5<!)1'101e::;o JMM.3MM0GO()e:::' foc:;CQ
'B()e:::>'bo, Clo8GolDCQoli 0 0801(Jt105oooe::;o foc:;CQo 'B()e:::>oli
00e::;05lio IQ0 0 06b011'1Gooe::;CQOli (J'BMM 093od<!lJ0060
801Je::;o30CQ005o o53oli@:l0Go0.
JC'l5oo5@JIDor'1oooli .31D01 80 Lio CQ08f'lJOCQOO(Je:::>o0 005Jooli
df'lMoli C(3C'l5CQooob C,0CQ00CQ 0 oe::;oooli li08 d0Mocn0CQ
8ocnMCQ'bo: (1) f!2Jd(Y)?5oc3(JMO &00ti106&<(JJM(Y) (DTC),
(2) 0300180@;()610 Je::;o!Do5 0 :30()'boli @;ID05licao1Doo'bo
(ACH) CQ0 (3) oe:::od01D015(Je::; 01D05Lica 0P1 00i 0.
JMM.3MM0GooooG 8ooM c,0801t105oo()e::;o 8omMCQOOO
0 0CQ0bCQoooG JM5@JP1f'le::;o1Dooolim3oli 8010G03li c,0CQ0-
li0<'10Gbo 3odlioe::;oooli c,08Mt106000G (PTD), G.30Go0-
e::?(JMO 05 0 01DoCloooG 0 0bli50G c,0CQ0bCQoooG
0 06b011D 8 00e::; 0 00Gm30G, 05 0 0P10Clooli 5(Je::;01 305o
00e::;06liolicn30G (ZBA) (!!0 JM5@)1'101e::;o<Y'loo0CQ (05
a0G0de::;01 00 01 0 <'10'Bo()e::;0CQ Cl01<'1o(Je::;) c,LiCQLibCQooli.
8f'lfoGo8mLi Oe::?Od@J61015(Je::;o 0 LiG3e::?0 (EDI) (!!0 8olio
MMO Jf'l8JM5o5@:io, 'BC'l5CQoOoG oe:::od@JMM5(Je::;o
@)M05li<aoP1o (EFT) CQ0 <(305051.i(JIDo EDI (FEDSI), 0P1oli
Oe::?Od@lMC'l5(Je::;o JC'l8olDGooG (EC) dor'1ocnLiCQo oe::;o-
806@>000.
50c:;1Qo ez3()e:::>oli .'.J30e:::0 do6'iocnLi1Qo 8b06'io
- 'B()e:::'OG C,LiCQLibCQooo CQ0 e::?OJ30CQ(JMO
<aLibo05o - CJ 0t.i0de::;f'lLi
0 0CQ0Go8(Je::;o od5ob 0 01DoP1ob(Jf1GoP1000 'bo.
'B(Je::?OU f'lJ@)o8Lie::;(JMO CQC'l00 (J5CQ0 OtJC'll.i CQOCQO
( 1) @JMLi5'b0dGooooli OLie::;Li5b'bo, Mf'lCQ::JU0G
80600 01Dob OCZ30d@Jn05n 05 (2) JC'l80MGO(Je::?O oLi5JoooG
G0Jf'l8.3o6b0(3nf'l 00e::;05t.i 0oob 8f'Jmbf'J 350o'b 0 , Mf'l8 0e::;-
mLi50G Jf'l8J0600b 0d3b 0 0bb5oe::;o U0CQOdf'J'bo@)C'l
Li5 001Doo 0oo.
JC'l8.3Ci5oob 8f'lJe:::'030CQOLi5o ULi00 'bMC'l ca0li0Li60
d0c:;0e::;1Qooob :.lf'llD@Jcaoe::;n ()JomolioLi 50(;)8f'J30CQ-
0o6Mm 6Li8Gb31Dob liLibom, 0 Li3'Moe::;o b08 foooe::;0CQ (LiM
LiMob 0()(30e::?OOOC:::o m06Lio0C'i1 50ooe::;o60CQ):
5Lic::?(QO ez3(Je::?OU 8o60S(;806@Jn (R$): e::?OJ30(Q(JMO
ca0li0Li5o d0c:;0e::;Cl?Oooli f'l.3@)080e::;(JMO 00e::;05bo,

257
 6.:>c:;(Qo '!?OCZ3ooo@;ou CQ<>ez3<>M- @;MU 'l)·)U0.:>6 U.:>o.:>6JM <>doo.3@;oou (Bas),
3oum3ou JMB.3.:>6oooou 6<>c:;(Qo .:>60 .:>MoCl'bo. u<>!:Qo.3(YJ'bo@;M bol'1c?;o-
6.:>c:;(Qo uoc.806@;0 (C$): ez30J,)eoou (CD),
<(3<>bo.:>6o JM6- Cl:?" 6<>'bMou .3Mo 3-
(Q.)U,)- <>doooob (MMP).
<(3<>M<>(Q, MM 0 f'1Mo 8 <>Mou o"'!?"u"b"'!?ooo '!?" ub3<>(Q<>Ub3.:> ez3<>Uo.:>6o
!Qo30CQ06CQ::JOOU o<>CQ<>bCQOOo. uo 0806@Joooum3ou ez3<>Uo.:>6o
3. 6<>c:;l:Qo uo 08o6@;o CQOOou <>Mf)o3<>Clo (R$, C$ !:!?" F$), 8060-
<[j<>Un.:>60 Clo'ZJu06<>8Mu
(<>6() 8o'b6oooum3ou). o.:>'bMob o6b@;M(J806@Jooo uo3806-
MMCQOU<>O <(3<>Uo060 @Jou u.3ooo'?JO(JM 8MmbM36oou, ouomo U<>Jombooou
Clodo6<>u, JM8.3.:>6oou 8060- MM()MM0(3 .)MOU ()U<>ez3MmbMoo<>,
()61:Q0 0 .:>o 0 MU dM@;06GO(JMO 1:!2" uo8ooCZ3o· 8M3-
'?J<>uM6o MM 0 f'1M ()J<> 3CloMl:QOO<> o6 3ou@;oM 0- JM8.3.:>6oou ez3<>bo.:i6o
m.:>6boG (JU<><(3MmbMoo<>u, .:>6 0 .:>MoClou 0 .:>6ou.:> 'b-
1:!2" uo81foez3ou. c:>3Moo<>, MOUJU<> '!?" ClMMou JMB.3<"1(YJ-
JM8.3.:>6oou ez3<>Uo.:>6o dMM@;- aouom.
Clodo6<>u 'bc:;()1:Q<>3u o.:>'bMou 'bo.:>Mo <(3M6CQooo (MMF)
o<> 'b(Y)ou o6u@;M(J8o6eooou 0 ,)B(Y)tio6ooom. b(Qo.:>6 BooMO JM8.3.:>6ooonum3ou (CQ<> 061:Qo301:Qoooum3ou)
o<>'bMou o6u@;M(J8o6eo6o '?J<>uo.:>60 J<>M-
BM00<>3u b.:>'bo6ou ez3<>UM6 o<>CQ
0<>BMutJol:!2 3ou Clom<>6bB 0o0ou, u<><>c.o6-

1. 0<>60.:>'bc:;3<"1om 6<>c:;CQo
2. .:>bbo6om o.:>6Jo6 0ou JM680'?J80<>.
3 . .:>buo6om uou@;oB<>u MM()MM 6<>c:;CQo
0'?30d@>o.:>6Mo.:> .
.:>bbo6om Q,) 'bMob 06u@JM'(J806@;ooou o<>BMotJo6oo<> M(Y)()MMO
6<>c;>CQo 063ou@Joooob <>j@;o3ooob .:>fi1f)o3<>Clo ()'13MM
3<"10@;0Mo()80 CQMMooom ()BMjBo!:Q(YJ 6<>c:;CQo 063ou@;0Moonum3ou.
[). o<>6Jo6 0 ou 5<>c:;CQo
.:>6uo6'bo.
JMB.3.:>60.:>u U(JMU Cloo6.:>Mf)(J6Mb Bolio ez3<>Uo.:>6o
'b(Jli@;o 6.:>c;>(Qo u.:>iJ:oMM:JOOooli CQ<>U<>qJ<>M<>3<>(Q.
(J'?JMM ()Jomouo oj6oo<> 063ob@J0Mooolim3oli, li.:>3.:>ifM(YJ
m(J li<>b<> 'bo601 M,)@JM8?
7. M<> .:>Moll li.:>3018.306!.i.:>oo(YJ b.:>o.:>6JM (Q<> M.:>@;018 <>M .:>Mo.:>6 olio6o 8li 0<>3lio
CQOdM 'bo@;MM:Jooum3ou?
8. M,) .)MOU o8o6(Q<> M(YJ8(Y)M JM8.3.:>6o.:>li ,,om.:>8.:>dMU Boll
8"CQ"b'!?ooClo?
9. CQ<>3()Cl3<>m, M(Y)B JM8.3.:>6ooli <>d@Jo3oo'bo BM0 oo<> <>3'<><"1ooou 'B"lio.:>6
fi1<>@;cY>8 ()6!!?" J(Y)B.3<>6M 60ooliBooM
qJ<>lio.:>6
10. M<> .3oM(Y)oo6oli 8oboC!?3om oj6oo<> JM8.3.:>6ooum3oli .:><"1 60c:;Q?
.:>6 ez3<>Uo.:>6 .)MOU oli dOMMOOOO
11. M<> ,)MOU 6.:>c:;Q?o li.:>Bo 8M@;o30?
12. OO<>CQ<>Mom CQ<> 0 .:>6.:>lib3<>3om OMm8.:>6omoli 0.:>6 li.:>6.:>6JM <>doo.3@;060 CQ<> b.:> 'bo6oli 30dlio-
fi1M 0(Y)M8 JM8.3<>6ooli 063ou@;ooooli M6ood0ooo ez3<>Uo.:>6
13. Clo<>Q?<>Mom (Q<> 0.:>6.:>lib3<>3om OMm8.:>6omou 0 .:>6 JM80<"100<> (EC), 8M-
5<>oo8m.:> (EDI), qJM6Q?ooou @;M.:>61.i-
'BOMO (EFT) Q?<> ez3o6.:>6li(JMO JM8.3(YJ6o6@;ooo EDI (FEDI).
14. M,) .:>Moll 0 <>MOM::JU()Mlio<"1o6<>? M.:>@JM8 JM8.3.:>6o.:>8 0 .:>fi1ofi1oli(JMUofi1o6<>'bo
0 <>Q?<>liooli 'bM0 oo<"1mo <>6 Bolio Ei<>c:;Q?o .3M(Y)oolio?

258
 JMB.306001.i "Zindler"-1.i 081'.1080\Q 0d3li li006 0 0MooM lioli@Jo80.
0 <>(Q<>b<:Qo6o 8ooM G006 0 0Moo-
GoMM:JOM b0E):oM(Y),) Mmbo CQQ;J, MM8 8oof1 o<>o 'b0-
()0CQ0bCQ0680 800c;l50MG CQ080@Jo6om b0ff0M(Y),)
CQC::0-60bo30Mo ()<>CQ<>bCQQOob CQ<>B(Jo<>3060Gm30G, b0608 m06b0 (Q:JdM'boMCQOO<> 06 00fioo'iio.
JM8.30600 C!?C::ooo oc.;o6li 500,000$-G. JMB.306008 (QMMG
boli@Jo8oG 008M1:J0606ob O:J(QOoo6om
CQ0(Q()06(Q0, MM8 8ooM ()08 ()0CQ0bCQo6oG m06bo60
800c.;003i:Q<> MMCQC.:o-60bo3Mom (J<?JMM <>(QM:J. (Q<>8()0<>3060G (QMM
(Q080@Jo6om :JMffiO (Qqom, M0(Q()06 606Jo,
0001%00 0008Mo806CQ<> i:Q<> 008M 0 'li036o(Q<> i:Q0.3M'bo@Jooli i:RC::ooo MMJ><;:JM.
;:,. 006b0'bc_;3Mom M<>8(Qo6o 60c.;i:Qo lioG@Jo8ob
0 08M1:J0606om.
0 06li0'bc_;3Mom boG@Jo8oG CQ<>3()030m,
MM8 JM8.30600b 008Mo8()0<>3Mb 5%-0060 8M 0 060 (0) Jomb3ob 8oboi:Q3om.
<?JM6ciw6'bo 06G@JM(J806&0Mo
063oli@JoM06om.
m(J boli@Jo8ob b<>MJ><;o od6060 75,000$, od6000 01.iomo Goli@Jo80

2. Eo8CQOo JM8.30600 "El Pedro Steel", JMMdMM0(300, 8r000-

60b <?J<>lio06 8(J(Q8030 0630G&oor10m:

G0b;/bo6M GodGoc:;io<'>o 8.00%

G0301:fPiM oodGoc:;io 8.50%
'B(]c:;'"G 60'lit'ioG :3Pio3oc:;ioc,0Pio6(]c:;io 0jeo0 7.00%

JM8.306oob U0()0(Q0li0b0(QM 0060J3omob 8.'.>M<'.]0 ()o'.>(Q0b0b0(QOU

8o'b606obm3ol> C>MoG 30% (Cl@J0@Jou 0 0i:Q0li0b0CQ06ob ooc;:030mo60G 008cY>J-
oo8CQ:Jo) (QC> 8oGo 'bM(Q.'.>CQO G0 00CQ0G0b0CQM 0060J3omob 80M1'.J.'.>
().'.>CQC>G0b0i:Q06ou CloG0608ou0(Q .'.>MOU 7%. CQ000()3Mou oo8CQ08 8M 0 Q6oG
(J'BM(Y) 063ou00 8 00? M0 30Mo-
06ti;o60 0Mlio6MoG?

1. JM8.30600u ,,Speedway Owl" 0d3u <afi1oo6fioo'bo60ou Clom06b8060 JM8.30600Gm06 "Gas and

Go" G0CQ8(JM:J6m06 Cl?" 30M'./i:o60000.
6o6'bo6 00u080Mm CQ<> 603mMoou .3MMi:Q(JdG00'bo <?JMoo6flo'bo5 0 oG 8oboCQ3om
0,:,(Q..-,b(Q.:i fioJom, .'.>Mou 420,000$ C!?C::ooo. 081'.l080(Q,
'tJMoo6fioo6'bo 0oG 8ootil G.3oi:Q300 JM8.3.)500Gm3ob fioJob
<(3MU@Jom 0.:i 0'b036ou (QMM CQ0 JM8.306oou 8ooM 08 <(3M6(Q:JOOU o<>bJdO 8oc;:o6oG
(QMM <>Mol.i :Jd3uo i:QC::O·
M.) m06b0 .)MOb (QMMOU 1:>8
,:,8 d:Jl:JM3606ou Clo800Mo6obm30G, JM8.3.:i600
0 1:>8M 0 'b0360G b<>CQo (JM000CQ06. 08oum3ob 80G ujoMu:oo.:i G080 806d060 CQ0 u080
CQ080@J0oomo 0(Q08006ob (Q.:>doti103060. :Jb o6J<>li0(300 './i:(Q:J00 93,000$
CQ" o0o 0800Mooli 8nr.;::oonu Q?MMU MMo CQc;:nm. 081'.l"a"CQ, <?JM6Cl?ooob
1:>tilob 9%, til.:io od6000 <(31:>bo06
0060J3omo. ()6(Q0 (Q000l:JMb ffi(J .)Mo) JM8.306008
8M 0M013001:>? 610@JM8?

259
 c.n ;:...... (A)

Q;jC.., 03 = o::i OJ(/ ($Pr;;- 3\ 0 r;;- Q)C.., " 3\ r;;- r;;-c.., " 3 9 c..,
D 388 • • • 3\C!l-313 c, c, 3 3\3 ""3 ci..3\c,3
8 13 8 6 C$P fcl fcl -
01 3 1i g- g:;c.., m Q)C.., r;;- 3 CT CT C-Q fcl c.., g1 g;c.., fcl ()>
c, ".>. C,
J:J Q) JO ".>. C,
3\ Cr
90 Cr 3\ 01 r9? ().I
3 3 cf' 0. g_ 00
0.t _,, fa . 01 8 01 g, c.:i b
e' 9 a_, a_, 8 fcl 13 3\ o 3 c'i_ 33\ 9 Cr Cr
• r:> 01 J :J r;;- _,, 0 CF r.> c.:> 3\ CT D r;;- m
c'i_ %_ 13 g, 3\ g 3 g, 0 Cr 3 W Dc, D()J Cr01 3Q) 3\ 3 "-" t: D
J:J 0 Cr O 9 D .,,_ J.:J c, Q 3\ J3 c, CJ m 01 O 0 CJ c.., QJ
g,q; o£&i8 g._t3'c 3 c, c.:> m c.:> 01 "' D Q;j 0 D c.:> c, 13 0 r;;- c, c, r;;- D 0
O> .._,,.,c.:i w03 "·" c.:i V>Ll 01 010> c, o '-"' - Q c, c.., fcl 'Tl 038 c, &>g" O o g 0'13 g101 r;;- r;;- g1a:l9 r;;-
Cr 13 c, 3\g'c.:> D 3\ c, 6 8 0 o c, D o g_ 3\ o 0 3 - iiJ D Q) r;;- 0 g1 13 1 fcl D c, V'l ()JO> c, 3
g1 ,.?. "" 9" 3\ ()> _9 9 13 0 fcl ci.. Q) e' Q;j 3 " 8 Q) m ;::! g, 0 c, r;;- 3\ r;;-03 D Cr c, 9 m Q;l c, g, t'"' m m r;;- OJ
9 c.:i c.., "" J:J r;;- 0 " 0 ci.. " c.:i r;;- 01 0 CJ 0 N cf' a:lo 8 o-13 "
8oc.:i 3- Q) -0 0 ci..01CTr;;-c,c.., Q). CJC, o 01 9 r;;·o Q
c, ci..o CE> ':-"' 3\ 01cl_ 3 fa_, c, o o
c!f I 13 3\ g1 en r;;- §: 3' /3 ()> ().I 13 Tc3 m g " m3 c..,9 " r;;- 0 g:>
o-3r;;-3c.,c..:i:i 0 " 0 " 0 " 3 Tc3 ()> /3 c.:i ()> 3\ 9 Q;j
c,8 g-" o m o
tjf i Q) e' g 9 c;-o.;oJc,. c.tO
9c, 618o 9 c,&>c.:i13 3 3 c.:i a_,g:'.m.n
o'3cgl3oo m- 9 e'm&>Q @o" g,c:- 01 0. 3 CT 0 8 r;;-" a_,13 13 " 01" " m 0 Q)" 0'""
01 cf' Cr13 D r-> -...Jr'f m r;;- 3 Cr 3 3\ • 0 OJ m m cf' c, CC r;;- c, r;;- 01 3 01 3 c, D r;;-g 5"13 g_ 9 ·-v<:,; 013 3
QJC>'v c.- c;:, oV
r;;- 01a; c..,Jo V'>'-'> O'm9 3 • a_,D 9 Cr 0 m 3 c.., fcl D J3 01 9 0 JO 01 0 0 J ;j 3\ "'' r;;-
v· " 9 9 co o 3\ C) 3 0 g- Q" 3\ m r ' ($P r;;- Cr r-> C, r;;- •· 9 fcJ ($P
g '2 CC3 0: g3 r-> 03 e' 3\3 3\ 3 c, :?;' 5 3 3\ D § '"v g1 99::>=>=> C-;a "' - v ".>. r-> - 10 r;;- c, v
10
C, - 0 - JO 13 01 0 9 c.:> J:J ($P Q fcl 13 0. fcl 0 :::> CJ {):I D m 03 r;;- v,
3 QJ 0 " ' c, c, m ,-. (9o
0 DQJ 0
c.:i g-03 c, r;;- o " 0 g mcg c, g_o a_, 0 a:l r;;- c, en <:.> 3 J3 CJ 3\r< m c, 13 c, r;;-o J3 ..,_ c, a_,C!i"' 3 fcl c, 9
D fcl 01 ci_ 9 O' r;;- c, r< Q" 3 Q) Q) O 0 3\ c> en Q) c.., g, 3 0 gi c, ()J ()J D "' ci_ CT g, Q;j Q) J3 r;;-
().ID J:J ()> 01 8 " v "-" v 3\ 8 3 cc ci.. 0 c.- 0 13 c.:> 0 m c.:> cf' 13 CJ 3 C:: 3 g, g3 1 D 3\ c, D •-V o
c, CJD cf' c, 0 r:> a; g1 e' r;;-03 Q 13 01 3 c.:> ;::-: -0 3\ c-
r;;- 3 ().I 3 Q) " 9 J:J D c:P 018 13 m fcl D c.:i D ::: 3\ o ;a g_o g1 c, 3' CT 0 g-ic.., - D fcl cg_ 9 800
Qj J3 0 D 9 13 J:J 9 fcl c, fcl N r-> o Q) 01 r:> r-> r;;- c:P
3'c:P g, ()> 1 9 J cg_ /3 9 " c.., 3\ '€ cs.: 3 <:.> 8 0 d' - c.., D JO m " " I :J JO D "
0 0 0 v, 03 "" " J :J 13 3 0 J :J 01 • • ()> 9 r:> g,Q D D O'i?f'-;;' 13 r;;- g-13 fr g
g C9o .3 JS 8 o fcl ml3 fcl g, 3 C, J:J • 0 CC QJ C, J:J JO - 01 C.., 0 r;;- 13 "" 0
{?' 3 %. 9 0 Cr O 01 C, 3\ 3 r'r J:J g, 3\ 0
J :J r;;- _,, r;;- 3\ fcl 3 0 "-" 0 " J :J 01 g_ Tc3 1313 r;;-
e' 0 J30 "0 03 13 fcl i@ J ;g g 1'
o 0 g r;;- c, mo 0> r;;- 9 13 01fc3 o o 0 8 c, 0 CJ "1 3 3\ o ml3 g- o a_,8 m 3 /3 r;;- g'
00 3
g, 3\ ().I CT Q;j f3 g;; g, c$ 3 0 f3 ()> 9 _g_ 5 t g, ().I 3' c, 6 3 m r:, r;;- O 9 c.., Nl3 13 13 01 CTci_ 3 c, Q
313c.:i 01fcl g,13 O'fcl 9 r;;- D g;g gi 3 m z; 0 3 g- g:> r;;- fcl 3c.:i
e'c£ g_ g,_3 g'' g,3 r;;-'3 ° .!>- ()> 9 13 .01 c,
5QJC..,r;;- "D fcl fcl CT g:; J3 r;;- Q 3\ ci_ -...] fcl m 13
r;;- 01 0 c.:i DD 01 mO> 0 D r;;- 0 r;;-"
F o 00 <=5 %, 9 " 9 8 8 r;;-,,,03 3\3c.., O>c:Pr;;-- 0
OD 01 c, c, ;;Loo 0 c.:> 01 V'l 0 c, 3 ()JD c, fcl
c.., _,, " Q;j C9o " JO 8 0 m D r;;- D J :J c.:> c, 01Q v 9 ".>. r;;- ' c-13 D r.> <:" CT
13 " g, g1 c.:i r;;-8 " o '3 o 13 Q CJ OJ g," OJ@> o en r;;- 3 Q) 0 0 ()J 5' " g_ " D cc g' 03 Tc3 8 c..,
c.. fa .
C: 0 d> & r;;- m03 o g-- g, g._8 %8 g, J' V- O 9Q o:)c.., QJ3 c, O'C-8 D 3\3
e- 01 v " ' OJ v • 3\ O 3 o 13 o r:, O' D m
c.:i ().I c.:i " D 8 r;;- fcl CJ 8 ·-V c.:i g " ;;L 13 r;;- QJ "'0 c.., 9 3 " OJc:a_, " 8 3 }j a_, 9 r;;-" c-oo J:J " 0.t CJ
O d' D 8 r-> OJ c, J:J Cr D r;;- : 13 v 0 c, fcl
fclo93' J
0
8130- 0101 13 .o 3ofc3'Q o 3\ 3\ og.,
8 o <..:> oo oo OJ " cc m 9 3 :i CT13 r;;-J:J a:l ci_-,_" 0' 01 3\CTo o 3 0
- \3 :i
- N -I>- N Q c.:l
0> "" 3 ci.. oC:: r;;- o
3\fcl 0.tO> g J5 ($P ;::R Cr Q r;;- 13 D 3\ 0 Cr c.:> r:> VlOVlOO <:.>.13 3\ fcl 3 c, D 01 "' 13 O r;;- 3 3\ r;;- r;;- CC ()J W Cr
c, 0 d> J:J fcl 3\ O 3\ 0 3 ()> 3 9 CT D J5 3 en o o :i QJ a:l r;;- o 3 c, 9 mo 9 · o §o r;;-
QJ r;;- c, D 0 9 ()J 01- "'"" 9c.:i QJ01'-' V'lr;;-
i, r;;- g-o i, g'oo 3 3 c.1 8 !g . 1 'J r;;- ©>
0 ""
<:.> c, - ·-V 8 r;;- " " r;;- r;;- 3\ 0 J;j 0 " D 3\ . Q;j
r;;- 01 a_ c.:i 01 ° 3 3 g_ c- 01 o- :i 8
g_ g, g-- j 3\ g' g,J'c.., ·-V 0.t03 r;;- g' g- D m r;;- t c.. 0 13 ():> " 01 3\ 9 Q) 3\ c.., 0 r;;- 01 "' "-"
Crc,c:f>OJ Ofc3Cr130 "9 ·oor;;-80.tc,Cr Q <:.>
O' C::o o"'t l3Cr':-"'l3 Q)Dgr;;-C-0 J(33a_
c.:ig3 0 §,. 13" c,9&>91i't o 0 oo c,3\ c,Ql3
"3 QJJo,,,. c.:i c, fclc.:> r:> D c- 9 0 D 03 8 " 0 r;;- " "' 3 3 D r;;- m D :i
3\ 3 ()> c, D _,, c, 01 3 c, 0 OJ 01 cf'J:J O' D V'l fcl J}!8 3\fcl 9 a_,13 9 g,c.:> c.:i 9 ($P 0 fcl c,
oCrc.:ic, 5fcl g g :i - 3 o " 3\ J3:i 8 3
c..,
-:--- J30 c.:i D "' 01 r;;- [\.) J ::> 01 8 3\
g-g-g_ D mD t fcl r;;-fcl §Sc.., c.:i 01
r;;-oC-Cr 0'01301" 003 og,a:lV>3c, 0113 o 3\r;;- Tc3 o8 9 5 C-mfcl g;a_, 3 " 3\
03 CJD d' a:l c-o r;;-13 c, OJ r;;- 8 ° • a_,C!l- 3\ 0303 [ " Q)
3C$Pl3J3 O f3 g:'.03g' cf'c, D Cr OJ-r;;-CJ3\ 0 D c, 3 0 0 c, 3\ r;;--01CT010 ()J(Sp 9 9 01
c, D D 3\ 3\- 13 13 c, c, g, 3 a; ;ag cf'o J}joo g,_ 3\ 'f'8 " o 8 13 ;;a
0 c:Pc:PJ' 3\0.tN3\o fcl 9 D 0 O' c:P D QJ D QJ 3 01Q)c, 3D r;;-3\010' Cr OD
()> Q;j Tc3 ().I 0 ()> 0 9 g1 Tc3 3\ 9 . " 0 Q;j 3\ " ().I
;:;9 '2 9 g_ 2-, g._13 g._8 q.-fcl _r;;-o; g_ g_ c::'-v o? c,c,r;;- 0811C,11 fcl8_0 Cr01C,
 mj306 MM8 tJM'130CC:OtJ03om JM8.306ooli '130606l.i(JMO 006tJM'13occ;oooli ()'13MMlio, 860CJ3-
6occ;(Y)3060 oo'b6oli MoliJoli (QMMl.i, MMoMM '13C>lio06 06 '13C>lio06
o00Jomool:QOffi 0630Li&nM000li? MMoMM 006li0 lio8on'130li 3013?ooli?

0. 8mcc;o060 (Q0'bM 0 occ;o (QMM = 2.5 + 1 = 3.5

U?" 'brr130c:'.;O (QMrrl x li;,Cl()"c:'..'"' 'B(Jc:'.;Oli 'bo =3;,8rr10103oli()'1Jc:'.;;)O(Jc:'.;

3.5 x $500,000 = $1,750,000
5% x $1,750,000 = $87,500
linli&o80 08Mj80\3?\3?00<>, MMl:Qoli0G CC:MJOMdlioonli linli&o8oli 8mcc;o<>6n '13(JCC:C>CQo 8M 0 000
(87,500$) CC:MJOMJl.ioooli linli&o8oli occ;o(JM (75,000$).

2.
0060J3Dmo
o.'.>6.'.>J3amo o.'.>6.'.>J3amo

0.30 0.00 0.30 (1 - 0.30)8.00% = 5.60%

0.30 0.07 0.37 (1 - 0.37)8.50% = 5.36%
'll"::Jl!::?OG 'bt<'ioG
0.09* 0.07 0.16 (l - 0.16)7.00% = 5.88%

*(l - 0.70)(0.30) = 0.09.

0 <:>13?0li0b01:Qoooli Clo8\3?0o li0Mooocc;n06Mooli m30cc;li0 'bt')oliom tJ30CC:"'bo 808'boCQ30cc;o

0630Li&nG00 0Moli '13()CC:"l3?o 00 'bt')oli .3Mo3ncc;o 0 nMoo()cc; "JGnooCJn, 70%-0060 Clo8Go-
Moo013?0 J06M6oli btJ0CC:MOom '130CQOM0CC:(JMO li0CJ08Mli03cc;(Y) o0CQ<:>li.::.b013?oli (QMMl.i. JM80MGo-
(JCC:O 30 jliocc;oon 60Jcc;oo0\3? 8n8'bn\3? 3occ;n0, 3oCQMO li0b.::.'bo6M 3odliocc;oon CJ&ei&nli
Li0CJ 08Mli0 3cc;(Y) o<>CQ<>lieib<>CQoli 0 08M, MM8occ;n 8 Li0b0'bn6M 3odliocc;oo'bo 0M o"l3?"°b\3?oo0. {08
o&<>&ooon, fi1M8cc;ooli<:>G <:>M 0j3m li0CJ08Mli<>3cc;M 0 013?0li.:ib0\3?000, (Q000o3fi1oli CJo8\3?0o
8M 0 000 JM80fi1GO()CC: 30Jliocc;'bo oj6oo.::. .
.3Mo3occ;o00Moo()cc;o 0dGn0, Cloli0dcc;M.:i 0M ntiMli 80&<>\:Q 808'bo1:Q3occ;o 0630Li&0Go",
fi1MCQOli"G 8bo\3?30CC:Mo0Clo t'i1oliJo. e>Moli o8oli li0'13fi1mbo, fi1M8 li0M 0 oocc;nli
0 060J3omo 0 .::.o'bMCQOO" (QC> 08 'l30lin.::.60 Li000'bM01 061lioonm013?
CQ00G080. e>Moli 0lio30 CQO'l3MCC:&oli t'i1ol.iJo 13?0301:Q06CQOOol.i 0 013?0b13?oli Cloli00.::.8oli<>13?, li0b-
0'bo6M 3odliocc;ooli JO 0fi1 .::.j 3m \3?0'IJMCC:@:>oli 61oliJn.

Arvizu, Benjamin. "Using Your Bank as a Cash Manage-
ment Tool." The Small Business Controller 4 (Summer
1991), 42-47.
Batlin, C. A., and Susan Hinko. "Lockbox Management and
Value Maximization." Financial Management lO
(Winter 1981 ), 39-44.
Bort, Richard. "Lockboxes: The Original Outsource." The
Small Business Controller 8 (Fall 1995), 44-47.
--- . "What Every Financial Manager Needs to Know
About Controlled Disbursing." The Small Business
Controller 9 (Winter 1996), 47-50.
Gamble, Richard H. "Cash-Management Milestones."
Business Finance 5 (December 1999), 50-56.
. "When the Lockbox Meets the Net." Business
Finance 7 (February 2001), 51-56.
Gilbert, Erika W., and Esmeralda 0. Lyn. "Current Trends
in Corporate Cash Holdings: A Survey of US Certified
Cash Managers." Journal of Financial Education 28
(Spring 2002), 24-45.
Gitman, Lawrence J., D. Keith Forrester, and John R.
Forrester Jr. "Maximizing Cash Disbursement Float."
Financial Management 5 (Summer 1976), 15-24.
Hahn, Thomas K. "Commercial Paper." Federal Reserve
Bank of Richmond Economic Quarterly 79 (Spring
1993), 45-67.
Hill, Ned C., and William L. Sartoris. Short-Term Financial

261
 4.
Management, 3rd ed. Englewood Cliffs, NJ: Prentice
Hall, 1995.
Karnath, Ravindra R., Shahriar Khaksari, Heidi Hylton
Meier, and John Winkleplectk. "Management of Excess
Cash: Practices and Developments." Financial Manage-
ment 14 (Autumn 1985), 70-77.
Kim, Chang-Soo, David C. Mauer, and Ann E. Sherman.
"The Detem1inants of Corporate Liquidity: Theory and
Evidence." Journal of Financial and Quantitative
Analysis 33 (September 1998), 335-359.
Lacker, Jeffrey M. "The Check Float Puzzle." Economic
Quarterly of the Federal Reserve Bank of Richmond 83
(Summer 1997), 1-25.
Maier, Steven F., and James H. Vander Weide. "What
Lockbox and Disbursement Models Really Do." Journal
of Finance 38 (May 1983), 361-371.
Maness, Terry S., and John T. Zietlow. Short-Term
Financial Management. Cincinnati, OH: South-Westem,
2002.
Masson, Dubos J., ed. Essentials of Cash Management, 7th
ed. Bethesda, MD: Association for Financial
Professionals, 2001.
Miller, Merton H., and Daniel Orr. "The Demand for Money
by Fin11S: Extension of Analytic Results." Journal of
Finance 23 (December 1968), 735-759.
Moss, James D. "Campbell Soup's Cutting-Edge Cash
Management." Financial Executive 8 (Septem-
ber/October 1992), 39-42.
Nauss, Robert M., and Robert E. Markland. "Solving Lock
Box Location Problems." Financial Management 8
(Spring 1979), 21-31.
262
Phillips, Aaron L. "Migration of Corporate Payments from
Check to Electronic Fonnat: A Report on the Current
Status of Payments." Financial Management 27 (Winter
1998), 92-105.
Ricci, Cecilia W., and Gail Morrison. "International
Working Capital Practices of the Fortune 200." Financial
Practice and Education 6 (Fall/Winter ! 996), 7-20.
Stancill, James M. The Management of Working Capital.
Scranton, PA: In text Educational Publishers, 1971.
Stone, Bernell K. "Design of a Receivable Collection
System." Management Science 27 (August 1981), 866-
880.
- - . "The Design of a Company's Banking System."
Journal «fFinance 38 (May 1983), 373-385.
- - . "Corporate Trade Payments: Hard Lessons in
Product Design." Economic Review «f Fed of Atlanta 71
(April 1986), 9-21.
- - , and Ned C. Hill. "Cash Transfer Scheduling for
Efficient Cash Concentration." Financial Management 9
(Autumn 1980), 35-43.
US Treasury Securities Cash Market. Chicago: Chicago
Board ofTradc, 1998.
Van Horne, James C. Financial Market Rates and Flmvs,
6th ed. Upper Saddle River, NJ: Prentice Hall, 2001.
Part IV of the text's web site, Wachowicz's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
 o8('1')i::?DOob
b.:>JMtJCQO@)f') b@)06Q;i.:>M8tJOO " JMtJCQO@)ob
do<TlMO[!OO " (!(iJ'{3MC:::8oll MoUJO " CQ[!008MM(Jc:;:o
'B(JC:::Ob dMC:::080J0 CR"
dMM(3JCQ(JM::JOO • r03'll0'()83
o5'{3MM8.:iooou b8.:>MM300 ,. JMQCR08()60-
(;jo.;,6Mool> .::.6.:ic;:o'bo " 0.:>CQ.:>08308oc:;::::io.:i
1QC>JM::JCR08060'b3 CR" U.:>JMJIQ08M b.:i'lm "
JMQ(QO@.Job 80MiJM::Jb(JMbo<'1no.:i !:!?"
IQ:J008MM(JC:::O !Q.:>30c:;:o06noiJOOU .:i8Mt::;i)00
O<'.>M<'>()[JOOU a.:iilicn30
Jc:;:.:>bo'{30J0(300: M0 (J6!QC> 36JM68MMC:::M01?"
OQJ3ncrmG OJM6rri8ovfilo 8M(3\'.JC:::MO.:>: fil08CQ360
O:J3\'.JJ3::J01f')())?.. O:JJ3::JO"l0b !J(MM: MM(QOU
<lnB\'.JJBnmMm?" 80('()0 00 oob ('()o'bofil 3o.
!J?(\')M(JC:::O 8oOM!J?::JOOU dMo6eoJo" 8.::.fil03060 Cl(<>
<z30606G(Jfilo 8:::i60:Ji;OMO
fYla'bo'(laD
fi3()6 0 3fj08{; f!.!8[)fifrnnlJ. fR<'>60Mfi()6[)080 (J6fRo 8<'>t!(MboJ!!f'l6
..,a Olb3ob a3boo3c;:ob Cl38(!?0& md336 Cl3d!!:,>[J001:
fi.;i8Mco3oc:;:Mco dofilocoo{Qo '?3"'d@.JMM::J6o, MM8-
c:;:n6oe <l:::iocic:;:360 Cl::ioo3oc:;:Mb JM86o6oob GoJ-
MQQ?o@.JM dMc:;:o@.loJoClo !)(<'> 0oo 0Mco JM8dfilM8obo
8M80nooo6M6ob.:i Cl?" boM:Ji;::J6b ClMfilob.
0bb6.::.co MM 0Mfil 'bo 003c;:o6ob ob!J?n6b Jr08.J.::.600G
boJM::J!J?O@.lM dMC:::O@.JOJO !J?::J008MM(JC::: CQ<'>30c:;:o-
06no:::i6Clo 063ob&nt0n6ob
JMo8oJ\'.JC:::<'>CQ <lo0qpb•001 Cl:::i8M01030 'l:io6(Jc:;:o
03c:;:oc:;:oonoo boJM::J!J(n@.JM .iMc;:o@.lo,pClo, MM8o-
c:;:oe 8Mo 0 o3b G3c:::oc;:o6oob boJM::J!J(n@.lM
b@.lo6CQoM8nOClo, boJM::J!l(O@.lM JQMOM!J(OD !)(<'>
6vt::;CQ '{3(JC:::'l:i::J o<'>8DCQ3::J6ob '{3<'>b!l(0JC:::::J6ooo.
oc:;oor0Mm o6t'.(3MM80(300b Clobodc;:M Olf)MM::J60
JM::JCQn@.lob 80doo<'>c:::n<'>'bo IQ<'> 008r'mt106M01 06'{3MM-
80000 JM::J!l(O@)oU dM:J@.l::J6(QtJ6@.lob 06oc;:o'bobco3ol;.
moon;; 0o6Mco 80(T)0306ob bb30n;;0bb30 @.loJooo (!(0
006oboc:;:Mm 80r0030ooh 'b6'i<Qob Cf!<'> Clo8Gor1nonb
(JdoM0@.l::JbMo::JOO !)(0 60Jc:;:M30606000.
0 06!..>0 'bc:;36'J01cn, obb6.;,m c!P (Jl13::JOMcn do6'Jom0(QO
JM6(3::J'(3(30QOO (Q<'> <'>(){30C:::::JO::JC:::O 30801013c:;:::ioo
80t00306ob D<aOdlf!>oo6o !J?<'> JM6-
@.lli'i01c:;:obcn3ob, t'lr08::ic:;:o{3 8Mo(303G Jc:;:obo<(JOJ0-
(30<'>b, O::JJ3omob DJM6M8o(JM 8M(3(JC:::M6ob
(EOQ), 0[]d3::J010U (Qli'iMb, 80(i)0o::i6ob 6lo'l:i::iP13b op
m&•mvrrnnn 8oDMQ:?::J6ob J6Jo5(3odb (JIT).
'(J(Jf!Z!Ocn.
-.J5f'l5080
263
 4.

i:Q::JOOtlJMM';'.'.JI!:?" (Qb30- 8a-8 m..,3CJ0 R3a6 36..,b3m, "1M8 <(3M6!.Qaooli 0633li@>o"1ao..,

e:10.)6:J00 - Accounts
receivahle - '1J(Jl!'.?0(!!0 li0b-
li<"laoo t<'lro8c:;>aonG
Jf'l8:306008 (]6(!!> 8ooc::roli
Jc:;>oa68aooli0306, <"iM8-
c:;>Oo80G 8ol>306 J<"lamn-
8nm Claodo6ali
0MM(!!(JQ(300 06
8M8l>0b(JM000.
(!!0008MM(Jc:;'O
m030c:;>006ao>
fot<'la"'"t!18D6l> 808mo60<"la
0d8°3l>.
8Moe..,3li JM8.3"1M8olili 8M83aoo..,6Mo..,li.., CQ.., "1oliJli ClM"1oli. M.3@>08..,c:::()fi'io 063ali@>oeo..,
3.)6oli.) JM6JMO@>()C:::O CQM6oli 0633li@>o(300CQ.".>6 li0fi'i33oc:::oli Cla!.Q.".>M:JOO(J)
08 CQ.".>6.)b.".>Mfe:JO(J).".>6, MM8c:::aooli 80li 08olim3oli 8M(Jb!.Qao0 . ..,3 m03Clo 306boc:::(JC:::O.".>
doMO(J).".l!.QO G3C:::.".>CQ:JOO, Mr<18c:::aooe CQ.".>J.".>3Clo"13o()c:::O.".l CQ:JOO@)r<1M(JC'.!?0 CQ.'.>3.".>C:::0.".>6303ooli a'?Jad-
@>006 80"1m30lim06 CQ.".l 0bli6oc:::O.".> MM3MM Claodc:::300 8..,mo CJaG3!.!:!?.., M.3@>080c:::(JMO 0633li@>oeooli
CQ.".>li001JoliCJo R3a6 3063oboc:::03m JM8.306ooli JM:JCQO@)MM(Jc:!? CQ.".> CQaoo@>MM(Jc:!?o
CQ.., 3..,c:::o06aooli .3Mc:::o@>oJ0li, C:Ja8!.Qa 3 8br<1!.!:!?r<1CQ o6CQo 3oCQ()..,!.!:!?(Jfi'io 063..,fi'io-
Claoolim3oli. 08 m03oli Or<1!.!:!?f'1 6.)ooc:::o OJ3!.!:!?a3li 80"1033ooli 0'?3ad00..,60 80"1m3oli 8amr<1CQ:JOli
l53a(]!.!:!?Oofi'io30 JM8.306oolim3oli.

OJM6M8oJ()Mo .3ofi'iMoaoo, .3MMCQ(JdGooli C:Ja'?3..,liao0, .3MMCQ(JdGooli b0fi'iolibo CQ.".> JM8.306ooli

G0,iti\o\l10(Si<') bClJ061QOMl§n -
Cn·dit - J<"lamo-
8ol> 8odoaoc:;>ol> J<"iamo-
8(]60t<'lo06Moob
806081>c:;>(JMO (!!<'160,
t<'lro8ac:;>nG 8ol>>c:?aooo
Jl'iam 08°l> 3080080
J018:306ool>m3ol>.
l.i.".>JMOCQO@)r<1 .3Mc:::o@>OJ.".l doMO(J).".l!.Q 'li3003c:::a6..,li .".>bCQ36li Jr<18.306ooli CQ:JOO@)r<1M(JC:::O
CQ.'.>3.".>C:::0.".>6aoaooli CQM63'1i3. IJ3DC:::.".l ali '?3..,d@>o, OMC:::Mli 308MJC:::aoom, .".>M o81Jr<1<(3::JO.".l <(30606li(JMO
8a6afeafi'ioli Jr<16@>"1Mc:::oli d3aCJ. fi'iM3Mfi'iG lib30 808!.Qo60fi'ia 0d00 33om06, 8.'.l603(:.'.Jfi'ili Cla(]dc:::o0
Clae30c:::Mli CQ.".>30c:::o..,63ooli !.Qr<16a 8M8 30 0006Mo0li0 CQ.., fi'ioliJli ClMfi'ioli Jr<18.3fi'iM8olioli
3 0m 30c:::olioo63oom. G0061:\/06leaoou CQ.".>oa 308 Clali0dc:::M0 li@>o8(Jc:::oli'iao0
3 ..,(]J.'.JmMli 8Mmbr<1 3 fot.i, fi'iM8ac:::li0 8 , (J6CQ0 8MtJ 3at.i 3 ..,'IJ"1CQoc:::o 3 ..,1Jo!.Q3aoo CQ.., 8M3ao0. 803"108
CQ.".>80@>aoom JM:JCQO@)om 3i>1JOCQ3000 0Moli b0"1feo, olia3a Mr<1()r<1M(3 0fi'ili30Moli (J08a!.QC'l CQ:JO-
o@>MM(JC:::O !.Q.)3.".>C:::0.".>6aooli CQ0J.".>M33oli CQOCQO MoliJo. ali .".>Moli ..,c:::@>afi'i60@>0()!.!:!?0
li0<(3(Jd 3a'lia 0fi'iRa 306oli 3..,Jamao0, fi'ir<18ac:::o 8 R30 6 03 li(]fi'ili 3..,8M30J3c:::or<1m.
G3!.!:!?..,CQOOoli .3Mc:::o@>oJ0, Mr<18c:::aoli0e R3.'.l6 0 063oboc:::03m, 8Moe03li 0dea.3@>ofi'iao(]c:::o
li03.)ffMr<1 06c,0fi'i0Claooli b.)Molibli, li.".>JM.'.JCQO@)r<1 .3.'.JMOr<1CQOli b06c,"1dc:::o3Mo.".>li, <(3.".>li!.Q.".>JC:::.".>00li
30CQ08!.Qa 0..,CQ..,b!.Qaoolim3oli (m(J 0"1lia0Moli 0liamo) CQ.".> JM8.306ooli '?3()!.!:!?oli .3fi'iM 0 fi'i0-
80li. ali ac:::D8a6@>aoo afi'im..,CQ '?3(]!.!:!?oli li0CJ(J..,!.!:!?r<1 .3afi'ioMCQli CQ0
JMOCQO@)om ().".>IJOCQ3000li ooc:::li, Mr<18ac:::oe 8MCQOli (J08:JCQr<1 30c:::ao'lia ..,6() CQ.".>6.".>J.".>M() 'Ii.'.). R3a6
0030060c:::o'l>.'.JO(J) (J)0(J)r<1::J(Jc:!? G3C:::.".>!.Qli lib30 '?J0d@>r<1Maooli G3C:::.".>CQ::JOOli ()(33!.!:!?.'.Jc:!?C'lOOli
.3oMC'100(J), 0lia3a 3()0()C:::OO::J!.!:!?31Jr<1<(3(J) (>.">MO '?J.".>d@>MM.'.)Oli, Mr<18ac:::oG 'liac,03c:::a60li 0b!.Qa6li
'?3(]!.!:!?oli t.i..,CJ(J..,!.!:!?r<1 .3afi'ioMCQ'lia CQ.., (Jo8aCQr<1 3..,c:::aooli JMOCQo@>om 0 01JoCQ3aom06
CQ.".>8r<1JOCQOO(JC:::OOOli Jr<1::J<(30(30::J60 'li3. 08oli ()0MCQ.".>, R3a6 CQ.'.>3()Cl3aom, Mr<18 MoliJoli d:J<(30li.'.)0.)
li0J8..,t'1oli0CQ ..,!i'Joli li@>06!.Q0M@>o'lio"1ao(Jc:!?O oli3, MM8 odc:::330 lib30CQ0lib30 06 0..,!i'ioClaooli "1oliJoli
!.Qr<16aaooli Mooad@>()M.".>CQ Cla!.Q0"1aooli li0CJ()..,!.!:!?Do..,li.

li0J"1a!.Qo@>M .3Mc:::o@>oJ0li 86oCJ 36ac:::r<1 3060 'lia 0 03c:::a60 0d 3 li 0 01JoCQ3ao'lia. m(J R3a6o
Jr<16J(J"136@>300 8()!.Q8030CQ c:::ooa"10c:::(Jfi'ili b!.Qo06 Jfi'ia!.Qo@>om 0 01JoCQ3aooli .3ofi'iMoaoli, 0806
C:Jali0dc:::M0 JM8.306ooli oo'IJ6ali'IJ3 odM6oMli (J.".>M1Jr<1<(30(J)O 'liao..,3!.!:!?060. JMOCQO@)o 0Moli afi'im-

l.i.".>JMOCQO@)M CQ.".> '?3()!.!:!?oli .3Mc:::o@>oJ.".> 8a6afe:J"1ao8.., 0deo(J"1..,CQ ()6!.Q.., om.._,6..,8a"1M8c:::r<16

8ffOCQMMCQ 0"10!.i l.i.".>JM:JCQO@)M CQ.".l '?3()!.!:!?0l.i .3Mc:::o@>oJOl.i
JM8.3..,6o::iooli 80"1Jaeo63(Jc::: .3Mc:::o@>oJ..,l.im06. 3..,63om0M:J0.)'1ia. 08 .3P1C:::O@>OJOl.i 006br<1M(30a-
800 0c:::om0CQ, li0JM:JCQO@)r<1 ClaJ3amaooli CQ.".>8()CJ..,3::io0 c:::ao0 'li:J R3a()!.!:!?:Jo"1o 30CQ .30li(Jboli8 0 ao:Jc:::o0
0b!.Qa6li 'li00 .., 3c:::a601.i a01JoCQ 3ao'lia !.Qi> ar18b80- '?30606!.i(JMO 8:J6afe:JMO. m(Ja 8 0, oMc:::C'l CQMMli
"1aoc:::aooli CQ.".>J8..,1JM'?Joc:::::io..,'lia. '?30deo(J"10CQ, (J<(JMM 8:J@>.".>CQ 0 3bCQ:J00 8'ZJCQ8030, ()Mmoa"1m-
8Ml.i0ba"1b:JO:JC:::O od6:JO.._, m(J JM8.306ool.i li.".>JM,')- 00CQ..,8J33mo '?3()6deoDooli 8dM6a 3()6!.Qaoo,
CQO@)r<1 CQ0 '?3()!.!:!?oli 08Mi:;:aooli .3Mc:::oeoJ..,li 0 063obo- "1M8c:::aoao 8 aa!.Qo.".>6 '?3o6..,6li'ZJ"1o CQ.., 80fi'iJaeo60 0Li
c:::03m Mr<10 MM(3 JM8.306ooli 08 .3MMCQ(JdGooli CQ.".l li.3:Jeo0c:::oli@>aoo, 0 06li0J(JalM:Joom MMCQ:Jli..,G
8M8li0b(J"1:Jooli 60ooc:::0CQ, "1M8ac:::t.i0 8 01.i Jr<18.30600 li0d8a abao0 !.Qaoo@>P1M(JC:::O CQ.., 3..,c:::o06aoaooli
IJOCQoli. O:JCQOo..,CQ, 80"1Ja@>o60 oli CQ.., '?30606li(J"180 0b0c:::o .3Mc:::o@>oJoli CQ.".>6a"1330li.

264
0M010 'IPd@JMMo, 0bl:Qo5G 3M8Cl05ooG ClMMl:Q(JdOooG 8M01bM3fo'bo.
Clol:!?OC.0\:Q, 80101bM35oG Clo8t10Moo 3P1ol:!?o@JoG \:!?0150 080'bo, 01(]
MMC.MM od6000 Gb30 cn0d@JMM000. 3M8:305008 (J5(Q0 (Q0GOoMG
3Mol:!?o@Jo01 0,)t101:Q3000G G@J051:Q0M@Jo 05 0 0610Cl 000G01 3oG 80508\:!?o, G0508
o0tJO(Q3000(Q05 0M C.0(Q00.'.f061000G 3610!3?0@>001 o0tJO(Q3000b
l:!?080@Jooo01 l:Q0fob061.'Ji;ooG. 61M 0 M6100 G0 31'iio1:Qo@J01 G@J061:Q061@JoooG l:!?00 3oG 1:Q050b061.'Ji;ooo?
'bMc.0061010 80010060 fi5(Q000 (Q0361ol:!?n@JoooG c.0cn061mMoooG OJl:QOC.013?,
8(J00Moom, 0801080005 1:Q080@Jooo01 05 0 0610ClooG (Q0 l:!?oo-
(Q080@Jooomn 8M8G0b(J61oon01. fi305 30610(J(QM001,
61M8 oG (Q050b0f.'i_'ji;oon c.08Mod3001000 (Q080@Jooo010 00tJO(Q3000G 61oG
OOl:QOC.01:Q00 fi305 3oc:;oo01 o8o5(Q0 8M8000005MooG Gb30 (Q050b0MS('.O 8noc:;oo0
(J08;:J(QM (Q05030Mc.nG 00 f1305 080G
8M 0 3005 00001 \:!?0 l:Q0 3(JCJ 30 001, 61M8 061 061GooMoG (Jo8ol:QM
1!!05030610 0.
(J5(Q0 0Go30 <(3M5(Q.JOOG
3M8:30500 b.)61_'Ji;0 3G l:!?080@Jooo01
o530G@Joool'iioo0'bo, 610 8ooc;;ooCQ0 08 cn015CQoooG Gb30 8o'b5001 0081..,.,tio5000G0G.
(Q080@JJ0001() 00618MoOM00 ( 1) 80tJOIQ3000G 00 'bM(Q001 (Q0 (2)
08Mc:;oooG :.JofiinMi:QoG 0 0'b611Qo01. 01(] 3M8:305ooG G036101Qo@JM G@J05-
1:Q061()000G \!?000 30 8Mo'boCQ0 3G 08 361ol!!o@J(J501Y1005o 8M8b8061 0-
08Mc;;oo0 8Mb(Q000 (J'ZJ61M 03005, 3ni:Q610
3M8:305ooG 080G o0M(Q0, 3610\:Qo@JoG 8000\!?
o'-'\!?'-'3'-'CQ0008 008Mno30MG nb, 61M8 ()330 80b!:Q5o5
00(Q 0103n06mn 06 0061nCloonG 0 0CQ0b(Q0b0105 CQ0303Cln61oon01.
0<"'lfio3.:.6nb n8obm30G 61,..,.,3 d03'-'ez30GM01 3MJ(QO@Jo01 80tJOCQ30ooG
f1306 ()51!!0 30GMU?001 \!?080&000010 0 0t101:Q3000G
Clo8G(JO(JdOO(JC::,'n G03MOCQO@JM bt!J05(Q0MCJJOnG 00801 :3M01(Q(Jd800'bo
<:!2080@>000010 801mb01360, ,:,801c:;oooG G.:>Cl(J0e::•01 :.i 061nM(Qnb
CQ0 o530G@Jooo1i1000'bo (Q<>3(]Cl3001,
61018 3018:305noG 061010 :361MCQ(JM)o OtJOCQ000 10$-013?, 8$ 01'1nG b0M'.l'(;O
801:Q0G0b0<Roo08Q?o, 8010003G 0Go30 b03P1o<:Qo@J01 0<0:30M@J0805&oG b0M_'Ji;OOb. 301800-
500 08.'Ji;OM"!J,? .:>M 8(JCl0016G .:i8o@J018 0.:itio1Q3060G 00'b1i1CQ0
8nne'.?oob 8(JCQ803n Q?.:>5.:ib.:iM.'Ji;OonG 00'b<'1CQnG 00Mooo. 0Gom 3n0101i100000, 8010000
(!?080@>00001 :3M01CQ(JdGonG Clo0G<005G bb300160G 00G.:>tJOIQ
cn0GG0 CQ'-' CQ080@Joon010 00M801000Gm30G G0.'.foM01
001P10G, 05 0 10$ - 8$ 2$.
08ti080CQ, 31i10Q?n@Jn01 ()0tJO(Q306nm .:>Mob 2,4 !:!?" 0M 0006005000 .:i8
'bMCQoG @>06!:!?06(300. 3018:3.)60,)8 3MOCQn@JnG 000080 00b0CQ01b
008MnG303b .:i8M('.?J6nG MMm3n06 :301i1001CQG
0fii 010 3005010
C."IQ'-'bQ?nb 30CQnG b03ii10<:.Qn@J01 G@Jei5CQ0M@JOonG 008G•:::JO(Jd000 li1018
0 080100303G 25%-006 'bMCQ0G 00t101Q3ooon 3 600,000$-001 'bfilCQ.:i .:>MoG
60,000 (.QC>8ei<5)oon01n 01(] f1306 Q?03()030001, MM8 '(pGn li1fiooei
00030. CQC>3(]03001, fil018 J018.3.:i600G 8ooM (Qe>80@Joon01n 8oc:;ooob
0MoG 20% 0 .:i!:!?0G0bei<Qo60G (plQ0b!:Q08CQO·
08 of.icn01fil80on0G 113060 80.3u03G 0Mf103060G 0 0Jo0100081:QO Q?080@Jooomo 0 0t10CQ30-
oo(Q06 CQ080t!Jooo01 801 0 06.:ib (Q0 00 0630G@JooofiloooG
Of'1MoG. 0630G&non0 00M801no0100
0 3006 11 30 s IQ0 3';'Jo 3001, fil018 8018b8eiM::r
'l.)0bnb 0 0CQ0bu:0G oli1010 m30G 0 e>tJOIQ30onb 600,000$-001
()0'bM(Q001 CQ0 6-j?,::JM
061()63001 ( 12 0130 8ne'.?oonb .3JMof'11QnG 06(] 2
013o'bo) (Q.:>80<5)000010 od5o6.:i 600,000$ I 6 = 100,000$. 08 (QOOO-
1Q0J03ClnM06001, 3f'18.305neiG (Jb!3?000 Clob0008nbo !3?080&000010
c,0c:;oo0. 11306b 801:JO(Q306Cln 01nmMO';'Jr:'{O 1$-nb 0,80$ b0M-
8010u:oo6G b0Mj?,OOb. O[J(Q0801Q CQ080@Joon01n n630G@JnG00 (Q::JOO@JMM(JC.::'
0tiioG 0.80 X 100,000$ = 80,000$. 088r06.:ieo8n01,11306 ().:>3030010101

265
 4.

3"HO!l?3300li 8M83300.)6M&. =
ei>80CQ3D6ou 8MQ33"l x(1!1.)(!"8o6oo>
a"'aan6oo6"'6ou 2$ X 60,000 = 120,000$
oa'Bouaoo
J"'83o6na6ou UOJMDCQn<!I>"' 1!(1>81><!lJ36ncno =
l>6o6CQOM6DOol> (1!1.)(!"836ocno I
600,000$ / 6 = 100,000$
1!(1>81>836ocn 0633l.i<!lJ0001i = !Q1>61ib.:ill1:i<;360
JMMl!((JJ(30ll'b3 I a.:ili.:>tjOl!(O ;:zplio} x (l!(.:>8.:i<!lJ360010
0.80 x 100,000$ =80,000$
1!1"8"8360010633li8rioo36'b3 8M 03 o" l!l"o3331111ial!13 =
X
0,20$ x 80,000$ = 16,000$

10.1 61iR306noo M08!Q:Jfo!Q0(3 8M8:J00 !Ql>Bo&noom 8"80!Q31>'lJO, 06()

2$ X 60,000 = 120,000$, oS:oMO:JOG 0630G&0GonooG
8M8:JOoG, 06() 0,20 X 80,000$ = 16,000$, JM8.30600Gm30G ()J:Jffi:JUO od6:JOI>
Clo08G(JO(JdMG 8oGo Ul>JM:J!QO&M G&06!Q1>M8:Joo. JM8.30600G 8Mo-
(31>3G JM:J!Qn&oG 8"!!?"3"C!?:J01>G G0608 8M8:JO" !Q1>80&noom 8"801Q3:J-
o'bn oM 8M8:JOl>U 063:JG&oGooG
8"80!Q3:JOOU m(J8(3o, M0(3 .an& JM:J!QO&oG MOUJU
30Qnom, R3n6 8om 3003m JM8.30600G MoGJG, Mo(3 1ioG0bno0 JM8.30600G
6oJl>!Q:JOOU 8:JM8:JM00d0. MOUJOU oGnmo ao'bM!Qll a08Mob0&no0 0U:J3D (J08:J!QM
!Q1>80&noom !!?"6"J"M8:JoClo, R30 6 30G0(Jol'lnom.

Jt'il[J13?08oll .3atiloM!Qo. JM:JC!?o&oG .3oMMO:JoClo 8onmomno0 !QMM, MM!Q:JU"G

CJ6CQo
2,0(QOObO(QMU Jl'ia1,11n6n01
Ol>M:J!Q806:JOI> JM:J!QO&o !!?" ffi(J :JU oMU:JOMoG, 80G 01>M:J!Q806:JOI> 08
.3:JMOM!QoG 1i6 0 01'loCloG 8"C!?"b!QoG Cln8mb3030Clo. · oG:J
!Q1>3(JCl30m, MM8 JM8.30600 80!QOU .3MM!Q(JDG00G ,,2/10, 6:J8M 30" .3oMMOom. 8:JM-
8o6o ,,2/10" 60Cl603G, MM8 m(J 1i6a0t'i10Clo od6000 10 !QQOU
1i6a0t'i10Cl-'ll0d&(Jl'i10G oc.l'l!Q 0:J6oG !QQO!Qo6, 00t'il:J!!?oo6000 2% &ol'l-
8060 ,,6:J&M 30" 8o(JmomnoG 080'bn, l'i1M8 ffi(J c.t'il 308MOtJ:J600G 08
()61!?" o8MG 30 C!?QoG c.Gnm
3om0t'ilno0Clo, Jr<io>QoeoG d[JM001(QO O:Jll!Q8:J6G 30 C!?Q:JO. 8o(Jb:J!Q030!Q 080G0, MM8 o6!Q(J08Mo-
!Ql>M8:JOnG 8Me>!Q0(30:JOn bCloMe>!Q JC>M6obMO:J6 JM:J!Qn&oG .3ot'i1MO:JOU, JM:J!QO&oG .3ol'lo-
M!QO 0MOO nt'ilmo-nt'ilmo !QC>b80l'lnoom0G JM8.30600G 30'be>M!QMO
.3MM!Q(JD(3oe>'b:J 8M01bM360. MM()MM(3 (JJ3:J 1>Q360Cl6:Jm, c.l'lGnoMoG JM8.31'lM8oGo !QC.80&000010
()080!Q3:JOOU 8M88:JOn1>6Mo0G0 !QC> !QC.80&00001 063:JG&0Go1> 'b:J
8M 0:J00U CIMt'iloG.
!Qll3()Cl30m, l'i1M8 JMB.306008, R3:J6 oofo ,,6:J8M
30" JM:J!QO&oG .3ot'i1M00 .. 6:J8M 60" -om 06() !Ql>JM:J!Q08:JOOO .3nl'i1oM!QO 80 'bot'il!QC> 30-!QC.6 60 C!?Q:J8C!?:J·
08001 aoQnooG .3ol'loM!QO
a0o'b0t'il!Q1> :JMmo m301Q06 MM 01308U?:J· (J'ljt'ilM !QC>Jt'il:JQ;?08:JOOO .3:Jt'ilOM!Q80 a08Mo-
0300 360,000$-oG a0801Q3:Joo !QC> ob1Qo06 MM m30Clo.
C!?080&ooomo Cl:JC!?o:JOe> Ml'lo . 00l'l-
8M0U?on6G ()080!Q3:JOOU 6-ji;:JM
ot'i1()63om, 8"801Q3:Jom06 !QC>80&noomo
d:JC>!Q():J6G 360,000$ / 6 = 60,000$. "a !QC.8.'.>@J:Joomo
JM8.30600G 8ont'il 0630G@>n(300 O:J!Q8:JO.'.> 8.'.>01m.'.>6 !QC>J.'.13-
b"l'i1'.)i;nooG006. R30 6G 0G.'.>Mob (8$/10$) x (60,000$) = 48,000$.
6.'.> 'bt'il!QOU 8:JMM:J 6000C'.!:'o
80Q:JOOm. 8M8b8.'.>-
080MnQ:JO" &o8.3om,
t'il"G 003030 !QM6:JG. G"o8oGo 2,4 0 0tinQ?3om,
!QM6:J 12-ji;:JM OM(J63001 !:>t'iloG 2,400,000$ / 12 =

266
 CQ..">8..">&000010 ()..">ti0CQ30ooh 8m83000.:,6mo.:, =(D<'lmo'Vc:;> Jfiimo;:'VdGo.:,'bo 'bcwfii(Jt:;>O 8m300.:,) X
8M8&aooC>6Moou OQtQ"<'>Do" (CQ<>8...,8ooom ofiimo(Jc:;>Ooo)
.:.b..">t:;>O (Q..">8..">&000010
2$ X 36,000 nfi'imo(Jc:;>'bo = 72,000$
J"'83C>6oou UC>J<'>otQn8"' CQ<>3..">c:;>o..,600000 = (.:.bC>t:;>O ()ilti0CQ3000U()ll6 8oc;oo(Jc:;>O u.:,6\30oc:;>o) I
3o<'ioM(QOU (.:,b.:,c:;>o JMa;>oo&mM(Jc:;>o o;:031>c:;>o.:.63ooh 061()63.:.)
360,000$ / 6 = 60,000$ .
...,bllc:;> =
31ilii>1JOQ;?O <(31>00) X
a;>ooo&Mfii(Jc:;>o a;>"a...,c:;>o06oooon)
0.80 x 60,000$ = 48,000$
a;>oon8mfii(Jc:;>n
Cl303c:;>.:i8a;>3 =(6c:;>o(JMO JMOa;>o@Jnm) /
(d3oc:;>o CQ"3.:ic:;>n1>6noob 061()63.:i)
2,400,000$ / 12 = 200,000$
a;>noo@JmM(Jc:;>n Cl1"3"c:;>o.:i6oooli
.:.b1ic:;>o (Qm6o b.:,olJob 0..">lJOCQ3:Jonb = (oc:;>O(JMO JM:J(QO@Jom) I
e,.:,a.,3.:.c:;>ob606noo01 (1ib1>c:;>n CQ:JOn@Jmfii(Jc:;>o Cl1"3"c:;>n.;6oooli 061()63.;)
2,400,000$ / 6 = 400,000$
b.:>6lJob
063ob@Jooooonb fo 'bti'i(Qn =400,000$ - 200,000$ =200,000$
801c:;>n.:,60 063nl>@Jooonoob 6.:, 'bP11Qo
(Q:JOO@JMM(Jt:;> 1Qo3c:;>o.:.600.:,Clo = 48,000$ + 200,000$ =248,000$
8mcnbm36oc:;>n 8M3001i 1QC>O:J&3(i}.:,31QD = (<>c:;>@j:J(i}fo@Jn'Jc:;>n X (3cnc:;>o.:,6n
063nb@Jnon...,'bn Cl1"8"®oon01 1Q..">3<>c:;>n06oo»Cln)
0,20$ x 248,000$ = 49,600$

200,000$ . .:,b.:ic:::o !:f?M5::J noc:::oo.:i!:f?oo or1()53001 .:ir1olJ 2,400,000$ I 6 = 400,000$ . .:i8 0 3.:ir1.:i!:f?
d3oc::: 8M8b8.:itilooc:::oo'bo oC>tJO!:f?3DOOU !:QJOO@)MM(Jc:;>O !:1?"3"C'.!;0.:>5ooolJ 5.:i'bM!:QOC> 200,000$. 1Jb3.:i
IJo@>tJsooo01, !:f?ooo@)MM(Jc:;>o !:f?"S"c:::o.:i500.:iG01.:i5 !:f?.:i,p 3ootiloo'(Jc:::o 83 .:ic:::oo.:i!:f?o b0r1%ooo1J
c,.:i8MtJD5oo.:i 8ooJ(J0135oo.:i 8bMC'.!;f'l(Q .:ib.:ic::: oC>tJO!:f?3DOU. JM8.3.:i5o.:ilJ Mf'l8 ,:,(\) d::JOG3"C'.!?" 01.:i301Jo
!:f?C>JM::J!:f?O@)i]OOU .3i]MOf'l!:QOU b.:i5c,r1dc:::o3Mo.:i, !:Q::JOO@)P1M(Je;:>O !:Q.:>3.:ie;:io.:i6000001J 801oe;:io 01.:i6bolJ
5.:i'bM!:QO 200,000$ 8oe;i]O(Je;:'O oj5i]OP1!:f?C> '13(Je;:'C>(QO IJ.:ibo01 d3Jc:;> 8M8b8.:iMi]OC'.!;::JO'b::J
0.:>tJO!:f?3::J0001. 8M(3::J8(Jc:;> .3oMMOi]OOO, JM8.3.:i5o.:i8 (J5(Qo 0.:i 'b.:>M!:f?MU 01.:i301Jo 0630IJ@>0Goooo !:f?OO-
o@)MM(Jc:;> (Q.:>3.:ie;:io.:i600.:ioo 200,000$-001. 1
.:i8 8M5.:ieo8oo'bo !:f?C>'13()d600001, R3060 c,.:i8M.:i5c,»Moooo.:i .:ilJ.:ib(Jc:;>O.:> 10.2 ebMoc:;>odo.
8M(308(Jc:;> 00801b303.:ioo !:f?.:>8.:i@)ooo010 0.:>tJO!:Q300ou 0.:i5 8oe;o2i(Jc:;>O 8MQOOC> ()5!:1(.:i 003.:i!:Q.:>MM01
!:f?.:>8.:i0ooo010 o5 30 u00 8 00G .:ic:::@>oM5.:i0o'(Jc:;> l:'.!oMoo'(Je;:ioo.:ilJ. .:i!Jo MP18
!:f?.:i8.:i@>o6001 8ol:'.!oo'(Jc:::o 8M 00 o.:i, 72,000$ .:i::J:.:iMo 0oG !:f?ooo@>Mtil(Jc:::o !:f?"S"e::o.:i5oo.:ioo 06301J&o-
800oolJ 5.:i'bM!:f?'bo 8M01bM36oc::: 8f'l000.:ilJ 49,000$-IJ, !:f?C>JMO!:QO@>OOOU .3oMOf'1(QOU 0.:i'bM(QC> 30
(QC'.;O!:f?.:>5 60 \QC'.:08\Qo .:>MOU 8o'b.:i5ooof'l5oc:::o. (Q.:>8.:i@.>000010 o"tJO\Q3DOOU 8MC,::JOC> .:i::J:.:iMoooG
!Q.:>3.:ic:;>o.:i6000000 IQ.:>8.:i@.>000010 0630G80GooG 01.:i68be;:iooo .:ie;:i0oM5.:i0o()c:;>o {'.!OMOO(Je;:>OOoiJ
...,5..., 'b1:2.:i()Moo.:iG. U?ooo@JMM(Jc:;> l!.?"S"c:::o.:i5 0o0ooo U?.:i8.:i&ooocno o5sou@>oti1 0oolJ (J\QO!QOIJo 5.:io-
oc:::o 8ooC'.:oo.:i d30 e;:io 8tJoU?soc:::ooolQ.:i5, Mf'l8e;:iooo 8 o"U?"bU?oolJ .:i5oc:::oo 05.

'(3(.le;:'OU il?ObJM60ou .3ol'i1of'1il?O (!?.'.> (!?ObJM50o '(3(.le;:>'bo.

tQPif'loU .3oMOf'l(QO, Mf'l8c:::ou c,.:i68.:i3c:;>P10.'.>00 oou.:ide;:if'1.:i c,.:i5bMM(300e;:'!QOU ,uuv.F>V("!"

267
 4.
distnunt
- CQMMOU dQMOM(!?O,
6iro8e::>ol> 306803e::>roooi300
06306ioi3ou O(!?MD'ZJC'.:'O
(lO(!?Ob(!?obm3nl> 8tJOCQ·
30e::'a" i3oode::>o1>o 8ooC2rol>
qJOD(!?OJe::>OOO.
1J1nb0r06t')o 'IJCJl!;:l'bD
- :J<'irooo68'ZJe::>o
'1JOD(!?OJe::>OOO l>odro6e::>nb
3osoC1?3ol> 06 oabtio(!?3ou
<nol>'b 0, o6o 3 "1oi3 0oou
O(!?MQCJC'.:'0 (lO(!?Ob(!?OUm3ou.
au OMOU l>l§o8(Je::>O
JMQ(!?08om
8lJ0(!?30e::'Ooouom3ol>
0630MOdQOO (lO(!?OObO(!?M6
<'ioo i3oode::>o1>o 8oe::>o·
Go 'bro5·;:io\n 3•'1l:!'t3''CQiJ<I·'
- JMO(!?O·
l§ol> dOM"10QOO, 6iro8oe::>OG
l>l§n8eJe::>l> ode::>a3l>
l>o'b"'6CJMO dMf'l(!?'ZJdGool>
8tJ0(!?3Qe::'U 8M.>b(!?o6Mb
i3ol>soC1?3aoo 3"80C1?33ool>
dOJOU (!?O(!?(lM808(!?0 (!?O
(lO(!?Mb.:i(!?"1U 08 (!?Mrool>
(!/08mo36itl/Q00l>ol>.
(!?06obo6i:i;:ob Cl?"
tl/060 'bro3ol>
(!/08MJO(!?:JOCJe::>o1>o
'DCJe::>'bo (!?OUJei61§ob
Ge::'Oc:.':JOOU O:JqJOU:JOOUOU.
268
()C>(QC>b(Qob013ob. 0od5oJ(JM0(Q b0JMQCQ00(Y) b0JMQCQ00rri
3oMoM(QOb 8b003b0(Q, (!?MM8(Q0· JM83.:.5oooob
()8iJ80bMoob013ob 10 .:.Mob 80608()80, 063Mobooob (05 00Mo"c'l-'?.J<>d0(JMOoob) 8M8b80-
o"o 'b035o(Q<i5 Cl?" 8001 8ooM '?.JMb0ob CJ08MD800<>8CQO·
()il(Qi>b(Q.:.'bo ilMOb 8ooM ()il(QC>b!:Qooob (Q<>fld<>Mooob
oa801b3030CJ0,
(Q<>fld<>M:JOOb '1:JMOM(QO 3Mo3G:J3b 01() i>Mil !:Q05<ib<iM-
'.$(.'h0 8a0 JM33o5b<i(30ilb a:?" 3<ib(Jbb J001b30'bo (J5(Q0
01() <>M<i. U?"3(J03<>01, MM3 JM8:30600b 0d3li 3 $ JM:J!:Q00001 0<i::JO(Q3:JOO
Q?0 2 01 30060 a0MoMCQo. 0b 030 C!?" 3(Ja 3001, MM3 c,<>::io!:Q 3aoob 30C!?"
<>Mob "5o0(Y) 45"' il.MC>5MMO dOC!?Oo"C!?'
0Mob 3,000,000$ / 6 = 500,000$. "2/10, 5a0(Y) 45" 3oMMoa-
oob 3QMO(Y)(!?0 Cla3GOM(!?:Jb QM010 013001, Mi>8Q?o-
5<>Q?<>G 60% c,08Mo::ia6£10b 2%-006
JM8:306oob013ob <>Mob 0.02 0.6 3 x x 06
36,ooo OM(J6 30 o"(J8JC:MO:Jb!:Q0 12-fe0i;;,
0803<>M0(Q d£18Gofil(!?<> 500,000$-Q?0D 250,000$-8u:a
(<>6() I 12 = 250,000$).
03 0 30fil<>CQ JM8:30600 250,000$-b ()il::JOQ?3QOO(!?i>6. 0 08M01<i30-
'B015(!?£JOOb 0filob 80010 01() f\306
C!?"3(Jd3Q001 ()il(!?0b<ib0(!?:J0<>3l:QD 8M():JOOb 20% c,060J3001b, (!?<>6<> 'b01c,o od6000
50,000$. (60bo01 10.3 6000Jt;-6<ioo'.$(. ). 08 Clo801b3030Clo
l:!?0f\d061aoo01 Q?<>60'b01 0 o 0<'\ob Q?OQ?o 30Q?61o Q?ObJ016-
00G Q?<>60b0filfeo. J018:306008 ()61:!?0 oob010 30'b01b 2%-0060 l:QObJM600. 01()
(!?0fld0MOO<> ilM c,0801003031.i b0J3<i61ob (!?<>60'b01c,aoli '?.J<>b-
060 Q:?ObJ0150ob 0fil ()6Q?<> Clob0d-
M018 2%-ob 0<>Ml:Q<> Q:?ObJ0150ob Gb30 0060J300180 008Moo30Mb ()'?.JM01 l:QOQ?o
Q?<>60'h01c,b<> !:!?" l:QObJ0160ob U?060b0fil'.$(,b 001Mob.
006bb3030 00
ua'b016(jt>'iO 2J.'>!:Q.'>3.'>!:QDO.'>. ()0::JOQ:?300ob :3ofilo01l:QOOCJ0, JM33.:,6oaoo 'bM()'.$(.:JM ::JO{Q-
006 :36101l:!?()dGo<>b 3afiloM(QOb ()0(!?.'.lb.'.lb.'.ll:QOb 80101bM36ob
0 0fil0Clo. 0ba010 bo'brri5()fi1o ci'!!;'°O"n:w60 Clo():JM01l:Q:Jb
6"J"ci?ooG !:!?" 3oti 80 u08 80101bM 360G, 0fil
CQ<J60\l!)MM(JC::O CQM6<J
CQOUJrri60ou C,i>M<JO<J = JM<JCQO\l!)om 8"1JOCQ3<J6n) I
CQo6o\l!)f'lM(Jc;;o 6"1()6 3.:.)
3,000,000$ / 6 = 500,000$
!:!1"'6o 61>c:;1.11 ·CQOUJrri6&ou.:iu = JM<J!:Qn0om 8"1JOCQ3<J60) I
6"1()630
3,000,000$ / 12 =250,000$
o63oli&oenoli = CQ<'160)-
CQ<'16o)
500,000$ -: 250,000$ = 250,000$
Q;?i>O<J 0 3"1.:.31.110 1.11.:.6.:ib.:it'l'.IGo
CQnliJM6\l!)ol'loooli = (61>c:;o;;> o;;>nliJrri6\l!)o) X
(o;;>nliJf'l6\l!)nu .3Mf'l(3<J6\l!)o) X
JM<JQ;?O\l!)nm 8"1JOCQ3<J6'bo)
= 0,02 x 0,60 x 3,000,000$ = 36,000$
o;;>1>61> 'bf'l 0 <JOO
Q;?i>O<JC,3Mi>3CQD
O<J3(30M<JOOU/JU = X
(o;;>o6o\l!)MM(JC:: o;;>1>31>e:;in1>60606oli Je:;ioo"'bo)
= 0,20 x 250,000 = 50,000$
 ·...::i•c- ...::>\[cO 0'
er,g
LO rO /J
-g b
/J Ef\E rO C'.l c0
b ;:g LOc_;:>\Ecs
,.,r0...::i ,.,"'c::i
'"?''er
3c::i-?-?-g-g,_g,_g\S c s-g
E c c::i Ur0 N
f.) c::i ..o c.o '"? c::i E er C'.J LO f.) \[ C €f co <€)LO b & /J C g C er C CI")
1, f.) ...::> LO EJ \[ CO c El /.) €f C'.l ci:>'.) /.) c:> LO C - - s· <€) S ,!,. /J \[ <€) c '"? <€) [
1, E cOc-3 er c \[ FO c:ier c c'"?cc
u ,;
EJLO S
c::i,., ..oc::i
/J er -0? \[ LO LO
_2 Ef
E,.,c uco cc,.,
,.,,.,cOc€)S
Uc::i...::i
srgco
/)
":) 0 0 2
c0 co ...::i- ,.,er c E1 c;s s ,., c f.)
c' c-:iE...::> c 8(\E-g S c€)C rrO
tr c c0
..D C ...::>
EJC
S ,.,\E /JC'? ('") _:'.) Q /'? \[ /'? f' I C'.J
c 0 0
C:J _::i co s /.) 87 \[
er J] C::>
E C':l "" f I El A 2
\[ C'? /J
c::i€IE.1 -erE
FO c::i C.O ;:g
..D •
E f, er E c::i
t..I C'.l
...::i t..i O
c C':l €1 0 g 00 ""
6 c;6 CONC..D
E c-:i c ,.,
r0t..1E
EI'? E
c::i,., ...::i-cJ,.,c::ic::isc f.)FO...::) -g <€)er cO E "l M M c:l\[ _::i erco -=:>-...::> c •
,.g C::>_::ir0 erco--o-=:iri!c:icco
c:> 6 I'?/.)
C'")ers c\Er0 cg Q.l -0? rg, \[ \[ /.) c5 rA {/"} 0
';;' s- c::i -'2 £::i c::i \E -=:i \E- 5i' er U ,.,
c
E1
21 c::i,::,E
ert..i\E
rg,c0g\E :nco c
cO/J E ,.,c.o...::i'2?:, f.)er<0\E /.) erler err0 27co c 87"'.; £:;iC::>EJ'<f C:>f.)
Cf.)C'? /JrO\[..D/JrOcO cEEJE\[ LO/J[
'"?\[ EJ..g E
LO Ee'.; ('")COCO /JrQ...'.)\[ E
cO E r0usc0,.,
2 E Q.l-i::i - · <0co f.)
,.,rPer /)
":) 0 0
,., s c-=:i c0cLO c
cOer;s:i£::ic ;s:'-=:ic0N ,.,_
c f.)c0C Elc0c c-LO
-=:ico ::;c-:i...::i
...::>\[ ,.,-...::i EJ,.,
\[..Dc:i,.,5...::i...::> /.) c 0 0
c::ic€)...::i 6...::i\E erE ,.,co c:i FO/J c€)E r0€f8(/JC\[/Jr0 rP•O
rI?c C'?...::> C:>/J...::> ;nf.)6-tt:>...::i '"':) co er s:i ,.,c::ic..t.J/.)
,., c-:i ra c "'--, \E \[ 15 f I I'? -g g E /.) s s 2 2
(':)
rOLOcLOC.OcC.0 /JC €1 0 g 0 6
'° er,,.., rg LO co c
.C'.l/JrO-i::>
c::ierc0c::ic,.,
rO/.) c::i\E
so0,., /.) _:'.) co ..D cO <€) /.) C':l
LO'jsc/J/J\EC..D/J E o.
b4 (/)
'° N ,., ,., c t..I :n -=:i UFO c:i ' s ...::i s
>;..,r0c5/J ...::> ,c /Jer:;]ro'IE c:ierco
I'? rP ,,
J! /.) co
,., r0 E €f
fr er;,a...::> c 2 ,<5
\E ...::i 1, o c::i
/J EJ...::>LO/Jer/J...::>
ers c c-:ic-:i;;::ic::i ,.,
.!")
/) LO
/.) c:> /.) rO _::i /.) ...::> rO
c C'")...::i,., c:i,., c0 er,., t..i..D
"'' "'" """ c
151' c
u,., er
- c _::i
c:i
''"",., ('")"° c er
erE\E f.)rOf.)COE,.,<€)/J
[LO er El _;:> ..,,,J? .('") 1, -? \E -i?:, Ji' 0 co -i::i f.) E p W
cg
2 s <0 c:> /.)LO rO er LO fA "°FOE/.)...::> f.)\[ El er
/)
c /J ...::>-cg 2 LO ...::> ..D C'? ...::> C'? LO El...::> E oc "'' c
":)
c er_ E1 c::i c-:ig,., ...::i \E c \Erg., C".)"35-i?:i fJ
\E c /Jc€)c::iE c 6,., c::ier c::irPcco t..i,::,c€ f ..D c CO C'? /J 6 O LO /J
"°
r0 f) ,, EJ ...::> Q
d))
c:i€IrO :nrP 6 c s2,., c ,.,r0,., Of.)t..1r0 E
l'?rg,;6::;J;_;:>-i::ic5tii'c cO c.o ...::> C'.l '"':) \[ rO f.) C'.l I'?
...::> C'?r0 c E c::ir0 C'?
c
€1 0
c- 0
0
C:J
fJ
/J rO
"' er cO fJ 6 ...::i
- c
2 ,.,- 2 -=:i
6 '"?O c f)rO c::i C'? c::i c F0 cO c:i
25 c::i c:> i!:,
LOcOEC/J f.) C - ft LO 2 <€) cQ EJ 2 er C ?? 0 6'""
er C::>N ;s:' c C::>,_o rO \[ QC'? <OFO 6 S €f
erLO-gFO,g t..i/J/JCcC c€J c 0 c0r0c§,., c cro'"C)
c,., CE/.) r0,., N
C'? ...::> r: r E g \E ,c- cO 1, c::i rO /.) cO €f
C':l ...::> c "'' c.. co \[
t..I \[ LO
:n ,,
/J /J ""' €1 "I". c0'5 5i's ,.,,.g'2Sgco ;?;i
cO "-' ..D c::i
_.::iC6...::i
/J "'- ...::> nr cO C'.l
l"':JCc./JLO 6 c,., E ,., 6
cO.£., ;;; c:i,.,{°,.g,., c0
.:!! ('")
_:'.)
.131,Eco,.,
/.),.g /.) ,_g b\[ C'.l
c::irP,., ,.,c-3 c
c-:i co :;6 er ,.,
\[ ('") I'?
cO/J /J_.::i '"?C /JfALO
,.,-
/J C er C C rO ,::, LO \[
5 Cj
_;)
"£
/) c
J!-g 2::i21r
c:> r0 ,., \E '"? c E <€) ,., e 8r u
...::> .,.. c "''
E C'?..o c E €f cO ...::> c <€) <0 C'.l €f C'.l F0 c:i er co fA C? c:>-f' EJCO c CO 'f C >c CO g
o0 ercs-g €f W-i?:i E :11, b \[ ,;:? EJ \E fr EJ ..D CO <€)
,()
C:J
-g tr s 2r8 I'? c§ ,.,-'-55 '5i §S_,, COE
ci
c::iC co-cJ
...::> ;s:ico ,., _2
co c0 c::i?l c::i
:ner'"?
,., ..o !:::> 6 E
c0 E c Eco El
cO/J
er /.) /.) t..I /.)
LO""" f.) er s ('") C'?,,r,.,
C'.l \[ LO I'? E LO
c
-
€f
,,
e7
@.,
c
E
c
,.,€! o...::>coC':l ['"?<€)
ero.. ei--g,,.., c...::> S...::i ?\[
c
('")LO E /.) /.) N ...::> «> ,() '\£ ,.,f.) oc:iso rO <0scc'""'
El W cf.) oc c c0 c0 ...::i er c0 c::i cr0F08('") Elco c c...::i c <€)'2?:,\E Vt'
,.,
LOS cFOr0 6 SJi'\E €f\E c,_g c...::>
FO c::i r0 E c0 c c::i c::i er
<0 c
g
'5j i1:, '\£ E i1:, '\£
i!:,erc:i-26...::i E\E('") Ut.;S,:€JEic
-i::i orOcoc::i,.,f.) seres
u,., E:f...::i
c
E c O c c::i "'' E c('") c c0 E cf""o:>"° El'"""° ,.,'°
er r0 c r0 er ...::i
t..I ,c
rg, r2 27 f.) r2 El 6 c::irP r:-::>/Jl'?r0\[,.g\E,,.., c::ic0 E\E
/.) C:>c€)C'.l/J C'"CJ "'- /.) E c
s <€) WL2 pWtZ cc Elccc:>sr:-::i,, \Eercl'?_.,
..D c0...::i E ;;::i 62 c- LO ..D rg, c er...::i c et
co uLO...::i cLOLOl.O c0er,, '"':)
[ _., ,:S rO C _., _., C':lc€)co LO 6 J) h c:> '.' 2:,
r0
_\5 c6 g\[ er...::> ri?FO er S er
c C ererLOrOCO C\E
c::i c::i,., c::i Eco c::i --.::>...::;
t2,g
eOrO...::J r:OrO
g \E c co EJco c c Sc E,, s ...::>er U .r:i c
rg,
er c I'? c0 r0 c- r0c::i
,.,er/Jt.Dc/Jc E
co s /J rO CO \[ co'.)
cO '"?-=:l 0
\[ LO
- 0 /.)
- 0 s c \[ SC':) SC':) f.)
S I'?Q'"':)CQ '"?er co (:1 LDC J)
c0
ccO er <0
C
er 7i' coc-:i6\Er:-::> c c:ir:-::icer,,u
cO c;6 EJ,.,_j
c
cCO 6,2_2 6 @.,IY-"
t:
«>E-" «> 1,...::> 6 ...::i ...::i \E E c§ ,3 El E 6J?FO ;'.l 'iS E
6 S S,.g\E c,<5 c 6 €.rc::i
,., E c c::iJ-'oE\E,., f.)<€) Us:>,.,- c <0
f.)[rO EJ8fc f.)C CrO
c.. .I') -':'.> .r)
er
:'.?:i.3 E '° C';)
coeaer
m
/) c-:i,,-,Cc::ir:-:;ir:-::>
FO --''"?erer
Cc€)
S cJ?erc\E 6 '"?8r-gro
c er ,,..
J)
'iS er c::i 1, 1, c3 "' c c c c c ,, , , c
c
u er c0 b
'"CJ/J/J/J C:>Cco
"°E
...::i
,., €f
;,:i I'? u
c0 ,.,
Sf-cJ /J er
UJ? 2 f.) c:i
c,.,t..1r0\Ec:i/Jco
l2 c0J? g '"?co er c E1 er
c:i
LOCO
U <€) E E ,.,- c-:i ,<5 ""' er 15 c-:i <0 c0 r0 \E
c:ic...::i...::i ererE .r:icP r:-::i.r:i ere f.)p
C':lr:-::>EJC..::'.l ,:: 1
f.)C'")CO er...::ir0LO f.)cCO_.::i
ti? ti? er <0 ti?
ei- ,<5
/Jcoc:i,.,,.,J
cO/JFO C':l-::'.l""
\[Ec::i
-l'?FO CC\[ r:l <'? C':l cOCO r:l FO
::?'ii-'2EFP'g,'J:f
..::'.> cOCO :vi r0 F0 CO
 4.

8M83aonofiMOObO (!10 l. 00tJOQ?3.'.JOOU fo'bM(l?O $600,000 $300,000

UOJM.'.JQ?O<!!>M .3"'c::>n8nJnb 2. 8M3300 0 0tJOQ?3.'.JOOU 60 'bM(l?OQ?06
G3c::>nc::>oonli llo'Boliaoo (20% 'bt::!3MCJc::>n a"'3aoo) X (!J?o8o8ooomn 0 ot1o!J?3oon) 120,000 60,000
3. CJo8o!J?"' !!?060Jo"13oli 60'b<'\!!?o:
(!J?o8o8aoomo 0ot1o!J?3000) X (voao!!?"' 3oc::>aonu .3<'\"'G:J68o) 60,000 54,000
4. 6o'bM!J?O:
(!!?o8083oomo 0 ot10!!?3000 I o<'\v630) 100,000 75,000
5. 063nli8oeooonl> 6o'b<'l!J?o
(0,80) X (!!?oao<!!>ooom J<'lo!!?o<!!>"'"'CJc::>n 80,000 60,000
6. 063::JU80(30(JOOi.> fio'bM!!?'b:J 8"1o:JOO: (20%) 16,000 12,000
7. vn8D!J?"' 3oc::>noou 60'b<'\!!?u 8M33oou 60'b<'l!J?n:
bo'bo (3) + bo'bo (6) 76,000 66,000
8. (\0 8M80 30006MOO: bo 'bo (2) - bo'bo (7) 44,000 (6,000)

!!!0
JMB0.:i6o.:i ;p6li.:i'bc;3(Y\03li Bolio .:iBMc;o6ol.i l.ib3<>CQ<ilib3.:i dMC""l(30CQ(JM06ol.i
0 <>0Mmo.:i606001 BC""lo(3.:i3li: ca.:idlioool.i 'b.:i36.:il.i,
'()C""l6(Y) 'b.:i(Y)o6li, 3o'bo&ooli CQ" B(Y)dBoCQoo.:il.i. oMm-oMmo Bm.:i3.:iMo
.:iMol.i lioCQOCQO .:iB(Y)c;oooli dM(Y)-
GOCQVMoo'b0. M<l(j (J'()MC""l CQOCQO<l m.:i6boli UOCQOCQO, Bo01 voBoCQ(Y)
CQ<>6<>J<iM 0o CQ<> Bo01 .:iBC""lc;oool.i dOMOC""lCQO, mv
l.ib3.:i dOMC""lO<i <>Mou
m(JB(3<> <iM <iMol> DM'()o30. l.i.:i6'11olio .:iB(Y)c;oool.i b.:iM3000 003031.i (JOBOCQC""l
CQ<>6<>J<>Mooooli C""lCQ6.:i 3 CJ 0B8 oM 0o.:il.i. CQ<>B<>&o<'>o010 C!?"6.:ib<>M'.1Go<'>o
.:ibCQo6o6 .:iB B.:i 0M.:iB 0.:i6li.:i B(Y)Bo6&<>BCQ 0, M(Y)B-
CloBCQOo"G voBOCQM B.:imo B(3oMCQOO<>. :3o.3C""lmomoJ()Mo
(JMmooMmJ.:i3Clot>10 .:iB(Y)c;oool.i CQ<>60b.:i"13ooli.:i CQ'> voBoCQ(Y) CQ<>6.:iJ<iM 0ooli dMMol.i
10.1 U(JM<>m'bo . .:iB(Y)c;o6oli .30"10C""lCQU<> C!?" Boll CQ<>6.:ib.:i"13oooli CQC""l6oli
dC""lMOU U(JM0(J)'bo.
01() o"80CQ3000 .:iB(Y)c;o6ol.i Bolio
CQ<>6.:ib(Y)3oooli Cloli.:io.:iBolio CQM6o B(Y)o(3<>3li .:i"1Ro3.:i6oli o<>Jo0100.:ili - .:iB'.SGoM<>CQ o"1moli BbM03
CQ<>6b.:iM306ol> CQC""l6oli.:i CQ<> Bo(Y)MOl.i BbM03 voBoCQ(Y) CQ<>6<>J<>"1 0 o6oli Clo8GoMoo.:ili.:i CQ"
06301.i&oGooli CloBGoMooom CQ<>6.:i 'b(Y) 0ooli ClC""lt>1oli.
o8 03.:i"1.:iCQ, MC""l 0 C""lM(3 6.:ic;CQo
CQOUJC""l6&o CR" <>CQMO CQ<>6<>J<>MQOoo.
Clo.:iBMoB(Y)li .:iMR 03 .:i6o.
M<>CQ0.:i6 '()<>UCQOO<> 801.io 0<iCQ<>bCQoli
CQC""l6001, JC""lB.3.:i6o.:ili .:iM CQOCQo b6001 B(Y)o 8 .:iui(Y)li .:iB(Y)-
c;o6oli dMC""l(30CQ(JMOooli CQ<>DljO<'><>BCQO· Bo(Y)MOl.i BbM03, mv o0o CQ<io6'1106l> dMC""l(30CQ(JMOol>, B.:i6
. 0.:i.:ioM<i'bC""li.i J<>M0o "1.:ioBo Bo'bo'bo01, 30M
.:iboMbo6li o<>CQ<>bCQ<>li 01.:i3oli CQMC""l'bo. dMM(30CQ(JM06ol.i &o.'3oli BovboCQ<>3<>CQ, JMB.3.:i6o.:ili ()6CQ<> Jj(Y)6-
CQOli B&JoGO!!? 0.:i61.i0 .3"106(30.3000. 01.:i30CQ.:i6 JOmCQoo.:i
'b.:iMo, 0Jombo6.:i M<>&(Y)B <>M o<>CQ<inb<>u;><> m.:i6b.:i. CloBCQOo bCloM<>CQ o0'b.:i3600.:i
C!?" CQ<>8.:i&ooo010 &(Y)6o vca"1(Y) bCQo<'>.:i.
'b.:iMo .:i6 JC""lB.3.:i6ooli <>CQ3C""lJ<>&oli0.:i6 CloBCRooClo 011(Y)li 'bC""l 0ooMm
JC""lB0.:i6o.:ili a11.:i3li li&vBM(Y)oo6
.:i60.:iMoClm.:i6 !:Q<>J<i3Clot>100001.
m(J oli dMM(30CQ(JM06o <>M .:i60.:iMoClo o"C!<"OGOli .:iB(Y)c;oooli li.:i.:i0o6-
6(Y)li, Bolio o<>!:Q<>li.:ib<iCQO <>MOU .:il.>030 - bCloM<>CQ fobo-
3.:it>10 - B.:i0"1.:iB .:iliomo 0MC""l(30CQ()M<> 011(Y)li 6.:i11(Y)caoo"10 0.:i61.i<>J(JmMooom
B(30MO .:i60.:it>10Clooolim3ol>. .3oMCQ<i.'3oMo B(Y)dBoe«o<'><> <>Moll d3oMo, 'bM0'.)GOM 30M .:ic;6'03li
li.:icl'oMC""l Bo'b.:i61.i CQ<> bCloM<>CQ Bo.311.:i3li .:i6 0.:it>1oClo o<>JC""l6"1o6.:iBCQO· mv 0<>CQ<>bCQoli Boc;oo.:i
MC""l0C""l"1 8 001.io, v6e«<> B(Y)odoo6C""li.i
0"1M(306&oli

270
 c
rO
C?
<()
\£
/)
"'.)
/)
LO
/)
er
c
rO
C?
€!
/)
C?
E
er
C?
<O
c
f?

!!/"a"'Jn!!/ol>(lc:::>DI>"
(lnao!!/"' 3"c:::'DOOU
!!/"6"J"l'i3oonbo !!/" o"Ji:::JC"ioooG
'<J(lc:::'OU 08f'lt::'Oo0l.> !:!?060b0"13GOoO oot'it!Joc::io
(Qo6obol'i'.,'CDl>li Clo11'inu.

360bom, P'i(Y)8 J(Y)8.306oob b<'>JMOf:!?n0(Y) !:!?-" 08(Y)cwoob .3(Y)c:;io00J0 8(Y)n(.303b P108CJ:?o6080

o-"CJ:?<'>OtJ300oc:;ioo0b: (1) -"D(.30.30oP'>oo(Jc:;>n 06 0 0P'>ooooob b0Mobbb; (2) b0JMOCQ00(Y) .3:JMO(Y)CJ:?nb
b06 0<'1dc:;io3f'lo0b; (3) CQnbJ(Y)60ob (Y)!:Qo6(Y)o0b 60c:;CQ 'B()c:;>'bo; (4) 6ooob8ooP'i b.30000c:;i(J<'1
.3o<'1(Y)ooob; M(Y) 0 f'lMn(.3 0<'1ob bo'b(Y)6(JP'io o-"C!?-"3-"CQ:JO<'> CQ-" (5) 08(Y)c:;ooob CQ(Y)6ob.
008mb3030Clo, (J6CQ0 8f'ln(.330b
8(Y) 0 ooob CloCQ-"M:JO<'> b0JMOCQn0(Y) CQ-"
08f'lc:::ooob ooC!?Oo-"C!? 0 08(Y)oti303b 8f'l 0 ooob 0 0m0600P1000b

b0JMOCQn0(Y) CQ-" 08f'lc:;ooob

8f'l 0 ooob 8ob0c:;oo0C!? J(Y)8.306008 obo6o (J6CQ0 b0608 o0 o 0<'1
800c:;o 03 b ob 1.Qf'l60 0 06b0'bc:; 3P?0 3b '1:?-"JMOC!?o0ooob b006-
CJ:?-"<'1eooob, JM:JCQo@Job .3 0P?o(Y)'1:?ob, 60c:::'1:? CQObJ(Y)60ob
.3oP'i(Y)ooob !:!?-" 08f'lc:::ooob !:Q(Y)6ob b<'>(JJ:Jmob(Y) J(Y)80060000b. ()Bo0obo
0nJ()Mo 8(Y) 0 000 o'bM();?:JO<'> 0o8.3ooom M<'>C:::-"G (Q(Y)608CQ:J, P'iob
oo8C!?oo-"G a8 0<'1'1:?oo0, M-"C!?o-"6 0P?0'BP?ob o-"JomoooCQ06 (JJOCQ(JP'>oli
'b(Y)8 0008CJ:?o· b(J<'10mo 10.2 0c:;oo<'1b 08 06 0 0<'100 0oob
b0P'lobbom. M(Y)();?Oli<'>(.3 0Pl 0P'lboof'loli b0JMOCQ00(Y) t.i006(Q0M0:JOO (06(), Plf'l(J?:Jb0(3 JPlOCQ-
000Li m060b800 ()<'>CJ:?Mb0(Q(Y)b), ()<'>tJ0(.);?3000 .'>Mob 80 0P'J08 obo6o
060'bc:;0(JMCJ:?:JO<'> (Jn8oCJ:?(Y) CJ:?<'>6.'>J0P1 0 ooom, nbo30 P'l(Y) 0 (Y)M(.3
8CQ 0 (Y)80P'lo(Y)oob
080b 8(Y)ti 30 00 08f'lc:;ooob .3oP'lof'lCJ:?O. P'l(Y) 0 f'lP'lo
JO b0JM:JCQ00f'l be06CJ:?<'>M0:JOO Q?-"CJ:?on6CQ:JO<'> (!?<'> ()<'>Mb n0tJ3006 o-"CJ:?<'>b(Q0'bo,
a 088 0P1CJ:?oo0 o-"tJOCQ 30 00CJ:?06, 0t.i 030 8(Y)bCJ:?o60 08(Y)c:::ooob .3oP'lof'lCJ:?m06
();!<'> (J08:JCJ:?f'l CJ:?<'>60J<'>M 0 :Jom06. M<'>CJ:?o-"6 ol> (Y)Mo 800P1CJ:?o60
()<[3M(Y) boP10'Bo eo8.3om 30Q?MO o-"tJOCJ:?30oo, 8(Y) 0 000 o'tiMCJ:?:JO<'>. Mf'l()(Y)M(.3 JO G0JMOCJ:?00(Y) b006-
CJ:?<'>Me:J60 0 08J0GP'l!Qoo0, a
o-"tJO!.Q 30 00CJ:?06 088 0P11.Qoo0 CQOCJ:?O o68o6bo 3(Y)oom.
080 30 (!!M(Y)G 08(Y)c:::oooG .3oP'lo(Y)CJ:?0 IQ-" (JoBoCJ:?(Y) CJ:?-"6.'>J0P1 00 oo
800P'lCJ:?o60 00800P1000G 0o8.3om. dP1000 (J'BM(Y) 8ooP'lo l'.Q-" 8(3oP'lo
JMOCJ:?n8ob P'loGJo. 08 'B-"D@Jf'lM:JooG Jf'l80060(3nnb dtJCJ:?Oo-"CJ:?, J(Y)8.30600G
8(Y)0060 n'tiP'lCJ:?o60 06006bo3(Y)oob 8o8.3om 8J0(3MO G0JM:J!.Q00(Y) G006(!!0M80-
a
6ob 80 30 (Y)oom 08 a
a(Y)ao6e081.Qo, P'lob CJ 0aC!?Oo-"G ootio60 CJ 0 0 oP1 000. (Y).300-
b<'>JMOl.Q00(Y) Lie06(!!0P'l@>oo0106 Clob0008ob01.Q 0bf'l X-om

271
 x x
060.:it:iOCJOu bM10ubO o.:i!!!.:i'Zlbl:Q:Jc:::o .:i6o0P'iOCJOu boP'>OubO

/)

'°
(')

'°
E
co

o"801:Q300nl>, 0801c:;oonl>
.>ofl'in011:Qnl>,
CJnBoi:Qn
i:Q"6"J"fl'i 0 3onl> l:Q"
801 0 3onl>
06 0 0f\'i0Clnl> b0f\'inl>bcno6

l.i(JM.:>moo. m.:i3oli (;)0000, oli JP18.°3.:i6ooli

ooli (QP16oli.
(i).:,8{!/06080 8o'b.:i6o.:i li.:>JMO{Q08Pl
{Q.:i do(i)om.:i{Qo JP16GO'BGooooli .:ibli6.:i.
(3b,){QO.:>, MP18 8.:ilim.:i6 ()6{!/.:i od6oli ()'{3MP1
'b(Jli8o {Q.:i Clo'B.:ilioooli {Q.:i .:i(i).:i 'bo8Plm
8PlmbP1 36oli {Q.:i 8'b.:iMU?o
Clo'B.:ilioo.:i, m.:i6 l.i.:>JMO{Qo&<Yi Clo8Li(Jo()00o.:ili.
8o(JbO(Q.:>3.:i{Q .:i8oli.:i, (J6(Q.:i 0.:i.:iJomPll.i .:i8 .:ibli6.:i, OJ() 8.:ili
l.i(J(i)l.i l.ioMM.:>{Q Clo.:i'B.:iliPlli JP18.°3.:i6ooli 8o8(Qo6.:i(i)o

o0m03.:i 0.:itio{Q 3ol.i .°3oMPlo 0ooli U?.:i{Q 00 6oli Clo8U? 00 , JP18.°3.:i6008 (J6U?.:i Clo.:i'B.:il.iPlG o6U?o-
{Q.:>JMO{Qo8oooli (Q.:> (Jo8oU?P1 {Q.:i
0.:i{Q.:ib{Qoli JMOU?o8oli Clo'B.:ilioooli .°3t'1P100U?(J<"i.:i 8Ploo.:i3Li Li08 (Q.:>8.:iJ.:i3-
li.:i'Bob(J<"ili: (1) 06'BP1t'180oooli (2) o6'BPl<"i8.:iGooli
o'bli, JMOU?08()6.:it"io.:i6Plooli (Q.:> (3) l.i.:>JMO{Q08Pl
li.:iJ<"io{Qo8Pl 0.:ioooli m(J .:i1'1.:i
JMOU?O&o (Q0 8.:idlio8()8 M.) m06b.:i ()6{!/.:i 0.:ioooli JMOU?o&oli

illl 06<?301(1)8.:ioooG Ol:J0P101000

JP18.°3.:i6ooo'bo li.:>JMOU?08P1 06caP11'18.:ioo0li lib3.:i(Q.:ilib3.:i 8P18li.:ib(J1'10ooli li.:i.:i006-

8M000, 8.:i01'1.:i8 'bP10001'1m Clo8mb30300Clo, 8.:ioo6 MPl(QOli.:io li0d80 oboo.:i m.:i6b.:ili,
0liomo o6caP11'18.:ioooli 0.:iU?.:i.:i[f.:i1'10P1li
JMOU?o&oli o.:i1'1{Q006oli .°3P1&06Go(J1'1 8P1000.:ili. (J'BMP1 boo1'10{Q JMOU?o8oli o.:i<"18U?0060 JP18-
."3060000 o6caPlt'18.:i(3000J, (Q.:>.:>'B(Jd-
60006 m.:i3oli 0.:i<"i(Q.:i, JP18.°3060.:i8 (J6{Q,)
.:ilio30 (QMPl, Li0[fo1'1P10 JMO{Qo&oli 'bo . .°31'1Pl(Q(JOGooli 0.:i 0 'b.:i-
36.:i dP1&06(30(JMO .)M ()6(Q.:> dOtJP136{Qoli

272
0 0ti11Q0 80608!Qo, G0608 JM8'30600 0ti1 Cl 0oj85oG Gti1(Je::: 50ti18M!QoofoG 8oG JM:JlQOe(J60ti10-
06Mo0'b0. 08 0 30ti10!Q, 8or:;oo(Je:::o 06'(3MM80GooG 8MG(Je:::Mo0 (J5CQC> 0 060G0'br:;3ti1MG '(3(Je:::0!QO
!:QC> !QMMoG !:QC>60b0ti1'.l\'.000G 0 0m30e:::oG60600001, ti10G C>()Goe:::oooe:::o0 8oGo 8or:;oooG0130G.
o08!:Qo 0Clo, 08 8M60Go8000G 8obo!:Q3001, JM:J!:Qo&oG 50ti1!:Q0 o5oG G'30Go0e:::oG&80 Cl 0G0de:::M0
(>08MOtJ05MG o5C(3MM80GOOG :JMOl-OMOJO Clo8!:Qooo Ot!C>MM.

cao606b';'.)MO 0600Mod3DOOOO. CloG0de:::M 0 0t101Q30G (QMMG 0 08t101:Q30e:::80 d:Jode:::oo0 8MombM3G

'(30606G(Jti10 05 0 0ti10Clooo, ti10G 0ti10G JMOCQoeob 060e:::o'boG t13oe:::0'bo 8o&0CQ G0b(J6i3oe:::o
o5C(3MM80Goob 5t10MM. bClofiC>(Q, 0ti1b:JOMOU JC>3Clofio JM8'30600G 8ooti1 05 0 0fioCloooG 00ti11QQ060G
(JC>Mt1MC(3C>G0 (QC> 8ob 'b(Jb0 '(3ofo5G(JM 8!QM 0 80ti10Mo0b ClM6iob. (JC(3MM b0b(Jti13oe:::o0 C>(J!QOeob
!QC>GJ 350oob 0fiGooM00. Ol(J Cl 0G0de:::oooe:::o0, ()'(3Mf'l 0 08MG0t1o6oooe:::o0 05 0 0ti10Cl 0ooG !QMMob
8obo1Q3om 8or:;oo0 oe:::ob CQ0808m03ti1oooe::: 00e:::06Gm06 oti1m0!:Q, 0 06b0J(Jmti100001 08
JM8'3060000Gm30G, MM8e:::ooG0G 0j3m o0t!O!:Q3000G bo'bM5(JMO b0bo0mo.
JMD!Qo&ob ti?no&o60noo !:!?0 06 0 0ti?oonoo. 'Bo606G(Jti10 06 00ti10CloG 0 0ti1!Q0, JMOCQo@.Job G@.J06CQ0fi-
&ob CQ0!:Qo050 CloG0de:::o<'>oe:::o0 bb301Q0bb30 G0JMOCQ0@.JM 06'(3Mti180Goob 8M8b0b(Jti1000G G00 00 5-
@.JMooo!:Q06. 0bomo G00 0 06@>MOOo!:Q06 Dun & Bradstreet (D&B) 0ti10G b0J80M!:Q G5Mooe:::o CQ0
8o@)0!Q -:ie:::r:;Mo05o. 0()0 ode:::o30 JMO!:QO&oG M:JO@.Jo6000G 003ti10 oo'b6obJM8'306oob Clob.:iboo.
b(Jti10mo 10.3 ()R30606G D&B MM 0MM 0b0bo00100G "BB l" for Beaumont & Hunt, Inc. JM8'306oob
ti1ooeo5oG !Q0 ode:::o30 D&B-ob doti1om0CQ 06!:!?030CQ(J0e:::(JM ti1oo&o5ooob. MM{'>MMG R3n6
Clo 0 3ode:::o0 !:Q03060bMm ti1oo@.Jo5 0 ob doti10010CQ0 80R306ooe:::ooo1:Q06, D&B-ob ti1oo&o5 0 ooo
JMO!:Qo@.JoG 060e:::o@.JoJMbG 0de:::o3G 5806!:Q0 r:;oti1o<'>(Je:::ooob CloG0qpGoooe::: 80R30606oe:::G
('Bo606G(Jti10 (J60ti1006Moob 0 'b08J3e:::o3G) CQ.:i 0 06G0J(Jmti1o6(Je:::o 'bM8oG JM8'3060060G G0Jti10-
1:Qo@)M 8omomo60G, MM8oe:::oG 0G3e:::oo0 "80r:;0e:::o = 1"-1:Q06 "Clo'br:;(JCQ(Je:::o = 4"-8CQo· 2 D&B
0Go30 ()R30606G, MMCQOb 0M 0fioG 0ti1Go6(Je:::o o5'(3MM80G00 G0J80fi0Go 8MGo8';:ie:::o
JM8'30600Gm30G <i1ooeo5 0 oG 80G0603'::ioe:::0CQ. fiooeo6 0 oG 8M8G0b(Jti1000G 00ti11:Q0 D&B ode:::o30
G0JM::JCQ06M 8MbGo6ooooG, MM8oe:::oG d::J0(303'3 o6<(3MM80Go0G JM8'30600G CQ0 8ob 801030M 00M-
8M80CQo06e:::oooG CloG0boo; JM8.30600G 8o'b5oooG, 'bM(>O:JMmo <(30606G(JMO 06<(3MM80GooG CQ0
8M8bM!:QOOe:::oooG 8ooti1 8or:;o6(Je:::O RoJ:JOOG 8MJe:::o oG0MM00b, MM8oe:::oG 8MoG03G 80mo
0 08MGCQoe:::oooG b06 0 ti1de:::o3Mo0G JM8'30600bm06 CQ0 0 0CQ0bCQ060G CQOGJ0'()6@.JoG, Gof10'Bo -:i6
0 0CQ030CQ::JO(Je:::o 0 0CQ0bCQo6oG -:iti1GJOM00G. D&B-G o5<(3MM80GooG b0ti?obbo 003e:::000 0fiG0-
0(Je:::o 8M60Go80G CQ0 JM8.30600G G(J<i13oe:::oG CloG06080G0CQ 0010608ClfiMe:::MG D&B-oG
8M8bG060ooe:::0106 CQ0 8oGGJG 80G d:J8M68ooob '()'13e:::oo0. 8MbG06000 m3omM6 CloG0de:::oooe:::o0
8or:;oo'Ve:::o oj6ooG JM8'3o(J0:Jf1ol> jGoe:::oG G0Cl'(J0e:::ooom m(J oj6060 080G b(Jti13oe:::o.
G06;:,6JM Clo8M58oo.:i. JMOCQo()oG 060e:::o@.JoJMbolim30G JM8.30600G JM::JQ?O@)'(J60fio06MooG
Clol>08MS806e:::0CQ G03<i10CQo()M 06<(3MM80GooG 8::JMM:J St1061M 0610G JM8'306ool> 606Jo. 005JoooG
(J80@>0GM60G 0j3G G0JMJCQO()M CQJ.3061()0806@:1o60, P1M8e:::oooo Gb30 JM8'306000G 0de::: 030 s
06<(3MM80000G m030G JM8JMGO(Je::: 8M8b80ti106e:::oo'bo, MM8e:::ooG00 G'(JMOJ 8oor:;M6 G0303'Mf")
JMOCQo@)o (oti1mo JM8'30600G 8ooti1 8::JMM;:J'bo 0 0008(Je:::o JM:J!Qfi@.Jo). 006JClo CQ0M:JJ3om -:i5 8oG
G0boe:::'bo 5nP1oe:::oG 8o6oti1om, MM8oe:::Clo(3 JMOCQo@)oG 80dooooe:::G -:ij3G 0 0bG6oe:::o 06 0 0ti10Clo,
060e:::o@.JoJMGo oc::iooG 06C(3MM80Go0G, MM(>MM0(3 0P10G G0Cl'(J0e:::M 60c::CQ0 'B()e:::oG 00e:::06Go,
G0JMOCQO()M M'3JM0(30J6o, o08MGCQOe:::J00 CQ0 'bMC,'.)('.OM '()<(3P1M <(30MO)f'l <(30606G(JM 06<(3MM80-
(30C>G. 80G0c::ooo 06<(3M6180Go0 0 060G0 'bc::3<i1000 606JoG 8M8b8061ooe:::oooG .80061 8ooo8(Je:::o
600061m30G <(3061oe:::ooClo. GC>J610!QO@.JM 06<(3M6180(300b 0003e:::0Clo 005JJOOb ()8o@.Jol>M00
ot10600G 61oGJoG 80603806@.JoG 0GM(30!>000G (RMA), <(30606G(jt'00 l>o6130GoG o5CQ(JU@.Jt'0ooG
061M36(Je:::O 0liM(300(300G 80061 8oc:;oo(Je::: ool>ooG. RMA-oG nJM8o61oo(Je:::O GC>JMO!QO@.JM
o5<(3MM80GOOG o0G3e:::oG UC>C(3(Jd3e:::o60" 0r:;Eioti1G, OJ() 61M(>M61 ()5CQC> Clool>000800MCQOG
8MmbM360 JM8oti1oo(Je:::o G0JfioCQo@)M 06<(3MM80(300'bo, MM 0 M61 ()6CQ0 otiMG o0 o 8or:;oo()e:::o,
5o01oe:::Moom, &oe:::o'B{T)5om m(J '130dl>om.
G030tfMM <108fflo8no0. boofi0CQ o83 e:::no0 L>0J6lo13?0@.Jffl 06<(3M!'ii80 0 00 JM8'306onoli ClM6loG, 6l{T)ae::: 0oo 8
0103oli '361fflCQ(JdG00G tJOCQ006 06l01G0 CQ" 0803n 8M8b80!ii 0o0e:::'b 0. Gb30CQ0Gb30 G0J6lo1320@.J01 MP10060-
'b000000G 80Cl30Moo01, JMJ!:QO@.Joli G.30Go0e:::ol>@.Jooo JM6JMJ@J(Je::: G'Boti1010000 bClo610CQ
06lmo06!:Qooo06 83'oU?MMCQ (JMmoof1mCQC>J03Clof100';'.Je::: Ji:o()'B"CQ· JM8.30600G O::J(Jde::;o0 ClooJomb{T)G
Gb 30 a{T)a501nwoe:::nol> f1{T)8oe:::oa 0 J018.30600Gm05 010 3006010 00801G!Qoe::;0ooli a0G0b 0o.

273
 17 61 Asendorf Tin Shop FF2
76 22 Austen Wes TV Service EE2
55 41 Backers Service Station HH2
57 12 Barber Furniture Co Inc. CCI
50 13 Beasleys Automotive FF4
53 11 Beaumont & Hunt, Inc. 881
Rating Classification (Based on Net Worth C-Omposite Credit Appraisal 59 41 Bedlans Sporting Goods DC3
from Interim or Fiscal Balance Sheet) Higfl Good Fair limited
SA $50.000,000 and over 1 1 3 4 51 91 Servin Distrg Inc of Beatrice
4A 10,000,000 lo 49.999,999 51 91 Servin Distributing Inc. CC2
JA 1,000,000 to 9.999,999
1A 750.000 to 999.999 15 21 Blackwell Trenching Service DD2
IA 500,000 to· 749,999 15 21 Boeckner Brothers Inc. DC2
BA 300,000 lo 499,999
BB 100.000 lo 199,999 54 14 Boogaarts Fairbury Inc.
CB 125,000 lo 199,999
cc 75,000 to 124,999
DC 50,000 to 74,999
DD 35.000 to 49,999
E£ 10,000 to 34,999
ff 10,000 to 19,999
GG 5,000 to 9,!199
HH up to 4,!199

Rating Classification (Based on C-Omposite Credit Appraisal

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

Key to the D&B PAYDEX• Score

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

Key to Employee Range

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

D&B -ob l"ioo@Jo630 606'1:J3o@Jn t:!?" dol"iom.:.t:!?n l"ion@Jn63ol>

80R306oor:::ioon. 8"t:!?"ooift:!?nr:::in D&B -nb 6oool"im3nm, 2003 o.

JM8J.)6oou dOM<'>l!?O 0 .)8(Y)li.)CQ:JOO.) 0 C>CQC>b(J;?.'.]Ooli liolifl(Y),:,'(3oli

8.)m CJ(Y)(Y)oli 6oooli8ooMo lio'b(Y)6()Mo b.:.lio.:.mo. booM.)CQ, U.)JMOCQ00(Y) CQ0.3,:,(Y)0.:.8o60o
.)Jomooli J(Y)8.).)6ooli 8o6o1G8o50oli b.:.Mol>boli Clo'8.:.Li0o.:.li,
0 M(3.'.Jli JMOCQ00o. oli 00<(3.)liooooo MC>CQ8.)6 olio5o .)li.:.b.:.306 .'.JoMOm
,,3C"-li, Clo.:.CQ 0o5o5 JMOCQ00()5.:.Mo.:.5(Y)ooli
b.:.Lio.:.mli (JMOCQ00(Y)Moli a.)00 30 t.i 80 t.i C1:?ooo0(Y)M(Je:?o C!?.:. 3.)e:?M5 0o0ot.i ), ()6.)(Y)li

274
ga;
UW\!)C qwuO;JCf'uwec:«? c:o:igr;;, ec:ugQi;ewf' 'cuQCQcuCq(;;.ue qu<;:CO;JuOJ8weQ\? u0;JG:.q\!)C:5J quugQi;ewf'
c:cu Qquewq, quwCCPCf:I qwuO;JCf'uweQ\? cuQO;Jt;;.w\;/Olw\;IC uec:<filC c;O;JCCR eQugQi;ewf' ew\!J 'Q)QO;J8€kg
queu ·Q<(CO;Jt;;.'2C\:YuU::l uO;JG:.u9Qg';;JC<iJlO;Jc; uO;Jr;;.'(c\!Juf:IC<:f'Qcu 9QwqdowR\;lc;t;;. que 8\!Jw't?w\:Y
CCCqu 'Cq,c:ewq, quwCCPCf:I Q<(Cgpu uO;Jt;;.'2CQ.;uf'wec:o:i <:<(C'ilwe uO;JC9QiwO;Jc:qwe 9QOlu<(CU::lue
quwCCf'Ci;: ·Q<(CQ.;\;lq,u qu<(CCGO;Jf'weQ't? Cq,ec:9C O;JG;,Cwwuw ·uq,uO;JQ9Q qu<(C't?1tu\!Jc:\?9c:
u\;IR.q9c:9uf.O uque qCO'lwCPQ\? CCCqQ c:wO;Jpc:qGfi - Q<(Ce9weCi;: qu<;:ww\;/Cuw\;lr;;, 9Qw<(G1;;)w<filuQiC\;lf'
<:OJ 9c:wf'9<:<( c1;;)r;;,qQqewe \!)<.'W(;;.f'Qq qu<Slgc:f'uO;Ji;c: qwRu QwO;Jpc:qCfi Uf:Q<filC wO;Jw'2 QOJ
Cec:qGe ·c:<;?Cqc:f.OCtt uque c:Oi c:wCCPCf:I qu<(C9Cqqwe qu-l'1'11isp1:ug pun una Cq, <filgQf'uO;Ji;Q qQ88uwe
c:wO;Jpc:qCi;: c:eeQ9C C\!JwCe ·uO;JC'2CO;Juf.OwRQef'Qec:Oi Q<(CO;Ju018weQ\? qG wflu 'uf'G;,w QQ.; ui;:O;JCq\;lc:9
<:£CO;JuQ.;8wec:«? quCo:iuRQ12 wu<filuo:iC1;;)f' quO;JgwpQq qc:ugc:i;ewf' <:\!J<: Cw qCpc: 'wwqc:98 ew\!J
'gc:«?qu<(GU::lue quCC;J\;I qu<(CO;Ju018wec:12 c:gusi Q<(C«?OiCi;: Oic:Cu!£l\;lc:e ui;c:<filC uO;JCC\;lui; ·uwuO;Jc;12c:e
quew12o:iue uCu\!)'(Wl:_'Q<filC qu<(C\;lc:<filc:;J quq,uO;JQ9Q <)U'(W9<.'U\!)C:gC<{iluO'lC1;;)f' <)U\!)Q UW<.'\!)c;,\l v·o l
8·qQ<(CO;Ju<filGCR9QOJ<:\? O;JC£CU::lue Cq,i;c:<filC Q9U5J qu0;J88Ci;: c:u8c:e\!Jwf.Ogu
uO;JG;,<;:CU::lue G;,w 'gui;:c:e o:iwO;Jwqe qCQ.;<filqG;,q,c:o:i c:wO;Jpc:qCi;: 8uO;JCew\!J qCpQ qi;c:<filC
O;JCCwwuw 'lu8CO;J8f'wec:12 ·ugc:u12G01Ci;: <:<(Cgpu \!J<.' u£GO;Jqe9c:w uwu£C<filc:ec:Oi Cq,i;c:<filC
ec: 'JuCCO;JCf'wec:«? 'ew<filoec: ·qc:<;:CO;Ju<filCCR9c:o:ic:12 quf.OwR\!Jc:R. qoO;J£8Ci;: <;JGC uf' 8c:o:iG\!Ju8e
c:8CO;J8£'w8c:\? qo<(CO;Ji;:CO'lw98we w\!J:fc:Cc:q c:fil wf'gc:i;:Qq uqu8 'Cq, <filgc:f'oO;Ji;c: qwc:\;IG;,q O;JC\;/Rc:q
_O;JCq c:CCO;Jpu \!)<.' oq,uO;Jc:gc: qu<(C12i;:u\;IQ12gc: quugc:eewf' l'1a1ispn1g pun una uf' Cw ·CO'l8c:O;J£8Ci;:
qo<(GO;Ju<filGCR9QOJc:12 qu8C8c:12 qu<{iluO'lG\;lf' uO;JG;,i;:CU::lu8 Cq,i;c:<filC O;JCC\:Yfilc: qu8GO;J8f'w8c:\? qgc:C
-RuC12u8 o12u 8W\;I 'Q<)U8U c:i;:wo:ig U\;}QR8 OJ<.'<(CO;Jf'c:g gc: u<i?C8 W\!)teC q<;:wi;:C<]\;f<.' G;,w 'ui;:<;:GCC8qw8Ct:
8U filwO;Jwq8 qCfil\;lc:<Slc:\,J c:filgC uq,uO;Jc;gQ U\!)CO;Jc;<{ilCfil W\!)teC ·wu<(C9u9qo0;Jc;Cwc:12
-';;J<:qc:gc:Oi c:Oi quwCCPCi;: qu8CO;J££'w8c:12 ui;:\;lui;:Cc:r gc:wqc:i;:C12we O;JCgo:iwO;Jc:qwe qw\:YCU::lq,c:qu9Q12
c:Oi9C c:i;:wO;JC8w8 quu8c:8\!Jwf090 uO;JG;,'2C8w\:YgCi;: "Q£W\!)CC@eue<>9Qw quqC8w<;Jf; qof!C<;:;:Jf!Pwec;-12
·u<filuO'lC\;IP <.'\;)<.'
G;,w qG8uc:12 <:£CO;Ju<filCCR9<>0J<:g <''2CU::luu8 'iilc:w\:YC gc:wqc:u8c:8\:Ywf.Ogu qoG\\:Yc;-8 qu<;:C12w8 qoqu8<;JCq
gc: ']u<filpCiilw\:Yl:.' uO;JC<;:Cq,uO;Jc:C<;J 'Cq,O;JGCpCf.Oc:q quu8c:8<;Ywto9u 8c: ·Ci:lww\:YCc:q gc: Oic:O;Jt;;.w\:YO'l
qwcuc:quc:o:ic:12 <;J<: c:e<filgc:f'uO;Ji;c: 8W<;J 'c:<;:wwc:<;:O;Jc: <:1;;)<: Cw qu<;J<: 'c:'2wO;J<;:CO;Jpc:qCi;: qu<;:C\:YCqc:qew8
qu<{iluo:iC<;Jf' <;JCu8 quO;J'2CO'lc:q889c:12 qwt;,iCU::lq,c:qgc:g <:<(CO'l8CCi;: uqwf'u<{iluO;Jc:gc: '12CQ.;8Ct: ·qwc:uqc:q
c:Cqqc:o:i<>Cqq i;-Q.; qG8uP<fileuq t;,iCqgc:gufO quugc:i;8wr 'qwc:uqc:q uque c:Ci:l quugc:i;
-8wf' qCi;-O;Juqugc:g uqwPu<filuO;Jc;gc: w<filuiilC<;;if'c:q '<:Ol<;;i<:12 quq,uO;Jc:gc: qu<;:Ci;:ut;,ic:129c: u\;}G;,q9c:9uf0
·u9i;-8wO;JC98i;:u98
wu<;:G<;;iwCf'c:qgc:g qu\;}<.' u<{il9Cu8uf0Cwf' qu<;:CO;JC<;:CQ.;uf'w8i;-OJ quO;Jc;<filui;c:f' c;Q.; c:qu<;:C9c:uO;Jc:Cc:Oi
uO;JCt;;w<filu<;:CQ.; CCCqc: 'uO'lwu<;;Ct: wO;Jc;-Ci;:c:q quo:iqc:o:ic:12 'c:89C<;J'2 qu<;:Cgi;-\:Yc:8 i;-Q.; qu<(Cgc:uO;Ji;-f!c:Oi
u0;JC<;;w<filu'2CQ.; 'u<fil9Cu8uf0Cwf' ute<.'<;JSJ<] qu<;,><: 8o<;,>w12w<;J 'u<;:C<fil9Cu8uf0Cwf' uwCqu ·(Ui;-O;JCw<;,>o:i
u<;:Ci;:u\;lc:\?gi;- <]W<;J<;>tO<:Ol wu<;:wO;J'2CO;Jpi;-qCi;: <:OJ WU<(W<;JCQ.;uCf'uO;J qu<{ilgc:f'uO;Ji;c: <:<;:CQ.;qC<;;iC<fil
-guc:o:i wu<;:C<;,>wG;,f'c:qgc:g uqwf'u<{iluO;Jc;gc: ·uf!.C<:w 9-C8 'lug12usi 8<;> uO;Ju<;JC9U::lc: <]U\;}<.' OJi;-<;,>CO;Jc;<filCO:l
8uO;JCew<;Y 'wu<(CgCRw8i;-\? qu12C<fil9Cu8uf0Cw£' u<;,>Cqgc:gufO <:<(CtoCf'c:12 quq,uO;Ji;-gc: q8C9Cw8
qqwf'u<{iluO;Ji;-gc: 'wu<;:Ci;:u<;,>c:12gc: u<;,>Cq9c:9u£0 uO;JC8C8we uO;JC'2Cupc:e qu<gluo:iC<;Jf' 'ui;:gco:i8Ct:
·9c:wqc:12CU:Jue quu8c:8\:Ywf09u 8<.' c:oO;JC£C<;Juf!.8c:f'i;-Q.; 8uO;JCew<;; 'q'2CX:<;J<:q qCCil<(C<(<;,><:f i;- i;-O:lgC
<:<;:C12we uO;JC90iwO;Ji;-qw8 gc:O:lui;:CU::loe 'luu8<:8<;Jwt090 utoo<;:C<filc:8c:Ci:l 'Q.;wO:lCi;-<;Jc;Cc:q ·c:O;J8c:9qCf!.
qu<glgCuO;Jf' u<;YG;,u89C<filwi; qwO;JCp<;,>12i;-i;-12 <]<(CC<;,>Cqu 'wu<;:wwc:'20;Jc; uO;JCw8 'o<{ilqu0;Ji;-u8
-Ci;q qu<;:Cqwuf'c:q qu<;:C<filuO:lC<;,>f'c:O:l 'ugi;-uf'qu<;Y O:;i;-<filC8 qgi;-\j i;-<;:Ceqgi;-wCf!. u0;Ju8q'l8 Cq,O;JCCpCfOc:q
quu8c:8<;;wf09u qu<(C<filuO:lC<;Jf'c;-OJ uquR9c:q Cw ·uO;JCi;:C<;Jui;:Ci;-f'c:OJw<;,>Cuw<;YG;, (jU\;f<.' O:lw<;JO:lu:f e
ui;:c:f'u<glpi;-<;Yi; uq,uO;Jc:gi;- u'lo8 c:OJ c:i;:C8w<;,>12Ci;: qu<;:CeC8c:9we ·uq,uO;Jc;-gi;- uqo8 qwguO:lqc:w8 c:OigC
ec:ugc:eewf' 'wu<;:C<;,>f'Cfi. quu8c:8\:Ywf09u uO;JC'2CO;Ju8Cc: (jU'(w9<:u<;Jc;-9C<gluOJC<;,if' Cq,O;JC12CCilc:q889c:g
Iii
·Cq,i;-12CwCf'c:g quCOioRi;-12 c:Cil Cq,i;-eC8c:12
qu<{iluO:lC<;,if' c:<;:Ctoi;-<;,>9<]u8 u8u<;,i<(CgC'2 q8pc: qO;JCCO:luR8i;-\! gc:'qO:lc:<;; 'ui;:c:8C8w80:li;-\! quu8c:8<;,iwf09u
8<.' CO;Juqw<;,iteuq c;uO;JC<;:CO;Ju8G;,c; ·qu8wqu<;:Cu8i;-<;,>Ci;w c:OJ <]u8w<;,ic:e c:u8c:8<;,iwtogo w<;,iufi;-q Ci:lc:<$lC8
wwOiwsic:'ilw8 OJ<.'<;,JUf!.q <;'£CO;JpuCf!. '<]O;JCi;:C<;,><;>8'18W8 wO;Jpi;-qCf!. <jgCCpw c:u8pG;,01w<;,ie c:CiloReue
8i;-80;JCew<;,i 'c:8<;,ioe ·( <:£CO;JC'2CCi:luf't..i8c:Ol 9c:w<]i;-i;:C9c:uO;Jc;Cc:Cil uO;JG;,<;,iw<filo'2CCil <]U<(CO;JC<;:G<;,iuU::l
c:Cil9oe9 c:Cil <]U<(GO;JC<(C<;,iuU::l c:Cil9ue9 <]u<;,iw<{iluCilC<;,if') oO;Jc;<£'lui;c:f' c:OJ (ui;:C<;:Cgc:uO;Jc;Ci;-Cil
uO;JC<;,iw<filo<;:CO'l U<]U8 <jWOlc:quc:OJc;g woO;JG;,9, uOiU::li;-9 <]<.''(WO;J<(CO;Jpc;-'ICR (jU<;,Jw<filoCilC<;,if')
<.'Qj \\UQt;Qt;GJQUJLdO ·oi

0o8MJ3c::.'33ol> dMM(33l>ou
mo6808(!?33"1"'00: 30G'b3
()6(!?1> o"3G0m JMQ(!?O(!Jo?
uol>(!J380 MM83c::;oe
008Mo836300 o8ol> 01>1Q1>-
Goo83D8"t!? a0l>eo6 mv
ot"io J"131Qn80, l>b3o{!?ol>b30
a..,1130 60oc::;ooou dvc::;"1-
o"1o3o Cl3'(3ol>3oou
8obat!?3om, "1018.c::;3ooe .
0 o6l>o 'bc;3"10336 Jc::;n36-
8nl> JMQ(!?08()61>t<io-
06Mool>.
276
Dun and Brndstree!·u
al'lfueoaaonl> o6.>c::;o'bo*
5-15$
ar"6oea<Jaao:
JO
i'J6/t!?O Ol'iou ub:Jo
l>o8V"C3
JO
t!?O '1.J'l6"6l>(JMn.
o63"1'io<l.:.U <>fuc::;o'bo
• 0061> 8M8b806i3oc::;3o'b3 o6oc::;o8nJMUO o6'(3MM81>(30l>U oc;3ou ab"'c::.'"'(Q Dun and Bradstreet-nu (36MOl>M0(!?06
** l>b30 l>n883Doocn, oo6Jnl> JM0t!?o8o ne3c::;300 801.8b806i3oc::;ol> Jt'iot!?o8ncn.
06.:i.30 (Q.:> 3.:i{Q.:i3o(Qoll . o6.:i.3'bo 8.:iClo6, Mm(Qoll.:iG (Q.:i8.:i6ooomo o6'l3m(i)8.:i(3ooG
0806(.Q.:i 8m300.:i .:i3'.:i(i)oooll o6'l3mM8.:i(3ooG 8oc;ioooG (Q.:.6.:.b.:.M.S(;Ll. Mm(Qoll.:.G
G.:.3'oMm ot:Jmll Clo8(Qo0o
doMom.:.{Q.:.(Q, (i),:,(3 (i)oGJo.:.60.:. 8om {Qo{Qo" o6'l3m(Y)8.:.(3ooG
o6'l3m(Y)8,:,(3ooG (Q.:.6.:.b.:.M.S(;OOoG CloJ3omoG 8m83000.:.6mooG
Cloll.:.o.:.8oll.:.(Q, 0Go30 Mm3mM(3 008(.Q;)Oo 06.:..30(.Q.:.6 o6'l3m(i)8.:.(3ooG
.8m83000.:.6mooG ooG.:.ooG.:.(Q, ()6(.Q.:.
08 Clo8mb303.:.Clo, m() oll G.:.d8o.:.6mo.:. 8m83000.:i60.:. Jm8.3.:.600Gm30G.
ooCB.:iuooou unuC!Ja8.:i. Jm8.3.:.6ooG 8oo(i) JMD(Qo6oll 8m8G.:.b-
(JMDooG Clo8()Cl"3{Q" (i).:.m(Qo6moM030 8omm{Qooo;
m(J8G" Jm8.3.:.6ooooG (J8o<!!Jollmo.:. 3.:.-
Go8.:. 'bo JMO(Qo6oll o6'l3m(i)8.:.(3ooG Clo'l3.:.GoooG
 Clo'?J<>lioo<> "c:?8MREiCQ<> '?Jo'boJ(JM .'3o!'loo'b 0 JMoCQo-
!!.lJoG JMOCQo!§oG) 8"Go8oG 00EiG0 'bc:?3M0Clo, li<>CQ<>(3 0EiCQ030CQoG Gb3<>CQ<>lib30
M<>MCQOEiMoM03<>CQ !!?" JMOC>?o!!.lJoG 80Go80'bo
JOml!?oo<> 003Mo R30Ei00Eio G.:>JMOIQ-
o!§M 00M<>OJooG, bCloM0CQ 8010300080 b<>JMOIQO!!.lJ01 Goli!§o8om,
oliomo "108, M!'18MM0(3 .:>Mob m0Ei08CQ00f'l00, G08(Jd0Mb
li<>J(JOJM[JO<>, (3bM3M[JOOb !!?" M0(3b301-
0"1030 "100!§0Ei00G Goli!§o80 .:ilio30 00801oti0Eioo0 'b01000"1mo J018.'30EiooooG 800"1
JMOC>?o!§ob 8"G080Gm30G. JMOC>?o!§oG 'b"11Q0Gm0Ei o"1m<>IQ, 003"10 J018-
.'30Eio0 o::mEiooli "10(3b3010"103 - Goli!§o80G, 080Gm30G "1018 'b(Jlil§<>CQ C>?""C>?80Ei01G
80G0C:?ooo !!?" G0J"1oC>?o!§01 Clo8C>?o8 ()J 3o
m030Go 060"1000 Clo'?J<>lioo.:iClo.

o6b®Mn-;:J8()66o odc:'.;[)3" tJO!Q3.:>- 0,:,iJO!Q3nb <Job1>dc:;i3oc:;iMo.:>L

'Bo6.:.6uaool>
IQ.'.> '13n6.;6b'VM !Q()d,)M61>8066b o6qJMM8,)(300b
.3"'®n6on-;:it<1o 8m8b'M!:!(()Oc:'.;QOob !!1,, 8m8b806\aoc:;i3ool>
b.:>'bnfotl{.!>tllo
· 6\nbJob .36\M<;:Jnc:;iob b(JMC>mb. b.:>JMQ!QO@)M
ti?.:. tllol>Job M()O@o6oob b,:,0e,n60!Jmnoo, 8M601.3n8nooL 8('Jc,MM3()0001,
0t1io.'>6 0l>n010 :i6'M!Q'VDG""u <>dJl>M" B'iJ.:iMM. 0Gn01n JM8-
:i06nnoo0:
36MM6nb Jl'lc:::'l>'Bb81> 1>nd(Jc;::i1> JM8.'.3.:.6oaoo (J<(31'iM Moody's KMV G.:i6qJ6\.>6(3nbJM<lo CQ"'B(Jd6ac:;io Moody's
.:.bc;::i!'l<Q1>6 O:J:Jbll.:>3c;::i.:.cn cn.:.30.:.Gcno 8M8b&l'130c;::i30o (QI> Investors Service-oh 0 .:.ar101M6:Jo1>, 0 1>6030-
81'l8lll'ltl{1)0c;::i1)00 m.:.r10 EDF b,:,Ji"i;J!Qn@JM 8,:,fi3a6003c:;io, 060!Jni"i63C) 'b3
!Q0'13(Jd6ao()c:'.;O G<><l'lJ"c:'..13030001, JM8.306oob
f16&iM608!Q(j, 0&i .:>MUJOMOtl{I> JM8.'.3c.6M, 8Mo- !Q[}'(3Mc:'.;C)ob 3<>8mb0013c:;>()c:'..1"!!1 Oij;J630G "J(30[)0ob '13"-
\J l>()&i3001!21> 8(JO.:>Mo1>l>, 3061.3 8obo J.:tfiinoob l>nou,. · ll2" 3;:ie:;,io06nonooG !QM6naoG !QC>
nn6 000booM6:JO!Q.:t. 8,:, 0(1\08 JM8606ooon ()<(JMM b<ln&i,:,!Q 06(!1-;:ibC)i"ioolJ !Q.:>6'0 aoob 80fi306ooc:;inonb 83c:'.;Oc:'.;[JO.:>b.
!Qi> O:J'tjO:.U()O<>U O:.J()01()0()6 "a
JM8.3..,Go 0ou <Jn8-;:i<J0 3no'Vc:;io · 3m r1obJob 3 .,68b,:,'b-
&ion®o6 0ob b"'B'Vdsoe:;,i'bo ()!QO!QDbo b.:.JM:J!Q08M 61no8o6 0ob 8;)01f'l(QO.
b<>.:.c,06®"'0oiib 06<(3MM8<>(30001: <ln8!Q:Jo · obo6o <>53.:i(l\noo6 Standard & Poor's Corp:'s Trade Credit Services up
61obJnb bi>Jombb d()'.l(';OM()oob b861"8:J 0oob 0 .:.8MiJQ6nooq ll:!" &301>60 e,.:.!Q.:ib!l{oh 6\ol>.ioG 008m060.:i6io<lnoob013ou niJ:i6noL
<ln8bso!Q61o &inbJob .'.l61Moc:w8nob. ,,b<>JM()!Qn8"' '13()6dGo.:i o6!l{()U@Moob 8M6.:>(3;J8()oG, n6b0!J61()806C)3oob 8M!Q()c:'.;OM:J-
MM(',MM(.3 8,:,6j.:.6om b3c:;iob
o,:,b IQ" 8n6n'.li'.8n60!Jou .36\M0<'1.:i80b.
!QMMb J:1108()bM(Jff()00, MMJ:11[Jb0(3 Q:!O(QO c,'b.:. o<>d3m
(Q" e,b(JMCTl UbM0'130(Q O.:tMM01", .:i80MOU MMO Fitch Risk Management Inc. 's Jm8.J1>6oob b:Jbbob !QC>6"JC>M-
®Moo, ,,b8,:,6(Q!>M(li 'B(Jl'l JMM:lMM.'.l(3oob" 0ou 8Mfo(3:J8ooo odc;::i:J3.> J.:>M& o6'13MM8.:>(3n.>U J[)MdM ff!0
!Qn61od(l)Mt'lo IQ<> b<>l'lnoeiooe,M bo<>e,368Mb 61nbJnb b0'.1(';0i"iM l>nbb3o'bo. P1no0!Jo6e,oG 80860-
b<>.iomboo'b 0 8018-;:i<lc. 30 '.l<:o'V'Bnb 0103G:?'.J<:ff!M80t'l:J. S:nonc:;io JM8.3,:,6o;:, Fitch JMMdMM1>(3M .:ibn33 bm030'bmoG
<ln8G:?:J& 'oijM 36&iM6nb ff!" b.:tJ30613:Jc:;>O FitchCRS-G, 61M8[Jc:;in(J oiln6nob J.>:30@0c:;inG !Q.> qJn6,:,6-
8n60'.1(';836C)o, t'l.:.b<>(.3 8MaiJ3s ' b(Jli1o 06 006\o<lob 8M6.>Gn8nob b1>'.1(';.:>6'M !Q.> J:Jt'ldm JM8-
8od6Mc:;>M(',O(JMO 8:Jr:'..'OJM8ob Jt\'\1>bo 2000-2001 .3,:,6ono'b:i 6130C)o6e,ob 806off;36ou013nb.
<(3061>6b(J618,:, !Q:J:l1>t'10!J.>836C)81> 61"'18 80m 01-;:J u.::.j8n lh6b MOUJoi>6o, nu 1>iYi 6n<l603b, MM8 oe,o ,:,6\
· UffoMQWOM(Q001 ;;,(Ii;;, 80M8M dMc:;>o@OJ<> ()6!Q,:, e,.:i6bMM(3oc:;in!Qbb; odG<l()M@J()OO 1>80MO:J6, MM8 8m8b-
dQ'.)<:OMflOOb 8nd3:JMOom, 06108nff! 0bn3n (JdOM<>®nbMooh dMM- 06 (JqJMM 'b-;:iu®n 6ioGJob :Jl'lM-
e,ti1,:,80, li1M8 0:J(30e:;,':J006.:>01 8MU.>c:;>M(Q6:Jc:;>O dM8:J6(.'ln(JMO <;:Joc:;ioG (3Mff!6001; b,:,d8o.:.6<'Jo.:>
JMMOc:;>()8()oo. 6\nbJob <lou,:,o,:,8ol>Mo;:,Clo. 80e,.:ic:;io011>ff!, .3M@n6-
.:i8tJ.>8<>!Q 'tlo6,:,6b(J6'io b,:,.inmbno'b3 8M8()<l"3D .>c::8,:,b- Gnzi6\8s Cln<n0bno-;:ic:;io0 06\.,)-
blfo3e:;,iMo:i6 o,:,'b,:,t'll> t'>M8 ll2""fij,:,P1M6 8."'81:>- b;:,08a!Q"'ff!, 8mn01bm3Mb 3n1Q3ou foooc:;iol>
8Me:;,i0.306\,:,J()OOU 8,:, 0 o(Q.:>b011>6 !:!(l>'.l(';(QM8rib e,0631>!Q()0001 o"Cl?"b!l{,:, .:.6 ()01bM3mb e,08mb30!:!(30G
c,08uoQ?3c:;iooo, ub31>CQobbao 80(Q()('J8noob . 8o(Jbn- e,066ioe,ob (Q"fij0t'lno0. 1>8ob (?,.'.>Mil{-'>, J('J8.3,:,6o,:,8 03l>.:ide:;,im0
. cr:03<>\Q, 80068 ()Mm 6\08nb .:>Jo01non6: ,:,b'.:.6i8mMb 8Mbl>n606noob 8M6oC)rr>6io60 n n8ob013ob, M<'18
3,:,6l.;0'bc:;36i,:,3:i6 qJ0606b-;:it'l UM- n,.,,,h."'ilfl"nnr<>h 6\nGJM6.>!:!( 8neo
on6®M300L Ui>M:JO@Jo6c,m n6<;:JMM8.:>(300U 8n<l3nMOom.

277

U0J6'01l(O(l)M bo 'lm Line of
cn·dit - JM6J6'D0CJC!:.'O
JC!:,'n36&obom3ob
"''(JOC!:,'O bOJ6':Jll(Ol§M
6\3bC)6\bob ll(M6:J
61M8:JC!:,'OU '1l""'oe!:.'D<'>Clo 806
oondC!:,'D<'>o 8ooc;MU
l>0jM6:JC!:,'O J6'Dll(Ol§om.
278
111 CJ<0J(Y}DCJ<o<§no.:i 'to !:QC> Lh">J(Y}DCJ?o<§M b.:i'bo
80li Clo8C!?o8, M0G li0JMOCQ06(Y) 060c:::o60J(Y)lio 008(Y)oJ3c:::o3li 0()0oc:::oooc::: 00(i)o8(Y)ooooli CQ0
000060c:::o'booli JMOCQo6oli 80CQ0bCQoli(J60Mo06(Y)o0l.i, Cloli0dc:::(Y)0 80CQ00iJ306oc:::oo0 od6oli
8oc;:oo(Jc:::o JMOCQo6oli 8 080 aol.i Cloli0b 0o. .3oM 30 c:::o 80CQ0o::i 3o6oc:::oo00 a(Y)bCQoli 01() 0M0 .3M(Y)-
C!?(JdGooli CloJ30010, 06 000Goli 01() 0M0 JMOCQo6o. 01() 0Ml.i::JO(Y)oli Clo8CQ08o 001:JoCQ3oli
0c:::o001(Y)o0, J(Y)B.30600 8(Y)oli(JM3ooli Cloo8()Cl03(Y)li .3M(Y)GO!Q(JMOoo, M(Y)8 Clo8CQ08o CloJ3001oli
8oi:;:oooli CQM(Y)l.i 80li 0c;:0M 8(Y)()bCQoli 801c:::o060CQ Clo0<B0li(Y)li JMOCQo6oli 00MCQ806oli
Cloli0dc:::ooc:::(Y)00. 08 .3M(Y)Golioli CQ011d0Moooli OM010 8o01(Y)(Q0 0Moli 0600M0Cloli 08M001 0(Y)CQO-
O(JC:::O li0JMOCQ06(Y) b0'boli CQ0oolioo0. li0JMOCQ06(Y) b0'bo 0Mol.i 0106boli 80dlio80c:::(JMO c:::o8o6o,
M(Y)8c:::oli lioliboli li0bo01 0i:;:oooli ()'BC:::oo0 0d3li J(Y)8.30600li 6oooli8ooM CQM(Y)li. doM0010CQ0CQ, 000
0l.i0b03li MoliJol.i 80dlio80c:::(JM li0'Bob(JMli, M(Y)8c:::oli 8oc;:oo0'boG J(Y)B.30600 01060b800 8(Y)G08(Jc:::
Jc:::oo660106 8(Jd0(Y)ooli CQM(Y)l.i.4 li0JMOIQ06(Y) b0'boli CQ0oolioo0 li.:iCl(J0c:::oo.:ili odc:::o3.:i
860Cl36oc:::(Y)360CQ Clo8GoMCQOli Jc:::oo66oli013oli li.:id(Y)6c:::oli 8"8 'b036oli .3M(Y)GOCQ(JM.:>, 01()88.:i
()6!Q0 030bli(Y)3CQoli, M(Y)8 000 M08(JC:::"M(JC:::"CQ (J6CQ0 060.:iMoCloli G3c:::oc:::oooli
ooli.:io.:i8oli0CQ. CQc;:oli 01() liM(JC:::00CQ 8oli0c;:ooo MOl.iJ00, Cloli.:idc:::(Y)0 OM010 oc:::oli oo8CQ08 60Jc:::o-
00CQ 8oli0c;:ooo o::i(Y)li. li.:ioM01(Y) .3M(Y)GOCQ(JMOooli 8"MCQ0, JMOCQo6oli O.:>MCQ806.:ili01.:i6
CQ0J.:i3Clo(i}ooo01, 1:J(Y)30C:::013oli o.:iMliooooli 006li.:>J(J01MOO(JC:::O Clo801b303000, M(Y)8c:::oooG 006b-
OC:::(JC:::o ()6CQ0 od6oli 06CQ030CQ(J0C:::(JM0(Q. 0lio01 .3oM(Y)000dO J(Y)8.3.:i6o.:i8 Cloli0dc:::(Y).) CQ.:>01\d.:iM(Y)l.i
.3M(Y)Golio 'b(Jli6.:iC!? 8.:i6Li.:i 'bc;:3M(JC:::o .30li(Jboli8 80 oc:::(Y)oooo01.
JMOCQ00oli c.06lotiloli(Jtill.i0Moo0 13(0 {QOOOtl!J(Y)M(JC:::O (Q.:>30c:::o.:i6000G <:>8(Y)c:;o6.:i
JMOCQo6oG o"Go8ol.i CQ.:> CQo6o6(Y)M(JC:::O 1Q03.:ic:::o06060G 8oc:;oool.i 'B(J6dG00 Cloli0dc:::(Y)0
00(i}o(i)ol>(J(i)lio(i)ooo01 0 0CQ"OGOG J(Y)8.306ooli 0 .:iMo .30(i)66o(Y)(i)l.i, J(Y)8.3.:i6oooo, M(Y)8c:::oooG
0013c:::ooo06 80G080 8b0MoCQ, (i)(Y) 0 (Y)(i)oG 0(i)ol.i Dun & Bradstreet, J(Y)M.3(Y)M0GoooG li01.:i30'b(Y)oG
u(i)'JC::: 06 60ooc:::(Y)o(i)o3 8(Y)8li0b(JM0000G. JMO!Qo6oli D()C:::ooo01 306G0'bi:;:3(i)ou Gol>6o8ooo, Gb30
06'B(Y)(i)8.:iG00G0106 o(i)010CQ, 0 08(Y)o::io600.:i o8oG 00CQ.:ili0o::i3060CQ 0.:ioGol> 01() .:i('i\0 JMOCQo6o.
b!Qoo0 8010 30(i)o 0600(i)oCJ 0ooli Clo60(i)fl'J6oo0, 301Q0b1Qooo 8(Jo"3C!?oo0 CQ0 oo::ioo0 1Qo<'>o6(Y)M(JC:::O
1Q03.:ic:::o06000G 8oc:;oooli 8G!QOC:::(Y)o0 !Q0 03006oo'Jc::: 0630(i)oooo'bo. 6oooli8oo(i) oo'b6oG
(Y).30M0Gooooo 8oli.:i8o J(Y)8.306ooli 308(Y)tJ0600001 ::i3oc:::0<BoMo CQ08(Y)JO!QOO(JC:::o0 J(Y)8.3o6o6GooG
!Q(Y)6'bo, M(Y)!Qoli0G 0lio010 00CQ0 J(Y)8.3o6o6 8 o0oo 0M 0MG 0o(Y)oli 06 .:iM 0(i)ol.i l.i.:iJ80Molio.
8lib3oc:::80 J(Y)8.30600080G Cloli.:idc:::(Y)0 8(Y)0b(Q06(Y)l.i 8(Y)8li0b(JMOOOli l:JO!Q3" 30Mo01. 8GOMO 06
li.:iCl'J0c:::(Y) 'b(Y)8oli J(Y)8.306ooooli013oli, JMOCQo6oli 30Go808 Cl?" <B'Jc:::oli 8oc:;oo.:i8 Cloli0dc:::M0
8 08Moo3o(Y)Li CQOCQo 01() 80Li 01 3001(Y)6 8 060b(Y)(i)Gooc:::ooli.
8.:i(i).:i80 oo .:i 80c:::oo0o06 J03ooMl.i .3M(Y)CQ'JdGooli 00(i)8(Y)oo.:ili0 IQ" 8.:i801Q30Li o(Y)Mol.i. Li000(i)8(Y)(Y)
J(Y)B.306008 (J6CQ0 Cloo60(i)fl()6(Y)li 80(i).:i3oooli (i)0c:;0G 60ooc:::o, (i)(Y)8oc:::oG G6(Y)ooc:::o0 M(Y)3(Y)(i)G
n(Q08(Jd03000l.i .3M(Y)GoliClo" O.:>M8(Y)oooli 306803c:::(Y)O.:>do. 01()880 80!'\103oooli lib30 60.3000 -
6(i)06'bo6'JC:::o, 60\:QC:::D'JC:::o CQ0 8'b0 dM(Y)!Q'JDGooli 80(i)03000 - J(Y)8.30600li 0dc:::o306 8(Y)d6oc:::(Y)-
ool.i li0o'J.:ic:::oo0li. 8.:i('i\03000 6(i)06'bo600 - M(Y)8(Y)MOG 0(i)ol.i 80(i)03000 00(i)8(Y)oooli 06 li.:io::i(Y)ooli
lib30CQ0lib30 !Q(Y)6oooli o(Y)(i)ol.i - odc:::o3006 MOli()(i)l.ioooli D'BOd60060 308(Y)tJ06oooli CQ0 00M8(Y)o-
ooli 306(i)o3oli li0Cl(J0c:::oo.:ili. 80(i)03oooli 08 6o.3oli 30(i)ooo, o.:i(i)8(Y)oooli 01001(Y)o'Jc:::80 CQ(Y)6o8
(J6CQ0 !Q00G0!Q(Y)li, li0608 0M !Q080103M!Q000 8(Y)8'b0!Q::J00010 li.:i8(J00(Y) 0060 060.3'bo.
8 08(Y)o3o(Jc:::o oo::i(Y) 360ooli Cl?" ()8(Y)d8oC!?(Y) l:QM(Y)oli o0Li0dc:::ooc:::(Y)o0 J(Y)8.30600Li .:idc:::o3Li li6o8-
'JC:::Li Cloo60(i)fl(J6(Y)li 80(i)03000 6(i)06'bo600.
6o!QC:::O'JC:::O 80(i)03000 J(Y)8.30600li 0dc:::o3Li 8(Y)d6oc:::(Y)o0li ooli::ioCQ3::Jooli !QM(Y)l.i. 08oli 30(i)ooo 1
J(Y)S.3060.:ili 8(Y)(Jb!Q00(Y)CQ0 6oCQC:::O(JC:::Oli Clodo60 80(i)03oooli 30(i)ooo li000M8(Y)(Y) 8M0<BOJOl.i
ooli0008oli0CQ. 8'b0 .3M(Y)!Q(JDGOOl.i 80(i}.:i3oooli 0Mlioo(Y)00 (J'bM(J63oc:::l:l(Y)'Bli li.:io.:iM8(Y)(Y)
8M0<BOJOl.i CQ0 8.:iMJ06o6e,oli 8(Y)d6oc:::(Y)o.:>li. li03'0M(Y) 0M 0Moli 00(i)8(Y)oo0 !Q00'B(Jd6(Y)li .3oMCQ0.30M
801:JO!Q300U. 8'b0 .3M(Y)CQ(JDGooli !QO!QO 80(i}.:ioooo odc:::o30 8(Y)8b8.:i(i)ooc:::oli 8(Y)01b(Y)36.:i'bo O'Bod-
 @)0060 8M8li0b(JMOOOli 01() dMf'l(.Q()J(300li 80M00000 0c:;8f'lf16!.Qoo0
0M0li0J80Molio, 0008(30Mf'lli 808c.Qo60MO 06 0 0tioCQ3000.
0lio01 30010Moo000 Jf'18.306oooli 003 01 @Jo.3oli 80M0 0 oooli
o 060Mf1()6oooli 8f'l@Jo 308 00.
80cY)0 00 aoli 'bMCQO!.Q06 cY)08CQo608o 8010 30Mo (J.30M0@Jolif'lo0. 08oli
Jf'18.306008 800c:;5of'lli 50 ii8f'loooli CQ0 oolitioCQ3oli 80o@J0ooli o'tlod-
@Jo06f'lo0li CQ0 00J3001000 (J'(lMf') liDM0'(30CQ. Mf'18 301j3001 80M0c,o-
ooli 0Mlioof'lo0 li503li JM8.306ooli 0Moli
80M0 0 oooli 0060b3oli li00M01f'l b0M3000, ooe<:?oli 0M0.30M1Q0.30Mo li0li05tJMOO b0M-
3000, o 060b 3oli CQ0 c,01Q08()00 30 aoli IQ0 80cY)0 00 00106
8f'looo0. 1Q080@Jooo010 0Moli 80cY)0 00 aoli li0'tJM01bo.
8f'1 0 oooli 0 08f'l, 0 0tioC!?3oooli 806030 Mo IQ0 50M8f'Joooli 8o6oJ(;OMo booM01Q j86006 80M0 0 oooli
IQOIQ M0MIQ06Mo0li. 08oli 00MCQ0, oolitio1Q3oli 8060'.l(;OMOoli booM01Q 8ooc:;M6 'B0li-
00J30010'bo, 08o@JM8 oj86000 IQOIQO 80M0 0 ooo. '(lofo6li(JM80 8060J(;OM80
(J61Q0 o 00f)ocY)f'lli IQOIQo 80M0 0 oooli ooj86oliJo6 8oli5cY)0'tloo0. 08oli013oli ()61Q0 0 0Jo01CQoli
80M0 00 o'b 0 808c.Qo60cY)o b0M 30 ooli 0G 030 80010 o 0fob 3oli CQ0 1Q08()003oooli CQ060b0cY}-
3000.
'Bo606li(JM80 8ooc:;oli 1Q080@Jooo010 8b0Me<:?03'0M0 8001
liJo.3@JoJ(JM 'bo IQOIQo 80M0 00 ooli ooj860li0106 1Q0J0 3ooM 00001 00.3f'J60000
80cY)0 00 aoli 80M01 3oli lioli@Jo8oli 05f'11Q000
8o5MIQOOoli .3filo6(3o.3o" (JIT). 08 lioli@Jo808 0'bfilo, filf'18 IQOIQO 80M0 0 300
0filoli O(J'(l[]Mo, 0(303li JM8.30600li 8o5MCQOOoli
.3filo6(3o.3oli 801030filo oe<:/00 0filoli .3Mf'11Q()J(30oli 0 08Mo3000 (8oc:;oo0)
'b(Jli80e<:? 08 8f'18o68oo, Mf'11Qoli0 8 80li'bo 50M8f'loof'Jo0 8f'101bf'J 360, 06 'b(Jli@J0e<:? ,,IQMf'l'bo".
0li3010 8o1Q 0 f'18oli 'bo8f'J01 @Jo.3oli 80M0 0 ooo CQ0301Qoli
80608v808e<:?o 1Q0 'bfYJ 0 ooM01 o0801b 303 000 1Qf'16o8e<:?o· lioli8o8oli 8o5f'JIQ0-
ooli .3Mo6(3o.3o" 0 08MtJ06oooli 0M01-0M010 ooe<:?ooo 0Moli 80M0 0 oooli b0fil3oooli 008Go&ioo0.
01()8(30, 1Q080t<lJooo01 806 ooe<:?oo0e<:? 8f'lo@J06f'lli .3Mf'llQ()JGooli
b0&ioliboli IQ0 0 0v83f'loolioo0.
8lic,03li01Q, 80&i00000 (JOIQ0 00o'b0M1Qf'lli 80608, li0608
CQ060'bf'J 00 ao 00e<:?003'0filoooli 80&i0 00 aoli b0M 3 li.
IQ060'bf'J 00 ooli oo'B0G 000'b 0 ,
CQ080@Jooo010 80fil0 00 ooli o 060b 3oli b0fil3 'b 0 CQ0 80cY)0 00 ooli o'tlod@Jo06f'lo0 'bo.
00J0MM, Mf'18 oli 8f'lo01bf'13li Jf'18.306ooli 00M8f'Joooli, 80MJO@Jo6c,oli IQ0 '(J0606li(JMO
li'(lOMMOooli Jf'lf'1MIQ060(300li JM8.306ooli 8o'b060106 03li0008oliM0000. 113060 8o'b0600
80M0 0 oooli lib301Q0lib30 .3&io6(3o.3ooo,
8ooc:;5oli ooli0008olio

1)30 6 (JJSO 0c:; 36oo6 001 80cY)0 00 aoli Gb 301Q0lib 30 00.3 000 - 1Q08vo0 30 ooli
.3Mf'1(3QliOo 8tjf'l'(JO, 1Q0 8'b0 .3filf'llQ'(JJ(300li 80M0c,ooo 850&i8f'Jo-
JM8.306ooli013oli. 80M0 0 oooli 8QMMO 0'b0 0Moli Jf'18.306ooli 063oli&0Gooli
01'ZJ JM8.30600 80fil0 00 ooli
OQ8(3ofiloooli 8ob0CQ3001 1 1)306 8030C'.;f'l01 J(;08(JfilO
3aLi 0 03ti 000 10.5 li(J&i001li. li01Q0G 1) 30 5 3boe<:?0 301, Mf'18 filf'1 0 f'1MCJ '.l(;o'ZJ'B'bo, ,,A" Li0bo-
f'lo0'b0, dQ01Q()Q6li 80M0c,oooli M0f'lCQQOf'lOOli 15%-li,
8f'11Qoli 80010 70%. oo8CQoc,o 30%, 06() ,,B" S?.oV'Bo oo0e<:? 0 o6li 80ti10 00 ooli 20%-
li; IQ0 80cY)0 00 aoli 60b 03 0ti1'bo 8o@Jo, 55%-'bo 8o8o, 8fYJIQoli 801e:_10060 80&i0 00 aoli
10%-'bo.
08 @Jo.3o'ZJ&i lijo80'bo 1Q0'tJ(Jd500001, Cloli0008oli01Q0G 1Q0
l':'.'oG 8obol!i3omoG Clo0CT;oo6li 8Mii0 00 aoli ()Bo@Joli Jf'18.30-
d3nM>IQQOMJO(J(':'.'O 60<>8 8o@Jo tJ(JM01QC'.?Oo<> (JOIQ0 1:Q0()018Mli (J'(lMf'l 80&i0 0 oooli oli
JM5t'JMM(':'.'b
8<:>010130G «A» J080of'lMOOli 806o;fooo01, 06 08 80ti10c,000G (J'(JMM
QboiJ'300, JOIQMJ 110'i'JOU0b. bCloM01:Q 0 01:Q0Go6J(;3001. «B» c.Q0 «C)) 80M0 0 ooo 080fi\01(Y)li 8J0CJM0CQ CQ0
00300010 Clo8f'10800001. 08 Golit<lJ080li bCloti101Q (Jbf'l(!woo5
0 0MIQ0 li03'0Mf'1 oti(Y)G c,G 030 Gb 30 ca0dof')Moooli 0 06boc:?s0

279
 100
c
<©
LO
a 90
'9
E
\£
"'\£
c
f.l
c 70
'9
-')
gr
f.l
"'--::>f.l
.::i
c>{)
a
gr
f.l
>{)
a
\£
c
£[
.::i
c>{)
a
'°\£
-')

-')

"'
0 15 45 100
8ot'io 0 noob
80Mo0;Joob
8obncr13001

000801.i 0 06300101'1oooli013oli - ,:,l>loli 01() 01'10 'b(Y)000<">010 8,:,l'1,:, 0o

<"><>(Y)<Qo6(Y)ooli, oo::i(Y) 36!:!?oo0 06 01() <><">0 80<"><> 00 001.i Li<>bo(Y)oo-
001.i o8o0(Y)8, <">(Y)8 R30 6 (J'lJM(Y) 8000!:!?
8,:,1'1000001.i ()'lJM(Y) boot'i0!:!? 801'1000001.i
'lJOJ<>Gooli 08 03 01>10 8om(Y)<Qo 801>10 00 001.i J(Y)6li01'1(JdG0000
Li0::i1>1!:!?o6Li.

01() 01j306 01.i(JM01 0(Y)(JdO "fe0(Y)d0M(Qo" (Q<> 8(Y)00(Y)01 1

01j306 ()6<Q<> .301.i(Jbooo 8(Y)(Jdoo6(Y)01 lib30<Q0lib3<> J0000(Y)l>looooli Jo01b3ooli.
801'1<>00001.i J0000(Y)<">ooli013oli, .3<>1.i(Jbo 06>0!.i <>lio010: CloJ3001oli OJ(Y)6(Y)8o(Jl'1o
<Q0 R30 6 3o8o!:!?(Y) 360001, <">(Y)!:!?oli"G R30 6Li 00 0 61.i 000Jo01b0 301, 01 030 6
0<>000001 M0 od6oo<> 08 ,,.3<>1.i(Jboli" lio(Y)MO nJ001b30"' <>6(): M<>8<Qo6o dM(Y)(Q(JJGO<> (J6CQ<>
003(JJ30 01 (Y) 01 ?
d[JJ30010G [)Jf'"l6018n(JMO 06>0!.i J(Y)6Go'lJGO<>
order quality EOQ - ooda6oli0li, li0o::i(Y)oOo 8'b0-dM(Y)(Q(JJGOOl.i !:!?" 8,:,<"i00oooli013oli. R3o6
OOJ3001oli M<>(Y)<Q06(Y)o0li 8::i<"><> 0 oooli
8ot'io 0 ooob
.31'1(Y)06(Y)'bol'100001, OOJ3001oli <Q<> li<>ffOM(Y)
MM(l?[Jb"G l>03t'im"'
80"100 00'b3 <Q<>60b06ifeo01. OOJ30010 6006<>3<Qoli M(Y) 0(Y)MG 801.i oolit1o<Q30li 0lio30 801.i 006i8(Y)oo0li.
<Q<>3()03.:io·i,. (Y)(Y)8 80<"><>00001.i li<>ffOM(Y)OO<> 'b(Jli0<><Q.
80 0 "108 O'llod800600 '!?" 801.io 008(Y)t:J06000 8tJ<>Mri 0 060J3001om .3ol>lo(Y)(Q0o. l.ib3,:, lio0tl30oom <>lio
(?,06bo
0<>8(Y)ob0000<>, ffi'(J 008(Y)o::io6000 2600 od3li 013000, J30M<>li 0<>8(Y)o::io600<> 100
.:i 0t'io"'tl?ol>m 3oi, tl?"ooo-
od6ooo.
R3o6 3()030001, M(Y)8 00J3001oli b,:,<"ifeo 0<">01 CloJ3o010 'bo, 0, <><">oli 8(J<Q8030, CloJ3001oli 'b(Y)8oli
8o(Jb0<Q030<Q. 06 lib30 oolit1o<Q3oli (QM(Y)l.i, oli CQ<>6.:>b0M'.l(;000 000!:!?00606
8(Y)li08li0b(JMOOOOb b0M'.l(;OOl.i M0G 8(Y)OG03li 00J3001oli dM(Y)(Q(JJGOOl.i

280
 10.

8oe;oonli !Q0 oo8M68oooli b0P1feoom05 JMffi0!Q. 8'b0 .3MMQ?'()J(300U 80P100oooum3ou OJJ3omou

b0MfeJOO !Q08MJO!QOO(JC:,:00 60P1801oooli (30JC:,:OU 0P10930J'bo. ffi(J <:>e;S'(JM3oc:.;Moou
!Q<:>8f'l6@J0\'.Jooou b0P1feooo <:>Mou !QO!QO - MM001M(3 8000c:.;om<:>!Q Bo@J0c:.;ou !Q08()003000G
o08b 303 000 - 0u b0P1fe 0co o0u0dc:,:M0 o8f'lu d0c:.;005 85oo 350c:.;01 305o. P10G o00 b000 @JP105'bo-
@J(Jc:.; 80P100 0ou, 80mo CloJ3omou b0P1fe 0oo, Mf'l0MM(.3 60uo 8010003u 8M50Go8ooou f1060P1ou
b0MfeJOU . .3oM001!QOlim3ou 8mc:.;0060 OJJ3omou b0P1feo 80M@Jo301Q ,)MOU oP1mo OJJ3omou
008P103c:.;oo(Jc:.;o o0J3omooou P1001uw6Mo0 'ho <:>8 .3 0P1oM!Qoo.
oP1mo(Jc:.;o .3P1MQ?(JJGoou o050b3ou b0P1fe 0oo, c, 801000 31.i o050b 3ou, Q?<:>8()00 30 coli !Q<:>
80P100ooou Q?<:> 'be;303ou b0P1feoou, 006u0 'be;3P1(Jc:.;n .3 0P1001Q?oum3oli 80P1000000 063ou@JoG00 'b 0
801mbM35oc:.;o 8Mooo0um05 0P1m0Q?. <:>8030P10Q?, 8mc:.;0060 808Q?o60P10 b0P1feoon
006u0'be;3M(Je:;>O .3oM001(QOUm3ou 60P18010U?005u oP1mo(Je:;>O .3M01Q?(JJ(.300U 0060b30'bo b0P1feo-
ooli m06b0 008P103e:;ioo(Je:;>O 80P100oonli M0f'lQ?05Moou U00()0e:;'01 oP1mo(Jc:.;'bo. <:>8ou 00MQ?0,
Q?<:>3()030m, MM8 80P100oooli OOJ3om0 bMP1oooe:;iU?oo0 u03'0P1Mooou 008mb303000 00P1m(Je:;iooou
0 0P1 0o0. P10U? 005 <:>8016(JP1(Je:;in .3P1MQ?()JGoou 80P10 00 co o0u0de:;i010 o0o3LiMu Q?0(Jt101 350oe:;io 3,
<:>M 006000 u0P1o'boP1301 80P100ooou ood85ou 0()(30e:;'OCe:;>Mo0. 'bo801m <:>e;6oP1oe:;io .3oP1Moooo
oP1mo ooboQ?3om ooli0de:;i010 <:>e;801f16Q?OU 'boU?8o@J<:>!Q oo'be;(J!Q(Je:;'O, olio6o 0(J(.30e:;'JOOe:;'00 JM6-
oo.3@J(J0e:;>(JMO f10P1f1Mli 00u00000(Q. m<:>5Q?0m06Moom f1306 00303e:;iom 'b01000P1m 80m006u (Q0
md306 oou0de:;iM0 0000J30M!Qom, M08Q?o6<:>Q? 80P1@Jo30 Q?0 00u00000 0e!;8MR6Q?000 000.
ffi(J P10080 u0boli 80P100ooou b<:>M:l(;OOO 00MJ3D(Je:;>O Q?MMOO 006803e:;i010000 P1f1000 ()(33e:;'Oe:;'O
Q?0 O(J<(lOM(Je:;>o 80P10 00 oo <:>P1 <:>P1Li 0001ou, 80P10 00 onu u00()0c:.;01 8f'lG'(Jc:..'0'100 (oP1mo(Je:;ioooo)
oou0de:;i010 00801ou0b01u 008!!?000 9301P18(Je:;iom.
80tri.:.00ooli af'lG(Jc:..'f'lo.:. = Q/2 ( 1o. 1)
U<:>Q?<:>G Q <:>Mnu OJJ3omoe:;in .30P1@Jooli 801o(Je:;i0100, P1018oc:.;no f13060 8000e:;iomou .30P101oooom
P1f1000 ()(33e:;'Je:;'O !Q00003oli .3oP1of'lQ?oU 006boe:;i3oum3nu. JU uo@J(J0(300 60f13060000 10.6
li(JM<:>m'bo. m(J8(3<:> 801mbM36oe:;io 801(3(Je:;>Mo0 <:>Mou U0<(30b(JMJCM030 '(l(J6J(30<:>, <:>60e:;io@JoJ(JMO
8o'b6oonum3nu R306 3()03oom, P1M8 000 80.:.be:;iMooom ooode:;ioo0 01:101u 6P1'(3030. R306 3boQ?03m,
P1018 ti'i01U?oli00 8ooe;603.:. 80P100ooou 6(Je:;i013060 Q?f'l6J, bQ?oo0 Q 80P10(,ou boe:;i0b0e:;in 00J3om0.
JOQ?03 oP1mboe:;i, 80P100ooou Clo60b3oli 008Mo0600P10Cloo0 80P10onoou M001!Qo601onu
oP1mo(Je:;iOoou u00()0e:;i01 80f1306ooe:;ioG oP1mo(Je:;i'bo oofob3ou b0P1feoooli 0 08P103e:;iooom, <:>6()
C(Qi2). CloJ30mooou 8me:;io060 801o(Je:;i0100 0 06u0'be;3P1(Je:;io Q?M01oum3oli 00801006 0 0P1nooo0
8r0008(Je:;in .3ot'1oM!Qou 8me:;io060 80P10 0 ooou oti'imo(Je:;iou (oti'imo(Je:;ioooo), S, Q
80R306oooe:;i'bo ()0tJ01<(300 OJQ?000Q?, 06() 0033omoe:;io .3.:.ti'i@Joou 8M(.3(Je:;'0100. oou00080U0Q?,
00330010 'bo 8me:;io060 b0P1](;000 60P1801U?006oe:;io0 oP1m OOJ3om.:. 'ho OJJ3omou 306m03uooou

dJJ3amob
'b';'Jb0o,
801mbM36om (QO
8or'io 0 o6oG fiio'batii3060G
aofiiooo

281
 b0M_i;o CloJ30moooG M0MCQD6(Y)o0'bo, 06 O(S/Q). 8.:i('i}.:i0 oooG Clo6.:ib30G
b0M_i; 0oo 0060G0'bc:; 3('i} 0o.:i CJ 06.:ib 3oG b0M_i;ooG b0MJi;ooo
CloJ3omoooG, 06()
(1
10.2 f\.:i6G, M(Y)8 ('i\0 8 8oeo0 CloJ 3omoG Q, 8om 8oeo.:i CJ 060b30G
b.:i('i}Si':ooo, 8.:i 0('i}08 8om CloJ3omoG b.:i('i}_i;ooo. CJ 0G00080G.:iCQ, MC>G CloJ3omoG
'bM8.:i, 8om Clo60b30G b0MJi;[JOo, 8.:i 0('i}08 8oeo.:i CloJ3Dm.:i'bo b0M-
Si':ooo. 08oeM8, CJ 08mb 303 0Clo f\ 30 6 03 006eo('i}oliooli 0('i}flo3.:i6oli o"Jomoo.:i
CloJ3omoG DJM6(Y)800li0 CQ" CQ080eooom 80('i}0 0 oooli Clo6.:ib3oli
0(Y)MOl.i.
0DJ3omou 80M0c.000G 6oooli8ooM CQMMl.i
O[JJ3Dmolim30G 0Moli M0(Y)CQD6Mo0 Q*, 6 08G0Mooli 80M0 0oooli b0MJi;[J6li
fl306G 8ooM 3oMoMCQoli f\306 008(Y)3oso6Mm
MM8 303(Y)3Mm 80M0c.oo'bo CQC>6.:ib0Mji;[JOOl.i
b0'b'bo, 10.2 li()M0mClo CQ0 oo8CQDo 08M3bG60m Q. Md0o-
M.'.>MCQ[J6(Y)o0, 06 EOQ, 0Moli

Q* = 2(0d(S)

MM8 360bMm, MMC.MM 008Moso6oo.:i EOQ-oli U?03()Cl30m, MM8

G0boG 80M00oooG b.:iMJi;o 100 CQc:;o060 6oMoMCQoli Clo0CQ 0o6li 2000
[]Mm CloJ3om0'bo b0M_i;o 0MoiJ 100$, 80M.:i 00 ooG Clo6"b3oli b0MJi;ooo .:i8
d[JMOMCQOb 0Moli 10$. 08 dOMMO[JOOo, O[JJ3omoli bO(QO{!?[J oj6oo.:i
O[J8CQ[JoO·

Q* = 2($100)(2, 000) = 200 (1

$10
200 CloJ3DmoG !:QM(Y)IJ fl306G 8ooM 3[JMO(Y)!:QOb ( 100
CQC::DClo), J(Y)8306008 d[JMO(Y)(QOb ()6CQC> O[J(JJ3DmMIJ (2000/200) = 10
.5(;[]M, Gb30 lio0s3ooom, 10 CQC'.;[JOO 10.3 f\306 3boCQ03m, MM8
Q* 0 08M 6
80 0 ooG, s, CQ" CloJ 3om0'bo b0MJi;o6oG
0, 6oMCQ0dOM CQ0 Clo60b30G b0Mji;[J6oG C,
m(J8G0 .:i8 (Y)Mo30 M08CQo6.:iCQ8o 8GOMCQ-
[]00 <(3[Jb3oli 6oCl6om MM030 Clo8mb3030Clo. M0CQ 006 o'bM!:Q[J00 008M1J06000G
O[JJ3omoG 'b(Y)80 CQ0 80M00000G (Q(Y)6o o'bM{!?[J00
Gb3.:i lio0s3ooom, 8ooc:;IJoG o.:iM8MoooG 8.:iCJ0000G DJ(Y)6M8o.:i.
MM 0 MMG m(J f\306 0 030(Y)M8.:iooom 008f>11J06000G fl306G 4000
f\306 803oc:;oom CloJ3omoG MC>(Y)!:QD6(Y)o0li, 0('i}oli
40%-om 8080 301:QMD - 06() oj6000 280 CloJ3Dmoli M0MCQD-
6Mo0 003031.i 80M0 0 oooG !:Q(Y)6 0G (Q/2), 0Moli 40%-om 8080 - 140
100
CloJ3omoli DJ(Y)6M8o()Mo CQ08MJO!:Q0-
60fl306000.:i 10.7 b(JM0mClo. 08 b(JM0mClo O[JJ3om0'bo b.:iMJi;OooG,

Q-b

d'f!dQ ()

en
Q=

282
OOJ30°'ob QJM6013n(JMO Q*
8MG(Je:'MOob
{!?08MJOC!WO()e:'QOOOO

Clo6"b 30'bo b0"1faoooli CQ0 80"1,:, 00 oi 0 CS?"60b0"1faoooli

0"10'B0Jo, 0 ,:,8Mo06 0 0"10Cloo0 b06lfaoooli MMo CS?0fa08oooli 0 '11001.
l'i306 3bo[Q0301, MM8 0060b3oli b.:.6lfaooo 00J3001oli
JoMCQ0JoM 08 (QMMli, M(Y)lQOlio(3 OOJ30010'bo (Q060b0"1faooo
08 80"10000'110 (Q060b0M'.l(;::JOO
800MCQ000, M<>[Q 0 <>6 JM8.'30600 0Cl30001<>CQ 00lioo8li CloJ3001<>'bo
b0"1'.Ji:ooli CS?"' <>Jo01ooli 8oo6lo M<>MCQ06Mooli, 80 0(i],:,8 lQOQ;?o 'liM8ob d::JJ3001ooli. 01()800
8M 0 3ov600001, 8vli oo8U?::Jo, MM(Q::Jli0(3 00J3::J010l.i (Qc)6vbvM'.)i:::JOdO d::J8(30M000 od6000
CQ<>80@Jooo010 Clo60b3oli b0M'.J{ooob 8o@Jo 806l0 0 oooli CQO(QO M0M-
CQ::J6Mooli Clofo"1i'i()600001. Q* .:>Mob OOJ3001oli OJM6M8o()Mo
08 8 0"1 0ot.i 80(i].:i 00 ooli b0"1faooli.7 ooJ 3o01oli ::JJM6M8o(J"1o
0 08M06 0 01'1oooooli EOQ f\306 0 08M3ot106001, l>03'0Mffl<> 80"10 00-
6oli 06 8vM0()QOOl.i lib30 li0bob ool>t10Q;?3oli [QMMl>
o0o 030()66000 CloJ3001oli l>oQ;?olQQG. 8'b0 .'3"1MlQ()dGool>013ol> o0 o
()JQ01Qlio 60fii8Mool> OM(J630G 'bM80'b;i. do"1001<>CQ, EOQ 8MQ;?-
8vMv 0;iool> l>o[QO(QOU o;i3l>;iool> b::Jl.>l>.

JM8.'3,:,6o,:,G ol>,:,i'foMMOO,) ,:,lio30 0(3MQ;?oli, MM[QOU ()6(QC> dO(JJ3::J01Mli. ,,Mf'l(QOb" 08 Bo801b303,:,oo,

6oofo 3G<.Pi,:,MCQQ6Mo0li 06() (11,:, CQM6o8U?o ()6U?" Cl:?'"OGoli 80"10 0 000, MM8 JM8.'306008 8ohooh

283
 4.

801S0102aooG - CloJ3001ob DJM6M8o(J<i1o 00Jo0106ob 60Cl060. R3o6b 8oo<i1 'bo8M01

Lead - (QMMOU
bo63l'ide:;n30100, 8ol'io 0o-
onG aoJ3001nCQ>6 8001
Go!'itjMOOo
d;:JJ3i)010b hMn;;,nnnc
Order point
aoaonl'ioo()e:;n 8ol'io3n<loli
MOMl:QD6M<IO, MM(30 ()6CQO
a"'bi:QoG 8ol'io 0o<loG
boe:;oboe:;n ao3Go<lo,
'lPd&n<JMoCQ 08 !:Q"'6o'bo
ao8(30MD(\()e:;'O 8oMo 0 ooo
8o6oa6 0ooli >Jomnoli
boe:;oboe:; 6oJ3D°'o'bo.
.3o<i1M6o6Clo 6001j3080 OtJM, MM8 80<i10006ob CloJ30010 CQ0 0060103bo60 bCQ060
dOtJM3606ob 00MOdO· .3<i10j&oJ0dO CJobtJO(Q3<> 'bo dOJ3001ob 00J001060b0 (Q0 8oc::io6ob
06 Bob 00<i18M 06.:i'bo CloJ30010b0 CQ0 8ooMCQ06.:ib ClM<i1ob, 0Mbo6M6b CQMMob <i10c::i<>G
.3oMOM(QO. ob (QMM .:i<i1ob dOJ3ocnob 8otJ(YJ!QD6ob (!;!Mf'l, ()6(Q<>
CQ03()Cl3.:icn, MM8 'b(Jb&<>CQ .:i<i1ob JM8.306oob 8.:i<i1.:i006'bo 8McnbM36.:i C!(0 CloJ3Dcnob
.3MM(Q(jj(3oOb 8oc::io6.:i8!.'.!?o b.:iiJ'oMM0 5 C!/c::'O· 'bo8Mcn 'Bf'lM-
(Q0b80<i106001 CloJ3001ob DJM6M8o()Mo 008M.:i60.:i<i10Clo6ob.:ib 36.:ib03cn, MM8
R3o6b 8oo<i1 JM8.306oobcn3ob 000 OtJM 200 MMC!(ob<>(3 dDJ3ocn.:i (CQ<>
8oOMC!(o6.:i) 10 C!?c::'DdO Clo!.'.!?000(Q, JM8.3.:i6o.:ib
JjM6(Q<> CloJ3001ob (QMM CQ<> 20 CQc::'O()Mo 0.:i8M-
t106060. en() ()08MtJD6o6.:i !.'.!?0<i1Ro6.:i 00030 006.:iJ3ocnocn, 8.:.Clo6 JM8.3060.:ib CQ0biJ'oMCQD60
CloJ3ocnob 5 C!/c::iocn <>CQMD 80<i1.:i0ob 06 MMCQOb<>(3 8.:i(';)0006Clo
!.'.!?0<i1Ro60 100 008Mob.:ibMb .:i803.:iM0!.:!?:
O::JJ3[)C1lOb (OP) = O::JJ3[JO>Ob (!?MM x (I
0803.:i<i10CQ CloJ3ocnob 0Mob

5 X20 = 100

MMCQob<>(3 CloJ3ocn0 5 0 3006, JM8.3.:i6o.:ib 3<>()cn03CQ06.:i 8obo

8.:i<i100060. ob 8M0(3<>3b dOJ3ocnob 60R306060.:i 10.8 b(JM0C1ldO .

.3<i1.:ij&oJ0dO, 8.:i<i10006ob 8McnbM36ob 06 'b(Jb&0C!? 306b.:i'bc::i3<i10 ob

.3o<i1oM(Qob 8o<i1tJoMob.
8'b0 .3<i1MCf?(JdGoob 80(';).:i 0no'b0 8McnbM 36ob
do<i1ocn0CQ0CQ, 80M0306ob CQ0 80<i10306ob 308Mt106ooob
- G0Goj016e:;M- (J'BMf'l .3<i1M06M'bo<i1000(Q00 (Q0 MM030 o.:i<i18Mo6ob 306Mo3 'bo. 8McnbM36ob
8o&ol'inoe:;()l'in t'io'bol'i-
0 0M(Q<>, 80<i10006ob dOJ3ocnob (QMM, bCJo<i10(Q 30Mo<i106b. ob
30<10, <l()'<JQM()e:;'O bCloM0(Q .:i<i1 <>Mob .3<i1M 0 6M'bo<i1060(Qo (Q0 0M 0Mob 00CQ08o.:i6o 8.:i<i10306ob
8ol'io 0o<ln, l'iM8e:;aooo
C!/0t1 306.:i CloJ 3ocnob en() JM8.3.:i600b 08ob
oj86aono6 JMMCQ()0(30o 'b[]
0 0Jocno60, MMCQob0(3 0.:i8Mt10606ob CQ0 (QMM 'b(Jb&<>CQ 0<i1ob
06 CQMMOO 8MmbM360G (06
a"''Ve::'"'CQ6ae:;o
.:i8330<i10(Q, MM(30 R3o6 80<i10306ob 8McnbM360Clo (Q<>
(33e:;oe:;o<loli mo3nG CloJ3001ob Cf?MMC.lo, Clooj860li 00<i1001 b0fi1o'b-
CQ0Go(3030CQ. of7a01 8M0ei 0o. 80<i10006ob <i1o'bo<i13ob JM6(30'BG00 60R306000.:i 10.9 b(J<i10cnClo. li()<i1001oli R0MRM
0 0b0b 3ti <i1.:i 8MbCQo60 en() JM8.30600li 0j 3b 80(';)0 00 6ob <i1o'bo<i1 3o 100 Cf?0
200 8McnbM36.:i 10 C!/c::ioClo CQ<> CloJ3ocnob 8Mli0-

200

O::JJ3nmnl>
::JJM6M8n(JMO

Q*

aaJ3amnli oal'i&ne:;o
MMCQDU>(3 0DJ30010U 5 10 15 20 25
0 06b01i'iooae:;aonli !:QM"' I '"O[JJ3DO>OU· 1
oM ol'inG 6()e:;>M306n CQ>
'b<Jli&n 0o6b"'l'iGnoe:;o<loG
CQMM

284
 300

O[)J3[)0lOU

-200

100 ------

5 10 15 35 40

300

dDJ3DoioG

c
-200
Er
/)

100

8.:.fll1>c,nooll
8oMOf1QCOb \"\o'lio\"\30 (QO
ooJ3Dmnb oa\"\i§nc:::m
0
MM(QQl>0(3 8M01bM3fo (Q" 5 10 15 20 25 30 35 40
8nOM(QQOnG (QMM oM o\"\nb
'li()l>i§n

(QM(Y) .;6\oG 5 (QC'::D· 01()8(30, 01() CloJ30010G (QM(Y) Ct<"

ci<c-;0()610 0 08(Y)1:Jo6oo0 6\(Y) 0 PJ61(3 <>5 Ct<" .;610 8(Jci<8o 3o, f\ 30 6
8M()3obci<oo0 f\3060 CloJ30010G Clo8(Qo8600610(Q:

'OoJancnob (OP)= f8oJan01ob CQt'il('I') x

CQC";O(Jt'ilO e,08('1')1:m6no0) + 8.:>M0()::JOOb MO'b[JM30
<>c-;Gei60Cl60300, 61(Y)8 100 80610 0 0G 61o'bo613001, CloJ3ocnoG (J6(Q<>
()060G0'bc-;361MG M(Y)(QOU0(3 8061000600 <'lf\060 (5 (QC-:0 20 x + 100 = 200
a06Gb30306ocn 0060 100 Gb30 lio®l:l306ocn, 00J3ocnoli
0 06G0'bc-;3<'103G 80610 00 6oG 61o'bo6130G Goci<oci<oli. 08 030<'10ci<, CloJ3ocnoG
f\3 06 80610 00 ooG 61 0'b 061 3o.
G(J61001oli o f\061f\M (Jfl306ooli f\3060 0o.3(Y)cno<')oJ()Mo J(Y)8'306noli
8McnbM36oli li;:i 0 8o6@JClo f\306 3boci<03cn, M(Y)8 0 08(Y)1:Jo6;:i60 .;61ol.i
(bei'boli 061ol.i 0 f\ei<'lf\mClo 8Mcnb(Y)36oli
b0'boli 200 d::JJ3ocnoG J001(Q::J00 08(Q::J6030
(Q080t')000010 80M0 0 oool.i d::JJ3::JOl0. 5 (QC";Ol.i 80M00::JOOl.i
Cloli03G;:io0(Q li0::):0P1M b(Q:J00 (JJ30 4 C«C-:D· ()08Ml:J::J6oooG 8o(Y)61;:i lioc,806@10 0<'10G ()<(361M

285
 CQOCQO, 30CQMO OOCQOo"U! 8.:>M<>ooooli o<>8CYJtJo6oo<> (J<(JMCYJ li6M<><(J<>CQ bl:Qoo<>.
8<>M<> 0 oooli 200 CQMCYJl.i, 200 ooJ30al" bCQoo<>
8.:> 0 M<>8 8.:>M<> 0 oooli 8oc:mo<>8CQo li<>3'oMCYJ<> (JJ 3o 6 U!c:?O· .,a CYJMo <tJ<>d@JCYJMol.i aoU!Oo"U! JCYJ8.3,:,6o<>
<>c:?8CYJR6CQoo<> lio@J(J<>(3o<>oo, MCYJCQOli"G 8,:,6 (J6CQ<> 0 .:>8CYJo 8o6CYJl.i Bolio 8.:>M<> 0 oooli MO'hoM3oli

8CYJalbCYJ36oli 8oli<>8o lio0806&00 o<>b<>M.S(;3" Oo030" M.)G MCYJ()CYJMG 3bo(Q<>3al,

U!" 0<>8CYJtJ06oooli CQ.:>bt>loli J(Jalboooo alOalj8oli
OMal6C>OMO,). M.:>8!:Qo6<>CQ<>G 8.:>M<>ooooli CQCYJ6o 0<>8CYJtJ06oooli 606,:, lioo8o6&oli .)MOU
OOJ30al" bCQoo<> aloalj8oli ooJ30alol.i CQMCYJ .:>Moli 5
U!c:?O· 8CYJalbf'136oli lio 0 8o6&oo 0 .:>8CYJ 80 6oo<> <>Mol.i
CQOCQo. ooJ30alol.i 8oc:?oooli CQMCYJ .:>Mol.i 7 U!c:?O - (J<(JMCYJ 8o@Jo . .,a
CYJMO <(J<>J@JCYJMOU JCYJ8oo6.:>(30<> 063031.i JCYJ8.3,:,6ooli 8ooM 8.:>M<>ooooli MO'hoM3oli
0 <>8f'1tJo6oo<>li. <>OJ<>M<>CQ <>R306ooli 8.:>M<> 0oooli MO'hoM3oli (JCQOCQOli
dMCYJCQ(]JGooli 0 <>8f'1tJo6oooli CQ" ooJ30alol.i (QMCYJol.i
8oMtJOCYJOOU 008G0Moool.ial3oli. R3o6li 8ooM JCYJ8.3,:,6o,:,li MCYJ8 ,)M .3jCYJ6CYJCQ<> <>UOalO
8.:>M<> 0 oooli O(J<tJOMo, o0 o R3o6li 8o 0M .3oMoCYJCQOo CYJM.S(;OM 0 ,:,6oGCQOCQ<> 8<>M<> 0 oooli
CQO<(J0(30@Jl.i.
B<><'i<>aoooli <'io'bo<'i3oli lioCQO!.Q:J· 8.:>M.:> 0 oooli MO'boM 3ol.i 'b(Jli@Jo lioCQoC!?o
Mo 0 <tJ<>d@JCYJMoo'ho. ,:,8 0 3.:>M.:>CQ, M.:>(3 CQOCQo" 8.:>M.:> 0 oo'b::i 8CYJalbCYJ36oli
8oal CQOCQO.:> JCYJ8.3,:,6ooli 8ooM 8.:>M.:>ooooli MO'boM3oli
oo6.:>MR(J6oooli al(] lib3,:, dOMCYJOOOO .)MOU ,:,8,:,30 (QMCYJU, M,)G (QOCQO,)
8.:>M<> 0 oooli 0 .:>al.:>30001.i MoliJo, 8oal CQOCQO.:> 8oMtJOCYJO.:> 0 .:>8CYJtJo6oo.:>oo .
.:>8oli 81.i 0 ., 31.i.,CQ, M<>G CQOCQO" 8.:>M.:> 0 oooli o 03 1.i 0ooli CQMCYJol.i
8oal CQOCQo.:> 8.:>M<> 0 oooli MO'boM3oli 0 .:>al.:>30001.i MnliJo U!" 8oal 8o@Jo
8.:>M.:>0 oooli Mo'boM 3o C!?"li::l'oMC!?Oo" JCYJ8.3,:,6o,:,li l.ib 3., .3oMCYJo 0ooli CQMCYJl.i.
8.:>M<>8oooli Mo'boM3oli <>b!:Qo6li .,1.i030 8.:>M<> 0 oooli 0<>al.:> 30 ooli
b<>M'.l(:o. C!?O<tJOGo@Jo U!" @JM.:>6'bo@Joo 8tJCYJ<(Jo .3MCYJCQ(]JGooli b.:>M'.l(:o .:>Mol.i 6.:>M8CYJo-
ooli ooRoMoooli 8o'bo'bo. M.:>8(!(060 CQ<>:Jb<>M'.l(:Oo" JCYJ8.3,:,6o.:>li, MCYJCQOli"G 6.:>M8CYJoo<> RoMO?Oo"
{QMCYJOOOal? MCYJ(Q::JU.:>(3 b.:>M'.l(:OOO ,)MOU oli b.:>M'.l(:O od6oo<> U.:>J8.:>CYJCQ
MCYJ()CYJMG li,:,56obo 008alb303.:>oo. 8'b,:, dMCYJ-
CQ(JJGooli CQO<tJOGO@Joli b.:>M'.l(:O 6.:>M8CYJ00CYJ0,) U!"J"Mo o"lJOCQ3000CQ.:>6 CQ"
CQ<>OJ<>M()OO" ,)M.) 8.:>M@JCYJ o"lJOCQ3"' ,)M.:>8o!:Q <>lio30
o"lJOCQ3000 oj6oo.:> U.:><tJMalbooo, al() 808.:>Mal<>306 lib3,:, JCYJ8-
.3,:,6oooli. al(J8(3<> oli .:>Mol.i 0 ,:,l.i,:,'bCYJ8o, OQO
(J6CQ" OtJCYJl.i 8060'.l\:806&01.i 8ooM !.Q" ()6CQ" o8CYJl.i 8<>M<> 0 oooli Mo'boM3'bo
8oc:?oooli CQMCYJl.i. M<>G CQOC!?o" 8.:>M.:>0 oooli CQO<tJoGo@Joli b<>M'.l\:ooo, 8oal 8o@Jo.:>
8.:>M.:>0 oooli MO'boM30, oo6<>MR(J60o"G li(JMl.i 8060'.l\:806@Jli, al() lib3<> .3oMCYJoooo .:>Mol.i

<B"J@JCYJMO .)MOU CQ<>8<>&oooalO 8.:>M<>ooooli 006<>b3oli b.:>M'.l(:O. oli b.:>Mfto MCYJ8 .)M
JCYJ8.3.:>6o,:, aood86" 6oooli8ooMo UOCQOCQOU 8.:>M<>()OU MO'hoM30,
8.:>M.:> 0 oooli .:>MjCYJ6oli 8(3oMOCYJCQ06o JO. al(J8G" M<>(3
CQO(QO<> 8.:>M.:> 0 oooli 006.:>b3oli b.:>M'.l(::JOo, 8oal d3oMo (}ft!:QOO<> JCYJ8.3,:,6o,:,li MO'boM30G
006.:>b3,:,, MCYJCQOG"G lib3.:> al.:>6.:>o.:>Mo .30Mf'10000,:,. 8.:>M.:> 0 oooli MO'boM3oli 'b(Jli@Jo UO(QO(QOU
0 .:>6li<>'bc:?3M" 8CYJ0(3<>3li U!" 8<>M<> 0 oooli .:>8f'1D(JM 3ol.i CQ<>6.:>b<>Mft0ooli
o.:>li U<>J8.:>Molio 8.:>M<>ooooli MO'boM30G oo6.:>MR(J6oooli CQ.:>6.:>b.:>M'.l(:OOOU U.:>dOMOUdOMCYJCQ ,:,8
al.:>30CQ.:>6 ft,:,800 .:>8CYJ(3<>6<> 8CQ 0 CYJ8<>MOCYJol.i
8.:>M<> 0 oooli CQO<tJoGo@Joli 0 ,:,6li<>'bc:?3M.:>oo, JCYJ8.3.:>6ooli
CQ.:>li.:>0300.:>CQ 800R603li. lio@J(J"Go.:>oo, oli 8GoMCQOO"
oo8GoMoo.:>(Qo 0 .:>6<>J3:Jaloal, 8.:>M.:>ooooli MO'bOM3oli 0 .:>'bMCQ<>lial.:>6 OMOJ.:>CQ . .:>8 0 3.:>M<>CQ, JCYJ8.3,:,-
6o,:,8 oo.:>8(3oMCYJl.i 8.:>M.:>QOooli CQO<(JoGo@Joli 20%-om, 8.:>M<> 0 oooli MO'b-
OM3oli 100 0 .:>'bMCQom, 8.:> 0 M.:>8 8,:,1.i'bo JOC!?03 100 CQ.:>8.:>@Jooom,
Jf'18.3,:,6o,:, oo<>8(3oMooli ,:,8 10%-om. 008!.QOo C!?oOo" 8CYJ8o6@Jo, MCYJ(3<>
8.:>M<>ooooli CQO<tJOGo@Joli oo8U!Ooo oo8GoMoooli CQCYJ60 b!:QOO<>
8o'b.:>6o. 806oft806&0 .)M 0.:>'bM!.QOU 8.:>M.:>()Ol.i MO'boM3li 08
8o@!<>CQ, 1.i"U!"G o 06.,b 3.,'h 0 'hMCQ"U!o b"M'.ll:ooo o"U!""::i'<>Mo 001.i 'hMC!?"U!
8ooc:?oo<> CQO<tJOGo@Joli

286
 0 .:>b(.l?.:> 003P10 JM8.J.:.6nnb013nl>. 0 1>(!(.:>813380
CFO o'boo .:>Mob Cl8(i)nb-Jmm3o'bo ';')J301ouo, M<>(Qc,<>6 8.:i01
.JM bfl'nt'ii£Q300a. b.:i'bo !J<" M<(Jobb ClMt'i1ol;:
06<(3mM801300 .;:,,J0t'i10&on. od6ob
bJ.:.6ot'iiob 8003JM0001, 3,:,006.:.13 JO tJ';'Jmn b.:i3b:m t'i1m3 ntJMb U?"
mo01M<J'(Jc::,10 .'>Mob
o0 n m.:. 0MMlJ<VdGnnu
'38M8r.X.oe::mb 8.:ib 08363036 mn36000L> m.:. aooMlJ<n-
U o'b3 8M3'b.:>(JMMOOU.:.b, 8.:i&.001M6ol; oob 3t'iimo 83mP13Clo.
!J<"J"3Clo&.3ove:;i60 1>&.n.:.6 8;;l>01;;6 b;:,6\036 · !J<MMob 008 AMR-l; J31:w3nli (QOM3d8mt'i10,
'hvb8o 8M6o\ll)MMo60 ol>m3ob IQ" 8;:,01 .:il>33[l cr?"J.:>M- 61.:.1:!1 8M3.:>3'M3 . lib3.:. '()dOM.:>\ll)3lim6;,l;: RFID
13bM33e:;io .:i0M3606M6 Bob . M.:>Q?oMb lJ<"bJ.:.6nP'imoli 150-m.:.6 1000-B!Qo
0.:.i:ip81338ocn
l>obClo&.nb m.:.8!J<036L> (RFID) 36im8.:.6001cn;:,6 U?""J"3" JMM!:!1'Vd13n.:> lfo3Clo, P'>m£Q3b.:.13 o\ll)P'iob-JM(Qnb
Cl0Mr>1l> 3'C"ff3(JMO M036i.;130300, <'>Q?.J80- ti?"bJ.:.6nP'inooli Cl38mb333.:.oo b£Q30.:. ti.:.3Clo JMM-
.:i63oob 603m[Jo'b3 8[)01M(QOb lJ<'Vd13onli 3P'icnn/8omP10Q?nb !:!;1'UJ.:>63Moo.:i. P'>.:ili.:.o
0301.:i3.:i'b3oom o\llJ6'ob-JM£Q3oob 8b3.:i3b.:i(Q. O[J08(30MMb lii>U0btJM6M b08'()d0M360 20%-om. bo8M6
b1>83<(3MOO 2002 Md\llJM8oMob mom 6P'io&.:i6omoo 8oOMCQOOob dbnc::,iob "<?3o'V-
.:i63i>Mo0Clo AMR &.3'boP1!5 JMMJMP11>1301> RFID 3.:im.:i8G38ob 8n';'JMoU\ll)ou'', .:i36m6b, MM8 CFO-a (J6m.:. 308Mnt106Mb RFID
8.:i6i.:iaaoob ';'JJ3013bo (JJOM08nliMOlJOO, M.:>Q?3.:>6 obo6o bob3G 8obGn8::i6 IT
8o(!(:J36noou o"!J<1>8Go8ob 0.:i8m:w63oocn limi>3.:i'bmo.b 8oom(!(0" n6<(3M<>b\llJP'>';'Jd8vP1.:ili.
cob b.:>M31:3onb on8130P100.:ili 3-5%-om !J<" "38M·ID (3:J68Mn,
'bP'>(!(<>b 2-7%-ncn. 3ob dMM3<'11>81> MIT-LI 6.:i'b.:i'ba (!?I> Jo86MOJ'CdO,
REID 8"(!("8rnJ8b (QMMU m.:>38.:>8.:> o6<(3MM8.'>- lJ<OCQ 61'108..,6n01Clo, 0P1M36M'!ioP'ino.:.G "Jam::i6b, 1'1M8 RFID
GOI>, P111m0.:>6 811cnn !foP18moonb b.:iP'i:J1;02in !J<"3o(!(.:> 15 Go681>8£Qo on.:.3oo1'1nob \ll)fi1.:.6'b.:.d1303oob b.:iP'>J'Cnob, o.:iP1-
8Go6i3 .:i8 <(3.:iliCln .:>ll(.:i8o.;6;:ionb 6n3cnoonb a
8M3ooli m.:. 0.:. 0'1i036ob mP'>Mli, 00a 8 0P'ioob a.-,t'i1.:ic,ooli m0
.;6 8'b.; 0MM!J<(Jdl3M'b<J, 8:J@J.:>ll( (','>1'(JOJ?,MOOUfl6b .'.lMM(!('()dGooli 8ocwo.:.b.

0(Y)c:::'(Y) (QMMU o5!:Q(JU0Moou MC>8!:Qo5o8o CQC>ModO U.:>b.:>M8MM .3M(Y)GouClo ()<(3MM <(3C>M01(Y)(Q

8olfio 0nool>
8olfim3ol> 1'<" JM60MMc::>OG
8301011'<0,
8obo1'<3om>(3 l>ol>oj016c::>01-
a.,,0olfiooc::>(JMO 8olfio 0oool>
aoo"'1'<D"" b1'<o""
(Jd()>t'.:'"'1'< O>MilM300G
'b(Jb0"1'< 08
a"'ao5e 3oao, lfif..,1'< 3Go 8
8'1m'b3 oi>M8<'1odMo>
8<'101bM3fi.>.
0 .:>8(Y)otio5oo" oc,Mom bM!:QJO(Jc:::>o 8.:>M.:>oooou 8.:>Mm3.:> .3Mo5Go.3om "'b(Jue0U? Q?M01'bo"·
M(Y)o(Y)MG u.:>boc:::>oU?"6 fi.:>5u, 8.:>M.:> 00 oou Clodo60 CQ" n.:>M8(Y)oo"Clo fi.:>Mm 3" bU?oo" 'b(Ju0"U?
8(Y)mbm36oc:::> CQM(Y)U. (l?MM(Jc:::'o 8o!5P'1Q;!:JOoG 61Yio6Go:3oh 8o5o'.l?>8o5eou <(30c:::'(Y)u(Y)'l3o"
'13(Y)J()UoM 0o,:,G "Jomoou 8.:>M.:> 0ooou 8(Y)'boCQ 3" 'bo b'0M801ooou .3M01 80 uol> 80Cl 30 (')0001
"l>,:,3'oMM 0oou" u"'B()d 3oc:::>'bo m" ,:,l"i,:, 8.:>M.:> 0 ooou Clo 0M01 30 00'bo "n.:>M8(') 0oou" u"'i'3(Jd3oc:::>'bo. 0t>
801ombM3l> deic:::>o.:>5 'b(JU0 b.:>M80100,:,u, 8.:>M.:> 0 ooou o5<(3MM8.:>(300U uoueo8.:>u, 8.:>c:;.:>e::; J'13JD0o.:>6
Clol>tio!:Q3.:>l>, 8J0"U? u.:>5CQM 8(')8b(Y)!:Qooc:::>oou {Q" 0'?30d0o.:i5o 80M0 0 oool> 8.:>Mm3ol> uou0o8.:>l>.
01()8(30 60U?c:::>O(Jc:::'O 8.:>U.:>c:::>oool> 8,:,l"i00000 (QC> 0M.:>5'bo0(Jc:::'0 8.:>M.:>oooo C>M.:>l>M!:QOU ,)M
Cloodc:::>oo" Clo8GoMCQOU 5(Jc:::>"8m 0, 8 500,:, CQMM(Jc:::>o 8ob'01CQooou .3Mo5 8 o.3o .:>Mou 8,:,l"i,:, 00 oou
ClJ8(3oMJOol> 0'?30d0o.:>5o 0 'b,:,. ci?MM(Jc:::'O 8ob(Y)ci?OOou .3t"io5(3o.3o uou0o8ou 8o'b,:,6o .:>M .:>Mol>
8bMe::;011:Q 8.:>M.:> 0oool> Cl 088 oMoo.:>, .:>M.:>8oCQ ,:,u 030 8b'.:>M801ooe::;()l"i(Y)oou, .3P'l(Y)m(JdGoou b.:>Moubou
Cl?" b.:>M8Moool> 8(Y)d5oc:::>(Y)OOG 8(J(Q8030 (,0()8$(,(Y)OJGoo.:>.
CloJ3001ou OJ(Y)5018o(Jl"io 8(Y)G(Jc:::'(Y)o,:, CQMf'l(Jc:::'O 8oO(')!:Q06ol> fi.:>Mfi(Y)ooClo.
OM010 ClobJCQ3001 Clou.:>dc:::>M.:> 8(')03ofi305(Y)u, M(Y)8 uol>0o8,:, "(QMM(Jc:::'O 8ob(Y)(QJOOG .3Mo5(3o.3o" -
M(Y)8Jc:::>OG G.:>Cl(J.:>e::;oo.:>U odc:::>03" 8o5o8()808CQo Clo8GOM!:QOU 80M.:>0000 CQ" UC>OMc:::>MM $(,C>8Clo
0.:>5l>.:>'bc:;3M(Jc:::> u.:>d(Y)6oc:::>'bo ,:,5 8,:,l>"c:::>oo'bo CloJ3o01ou JJ(Y)5(')8o()Mo 8(Y)G(Je:::>0100 U?" 3oU?ou 0M01
OM010()C:::"8U?O - o8tJM<(300.> b'o5.:>.:>c:;8Q?08(Y)O.:>Clo EOQ 8r'1CQOc:::>01.:>5. 01()8(30 ou .:>UJ .:>M .:>Mol>.
fRMM(Je::;o 8ol5M!:Q::J6olJ 0f.jo6Go.'3oli uou008.:>, 8001Mou 8bM03, (J"MtJ(Y)'Bu 801u,:,'bM000u, t"i(Y)8
dOJ3001ou b.:>M'.l(,JOO (8(Y)u,:,8u.:>b(JMO .3oMu(Y)6.:>c:::>ou, 8oc:;ooou, Clo801b'8ooou, 0 ,:,5t"io 0 ou !:!?"
!:Q.:>8M50"tJooou b.:>M'.l(,ooo) .:>Mou "0Goe::;ooc:::>"U? 'BoduoMoo(Je::;o 8,:,01 8o8Q?o5"Mo CQ(Y)5 00 o'b 0.
M(Y)0MMG f!<MM()c:::>o 8oSM!.!\'.Jooh :36}06(3060 liolieo8ou 6.:>b'oc:::>o, 6,:,ooJ><;ooo 8()Q?8o 3.:>CQ o!:Qc,8oo"
,:,8 b.:>M$(,o6ou Q?.:>oe::;.:> U?"b'o3ou013ou. 8.:> 0.:>c:::>om.:>!:Q:
()<(3MM !:!?" ()<(3MM bCloM.:>CQ 0.:>8(Y)otio5o6.:> 8(3ol"io 'bm8ou li.30GoC>c:::>(JMo u,:,030Mm01 8,:,6-
d.:>6000 e30M010U 01.:>fo808CQ03M(Y)0001 8o006oum3ou.
c,.:>8(Y)otio5oo" 'bM8 0oo, M(Y)8oc:::>oG 8(')8n(Y)mooc:::>oou ,:,od(Je::;oou 6oCQc:::>O(Jc:::>o 8('),)b(Y)!:Q(Y)5

287
 CQ0'130J0nu 00MJOJ, M08 b0Mnubou b<>M-
foooou 00880Mooou (06 o"'()J8ooou) .
.31'1MCQ'(JJ0o<'>o, CQ" .3MP18JCQ'()MJ6n !!!08Pl60<>tJo6ou CQMPlnU<> CQ0
CQ<>6<>b0Mfo::J6nu 0088or1ooou013ou.
800"'!:!/0ool> dl>oc::>nG 8060·
3806&0 Supply Chain ooJ 3o01<>u01<>6 .,3 CQ060b<>r1foooou o088 oM 00001, JP18.306n<>u
management - -
00'()010600MP1U OJJ3001ou b<>r1foo b0'bu 10.7 U'()M<>01'bo. ou on303u
8G0rii801ooc::>o!:!l"6
00J3001ou M0P1CQJ6Plou, Q*-u o<>CQ0bM<>u 8<>M 8 b6o 3 CQ" 80M<> 0o6ou 0M010
G00"'"""'"' a,.,aba01ii::i-
oc::>>8ll/o Godro6c::>oG, 8018-
8obM(QJOOU .3Mo68o.3o" 8CQ8P180MJP100U01i>6
G0bvriioooG ll/" 08ou o<>M(Q0, 8PlbM(QJOOU OJ1JP136ooou, bi>M8Pl::JOOU i>Mi>J'130d0n<>6PlOOU (Qi> 8"tJ0!!?30U .3MPlo-
8ol'i01ll/000G 6Pl'bOMJOOU OJ8CQP18J6nu oo88nMJOOUJJ6 8'()(Q8030 80M<>80-
a060:Ji:ao6&o. oou MJ'b::JM3nu 00880Moo0u <>6 u00M01MCQ 80'()J8000u. M08CQo6<>CQ nd6oo<> JM8.30600 JIT-u
8(QoP180MJMOi>U0106 JU bi>M8Pl::JOOU .3MP18JUOU 00.3'bo (Qi>
2io'b5ol>o-oo'b6ob0Gm3ob -
Business-to-business (ll2H)
o6(Q'()U0MOOU 0'()6000'bo, 8<>0M08 non .)MOU JP18.306ooonu '()8o00UP100U013ou
- JM8(JbOJ0(30000 {J/O
8o0"!!? 80CQ 8 Pl80.
&rii06'b0d00000 2,06brorii- 8obP1(QJOou .3Mo680.3001 8<>M<> 0oonu 8nbP1CQJOnu 8o6ofo8o60n
J"'83o6oool>, CQ0 n60JM6o0n, 80M0oooou nd6ou MP1 0P1M8
06 J018:30600Go {!/> U<>'1'.J::Jb'()MnCQ06 u<>d8n<>6Pl6 06ou
<>8 Ui>J8n<>6MOJOU ObPl(QJOi> 8ob01(Q::JOOU
ClroriioG.
806ofo80680 (SCM). 06'1'.JMM808oou n0800M8<> 00CQ0808ou JP18.3o-
828
60Cl603G 80030P10001 ou .3MP18ouo.
06&orii60&001 2,06brorii- 80M00oonu013ou, n60or16o0nu 0<>8Mt1060008 0'130J0n<>6n 00b<>CQ0 8obP1CQO-
&lii06'b0d- oou 806ofo80600. 0<>630010MCQ0 301'f:MP16<> J(Y)8.3<>6noou OPlMnu Z:m'b6ouo
oo::iol>. 6o'bb[JUOU013ou 0n.3ou 0M0b'bi>J80£J0001. 01'() 01d306 ol'fnM(QJOWl O[Jndn6Pl01 MM8[J dn8o'()MO
.3M(Y)CQ'()J800 01d3£J60 b0M8Pl[J6nu013ou, 01d3£J6 CQ00CQ 006Pl01 'b'()u0n u01'fnMPl::J00
oo 'b6nl>o-oo 'b6::iboG013ol>
828 dn80'()MO 3<>1'f:MP16nu ub30CQ<>Ub30 <>8o30M0(Q CQO<'>o6 JP16-
828 - B2B
exchange - oo 'boliio 0M0J0o<'>u. JU "'()J80P16ri 0od60J'()Mi>(Q i>88nMoou u08'()0i>PlU
o6&::irii6o&Clo, (Qi> ub30 b0Mfooou, Mi>8 Ui>'()J001JUM '1'.J0UOU 8Plu0do66"(Q. <>8o30M0(Q, 8Pl8-
06&orii6::i&o01 30:flii0100, OPlMOU JM6J'()MJ680001 oo880M(QJU 01d3060
MM8t::>0010(3 (Q060b<>Mfo::JOO. 003Mn .3MM(Q'()J8oou013ou '()J30 <>MUOOP16U 828 301'f:MM60 (Qi> <>8 0 3<>Mn
:J00 ll/lii01Clo "CJD" 3<>1'f:MP10JOO JOCQ03 '()'1'.JMPl 8o0<>CQ 3001i>M(QJ60. 8Pldnoo0 OJUi>Oi>8oU0(Q
000160G 8G303l>o{l/
a001030'b00001. '()6(Qi> OtJPlU n600M600001 301'f:MP100U013ou, Mi>8 01d306013ou '()'1'.JMM
'()J001JUO nd6000.

11 30(¥)0onoo '?30606G(J<"io
01'()880 80M<>oo<'>ou 806ofo80600 i>M .)MOU '13ofo6U'()MO 8o6ofoOMOU .3oM(Qi>dOMO
8<>M<>o::JOOU <(3P16(QJOOU 063ou0nr1000 i>MOU <(30fo6U'()MO 806ofo-
8060ou 8000!!? 0u.3od00. ooa?oo0CQ, l'./3ofo6u'()t'18<> 8060fo 0f'i8<> '()6!:Q0 n8 Pl!!?ou
8<>M<> 0ooou ol'./3od0n<>60CQ 8'boon, MP18 OtJPlU 8000!!? Ol'./3od00060.
M0 8 CQO!:Q00 8<>f'i<> 0oooo <(3P16a?o<'>ou 8001
80M<> 0oonu CQP16o CQ0 Som 00J3001ou
M0Pl!:QJ6MOi> Ol'() ub30 .3nMPlOJOO Mfioo<> JU oo8Plb8(QJU oofob3ou b0Mfo::JOOU,
c, 00'bM(QOOl 10.3 EOQ 0uo30 nd6ou
<(J0606U(JMO 8o6ofoOMOU 8noM 8i>Mi>o::JOOU CQ0<(J06<>6uooou !!?"00083<>00.
MP1!:QJU08 8<>M<>ooonu 8P1mbM36<> 06 008P1tJJ600<> <>Mou <(J06<>6U(JMO 8060-
foOMo OJJ80!:QMU o<>8PlOtJJ6PlU 8<>M<>o::JOOU 8oc:?oonu !:QMPlOU
oo88oM 0oou ooJ3o01ou oo8!!?0o· 1'10 8 o0J3o01ou 006b-
l:QMM, 8001 u<>l'fnMPl 8<>M<>oo<'>nu MJ'bo(ii 3o !!?" 8001
80M<>80600 063ou00800, Ol(J ub3<> 0106<>00Mn .3oMP10J6n<>. M<>8 CQO!:Q00 8<>M000000
'13(Y)6!:Qoonu 8001 !:QO(Q00 <>8 o<>6bPlM-
l:QMPlou o088 oM 0oou ooutin!!? 30 oou !!?o.30M008o600
0008 .,CQPlU 8Md 0o6Plu '()<(JMPl un(ii0</3
8nbM(QJO<>U, 06 806 o0<>JJOlMU (Q<>0fiJi>MPlU
8n5M!:QJ60. 50M8(Y)ooou CQo.30M008o608<> 8'b<> .3MP1!:Q'()J8oou 8obP1CQO<'>"
(J<(JM(Y) UbM<><(J<>CQ 8cinMJ 6M'()63ooou P1Mn30 008mb303000 <>MU::JoPloU
<>Mfi 03 060 60a 00u0, ooJ 3omou
oo880MJ00UOJi>6 (Q0 '1'.Jf'l6CQo<'>nu OPlMOU,
8<>M0 00 om<>6. <>8nu 8 Pl!:Q6<>u CQ0 !:QOCQn 0d 3u 8<>M<> 0 o-
6ou 8i>Mm3000 <(30606U'()MO 806ofoOMOU013ou.

288
680
u:wCwl;)<:>?Cg l)u'iluC gwlp!u<' u;;;;uCiJf!Cr;::<:>OJ <'<';;Jq<:>,:;;;Cq
·<Xi'C1:Cwi;;ufl«1 'lu£DC9e"
qC.::JoOu<;> 9ciDuC<0w 091;C<;;JC9w£<'O WU'(W<;;J<'R9 ')UuOpQ.<;Jl;il'l
-9wr u<;;JG>;>C<;JwQ.r"'l9"'il <1u£Ci;Ju9 0iuPu9pCl;il tu'il'<;JuCl£loq
·'lw<;;Jqo CO:i90.::Jo'ilO:i<;> O<(Ci;Jooe u1:C'ii'PC<;;Jeewr
oO:i 4<;;JofelCO:i oO:i illo'(C9wq, '2C<;i«iue "'IC9CRuweo'il "':;:;iu9"9
o<;;JC8fl qugq';Y<f ·u1:CuOo':YC2w '1"'2Ci;Jue °'P'G;.Z;;i"8':Ywfb uJR<;JoQ.
illogo<J<'.::;kog 8"1'.W'lC'ii'CeG?. 'l"'l'.Co901:ewr '?il"""-"'';x''iloe
90 8u.;;iCiJW':Y oill ii:l<:1:wR9<110
qugogpoe 01:C9pu Ou<;;JCew<;J uw<;JC
eu 01:C'20:iCe_ oufel<;J<'I: 'q'2"':Y')C9 wCqu
9u.YJ3i;Joue 9ouf10<;J531uue ugoqo qu8wqu1ijl9ou<;Jo8 ·q
-o/oO t 'JUl'C9CRweo'il "':YQ.l)<i;J<;;J/i:lC£wR 90 qrnzC<;;io1ijlCD:l
';J<' 8"8W'1, <JW<£l<;J<'£ iJW<;J 'qf!wqwu '"<DU£U0g"';Y£
qu1:CD:lw9ue u,";;JQ.w<;J?u. qo9C<£l'lu'1 1wG9CRu Oo<;;JGew'.Y
"''2""1C'ii'Ce!i. 'llJ<l'.Cugoeewr <pu9wew
C\!i<'Oe <J4illwgue ·9 ·uR<''2"-"'';J8oego'2
<jl)<U)C9 9 ou<;;JC<;>GU:;Jp«JCll. uwC<;JWCe ('<;;)80CR
uqC99oq u:;;l2.'ii'oew98o UW<;JG ueou9w1;w 'Olowu<;;J
-0'209 Cqt• ·01:w.;;i1:GW1po<)Cf;' quW180Gll. ufuo':Y9'1 qu<(C!£l9Ce
ougo8wW1C98f;'"98 D:lol;ilGe u110£CCqwgCf;' .;;ieecowe
·09C0ii:l<;J<'5J qu<;;JolfjlCill W\;)Of<''l u<;JCue
-<1u'2C9 oii:l "'2C<;JU'2oC<;J
'l"x°;;JpGe oii:lgl2. ue.090<.1<;J<P ogqCOcuu.Jt? <nC?ilw9ue
·ii:l<l]U8<'1"'<JCe. 9uPufbo<;J'il u.::Jo9C'2illCf1 <;J<'9T9USJ Ce<;JG'.'1:9Cill
-8<''?1 UQC<;iQi t'(CilJ..';JCu8<;JWq "l?Cii:lwgue
o<;;JCCwwuw ·(qCCoe.Q.ewe wolfilPO<;J<i?gwP go
<]<;.l<'wCP"'l) '"'l.O<;JUC<£l<I] D:lw<;;Jwq9 qu8w<jo<(CD:l
-w9ue qu1:w<;;J<(C9Cll.8"'"9
-<P9<8 "':YIC,9weou 'Oio<;Jo8'2go ·'lu<;lwt/ '1'2C<;;J'2C<;J"8'18"'8 oill
"'1'2C<;;il'.GD:lw9eue 09ePCR w1ijloq,9o<;J!£l<11 wD:lGeuoq
'JU<;J<- 09oq,ug uii:lowu':Yup qugug<;JG9 8" 908pwo9 'O:iC<;;JPwe
·'lu8<.0<jU<(Cwe':Y"5l illw<;;Jwgg
u<;;JC1:C?llw9eue COie-0098 <]8081: 'wupu<;Jue
uP '}<'UOO<;JW£<;JWP <]<;Jwlfilwe O;Jo:;;C9C:/&
<(C<;;iPog Cq,-ogG 'l'?C9CRu <'\?W<]C'ii'CeC 1u1:Cug<><:IJl"r
-Ce8""'9<f,9oe ·ue.<'\'."'<ll.Ce 'l"8C<iil<Joq ,,ueoOs"':YI?
<Ju'2COiw9ue <>'(C:;><'B<:JC u'2C<£lpo<;Jfiil9wr u9ouii:lo8
-<;;JGp<;J'il 9owwoe oii:l 01:w9C?ilwo';) C<;JUOe
·illo'ilCD:lCR 'lu<;;Jw<;J'ii'9wr uiilG?.O <jwqOU<;JW(l"ll
·s
ew<;J 'Cq,oeu "<;!'' o/i:l <]U<JCOw<;Je WWB<;J<'.\J<''l
wuCw u1:Cewq, 'l<XJ'lut)J"q
-C<;Joeqewe ww<;;Jwl'."'l <e'lue O<;JWll<.J<;I 1w.::Joqugoll oii:lgC uqCIJ
u'ilCD:leCe_ <8'JCOw<;Je WW8<;J09"'J <'g<;;JCCW<OO<O iJW<;J 'ue<eu
q<(wC:;>"ew'<D:le ouOfbC89wr ·u<;;JG9wp"'l 9"1Xl'l"':Y"'-1
?uw<;;Jwqe 'lwi;iuue uquCow iJW':Y 'ol'."'D:ls
'lueu 'lco:iswre ciiJgQ. aio<;;i1:C.::Jooco 'l""9"1:ewr .:;;ic'<c<;J<'eqewe
09 9oii:lu1:C9q;,><'p
u<jug 9<'"\Y" 'Olowu-.'.;;Jolloe 'ue.ougw1;ou
Iii' -CD:lw9eue .'lol;ilw<JW9" ·,,ue.ciiJoC lfil<JCq," 'l"'IC<;iug <p(C<;;iol;jlCD:l
( Ii It <j8wqwu (W!X(CgCRw8"'2 <JUI(
-Cwe<;J<'9 Cw-: uOiwuu)C1; U<(C<;;Jf'o9 Cq,C<;io:iw<;JC
r 411 - COigwe<;J<'SJ"'l 900lwg<;J09<''] <ju<;;JCCD:lu89oll
'-":•: t,<;;JCfeluq,90<;J9 c.:;:;irwe D:lo'Jue"l'."'lCR
·(uR9;iw'i'we .;;io;iC9Cll o.;;,Cw;iill" qoeC'ii'909
Ou.;;iC9w;i 'wuCillCque qugCw\ilq q;iw\i'we .;;,o;iG9Cll")
SW\;) 'q<Aoqoeo
 Cl?" JM8.3ei6oooo bClolileiQ? ()Jomooo6
Clo8C!?D8 UC>JOO'lboo'bn 8eitilei 8oooG feo(}'BOooG 8oboQ?3om 0883"-
( 1) eidoo.3- lileiQ?, Mf'l8 8"(JJ0<1lf'lU 8o8"C!? 860Cl3-
ei68eitiloCloooG beitiloGbo; (2) GeiJMDQ?o8M 8eitilei8oooG (J<(3Mf'l bClolileiQ? 8"C!?"Go6fe3eiG.
.3otilof'lQ?oG (3) 'B"GQ?e>J- otilm eiGom 8oQ?8M8eiG t:JDMQ?OO" 8eitile>8t:JOoG JMb8MM-
(J?f'lbO {m(J C>MUt:JOf'lOU eiGomo) ABC BomMQ?o·
8"C!?"bC!?oooGm30G; (4) 6oooG8oolilo 8eitilei8oG
.30MMOt:JOo, Mf'l8f'lMo(3 eitiloG Go'bMb(JMo 8"C!?"3"Q?DO" 00J3t:J<1lC> 8oG 8C>8MtJ06000G .3MM8-
Cl?" (5) C!?"6ei- 6M'botilooei'bo, CloJ 3omoG C!?"6eibeitilfe'bo Cl?" o06eib 3oG
beililfeoooG Q?M6t:J. Clo8mb303eiClo, 8"C!?"IJ83D- C!?"6eibeitilfe'b 0. CloJ 3nmei 6oCl6ei 3C!?oG M(")-
8f'lo 0 ei 3G 8{Y)tilo 8e>MC>80U CloGtJOQ?3C>G, eiG030 8oG bC>M8f'looeiG.
BMaoooG beililfeoomei6 CloC!?ei- CloJ30moG beililfeooo 8Mo(3ei3G C!?"J3omoG, Cl?"
lilooeiG. GeiJMt:JQ?08{Y) Cl?" CloJ 3omoG Clo8f'l68oooG beililfeooG. Clo6eib30G beililfeooo
8M80ooG 8"'blil(J?0Gm30G JM8- eitiloG 8eitilei 80 ooG GeiiJ8f'looG, Cl?"
.3ei6oei8 (JbQ?e> oG beililfeooo Cl?" 8eitilei8o0Clo 0630G&ooooG
Gei6ei8 080 8"Q?"btJ308"G. af'l8ooei.
JM8.3ei6ooG GeiJMOC!?o&f'l Cl?" Ot:JJ3omoG DJM6M8o(Jlilo (EOQ)
8oG UC>JMOQ?- ei8&J0(300G, Mf'l8 8eitilei8oonG MC>MQ?Obf'l-
o&{Y) Cl?" "JMD<aoG .31'1M(3t:JQ?(JMOomei6 t:JMme>Q?, 8"6Gei'b- ooG 6oooG8oolil Q?Mf'lb CloJ3Dm" eitiloG MC>MQ?t:JbMoei,
8oGo ei8oolilooG 8eitilei8oooG beililfeooG
8Q?8M8eitiloMooG UOQ?OQ?t)U Cl?" beitiloGbG. R3o6G 8001'1 .3 01iloMQ?oG
JMOQ?o&oG Clo<aeiGooeiClo, GeiJliloC!?o&f'l II 8eitilei3000G GeiboMonG 00J3omoG
f'l'(30(30MO ( 1) Ob<(3f'lM8eiooeiG 'ho, (2) eitiloG .31'1MQ?(JDQooG Me>MQ?t:J6Moei, 8oboQ?3omeio
eia o6'Bf'llilaei 0 oeiG, tilf'la JM8.3ei6M8 (Jb(J?C> 8""J0<1lf'lU OJ8Q?D8o
JMOQ?o&oG 8"C!?"bQ?oG (Jbe>MMbMoe> Cl?" (3) 8"6Gei OJf'l6M8nJ(JMo ClaJ3omei.
JMOQ?o&oG 8"GDa" 'bo .3otilf'lo 0ooo, MMQ?oGeio .31ilf'l-
UC>JMOQ?08{Y) "C!?8o6G (Jb(J?C> 8"°(30G C!?(JDGooG 8MmbM36eiClo Cl?" CloJ3omoG
<1l(J e>Me> JMOQ?o&o Cl?" MC>8Q?t:Jbo (Jb(J?C> Otjf'lb 8eidGo- Q?MMClo eitiloG BoliltJoMoei, JM8.3ei6oei8
mei6bei, ei6 Ue>JMOQ?08f'l bei'bo. ()6C!?" Clod86eiG 8eilileiaaooG lilo'bolil30. 08 8M8o6&oG
Ill 8eitilei8ooo bC>M8f'looeiGei Cl?" .3MMQ?(JD(300U (J?MMU, (Jb(J?C>
8"80Q?3eiG ClMtiloG 8eitilei8ooo 8"J0<1lQ?OU Clo8C!?o8o 00J30<1lC>,
JM8.3ei6oeiG 8oG CloGtJoC!?30oClo, JM8.3ei6ooG 8eitilei8oooG lilo'bolil30G
1Jeiti18MOOob 8"61'10800 Cl?" 8MmbM3- BoiJMQ?OOoG .3tilo6oo.3om" (JIT) 8eitilei8DooG
60G 8M8Geib(JMt:JOe>oo. BomMQ?oG 6eiti18MClMoe> 8"6.3oli1Mooo(J-
8eitilei8oooG Q?M6oG Clo<aeiGooeiClo, Bo6ofeBo6&Bei ()6Q?" o8om, Mf'l8 mei6ei8oQ?Mf'l30 JM8.3ei6oooo ()<(3Mf'l Bo&
1Jeili18Mt:JOOU, Ot:JUtJOQ?30G Cl?" 8e>MJD8o68oG (Jm8Moo6 mei30Go oo'b6oGoG 8(JQ?803
OJM6M8oom Q?e>Bei&ooomo 8eitilei- ei8 Bt:JmMQ?OU 8mei3eitilo OQ?D" eitiloG oG,
80ooG Clo6eib30G beililfeoooG Gei.301'10G.30Mf'l(J?o <(306ei6U(JMO lilMB 8eililei 80 ooG Cloda6ei Cl?" 8eimo 6eitila{Y) 0oeiClo
8o6Dfe0tiloG o6&oliloGoG Gei8ei6o eitiloG 8"C!?"GD8" bQ?t:JO" 08 8M8o6&Clo, MMQ?Ob"G Beim'bo
8eitilei8ooClo <(3M6Q?oooG C!?"fobeitilfeo. 6eiti18MoOMOC> 8MmbM36ei.

1. <1l(J eitilei CloGeioei8oGeiC!?"G JM8.3ei6ooG

(JoBoQ?M 8ooli1Q?ooei mei30G eililoQ?ooom?"
2. Mf'l8 f'llil°" o0aC!? 08 o GeiJMt:JQ?08{Y) Gei 3eilil"(JC!?f'l
8"H 0C!?3Do 'ho Cl?" af'l80°"'ho?
0. eililGooMoG ()oBoQ?f'l C!?"J"M830G .31'1M(306&o, 8ei8tilei8 eitiloG 6Mlil-
olil(J6 3ei Cl?" JMOC!?o&oG (J"MtJf'l'BoG
8"6"J30<1lO.
o. eililGooMoG ei68eitiloooooG .31'1M(306&o Cl?" JMOQ?o&oG (JC>M-
tJM'BoG 8"6"J30<1lo.

290
 10.

0 . 0MliJOMoli 0 e>CQ030CQJO(JC'.'.:'o 06 0 0M0Cl0ooli CQ000C'.'.:'o dMMGJ6@>o, 80 0 (Y)08 80c:;0C'.'.:'o JMJCQO-

@)oli (JC>Ml:JM<(Joli CQC> C!20oo@)MM(JC'.'.:'o CQ030C'.'.:'006000ooli OM(J63oli 0 060J30m000.
Q;/· 0MliJOMoli 0 0CQ03e>CQJO(JC'.'.:'O 06 0 0Moo000 CQ000C'.'.:'o dMMGJ6@>o CQ0 JMJCQO@)oli De>MCQQD6oli
(J0Ml:JM<(30li iQ000C'.'.:'0 c,060J30mo, 80c,M08 80c:;0C'.'.:'o iQJOO@)MM(JC'.'.:'0 iQ030C'.'.:'006000ooli-
OM(J63oli 0060J30mo.
3. e>Moli OJ() 0M0 08Mc:;0ooli dJMOMiQoli 'bMiQC> G()CQo? 0bli06om.
4. MC> 06ioli 06<(3MM80oooli lib30CQ0lib30 Ol:J0MMJOO, MM8JC'.'.:'OG md306 ooc,ode'.'.:'000/
0 08MOl:JJ6Mm JMJ(QO@)oli 80do00C'.'.:'oli 060C'.'.:'o'bolim3oli?
5. MM8JC'.'.:'00 8m0306io '(30J@)MMJOO, MM8C'.'.:'JOOG oolieide'.'.:'M0 000030C'.'.:'Mli lie>JMOCQOtf!JM dMC'.'.:'O-
&oJoli 006li0'bc:;3MJOC>Oo?
6. Ol(J lie>JMOCQOtf!JM li&06CQC>M@)OOO 0JGOd@)OMJO(JC'.'.:'O 06c,0Moooooli bei6iolibolim3oli
000G30C'.'.:'0 1 M0'b0 8M0bCQo6li oli 'bJo03C'.'.:'060lJ?
7. 08Mc:;oooli CQMMli beiM'._li;JoClo Me>tf!JM8 8ooc:;5030 0 e>ji;JMDooli 5o6i&oe'.'.:'o?
8. MC> 0Moli 06c,06iooolim3oli lie>JMJ(QOtf!JM bei'boli ooj86oli 8o'b060? MC> C>Moli 08 8MC'.'.:'0d0M0JO-
OOCQ06 li06i 0 000C'.'.:'o?
9. 80M0 0 oooli dl'1C'.'.:'oCJ.loJoli 060C'.'.:'o'bo e>Moli lie>JMJiQO<.!J.>1'1 dMC'.'.:'o<.!J.>oJoli 060C'.'.:'o'boli 8li 0 03lio.
00M81'1 0 30CQ 0 o6am 80M0 0 aooli dl'1C'.'.:'o@>oJoli 060C'.'.:'o'boli 80ii3a6aoae'.'.:'o, 6i1'18JC'.'.:'oG ei(Y)oli
C,0CQ030CQQ0(JC'.'.:'0 CQQOO<.!J.>MM(JC'.'.:'0 CQ030C'.'.:'o06QO:JOOli 060C'.'.:'MC,O.
10. Me> 06ioli 8m030Mo lio6im(JC'.'.:'8 '(30606li(JMO 8060ji;QMolim3oli OQJ3omoli iQe>60b0M'._li;OOOo,
li0li05l:J1'10Q be>Mji;QOOO (QC> J0do<.!J.>0C'.'.:'oli be>Mji;OOOo, MMCQJliC>G olio6o ()Je>300MiQ00006
80M0 00 ot.i?
11. 0bt.i 8 6001 Ml'1 0 1'16i 0bCQo6li 'b 00 03C'.'.:' 0 60li 806i0 00 ooli O'BOd<.!J.>0060 8o6a'..Ji;8o6<.!J.>o JM8:306ooli
C'.'.:'oJsoCQ(JMl'100'bo CQ0 8M8 00 0006Mo0'bo?
12. Ml'1 0 MM O::J(Jde'.'.:'00 Jl'18:30600li 000800Ml'1li 8olio 063oli<.!J.>oooooo 806i0 0oooo? Mei CQ060b06i-
'..Ji;000 Cloodl:'.:'..'000 8ooc:;l'1li JM8:306008 deie'.'.:'006 CQC>Oeie'.'.:'o 806i0 0 oooli 063oli<.!J.>ooooli dl'1C'.'.:'o-
<.!J.>0JoiQ06?
13. 0blio6001, M1'1 0 MM 06i01(Jl:'.:'..'::Joli 8Libsoe'.'.:'o t.i 0'bM6()6io 81'1mbl'1 360 80(Y)0 00 ooli 8o6o'..Ji;8o6&Li CQ0
006i81'1oooli 0 ei66io 0 l.i?
14. 06ioli 01() 06i0 80M00 oooo 063oli<.!J.>06ioo0 00030, Ml'1 0 1'1MG 063oli<.!J.>0Moo0 'Bojl.ioMoo()C'.'.:'
0M)o 38 ooo?
15. ()6CQ0 ol:JMli OJ() 0M0 6oiQC'.:'..'8()C'.:'..'oli 806i000000 063oli<.!J.>ooooli 81'101bM360C'.'.:'o 81'1 0 oooli
0 060J3omo 8'b0 dM1'1CQ()JGooli 8Mmbl'1360C'.'.:'o 8Mooooli 0 060J3omoli 8li 0 03lio?

1. Jl'1Mdl'1MC>Go0 Kari-Kidd-Li 08tJ080CQ 0j3li lie>JMOCQoCJ.>1'1 dOM1'100oo ,,6J<.!J.>1'1 30 CQc:'O"· 80li 0j3li
60 8C'.'.:'6$ lie>JMOCQOCJ.>1'1 C,0l:JOiQ3000 (QC> 8olio 'B(JC'.'.:'Ol.i 08Mc:;oool.i lieiO(J0C'.'.:'M dOMOMCQO 06ioli 45
CQc:'O· 8MmbM36ol.i li<.!J.>08(JC'.'.:'OMJOOl.i013ol.i, JM8:306008 oolieide'.'.:'1'10 00G30C'.'.:'1'1l.i l.ie>JMOCQO<.!J.>1'1
dOM1'10JOO ,,60<.!J.>M 60 CQc:;o01". OJ() o0 o 8ooc:;ooli 08 dOMl'100oli, 8Mli0C'.'.:'MCQ60C'.'.:'0 oj6000 0 0l:JOCQ-
3Dool.i 0 0'b6iCQ0 15%-om. G3C'.:'..'oe'.'.:'oool.i oo8ci?oc., 08Mc:;000Li li0Cl(J0C'.'.:'M :3o6ioffliQO 8Ml.i0C'.'.:'MiQ-
60C'.'.:'00 0 0biQoli 75 U?c:;o, dsoe'.'.:'o iQ0 0b0C'.'.:'o 81'18b806iooe'.'.:'oooli 0 0iQ0biQol.i f1so()C'.'.:'Oo000
0 06Lib 3030 ooli 0 eiM 0o 0. 03 0C'.'.:'oo0CQ0 bei6i'..Ji; 8oo 0Moli 0.80$ 0 080U?soli 01oml'10()C'.'.:' 1.00$-'bo iQ0
J1'18d'1'6ool.i iQ000 0 3(Y)08iQo 81'1mbl'1360C'.'.:'o 81'1 0 oooli 0 060J3omo 063oli<.!J.>0000 'bo U?ooo<.!J.>1'1M(JC'.'.:'
iQ030C'.:'..'006ooaooo 0Mol.i 20%. ()6iQ0 0 00 0 6idol:'.:'..'1'1li 01() 0M0 JM8:306008 8ol.io CQC>JMOCQo<.!J.>oooli
dOMOM(QO? ((!?03()03001 bJC'.'.:'000iQOO 06Jol.i 360 iQc:'O}·
JM8:30600 Matlock Gauge (JC'33aoli d0Moli !:QC> liofld06ioli Li0'bM8 bol:'.:'..'lieiol:JMQOli 00C'.'.:'d60060
603ooolim3oli. lioflj06ioli liei 'bl'18o boe'.'.:'li0DtJ1'10oo 0 eiol:JOCQ0 li08b6iom-0c:;81'1li03C'.'.:'QOJOC'.'.:'o 503oli
CQOC'.'.:'OMOooli 80030Moom !:QC> CloJ3001oli li0Cl(J0C'.'.:'M c:;o6ioo()C'.'.:'Do0 06ioli 50$. Jl'18:30600 l:JOCQoli
l:l3ol:'.:'..'0 6i 00 oli<.!J.>M0Moo()C'.:'..' CQOC'.'.:'06i'bo li0JMJCQO<.!J.>l'1 060l:'.:'..'o'boli 0 ei6i 0o 0. :3oM\'1o 0oo 06ioli
,,6o<.!J.>1'1 45 i:Qc:>O" !:QC> 08Mc:;oooli li00()0C'.:'..'l'1 :30Mo1'1i:Qo 0Moli 60 !:Qc:'O, MM8oe'.'.:'oG 8ofl6:J(JC'.:'..'00
CQ080J80tJM'?J0C'.:'..':J0C'.'.:'0CQ. '?30606li()MO boe'.'.:'8dc:;3060C'.:'..'o li() '(31'1M(J<O (JJ80l:J1'1'?J0C'.'.:'1'10 0b0C'.'.:'
CloJsomoo'b 8 ()o8oiQM 30C'.'.:'ooo01 8oc:;oo(Jl:'.:'..'0 !:Q060J0M 08 ooli 0 0'bMiQoe'.'.:'o 8MG(JC'.'.:'1'1oom.
C>iQ()OC'.:'..'Mo6io30 iQC> Mo 0 0M60C'.'.:'()Mo lie>JM:J!.QO@_JM li00 0 n6tf!JM000CQ06 8oc:;n6(JC'.'.:'O JMOiQo<.!J.>oli
MOo<.!J.>06 0 001, o0 o <(JOJMMoli, MM8 Cl:Jdl:'.:'..'noli JC'.'.:'0lio'BoJ0000 0 e>(JJ0011'1li 0b0C'.'.:' C'30J3omooli CQC>
olio6o iQ0tJMl.i MOliJoli li08 J0<.!J.>OoMM00!.Q. OC>Mli(JC'.:'..180 0081'1GiQOC'.'.:'0608 0fl3ofo oo8iQDC.O:

291
 BJJ3JOJOL> J0<!!iJol'lt"i00
!!10o0C:::O l>0BV0C:::l'l
t"!Ol>JO t"!Ol>JO t"!Ol>JO

vo8a!Qro 3"!.!'..'DOncn 1!1"6"J"M(IO 3% 7% 24%

ODJ3Dcnooob J"<§D(lf'lMO.'.)
lloJ3Dmaom06 O::J!Q"<'iooocn 30% 50% 20%

liof5j0(i)oli li0 'llrri8o 0.30M08060G 00M8rrio6oli CQ0 0 00 'll036oli b0Mfeo CQ0

08Mc::06oli b0Mfeo 0Moli 001:10CQ306oli 78%. U0JMOCQ08M 0693rriM80oooli
8oc::o6oli CQ0 8olio oo'B0lio60G.b0(i)feo 0Moli 4$ 0(;)01 ooJ30010'llo. 0 0G0J30Mo0, Mrri8 0(;) 0Mlio-
6M6li J03oo(i)o Mnl.iJoli J08oc,rriM00li0 CQ0 08rric::o6oli .3 0MorriCQli orriMoli; 08 li080 (i)ol.iJoli J08-
oc,rriMooli .3oP1oMCQO 0Moli 60 CQC::O· 08 06'BMM80000 'llo
CQ0'B(Jd606001, (J6CQ0 8ooc::rrili 01() 0P10 JM8.306008 G0JMOCQ0CJ.>rri 06'Brrit'l80000 00J30-
0106'llo 0801.i 80 003M0CQ, P1M8 .3MP1CQ(Jdoo0 8 01:10CQrrili 06 00Mooi 0 G0Jt'loCQoCJ.>rri
00P1000? M08rri8?
Jrr>8.30600 Vostick Filter 0t'loli 013001893filo603060G CQOU8Mo6()8rr>Mo
80c::0'lloo600. o0o P108CQ06080
00J30010 b<Qo60 .30M80060CQ 1000 00J30010U CQMrr>b CQ0
00J30010U b0Mfe0 0Mob 40$ 80CJ.>06001. 80c::0 'lloo6oCQ06 8rri01bM360 0MOb
20,000 013000 CQ0 0P1010 0060b30G b0Mfeo 0P10G 0.10$ 013000.
P10 0t'loli OOJ30010G 08 'llrri8oli .30P1&0060G 00G0608oli0CQ (P10
M0MCQ06rri6oli 1000 00J30010 ()6CQ0 8MbCQoli)?
P10 od6060 00J30010G 01() 0060b30G b0Mfeo 00800MCQ060
0.05$-8CQO 0P101 013000?
M0 oj6060 00J30010U 01() 00J30010U b0Mfeo6o oo8(30MCQ060
10$-8(.Qo 013000?
00P18rrio6oli li001:1olio b0P1feo6oli 00800P106oli013oli Jrri8.30600 Bodden Truck-80
0 0'll0M(.Qrr>b 01030Go G0&30M01rri 00(;)6060. CQ060'llrri 0o
O'BOd&o060 'llt'lCQnCQ06 0t'loli 260,000$ 01()8(30 80P10 0 oooli ot'l(J630 00800P1CQ060 (i)30-
CQ06 2d3li08CQO 0t'loli 48 $
01() CQ060 03P108CQO 8rri 0 o6oli 0 060J30010 80P10 0oooo 063oli<!;ooo-
0'llo 0t'loli 15%, (J6CQ0 8ooc::rrili 01() 0P10 JM8.306008 60M8Mo6oli 8Do80?

I. o0t!OCQ306oli 01030G 24 00CQ0Mo6001,

0001()80(.Q 8rri303'P1o JM8.306008 Kim Chi, o008 0CQrriG (J'BMM
li0JMOCQ08rri GCJ.>06CQ0M<!;060G 8oc::o60. 08tp80tQ, JM8.306ooli 08Mc::o6oli .3oMorr>CQO
0MOU 30 CQC::O· 801.i UfetJM0, MM8 U0JMOCQ08f'l li&06CQ0<!;00001, oc,o
8ooc::26li OtJ8CQD8 OtJCQD 0 li:

0 0 0 CQ
------------------------------·----------·-·----··----------------·-··--
'bt'\1!1" 3"8ol!13DoClo 606" !!1"'601!1"6 $2.8 $1.8 $1.2 $.6
30 o"801!133oob
:JoriinMQ?o 8obol!13om) 45 60 90 144

8olio .3Mrr>CQ(JdGoob 'B0Gooo 0P10G 20$ CQ0 b0P1feo6o

0MOb 18$ OM010()c:?'llo. 0M 0MOU (J080CQO
CQ060J0M 0o. 01() ,JM8.30600b od6060 30%-0060 9.JM6CQ06ol.i
CQ060 03P108CQ0, li0JMOCQ08rri (J6CQ0 oj6oG 008Mtt06ti6-
P10&M8? (CQ03()Cl3001 6lrri8 0P10G 365 CQC::O)·
2. M08CQo6o8o c,01:10CQ30G 008CQ081 JM8.30600 Kim Chi-8 c,06li0'llc::3P10, t'lrri8
01() 030 8ooc::ooli 80&0CQ U0JMtJCQ08rr> .3oMMoooli, 801.i od6060 oo8U/ooo 8rrili0-
(Jo8oCQrri CQ060J0M 0o:

292
CJo8ol'.l?"'
(Q>O·>J<>M()O &>tJOiQ3DOob 60'h6liQ'ho 3% 6% 10% 15%

<:>8M(3'·'>5<:><3o .3of1Mooooli 0,:,6li0'bc:;3f1ocn f1M 0 Mf1o

li0JMOCQ00M ()6!Q0 <:>ofilf5001li JMS.306008? 0blio6ocn P1.:.&M8?
c.8M(3<>60 2, m(J (Jo8oCQM <3o8U!ooo
CQ06C>J<:>M 0o:

CJo8ol'.l?"'
(!?<>6<>J<>Me,o &>i:JOiQ300nb fo'b6'iQ'bo 1.5% 3.0% 5.0% 7.5%

od6oo<> ()Jocnobo? P10&(')B?

J(')M.3MM0(3o<:>b Acme Aglct 0d3b <(3(')6CQOOob CQ<> 8081:Qo6<:>f10 o<>80i:Q300ob 12%-0060
,,6o&(')/10, EOM" .30M(')Oo6oli BoboCQ3ocn. (ob 60<36<:>3li, MM8 013ob
o<>o .3M(')(Q(JJ(300li b<:>C(3i:>b(JMO ()6(Qi> od6oli <3o8CQooo cn3oli
10 Mo(3b3Clo). JMB.3<:>6o<:>li 0j3li 10 0<:>1jOCQ30oo, 80% d[JC>(QC,06b
JMO!.Qo&ocn 0<>1jOCQ30<'>b 13?"' m<:>6<:>00fil<:>CQ <:>8(')c:;oooli
.3ofilo(')(Q0 0B'll080'3? <:>filoli 60 CQC::O· m(J <3obcn03<>'booli ,,2/10, 60&('1 30" .3ofi1Mo<:>b
D<>M<>CQc,o5o5 8olio li<>Jfllo<3?o®o o<>tlo'3? 3oooli 60%-li,
8 .:.8Mo 80 50o05 <>B CQ<> <:>8Mc:;ooob :i 0P1oM<:QO <3oB 8 0P1CQoo0 40
CQC'.,'08<:QO· ()6CQ<> 01() 0P10 Bolio .3ofil(')oooo ,,60&01/10, EOM"-!.J:?<>6 ,,2/10, 6o0M 30-
B!.J:?o"? fll<:>&MB?
JMfl.3MM0(3o<> Porras Pottery Products b<:>('i)'.S(.<>3li 220,000$-li 8olio 08Mc:;oooli
!.J:?0.3<:>fil<f!J<>8o60'bo. JM8.3<:>6o<:>li 0j3b 12 JM[J(QO@Jocn o<>80U?300Clo, Bolio <>BMc:;ooob
.3[JMOM(QO <:>Mob 2.5 m3[] CQ0 (J08[JCQ(') (Q060J0M 0oli .3fi1M-
G06eo <:>1'1oli 4%. JM8.306o<:>li b'.R.o1'1<>, P1M8 m(J 080 c,<><>Mfi18<> 0 ooli <:>8Mc:;oo<>'bo 8(')8()<3<> 3o
o0o CJo<>8(30MOOb .3[JMO(')(Qb 2 m3[]8CQ[] IQ<> (J080(Q(')
!:Q<>foJ<>flooob 3%-B!:Qo· b<>fil'.R.o ,:,l'iiob 180,000$,
b<:>fil'.S(.oooli 'bfilCQob 400,000$-BCQO <>Mob en()
i>Mi:> CTl(J (Qi:>O[J()31'108!:Qo <(3M6!:QOOOb
<>Mob 20%? ,:,5 01() o0o ;,(\')ob 10%?
JMMdf'1Mi>(30i> The Pottsville Manufacturing o<>5oboe:::'<:>3b JM[J!:QO®ob o"G08,:,b JM8-
.3<:>5o,:,'bo San Jose. Bobo f5.:.6,:,oo1'1ooob <loCQo" CloBC\?080 'Bofo5b(Jfilo c,<>foGb"C!?Ooo:

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

8n8iQ06vli1o >J80300o
$ 1.5 $ 1.6 $ 1.6
1.3 1.8 2.5
a""""e.ooo (';')8 8 o610oo 06 b.>O>'b6101 1.3 2.6 4.0
bb30 __M_ _Qi_ - 0.4
8n81.l(o6v1'1o $ 4.5 $ 6.5 $ 8.5
>:J&o3000
<l36"'0> (ful0Ro6n 2.0 1.9 1.8
l.l?"'he.ooo Cl?" (fo1'1Ro6n 6.5 6.0
0J&o3non $ 9.0 $ 8.4 $ 7.8
Gb30 0:JtJJ03oi'"' _l:Q_ ___M_ 0.6
$15.7 _$16.9

293
6.:.ooc:.10 4.

(8.5%) $ 2.1 $ 3.1 $ 3.8

>63.>t'inoo00 0.2 0.4 0.9
l>b30 _Q1_ 0.2 0.2
8n8l!/06.>t'ia $ 2.5 $ 3.7 $ 4.9
l>o0>6JM (8.5%) _1;Q_ _J_,Q_ _1Q
amc::>oo6n $ 6.5 $ 6.7 $ 6.9
b>J()Ol.>t'in
>dGoaon (6.5%) l.O 1.0 1.0
>dGnoon 5.0 5.0 5.0
a"'00o, _1:.Q_ _J_,Q_ _.iQ
8mc::>o>6n
l!/> t,,,J<Jm.>t'io $14.5 $15.7 $16.9
=

San Jose
20XJ 20X2 20X3
JMDl!/Oenm $15.0 $15.8 $16.2
-11.l_ -11.l_ ....J1:Q.
$ 3.7 $ 3.7 $ 3.2
CQ'>fub.>t'i:i<;o<ln _l_.1_ 1.2 __lQ_
08n6CQ'> 8MQD(\, (!/oOD03t'i>8(!/Q $ 2.6 $ 2.5 $ 2.2
_Ll_ 1.2 1.2
aM00oo aaal!/o3 $ 1.3 $ 1.3 $ l.O
_Ql_ 0.3 _QJ2
BM3aoo $ 1.0 $ 1.0 $ 1.0

JP18.°3<>6o<> San Jose-Li <>d3li Dun & Bradstreet-oli 4A2 MOo8o6 0o. 8olio li<>o<>6JP1 <>6 0<>Moooooli
<>8306<>, MP18 8<>cn <>d 3cn 8olio b(Jcno
o8tJP10o6oo<>, MP18 San Jose JP18.°3<>6o<> li<>8o 8<>cn 0<>6o(!1<>6 (MP18-
.°3"1P1(!1(JJGo<>li tJ0(!1o<>6 :3o"1P1oocn ,,2/10, 6o8P1 30") <>6c,<>l"loooli
c,<>(!?<>b(!?olicn3oli, 8<> 0M<>8 '>JOC!/'>6 c,<>0MJ3<>, MP18 8<>6 (JJ30 15 (!?(!?Oen 00'>tJP13fo
8'>(!1<>b(!1<> lib3<> P1MO <>d3cn JMOQ?08oli dOMP10'> ,,6o8P1 30".
JP18.°3<>6ooli San Jose b<>JMOQ?08P1 c,<>6<>Gb<>(!10. M<> C!!"C!!Ooocno (!/'> M<>
(J'>MtJP1'l3ocno 'l3'>J8P1M0000
7. oo 06oli 80(!?0 'bo.:i 006li0 'b(!?3MP1b 00J3ocnoli M0P1(!10-
6P100 ooc,6'bo. 80(!?0 'bo.:i tJO(!?Ob 08 ooc,6oli 5000 08
12.50$ 'B.:iliocn, o0o 0Mol.i 20%-ocn M0Q?c,<>6
003(!10!.i oo 0 6ooli. Q?M6 0<>"1ooooocn 08 c,<>8P1Go8oli
80(;)000001.i 0060b3oli (!?0 (!108()0030001.i 808(!?060(;)0 b.:i(;)feooo 80(!?0 'bo.:ili (!10(Jfe(!100'> 1$ ol"lcn
00 0 600, 00J3ocn0 'bo C!/060b0"1feooo 000C!1006li I 00$-li.
,). 006li<>'b(!?3"1ocn 80(;)000001.i C!/060b0(;)fe0oo cn06 00J3ocn0li
1,2,5, 10 (!10 20-feoM.
6. 0 06li0 'b(!?3Mocn 00J3ocnoli OJP18P16P18o()Mo
0 . MP1 0P1Mo 30M0()(!10 0.:iJomC!!oli 00t10(!13oli 'b"1(!1oli 808:3cn06
Q?0J.:i 3ool"looocn?
8. JP1MdP1M0Go0 Hedge 000M8P1ooli ol"icn .°3"1P1(!1(JJ8li - 00M8P100000
c,08P1ot106000 '(30G0MO.
li0.'.'fo"1P1<> 12 <(30G0Mo. (!?03()03.:icn, MP18 JP18.'30600 00..,(;)-
8P1ooli 150,000 'bo 8P1cnbP1360
.)Mol.i 8()(!18030, 'BoGMoooli 00J3ocn0 'bo 8olio C!1"6"b"l"lfeooo
,)MOb 200$ C!!" oofob3oli b,)Mfeooo ,)MOb 8$ ol"lcn <(30G.)M'bo
0. c,<>6li"'bc:?3"1ocn 'BoGMol.i 00J3ocnoli OJP16P18n(Jl"ln
6. (;).:, ..,(;Joli 8..,l"\.., 00001.i C!?060b0MfeOoo JP1MdP1M0Goolicn3oli Hedge (0060b3oli
b.:il"lfeooli 00J3ocnoli b.:il"lfeooo)?
0. (;)08C!/06feo(;) ()6(!?0 8P1bQ?oli 80(;)0 0000!.i 00J3ocn0?

294
 9. JP18.'3.:i6o.:i, tJOl:Qoli 5000 .:i.'3.:iM.:ieli 0130Clo, M.:i8-
l:QD6o .)d0M<>0(JMOli 8.:iM.:i0000G M.) (QP16:J l:Q<>li3'oM(Q:J00. 'Bo6.:i6l.i(JM8.:i 8o6ofeoM8.:i
MM8 d:JJ3001ou o<>Jo01ooou 'B.:ilio.:i 200$. 8.:iM.:i 0ooou
.:iMou 4 Go6&o 0130Clo 8.:iM.:i 0Clo 8tJM'B .:i.'3.:iM.:i&'bo.
d:JJ30010G (QMP1 dMM(Q( dGooli (d:JJ3:J010l.i 0.:i6bMM-
oli (QMM .:iMol.i 'b(Jlie<>l:Q
,). 0.:i8Mu.:ibo01 8.:iM0(J:JOOU (Q0 d:JJ3:J010U
b.:iMfeooo.
6. d:J<>(Q(J06001 b.:iMfe:JOOl.i IQ<> d:JJ30010G b.:iMfe:JOOU (JM0CBOJO,
li.:ilQ<>G .)MOU d:JJ30010G IQ<>
.:iMou l:Q<>6.:ib.:iMfeDoo.
0. EOQ 0 M.:i'BoJO(Q<>6.
10. JMMdMM<>Go.:i Common Scents, .:io.:iM8Mooli Gb3.:i1Q.:ilib3.:i G.:iJ300 .'3MM-
IQ(JJ0li. JP18.'3.:i6o.:iu .:id3u 8.:iM.:i0000G M:J'bJM30, 8.:i0M.:i8 JP18.'3.:i6o.:i
8(30MJ 8.:iM<>(JJOOl.i .:i8o&P18 'bP1ofeJM
o.:iM8P10df'10.) U00()<>(30JOO, MP1(QJU0(3 O(JO (J0MU :J(J06J00 01.:i3ou
Lioo()<>Gooli JM8.'3.:i6ooli 0.:i.:iJ001.:i l:Q<>6<>J<>M 0 oli
'bM8oli Clo'B.:iuoo.:i u.:i&oMM .'3MMIQ(JJGoou .:iM 0MUJOMoou dJCQJo"CQ 80M0 0ooou MJ'bJM30G
Gb301Q0ub30 !:QP16:JJOou 8obJCQ3001.

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

8oo\oaol> l!?"'60 1 7,500 14,000
8oo\o0oG C!/"'63 2 I0,000 7,000
8oo\0 0ol> C!?"'6D 3 12,500 3,000
MJ 801"0 0ol> (!?"'6D 4 15,000 1,000
8oo\o 0nl> C!?"'6D 5 17,500 0

Clo60b3ou b0Mfe:JOO .:iMol.i 0.65$ JM01 M.) .:it"ioli 8.:it'1.:i0ou

u.:i(JJJ01:JUP1 l:QP16J JP18.'30600G013ou?

0M(J630 = 360/45 = 8-:li:Do\

6M(J630 = 360/75 = 4.8 -'.J'o"'
8""1onoro6"'0o o"8"!!?3oeol> 5o = 0.2 x $9,000,000 = $1,800,000
(\0i:JOC!/3:J00Q)
$9,000,000/4.8 $1,875,000

8"80C!?33°nm
= 0.8 X $1,875,000 = $1,500,000

:Jo1"n"'LQOG = $60,000,000/8 $7,500,000

8"80l!?300oG
C!/"'60 = $60,000,000/4.8 = $12,500,000
8"8"!!?30<'>=>6

0633l><.llJoon30o = $12.5M - $7.5M = $5,000,000

t!?"8"<.ilJD0ncn
0633l>l§no00 $1.SM + $5.0M = $6,500,000
Of'1QD00 [QC>OJoJMMLQO
mo80l§oiio01 063ol>onom'ho = 0.20 X $6.5M = $1,300,000

295
 4.

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

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

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

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

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

b.:iJMOCQOl!!JP1 =2000 X 4$ =8000$
(Jn831:QP1 CQ.'.>5.:iJ.:ifYl0o(Q.:i5 4,800$-ob (Q.'.l 'liM0ol>O'l3ol> 03J330'l:JOob
fYlol>Jol> J"&3oP1Mool> CQ"l:Qo35oO'l, JM8.3.:i5o.:i8 (JOCQ.:i 8000$. ool:Q08"CQ, 8.:i5
.:ifYl (JDCQ.:i OOJ330'l3ool> l>.:iJfYl31:Qol!!JP1 ob .:ifYlol> 0380'lb303.:i,
MfYl!:QOU.'.>(3 JM31:Qol!!Jol> O:JJ330'lob '!iM8.:i .:ifYlol> .3.:i@J.:ifYl.:i .
00J33mob O'l.:i5b8(T)ool> 0081:Q3 0 , JP18.3.:i5o.:i oood35b CQ"
(J.'.>Mtj(T)L> 0081:Q300 OOJ3om300, O'l'() 8obo od6o6.:i (3(J(QO.
3..). Q* = 2(0)(S) = 2($40)(20) =4 0010uo0Clo)
c $100

03J330'lob 'liM8.:i od636.:i 4000 .:ifYlol> b(JO'lO 03J330'l"

0')3300.
(.:if;:?l.i.:i606fo30.:i: Cl35.:ib3ol> (C) 1000 .3.:iM@Jo.:i'li3 =0.10$ X 1000 = 100$).
o. Q* = 2(0)(S) = 2($40)(20 ) = 5.66 0010uo0Clo)
c $50

M.'.>(3 d:JJ330'lob 8oO'l 831!!J.:il:Q oo5.:ib3ob

CQ.'.l 8oO'l 03J330'lob 'li(T)8.:i .•
4. 8.:ifYl.:i 03oob Cl381:QOo = 48 I 6=8
8.:ifYl.:i 0300 = 48 I 8 =6
CQ.:i8.:i@JoooO'lo 8.:ifYl.:i 03 oo = 2
b.:iM5(;o = 2 $ X 0.15 = 300,000$
300,000$ .'.>MOU CQOCQO, 301:QMO d(T)l!!Jo6GO(JMO (Q.'.>6.:i'li(T)oO
260,000$.
OOCQOo"CQ, o.:it'i8Mo6ol> 8088.:i .:ifYl (J61:Q.:i

296
 10.
Bendor-Samuel, Peter. Turning Lead into Gold: The
Demystification of Outsourcing. Provo, UT: Excellence
Publishing, 2000.
Cloud, Randall J. "Supply Chain Management: New Role for
Finance Professionals." Strategic Finance (August 2000),
29-32.
Dyl, Edward A. "Another Look at the Evaluation of Invest-
ment in Accounts Receivable." Financial Management 6
(Winter 1977), 67-70.
Gamble, Richard H. "Financing Supply Chains." Business
Finance 8 (June 2002), 33-35.
Hill, Ned C., and Kenneth D. Riener. "Determining the Cash
Discount in the Firm's Credit Policy." Financial
Management 8 (Spring 1979), 68-73.
Hill, Ned C., and William L. Sartoris. Short-Term Financial
Management, 3rd ed. Englewood Cliffs, NJ: Prentice Hall,
1995.
Johnson, Gene H., and James D. Stice. "Not Quite Just Jn Time
Inventories." The National Public Accountant 38 (March
1993), 26-29.
Kallberg, Jar! G., and Kenneth L. Parkinson. C01porate
Liquidity: Management and Measurement. Homewood, IL:
Irwin, 1993.
Magee, John F. "Guides to Inventory Policy," I-III, Harvard
Business Review 34 (January-February 1956), 49-60; 34
(March-April 1956), 103-116; and 34 (May-June 1956),
57-70.
Maness, Terry S., and John T. Zietlow. Short-Term Financial
Management, 2nd ed. Cincinnati, OH: South-Western, 2002.
Mehta, Dileep. "The Formulation of Credit Policy Models."
Management Science 15 (October 1968), 30-50.
Mester, Loretta J. "What's the Point of Credit Scoring?"
Business Review. Federal Reserve Bank of Philadelphia
(September-October 1997), 3-16.
Mian, Shehzad L., and Ciifford W. Smith Jr. "Extending Trade
Credit and Financing Receivables." Journal of Applied
Co1porate Finance 7 (Spring 1994), 75-84.
Ng, Chee K., Janet Kiholm Smith, and Richard L. Smith.
"Evidence on the Determinants of Credit Terms Used
in Interfim1 Trade." Journal of Finance 54 (June 1999),
1109-1129.
Oh, John S. "Opportunity Cost in the Evaluation of Invest-
ment in Accounts Receivable." Financial lvfanagement 5
(Summer 1976), 32-36.
Parkinson, Kenneth L., and Joyce R. Ochs. "Using Credit
Screening to Manage Credit Risk." Business Credit 100
(March 1998), 22-27.
Sartoris, William L., and Ned C. Hill. "A Generalized Cash
Flow Approach to Short-Term Financial Decisions." Journal
of Finance 38 (May 1983), 349-360.
Scherr, Frederick C. "Optimal Trade Credit Limits." Financial
Management 25 (Spring 1996), 71-85.
Stojanovic, Dusan, and Mark D. Vaughan. "The Com-
mercial Paper Market: Who's Minding the Shop?" The
Regional Economist, Federal Reserve Bank of St Louis
(April 1998), 5-9.
Tieman, Frank M., and Dennis A. Tanner. "How Economic
Order Quantity Controls Inventory Expense." Financial
Executive 51 (July 1983), 46-52.
Wrightsman, D. W. "Optimal Credit Tern1s for Accounts
Receivable." Quarterly Review of Economics and Business
9 (Summer 1969), 59-66.
Part IV of the text's web site, Wachowicz's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
297
IJciM6<!;i>6';,tiJo !J?ll<z306i>6IJDoll .;8 m.;,3ob oabtfa3e;ob oa8l:Qaa md3a6 C1ade;aom:
Jfi"i<J!:Q00MM(je,10 30E,1(Q<J6(le,1()0<JOO
().'.>08Mm b.3M6®o6()MO !Qi:><(J0606b3oob Eitiof'iM:JOO
(JM8:JM(30(le,10 JM:JlQ00o 8M80M(Q()OE,1:JOO!Q06) "
!:!?-' ®0.3000.
!:Q0Mo(3b(le,10

0Dmll6b83¢(Jf!?O !J?ll<z306o61JDoo 008Mom30E,1Mm JM8:Jf'i(30()e;o JM:J!QO®ob OE,'O-

(jMO
'B(le,'Ob Oo'bfi"iob JM:JlQ08o"
oobob.
0M0(j'bM(j630E,18M<BOE,10 bobb::ion .. ()0!:Q0b:3030:
b::ibbob c:;ofi"ioo(]E,1:J00 .. (06 .;.bb6.;,m Mob 6006.;,3b ,,(lio(Qob!Q:JOob
<>d0os'b::i !Q0<(3()d6oo'VE,'n) bnbbooo !Qo i:,oo 0Mm Bobo .3M®:J6eovt"in

!J?ll3.'.lf!?Oll6tJOOU <>{'.;>D:JMMm (.:.6 3.::>f'i:J)

<z3lltl<!;(JtiJo6ao <Qo<>60 1:Q<>950606b::ionb bb3o!Qubb30 ®n.3::i6o.
950d8'Vfi106 0ob .. 8Md60E,1M60
!Q.'.>oi:Q0n6Mm 95.::id®MM:Joo,
95od®'V6106 0ob 008M::t:J636ob0b
60b ob!Qo6o6 bnbbob .::ic:;ooob
8MJf!?03ll!J?oo6o !J?ll<z306061Jnoo1J
IJ<!;tiJ(Jtl<!;(JMo
308Mov6()0MnClMm LJCS:Jd®nv6o UoM()[JO-
6}3iO(Ja3 3060J3omn bnbbob oc:?no.::i'bo
boJM8d:J6boonM Ooe,1o6bom 06 aob ()<>M:JCln IQ<>
JOmb3Doo l.loJM8oboMb b.::i95ob()Mooo .::i6 8ob i:,.:.t"inCln.
m3nmOtJ<z3llU:-JOnlJ
()M()MO"l M.:.l.I 60Cl6.:.3l.I (!?030-
oaM(j66Doo E,10.'.>6[jOOl.I '?J"d®(JMOM[JOo.

m3omo3<z3<>b3oob ,)8M3.)63001J 4.:ib(Jb300

o;J301 (]JtJ<:ntJbo 8tJl::ibo:;('l)l)30, .:.t6o.:.6 d.;.c:o.:.6

8MMfj8(J6fj l.i:;;Joob - oro3c:o;:;6 !J?f!:tJtJ31.i b.;;:;cn:;ol.i.

299
 (Qi>'l3o6,:,6baoo (Qi>O::Jrrib o8ob 8obaCQ3001, i>Mob 01() i>Mi> O::Ji>MrrJ b.3rri6-
@Ji>6(JMO. (Qi> i>Mob
b.3rri6@Jo6(JMO, Mi>(Q 0i>6 obo6o O(J6:JOM030CQ l),:,(i}8rrioorriooo6 Jrri8.3,:,6oob bod8o-
,:,6rrioaoo(Qi>6. 80010 bo(QOCQD doM0010CQi>CQ ,:,(i)ob Jrri8.3,:,6oob rri.3oMoGoaoob CQrri6ob 'l3()6dGoo.
rri.3:JMi>Goaoob 8"'l3"M01rriaoob oob,:,o,:,8obi>CQ, ob o'bMCQ:JOi>
(Qi> od6ob Jrri8.3,:,6oob od@Jo3[JOOb 'bM(QOb (Qi>bi>'l3o6,:,6b[J-
01()8Gi> (Qi>'l3ofo6baoob b.3rri6@Jo6(JMO O::Ji>MrrJ 8rrid8DCQDOb ,:,8330Mi>(Q,
@Jo.3ob CQi>'l3o6,:,6booob 'b(Jb@Jo 0 ,:,6b,:, Jrri8.3,:,6ooob 8oo6G od301
,:,(i\f1t:J306ob 8"JtJ01[JOOb ,:,8 01,:,300 1'1306 b.3rri6@Jo6(JMO
(Qi>'l3o6,:,6booob 8[J01M(Q:JOb (Qi> MM()rrJM O::JMU
,:,<i11'10306ob ,:,Sob 0 oM(Qi>, 1'1306 CQi>'l3o6,:,6baoob
(,:,6 0,:,<'1o) O::Ji>Mrriaob - O[JCQ8tJOi> boJM[JCQo@Jrri o,:,'b(i)ob (Qi>
CQ" (od&o 30 o'b 0 babbooob 0,:,6.
i>Ut:J010 (Qi>'l3o6,:,6booo i>M i>MOU b.3rri6@Jo6(JMO ,:,6 03@Jrri8i>@J(JMO.

,:,(i\ob (Qi>'l3o6,:,6booob 'l3rri<i18,:,,

Trnde ,:,b,:,bo,:,01oob 01001d8ob oo'b6obb. 'l3"d@lo()Mi>(Q, oba6o ,:,ti\o,:,6
liahili!ies - JM8d.>6ooG (Q0060 'l3f"16(Q[JOOU (J(QO(Q[JUO O::Ji>MrrJ oo'b6ob JM8.3,:,6oooob013ob. DJM6M80()Mi>(Q
'IJ(JC.';'.'.>(!/O 3.>C.';'(!/:JO(J-
d3:Jt160000 ()8:J@J[Jbrrio,:, i>M ob(Qob 8MOM-
C.';':JO:JOO 8M8b"'(!/:JOC.';':JOob
l'io60Cla. (Q:JOob01,:,6,:,3[], i>Mi>8:J(Q ()i>(Qi>b(Qi> ()i>(Qi>(Qrri6 0,:,6b,:, .3t:JMOM(Qi>8CQD· ,:,8
.3:JMOM(Qob o,:,<'1(JCQ8D6b JM[J(Qo@Jb. (i),:,8CQD-
6,:,CQ"G JM:J(!?o@Job Oi>M(!?()[J6ob b0Jo01bb ()C!?8Doo,:,6 8o@J"CQ
b.>301f1'\M J/\)i)(!/ObO - 30CQM[l 'l3ofo6b(JMO o6b@Jo@J(J@JtJOo, JM8.3,:,6o,:, - 0,:,6bi>J(J01M[J0001 8GOM[J Jrri8-
Trade credit - JMDC!/oe,o, .3,:,6oaoo - <l3i>M01MCQ 0::1060006 00<'1001 b,:,3,:,3'ti\rri JM[JCQO@Job
3"GDa(JC.';'O (doMOO'l.'.>(!/>[!/
l>.>dM6C.';'oG l>.>boai) 0"1010
'IJOM8o[, 800"1 ,:,bb 3o30 o06 b,:,8 <l3Mtil8,:,b: ,:,6 0,:,ti\oo 0oo,
(Qi> bo303'MM odGo.3@1000 bo303'MM - od[JC!?i>6 (J'l3Mrri 'l3i>M01M(!?
0 o8MO::JtJ6[JOi> ,:,6 0,:,<'1ooaoo. (Qi>JMtJCQO@JDoob ,:,8 01,:,6,:,b80(!? ()8 'b,:,-
36ob Cl?" 0,:,8rriootilb ,:,6 0 ,:,ti\oo-'l3"d@J(Jtilob, 80001001060
.3MM(!?(JdGoob 01,:,6b,:, (!?i> ()i>::JO(Q30U
.3oMMOtJOO. ,:,8 ,:,6 0,:,ti\ooob JMt)(QO@J8o 01,:,3obo 8Mo.3M30 odoe!?,:,6, Mrri8 8::J0(!?-
Q?IO"'B®" - Draft -- ,:,8 oa801b303,:,oo ,:,<') ,:,oo<'1b ,:,(i),:,600<'1 bobobbrri (!?MJ(J806@Jb,
boC-':'8"'5o"1oC-':'o 08@JJ0Goob, ti\rri8 obobb,:, 01,:,6b,:,.
bQMOC.';'MOOO'JO 0"1d06ao0,
o,:,<'1,:,CQQD6b JMtJCQO@Jb JMtJ(!?O@J(Jfo<'1o,:,6Moob 8(!? 0 M8i>Mt:Jrrioob
MM8C.';'OO'l.'.>(3 0"1010 8b0"10
(drawer) ()l'iol>aou 8a"'"'D
(6oba01 01,:,30 10). ,:,6 0,:,(i\oo'ba JM:J(QO@Job 01,:,6booo oobi>b[]Oi>
8b0"1ol> (drawee) b,:,bo01.
uaaoo"C-':'()Mo 0106bou 'brri300<'101 bo@J(Ji>GOi>OO JM[J(QO@Job 308rrio::106000
3 .,a/.,i,,b,a/u a0u0a 0 ,:,6 0,:,ti\ooob (!?ob8,:,ti\aoo01. ,:,ootilb ,:,bo01 8rrio8M6b
8b.>1'iou013nu (payee).
drawer a/" payee .>Mo.>6 dM6ob 808,:,ti\01. 8rrio01brri3b ()i>(Qi>b(!?i>b (!?MMOU
bClnM.>a/ a6l010 a/" 03030. (!?i>JM[J(!?O@JtJOOb 'l3MM8o 0 ,:,8rrio::J:J6t:J6i> 08
oa801b3030000, MMGi> b(JMb, MM8 0103obo 'l3MM-
8rrio01brri3rrib
01() i>(!?M[J <>6 0 ,:,<'1000 (Qi>Ml'1,:,
bo303'<'1M i>Mob JMtJ(!?o@Job 8[]MM[J 'l3(Y)M8o,
0 08rrio::106ao,:, 800<'1 01,:,3obo
808,:,ti\01. ,:,8 000106b800001 l),:,(i)(JC!?8D6b
0 o(Qi>Obo(Qrrib CQMi>'l3@Jo 3o(!?i>Oo. 0 o8::Joe!?-
o"C!?"bGo8b 08 8(Y)8o6&o8CQD, b,:,6,:,8 ab ,:,ti\

300
 p ' <i:> u ,.g g c /) C0 ..,- ,,- c '-55 3 ,, c J, E 4:, LO C Ot LO .
- I) er· ('.)
erco ercoQ_;:::'.l
c ' ' 6 (!)..::> I /)
--;? c- --;?
er u co
\£ c E c:J ,,.. CA LO I) c:J LO C 0
Uc P
Ur0 2serscc
,, U\£ 5:, Uc;s cg, c1D.., ro
C $) 6 $) __ c:> I)
"r;s r0 C':J u..:::i \£ ,, "
LO "if:) C':J 0->
"'- I) c:i 21 C':J I) Ct
fJ\£ rO <"' CO c LO tJ
(")
gLO c:i . 2,
erc:i \£ ...::i \£ '° c:i
tJ -c:i c ::r;i ro rO
c:i co '? C':J I) Q ILO -coc:>r0...::i __,,, er cP
,.,.,..>::> C "'
,,
er c:i -- c, s " ,, " s
crco
ccc::ic...l)c.../Ja
LO..:::> ro 6 _,o c co
c '?g p g g ...::i E,,r0r0
-c:i ...::i co erE E
E...::J/JC':>c:>/J
Q ;;:' c cO §f Er cO
C er..>::>
I) I) I) Ct
roe
C
u
c:> C':JLO g tJ
OcfJ '? I) '?0 Q
"er-
p c0 C':Jco C
/J
er C':J c t..1 E 6 ciDs
err0 U\£
c£'co--;? E ...::i C':J 6 c:i c I) I) cO cO 21 tJ LO \£ ,, " c ..<:>6 ro ,, ..:::i c c co ,, 6 fJ c0 E -c:i \E
er..:::i-;?6::r:ic§\£ c ,, 0 ::::; c '? erLO c€l • r0 . \£ LO p_,o e£CO Q
- co c, er ,, s c C':Jrg C':J c
'55 '55 cO _g:' ,, 21 . ..>::> E LO 'g, -55 cf} (!) c:> '55 er
rO _
u cou P...::i
\£ 21 c:i I) /".) \£ 2, c€) c3 rO E c:i SJ ,, SJ c
6
c
,, t..1
• g
::r:ico
J ,, ,, um ...::i er
r0 ..:::i ,, c0-g c
u
I)
c Uc P.:S-'55 Srco (;5ro Uc0pJ; I) 6 et ::::;
\E o ,, c <:P
I) 21 ::::;
,, E c:i
Q rO
1co -g 5:,er \£P ger &c3...::i x:. cQLO" /J C 0 /J ..::> 0\£ Ct c:irg s:i- - 21 c:i" U E c0 - c c:i ;?--;? 6 c:i
u
cr,, _z cP,, er c '? C':JrO ..:::> \E
"ii::>LO C':J g,
c0r0 u c:i..b' g \£ ::;E ,, c0 P\£ c:i g:i C':J 21 r0 c
,, ,, Ero..::> c:i
ci5-'55\£co '? 0 c0 '? c:i.f'J er".
courg,
6
u-
..:::i c:ir0 s ro /J /Jer 2
_,o/J I) rO ""' \E:
t..1...::i.:_.c::>o·,,
-">coco
'55 E,,
C';JC
El.£U2
CLO
u I) u '?! E:° ;;:'
21
5:, :::;-g
tJ c0\£ Ul
LO P - c
I)
er
6 \£
c erN
"'"...::i C':J I)
c " s:> '? c:i\£
I)
pUP.>:i
s c0 21cP ,, Per
...::icger£::;:i
ff
I)
cO I)
-g
rg, cP '55 ..:::>
/J ..:::> /J c LO \£
...:'.l OLO C':J- p
..:::> U /J ..:::> /J r:r 21 6
/J p r0 I) t..1"55 c:> c:i 21rO .-:._
/J cP cc
rg,
E...::i.>:ico c...::i
c \E 2, SJ E g:> 2,
c:i 'er?!
c cO s:> -3 cEIC':Jcser
I) cs ,l)c0 2(ro ,, 6 E -55 f3'.l s:>-;? E cg P 21ro cP ...::i c:i-;? U6\£ -5"\E:\E:.>:l
cf>
c€)
Ct LO ..::>
t..ll)C_::>/J
x:.
er/J 6 c:i _,
c E C9 c ..:::> c€) s:> c:i c co g,, ..:::> $JU C':J Q c:iJ?'f:i...::i cP - U5
_:
2
c0 U E
p \£ - s:>
B,, ..>::> ro
0 \£ l)..:::>ro 0 0 cP ert: C':J'-ac cOC c:i rO 6 C':J C':J c c c ...:'.) _:'.) .. Q
;;g J5
s:i-;?
er-g-g E: u
rOI)
c:i u,.g p6
c€) 2, c
c0 c C':J\£
uer,,uerC':J ..:::>
6 E E \£ •
C C LO ..:::>
er
I) <', c /J
5:f \£ 6 FO c
C . C U ,c C c:> ..:::>
Uco "'- C':>\£ c c:i
· 21 co rO E Sf cO ro
g:'
'(;. I) C':J rO -c:i c c:i 'fi 2 c:i ;;:' 21 '?! ..:::> _.,c cQ/J" c:i
c0J?
c ,, ::r:ico cO
U s:>co ,, ..:::>
ro \£ Ji' cP ..<:> LO c:i...::i p E J /J
c:i...::i
co...::i...::ic
c:i-;? ...:'.l
C':JrOE
U er er\£ erofj
0
erC':JE c /JcorO
- ...::i
_::ic\£\£
c. ...::i E
_,,U
c1D2'1 ri2u
ftJLO\[ro c p p
6 CLO\£ E.f
,, ..:::>co ,, ,, c:i
er..:::> ftJ C
,, E E
fl c:J\£ ..:::> rO
ro E co\£ C':J
c:> c:> I)
cO
c
6 '?! Sf c §:,£ c
E er1;='
co
c:i I) c c s:> 0-> C m LO c:> CO c:J cO E (!)LO cO 6 c€) c:iO 0 er ,,- ,2' LOc:icoE 1i' ere
I)
\£-'55
21 s:> -$5
I)
cO /".) \£ :::i
LO ...::JI)
c0 C c:>
er\£
- er );"'
Qfl..::>cP\£..3g
ro ..:::i
,.g
t..1\£ "'-
co c:i c
s3co\£;;:'
E
s '?LO
c,,
er (") r0"'" er
c:i c:i C':J- ,,
\£ c:i"
c:iUc0s...::i E "
C':JcP
c...::i
,.g
5r0
c s ercco\E:;?
I) El I)
erer...::i C':Jerc...::i
Ct I) r:r '? C. rv r:
c:> C LO CQ/JE.fcO/Jcc
U LO c:i I) ..>::> CO \£
co
c5
c::>\£ rO
u-c:il),.u u .£.265 c '?'-55 I) _g co '?! ;;goc:iElcor0 c ,,LD
tJcOtJCC':>c:iU
er er,,c,, cO E
::;:i""§r g
p,,c:i,,-c:i,,co" \£,,6c0
}f erEI ,, U ,8 U csrc3!:.0er,, 0 ers
g...::i PU;;:'Uc:i
g u c c:i'° \£
,, s...::i-;?s. c S'.' E c0 c 6 --;?
u,," rO p _coJ ersr,,\£
erg $/;?rP ,,_
6c C':J
6t..1'?
c ers s c
..:::> C p
_LD ucco c c
uu
er'?s c
U2 co Q_:'.) c I) " \E: c
\E: c ere co c O I ) f)(!)
c..>:>\£r0...::i
coCcEc...::i
uc:i'?C I I)
er . :;-LO c \£ ...::i p-;? ,, \£ c E cP ., tJ "°" c c:i _, g'.)LO LO C
,, 6 ,, p c€) co rO '°
,, er...::i s s
co -3 rg 2 2, ,.g fjf er §f ::::;<€ I) f co
u Sr U\£ s:> c:ico &\£ c0
\£ c c:i c€) I) : ; - s:> \£ c 3 s ..::i 2\£ LO..:::> I) c::>CrQ...:'.l tJ /J
-g c€) I)
rO c:i /".) c c:i C':J rO cLOCc€)c:> ..:::> c:JJV;) • C C I) C LO ro 21 C':J""'° CO ::r;i C c - E
cP co ciD\E o,,
u C':Jr0
Q
s:> I) s:>...::i cP ...::i 0 ::r:>JV;) cOro /J ..>::> /J er..:::> co p
I)
..:::> E I) Q Ct rO ,,.. FO
c c5 pro LO•,, E r0 \£..:::>\[CE
co co
c::> c:ir0
cP c c0\E c tJ C'.)'C. I)
I) cO ('.)
C':JC-c:J6
6cO'Jcc:icc0 LO 21 C
- c
cg er
c:> c:>
rQrO
UCl c E
c 0 6 ::r:i\£ I) c
u Ct 2' (")
tJ c. s ,,
c " C':J I
c'""'°
p \£ "" c0 6 tJ ::::; c tJ ,, c c0
2, LO I) E I)
c, CA ro er 6 Q I)
c ,, ..:::i "' c c:i 21
::::;co c tJ er \£ ""'°
Q
er " co -g cO E c
U,,.r;g...::i c:iE\E Sf
I) c I) C':J_:'.) 21
er -g
,, " u...::i ,, u...::i
cO 6 p c ,2' c \£
cou\£\£ c-LO ('.)
O/Jc. C f3' .l er'-6 PS' g c 21 g cOLO c 2 ,, c '° ;? c E ,, ,; rO er...:'.l ,.8 ro co SJ "
c0 C9 r0 ...::i ,,
21"co ."'-co" ,,er.,,er P.f".> ..:::i " 21...::i LO 6 c ::r;i\£ E er c a rg c g:'ciD 2 er 21 qrO
co cP er r0 c:i..::i c c::>c c pfJ
\£Cer.2C':JEer " cC':J c:i
,,.. ('.)cPc:i E "
cO_:'.) rO
,,j5 ELO El rO '
,, c c
• ..:::>
o _
LO c c ro C'? ,c- /J -"' ftJ tJ ..:::>
\£ ::r:i ,2' "'" 21 -_, E C':JO-l"-,,o " c 0
c:i G\E c r0 LO ro rO
/J e£ c::> rO c:> LO ro
Q
Cr: er...::i -">C6E,,C':J/J ,, 0
co
tJ
c0
CQ'-CC
\£::r:i 21 .
co ciD...::i er
"'-roE'°c:iCE
. c co 0 U\£ 15 §f LO c€)1 roe.er
c::> ECO oco"'-E,,,,E
-g ftJ /J /J c€) c0 cOco 6 er \£ \£ C':J
,,co cLO...::i Q6 E...::i
C':J-'° ccPc. E c e£
c E G ...::i ''
...::i
c E
"ii:> ,, ,,
s:ic,, c0C':J,, ,8'-55..::i E '?0)5 ,, er " ciD s C':J
cO c:i 6_3 ..:::> c I)
I
c cP c
-P\£
er u
Ef_,o
s
E C':J E
6 c€l "- ,, LO P
cO,l?o'-55 'J..:::> 0 c E
u .£ \£ P C':J c:i
0co
er coE \E ,, ::::; c
, , tJ
;:s s:> ger
,, Lf? ,, E U ocrO\£ er
ere ..:::i\£C':>c:iC':JE6 erl).f".>OcE:c c:i21p 0 - f:>,,c 1;=>,, -ro I) o c0 -c:i \E 0 ,,
o· -\£ "-...::ir0 E'° r0 Ct c:> C I) I) 6
E 7f c€l /".) 6 cO c:i c '? ._3 ro c:> co Ee -C'?E:r0cOL0\E:5- 6
cr:rer..:::>co ,,..>:>..:::>C':Jr0::3'..:::i cO...::i ftJ /J P c:iro c
u
I)
6 . \£ c:i /J ...__,,r0cEJ,,c:icc
c:iuel
erLO c ...::i U U E El \£ " ere -g .c I) _:'.) g er
/J c:i /J ..:::> ...:'.l cO _N ..:::>co c:iJi' c:i..:::> r:r C';JrO c sc£'
U,.g
p-gr0._3
c
ro" 0 erc UP
C':J\£c"
s:> \£ c c:i co u. c€)
:;? C':J
, 21c,c
g c,6ro
2,cg,
c c c:ir0
",, u
c:ic:i/J
cP I) C':J I) ; ; 6
c0err0
\E
2 J:,'_,erc:ic::>><-CtJccO
,,...::i
l"t/J /J
C':J ::r:i /".) \E: fJ u
o
er er 2
I)
rO\£ c " c:i6 - -tf:irO C":) -0 ,,-.... c c c tJ _., 6 c::>
'°...::i
J}r0 'g,LO \£ ro ..::> ...::i g '? ::r:i c:iLO - c:i er-?,,, o er
o ,,C':JE/C "- ::r:i,, er"ctJ coE..:::i er COc:i <=r
'"-' s tJ
f:t C':J C':J
er,, C c:J
LO ::r:i
C Ct
<':Jere
'° tJ
E/JcEco
er . :'.) 'c0c0c0\EcP
?!
t..1..:::>0'.l c:>
65 C\[ c cO cc:is"co215
e7 0 ,, c ::r:i c:i c:iu \£
ciDco cOLO
.2
E
i?
?\E: ::;:i c 6 c:ico C':J-55
er,;s h
::;:i .s er o
,, c E \£ c€lr0 c er g:'\£
cE-tDcc:iUC':J
E c U ..:::>CO ro - '? S'.'\£ l)f"O
6 6 co /J
c:> p LO LO ('.)
c:i-'55 ro
21 '55 2 :T.lCO h U er I)
""'co ...::i c:i
21 N 0""5
..., c fJ-c':)..;:) I) " ,,
er c€l cO c0..:::i
co c5
,, ,, E ""'°
.I') .I) ...,
21 co ,, c c0 r0 rO \£
 0106 8'b0 .3Mf'll:Q'Jdoool.i 80('i)0006ol.i 0060('i)f\V6060l.i. 0d3li v.30M080-
l.if'l60 o8ol.i {3f'l(Q6001, Mf'l8 80l.i 80M00060 0d6060 Mf'l(Q0b0(3 (Q0!:Q8060 801JO(Q3ol.i
Li0'bf'J60 !:Q0 000 0M 80!:Q00b(QOb li0<tpliv('i)li 801JO(Q3ol.i .30MOf'J(QOb !:Q0!:Q8f'l-
808(Q0· 08 000106b806ol.i 8ob01:Q3001, JM0i:Qo8o 0000080 8080 b6001, 301:QM0 l:QMf'Jol.i
.30Mof'J!:QO. (0li li0Jo01bo 'J'BMf'l 80-10 010300).

1>030atii(YJ Jtila!!/080 ti1M 0Mtii 8 !l!.:i'Bo6061>a601> R30 6 360b 001, Mf'l8 t.i0 303'P1(YJ JM 0!:Q-
o8o 0"101> 'Bf'l61:Q06ol.i O(J0Mf'l M0!:Q806 obi:Qoli .3Mf'll:Q'JdGool.i Li0'B0-
Livtiili 8ol.io 8oc:i06ol.i 0081!/08· 01() Jf'l8.30600 038f'J808(JM0!:Q ob!:Qol.i 8ol.i 06 00tiioo06li
063f'lol.iol.i 008f'Jti0tiioi:Q06 ti\081:Q06080 !:Qc:'0oo, l.i0303'tiif'l JM0i:Qo8o b!:Q060 !:Q0'Bo606li06ol.i l.i.3f'J6-
806vtiio (06 ti1J0P'>f'l, ti0M8f'l06ol.i 00Li0608ol.i0!:Q.
Mf'l 0 f'lM(3 JO Jf'l8.30600 0 0'bM!:Qol.i 8ol.i 00tii8f'J060l.i d0b(JO!:Q306ol.i Cl0li0608ol.i0!:Q, 0.:.o'bM!:Q060
!:Q0 !:Q00'Bo606li06li ti0tii8f'l060G 'btiii:Qoli013ol.i
Li03'otiif'l 8f'l01bf'J3606t.i. 1:Q03vo 3001, t'ilf'l8 Jf'l8.30600 !!/c:i0oo
5000$ dMf'll:Q'Jdoo0l.i 8olio ,,608f'J 30" .30P1f'l6001. Jf'l8.30600
08 0 30tii01:Q 8ooc:i06li 150,000$ 1:Q0'Bo6061>060Li
001:Q06 (30 !:QC'.:'0 X5,000$ 0tii01 !:QC'.:'000 = 150,000$) 01() o0 o 00(QMb(Qol.i 608f'l .30tiio-
f'l(QOb 01() 00li1Jo(Q3060 00o'bP'>!:Q060 6000$-8(Q0 i:Qc:'0oo,
000'btii!:Q060 180,000$-8!:Q0 !:Q0 00!:Q080!:Q 8ooc:i060 30,000$-
001 (Q0808060010 (Q0'Bo606Li060 (30 !:QC'.:'0 x 6,000 !:Qc:'0'b0). 08ol.i 8lia03li0(Q, Mf'l8f'lM(3 JO ti0tii-
8f'l060 o088 otii!:Q 060, o 088 otiii:Q 060 0t.i 030 08 80tii08f'l 06ol.i
8ob01:Q3001, li030aP1f'l JM0!:Qo8o 0"1 od6060 !:Q0'Bo606li060Li 0tiif\030010 ti1J0Mf'l. 000
Jf'l8.306ool.i Cl0l>801:Q3060Li a0a80'b0, 0103oli 8bP103 (Q08f'lJO!:Q06v-
Jf'l8.306ool.i ti0tii8f'J06ol.i l.i030atiif'J JM0i:Qo8oli tiif'J 0 f'lM(3 !:Q0'Bo-
606li06ol.i 0tiif\03001 'Bf'lti\8000, f\306 lio8v0000li, ( 1)
Jf'l8.30600 0M a08f'l01J0606li 60c;>(QO 06a0P1ool.itif'ltii060G0l> 80atii08 80(Q00b(Qoli
608f'J d0MOf'J(QOb (Qc;>0li (Q0 (2) Jf'l8.30600 80(Q00b(QOb 8ol.i 06a0tiioo0oli 608f'J d0MOf'J(QOb
008!:Q08·

8.:ii:Q0b!l!0 08 R30 6 3vo 30 601, Mf'J8 JM8.30600 010 3t.i OJ0 30 6t.i 'B0Li-
0 08f'l(j0606ol.i 0 06 80(Q0b!:Qol.i013ol.i, 80 0 "108 ob!:Qob
06 00tii0Clli 80!:Q0b!:Qoli 301:Qoli !:Qc:i 0t.i. 01v ti0tii!:Q 00 60 0tii b!:Q 060, JM8.30600Li
0tii 0d3li l.i030ffP'>M 008M(J06060l.i0106 b0tii%060 608f'l .30tiioM(Qoli
a0f'Jtii 0 8bP1o 3, 01v Jf'l8.30600 o80 606t.i 80Li 0"1 0d6 060 b0tii% 06o
Li0 30at'ilf'l JM 0!:Qo8 'b 0 .3 0tiiof'Ji:Qoli 01v8o0 01v b!:Q 060 'B0Li!:Q0J-
00M!:Q8060, 80atii08 80l.i 0M 01J0606li, 0li 'JJ30 0Moli 8ol.i013ol.i
01() JM0!:Q08001801JO!:Q30 dOMf'J606001 ,,2/10, 608f'J
30", Jf'l8.30600, 8 01:Q00 830 8t.i 0tii 8 08f'Jo 80 6f'Jl>
0 0!:Q0b!:Qoli013ol.i !:Q0 06 00P10Clli !:Q.:>'B0tii03G 00!:Q0b!:Qol.i 30!'.l{oli 1:Qc:>0li 1 0103ol.io
0 08f'JO(J06f'lb d08!:Q080 (Q0808060010 20 (Qc;>Ob
CJ 0!:Qaa0!:Q, 01v 06 0 0tiioo-'B0d8vtii0 o8f'J 100$-'b0, JM8.30600Li 20 !:Qc:ioli
008MO(J06f'lb 98$ !:Q0 08 00(QMb(QOb 2$-l.i. (0l.i
a08f'J8(Qo60tiia ojo(Q06, Mf'J8 100$ 80(Q00b!:Q060 JM8.306ool.i 800"1 30-0 !:Qc:'0l.i
8oc:i06o!:Q06 !:Q0 0ti\0 98$ 80-10 (Qc;>0li 0 01Jo!:Q3ol.i Cl08!:Q08)· 08 lio8v0oool.i 8ob:J!:Q3001, 98$-ol.i
Li0libo01 20 !:Qc;>oli013ol.i 2$ b0tii%001, f\306 08M3bl.i6001
.3Mf'l(3068ve:::i a060J3001li (X%) 008!:Q08600P10!:Q:

2$ = 98$ x X% x (20 !:QC'.:'0 I 365 1:Qc:>0'b0)

X% = (2/98) x (365/20) = 37.2%

08 030tii0!:Q, R3a6 3bai:Q0301, tiiM8 l.i0303'tiif'J JM0!:Qo8o oaode:::i060 01Jf'lli !:Q0'Bo-

606li06ol.i d3otiio 'BMti\80, Mf'l!:Q0li00 b!:Qa60 Cla01030'b060
!:Q0 0tii b!:Q060 8ol.io 008M1J06060.

302

- ()O(!?Ob(!?OO
0 0(!?03>(l?OO>
ob333 CJO"'(!?OO:J6
3vj6iMOO'b3.
0<"> 008Mtio6oooG b0<Y'>J?.o,
2
006oli0'bc:; 3<Y'>MG oo8i:l?oo600<">0i:l?
% 365
100o/c o/c b X
(11.1)
o- o 'B" 0 .'.> u "' '"" ...., u '"" '"'" " "'
11.1 0 08Mtio600001 11306 360bM01, <Y'>M8 0<"> 0 -
08MtJ06000G b0MJ?,O 8(30M(!?000, MP'18P'1M(3 JO 0.:io'bM(!?000 80(!?0b(!?oli 30(!?0
.30<">0M(!?0106 ooi:l?0<">00001. 08 030<">0(!?, 01() l1306li 800<"> .3o<Y'>Moooo
od6000 ,,2/ 10, 6oe!JM 60", 0M 008MtJ06oooli 00i:!?Oo<>(!?
b.:i<">J?.ooo oo<>i:l?oo5Li
(2/98) x (365/50) = 14.9%
G.:i 3.:itJ:<">(Y) JP'ioi:l?oe!J'bo .3o<Y'>Moo01<>i:l? .3<">MG06e!Joooli
b<><">J?.ooli i:l?" i:l?c:;ooooli <"><>M(!?06Mo0G oMP'ioli .3o<">oMi:l?oG (!?0 6oe!J(Y)-
.3o(i)oP'1i:l?oli oM<Y'>oG 11.1 li()<"><>01'bo. 11306 33<><"><>()(!?M001 "2/10" <n0lii:l?0J-
.3oP1Moooli. 08 lioe!J()<>(3ooli013oli, 0 <>(!?<>b(!?<> J001(l?OO<> 0<>(!?0b(!?oli
i:l?t::;Oli, 11306 MP'18 Li.:i3.:itJ:MP'1 JMO(!?Oe!Joli 8(30M(!?OO<> oo8Go<">oooli
0<>6<>J3001001 6oe!J(Y) .3oP'ioM(!?Ol.i 'bM(!?Oli ooli.:io.:i8oli.:i(!?. oli 6006.:i3G, MP'18 01() JM8.3.:i6o.:i <>M
0 .:i8Motio6ooli 6.:ic:;i:l? 8olio Li.:i 3.:itt<">(Y) J<">oi:l?oe!Joli
oo8GoM(!?OO<> (!?MMoli .30<">0M(!?01<>6 06i01<>(!?, MM(3<> o0o o"i:l?""3"i:l?Ooli .:i6 0 .:i<Y'>oooli 00(l?<>b(!?<>li.
no6.:. 11306 (!?<>3()03001,
P1M8 00i:l?<>b(!?0 J001i:l?OoMi:l?<> 5oe!J(Y) .3o<">oM(!?oG 01()8 8 0 JM8.306008 o"C!?00 30-
(!?MG o"i:l?"bi:l?" .:.8 .3 01i1o('l')Ci?oli oo8i:!?oo·
11 30 6 .:i8 o"i:l?0 3.:ii:l?ao0G 3()bMi:l?Oo01
06 .. e!Jo6i:l?o6Go<>li 30jMMO<>'bo"· c,0joo-
b(JMOO(J;:::;'O n.:it'18MO('l')OU (!?<>8.:ie!Jooo01 (!?<>C(30-
6.:i6lioo0li JM8.306ooli013oli .:i6 0.:ili1oo'bo (!?080e!Jooo010 (l?<>Mo(3b3001. 01()8(30 oli
no60Gn.:i6i ()6(!?<> oo<n0liCi?oli o0Li00.:i80Li CQ<>60b0li1faoo01.:i6 ooli00.:i80G0i:l?.
(!?<>6.:ib.:i<">faooo 8M0(3<>3b.
(!?<>6.:ib.:>M%00li ()<>MtJM<B<>'bo 0<>(l?<>b(!?oli013oli
(01() .:i<">liooMol.i .:ilio010 <">.:i8).
o"i:l?"bC!?oG 0.:i8M %<>6io8ooli .:i6 .31i1M 8 o6e!JG, <">.:i 8 i:l?"OJoli6iMli
JM8.3.:i6o.:ib, o6(!?()Ue!J6ioob .31i1.:ide!JoJoG 8obo(!?3001.
li<>JMO(!?Oe!JM fY'>ooe!Jo6 0 ou o<>()<>Molioo<>U (!?<> JM8.306ooli 8oofY'>
JMO(l?Oe!Joli 8oc:;oo.:ili01.:i6 oo8Go<">oo.:iG.
80-10 01.:i300 11306 li.:>JMO(!?Oe!J(Y) U<><>006e!JMOOOl.i <">ooe!Jo60oli liolie!Jo8.:i
MM 0MM0(3 .:i6ioli Dun & Bradstreet. 01() JM8.3.:i6o.:i 0.:i.:i.:J:o<>6()<">ooli 8oli
0833<><"><>(!? MM8 oli oj6oo.:i !:Q0<Y'>c:;303<>, 8obo
b.:>JMO(!?Oe!JM <">ooe!Jo6 0o (!?<>ono3li. JM8.3.:i6o.:ili tY1oGJo.:>6<>(!? (!?<>
o<>()8J<>(3MM6 o<>tJ0(!?3ob dOMMoooo, 01() b.:ioM01P'1(!? olio6o OOtJ0(!?0.:>6 8.:ili P1.:io8oli.
JM8.3.:i6ool.i oo<n<>lioo.:ioo o.:i6Jooo (!?<> lib30 <>M 8001160306
o"i:l?"b(l?<>U. 01()0(3<> .:ilio010 (!?06.:>J<>Mooooli M<>MCQ06MOM030
0.:i6G.:i'bc:;3<">.:i, 8.:io6G .:itY1booMoli JM8.3.:i6ooli
JMO!:Q08()6.:>P'io.:i6Mooli tY10.3(Je!J0Gooli o<>()<>Molioooli 00i:!?Oo0i:!?·
8o(JbJ13<030CQ, U0JMJ(l?Oe!JM <">ooe!Jo60ob o<>()<><">olioooli.:i,
'bMoOOM010 0<>13<03<>13<000 6oe!J(Y) .3o<Y'>nMQ(OU 8J<>(3MO 00G<Oooooli
o<>Mooo. tJO(l?0.:>6 dMMQ((JdGo.:iG (Q<> G.:i3.:itJ:M(Y) JM013<oe!Jo680 0.:i'b.:i<Y'>-
Q'.1P1b 3<>tJO!:Q306o. 8MObMQ(060;:::;io oou<>d;:::;>M<> (Q<>01.:i6b8!:QOU 0 <>(!?<>b(Q.:i'bo,
0.:i6li<>J()01M00001 01() ()080(Qf'1 (Q06<>J<>M30G MOUJO od6oo.:i
01() JM8.3.:i6ooli C(3P'16!:QOOO ,)MOU lio'brri6(JMO, <>M
8M01bM36o;:::;ioooooG .3oJoG
303
 800

600

400

200
8030cc;o0>0CQ, (10(!?>bCQ" 30 b0JMQCQOC1J"'
:Jo0io01CQ0b 001cc;01l> odcc;o3> 37.2% !'icc;ovo\
boo\ 03occ;ol> 3060J3a01ob boo\:icb.
JMt:JCQOClJ"'M()cc;>
3>cc;>CQDO()cc;>:JO:JO 'b3 t
Goo\3oocc;ol> occ;ovo\o
3060J3oom GoJMJCQOClJ"' 10 20 30
:Joo\"'03000>
,.2/10, 6:JC1J"'"

.3olYloP1!QOo, MP1!QJG0G 8rriG38(Je:;>o JP18.30600 303'MP10G 8013e:;>o De:;>oG 0 06803e:;>Mo0Clo. JM3CQ0-

&ol> 0 001Yldoe:;>300G !QMf'll.i Cloode:;>300 00"18M0Cl30G 01Yl0.301Yl!Q0.30"10 b0"1'.li:ooo .31Ylf'l!Q()DG00'b3
930G300G 8f'180&300G 'lJf'lM8001, al> Cl3G0de:;>3oe:;>f'100 JP18.306008 0()Goe:;>3oe:;>0CQ (J6CQ0 0 0001-
30e:;>ol>oo6f'1G JM3!QO&f'1M(Je:;'O 30e:;'!Q30(Je:;>J0300U ()0!Q0b!QOU Cl36oe:;>300G b0M'.li:300G
Cl3930G300G0G.
JM3!QO&f'1M(Je:;>O 30e:;>CQ30(Je:;>30300G .33Mof'l!Q(Je:;'O !Q0 G080M01e:;>o060 Cl363e:;>300 01Yl 01Ylol>
8006o!Q08006G G(J!QO. o0 o ()6!Q0 Cl3930GCQ3G 8o'b6P10Mo30CQ 8P1Je:;'J30!Qo060 !Q0JM3CQ0&000G
0e:;>&olYl60&o()e:;> DtJ0MM300106 J03ClolYlClo. MP1CQ3l>0G JP18.30600 Cl30tJP13630G 8oG 30e:;>CQ3o()e:;>3-
030G, o0 o (Jb!Q0 OJ3G0!QP1G GIYl(Je:;>0!Q 0G6Mof'1G 8086MCQ3oe:;>30G 08 Go&()0GooG Cl3G0b30. 808-
DP1CQ3oe:;>300G ()8J&3Grrio0 G0Cl()0e:;>300G 80GG38G JP18.30600G Cl306Je:;>P1G Sol.lo
30e:;>!QJO(Je:;>Jo300G 0 0CQ0b!Q0, 01() JP18.30600 01YloG .30&0MG060 8086rri!QJOe:;>Jo0106 !Q0 01060b800
()0!Q0b!Q0 'b3.
G030/:f:MM JP18.306008 ()6!Q0 !Q0000e:;>06GrriG G0303'1Ylrri JM3CQ0&0G
(J.301Yl0&3GP10300 0!QM3(Je:;'O o0!Q0b!Q001 8oe;i3o()e:;>O 930l>!Q0Je:;'300G 008rriti36000 'b3 (J0M001
008Mo33(Je:;>O b0M'.li:JOOG, !Q0o30063o()e:;>O ()0!Q0b!Q001 008Mo33(Je:;>O 6300G8031Ylo Cl3G0de:;>rr>
'.li:0Mo8oool>, G0J(i)3!Qo&rri MJ.3()&0GOOG G030(i)0(J(QP1 ()0()0M3G300G 01068be:;>300 0e:;>&3(i)-
60&o()e:;>O e;io(i)3o()e:;>300G !Q0 008tJOCQ33e:;>oG 8036) 8tJOCQ33e:;>'b3 !Q0D3Gao(Je:;>O ()0U0tJO!QO 930GoG
Cl3G0de:;>rr> 'b(i)!QOU G0.301YloG.30MM(Q. 0(';\G3orrioG G0303'1Ylrri J(i)3CQ0&0G, Mf'l()f'lMG 8P1Je:;'J30CQ006o
CQ0930606G300G 'lJf'l(i)8oG, 1Yl08CQ36083 (J.306)0&3Grrio0. (JCQO!QJl>o (J.301Yl0&3Grrio0 01YloG 8ol>o
b3e:;>80G063[Qrri8rrio0. Jrr>8.3060300G (J83&3GM00G0130G JM3<Qo&rri(i)(Je:;'O 30e:;>CQ30(Je:;>30300 00(i)-
8rri0CQ036G J(i)3CQ0&0G 8(JCQ803 93rri(i)80G. 1Yl0!Q 0 06 JP18.30600G 06) 0G0jo(i)rri300 CQ0930606G300G
'lJf'llYl80e:;>(JIYlo rri(i) 0 06o'boo0, o0o (JJ 33 0(i)G 0of'loll. IYl0CQ 0 06 d3ae:;>o 06 0 01Yloo 3oo 00CQ0b!Qoe:;>o0 !Q0
J301!Q300 0b0e:;>o JM3CQ0&001 Cl3GtJ01Q3300, 0b0e:;>o J(i)31Qo&rri(i)(Je:;'O 30e:;>CQ30(Je:;>30300 G3e:;>oG
d33e:;>l> !Q0 CloG00080G0!Q 83(i)tJ3rrioG G0308'(';\rri J(i)DU?o&o01 1Q09306.:i6GaooG 0106b0. 01() Jrri8.30600
08ti080!Q oti3630G 930l>!Q0Je:;>Do0G 60e;i!Qo 06 0 01YloCJGorrilYl300G0G, 1Q080&000010 J(i)31Qo&o b3e:;>80-
G0031QM800 01YlG 3o()e:;>o JIYl3!!?o&rri(i)()e:;>o 30e:;>!Q 3o()e:;> 3o3ool> 0(i) 0 01Q0b!Qo01 63&('1 .3 31Ylof'l!QoG
orrie:;>rr>8!Q3· 080G0130G 06) 01Ylol> G0$<01Ylrri 8rrie:;>0.306)0J300 8086M!Q3ooe:;>0106; 0 0!Q06tJ33&oe:;>300G
801e:;>o060!Q oe;i30G Jrr>S.30600. JM31Qo&rri(i)(Je:;'O 30e:;>CQ30(Je:;>30300G Cl36Je:;>DooG !QMrriG,

304

"'"'8c.:>o6nG ooom 80 505
J"'8:Jo5nnG 3"c.:>mo-
"'"'mnli"G ""'
o<'lnb
bb30mol>b30 mo30-
boe,::93olio60,
0 omoGot>.>moon, rooooroob-
mo O.d. CNJ>.•M"1"0C:on
o<'lnG
11.
o"'U?"' 3"'U?ooob b<>cnob(JMOb oo8U?oo, JM8.30600b CQ<>bffOMCQOO<>
.30li1<>Joo0.
U?<>cno606b 0oob bb 30 C!Jo.3 0000,
bObbob .3oMMOOo'bo. (Q<><>OObMb
JM8.30600'bo CQ<> 8Mdoo6Mb 8U? 8 M801i1 0Mo<>. li10 8 o 00 b000 8MJ-
U?<>cno606booob bb 30 5i:J<>li1M 0ob, <>li1booMoCQob CQMMb
JM8.306oob 8ooli1 b<>bbli1ooob b<>ffoli1Mooob oo@Ji:JMO<>b<> U?"' 08 8M8o6@Jb OMMob, MMCQOb"'G 000
bObbob l.i03<>ffMM JMOCQO@Jo .;Mob CQ<>'(30606boool.i 8o@J<>CQ
JM8.30600b .;li1 8M(Jo03 t.i 8Mo 01i10 8 oli10Mb o<>li1CQ 00 60'bo U?"'
0 <>(Q<>bCQoli 8J<>(.3MO 0 061i100oli ooli0008ob0(Q . .;8ob 0 <>M(Q<>, 8080MCQO-
()(!?000006 JM8.306oob 8ooli1 00(Q0bCQOOOl.i
0"'U?"'3"'U?OO<>li, 30(QMO o<>6JoMooo CQ<> bb30 JMOCQO@JMMOOO.
li03<>ffMM JMO(QO@Joli 0<>8Mi:J06000Li (JdOM<>@JoliMoooo (J6CQ<> Oi:JMb CQ<>60b0M'.S(.O-
oob MMC,f'1M(.3 fi306 3fobo01, b<>M'.5(,0 Oi:]Ml.i MM(QOli<>(.3
cn<>d@JMli1o. o03 1i1o JM8.30600 o80 60ol.i U?<>cno-
606Li0oob bb 30 5i:J<>li1Moob, li1M8 (J.3oli10C!Jolif'100Li
008M 80 6000. b<>li1'.S(.ooob (Q<>60'bf'1 00 080 U?<>cnofo6bo6oli Lib 30 '(3f'11i18 0o'b 0 (J6CQ<>
b030ffMM JMO(QO@Joli CQ<>
CQ060J0M00· 'bM0ooli1010 JM8.306ooli013oli .;Ii) 0MbOOMOb CQ<>JMOCQO@Jooob
Oi:j0Mf'1.
306 obCQoli b.;M'.S(,OOl.i? fi306 (J6CQ<> MM8 l.i03<>ffMM JMOCQO@Jo 8M0(.3<>3li '(3f'16CQOOob
008Mi:Jo6ooob b<>M'.S(,li CQMf'10b Ob 008Mi:J06000 0M 0MOb ()'(30bf'1. 'boCQ6<>CQoOo
b<>M'.5(,0 8MCQOM(J;?Ob .;6 f'1Mo30 8b0(i)o'bo. 8080M(Q0-
b<>M'.S(,O CQ<><>JnbMMb '(3<>liol.i CQ<>(Q00001 .
.3MMCQ(Jj 8 oob 8MaibM 360
8.;b 'bo '(3<>boooli 0"' 'bMCQOl.i Clo8aib3030Clo, ai030 000J03f'1b cn<>liooob
0"''bM(J;?Ob006. 013oaif'16 OJOliMMb b0M'.S(,000l.i vJ8o@Jobn
0<>CQ<>b(Q<> li03<>ffMM JMO(QO@J 'bo. Lib30 008aib30300Clo 806 oli (Q<>60b0M'.S(,OOO 0<>(Q<>O-
@J06f'1l.i 'b(Jli@J.'.>(Q ()6CQ<> 0(.3M(QOb 306 ob(Qob b0Mji;06b b030ffMM JMOCQ-
o@J 'bo. ob(Qob .;8 b<>M'.S(,OOb, b(.3.'.>(Qf'1l.i bb30006 oolii:JO(Q3"' CQ0 oli
li0d80 ()'(3Mf'1 8M80000060G . .;8oli 0.'.>M(Q<>, 806 ()6(!?<> 0(.3MCQOli, Mf'18 (Q<>60b0MS(;OOl.i
b.'.>30ffMf'1 JMOCQO@J 'bo CQMf'1ob .;j301 &o6U?o6GM·
0060J3oaiooob 00'bM(J;?Ob .3oMOf'1(QdO CQ0 JMO(Qo@Joli dOMf'1000do,
booM<>CQ ()8<>C!Jooo6 cn<>bli ai0 3ob .3Mf'1CQ(JJGO<>b
b<>M'.S(,06ob <(3.'.>bOOob oli 80@)000 <>M ()6CQ<> bb30
80@)00000, .3MMCQ(JJGooli 00'b0(i)'bo 8oDf'1CQ0ooli CQ<> 8Maibf'136oli
.3oli1f'1oooob 008M.
b.:>M'.5(,000
m.>r-rin."!\'·'flf'CO!() Ol:Jf'1li b.3f'16@J<>6(JMO CQ<>cno606boooli ()'(3Mf'1
30CQMO 8o@J<>CQ
CQ<>60b0MS<:ooo <>Mob U?"' 8 0CQ0b0b0CT?oo'b 0. f'lMo 30 ci 0801b 303 000 b0M-
S<:ooo 00M8f'10Clf'100 .;6 bCQoo<> 80aio CQ<>M0Gb30, 800M08 8f'1806C!J08C\?o 0M bCQ000 80aio
00CQ<>bCQ0. 060Cl6000 (!?MM, Mf'1CQOb.'.>G obo6o ()6CQ.:.i
nd6oli . .:.i803<>M<>CQ, 0"CQ<>obCQOOi.l jM6ooob
8 0U?<>b0b.:.iCQn MM
J30M.'.>d0 .;6 ai3000 8b0<>3b.'.>(!?, [Qi.lfry-
b<>Mji;OOO o'bM(!?OO<> .:.i5 8(.30MCQOO<> JM8.306nob b.:.ij8o.:.i6f'1oob CQM5ob 00b.:.io.:.i8nb0CQ.
Mf'1(.3<> 0"tJOCQ30oo n'bMCQ[Ji'i.:.i, o'bMU?OO<> dMM8nain C\?060b0MS(;000 CQ"
8001ai06 OM010<:J:? 800Go80ai, M0<:J:?006 8M0000 o'bMCQ000, 00o'bM<:J:?oo0
0 0CQ0b0b0C\?000G.
0Mb000010CQ, b0MS(;OOO 0MOb CQi.l'(30606Lio60 CQ060b0M'.S(.OOOb ()0M000· 8M8l.i.:.ib-
(JM[JOOb 0 00 03 0 b1Qoo0 80 8 (;)08 0(i) 8o 080 80ai
[Qi.l ,)M 80ai 00<:J:?0b(!?Ob d[JMOM<:J:?Ob .:.ilio30 C,01Q0b0b0CQOOOb 0"U?0b<:J:?0
0M 0MOb o"CQ0b<:J:?Ob 3i.l(QOb 08030M0CQ, bi.lMJ<.OOO .'.>Mob
305

bu301Jfii01 :iodlml!?n -
Commer<'.in! rrnper -
J"'8(ll'i(3o<Jc::o/,3016i.301t'io6
O(J\'::'O
a"'Jl'::'(l3"1J?0,6o,
,t'\0306io6606iao<Jc::o
3adboc::o,
3,a ...-;a3ao<Jc::o, t<i"' 8 "'6iG
onuo, 8Gb3oc::o
J"1MJf'JM,(30lJOOU 8on6i,
6im8nc::oG ,t'\oG
>M><J'l>M<J63(lc::'tl''>'1JOC::o
J"'6i.3"'6i"6o<Jc::'o Go3>c::>"'
ll?"'J<J8()6@)o.
306
1Q"'Bo6,:,6li::iooli (J.3Mr<1G::J68(Y) Ol:J<>Mf'1.
li,:,8o(Jb<>Mr<11Q Jr<18.3.:>6o::iooli013oli olio6o .:>M o.:>M8r<1<>1Qo::J6li IQ<><Bo6.:>6li::iooli .:>MR::i3001 <Br<1M8.:>li.
0 <>1Q<>li.:>b<>IQ::JOoli013oli 801.:>3Mr<10.:> .:>Moli JM::JIQ08r<1Mo IQ<> 8,:,1.i li()Mli 0 <>1Q.:>li.:>b<>IQ::JOo 0 .:>IQ<>blQoc::?o
od6::ili IQMr<1(Jc::?"IQ· Jr<18.3,:,6o,:,l.i ()JOIQ(JM::Jl.io 'Bo6,:,6li(JMO liod6oc::?oli IQMr<11.i dO(Jdc::?o.:> o<>IQ<><>3<>-
1Qr<1li 0 <>1Q<>li.:>b.:>1QOOol.i 0 .:>IQ<>blQ.:> 8GOM::J b6001, 8.:>0 M.:>8 ,:,8 IQMr<11.i oeo oblQol.i _ii;<>Mo8ooli IQ<> .3Mr<1-
G068ooli. 8,:,6 Cloodc::?oo<> o"IQ""3"1Qr<1li b::Jc::?'B"lioooli o"IQ"blQ<> 8br<1c::?r<11Q 01,:,6,:,8ClMr<18c::?oooli IQ<>
8f'1M<>c::?oli b<>M_ii:'b::J. 01,:,6,:,8ClMr<18c::?oo8,:, Cloodc::?oo<> (J.3<>li(Jbf'16 o"GIQ0600001 IQ<> O<BOd8o.:>6r<1ooli
Clo8GOM::J0001, ,:,6 lib3<>0<>6 8f'1doo6r<16 li,:,81.i.:>b(JMO. Jr<18.3,:,6o,:, d.:>c::?o.:>6 <BM01boc::?<>IQ ()61Q.:> 8r<10J0-
1Qr<11.i boc::?<B"lioooli o"IQ"3"1QOO<>li. 8,:,6 ()61Q<> "G6(Y)o(Y)li 01,:,6,:,8ClMr<18c::?ooli Cf?" 0 .:>61.i,:,
0 <>Cf?.:>b1Qol.i 'b(Jli8<>Cf?. oli .:>Moli Or<1c::?r<1 li.:>Cl(J<>c::?OO<>, 8.:> 0M.:i8 8o(Jb::J1Q<>3<>1Q ,:,8oli,:,, 003Mo
Jr<18.3.:>6o,:, 'B(Jc::?"IQo 6.:>J<>IQoooli 0 .:>(J<>Molioooli IQMr<11.i <>Jo01ooli b::Jc::?'B"li::Jooli IQ" lib3,:, 0 .:>IQ<>bef?o-
ool.i o"!:Q"3"!:QOO<>li.
8MJc::?D3"1Q°"6o IQ<><Bo6,:,6lioooli (Y)Mo d0Mo01.:>Cf?o Ol:J<>Mr<1Cf?.:>6, li.:>3<>ffMr<1 JMOCf?o8o 808or<11Q::J-
oc::?::ioo!:Q.:>6 IQ" Cf?<>MoGb(Jc::?O b.:>M_ii:OOOIQ.:>6, R3::i6 3(JOM(J61Q::J0001 8MJc::?D3"1Q0.:>6o IQ"'Bo6,:,6lioooli
CJ::i01,:,6b8::io(Jc::? (o<>Mo) 8::J01r<11Q::JOl.i li,:, 'bMo<>IQMOOM03 ,:,6 JoMd(Y) o.:> 'b.:>M'bo. li,:, 'bMo<>!:QMOOMo3
o.:>'b.:>M'bO 'br<1 0 00M010 'B(Jc::?oli o.:>'bMoli o6li8M(J8::J68ooo "'Bo6,:,6lioo::i6 Jr<1M.3r<1M.:>Goooli,"MMIQO-
li,:,G 8,:,01 063oli8MMOOO l:JOIQ(Jc::?r<1006 .30MIQ.:>.3oM ::i806::168oooli0.:>6 ,:,6 .:>M.:>.30MCf?.:>.3oM, Cf?Oc::?OMo-
ooli 8::1Cl3o(Y)0001. 8r<1Jc::?03"1Q0.:>6o liolib::iooli 801.:>3.:>Mo Ol:J.:>Mr<1000 .:>Mo.:>6 Jr<180MGO(Jc::?O 0.:>6Jooo
IQ<> 'Bo6,:,61.i()MO Jr<18.3,:,6oooo. 'B(Jc::?Ol.i O.:>'bMol.i JMOIQ08oli IQ<> 8MJc::?03<>1Q0.:>6o 1.i::Jliboool.i
IQMMli IQ"<Bo6,:,6lioo<> ()61Q<> 8r<1b1Qoli <Br<1M8<>c::?(JM li"'B(Jd 3::ic::?'lio.
mvv1tn-.rm o;:,'b ('i)n b
8lib3oc::?o, J<>M 0 .:>1Q 0 ,:,63001.:>M::JO(Jc::?O Jr<18.3.:>6oooo 'br<1o_ii:OM liolib(Jc::?M006
li.;3.:>&M(Y)c::? 3odlioc::?li IQ" 'B(Jc::?Oli O.:> 'bMol.i lib3,:, 06li8M(J8068::1oli 8MJc::?D3"Cf?0.:>6 li<><B(Jd3::1c::?'b::J.
li,:,30ff.eri(') 3ndlioc::?O <>Mob 0M0(J'bM(J63::1c::?l:JM<BOc::?O, 8MJc::?03"1QO<i6o, 8r<1c::?.:>.3.:>M<>JOO<>!:QO [;,:,b::ilibM
3Ddlioc::?O o<>l:JOIQ(Jc::?O 'B(Jc::?Ob o,:,'b0M'b::J. M<>1Q3<>6 ::JU aodboc::?::JOO 0MOU 'B(Jc::?OU o.:>'bMob 06b8M(J-
8::1680, 8bMc::?MCf? 8o&<>IQ JM::JIQ08()6<>Mo.:>6 Jr<18.3,:,6ooob O::J(Jdc::?n<>01 0.:>8Mnl:Jo6(Y)6 li<>3<>ffMM
3::Jdbnc::?n 8r<1Jc::?D3"Cf?n.:>6o IQ<><Bn6,:,6b::ionb Ol:J<>Mf'11Q.
b.:>3<>3'M(Y) 3::idlioc::?nb o,:, 'b.:>Mn O::JIQoo<'><> f'1Mo 6,:,onc::?nb 0 ,:,6: b00,:, 'liM(Y) IQOc::?OMnb 0 ,:,6 IQ" .3oM-
IQ<>.3nMn 0 .:>1:Jnef?3nl.i o.:>'bMnU 0 .:>6. 3 061Q(JU8Mo(Jc::?O Jr<18.3,:,6n::ion, JM8(J6<>c::?(JMO 8r<181.i.:>b(JMOOnb
Jr<18.3.:>6ooon IQ" b.:>Cl(J<>c::?r<1 'br<18ob li<><Bn6,:,6br<1 Jr<18.306n::ioo Jr<18::JMGO(Jc::? 3::ijlinc::?::iob l:JOIQo.:>6
IQOc::?::JM::JOnb 8::iCl3::Jr<10nm. U<>!:Qnc::?DM(Y) MM 0 .:>6n'li<>Gn<> ClolQo::JO<> b(JmOMCf?::J 8bb3oc::?n !:QOc::?::JMnb-
0.:>6, Mr<18c::?oooG l:JOIQ(Jc::?MO::J6 li<>3<>3'Mf'1c::? 3Ddbnc:?b ::i8n6o68ob 0 ,:,6 IQ<> Cl::i8Cf?Do 80m l:JOIQo.:>6
n63::1li8r<1M::JO'b::J. R3::J(Jc::?:JOM03n IQOc::?:JMob b.:>JM8nbnr<1 0 .:>8r<18(JCl<>3000 .:>Mob 1/8 .3Mr<1G068n IQ<>
IQOc::?OMOU 8noM o"l:JOCf?(Jc::?O 3Ddlinc::?OU bn8oo'Bob 3"1Q" OG3c::?OO" 30-IQ.:>6 90 00 'li0Mn
.:>Mob !:Q" Mm(Jc::?Oi 3Ddlioc::?n dnMnm<>Cf?<>Cf? Ol:JOIQOO<> 80608()80 100,000$-
oli 6f'18o6.:>c::?::J0001. Ol(J8G" O.:>MU(Jc::?dO IQOc::?OMOU O.:> 'b.:>Mn b,:,bn<>mlQOOr<11Q<> o8n8o68ooob
86no36oc::?(Y)3<>6n M<>f'11Q06f'10001, MM8c::?ooo 8 liobb(Jc::?r<1o1Q6o6 Lio'bf'16(JM<>IQ, 8D61Qo6Gn"
., 3@.lr<18<>8()M<>IQ 0 ,:,6,:,bc::?::io<>IQo 06 8(Jef?8o3o IQ<><Bo6,:,6b::ioobJo6.
003Mn 8bb3nc::?o 'Bo6"6b()Mn JM8.3,:,6n,:,, Mf'1 0 f'1MnG .:>Mob '.5G06::JM<>c::? 8f'18MMU "JGD.38::i6b
JMM.3f'1M<>Go<> (GMAC), 01:J::i6::iob li.:>IQOc::?OMM f'1M 0 .:>6n'b0Gn.:>b m03nbn 3ojlioc::?nb .3oMIQ<>.3nM
063::ib8r<1M::Jonlim3ob 8n1:Jnef?3nli boc::?obo::ili<>ol:Jr<10<>1Q. ,:,8 ::i8o8o68oob CJ::ili<>o.:>8nbMo.:>Cln 8r<1.31:J<>3m
3odliDc::?DOOU 8M800<B::JOOU 3"1Q" IQ<> m.:>6b,:, 063::1li8(Y)MOU U.:>ffOMMoooooli Clob,:,o,:,8nb.:>Cf?,
doM001.:>1Q01Q 8bb3oc::? Jr<1M.3r<1M.:>Gooom,:,6 ff<>MOO 'B(Jc::?001. 8r<180n<B::JO<> .3oMCf?.:>.3nM
o"l:JO!:Q(Jc::? Clot!?" 3Ddlinc::?'b::J Cloli<>dc::?(Y)" CJ::inG3<>c::?r<1b M<>8!:Qo6n8 0 270 bb30
003Mn o6tQ(Jli8Mn(Jc::?n 0806068::ioob 0 ,:,6 0 06bb303::ionm, 'Bo6"6b()Mo JM8.3,:,6o::ion n1:J::i6::10::16
b,:,303'M(Y) 3odlinc::?nli O.:>'b.:>MU <BM6!:Qooob 8()(!?803 Ol:J.:>MM(Q. tQOc::?::JMOU 80Cl3o(Y)oom !:Q0 .3nM(Q.:>.3nM
o<>l:JO(Q(Jc::?O 3odlinc::?O b,:,Mobb(Q::JO<> 8obo b.:>Mnbbob O::JU.:>0.:>8nb.:>(Q ::JM010 ,:,6 M081Q::16n80
M::Jn8n6 0 nb 8o86orl:::io::ic::?n li.:>.:> 0 ::J68f'1b 8o::JM - Moody's, Standard & Poor's, Duff & Phelps, cr?"
Fitch's. M::Jn8o6 0 ::ion,:, P-1, A-1, D-1 IQ" F-1 Cl::ili<>o.:>8oli<>tQ ,:,8 r<1mbn li<><>QD68(Y)b
 8ob0G<3om. 8bM<:::1M!.Q 1-e:::io !.Q0 80-2-o bM'\obbob 30dboe:::io 0Mob boe:::ib01JMO<:::'O o.::.'b0rt1'bo.
- aau"aD b030,::frt1M 3odlioe:::ioli 8m030rt10 (J.3ort10@.>oliM00, MM8MMG 8MJ<:::>o30!.'Qo060 !.Q0<(Jofo6liooob
8b"Mnl> btJ0MM, 0Mob ob, MM8 000 dort1om0!.Q0!.'Q 0Mob 00<(30 JM80MGO(Je:::>O o06Job 8MJ<:::1030!.Q006o oo'b-
3nt;\"'o"
6oliliobb'bo. b0rt10ooe:::ioli 0060J3omob GoJe:::inli 8obo!.Q3om b030jrt1M 3odlioe:::ioli 0060J3omo
o"6Jnb), t;\"'8 o"!J:?"°b!:QnG
Cloode:::ioo.::. otJMb rt108!.Qo6080 .3rt1MG06@.>om tQ000e:::io, 30!.QMO b0rt10ooe:::ioli 0060J3omo b0006JM
o"6l>" liolib'bo 80c::0e:::i b0rt1obbob liolibooobm3ob. JM8.306oooob ()8o&obMoobm3ob b030,::frt1M 3odlioe:::io
3nMO"lOQOnm, n8 0rt1ob b0006JM JMO!.QO@Job !.Q06080@.Jo. <(J0d@.>o(JM0!.Q, b030,::fMM 3odlioe:::ioli !.QO<:::>OMOOO 8liolibo-
llo8mb303"Clo mv oe:::iooob006 8MombM306 Cloo60rt1fi(J6M6 b0JMO!.QO@JM b0'booo 006JOO, 08obm3ob MM8 (J'bM(J630-
"8"b 30M
n3o
<:::>8M6 b030,::fMM 3odlioe:::iob 008MtJ06000. ob ode:::io30 !.Q080@.>ooom 00rt106@.>00b, MM8 b030.::f"1M
bllnM"!J:? 3"a"'ntlo6oo" 3odlioe:::iob Gobbo od6000 80!.Q0b!.Qoe:::io. m(J8G0 b030.::frt1M 3odlioe:::iob !.Q0 bb30 '(l()e:::'ob 00'brt1ob
MM()MM() 'bttl!.Q0 b!.Q000 006Job liobbob 8me:::io060 JMMdMM0GO(Je:::10 !.Q0<(lo606booob 00'brt1ob
"'""""6e,o.;. 00fob'oe:::ioo0 006Jooob 8oort1 8GOM!.Q000 !.QMMm0 006803e:::iM00Clo.
808MdG030Clo (JOM0e:::>M 3odlioe:::iooob 008MG08ob 60G3<:::'0!.Q 003rt10 JMM.3MM0G00 008MliG08b
!.QMJ(J8o6&ooli, rt1M8oe:::ioG G6Mooe:::io0 MM 0Mrt1G Li0 30jrt1M 3odlioe:::iooo ,,006Job 8b0rt1!.Q0:=Jort1om".
006Jo 6'0rt10!.Q 8o6li ,\3P1ncs;oe!Jn 3Li rt1M8oe:::io 8 80rt106@.>00Li 0de:::i 03 1.i o6 3oli@.>Mrt1b, rt1M8 JM8-
.30600Li 30<:::'!.Q00()<:::'000 od6000 80!.Q0b!.Qoe:::io. 063oli@.>oGOOb b0Mobbo oo8!.Q08 !.Q08MJO!.QOO()e:::'00
006Job JMO!.Qo@J(Jfort1006Mo0'bo !.Q0 3odlioe:::io !.Q0b0b00moo()e:::io0 rt100@.>060oli b00006@.JM:Joob
Cloli0008ob0!.Q. 006Job 800<;\ (J'bM(J63oe:::>tJM<(loe:::io Clom06b8000 008MotJ06000 oliomo
JM8.306oooobm3ob, MM8e:::ioooG 0rt1 0rt10.::.6 J0M()0!.Q G6Mooe:::i6o, ttlM8e:::ioooG 0rt1006 JOMdM
8<(Je:::>M00<:::1M0000, obo30 MM8MMG JM8.306oooobm3ob, MM8e:::iooli0G 0d3m !.Q000<:::'0 b0Mobbob
rt100@.>0600, ffi() obo6o 008MliG0806 03@.>M6M80(JM 3odlioe:::iooli. ob b00(J0e:::'000 (J'bM(J63oe:::>tJM<(Jb
3odlioe:::ioli 00'b0<;\'bo Cloli3e:::i0li 08 .3ort1oM!.QOooo, MMQ;wli0G 0rt1ob 60Je:::iooo, 30!.QM:J
006Jo!.Q06 .3ort1!.Q0.3ort10 liolibooob 8oc::ooom.
b.'>o06J(I') 0DG:Jd@)()OO. J(l')8.30600, M(l')8oe:::ioG fi0Mm(Je:::io0 b0ort1m00(l')MOb(I') 30jMM0000 06 8M800-
cio060 b0dM6e:::ioli OO!.Q0 @JM06l.i.3MM@Jottloo0Clo, i..h?66bJF1 "DGDdC3JDCO Cloli0de:::i(l')0 8obm3oli 01JMU
!.Q0<(Jo606li(J<'>oli 86oo 350e:::i(') 3060 080MM. MM!.Qoli0 8 08 0rt1o 3()e:::i JM8.30600ti li()rt1Li 100,000$
e:;o61oo()e:::'OOOU Oe:::'Od@JMM6()<:::'0 J(l')8dM606@.>ooob o8dMM@Jo 00.3f"l6(JMO 3M8.30600!.Q06, f"lMo
Jf"l8.30600 m068b!.Qoo0, Mf"l8 30,::f61Mo0Clo 008f"ltJ:J6:JO(Je:::>O od6000 90 !.QC::006o (QM0<(l@Jo.
m"a"bvdoon, 08ort103()e:::>o 3M8.30600 008f"lb'ort1li 0JMOC1?0@.>03oli b'ort1oe:::ib 8obo 0063ob li0boe:::i'bo, 6-'iob
8obo<Q3nm"G o"6Jn ("!J:?OOb b0<(J()d3oe:::i'boG 00630 m06b8!.Qoo0 3f"l8.306oob 800<;\ 008M6'061oe:::io 3odlioe:::ioli 00!.Q0b!.Q0 'b:J,
8001 6oll"6t, b0M!.Q8:J6oe:::io 00.3f"l6(JMO 006Job 8:J03:Jf"lOom. 00.3M6(JMO 3M8.30600 00 0'b036ob dMM!.Q()dG00b
!.Q0 0803:) (QMf"lU 008Mb:JMU (QM0<(J@Jli, MM8:Je:::>0(3 0806103()<:::'0 JM8.306oob006 8f"lombM3b 90
3nl"1Mo"b
B"a:?"Vb"!J:?f'lb a0:i"e,Mf'l6au l.'Qc::ob 006803e:::iM0000 00!.Q.::.b!.Q0b. Cl:J8!Q:J8 000 00'b036ob 08 !.QM0<(l@.lb m03ob 00.3M6(JM 006300.
6'060b6'0610 O:Jm06b8ooob Cl:Jb0008oli0!Q, !.QM0<(J@Jo 00 'b036:Jo0 0806103()<:::> 006JClo !Q0 "8ooe:;oo0"
bo8ooc13ob 08 006Job 8oort1. 0803:) !.QMf"lli, 000 b\!?000 b0006JM 0dGo.3@.>:J6bo. 061b:Joom0!.Q, 00630 m06b8!.Qoo0
a:?"ll13"'8oG"b. 00!.Q0b!Qoli .30b(Jbob80:Joe:::if"lo0'bo, oo\!?080!.Q G3e:::ioli !.'QM:Jo3oli, 06() 08:JMOJ(Je:::'O 3M8.306ool>,
3M:J(QO@J()6061006Mo0b.
ffi() 006JO 06-'iob !.'QOC!?O !.Q0 306-lc,0!.'Q G6Mooe:::io - (Q0 006J:JOOb ()8:J@.>:JbM00, MM8e:::>:JOOG
m068be!?:J0006 !.QM0<(J@J 'b:J, 061006 0bom:Joo - o6l>@Jttl(J8:J6@.>o be!?:J00 80c::0e:::ie:::io330!.'Q()Mo
0dG:Jd@J:J6bob Cl:J8!.'Q:J8· oo\!?080C!?, !.'Qttl03ort10 (00.3M6(Jrt10 3M8.30600) 061 06061fi(J6:Joli C!?M0<(3@.lb
l>00M<:::1.MM 80!.Q0be\?ob m0MOC::08(Q:Ji 80l.i d:J(Jde:::'o0 801JO!.QMl> !.QM0<(300 00 'b06-J'bo 8ob 6M8ofoe:::>(JM
603e:::ioo '(30li0C1?. bM<:::>M qpb!.Q0Je:::':J00 0rt1oli 063oli@JMMoli0m3ob 00!.'Q0btl?oe:::io
.3MM(306&o. 90 !.QC::Oli !.Q000l>M()e:::>b 063ob@JMMO b0M0!.Q806li 0dGo.3&oooli 0dGo.3@>oli 008(308
006JOO ()0!.Q0b(Qolim3ol.i !.Q0 oc::ooli 100,000$-l.i. 08030 !.QMMU, 0806-'ioJ(Je:::'O 3M8.30600 30<:::'!.QOO(J-
<:::100 ojM6oMli <(3M6!.Qooo C!?0.3M'bo& 'ho, MM8 !.Q0<(30MMl.i 08030rt10!.Q 806 !.'Q00<(30606Li0
8olio o8df"lM&o 90 l.'Qe:;o060 d:JMOM!.QOl.iq;3oli. O:Jl.i0de:::ioo:Je:::io0 00.3M6(JM80 odb.3Mrt1&0MM80
O:J08GoMMl.i qplio, ffi() 80!.'Q00be!?000 &6106li.3MM@Jo61oooli 00<(30b(JMO. 08 030<;\0!.Q, 08ort10J()e:::'O
3(")8.30600 06-'iob ,,8li:Jliboooe:::io".
0d&o()Mo !.Q0 lioGMGbe:::iob(J60rt10,:,60 li00063M 0dGo.3&oooli 00'b610Li .:16-'ib:JOM00
08G0de:::ioooe:::ili b!.QoG G0 861m00Mrt10GM 30:=J;flMooli !.Q0<(30606Lioo,:,b G0 30jrt1M 3odlioe:::ioli 800be:::i(')o-
o()e:::io dMM(3:JOe()<:::'0 006033omom. 8o(Jb:JC!?030C!? 08oli0, MM8 li0<(3(Jd3e:::iooo, Mf"l8e:::iobm3oli0(3
0dGo.3&000 00loli Cloj86oe:::io, 06-'ioli o6'imo !.Q0 00 030 ()(3bM()Mo C\?0 d3otJ6oli ClotQ0 30jflMoolim3oli,
Clo!.Q0 30jrt1Mo0'bo 8M!.Qoli 8me:::io060 li0006jf"l 0dmi.3&000G 8(3oM:J b'oe:::io. 30i'J61Mooli 0 0rt1!.'Q0,
d0!.Q0 "dGo.3tiJooom !.Q0<(J0606Lioo0 008MOtJ06000 oliomo 01080!.> Cloli060b0!.'Q, Mf'l()MM0(.3 0rt1oli 80rt1-
G3<:::'0()<:::'0·

307
 .>r.io(J'br.i(J63oc:,i301'(Joc::,m oMo(J
l>oGbnoo - lins(;curcd loans
<'1018 00b13.?ol> 08 0 0860100, oo'b6oliliolibooo ()613.?0 13.?031::101m 011'1 J.:>00 001-
- '(J(Jc:.'OC!?O
3"!::'.'C!?OO(JC::Doooo,
<'100!3.?: 13.?0 GoGbaoo. 001'1 000,
MM83!::'.'oe oM .>Mou '130606G(J<'10 J018.3060000 0M GolibooG 080&018, f\1018 81.iolibo-
(J'bM(J630('.'.'1JM<(lO('.'.'O
l>b30C!?ol>b30 l>obol>
08G0b(JM00G JM013.?o&G 0G0Gb01G
od@Jo33ool> ()OMOMOlO. be>Mfeom 006J013.?06. 00l3.?0o013.? GoliboooG
003obooom 006JaoG.
(J'bM(J030('.'.'iJM'(JO('.'.'O
l.i3l>b3?m Secured loans - G0006J01 G0Gbooo
'(J()c:.'OC!?O M01 001MG M.:>13.? 006 80m 06 001\loo'bo 0d&o3000
3"!::'.'C!?QO(J('.'.'QOQOo, 1::101'?306 foJ0!3.?ooG, G0J80MoG00 GoGboG 13.?0G0'?J0M0!Q. 01::101 13.?M01, M0113.?oli0G
oiro83('.'.'0(3
(J'bM(J630('.'.'1JM'(JO('.'.'OO 006Jooo m030G GolibooG GoGboG 0Gomo &o.3om.
JM6JMQ@J(Jc:.'0 0oMOMOl0 1 80 0 <'108 !QC::OG oGo6o J018.306000G G0boG GolibooG,
30('.'.'ol> 8"C!?"bC!?ol> o00 G0008ooo06 !QC> 8006 8 ,
0oM.>6@JoC!?.
Golibooo 0MOU 806013.? 13./Cl'?J0606GoooG O!::f0M01
U.>JMtJC!?O@JM bo'bo J018.3060000Gm30G, 0 06G.:>J(Jmf\looom m(J G0d80 oboo0 13.?.:>
(l>ooo6J"') Line of credit
(with a bank)- 80M00000G Go'b016(JMO 801mb0136000G !Q0'(30606Goo0G.
0MoM9J0(300('.'.'(JMO Golibooo o00GOU U0JMOl3.?0001 b,:,'bol> 00G00080G0!Q, U0JMO!Q0001 oom06b8000G
oomo6b8ooo oo6Ji.>O Cl?" 8ol> 8obol3.?3om, 06 &<">06'b0dGooG (00600 360: 0Go30 0f\1G 00010 06 08 G080
Jc:;no6@Jl> OroMol>,
MM83c:;oe 0 06l>o'bc;3Mo3l> GoGboG &o.3oG 30MGoooo).
JMOC!?n@Jnl> 8ojl>o80('.'.'()M 86JOGl3.?0o0 8ooM, 0!3.?oo6G
mo6bol>, MM8('.'.'ol>
'(JOM()('.'.'3000 006Jn 60001.>
0060J3omG GoGboG o013.?C>b13.?0U !QM01U
Mmo3l> JC'.'.'no6@Jb 00G00080G013.?.
63ool>800M C!?Mrol>
0 08r<m@Jo601l> Cl?" <loo@Jo6rol> G.:iJl'i1o!Qo8M b.:i'bo. G.:iJfi10IT1o@J01 b.:>'bo 00M8010!Q 0o6G oom06b8000G 006JG0 (QC>
JM3cgo@Jo, 6o6ol>6oM 8oG 0011\loG, 0'b(JG&ooG JMO!Qo&oG m06b0G,
0 o6uo 'bc;3M()('.'.'O
UOM()DO('.'.'OOl. 006JO 8oGGo8G J018.30600G 6oooG8oof\l !QM01U. U0JMO!Q0001 be>'bo o00Go80
.301\100113.?om !QC> 80G 00813.?oo, M01CQOU.">(3 006Jo 8ooc::ooG
CQC> od6200 006Go 0013.?0boCQ01G 0013.?.:>bCJ?oooG 0G&01Mo0G. m(J 8G::iliboo-
06 001\loooG CQC::D 01\loG 31 CQDJo8ooMo, o.">6JG 006G0'bc::3M01G 8oGo
G0JMDCJ?o601 b.:>'boG 30CQ0G 08010(JM30 801\l&oo. 08 CQM01G 006J80 (QC> J018.306008 (J6CQ0 006ob-
J018.30600G JMOCJ?o6oG 0060 O::JCJ?DooCJ?06
0 08018CQ060Mo. b.:>'boG GoCQol3.?o 006JoG 8ooM JM::Jl3.?o0()60f\10060100G
O::J'(30U::J00'b::J (QC> U0JMJCJ?0001 08 .3oM010::JOOU
8oboCQ3om, G.:>JM::JCJ?0001 b.:>'bo 0 060G0'bc::3M01G m.:>Moc::om 06 806-
08CQ::J, m(J .30M010000 801omb013G
60c::CJ?O OO(Jfe::J60 booMC>(Q U0(JJ0mJU01 06'1301M80(300U
30CQ006o JMJCQo&oG m(J OJ8CJ?Joo GJGboG
80dG08()80 06 .3oJo 800,000$, J018.306008 801omb01301G 1
G0JMOCJ?o&01 b.:>'bo (JU0'13Mmb01000G 80MtJ0Gm30G. CQ.:>m06b8CQ000 m(J 0M0 006Jo 801mb01360G,
8oG 8oJM J018.30600G JMJCJ?00()60Mo060100G 00'?30G000'bJ. m(J 006Jo
!QC>m06b8(QJ00, J018.306008 0G0Gb01G -
f\lo 0 o 8003001oom, 80180o'?JJ00G
30CQ0 0<'10G 90 CQC::J - 1 G0JMJCQ0&01 b,:,'bo. M.:>!Q0 06
'b01 0oJMmo 006Jo GJGbG G0JMJCQ0&01 b.:>'bJooG 8oboCQ3om, M01 001M(3 G0'b016()M 06
CQM01JOom CQC>'?Jo606GJ00G, 80m CQMOol>016 "06 00MoooG 0 008J6CQ0G" .30<'10100. 0 00-
8J6CQ0G .30M0100G 8obJCQ3om, 8010mb013000 000806CQ01G G0006J01 JMJCJ?o&o - 06()
.:>M 80MmOO!QJG 006J0Gm30G .:>MC>'?JOMo .301\10011.QoG 0008061.QoG
.3JM001(QO .:>Moll JMmoCQ.:>6 01M m3J8!QJ· 0008J6!Q0 m030Gm030CQ 01\loG
006J0Gm30G, M018 Golibo 01\loG G0'b016()Mo O(J6ooom CQC> 0M .:>Moll
J018.30600G 8()13.?8030 CQ.:>'l30606G000G (Gb30foof\10CQ, 006J80
!Q0<(30606GJOC> 00foJ3Jm0oom). m(J
8018 000.006 J018.30600G .:>M -1d016!QC> 006Joo, OJ8GoM(Q0 01Mo 00606-
01mbo m3013.?06 01M m3J8!QJ (QC> 01\l 01\loG 08
030MR03G 0 0801301::10601m G0006J01 JMJ!Qo&o G0bGMJooG 8(J!Q8030

8oGo 0J3Mo (J.30<'10&0G0100G 8o(JbJ13.?030CQ, 0c::3600601m,

f\1018 U0JMJCJ?0001 b.:>'bo 01\l 00C>!Q 0J6G 006JoG 8001\l JMJ!QO&oG 00(3J8oG

308
 11.

bei'bol.i 00li.:ib00 006ioe;:om,

8o(JmOm0oli, MM8 o.:i6Jli l.i()Ml.i c,.:ilio0li JM0(QO@.>o 6i.:ic:;.:io m.:i6b.:i8U?0· .:iliomo oo6i-
0000.:i3G c,.:io806U?oli .3oMMO<lli) 11.2 li(JM<lmoo. oli 006i-
o)M o)Mol.i o.:i6Jol.i JM0(QO@.>oli 0.:io08.:i'b0. ffi(J
JM0(Q0@.>()6.:i6io06MO,) ()<l(J<lM0l.i(Q00,) o.:i6Jli .:ic:;.:i6i c,.:ilio0li
JM0U?o@.>o (Q<l .:i6i 8M0mbM300.:i 8.:il.i .:i8ol.i 0.:iJomoo.:i. ·980@.>0li 008mb3030000, o.:i6Jooo
m.:i3ol.io (Q.:l.306i00.:i li.:iJM0U?o@.>M b.:i'bob 0.:ibl.i6.:il.im.:i6 (Q<lJ.:i3006iooom.
b0J6l:Jcr{O@.>M O:Jm06b8:JOOb 03@.>M80@.>'2)6JO 0 060be;::J00. 0 0fobe;:00-ve;:o 00m06b8000
.:i6iol.i o.:i6Jnl.i 0 .:iliooli JM0U?o@.>o 80jl.io8()8
m.:i6b.:i8\!?0· l.i.:i6.:i8 d.:ie;:000.:i, o06J80 ()6(Q<l c,.:iliooli JM0(QO@.>o, MM(Q0li<l(3 8liolib0-
8Mo6(QM8tJoli li0lib00.:il.i (Q<l 6.:ib0lib008.:i m.:i6b.:i8 <lM ()6(Q<l ()<l(Q<l<lfr<lMoMl.i (Q<l(Q-
credit agreement - m.:i6b.:il.i. m(J 0 .:i6.:ibe;:00.:i .:i6iol.i 1 (Q<l 700,000$ (JJ30 ()<l(3tJ8(Je;:n.:i,
J"6"'6no<'in
oli0libMli (Q.:l8.:i@.>ooomo 300,000$ 60ool.i8006i (QMMl.i . .:iliomo
o 0o·
JMJQ;?non 8MombM300.:i 0.:i(Q.:iob.:i-
Q;?<'irri'bo 83 0 Q;?Mli U<lJM8olioM li<l'lJ<lli(JMO JM0(QO@.>oli 60ool.i8006io
b06G.
m.:i6bol.i .3MM(306@.>'bo (Q<l8.:i@.>ooom. ffi(J JM0(QO@.>oli .:iMoli 1 (Q<l
l>oJM8olmM - Commitment tJMffi ()<l0(3080 400,000$, 0mbM3Ml.i l.i.:lJM8ol.ioM
fee - (l"Q;?"G0b0Q;?n
l.i0'l.30b(J6iol.i 0.:i(Q.:ib(Q.:i (8.:i 0(';).:i8 8oli.:ic:;06) 600,000$ m(J l.i.:iJM8olioM
JMJQ;?n·
orri<'iob 800<'1 uaGbnu b.:i'l.3.:il.i(JMO .:i(Y\o[; 0.5 %, .:i8 'lJ<lbo oj600.:i 3,000$ o6imo
\!?"aoJneoonG JM0(QO@.>ob 00m.:i6b800.:i booM<l(Q 000008.:i 06im 80@.>o 3.:l(QOm. M<l(Q()<l6
Clo8cnb30301lo, boJM8nbmo
JMQQ;?noou o"G08nbob.
tJMm 80@.>o 3.:l(QOQ) liolibol.i 00m.:i6b8060 ()6(!?.:l MM()MM(3 l.i.:iO(J<le:?M !Q<l
JMOU?o@.>o, JMOU?o@.>oli (J'lJMM 21-0
m.:i300.

@.>M06'b0dGnob G::ibbo. b<iJMO(QO@.>M b<i'bom 06 l.i.:iJM0(QO@.>M oom06b806om b0libob

.:ic:;06.:i o)M 06iob 80G0c:;060, MM(Qob.:io JM8.3.:i6o.:ib ob.:ilfo6iM000 'lJM6(Q000
OMmo 8o'b6ol.im3ol.i. JM6@.>M<lJ@.>MM8.:i OtJl.i.:ide;:M.:i ol.i0bbMb 6.:ibJO!Q.:l6
m.:i3ol.io G.:i8(JO.:iMli MMQ;?oli.:io JM6@.>M.:ij@.>M6io oc:;06Li G.:i'l.3.:il.i(J6il.i G.:ij8ob
0 .:iJomo6ol.im3oli, o 0 o .:i8om 'l.3.:i(Y\03G bobbG . .:i8 l.i.:iboG Gobbol.im3oli, o.:i6Jo 0'l.3.:ilio6li
8MmbM36.:ib MM()MMG @.>6i.:i6'b.:idoo.:ib . .:i8 00'l.3.:ili000600 fl3o(Je;:006io3.:i{Q
(J(QOQ;?Olio .:ij3b 6.:ic:;!Qo 6.:iJ<l(Qol.i bol.ibol.i
U?0li0'l.306i03.:i(Q.

Li0608 fl306Li 1::J(JM0U?c:;oo.:ib Goliboo'b0, fl 3o6 (J6U?.:i

0.:i3.:iJomMm 8006i0 0 0(Q0b303.:i (!?0 6i08U?o6080 'lJ0J@.>M6io,
'b 00 .:i 3e;: 060Li .:ibU?o6Li t.i 0Gbol.i 8MJe::io 30CQ006 .3o6ili.3od003000. 0t.i
'lJ0J@.>M6iooo - 8Moo0306 0 060J30moob, b.:iJM8.3o6li0-
GoM (!?0 l.i0JM8ol.ioM l.i0'l.30l.i(J6iooG - 0 30b8.:i(Y)o6.:i 0 063l.i0'bc:;36iMm
,,O'l.30d@.>o.:i6o" 0 060J3omo lioGb'bo.
bM;)B:Joe;:ob 0 060J3::im::i60. (6M8060e;:(J6io) 0 06.:iJ 3omooo 6o'b6oli-
liolibo6oli (J8o@.>oliM60 'bo 0.:i6Li0 0 'bom \!?0 0 08-
oM6iob. 'bM 0 oo6imo 006Jooo (Q<lJnli6ioo(Je;:o
0 06.:iJ3omo JM0!QOf§()606io.:i6Moob oob0008oli0(Q -
6i.:io JM0U?o@.>()60(';)006M60, 8om 0 060J3omo.
0 060J3t)mO 0bo30 o.:i'b6iol.i .3oMM6oool.i
ofi1mo 60'b6iob .30MM0000G
8obo(Q3om 0(Y\ol.i ,,06M8 6i0oeio". 06i.:io8 fi1oo@.>o .:i(Y\ob 0.:i6.:iJ30mo
606JoG 800<'1
oo'b6obbobb'bo 'l.30605b(JM0(Q JM8.306ooo'b0. 0 06.:iJ3omo fl30(J!!:?066io3.:i(Q
0 - - - 00 ,,- ... ,
(Q0(Q()06oe;:o.:i o.:i'bP'iob 8jM6o o.:i6Jooob 8oofi1 (Q<l 00li00.:i8ob.:i(Q oc,o
c,08MOl::J0600.:i J301::J<l6.:ioo.
8o(JbOCQ03o)(Q o8ob.:i, MM8 OMQ)O oob0(Q3om t§oP'i8o6o .36iM8 P'ioo@.>o 0c:;6006.:i3G
0.:i6.:iJ3omb, o.:i6Jo 0Jol.i6i 06Li JMOCQ0@.>()60P'io.:i6 8M8b-
OMC::M (QMMb (Q00bl::JM ,:,8 .3P'i.:ij@.>nJOli M0(Q()06 o.:i5Jooli OMMoli c,0o'b0M(Q0
JMbJ(JM06Go0 Je::ioo6@.>0oob 8M.3M306.:ioo, MM 0MM(3 tJMm8.:i5omClo,
0lio30 00'bfi1ol.i 8bfi10CQ06, 'l.30606li(JM<>(Q JM8.3.:.6oooli booM0U?

309
 4.
l>"Jl"ia01n8ro b" 'bnl>
3"(3()8ol> 6n8(JdO
- JMf'l(3068<Jc::>n
306>J3amo, l'\ro8ac::>l>"G
8l>f'l'1Jc::'Of'l Jc::><>l>ol>
o"6Jaon, a<>6c::>>aa1><Jc::>n
c::'"'6(l?f'l6<ln, (Jb(l?n"6
al'\m8>6aml>
aa"""'!l?"'c::>"""a 00 l>
l><><l<J>c::>aoaonm.
310
0<>6JO
8a6abo
j-60 '.l(;:J6<> dMM'lJO(!}O
30Ga-.3c1>a'bocsw6&0 CQ" b<> 'bo6<>(Q<>Mo
Acme Aglet JMMdMM<>GM
11235 Fibonacci Circle
Maryville, Tennessee 37801
mj3a60 '>(J(QO(!}oli ,:,63.:>MoCloli 8306
33b(JMl.i mj3060 1
li<>JM:J(QO(!}M b,:,'bo ,:,8
li<>JM:J(QO(!}M b,:,'bob 8oba!Q3001 liabbaoo 8M8:JGa8<>m ac1>01-80MM:JCQO
.3MMG[J6(!,ob 3<>6<>J3amom ( 1/2%) .3<'1008 <'lao8 'ha.
,:,8 b,:,'bob 8oba!Q3om mj3a60 JM8.3060,:, Clao6,:,<'l8(J6[Job 8ob iaofo6b(JM
8(Q3M8.:>M[JMO.:>b (Q0 80b 0M ad6ao<> 83a60 o.:>6Job
8o8(Qo6,:,c1>[J 80608()8 45 CQC?Ob
30Ga-.3<'1a'bo!Qa6&0,
.:i6a8 D· (Jo6li(;M6o
<>j3m 01.:i6baoo olialibM6 dM<>o8 M:J08 'ha 3<>6<>J3a01001.
3.:i60J3[Jmo o<i6Jol.i qJM6(Q[JOol.i 8.:>MtJOb 'ii[J,
M'>(Q3<>6 030 006am00P"1r0nbn 0 06,)J3ocrmb (UBOH)
8ob[J[l?3001, .:>6 O.:>'tJMob li<>(Q:JdM'tJo(!}M l.i[jM(!}O'(lOJ<>(!}:JO'b:J 306<>J3:J01001.
3<>6<>J3001ob 8.:>MtJ<> '(lM6(Q:JOOU 'tio (Q<> ob 01.:i6b.:i
b(Q:JO<> 3<>6<>J30010. :Jb 3<>6<>J3:J010
o.:i'bc1>ob 3<>6<>J3001oooli [JM01<>(Q. qJM6(!?:JOob 8.:>MtJ<>
JM6J(JM:J6Goob dOMMO[JO'ti:J (Q<> Cloli.:io.:i8oli 3<>1fMMOOU (J6<i<'l'bo,
8.:i3c1>,:,8 030 oj6oo<> 1%-'bo 80(;0.
bb3.:i 3<>(QMb(Qo<>6 MM8MMG .3c1><>o8 M:Jo(;b, .:ilio30 .3<'1.:io8'ba 3<>6<>J3omli,
o<i6Joli bobboli '(l<>UO (!?806(Q:JO<> .3<'l<>o8 M:JO(!}oli Clob.:io.:i8oli0(Q . .:i833<>M<>(Q, .3<'1.:io8 M:JO(!}o bCloM<>(Q
3<>8Mo::io6ao<> MM3MMG oo688.:ic1>Job 3<>6<>J30010. Cloia<>-
boo.:ib01.:i6 [JM01<>(!?, o.:>6J8<> 3<>liGoli U<>JM:J(QO(!}M b.:i'bo JM8.3.:i6o.:i'ba .3<'1.:io8-c1>oo8li
0.5% - ,..3c1>.:io8 0.5''. 01() .3<'1.:io8 M:JO(!}o <>Mob 10%, DJObM:JO<>
10.5 3<>6<>J3D010. 01() .3<'1.:io8 6ioo(;o 8GoM(Q:JO<> 8%-8CQ:J,
3<>(Q<>Ob(!?ob 8.5%-b. lib3<>(Q<ibb3.)1 o<i6Job ClMMob, 3<>6<>J3001ob
.3<'1.:io8o!Q<>6 ()6CQ0 .:ib.:ibM6 3.:i6bb3.:i3ooaoo JM:JCQO(;(J6<>-
c1>o.:i6Mo<>Clo.

0063ob boaw:Jro'bo@J"'
B"'01b01360, (J.'.l<limGo6®"''
';')3"1l1"' CQJdrl'lm<.!!>n,
. boJM8.3n6b0(lOM
8018l»b(JMO oo6Jllo,
J"'8.306oob Bool"i 8obo
IQ>60b0l"i:icoooG
0006.>
8M8bobCJMJOOO,
Ll>JMOIQO@JM b0'bnoob,
06
bb3>1Qobb30
30<1i06ci1Joooobm3ob.
1.
01()8(30 006Gb303200'b[J 'b[J 003<:.;.>060G L>b!Q[J6b L>b[J3[) Gb30 qpd<fJ)MM[JOO. 8001 OMMob C>Mob
0060Mfl(J6oov<:.;.>o 6L>e-;>!QO '(3()<:.;.'0 00e:_;>L>6liooo !QC> Gb30 oo'b6olio, MM8[J<:.;.>0(3 8liolibooo<:.;.>li 003G
006J01L>6 (ob[J010 MMC,MM0(3 C>Mob oo'b6olio 8o6!QMOOe:_;>M0001). L>b[J3[), lioliboli 8M8G0bvP1000G
bC>M:JiiO .)Mob .3M0080Gc,06 c,06Gb303000G c,068G0'be-;>3Mo<:.;.>o 'l3"0eMMO. 'bMC,OOM010 C,OML>M010
(J'bM(J63[Je:_;>tJM'(30e:_;>O liolibob 80M0130 C>Mob d0e:_;>o ,6 d30ML>!QC';'OM[JO(J<:.;.'O ctMM(30!Q()ML> !QL> [Jb
!QL>60bC>M:Jii[)OO tJM30e:.;'0130b 006Job 8ooM o"CQ"JGo30 8liolibooo<:.;.>li 06 !QL>JObMOO()e:_;>O dMMGo6-
eve:.;>o c,060J30010G <(3MM8000 06 bd[J(30L>e:_;>(JMO G0qpb(JMOb G0bo01.
08c,30MC>!Q, dMM(306e()e:.;>O c,06L>J3[)010b !Q0JObM000 8MJe:.;'03"!Q006 liolib'b[J !QL>8MJO!Q[JO(Je:_;>O
006000 006Job 8ooM 8M'bO!Q()e:_;>O JL>doeL>e:_;>Ob C';'OMOO()<:.;.'OOOb G000'bM 80f\326002<:.;.>'bo, C>Mb[J-
0()<:.;.' oo6f\80MJ0G 0 060J 3o01'bo (booML>!Q .3M008 Mooe'bo), 8Golibooe:.;>oli JMO!Qoev60Mo06Mo0 'bJ,
8lioliboo<:.;.>oli 0be:_;>06!Qoe:.;> IQ" 8M80 3.:>e:.;> (JM01ooM01Mo0'bo 006J0106 IQ" 'bMo:JiiJM bb30 L>oev"-
8o0o'b08. 080[; 0L>M!Q0, JMO!Qo8oli 008MJ3e:.;'03ol; !QC> bobboli !QC>8(JOL>3ooob !QMMb '(JooboMo-
O(J<:.;.'O bL>M:Jii[JOOb c,08M, f\326 ()6!QL> 8M3[J<:.;.>M!Q001, MM8 dMM(3J68()e:.;>O c,.:>60J30010 8(30MO
liol>boo'bo 006000 ()C(JMM 80e:i0e:_;>o, 3o!QMO 0.:>60J30010 8Gb3oe:.;> L>ol>boo'bo.
b06) 0::J6<:.;.>ou 0 060Ja::imaoou 008M0600(1)0Cl::ioou 8::JmMtJ?::JOo. C(J"MmMtJ? 003MGJ<:.:.>2ov<:.;.>00 MMo
0'b0, MM8<:.;.>ob 8obo!Q30010(3 8MJ<:.;.'[)30!Q006 oo'b6obbolib2o'bo O[JOd<:.;.>000 dMM(3068ob C,0!Q0b!Q0
b<'1()<:.;.>0 m06bom Cl?" C(JC>b!QL>Je:.;>Ooob bL>C(J(Jd3::ie:.;>'bo. MMQ?Ob"G 0 L>!QC>Ob!Qoo0 l>M(Je:_;>O m06bob
bC>C(J(Jd30<:.;.>'bo, .3<'1M(3J68o 8MombM3000 liobboli 8M8lfo</3ooobm06030; MMQ?Ol>"G 0ei!QC>Ob!QJOL>
<(30b!QL>Je:.;>OOOb l>L>C(J(Jd30<:.;.>'bo, dMM(.30680 008Moo3om::io0 bL>OtJOUO L>obbo!QC>6. 0P1moe:_;>o06
10,000$ L>obb'bo !Q0C!?oJ6oe:_;>o 12 .3P1MGo68om 0</3Do80060 .3P1MGo6ev<:.:.>o 0 060J3omo L>P1ve:.;>o
m06boli b0<(3(Jd3oe:.;>'bo 80Meo30Q? <>Mob C!?"C!?o06oe:_;>o 0060J30mo: 4
1,200$ 0fl'i"'G::J6@>on
- - - - - - - - - - - - = 12 00%
10,000$ 0"8"'li"1:J::J6::io::ie; <(3M6(Q::JOOn .
C(JL>U!QL>J<:.;.>JooG b0<(3()d3oe:.;>'bJ .3P1MGo6eob o</3oo80060 0.:>60J3omo 0Mob 12%-'bo 80e:i0e:_;>o:
1,200$ ."lfl'i"'G::J6@>on
- - - - - - - - - - - - = 13.64%
8,800$ 0 .-,a"'1.i.., 80 60o 0e; '(3"'61!1nooo
MMQ?olieiG f\306 3nbQ?om qpb!QL>Je:.;>ooob b0<(3()d3oe:.;>'bo, f\306 oo 03ode:_;>o0 " 0 08M3otJ06Mm"
8bM<:.;.>MQ? 8.800$ oMm O<:.;.>ob 006803e:_;>Mo000, 80 0 <'108 ()J06 ()6Q?o 0C>Q?Ci3ob<>Q?M01 10,000$ 08
o<:.;.>ob oMe:_;>Mli. 08 03 0<'10Q?, O'l3ooeo060 .3MMGo6eve:.;>o 0060J3omo C(J<>l>Q?<>J<:.;.>Joob b"'l3Vd3o<:.:.>'bJ
()C(JMM 80e:;0e:_;>o0, 3o(QM[) bM(J<:.;.'O m06bob bC>C(3(Jd3[Je:.;>'bo. f\306 ()6!QC> .:>e-;>36006Mm, MM8 006Jooob
liobbooob ()80eObM6o ()0!QC>Ob!Q[J00 bM()e:_;>O m06bol; b0<(3(Jd30<:.;.>'bo.
u0JM8J::i6u0 8 0M 60<:.;.>06uaoo. L> 2L>boo'b 0 !QC>JobMJov<:.:.>o .3P1M 80 6eooob c,<>M!Q<>, JM8 0P1 8 ov<:.:.>8"
o.:>6Joo80 o0L>0de:_;>M0 8bol>booo<:.;.>l> 8Ml>mbM3M6 00060Mfl(J6Ml> 8MmbM360<:.;.>o t!?0.3M'bo8ol> o.:>e:_;>-
06b200 o.:>6JOO 60bol>booo C(3M6!Q[)OOb bO!QOQ?Ob 06 3"e:.;'Q?[)O()e:.;>OOOb bO!QOQ?Ob dOM!Q0dOM dMM-
dMM(30()e:_;>0!Q. oli 806080e:_;>()MO 00<:.;.>o6booo (36MOOe:_;>00 MM()MM(3 bC>JM8.306b0(30M 00<:.;.>06booo.
8MmbM360<:.;.>o m06b0 0(33e:.;'[)00 b[JUbol; 00'b0<Y1'bo JM6J(JM[J6(3oOl;
.3oP1Mo 0ooL> 00G00080G0cr? CQ0 8G 0Gboooe:.;>l><> !QC> 0 08L>oliboooe:.;>G oMP1oG 8M<:.;.>0.30M0Joove:.;>o
dOMM6oooG ool>00080G.:>(Q. 6.:>6J[)OU doP1omL>Q?0!Q U(JM01, MM8 e>l.100180 60(Y)f\06008,:, O[)<>Q?c,06016
UC>JM[J!Q00M b0'bob m06boG 0M060J<:.;.>::JO 10%. mv JM8.30600Gm30G Q?Ci60Cl6v<:.;.>00 UC>JM[)!Q00M
bei'bo 2 8e:_;>6$-oG C(30M 0<:.;.>[JOClo, 8oG 006 8MombM3000, MM8 8oGo G0ov0<:.;.>M b0JM8.306G0(30M
60Mflo60 0<:.;.>0b 306803e:_;>M00d0 OtJMl> 0M060Je:_;>[)O 200,000$. o06JOU 8oMMO 8MmbM360 O[JOde:_;>[)00
GeiJMOC!?oeM bei'b'bo 5% b0ov<>e:.;>M o.:><:.;.>ei6b 0oob 8MmbM36ei !QC> Q?.:>8eieooom 5% 8MmbM360
,:,m30Goo()e:_;> m.:>6b,:,'bo b<>JMt)!Q00M bei 'bolo 0.:>8MtJt)6[)00b ctMM(3[)UClo. O'l() JM8.30600G beiJM[JQ?0-
0M bei 'bo d[J0Q?C,[)6G 2 8<:.;.>6$-l;, 8oGo Golibo JO bod()oe:_;>M!Q 0M<:.;.>oei 600,000$-ob, 80Clo6 80G b.:>Q?[)-
.301'boeM 060 0P10Cl'bJ v5cr?" a0M6Q?oli b.:>JM8.3o6G0 8 0M 60P1flo60 130,000$-oli C(3C>M 0 c::;ooClo.
311
 b.:iJfYl8.3o6Lh'lGO(Y) 8fYlOJbfYl36ooob Clo!.QOC,O .:icYiob bobbob 0'80d&n.:i6o
0.:i'bcYiCQ.:i, OJ() 8fYl00JbfYl30o,:, CJoo6.:icYiR(J6fYlb JfYl8.3.:i6oob
8oocYi bo!.Qo!Qo'lio 'bo300J. OJ() R3o6 3nbobbooOJ 1 12%-oOJ
CQ.:i 8fYlo300Jb(Y)300.:i Clo306.:icYiR(J6fYlOJ 100,000$-'bo 80&0 8.:iClo6 R3o6 R30()-
0.:i8fYl3ntw6000J 900,000$-b .:i8 1 bobbnCQ.:i6. 8.:iClo6 D'80d&n.:i6o .31Yi(Y)-
.:icYi nd6oo.:i 12% 0.:i6.:iJ300Jnb .:icYi.:i8o!.Q
120,000$
--------==--::;.____ = 13.33%
900,000$ '13"'6C!?o<'>Clo

b.:iJfYl8.3o6b.:ionfYl JfYl6G093Go.:i bobbooob CQMfYlb

aob(Jb&CQ.:i. o.:i6Jooo fYlrYino6&nrYi 0o.:ib (J<(JMfYl 80&.:i!.Q .:iJoOJooo6 .:icYi.:i "!Qo.3fYl'lin&oo'lio" .:ifi.:i8o!Q
"8fYl 0oo.:i'lio"· Clob.:io.:i8ob.:i!Q obo6o .:iJOOJooo6 CloCQOoooob JfYlfiod&ncYioo.:ib OJ.:i3ob
(JMOJOJMOJfYl00Cln. o.:i6Jooob 8oofi Piob(JIYibooob 8fYl'liOCQ30b
Rd.:ifio CQ.:i 8ofi8ofYloob .:ibo30 '8o6.:i6b(Jfi
o6b&n8()80ob ClfYlfinb JfYl6J(JM060oob 0.:i8J.:iGIYioooOJ, o.:i6Jooo ()93MfYl CQ.:i ()93MfYl bClofl.:i!Q
JfYl8.3.:i6ooob bobboob CQ.:i .:icYi 8.:iOJ 0 .:i6 b.:iJfYl8.3o6b.:ioo(Y)
Clo6.:iflR(J60o.:ib. 0 .:ifoJ300JOOo .:icYiob o.:i6Jnb 8oocYi
8fYl8 0ooo.:i6fYloob
o.:i6Jooo 80083,:,6.:i bobbooob .3nflCQ.:i.3ofi
0 .:i6.:iJ3DOJJOOOJ Cl;?,:, b.:i93.:ib(JIYiob 0.:i!.Q.:ib!QOOOOJ b.:iCQ0.3fYl'bn&fYl .:ifi.:i-
.3ncYiCQ.:i.3ofio .:i6.:i b.:i.3ofiob.3o1YifYlCQ.

b0JIYl8obolYlb c:a0bo. R3o6 (JJ3D fi.:i&fYl8 .:ifiob

b.:iJfYl8nbnfYl b.:i93.:ib(JIYio JMO!Qn&ob CloOJ.:i6b8ooob .3ofifYlooooOJ . 8fYl!.QOOJ
36.:ibfYlOJ .:i8 93 .:ibob .:icYiboofYlo.:i8 IYifYl 0 fYlrYi 8fYl.:ib!.Qo6fYlb bobbob
CQ.:i3()Cl300J, MfYl8 Acme Aglet JfYl8.3.:i6o.:ib .:id3b JMO!.Qo&ob
CloOJ.:i6b8oo.:i o.:i6JOJ.:i6. 8.:ib obobbfYlb 1 12%-o.:i6o c,.:i6.:iJ300JOOJ, 8.:ic,Pi.:i8 8.:ib
8(Y)o0Jb(Y)300.:i Cloo6.:icYiR(J6fYlb 10% b.:iJfYl8.3o6b.:ioo(Y) 6ooob8oocYi 6.:ibobboo 'BfYl6!Qoo'lio
.:i8 CloOJ.:i6b8ooob 8oboCQ300J . .:i8ob 0.:icYi!Q.:i, 8.:i6 ()6!Q.:i 0.:iCQ.:inb.:i!.QfYlb 0.5 b.:iJfYl8obnfYl
b.:iJMOCQ08fYl b.:i'liob Ol(J JfYl8.3.:i6o.:i obobboob 400,000$-b
08 Clo01.:i6b8ooob 8obJCQ3001, 0.:i!Q.:ib!Q<>b 0 .:i.:iJoOJoob 8fYl85093ooob 8oboCQ300J
CQ.:i .:icYi Cloo6.:ififl(J6oob CQ0.3fYl'lin&oob .:i8 o.:i6JCln, bobbob 0'8od-
&o.:i6o nd6oo.:i
48,000$ JMM(3D68a<'><ln+3000$ 3"r::>CQDOCJr::>DOQOOU <(J"UOO
- - -360,000$
--- - - - -'t)MG(QQOOO
a.:i8MCJtJD6aoar::> - - - - - - =14.17%

IYltrlo JIYlB.30600!.Q06 omblYl3b 1001000$-006, b08m3006, babbb

ati'lmo !.Q0 0803::i c:ao606b-vti'lo 06l>8n8(J8n!.Q06. a(iimo Jl"lB.30600 ocwol> 0/IJ0(J'b(ii(J6-
l>al>bb !.Q0 BlJIYltrllJ JIYl8.306oob l>al>bo
8a80!.Q dao!Yio?

Gobbo b030cYi.:i(J(!(fYl!.Q nd6oo.:i ()93MfYl daoP1o. 080GOJ3ol> .:>MbJOfYlOb (Y)MO

8n'bo'bn . u0bb0oo docYioOJ.:ii:Q01:Q .:i&0fiooo6
0.:i60JanmG, IYi01:Qc,06 JMJCQ0-
8()601Yio.:i6fYlonm c:afYl6CQooo
80fYl!Yi[J, 0Job!Yinoli 00P10fYlb 8fYl6n&fYlrYin60ol>
.3P1fYlon6&nL> c,01:Q0b!Qoonb c:afYlcYi80Clo. '80d&n(JIYi0!.r!,
8o'b.:i6o (J6CQ0 n8fYlb 00bi:Qol>
08c,301Yi0CQ, CQ.) 'li(Y)c,(Y)G 1-Q?,:,6 5%-8CQD
G0bbooob

312
 1.

od60306n fol'il!?o06ne?;n
l>abbnG Bodoooe?Cnb enol'i
Bobo 1!(06MCJ6oonl>
CJ °'CJ
l>ol>bob 3061
Q?OOOMCJ6ool> l>obbb,
01.>
od6n3oon liobboonl>
l!(Ol>O'l)OM03.>Q?·
003r0 JM8.'30600G ,:,(';) Clo()dr;:io.:i 8ooc:;Ml> JM:J!:QO()o (J'bM(J530c:::'::JMC(loG 00P10Clo, M<'>!:Q0<'>5 ol>o5o
.:ir0006 .:ibr;:io(Q !:Q<'><'>MU:JO(Jr;:>O !:Q<'> .:iP1 d:J(Jdr;:io.:im !:Q<'>ol>.:io(JmM5 8.:imo JM:Jl:QO()(J60r0006Mo0 .:i5
M<'>Q?005 oo5Jooo 0M 006obor;:i0306 JM8.3060000G CloG.:idr;:ioor;:if'looG U0J80MOU0!:Q 8Mo8Gob(JMM5
l>ol>bG, Mf'l8or;:il>00 oGo5o ombM306. 080Gm30G, Mf'l8 .:il>om JM8.306ooo'bo c,.:il>oo5 l>ol>bo,
0 08Gol>boor;:ioo80 CloG0dr;:iM0 8MombM3M6 0 0P105 0 00 (0 or0of'l ), P100 Clo08oor000G 8.:imo
!:Q<'>Jor0 0 30G P1oGJG . .:il>omo 00r005 0 ooG .:ifill>ooMooG.:iG JM01:Qo()MP100G .:ij3m GoGboG bor;:i0br;:i0
!:Q<'>'B0P1 3oG f'lMo 580P1M: JM830600G 60c:;1:Qo 'B()r;:>ol> 60J01:Qol> CJ 0G0dr;:ioor;:iM00 8M 08G.)b()filMG
30r;:iG !:!?<'> m() .:il>omo 0r0 0 0080P1mr;:iool> r00080 8o'bo'bom, 0 0P1001G 0 0P106()00G
c:;ofiloo()r;:ioo0. JM:J(QO()MM:JOOU (JOOool>M00 0M c,0l>oo8G l>ol>bool>, l.>0608 J018.30600G 0M od6000
G0J801'10Go 801G0r;:iM1:Q6or;:io 6.:ic:;!:Qo C(l()r;:>ol> 6oJ0!:Q:JOo 30r;:>1:QOO()r;:'00000G 8M8l>0b(Jl'1000Gm30G.
006Joo80 CJ 0G0dr;:iM0 8Mombf'l 3(Y)6 0 0fil05 0 00 1'1ol>JoG CJ 0G08oofiloor;:i01:Q.

0o('ii,:,rry. 006Gb303000 !:Q<'>ool'10300';'.lr;:io .:ij()o30G G000'bl'101 c:;or0oo'Vr;:>Oo0G !:Q<'> l>ol>boG m06b0G

Cl01filoG c,06G0'bc:;3fil03G JMO!:Q0()011'10G (JU<'>C(3Mmb01000G 80P1tpl>. ffi(J 8Gol>booor;:il> 0M Cloodr;:ioo.:i
Clo0Gl'1';'.Jr;:>MU m030Go JMO!:Qo@>MM(Jr;:'O 30r;:iCQOO(Jr;:>OO<'>, JM01:Qo()011'180 CloG0dr;:iM0 0 0::JO!:Q01G
0 01'1001 !:Q0 !:Q00J80::101'13or;:>MG GoJ()m01'10 801mbM36or;:ioo0 1:Q060J01'10 oooG .:i60'bc:;0()l'1000'bo. m'V
(J'bM(J630c:::'::JMC(l<'> 0 M::JO!:Q:J00 08 'B<'>l>do, 1'1M8or;:ioG .:i[j:0P1000G l>ol>boG m06b0G !:Q0 8.:il>'bo !:Q0M-
oob(Jr;:i .3P'>Moo6oool>, 0 06Gb303000 !:Q<'>Mfl:JO<'> 8Gol>booor;:il>. m(J 0 01'1001 0 0o::Jo!:!?oo0 60Jr;:ioo
C(lol>Clo, JMOCQo()MP1o bCQoo.:i 006Gb30 30 o()r;:io GoCQO!:QoG 8m0 301'10, .:i6 .:il'10(J'bfil(J6 30 r;:i::Jf'l'Bor;:io
JMOCQ0()01l'10. P10CQc,06 (J'bl'1()6 30 r;:i 8(Y)'Bor;:i 0 08Gol>boor;:iool> .:iP1 G(J1'1m 0 .:ibCQ5o6 8m0 301'10 JP1o!:!?-
o@>MP10oo, ol.>060 Fi3o()r;:>OOM030CQ mbM(Jr;:'f'lO:J6 c,0P106@>00G, M018r;:ioG G000'bMM C(l0UO l>ol>b'bo
G0J801'10G'bo 80c:;0r;:io0, <"1018 CQ<'>OC(30P101G l>ol>bo 8.:imo 0 0::JoCQ30G d:J!J?Oo<'>CQ· 0 0P106()00G CQ<'>G30G
b0P10Gbo, <"1M8r;:ioG 8oc:; 000 G(Jl'1G !J?08<Y>JOCQOO(Jr;:>o.:i 8t.i 0t.ib 0or;:ioli JM:JCQO()(J60f;\-
006MooG, (J'br0()630c:::'::JC''lC(lo'bo, MM8or;:ioG 80li Clo(Jdr;:io.:i 50P10CQ 0 0601li 'Bo606li()P10 o6G()o-
O()O'bo, r0018or;:ioo 80L>oo8li G0GbG.
c,or00.,)G c:;or0oo()r;:ioo0 JMOCQO<'.)MM0Gm30G 003r;:ioo0 M08!:Qo6o8o '(3<'>J()01r00G 00G00080G0CQ.
m(J8(30 8080!.I? 860Cl36or;:i0130600 80180000060100. ffi(J c,01'1001 doodr;:ioo.:i 000::JOCQ01U UbM<'>'B<'>!:Q
0J@JO(JM 00'b0P1'bo C(lol>oli Clo8oo1'1oooli c,0r00Clo, JM::J!J?0001MO c,0lioo8li m06b0li, MfYl8or;:ioG IJ0r0-
8M0!J?o06G C,OM0f')li !:Q<'>!:!?o06or;:io r;'OM:JO()r;:'OOOli 8oc:;or;:i .3r0r0Go6()li. 8or<1r00G 8br003, ffi(J ()OMofYl
ofiloG li.3oGoor;:>(JMO Q?o60Cl6()r;:>Oooli 8,:,6j,:,6,:, J018.306oolim30G (Qo oM Cloodr;:iooo JoM 0 oCQ o"°8o-
(QMli 8001filo(Q o.:i'b,:,fil'bo, JM:JCQ00MM8o Clol>odr;:i010 ,:,6\ oliolibMli m,:,5booo. o8oli C,<'>M(Qo,
860Cl36or;:>M00 oj3li oli030 0 oMofYlli odli.3r;:i(Jo()oGooG 3o(QoU. m() 0oMofYlli oj3li 60c:;!:Qo '(3(Jr;:>OU
5"J"!:!?oli lioG01Gbr;:ioli(J606\o,:,601ooli bo60P1dr;:io3rrio,:, boliboli ,:,6\liooMooG .30P1or;:iOr;:>(]Mo!:Q, o0 o
od5ooo 8o()oCQ c:;oP1oo(]r;:>o JMOCQ0@>01(;;olim3oli, 30CQMO 006\,:,01, P1018or;:ilioG oj3li ()'(3MM CQOCQo-
b5oli '(3()r;:>oli foJoCQoli lioG01Gbr;:ioli(J60<"10,:,6Moo. M0CQ 0 o5 00<"1,:,01li OJM5M8o(JMO 0 08M::J06000
boM801Cl01oli ez3()r;:>oli tlotJ.'.>!:QOOli, oli Clo801lio3r;:iooo Cloliodr;:>Mo 008Mtj:Jtl:JO(Jr;:>o od5oli l>ol>boli
CQ.'.>Uoez30Mo30CQ. 8001<"10 86od36or;:iM3060 '3"d@.J01Mo ,:,<"1nli 0 or0,:,01li m,:,58br;:io6o lio6o'bM 6\oliJo.
MoG CQOCQO<'> 8oli li,:,6,:,'b!T\01 'B"liClo 806\80010,:, 06 80()00 ()'b(Jli()016oli CQ0160, 8001 60Jr;:io6o!Q
8olioc:;ooo,:, 006\,:,01 JMO!Qoe01<"1olim30G. ,:,8 0 30Mo!Q 8"180060,:,60160, lioGM(lbr;:io CQ" <"1oliJ006016,:,
006li,:,'bc:;3<"103li lib30CQolib30 li,:,boli 0 0<"1,:,01li 808'bo1:Q3or;:i0160li JMOCQ0@)01M0Gm3oli IQ" dOCQ00"CQ,
JM8.3,:,5ooG dM@J05(lo(]Mo !Qo<(3ofo5lioooli m,:,6boli lioCQOCQQU. J015JMO@J(]r;:io, 8MJr;:>03"!:!?0060,
(J'bM(J63or;:i::JMez30r;:>o liol>boli Fi306 0 063obor;:i,:,3m m() .6i"10M<Yi 0(30306 JMO!Qo-
@)01<"1060 mo3li (]6ocao13nM:JO';')r;:'O J01!'.J:!Odlioli 80Cl3001oom.
tJMCQOjlioli 80-9 8(Jbr;:i(fo Uo()OoMoo tJMOCQ0()01<"1060G o5()o!Yiolioo'bo l>oliboli
- fiol'ifirn J.>6rn5o, (J'bM(J63or;:i::101'Bolim,:,6 CQ.'.>Jo3d0Mooom. JM:JCQO@.J01Mo, MM8or;:io(l ombM3li 8liolibo6r;:iolic,o5
00Mo01li, oc:;o6li ,:,8 c,oMofYl'bo <(3r;:'fYlOOli ()'(3r;:'OOoli. 00<"1001 Cloliodr;:i010 OtjfYlli CQ;J00@)01M(Jr;:>O
CQ03or;:io0600000, OoMoc,060, "C::::f(J!Yi3or;:ifYloo 06 8liobboor;:ioli lib30 od@.Jo3;:ioo. oOMofYl'b[l
oi:Jol'i·'Gnoonl>
000Jd000U Q?O d0(')00"1t"'00
()C/3r;:'00o od85ooo G.3oCJO.'.>r;:'(JMO 801r;:io.30M0Joooli lioez3(Jd3or;:i'bo, t'ilM8or;:io(l (l6Moor;:io0 olio30
:Jn6l>oe?CJ"6nol> MfYl0fYlM(l ()OMofYlb 8oj06o'b8n (security device). ,:,8 Clomo6b8000li bor;:io o6o!Yiooo 8liol>boor;:ioli C!?"
1954 "'1clc•niJnivvrr•M 008lioliboor;:ioli 8ooP1 !:!?" ClooCJo3li 0oP1oMli oc:;Elo!T\,:,li. 08olim3ob, MM8 JMOCQo@.JMMli JdM5CQob
,,oCQO<'>r;:>';')Mo" ()'Br;:'OOo 0 oMoMli <(3r;:'MOo 'b:J, 8,:,6 (Jtl!Qo 0 ,:, 0'b,:,36Mli Clomo5b8oooli ,:,6 C[l05o5li(JMo
02JO oj5c,
,:,6006\o{loli ,:,lir;:io 08 Cl@.Jo@.Joli bo:Ji:oMM MM 0 ,:,501do, Uo!:Q.'.>(l 8CQ:JOoM[lMOli 0 0P1or<1li 01oood()o.
(Jflo(J)obn od<l-
ob bCloMo(Q ob 016\ 0 ,:,501 .:ir0oli d<'.)0@.Joli lio8CQ036M. ob (!?MJ(J805<..8.JOoo o(l5Moli lib30 8bo<Yioooli, MM8
0161306r13onb Bn;il'i. JPioCQo()M!Yili (]C/3c:::'Oo" .:>j3G CQ"O()ez3r;:>"1li 00Pi0Mli dom06b8oooli lioez3(Jd3or;:i'bo. b,:,foS 8f'1b!:!?oo"
006i,:,01b '(3r;:>Mo0 lioliboli !Q"'B"!Yi3oli '::J'b<"1()63or;:ili0::1(Y)'i'3"CQ, JMOCQ0@)01Mo 8Mdoo5oli Go'bfYl00-
CQC'1ootY103 d[l@)::Jv>oo5ooo6li ,:,!Yioli m(J ,:,!Yi,:, CQ0J.:i3Clo<Yioo(]r;:io bb30 506,:, bolibm,:,5.

313
 00M0fTl'bc'.J 8(T)d8.'.JCQO 8d(T)6o JM.'.JCQO&fTlMb 0d3b 0d&o3oo'bo (JdO-
<Yi0&obo CQ0 0 0tJOCQfTlb 00M0fTl CQ0b0'll0tYi030CQ.
&od60J(JM0CQ, (06 0d&o3'bo Gobbo 0tYiob 6ooob8oo<Yio
0d&o30 0001. 01()8 8 0, MfTlCQol>00 Gobbo 0tYiob
30CQ0060", b0bo01 (J'lJMfTl boo<Yi0CQ 0d&o3000 0tYiob CQoo-
CQ0 80<Yi00000.
L>obbnoo.
06iob JfTl8:306oob 8080CQ 0d803000. 0808fTl8, obo6o 06iob
bobbob 00<Yi06800. JMDCQ08(1')6iob ,:,8 b.:ibob 006i068oob (JCQOCQDbo
.:itYiob 00MC>fTlU CQC>8(J003[JOOU b0M5(;000 CQ0 8oo<Yi
00MCQQD6ob MOUJO. JfTl8:306008 8fTlo01bfTl3(T)b bobbob
006JOCQC>6 06 b0'llo606b(T) JfTl8d06oOCQC>6. MC>CQ0"6 oC>6JO
0JOb6ioob 0060J3001ob 0"(Q"b.:ib.:i(Qb 'lJ0606b(JMO JfTl8-
:306oob006 006bb30300001, JfTl8:30600 dotYio010CQ0CQ DOCQD00 obol>bfTlb 006Job006.
bobbob 8fTlmb(T)36ob o 09pboo0Clo JM[JCQ08(T)<Yio JfTl8:306oob
b.:i6iobbb, 6i(T)8 0 06b0'bc:i3<Yi(T)b L>obbob boCQoCQD· 6i.:io JfTl8:306oob
CQ.'.JOo8(T)6i(Jc0o b0<Yiobbo, 8001 0060J3001b 8fTlo6CQfTl8[Job
JM[)CQ08(T)6io b0:306iob-
:306ifTlCQ. od6000 ob JM[JCQ08fTlM[]Oob006, MfTl8-
.:id 301 b.:iJ6ioC!?o8(T) 6ioo8o6 0o, 06 b0o<Yi01fTlCQ ,:,(';) .:id 301 6ioo8o60 o.
0066io0ob 8ob[]CQ3001 (60bo01 01030 6) 06i01 013o'tio 8080 b6001
od6ob . .:ib[J3[], b080103MfTlOfTl (QC>
(J8bfTl(JMO C>M 06iob 8ob.:ic:iooo 000106b8ooob 00M(Q0 .
b06iobbob 8oboCQ3001, JMDCQO@_ifTlMO
00boo8b 0106boob 80010 50 CQ" 80%-b OfTlMob.
JMDCQ08(T)MU 006@.>DM[Jboob C>MC> b.:i6iobbo, .:i6i080CQ .:ibo30 80010
'ti(T)80. JMDCQ08fTlM80 ()6CQ0 00060b(1')b rJ060006iooo
Clob0boo. 0808M8, 6i.:io 'b(T)80, 8001
d306io0 80010 CQ"8()Cl03000 bobbob 1 8oboCQ3001. CloCQD00CQ JM8:30600,
iJO(Qob 'lJ0bob 8dM6D c:io0 0600(\)00001, 3o<Yi
8ooc:iMb bobbob 8obo b0Mobbob 8o(Jb[]CQ"30CQ, 6i0C!?006 bobbob CQ08()Cl03ooob
,:,(;)ob 'tifTl05(;0M "do6io01C>CQC>CQ"
060.:iMooob 006b0'tic:i36i0b0106 b.:iM5(;DOob 01030CQ06
8o'b6001 008Mouo6000 006i0M, 0bo30 MfTl0fTlM8
.,doM0010CQo" 06 00M0M. 0bo010 Clo0106b8ooob 8oboCQ3001, JM[JCQ08MMo .:itYi 060b03b
06 00('\)ooooob rJ060006ioob, .:i6i080CQ 060b03b rJ060EJo<Yioob CQ000-
.:i60 .:i6iooooob 0106boo'b[J CQ0 (>0CQC>b(Qc'.JO'b[J. MC>CQ 0.:i6
00M0Mb b0bo01 0103ob CQ"83"
06iob bobbob
b0:3otYiob:30MMCQ 0('\)ob 25%.
CQ0 3(Jo 3001, MM8 JM[JCQ08(')M80 o"C!?"o83 0@.>0 00boob JM8:30600 'bo Jti'ioe!?o@.>o,
000CQ 0D6b 75%-b. 08ob ooBCQDo
(J 0'b.:i 36ob JM[]CQ08(T)Mb 006tYio0 b,
(JrJ306oob 80010 008(T)EJ06iob IQ.) bobbob
0106boob. JMDCQ08MMO 'bM85(;DM 8Mo01bM3b 81'106lidfTl@_iOM[JOrib UC>O(Jmb, Mfrl(>MMOO
,:,(;)ob 063Mobo. MMCQoli00 JMDCQ08fTl6io 8ooc:ioob 006Mo0 b, ob 8fTllioibM3b
CQ" L> 0L>b'b 0 o00106b8oo0b. 08ob ooBCQDo JfTl8:30-
600 - oc:ioob
75%-b, <Yi00 60[)3060000 0 .:i66io0oo.
JMDCQ08o Ol:JMU
6iM 0M<Yio .:itYi Clo8l:JMoo6 0oob, 0G 030 Clo8tJMoo6ooob 6060 o 00106b8ooo01, JM8-
:306oob 0<Yi 08 6Mo 00MCQ"01, 6iM8 80010 08(')
0 oM0fTlOo JMDCQo8MM[JO'b[J. MfTl(Q[Jb.:io JM8:30600 oc:ioob 0 0CQ0bCQ.'.JOb .:i6 0 0<Yioo'bo, o0 08
o
80CQ0b(!?[JOU bb30 80CQC>b(!?000106 DM010CQ 8"C!?"boo8b JMDCQO@_iMMU. JM[)CQ08MMO .:i8Mo8oob
00CQ0bCQoob Bobo 060 0Mooooob f).:ifooo6ioo0106 Clob0008obM00Clo CQ" 8.:ib 008M0J-
0106b0b, (>0(Q0b(Qob 75%-ob 8oboCQ3001.
25% JM[]CQ08001 0 000080 JMDCQ08MMob 06 00tYioo'bo. tYi Clo8l:JfTloo6ooob

314
 j 1.

0001.:>5b8oooli !:QM(Y)li, JMOCQol1!J(Y)r18,:, ()5CQ" 0.:>8(Y)olfo5(Y)li lio<(3<'101boe::;o, r1(Y)8 CQ.:><'168()5!:Qoli

8lioGboooe::;o b(Y)8 ,:,<'1 8.:>e::;.:>3li o"CQ"bCQoli 8oJli. ool1!JtJ(Y)oo5oooli 0001.:>5b8oooli !:QM(Y)li, bCQoo.:>
3.:>e::;CQOO(Je:?;Oooli 0"CQ"G08oli ool1!JtJ(Y)oo5oo.:> CQ" JMOCQol'!J(Y)Mli .3oMCQ.:>.3or1 0"CQ"OG08"
,:,5 0,:,r1oooo'l:>o 0"CQ"b!:Qooo. ,:,8 0001.:>5b8oooli 8oboCQ3001 8lioliboooe::;G ,:,<'1 oo(Jdr::;o.:> oo.:>8or1(Y)li
o"!:Q"b!:Qooo. 003<'10 J(Y)8.3.:>5o.:> or1803li oliolib(Y)li oo()l'!JtJ(Y)oo5oooli li.:><(3(Jd3oe::;'bo, 01()8G" JMOCQo-
l'!J(Y)Mo ol1!J(Y)3ooli ()<(3e:?;Oo"li 0001.:>5b8oo.:> CQ"!:Q(Y)G ool1!JtJ(Y)Oo5oooli li.:><(3(Jd3oe::;'l:>o.
!:Qoool1!J(Y)r1(Je::;o CQ.:> 3.:>e::;o.:>50o0ooli lioGbo 8o&5"Je::;oo.:>CQ .:>r1oli ,,8()1:Q803.:>CQ !:Q"'8ofo5lioooli
Clo01.:>5b8oo.:>". rl(Y)()(Y)rlG JO J(Y)8.3,:,5o.:>li 0"(J85!:QOO.) .:>b.:>e::;o !:QOOOl'!J(Y)rl(je:?;O !:Q.:>3.:>e::;o.:>500000,
rl(Y)8e::;oooG JMOCQOl'!J(Y)MoG0130G, b!:QOO.) 8.:>010 0.:>MCQC,05" ()Orl.)(Y)li li,:,bo01, 08 c,.:>r1,:,5-
l1!Jooli 8oboCQ3001, M(Y)8e::;o01.:>G J(Y)8.3.:>5o.:>li oo()dr::;o.:> <(3()e::;o . .:>b.:>e::;o CQOOol'!J(Y)M(Je::;o
CQ.:>3.:>e::;o.:>500000 G3e::;oli d3oe::;li, r1oG 8oboCQ3001.:>G 8or1tJo(Y)oli lioliboli li.:> 0.:>r1.:>5l1!Jo(Y) o,:,'b,:, CQ"
lioCQOCQO· CQOOol'!J(Y)M(Je:?;o CQ.:>3.:>e::;o.:>500001 ()'l>M(J53oe::;tJ(Y)<(3oe::;o liolibo .:>Moli U!"'Bo5.:>5lioooli
d.:>e::;o.:>5 8(Y)d6or::;o li.:>O(J.:>e::;oo.:>. 3.:>e::;CQOO(Je:?;OOOooli 00085001 J(Y)8.3.:>5o.:>li Clo(Jdr::;o.:> olioGb(Y)G
CQ.:>8.:>l1!Jooo010 <(3(Y)5!:Qooo, M(Y)8 U!"ob8,:,r1(Y)li !:Q.:><(3o5.:>5liooo01 8oG 'br1CQ.:>G . .:>8 0 3.:>M.:>CQ J(Y)8.3.:>5o.:>li
oo(Jdr::;o.:> 0.:>8(Y)otJo5(Y)G 00 <'1 001 6(Y)!:QOO(Je::;o ,,Fi,:,o 050o()r::;o" U!"'C3o6.:>5Goo.:>.
8oM<>anooG (J'bM()63or::;ti(Y)'l300l lPGD8()e::;o Gobbooo. l;,:,o,:, 'b(Y) bOCQe:?;O()e:?;O !:Q" 8'b.:>-.3M(Y)!:Q()0GOOG
8.:>r1.:> 0ooo o.:>r18(Y).:>!:Qo::J5G li.:.8,:,r101e::;o.:>6.:>CQ r::;oJ30CQ(JM .:>dt'!Jo3aoG !:Q" .:>8ol1!J(Y)8 .:>r1oG 8(Y)Je:?;03"CQo-
"5o Gabboooli Goli()r13ae::;o 0.:>r1o5l1!Jo.:>. M(Y) 0 (Y)MG !:Qooo&(Y)r1(Je::;o CQ.:>3.:>e::;o.:>60()0[; !:QM(Y)G, JMOCQo-
&(Y)r1o liabboli G.:.r1 0 aoe::;oli 006.:>J3001G 0or1,:,(Y)G li,:,o,:,'br1(Y) <(3.:>boG 8obai:Q3001,
M(Y)8oe::;oG oG3e:?;::JO.:> 8.:.r1,:, 0ol; &o.3oG CQ" b.:itiloGboG 8oboCQ3001. 'b(Y) 0 oar1010 8,:,r1,:, 0o, M(Y) 0(Y)MoG

i' 0d<!!Jo3n6'bn-CQ&'B(Jd6o6';'.le::;o !Q<><(30606lin60.

MMCJ?3b0G 0 -.b(Je::; 6ne::;b CQD@/MMo&Clo !:Q&<(3(Jd-
6no'Ve::;o LDMI b.:.o.:.5JM
8mo3ot'ilo bbo-
bi:>JM.'.J!:QO@>M bi:> 'bo !:Q&UM'(Je:?;!:Q<>, 8n6:J:N:D<'inoo
M()6<>30 dof!o<><lo 0d&o3noob
on6(Jbm6n6 81:>mo CQ<><(3o6o6linoob <>e::;&ofil6o@>om:iom06
!l(il MM8 i>803<>M<>!:Q
i:Q"J"::JOOM:JOOm. "Fi3n6 30Mm b0@1De:?;::JJM8()60J0(30f'1
Bni!!>o <lnmb3.:.'b30<> 30!!(- JM8.3060.:., 8-.006 MM(3<l <>Mob 0<'10b,:,bo-
1'.113 bo2ib6JM !:Qb<(30606b3oom. · 08M36M bo8tl3" J<>.30&,:,e::;ob oo'bfil::io'hn - -.8oM6b
CFO-b C!?oli1::id8MP1o 8oo::ie::; 8::J3M6o, - JM8.306008
.:i6 ti1de::;o38.:> lJJM6(Y)80J()M80 J!?<l(_!l0808
b'bo0003e::;::i60 8M0bCQ060 003filo J(Y)8.3o6oob CQ&JM::JCQ" <>j803'b::J (;Q0<(3()d6::JO(Je:?;O. b::Jbb::JOO. fi3.'.)6
3::id::JOC!?om 3Md6oe::;Mo.:ib, bb6ob 8::J3M6o, l:!?" f>3n60
o&no.:.'b::i. o&6Jooo, MM8e::;no80G 60bnb JMM- C!?.'.J00Gf'1M-Ve:?;O C!?'>::J.'.>e:?;o&6::JO::JOo 06iob dr::;o::JMO, 8(30M::J
8M8b8.:.r10oe::;ooob 0.:>6, 0 008J.:.o(i}oli b,:,8M8b80P1::ioe::;w JM6(3::J68M<>Goom." JM8.3,:,6oob !:Q::J-
li0J(i}oU!o&(Y) 8(Y)mb(Y)36n<:io, (i)0G00 603filo (Y)r1 0.:.6o'b0- Ooe:!>MM'()e:?;O 861.:i-
GM oob3J!?.:> 8(Y)';'.j8'b0CQo<'>oe::;o. ,,8m.:>3.:.Mo 3"e:?; BM8b8.:ir<lno::ie::;b oM61ob, ,:,3 03.:ifil.:.CQ, 6::ioob8ooP1
e::;oo::ie::;o o.:.til8(Y)8&!:Qo:J6e:?;:JOO 0Mdr0e::;MoG l.i.:.06)()6030 l!;?[l<(3Me:?;8b nd6o6<> 8(30M::J 'bnc,.:i3·
Ji>.30&.:.e::;ou - .:.8omoG 80(i}J :N:oJ(Y)ouo, 8mnr::;o b.:iP1obb'b::J. LDMI-8
Jmfod&nJ(J&ob 0&0&00 0flb:JO(Je:?;O GE JMM.3Mfil.:.130- o"!J?"l5tl3oe"' r1Ma <>d&o3'bn m<>930-
'(Je:?;O ,!:Q?JM[l!:Ql)&:JOOU G&i;>8<(3MtQ(QOb 6,:,6b::io0 o8M J<>Mao ,:,6lFiu3.:.6o.
•3oe..:i-.3611:1'boei;n6&0 - .3MM0e:?;[J00 JM8.'.fo6o::i6ob 'bt'1!:Q0mo M<>M!:Q::J6Mo.5 .:i8e,3<>P1
0ffiob. Gb 1 ; tf1M8 6&(.!!CQO <(3';'.Je:?;OU 8';'.j00MOU JM8- p,,:,(!;,i,:,o:y::iatl!Jot::.':Jl'.i.:.\). 1990-0,:,60 6e::;::ioob ,,on3<'180
db6oob bet')'Vde'VP1<>,
0&6J30G, MM8r::;::iooG a':'ll•i:l.:ir>'lOll DJM6M8oJob !!/"G::iaob a<>8M, -
JM[JCQO&nob bb(!!!:QO JMM:3Mli1oeoob
<>M U(JMO) 9'1.f'iO{P;tOCil>
(306l3oob
M(Y)IJ?Db"G !J:10CQo0 .'!(')i:!d<>bor1u {!'.•0qiobl>OU;ior1u
30360. 800 t'il,:,8
!:Q<>3<>e::;o06non?mm,
<(3obo060

315
 .:iffioli .::.Moli Bo&.::.C!? a?" MMCf?oli.:io 'bvli&.::.C!? bCf?oo.:i Bolio 8.::.M.::. 0oooli
0060b30,. b(!?OOil Bolio 8"'BVB:oooli m.::.30(!?06 JMOCf?00MMOli 8ooM 08 li.:iboli bobb'bo
(Jb0<(3MmbMoooli B.::.Mt]il .::.Mob 8(30MO (!?0 bobbo
8 80
.:io b 90%. (mvB 0 .::., B.::.M.::. 80 ooli ob &0.30 8 JO od 3 oa(Q 0o.::.M 0o.::. .::.M.:ilioMM o.::.MBMU?oo5.:ili,
MM 0 MM(3 md306 60b03m, MMCf?ob.:io R3o6 03bb6oen "The Great Salad Oil Swindle.). BoMMOb
BbM03, li.3000.::.c::>o'boovc::>o .:ic::3'vM3oc::>MOoli o.:i'b.::.Mo <lob.:idc::>Mil OtJMb o8Cf?o6.:i(!? 3obMM,
MMB JMOl:!(00MM8.:i 0M o6Cf?M8Mb bobbob 8"8oB.:i Sob 8ooM li.::.00 'bMM
C::OMOO(Jc::>OOOb 8oboCf?30m. 0803.::.Mil(.Q, tl30c:?" li.:ibob 8.::.M.::.0000 0M ooodc::>oo.:i OtJMb bobbob
.:ic::ooolim3ob C!?"8oM.::. 30 ovc::>o. J.:iM 0 o 0 offi.::.M .::.Moli 8.::.M.::. 0 000, MM8c::>oooo
<loob.::.00800006 b&.::.6(!?.::.M&oob !!?" o.:i'b.::.Mo .::.Mob 8'b.:i(!? b.:io.:i'bffiM
MM 0 .::.6o'b.:iooob 0.::.6 Cf?ilBM(JJO!.QOOc::>.:i!!?.
JMO!!?o&MMOoo 006li.:i'bc::3M0306 b.::.M 0ooc::>oli 0.::.6.::.J 3omli, MM8oc::>oo B.:im bvMm 0.:i.:iliobbM6
c::>nJ3otQ(JMMoob, 0 .::.8dc::>oMoob, b.:io.:i'bffiM 'B.:iliob !!?" 8.::.11 otQ3ob liod6oc::>oooob
{!(" 0 0m30c::>oboo6ooom, MM8c::>om.::. 8 8.:iffi.::. 00 00 bobbb. 'bM 0ooMmo
B.::.P100ob 8"1:J0Cf?30li ooli.:idc:?Mil OtJMli d.:ic::>o.::.6 B.:ic::.:ic::>o. JMOCf?00MMoob 0M bvMm ()OM0Mb
c:?OJ30Cf?0000, 800M08 8.:im bvffim li.::.Jvm.::.Mo m.::.30.b (J'bM(J63oc::>t1M<(3il, MM8 ()OM0Mli .:id3li
oob0008obo C::OM00(Jc:?000, m(J 8bobboooc::>o 00608(.QOb !.Q0<(3Mc:?0b m036ob .::.6 b0M0()00c:?ob
()0(!?0b(_Qob l:!(MMb. MM()MMO ob bCf?oO.:i ()Bo&ob.::.Cf? (J'bM(J63oc::>t1M<(30c:?, 8MJc::'03"Cf?006o liolibo-
o'bo, liobboli 8"Go8ob MO"c:?(JMO ()0(!?0btJ30&oc::>o2>.:i doMOmil(!?il(!? (.Q08MJOCf?00(Jc:?00 8boliboo-
c:?Ob 6.:ic::C!?o 'B()c:?Ob 6.::.J0Cf?Ob <loli.:idc::>oOc::>MOil'bo 8Mo8li.:ib(JMMb 0MbooMOU bb30(_Q0bb30
8 'boon, MM8c::>om.:io JMOCf?00MMli <lovdc::>o.:i Bo.:ic::tioMb (J'bM(J63oc::>t1M<(30c:? .3MM006&b
B.:iffi.::. 0 0000 !!?" R3o6 0063oboc::>03m momMO(Jc::' B.:im0 .::.6li . li.::.8 8omMCf?OO (8MdM030
0oM.::.M, 8MdM030 dM6oooli 0 oM.::.M !!?" .:id&o 30 oob 806!.QMOoc:?Moom B0Mm30), 8.::.M.::. 0000 MRoo.:i
Bbobbooc::>oli oMc::>M MM a0mMtQOo b.:itit1Moob0 a?"
0Mo30 b.:ibtJMOoli d3om.::.Mo) 8.::.M.::. 0000 .::.Mob Boli.::.80 8b.::.Mob
1. 8f'JdfiJ.::.3n 0 oM0f'l. OMmo.::.60 b.::.303'MM JMCf?Odbob 8obotQ3om 8bobboooc::>b (_Q00-
00M03Mb 8.::.M.::. 80 00 ,, 'bMo"!!?"!!?" 8.:ibm.::.6 b.:iJvmM0oob Cl?" 'bvb&ooob
8rridM.)30 0061,'>M - Floating
lieu - od&o3noou '.li:<I CJ'i'lou 0 .::.MOOO . .::.8 oom.::.6b8ooob 8ob0Cf?3om JM[JtQOCbMMli d[J(Jdc::>o0 8ooc::Mb 00M001
UODMD1M (IOMW>a<ofi, 8bolibo2>c::>oli tl30c:?" 80P100 'bo. oG ()OM0M odc::>o30 0drbo3::ioob O(JMO(!?O-
80(101!:'00100< UOUOdMfic::-M- ()c:?O C!?"()'Bc:?D00li li.::.<lv.::.c::>oo.:ili bobbob !!?::J'BMc:?CbOb 00B01b303000. Bolio ov6::ioo(!?06
UOfio301M t'in'bnt'i3aoo 06
00BMB(!?o60Mo, 8MdM030 ()OM,)(Y) ilMOb (!?il(J'b(Jb&oooc::>o <lom.::.6bBoo.:i (!?0 JMOCf?00MMO
a<a6o0MMCJc::>O
0<03oc::-n.>6aonoo, ooli.:idc::>Mil b00btJCf?oli liod6oc::>ob Sob 80M0130Clo. b<loMil(!?, BMdM.::.30 ()OM.)(') 8MmbM36oc::>o0
801oa8CJc::-o 0d&o3 8ool> BbMc:?MtQ MM 0 01Mo Cf?.::.808000010 U?"83" !!?" .::.M m.::.B.:ioMob l:!(OCf? MMc:?b o8ob
JM6JMD0CJC::-O 8001001nool> Cf?.::.0<(30Moo0 01v .::.M.:i bobbo. 8.::.Clo6.:io Jo, 01v 0oM.:im JMOCf?-
(IOM(Jd(J.
o&Mffili b()Mli 8bMc:?MCf? 'bM8ooMo bobbob ()il80Bil 0oM0M'b0 .:ibc::>M JM60MMc:?Ob ()06bMM-
800c::'00ob bod6oc::>oli 008M. 8MdM030 ()OM0M ooli.:idc::'Mil 8"JOma?ob MM()MMO
a,.,,d1'1030 dm63onl> !!?" B.::.P100ooob Cf?0b0<(30M030Cf?, 0lio30 Cf?OOOCbMM(Jc:?O
3nt'\036"'00 - Chattel
mortgage - 0<"<1ot'i03aonl>
{!("3"c:?006oo::ioob ob 83c:?Oc:?000 JMO!.QOCbMMb .:idc::>o3b JM8.3.::.6ooli 808(_Q-
CJ'i'lc::'DOO l>3noo'i'JO\'JM00< 060Mo 0d&o3oooli ()Cf?OCf?Obo 0oM.::.Mb . .::.8ob 0 .:iffi(_Q.:i, 0oM0M oob.:idc:?Mil 8"J0ma?ob
aot'\00< d016 800 'ba (CJdt'i03o 6::ioob8ooffio Cf?MMob b.::.6 0 Mdc::>o3Moob013ob, o0o 8Mo(303G MM()MMO 8MB030c::>,
d016nonl> 3 ot'i0<0),
.:ibo30 8.::.P1.::. 0oob 0 0M06Cboob b.:ibom.
t'i018nc::-oo ot'\ol> l>nl>bol>
30t'\06600. 2. 8MdfiJ.::.3n jf'l6()6n/.J 0 0P7036Mi30. 8f'1dM030 dr>16[J6ol; 00M036Moob (.QMMb, B.::.M.::. 0000
6MBMooom .::.6 'bM 0ooMmo bb30 G.::.ov.::.c::>ooooom. 80006, Mr>11:!(ob.:io
'Bc:?f'"lob b.:idf'16oc::>'bo b.::.JvmM 0oob V'Bc::>oo.:ib, JM::J!:QOCbMMb .:id3b 0 oM.:if'1b
6a<MOnu 8Mo8Moo Trust ()'(3C?;000 8.::.M.::. 0oo'bo. ob 8.::.M.::. 0000 ilM Cloodc::>oo.:i 0 .:iotJOCf?MU JMOCf?OCbr>1Mob 0106b8r>10ob
0 .::.ffiooo. 8J.:ioffio G00Cf?o6Cbo'BoJ.:iooM 8Mmbf'136000G 0 .::.8f'1, BMdM.::.30 dM6ooob 0 0M036f'100
rt'CCiJH (IOM066oo,
t'io18c::-n0100 8l>al>bnoc::-o
80t'\0103l> JM6JMD6CJc::>OO< 0 08M(JtJ0602>oc::>o0 btiM.:icno OM(J63ob 8df'16o B.::.M.::.80 oob01 3ob .::.6 08 B0M0 0 ooob0130G, MM8-
8001001aoCJc::- 8oMO(IJOU, c::>ooob b.3::ioocnov(i)o 0!!?06Cbo'Boo0Mo2>0 d6oc::>o.:i. BMdM.::. 3o d(Y)6ooob 0 oM.::.M 0 0BMot106000
l>ol>odMfic::-01- BbMc:?MCf? J.:i.30&.:ic::>(JMO b.:idM6c::>ob 't:iM 0ooMmo 8'b0-.3MMCf?(Jd8oob 80P10 0ooobm3ob,
Bo&at'inoc::-CJM t'ia 'bat'i3aol>
MM()f'1M0(3 .::.Mob 806d06ob
a<O 8omo
8oe<aoCJc::- Clo8"'l>o3c::-aol> 3. 61RMl30/.J 8f'lf78f'li3.:i. 6Cf?M6oli 8Mti8M6ob Boboa? 3001 cnc::>M6G 8.::.M.::. 0ooG !!?"
JMDO<o801t'inl> 6CJ?MOou oo8MUil3c::'00U 8.:imo ()ill:JO!.Q306o(!?.::.6 JMOtQOCbMMoU 806!!?M6oc::>r>16001. Cf?ilJMOtQ0&06ol;
8oba0<3om.
<lom06b8000G .::.8 83 .::.Mo &0.30, MM8oc::>oo .::.G 030 8 6M6oc::>o.:i MM 0 MP1 8 {!("'Bo606Go60 6tQM-
6ob 8Mb8MOOU boc::>8MbOMOU G0cnvd3oc::>'t:io, 'lJilMmM!!? od6.:i 008Mt106oovc::>o "36MBM-

316
 11.

ooe:;ob <>C!;(f(J1'130(:.:;w1oob tQ<> b<:>601"ide:;o30 8f'Jb801'1ooob b0jf'l6e:;ob tQOC::OMooob 8001'1.

03&f'J8f'looe:;ob 8501'18f'l 0o0e:;o 00() 0'b036ob 806j06 0ob tQoe:;o1'1b, Mf'J8oe:;80 8 , CJ 0b0de:;f'J0
tQ<><>'lJ0606lif'lb 00tQ<>btQ0 08 806j06ooobm3ob 'l30606li(J1'10 JM8.306oob 80Cl30Moom.
'l30606b(JM0 JM8.30600 (JbtQoli 850C'08Moooe:;b 000 'b036oe:;o 806j06ooobm3ob. tQOC::JMo
boe:;b 05o1'1b 8o6tQMooe:;Moom 801'1m3ob 001'1,·,6&oob Clom06b8000b, MM8oe::ioG 0'b(Jli&oob
·1'10 (J6tQ0 00JOffitQ0b 801'100oom06 80801"imo )<:>do. 806j06ob tQOC::OMO ()'l3C::0008Mboe:;o0
0<>l:JOtQPlb 806j06000, O'l(J8(30 oc,o 3"'C::tQOO(JC::00 08 00l:JOtQ3000tQ06 8oe!;OO(JC::O
CJ08f'lb030e:;o 00tQ<>()b0tQMb JMOtQ06MMli bobbob tQ0b0'lJ0M03<>tQ· 6tQMOob 8Mb8Moob
b<>'lJ()d3oe:;'bo 0"'GD8(Je:;o 801'100000, 8Md1'1030 0 01'10Mb006 006lib303ooom, 006b0'b-
C!;3M(JC::O<> b.3oGo'l3o(JM<>tQ lio1'1o(Je:;o 6M81'1om 06 bb30 b0Cl()<>e:;ooooom. f\306b
8000e:;omClo, 'l3o606b(J1'1o JM8.30600 :3o1"ioMtQ(JC::"'tQ <>Jomoob <>(]tQo&b 08 806j06 0o'b 0,
MM8e:;oooG 0001'\600 tQoe:;o1'1b. 08 806d06oooli bo1'1o(Je:;o 6M81'1ooo 8M58tQ000 001'106&oob
Clom06b8000Clo fof\30600 6M81"ioom06 Cloli0008obM00Clo. <>(]tQo&ob 8o'b060 01'1ob 60bMb,
00l:JOtQ0 O'l(J 01'10 tQoe:;o1'180 806j06000 0 0tJOtQ3000tQ06 8oe!;OO(JC::O Clo8Mb03e:;oli
'l30606li(]Mo JM8:306oobm3oli 0<>tQ<>Mo(3b3ob 00t'0000.
M<>tQc,<>5 tQoe:; 01'1o l:JOtQ(JC::Mob 0b0e:; 806j06 0oli 03&f'18Mooe:; 0oob 8501'18Mooe:;otQ06,
boe:;o 0501'1000 0b0e:; 6tQMOob 8M58Moob Clom06b8000b, MM8oe:;oG 0b0b03b 0b0e:;
801'100oob. tQoe:;o<Tlo ao8tQoo liobb(Je:;Mob 'l3(JC::b 08 0b0e:;o c,0M0Mb 8obotQ3om, Mf'18oe:;-
b.)(3 OQO 801'1m03b 8o6tQMOOC::MOOb li<>'lJ(Jd3oe:;'bo. 8o6tQMOOC::MOOli Clom06b8ooob
b<>'l)(Jd3oe:;'bo 00M0Mb btQ000 JM6&C'0Me:;ob (J'l)MM 80C'.;0e:;o tQM5oG
(J'bt'0(]5 30 e:; 8(')'l3"'' 3otQ1'1o 8Mdt'10 3o 0 01'10Mb li0Cl(J0e:; 0oom, m(J8 8 0 8006 8 01'1boof'Job
MObJob 006G0'be!;3M(JC::O tQMElo, MP18 801'100000 Cloode:;oo0 000l:JOtQMb, bMe:;(') 80mo t'000e:;-
o'b0(300(Q05 8oe!;OO(Je:;o 008Mb030e:;o 0t'0 0 0tQ00GOli JMOtQO@>MMb. ClotQ000tQ, JMJtQ0-
@>011'180 5o5tQ0b0tQ(]C::P100 (J6tQ0 008Mof\06Mli 8M(308(Je:; 8omf'1tQOO'l JMOCQO@lob 00(3o8ob
00CQ<>OtJ30&oe:;ooob 8oe'.?oonb 008mb3030Clo. 1'10'!2006 0f\0:30&0MG0680 tQoe:;o1'180
Cloli0de:;M0 008MOl:J06Mb li0Cl(J0e:;oo0 JMOCQO&f'1MOb 8Mb0&8(JJOe:;<>tQ.
8Mb8M'1 0onli dMMCQ(JdGoob 0031'10 0'Bo606boob
m03006mo CQob@)1'1oo(J@)MMOoob 06 eQoe:;o1'1ooob 801'100oob. 80mo 8o'b0600 CQoe:;o1'1 0 oob 06
CQob&1'1oo()@>MMOoobm3ob b@lo8(Je:;ob 808080 80mn G0jM6e:;oG 801'100ooob Cloj860Clo.
MM8 M0(3 80&00 80til00000, 8om 80&00 08oli 0e:;o0mM00, MM8 CQoe:;otilo 06 CQnG-
@>Moo(J@lf'lMo 8m0bCQ06b 80m Mo0e:;o'b0Go0b. (>)08CQ060CQ0G momMo(Je:;o 850M8Moooe:;o
CQ006@>0MOGoo(]e:;o0 m03obo dMMCQ(Jj(3noG 008otQ30Clo, (Q<>'l)o606booob doMMoooo
bC!oM0(Q (J'l)Mf'1 80&0'!2 ,,00(\)0" JMJtQO@lf'1Mooob dOMf'1000m06 ClotQ<>Mooom.
4. /J0f7 fJf'loo& j30010(Y)o. 8bobboooe:;o (]'bM(J63oe::i8f'1'lJG GoliboG 0 0(.Q<>bCQob
00(\)06@>00b obomo li0o()moG li0'B(Jd3oe:;'bo, MM0f'lM0(3 0Mob G0'b010 0CQM00Mo30 06
<i<rn,mhtnn. li0bl:JMOoli JM8.30600 008MG(308b b00l:JP10ob j3om01'1G,

tilM8 0e:;o 8 30158MoG JP16J1"io@l()e:; li0jM6oe:;'bo C>?"'()'Be::oo0l>, 8Mm0 3G0o()e:;o0

receipt -
\,.;'liM 0 01J?MD6Mo3
o3 b0jrri6c:;>oli
006m03linoob j30010<'io,
oi01Boc:;>L><>o 'lJC::>"'oL>
>ll'loroo,8'•01"10 l'iow 1t<io
0 Clo(Jde:;o0 00<Q0liooG CQ0 0 0M03oo(]e:;o b0jM5 0e:;o aG 0bb 0o0e:;b, M01<Qob0G 08ob (]'Be::ioo0b
0oM>M.
G058010Clo. li05801oob j3om0Mo 08 G0j016oe:;'bo JMOCQO@>MMol> 00610Mb
()'BC::oo0b, Mf'18e:;oG 8obotQ3om0G 80G Clo(Jde:;o0 00l>GoG bobbo Bbobboooe:;'bo. 0bomo
8omMCQol> 8oboCQ3om 8b 0bb 0ooe:;b Clo(Jde:;o0 8ooe'.?(')b G0jM6oe:;o b0580100CQ06 8bMe:;MtQ
JMO<Qn&MMob 600061m3ob Clo8mb3030Clo. 08 C!om06b8ooom G05tJP1ob
8ol>Go3b JMJ(QO@)MMO. dOCQ080(Q JMOCQO@>MMli C!o(Jde:;o0 Cloofo(\)fl(J6MG 8J0(3MO JM6-
@>M(')C::O 00M0M'bo CQ0 00M0(')b006 000m03ob(J'BC::01b M01<Qob00 8G 0bb 0ooe:;o 0 0CQ0ob<Qob
lioGbob 605oe:;b. CQC>(33ob 3o'b6om JMOCQO@>MMo f13o(]C::OoM030CQ omb(')3G, MM8 8bobbo-
ooe:;80 (Q00'be!;30Mb b0j016oe:;o b00l:JMOOO JMO(QO@lr<lMOb b0b0til0ooe:;M(Q.
b058(')ooli j 3om61 0oo CJ 0ode:; 000 Ol:JMG .o 0m06b8oo(]e:;o 06 Clo(Jm05b8 0o0e:;o.
Clo(Jm06b8oooe:;o G00801oob j3om0f\o 008P10SoM000 Jm6JMO@J°()e:;o 8b0Moli li0boe:;'bo -
3P1(3t:J8()e:; Clo801b3030Clo JMoe«o&mt'0oli b0boe:;'b 0, - 50MoC>?006 000
b<>J(JmM 0ooG ()'Be::oo<> 8f'1 80 a()e:; li0jM6oe:;'bo <Q<> Mf'18 0e:;1.i0 8 , 0Mm<>CQot'0mb 0j 3b
'()'aC::Oo0 obo6o 00M0Mli006. b00801oob Clom06b8oo(]e:;o j3om0(\)o
oj6ob f10JOO'l. b0608 008M30 b<:>Ol:Jf'100tQ06
O::JC::00 bc.5l:JM6ob m,)oM<>@JMMli 50M(JCQ()06P1m Clom06b8oo(Je:;o lic.5tim6oli j300101'10.
0bomo j3n01Mo6n d0e:;o06 08 Clo801b30300Clo, MMQ?::Jb<>G b<>J(JmMocmb

317
 o"U?":Joo8.:.i 0M010 8b0Mou;>06 8::JMM::Jli, 08 u;>MMli, M01u;>oli0 8
013001M6 06.:.iboo.:.i 000tJMOdO. d3001Moli c,08Mtj::J600001 li.:.idM6-
008M&060 000tJM00(!?06 (J6u;>.:.i od6oli
JM:Ju;>o&oli 0 000 8oli oa0106b8 0ooli (J8o&oliM00
d3001Mo6'bo.
5. u017' fjMdOU j 3001.:.ir>Jo. 000tJM6oli d3001MOO c,08Mtj::J606001 o"'BMM8o-
lioliboli (!?MMO 06.:.ibao.:.i li.:.i'bMC,0(!?M::JOM03 000tJMOdO.
U008M6olJ d3001MOU 008MtJ:J6:J0001 liouboli (!?MMO,
lioG'tJ"'ool> 8.:.i(Y).:.i 0 o6o 06.:.iboo.:.i li.:.ilJtjM6do . .:.i8 oa0106b8oool.i 8obou;>3001,
d3001ot<in - Field
warehouse receipt -
Li.:.iotiM6oli JM8.30600 JM8.30600, 80(Y)0103Li
d3001ot<io Li.:.iotiM6li), o8 .:.i 3G Li.:.iotiMooli
80(Y)0 0 aooli013oli. .:.i8 JM8.306ooli .:.id301 .:.i8 'bM60Clo
8ot<io3300(!?06 (!?> 06ob300 U?" 0Mo06 80M00oo'bo 8J0(3MO
oooti"'ooo 'b"'6ooo
(liooti"'ooo J"'8:3o6ooo 0 08Motio6oo0 0o(Y)0Ml.i Li0bo01, 008Moi:Jr'l'B" lib30
d33Cl), (!?.'.> 08 80(Y)0 0 06olQ06). JM8.30600, li.:.iotiM6oli li0d8006M6001, 008MIJ:J(Y)l.i
8ot<io33oli JM:J(l?08Mi<in li.:.iotiM6oli d30010(Y)li, MM 0MMG Oi:JM 0060 U?" JM::JU?08MMo 0.:.ilioo8li
O(j:J6300 (l,OM0"1(!?.
liolibl.i 80(Y)0 0 060Li 0 0M0Mli · li.:.iotiM6oli
Clo0106b8060 .:.iMoli U?"'Bo606lia6oli MMlQ::Jli"G
.:.i(Y) .:.i(;)oli 80(Y)0 006oli li.:.i'bM 0 <iu;>M:J6Mo3 li00HM6Clo 0060103lio60 - (Q<i60b.:.i(Y)J'i:06oli .:.i6 8M(]b-
0.:.i8M . .:.i8oli 0.:.iMu;>.:.i, Li.:.iotiM6oli d30010(Y)o 006li0J(J01M:J6001
01() booM.:.ilQ otio6o6Li 010 301.i 8.:.i(Y).:.ioooli. (J6Ui"
"C'.?o6oo6Ml.i, MM8 (Y)08u;>o60u;>0 8 .:.i8 8a01Mu;>o01 0.:.iu;>.:.iob.:.iu;>Mli
JM8.306ooli Li.:.iotiM6olJ b0MJ'i:::J60, 8o1Jo OtJMl.i Cloli0008oli0u;>

Li.:.iotiM6oli d30010(Y)o, MM()MMG 0 0M0Ml.i 8Mo8M60 .3o(Y)u;>0.30M

080 'bo, li.:.iotJM6oli JM8.306ooli 8oo(Y) .:.iMoli o0o
lioMMO <iu;>806oli&MOM:J6oli (!?MMU Li.:.iotJM6oli d3001MOU lialibo
JM::JQ;?08MMl.i ()OM<iM'l:i:J b0Molibo01. 01()8(3.:.i,
8M08M6li 080'/:ia, MM8 IJ.:.iotiM6oli d3001Mo60
'l:i(Jli8<iu;> ,:,(Yi .:.ilJ0b0306 8.:.i(Y).:.i 0:J6oli

Li.:.iow'16oli d3001Moli 0 08MtJ0606001 lQOu;>o !:i;1MMoU O[J8!!1Do "C'.?8MB6(Q<i !:i;1i:>i:>b-

8Mb(Q0 1960-0060 (Q0000tJOUdo. 1,85 <(3(]68oli 'l:ia01ou
50-'l:ia 8o&8.:.i 606J8" lQ" tib 3.:.i JMo!!?o8MM.'.J68.:.i 8.:.iti 80 ti fe.:.i8Clo JM8.30600,
200 lialibo Allied Crude Vegetable Refining U001:JM6oli oafob30'bo,
JMMdMM0(30i:>'l:i[J. [JU u::iuba6o 08f'1 0 <iJM8MQ?<?, JM[JlQ08Mt1J[J68.:.i !:Q0J<iM 0[Jli 8001 8o[JM
2 'B(J68oli Jf'l(i).3MM.:.ioo" Allied Crude
'bo01oli Ui:>08M6ou d3001Ma6001. 0103o(Q06 Vegetal:!le Refining- ou .:.i6&M6oM "8o6M"
8.:.i(Y).., 0::ioou 'b:JlQ" oa8Mo8::i6oli oaU?Do"lQ lQD 0030Q?<i 0 o6ouoli M[JJMM!:i;1[J6oli 000 600.
,:,{;) od6.:.i, MM8 i:>MU:J6M6Q?0 (JM0101JM01- (!:i;10 01j306oli .:.i 'bM001, MMC,MMo M[JJMM(QO !:i;1008tj0M0 .:.i8
MM8- "!!1"800680? t.i.:.ij8 0 080000, MM8 08 U?MMl.i 801.i i 0
8ob::iQ?300100 :JM010 U?" 0303::i 'ba010 8"!!1.:.ioub8MlQ" od6.:.i 0 oM<iM
M[J'l:i[JM3(J"Mo!:i;1.:.i6 <iUIJ3D 33(;) 008M3- 'bomom
MM8 'l:iamoli 'B:J6.:.i 'B"M"3!!1" 8dn8a li.:.ij8 0'bo*).
'bC'.?3ou i:>6 rl'(]lhJo<i6

see N. C. Miller, The Grem Salad Oil Swindle (Baltimore: Penguin

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

318
 €.r ...::::i c LO LO c 11..::;;c..::;;1JJ ., O'
E":>er t6 2 g f>
/) .... J') I I I I ..::;;....
c ..::i c c 0 ..::i ..::i J) J) · J) -..::i er..::i J) ..::i c ..::i re 6 E c:i E ""'..D co re c:ic:i c c:i E.f 1; E El j5 1;1; 6c C'::> er<P El ('?
E.f ,.g 1; E.f J) ,.g E11;1;o2? erg ,.g J) c E ,.g E.f1; 27 u E.f 8£ -2 S:i C>:l_gt.5 ..3 fJ..::i er erro E f)LO f)J5 ..::i g fJ
fJ c:ire fJ-2i c:i E er LO re ..::ire c:i ;t? El c:i fJ C'7l c ID )5 J)- c;:iLO co ..::i ,2' 6 c 6 co
Wi
0 C ..::i 0 l'.l i ,j l'.l '5) c EJ J?55'J5 &2-?S
1;1;2\E er\E \E EJ""'2';;} 2$ -
C>:JLO J) E E 6 co c:i c:itg, u
F0 c:>")5 1;J?\E
c ..D ..::i "' c
l'.l l'.l c </§)\E fJ l'.l c \E E.f co fJ El l'.l <!§) c:i t:.i \E c
c 6 ,.;:?co er fJre 55' cO
EJ\E fJLO <!§) c:i c0LO
re
E
J) C'7l 6 FO
C>:J E c
i fJ\£ J) cO
2
"1? El c b1; b E
re OLD re 6 ":>Eco o- c. c
cS E 8 ';? <!§)
\E u E.f c . ":>er o J) fJ J) f)) J) c5 \E ;o g fJ\E c:i c:i J) s fJc:i er c0 J) ::r.>t s <!§)re ..::i --g 2'1£ J) c:i c cO'° ":>rg,
'h 3 2 'f
& &2 ;s 2 r3 S:i 27 6 t g s c:i c:i . 55're C'::> E ..3
l'.l Efc..::i c:iE..D c fJl'.l c,.g CLO c
v.:0 LO ..::i l'.l ..::i s er
er & er 2..::i r5 ..D er ;s c:i c s 27cg E.f S:i c -g g $) f)1; c fD :J;) co re ..::i \£ J)
J) c c:i ;;:i::e... er,,, E1 c:io;; u ":> \E 'h .
\E 27;:g 'h;;}\E
c c:i c:i c:i)3 \E ;o '° \E
E.f
c c0co ..::i 3 c:i i J? 55'r3 27-g P1;,,, er..::i re
E u El c El cO c:i J) co 'her C'7l fJ 6- E fJ J) ;:g,,, ..::i <P6 er1 J]\E J) J) 0 E J) c:i C o2' ":>re -'> er C'7l
C>:J l'.l-'>cQ
,,..::i "g -'> ..::l 2
s 6 ..::l LO ..::l LO ..::l \E £ l'.l l'.l S:i C ":>FD <!§) 2
j \E Ere 2 c E.f 1? £5<!§) cO l'.l 55'co -c:> C>:Jr§"' c:;co )5 re cf?LO- C>:JS co c ,-;2 c
-g i c:i£ J) g 1; ,, C>:J ;;:' El ,.8 c E
.,..: c:i E <!§) c:i a l'.l c:;
;o <!§) c C'7l " ' :;.., ,,, " '
", c::i er E c ..::i '" f))
t:.i re c:i co re c "'-
l'.l l'.l fJ u
cg, FO E
..::i er "' SJ-"' ..::i ..::i co J) LO E re
c:i c:i
s
6 "'-
":> J)
<!§)
c
rQ_, J) <!( ..::i -;:;,
"..::l 0 C CA l"'J
El El ;:g ..::i -g 'h
c:> c:> J) " ' J) C
ti? 2 \£: cQ
re l'.l <:J -vCO <:J c:> c:> c:> c0 ":> - LO c.< f)) C C C re C \E c:> l'.l \E re er \£ c;::;;: re co fJ C'::> "' c "'- er\£ 2 ":>
c ,.g c:i\E 'h c E fJ e::> c1 \E b er LO er ·-9\EJ) fJ \EE J) c:i <!§)rec:i rec:i c6 LOc:i.-;2c. ..::i- cc0 co J) 0" c:i P £ er E g ::r.> J) c p t:.i ..::i
re er c ":> c:i er "" ":> c ..D \E c. .:D 6 ..::i c J) "'o.c ..::i c ,,.,, - El""" p g
;;} 27..::i ;?-55 3 E.fo2' j E S\E J) -55 lf'-g el;;:'
c€3 &\E J) j -g C \£ -g ..::l
core re J)CO c ere c E erfJ,, c:iJ) q
C CO CO l'.l LO re
c
s o o c0 J) er re
co'° EJLO re ..D c:i -c.. c c0 er E
c0 "'-?5 \£ s:i er,,.,, \E
E.f'° ..::i
f, 6 f;'-g er \E ..::i bc€3cfi b c 55' er g ..::iCf)l'.lJ)fJerE LOJ)<I§) ,,E.:0
t:.i t:.i J) · fJ t:.i \E c co c:i fJ"" E o· c re J) \E • c:i..::i 6 c0 J) w-1 " ' c:i c \£re ..::i -2i\E -?5 c cO c 3 C'7l...., j
l'.l e::> c0 er":> fJ c-. ::r.> E c o.c ":>_,.,
e::> c J) re , • J) ,c- co 'r- J) ,,- er· FOe::> ..::i. rec:i El
"' c:i fJ..::l ,.,,.., ,; c ;o c c c:i..::i \E
6 ..::i w._.1 \E ":>re ..::i c c J) E re j
c:i a 6 re bc:iCFQ l'.l er,.8LO\E 1;c C c0
J)J)l'.lre..::ic:i<l§)c0"- "'"..::i..::il'.ll'.ll'.l\Ec cLOcfJc:icc:il'.lreFO f))erc:ic; ·c':J 2LO 1;..::i er J) o.2 er SC':> ucg co
t
[7..::i er;;:>
C ..::i t:.i l'.l 1; EJ f)) l'.l l'.l c
..::i E
co ::r.> C
-g
f51;..3 co
Ef\E ..::i ..::i l'.l
<!§) 'f c 2..D
;o l'.l l'.l l'.l l'.l F0 LO C
co fJ-?5
E l'.l ..::i LO
J) J) \E c J) cO er - w._; J) J)
u E El Ere er. -..::l ;;:>ID er-2!
f:>\£ J)
cg, P..::i
Ei..::i ""55..::iLO J) st.8'°0 er
fJ c ..::i JS
fJ C'7l c J) c J) J) $ 5\E er1;J) 1;
fJ c ,.g co ..::i <:J \E ;? c::ire <!§) c ,,, b C'::> 6 El 3 C'7l j
c:il'.l
:g re
_,,
e::>"J"'-CEf
<!§) E Sg g l'.lc1.:D
1; f))-55 ..::i
LOC._;J)c:lc-,
::!:! <!§)\£
-g g -'> 'h fJ1; f J i LO g C 1; c:J er l'.l _1"
\E co£
Bco
o.c ..::i C>:JI') ..::i"' 2'.? re l'.l \E c:i
Ws ;;:'s
\E
c:ico E l'.l E c:i C>:J El c
£ E er EJ-g <!§) J) er 2'.? &5 ;t?
g..::i re
g,f>
E l'.l
El 6
LO
6 El er J) El er
c..::il'.l
o c J) \£
c;-061'.l
s u!D \E
"l'.l'"cO-..::i
$)
c b g -g '-g 8 2' ":>LO ":>1; c El .0 E 1; - '"3 fl..::i
l'.l co..§ l'.l fa gco 1; c:i fJ EJ ::!:JLO C CO l'.l -g 6 ..::lg ,.g <!§) $) erd'Z -'>
1;-g El ;;:i-55 c cf?\E 1; f> & c [£ gg [( g
fJC C\£
\£ El'° fJ..::i
£
CLO
2
CO c;:iq
c:i E c::i er <l§)i! c 1;..::i
-'>NC
er_j5
5 c:> ":>
2 ":>
J)
o
Ctre ':l ' " ..::l CO
t:.i J) \E J? J) re J)
cQre C c0
..::i c:i erLO c ..::i J) J)
l
c. Q
& Wg
CO c;. C>:J w c::>CO
i'l?
c;.
-g-::?
)5 \E 1; J) c re
..::l LO l'.l
b E c:i
<!§)'° El ,.8 ,,.,, 2, E.f
J) c::i'°
c E ..::i Pre E FD fJ c0 e::>
J) J) J)E.f LOc:;..::l"' c6 \£c \£co
Oi re\£ _,, E
c ,,.,,
c:i..::i - E.fo.c c re E _:::i re\£,.8 er2":>..::i"55,, J) s -,0fJc....,
-?S\E erct.5 6 c c ;;st.5 c,.g erc:il'.l E.fg,\E-55r§ c;..::i1; -":>I'.> ..::i - c el'E2 eJ·i;;} ti? tE tE ;!5 g
LO c:i E er l'.l \E c • - \E
C'::> C EJ Efl"'J LO C EJ c:i fJl"'J O.C CO C
c:i ;s EJ
Ji c:i \E ,2' ;;} l'.lS _,;:> 0 e::> ..D ,.8 FO If:, 0
l'.l ":>"'- c:> l'.l l'.l CO c:i C
cP
re l'.l
£ c fJ l'.l
er l'.l ::r.><1§) C -;5, C
c.
2
g, /.le
C
,.8 ..::l
C c:JLO J) J) Q
er Ef \E LO l'.l ") l"'J C c:> -;5, ;b -55 6
•• >•
fJ
c:i co C'7l J) 'l? c 6 c <!§) 'l? E E cO \E C'::> ..::i fl El j E ,,.,, 6 ..::i LO \E 1; c:i
C'::> ..::i Q LO c. \E l'.l re '" c:i c. --"" ":> C l'.l c:> co "°' c CO c:> c:i l'.l FO Ct c
GS d5
,r- <P
l'.l <:.. LO
c:i El
l'.l l'.l
-g, et ..::l J) LO J) fJ l'.l c CO CO <:t LO a 0 '°"'
..::i c c c "-' ,.h'> c ,r- E E t:.i fJ "' o' _;::i
":> c J) ":> .,..., co C' "" J) ":> __, "'.:D J) LO , - c cf E ..::i LO :J;) cO c <:J c;. cO c J) f)) C'::> cCOr:t >•l'.l
er c:J ...., E t:.i J) erc:i J) f:J
"" i" LO
,. '£ J)
LO E ..::i 6 ,.8 c:i<P c
6 '•
<!§) c:i E.fc. l'.l C l'.l "-'
cO f)) c er co J) J)
C ":> <:J C c:J r- LO 'c c:i ":>
c ,.8 co ..::i fJ ":> C'7l c di J) '55 -o
El c:i E.f-§',re ..::i c c;:i..::l c cO El J)6 c J) c cO 'IE El LO
6
C'::>
":> \E If:, 6 er
<!§) C>:l\E c
l'.l
..::i ...., 'h1;
-\E 0-lco 6 ...:::i J,
J) C'7l El c0LO "-' c J) ..::l. ..::iC 00
C J) ._,, f:t C $) J) J) LO J) Ct c,
c;:i</§)..::l C c:> l'.l 6 C>:J..::l f)\E fJ <:Jc:> l'.l EJLO C \E LO fJ EJ c0 6 LO c0 fJ c:> J) c:l J) f:t \E ..::l Of Cl f:t • er c:J C c0 c; <:J • J) re OJ
e::> c c core f)) l'.l FO ,.8 f, cO ":> cO c::> erre fJ . \E ..::i c cO f)..::l l'.l l'.l l'.l cO <'7l cO f, 6 .:D t:.i C' ..::i C< C'::> <:J er 'c \£ ..::i <P p J) re c::> -
o.c er re LO c:i co <:J LO J) LO co El c:i er J) c:i \E LO J) co c LO c:i <:J fJ c re . o fJ J) c "" Pc J) \£ er c::i\E Cl'
c:i c:i c LO J) ..::i ..::i 2
fJ c ..::i c E. LO 1; J) J)- fJ c o1;re co -55 re c 6 J) fJ 0 c \£ 1? c:i Ll c \E -g rg,
El -g <!§) j5 E \£ \E c ..::i
u
E
;;:''£ g 0 -31\£1; \£
\£ El J) c:>FO fJ "' c:i
cS
\£ '1£_ i
<!§)\£ u\£
J) ..::i \£ ::r.> El ,,.,,J) \£J) ;;:> w....1 c:i <:J\E
f, c \E J) re
f> s 0
u\£ ,, \E LJ? j
W
C>:l-o c c:i fJ <!§)
us er fJ c:i E co P er ;;:>
c::i· \E er<l§)l'.l\£.:0
J) <!§) ,,
re cOc cOuPc::i
\£ co
cO..::i C"<JJ)I') EJl'.l..::l o-_,Q-_,C'::>C J) E _,,, c:>'-'<..J:J;)c:il'.l\E er 6 c \E g c c c '55 ,.. J) s:> c:i..::i er <P <!§) o
"" s::r.> c0c:i C>:JCO .,,.,co c::i E.fc:i..::i c:i er C'::>LO co j co c t))c:ic;? fJ ""'..::i co\£ c:i c re ..::i ""'c \£re
l'.l l'.l l'.l E o• l'.l \£ l'.l l'.l l'.l l'.l c l'.l c:i l'.l c E El
":>LO '° erre ..::i c er p\£ E c::i..::i ,, c:i..::i
"
\£ c er$) er ":> fJ 6 : e::> f)) cO f)) ::r.> 6 FO cOco ":> l'.l
l'.l c. LO ,. E E l'.l l'.l l'.l
Q.l\E l'.l </§)re ":>CO f)) cO
c:i '" c. l'.l c::>
fO <1§)\E O.C er ;s 1? ..3 27£ 1? b s c6 er '75 S:i b
·;:""' ,,e;: . :)""
t c rg,
·" 2'6
.,;,. c co _:) ' £I)
I €J..:) ,.:§ cO
027-g
'f:l g'<': .-g,
iS dLJ 2 f)...o
f:1 c
;:.[) rO
uc5 2 u 'f:,
I) I) "'
CJ c-::iLO W
S:i e, erof:''<':,
 lioJM8olioMli o"Mf:!?o, adli.3MM60M"180 Clau0d-
33M (QSoJOUMMli
O::J8mb3:J30Clo 0o(!?obi:Qol.i 801:'.!()00 'Ii() 8MombM3(J00
::JMmo-MMo J3oMom 8060, 3oiQM(J 0JM(J(Q0803ob 0o8MtJ(J-
6aooli f:!?MMli.
()<?.JMM 8a6oo, JM8.30600ao oM 0<no-
6o6liooo6 8oo<">a 6Mo6u.3MM60M300li f:!?0
8MocnbM3::J6, M<>18 8.:icn 6ao0 !:Q0McnM6
C!?"J"3C!?6o6 2 '2;0M(JO(J-
li0d8ocn.
<?.J0d6(JMOM:Jb0 adu.3MM6oli U<?.J(JMMOO, MMoMM(3 b::JUO,
808(!?060M:JMOU 0()8(Q::Jo600M1:>(Q: odli.3MM-
8oMMO tJOf:!?OU .:i6 o0!:Q0UQ::J81.i U0J(JffiM(JOOU
<n"d6vmo6 08.:i li0adli.3Mm6M m.J 0P1.:i 0 o0o'ti 0 8Mo.JM 3.:i mo3oli
Q?OQ?O .:ioo-oo, li.:iodli.3MM6M 3"lfMM0000 JM8.30600u. o8oli Cla8!:Q::J(), <B"d8vMo60 JM8.30600 cn03oli
8o8Q?o6oM:J .ov8oli a?"' 6m.:i6li.3MM60Mooolicn3oli cno3'lia 0!:'.!301.i MOUJU JM(Jf:!?08'lia C!?"
.:i600Moo'lio 606- U0JM:J!:Q08(Y) 038MB'8300'lia, .:i6aoMOO(JOOU o"GD8ou
8'lioMQ?O 8MmbM36oli 008M. C!?!:'.!Dli li03dli.3MM6M !:!?" m0Mo0'lia. mv raod6vMo6 0 JM8.30600
<?.J0d6vMoM30.Y bQ?300 (J<?.Jli1M MM8 .3M8:J6oo()Mo JM::Jf:!?o8v-
li0308'P1M M.3:JM0oooooli li.:ibou Q?0<?.Jo- 6o61006Mo0 0M .)MOU UoJ8ol'iolio, adli.3MM80MfT"180 oali0d-
606li300 .3MMQ?(Jdoooli lib30Q?.:ilib3.:i li.:ib:JMO:JOOUcn3oli: (J0P1tJMU uod8aoo 06 8<Y10cnbM3r-1li
.:i306uoli 0 .:icr,:obcr,:o.
<?.JM6Mo.30Mo6v- 8o(Jb(Jcr,:030cr,:, Q;?0<?.J0-
Molicn3oli !."!?" lib30. 6o6uoo'!li 0d3li mo3olio
Ddli.3f"1M60MrJ:JOobcn3oli Q?:JO- cn(J8oo <?.Jod6vMo60 J<">8.30600 01:>8Mo8vo..,33 oli
<?.Jod6vMo60 o U0JM::JU?06(Y) MOUJ::JO'li(J, olio6n :JMO(!?(J0006 a063omoM:JOl>U?
M<?.Jl.l v.30Mo6oliMooli 8001"1 d33t16oam06 !:!?" o<i\1>8e«aM0e«o DJM6M8oJoli !!1"
0JMna?o803oli aobli6oli 8MmbM36olicno6 O:JQ?oli1aoocn. tl3D" 6nJoli 8jM6J li0d8ou Q?08':JMoU. JOQ?:J3 (JMOlO
(J.3oM06:JliMoo oMoli liodm6t;ioli />MOU 8"f:!?"be«oli d:JJ1>3301>. MfYlofYlM(3 oaun,
o"o'lio361:> !:'.!0::, 0600Mooocn, oM Cl:!"'Dd3D8Q?o- o0(Ql>b!3,?I> 80813.?n61>(;)(JMOU (J<?.JMM UbMo<?.Joe«, Ol(J JM8.30600
80cno U0<?.J0U(JMOU .)M 80!:'.!ooou MOUJU. vobMomoo ot1363oli .:>JMDU?o603li. .
8o6MQ?:JOoli 2%-'lio UoJM8olioMli Gb0-
0 oQ?obQ;?om, odli.3MM6oMM:JOb Q?oo, MM8 6aonu8naMn adli.3MM60MMO JM8.30600,
ao8MOtJ:J6f"16 . 8ooc;6o(Y)U v.30-
8Moo03li 038MB'8oooli Ro60P1300li JM:JQ?o6v60Mo- Mo8::JUM00li, 3o:'fMMOU !:'.!00 .:i6a.>MOOOU ::,08Mt1:J63oocn, 06
"6Moo'lia, .:i60::.Mooaoou 06J0li0000u, 8M8- cn03oli lio803o(Q::Jb JM8-
li1:>b(J(;)DC,0li !."!?" · uoo306liM 0 o(Q.:ibQ;?::JOb .3.;6onu 06 00Mrio3ooli 8oc;3onm,
6Mo6u.3MM60M(JOOU 90%-8Q;?D· u00 0d3b UM8:JC!?fYl U0:JMOloOMMOU(Y) JM680d8300 !:!?"
mv8oo (J6Q;?o "!:'.!o6oo6Mli, MM8 <B"d6vMoM(J00 OM o0 6MMOM:J00 .>M (J6C!?o 0o(JJ(JffiMU C!?"'Zlo-
OtJ3D6li 6aoou8oaMo adli.3MM60MMOU v8a- 6o6liaoou 08 83cnMmu.
6alio 8.:icn 0.:i6oli 86Jooaoocn, li1:>.d8oli boM80Mcn3oli

Rosalind the Bite .Om

o0!:J<ob(QOU 3o(QOU (Q0!:Q8M8081:Q[J, 80006 806 (]6!:!?0 0 0(Qoobo(QMU .3MM(3[]66ooo

- 1,5% 013000 - 08 0 08Mi:J06oooli01 3ou. 01() 80li li()Mli 8001:'.!Mli
03.:i6lioli li0bo01 U?" 8"!:J<"b!:J<oli 3"U?"
U?"U?ooo.:i ::JM01 013000, .3MM(3066o<'> 'lio 8"!:J<"b!:J<OU b.:ifi\ftoo8o O[J0!:J<806Mli
0,015X9800$= 147$.5 .'.>8 0 3.'.>Moi:Q, 93.:ij@)(Jfi\ofi\ooli
O[JCQ8J6.'.> 8oli li.:i93.:ili()fi\li 01() JM8.3.'.>600 8ooQJOU
6.'.>Q(Q 006.'.>UO.)M. ffi(J JM8.3.'.>6o.'.> 606.'.>Ub.'.>M .)M 800QJ<'>li 6.'.>Q(Q 8.'.1006 8.'.>li .)M U?"DJ-
OUMJO.'.> .3MM(3J66oli 0 .'.>i:Qob!:J<o. 8oli.'.>8[J 30Mo06600, JM8.3.'.>6008 i:Qo(J-

9,800$-b 147$

320
 1.

0f'l3f'lG ai.:i30Go '13"d0()<'1060 ,r8.3i:>6oi:>G

0"(Q"b(QoG 3"(QoG oo81QQ0 IQ" 80G0i:>6 8ooi:;:f'JG .3Mf'l(3Q60ooo 8i:>m
0"8f'lt1060°"'ho.

00.30()<'10 o 0mi:>6b8oo" i:><iloG 8(J(Q8o 3o. "60"<'100 0ooG

oodo6oG oo8(QQ0, oGo6o 0"°tJO(QQOil '13"d0(JM060 Jf'l8.3i:>6oil'ho (Qi> Jf'l8.3i:>6ooG i>60i>Mooo
(Qi>JMQIQ001QOOil. Jf'l8.3i:>6oi:>G 6oooG8oo<il 8f'l8o60oo 0"8f'lotto6f'lG Gi:>bG<ilooo i:>8
i:>6 0i:><ilooo(Q"6. 't:if'l0oo<ilm Go0(J"Go"oo, Go'bf'l6(J<'lo Gi:>ffo<ilf'loooooG (QMf'lG, '13"d-
0(J<'lo60 Jf'l8.3i:>6oi:> Jf'l8.3i>6MG oGoGbf'lG 8000 301Q<ilo 8i:>G "d3G
"60i><iloo'bo (Qi> ol.ioGbf'lG Gb3i> 008mb3030000, 'B"d0()<'1-
060 Jf'l8.3i:>6oi:>8 0"8f'lo80 6f'lG <i1 0'b 0<i1 3o ·Jf'l8.3i:>6o 0ooG "6 0"<iloo 0ooU1"6
U1" 0"8f'ld3001000G U1"G"G"3"U1· 'l3"do(J<ilo600G 0"8f'ltJQ6ooom U1"'13o6i:>6GoooG
801i>3i><ilo OtJi:>Mf'l "<iloG oi>6Jooo, oi>6JoooG Jf'l8.3i:>6oooo U1"
'bf'l0oo<il010 '13"d0(J<'lo60 -Jf'l8.3i:>6oooo. 'bf'l(l,OOMmo "U1"8oi:>6o
i>60i>MoooooG f'l.3QMil(3000om Jf'l8.3i:>6oooG i:>M
8oGi>c:;>QOil(Q, 8i>0Mi>8 003<'10 Mf'l8 '13"d0()<'lo6 0o i:>MoG 8oGi>c;:Qoo IQ" (Qil'130-
6i:>6GoooG 8omf'l(QO. 8oGo 8mi>3i><ilo i:>MoG oG, Mf'l8 000 'bf'l0J(;OM i:><iloG
m(J8G" (J6U1" 03 "bGf'l 3(Q 0G, <ilf'l8 '?Pd0()Mo6 0 Jf'l8.3i:>6o"
booMi>(Q Jf'l8.3i:>6oi:>li mi>3olio JMOIQ00()6"<'1oi:>6f'looli
o08f'll58 0ooli 0i:>6, U1"8()0"3oooli bi:><ils;;oooli0"6,
i>60i>MOOQO'bQ 6i>C::(QO 0il(Qi>b(Qoooli bi>Mj>;;OOObil (Qi> 0i>6bi>J(JOJMOOOOJ 8(30M[J (Qi>6i>bi:>M-
s;;oooli0i:>6, 0Jf'l5f'l8oomil(3 'l3"d®(JM0600G 0i:>8f'lt106ooil OtJf'lb

i:>8 mil300 (Qil'13ofo6lioooG lib3i>(Qi>Gb3i> btJi>Mf'lQOo. Mi>8(Q0-

5i>(Qil(l 0i>8f'l30(Q001 08 8f'llii>'l:iMQOO(Qi>6, Mf'l8 (Qil'1306i:>6Gooolim30G bilffOMf'l
mi:>6bi:> (J6(Q" 0"6oli" 'l:ic;:3<ilf'lli 80-8 mil300 lido8oG oolii:>oi:>80Gi>(Q, "d
Clo3o'l:ic;:(J(QOOOOJ 08 bi>JOOJboooG ()Jil300M(QQOil (Qil<(J0-
6i:>6lioooli lib 3"CQ"Gb 3" a0mf'l\Qoooli Jf'l8oo6" 8 ooli 8f'ld 0o6i:>li. CQ"'l306i:>6li 0ooli
lib3i>(Qilbb3i> btJi:>Mf'loooli bbf'lMO 00!Q"M00il oliom JMO-
@;io<'ln(J8oo'bo, Mf'l()f'lMO(l i:>Moli (Qil6i:>bi>Mj>;;QOn, i:>8i> m(J 08 btJi>Mf'lG
0i>8f'ltJQ6ooom, 8oGo 0il(Qilb(Qoli 0Mil<(30Jom, (Qi>
bi:><ilolibom, 8obo!Q3nmil(3 Jf'l8.3i:>6ooli "d003oon 0il0(3[J8i> ()OMilf'lOO (1Qi>Oe3o<ilmooil
btJi>Mf'loooli 6oooG8o 0<iln
'13()61Q"8060(JMO <'10000 i:>Moli (Qi>6i:>bi>M'.;ZOOoli OO<Q"MOOi>
8"010"6 lii:>bli<iloooli 8oc;:oo" 'b 0 IQ" 8of'lMO 8b<ilo3 (QMf'loli lQ"'l306i:>6lioooli l5t1i><ilf'loooli
Gb 3"!Q"lib 3" 3"6io"60oooG 0i:>8f'l 80 60ooli oo\J2Do"!Q IQ"6"b"(T)s;;ooo U1"'Bo6i:>6lio-
o"'l:io 80<'1.:JQf'lO!Q606 IQMf'loli Mf'l0f'lM(3 15oGo, olio6o
Oi:>'l:ii:><il'l:io lio®v"GooG QMOJil!Q. 00!Q00"1!?• (Qil'1306i:>6lioooli
lib3i>1Qi>lib3i> OtJi>Mf'lOooli 0 i:>6Gil'l:ii:;:3<ilolim3oli
(QMf'loli 'B"d®f'l<ilnli lilJf'l<ilo
mi>3obmi>30(Q (3bi>!Qo0, <ilf'l8 IJ2"'13o6i:>6boooli btJi>Mf'loooli i:><iloli
m(J Jf'l8.3i:>6oi:>G 0r'1 GoliboG "C::OOi> li"3"ffMf'l 06 oil6Joli
GoGboli a0o30 f'looai, Bolio J<'lo1J2o@;i(J6"r'10"6f'JooG 0i:>8M, 8"6 ()6CJ?" 8f'Jdoo6f'lli
OtJi>Mn. Mil(.3 Jf'l8.3i:>6ooli JMO!Qn0(JfoMoi:>5f'loil, C'i\0 md8" (J51Qi>, 8001 (3f'lO"
CQi><(3n5i:>5boooli OtJi>Mf'l i:>Mob 8oli013ob lQ"'l3o-
fo5Goooli OtJi>Mf'lQOOJi:>5 CQi>Jil300M0000J 0i>5Ui>'l:ii:;:3f'ii>3li Jf'l8.306ooli
CQ"'B"f'if'lu lioGbo, "1.i 030 Bob 1J2"
0i:>'l:ii>M(QMb lioGbob mi:>5bi:>. Jf'18.3i>6oi:>8 (Qil'13i>Mf'lU JMOCQneom,
01() 8i:>b "d3li ffi>MOO G0bb!ilooo (Q0 i:>80306ii>Q? Cloi>8(30Mf'lb .3Mf'l(305eob
iJ?"5"b"61fa 8oo. 'B0do(J!ilot0 0oob 0 0801 88 s8oob IJ2Mf'lb, " 3"6Go<iloo(Je:;io G0Gb 0oo boo<il0CQ
0i:>8f'lo.:Jo5oo" Jf'l8.3i:>5oooob 80061 8i:>oo5, Mf'l!QOb"G 8i:>m'l:io i:>f'ioli 8Mmbf'l3fo IJ2" Jf'l8-

321
 .30600G .3MM(3068060G 001!!0b1QoG b0Mfeo6o 000c;o60 G03'0MM060G 00801b303000. 01()
G0d80 obo60 80006 80010 001Q0b1QoG0130G ()6(!!0
00(!!0b(QoG 301Q0G.
0G 030 0bl!!o6G 080'b 0, M08l!!o601Q JM8.30600G
00'b0M1QMG GoGboG 0c;o60 301Q000. 01() JM8.30600G0130G G0Jfiiol!!o8M b0'bo,
06 806 606JOO 8ooc;M 038M808(JM0(!! JMOIQ08o, 080G 00Jo01060 0M od6060
08 .3ofiiM6001, MM8 80G 0fii 8o(Jc;oo300 JMOIQ08oG 'bc;30fiioG0130G.
0301Qo060 Gb30 <(3MM8 06ao JM8.30600 0MoG 1Q0
1Q0<(30606Go60G 0b1Qo6G oG, 01()
JM8.30600G 0d80 30 600 0 0M0Moo. G0GboG IQMMG
JMOIQ08MMO oc;o6G G0J(J01Mo6oG JM8.30600G 080 01() 08 dM6060'bo. 0d803060G
00M0MG G0bo01 'bc;(J1Q03G JM8.30600G IQ0<(30606Go60G
'B0d-
8(JM060oG 8obo1Q3001, 801030fiio MR060 08 00801b303000, JM8.30600
8oGo 80801!! 0d8030601Q06 0M01-ofii01G (!!0 08030fii01Q 08(3ofiio6G
01030G 603fiio JMOIQ08MfiioG
oG <(30d8MMO 0b1Qo6G JM8.30600G (!!0<(30"
606G06oG b0fiifeo6o
0MoG "80d8MM0, Gb30 <(30D8MMo6oo 006Gb303060 ()6(!!0 dOIQ0MIQOG 1Q060b0Mfeo-
00G 006Gb3030606G. 00'(30 (!!0<(30606Go60G OtJ0MM 00J0M0 (!!060b0Mfeo-
60G 0M 00'(30, 01()
"80d8Mfiio6G: (!!0 b0fiioGbG, 8obo1Q30010G
0d803060 000Go80 00M0MOO. (!!0<(30606Go60G OtJ0MMO"
6oG 0G0b30 MM0MM(3 0Go30 1Q060b0Mfeo600, 01()8(30 08 b0fiifeo-
6oG 006G0 'bc;3M0 80801!! 0MoG 1Q0<(30606Go60G
5t10fiiM060G 00G06080G01Q, 080G 0081!!00
<(30d8MMOG (!!0 o8oG 008Mo8060, 01() 0M0 0060
80010 M01Q006 JM8.30600G
G0joMM00060 IQMMoG OtJMG (i}081Qo6080 8MJ-
(!!0<(30606Go60G OtJ0MM

G030frMM JMol!/080 b0Mfeo60106, MM0MMoG 0MoG ( 1) 60c;CQ0

JM8.30600G013oG OtJMG 00CQ0btQoG0130G 'bo (J0MoG
OtJ0MM. 01() JM8.30600G 0d 3G 8J0 8 fiio 01d8001 (!!060b0Mfeooo (01() 0(Y)Go6M6G
01030G 0600Mooo6'bo 001Q0b1Qo60G 0Go010 (Y\08), (2) 6060G800Mo 030060 001!!0btQoG
G030frMM JMOl!/080 fe0Mo8o6o 06 IQ0Mo(3b3060
b1Qo60 1Q0<(3o606G0ooG G.3M6806(Jfiio (06 (3) 00()0MoGo60 G0JMOCQ08M Moo8o6 0oo,
OtJ0MM, !50fii8MoooG JM8.30600G 8oo(Y) JMOCQo8oG 8oc;oooG
00()0MoG060G0106 OM010(Q.
MMIQoG0G 1Q0Rd0Mo60G0130G o 0010 30- JMOCQo8MMOooG 0600(Y\000G 8G003G01Q (G030frMM
60c;1Q'bo 001!!0b1QoG00130G IQ0 JMOCQo8o (CQ00-
000 0M 0MoG 80006 00M8M01Q006G G.3M680-
btQ060 G030afiiM JMOIQo8oG b0fiifeo. M0(3 6(JMO l!/0"80606GoooG OtJ0MMG. do(Y\00101!/o
.3ofiiOM(QO .3oMOM(QOG b0M3060 0MoG (!!0
(Q0 0600MoooG 00CQ0btQoG (QMMG OMMoG, 8001 00(Q0G0b01Qo60 (Q0 MM030 ()6(Q0 od6oG
c;oMo6()- 30(Q00o.
b0Mfeo6oG 00CQ0b(Q081Qo, JM8.30600G
ill! 8ooOMCQ060 (J.3MM(3068M 8Md8ol!!o
8Mo(303G 00CQ0btQOOoG 00CQ030CQ060G JM8.30600G0130G oG 1Q0<(30606Go60 0MoG 8(JCQ8030.
00CQ0btQoG 30CQ0G oo8CQ00· 01()8(30 (Y\01!/006
00M8M- 00(QMbtQ060, 00M8ModM60 (!!060b0(Y)feo60 (Q0
OM6G CQ0<(3ofo6G 060G, 0G 00G06080G0CQ 8oMtJOM6G CQ0fob0(i}feo60G
()6(Q0 OtJMG Go(QOCQO· JM8.30600G, 0c;8MR6CQ060 80801!!

322
Mm(Jr.'.:'.,' iao606li(JM 8!Q 0 M80ti1M::io0Clo, o"!3<"-
"3"!Q:JOli 0 0CQ0li0b.:>!Q:JOoli !Q" b:Jr.'.:'..''?.l"li:Jooli 0 0!Q.:>b!Q0li,
80(iM08 08ob d:J!Q:Jo:JOO d:Jb0dr.'.:'.,'M0 OtJMb 8::i®"!3<
8J0(3Mo.
'?.J()r.'.:'.,'Ob 00'bMoli JM:J!Qo®o !3<" 8MJr.'.:'..'D3"!3<0060 b:Jbb::ioo
0MOU 8MJr.'.:'.,':J3"!Q006o !Q0'?.Jo606b:JOOb (i0M:J '?.JMM8[JOO
06 J[JMdM 00'b0M'b[J.
8lib3or.'.:'.,'o, 80JC:?"r.'.:'..'o"63om0ti1no()r.'.:'.,'O JM8:306onoo 'bM 0 -
b[Jbb(Jr.'.:'.,'MO[J6 8MJr.'.:'..'D3"CQ006 b0'?.J(Jd3nr.'.:'..''bn
li030.:j;MM 3ndlior.'.:'.,'OU 8nCl3[jMOOO'l. li0308'MM 3:Jdbor.'.:'.,'O
.:>Mob 0M0(J'bM(J63[Jr.'.:'.,'tJM'?.JOr.'.:'.,'o, 8MJr.'.:'.,':J30!Qo06o 30r.'.:'.,'-
!Q:JO()r.'.:'.,'[JOob 3Ddbor.'.:'.,'o, MM8:Jr.'.:'.,'0(3 o"tJO!Q(Jr.'.:'.,'00 '?.l()r.'.:'.,'OU
00'b0M'b:J. b.:>30.:j;MM 3ndlior.'.:'..'o ouo!3<::io0 (QOr.'.:'.,'[)M[Jooli
8:Jd3[JMOom 06 dOM!Q0doM 063:Jb0MM:JO'b:J. ,,030M6M-
8o(JMO 3Ddbor.'.:'..'noob" 0 08MCl3::ioob 6"G3r.'.:'..'"!3<' JM8:30-
6008 Clnli0dr.'.:'..'M" 0 08Mli(3[1b ,,006Job 8onM
(J'bM(J53nr.'.:'..'UM'?.Jor.'.:'..'o" 3Ddbor.'.:'..'::ioo, MM8:Jr.'.:'..'Cloo 006Jo
odr.'.:'..':J3" (i0M06000li, MM8 M0r.'.:'.,'O(i0(300 od6no0
(i0!Q0b!QOr.'.:'.,'O. li030.:j;MM 3Ddbor.'.:'.,'OU (JdOM00nliM00 0Moli
ob, MM8 o0 o dot\1om0CQ0(Q .:>Moll 00iao, 30CQM[J 8MJr.'.:'.,':J3""
!Q006o oo'b6[JbU[Jbbo JM8[JM(30(Jr.'.:'.,'0 006JO!Q06.
li0006JM 0don:3®n6liom !3<"iao606lino0 0Mob '?.l()r.'.:'..'ob
00'bMob JM:J!Q00oli 8:JMM[j 00:30. ()(3bM(JMO u030.:j;MM
@)ti106'b0doonooli m068br.'.:'.,'[JOO 0dGDd6[16bo .:>Mob 80JC:!0r.'.:'.,'-
r.'.:'.,'OJ30!Q()Mo !3<" Cl::iodr.'.:'.,'[100 OtJMb 8MJr.'.:'..'D3"mo060 !3<"'?.JO"
6061.inoob 8[J@)0(Q b.:>l.i(JM3[Jr.'.:'..'O btJ0MM.
8MJr.'.:'.,':J30!3<o06o b[Jlibnoo d[Jb0dr.'.:'.,'M0 oMtJMli MM @)0:30m:
0M0(J'bM(J63[Je:;'tJM'?.JOe:;'0!3< !3<0 (J'bM(J63:Jr.'.:'..'tJM'?.JOr.'.:'.,'0!3<·
0M0(J'bM(J63[Je:;>tJM'?.JOr.'.:'.,'O, 8MJr.'.:'..'D3"!Q006o JM:Jmo®o
dot\1om0CQ0m Cl::i8Mo<(pM 0 e:;i::io0 JM8:JM(30()r.'.:'.,'o 006oli
b[Jbb::ioom li0Jti1nmo®M b,:,'bom, b.:>Jf'i1::imo0M
Cl::im06b8noob <>3@>M80&(Jf'i10 0060be:;inoom, .:i6 &ti106'b0-
doooli li0ia(Jd3ne:;i'b::i. 0ti1lin0Moli 0b::i3n li::ilib::ioob 08
li080 ®o:3ob (J'bM(J63ne:;>tJM'?.Joe:;io 3:JMbonoo.
bOoM<>!3<, o<i6J:JOO JM8:J06o[J00b 0 06 ombM3:J6
Cl::io60ti1R(J6M6 60JC:?mo 'B()r.'.:'..'oli 00r.'.:'..'06linoo JM[JCQo&ob
o<>Gn80lim06 CQ0J03CloM[JO(Jr.'.:'.,'O .:i60 'bJC:?0-
(JM[JOobm3ob. m(J 8bnbbno::ir.'.:'..' JM8:30600b 8MnmbM3:Jo<>
0 8 060f'i1R(J6Mli 00r.'.:'..'06linoo R3 n()r.'.:'..'DoMo 3'b 8 8<>JC:?e:;i0,
b[Jbboli 8'?3Dd0o<>6o JC:?OM[JO()e:;>[JO.:> od6no0 0 .:i 'bMmoe:;io.
8MJr.'.:'..'83"CQ006 oo'b6[Jb b[Jlibno'bn b.:>M 0 [JOr.'.:'.,'oli 0 060J-
3nm::ioob CQ<>JoUM:JOo m08MJOCQ[)O(Jr.'.:'.,'O<> 006J[JOol.i 8o:JM
8M'bo!3<()r.'.:'.,'O '(3M6CQ[JOol.i QOM[JO()r.'.:'.,'[JO<>'b[J, .:>Mb:JO(Jr.'.:'.,'
:Jt\1008 ti1::io0 'b 8, 8bnlib::ioe:;iob JM:JCQ00()50ti1006Mo0 'bn
(Qi> 006Jol.im3ob (JMO'lO[)MO'lMOob 8M8(i:JOo<i6M00 'bn.
O:J3M JM8:30600li, MM8:Jr.'.:'.,'li0(3 ,:,(\) d[J(Jdr.'.:'.,'o0 8ooJC:?Mb
(J'bti1()63nr.'.:'..'8M'Bor.'.:'..'o JM:Jmo®o, Jti1nmo®f'lti1oli 0 06
8M:JO'lbM3[J00 '?.J()r.'.:'.,'Ob 0 of'i10MU b060(33r.'.:'.,'M(Q 8oQ[J00.
(J'bM(J638r.'.:'..'tJM'(3oe:;>o b[Jbbob o"GD8ob !3<MMU, JMDmo-
0MMl.i 0d3b b:Jliboli !3<0'(30M3oli MMo btJi>MM: JM8:306ooli
6C>JC:?(QO '(3()e:;>Ob 6C>J0mob d:Jb0dr.'.:'.,'[J0e:;'M00 8M[J8b0b-
(JMMb 30r.'.:'.,'b !3<" O'l(J .:ili::imo btJi>MM 0M od6no<> M008n
8o'bn'bom, b030fi106®0M (iOM0Mb QOM[JO(Jr.'.:'.,'[100.
(Jb0'(3MmbM[JOOU 80ti1t1oli (J'bM(J63[Jr.'.:'.,'tJM'13obm3oli,
JMD!!io®Mti1o R38 ()e:;inoMo 30CQ 0 0b 88 ab 0 0M0Mli
b.:>o<i 'bfi1M ia0lioli QOM:JO(Je:;'[J00 'b:J 6-:>Je:;>[JOO MCQ[j6Moob
bnlibb.
CQ[)Oo0MM(Je:;>o m<>30r.'.:'.,'0<>6nonoo !3<" 80M0 0 noo <>Moll
8m030Mo 0d®o3::ioo 0 08MtJ[l6[JO(Je:;>o 8MJr.'.:'..'D3"!3<0060
oo'b6[Jbb[Jbb[JOOU (J'bM(J63:Jr.'.:'.,'8M'(3olim3oli.
0Mb[JOMOb M08!:Qn6o8n o'b0, MM8r.'.:'.,'ob 8ob::im3om0(3
JM[)CQ00MMU d[J(Jdr.'.:'.,'o0 8ooJC:?Mb (J'bM(J63:Jr.'.:'.,'tJM'(30r.'.:'.,'O
0 oM0M 80t\10 0 nooli b0d(J0r.'.:'.,'[)Oom. ob[Jmo 8:JmMCQ:JOob
0 08MtJ:J6noob mti1Mb, MM()MMob 0MoG 8Mdti1030 0 0M0M,
8MdM030 d(')6nooli 0 0M036Mo0 m<> 6CQMooli 8Mf58Mo0,
80ti10 0 ::ioo ti1Rno0 8b:Jbb:Jor.'.:'..'oli b.:>J(Jmti1::io0Clo. li0'bM 0 0-
!3<Mnoti103o 0 08MtJn6nooli li0f5uMoob d3omMoli !3<"
8linbb:Jor.'.:'..'oli bonuf'loob d3omti1ob 0 08MtJ:J6::ioom
!3<0JM[)CQ00noob !3<Mf'lli 80M0(i:JO'b:J 8'(3r.'.:'.,'MO:Jr.'.:'.,'M00dO
o"!3<"DGn80 !Q<>8M()Jomnonr.'.:'..' 8nb08::i 8b0M 8b.
o8oli 6<>(33r.'.:'..'"!3<' MM8 JM8:306008 0 oti1.:iMClo R0mMli
m03ol.io CQ:J000MM(Jr.'.:'.,'O !3<030r.'.:'.,'o06[JO[JOO '(3(Jr.'.:'.,'oli
8oli<>JC:?:J00CQ, JM8:30600li O:J(Jdr.'.:'.,'o<> m03olio !.Q[)000M-
M(Jr.'.:'.,'O CQ03<>r.'.:'.,'006::io::ioo 0 08MotJ:J6Ml.i <a<>d0()Mo6 0(Jr.'.:'.,'
'?.Jf'lM8000 (0 -:>tJo!QMb ). 'B"G®(JM0Mno0 boo Mo(!?
b<id(J0r.'.:'.,'[J00b 0dr.'.:'.,'[J3b JM8:30600b 0 06m03ob(J'Br.'.:'..'!3<Dli
m0J03Cloti1no(Jr.'.:'..'o Jr.'.:'..'o::i6&ob JMnmo®()-
60Mo06Moob 0 88Mf58no0bm06, !!inoo®MM(Jr.'.:'.,'0
m0 30r.'.:'..'006 80 8oob m08()Cl0 38 ooli m<>
(J08:J!3<M 3.:>r.'.:'.,'[JOob 0 06 8oJC:?:JO(Jr.'.:'.,'O
8MJr.'.:'..'D3"!3<°"6o !!i"'?30606bnoob "r.'.:'..'®:JM60®o()r.'.:'..'o
btJ0MM:JOob U0(JJ[)O'l:JbM JM80060000 m08f'lJO!.Q[JO(Jr.'.:'.,'00
QOM[JO()r.'.:'.,'[JOOb, bnr.'.:'..'8ob0b3!.QM8Moob, (QMM(Jr.'.:'.,'MOob,
8Md6or.'.:'.,'MOob !3<" 08 b,:,f'i1olibob O[J'(30b[J00'b[J, MM-
8[Jr.'.:'.,'d0(3 JM8:306oob 0d®o3noo ()0(3[)8(Jr.'.:'.,'00 0 oM0Mdo
(m00®3oti1mno0 O(JMO!.QO()r.'.:'..'O b.:>MR:Jr.'.:'..'om ).

. 0bb::i6om ti10@)M8 0t\1oli li030.:j;MM JMnmo®o 8M8f5M!Q:JOr.'.:'.,'[JOob 0 06 "!.!?0'130606bnoob b.3M6®0-

6(JM0 btJ0MM."
2. li03e>ffMM Jf'i1;J!.Q00o 8rri8f5M!3<[)0r.'.:'.,'[JOOb 0 06 oMob CQ0'130606li::ioob d.:>r.'.:'.,'006 d3oMo btJ0MM,
MM(Q[Jb0(3 0M ()08Moun6::io0 'B"bm<>Jr.'.:'.,'[100. 0blio6om, M00f'l8 0J03dOM;JOb on3ti10 JMB.30600
!!i"'?30606bnoob 08 OtJ0MMli m03obo !3<MM:JOomo b.:>OM(J6030 J.:>.30®0r.'.:'..'oli
m0'130606li::io0lim06?
3. on5::ir.'.:'..'no(Jr.'.:'..'O 3"r.'.:'..'!.!?DO(Jr.'.:'..':Jo::ioo 8M8b80fi1::ior.'.:'..'oob 0dr.'.:'..'o 3 b "m0 3 oli(J'?.l"r.'.:'..'" b.:>bbti1 8ob
BMJr.'.:'..':J .3nti1of'l!.Qob 0 0680 3r.'.:'..'Mo0Clo. m(J8G" 8M85f'lmno::ir.'.:'..'o o::ib0dr.'.:'..'M" 5005umnli linMo-
M'b(Jr;; '(30606b(JM dMMOr.'.:'.,'[J80b, O'l() 8obo 83Dr.'.:'..'" 8M8b80fi1nonr.'.:'..'o Cln06::ir;;nob m03obo

323
 '72:8
:(C.'.;JOJ 998
(jU\o)<.' wdJeCG<.>CD) ue<.>q u'iiCCDeCe qu<(Cq9<.>9uto<.'CD ·wu
\7 <.'CD\o)q,<.''ii u8<.>9C\o)<(<.'(j uque <.'<(Cw\o'u:f<.>qC (j-A[ddns p[SA\O(Atld <.>u9<.>eewf' ·G
001/w<SlC9 '01/s ·w 09/w<SlC9 1 08/0I ·ill
1
06/w<SlCg 01/8 08/w<SlCg 1 01/8 ·B
1
06/w<SlCg 01/G 08/w<SlCg '01/G '')?
1
09/w<SlC9 01/8 ·C 08/w<SlCg '01/1 ·c:
·C.'.;JCD 998 (jU\o)<.'
(!!!)<.>CD quCDwu\o'Ce wGl>uCDC\o)f'<-'q <.><(CCDquc:OJ<.>'ii '(!!)
<.><(C9pu \9<-' (!) 'qu8wqu'2C'2w\9ue w<£luCDC\o)f'<.>q u'iiCCDeCfl qu8w<.>qu<(C8C8qweCfl
CCDe-w 9<.>CD-<.' u9<.>u<£>pCGiC qu<(Cq9<.>9uto<.>CD i:
qC9pu <.>OJ9C u'?C\o'w<ij>p<.>to <.'\o) 'qw\o)CD quGCIJ\9<.' qu<(Cq9<.>9oto<;>OJ ·L l
·w<£>9C'ii<.><.>q quGCDuffo'i)
qu\o)<.' 8u\9w'iiw\9 qu<(Cg'ii<.>q qu<(C\9<.>eqwe ·ru
'<.'U9<.'f.'ewf' ·\:
.'.;J<.>
9<.> ·')?
·<.>u 9<.>eewr
wwe<.>q <.>CD <.>quR<S>-Cq
·ur2CqCq<.>e wu9Cqq<.> qu<(C<ij>pCu'?Cq u'iiCCDeCfl CD<.><ij>Ce
<.'<(C9CRuwe<.>'ii u<(CCDwwCe qu<(Cq9<.>9oto<.>CD ueG<.>w e<.> ·9 r
u9C8pw wu9Cqq<.>
u9C8pw wuGCDCque uw<.>e queC8<.>'ii quqqCq
<.>eq<.>9<.>w 9C8pw 8Cq,<.><(C.'.;Jue wuq<.>q '<.>uq qu<(C8u<£>P<.> wC9u'iii:U<.>Cfl
(, q<.>eC8<.>CD<.>'ii uw<.>e Cw
q<.>eC8<.>0J<.>'ii qu98wqwwe :q<.>u9<.>eewf'
q<.><(C9CRwe<.>'ii quCDwwCe quu9<.>eewf' ·7 !
(, queu<£> <.>q9<.>'ii qwCGP<.>9<.>'ii
quq9<.>w ueC8<.>q<.>'ii wuCD8<.>\98.'.;Jq,<.>q9<.>'ii wwRu 9C8pw '8 l
(,
9<.> <.'<(Ceq9<.>wCfl Cw qu\o)<.' <.>qu9<.>'ii -;:, i
(,9Uf..l.<.'e wwRu 9C8pw <.>CD
ugCIJ\9<-'9<.'CD Cw - Cw quq9<.>w
- qu<(C.'.;Jue quqqCq wwRu gCGpw ·l l
'()U\o)Wfl qu'?Ceq
-9<.>wCe <.>OJ <.>qq,<.>q <.><.><(C8<.>8qq9<.>'ii wu9Cqq<.> <.>OJ ·o l
l
qu<(Cq9<.>9uto<.>Ol <.>8<.>q u<£>eC8p<.> wf'9<.><(<.'(j <.'<(CCD8<.>8qq9<.>'ii ·6
(,wo9q,ue qC8q<.>'ii qu8 ·g
queC8we<.>'ii
wuwC8P<.>9<.>'ii q<(CCD9wto wf'9<.''(<.'(j <.'U9<.'f.'ewr
t,u<S>Ce Cq,wC8P<.>9<.>'ii w9uq,<.>q<.>q <.'CD
quf'9<.><( uwCGP<.>9<.>'ii ()U\o)<.' ·9
(,
U\o)C9<.><£>9weq CD<.>Gl>Ce qu<(Cq9<.>9uto<,>CD
e<.> <.>u9<.>eewr
Cq, que ·CCDe-.. 08 w<£>C9 'o l /G'' .. 06 w<£>C9
'01/G'' uqo8<.>w e<.>09<-'('8wf' 'w<.>8f.!.C8<.>0J
e<.'
'u'?Cew'iii:Uue <.>8qq<.>CD<.>8qq <.>OJ qCOJR.9<-'<-'.9
'<.><(CgC<( eu ·q<.>OJq<.>i:U<.>'ii
 11.

,)(';) .)MOU C,..'>!:Q..'>b!:QO(J)

("3/10, 6o&(') 30" .3oMMoocn) !:!?..., 0..-,!:Q..-,b!:Q..-, 00M8MooG 0..-,!:Q..-,b!:QoG
5 Goliboo0 006301Q06 0 06033ocnocn. oli G03'0MMJOG
12%-0060 U..'>JM8.306G0(30f'1 0060Mfi(J6000G.
4.7 od3Gcn30060 G030ffMM 8o8MQ(303..'>0o
0 08Mo3000 IQ..'> 4.4 68061:!?0 8M 0 oooG !:Q..'>3()030cn, MM8
0 08Mo(3080 od3G cn3000. (00600360: G0303'MM ..-,(>) 0d3G
.3MM(3J6&oG 0 06033ocno. o0 o !:!?...,
Go!:l?o!:l?o 0 06G0 .3MMGo6&oooG 0 -:i!:Q..-,b!:QoG 080&06&0Gcn30G ).
!:Q-'.>3()030cn, MM8 JM8.30600G ()Mfio360-:i 00630G 800(>) !:!?0'80606GoooG 08
.3oMMoocn, MM8 08 '80Go ..-,(>) 0 0!:Q003'0MoooG 2 %-G. MM 0MMo
60&030 ()6!:Q..'> 08MoMfioMG Pawlowski Supply JM8.306008? M06M8?
00M6JG JMM.3MM0(300G !:Q0UffOM!:QJ00 cn030Go G-:ioM(Jfo30 'bM!:QoG !:Q0'(30-
fo6Goo0 95000$-ocn. MM8 8oG 0MoG G0bG(i)oooG 8M'bo1Q30G
G080 6ti0<'1M.
G0303'MM JMJ!:QO&o. JM8.30600 50,000$
,,3/1o,6o&(') 90" .3o<'1Moocn. 08ti0801Q JM8.30600 o80 60oG 'll0G-
80!:Q0b!:QOU(J)30G.
o. G00063(') Golibo. JM8.30600G 00630 cn060b80.) 80G 00M(J!:Q806MG 106,000$-oG
13%-ocn. 080G o0M!:Q0, 000 8MocnbM3li JM8.3060000G006 10%-006 U0JM8.306G0(30f'1
U0!:QJ.3M'bo&(') 0600<'1oo'bo.
'(30Q0(JM068o. '(30Q0(JM068JM8.306008 Cloodo6MG JM8.30600G006 !:QJO-
( 150,000$ cn3000 ), 0d3G
.30<'10M11?0 30 'lJ..'>Q0()<'1o5 0 JM8.30600 liolibG 0 0GG08G
12%-oG 8obo11?3ocn 75%-
8!:QD· 080G 0 0M!:Q0, 'lJ..'>Q0()Mo6 0 JM8.30600G 0d3G 8MocnbM3MG 2%-0060
G03M80GoM 00'80GoooG 8obo11?3ocn '80d-
6(JM060oG JM8.306008 !:Q0'bM 0 MG 2500$, <'10(3
8Mo 8 . -, 3G G0 3<'1o!1?o0M !:Q0 (Joao!:l?(')
30Mo06&0 od6000 8M8 0000060 00<'160G JMM.3MM..'>(300Gcn30G oliocno JMo0oMo()8oG
<'1M 0M<'1o 8 0<'10G
JM8.30600G Kedzie Cordage ob03'0MM!J00 11?..'>'lJ0606Goo0 bo'b016(JMO 80<'103000G 8t10Go0Mo
'bM!:Qobcn30G 400,000$-ob ob b0bG<'1000 80b G&o<'111?000 od3Go cn30. JMB.30600
Clo8!:l?oo
od6ob bolibo li0'bM()..'>!:QMQOtYlo30 li0DtjP10ol.i Q3ocn6'iol; 00801t106ooocn
'80606G(JMO JM8.30600!1?06 . .30(>)010000 06'iol; 12% 80<'10 0 oooG 80%-oG
l5ofoG00<'10 0 0Go8ocn boGboG G0bocn. G0!5t101000 0060b3oli 000!:l?oD606 7000$-G od3lio
cn30G 3018.3060000G 0 06 cn06boooG
(80,000$), 0 0801od3ocnoo0 lioliboG 400,000$-1:!?06, ()61:!?0 !:!?0'80606G-
<J?DG 'b01300<'1cn (J0MOcn. .3oMMO!JOO
06'iriG ,,2/10, 60&01 30"; cn(J8(30, 3018.30600 6l018 80G 0 0!:Q00301Q01G
()0!:Q0b!:Q0 40 (J0MtJM'lJO(J)O O!J!:Q080U c,0<'1000.
<J?00<Q01G o 0cn06b8oo0 801d<'1030 0 0M001'bo D'llOd&o060 20% 006033ocnoli
80(;)00000G cn060b800 3018.30600G 0306-
GoG li0bocn 8oliGoG 80<'10 0 oooG
lib30 'llo606li(JMO 3018.306oooo<Q06 od6oli Golibo
G0!5t1<'100G d3ocn(v)oG 0 0801t106ooocn 10%-0060 0 06033ocnoli 8obo!:Q3ocn. LioGbo
00011?006G 80M03ooob 70%-G, G0!5tJMOOU b0M%OOO od3Go cn30G
000!:l?o06G 10,000$-G. !:Q0606lfio60 cn06b0 (Jb<J?0 !:Q..'><(30606G!:Qoli
JMO<J?o&01Mooobcn30G 0 ..-,11?..-,b!:Q0'bo (J0tYlob cnd8ocn,
M01 0 01M(3 ..-,(;)fio3oli 0 'bocn.
M01 0 01Mo0 3018.306ooli 8,)(v)0 0 oooG <Q0'?30606GoooG 00'80
8ocnP1!:QO? (Mfio30: od3G cn3:::i'bo !:Q0'lJ0606GoooG b001'1m01 1Q060b0M%!JOO
30Mo06&G.

325
 I. J(Y)8.30600 Dud i:JOCQ()C'.?(Y)6b 6oCl?C'.?0(JC'.?b"2/10, 6otf!l(Y) 30" .3otil(Y)6001. J(Y)8.306oob 8cnC'.?(Y)6oC'.?ob.
d-60 rQ0rQOb .:.600tilooo6ob .:.60C'.?o'b80 (Jfi3060, M(Y)8 o0rQ0brQo6o B3o()C'.?06tilo30{Q bM(JC'.?rQ060
15 rQc.;ob 0 06803C'.?(Y)60Clo b0d(Y)6C'.?ob 8oc.;o6ob oo8Cl?Oo· M(Y)CQOU"G 806 0Jo01b0, J(Y)8.30600
til0@J(Y)8 .:.til li06l 0 06C'.?(Y)6b cn0brQ.:>JC'.?06001, 8ob80 6(Jc.;0C'.?@JOM80, 0-680 oC'.?06rQotil80 (J.30b()b0,
til(Y)8 'B()C'.?"i:Qo G0Cl(J"C'.?o6o6oli 8(Y)oo8(JC'.?0 8(Y)G()C'.?(Y)6ob 1:Q060b.:.6l:JGo60 Clo"Cl?oo6li 8b(Y)C'.?(Y)l:Q
2%-b, 80006 M(Y)CQOG"G li0606J(Y) liolibo J(Y)8.30600li i:Q"()S(;l:Q06(Y)!:!!" 12%.
0. til0 CloGl:Q(Y)8o6li ()Cl 30 6li 6-60 6C'.?061:Qotilo?
M(Y) 0 (Y)Mo0 cn0bi:Q0JC'.?06ob 0 08(Y)tJ0606oli (J.306l0tf!lob(Y)6ou (J0Mi:J(Y)'Bom 8oc.;o6(JC'.?O
tilo"C'.?()MO CQ060b0MS(;o60?
Ol(J J(Y)8.30600 30M oodC'.?06CQ.:> bolibo "Oc.?(Y) 606JOO 1:Q0 od(JC'.?06(JC'.?o od6o6(Y)CQ0
0 08(Y):.li:Jo606060 b0303'6l(Y) JMOCQo@Jo, Mob o"Jomo60b Clob01030'bo61:Qo01 6-6 6C'.?06CQ06lb,
(i](Y)8 0008Gotilo6060 oC'.?o(Jtilo b0M 0 o6C'.?oli 0 060J3omo?
2. 006b0'bc_;3MOOl 0 0i:JOCQ3ob Ol00l(Y)0(JC'.?0 oo81:Q0o0 .3otil(Y)6o6ou 0C'.?O(JMO c_;oM06()C'.?060,
Cl?"3(J030m, M(Y)8 J(Y)8.30600 .)M OtJo6o6b 6.:>c.;CQ 'B()C'.?'bo cn0b(Q0Jc.?;060b, 800M08 obi:Qoli 6o@J(Y)
.3oMO(Y)(QOb 6(Y)C'.?(Y) i:Qc.;ob (i:Q.:>3()Cl30m 00C'.?Ob0CQOO .:.tiloli 365 l:QQ?O):
0. 1/20, 30 (063(Y)olio 500$-'bo) 2). 2/5, 10 (063(Y)obo 100$-'bo)
6. 2/30, 60 (063(Y)obo 1000$-'bo) 02 . 3/10, 30 (063(Y)obo 250$-'bo)
3. .:.bcrw6li Ol(J .:.M0 .:.60 0til0Cl-cn0d@J(JM0Clo 8omo01o6(JC'.?o boi:QoCl?o 'boo"3C'.?060li fic:;o(Jtilo .3M(Y)-
oo6tf!lo6ob o"Cl?"brQob b0MS(;o6ob {Q(Y)6o'bo J(Y)8.306oob 8ootil cn0l>CQ"JC'.?060'bo (J.:>Moli 01d8oli
Clo8mb3030Clo? 0 06oboC'.?om .:.8 80 0 .:.C'.?omoli .30li()bo.
4. boC'.?0bC'.?0 006oboC'.?om .:.8(Y)G060 2, 08 .3o6l(Y)6ob CloG3C'.?om, 6l(Y)8 o"Cl?"bl:Qob 0060C'.?060 brQ060
0 .:>!:Q.:>brQob 6(Y)C'.?(Y) i:QQ?O'bO 10 i:Qc.;oli o"Cl?"GoC'.?o6om.
5. J(Y)8.30600 dOOC'.?0 800C'.?b .:.d3li 5 8C'.?6$ .:>3@J(Y)80@J(JM01:Q 0060bC'.?0601:QO Clom06b8060 0MJ06'b0-
boli Cltf!l0@Joli .3otil30C'.?o 606Jm06 . .:.6loli til0 J.:>M 0 o 8(Y)8b806lo60C'.?o, 1:Q"Cl?806CQ0 1% 0 060J30010
606Job cn(Y)6rQo6ob 8(Y)'boi:Q3oli c_;oMo6()C'.?06oli 'bo3om, b0CQ"G ca(Y)61:Qo6ob c_;0Mo6(JC'.?060
800bC'.?(Y)06()C'.?00 8(Y)C'.?0d0M0J060CQO U01:QOd(Y)'bo@J(Y) boM@JocnoJ.:>@Job 0060J3001oli 8b003b01:Q
(CD) . .:.8ob 0 .:>Mi:Q.:>, 606Joli 0 06 8(Y)01b(Y)360C'.?00 1/2 .36l(Y)G06@>0060 b.:>J(Y)8olio(Y) .:.3@J(Y)80@j()-
M01:Q 0 060bC'.?0601:Qo JMOl:Qo@Job 0 08(Y)(Ji:J06060C'.? 6000C'.?'bo. OJ() li01:Qo.3(Y)'bo@J(Y) boM@Jo-
cnoJ.:>@Job o0foJ30010 8(Y)U0C'.?(Y){Q60C'.?00 b0d(J0C'.?(Y){Q Oi:j(Y)U 9% 8(Y)8030C'.?0 bC'.?obm3ob {Q0 Ol'()
J(Y)8.30600 8(Y)oC'.?ob 008(Y)Oi:J06(Y)b 8mC'.?0060 3"C'.?CQ06(JC'.?06ob li00()0C'.?(Y){Q 60%, M0 .:>Mob .:.8
li.:>JMOCQO@J(Y) Clom06b806oli 8(Y)li0C'.?(Y)l:Q60C'.?o bC'.?O(JMO c_;0Mo6(JC'.?060? 6l0 .:>Mob b0M 0 o6C'.?ob
.3M(Y)Go6@Joli c.;otilo6(JC'.?060, M(Y)rQOli"G 0 00m30C'.?olioo6060 0 060J3omo Cl?" 0 .:>!:Q.:>brQoC'.?o
b.:>J(Y)8obo(Y)? M0 8(Y)b!:Qo60 .3M(Y)Go6@Job c.;otilo6(JC'.?060b0106, 01() b0Cl().:>C'.?(Y){Q, 0 08(Y)tJ0606()-
C'.?00 8b(Y)C'.?(Y){Q 801C'.?0060 3"C'.?CQ06()C'.?06oli 20%?
b. J(Y)Md(Y)M0(300li Bork b(JMb obobb(Y)b 100,000$ OMmo oC'.?om. 80b 0d3b 008Cl?ooo '>C'.?@JOM60-
@Jo3060 .
.). 8%-0060 bolibo caobrQ'>JC'.?06001 20%-0060 boJ(Y)8.306b0oo(Y) 60C'.?06bom.
6. 9%-0060 liolibo ca0brQ0JC'.?06om 8(Y)mb(Y)360C'.?o 10%-006 lioJ(Y)8.306b0oo(Y) 60C'.?06bom.
o· 10.5%-0060 bolibo 8mc:;o06 li0ca(Jd30C'.?'bo U0J(Y)8.306li0GO(Y) 60C'.?06bob 8(Y)OJb(Y)36ob
00tilooo.
til0 '>C'.?@lotil60@>030 (J6CQ0 00Mfio(Y)b J(Y)Md(Y)M.:>(3008 08 .3oM(Y)6ou 0 0m30C'.?oboo606001, M(Y)8
8obm3oli (){QOl:QObo 8600360C'.?(Y)6.) .:.d3li ocaod@Jo060 b0til006C'.?ob 0060J3001ob UO(QOCQOG?
7. J(Y)8.30600 Shelby Gaming Manufacturing 0c.;8(Y)R6CQ0 d.:.C'.?'bo M01(JC'.? cao606b(JM 81:Q 0 (Y)80tilo-
(Y)60Clo {Q'> 8(Y)8030C'.?o 90 {Qc.;ob 0 06803C'.?(Y)60Clo 80b b3'0MCQ060 200,000$. J(Y)8.306008 ()J30
00M0CQ 0 060 0103olio Cl?o6o@J(Y)M(JC'.?o Cl?"3'>C'.?00606060 li0606J(Y) bobbo6ob (J'bM(J630C'.?i:l(Y)-
'Bobm3ob. 01()8(30, 80b JOl:Q03 .:.d3b 570,000$-ob c_;oMo6()C'.?06ob 0 o8(Y)()i:J06o6oC'.?o 80M0 0 o6o.
0. M06(Y)b 60oo(Y)60C'.?(JMO 606JO m060b800 00boob .:.8 J(Y)8.30600'bo Gobbo 8'b0 dM(Y){Q()J(300b
80til0 0 o6oli 0 otilo(Y)b b060(33C'.?(Y)!Q 08 .3oM(Y)6om, (i](Y)8 obo6o 0 060103li<Qo60 li0'.l(;'>M(Y)
b0fitJ(Y)6Clo 8olio J(Y)6&til(Y)C'.?ob dooo. M(Y) 0 (Y)til 8 JO 8'b0 .3M(Y)!Q()J(30'> 0 00i:JorQ060, Gobbo
008(30MCQ060 0 .:>i:JO<Q306ob 00CQ08'>CQ 8oc_;o6(JC'.?O 008(Y)li03C'.?06nm. J(Y)8.30600b .:.8-a0801:Q

326
 0d3li 300,000$ 8'b0-:361MCQ(JdG00 B061030000 CQ0 BMoc:?oli b00tJMOOCQ06 00tJOCQ(Jc:?O CQ0li-
61(Jc:?00(Jc:?O 661MCQ(JdGooli 0b0<:?0 :361MCQ(JdG0001 0003<:?0li, 0B330610CQ, 61MB B06
oodc:?Mli oliolibMb 200,000$ 90 CQC::001. li061000c:?oli 30foJ30010 od6000 10% CQ0 JMB:30600
J 3061&0<:?(]610CQ 0 0CQ0obCQoli 3,000$ li0DtJMooli b061'.li:ooli. li0oM<:?MMCQ CQ0J61oCQo@:loooli
0lio010 <(3M61Boli 30BMtJ06oooli 00CQ000CQ ooBGo61CQ000 JMB:306ooli O'l30d&o060CQ B(J00MOoli
B0fi30600<:?000. Bo6o'.li:Bo6@:lo Boofi603li, riMB CQ000c:?O O'l30d&o06M00 000Boo61ooli
CQ0033610BCQO BM3000li 4,000$-001 J3061&0<:?(]610CQ.
JMB:30600 Vigorish Finance JMB:30600li Shelby Gaming Manufacturing 0liolibooli '13(.]c:?li Bolio
tJ30l:?0 B06103oooli BMd61030 30610Mli li060G3c:?MCQ. 30foJ30010 od6000 23%, B03610B 061
Ei061BM00 30 00 CQ0B0&ooo010 b.:i61'.li:ooo.
8. JMB:30600B Bone '?Pd0(]61o61 00001 00tioCQ0 0103olio C!?ooo@:JM61(Jl:?o CQ030<:?00600000 OM<:?M 5
oc:?oli 306B03c:?Mo000. '130d@:J(J61060 JMB:30600 0Joli61ooli 2%-006 li0JMBolioMli CQ0 01060bB00
0liolibMli JMB:30600li oolitJOCQ(Jc:?O 30c:?CQ00(Jc:?00000li BMG(Jc:?MOOli 80% 013000 CQ0B0&000010
1.5%. JMB:305ooli 0130()610 00tJOCQ30 061oli 500,000$, 61MB<:?oli 70% 061oli J610CQ0@>001
00tJOCQ30· '130d&(J61063oli 30BMtio600001 JMB:30600li oo(Jdc:?00 OJM6MBooli 00Jo01000 M61o
0 'bo01:
0. 0130(]610CQ 2000$, 61MBO<:?OG 8M01bM360<:?0 od6000 li0J610CQO@:JM CQ0:3061@>0Bo6@:loli
li0dB006Mooli013oli.
J610CQO@:Jo01 00tJOCQ3oo'bo (JOBOCQM 30c:?oli 1% CQ0fob061'.li:o.
JMB:306ooli 006JB0 OM<:?M CQ61Mli JMB:30600li ooli01030'b0 '(3(Jc:?Oli lioliboo0 CQ0000M61(Jc:?O
CQ030<:?006 0ooli 6MB060<:?(]610 i:::o61oo(]l:?Oooli 80%-oli '130610<:?0000, 610G 0li0b(Jc:?o0
BM01bM 360ooli 06 006100 0o'b 0. 006Jo CQ00Joli61 0oli ol:?o(J61 15%-li dc:?(]li liolib0CQ 0 0GoB(]c:?O
CQOOO@:JM61(Jc:?O CQ030<:?006oooli 0130()610 CQ0B(J003000li 2% 3013?0li0b0CQli 01001MO(Jl:?
CQM<:?061'bo. JMB:30600 J61oC!?o&li 30lio0Bli :3o61M0001 ,,6o0M 30" CQ0 tl30<:?0 BtJOCQ30c:?O 0103oli
063061ooli 00CQMbCQoli 30-o C!?c::oli. (J6CQ0 (J061tJMli 01() 0610 JMB:30600B <(30d@:J(J61061oooli
000106bB000 CQ0 Booc::Mli 006Joli oo60CQ0CQ000 oB :3061Moo01, 61MB 0liolibooli JMB:30600li '13(.]c:?li
li00(J0c:?MCQ 100,000$-li 013 000 Bolio !3?ooo<!)M61(Jl:?o CQ030<:?006oooooli 30610Mli li060G3c:?MCQ?
JM61:3M610Go0li Solid-Arity 0d3li Oc:?Od@>61M 0:30610@:J(]61oli B0i:::0'booooli dlioc:?o fioJ03Moo. B0li
liEJ:o61CQ000 Bolio tl30c:?0 806103oooli CQ0'130606lioo0 CQ0 oli BM01bM360<:?000 J3061@:J0<:?(]610CQ
CloBCQ000 li0boli00:

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

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

M'IJO<:?o0 BMd61030 30610M010. li0613ooc:?oli 3060J30010 061oli :36100B 61oo@:lli CQ0B0&oo(Jc:?O
7.5%, B03610B 061 Ei061BModM00 CQ0B0&000010 b061'.li:ooo. fioJ00Mli 00(]6CQ061oli Oc:?OM6olioli
60GoM60<:?(]610 006JO 30BM30CQ0 JM61:3M610oooli li0dB006Mo0Clo BM6000c:?OM0oli
Oo60CQ0CQ00001. B06 ooli01030'b0 JMB:30600li CQ0'130606lioo0 613?MOoli BMOBMOoli 30BMtJ0600001.
li061000c:?Oli 3060J30010 BM(30B(]l:? 000106bB000'bo od6000 li000'bM 2.5%-001 Bo@:Jo, bM<:?M
BMBli0b(J61oooli b061'.li:o Clo0C!?006li 20,000$-li J3061&0c:?OO. ()613?0 CQ00105bBCQoli 01() 0610 JMB-
:30600 CQ0'130606lioooli 0lio01 li00(]0c:?oo0'bo? 610@:JMB?

,).1/10, 60801/30 ( 1/99)(365/20) = 18.4%

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

327
 4.

3/ 1o, (3/97)(365/80) = 14.1%

5/1 o, (5/95)(365/90) = 21.3%
2. C>MOU d:J8!.Q:J()O:
UC>3C>jMM
(3/97)(365/20) = 56.44%

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

(300,000$/4,400,000$) x 2 = 13.64%
oC>6Jou uoubo C>Mou 3.4% (J'{JMM d30Mo, 30!.QM:J uC>3C>ffMM
uC>3C>3'MM ()6!.QC> 0 C>O(j:JU.
3. ,)MOU d:J8!.Q:J()O:
0. u03C>ffMM 01() C>M od6:JOC> 8:JMM:J 013ou !.Q0UC>U-
8C>6 01C>6b" 97,000$-8!.Q:J (97%X50,000 013o(JMC>!.Q 2 013:J'b:J)·
081> 'b:J d:J1>!.Q():J6u:
(3/97)(365/60) = 18.8%
0. U0006JM U:JUbo: !.Q"3(Jd3C>01, MM8 U0JM83:J6UC>(jOM C>M od6:JOC>
od6:J00
(106,000$ x 0.13)/(106,000$ x 0.90) = 14.4%
. o· od6:JOC>
2% x (150,000$ x 12) = 36,000$
01()8(31>, JM8306oou :JJM6M8oou 30,000$-ou
060 'b:J d:J1>!.QO:J6U 6000$-u. 95000$-'bo U:JUbo
8ob:J!.Q3001 od6:JOC>
[(0.12 x 95,000$) + 6,000$]/95,000$ = 18.3%
O:J!.Q:J()0!.Q, u00C>6JM uoubo C>Mou !.Q"cao6C>6uooou °"'ao DtJC>MM.
,). 6 013o'b:J 400,000$-ou 80%-ou 12% 19,200$
6 m3o'b:J UC>'bM()C>!.QM UC>OtJMOOU 7,000
(JC>MtJM'{JOOl
6 m3ou ()1>!.QC>b!.QOU 3:JMOM!.QOU
10 40 8o'b6001.
(2/98)(365/30)(80,000$)( 1/2 = o.2483 x 80,000$ x o.5 9,932
6 0130C>60 $36, 132
o. 400,000$ X 20% X 1.2 $40,000
6 m3:J'b:J 400,000$-ou 70%-ou 10% $14,000
u0otiMoou 6 013o'bo
'b:J (JC>MtJM'{JOOl 10,000
6 013ou ()1>!.Q0b!.QOU 3:JMOM!.QOU 10
40 8o'b6001:
(2/98)(365/30)(120,000$)(1/2 = 0.2483 X 120,000$ X 0.5 14,898
6 0130060 38,898$
d:J!.Q:J()0!.Q, U,) 'hM()C>!.QM:JOM030 UC>btJMOOU d300lMOU ()C>8Mtj:J600001 uoubo od6oo" 'bo

328
ABCs of Figuring Interest. Chicago, IL: Federal Reserve Bank
of Chicago, 1994.
Berlin, Mitchell. "Trade Credit: Why Do Production Firms Act
as Financial Intermediaries?" Federal Reserve Bank
of Philadelphia Business Review (Third Quarter 2003),
21-28 (available online at
Duchessi, Peter, Hany Shawky, and John P. Seagle. "A
Knowledge-Engineered System for Commercial Loan
Decisions." Financial Management 17 (Autumn 1988), 57-65.
Edwards, Mace. "Factoring for Cash Flow: An Option." The
Small Business Controller 7 (Fall 1994), 12-16.
Farragher, Edward J. "Factoring Accounts Receivable."
Journal of Cash Management (March-April 1986), 38-42.
GE Capital: Guide to Asset Based Lending. Stamford, CT: GE
Capital Corporation, 1999.
Halm, Thomas K. "Commercial Paper." Federal Reserve Bank of
Richmond Economic Quarterly 79 (Spring 1993), 45-67.
Hill, Ned C., and William L. Sartoris. Short-Term Financial
Management, 3rd ed. Englewood Cliffs, NJ: Prentice Hall,
1995.
Lazere, Monroe R. "Swinging Swindles and Creepy Frauds."
Journal of Commercial Bank Lending 60 (September 1977),
44-52.
Maness, Ten-y S., and John T. Zietlow. Short-Term Financial
Management, 2nd ed. Cincinnati, OH: South-Western, 2002.
Mian, Shehzad L., and Clifford W. Smith Jr. "Extending Trade
Credit and Financing Receivables." Journal of Applied
Corporate Finance 7 (Spring 1994), 75-84.
Miller, N. C. The Great Salad Oil Swindle. Baltimore: Penguin
Books, 1965.
Shaw, Michael J., and James A. Gentry. "Using an Expert
System with Inductive Learning to Evaluate Business
Loans." Financial Management 17 (Autumn 1988), 45-56.
Shockley, Richard L., and Anjan V. Thakor. "Bank Loan
Commitment Contracts." Journal of Money, Credit and
Banking 33 (November I 997), 515-534.
Part JV of the text's web site, Wachowicz's Web World,
contains links to many finance web sites and online
articles related to topics covered in this chapter.
329
 08 O'lo3ob CJ38§.'!?::J& mrl336 CJ3dewom:
3t'loooabob 3.:>6b.:. ,,J<>do8.:>c:;ll:(.:>Oo6(Q::JOOU
b.:io6aab8oooM b.'>at'lMad8M <!lJo<'lno.:." !!?" Jo.3o<!lJ.:ic:;CQ.:>o.:i6(Q::JOnb
dMMG[lbClo 0.:>(Q<>(Q08(Jc:;in 6.:>oo·
l5°06.">1.J?o1.J?aoaoob 306b.:i
3t'looad8ob <la<n.:ib300 - .,1.J?ooa33t'lob .:>bb6.:.cn JM8.'3.:.6o.:.Clo 0 <'ld3c:;i3o(Qoo60 b.:..'3&>M3j8M
1la81.J?aa1 a'V!.J?oao 1506.:>{!{.:>(Q[JO[JOnb Cl3j86ob dMMG:J!Q(Jt1>300.
6oJ.'.:ll.J?30o"
'(l(Jc:.'"!QO 6.:>J.:l(Q:JOOl.J JM6<!lJMM!'.!:,'O " 0 o6b.:> qj(Jc:;'.:>(QO (Qo oM.:> boO::J8Mb.:>3c:;1M
b.::il).:>(Q.:lb.:lb.:l(QM 0.:l<'l[j8M " 8()(Q8030 '(3()1'.!:,'.:l(QO 6.:iJ"(Q[)OO &i.:i8M8 .:.<'lo.:>6 !.QoJ.:i3Clo&ino'Vc:;io J.:>.'lo·
6.::iJ.:>(Q[jOOb 3.:.8Mm3c:;i.:i ., .:ij803noob [jjb.3.::i6boob ®.:ic:;iob o"!.Q"bl:J3::J80!'.!:,'::JO[JOC1l.:'>6.
8.::i 0.:.c:;iocno ., .:ij<!lJ03ob 8.:>3.:>c:;ocno " Jc:;i.:ibo<aoJ"Go" o"(JJ:JmMm 8m.:i3.:i<'l b.:.Jombnob,
!Q.:>b.:>fitinbob !Q.:>b.:>b<'l(Jc:;in MM8nc:;ioo 3.:>6b.:. Clnb.:.o.:.8ob Jo.30&.:ic:;m.:>-
o.:iGmnoob 'B'V!'.!:,'"(Q
t'l;:i'bo()8[1
0.:i6b.:. 'b!:!;l3<'1Mm 8n<'l8o6noo •
J00>b3300 (Q"' ""c:;8n&i6.:i8o(Jc:;o
IQ" .:ibb6.:im M.:>8M8 (Jb(Qo Ol:JMb 036M<'lo<'lno(Jc:;io
.'.>8('1)(3.'.>6300
.:>!:!;18M(J<(3b3&>.:i(Qo boM'.)i;[)Oo, 8.:iClo6 MM(Q[)Ui'>G
.'.:18M(3.">6:JOO 308MtJ:J6no(Jc:;io (Jb(Qo od6nb .:.c:;i8n<'l608n(Jc:;io
!:!;IOM[)O(Jc:;';:JO.:> J.:>.'3o&.:ic:;i(Q.:>O.:i6(Q[JOOb OO():;i:[J-
.'.>8('t)(3063oob 6ob-vb300 8o&inoob .:.6.:ic:;io'bob.:ib.
,)bb6.:.m, O'l() MM 0Mi'1 .'>b(Qn5b 'bn 0.,3c:;i3fob
(QoO::J 03<'lob b.)Jocnbnon, ob333 MM0MMG .'>8M<'l&o-
'b.)GO" 8o'b63oob013ob J.:>.308oc:;i1Q.)-
006mDoob 'B'V!'.!:,'"!.Q foJ<>i:i;:no'b3.

006b0 ,,(Qi'>0[!03<'lob 0()8!.Q[I() 8()(!;?8030 Md()•

M<>Go(Jc:;io qj()!'.!:,'<>i:i;:o 6"J"!J;>::JOob": bobtjobo,
bC>O'(Joc:;iM !Q<> b.:.oM!'.!:,'MM <'1M8c:;i3ob"G
mC>6 .:.bc:;i.:.3b 0633b8oooob dMMDd8o.

,,8"'6"fJ[J8[]0of 8"'6"(3[J8[J6o! 8"'6"fJ[JB[J6o!" - fJ!OOfJ8ofl).) 8<>6

,,8[) ,.,rr; 'B[J8odf!:!!D.;, <>5()61[]0ob o<'>J[JO'[J3<> mnbob 0 .;,61[J'B[J"· -
J'ZJd (JM 6nf5n

331
 Me> ()J3D 000M(J6030 D'?.JDd@>o.:i6o 8.:iM01300 0 'l>ooo (8o8u:o6.:>M::J
.:id@>o3000 u:c. 80010 8b.:iMu:.:i8ifoMo u:0'Bo606000.:i), RJo6 tJ(JMC>U?Q::JOC>O 803.:i.3tJMM001 08
8ooQoo.:i .:id@>o30001.:i6 u:.:iJ.:i3CloM00001. oo
8Mo 8 c. 3o o6 3oo@>oGoM 0oc.o u:.:i u:0'Bo6060 0ooo .:iMR 03 .:i6o.
06300@>0(3000 J(Y)8.3.:i6ooo 'BodMMoo,
M(Y)8 oc.bo<i'iooo 8Mo@>.:i6o 8(Y) 0 oo.:io. 8(Y)ooo.:i
8onQ::JO.:> ::JM01o oo8U?D8· 06300@>0(30.:> bu:ooc. 00001 .:id@>o300Clo, M(Y) 0MM0(3
.:>Moo O::J6MO::JOO u:c. 800.:i, 00030 Mf'l()(Y)M(3 dMMU?(JdGooo 008(Y)Cl300.:i,
u:oo@>Moo(.)(3000 00000800 .:i6 u:c. 0063001.:i<i'ioooo .3fi'i(Y) 0M.:i8oo 80Qoo0.
JM8.306000 00M8.:i@>oo0 u:c. 8(Y)8 80 ooc.6(Y)o.:i

o.:io6300@>0(3o(Y) 006.:iu:.:iu:ooc. (]6!!?.:i od6oo 0800 8obou:3001, 01(] .:>Me> o0o

o6 3oo@>(Y)fi'ioo 8o 0M 01.:i6.:io0M .:i6 8.:io i 0 u:ou: 8(Y) 80 0.:io. 1 60'(]-
8001f'lu:oooo 0bo600001 3oo .:i8 u:.:i Clo8u:o 8 R30 6 3(JC1 30 001,
- 8(Y)Q000 u:.:i 030 C>MOO 803.:i300 0006300@>0(30(Y)
- G00633l>- dM(Y)::Jd@>oooo01300. :JO u:0Cl300.:i 60Cl6.:i30, M(Y)8 60000800Mo o.:io6300@>0(30(Y) dM(Y)Odooo .:>MR030
@JnGn"' .3t'iM:Jd@Jooob .:>M J(Y)8.3.:i6ooo 06 oo'l>600Mo0Joo M(Y) 0(Y)M(3 oo
t!?" Clo"1F>o3nb .3 0 (Y)60.:i01 'Bo6.:i6o 0ooo 80-1 s 01.:i 3Clo R30 6 fi'i(Y) 0 (Y)fi'i
.3"1"'(30Gn, 0 c.6 3 b.:i 't>Q 3<i'i(Y)01 8M 80 oob 0 .:i60J 3 o010 u:.:i 8o-14 01.:i 3Clo R30 6 u:.:i 3(JC1 30 001 08
( 'B.:id@>o, M(Y)8 b.:io63ob<§0Go(Y) .3M(Y)Odooob 0d301 oo'lJ6ooMo.bJoo bb3.:iu:.:ibb30
6"J"tQOOo) b.:ifi'iobbooo. Clou:o00u:, 0006300@>03o(Y) .3fi'i(Y)od<§ob .:>MR03.:i8 8(Y).:ibu:o6(Y)b
t'i08tQn6083
J(Y)8.306000 oo'l>6obMobJOO Clou:o0.:iu:,
6ao0 8(Y).:ibu:o6(Y)b 063ob<§(Y)Moo 8oofi'i 8(Y)ooooo 006.:iJ3001'l>o.
.3t'i"'od- u:.:i308 83oo 08 u:c. a08u: 08 010 3Clo Rqo6 u:0(]C1 30 001 M(Y)8 MnbJo 8(Ju:8o 3o.:i.
@JoonG

oo()ii:D8oM 0o.:i 8Mo 8 .:i 3b:

'06063oh<§oc30M OC>dMM::Jdo(') 0060u:.:iu:oooo 0.:i60.:i'l>Q3M.:io, J(Y)8.306000
8o'l>6000106 Cloo0008oo(Y)o000;
U?C>OiJ()3MOO oo8u:oo 8(Ju:8030 6C>JC>U?iJOOb di]C[JC>bi]OC>O
0006300@>0Go(Y) .3MMiJd8000001300;
dM(Y)Dd@>no 60J.:iu:ooob 'l>Mu:ob CloC/30000.:io;
dM(Y)od@>oono CloPSR0300 D'B(Jd6oo.:i 0.:i'lJPSu:oo
.30MM00l.i;
808u:o60PS0 o.:io6joo@>o(30(Y) dM(Y)odooooo u:.:i
.3PSMod8oooo Clo'B.:ib0ooo 8 .:iJo01oo00 .
.:i8 01.:i3Clo RJo6 .:i8 (Y)Mo.

o.:io63ob<§o(30(Y) OC>dM(Y)Dd8(') 006.:iu:.:iu:ooooo 0.:iR6u:oo ob30u:.:ibb3.:i OtJC>M(Y)::JOOU?06.

R3o6o dM(Y)od8ooob 8(Y)bu:ob b(.)01 JC>8Do(Y)MO.:iu::
dM(Y)U?()dGoob 00PS8(Y)oo.:i .:i6 .3M(Y)U?(]dGoob 0.:i'lJPSu:c.;
.:i6 Clo6(Y)o 0oob
u:c. 0.:i63001.:ifi'ioo0;

bb 3.:i (Jb.:iC/3PS01b(Y)oo.:ib01.:i6 .:i6 0.:iM 08(Y)b u:.:ioo6d(]M::Joob

8od060Mooo).

332
<>b<>c_> JM{Y)(Q()J0ob Clod86ob b0JM{Y)Od0{Y) oofo<:Q<><:Q06001 fi3o()e:?OOM03 0 0B{Y)<:Qob J{Y)B.306oooob
B<>MJ00o6 0()c_>O 0 068{Y)<(30c_>OO<'>. <>c:?i:J'(JM3oc_>{Y)Oob fi06<>(33t::?OOob 006<>(Q<'>CQ060, 00M8{Y)0Cl{Y)O.)
J{Y)8.306006ob b000iYl8{Y)M 0 068{Y)'Boe:?o600Clo. 5ooob8ooM Clo801b3030Clo b0063ob0oGo{Y) .3iYl{Y) 0 -
d0ooob boc_>8dc:?306oe:?{Y)608C!?o 00iYlb0!:!?006<>CQ <>()Goe:?o6oc_>o0 Clob0008obo 093od00060 <><:Q8o5-
ob0iYl<>Go()c_>o JM{Y)(30CQ(JMOoo. 830<::?" b0Jo01bo60 (JOCQ<> Cloob0008oo{Y)CQOb
J{Y)Md{Y)M<>Go()c_> b0iYl<>0o 0 00b, M{Y)B 01030(!?06<>30(31c_>{Y)01 JM{Y)Od0o6ob <>M<> Clo<:Q080060 <>60c_>o-
'bo, M{Y)8oe:?oG <>M Cloob0008060 J{Y)8.306oob b06<>000006b. {80 0 0c_>o01<><:Q, 8<>J<:Q{Y)O<'>c_>CQbob
iYlob0{Y)iYl6ooob dboc_>Clo bo 0 0iYlo0ooob 0 0t1o<:Q3ob <>o<>c_>o'bb <>M030010iYlo <>'biYlo <>M <>d3b).
J{Y)8.3060 0oob JM{Y)od0oob 0 06oboc_>0 3b iYl08CQo608o 880iYl01 30 c_>{Y)oo01 (Q{Y)5 0'b 0. 00iYl8{Y)ooob
b<(30M{Y)d0 80('.?00(Jc_>O oofo(Q<'>(Q06ob013ob, 880iYl013oc_>{Y)Oob ooiYl0iYldo08 Clob0dc_>M<'> 8{Y)o(330b ( 1)
bodGoooob boc_>8d('.?3<>6oc_>o, (2) b008dM{Y)b ()<(3M{Y)b 0oo, (3) 00iYla{Y) 0oob 3oGo-.3iYlo'boC\?o60o, (4)
<(30000b(JMO (QOMOd0{Y)MOb boc_>Bd('.?3<>6oc_>{Y)OOb d30Cl ()Mdoc_>3<'>(Q0000 063ob0nGoooob
JMBo0o0o, (5) J('Y}o'bnCQo60o (Q<'> (6) CQOMOJ0{Y)iYl010 b0oi:J'{Y). M<>(3 <>M (JD(Q<> 'bo(Q<> (Q{Y)6o'bo od6ob
0 06boc_>(Jc_>O oo6<><:Q<'>(QOO<>, 8obo b0o{Y)c_>{Y){Y) <:Q<>80J0Goo0 (Q<'>8{Y)JOCQOO(Jc_>o0 Bob b0MJ'(;Oo'bo. M<>(3
()<(3M{Y) CQOCQO J<>Jo0<>c_>CQ<>0<>6CQOO<><> b0i:J'oM{Y), 8001 8a0o<> JM{Y)Od0ob Clobo03c_>0, 0 08{Y)J3<::?03<'> (Q<'>
.. 0ob0oiYl 000". "c:?ff(JiYl 3oc_>{Y)oob a06oJ1(;0Moo80 Clob0dc_>{Y)0 Clodc_>{Y)6 (Q<><>8@JJOG{Y)5 b<>Cl()<>c_>{Y)
bo(QOCQob JiYl{Y)od@Jooo b<>J(J010iYlo 0 0CQ00 83 a0oc_>o6001, a0 0 ('Y)08 ()<(3M{Y) 8bb 3oc_> .31'1{Y)od0oob
<>8@JJoGoob 8b{Y)c_>{Y)CQ ()8"1:'.?e:?Obo CQ{Y)6ob 8801'1013oc_>{Y)o0. M<>CQ0 <>6 b0063ob0nGo{Y) oo6<>(Q<><:Qooo-
oob Clo8{Y)6Booob 0(Q8o6ob@JM0(30(Jc_>O dM{Y)(30(Q(JMOOO 0(33<::?00<'> J{Y)8.306oooob BoboCQ3001,
Clob0dc_>oooc_>n <>M <>Mob 80010 0 06'b{Y) 0 <>Q;?o60. b<>(JJ001ob{Y) JM{Y)GO(Q(JM<> 0 08{Y)B(Qo60Mo nd6000
J{Y)OJM00(Je:?O ()<'>M08{Y)ooooo(Q0b. 00b000600, M{Y)8 J{Y)8.3060000 ()<(3M{Y) 800 ()08{Y)(3(QOc_>000b
oC'.?0006 J<>Jn@J<>c_>CQ<'>O<'>O(QOOob (Q<'>QO()B3ob Bo(Q 0 {Y)80Clo.

J<>Jo@J<>c_>Q;?<>o06C\?ooob C\?"oOo830Clo 0M010 830e:?<>'bo 8o0<>C\? 86oCJ 3 6oc_>{Y)3060 <>8(") 8 060 <>Mob
JM{Y)Od@Job 8{Y)80 30c_>o 'B()t::?"C\?o 6<>J<>C\?ooob a093 0boo0. b0o{Y)c_>{Y)(Y) Cloe\?Ooooo, M{Y)8oc_>b0 8 fi 30 6
3oe;ioo01 <>o<>c_>o'bn(Q<>6, 006ob0'bc:?31'1000 'B()e:?<>C\?o. 5<>J<>C\?ooob fi3060 Clo930booob bo'b(Jb0001.
M<>B(QOO<'>(Q<'>(3 J{Y)8.306oob 830<::?<'> ()<'>CQ<'>D830@Joc_>oo<> {Y)Moo6@JoMoo(Jc_>O<> JMDJMO@J(Jc_><'>(Q 60e;i(Qo
'B(Je:?ob 8oc:?oo0'bo !:!?" <>M<> b0Clo8{Y)b0 3c_>{Y) <>6 0 0Moo'b 0, 6ooobao 0M 8{Y)ooo0b, iYl{Y)Boc_>b0 8 fi 30 6
30e'.?{Y)(Q00001 JM{Y)Od0o(Q<>6, fi306 0 08{Y)3b0b0301 '(3(Je'.?<'>(QO 6<>J<>(QOOob <(3{Y)M80Clo, (Q<'> <>M<>
Clo8{Y)b03c_>oG foJ<>(Qo60CQ06. <>8tJ080<:Q, J{Y)8.30600 010301.lo '(3()c_><>CQo 6<>J<'>(QOOoG 0630G@J0Moo0b
<>Jo01oob G0080C\?{Y) JM{Y)Od0o0Clo, M{Y)8c_>ooo!:!?060G 8{Y)8030c_>Clo 8ooc:?ooG 8{Y) 0 000b. 8b{Y)c_>{Y)C\?
D0e;>(QO '(3()<::?001. .)Mob CloG0dc_>o6oc_>o boc_><>b<>c_>n 063ob@J0Moo0 J{Y)8J0600Clo .)b (Q030(QOD(QOOOG
()0(Q0b(Q0 "JGO{Y)OOM06ob0130G. J0do@J<>c_>CQ000b(Q!)OOG OO(JJ1(;0@J0Moo0Clo, nJ<'>M() @JoJooG"
Clo()dc_>o001 800('.?{Y)D JMO(Qo@Jo, 80 0M08 O'BOJ@Jo060 8o60J1(;0MOoo oe;iooo6 0<'>('.?CQ '(3(Je'.?G. '(3(Je'.?<'>(Qo
6<>J<><:QoooG <>O<>c_>o'bClo <>foc_>o@JoJMGG CloG0dc_>{Y)<> Clo()93<>boooc_>o CQ<>b80Moo0 <>e;i8{Y)(Jfio6{Y)G J{Y)8-
Jo()@JOM(Jc_>80 JM{Y) 0 M0808. <>llo010 JM{Y) 0M080G 008{Y)80600001 d0c_>o06 <>(Q3oc_>o0 30M<>(JCQ0G
CloG3<::?" !:!?" <>b0c_>o 'B(Je'.?"C\?o 6<>J<>C\?oooG bo1'1093<>(Q BoC'.?000.

01001{Y)0(Je'.?O G00630G@Jo(30{Y) l5o60(Q.'.>(Q!)OOG013ob f\3a6 o3i:J'OM(Q::j00 00<(3{Y)M80(300b 801:'.?060

{Y)JoM<>GO()c_> b0d8006{Y)60b0106 l:Q<>J<>3Cl0Mao()c:;i 93'2lC::"<:Q 60J<>i:Qa6'ba (oB 'B()C::"<:Q 60J<>C\?a-
00G006 0 06Gb303aoom, MM8c_>aooG !Q<>J03CloM06()c:;io0 930606b(JM b0j8006{Y)o0b0106).
cao606b(JM0 '(3()e'.?<'>!QO 6<>J<'><:Q!)Oo, M{Y)0 {Y)M0(3 <>(iiob li0(>) 0 ooc_>ob JM{Y)(306@Job, i:Qo3o<:QOD!:QO-
(Q0 010 3601.i 0 <>(Q<>bawoo, 0 0B{Y)oli10Gboo0 flm:i6ti 8oafi1 Clabt>l(Jc_>Oo()c_>o 'B(Je:?<>l:Qo
D0J<'>(Q%.JOOU <>o<>c_>o'bo(QC.6. f\306 o0 6{Y)MOM000U <>M 3()J!J010001 J<>do@J<>c_>(Q<>01>6(Q!)OOU b01'1-
J1(;%.J6ob (Qi><(3i>M3ou013ob Ui>ffOMM 8{Y)o%.JO<">b 063oli@Jo(300(Q0D. J0dO@J0c_>ob 8o80M(QOO<::?OOOb
8M0 aooG BM01bM36oc_>o 0 061>J30010G @JMc_>o C(3<'>U(Qi>Jc_>Doob 0 060J3001ob {<">6 b00630G@Jn-
(30M dMMOJ@JoG 8ob0e;i2o<">(Q b<">ffOMM 8o6o80c_>(JMO 006.>J30010G) 008018a6ao.>
n01:i0cmm->on•t>:1<)\Hc::•00<nt><>t>U:tO<lU ('.?OM%.JO()c_>[Joob fl306 0 063oboc_>&3m &6.:>c_>-

333

- Sunk -
(!/06obo6i:Ji;;:JOO (0103ol>o
C!i"(J'i.JOMOMOOU 8o'b;:i'bom),
MM8c:woaoo of.\ (J6C!io
OJM60MU 'bo303c::>;:JOO
8o8C!in6of.\;:i 06 8M803oc::-
<'>"C!!"btJ3D8nc::-;:io;:io 'b;:i.
c;;nf>1o··
Opportunity
cn't - l\3;:i6l> ao;:if.\
o;:if.\ll;:i(Jc::-o l>o()JD°'Dl>"'
of.\f\03060U, l>b30 OOUOdc::>M
()(',()c::'DOtJC::-::JM'iJOC::-n
oc::-806i608n(Jt::'O 3'bo
063ol>8nf.\3onl>o013nl>.
334
6.:iJ.:ie!?ooo ()6CQ.:i 0.:i6oli.:i'be;i 3t\1MG o<>CQ.:iG.:ib.:iCQoooCQ<>6 c,<>li(J'B01<>3oooli
G.:io::iolio 0630G&oGOOU Mf'l()f'lM(3 Cloli.:io080Go 0<>6<>J30010,
od6000 1Q.'.>0083Moli Clo8Cl?ooo .30MM000001. 0808M8, 6<>J<>CQ00o (J61Q<>
IQ.'.>IQ()06CQoli IQ<>00()3MOU Clo81Qoo .
.:i8oG ().'.>MIQ<>, o6CBMM80(30.'.> ()61Q<> Ol:Jf'lU 'bMCQ.'.>IQMOOU 08()3<>M<>IQ
MM8 0 .:i6Gb303000 JM8.30600G 6.'.>J<>IQooli ClMt\'ioli .3MMOd&0106 ot\101,:,IQ
06 8oG 0.:it\'ioClo. 01() JM8.3060.:iG G(Jt\'iG .3MMIQ(JdGooG 00t\18Moo0
dMf'llQ(JdGo,:,G0106 JM6J(JM06(300U o<>li0003<>1Q, UOMMO ,:,(\) od6000 6<>J<>IQOOOli
008Mli.:ib30 dMf'lCQ(Jd8oli o<>l:JOIQ30ooG 8obo1Q3001. 15306 ()61Q<>
dMf'lCQ(JdGooli G03,:,t\1,:,(JIQM IQ<> o"3"J001f'l01
6<>J<>IQoG ci 0'B.:ili 0o0oo 0 0::iolQ 30 ooG Mf'llQoG0 8 li&.:i-
8(JGJ3MG Clo6.:it\115()60o.:i ClolQOo"Cl? G.:io,:, 'bt\'if'l IQ<>J<>M 030G, 15306 (J61Q<>
oli, MMIQOU<>(3 (\),:, 8MblQOO<>, 01() 15306 ,:,(\) o"3"J0010001
063oli80(30.'.>U. ,:,6(), 01() 6<>J<>IQOOO IQM0l:J0006 Clo8(30Moo0li, 01() 15306 ,:,(\) o"3"J00100ffi
063oli80Go.:iG, 15306 oli (J61Q<> l5306G 80103.:it\10 ,:,t\'ioG
Go8()<>(3o<> 063oli80Goo01 IQ<> 8oG 0.:it\'ioClo IQ<> li<>IQ<>G Cloli00080Go
b<>M'.Ji:OOO CQ<> 8M 000<> ()61Q<> od6oli 0lio01 CJ0801b3030Clo ,:,'bt\'io od6oo<>
8'b0MIQO 6<>J<>IQOOoG
,:,8 8bt\103, bN'i'i'.ji';o6o ()61Q<> Ol:Jf'lU 153060 o6&ot\'iolio
(JJ<>3CloMCQOO<> 'bMIQ<>CQ b<>M'.Ji:OOli CQ<> 8M 0 oo.:ili. 08f'l(J(!;'OO<>IQO b<>M'.Ji:OOo ,:,(\) ()61Q<> Ol:Jf'lli
8oe;ioooli .3MM(30liClo. 0lio30, 15306 (J61Q<>
MM8 'bM 0oot\'imo Cloli00080Go 1Q<>60b0t\1'.Ji:ooo ,:,t\1 8Mo(3<>3li
m(J 15306 8M30m03Goom .3t\'if'lod8Clo IQ<> oli
Ol:JMG JOIQ03 lib30 8o'b6001, 8olio
()61Q<> l50ot\101Mli .3t\1Mod&oli Clo'B0Goo0Clo. 01() 8081Qo60filo G0[fofilf'l CJ 06Moooo
.3filMOd80Gm3oli 0MtJOIQMli 300,000$-,:,IQ, oli 0106b0 (Cloli00080Go 0<>CQ<>li<>b<>IQOOoG
008Md30013001) CloCB<>lilQoli, filf'l 0 Mfil(3 .3t\1Mod&oli
o'b,:,Gooli IQ<>li.:io::ioGClo. 0Go01 30010filoo0Clo 6<>J<>IQoooli 006G0'be;i3t\'ioli0G 15306 (J61Q<>
6oooli8oofilo Cloli0008olio IQ.:i60b0fil'.Ji:ooo.
filf'llQOU.'.>(3 063oli80(30<> Cloo(3,:,3G 808CQ060filo <>d803000G JM8.3M6o68ooli, oli
JM8.3M6o68o (8081Qo60t\10 5oooG8oofilo o8o61Q.:i
filM 0Mfil(3 0630G&0Gooli IQ<> .:ifil.:i filM 0MM(3 li0ofil(J6.'.>30 J<>.3o-
.3filMOd&oli <>dGo.3806lio01 'bMo'.Ji:OM
60e;i1Qo 06 80fil0 0oooli 008f'l::io6000.
G0ofil(J6<>3 oli 063oli80(300 (J61Q<> od6oli MM()MM(3
8olio 00M8MdMOOU IQfilMli. dMf'lOd8oli .:ifilliooMOOli li0ofil(J6<>30 063oli-
@;0(30.'.> OM(J61QOO<> CQ.'.>8<>&000010 'Bf'lfil8,:,Clo.
6<>J<>IQOOOU dO'B<>lioooG IQMMU (J61Q,:, od6oli
bCJofil<>IQ d0(31QM8001 0881QM360006, filf'l8 CB<>liooo 1Q0Ml5oo<> .3filMo-
d&oG ,:,t\'ilioof'looli 01() l5306li 8oot\1 li0063oli80(30M
dMMOd&oG 8M8 0 ooo.:i6f'looli 006<>J30010 d00(3<>3li 'bo 1Q<>8<>8000li
(filM 0 Mfil(3 oli bClofil<>IQ blQOO<>), 80Clo6 60J<>CQ0080 0Go30 (J61Q<> 0li0bM6
08 030fil01Q, 6.:iJ<>IQOo'bo ,:,b1Qo6li fil081Qo6080 CB<>d8MMO. 01()
00M8MoCJ30 dMf'lCQ(JdGooli o<>l:JOIQ301Q06,
'B"Gooo 8M<>b1Qo6G 08 filM 0 f'lfil 8
.:ib1Qo5li IQ<>
1Q<>60b0t\1'.Ji:oo'bo.
12.1-Clo dofilom<>IQo CB<>d8Mfilooo, (J61Q.:i
8'b.:it\11Qo, 1Q<>oo 03filoG Clo81Q 0 f'l8o 6.:iJ<>CQOooG
CB<>d8o(JMO 8M8'b<>IQOOoG,:,G .3MMOd8oli0130G. oli
od6oli filM 0Mfil(3 nJOmb30filo" 1 (Q.'.>b8.:ifilooo01,:,(3
CloCB<>UIQOU 5<>J<>IQOOo .
.:i8Mfil@>o'b<i(300U 8omM<!l0· 01d306 80-2 010301Q<>6 ()0bUf'l31Q001, 08MM8o'b<>(30<> .:ifiloG
<>d803000G GoG&o8<>8(JfilO f),:,8f'lOOM.'.> IQ<> o<>IQ<>@>06,:, .3filM-
 12.

'1J()J:!::Oll/0 foJOl!/:JOOb OtJ8Mf.>03J:!::ob) 6"J6f!!tfa>

JMfi8MMJ:!::O 0 (ol'io'1Jn606b()l'in) 6oJ6f!!tfa>
0 'lio8t1<oa
__0_________________
, _
6"J6f!!tfa>
6"J6f!!tfa>
Q.)8(1]tl060o'1ll!::O Od60l>
CJO'?J!:>l>Oo!:>CJO
n06"111lnlllno<>
Boll'im3'>
0;J!ll"':J08on floMa>()J:!::O JM<'>1Jrl8nl> 306l:w1liioogJ:!:::JOOi.>ob {Jo3(l;;,fu3
8081!/06:,l'i() 3"1!!?1l!()O()J:!::DO(JOOn
'hoo0 3J:!::D6°

d(1]60o0l> , ______________
MACRS 08Mlii8o'ho(3onl>
--------------------
0060J3nc:nn I 33.33% 20.00% 14.29% 10.00%
2 44.45 32.00 24.49 18.00
3 14.81 19.20 17.49 14.40
4 7.41 11.52 12.49 I l.52
5 11.52 8.93 9.22
6 5.76 8.92 7.37
7 8.93 6.55
8 4.46 6.55
9 6.56
10 6.55
n 3.28

100.00% 100.00%

CQ()OGOOl.i c:;ol"106()c:::ioo<>Clo CQMMoli d[JMOMCQOl.i 3<>68<>3c:::>M60Clo <BOb<ibli(JMO <>b3<il"10Cl306oli<i <ib

li030CQ0li0b<>CQM 8o'b6oooli013oli, <i6CQ<> Ml"103oli013oli 01"101.:iCQ. <i8Ml"1&o'b.:iGooli 308Md30013060
li<i30CQoli0b0CQM 8o'b6001 0<iboboc:::io6<> MM 0MMG JM8.306006oli boMJ'{,Q6o, olio6o <i8Gol"io6o6 8olio
8M306oli 30CQ<>li<ib0CQli. lib3<> 01<>6<>601'\1 .3ol"1M6o6Clo, 1"1.:iG 80&00 .:i8Ml"1&o'b.:iGoli CQ<>601"10Gbooo,
8001 boJc:::io6o<i (i.'.lCQ.'.llioboCQ[JOOO o<>CQ<>bCQoc::;o 01.:i6booo. 8o(Jb0CQ"3"Cl? 0801.i.:i, MM8 .:i8Ml"1&o'li<>Go<>
0M .)Moll '?J()c:::>Oli 3<>li<>3<>c:::io, 030 'bo3.:i3c:::io6<>li <ibCQo6li JM8.3.:i6ooli '?J(Jc:::'i>CQ 6<iJ<>CQ'bo, MMG<> oli
(l,C>CQC>i.iobi>CQ[J61.i Ob(Qoli .
.:i1"1lio6M6li l"108CQo608o <>c:::&ol"16<>0o()c:::io .31"iMGOCQ(JM<>, 1"1M8c:::iooo 8 Cloli<>dc:::iM.:i 0 <>8Mi:Jo6o2i-
()c:::'o od6oli J<>.30&.:ic:::'(JMO od80306oli 08MM8o'li<iGooli013oli. Qli 8MoG<>3li bM'?J03 (Qi> lib30CQ<ilib30
CQoRj<>l"1o2i()c:::io <i8Ml"i&o'li.:iGooli 8001MCQQ2ili. 8M8 0ooo<i6o JM8.3<>6oo2ioli (J8o&oliM60G (Jl"1Ro3600
0 o8M01:J[JbMb CQ<>Rj<>M[JO(Jc:::'O <i8MM8o'li.:iGooli 8[J01MCQO li03<>CQ.'.lbi>b.'.l(QM 8o'b6060G013oli,
MM8oc:::oG odc:::io3<> (J'?JMM li51'1.:icao R08Mb[JMOb Cl?" Oi>Jc:::>oi'io 3<>CQi>liob<>CQ02ioli o<>CQ<>bCQob
G.:iCl(J<>c:::>oi'i<>G.
1986 5c:::ioli 0oCQ<>b<>b<>CQ06oG MQ<'.(3MM8oli <>.:J&o G.:iCl(J.:ic:::io2i.:iG <>dc:::io3li JM8.306002ili G030CQ<>li0b-
"C!?"' 8o'b6000G0130G 0.:i8Mot:fD6M6 CQ<>Rj<>M[JO(Jc:::'O <i8Ml"i0o'li.:iGoob 0.:ibb<>J(J01M[JO(Jc:::'O 80.30,
t"iM8oc:::ioG (3bMooc:::io.:i l"iM 0MMG c:;ol"102i()c::;oooG .:ic:;CQ3060G 8MCQO'?JOGol'1oo()c:::io CQ0Rj01"102i(Jc:::io
GoG@Jo8<> (MACRSA). MACRS-oG 8oboCQ3n01 8.:i6j.:i6o6o, CQi> (Jdl"i.:i30 jM6o6.:i
800J(J013600<> c:;ol'loi'i()c:::>OOOG .'.le:?CQ306oG (<>8MM8o'b0GooG) 1'13<> JC:::i>bO(QC>O ol'101G. MM(iMMG
.:ic:;5o61oc:::io.:i 80-2 010300, jM6oooG J.'.l00o"'l"1o<>, 61M8oc:::iCloG .:ij@Jn30 3<>60G<>'lic:;3t'1000 !"1M 0Mt"iG
8oGo .:i8Mfi1@Jn'b.:iGooG GoGMGbc:::o G<i3<>CQ<>G<ib0(Q"' 8o'li6000G0130G. <>l>o30 1 6<>bo3<>615c::;o.:i6o JM6-
306Go.:i do610010CQ.'.l(Q (JO(Q<> o.:J6oG 308Mi:J0602i(Jc:::o 830C:::" 8<i6j<>6o2ioli Cl?" .:ic:;3'()613oc:::MooG0130G.
5oc:::io5.:i(QClo <>Ml>ooMob 60bo30M5c:::o<>6o .:i8Ml"10o'b.:iGn.:i, MM8oc::;CloG 8MbCQ<> <>d0030G Clodo6.:i (Q.'.l
OMC:::M noc:::n, MM(Q[JGi>G .:ij&o3'bo 3<i6bMM(30QC:::IQ.'.l o8MM&o'b<iGO.'.l. b.:i'lio6.:i .:id301:J6ooli

335
 5.
li>(l>tipli>b>ll?"' >6<1>1"00-
<1nooli>013oli, 8mc::,>o>6o
d"'6no1"030 >MJo 3ou
c::!o&ioo<Jc::,>(JO>. oli >Mob
m>6b>, MM8Qc::,>0(3
od3oall?oo>1"oo> ll?"'"'°'"
(1>68>3c::,>MO>oo
""'"'ll?<Jdooou
c::!o&ioo<Jc::,>QO>oo
R>8MOQM>b 'boll?6"1l?Ooo
b<>M:J<:nooli li>bom,
J>6M6olJ 8obQl!/30ffi
li"8"1l?"b"b"ll?"'
8o'b6noobm3ob.
C:ipitalized
exrH:ndil•ures - b>M:J<:QOo,
"'"'ac::.>oob>o lln<idc::,>n>m
<J'b1"<J63nc::.>t1"'6
oa8Mb>3c::,>(JOO 8M8>3>c::,>Oo,
olio6o o6"'1l?()Oo>6
MM(IMM(3 J>.3o8<>c::,>-
ll?"o"61l?noooo ll?" ""'"
8o81!/o6>M(J JQMOMl!/OU
b>M:J<:QOo.
336
dM6oonb b0otinbn 08MM8n'b0onnb 0060J3ocnb,
0Q? 0:J6b Clocn06b8000b. 12.2 00M8M0Q?o06b 08MM8n'b0onnb 0060J3ocnb
Mcnbn dM6oonbcn3nb, Clool.>0008000 80-2 cn03Cln
,3(i)n6on.3oob Q?0 nbn6n ()6Q?0 OtJMb 08MM8n'b0onnb 0 06b0'bc::3Mnbcn3nb.
80-2 cn03Cln, l'\306 0c::36no6ocn, MM8 ,,Q?MMooncnn" 30 % Q?0 50% ,,08MM-
&n'b0onnb oM6()bnb" .3nMMoooo 0CJCJ-:on Q?MMb b0 00Q?0b0b0Q?M J06M-
6nb 8nbo!:!?3ncn 0bQ?o6b J(T)8.306nnb. 00Q?0b0b0Q?o6'bo Q?0
Q?0o0083nb. cnv800, MMn30 ,,08MM&o-
'b0onob OM6vbob" .3MM60 08MOO(JM0 2004 OOC!?Oo0Q? l'\3060 08Mo060 Q?0
8Moo03b MACRS .:>8MM8o'b0000G, o0 6MMoM000b o"()Jocnoob
,,.:>8MM8o'b0000G 6M6(Jbob" .3oMMoool>.
30% !:'!?" 50% ,,08MM8o'b0000G 6M6()Gol>" .3oMMooo'bo 8080
06'?.JMM8.:>ooobcn30G 6.:>bocn 306- 03o(i)C!?o Clo8C!?oo 80G08.:>Mcn'bo: 2002 b08()Cl0MG
ood86oU Q?0 8M8(Jd030())0 Q?0b80MOOOb <>d&o Q?0 2003
b08()d<>MOOob (!?" 0 0Q?0b0b0Q?o60G oo8b(JO';'.Jd06nl> 8Moob(i)o 0 o6nb <>d8o
( Yvcb. utk ho\\ii/hr2. ii trn I),
O'l'(J 0(Y)0 MACRS 08fll(Y)8o'b0(300 od6ab 000-ob JM8.306oooob
Boa(Y) oaa(Y)mao'V6o o&.:i&aooli 0.:i(Y)am
.:>Mei .. d0Mocn0C!?"C!?' MACRS 08M(Y)8o'b.:ion0 .:i(i) c.Mnb
CJ&ei&oonu 00M::Jcn b0 00Q?0U0b0Q?M
. eil>ocnn
" c.8MM8n'b0onob boli&o80 (ADS). ADS .:>P'inb .:>8MM8n'b0onnl> OM'?.Jo3n 8amMQ?n (006G0'b-
UOQ?OQ?OU a0P10Clo).
.:>8Mr'10n'bo30f!?n 00'b.:i. eid&n3nb c.8(Y}P'i&o'b0onol> 0.:i8M0500(i)nCJ000 8(Y)o0Jb(Y)3G eid&o3nb
00(0Mi§o'ba6vti;:n oe>'bnb 3.:i6b0'bc;3(i).:il>. ab .:i(i)nb UOQ;/OQ?::J, l'i.:i8MO::JMOU
8cn.:i3MMO.:i b.:i30Q?.:ili.:ib0Q?M 8n'b6oonbm3ob 8nboQ?300l.
<>d803ob bb30 !!?.)6,;b.:i6i:!(:J6ol.i -
P'iM0MP'ioo .:iP'ioli &P1.:l6li.3fllfi'i&ofi'ioo.:i !:'!?" !:!?"8M680zwo.:i -
.:id&o3nb 8M8'b0Q;/oonbcn3ob 8obn 8obo!:Q3ocn 0 08MtJ06ooobm3nl>,
Clo.:iQ;/ 0 o6li 0j&o3ob c.i8MP'i&n'bo60Q? 8obo!:!?3om. (J5Q?.:i
<>c::o6oo5Mb, P'iM8 MACRS-ob 8oboQ?3om 6j803ob ei8MP'i&o'bo6c.iQ?n 6c.i'bc.i c.P'i
0.:i8(T)od3ocnoo.:> eid&o3ob 8oboQ?3ncn.
o8M(Y)8o't!a6c.il,1;/o <>d803ob &<>BOC!W<> .:i6 &<>Q;/<>Ga80. dnP'incn.:iQ?.:>Q?, en() 6o'b6oliClo
'bofi'io60Q?O 0J8n30 8nbo .:i8MiYJ8n'boi'ioQ?O (b.:i 00Q?obeiboQ?M)
8o&<>Q?, 5o6nli8ooP'in 3'0P16n 8c.i 0P'i08
.:id&n3nb 68MM&o'boo0!:!? lio.'?.J(Jd3oet''bo, P'iM 0 MMG ,,08MP'i8o'b0onob
Q?06.:>0M(J606o" Q?0 0 .:iQ?0b0b.:>Q?O 0 0Q?00bQ?o60 JM8.306nnb
o0Q?0b0b0Q?Ob 00fi.:>J3JcnOOJ. 0bocno 8oQ? 0M80 60601.ionofi'in b0 00Q?0b.:>b0(!?M (J.3nfi'i0&0-
bM00b J'?.JOd&o06n 060'bc;0(JMJOob ,,&.:ifi'ioo" 08MM8n 'b0onnb
OO!QJo"i:!? Cloli0608olin. <>d8n3ob 308MtJJ606ncn (06() o0(!?0b0b0(!?b i:!?"d3JOQ?J-
a 0a8 0P'io60 li000'bP'iM
CQM6D8CQD)· O'l(J MM8 R306m3ob b.:io6ent11nb(T) .:ideo30 otioC!?no.:i 'B"bom, MM8nc::.1oG
.:i&.:it11onob .:i8Mt11eo'bno(Jc::.10 .:id®o3ob b.:io.:ic::.1.:i6bM b"'B(Jd3oc::.1b (61.:iG bb3.:im.:i
OMMob, 6.:iJc::.1D0"CQ b.:it\1o8()6M.:i), 8.:iClo6 8mc::.1o.:i6o m.:i6bob ob 6.:iooc::.101 MM8Dc::.10(3 .:icl:.:i61onob
.:i8Mtl1&o'b 0o.:iC!? o.:i'b.:ib nd 3oaC!? 0o.:it11 0o.:i J.:i.".lo&.:ic::.1ob 'b<l1tQob &"C!?"b.:ib.:iC!?b C!?"d 3oaC!?no.:i<l1no()c::.10
p,.:i6.:iJ3omom (tYiM8Dc::.1oG .:i8'1J,:,8,:,C!? ()0Mc::.1C!?DO" 8MGD8(Jc::.10 JM8.3.:i6oob R3Q()c::.1QOM030
&"C!?"b.:ib.:iC!?ob p,.:i6.:iJ3omb Cl?" .:itYi .:icl:.:it11ooob 35%-b).
m(J MM8 R306m3ob b,:,o6®o<11obM .:id&o30 otioC!?oo.:i 8obo b.:io.:ic::.1.:i6bM (b.:iei.:iC!?.:ib.:ib-
"C!?M) 6.:iJc::.1()0 'B"b"C!?· 8.:iClo6 C!?,:,6.:iJ.:iMp,o, <11M8()c::.10(3 &(Y)c::.10" p,.:ib.:itJOCQO
<(3.:ibob Cl?" b,:,o,:,c::.1.:i6b(Y) (b.:ip,,:,C!?.:ib.:ib,:,C!?(Y)) aMMob bb3,:,(Y)oob • .3<1106(30.300, ob
C!?"6"J"Mfl>O p,.:i8Mod300100.:i JM8.3.:i6oob R30()c::.100M030 on8Mb.:i3c::.10C!?.:i6. <B"d00(JM"C!?·
b.:ioo8Mb.:i3c::.1M &"C!?"b.:ib.:iC!?o 0(Y)c::.1o" .:i8 C!?"6"J"M&ob, M(Y)8oc::.1oG "C!?"G()c::.1°"" &"C!?"b.:ib.:iC!?ob
&"C!?"bC!?obp,.:i6. b.:ioMc::.1(Y)(Y) R3o6 C!?.:i6.:i'b(Y)p,b b.:ip,.:iC!?.:ib.:ib.:iC!?M
<11M8oc::.1oG 0Mc::.1o" 8(Y)Go8(Jc::.10 J(Y)8.3.:i6oob b.:ioo8(Y)b.:i3c::.1M &"C!?"b.:ib.:iC!?ob R30()c::.10otYio30
p,.:i6"J3001ob, p,.:i8<11.:i3c::.1oo()c::.10 ,:,8(Y)M0o'boo.:iC!?o .:id003ob &"tJOCQ3obp,.:i6 C!?"6"J"Mp,ob
boCQOC!?Q'bo . .:i8p,3.:iM.:iCQ, C!?"6"J"Mfl>O 06'303b C(3()c::.1'bo" OJ(Y)6(Y)8o.:ib .
.:i8M('l)&o'boo.:iC!?o .:id&o3ob p,.:itJ0(!(3ob b.:ip,.:i!Q.:ib.:ib,:,C!?(Y) OQCQO&QO'bD R3060 p,.:i6boc::.13" ,:,/\1 odc::.103"
CQ.:i8.:ieooomo e.:i61m(Jc::.1QOob 'B"d0(Y)M()Ob. MQ"c::.1(JM"C!?• bCloM.:i(!( Ciob.:idc::.1(Y)" 6'.:itYi8Moo3.:ib
bb3.:iCQ.:ibb3.:i p,.:i<!10'l(Jc::.100QOO. OQCQO&"C!?· 8J001b3oc::.18" .:i6/CQ,:, b.:ip,.:i(!(.:ib,:,b,:,CQ(Y) odb.30<1108.:i ()6CQ.:i
&"C!?"boC!?(Y)b b.:ie.:iC!?.:ib.:ib.:iCQ(Y) J(Y)CQodbb, M(Y)C!?ob.:i 8 b.:id8o 0b0o.:i .:id&o3ob ei.:itioC!? 3.:i'b0 p,.:ir:Q.:ib.:ib.:iCQo·
oob &"f:Q"bCQ.:ib. 8.:iei.:ic::.1001()000 CQ" .:i8M(3.:i6ooClo, p,,:,8(Y),:,6p,.:itYiooooob &""CQ30c::.1()00bm3ob R3o6
dotYiom.:iCQ"IQ 3otin60001 40%-o.:i6 R3Q()c::.10otl103 b.:ioo8Mb.:i3c::.1(Y) p,.:iCQ.:ib.:ib.:iCQob p,.:i6.:iJ3omb.

R30 6 8o 30 tQom JM6JtYio0()c::.10 JM8.3M6o6eooob p,.:i8M3c::.1o6ob .:i8MG.:i6.:i81Qo, tYiM8c::.1oooG

:.i<11(Y)od&ob o0b.:io.:i8ob 'B()c::.1"1'.Q 6.:iJ"C!?oob. R3o6 (J6C!?" p,3.:ibbM3CQob "'B()c::.1"CQo
6.:iJ.:iawoob ,:,6,:,c::.1o'bob JM60<1iMc::.10b.:ib" R.:i8Mal3c::.10c::.10 b,:,Jombooo (GbMOc::.10 12.1) obo30
rii(Y)p,MMG bb 3.:i 3.:i6boc::.1()c::.10 b.:i5.:iCQ.:ib.:ib.:i(!(M b.:iJomb0oo. 5.:i8Mb.:itio6oooc::.10" 'B()c::.1"C!?o 6.:iJ"C!?O"
oob C!?"tJMC(3.:i (!(MM'b() CQ"<(l()d6[JO(Jc::.1 b.:i8 J"00&(Y)MO.:i(!(:
1. b.:iotiobo 'B(Jc::.10b p,.:ib.:i3c::.1000: b.:iotiobo 0806(!(.:i <t3()c::.1ob 0630G&0Go.:i.
O(J"c::.10!:!?(JMO 'bMa?"C!?O '(l(Jc::.10U 6.:iJ"(QQOO: 08061:!?,:, 6.:ic:;(!(o 6.:iJ"CQQOO u.:iOtJOUO
063ol>&0Gool> 008r:Qo& 1 MM8c::.1oooG .:iffi oooG"3o6 6.:ic:;C!?o C/3()c::.1ol> 6.:iJ"a?ob
u.:ioMc::.1M(Y) .".l()MOM(!(U·
bc::.10U 'bffiCQ.:iCQo o8o6t:Q,:, C(3()c::.10U 6.:iJ,:,C!?o: b.:ioMc::.1f"l .".l()MOMa?OU 0806(!(,:,
6"J"C!?o· (.:i8 :.i 0<110Mti?ol> 'B()c::.1"!:!? C!?o6 0o.:iu R30 6 p,.:i8M 3tJMcam p,.:i6Li.:iJ(Jmfl'loo()c::.1 J"0oa('l')-
ffio.:i!:Q, ffi.:i8!:Qo6.:iCQ"G l>,:,063ol>0oGo(Y) .".lffiModeol> !Q.:iG.:il>ffi()c::.1l> 6'.:i('l)8(T)oCl(Y)o.:i
6.:iJ"(QQOOU m3om8btJOCQ30c::.1(Y)0.) ).
l>.:ol5t1obo 'B';'.Jc::.10U l:).:0Ub3c::.1QOO. doriiom,:,CQ"C!?· Ll.:iotJOUO 6.:iJ"CQOU p,.:ib.:i3.:ic::.10
.".lil)MOd&ol>m3ou p,.:i6ol>.:i'bc:;3riioo.:i (3bl'\loc::.1o 12.3-ou 8oboCQ3om. MMBMMG 36.:ibo01 1 .:id<§o3ou
c:;oMQO(Jc::.100" C(3()c::.1"CQo 6.:iJb!:QQOou .:il>.:ib3001, M(Y)8oc::.1u"G m.:i6 .:ibc::.1.:i3u 8ol>o
o0d06.:i. 0u 'B()c::.1"C!?o 6"J"a<ooo 8(Y)oG.:i 3u 83 c::.1oc::.1 0o0ou o8o6CQ"
l>.:io"1()6.:i3 J.:i.".lo<§.:ic::.100, 6oool>8ool'\lo R.:i6"G3c::.10o()c::.1o .:id&o3ob 8oc:;oo()c::.1 a.:itioC!?-
..
3.:iu C!?" <=>"C!?"u.:ib.:iciwou •
8';'.)1:1(8030 G"J"C!?:JOO. u.:iotiobo 6.:iJbCQOU oo8!QO&> M.:iG
.3MMQd&ou.:im3ou, JM8.3.:i6o,:, o8QC!?M36QOU 8Me,()OOU 8oc:;oo.:iu .".lMMOd&ou
doMOO'l.)CQ.)CQ 1 ()U 6,:,J.)f:!?QOO O()U.:idc::.1QO()c::.10.:i
p,.:i6ou.:i'bC!;>3M(Y)U .".lll'iM(3QtQ(JM()OOm 1 12.4
80.:idGoom ll'iM8 1'1306 .'301'\13ac::.1o!:Q e,.:i8M3d3om.:i3m 6aool>8ooll'i 'bt11!:Q.:iu
(308.:i&aom 6ooou8oall'i 'i:lo8Goll'iao.:il>) 'bi'\lCQ"CQ l>.:ip,.:ioZol>.:ibo!:QM {!10Jo300-
."3<1iMod0oll .:idGo"'®a6ub - 6.:ibom 6000:?(;0 (b) - n(Qb0Qe,3erlo8!Qo o8o6CQb
m(J8(3.:i, 8Mei30.:i6ooom 1'1306 ()J"6
3.:iB.:i&oom 6ooou8oof'il 'b(Y\02.:il> (5.:i8M3d3om.:i3m 6oooll8oor<1 oo8Gol'i1oo.:il>) l>o()oa?.:iu.:ib.:iCQ(Y)
.:i8MM0o'bo(30o00 - 6obom (f) - ,,.lo(Y\o(Y)C!?OU 'hMCQoCQO 6'8o6CQ,:, <(3()c::.1"CQO 6.:iJocr:ol>"
p,.:i6uc.'bc:;3(Y),:,(lo. t'\!) b(Q()Ob .:id? u.:i5b{.'Qol>.:ibb(QM .:i8MM0o'bo(3M, MM()M('Yi(3 md306
e,.:iburn3o;;om 1 .:i61ou !:Q.:>('110(3b3.:i a
08Mll":Pc::.1%o, fY1M8Qc::.10(3 .:i8Got'iaoli
1Q0liooo0t"i 8M5()0ol.i. o8 03ot"io(i?, 11306 33ffOMO:?QO.:i ()063uo'bc:;3('YiMm dM('f)Od0ou <id(30d0Q6boli

337
 JM8:3o6ool.i Ol(J8(jo, fi306 606ol.i8n::JMO
'b!YilJ<oli ()Jo6 1!<"808060 (606oli8001Yio oo8Go1Yio6oli
o8f'11Yi8n'bo(jnoon fi306li 8no!Yi "1J<ooo 0 31Yioli
Mf'18 OM oo8GOMIJ<Oli dMMOd8nli

.
..
(a)
(b) + ill""·Cl.
l>,:,o,:, 'b01 .
'1JMM8,:,8n
(c) +(-)
<d) ·- baoGl!I" .:.J8o3(aa)nl> ,:,ll\ol>
,:,MJ13:J0nl>
(e) +(-)

*od603ou !J?il6i>bi>M3(;i]OO Uil3il(!ll>Ul>bil(!lf'l

.-,af'lM6ri'b.-, 8 oou ..
** 6ooou8ooMo u.:.0M(Jfo3 v61J?" od6ou Mf'l0f'lM(3 6ooou8ool'ilo
· ti.3M661>6(J!'ilo .6()8M" ao8(!1o6.:.mo !fo!'ilaMoOf'lOil
.3Mf'liJd8oli !J?il6()M030(!1il6.

(a)
6,:,J"!Ji!:JOnl>
l>,:,o,:,'bM '1JMM8,:,8n (b) -(+)
(.3::JMOM!Ji!OU 8ob3!J;!3ncn) (c)
(d) -(+)
(e)
(f) +(-)
(g)

(a)
'bM!Ji!"!Ji!O
o8n6!J;!,:, (b) -(+) b8o6wu 'b§w? w·>!'loobao&
G"J"!Ji!n l>,:,o,:, 'b01 '1JMM8,:,8n
(c)
(d) -(+)
(e)
{f) +( - ) b8o6wu '!i!licg.? l.u:::;iOul w·>!'loobaO?lo
(g)

*6ooriu8oot'\'io li.:iot'\'i(J6"3 ()6(!11> nd6ou MM0 Ml'il(3 6ooouaoot'\'io

.6(JCJ>M" an8(!1o6.-,l'i\o 01>Maf'loOf'lO<>
.3Mf'l(JdCJ>nu Clo"1D8""1· .

338
 0iYiMod®0105 l>0ot'Yi-v603 !foiYi8MoOM00 0iYiMo-
d®ob CQ0£isooob0b CQ" 08o@Jffl8 12.4 061 0u0bu3b buo<i1-v5030 J.:>:30-
30680Mt'Yioo0{Q 306b0'bc:;36i300b. 01()8(3<>, 5o6ob8ooP'io
CQ<"lfflob O(Jo .30Mof'lCQob013ob, 00t<i8f'lodf'loo
b00M()603 B305 33[Jb..'>3'ofilffl[J60 B3060 b000'bf'l 000?&060.
08o®ffl8 B306 (JbCQ..'> Q?..'>3080®f'l01 ,.Q;?Mfflob 0()0 'bt'1Q;?0Q;?o 158o5Q;?" 6"J"Q;?ob"
3..'>6b0'bc:;3t<iob !.'!?1:1800000010 6060'.l'(;o. Clo!.'!?03"C!? 308f'lf16CQ00<> Clo8c1wao b.:>bob
(f) b..'>Ooji(;ob O[J8!.'!?[)o: +(-) ,,08061!?0" b00M(J5030
O{f'lfio - 6ooob8oofilo b00P'l(J603 (Jb(l{.:>
6oonb8oot'Yio li:3ffl6®06()6lo 8081!?06...,t'Yio
dMM[JD@Job 8oo6l 08 d[JMorrlf!?On.

'bP'l!:l?0(l{O o8o6CQo 6.:iJ0CQo: fi306 1J(JM00{C?[J00li

.3Mffl[Jd0ob 8(JCQ8030 b0J0CQob C,..'>5b0'bc:;3M0'bo .3Mr>1od@Job 0Mb[JOMOob
B306 c,08M305060001 oc,030 .3MM(3[JCQ(JM0U 08 .3[JMOMCQOb D0J0CQOb013ob, MfflC,MMG
fi306 [Jb 0 03<>J[JOl[l01 OOCQ0 'bMCQob 0o6'ioMQ:?[JOdo. .:.Sob C,<'>MQ{C>, fi305
1J()M<>O{c:;oo0b a8 o6'ioMCQ[J5 6"J"C!?Do'b 0, bCloM0!:!?
(JJC>300M(!?000.:>6 dMM[J00ob . .3oMoMCQOU ob .3rrl@JOb(3o-
()PlO 60J<>ci?ooo ,;6lob Clo8CRo&o ( 1) 5ooob8ool'1o 05
"D@Jo3oooli (c,0Q?0Go8ob/0 08MlioM<'1060b
CR060b0<'1'.J'(;ooo), (2) c,<>Q?0li0b0C!?oon (b0 00Q?<>li0b<>Q?M CQ060'bf'l 0 ooo) <>d®n3nb
0 05nQ?30bm05 05 8"!:!?"G080bm05 !:!:?" (3) 5oonb8oo<'1o .361Mod@Jnb
b00M(J603 - doMnm0Q?0Q?, 5oonb8n 06lo b..'>OtJnbn
b<>OM(J6030 n63oli@Jno00 (!;?00M(JbCQ000 MMC,f'1M(3 CQ<>80@Jooomo
12.5 ()J001::JOb b0ffOMM !:QC>
0c:;5oCJ503b n8 n0P18r<1noM00 .31'1Mod@Job

Q?C>o06Q?oonb 8nb0c:;o60!:!? b0:fn1'1f'l nG'?Jf'lM80ooob

'bnlim3ob, !5306 Clo8!:!?08 bn®(J<>Gn0b. JMM.3MM0(300 Faversham Fish Farm 006ob-
mo3'bnb 0 08MU0dMMOO 00M8M00<'>0.
c,08f'lCl306nlim3ob U<>ffOMM0 90,000$ mo3'bb03'o<">b <>dab
(!;?<"> 01'1nb dM6oonli li0c,<>1:Q<>liob,)CQM
8n'b6ooobm3ob. @J<">06liMM@Jn<">oooli !:!:?" Q?<">8M6@J0tJ06nli 10,000$-ob l:QO
806d06oooli CQC::::J0(!;?0b 4 <>Mob 16,500$.
806d0606n b.:iOl:JMOdn doMOOlOCQO b000M8MM l:QCJOOCQC,OM::JOOO
c,3ot1>Q?001. OObtJMOO OM od3li OJMbM80(Jfi10 c,o8MtJo6oo<>. 06tJ!lMM OM
oMnb (!?080®06nmn ,,58n5Q;?o" lioOM(J6030 8o6'>Jo@Jn6 0 nli CR0.301'1@Jo806®n
MM8 Q?ob<>CQ()<">M::Jonli 008Mt106ooom 8nnc:;o6<> !:Q<">8o@Joonmn 58n5CQo
bOJ<'>CQ::JOO, 08MM@Jn'b0Goob CQ0 ()6CQ600b0CQ::JOOO ()08MJ-
o0aCQoa50ofi101Q:

----------·----

2 3 4
--·----·---------------·--------·----------------
$36,250 $55,725 $32,258

CQ03(J03.:i01 1 01018 CQ<'>0083Mnb 006<>J30mn 40%-nb, f1306 o3tfOM(Q::J06

.3MM::Jd@JnL Cloli0608obo B(Ji:Q8n;F• 5oJ0CQOonb Clo<a0boo0

339
 fuen:t:n A: li.:io8nlio 3.:ili.">3c:w0nli llo'(J.:ilioO.:.
$ 90,000
+
ap8M68->ooo.:i)
3oli.">3c:;ia0n

2 3 4
fuen:t:n B: fuJoo;mooli (1-ai.:i6 3 ()c:;io8aio)
ooc:;ioc:;inoo lloa"'ti.ac:;ioollo,
3"8M!linob3om $35,167 $36,250 $55,725 $32,258
o8o6tJl.:i
(33,330) (44,450} (14,810} .Q.,i1Q)
oac:;inc:;ia0.:i $ l,837 $ (8,200) $40,915 $24,848
-(+)
(40% aofoJ3oom) {735) 3,280b (16,366) (9,939)
6Bo6tJlo oac:;ioc:;in°" CQ.:i0003!1ioli Cla8CQO& $ 1,102 $ (4,920) $24,549 $14,909
+ 68o6tJl.:i
.:ifu(linobotln 33,330 44,450 14,810 --1.1.!Q
foJOCQO
1-t:QOG 3 {)c:;i.>BCQa $34,432 $39,530

fooo:t:o C: 'b!liCQOCQO 6>JOCQO

V"tl?oCQO fuJOCQO a!liC'lolJ8nli $22,319
+ 16,500
.. ?>"80CQ3°'lio 116 (6,600)'
GoJOCQO $32,219

'MACRS o8Mlli8o'boonnli §>60J3omn 3 dM6oonli 308018060019c::in •d8n3nlicn3oli 100,000$-oli o8Mfli·

8n'bnl'1oooCQ oo'bo'bo.
b CQ003(JOC)c::'0¢1 1'1M8 lio().>CQolioboCQM CQ060Jofli30 no.:i3li JM8do6ooli lib30 8M(IQOOU

11iM8 UOc::10J30CQ0(30M 6ol'i8MoQ1?>Q6li 08Ml'i8o'bo(300U o8M60§00li CQO 0d3Q8CJ1000fl\QOO

§OCQoliob1101li R3Qi9c::'Oor!'in3n 40%-M6 8Me,oonli ()l>CQolioboCQoli 3.:i60J3ocnli - 16,500$ (0.40) 6,600$ . =
.'.lMMDd&ol> 'llD(!{080(!{ 'bM(!{o(!{O 0806(!{0
60Jo(!{nol> od3l> 'lln8(!{D8o l>obn:

0 2
fuJOCQO ($100,000) $34,432 $39,530 $39,359

o8 03ol1io(!{, 100,000$-ol> l>o(!{o(!{ol> l>ooljol>o 6oJo(!{ol> {boM'.$1\Doo) JM8.'.lo-

6no 'lln8(!{D80 MOlbo 8nnt:!;Ml> 0806(!{0 6oJo(!{DOO
34,432$, 39,530$, 39,359$ (!{o 32,219$. nl> 8M6oGn8noo ool1i8Mo(!{ 0o6n6
6oJo(!{DO'bD, fl3n6 ':96(!{0
.'.lMMDd&'bn.
md306 al>':9MOl aooaMcn, 80(!{001j3D&l> Ol':9 OMO JM8.'.lo6ool>
08 .'.lMMDd&ol> ol1icnol> 8b<l103 1 08 60Jo(!{Dool> f\306
'llo8(!{Do cno300'1lo. fl3n6 ':96(!{0 0063l>o'bc;3t1>Mm
6oJo(!{DO'bD l>oo63ol>&oGoM .'.lMMDd&ol>. o8o&M8 08
8n· 13 cno3'1lo.

340
(J'lJl'iM CQ03()'03001, l'iM8 8o6do6oli O(JOOU
oodo6oli CQ<'> R3o6
830Sc06iCQ00¢ 6oJ<'>CQOl.i o6C(3Ml'1>8o(300l.i 08 dl'iMOd@Joli OOC(3olioooli013oli.
CQ060CQ&o6iou oolitJOCQ30U C(3<'>UO o6iou 18,500$ CQ<'> oao 8Mo01bM3li CQ08o@Jooo01 1,500$
CQ08M6@Jo'(JOOoli013oli, CQo6obol'i'.?(;OOli 'b6iCQoU 20,000$·8CQO·
CQ060C1?&0Mo, MM80C!!;>lio(3 od3ll 4 OOC!!;'O .:.8MM@Jo'bo(300U 30CQ0 CQol'iRo6oC!!?o, ooliode!!;'M¢ 8MtJOCQMli
8ouo o8M6i@Jo'boool'.l?o (lioa<>C1?olloboCQM) lioooC!!;>o6liM 2000$-ol'.l?· d30C!!?
CQ060C1?&"6iu o6i od6ooo UoC!!;>oJ30CQ0(30M Ol(J oao Clo6o6iR()6lQOOo 8olio
ao8MtJo6ooou U0(3M(3bC!!;>oli MM8 lioe!!;'OJ30CQ¢(30M
@JMC!!;>OO lio()ot:QoliobolQM l>oOoC!!;>.>61.iM &oCQolloboCQOOO d3oe!!?o od@Jo30G &otJOCQ·
3o'!Jo Mi1ou 6()C!!;>O. lioOtJOUO C(3(JC!!;>Oli &0Uo3C!!;'OOO lioo63ol>@Jo(30M .'3fl'iMOd@Joli013ou ol'iou 18,000$
ao8CQ080 li@Jl'1i(Jd@J(JM001:
.,oboc::io" -'d603oli $18,500
+ J>3n6oc::io'boo>CQn tll"6"b"l'\:i<:ooo tll" tll"8"'6<!1Jo.1moo) 1,500
- 68n6(!/o 8MQQO.> .,d33c::in" o>80(!/30(!/o6 (2,000)
+ g>CQ>Uob.>CQQOO (g>q!>Uob>CQOU q!o6o'bMg()On} "d3gc::io" >d&n3nli g>(I0(!/30'bq Q
lio58ol;n 'lJ'('.)c::>nli 0olio3c::iooo $18,000

.:iboC!!;>8o 8.:i6do6o8 ()6CQo Cloo8oo6iMG l>o8';'.)ooM dot!!?ol> bot!!?CBolioo'bo lQ<'> @Jod·

8M8liob(J6iooo'bo, olio30 'r'.J'bM';'.)630C!!?tJMU l>b30 Goboli OJM6M8oo. 0106bo ';'.)6CQo
OO'>lQ&Q6CQOU 7100$-li OOC!!;'OOolQOO (3ot:QolioboC1?oool> &<>lQobt:Qo8CQo) oo8lQD30 MOlbo OC!!;>OU
ao6803C!!;>M0000, MOU Clo8ti?o&oG ()J30 (J'b6i(J630C!!;'tJMC(3!.i 0JM6M8oou lQ<'>
od6ooo R306L> 8001'1> a.:i6bOC!!;>(JC!!;'O 0JM6M8ooli lioboooou
U¢0(J'>C!!;>00000 JM8.'3060000G013oli OoM8MoQ;130606 ao6lio'bc:;36i(JC!!;'O M.'3n6io(30(JC!!;'O 8M&QOOl.i
DJM601800U d30C!!;>O CQ06o(Q306io6oli obC!!;>OOl OOG3C!!;'001. 5obUM3CQQ01: R3o6 33006806iouoou 306-
Gb30300<> 'lJ()C!!?<'>lQ 6.:iJ<>lQooClo 08 00801b303.:.Clo, ri1MlQDl>"G JM8.'3.:i6oo .:.216idot!!?ooli
tQo6<>lQ&o6ioool.I &<>8M/:JD6oo.:.L> ti?" ri1MG'> 0210 (l?o6o(!?&o6i 0ou
(!?<>3()Cl3.:.01, ri1M8 CQ<>6oCQ&o6io, Clodo6oll.:.o f\306 3.:..'306iooai, 8ooJ(Jai36oo<>
li.:.8oe!!;'o<>6o d01600.:.u (MACRS ooli.:.o.:.8ol>.:.tQ .>8M6i8o'b.>(3ooai) . .:.8ol> &<>ri1CQ<>,
b.:.L10001i:i;wo.:. oo8CQoao
08016i8o'bo(300U O.> 'b.:. oo<>CQ&D6CQ<> 9000$-G.
C(3M6i8.:. 800J()Ol3600<> dM6QO<>U .
.:.8Mfi18o'booool> 3<>CQol> CQ080103fi100<>8CQ0 6iflooo MMo
6io8CQQ6oCQo(3 f\306 ()3.>06@JOMOUDOl> 08 l>on63oll@.>0(30M .'36iMOde!lol> 8()CQ8030
6.>J<>lQoooG ri1M8 803oc:;Mai 'b6iCQ<>CQO 111.:.6ioob3.:., R3o6
(J6CQ.> ().'.>8M3006a.>1'10CJ0101 CQ.'.>6io(3b3QOO (Q.'.> {Qo6oCQ().'.>6iOO'bQ.
'bo8M01 o6'lJMl'18.:.oool> lQ'> MACRS o8M6i8o'booool>
Clolloo.:.8ol>o 6M6i8o@Jo300001, R306 a.:i63l.10'bc:;36iM01 5.:.6lib303000
ci:z.:.6ioob30000, .'3ffiMod8oll Clot!?D5'>!:!?· doo8Mm
508Md3om30.

oDc::'O
2 3 4
(a) "b"c::>O C!?"fucr?o.:mnll 08(")(<\&n'boo"tll" $20,000 $20,000 $20,000 $20,000
(b) x MACRS .;8(")(<\1&1n'l:>.ltl"" (%) x 0.3333 X0.4445 i<0.1481 i<0.0741
(c) ob"c::'"' tll"!ioCQ9o;l\oli o8Mi'i8n'l>"G"" $ 6,666 $ 8,890 $ 2,962 $ 1,482
(d) t:Q->fu\Qp,ol'iinli (>.)'!;:, $ 9,000 $ 9,000 $ 9,000 $ 9,000
(e) x X0.1481 X0.0741
(f) d3oc::>0 o8Ml'iien'h:i(3nnli
301'\0011:\(nl; s 1,333 s 667 $ 0 $ 0
(g)
bo'!in (c) - boin (1) $ 5,333 s 8,223 $ 2,962 $ 1,482

341
 R306 0 .:i8(Y)30.:i6 0.:i610ClMm 'ii"1Q?.:>Q?o 6.:iJ"!:!?Ooo Clo8!:!?oo·
6.:in"1.:iQ?:

5c::'OGol'lc::'l'l

2 3 4

fuJ"<l1D°" ( 1-!Q'>G 3
68o6!Q'>
$7,100 $ 7,100 $7,100 $7,100
68n61J?o !Q'>OD03t<iolim3ol>
"8<Titflio'b.>(3ool> (5,333) (8,223) (2,962) (l,482)
IJ?M.'.JQ3"1>81J?.'.l $1,767 $(1,123) $4,138 $5,618
-(+) 68o61J?O (Jc::>.'.JOo)
IJ?"°.'.J03t<\oli;u (40% 306>J3.'.JffiO) (707) 449' (1,655) (2,247)
---
IJ?"°.'.l03t<ioli Clj}IJ?DQ $1,060 $ (674) $2,483 $3,371
+ IJ?"°.'.J03t<iolim3oli
5,333 8,223 2,962 1,482

$6,393 - $ 7,549

6c::iol> 158o61J?> 'l'J()c::>Ol> fuJ"ll/O

8v1J?8030 fuJOIJ?O IJ?"8"8mo3"1a0.'.Jc::>n l5c::inl>m3oli .3"1M.'.Jd&>li $4,853
+ o;J&o30l> 0
o"<l1"li"bOIJ?.'.loo 1J?Ofu'lmo:i0n) o;J&o3ol> o"tlOIJ?3"'b.'.l 06 o"ll?"GD8"'b.'.l 0
°"'c::>M oc::inb l58061J?" <avc::iol> fuJOIJ?O $4,853

0 2 3 4
$5,445 $4,853

18,000$-oli li.:io:;olio 6.:>J.:>Q?OU R306

d(JdOU Q?.:>6.:>Q?o.:>MO d::JQ?Do"lQ 8Mo3Go8li o8o6Q?.:>
6.:iJ"Q?OOli 6,393$, 7,549$, 5,445$ !:!?" 4,853$ Clo8!:!?ooo (Y)mbo M(Y)0 MMG
006.:i 6.:iJ.:>Q?'iiO ooli.:io.:i8olio o6'(3(Y)M8.:ioo.:i lQ"oOo·
8301.i 8o'ii6olim3oli C!?"oo 0361oli oo8Q?Oo

!illl f:!?.}b.::iotiobob
.:i8 m.:i3Clo R306 ffi(J MMoMM 8ooc:?oo.:i li.:in63oli&ooo(Y) .3MMOJ&oli 006.:>(Q.:>Q?OOOOO
!:!?" MMoMM bQ?oo.:i 6.:>J.:>Q?OU ooli.:io.:i8olio o6'lJMM8.:ioooli O::J'lJ"lioo.:i li.:io63oli&ooo(Y)
006.:>t:Q.:>Q?oooooli oo'll.:iliooolim3oli. oo8!:!?0o m.:i3Clo R306
.:io.:i5l:!?oooli l:!?"o0083oli .3M(Y)Golioli ooli.:iboo . .:ilio30 md306 MMoMM bQ?oo.:i .3"1Mo-
d&oli 8vl:!?8o 3o 5.:iJ"U?oooli Clo'll.:ilioo.:i !:!?" "1M 0M"1 ()5!:!?" 0 .:i5 3ti.:i'iiQ? 3"1(Y)m,
.3f1Mod&o.:i 8oli.:ic:?ooo.:i U?" .:i61.:i.

342
 12.

(Q"8Do83.:i .:>Mob b.:io63ob@JoGO(Y) 0.:>8f'l3b.:ib.:i3cn 6.:>J.:>iQ[JOob .3oMf'lO[JOOo a:?" ,:,(Y\,:,

acY\(Y)od&ooob ti?"'li7Jb@Jooob, ti?" oocY\fio3ob 6.:>J.:>Q:?[JOOo.
3MMGobo, 8(Y) 00 oob ( foJ.:>iQ[JOO ()6(!?.:> 0 .:io'!Jf'l8f'lb, !Q.:>O[J 0 3cY\ob
6.:>J.:>(Q[]Oo) []Meno oo8tl?Do· oo8Q:? 0 f'l8 . .:i8ob 0.:>MQ:?.:>, fi3060 o6@JOM[Jbo
bd[JGO'l30(JM0(Q i:Q"8Do83.:i 8MOG.:>3b .:>Mob .:>M.:> cao6.:i6b(JMO foJ.:>Q;?[]Oo.
( 1) b.:io63ob@Jo(30f'l dMMOJ@JOb 006.:>!:Q.:>(Q[JOOb b.:> 0 .:>Q:?.:>b.:ib.:>Q:?f'l .:>8f'lM@Jo'b.:>Go.:>b
Jr08.3.:i6oob 8o'b6oocn.:i6 oob.:io.:i8obrr>o.:ioo; bob@Jo8ob 8obo!Q3ocn ( 1986
(2) !Q00[]()3MOb 0081'.Qooo 'bM(Q.:>(QO b.:> 0 .:>(!?.:>b.:ib.:>!QM M[J<af'lM8ob .:ij@Jo)
6"J"O?ooob ooca.:iboo.:ib b.:io6 3ob&o 8 o(Y) 3M(Y)od- .:ij3b 6.:>J.:>Q:?[JOOb '!if'l8.:i'!io a:?"
&ooobcn3ob; (3) dMM[JJ@JOb 8(J(Q8030 6.:>J.:>(Q[JOOb b.:ibo.:icn'!io, .:>()M[Jcn30
o0ca.:ib0o.:ib; (4) 006"0?"0?ooob o0Mfi03.:ib .:>Mb[JOf'lO,) (o"U?"Go8.:ifo.:>8f'lbbf'lM[JOOb b.:>M%[JOO) a:?"
0.:i'bM(!?Ob "JGD-1@Jo6bob JMO@J[JMO(J8'1io .3Mf'l[JJ@Job
O?"<a(Jd6 0oocn; CQ" (5) (Jb'tJ 3o& oo'l.3"boo.:ib b.:ioM7J6.:i 3
b.:io63ob@JOGOM dMMOJ@Jooob (Q" dMf'lOJ@JOb 6.:>J.:>Q;?[JOOb
dMM[JJ@JOO'b[J .:>(J(QO@Job 0 .:i6cn.:i b
3 0 o.:i b.:i8 J"00of'lMo.:io:? Q:?Mf'l7J-
M0(Q().:>6 008rr>b.:>- '!io: ( 1) b.:io 8obo (2)
.:icY\ob Jrr>8.3.:i6oob 'liM(!?.:>!QO 6.:>J.:>Q:?[JOO IQ" (3)
8cn.:i3.:>Mo, dMf'lOJ@JO(Q.:>6 8M 0[JO.:>b fi3[]6 '!JM(Q.:>Q;?O o8o6(Q.:> foJ.:>(QO.

cY\.:i@>M8 0.:i8Mo.:i6 0.:iMoooo.:i cn.:i301:Q.:i6 !:Q.:>M0Gb3ooob 'b<l'i(Q.:>, Mf'l(Q[Jb"G

fi 3o6 6.:iJ"i:QDob, (JJ.:> 3ooM!:QOoo.:i6 b.:io63ob-
@J0Gorr> dMrr>[JJ@Jb, O[J8(Q08 JO 08.:i@Joo.:i '!iM(Q.:>(QO o8o6(Q.:> 6.:>J.:>(Q[Joob
.3MM(30bo (QMrr>ob .30Morr>(Qobcn3ob?
00()%D@J0Mooob i:QMrr>b, (J6i:Q.:> 8"37JJocnf'lcn en() .:>M.:i o06f'lMocY\oo.:i, .:i6
.3ocY\ojocn, i:Q.:>3.:>8.:>@Jrr>cn oob1:JOCQ3ob 93.:ibb (.:i6 0.:i8rr>3j3ocnrr>cn 8ob 0.:i6)
030 8f'lcn boQ:?oi:Qoooo b.:i61:Jobo 0093.:ibooob
(QMf'lb? (0 0030 Jomb3.:i 1 8.:i 0 cY\.:i8 oboo.:i .:i8 o.:i'bob
0093.:ibooob 008cnb303.:ib ).
b.:io.:i'!iMM .:>Mob 500$, .:ij3b
0 08rr>1:Jo6ooob i:Q" o6 3 ob@JoGo" .:>Mob

8.:iM.:i 0oooo 2000$ i:Q.:>8.:i@>ooocno 063ab@>0Go.:i.

200$ @JM.:>6b.3MM@JOM[Joobm3ob (Q.:>6.:>(Q 0.:>M[JOob
8b.:i(i)ooo .
GD8o6@Job 0 .:>Jocnoo.:i'bo 250$.
[]· f'ld[)M.:>@JMMOb @JM006060'bo (QMb.:i<l'i%oo.:i 300$ .
b.:io63ob@J0(30f'l dMf'l[JJ@JO!:Q.:>6 foJ.:>(Q[JOOb 0.:i6b.:i'!ic;3Mob.:ib
M.:>@>rr>8 ()6(!?.:> od6ob .:ic;8rr>(J'13b3M.:>(QO b.:icY\%000?
i:Q"ODo83ob .3Mf'l(3[]bClo 0093.:ibooooo, ()6Q:?.:i
0.:>J[Jcn(!?[Jb
<"iM(Q[Jb.:>G b.:io63ab@J0Gorr> .3<'1Mod@Jo 0 3cn.:i3.:i'!irr>ob b.:>J8.:><"iob J.:>.30-
Q:?.:>fob.:i<"isc;oob, <"i.:i@Jf'l8 ()6!:!2.:i 8ooc;f'lb .:ibocn8.:i .3<'1Mod&8.:i
Q2M6oooob 0.:i6 tQ.:>8@>Joooo.:i? .:i<"iob en() ,:,(\),:, 8o@Jo 06'13rr>M8.:>Go" .3<"if'lod@Job
8b.:i<"iu::.:ib.:i&o<'1.:iu::?
M.:> 0.:i6bb3.:i306.:i.:i b.:io63ob@>oGOf'l, b.:>M8f'l[JOOb odb.3.:i6bo.:>b.:> (3.:>'13.:>M01f'loo.:ib.:i) (Q0
.3<"if'lod&ooli of'l<"iob?

343
 . JM8.3o6M Pilsudski Coal MMo oMoli
lio8o ';9ez3MM ocaod&oo6o MMO
o8tJo8oCQ e,onl:JOCQMli 70,000$-oCQ 8(JMMoCQ oo'boM'b(), 805Mo8 8001
od600001 01';9 olio6o ao60Mfl()6CQ()Oo 80010
e,o8Ml:JD6oooli J()MOMCQoli 80010 lio61:Jolio o8MM0o'boMoooCQo
oo'bo ClootJ?e,o6li 300,000$-li. 8001 od301 86,400$ CQo
8 08 MACRS-li o8MM&o'bo-
(30o CQo olio6o e,06()J';9013600M6 dM6oooli od&o3ooli.
CQo od6oli 480,000$-oCQ· Boli od3li
e,oBMl:J06oooli M3o Bolio
od6ooo 40,000$. b3!QOOo
dM6oooli oBMM8o'bo(300liO'l3oli. Bolio CQOCQO ocaod·
&oo6Mooli e,oBM, ooCQoe,oCQ BM53Goli 100,000$-oli
()Mo CQo6o'bMe,o. JMB.3o6ooli lioe,oCQolioboCQM 5060J30010
oMoli 40% CQo 01(.J 60MBM0030 .3MMOd&oli !Qoli0Cl30000, MMB JMB-
.30600 CQ060JoM50 JMB.3o6ooli lib30
Mo 60JoCQoooli od6ooo M3o
CQo Mo ot'ioli lio61:Jolio (.3MMOd&oli CQolio61:JoliC:lo)?
2. JMB.30600 Fresno Finial Fabricating Works 038M800';9Mo e,oboCQMU Bolio oMlio-
OoMBMooo. JM6&o6&Bo 01d306013oli 8Mo5MM30
aoBCQoe,o o6ez3MMBo(30o:
Ill 030M8o&o'boooli 6o6oCQoCQOOo OOCQOe,o!Q 50BM06303li lioB';9CloM
Clo8GoMoooli 150,000$-001
!QOCBOd&oli Clo6oMfl';96CQoli 5000$ BoC:lo6o(3 JO, 01';9
038MBo&o'boooli 6060CQ01Qooo od6ooo
l:JO!Q3oli013oli UoffOMM od6ooo 500,000$. ez306o6li()MO
;:,650M0Cle,oooli 8o'b6ooolio013oli od6ooo 6Mcao30CQ.
Boli od3li CQoooe,3Moli Bo'b6oooli013oli,
8Mb3CQ000 dM6oooli !Qo od6ooo
MACRS oBMM0o'bo(3ooli 5060J3001oli 508Ml:J06000Cl'l.
oMOU 50,000$.
Clo60Mf1':96oooli e,on'bM!QOOo 2000$-CQo6 8000$-B!Qo, 01(.J
od6ooo
JMB.30600 Od30BCQOOoMOOo 40% lioe,o!QolioboCQM 5060J3001li.
Mo oMoli ClolioooBolio 6oJotJ?oooli JMMOd&oli lioG·
!Qo Mo oMoli 'bM!Qo!Qo 68061Qo 6oJoCQo?

1. JMB.306008 Thoma Pharmaceutical Ol:JO!QMli &oli&nMoooli

Mo(3 60,000$. MMB oli 8od6oJo ClooB(30MOOli oJoMo&oli
0MMB001 20,000$-001. od3li liolioG·
.3ot;JoM!Qo, 8oe,Mo8 b3!QOOo dM6oooli
(oBMM8o'bo(3ooli) Bo'b6oooliO'l3oli. oM oMoli
lioe,oCQoliobo!QM 5060J30010 JMB.306ooli013oli CBO!QOM·
CQo CJ&o&oli CQM6o'bo) ot;Joli 38% CQo Bolio 8M8e,oooo6Mooli 5060J30010
oMoli 15%. (01() 8Me,ooo CQoooe,3Moli ao8CQ05 .3t'YiMOd8'bo oMoli (JoMl:JMez3001o 6oooli8ooM
JMB.30600 !Qo6oJoMe,li JMB.3o6ooli lib30 08 08
06caM(';)80Gooli t'Yio oMoli ClolioooBolio 6oJoCQooo?
2. 0BM(3060Clo !Qo3()Cl3001, MMB M01bo 6%
lio8(.JOoM CQo6o'bMe,ooClo, 0Be,30Mo!Q, t'YiM8 Q?o6o'bMe,ooo
oMoli 20,000$, BOMMO 21,200$ CQo olio ao80?05·
0. oB o6ez3MM8oeooli t'Yio oMoli Cloliooo8olio 6oJ'>!QOoo?

344
 12.

o. en() 100,000$ b00M(J6030

CQC>800ooocn CQ0 Ob CQC>80&ooocno 063ob00000 b0ifoMP1 OtJPl dMP10d0ob 0MbOOP100b
M0 od6000 080b oob0008ob 60J0CQoo'bo?
bb30 .3oMPloooo 0Mob 00 030 1 MPl()PlMO 08Plo060 2-oo, (0)).
3. San Jose b()Mb 8obo oo8o60ob 008Mo30 806d06000
806d.:i6ooocn. 806 8oOc::?P1 fYJMO oocn030'boo0 CQ0 OQ0<(30b.) bb30C,Q0bb30 806-
d06ooob 8()0.:>Ploob JP18,306oob0 .)6 Rockbuilt truck, c::?oMb
74,000$, 0d3b 0od5nJ()Mo 08 806d06ob
8 8P10P1Mob 61o8P160ocn b(JcnO oo8CQDo· 8Plb,)-
MP18 bC>MJi;OOO Plcnbo
oo0CQoo5b 2000$-b 80 0 M08 8ob()cno o 08CQoo
IQ0b003000.:i M08P160ob f100.:i61000, IQMb0MJi;QO.'.l 13,000$. BP1b.)-
MP18 b080 bC>MJi;OOO
o0.:il:Qc,o6o6 4000$-b s oo81:Qoo B06d0fo
C,MtJOIQPlb Ji;0Mcnob <(30b01Q (9,000$).
JP1B.3060.:i Bulldog Trucks, t101Qob 806d05oob 59,000$-0(.Q. b0MJi;JOo 0B
B06d.:i60'bo od6000 MP18 olio6o
oo.:i<Q 006o6 3000$-li <QC> 8 olio5o 00o'bMCQ02>0 1500$-
ocn BoP1cnbo 8P10P1Mb 1Q0biJ'oM<QQ00
MQBP16&o, IQMb.:>MJi;000 15,000$ (0B cn06b0li (Jb!Q0 CQ.'.>3()B0&P1cn
.:ioooli b.:>MJi;OOo 0B.:i30 B06d060
IQP10o 0 0nt10CQP1b Ji;0Mcnob <(30bOo (5000$).
MPlC,PlMO od6000 60J01:QOOo, ooli0008obo B06d060Licn.:i6?
c,01Q0li0b0CQooo M01Qc,06 Li06-bP1bOb 0t'1 0b!Qo 3o5 001.i
001Q.:>b0b0CQ00Li.
o. .:i 8P16.:ioo8oooli 00BP1t105ooocn, M,) .:it'1oli 6.:iJC><Qoli
1Q060'bfYJ0o M00 od6oli ()<(3MP1 Bo&0CQ d30Mo
806d06ob oodo6ocn, 301QMO 00'Boli? (bb30 lio0tJ306ocn 00BP1005 00Mooocn
5.:iJC>CQoli 0 06Lib 3030 o0oo fYJMo 60J01Qoli <Qo6 0o0oLi ofYJMoli -
CQ.:>3()0 30cn, MP18 50oob8o 0M 08061Q,) 1Q.:>fo'bP1 0 b 0d 3b IQC>l:QQOocno BP1 0oo.:i).
4. JP18.3.:i600b US Blivet b()Mb ooodo6Plb ()<(3MP1 cn060801QMP130 CQC>b00&08.30 IQ0601Qc,M<10 !QC>
0Bi]0801Q cn03oli 00MBP1Q0000. JP1B.306oob 080-
IQP1360006, MP1B ()0 'bM(QOb dMPllQ()dooob 8Plo()-
obo6o ooB<QOo '?Pd0"1Mooli cn.:>301.i 1Q<>bJ36.:ioo.
(Qi>bi>IQ80Mo od5ob Plcnbo 8.:ili .:id3li (Qi>
.:i6bP1 8000$, 8.:i 0 M.:iB C1l() obo6o od6oo.:i 8obo lioo-
IQ<>6.:>1Q 0 .:>Mb 0d600.:i
2000$. .:>BP1M0n'b.:>(3o<>
CQ<>fo!Q 0.:>M'bo IQ<> .:i8fYJM0o'b.:iooob lio<QOIQO IQ<>6<>1Q 0<>Moli .:iB(Y)M-
(b0 0.:iCQ0li.:ib.:>1QP1) 4520$-oli.
(Qi>b.::>0&08.30 CQ<>6.:>1Q 0.::>Mo c::?oMb 60,000$. Bolio
.::>Mob 15,000$ Bolio Plcnbo . CQ.::>6.::>CQC,i>MO
800J()cn3600.:i d(Y)6 0oob JC>00oP1Mo.:ili MACRS .:i8fYJM0o'b.:iGooli 8obo<Q3ocn .
CQ06i>IQC,.'.>MO oo.:>8(3oMooli OMP1Boli CQ.'.l b.::>MJi;OOb
12,000$-ocn.
c,<>CQ<>b.:ib.::>CQo 8P1 0oo<> 'bo 0 .:>!QMb!Qoo.:i 40%-o.:i5o 0 06<>J3ocnocn.
0.:i8Plo.:>5 0.:iMooocn 8(J<Q8030 6.:>J01QOOo 1 4
ol.>030 MP1C,P1M(3 bi>OtJObo
Bo-4 .:i8Plo06.:>Clo CQ<>3()Cl3.:icn, MP18 cnd305
JP18.3.:i5ooli oobm.:i3.:i'bob 1Q.:>o&.:i8.330G t10CQ3<>,
lQ<>()o30G PlMo 00GCQP180: .:i8PlbGo6ocn .:i8P1(3.:>fo .:i8 o8<(3P1M8.:ioooli
!Q.:>03oot1CQ<>cn 8oocnocnooo6.:icn, MP18 IQ<>6<>CQc,0t'1ob
063P1obob <(3<>bcn.:i6 OMCTJ<>lQ 60,000$, Q:?.::>80®ooom CQ.:>8P160<>tJDOob <(J<>bo
2000$.
!:Q0b<>!:Q 00t'1oli 8o8Q:?o6.:it'1o .::>Mob .:il"1.:i 8000$, .:ifii.:>83CQ
3000$.

345
 5.

.:.8 .:ib.:i!:!!?o 6).:. .:.(Y)oG a::iG00080Go 6.:>J<>tQ:JOo 08

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

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

2 3 4
8.
bo'bo (7) + bo'bo (4) o6
bo'bo (1)-bo'bo (6) 84,576 107,616 89,952 82,118
9.
X(1--0.40) 0 0 0 0
IO.
b,,'bo (8) + bo'bo (9) $ 84,576 $107,616 $ 89,952 $ 82,l 18

5 6 7 8
I. !.l/ofu'bM<>n6o $100,000 $100,000 $100,000 $100,000
2. 55,296 27,648 0 0
3. 0 0 __o_ o
4.
bo'bo (2)-bo'bo (3) 55,296 27,648 0 0
5. at"l()DOOU
bo'bo (1)- bo'bo (4)) 44,704 72,352 100,000 100,000
6. 0o!.!lol>obo!.l/DOO
bo'bo (5) X (40%) 17,882 28,941
7. a"' 0nool> !.!loona3r<>ol> <lnB!.!lna
bo'bo (5) - bo'bo (6) 26,822 43,411 60,000 60,000
8.
bo'bo (7) + bo'bo (4) 06
bo'bo (1)- bo'bo (6) 82,118 71,059 60,000 60,000
9.
x (1 - 0.40) 0 0 0 24,000
I0. 08061.l/O 60J0!.!10
bo 'bo (8) + bo 'bo (9) $ 82,118 $ 71,059 $ 60,000 $ 84,000

G.:.fitioGo 00G03.:ie!!?o
- d30!:!!?0 tQ<>6<>tQ 0 <>M:JOOU 3<>tJOtQ3<> - tQ<>O:J 0 36)0G tQ.:>60 'tJcry 0o
480,000$ - 70,000$ - (0.40)(86,400$ - 70,000$) =403,440$

346
 b0c;>tQO b0J0(Q[JOO:

2 3 4
!. ot<1"'ao 'lia l!/060 i.,, 00 00 $150,000 $150,000 $150,000 $150,000
2. 'lJMl!/O(l?O :Jdl>3t::,'M0®0(30(Jf>10 (J?OOObOMji:DOO 6,000 6,000 6,000 6,000
3. 0801t<i®o'lio(3M 166,650 222,250 74,050 37,050
4. 8M()QOOU G3t::.>0t::,':JOO (J?00Qo3t<1o81!/D
bo'lio (1) - bo'bo (2) - bo'bo (3) (22,650 (78,250) 69,950 106,950
5. 0oQ?ol>obol!/aoo
bo'bo (4) X (40%) {9,060 (31,300) 27,980 42,780
6. a..., 30 ool> 83 t::.>ot::.>aoo l!/oo033 t<1ol> oaal!!Do
bo'bo (4) - bo'bo (5) (13,590 (46,950) 41,970 64,170
7. M3at<1o(30(Jt::,'0 'lJ(Jt::,'01!/0 6oJOl!/ol> (33t::,'0t::,'QOO
bo'bo (6) + bo'lio (3) 06
bo'bo (1) - bo'bo (2) - bo'bo (5) 153,060 175,300 116,020 101,220
8. l>ot::.>oJ30Q?oG001 c;ot<\30(.Jt::.'QOO
x (1 - 0.40) 0 0 0 30.000
9. 08061!/0 'lJ(Jt::,'O(l?O foJO(QO
bo 'lio (7) + bo 'bo (8) $153,060 $175,300 $116,020 $131,220

b0c;>tQO (QM0'lU (0008000 = 500,000$ (08

Clo8a>b3030Clo, au 0t"10G tQ060b0t"1feooo .3<Yi0'lod@JoG '1lo).

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

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

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

347
6t'ilrr>ad8ob 'Bo<(3ob0oo G?o .::ia m.>3ob aabo.::i3c::?ob aaall?a& md3a6
8l)Oif"lt:!?[IOO 0M 0Mm .36iM:Jd8oG Cl;:i930ba?mb IQ<> Cla6iga3ob
8.::iaMu8ol!? 3ou .3afiioMIQO .. (JJ(Joaoob oolQ" 8 .::i6.::i- 008MG1Jo1Q3ob .3a6ioMIQob (PBP) 8amM1Qo, 6iM3a-
J3n(J)o .. 0806\Qb .::ibc::?.::i61Q:Jc::?O C!;OM:JO(Jc::.'[lO<> .. 8Mo(3.>3b (a) J"c::?J(Jc::?<>Go<>b; (b) "DG:J.3806-
8M8 0noo.::i6MooG 061Qndl>o Gob JMoi!}aMo(J8b; (c) (J.30M<>i!}3bMoaou !:I?"
6.'>Jc::?M306noaob; IQ.'> (d) 9_3MJ(JUOM:J00U c::?OJ-
6M8a6co()t'ilo 301Q(JMMoob.::i IQo .::ifiio 8M80 aooo6Moo'ba.
1Q<>8MJOIQ:JO(Jc::?O IQ<> (JMO'lO:JMOl0.::i8M8Mo(3b<>30
0M 0Mm dMM::Jd®oG Cla93.:.baoob I!?.'> 0Mg:J3ob
.361..1nd®noo .. fiiani!}o6 0ou .3fiiMoc::?aanoo " CB(Jc::?ob 6.:>JolQob l!:?ObJM6®o6iaoob b-:.80 8m.:.3.::i(i)o
86i.::i3.::ic::?83 .::ifiio (JJ(Jo:JooG ClolQ.::i 0.::i6"J 3nmaoo .. 8:JOlM!.QO (DCF) - ()J(JO[)OOU Clol!:?.:> 3.:>6.:>J3amo
Jo.3oi!}<>c::?ou 6M<'180Mno.::i .. G"c::?8b6io30 (IRR), 08061Q<> .:ibc::?o61Q:Jc::?O !!;OM:JO(Jc::?:JO<> (NPV),
0393.::ibacaoo 3M80 aoo.:i6Moou 061'.!:?adbo (PI) •
dMM3d8ob 8(T}608Ml'ilo630: dMMt;l'il3bob .:ibu6om IQ<> 3.:i8Mm3.:>c::?Mm, <><:!Gn.3®oG JMOl!}:JMO(J80
(}l)<(3ob:JOo G?o Ol)8t:!?l)fl'l8o IQ.'> DCF b.:i3o 30lo3.::i6lo 3:JOlMIQOb (JdoM<>i!}:JbMo:Joo.
O()i:!?08o 3.:i6u.::i'bc:;3MMm, .:><>()MOl IQ<> &.:>63.::iM®Mm 3Mi:>C(30JO,
MM3:Jc::?b"G :JOMIQ:JOo ,.NPV 061.:.cnoJo".
l'i'in'bo()83
0.:io0 MOl, dMM:Jdi!}ou 6iaoi!}o6 0oo3.::i IRP, NPV I!?"
G?o6.::.t'ilmo o: ()J()a:.JOnb PI 8:JmMIQ:JOob uo93(Jd3:Jc::?'b:J, M.:>i!}M3 C!oodc::?:Jo<>
a.::.6.::.J3amn OiJMb oofo.:.c:;81Q:JoMOM030.
G?o6.::.t'ilmo o. ol!;f>:JMMm uoi!}(Jo(30:JOO, bo1Qo(3 .3P1MQji!}:JOOU
Cla930l>ao.:. Clauodc::?M<> 01JMU "(JGOc::?QOQc::?O IQ"
IQ""!:l?oo6Mm MMIQOU (J61Q<> 008M308:JOMm IRR,
Jnmb3noo NPV 06 PI 8QOlMIQO.

m3om'B3<(3.:>b3oob 08M(306300 0 oo 0MOl P1M 0 MP'l 0 3odc::?:J3b GoCl(Joc::?QOoU

,,836Jd6MOQ\!:?MOOU .::i6oc::?o'bo" o"3"J:JOlMOl G"c::?8-
.::.aMo.::.6360 b61030 Clacn.::ibaoaoo i!}MolQOGo(Jc::?O J".3oi!}oc::?1Q"-
0<>61Qaool> !:l?"o:Jo83ou 060\!:?0'bOU 308M1JQ6Q0001 .
.::ibb6.::icn 3fiiMad8ob 8Mfiot.S;M6io60ou MMc::?o I!?"
.3"1M(3:Jbo, M"18:Jc::?OG 8M0(303b ,,3MM()MQbob
0093.::ibao.::ib" IQ.'> ,,3.::i6bMM(30:J\!:?:JOOU Cla8CQ3M8
<>(J(QOl!}b".

349
 5.

,,Ml ntf6meJ!!!O'lJ:ftlln [Jb 6n'06[]0n fi1m8

o[]8cnbtJ[J8ncnn, 8oon6 nd6[J3mJ:r!<> B<>cnn 8"8[]3<>. "";:) 8<>cn'lln
'1fi1nb tfi<>oB[] Joof'16'i5m8nt]t6[]3<>, 8[] D3an <>m fi1m8 "J:r!(Y)[J "";:) 8an<>6
fla[]6 "8mabb6ncn B<>cn "

BmaaJa<>aD J"<J';:J6[]3n

8.:>li d[J8CQ08· M.:>G 3.:>63li<>'bc:i36ioai 6.:>J.:>CQOb o6'{3cYlM8.:>GO.)

.:>0.:>6CQoooli Cl?"o0883oli 8oli<>c:ioo<>CQ, ii3 06 33ifo6i!:l?oo<> Lib3<>CQ<>l>b3<> l><>o6-
30Li6oGo(Y) 006.:>CQ<>CQoooooli ao'B<>l>oooli li,:,063oli60Go(Y) 8ooc:ioo<>
,:,6 od6oo<> 006.:>CQ<>CQOO<>. ,:,8 m.:>3ao f\306 .36ifYl0J6oli
ao'B<>lioooli Cl?" 8oc:ioooli 8omfYlCQOol> . .:>8ol> 3<>6iCQ<>, f\306
'bfYl0 oo6im .3(Y)6o6Gov6i o.:>3.:il5tJCQOm .:i8
8omfYlCQ:Jool> 8.:i8(Y)8060ooli.:>l> .

.:>8 f\306 JMfYl:Jd6ol> dO'B<>l>oool> !:!?"' ao('i)fio3oli fYlmb

80mcYlCQU, 8.:iafYlotJo6oo<> Cl?"308a3oli.:il>:
. 0 .:>8cYlbtJOCQ3ob J[JMOcYl(QO
VJvc.oooli <Joe!?"' 3<>6.:>J3omo
o8o6CQ.:>
a(Y)a3000.:i6fYlooli o6Cl?odlio
8[JO">fYl(QO C>Mob JMcYl:JJ60U d[J'{3C>U[JOOU bC>J8<>cYl(Q 8.:irYJ6030 8omfYl(QO.
!J?"'6.:irY1iio6o 8omfYlCQooo V'BM(Y) !:!?"' O'Bvd6 0o.:i Ei0,y>1:Q[J0nll !.l?0La016(:7>o«'lno.,li.
lio8.:irYi603olim3ol>, f\306 3va3oom, McYl8 6.:iJ"'Cl?Ooli 063oli6cYlrYlo oc:iool>
. .:>8ol.i 0 C>MCQC>, Mfi[JO.:> 80-12 m,:,3ao fi306li 8o[JM
rYi(Y)a 60ool.iao 0rYio li,:,o6 30 Li6oGo(Y) .3rYi(Y)od6oli 8oc:i 0o.:i .:irYi 8fYl.:ibCQo6li
b1\J->l!/DOn - JfYl8.3.:i6ooli li.:id8o.:>6fYlooli LivrYi<>m'bo. oli Cl?"'a300.:i
llnw 3<>8fYl3otJ06r.)m 3.:i6.)J30mo .3rYi(Y)od6oli 8oc:ioorili .:i6
- Gon630G&non01
V"'MtJfYl'Bolim3oli lib3.:iCQ.:>lib3.:> 6.:iJ<>CQoooli 8omfYlCQOooli 8oboCQ3001 .
.3r'101od&nG <lo<tJ,GoonG tl?,
<lor'111030G 83cn01tQn, 80-14 m.:i3ao f\306 /\l(Y)8 lib3.:i.CQ.:ilib3.:i li.:io63oli60Go(Y)
8nb3tQ3nm .3rYi(Y)od6ooli .3dcYl6CQom oo'b6oli6iol>Jol.i b.:irYiolibooo.
6.;J,tQOOo

(QMMOOlO
(168<'lULJO(!?JOU :Jot'\m'liJiO
l'nybnck period ( l'llP) -
(QMfTlOU .3oMnf'1(QO,
G.;n633G&noo"' oo'b6oG
JMMod&<ln n630G&n-
m.;6boooG
80G.;c;30.;tl?·
li.:io63oli60GO(Y) dMcYl:Jd6oli .30«10Pl(;QO 33ofl306ooli Mi>fYlCQ06(Y)Oo)b,
li<>iforYifYl<> u.:io8obo o6 3oli6o 8 o0ooli Cl?"'b"''B"'rYi.:i 3.:i!J? .3rYi(Y)o-
d6oli 6"'J"Cl?Oo'b 0. CQ<>3vCl3.:im, rYJ(Y)a f\306 331.iv(i)li 3.:i63li.:i'bc:i3(i)(Y)01
3.:>8fYllitJnCQ3oli .3orYiofYlCQO m.:i3ao 0103'boli 3.:ia(Y)Li.:iarYJ(Y)oo
1)306 0.:i63li.:i'bc:i3{<;J001, MM8 .:i8 CQMfYlli li.:ib"tJol>o .:irYioli
100,000$ Cl?" Faversham Fish Farm CJoa!:l?ooo fYlmbo Clo8Cl?oon
o8o6CQC> foJ<>CQOOob 8oc:ioo.:iU: 34,432$, 39,530$, 39,359$ (Qi> 32,219$ . .:i8
6.:iJ"'Cl?Oooli l>306ao ii.:i8fYloorY1<> !:!?"' 8.:irYi6030 0 .:iJomoo.:i md306 CQ.:>3ob8.:i6ioo.:>01
3.:i8Mo.:i63.:i6iodfYlm 3.:i8fYlbtJOCQ3oli .3orYioMCQO.

0 ($100,000)(-b)
1 34,432 "$ 34,432
2 (a) 39,530 73,962(c)
3 39,359 (d) 113,321
4 32,219 145,540

350
6.:>60ji;O:

Q?.:>(/iiM3a6.:>(QO 6.:>J.:>Q?a6o U.:>O::JOUO oa8C!?a8 uQ?.:>8MM3a-

6.:>Q?O Cla8M!:Qo6a6a6oli" li3a@>Clo.
Clabae!?am ,,Q?.:i 8 P1M 3a6.:ie!? aa8MQ?o6a6a6oli" t.i 3a0Li Cl?"
C!?"8P1M3a6.:i!:Qo 01.:i6b.:i .:>M .:i::I:.: M6a6li li.:io:::iolio Q?.:>6.:ib.:>Mji;a6oli lioQ?oe!?ali.
(R3a6li ali .:>Mol.i 8a-2
3.:>8Mo.:>63.:>MoOa01 oa8Q?aoo OU Q?.:>8.:>@)a60010
li.:i&of1M.:i l.i.:io:::1olio ,, (JJ(l8a6oli013oli" Cla8C!?ao6.:iof1.:iQ? :
Li.:io 8ot.i C!?"of1M 3a6.:iQ?o 01.:i6ba60 8a-2 6.:i6oji;oQ?.:i6,
oa8C!?a 8 0.:. 8.:. 3001 ali 01.:i6b.:i oa8C!?aoo aa8MQ?o6a6.:i 'ha. R3a6
33.:ij3li ($100,000 - $73,962) I $39,359 = 0.66]
MM8 063ali@>oGOOl.i 3.:i8MU::JOQ?30l.i .3aMOf'1Q?O 8obaQ?3001, ()6Q?.:>
P1o 8 b3o, R3a6 0.:i6 3Li.:i'h!.::?3Ma01 8a-2 a@>.:i3'ha Cl?" C!?" 3()8.:i@>M01 8.:ili
oli 8a-3 a@>.:i3'ha. (.:.Liam 3001.:if1a6.:iao, 063ali-
@>OGOOU 0.:i8Ml.i::Joe!? 3ot.i .3aMof'1Q?O R3a6 oa801b 3a3.:ioo 2-Li 0.66
.:>6() 2.66

<>df3:J.30n6liou JM00:J6fo(J80. 01() 3.:i8MU::JOQ?3ol> .3:JMOMQ?O

8.:ijl.io8()8 (JJ(lo:J6ol.i .3:JMOMQ?'l:ia, oo6.:>Q?1>Q?:J6.:> .:if1ol.i 8ol.i.:>!.::;:J6o; 01() .:if1.:i, 8.:iClo6
030 (J6Q?.:> oj6oli 3.:i8MU::JOQ?3ol> .3:JMOMQ?O MM8
83060 .3MM:Jd@>o oj6:J6MQ?.:> .

.36MOC!W8noo. 'l:i:J8MO"l 8:J01MQ?OU 801.:i3.:if10 (063ol>@>oGOOl.i 3.:>8MU::JOQ?3oli

.3:JMOMQ?o) 813;? 0M8.:>M:JM6li 08.:iao, MM8 080 .:if1 6.:>J"ll?aoli,
063ali@>0Gooli 0.:i8Mli::JoQ?3oli .3aMoM13;?oli .:i8o@>M8 o0o .:if1 0.:i6b-
od6ali, MM(\MM(3 8M83a60.:i6Mooli li.:i'l:iM8o. MM oo6.:>Q?1>!:Qa6.:ili 10,000$
ad6a6.:i01 noo 3a 0.:i8Ml>:::10C!? 3ot.i .3af1oMQ?o, 01() MMo 3at.i ad6a6.:i
5000$ MM 8.:i3P1.:i8 aMmo .3P1Mad@>oQ?.:>6
MM8 6.:>J1>1l?a6o .)M oj6a6.:i MMO Cla81l?a8, MM(Q:JU.:>G 8aMMa8
8Mo3Gali 5000$ aa8!:Qa 0o l.i.:i8o .:i8 0 3.:iM.:>13;?,
0.:i8Mlitioll? 3ot.i .3:JMOMCQo o8Mt.i 8M8 0a6o.:i6Mooli 0 .:iu.:i'hM8.:>!:Q •
.:i8 81'MQ?1> 8amM13;?0 036Ml\10M:JO.:>l.i ()Jamaoli (\?MMoli 8obaQ?3om
030 8.:if1@>03.:>Q? .:i8.:i@>aob 6.:>J1>Q?a6b .:i8 6.:>J1>13;?:J6oli 3.:>6b-
.:iP1aClo. 1 8.:ijbo8()8 3.:i8MU::JOCQ3ob .3aMoM13;?0,
0
3.:i8Mo:::ia6ao.:i MM 0MMG Cla8GoM:J6oli b@>.:i6Q?.:>M@)o, .:>Mob b.:io63:jli@>oGoM .3MMad@>oli li(l<(JO"l.:>
b(Jooaj@>()Mo aa'B.:ibao.:i.
8o(Jball?"3"1l? o8oli.:i, P1M8 063ali@>0Goob 3.:i8Mb::Joll?3oli .3af10M13;?0 .:>Mob 8M8oaoo.:i6Mooli
l.i.:i 'bM8o, o0o 'l:iM 0oaf101 O.:>M8M13;? 0a6.:il.i .3MMaj@>'ha.
oa 3Mo 8a6a3i:aMo 8.:ili o8a6aoli .:iua 3a .3MMad&oLi MobJob Li.:i'hM8.:i!:Q; 8.:i 8M.:i8
MMoMMG 6.:iR3a6aoo od6ao.:i Cla8Q?:J8 01.:i3Clo, .:iP1baoM6U 80Q?3M8a60,
.:i8 MoliJob 13;?M6ob (J<(JMM 'h(lli@)o aa'B.:iliaooli 063ali@>oGOOU 3.:i8MU::JOQ?-
3oli .3aMoM!:Qo, P1M 0MMG b.:io63ali@>oGoM .3MMad&oli b.:ibo.:i010,
8.:i 0 f1.:i8 ()Jamal.lo.:> 030 oj6ab 6.:>J.:>Q?a6ob
8amMQ;?aoob Q?.:>8.:i@>aoo01.

063ali@>oGoOl.i 3.:>8f'1UtjOQ?3ob .3aMoMQ?Ol.i 8amMQ;?Ol.i 8o(Jball?"3"1l?'

o8ob MM8 6.:>J"ll?:J6ob CQOUJM6@)oMa6oli 8amMCQO (J<(lMf'1 8a@>.:>Q?
MOoad@>()M li.:io63ali@>oGOM .3MMad@>oli Cla<(l.:ilia6obm3oli ll?" Clal\1Ra3olim3ob. ab
8amMQ?a6o P1M 0MMG 6.:iJ.:>CQaooli l>oQ?oe!?au, .:ilia3a 8.:imo
Q?MMob 8ob:Jll?3om .31\lMad&oli
.3:JMOP113;?ao). .:ijooM6aP1aoo (J.3ol\1.:i@>aliM6.:ib .:i6o::J:aoa6 G.:io63ab@>oGoM .31\lMadc!)li,
O:J8C!?aoo b(JmO

351
 30!.l?MD .3M(Y)Od8b, 00030 6"J"tl?06b 6-ti?.:>6 10 dOC\?00"!.l?
6"J"ti?06ob .:>Mob 808"!.l? G.:>n63ob80-
':'JJ(JQDOnb llnll(" G001 ti?M01b.
a06.:>J3a010 - !internal rate 6"J"ti?ob 8om01ti?o60
of return (IRR) -
006bb30306060 6.:>J"tl?06ob bb30ti?0bb30 .3M01od806obm3ob ti?ObJ016-
063al>8nl3nao't>a
0060J 3amnu 80Mooob .3M01Gobob 80Cl30016om. 08ob 0"Mti?.:>, !:QObJ01680Mo6ob 0MR0306ob 8oboti?3om, !5306
lla'1J"l>aoou a0m"'IJ(n. 0bo30 008f'1300600M0Cl01m .3M01od8ob MobJo. b080 801030610
IJ(OUJM6(linfiaonb
6.:>J.:>!:Qob 8om(Y)!:QO .:>Mob (JJ(J006ob Clo!:!?" 0060J3omo (IRR), 0806!.l?"
0 06.:>J3aa10,
{NPV) ti?" 8018006006(Y)6ob o6U?odbo (PI). dOC\?00"!.l? !5306
801dfi.:>MOD00U 8om(Y)i:Qb. ob 0061801ti?0060 80-3 m03ob M(Y)l:QOb"G !5306
8081l(n60fia
i:QM01ob 8oboti?3om !:!?" 80-4 m03ob M(Y)!:QOb"G
u0063ali(linl30"' :Jfi"'Dd8nli 'B"bo.:>60 80180000.:>6(Y)6ob b.:>Jombo.
IJ(.:> (JJ()00oob Clo!:Q.:> 006.:>J3omo (!RR) b.:>n63ob8ooo(Y) 0060U?"U?Ooobm3ob .:>Mob ti?ObJ(Y)68ob
u061Jnlin n63au(lio 8 00onli
006.:>J3omo, o8o6!:Qi> 6"J"ti?000b
(CF) bi>OtJObo 6.:>Ji>ti?ob {ICO). ffi(J bi>OtJobo
06 b.:>Mfeo ti?M(Y)b, o0o 006"J3omom, IRR, 0803061.:>!:Q

_ CF1 CF2 CF
Ico - 1
+ 2
0
+ ... +--'---- (13.
(1 + IRR) (1 + IRR) (1 +IRR)"

08 0 301'\0!.l?, IRR .:>Mob 0 06.:>J3omo, ti?ObJM680Mo60b ()Jomo6b

0806!.l?i> 6.:>Ji>l:QOi'iob t\?0606.:>b - CF 1 - CF0 - bi>OtJOUO
(ICO) ti?M01b. !53060 mo3'bob 00801b.:>dM(Y)60
i:Q.:>6.:>!:Q0.:>Mobm3ob 08(Y)(3.:>60 00801ob.:>b(Y)b Clo8U?oo6.:>nM.:>ti?
$100 000 = $34,432 + $39,530 + $39,359 + $32,219
' (I + IRR)1 (1 + IRR) 2 (I + IRR)3 (1 + IRR)4

(JJ()QO<'iob Cloi:Q.:> 0 06.:>J3omob 08(Y)bb6om, IRR, 'b(Y)8fe0M 8(Y)oo03b

0.:>bO(Y)Mo6ob 8om(Y)tl?(JM .3M(Y)(30bb
0i>8(Y)t10606om, b06oti?600M(Y)tl? 01'lbo6(Y)6b .3M010M08060 U?" !:Q.:>.36l(Y)061080-
008(Y)3ot10601m 0 .:>bo(Y)t'lo6ob
.3M(Y)(30t\?(JM1>do. Ob 03ob801'io60 m03oi:Q.:>6 06 0 061000. 8006108 .:>Mob
Clo8mb303060, M(Y)l:QOb"G 00bo(Y)Mo6ob 8om(Y)i:Qob 008(Y)t106060b 3061
U?"3()6M(J6tl?om !5306 b.:>!:Q.:>(3 (J6!:Q.:>
fQObJM68oMo6ob 0060J3omo, 000m.:>6i>6Mo<'>tl?"
0806!.l?" 6"J"U?o6ob !:Qo60606m06 bi>OtJobo 063ob800006om. U?"3()Cl30m,
M(Y)8 !5306 3oot106m 15%-0060 i:QObJ(Y)68oMo6ob 0060J3omom (Q" 008(Y)3d3om03m
0806(!?" 6.:>Ji>(Q06ob tl?o60606oi:Q.:>6.
Clob0608obo J010'Boooo68ob 8(Y)do66obm3ob 008(Y)3ot106(Y)m 08 0006ob
!:Q<'>606lmotQi>6 II. OtJ(Y) Mi>8tQo6feoM8o
0.)8(Y)03080606060 PVIF;,0 = 1/(1 + i)".)

PVIF 15%-0ffi
$34,432 x 0.870 $ 29,955.84
2 39,530 x 0.756 29,884.68
3 39,359 x 0.658 25,898.22
4 32,219 x 0.572 18,429.27
$104,168.01
------··-·---·

15% ti?ObJ0168ob 0i>6i>J3omo dOtQ00iltl? .36l(Y)od8ob

0[j:i>Moo6b b.:>OtJob 063ob80000b 100,000$-om. CloU?00iltl?, !5306 (J6tQ"
3G"tQ(Y)m 808.)tQ fQObJ(Y)68o1'looob 0.)6i>J3omo, 6\(Y)8 (J'BM(Y) 8o8"tQ 0.)3ilmi>6i>6M(Y)m
6.:>Ji>t\?060 (Qi> CJ03i>8(30M01m 8i>mo 100,000$-
8(!?0· 610 btQ060 (QObJ01680Mo6ob 20%-006 006.:>J3omob (QM(Y)b?

352

'""''"""'''""' - "'"' 6006"'0
G°'(J1'1b OMMnl> BtQQ0.>1'13
':'Jo6rioo 1'1nob3ol>
Boobrc;"'ooomo OQ'IJ"l>o<».
8"'8300006Monl>
3>foJ3001n,
li1"18:Jrc;no l>0tlnfi010
l>00633l>0noo"' .3fimod0nl>
3nlJ>c::J00(Q,
'(J':'Jrc:'"l!1n foJ>lQ:Jool>
tQnl>Jo'60m"ioonl>
060rc;n'bom, 306>J3omn,
Oi018rc;nG 8nbotQ3nm.>o,
;)1'\,,,od0n 306obnrc;al»
8ol>0c:;:io0\!1·
13.
e;arc;o 5806\:Q.) 60J0tQDoO PVIF 20%-0m 0brc:'06\:QDl!:';'O
..
I $34,432 X 0.833 $28,681.86
2 39,530 x 0.694 27,433.82
3 39,359 x 0.579 22,788.86
4 32,219 x 0.482 15,529.56
$94,434.10
.;8 (QMMb .:.8Mmflo(JC::O 1QObJM60oli 0060J3omo OtJM d.:.e::;o.:.6 CQOIQO. 80('.?00(JC::O .:.be::;.:.6uwe::;o
C'.?omoo()e::;oo.:. .:.moli 6.:.Je::;ooo, 301QMO 8Mli.:.e::;MIQ6oe::;o 100,000$· li()r1.:.mo. IQObJM60oli
0060J3omo, "()Goe:::oooe::;o 'B()C::"(l:!o 6"Jo1Qoli CQOliJ0160omooolim3oli 100,000$-8(l:!o, ()61Q" OtJMli
15 (l:!" 20%-ooli ClMmoli .
.:.be::;o6(l:!OC::o ('.?OM::JO()C::OO" 15%-om >ICO> .:.be::;o61QOC:: ('.?OM::JO()C::::JO" 'bo 20%-om
$104,168.01 > $100,000 > $94,434.10
mo.:.c;:()m 006"J3omm06 800be::;Mooolim3oli, 8306 3"Jomoom
l
ClMMoli Clo81Qo 0 6.:.oM.:.IQ:
0.15 $104, 168.01 ] 4 68 01
0.05 X [ IRR $100,000.00 $ ,1 · $9,733 .91
[
0.20 $ 94,434.10
x $4,168.01 x = (0.05)x ($4, 168.0 l) = 0.0214
0.05 $9, 733.91 $9,733.91
(l:!" IRR = 0.15 + x = 0.15 + 0.0214 = 0.1714 .:.6 17.14%-li. (JM8.3o(J0oM'bo IRR-oli
00801060.:.MoCloo.:. 030de::;o3li 17.04%-li, MoG 8MG08()e::; Clo8mb3030Clo di:>e::;o.:.6 .:.be::;Mli .:.Moli
fl3061J 800be::;M30oom .3.:.1.i(Jbm.:.6.
Ol(J '(3(JC::0CQO 60J0(QO 0MOb CJo8M(Q0600::JOOb m06.;00M'bM800Mo 06()00000, bMC::M b00tJObO
063oli00000 b(l:!OO" 6(Je::;M306 IQMMb, 0M oMU[JOMOb GCQM8oe::;ooou ()0bbMMOOOU 8omMIQOb
0 08MtJo6ooou u.:.itoMM 0o.:.. fl 30 5 (JOM.:.e::;MIQ u.:.5tiou o6 30 u00 8 0.:.u 0.:. 3tJM'Bm tJM 30 e::;oe::;o()r1
CJ 08Mu.:. 3.:.e::;'b 0 !!!" 8M 3d0o6om 1QOUJM60o6'>oooli .:.be::;M JMQ'Boooo60u .:.6()o0o0ou 0be::;061Qoe::;o
C'.?06oo()e::;ooou JM::J<(30QO[J6@Joooli ob6oe::;Clo (PVIF A). ::JU .;obu6oo.:. 08001, 6018 58o61Q.;
'B()C::"(l:!o 6"J"C!?ooou 1Qo50o0ooum3oli, MM8oe::;u.:. 8 00M8M01Q006li 06()00000, fl306 030j3u:
ICO (PVIF AIRR.n) X (do6oMCQ()C::O '(3(JC::0(J:!O 6oJ0(J:!O)
(Qi:> .3o6Moooou 8"1Q"6"03e::;ooom
(1
fl3::i60 800.:.e::;omou Cl::io3e::;om (l:!"3()Cl30m, MM8 u.:.5tiouo 'B()C::"(l:!o 0.:.u.:.3.:.e::;o 100,000$-CQ.:.6
8030('.?::JOl 4 oe::;o.:.60 Clo801u03.:.e::;o 36,000$ ooe::;oo.:.IQdO. 100,000$ 0"3tJMOl 36,000$ IQ" 30('.?::JOOl
2,778. !QP,bJM60o6ooou .:.be::;M JM0'(30QO::J60o MOJboe::;o.:.60 .3::JMOMIQOU 85J603Clo obP1oe::; IV-Clo
(6.:.bom 1Q06oMOlO .:.8 ooc,6ou OMC::MU) !:>MOU 2,798; QU Q0<(3MO Cl::iou.:.008000 16%-o.:.6 1QObJM6-
&nMooou 006033omu. <D.:.81Q::J6"(J:!"G 2778 6.:.Je::;ooo.:. 2798-'bo, d6oe::;o .:.6 .:.Mou o8oli 1Q0Cl3000,
MM8 1QOUJM60o<Dooou 0060J3omooou 'B"J00(JMO 860036oe::;Moo o8tJM<(300" 16 IQ" 17%-u
OMMou IQ" OJ() fl306006 801mbM36oe::;o0 ()<(3MM 'b(Ju0o .3.:.u(Jbo, IQ"03i'toMIQOO" o60oM.3Me::;oGooli
o 0u<D(Je::;oo.:.. MM0 01<Do fl 30 6 (JJ 3o 36.:.b 0m, MMIQ::JU"G 'tl()C::"IQo 6"J"U?ooou U?o6 0o0oo 0<Dou
0<D.:.m06000<D'bM800610, 83060 08MG060 .:.f.luo6om.:.!!! Mm(Je::;i:i;wo.:.. .:.liom 008mb3030Clo (J6(J:!"
a
0.:.8M 3otio6Mm GIQM8oe::;ooou 0 c.li50161oooli 0mMIQo. 61.:.81Qo6o8 0 .3M0j&oJ()e::;o fJ 3030 oou
008MtJ06ooom, ()6!!!0 3oli603e::;Mm IQOUJM6&o6oooli 0 .:.50J3omoooli u.:.5tioGo 860Cl36oe::;Moooou
'b(Jb&o 08M68030.
"-'rloo.3®:::i6uob J6in&:::i!'i'ln(J8o. "OG:J.3eo5uoG 360&0610()80, P1M8::ie::;oo do<0om"1Q"1Q 0 08f'1tJ:J-
6oo()e::;o0 ()J()8[]00b 00{!!0 0060J3omoG 8omf'l(J:!O"l06, .:.6oli 063oueoGOOU OOIQ0 8M800000601ooli
0060J3omou O[JIQ0M000 u0063oli@.>0(30f'1 8oU0('.?00c)CQ 801mb0136oe::;o 8M8000006f'100U
806080e::;()<0 0060J3omm06, .:.5() 00 030 c.be::;.:. 1Q<>3()Cl30m, MM8 0 30j3u
353
 5.

8f'J0000G 0 06.:.J30010. 01() (JJ()QDOoli 0 060J30010 .:.tJ:0MoooG

006.:.J 3001G, .3Mf'l:Jd8o .:.Moll 01() <>M<>, .3Mf'l:Jd8o <>Mou 01() 8f'l 0oooG
0 .:.6.:.J30010 <>Moll 12% f1306u 08f'l(3<>60Clo (JJ()80ooG
0 .:.6.:.J30010G u<>n630u80(3of'l od6oo<> 01'() 8f'l 0ooou
c,060J30010 .)MOU 8f'Jc,oo.:., 0630U8f'JM0, Mf'J8 Jf'l8.3.:.6o.:.
008f'Jo8()Cl<>30ou Cl0G.:.o.:.80Go u<>n630G80Gof'l .3Mf'l0d8oli 8.:.Clo6 .3Mf'l:Jd8oli
8oc::i00.:.8 IRR 0630u80(30001, 0tJ:0Mo00G .:.8 8f'J8c,00006f'lOOU
0 .:.6.:.J3001G, 8f'l83G0G Jf'l8.3.:.6oou <>dGooooG G00.:.'bMf'l 'B.:.uoG oli 0obli600.:. 08001,
Mf'l8 Jf'l8.3.:.600 ootio<'>G .3Mf'l:Jd8oG 8M8 000006f'looG 0.:.6.:.J30010
8080<> c,.:.6.:.J3001'bo, .:.8 Jf'l8.30600G <>dGooooG G.:.o.:.'bMfYl
'B.:.GoG 08 (Jf13060ou, <>Mou
80G.:.c::i000 0630U80(300G JM080MO(J8o, Jf'lJ<'>"
80680 (6.:.b001 d308f'l01

(JJ()80ooG 0.:.6.:.J3001ou <>Mou

S8n5\l/o ubc;i,16\l/Oe:'o u.:.06-
('.?olOuo(Jc:;iQ6o
present (:\!'V) -
30G80Gof'l (NPV) <>Mou
u;,n631'ib8nGnM u0otiouo
3t'i"'ad8aonb <>d3G G0b0:
0806!!2"
NPV = _.s:!l_ + CF2 + ... + CF" - ICO (1
3"101aj8ob
(1 +kl (1 + k) 2 (I + k)"
uoo8ouo
k <>Moll 8f'J 0000G 0 06<>J30010 ub30 <>Moll 0060uo0M
0 .:.6G.:.

ANHEUSER_ BUSCH Anheuser-Busch

Comj>allies JM8.3060:JOO

JM8.30600u 6no0M0130G0130G <>d3u o68n6-

Go(JMO .3MMDd®oli 8oc::inoou
'l3o6.:.6u(J(i}O G0'bM80 ,)MOU, <>tf:<>MO[JOG 01() ,)M,) aoGo
8f'J0 no<> 063nl>80(3M'b[J Jf'l8.30600G

<>dGn.38n6bob JM08[)(i}O(J80. 01() G0063oli80(30fYJ .3mf'l0d®oU

<>Mou 06 80®0, dMf'l:Jd®o <>Mou 8ou0c::i000; 01() <>M<>, o0 o .:>Mou . .3MMDd®ou
<>dG0.3®06uoG JM08:JMO(J8oG c,08MG0b3ou [JM010 ,)MOU 080'b0, MfYJ8
.3MM:Jd8o od6000 01()
<>tf:<>MO[JOU dMf'l:Jd®oli 8oc::inoou 08 JM08[)MO(J8ou
oun0100, Mf'lC,MMo(3 063ou®0Goou (JJ()8DooG Jf'l0'l3oGon68ou
01() 8M8c,00006f'JOOU c,06<>J3n010 c,06G0'bc::i3(i}03u 08
8f'J8 80 0006Mo0G, o6 3nt.i®MMou 0'bM001, JM8.306Mu
u0063nu®oGoM Cl0801b3n3<>Clo Jf'l8.3060.:.
oc::inoli .:.tJ:0(i)o00G
80Clo6 Jf'l8.30600G <>dG0000G G000'bMM 'B<>uo

354
 01() 8M8000006MOOU 0060J30010, .:>6 CQOUJM6@)oMooou 0060J30010
u6MM.:>CQ, JM8.306oou .:>dGoooou u000'llMM C(puo (J6CQ0
uoC!?oC\?001, Clou0008ouo u0063ou@>oGoM .3MMOd@>ou 6806CQ0
. .3MMOd@>ou 6806CQ0
.:>M (J6CQ0 8M0bCQ06Mu JM8.306oou .:>dGoooou
u000'tJMM <(30U'tJO.
01() 15306 CQ.:>3()030001, MM8 8M0aoou 0060J 3o010 .:>Mou 12% C\?00 003 Mou
Clo8C\?00• 153060 6060 6806CQ0 od6000

NPV = $34,432 + $39,530 + $39,359 + $32,219 _ $IOO OOO

(I + 0.12)1 (1 + 0.12) 2 (I + 0.12)3 (1 + 0.12)4 '

.:>6

NPV = $34,432(PVIF 12%. 1) + $39,530(PVIFm,.2) + $39,359(PVIFm,,,3)

+ $32,219(PVIF 11%.4) - $100,000
= $30,748 + $31,505 + $28,024 + $20,491 - $100,000
$10,768

JOCQQ3 .:>8M(3060 .:>8Mobu60u JM8.3o(J@)OM001 1 .:>6

Clou0008ouo .:>Mou 6006ou
Qp60M01Clo. M.:>8CQ060CQ.:>(3 .:>8 606.:>CQ.'.>CQQOOU 6806(\?0
.'.>MOU CQOCQO, 6o60CQ0CQ000 (J6CQ0 oj6ou 6806(\?0
8001MCQ'lio.
o8o6(Q.:. (NPV) al'1.:.iaoJO. 5806CQ0 CQ0
(JJ(J0000U dOQ?0 0.:.6.:.J3001ou 8::J01MQ?OOU doM0010CQ0Q? 8033030M01 .3MMOd@>oU 8oc.;ooou .:>6
(J0MSM'?.lou 8u 003u u(JM001Clo 13.1 15 30 6 30Cl(Jdo<'>01 MM
('/Oo'(JOJO, 8001MQ?U 15306 8ooM 0M0<(30JO,
0Gobo3l>
06MQ?Oo0 0 1'i10'?.J0Jo, (Jl5306oob .3MMOd@>ou 6806t\?0
:J<'\,.,odenl>
Q?.:> CQObJM6@)ob 0060J3001b oMMob. MMQ?OU.:>(3 Q?ObJM6@>ou
f58n6m> 0060J30010 .:>Mob 6806Q?0 80M@)o30Q? .:>Mou
!!I" Clo8MQ?06oooob .3MM::Jd@>ob 60J0Q?OOO. Q?.:>3()03001 @)M0Q?0-
<lrri<'iol>. .3MMOd0n - b0Q?0G o08MQ?o6 0o0oo .:>j:0Mooob 0 0n?o6oooob Q?0 b0n?0G
b063obo 00Q?o6000 (00n?o600000) 8M33000 Clo8MQ?o6oooou - 50P'i8Moo3000 6806t\?0
MMQ?::Jb.:>(3 Q?ObJM6@)ob 0060J30010 .:>Mob M0n?006 Q?ObJM6-
@)ob 0060J30010 o'liMQ?oo0, 68o6Q?.:> 0M0<(30JO obM000 j303ocn 80M-
ji;3603. b.:>!:Q0(3 NPV b0'tio 00Q?0J3001b c.;oP'idb 0P'10'(30J'bo,
.3P1Mod@>ob 58o6Q?.:> 0P'lou 006b0'tic.;3P'lob 8oboQ?3ocn, Q?ObJ(Y)6-
@)oP'looou 006.:.J3o010 08 60P'i8M.:.n? 0 o6b (JJ() 00 oob Clot\?0 0 060J3o01b - b(JP'l0010 13. 1
NPV 0P'l0'?30Jo 0103'bob 008Mu00MM00 Q?060Q?00P'lob (Jl5306oob .3MMOj@>ob 6806(Q0
P1o 0 o Q?ObJM6@>ob 0 060J 3o-
01ooob013ou. Q?ObJM6@)ob 0060J30010, .3P'iMod@>ob 5806Q?0
08 (QObJM6@>ob 0060J3o01ooou013ob, 8o@>o0
(JJ(J 0 aoob Clot!?.:. 0 060J 3o01'b 0, .3P'iMod@>ob 5806(Q0 0P'iob
(J0M3M<(30CDO.
01() 8M0ooou 0060J30010 (JJ(J0000b dOQ?0 0060J3001'tio, 15306
Q?0300106b800001 .3MMoj@)b MP'io30 8001MQ?ob 008M30600001. (Q03()Cl3001, P'iM8 8M0ooob
0060J30010 03(Y) 12%. MM0(Y)MG 60153060000 13.1 b(Jfii001'tio, .36iMod@>ob 6806t\?0
0P1ob 10,000$-'bo 80@)0. (6806(Q0
15 30 60 5060 0 08M05 00P100 0o0onCQ06 308 001, P1M8 o0 o o3M 10,768$). P108(Qo-
60n?0G .3P1Mod@>ob 5806Q?0 0!Yiob CQO!:Qo, 15306 300106b8ooocn
.3!Yi(Y)oM>G 5806(Q0 8001MCQnb 008M30600001 . .:.8ob 8b003G0CQ f\306
300106b800001 .3fiiMod0b (JJ()00oob Clo!:Q0 0060J3001ou 8001(Y)CQob 008(Y)3o600001, P10CQ 0 06
(JJ(J&Ooob oo!:Q0 0 060J30010 ( 17%-BCQo) 0EJ:0P1ooob 8(Y) 0 ooou 0 060J 3omb ( 12%-u).
m(J 0 06.:.J 3 o01000 CQO(Qo0, 30CQ!Yio (JJ(J 00 oou Clo!:Q0 0 060J3ocno, 15306 3(]0!Yi3M'(301
.3!YiMod0b MIYio30 8om(Y)!QOb 8obo(Q3ocn. 08030!Yi0(Q, f\306 fii(Y)8 (JJ(JOOOou CloCQ0
0 060J 3o010 (Q0 6806CQ0 a 0mMCQo<'>o 8b 0 03u .30bvboob
u00630 G0 o0 oM .3!Yi(Y)odonG 8oc.; 0 oou 06 ()0IYisM'?.loG CJ 0G00080G0CQ.

355
 40,000
€
/)
K)
C')
EI
;;; 30,000
C')
\£
c
El
c
g 20,000
eJ
lO
/)
EI
,jJ
/)
/) 10,000 -----------------
eJ
lO
c

NPV 01'\o'BoJo 0103'bob

GoC!l'iMoo jol'\b6obo0130G - 5 10
6806(!/o

Gb30C!/0Gb30 (!/OGJf'l680G o.:>6.:>J3omo (%)

-10,000
(!/OUJM68ob
0060J30010Go013ol>

61.:io 8D<§o od6Do.:i 61.:i(Y')u;w6(Y')o.::. 061.::.<noJ'bD, 8001 8D<§.:>Q? 'b(Jb<§o

.::.c:i8(Y')fi6Q?DO.:> NPV-1.i 061.::.<noJo. m(J8G.::. b.:>J8.::.61ol>o NPV dM(Y')-
dM(Y')Dd<§obm3ob booM.:>CQ 0.::.8(Y')03.::.CQ 0 :Jb 0M.:><noJo,
b.::.80 NPV CQOUJ(Y')6<§oMnooli
0.::.6.::.J3Dmom, NPV 8(Y')80Doo.::.6(Y')ool.i 0.::.6.::.J3Dmom {!?.:> NPV
ClDli.::.o.::.8ol>o dM(Y')Dd<§oli IRR-om.

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

dMMtJJ8ol> csnonn6<§n 0806!!2.::. 6.::..J.:>Q?Dool.i CQ.:>
6806(!/0 l.i.::.o::inl>o .j(Y'):J<B0(30:J6@>o. :Jb 0.::.8(Y')ol.i.::.b(Y')b
6oJ->C!laoob Cln8U?no6.::.nM.::.U?

J"'tJ'B0(30tJ68o oa
31'iMtJJ8oG Go68oG (1 + k)1 (l + k) 2
... +
(l + k)" rlrco
063ab8ooooo'bn.
fi3n6li 8nnM 8obnCQ3nm,
PI = ($30,748 + $31,505 + $28,024 + $20,491 )/$100,000
= $110,768/$100,000 = 1.11

M.:>8CQ:J6 b.::.6l>.::.o 8(Y')8 0 Doo.::.6(Y')ool.i o6uwdlin .::.Mob 1.00 .::.6 8n<§o,

li.::.063nli<§0Gn(Y') 006.::.CQ.::.U?no.::. .::.P1ol.i 6nool>8onMn dM(Y'):Jd@>nlim3oli 6'8n6CQ.::.
IQ.:> 8(Y')8 0 non.::.6(Y')onb o61Q:Jdbnb 8:JOl(Y')IQ:JOO 00 031) 8nc:ino.::.-
(J.:>M::J(Y')<[JOU 6nCl6noli. (8(Y')8c,non.::.6(Y')00b n6U?ndlio, 8n@>n.::. 1.00-'bn 8n()OlOOl:JOb 08.::.'bn,
M(Y')8 6'8n6Q?.::. .::.Mob Q?OQ?o). 6'8n5Q?.::.
8om(Y')(QO bonM.:>(Q (J<BM(Y') 3nQ?M:J 8(Y')8 0 non.::.6(Y')onl.i o61Q:Jdlrnl.i
8:JOl(Y')(Q0 . .::.8nli 8n'bn'bn .::.Mob nli, M(Y)8 6'8n61Q0 o:J(J06:J000l md3n6
Ol(J 061.::. dM(Y')Dd<§n IQ.:> .::.l>D30 0 .:i8(Y')b0@>.::.3li :J.J(Y)6(Y')8nnli
dM(Y'):Jd@>n ().J:JOl:JOb lin81QO(QM:Jb. 8(Y')8c,oon06(Y)OOU
n61Qojlin, 3n61ndnm, 0 .::.8(Y')b.::.<§.:i3l> Cloli.:io.::.8nli 8(Y')8 0 oon.:i6(Y')o.::.li.

356

-:JtDMJoJ80,
8n('.?QO()c:;>n (06
()>MW'>'l'Jnc:;o),
OM ob11w6G 'bo2,03c:;o6ob
Gb30 :Jt'i01od8oo'bo.
- Goo633G@in(3n"'
:Jt<\013d@Jn, t<\018c:;oG
8oc:?aoo !:Q08MJO!:QJC()t'.';'OO
3t<\mo 06 t<\081:Q36083 l>b30
:Jt<\013j@iol> 80".?000 'b3.
.3t<i"'Dd8n, MM8c:;ol>
80('.?300 ao801t'inobo3l>
ot'imn 06 M>81:Q36080
>c:;8ot'i60on()c:;o
.3MM3j@iol> 8oc:?3ool>.
!!?"
i)di)8CQO f\3058.) MM8 08 Cl j8())b30306Clo, MMCQOb0G b0JO())bo obo60
dMM:Jd8G, 8obo CloqpGo6ob 8o())M(Q[J60 IRR, NPV
CQ0 PI 8b 0 03Go (05() 05 .'3MM:Jd0o 05
3()0MtJM())). ())()800 .:i<'l ()5CQ.:i CQ.:>303otitJM()), <'1M8 .361Mod0o6oG 'bM 0 oo6\()) 00:.ib .3M005Go(JM.:>CQ
Clod85.:ib
3.:iCQo.:i5o o53ob800006ob CQ.:>303830()).
(!6'iM;:ij@:io - o<'l())o .:i5 <'1.:i8CQo5o8o bb3.:i
.'3"101odeob - o8G.:ib(J<'lo6b 8.:i5d.:i5oG
0.:>M(Q.:>, b.:iB:oMM j.:it'1b5ob 000500.:i. 5ooob8oot'1o
m.:i58CQJ30 tio5.:>(Qi>CQJO.:> ()5CQ.:> OtjMb MMCQObi)G 8())03.)M
tin5.:ia;i.:>CQJ6i)G.
Gi)o53ob0oooM .'3"1Modeooob Clo'?J<>lloooGi)b 't:>M 0 o 8.:i())305o ntiMb
(jM())OJM())oi>8M8Moob030. ob .:>Mob Ob::J())O dMM::Jdeo, 8oe;oo<> 3.:i8MMOGb.:i3G JM())O .:i5
"1.:i8CQo5o8 0 .3"1ModeoG 8oe; 0o.:ib. ())() JM8.'.l.:i5o.:i
o53obeooo0b MMO bobeo8oCQi)5 JM())-oM())OO, JM())O bobeo8oG tJO(Q3.:> c,08M-
"1nob03b 8JMMO bobeo8oG tinCQ 3i)G. MMo (JM())oot'1()) 0 08M8"10 8 b.:i 3o tin5.:iCQ.:>CQo60CQ05 i)M
MP1030 otiMG MMCQ::Jbi)G 30titiU?ooo()) (Jt'lmoof.1010 080186lnob03
d0o6b, b.:iJ8.:i6loGo 061 .)Mob 8.:i"10M o8ob GMCQ5.:i, .'361Mod0o b.:iJ8.:>"1ob.:>CQ J.:>M 0 o.:i
OJ() G(JCQO. f\305 (J5CQi) 8,:,()) 0 .:i5o .:it'1ob (JJD())obo .
())() MMO 05 80@>0 b0053obeoonM tiofo(Qi)CQ06.:i 0Mob (JM())OQMOlo.:>8M8Moob.:i30 obo, MM8 f\306
()5CQ0 030"1floM()) :JM())o, tio6.:>CQ.:>CQJOJOnb IRR, NPV CQ.:> PI 8J())MCQ:J6oG
8M83G:JG CloCQ0806o, Mi)5tin1'1 0ooG .:ibo())o JM6-
ntiMb d::J8CQ000 Gi)8o 8o't:io't:ioCQ.:i5 :JM())o()) .:i5 G.:i8030 8o't:io't:iob
JM8oo5.:iooo()):
1. o63:Jbc§>oGn:J6nb 80boc§>.:i6n: 8.:i5bb 303CQ 0o.:i .31'1ModeoooG
a.:i6bb3<>3:Jd.:> V'Zlf!:'..'"fS! foJi)fr!:JdOo: (1,i)5Gb3<>3(QJOi> 60J.:>(Q:JOO (QMMOb 8obo(Q30()).
OM())O dMMJJeob 6.:>Ji>CQJOO (QMMob o't:>M(QJ0.:> 1
8.:iClo5 MMCQ:Jb.:>(3 bb3i) .'.lMMJJ@JoG foJ.:>CQooo 8ooP1CQ:JOi).
jr'9M:Jjc§>ob b0bn(JM(Jbf!:'..'f'l (JOJf!:'..'O: .3"1Modeooo b0boi)01Cl?o60.:i6
.
83 .:ibbf'l 3CQ 0b, 61M8 .:i8 .'.lP1Modeoob ClMP1ob 0P1())o 05 8oeo 0 i)5Gb 3i) 30 0i) .:i6lob
8i) 0 <'1.:i8 .:it'1.:i b.:>J8.)6lobo .'.lo61Mo.:> M.)6tio1'1ooob())3ob . .:i8 0 3.:i1'1.:>(Q,
MM8 (JMOlO;)Pl())oi)8M8Mo(.3bi)30 dMM;:JJ@Jaoo 3i)6bb3.:i3(QJ00
.:i8 ,,J1'1oe;:i6ln(J8o())" (o53olieoooob 8i)liCl@J.:ioo, foJ.:iC!?ooob b(JM<>())o (Q.:> b.:ibo(.3M(.3bM
Cl?.:i i)M .:if\306oob 5ooob8oo6l P1ooeo6 0 ;:iob ClMP1ob IRR, NPV Cl?.:i PI
8omMCQ:JOob 8oboCQ30()).
0.:.6Gb3i)3oonoo o6 3ob0oGoob ai)Go0.:.ooo . 't:>M 0 '.S?.oP1 ti0618Mo0Mo.:i 0.:i5t.ib 303C!?ooi)
())() bi)btjobo (JMOlO::JM()) 0 .:>8fYl8MoGb.:i30 063ob80Goob
.'3MfYl::JJ0ooob013ob. a;i03()Cl30()), Mf'l8 JfYl8.3.:i500b 0j3b fYlMO (JM010::JMOlo08M8MoGb.:i30 b0053ob-
(8,i0(.30M 506"CQ.:>CQ::J60, Clo8CQ080 ti806a;i0 5"J0U?ooob
8oc:::oo.:i:
0 -$100 -$100,000
0 0
2 400 156,250
357
 5.

()J()oOOOl.i 00{!?0 3060J3001000 s (8(30MO .3MMOd®o) {!?0 L (8lib3occ:o .3MMOd®o)

.3MMOd8oool.i013ol.i 0Mol.i ool.i0008oli0{!? 100% {!?0 25%. 01() 8M 0 oool.i 8M01bM36occ:o 0 060J30010
oMol.i 10%, .3MMOd®oli 0806{!?0 0bcc:06!.'!?0CC.>O c:_ioMOO()CC,'000 S od6000 231$ {!?0 Bolio 8M8 0 0-
0006Mooli 06!.'!?odlio od6000 3.31. .3MMOd®o L-oli013oli, 0806!.'!?0 0bcc:06!.'!?0CC.>o 0Mol.i
29, 132$ ooli0008olio 8M8300006Mooli 06!.'!?odlio 1.29-001. R3o6o oo!.'!?OoOOol.i R3o6
o3od6o 00

IRR NPV 10%-om PI 10%-om

S 100% $ 231 3.31
L 25% $29,132 1.29

IRR NPV 10%-om Pl 10%-om

s L s
8oMMO L s L

.3MMOd®o S li0li()M30CC.'00, 01() R3o6 0 08M3o::io60001 ()J()80ooli 00!.'!?0 0 060J3001li 06 8M8 0 0-

0006Mooli 06!.'!?odlioli 8001M!:!?li . .3MMOd®o L li0li(JM30CC.'00, 01() R3o6 008M3o::io60001 0bcc:06!.'!?0CC.'
0806{!?0 c:_ioMOO(JCC,'Oooli 8001M{!?li. 01() R3o6 0033odcc:o0 0030MR0M01 08 0060!.'!?0!.'!?00000{!?06
8bMCC,'M{!? OM010, R3o6 33od6000 00J0Mo JM6<tJcc:od®o.
M0{!? 0 06 ()J()80ooli 00!.'!?0 0 060J3001oli oo!.'!?OoOooli 8001P1!.'!?o 008P1liob(Jcc:o0 .3MM(3068(JCC.>0{!?,
0630!.i®oGooli 80lio®000 0Moli o0 6MMoMoo()cc:o. 080!.i 8li 0 03li0!.'!?, M0{!?306 8M8 0 00006Mooli 06!.'!?-
odlioli 8001P1{!?0 0 08MO::J(JM000 8l.i 0 03l.io 8M8 0 00006P10001, 063olie!Jo(300l.i 80l.ioe!J000 J0!.'!?03
OMmbocc: oMoli 036P1MOMOO(JCC,'O. Ol(J 0M 30300130cc:olioo60001 08 <tJ0d8P1Mli, 80006 100%-0060
8M 0 000 100 {!?MCC,'0Mo06 0630!.ie!JoGoo 'bo ::JP130CC.>013oli od6000 (J.30M08oliM0000 100 {!?MCC,'oMoo6o
063oli®0Gooli 25%-006 8M3000li0106 <lo!:!?oMooom. 08 dO!.'!?OoOl.i306 306lib30300001, NPV
8001Pl{!?Oli !.'!?0b80Mooom 8oc:?OO(JCC,'0 308Mol.i0boo0 0oliP1CC.>()8(JMO (<(J(JCC,'0{!?0) lio{!?O{!?Ol.i
c:_ioMOO(JCC,'OOom JM8.306oolim3oli. 00!.i(JCC.'()e!J()MO <(J(JCC,'0{!?0 <lo8Ml.i03cc:ooo01 .3MMOde!Jo L ()<()MM
()Jomolio0 S-'bo, 8o(Jbo!.'!?030{!? 08oli0, MP18 IRR 063olie!JoG00 {!?o 8M8 0 oooo6Mooli JMO<tJOGoo6e!Jo
.3MP10d8 L-m06 0Mol.i 60Jcc:ooo, 30!.'!?MO S .3MP10de!J0106. 8o'bo'bo 8{!? 0 M8oMoMol.i 080<lo, MP18
.3MMOd6 L-m06 0630!.ie!JoGooli ()<tJMP1 8oe!Jo 80lio®0000, M0(3 (J'bM(J63occ:tJP1<tJl.i 80!.i 0806!.'!?0
0bcc:06!.'!?0CC,'O C?OMOO()CC,'OOol.i {!?O{!?O lio{!?O{!?OOJ.
3.:.6lib30300.:. <B'ZICC.>.:.!.'!? 6.:.J.:.awooo . .3MMocc: 08oli 0Ml.ioli 0 0li0o()doocc:.:.!.'!?, MM8occ:oG <loli0dcc:P10
0 08M030()CC,'O O::JP1li 0 .:i6lib3.:i3oo()CC,'O <(J(JCC,'0(l?O 6.:>J.'.>{!?00001, {!?03(J030m, MM8 JM8.30600 0 06ob-
occ:.:i3li PlM (JMmooMm 0 08P18Mo(3b.:>3 li.:io63olie!JoGoP1 .3MMOde!Jli, MP18cc:oooG bolio0m!.'!?00006
<lo8!.'!?ooo <(J()CC,'0{!?0 60J0{!?000li 8P1dMoM0001":

6806"10 '13-Vt!:!;'0a/O 60J0a/:Jo0

6t!:!;'OG ol'lt!:!;'Pl .31".l'l:Jd<!!>O D .31".Pl:Jd<!!>O I
··--·------------------
0 -$1,200 -$1,200
1,000 100
2 500 600
3 100 1,080

0C?36006M01, MM8 MM030 .3MMOde!Jo D Q?0 I 8MombM3l.i 8li 0 03li li0o::ioli <(J(JCC,'0{!? 00li030cc:li Q?0
0d301 8l.i 0 03l.io li0lio(3M(3bCC,'M (30JCC,'O. 01()8(30 80mo <(J()CC,'0{!?0 60J0{!?00o (l?MMOo 0Mol.i 0 06l.ib-
303oo()CC,'O. D .3MMOde!Joli <tJ(JCC.>0!.'!?o 60J0!.'!?ooo a8 0M!:!?oo0 {!?MMol.i 0 .:i68.:i3cc:Mo000, MP1!:!?oli0(3 I
.3MMOde!Jol.i <(J()CC,'0{!?0 60J0{!?00o o'bM{!?000.
()J()800oli dO{!?.'.> 3.:>60J3omooo D (l?0 I .3MMOde!Joooli013oli ooli0008olioQ? 0MOl.i 23% {!?0 17%.
01omMO(JCC.'o Q?OliJM6e!Joli 0 .:i60J3omo Q?OQ?o0 10%-'bo, D .3MMOde!Joli 0806!.'!?.:i 0bcc:06!.'!?0CC.>o
C?OMOO(JCC,'Oooli {!?o 8P18 0 00006Mooli 06!.'!?odlio od6000 ()<()MM {!?O{!?o, 3o{!?MO I .3MP10de!Jolim3oli.
8oMMO 8bM03, l:JM30CC.'o Q?Ol.iJM6e!Joli 0 .:i60J3omolim3oli, MP18occ:oG 6.:>Jcc:oooo 10%-'bo, I .3MMO-
de!Joli 0806!.'!?.:i 0bcc:06C1?occ:o c:_ioMOO()CC,'OOol.i {!?0 8P18300006P100l.i 06!.'!?odlio od6000 ()<(JMP1 {!?O(l?O,

358
698
ui;;JG:..'2G<;1u<$l9wPqucu ui;;Jf,;,Gw(J)uto ·Gq,'2Gcu.;P.;9 cu.;t;;Jf,;,f1 t;;Jf,;,cuwu<;.JG(' ui;;Jf,;,'2Gt;;Jf1f,;,quG.;wwe.;g
9.;0J0<(G<$lpGw<;.J(' <1'2GwGGP.;9.;g qu'2G<;1u<filqGG9u .;t;;Jq.;t;;JGq "'2GqC Oui;;JGew\:.J 'q01f,;,.;<;.JdJ
-qq9.;g .;ut;;JG:..GG53we.;g u<filput;;Jfii9wP ui;;Jf,;,Gt;;JCPwe.;g qu<;.JWR fJ'2GcuwwGe ·uqG.;gqe qu<;1" ui;;Jf'uO
wt;;JqOwOoq.;q .;cu qot;;J.;G.;q.;g qot;;Jf,;,f1 uquR9.;q quGwqu'2G<gipGw<;.Je I .;cu a ew<;1 'w'2G9Gqq.;'i?
·wu'2GeGt;;J'2w<;;ie qot;;JPoO wt;;JqOwOu<).;q .;cu <)Ocuucuuq <)0'2"<8lRl"J"8 <]wRu ot;;Jf,;,GC53we.;g
"'2Gt;;JpoCe ';I" 'Gq,wGGP.;9.;'2 qu<;.JGeuf1 .;0'2Gt;;Jf'.;9 Out;;JGew\:.J 'woCcuGqoe qu'2GcuwwGe
ot;;Jr.u<;3l.;9<;.JC<$li;;J.; qu)?GwCGP.;9.;'2 qo<$l9wPqocu oe'i:9u<$luG<;.J 0<$lput;;J£09wP 'oewoi;;J.;'2.;e 9GC1J
·9.;wt;;Jr.eGOwe <;1Goe qocuwwGe quwGGP.;9.;'i: .;cuue qo'2
-G'i:f,;,f'G:.. oe_<;3lpot;;Jf19wP "'2G9po o'i:90G)loG<;.J <)uqpGcu90 <]0'2w9.;0'2G'i:ewe .;cu <]u'2Gt;;Jf,;,'2G<;;JuUJ ui;;JCO:J
-9.;t;;Jq.; .;O:l9oe53 u9G81J <]W<;.JOl <]u<..0C8P.;9.;'i: <J0'2w9.;u'2C'i:ewe ui;;Jo98wq(J)we u'2Ct;;JP.;9 Cq,wG8f'.;9<:'i:
qo<;;JCeuf1 9<:-gcu<:<;1 '<Ju8w9C81J .;ut;;JC'2Ct;;Jo0r.<: 9.;ui;;J.;p u(J)C8P.;9<:'i: <]C <]U'2C<;;iu'£l9wP<]uO:l ·cuwe
-C0<:<]8u<$l<:f:"'l <]U<;.JCe_uf1 908<;.Ju <]U<fil<Juew9wPC ui;;Ju'2w90 ui;;Jf,;,'2Gcuw53 'u(J)C8f'<:9.;'i: <]U(J)C8P.;cu<:'2
riu<;1Geuf1 "'2Ccuw9C rit;;Jo<;il<;;JG53 8" ·u'2GGcuucuu<] 0<;10<:9<..0<;.JC 'lo'2Gt;;JG;.'2G<;.JuUJ ui;;JCcu9.;t;;Jq.; .;O:l9oe53
w8p.; <J'2C<;ilpCw<;.J(' '0.;wo8ilJGqoe 'lui;;Jew\:.J 'owC8P<:9<:'2 CJU<;.J<: ''li;;Ju<;il<;;iC53 'luwCCP<>cu.;'2 riuPuf1.;<;;J'2
AdN ui;;JG:..t;;Joq9.;'2 <;;JCue <]9G81J "'2C8"'2"<JCCe Oot;;JCew<;1 '(%Of) u(J)C8P<:9.;'2 rio<$l9wPriocu
'(J)<;.J<;'eue <]0<..0G8P<>9<>'2 rio<$l9wf'<]UOJ ot;;JG:..G13<;.JW8<;' G<;.J<'0'2W9P\:.J'2e <]O<;.J<' oe.;8G8qweGe.
8<' u'290<;3luG<;.J <]uqpGO:l9u <]u'2w9.;0'2G'2ewe .;O:l C]u'2Gt;;JG;.'2C<;;JuUJ ot;;JGCiJ9<>t;;Jq<' <>cu9ue53 ·O:l.;8<>0:lGqG:..ue
qu(J)G8P<>9<:'2 ui;;JG:..<;;JGO<;;J"'2 9" <]u<;il9wPrioO:l u<]08<''2"'1CR 'o'i?9o<;iluG<;J <]u<;ilpCw<;.J(' I G<;JO:luG '.;oi;;J<>UJ<>e
W<;JtbG:.. u'29u<;iluG\:!) riol£lpGw<;Je a 8W':!J '(J)'2wt;;JG:..q.;98 9G813 Gq,t;;JC8pf,;,fu.;<] <]ut0C8f'<:9<>'2 ('OJue_ <')0'2
-CliiG:..PG;. oriGt;;JLJ.J.;eG:.. ·rioGwqo<;ilpGw<;Je O<;;JW u'2Ct;;J8.;Cj<:'2 ucu<;>i;;JG;.f1 oi;;JG:..'2Ct;;Jf'we<>'2 <J'2Ct;;J8<'<]W8Ce.
oO:l<:i;;JG:..f1 oi;;JG:..'2C<;;iu<;il9wP<]uOl<:<;J<' 9<:ui;;Jwe qu<;;i<' oi;;Jol£l<;1C53 riowGCP<;>Oi.;'2 <]up<;;iGUJ u<;;iG:..t;;J.;1£l9wq,
·ot;;JG:..q<>q<' <]O<;;J<' uPutb<;>\:!)'2 AdN qo<g>pcw\:!Je C8u<;;iw 0.;0l<;><] 'wu'2C<;J<'8<l<'CJ C]U-(:'8 r OW<'\:!)G:..<]
ui;;Jf,;,Ct;;J8Pwe<>'2 O:l.;t;;JG:..<;J<] W<;JfuG:.. <]WRu <;>wi;;Jp.;<]Ge_ <''2C9r.'2 U<;JG:..<S>pot;;Jf19wf' oe_'29u<gluC<;-1
I a a I u<g>pcw\!>lf.' C\!>lwCe
a a I I a u<g>pCw\!>lf.' u<;;JCC\!>luf.'
Id AdN Id AdN mn Ull90<iilOC':-1
%01 <){ %01 > ){
:<]'2COieGe_ w12wt;;JG:..q<>9G 9G813 'wu<;JCLJ.Jq, <:<]9<>'2
riul29u<;iluC<;-1 riu<S>pCw\:!)(' Wu'2C9CRwe<>lii riu12C'2GOiCe_ 8<' "Lr. r U'j?G<JPCO:l9u <]U'2W9<'0'2G'2ewe
<>OJ $86 l "'2Ct;;Jf2.'2G<;-iuUJ ut;;JGOi9<>t;;Jq<> <:Oi9ue9 u<]8<>'2<Je <''2C9pC <](fi)pCw\:!Je t;;JG:..Cwwu(J) '%m <JU<;.J<'
(:Jf) uwCCP.;9<>'2 ui;;Ju98wqwwe <JU'2C'2we ew\:!J 'w12C8e_'2.8<>0i 9C813 G:..w '<]uCwriu<ii>pGw<;-i(' a C<;->OiuG
a oCiJ I
oCoqOu\!leweollw\!IGuw\!IG:.
(%) OlOCCf'<;'9<;'1l '10<iil9Wf''l01il oPolbo\;lll AdN
ooz-
oot-
C!l
Q)
Ot 8 9 17 Z ::>
01
0 lil
Cr
Cr
!' ot0CCP09oll <F
I <]ut0CCP0Ciloll 13
001 Cr
01
: 9u\;lGf1.ulb lil
u
I
13
::>
ooz 13
::>
3'
u
O'
oat: c.,j
13
u
O'
Cr
0017
oos
009
'81
 5.

6.:iJ.:>!:Qob 8omMU/ob ()Cl3oob, MM8 .3MMOd®ob 6.:iJ.:>!.!iob

Clo8M(Q06oo.:i OtfMb .:.8 8omMU/Ob 8ooM
0 06.:iJ3omom, 6.:iJ"!:!?Oonb !:QObJM68nMooobm3ob
Clob.:io.:i8obo 8omM!:QOOom. 08 03.:iM.:i!.!/, (JJ(.)80oob Clo!.!/.:. 0060J3omob 8omM!:Qob
()Cl 30 ob, MM8 cnM6!:!?ooo OtJMb (JJ(Joooob Clo!.!/"
0 06.:iJ3omom .3MMOd®ob 0060J3omo0Clo. 08061!/.:i
!:Q0 8M8 0 ooo.:i6Moob n6owdbob 8omMU/OOOm ()Cl3oob
063ob®nMoo.:ib 8M 0ooob 0 06.:iJ3omnb 0 060J3omnm,
MM()MMG !:QObJM6®oMooob 006.:iJ3omo.
8MoOOOb 8omMU/Ob Ofl!.!/0 o.:i60J3omom 063ob®nMooob 006.:>J3omn
nd6oo.:i dMMOd®ooobm3ob UI" od6oo.:i
6.:iJ"UIOonb b(JM.:im'bo b.:io63ob®nGoM
oo6.:>CQ0CQOOObm3nb. (JJ(.)8000b OOCQ0 o.:i6.:iJ3omnb 8dM6o dMMOd®nbm3ob U/.:ib0Cl3000.:i
n63ob80Mooob o.:i60J3omo. MMU/ob.:iG b.:>JO())bo oboo.:i dMMOd8b 063ob-
®0Goob (JJ(JoOoob ClnCQ.:i JMO'BoGoo6®om, 063ob®0Mooob
0 .:ifoJ3omo. m(J MM .3MMOd8b .:id3b 8b 0 03bo (JJ(JoOoob Clo!!?" 0 .:i6.:iJ 3omn,
063ob80Goob o.:i60J3omooo od6oo.:i OU/066(.)MO. 08061!/.:i
8omMU/())06 063ob®0Mooob - JOMdMCQ, 8MoOOOb
006.:iJ3omo - .:>Mob 8b 003bo .3MMOd8obm3ob . .:.Mbooom.:i!.!/, 063ob®0Mo-
oob ob 0 06.:>J3omo O.:>M8M0CQ806b 8M 0 oo.:ib JM8.3.:i6oob
ob o.:i60J3omo (J'BMM 'b(Jb8.:>!.!i .:ib.:ib.:i3b 8Moooob
006.:iJ3omb, JM8.3.:i6o.:i 6ooob8ooMo 8obm3ob
cnM6CQooob 008M8(.)Cl.:i 30 oom . .:.8 03 .:iM.:iCQ, MMCQob.:. 8 (JMmooMm 0.:i8M8Mo 8 b.:. 3 .3MMOd®oob .:. 03 01
M00®0600 6.:>J0!:QOOob 8MdM.:>Moob 008M,
()61!/.:i od6ob 08061!/.:i MOOlfl:>o600. 0803.:iM.:>CQ, R3o6
CQ"3"!:!?8o6Mm dMMOd®o, 0.:i'bMU/ob .:idGorr>60MOoob bo8CQo!.!/MOb.

0 .:i6bb3.:i330.:i .3<ilMaM!Job .3MMDd®oob aMMoG 006bb30300.:i,

0 08Moo30Mb 8.:im MOo®o6 0Clo, .:>Mob (JMmooMm-
008M8MoGb.:i30 dMMOd®ooo 0M0m.:i6000Mo . .:id 8m.:i30Mo 3omb3.:i .:>Mob
.:ibomo: M.:> 8Mb!.!ioo.:i 8dM6o dMP1od®ol> (J'BMM
'b(Jb6<>!.!i, JM8.30600 ( 1) 063ob®0Go.:il> 0!:!?066(.)Mo (8b 003Go) .3MMOd8om, 06 (2)
0003omool> 063ob®oG00b bb30 .3MMOd®Clo .:.6 .3MMOd®ooClo. R30 6 08 G.:iJombG
.:.8 m03ob o CQ<>6.:.Mmao . Clol>.:io08ob
Mo 0 0068oMMDo<>U1 b006 30 G-
8oeo(Y) .3MMOd®oom06 - OoMom - 'bM 0ooMmo b.:ioMmM
063ol>®<>Goob dMMO 'bM66 'bo.
Ul"3(J030m MM8 md306 (J6CQ<> MMRoMm MMo (JMmooMm 008M8MoGb.:i30 G006-
3ob®oGoM x UI" y dMMOd8o!.!i06 [JMmo, 0d3b 008!.!iooo 6.:>J<>!.!iooo:

0 -$1,000 -$1,000
I 0 2,000
2 0 0
3 3,375 0

(JJ(J80oob Clo!.!/.:. 0060J3[Jmo X !.!/<> Y dMMOd8ooob .:>Mob 50% CQ" 100%. m(J
8M 0 ooob 006033omo 10%-o.:i, X dMMCQ(J06ob .:>Mob
1.536$ CQ<> 8ol>o 8M8 000006MooG 06!.!iodl>o 2.54, Y .3P1Mod®ob o8o6CQ<>
818$, Clob00080Go 8M8000060MOob o6CQodl>o 1.82. .:.8 o6cnMM80(300U O[JJi;<>8ooom
od6000:

IRR NPV 10%-001 PI 10%-001

50% $1,536 2.54
100% $ 818 1.82

360
f98
t;:;JCO:J9"C;:;iq" 'JUU9"E'
-ewf' ($818 - I) ; $8 l l "'2C<fil"8C "& "<zCt;:;iG<(C\;)u0 ut;:;iCd19"C;:;iq" "O:i9ue9 uwu'2Cru"OJ 118P"
'1"8 9"\lru"\;) 'u<filpCw'?JE' A C;Y&uC "ut;:;JCC'?JG'l"'l W<;JfhG u<filpCw:YE' x 'ue"CCCqwgCe_ 8" ·11\19u<filuC;Y
'.;YWSJ<l 11u<filPCw'.;Yt: 11eC88\lw8 8<;t;:;JCf' 'ut;:;)f'u8 wt;:;Jq8w8u'l"'l u'?l"'2"9"l0"'.;Y" wCp<; 8<:''J<(CC;:;igw\;)
'11uCw11u'2C<filpCw'?lr uC"q8u:Yewe<;\lw'?JCuw:YG Cct,'2CO:l"f'"9 OJ<;c';:;;Gfh ;Yr;;,t;:;i"C:Y ut;:;iG'2C9pGto<;OJ
"'2Ct;:;JG<(Cs:;u0 <;OJ9ue9 ut;:;JC6J9<;C;:;iq" 'dl"S;J"C?.e" «1uCw11u<;Jl9wf'11u6J "& <;quf!q8us:;<;OJ uwC8f'"9"\1
11u98wqwwe qu<(C'2we u118"?.'18 wC9Cffo8wg"?. 9CC\J ew<;J 'ew<filueu "'2CO:iq 'JC ·Cq,'2CO:i<;f'<;g
t;:;JGq8u<;Y<;OJ OJ<:'lOU'(W<;YUf: 9<;0Ju'2Ccu<;f'<;9 UOJ<,'t;:;}Q,fh us:;Gt;:;i<;C'?l l0\;)<;8ucu8<;0J<;?. gCC\j o"'JCCUW<;J
'"'2Ct;:;i88u sY" "'2Ct;:;iG<;;C<;;u0 ut;:;JCcug<;C;:;iq" <;OJ9u8Sl 11u<filµGw<;;E' A ew'?l 'c.o"£12G8<;0J ·Cq,<(Ct;:;J£"'1"?.
O;<;t;:;il?,£0 <;OJ Cq, "'2Ct;:;il?.'2C'?luw wwt;:;Jw'2"'1 t;:;iG<zCgpl?.toi;-O:i c.ouCO:iCque qu<;;Ct;:;il?.<zC'?lul;J ut;:;iCO:l
-gi;-C;:;iq<; <;OJ9ue9 q<;;C<filpCws:;r 11'29u<filuC'?l W<(Cpugd!u8 11u8c.ot;:;JC8wR 9C8\J 'ut;:;i<;8<;q"?. uOJ<;t;:;JG;,S,
u11uR9"'] U'JC"?.'18 <]<(C<fiJpCw'?JE' "sY" G:.w weµ<; 'CCC<]<:' '<;<;;Ct;:;il?.'2C'?JUW wwt;:;JW'(<:''J qu<filpCw'?JE' A
$0(;7'(; C<;JO:lu8 'ut;:;i<;-0<;8 W1;;Jtol?. <]U\;)<:' <;t;:;JG;,'(Cs:;u;:;:i wwt;:;Jw'2"'1 U'JU8 g<;?.OJ<;s:;
W\;)toG 'AdN. ut;:;i<;;:;:i<,'8 118P<; 8<:'<]t;:;JCew\;) 'u<;?pCw'?lr x Cq,t;:;JCCpl?.to<:'<] 8" 8W<,Y 'ww912u98l;J"
·Cq,t;:;JC8pGto<:'<] <]U<(Ct;:;if.;,<;;C<;»ul;J wwt;:;Jw'2"'1 ww<;»<;Ol<;CCe u<;?pCw<;»t: U<,YW <]C <;ut;:;Jpu8?.Ce_ 9C8\j
''lt;:;i<;8<;q<;'\? cu<;C;:;il?,S, <]Ufi5J"'l <]8i;-'i?<]8 <]8wqwuw8 ut;:;JG:!.Cwwuw g<;OJu<(C<fiJµGw'?JE' A i;-cu X 9"'i?cu<;\;)
8T8 $ 0Zt'Z$ 0 0 OOO'I$-
I wu-%0 I
oi;;Jqoi;;JCq U£C?il0Po9
u?iloi;;Jl;.fh A l;.w
----------------------------------------------------
8T8 $ 0 OOO'Z$ OOO'I$- A
9£S'I$ 0 0 000'{$-
000 -%01 AdN £ z I 0
0'2CO:J<;P<;9 t;O:J9089
·u<(C<;J'jq<:'<] uwu<zC<fil<;ei;-cu <]<;;C<(C'J'?l"u 8<;qCcuw'?l 'ue_<;?pCw<;»E' wu8
-u<filqC8gu<;'l 'i?Ccu8CR s:;Cu8 'luug"f:8wf' ut;:;iC<zCq,ut;:;i<;C<;; "<zCgpu u\lu gw<;; 'w<(Cg8wcuC8u8 g<;'i?cu<;<;;
'<]wC8f'<;g<;'i? t;:;i";:;,"8 C8ut;:;JC8w<;; i;-8q<] "'?!" <;OJ 11wC8f'"9"'i? 8" 'JU<(C';;Juii?<]C8gu <;C;:;iq<;t;:;JCq W<(CgCRu8
9C8\j '(.;:<(Ct;:;iC<zC<;»u;:;:i ut;:;JQ.u<;i)<;g<;;C<;i)t;:;J<; 'JUC;:;i<;tfllut;><;f' G!.9") wuwC8P<;g<;\l qu<(C't?we ut;:;Jug8wqww8
11uu9"rewf' Ccu8"'2Ct;:;iG'?l'l"O:l <]u<;?pCw'?lt: ug<;ucu<;8t;:;JCp<;»'tl 'luug"E'8wf' "<zC0:l<;»u<fil<]C8gu "C;:;iq<;t;:;JCq
u<(COii;-f'<;g uQi"t;:;iG!,S, <]u<;?pCw<;;E' u9<;uOJ<;8Ct;:;Jf'wg 8W<;Y 'w<zCq,c:8<;w'tlw8CR 9C8\J <]u8w<]u8"
·C'?J<:'9UCU8W8<;'tl 9<;cuu<zC;:;:iu<;»<;<.0 'JU<(Ct;:;JC<,Y<]<:'Ol UW<;8 U<(C<;?pCw\;)t; WW\;)<,'CU(,'8Ce <;uC;:;ipuC'tlCe
9CC\j 'ut;:;)f'u8 wt;:;Jq8w8u<]<:''J ut;:;JC<(C8<;8q']g<:''tl W<(Cw<;u'l"<I" 8<:'<]<(CC;:;i8w<;» ''l<.:C<filpCw\;)t;
8<;q8u'?l8w8"'tlw<;»Cuw'?JC "<zCqC C8P"'l 8"<]C0:lw<;» 'uP 8ue<;8C8qw8CR 8u Ccu8"<2C'?Jufi.9"'?J '?JWSJ'J
<]U<zCt;ilpCw<;»t; '19"8Ru8'tlu8 uO:lwwC8 <]U<(Ct;:;iC<zC<;»uw ut;:;JCO:lg<;C;:;iq" <;cugu8Sl ew<;» 'wwq<;g ew'?l
·w<zCwu '?!" <]<;»Cto<;<;»<; g<;illuc;J>pCw<;»t; x 8"<]Cillw<;» '<]u8w9C8pw
ww8<;RQ,8"" U<(COJ<;P<:g uOJ<;t;:;JCf1 UlOU<(COJ<;Ol ut;:;JC<(CWu8 g<;OJucg>pcw\;)t; A lO<;uC;:;ipu'tlCe. 9C8pw (s)
<,'OJ 11ut;:;J9 UW\;)C illwt;:;Jwq8 <]Cll<:'f'<;g OJ<,'t;:;}(;;.S, 'JU8 <;t;:;JC8R <;CCC;:;ipu ut;ilpCw<;»t; A 8"<]COJW\;) 'g<;Ol
-uc;J>pCw';;Jt; x uilld'"9 uOJ<;t;:;JCf1 uwu<zCCll<;OJ u<;»Cu8qu<(Cg wwl;Juu8 8W<;Y 'ut;:;JC9 u8"'1 wwru<;8uwe "OigC
9C8pw (c;) 'Olwp\;)Cf' 'COluOlu<] C8u'tlu <]\;)UW u'tlu <;OJ riuc;J>pCw<;»t; X C\;)Oiu8 'uc;J>C8 \;)C2l1;;Jw <)U';;J<:'
IHII quc;J>pCw'?lt; A ( l) :wu<(Cc;J>p<;t1 u'tlCO:l8Ce c.oCillqC1;;JCCS>gu<;OJ <;wt;:;Jp"qCi;: gCCpw '"88Cw ·riCS>PCu><;»t; X
w8CIJ<,YU 9C8pw ui;:<;8C8qw8CR 8" ·ue<;<zCt;:;JC<(C<;»uw 'Juug<:'t;8wP 'l"ill<;»q, 1;;JC<;i)CC;:;iw<J'2" <]COiuillC d]CC;:;ipu
8ut;:;iC8w'?l «1CS>PCw'?le w8CIJ<yu 9C8pw 'wu<zCCRc;J>uq <;8qq - wu<(CgpCf1"cu Cq,OiwwC8 riu<.:Ct;:;iC<zC<yuw
ut;:;JCillg<;t;:;Jq<; <;rugu85l wwl;;uu8 "'2CC;:;iu<filC8R9<;0J<;'i? w<;»C<J'i? 9C8pw 8W'?J 'w<(C98wii:JC8u8 9C81J <;C;:;iq<;
·ui;:'tlgu<;JluC<y qu<(CtfilpCw<yt; <J<filput;:;ifhgwf' w<;CiJCq8 9C8\J ue?.CillwwC8 riu<zCq<;toCi;: t;:;iCu<;jl<;g<yC<;i)t;:;i<;
---·-----------------
A A x u<e>pCw';;l(' C';;lwCe
x x A u<aipcw';;l(' ui;:;JCC';;lu('
w 0 -%0f Id lOU-%Qi AdN 11m 0'290'ii'OC<;Y
:w<zC0u8u8
OJ<;<]U8"<2"'1Cl2 <JU<(C<GCillCe ut;:;iu<(w98 rio8w9C8\j 'wo<zC'i?<;C;:;i<;Qi riu'llgu<filuC<y qu<(C<;ilpCw<;Jt: wt;:;Jwq
·si
 861030c:;,>330(i')o 'VJ(Jo::J6ou
.3M<.!!Jo6Go()Mo .3MMoe:::io80 (JJ(J80ooG oolQ.:i 0060J3omoG 80mM!Qm.:i6, MM8oe:::ioG fl306 J3!!:'.'"3 (J6!Q.:i
003om30e:::i0Goo6Mm .:iMoG 8M0000G 8M030e:::i030Mo Oo!Q.:i 8"foJ3omoooG 0MG00Mo0. 8.:imo 0MGo-
0MooG "()Goe:::ioooe:::io, 800M08 0M0 G0J80M0Go .30MM00 C>MoG 'tl(Je:::'"!Qo foJC>lQOOoG 6oo6oG
8M030e:::i030Mo G3e:::ioe:::ioo.:i. 800.:ie:::iom.:i!Q, U(JMC>mo -, +, +. - 8o(JmomooG 6oo6oG MM83"M
G3e:::>oe:::ioo.:iG - 806()Go!Q06 .3e:::i(JG08!Qo lQ" .3e:::io()Go!Q06 806(JG08!QO· 0d08!Qo fl306G 8ooM 006b-
oe:::i(Je:::>o tJ30e:::'" 800.:ie:::iomo 0G0b03lQ0 'tl(Je:::'"!Qo 6.:iJC>!QOOoG <.!!JMC>!Q0(3o(Je:::' G(JM.:imG, G.:i!QC>G
'tl(Je:::'"!QO 8"!Qo6000 00M8MOOMOM!Q0 OM())O 06 80&0 oo8M!Q06ooooom. Gb30 Go&tl3000()), 0Muo-
OMO!Q0 OM())O G3e:::ioe:::ioo.:i 6000600 (8o6(JUO!Q06 .3e:::i(JGC>8!Qo), MM8oe:::ioG (J'tiM(J63oe:::itJM<tJ!QC> 8M00-
00G OM())C>!QOM()) OO!Q0 8"foJ3omG. ())()8(30, 't>M000Mmo .3MMOd&o, MM8oe:::ioG fl306 !QC>30b0Go0mom
MM8MM(3 0M0<.!!JMC>!Q0(30(Je:::'o, 8Mo(303G 8M030e:::i (33e:::ioe:::ioo0G 6000600. 800.:ie:::iom.:i!Q, .3MMOd&oG
OMe:::>MU ooG0de:::iM0 OtJMU 08 80MQ8MoooG "C::lQ8o6oG 8MmbM3fo. oG booMC>lQ b!QQOC> !QC>80&ooom
00M8Moo000, MM8MM0(3 0MoG G000!QMG !QC>8()003000 c:;o.:i G00()0e:::iooooom, MM!QOU"G .3MMOd&oG
!QC>UM(Je:::>OooG oo8!Q08 (J6!Q.:i 8Mb!QoG 8o6oG MQJ(Je:::><.!!Jo30(300. 080G 8"M!QC>, do8o(JM G060M8Moo
booMC>lQ 60M8MoOM00 G000M8MG !QC>Oe:::>oG 860036oe:::iM3060 b.:iMjGQOO. M0(3 ()6!QC> OtJMG 08 b.:iMjGQ·
ooG 8o'tio'tio, oGo6o 0630306 'tl(Je:::'"lQ 00G03e:::iooG .3MMOd&oG OMe:::>MU !QC> 00lQ08"lQ M08!Qofo!Q8o
(33e:::io06 'tJ(Je:::'"lQO 6.:iJC>!QQOoG 60006G.

M.:>MQ?06Mo0Gm30G, MM8oe:::iG.:i(3 o::i'Vde:::io.:i .:iGomo

Business Review '?JC>Uob 80Q?C>b(l;!C> Q?C> 08 8M(3(Je:::'MOoG d::Jd::i60, M0(3

())0606G(JM0 .30MG.3od<.!!Jo30Gm30G J"M800 0630G&o-
U G°" lQ.:ici:woomo 68060?0 0be:::i060?oe:::io c:;oM::i-
O(Je:::>::JOom - Gb30 Go&tl3::JOOm, MM8e:::ioG c:?OM::JO(Je:::>OOC>
0:f0Mo0ou 8oG b.:iM1GooG. MMQ?::JG.:i 8 8MY)Jo&(Y)e:::i(Y)80 oo
booM.:>Q? o8a!QM 360o06, tiJM8 G.::io63oG&o 8 0M .3MMo-
d&oG NPV booMC>lQ .:iMoG <tJ0606G()Mo .:>Mom8a&oJoG
O[J!Q080 1 doMomC>Q?C>Q? o0 o C>MoG G&M.:>&080()!!:'.'0 8.:iM-
JO&o60oG oo!:l?Ooo. O?"C!?Ooomo NPV-G 80G0c:;::io0Q?,
.3MMad&80 'V6C!?" 0 000MMG MMo &aG&o. .30M3oe:::i
Mo0oo, 0()(30!!:'.'00::Je:::>o.:i 3().3.:iG(JbMm JOmb30G, 0d3G m(J
0M0 o::iG00080G .3MMQ?'VJ&G 06 8M8G0b(JM[Jo0G G0J-
80M0Go 'B"G::J'Ve:::>Mo.:i 8M8b80Maoe:::ioooG G0J80M0Go
8"0?"0::j:0MO[JOb 8o6M!QQOOU b.:>MjG::JOb - JC>.30&.:ie:::iob
0e:::i&::JM60&o(Je:::'O c:;oMQO(Je:::>OOoG fl0m3e:::iom? ab
JOmb30 .:>Mou G06&MC>e:::>(JMO oMdMe:::ioG d::J8!Q0 M8o
8.:>MJo&o6 0 0Gm30G n?" ,,8.:iMJD&o60 oG JM6(3::J'B-
Goobm30G ". 8::JMM[J 1 0d3G m(J .:iM.:i JM8.30600G 8tJ.:iMo
JM6J(JM::J6&()6C>Mo06MooG 'V.306i.:i&::JGMOOU b.:iJ8C>Mobo
M[JU';'.)MUQOO, MM8 0 08MOtJQ6Mb, 0 0603om0MMb !QC>
l:!/"° 83 .:iu .:iG::imo B::ib0de:::i::ioe:::iM00? ::ill "JomaoG
0doo6&G JM6J(JM::J68()e:::' b&M0<.!!J::i000'tio. 00!Q08"0?·
08Mo060 8!Q0 M80MaMob 080C30, MM8 G&o8(Je:::i0Moo0
8"(JJOmMG .:iGamo 8"0?"6tJ3o&oe:::ioooG 8oc:;oo0G 0630G-
&oooob b'?J::JMMdo, MM8e:::ioG 8ob::JQ?3om00 'Bo606G(JMO
06.:ie:::io'bo 00060m::iol:!/0 lQ" 0M f10006oe:::iaolQ0 80M-
J::i&o60oG 08 MM 'B'V6!Q08a6&(JM O::JJomb30G.

6000600 ::iG G3e:::ioe:::iooooo 063030 6 m(J 0M0 ::JMm'tio Bo& (JJ() 80 ooG oolQ" 8.:ifoJ 3omG,
!QC>8MJO!QOO(Je:::>o.:i .:iG 03 ::i 'tl(Je:::'"n?o 6.:iJ"lQOi'loG Go!QO!Q::J't>o. M.:ilQ 806 !Q08MJOCJ<OO(Je:::>06" 0MoG
00Mm(Je:::>OO(Je:::'O CJ<" 8MombM3b 8"0(JD0o.:iG, fl306 3otJ06::iom 08Mo060G !Q::J<.!!J"e:::'(JMC>!Q 60060G
OMe:::>MU C>Mb::JO(Je:::> !QC>60MmoG 0 606oe:::ioo . .3MMOd&oooG ()80&0GM00G 0d3b 8bMe:::>MlQ OM())O
03e:::ioe:::i::io0 'tl(Je:::'"n?o 6.:iJC>!QoG 6000600, 800M08 'bM 0ooMmG 0d3G 8::i&o . .:iGom 008mb3030000
'?30606G(JM 8o60$GOMG (J6!Q.:i .:ibGM3lQOG M.:i8!Q::J6o8o 0630G<.!!JooooG IRR-oG f50M8MoMooG
ooG0de:::i::ioe:::iM00. MM8MM(3 60!13060000 !Q060MmoG 0 6.:iooe:::ioo, 0630G&oGooG .:iMGOMm IRR-G
m030G m030Q? .:iM 0d3G 0M0600Mo .:i't>Mo ::JJM6M8o(JMO m30e:::iG0'tiM0Gom, MM!QQU0(3 C>MUQOMOG
MC>8!Qo6o8::i IRR. OO!Q08"!Q, 08 o::i8mb303000 0()(30!!:'.'0ooe:::io.:i 06.:ie:::io'boG M0080 0e:::ie!J0Mfo&o(Je:::io
8::JmM!QOU 808MtJQ6Q00.
MM!QOU"G b!Qoo.:i MC>8!Qo6o8o IRR-ob Go&(J"GooG 06.:ie:::io'tio, J"e:::'J(Je:::'"&(Y)MOooG !QC> JM8.3o-
()80MOooG 308MtJ06000G booMC>lQ 803/:j030Mm 00G!QM8::J008!Qo, MM8::Je:::'0(3 ode:::io30 8bMe:::>MQ?
oMmo IRR-oG 006G0'tic:;3MoooG G0o()"e:::'::J60G. 00G0de:::i::iooe:::io0, 006G0'bc:;3Mob (JJOmoGo 0'b0,

362

Gn0cPGno "'"'G" bil/060
(06
onv:;<;o8nG ;foOinG/'holl1"
il/>tiol>oo0)
8mc:;:>no5
il/,,5,1:,,os:;c 06'b 0
JM6JMJ"!J(Jt'.;'O dJMOMil/nU
2,05803c:;:>f'10000.
0fillioo01oli m(J 0fi10 08 0130c:?li0'bfiloliom fi10080 .3fi101oc:?o8000, 0filoli .3fi101od@Joli 5'806!3?0 0bc:?06-
l:l?Oc:?o 0080106 0 0fi100 000 !QOl.iJ016@Jofiloooli 006Lib 3030 o(Jc:?O 0 060J3omooom. 01()
!QOl.iJ016@Jofiloooli 0060J3omo 0 00'b0fil!Q0 6(Jc:?O!Q06 1000%-8\Qo 8Gofilo 'bfil!Qo01, Cloli0dc:?oooc:?o0
00001li NPV 0M0'130JO, fi1018oc:?OG 0filoli 13.2 l.i(JM001'bo 0fillioo(Jc:?O dM01'130c:?Oli 8li003lio. 01()
NPV 0M0'130JOl.i !Q0bMOc:?O b0'bo 00!Q0J3omli .301filo'b016@J0c:?(JM M08!Qo6:Ji;ofi18o,
ooodc:?oo0 li0o[f301 0fil 0801li, fi1018 md306 801005'0301 0801G06ol.i 0801bli60 fi108!Qo6080 IRR-om.
IRR 8oml'10{oli 60Jc:?t'1306 0o0oob tijo'bo-vaa. 830 6 360b 001, fi1018 fi806U?0 0bc:?06U?oc:?o
800101(!?0 8013oc:?013ol.i odc:?o30 (JM01oofilm008018fi10Gb030 li0063oli@J0Go01 .3fi1010-
d6oool.i lifi01fil filoo@Jo60li, fi1011Qoli0G (JJ(J00ooli 00U?0 0060J3omoli 8om011Qo 'b010:Ji;o<'1 0fil
odc:?o30 08ol.i li00()0c:?oo0li. IRR 8om01U?oli Clo8mb3030Clo <'10063oli@Jofiloool.i 00(JMJ303c:?01ool.i
0060J3omo od6000 006l.ib303oo(Jc:?O J016JMO@J()c:? '/3(Jc:?0!Q foJ0U?m06 !Q0801J0(!?00(Jc:?0000o
mo0101o(Jc:?O 006li0boc:?30c:?O li0063oli@JoG001 5'060!Q0U?oooli013oli. 01()880 5'806(!?0 0bc:?06U?oc:?o
00801806ooom fi10063oli@Jofiloool.i 00(JMJ3030c:?o 0060J30010 - JOMd011Q, 801800-
000601ool.i 801mb0136oc:?o 806080c:?(JMO 0060J3omo - od6000 8li003lio mom01o(Jc:?O 006li0boc:?-
30c:?O li0063oli@JoG001 5'0601Q0U?oooli013oli.
08ol.i 00M(Q0, b8o6!Q0 0bc:?06CQJ_c:?O 800101\Qo om30c:?olibo6ooli 006l.ib303000l.i
063oli@J0Gooli 80liCl@J0000Clo (!?0 80mo li0lioo01Gbc:?01 QOJc:?oli b060<'1dc:?o3010000. 01() 83060
8o'b0600 J018.306ool.i 'bfil!Q0, 80006 ooli0dc:?01 !Q060b0fil:Ji;oooli ofi1010U?ofilmo
lifi01filo mo01MO(Jc:?O 860036oc:?0100 .3fi101od@Joli l.i00(J0c:?OOOool.i 00801806ooom 0filol.i 801800-
000601ool.i 80101b0136oc:?o 0060J3omo. ooU?000!Q 801800000601ooli 801mb0136oc:?o 806080c:?(JMO
0060J30010 008f'10806000 5'8o6!Q0 8omf'1(!?00, M0G m0301Q06
030Goc:?ooli fi10063oli@Jofiloool.i 0060J3omol.i .3fi101oc:?o80l.i. 001c:?Mli, (JJ(J00ool.i 8fi1030c:?030filo
0060J3001oooli 0<'1lioof'100 0'bo06 0ol.i (JJ(JOOooli 8omf'11Qoli 00U?0 0060J3omoli 8001f'1CQoli
Clo8mb3030l.i.
fi10@Jf'18 008010806000 li0ofilmf'1CQ IRR 8omf'1CQO 830c:?0 08 JMo@JnJ(Jc:?O 0060036oli 8o(Jbo-
CQ0301Q? 08oli 8o'bo'bo 0filoli oli, Mf'18 003<'10 806o:Ji;Ofilol.im3oli (JJ(J00ooli CloCQ0 0060J3001oli
00801806000 0CQ3oc:?li b!Qol.i 060c:?o'bli !Q0 06'/3f'1M80Gool.i li0blifiloo'bo, 301QMO NPV
8001MCQ0. 008M0600filooooolim3oli .3ofi13oc:? fi10000 b0jofilf'1 0<11 0filob 8f'10oooli 80101bM36oc:?o
0050J3omoli CQ0'b(Jli@Joo0. 01() 8.f'10ooob 8M01bM35oc:?o 0050J30010 0filoli d5oc:?0U?
Cloli0'130boo0c:?o, (JJ(J8000U OO!Q0 0050J3001ob 8001f'1(Q80 ooli0dc:?f'10 8o6ofeofilli 8oboob .3<'1010-
d@Joooli ()'136101 80@>0!3? CQ080J80 8 01'13oc:?Dooc:?o oo!Q0<'1000Li Li0Cl(J0c:?oo0. 8of'1filo 8bfilo 3 ,
8o50fe0MOOol.i013ol.i (J'/3M01 8Mli0bofilbo0Jc:?00 8f'180ool.i 005l.i0 fi8o5(Q0 0bc:?05!QOc:?O
b0.3ofiloli.30Mf'1(Q. b0608 J018.30500 0M Clob3!Q000 M08!Qo6o8o
(JM01oofi101008f'18M0Gb03 dMf'10d@Jb 05 0fi10R3o(Jc:?OOM03 dMf'10d@Jooli, Mf'18c:?ooli0G
0b0bo0010001 5oo5oli M08(QJ5o8o G3c:?Oc:?000 '13(Jc:?0!Q 50J0CQ000105, o53oli@Jooooli OO!Q0 8(")00-
ooli 8om01(Qol.i 008f'1805000 ooli0dc:?oooc:?o0 l.iM(Jc:?00(Q CQ0Mb8(J50o(Jc:?0(!?.
Clo801b3030Clo, ()5CQ0 030bbf'1 3U?oli R30 5b 8oofil 808f'1013c:?oc:?o IRR a001f'1CQoli 50Jc:?M305ooooo.
8b003li lio@J(J0Gooooo, ooli0dc:?M0 l.i0t:J:ofilf'1 o8f'1li 8M!Q0'/30J0Goooo IRR 800101!.QClo (ti1M80c:?OG
oooli0008000 08 0103ol.i 0f'1c:?f'1li 0<'1lioo(Jc:? 0 (Q050fi10100 8MQ08(Jc:? 8000c:?o01l.i) 05 fi8o5(Q0
0bc:?05CQOc:?O 8001M(!?'bO 00CQ0b3c:?0 (CQ0(!?0li@J(JM00(Jc:?O NPV 0<'10'130Jom).
of'1c:?f'1 .3f'1@Jo6oo(Jfilo Liod5oc:?o CQ0J0 3oofiloo(Jc:?O .3fi101od@Joli CJ 0'130boooli !Q0 Clofilf1 03 ol.i 0c:?@Jofil-
50@Jo(Jc:?O 8001M1QOOob 008M806000bm05, Mf'18oc:?li0G 8305 0053oboc:?0301 oboo0 ,<0<mrl'i0i:n1ou
6M!'i18061000b. J0.30@>0c:?ob 5Mfi18ofiloo0 5'0fi18f'1Clf'100 50ooli8oo<l1 (!?Mf'1l.i, Mf'1U?oli0 8 bU?oo0 oo(J-
feO@J'bo (!?0bolioo0, 05 '/3f'16!Qooob lio(QO(!?OU Mf'18c:?JOOG oob0dc:?f'10 0530-
b@JoM[JO(Jc:?O 08f'1li JM5JMO@J(Jc:?O .3o<l1of'1!QOl.i 005803c:?f'1000o, M018f'1MOG 0<'1ob 0<'1010 bOc:?O·
0bo010 '130<'10101(!? 003<'1Goc:?OO(Jc:?o0 003<'1 JM8.30500'bo, <l1018c:?ooli00 0d301 830c:?0
J0do@J0c:?(JMO (!?050b0M:Ji;OOOU dO!Q0 (!?0'130605lioooli df'1c:?O@JOJ0. J0d0<'.3J0c:?oli 6M<l18o<l1oooli
80MMO 8000c:?o0100, M011Qoli0G 8l.ib3oc:?o JM8.305ooli 0068f'1'130c:?000 6J00!Q0M01(Jc:?00 00libo01li
J0dO@J0c:?(JMO (!?060b0<'1feooo 8bMc:?01(Q OO(J:Ji;O@Jo01, <l1018oc:?'boo
006801'130c:?000li fl3o(Jc:?JOM030CQ 0M 0d3li J016<'.3JM01c:?O· J0do@J0c:?Oli OJ'bQ;(J(!?30l.i 601<'180<'100001
J018.30500 G!QOc:?010li 0801o<l18of'1li li0063ob<'.3Jooo01 oo60(!?0!QOOOOOl.i Jf'180060000, <l1018oc:?OG
00'bM!QOl.i J018.306oob t:ofiloo(Jc:?000li D;?0 0M 00CQ00J0MOQOU OO(J:Ji;O@J 'bo !Q0bOliJO(Jc:?
m(J J0do@J0c:?O 0<'1oli 501<'180<'1oo(Jc:?O M08!Qo5o8o .30<'1001!.QOli 005803c:?f'10000, J0d0<'.3J0c:?oli
363
 5MM8oM:JOoli .:i8M(3<i5.:i .:i8Mobli5.:ili lio8CQoCQMoi.i 0 .:i'bM(Qol.i
P1.:i8CQ06080 8omMCQOCD (CQ<> li.:iJ8<iMoli.:iCQ oli
8o01MCQooo o1rn5ooo5 fllil<ao 3, .:i5 8o'b5Molilo 3 .3"1M 0P1.:i8oP1 0o.:iG.
ffi(J .:ililoli 8o8CQo5.:iP1o .30P10MCQOG0130G, .:i8M(3<>5.:i 8CQoP-1-
8.:iP10MoG ol.10010 .3MM:Jd0oooG 'bMCQ0.:>6 0630G<1)0(300G
OO(Jfa0&oG C!.?"3()Cl3.:i01, md306li
JM8.3.:i6o.:iG .:id 3GClo81!?ooo G.:io630G&o 8 0M

.3Mf'l3d&i0 Li.J5tlOLio 'tl'V''':w1w IRR NPV Pl

A $50,000 15% $12,000 1.24
B 35,000 19 15,000 1.43
c 30,000 28 42,000 2.40
D 25,000 26 1,000 1.04
E 15,000 20 10,000 1.67
F 10,000 37 11,000 2.IO
G 10,000 25 13,000 2.30
H 1,000 18 100 1.10

01() OO(Jfa:J&oli G.:ifltioGo .30P1nr0CQ0G

.:ililoli 65,000$ (QC> .3MMOd@>ooo :JM018.:i6omoG.:i 0.:i6 .:ililo.:i6,
01d306 .:i8MoP1flo301 08 .3"1M:Jd&oooli JM8oo6.:i(3o<>li, JM8.3.:i6ooli
80& 'bMCQC>li, 30CQM:J 65,000$ (.:i6 8M(3:J8.:iG . .3MMiJd&oooli
CloP1Ko3.:i 8M8 0ooo.:i6Mooli 8ob 0CQ 3om Gb 3.:iCQ.:ilib3.:i
5.:iJ<>CQoli 80mMCQoli CJ 0G.:io.:i8oli.:iCQ 65,000$-8CQD Clo81!?oo Clol!?ooli:

li.J5tl0Li0 Li05tl0Li0
.3Mf'l3d<!!>O IRR NPV .3Mf'l3d<!!>O NPV
-------
F $11,000 $10,000 c $30,000
c 42,000 30,000 B _11000
D _ LOOO 25,000 $57,000 $65,000
$54,000 $65,000
---------

PI NPV
c $42,000 $30,000
G 13,000 10,000
F 11,000 10,000
E 10,000 15,000
$76,000 $65,000

6MP180P100001, md306 8oor::?oo01 .3"1M:Jd&ooli C, E, F CQ<> G-li, li.:ifltiolio

Clo"l!?o:J6o5 65,000$-G . .3"1M:Jd&oooli tib 3.:i JM8oo6.:i 8 o.:i .:ilil
8Mo3Go8li o8o6CQC> 80& lioCQOCQOli, 30CQM:J 76000$-o.:i,
oli .3P1Mod&ooo. oo()'.l(;O@>oli 0.:i8M, 01d306 30"1
063oli@>oP100.:ili oo6<>CQ<>CQ:JO<ido, 'bP1CQo<>6 JM8.3.:i6ooli o8o6CQC>
md306 063oli@>oP100.:il.i <>Jo010001 8oli.:ir::?:JO 006.:iCQ<>U?::JO<>Clo 8.:iClo6, 01()
00()'.f(;O@>oli .:iliomo 063oli@>o(300b MC'18MM(3 md306
6.:ibM01, .3MM:Jd@>ooo 8M8 0:JOo<i6Mooi.i o6CQ:Jdbol.i o8o6CQ<i
6.:iJC>CQ:JOol.i JMO<(J0(30:J6@>o G.:ifltiolio o<>CQo6ooo-
ool.i 01d306 .:i8MoMfloMm .3MM:Jd&oooli JM8oo6<i(30C>,
'blilCQoli JM8.3.:i6ooli MMCQ:Jli<>(3 li.:id8o.:i6MO.) oobCQ::J0<>01
OO(Jfa:J@>oli .3oMMO:JOdO, :JMm .3:JMOMCQ'bo. ob bCQ:JO<> o8o@)M8, MC'18 .:i8M-
(3<>6.:i (JJC>3doMCQ::JO<i oliomo .3MM:Jd&oooli JM8oo6<i(300l.i .:iP1Ko3.:ili, 01d306 BM(,(30801
80& - .:i6() J:JMdMCQ 08.:ili, M.:>(3 o<>oM,J3:JG .3MMOd&oooli 8M8oo-

364
 00,)6MOOU MOo@)o6 0 ob 8obJ(l:/3001
oo()J'(.J@)ob Clo'bc:;()CQ30 1Q060b0<')3'(.0o0106, MM!.Qob.:iG
o0 o .:ili1 0 08rri301w6rri01 6ooob8ooli1o iQ080@)060010
().3oli10@);:ibrri60 8M 0;:i6ob 8ob.:ic:;;:i6.:iiQ. f13;:i6b Mo 0 o
Oi:JM 60()3'(.:J@)ob 65,000$-8\Qo 0 .:i8rri. f13;:i6 3;:ili1 A, B, D iQC>
H .3<')rri;:id&ooob 0 .:i8r'1::J06;:io.:i 800060(3 JO, tirriQ?;:ib.:iG obo6o 'bli1Q?oiQ6;:i6 Jrri8.3.:i6oob
$28, 100 ($12,000 + $15,000 + $1,000 + $100).
.)M ()6(1?0 ()0()J30M(l?:Jb, MM8 6rriM8oli1oo.:i, MM()MM(3 o;:ilio, 6.:iuw6G
li0063;:ib@)o(30M Clrri!Yili .:ili1ob
JM8.30600b 8ooqrrib .31i1rri;:id@)o,
M<B:J6 8rri8 0 06006rrioob 0060J3;:i01b, .:iif.:ili16o6b 8rri8 0ooo.:i6rri6ob 8060-
0 060J3001b. 08rrid80C1?::i6b li1.:i 08 0 30li10Q?, JM8.3.:i5o.:i 0 .:i'b.:ili1Q?rrib 0103obo
.:idGo;:ioob b.:io.:i'bli1rri czpbo, M0Q? 0.:i6 8ob .3MM:Jd@>oon (J'bli1()630-
08.:i'bo Bo& 8rri8 0;:ioo.:i6rri6.:ib, li1.:iG 8obo .:id 8 o0oob 808(1?06.:i!Yi;:i b.:io.:i'bli1rri
'B.:ibob Cl;:i60li1fl(J6;:ioob013ob. 0bo010 8ournrri8.:i 0 3ofl3;:i6;:iob, MM8 Jrri8.30600b 0d3b
8rriodorrib b0'bc:;3li100Clo, !Yi.:io o.:ili1;:iCQ 0 06000 8.:ib
8rri8 0;:ioo.:i6rrioob 0060J3;:i01001. Clo()'bc:;(JCQC>30
oob 8oc::i;:io.:i 6ooob8ooli1o 0060J3001001. 01()8(30 JM8.3.:i6oooob ()8::i&obrrio.:i 8o&-
8oq;:ioob .3MM(3:JbClo, M0(3
Q?060b0!YiJ'?,;:iob Q?0 08 Q?060b.:ili1S(.06ob !:Q0'l30606b;:io0b. 08 .3o!Yirrioo6ob
JM8.306008 ()6(1?0 8ooc:;rrib b0063ob&ooorri 0060!:Q0CQ:J60,
8rri8000006Moob 0 060J 3o01G, .:iif.:ili16;:ioli 8rria 80 oo.:i5rrioob 8060-
0 060J3001b (1?0 8rrio'boi:Q03b 08 0060CQC>iQ0606ob
CQC>'lJ0606boooG0130G, Cl;:i;:ili0008060 8rri 0 o6oli 08 0 060J 3o01li.
!Yirri8 .:i!Yili 0orri6li 0.:ili1 0arri 0o06o, 08 o0Gob 0 08rri::Jo6o60li.
01()8(3.:i, 08 803::J0301i101 JM8.3.:i6ooli .:idGoo6oli li060'bli1M 'IJ!YiQ?oli
'bli1Q?oliJo6 .3 01i1li.3od&o3.:ioo. 01() JM8.30600 0.:i8rrio::Jo5ooli J.:i.30-
6rrili18oli1000li iQ0 ()0Mi:JM'Bli .3!Yirriod&ooli, 8rri 80 ooli
0 060J3001li, .:iif.:iP'ioooli 8rri 0 o6oli 0.:i6.:iJ 3omli, .:iliomo JM8-
.30600G li0063oli&ooorri OMMli od6oo.:i 08 .3Mrrio-
d0o<'>oli 8oc:;o6om, .:i!Yi 0 .:i 'b.:i1'1i:Qrri6 Jrri8.3.:i6ooli
Jrri8.3.:i6ooli 0.:i'b.:i!YiQ?rrili 8olio 0doorri6oli1ooolim30G.

iQ080o83oli 1'1rri0 MM(3 f1306 36.:ibom, 0.:i8Mi:JM'lJli

Oc:::'Ooow16nb o6oc:::'o'bn ,,Mo CQ060b01'1S(.060G Clo<s0lio606oli !Yio 0 li, 6iM 0Mli1oo .:i!Yioli
mv" UO<:Q·'G G3c:::'0iQ;:J6n 06
0806(!?0 ,,CQ08rri6@)0tJ06oli b0MS(,JOO",
<:!!"0300060 nGJc:::'JOo
Goo0'li01 Go'?lvd33c::;>'lia, C!?.:i lib 3.:i.
n8nbom3nl> r'i018 0 08rri3o::Jo6rrim 08 0 306io G"t::::8bf.lo30 O[j'{JC>bQonoo iQC> ,,1'1.:i m(J" Jnmb3000. 1'10 8rribiQo6.:i m()
e,o6ol>o 'bcc31'1Mli 80010 b.:i6iS(,oli Clo<s0lioo0 od6oo.:i 06 30Q?MO fl306
't>oe,03c::;>o5o :Jl'i01adenl> 0801.i 3<sod1'1rrio01? 1'1.:iiQ 0 06 Q?060b01'1S(,oli Clo'l30liaoooo G.:i5::Jolio
e,o'!iM83.>!Ji OO!Ji32>Do'b3,
MM(IMMnG ol'inl> 68n5(120 Cloczpli 0o0ooU?.:i6 0orriC!?oo.:i li000'bM 8iQ 0rri8.:ili1 0rrio.:i), 0 06oli0'bq 31i1Mli
obc::;>Ob(12Qc::;>n ccnr'ioo'CJc::;>JOO 8.:imo .3MMOd&oG 00'bM8oe:_1 0JU?Do06'bo, MM(iMM0(3 .)Mob o8o5f.Q0
(NPV) ,,6 (JJ';'J2>DooG '30(120 (NPV).
0 ofoJ3301n (!RR). .3ti1Mod&oli (3MiQ6.:i C\?00008301.i
{!?06.:ib.:ifiiS(,;:JOOi.i 808.:ifiim md306 ()'l3MM 80@) 06'l3Mli180(300b 8Mo(308m. 08
o6'l3MM8,)(300m md306 oo8C!?Oo (,0(1?0b::J3o@)M01 a>()
Clo<n.:ibo6.:ili iQ0b3050 06 0 01:Q0boiQ30 l:Q<i .:ifiiol> m0 .:ifii.:i
li0608 803oqoo1:Qom .3fiiMod<'!Joli 8oc:;o6oli 06 (J0!'0tJM<soli

365
 G3c:;'Oc:;'Oo0 L>06::JOL> G30c:;'Oo0C!?
82/'1d6f'lO:Jc:;>"'oou o6oc:;io'bo
ma3'bou 0o8!"'1bool'iMoo
G3c:;'0C!?O -15% -10% -5% Base +5% +10% +15%

ouobo3u $) 1,785 $11,447 $11,107 $10,429 $10,089 $ 9,751

06Q?o3o(!!C)Oc:;'CJMO
c:;iaoaoou 9,824 10,139 10,453 11,083 11,398 11,713
6806(!!0
(NPV) 6806(!!0 ""3:Jl'1"G"7.lc::"'
(!!o6obol'i'.JC:JOOU uo8 foJO(!!OOnb (78) 3,539 7,154 14,382 17,997 21,614

Cloli.)bo6. 0bo30 m06b8M60 8oc;io6(Je.::o .3P'iMDM.>06obm3ob 80P'id6M6tJr.::M6ob 06.:ie.::o'bb Clo()de.::00

!:!?"oob80P'iMm !:!?""!:!?oo6Mm, P'iM8oe.:: 83 e.::.:i!:!?b Clo(Jde.::00 (J'bfYi(J6 3oe.::::i(')b 8M6o@JMP'io6 0o.
06.:ie.::o'bob 8.:ia.:ie.::0010. P'iM8 0 03.:iCl(JdMm P'iM 0 MP'i 0 08Mo::Jo6060
80Md6M6or.::(Y)6ob 06.:ir.::o'bo J<>.3o&<>e.::!:!!<>606!:!?06ob !:!?"oDo83ob 0<>(!!<>0::J3D&oe.::o6o6Clo, 8M(!!om
(!!<>3()6M(J6i:i;wm J3e:'..'"3 mo3'bob 008Mb00M(Y)60 8(Y)O::JM6oe.::(Y)6ob dM(Y)Od@Jb. 80-12 m03Clo '5306
008(Y)3006 00M0Clom dMMtJd&ob 'bP'i(!!<>(!!o 0806(!!<> 'B(Je:'..'"!:!?o 6<>J<>!:!!D6o. 08 m03Clo <>(!!MD 36.:ibom
8b 003b80 '(j()e:'.,'<>(!!8<> 6<iJ<>(!!t)680 MM(>MM 8o 03o::i3060 .:ibr.::06!:!/De:'..' 0806(!!<> c;ioP106(Je:'.,'0608!:!?D
10,768$-8!:!/D J(Y)8.306oob 12% J0.3o@J<>e.::ob c;ioP'io6(Je:'..'06om.
80 Md6(Y)60e:'.,'(Y)6ob 06.:ie.::o'bo OtJb0de:'.,'r'10 0 .:i8(Y)::J0606(Je:'.,'O od6ob mo3'bob 008Mbi>OMM60
dM(Y)Od@Jobm3ob, P'iM8 3(J.3<>b(Jb(Y)m 8mor.:: Mo 0 ,,M<> <Jl(J" Jomb306b. Mil od6060 <Jl(J, 80 0.:ir.::om<>(!!,
80-12 m03CJ0 1-(!!06 4 Oe:'.,'08(!!0 '(j(Je:'.,'il(!!O 60J0(!!tJ6olJ 0806(!!0 OtJ8MlJ<>3e:'.,'t)OOlJ
Clo'B<>lio6o6o Clob0608ob0!:!? - 35, 167$, 36,250$, 55,725$ (!!0 33,258$ - MtJ<>e:'.,'(JM<>(!! od6060
8.:ic;i.:ir.::o 06 CQ060r.::o? Mil od6060 <Jl(J 16,500$ '53060 b06Me:'.,'(Y)(Y) b0r.::0J30(!!0(30M c;ioMtJ6(Je:'..'D60
od6060 8.:ic;i.:ir.::o 06 (!!<>6.:ir.::o? !:!?" M<> od6060 <Jl(J @JM06b.3(Y)M@J0Mo6ob !:!?" (!!08M6@J<>tJo6ob b.:iM-
Ji:o6o <>Mob 8.:ic;i.:ir.::o 06 CQ<>o<>e.::o, 30CQMD 8of56o(Jr:'..'O 10,000$?
M(Y)8 3(Jd0b(Jb(Y)<Jl ,,Mil <Jl(J" JOmb306b, '5306 .30P13oe.::0!:!? 30bM(Je:'.,'t)6<Jl 0b0e.:: NPV
008(Y)06 0 0M0Cloo0b, P'i(Y)8or.::CloG '5306 3G3r.::om f5306b b08 G3r:'..'"!:!?b (@JP'i06b.3(Y)M@JoM36ob !:!?"
(!!<>8(Y)6&0tJ06ob, b06Me:'.,'(Y)(Y) b0r.::0J30(!!<>(30M c;ioP'io6(Je.::Doob CQ<> 0(!!MtJ(Je:'..' 0806(!!<> (Y)dtJM<>Go-
(Je:'..'o Clo8Mli<>3e.::06ob 'B(Je:'..'"!:!? 6<>J<>!:!!oob) 06CQ030CQ(J0e:'.,'(JM<>CQ; 80 0.:ir.::om<>(!! -15%-001, -10%-
001, -5%-om, +5%-001, +10%-om !:!?" +15%-om. (0c;ib060Cl60300, M(Y)8 G3r.::or.::o6o6b b08
G3e:'.,'0(!!00 Clob.:ide.::(Y)<> .3d(Y)6(!!ob <(30M<Jl(Y) 'bo0<>3e.::360 bb30 G3e:'..'"!:!!DO'btJ, M(Y)(>(Y)M0(3 .:iP'iob 08MM-
@Jo'b0(300 {Qi> (>0(!!0U<ib<>(!!360). OtJ!:!!DoOOO 008!:!!00 OtJ(!!<>M(!!360 (J(33e:'..'De:'..'0 OQ!:!!3oD6ob
(doP'io010CQo 8(!! 0M80P'io(Y)6ob) 8(Y)60 8 38 0ob CQ<> 8 bP'ioe.:: 13. 1-ob 8M60Go8oob.
GbMor.:: 13. 1-Clo '5306 Clo 03ode.::00 36.:ib(Y)m, MM8 -15-1:!?06 + 15%-8CQD G3r.::or.::ooo6o @JM06b-
.3(Y)M@JoP'io6ob CQ0 (!!08M6@J0tJ36ob OtJ<(3<>lio6o6Clo, obo30 Pl(Y)(>(Y)M(3 b0e.::0J30(!!0(30r'1
c;ioP136(Je:'.,'060, d0e.::006 0M G3r.::ob 8oc;io6(Je:'.,' o8o6CQ0 0be.::06!:!?De:'..' c;i0Mo6(Je.::D60b doMO<Jlil(!!O
8!:Q 0(Y)80Mo(Y)oob c;ioM36(Je.::D60 10,768$-1:!?06. 01()8(30 01() 8of563(Je.::o 0806!:!?0 MdtJM0(3o-
(Je:'..'o Cl38(Y)b03r.::ob '(3(Je:'.,'il(!!O 6<iJ0(!!tJ6o CQMJ<>M(>tJ6<> 15 06 83@Jo dM(Y)(306@Jom doP'io010!:!?0
Cl38mb3030(!!06, '53060 .3P'i(Y)3d@JoG 0806(!!<> 0be.::06CQDe:'..'o c;ioMtJ6(Je:'.,'QO<> 0<ib!:Qo6.:i (J<>M::J(Y)'Bomo.
8(Y)60(3tJ8ooo (3bP'ioe.:: 13. 1-Clo CloG0de.::M0 0G330 00M8(Y)!:!?oDG (>M0<(30J(Je:'..'"!:!? NPV
80Md6(Y)600MM60G (>M0<(30JOO, 60b301 U(JM0010 13.3. 0c;i360Cl6(Y)<Jl b080 ,,80Md6(Y)6oe.::(')60G b.:i'bo"
NPV 80Md6(Y)600M(Y)60G 0M<><(30JOo. ,,<>(!!MtJ(Je:'..'o 0806CQ0 (Y)J3M<>(30(Je:'.,'O '(3()e:'..'<>!:Qo 6"J0!:!?060G
Clo8(Y)G03e.::060G" b.:i'bG <>d3G 80b3oe.::o (!!<>bMoe:'.,'M60. 08o@J(Y)8 NPV .:iP'ioG ()<(3MM 80 P'id6(Y)600MD
G3e:'.,'0e:'.,'t)OtJOOU 8080M01 08 G3e:'..'"!:!?D6Clo 30(!/Mt) ,,6(Y)e:'.,'r'1 b0e.::0J30CQ0(30(Y)
c;ioM06(Je:'..'D60Clo" 06 ,,@JM06G.3(Y)P'i@JoP'io60b0 !:!?" (!!<>8(Y)6&<>tJ000Clo". 08 06<(3(Y)M80(30<> 'bo
!:!?"::JM!:!?6(Y)oo01 bae.::8dc;i 306oe.::(')00G Clo(Jde.::00 JM6 8 o6@JM0P'io60 <'>""JD01(Y)G (J'BM(Y) 8o&
06/CQ0 8M6o@JMMo6 0oG 8G!:!?Dr:'..'M6 36'bo 8(Y)R 30 606001<>!:!! 8o&<>CQ JMo@JOJ(Jr:'..'
,,0CQMO(Je:'..' 0806(!!0 (Y)dt)M0(30(Je:'.,'0 Clo8MG03e.::060G '(j(Je:'.,'il(!!O 6<iJ0(!!tJ6oG" G3e:'..'"!:!!DO'btJ.

CQ<><>J3ot'1CQ001 NPV 0 M<i<z30Job 13.1 b(JM<>01'bo. 0c;i360Cl6(Y)01, M(Y) 0 (Y)M Cloode.::060 ob

0 M<><z30JO JOCQD3 od6ob MM0 (Y)M(3 ,,8 0Md6(Y)600M(Y)60G b.:i'bob" @Jo.30,
M(Y)8oe.::oe (Jf5306oob NPV (>M0<(30JOb 80Md6MOt)e:'.,'(Y)60G J0.3o@J<>e:'.,'CQ0006CQOOOU b030-
Mil(J{Qr'1 b0MJi;tJOoG G3e.::oe.::oooooG 8080M01.

366
 13.

25,000

€ - Goc:.mJ3""1"8""'
<8JIOo5tJ:ieWi&i"ialinbo
"'°"'o0=n°"
6
c;: 20,000 + - - ' - - - - - - - - - - - - - - - - ' - - - - - - - - - - ; ; P " " ' - - - l
N
a'<

-10 -5 Base 5 10

NPV 8a<"id6MOQr?;"10nG
0 MC>'IJOJO mo3'bnl>
0 0801G00Pi01on
(Q>6>(Qo>PinG
:!Pi"'odonl>m3nG

-·-----

-!5% -10% -5% Base +5% +10% +15%

a0Pid601oar?.'"'onG -15% ($ l,022) ($ 707) ($ 393) $ 552 $ 867
80&Pino0 mo3'bnG
008Ml>00Pi"'on -10% 2,595 2,910 3,224 4,169 4,484
(Q>60(Q 0 0PinGm3ol>,
-5% 6,218 6,525 6,839 7,784 8,099
Pi"'8ar?.'oG vfi30600G
mo68br?;aon (33r?;Or?;QOnG Base
'hoo"3r?.'06oG (Q"6"b'<"iJ<:nG +5% 13,438 13,753 14,067 15,012 15,327
"'"' 03r?.'"(QCln .3Pi"'odonb
68n5(Q" 0br?;>6(QQr?; +10% 17,053 17,368 17,682 18,627 18,942
ccn<"iao'Zlr?.'000'ba (NPV) 22,244 22,559
+15% 20,670 20,985 21,299

IJMCnO dM@JIJ6(30(JMO dMMOe.::.11)80 n306b 80MdOMOIJC.:::MOob 060e.:::o'bm06 .)Mob ob, MM8 8.:ib 0d3b
80Md6MOIJC.:::MO.) nCQMMob G3e.:'..'0CQOb" 808.:iMm. G3e.:'..'0CQIJOb OMMob 006MMOMIJO(JC.:::O Ol:JM
CQ08MJOCQD0(Je.:'..'D0.). ob .)Mob 8omMCQOb boe.:::Clo8Cle.:::oe.:::o '?PJ@JMMO. m(J8(3.:i, n3060 OIJ!:!?D8DOOb
80Md6M61Je.:::Moob Clo<(J.:ibooob IJMmo 8 'b.:i 0803CQMM(Je.::.10 G3e.:::oe.:::ooooob 8oboCQ3om MM
(33e.:'..'0CQOo · 0Mob NPV 80Md6MOIJC.:::Moob 8.:i@;Mo(3ob 00000. (3bMoe.::.1 13.2 0Mob IJMmo .:ibomo
80Md6M61Je.:::Moob 80@;Mo(30, MM8oe.:::oG 0b0b03b NPV Clo!:!?D8Dob MM Clo<(J.:iboo()e.:'..'
CQC>60b0M:Ji:IJ000 G3e.:::oe.:::ooooob JM80060Goooobm3ob - ,,b.:ioMC.:::MM b0e.:::0030CQC>(30M
CC?ofY\oo()e.:::Do.:ib.:i" CQ0 ,,.:iCQMD(Je.:'..'O 0806!3?0 M.'3ofY\0 8 o()e.:::o CJ 0BMb.:i3 e.::: 0oob <B(JC.:::0CQ foJ.:i(.lwooo".
80fY\d6MODC.:::MOob 06.:ie.:::o'bo, MM8MM(3 n306 36.:ibom, 030de.:::03b 860Cl36oe.:::M306 OO<(JMM8ci-
(300b NPV .'3fY\Mod&ob 80fY\d6MOIJC.:::Mooli Clob.:iboo ofY\mo (06 80@;0) CQC>60b0fY\Ji:ob G3e.:::oe.:::ooob
808.:ifY\m. m(J8(30, C>(C!b060Cl60300, MM8 n3060 8013?0M80 01"iC><(JDMb 080Moli 6oooli8oofY\o 13?C>60b0M-
Ji;Ob G3C.:::0CQOO (33e.:::oe.:::oooli ,,8b003liooob" Clob.:iboo. oe.:::0030 (!?0bMOC.:::M0.) 80dfY\6MODC.:::MOob
b.:i'boli 8080C'0m JM6JMIJ@J(Je.:'..'o G3C.:::C>CQobm3oli Cloli.:ide.:::M.:i C>M Ol:JMb .'3MMOC.:::1J80, m(J G3C.:::0CQob
0D<(J0boo0 .)M dD0(33e.:'..'D00. Clob0de.:::f'lo (J'()Mf'1 80@;0 o6<(JMM80(30ob 80CC?oo0, MMCQIJb0(3
c;;oMQO(JC.:::DoDoob Mo00 1 MMBoe.:::oG Clob.:ide.:::Mo 8ooc;;Mb f130680 G3e.:'..'"<RD080, 0b0b(Je.:::00 80m
oe.:::oomMOob 0060ooe.:::000Clo. Bo-14 m03Clo f1306 008f'l3ol:Jo6oom ()<()MM 'b(Jb@;, M0MCQD6MOM03
boCQ30b b0063ob@;o(3001 .3MMOd@Job ,,MobJoo6Moob" 00b0'bM80CQ (!?C> 0063oboe.:::03m oe.:::00mMooli
003M(3De.:'..'Ooob 06<(JMM80(300li.

367

lla8CQ30180 6(Ji!io@lo - Post-
complction audit -
0f'i(T)ad8nl> f'iaoe;i(Jf'in
CQ06oboM'.l(:QOOU CQO
8(T) 0 aoou <tJ01M8oe;>()Mo
O:JCQ>f'iaoo Cl?'oDo3ne;imo6.
OU:J010 O(JCQO@loU
dof'io010CQO CQ06oo6(Je;>QOOO
'JJ'JJ'3ool'iou
n6<tJ(T)f'i8oeoou 8oc;ooo,
o6CJ ''JC!?o@lou ooC!?Ooooo
o'Cl?'OG08o oauooo8ou
03f'iu(T)6oe;iu, a(T)ao3oe;io
3>CQ>51J308ne;iooou
8oc;aoou
3obo(J8'.l(:(T)o3uooe;ioCQ.
!.Q000o83oli dMMGolio 0M ()6!.Q0 !.Q08m03M!.QOli dMMOd&oli 006b(")M-
!.Q06'tJoo0'bo 8oc:;>ooom. ,)MMOd&oli ()6'3080 8M6o&MMo6 0o 0Moli
8tJMMO 60oofeo, 08 .3MMOd&oli li00MmM 6'0(Y)80&0-
ooli 08 0 30M0!.Q, JM8.30600080 ()6!.Q0 dMM 0Moliol.i 006-
.3MMOd&oli oo8!.Q 0 M8o 0()!.Qo&om .3MMOd6'bo;
.3MMOd&oo'bo 80mo 'bM8oli 8o(JbtJ!.Q030!.Q; !.Q0 8(3oMo .3Mr'lo-
d&oooli 6o8()o'bo . .3MM 0Molioli 06 li&0&(Jlioli 06 00Moo80 8Mo3Goli
0061.i0J(JffiMOOom dMMOd&oli !.Q06o6i 03ol.i <tJ0'b000, .3M&06(3o()Mo
'bo!.Q8o&o bC>Mfeoooli, ()J80Mol.iMooli, 0M0li6'MM0 30M0()!.Q0ooli !'.R" .3MMOd&oli
R030M!.Q6oli ooli0boo. o6<tJMM80(300li 8oc:;>oo08 dMMoMolioli 8003o(")oom
0 08Mo6'30Mli .3MM 0 6M'bo(Y)oooli 008M6'8000, 8Md80!.Qoo0 li0d8006Mooli
00()8feMooliooolim3oli 06 dMMOd&oli oofio(Y)oool.im3oli.
.3(Y)(")od&oli Cl::i8U1 0f'l8o
0 06li0'bc:;> 3MMl.i .3MMOd&oli oo!'.Roaooo (Y)08!.Qo60!.Q
0Moli 8oli oo<tJ0lioooom06. MM(30 b!:Q000 08 o6<tJMM80(3oOl.i
li6'MM0!.Q 008Mtio6000, .3MM 0 Molioli !.Q0 oo8!.Q 0M8o 0()u::o&o
!:Q0830b80MMli dMM 0 6M'boMoool.i l.inl.i()l.i&oli 6oonl.i8ooMn
<tJ000MMoli 1:Q"!.Q806000. J0M 0o 06<tJMM80Gonli 8oc:;>oonli lioli&o8om, 6oooli-
8ooMn ou(")li
ooli !.Q"80o83nli 8oc:;>oool.i b0Molibnli .
.3MMOd&oli 8M6o&MMo6 0 li 0lio30 3dM61:Qoli O'tlod&o 8o6ofeOMo-
o'bo. O'l() 806ofeOM0080 6'n60li6'0M n(3006, MM8 80mo J0.30-
n63oli60Moo0'bo od6000 olio6o nd6000 (J<tJMM
!:Q0 oo<tJ0lioooom06 ooli0008ol.iM0000. 0801.i 8 0M!:Q0,
806ofeo(Y)ooolim3oli (J<tJMM ou(")li .3MM:Jd&oli aofio(Y)ao0
dMM(3[Jlioli JM6&adli&oo. 806ofe::JMooolim3oli 8Ml.i0b-
.3MM:Jd&oli 0&0.3aooli 0 06li0 'bc:;>3M0 !.Q0 .3Mr'l::Jd&oli oafio(Y)ao0 'bo 6'ofoli6'0(Y)
oam06b8ao0, m() 0liomn a&0.3aon 0M

8a-12 m0300 R3a6 i:Q03n6't1am (JJ::Jm1:Qao0 6"J"l:Qooli, 6'0M8MooM-

1:Q"80o83oli 08 30M0()1:Qom, MM8 6oooli8ooMn 0006 06301.i&nGooli 008Mi.itJO{Q30li .3oMnMi:QOli !:Q0li-
li0063oli&oGnM 6'0601:Q0!.Qoooli 8oc:;>oo0 0M JM8- oo8!.Qa&, (2) no6Ml'10"1ao01.i ()Jo01ao1.i
.306ooli oo'b6oli MoliJoli ali !.QMMol.i 8oborQ3001 i:Q" (3) 008MotJa6000
30M0(J!:QO 008M30tJ::J6Mm .3MMOd&oli 8oc:;>oo0'ba 0106b8Mooli
8M0oooli 0060J3omn o8oli JMo0::JMo(J8[J00 1 J[JMdM!:Q li()onod0(JM0!.Q
803oc:;>Mm m(J 0M0 .3MM::Jd&o. "Cl::i6'u3a&oli
B .3MM::Jd&oli oo<tJ0lioooli I:!?" Cla(Y)fio3oli li0063ali&oGnM 6'0601:Q"l:Q::Jonli ()J()o::Jooli Clo!.Q0
Mmbo 8omM(QO . OtJM dMM::J- 0 060J3amo (IRR) C>t'1oli rQol.iJM6&oli 00foa3a010, MM8a-
d&oli oo<tJ0lioooli 80M&o30 !.Q080- 00106.)oMooli 6'8o6i:Q0
&ooomo 8omMi:Qo, o6'Ml:.l?Oo" 008Ml.itJ01:Q3oli 60J1>1:Q::JOol.i li06'uoli
.3oMoM!.Qn. li080 8omM!:QO (()J()80onli oo!.Q0 001:Qo6ao0li0106. 01() .3MMOd&oli IRR i:Qoi:Q00 06
0060J3omn, 6'8061:Q0 !:Q0 8M0oonli 8"6"J3a01'bo, dMM::Jd&o ()6!.QC>
8M8000006Mooli 061:Qadlio) OtJM od6ali
60JC>!:Q::JOol.i &od60J0. li0063oli&oGoM 6'n60!.QC>!:Q::JOoli 6'806!.Q"
063ali&0Gooli 008Mi.itJO!:Q30l.i d::JMOM!:QO (PBP) 830(J0- (NPV) C>Mol.i 6'0601:QC>!:QOOnl.i 6'806!.Q0
6ao0 M0M!.Q::J6Mo0li, M0 8 60J0!.Q::JOOl.i 008MJ-
li03'0MM0 li06't1olio 06301.i&oGooli 6'06"1:Q"!.Q::JOol.i li06'uolin
!.Q01.i0<tJ0M030!.Q. 8o(Jb::J!:Q0301:Q 08oli0, MM8 ali li0'bM80 01() .3MM::Jd&oli NPV {QO{Qn0 06 dMM[J-
C>Moli .3MM::Jd&oli d&o ()61:Q0 od6oli .
n0 n 01'1oli 8M8 000006Mooli 00'bM83ol.i .3"1Mod&oli 8M8 0aoo06Mooli n6!.Qadlio (PI), "6 8M 0 aooli0
8::J001:Q oli o8om C>obli- !.QC> b0Mfe::JOoi.i JM[J<tJoGno6&o
6ao0, MM8 8olin 008Mt106aoo01 ( 1) oa6MMOM::J00 0Mol.i 6'806!.QC> 60J0!.QOOoi.i

368
 13.

IQ<> G.:io8oGo 8MOMoob 00801b303.:ioo, <'10080

JM09300006@>0. 01() :3MM:Jj8oG PI 8J01MIQOG 308M806:J00.
IQOIQ00 06 1.00-oG, :3MMOd8o (J61Q0 oj6oG 6M618o<'1oo.:i o.:iM8MoOMOo 6000G80JM
IQMMG, MMIQoG.:io .:i<'1oG o:i'be;(JIQ3" 08
MMIQoG.:io MMO 06 8080 G00630G8000M oo6o1Q01Q000 93r<161J?oooG GolQOCQJ'bo, 08MG
.:i<YioG (JM01o;i<Yim308M8Mo(3b030, 11306 :3JMOMIQoG 306803-
08M30<'1floM01 ofilcrio, <Yioo80630G oo601Q01Q00008.:i IRR, MM()MMoG .:i<'1oG <'1MIQoG.:io J<>:3o-
NPV IQ<> PI 8001MIQ:J00G .:i<'1oG <'1081Qo6080 a0<'1oMIQoG
8M03GOG G0:30<'10G:30MM OOIQOQOOO. 01() o.:i<Yi8MoOMOo oj6oG <'1.:i8-
fil00806300, :iG oj6oo.:i IQ06o8o 8omMIQo (IQ<> (]93MM
:3<'1Mod8oG o;i81Qo30 G.:iao 306Gb303000G 308M: ( 1) 6M<'18061000G :3<'1Mo-
0630G80GooG 8.:iGo8.:ioo, (2) 306Gb30300.:i 01() 6M<'18oMJO(J-
6.:iJ<>IQoooo !.!?" (3) :3<'1Mod8oG 8081Qo60<'10 :30MOMIQOG0130G,
00801b303.:ioo, :3<YiMod8oG GoM<'1o 0<'111 03 .:i 8M8oooo.:i6MooG o6CQOjGoG 8obo1Q3001
0"J0011QOG 0806!.Q<> i.:;0<'10- :3<'1Mod0000 doM00101Q01Q 8003083061.;
<'100@>063001 8obo1Q3001. Gb30 oGomo :3MMJj@>oooG JM8oo6.:ioooG 08M<'1f\03<>81QO,
Go88300001, filoo80630G 308M806000G IQMMG, o;iG- 3.:i'bMl:QoG JM8:3.:i6ooG
08061Q<>
8001MQ?OG 8obocr13001, oj6oo.:i :3MMOd@>ooo, o 093 .:ib 0o0oo
<'1M0M<'1G li.:io8oGo 0093.:ilio<'>ooo1:Q<>6 ooMIQOO<>
(")9306 JM8:3.:i6ooooG 3.:i'bMCQoG, oGo 030 doM00101QO 8Q?3M80<'10Mo0) IQ<> 3063G.:i'bi.:;3<'1M01 80010
8oGo <>j(30M6o<YioooG Go81QOCQMOG 30'bMIQ.:iG.:io. :3<'1Moj@>oG ooll?OO:J6'bo, <'1M-
0630G80000G ()J()0000G OOIQ0 3.:i6.:iJ30010G 8001MIQOG 3M<'10G .:i<'1oG o8o6(Qo (NPV)
30801 806000G0106 :3M@>J6oo()Mo 06 ()J(J00<'>oG CloQ?<> 0 06.:iJ30010 (IRR)
8CQ 0M8.:i<'1 0MoG 08000, <'1M8 0<'108<'1<>1Qo 8 0- 8M6o@>MMo6 0o 3<>3(]J001M01 :3MMO-
:3<YiMod8oooG 00801b303.:ioo (<>6() 0Go010 :3P1Mod8o- d8ooG (JD830&<>!Q, <'1M8 8oGo 00<'1-
ooG, 6oJ01QOOO b.:iGoo011QOOOo6 80@>000. 00!Q00"1l? JP18:3.:i6ooo8.:i (J6(Qo
6oo6oG :3<'1M3<'1olioG 306boc;:i30 Clo81:Q3M80 <>(]!Q0-
001'18MOOMG 0630G@>o(300G 8M8300006MooG 61081Qo6080 000001.
oolQ<> 006.:iJ3omo. 61081Qo6o80 oolQ<> IRR-oG 00<'1-

'bM300<'1010 6oJ<>!QOOG .3jM61J?om 0<'101'bo 80@>0 (JJ';'.)00-

ooG OOl:Q0 306.:iJ3omo. 08 Q?<>3(]03001, MM8 11306 b006-
30G&oooM oo601Q0!QOO<>G, oboo.:i ()93MM 0930d&o.:i6o 60301Moob G.:ij.:il1oG
l:Q<>8M6@><>'i'.Joo.:iG, 08Mj.:il103G 60301MooG M<>Ml:Q06Mo.:iG 8ooo!Q.:i6 ()93MM
Go<'1093<>1:Q, 30!QMO G.:ij.:if\ooo. 3 oG 0630G@>ooo.:i 8Mo01bM3G 1,600$ G.:io8oG
G.:ij.:il1olim3ob. G.:ij.:if\o 10,000$ 6.:iJ<i!QG
oo81:Q000 MMO 01()8(30 G.:ij.:if\o 8M03Go8G 20,000$
6<>J<>!Qli 0<'101 oo81:Q00"G 60301MooG 8MDMIQOO<> Clo581QOO<>. MM030
G.:ij.:il1oG .:i<'1oG G.:ij.:il1oG
308Mo630<'100000 G.:iiJ:oMM 6oJ01QOOOb o.:i6b.:ib.:i .:i<'1oG
o 0alQ 00 6.:io<'1o:

5c::;>OL6f'lc::;>f'l
0 2
(a) l><>j.;1\oG 6"J"ll?a6o -$1,600 $20,000 0
(b) b,;j.;fiol; 6"J"!Q;JOO 0 Sl0,000 $10,000
(c) 63n61Q" 6"J"ll?36o
b.;j.;fioG
b,;'lm (>) b,;'bn (o) -$1,600 $10,000 -$10,000

369
 o8o6(Q0 60J0CQ.'.JOO li0d0floli .'.J'8.'.Jd@Jo06(Y)OOm
06ioli - 1,600$ + I 0,000$ CQ0 - 10,000$. M(Y)(Q.'.J00(3 fl306 (JJ(JOOOoli doCQ0
0 060J3omoli 60J0CQoli CQ06ooolim3oli, R306 M(Y)8 06ioli 06i006imo, 06i080CQ
(Y)Mo: 25% CQ0 400%.

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

' (1 + IRR)1 (1 + IRR) 2
li0CQ0G IRR= 0.25 06 4.0

oli lio@J(J0Go0 li()fii0mClo 130.1, d.'.JCQ80o0 08 06i0@>6i0CQ0Go-

0060CQ0CQ.'.]Ooli NPV 0M0<(30Joli 0 06. 0% CQOOJ(Y)6@Joli 0 060J3::imoli (QM(Y)li, .36i(Y)od@Joli 0806CQ0
806i@Jo30(Q 06ioli 60J0CQ.'.JOOU 1i:08o . .'.JU 06iol> - 1,600$
t'10CQ 0 06 0i'J:0t'1oool> Clo8(Y)L>03e:;iool>. b(Y)e:;i(Y)
o'bM(Q.'.)00 CQOUJ(Y)6@Job 0 060J3omo, 8.'.J(Y)M.'.J 0 0b03e:;iob C{OMQO(Je:;>.'.]00 JO Je:;>.'.]-
Clol>0008ol>0CQ CQ0 0060CQ0U?oool> 0806CQ0
c:;o6ioo()e:;ioo0 bCQ000 CQ0CQo6omo, M(Y)CQol>0G CQOUJ(Y)6@Jol> 0 060J3omo 0i'J:0t'1oool> 25%-l>. t'10CQ 0 06
CQOUJ(Y)6@Job 00foJ3omo o'bM(Q.'.)00 100%-'bo 8::J@J0CQ, tJ3.'.Je:;'0 foJ0CQ.'.]Oob
(1(Q02 oe:;ioool>m3ol>) Je:;'.'.JO(Je:;>(Y)OU U0btJOUO Clol>0008ol>0CQ
- 1,600$. 400%-ol> CQM(Y)l>, 0806CQ0 bCQ060 6(Je:;io.
lfo60(Q0(Q.'.JOOU ol> @Jo.30 006l>b303CQ.'.)00 Clo8mb3030CQ06, M0(3 60fl3::i60000 U(JM0mdo
13.1, MM8oe:;iCloG o8o6(Q0 0MOU CQOUJ(Y)6@JoG 0060J3omol>
Clo8Got'1oool> '8()6dG00 CQ0 06iol> (JJ()80ool> CloCQ0 0 0foJ3omo, MM8oe:;ioG ()@l(Y)e:;>CQ060
o8o6(Q0 60J0(QQOOU U00tJOUO 00l>03e:;iooom. 0M0-
@JM0(Q0(30()e:;' oo60(Q0(Q::J00U JdM6CQ.'.JU 6i08CQ06080 (JJ()80oob dO(Q0 0 060J3omo
60J0CQol> b(Jt'10mol> 8oboCQ3om. 0 063oboe:;iMm '(3(Je:;'0CQO 60J0CQ06ol> Clo8U?ooo l>ofiioooo:

0 2 3
$6,000 -$11,000 $6,000

1,000

500

-500 t!10uJP16<!l>Ou o060J3omo (%)

-1,000
NPV 3l'io<tJOJO liodoRoli
Jl'irood@Jnlim3oli
8013oonli rol'i -1,500 I
ClnCQo 3060J3omli

370
coll 58o6(Q.'.l oj6oo.:i
8M 0oooll Clo<Q.:i 0.:i5.:iJ 3omoooll M.'.lM<Q05Mo.:ill .:id 3ll 'bo<Q"
6oC:l6oll M.'.lM<Q06Mooll 6.:iJ.:i(Qou <Qo6oo.:iC:lo. R3o6 0 3.:ij3ll
ll.:i8o (Q.'.l 8Mc,oooll ll.:i8o c,.:ifoJ3omo. 8o(Jb0(Q"3"(Q o8ou.:i, MM8 600,:,600 M.'.l8<Qo6o8o
.:iMoll .3oMMo.:i 8M 0ooou 0o<Q.:i 0.:i5.:iJ3omooollm3oll, o0o
.)M .)Moll ll.:iJ8.:iMollo .:illomo 008mb303oooum3ou. 8Mc,oooll OO(Q.'.l o"foJ3omoooll
.:iMuooMo.:i .:iu 030 5"J"<Qoooll uo<Qo<Qo'b 0. 5"J"<Qooou
oo8<Qooo u0Moooollm3oll .)MUOOMoll OMC))O (JJ()()OOOU dO(Q.'.l c,.:ifoJ3omo (32.5%), 6oo6oll MMO
8o(Jb0<Q"3"<Q:

0 2
-$1,000 $1,400 -$100

MM<QOll"G 3.:i5ti<Qooom 506.:i<Q"<QDo.:iu, .:id3u 8M 0ooou M.:i8C!?o5o8o 0.:i6.:iJ3omo,

MM()MM ll5MMo? R3n5ll 0.:i5.:iJ3omC:lo,
ll5MMo 0.:i6.:iJ3nmo 25% m(J 400%? .:iM(3JMmo 0.:ifoJ3omo .:iM .:iMou ll5MMo, M.'.l(Q 0 .:i6
.'.lM(30MC))O .)M .)Moll 063ou&0Gooll 'bM8.:i. ())() JM8.3.:i6oou 8Mc,ooou
0.:i6.:iJ3omo .:iMou 20%, (J6(Q.:i OtJMll m(J .:iM.:i 063nll&0Go" 08 <B"deoll 8o(Jb0<Q"3"<Q,
MM8 8M 0ooou MM030 OO(Q.'.l 0.:ifoJ3omo .:iMou (!?O(!?O 3o<QMO 8M 0oooll 0.:i6.:iJ3omo,
OMC))O onb0(Q30()) ll(JM.'.l())O 13.:i.1 .)Moll ll.:iJ8.'.lMollo, MM8 (Q.'.l306.:ibMC)) 20% (QOllJM6eoll
0.:i6.:iJ3omom .3MMDdell .:id3ll (J.'.lMtJM<BOC))O 5806(!?.'.l (-211 $) (Q.'.l
OQC!?Do"(Q, .)M (J6(Q.'.l od6oll

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

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

$8,333 - $6,944 - $1,600 = -$211

0'b.:i .:i8Mu.:ij.:iRoll .:iMou oll, MM8 JM8.3.:i6o.:iu

.:id 3ll MMo .:iMR 03 .:i5o 8oMMO 5.:iJ"<Qooou C!?"Rd.:iM 0o.:i 0Mmo
1,600$ ll.:i<a.:ill()Moll o"<Q"b<Qom. Cloll.:io.:i8olio Jomb3.:i .:iMoll: M.:i JM8.3.:i600Gm3ou 10,000$-
oll 0.:i8MtJ06oo.:i QMmo oll JOmb3.:i JM8.3,:,6oollm3ol1 063oli-
&0Gool1 8M0oooll c,.:i6.:iJ3001'bo (QMMoll ,:,8 .30MOM(!?Obm3oll. ())() JM8.3.:i6o.:i
0.:i8Mo8()Cl.:i 3Mll 20% .:i8 <BM5<Qoooli 0 .:i8M80 50o.:i'b 0 <Q" .:i8 0 .:i8M8(JCl.:i 30 ooll
o.:iG 8M.'.lb(Qo6u .3oMOM(!?Oll .:i8 od6no.:i 2,000$,
li.:i(3 JM8.3.:i6o.:i 8oMMO . .:i8 2000$-oll 20%
<QOllJM6@Joll 0.:i5.:iJ3omom .:iMoll 1,389$ (2000$/( 1+0.20)2) - MM<QDli"G <Q"o8.:ieoo.:i
1,600$ JO(Q03 8Mo3Gn8ll 58o6(Q.'.l -211$-ll .
.:i8oll 8ll 0.:i 3ll.:i<Q, llb 3.:i .3MMJdeooo, .:id 3m 8Mooooll 0.:i5.:iJ 3omooo,
.:iMoll (JJOmnll.:i(Q 58o6(Q,:, 8o(Q 0 M8ob 0.:i8Mtj[J6[Joom.

,:,8 m.:i3Clo R3o6 MM8 OtJM .3MMOdeoll Mooeo60Clo

.:iM.:im.:ifoo.:iMo 8jf'15o (JM0100<'1m 0.:i8f'18<'10(3b.:i30 .3MMOd&ooobm3ob.
8m.:i3.:i<'10 JOmb3.:i .)Moll: M.) 8Mb(Q[JO.'.l .3<'1f'1od&oll (J<BMM 'b(Jll-
®"<Q, JM8.3.:i6o.:i (1) 063nll&oGO.'.lll O(Q066(JMO (8b0.:i3bo) .3<'1Modeom, .:i6 (2) o""Jnmoob
063olle0Go.:ib bb3.:i .3Mf'1Jd&ooC:lo. R3o5 36.:ibom, (i]M8 08 Clo8mb30300Clo, MM<QOb"G
.3Mf'1Jd&ooob 0f'1C'.'?f'1U ,:,(i] od6oo.:i
(Y)Plo 3 .:i(i]o.:i6@JoCQ.:i5), R30 5 .:iM C!?"o 3t.J:o(i]<QDo"
8f'18.:i3.:iC'.'?o b.:io63obeoGoM . .:illom Clo8mb3n300Clo, R3o5
(JOPl.)C'.'?M(Q .:i3o(i]Ro3m .3MMOdell 58o6(Q.'.l 830C'.'?"'bo
860Cl360C'.'?f'100()) .
R3o6 0.:i53oboC'.'?.:i3m 3.:iMo.:i6eoool:!?.:i6 . .:i8 Clo8mb3n3.:iClo R3o5

371
 G0d80 030d3G Gb30CQ0Gb30 Goor'>(3bc::'oG (JOJC!?.'006 (JM<nooM01 008M8MoGb030 0630G@JoGoooG
dMMoG 0(i)fio3060106, MM8C!?!oooG 8Mo01bM306 fi060G3C!?.'Oo0G. 80 0 0C!?.'o<n0CQ, fi306 <loG0dC!?!M0
!Q0833'oMCQOU MMo 0C!?.'@JOM60@Jo()C!?.'o 806d060CQ06 OM<nou i:JOCQ30 - MM8C!?!oCQ060G OM<no 806d060
.')MOU (J'/JMC'l b06()Mde!?.'030 8Mb80(i)oooG (Q0 0d3G 8080 U0(3MGbc::'oG(J60M006C'lo0, 30CQMO 8aC'l-
MOU. M0CQ0 06 <lo!Q08MoM03 0 0CQ0Di:J308oc::'oooo'bo 'boe,03C!?.'060G 0bCQ06G G0oi:J0Go 0630G@J0Go0,
fi306 ()6CQ0 <lo30'130GM01 0 0!Q0Di:J308oc::'OooooG <lo!Q08006Mo0, MM80C!?!OG CQ0J03<loM::JO(JC!?.'00
mo<nM::J(JC!?.' 8001001oo()C!?.' 0C!?.'8o(i)60@Jo 30 00106. 0Go010 <la'B0G00001, MC'l 0MMG o0Go, 0(i)fio3060
006oboe!?.'000 MM0 MMG <loG00080Go 30(i\006@JoooG 00680MM000G <lo!Q08006MooG <lo'/30Goo0 - 06
,,fi060G3C!?.'OOou - MC'l80C!?.'o8o G00M<nM ,,G00630G@JoGOM dMMo'bM6@J08CQO"·

f)06&(33c::?Dool> '.$i':0:faoG (G0a6low1 uobo(3M(3bc::?(Y) (30JL::?OG) 8o(!( 0 M8o

mo<nMO(JC!?.'o ilMC'lod8oG 0 080MM000 0CQMO()C!?.'o iloMoMCQoG CQ0CQ8M808CQ0, MC'l!QoG0 8 fi3a6
<lo 0 3ode!?.'00 CQ030GM(JC!?!M<n mo<nMO'JC!?.'o ilMMOd8o OM<nu0 CQ0 08030 D::JC!?!G, 0 08Moo303G 8G 003G
8(i)030C!?.' 0 30M fi060G3C!?.'OooG S(;03'3G, MM8C!?.'00G0G ad600001 GoGMGbc::'oG G00M01M ()8MJC!?.'0Go
GOJC!?.'o. 01001MO(JC!?.'O S(;0tJ:3oG CQ0G0GM(JC!?!G JM8il0600G od6ao0 oCQo6@J(JMo 0(i)fio3060 8o()bo-
1Q030CQ 080G0 M0 0Mfio3060 80J001(Q0 (Q0U00tJOUdo.
<lo8!Q08 fi306 08M3bu6001 <nO<nMO(JC!?.'O fi060G3C!?.'0oou dG::JC!?!OU o8o6!Q0 0be!?.'06CQOC!?.'
e:ioMoo()C!?!::J00G, NPV'.5(;03'30, <lo8'!!ooo '1JMM8(JC!?.'oG 01060b80CQ:

NPV = NPV 0
f;;: (1 + k)n(t-1) (136. l)

G0CQ0G n = ::JM<nb::JC!?.' 00680MMOO(JC!?!o ilMM::Jd@JoG GoGMGbc::'oG GOJC!?.'G, (oc::'aooG M0MCQ06Mo0);

NPV. = ilMMOd@JoG OM<nboc::' 30680MMOOOU o8o6(Q0 0be!?.'06CQOC!?.'O e:>OM::JO(JC!?!::J00 n-OC!?.'O(JMO M0C'l-
CQ06MooG GoGMGbc::'oG (30JC!?.'om;
R = 0 08::JMM00000G M0MCQ::J6Mo0, MM8C!?.'oooG G0::j:oMM0 ()8MJC!?.'::JGo G00M01M GoGMGbc::'oG
x
GOJC!?!OU (J'bM(J630C!?.'tJC'l'1JOU<n30G, (R) (n), tl30C!?.'0 a06G0boe!?.'30C!?.'0 (JM0100M01()08M8M0Gb030
0C!?.'@JOM608030G0130G;
k = !QOUJM6@JnM::JOOU 0 060J30010 <no<nMO(JC!?.'o JM6JM::J@J(JC!?.'o ilMMOd@Jou0130G.

0 5 10

aMmbac::> NPVs $5,328 $5,328

NPV 11"6"G3c::>3<'>oG 10%-nm 5 fic::inl>m3nl>

3,308 ......
0,.a . . .,.6 0,.i;;o<J300G
(!/Mmol> b"'bo
A-:3Mm3MJJ0Gm3ol> 2 $5,328
$8,636 = NPV · I.
(NPV, = $5,328; = t=l (1+0,10)5(t-l)
k = 10%; !!i" R = 2)

0(i\uooo010CQ, JM8il0600 oe:ioou 0 06G0'be:i3M(JC!?! 08061Q0 0be!?.'06CQOC!?.' e:ioMOO()C!?!::J00U <no<nM::J(JC!?.'o

fi060G3C!?!::JOOU !Q0U0DtJnG<lo. j(;0::j:30G mo<nMO(JC!?.'O dOG3C!?.'ob e:ioMOO(JC!?.'000 1 08 0 30M0!Q,
(JOM0C!?!M!:!? (J@JMC!?!CQ000 <lo!Q08006MooG 0be!?.'06CQOC!?.' . e:ioMoo()C!?.'Oo0G NPV-!Q06, MM8::JC!?.'OG
00M8M<lMoG 0Go010 '.5(;0::j:30G fi060G3C!?.'::JO::JoG.

CQ03(J<l3001 <lo8C!?::J8o (JM<nooM01 008M8MoGb030 G00630G@JoGoM A CQ0 B ilMMOd8ooo 0(i)uo0Mou,

MM030 8Mo<nbM3G <lo8CQ::J8 8M8030C!?.'

372
 C U...::'.l C C ...::'.> ...::'.> ...::'.> C ...::'.> r:1 -
er "''
(')
I ...::'.> ...::'.> ...::'.> I ;; I
c r0 ...:::i LO c 1::.1 E c <"· !'-.
u erD u <€> n o "' t:.1r0 f:l U\£ c (")
-'°
DrO D-ln
El n 00 er ,,
CJ')
c 2<; <IC
c 6
CJ E
c::J U U
-'° c
el nrg,
LO <€> LO <"· -0 <€> f)
c-::i c:> LJ
E> c":>
6 f) ,..,
\£ "'ro
,, :g
,,T.:lnCf.)C\£
us SJ'IE ,,
,, ucoas- U...:::> cop..
co er Ji LO ;; ":> U
cl EI
c
0
g
-s co
et_,o...:::i
cg,,c 6 c,,r0
'°cf'O
-'° c
u n
...:::iz
c...:::i
<':>c
\E ')
nco
cE
. .:::>
c cg,,
2 core "'
co -'° \£
"',..,,, c-f>-g f.)
er c0<€> ro,..,
0
00
<A
00
. .:::> ernc ner<':>
C LO <=1 <€> <':>LO CJ
6 <€>
...:::>-c-:i
D 8 u er
roc0
nc
oc
\£
,,
1ooE
_ ...:::i
...:::>n c
...:::icersE
LO e:c c ,2' ,, ...:::i ,..,
c-::>"'-\£cc
i
"'' c 1:<':.:1> LO,, -'° -'° co . .:::> ,, <€><"· C'.) 6 . .:::> f:l'° cO
1::.1 CO 6 COc LO,, -_, E
-c-:J ,c
oo"
"' . .:::> c 2 ,, c . .:::> c >1 n c
-'° oo c:'.l\£ co loo "'
c::J "'nn oc
n "'-
Er:> """II 1
cc
rg, g \£ ,;
r0 oc\£ n"'c€>crg,1::.1<€>...:::i
u er -g, rg, <€> ?-:> -g c
<
E
c:'.l(')OC
_g LQ- c ,,
u<€>f0 6 c
ELO
;g g co
\£ CO
,..,
g ...:::iLO
c
<€>
"' pre ...:::i ro er-c-;)<€> E 'IE
-g E,.gcg
cl
"O
EI
c
c:>
to

00
N
M
v)
Nb c
"''
<= 1
n 1::.1 c-::i
1::.1 \£"' n I -o
n U
loo "' ·-
"'
rO...::'.l
>"'
a..
z
co "'
t:'55
<€> et
T.:l r0 6 \£ n "' "' \£ n,.., E
n,3"'
,..,, <€> n...:::> n c c E c ,,
er../::\
<€>
!
<:'.) <':)
ner;;:'C c EO nu . .:::> ,, f:tC'• Cl T.:l-lb CJ ro,, C'.)''"
_,, "" c-::>cco'IEroco- Uc c
<€>
''" 1::.1 c E
"'""'\£c
n c ,, ":> rO ,, "<-' ":> c -c
ELO\E..Bnu°P...:::ic€>"'
c \£ c-::i E E U f:l'° -c::> c p'f_;, \£ n,, ,, tg, P ...:::ier
'°c:>cO rb" c
,.., -
co
6 c
'"":>\£ I r0 E
nLO n
E ro,..,
E ,, 1:r:,,..,:.1 r:ico
c E f:l"°:r.iSJ"""'"'
,, c o•
ne:,..,,
ro
I
cC -c-::ic::iE...:::> \Ec:'.l
Jic E
R
c
6
...:::>U"'')
c,,c::JU...:::iES
cQC C
Elg ,..,\£ \£
etccro
-g ro <€> 6 er E c c cg "'
<:':)
\£ \£ c:> co Eif:,c c\£...:::i
c"'s"'°U c cp
'"":> co ,, u oE
<€>er(". CJ\£ 'IE f'O cO f:l...:::i
c rg, E \£ .2
. .:::> c
,6
c:>SJ _,, ,,. -g, co ;:g
-'° rg, u - fl 1':,
.,,co
6
. .:::> C \£ C <"•
6 ,, -g
1 c:'.l\£ C DrO ;;
EI c
Po
c
_,, c0
p 6Eu:5LOc:'.ln\£ n?j
Jf '°,...., 1::.1 E . .:::> E rg,co ro...::>
err0
c c J?r.i o\£
-"6
)$j CJ \£ ,, ,, E LO E
":>SJercOc::ign "'n
cO
'°oO r0
f:l\£ ...::>;;t:.1coon,,o
nco "'' E
o <"· c c0 f.) ,, -'° <€> c LJ
LO rO <€> e:cLOc c ...::> c "'
co ro ;5 c0
;}} SJ f.) C LO C oc CO
. .:::> <€>n...:::>cLO
U
_,on
er """II \£ ...::> \£ ...::> s cO c T.:lrO co ,, er co c
LO -c-:ic-::> c-::i"' C\£ 5co nnE_;:>c0c E...::>
E:f-nZ ,,.
1->2 _,, ,,...:::i noc E c0cO
,,FO
"'
,,er
El E <"· c ,, \£ ...:::i E J?\£ c ,, J? ":> c
...:'.> DI...::> CJ co o c \£ E er c C" "' \£
er
OCCE
co '55 'IE 'E
6 c
Jf c Cl,, c c c err.ico • uc. c.,,
\£ --: \£ ...:::i U <€>co . 6 E E c- . .:::> -o er co
..s. /.) /"') g c,,,,r:i'IE E c5r3 p...::> SJ-g,-g \£ 6 c -g rg, f:l E
c:> LJ f, ..,., _,, f:J <€>o"' ...:::i-...:::i 1oo n . .:::> ...., n ror0 f.) coco c:> c:'.lre "'.' 6 E,,,, c <€>
i
E:I-75 ,,. _,,
-c::> 0
no c r0 c c <€>
...:::>- c \£
E c "_..:) o•"<-' c::iLO n
...::> c LO c ro ,3 ...::> <€> );., E c "21 ,,.. -35 \£
ci...::>
E ro- U E . .:::> 6 -c-:i -g n <€> <€> rooc c ...::> c 0 c . .:::> ..._, 6 ro c. "'- '"' •
g,c \£ f.)_,o c-::i"' n c-::>co -c::> -c::> "' c c. ro <€>-'° r0 n c n c:> <€> ,,- "'- c
0 c c El'° c,,,
g ,.., "''°,,
-..o nLO]?f.)'IE
"'\£ E
"'c0
CJ
E
CJ
E i€ \£ ; ' 6 ;;:'
C E ;; 'c C coc:> LJ C CJ
CJ CJ ili' j) co ,, . .:'.>
;; \£ c5 ;; rO
F55
..3 [8 '5$ ..g 2 6 f; £( \£ co . .:::> ,.., . r:1 ,..,
\£ ,..,
\( LO
...:'.> C -35 ')
"'- f.) "' ro...::> ...::>
er c c:>
I
c c cO C'J C'J.:Q c c 1::.1 c ,, 1::.1 ;;:'r0 ...:'.>LO C ') C U-ln
ro i:-.co ":> - • <!'.'. 6 . .:::> nLO n;; crg,erE er,,J5
et>· ro...:::ic cc_,o"' <!'.'. <!'.'.
\£ £' o,,
C,..:J
er,,.,\£\£ s r:,...::> s c
c:ic:it;-"' E E-n
"" ""co 6 J] 0 t 2-g,,3 cO ,3 F55 ,, rg, 6 1 6
ro - p\£ to "' '-'
6 r0 c co 2$.2
c "' n 1::.1 c n"' ...:::>co
£f <€>\£ Pi':, co et c ...::>
_g n\£ n;; n..org,rou'IE-c-:i
1·
\£ n
r')ftj cO .r-:> FO c U'° UE uc ron"' oc C \£ C" r:; I CJ C ') ') rQ0 ...:J 'C" C') \£ C
er"'',.., er SJ E f.)
c Efpsf.)upuc::ier&'i
6 ..o r0ror0-o"'t:o
\£,, LO "' LO
X\£ e: <€>
"" ":>
1::.1 c
-'° n cO "' E c.
1::.1 "' ,, \£ "' "'"-"' "'r0
c n
er \£') f'On Efc oco c c0co
0
'IE c n\£ n"' n\£LO uo ro ') -lb c \£ co \E FO ') co c f.)
Eo_ LO
nc,,c,,c,, -'°<X> n
er E.f...:::i El cO £(_,o co II oc
<':)
 M0 .:>MOU (JMOrnoMm308M8Moob030 u0063ou60GOM dMMOd6ooo? M0 .:>MOU CQ08MJOCQOO()e:;'O
dMMOd6ooo?
7. Clou0de:;iM0 m(J 0M0 d3o::i6ou OJM6M80JOU O'BOd6006MOOU 080r::e:;ioo0 063ou6oooooou
3Mdoe:;i3'>CQ006o CQ'>80883ou m06080CQMM30 8omMCQOOOU 308MtJ06ooou U00(J'>e:;'OOOm?
0buo6om mj3060 d0U(Jbo.
8. m(J J0d06.:>e:;iou 6MM80Moo0 0M .:>MOU Md6080e:;i(JMO, M06M8 o::io6ooo6 JM8:3060000 080u?
9. ()J()80oou CloCQ.:> 3060J3omo 33m030'bMou, MM8 :3oMoMCQ()e:;io 'B()e:;''>CQo 6.:>J'>CQOOo boe:;i0be:;i0
063ou60MCQ000 ()J()oOoou CloCQ0 0060J 3omou 008Mtio6ooom. M.:> :3oMMo 0ooo o0ode:;i 000
8033o::i306MU 08 30M0(JCQ0080 dMMOd60CQ06 8or::oo()e:;i 860Cl36oe:;iM306 8P130008CQO·
10. 'bM 0ooMmo UdOQo.:>e:;iou6o 03m030'bMoU 008M30tJ06Mm 008MUtJOCQ3ou dOMOMCQOU 8omMCQO
0be:;i06CQoe:;io r::oMoo()e:;iooou 060e:;io'bm06 oMm.:>CQ, MM8 308M300630MoOMm uCQOUJM66oMo-
O(Je:;10" 008MutJoCQ 3ou :3oMoMCQO (DPBP). J()8(Je:;i0oo()Mo o08MCQo6 0o0oou 008Mtio6ooou
6003e:;i0CQ, Clo8MCQo6ooooou J(J8(Je:;i0oo()Mo 0be:;i06CQoe:;io r::oMoo()e:;iooooo (CQ0UJM660Mo-
o()e:;io J0do6.:>e:;iou C::OMOO()e:;'OOOU 8oboCQ3om) 308MtJ06oo()e:;io0 08oum3ou, MM8 360bMm,
M.:> CQMM CQ'>U8'oMCQOO'> dMMOd6u CQOUJM66oMoo()e:;io 'B()e:;''>CQO 6.:>J'>CQOOom. JM8:30600,
MM8oe:;ioo 0M od308CQ000Moo0 J0do60e:;iou 6MM8oMooou Clo'be:>()CQ30U, m(J CQ08M(JJOCQO-
ooe:;io dMMOd6ou ,,CQOUJM66oMOO(Je:;10" 308MUtJOCQ3ou dOMOMCQO .:>Mou foJe:;iooo, 301."QMO
'bM 0ooMmo 80juo8()8 8ou0r::ooo ,,CQOUJM66oMOO(Je:;10" 008MUtJOCQ3ou dOMOMCQO, dMMOd6o
oj6000 8or::oo()e:;io; m() 0M0, 030 oj6000 ()'>MtJM<tJoe:;io. CQ'>3()Cl30m, MM8 CQ'>8M(JJOCQOOOe:;'O
dMMOd6ou ,,CQOUJM66oMoo()e:;io" 308MUtJOCQ3ou dOMOMCQO .:>Mou CQOCQO, 301."QMO JM8:306oou
80juo8()8 8ou0r::ooo ,,CQOUJM66oMoo()e:;io" 008MutJoCQ 3ou :3oMoMCQo, 80 0M08 60Je:;iooo0
:3MMOd6ou u0uooMobe:;iM ooJe:;i'bo; (J'>MtJM<tJU JM8:30600 08 :3MMOd6u? M.:>6M8?
8'>CQ'>3oo::i30603m tJ30e:;''> dMMoe:;io80u ,,CQnUJM66oMOO(Je:;10" 308MUtJOCQ3ou dOMOMCQOU
8omMCQo, MMCQou00 308Mo::io6oom ,,6M'>CQOGo()e:;i" ()J()C.Ooou 8omMCQu? 0806CQ0 0be:;i06-
CQOe:;io C::OMOO(Je:;'OOOU 8omMCQOU 308MtJ06ooou M0 (JdOM'>60UM00U boCQ03m mj306
"CQOUJM66oMoo()e:;io" 008MUtJOCQ3ou :3oMoMCQOU 8omMCQm06 CloCQ0Mooom?

1. JM8:30600 Briarcliff Stove 006oboe:;i03u 0b0e:;io 00M8Mooou b.:>'bou CQ.:>806000u. 8Mu0e:;iMCQ-

6oe:;io0, MM8 0b0e:;io 00M8Mooou b.:>'bu CQ0u8'0MCQ000 700,000$ 'B()e:;''>CQO 063ou6ooo0 6(Je:;iM-
306 CQMMU CQ0 1.0 8e:;i6$ 1 00c:?U· CQ'>00()3MOU Clo8CQ08 250,000$ 'B()e:;''>CQO Clo8MCQ06ooooo
8Mu0e:;iMCQ6oe:;io0 80-2 o0e:;iu, 300,000$ 80 -3 ooc:?u, 350,000$ 80 -4 ooe:;iu CQ'> 400,000$ tJM 30 e:;i
00c:?U Clo8CQooo oe:;iooou 306803e:;iM00Clo 80-10 0c:?08CQO· m(J800 U000M8MM b.:> 'bu Clou0de:;iM0
J3e:;i03 .3jM6CQOU 00M8Mooou (JfoMo 10 oe:;iou Clo8CQ08• JM8:30600u '()MRo3600 CQ'>'>UM(Je:;1MU
00M8M000 CQ0 tl30\!:?'> 308M0630Moooo0 08 CQMMU.
0. m(J 8M 0 ooou 8MmbM36oe:;io 3060J3omo 0Mou 15%, M.:> 0Mou dMMOd6ou 0806CQ0 0be:;i06-
CQOc:?O r::0Moo()e:;ioo0? 0Mou 0u8ou.:ir::ooo?
o. M.:i .:>Mou 8ouo ()J(J800ou OOCQ'> 3060J3omo?
er M0 8MbCQ000 m() 8M3ooou 8MmbM36oe:;io 3060J3omo oj6000 10%?
G:?· M.:> 0Mou dMMOd6ou 008MutJnCQ3ou :3oMnMCQn?
2. JM8:306o.:i Carbide Chemical 306oboc:?03u MMo d3oe:;io CQ060CQ30Mou Cloo3e:;i0u 0be:;iom, (J<tJMM
O'BOd60060 CQ060CQ()0MOm. 806 306u0 'br::3M0, MM8 08 R06003e:;iooou oo60CQ'>CQOOOU
Clou0008ouo CQ00033Mou Clo8CQ 0M8o MdOM'>Go()e:;io 'B()e:;''>CQn foJ.:>CQooo 0Mou Clo8CQ08600Mo:

5c::'Obof'lc::'f'l
0 1 2 3
'IJCJc::'O!l/O 60JO!l/:JOO -$404,424 $86,890 $106,474 $91,612

5c::'Obof'lc::'f'l
4 5 6 7 8
'llCJc::'O!l/O 60JO!!i:JOO $84,80 I $84,801 $75,400 $66,000 $92,400

374
M.::. .::.Moll .3Mf'lOdeoli o8o6iQ.::. m(J 8f'l 0o6oli
0 .::.6.::.J3omo .::.Moll 14%? .::.<iloli .3<ilf'lod0o Boli.::.e:?o6o?
Jf'lB.3.::.60.::. Acme Blivet "Jomo6li li.::.Bo li.::.063oli@.>0Gof'l lioe()"Gooli Clo<a<>lio60li: ( 1)
6.::.Jomf'l60m.::. b.::.'boli 00MBf'lo60, (2) Bolio 60Jomf'l60m.::. b.::.'boli
o<><f3.::.Mmf'lo6.::. M.::.BiQo6oBo <f3f'lMBoli iQ"beo6om iQ<> (3) b0<iloliboli
6.::.Jomf'l6.::.m.::. b.::.'boli 0 063om.::.Mo60. ,:,8 li.::.Jombo6oiQ<>6 oMmo .3<ilf'lodeoli
Boe:?o<'>oli CloBiQOo iQ" o6 30 t.i00 8 ooli
od6o6.::. CloBiQooo li0boli:

60J0t!?OoOL>
0630L>l!l>OG00
----··-------·- ---
1 $200,000 $290,000
2 115,000 185,000
3 270,000 400,000

0Jf'l6f'l8o.::. 3o<il o"JOmiQ060, m(J iQ<> Bo-2 .3<ilf'Jod0o6o

063olieo 8 0.::. iQ" B0Meo3<>iQ 00MBf'l.::.iQ 0 o6o6
30Bli. iQ" 80-3 .3<ilf'lod0o6oli iQMf'lli 0Jf'l6f'1Booli
0<>Jomo6.::. 063olie0Go.::.'bo, M<>iQ 0 .::.6 iQ.::.60iQ 0 .::.<ilo6oiQ.::.6 o<ilmo
OtJf'lli f'l<ilo30 ti0MBf'lo6oli .3Mf'lGoliClo. iQ" Bo-3
.3<ilf'lod006olim3oli 063olie0Go0 .::.Moll 440,000$. m() Booe:?o<'><> Bo-2
iQ" Bo-3 .3Mf'lOd0o6o, OJf'lbMB00 o"JOmiQo6.::. B.::.<i1Joeo6 0Clo iQ" .3Mf'liQ'(JdGooli ti.::.MBf'lo6.::.Clo,
B.::. 0M0B .::.M.::. o6 30 t.i00Go0Clo. Bo-2 iQ" Bo-3 .3t'i\rryod0o<'>oli
6.::.J<>iQo6oli .::.t'i\oli 620,000$. m(J Booe:?o<'><> li0Bo30
.3Mf'lOd0o 'bo8f'lm 0Jf'lbf'l8o,:, od6o6.::.
m()B(3<>, U0ff0Mf'l od6060 li000t'i\8f'lli o"'f3"MUJM06,:, 125,000$-om, M.::.(Q3.::.6 <f30MUJO
,:,t'i\ ,:,t'i\oli li0J8.::.Molio li.::.Bo30 .3t'i\Modeolim3oli. .3MMOd0o ,:,6 .3Mf'lod0o6o ()6iQ<> od6oli

JMM.3f'lM.::. 8 00li <>d 3t.i rryt'i\o Li006 30 t.i00 8 orry 006.::.iQ"iQoo<>, .::.d 3t.i CloBiQooo

000'if'10dl!l>O o CIO'if'lOd<!liO

amao0 6806fl1,) ama00 fl10o003MOu 6805<J10

'ml""0<J/O 50J0<J/O

0 $9,000 $12,000
$1,000 $5,000 $1,000 $5,000
2 1,000 4,000 1,000 5,000
3 l,000 3,000 4,000 8,000

0.::.Bf'lo.::.6 0,:,t'i\oClom .3MMOd@.>oli 0.::.BMUtJO(Q3oli .3oMof'liQO, Bolio ti8o6iQ<>

iQ" 8olio Bf'lB 0o6o.::.6f'l6oli o6iQodlio 15% iQOUJf'l6@.>oli 0060J3omoli
00Bf'ltJ0606om.
.::.Bf'l(30b0do, Mo) JM000J0 OtJf'lU ()J()oO<'>oli BomM(QOb
tio6.::.0c:;8U?oo?
d3oBMm IRR 063oli0oGooli 00BM.::.6 0.::.MoClo6oG
1000$ 063alie0Go.:i Bf'l 03 Ga8li 2000$ BM 00 60li 10 M.::. .:iMoli
Bolio ()J()oO<'>oli CloiQ.::. 0.:i6.::.J3omo?
1000$ o6 3ob@.>o 8 o.::. 8f'J 0380 BG 500$ Clo8U?ooo 3 M.:i
,:,t'i\oG Bolio ';'JJ';'.loD<'>oli BoiQ.:i 0.::.foJ3omo?

375
 o· 1000$ 063oli8ooo.:i 8('")83G08li 900$ 500$-li
8o('")MO !:'\?" 100$-li 8oli.:i8o M.:> .:if.Joli 8olio
ooli 00(\?.:> c,.:i6.:>J3omo?
152. 1000$ 063oli8ooo.:i 8('")o3G08li 130$ M.:> .:>Moli 8olio (JJ(JoOool.i
ooe\?.:i 0.:i6.:>J3omo?
L;. (')Mo (JMmooMm 0.:>8('")8MoGb.:i30 .3M('")Od8o 0081:'\?ooo l.i.:iboli 6.:>J"C\?Ooli:

0 2 3 4

A -$2,000 $1,000 $1,000 $1,000 $1,000

B -2,000 0 0 0 6,000

0. .3M('")Od8oli (JJ()oOooli ooe\?.:i 0.:i6.:>J3omo.

.3M('")Od8oli 0806(\?.:> 0081:'\?ooo
(\?ObJ('")68ob 8.:>6.:>J3QffiQOOb 0, 5, 10, 20, 30 (\?.:> 35%.
""80ffi .3M('")Od&oli 0806(\?.:> ()M.:>'lJOJO c,.:i6lib3.:i30-
C\?oliJ('")6&oli 0.:i6.:>J3omooom.
.3M('")Od8li .:i8('")0MR03m? M.:>8('")8? M.:> 3.:iM.:>(JC\?Ooom
mj306li
5. J('")8.3.:i6o.:ili Zaire Electronics 6oool.i8ooMo (')Mo 063oli&ooo.:i
(\?M('")ol.i 8('")806&00. C\?"3()03.:>m 14% 8('")ooool.i 0.:i6.:>J30mo,
.3M('")OJ8ol.i (a) 8.:>8('")btJ0(\?3ol.i .3QM0('")(\?0 1 (b) 0806(\?.:>
(c) 8('")8 0000.:i6('")00Li 061:'\?odlio !:'\?" (d) (JJ(JoOooli ooe\?" 0.:i6.:iJ3omo.
C\?"3(J03.:im MACRS 8oboe\?3om .:ij&o3000 b3C\?oo.:i j('")6oooli !:'\?" J('")M.3('")-
o"C\?"li.:>b.:>(\?O .:>Mob 34%. Li.:io::iolio 0630Li&ooo.:i !:'\?" C\?.:>6.:>-
'b('")c,ooo .:i8('")M8o'b.:i 8 o.:i8C\?o !:'\?" o"C\?"Li.:ib.:ie\?oo.:.81:'\?o 6.:iR 30 60oo.:i j 30 8('")m:

2 3 4 5 6 7
A $28,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000
B 20,000 5,000 5,000 6,000 6,000 7,000 7,000 7,000

6. J('")8.3.:i6o.:i8 Thoma Pharmaceutical o::ioe\?('")Li DNA &oli&oMoool.i C\?.:.6.:ie\? 0.:>Mo

60,000$-.:>(\?. M('")8 oli (\?.:>6.:>C\?8"MO .:i.3.:>M.:>8oli 0M('")8oli (\?.:>6.:ib.:>M-
oo.:i800Mooli 20,000$-om. (\?.:>6.:i(\? 0.:>Mli .:ij3li 5
8.:>8M.:>8 b3(\?QO.:> 3 .:>8('")M8o'b.:ioooli j('")6oooli . .3QMO('")Q;?Ob .:>M
.:>Mob 8"(\?.:>b.:>b.:>(\?Ob
0.:i6.:>J3omo J('")8.3.:i6ool.im3oli .:>Mol.i 38% !:'\?" o&.:i&oli
0 .:>(!:!.:>li.:ib.:>(!:!QOo) !:'\?" 8ol.io 8('") 0 oool.i 8.:i6.:>J3omo .:>Mob 15%. (m(J 8('") 000.:i
0 .:>(!:!.:>b.:>b.:>C\?OOol.i oo8U?08 .3M('")OJ8 'bo .:>Mob (J.:>MtJ('")'Bomo 6oool.i8ooM J('")8.3.:i6o.:i
(!:!.:>6.:>J.:>M0 li J('")8.3.:i6ooli lib3.:i .:.8 . .:.8 o6'B('")M-
8.:ioooli M.:i .:>Mol.i .3M('")Od&oli 0806(!:!.:> .:>Mol.i 080

7. 80-6 .:i8('")o.:i6.:ioo U?"3()03.:im, M('")8 ('")mbo 6%-

0.:.60 dM('")8omo (!:!.:>6.:>'b('")0ooClo, .:.8 03.:>M.:>(!:!,
.:>Mol.i 20,000$, 80('")MO .:iMol.i 21,000$ U?" .:ilia oo8U?oo·
m(J 8('") 0oooli 0 .:i6.:>J3omo .:>Mol.i 15%, M.:> .:>Mol.i .3M('")Od8oli 0806(!:!.:>
.:>Mol.i o0o 8oli.:ic:?ooo?
0. m(J 0c::>tf(]M3oc:?M00U c,0MC!?() Otf(Y) 10,000$ Gc.'>OM(J6030 J03-

376