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By Paul N. Courant, Edward M. Gramlich

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Read Online or Download Federal Budget Deficits: America's Great Consumption Binge (Prentice-Hall International Series in Systems and Control Engineering) PDF

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Additional info for Federal Budget Deficits: America's Great Consumption Binge (Prentice-Hall International Series in Systems and Control Engineering)

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The Mathematics of Investing. Wiley, New York (1989) Chapter 8 Depreciation Abstract Chapter 8 is an overview of basic accounting depreciation methods. g. when using the accelerated depreciation, one can speed up the investment payback due to lower tax payments in the first years of an investment Denotation: P0 Pk n ok O s sk original cost of the given asset depreciated cost (book value) after k years depreciation time measured in years depreciation charges of the kth year accumulated depreciation: O = P0 – Pn = o1 + o2 + .

With increments proportional to the payment K; in fact it means an arithmetic decrease for δ < 0) = K an + δv(Ia)n−1 ; PVimm n PVimm ∞ =K FVimm = K sn + δ(Is)n−1 ; n δ 1 1+ i i (present and future value of arithmetically increasing immediate annuity of the type K, K(1 + δ), K(1 + 2δ), . . with increments proportional to the payment K) ¨ n + δ(D¨a)n−1 ; PVdue n =K a FVdue n = K s¨n + δq(D¨s)n−1 ; q q 1+δ n− i i (present and future value of arithmetically decreasing annuity-due of the type . . , K(1 + 2δ), K(1 + δ), K with decrements proportional to the payment K; in fact it means an arithmetic increase for δ < 0) PVdue ∞ =K 42 7 Annuities PVimm = K an + δ(Da)n−1 ; n PVimm ∞ =K FVimm = K sn + δq(Ds)n−1 ; n q 1 1+δ n− i i (present and future value of arithmetically decreasing immediate annuity of the type .

N (1 + it )t PB = k − 1 − Sk−1 , CFk where k is the first index such that Sk > 0 (k – 1 is the period just preceding the full recovery) (payback period of cash flows CF0 < 0, . , CFn > 0, where only inflows follow several initial outflows) min {PB} (payback period rule (see Sect. 4 Duration • Duration (expected life of cash flow system, also see Sect. g. in the framework of bond portfolio matching and immunization, see Sect. 2) Denotation: CFt y P(y) cash flow at time t internal rate of return IRR (yield to maturity YTM, see Sect.

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