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36 - General Principles of Financial Planning E Example 4: Finding the monthly payment in an annuity due (1) Calculate the annual payments received at the beginning of each month for 10 years from an investment of $50,000 earning an annual return of 7 percent, compounded monthly (2) First, put your calculator in the begin mode (3) Solution: 120 N (10 12), 5833 (7/12) I, 50,000 PV, CPT PMT $57717 4 Net present value (NPV) A Net present value is the amount of cash ow (in present value terms) that a project generates after repaying the invested capital and required rate of return on that capital B If the project generates a positive NPV, then shareholder wealth increases In contrast, a negative NPV will decrease shareholder wealth C NPV is considered better than internal rate of return (IRR) because it measures pro tability in dollars added to shareholder value In contrast, IRR measures pro tability as a rate of return D NPV assumes that the reinvestment rate of cash ows is the cost of capital, whereas IRR assumes that the reinvestment rate is the IRR E When the IRR is equal to the cost of capital, the NPV will be zero If the IRR is less than the cost of capital, the result is a negative NPV F Example: Calculate the NPV of a project with an initial cost of $2,000 that produces the following cash ows (CF): year (1) +1,000; year (2) +500; year (3) +700; year (4) 500; year (5) +300 The cost of capital is 5 percent Solution: 2,000[CF0]; 1,000 CFj; 500 CFj; 700 [CFj]; 500 [CFj]; 300 [CFj]; 5 [I]; [NPV] $16571 5 Internal rate of return (IRR) A The IRR calculates the rate of return at which the present value of a series of cash in ows will equal the present value of the project s cost B It is also de ned as the rate of return in which the net present value of a project is zero It assumes that all cash ows are reinvested at the IRR C The IRR is equivalent to the yield to maturity (YTM), the geometric average return, and the compounded average rate of return D If IRR is less than the cost of capital, reject the project If IRR is greater than the cost of capital, accept the project E Example: Calculate the IRR of a project that has an initial out ow of 5,000 and will generate the following cash ows: year (1) 3,000; year (2) 500; year (3) 2,500; year (4) 500; year (5) 1,500 Solution: 5,000[CF0]; 3,000 CFj; 500 CFj; 2,500 [CFj]; 500 [CFj]; 1,500 [CFj]; [IRR] 1409 percent 6 Irregular cash ow A It is common for the stream of cash ows to change from year to year for projects or investments, so it is not an annuity The uneven cash ow is simply just a stream of (annual) single cash ows B To determine the FV/PV of irregular cash ows, you need to nd the FV/PV of each cash ow and then add them up The PV of an uneven cash ow stream is also calculated using the NPV function on your calculator C Example 1: Calculate the present alue of an uneven cash ow series using a 10 percent discount rate and PV1 though PV5 Assume cash ows are:.



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I didn't bother looking for a Linux programming editor/environment to put on this book's CD-ROM, because if you have Linux you've already got one-or several In fact, if you've been using Linux as a programmer for more than half an hour, you've probably already glommed onto an editor and would be unwilling to switch to anything I would likely be able to hand you Although there are dozens or (perhaps) hundreds of text editors available for Unix, most Unix people use one of either vi or EMACS And in the Linux world, as best I can tell, EMACS is the editor of choice EMACS is way more than just an editor It's much closer to the integrated text-mode environments used in the last days of DOS for such products as Borland C++ and Borland Pascal It understands C syntax, C++ syntax, and assembly syntax-though, alas, not the assembly syntax we'll e using (More on this sad little disconnect later) EMACS can build an executable from inside the editor and do an awful lot of other things I've never had occasion to fool with Whole books have been written on EMACS (O'Reilly has one) and it would be worthwhile to grab such a book and digest it If you intend to stick with Linux and do any significant programming for it, EMACS is indispensable Learn as much of it as you can.





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Another (minor) reason that I chose NASM as the focus assembler for this book is that a very good implementation-still free-exists for Linux I've included NASM for Linux, version 098, on the CD-ROM for this book That's the version with which I wrote all the code examples published here However, there's no saying how long this book will remain in use, and if it's for more than a year or so (and the first edition lasted over seven years), you might check the NASM Web site to see if a newer release is available at wwwweb-sitescouk/nasm/ This is its home page in early 2000 If it moves in subsequent years, you may have to hunt with a Web search engine My hunch is that it will always exist somewhere Free software never ies, though it sometimes gets a little dusty You can download NASM in either source code form or in assembled binary form, as an RPM (Red Hat Package Manager) archive Installing the RPM file might seem to be easier, but there's a catch: You must choose one of two different RPM archives, depending on whether you're using libc5 or libc6 If you know your Linux system well, you probably know which version of the C library it uses; on the other hand, if you're relatively new to Linux, you might not That's why I have not included the RPM version on the CD-ROM but NASM's full source code in C, which you rebuild in the process of installing it.

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The exception declaration in this example resembles a pass-by-value parameter The object eObj is initialized with the value of the exception object in the same way that a pass-by-value function parameter is initialized with the value of the corresponding argument (pass-by-value parameters are iscussed in Section 73) As is the case for function parameters, the exception declaration of a catch clause can be changed to a reference declaration The catch clause then directly refers to the exception object created by the throw expression instead of creating a local copy For example:. void calculate( int op ) { try { mathFunc( op ); }. Making . In Visual C# Using Barcode printer for .NET .Related: Word QR Code Generator Size, Excel QR Code Generator Size, QR Code Generator Java Data

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In Visual Basic .NET Using Barcode printer for Visual . GS1 - 12 Generation In Java Using Barcode creator for .with f1 an appropriate positive constant Global sharing: After completion of all paths, the corresponding solutions are again (as for local sharing) grouped into non-dominance classes The tness value, fij (t) for the global update is calculated for the global-best solution similar to that of local sharing (as given in Algorithm 179), but this time with respect to the complete solutions Algorithm 179 Multiple Colony ACO Local Sharing Mechanism for each Pareto front PF p , p = 1, , n do p for each solution xa PF p do for each solution xb PF p do Calculate dab using equation (1775); Calculate sharing value ab using equation (1776); end Calculate niche count a using equation (1778); a Calculate tness value fp using equation (1779); end Calculate fp using equation (1780); end.Related: VB.NET QR Code Generator Size, .NET WinForms QR Code Generator Size, Print QR Code VB.NET Image

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