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We can then query this view as we would a table:

Figure 28-10: The Macro Single Step dialog box for the macro from Figure 28-9



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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 value of an uneven cash ow series using a 10 percent discount rate and PV1 though PV5 Assume cash ows are:.





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Note that the following query will result in an error:

................. ................

Topic 15: Characteristics and Consequences of Types of Entities - 37 0 1 2 3 4 5

SELECT emp_name, hire_date FROM employee_v;

To access a file in the current directory, such as:

Since views are built from queries, they can represent combinations or subsets of data in one or more tables More specifically, this means that they can be used in place of more complex queries that perform selections and/or joins For example, it's possible to construct a view that shows a subset of data in the combination of the EMPLOYEE and DEPARTMENT tables:

1,000

While creating your applications, you may find you need to get some help. Fortunately, several resources exist for this purpose. n Online forums n Newsgroups n Blogs n Webcasts n Technical chats The home page for Microsoft Technical Communities includes links to all of these resources and can be found at www.microsoft.com/communities/default.mspx. In each link, you can choose the topics that concern you.

CREATE VIEW research_and_dev_v AS SELECT emp_name, hire_date FROM employee e, department d WHERE edept_name = dname AND dname in ('Development', 'Research');

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The more you know about the inner workings of your application and the container(s) that host its components, the better armed you will be to tackle issues relating to performance and scalability. In Table 14-2 we mention several tools that you may find invaluable when tracking down bottlenecks.

Views are useful because they enable more access control options, simplify querying, and provide greater data modeling flexibility In terms of access control, database designers can associate security privileges with a view instead of associating them with a table Suppose we want only engineers and researchers to be able to query information about other engineers and researchers We can grant read-only access to both groups on RESEARCH_AND_DEV_V This limits access to information vertically (only engineers and researchers are visible from this view) and horizontally (salary information is not included) Thus, views allow you to seperate data modeling from access control, resulting in table designs that are more natural and access control that is more precise Views also simplify querying If a query is complex to specify but required often by different users, you can create a view that makes querying the resulting data easy For example, it's much easier to find each engineer's or researcher's name and location by issuing this:

(b) 6.4

SELECT emp_name, location FROM research_and_dev_v;

5,000

Figure 13.12 illustrates an example of Router PE-1 with two MC-LAG peers and two MC-LAG instances with peer 10.0.0.164.

as compared to this:

2,500

2 (9.112)

SELECT eemp_name, dlocation FROM employee e, department d WHERE edept_name = dname AND dname in ('Development', 'Research');

.

Later, we'll discuss how query simplification encourages better performance and scalability in your applications

Figure 3-96

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