Engineering Economics 820 UCB Extension AC Porter

&G~N6&f, 11Jt;.

Ec (J'-' (J,,-, I ~ S" C A.*'Iss ~. t. PORT£t,*_

LIFELONG LEARNING

SECOND-CLASS POSTAGE

University Extension

Paid at Berkeley, Cal iforn ia

University of California

Berkeley 4, California

c

LL' Ci:

:> -=-r

LL >-'

~

ROUTING SLIP

,

NOTE: If authority for selecting individuals for this program is delegated to someone else, please use this routing slip to forward this copy.

From

To

From

To

D D

last Named: Please return to me.

last Named: For your review and consideration.

ENGINEERING

Electronic Data Processing, California Packing Corporation, San M a h an, E arI G " Jr B S 0, Francisco Maxwell, Doran J., Chief Building Inspector, City of Newark D'd E, Chief Structural Engineer, Frank E. McClure, · aVI L ., B.S.C. . k A Oakland .. Messmger, Milne, Robert M., M.B.A., Controller and Assistant Treasurer, Alaska Pac ers ssoctatwn, San Frandsco Nejedly, John A., LL.B., District Attorney, Contra Costa County, Martinez Pappas, Theodore P., M.B.A., Electronic Data Processing, California Packing Corporation, San Francisco Porter Albert C., B.S., Associate Transportation Engineer, California Public Utilities Co~mission, San Francisco Puishes, Alfons, LL.B., Patent Attorney, San Francisco .' . . Rogers, Howard E., A.B., Technical Editor, University of CaZtforma Lawrence RadwtlOn Laboratory, Berkeley . . H ans L u d WI, 'g M • S ., Research Engineer' California Research CorporatIOn, Stemmetz, 'J

•

Richmond I . M h' Systems Engineer, Internationa BUSiness ac mes A Advisr>rfl ~." Stevenson, Ch ar Ies W ., M .., Corporation, Oakland .' I Symonds, Malcolm F., M.S., Senior Structures Engineer, Htller Atrcraft Company, Pa 0 AdldtoJ

To

. M A Editor Publications Department, Lockheed Missiles and Space Com-

,arvIS,

..,

,

pany, Palo Alto .

Watt, John, Chief Assistant Building Inspector, Ctty of San Mateo

Statics XB 3S

Mechanics of Celestial Bodies X 410

.

Force Systems and equilibrium condit,ions With emphasis on engineering problems coverIng ,st~uC­ tures machines, distributed for~es. and . frlctlo Includes graphical and algebrlnC s~lutlOns an an introduction to the method of Virtual wor~ . Prerequisite: General Ph~sics 4A, AnalytiC Geometry and CalculUB, Third Course XB 4A, and Fourth Course XB 4B (XB 4B may be taken co ncurrentlv) or Calculus and Advanced Calcu' Ius. 14A-14B (14B may be taken. co ncurren tly). Engineering Graphics 25 or equivalent courses and consent of teacher. 3 units BERKELEY Mr. Howe Tues. F el). 5; 7-9 :30 p.m ; 116 Dwinelle Hall; 18 meetings; $40 (CI1\sS meets on Feb. 12).

d

Properties of Materials XB 45

.

An introductory course on the prope:tles .of engineering materials. Applications of ba ~lc p~m ­ ciples to the selection and use of engmeerlng

ma~r:all:boratory

part of this course is design.ed

to show the fundamental nature of the prol?ert.es

of materials. The seven laboratory e~perlments and much of the equipment were ~~ec lflcally de· signed for th is course. Pre.requlslte: Genera) Chemistry, Qualitetive AnalYSIS IB and General Physics 4B (may be taken concurrently) or equivalent experience and consent of teacher. 3 units BERKELEY Mr. Pirtz Tues. and ThUTS. Feb. 5; 7- 9 :3~ p.m. ; 390 Hearst Mining Building; 23 meetmgs ; $50.

A cODlprehensive presentation of ~ewton 's Laws of Motion' gravitational attraction; mo' tions of planets a~d satellites .of the solar sy.stem; perturbations of orbits; artifiCial earth satellltes­ effect of proximity of the earth, mecha!,lCs of space travel. Prerequisite: General PhYSICS 4A. 4B . 4C, and Mathematics 4A or eqUivalent, or consent of teacher.

3 units

ATHERTON Mr. Cooper

Tues. F eb. 19; 7-10 p .m ; room {}-S, Menlo·

Atherton High School; 15 meetlllgs; $50.

Corrosion X 416

An introductory cours~ on ~auses and P!e­ vention of corrosion. ~laOlfest8tlOns of .corroslve attack, fundamental ca~ses of. corrOS ion, cor­ rosion rates and fac.tors mflU,encmg rates, ~lectro­ chemistry of corrosion re~ctlOns;, m~chanlsms of different types of corr,oslOn. PrIncI,ples of cor­ l'osion testing. Prevenhon of corrosIOn. by selec­ tion of resistant construction m~terIals, l?ro­ tective coatings, inhibitors, c~\hodlc protectIOn, control of env ironmen tal conditIOns.

2 units

REDWOOD CITY Mr. Duffek Mon. Feb . 11; 7 :30-9 :30. p.m.; room 27, Sequoia High School; 15 meetmgs; $37.

Engineering Systems Theory X 4S0 See Electrical Engineering

Mechanical Drawing 800

Lettering, use of instruments, ge0!'letTic~1 c,!n­ structions. freehand technical sketchmg, pictorial

NORTHERN AREA drawing (isometric and oblique), orthographic views (instrumental and freehand), sections and conven tions, threads and fasteners, dimensioning, working drawings (details and assemblies). BERKELEY Mr. Harris Mon. Feb. 11; 7-9 p .m .; room 114 Building T·S·; 15 meetings; $30.

Administration of the Engineering Function 802 Planning and scheduling of engineering, pro' curement, and construction, The planning fun c· tion will be studied from project inception through contracts, budgets, schedules, fore casts, and reo ports; sequence requirements, manpower, time r equirements. and work load. The graphic ap­ proach will be stressed. Uses and limitations of statistics; preliminary reports, progress reports, stud ies for dev eloping criteria . Planning prob· lems submitted by the class will be discussed using actual working forms, schedules, and methods to illustrate the planning function. REDWOOD CITY Mr. Low Tues. Feb. 26; 7 :30-9 :30 J?m.; room 110 Sequoia High School; S meetmgs; $21 .

Applications of Engineering Economics 820 Practical applications of economic procedures t o engineering problems. Interest and interest fonnulas; annuities and si nking fund s; de­ preciation, va luation, and rate base ; capital re­ covery ~\'ith a return on investment; present worth and capitalized cost; economic studies for a proposed enterprise; accounting in relation to replacement. Of special interest to engineers pre' paring for examinations or for supervisory posi· tions or private practice. SAN FRANCISCO Mr. Port.r Mon. Feb. 11; 6- 9 p.m.; 207 Richardson Hall; 10 meetings; $30.

Mechanics and Strength of Materials 828A An elementary course stressing fundamental principles of statics, properties of materials, and strength of materials. Topics will include: forces and moments, resuJtants and equiHbrium of force systems; centroids and centers of gravity; moments of inertia of area; stresses: tension, compression, shear. and bending. Relation of these principles to beams, columns, and pressnre vessels. BERKELEY: Section I Mr. Messinger Mon. Feb. 11; 7-9 p.m . ; 212 Engineering Building; 15 meetings; $35. SACRAMENTO: Section 2 Mr . Crane, Mr. Eskel Thurs. Feb. 7; 7-9 p .m.; room B·6 Encina High S chool; 15 meetings; $35.

Mechanics and Strength of Materials 828A An elementary course stressing fundamental principles of statics, properties of materials, and strength of materials, Forces and moments; re· sultants and equ.i librium of coplanar force sys· terns; two force members ; truss analysis; three force members; non·coplanar for ce systems; centroids and centers of gravity; moments of inertia of area; properties of engineering rna· terials: simple s tresses-tension, compression, and shear; pressure vessels; beam theory-shear and bending moment, shear stresses and bending stresses; beam deflections; statically indetenni· nate beams; torsion; column theory; combined stresses; riveted, welded, and bolted joints. Pre·

15 requisite: Plane Trigonometry XB C or equiva' lent high school course, and consent of teacher. PALO ALTO: Section 3 Mr. Symonds ~ron. Feb. 11; 7-9 :30 p .m .; room 25, Wilbur Junior High School; 12 meetings; $35.

Mechanics and Strength of Materials 828B Second of two courses. Review of statics and strength of materials. Practical applications of these principles to engineering deSign of beams, columna, tension and compression members, simple connections, frames and trusses as ex­ emplified in simple structures of timber, steel and reinforced concrete, Prerequisite: Mechanics and Strength of Materials S2SA or equivalent experience and consent of teacher, BERK-ELEY Mr. Chinn Mon. Feb. 11 ; 7-9 p .m.; 116 Engineering Building ; 15 meetings; $37.

Electronic Data Processing: Programming a Business Computer 833 . Theory and practice in programming business applications for an electronic computer system. ourse includes computer components, survey of Rvai lable equipment, programming instruction, progranuning practice using business problems­ payroll, inventory, etc.; examples of electronic computers operating on business applications in various industries. Advance enrollment is advised so that admission to the class will be assured . Class limited . BERKELEY: Section I Mr. Mahan Tues. Feb. 19 ; 7-9 : 30 p .m . 212 Engineering Build ing; 16 meetings; $37. SAN FRANCISCO: Section 2 Mr. CIawford Tues. Feb. 19; 6:30-9 p.m.; 112 Richardson Hall; 16 meetings; $37. SAN FRANCISCO: Section 3 Mr. Pappas Wed . Feb. 6; 6 :30-9 p .m.; 112 Richardson Hall; 16 meetings; $37.

Electronic Data Processlngl Systems Aspects and Applications 834 Problems, possibilities, and limitetions of applying computer systems to business functions. A theoretical case study situation is used as a basis for class discussion of these problems and their relation to systems integration , design, eco· nomics, and over·al1 planning. Prerequisite: Electronic Data Processing: Programming a Business Computer 8S3 or equivalent experience Ilnd consen t of teacher. SAN FRANCISCO Mr. Milne Tues. Feb. 5; 6 :30-9 p.m.; 104 Richardson Hall; 16 meetings; $37 (Class holiday on Feb. 12).

Field Inspection of Buildings and Structures 837A Organization of inspection procedures. Inspec­ tion for zoning requirements, excavation, soils. footings, foundations , retaining walls; wood , masonry, concrete, steel framin~ and stru ctures. First of two courses. Prerequisite : consent of teacher. SAN FRANCISCO: Section I Mr. Watt Thurs. Feb. 7; 7-9 p .m . 101 Woods Hall ; 15 meetings ; $30 . SAN LEANDRO: Section 2 Mr. Maxwell Tues. Feb. 19; 7-9 p .m.; room 214. Bancroft Junior High School; 15 meetings; $30.

CJeMnJ.

"'&in I I..lIte

1"1._

APPLICftIOB8 aI . .

TITLE AND NUMBER

OF COURSE " ' ' ' ' ' , TEACHER'S NAME Alben C. AND ADDRESS __

MEETING

Porter,

~

IQ)JIMICI

Co1lece Aft.,

820

PaJA)

213 Mebu'dtIca BaU, 8.'. Ceater

PLACE

BEGINS

10 MEETINGS

3

OF

HOURS.

ENDS

l'ebJ0uaz7 1", 1_

April 1.6 J

1966

Alto TIMI!

DAY HOUR

COMPENSATION $12.50 per boar plU $2.00 per trip tor t.nwl.

1. Compensation will be paid monthly in equal installments. No payments to teachers will be made during the first month of the fall or spring semester. Checks are iSsued by the first of each month and are mailed as directed by your check disposition. The number of equal payments varies with the length of the class. 2. Final payment is made only after all enrollment cards are returned properly certified by the teacher. 3. If a class is discontinued for insufficient enrollment, a fiat payment of $25.00 will be made for classes of less than thirty hours' duration, or $35.00 for classes of thirty hours or more duration. 4. Please sign and mail duplicate (yellow) copy to Payroll Supervisor, Business and Fiscal office, University of California Extension, 2223 Fulton Street, Berkeley, California 94720. Please direct any questions regarding compensation to the Payroll Supervisor.

PAYMENTS WILL BE MADE IN EQUAL INSTALLMENTS. FIRST CHECK ON:

. /

/rl/w~

fppPV~

Y-?-/~.0. .............................._Attest...._...~-- ..................................-....................................................

Date..............................................

NOTICE OF ORGANIZATION OF UASS UNIVERSITY OF CALIFORNIA EXTENSION

UE路178A-Sm seta路12,'64 (F458s2)259

BERKELEY

GE UNIVERSITY EX'rENSION--UNIVERSITY OF CALIFORNIA Engineering and Sciences Extension Applications of E ngineering Economics 820

Spring 1964

Meeting Number

Text Chapter 1,2

General Subject

A. C. Porter

Discussion Problems

Introd'.1ction IlZld Class Orgonization. The need for economic analysis in

engineering studies.

3

Equivalence.

4

Interest formulas and the time value

of money.

5

Applications of interest formula.s.

3-1, 4-4.

6

A..'1nual Cost.

5-ld, 5-)b, 5-10,

5-15, 5-29路

7

Present Horth and Capitalized Cost.

6-1, 6-7, 6-17.

8,9

Rate of Return and Interest Rates.

7-2, 7-12, 7-15,

7-18.

10

Some principles and methods of

depreciation.

2-2, 2-8.

8-4, 8-23, 9-3.

11

Patterns for economy stUdies.

12

Multiple alternatives.

13

Uncertainties in forecasting.

12-3, 12-17, 12-18.

14

Increment, sunk, fixed and variable

costs.

13-7, 13-8, 13-9.

Introduction to income tax

considerations.

14-6, l4-7a, 14-14.

16

Retirement and replacement studies.

15-3, 15-11颅

17

Sources of investment funds.

16-12, 17-5, 18-3.

15

10-3, 10-4, 10-8,

10-10.

Chapter and problem references are to the text:

Grant and Ireson, Princi les of En ineering Econosz,

Fourth Edition, 19 0 The Ronald Press).

GE

OF CALIFORNIA EXTENSION

Engineering and Sciences Extension

Ul:.rV,~ nsITY

Applications of Engineering Economics 820 Spring 1966 Meeting Number

Text Chapter 1,2

General Subject

A. C. Porter

Discussion Problems

Introduction and Class Organization. The need for economic analysis in

engineering studies.

I'

路,) v /

V

3

ECluivalence.

yl

路V

4

Interest formulas and the time value

of money.

5

Applications of interest formulaso

3...1,. 4..4.

6

Annual Cost.

5-ld, 5-5b, 5-10, 5-15, 5-29.

7

Present I-Torth and Capitalized Cost.

6-1, 6-7, 6-17.

8,9

Rate of Return and Interest Rates.

7-2, 7-12, 7-15, 7-18.

10

Some principles and methods of depreciation.

2-2, 2-8.

I

V

8-4, 8-23, 9-3. 10-3, 10-4, 10-8, ~ 10-10. \

11

Patterns for economy studies.

12

lf~lt1p1e

13

Uncertainties in forecasting

12-3, 12-17,

14

Increment, sunk, fixed and variable costs.

13-7, 13-8, 13-9.

\

alternatives.

12-18~ . ( ('

Introduction to income tax considerations.

14-6, 14-7a, 14-14. '-::

16

Retirement and replacement studies.

15-3, 15-11,

17

Sources of investment fUnds.

16-12, 17-5, 18-3.

15

Chapter and problem references are to the text:

Grant and Ireson, Principles of Engineering Economy,

Fourth Edition, 1960 (The Ronald Press).

GE

UNIVERSITY EXTENSION--UNIVERSITY OF CALIFORNIA

Engineering and Sciences Extension Applications of Engineering Economics 820

Spring 1964

Meeting Number

/

. ,

Text

Chapter 1,2

3

I

General S1J:bject

A. C. Porter

Discussion Problems

Introdw:tion and Class Organization. The need for economic analysis in engineering studies. EqL1i vaJ.ence .

2-2, 2-8.

I .'

4

Interest formulas and the time value of money.

-?-

5

Applications of interest formula.s.

3-1, 4-4.

a.J.-

6

fu"lnual Cost.

5-ld, 5- 5b, 5-10, ,/

5-15, 5-29路

7

P1~esent

8,9 10

Harth and Capitalized Cost.

. Rate of Return and Interest Rates. So~ne principles and methods of depreciation.

6-1, 6-7, 6-17. ",/

I

...

7-2, 7-12, 7-15,

7-18 .....

8-4, 8-23, 9-3 . ./

11

Patterns for economy studies.

12

ML1ltiple alternatives.

13

Uncertainties in forecasting.

12-3, 12-17, 12-18 . .

14

Increment, sunk, fixed and variable costs.

13-7, 13-8, 13-9. /

Introduction to income tax considerations.

14-6, 14-7a, 14-14. ,,/'

16

Retirement and replacement studies.

15-3, 15-11.

17

Sources of investment funds.

16-12, 17-5, 18-3.

15

10-3, 10-4, 10-8, / "

10-10.

Chapter and problem references are to the text: Grant and Ireson, Principles of Engineering Economy, Fourth Edition, 1960 (The Ronald Press).

UNIVERSITY E1.'TENSION--UNIVERSITY OF CALll'ORNIA

Engineering and Sciences Extension

A~~lications

of Engineering Economics

;::-;::::=;,r.: n / r ;

Meeting Number

---

Text Chc,;ptcr

1,2

~~

"'-:;;

If>

Introduction and Class Orga~izction. The need for economic analysis in engineering studie s • /'

3

Eq:uivalence.

-V

4

Interest formulas and the

time value of money.

2-2, 2-8.

-./. ::.

-

5

Applications of interest fon,rulc,s •

I

r

6

Annual Cost

r

,

:),

Discussion Problems

General Subject

y

.-.. -::

820~

/

~.

/

/

.'

5-ld/ 5-5b, 5-10,

5-15/5-29"-

/"

i ~

7

Present I'lorth and Ca~itD.lized Cost~ 6-:(, 6-7, 6-17.

,.~

h(

0

'j

I ,.1

::L

10

2..

11

Patterns for economy studies.

12

Multiple alternatives.

13

Uncertainties in forecasting.

14

IncreI'.1Cnt, sunk, fixed and v2.:;:'io.ble costs .

I

?

t,

(

7"

I

,I

I

·/ 1'I -I _"1

.' I,

·d

~

v

....-#'"

-

.

8,9

Rate of Return and Interest Rates.

7-2, 7-12, 7-15, 7-18.

Some principles and methods of depreciation .

8-4, 8-23, 9-3. ~~ ' 10-8, 10-10.

.,.-

,I

/ ,/

./

v

/0 -

15

Introduction to income tax considerations.

~ I:;.

</

13-7, 13-8, 13-9. .

;'

.

,

**

/1 14-14, studies. 15-3, 15-11.

16

Retirement and

17

Sources of investment funds.

rc~lacement

,.

16-12, 17-5, 18-3.

Chnpter and problem references arc to the text: Grant and Ireson, Principles of Engineering Economy, Fourth Edition, 1960 (The Ronald Press) .

UNTVERSITY EXTENSION--UNIVERSITY OF CALIFOR..T'UA

Engineering and Sciences Extension

Applications of Engineering Economics Meeting Number

--

Text Chc,pter 1,2

,

7/ (,.

-; j.::

-'/,

General Subject

Discussion Problems

Introduction and Class Organizction. The need for economic anclysis in engineering studies.

-Jr­

3

Equivalence.

2-( 2~.

' 7-­

4

Interest formulas and the time value of money.

3-1.

5

Applications of interest fonlUlo.s.

4-4.

6

Armual Cost

.". """"""­

..

. . /F '-

B20AB

r"

,

-

I

~

:;

,.' ­

-

,

..

/

./co'

• .or.

-­ '" 7

..,'"

/

5-ld" 5-5b, 5-10, 5-15; 5-29·" ,,/

v

,/

Present Horth and Capitalized Cost. 6-1, 6-7, 6-17. t/'

0-/

v

./

B,9

Rate of Return and Interest Rates. M!

7-2, 7-12, 7-15, 7-1B.

10

Some principles and methods of depreciation.

B-4, B-23, 9-3.

~-"!",.

/'

,/

'/

.

//

10- ~ lo-B, 10-10.

-i

11

Patterns for econof.'lY studies.

...-:!­

d

12

Multiple alternatives .

</

13

Uncertainties in forecasting.

-­

14

Increment, sunk, fixed and vc.:.:.'iable costs •

13­::7,

Introduction to income tax considerations.

14-14, 14-15.

V ./ ..../ 12-3, 12-17, 12-1B. ./

..../

13-B, 13-9.

~

15

./

Retirement and replacement stUdies. l5 ~, 15-11 . 17

Sources of

investr~ent

funds.

16-12, 17-5, lB-3.

Chapter and problem references arc to the text: Grant and Ireson, Principles of Engineering Economy> Fourth Edition, 1965 (The Ronald Press).

UNIVERSITY EXTENSION.....UNIVERSITY OF CAJJ::roRNIA Division of Engineering and Sciences

Applications of Engineering Economics Meeting No.

Text Chapter

C'~neral

820AB

Subject

Problem Assignment

1, 2 . /

Introduction and Class Organization­ The Need for Economic Analysis in Engineering Studies

2

3, 4 /

Equivalence, Interest Formulas, and the Time. Value of Money

3

4, 5 /

Understanding and Applying Interest Formulas

5-29

-'

·4

6, A-A

Amru.al Cost

6-1, 6-7, 6-17

7~'

5

7, 8, 9 /

Present Worth, Capitalized Cost, Rate of Return

8-l~j

6

10 /

~. I

f; -1

-

I I

1f.'7

i

:

-/

2'!"2,

~-B,

3..1, 4..4

5-ld, 5-5b, 5..10, 5-15 v

./

I

!

I

Depreciation Related to Economy Studies

14idterm Examination (1 hour)

7-2/,'7-12, 7-15', ' -7-1[3'

8-23, ' 9-3 '

./

v

...}

. / 'J

7

,I

'1/·

8

.1/. ,;, 9 I

•

I

'/.. .1 10 i;

11, 12, 13 /Patterns for Economy Studies, Multiple Alternatives, Uncertainties in Forecasting 14, 15

Increment Costs, Sunk Costs, Income Tax Considerations

16, 17, 18 Retirement and Replacement, Sources of Investment Funds,

Studies for Public Works

19

./

10-2, 10-8, 10-10

t,/'

../'

11-~ 1?-14, 12-18,

13-15 / 14-15, 14-14, 15-3, 15-11 16-6, 17-5, 18-3

Investment Decisions. Review. Final Examination (2 hours)

Chapter and Problem references are to the Text: Grant and Ireson, Principles Engineering Economy, Fourth Edition, 1960 (The Ronald Press).

*In lieu of Final Examination.

E!.

UNIVERSITY EXTENSION--UNIVERSITY OF CALIFORNIA

Division of Engineering a~d Sciences

Applications of Engineering Economics

820AB

,

)

.I

Course Outline and Assignments Meeting No.

J-/£ 1

,/

I

General Subject

Text Chapter 1, 2 3,

4

Problem

Assignment

/Introduction and Class Organization. The Need

v for Economic Analysis in Engineering Studies

~ quiValenCe,

Interest Formulas and the Time Value

. / l'i~)It'

.j 8, 9, 16, 25.

of M:mey

5, 6 ~nderstanding and Applying Interest Formulas

2713., 3113., 3~a, 41, 47a, 5'9, 6:3.

7, 8

~Annuaj Cost, Present Worth, Capitalized Cost

9, 10 /Rate of Return, Depreciation t-.

0

q~, 7'i, 74/9~, 96, 108, 119. ~ 12ft, 128, 145, 15 4; 175, 171, 1.83. IX

:/ ( 6 '/

11, 12, 13/ General Plan of Economic StudiGs.

./ Mid terr.J. Exunination

J~. 1.95, 1:97,

,

,

Z3 5>, 2,48 • v'\

J/~ 7 \.

Econ~ny

Studies and Investment Sources, Costs, Sunk Costs

Incr~ment

!

8

16; 17, 18 Retiremen~ 2nd Replacement Studies, Eff'2. ~ts of Inc0i'1e Taxes on Economy Studies 19~

20

Econony Stcldies for Public Works, Theoretical Replacement, General Review'

,

" 2:1:221-8 . . . 228

'253, 256, 258, 261, 263. X 289, 293, 299,

342, 345. /'

3:5lf., 3.51; 3&r~'

FinQl Examination Chapter and Problem References are to the Text: Grant, Principles of Engineering Economy, Third Edition" 1950 (The Ronn.ld Press). ­ Typical problems and solutio~8 involving engineering economics from past State Pr~fessional Engineer Exaninations vQll be distributed and discussed during the course.

~ ~

DOLLARS AND SENSE OF

DEFEF~lliNT

What is the income tax advantage in having compensation deferred to the years followlng retirement from active service in the business? The best way to determine an answer to this question is to make a comparison, using assumed figures. Example (1): Assume a corporate executive is 45 years old, married, and has two dependent children. His basic compensation is $20,000 per year. He is also entitled to additional compensation based on a percentage of sales which is credited to his salary account and may be drawn upon by him at any time. This additional compensation av·erages about $10,000 per year. He files a joint return wi th his wife and uses the standard deduction. His income tax liability ....0 uld be as follows: Adjusted gross income •••••••••••••••.•••••.••.••••••• $30,000 standard deduction ••••••••••••••••••••••••••••••••••• 1,000 Balance •••.•.•••••••••••••••••••.••••••••••••••• $29,000

Exemptions (4) •••••••••••••• () • • • • • • • • • • • • • • • • • • • • • • • • •

2,400

Taxable income $26,600 Tax liability ••.•••••.••••.••.••••••.•••.•••••• $ 7,918 Example (2): Assume the same facts as in Example (1) except that the corporate executive's additional compensation is deferred until he retires at age 65 at "Jhich time he is to receive $10,000 per year. His tax liability prior to retirement therefore would be as follows: Adjusted gross income •••••••••••••••••••••••••••••••• $20,000 1,000 Sta.ndard deduction •••••••••••••••••••••••• Q

Balance •••. Exempt ions (4) •••.• ~ ••• Taxable income .......... 0

C

•

I)

•

••

•

•

••

•

••

••••••••••••••••••••••••••••••••

ft • • • • 0:,

••

0:1 • • • • • • • • • • • • • • • • • • 0

G ••••••••••• 4

Tax liability

•••••••• 4

•

0

•

•

•

••••••

$19, 000 2,400 ':';16,600

$ 4,124

After retirement at age 65 his tax liability, assuming his children are no longer dependents but that his wife is also 65, would be as follows: Adjusted gross incame ••••••••••••••••••••••••••• $lO,OOO Standard deduction •••••••••••.••••••••••••••••• 1,000 Balance •••••••••••••••••••••••••••••••••• e$ 9,000 Exemptions (4) ....••.....•.........•....•......• 2,4oQ

Taxable income ••••••••••••••••••••••••••••••••• $ 6,600 Tax liability ••••••••••••••••••••••••••••• $ 1,372 Examples Compared: In Example (1), where the corporate executive received and was taxed on the entire $30,000, his annual tax liability was $7,918~ But in Example (2), where he deferred the additional compensation of $10,000 until retire­ ment, his total tax liability on each $30,000 was $5,496 ($4,124 prior to retirement plus $1~372 after retirement). Accordingly, there is a yearly tax saving of $2,422 ( ~~7,918 minus $5,496) to the executive by deferring the additional compensation to his retirement years.

- 1 ­

Accept the Following Assumptions: 1 - Annual deposits to an annuity earn

3%

per year.

2 - Annual return on a matured annuity is based on interest at year.

3%

per

3 - For annuity and income tax purposes a person has a life expectancy of 15 years at age 65.

4-

An annuity, which does not return the insured person his deposits within 3 years from the beginning of the annuity payments, is applicable for income taxes to the so-called "Exclusion Ratio". This means that a person need not report as taxable income that portion of an annuity which he actually contributed since such funds would have a.lready been subject to income tax. e. g., if an annuity has a value of $100,000 at maturity and a person had con足 tributed $75,000 of that amount, only 25% of any proceeds from the annuity- is reported as taxable income.

5 - A taxable income of $4,000 or less is subject to a 20% tax rate. Make any additional assumptions you think are necessary.

Show

~

What are your conclusions about the "Dollars and Sense of Deferment"? necessary calculations to support your conclusion.

- 2 足

Spring 1966

,

. I'., -

~

~

"

,

Alton, W. H.

...

Gear e , w

/

~.{

!....

ri

w.

,;..

I

-

­

;0

I

?

/

,' ,J .-

!

I

2-

Matteson, D. J.

Z

0

Newton, J. D.

.""

.

I

..-

")

Smith, Thomas,

""

A ••

A.

w.

r Vombwe ll, M

L.

;l. r

,:.t; J

).

J

,-

",'"

;

;.

.\

C.

'I~

.:"

A

A

_.

I .

i(

;.... '\

.; J, .

~

A A

(."

\

V-;I

-

IS"

,""I

1

,..i

I

J-

~,<

b

i.

.'

."

~

~/ ."

~-

(I 'I ...

"

- ..

(

~l.

~ .

7

A..-

.

..r "'­

, -'

5:

J!)

\

vi(

or

;­

~

,.

/'

C.

~

­ j~ /.

.f ,

I

I ~ ..

;L.

.-

-;

" ....-

~

(

(t

.

-

rJ'-r- Russell, R. A. K.

I

,2.4 ,

MacFarlan, J. E.

Peel, W. L.

/

)..J

.'

K..

).,

Z

i'"'

La tini, F. B.

.1 •

,

-

"­

'\

';;:0

".

/.,7 '

.

•J'

'

\

'I

7 ;..

"l I

t

--;.

"~J'

Henderson, D. G.

m

.

l ..."'"

/-oJ

2_-

;-

Heider, P. J.

Ngan, D.

.

'J

Halaby, R. B.

Jordan, J.

-;,.-

/ 1 . ,'. ,

I

l'

I

2-

!-

H.

Hartmann, E. M.

,"

L-

Elliott, R. A.

.

I

Jl

-"I

" "

JI

.

("

71

i\

f)

0\

B

\

7 1.- .;\

5

j<: r JI

to 9 or ~he n

cst ~ ot l ~

,.

~ lt0 T

a nd

v ~ lues

~ t ive s

~l i ~~

t~'

e ovnr

.,

ge

,

,-

.I '

... t .

: ?i lo :r'e t o r e c ()- j""i.ZG

..\

-4r :)

) ,"', r ts t 'l<),t <-e t

,:, l ~ .

)

-

,,1.

-

.. t:.

!'

~ .

O le

j r- t;;

C<::l' A ' .f n

t :r.' oubl

" ......

" 'f" t t c;r t :> ha ve t o ·) ..3.n:,/ t

Dve r

tlbxl

0 0 1:

.

t Il ";

_

~

(

1 . ...

~

J

Gy· l ... p

0':','

29

11 CO Ttle

"11. C~l

t ' ~X5S

COL

11 y,-)ur

t o r ''ly

i,1 0i'e

CO i

)9.11Y

'3 ~rve

u s fo r '!, jfere

<-', Te

I

,. , .

):' ~

ol)vious .

-..

......:.

spec :L fi c ' . t i c!:t s .

tha.n f'; ver < •

,

,

70

_'\_l-..c", -,..;:,O<-_ _1.

~ l Q.e

1:_"'_t.e. _ ..o ___f -f'e...t

-r --,

- ---

(

!?I

'­

-----­

--­

A- ~ r-,,'? Y

~

tIl·

# /0

/d'C

u

./

.1 ",- /I".I'?

'C: ...

.' , or'

~/t;t , G "

o /

/ 0/, ,,

/ . 00

1' .'

". ' I

.-..

t)

/." '",

/ ::;Q.'

. ., /

I .

1 r.

•:7/

j -

It:

d

0

a {)

/ ·S"./o

I·

~I

/

:> .~

/u

,I

/O d--',

/-l7

r ,

.~

,

I

/

'

///.

/. / 0

-- / / J..c a

+ !J ' () --;-_.' I ,

/ ./

'-

/

/).- , ~

....,

- /6 /, ,,

.' I

J ()

-y .

('I

•

"

/ 2 .':>0

9/, a

/.,

.~

"7

/"Y . ~ 7

~

+

0_

(0 0 . : 'J

-1 1 .... vO

'P.

/ 7.-. 7 /) .

_ -

I

;

"' f

, ,,-

(,,)

/

1tJ

L,· .

/

/.

//

H

.....

,;

/'

/'0/1..... ;(

,.

./

""--'

=

:.,;" ,~

/.,

I'

..... , --T

,

" -7..

.s - /'

,

-

~

1'•

/.

.-!"

.

..- J • • ,­

c.J'

, I

/-

/.

r.;.. ,,;

,

;'

.-

,.~

, .7

...

'" .Y y""/)..I

,.

.:;­

.....,

, ...

'{,,}

­

/f: ,­

£-,< /--7 '-'-

I

/

~

3 . G'

--

~ ..... .,:.-

.

,

,

'~v

,

t­

. ' ~' __

". I ,

v /

r

,.....,

/?

( / 'Iv 1ft<.)

/ j-/ ,n ) -:..~

/ "

,.. , .

.~

..

.-

~/."

"

,

r~

" /~ / '

I\/ /~

.....

G

,/ .

(j

/.J 0 '

J.

/ ? '1 /'" t.,. ,

.....

'.!

)

2-/

/,

,

I-/,-G.' ~ . ,to,.... 7" ",-

;'

1,1

J

I.

, .;

, -/'

, / 1,/

'. I

f

I

'r

~. d:-""-~...... ~~

//~6te> '7-,u'<:::

.

'.

c.. ~-

(~ j

-

<

a

-,

.

.

~

, ( ; -' ,/. /..."1,,,

L

.."足

l足 i

fi揃.'

,.a . ~.

~

,;

.-. ...

.,;.. ~

~

~

.,..

t

,

r-"~

'.

J -

;~) ' l ':

r足 "

/

~ .! -::

= y< '

J. e

I

fc.1 ·

(

I

~ ..

,

-;-

I

.

r

r

'.

,~

.,

34

~~-----------------------------------------------------------------------------------------------. -

,,(..

-

~ _I'

,..

,­

- '"' .

(i l?

"

, ) :..::. ..:.;:- c;;

,

t

C' "

1 t i tJ •

, ".-",Y

~

-

, r .. , ~

.U

•

II

)

..... -tl

, j . ,.

l..L ' IJ IJ

r..' (,~. -r /,,:. ..,

"

- .,

~.

L..

F\

J ~~

-,-

,

-

",

(

t

...

.:1 '

c i s i " r's

'. ", ... ::>"r If! , f

ge ': ~

I'

I 'fl

I

-j<:'

I 0

r

-

+,

IT

~

...-­

3

Ci.--e ,J/.',. -/ ...·1 '­

II

/""'v

tJ.) -"

', -' ";"

, ..,. ~

, -7

l-' _

.,..'

'

-------

, I!)

/'......

I

f'/ } ,"

..

..

:..e/

~

l' ,.

I

- /.0.-;

,'C .

.=..... ,,,I' . 1

I

3 .00

L', , -.J

3 1 9. S"'o

/,

,. ..:

I

./ /-:-

...'1. )

, '"

J

-

7' /

/ (...

300

/~

-'

""" .' ­

-,

,­

---

. 9-t:.:.J

/~

t

..

-D

, I

/

." (::- \""

' }

,~

~/~

',' I

J •

,

'"'/,...,

(

I

"

\

.., ;'

, _,

.,

, ".

.

I

-~y'._ J

r

• I

- - -- - -

,,'1....-'

><

- ~ I i. ~ ~

-J- Ci

) /

,

t'p

) ---~-足

-= '/:>9 7cf I

- #/.-- 6.

+# ~ ~ (;

~l

/ C;,~r.

/

C)

x

C::.9 7S足

-:: /I / 3&J /3 /~/9 G

/ . . /9

--:

3, ~ .'-I-足

I

,

r

/ 77')

RLr""'! '~ '

.11/:';0

C ~~ , sy~

'9..

f:7' r/

~

//"0

.-­

/ .J

~/

_oJ •

CJ •

-# /

/

.... .

#/ -,;100,

-

/00

J

?

,,,

J' ."'­

.,"'

7­

7 / ,.;) v

// /

-'

~

_

,

.. . ,-1/

'J'. / ~

I

- . / ) . t... I

1/'

It 1 -: 7'/. 7" / , 1"/

(

)",74 7

1

1' 97& F J q , Z,9 7 _ ') /..-1'0/ 7~ I

-

/cl

/~, !i-;:f' = ..,t~7 _

r

""c.-

c.

-

)

{"J

0

./ I'

;y

r

"

....

/CJ )......

-

..;J

-/.s-

=

./$'-

::

=:;11""

+-

/

-+ .../ .s--

.r"' /3

1"-

J ~"

;'<

足 -

/ . OJ

/' 0

_ <,"--r足 ~,

-/3

-' .... ~-

/ / S足 (~c.,::

I'.

~

I /

'1 2

/

~

9. ,_ ....

-/

'i/ ' - y

-r ).. .// C/) -

fC-

.;./3 r 47~

/.0 ) /

I

x

/.0 '-- -- 2.. /:;足

---------------------------------------------------------------------------~,. - / :".1;.)

~

-

X

...... .

/-j /

'/'),.; ':'

.

~

)

/ (,. ./ _' ).. '

(

.::

-

r.

0

---

....L...

- _

..J.~

-:?

-/ / .:.:o . c~,

J / C-

/ ~").

7

/

. _ 0

C

. t'

cJ

/,'.;) . c~

/OD • .:; .-:J

// /' 'v

-... / / )- . :) .

/ /) . 00

\

/-/"

-

/

/...J

(/ /

,.

/

;.. "

/ 0

~ r

)

.'

Q

<.

. ",

/,

/,.

­

., /

r,

,

4-.:: c~,

a

/

..:../ / C

J

J--

/5;

7-~~'

/

G

7-

I

I

I

y/9f7 / '9 /

1 1'1_1 I

f

'

I

'I()

•

<

":J

.'

-"''1/.-1';

,

.c;,

43

I /

(P C, •

0 . )..'0

~/~",,-""

--

/

c:: .

.ij " /J ' tJ/t;

/,

--

oo9~

I "

~

a . '7 f: /

--,.. 0

/ ' c· cC;

-..J

/

~).- / ;;,-s-~ , _ . ~ I..

v7

/ " /). " I

" I

l

//

-·7~

J_

£,.~

w"c

h;:-"o-:", "7­ ,,~,JGK~~Of""' u

~t .r-&.. ., 'u'L ..

/::.-.l\- .,.:.,

~

-

--

~7'''''''''l_

I

~ ..LL

o

/

/c~,oo

/ClO

/ (.J/. () 0

0'­

/,0 /

/ol/o'~

/ j = ' . .o

//;) "),0/ / . / 7',0 ~

--

/~...;,

~

. /a::, .c~

/v:" ,; 0

IS­

/, ,, :3

h:) </..tJ'

./~,

...-1/ n'-J / . _"I

d

/"..,S­ , / , t)

~

/

,I' /

I ....r

., I

./ ..) ,.

, ).. I

/.' r, J i I

/ , _. JI

I

, ;!

/..J 9. !::<,;

//",.r/~

//o,J::;

"/ /, -::;-­

/.

/)....

~~J

,

/

SjC;v

3QIC.

/1 ,Y/~ _ - -, =­ / (J . '" ( / -1 /' - ) (1­ -r-,­ '

/

oJ

_

/, / ~ t "/ -

0

~

. CJ S-/

~

J_

d~ /7+

-:5/:::-~ J ;'. ..: - e .-- . . . ., 003 t ~-:!l ~

J.,.-~

oJ

_

\ \

\

-' ~O(;

- /- .. --;.L ,

I

" )

C-' ~ oc .:./~/ 7<'/ -

--

/

\ •

-/

--

/,c)/o

o,()/ )

/

( / -1.: ' /

. 1/ ~

.

-;

~

/

!

;.

"

/

j

( It

/

/,

/'1/ __

--­

I

/,·0 /' ~).

~O

/

. ,~ -:

-

Y,-!il

'y

~

.--­

, .;;1 '"'

J.-t

'. .

. .,./ I ... /

..,

~4> ." 'I.-:e­ ..... ~

I

~/ ")

7

f

J

' .-.'.,. fc:r ! .

("'"

,

/..1111

l....,

:,,1', ,1'-'

, f ~

Iv

_

.J

. ::('1

,

(,, ' ,

~

/, 71':- vj.;-3

I'"

I, S"'/ 7 )'~Q 7 r ,...­ :::. " 'J-- f(.. v.5'.:: '7 '/-1

-v.<~ :5 ff:v

/0

o . -;i -

vs.f_ f'

/1

o , ~(~.o7 7

/. 0

Q,

)c·t 7 ]/£ ,3

~r

~

/

~-

:2-

~ yu

,

/~

3

~I ("?1"

~~

;2~

/

:.

-:z

A 2-/v~

J

,I

C;/ ?,

;/5 /

::7Z

V7

r

-All

f},

---

Lj-lJ v o

(..­

~.£

~

r

;

/'h.;

.,-

-:=..

t

Pe- s/,

I

c;..

7

I

.- 0

II

/'t.

I~

-'"

l 'Ct";,) C CG-f I / P.,J I

I,:f) - ­ hI' \'

f

,

'

d~gU (P

---

y It~":-C«:..,o

.1 0.0 •

/1)1)

/fJO

fIJI,)

,Iou

/ (10

iff..;

il/;,

~ ~-

jd

:f

(c..

!u() 11,1 '

c:, 3

IOu

I~o

10

;y eyf 1(63 Cc!i­

L.~c . ,..,R

./

-

_L<...L

.-

0 ,

~,

~

.., V i"

.

<.

...;

//

/

,-

,;,.-?

/

V

~

'7

~

;r -'

'~""'~

... ,

.'

足

'-' .

,,-

' ,-

C--:

i/ I'.

-

.... .1

i""

, 1.

~

~ /, ....

.

,/ ~

c

"

p~

I

l' UNIVERSITY EXTENSION--UNIVERSITY OF CALIFORNIA Division of Engineering and Sciences

Applications of Engineering Economics

-

Part

D.

ie

::::

820AB

-,2

11 + O~971 , Co

-1

:;

7.123%

(J

_1

-4 11 + Q::'J7/ , -I· ~

Part b

Part c

ie

::::

ie

~ + 0.071 = L12J

.l-

_

-1

==

1

::::

22

-

7.186~ =

/

-'

\)

7.229%

(", ./

,

/

,.--.

-:;

/ -.

r

,'-

. , I

"

(­

/-

I'" 't f ..

t

•

~

I J'

,r

.~

c

­

/.-

.

". <'

/

/

/ -

/-- .

' -~,,,.

.e-"

-/1-'/~,-

..

. .-.J#: ­

-~ , _

L/- _

/,y·rr

/"

II

d­

."

~

..:!

••

/ . -

d

---

I'~ .•

C c / ../:..-'!"--

"'-IR

=

'- = r .

T

C ,·· ­

""

e

,

.. I

­

.'

7..-"'.

a

--I

/ -c '" c.;,

"c­

..... .::-.,

•

,-'

/o

''.I,

/C

/ J ' : ...

./

"..-,

~:

.'

,. ,

.- "'"

.1...­ .

...,

.4'

~.

';,

.~-".~

..

"'­ ,,<

t>"~

"..

?,,-

';"'

r

.h,/ /

,­ r.

- ......... .", ,. , . r ..." ­ //.; .­ - , ""'--"".. ,

~

.,­

~ /

/­

.;J.

.. ;,r

'"'~'" L' ''~,t

/~-;;

".

.:J

Dr"

,

1--:- rr . '"q-/~

.' .'

....

.t.?"

7

. ,.,~.,

...

_,.'

...;-/

/i'."..

, , ~' . '

.',

J_""-'

,'"

. .-'­

,.:!'

.../

(.

.;

I'

I

...

/

.c

,/~

...

,

c· '

!. ,to£"

.... '"

r

.. '

- '7"

~

;­

-:.',

<:<

-./

..,

..-';' .I , ... ,~

.. .,..

e

L· -

Ii)

~Ear·;.:r:.

?O I IJ l-

J( P+

Q . /o?

~

--P( !. lol _d, /' 0

i

~ ______~I_O~D__.~r~I/~~~___ _

-

i

~"'(2-i

---LiE

I

D(/'I )'­ P (t 1- J]

.0.:

I,

to

~--

".-. \'i .'/,- ! -

~

--­

_ .-:;::;7

I ;)

/1

~!/~

-J,

-,

[

..::J '-

P

'i_1

I

I -I (

-

/

~

-'

l p-,

.....

--

. '/1

f-_ .__

-

-"--.,

PCI ~ .

I

I~

I "'i-I ,_'

t----. (

---

--------------~

,

//

". . /,,- - . -+/..=:

;"

~

J 1 "-

p­

.

I

.-

...L I

,::::/ ( I ~-

+ r--

-

I ) I

P

)"

,

I....

.-

( I +,'

p ,/-

)

"­

" "'I

I~ ' )

-+~ ) rr..

/ .­

<#.

-

c:. - ­

..

'7

"

==-

IVL

-' /i"/G' tA..J

"P,

#

~ ;'*,..,:iI//-4~..

/0

"7J

)'

,.-r-

,.c:-,.

o,,,{'

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

.,y­ "'/0 4'0

';"/ 0 J¥u

,!

.2T

~.'

, --.

I

.;)

!(

., ­

.~

"""""'-"

=

-~ ....

---­

I

(

'-I.j

0 / 1\

./1

-< ,..-,..

-

........

/ ,r0 , I

jI

Co

• J.

0

o

...

/

..sL.c J .[

0

. ,v

~'.

14J;;

.;/-'0 L-__________----------~

- - '-

o

- - - - - - - ---­

.

"

J

(,

:/ ~

-:/,/

,''''Y,(r

~-'!. -/

('~ r.?

-:: .

-./

-s-o)

P ,... ,.·, I, ~~ "., 'e /7

07. .

,.

/ :J",r)

oJ

<'

J; ...

-::­

,r :;

p --;:­

/

j,.;1

~

;...

.

l.~

?~

.J '. .J./J:;)

0,;' I

!I~? h

~)

- - .ff, ,., - "~

.j

<.D

-===­

/

II

/

.j/ 4/~2, <'

~

~

':1-

-

". I

1/-

/ r'

...

~

~

, z::; ..

,;-

::,:"... /~ .

J

.,

r

,.---,- 7 /,' -

./

&. ...

c.

d-C:'/"~'

.

"~

~

~o/

~/

/..!

!;?

~I':I __.-,

.

,.

!

r"'/'- ' -~J<

:::..

/ /

.,-'-

-

-- ~ ~ .

'" (-

.

'"

)-0. ,....

/.-:'

')

.".~

­ I

.'"

-~

...

/

K:­

~/'./.b

,/, ... /.k" ;,,, .. /:.

( .....

,-­

J

I

/' ;

'

.

/::.~

_ 'J

~"

,.

/

.....

...

/~ .

, '" •

,,:.

/

~

­

~l

(( --.L <.) .,, -_

--.L(

­

"

/ \

6,

,.

..

"

~

.. ....

L..

=-

G

Ie

a.' ""

,.l/

...t-

-,

I'<~

"t

,..;::> ;

•

,t< ...... '

~v

.--..,-

...I

/ I

,

+<­

... ;;:!

/

:::'

,,-

.w,

;..

,J

/

I

' -'2

y

>;;...

.

,- " .~

,.

/ /

/.1.

l

-.J

(..~-...:=. . -.. -'

.....

~

/f;'>".,-"" .,/_,' '-)

f/

Le

..,L

L

~

' ~J

C. .;:,

~)E_--/

.

-= /2.. _ -/ ':? ~

':::'a

:....

/. - ~

.I

(>./

.,./ c._/

0

. /2.. . /

,

.'"

./.;2 .

/

..,

---

-1'­

;/

J "

-==­

I

.- -

~

/"

,,~

/oJ

'7

J

~

.?-'- '"

~V.

-. c?, •

;,-~

"/.

;r.

,.

9~4-J

~

I

"

y,. /=><I!fC...~

,

. '" , ... ,

y ...c_.

,I

-;/

/

.

..:; -

~

j

'7J

,:.. , .:..7'

/_J.

//'..

., ..', (!

/ 1.... ­

/

/..,..

L

_ "r_- " .. ,

C'?./

/.;

./

c?

/l-

'1 ..

";J

,.

./

-

I"J

" ,.-

.:.),

'"/ 96

"" /2

/ Y

..

';/

,.""-:''';;J, ",.

i

-

' 1"­

.j

X

-

.,.

./,-­

.....

-

/

L­

/~' e

1

( 1 + -;;;-.)

-, I/ . C ~J

V.

\1')1

9~

/2

"

../'l-.

I/'

'}"I'\'

/i. . ", .: /s-­ (

-

.<

~",,:;

.,

.... po \....­

::::;,

/...-;. . , /

- j} /

/ l-

0

~

P. 5"-.:'3 .,,~

I~J:A.)

I

'fC-

, 7/

/

..---­

I

f

I

'~o

(

'/

~--()

1 -'

,.

I

, '

c r .. t6:;'

J

C A:. ~· /;;>~:-:r::;

=-,?/r / /y'(!

- --

C!

/ b.­

/

/O~

1.--­

/..)­

oJ

, ""I

-,

J

..--­

.;,'

/'

'

-"":/

/ 0

/ JI':'I

.o,

~.

# /" " / 0

It

-

I

~

'{/ c . () 6-;Vo!" ~ I V / I/!. " ( -

If

#" '/

'l/ '

;- ':,..... ~!

...-/'

.'"

~-­

# 9 / ./

/ / C;

:'i

I

(,.

# / 6

-1-, / '"" -;.7" /

> ( / fA

~:>

.. p~"N'_

I".~

~

5 1

./-3c

~, - /

.t/.~.o'L

71

"

,

..El

/

lZ

// /

/ ~

--

. (/.,

E-

3'

7

,f

f"

1/ /

I

/"~:{ /-I>eT

I J

~

~;

77 /

;-

----<

/?..? ( ". , -'"

c

/.:;:'

.'

(

"J

."­

)

.r­

-.

I-

"3c;,

./

~'-:"· / G//-

,l,./

~l ~'t ./AhA' ~

-D:.. .... 4"

r ~.

4~,c:J ..

, • ... ,

a. -,.....

I

I

I --~-------------------------~---

5'0 'j

10

~

­

.­

~ PROFIT IN 5

YOURS •••

-'

-

.-' ...

.

., .,

I

YEARS ..

/

"

J

....

'

when you buy

GOLDEN GATE NATIONAL BANK

46~ V}

Capital Growth Certificates'.,!'"

PAY

$82 - GET $100 in 60 months You still gain if you have to redeem your Certificates in less than 60 monthsl

HERE'S

HOW

YOUR

MONEY

YOU PAY

YOU PAY

YOU PAY

$41

$82

$410

YOU GET

YOU GET

YOU GET

$50

$100

$500

GROWSI YOU PAY

I

$820

I

YOU GET

$1000 .

tznjoy assured SAFETY and CONVENIENCE! whale your money grows! PROTaCTION

GUARANTEED

CONVEMI5NCE

COLLATERAL

NEGOTIABLE

Golden Gate Capital You can borrow on YOl!r You can, at any time,

Golden Gate Capjtal PROFIT-A 5-year Gro'r'/th Certificates are Capital Growth Certifi­ transfer ownership at

Golden Gate Capital Growth Certificates available in an,y amount cates at Golden Gate no fee or loss of profit.

Growth Certificate h~!d by anyone pur­ in Certificates of $50, National Bank. If. you decide in the

guarantees 22% profit chaser are insured up future to make a gift

$100, $500 and $1,000 to to you. to $10,000 by the Fed­ individuals and lion­ to your children, par­ eral Deposit Insurance profit organizations. ents, church or any in­ Corporation. dividual or non-profit

organization these cer­ tifjr2tc>~

:HC> irlC>:lf I

~/-:-

0

Y-_;d

u...:

-------

I

/Jt: Jv

/,, :T

"';;4 ,

0 '--.£ ..-J

#I L

..jI ..,

/

-

7"C:i

,7'

Or-

0

j--

1'.4.,,,.

.

C

-l

-- ..,..

""

, ... I

--r

0"

~-

0

-

(.)

..-.

.

:-" e

;J-u C 'J

c.'

; '.:.lC

;2 C''­

.-

~

)

0

.... (I- C1

-!)

~

,- 0 0

'J

#

......

,,~

~ .r~

r ,

..,;. Q

","

..;f

.i/ (/

/I ...

# , - c· () -y'

JL

/' ~ ,.

I :.,.J

rr)

.::/0

-'

/

--~~ "...

/~-'1

#

y

~

:;

~

~()Q

-"-1/0

/

4'

~

C;;O

Svo

/';:-:;)..-0

fo

,/

7("

/

0

"/

,#,

­

'/~

0

<,/ 0

If.

I

?,)

#;2-

I

----

(,,0

? / .: .f . .:; / </cJv /./"

l.::f I

'91

r~/

/ c_-

/{p - ;

7fT

-,If

q.,.

./ r 41

/

0

....':' :;"

-::.:;.. ~--­

/0"'1 5"~ 0

--:--

,-

5'""1.1

(

~?"

.::-).

-, _...

..-")

.::>

::

....­

~

:.;

0

/'=-7'

I

/~//

• 7/

I

~

5:''''' -,

/ / J.

C;/7

51.7

--/77

kj ~~

53,;.

~

0 I

;i

,

:v-'

""ff-

,"

,.:2-0 '-> ~

0

. , ,- '7"

:..

rj

},

.-/

./

­

..... .-,

" r:~

-- '1

"

-/ .",.

,.' I \

- - - "- -"-

-

­

,

f /'::::;:':'~',

/

(-:;;/) Ce,

-

(/ -I­4)'- -_..

/

c-~~

/ rf-'1 . ~

-

)

~ . c~

l'

I

E-/(."

/ ',2- 1'0 / , /0::, '"

"" . " ,,r

;:', _.-;'53

­ - l- ­

.r::' '""! '.

,

0,.-

)

\,-....

/ . lrY

..

(~

-

(I

., I.y~

l­

,

I

~~

-<,-

9

'7,?

(E-/ ')

"- :;:./?J ,~~.

/j}.

/ I)'

,{

/1/

/

"

--

/

(/

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

/, 09

.

o ·0

,

L~ - /

-

6 .

,

/r ~.

.."1

/0

7-1-Y~;.

;.,-

"

.~ -

---

_0­

r

/

.'

~'

Z ....: . /'

./

/s

t'

~,/

r'o

/.,.. - I'

<"'- ; '"

,

.~

<:

'",.,

",

0 ' ::­

-­

;;.­ ,..,

,.'"

/-'~~ .

' ''''

---

~

,

J2

~

.,1 ~/ :..

/"

.

~-?

I

,t

/ ::?

)

/

~, 0

,,-,'

~- I

,I- 0

• G:

~ ... ~

w( .. "

--------------~

.1/

'/

/ 2 "7 /,0

l'

) , -r.­ dl

/ .Jc.

...

'-/ I

0 ,

L::

!),

.-' !

,...,

~~ ,

c' • !

/--­

..'

-

r'

/ I~

/ , ";,/ ,0

7.

~

,.

,

. -­ ~~

,

=

I' i ~------

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

d! /

---

/ 0 .:,:>

/- :­

,

i

~

;: L'

II.(

,r. ~· 'r ' /

III

. ",:",..."..' ,/ t' ,'\ ?

,._J~v"

~--

~-7

. /- ......,...:;:

I

'-,( _.

'/

/0 ' I .,

/'

-

~ h-r

0<'

(

.~

'

//

"

-'

)

--::

or ;..

'/

~

..

'/

~

,

."

...-

~.:..

~

..,

~(

~

71

'r

( CCt.r / fOP( '

M

!

f/ () 'T F

r .'.

.1 '< '

:

rt

I /1* 1'_

-

.\ II

--

r-

- / .J

-

.-'

c..v.(,

/I'-f

!

'.

'--

­ ,

(C:,,{'

'T ~·/n

I I"

-

f

-

"/'

-

',

Q

-

I ...

,

I,

-

1"11

+

- ,J,

1':: ' \

, 1

r(r

- ,

,. y '::"

~

.~ ~

,..

-:-7' , / . / :.'"

~,..

..... ,'"

.

,I

-, I

.--: roC

~ -

Ii ~

(Pt.J()

+ I... " r

...."

i n

-"/

---t

c'

"

\

I,

-<"

,).)

- I!~"

' f)

:.:...

11

....

r~

l.

1.....

t

~

"

,::1 , c. ' : I

;:: a 2

or

:&-. r 17

/..

f

-0) • I

/

.

.s:IO

= ) I

>

j

-- - ---

"

2~ /, t; '?~~ .: ~

/-~.::.· -Ir

, -

,

I>

.~ .

-·/3 /D

rY_

..L-

r··

(

CI

/ , ";'

-::"

r

- -

/

~

::;.

.r· {

"',

~.

(-

,

.'

3

Co • ~;./ •

/ C;...I}

i f'- <) Yfi..S

'j/.2.;­ ~====::::::--

~

/..,1

l.

)

L I,

/.

)

~

. )­

_. /, <?

/

.--­ -'

<..

-

,,)

,.....

-' /"'"_ / r-'

../ ..

-"", .

",.

/L;.,'''''

::" ' .. ; .. -i

/

C '

/1

i,l·

~I

- - - ..." I

)(

I

- , .~/

..

- ;'-Y {! \

+ ~ ~.H.

=:.. _ .. '.t ""')- ...

".

-

, .,

~~!.> ....

= /~/

'/

/~' //

" ~490

~

~:f!.l.c

c ...'

,

.

c,.

;:

'0;,Q "''''

""t_r ~

j,'::.v}

It.,

..,...;;.,,~

~,

' ./ /~ (;,",

~.--:

.' /-,,../'" ,/:'

/'

~/' ,I.

17}

,:) .... 0

-ft

....: 3-U...

,4-:::0

1-

---r

,- !

I'N

.J

j<'''

-­. ,

/«1':"C ,

..

/-.-, "

l'

,

~

/",

C

c. /,.,,-"')

/" -

"'"1,~'

___ ~~.

I'

-"

'-'

..,:.

or . "

-­ / / ! ::. .....

." () ~

(

rI..-­ _CO

V -:_.c

:...

Z~~r/,/ /

6<-

/~"" ' r-

y{.

7D

~~

-=r

~

( ' -"'J

(,

'

" ,/

I

, ,:;

=.

-

_'_ _

.. ....

,. . ..

~;;.

"­

'"

,

,

1...

/c)

--

"

~

.)

"

/", ~c '" "

- ..

,. I

/

,. ­ oj

/

."~

- . - '---- =~~------------------------------

/

( \. ,-.c;:~?"

~~ ,,- ,­

,'-~J'..r~

I ,/" .~

-....

"-7'-'

/'7' ,,<J/.

(

''l

..

-.,,...,

1<-

.s-

.l-

'.

'/

_

~

./

.;.~'

II}!

.­ 1. ;-

..,

;

J.

..

tL

~',

f-

/<'

I?

·c

/

..... ,~

r

-I

~~.

-

,"' 'n

I

"

L ~-J~/ :::

r

".r~

10

i

­

.5:('

,l_.

~

'"

,

/'

",;-"'

..<

II

1 2-

1.:1

'::-0 ,

~~

.s-;,.!I

" ..,L

K

c::\,..";

-,

:-

,..

..-r.,

/~

/O~ r

..:..J ....

~

-,

R

0

/

"

/

0

J'

,.,--

~

;:.

L' ,

,J

r":"

J

r

'-,

~J

S~o

,I,

-

r. ....,.,.

..:;a'l

------

/,,,

., / ,/ .".

"-

I

.

-19 .2' 2­

--- --------------------' '..

"

. , ; . . - - ,....!

. I,.,; ...

. /

~~

--.­

,..-::..

,

."

~

.... ,-,

.J y/< r-rc' v

~

~{'

.....

~~_)

~Q

.....

"' ~

.

@ N. ,,-I., ~

?'"<:"

/ .;:-~/.~

/fJ 0.'

'"/"V

/

,/

c

, i-'

-

.­

, z·,...· ~-

.

/.

-, ~/~ ~ G /

/

/

I

.

_'/ /J )-' LC

'" -' .>

,

~

.- ;/

I

~~

..

r

/1

-

/ 0 , 0 0

/

--/ I

/~,..>-

;",...

}~

0

"/

;;t

,;t;¥

/- ,

.::;

--.. -

r (.

,/

'.

' /

'1"( I

I

~:: . ~V 'f

.,.

-If'

.! ,/

~-

,/ / ~II ,-'

-./.

I

' , I , ,­ ~

--

( / " .y !

/-_ {

, ~ '; , I

.-1

# ,/ .3) / /

c;'

~ ./'

J

/

./ -

.,/

./

, ,/.足 /(,

..J' , .

/

/ /./

/

-.-!

--:/- /...

~

:

/

---

?

/

/

~L

~"

,;

.....

~, U

i ,

.... ,

~C

/

.l

"

I

-:t-. L

::;足

.

, /

_r'

.-;足 '"

/

hrr,

., I ".

-/

--

' , / ~/

"~/""

~

. )

(.J;.;I

, ..

-

4'

r...

r )

'

..

-:B

O ,(j / , r .:.... -.IT X ;:7,2 Q ' C

J

----------------------------------------------------------------------------------~------~

/,S~ ,/

~

./

-2 ~ '-'

C:J

7

-------------------------------..----------------------------------------------------------------­

.s-- / 7

yl"N~;

-

...

......

-r--e;/ q ' ~

, ~)

')

;I'

0

=

~o

3

J7;;" , / /c) oo

oR.

#-~ 0 :;::;>

o..J

~ /

:::. ' 1": 7) ~' '9. ..:-)(r'~ ~

( 'P£v"'-::' ' "J

-..

...

/?~",c

C P.w~ ,-'

() C) :;

tP, 1'- )

>< /, d

..../, ..,I~-....

~o ( c" ' ~ >c /

9. I

7)

= /1

~ = (<..; . ~Ol.-) S---c., (

G

-

) ((5

til. ) 0

7::9~)

-£

r

-

.2­

"-'

(/J ::;oc...~

/ 00

S-Jo - 1>' / 0

C)

0

------------~---------l';~~ 1

)

/

­

c/<".::::- .2;;Y; 9"

­

2- J?, , 00 )..- '7' 3

0

o .0 Ci , "

cr

.c:>o a> ~'«L.

O . C) o;J."13

9~ ~ <;'

../,s-",

x

-..,L-

0

.2 .

/ 0 7;; f

- f -' ~r

Q

0

V)

.;2 . 07-d)~ ~o

.00

o .

/.

0

-/

/

C ' ,路

/

/'9 ~ 7

rI

p

( ) ) ,

4

\..---<I

~-

---. ­

e

f~ · ~

- ,-1 -

\

---r(~ ~ C:/)(f) + ~ '/

-

- )[Cr- ~) -(-P: !; L\ + ~ / /

.-­

L-....::

p

---- > "' ..

.

- 67 -

- - -' I

-

...

_

-r足

,

~-

.,.

足

_-

~

el7

/"

0/,

"

- --

--

--- - -

r

--r Rt:)~'-

C',',;

I

~

I

4...---'..... .::::s C. u.$" .s

::">

---1I ... ¢ .

-----------­

------------~

,

A .C.

.,.

""', ·7~"'C1

/V

"",.),.

" . ~£,

I ( '",4;<;>,.:- ,

" ,C /~

/

~/c ,

.. /

C"..." ,

$ ,..,6' (i.e.

P...a "Y"

b

"....-, ·c

~

,~

"'7

-'­ .::/y

--,

0 ....1(.

,..../ ",.- ~

C . .::....y-:

,/ >-'.;

/

+

0.·

.,.t7 C .

~PMkl"

H ) ;\ :::-'n­

.•

~""" c. """::-

:$

!. I "" £. / )~j:1 ;:..?c,1'/ iJ tM

tC>

~- ~' . (~:: 1 ;0:)r

.

' - ~

.:;...

T '

I

0

)

LD 70 Cec

p-

/-7c

t-.

I

,.

..I

r

,." ". / , I

_ .- - -- - ---- - - - - - -- -

~ -------'-

' .­

I

,. l' ,---',. ... I!.-J /

1­

-r v£:,

~,_7,- ~'-".;..7'

G:'!!:...

l ,u

VSe'"

/0 a 0

}.-­

/ 0

)

/-le.

+-­ -

/ c ::: I

--I

,

-' rX

O .

.2~3FQ =

II

.:=.Jc

I

+

/

.

:::r­ /l-c. - - -~---4---L-

P-u

GO,.c­

I

••

........

?'-.2¥

OR.#-/ ).

<:/

#

o . /t, .3rc.

><

..2. 0 0

2t;.../ T-

-

Dc_&lS", .,

r-tI""'"

r~ /-./G

.::::l"

-'

::.

0

_

/"'/-/c

If ~9 7

-

~ -

y

2:)".::;- _,~"'.v'

r-£

1.3 ./

y­

/ 2- .•/ - ­

'-0 <17.

cy ;~: "'7

A.l'a ..... .

r­

-~

r-­

1

- . . . . - ­ - - 1 - - - 1~

~

/o

---;C­ 0

/y~

___

I c~:r ..s, I,

.

..-'

<CJ

"'7'V

~dO

/ c::.' )

-/

4-- - - - ­ .PI . / 77

/.$ !;r­

~.;;c..

c-+/~-'_''_''''_ . __/_/.,.___ ' C ' _ _ _-;j­

II,?-q 0

/7"7

#$> ;r~

I

__ ~ +-

=

- - - ­- ­-------'-­- ­- -

l~

I

I

-

I

... ';. ~

-

/'C.7..-./'" '/ OJ- • <::­ I

V

,/"" 0

~o +­

y'A'­

-

I

r:::

"/

~

::..-e:. 'I",

~;:.

l

=~

I

-----!t----'­ I ..kr'E"T ,/ ~ .. C

I

1-4"

,

I 1 I

II

C --..C,..,t _

L:t:..Ml.i-

~

I

.. ' 'J

¢'L7.:5 7

o

-

J _

~ -.

I

/ //Jao ~/ ~

o ___-r ~

.t:I

/

.J/

c

~

I

'I 0

/

I

I

~2' ,.-

I

/.

I

I

-

l-

.=-I .-; y I

0)

I

I

dI

/

-

~

..tJ

;2.. 0

---+--

I

I

I

I

--

~1,.3 ,

~

/

/

I

--

I

/1

dI

/ 000

~oo

...<.

/0

.rtl..::;-

Fe-'"

/-1 ,

'T

J4

,I

/

'1;- •

Av

/a0 6

/

zs-

.Ii­,;:).0 "

.....

~

J

S-

G:.

/ 0 .

7

b

,... ' " D

.,II

A

/-1.

I/,.,

- -- ,'"

,; ~

.E2~ ~ .

~lc. =

':2c,,~/( .

_ d

/Y/(

..:. c:; .,/

/o o~,

<

,;:J , , '

~

:JJd::l

dI

/ /..cz.

-,..,/

t..

'("

. ,

'

_l

-....f , '. )

.

." /II"

'''''-~" ""'~

/ ..!7/,i L

"'1 -1 / . '- I

-----.

-+ ~

5

77/ ./-"/'" - r /z.,.-

/

T /-/&. - ~,;;

"

;J

..., -.

/ '/.-

." !>

u:>

/

• •./t:)

-

/

.J

...,.

-

~'

", ­

I

~/

~a

( /".2 _

-

~/c.

~

C

.r:

..--'

/ .

t.",

-

I

...L ,

, .I

c­ 7V

V

cfI.

;1/

.;;'/

#

f- -

-

-=-~('..)

~0

;­

/ /' 7

' /::";00

,------------------------------------------------------------------------------~----~-

./J(

"'

~ ,,,~,,,.T

v ;; c~ ,- C

Ii .//

# .I' ''C

~

./

e: '

GJ,

,

..,

u

,

/ 7 ~ oo

(.)

c.. ,.::; . -;..

~ ~

7--­

a , ,<jc,:-f..;.

c;>:J

,

o

. C),'

, / ~ ", ~v

('

/

=

~::.J .

__

<" =-

-:

, .?

/ r

• '

~ IN~ "

/ C>

K

R

1

2

'

.> (

J

---I

I ~

c

I

F

­r:::.

7

~A

-1/ /

-

f

!,

..

./

~ ~~

-;:....-......

.. /

)

~

I?

~

0

Co

)

II

-

~

足

O. / ,.I~,-

ou

- - - - - -- - -

-足 r -足

I

T

,

o o ~

II 足 II " II II r ,r II II I) I. II II

-+足 V

I

II

I ,I

I'

II

I'

,. .1 II

-

0 0<) () Q 0 '3 \9 \9 \3 ~ ~\S Q

I

"

,I

II

0

a ~ ~ ~~

~.

[ ~

r

V '-;;

,.,

D

r'

J -;;;) .<" •-

-

I 1"" J

i'l: ./

/

.£-. /-,/ G

,-

:...

~ .

/

f• ,r: I

:J

/-~_

e_/.

,......

C·· /

. - ;::::r/­

... / -r ­ ~-

//:7' /

­ -

/'

. "!J .

.

./

'"'7-.)../)....

)

rtf

.

~

/

.-J/ , ,

¥'-/)-/.

J....{j

X~(J '

~

/"0

J / oo ~.

/.". / t::J

--

/"- t

/>

/

,;.;

.....

Cc",

~

j

...., ;-

L...

~"", ~ ~E',3"'"

,... ,;;:

.

J~~J·/7

7'1"'"~~""

/ "":',

c' ~'

~.

,.

.

?v.-

~

~dS~'S""

,t:

'"

/(J 0

=-

L,

J / ••

n

".

7

-; '--<.... 1 " ~,.- •.••; /-' ,~./ "1

I .

-

.7ft'

---~

/?

'7

JfI!~",,'

~ ...~,/",.4/'~

L.

9,

-=

)\

-K7

A

'.1/.

..

-

~~.

L,.../::-;;"

t":' / ,- .,.,

~

:>

-C: '

.l/

!.~- .

yd.

...

,.... tt:.< -",' .. I

,,,-'. r;.-., ...

.,.,t', ....,..,...

/

.,.

.

-i/ . • ".;<l';t7.A<::

.­

,..

,

7Z

~ ........t­ -;-rr

/1/

{

~ )

--

X-) )

t..

-

....

¥) '-<'-

V-;,

3'

r

if.

0 0 "',)

~

---:5

--").

~

,1/

E

A

-z

/~o

·It

- -

or.;.,

\

c.:

.4

/.;:) ;)

.p.

I

.:;.....-

;:

,,

­

:IT

?:::.

c..

:..

..d

/

0 0

to

' c,

tf

--.-.-.

J.

- --

-

.

1/

"#'

-.'

."If

--

-"'-

I

j

.

y,{.

/rr "

if

-Q

,.'

'0

CI

./ ...,-

1/ ......-'! -

~

./

10

JI __

.,.--"

~

...-00.

;I c)

6

-

/"

~ / 5"(P ....

( Pv-l dP '

r

/ ~...

,.-;)

...#

)

1.

I i:;'

-G­

~)

.1'

")

.J

",V'

,':'1

-

...

"':/~

~

-\ ct '/

..

.'

Cc

,(."2 ~~

~

/-

\

I

/00

r::;

)

~-

~

L

1,/

_~CJ C ·

~~O

«-

A

,..;i

~I

-. , - "

~

::r (

/&-, -

~-

~t/-

It J() fc

,

if J/o r{

~-(,,)

3~

-" :«.; ..

~ I

p- .. -

A

/

',r /.:)0

C

"' )1'­ o-L

'171'

,F '-­ -

I/;~ +

~

0

/:..; -::.

l ,' ,

/:;, 7

..h f;; 3

./ )

-==

dI ---

:)

--

-6

c;l 0

------ -.~------------------~--------------------------------------------------------------------?!

'-> . I

., - : " -

r, & •

.-

-­

•

#

. . .= ,,'" / "w

-::S-o

~(J/)f ,.

r

J)

-----------------------------~-------------------~-------------------~------

- -

/:::::

. ./ " - '

•

j

ac

/ '

Col

1-

r:-?u

r

Fa

(:;

0

.::,-

0.

. !

'"'

0./:::­

. ~

./ yo

c

,x

~

~ ,;-

':>

•

(

• ~,, '- ::::- . r

I

·.\IT

.

r

'

- 73

~'-' , .:.---.........

A

/ ' - ,-

:::

r.-l

-;;-

.

, < / - ........ , .

' ."

(

- --" , -, ..

o ..,-; r

-d

-

I '

/o~ r­

,./~

"-'

" '"

Jik I f'7 .

I> __

,./

~

"

,7-=i'./-'

Ii

'

j ?1.A-'

-.

';t/r j ,-­ ,- j

~.

?~~ ,

~

I

/Ie. . .)

....~

( D . C;;;;

n ,-,

~,:,.:;,

t-·, , (

<;1>

#

/- ~}:--

C -

.1

z· ....

~~.

, . .::-' S;;..,

x:..

<II

';

:; t~

1 ,1..-

./

.x'

.=; ::;-7..)

/-1, C

t, °7

­

--'

/~

Ie

0.- , I

04 .

f~0 ~0

f; '

,

•

"

I

-/" '

",. (j

/-

,..­

i" ".

/;,

.......

~

?:(()

j'cD

,,.'n

:~D

r

T

<'

~ ,

.:)

/~

/:S'~ ~

1.? ./ (fJ. ('.. ' ... )

(.

~

.;-' ?

;

"

=-77'

,,7'=;;'

II

- r # /::5

~:r%

-

~.--"".-

:G ") .:­ c..' , ,~

c ~o ._~..-¥/2 ~~ "-r-(;)

--// ~

,

t, ,

..-1. _

C'=< S"')

o/~ )

I-J a...• . ,"' - -

: ·_

).

t3

-'

/ S'9

7C

I!

,4"" ~".;

".

/ ".

;,r'l~r, "' -

f:- If ;l

(ff'ro"'HI1 ;r/

'1

~.

.:. ,r'­ I ,,{...

1: ,)

/

,-

.

A

,

( 'r/,,7~

O'7 ...) ..,/~//:. .

::..

/'

...;r. ., ~

=

A

"''3 :5.""

Cff,

J/

I'"!

I~ oJ". ( "-~

. ..:.",

A ' f~

./( .c; .

_. r

.?/

--,

--

/ 0

I

'

c路

//

~

,

,A,

/ ..::

.

- ,,

'-i

.

,L,.) ,-

/ / .,.

r

L'

,

.'

. .-

'

.

,

( .

.:

-

..... .-

r

;r-:r""- . , j

r

,

~

/

':::-

'"

~

/..c-

.,,;,)

/

.,.. r~

r

/

c":",

--

.r...J

rr

"--.--;~

t:

, '-'

;

.. '" /

~

-..t_

//

..::-~-

_/,...~

.

A

,.i

1:1 /~

1/

a

'"

()

/(.)

-= == -=-== ~

,

,

A" .::

Z::-i'" ~.".,

­

-

, ,

,

~

-r

.:s ,

,

<;)

0

-::t/'

.., ~

,

""­

.j!

C

:':-0

t.~"" ..

.

,-! ,-I;.

4J,

,/.

:;

"...

("""of'

:, f •

.'

;

~~

>, ., ••• :, C;" <.,'. / S',)

:J

,

-­ ....

_

9 , 7/ "' ~

A ::tI /:-; r

c

·

/

/.ooy

.,J-'- .

,r­ /

J'

97'v ....;;..-­

/ /

;-: .

7

,.

,

-

-

-. - -- - --

.J.

-­

) ;­

..

.­ ,

./

y-<:;; -:- / t:lc.' ,~ -./,,,.D .......

2.5'

(

~;;,y/._"

;Y

/ ", "

.\:-

O .

7

.,

?!.~

-' / I

J

(

.u

,

/;"

'1--'

Q

0

.

,/c::;l . ./ .;

,-

c "

/<-~-

-""

1-'

'.

7­

roO /

.:5'- .....

::

(,f A

::. IT /

/

70

/

'9 / J

....

/

.'

,

. :i' ,1~

'I

=" ,C

7' c

,.""...

q I

--­

, :;.

------------ ----.-------------------­ 0,/

L

- /'~

,

­

..

~

."

-I""'t" ...

::.:2

/

~/ .

/.?

,J

;4 • .1r

~ T ..

-­

,r, /­

.''''''-

.

., 'J

., .'

~

~

.( :;~r- .

/

=

a

II

/.1" ,l

/

{

.... C

..._

,

X

/ p ,/

I'J

..

'" a . S':'"

-+ ;;r ....

E,7 :---r..

,

.....

..-...

(

/

/ /q

/"1

----­ r

-

I

~­

!£ /~-~ A ::: Z5

c

-=

~I S

;::"'J

.

.:.. 61

,~

I

)

..:.

// c

0

./

6 ·

)

ff!.-

q"

O . :::;..r-'

~

..

- ..:::;-

")

.­

'9 , A

7j:

1/

-.

y

.

~;-

/./--.~

"

~­

,

-­

-'-

~

C:7'~

:::/ ?- " /

~//

/~~

....."

0

"

/

;'

贈/ -

-

,

0..~

,/':J

,/-

G/..

E

A'"

C~

'"

" :.

7,*"",

/-

'7' "

p~::r

zc-- .,.~

/

-'

."

-'

~

/~

//

-

2

"

G/.-

~ , <::O

/ -'

/'

/ ;(.. -

/'

. . .,

-.

,足 2..

(c)

/

/

,足

'-'

~

,.. ..l

/0

-" //

7-1/

// I

o

".../ f

'足

-

/

.--L C

. ",-'1

1~2

",

~

,..

'-

< ""

7H"'­

7 - :t-I 7- /"J- 7 - /:5:":

.,.::

"

3

i

) , ~ .." 'r

C' )

-

#

•

L-•.l' T

•

I

"

.

I' , ~/~

on

/

j

; T

,..;

'7 ,'

J

7 - / r.

~ • . (. U

•

10

c..

/' /(" 7-

/ /.. .,

/"'1

-.#- /

00 ()

qI/

... · 7..s-0

/.

­

r;.

y.,,? . ..­ .;;-

/A!­

-A

-/OOC-'>

-

- 7So

/ 7S-o

..;

/ 00

~<!,::-£H'7

"t>.'/"; ..-", -",Jf'

'E

A 3 3...1

2-Cf1 ·

.;1 37-/

r

.,:".1

d)

~~~t·

'/,

-====

.:f 7<7

­

~/c

~~

~/~

-;-"

.'

~;;5t:,.

-=-==-

-.tiP

~

./,,/:? ...

,,t:>

.r

4'C'),­

. ,.

/.=:

/ 7

-c;,.l

-

<'_

,,,.f

~ /"o c/#~~ 1"~$

I t:) ()

w ::.

7..!:0

,/

/

<:)

-I,£c:;./

/.

~,

/'

-"

/.::;-~

- /CCl

J

-r

}......-

.;

S--

7- GC

­

C'

:;>

7

--I'

r:'I",

+

/<J C

~o~

0

./

/0

-f

;. '..1

.

-J..

~O

:)

/

, ODOO

o . 9.::?9 /

o.:Gc,~

o . ?'l7).,. .7/ / 1'

~

~

-=' / -

71

0. f: ::5::~

/- 7

o . :Y'~ /" (

3~u

qd.

<!:>7;"

~/

----------------------------------------~

---------~-------------- ~ ':)

CJ

/

!

-/0"'.0

,~ I

(.~,

~

..

­

,

...J

",­

'u

,

/

"

.

/~f

oc

I

--~ ,

I'

C , ,'

-

4- .,

Y

-,,?.-")

.

.,...

,/ I" I

'A

,/

I

j, I

/0

L-- ,

,/

,

;

"'

.- )

rr

tr

t

5.$ , ;..,

------------'--------~------------------------------------~------------

~

~,

/

-

.

/~

."

£

­

~

-/i­

(-

, _.I;

///

_~

"

(/J..).,1 t /" I;

/

F

J

"'" ......

/

-

.

-. I I~

-

:)/.,

/

/I

c'

2

~-

C<->

/'

"'"

(/C

~I"

/-

,~'

'7'

--- <::,:

I

­ .

. -r -'

c,.).­

/

~

1',

JO

• I

' ....

(. .

7t.. - ,°0 0

­ ­

.~

= ~

"c::: // l ­

r....,,,.. ,

..

/

,;... j...

)

~.::.. 0

-­

2 .

~

-.....

t

>

,

-

,.

~.#-o

#/1100 0 , :-7'''/)

,

;>

~

j "

~

(t

..

J

: /

-'j.

;) v )

( PvJf, ) 0/. , 3/ /7_;;~:~~ d

..// / 2-- "

- / / / i. /~

oJ

-

v..;'-.

~

.:>,

/r '" ~

/

)

~________________________________________----_________--______--_r_'___'_'___ ~ T___

7 - /1'

I~

~/'

.

/e"

..,

I-

..-::

6.-

;/

J- / ­

./ ,)

:;

~

.'

,.'

-E .

,

V

./

$'.!>" -'

------------------~) / /..

/

")

y

// 0

':-1" i'

--~~--~~~-------------------# '

--=-

/:::-

--Ie.

/ //

-7

-

/."

/'

c::

..eo

/~

if­ /

< :3f"1

:; =- ~ . /

----- -­

"--

f.,

r,'

0

/..)

/(" ~

.::.

~

/',

­

~-

- . ,. ,

../

--I

)

.>

(/

. _ ~- ( )(-.:;.,. 9"). -

(0 ,

t;; y

c; J

,- )

.----------------~------~--------------------~--------~------~ -# ", ' 9 -·-­ "

.-

.Y 7 . . 5 -

Co

;;

--/

..,.£t. .

,

--;--......

//)..-

--0

./

C

P .

/.5

7

(F )( /-S' I

/I

--

I

/ / : ) C­ ;

;;D~.O

)(,"- , 1/1)

.,tI

-, ..:...-- -' / ) (5 .../.:.. e ,.'"

-

C -

J

I

)

­

7~6

I

/

/-

C

... ;

I~

.

<..

I

y6 "- t.-

:::;' .;...v:' .:

C<- "

,.

I

.3

.)

() _ , ..... .. , ..

U-J,I". I

,­ . ?".

\ \, s,f./ ,.

, ~..

-,

6

r'-' Q ,..) / L

.' , o·~

,

.., .

.;

y ,-- " ''<''

/

/-.

. r

0 - ). /

'-,

. .

.

/L.-U

1-

;)

s.f::;

--R:". r;, zti .(­ iCJ k' u

----;:-7Q. '" 'G.

I

I

:l

L.j

.., .<.-

IV

,/

1

?,

SO

?

- .~

'

.

e'

l3

Iv

~

.) F. '

7

j

~, , ~ • j

q c, " .-

I

.L../ ...

or/ ., • /

/ ..l

;.,.

)/1

~

)

I ..)

!

I

I

~O ,:/,

30 '9" ").0

/

= .I

\

Ij

<:'

.",

~J

.?

I.!

/

/ /

--

/:'

~

.x

7-'"

:;tI

c;''T

/

9~?

/?

"'..;

./

"<".7 ,,,.-17

~-

'

Co

"'7

~,.

~

,

..

co

~

9/

.JL

.. '

7 -

~o

:;7/ +

.'

L,- ­ 9-3.

.',

\

~

\

\ " I

.>

(

c ­ ,.,;'

7

/..:. y. -,

/

~.s

J

-

.,::;

t.!;

,j. ;.,

.'(

I

,.

-;:

"lo

n.

-4

""

.J

~J

,

tI};

~,

.

...

/

/"1

I

I

--,....,.; '~ .

~,....,

")....-(.I

6

to:,

,

.

-

"': . ,-6'~~'

~,r.

-.

"5J$"

,.:.

,9

.

. '­

/s

I

/' a

"E­

I}('.cf ,..

7e

B

J.

2.. 0

I 0/).

)

7 0 ''7.

.;::-.::.

-~)

~J

r

'J,t.

~F'"

?-<I

/(.f (J

.J

-r '/ pI- -'

40

- /3­ /0)

I

--11

~7

I

;;-J

~

/..:;-

j

~t) :p~

"""

_=: .ii .p~

/';')

~

V/?~ u~ '

5f~"" ~/-!"

c.

~- ~,.,

=

Y

-

-,:

,fJ

.::s ..l '

t./ , <I),

C J

~d

9

J

q Y!".P·

'

~L_''''''~

~.

-0

/}

/

.

~ oo,,,

1

:!' c;} J

~

:a~ ;;",= " . ,­

../.., 1,

"·0

_­

o/c

R",,~

..:>

/

""\>

'-,C

~"~. '

. -'('

'

v · , r .. ~'"

v '. ~

.

,. /.::

r.) ...

~'

':1'1

fJ'1 At~'4 1--' f

••f'

" I,

//.y '

t,

f'-;

( ­ ""­ ~

,.. ".

"::'

/cc

/ ~

/:,;,

/5

<0

..

.-

~

,

- ---

-

-~

/ ,

.

"''''''- ->

-t.:, J-<

C,.

--")

// 7

-......

/

7.7 J

;

/ "

7'"'

....~-.

,;

7../

-~

",'fq~r ·

- ~

~

", 7. "'./ ",/

, I

.,.

Iv

/ 0/

t.J-

.,~

c·

~

/ ?

E:

r,

~w_

<::)

c;

~

/9-

.:>

;0.'7

-/,

?)

f

/'1

9

'"

(,~

..

/1.

."r- •

, ..... ..

I D6 u

S&> . '' '/ 7

t Cb ,

-

::0

/ 0 C} /

~

0

! I> C> • t:>

I)

-e­

77", C

c/-o

-"l..

£c ..:,,-

/,'3 "2,

~,

1.

1"

--- .

..,

-"

~

t

. . . . ._

A

I

-,,-I.r e

I

..;

$)",,0

+s

...l

0

-IS'

..,. ''----­ /RtJc. (....' -::-

"

:;> oJ

I

/

c.:

.o:.!) ;l

/1. ·fl.

(

7)

-

.,

.".. ~I

0

"7 )

(~ ,

..

C-"

"

?)

t'

(.

;...

r

.....

.f) ,

•

1.,

:;: -

./)

!c

~-::... -'

-- - ---

JL (~)

f[ 1!

Iv

~j l~)

.<:

".-, '~',.,

--

--,

/

// "

/

-I

I

.it

I

/

~

(

I)

/

-/

;

..

/

If.

-,

,..,

q

足

I'

I

1 /

'>.

'it /" / '

-~

r' /

,/

~

#

Soo

7

~/ . J

)

. ( :.,' /.;.;; 7-·~ '~.,

-­

.e­ ----~-

c · -.. '.-' ';­

c. ' .

/ -?

;, .....

-

/

.

c;;

,:)

./, / ...,,.e--,, /..,. - .......... / ' ,e:

"/I ')

J

I~ ... I J

./

.. t:..

...-'-7" /'

-

~/ -~~

<

./

.'

C..;,../. --;'y '

C_C'

.FvC../-../

---.

-r.

/

.....

~

(0

~ ,

)

.. I

6~

IY,

~:-! -;

,

y.

b

',/1/'

~ I

/

S, Cf I

~ ~ ('1

.I

/

.

~ .,

<1

.-'

~.;

I

"

;;

eIJ,

L/

,7 ..... -'

,I

..,. .. O~.J

"

, -I

~

/' ",

/ .!

"'-,

'' \

/ 0

- -I'

" ~hc,...:t'., "\

6~t)

/

;

tZ

.

> .,

7'e足

\. \

.. . J

I

:.:

/ /1 "'

.: I

.....足

足

,

r=

I

,

L

/.;.J

D

X

~.

/ ] / , . / .::::;'"

S"' _.

T

I

i

/ 1

/

./1 C -:-

---

,. -

~

(c.) , "2

.~

---

+

7'1

/

/ ,,1

, 7 - 'i . /7...---'

/

...

(;

+

/0

/5,

..-;

1/_

/

,. 足

,../

足 ,

/ t .... -

,.

<.--'

I

~,

I

I

~--~--~--~------, I

/

r

,-7

~-

(////. ~

/

T 7

r~.<1 '

//3.377 ,-I

It

- ---.

"")

_

)

27 / 0

\'1 V 3­ ..;'.

".:

...

.I

"/-­

/

-

~

I

~(

~.

V

I

'1<..,

'

I

"

,­

.J

~ . I

- I

~----

.

, -

- '. f

I

.....

,­

(

( _f t.--

S(

C'// ' . ?:f/ . . )~~ ~r:r C ,­ :ce' I, ,..~f, ... 1, •

/'1"'/;

.~

~

I

/j

( ' /-/' /

r'

,

I

r/

/

::;:' •

_

r -

/~ /73

"

/,/

,

". /

y / ~

o

l

(f

hl " ~

~.:/

I

" J ?-t,..~

.J

t

I

/,[/' t

.... <

;L.

,~

,",足

("('

-7u /2.... '~ - - _ . _ -足

~~. J ,t/)

./

r

,

f..!J

..r

,,< ... :

:t , .I

,.

---.~

-

, r"'

...-J..,.

.,.)'

"

fL.. ,~- -,c" /-'-~ '.• t / ,-

{

, r - '.

f~

t

..

or :r

~ 7-,4 If ?, ~~ /

(

--

('

.

,

(

r. ' ('

,

(

A:~ 1: ' .. -

•':.-­

,J

.d. P,

~ " '!r- ' ::e.(_,11<,.. d~~

--

.

"

I

/

/;'

U

-;; -,[.,.

J-~£f.

I

.1' .-

-",,-,I

!

c

I

(~:;/F , ' .r"

~

J

!

i

7

/

"' <:

(? .(./ r

/-/

"

, t'

,_4<

J!. ~

I

,

.

r > - r;L

';

('

'l,

JG " 4

?!.

r

'.

/: .? ,..,

. -7颅 .,

~~-r i-'

Or.t'-~路 .

/ I

'}

..,.

/ 7 , 7

-----

/l

"L./9

/ C"

-

J

~) ,

//,7../

-

~

/ : o~

I

'"

&f

"7

r

1 7 路"'") '-'-

J

I

7~

/7,

----

?(

/

I

'

;

-

2/, 13

;?-~--I I) / ,/ , ?../颅 :;;"'/ . .::..- '-I'I

S-~,

'/ 7

77. (.0

oJ"

C-;r-,v " : - /";1. / /

'1/1-

...-,-

/-.. 0

/.

...

:z-.

--

/ '

/'

/

./.

-:.--

,

L/ -

, _.,

,;

//

./

//

-/- / i-

/-

.'.

.../

.~f..J

r- /

,,­ C<-' )

~-

-

.,::)-

...

v.

S- -.2

~

-

h

/ --~.

-

76

-'

s-J

/

-J

I

C!.

-;;>

7-/(

.~J

tJr7 " .... ....., '

.ij

~

-

:.

J

..­ .I

..;

./q

7

,

Id

~

c.;,

·r"'"",

/'-.,

"

,'"

0".....

.,

C...-:JiI"C

• . 2-

_.-"

I

/ ;..p... ~" "

j

7~

<"

/0

..:::­

/ 0

..,

9·-L

//

;'oJ

§

~/S-

- /0

7- /1

/1 I

T~ "";L

S

.

~

/

00 0

f

1-­

:fJJ-­ .-/ 1- ( ,I

); ~

(

~ I

J1

I'

r-~ ...J ~

-J

I--

...­

.... f

/7

.

'-~ ".

1)''';''''\

~/- /

;(:'

-

:'

~ t /

'r­

.~

..-'

J

I

,

I'

7 ..,/

I

I

/

-"

T'/

/ .( ~.

.(..

,. , .' /,

I

L-

..,..

./

.

l,.--

,

'2-­

,.

/ '

,

/

I I

/

'...-

/

I

/

/

,­ L

/

'l.

I

. Z-

.~/

/

/ '-

/~

, /

'l..

//

' 1,;.

/

;/

l--

/ / I

-­

/

--

/f.

~

(p

I

~

,---- '

~

I

---E=

~

// /

I /

~

"/ / I~

/

/ ,/I t

/ / -,.

L..­

, i;

-- -"" ,

--' ....­

I

I' (­

~

I

;/

~-

-....

I

I /

'/

/

/

I

/

!

."

--5

I /

/~

//

/

,-­

-­

~'

I

.

,

;::J

I

....

--

j

'I'

~~

-G­

.--­

~

,-­

~

S­ ,-­ ""­

Ul'nV}<~RSITY

EXTEN[3ION - -lTNIVERJITY OF CAIJIJ!'ORiifIA Divicion of Engineering Extension ClasG Instruction

Applications of EnginGering Econcrr:ics 820/l,B Timothy J. Canty, Instrnctor ILLUSTPf,TION OF FOUR DEF8ECIATION IYfE'I'HOD,s (a)

TABLE - HEPLACEliJENT ~/JET!:10D - _ ..I_.----_ ..,.._.-.. ........ - -.-.-.----. ­

(1)

(2)

I

I

V"be

~

fe_~_-Kl8~~ 1 2 3 l~

5 6 -(

8

Payment _

for ' Deprec:.;.t; on I 0 0 0 0 0 0 0 0 0 100,000

$lOO,OOO 100,000 100,000 100;000 100 ,,000 100,000 100 ; 000 100,000

10C)J OOO

9 10

(4)

()) ",----------1

100,000) 0)

Ow.ner t 8 Retu:cn (6% of col. 2) £6 , 000 <, 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6, 000 6,000

~, 100 ,000

11

100,000

(5) Total Consumol's

i

Pa~'llient8

(cols. 3 & $ 6,000

1 1

11-

I

)

'-----J

I I

6 oOO

J

6)000

6,000 6,000 6,000 6,000

";l _ .

.;,Cr J

..

~

,.

6 ooo J

6,000 106,000

$ 60 ,000

*160,000

6,000

6,000

0

"

r I

". _ _ _ _'_ 0 _ _ ­

'l'..\B.IE II - SINKING FmJD !vfl.!:TfIOD

(J '

(' l )

3)

.-;Iv81:8-o:-r:yment8 te

~

(

(3a )

Il Earnings

~~E_~~Pl~~__..L.§jn~:.i!'l~_lf~?-L .S':'nJ:i:qB 1 2

3

4 5 6

7' 8 9 10

,(~100 ,000

:$ '( ;')87

lCO ,000 100,000 100)000 100,000 100,000 100,000 100,000

100,000

7,587 7,5 8 7 7,587 7)5 87 7 J 587 '( ; 537 7,587 7,587

100,000)

7:587

( 4)

~-cwne-r~t .

-c;:~;:~: 'I

s':":"'R-e"-t-,u-r-n--C-:

1 .(rtf of ~91. 2) i Fllnc:L_ 6, 000 6,000 938 6, 000 1,449 6,000 1,991 6,OOJ 2,566 6) 0(10 3,175 6 J 00'0 3,821 6,000 4,505 6,000 5,230 6, 000

$ --4SS

( 5)

*

(C:_OJS~:~.~uJ $

13,587 13,587 13,5 8 7 13,581 13,5 8 7 13) 587 13,5 87 13,587

!

. ~ v

....,

f'

~~'O

13,5 87 13,587

0) $60,000 11

100,000

7

6,000

(a) From Masterts Report in Pa cific Gas 2.nd Electric COr1pany Gas C<:!88 (CRG Case No. ~'+2L,~) ,beftre U. 8: Distri9~6Col:lrt f?r the Fo~t~erna,Dist)~lct of California J ?outhorn D:!.vH)lOn l.n Eou~ty No. :':;0 08). Ieem of ~)lo.nt = <{)100,UOO, no salvuG3, Llfe 10 Years, In oresi' b~o.

Applications of Engineering Economics 820M} - Illustration of four depreciation methods - page 2

(1)

(2)

(3)

(4)

(3a)

II II ~:lue ~~--~ayme~tB t~~:nil~g-S-O-f--'l-oWC1er!S Year

Plant

DepreciE'.tion,

___~______ L-Re2,er'ITe ~)100 ,000 $ 7,58-""'7 - - ' 1 1 2 92,413 8 ,042 3 84,37 1 8,)24 L~ 75,847 9 7 °36 5 6 7

8 9 10

66,811 57,233 47,080 36,313 24,910 12,613) 0)

100,000

11

I

Reser'le

(

Return (6% of coL 2)

-1-

$ 6 ,000

)

($---;-1~-55)

5/34:]

5,063

9,57 8 10,153 10 ,7 62 11,408 12,092 12,818

(938) ( 1,1:.49) ( 1,991) ( 2,566) ( 3,175) ( 3,821) ( 4,505) ( 5,230)

$100,000

($24,130)

7 .. 587

4 , 551 4)009 3,434 2,825 2,179 1,495 769

Total Conswners I Paynents ( eols. 3 8: Jill ~~ 13, 50'T 13,58"( 13,5 37

13,587 13,587 13,5 8 7 13,587 13,5<37

13.587 13:587

+ $35,370

$60,000

6,000

(Dec:'..D;:3-1s rounded out)

TJi.BlJi: IV - STRJl.IGHT-LIJ\TE METIIC'D

(1) (2) (3)'------~--------i----· Year 1 2 ~

4 )

6 '7 8

9 10

ill (52 - - - J.l~ ~i'____ , _ . _._ ' ! ----r---Tota-l---:I

Value O I~ I~ Payro.e nts to Earnings of Owner 'll Return, COnSUITl,jYS! I

Plant ! Depreciation ReS8rve (610 of col. 2): Pa;y-ments ,_____, _,_~e_~':::.:,!,_8_ _-'-_-;--_ _- - - ' : - - - l - _ LLcOl,~.-:_3-.tJ!21 i ;p:<OO )000 $ 10,000 ( ) ~~ 6,000 $ 16,000 · .'-1(1-;" j';>/ 90 }OOO 10,000 ($ -bOO) ::J }4CJ 15 : 400 . ',:, l "j , .,' 80,000 10,000 ( 1,200) 4,800 14)800 x . n 0 70,000 10, OCO ( 1,(30)) ~.,2CJ 11t,200 . '~.-' 3 ­ 6 'J)000 lO, OOO ( 2}400) 3,600 13. 60 0 / .-.,-;,7<0 50,000 lO} OOO (3,000) 3}OOO 13:000" , 7,S; , 7 ~.o ) ooo 10; 000 ( 3,600) 2,!.~C') 12 , 400>'· . 5 - ' 30 }0 00 10, 000 ( L~ ) 200 ) 1 , L~oo 11 , 800 . i"" 20,000 10, 000 ( 4,800) 1,200 ll}200 , · 5 ' - !," 10,000 ) 10, 000 ( 5,400) 600 10;60u-·· ':"5.~'"~ 0) , /""

,I

I'

(~ J'"

~~ 10 0 :000

($27,000)

$33,000 $60)000

6,000 T

I

.

...

ft

16,000

10,000 11 $100,000 ,---,------­ Note: E.J.rn:i_ngs placed in pC1re~lth0se3 are not part of tho roseI've; thes o earnings calong to the mrnel'.

_ _ ,r足

t

-------

"')

(;

_ .足

/.)

').

;; ,- )

, ' i

!

?

-, -足 ~

i f : / -' ,

a;~.

.

I

~-C--~

_7",- y.

/7

F

5" L

J

12.'~"7~ /

~ / . C(! 'J

d-足

SL

tfII'

.

/

-~

.../...-...>

,c

~(IA )"

,,' "', . ('::

/.r..

'-

/~ . ;

,

}

.).: ,~

. ,,-

--,~.

L..

c;

,-

,/

/

;,

r.-;'.

...- .,.,

.

_/r

~,

-

...../..;

~S

... ;

,

... '

,/I.,

,/

.

/

~

~.;o;

..

/-/-.

.)

T

-;-c -' ,.. } ,

r

,.­

,

(

(.....:.

l b.

)

('h

-<.:)

/ L ~j

:.-=, / 00 . 0 ')

,/

.?.::;l

""" ,

I~':

/, (;,,j

/0 ..-=; ( '

3>/J

/

/C,3(

..... / .5/-/ V

.7-/. V

It:.. :.. '

7t,o

,Co.

.' " . c

~r

."..

/C ~r'

,

-'

/ ,--",., '/y..t

."

/: {~:

X ..::;)~i' .

?

y...,

..

£.::.r:~

0

/. ...~~ .3~

0

:.:.,'---/ -t;-/

Q _?:O~

-IS7 S- ::-" '7 -I

-

7?. '

"

(..

.,

7 ( 't',

~--

"./0

.' l.

.;;

~

a

'"

~fc,

!

.. .r t,

f'

"c

. D • C "

,. !) ,

.;

... J::

-

~

?(

r

J

r

c:­

l>-CJr-1' ­

.ft'

e-..

/;.)

(.)

t..

... t/,

~ --------------- , ",

-;,'

--

~

~

--­

"

/ Cl

X

,

// ...

?

"

.. , f ,

r

I

"

/7 {,."

0.> c,..'

J

c;

.It'

"

+

/1.::.:.

/

#-3it-.:; ---

/0

CL

,;~..-:

Jl,..JCT"~oI'

'/ ,~

/J( '7

/ ,---",'

/

.'

,

/;..,.<.-. <- '­

'/

-".­

?;:::;> • I."':

--

'\

-..." I" "J./ /--:..> / .;',

'

/.,...~

-- ,

''--

-"'''I!~;t '

',-:;",

/L.--i/

/1..-"2­

/ 6 -3

--",y'l.

/

Y

r

-..c ~ ,.7 L ~ ~ ,. ..-~r-

/~

6

J

tP 7.

0

#/ ~

/,) ,

£7. :5 - ~.

c:

tu

- 0

3 ./

/2,~1

~ .) ,

/~ . ~

I

,/

;./ ",,"­

5"';:. .3

",.­

~

~ t;ao

X

5 /. 3' Ut

6 . ,/).

7~

-

Go

f",../

sf C:.

7,,3

5 ) ,3 ~~

~,¥

41-.9

j

./

( , .,,1-,)

6, '/}

/5

%7.::'

'.

),.0,)

(.)

==­

~

.7A "

t 7, (;

,/~ (, -="-#:3

a

o.,c

I­

9.~

= .11 8

c; ,

~7. 7/ D 040 ~--

<l'i

/0.9

,/

S'f. t Ccz..)

6,'

0:J~

oJ / · '

- b~_/

-

~,.

/ 0 - ../

~ ~~

/-.....-

--f II

-I-

, )

...;-

C;

/<:;'7'­

J'

-/

Jf-/":,

/I,...lCJ O

"

7 tv ~

c::

-r S-

(.r

-r- . /

X

-/)..76

y

--c.r

,

-,I

~

-

¢

u

- au

' .' ~

)

/)..- 0

-"

~

).-1

-7- /

/7,e"'7~

- 7r;.;

,.

. ""~

~~

/

Q ~

v u a

- .3

'=-

60

S-~.I t-!/

7 .V

E,,-;~

<.l,<"

~ y..-e!

/ 9 '/

(6 )

­,

,

.

'/

,........

--

,,,,,

(

~

= I/­ 7d #

..7/ ~3 r

./d ).

,;:, C,.)

-I-

(C4 ' ./J;J ~)

O /~

( ':;>0

(/. .:, . -;)

c)

( C:;.Q

(:::~

y

Cl

•./r6

1'.7 7 t

"J

"

)

/J.

-

-----------------------------------~ ...­

-~-

/ 0

/./:t..,.-

&:!- ) .l

/7':::;-' ". V

y

'7'~ ':-

-

~ ---Ir f-)..---c ~ -

'

/ 9-::­

t'

r:dJ

/ .. u

<::c .

0' )'. "

/

1</

Y

I

1

-:..J.

.l..!,"J

tJ(J

~

1),-,

J

/ . / , .. L

,

&,

/ '-r., "',

r~I _~

?L."C

;)

! "':-J

JU

"

_I '" d.J;

U

I

J

C'(J

j

/

<J,

Y

)

uo Cl

. . r,

1~3"

f7 ••;

:J

r({7

~.7 f

:>9 \J

d,6

-~

4. ~ -.-.3 ?'"':..

'i> /!:

1- ~q,

0

171 8 .,0 I tJ, ... "

(rio 5' ID~

~,too I

~t

{~

0

~

~\.l

"',1 , 0

(P1I)ot)

--' 0,"6 '-'

-f . 3-:..0.) ,

f~u u

'}

C'r I 7 cl'()R

L;

.'''/ '"'

I

C.(,-'

cJ

/ f'1

C.o

b " (;.1-:":'

;.~o

'3/ -:A~7 -

~

5 1...

)

0.7:-

:)

oJ <J

r

,/ o.J

~',

(

/-/, ;11.. d

.,

)

~

oJ ..J

; -/~"

c.J..u~

;;

/~,

p.f'

/

£

b _

~

I

-f I

I

,~(I

@)

-足 -

/

( 0) /

x

--/

;

- rT17T xI"') -.

-----

-- - - - - -

/ / ./ ~ --­

( /

,

.....

1

~

..-'

Jr -

_1

c:..

?

,/ ,,.-/

..... .-7J

....

/''''

,

'I.

I

ri

,/

.r-. .;

~.

/0

"7?/'- r'

/ "

/ .­

~

.P

,.

.,- r

/

/

..

/'"

"'".,

,,-~

~

/-

/1

r ... · ,...1

/ (

I 7

r

,

,,, "'~

".

r

",. ....... roo

." .. .../.:; '

.

. l77/T v.

/ -=-£

,-';t;

!'l,,,~

-r:,; / 7" : /

.,

~ I ...

A A - -'r /

A-

,yll

\

/r?..c -

E

---

F

c.

)

~~

. £~

,.

/",

7 ,,0(.'

:?o

CO

•

..12

/

/.;

...

. .~ c.' I

/.;:.".c

....:r /

/ 7 0 , <4 .J

I

/,;:./c." .. , __

) :D

I

'­

/'" . 0/6

//.:;; C1aO

),)

,",-v-/f!"

.-,

/

/

,7'

//

~

v. ' ..,'

~

E ~Q?--;e-

I'

-p

i

<'"

,,~

. "'.J

X

/='

_____-..:...5. /.::.~_..:.,....::9o=---------..;/ ~ 7- 7 <Po ----.. -' . t"

.

4.:::'

=>-

CJ

0

/

..,

/

.-<,0

D

70 #:"'6

~

"'"

9Q "

~

/::5: oj 'l> ~

/ / -t­ \.

........

....

~J

/..:-I

,r,!

'-'

",0

Q

... ..:'.. . -:;. 9"

/ .:5"C>" 0 0 {)

.

()

.;2 0 . 0 ~J '-'0

-----..

Y.

/ CJ

.:"C"O

" 0

<:.;

;?j

-------------;:20 ·0

-I"

,.J. /

co' A

"/

~ 'l '

~

J.J.

--'

r

"

.

,

-

'/.­

I

::.- r::.1''' (,; , . -'

""'a.,

cr,ls:.r.ho

?J E

/'.

<V.

,;J

t

.::;; /c· :'

e,F·,. . . " 2_)

o.~...-;;

-' t:. ,

,... ..J""t./7

J

" 7 . _ 'P,

G" '>

..,A" I

I

,,.1./

Ike ,

I

(C ;r' /'. t..,

7

r • . ~,~ ,1

,

L

~ :. )

/(

/

~

~";..; ;

./-.) /

..

,

j

~-

"CO

... c

J(

2.'

t>

/

If I~

.

,

.:;

" ",. 0

'I

-

::~ ,Y

-.

~

.f

'

.

,

1­

,' -(

I

---,

7"'-" -.17 I':J /

~.

1-S~/7D

J/

.)

7

'l,..-,I

,L.

/,'-­

..

1-'

I

·0

I

I

_ 1

j

I

,.. -.Ii ..)

J

• I

./0<.I _f I

1,­

..? /,.

f

L

< ~~ "?

',I

/

c

I

I

/ Ct., . .,. ~,.

-

~ / / ---

oJ '" , c

足

-

o.

-,

~. ~

l! 1/

r",,,,.;/ .::'rI ~

!>/

~

.V 1/1

7_

::/ 3

_./

/

/

~/~ /

I

7J0c..""

7"/-足

/ "

/ ,

~7'

/

~.-'-

)

-'

.

J

/

' .

,.. ,­

',,: '

/

-

. t ....r ·

,

/.~,/; . , : " "

11 111 1::"

-7T7i

, !~

"

,

/7

/-4

,

,. ' I",f

/

:

//_

; !~". ,~/ . 7

.'-'._ ~

-,..

~

,.;0-£ t! .

r

~

..;

~'J

'I c

0

,

.

....=- 70 "

(i .

/ 7

.r'

, .-r /

.;

, ../ )

/

'--­ .. ~ . , " ... 1,)

- ..--

/-/

,.

~

~')

/a

;

k.

I

I

~

/1'·(. ;. 4 1:. (" =-,

Y-. /

/ 0000 f

- - "'I

....

/

/

T /I.c.,

K

.~

A

- l) )

.,

'"I

y -

~'f/..f

1 7 '1,

C". /I ~

ad c.) ,

a

0

d . / 5':­

------------------------~--~--------------.-------------------------------------------I v; /-1 -77: .J (1<)/i) o -1"3-­ -t .!7(j G ( . ./ w);-­ /'-/ J

I

-/.::

0

p Q

,

~,;

, ,r

0·-

r-;:

/ 24

....

K~

,'n ., ,.

,

.-

/:.

C7>fI'/

.

0/, ,,(~ ,.-S) .)

'/

/

• 1'1 +'0 .)

;>"

C~

.

) /<.J c.

3700

,

)

. 7 / .... '"

,/ . f/ ",-­ I

/ 9 ....... '" -

3/)....

.::: / 0 --.:;;

/

~

- - : : . /. .,£q

)...-­

./~~

.-/ --0/: / IX·. -- /, /F /'(\-:::(

------------------------------;;-;,:;,.u.

0

r=-

,

£:

/

, . r;J,-

,

/0

-

L

/

I.) P i/J-r

!y:l;

--

/ () ~)

..,If/ '

S 3 777

::

s ~~,

f

'

-----_ .../' I

- .. ,

...,

x

.' .

I '-~<.'

.cJ' .

'------­

..

,.

"

/'

"

, ~/ /

.0

I

/71

.;;,. 7

'S.f::.

,07 7 7

I

. .

t'3,L

(

;1

./7 ., )

-­

'

,- ~~

o~.;..:

2-- .p~ -=.

f:(J /</ -P.

~

7J

...

' -'

­

7

/0

.. ""'" ;t:: > we!

,. /

t- o;,

v . , 6-;Y­

?oo

l(oo c)<O' · / 0

...,

..

?~ 00 . X ~ , OS -'..

.... -.

,0"': / -

6 0

__I C

I)

M -f- 0 .0 5'"

-

o.

I~I d

id :!

IL

J-.d,

~ .. o

40 0

.

~.;)

i' ' 0

// 0 0 ;';-0

/ 0 0

1 0

~,

"t

.!)

/

-ro d e

\ r-.-,' '.'

r·.. I),\

~ ~'

\.

'-l I"

\)

" " ~

,-,

c ·

"

\'

~

~ ~ .

0

\. .t,

\~~,

>

'I

l)

I>

I:>.

,

...

\

"

~

".

~ .

k'

\,) ( l,' I'­ '\. . ', t

::

'

~

~

I'

"-

! ~,

~

l,\

'"

:~

1\ :<>

,;\ '~

~"

~

' .

,,\, ~

.'\

~

')'J ~J t;)

()

~

~ :.1

It

.>

--/'"

\

~ '0,

-{. (,

~tl

~

~

?~ ~

'..I

'..:

~'_I

3'. (lo

.

\.

'1

{ \.

'­

"

"

~d '\~

~l

\ 1\

~~

\,

'~l

~ l

1\

~\

\,

'I

t

0'

1\

t. t - , / \ c

.

I~

\

~.

C'J

:'-

\

'-J

~

"

(j

\

'!

"

, .:

\~

~ \

\

~

'\

,, "­

~ ~

\

i

'.

),

. ;\

\

~ ~\

o r..

Co

.

/' ~

l"

"-

~

,t.)

(

...;:

..

t

a

o\

C

...."\

, ~ -

~ ~-

~

6

V

~-=h

~ ~ ~

\tJ

";....

'.>

" ~

,

,'I, r.:

c

.J

'-~ '-".

"

.~

IJ

i

c\

~

r~

L

\'

~

\

~/'I., ,

"'"

'"" :" <' '{:-!

'~1

'I

lo

.'

~

,..~

'"

II)

l\

1

'\

I!. :. I{

" .1

o

It·

~:~ ~.

...

~

,

'J ,

"

\,

l

I\.

l~

(\

...... \i

\)

~, WI ,\

\

1\ j\

~

.~

\

\

~

~ I

'.

)-'

t

"

~

\)

~l

\

.

"" t ~'- '

"

t}

I

\

~\ ~ [~ ~ \ '" ~ t:

Irl

I.

"

" .

.

•

.~.

,\ 'i

I.

i" '\ I~

,-"

\!\

r

~ \ ~ V > "­ ~

\- '

r­ ~ ~ " t· "­

'\

.. '

\

....

" ,"

~

1'1

~'

•

'

I'

\

",

"I

~

"

\

o

:--..

HI

,. ' ,I

., ~

-.

1

C

. '1.

c

""l::.. C C

~

~

U

...,

1,\

I.

,"

t'

Do

.,

.

-L

:::tv

~

i >- j

\.

'f

,t

"..

~

r­

\'

;"

"

\..,

.~ ~

"')

~\. ~

j

'\

" 'I

" 1\

....

.... . .

<>

;j, 'f

'\ 3

...'I:> i:.,'

~ ~ "­ {I , ",\:. C~ ~ ... \, ~ V-- r. o c ~ ~

~

(.

~

l.:'> --0

~,

"

C

~

o

I.J

o

,"1

"."

•nrl j)

'\\'

,

,

~[, ~ t '\ HI

~ ~~~\ ~ .,., \) ­ ~ \.~

\ \"

/'.-.:

~

I

~

I

';V'

./c,'

Ci

­

....

· 7

/

/

'I

/

i./~.--1

:/

-

I

~ 7X

A

~t

~r

'R/'/7~~ 'A/

j

/ 0 n~1 '-

~\~

/~.c,

J

~ J ~ \p

r ."oJ

;, , .; f"r ~ ~

I"

I.}

E Jc -"'~-rl

/d - 7 '

;I

­

L.. ~

{

I

'7

C> !,./ /''/0/' -;'"71'1'

,7

I

c.:~/

I I -/ /

.­

£/ / / /. r , ,-»/

/ ., '"

,/

.-.!/-

---L I -- -

. ;./ .".....

-'

~

/

-­

o!-