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CONTEMPORARY BUSINESS
MATHEMATICS WITH
CANADIAN APPLICATIONS
This page intentionally left blank
S. A. HUMMELBRUNNER
KELLY HALLIDAY
Georgian College
ALI R. HASSANLOU
Kwantlen Polytechnic University
12th Edition
@ Pearson
Pearson Canada Inc., 26 P rince Andrew Place, North York, O ntario M 3C 2H 4.
Copyrigh t © 202 1, 2018, 2015 Pearson Canada Inc . All righ ts reserved.
P rinted in the U nited States of Am erica. T his publication is protected by copyright, and permission should be obtained
from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by
any means, electronic, m echanical, photocopying, recording, or otherwise. For information regarding permissions, request
for ms, and the appropriate contacts, please contact Pearson Canada's R.ights and Per missions D epartment by visiting WW\V.
pearson.com / ea/ en / contact- us/ permissions .html.
Attributions of third-party content appear on th e appropriate page within the text. Cover and Chapter Opener Images:
Courtesy o f Euan White
PEAR.SON is an exclusive trademark own ed by Pearson Canada Inc. or its affiliates in Canada and/or other countries.
U nless otherwise indicated herein, any third party trademarks that may appear in this wo rk are the property of their respec-
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Canada products by the owners of such marks, or any relationship between the owner and Pearson Canada or its affiliates,
authors, licensees, or distributors.
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approval of the publisher or the author.
9780135285015
ScoutAutomatedPrintCode
Library and Arc hives Canada Cataloguing in Publication
T itle: Contemporary business math ematics with Canadian applications I S.A. Hummelbrunner, Kelly
H alliday, Georgian College, Ali R. H assanlou, Kwantlen Polytechnic University.
Names: H u mmelbrunner, S. A. (Siegfried August), author. J H alliday, Kelly, author. J H assanlou , Ali
R ., author.
D escription: 12th edition. Includes index.
J
Identifiers: Canadiana 20190126507 I ISBN 9780135285015 (hardcover)

Subjects: LCSH : Business mathematics-Textbooks.
C lassificatio n: LCC HF5691 .H 85 2019 J DDC 651.0l/513-dc23
@ Pearson
Preface ... xi
Student's Reference Guide to Rounding and Special Notations ... xix
Part • Mathematics Fundamentals and Business Applications ... 2

1 R eview of Arithmetic ... 4
2 R eview of Basic Algebra ... 4 5
3 Ratio, Proportion, and Percent ... 95
4 Linear Systems ... 142
Part • Mathematics of Business and Management ... 188

5 Cost-Volume-Profit Analysis and Break-E ven .. . 190
6 Trade Discounts, Cash Discounts, M arkup, and M arkdown ... 220
7 Simple Interest ... 267
8 Simple Interest Applications ... 301
Part • Mathematics of Finance and Investment ... 333

9 Compound Interest- Future Value and Present Value ... 336
10 C ompound Interest- Further Topics . . . 389
11 Ordinary Simple Annuities ... 4 17
12 Ordinary General Annuities . .. 462
13 Annuities Due, D eferred Annuities, and Perpetuities ... 493
14 An1ortization of Loans, Including R esidential Mortgages ... 548
15 Bond Valuation and Sinking Funds ... 602
16 Investment D ecision Applications . .. 650
Appendix I: Furth er R eview of Basic Algebra ... 691
Appendix II: Instructions and T ips for Three Preprogrammed Financial

Calculator Models . . . 704
Answers to Odd-Numbered Problem s, R eview Exercises,

and Self-Tests ... 71 7
Index .. . 734
Preface ... xi
Student's Reference Guide to Rounding and Special Notations ... xix
Part 0 Mathematics Fundamentals and Business Applications ... 2
1 Review of Arithmetic ... 4

1.1 Basics of Arithmetic . . . 5
1.2 Fractions ... 7
1.3 Percent . . . 13
1.4 Applications-Averages .. . 17
1.5 Applications-Payroll ... 24
1.6 Applications-Taxes ... 32
BUSINESS MATH NEWS ... 37
Review Exercise ... 38
Self- Test .. . 40
Challenge Problems . . . 41
Case Study Businesses and the GST/ HST ... 42
Glossary .. . 43
2 Review of Basic Algebra ... 45

2.1 Simplification of Algebraic Expressions ... 46
2.2 Integral Exponents . . . 53
2.3 Fractional Exponents .. . 61
2.4 Logarithms-Basic Aspects ... 64
BUSINESS MATH NEWS .. . 71
2.5 Solving Basic Equations ... 72
2.6 Solving Equations Involving Algebraic Simplification . . . 77
2.7 Solving Word Problems .. . 82
Self- Test .. . 9 0
C hallenge Problems ... 91
Case Study Investing in a Tax- Free Savings Account . .. 92
Swrnnary of Formulas ... 92
Glossary .. . 94
3 Ratio, Proportion, and Percent ... 95

3.1 Ratios . . . 96
3.2 Proportions . . . 101
3.3 T he Basic Percentage Problem . . . 107
3.4 Problems Involving Increase or D ecrease ... 115
3.5 Problems Involving Percent .. . 120
3.6 Applications--Currency Conversions ... 127
3.7 Applications-Index Numbers . .. 131
3.8 Applications-Personal Income Taxes .. . 134
CONTEN TS VII
Review Exercise . . . 136

Self-Test . . . 138
Challenge Problems . . . 13 9
Case Study The Business of Taxes ... 140
Summary of Formulas ... 14 1
Glossary ... 141
4 Linear Systems ... 142

4.1 Graphing Linear Equations . . . 143
4.2 Graphing Linear Systems of Equations in Two Variables ... 155
4.3 Algebraic Solution of Systems of Linear Equations in Two Variables .. . 159
4.4 Problem Solving ... 167
4.5 Graphing Inequalities .. . 172
4.6 Problem Solving ... 178
Review Exercise . . . 180
Self-Test . . . 181
Case Study Determining the Right Combination ... 182
Summary of Formulas . .. 183
Glossary . . . 183
Part 1 Comprehensive Case ... 184
Part • Mathematics of Business and Management ... 188

5 Cost-Volume-Profit Analysis and Break-Even ... 190
5.1 Cost-Volume-Profit Analysis and Break-Even Charts ... 191
5.2 Contribution Margin and Contribution Rate . .. 206
5.3 Effects of Changes to Cost-Volume-Profit .. . 210
BUSINESS MATH NEWS ... 21 4
R eview Exercise . . . 2 1 5
Self-Test . . . 216
Challenge Problems ... 2 1 7
Case Study Segway Tours . . . 2 1 7
Summary of Formulas . .. 218
Glossary ... 2 19
6 Trade Discounts, Cash Discounts, Markup, and Markdown ... 220

6.1 Determining Cost with Trade D iscounts ... 222
6.2 Payment Terms and Cash Discounts .. . 230
6.3 Markup .. . 238
6.4 Markdown . .. 246
6.5 Integrated Problems ... 252
Self-Test . .. 262
Challenge Problems . .. 263
Case Study Focusing on Prices . . . 263
Summary of Formulas ... 264
Glossary .. . 265
VIII CO NTENT S
7 Simple Interest ... 267

7 .1 Calculating the Amount of Simple Interest .. . 268
7.2 Calculating the Principal, Rate, or Time . . . 274
7.3 Computing Future Value (Maturity Value) . . . 279
7.4 Calculating the Principal (Present Value) ... 283
7.5 Computing Equivalent Values . . . 285
R eview Exercise . .. 297
Self-Test . . . 298
Case Study Cost of Financing: Pay Now or Pay Later ... 299
Glossary .. . 300
8 Simple Interest Applications ... 301

8.1 Promissory Notes . .. 302
8.2 Treasury Bills and Commercial Paper .. . 309
8.3 Demand Loans . .. 312
8.4 Lines of Credit and Simple Interest Loans ... 315
8.5 Loan Repayment Schedules ... 319
BUSINESS MATH NEWS .. . 324
Self-Test . . . 326
Challenge Problems .. . 327
Case Study Debt Consolidation . .. 327
Swmnary of Formulas .. . 328
Glossary ... 3 29
Part 2 Comprehensive Case . . . 330
Part • Mathematics of Finance and Investment ... 333
9 Compound Interest-Future Value and Present Value . .. 336

9.1 Basic Concepts and Calculations ... 337
9.2 Using the Future Value Formula of a Compound Amount
FV = PV ( 1 + i) II ••• 344
9.3 Present Value and Compound Discount . .. 356
9.4 Application-Discounting Negotiable Financial Instruments
at Compound Interest . . . 362
9.5 Equivalent Values .. . 369
Self-Test ... 385
Challenge Problems ... 386
Case Study Planning Ahead ... 387
Sununary of Formulas ... 388
Glossary .. . 388
10 Compound Interest-Further Topics ... 389

10.1 Determining n and Related Problems . . . 390
10.2 Calculating i and Related Problems ... 398
CONTEN TS IX
10.3 Effective and Equivalent Interest Rates . . . 402

Review Exercise ... 41 3
Self-Test ... 414
Case Study Comparing Car Loans ... 415
Glossary ... 4 16
11 Ordinary Simple Annuities ... 417

11.1 Introduction to Annuities . .. 418
11.2 Ordinary Simple Annuity-Calculating Future Value FV .. . 421
11.3 Ordinary Simple Annuity-Calculating Present Value PV .. . 431
11.4 Ordinary Simple Annuities-D etermining the Periodic Payment PMT .. . 442
11.5 Determining the Term n of an Annuity . .. 448
11.6 Calculating the Periodic Rate oflnterest i U sing Preprogrammed Financial
Calculators .. . 455
Review Exercise ... 4 57
Self-Test .. . 458
Case Study Getting the Picture ... 459
Sununary of Formulas ... 460
Glossary ... 461
12 Ordinary General Annuities ... 462

12.1 Ordinary General Annuities-Calculating the Future Value FV . .. 463
12.2 Ordinary General Annuities-Calculating the Present Value PV . . . 471
12.3 Ordinary General Annuities-Determining the Periodic Payment PMT . .. 473
12.4 Ordinary General Annuities-Determining the Term n ... 476
12.5 Ordinary General Annuities-Calculating the Periodic Interest Rate i ... 4 80
12.6 Constant-Growth Annuities ... 482
Review Exercise .. . 488
Self-Test . .. 489
Case Study Vehicle Cash-Back Incentives ... 490
Summary of Formulas . .. 49 1
Glossary . . . 492
13 Annuities Due, Deferred Annuities, and Perpetuit ies ... 493

13.1 Simple Annuities Due .. . 494
13.2 General Annuities Due .. . 508
13.3 Ordinary Deferred Annuities ... 516
13.4 Deferred Annuities Due .. . 525
13.5 Perpetuities .. . 533
Self-Test . . . 54 3
X CON TE NTS
Case Study Planning for University ... 54 5

Glossary . . . 54 7
14 Amortization of Loans, Including Residential Mortgages ... 548

14.1 Amortization Involving Simple Annuities ... 549
14.2 Amortization Involving General Annuities . .. 569
14.3 D etermining the Size of the Final Payment . .. 576
14.4 R esidential Mortgages in C anada . . . 584
R eview Exercise ... 596
Self-Test ... 598
Challenge Problems .. . 599
Case Study Managing a M ortgage .. . 599
Summary of Formulas . . . 600
Glossary ... 600
15 Bond Valuation and Sinking Funds ... 602

15.1 Purchase Price of Bonds .. . 603
15.2 Purchase Price of a Bond When M arket R ate Does N ot
Equal Bond R ate . .. 604
15.3 Bond Schedules ... 621
15.4 Determining the Yield R ate ... 627
15.5 Sinking Funds . .. 629
R eview Exercise ... 643
Self-Test .. . 646
Challenge Problems ... 64 7
Case Study R aising Capital Through Bonds . . . 64 7
Glossary .. . 649
16 Investment Decision Applications ... 650

16.1 Discounted Cash Flow ... 651
16.2 N et Present Value . .. 659
16.3 R ate of Return on Investment .. . 671
R eview Exercise . .. 683
Self-Test .. . 684
Case Study To Lease or N ot to Lease? ... 686
Sununary of Formulas .. . 686
Glossary ... 687
Part 3 Comprehensive Case ... 688

Appendix I: Further R eview of Basic Algebra . . . 69 1
Appendix II: Instructions and Tips for Three Preprogrammed
Financial Calculator M odels . .. 704
Answers to Odd-Numbered Problems, R eview Exercises, and Self-Tests .. . 717
Index .. . 734
INTRODUCTION
Contemporary Business Mathematics with C anadian A pplications is intended for use in
introductory m athem atics of finance courses in post-secondary busin ess managem ent,
m arketin g, accounting, and finan ce program s. It also provid es a review of b asic
m athem atics.
T h e pr im ary objective of the text is to in crease the student's know ledge and skill in
the solution of practical financial and operational problems en countered in operating a
business.
ORGANIZATION
Contemporary B usiness M athematics with Canadian Applications is a teaching text using
problem-identification and p roblem-solving approaches. The system atic and sequential
development of the m aterial is illustrated by examples that sh ow a step-by- step approach
to solving th e problem. The d etailed solutions are presen ted in a visu ally clear an d
colourful layout that allows learners to m onitor their own progress in the classroom or
in independent study.
Each to pic in each chapter is followe d by F. Calcutatin1thenumericalvalue11f thecompoundina: factor(1 + i)•
practice exe rcises containin g numerous drill n..-..-....

CEJ.
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each ch apte r, R eview Exercises , Self- Test ,

C hallenge Problems, and a Case Study integrate
th e m aterial presen ted.
Th e first fo ur ch apters and App endix I
(Further R eview of Basic Algebra) are intended
for students w ith little or no background in algebra
and provide an oppo rtunity to review arithmetic
and algebraic processes.
T he text is based on Canadian practice, and reflects current trends using available
tech n ology-sp ecifically the availability of preprogrammed finan cial calculators.
Students usin g this book sh ould have access to calculators having a p ower function and
a natural logarithm function. The use of su ch calculators elim inates the constraints
associated w ith m anually calculating results using formulas.
In solving p roblems involving m ultiple steps, often values are determined that will
be used in further comp utation s. Such values should n ot be rounded and all available
digits should be retained in the calculator. U sing the m emory functions of the calculator
enables the student to retain such no n-rounded values.
W h en using th e m em ory, the student n eeds to be aware that the number of digits
retained in the registers o f th e calculator is greater than the number of digits displayed .
D ep ending on w h eth er the m emory or the displayed digits are used , slight differences
m ay occur.
Students are en couraged to use p reprogrammed finan cial calculators. The use of
these preprogrammed calculators facilitates the solving of m ost finan cial problem s and is
dem o nstrated extensively in C hapters 9 to 16.
XII PREFACE
NEW TO THIS EDITION

The Twelfth Edition of Hummelbrunner/H alliday/Hassanlou, Contemporary Business
Mathematics with Canadian Applications, includes updates based on changes in current practices
in Canadian finance and business and the needs of students and instructors using this book.
• T his edition continues to clarify the consistent approach to rounding rules. T he
Student's Reference Guide to Rounding and Special Notations (pages xix-xxii)
gives a clear explanation of the rounding conventions used throughout the text.
Additional Pointers and Piifalls boxes are placed in key areas to remind students about the
rounding conventions and exceptions in practice.
• The text and solutions manual have been thoroughly technically checked for accuracy
and consistency with the rounding approach.
• Tables, ch arts, and further diagrams h ave b een added to enable the learner to visualize
the problems and the solutions.
• Numerous n ew examples and exercises have been added.
• To help students better understand and solve systems of linear equations, the order of
presenting concepts has been changed in Chapter 4. We first introduce an easier con cept of
graphing linear solutions and continue with algebraic solutions of systems of linear equations
with two unknown variables. Finally, solving systems of linear inequalities is presented.
• T h e cost data in the m ain example for explaining break-even analysis in C hapter 5
have b een revised to eliminate confusion and help students understand various costs
of doing business, p erform cost-volume-profit analysis, and calculate the break-even
point in a business.
• Canadian references have been emphasized in Business Math News Boxes and website
references.
• Interest rates reflect current investment and borrowing rates.
Many examples and exercises h ave been updated, rewritten , and expanded. To enhance
the building-block approach, exercises are ordered to link the topics and the solved
examples. H elp references h ave been expanded to link selected exercises to solved
examples.
Specifically, in Chapter 1 (R eview of Arithmetic), prices, salaries, and wages have
b een updated. Revised rates and calculations for GST/ PST / H ST h ave been included to
incorporate n ew legislation for 2018 and property tax terminology and valuations have
b een updated. Weighted average examples and exercises h ave been expanded and
additional drill questions have b een added throughout C hapter 1. The Business Math
N ews Box on National Salary Comparisions h as been updated and moved h ere from
Chapter 3.
In Chapter 2 (R eview o f Basic Algebra), the chapter-opening vign ette emphasizes
w hy business students n eed algebra, algebra explan ations have been expanded, and new
diagrams and Pointers and Piifalls clarify these fundamental approaches. Language and
m ath scaffolding strategies have been emphasized in this chapter to improve students'
understanding of key con cepts and relationships. Calculator solutions h ave been
introduced for several examples and formulas have been simplified.
In Chapter 3 (Ratio, Proportion, and Percent), a consistent approach for calculating
proportions has been introduced , and the percentage-base-rate triangle has been included
as a useful aid for determining percentages. Sections in the chapter have been re-ordered
to improve student understanding . For example, instructions for calculating the base
appear before calculating the percentage rate. C urrency conversion rates, prices, C PI
numbers, and personal incom e taxes have been updated. A new Business M ath News Box
highlights the variability of apartment rental rates in m aj or Canadian cities.
In Chapter 4 (Linear Systems), the order of the first three subsectio ns h as been
chan ged to first introduce graphing linear equations and then explain algebraic solutions
PR EFACE XIII
to linear systems in two variables. T h e substitution and elimination methods for solving
the p oint of intersection of two linear systems has been emphasized.
The order of Chapter 5 and Chapter 6, w hich was switch ed in the Tenth Edition,
is retained to improve the flow of content from Linear Systems (Chapter 4) to Cost-
Volume- Profit Analysis and Break-Even (Ch apter 5). This chapter h as been changed
significantly w ith a compreh en sive example that starts at the beginning and con tinues
throu ghout the chapter. In C hapter 5, a new Business Math News Box ties the concepts
learned in this chapter to the legalization of m arijuana in Canada. The C hapter 5 op ening
vign ette appropriately includes an example that connects with the new Business Math
News Box presented later in the chapter. The number of formulas has been reduced , and
solutions to examples use a simplified approach for calculating break- even .
Chapter 6 (Trade Discounts, Cash Discounts, M arkup, and M arkdown) explanations
and diagrams have been revised to clarify key concepts. Pointers and Piifalls boxes provide tools
to help students rearrange form ulas, determine the number of days in a discount period, and
calculate markup. A sample invoice demonstrates payment terms and cash discounts. EOM
and ROG examples, are retained to help students understand the terminology and concepts
as they are being used in practice by businesses. Beginning in this chapter, instructions in the
text that previously asked students to "find" specific variables have been replaced by m ore
mathematical language such as "solve;' " calculate;' and " determine."
In Chapter 7 (Simple Interest), a n ew B usiness M ath N ews B ox o utlining the
perils of " buy n ow, pay later" plans has replaced an outdated box based on the Canada
Savings Bond Program. D ates and interest rates have been updated and n ew exercises
have been added, w ith exercises referen ced to examples. Additional tools for ch oosing
focal dates and calculating number of days h ave been added .
In Chapter 8 (Simple Interest Applications), a n ew op ening vignette leaves way for
a Business M ath N ews Box focused on calculating the annual percentage rate of ch arge
for payday loans. Comments on credit ratings, credit scores, h om e equity lines of credit,
an d n ew exercises calculating unpaid balan ces have b een added. Treasury bill in terest
rates have b een updated to reflect current rates. A new subsection o n commercial paper
has been included in this edition .
In Chapter 9 (Compou n d Interest- Future Value an d Present Value), visu al
explanations for drawing timelines an d selecting focal dates h ave b een expanded. The
introduction to Future Value, and explan ation of the p erio dic rate of interest, have b een
simplified . The relationship b etween n and m has b een clarified . Additional examples
and qu estions using weekly and bi- weekly compounding periods have b een included,
along with questions featuring chan ging interest rates. A n ew B usiness M ath N ews B ox
using data fo r fixed- and va riable-rate G u aranteed Investment Certificates (GICs)
provides exam ples of escalating interest rates.
In Chapter 10 (Compound Interest- Further Topics), formula rearran gem en t is
emphasized. A Pointers and Pitfalls box has been added to explain how to calculate the
" true cost" of bo rrowing. Drill questions from previo us editions for calculating effective
and equivalent interest rates h ave b een added back to the section exercises.
In Chapter 11 (Ordinary Simple Annuities) and in Chapter 12 (Ordinary General
Annuities), n ew Pointers and Pitfalls boxes have been added to h elp students set up
equations at the focal date. Advanced questions have been added to the chapter exercises,
including changes in interest rates and changes in paym ent size, as well as calculating the
size of the final payment in an annuity. The updated Business M ath N ews Boxes feature
credit card minimum paym ent myths and w h ether or not it is better to lease or buy a car.
In Chapter 13 (Annuities Due, D eferred An nuities, and Perpetuities), explanations,
diagram s, and calculations for annuities due are simplified. N ew examples with diagrams
have been added , including referen ce to investments in preferred shares. New Pointers
and P itfalls boxes remind the reader h ow to calculate the number of paym ents in an
XIV PRE FACE
annuity, and how to calculate present value of p erpetuities w h en the size of the paym ent
increases or decreases at a constant rate.
In Chapter 14 (Amor tization of Loans, Including R esidential Mortgages), a n ew
section w ith a diagram develops the skills to calculate the interest, principal, and balance
for a p eriod, and bridges b etween calculating the p aym ent and constructing the
amortization sch edule. The introduction to residential m ortgages h as been updated to
reflect current legislation on mortgage insurance and stress testing. The "sinking funds"
concept covered in this chapter of the Eleventh Edition is now removed fro m this
chapter and included in C hapter 15. Examples and exercises have b een reordered and
clarified to enhan ce building-block learning.
In Chapter 15 (Bond Valuation and Sinking Funds) , explan ation of basic concepts
has been expanded to answer the "why?" and " how?" qu estions. The order has been
changed, w ith a focus on calculation of bond price under different conditions. An
introductory sec tion h as been added for concept compreh ension. Calculating the
purchase price of a bond has been sep arated into two sections based on w h ether or not
the market rate equals or does not equal the bond rate. Instructions and examples have
b een provided on how to use the Texas Instrument BA II PLUS calculator to calculate
the purchase price of a bond on an interest p aym ent date or between interest paym ent
dates. The " sinking funds" concept that was introduced in C hapter 14 in the Eleventh
Edition is now included in this chapter to help students u nderstand how corporations
plan to have funds available to pay back their issued bonds on the m aturity date.
In Chapter 16 (Investment D ecision Applications), explanations begin the section
on Net Present Value, followed by introductory, then more advanced , applications.
R ep etitive calculator instructions have been eliminated. C omputing the R ate of R eturn
by m anual m eth ods has been condensed and n ew visuals have been added. Instructions
for using the cash flow analysis of the Texas Instrument BA II PLUS finan cial calculator
and Exc el's NPV and IRR functions have been in cluded , w ith an example for each
function to reinforce learning.
COMPREHENSIVE CASE STUDIES

Comprehensive case studies for each p art of the book have b een created. T he
questions within each case study have been separated by chapter or group of ch apters to
facilitate th e use of these case studies by those institutions that include only some of the
topics in their course syllabus. W ith the questions separated and identified by chapter,
these institutions can use p art of th e case study in their courses.
Part 1 M athem atics Fundamentals and Business Applications
Ti/ D ebt D o Us Part host G ail Vaz-Oxlad e has m ade it h er mission to h elp couples w h o
are h eaded for disaster get out of debt. Questions for each of C hapters 1-4 are included.
Part 2 M athematics of Busin ess and M anagem ent
A sportin g equipment m anufacturer and retailer, SportZ Ltd. , is based in Alberta.
Questions for each of C hapters 5-8 are included.
Part 3 M athem atics of Finance and Investment
Based in Ontario, Lux Resources Group, Inc., rents and sells con struction equipment.
Questions for each of Chapters 9-16 are included.
In general, interest rates used refl ect the current economic climate in Can ada.
Calculator tips and solutio ns have been updated or clarified. Spreadsheet instructions
and Internet website referen ces h ave b een updated . Piifa lls and Pointers h ave been
included to assist in performing tasks and interpreting word problems, and sections have
b een rewritten to clarify the explanations. M any more word problems have been added
and references to solved examples increased . Business M ath News Boxes and Case Studies
PRE FAG E XV
have b een updated. Examples involving both business and personal situations are
included. The pedagogical elem ents of the previous edition h ave been retained. In
response to requ ests and suggestions by users of the book, a number of features for this
edition have b een included . They are described next.
FEATURES
UPDATED! • A new colourful and student-friendly design has been created for the b ook, making it
more accessible and less intimidating to learners at all levels.
UPDATED! • Any preprogrammed finan cial calculator m ay
ｦＮ｟ｴｫｊＬｔｗｾｬｯＭｕｴ｟ＮｩＭｾ＠
-
TIMlll
b e use d, but th is edition includes extensive
instructions for using the Texas Instruments
BA II PLUS finan cial calculator. Equivalent ..__,,.._.
"'"_"._,.._ - GZ!)@Z!)
ﾷｾ＠ III ﾷｾ＠
ｾ＠
Gill
III
ｾ＠
•M•
ｾ＠ｾ＠ 01
instructio ns are given in Appendix II for the
Sharp EL- 738C and the H ewlett-Pa ckard
1Obll + financial calculators. io ｾ＠ •(
• E ach p art opens w ith an introdu ction to the Compound Interest-
FurtherTop1cs
1
M1'll ｾ＠ｾ＠
upcoming chapters and a discussion of the
rounding conventions that are relevant to these LE ARNING OB J ECTI VES
chapters. :-=:..'"':'.::::::.:.= ｾＬＭＮ＠

A set of Learning Objec tives is listed at the ·=----·-·-
·-----·- ｾ＠
r.1ｾ＠ '_,
beginning of each chapter. The corresp onding ｾ＠ 5 "
ａｾ］ｉﾷＺＮＭ＠ .Ｍ］Ｚｾ＠
Learning Objectives are also indicated for each
-.- ......
. -1111 ...
........-·*"---·
- ... . .
ＭﾷｾＱＮＢ＠
_ _ , _ _ _ _ _ . _ , _ _ . , . , . . . _ _ _ _ 11111
Review Exercise, allow ing students to see

w hich aspects of the chapter they have mastered. ·----
--..
·---
___ ..---·----·-·-"'-...........
--....,-.....,,.,_.·--·--................. ___..
....
.. ... ｾ＠
ＭＮＬｾ
ＭＮﾷｾＬｴｮ､ｬｯ＼｟＠ -.
,_...... ...._
ｾＭﾷ＠ ....
ﾷｾＱＭＮＬ＠
• Each chapter open s w ith a description o f a

situation familiar to students to emphasize the BUSINESS
MATH NEWS lululemon athletica inc. Announces Third Quarter Fiscal
practical applications of the m aterial to follow. 2018 Results
ｬｵｫ｡ＮＭｴｲｯ＼ﾥｩＬ､ｊｎＩＧ＾･ｦｾﾫｮｹｰｭ｟＠
• A Business Math News Box is presented in tt>lyunolft'COn!P""th

r-JNMdh<..iq...rt<ttJ .. v-......... Columbu, lui..i.o- ......,"'...... ....i .... " " - a,..,,.,
ｾ＠ ......,ltu< ...... ,.- ...,.....
.iy ................. >nd ............. t.> ............ .., MI"'""- fU;,., ll:.
every chapter. This element co nsists of sh ort ＺｾﾷｔｨｴｶｯｧｬＮｰｮ｣ｾ＾ｫｍＧ＼､
Aldo<Jughiht ....... 11"",.... ＢＧﾰｙＭＮ＼ｾｩ＠ pltlo<>-

Ｑｨ＼ＢＧＱｴ｟ＮｐｾＭｓｏＥ＠
........
ﾷＭｾ .. -1ox...tJ .. m.,o<<•....... c...J.i.,t1><U...!<'dS..O....... -...... N .... z..un.J,....iiht
exce rpts b ase d on m at erial appearing in <""'f'O'lil.•-·"'"""'-
u ...ＮｊｋＬＭＮＬｾ｟ｌｩＭｯＧｗｐＢｕ＼ｨ＾ｴｰｬＩ［ｲｵ｢､＠
Thtt><h ....... ..,.,.,............. Ｍｌｬｵｮ＼＾､ＮＬｦｾﾷＧＢｐ＠

n ewspapers, magazines, or websites, followed wn.,,, '" 200\l. Mtt """""'!I ••bt.!·<Wt &... q...,.tt. .............., ..o<L 1hx w. P""""''
.......... ....,..,,....... ,.,.,.. .... .i....·,..-d!,,...,..o.. ,.. ,......._,....-... i...i. ."""'..,.,......t•
W<tt..,,,.,.,,'""'"
_-_..,,,...r,,,.., .. ...,.,.,.,,,...,. ..
,..,:zo1s,.>1ho"""".,...._'"""'"""'"SUSl476_9.,.;n-
by a set of questions. These boxes demonstrate 1n..i...c..-.p>ttJIOUSM21 .l •, _ •l><)'<>tb<ll::...

.....ＺＮ］ｾＷＡＢＧｯＭ＠ It >l;,, ...... ....,_<d.....,·.-i --
n..1<>1.........g ....... -..m:...ny<1n<CK1o1U<J"" .................. ..-.,

h ow widespread business math applications are -n>ll..._..UtoJttP...,._$69.00CJ.D(....,$88.00)
- ..·,c... ｳＮｩｊ＾＼ＱｲｴｬＴＹｃｄＡｗＬｉｌｾＮＰｊ＠
M.,.>ea.J.>SS Ttt•T"I': $24.00CAD(...,.l!.11.00)
in the real world. M.,.\ ......,..,..,,,.J><U.: l#OOCAD(,....$83.00)
• The Pointers and Pitfalls boxes emphasize ＱＭｾＭﾷＢｬＧ＼､ｵｯ＠
ｯｻＲＰｌＷｾＢＧＮＬＭｬﾫｊｴ＠
...........-..ll:..l><dunl<puctno{:Z0\8 ...:><1747.7 -....
-...-o{21"""''fWT'l"'""""rd-·"'f..c>J2017. c.a...a....................... fot . . ｬｨＮｲ､ｾ＠
! . C>k:uLll<<-<<>mm<f<<_......,.,...... ＮＬｯｻｵｌｾｩ＼ｴ､ｰｭｊ＠ ..
good practices, highlight ways to avoid common l . C>k:uLll< U...,.. o{.1<><"""' IOt
i;nt; ｛ｾＢＧ＠ ldtt1..ul pll<.,)
•><• o{iht ' - ,...,_, ..,.. - . i ...>Jn . . -,... nuJ< """.,...,.-
errors, show how to use a financial calculator ｾＭｾＺ［ＮＢ｡､ＧＧＢＧｬＡｩ＾＠ ... "'llP""·•AdlhO!do<"""o{'tw"'°"""'\
• •l><m."lu ＢＧＮＬｩｏｯｾ＾ｲｴｨ｢ｯＡｴｯ＾ＡｍＧｏｩｊ［ｴＡｨ＼ＢＧﾰｌｬﾫｦｈＢＧ＠
efficiently, or give h ints for tac kling business

m ath situations to redu ce m ath anxiety. POINTERS I
ＦｾｾＺｩＭ［ｕＮｬｒｅ＾ｋｖｎＴｯｻＱｔＢａｕｐｬＮｕｓｾＮＬＭ＠
• Numero us Examples with worked-out ＮＬｭ｢ｴＦＭＱＢＧＪ
ｭＮ
ＱＭＢＧｱｯｵｮｭｹＬ｟Ｎｾｩｓ
Ｍｶ＾ｮＮ｢ｬｴ｣ｯ｡ＬｐｾＱ＼＾ｕＮＬｰｯﾫ
ＭｬｮＮ｟ＢＧＭｆｃｗＱ＼ｴ､ｯｕｉｄＺｊＰｰｾｦ＾＠
ＮｬＧｦｔＢＭｯｧｎ
ＮＱｄＭＮＡ｡ｬｯＺｷｭｆＢ
ｑＮＭｴｯＬ＼＾Ｊｵ
Solutions are provided throughout the book, Ａｅｬｾ＠ FC --.oos m

VC •J0.001 ! 3 CD
offering easy-to-follow, step-b y-s t ep l'f'T • O( S
P • 50.00( 5 J CD
CD
instructions. ＨＲｚｉｑＭｾＳＲ＠ ......
UPDATED! Programmed solutions using the Texas

Wb•""'>«w»ul.Mnlv1"><1'<nfo,,.,....-.o{M-o(J..-..:JOOO*'kl<.111""
Instruments BA II PLUS calculator are o ffered bf_o{..... ,..,. ........... .. 7'"<""'f"'d"dtJqwt1<tfy'

PMT •:!0000.00-. o•S; ｴｾＮ＠ P/Y • L C/Y ＭｾＮ＠ l/Y•7
; • 7 • 1.7S%•0.011S
for most examples in C hapters 9 to 16 . Since
,.1 .0 175' - l • l.07185') - 1•0.0718:.9•7_185'N
this calculator display can be pre-set, it is ｆｖＨＭＩＲＰＮＰｃｾＺ［＠
Ｑ
ＩＨＡＰＷＱＸＵＹＭＺＭＮｾＮｾ＠
su ggested th at th e learner set the display to -20000.00(s.nml9)(1.011m)
• 1\HU.1869(1.071839)
sh ow six d ecimal p laces to m at ch the Ｌｬｋｕｉｕｓｏｴｬｾ＠
ｲｯ｣ＮｎＢｭｬｴＩＨｓｐＱｙｬＮｃＯｾＩＷｅＩｏｾ＠
m athem atical calculations in the body of the ＲＰｃＡＺｊｅＩｳｾ＠ mm.7m I

n..><cumul0!«1...i...Ji.... r.... ,......... 112J7l7.7S
text . Both mathematical and calculator solutions

XVI PRE FACE
fo r all Exercises, R eview Exercises, and 11.1 INTRODUCTION TO ANNUITIES

A. Basic concepts
Self-Tests are included in the Instructor's In 1h1S 1cx1l><><>k.•n annui1y ,..,..,;"' ofcqu.al p:r,·mm... m•dt •• p<'fl0d1< """'"''' "·
Tl>r kngth oftmir """'""" th<- ＢＧＧＢｾ＠ p>'f""""",. cilkd 1hr payn1.,n1 i nlnYal.
Solutio ns M anual. A n icon highlights o r p •pn.,nt pui<>d. Tl>rJ..ng1hofnmrfromrh•brg1nnrngofth<-fontp>ymrn1
,.,,,,.,.,.,.t,orhccndof1hrW1p•yn..,n11n1,,.,.,.,.t,.c..Ue<lthr 1..rm.of a nannui1y
TI>< •mount of r><h of the R"gulir pz)'ln•nt• " c..Jkd the ｾｲｩｯ､ｩ｣＠ p a ynun t . or
info rmation o n the use of the BA II PLUS p niodic...,n t
ｗｨ｣ｮｾｲｵｧＮｩｷｴｹｊｕＬ＠ｲｨ｣ｴｭｮｧｯﾣｾＮＬ＠ mmtbrconudcttd
llcp<"ndmig<lfl rhc ("'l"""'l' ond rc-gu!.nty ofM=cnn, d1ifcKnt f<><muln will be ...nl
calculator. in """'"If
ca:ubnono. Whcu • p•pnnn" nude only once. n "trc><cd .- nthcT the
ptt>c'fltnluc-,P\f.orrhc-futuR"\"l""'.FY.of•c.S.-ul.it1on. Whcnthc= •R"•w::rioof
P>J'ITIC"nl>, "mu>I be d<tctmmcd 1fthc J>'}-.ncnn • tt ｾ＠ •mounn•nd...., µ.id., th.<
• Key Terms are introduced in the text in umc Im><" wlfh lll c.ch poy1ncn< mta>..:I oflhc tarn. lftl>c p;l)'1><"n< n ＼ＧＡｾＮｩ､＠
<><lic.1< ""'"tfit "dlc p<'r10dicp:ip>lC"n<. PMT. of:in aou1u11ycal<ui.uon. Tl>el)-pnof
pc<1-
:innu1<1.. ...,dncril>cd.,S«tionllbclow.
boldface type. A Glossary at the end o f
each chap t er list s each t erm w ith its
GLOSSARY Dl-"'...i ..o1 ... o f -•4olla< perporio.d 1itt
definitio n and a page reference to w h ere D H.count fut o r
AC<"11mula1«lnl ueof-4ollarp.,period sn °""'" par-ou the p<>nK>n of tl>c purdwc J>Ti<"<"

the term was first defined in the chapter. Accun>ulati on f•c:tor for • nnuitiH ｴｾｩ＾ＢＧｐｊＱｨ｣､｢ｹｰｵｲ＼＠
mcnt {p. 4JJ)
.. :inimtWp:iy-
ｰｾｾｲＺｺＺ［Ｍｗｕｈ＠ｴｬ＾｣ｮｾ＠ GonHal....,ull1 •n•nnU11y1n ,..hich1hccom"nion
• M ain E quations are highlighted in the ａＮｮｵｬＱＺｩｯｮＬＮｍｔＢＱｬｾｕ＾ｴｵｬｬｹ｣ｱｵＮｩｮｴ＠

(orn.mpo•mdmg) P""od 11 diil"r...,,. irom the M"-
mcnt intm..:l (p. 419}
O.di..a.yo ....ul1y ..,•nnu11ym,..hochthcM·mcn<>
chapters and repeated in a Su mmary of nude •
A.n•uhy u <tal• .m .umu11y for ,..hKh the t<Tm n
＼ｱｾ＠ pcnodic nmc mtcrnk t)> 4 18}
= "'*:it fh< end ofrKh ｍｾｮ｣ｴ＠ mtcn..:I (p. 418)
Poy. .en1looun1ol thckngthof1inl<"ben.Ycn!IUC-
fucd(Jo.419)
c«<""l'"Y""'"" (P. 4/S}
Fo rmulas at the ends of the chapters.
• A list of the M ain Fo rmulas can be found
on the study card bound into this text.
<:ONTRIKlJTION MARGIS
CM PER UNIT• SI' - VC

- SUUNG PRICE
-
VAAJAIJ.LE <:OST
ＭｦｯｲＱＮｵｬｾｓＮ＿＠
• An Exercise set is provided at the end of When 1he conmbutton margm per llllll IS nmluphcd by the number ofumu. the result
is the total contribution margin
each section in every chapter. In addition , ｔｏＮｕ＼Ｚｾｉｈｔｉｏｎ＠ (5EU.INGPRl<:E V,\11.JllULE<:OST)

MARGIN - 1'£1l UNIT - PER UNIT x \'ot.UME - formula 5 .l
each chapter contains a Review Exercise or. TOTAL C"..M • (SI' - VC) X X
set and a Self-Test. Answers to all the Us.mg the conmbuuon nurgm format. Formula 5.1 can be rcwrmcn :as
I(SI' -VC)X x - FC - PFTI ｨｲＱＮｵｬｾｓＮｕ＠
o dd- n u mb ere d E xerc i ses, Rev i ew

Exercises, and Self-Tests are given at the
back of the book. MyLab Math ....,.
ＺＮ［ＡＧｩｏＢＬｾ］Ｍ ___ ...... ･ＬＺ｟ｾＮＧＡＪＢ＠
Also include d in thi s e di t i o n are REVIEW EXERCISE Ｈ＼ＩＮｴ､ｷＭｾ＠ ..... ,.,........ ,,.,o1..,_1........ Ｗ
>ndcompo..00.ng o. .X-moorhly:
ＮＷｾＧＡＰ＠
(d)"""""l"''->ltmro6'0rompoun.J<dqwiurir.
references to solved Examples in several l . UJ9 A1,.iut""""n.il'"'r of1nt<,....<0m-
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"""'fo"'l""'''"
chapters, w hich are p rovided at the e nd ｀ＡｬＮｬＰＸ
ｱ＾ｗｬｾＢｩＵｊｏ＼ＸＰ｟ＬＮＧｉ＠
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'/<"'·CO!l•><Kmd<Jqual1<"fty.
o f key exercises. Students are d irected to G l. ｾＱ

ＺＢ［ｾ］＠ ...ｕＺＮ［ＬＢＡｩｾＷ＠ fD u-= Comf"'"""'fft<""'..,,,....1,..,.of
ＧＮｾｩＮ［Ｚ］ＭｯＵＱｊＰｦ＠ＨＩｦｯｴＶＢ＾＼ｾＧＧｨｬｹＧ＠

specific examples so they can ch eck ｾＮｬＰ
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Ｎｄ＼ｴＭｲｨ＼ｱ＾ｴＧｊ､ｩｕ＾＼ＢＧＢｨＮ､＾ＱＧＭｯ＠
(b) ,.•iwh 51100wilr-to52000"'""'""'
'l'"'"d<Oll't""'n.J<dmonlhly.
$fOO J...-....S..,- «>ulJki<'1tkJby•p:l)'IOl<"1><of l l . LOO wh:it .. 1h<"°""tu1.........i ..... o1,,,..,....
th e ir work a nd review fund amental s1100. ＬｲＬｾ＠ ......... 1.25,..,°""""'"""'
...,..._..,......,,. ｣ｾｭｯ＾＼ｨｬｹｴＮＱｱｵｶ｡ｩｲ＠
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p roblem types. ＤＭｾＮＺ］ｾ＠ｾｭｊＺＬＢｴＮ［ｬＪＧＱｯ＾､＠
><8"<on•p<>•u1J<dmoochly' n. LOO P•rr..:t 1>&0)0010 .........,_ Wh><h oilh<
• Exercises and R eview Exercises that are 1 . LOO l!lh..t...,..,....i,.,..o1,,,........ornpoun<1tJ blki...'V>Jopoon• "-'ldh<choooc-'
ｾｨｬｹ＠ .. <qWV>I<. . 10,., <If«""" .... of Ｚｾ＠Ｚｾ］［ｩＮＬｴｹ＠

m arked w ith a @\ are also available o n $ 1. l OO l!lh..tnomm.>1..uo/1111<...,compounJ<J (<) ｊＮｾＧＡｏ｣ｯｭｰｩｱ｜ｕｲｔｬｹ＠
r=:ir"«!W''>irn<to•n <lf«nV<<><ro( (d) l .lS%compounJ<dmon11>ly
M y Lab M ath. Stud ents have e ndless ｬＮｬｬｊＸＰｃＢｾｴｨ＼ＮＬｩ＾ＱｯＯＮＬ＠

(ti 1r.. Lile (• ) lklw.....,,. yun "di 11ulr fot17500
to.a<t.......l>o<to5%17.J':l•J%<o....,._Jnl
4•) •1 ..·hothJ;>SQll"..U g...... .,,5-IOO)..,.ipc ....,,_• .....,:illy'
oppo rtunities t o prac tise m any of these ＢｬＧｒ＼ｾｱｵ｡ｮＮｴｹＺ＠Ｉ
{b) >1"·hothmo...-y">IJollhlo .. fu..-y<.,.,.
Ｈ｢ＩﾰＢＱｴＮｰ＾＼､ｯｩｲｭｾｍｙｬＬｗ＠
,,_c.,...,,.,,.-iqounrtl)-'
rnmpo......w1tto>1->nnwllj'
questions with new data and values every {c) ri"rhr<fl"ttu..,.......i ..... r:J:,.,,,,.,..,.11.N (<) ｾＺｯＺＡＢＬｾｩＧＮＺｾＺ＠
; n.Jrompoun.J.ng .. 00..........,,hly <ompoUl>JoJmon<hly'
{d)1hx .. rqwV>l<tKto8%<omp<1UnJ<d
time they use M yLab M ath. """""
17. l lle M•...,.,.t1onuL,,.....,p,tfl_,___,,
l")"ln«MofL'>OOOdLl!"1n1W><moo><l•and>p.y-
t) HI. ｾｮｾ＠ C"iW..."' <h< n<>n>HUJ ..,......i ,,,,,. oi lllrnlofJl300"' ' 'l'"'·lfM>t1...U..>M""><DI
oiSllOJ_.. ....... <houl.lh<...>b >.,..OOIJ
• A set of Challenge Problems is provided {a) >1\ll"h<<hSl SOll \lltllgr<M"10Sl8«11m""'•
ｹ＼Ｂｮｾｭｯｴｨｬ［＠
M·m<nroiS1700H__,,., ..-om.
11%«>n...,......Wqu.>nniy'
in each chapter. T hese problem s give users fb) >1whorh1t><m<"J· "'..Udoubl<11t><WD)""" 'r
con1po......w..,....,..ny,
the oppo rtunity to apply the skills learned

in the chapter to questions that are pitched ｭｬｄｉｅｾＭｾＺｩｓｾＺｩｩＡｬｬＧＮＺＺｩｾＬ＠ ....ｾＺＭ［ｍｹｌ｡｢＠ Math
at a higher level than the Exercises. S 1.Wh... 1Sth<H>.>IU'ltyY>IHCol:ifi•"<'-)'\".UIC<1"d<"J'<"'Oof$5000:113.5% c<><npoun<kd
"'tn.1- >nm..Uy> H ow nlUCh '""'""' Wd the dcp:>•>< c>rn>
2.llow much ""'U • rcg»«l'<"d "'""""""nt "'-rng>d<p<><ll of JI.SOO be "-onh <n
Sixteen Case Studies are included in the ｬＵｽＢ＼ＧＳＮｾ｣ｯｭｰｵｮ､ﾫｱ＾ｹｈﾷｭ｣ｨｯｦｴＺｩｭｵｮｲＢＧＧｾＧ＠
l . RC<'Cril"""'"nudo•truitdq>oootofSSOOonOctok<Jl.20CM.tobr", thduwn
book, at the end o f each chapter. They onR<'«<<twcnty- fintbuthdiy<llljuly31.2015. Wt..r"..Ubrthc,.,l...,ofthc

d<po.11on1t..rd.1e"7"'<ompoundcdqu.>ncrly1
present comprehensive realistic scenarios

followed by a set of questions and illustrate CHILLEHGE PROBLEMS
som e of the important types of p ractical 1. 1\o"O<,,.._... ,...,.l"""'•"""'•,_of •h<"mtl"'<•°'.......,....i""r"'"'"'

,,.,,,00,,,115"'116. lly"luol"'<..,.."..,...,.l"","'t<do<<d<><bomt'
2. t .... ｯｲＭＮｩｷＬＱ｣ｫＺ｢ｾｰ＠ .... o1w...""'b"""
r• p:iw ...,.,..,.,. lh>I ol <h<
appli catio n s o f th e ch apte r m at erial. • ＼ｬｯｴｨ＾ｮｧｵｴｾ＠ Th< pur r olth<bl><k ＢＧｾ＠
- . wi....ih<onico\\'>lr.&..1.>1,...,i;,.....i......,w......i...oiP"'noi1.,. ,,.,,
｣ｯｬｵｮｊＮＬ＼ｾＢｔｨＱ＾ﾫ｢ｹＨｦｴ＠
Six t een additio nal case studies can be ｾＬＮｯ＠

oomb<tol,,..-.olbl.....ocl...nl<•••onguuloodt.
......_ .... ,.....,"'.............. "'-·"'-k""'k'"''...
1. Folo:>\\"l(!;•llN.JKtt..... h<r........i.at..,. ..1uop..<.... '"".........'OUld ..
,...,..,,...._ ... _ _ _ ....,... ... ,....tt..tt ... htr<wopul'-">r)"ltwl'
found on M yLab M ath .
PREFA CE XVll
TECHNOLOGY RESOURCES
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XVll l PREFACE
ACKNOWLEDG M ENTS
We would like to express o ur thanks to the m any people w h o offered tho ughtful
suggestio ns and recommendati ons for updating and improving the book, including the
following instructors:
Ben Brown , Vancouver C ommunity College
H elen Catania, Centennial College
M argaret Dancy, Fanshawe C ollege
Ana Duff, University of O ntario Institute of Technology
Frances Ford, New Brunswick Community College
Imad H assan, Algonquin C ollege
M ariana Ionescu, George Brow n College
Steve Kopp, Western University
Sylvia A Leskiw, M acE wan University
D eborah Sauer, C apilano C ollege
M arnie Staffen, Cambrian College
Nii O doi Yemoh, Humber College
We would also like to thank the m any people at Pearson Canada Inc. who helped
w ith the development and production of this book, especially to the acquisitions editor,
Keriann M cGoogan ; the content m anager, Nicole M ellow; the developm ental and
media editor, C harlo tte M orrison- R eed; the proj ect manager, Pippa Kennard; the copy
editor, Susan Bindernagel; and the marketing manager, Euan White.
D eveloped by Jean-Paul Olivier, based on the textbook authored by Kelly H alliday and
Ali H assanlou
Universal Principle of Rounding: W hen p erforming a sequence of operatio ns,

never round any interim solution until the final answer is achieved. O nly apply round-
ing principles to the final answer. In terim solu tions sho uld only be rounded w h ere
common p ractice w ould require rounding.
Note: Due to space limitatio ns, the textbook only shows the first 6 decimals
(rounded) of any number. Star ting in C hapter 11, because the calculator display m ay
no t have sufficient space for all 6 decimals, as many decimals as possible will be shown.
However, the Universal Principle of Rounding still applies.
Part 0 Section 1.2

1. For repeating d ecimals, use the notation of placing a perio d above the repeating
t
sequence. E. g., = 0.333333 .. . = 0.3
2. For terminating decimals, if they terminate w ithin the first 6 decimal places, then
carry all the decimals in your final answer.
3. For non- terminating decimals, round to 6 decimals unless specified o r logically
sound to do so otherwise. If the final digits would be zeros, the zeros are generally
not displayed.
4. Calculatio ns involving m on ey are rounded to 2 decimals as their final answer.
Interim solutions may be rounded to 2 decimals if the situation dictates (for example,
if you w ithdraw m oney from an account) . If the calculation does not involve cents,
it is optional to display the decimals.
Section 1.3
1. C alculations involving percentages will only involve 4 decimal positions since there
are only 6 decimals in decimal format.
Section 1.5
1. H ourly rate calculations for salaried employees require that all the decimals should
be carried until the final answer is achieved. If the solution is to express the hourly
rate or overtime rate itself, then rounding to 2 decimals is appropriate.
2. Overtime hourly wage rate calculations should carry all decimals of the overtim e
rate until the final answer is achieved.
Section 3.7
1. Larger sums of money usually are involved in currency exchanges. T herefore, the
two decimal rule for m oney is insuffi cient. To produce a m o re accurate result,
currency exchange rates need to carry at least fo ur decimals.
2. It needs to be recognized that not all currencies utilize the same decimals w hen
exp ressing amounts.
(a) Final currency amounts for the Canadian D ollar, U. S. D ollar, British Pound,
E uro, and Swiss Franc should be rounded to the standard two decim al places.
(b) Final currency am o unts for the Japanese Yen should be rounded to the nearest
in teger, as there are no decimal amounts in their currency.
XX STUDENT ' S REFERENCE GUID E TO ROUNDING AND SPECIAL NOTATI ONS
3. Price per litre of gasoline is gen erally expressed to three decimal points ( 129. 9\t/ L
= $1.299/L)
Section 3.8
1. As indexes are similar to p ercentages, an index will only have 4 decimals.
Part • Section 5.1

1. When calculating b reak-even units, rem ember that the solution is the minimum
number of units that m ust be sold. As su ch , any decimals must be round ed upwards
to the next integer, regardless o f the actual valu e of the d ecimal. For exam ple, 38.05
units m eans 39 units m ust b e sold to at least break even.
Section 7.20
1. t is always an integer. It is important to note in this calculation that in most instances
the interest (I) earned or charged to the account has been rounded to two decimals.
This w ill cause the calculation of t to be slightly imprecise. Therefore, w h en
calculating t it is possible that decim als close to an integer (su ch as 128.998 days or
130.012 days) m ay sh ow up. T h ese decimals should b e rounded to the n earest
integer to correct for the rounded interest am ount.
Part • Section 9.20

1. In determining w hen it is app rop riate to round, it is important to recognize that if
the money rem ains inside an accoun t (deposit or loan), all of the decimals need to
carry forward into the next calculation. For example, if a bank deposit of $2000
earns 6% p.a. compounded m onthly for 4 years, and then earns 7% p.a. compound ed
quarterly for three more years, then the money rem ained in the acco unt the w h ole
time. W e can solve this in on e step as follows:
F V= 2000.00 (1.005) 48 (1.0175) 12 = $3129.06

O r two steps as follows:
FV = 2000.00( 1.005) 48 = $2540.978322
F V = 2540.978322 ( 1.0175) 12 = $3129.06
Note that the first step is an interim calculation , fo r w hich we must carry forward
all the decimals to the n ext step w h ere the solution can then b e rounded .
(a) If m on ey is w ithdrawn / transferred from th e account at any time, then only 2
decimals can be carried forward to any furth er steps (since a currency payout
can only involve 2 d ecimals).
Section 9.4C
1. In promissory notes, the FV solution in the first step must be round ed to 2 decimals
b efore discounting as this is the am ount of the debt that w ill b e rep aid on the
m aturity date.
Section 9.58
1. When calculating equivalent values for m ore than one paym ent, each p aym ent is a
sep arate transactio n (on e co uld m ake each paym ent sep arate from any oth er
p aym ent) and therefore any equival ent valu e is rounded to two decimals b efore
summing multiple p aym ents.
STUDENT ' S REFERENCE GUI DE TO R0 UNDI NG AN D SPECI AL N0 TAT I 0 NS XXI
Section 10.1
1. When determining the n for n on-annuity calculations (lu mp-sum amo unts),
generally th e solution would not be rounded off since n can b e fractional in nature
(we can get 4.5632 quarters).
(a) However, w hen n is discussed, th e n may be simplified to 2 decimals so that it
is easier to communicate. For example, if n = 5.998123 years this would mean
a term of slightly under 6 years. H owever, w hen discussed it may be spoken
simply as a term of 6.00 years. Alternatively if n = 17.559876 months this
would m ean a little more than h alf way th rough the 17th month. H owever,
when discussed it m ay be spoken as a term of approximately 17.56 months.
(b) An exception to this rule is w h en the n gets converted into days. As interest
generally is no t accrued more than daily, a fraction of a day is not possible. The
fraction shows up m ost likely due to rounding in th e numbers bein g utilized in
the calculation. Since we do not know how th ese nu mbers were rounded, it is
app ropriate for our purposes to round n to the nearest integer.
Section 11 .5A
1. When d eterm ining th e n for annuity calculations, remember that n represents
the n umber of paym ents. Therefore, n must b e a w h ole number and sh ould
always b e rounded upwards. Whether a partial or full payment is made, it is still a
payment. For example, if n = 2 1.34 paym ents, this would in dicate 21 full payments
an d a sm aller last payment (which is still a payment). T h erefore, 22 payments are
required .
(a) In most cases, the payment (PMT) has been rounded to two decimals. This may
cause insignifican t decimals to show up in the calculations. As a result, an
exception to this rule would be w h en n is extremely close to a w hole nu mber.
This would mean th at no significant digits show up in the first two decimals.
For example, if n = 23.001, it can be reasonably concluded that n is 23 payments
since the 0.001 is probably a result of the rounded payment.
Section 13.1E
1. W h en working with the n for an annuity due, n represents the number of payments
an d must b e a w hole number. Therefore, n w ill always round upward. However, it
is importan t to distinguish w h ether the question is asking about th e term of the
ann uity du e or when the last payment of the annuity due occurs.
(a) If the term is being asked, n can be used to figure out the timeline. For example,
a yearly apartmen t rental agreement would have n = 12 monthly payments,
thus th e term ends 12 months from n ow.
(b) If the last paym ent is being asked, n - 1 can be used to figu re out th e timeline.
In the sam e example, the last rental payment would occur at the beginning of
the 12th month. T h e last payment would be 12 - 1 = 11 months from now.
Section 14.1
1. The paym ent m ust be rounded to the two decimal standard for currency.
2. W h en constructing an amortization sch edule, it is important to recognize that all
numbers in the sch edule need to be rounded to two decim als (since it is currency).
However, since the money remains in the account at all times, all decimals are in
fact b eing carried forwa rd throughout. As such, calculated numbers may sometimes
be off by a penny due to the rounding of the payment or the interest.
XXll STUDENT ' S REF ERE NCE GU ID E TO RD UN DING AND SPECIAL N0 TAT I 0 NS
Section 15.1
1. When determining the purchase price for a bond, it is impo rtant to carry all the
d ecimals until the calculatio n is complete. When com pleting the calculatio n by
formula, the p resent value of the bond's face value and interest payments along w ith
any accrued interest must be calculated. For sim plicity, the text shows each o f these
values rounded to two decimals and then summed to get the p urchase p rice.
R emember though that all decimals are being carried forward until the final answer.
Section 15.5
1. A sinking fund schedule has the sam e characteristics as an am or tization schedule
and may also experience a penny difference due to the rounding of the payment or
the interest.
Section 16.1
1. When m aking choices between vari ous alternatives, it is sufficient to calculate
answers rounded to the nearest dollar. There are two rationales for this. First, in
m ost cases future cash flows are no t entirely certain (they are estimates) and therefore
may be slightly inaccurate themselves. Second, as cents have little value, m ost
decisions would not be based o n cents difference; rather decisions would be based
on d ollars difference.
Section 16.2
1. In cho osing w hether to accept o r reject a contract using the net present value
m ethod, rem ember that future cash flows are estimates. Therefore, w hen an NPV is
calculated that is within $500 of $0, it can be said that the result does no t provide a
clear signal to accept or rej ect. Although the desired rate of return has barely been
m et (or not), this may be a result of the estimated cash flows. In this case, a closer
examination of the estimates to determine their accuracy may be required before
any decision could be made.
Section 16.3
1. Performance indexes are generally rounded to one decimal in percentage fo rmat.
2. This unknown rate of return (d) is generally rounded to 2 decimals in percentage
format.
3. A rate of return is generally rounded to one decimal in percentage format.
For Daryl, Kirkland, and Kealeigh.
-K.H.
To my family for their support and to my two angels, Emma and Elina,
who have brought so much happiness into our lives.
-A.R.H.
1 The first four chapters and Appendix I call upon students to activate prior knowledge
Review of Arithmetic learned in their earlier mathematics courses. As such, Part 1 is intended to provide an
opportunity to review arithmetic and algebraic processes and to apply these skills in
2 relevant business situations in fields such as accounting, finance, marketing, human
Review of Basic Algebra resources, and management.
Chapter 1 covers the basics of arithmetic operations. In this chapter you will learn
3 how to set up equivalent fractions, convert fractions and mixed numbers into decimals
Ratio, Proportion,
and Percent and percents, evaluate complex fractions, reduce fractions to lowest terms, and simplify
expressions using the rules of the order of operations.
4 Calculating percents is introduced early because, from a practical standpoint, it is
Linear Systems often necessary to convert a percent to a decimal w h en performing arithmetic calcula-
tions or using a calculator.
Applications involving payroll, commissions, GST, PST, HST, and property taxes
call upon the use of these basic arithmetical operations and percentages. With respect to
payroll, you will be able to calculate regular pay, overtime pay, and total pay. The text
illustrates how to calculate straight commission, graduated commission (sliding scale),
and salary plus commission as part of a complete discussion on gross earnings.
C hapter 2 reviews the basics of algebra, including simplifying algebraic expressions,
evaluating algebraic expressions by substituting numbers into the variables, solving alge-
braic equations, and creating and solving word problems. Examples show how positive,
negative, fractional, and zero exponents are defined. The study of terms involving posi-
tive, negative, and zero exponents serves as a prelude to the introduction oflogarithms.
Logarithms are useful in solving equations in which the unknown is an exponent. These
expressions involving exponents appear in the study of compound interest developed
later in the text.
Problems involving ratios, proportions, and percents abound in the field of business,
and so in Chapter 3 you will learn how to use ratios to solve allocation and equivalence
PART l: MATHEMAT ICS FUNDAMENTALS AND BUSINESS APPL ICAT IONS 3
problems. Exchange rate comparisons and the Consumer Price Index (CPI) examples
in the chapter demonstrate practical applications of proportions. Discounts, interest
rates, growth in earnings, and wages all use percentages.
Chapter 4 deals with linear equations and systems of two simultaneous linear equa-
tions in two variables. The algebraic elimination method is demonstrated for solving a
system of two linear equations. The rectangular coordinate system is introduced, and an
ordered pair is defined. You will learn how to set up a table of ordered pairs that can be
used to graph a linear equation. The slope-intercept form of the linear equation is
introduced, and special cases are discussed. You will learn how to develop a linear equa-
tion to describe a relationship between two variables and how to set up a system of
linear equations to solve word problems involving two variables.
The Universal Principle of Rounding applies in Part 1 of the textbook. When
performing a sequence of operations, never round any interim solution until the final
answer is achieved. Apply rounding principles only to the final answer. Interim solu-
tions should only be rounded where common practice would require rounding.
Note, however, that due to space limitations, the textbook shows only the first six
decimals (rounded) of any number.
Some specific rounding guidelines for Part 1: Business problems throughout
the textbook often involve money values so the rounding for final answers needs to be
done to the cent; that is, to two decimal places. However, because larger sums of money
usually are involved in currency exchanges, the two-decimal rule is insufficient. To pro-
duce a more accurate result, currency exchange rates used in Chapter 3 need to carry at
least four decimals. Also, note that in Chapter 3, price per litre of gasoline is generally
expressed to three decimal points (129 .9 cents = $1.299 / L) .
While different methods of rounding are used, for most business purposes the fol-
lowing procedure is suitable:
1. If the first digit in the group of decimal digits that is to be dropped is 5 or
greater, the last digit retained is increased by 1.
2. If the first digit in the group of decimal digits that is to be dropped is 4 or less,
the last digit retained is left unchanged.
Objectives are a "roadmap"
showing what will be cov-
ered and what is especially
important in each chapter.
Upon completing this chapter, you will be able to do the following:

O Simplify arithmetic expressions using the basic order of
operations.
f) Determine equiva lent fractions, and convert fractions to
decimals, decimals to percents, and vice versa.
8 Through problem solving, compute simple arithmetic and
weighted averages.
O Determine gross earn ings for employees remunerated by the
payment of salaries, hourly wages, or comm issions.
0 Through problem solving, compute GST, HST, PST, sales taxes,
and property taxes.
eing able to perform arithmetic calculations is important in today's business environment.
Eachchapter opens with

B Arithmetic is used in planning, forecasting, purchasing, contracting, compensation , and
many other aspects of business. Competence in problem solving, including calculation on aver-
a description of a famil-
iar situation to help you ages, is essential. When you employ people in operating a business, you must determine the
understand the practi- r-+ amounts to pay them in the form of salaries or wages, and you must deduct and pay payroll taxes
cal applications of the
material to follow.
such as Canada Pension Plan, Employment Insurance, and employee income taxes. You are respon-
sible for paying your employees and submitting the tax amounts to the federal government.
Operating a business also means that you must determ ine the amount of goods and services tax
(GST) or harmonized sales tax (HST) to collect on almost everything you sell. The amount you must
remit to the federal government, or the refund you are entitled to, is ca lculated on the basis of the
GST or HST you pay when you make purchases of goods and services. By using arithmetic and
problem-solving approaches in this chapter, you will be ab le to determine the amounts owed.
1.1 BASICS OF AR ITH METIC 5
INTRODUCTION
T h e basics of fraction, decimal, and percent conversions are vital skills for dealing with
situations you may face, not only as a small- business owner but also as a consumer and
investor. Although calculators and computers are commonly used when performing
arithmetic operations, to be able to solve more complex business problems modelled
using algebra (and calculus), it is important to be skilled at the process of conversio n
between number forms, the rounding of answers, and th e correct order of operations.
(Appendix II at the back of the text provides basic operations for three common prepro-
grammed financial calculator models.)
1.1 BASICS OF ARITHMETIC

A. The basic order of operations
Boldfaced words are Key
To ensure that arithmetic calculations are performed consistently, we must follow the
Terms that are explained
here and defined in the -+ order of operations.
Glossary section at the end If an arithmetic expression contains brackets, exponents, multiplication, division,
of the chapter. addition, and subtraction, we use the following procedure:
1. Perform all operations inside a bracket first (the operations inside the bracket must
be performed in proper order).
2. Perform exponents.
3. Perform multiplication and division.
4. Perform addition and subtraction.
Numerous examples, often T h e following "BEDMAS" rule might help you to more easily remember th e order of
with worked-out Solutions, operations:
offer you easy-to-follow,
step-by-step instructions. B E D M A s
! Bra ckets Exponents Division Multiplication Add ition Subtraction
EXAMPLE 1.lA (i) (9 - 4) x 2 = 5 x 2 = 10 - - - - - - work inside the bracket first

(ii) 9 - 4 x2=9- 8= 1 do multiplication before subtraction
(iii) 18 -:- 6 +3x 2=3 +6=9 do division and multiplication
before adding
(iv) ( 13 + 5) -:- 6 - 3 = 18 -:- 6 - 3 - - - - work inside the bracket first, then do
= 3- 3 division before subtraction
=O
(v) 18 -:- ( 6 + 3) X 2 = 18 -:- 9 X 2 - - - - work ins ide the bracket first, then do
=2x2 division and multiplication in
=4 order
(vi) 18 -:- (3 X 2) +3= 18 -:- 6 + 3 - - - - work inside the bracket first, then
=3+3 divide before adding
= 6
(vii) 8(9 - 4) - 4(12 - 5) = 8(5) - 4(7) - - work inside the brackets first, then
= 40 - 28 multiply before subtracting
= 12
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Lailaa pyöritettiin ympäri.
*****
Laiva tulla töhötti jo selän toisella rannalla. Koetettiin pysyä

rohkeina. Laila lasketteli pilojaan, mutta ei saanut poikia enää
nauramaan. Pianpa hänenkin täytyi kääntyä poispäin ja salata
kirkkaat pisarat, joita alkoi vierähdellä.
— Voi, että kesä on niin lyhyt, sanoi tyttö tukahtuneesti.
— Ja kaupunki niin ikävä, kun sinä et ole siellä, sanoi Heikki.
— Onhan siellä paljon muita.
— No ei yhtään niin reipasta ja mainiota kuin sinä, tokasi Paavo.
Laiva laski laituriin eikä kauan siinä viivytellyt. Laila jäi

kyyneleisenä laiturille.
PUNIKKI JA PORVARI.
Osmo oli päässyt äidin kanssa maalle, ja kesä oli kulunut hauskasti
kylän lasten kanssa leikeissä ja onkimatkoilla. Keskikesä meni niin,
ettei sitä oikein huomannutkaan ja joutui marjojen aika. Osmokin oli
jo saanut maistaa äidin poimimia ahomansikoita, ja eräänä päivänä
halusi hän lähteä itsekin äitiä auttamaan marjojen poiminnassa.
Äidillä oli sinä päivänä muuta tehtävää, ja niinpä hän lupasi

Osmon marjamatkalle naapurimökin pojan kanssa.
— Mökin Arvo tietää kaikki hyvät marja-ahot ja hän on hyvä poika,

saat mennä hänen kanssaan, sanoi äiti.
— Mutta minä en lähde punikkien kanssa marjaan, tuhahti Osmo.

— Jääköön sikseen koko puuha.
— Punikkien?
Äiti hämmästyi koko lailla Osmon huudahdusta. Oliko hänen

hyvän ja kiltin poikansakin poveen kylvetty puoluevihaa ja
kovaosaisten halveksumista?
— Eihän Arvo ole mikään punikki, sanoi äiti. — Se nimityshän on
jo vanha ja sopimattomana jätetty pois, eikä poju saa enää
milloinkaan sanoa ketään punikiksi.
— Sanovatpa koulussakin hyvin monet pojat punikiksi sosialistien

poikia, varsinkin yläluokkaiset, jotka olivat vapaustaistelussa
mukana, sanoi Osmo.
Äiti ajatteli tätä ja se koski häneen kipeästi. Hän ei ollut tällaista

edes aavistanutkaan. Nyt täytyisi hänen Osmolle puhua tästä ja
saada hänen nuori mielensä oikealle tolalle.
— Tulehan Osmo tänne puutarhamajaan, niin puhutaan siitä

asiasta, sanoi äiti.
Osmo oli kovin halukas kuulemaan, mitä äiti sanoisi. Ainakin kaksi
poikaa, joita toiset sanoivat tuolla rumalta kuuluvalta nimeltä, olivat
oikein ahkeria ja eteviä poikia. Opettajatkin heitä kiittivät. Oli tosin
joukossa sellaisiakin poikia, jotka sanoivat taas vuorostaan
toverejaan porvareiksi, ja sanoipa joku poika lahtariksikin muuatta
toveriaan, mutta sai siitä karsseria. Osmo ei tietänyt, rangaistiinko
poikia punikki-nimityksestä, mutta ainakin kerran hän kuuli rehtorin
opettajahuoneessa ankarasti nuhtelevan muuatta poikaa sen
johdosta.
— Etköhän luule, että jos opettajat kuulisivat tällaiset nimitykset,

rankaisisivat he siitä ankarasti? kysyi äiti Osmolta.
— Kyllä kai, mutta he niin harvoin sitä kuulevat, jos joku koulun
pihassa niin sanoo, virkkoi Osmo.
— Silläpä se saa jatkuakin. Ja sellainen on kovin rumaa aikuisille
ja vielä rumempaa lapsille.
— Eikö joku paha ole yhtä rumaa lapsille kuin aikuisillekin? kysyi
Osmo.
— On kyllä, mutta kuulehan nyt mitä sanon.
— Eivät kaikki ne, joita on punikiksi sanottu, ole itse siihen

syyllisiä, mistä tämä nimitys on heille annettu. Jos he erehtyivätkin
tekemään pahaa, niin se oli vain sen syy, ettei heitä oltu opetettu
hyvää tekemään jo lapsena, niinkuin teitä koulussa ja kotona
opetetaan. Heillä oli nälkä, eivätkä he osanneet erottaa pahaa
hyvästä, ja pahat ihmiset saivat heidät tekemään pahaa
lähimmäisilleen. Heille oli harvoin opetettu lausetta: "rakastakaa
lähimmäistänne, niinkuin itseänne". Ja nyt on jo se aika, jolloin
tällaista veljesvihaa oli unohdettava, ja kaikkien lasten pitää olla
hyviä toisilleen.
— Entäpä, jos joku poika sanoo minua porvariksi? kysyi Osmo.
— Sinun pitää sanoa hänelle, että se on väärin ja että lapset eivät

saa siten nimitellä toisiaan ja olla oikein hyvä ja ystävällinen hänelle.
— Mutta onpahan pahojakin ihmisiä olemassa, väitti Osmo.
— Se onkin kokonaan toinen asia, sanoi äiti. — Pahoja ihmisiä on

kyllä olemassa, jotka koettavat myrkyttää hyvien ihmisten mieltä,
mutta sellaisillehan ei voi mitään. Ihmisten täytyy kärsiä heitäkin
joukossaan ja koettaa tehdä paremmiksi. Jos he taas eivät tahdo
tulla hyviksi, niin he pysyvät pahoina ja saavat siitä kerran
rangaistuksen.
Osmo näytti miettivän tiukasti muuatta asiaa.
— Sanohan äiti, miksi maailmassa on rikkaita ja köyhiä? kysyi

hän.
— Siihen on niin monta syytä. Hyvin usein ihmiset ovat

laiskuutensa vuoksi köyhiä ja siinä tapauksessa pysyvät he aina
köyhinä, vaikkapa heitä alituiseen avustettaisiinkin. Työ ja tarmo
pelastaa aina ihmisen köyhyydestä. Ja hyvin monet tulevatkin sillä
rikkaiksi, että tekevät oikein lujasti työtä. Mutta sitten on sellaisiakin
rikkaita, jotka keinottelulla ovat koonneet rikkautensa ja se on väärin
ansaittua rikkautta.
— Mitä se keinottelu oikein on? kysyi Osmo. — Minulta kerran

koulussa koetti yksi poika keinotella sinun antamaasi rahakukkaroa.
Onko se sellaista?
Äiti naurahti.
— Siitä olisi toverisi hyvin vähän hyötynyt, vaikka se ei olisikaan

ollut hänelle oikein saatua tavaraa. Keinottelu on sellaista, kun
tahtoo elää toisen kustannuksella ja päästä niin vähällä työllä
rikkaaksi kuin mahdollista. Jos joku tavara myydään moneen kertaan
ja jokainen tahtoo sillä voittaa mahdollisimman paljon, on se
keinottelua. Ja sitä on niin monenlaista, mutta puhutaan tästä sitten
toisella kertaa. Mene nyt Arvon kanssa marjoja poimimaan ja ole
kiltti hänelle.
— Kyllä, minä koetan olla. Mutta sanohan äiti vielä yksi asia
minulle, pyysi Osmo.
— No mikä se olisi?
— Ketkä sinun mielestäsi, äiti, tekevät oikeata työtä?
— Kovinhan sinä nyt uteletkin, naurahti äiti. — Oikeata työtä on

niin monenlaista. Nämäkin maamiesten työt ovat oikeita ja
hyödyllisiä ja opettajanne koulussa tekevät oikeata työtä; ne jotka
rakentavat taloja ja häärivät tehtaissa, ja tiedemiehet ja keksijät,
jotka työllään onnellistuttavat ihmiskuntaa, ja monet muut.
— Ja merimiehet, sanoi Osmo. — Minä varmasti rupean

merimieheksi, äiti. On niin mukavaa, kun saa kävellä laivan kannella
ja pääsee vieraisiin maihin.
— Mutta mene nyt ensin marjaan ja muista olla hyvä Arvolle.
— Kyllä, äiti. Enkä minä sano enää koskaan vasikoitakaan

punikiksi, lupasi Osmo urhoollisesti.
*****
Arvo oli samanikäinen poikaviikari kuin Osmokin, mutta hirveän

äkäinen. Hänet oli ärsytetty äkäiseksi ja epäluuloiseksi. Hänen täytyi
saada ensin miettiä, ennenkuin suostui lähtemään Osmon kanssa
marjaan.
Puhuessaan sorisutteli poika pahasti ärrää.
— Jos minä lähden sinun kanssasi mar-rljaan, niin sinun pitää olla
siivolla minun kanssani, muuten minä mätkäytän har-rltijasi tanter-
rleeseen, sanoi hän Osmolle.
Osmo lupasi olla niin siivolla kuin osasi.
— Mutta osaatko sinä olla hyvä minulle? kysyi hän Arvolta.

— Sepähän nähdään, sanoi tämä.
Se kuului kovin salaperäiseltä Osmosta.
Mentiin aholle, josta ei löytynyt paljon mitään.
— Puoskat ovat vieneet, sanoi Arvo ykskantaan.
— Mitä ne puoskat ovat? kysyi Osmo.
— No etkö sitä tiedä, vaikka kouluakin olet käynyt? Musikoitahan

ne ovat.
— Eikös lapsia, huomautti Osmo. Sehän kuuluu kauniimmalta.
— Rr-likkailla niitä on vain ja talollisilla, mökkiläisillä on puoskia ja

musikoita ja kakar-loita, sanoi Arvo.
Osmo alkoi hieman valistaa toveriaan.
— Yhden arvoisia ne ovat köyhien ja rikkaitten lapset, kun vain

ovat hyviä toisilleen, sanoi hän.
— Nyt out er-rleyksissä, ei ne yhenar-rlvoisiksi tule milloinkaan,

porlvar-lien lapset ja köyhien kakar-rlat.
Osmo katsoi silmät suurina toveriaan. Hän tuntui olevan kovin

varma mielipiteissään.
— Ei meidän lapsien sovi sanoa porvari. Ei se ole oikein, sanoi

hän ja huomasi nyt Arvon vuorostaan uteliaasti tarkastelevan häntä.
— Sanovathan meitäkin köyhiä punikiksi, virkkoi Arvo.

— Isontalon Toivo sanoo minua vielä ynnikiksi ja se pistää niin pir-
rlusti vihakseni.
Osmo katsoi pitkään toveriaan.
— Sinähän kiroat, sanoi hän. — Se on kovin huono tapa.
— Taitaa olla, mutta kun isä ja äitikin kir-rloaa, niin siitä on opittu
mekin puoskat noituilemaan. Isä noituu syödessäänkin, jatkoi hän.
Osmo tunsi ihan vilunväreen selkäpiissään.
— Vaikka isä tekee niin, niin elä sinä enää kiroa milloinkaan,
etkös?
Arvo oli äsken tuntenut jostain syystä hyvästyvänsä Osmoon ja

hänen teki mieli olla hyvä Osmolle. Osmohan ei pitänyt siitä, että
lapset haukkuivat toisiaan.
— Enkä kirloo, lupasi hän. — Jos satun muistamaan.
— Kyllä sitä muistaa, kun oikein tahtoo, sanoi Osmo.
Mentiin toiselle aholle ja siellä oli runsaasti marjoja.
— Etkös sinä sitten olekaan por-rlvar-rli? kysyi Arvo Osmolta.
— En, eikä hyvät pojat ole sitä koskaan keskenään.
— Mutta saattaa sinustakin tulla, kun koulua käyt, arveli

epäluuloiseksi kasvanut mökin poika.
— Minusta tulee merimies.

— No ne eivät vissiin ole por-lrvar-rlia, tuumaili Arvo, ja yhä
enemmän tunsi hän voivansa luottaa toveriinsa.
Osmolla oli siistit ja puhtaat vaatteet ja siinä oli Arvon mielestä

kuitenkin hämärä seikka; olikohan tuo toinen tosissaan? Hän
huomauttikin siitä toveriaan.
— Minun isäni ja äitini ovatkin ahkeria ja minä saan hyviä

vaatteita, sanoi Osmo. — Äiti sanoo, että kun on vain ahkera, niin ei
puutu mitään.
— Se on valetta, jurahti Arvo. — Minun isäni ja äitini tekevät aina

työtä, mutta meillä puoskilla on vain tällaiset vaatteet. Porr-rlvarlit ne
niin sanovat, että kun on ahkeria niin kaikkea saa, päätteli Arvo.
Olihan hän sen niin usein kuullut isän ja äidin sanovan.
Taaskin tuli se Osmolle kiusallinen porvari esille.
— Puhutaan onkimisesta ja muusta, tokasi hän toverilleen. —

Oletko sinä käynyt ongella?
— Olen minä käynyt ja saanutkin, oikein isojakin ahvenia.

Heinälammessa onkin oikein suurlia vvotkaleita, kun vain onnistuu
saamaan. Yhtenä päivänä oli siellä Isontalon Toivokin ja kun se
rlupesi tekemään minulle kiusaa, löin minä sitä terlvanahtarlilla
päähän.
— Ei olisi pitänyt… mitäs siitä seurasi, tuliko tappelu?
— Ei tullut Ei se Toivo toki uskalla tulla kiinni minuun, semmoinen

rlruipelo. Kintutkin kuin itikalla. Selkään uhkasi minua annattaa,
mutta eipä tuota ole kuulunut.
— Tule minun kanssani ongelle, niin ei riidellä, sanoi Osmo. —
Mitä se sinulle teki?
— Heitti rlierotuohiseni järlveen.
— Se onkin sitten paha poika, päätteli Osmo. — Silloinko se sinua

ynnikiksi sanoi?
— Silloin.
Istuttiin kivelle ja Osmo jakoi äidin antamat eväät; antaen niistä

puolet Arvolle.
— Minä annan sinulle marjoistani, kun sinulla on vähemmän,

sanoi tämä.
— Kyllä minä vielä saan astiani täyteen, pidä sinä vain omasi.
Arvo söi ja mietti. Pienet aivot ponnistivat kaikkensa,

selvittääkseen syyn, miksi Osmolla oli niin makeita voileipiä ja hänen
kotonaan syötiin mustaa leipää ja voita ei ollut kuin toisinaan.
Osmolla oli kauniit vaatteet, mutta hänen omasta takalistostaan
riippuivat riekaleet. Väliin ei ollut housuja ollenkaan.
Jospa sittenkin Osmo on porvarien lapsi, joita kaikkia isä ja äiti

vihaavat.
Osmo antoi kuitenkin hänelle voileivistään ja puheli ystävällisesti.

Olkoon miten tahansa, Osmo on hyvä poika ja hänelle täytyy olla
myöskin omasta puolestaan hyvä. Kaiken tämän vastapainoksi kun
ajatteli Toivoa, repäisi kiukku pientä povea. Niinpä Arvo sanoa
tokaisikin:
— Toivosta ei tule miestä. Rliivattu on koko poika.
Osmo ihmetteli toverinsa ajatusjuoksua. Mistä hän nyt Toivon sai

päähänsä? "Ynnikki" johtui Osmon mieleen ja häntä rupesi
naurattamaan.
Arvon epäluulo heräsi.
— Mille sinä naur-rlat? Minulle vissiin.
Poika käänsi kasvonsa poispäin Osmosta ja hänen silmissään

välähti pidätetty viha. Noin sitä saatetaan nauraa, vaikka ollaan
olevinaan hyviä.
— En minä sinulla naura, sanoi Osmo. Sillä ynnikki-sanalla vain,

kun se on minusta niin hassu.
Arvo ei virkkanut mitään. Ajatteli, että parasta olisi ollut lähteä

yksin marjaan. Osmokin saattoi pilkata.
Se tuntui melkein kipeältä ajatella, kun hän oli kuitenkin osoittanut

hyvyyttä köyhän mökin pojalle.
Osmo kertoi läksyistään ja minkälaista oli koulussa ja Arvo unohti

pian mielipahansa. Hänkin olisi tahtonut niin mielellään kouluun,
mutta isä ja äiti olivat köyhiä. Ei käynyt koulua ajatteleminenkaan.
Mentiin taas toiselle aholle ja lehmäkarja tuli heitä vastaan.

Villainen sonni möyrysi ja väänsi niskaa pojille.
Osmo pelkäsi.
Arvolla oli nyt hyvä tilaisuus näyttää pelottomuuttaan.. Samalla

hän tahtoi suojella toveriaan.
— Elä möyrr-rlyä siinä. Kyllä minä näytän sinulle…
Arvo otti seipään ja ajoi elukan metsään.
— Se oli Isontalon härlkä, selitti Arvo palattuaan. — Minä annoin

sille kurlanssia. Rlikkailla on nuo hä-rlätkin niin ylpeitä, ettei köyhä
tahdo päästä ohi kulkemaan, sanoi hän.
Osmo ihaili Arvon rohkeutta. Hän ei malttanut olla siitä sanomatta

Arvolle. Ja sitten jatkoi hän kuin hyvitykseksi:
— Tule vain minun kanssani ongelle.
Kun palattiin, erosivat pojat hyvinä ystävinä.
Arvo hipaisi lakin reunaa Osmolle hyvästiä sanoessaan niinkuin oli

nähnyt aikuistenkin tekevän ja huusi vielä hänen jälkeensä:
— Kyllä minä otan sinunkin va-rlallesi onki-rlieroja.

LOKKILUODOLLA.
Kesä, ihana, kouluhuolista vapaa kesä. Rannan pojat, Jaakko ja

Lassi, valmistelivat veneretkelle lähtöä. Naapurissa oli muutamia
kesälomaansa viettäviä poikia ja heitä oli pyydettävä mukaan.
Lokkiluodolle, selän keskellä olevalle saarelle, oli aikomus mennä

ja ottaa onget ja uistimet, padat ja pannut mukaan. Saaressa oli
vanha verkkomökki ja siinä sopisi nukkua sateella, ja poudalla oli
kallio lämmin.
— Eikö oteta vilttejä mukaan? kysyi Jaakko.
— Mitä me niillä, partiolaiset…
Jaakko oli viidentoista ja Lassi kuudentoista ikäinen, vahvoja,

punakoita poikia. Läksyt eivät liioin tehneet heille kiusaa, ne
koulussa ollessa sukaistiin sukkelaan valmiiksi ja sitten pötkittiin
kaupungille hurjailemaan.
Väliin tästä hurjailusta saatiin muistutukset ja kerran jo

karsseriakin, mutta eihän siitä sen pahempaa kuitenkaan tullut,
vaikka äiti oli sanonut usein heille, että he varmaankin saavat pian
eropassit koulusta rajuutensa takia.
Pojat hakivat aina naapurista Jallun ja Mikin toverikseen ja sitten
leikittiin intiaanileikkejä ja oltiin sotasilla, ratsastettiin ja soudettiin
selkäluodoille onkimaan jukuripääahvenia.
Se oli hauskaa ja siinä ei joutanut mitään huonoa ja nuoruudelle

vaarallista ajattelemaan. Illalla oli niin väsynyt, että nukkui heti, ja
aamulla juostiin suoraapäätä sängystä järveen.
Ja vaikka joskus leikeissä saatiin pikku mustelmia ja kuhmuja,

unohtuivat ne pian. Reippaus ja rohkeus olivat Jaakon ja Lassin
ihanteita.
Vaikka äiti joskus hieman kieltenkin keikkumasta, oli hän

tyytyväinen pojistaan ja isä vielä sitä enemmän.
„Tulee teistä miehiä, kun vain ette syrjäytä koulutehtäviä”, sanoi

hän.
Venheessä oli jo onkivavat ja mustakylkinen pata kekotti

keskituhdolla.
— Juoks' hakemaan kahvipannu ja kahmaise kannuun

kahvimaitoa, sanoi Lassi. — Minä otan sill'aikaa kastematoja
tuohiseen. Tänä päivänä kiskotaan taas ahventen suut vääräksi.
Jaakko juoksi pihaan ja Lassi luikkasi vielä hänen jälkeensä;
— Pyydä äidiltä piparikakkuja ja sokeria.
— Joo, joo!
Kesänaapurit tulivat ja molemminpuoliseksi tervehdykseksi

kajautettiin aikamoinen sotahuuto. Jaakko juoksi syli täynnä äidin
antamaa evästä; kahvipannu lekutti käsikynkässä.
— Suolaa ei ole unohdettava, sanoi Jallu, toinen kesänaapureista.
— Sitä on kahmalomitta kontissa.
Oli kohtalainen alahangan tuuli, ja omatekoinen purje nostettiin

pystyyn.
Lassi istui vanhimpana perään ja Mikko souteli Jallun kanssa.

Jaakko hoiteli purjetta.
Pojat olivat yhtämittaa äänessä. Kuohahteleva nuoruuden voima

ei antanut aikaa vaikenemaan. Puhuttiin puuta heinää ja
pikkukaupungin koulumurre tahtoi väkistenkin tulla totutulla tavalla
puheeseen. Siitä oli jo päätetty luopua, mutta kun oikein innostuttiin
jostakin asiasta, ei muistettu sitä välttää.
Lassi vaikeni ja näytti miettivän.
— Kuulkaahan pojat, nyt me vihdoinkin lopetamme tämän

sekasotkun puhumisen, sanoi hän. — Kun meillä on kuitenkin jotain
niin kaunista kuin kirjakieli, ja tässä kielimiehiksi aiotaan, niin nyt
tehdään pyhä päätös, ettei enää sanaakaan koulumurretta, eikö niin
pojat?
— Olkoon päätetty, sanoivat toiset.
Rannat jäivät taakse ja laine lipatteli venheen laidoissa. Väkevän

sininen ulappa huikaisi silmiä. Pojat olivat lukeneet Jack Londonin
merijuttuja ja kuvittelivat olevansa etelämerillä. Siitäkös hauska leikki
syntyi.
Taival oli kuitenkin merimatkaksi liian lyhyt ja venheen kokka
kolahti saaren rantakallioon. Eväät kannettiin kallioluolaan, ettei
alkuasukkaat, sammakot ja vesilinnut, niitä löytäisi, ja sitten
kiskaistiin venhe kanervikkoon.
— Ja nyt pojat uimaan!
— Ja sitten paahdetaan pinta auringossa ruskeaksi!
— Niinkuin se jo ei ennestään olisi, sanoi Lassi ja kietaistuaan

paidan yltään paljasti toisille pojille niin ruskettuneen ihon kuin
tervan.
— Miten sinä olet pintasi saanut noin kauniiksi? kyselivät pojat. —

Neuvo meillekin.
Lassi selitti:
— Kun paahdoin päiväkaudet itseäni auringossa, eikä tullut nahka

mielestäni oikein ruskeaksi, otin hienoa tervaa ja notkeaksi
lämmitettynä vetelin sitä nahkaani ja nytpä se onkin noin kauniin
ruskeata joka paikasta.
— Me tervataan kans', innostui Mikki.
— Minä ihmeen aikana sinä nahkasi tervasit? ihmetteli Lassin veli,

joka ei ollut toimituksesta tietänyt mitään.
— Silloin, kun sinä olit äidin kanssa kaupungissa käymässä, sanoi

Lassi.
— Voi, jos nyt olisi tervaa, niin minäkin saisin nahkani kauniiksi,
arveli Jaakko.
— Ei siitä ole puutetta. Venheen kokkatuhdon alta löydät
tervakipon.
Vedä vain nahkaasi!
— Saammeko mekin tervaa, sano saammeko, pyysivät naapurit
— Saatte, saatte. Kyllä se riittää kolmelle.
— Pannaan se pataan ja lämmitetään notkeaksi, niinkuin Lassekin

on tehnyt, sanoi Mikko.
— Täss' on terva, missä pata?
— Siihen ei panna tervaa, ennenkuin sillä on keitetty ainakin

kerran kalaa, sanoi Lassi.
Jaakko tahtoi heti pataa. Syntyi riita ja käsikähmä padasta, jolloin

sen mustasta kyljestä saivat riitapuolet nokiläikkiä ihoonsa.
Lassi sai padan ja kiipesi kuuseen ja ripusti sen kuusen oksalle.
Sitten mentiin uimaan.
Lähellä oli pieni saari. Sinne olivat Lassi ja Jaakko jo kerran

ennenkin uineet Lokkiluodolta.
— Lähtevätkö pojat saareen? kysyi Lasse. — Mennään etsimään

vesilintujen pesiä. Niillä taitaa olla jo pian poikaset.
— En minä taida jaksaa, arveli Mikko.
— Noo, iso poika, ja kyllä me autamme, jos hätä tulee, lupasi

Jaakko.
Lassi oli ensiksi saaren rannalla. Mikko pääsi sinne lopen
väsyneenä.
— Minä en jaksa uida takaisin, sanoi hän.
— No jää sitten tänne, sanottiin arvelematta Mikolle, ja hänen

täytyikin jäädä rannalle, kun toiset lähtivät takaisin.
Mikko pui rannalla nyrkkiä ja lopulta jo alkoi möllöttää, — Kyllä

minä vielä teille näytän, senkin vasikat. Malttakaahan, kun pääsen
saareen, niin revin tukan päästänne.
Päästyään Lokkiluodolle, eivät pojat näyttäneet olevan Mikosta

tietävinäänkään. Menivät ongelle ja kun Mikko näki, miten hyvin
ahven söi onkea, kiukutti häntä vielä enemmän. Hän karjui äänensä
käheäksi ja kuuli, miten toiset vain nauroivat.
Vihdoinkin, kun kalakeitto oli valmis, souti Jaakko häntä

noutamaan.
— Minä olisin tullut jo ennemminkin, mutta eivät laskeneet, sanoi

hän.
— Nyt. jos syövät meiltä vielä keiton kaikki, hätäili Jaakko.
— Mennään ongelle ja keitetään uutta. Sano Jaakko, mitä me

oikein tekisimme heille?
— Mietitään. Ehkäpä joku keino keksitään, lupasi Jaakko.
Mikosta tuntui hyvältä, että Jaakko näin asettui hänen puolelleen,

kun kerran toiset olivat käyneet hävyttömiksi.
— Minä tiedän, sanoi Jaakko.

— No?
— Kun huomenna palataan ja lähtiessä uidaan, otat sinä Jallun ja

Lassen vaatteet ja kätket visusti. Antaa heidän mennä Aatamin
paidassa kotiin.
— Sinäpä olet mainio keksimään. Niin me teemme.
— Mutta jos pojat alkavat vaatia vaatteitaan? Meitähän he voivat

siitä kuitenkin syyttää. Taisi tulla keksityksi huono keino.
— Niin, ja he saattavat meitä vaikkapa mukiloida eikä se käy,

sanoi Mikko. — Minä en halua tulla peitotuksi. Koetetaan miettiä
parempi kolttonen.
Jaakko tuijotti venheen pohjaan ja näytti miettivän. Mikko tarkkaili,

aloittaisivatko toiset ruokailun, ennenkuin he joutuivat rantaan.
— Pistetään vaatteet venheen kokkaan ja lasketaan venhe

tuuliajolle, sanoi Jaakko hiljaa, etteivät pojat kuulisi. — Sittenpä
saavat uida tarpeekseen.
— Niin me teemme, riemuitsi Mikko. — Mutta ei sanaakaan siitä.

Ei olla tietävinämmekään koko puuhasta.
Noustiin maihin ja hyökättiin kalapadan kimppuun. Pojat

möykyttivät jo mureita ahvenia suihinsa.
— Semmoinen lellipoika olisi saanut jäädä saareen, sanoi Jallu. —

Olisimme me auttaneet, jos olisit ruvennut välille jäämään.
— Mitenkä te olisitte auttanut, kysyi Mikko.
— Yksi tuommoinen mies ei paljon selässä paina, virkkoi Lassi.

— Menkää hakemaan luolasta lisää leipää ja tuokaa piimähinkki,
komensi
Jallu. — Kun me kerran keitonkin keitimme.
Jaakko ja Mikko menivät.
— Ei saa edes uhkailla mitään, pojat muuten arvaavat, sanoi

Jaakko
Mikille.
— Eipä ei. Se on siitä hyvä keino, ettei meitä voida epäillä

syyllisiksi venheen karkaamiseen, sanoi Mikko.
— Entäs, jos vene menee niin kauaksi, ettei pojat saa sitä kiinni?
Tämä taitaa olla vähän vaarallista peliä.
— Noo, ei ne lähde sitä takaa ajamaan, jos niin kauaksi ehtii

mennä. Ja se riippuu siitäkin, minkälainen on tuuli, arveli Mikko.
— Tuokaa pian piimää ja leipää, huudettiin heille, ja poikien piti

jättää neuvottelu sikseen.
— Kyllä se hyvin käy, rohkaisi Mikko Jaakkoa.
— Mikä?
Jallu kurkisti luolan suulta.
— Tuumailtiin tässä Jaakon kanssa yhdessä laskea illalla

pitkäsiima, eikä huolia teitä mukaan, koskapa olitte minulle
hävyttömiä, sanoi Mikko, eikä ollut muusta tietävinäänkään.
— No menkää vain. Me laitamme Lassen kanssa sill'aikaa oikein

komean illallisen, lupasi Jallu.

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Contemporary Business Mathematics

with Canadian Applications 12th

Contemporary Business Mathematics with Canadian

BUSN Introduction to Business Third Canadian edition

Contemporary mathematics for business and consumers 9th

Discrete Mathematics with Applications: Fifth Edition

Discrete Mathematics with Applications: Metric Version,

Data Science for Business With R 1st Edition Jeffrey S

Halliday Resnick s Fundamentals of Physics 12e Extended

Visualizing Mathematics The Role of Spatial Reasoning

Library and Arc hives Canada Cataloguing in Publication

Identifiers: Canadiana 20190126507 I ISBN 9780135285015 (hardcover)

Part • Mathematics Fundamentals and Business Applications ... 2

Part • Mathematics of Business and Management ... 188

Part • Mathematics of Finance and Investment ... 333

Appendix I: Furth er R eview of Basic Algebra ... 691

Appendix II: Instructions and T ips for Three Preprogrammed Financial

Answers to Odd-Numbered Problem s, R eview Exercises,

Part 0 Mathematics Fundamentals and Business Applications ... 2

1 Review of Arithmetic ... 4

2 Review of Basic Algebra ... 45

3 Ratio, Proportion, and Percent ... 95

Review Exercise . . . 136

4 Linear Systems ... 142

Part 1 Comprehensive Case ... 184

Part • Mathematics of Business and Management ... 188

6 Trade Discounts, Cash Discounts, Markup, and Markdown ... 220

7 Simple Interest ... 267

8 Simple Interest Applications ... 301

Part 2 Comprehensive Case . . . 330

Part • Mathematics of Finance and Investment ... 333

9 Compound Interest-Future Value and Present Value . .. 336

10 Compound Interest-Further Topics ... 389

10.3 Effective and Equivalent Interest Rates . . . 402

11 Ordinary Simple Annuities ... 417

12 Ordinary General Annuities ... 462

13 Annuities Due, Deferred Annuities, and Perpetuit ies ... 493

Case Study Planning for University ... 54 5

14 Amortization of Loans, Including Residential Mortgages ... 548

15 Bond Valuation and Sinking Funds ... 602

16 Investment Decision Applications ... 650

Part 3 Comprehensive Case ... 688

practice exe rcises containin g numerous drill n..-..-....

each ch apte r, R eview Exercises , Self- Test ,

NEW TO THIS EDITION

COMPREHENSIVE CASE STUDIES

chapters. :-=:..'"':'.::::::.:.= ｾＬＭＮ＠

Review Exercise, allow ing students to see

• Each chapter open s w ith a description o f a

• A Business Math News Box is presented in tt>lyunolft'COn!P""th

every chapter. This element co nsists of sh ort Ｚｾ ﾷ ｔｨｴｶｯｧｬＮｰｮ｣ｾ＾ｫｍＧ＼､

Aldo<Jughiht ....... 11"",.... ＢＧﾰｙＭＮ＼ｾｩ＠ pltlo<>-

Thtt><h ....... ..,.,.,............. Ｍｌｬｵｮ＼＾､ＮＬｦｾﾷＧＢｐ＠

by a set of questions. These boxes demonstrate 1n..i...c..-.p>ttJIOUSM21 .l •, _ •l><)'<>tb<ll::...

n..1<>1.........g ....... -..m:...ny<1n<CK1o1U<J"" .................. ..-.,

• The Pointers and Pitfalls boxes emphasize Ｑ Ｍ ｾＭﾷＢｬＧ＼､ｵｯ＠

• •l><m."lu ＢＧＮＬｩｏ ｯ ｾ＾ｲ ｴ ｨ｢ ｯ Ａｴｯ＾ ＡｍＧｏｩｊ ［ｴＡｨ＼ＢＧﾰｌｬﾫｦ ｈＢＧ＠

efficiently, or give h ints for tac kling business

Solutions are provided throughout the book, Ａｅｬｾ＠ FC --.oos m

UPDATED! Programmed solutions using the Texas

Instruments BA II PLUS calculator are o ffered bf_o{..... ,..,. ........... .. 7'"<""'f"'d"dtJqwt1<tfy'

sh ow six d ecimal p laces to m at ch the Ｌｬ ｋ ｕｉ ｕｓｏｴｬ ｾ＠

m athem atical calculations in the body of the ＲＰｃＡＺｊｅＩｳｾ＠ mm.7m I

text . Both mathematical and calculator solutions

every chapter. This element co nsists of sh ort ＺｾﾷｔｨｴｶｯｧｬＮｰｮ｣ｾ＾ｫｍＧ＼､

• The Pointers and Pitfalls boxes emphasize ＱＭｾＭﾷＢｬＧ＼､ｵｯ＠

• •l><m."lu ＢＧＮＬｩｏｯｾ＾ｲｴｨ｢ｯＡｴｯ＾ＡｍＧｏｩｊ［ｴＡｨ＼ＢＧﾰｌｬﾫｦｈＢＧ＠

sh ow six d ecimal p laces to m at ch the Ｌｬｋｕｉｕｓｏｴｬｾ＠

ｰｾｾｲＺｺＺ［Ｍｗｕｈ＠ｴｬ＾｣ｮｾ＠ GonHal....,ull1 •n•nnU11y1n ,..hich1hccom"nion

• M ain E quations are highlighted in the ａＮｮｵｬＱＺｩｯｮＬＮｍｔＢＱｬｾｕ＾ｴｵｬｬｹ｣ｱｵＮｩｮｴ＠

each section in every chapter. In addition , ｔｏＮｕ＼Ｚｾｉｈｔｉｏｎ＠ (5EU.INGPRl<:E V,\11.JllULE<:OST)

I(SI' -VC)X x - FC - PFTI ｨｲＱＮｵｬｾｓＮｕ＠

o f key exercises. Students are d irected to G l. ｾＱ

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ｾｨｬｹ＠ .. <qWV>I<. . 10,., <If«""" .... of Ｚｾ＠Ｚｾ］［ｩＮＬｴｹ＠

M y Lab M ath. Stud ents have e ndless ｬＮｬｬｊＸＰｃＢｾｴｨ＼ＮＬｩ＾ＱｯＯＮＬ＠