Fundamentals of Business Math Canadian 3Rd Edition Jerome Solutions Manual Full Chapter PDF

Fundamentals of Business Math
Canadian 3rd Edition Jerome Solutions

Manual
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6 Simple Interest
Exercise 6.1
Basic Problems
7
1. I = Prt = $1500(0.025) 12 = $21.88
2. I = Prt = $6800(0.037) 13
12
= $272.57
I $145.50
3. t= = = 0.6 6 year = 8 months
Pr $4850 0.045 
I $328.85
4. P=
rt
=
 
11
0.1025 12
= $3499.96
I $546.88
$15,00012  = 0.0875 = 8.75%
5. r= = 5
Pt
5
6. I = Prt = $5000(0.015) 12 = $31.25
I $500
7. P=
rt
=
 
5
0.043 12
= $27,906.98
I $ 75
$10,00012  = 0.0180 = 1.80%
8. r= = 5
Pt
9. I = Prt = $1800(0.0825) 16
12 = $198.00
I $11,602.50
10. t= = = 0.583 year = 7 months
Pr $612,0000.0325
Intermediate Problems
11. I = Prt = $3760(0.015)(3) = $169.20
I $292 .50
12. P= = = $6500.00
rt (0.009 )5
I $169.05
13. r= = = 0.0175 = 1.75% per month
Pt $4830(2 months)
I $221.65
14. t= = = 11 months
Pr $3100(0.0065) per month
15. The interest rate actually paid was
I $145.83
r=
Pt
=
 
$10,000 125
= 0.035 = 3.5%
The interest rate reduction applied for the early redemption was 5.5% – 3.5% = 2.0%.
Chapter 6: Simple Interest 157

Exercise 6.1 (continued)
16. In one month, Jerrika will earn:

1
I = Prt = $12,400(0.042) 12 = $43.40
To earn the $43.40 of interest in one month at 3.85%, Patrick would need to invest:
I $43.40
P= = = $13,527.27
rt  1
0.0385 
 12 
Advanced Problems
17. Interest on the first term deposit = Prt = $10,000(0.039) 123  = $97.50
Principal amount of the second deposit = $10,097.50
Interest on the second term deposit = $10,097.50(0.039) 123  = $98.45
The interest earned on the second deposit is larger because both
the original $10,000 principal and the $97.50 interest earned on the first
deposit earn interest during the second 3-month term.
18. Interest on the 6-month deposit = Prt = $5000(0.038) 126  = $95.00

Interest on the first 3-month deposit = $5000(0.035) 12
3 
= $43.75
Principal amount of the second 3-month deposit = P + I = $5000 + $43.75 = $5043.75
The second 3-month deposit must earn $95.00 – $43.75 = $51.25 to place
Sergon in the same financial position under either alternative. Hence,
I $51.25
r=
Pt
=
$5043.7512
3
  100% = 4.06%
Exercise 6.2
Basic Problems
1. Number of days = (October 29) – (March 16) = 302 – 75 = 227 days
2. Number of days = (January 29) – (November 18 of the previous year)
= [(January 29) – 0] + [(December 31) – (November 18)]
= 29 + (365 – 322)
= 72 days
3. Number of days = (October 1, 2013) – (June 17, 2013)
= 274 – 168
= 106 days
I = Prt = $6500(0.0575) 106
365 = $108.54
4. Number of days = (March 4) – (November 30 of the preceding year)

= [(March 4) – 0] + [(December 31) – (November 30)]
= 63 + (365 – 334)
= 94 days
94
I = Prt = $7350(0.075) 365 = $141.97
5. Number of days = (September 3) – (June 26 of same year) = 246 – 177 = 69 days

69
I = Prt = $2750(0.0425) 365 = $22.09
158 Fundamentals of Business Mathematics in Canada, 3/e

6. Number of days = (May 10) – (October 30 of previous year)
= [(May 10) – 0] + [(December 31) – (October 30)]
= 130 + (365 – 303)
= 192 days
I = Prt = $750(0.043) 192
365
= $16.96
I $2.65
7. r =
Pt
=
   100% = 1.50%
30
$2149 365
8. Number of days = (April 16) – (March 23)
= 106 – 82
= 24 days
I $8.00
r=
Pt
=
$218.83 365
24
  100% = 55.60%
9. Number of days = (November 4) + 84 = 308 + 84 = 392 – 365 = 27
The loan was repaid on the 27th day of 2016, which is January 27, 2016.
10. Number of days = (March 16, 2016) – 92 = 75 – 92 = – 17 + 1 leap day + 365 = 349.
(Note the one day added to account for the fact that 2016 is a leap year, and the loan
spanned the entire month of February, 2016) Therefore, the loan started on day 349 of
the previous year, 2015. Day 349 is December 15, 2015.
11. Number of days = (July 1) – (January 7)

= 182 – 7
= 175 days
I = Prt = $850(0.07) 175
365 = $28.53
12. Number of days = (April 15, 2017) – (October 16, 2016)

= [(April 15, 2017) ] + [(Dec. 31, 2016) – (Oct. 16, 2016)]
= (105) + (365 – 289)
= 181 days
181
I = Prt = $27,000(0.087) 365 = $1164.85
13. Number of days = (April 14, 2017) – (October 28, 2016)

= [(April 14, 2017) – 0] + [(December 31, 2016) – (October 28, 2016)]
= 104 + (365 – 301)
= 168 days
I $67.78
P=
rt
=
0.095 168365 
= $1550.11
I $2.50
14. r =
Pt
=
   100% = 18.49%
15
$329 365
I $13.36
15. t = = = 0.11230 year = 0.11230  365 days = 41 days
Pr $2163 0.055 
I $124.83
16. P =
rt
=
 
30
0.0825 365
= $18,409.27

I $64.21
17. t = = = 0.59730 year = 0.59451  365 days = 218 days
Pr $1000 0.1075 
Serial number of repayment date = June 26, 2016 + 218 days = 177 + 218 = 395
That is, the repayment date is 395 – 365 = 30th day of 2017.
Therefore, the repayment date was January 30, 2017.
I $50.05
18. t= = = 0.69034 year = 0.69034  365 days = 252 days
Pr $1000 0.0725 
Serial number of deposit date = November 16, 2016 – 252 days = 320 – 252 = 68
That is, the deposit date was the 68th day of 2016.
Therefore, the deposit date was March 9, 2016.
Advanced Problems
In the following solution to problem 19, the number of days in each interval is determined
by adding the number of days for each partial month and full month in the interval.
Problems 20 and 21 are solved by an alternative approach—the interval length is
determined by using the serial numbers for dates (Table 6.2).
19. Interval Number of days Int. rate Interest

Mar 1 to Apr 17 31 + 16 = 47 7.5% $57.945
Apr 17 to June 30 14 + 31 + 29 = 74 8.0% 97.315
June 30 to Aug 1 1 + 31 = 32 7.75% 40.767
Total: $196.03
47
 I = Prt = $6000(0.075) 365 = $57.945
Interest totalling $196.03 will be owed on August 1.

Sept 30 to Nov 2 306 – 273 = 33 10.7% $29.022
Nov 2 to Jan 1 1 + 365 – 306 = 60 11.2% 55.233
Jan 1 to Feb 1 32 – 1 = 31 11.0% 28.027
Total: $112.28
33
 I = Prt = $3000(0.107) 365 = $29.022
Amount required to pay off the loan on February 1 = P + I = $3000 + $112.28 = $3112.28

June 3 to July 1 182 – 154 = 28 8.75% 0.00671233P
July 1 to July 31 212 – 182 = 30 9.00% 0.00739726P
July 31 to Aug 31 243 – 212 = 31 9.50% 0.00806849P
Total: 0.02217808P
28
 I = Prt = P(0.0875) 365 = 0.00671233P
Since total interest = $169.66, then
0.02217808P = $169.66
P = $7649.90
The principal amount of the loan was $7649.90.

Exercise 6.3
Basic Problems
  7 
1. S = P(1 + rt) = $2950 1  0.045  = $2950(1.02625) = $3027.44
  12 
  237 
2. S = P(1 + rt) = $12,800 1  0.0375  = $12,800(1.024349) = $13,111.67
  365 
S $785.16 $785 .16
P
3. =
 
=
1  rt  1  0.105 365 1.006616
23
= $780.00
S $2291.01 $2291 .01

P
4. =
1  rt  1  0.077 360
365
 
=
1.075945
= $2129.30
  285 
5. S = P(1 + rt) = $17,450 1  0.0625  = $17,450(1.0488014) = $18,301.58
  365 
S $5878.78 $5878.78
P
1  rt  1  0.088510 
6. = = = $5475.00
12
1.07375
S $15,379.58 $15,379 .58
P
7. =
1  rt  1  0.099 12
11  
=
1.0907500
= $14,100.00
Hence, the balance was comprised of $14,100.00 of principal and

$15,379.58 - $14,100.00 = $1279.58 of interest.
S $7348.25 $7348 .25
P
8. =
1  rt  1  0.0825 14
12
 
=
1.096250
= $6703.08
Hence, the balance was comprised of $6703.08 of principal and

$7348.25 - $6703.08 = $645.17 of interest.
9. I = S – P = $1828.02 – $1750 = $78.02
I $78.02
r=
Pt
=
12 
$1750 5
= 0.1070 = 10.70%
10. I = S – P = $3000 – $2875.40 = $124.60

I $124.60
r=
Pt
=
12 
$2875.40 8
= 0.0650 = 6.50%
11. I = S – P = $798.63 – $780.82 = $17.81

I $17.81
r=
Pt
=
365 
$780.82 45
= 0.1850 = 18.50%
12. I = S – P = $10,000 – $9625.63 = $374.37

I $374 .37
t= = = 0.49863 year = 182 days
Pr $9625 .63 (0.078 )

13. I = S – P = $8083.33 – $7760 = $323.33
I $323 .33
t= = = 0.66666 year = 8 months
Pr $7760 (0.0625 )
14. Number of days = October 9 – September 20
= 282 – 263
= 19 days
  19 
S = P(1 + rt) = $5200 1  0.055  = $5200(1.002863) = $5214.89
  365 
15. I = S – P = $171.50 – $162.50 = $9.00
Number of days = December 12 – November 8

= 346 – 312
= 34 days
I $9.00
$162.50365  = 0.5946 = 59.46%
r= = 34
Pt
S $3701.56
P
16. =
 
1  rt  1  0.125 127
= $3450.00
I = S – P = $3701.56 – $3450.00 = $251.56
Advanced Problems
17. In effect, $107.50 is the "maturity value" on October 1 of an $89.95 "investment" on
March 25. The "interest earned" is $107.50 – $89.95 = $17.55. The number of days
in the "term" is
October 1 – March 25 = 274 – 84 = 190
The annual interest rate implied by the saving is
I $17.55
r=
Pt
=
365 
$89.95 190
= 0.3748 = 37.48%
The money borrowed at a cost of 12% per annum effectively “earns” 37.48% per annum.
Since the “return” is higher than the 12% per annum cost, it is in the buyer’s financial
best interest to borrow the money and purchase the tires today.
Another way to look at this analysis is to find the “today” value of the future price of
$107.50. The time is 190 days and the rate is 12% per annum.
S $107.50
P = = $101.18
1  rt  1  0.12190
365

Buying the tires on October 1 for $107.50 each is equivalent to paying $101.18 today.
By buying the tires today for the $89.95 sale price, the buyer is effectively saving
$101.18 - $89.95 = $11.23 in today’s dollars. Therefore, the buyer will save $11.23 in
current dollars by buying the tires today.

18. In effect, there is a $75 interest charge for paying the $2000 balance after 5 months
instead of paying at the beginning of the year. The annual rate of simple interest is
I $75
$200012  = 0.0900 = 9.00%
r= = 5
Pt
19. The $60 higher price for the deferred payment option may be viewed as a $60
interest charge on the cash price of $1535. The implied annual interest rate is
I $60
r=
Pt
=
$1535 612 = 0.0782 = 7.82%
If you can earn a rate of return greater than 7.82% on a 6-month investment, you
would be better off to invest the $1535 now and take A & B's deferred payment option.
20. Number Interest Maturity

Interval of days Principal rate value
Nov 16 to Apr 1 137  $74,000 6.3% $ 75,749.85  
Dec 30 to Apr 1 93  66,000 5.9% 66,992.17
Feb 8 to Apr 1 53  92,000 5.1% 92,681.30
Total: $235,423.32
 (365 – 320) + (91 + 1) = 137 days
   = $75,749.85
 S = P(1 + rt) = $74,000 1 0.063 137
365
 (365 – 364) + 92 = 93 days
 92 – 39 = 53 days
The total amount from the three term deposits maturing on April 1 will be $235,423.32.
Checkpoint Questions (Section 6.4)

1. “Equivalent payments” are alternative payments (on different dates) that will put the
recipient in the same economic position.
2. Calculate the future value of the earlier payment at the date of the later payment. If the
future value is equal to the later payment, the two payments are equivalent.
3. a. True. An earlier amount, P, will grow to a larger value, S, over time at a positive rate of
interest. Therefore, an earlier value, P, will always be smaller than an equivalent future
value, S, provided that the rate of return is positive.
b. False. If the interest rate increases, the investor can deposit an amount smaller than
$1000 today and have it grow to be equal to the future scheduled payment. The
difference will be made up with additional dollars of interest earned due to the higher
interest rate.
c. True. If the investor received the payment scheduled for today and invested it, he
would earn less interest over the course of six months at the new rate, 6%, than he
would have at the old rate, 9%. Therefore, a payment in six months that is smaller than
$1500 will be economically equivalent to the payment scheduled today.

Exercise 6.4
Basic Problems
S $560
P
1  rt  1  0.0175125 
1. = = $555.95
  7 
2. S = P(1 + rt) = $1215 1  0.045  = $1246.89
  12 
  174 
3. S = P(1 + rt) = $5230 1  0.0525  = $5360.89
  365 
S $1480
P
4. =
1  rt  1  0.0675 365
60 
= $1463.76
5. Number of days = 7 + 31 + 30 = 68
S $1000
P
1  rt  1  0.03365  = $994.44
= 68
6. Number of days = 20 + 30 + 31 + 30 + 31 + 12 = 154

S = P(1 + rt) = $1000 1 0.055154
365
 = $1023.21
7. Rasheed can expect to pay the maturity value of $450 ninety days later.
S = P(1 + rt) = $450 1 0.0475365
90
 = $455.27
8. Number of days = 16 + 31 + 31 = 78
S $325,000
P
1  rt  1  0.0385365  = $322,347.92
= 78
Rounded to the nearest dollar, Vivian should accept $322,348 on June 15, 2015 as an
equivalent payment.
9. I = S – P = $1975 – $1936.53 = $38.47

I $38.47
r=
Pt
=
365 
$1936.53 100
= 0.0725 = 7.25%
10. I = S – P = $2508.79 – $2370 = $138.79

I $138.79
r=
Pt
=
365 
$2370 190
= 0.1125 = 11.25%
11. I = S – P = $850.26 – $830 = $20.26

I $20 .26
t= = = 0.24656 year = 90 days late
Pr $830 (0.099 )
12. I = S – P = $4850 – $4574.73 = $275.27

I $275 .27
t= = = 0.68768 year = 251 days early
Pr $4574 .73 (0.0875 )

13. The equivalent (present) value of $1600 on June 15 should be acceptable to both.
S $1600
P
1  rt  1  0.0325365  = $1591.36
= 61
S $5500
14. a. P 
1  rt  1  0.082125 
= = $5318.29
If she waits to pay the $5500 in 5 months from now, that option represents the
equivalent of a payment today of $5318.29. This is more than the option of paying
$5230 today. Therefore, Rashmi should choose the option of paying $5230 today.
S $5500
b. P 
1  rt  1  0.135125 
= = $5207.10
If she waits to pay the $5500 in 5 months from now, that option represents the
equivalent of a payment today of $5207.10. This is less than the option of paying
$5230 today. Therefore, Rashmi should choose the option of paying $5500 in 5
months from now.
c. I = S – P = $5500 – $5230 = $270.00
I $270.00
$523012  = 0.1239 = 12.39%
r= = 5
Pt
S $570
15. a. P 
1  rt  1  0.1075365  = $560.10
= 60
If she waits to pay the $570 in 60 days from now, that option represents the equivalent
of a payment today of $560.10. This is $0.10 more than the option of paying $560
today. Therefore, Anna should choose the option of paying $560 today.
b. I = S – P = $570 – $560 = $10.00
I $10.00
$560 365  = 0.1086 = 10.86%
r= = 60
Pt
S $1280
a. P 
1  rt  1  0.08512  = $1187.48
16. = 11
If he waits to pay the $1280 in 11 months from now, that option represents the
equivalent of a payment today of $1187.48. This is $27.52 less than the option of
paying $1215 today. Therefore, Jonas should choose the option of paying $1280 in 11
months from now.
b. I = S – P = $1280 – $1215 = $65.00
I $65.00
$121512  = 0.0584 = 5.84%
r= = 11
Pt
17. We can view the extra $2560 –$2495 = $65 cost at Store B as an interest
charge for a $2495 loan for 8 months. Let us compare the implied interest
rate on this “loan” to the interest rate Nicholas is earning on his CSBs.
In effect, the interest rate charged on the “loan” is
I $65
r= = 8
= 0.0391 = 3.91%
Pt $2495( 12 )
Since the interest rate on the “loan” is greater than the earnings on his CSB, he should
cash them in and purchase from Store A.
18. Marpole Furniture should accept a cash price equal to the sum of
$1845 $1845
plus the present value of 6 months earlier. That is,
2 2
$922.50
1  0.027512  = $922.50 + $909.99 = $1832.49
Cash price = $922.50 + 6
19. Number of days = (May 1, 2015) – (September 30, 2014)

= 121 – 273
= – 152 + 365
= 213 days
S $30,000
a. P 
1  rt  1  0.08365  = $28,661.92
= 213
The current economic value of the $30,000 later payment is $28,661.92 which is
$661.92 higher than the $28,000 payment today. Therefore, the Matheson’s will save
$661.92 by selecting the September 30 installation date.
b. For the two payments to be equivalent, the Matheson family must be able to earn
$30,000 – $28,000 = $2000 of interest over the 213 days on their $28,000 invested.
I $2000
r= = 213
= 0.1224 = 12.24%
Pt $28,000( 365 )
20. I = S – P = $7500 – $7472.71 = $27.29
I $27.29
t= = = 0.169858 year = 62 days later
Pr $7472.71(0.0215)
March 14, 2017 + 62 days = Day 73 + 62 days = Day 135.
Using the serial number chart, day 135 is May 15, 2017.
Advanced Problems
21. a. The current economic value of an offer is the present value of the payments
discounted at the interest rate the Chans can earn on low-risk short-term investments.
For the Smiths’ offer,
S $100,000
1  0.04512  = $142,799.51
P = $45,000 + = $45,000 +
1  rt  6
For the Kims’ offer,

$120,000
P = $29,000 + = $143,832.54
1  0.0451
b. The Chan’s should accept the Kims’ offer which is worth
$143,832.54 – $142,799.51 = $1033.03 more in current dollars.
22. The current economic cost is the present value of the payments discounted at 4.8%.
$160,000
1  0.04812  = $284,440.15
a. Economic cost = $130,000 + 9
$290,000
1  0.04812  = $284,922.78
b. Economic cost = $5000 + 9
(continued)

22. c. The Symbaluks should choose the alternative having the lower economic cost.
The $130,000-down option saves $482.63.
Checkpoint Questions (Section 6.5)

1. The economic value of a nominal amount of money depends on the date when it is paid.
This property of money is called the time value of money.
2. By simply adding the nominal amounts of the future payments, the statement ignores the
time value of money. Most people will interpret the “value of the contract” in terms of
current dollars. Therefore, the quoted value of the contract should be the present value of
the future payments.
3. a. True.
b. False. Changing the focal date will change the absolute difference in dollars between
the two alternatives, but not the ranking of the equivalent values of the two payment
streams. Since payment stream “A” has a higher equivalent value at one focal point, it
will have a higher equivalent value at any other focal point that could be chosen, given
that the interest rate used in the analysis remains the same.
c. False. Today’s economic value is lower. This economic value is the lump amount today
that is equivalent to the payment stream. In other words, the lump amount along with its
interest earnings could pay the series of scheduled payments. (The last payment would
reduce the remaining funds to zero.) When interest rates are higher, a smaller lump
amount today will be sufficient to generate the future payment stream because more
interest will be earned to help meet the payments.
4. Calculate the sum of the equivalent values of the payments on the chosen date.
Exercise 6.5
Basic Problems
$300
1  0.09512 
1. Equivalent value today = $500.00 + 3
= $500.00 + $293.040
= $793.04
  5 
2. Equivalent value 5 months from now = $1000 1  0.055  + $1500.00
  12 
= $1022.92 + $1500.00
= $2522.92
$1140
3. Equivalent payment today = $850 +
 
1  0.0825 12
9
= $850.00 + $1073.57 = $1923.57
  6 
4. Equivalent payment today = $500 + $1000 1  0.0425 
  12 
= $500 + $1021.25
= $1521.25

  2  $1800
5. Equivalent value 2 months from now = $1200 1  0.065  +
 12  1  0.06512 
4

= $1213.000 + $1761.827
= $2974.83
$250
1  0.032105 
6. a. Equivalent value on September 1 = $500 +
365
= $500 + $247.72
= $747.72
$500 $250
1  0.032365  1  0.032168 
b. Equivalent value on June 30 = 63
+
365
= $497.254 + $246.371
= $743.63
7. For the Sylvestor Roofing quote, find the equivalent value of all three payments as at June
15. Then, compare that total to the quote from Rocca Roofing which is $8200 payable on
June 15.
Equivalent value of the Sylvestor Roofing quote as at June 15

$2000 $2000
1  0.045365  1  0.045365 
= $5000 + 30
+ 77
= $5000 + $1992.630 + $1981.192

= $8973.82
Therefore, in current dollars, the Rocca Roofing quote is $8973.82 – $8200 = $773.82
cheaper than the Sylvestor Roofing quote.

8. Equivalent value 90 days from now = $900 1  0.0775 365 
60
+
$1000
 
1  0.0775 120
365
= $911.466 + $975.154
= $1886.62
9. Equivalent value 60 days from now
  60  $1500 $2000
= $1000 1  0.085  +
  365  1  0.085 365
10
+
   
1  0.085 150
365
= $1013.97 + $1496.51 + $1932.50
= $4442.98
10. Equivalent value 45 days from now
  120    45  $1750
= $1750 1  0.099  + $1750 1  0.099  +
  365    365   
1  0.099 365
30
= $1806.959 + $1771.360 + $1735.875

= $5314.19

  6  $1800
11. Equivalent payment one month from now = $1300 1  0.045   +
  12   1  0.04512
2

= $1329.25 + $1786.60
= $3115.85
  150    80 
12. Stream 1’s economic value today = $900 1  0.095  + $1400 1  0.095 
  365    365 
= $935.14 + $1429.15
= $2364.29
$800 $600 $1000
Stream 2’s economic value today =
1  0.095  
30
365
+
1  0.095  
75
365
+
 
1  0.095 125
365
= $793.80 + $588.51 + $968.49
= $2350.80
Stream 1 payments have a $13.49 greater economic value (in today’s dollars).
$1000 $3000 $2000

13. a. Economic value today =
1  0.075  
1
12
+
1  0.075  
3
12
+
 
1  0.075 12
5
= $993.79 + $2944.79 + $1939.39

= $5877.97
$3000 $3000
b. Economic value today =
1  0.075  
2
12
+
1  0.075 12
4  
= $2962.96 + $2926.83
= $5889.79
Advanced Problems
  6 
14. Maturity value of the $750 obligation = $750 1  0.095  = $785.63
  12 
Maturity value of the $950 obligation = $950 1  0.095 1 = $1040.25
Equivalent value of the scheduled payments 4 months from now
  6 
= $785.63 1  0.0775  + $1040.25
  12 
= $816.07 + $1040.25
= $1856.32
Thelma should be willing to accept a payment of $1856.32 four months from now.
15. Let x represent the size of the second replacement payment.
The equivalent value of the scheduled payments on the focal date is
  80  $3100
$2600 1  0.0825  +
  365  1  0.0825 10 365 
= $2647.01 + $3093.01 = $5740.02
The equivalent value of the replacement payments on the focal date is

  30 
$3000 1  0.0825  + x = $3020.34 + x
  365 
(continued)

For equivalence of the two streams,
$3020.34 + x = $5740.02
x = $2719.68
The second payment must be $2719.68.
16. Let x represent the size of the second replacement payment.

Equivalent value, 4 months from now, of the originally scheduled payments
  10     4  $2000
= $2000 1  0.04   + $2000 1  0.04   +
 12    12   1  0.0412 
2
 
= $2066.667 + $2026.667 + $1986.755
= $6080.09
Equivalent value, 4 months from now, of the replacement payments
  3 
= $3000 1  0.04   + x
  12  
= $3030.00 + x
For equivalence of the two streams,
$3030.00 + x = $6080.09
x = $3050.09
The second payment should be $3050.09.
Exercise 6.6
1. Let x represent the unknown payment.
Payment Date No. of days Present value
$1000 May 1 31 + 30 = 61 $991.713 
1000 June 1 61 + 31 = 92 987.554
x July 1 92 + 30 = 122 0.9835624x 
$1000 x
P= = $991.713  P =
1  0.05365 
61
1 0.05122
365
 = 0.9835624x
Original loan = Sum of present values of the payments
$3000 = $991.713 + $987.554 + 0.9835624x
$1020.733 = 0.9835624x
x = $1037.79
The July 1 payment should be $1037.79.

$2000 April 1 31 $1995.762 
2000 June 1 31 + 61 = 92 1987.476
x August 1 92 + 61 = 153 0.9896292x 
$2000 x
P= P=
1  0.025365
31
 = $1995.762 1 0.025153
365
 = 0.9896292x
(continued)

$5000 = $1995.762 + $1987.476 + 0.9896292x
$1016.762 = 0.9896292x
x = $1027.42
The August 1 payment should be $1027.42.

$ 500 March 31 30 $ 496.632 
1000 June 15 30 + 76 = 106 976.602
X August 31 106 + 77 = 183 0.9602799x 
$ 500 x
P= P=
1  0.0825365  1  0.0825183  = 0.9602799x
30
= $496.632
365
$3000 = $496.632 + $976.602 + 0.9602799x
$1526.766 = 0.9602799x
x = $1589.92
The August 31 payment should be $1589.92.
$ 5000 August 12 26 $ 4987.565 
2000 September 18 26 + 37 = 63 1987.990
X November 12 63 + 55 = 118 0.98881153x 
$5000 x
P= P=
1  0.035365  1 0.035118  = 0.98881153x
26
= $4987.565
365
$10,000 = $4987.565 + $1987.990 + 0.98881153x
$3024.445 = 0.98881153x
x = $3058.67
The November 12 payment should be $3058.67.
5. a. Let x represent the unknown payment.
$ 12,000 January 5 115 $ 11,841.438 
8000 February 18 115 + 44 = 159 7854.583
X May 15 159 + 86 = 245 0.972263843x 
$12,000 x
P= P=
1  0.0425 365  1 0.0425 365  = 0.972263843x
115
= $11,841.438 245

$25,000 = $11,841.438 + $7854.583 + 0.972263843x
$5303.979 = 0.972263843x
x = $5455.29
The May 15, 2017 payment should be $5455.29.
b. The borrower pays a total of $12,000 + $8000 + $5455.29 = $25,455.29. The borrower
pays $25,455.29 – $25,000 = $455.29 of interest.

6. Let x represent the size of each loan payment. Since the original loan
equals the sum of the present values of all loan payments, then
x x
1 0.03365  1 0.03365 
$1000 = 30
+ 60
= 0.997540312x + 0.995092694x
= 1.992633006x
x = $501.85
Each loan payment is $501.85.
7. Let x represent the size of each loan payment. Then
$3000 = Sum of present values of all payments
x x
1 0.0825 365  1 0.0825150 
= 50
+
365
= 0.988824924x + 0.967207685x
= 1.956032609x
x = $1533.72
Advanced Problems
8. Let x represent the size of each payment. Then
x x x
$2500 =
 
1  0.0875 12
2
+
 
1  0.0875 12
4
+
1  0.0875 12
7  
= 0.9856263x + 0.9716599x + 0.9514371x
= 2.9087233x
x = $859.48

x x x x
$5000 =
 
100
1 0.07 365
+
 
150
1 0.07 365
+
1 0.07  
200
365
+
1 0.07 250
365

= 0.98118280x + 0.97203728x + 0.96306069x + 0.95424837x
= 3.87052914x
x = $1291.81
10. Let x represent the size of each payment.

Payment Date No. of days Present value
x Nov 10 16 + 31 + 9 = 56 0.9867532x
x Dec 30 56 + 21 + 29 = 106 0.9752188x
x Feb 28 106+ 2 + 31 + 27 = 166 0.9617285x
Total: 2.9237005x
Since the original loan = Sum of present values of all payments,
$7500 = 2.9237005x
x = $2565.24
The three payments should each be $2565.24.

Review Problems
Basic Problems
1. I = Prt = $42,000(0.0615) 365
90
 = $636.90
  10 
2. S = P(1 + rt) = $5500 1  0.0375  = $5671.88
  12 
3. Number of days from March 10 to December 1 of the same calendar year
= 335 - 69
= 266
S $7500
P
1  rt  1  0.05365  = $7236.32
= 266
4. I = S – P = $6958.66 – $6800 = $158.66
I $158.66
t= = = 0.583309 years x 12 = 7 months
Pr $6800(0.04)
5. The number of days from September 8, 2016 to March 18, 2017 was
(365 – 251) + 77 = 191
  191 
a. S = P(1 + rt) = $17,000 1  0.0465  = $17,413.66
  365 
b. I = S – P = $17,413.66 – $17,000 = $413.66
6. The number of days from September 17, 2016 to March 11, 2017 was
(365 – 260) + 70 = 175
The interest rate earned was
I $212.45
r=
Pt
=
 
$3702.40 175
365
= 0.1197 = 11.97%
I $327.95
7. r =
Pt
=
 
$21,000 120
365
= 0.0475 = 4.75%
8. Number of days from August 18 to January 23 is 14 + 30 + 31 + 30 + 31 + 22 = 158

Equivalent value on January 23 is
  158 
P(1 + rt) = $1000 1  0.065  = $1028.14
  365 
9. The number of days from November 19, 2016 to March 3, 2017 is
(365 – 323) + 62 = 104 days
The amount that had to be invested on November 19, 2016 was
S $10,000
P
1  rt  1  0.045104  = $9873.40
=
365
  2 
10. S = P(1 + rt) = $10,000 1  0.0395  = $10,065.83
  12 

Review Problems (continued)
11. The number of days from November 15, 2016 to June 3, 2017 is
(365 – 319) + 154 = 200 days
Interest owed = Prt = $1750(0.074) 200
365
 = $70.96
12. The debt is being repaid eight months earlier than planned. The economically equivalent
payment today is:
S $5000
P
1  rt  1  0.045128 
= = $4854.37
13. The duration of the loan was

I $137 .99
t= = = 0.45206 year = 165 days
Pr $3300 (0.0925 )
March 27 is serial number 86 of the year. Therefore the loan was repaid on day number
86 + 165 = 251 which is September 8.
14. Number of days from March 16 to November 1 = 305 – 75 = 230

The amount invested in the term deposit should be
S $45,000
P
1  rt  1  0.0375365  = $43,961.19
= 230
15. Number of days from April 29 to June 14 = 2 + 31 + 13 = 46 days

The economically equivalent payment on April 29 is
S $60,000
P =
1  rt  1  0.036 365
46 
= $59,729.01
Sheldrick Contracting should propose to pay $59,729.01.

16. a. At a rate of 5.25%, the economic value today of the full price due in 4 months is
S $3995
P =
 
1  rt  1  0.0525 124
= $3926.29
Peter and Reesa will save $3926.29  $3900 = $26.29 in current dollars by paying the
early-booking price.
b. At a rate of 9.75%, the economic value today of the full price due in 4 months is
S $3995
P
1  rt  1  0.0975124 
= = $3869.25
Peter and Reesa will save $3900  $3869.25 = $30.75 in current dollars by waiting and
paying the full price.
c. They will be indifferent between the alternatives if $3900 can earn $3995 – $3900 = $95
interest in 4 months. The corresponding interest rate would be
I $95
 100% = 7.31%
r=
Pt
=
 
$3900 12 4
If money can earn 7.31% pa, Peter and Reesa would be indifferent between the two
prices.

17. The equivalent value 2 months from now of the scheduled payments is
  7  $7500
$1000 1  0.0625  +
   1  0.0625 2
12 12 
= $1036.46 + $7422.68 = $8459.14
A single payment of $8459.14 two months from now will place the payee
in an equivalent financial position.
18. The economic value today of the Stream 1 payments is

  150    90 
$1800 1  0.075  + $2800 1  0.075  = $1855.48 + $2851.78 = $4707.26
  365    365 
The economic value today of the Stream 2 payments is
$1600 $1200 $2000
 
1  0.075 365
30
+
 
1  0.075 365
75
+
1  0.075 120
365
 
= $1590.20 + $1181.79 + $1951.87
= $4723.86
The current economic value of Stream 2 is $16.60 higher than the economic value of
Stream 1.
$8000 June 1 30 + 31 = 61 $7894.452 
2000 July 1 61 + 30 = 91 1960.890
x Sept 1 91 + 62 = 153 0.967553812x 
$8000 x
P= P=
1  0.08365
61
 = $7894.452 1  0.08153
365
 = 0.967553812x
$17,000 = $7894.452 + $1960.890 + 0.967553812x
$7144.658 = 0.967553812x
x = $7384.25
The September 1 payment should be $7384.25.
20. I = S – P = $3150.50 – $3000 = $150.50
Number of days between September 8, 2014 and July 18, 2015

= (365 – 251) + 199
= 313
I $150.50
 100% = 5.85%
$3000313 
r= =
Pt 365
Advanced Problems
May 12 to Jun 28 179 – 132 = 47 5.5% $90.652
June 28 to Aug. 26 238 – 179 = 59 5.85% 121.039
Aug. 26 to Oct. 18 291 – 238 = 53 5.1% 94.790
Total: $306.481
 I = Prt = $12,800(0.055) 365
47
= $90.652
Amount required to pay off the loan on October 18 is
S = P + I = $12,800 + $306.48 = $13,106.48
22. Maturity value of the first term deposit is
  90 
P(1 + rt) = $15,000 1  0.032  = $15,118.36
  365 
Maturity value of the second term deposit is
  90 
P(1 + rt) = $15,118.36 1  0.032  = $15,237.65
  365 
The total interest earned is $237.65.
23. The time period for which the money was borrowed was
I $190 .02
t= = = 0.37535 year = 0.37535  365 days = 137 days
Pr $7500 (0.0675 )
The loan began on November 7, 2016, which is serial number 311 of the year. The date
that is 137 days later is 311 + 137 = Day #448 – 365 = Day #83. Using the serial number
chart, day #83 of the year is March 24. Therefore, March 24, 2017 is the date coming 137
days after November 7, 2016.
24. a. Number of days from September 15 to April 1
= 15 + 31 + 30 + 31 + 31 + 28 + 31 + 1
= 198
$579
1  0.04198  = $566.70
Economic value =
365
b. True savings = $566.70 – $499.95 = $66.75

c. The equivalent annual interest rate is the rate that would enable
$499.95 to earn interest of $79.05 in 198 days.
I $79.05
r=
Pt
=
365 
$499.95 198
= 0.2915 = 29.15%
The savings from the early purchase are equivalent to a 29.15% per annum rate of
interest.
$160,000
25. a. Current economic value of Offer A = $40,000 + = $193,846.15
1  0.04(1)
$166,500
1  0.0412  = $193,235.29
Current economic value of Offer B = $30,000 + 6
Offer A is worth $193,846.15 and Offer B is worth $193,235.29.
b. The Parsons should select Offer A which is worth $193,846.15 – $193,235.29 =

$610.86 more.
$160,000
c. Value of Offer A = $40,000 + = $190,943.40
1  0.06(1)
$166,500
1  0.0612  = $191,650.49
Value of Offer B = $30,000 + 6
The Parsons should accept Offer B which is worth $707.09 more.

26. The size of the payment due 3 months ago is

$1200 1  0.085 12
6  
= $1251.00
The size of the payment due 3 months from now is

$800 1  0.085 12
12
 
= $868.00
The equivalent value 4 months from now of these scheduled payments is

$1251 1  0.0675 12
7   
+ $868 1  0.0675 12
1 
= $1300.26 + $872.88 = $2173.14
Aisha should be willing to accept a payment of $2173.14 four months from now.

x x x
1 0.0725 365  1 0.0725 365  1 0.0725 300 
$9000 = 60
+ 180
+
365
= 0.988222553 + 0.965480757x + 0.94376212x
= 2.89746543x
x = $3106.16

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Fig. 3.—Amoeba devouring a plant cell; four successive stages of ingestion. (From Verworn.)
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protoplasm, and that of every part, not merely of the surface—it is "assimilated"; while the rest of the
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We can conceive that our cannon might have an automatic feed for the supply of fresh cartridges after
each shot; but not that it could make provision for an increase of its own bulk, so as to gain in calibre
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discharges. Growth—and that growth "interstitial," operating at every point of the protoplasm, not merely
at its surface—is a character of all living beings at some stage, though they may ultimately lose the
capacity to grow. Nothing at all comparable to interstitial growth has been recognised in not-living
matter.[12]
Fig. 4.—Amoeba polypodia in successive stages of equal fission; nucleus dark, contractile vacuole clear. (From Verworn,
after F. E. Schulze.)
Again, when an Amoeba has grown to a certain size, its nucleus divides into two nuclei, and its
cytoplasmic body, as we may term it, elongates, narrows in the middle so as to assume the shape of a
dumb-bell or finger-biscuit, and the two halves, crawling in opposite directions, separate by the giving
way of the connecting waist, forming two new Amoebas, each with its nucleus (Fig. 4). This is a process
of "reproduction"; the special case is one of "equal fission" or "binary division." The original cell is
termed the "mother," with respect to the two new ones, and these are of course with respect to it the
"daughters," and "sisters" to one another. We must bear in mind that in this self-sacrificing maternity the
mother is resolved into her children, and her very existence is lost in their production. The above
phenomena, IRRITABILITY, MOTILITY, DIGESTION, NUTRITION, GROWTH, REPRODUCTION, are all
characteristic of living beings at some stage or other, though one or more may often be temporarily or
permanently absent; they are therefore called "vital processes."
If, on the other hand, we violently compress the cell, if we pass a very strong electric shock through it, or
a strong continuous current, or expose it to a temperature much above 45° C., or to the action of certain
chemical substances, such as strong acids or alkalies, or alcohol or corrosive sublimate, we find that all
these vital processes are arrested once and for all; henceforward the cell is on a par with any not-living
substance. Such a change is called "DEATH," and the "capacity for death" is one of the most marked
characters of living beings. This change is associated with changes in the mechanical and optical
properties of the protoplasm, which loses its viscidity and becomes opaque, having undergone a
process of de-solution; for the water it contained is now held only mechanically in the interstices of a
network, or in cavities of a honeycomb (as we have noted above, p. 5), while the solid forming the
residuum has a refractive index of a little over 1.6. Therefore, it only regains its full transparency when
the water is replaced by a liquid of high refractive index, such as an essential oil or phenol. A similar
change may be effected by pouring white of egg into boiling water or absolute alcohol, and is attended
with the same optical results. The study of the behaviour of coagulable colloids has been recently
studied by Fischer and by Hardy, and has been of the utmost service in our interpretation of the
microscopical appearances shown in biological specimens under the microscope.[13]
The death of the living being finds a certain analogy in the breaking up or the wearing out of a piece of
machinery; but in no piece of machinery do we find the varied irritabilities, all conducive to the well-being
of the organism (under ordinary conditions), or the so-called "automatic processes"[14] that enable the
living being to go through its characteristic functions, to grow, and as we shall see, even to turn
conditions unfavourable for active life and growth to the ultimate weal of the species (see p. 32). At the
same time, we fully recognise that for supplies of matter and energy the organism, like the machine,
depends absolutely on sources from without. The debtor and creditor sheet, in respect of matter and
energy, can be proved to balance between the outside world and Higher Organisms with the utmost
accuracy that our instruments can attain; and we infer that this holds for the Lower Organisms also.
Many of the changes within the organism can be expressed in terms of chemistry and physics; but it is
far more impossible to state them all in such terms than it would be to describe a polyphase electrical
installation in terms of dynamics and hydraulics. And so far at least we are justified in speaking of "vital
forces."
The living substance of protoplasm contains a large quantity of water, at least two-thirds its mass, as we
have seen, in a state of physical or loose chemical combination with solids: these on death yield
proteids and nucleo-proteids.[15] The living protoplasm has an alkaline reaction, while the liquid in the
larger vacuoles, at least, is acid, especially in Plant-cells.[16]
Metabolism.—The chemical processes that go on in the organism are termed metabolic changes, and
were roughly divided by Gaskell into (1) "anabolic," in which more complex and less stable substances
are built up from less complex and more stable ones with the absorption of energy; and (2) "catabolic"
changes in which the reverse takes place. Anabolic processes, in all but the cells containing plastids or
chromatophores (see p. 36) under the influence of light, necessarily imply the furnishing of energy by
concurrent catabolic changes in the food or reserves, or in the protoplasm itself.
Again, we have divided anabolic processes into "accumulative," where the substances formed are
merely reserves for the future use of the cell, and "assimilative," where the substances go to the building
of the protoplasm itself, whether for the purpose of growth or for that of repair.
Catabolic processes may involve (1) the mere breaking of complex substances into simpler ones, or (2)
their combination with oxygen; in either case waste products are formed, which may either be of service
to the organism as "secretions" (like the bile in Higher Animals), or of no further use (like the urine).
When nitrogenous substances break down in this way they give rise to "excretions," containing urea,
urates, and allied substances; other products of catabolism are carbon dioxide, water, and mineral salts,
such as sulphates, phosphates, carbonates, oxalates, etc., which if not insoluble must needs be
removed promptly from the organism, many of them being injurious or even poisonous. The energy
liberated by the protoplasm being derived through the breakdown of another part of the same or of the
food-materials or stored reserves, must give rise to waste products. The exchange of oxygen from
without for carbonic acid formed within is termed "respiration," and is distinguished from the mere
removal of all other waste products called "excretion." In the fresh-water Amoeba both these processes
can be studied.
Respiration,[17] or the interchange of gases, must, of course, take place all over the general surface,
but in addition it is combined in most fresh-water Protista with excretion in an organ termed the
"contractile" or "pulsatile vacuole" (Figs. 1, 4, etc.). This particular vacuole is exceptional in its size and
its constancy of position. At intervals, more or less regular, it is seen to contract, and to expel its
contents through a pore; at each contraction it completely disappears, and reforms slowly, sometimes
directly, sometimes by the appearance of a variable number of small "formative" vacuoles that run
together, or as in Ciliata, by the discharge into it of so-called "feeding canals." As this vacuole is filled by
the water that diffuses through the substance, and when distended may reach one-third the diameter of
the being, in the interval between two contractions an amount of water must have soaked in equal to
one-twenty-seventh the bulk of the animal, to be excreted with whatever substances it has taken up in
solution, including, not only carbon dioxide, but also, it has been shown, nitrogenised waste matters
allied to uric acid.[18]
That the due interchanges may take place between the cell and the surrounding medium, it is obvious
that certain limits to the ratio between bulk and surface must exist, which are disturbed by growth, and
which we shall study hereafter (p. 23 f.).
The Protista that live in water undergo a death by "diffluence" or "granular disintegration" on being
wounded, crushed, or sometimes after an excessive electric stimulation, or contact with alkalies or with
acids too weak to coagulate them. In this process the protoplasm breaks up from the surface inwards
into a mass of granules, the majority of which themselves finally dissolve. If the injury be a local rupture
of the external pellicle or cuticle, a vacuole forms at the point, grows and distends the overlying
cytoplasm, which finally ruptures: the walls of the vacuole disintegrate; and this goes on as above
described. Ciliate Infusoria are especially liable to this disintegration process, often termed "diffluence,"
which, repeatedly described by early observers, has recently been studied in detail by Verworn. Here we
have death by "solution," while in the "fixing" of protoplasm for microscopic processes we strive to
ensure death by "desolution," so as to retain as much of the late living matter as possible. It would seem
not improbable that the unusual contact with water determines the formation of a zymase that acts on
the living substance itself.
We have suggested[19] that one function of the contractile vacuole, in naked fresh-water Protists, is to
afford a regular means of discharge of the water constantly taken up by the crystalloids in the
protoplasm, and so to check the tendency to form irregular disruptive vacuoles and death by diffluence.
This is supported by the fact that in the holophytic fresh-water Protista, as well as the Algae and Fungi,
a contractile vacuole is present in the young naked stage (zoospore), but disappears as soon as an
elastic cell-wall is formed to counterbalance by its tension the internal osmotic pressure.
Digestion is always essentially a catabolic process, both as regards the substance digested and the
formation of the digesting substance by the protoplasm. The digesting substance is termed a "zymase"
or "chemical ferment," and is conjectured to be produced by the partial breakdown of the protoplasm. In
presence of suitable zymases, many substances are resolved into two or more new substances, often
taking up the elements of water at the same time, and are said to be "dissociated" or "hydrolysed" as the
case may be. Thus proteid substances are converted into the very soluble substances, "proteoses" and
"peptones," often with the concurrent or ultimate formation of such relatively simple bodies as leucin,
tyrosin, and other amines, etc. Starch and glycogen are converted into dextrins and sugars; fats are
converted into fatty acids and glycerin. It is these products of digestion, and not the actual food-
materials (save certain very simple sugars), that are really taken up by the protoplasm, whether for
assimilation, for accumulation, or for the direct liberation of energy for the vital processes of the
organism.
Not only food from without, but also reserves formed and stored by the protoplasm itself, must be
digested by some zymase before they can be utilised by the cell. In all cases of the utilisation of reserve
matter that have been investigated, it has been found that a zymase is formed by the cell itself (or
sometimes, in complex organisms, by its neighbours); for, after killing the cell in which the process is
going on by mechanical means or by alcohol, the process of digestion can be carried on in the
laboratory.[20] The chief digestion of all the animal-feeding Protista is of the same type as in our own
stomachs, known as "peptic" digestion: this involves the concurrent presence of an acid, and Le Dantec
and Miss Greenwood have found the contents of food-vacuoles, in which digestion is going on, to
contain acid liquid. The ferment-pepsin itself has been extracted by Krukenberg from the Myxomycete,
"Flowers of tan" (Fuligo varians, p. 92), and by Professor Augustus Dixon and the author from the
gigantic multinucleate Amoeba, Pelomyxa palustris (p. 52).[21] The details of the prehension of food will
be treated of under the several groups.
The two modes of Anabolism—true "assimilation" in the strictest sense and "accumulation"—may
sometimes go on concurrently, a certain proportion of the food material going to the protoplasm, and the
rest, after allowing for waste, being converted into reserves.
Movements all demand catabolic changes, and we now proceed to consider these in more detail.
The movements of an Amoeboid[22] cell are of two kinds: "expansion," leading to the formation and
enlargement of outgrowths, and "contraction," leading to their diminution and disappearance within the
general surface.[23] Expansion is probably due to the lessening of the surface-tension at the point of
outgrowth, contraction to the increase of surface-tension. Verworn regards these as due respectively to
the combination of the oxygen in the medium with the protoplasm in diminishing surface-tension, and
the effect of combination with substances from within, especially from the nucleus in increasing it.
Besides these external movements, there are internal movements revealed by the contained granules,
which stream freely in the more fluid interior. Those Protista that, while exhibiting amoeboid movements,
have no clear external layer, such as the Radiolaria, Foraminifera, Heliozoa, etc., present this streaming
even at the surface, the granules travelling up and down the pseudopodia at a rate much greater than
the movements of these organs themselves. In this case the protoplasm is wetted by the medium, which
it is not where there is a clear outer layer: for that behaves like a greasy film.
Motile organs.—Protoplasm often exhibits movements much more highly specialised than the simple
expansion or retraction of processes, or the general change of form seen in Amoeba. If we imagine the
activities of a cell concentrated on particular parts, we may well suppose that they would be at once
more precise and more energetic than we see them in Amoeba or the leucocyte. In some free-swimming
cells, such as the individual cells known as "Flagellata," the reproductive cells of the lower Plants, or the
male cells ("spermatozoa") of Plants as high as Ferns, and even of the Highest Animals, there is an
extension of the cell into one or more elongated lash-like processes, termed "flagella," which, by beating
the water in a reciprocating or a spiral rhythm, cause the cell to travel through it; or, if the cell be
attached, they produce currents in the water that bring food particles to the surface of the cell for
ingestion. Such flagella may, indeed, be seen in some cases to be modified pseudopodia. In other cases
part, or the whole, of the surface of the cell may be covered with regularly arranged short filaments of
similar activity (termed "cilia," from their resemblance to a diminutive eyelash), which, however, instead
of whirling round, bend sharply down to the surface and slowly recover; the movement affects the cilia
successively in a definite direction in waves, and produces, like that of flagella, either locomotion of the
cell or currents in the medium. We can best realise their action by recalling the waves of bending and
recovery of the cornstalks in a wind-swept field; if now the haulms of the corn executed these
movements of themselves, they would determine in the air above a breeze-like motion in the direction of
the waves (Fig. 5).[24] Such cilia are not infrequent on those cells of even the Highest Animals that, like
a mosaic, cover free surfaces ("epithelium cells"). In ourselves such cells line, for instance, the
windpipe. One group of the Protozoa, the "Ciliata," are, as their name implies, ciliated cells pure and
simple.
Fig. 5.—Motion of a row of cilia, in profile. (From Verworn.)
The motions of cilia and of flagella are probably also due to changes
of surface tension—alternately on one side and the other in the
cilium, but passing round in circular succession in the flagellum,[25]
giving rise to a conical rotation like that of a weighted string that is
whirled round the head. This motion is, however, strongest at the
thicker basal part, which assumes a spiral form like a corkscrew of
few turns, while the thin lash at the tip may seem even to be quietly
extended like the point of the corkscrew. If the tip of the flagellum
adhere, as it sometimes does, to any object, the motions induce a
jerking motion, which in this case is reciprocating, not rotatory. When
the organism is free, the flagellum is usually in advance, and the cell
follows, rotating at the same time round its longitudinal axis; such an
anterior flagellum, called a "tractellum," is the common form in
Protista that possess a single one (Figs. 29, 7, 8; 30, C). In the
spermatozoa of Higher Animals (and some Sporozoa) the flagellum
is posterior, and is called a "pulsellum."
The cilium or flagellum may often be traced a certain distance into

the substance of the cytoplasm to end in a dot of denser, readily-
staining plasm, which corresponds to a "centrosome" or centre of
plasmic forces (see below, pp. 115, 121, 141); it has been termed a
"blepharoplast."[26]
Again, the cytoplasm may have differentiated in it definite streaks of

specially contractile character; such streaks within its substance are
called "myonemes"; they are, in fact, muscular fibrils. A "muscle-
cell," in the Higher Animals, is one whose protoplasm is almost
entirely so modified, with the exception of a small portion of granular
cytoplasm investing the nucleus, and having mainly a nutritive
function.
Definite muscular fibrils in action shorten, and at the same time
become thicker. It seems probable that they contain elongated
vacuoles, and that the contents of these vary, so that when they
have an increased osmotic equivalent, the vacuoles absorb water,
enlarge, and tend to become more spherical, i.e. shorter and thicker,
and so the fibril shortens as a whole. The relaxation would be due to
the diffusion outwards of the solution of the osmotically active
substances which induced expansion.[27]
The Motile Reactions of the Protozoa[28] require study from another

point of view: they are either (1) "spontaneous" or "arbitrary," as we
may say, or (2) responsive to some stimulus. The latter kind we will
take first, as they are characteristic of all free cells. The stimuli that
induce movements of a responsive character are as follows:—(i.)
MECHANICAL: such as agitation and contact; (ii.) force of GRAVITY, or
CENTRIFUGAL FORCE; (iii.) CURRENTS in the water; (iv.) RADIANT
ENERGY (LIGHT); (v.) changes in the TEMPERATURE of the medium;
(vi.) ELECTRIC CURRENTS through the medium; (vii.) the presence of
CHEMICAL SUBSTANCES in the medium.
These, or some of them, may induce one of three different results, or

a combination thereof: (1) a single movement or an arrest of motion;
(2) the assumption of a definite position; (3) movement of a definite
character or direction.
(i.) Mechanical stimuli.—Any sudden touch with another body

tends to arrest all motion; and if the shock be protracted or severe,
the retraction of the pseudopodia follows. It is to this reaction that we
must ascribe the retracted condition of the pseudopodia of most
Rhizopods when first placed on the slide and covered for
microscopic examination. Free-swimming Protista may, after hitting
any body, either remain in contact with it, or else, after a pause,
reverse their movement, turn over and swim directly away. This
combination of movements is characteristic as a reaction of what we
may term "repellent" stimuli in general.[29] Another mechanical
reaction is that to continuous contact with a solid; and the surface
film of water, either at the free surface or round an air-bubble, may
play the part of a solid in exciting it; we term it "thigmotaxy" or
"stereotaxy." When positive it determines a movement on to the
surface, or a gliding movement along it, or merely the arrest of
motion and prolongation of contact; when negative, a contact is
followed by the retreat of the being. Thus Paramecium (Fig. 55, p.
151) and many other Ciliates are led to aggregate about solid
particles or masses of organic débris in the water, which indeed
serve to supply their food. On contact, the cell ceases to move its
cilia except those of the oral groove; as these lash backwards, they
hold the front end in close contact with the solid, at the same time
provoking a backward stream down the groove, which may bring in
minute particles from the mass.
(ii.) Most living beings are able to maintain their level in water by
floating or crawling against Gravity, and they react in virtue of the
same power against centrifugal force. This mode of irritability is
termed (negative) "geotaxy" or "barotaxy." We can estimate the
power of resisting such force by means of a whirling machine, since
when the acceleration is greater than the resistance stimulated
thereby in the beings, they are passively sent to the sides of the
vessel. The Flagellates, Euglena and Chlamydomonas, begin to
migrate towards the centre when exposed to a centrifugal force
about equal to ½ G (G = 32.2 feet or 982 cm. per second); they
remain at the centre until the centrifugal force is increased to 8 G;
above that they yield to the force, and are driven passively to the
sides. The reaction ceases or is reversed at high temperatures.
(iii.) Rheotaxy.—This is the tendency to move against the stream in

flowing water. It is shown by most Protists, and can be conveniently
studied in the large amoeboid plasmodia of the Myxomycetes, which
crawl against the stream along wet strips of filter paper, down which
water is caused to flow. Most animals, even of the highest groups,
tend to react in the same way; the energetic swimming of Fishes up-
stream being in marked contrast with their sluggishness the other
way; and every student of pond-life knows how small Crustacea and
Rotifers, no less than Ciliates, swim away from the inrush of liquid
into the dipping-tube, and so evade capture. (See Vol. II. p. 216.)
(iv.) The movements of many Protozoa are affected greatly by Light.

These movements have been distinguished into "photopathic," i.e. to
or from the position of greatest luminosity; and "phototactic," along
the direct path of the rays.[30] Those Protozoa that contain a portion
of their cytoplasm, known as a "plastid" or "chromatophore" (see pp.
36, 39), coloured by a green or yellow pigment are usually
"phototactic." They mostly have at the anterior end a red pigment
spot, which serves as an organ of sight, and is known as an "eye-
spot." In diffused light of low intensity they do not exhibit this
reaction, but in bright sunlight they rise to the surface and form there
a green or yellow scum.
Most of the colourless Protista are negatively phototactic or

photopathic; but those which are parasitic on the coloured ones are
positively phototactic, like their hosts.
Here, as in the case of other stimuli,[31] the absolute intensity of the

light is of importance; for as it increases from a low degree, different
organisms in turn cease to be stimulated, and then are repelled
instead of being attracted. The most active part of the spectrum in
determining reactions of movement are the violet and blue rays of
wave-length between 40 µ/10 and 49 µ/10, while the warmer and
less refractive half of the spectrum is inert save in so far as it
determines changes in the temperature of the medium.
(v.) The movements of many Protozoa are rendered sluggish by

cold, and active by a rise of Temperature up to what we may term
the "optimum"; the species becomes sluggish again as the
temperature continues to rise to a certain point when the movements
are arrested, and the being is said to be in a state of "heat-rigor."
Most Protozoa, again, tend to move in an unequally heated medium
to the position nearest to their respective optimum temperature. This
is called "thermotaxy." The temperature to which Amoeba is
thermotactic is recorded as 35° C. (95° F.); that of Paramecium is
28° C. (82° F.).
(vi.) Most active Protozoa tend to take up a definite position in

respect to a current of Electricity passing through the medium,
and in the majority of cases, including most Ciliates, Amoeba, and
Trachelomonas, they orient their long diameters in the direction of
the lines of force and swim along these to assemble behind the
cathode. The phenomenon is called "galvanotaxy," and this
particular form is "negative." Opalina (Fig. 41, p. 123), however, and
most Flagellates are "positively galvanotactic," and move towards
the anode. H. H. Dale[32] has shown that the phenomenon may be
possibly in reality a case of chemiotaxy, for the direction of motion
varies with the nature and concentration of the medium. It would thus
be a reaction to the "ion" liberated in contact with the one or other
extremity of the being. Induction shocks, as we have seen, if slight,
arrest the movements of Protozoa, or if a little stronger determine
movements of contraction; if of sufficient intensity they kill them. No
observation seems to have been made on the behaviour of Protista
in an electric field. A magnetic field of the highest intensity appears
to be indifferent to all Protista.
(vii.) We have already referred to the effect of dissolved Chemical

Substances present in the water. If the substance is in itself not
harmful, and the effect varies with the concentration, we term the
reaction one of "tonotaxy," which combines with that of "chemiotaxy"
for substances that in weak solution are attractive or repellent to the
being. Paramecium, which feeds on bacteria, organisms of
putrefaction, is positively chemiotactic to solutions of carbon dioxide,
and as it gives this off in its own respiration, it is attracted to its
fellows. The special case of reaction to gases in solution is termed
"aerotaxy," or "pneumotaxy," according as the gas is oxygen or
carbon dioxide. We find that in this respect there are degrees, so
that a mixed culture of Flagellates in an organic infusion sorts itself
out, under the cover of a microscopic preparation, into zones of
distinct species, at different distances from the freely aerated edge,
according to the demands of each species for oxygen and CO2
respectively.
Finally, we must note that the apparently "spontaneous movements"

of Protists can hardly be explained as other than due either to
external stimuli, such as we have just studied, or to internal stimuli,
the outcome of internal changes, such as fatigue, hunger, and the
like. Of the latter kind are the movements that result in
REPRODUCTION.
Reproduction.—We have noted above that the growth of an

organism which retains its shape alters the ratio of the surface area
to the whole volume, so necessary for the changes involved in life.
For the volume of an organism varies as the cube of any given
diameter, whereas the surface varies with the square only. Without
going into the arithmetical details, we may say that the ratio of
surface to volume is lessened to roughly four-fifths of the original
ratio when the cell doubles its bulk. As Herbert Spencer and others
have pointed out, this must reduce the activities of the cell, and the
due ratio is restored by the division of the cell into two.[33] This
accounts for what we must look on as the most primitive mode of
reproduction, as it is the simplest, and which we term "fission" at
Spencer's "limit of growth." Other modes of reproduction will be
studied later (p. 30), after a more detailed inquiry into the structure of
the nucleus and of its behaviour in cell-division. All cell-division is
accompanied by increased waste, and is consequently catabolic in
character, though the anabolic growth of living protoplasm, at the
expense of the internal reserves, may be concurrent therewith.
Cell-Division
In ordinary cases of fission of an isolated cell the cell elongates, and
as it does so, like other viscid bodies, contracts in the middle, which
becomes drawn out into a thread, and finally gives way. In some
cases (e.g. that of the Amoeba, Fig. 4) the nucleus previously
undergoes a similar division by simple constriction, which is called
direct or "amitotic" division. But usually the division of the nucleus
prior to cell-division is a more complex process, and involves the co-
operation of the cytoplasm; and we must now study in detail the
nucleus and its structure in "rest" and in fission.[34]
We have noted above (p. 6, Fig. 2) the structure of the so-called

"resting nucleus,"[35] when the cell is discharging the ordinary
functions of its own life, with its wall, network of linin, chromatin-
granules, and nucleole or nucleoles. The chromatin-granules are
most abundant at two periods in the life of the cell, (1) when it is
young and fresh from division, and (2) at the term of its life, when it is
itself preparing for division. In the interim they are fewer, smaller, and
stain less intensely. In many Protista the whole or greater part of the
chromatin is densely aggregated into a central "nuclein-mass" or
karyosome suspended in the linin network (long regarded as a mere
nucleole). Such a nucleus is often termed a "vesicular nucleus".[36]
Fig. 6.—Changes in nucleus and cell in indirect (mitotic) nuclear division. A,

resting nucleus with two centrioles[37] in single centrosphere (c); B,
centrosphere divided, spindle and two asters (a) forming; C, centrospheres
separated, nuclear wall disappearing; D, resolution of nucleus into
chromosomes; E, mature plasmic spindle, with longitudinal fission of
chromosomes; F, chromosomes forming equatorial plate (ep) of spindle.
(From Wilson.)
When cell-division is about to take place the linin, or at least the

greater part of it, assumes the character of a number of distinct
threads, and the whole of the chromatin granules are distributed at
even distances along these (Fig. 6, A, B, C), so as to appear like so
many strings of beads. Each such thread is called a "chromosome."
Then each bead divides longitudinally into two. The thread flattens
into a ribbon, edged by the two lines of chromatin beads. Finally, the
ribbon splits longitudinally into two single threads of beads (Fig. 6,
E). During these changes the nucleole or nucleoles diminish, or even
disappear, as if they had contributed their matter to the growth of the
chromatin proper. In Higher Animals and Plants the nuclear wall next
disappears, and certain structures become obvious, especially in the
cytoplasm of Metazoa. Two minute spheres of plasm (themselves
often showing a concentric structure), the "centrosomes,"[38] which
hitherto lay close together at the side of the nuclear wall, now
separate; but they remain connected by a spindle of clear plasmic
threads (Fig. 6, B-E) which, as the centres diverge, comes to lie
across the spot the nucleus occupied, and now the chromosomes lie
about the equator of this spindle (Fig. 6, F). Moreover, the
surrounding cytoplasm shows a radiating structure, diverging from
the centrosome, so that spindle and external radiations together
make up a "strain-figure," like that of the "lines of force" in relation to
the poles of a magnet. Such we can demonstrate in a plane by
spreading or shaking iron filings on a piece of paper above the poles
of a magnet, or in space by suspending finely divided iron in a thick
liquid, such as mucilage or glycerin, and bringing the vessel with the
mixture into a strong magnetic field;[39] the latter mode has the
advantage of enabling us to watch the changes in the distribution of
the lines under changing conditions or continued strain.
Fig. 7.—Completion of mitotic cell-division. G, splitting of equatorial plate (ep); H,
recession of daughter chromosomes; I, J, reconstitution of these into new
nuclei, fission of the centrioles and of the cytoplasm. if, Central fibres of
spindle; n, remains of old nucleole. (From Wilson.)
The chromosomes are now completely split, each into its two
daughter-segments, which glide apart (Fig. 7, G, ep), and pass each
to its own pole of the spindle, stopping just short of the centrosome
(I). Thus, on the inner side of either centrosome is found an
aggregation of daughter-segments, each of which is sister to one at
the opposite pole, while the number at either pole is identical with
that of the segments into which the old nucleus had resolved itself at
the outset. The daughter-segments shorten and thicken greatly as
they diverge to the poles, and on their arrival crowd close together.
A distinct wall now forms around the aggregated daughter-

chromosomes (J), so as to combine them into a nucleus for the
daughter-cell. The reorganisation of the young nucleus certainly
varies in different cases, and has been ill-studied, probably because
of the rapidity of the changes that take place. The cytoplasm now
divides, either tapering into a "waist" which finally ruptures, or
constricting by the deepening of a narrow annular groove so as to
complete the formation and isolation of the daughter-cells.
We might well compare the cell-division to the halving of a pumpkin
or melon, of which the flesh as a whole is simply divided into two by
a transverse cut, while the seeds and the cords that suspend them
are each singly split to be divided evenly between the two halves of
the fruit; the flesh would represent the cytoplasm, the cords the linin
threads of the nucleus, and the seeds the chromatin granules. In this
way the halving of the nucleus is much more complete and intimate
than that of the cytoplasm; and this is the reason why many
biologists have been led to regard the nuclear segments, and
especially their chromatic granules, as the seat of the hereditary
properties of the cell, properties which have to be equally transmitted
on its fission to each daughter-cell.[40] But we must remember that
the linin is also in great part used up in the formation of these
segments, like the cords of our supposed melon; and it is open to us
to regard the halving in this intimate way of the "linin" as the essence
of the process, and that of the chromatin as accessory, or even as
only part of the necessary machinery of the process. The halving or
direct splitting lengthwise of a viscid thread is a most difficult problem
from a physical point of view; and it may well be that the chromatin
granules have at least for a part of their function the facilitation of this
process. If such be the case, we can easily understand the increase
in number, and size and staining power of these granules as cell-
division approaches, and their atrophy or partial disappearance
during their long intervening periods of active cell life. Hence we
hesitate to accept the views so commonly maintained that the
chromatin represents a "germ-plasm" or "idioplasm" of relatively
great persistence, which gives the cell its own racial qualities.[41]
The process we have just examined is called "mitosis,"

"karyomitosis," or "karyokinesis"; and the nucleus is said to undergo
"indirect" division, as compared to "direct" division by mere
constriction. In an intermediate mode, common to many Protista, the
nuclear wall persists throughout the whole process, though a spindle
is constituted within, and chromosomes are formed and split: the
division of the nucleus takes place, however, by simple constriction,
as seen in the Filose Rhizopod Euglypha (Fig. 8).
Fig. 8.—Fission with modified karyokinesis in the Filose Rhizopod Euglypha. A,
outgrowth of half of the cytoplasm, passage of siliceous plates for young
shell outwards; B, completion of shell of second cell, formation of intra-
nuclear spindle; C, D, further stages. (From Wilson, after Schewiakoff.)
In many Sarcodina and some Sporozoa the nucleus gives off small
fragments into the cytoplasm, or is resolved into them; they have
been termed "chromidia" by E. Hertwig. New nuclei may be formed
by their growth and coalescence, the original nucleus sometimes
disappearing more or less completely.
In certain cases the division of the nucleus is not followed by that of

the cytoplasm, so that a plurinucleate mass of protoplasm results:
this is called an "apocyte"; and we find transitional forms between
this and the uninucleate or true cell. Thus in one species of Amoeba
(A. binucleata) there are always two nuclei, which divide
simultaneously to provide for the outfit of the daughter-cells on
fission. Again, we find in some cases that similar multinucleate
masses may be formed by the union of two or more cells by their
cytoplasm only: such a union is termed "permanent plastogamy,"
and the plurinucleate mass a "plasmodium."[42] Here again we find
intermediate forms between plasmodium and apocyte, for the nuclei
of the former may divide and so increase in number, without division
of the still growing mass. Both kinds of plurinucleate organisms are
termed "coenocytes" without reference to their mode of origin.
The rhythm of cell-life that we have just studied is called the
"Spencerian" rhythm. Each cell in turn grows from half the bulk of its
parent at the time it was formed to the full size of that parent, when it
divides in its own turn. Rest is rare, and assumed only when the cell
is exposed to such unfavourable external conditions as starvation,
drought, etc.; it has no necessary relation to fission.
Multiple fission or brood-formation.—We may now turn to a new

rhythm, in strong contrast to the former: a cell after having attained a
size, often notably greater than its parents, divides: without any
interval for growth, the daughter-cells again divide, and this may be
repeated as many as ten times, or even more, so as to give rise to a
number of small cells—4, 8, 16—1024,[43] etc., respectively. Such an
assemblage of small cells so formed is called a brood, and well
deserves this name, for they never separate until the whole series of
divisions is completed. By this process the number of individuals is
rapidly increased, hence it has received the name of "sporulation."
The term spores is especially applied to the reproductive bodies of
Cryptogams, such as Mosses, Fungi, etc.: the resulting cells are
called "spores," "zoospores" if active ("amoebulae" if provided with
pseudopodia, "flagellulae" if flagellate), "aplanospores," if
motionless. We prefer to call them by the general term "brood-cells,"
the original cell the "brood-mother-cell," and the process, "multiple
fission" or "brood-formation." As noted, the brood-mother-cell usually
attains an exceptionally large size, and it in most cases passes into a
state of rest before entering on division: thus brood-formation is
frequently the ultimate term of a long series of Spencerian divisions.
Two contrasting periods of brood-formation may occur in the life
cycle of some beings, notably the Sporozoa.[44]
Colonial union.—In certain cases, the brood-cells instead of

separating remain together to form a "colony"; and this may enlarge
itself again by binary division of its individual cells at their limit of
growth. Here, certain or all of the cells may (either after separation,
or in their places) undergo brood-formation: such cells are often
termed "reproductive cells" in contrast with the "colonial cells."
Some such colonial Protista must have been the starting-points for
the Higher Animals and Plants; probably apocytial Protista were the
starting-points of the Fungi. In the Higher Animals and Plants, the
spermatozoa and the oospheres (the male and female pairing-cells)
are alike the offspring of brood-formation: and the coupled-cell
(fertilised egg) starts its new life by segmentation, which is a brood-
formation in which the cells do not separate, but remain in colonial
union, to differentiate in due course into the tissue-cells of the
organism.
Retarded brood-formation.—The nuclear divisions may alternate

with cell-divisions, as above stated, or the former may be completed
before the cytoplasm divides; thus the brood-mother-cell becomes
temporarily an apocyte,[45] which is then resolved simultaneously
into the 1-nucleate brood-cells.
A temporary apocytial condition is often passed through in the

formation of the brood of cells by repeated divisions without any
interval for enlargement; for the nuclear divisions may go on more
rapidly than those of the cytoplasm, or be completed before any cell-
division takes place (Figs. 31, 34, 35, pp. 95, 101, 104), the nuclear
process being "accelerated" or the cytoplastic being "retarded,"
whichever we prefer to say and to hold. Thus as many as thirty-two
nuclei may have been formed by repeated binary subdivisions before
any division of the cytoplasm takes place to resolve the apocyte into
true 1-nucleate cells.
In many cases of brood-formation the greater part of the food-supply of the

brood-mother-cell has been stored as reserve-products, which accumulate in
quantity in the cell; this is notably seen in the ovum or egg of the Higher
Animals. How great such an accumulation may be is indeed well seen in the
enormous yolk of a bird's egg, gorged as it were to repletion. When a cell has
entered on such course of "miserly" conduct, it may lose all power of drawing
on its own supplies, and finally that of accumulating more, and passes into
the state of "rest." To resume activity there is needed either a change in the
internal conditions—demanding the lapse of time—or in the external
conditions, or in both.[46] We may call this resumption "germination."
Very often in the study of a large and complex organism we are able to find
processes in action on a large scale which, depending as they must do on the
protoplasmic activities of its individual cells, reveal the nature of similar
processes in simple unicellular beings: such a clue to the utilisation of
reserves by a cell which has gorged itself with them so as to pass into a state
of rest is to be found in that common multicellular organism, the Potato. This
stores up reserves in its underground stems (tubers); if we plant these
immediately on the completion of their growth, they will not start at once, even
under what would outwardly seem to be most appropriate conditions. A
certain lapse of time is an essential factor for sprouting. It would appear that
in the Potato the starch can only be digested by a definite ferment, which
does not exist when it is dug, but which is only formed very slowly, and not at
all until a certain time has supervened; and that sprouting can only take place
when soluble material has been provided in this way for the growth of the
young shoots. We have also reason to believe that these ferments are only
formed by the degradation of the protoplasm itself. Now obviously this
degradation must be very slow in a resting organism; and any external
stimulus that will tend to protoplasmic activity will thereby tend to form at the
same time the digestive ferments and dissolve the stored supplies, to render
them available for the life-growth and reproduction of the being. We now see
why inactive "miserly" cells so often pass into a resting state before dividing,
and why they go on dividing again and again when once they re-enter upon
an active life, the living protoplasm growing at the expense of the reserves.[47]
Resting cells of this type occur of course only at relatively rare intervals in the
animal-feeding Protozoa, that have to take into their substance the food they
require for their growth and life-work, and cannot therefore store up much
reserves. For they are constantly producing in the narrow compass of their
body those very ferments that would dissolve the reserves when formed.
Internal parasites and "saprophytes," that is, beings which live on dead and
decayed organic matter, on the other hand, live surrounded by a supply of
dissolved food; and rarely do we find larger cells, richer in reserves, than in
the parasitic Sporozoa, which owe their name to the importance of brood-
formation in their life-history. In Radiolaria (p. 75 f.) a central capsule
separates off an inner layer of protoplasm; the outer layer is the one in which
digestion is performed, while the inner layer stores up reserves; and here
brood-formation appears to be the rule. But the largest cells of all are the
eggs of the Metazoa, which in reality lead a parasitic life, being nurtured by
the animal as a whole, and contributing nothing to the welfare of it as an
individual. Their activity is reduced to a minimum, and the consequent need
for a high ratio of surface to volume is also reduced, which accounts for their
inordinate size. But directly the reserve materials are rendered available by
the formation of a digestive ferment, then protoplasmic growth takes place,
and the need for an extended surface is felt; cell-division follows cell-division
with scarcely an interval in the process of segmentation.
Syngamy.[48]—The essence of typical syngamy is, that two cells

("pairing-cells," "gametes") of the same species approach one
another, and fuse, cytoplasm with cytoplasm, and nucleus with
nucleus, to form a new cell ("coupled-cell," "zygote "). This process
is called also "conjugation" or "cytogamy." In the simplest cases the
two cells are equal and attract one another equally ("isogamy"), and
have frequently the character of zoospores.
In an intermediate type, the one cell is larger and more sluggish

(female), "megagamete," "oogamete," "oosphere," "egg"; the other
smaller, more active (male), "microgamete," "spermogamete,"
"spermatozoon," "sperm"; and in the most specialised cases which
prevail among the Higher Animals and Plants, the larger cell is
motionless, and the smaller is active, ciliate, flagellate, or amoeboid:
the coupled-cell or zygote is here termed the "oosperm."[49] It
encysts immediately in most Protista except Infusoria,
Acystosporidae, Haemosporidae, and Trypanosomatidae.
As the size of the two gametes is so disproportionate in most cases

that the oosphere may be millions of times bigger than the sperm,
and the latter at its entrance into the oosphere entirely escape
unaided vision, the term "egg" is applied in lax speech, both (1) to
the female cell, and (2) to the oosperm, the latter being distinguished
as the "fertilised egg," a survival from the time when the union of two
cells, as the essence of the process, was not understood.
We know that in many cases, and have a right to infer that in all, chemiotaxy
plays an important part in attracting the pairing-cells to one another. In
Mammals and Sauropsida there seems also to be a rheotactic action of the
cilia lining the oviducts, which work downwards, and so induce the sperms to
swim upwards to meet the ovum, a condition of things that was most puzzling
until the nature of rheotaxy was understood. A remarkable fact is that equal
gametes rarely appear to be attracted by members of the same brood, though
they are attracted by those of any other brood of the same species.[50] It may

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Fundamentals of Business Math

Canadian 3rd Edition Jerome Solutions

Chapter 6: Simple Interest 157

16. In one month, Jerrika will earn:

18. Interest on the 6-month deposit = Prt = $5000(0.038) 126  = $95.00

4. Number of days = (March 4) – (November 30 of the preceding year)

5. Number of days = (September 3) – (June 26 of same year) = 246 – 177 = 69 days

158 Fundamentals of Business Mathematics in Canada, 3/e

11. Number of days = (July 1) – (January 7)

12. Number of days = (April 15, 2017) – (October 16, 2016)

13. Number of days = (April 14, 2017) – (October 28, 2016)

Chapter 6: Simple Interest 159

19. Interval Number of days Int. rate Interest

20. Interval Number of days Int. rate Interest

21. Interval Number of days Int. rate Interest

160 Fundamentals of Business Mathematics in Canada, 3/e

S $2291.01 $2291 .01

Hence, the balance was comprised of $14,100.00 of principal and

Hence, the balance was comprised of $6703.08 of principal and

10. I = S – P = $3000 – $2875.40 = $124.60

11. I = S – P = $798.63 – $780.82 = $17.81

12. I = S – P = $10,000 – $9625.63 = $374.37

Chapter 6: Simple Interest 161

Number of days = December 12 – November 8

I = S – P = $3701.56 – $3450.00 = $251.56

162 Fundamentals of Business Mathematics in Canada, 3/e

20. Number Interest Maturity

Checkpoint Questions (Section 6.4)

Chapter 6: Simple Interest 163

6. Number of days = 20 + 30 + 31 + 30 + 31 + 12 = 154

9. I = S – P = $1975 – $1936.53 = $38.47

10. I = S – P = $2508.79 – $2370 = $138.79

11. I = S – P = $850.26 – $830 = $20.26

12. I = S – P = $4850 – $4574.73 = $275.27

164 Fundamentals of Business Mathematics in Canada, 3/e

19. Number of days = (May 1, 2015) – (September 30, 2014)

20. I = S – P = $7500 – $7472.71 = $27.29

For the Kims’ offer,

166 Fundamentals of Business Mathematics in Canada, 3/e

Checkpoint Questions (Section 6.5)

Chapter 6: Simple Interest 167

Equivalent value of the Sylvestor Roofing quote as at June 15

= $5000 + $1992.630 + $1981.192

= $1806.959 + $1771.360 + $1735.875

168 Fundamentals of Business Mathematics in Canada, 3/e

$1000 $3000 $2000

= $993.79 + $2944.79 + $1939.39

The equivalent value of the replacement payments on the focal date is

Chapter 6: Simple Interest 169

16. Let x represent the size of the second replacement payment.

2. Let x represent the unknown payment.

170 Fundamentals of Business Mathematics in Canada, 3/e

3. Let x represent the unknown payment.

Original loan = Sum of present values of the payments

Chapter 6: Simple Interest 171

9. Let x represent the size of each payment. Then

10. Let x represent the size of each payment.

172 Fundamentals of Business Mathematics in Canada, 3/e

4. I = S – P = $6958.66 – $6800 = $158.66

8. Number of days from August 18 to January 23 is 14 + 30 + 31 + 30 + 31 + 22 = 158

Chapter 6: Simple Interest 173

13. The duration of the loan was

14. Number of days from March 16 to November 1 = 305 – 75 = 230