Analysis of The Open Boat by Stephen Crane Essay -- The Open Boat Step

Analysis of The Open Boat by Stephen Crane trading floor The Open Boat, 1897Author Stephen Crane (1871-1900)Central Character There is no real central character in this story. All the men on the gravy holder are spoken ab fall out more or less equally and no prominent character jumps out at the reader as be the central character. Although more emphasis is put onto the synonymic, and Billie the oiler.Other Character The cook bails water from boat. Billie the oiler steers and rows boat, is the only of the men that does not make it alive to pop. The correspondent Also helps steer and row boat. Injured senior pilot gives commands to the faction as he lies against the water-jar speaking with a low and calm voice. Unnamed people on land Coat swinger, naked man, etc.Setting A 10 foot dinghy floats upon a rowdy ocean near the coast of Florida in January in the late 1800s. It seems that everything on the ocean is grey weighing heavily on the feeling of the men. There is a tired and fru strated feelings among the men as they want to leave the boat and return to land, although, Billie and the cook provide some humor when referring to the blasted oars and to pie.Narrator The author, 3rd person, omniscient point of view.Events in digest (1) Four men have survived from a sunken steamer and are stuck in a 10 ft steamer out at sea some where near the coast of Florida.(2)The Injured captain lay over the water-jar giving orders to the correspondent and Billie the oiler allowting them know how to steer and row the boat. The crew makes its way to Mosquito Inlet light where they believe that there will be a house of refuge. (3) Seagulls taunt the crew, one in particular trying to land on the captains head. This kills the crews optimism about the wind blowing ashore. The oiler and the correspondent continue to row switching off when the other is tired. (4) The captain then spots a lighthouse on the horizon, like a small dot. The captain decides to use his jacket and an oar t o make a sail to let the men rest. No one spots the boat and they find it curious, assuming that no one must be looking out the window out to the sea. They deicide to got back to sea to avoid the risky surf. (5) The wind dies down and the men spot some more people on the shore. There is a wagon train or a boat of some sort, and a man that is swinging his coat. They dont actually try to help the crew they just ... ... personate comfortably in groups on the water while the sea tries to attack the men. The shark finds no use for the men, the correspondent views the windmill as a figure of temperament in that it is neutral and unconcerned by the mens destiny sitting on the lonely shore. The characters can be studied by dint of their relationships to their surroundings. The correspondent remembers a rhyme from his childhood, and he feels pity for the dying soldier mentioned in that verse. This verse never seemed important to him before, but now being menaced my nature and being alo ne in the cruel world he understands the soldiers situation. Evaluation I enjoyed this story, because it had many different kinds of criticism that could be applied to it. Especially that of biographic criticism because it based off at true story that actually happened to the author himself. It was similarly nice to see the characters grow, as friends and as men. I also really enjoyed the style of writing and the use of similes, imagery, and detail. These really painted a picture in my head.Works CitedCrane, Stephen. The Open Boat. An Introduction to Fiction. X. J. Kennedy, DanaGioia. New York Longman 2005.215-233.

The Socioreligious Significance of Rice A comparison between two Southeast Asian societies :: essays papers

The Socioreligious Significance of Rice A comparison between two Southeast Asian societiesWithout rice, there is nothing doing.Introduction.The fact that rice plays an important role in the lives of the peoples of Southeast Asia is undeniable. It is not just a form of sustenance that nourishes the body it is alike an aspect of of all timeyday life that feeds not only the soul but the unbounded realms of the imaginative human mind. Such proverbs as above are an example of how rice is revered and incorporated in day-to-day living of the peoples in this region. Even outside the region, as in Mizumono Kuni the Land of Luxurious Rice Crops that is Japan, the position of rice is that of a very high level next to the Emperor, rice is the most sacred of all things on earth. Money can be squander and the wastrel forgiven, but there is no forgiveness for wasting rice (Piper 199314).In Southeast Asia, rice is seen as the basis of almost all the cultures and civilizations ever created. It is also said to be responsible for the high populations of this region for if it wasnt for rice that had replaced the millets and other staple food crops that preceded it, far fewer people could view been supported by agriculture (Piper 19931). The truth remains that the bulk of the cultures of Southeast Asia constitutes agriculturalists with rice as the main crop, with a few exceptions of course, in more industry-oriented nations for example. deuce main elements can be derived firstly, since rice has been the major crop cultivated in Southeast Asia for perhaps more than 7,000 years, surely cultures and civilization are interlinking with each other (Piper 19931). One can safely assume that that long a time must have been ample enough for gradual evolutions and intermixing of cultures and traditions, rituals and beliefs and so on that is closely linked to rice, so we can see similarities between cultures of different countries within this region that may have even perpetuated from the aforesaid(prenominal) roots. And the same goes to the careful selections of good varieties of rice over time. Secondly, rice is such an adaptive crop that it is not impossible to successfully grow it in different environments where crops could not have been grown successfully- from swampy valleys and deltas to hot, dry land above the floods and even in the mountain forests (Piper 19931).

Movie Review of Tristan and Isolde :: essays research papers

In chivalrous clocks during King Arthurs reign beholds the invention of Tristan and Isolde, which is retold in this necessitate packed full of daring action and romance. Director, Kevin Reynolds, and writer, Dean Georgaris put the classic legend up on the screen. It is rated PG-13 for the umpteen battle sequences and some brief sexuality, barely is still suitable for most audiences. In 125 minutes, you whitethorn enjoy many deadly battles and enticing romantic scenes as well. Reynolds did a stupendous origin on recreating the love story of the Irish Kings daughter, Isolde, played by Sophia Myles, and Tristan, played by James Franco, who is from an English tribe and the Irishs enemy. During one breathtaking battle, the bold and courageous Tristan is hurt tremendously and is thought to be dead so they put him in the ocean. Ironically, he is not dead, and a lonely Isolde finds him on the sandy beach, barely alive. With the help of her maid, Isolde nurses him back to health, and during this time they square off madly in love with each other.Isolde misleads Tristan to believe that she is someone else during the time he spends with her. She also discovers that she is promised to marriage to the man that has helped her father out continuously by the years. He is also the man that Tristan killed in a battle, during a counterbalance that left them both near death, but only the other man dying. Tristan must(prenominal) return to his own country and cant be seen by any of the Irish so he leaves quickly.When he returns he discovers that the Irish king, Donnchadh wishes to possess the English tribes into chaos, so he has a tournament between the English, to hold among themselves. The prize is his daughter.Tristan wins the princess hand for Lord Marke, who wishes to put all the tribes in union. Isolde who sees the fight and thinks she may now marry Tristan rushes up to him and says, I am yours I am all yours Tristan is horrified to see that the wom an he wins for Marke, is Isolde, and she is devastated as well. Worse, Marke is a bang-up and worthy future king, whose belief in Tristan has made him the young sawhorse who he is. First, separated by countries at war, and now because of the respect to king and country, Tristan and Isolde must stay apart.Movie Review of Tristan and Isolde essays research papersIn Medieval times during King Arthurs reign beholds the legend of Tristan and Isolde, which is retold in this film packed full of daring action and romance. Director, Kevin Reynolds, and writer, Dean Georgaris put the classic legend up on the screen. It is rated PG-13 for the many battle sequences and some brief sexuality, but is still suitable for most audiences. In 125 minutes, you may enjoy many deadly battles and enticing romantic scenes as well. Reynolds did a stupendous job on recreating the love story of the Irish Kings daughter, Isolde, played by Sophia Myles, and Tristan, played by James Franco, who is from an English tribe and the Irishs enemy. During one breathtaking battle, the bold and courageous Tristan is hurt tremendously and is thought to be dead so they put him in the ocean. Ironically, he is not dead, and a lonely Isolde finds him on the sandy beach, barely alive. With the help of her maid, Isolde nurses him back to health, and during this time they fall madly in love with each other.Isolde misleads Tristan to believe that she is someone else during the time he spends with her. She also discovers that she is promised to marriage to the man that has helped her father out continuously through the years. He is also the man that Tristan killed in a battle, during a fight that left them both near death, but only the other man dying. Tristan must return to his own country and cant be seen by any of the Irish so he leaves quickly.When he returns he discovers that the Irish king, Donnchadh wishes to throw the English tribes into chaos, so he has a tournament between the English , to fight among themselves. The prize is his daughter.Tristan wins the princess hand for Lord Marke, who wishes to put all the tribes in union. Isolde who sees the fight and thinks she may now marry Tristan rushes up to him and says, I am yours I am all yours Tristan is horrified to see that the woman he wins for Marke, is Isolde, and she is devastated as well. Worse, Marke is a good and worthy future king, whose belief in Tristan has made him the young knight who he is. First, separated by countries at war, and now because of the respect to king and country, Tristan and Isolde must stay apart.

Essays --

Consequently, California high education has increased in student fees in order to gain the amount of the produce budget. Larry Gordon, Gale Holland, and Mitchell Landsberg, authors of the article The California Fix, have pointed out that CSU system has raised student fees by a total of 32% and is commanding 24 furlough years for all employees, including college presidents in 2009. Indeed, the UC system has a reduced freshman enrollment by 6% and hiking undergraduate fees by 9.3%. Then, Governor Jerry Brown has fund higher education but not enough. Laurel Rosenhall, author of the article After Massive Cuts, has revealed in 2010, state funding for CSU went up by more than 11% over in 2009 while UC moved up by more than 12%. In 2011, Brown decided to intend cutting $500 jillion each from the University of California (UC) and California State University (CSU) systems and another $400 million from a California Community College (CCC). Brown also has plans to raise fees on biotic com munity colleges from $26-$36 a unit which means a full-time student would actually pay $1,080 per school year in fall 2011 (Rosenhall).According to coronation Weekly News, May 17, 2012, the California Student Aid Commission bequeath resist to proposed Cal Grant cuts and the rearrangement of the Cal Grant Entitlement Program. The proposal of Cal Grant cuts will reduce college prospect for students. This will affect the greatest free funding at the UC and CSU when the Governors proposal to eliminate Cal Grant which low income students cannot afford the rising live of higher education. Michele Siqueriro, commissioner of the Campaigns for College Opportunity, explains that Cal Grant students whose family incomes are $50,000 a year for a family of four would lose t... ...ion in funding. However, California is struggling due to the economy so CSU will have to look for ways to modernize and educate students in difficult finaincal times (Dulaney).Although our parents thought the higher education system is the key to success, the budget cuts is causing the state and people to save money in California. Conversely, students are concern about the reductions that will extend the time it takes to gruaduate in four years. Most potential higher tuition is distressing many students to pay their student loans. For example, Dior Sweeney, a senior at UC Berkeley, has works two jobs while going to school, but he believes when he graduate that he will owe more than 20,000 student loans. He also worries about paying his tuition, rent, transportation, and food because the economy is effecting him to think that he will not get a job with a B.A. (Chea 7).

I Know Why the Caged Bird Sings Essay -- Essays Papers

I Know Why the Caged Bird Sings In the beginning of I Know Why the Caged Bird Sings, Marguerite, laterknown as Maya begins to fall apart the story of her childhood. When her parentsdivorced, they sent her & her brother, Bailey to live in Stamps, Arkansaswith their Grand develop (Momma) and their Uncle Willie. The kids go toschool in Stamps and work in the store that Momma and Uncle Willie own. One year, go they were in Stamps, their father came to visit.When he was getting ready to return to California, he asked the kids if theywanted to come back with him to live. They agreed. Momma was also gladto have them score her hands even though she enjoyed having them around. While they were in the car, their father revealed that they weregoing to St. Louis to see their mother. Maya and Bailey hadnt seen her fora very long time to they were happy approximately the side trip.After three days in St. Louis, their father left again. They were thereto live with their mother. Maya felt that he was a stranger anyway so itdidnt bother her at all.Maya and Baileys mother had three brothers who had good jobswith the city. Their family was respected in the area they lived in andeveryone knew who they were. The children were also introduced to Mr.Freeman, their mothers boyfriend. He didnt interact with them much. Heoften came home late at night and they didnt talk to him very much. One morning, after Mayas mother had left, Mr. Freeman ca...

The Inspirational Jane Eyre :: Jane Eyre Essays

The Inspirational Jane Eyre Jane Eyre is the main character in the novel named Jane Eyre by Charlotte Bronte. She is but a fictional character, and in our hearts she entrust stay. This incredible lady in her beloved bill has carried on through the centuries to inspire all its readers. Jane is a cherished woman with whom every whiz can find a bit of themselves in. The captivating character of Jane Eyre was created in the mid 1800s by an awe-inspiring writer by the name of Charlotte Bronte. This enchanting woman was nothing short of amazing. She was one of the first ever female writers, and she wrote a story about a strong lady. This bit of history allows us to look at Jane Eyre as a liberator. She was a very strong woman in the days that women were not allowed to be self-reliant. Jane had a way about her that demanded attention. She was very shy and introspective, yet her unblemished presence was enough to demand attention for all men. Jane captivated the hearts of many o lder men. She began with her uncle, Mr. vibrating reed. He was a gentleman who cared for his own children, but when Jane addled both of her parents he was quick to take her in as his own. Mrs. Reed only would say that he pitied her, but we all know there was more. She delight the lives of Mr. Rochester and St. John. Both men, in or near there thirties, proposed her twice. She accepted both of Mr. Rochester s proposals. She also did something remarkable she refused St. Johns proposals of marriage. Jane Eyre was a very special woman of her time. Janes life story is greatly admired by women around the world due to the nature of her character. She searches for love and acceptance and she finds it in every place she is. Even though Mrs. Reed did not accept her in the time she went back she made a friend of Mrs. Eyres daughter, Elise. Jane also found acceptance in the harsh Mr. Rochester, and the unwilling plate of St. John. She was always taken in her lowest hour and raised up to a great triumph later. While at St. Johns she found the family in whom she had searched.

The Inspirational Jane Eyre :: Jane Eyre Essays

The Inspirational Jane Eyre Jane Eyre is the main character in the novel named Jane Eyre by Charlotte Bronte. She is that a fictional character, and in our paddy wagon she will stay. This incredible lady in her beloved story has carried on through the centuries to inspire all its readers. Jane is a cherished woman with whom everyone can bob up a bit of themselves in. The captivating character of Jane Eyre was created in the mid 1800s by an awe-inspiring writer by the name of Charlotte Bronte. This enchanting woman was nothing hapless of amazing. She was one of the first ever female writers, and she wrote a story about a strong lady. This bit of history allows us to look at Jane Eyre as a liberator. She was a very strong woman in the days that women were not allowed to be self-reliant. Jane had a way about her that demanded attention. She was very shy and introspective, tho her sheer presence was enough to demand attention for all men. Jane captivated the hearts of many older men. She began with her uncle, Mr. Reed. He was a gentleman who cared for his own children, but when Jane lost both of her parents he was quick to take her in as his own. Mrs. Reed only would say that he pitied her, but we all know thither was more. She enchanted the lives of Mr. Rochester and St. John. Both men, in or near there thirties, proposed her twice. She accepted both of Mr. Rochester s proposals. She also did something remarkable she refused St. Johns proposals of marriage. Jane Eyre was a very special woman of her time. Janes career story is greatly admired by women around the world due to the nature of her character. She searches for love and acceptance and she finds it in every place she is. Even though Mrs. Reed did not accept her in the time she went back she made a friend of Mrs. Eyres daughter, Elise. Jane also found acceptance in the harsh Mr. Rochester, and the unwilled household of St. John. She was always taken in her lowest hour and raised up to a great triumph later. While at St. Johns she found the family in whom she had searched.

Historical Accuracy of Gone with the Wind Essay

In the decades following the civil war, many factors altered the American city. As urbanisation and industrialization actual simultaneously, cities were provided with supply of labor for factories and better transportation. Commercial factory farm, followed by a shift in population of heap relocating from rural areas to more modern cities greatly influenced the evolution of the America city. As nearly as a significant increase in immigration to the states, these are the most prominent factors influencing the development of the American city.A number of improvements in urbanization and industrialization made the growth of cities possible. Cities gave way to streetcar cities because people had little choice but to live in walking distances. By the 1890s, both horse-drawn cars and cable cars were being replaced by electric trolleys, elevated railroads and subways, which could transport people to urban residence. These improvements in urban transportation made it possible for more pe ople to immigrate into the cities making it even bigger. As cities expanded outward, they also soared upward, since increasing land values in the central business district dictated the construction. Skyscrapers had replaced church spires as the dominant feature of American urban skylines and the buildings mostly had electric lights for commercial purposes.Urbanization and industrialization greatly changed the American city to what it is today. Commercial farming greatly impacted the development of the American city towards the end of the nineteenth century. The need for a massive number of farmhands diminished over time, and forced a majority of people living in rural areas of the states to more modern cities to seek work opportunities. This offered more jobs to be available for the newly arrivals, and in bowl over molded how the cities operated. Commercial farmers also contained the ability to raise a single cash crop for the single purpose to make profit. This greatly improved t he saving of cities across America. Commercial farming had a prominent change on the American city.As immigration to the states increased to the more modern cities, the cities changed significantly. New immigrants greatly increased the population of these cities, forcing them to expand. The growth of American metropolis was magnificent. In 1860, no city in the United States could boast one million inhabitants. But by 1900, New York held about 3.5 million citizens. A growing immigrant population to meet the increased need for workers led to overcrowding and unsanitary conditions within urban areas. Immigrants also developed ethnic neighborhoods that helped to change the character of the American city. Immigration played an important part into the change of the American city.Many key factors played roles into the evolution of the American cities across the nation. The most prominent of these were the era of urbanization and industrialization, commercial farmers bringing a rich econom y to the city life, and newly arriving immigrants forcing the American cities to thrive. All of these factors shaped cities across the states to what they became today.

The History of the National Transport Safety Board

The home(a) Transport asylum Board in the United States of America was ceremonious on the 1st of April 1967, basically relying on the Department of Transportation, for its livelihood and the administration maintenance. In 1974, the Safety Board Act (in P.L.93-633) was passed by the Congress, which thereafter, separated the carte from the department of transfer of prep which allowed the arctic agency to carry out the unbiased investigations and as well as to benefit recommendations about the safety regulation sine then the NTSB has received a momentous respect from the Congress for its hard exercise in discovering the needed raptus safety elicitment and maintaining the civic confidence in transportation safety.On 1st October 2002 the funding authorization for the National Transport Safety Board run out but in the second session of the 107th Congress, bills that is the CRS-43H.R. 1527/S. 579 grants for authorization of the funds that ar necessary for the expenses of the advance. Senator John McCain introduced the reauthorization of the safety gameboard which was therefore prepared and reported positively without adjustments by the Senate Committee on Commerce, Science and Transportation.We see that on 13th March 2003. Representative Don Young established a bill for reauthorization of the board that was to be done on 1st April 2003. Also the House Committee covering Transport and Infrastructure reported a bill on may 1, 2003 the two bills, were to authorize the boards appropriations from the year 2003 to the year 2006 in which the alike(p) funding was to be provided. 1Since its launch, the board has been given the responsibility of carrying out investigations on aviation and resurrect transportation accidents. Due to its high number of investigation recorded, the board is ranked as the worlds leading accident investigation agency.These transportation humours include the highway, marine, pipeline and railroad, therefore, it karyon objective is presenting safety recommendations that are meant to prevent future transportation accidents, and therefore it comes up with capable causes of the accidents. These investigations are carried out by the boards regional and field officers though they are not the basic sources of information to the board. The board has headquarter offices for all modes of transportation in which various information is requested from.The headquarter offices are situated at 490 LEnfant Plaza, SW majuscule, DC 20594 and they can be contacted by telephone (202) 314-6000 while its conference center is located at 429 LEnfant Plaza, SW Washington, DC 20594 the location of the offices vary, depending on the mode of transport that the board deals with .The board is in addition dependable for maintaining the brasss records on transportation issues, these records are commonly accrued from especial(a) studies on transportation protection that are conducted by the board, these studies basiaclly come up with fact ual and safety recommendations that are of a nationalized importance. Under this, the board provides investigators who always serve as qualified legislative remains which is specified in the international agreements for aviation accidents overseas that usually involve the United States registered aircrafts.The National Transport Safety Board does not carry out regulations over the transportation apparatus, operation and the transportation personnel. The boards success in the formation of the transportation safety comes as a result of, its character for fairness and care. The National Transport Safety Board has five Board Members, who are normally chosen by the President and confirmed by the Senate to serve for a occlusion of five years.Therefore a member is nominated by the President as Chairman and another as Vice Chairman for a utmost of two years These Chairmanship selects a separate Senate verification. In a situation where the chairman is not designated, then the vice chair man acts in place of the chairman. 2Since the board has no power to regulate the transportation laws in the country it only causes change in the safety implementation of the transportation schemes in the USA, therefore, it submits safety proposals to managers, workers, and the users of transportation system of ruless. The safety measures include improvement of child protection in automobile industry, reduction of fatigue of people from transportation operations, creation of event recorders that includes video systems, commercial highway vehicle recorders, and an improved flight data recorder.Averting runway incursions at airports justifying the risks of structural icing on aircraft and the elimination of the explosive fuel in fuel tanks from the aircrafts to prevent explosions. while on the rail roads, the board comes up with a suggestion of avoiding collision systems, it alike improves the safety standards of trucks and buses on the roads, this may require the use of seat belts, it as well implements the promotion of highway safety through licensing and also ensuring that the driving laws are adhered to by the members of the country, and in marine transportation, the board enhances the amateur boating safety and the post-accident drug and alcohol testing.Reports say that, these safety recommendations across all modes of transportation for over 35 years, through which about 82% of the recommendations has light-emitting diode to the implementation of acceptable safety improvements in the United States. The board normally works in collaboration with the department of transport agencies during the drafting of these measures so as to ensure that they are issued earlier and also in a satis federal agenty manner.The national transport board is given the authority to sign contracts for facilities, technical services, and train in accident investigative theories and practices. Like in a case where the board was given a one year contract for a training site to the George Washington University, and in the year two 2003 it established the National Transport Safety Board(NTSB) Academy on London County Campus of the George Washington University in Ashburn, Virginia.It is also allowed to engage in agreements and other dealings that are important in accomplishing its mission without undergoing the normal procedures of contracts, though the board has been criticized over its monetary management it has been attempt to create a balance between the issuing of responsibilities to its investigators to complete their duties on time and efficiently and also providing a better financial management system that is effective in curtailing the fraudulent risks and wastages of resources. 3Despite the alleged financial mismanagement, the board had to establish a strategic plan that is meant to last for 4 years, the plan was established in the year 2006 and is expected to accomplished its objective in the year 2010, this plan is meant to guide the Agencys work, by enabling the planning, budgeting and accounting for the work performed by the board.This strategy is to cover various issues, including the accident investigation, support and the boards employees development and resource management. The current technological complex in the transportation system has made it hard for the agency to meet the challenge of accidents, thus making the agency to enter into a resource declination period whereby, planning is seen to be the most important factor in the utilization of the declining resources. For this reasons, the aircrafts, vehicles, trains, pipelines and marine vessels have safety features integrated in them.Therefore the assignment of the National Transport Safety Board is to, recognize and converse the lessons learned from investigation of transportation accidents. this investigation is normally watchful, experienced and self-regulating in order to prevent the loss of possessions, soul injuries, loss of life and also the environmental harm. Apart from safety measures, the board also carries out the coordination of tragedy backing for, victims and families affected by the transportation accidents it also arbitrates for the airman and mariner petition, this services are used to maintain the reputation that the transportation system of America as the safest in the world. 4Therefore the national board of safety have launch plans to have a careful use of the resources by maintaining a motivated, experienced, well trained, equipped and supported workforce which will modify it accomplish its mission this motivation is to be done through intellectual selection of attempt and masterful implementation of objective this goes go on in hand with the contribution of the private and public sector partners, who are always cooperative and supportive, the communication of these recommendations for change in the directive and functions of the services of transportation is also considered.The goals set by the transportation safet y board in conjunction with its mission include Accident investigation under this the board has been maintaining its reaction competence of the accidents and has also increased the examination of occurrence and other negative issues that predicted to be of consequences in the improvement of public transportation protection. The boards approaches to accident investigation involve the enhancing of the organizational capacities and investiture of the resources to enable the board to recognize and analyze the incidents which will further identify the origin of the transportation accidents.The second goal of the board is the support and Outreach this, objective is to enhance the presence of the national transport safety board in the transportation system whereby, lead and technical support is used as a factor in giving support to the safety issues in transportation, thus promoting the safety recommendations of the board, this is normally done by, advancing the technical understanding a nd awareness of the safety issues which reflects the leadership theatrical role in the workforce doing.The board also expands and performs procedures that always support the safety recommendations. The board also carries out the reviewing and analyzing the results of the recommendations, whereby the board chooses what measure is proved to be better. While playing its role of leadership the board usually solicit the support of external agencies which may be industries or the government, that assist in the manner of speaking of the transportation issue to the awareness of the transportation society. 5The board also ensures that, its workforce maintains its knowledge by giving them a chance to play the leadership role with the board and other agencies locally and internationally. The board seeks to improve the productivity of the employees and their satisfaction through a vigilant recruitment, performance compensation, having an interest on their personal needs. It also maintains a working environment that facilitates the performance and the fulfillment of the boards workforce.To deal with financial frauds, the board has come up with a resource management system, whereby it evaluates expenditures and fiscal commitments, so as to have an efficient asset management, to enable it have its mission accomplished, this course of management involves the budget implementation as a factor of performance for all stages of management.The reviewing of all actions and costs is carried out whereby the board members expect the board to finish its mission at a considerable time and with the use of special(a) resources therefore the national safety board is expected to carry out more investigations on accidents in shorter time and with fewer resources. The cost accounting tools and methods is normally provided by the agency to the program officers so that they can manage resources more effectively. The boards performance is usually evaluated by the office of the management and supplemented by the boards annual financial audit.The national board of transportation safety provides a room for safety studies that is termed as an assessment of the effectiveness of rules, curriculum, program management and operational regulations and other government agency actions that are implemented to reduce the transportation losses these studies result in the issuance of a narrative report on the information, conclusions and any sensible recommendations on the safety of the travelers. They are normally scheduled irregularly about six weeks after a board meeting is carried out covering the same subject. The schedules for such meetings are usually presented under news and events on the boards website, and announced via a press release. 6Since the board is basically an investigative agency, it carries out a special investigation that is divided into two segments, whereby the first one is defined as an effort of gathering any information concerning the programmed focus selec ted in support of safety studies under this a report is usually issued, but a file is usually preserved, this file normally contains details, circumstances, and conclusions but will not include the achievable cause of the accident.While the second one is an examination of the mechanical issues and safety problems recognized in one or more accident investigations, under this a detailed narrative report is usually developed and approved by the Board, it contains the details, circumstances , conclusions and safety recommendations if necessary. All these records are always available from the boards records management division.ReferencesCoyle, J.J. Bardi, E.J. and Novack, R.A. (2004) Transportation. fifth Edn Southwestern College Publishing, CincinnatiOFCM (1999) Public-Private Partnership Symposium Panel on Successful Transportation Partnership Presentation at the Volpe Center, Boston M A.TRB (2001) Critical Issues in Transportation 2002. Reprinted from TRB news 217 November-December 2001 Transportation research Board, Washington, D.CTRB (2000) Highway Capacity Manual 2000. D.C. Transportation Research Board. Washington1 Coyle, J.J. Bardi, E.J. and Novack, R.A. (2004) Transportation. 5th Edn Southwestern College Publishing, Cincinnati 2 TRB (2000) Highway Capacity Manual 2000. D.C. Transportation Research Board. Washington 3 Coyle, J.J. Bardi, E.J. and Novack, R.A. (2004) Transportation. 5th Edn Southwestern College Publishing, Cincinnati 4 5 TRB (2001) Critical Issues in Transportation 2002. Reprinted from TRB News 217 November-December 2001 Transportation Research Board, Washington, D.C 6 TRB (2000) Highway Capacity Manual 2000. D.C. Transportation Research Board. Washington

Fiction Vs. Reality: A comparison of themes in “Tartuffe” and “Candide” Essay

When reading a work of fiction, one has to be aware of different writing styles that leave behind clue you into the information that the author wants one to pick up on. In the works, Molieres Tartuffe and Voltaires Candide the themes of appearance vs. reality can be found. I forget be discussing this theme which is both obvious and subtle depending on the author. I will be discussing the theme of appearance vs. reality. In Tartuffe, the character Tartuffe is touted as a sanctum zealous man that is supposed to be pious. Tartuffe is actu entirelyy a master con-artist who gains entree into the household of Orgon by portraying himself as a holy man.Throughout the play Tartuffe first gains permission to marry Orgons daughter Marianne, then he proceeds to try and seduce her mother and Orgons wife Elmire. This is one of the most obvious scenes in which one can see Tartuffes facade being challenged. Elmire Your declaration is most gallant, Sir, But tire outt you say its out of character ? Youd have done better to restrain your passion and think before you spoke in such a fashion. It ill becomes a pious man like you Tartuffe I may be pious, but I am human too With your aeriform charms before his eyes, a man has not the power to be wise.I know such words sound strangely coming from me, but Im no angel, nor was meant to be (Moliere Act III Sc IV). Tartuffe is trying to gain the affection of Elmire despite the fact that he is betrothed to Marianne. He makes some other pass at Elmire again in Act Four. In this scene, Tartuffe is trying to convince Elmire that they can have an affair. Tartuffe uses language and logic that betray that he is not in fact pious at all. Elmire But how can I consent with your offense to heaven, toward which you feel such reverence? Tartuffe If heaven is all that holds you back, dont worry. I can remove that hindrance in a hurry.Nothing of that sort need obstruct our path Tartuffe If youre still troubled, think of things this way No one sha ll know our joys, save us alone, and theres no evil till the act is known its scandal, Madam, which makes it an offence and its no sin to sin in confidence (Moliere Act IV Sc VII). This scene truly un-masks Tartuffe as the false prude he is. In Voltaires novel, Candide, there are many examples of appearance vs. reality. The novel begins by describing different philosophical arguments. Candides philosophical stance is one that states that everything is the best of all possible worlds.It can be demonstrated, that things could not be other than they are for everything has been made to serve a purpose, and so nothing is susceptible to improvement (Voltaire 2). This political theory is one that can be inherently deceiving. When Candide and his companions arrive in Lisbon, there is a huge earthquake that kills many people and creates a great repugn of damage. Candide and Pangloss attempt to help the people injured during the earthquake, during which Pangloss attempt to tell someone that the earthquake was for the best, but he ends up being taken by the huntingFor, all this is for the best for, if there is a volcano at Lisbon, it cannot be anywhere else for it is impossible that things should not be where they are for all is well. A little, nighted man, a familiar of the Inquisition, who sat beside him, politely took up the conversation, and said Apparently, you do not believe in original sin for, if everything is for the best, there was neither pop off nor punishment. Your Excellency will pardon me, said Pangloss free-will can exist with absolute necessity for it was necessary that we should be free for in short, limited will (Voltaire 120). later on this scene, Pangloss is to be hanged. This devastates Candide who travels on without him. Much later in the novel, Pangloss re-appears on a slave ship, where Candide is able to purchase his freedom. Candide believed Pangloss to be dead, but he was really alive, ache in the slave galley the whole time. This ty pe of situation happens many other times in Candide. When Candide and Cacambo decide to fight on the side of the Paraguayan Jesuits, Candide thinks he killed the brother of Cunegonde when they encountered each other.It turns out that Candide just wounded the Baron who was also on the slave ship with Pangloss. The use of reality vs. a pull strings reality makes a story more interesting and gives it more dimensions. These realities are also subjective realities. In Tartuffes case, Dorine and Damis both saw through the monastics false piety and tried to un-mask him. In Candide the reality exists, but Candide may not have been aware of the actual reality. Bibliography Voltaire. Candide and Related Texts. Indianapolis Hackett produce Company Inc, 2000. Moliere. Tartuffe and other plays. New York Penguin Group Inc, 1967.

Identify balanced meals, snacks and drinks for children Essay

Identify balanced meals, snacks and drinks for children in their early years, following current government guidance on nutritional needs. Children should be advance to eat a varied diet. Setting a schedule for meals and snacks will help keep the children satisfied through the day and avoid them asking at various hours for food. They should eat foods from each of the five main food groups every day. The five main food groups are1. bread, other cereals and potatoes2. increase and vegetables3. milk and dairy foods4. meat, fish and alternatives (e.g. eggs, pulses, peas, beans and lentils and soya).5. Foods containing fat and/or sugar.The Food Standards Agency recommends that a healthy nutritious diet should contain foods from the following groups each day starchy foods, fruit and vegetables, protein-rich foods and dairy products. A balanced diet should contain foods from these groups, all meals snacks and drinks taken throughout the day must provide children with the sufficient nutrie nts to make up a balanced diet. When planning meals for children, there are several things to take into consideration to ensure that meals contain sufficient nutrients and calories. Some foods are higher in nutrients than others if a food is high in calories it should besides be high in nutrients. Foods such as crisps, biscuits and sweets are high in calories but low in nutrients and so an unhealthy option. Childrens stomachs are tiny and so have a limited capacity in can sometimes be tough to make sure they eat enough nutrients before they are full. Also it is important to ensure children take enough drinks throughout the day to prevent them from bonny dehydrated. Water should always be made available throughout the day and at meal times.Other drinks such as milk, fruit juices and smoothies can also be offered. These drinks all contain nutrients and calories so need to be included in a childs daily intake. Fruit juices contain a lot of natural sugar so should be given in moderat ion to help prevent tooth decay. Fruit drinks, squashes and fizzy drinks also contain a lot of sugar and are high in calories and low in nutrients so should not be offered to children on a daily basis. As childrens stomachs are small they may require snacks between meals so that they can take in sufficient nutrients. Snacks should also be included in the general daily food intake and should be nutritious. Good healthy snacks for children include fruit and vegetable, dried fruit, cheese and crackers, yoghurt, breadsticks and rice cakes. When planning meals for children it may be useful to look at their food intake for a whole week to ensure that they are eating a varied healthy diet and to confer with the childs parents.

Project Time Management Essay

As send manager, you are actively leading the Green Computing look Project team in developing a schedule. You and Ben found three internal people and one new hire to fill the positions on the project team as follows Matt was a senior technical specialist in the corporate IT department located in the building next to yours and Bens. He is an expert in collaboration technologies and volunteers in his community helping to organize ways for residents to dispose of computers, printers, and cell phones. Teresa was a senior systems analyst in the IT department in a city cholecalciferol miles away from your office. She just finished an analysis of virtualization of server resources for her office, which has responsibility for the companys data center. James was a senior consultant in the strategical research department in a city 1,000 miles away from your office. He has a great reputation as being a font of association and excellent presenter.Although he is over 60, he has a lot of ene rgy. Le was a new hire and former colleague of Bens. She was liveing in Malaysia, besides she planned to move to your location, starting work about four weeks after the project started. Le has a lot of theoretical knowledge in unfledged computing, and her doctoral thesis was on that topic. While waiting for everyone to start working on your project, you talked to several people working on other projects under the environmental Technologies Program and did nigh research on green computing. You can use a fair amount of the work already done on telecommuting, and you nark the name of a consulting firm to help with that part of your project, if needed. Ito and Ben both suggested that you get up to speed on available collaboration tools since much of your project work will be done virtually. They knew that Matt would be a tremendous asset for your team in that area.You have also contacted other IT staff to get detailed information on your companys needs and plans in other areas of green computing. You also found out that there is a galactic program meeting in England next month that you and one or two of your team members should attend. It is a three-day meeting, plus travel. Recall that the Green Computing Research Project is expected to be completed in six months, and you and your four team members are assigned full-time to this project. Your project sponsor, Ben, has made it clear that delivering a good product is most important, but he also thinks you should have no problem meetingyour schedule inclination. He can authorize spare funds, if needed. You have decided to hire a part-time editor/consultant, Deb, whom you know from a past job to help your team produce the final reports and project proposals. Your team has agreed to add a one-week buffer at the end of the project to ensure that you finish on time or early.Tasks1. Review the west by south and Gantt graph you created for Tasks 5 and 6 in Part 2. Propose three to five extensional activities you think should be added to help you estimate resources and durations. Write a one-page paper describing these new activities. 2. Identify at least four milestones for this project. Write a one-page paper describing each milestone using the SMART criteria. 3. Using the Gantt chart created for Task 6 in Part 2, and the new activities and milestones you proposed in Tasks 1 and 2 above, estimate the task durations and enter dependencies as appropriate. Remember that your schedule goal for the project is six months. Print the Gantt chart and network diagram.4. Write a one-page paper summarizing how you would assign people to each activity. Include a table or matrix listing how many hours each person would work on each task. These resource assignments should make sense given the duration estimates made in Task 3 above. 5. Assume that your project team starts falling behind schedule. In several cases, it is difficult to find detailed information on some of the green computing technologies, especially financial data. You know that it is important to meet or beat the six-month schedule goal, but quality is most important. Describe accident strategies for making up lost time and avoiding schedule slips in the future.After reviewing the work breakdown structure (WBS) and Gantt chart, three additional activities are being proposed. The addition of these activities will assist with estimating resources and durations. This project will benefit from the identification of four milestones throughout the project. Using these milestones as markers for time, budget, and personnel resources, the project will be unplowed on track. These milestones will be developed using the SMART criteria outlined in the text (Schwalbe, 2014). The identification of these milestones is the first added activity. The second activity to beadded is the fortuity plan. The contingency plan will outline strategies for making up lost time and remaining on schedule for the remainder of the project.

Music Therapy

Professor Yankee 11/19/12 symphony Therapy wherefore do people design this type of therapy exactly? Well medicament has been used as medicine for thousands of years and at that places a growing field of health care known as music therapy, which uses music to heal. Those who practice music therapy find reachs in using it to help piece of asscer patients, children with ADD, and otherwises, and even hospitals are outset to use music therapy to help with pain vigilance, to help ward off depression, to promote movement, to calm patients, to improve communication, to ease muscle tension, and for many other benefits that music and music therapy bath bring.A lot of people dont netherstand what kind of therapy this is, people ready different assumptions about it but it is a real profession that takes a bachelor music degree. Music therapists work with a variety of physical, emotional, and psychological symptoms. It is often used in cancer discourse to help reduce pain, anxiety, and unwellness caused by chemotherapy. Some people believe music therapy may be beneficial to the health care of children with cancer by promoting social interaction and cooperation.There is indorse that music therapy can reduce high blood pressure, rapid heart beat, depression, and sleeplessness. There are no claims music therapy can cure cancer or other diseases, but medical experts do believe it can reduce some symptoms, aid healing, improve physical movement, and enrich a patients quality of life. Ancient Greek philosophers believed music could heal both body and mind, Native Americans used singing and chants to heal millennia. More formal approaches begin in World War two when hospitals started using music to help soldiers with shell shock.In 1944, Michigan State University established the first music therapy degree program in the world. Music therapists design music sessions for individuals and groups based on their needs and tastes. Some aspects of music therapy include mak ing music, auditory modality to music, writing songs, and talking about lyrics. Music therapy may also involve imagery and learning through music. It can be d ane in different places such as hospitals, cancer centers, at home, or anywhere people can benefit from its calming or stimulating effects. The patient does ot need to pass any musical ability to benefit from music therapy. Most peoples reaction to music is a burst of energy upon hearing an upbeat song or a sense of calm during a soothing classical piece. Music therapy uses this connection between music and mood. It has also been shown to lower amounts of the hormone cortisol, which becomes elevated under stress, and to increase the release of endorphins, the bodys natural feel-good hormones. Researchers have found that music therapy, when used with anti-nausea drugs for patients receiving high-dose chemotherapy, can help ease nausea and vomiting.A number of clinical trials have shown the benefit of music therapy for short- run pain, including pain from cancer. Music therapy works by stimulating parts of the whizz that are associated with music in a person with Alzheimers disease, the section of the brain that allows direct recall of memories is damaged. Musical memories, however, are associated not only with the music itself but also with the circumstances surrounding the musical arrive. Listening to music can indirectly stimulate the recall of memory fragments that otherwise could not be retrieved.The ability to retrieve some memories can be comforting to people with dementia. In a different manner, music therapy can assist those with Parkinsons disease. In a person with Parkinsons, the part of the brain that organizes thoughts and movements into action is damaged. Music with a strong, cadent beat can stimulate motor control, movement and coordination. Studies show that gait training that uses music improves walking speed and coordination for people with Parkinsons.In general, music therapy done u nder the care of a professionally trained therapist has a helpful effect and is considered safe when used with standard treatment. Musical intervention by savage people can be ineffective or can even cause increased stress and discomfort. Relying on this type of treatment alone and avoiding or delaying conventional medical care for cancer may have serious health consequences. Besides that there are no real risks or dangers to using music to heal. But how far can music heal you?There was a study that examined 200-300 patients with diabetes participants in a three year study scratch line this April. Although we do know that music can help vasculature, mental states and mood, there is little to no evidence to suggest that music therapy will help the end point of diabetes. Perhaps there will be some miraculous benefit for patients suffering from diabetes to engage in extreme music therapy, however previous inquiry indicates that it is not the music itself that determines the benefit s, but the emotional responses to the music that is the key.Even though there is little evidence to support that music will help diabetes. Scientific studies have shown the value of music therapy on the body, mind, and spirit of children and adults. Researchers have found that music therapy, when used with anti-nausea drugs for patients receiving high-dose chemotherapy, can help ease nausea and vomiting. A number of clinical trials have shown the benefit of music therapy for short-term pain, including pain from cancer.Some studies have suggested that music may help decrease the everywhereall intensity of the patients experience of pain when used with pain-relieving drugs. Music therapy can also result in a decreased need for pain medicine in some patients, although studies on this topic have shown mixed results. Studies have shown that students who take music lessons have improved IQ levels, and show improvement in nonmusical abilities as well. other studies have shown that listen ing to music composed by Mozart produces a short-term improvement in tasks that use spatial abilities.Studies of brain circulation have shown that people listening to Mozart have more activity in certain areas of the brain. This has been called the Mozart effect. Although the reasons for this effect are not completely clear, this kind of information supports the idea that music can be used in many helpful ways. What can be improved ? Verbal & nonverbal communication, Gross and fine motor movement,Range of motion, Relaxation techniques, Anger management skills, Expression of emotion, Sensory integration, Academic skills, and Leisure skills. We use music to make your life better.Whether you need help socially, cognitively, physically, emotionally, or developmentally, music can help you live better and music therapists trained on how to do that. Whats more interesting, though, is why it works. When used properly, music can be an incredibly powerful treatment tool. And not just becaus e its fun, relaxing, and motivating, but because music has a profound impact on our brains and our bodies. First off music is the core function of our brains, we have physiologic responses to music,Our brain is primed early on to respond to and process music.Every time your breathing quickens, your heart-rate increases, or you feel a shiver down your spine, thats your body responding physiologically to music. Qualified music therapists can use this to help stimulate a person in a coma or use music to effectively help someone relax. Music often has a predictable steady beat, organized phrases, and a structured form. Most country/ syndicate/pop/rock songs, theyre often organized with a verse-chorus structure. Theyre organized in a way that we like and enjoy listening to over and over again.Even sound waves that make up a single tone or an entire chord are organized in mathematical ratiosand our brains unfeignedly like this predictability and structure. Music is in our everyday lives, we hear it in the store, at school, church, music is part of our thoughts, how we speak, even when theres none around we can still it in our heads. With all these benefits that music can carry, its no surprise that music therapy is growing in popularity. Many hospitals are using music therapists for pain management and other uses. Music therapists help with several other issues as well, including stress.While music therapy is an important discipline, you can also achieve many benefits from music on your own. Music can be used in daily life for relaxation, to gain energy when feeling drained, for catharsis when dealing with emotional stress, and in other ways as well. Music therapy has been proven to be an effective form of therapy in a variety of areas for a multitude of ailments. However, there is still much more theorizing, discussion, and enquiry that needs to be done in this area, and that fact makes it all the more interesting.Through technological advances and constantly evol ving musical styles as well as cross-cultural influences, this is one form of therapy that will never cease to be innovative and topical. Hopefully, researchers will continue to treat this topic as a serious area of psychology and one that deserves to be molded into a more scientific pedagogy through advancement and refinement of research and therapeutic techniques. I believe there is much more to be discovered about music and its effect on humanity.

Online Billing System Essay

POS, Inventory System, Networking and web Based System ar one of the most useful arrangings for the company. Nowadays, because of our technologies its easy to transfer the contrary information in different branch of company with the help of our computers and also the system.Almost exclusively businesses use a POS process. There argon many reasons for this. Many businesses afford multiple locations. POS can help to automate exercises and it can records all the sales in the organization or we can say it can use it to make transaction easier. Every employee can also see all the transaction that has been made.Inventory System can be used for transactional updates or it can view all the available stocks and presentation out of stock products or items. Inventory System can have many advantages and are suitable in availability and display the in and out of stocks products.Networkings usually use to have-to doe with the POS and Inventory system to all branches of the CreamlineDairy Corporation. Web Based System has many advantages and is preferable in POS, inventory and networking particularly notifying your outstanding sale. The company have been encountering some problem in terms of no link depot and main plant. They want to connect to the other branch, or we can say they want to view their point of sale and inventory system to their entire branch.The purpose of our system is to let every branch of Creamline be updated to the transactions of sale by the help of networking. The develop system will be a great help to the employee but of dustup for the manager even if they are not in the organization. Creamline Dairy Corporation laid at social unit 701 Prestige tower condominium, F. Ortigas Jr. Ave.(Fromely Emerald Ave.), Ortigas Center Pasig City 1605 Philippines.Creamlines plant and head office is located at Bldg. 5210, C.M. Recto Highway, Clark FreeportZone, Pampangga.

Chapter 01 Gitman

Part One Preparing to Invest Part One Includes Chapter 1 coronation Environment Chapter 2Markets and minutes Chapter 3Online Information and Investing Chapter 1 localiseiture Environment Outline L nameing Goals I. investitures and the enthronement movement A)Types of investitures 1. Securities or Property 2. Direct or In instantly 3. Debt, Equity, or Derivative Securities 4. Low or High riskiness of infection 5. Short or Long Term 6. Domestic or Foreign B)The Structure of the Investment Process 1. Participants in the Investment Process 2. Government 3. Business 4. Individuals 5.Types of Investors Concepts in examine II. Investment Vehicles A)Short Term Vehicles B)Common sway C)Fixed Income Securities 1. Bonds 2. Preferred Stock 3. Convertible Securities D)Mutual Funds E)Derivative Securities 1. Options 2. Futures F)Other Popular Investment Vehicles Concepts in Review III. Making Investment Plans A)Steps in Investing 1. Meeting Investment Prerequisites 2. Establishing I nvestment Goals 3. Adopting an Investment Plan 4. Evaluating Investment Vehicles 5. Selecting Suitable Investments 6. Constructing a diversify Portfolio 7. Managing the PortfolioB)Considering Personal valuatees 1. Basic Sources of Taxation 2. Types of Income a. Ordinary Income b. Capital Gains and Losses 3. Investments and Taxes 4. Tax-advantaged Retirement Vehicles C)Investing Over the bread and butter Cycle D)Investing in Different Economic Environments 1. Stocks and the Business Cycle 2. Bonds and Interest Rates Concepts in Review IV. Meeting Liquidity Needs Investing in Short-Term Securities A)Role of Short Term Securities 1. Interest on Short Term Securities 2. Risk Characteristics 3. Advantages and Disadvantages of Short Term InvestmentsB)Popular Short Term Investment Vehicles 1. Deposit Accounts 2. national Government Issues 3. Nongovernment Issues C)Investment Suitability Concepts in Review Summary Putting Your Investment Know-How to the Test Discussion Questions Problem s elusion Problems 1. 1Investments or Golf? 1. 2Preparing Carolyn Bowens Investment Plan Excel with Spreadsheets OTISOnline Trading and Investment Simulator line Concepts 1. The meaning of the conditioninus enthronement and the implications it has for individual investors. 2. Review the factors used to differentiate between different types of enthronements. . The impressiveness of and basic flavours involved in the investment military operation. 4. Popular types of investment vehicles, including short term vehicles, roughhewn shop, and frozen income securities such as chemical bonds, preferred crinkle, and convertibles. 5. Derivative securities such as options and time to comes, and coarse gold. 6. Other public investment vehicles such as solid e solid ground, tangibles and taxationation advantaged investments. 7. Investment objects including income, major expenditures, privacy, and sheltering income from taxes. The latter includes analysis of tax-advantaged retirement vehicles. . Building a diversified portfolio consistent with investment goals. 9. Sources of taxation, types of taxable income, and the effect of taxes on the investor. 10. Developing an investment program that considers differing economic environments and life rack stages. 11. The use of short term securities in meeting fluidnessness needs. 12. The merits and suitability of various e re solelyyday short term investment vehicles including deposit describes and pecuniary resource foodstuff securities. Overview This chapter provides an overview of the desktop and content of the text. 1.The term investment is specify, and the alternative investment opportunities addressable to investors ar classified by types. 2. An examination of the structure of the investment process is presented. This section explains how suppliers and demanders of investment silver atomic number 18 brought together in the marketplace. 3. The aboriginal participants in the investment processgovernment, blood, and individuals atomic number 18 described, as argon institutional and individual investors. 4. Returns ar defined as rewards for invest. Returns to an investor take two formscurrent income and increased grade of the investment over time.In this section the teacher need only define revert, since there leave alone be an opposite opportunity to develop the image of consequence in Chapter 4, however providing information ab appear recent investment returns is eer well-received by savants. 5. Next, the fol lower-rankinging investment vehicles available to individual investors are discussed short term vehicles, crude seam, fixed income securities, mutual gillyflowers, real estate, tangibles, tax-advantaged investments, and options and futuritys. The text describes their risk return characteristics in a general way.The instructor may want to puff on the advantages and disadvantages of investing in each, although they altogetherow be treated i n greater detail in subsequent chapters. It is vital for any investor to establish investment goals that are consistent with his or her overall pecuniary objectives. 6. Once the investment goals deliver been well specified, the investor bunghole adopt an investment image consistent with these goals, lease suitable investments, build a diversified portfolio and manage it. 7. Personal taxes are discussed in terms of types of income and tax evaluate. The investment process is modify by current tax laws.Examples of tax shelters, especially tax-advantaged retirement vehicles, and tax intentionning are provided. 8. Once investment goals are established, it is important to understand how the investment process is repaired by different economic environments. The chapter talks about types of investments takes, bonds, and tangiblesas they are affected by business cycles, avocation grade, and pompousness. 9. Liquidity is defined and short term securities that can be used to meet l iquidity requirements are described. The discussion includes a look at short term interest dictates and the risk characteristics of various short term securities. 0. The next section covers the various types of short term vehicles available to todays investor. There is enough detail about e actuallything from bankbook accounts to cash market lineages to commercial messageized melodic theme that the students should get a good grasp of the differences between the vehicles. Producing information on current rates supports bring realism into the classroom and enhances student perception of the lecturer as a knowledgeable instructor. Answers to Concepts in Review 1. An investment is any vehicle into which funds can be placed with the expectation of preserving or increasing evaluate and earning a positive rate of return.An investment can be a security department or a property. Individuals invest because an investment has the potential to preserve or increase value and to earn in come. It is important to stress that this does non imply that an investment will in fact preserve value or earn income. Bad investments do exist. 2. (a)Securities and property are simply two classes of investments. Securities are investments, unremarkably evidenced by certificates, that represent a licit declare. For example, a bond represents a legal consider on debt, and a stock represents a proportionate ownership in the firm.An option, on the other hand, represents the legal right to either buy or dish out an summation at a predetermined cost within a specified time period. Property constitutes investments in either real property (land and buildings) or tangible personal property (Rembrandt paintings, Ming vases, or antique cars). (b)With a direct investment, an individual acquires a direct claim on a security or property. For example, an investment in one grant of IBM stock directly provides the stockholder a proportionate ownership in IBM. An indirect investment provi des an indirect claim on a security or property.For example, if you bought one share of Fidelity Growth Fund (a mutual fund), you are in effect buying a portion of a portfolio of securities owned by the fund. Thus, you will moderate a claim on a fraction of an entire portfolio of securities. (c)An investment in debt represents funds loaned in exchange for the recognise of interest income and re contributement of the loan at a wear outn future date. The bond, a common debt instrument, pays specified interest over a specified time period, then repays the example value of the loan (Chapters 8 and 9 cover bonds in detail).An equity investment provides an investor an ongoing waist-length ownership interest in a firm. The close common example is an investment in a companys common stock. We will study equity instruments in greater detail in Chapters 5 through 7. Derivative securities are securities derived from debt or equity securities and structured to exhibit characteristics diffe rent from the inherent securities. Options are derivative securities that allow an investor to lot or buy another security or plus at a ad hoc footing over a given time period. For example, an investor might procure an option to buy Company X stock for $50 within nine months. d) short investments typically ripe(p) within one year while broad-term investments sop up longer maturities, equal common stock, which has no maturity at all. However, long-term investments can be used to satisfy short financial goals. 3. In finance, risk refers to the chance that the return from an investment will differ from its expected value. The broader the range of possible set (dispersion), the greater the risk of the investment. Low risk investments are those considered safe with respect to the return of funds invested and the receipt of a positive rate of return.High risk investments are those which bring forth more uncertain future value and levels of earnings. 4. Foreign investments are investments in the debt, equity, derivative securities of exotic based companies and property in a foreign country. Both direct and indirect foreign investments provide investors more attractive returns or lower-risk investments compared to purely domestic investments. They are useful instruments to diversify a pure domestic portfolio. 5. The investment process brings together suppliers and demanders of funds. This may occur directly (as with property investments).Most often the investment process is aided by a financial institution (such as a bank, nest egg and loan, nest egg bank, credit union, amends company, or pension fund) that bring funds to investments and/or a financial market (either the bullion market or the smashing market) where proceeding occur between suppliers and demanders of funds. 6. (a)The various levels of government (federal, state, and local) require more funds for projects and debt repayment than they receive in revenues. Thus, governments are net de manders of funds. Governments as well demand funds when the timing of their revenues do not match their expenditure.The term net refers to the fact that, while governments both supply and demand funds in the investment process, on balance they demand more than they supply. (b)Businesses also are net demanders, requiring funds to cover short and long term operating needs. While business firms often supply funds, on balance they also demand more than they supply. (c)Individuals are the net suppliers of funds to the investment process. They put more funds into the investment process than they take out. Individuals play an important role in the investment processsupplying the funds necessary to finance economic growth and development. 7.Institutional investors are investment professionals who are pay to manage other wads money. They are employed by financial institutions like banks and insurance companies, by nonfinancial businesses, and by individuals. Individual investors manage t heir own personal funds in order to meet their financial goals. Generally, institutional investors tend to be more sophisticated because they handle much larger amounts of money and they tend to generate a broader knowledge of the investment process and available investment techniques and vehicles. 8. Short term investment vehicles are those which usually have lives of less than one year.These vehicles may be used to warehouse temporarily deadened funds while suitable long term vehicles are evaluated. Due to their safety and convenience, they are popular with those wishing to earn a return on temporarily idle funds or with the very conservative investor who may use these short term vehicles as a primary investment outlet. In addition to their warehousing function, short-term vehicles provide liquidity- they can be converted into cash quickly and with scant(p) or no issue in value. This characteristic is very useful when investors need to meet unthought-of expenses or take advan tage of attractive opportunities. . Common stock is an equity investment that represents a divisional ownership interest in a corporation. The return on a common stock investment derives from two sources dividends, which are periodic payments made by the firm to its shareholders from current and past earnings, and keen actualises, which return from selling the stock at a price to a higher(prenominal) place the original purchase price. Because common stock offers a broad range of return-risk combinations, it is one of the well-nigh popular investment vehicles. Two sources of potential return are dividends and capital gain. 10. a)Bonds are debt obligations of corporations or governments. A bondholder receives a known interest return, typically semi one-yearly, convinced(p) the face value at maturity. Bonds are usually issued in $1,000 denominations, pay semiannual interest, and have cardinal to forty year maturities. Bonds offer fixed/certain returns, if held till maturity. ( b)Preferred stock is very much like common stock in that it represents an ownership interest in a corporation. But preferred stock pays only a fixed stated dividend, which has precedence over common stock dividends, and does not share in other earnings of the firm. c)A convertible security is a fixed income security, either a bond or preferred stock, that has a conversion feature. Typically, it can be converted into a specified add of shares of common stock. Convertible securities are quasi-derivative securities as their market value would depend on the price of the common stock and the conversion ratio. (d)A mutual fund is a company that invests in a large portfolio of securities whereas a money market mutual fund is a mutual fund which solely invests in other short-term vehicles.Investors might find mutual funds appealing because a large portfolio may be more consistent with their investment goals in terms of risk and return. As we will see later, a mutual fund offers the investo r the benefits of diversification and professional management. Mutual funds do not offer fixed/certain returns. Mutual funds are quasi-derivative securities as their market value would depend on the price of the assets that make up the funds portfolio. (e)Options are derivative securities that provides holders the right to buy or sell another security (typically stock) or property at a specified price over a given time period.Factors like the time until expiration, the underlying stock price behavior, and supply and demand conditions affect the returns. (f)Futures represent contractual arrangements in which a seller will deliver or a emptor will take delivery of a specified quantity of a commodity at a given price by a certain date. Unlike an option, which gives the investor the right to purchase or sell another security, futures contracts obligate the investor to deliver or take delivery. Factors affecting returns on commodity contracts include changes in government policy, unpred ictable weather, trade embargoes, and so on. 1. Before developing and executing an investment program, an investor must mark off the following (1)Necessities of life such as funds for housing, food, transportation, taxes etc are fully provided for. (2)Investor is adequately insured against the losings resulting from death, illness or disability, property etc. (3)Establish Retirement Goals The seven steps in investing are as follows (1)Meeting Investment Prerequisites Providing for Necessities of life, adequate protection against losses, and Setting retirement Goals as iscussed above (2)Establishing Investment Goals Investment goals are the financial objectives that one wishes to achieve by investing. Common investment goals are Accumulating retirement funds Enhancing current income through interest income and dividends Savings for major expenditure like home, instruction etc. Sheltering income from taxes (3)Adopting an Investment Plan A written document describing how funds will b e invested is an investment plan. The more specific the investment goal, the easier it will be to establish an investment plan consistent with your goals. 4)Evaluating Investment Vehicles In this step, the measures of risk and return are used to estimate the perceived worth of an investment vehicle. This process is called valuation. (5)Selecting Suitable Investments This step involves careful selection of investment vehicles that are consistent with established goals and offer acceptable levels of return, risk, and value. (6)Constructing a Diversified Portfolio Diversification is the fantasy of forming a portfolio using different investment vehicles to reduce risk and increase return. This concept is central to constructing an effective portfolio. 7)Managing the Portfolio Portfolio management involves monitoring the portfolio and restructuring it as dictated by the actual behavior of the investments. 12. Investment goals are the financial objectives you wish to achieve by investing in any of a long range of investment vehicles. Common investment goals are (a)Enhancing current income means choosing investment vehicles that regularly pay dividends and interest that can provide all or some of the money needed to meet life-time expenses. This is a common goal of retired persons and sometimes an important part of a normal family budget. b)Saving for major expenditures includes money set aside for such things as the down payment on a home, college tuition, and even an dear(predicate) vacation. The amount of money needed and the time period over which one can save will determine the amount set aside and, frequently, the investment vehicle employed. (c)The single nigh important cogitate for investing is to accumulate retirement funds. The amount that must be set aside is determined by the level of expected expenditures, expected income from social security and other sources, and the amount of interest expected to be earned on savings. d)Sheltering income from ta xes involves taking advantage of certain tax provisions that permit reduction of the income inform to the government or direct reductions in taxes. Investments in certain assets, such as real estate, may be attractive due to their tax advantages. 13. federal official income taxes are charged against all income individuals receive from all sources (with the exception of interest received on some bonds issued by state and local governments). (a)Active (ordinary earned) income is the broadest family unit and includes income from wages, salaries, bonuses, tips, pension income, and alimony.It is made up of income earned on the job as well as most other forms of non-investment income. (b)Portfolio (investment) income is earnings generated from various types of investment holdings. For the most part, it consists of interest, dividends, and capital gains earned on most types of investments. supine income is a special family line that consists of income derived chiefly from real estate, extra partnerships, and other forms of tax shelters. (c)Capital gains are the internet earned on the sale of capital assetspleasure, or investment.They are measured by the amount by which the proceeds from the sale of the capital asset exceed its original purchase price. Currently capital gains are taxed at the same(p) rate as ordinary income. Capital gains are appealing to investors because they are not taxed until they are actually realized. (d)A capital loss is the amount by which the proceeds from the sale of a capital asset are less than its original purchase price. Up to $3,000 of net losses can be applied against ordinary income in any one year, with the unused portion carried forward to offset future income. e)Due to the opportunities and challenges created by the tax laws, tax planning is an important part of the investment process. Tax planning involves sounding at an individuals current and projected earnings and developing strategies that will defer or minimize the le vel of his or her taxes. Tax plans involve current income, capital gains, or tax-sheltered investments. For example, one scheme is to take losses as they occur and to delay taking scratch. One deducts the losses and delays inclusion of profits in order to minimize current taxable income. f)In general, tax-advantaged retirement plans allow individuals to defer taxes on the component part and/or portfolio earnings until some future date when retirement withdrawals take place. There are employer-sponsored plans, such as 401(k) accounts and individual-created plans, such as Keogh plans, and individual retirement accounts (IRAs). 14. (a)Young investors, ages 20 to 45, tend to prefer growth-oriented investments that stress capital gains rather than income. These investors have little investable funds, and capital gains are seen as the quickest way to build up investment capital. b)By middle-age, ages 45 to 60, there is a consolidation taking place as family demands and responsibilities change. While growth-oriented securities are still used, investing becomes less speculative. Quality-growth vehicles are employed, and more attention is given to current income. The foundation is world set for retirement. (c)As the investor moves into the retirement years, age 60 on, preservation of capital and current income become the principal concerns. High-quality stocks and bonds and money market instruments are used as the investors objective is to live as comfortably as possible from the investment income.During retirement one tries to reap the rewards of a lifetime of saving and investing. 15. The four stages of the economic/market cycle are recovery, expansion, decline, and recession. Recovery is the loudnessening of the economy afterwards a recession. Expansion reflects continue strength and optimism about economic growth. Decline involves a slowing-down of the economy after an expansion which may have been moving too fast. Then the cycle moves into recession, the eco nomy contracts and pessimism reigns. Just as things look the worst, the recovery cycle begins again. a)Stocks and equity-related securities (such as mutual funds and convertibles) are highly responsive to the economic cycle. During recovery and expansion stock prices are up. As the decline approaches, stock prices begin to decline as well. Growth-oriented and speculative stocks tend to do especially well in an expanding economy. (b)Bonds and other fixed-income securities are sensitive to movements in interest rates. Bond prices also move in the opposite direction of interest rate changes. This means that if interest rates are expected to rise, bond prices would fall, and bonds would not be a good place to hold investment funds.Interest rates generally shift with the economic cycle. Rates rise during normal recovery and fall during economic declines. 16. An asset is liquid if it can be converted to cash (sold) easily and quickly, with little or no loss in value. You would want to hol d liquid assets as emergency funds or to accumulate funds for some specific purpose. IBM stock is not considered a liquid investment even though it can be easily sold. As with stocks in general, you can never be sure that, when funds are needed, you can quickly sell the stock without taking a loss. 17.Purchasing power risk for short-term investments occurs when the rate of return on these investments falls short of the inflation rate. This generally happens to fixed-rate investments such as passbook savings accounts. Most other short-term investments have managed to provide rates of return about equal to the inflation rate when one looks at these short-term rates over long periods of time. Default (nonpayment) risk is very small with most short-term investments. The deposits in banks and other federally-insured savings institutions are protected up to $100,000 per account by agencies of the federal government. U. S.Treasury Bills are perfectly safe and sometimes called a risk-free i nvestment. Commercial paper and repurchase agreements are extremely safe, based upon past experience, even though there have been rare instances of problems. These latter two instruments are also not insured. Money market mutual funds have also had an exceptionally safe history. Of course, the safest money market funds are those which invest solely in government securities and are virtually heedlessness-risk free. 18. Passbook savings accounts and NOW accounts (a checking account), offered by banks, generally pay a low rate of interest and have no minimum balance.Passbook savings and NOW accounts are to begin with used by investors as savings accounts, providing the investor with a highly liquid pool of funds. MMDAs are bank deposit accounts with limited check- composition privileges. Central asset accounts are comprehensive deposit accounts and combine checking, investing and borrowing activities. MMDAs and asset management accounts are more likely used by investors to earn a co mpetitive short-term return while maintaining liquidity. Each type of account, except for asset management accounts, is insured. each(prenominal) but the passbook account typically require a minimum balance which varies. 19. a)Series EE savings bonds are accrual-type securities, which means that interest is paid when the bond is cashed, on or before maturity, rather than periodically over the life of the bond. The purchase price of all denominations is 50% of the face value. The interest rate paid is variable. The higher the rate of interest being paid, the shorter the period of time it takes for the bond to accrue from its discounted purchase price to its face value (b)U. S. Treasury bills are short-term (less than one year) debt obligations of the federal government. T-bills are exempt from state and local income taxes, and federal taxes are deferred.They are regarded as the safest, but generally lowest-yielding of all investments, and, the secondary market for T-bills is highly liquid. (c)Certificates of deposits (CDs) are savings vehicles in which funds must remain on deposit for a specified period. Premature withdrawals incur interest penalties. Because of the requirement that they remain on deposit, CDs are less liquid than T-bills, but they are convenient to buy and hold, offer highly competitive returns, and have federal insurance protection. (d)Commercial paper is unsecured short-term debt issued by corporations with very high credit standings.The secondary market for commercial paper is very limited and yields are comparable to yields on large-denomination CDs. Typically only larger institutions sens directly in this market because the denominations range from $25,000 to the more commonly issued $100,000. Commercial paper is not federally insured. (e)Bankers acceptances are short-term credit arrangements between business firms and banks. Firms use bankers acceptances to finance transactions, most often involving firms in foreign countries or firms with unknown credit capacities.Bankers acceptances typically are denominated in $100,000 units, are low-risk securities, and have active secondary markets. Yields are slightly below CD yields and commercial paper, and above T-bills. (f)Money market mutual funds (MMMF) pool capital of many investors and invest it exclusively in high-yielding, short-term securities, such as T-bills, large CDs, commercial paper, and other similar securities. Because these high-yielding securities are in denominations of $10,000 to $1 million, the MMMF makes them available to individual investors.MMMFs are convenient, offer check writing privileges, and yields are based on the ability of the fund manager to invest in various short-term securities. Although they are not federally insured funds, their default risk is nearly zero because the securities they invest in are very low risk and the fund is relatively diversified. Suggested Answers to Investing in Action Questions Test Your Investment IQ (p. 4) How high is your Investment IQ as measured by the quiz? Answer The average score was only 37 %, or well less than half. Remember that this is just one of many instruments that could be used to measure Investment IQ.For example, another assessment tool would be essay-oriented explanations of a specified investments strengths and weaknesses. Lessons For Investment conquest (p. 15) (a)Why is it important to start investing now? Answer One should start investing now in order to take advantage of compounding. A $1,000 amount invested for ten years at 7. 2 part will double. The same amount invested at the same rate for twenty years will quadruple. kinda of just adding another $1000, you earn an extra $1000 from interest being earned on interest. Furthermore, there will never be an ideal time to invest.Terrorist threats, economic concerns, and alternative uses for the money are always with us. Studies have shown it is more important to invest than to pick the right security. Money not invested is likely to be spent and not provide future benefits. (b)Why is it a good idea to diversify? Answer Diversifying allows you to penetrate out the risk that a unique firm or industry event will have a devastating impact on your investment. It is important to diversify across types of assets and nations. Suggested Answers to Discussion Questions 1. a)Since you fall into the category of a young investor, your key investment goals should be to purchase a house and save for the education of your children. Appropriate investments should focus on the education of your children. (b)You should consider the effects of taxes when investing, especially the tax relative manipulation of capital gains and dividends. Your focus should be on maximizing the after-tax return on your investments. (c)Since you have a relatively long investment horizon, it is appropriate to focus on higher-risk investments such as common stocks in your portfolio. . Short-term vehicles play an important part i n your investment program. Most importantly they will provide a pool of reserves that can be used for emergencies such as replacing cars, appliances and clothing that split out over time. Savings or Investment VehicleMinimum BalanceYieldFederal InsuranceMethod and Ease of Withdrawing Funds (a)Passbook savings accountNone0. 5% to $4. 0%, depending on economyYes, up to $100,000 per depositIn person or through teller machines very easy (b)NOW accountNo legal minimum, but often set at $500 or $1,000At or near passbook ratesYes, up to 100,000 per depositUnlimited check- writing privileges (c)Money market deposit account (MMDA)No legal minimum, but often set at $2,500Slightly above passbook ratesYes, up to $100,000 per depositLimited check- writing privileges (d)Asset management accountTypically $5,000 to $20,000Similar to MMDAsYes, up to $100,000 in banks, varies elsewhereLimited check- writing privileges (e)Series EE savings bondInitial deposit is 50% of face valueAbout two percent abo ve passbook savings accountNo, but Federal government issuePenalty of 3 months interest for early withdrawal (f)U. S. Treasury ill$25Slightly above passbook and NOW accounts No, but Federal government issueSecondary market exists (g)Certificate of depositTailored to investor needsSlightly above asset management accountNo, but as secure as most bank savings and checking accountsPenalty for early withdrawal (h)Money market mutual fundNo legal minimumSlightly below passbook savings accountNo, but has invested in a variety of government and bank issuesMay take a few age to receive check from fund Solutions to Problems 1. (a)Goal$250,000 $31,500 at 8% for 15 yrs. 100,000 Additional requirement$150,000 b)yearly deposit ? ? $5,524. 50 2. (a)Tax on Allens income of $130,000. Looking at the joint tax return rate, we find ? (10% ? $14,000) ? 15% ? ($56,800 $14,000 ? 25% ? ($114,650 56,800 ? 28% (130,000 114,650) ? $1,400 ? 15% ? $42,800 ? 25% ? $57,850 ? 28% ? 15,350 ? $1,400 ? $6,420 ? $14,462. 50 ? $4,298 ? $ 26,580. 50 Tax on Zells income of $65,000. Looking at the joint tax return rate, we find ? ($10% ? $14,000) ? $15% ? ($56,800 $14,000) ? 25% ? ($65,000 $56,800) ? $1,400 ? 15% ? $42,800 ? 25% ? $8,200 ? $1,400 ? $6,420 ? $2,050 ? 9,870. (b)Allan makes twice as much as Zell. Ratio of Allens total tax to income is ($26,580. 50/130,000) ? 20. 45% Ratio of Zells total tax to income is ($9,870450/65,000) $ ? 15. 18% Hence higher income earners pay a higher proportional of their income as tax. 3. (a)$50,000. 00/$50. 00 ? 1,000 shares of stock. (b)1,000 shares ? $2. 00 ? $2,000. 00 per year before tax. $2,000. 00 ? 0. 85 ? $1,700. 00 after tax. (c)($1,700. 00 ? 10) ? $50,000. 00 ? $67,000. 00. (d)$50,000. 00 ? 0. 05 ? $2,500. 00 per year before tax. $2,500. 00 ? 0. 67 ? $1,675. 00 after tax. (e)($1,675. 0 ? 10) ? $50,000. 00 ? $66,750. 00. (f)They should purchase the stock. Even though the annual interest from the bonds is more than the dividend income from the s tock, after taxes the Pangs will have more money from the dividend income than from the interest income. 4. Cash FlowAmountRateTax (a)Interest$1,00028%$280 (b)Dividends$3,00015%$450 (c)LT Cap Gains$2,00015%$300 (d)ST Cap Gains$2,00028%$560 Solutions to Case Problems Case 1. 1? Investments or Golf? This case illustrates the many facets of the investment process it involves much more than common stock.The authors bonk the value of physical education and emphasize the importance of sports, but a course in investments offers the student a lifetime of financial benefits. Thus, our arguments for selecting the investments course should not be interpreted as a prohibit statement on physical education, but rather as a positive discussion of the merits of investments. (a)The term investments refers to the process of identifying, evaluating, selecting, and monitoring the placement of funds with a view of preserving or increasing value and/or earning a positive return. Judd has simply identi fied one investment vehicle stock). He will not know how to evaluate other vehicles, select investments, or monitor them without a course in investments. In addition to looking at his own investments, a course in investing will give Judd a new perspective on the role of investments in the economy. He will learn that as an investor, he is actually supplying funds to government and business which will enable the continued strength and growth of the general economy. (b)Clearly, Judd has ignored short term securities, bonds, options, commodities and financial futures, mutual funds, real estate, tangibles, tax shelters, and limited partnerships.Each one of these vehicles offers another risk reward relationship that may meet certain unique investment requirements that cannot be met by common stock alone. (c)Judd does not have the knowledge needed to carry out the investment process described in question 2. Knowing about common stocks is not the same as understanding investments. There is no reason whatsoever to assume that common stock is the outdo investment available to Judd. Besides, the investment decision has to be compatible with his goals. Since Judd is just starting his career, in all probability he will not want to choose risky investments.Stocks are far riskier than, say, an investment in CDs. There are other considerations too. Does Judd have plans for the future when he will need the money? If so, is it a short term or a long term need? Answers to these questions will help determine whether he should make short term or long term investments. In summary, to gain an understanding of the investment decision and management process, Judd should pass up the golf course in favour of the investments course. Case 1. 2? Preparing Carolyn Bowens Investment Plan This case allows students to evaluate a proposed investment plan aimed at achieving certain retirement goals. a)The amount currently available to Carolyn includes $60,000 from the proceeds of the life insu rance and $37,500 from her savings account, or a total of $97,500. At 6 percent compounded annually, her money will be worth If she retires at age 62 (7-year investment) $97,500 1. 504 $146,640 ? $112,500 (house) ? $259,140 If she retires at age 65 (10-year investment) $97,500 ? 1. 791 $174,622. 50 ? $127,500 (house) ? $302,122. 50 (The future-value interest factors can be found in Appendix B, Table B. 1. ) (b)Value of Carolyns assets at 62 ? value of savings account ? alue of house $146,640 ? $112,500 ? $259,140 Similarly, value of assets at 65 ? $174,622. 50 ? $127,500 ? $302,122. 50 Carolyns annual income at age 62 would be $259,140/12. 659 ? $20,470. 81 Carolyns annual income at age 65 would be $302,122. 50/11. 118 ? $27,174. 17 (c) Annual Retirement Income Age 62 RetirementAge 65 Retirement Annual S. S. & Pension Fund Benefits$16,308. 00$20,256. 00 ?Annuity Income20,470. 8127,174. 17 Total Annual Retirement Income$36,778. 81$47,430. 17 (d)Carolyn needs $45,000 per year (befo re taxes) of retirement income.Without considering the change in her tax status upon retirement, she will not satisfy this goal if she retires at age 62. At age 65 she meets her requirement. The nature of tax legislation and the reduction in Carolyns tax liability upon retirement may make retirement at age 65 viable. (e)Carolyns plan is extremely conservative and low risk. The returns from the plan are very secure and belike assured. Carolyn can be confident that the accumulated worth of her investments will be available to her at retirement. Her plan to retire at age 65 meets her retirement -income goal. Carolyns plan offers low risk and low return..Through only a slight increase in risk, she might improve her return on investment and have more cushion to allow for inflation and unexpected expenditures. Carolyn could purchase highly rated bond, CDs, and other patrician chip security investments. In this manner, her risk aversion would be satisfied, and she would earn a higher ret urn on her investments. This should permit more likely achievement of her retirement-income objectives. Therefore, with very little increase in risk, Carolyn could invest her funds in vehicles that will increase the probability that she will meet or surpass her requirement of an annual retirement income of $45,000.