Investigative Lab Proposal Assignment Example | Topics and Well Written Essays - 250 words

Investigative Lab Proposal - Assignment Example eshwater that has a pH of 6.0–8.0, a 5.0–19.0 dGH water hardness and 4 to 41 Â °C temperature range Despite they they may not survive long enough at higher temperatures. Infact, they are taken to be not suited to living in a tropical fish tank that is heated, as they are employed to the greater oxygen amount in unheated tanks as well heat can burn them. (Copp and Sayer, 2010) Materials: Infrared gas analyzer, Fish tank with a heater, three gold fish, thermometer and two hot water bags. For this experiment, Gold fish 1 will be placed directly into the fish Tank with temperature near to 40c . Gold fish 2 will be placed in fish tank with room temperature. Gold fish 3 will be placed in fish tank with a temperature near to 4o0c.The temperature recording will be done through placing the thermometer in the fish tank. The machine will be expected to match after every five minutes. Alteration will be done at different points. The experiment will be carried out to ascertain if temperature has a significant effect on respiration rates of the Gold fish. It is based on the fact that there is kinetic energy alteration of enzymes involved in respiration with change in temperature thus its rate of reaction can either be faster or slower Copp GH, Sayer CD (2010) Norfolk Biodiversity Action Plan – Local species action plan for crucian carp ( Carassius carassius). Norfolk Biodiversity Partnership Reference:LS/3. Centre for Environment, Fisheries & Aquaculture Science, Lowestoft, 9

English Essays Frankenstein

English Essays Frankenstein Why is Frankenstein considered a Gothic novel and Fathers and Sons and Great Expectations considered realist? Discuss in an essay of 2000 words with reference to Frankenstein and either Fathers and Sons or Great Expectations. Great Expectations and Frankenstein provide us with examples of the nineteenth century English novel frequently labeled realist and gothic respectively. This essay aims to discuss the characteristics that contribute to these labels and how far this sets the two novels apart. The realist novel is classified as such by its attempt to represent social types of the time and symbolize the community of a historical era by portraying particular individuals. Consequently, characters within the novel serve as examples of their particular social type. One of the aims of the realist novel was to bring life to history, to add a human viewpoint to a real historical situation. This means that the realist narrative focuses on the everyday concerns, thoughts and feelings of societys people. Not concerned solely with immediate feelings, the ambitions and desires of a person are also of great interest to the realist writer. As a result we are presented with a picture not just of how the world was, but how different social types imagined it to be. Great Expectations is set in early Victorian England at a time when great social changes were taking place. The Industrial Revolution of the late eighteenth and nineteenth century had transformed the social landscape, enabling capitalists and manufacturers to amass huge fortunes that would otherwise have been unattainable; social class was no longer a status dependent purely on birth. This is the dynamic environment into which Dickens places his protagonist, Pip. Pips sudden transformation from country laborer to city gentleman allows Dickens to commentate on the differences between social extremes. Pips decisions are constantly influenced by the strict rules and expectations that governed Victorian England at this time. The setting of the novel would have been familiar to its readership and certain aspects can clearly be linked to historical truth. For example, in 1841 there would have been three thousand civilian prisoners held aboard nine hulk ships anchored in English waters. It is reasonable to believe, therefore, that Magwitch could have escaped from a ship that found itself anchored off the Essex coast. The moral of the story is clear: social standing is a superficial and insufficient guide to character. Pip swiftly becomes driven by the fantasy of becoming a gentleman, and it is these great expectations that form the basic plot of the novel. As a result Dickens is able to satirise the very class system that he is a part of. The consequences of Pips actions allow us an insight into Dickens social ideals Pips life as a gentleman is no more satisfying or moral than his life as a country laborer. Indeed it is through Joe, Biddy and Magwitch that Pip learns that social and educational improvement are irrelevant to a persons true worth. Consequently, it must be noted that the realist novel is heavily influenced by the way that the realist novelist sees the world; Dickens focuses firmly on those in the community who have earned their status through commerce and as a result, the post-Industrial revolution class system portrayed largely ignores the nobility and aristocracy by birth. In thi s respect the realist novel can be read as more subjective social criticism and raises the issue of how reliable one author can be when it comes to presenting an objective view of the world. Characters in the novel naturally present us with conflicting views of society and it is left to Dickens to reconcile these ideas and present us with the answer, an answer that is heavily influenced by his own ideals. It can be argued that this technique over-simplifies social issues, in the words of Joe, one mans a blacksmith, and ones a whitesmith, and ones a goldsmith, and ones a coppersmith. Divisions among such must come, and must be met as they come. There seems to be little in between and each must be met as they are presented by Dickens. Other factors may also have come into play when producing this realist novel, particularly, the novels market. The content of Great Expectations would have been heavily influenced by the requirements of All the Year Round, one of the magazines for which Dickens wrote. Having just published a rather unsuccessful serial by another author, Dickens saw Great Expectations as a means of drawing in readers and getting the magazine back on track financially: an ironic influence considering the moral of the story which condemns the pursuit of financial and social gain. As mentioned previously, the setting of Great Expectations would have been familiar to its contemporary readers, allowing them to relate to characters. Setting is one factor that sets the realist novel apart from the gothic. The landscape presented in Frankenstein would have been wholly alien to readers of the time. Gothic novels tend to locate narratives in mysterious locations and this convention is clearly adhered to in Frankenstein, with action taking place in continental Europe and Arctic regions places it is unlikely Shelleys readers would have ever visited. In the same respect Victors experiments take place in an unknown setting as the majority of readers would have been unfamiliar with laboratories and scientific experiments. The use of strange and eerie settings succeeds in creating a mood of suspense and unsettling atmosphere, Who shall conceive the horrors of my secret toil as I dabbled among the unhallowed damps of the grave Another characteristic of the gothic novel is the use of the supernatural. Moers writes that, in Gothic writings fantasy predominates over reality, the strange over the commonplace, and the supernatural over the natural, with one definite authorial intent: to scare. Shelley uses the supernatural elements of raising the dead to frighten her readers. Through the eyes of Victor the monster is repulsive and altogether unnatural, shocking the reader out of reality, I suddenly beheld the figure of a man, at some distance, advancing toward me with superhuman speed. At a time of great scientific advancement this would have been a topical story that pushed the boundaries, presenting readers with a truly shocking idea removed from reality, but remotely possible. Not only is this topic unknown and mysterious, it is presented in such a macabre manner that terror consumes the reader. Victors decision to stop making a female monster is driven by fear that a race of devils would be propagated upon the earth who might make the very existence of the species of man a condition precarious and full of terror and this is the very feeling that has already been sparked in the reader during the creation of the first monster. The gothic tradition thrives on the sensational. In her essay on the Female Gothic, Moers argues that the gothic novel is primarily concerned with producing a physiological reaction, a story that chills the spine and curdles the blood. Victor himself experiences this bodily reaction induced by fear Sometimes my pulse beat so quickly and hardly that I felt the palpitation of every artery. In this respect, Shelleys novel clearly meets the criteria of the gothic traditions, illustrated by Lord Byron who is said to have run from the room screaming on first hearing the story of Frankenstein. Indeed, such sensationalist literature was highly sought after in this period and pandered to by such gothic fiction. These sensations are enhanced by the feeling of suspense that runs through Frankenstein, particularly from the moment the monster threatens Victor with the words, I will be with you on your wedding-night, a phrase that echoes through the novel from the moment it is spoken. Nature in the gothic novel is presented as sublime, a retreat from both physical and emotional strain. This is evident in Victors journey to the mountains to revive his spirits and the monsters joy when spring arrives. Nature is often used in conjunction with darkness to construe a feeling of foreboding or evil. This is the case as Victor creates the monster, an endeavor that forces him to shun daylight and lead a solitary life, the moon gazed on my midnight labours, while, with unrelaxed and breathless eagerness, I pursued nature to her hiding-places. As the novel progresses we would not expect life to be injected into the monster on any other night but a dreary night in November. Nature is used to a similar effect within Great Expectations where the mist that occurs on the nights when Pip visits Magwitch, The mist was heavier yet when I got out upon the marshes, and subsequently returns when he leaves for London, suggests that all will not run smoothly when he reaches the city. Through multiple narratives Shelley forces us to question our sympathies. In a Russian doll narrative style we are told the story of Frankenstein through Walton, who in turn tells the story of the monster, who in turn tells the story of Safie and the cottagers. However, it is not until halfway through the novel that we are subject to the monsters narrative and by this time we have already been influenced by Victors biased account of events. Consequently, we become aware of the complex nature of truth and the power of our own subjectivity. In the questions that are asked of us, supernatural becomes closer to natural than we may have first imagined. Although we are terrorized in true gothic fashion, we are simultaneously forced to question the source of this terror. Having said this, the complex narrative structure and the portrayal of the supernatural clearly invites more of a gothic reading. In his essay, Reading Frankenstein, Richard Allen points to narration as a signifier for narrative form, stating that Pips first person narrative makes his presentation in terms of what we might read as gothic excess in fact rather plausible, since it can also be understood as the product of a young imagination replete with the monsters and ogres of folk and fairy-tale tradition. The realist narrative directs us towards a more sensible and natural explanation, toning down what may be gothic content by presenting it from a realist perspective. This realist understanding of supernatural events can be identified in the reaction of the magistrate to whom Victor explains his story to, He had heard my story with that half kind of belief that is given to a tale of spirits and supernatural events. Both Dickens and Shelley draw from their own experiences in writing their respective novels. Dickens would have been extremely familiar with the city of London and the marshes surrounding Kent, and would also have experienced the law system, with his own father spending time in prison. Shelley was also frequently exposed to the ideas expressed in her novel, spending time with radical thinkers through her father and husband. Great Expectations may well be more openly realistic, but the subtext of Frankenstein connects to the natural more than a first reading may imply. There is a vast undercurrent of birth and abortion illustrated by a link that is often made between the creation of the monster and Marys loss of a child. Her journals explain that the baby died before it was given a name (just as Frankensteins monster remained nameless) and that she also experienced a vivid dream in which she was able to bring it back to life. It must be noted that neither novel can be classified by one single form. Great Expectations for example can also be read as a bildungsroman, another popular nineteenth century novel form which depicts growth and personal development by transition from childhood to adulthood. Much of the gothic novel also draws from the Romantic tradition, Shelleys portrayal of human feeling, compassions and discontent towards all that is commercial and inhuman is closely aligned with this movement. Walden observes this cross-over of genres, stating that what is especially interesting about Dickens writings is the degree to which they anticipate the continuing hybridity of genre expectations, a statement that can equally be applied to Shelley. Bibliography Frankenstein, Mary Shelley (Everymans Library, 1992) Great Expectations, Charles Dickens (Marshall Cavendish, 1986) The Endurance of Frankenstein: Essays on Mary Shelleys Novel, Edited by George Levine and U. C. Knoepflmacher (University of California Press, 1979) The Realist Novel, Edited by Dennis Walder (Routledge, 1995) http://intolerablehulks.com/intro.html

Essay on Stage Directions in The Glass Menagerie -- Glass Menagerie e

Importance of Stage Directions in The Glass Menagerie      Ã‚  Ã‚   In Tennessee Williams' play, The Glass Menagerie, stage directions are as important to the theme of the play as the dialogue itself. Detailed stage directions intensify the unrealistic setting, foreshadow and emphasize events, and develop the characters. Dim colored lighting and symbolic melodies create the unrealistic setting for the memory play. In his opening narration Tom says, "Being a memory play, it is dimly lighted, it is sentimental, it is not realistic. In memory everything seems to happen to music. That explains the fiddle in the wings" (699). Throughout the play the stage directions call for "a turgid smokey red glow," "gloomy gray" lighting and "deep blue dusk" which create the hazy images of a memory. For a short while, as Jim enters, there is a "delicate lemony light" (688), and a soft light from the new lamp brings out Laura's "unearthly prettiness" (695). Yet, at the end of the play, and throughout its majority, the set is grim, characteristic of Tom's sad memory. Music in the play can be symbolic or simply add to the emotion of a scene. In scene four, "Ave Maria" plays softly in the background, symbolizing Amanda's duties as a mother. Throughout the play, music swells and recedes with the rising and falling of the c haracters' emotions. For example, as Tom is confronting his mother with the reality of his sister's handicap, "the music changes to a tango that has a minor and somewhat ominous tone" (687). Describing characters' appearances and presenting messages upon the screen, the stage directions foreshadow and emphasize events. The description of Tom standing on the fire escape looking "like a voyager" (692) foreshadows his escape to th... ... actions of Amanda and Laura, an audience might believe that Laura has come out of her shell for good or that Amanda is simply an overprotective mother who cannot face reality. Yet, with the elaborate stage directions, Tennessee Williams creates a distinctive memory play with each character tragically failing to reach his or her goals. Works Cited Jolemore, Nancy.   "Lecture Notes and Study Guide Questions for Tennessee William's The Glass Menagerie."   Old Dominion University.   18 January 2000.   Accessed:   29 June 2002. . Reser, Rob.   "A Touch of Glass."   29 June 2002. . Williams, Tennessee.   The Glass Menagerie.   Literature and The Writing Process. 5th ed. Elizabeth McMahan, Susan X. Day, and Robert Funk. Upper Saddle River, NJ: Prentice, 1999. 693-734.   

Financial Maths

FINANCIAL MATHEMATICS 1. RATE OF RETURN 2. SIMPLE INTEREST 3. COMPOUND INTEREST 4. MULTIPLE CASH FLOWS 5. ANNUITIES 6. LOAN REPAYMENT SCHEDULES Financial Math Support Materials Page 1 of 85 (1) RATE OF RETURN FINANCIAL MATHEMATICS CONCERNS THE ANALYSIS OF CASH FLOWS BETWEEN PARTIES TO A CONTRACT. IF MONEY IS BORROWED THERE IS AN INTIAL CASH INFLOW TO THE BORROWER BUT AFTERWARDS THERE WILL BE A CASH OUTFLOW IN THE FORM OF REPAYMENTS. A person borrows $100 and promises to repay the lender $60 after 1 year and $60 after 2 years. Show the resulting cash flows for the borrower and lender. Financial Math Support MaterialsPage 2 of 85 Time Now 1 End of 2 years Borrower 0 End of 1 year Lender 2 $100 is loaned out $120 is received back The extra $20 is the lenders compensation for foregoing current consumption to obtain future consumption. The lender requires compensation for: Financial Math Support Materials Page 3 of 85 THE â€Å"TIME VALUE† OF MONEY CONSIDER A CHOICE OF ? $100 NOW, OR ? $100 LATER ANY RATIONAL PERSON WOULD CHOOSE $100 NOW! BUT WHY? â€Å"MONEY HAS A TIME VALUE† Financial Math Support Materials Page 4 of 85 Time Value of Money (TVM) ? Refers to the difference between ? The concept enables ? Provides the means for valuing multiple cash lows that occur at different times The level of interest rates is the index used to determine prevailing TVM. Interest rates are determined by the level of †¦ For every type of financing transaction there is potentially a different interest rate. Interest rates are distinguished by the nature of the underlying transaction and focus on three characteristics: ? ? ? Financial Math Support Materials Page 5 of 85 An important aspect of valuation is applying the appropriate interest rate. For example, valuing a fixed-rate loan to a highly speculative company using a government bond rate is inappropriate; an adjustment must be made reflecting he relative creditworthiness of the borrower. While different TVMs may exist for every borrower and lender, it is the Most financial math formulae are a form of present value calculation; that is, these formulae identify the future cash flows of a financial instrument and then calculate the value at which these instruments could be exchanged for cash today. Financial Math Support Materials Page 6 of 85 RATE OF RETURN Suppose I purchase a watch for $200 and sell it a year later for $250. What is the dollar return and rate of return of this transaction? Financial Math Support Materials Page 7 of 85 Interest Interest a fee for borrowing money – about as old as civilisation itself Prime rate – the interest charged to the largest and most secure corporations. Interest is a cost to business, hence it is very important to understand how it is calculated and how it impacts on the business. There are two basic types of interest Simple Interest and Compound Interest Simple Interest Compound Interest Financial Math Support Materials Page 8 of 85 (2) SIMPLE INTEREST When a financial institution quotes an interest rate for a loan it can do so in different ways. For example, a quote 10% p. a. simple interest has different cash flows than a quote of 10% p. . compound interest payable quarterly. If the quote is offered as a SIMPLE INTEREST RATE, then the rate is taken as a proportion of the initial loan amount. eg 12% p. a. (SIMPLE), is equivalent to 1% per month, or 3% per quarter, or 6% semi-annually. * NOTE – The quoted rate is often referred to as the nominal rate. Financial Math Support Materials Page 9 of 85 SIMPLE INTEREST Suppose we lend $300 and quote a simple interest rate of 8% p. a. What will be the interest and repayment if the loan is made over: (a) six months, (b) one year, (c) three years. (a) 8% p. a. = Interest = Repayment = (b) Interest = Repayment = (c) 8% p. a. =Interest = Repayment = Financial Math Support Materials Page 10 of 85 Symbolically: Interest amount = I = P i t P ~ principal (or amount bor rowed = PV) i ~ rate of interest as a percentage t ~ time is the number of years, or fraction of a year, for which the loan is made The simple interest (I) charged on a loan of $800 for 2. 5 years at 8. 5% is: I = Pit = Simple interest is usually associated with short-term loans, that is, less than 12 months. In the formula time (t) is expressed in years, or fraction of a year. Example: $800 for 9 months at 8. 5% is: I= Financial Math Support Materials Page 11 of 85 Example: $800 for 88 days at 8. % is: I = Pit At the end of the period the amount repaid is: FV = PV(1 + t i) Where t represents the fraction of a year during which the money is borrowed. Financial Math Support Materials Page 12 of 85 SIMPLE INTEREST In general, the amount repayable, or Future Value (FV) of a loan quoted as simple interest is given by: ? ? ? ? f ? i? FV ? PV 1 ? 365 ? ? ? ? ? ? Where: FV – is the future value (amount repayable) PV – is the present value (Principle) f – is the numbe r of days i – is the annual simple interest rate PV = EQUIVALENTLY, Financial Math Support Materials FV ?f? 1+ ? ?i ? 365 ? Page 13 of 85 SIMPLE INTEREST Question 4(a) from 2001, 2nd semester final exam) Leanne buys a watch for $80 and sells it a month later for $85. What nominal annual interest rate of return does she earn? Rate of return in one month = Annual nominal rate = Financial Math Support Materials Page 14 of 85 Principal unknown A borrower can pay an interest amount of $120 at the end of 6 months. If the current interest rate for personal loans is 9% what is the maximum that can be borrowed, that is, what is PV? ? f ? i I ? PV ? ? ? 365 ? I PV ? ?f? ? ?i ? 365 ? Note: Financial Math Support Materials Page 15 of 85 Interest rate unknown A loan of $18,000 for 8 months had an nterest charge of $888. What was the annual rate of interest rate? ? f ? i I ? PV ? ? ? 365 ? I i? ?f? ? ? PV ? 365 ? Financial Math Support Materials Page 16 of 85 Rayleen’s birthday was on the 14th August last year. On this date she received a gift of $4,800 from her family which she placed in an interest earning account at a nominal rate of 5. 75% per annum. If she withdraws all funds in the account on the 8th April this year, how much will she receive? How much interest is earned? August September October November December January February March April 17 30 31 30 31 31 29 31 8 Total number of days = 237 ? ? f FV ?PV ? 1 ? ? ?i ? ? ? 365 ? ? FV = I= Financial Math Support Materials Page 17 of 85 Barns & Co Ltd. currently has a non tradable bank note with a face value of $500,000 that will mature in 85 days. Barns & Co has negotiated with its lender to obtain a loan using the note as security. The lender requires an establishment fee of $440 and charges simple interest of 9% pa. How much will Barns & Co receive, and what is the total cost of the funds? ? ? f FV ? PV ? 1 ? ? ?i ? ? ? 365 ? ? ent ? Establishm ? FV PV ? ? f? ? fee ? ? 1? ? ?i ? 365 ? Cost of funds Cost in simple interest terms Financial Math Support Materials $500,000 – $489,295. 68 = $10,704. 32 = Page 18 of 85 A bill with a face value of $500,000 and term to maturity of 180 days is sold at a yield of 8% p. a. What are the proceeds of the sale? Proceeds = PV ? PV ? FV ?f? 1? ? ?i ? 365 ? $500,000 ? 180 ? 1? ? ? 0. 08 ? 365 ? PV ? $481, 022. 67 Calculate the effective annualised return for a $100,000 investment which earned: ? 6. 5% p. a. for 90 days, then ? 7. 5% p. a. for 60 days, then ? 6. 2% p. a. for 45 days Value of investment after 90 days: 90 ? $100,000 ? 1+ ? 0. 065 = $101,602. 70 ? ? 365 ? Financial Math Support Materials Page 19 of 85 Value of investment after 90 + 60 days:Value of investment after 90 + 60 + 45 days: Value after 195 days = $103,641. 60 Annualised return = Financial Math Support Materials Page 20 of 85 APPLICATIONS OF SIMPLE INTEREST ? TREASURY NOTES ? BILLS OF EXCHANGE ? PROMISSORY NOTES – WHEN CREATED (ISSUED) – WHEN TRADED LA TER We cover these applications in greater detail in a later topic. Financial Math Support Materials Page 21 of 85 (3) COMPOUND INTEREST THE BASIC IDEA: ? PRINCIPAL GENERATES INTEREST ? RE-INVEST INTEREST TO GENERATE STILL MORE INTEREST ? RE-INVEST AGAIN TO GENERATE EVEN MORE INTEREST . . .etc Financial Math Support Materials Page 22 of 85 COMPOUND INTERESTSuppose we invest $100 000 at 10% p. a. with interest payable annually. What annual cash flows result from this investment? $100,000 Invested at 10% Compound Interest $800,000 Amount $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Time in years Financial Math Support Materials Page 23 of 85 A LGEBRAICALLY ? ? ? ? ? ? Balance at end of year ? ? ? ? ? ? ? Balance after ? ? ? ? ? n FV = Financial Math Support Materials Balance at start of year ? ? ? ? ? ? (1? i) years is: PV(1 + i) n Page 24 of 85 G ENERALISING Suppose we invest $100 000 at 10% p. a. with nterest payable annually. What is the future value of this investment after 4 years? FV = $ Financial Math Support Materials Page 25 of 85 T HE POWER OF COMPOUNDING WITH COMPOUND INTEREST, â€Å"SMALL† SUMS NOW BECOME â€Å"LARGE† SUMS LATER (a) $1000 AT 13% pa FOR 50 YEARS : FV = $ (b) $1000 AT 14% pa FOR 50 YEARS : FV = $ Financial Math Support Materials Page 26 of 85 PRESENT VALUE : REARRANGING THE COMPOUND INTEREST FORMULA: PV ? FV n (1 ? i) COMPOUNDING NOW SHOWS THAT â€Å"LARGE† SUMS TO BE PAID LATER ARE WORTH ONLY â€Å"SMALL† SUMS NOW What is the present value of $1 million to be paid in 100 years’ time if the interest rate is 15% pa?Financial Math Support Materials Page 27 of 85 PRESENT VALUE : (Question 5 from 2001 2nd semester final exam) Tran Van Ng is to receive from his parents $1,000, $1,500 and $2,500 in 1 year, 2 years and 3 years respectively if he passes all subjects in his university degree each year. (a) What is the present value of th ese cash flows assuming a discount rate of 9% over the three years? (b) What is the present value of this these cash flows assuming a discount rate of 9% in the first year, 8% in the second year and 6% in the third year? Financial Math Support Materials Page 28 of 85 Present Value (a) PV ? $1, 000 ?1. 09 ? 1 ? $1,500 ?1. 9 ? 2 ? $2,500 ?1. 09 ? 3 ? $4,110. 41 (b) The value today of $2,500 received in 3 years time? 0 1 2 3 $2,500 Financial Math Support Materials Page 29 of 85 Measuring Average Growth Rates COMPOUND INTEREST IS A SPECIAL CASE OF COMPOUND GROWTH WHERE THE GROWTH RATE IS THE SAME EACH PERIOD IN COMPOUND GROWTH GENERALLY, THE GROWTH RATE MAY CHANGE EACH PERIOD IN PRACTICE, GROWTH RATES CHANGE FROM YEAR TO YEAR. WE NEED TO BE ABLE TO CALCULATE THE FUTURE VALUE AND PRESENT WHERE VALUE RATES THROUGHOUT OF OF THE AN INVESTMENT RETURN LIFE CHANGE OF THE INVESTMENT. Financial Math Support Materials Page 30 of 85 Measuring Average Growth RatesSUPPOSE YOU INITIALLY INVEST $1,000 IN AN ASSET WHOSE VALUE CHANGED YEAR BY YEAR, AS FOLLOWS: YEAR GROWTH RATE %pa 1 2 3 4 5 35 15 9 What is the future value of this investment? What is the average annual growth rate of this investment? After 4 years, the value of the asset is : Financial Math Support Materials Page 31 of 85 Measuring Average Growth Rates AVERAGE ANNUAL GROWTH RATE (g) NOTE THAT THE ANSWER IS NOT: Financial Math Support Materials Page 32 of 85 Average Growth Rate Suppose we invest $1million in an asset whose value changes as follows, year 1 growth rate 20% 2 -8% 3 -15% 4 3% What is the future value of this nvestment? What is the average annual growth rate of this investment? Financial Math Support Materials Page 33 of 85 Average Growth Rate The average annual growth rate is : Financial Math Support Materials Page 34 of 85 Average Growth Rate (Question 6(a),(b) from 2001 2nd semester final exam) House prices in Melbourne have soared in the past four years. The median price of a house in Clayton at the end of each year is as follows: 1997 – $122,000 1998 – $135,000 1999 – $147,000 2000 – $185,000 (a) What is the annual compounding growth rate for housing prices calculated at the end of each year, that is 1998, 1999 and 2000? b) What is the average annual compound growth rate for housing prices over this period? Financial Math Support Materials Page 35 of 85 Average Growth Rate (a) 1998 – 1999 – 2000 – (b) ?1 ? r ? ? 3 Financial Math Support Materials Page 36 of 85 Calculating Average Growth rate – continued g = average growth rate The average rate of growth per period over n time periods is: n ? ? ? Value at end – Value at beginning ? 1 + g ? = ? 1 + ? ? Value at beginning ? ? ? ? Solving for g, 1 ? Value at end – Value at beginning ? n g = ? 1 + ? -1 Value at beginning ? ? 1 $185,000 – $122,000 ? 3 ? g = ? 1 + ? -1 $122,000 ? ? 1 ?3 ? g = ? 1. 16793 ? ? ? – 1 = 0. 148869 g = 14. 89% Financial Mat h Support Materials Page 37 of 85 Real (after Inflation) Interest Inflation reduces the purchasing power of money. We require a methodology to adjust rates of return for the impact of inflation. TODAY 1 box of biscuits costs $2. 00 I have $200 I can consume 100 boxes of biscuits IN ONE YEAR Inflation rate (10%) 1 box costs $2. 20 To consume the same quantity of biscuits I will require To have a real return of, say, 4% pa, I need to be able to purchase 104 boxes. Financial Math Support Materials Page 38 of 85 Real (after Inflation) Interest Real increase in consumption of 4%Financial Math Support Materials Page 39 of 85 Real (after Inflation) Interest FORMULA : (1 + q) = (1 + r)(1 + p) where : q is the quoted interest rate r is the real interest rate p is the inflation rate A lender quotes an interest rate of 18% pa for an investment. If the inflation rate is currently at 4% pa, what is the real interest rate earned by the investor ? Rearranging: Financial Math Support Materials (1 + q) = (1 + r)(1 + p) Page 40 of 85 EFFECTIVE and NOMINAL (QUOTED) Interest Rates A BANK LENDS $1,000 AND QUOTES AN INTEREST RATE OF: (a) 12% pa, payable quarterly (that is, 3% each quarter) (b) 12% pa, payable semi-annually that is, 6% each half year) (c) 12% pa, payable annually (that is, 12% at the end of the year) How much interest does the bank earn at the end of one year under each of these three scenarios? Financial Math Support Materials Page 41 of 85 EFFECTIVE and NOMINAL (QUOTED) Interest Rates ? interest rate of 12% pa, payable quarterly REPAYMENTS $30 $30 1 2 $30 3 $30 4 Quarter The value at the end of the year of the interest payment in the The bank has effectively earned : Financial Math Support Materials Page 42 of 85 EFFECTIVE and NOMINAL (QUOTED) Interest Rates ? INTEREST RATE OF 12% pa, PAYABLE SEMI ANNUALLY REPAYMENTS $60 1 $60 2 Half YearThe value at the end of the year of the interest payment in the The bank has effectively earned : Financial Math Support Materia ls Page 43 of 85 EFFECTIVE and NOMINAL (QUOTED) Interest Rates ? INTEREST RATE OF 12% pa, PAYABLE ANNUALLY REPAYMENTS $120 1 YEAR The value at the end of the year of the interest payment is $120 The bank has effectively earned : Financial Math Support Materials Page 44 of 85 EFFECTIVE and NOMINAL (QUOTED) Interest Rates So a quoted (Nominal) interest rate of, 12% pa payable = 12. 55% payable annually. quarterly 12% pa payable = 12. 36% payable annually semi annually 12% pa payable = 12. 00% payable annually nnually To compare interest rate quotations (the nominal interest rate) we refer to an effective interest rate, that is, the interest rate that we would receive if interest were paid once at the end of the year. In the above example: Nominal (Quoted Rate) 12% pa payable quarterly 12% pa payable semi annually 12% pa payable annually Financial Math Support Materials Effective Rate 12. 55% pa 12. 36% pa 12. 00% pa Page 45 of 85 Formula Development If the nominal rate is j percent pa , compounding m times pa, Then after one year the principal, P, becomes: m j? ? S = P ? 1 + ? m? ? (C1) The effective annual interest rate, i, is therefore: = S-P S = -1 P P (C2) Replacing S in (C2) with equation (C1) produces: j? ? P ? 1 + ? m? ? i= P m -1 m j? ? i = ? 1 + ? m? ? Financial Math Support Materials ?1 (C3) Page 46 of 85 Effective and Nominal Interest Rates (a) NOMINAL TO EFFECTIVE If the nominal rate is 15% p. a. payable monthly, then the effective rate is : (b) EFFECTIVE TO NOMINAL If the effective rate is 15% pa then the nominal pa, with monthly payments, is : Financial Math Support Materials Page 47 of 85 Effective and Nominal Interest Rates (Question from 2002 mid semester exam) Abdul Hafahed purchases a car for $5,000 and sells it four months later for $6,000. a) What nominal annual rate of return did Abdul receive? (b) What effective annual rate of return did Abdul receive? (c) If inflation is at 2% pa, what real annual effective rate of return did Abdul receive ? Show your calculations. Financial Math Support Materials Page 48 of 85 Effective and Nominal Interest Rates (a) Four month return Annual nominal return = (b) Effective rate (c) Real annual effective rate : (1 + q) = (1 + r)(1 + p) Financial Math Support Materials Page 49 of 85 Compound Interest Formula j? ? FV = PV ? 1 + ? m? ? n Where: FV = future value PV = principal (present value) j = interest rate per annum as a percentage = mT = total number of periods over which investment is held m = number of interest payments per annum Solving for other terms by rearranging variables: PV = FV j? ? 1+ ? ? m? ? n 1 ? ? ? FV ? n ? j = ? – 1? m PV ? ? ? Microsoft Excel functions: Future value: FV(rate, nper, pmt, pv, type) Present value: PV(rate, nper, pmt, pv, type) Financial Math Support Materials Page 50 of 85 CONTINUOUS COMPOUNDING Nominal interest rate We know j? ? FV ? PV ? 1 ? ? ? m? mT Number of years Number of compounding periods per year What if compounding takes place at every moment, that is ? m ? ? ? . It can be shown that as ? m ? ? then: m j? ? j ?1 ? ? ? e lim ? m ? m where e is the base of natural logarithms (e ? 2. 71828) The Future value formula then reduces to: FV ? PVe jT or, FV ? jT PV ? jT ? FVe e Financial Math Support Materials Page 51 of 85 COMPOUNDING FREQUENCY $1,000 invested for 1 year at 12%: Compounding frequency Payment at end of year Annual Semi-Annual Quarterly Monthly Daily Continuously ? As the compounding frequency increases for a given nominal interest rate, the higher the interest repayments. However the interest repayment reaches a maximum with continuous compounding. Financial Math Support Materials Page 52 of 85Continuously Compounded Returns Nominal interest rate Recall FV ? PVe Using the notation and r where r ? jT . pt ? 1 ? PV pt ? FV pt ? pt ? 1e then Number of years rt pt e? pt ? 1 rt and rearranging we have; ? pt ? ln? e ? ? ln? ?p ? ? ? t ? 1 ? rt and ? pt ? ? rt ? ln ? ?p ? ? ? t ? 1 ? rt is the continuously c ompounding return from time period t-1 to t. Financial Math Support Materials Page 53 of 85 Continuously Compounded Returns pt Note: the term pt ? 1 is referred as the Price Relative. It is the proportional price change from time t-1 to t. The logarithm of the price relative is the continuously compounding return.Continuously compounding returns are often easier to work with. Two important properties: (1) Continuously compounding returns over a period can be added up to give a total continuously compounding return. (2) The average continuously compounding return over a period is the arithmetic average of each individual continuously compounding return. Financial Math Support Materials Page 54 of 85 Continuously Compounded Returns A stock price has a closing price of $3. 00, $3. 25 and $2. 90 over 3 days. What is the continuously compounding return on each day? What is the total and average continuously compounding return? Time 0 1 Price 3. 00 . 25 2 Return 2. 90 Total return from ti me 0 to 2 = Financial Math Support Materials Page 55 of 85 Continuously Compounded Returns An investor is given a choice of: (a) investing at 16. 5% p. a. , (b) investing at 4% per quarter, for 1 year (c) investing at 16. 3% p. a. and compounded daily. (d) 16. 3% p. a. continuously compounding. Which investment is chosen? Financial Math Support Materials Page 56 of 85 Calculate the effective rate in each case. (a) 16. 5% pa (b) (c) (d) Financial Math Support Materials Page 57 of 85 (4) MUTIPLE CASH FLOWS Cash Flow Stream : Future Value 0 1 2 3 $200 3. 5 $450 4 5 6 $800 1 2 3 If interest rate 9%pa = $1,712. 50 1 :$ 2 :$ 3 :$ Stream Future Value Financial Math Support Materials Page 58 of 85 Cash Flow Stream : Present Value 0 1 2 3 $200 3. 5 $450 4 5 6 $800 1 2 3 If interest rate = 9%pa 1 2 3 Stream Present Value = $ Financial Math Support Materials Page 59 of 85 Net Present Value – NPV The present value of the following stream of cash flows, using a discount rate of 7. 5%, is: 0 Cash flows: 1 2 3 $880 $560 $420 4 $980 PV’s =$ Suppose it cost the investor $2,000 to purchase this stream of cash flows, the net present value of this stream is: NPV = -$2,000 + $ =$ outflow Investment projects where NPV ? 0 are viable.Financial Math Support Materials Page 60 of 85 Internal Rate of Return – IRR One period: YEAR $ 0 -1000 1 +1120 Dollar return = $ Equivalently, solve for r : What value of r will produce an NPV = 0 ? PV of $1,120 Using discount Rate of r for 1 period Financial Math Support Materials No discounting required since $1,000 occurs â€Å"now† Page 61 of 85 Internal Rate of Return – IRR Two periods YEAR $ 0 -1000 1 +1120 2 + 25 Clearly, IRR > 12% pa but IRR < 14. 5% pa Why? Because this would be the rate of return if the additional $25 was received in year 1. That is, Thus 12% < IRR < 14. 5% But where in this range is the IRR ?

The Return: Midnight Chapter 1

â€Å"Dear Diary, I'm so frightened I can hardly hold this pen. I'm printing rather than writing in cursive, because that way I have more control. What am I terrified of, you ask? And when I say â€Å"of Damon†you don't believe the answer, not if you'd seen the two of us a few days ago. But to understand, you have to know a few facts. Have you ever heard the phrase â€Å"Al bets are off†? It means that anything, anything, can happen. So that even somebody who figures out odds and takes bets from people gives them back their money. Because a wild card has entered the situation. You can't even figure the odds to take a bet. That's where I am. That's why my heart is pounding in my throat and head and ears and fingertips in fear. Al bets are off. You can see how shaky even my printing is. Suppose my hands shake like this when I go in to see him? I might drop the tray. I might annoy Damon. And then anything might happen. I'm not explaining this right. What I should be saying is that we're back: Damon and Meredith and Bonnie and me. We went to the Dark Dimension and now we're home again, with a star ball – and Stefan. Stefan was tricked into going there by Shinichi and Misao, the brother and sister kitsune, or evil fox-spirits, who told him that if he went to the Dark Dimension he could get the curse of being a vampire removed and become human again. They lied. All they did was leave him in a stinking prison, with no food, no light, no warmth†¦until he was at the point of death. But Damon – who was so different back then – agreed to lead us to try to find him. And, oh, I can't even begin to describe the Dark Dimension itself. But the important thing is that we finally found Stefan, and that by then we'd found the Twin Fox key we needed to release him. But – he was a skeleton, poor boy. We carried him out of the prison on his pallet, which later Matt burned; it was so infested with creepy-crawlies. But that night we gave him a bath and put him to bed†¦and then we fed him. Yes, with our blood. All the humans did it except Mrs. Flowers, who was busy making poultices for where his poor bones were almost sticking out of his skin. They had starved him to that point! I could kill Them with my own hands – or my Wings Powers – if only I could use them properly. But I can't. I know there is a spell for Wings of Destruction, but I have no idea how to summon it. At least I got to see how Stefan blossomed when being fed with human blood. (I admit that I gave him a few extra feedings that weren't on his chart, and I'd have to be an idiot not to know that my blood is different from other people's – it's much richer and it did Stefan amazing amounts of good.) And so Stefan recovered enough that the next morning he was able to walk downstairs to thank Mrs. Flowers for her potions! The rest of us, though – all the humans – were totally exhausted. We didn't even think about what had happened to the bouquet, because we didn't know it had anything special in it. We'd gotten it just as we were leaving the Dark Dimension, from a kind white kitsune who'd been in the cell across from Stefan's before we arranged a jailbreak. He was so beautiful! I never knew a kitsune could be kind. But he had given Stefan these flowers. Anyway, that morning Damon was up. Of course, he couldn't contribute any of his own blood, but I honestly think he would have, if he could. That was the way he was back then. And that's why I don't understand how I can feel the fear I feel now. How can you be terrified of someone who's kissed you and kissed you†¦and called you his darling and his sweetheart and his princess? And who has laughed with you with his eyes dancing with mischief? And who's held you when you were frightened, and told you there was nothing to be afraid of, not while he was there? Someone you only had to glance at to know what he was thinking? Someone who has protected you, no matter what the cost to himself, for days on end? I know Damon. I know his faults, but I also know what he's like inside. And he's not what he wants people to think he is. He's not cold, or arrogant, or cruel. Those are fa?ades he puts on to cover himself, like clothes. The problem is that I'm not sure he knows he isn't any of these things. And right now he's all mixed-up. He might change and become all of them – because he's so confused. What I'm trying to say is, that morning only Damon was really awake. He was the only one who saw the bouquet. And one of the things Damon definitely is, is curious. So he unwrapped all the magical wards from it and it had a single pitch-black rose in the center. Damon has been trying to find a black rose for years, just to admire it, I think. But when he saw this one he smelled it†¦and boom! The rose disappeared! And suddenly he was sick and dizzy and he couldn't smell anything and all his other senses were dulled as well. That was when Sage – oh, I haven't even mentioned Sage, but he's a tall bronze gorgeous hunk of a vampire who's been such a good friend to all of us – told him to suck in air and to hold it, to push it down into his lungs. Humans have to breathe that way, you see. I don't know how long it took Damon to realize that he really was a human, no joke, nothing anyone could do about it. The black rose had been for Stefan; and it would have given him his dream of being human again. But when Damon realized it had worked its magic on him†¦ That's when I saw him look at me and lump me in with the rest of my species – a species he's come to hate and scorn. Since then I haven't dared look him in the eye again. I know he loved me just days ago. I didn't know that love could turn to – well, to all the things he feels now about himself. You'd think it would be easy for Damon to become a vampire again. But he wants to be as powerful a vampire as he used to be – and there isn't anyone like that to exchange blood with him. Even Sage disappeared before Damon could ask him. So Damon is stuck like this until he finds some strong, powerful, and prestigious vampire to go through the whole process of changing him. And every time I look into Stefan's eyes, those jewel-green eyes that are warm with trust and gratitude – I feel terror, too. Terror that somehow he'll be snatched away again – right out of my arms. And†¦terror that he'll find out how I've come to feel about Damon. I hadn't even realized myself how much Damon has come to mean to me. And I can't†¦ stop†¦my feeling†¦for him, even if he hates me now. And, yes, damn it, I'm crying! In a minute, I have to go take him his dinner. He must be starving, but when Matt tried to take him something earlier today, Damon threw the whole tray at him. Oh, please, God, please don't let him hate me! I'm being selfish, I know, in just talking about what's going on with Damon and me. I mean, things in Fell's Church are worse than ever. Every day more children become possessed and terrify their parents. Every day, parents get angrier with their possessed children. I don't even want to think about what's going on. If something doesn't change, the whole place will be destroyed like the last town Shinichi and Misao visited. Shinichi†¦he made a lot of predictions about our group, about things we've kept secret from the others. But the truth is, I don't know if I want to hear any of his riddles solved. We're lucky in one way. We have the Saitou family to help us. You remember Isobel Saitou, who pierced herself so horribly while she was possessed? Since she's gotten better, she's become a good friend, and her mother, Mrs. Saitou, and her grandmother, Obaasan, too. They give us amulets – spells to keep evil away, written on Post-it Notes or little cards. We're so grateful for that kind of help. Someday maybe we can repay them all. Elena Gilbert put down the pen reluctantly. Shutting her diary meant having to face the things she had been writing about. Somehow, though, she managed to make herself walk downstairs to the kitchen and take the dinner tray from Mrs. Flowers, who smiled encouragingly at her. As she set out for the boardinghouse's storage room, she noticed that her hands were trembling so that the entire tray of food she was carrying jingled. Since there was no access to the storage room from inside, anyone who wanted to see Damon had to go out the front door and around to the addition tacked on near the kitchen garden. Damon's lair, people were cal ing it now. As she passed the garden Elena glanced sideways at the hole in the middle of the angelica patch that was the powered-down Gateway where they'd come back from the Dark Dimension. She hesitated at the storage room door. She was stil trembling, and she knew that was not the right way to face Damon. Just relax, she told herself. Think of Stefan. Stefan had had a grim setback when he'd found that there was nothing left of the rose, but he had soon recovered his usual humility and grace, touching Elena's cheek and saying that he was thankful just to be there with her. That this closeness was al he asked of life. Clean clothes, decent food – freedom – al these were worth fighting for, but Elena was the most important. And Elena had cried. On the other hand, she knew that Damon had no intention of remaining as he now was. He might do anything, risk anything†¦to change himself back. It had actual y been Matt who had suggested the star bal as a solution for Damon's condition. Matt hadn't understood either the rose or the star bal until it was explained that this star bal , which was probably Misao's, contained within it most or al of her Power, and that it had become more bril iant as it absorbed the lives that she took. The black rose had probably been created with a liquid from a similar star bal – but no one knew how much or whether it was combined with unknown ingredients. Matt had frowned and asked, if the rose could change a vampire to a human, could a star bal change a human to a vampire? Elena hadn't been the only one to see the slow rising of Damon's bent head, and the glimmer in his eyes as they traveled the length of the room to the star bal fil ed with Power. Elena could practical y hear his logic. Matt might be total y off track†¦but there was one place a human could be sure to find powerful vampires. In the Dark Dimension – to which there was a Gateway in the boardinghouse's garden. The Gateway was closed right now†¦for lack of Power. Unlike Stefan, Damon would have absolutely no qualms about what would happen if he had to use al the star bal ‘s liquid, which would result in the death of Misao. After al , she was one of the two foxes who had abandoned Stefan to be tortured. So all bets were off. Okay, you're scared; now deal with it, Elena told herself fiercely. Damon's been in that room for almost fifty hours now and who knows what he's been plotting to do to get hold of the star bal . Stil , somebody's got to get him to eat – and when you say â€Å"somebody,†face it, it's you. Elena had been standing at the door so long that her knees were starting to lock. She took a deep breath and knocked. There was no answer, and no light went on inside. Damon was human. It was quite dark outside now. â€Å"Damon?†It was meant to be a cal . It came out a whisper. No answer. No light. Elena swal owed. He had to be in there. Elena knocked harder. Nothing. Final y, she tried the knob. To her horror it was unlocked, and it swung open to reveal an interior as dark as the night around Elena, like the maw of a pit. The fine hairs at the back of Elena's neck were standing up. â€Å"Damon, I'm coming in,†she managed in a bare whisper, as if to convince herself by her quietness that there was nobody there. â€Å"I'l be silhouetted against the very edge of the porch light. I can't see anything, so you have al the advantages. I'm carrying a tray with very hot coffee, cookies, and steak tartar, no seasonings. You should be able to smel the coffee.† It was odd, though. Elena's senses told her that there was no one standing directly in front of her, waiting for her to literal y run into him. Al right, she thought. Start with baby steps. Step one. Step two. Step three – I must be wel into the room now, but it's stil too dim to see anything. Step four†¦ A strong arm came out of the darkness and locked in an iron grip around her waist, and a knife pressed against her throat. Elena saw blackness shot with a sudden gray network, after which the dark closed in overwhelmingly.

Capital Punishment is Not Right essays

Capital Punishment is Not Right essays To this date, Seven hundred and seventy two criminals in the U.S. alone have been subject to Capital Punishment. (Executions USA 2002). Using specific examples such as the Universal Declaration of Human Rights and the Timothy McVeigh execution, capital punishment is seen as inhumane, wrong and an unusual punishment. The death penalty is greatly rejected and discouraged by many countries and states. There are more than one hundred countries who have abolished the death penalty in law or practice, while the United States has increased the rate of executions and the number of crimes that are punishable by death (The Death Penalty...2000). Many politicians claim that they are tough on crimes, but they should spend ninety four percent of criminal justice money on preventing crimes instead of after the crime was committed (Get the Facts...2000). Protocol No.6 to the European Convention on Human Rights to Abolish is an agreement to abolish the death penalty in peacetime. The other two protocols, the Second Optional Protocol to the International Covenant on Civil and Political Rights and Protocol to the American Convention on Human Rights to Abolish the Death Penalty, provide for the total abolition of the death penalty but allows states wishing to do so to retain the death penalty in wartime as an ex ception (Facts and Figures...2000). There are several different procedures that are used to execute such as hanging, the electric chair, gas chamber, lethal injection and the fire squad, which is still used in Idaho and Utah (The Death Penalty, 2000). The death penalty is abolished for all crimes under the Human Rights because it is believed to be inhumane, cruel and degrading, but it is still enforced today. The death penalty should also be abolished because the failure to prevent the execution of the innocent and the cost for executions are outrageous. In the eyes of those who are for the death penalty, they believe that the criminal sho...

West Civilization review essays

West Civilization review essays In this paper you have asked us to look at four readings, to compare and contrast the visions or attitudes towards death and the afterlife. The four readings that we were asked to look at where the Epic of Gilgamesh, Homers Iliad, Platos Apology, and finally the Martyrdom of Polycarp. The paper will be set up in the following format. First, I will give my findings in each of the four works, starting with the Epic of Gilgamesh, Homers Iliad, Platos Apology, and then finally the Martyrdom of Polycarp. Second, relate any comparisons or contrasts that I have found between the four works. Now, let us begin with the Epic of Gilgamesh. The Epic of Gilgamesh, I felt that there were two themes that related to the papers objective. One theme dealing with death and the other theme dealing with the afterlife. First, in regards to death the story illustrates to me that the overall view on death was that it was inevitable. I felt that this was shown in Enkidu's death. It was at that point for the first time I believe that Gilgamesh believed that everyone was mortal and at some point everyone is going to die including himself and with realization, he begins to deny the truth and face the reality of his own death. In regards to the afterlife, the idea that the story presented was that immortality is unachievable. Homers Iliad, I felt only presented a theme on death and the way it was viewed. It was revealed to us through the character of Hector, when he spoke of the death that was fated to him. Hector spoke of this death in the conversation with his wife. In this conversation, he states that even though he would probably die in the upcoming fighting he must go and fight. He was not afraid to die, because he felt that by fighting for his people and dying he would honor his family after his death. Plato wrote Platos Apology, after the death of Socrates. I believe that in the story, Socrates remains confid...