,12th Edition K
PERSONAL K
FINANCIAL K
PLANNING
Lawrence J. Gitman, Ph.D., CFP® – San Diego State University
K K K K K K K K K
Michael D. Joehnk, Ph.D., CFA – Arizona State University
K K K K K K K K K
K Randall S. Billingsley, Ph.D., FRM, CFA – Virginia Tech
K K K K K K K K
, K
Personal K Financial K Planning, © K 2011, K 2008 K South-Western, K Cengage K Learning
Twelfth KEdition
ALL KRIGHTS KRESERVED. KNo Kpart Kof Kthis Kwork Kcovered Kby Kthe
KLawrence K J.
Kcopyright Khereon K may K be K reproduced K or Kused Kin K any Kform K or K by
KGitman, KMichael KD.
Kany K means— K graphic, Kelectronic, Kor K mechanical, Kincluding
KJoehnk, KRandall KS.
Kphotocopying, Krecording, K taping, K Web K distribution, Kinformation
KBillingsley
Kstorage K and Kretrieval Ksystems, K or Kin K any Kother K manner—except K as
K may K be K permitted K by K the K license Kterms Kherein.
VP KEditorial KDirector: KJack KW. KCalhoun
KPublisher: KJoe KSabatino For K product K information K and K technology K assistance, K contact
Executive KEditor: K Mike K Reynolds K us K at
Cengage K Learning K Customer K & K Sales K Support, K 1-800-
Senior K Developmental K Editor: K Laura 354-9706
K AnsaraKDevelopmental KEditor: For Kpermission Kto Kuse Kmaterial Kfrom Kthis Ktext Kor
Mike KGuendelsberger Kproduct, Ksubmit Kall Krequests Konline Kat
Kwww.cengage.com/permissionsKFurther Kpermissions
Senior KEditorial KAssistant: KAdele KScholtz
Kquestions Kcan Kbe Kemailed Kto
K Marketing KManager: KNathan KAnderson ExamView® K is K a K registered K trademark K of K eInstruction K Corp.
K Marketing K Coordinator: K Suellen K Ruttkay KWindows K is Ka Kregistered Ktrademark K of K the KMicrosoft K Corporation
Kused K herein Kunder Klicense. K Macintosh K and K Power K Macintosh K are
K Director, K Content K and K Media K Production:
Kregistered K trademarks K of K Apple KComputer, KInc. Kused Kherein Kunder
Barbara KFuller-Jacobsen
Klicense.
Content K Project K Manager: K Emily K Nesheim
K Media KEditor: KScott KFidler © K2011 KCengage KLearning. KAll KRights KReserved.
Senior KFrontlist KBuyer: KKevin KKluck
K Library Kof KCongress KControl KNumber: K2009942102
KProduction KService: KIntegra
ISBN-13: K 978-1-4390-4447-6
K Copyeditor: KMatt KDarnell
ISBN-10: K 1-4390-4447-3
K Compositor: KIntegra
Senior KArt KDirector: KMichelle KKunkler
South-Western KCengage KLearning
K Cover K and K Internal K Designer: 5191 KNatorp KBoulevard
K jen2design KCover KImage: K© KGuy Mason, KOH K45040
USA
KErwood/iStockphoto
Senior K Rights K Acquisitions K Manager, K Text:
KMardell KGlinksi KSchultz Cengage KLearning Kproducts Kare Krepresented Kin KCanada Kby
KNelson KEducation, KLtd.
Text KPermissions KResearcher: KElaine KKosta
Senior KRights KAcquisitions KManager,
KImages: KDeanna KEttinger For K your K course K and K learning K solutions, K visit Kwww.cengage.com.
Images K Permissions Purchase Kany Kof Kour Kproducts Kat Kyour Klocal Kcollege Kstore Kor Kat Kour
K Researcher:KPre-PressPMG Kpreferred Konline Kstore Kwww.CengageBrain.com.
Printed Kin Kthe KUnited KStates Kof
KAmericaK1 K2 K3 K4 K5 K6 K7 K13 K12 K11
K10 K09
, For Kour Kchildren:
KZachary, K Jessica, K and
K Caren
LJG
For KColwyn,
KGrace, K and
K Rhett,
because Kthey’re Kso Kspecial
KMDJ
For K Bonnie, K Lauren, K and K Evan
KRSB
PERSONAL K
FINANCIAL K
PLANNING
Lawrence J. Gitman, Ph.D., CFP® – San Diego State University
K K K K K K K K K
Michael D. Joehnk, Ph.D., CFA – Arizona State University
K K K K K K K K K
K Randall S. Billingsley, Ph.D., FRM, CFA – Virginia Tech
K K K K K K K K
, K
Personal K Financial K Planning, © K 2011, K 2008 K South-Western, K Cengage K Learning
Twelfth KEdition
ALL KRIGHTS KRESERVED. KNo Kpart Kof Kthis Kwork Kcovered Kby Kthe
KLawrence K J.
Kcopyright Khereon K may K be K reproduced K or Kused Kin K any Kform K or K by
KGitman, KMichael KD.
Kany K means— K graphic, Kelectronic, Kor K mechanical, Kincluding
KJoehnk, KRandall KS.
Kphotocopying, Krecording, K taping, K Web K distribution, Kinformation
KBillingsley
Kstorage K and Kretrieval Ksystems, K or Kin K any Kother K manner—except K as
K may K be K permitted K by K the K license Kterms Kherein.
VP KEditorial KDirector: KJack KW. KCalhoun
KPublisher: KJoe KSabatino For K product K information K and K technology K assistance, K contact
Executive KEditor: K Mike K Reynolds K us K at
Cengage K Learning K Customer K & K Sales K Support, K 1-800-
Senior K Developmental K Editor: K Laura 354-9706
K AnsaraKDevelopmental KEditor: For Kpermission Kto Kuse Kmaterial Kfrom Kthis Ktext Kor
Mike KGuendelsberger Kproduct, Ksubmit Kall Krequests Konline Kat
Kwww.cengage.com/permissionsKFurther Kpermissions
Senior KEditorial KAssistant: KAdele KScholtz
Kquestions Kcan Kbe Kemailed Kto
K Marketing KManager: KNathan KAnderson ExamView® K is K a K registered K trademark K of K eInstruction K Corp.
K Marketing K Coordinator: K Suellen K Ruttkay KWindows K is Ka Kregistered Ktrademark K of K the KMicrosoft K Corporation
Kused K herein Kunder Klicense. K Macintosh K and K Power K Macintosh K are
K Director, K Content K and K Media K Production:
Kregistered K trademarks K of K Apple KComputer, KInc. Kused Kherein Kunder
Barbara KFuller-Jacobsen
Klicense.
Content K Project K Manager: K Emily K Nesheim
K Media KEditor: KScott KFidler © K2011 KCengage KLearning. KAll KRights KReserved.
Senior KFrontlist KBuyer: KKevin KKluck
K Library Kof KCongress KControl KNumber: K2009942102
KProduction KService: KIntegra
ISBN-13: K 978-1-4390-4447-6
K Copyeditor: KMatt KDarnell
ISBN-10: K 1-4390-4447-3
K Compositor: KIntegra
Senior KArt KDirector: KMichelle KKunkler
South-Western KCengage KLearning
K Cover K and K Internal K Designer: 5191 KNatorp KBoulevard
K jen2design KCover KImage: K© KGuy Mason, KOH K45040
USA
KErwood/iStockphoto
Senior K Rights K Acquisitions K Manager, K Text:
KMardell KGlinksi KSchultz Cengage KLearning Kproducts Kare Krepresented Kin KCanada Kby
KNelson KEducation, KLtd.
Text KPermissions KResearcher: KElaine KKosta
Senior KRights KAcquisitions KManager,
KImages: KDeanna KEttinger For K your K course K and K learning K solutions, K visit Kwww.cengage.com.
Images K Permissions Purchase Kany Kof Kour Kproducts Kat Kyour Klocal Kcollege Kstore Kor Kat Kour
K Researcher:KPre-PressPMG Kpreferred Konline Kstore Kwww.CengageBrain.com.
Printed Kin Kthe KUnited KStates Kof
KAmericaK1 K2 K3 K4 K5 K6 K7 K13 K12 K11
K10 K09
, For Kour Kchildren:
KZachary, K Jessica, K and
K Caren
LJG
For KColwyn,
KGrace, K and
K Rhett,
because Kthey’re Kso Kspecial
KMDJ
For K Bonnie, K Lauren, K and K Evan
KRSB
