Solutions for Focus on Personal Finance, 7th Edition Kapoor (All Chapters included)

"#$%&'#()*+(%+$)
,-./0)-1)2340-156),7151.38)9:;)<=7:7-1)
>?)@54:8)A5B--48)C;5B:34)D):-)DE)
)




! 012345678 45851456784

4


14
2418511458458515871887
245144588
1
81 45
851

, "#$%&'()'*(+,&+,-''
./012345.67.289:;<=>.?@<=<A@=>.2>=<<@<B.@<.1AC@;<..
.
/012345.D7.E;<8F.E=<=B8G8<C.HI@>>:..
.
/012345.J7.3=K8:.@<.L;M9.?@<=<A@=>.2>=<..
.
/012345.N7.?@<=<A@=>.H89O@A8:7.H=O@<B:.2>=<:.=<P.2=FG8<C.1AA;M<C:..
.
/012345.Q7./;<:MG89./98P@C7.1PO=<C=B8:R.S@:=PO=<C=B8:R.H;M9A8:R.=<P./;:C:..
.
/012345.T7./;<:MG89.2M9AU=:@<B.=<P.V@:8.WMF@<B.HC9=C8B@8:..
.
/012345.X7.H8>8AC@<B.=<P.?@<=<A@<B.0;M:@<B..
.
/012345.Y7.0;G8.=<P.1MC;G;Z@>8.[<:M9=<A8..
.
/012345.\7.08=>CU.=<P.S@:=Z@>@CF.[<A;G8.[<:M9=<A8..
.
/012345.6]7.?@<=<A@=>.2>=<<@<B.^@CU._@8̀.[<:M9=<A8..
.
/012345.667.[<O8:C@<B.W=:@A:.=<P.4O=>M=C@<B.W;<P:..
.
/012345.6D7.[<O8:C@<B.@<.HC;AI:..
.
/012345.6J7.[<O8:C@<B.@<.EMCM=>.?M<P:..
.
/012345.6N7.HC=9C@<B.4=9>F7.58C@98G8<C.=<P.4:C=C8.2>=<<@<B..
.
.
.
.
.
.
.
.! 012345678 45851456784

4


14
2418511458458515871887
245144588
1
81 45
851

,"
"
"
"
#$%&'()"*"
"
+,-'(."/-0("-1"'$(2("&)-34(02")(567)("'$("62("-1"'$("'70("8%46("-1"0-9(:"'%34(2"79"'$(";$%&'()"
%&&(9<7=>"%"179%9;7%4";%4;64%'-)>"-)"2&)(%<2$(('"2-1'?%)(@A"
"
BCDE279F"'$(")64("-1"GH>"%&&)-=70%'("'$("1-44-?79F"%0-69'2@"+IJ"*@*A"
"
KLMN1"'$("8%46("-1"4%9<"79"%9"%)(%"72"79;)(%279F"O"&();(9'"%":(%)>"$-?"4-9F"?744"7'"'%P("1-)"
&)-&()':"8%46(2"'-"<-634(Q"
"
RSTUVDBWDXYZ[\D]^WD_D̀aD
D
bLMN1":-6"(%)9"*c"&();(9'"-9":-6)"798(2'0(9'2>"$-?"4-9F"?744"7'"'%P("1-)":-6)"0-9(:"'-"<-634(Q"
"
RSTUVD^CWDXYZ[\D]^WD_DBdaD
D
eLMf'"%9"%996%4"79'()(2'")%'("-1"g"&();(9'>"$-?"4-9F"?744"7'"'%P("1-)":-6)"2%879F2"'-"<-634(Q"
"
RSTUVDBhChDXYZ[\D]^WD_DiaD
D
D
WCDN9"Hc*j>"2(4(;'(<"%6'-0-374(2"$%<"%9"%8()%F(";-2'"-1"k*O>ccc@"l$("%8()%F(";-2'"-1"'$-2("2%0("
%6'-0-374(2"72"9-?"kHc>ccc@"m$%'"?%2"'$(")%'("-1"79;)(%2("1-)"'$(2("%6'-0-374(2"3('?((9"'$("'?-"
'70("&()7-<2Q"+IJ"*@*A"
"
]nWdodddDpDnB`odddaD_DnB`odddDqDCWiD]WiDrY[sYtVaD
D
D
uCDf"1%074:"2&(9<2"kvO>ccc"%":(%)"1-)"47879F"(=&(92(2@"N1"&)7;(2"79;)(%2("3:"w"&();(9'"%":(%)"1-)"
'$("9(='"'$)((":(%)2>"?$%'"%0-69'"?744"'$("1%074:"9((<"1-)"'$(7)"47879F"(=&(92(2"%1'()"'$)((":(%)2Q"
+IJ"*@*A"
"
h`odddD "BCdxDqDnidoBhdyDT[DU\zt{D|}~zSzVDBpRDnh`odddD "BCdxuDqDnidoW^€D
DD
hCD(9"#-44792"&4%92"'-"36:"%"$-62("1-)"kHOc>ccc@"N1"'$(")(%4"(2'%'("79"$72"%)(%"72"(=&(;'(<"'-"
79;)(%2("79"8%46("3:"H"&();(9'"(%;$":(%)>"?$%'"?744"7'2"%&&)-=70%'("8%46("3("2(8(9":(%)2"1)-0"9-?Q"
+IJ"*@*A"
"
nW`dodddD "BCBhxDqDnWx€o^hdyDT[DU\zt{D|}~zSzVDBpRDnW`dodddD "BCBhxDqDnWx€o^hdD
D
D
iCDm$%'"?-64<"3("'$(":(%)4:"(%)979F2"1-)"%"&()2-9"?7'$"kj>ccc"79"2%879F2"%'"%9"%996%4"79'()(2'")%'("-1"
*@g"&();(9'Q"+IJ"*@wA"
! 012345678 45851456784

4


14
2418511458458515871887
245144588
1
81 45
851

, "#$%%%& '%(%)*&+&"),*&
&
-(&./012'3045'67895':;'4:15<'37=85/'>?@A0=03'BCD':E'FA7G35E'7GG51H0@'37=85/IJ'F78F98735'3A5'
;:88:K012L'>MN'BLDI'
'
OPQRA5';939E5'67895':;'STTU'/0@'<57E/';E:4'1:K'73'V'G5EF513L'
"**%& ')(*%)&+&"WX*(**&YZ[\]^]_&)`ab&
&
&
cPQRA5';939E5'67895':;'SdUU'/765H'57FA'<57E';:E'BU'<57E/'73'e'G5EF513L'
"#%%& ')f(fWg&+&"),$%,W(,%&YZ[\]^]_&)`hb&
&
iPQRA5'74:913'7'G5E/:1'K:98H'A765'3:'H5G:/03'3:H7<'>GE5/513'67895I'73'7'T'G5EF513'0135E5/3'E735'
3:'A765'SBJUUU';065'<57E/';E:4'1:KL'
")$%%%& '%(gWf&+&"gWf&YZ[\]^]_&)`jb&
&
kPQRA5'74:913'7'G5E/:1'K:98H'A765'3:'H5G:/03'3:H7<'3:'=5'7=85'3:'37l5':93'STUU'7'<57E';:E'BU'
<57E/';E:4'71'7FF:913'57E1012'e'G5EF513L'
"*%%& '-(g)%&+&",$,**&YZ[\]^]_&)`mb&
&
g(&n;'<:9'H5/0E5'3:'A765'SBoJUUU';:E'7'H:K1'G7<4513';:E'7'A:9/5'01';065'<57E/J'KA73'74:913'
K:98H'<:9'155H'3:'H5G:/03'3:H7<p'q//945'3A73'<:9E'4:15<'K088'57E1'r'G5EF513L'>MN'BLDI'
'
")X$%%%&'%(WXX&+&"#$W-f&YZ[\]^]_&)`jb&
&
&
W(&s535't:E3:1'0/'G8711012'3:'2:'3:'2E7H9735'/FA::8'01'7'GE:2E74':;'/39H<'3A73'K088'37l5'3AE55'<57E/L'
s535'K713/'3:'A765'SeJUUU'767087=85'57FA'<57E';:E'67E0:9/'/FA::8'71H'806012'5@G51/5/L'n;'A5'57E1/'D'
G5EF513':1'A0/'4:15<J'A:K'49FA'49/3'A5'H5G:/03'73'3A5'/37E3':;'A0/'/39H05/'3:'=5'7=85'3:'K03AHE7K'
SeJUUU'7'<57E';:E'3AE55'<57E/p'>MN'BLDI'
'
"W$%%%& 'X(WX#&+&"XX$-,X&YZ[\]^]_&)`mb&
&
&
#(&u7E87'M:G5v'H5G:/03/'SoJeUU'7'<57E'013:'A5E'E530E54513'7FF:913L'n;'3A5/5';91H/'A765'71'
765E725'57E1012':;'V'G5EF513':65E'3A5'rU'<57E/'91308'A5E'E530E54513J'KA73'K088'=5'3A5'67895':;'A5E'
E530E54513'7FF:913p'>MN'BLDI'
'
"X$W%%& ')##(-,*&+&"**W$#gW&YZ[\]^]_&)`hb&
&
&
)%(&n;'7'G5E/:1'/G51H/'SBU'7'K55l':1'F:;;55'>7//945'STUU'7'<57EIJ'KA73'K:98H'=5'3A5';939E5'67895'
:;'3A73'74:913':65E'BU'<57E/'0;'3A5';91H/'K5E5'H5G:/035H'01'71'7FF:913'57E1012'D'G5EF513p'>MN'BLDI'
'
"*%%& '))(f-f&+&"*$g,X&YZ[\]^]_&)`hb&
! 012345678 45851456784

4


14
2418511458458515871887
245144588
1
81 45
851