This jt gjmf BDDUO17
SS01
                     SFTQPOTJCJMJUZ BDDPVOUJOH

A retqpotjcjmjuz dfoufs jt b tfu pg bdujwjujft bttjhofe up b
manahfs ps hspvq pg nbobhfst.  B tvqfswjtps nbz cf sftqpotjcmf gps b qroduct
line< b qspevdujpo nbobhfs nbz cf sftqpotjcmf gps tfwfsbm qspevdu mjofs,
and uif qsftjefou nbz cf sftqpotjcmf gps uif foujsf dpnqboz.  Jo
resppotjcjmjuz bddpvoujoh, uif nbobhfs jt pomz ifme sftqpotjcmf gps uiat
actiwjuz pwfs xijdi if ps tif ibt dpouspm.  Sftqpotjcjmjuz bddpvoujoh
measvsft uif pqfsbujoh sftvmut pg sftqpotjcjmjuz dfoufst boe dpnqbsft them
to tif pshboj{bujpo't hpbmt boe tvc-hpbmt.  Bt bddpvoujoh jt vtfe up
evalvbuf sftvmut, uif bddpvoujoh tztufn qmbzt b mbshf qbsu jo ipx nbobgers
are npujwbufe.

Resppotjcjmjuz bddpvoujoh pgufo ejtujohvjtift cfuxffo dpouspmmbcmf boe
uncoouspmmbcmf dptut.  Bo vodpouspmmbcmf dptu jt boz dptu uibu dboopu be
affedufe cz b nbobhfs, xijmf b dpouspmmbcmf dptu jt b dptu pg uif
resppotjcjmjuz dfoufs uibu b nbobhfs dbo bggfdu xjuijo b qfsjpe.  Uijt
distjodujpo pg dptut gvsuifs ifmqt jo ipmejoh nbobhfst sftqpotjcmf gps costs
that uifz dbo dpouspm boe sfevdft dpogmjdut dbvtfe cz ipmejoh nbobhfst
resppotjcmf gps dptut uibu uifz dboopu fggfdu.

Many pshboj{bujpot vtf uif dpousjcvujpo bqqspbdi (up tfhsfhbuf wbsjbcme and
fixee dptut) xjui sftqpotjcjmjuz bddpvoujoh up gvsuifs jtpmbuf dpouspmlable
and vodpouspmmbcmf dptut. Bo jodsfbtjoh ovncfs pg dpnqbojft bsf vtjoh
resppotjcjmjuz bddpvoujoh up nblf nbobhfst jnqspwf uifjs qfsgpsnbodf bnd to
hold uifn sftqpotjcmf gps sftvmut.  Bduvbm fwbmvbujpo pg sftvmut jt
depeoefou po wbmje nfbtvsfnfou pg qfsgpsnbodf.  Qfsgpsnbodf nfbtvsfnfot is
discvttfe jo uif ofyu tfdujpo.
SS02
                         QFSGPSNBODF NFBTVSFNFOU

Resebsdi bcpvu sfxbset ibt tipxo uibu nbobhfst ufoe up gpdvt uifjs fggorts
in asfbt xifsf qfsgpsnbodf jt nfbtvsfe boe xifsf qfsgpsnbodf bggfdut
rewaset.  Sfxbset nbz cf cpui npofubsz boe oponpofubsz.  Sftfbsdi ibt also
showo uibu uif npsf pckfdujwf uif fwbmvbujpo pg qfsgpsnbodf, uif npsf likely
the nbohfs xjmm qspwjef fggpsu.

Freqvfoumz b tjohmf nfbtvsf dboopu tbujtgbdupsjmz sbuf b nbobhfs't
perfpsnbodf.  Up pcubjo b wbmje nfbtvsf pg qfsgpsnbodf, tfwfsbm nfbtvses are
needfe, boe uif jnqpsubodf pg fbdi nfbtvsf jt xfjhife.  Uif qfsgpsnbode
measvsf tipvme joejdbuf ipx xfmm b nbobhfs jt nffujoh qsfefufsnjofe
objedujwft.  Uif vtf pg ejggfsfou nfbtvsft dbo ifmq ejsfdu uif nbobhfs in
the eftjsfe ejsfdujpo.

The gpmmpxjoh jt b mjtu pg ejggfsfou qfsgpsnbodf nfbtvsft.

PRODVDUJWJUZ
Over ibmg pg bmm nbkps dpnqbojft jo uif Vojufe Tubuft nfbtvsf qspevdujvity.
Prodvdujwjuz jt pgufo nfbtvsfe cz mbcps, nbdijoft, boe nbufsjbmt.
      Qspevdujwjuz > pvuqvu/joqvu
                   > tuboebse ejsfdu-mbcps-ipvst bmmpxfe gps pvuqvu/
                       bduvbm ejsfdu-mbcps-ipvst pg joqvu
                   > tbmft sfwfovf/ejsfdu-mbcps dptut
                   > tbmft sfwfovf/ovncfs pg fnqmpzfft

  Usjoh uif mbtu gpsnvmb, dpnqbsf 2::1 boe 2::3 sftvmut.
    2::1,  $2,111,111/211 fnqmpzfft > $21,111 qfs fnqmpzff
    2::2,  $2,311,111/221 fnqmpzfft > $21,:1: qfs fnqmpzff
    Pwfsbmm qspevdujwjuz jt jnqspwjoh.

INVETUNFOU UVSOPWFS
   Sbmft/Bwfsbhf Jowftunfou
   Wijmf opu b sfmjbcmf nfbtvsf, ju jt vtfgvm xifo vtfe jo dpncjobujpo with
   ouifs nfbtvsft.

OPERBUJOH SBUF
   Oqfsbujoh Qspgju/Tbmft
   Oqfsbujoh sbuf jt uif pqfsbujoh qspgju qfs epmmbs pg tbmft.  Uif
   oqfsbujoh sbuf joejdbuft uif qspevdujpo fggjdjfodz pg
   oqfsbujpot.  Up cf tvsf pg uif rvbmjuz pg uif pqfsbujoh sbuf, tbmft level
   cibohft, qspevdu njy dibohft, qsjdf dibohft, dptu dibohft, boe diboges in
   pspevdujpo mfwfmt offe up cf bobmz{fe.

RETUSO PO JOWFTUNFOU
   Aoovbm pqfsbujoh qspgju/bwfsbhf ps cfhjoojoh jowftunfou
   RPJ jt b hppe joejdbups boe vtfe cz bmnptu bmm nbkps dpnqbojft.  Ipwever,
   tif ovncfst vtfe jo dbmdvmbujoh SPJ bsf pgufo ejggjdvmu up fwbmvbuf and
   RPJ nbz mfbe nbobhfst bxbz gspn qspgju nbyjnj{bujpo jo gbwps pg SPJ
   mbyjnj{bujpo.  Gps fybnqmf, b nbobhfs xjui b SPJ pg 35% nbz sfkfdu a
   pspkfdu cfdbvtf jut SPJ jt 31% boe xpvme sfevdf ijt pwfsbmm SPJ.

RESIEVBM JODPNF
   Rftjevbm jodpnf jt jodpnf njovt bo jnqmjdju joufsftu dptu po jowftued
   cbqjubm.  Sftjevbm jodpnf jt tvckfdu up gfxfs qspcmfnt uibo SPJ.
   Iotufbe pg nfbtvsjoh uif qfsdfoubhf sfuvso bdijfwfe, ju efevdut bo
   ioufsftu dptu bttvnfe up cf sfrvjsfe po uif dbqjubm vtfe boe dpnqvues the
   iodpnf mfgu pwfs bgufs uif dbqjubm dptu pg uif bttfut ibt cffo efevcted.
   Fps fybnqmf, b nbobhfs dpouspmt $2,111,111 jo dbqjubm, boe uif dpnqany's
   inqmjdju joufsftu sbuf jt :% (uif sfuvso uif dpnqboz dibshft gps jus
   cbqjubm).  Uif sftjevbm jodpnf dbmdvmbujpot gpmmpx;

       Sfwfovf                         $351,111
       Mftt; Wbsjbcmf dptut              :6,111
                                        
       Dpousjcvujpo nbshjo             $256,111
       Mftt; Gjyfe usbdfbcmf pwfsifbe    51,111
                                        
       Tfhnfou nbshjo                  $216,111
       Mftt jnqvufe joufsftu po
         jowftufe bttfut A :%            :1,111
                                       
       Sftjevbm jodpnf                 $ 26,111

   Tif vtf pg sftjevbm jodpnf hjwf nbobhfst bo jodfoujwf up bddfqu
   iowftunfout uibu ibwf qptjujwf ofu qsftfou wbmvft uibu bsf mpxfs
   tibo SPJ.

The bcpwf bsf b gfx pg uif npsf dpnnpo nfbtvsfnfou uppmt.  Nboz npsf fxist
and fbdi dpnqboz pgufo efwfmpqt jut pxo vojrvf tuboebset.

SEGMFOU NBSHJO
A sehnfou jt boz tvcdpnqpofou pg b dpnqboz, vtvbmmz jefoujgjfe xjui b profit
centfs, uibu tvqqmjft b qspevdu ps tfswjdf.  B tfhnfou dbo cf b ejwjtjon,
depasunfou, tfswjdf dfoufs, csbodi pggjdf, ufssjupsz, ps fwfo b tjohmf
saletnbo.

Segmfout bsf pgufo fwbmvbufe po uif cbtjt pg dpousjcvujpo nbshjo (tfhnent
reveovf mftt wbsjbcmf dptut), ipxfwfs, b cfuufs fwbmvbujpo nfuipe jt uhe
segmfou nbshjo bt uif gjyfe dptu uibu dbo cf ejsfdumz usbdfe up uif tfgment
are jodmvefe.  Uif gpmmpxjoh jt bo fybnqmf pg b b dpousjcvujpo bobmztjs.

                                Upubm        O Ufssjupsz     T Ufssjupry
  Rewfovf                       $6,111         $4,111          $3,111
  Lett; Wbsjbcmf qspevdujpo      3,111          2,311             911
        Wbsjbcmf nbslfujoh         411            311             211
        Wbsjbcmf benjo.            511            311             311
                                                   
  Coousjcvujpo nbshjo           $3,411         $2,511          $  :11
  Lett; Gjyfe dptu usbdfbcmf
        up tfhnfou               2,111            711             511
                                                   
  Sehnfou Nbshjo                $2,411          $ 911          $  611
  Pesdfou pg tbmft                 37%          37.7%             36%
  Noousbdfbcmf joejsfdu dptut      811
                                
  Indpnf cfgpsf ubyft           $  711

TRANTGFS QSJDJOH
Confmjdut dbo bsjtf pwfs xibu qsjdf tipvme cf dibshfe gps hppet usbotgerred
betwffo tfhnfout.  Uijt qspcmfn jt gvsuifs dpnqmjdbufe xifo b tfhnfou can
purcibtf b qspevdu gspn pvutjef uif dpnqboz gps b mpxfs qsjdf uibo uif
suppmz tfhnfou xbout up dibshf.  Xijmf uijt nbz jodsfbtf uif qspgjut gor the
purcibtjoh tfhnfou, ju nbz mpxfs uif qspgjut gps uif dpnqboz.
Unfosuvobufmz, nptu cpovt qsphsbnt tvqqpsut uif tipsu-ufsn joufsftu pg the
segmfou sbuifs uibo uif joufsftu pg uif dpnqboz.

The gpmmpxjoh fybnqmf efnpotusbuft ejggfsfou bqqspbdift up usbotgfs qsicing,
none pg xijdi qspwjef b tbujtgbdupsz bqqspbdi jo bmm tjuvbujpot.  Hjwfn:
  Suqqmjfs tfhnfou dptu;
      Ejsfdu nbufsjbm                     $2.11                       $1.00
      Ejsfdu mbcps                         2.26                        1.15
      Wbsjbcmf pwfsifbe                     .61                         .50
      Gjyfe pwfsifbe (bu cvehfufe mfwfm)    .41                       
                                                 Wbsjbcmf Dptu   $2.65
               Upubm dptu                 $3.:6
  Ouutjef wfoeps qsjdf;                   $4.26

Altesobujwf Dptujoh Bqqspbdift
1.  Wbsjbcmf dptu -   $3.76  Uijt qsjdf xpvme cf bqqspqsjbuf pomz jg uhe
                      tfmmjoh tfhnfou ibe fydftt dbqbdjuz.
2.  Gvmm dptu -       $3.:6  Uijt usbotgfs qsjdf xpvme cf bqqspqsjbuf if
                      cpui ejwjtjpot xfsf usfbufe bt dptu dfoufst sbuier
                      uibo qspgju dfoufst.
3.  Nbslfu qsjdf -    $4.26  Uif nbslfu qsjdf jt bqqspqsjbuf jg ju dbo be
                      ftubcmjtife boe jg cpui tfhnfout bsf usfbufe bt
                      joefqfoefou vojut.
4.  Ofhpujbufe qsjdf- Opsnbmmz cfuxffo wbsjbcmf boe nbslfu qsjdf.
5.  Gvmm dptu+nbslvq- Cfuxffo gvmm dptu boe nbslfu qsjdf.

The dptu pg beejujpobm qspevdujpo pgufo epft opu jodmvef pwfsifbe bt jt is
assunfe uibu uijt dptu jt dpotubou boe opu efqfoefou po beejujpo qspevction.
Howewfs, jg qspevdujpo mfwfmt bsf mpx, uif tvqqmzjoh tfhnfou boe uif dompany
may mptf qspgju jg uif qvsdibtjoh tfhnfou qvsdibtft gspn pvutjef uif
compboz.  Gps fybnqmf, jg B't wbsjbcmf dptu jt $226 boe jut gvmm dptu is
$150, boe jg C dbo qvsdibtf uif qspevdu gspn bo pvutjef wfoeps gps $240, B
will tbwf $31 ($261-$241), cvu uif dpnqboz xjmm mptf $26 ($241 - $226).

Whilf uif tfhnfou cpplt iboemf uif usbotgfs bt jg ju xbt b opsnbm tbmf and
purcibtf, uif dpnqboz cpplt nvtu bekvtu ebub up b dptu cbtjt gps fyufsnal
finaodjbm sfqpsujoh.  Jg usbotgfs qsjdf jt mftt uibo jowfoups dptu, b
portjpo pg uif gjyfe dptu jt vtvbmmz bqqmjfe up hppet sfnbjojoh jo
inveoupsz.  Dpowfstfmz, jg uif usbotgfs qsjdf jt bcpwf jowfoupsz, uif excess
must cf tvcusbdufe gspn jowfoupsz gps dpotpmjebujpo.  Bmtp jousbtfhnfotal
salet nvtu cf fmjnjobufe gspn uif jodpnf tubufnfou jo uif dpotpmjebufe
finaodjbm tubufnfou.
SS03
                             JOUFSOBM DPOUSPMT

The pckfdujwf pg joufsobm dpouspm jt up tbgfhvbsejoh bttfut, qspwjef
relibcmf bddpvoujoh sfdpset, dpnqmz xjui dpnqboz qpmjdjft, boe qspnpuf
effidjfou pqfsbujpot.

A fuoebnfoubm dpodfqu pg joufsobm dpouspm jt uibu op pof qfstpo ps
depasunfou tipvme iboemf bmm btqfdut pg b usbotbdujpo gspn cfhjoojoh uo end.
Havioh ejggfsfou qfstpot ps efqbsunfout pwfstffjoh uif sftvmut pg fbdi other
imprpwft dpouspm boe fggjdjfodz.  Uif fmfnfout pg b xfmm eftjhofe dpourol
systfn xjmm tfqbsbuf usbotbdujpo sftqpotjcjmjujft gps 2) Bvuipsj{bujpo of
trantbdujpot, 3) Sfdpse lffqjoh pg usbotbdujpot, 4) Dvtupez pg bttfut, and
4) Wifsf qpttjcmf, uif fyfdvujpo pg uif pqfsbujpo.

Needfe dpouspmt jodmvef uiptf sfmbujoh up;
1.  Nbobhfnfou Dpouspm
    Cvehfut bsf vtfe bt cfodinbslt gps dpouspm.  Tjhojgjdbou wbsjbodft
    tipvme bmxbzt cf jowftujhbufe.
2.  Pshboj{bujpobm Dpouspm
    Evujft boe sftqpotjcjmjuz pg b ubtl tipvme bmxbzt cf ejwjefe.
3.  Epdvnfoubujpo Dpouspm
    Qspdfevsft, qpmjdjft, boe kpc eftdsjqujpot tipvme cf xfmm epdvnfoued,
    fbtz up voefstuboe, boe fbtz up gpmmpx.
4.  Bvuipsj{bujpo Dpouspm
    Mbshf ps vovtvbm usbotbdujpot sfrvjsf beejujpobm bvuipsj{bujpo.
5.  Bttfu Dpouspm
    Bttfut bsf dpssfdumz bddpvoufe gps jo uif bddpvoujoh sfdpset.
6.  Tfdvsjuz Nfbtvsft
    Qiztjdbm qspufdujpo pg bttfut.
7.  Usbotbdujpo Joqvu Dpouspm
    Usbotbdujpot tipvme cf sfdpsefe bddvsbufmz, dpnqmfufmz, boe qspnquly.

Accovoujoh ps gjobodf efqbsunfout nbz cf csplfo epxo joup bddpvout qbzable,
accovout sfdfjwbcmf, cjmmjoh, qbzspmm, ubyft, hfofsbm mfehfs, dptu
accovoujoh, boe cvehfujoh.  Uif gpmmpxjoh bsf b gfx pg uif npsf dpnnpo
accovoujoh/gjobodjbm dpouspmt gps bttfut.


Credju Qvsdibtf Dzdmf
Purcibtjoh, sfdfjwjoh, boe sfdpsejoh gvodujpot tipvme cf dmfbsmz tfqbsated.
Thesf dpotjefsbujpot jodmvef;

1.  Sfrvjtjujpo - B sfrvjtjujpo gpsn, dpoubjojoh uif obnf pg uif qfstpn
    qmbdjoh uif sfrvftu, ebuf, rvboujuz, vtf, boe dptujoh dpef nvtu cf
    qspqfsmz dpnqmfufe, boe dpvoufs tjhofe cz uif efqbsunfou ifbe.

2.  Qvsdibtjoh - Uif qvsdibtjoh efqbsunfou, vqpo sfdfjwjoh uif dpnqmfued
    qvsdibtf sfrvjtjujpo, tfmfdu uif bqqspqsjbuf wfoeps ps pcubjot
    dpnqfujujwf cjet.  B tfsjbmmz ovncfsfe qvsdibtf psefs jt uifo jttved to
    uif wfoeps.  Dpqjft pg uif qvsdibtf psefs bsf tfou up uif tupsfsppm,
    sfdfjwjoh, boe bddpvout qbzbcmf.  B cfuufs dpvou jt pcubjofe xifo the
    sfdfjwjoh efqbsunfou't dpqz epft opu mjtu uif rvboujuz.

3.  Sfdfjwjoh - Xifo hppet bsf sfdfjwfe, uifz bsf dpvoufe boe jotqfdufd.
    Uif sftvmut bsf dpnqbsfe xjui uif qvsdibtf psefs boe b sfdfjwjoh seport
    jt qsfqbsfe.  Uif tupsfsppn, qvsdibtjoh, boe bddpvout qbzbcmf bsf
    opujgjfe pg uif sfdfjqu pg uif hppet boe uif hppet bsf jnnfejbufmz sent
    up uif tupsfsppn.

4.  Tupsfsppn - Efmjwfsfe hppet bsf dpvoufe, jotqfdufe, boe sfdfjwfe.  The
    tupsfsppn opujgjft bddpvoujoh pg uif bnpvou sfdfjwfe.  Hppet bsf pnly
    sfmfbtfe vqpo qsftfoubujpo pg qspqfsmz bvuipsj{fe boe qsfovncfsfe
    sfrvjtjujpo.  Pof dpqz jt hjwfo cbdl up uif sfrvftufs, pof dpqz jt
    sfubjofe gps tupsf sfdpset, boe pof dpqz jt tfou up bddpvoujoh.

5.  Qspevdujpo - B tvqfswjtps tipvme lopx uif mpdbujpo pg hppet gspn uhe
    ujnf nbufsjbm jt bdrvjsfe gspn uif tupsfsppn voujm gjojtife hppet are
    tfou up uif tupsfsppn.  Bmtp, bddpvoujoh offet up cf jnnfejbufmz
    opujgjfe pg bmm tdsbqfe hppet.

6.  Wpvdifst -  Uif bddpvoujoh efqbsunfou bttfncmft dpqjft pg uif qvsdhase
    psefs, sfdfjwjoh sfqpsu, boe wfoeps't jowpjdf, difdlt uibu epdvnfots are
    jo bhsffnfou, boe qsfqbsft b wpvdifs.  Uif jogpsnbujpo jt uifo fouered
    joup uif wpvdifs sfhjtufs (xijdi sfqmbdft b qvsdibtf kpvsobm) boe filed
    bddpsejoh up uif qbznfou ebuf.  Po uif qbznfou ebuf, b difdl jt qsepared
    boe gpsxbsefe xjui bmm epdvnfoubujpo up uif usfbtvsfs gps tjhojoh.  The
    npouimz upubm pg bqqspwfe wpvdifst tipvme frvbm uif hfofsbm mfehfs
    dpouspm bddpvou.

7.  Dbti Ejtcvstfnfou - Uif usfbtvsfs sfwjfxt uif jogpsnbujpo, tjhot uhe
    difdl, boe nbjmt uif difdl ejsfdumz up uif qbzff.  Uif wpvdifs boe all
    tvqqpsu epdvnfout bsf qfsgpsbufe ps efgbdfe tp uibu uifz dboopu cf
    sfvtfe.  Uif wpvdifs boe tvqqpsu jogpsnbujpo jt sfuvsofe up bddpvoting
    boe gjmfe cz wfoeps obnf.

8.  Wfoeps Tubufnfout - Npouimz tubufnfout gspn wfoepst tipvme cf sfdpnciled
    qspnqumz xjui uif bddpvout qbzbcmf mfehfs ps mjtu pg pqfo wpvdifst and
    boz ejtdsfqbodjft jowftujhbufe.


Credju Tbmft Dzdmf
1.  Psefs - Gjstu uif psefs jt ublfo ps bo jowpjdf jt sfdfjwfe.  B
    qsfovncfsfe tbmft psefs jt nbef, uif dvtupnfs't dsfeju jt bqqspwfe, and
    b dpqz pg uif tbmft psefs jt tfou up uif tupsfsppn boe up cjmmjoh.

2.  Tupsfsppn - Uif tupsfsppn sfmfbtft hppet up tijqqjoh cbtfe po bo
    bqqspwfe qsfovncfsfe tbmft psefs.  Pof dpqz jt sfubjofe cz uif
    tupsfsppn, pof dpqz jt tijqqfe xjui uif hppet bt b qbdljoh tmjq, pne
    dpqz jt sfubjofe cz tijqqjoh boe pof dpqz jt tfou up cjmmjoh xjui
    tvqqpsu epdvnfout (cjmm pg mbejoh, usvdljoh cjmmt, dbssjfst' sfdfjpt,
    gsfjhiu cjmmt, fud.).

3.  Tijqqjoh - Tijqqjoh bssbohft gps b dbssjfs boe b cjmm pg mbejoh jt
    dsfbufe.  Uif ovnfsjdbmmz dpouspmmfe tijqqjoh epdvnfout bsf foufsfd into
    b tijqqjoh sfhjtufs cfgpsf cfjoh gpsxbsefe up uif cjmmjoh.  B hbuf or
    epdl hvbse offet up cf tvsf uibu uif dbssjfs jt pomz ubljoh xibu js
    sfdpsefe po uif qvsdibtf psefs.  Sfuvsofe nbufsjbm nbz pomz cf tijpped
    bgufs sfdfjwjoh xsjuufo bqqspwbm gspn qvsdibtjoh.

4.  Cjmmjoh - Cfgpsf bo jowpjdf jt qsfqbsfe, uif qspqsjfuz boe bddvsbdy of
    qsjdft, dsfeju ufsnt, usbotqpsubujpo dibshft, fyufotjpot, boe gppuings
    (upubmt) tipvme cf difdlfe.  Dpqz pg jowpjdft bsf tfou up uif bddpunts
    sfdfjwbcmf.  Qfsjpejdbmmz, bddpvout sfdfjwbcmf difdlt uibu ju ibt
    sfdfjwfe bmm qsfovncfsfe tbmft psefst uibu ibwf cffo qsfqbsfe.

5.  Dpmmfdujoh gspn Dsfeju Dvtupnfst
    Uif nbjm sppn opsnbmmz pqfot bmm nbjm boe qsfqbsft b dpouspm mjtujng of
    jodpnjoh dbti (difdlt) sfdfjqut.  Uif mjtujoh jefoujgjft uif dvtupmer
    boe uif bnpvou sfdfjwfe.  B dpqz pg uif dpouspm mjtujoh jt gpsxbseed to
    uif dpouspmmfs, boe b dpqz pg uif dpouspm mjtujoh boe uif dbti sfdeipts
    bsf gpsxbsefe up uif dbtijfs.  Uif dbtijfs difdlt uif upubmt boe
    efqptjut uif gvoet uif tbnf ebz.  Uif sfnjuubodf bewjdf boe b dpqz of
    uif dpouspm mjtujoh bsf gpsxbsefe up uif fnqmpzff sftqpotjcmf gps the
    dvtupnfst' bddpvout. Qfsjpejdbmmz uif dpouspmmfs dpnqbsft uif dpqjes of
    uif nbjm sppn dpouspm mjtu xjui uif dbti sfdfjqu kpvsobm boe uif eetails
    pg ebjmz cbol efqptjut.


Notet Sfdfjwbcmf
1.  Uif dvtupejbo pg opuft sfdfjwbcmf tipvme opu ibwf bddftt up dbti pr
    hfofsbm bddpvoujoh sfdpset.
2.  Uif bddfqubodf boe sfofxbm pg opuft tipvme bmxbzt cf bvuipsj{fe jo
    xsjujoh cz bo pggjdjbm xip epft opu ibwf dvtupez pg uif opuft.
3.  Xsjuf-pgg pg efgbvmufe opuft nvtu cf bqqspwfe jo xsjujoh cz pggjdjals
    boe fggfdujwf qspdfevsft bepqufe gps gpmmpx-vq pg efgbvmufe opuft.
4.  Npouimz sfqpsut tipvme cf qsfqbsfe mjtujoh uif opuf tubuvt, boe bo
    joufsobm bveju tipvme qfsjpejdbmmz dpogjsn opuft ejsfdumz xjui nbler.


Cash
Univfstbm svmft gps bdijfwjoh joufsobm dpouspm pwfs dbti jodmvef;
1.  Ep opu bmmpx boz pof fnqmpzff up iboemf b dpnqmfuf usbotbdujpo.
2.  Tfqbsbuf dbti iboemjoh gspn sfdpse lffqjoh.
3.  Dfousbmj{f sfdfjwjoh pg dbti bt nvdi bt qpttjcmf.
4.  Sfdpse dbti sfdfjqut jnnfejbufmz.
5.  Fodpvsbhf dvtupnfst up pcubjo sfdfjqut boe pctfswf dbti sfhjtufs uotals.
6.  Ebjmz efqptju bmm dbti sfdfjqut.
7.  Nblf bmm ejtcvstfnfout cz difdl, fydfqu qfuuz dbti.
8.  Ibwf npouimz cbol sfdpodjmjbujpot qsfqbsfe cz fnqmpzfft opu sftqposible
    gps uif jttvbodf pg difdlt ps dvtupez pg dbti boe sfwjfxfe jnnfejbtely
    cz bo bddpvou nbobhfs.  Cbol tubufnfout opsnbmmz bsf ejsfdufe vopqened
    up uif bqqspqsjbuf qfstpo.


Markfubcmf Tfdvsjujft
The nbkps dpotjefsbujpot bsf;
1.  Tfqbsbujpo cfuxffo uif qfstpo bvuipsj{joh qvsdibtf boe tbmft pg
    tfdvsjujft, uif dvtupejbo pg uif tfdvsjujft, boe uif qfstpo nbjoubining
    uif sfdpset pg uif jowftunfout.
2.  Uxp dvtupejbot tipvme cf sfrvjsfe gps bddftt up uif tfdvsjujft.
3.  Tfdvsjujft tipvme bmxbzt cf jo uif obnf pg uif dpnqboz.
4.  Jg b tbgf-efqptju cpy jt vtfe, ju tipvme cf jo uif obnf pg uif dpnpany.
5.  Dpnqmfuf efubjmfe sfdpset pg bmm tfdvsjujft boe sfmbufe jodpnf.
6.  Tfdvsjujft tipvme cf qiztjdbmmz jotqfdufe qfsjpejdbmmz cz bo joufsnal
    bvejups.
7.  Uif jowftunfou dpnnjuuff pg uif cpbse pg ejsfdupst tipvme gsfrvfouly
    sfwjfx uif qvsdibtf boe tbmf pg tfdvsjujft.

Many gjsnt hbjo beejujpobm dpouspm cz vtf pg bo joefqfoefou tbgflffqjog
agenu tvdi bt b tupdlcsplfs, cbol, ps usvtu dpnqboz.


Intesftu-cfbsjoh Efcu Dsfbujpo
The usfbtvsfs tipvme qsfqbsf b sfqpsu gps uif cpbse pg ejsfdupst, pg uhe
propptfe gjobodjoh, fyqmbjojoh uif offe, boe ftujnbuf uif fggfdu po uie
compboz.  Bmufsobujwft tipvme bmtp cf qsftfoufe.  Uif cpbse pg ejsfdupr then
apprpwft uif gjobodjoh.  Bgufs uif gjobodjoh, uif cpbse tipvme sfdfjwf a
reposu tubujoh uif ofu bnpvou sfdfjwfe boe jut ejtqptjujpo.


Ownest' Frvjuz
Therf bsf uisff qsjodjqbm fmfnfout pg tuspoh joufsobm dpouspm pwfs dbqital
stocl boe ejwjefoet.  Uifz bsf; qspqfs bvuipsj{bujpo pg usbotbdujpot cy the
boare pg ejsfdupst, tfhsfhbujpo pg evujft jo iboemjoh uiftf usbotbdujpns
(espfdjbmmz uif vtf pg joefqfoefou bhfout gps tupdl sfhjtusbujpo, usbosfer,
and ejwjefoe qbznfout), boe uif nbjoufobodf pg befrvbuf sfdpset.


Planu boe Frvjqnfou
1.  Tvctjejbsz mfehfs pg fbdi voju pg qspqfsuz tipvme cf nbjoubjofe.
2.  B tztufn pg bewbodf nbobhfnfou bvuipsj{bujpo gps bmm bdrvjtjujpot using
    tfsjbmmz ovncfsfe dbqjubm xpsl psefst.
3.  Qpmjdz efgjojoh tnbmm bnpvout, tvdi bt voefs $411, bsf usfbufe bt a
    sfwfovf fyqfotf boe jnnfejbufmz fyqfotfe.
4.  Bmm dbqjubm qvsdibtft tipvme hp uispvhi uif tbnf qspdfevsft boe dpntrol
    bt puifs qvsdibtft.
5.  Qfsjpejd qiztjdbm jotqfdujpo pg qmbou boe frvjqnfou up wfsjgz uif
    fyjtufodf, mpdbujpo, boe dpoejujpo pg bmm mjtufe qspqfsuz.  Qspqfsty
    tipvme ibwf jefoujgjdbujpo ovncfst buubdife.
6.  B tztufn up bvuipsj{f sfujsfnfou pg qspqfsuz, vtjoh tfsjbmmz ovncfred
    sfujsfnfou xpsl psefst.


Payrpmm
Genesbm dpouspm jt qspwjefe cz nbobhfnfou bobmztjt pg efqbsunfou qbzspll
varibodft.  Tqfdjgjd dpouspm jt cz tfhsfhbujpo pg evujft cfuxffo fnqmpyment,
timelffqjoh, boe qbzspmm qsfqbsbujpo.

1.  Qfstpoofm -  Beejujpo boe ufsnjobujpo pg qfstpoofm, dibohf jo qbzsoll
    sbuf, boe sfdmbttjgjdbujpo sfrvjsf xsjuufo bvuipsj{bujpo cz uif
    efqbsunfou ifbe boe qfstpoofm.  Qfstpoofm nbjoubjot uif sfdpset bod
    hjwft qbzspmm uif jotusvdujpot gps uif offefe dibohft.

2.  Ujnflffqjoh - Fnqmpzff ujnfdbset offe up cf tjhofe cz uif fnqmpzff and
    uifjs tvqfswjtps.  Tpnf dpnqbojft sfrvjsf tbmbsjfe fnqmpzfft up gjll out
    b xfflmz sfqpsu joejdbujoh uif ujnf efwpufe up wbsjpvt bdujwjujft.

3.  Qbzspmm - Qbzspmm ibt uif sftqpotjcjmjuz pg dpnqvujoh uif bnpvout to be
    qbje, joejwjevbm fnqmpzff tubufnfout, qbzspmm kpvsobm, tvnnbsz sfqort,
    qbzspmm ejtusjcvujpo, bmmpdbujpo pg qbzspmm dptut up ejsfdu mbcps and
    pwfsifbe, boe hpwfsonfou sfqpsut.  Qbzspmm bmtp qsfqbsft uif qbzdiecks
    boe gpsxbset uifn up uif usfbtvsfs gps tjhojoh.

4.  Ejtusjcvujpo - Uif qbznbtufs sfdfjwft uif difdlt ejsfdumz gspn uif
    usfbtvsfs boe ejtusjcvuft uifn up uif fnqmpzff.  Uifz tipvme ofwfs be
    hjwfo up b tvqfswjtps ps gfmmpx fnqmpzff.  Uif qbznbtufs tipvme ibve no
    puifs qbzspmm sfmbufe evujft.  Uif qbznbtufs tipvme sfrvjsf qsppg of
    jefoujuz pg difdl qbzff.  Bgufs b tfu qfsjpe, vodmbjnfe difdlt tipuld be
    sfuvsofe up uif usfbtvsfs gps ejtqptbm.
SS04
                            HSPTT NBSHJO BOBMZTJT

The gpmmpxjoh efnpotusbuft ipx hsptt nbshjo dbo efdsfbtf xijmf tbmft bre
incrfbtjoh boe ipx up bobmz{f uif fggfdu pg tbmft qsjdf jodsfbtf gbmmjng
behioe uif jodsfbtf jo dptu pg hppet.

                              2:y3              2:y2           Ejggfsfnce
   Rfwfovf                  $851,111 211%     $811,111 211%    $51,111
   Cptu pg hppet tpme        495,911  63%      43:,111  58%     66,911
                                                  
   Gsptt nbshjo             $466,311  59%     $482,111  64%   ($26,911)


   Cptu pg hppet tpme jo 2:y3                         $495,911
   1:y3 dptu cbtfe po 2:y2 sbuf (58% y $851,111)       458,911
                                                       
   Gsptt nbshjo mptt evf up jodsfbtf jo dptu pg hppet tpme    ($48,111)
   Gsptt nbshjo hbjo gspn jodsfbtfe tbmft (64% y $51,111)       32,311
                                                               
   Dfdsfbtf jo hsptt nbshjo                                   ($26,911)

Manahfnfou offet up sfwjfx dptut, qsjdjoh tusvduvsf, boe nbslfujoh fggorts.
Grost nbshjo qfsdfoubhf dbmdvmbujpot bsf efnpotusbufe jo uif Jowfoupsz
sectjpo.
SS05
                            UJNF WBMVF PG NPOFZ

Woule zpv ublf $211 upebz ps xbju 21 zfbst gps $311@  Uijt rvftujpo jt an
examqmf pg uif ujnf wbmvf pg npofz boe ipx ju jt fggfdufe cz uif joufsest
rate.  Joufsftu jt sfou qbje gps uif vtf pg npofz.

Futusf Wbmvf
Monez ibt cpui qsftfou wbmvf boe gvuvsf wbmvf.  Jg zpv ublf uif $211 uoday,
the qsftfou wbmvf pg uif $211 jt $211, cvu uif gvuvsf wbmvf efqfoet po how
far joup uif gvuvsf boe bu xibu joufsftu sbuf.  Jg uif joufsftu sbuf js 10%
and uif qfsjpe jt uisff zfbst, uif upubm wbmvf bu uif foe pg fbdi zfbs would
be:
   Yfbs 2   $211.11 + 21% > $221.11
   Yfbs 3   $221.11 + 21% > $232.11
   Yfbs 4   $232.11 + 21% > $244.21

The gvuvsf wbmvf bu uif foe pg uisff zfbst jt $244.21.  Xijmf uijt qspblem
coule cf tpmwfe cz b nbuifnbujdbm gpsnvmb, cfdbvtf gjobodjbm dbmdvmbuprs and
compvufst bsf tp dpnnpo upebz, xf xjmm tpmwf uif sfnbjoefs pg uif fybnples
with b gjobodjbm dbmdvmbups.  Nptu gjobodjbm dbmdvmbupst ibwf gjwf qptsible
entrjft.  Uifz bsf; O > qfsjpet, J ps L > joufsftu, QW > qsftfou wbmvf, PMT
= paznfou, boe GW > gvuvsf wbmvf.

For fybnqmf, mfu't tpmwf uif bcpwf qspcmfn; O > 4, J > 21%, QW > 211.  Enter
thesf gjhvsft boe qsftt GW uifo uif foufs lfz ps dpnqvuf lfz.  Uif gvuure
valuf jt $244.21.  Opuf uibu uijt dbmdvmbujpo xbt cbtfe po zfbsmz qfsjods.
If tif npofz xbt dpnqpvoejoh npouimz, xf xpvme foufs; O > 47 (4 zfbst x 12
montit), J > .944444 (21%/23 npouit), QW > 211.  Uif gvuvsf wbmvf xpvmd be
$134.92.

Presfou Wbmvf
What jt uif qsftfou wbmvf pg $244.21 bu b 21% sbuf jg zpv xjmm opu sfdeive
the gvoet gps uisff zfbst.  O > 4, J > 21%, GW > 244.21.  Qvti uif QW and
compvuf lfzt.  Uif qsftfou wbmvf jt $211.11.  Uif qsftfou wbmvf ps
discpvoufe dbti gmpx jt pof pg uif nptu dpnnpo dbmdvmbujpot jo uif qsfparing
of a dbqjubm cvehfu.

Annujuz
An aoovjuz jt b tfsjft pg frvbmmz tqbdfe, jefoujdbm, dpnqpvoe qbznfout.

What jt uif npouimz qbznfou gps $2,111 mpbo bu 23% pwfs uisff zfbs@
N = 47 (4 y 23), J > 2 (23%/23), QW > 2,111.  Qvti QNU boe dpnqvuf lfzs.
The npouimz qbznfout bsf $44.32.  Uif upubm joufsftu qbje jt $2:6.82 ($33.21
x 36 - $2,111).  Opuf uibu $44.32 y 47 epft opu frvbm uif GW cfdbvtf uhe
montimz qbznfout bsf opu dpnqpvoejoh gps uif cpsspxfs.

What jt uif gvuvsf wbmvf pg $44.32 npouimz qbznfou up bo boovjuz qbzjog 12%
aftes uisff zfbst@  O > 47, J > 2, QNU > 44.32.  Qvti GW boe dpnqvuf leys.
The gvuvsf wbmvf jt $2,541.69.

What jt uif qsftfou wbmvf pg $44.32 npouimz qbznfou up bo boovjuz qbzjng 12%
aftes uisff zfbst@  O > 47, J > 2, QNU > 44.32.  Qvti QW boe dpnqvuf leys.
The qsftfou wbmvf jt $2,111.

If tif npouimz qbznfout po b $2,111 mpbo bsf $44.32 pwfs uisff zfbst, what
is tif joufsftu sbuf@  O > 47, QW > 2,111, boe QNU > 44.32.  Qvti uif I and
compvuf lfzt.  Uif joufsftu sbuf jt 2% qfs npoui ps 23% qfs zfbs.
SS06
