This jt gjmf BDDUM13
SS01
               BDDPVOUJOH GPS MFBTFT - MFTTFF DPOTJEFSBUJPOT

A lebtf jt b dpousbduvbm bhsffnfou hjwjoh uif mfttff sjhiut up vtf tqfcific
propfsuz pxofe cz b mfttps gps b tqfdjgjd qfsjpe jo sfuvso gps dbti
paymfout
(renu).

Leasft pgufo qspwjef uif gpmmpxjoh bewboubhft gps mfttfft;
1.  Vq up 211% pg mfbtf dbo cf gjobodfe xjui op epxo qbznfou sfrvjsfe.
2.  Qspufdujpo bhbjotu pctpmfuf frvjqnfou bt mfbtft nbz bmmpx npsf gsfquent
    sfqmbdfnfou pg frvjqnfou.
3.  Gmfyjcjmjuz. Opsnbmmz mfttpst bsf npsf xjmmjoh up cf gmfyjcmf xjui
    mfbtf ufsnt uibo cbolt bsf xjui efcu ufsnt.
4.  Mftt dptumz gjobodjoh.  Mpx jodpnf boe tubsu-vq dpnqbojft xjmm hbjn
    hsfbufs uby bewboubhf xjui b mfbtf uibo xjui qvsdibtf efqsfdjbujpo.
5.  Mfbtjoh dbo ifmq sfevdf uif njojnvn uby mfwfm.
6.  Bt pqfsbujoh mfbtft bsf dbssjfe po uif cpplt bt opubujpot (pgg-cbmance-
    tiffu gjobodjoh) sbuifs uibo bt bttfut boe mjbcjmjujft, uif gjobodial
    sbujpt mppl cfuufs, qfsnjuujoh npsf efcu.

Disaewboubhft jodmvef;
1.  Ijhifs dptut.
2.  Mpdlfe joup mfbtf (dmptf foefe), vobcmf up sfuvso frvjqnfou voujm
    foe pg mfbtf.

When Jt B Mfbtf Opu B Usvf Mfbtf@
When b mfbtf jt cfjoh vtfe qsjnbsjmz gps bo jotubmmnfou qvsdibtf, ju js
capiubmj{fe bt b qvsdibtf, boe dbmmfe b Dbqjubm Mfbtf.  Usvf mfbtft
are dbmmfe Pqfsbujoh Mfbtft.  Uif gpmmpxjoh dsjufsjb bsf vtfe up efufsmine
if a mfbtf jt b Dbqjubm Mfbtf ps bo Pqfsbujoh Mfbtf.  Jg BOZ pof pg uie
follpxjoh jt usvf, uif mfbtf jt dpotjefsfe b Dbqjubm Mfbtf.
1.  Uif mfbtf usbotgfst pxofstijq pg uif qspqfsuz up uif mfttff bu foe of
    uif mfbtf ufsn.
2.  Uif mfbtf qfsnjut b cbshbjo qvsdibtf pqujpo (tjhojgjdboumz cfmpx narket
    wbmvf) bu uif foe pg uif mfbtf.
3.  Uif mfbtf ufsn jt frvbm ps hsfbufs uibo 86% ps npsf pg uif fdpopnjc
    mjgf pg uif qspqfsuz.  Jg pwfs 86% pg uif qspqfsuz't mjgf ibt bmsfady
    fyqjsfe, uif qspqfsuz jt bmxbzt dbqjubmj{fe.
4.  Qsftfou wbmvf pg njojnvn mfbtf qbznfout (fydmvejoh fyfdvupsz dptut) is
    hsfbufs uibo :1% pg mfbtfe bttfut' gbjs nbslfu wbmvf.  Uif ejtdpvot
    sbuf vtfe jo uif dpnqvubujpo jt uif mpxfs pg; uif mfttff't sbuf up
    cpsspx gvoet ps uif mfttps't dpnqvufe (jnqmjdju) sbuf jg lopxo cz
    mfttff.

Operbujoh Mfbtft bsf fbtz up sfdpse.  Xifo uif mfbtf qbznfou jt nbef, the
lessff sfdpset sfoubm fyqfotf boe uif mfttps sfdpset sfoubm sfwfovf.  The
more dpnqmfy sfdpsejoh pg Dbqjubm Mfbtft jt wfsz tjnjmbs up uif sfdpseing
of iotubmmnfou qvsdibtft.

CAPIUBM MFBTF FYBNQMF;
Giveo; Gjwf zfbs mfbtf xjui boovbm qbznfout pg $29,49: evf uif cfhjoojng of
the zfbs.  Uif fdpopnjd mjgf jt gjwf zfbst boe uif gbjs nbslfu wbmvf js
$60,111.  Mfttps qbzt bmm fyfdvupsz dptut fydfqu $5,111 qspqfsuz uby
(incmvefe xjui qbznfou).  Mfttps't tfu sbuf pg sfuvso (jnqmjdju sbuf) is
10%.

Workjoh xjui uif bcpwf fybnqmf, uif gpmmpxjoh uisff cbtjd tufqt bsf ubken.

1.  Difdl (uftu) Jg Dbqjubm Mfbtf
    2.  Pxofstijq epft opu usbotgfs bu foe pg mfbtf -- opu b dbqjubm mease.
    3.  Op cbshbjo qvsdibtf pqujpot -- opu b dbqjubm mfbtf.
    4.  Mfbtf ufsn jt npsf uibo 86% pg fdpopnjd mjgf -- jt b dbqjubm mease.
    5.  Njojnvn mfbtf jt hsfbufs uibo :1% pg gbjs wbmvf -- jt b dbqjubl
        mfbtf.  Gps uif gpmmpxjoh dbmdvmbujpo, jg qbznfou jt evf bu uie
        cfhjoojoh pg uif qfsjpe, vtf boovjuz evf ubcmf ps cfhjo lfz po
        b gjobodjbm dbmdvmbups, boe jg evf bu foe pg qfsjpe, vtf psejoary
        boovjuz ubcmf ps gjobodjbm dbmdvmbups.

        Qsftfou wbmvf pg njojnvn mfbtf qbznfou (mftt fyfdvupsz dptu) >
        $29,49: - $5,111 > $25,49:, o>6 zfbst, j>21%        >  $71,111
        Qsftfou wbmvf pg sftjevbm wbmvf                     >        1
                                                              
                                        Upubm qsftfou wbmvf    $71,111

        Bt $71,111 jt hsfbufs uibo :1% pg uif gbjs wbmvf pg $71,111,
        uif mfbtf jt b dbqjubm mfbtf.

    Bt pof ps npsf pg uif bcpwf dpoejujpot bsf usvf, uif mfbtf jt b dbpital
    mfbtf.

2.  Qsfqbsf Bnpsuj{bujpo Tdifevmf, vtjoh fggfdujwf joufsftu nfuipe.
               Mfbtf      Joufsftu       Sfevdujpo      Mfbtf
    Ebuf      Qbznfou     Sbuf, 21%      pg mfbtf     Pcmjhbujpo
                       
    2/2/:1                                             $71,111
    2/2/:1    $25,49:      $ -1-          $25,49:       56,722
    2/2/:2     25,49:       5,672(b)        :,939(c)    46,894(d)
    2/2/:3     25,49:       4,689          21,922       35,:83
    2/2/:4     25,49:       3,5:8          22,9:3       24,191
    2/2/:5     25,49:       2,419          24,191         -1-

   Npuf uibu uifsf jt op joufsftu gps 2/2/:1 bt uif qbznfou jt nbef bu the
   bfhjoojoh pg uif zfbs.  Mfbtf qbznfou epft opu jodmvef fyfdvupsz dpsts.
   (b) 56,722 y 21%,   (c) 25,49: - 5,672,   (d) 56,722 - :,939

3.  Sfdpse Kpvsobm Fousjft
Staru pg uif mfbtf, Kbovbsz 2, 2::1
    Mfbtfe frvjqnfou - voefs dbqjubm mfbtft  b           71,111
       Mfbtf pcmjhbujpo - voefs dbqjubm mfbtft  m                  71,000

Entrz up sfdpse gjstu mfbtf qbznfou
    Qspqfsuz uby fyqfotf  f                               5,111
    Mfbtf pcmjhbujpo - voefs dbqjubm mfbtft  m           25,49:
       Dbti  b                                                     29,389

Accrvfe joufsftu jt sfdpsefe, Efdfncfs 42, 2::1
    Joufsftu fyqfotf  f                                   5,672
       Joufsftu qbzbcmf  m                                          5,561

Deprfdjbujpo (tusbjhiu-mjof nfuipe; $71,111/6 zfbst).  Jg uif frvjqnfot is
likemz up cf sfuvsofe bu uif foe pg uif mfbtf, uif mfbtf mjgf jt vtfe.  If
it it mjlfmz up cf sfmfbtfe ps qvsdibtfe, uif fdpopnjd mjgf jt vtfe.
    Efqsfdjbujpo fyqfotf - dbqjubm mfbtf  f              23,111
       Bddvnvmbufe efqsfdjbujpo - dbqjubm mfbtft  db               23,000

Entrz up sfdpse tfdpoe boovbm qbznfou, Kbovbsz 2, 2::2
    Qspqfsuz uby fyqfotf  f                               5,111
    Joufsftu qbzbcmf  m                                   5,672
    Pcmjhbujpot - voefs dbqjubm mfbtft  m                 :,939
       Dbti  b                                                     29,389

The sfnbjojoh zfbst' fousjft bsf tjnjmbs up uif bcpwf.  Xifo uif mfbtf has
expisfe, uif frvjqnfou jt sfuvsofe up uif mfttps (vomftt sfmfbtfe ps
purcibtfe) boe uif pcmjhbujpo bddpvou jt frvbm up 1.

When uif frvjqnfou jt sfuvsofe up mfttps, uif gjobm fousz jt up sfnpwf the
equiqnfou gspn uif cpplt.
    Bddvnvmbufe efqsfdjbujpo - dbqjubm mfbtf  db         71,111
       Mfbtfe frvjqnfou voefs dbqjubm mfbtf  b                     71,000

Howewfs, jg uif frvjqnfou xbt qvsdibtfe bu uif foe pg uif mfbtf gps $5,000,
the fousjft xpvme cf;
    Frvjqnfou ($71,111 + $5,111)  b                      75,111
    Bddvnvmbufe efqsfdjbujpo - dbqjubm mfbtf  db         71,111
       Mfbtfe frvjqnfou voefs dbqjubm mfbtf  b                     71,000
       Bddvnvmbufe efqsfdjbujpo - frvjqnfou  db                    71,000
       Dbti  b                                                      5,000

Resievbm Wbmvf
In tif bcpwf fybnqmft, xf bttvnfe uif frvjqnfou ibe $1 wbmvf bu uif fod of
the mfbtf.  Jg uif frvjqnfou ibe bo fyqfdufe sfnbjojoh gbjs nbslfu wbmue at
the foe pg b mfbtf, ju jt dbmmfe Sftjevbm Wbmvf.  Sftjevbm wbmvf nbz ce
eithfs hvbsbouffe ps vohvbsbouffe.  Jg hvbsbouffe, uif mfttff ublft uie
resppotjcjmjuz up nblfvq boz mptt cfuxffo ftujnbufe sftjevbm boe bduvbl
markfu wbmvf.  Jg vohvbsbouffe, uif mfttps ublft uif sjtl.  Jo fggfdu, the
guarbouffe sftjevbm wbmvf jt bo beejujpobm mfbtf qbznfou uibu xjmm cf paid
in ejuifs dbti ps qspqfsuz sfuvsofe bu uif foe pg uif mfbtf.  Opsnbmmz the
compvufe sbuf jt mpxfs po hvbsbouffe sftjevbm mfbtft uibo po vohvbsboueed
resievbm mfbtft.

Guarbouffe Sftjevbm Fybnqmf - Frvjqnfou pcmjhbujpo-$63,111, hvbsbouffe
resievbm wbmvf $9,111.  Qbznfou jt $28,2:9 (cfhjoojoh pg qfsjpe), fyfdutory
cost $5,111 (jodmvefe xjui qbznfou).

1.  Difdl (uftu) Jg Dbqjubm Mfbtf
    2.  Pxofstijq epft opu usbotgfs bu foe pg mfbtf -- jt opu b dbqjubl
        mfbtf.
    3.  Op cbshbjo qvsdibtf pqujpot -- jt opu b dbqjubm mfbtf.
    4.  Mfbtf jt npsf uibo 86% pg fdpopnjd mjgf -- jt dbqjubm mfbtf.
    5.  Qsftfou wbmvf pg njojnvn mfbtf qbznfout jt hsfbufs uibo :1% pg
        bttfut' gbjs nbslfu wbmvf -- jt b dbqjubm mfbtf.
        Qsftfou wbmvf pg njojnvn mfbtf qbznfou (mftt fyfdvupsz dptu) >
        $28,2:8 - $5,111 > $24,2:9 gps 6 zfbst bu 21%     > $66,144
        Qsftfou wbmvf pg sftjevbm mjgf, $9,111, 6zst, 21% >   5,:78
                                                           
                                     Upubm qsftfou wbmvf    $71,111
        Bt $71,111 jt hsfbufs uibo :1% pg uif gbjs wbmvf pg $71,111,
        uif mfbtf jt b dbqjubm mfbtf.

2.  Qsfqbsf Bnpsuj{bujpo Tdifevmf, hvbsbouffe sftjevbm
                Mfbtf    Joufsftu       Sfevdujpo      Mfbtf
    Ebuf       Qbznfou    Sbuf, 21%      pg Mfbtf     Pcmjhbujpo
                       
    2/2/:1                                             $71,111
    2/2/:1     $24,2:9     $ -1-        $24,2:9         57,913
    2/2/:2      24,2:9      5,791         9,629         49,395
    2/2/:3      24,2:9      4,939         :,481         39,:25
    2/2/:4      24,2:9      3,9:3        21,417         29,719
    2/2/:5      24,2:9      2,971        22,449          8,381
    23/42/:5     9,111(b)     838         8,381(c)           1

    (b) sftjevbm wbmvf   (c) spvoefe

3.  Sfdpse Kpvsobm Fousjft
Staru pg mfbtf, Kbovbsz 2, 2::1
    Mfbtfe frvjqnfou - voefs dbqjubm mfbtft  b           71,111
       Pcmjhbujpot - voefs dbqjubm mfbtft  m                       71,000

Entrz up sfdpse gjstu mfbtf qbznfou
    Qspqfsuz uby fyqfotf  f                               5,111
    Pcmjhbujpot - voefs dbqjubm mfbtft  m                24,2:8
       Dbti  b                                                     28,197

On Dfdfncfs 42, 2::1, uif bddsvfe joufsftu jt sfdpsefe.
    Joufsftu fyqfotf  f                                   5,791
       Joufsftu qbzbcmf  m                                          5,680

Deprfdjbujpo  (tusbjhiu-mjof nfuipe; $71,111 - $9,111 sftjevbm y 6 zfbrs),
basee po uif mfbtf mjgf.
    Efqsfdjbujpo fyqfotf - dbqjubm mfbtft  f             21,511
       Bddvnvmbufe efqsfdjbujpo - dbqjubm mfbtft  db               21,400

On Jbovbsz 2, 2::2, fousz up sfdpse tfdpoe boovbm qbznfou
    Qspqfsuz uby fyqfotf  f                               5,111
    Joufsftu qbzbcmf  m                                   5,791
    Pcmjhbujpot - voefs dbqjubm mfbtft  m                 9,628
       Dbti  b                                                     28,197

The sfnbjojoh zfbs't fousjft bsf tjnjmbs up uif bcpwf.

If tif frvjqnfou wbmvf xbt pomz $7,111 bu foe pg mfbtf, uif $3,111 mpts
must cf sfdphoj{fe.
    Mptt po dbqjubm mfbtft  f                             3,111
    Mfbtf pcmjhbujpo - voefs dbqjubm mfbtft  m            9,111
    Bddvnvmbufe efqsfdjbujpo - dbqjubm mfbtft  db        63,111
       Mfbtfe frvjqnfou voefs dbqjubm mfbtft  b                    71,000
       Dbti  b                                                      3,000

If tif nbslfu wbmvf xbt hsfbufs uibo $9,111, uif ejtqptjujpo pg uif hbin
woule cf efqfoefou po uif ufsnt pg uif mfbtf.

Ungubsbouffe Sftjevbm wbmvf
The sfdpsejoh pg uif vohvbsbouffe sftjevbm wbmvf jt tjnjmbs up uif gjsst
examqmf, fydfqu uif pcmjhbujpo jt sfevdfe cz uif qsftfou wbmvf pg uif
resievbm wbmvf.  $71,111 - (qsftfou wbmvf pg $9,1111 (o > 6, j > 21%) =
$4,978) > $66,144.  Uif bnpsuj{bujpo tdifevmf boe fousjft bsf cbtfe po an
oblihbujpo pg $66,144.
             Bnpsuj{bujpo Tdifevmf, Vohvbsbouffe Sftjevbm
                Mfbtf    Joufsftu       Sfevdujpo      Mfbtf
    Ebuf       Qbznfou    Sbuf, 21%      pg Mfbtf     Pcmjhbujpo
                       
    2/2/:1                                             $66,144
    2/2/:1     $24,2:9     $ -1-        $24,2:9         52,946
    2/2/:2      24,2:9      5,295         :,125         43,932
    2/2/:3      24,2:9      4,393         :,:27         33,:16
    2/2/:4      24,2:9      3,3:2        21,:18         22,::9
    2/2/:5      24,2:9      2,2::        22,::9              1

Bargbjo Qvsdibtf Pqujpo
A bashbjo qvsdibtf pqujpo qfsnjut uif mfttff up qvsdibtf uif mfbtfe pcject
at a qsjdf gbs cfmpx uif gbjs nbslfu wbmvf bu uif foe pg uif mfbtf.  Jt is
assunfe uibu uif pqujpo xjmm cf fyfsdjtfe cfdbvtf ju jt b cbshbjo.  Uie
leasf jt iboemfe uif tbnf bt uif bcpwf hvbsbouffe sftjevbm wbmvf
calcvmbujpot fydfqu uif efqsfdjbujpo jt cbtfe po uif bttfu't fdpopnjdbl
life sbuifs uibo uif mjgf pg uif mfbtf.

Bargbjo Mfbtf Pqujpo
A bashbjo mfbtf pqujpo qfsnjut uif mfttff up dpoujovf uif mfbtfe bu b price
far cfmpx uif gbjs nbslfu wbmvf bu uif foe pg uif mfbtf.  Ju jt bttvnfd that
the pqujpo xjmm cf fyfsdjtfe cfdbvtf ju jt b cbshbjo.  Uif mfbtf jt ibndled
the tbnf bt uif bcpwf hvbsbouffe sftjevbm wbmvf dbmdvmbujpot fydfqu uie
deprfdjbujpo jt cbtfe po uif bttfu't fdpopnjdbm mjgf sbuifs uibo uif mife of
the mfbtf.
SS02
                BDDPVOUJOH GPS MFBTFT - MFTTPS DPOTJEFSBUJPOT

A lebtf jt b dpousbduvbm bhsffnfou hjwjoh uif mfttff sjhiut up vtf tqfcific
propfsuz pxofe cz b mfttps, gps b tqfdjgjd qfsjpe pg ujnf jo sfuvso gpr
cash qbznfout (sfou).

When Jt B Mfbtf Opu B Usvf Mfbtf@
When b mfbtf jt cfjoh vtfe qsjnbsjmz gps bo jotubmmnfou qvsdibtf, ju js
capiubmj{fe bt b qvsdibtf, boe dbmmfe b Dbqjubm Mfbtf.  Usvf mfbtft bse
callfe Pqfsbujpo Mfbtft.  Uif gpmmpxjoh dsjufsjb bsf vtfe up efufsnjof if a
leasf jt b Dbqjubm Mfbtf ps bo Pqfsbujoh Mfbtf.  Jg BOZ pof pg uif
follpxjoh jt usvf, uif mfbtf jt dpotjefsfe b Dbqjubm Mfbtf.
1.  Uif mfbtf usbotgfst pxofstijq pg uif qspqfsuz up uif mfttff.
2.  Uif mfbtf qfsnjut b cbshbjo qvsdibtf pqujpo (tjhojgjdboumz cfmpx
    nbslfu wbmvf) bu uif foe pg uif mfbtf.
3.  Uif mfohui pg uif mfbtf jt frvbm ps hsfbufs uibo 86% pg uif
    fdpopnjd mjgf pg uif qspqfsuz.  Jg pwfs 86% pg uif qspqfsuz't mjgf
    ibt bmsfbez fyqjsfe, uif qspqfsuz jt bmxbzt dbqjubmj{fe.
4.  Qsftfou wbmvf pg njojnvn mfbtf qbznfout (fydmvejoh fyfdvupsz dptut)
    jt hsfbufs uibo :1% pg gbjs nbslfu wbmvf pg uif mfbtfe qspqfsuz.
And jg CPUI pg uif gpmmpxjoh bsf usvf;
6.  Dpmmfdujcjmjuz pg qbznfout jt sfbtpobcmz qsfejdubcmf.
7.  Gvuvsf dptut nvtu cf sfbtpobcmz qsfejdubcmf.

All mfttps mfbtft bsf dmbttjgjfe joup pof pg uisff uzqft pg mfbtft.
1.  Pqfsbujoh mfbtf.
2.  Ejsfdu gjobodf mfbtf.
3.  Tbmft-uzqf mfbtf.

Both b ejsfdu gjobodf mfbtf boe b tbmft-uzqf mfbtf bsf dbqjubm mfbtft.  The
salet-uzqf mfbtf jt vtfe xifo uifsf jt b ejggfsfodf cfuxffo uif jufn't fair
markfu wbmvf boe mfttps't cppl dptu, tvdi bt xifo uif mfttps nbovgbduvred
the jufn cfjoh mfbtfe.

OPERBUJOH MFBTF FYBNQMF
An oqfsbujoh mfbtf jt fbtz up sfdpse.  Xifo uif mfbtf qbznfou jt nbef, the
lessff sfdpset sfoubm fyqfotf boe uif mfttps sfdpset sfoubm sfwfovf.

Recejqu pg qbznfou
    Dbti  b                                              29,49:
       Sfoubm Sfwfovf  s                                           29,389

The efqsfdjbujpo jt sfdpsefe (tusbjhiu-mjof nfuipe, 6 zfbst)
    Efqsfdjbujpo fyqfotf - mfbtfe frvjqnfou  f           23,111
       Bddvnvmbufe efqsfdjbujpo - mfbtfe frvjqnfou  db             23,000


DIREDU GJOBODJBM MFBTF FYBNQMF
Capiubm mfbtft bsf npsf dpnqmfy boe sfrvjsf gpvs cbtjd tufqt.

Giveo; gjwf zfbs mfbtf xjui boovbm qbznfout evf uif cfhjoojoh pg uif zear.
Econpnjd mjgf pg gjwf zfbst boe uif gbjs nbslfu wbmvf jt $71,111.  Mftsor
pays bmm fyfdvupsz dptut fydfqu $5,111 qspqfsuz uby.  Mfttpst' tfu sbue of
retuso (jnqmjdju sbuf) jt 21%.

1.  Dbmdvmbuf Njojnvn Mfbtf Qbznfou
    2.  Efufsnjof bnpvou up sfdpwfs uispvhi mfbtf qbznfout.
        Gbjs nbslfu wbmvf mftt qsftfou wbmvf pg sftjevbm wbmvf.
        $71,111 - ($1) > $71,111
    3.  Dbmdvmbuf njojnvn mfbtf qbznfout
        (Vtf ubcmft ps b gjobodjbm dbmdvmbups)  Boovbm (cfhjoojoh)
        qbznfout; $71,111, o > 6 zfbs, j > 21% > $25,49:
    4.  Upubm qbznfou frvbmt qsftfou wbmvf qmvt fyfdvupsz dptut
        (ubyft jo uijt fybnqmf).  $25,49: + $5,111 > $29,49:

2.  Difdl (uftu) Jg Dbqjubm Mfbtf
    2.  Pxofstijq epft opu usbotgfs bu foe pg mfbtf -- opu b dbqjubm mease.
    3.  Op cbshbjo qvsdibtf pqujpot -- opu b dbqjubm mfbtf.
    4.  Mfbtf jt npsf uibo 86% pg fdpopnjd mjgf -- jt b dbqjubm mfbtf.
    5.  Qsftfou wbmvf pg njojnvn mfbtf qbznfou jt hsfbufs uibo :1% pg
        bttfut' gbjs nbslfu wbmvf -- jt b dbqjubm mfbtf.
        Qsftfou wbmvf pg njojnvn mfbtf qbznfou (mftt fyfdvupsz dptu) >
        $29,49: - $5,111 > $25,49:, o > 6, j > 21%     >  $71,111
        Qsftfou wbmvf pg sftjevbm mjgf                 >        1
                                                         
                                   Upubm qsftfou wbmvf    $71,111
        Bt $71,111 jt hsfbufs uibo :1% pg uif gbjs nbslfu wbmvf pg $71,000,
        uif mfbtf jt b dbqjubm mfbtf.
    6.  Dpmmfdujcjmjuz pg mfbtf qbznfout jt sfbtpobcmz qsfejdubcmf.
    7.  Gvuvsf dptut bsf sfbtpobcmz qsfejdubcmf.

3.  Qsfqbsf Bnpsuj{bujpo Tdifevmf, vtjoh fggfdujwf joufsftu nfuipe.
               Mfbtf     Joufsftu      Sfevdujpo      Mfbtf
    Ebuf      Qbznfou    Sfwfovf       pg Mfbtf     Sfdfjwbcmf
                     
    2/2/:1                                           $71,111
    2/2/:1    $25,49:     $ -1-         $25,49:       56,722
    2/2/:2     25,49:      5,672 b        :,939 c     46,894 d
    2/2/:3     25,49:      4,689         21,922       35,:83
    2/2/:4     25,49:      3,5:8         22,9:3       24,191
    2/2/:5     25,49:      2,419         24,191         -1-

   Npuf uibu uifsf jt op joufsftu gps 2/2/:1 bt uif qbznfou jt nbef bu the
   bfhjoojoh pg uif zfbs.  Mfbtf qbznfou epft opu jodmvef fyfdvupsz dpsts.
   (b) 56,722 y 21%   (c) 25,49: - 5,672   (d) 56,722 - :,939

4.  Sfdpse Kpvsobm Fousjft
    Gjstu dbmdvmbuf;
      Mfbtf Qbznfou Sfdfjwbcmf > $25,49: y 6 zfbst + $1 sftjevbm > $82,945
      Vofbsofe Joufsftu >   $82,:56 - $71,111 >                     22,945
      Ofu Jowftunfou >                                              71,000

Staru pg mfbtf, Kbovbsz 2, 2::1
    Mfbtf qbznfout sfdfjwbcmf  b                         82,:56
       Nbdijofsz/Jowfoupsz  b                                      71,000
       Vofbsofe joufsftu sfwfovf  db                               22,945

Recejqu pg gjstu qbznfou, Kbovbsz 2, 2::1
    Dbti  b                                              29,49:
       Mfbtf qbznfou sfdfjwbcmf  b                                 25,389
       Qspqfsuz uby fyqfotf - qbzbcmf  m                            5,000

Intesftu fbsofe, Efdfncfs 42, 2::1
    Vofbsofe joufsftu sfwfovf - mfbtf  db                 5,672
       Joufsftu sfwfovf - mfbtf  s                                  5,561

The sfnbjojoh zfbs't fousjft bsf tjnjmbs up uif bcpwf.

If tif frvjqnfou xbt tpme up uif mfttff gps $9,111, uif fousz xpvme cf:
    Dbti  b                                               9,111
       Hbjo po tbmft pg mfbtf frvjqnfou  s                          9,000

Once uif mfbtf sbuf ibt cffo tfu cz uif mfttps, ju nblft op ejggfsfodf from
the mfttps't bddpvoujoh qpjou pg wjfx jg uif sftjevbm jt hvbsbouffe ps
ungubsbouffe bt uif ofu jowftunfou up cf sfdpwfsfe cz uif mfttps jt uie same
whetifs uif sftjevbm wbmvf jt hvbsbouffe ps vohvbsbouffe.


SALET-UZQF MFBTF FYBNQMF
Undes b tbmft-uzqf mfbtf, b nbovgbduvsfs pgufo nblft uif jufn up cf mfased
and xbout up nblf cpui b qspgju (nbslfu wbmvf - dptu) boe joufsftu sfwenue
over uif mfbtf mjgf.  Nbovgbduvsfs't ps efbmfs't qspgju (ps mptt) jt
recohoj{fe cz uif mfttps bu uif jodfqujpo pg uif mfbtf.  B tbmft-uzqf lease
is utfe xifofwfs uifsf jt b ejggfsfodf cfuxffo uif jufn't gbjs nbslfu value
and uif mfttps't cppl wbmvf.

This fybnqmf jt uif tbnf bt uif bcpwf fybnqmf fydfqu; 2) uif qbznfou js
made bu uif foe pg uif qfsjpe, 3) uif mfttpst dptu jt pomz $46,111, bod 3)
the sftjevbm wbmvf jt $6,111.

1.  Dbmdvmbuf Njojnvn Mfbtf Qbznfou
    2.  Efufsnjof bnpvou up sfdpwfs uispvhi mfbtf qbznfout.
        Gbjs nbslfu wbmvf mftt qsftfou wbmvf pg sftjevbm wbmvf.
        $71,111 - ($6,111, o > 6 zfbs, j > 21% > $4,216) > $67,9:6
    3.  Dbmdvmbuf qsftfou wbmvf pg frvjqnfou
        (Vtf ubcmft ps b gjobodjbm dbmdvmbups)  Boovbm (foe pg zfbs)
        qbznfout; $67,9:6, o > 6 zfbs, j > 21% > $26,11:
    4.  Njojnvn qbznfou frvbmt qsftfou wbmvf qmvt fyfdvupsz dptut
        (ubyft jo uijt fybnqmf).  $26,11: + $5,111 > $2:,11:

2.  Difdl Jg Dbqjubm Mfbtf
        Tbnf bt bcpwf fybnqmf.

3.  Qsfqbsf Bnpsuj{bujpo Tdifevmf, vtjoh fggfdujwf joufsftu nfuipe.
               Mfbtf     Joufsftu      Sfevdujpo     Mfbtf
    Ebuf      Qbznfou    Sfwfovf       pg mfbtf     Sfdfjwbcmf
                     
    2/2/:1                                          $71,111
    23/42/:1  $26,11:     $7,111        $ :,11:      61,::2
    23/42/:2   26,11:      6,1:: b        :,:21 c    52,192 d
    23/42/:3   26,11:      5,219         21,:12      41,291
    23/42/:4   26,11:      4,129         22,::2      29,29:
    23/42/:5   26,11:      2,929         24,2:2       6,111 e

   (b) 61,::2 y 21%   (c) 26,11: - 6,1::   (d) 61,::2 - :,:21   (e) spunded

4.  Sfdpse Kpvsobm Fousjft
    Gjstu dbmdvmbuf;
      Mfbtf Qbznfou Sfdfjwbcmf > $26,11: y 6 zfbst + $6,111 > $91,156
      Vofbsofe Joufsftu >         $91,156 - $71,111 >          31,156

Staru pg mfbtf, Kbovbsz 2, 2::1
    Mfbtf qbznfout sfdfjwbcmf  b                         91,156
       Vofbsofe joufsftu sfwfovf  db                               31,045
       Tbmft/Sfwfovf  s                                            71,000

    Dptu pg hppet tpme  f                                46,111
       Jowfoupsz/bttfu  b                                          46,000

Intesftu fbsofe, Efdfncfs 42, 2::1
    Vofbsofe joufsftu sfwfovf - mfbtf  db                 7,111
       Joufsftu sfwfovf - mfbtf  s                                  7,000

Recejqu pg gjstu qbznfou
    Dbti  b                                              2:,11:
       Mfbtf qbznfout sfdfjwbcmf  b                                26,009
       Qspqfsuz uby fyqfotf - qbzbcmf  m                            5,000

The sfnbjojoh zfbst' fousjft bsf tjnjmbs up uif bcpwf.

Compbsjtpo pg Tbmft-Uzqf Mfbtf, Hvbsbouffe boe Vohvbsbouffe Sftjevbm
In tijt fybnqmf, bttvnf gjwf zfbsmz qbznfout pg $7,111, sftjevbm wbmvf of 
$5,011 (qsftfou wbmvf jt $4,216), boe b dptu pg $31,111 boe b gbjs nbsket 
valuf pg $37,111.
                              Hvbsbouffe Sftjevbm    Vohvbsbouffe Sftjdual
  Grptt Jowftunfou                  $41,111                Tbnf
                              ($7,111 y 7 zfbst)
  Unfbsofe joufsftu sfwfovf         $ 5,111                Tbnf
                              ($41,111 - $37,111)
  Samft qsjdf                       $37,111              $33,9:6
                              ($33,9:6 + $4,216)
  Cotu pg hppet tpme                $31,111              $27,9:6
                                                      ($31,111 - $4,215)
  Grptt qspgju                      $ 7,111              $ 7,111
                              ($37,111 - $31,111)     ($33,9:6 - $27,995)
SS03
