










                                  Your Financial Partner
                                   Version 3.32 CPP
                                   February 1, 1995
                         (c) 1986 - 1995, Marc R. Feldesman 
                                & Flying Pig Software
                                 All Rights Reserved


               "Your  Financial  Partner"  grew out of frustration with the
          complexity  and  expense  of many of today's financial management
          programs.    There is nothing in "Your Financial Partner" that an
          enterprising  user,  armed  with a solid knowledge of spreadsheet
          macro  programming, couldn't do in spreadsheets like Lotus 1-2-3,
          Quattro  Pro,  or  Excel.    However,  "Your  Financial  Partner"
          computes  answers to common financial questions in an easy to use
          format.    My  idea  was  to produce a simple, menu-driven, self-
          documenting,  "Shareware"  program that would address most of the
          financial questions that ordinary people pose.  

               Version 3.0CPP represented the first major revision of "Your
          Financial  Partner"  since  1989.    The  program  was completely
          rewritten  in  C++  and  sports  a  new user interface that makes
          better  use  of color and windows; it also supports a mouse.  New
          financial  calculations  include  a substantially expanded set of
          loan  functions with a handy loan calculator that also doubles as
          an   annuity  calculator,  improved  loan  refinancing  and  loan
          acceleration analysis, enhanced future value functions, and a new
          set  of  bond  calculations.    Version  3.1  added a function to
          calculate  the  annualized  yield on investments.   This restored
          the  Internal  Rate  of Return function, present in version 2.29,
          but  dropped from Version 3.0CPP.  The new IRR function, tailored
          s p ecifically  for  security  yields,  allows  annualized  yield
          calculations  to  be  computed on time periods as short as 1 day,
          and  handles  up to 24 positive and negative cash flows.  Version
          3.11  was  a  maintenance  release  that  added dates to the loan
          amortization  schedules.  Version  3.2 added the ability to reuse
          input; it also fixed a bug in the printer initialization routines
          that affected Panasonic and some Epson printers. Version 3.3 adds
          a  Federal  Takehome  Pay  Calculator  to  the Utilities, fixes a
          variety  of  minor (non-computational) bugs.  Versions 3.31 was a
          maintenance  release,  and  the  current version 3.32 has had the
          Federal  Takehome  Pay  Calculator  updated  to  the 1995 Federal
          Withholding  tables.    The  current version also represents some
          additional  minor  (non-computational)  bug  fixes,  and has been
          recompiled  in  Borland  C++ Version 4.5.  As of version 3.3, the
          memory requirements have also changed.  It now requires a minimum
          of  448K to run.  All Version 3.* releases continue to be largely
          s e lf-documenting;  the  manual  that  follows  is  intended  to

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          supplement  the  program  and  provide information about possible
          financial circumstances where specific functions might be useful.

          Shareware:

               "Your  Financial  Partner"  is  distributed  as "Shareware".
          "Shareware"  is  a  class  of  software  that  is made accessible
          through  various  media  (local  and  national  bulletin  boards,
          friends, commercial vendors) on a "try before you buy" basis.  It
          is not free software nor is it public domain.  What distinguishes
          "Shareware" from "Freeware" is that we "Shareware" authors expect
          to  be  compensated  for  our work, unlike "Freeware" authors who
          m a k e    t heir  programs  available  with  no  expectation  of
          compensation.    "Shareware"  authors  are  neither altruists nor
          fools.  We believe that the myriad of available software packages
          (public  domain,  freeware,  shareware,  and  commercial) make it
          nearly  impossible  to  determine in advance whether a particular
          package  meets  your  needs.    With  "Shareware"  you  have  the
          opportunity  to "try before you buy."  A fully functional version
          of  "Your  Financial  Partner"  is  thus  made available for your
          evaluation for a reasonable length of time (30 days).  If, at the
          end  of  this  30-day  trial  period, you find that it meets your
          needs, you are expected to register the program by mailing in the
          registration form along with the proper registration fee ($29.95)
          to  the  address  listed  in  the  back  of this manual. If "Your
          Financial  Partner" does not meet your needs, you are expected to
          erase  the  program  from  your  disks  and discontinue using it.
          Whether  you  register  the  program or not you are free to share
          this program with others provided that the entire program and its
          documentation in its original compressed form are made available.

          Hardware Requirements:

               The program requires an IBM-compatible computer (PC, XT, AT,
          386, or 486) with MS DOS 3.3 or higher, a minimum of 448K of RAM,
          and  a floppy disk drive.  A printer is optional; however, if you
          want  hard-copy  of  any of the program's output, you will need a
          printer.    The  program makes no special demands on the printer.
          Any 80-column text printer will do.

               For those who use Windows as their primary operating system,
          "Your  Financial Partner" will run as a DOS program under Windows
          3.1.    It  runs  successfully  both in the foreground and in the
          background.    It  has  not been tested with Windows 3.0; however
          since  it  makes  no  Windows  calls,  there  is no reason why it
          shouldn't run under any version of Windows (or OS/2).  

          Program Installation and Operation:

               The program is distributed as a self-extracting archive file

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          created  using  the  public  domain  program LHA.  The archive is
          called  FINPART3.EXE.   Version 3.32 CPP is too large to run on a
          360K  diskette,  even  though  the  archived version is sometimes
          distributed  on  a  360K  diskette.    Therefore,  to extract the
          executable  version of "Your Financial Partner" (FINPART.EXE) you
          need to copy FINPART3.EXE to a diskette with a formatted capacity
          greater than 360K (i.e. 720K, 1.2MB, or 1.44MB) or to a hard disk
          (preferably  in  its own subdirectory) and type FINPART3 [enter].
          This  will  cause  the  extraction  routine  to  unpack Financial
          Partner's executable program (FINPART.EXE) and its documentation.
          Once you have unpacked the program, it is ready to run.  To print
          the  documentation,  type "copy finpart3.txt lpt1:" from your DOS
          prompt.   [If you have your printer connected to a second printer
          port, substitute lpt2: for lpt1: above].

               To  use "Your Financial Partner,"  you must either be in the
          disk  directory  where  the program resides, or you must have the
          Financial Partner directory in your directory path.  Once this is
          done,  you  simply type FINPART [enter] from the command line and
          the opening credits will appear.

               If  you wish to use "Your Financial Partner" with a printer,
          the  program assumes a printer is attached to LPT1: (printer port
          #1).    If you have a printer attached to LPT2:, you must run the
          program as follows:

                    FINPART /2 [enter].  

          This  tells  the  program to look for a printer attached to LPT2:
          rather than LPT1:.

               For  your information, "Your Financial Partner" Version 3.32
          CPP opens no files and does not write anything to a diskette.  If
          you  find  a version that causes your disk drive light to come on
          after the program is loaded, you have a bogus copy and you should
          take suitable precautions.

          General Information:

               "Your  Financial  Partner"  performs  6  major categories of
          financial  calculations,  plus  several  useful financial utility
          functions.    The  main menu displays the general categories.  To
          move  from  choice  to  choice  on the menus, use the up and down
          arrow  keys,  the  mouse,  or  the highlighted letter on the menu
          item.  When you are positioned at your choice press the enter key
          or  click  the  left mouse button.  This will transfer control to
          the  submenu  that  actually  contains  the  associated financial
          analyses.    If at any point in the process you wish to return to
          the main menu, the ESC key is your path back.


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               Every  function requires user input.  In writing the program
          I  made  every  effort  to protect you from yourself:  you cannot
          enter  an  implausible or illegal value.  There are two levels of
          error  trapping.   First, all user-entered input must be numeric.
          Therefore  the  moment  you enter a non-numeric character (except
          '.'  or  '-') the computer will beep and erase your entire entry.
          Second,  each  input  field  is validated to ensure that it falls
          within  the  preprogrammed limits.  Thus, for example, you cannot
          enter  an  interest  rate  larger  than  99.99%, or a loan amount
          greater than $99999999.99.  Two factors governed these limits (a)
          limitations  of  numeric representation and (b) implausibility of
          certain  combinations  (e.g.  200  year annuity with 3000 payment
          periods  per year).  The program will not permit you to go to the
          next  cell  until  you provide an acceptable entry in the current
          cell.    (Note:    the  program  uses  bank  years [360 days] for
          calculations  involving  "daily"  compounding.  This was a small,
          but  relatively  insignificant,  compromise,  needed to keep life
          simpler for me).

               Additional  information  appears at the bottom of the screen
          with  every  item  that  requires  user input.  This help line is
          provided  to  clarify  the  entry prompt, and, where relevant, to
          detail the range of acceptable values.

               Several  of  the  routines  require  you  to  choose whether
          deposits,  withdrawals, or payments occur at the beginning or end
          of  the  period.  Most annuities and loans are paid at the end of
          the  period;  in  most  savings  plans  deposits  are made at the
          beginning  of the period.  "Your Financial Partner" allows you to
          make this determination for yourself everywhere except loans.  

               All  routines  follow a common path.  When you have finished
          entering  data  and  are satisfied with your entries, the results
          will  appear  after  you  press CTRL-ENTER (the calculation key).
          Before  the computer performs the calculations, you are given the
          option to print the results to the screen or to the printer. Once
          you  choose  your  output  destination,  the  results will appear
          nearly  instantaneously  on  the  screen,  or  momentarily at the
          printer.

               Once  the output has reached its destination, you may repeat
          the  procedure  using  different values, or to return to the main
          menu.    If  you answer the question "Another Calculation (Y/N)?"
          with  a  "Y',  you will be returned to the data entry screen with
          all  previous values retained.  To edit individual values you may
          use  the  mouse  to  position  the cursor at the item you wish to
          edit, or you may cursor to the entry.  

          Main Menu:


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               Aside  from  the  "Quit"  function, the main menu displays 7
          functional choices.  These are:

                    1. Future Value of Investment
                    2. Minimum Savings For Future Value
                    3. Withdrawal From an Investment
                    4. Present Value of Future Payments
                    5. Loan Calculations
                    6. Bond and Security Calculations
                    7. Utilities


          (1)  Future Value of Investment.

               This  function  has  a submenu with 5 different Future Value
          calculations.  These include:

                    1. Future Value Based on Periodic Deposit
                    2. Future Value Based on Lump Sum Deposit
                    3. Lump Sum Deposit Followed By Periodic Deposit
                    4. Periods For PV to Reach FV at Given Interest Rate
                    5. Interest Rate for PV to Grow to FV in N Periods

               These  functions  address  the  following  questions:   If I
          invest a certain amount of money (periodically, as a lump sum, or
          both)  into an account paying a fixed interest rate compounded at
          regular  intervals,  how  much money will I accumulate after some
          interval  of  time.  Alternately, it answers the questions of how
          long it will take for a sum of money to reach a new value given a
          particular interest rate, or what interest rate would be required
          to  achieve  a  certain  rate  of return over a given interval of
          time.

          (2)  Minimum Savings for Future Value.

               This function has 2 items on its submenu.  They are:

                    1. Regular Deposits Needed For Future Value
                    2. Single Deposit Needed For Future Value

               This   function  is  devoted  to  addressing  the  following
          problem.    Suppose  you  have a 6 year old child who you want to
          send to college at age 18.  You haven't started a savings program
          yet,  but  you  figure that four years of college will cost about
          $40,000  twelve  years from now.  Your question is:  How much per
          month  (or any other period) will I have to put away on a regular
          basis  (or  all at once now) to accumulate $40,000 by the time my
          child  is  ready  for  college?   By the way, at 6% interest, you
          would  need  to  put  aside  $190.34  monthly  for  12  years  to
          accumulate $40,000 by the time your child is 18; alternatively at

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          the  same interest rate you would need to deposit $19505.05 today
          to have accumulated $40,000 by the time your child turns 18.

          (3)  Withdrawal from an Investment

               There  are  three  items  on  the submenu for this function.
          These are:

                    1. Regular Deposits-Regular Withdrawals at Future Date
                    2. Lump Sum Deposits. Regular Withdrawals N Years Later
                    3 .    Regular  Deposits  Needed  For  Desired  Regular
          Withdrawal
               
               Consider the following problem.  Suppose you are planning to
          retire 20 years from now.  On January 1, 1993 you get a pay raise
          (or  a  bonus  on December 31, 1992) that you are able to invest.
          Your  question  is:  if I invest this money on a regular (or lump
          sum)  basis  from  now until I retire, how much will I be able to
          withdraw  on  a  regular  basis when I retire before I run out of
          money.  (If you simply want to know how much you'll have after 20
          years  you  can  use  the  Future Value of An Investment function
          1.2). 

               The first two functions require two input screens each.  The
          first   screen  is  needed  to  calculate  how  much  money  will
          accumulate  before  you  can start to withdraw it.  The second is
          needed  to  determine both the period over which withdrawals will
          take place, and the frequency of withdrawals.

               The  third  function  approaches  the  problem in a slightly
          different  way.  Here our interest is in determining the best way
          to obtain a specific amount to withdraw over some period of time.
          This  is  not  useful for perpetuities (i.e. Social Security or a
          typical  pension  plan  where  withdrawals  take  place  over  an
          indefinite period of time). 

               If  you  are  interested  in determining how many periods it
          takes to exhaust a particular amount given withdrawals of a fixed
          amount  at  a  fixed  interest rate, use the loan calculator (see
          function  5.1  below).  A loan is a negative annuity in which the
          bank  loans  you  money  at  a specific interest rate for a fixed
          period  of  time,  to  be  paid back (amortized) by fixed amounts
          periodically.    Withdrawing  money  as  an  annuity  is the same
          problem  as a loan, but in reverse.  In this case you are loaning
          the  bank  money (your nest egg), which they will pay back to you
          at a specific interest rate for a fixed period of time. 

          (4)  Present Value of Future Payments

               There are two functions in this submenu.  They are:

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                    1. Lump Sum Future Payment, Present Value
                    2. Fixed Series Future Payments, Present Value

               Suppose  you win the Oregon Lottery.  You might be given the
          choice  of  receiving  $200,000 per year for 20 years, or a check
          now  for $2,000,000.  Which is the better deal?  Most of us won't
          ever  face  this  choice;  however  we  might  face the following
          choice:    When  you  retire,  your pension plan may give you the
          option  of  taking  your  retirement  income as a lump sum, as an
          annuity  for  a  fixed  length of time, or as a perpetuity.  This
          pair  of  functions enables you to determine the best strategy to
          the  pension  problem.    It  computes  the  Present  Value of an
          Investment  that pays a specified amount in the future, either as
          a  lump sum or as an annuity.  More specifically, it provides the
          present  value of a lump sum to be paid at a definite time in the
          future,  or  the  present value of a series of payments beginning
          now  and  continuing  to a definite time in the future.  (It does
          not deal with perpetuities).  
           
               By the way, at today's paltry interest rates (say 2.75%) the
          present  value  of $200,000 per year for 20 years is more than $3
          million.    In  other  words, the lottery would have to pay you a
          lump  sum  in excess of $3 million before the lump sum would be a
          good  deal.    If  you thought you could get at least 10% on your
          investment,  the $2 million lump sum settlement would be a better
          deal  since  the  present  value  of the $200,000 per year for 20
          years at 10% is only $1.7 million.

          (5)  Loan Calculations

               There  are  7  items on the Loan Calculation submenu.  These
          are:

                    1. Loan Calculator
                    2. Payments for Different Interest Rates - Comparison
                    3. Loan Amount for Given Periodic Payment
                    4. Amortization Schedule
                    5. Current Loan Balance
                    6. Accelerated Amortization - Payoff Loan Early
                    7. Refinance a Loan


               This  section  is,  by far, the most extensive part of "Your
          Financial  Partner."    Most people at some time in life secure a
          loan  of  one type or another.  These 7 loan functions enable the
          user to address almost any loan question imaginable.  

               Six pieces of information are needed to render a loan fully.
          These  are:    (a)  Loan  Amount;  (b) Nominal Interest Rate; (c)
          Payment  Frequency;  (d) Duration of Loan; (e) Payment Amount (f)

                                          7









          Interest  Compounding  Frequency.     Of these 6, items (a), (b),
          (d),  and  (e) are free to vary somewhat, while items (c) and (f)
          are important but typically constrained by external factors.  The
          Loan  Calculator  (Function  5.1)  enables  the user to enter any
          three  of  the  four  freely  varying items (a, b, d, e), and the
          program  will  automatically  calculate  the  fourth  item.   The
          Payment  Frequency (item c) cannot be omitted, while the interest
          compounding  frequency (item f) is, for simplicity, assumed to be
          the  same as the payment frequency.  Thus, you can enter the Loan
          Amount,  the  Nominal  Interest Rate, and desired Payment Amount,
          and  "Your  Financial  Partner"  will  calculate  the  number  of
          payments required to fully amortize the loan.  Similarly, you can
          enter the Loan Amount, the Loan Duration, and the desired Payment
          Amount  and  "Your Financial Partner" will calculate the interest
          rate  needed  to  fully amortize the loan under those conditions.
          The Loan Calculator will compute the missing value in each of the
          four  instances  where one of the four key variables is left out.
          If  no  information  is left out, or if more than one variable is
          left out, you will encounter an error message.

               As  noted  above,  the Loan Calculator is not limited to use
          with  loans.    If you understand the relationship between a loan
          and  an  ordinary  annuity  (a loan is simply a negative ordinary
          annuity),  the  loan  calculator  can  also be used as an annuity
          calculator.   Consider, for example, that you have $130,000 in an
          IRA  when  you  retire.    The  IRA  is paying a nominal 6% annum
          interest.    You have retired and want to begin withdrawing $1000
          per  month.    How long will the money last at this rate?  To use
          the  Loan Calculator for this question make the $130,000 the Loan
          Amount,  $1000  per month the payment amount, and 6% the interest
          rate.    The missing quantity (Loan Duration) is the value you're
          looking  for.    This  will  be  calculated  when  you  press the
          calculate key.  By the way, the money would last for 17.541 years
          (210 full months at $1000 per month, and a final payout of $459).
           

               The  Loan  Calculator also can be used to determine the true
          APR  on  a  loan in which "points" (prepaid interest) are paid to
          secure  the  loan.    Typically mortgages are the only loans with
          points.  To use the loan calculator in this way, you will need to
          run  it twice.  An example illustrates this.  Suppose you want to
          borrow  $100,000  for  30  years at 8.0%.  The bank will loan the
          money  to  you, but you must pay a combined loan fee and discount
          of  2 "points" to secure the loan.  Since each "point" represents
          1%  of  the  loan,  a 2 "point" fee and discount amounts to $2000
          paid  at  closing.  While the mortgage is secured at a nominal 8%
          per  annum,  what  is  the true "Annual Percentage Rate" when the
          points  are  figured?  Run the loan calculator first to determine
          what  the monthly payment will be on a $100,000 loan for 30 years
          at 8.0%.  The computed amount is $733.76 per month.  Run the loan

                                          8









          calculator  a  second time, letting $98,000 ($100,000 - $2,000 in
          points)  represent  the  loan  amount.    Leave the interest rate
          blank,  but instead fill in the monthly payment amount as $733.76
          (you  will still be paying back $100,000 in principal even though
          you  have  effectively only borrowed $98,000 from the bank).  The
          calculated  interest  rate  is 8.214%.  This is the "true" Annual
          Percentage rate of your 8% loan.  [Under Federal Truth-in-Lending
          Law,  banks are required to tell you what the true APR is.  Often
          other  amounts  figure  into  the  APR.  For example, I am in the
          process  of  refinancing  my  house  right now.  My bank includes
          points,  tax  service fee, interim interest charges, and mortgage
          insurance  as  part  of  the  "prepaid"  charges that are used in
          calculating  the  APR.  My refinanced loan, which is locked in at
          an  annual  rate of 7.75%, actually has an 8.207% APR after these
          prepaid items are added.

               Often  you  are  concerned  with  determining  the effect of
          interest  rate  fluctuations  on  payment  amounts.  Function 5.2
          provides  you  with  a  comparison  of  payments for a given loan
          amount over a range of +-1% (in 0.25% intervals).  

               How  many  times  have you wondered how much house you could
          afford  if you could only manage a 30-year mortgage with $750 per
          month  in  principal  and interest payments?  What happens to the
          affordability  of  a home if interest rates change?  Function 5.3
          provides    you  with  a  comparison  of Loan Amounts for a fixed
          periodic payment at interest rates over a range of +-1% (in 0.25%
          intervals).

               Function  5.4,  the  Amortization  Schedule, provides a full
          payment  schedule  for  any loan.  It reports the amount of every
          payment  apportioning  the  proper amounts to principal reduction
          and  to  interest, and provides a running loan balance after each
          payment  is  made.    [You  should  beware  that  the outstanding
          balances  calculated  after  any specific payment may differ from
          the  actual  outstanding  balance  reported  by your bank.  "Your
          Financial Partner" assumes that you make your payments at exactly
          equal  intervals.   Your bank computes interest charges daily and
          calculates  your  balance  based on the exact number of days that
          elapse between each periodic payment.]

               The  Loan  Amortization  schedule allows you use 9 different
          payment  intervals.  The  program calculates the dates associated
          with each payments based upon the loan starting date you provide.
          In  most  instances  the  program  will honor your starting date.
          There  are two circumstances where the program will override your
          c h oice.  The  first  involves  Semi-Monthly  payment  schedules
          (exactly 2 payments per month, 24 payments per year).  Regardless
          of  the  date  you  select,  the program only allows Semi-Monthly
          payments  to  take  place  on  the 1st and the 15th of the month.

                                          9









          Thus,  if  you select a starting date between the 2nd and 15th of
          the  month,  the  first payment will be forced to the 15th of the
          month.    If  you select a starting date between the 16th and the
          end of the month, the starting date will be moved to the first of
          the  following month.  The second instance involves Semi-Monthly,
          Monthly,  Bi-Monthly,  Quarterly, Semi-Annual, and Annual payment
          schedules. If you try to schedule your first payment on the 29th,
          30th  or 31st of the month, the program will force the payment to
          the  1st  of  the  following month, and payment intervals will be
          calculated from that point.
            
               Function  5.5  calculates  the outstanding balance on a loan
          after any given periodic payment has been made.  There is nothing
          in Function 5.5 that can't be obtained from the full amortization
          schedule  (Function  5.4);  however users may simply wish a quick
          loan  balance  without  going  through  the  trouble  of  a  full
          amortization schedule.    

               Suppose  you  have  a home loan at 8.5% interest that has 20
          years  before  it  is fully amortized (paid off).  You are due to
          retire  in 12 years and you would like to pay the loan off by the
          time  you  retire.    What  is the best way to do this?  How much
          money  will  you  save over the long run by doing so?  Aside from
          writing  a check today for the balance due, there are really only
          three  regular  ways  to  accelerate the payoff of the loan.  The
          first  is  to increase your monthly payments by some fixed amount
          and  apply  the  extra amount to principal reduction.  The second
          way  is to take a single lump sum of cash and directly reduce the
          principal.    The  third  is to make an extra payment every year.
          There  are  also  combinations  of these, as well the strategy of
          submitting  variable  amounts as extra payments.  "Your Financial
          Partner" handles only the regular ways of doing this.  [I am also
          aware  of  the  strategy  of  dividing a monthly payment into two
          equal  fractions  and sending that fraction to the bank every two
          weeks.    This  results  in  26 biweekly payments.  I surveyed 18
          banks  and  mortgage  companies in the Portland area.  None would
          permit a mortgagor to submit fractional payments as this strategy
          requires.    Therefore,  I  did  not include this option in "Your
          Financial  Partner".    However,  you  should understand that the
          biweekly  option  is  basically the same as submitting 13 monthly
          payments  annually,  with  the  entire  extra  payment applied to
          principal  reduction.    This  latter  strategy  is offered as an
          option in "Your Financial Partner."  All of the banks I contacted
          were  more than willing to accept an extra payment submitted this
          way.]  

               Function  5.6  is  offered  for  the  user  to  consider the
          different  approaches  to accelerating the payoff of a loan.  The
          procedure  used  in "Your Financial Partner" for dealing with the
          first two acceleration techniques is straightforward and requires

                                          10









          no explanation.  I had to impose some constraints to simplify the
          calculations  for  the  third  option.   "Your Financial Partner"
          a s s u mes  that  you  want  the  first  extra  payment  applied
          immediately,  and then subsequent extra payments would be applied
          after  a  full year has elapsed between each extra payment.  Thus
          on  a  loan with monthly payments the first extra monthly payment
          would  be applied with the next payment due, and subsequent extra
          payments  would  be  added  every 12th payment thereafter.  For a
          weekly loan the interval would be 52 weeks, etc.

               This  function  reports  the  total amount paid under normal
          amortization  and  under  accelerated  amortization,  as  well as
          providing  both  the  dollar  savings  and reduction in loan term
          resulting from acceleration.  

               Loan function 5.7 enables you to explore the nether world of
          l o an  refinancing.    With  today's  volatile  interest  rates,
          virtually  all  of us have considered refinancing loans initially
          obtained  at  rates  significantly  higher  than  those presently
          available.    The  goal  in  refinancing  usually is to lower the
          monthly  payment, to lower the total amount of interest paid over
          the  life  a  loan, or both.  There are times when refinancing is
          not  economically  prudent  (this  is particularly true when loan
          fees  and  points  are  high  and  the  differential  between the
          refinancing  interest  rate  and  the  original  interest rate is
          relatively  small,  or  when  you don't plan to stay in your home
          long  enough  to  recapture the refinancing costs).  Function 5.7
          takes  all of the relevant variables into consideration:  current
          interest  rate,  current  loan  term,  existing  balance, current
          monthly  payment, proposed interest rate, proposed loan term, new
          monthly  payment,  and new loan fees and points.  These variables
          are  combined  to  produce  a comparison of what the net periodic
          savings  will be under the new loan terms, what the gross savings
          will  be  over the life of the loan taking into consideration the
          effect  of  new  loan  fees  and  points  if applicable, and will
          calculate the length of time needed to pay back the loan fees and
          points  given the reduced monthly payments.  Typically it is this
          combination  of  information  that  allows  you  to  make  a more
          informed  decision  about  refinancing.  You should remember that
          "Your  Financial Partner" does not take into account the fees and
          points  you  might  have paid to secure the original loan.  These
          fees  should  be  subtracted  from the GROSS savings to get a NET
          savings under refinancing.    

          (6)  Bond and Security Calculations:

               Relatively  few  of  us  will  ever  purchase  corporate  or
          municipal  bonds.    Mutual  funds  have  become  a  very popular
          investment  for  the  average  investor,  particularly  given the
          anemic  returns  on  the  safer,  and  risk-free investments like

                                          11









          savings  accounts,  CD's, and Money Market funds.  A large number
          of  low-  to  medium-risk  mutual  funds  invest  part  of  their
          resources  in  municipal  and/or  corporate  bonds.    Therefore,
          understanding  the  way  in which bond prices and bond values are
          affected  by  market  factors  may  provide some insight into the
          price  ebb  and  flow of mutual funds that invest in them.  These
          are the intents of Functions 6.1 - 6.3.
            
               Similarly,  the  poor  returns on the safer investments have
          driven  many  average  investors  into  the  stock market or into
          mutual  funds  in  an  effort  to  capture  larger  returns.  The
          fundamental  problem  that these investment tools present for the
          average  investor  is  how  to  compare the yields on these risky
          securities  with returns offered on risk-free investments such as
          savings  accounts,  CD's  and Money Market Funds.  To compare the
          yields, we first have to be able to compute the annualized return
          (or  yield)  on  these  securities.   This is complicated because
          stocks,  bonds,  and  mutual  funds change value on a daily basis
          either  by  capital  appreciation,  by  payment  of dividends and
          capital  gains,  or  by  some  combination of all these factors. 
          Function 6.4 addresses this matter. 
            
               The  functions  grouped under Bond and Security Calculations
          include:

                         1.   Bond Valuation
                         2.   Bond Yield to Call
                         3.   Bond Yield to Maturity
                         4.   Annualized Yield on Security

               Bonds are issued at a face value (called the par value) with
          a  coupon  interest rate (the annual rate of interest paid on the
          bond),  and  a  term  of issue (the length of time until the bond
          matures  and  is redeemed by the issuer).  Bonds can be purchased
          when they are issued, but also at any time after issue and before
          maturity.  The value of the bond changes over time in response to
          two  factors:    market  interest  rates and time remaining until
          maturity.    If  you buy a bond at issue, you will buy it for its
          face  value.    Each  year  you  will  receive  an interest check
          computed as the bond's face value times the coupon interest rate.
          Thus  a $1000 bond, issued for 30 years, paying a coupon interest
          rate  of  10% annually will yield $100 per year for 30 years.  At
          the end of 30 years (the bond maturity date) the bond issuer will
          redeem  the  bond  for  $1000.    If market interest rates do not
          fluctuate  during  the 30 years, the bond will have yielded a 10%
          return.   If market interest rates do fluctuate, the bond's value
          will  change  over  time.   If market interest rates go down, the
          bond's value will increase and it is sold as a premium bond.  The
          reason  is  simple.    New bonds issued at that time will carry a
          lower  coupon  interest rate which yields a lower annual interest

                                          12









          payment  and  a  lower  overall  yield  at  maturity.   Naturally
          investors  would  be willing to pay more for a bond if they could
          get  a higher interest rate and a higher annual interest payment;
          thus,  your  bond's  value  is  set to be that where its yield at
          maturity  equals that of the currently available (lower yielding)
          bond.    This  means  that the bond will have to be purchased for
          more  than its face value.  On the other hand, if market interest
          rates are higher than the bond rates, people will try to sell off
          the  bonds and move money into higher yielding investments.  This
          will,  in turn, cause the bond to be sold at a discount, with the
          price  being  set to that where its yield at maturity also equals
          that of the currently available (higher yielding) bonds.

               Function  6.1  computes  the  current value of a bond at any
          time  between issue date and maturity.  It does so by taking into
          account  the  difference  in  coupon  interest  rates and current
          interest rates.  If you experiment with function 6.1 you will see
          that  there  really  is  an  inverse  relationship between market
          interest rates, coupon interest rates, and bond value.

               If,  after  a  bond  is  issued,  market interest rates drop
          substantially,  the bond issuer may want to redeem the bond early
          and  reissue  new  bonds  to  take  advantage of the lower market
          interest  rates.    They  can  do  so  only  if the bond has call
          provisions.    A  call  provision is a condition specified in the
          bond  that  allows  its  issuer  to redeem the bond early for any
          reason  provided certain temporal conditions hold (e.g. more than
          5  years has elapsed since the bond was issued).  Typically bonds
          a r e    c alled  only  if  market  interest  rates  have  fallen
          significantly.    Bonds  that  are called generally yield a lower
          overall  return  on  investment  than  bonds  held  to  maturity.
          Issuers  usually  establish a formula to determine how to set the
          price  of  a  bond  at  call.   For example, some bonds have call
          provisions  that set the call price as:  bond par value x (100% +
                                          N
          current  market  interest  rate)   where  N is the number of years
          that  have  elapsed  since the bond was issued.  In any case, the
          call  price  is  uniquely  determined  for  every bond and can be
          easily calculated.  Function 6.2 will enable you to determine the
          yield of a bond that has been called after N years, given current
          market interest rates and a known call price.

               If  you buy a bond at its original issue (at its par or face
          value) and hold it to maturity, the yield on the bond is the same
          as  its coupon interest rate.  On the other hand, bonds purchased
          after  their  initial issuance are rarely purchased at par value.
          Thus, if these bonds are held to maturity they will yield more or
          less  than  the  coupon  interest rate.  Bonds purchased for less
          than  par  value (discount bonds) and held to maturity yield more
          than the coupon interest rate.  This makes sense because the bond
          will  return  not  only the fixed interest payment every year but

                                          13









          will  also  pay  the  bond's  par  value  at maturity.  Thus, the
          addition  of  a  capital gain (the profit from redeeming the bond
          for  more  than its purchase price) to the annual coupon interest
          produces  a  yield  to  maturity higher than the coupon rate.  By
          contrast, the opposite condition obtains when bonds are purchased
          for  more  than  par  value (premium bonds) and held to maturity.
          Here  there  is  a  capital  loss  at  maturity  when the bond is
          redeemed  for a lower price than that for which it was purchased.
          This loss reduces the yield to maturity below the coupon interest
          rate.    Function  6.3  calculates  bond  yield  to  maturity  by
          factoring  in  purchase  price  versus  the  bond's par value and
          length of time to maturity.

               Finally,  Function  6.4  addresses the problem raised in the
          introduction.    Suppose  you    invest $1000 in a mutual fund on
          January  15, 1993.  The mutual fund shares are priced at $10 each
          so  on  January 15, 1993 you own 100 shares.  On the 15th of each
          subsequent  month  you  invest an additional $25 to purchase more
          shares  (at  their then-current value).  On December 31, 1993 the
          mutual  fund  declares a $0.60 per share dividend and a $0.30 per
          share capital gains payment.  As of December 15, 1993 you own (as
          a  result  of  the  initial  investment and the 11 subsequent $25
          investments)  124.664  shares  so  that the dividend plus capital
          gains payout on December 31, 1993 is worth $112.20, which is then
          reinvested in additional shares each costing $10.95.  This leaves
          you  with  a  portfolio  consisting  of  134.911 shares now worth
          $10.95  each.   As of January 1, 1994, the portfolio is valued at
          $1477.27.  What is your annual rate of return on this investment?

               For  the  average  investor,  this  is  a difficult question
          complicated  by the fluctuating price of the fund, the payment of
          dividends  and  capital  gains and their subsequent reinvestment,
          and  the  varying  holding  periods  of  individual shares in the
          mutual  fund.    Fortunately, "Your Financial Partner" makes this
          calculation relatively straightforward.  

               To  understand how this works, it is necessary to understand
          that  money  you  pay  out  to purchase shares of a security is a
          negative  cash  flow to you; money you receive from dividends and
          capital   gains  are  positive  cash  flows  to  you.    However,
          reinvested  dividends  and capital gains are neither positive nor
          negative  cash  flows  for  figuring  yields  (they are, however,
          exceedingly  important  in  determining  your  cash basis for tax
          purposes);  the  reinvestments are figured in the final valuation
          of  the  fund  [in  other  words,  at  the  end  of  the year the
          reinvested  dividends  and  capital  gains  are  reflected in the
          portfolio valuation of $1477.27 and do not, therefore, have to be
          considered  as  individual  cash  flows.  They can, of course, be
          treated  as individual cash flows; however, they would need to be
          entered twice:  first as a positive cash flow to you, and then as

                                          14









          a  negative  cash flow (you used the money to purchase additional
          shares).   But since both of these events occur simultaneously in
          an  automatic  reinvestment  program, the net effect is simply to
          increase  the  value  of  the  portfolio  by  the  dollar  amount
          reinvested  and nothing is gained by figuring the individual cash
          flows.    If  this  is  unclear to you, the same logic applies to
          savings  account.   You can figure out your annual rate of return
          on  a  savings  account  without  having  to  enter  the interest
          payments  received  as a positive cash flow to you, followed by a
          negative  cash  flow reflecting its "reinvestment" in the savings
          account.    All  of the interest reinvestment is reflected in the
          value of the savings account at any moment in time.]

               Let's  now consider this example.  Function 6.4 asks for the
          f o l lowing  information  in  the  following  order  (underlined
          information represents information you type in):

          Initial  Value:    $1000    ( This was our initial investment. It
          could also be the value on January 1, 199x)

          Date:     01/15/93 (This was the date of our initial investment)

          Final  Value:  $1477.27  (The value of the portfolio at the close
          of  business  on  December  31,  1993.    Note  that  there is no
          provision   in  "Your  Financial  Partner"  for  calculating  the
          valuation  of a portfolio.  This information still must come from
          an  external  source,  most  typically  a statement from the firm
          holding or issuing the security.) 

          Date:    01/01/94  (This  date  corresponds with the value at the
          close of business on 12/31/93).

          Guess  at a rate of return:  10%  (Just pick any number.  This is
          needed  to  get the calculations started since I use an iterative
          routine to solve for the annualized yield.).

          The  above  5 entries are required.  The next 24 pairs of entries
          a r e   optional;  however  every  non-zero  cash  flow  must  be
          accompanied  by  a  date that falls between the initial and final
          dates  given  above.  The cash flows do not have to be entered in
          chronological order.

          CF#1:   -25.00  (Cash Flow #1.  Negative because it represents an
          additional investment)

          Date:    02/15/93  (Date of $25 investment.  The number of shares
          purchased is irrelevant here)

          CF#2:  -25.00 (Cash Flow #2)


                                          15









          Date:    03/15/93 (Date of next $25 investment)
          .
          .    (Cash Flows 3-10 filled in here)
          .
          CF#11: -25.00 (Cash Flow #11)

          Date:       12/15/93 (Date of last $25 investment)

          Once  this  information  is  entered and checked, we are ready to
          calculate  the  annualized  yield  on  our mutual fund.  Pressing
          CTRL-ENTER  performs  the  calculation.  The resulting annualized
          yield,  as  you  can  see  if  you do this example, is 18.710%, a
          significant yield by any criterion.  

               Function  6.4  also can be used to calculate the yield on an
          entire portfolio, provided that the total number of cash flows in
          the  portfolio do not exceed 24.  Another example will illustrate
          this.

               Suppose that you invest $1000 in fund #1 on August 13, 1992.
          You  follow  this with an investment of $1000 in a second fund on
          August  17,  1992,  $1000  in  a third fund on November 11, 1992,
          $1000 in a fourth fund on December 10, 1992, and $3000 in a fifth
          fund on December 11, 1992.  Suppose in addition that Fund #1 pays
          $66.02 in capital gains on December 31, 1992, Fund #2 distributes
          $26.11 in dividends on December 31, 1992, and Fund #5 distributes
          $23.10  in dividends and capital gains on December 31, 1992.  The
          other  funds  distribute  no earnings.  All dividends and capital
          gains  are reinvested in shares in their respective mutual funds.
          On  January  1,  1993,  after  all reinvestments are figured, the
          portfolio is valued at $7335.10.  What is the annualized yield on
          this portfolio?  (Note that although you can calculate the yields
          on  all  of  the  individual  securities  or  mutual  funds,  the
          portfolio  yield  is  not the simple average of the yields of the
          individual  elements  making  up  the  portfolio.  Since there is
          different holding period for each security, and each security may
          represent  a  different  fraction  of  the  total  value  of  the
          portfolio,  the  proper  way  to  compute  portfolio  yield is to
          account  for  all of the cash flows into and out of the portfolio
          in the same way you would for its individual elements).

               There  are  two  ways  to approach this question.  Both will
          yield  the  same  answer.    The  best  approach  is to treat the
          portfolio  as  having  a $0.00 value on January 1, 1992 (which it
          did).    Then  on  January  1,  1993 the portfolio has a value of
          $7335.10.    During the year the portfolio had five negative cash
          flows  (investments)  over  five different dates.  These were:  -
          1000,    08/13/92;    -1000,  08/17/92;  -1000,  11/10/92; -1000,
          12/10/92; -3000, 12/11/92.


                                          16









               Entering these values produces a portfolio yield of 32.702% 

               The  alternative  is  to  treat  the  portfolio as having an
          initial  $1000  value  as  of 08/13/92 (which it did) and a final
          value  of  $7335.10 on 01/01/93.  Then we factor in four negative
          cash  flows  over  four  different  dates.    These were:  -1000,
          08/17/92; -1000, 11/10/92; -1000,  12/10/92; and -3000, 12/11/92.

               Entering  these  values  also  produces a portfolio yield of
          32.702%   
               
               The  former  approach  is  best  in  circumstances where the
          portfolio  has  a  $0.00 initial value at some point in the year;
          the  latter  approach is best in cases of a continuing portfolio.
          We  could,  for example, use the second approach to determine the
          yield  of  the  portfolio in the second year.  To do so, we would
          consider  the  value  of  $7335.10  as the portfolio value at the
          beginning  of  the  period,  and  then assess the yield from that
          point considering all of the relevant cash flows.

               Function  6.4  can handle both positive and negative yields.
          Remember  that  while  positive returns can, in principle, assume
          any  positive  value, negative yields can never be less than 100%
          since  you  can  never  lose  more than the total amount you have
          invested at any given point in time.  

               Note  also  that  there  are some combinations of cash flows
          that  do  not  provide  a  single  solution  for the yield.  This
          typically  occurs  when there are many positive and negative cash
          flows  for  a security or portfolio.  If you get an error message
          telling  you that you have an indeterminate solution, or that the
          solution  did not converge in 50 iterations, try reorganizing the
          way  you  enter the data.  Sometimes it helps to simply enter all
          the  positive cash flows first, followed by all the negative cash
          flows  (or the reverse).  The problem typically arises when there
          are many sign changes over the range of cash flows.

          (7)  Utilities

               Four  different  financial  utilities  are  offered in "Your
          Financial Partner."  They are:

                         1.   Effective Interest Rate
                         2.   Taxable Interest Rate
                         3.   Days Between Dates
                         4.   Calculate Federal Takehome Pay

               Suppose  you  want  to put money into a savings account at a
          local bank.  There are three banks nearby that each pay 5% annual
          interest.    Bank  1  compounds  the  interest  quarterly, Bank 2

                                          17









          compounds  monthly,  and  Bank  3  compounds daily.  If all other
          services  offered  are equal, into which bank should you put your
          money to maximize your yield?

               Function  7.1  calculates  the  effective  interest rate and
          provides  you with the answer.  Bank 1, paying a nominal interest
          rate  of 5% per annum compounded quarterly, is actually paying an
          effective   interest  rate  of  5.09%;  Bank  2,  which  pays  5%
          compounded  monthly,  is  actually  paying  an  effective rate of
          5.12%;  and  Bank 3, which compounds daily, provides an effective
          yield of 5.13%.  Thus, Bank 3 should get your money.  In general,
          the  more  often  interest is compounded the higher the effective
          interest rate.

               The  financial section of today's newspaper is littered with
          advertisements  offering  a  variety of investments.  Suppose you
          have  $1000  to  invest.  You want something relatively safe, yet
          something that provides a higher return than an ordinary passbook
          savings  account.    You  are given two possible investments that
          meet  your  objectives  to provide a safe, modest rate of return.
          The  first of these invests in short-term corporate bonds and has
          consistently returned about 7.5%.  The second of these invests in
          a  variety  of  tax-free  municipal  bonds  and  has consistently
          returned  about  6%.   Other things being equal, which of the two
          investments should you choose?  

               The  key  element  in  investing  is  recognizing  that some
          investments  generate  gains  that  are completely free of taxes,
          while  others  yield  profits that are subject to ordinary income
          tax.  To compare any two investments fairly, we need to level the
          playing field.  Function 7.2 provides the necessary levelling.  

               Whenever  we  make  money from our investments, our earnings
          are subject to income tax unless the earnings are tax-free.  Most
          investors  will  find themselves in either the 28% or 31% federal
          marginal  tax bracket.  In addition, many states also tax profits
          from  investments.    Suppose our hypothetical investor above was
          paying  federal  tax at the 31% marginal rate, and state tax at a
          9%  marginal  rate.   This means that the earnings are reduced by
          31%  because  of federal tax, and 9% because of state tax.  Thus,
          our taxable yield of 7.5% is reduced to 5.175% because of federal
          tax  and  to  4.5% when we add in state tax.  This means that the
          two  investments  are hardly equivalent.  Once taxes are factored
          in,  the  tax-free  investment  pays  1.5%  more than the taxable
          investment.

               Function  7.2  turns  this  problem  around by levelling the
          playing  field  in  the  opposite  direction.   It approaches the
          problem by asking what the taxable equivalent of a tax-free yield
          is.  In the problem described above, the value of our 6% tax-free

                                          18









          yield  is  increased  by  the  combined  federal  and  state  tax
          obligation.    We would have to have a taxable yield greater than
          8.695%  to  offset  the  effects of federal tax; the return would
          have  to  equal or exceed 10% to offset the combined effects of a
          31% federal tax and 9% state tax.

               Function  7.3  simply  answers the question of how many days
          have  elapsed  between  two  dates.    This  routine  takes  into
          consideration leap years.
               
               Function  7.4, updated in Version 3.32, was motivated by the
          changes  in  the  Federal  Income Tax Code passed by Congress and
          signed by President Clinton in August 1993.  The Internal Revenue
          Service  released the new withholding schedules for income taxes,
          Social  Security,  and Medicare in IRS Publication 15, Circular E
          in  January 1994. The current version of "Your Financial Partner"
          incorporates  the  latest  iteration of the withholding schedules
          (dated  January  1995)  into  the  takehome  pay calculator.  The
          r o utine  is  relatively  simple  to  understand.    You  should
          understand  that  tax  code  is  complicated  in the area of what
          income is and is not subject to taxes.  Some income is subject to
          Social  Security  and  Medicare  Taxes, but not to Federal Income
          Taxes  (e.g. money set aside for a 403(b) tax-sheltered annuity),
          while  some  income is subject to none of those taxes (e.g. money
          set  aside  in  a  Flexible Spending Account for childcare).  The
          inputs  to  "Your  Financial  Partner"  allow  you  to enter both
          Section  125  deductions (those qualified deductions specifically
          approved  by  the  IRS  for  your company that are not subject to
          F e deral,  State,  Social  Security,  and  Medicare  taxes)  and
          voluntary  401-K  or  403-B  deductions, which are not subject to
          Federal  or  State  taxes, but are subject to Social Security and
          Medicare  taxes.    Typically,  section  125  deductions  include
          flexible  spending  accounts  that provide for dependent care and
          some  health  insurance.  You should note that not all plans meet
          IRS  qualifications.    You  should  check  with your employer to
          determine  whether  your  deductions meet section 125 guidelines.
          In addition, function 7.4 allows you to enter the aggregate total
          of  all after-tax deductions such as those for union dues, credit
          unions, savings bonds, health, life and disability insurance.   

               If you reside in Oregon - and you select the abbreviation OR
          from  the  list  of  states  - "Your Financial Partner" will also
          compute  your  Oregon  withholding  tax.    The  program does not
          compute  withholding  for  states  other  than Oregon.  Users who
          register  the  shareware  version of "Your Financial Partner" and
          who  supply  me  with the official withholding formulae for their
          state  will  receive  a  customized  version  that  includes  the
          appropriate state income tax calculations.

               You  may note some differences in the calculated Federal Tax

                                          19









          withholding amounts between "Your Financial Partner" and your own
          pay stub.  The IRS allows companies latitude in rounding salaries
          and  withholding  up  or down from their exact amount to simplify
          bookkeeping.    Ordinarily the difference should not be more than
          $0.50;  however,  depending on how companies have implemented the
          exemption  allowance, the calculated actual Federal (and probably
          state)  withholding  may  differ  by  more.  My own employer, for
          example,  rounds my salary and both Federal and State withholding
          to  the next highest dollar amount for computational purposes (my
          exact  salary  is  always  correctly  reported,  however).  "Your
          Financial  Partner"  uses  the  computer formulae supplied by the
          Internal  Revenue  Service in their Circular E and yields "exact"
          withholding.    Its  results are comparable to those found in any
          other  generic  payroll program currently available.   You should
          also be aware that neither Medicare nor Social Security taxes may
          be  rounded.    The results that "Your Financial Partner" reports
          should  be  exactly equal to what your employer has withheld.  In
          rare circumstances either or both may be off by a penny, but this
          is strictly due to rounding error.
               
               The  payroll  function  makes  no effort to protect you from
          yourself.   If you tell it that your 401K/403B deduction is $9000
          and  you are only paid monthly, it will not challenge you.  It is
          also possible to have a negative takehome pay.  
               
               Finally,  for simplicity "Your Financial Partner" limits you
          to  claiming no more than 9 exemptions.  While you may be allowed
          more  by  the IRS, you cannot do so without your employer sending
          your  W-4  to  the IRS and risking the IRS challenge to your W-4.
          Since  this  probably  affects  only  a  few  individuals and the
          complications  from excess exemptions many, I decided to make the
          program simpler by disallowing more than 9.
             
          Programming Considerations:

               The  current version of "Your Financial Partner" was written
          in  Borland  C++  4.0.    The  menus  and data entry screens were
          adapted from the Object Professional C++ Library from Turbo Power
          Software.    To  ensure accuracy, all financial calculations were
          performed in BCD (financial) arithmetic and follow banker's rules
          of  rounding.  Even so, there will be differences between results
          o b tained  using  Financial  Partner,  spreadsheets,  and  other
          financial  analysis  programs.   Where comparable routines exist,
          "Your Financial Partner" has been thoroughly tested with examples
          from major financial analysis textbooks and its results accurate,
          to  within  limits  of  roundoff  error, with those obtained with
          Q u attro  Pro  5.0,  Excel  3.0,  Hewlett  Packard  10B  and  12
          calculators, and the published textbook answers.      

               I  sincerely hope that "Your Financial Partner" is useful to

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          you.  I spent a great deal of time trying to write a program that
          I  could use.  While I've tested all of the functions with a wide
          variety  of  data  from  financial analysis text and am convinced
          that  all  egregious  bugs  have  been  exterminated,  I've  been
          programming  for  long  enough  to  know that bugs cannot ever be
          completely  eradicated.    If you run into any problem, encounter
          any  results  that  do  not  look  right  or  that  you  know are
          incorrect,  please  drop me a note and explain the circumstances.
          I do not want a "buggy" program circulating.


          Legal Matters:

               My  legal  advisors  tell  me  that  I  cannot  warrant this
          program,  expressly  or  by implication.  So there is no warranty
          attached  to  "Your Financial Partner."  You'll just have to take
          my  word  that it does do financial calculations, and as far as I
          can figure it mostly gives correct answers.  This generally means
          that  I  am  not responsible if this program ruins your life.  On
          the  other  hand, if it makes you a millionaire, I'd like to know
          about it.

          Money and Other Matters:

               As   indicated  at  the  beginning  of  this  manual,  "Your
          Financial  Partner"  is  distributed  as  "Shareware."  If, after
          using  it  for 30 days, you find it valuable, please register the
          program  by  filling  out  the form below and send it to me along
          with  a  check  for  $29.95 to complete the registration process.
          Registered  users  will  receive  the  latest  version  of  "Your
          Financial  Partner,"    free  upgrades  for  6  months  following
          registration,  will  be  able to receive upgrades thereafter at a
          nominal  fee,  and are eligible for telephone support.  I am also
          willing to customize the Takehome Calculator for registered users
          who  provide  me  with  a  copy  of  the  appropriate withholding
          formulae  for  your  particular  state.    If you are interested,
          please  send  a copy of the official booklet for employers issued
          by  your  state's  revenue  department.    Upon  receipt  I  will
          integrate  the  relevant information into a customized version of
          "Your Financial Partner" and return the customized version to you
          as soon as possible.

          Customer Service:

               Users  needing  help  with  "Your  Financial Partner", users
          wishing  to report a bug, users wishing to lavish me with praise,
          or users wanting to carp may contact me in writing at the address
          below  (see  Registration Form), or electronically via CompuServe
          (71212,2327).  If you have an urgent problem, you may phone me at
          503-725-3910 (this is in the Pacific Time Zone); however, this is

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          my  office phone number and I may or may not be able to talk with
          you  when  you  call.    If  you get my voice mail instead of me,
          please  leave me a detailed message indicating precisely what you
          need.  Also indicate whether you are a registered user.  I cannot
          afford to provide telephone support to unregistered users (I will
          respond  to  any  and  all  electronic  mail  or US Mail messages
          whether  you  are  registered  or  not).    Include in your phone
          message  a  time of day where I will be able to get a hold of you
          by phone.  I will try to respond as soon as possible. 


          Acknowledgements:

               Thanks  are  due  to  my wife, Susan Wolf, and our children,
          Sarah  and Elisabeth, for their support and for enduring the many
          months  that writing this program consumed.  Thanks also  to Tech
          Mate  for  their  helpful  advice  on  using  Object Pro C++.  My
          gratitude  goes  out  to  all  the beta testers - especially Bill
          Paudler, Don Flinn, and Geoff Kleckner - and to users of previous
          v e rsions  of  "Your  Financial  Partner"  for  suggestions  and
          encouragement,  not  to  mention  for  drawing noxious bugs to my
          attention.  


          Things In The Planning Stages:

               A  Windows version of "Your Financial Partner" is already in
          the  planning  stages.    It  will include a simple, pop-up four-
          function  calculator  that will allow users to paste results into
          d a t a  fields,  loan  qualification  function,  and  inflation-
          adjustment for various routines. I welcome user suggestions.  


          Useful Financial References:

          The  following  proved  invaluable  to  me  in  developing  "Your
          Financial  Partner."    I  recommend them to anyone wishing to do
          further research.

          Gordon  Alexander  and  William  Sharpe,  1990,  Investments, 4th
          Edition.  Englewood Cliffs:  Prentice-Hall.

          Eugene  F.  Brigham,  1992, Fundamentals of Financial Management,
          6th  Edition.    San  Diego:    Dryden  Press  (Harcourt,  Brace,
          Jovanovich).

          Petr  Zima and Robert L. Brown, 1984, Contemporary Mathematics of
          Finance (Schaum's Outline Series).  New York:  McGraw Hill.



                                          22









          Registration Form:

                                Your Financial Partner
                                   Version 3.32 CPP

                              
          Date_____________

          Name__________________________________________________________

          Address_______________________________________________________

          City________________________________ State_________Zip________

          Phone______________________

          Where/how obtained_____________________________________________


          Please return this form with a check for $29.95 to:

                                Dr. Marc R. Feldesman
                                 Flying Pig Software
                                   4210 SW Comus St
                             Portland, Oregon 97219-9504


























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