Visit https://testbankfan.

com to download the full version and

explore more testbank or solution manual

Corporate Finance Foundations Global Edition

15th Edition Block Test Bank

_____ Click the link below to download _____

https://testbankfan.com/product/corporate-finance-
foundations-global-edition-15th-edition-block-test-
bank/

Explore and download more testbank at testbankfan.com

Here are some suggested products you might be interested in.
Click the link to download

Corporate Finance Foundations Global Edition 15th Edition

Block Solutions Manual

https://testbankfan.com/product/corporate-finance-foundations-global-
edition-15th-edition-block-solutions-manual/

Foundations of Financial Management 15th Edition Block

Test Bank

https://testbankfan.com/product/foundations-of-financial-
management-15th-edition-block-test-bank/

Foundations of Financial Management 15th Edition Block

Solutions Manual

https://testbankfan.com/product/foundations-of-financial-
management-15th-edition-block-solutions-manual/

Principles and Labs for Physical Fitness 10th Edition

Hoeger Test Bank

https://testbankfan.com/product/principles-and-labs-for-physical-
fitness-10th-edition-hoeger-test-bank/
Financial Markets and Institutions Global 8th Edition
Mishkin Solutions Manual

https://testbankfan.com/product/financial-markets-and-institutions-
global-8th-edition-mishkin-solutions-manual/

Elementary Statistics A Step by Step Approach 8th Edition

Bluman Test Bank

https://testbankfan.com/product/elementary-statistics-a-step-by-step-
approach-8th-edition-bluman-test-bank/

Cornerstones Of Managerial Accounting Canadian 3rd Edition

Mowen Solutions Manual

https://testbankfan.com/product/cornerstones-of-managerial-accounting-
canadian-3rd-edition-mowen-solutions-manual/

Strategic Management of Technological Innovation 5th

Edition Schilling Solutions Manual

https://testbankfan.com/product/strategic-management-of-technological-
innovation-5th-edition-schilling-solutions-manual/

Electronic Commerce 2012 Managerial and Social Networks

Perspectives 7th Edition King Test Bank

https://testbankfan.com/product/electronic-commerce-2012-managerial-
and-social-networks-perspectives-7th-edition-king-test-bank/
Maternity and Women's Health Care 11th Edition Lowdermilk
Test Bank

https://testbankfan.com/product/maternity-and-womens-health-care-11th-
edition-lowdermilk-test-bank/
 Chapter 09

The Time Value of Money

True / False Questions

1. An amount of money to be received in the future is worth less today than the stated amount.

True False

2. Discounting refers to the growth process that turns $1 today into a greater value several
periods in the future.

True False

3. Compounding refers to the growth process that turns $1 today into a greater value several
periods in the future.

True False

4. The interest factor for the future value of a single sum is equal to (1 + n) i.

True False

5. The time value of money is not a useful concept in determining the value of a bond or in
capital investment decisions.

True False

9-1
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
6. If a single amount were put on deposit at a given interest rate and allowed to grow, its future
value could be determined by reference to a "future value of $1" table.

True False

7. The time value of money concept is fundamental to the analysis of cash inflow and outflow
decisions covering multiple periods of time.

True False

8. The future value is the same concept as the way money grows in a bank account.

True False

9. Cash flow decisions that ignore the time value of money will probably not be as accurate as
those decisions that do rely on the time value of money.

True False

10. The present value of a positive future inflow can become negative as discount rates become
higher and higher.

True False

11. The interest factor for a future value (FVIF) is equal to (1 + i)n.

True False

12. The formula PV = FV(1 + n)i will determine the present value of $1.

True False

9-2
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
13. In determining the interest factor (IF) for the present value of $1, one could use the reciprocal
of that IF for the future value of $1 at the same rate and time period.

True False

14. To determine the current worth of four annual payments of $1,000 at 4%, one would refer to a
table for the present value of $1.

True False

15. As the interest rate increases, the interest factor (IF) for the present value of $1 increases.

True False

16. The interest factor for the present value of a single amount is the reciprocal of the future
value interest factor.

True False

17. The interest factor for the present value of a single sum is equal to (1 + i)/i.

True False

18. Higher interest rates (discount rates) reduce the present value of amounts to be received in
the future.

True False

19. In determining the future value of an ordinary annuity, the final payment is not compounded at
all.

True False

9-3
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
20. The future value of an ordinary annuity assumes that the payments are received at the end of
the year and that the last payment does not compound.

True False

21. The future value of an annuity table provides a "shortcut" for calculating the future value of a
steady stream of payments, denoted as A. The same value can be calculated directly from the
following equation:

True False

22. The present value of an annuity table provides a "shortcut" for calculating the future value of
a steady stream of payments, denoted as A. The same value can be calculated directly from
the following equation:

True False

23. The amount of annual payments necessary to accumulate a desired total can be found by
reference to the present value of an annuity table.

True False

24. If an individual's cost of capital were 6%, the person would prefer to receive $110 at the end of
one year rather than $100 right now.

True False

9-4
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
25. In evaluating capital investment projects, current outlays must be judged against the current
value of future benefits.

True False

26. The farther into the future any given amount is received, the larger its present value.

True False

27. The interest factor for the future value of an annuity is simply the sum of the interest factors
for the future value using the same number of periods.

True False

28. An annuity is a series of consecutive payments of equal amount.

True False

29. Using semi-annual compounding rather than annual compounding will increase the future
value of an annuity.

True False

30. When the inflation rate is zero, the present value of $1 is identical to the future value of $1.

True False

31. The amount of annual payments necessary to repay a mortgage loan can be found by
reference to the present value of an annuity table.

True False

9-5
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
32. In paying off a mortgage loan, the amount of the periodic payment that goes toward the
reduction of principal increases over the life of the mortgage.

True False

33. The time value of money concept becomes less critical as the prime rate of lending increases.

True False

34. Discounted at 6%, $1,000 received three years from now is worth less than $800 received
today.

True False

35. Discounted at 10%, $1,000 received at the end of each year for three years is worth less than
$2,700 received today.

True False

36. When adjusting for semi-annual compounding of an annuity, the adjustments include
multiplying the periods and annuity payment amount by 2.

True False

37. Calculation of the yield of an investment provides the total return over multiple years.

True False

38. To calculate Future or Present Values of an "Annuity Due," we must assume that payments
happen twice as often.

True False

9-6
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
Multiple Choice Questions

39. Under what conditions must a distinction be made between money to be received today and
money to be received in the future?

A. A period of recession

B. When idle money can earn a positive return

C. When there is no risk of nonpayment in the future

D. When current interest rates are different from expected future rates

40. As the compounding rate becomes lower and lower, the future value of inflows approaches

A. 0.

B. the present value of the inflows.

C. infinity.

D. More information is needed.

41. If you invest $10,000 today at 10% interest, how much will you have in 10 years?

A. $13,860

B. $25,940

C. $3,860

D. $80,712

9-7
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
42. In determining the future value of a single amount, one measures

A. the future value of periodic payments at a given interest rate.

B. the present value of an amount discounted at a given interest rate.

C. the future value of an amount allowed to grow at a given interest rate.

D. the present value of periodic payments at a given interest rate.

43. The concept of time value of money is important to financial decision making because

A. it emphasizes earning a return on invested capital.

B. it recognizes that earning a return makes $1 worth more today than $1 received in the
future.

C. it can be applied to future cash flows in order to compare different streams of income.

D. All of these options

44. As the discount rate becomes higher and higher, the present value of inflows approaches

A. 0.

B. minus infinity.

C. plus infinity.

D. More information is needed.

45. How much must you invest at 8% interest in order to see your investment grow to $8,000 in 10
years?

A. $3,070

B. $3,704

C. $3,105

D. None of these options

9-8
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
46. An annuity may best be defined as

A. a payment at a fixed interest rate.

B. a series of payments of unequal amount.

C. a series of yearly payments, regardless of amount.

D. a series of consecutive payments of equal amounts.

47. You are to receive $12,000 at the end of five years. The available yield on investments is 6%.
Which table would you use to determine the value of that sum today?

A. Present value of an annuity of $1

B. Future value of an annuity of $1

C. Present value of $1

D. Future value of $1

48. As the interest rate increases, the present value of an amount to be received at the end of a
fixed period

A. increases.

B. decreases.

C. remains the same.

D. Not enough information is given to tell.

9-9
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
49. As the time period until receipt increases, the present value of an amount at a fixed interest
rate

A. decreases.

B. remains the same.

C. increases.

D. Not enough information is given to tell.

50. To find the yield on investment that requires the payment of a single amount initially, and
which then return a single amount some time in the future, the most efficient table one could
use is

A. the present value of $1.

B. the future value of an annuity of $1.

C. present value of an annuity of $1.

D. None of these

51. Ali Shah sets aside $2,000 each year for five years. He then withdraws the funds on an equal
annual basis for the next four years. If Ali wishes to determine the amount of the annuity to be
withdrawn in years 6 through 9, he should use the following two tables in this order:

A. present value of an annuity of $1; future value of an annuity of $1

B. future value of an annuity of $1; present value of an annuity of $1

C. future value of an annuity of $1; present value of $1

D. future value of an annuity of $1; future value of $1

9-10
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
52. To save for her newborn son's college education, Lea Wilson will invest $1,000 at the
beginning of each year for the next 18 years. The interest rate is 12%. What is the future
value?

A. $7,690

B. $34,931

C. $63,440

D. $62,440

53. If you were to put $1,000 in the bank at 6% interest each year for the next 10 years, which
table would you use to find the ending balance in your account?

A. Present value of $1

B. Future value of $1

C. Present value of an annuity of $1

D. Future value of an annuity of $1

54. The interest factor (IF) for the future value of an ordinary annuity is 4.641 at 10% for four
years. If we wish to accumulate $8,000 by the end of four years, how much should the annual
payments be?

A. $2,500

B. $2,000

C. $1,724

D. None of these options

9-11
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
55. Mr. Blochirt is creating a college investment fund for his daughter. He will put in $1,000 per
year for the next 15 years beginning one year from now and expects to earn a 6% annual rate
of return. How much money will his daughter have when she starts college?

A. $11,250

B. $12,263

C. $24,003

D. $23,276

56. Mr. Nailor invests $5,000 in a money market account at his local bank. He receives annual
interest of 8% for seven years. How much total return will his investment earn during this time
period?

A. $2,915

B. $3,570

C. $6,254

D. $8,570

57. Lou Lewis borrows $10,000 to be repaid over 10 years at 9%. Repayment of principal in the
first year is ______.

A. $1,558

B. $658

C. $742

D. $885

9-12
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
58. Sharon Smith will receive $1 million in 50 years. The discount rate is 14%. As an alternative,
she can receive $1,000 today. Which should she choose?

A. The $1 million dollars in 50 years.

B. $2,000 today.

C. She should be indifferent between the two choices.

D. More information is needed.

59. Pedro Gonzalez will invest $5,000 at the beginning of each year for the next nine years. The
interest rate is 8%. What is the future value?

A. $58,471

B. $62,440

C. $67,435

D. $72,435

60. Ambrin Corp. expects to receive $2,000 per year for 10 years starting one year from now, and
$3,500 per year for the next 10 years at the end of each year. What is the approximate present
value of this 20-year cash flow? Use an 11% discount rate.

A. $19,034

B. $27,870

C. $32,389

D. None of these options

9-13
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
61. Dr. J. wants to buy a Dell computer that will cost $3,000 three years from today. He would like
to set aside an equal amount at the end of each year in order to accumulate the amount
needed. He can earn an 8% annual return. How much should he set aside beginning a year
from now?

A. $879

B. $627

C. $924

D. $1,243

62. Mr. Fish wants to build a house in eight years. He estimates that the total cost will be
$150,000. If he can put aside $10,000 at the end of each year, what rate of return must he
earn in order to have the amount needed?

A. Between 17% and 18%

B. Between 15% and 16%

C. 12%

D. None of these options

63. Babe Ruth Jr. has agreed to play for the Cleveland Indians for $3 million per year for the next
10 years. What table would you use to calculate the value of this contract in today's dollars?

A. Present value of an annuity

B. Present value of a single amount

C. Future value of an annuity

D. None of these options

9-14
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
64. Football player Walter Johnson signs a contract calling for payments of $250,000 per year, to
begin 10 years from now and then continue for five more years. To find the present value of
this contract, which table or tables should you use?

A. The future value of $1

B. The future value of an annuity of $1 and the future value of $1

C. The present value of an annuity of $1 and the present value of $1

D. None of these options

65. Mike Carlson will receive $12,000 a year from the end of the third year to the end of the 12 th
year (10 payments). The discount rate is 10%. The present value today of this deferred annuity
is ______.

A. $61,450

B. $42,185

C. $55,379

D. $60,909

66. The shorter the length of time between a present value and its corresponding future value,

A. the lower the present value, relative to the future value.

B. the higher the present value, relative to the future value.

C. the higher the interest rate used in the discounting to the present value.

D. None of these options

9-15
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
67. A dollar today is worth more than a dollar to be received in the future because

A. a stated rate of return is guaranteed on all investment opportunities.

B. the dollar can be invested today and earn interest.

C. inflation will increase the purchasing power of a future dollar.

D. None of these options

68. The higher the interest rate used in determining the future value of a $1 annuity,

A. the smaller the future value at the end of the period.

B. the greater the future value at the end of a period.

C. the greater the present value at the beginning of a period.

D. None of these options. The interest has no effect on the future value of an annuity.

69. Mr. Darden is selling his house for $200,000. He bought it for $164,000 10 years ago. What is
the annual return on his investment?

A. 2%

B. Between 3% and 5%

C. 10%

D. None of these options

70. Increasing the number of periods will increase all of the following except

A. the present value of an annuity.

B. the present value of $1.

C. the future value of $1.

D. the future value of an annuity.

9-16
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
71. Joe Nautilus has $210,000 and wants to retire. What approximate return must his money earn
so he may receive annual benefits of $30,000 for the next 10 years?

A. 12%

B. Between 12% and 13%

C. About 7%

D. Greater than 15%

72. You will deposit $2,000 today. It will grow for six years at 10% interest compounded semi-
annually. You will then withdraw the funds annually over the next four years at the end of
each year. The annual interest rate is 8%. Your annual withdrawal will be approximately
______.

A. $2,340

B. $4,332

C. $797

D. $1,085

73. Carol Thomas will pay out $6,000 at the end of year 2, $8,000 at the end of year 3, and receive
$10,000 at the end of year 4. With an interest rate of 13%, what is the net value of the
payments versus receipts in today's dollars?

A. $7,326

B. $10,242

C. $16,372

D. $4,112

9-17
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
74. John Doeber borrowed $150,000 to buy a house. His loan cost was 6% and he promised to
repay the loan in 15 equal annual payments. How much are the annual payments?

A. $3,633

B. $9,250

C. $13,113

D. $15,445

75. John Doeber borrowed $150,000 to buy a house. His loan cost was 6% and he promised to
repay the loan in 15 equal annual payments. What is the principal outstanding after the first
loan payment?

A. $143,555

B. $134,560

C. $141,200

D. None of these options

76. A home buyer signed a 20-year, 8% mortgage for $72,500. Given the following information,
how much should the annual loan payments be?

Present value of $1 PVIF = .215

Future value of $1 FVIF = 4.661
Present value of annuity PVIFA = 9.818
Future value of annuity FV IFA = 45.762

A. $1,584

B. $7,384

C. $15,555

D. $15,588

9-18
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
77. A retirement plan guarantees to pay to you or your estate a fixed amount for 20 years. At the
time of retirement, you will have $73,425 to your credit in the plan. The plan anticipates
earning 9% interest. Given the following information, how much will your annual benefits be?

Present value of $1 PVIF = .178

Future value of $1 FVIF = 5.604
Present value of annuity PVIFA = 9.129
Future value of annuity FV IFA = 51.16

A. $1,435

B. $13,070

C. $8,043

D. $13,102

78. After 10 years, 100 shares of stock originally purchased for $500 were sold for $900. What was
the yield on the investment? Choose the closest answer.

A. 19%

B. 2.5%

C. 8.5%

D. 6%

9-19
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
79. Dr. Stein has just invested $10,000 for his son (age 7). The money will be used for his son's
education 15 years from now. He calculates that he will need $100,000 for his son's education
by the time the boy goes to school. What rate of return will Dr. Stein need to achieve this
goal?

A. Between 9% and 10%

B. Between 16% and 17%

C. Between 10% and 11%

D. Between 15% and 16%

80. The future value of a $500 investment today at 10% annual interest compounded
semiannually for five years is ______.

A. $805

B. $814

C. $750

D. $923

81. Dan would like to save $1,500,000 by the time he retires in 25 years and believes he can earn
an annual return of 8%. How much does he need to invest in each of the following years to
achieve his goal?

A. $20,518

B. $40,850

C. $18,900

D. $58,000

E. $25,304

9-20
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
82. Sydney saved $10,000 during her first year of work after college and plans to invest it for her
retirement in 40 years. How much will she have available for retirement if she can make 8% on
her investment?

A. $596,250

B. $453,000

C. $345,100

D. $217,250

83. Luke believes that he can invest $5,000 per year for his retirement in 30 years. How much will
he have available for retirement if he can earn 8% on his investment and begins investing one
year from now?

A. $566,400

B. $681,550

C. $150,000

D. $162,000

84. Ian would like to save $2,000,000 by the time he retires in 40 years. If he believes that he can
achieve a 7% rate of return, how much does he need to deposit each year, starting one year
from now, to achieve his goal?

A. $12,065

B. $37,500

C. $5,790

D. $10,018

9-21
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
85. Jeff believes he will need a $60,000 annual income during retirement. If he can achieve a 6%
return during retirement and believes he will live 20 years after retirement, how much does he
need to save by the time he retires, assuming he'll start drawing his money out one year after
his retirement?

A. $724,055

B. $1,600,000

C. $688,200

D. $209,320

86. If Allison has saved $1,000,000 upon retirement, how much can she live on each year if she
can earn 6% per year and will end with $0 when she expects to die 25 years after retirement?

A. $295,334

B. $20,953

C. $70,952

D. $78,229

87. Kathy has $50,000 to invest today and would like to determine whether it is realistic for her to
achieve her goal of buying a home for $150,000 in 10 years with this investment. What return
must she achieve in order to buy her home in 10 years?

A. About 12%

B. About 13%

C. About 9%

D. About 10%

9-22
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
88. If Gerry makes a deposit of $1,500 at the end of each quarter for five years, how much will he
have at the end of the five years assuming a 12% annual return and quarterly compounding?

A. $40,305

B. $30,000

C. $108,078

D. $161,220

89. Sara would like to evaluate the performance of her portfolio over the past 10 years. What
compound annual rate of return has she achieved if she invested $12,000 10 years ago and
now has $25,000?

A. Between 8% and 9%

B. Between 10% and 11%

C. Between 9% and 10%

D. Between 7% and 8%

Matching Questions

9-23
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
90. Match the following with the items below:

The payment of an equal stream of cash

into a fund that increases in size (depending
on the interest rate received) up to a future
1. yield point in time. ____
The interest or return is accumulated
2. discount rate every six months. ____
The discounted value of a future sum or
3. annuity annuity as of today's value. ____
4. future value of A series of consecutive payments or
an annuity receipts of an equal amount. ____
The percentage rate at which future sums
or annuities are brought back to their present
5. future value value. ____
The future value of a single amount or
6. semi-annual annuity when compounded at a given interest
compounding rate for a specified period of time. ____
It is based on the number of periods (n)
7. interest factor and the interest rate (i) and whether or not
(IF) there is more than one cash flow. ____
The interest rate that equates a future
8. present value value of an annuity to a given present value. ____

Essay Questions

9-24
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
91. You have an opportunity to buy a $1,000 bond that matures in 10 years. The bond pays $30
every six months. The current market interest rate for similar bonds is 8%. What is the most
you would be willing to pay for this bond?

92. In January, 2000, Harold Black bought 100 shares of Country Homes for $37.50 per share. He
sold them in January 2010 for a total of $9,715.02. Calculate Harold's approximate annual rate
of return.

9-25
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
93. Samuel Johnson invested in gold U.S. coins 10 years ago, paying $216.53 for one-ounce gold
"double eagle" coins. He could sell these coins for $734 today. What was his annual rate of
return for this investment?

94. Gary Kiraly wants to buy a new Italian sports car in three years. The vehicle is expected to
cost $80,000 at that time. If Gary should be so lucky as to find an investment yielding 12%
over that three-year period, how much would he have to invest now in order to accumulate
$80,000 at the end of the three years?

9-26
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
95. Mr. Sullivan is borrowing $2 million to expand his business. The loan will be for 10 years at
12% and will be repaid in equal quarterly installments. What will the quarterly payments be?

96. Marcia Stubern is planning for her golden years. She will retire in 20 years, at which time she
plans to begin withdrawing $60,000 annually. She is expected to live for 20 years following her
retirement. Her financial advisor thinks she can earn 9% annually. How much does she need
to invest at the end of each year before she retires, to prepare for her financial needs after her
retirement?

9-27
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
97. Sara Shouppe has invested $100,000 in an account at her local bank. The bank will pay her a
constant amount each year for six years, starting one year from today, and the account's
balance will be 0 at the end of the sixth year. If the bank has promised Ms. Shouppe a 10%
return, how much will they have to pay her each year?

98. Kimberly Ford invested $10,000 10 years ago at 16%, compounded quarterly. How much has
she accumulated?

9-28
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
99. Sponge Bob will receive a payment of $5,000 per year for seven years beginning three years
from today. At a discount rate of 9%, what is the present value of this deferred annuity?

9-29
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
 Chapter 09 The Time Value of Money Answer Key

True / False Questions

1. An amount of money to be received in the future is worth less today than the stated
amount.

TRUE

AACSB: Analytic
Blooms: Understand
Difficulty: Basic
Learning Objective: 09-01 Money has a time value associated with it; therefore; a dollar received today is worth more than
a dollar received in the future.

2. Discounting refers to the growth process that turns $1 today into a greater value several
periods in the future.

FALSE

AACSB: Analytic
Blooms: Understand
Difficulty: Basic
Learning Objective: 09-03 The present value is based on the current value of funds to be received.

3. Compounding refers to the growth process that turns $1 today into a greater value several
periods in the future.

TRUE

AACSB: Analytic
Blooms: Understand

9-30
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
Discovering Diverse Content Through
Random Scribd Documents
Pallister, and he had fostered this belief, had held her within the
circle of conspiracy, had held her as one chargeable, too, with death
of the boy. It was a safe venture, for not once had he by word of
mouth connected himself with that tragedy. Indeed, he had not the
slightest idea as to who was responsible for it, but all through he felt
that Mrs. Peter V., believing him responsible, felt herself mixed up,
felt, too, perhaps, that they had gone too far. And, watching her out
of the tail of his eye, he held his glance impudently upon Wilkinson's
face.
"Not a threat, but a surmise," he answered in the same even tone.
"People have sought your life before, you know," he went on, his
face breaking out into a disagreeable smile, "and even you have
attempted suicide. If you should die, what would become of her?"
"When I die will be time enough to talk about it," snarled Wilkinson.
And thrusting his face now into that of the other, he demanded:
"Come, what's the game? Lay your cards down on the table—out
into the open. Why do you want a third ...?"
"Chiefly because I've earned it."
"Earned it! I took you out of the gutter, you ingrate!"
Flomerfelt shrugged his shoulders.
"If I haven't earned it so far, then I shall earn it in the future," he
said.
"How?"
"By keeping silent in the presence of one person."
"Who?"
Flomerfelt smiled, but did not answer.
"Leslie Wilkinson, of course," put in Mrs. Peter V.
"I don't understand," muttered Wilkinson, once more puffing on his
cigar. "Why silent in her presence? What's that to me?"
"It isn't necessary to go over the facts," returned Flomerfelt. "To be
brief, you've got a mint of money in her hands, which she knows
nothing about. You know where it is, the missus knows, and I know.
Some chaps in Vienna know, thirds for us, or tell her ...?"
Peter laughed aloud.
"Tell her if you want to," he roared. "But do you suppose she'd give
the game away? She! Why, she's the only trump I ever had about
me! She'll stick through thick and thin! Tell her and be hanged!"
Flomerfelt held up his hands, saying:
"I must say that you don't know your own daughter."
"You're a fool, Peter!" said his wife, sharply.
"The instant the girl knows, it's all up with you, my friend," went on
Flomerfelt. "But she needs managing, watching. It takes more than
you to manage, to watch her, too. What is it—thirds for us, or tell
her...."
Peter turned his back upon them.
"Tell her and be hanged!" he said.
Flomerfelt's eyes sought those of the lady. "What's the next move?"
hers seemed to ask of him. A smile of cunning crossed his face.
"Then, Peter, we'll tell the public," he ventured.
Peter swung about, crying:
"Ah, why didn't you get down to that in the first place! I can
understand that—I've understood it all along—you were bound to
hold me up. I'm used to that—have had it all my life. Now, look
here, Flomerfelt, I'm through with you—through with both of you.
But I'm willing to be fair. I bought Leech with a million dollars, as
you know. And I'll do the same with you—with her. You can take it or
leave it, just as you please."
"It's not enough," spoke up Flomerfelt.
"I should think not," said the lady.
Peter V. took out his watch and said:
"I'll give you just one minute to accept."
Flomerfelt took out his watch, and answered:
"I'll give you two minutes to divide with us."
At the end of a minute they were glaring into each other's faces like
beasts of prey. Wilkinson held up his hand and repeated:
"You can take it or leave it, just as you please."
"Thirds or nothing," answered the other stubbornly, at which reply
Wilkinson thrust his watch into his pocket and strolled toward the
door, where he waited until Flomerfelt raised his hand; and in that
brief moment it was borne in upon him that he was not the
Wilkinson of old, that he had, somehow, lost his grip.
"You decline?" asked Flomerfelt. "All right! Then to-morrow the
whole story goes to Leslie Wilkinson."
"What whole story, Mr. Flomerfelt?" asked a young woman, now
entering the room, and so pleasantly that for a moment Flomerfelt
fell back aghast.
"What story, Mr. Flomerfelt?" she repeated. But again he did not
answer. And her father, taking his courage in both hands, came
forward and said:
"The time has come, girlie, when you've got to make a choice for life
—you've got to tell me where you stand—on my side or theirs."
Leslie slowly retreated to the door; a man entered and stood beside
her.
"I've made my choice, father. This is Eliot Beekman, my husband,"
she announced bravely, a smile on her lips.
Wilkinson could not believe his ears. For a moment he did not speak,
but looked helplessly from one to the other; and Leslie, waiting for
the words that did not come, saw her step-mother grow pale, saw
Flomerfelt's fingers stealthily grope into the depths of his sleeves,
draw down his cuffs, and heave a sigh as he watched the latter
settle into place.
"Yes, father, I've made my choice," she repeated, placing her hand in
Beekman's.
It was indeed an odd-looking pair that Wilkinson looked upon: the
girl all smiles and gladness, happy in the love that she had at last
won; the man, a scarecrow, almost, his ragged coat revealing a
ragged flannel shirt and clothes worn thread-bare. He frowned. For
an instant he seemed vengeance personified.
"You——" faltered her father.
"Mr. Wilkinson," cried Beekman, advancing to that individual, "I've
come back to strip you naked as the day you were born, and I'm
going to do it, too."
"You'll have a good time doing it," Wilkinson answered with bravado,
although a growing fear was upon him.
"I expect to, I assure you," returned the other, "for I represent the
depositors in your rotten banks. Once they sought your life, Mr.
Wilkinson,"—for even he didn't know the truth,—"and now they're
after money—the money that belongs to them and not to you. I've
started in to get it, I've come to get possession of it, to find out
where it is."
"You'll have a good time doing it," was all that Peter V. could find,
apparently, to say.
"All I want to know is the name of the safe deposit vault where you
keep your securities. I'll be content with that, Mr. Wilkinson."
"What securities?" Wilkinson paled.
"All of them—everything," answered Beekman.
Wilkinson started, glared at Leslie, then he sank into a chair, for he
saw that she knew and had judged him, condemned him.
"You see, what you got for your pains," Wilkinson said presently to
Flomerfelt, sneeringly.
Flomerfelt nodded; but as the two men stared at each other, they
registered a silent pact; Flomerfelt agreed with Wilkinson, and
Wilkinson agreed with Flomerfelt, that there should be a truce.
This Beekman was a common enemy, and there must be no
disclosures now: to give the game away would be to rob them both
of everything.
"You may as well answer, Mr. Wilkinson," continued Beekman, "for
I'm determined on cleaning you up from top to toe. I'm your enemy
and I shall make it my business to represent every other enemy you
have. I've begun with Ilingsworth. I'm going to clear his name, put
him where he belongs; I'm going to clear up mysteries and let
daylight into the hidden places,—every mystery from the giving of
your million-dollar bail bond to the secret of your pardon. Nothing
shall escape me, I'll even ferret out the mystery of the death of
Pallister, for," and his finger pointed straight toward Wilkinson, "for
all I know you're at the bottom of that thing yourself."
"Fidelity Deposit vaults," came gasping from the throat of Mrs. Peter
V. from the other side of the room; and holding out her hands
pleadingly toward Beekman, she added:
"I had nothing, nothing whatever, to do with the murder of Roy. I
am innocent, I can prove my innocence. I'll tell all I know. The
Fidelity Deposit vaults—that's where...." She sank cowering into a
chair.
Flomerfelt realised now that he had made an egregious blunder in
his method of the past: this wholesome fear that he had instilled in
her had been his own undoing, a boomerang. But he was not yet
through; he saw another loophole open for him.
"Peter," he cried, "come to my terms and I'll help you to fight. If you
don't——"
Beekman stood by with folded arms. He had come there in a sort of
frenzy, to give vent to his pent-up sense of injury. He had regretted
his coming, it is true, the instant he stepped inside of the room. Yet
it was this same frenzy, this determined air of his, this sweeping into
the open and offering fight, they had really done the trick, struck
terror to the hearts of all three.
And now he actually smiled. Flomerfelt's game suddenly became
clear, and Beekman knew that they were playing right into his
hands. So he waited in silence.
"Wilkinson," cried Flomerfelt, with quick, incisive tones, like dagger
thrusts they were, "which shall it be?"
"Neither!" exclaimed Wilkinson, his clenched hand crashing down
upon the table, and then going over to his son-in-law, he laid his
chubby hand upon his shoulder and said: "Eliot, my boy, you've got
me beat—but I'm going to surrender, and—" he leered at Flomerfelt
and Mrs. Peter V.; then added: "and not be given up."
A moment later Flomerfelt started softly for the door, followed by
Mrs. Peter V. But Beekman barred the way.
"Hold on there!" he cried. "Peter V. Wilkinson possibly is immune
from further criminal prosecution, but I don't know about you two.
But whatever part you've had in the conspiracy you may be sure that
I'll find out. There's no escape for you."

Transcriber's Note
Obvious typographical and punctuation errors have been corrected.
Blank pages opposite illustrations have been removed.
 *** END OF THE PROJECT GUTENBERG EBOOK THE RUNNING
FIGHT ***

Updated editions will replace the previous one—the old editions will
be renamed.

Creating the works from print editions not protected by U.S.

copyright law means that no one owns a United States copyright in
these works, so the Foundation (and you!) can copy and distribute it
in the United States without permission and without paying
copyright royalties. Special rules, set forth in the General Terms of
Use part of this license, apply to copying and distributing Project
Gutenberg™ electronic works to protect the PROJECT GUTENBERG™
concept and trademark. Project Gutenberg is a registered trademark,
and may not be used if you charge for an eBook, except by following
the terms of the trademark license, including paying royalties for use
of the Project Gutenberg trademark. If you do not charge anything
for copies of this eBook, complying with the trademark license is
very easy. You may use this eBook for nearly any purpose such as
creation of derivative works, reports, performances and research.
Project Gutenberg eBooks may be modified and printed and given
away—you may do practically ANYTHING in the United States with
eBooks not protected by U.S. copyright law. Redistribution is subject
to the trademark license, especially commercial redistribution.

START: FULL LICENSE

THE FULL PROJECT GUTENBERG LICENSE
 PLEASE READ THIS BEFORE YOU DISTRIBUTE OR USE THIS WORK

To protect the Project Gutenberg™ mission of promoting the free

distribution of electronic works, by using or distributing this work (or
any other work associated in any way with the phrase “Project
Gutenberg”), you agree to comply with all the terms of the Full
Project Gutenberg™ License available with this file or online at
www.gutenberg.org/license.

Section 1. General Terms of Use and

Redistributing Project Gutenberg™
electronic works
1.A. By reading or using any part of this Project Gutenberg™
electronic work, you indicate that you have read, understand, agree
to and accept all the terms of this license and intellectual property
(trademark/copyright) agreement. If you do not agree to abide by all
the terms of this agreement, you must cease using and return or
destroy all copies of Project Gutenberg™ electronic works in your
possession. If you paid a fee for obtaining a copy of or access to a
Project Gutenberg™ electronic work and you do not agree to be
bound by the terms of this agreement, you may obtain a refund
from the person or entity to whom you paid the fee as set forth in
paragraph 1.E.8.

1.B. “Project Gutenberg” is a registered trademark. It may only be

used on or associated in any way with an electronic work by people
who agree to be bound by the terms of this agreement. There are a
few things that you can do with most Project Gutenberg™ electronic
works even without complying with the full terms of this agreement.
See paragraph 1.C below. There are a lot of things you can do with
Project Gutenberg™ electronic works if you follow the terms of this
agreement and help preserve free future access to Project
Gutenberg™ electronic works. See paragraph 1.E below.
1.C. The Project Gutenberg Literary Archive Foundation (“the
Foundation” or PGLAF), owns a compilation copyright in the
collection of Project Gutenberg™ electronic works. Nearly all the
individual works in the collection are in the public domain in the
United States. If an individual work is unprotected by copyright law
in the United States and you are located in the United States, we do
not claim a right to prevent you from copying, distributing,
performing, displaying or creating derivative works based on the
work as long as all references to Project Gutenberg are removed. Of
course, we hope that you will support the Project Gutenberg™
mission of promoting free access to electronic works by freely
sharing Project Gutenberg™ works in compliance with the terms of
this agreement for keeping the Project Gutenberg™ name associated
with the work. You can easily comply with the terms of this
agreement by keeping this work in the same format with its attached
full Project Gutenberg™ License when you share it without charge
with others.

1.D. The copyright laws of the place where you are located also
govern what you can do with this work. Copyright laws in most
countries are in a constant state of change. If you are outside the
United States, check the laws of your country in addition to the
terms of this agreement before downloading, copying, displaying,
performing, distributing or creating derivative works based on this
work or any other Project Gutenberg™ work. The Foundation makes
no representations concerning the copyright status of any work in
any country other than the United States.

1.E. Unless you have removed all references to Project Gutenberg:

1.E.1. The following sentence, with active links to, or other

immediate access to, the full Project Gutenberg™ License must
appear prominently whenever any copy of a Project Gutenberg™
work (any work on which the phrase “Project Gutenberg” appears,
or with which the phrase “Project Gutenberg” is associated) is
accessed, displayed, performed, viewed, copied or distributed:
 This eBook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this eBook or online at www.gutenberg.org. If you
are not located in the United States, you will have to check the
laws of the country where you are located before using this
eBook.

1.E.2. If an individual Project Gutenberg™ electronic work is derived

from texts not protected by U.S. copyright law (does not contain a
notice indicating that it is posted with permission of the copyright
holder), the work can be copied and distributed to anyone in the
United States without paying any fees or charges. If you are
redistributing or providing access to a work with the phrase “Project
Gutenberg” associated with or appearing on the work, you must
comply either with the requirements of paragraphs 1.E.1 through
1.E.7 or obtain permission for the use of the work and the Project
Gutenberg™ trademark as set forth in paragraphs 1.E.8 or 1.E.9.

1.E.3. If an individual Project Gutenberg™ electronic work is posted

with the permission of the copyright holder, your use and distribution
must comply with both paragraphs 1.E.1 through 1.E.7 and any
additional terms imposed by the copyright holder. Additional terms
will be linked to the Project Gutenberg™ License for all works posted
with the permission of the copyright holder found at the beginning
of this work.

1.E.4. Do not unlink or detach or remove the full Project

Gutenberg™ License terms from this work, or any files containing a
part of this work or any other work associated with Project
Gutenberg™.

1.E.5. Do not copy, display, perform, distribute or redistribute this

electronic work, or any part of this electronic work, without
prominently displaying the sentence set forth in paragraph 1.E.1
with active links or immediate access to the full terms of the Project
Gutenberg™ License.

1.E.6. You may convert to and distribute this work in any binary,
compressed, marked up, nonproprietary or proprietary form,
including any word processing or hypertext form. However, if you
provide access to or distribute copies of a Project Gutenberg™ work
in a format other than “Plain Vanilla ASCII” or other format used in
the official version posted on the official Project Gutenberg™ website
(www.gutenberg.org), you must, at no additional cost, fee or
expense to the user, provide a copy, a means of exporting a copy, or
a means of obtaining a copy upon request, of the work in its original
“Plain Vanilla ASCII” or other form. Any alternate format must
include the full Project Gutenberg™ License as specified in
paragraph 1.E.1.

1.E.7. Do not charge a fee for access to, viewing, displaying,

performing, copying or distributing any Project Gutenberg™ works
unless you comply with paragraph 1.E.8 or 1.E.9.

1.E.8. You may charge a reasonable fee for copies of or providing

access to or distributing Project Gutenberg™ electronic works
provided that:

• You pay a royalty fee of 20% of the gross profits you derive
from the use of Project Gutenberg™ works calculated using the
method you already use to calculate your applicable taxes. The
fee is owed to the owner of the Project Gutenberg™ trademark,
but he has agreed to donate royalties under this paragraph to
the Project Gutenberg Literary Archive Foundation. Royalty
payments must be paid within 60 days following each date on
which you prepare (or are legally required to prepare) your
periodic tax returns. Royalty payments should be clearly marked
as such and sent to the Project Gutenberg Literary Archive
Foundation at the address specified in Section 4, “Information
 about donations to the Project Gutenberg Literary Archive
Foundation.”

• You provide a full refund of any money paid by a user who

notifies you in writing (or by e-mail) within 30 days of receipt
that s/he does not agree to the terms of the full Project
Gutenberg™ License. You must require such a user to return or
destroy all copies of the works possessed in a physical medium
and discontinue all use of and all access to other copies of
Project Gutenberg™ works.

• You provide, in accordance with paragraph 1.F.3, a full refund of

any money paid for a work or a replacement copy, if a defect in
the electronic work is discovered and reported to you within 90
days of receipt of the work.

• You comply with all other terms of this agreement for free
distribution of Project Gutenberg™ works.

1.E.9. If you wish to charge a fee or distribute a Project Gutenberg™

electronic work or group of works on different terms than are set
forth in this agreement, you must obtain permission in writing from
the Project Gutenberg Literary Archive Foundation, the manager of
the Project Gutenberg™ trademark. Contact the Foundation as set
forth in Section 3 below.

1.F.

1.F.1. Project Gutenberg volunteers and employees expend

considerable effort to identify, do copyright research on, transcribe
and proofread works not protected by U.S. copyright law in creating
the Project Gutenberg™ collection. Despite these efforts, Project
Gutenberg™ electronic works, and the medium on which they may
be stored, may contain “Defects,” such as, but not limited to,
incomplete, inaccurate or corrupt data, transcription errors, a
copyright or other intellectual property infringement, a defective or
damaged disk or other medium, a computer virus, or computer
codes that damage or cannot be read by your equipment.

1.F.2. LIMITED WARRANTY, DISCLAIMER OF DAMAGES - Except for

the “Right of Replacement or Refund” described in paragraph 1.F.3,
the Project Gutenberg Literary Archive Foundation, the owner of the
Project Gutenberg™ trademark, and any other party distributing a
Project Gutenberg™ electronic work under this agreement, disclaim
all liability to you for damages, costs and expenses, including legal
fees. YOU AGREE THAT YOU HAVE NO REMEDIES FOR
NEGLIGENCE, STRICT LIABILITY, BREACH OF WARRANTY OR
BREACH OF CONTRACT EXCEPT THOSE PROVIDED IN PARAGRAPH
1.F.3. YOU AGREE THAT THE FOUNDATION, THE TRADEMARK
OWNER, AND ANY DISTRIBUTOR UNDER THIS AGREEMENT WILL
NOT BE LIABLE TO YOU FOR ACTUAL, DIRECT, INDIRECT,
CONSEQUENTIAL, PUNITIVE OR INCIDENTAL DAMAGES EVEN IF
YOU GIVE NOTICE OF THE POSSIBILITY OF SUCH DAMAGE.

1.F.3. LIMITED RIGHT OF REPLACEMENT OR REFUND - If you

discover a defect in this electronic work within 90 days of receiving
it, you can receive a refund of the money (if any) you paid for it by
sending a written explanation to the person you received the work
from. If you received the work on a physical medium, you must
return the medium with your written explanation. The person or
entity that provided you with the defective work may elect to provide
a replacement copy in lieu of a refund. If you received the work
electronically, the person or entity providing it to you may choose to
give you a second opportunity to receive the work electronically in
lieu of a refund. If the second copy is also defective, you may
demand a refund in writing without further opportunities to fix the
problem.

1.F.4. Except for the limited right of replacement or refund set forth
in paragraph 1.F.3, this work is provided to you ‘AS-IS’, WITH NO
OTHER WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED,
INCLUDING BUT NOT LIMITED TO WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR ANY PURPOSE.

1.F.5. Some states do not allow disclaimers of certain implied

warranties or the exclusion or limitation of certain types of damages.
If any disclaimer or limitation set forth in this agreement violates the
law of the state applicable to this agreement, the agreement shall be
interpreted to make the maximum disclaimer or limitation permitted
by the applicable state law. The invalidity or unenforceability of any
provision of this agreement shall not void the remaining provisions.

1.F.6. INDEMNITY - You agree to indemnify and hold the Foundation,

the trademark owner, any agent or employee of the Foundation,
anyone providing copies of Project Gutenberg™ electronic works in
accordance with this agreement, and any volunteers associated with
the production, promotion and distribution of Project Gutenberg™
electronic works, harmless from all liability, costs and expenses,
including legal fees, that arise directly or indirectly from any of the
following which you do or cause to occur: (a) distribution of this or
any Project Gutenberg™ work, (b) alteration, modification, or
additions or deletions to any Project Gutenberg™ work, and (c) any
Defect you cause.

Section 2. Information about the Mission

of Project Gutenberg™
Project Gutenberg™ is synonymous with the free distribution of
electronic works in formats readable by the widest variety of
computers including obsolete, old, middle-aged and new computers.
It exists because of the efforts of hundreds of volunteers and
donations from people in all walks of life.

Volunteers and financial support to provide volunteers with the

assistance they need are critical to reaching Project Gutenberg™’s
goals and ensuring that the Project Gutenberg™ collection will
remain freely available for generations to come. In 2001, the Project
Gutenberg Literary Archive Foundation was created to provide a
secure and permanent future for Project Gutenberg™ and future
generations. To learn more about the Project Gutenberg Literary
Archive Foundation and how your efforts and donations can help,
see Sections 3 and 4 and the Foundation information page at
www.gutenberg.org.

Section 3. Information about the Project

Gutenberg Literary Archive Foundation
The Project Gutenberg Literary Archive Foundation is a non-profit
501(c)(3) educational corporation organized under the laws of the
state of Mississippi and granted tax exempt status by the Internal
Revenue Service. The Foundation’s EIN or federal tax identification
number is 64-6221541. Contributions to the Project Gutenberg
Literary Archive Foundation are tax deductible to the full extent
permitted by U.S. federal laws and your state’s laws.

The Foundation’s business office is located at 809 North 1500 West,

Salt Lake City, UT 84116, (801) 596-1887. Email contact links and up
to date contact information can be found at the Foundation’s website
and official page at www.gutenberg.org/contact

Section 4. Information about Donations to

the Project Gutenberg Literary Archive
Foundation
Project Gutenberg™ depends upon and cannot survive without
widespread public support and donations to carry out its mission of
increasing the number of public domain and licensed works that can
be freely distributed in machine-readable form accessible by the
widest array of equipment including outdated equipment. Many
small donations ($1 to $5,000) are particularly important to
maintaining tax exempt status with the IRS.

The Foundation is committed to complying with the laws regulating

charities and charitable donations in all 50 states of the United
States. Compliance requirements are not uniform and it takes a
considerable effort, much paperwork and many fees to meet and
keep up with these requirements. We do not solicit donations in
locations where we have not received written confirmation of
compliance. To SEND DONATIONS or determine the status of
compliance for any particular state visit www.gutenberg.org/donate.

While we cannot and do not solicit contributions from states where

we have not met the solicitation requirements, we know of no
prohibition against accepting unsolicited donations from donors in
such states who approach us with offers to donate.

International donations are gratefully accepted, but we cannot make

any statements concerning tax treatment of donations received from
outside the United States. U.S. laws alone swamp our small staff.

Please check the Project Gutenberg web pages for current donation
methods and addresses. Donations are accepted in a number of
other ways including checks, online payments and credit card
donations. To donate, please visit: www.gutenberg.org/donate.

Section 5. General Information About

Project Gutenberg™ electronic works
Professor Michael S. Hart was the originator of the Project
Gutenberg™ concept of a library of electronic works that could be
freely shared with anyone. For forty years, he produced and
distributed Project Gutenberg™ eBooks with only a loose network of
volunteer support.
Project Gutenberg™ eBooks are often created from several printed
editions, all of which are confirmed as not protected by copyright in
the U.S. unless a copyright notice is included. Thus, we do not
necessarily keep eBooks in compliance with any particular paper
edition.

Most people start at our website which has the main PG search
facility: www.gutenberg.org.

This website includes information about Project Gutenberg™,

including how to make donations to the Project Gutenberg Literary
Archive Foundation, how to help produce our new eBooks, and how
to subscribe to our email newsletter to hear about new eBooks.
Welcome to our website – the ideal destination for book lovers and
knowledge seekers. With a mission to inspire endlessly, we offer a
vast collection of books, ranging from classic literary works to
specialized publications, self-development books, and children's
literature. Each book is a new journey of discovery, expanding
knowledge and enriching the soul of the reade

Our website is not just a platform for buying books, but a bridge
connecting readers to the timeless values of culture and wisdom. With
an elegant, user-friendly interface and an intelligent search system,
we are committed to providing a quick and convenient shopping
experience. Additionally, our special promotions and home delivery
services ensure that you save time and fully enjoy the joy of reading.

Let us accompany you on the journey of exploring knowledge and

personal growth!

testbankfan.com