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Chapter 09 Test Bank – Static Key
1. An amount of money to be received in the future is worth less today than the stated present value
amount.
TRUE
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Basic
Gradable: automatic
Learning Objective: 09-01 Money has a time value associated with it, and therefore a dollar received today is worth more than a dollar received in the future.
Topic: Time value of money
2. Discounting refers to devaluing the item from the higher future value amount to the present value amount
through the consideration of interest.
TRUE
Blooms: Understand
Difficulty: Basic
Gradable: automatic
Learning Objective: 09-03 The present value is based on the current value of funds to be received.
3. Compounding refers to the growth process that turns $1 today into a greater value several periods in the
future.
TRUE
Blooms: Understand
Difficulty: Basic
Gradable: automatic
Learning Objective: 09-02 The future value is based on the number of periods over which the funds are to be compounded at a given interest rate.
4. The interest factor for the future value of a single sum is equal to (1 + n)i.
FALSE
AACSB: Reflective Thinking
Blooms: Remember
Difficulty: Basic
Gradable: automatic
Topic: Future value-single cash flow
5. The time value of money is not a useful concept in determining the value of a bond or in capital
investment decisions.
FALSE
Blooms: Understand
Difficulty: Basic
Gradable: automatic
6. If a single amount were put on deposit at a given interest rate and allowed to grow, its future value could
be determined by reference to a "future value of $1" table.
TRUE
Blooms: Understand
Difficulty: Basic
Gradable: automatic
09-1
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
7. The time value of money concept is fundamental to the analysis of cash inflow and outflow decisions
covering multiple periods of time.
TRUE
Blooms: Understand
Difficulty: Basic
Gradable: automatic
8. The future value is the same concept as the way money grows in a bank account.
TRUE
Blooms: Understand
Difficulty: Basic
Gradable: automatic
9. Time value of money considers many changes to the value of the dollar such as interest, inflation,
deflation, etc.
FALSE
Blooms: Understand
Difficulty: Basic
Gradable: automatic
10. A major disadvantage to time value of money is that is only considers one item that changes the value
of the dollar such as interest.
TRUE
Blooms: Understand
Difficulty: Basic
Gradable: automatic
11. Cash flow decisions that ignore time value of money will probably not be as accurate as those
decisions that do consider time value of money.
TRUE
Blooms: Understand
Difficulty: Intermediate
Gradable: automatic
12. The present value of a positive future inflow can become negative as discount rates become higher and
higher.
FALSE
Blooms: Understand
Gradable: automatic
Topic: Present value-single cash flow
09-2
13. The interest factor for a future value (FVIF) is equal to (1 + i)n
TRUE
Blooms: Remember
Difficulty: Basic
Gradable: automatic
14. The formula PV = FV(1 + n)i will determine the present value of $1.
FALSE
Blooms: Understand
Difficulty: Basic
Gradable: automatic
15. To determine the current worth of four annual payments of $1,000 at 4% annual interest, one would
refer to a time value of money table for the present value of $1.
FALSE
Blooms: Understand
Difficulty: Basic
Gradable: automatic
Topic: Present value-annuity
16. As the interest rate increases, the interest factor (IF) for the present value of $1 increases.
FALSE
Blooms: Understand
Difficulty: Basic
Gradable: automatic
17. The interest factor for the present value of a single amount is the reciprocal of the future value interest
factor.
TRUE
Blooms: Remember
Difficulty: Basic
Gradable: automatic
18. The interest factor for the present value of a single sum is equal to (1 + i)/i..
FALSE
Blooms: Remember
Difficulty: Basic
Gradable: automatic
19. Higher interest rates reduce the present value amount.
09-3
TRUE
Blooms: Understand
Gradable: automatic
Topic: Present value-multiple cash flows
20. In determining the future value of an ordinary annuity, the final payment is not compounded at all.
TRUE
Blooms: Remember
Gradable: automatic
Topic: Future value-annuity
21. The future value of an ordinary annuity assumes that the payments are received at the end of the year
and that the last payment does not compound.
TRUE
Blooms: Understand
Gradable: automatic
22. Time value of money can be calculated in a few different ways such as time value of money tables,
calculator, and/or equation, which all come up with a very similar answer.
TRUE
Blooms: Understand
Gradable: automatic
23. The future value of an annuity table provides a "shortcut" for calculating the future value of a steady
stream of payments, denoted as A. The same value can be calculated directly from the following equation:
FALSE
Blooms: Understand
Gradable: automatic
24. The present value of an annuity table provides a "shortcut" for calculating the future value of a steady
stream of payments, denoted as A. The same value can be calculated directly from the following equation:
TRUE
Blooms: Understand
Gradable: automatic
09-4
25. The amount of annual payments necessary to accumulate a desired future total can be found by
reference to the present value of an annuity table.
FALSE
Blooms: Understand
Gradable: automatic
26. If an individual’s cost of capital were 6%, the person would prefer to receive $110 at the end of one
year rather than $100 right now.
TRUE
PV = FV × PVIF (App. B: 6%, 1 period)

= $110 × 0.943 = $104
Blooms: Apply
Difficulty: Basic
Gradable: automatic
27. In evaluating capital investment projects, current outlays must be judged against the current value of
future benefits.
TRUE
Blooms: Understand
Gradable: automatic
28. The farther into the future any given amount is received, the larger its present value.
FALSE
Time amplifies the growth of money. Consequently, to achieve a certain future value, more time means that
you can start with less.
Blooms: Understand
Gradable: automatic
29. The interest factor for the future value of an annuity is simply the sum of the interest factors for the
future value using the same number of periods.
FALSE
Blooms: Understand
Gradable: automatic
30. An annuity is a series of consecutive payments of equal amount.
TRUE
09-5
If even ONE of a stream of payments is not the same, we cannot use the "shortcut" of annuity tables and
calculations
Blooms: Remember
Difficulty: Basic
Gradable: automatic
Topic: Annuities
31. Using semi-annual compounding rather than annual compounding will increase the future value of an
annuity.
TRUE
Blooms: Understand
Gradable: automatic
Learning Objective: 09-05 Compounding or discounting may take place on a less than annual basis such as semiannually or monthly.
Topic: Simple and compound interest
32. Compounding more than once a year (semi-annually, quarterly, or monthly) will increase the interest
rate and number of periods used in the calculations.
FALSE
Blooms: Understand
Gradable: automatic
33. When the inflation rate is zero, the present value of $1 is identical to the future value of $1.
FALSE
Blooms: Understand
Difficulty: Challenge
Gradable: automatic
Topic: Nominal and real rates
34. The amount of annual payments necessary to repay a mortgage loan can be found by reference to the
present value of an annuity table.
TRUE
Blooms: Understand
Gradable: automatic
Learning Objective: 09-04 Not only can future value and present value be computed, but other factors such as yield (rate of return) can be determined as well.
Topic: Loan payments
35. In paying off a mortgage loan, the amount of the periodic payment that goes toward the reduction of
principal increases over the life of the mortgage.
TRUE
Blooms: Understand
Gradable: automatic
Topic: Amortization
09-6
36. The time value of money concept becomes less critical as the prime rate of lending increases.
FALSE
Blooms: Understand
Gradable: automatic
37. Discounted at 6%, $1,000 received three years from now is worth less than $800 received today.
FALSE
PV = FV × PVIF (App B: 3 periods, 6%)

= $1,000 × .840 = $840
Blooms: Apply
Difficulty: Basic
Gradable: automatic
38. Discounted at 10%, $1,000 received at the end of each year for three years is worth less than $2,700
received today.
TRUE
PVA = A × PVIFA (App. D: 3 periods, 10%)

= $1,000 × 2.487 = $2,487
Blooms: Apply
Difficulty: Basic
Gradable: automatic
39. When adjusting for semi-annual compounding of an annuity, the adjustments include multiplying the
periods and annuity payment amount by 2.
FALSE
Blooms: Understand
Gradable: automatic
40. Calculation of the yield of an investment provides the total return over multiple years.
FALSE
Blooms: Understand
Gradable: automatic
Topic: Bond yields and returns
41. To calculate "Future or Present Values of an "Annuity Due," we must assume that payments happen
twice as often.
FALSE
Annuities Due simply move TVM calculations back to the beginning of a year, rather than the end.
09-7
Blooms: Understand
Gradable: automatic
Topic: Annuities
42. Under what conditions must a distinction be made between money to be received today and money to
be received in the future?
A. A period of recession
B. When idle money can earn a positive return
C. When there is no risk of non payment in the future
D. When current interest rates are different from expected future rates
Blooms: Understand
Gradable: automatic
43. As the compounding rate becomes lower and lower, the future value of inflows approaches
A. 0.
B. the present value of the inflows.
C. infinity.
D. More information is needed to answer the question.
Blooms: Understand
Gradable: automatic
44. Time value of money considers which of the following item(s) that change the value of money?
A. Inflation
B. Interest
C. Currency changes
D. All of the options are true
Blooms: Understand
Gradable: automatic
45. If you invest $10,000 today at 10% interest, how much will you have in 10 years?
A. $13,860
B. $25,940
C. $3,860
D. $80,712
FV = PV × FVIF (App. A: 10%, 10 years)

= $10,000 × 2.594 = $25,940
Blooms: Apply
Gradable: automatic
46. In determining the future value of a single amount, one must consider
09-8
A. the periodic payments at a given interest rate and time.
B. the future value at a given interest rate and time.
C. the future periodic payments discounted at a given interest rate and time.
D. the present value at a given interest rate and time.
Blooms: Understand
Gradable: automatic
47. The concept of time value of money is important to financial decision making because
A. it emphasizes earning a return on invested capital.

B. it recognizes that earning a return makes $1 today worth less than $1 received in the future.
C. it can be applied to future cash flows in order to compare different streams of income.
D. All of these options are true.
Blooms: Understand
Gradable: automatic
48. As the discount rate becomes higher and higher, the present value of inflows approaches
A. 0.
B. minus infinity.
C. plus infinity.
D. More information is needed.
Blooms: Understand
Gradable: automatic
49. How much must you invest today at 8% interest in order to see your investment grow to $8,000 in 10
years?
A. $3,070
B. $3,704
C. $3,105
D. $17,272
PV = A × PVIF (App. B: 8%, 10 periods)

= $8,000 × 0.463 = $3,704
Blooms: Apply
Gradable: automatic
50. An annuity may best be defined as
A. a payment at a fixed interest rate.

B. a series of payments of unequal amount.
C. a series of yearly payments, regardless of amount.
D. a series of consecutive payments of equal amounts.
Blooms: Remember
09-9
Difficulty: Basic
Gradable: automatic
Topic: Annuities
51. You are to receive $12,000 at the end of five years. The available yield on investments is 6%. Which
table would you use to determine the value of that sum today?
A. Present value of an annuity of $1

B. Future value of an annuity of $1
C. Present value of $1
D. Future value of $1
Blooms: Understand
Difficulty: Basic
Gradable: automatic
52. You are to receive $12,000 at the end of each of five years. The available yield on investments is 6%.
Which table would you use to determine the value of that sum today?
A. Present value of an annuity of $1

B. Future value of an annuity of $1
C. Present value of $1
D. Future value of $1
Blooms: Understand
Difficulty: Basic
Gradable: automatic
53. As the interest rate increases, the present value
A. increases.
B. decreases.
C. remains the same.
D. Not enough information is given to tell.
Blooms: Understand
Gradable: automatic
54. As the time period until receipt increases, the present value
A. decreases.
B. remains the same.
C. increases.
D. Not enough information is given to tell.
Blooms: Understand
Difficulty: Basic
Gradable: automatic
55. A company wants to find the yield on an investment that requires a certain amount today in which then
returns a single amount some time in the future. Which time value of money table would the company use?
A. the present value of $1 or the future value of $1.

B. the future value of an annuity of $1.
C. present value of an annuity of $1.
09-10
D. None of these are correct.
Blooms: Understand
Gradable: automatic
56. If a father and mother set aside a certain amount each year for their daughter ’s college fund, which
table would be used to determine the amount necessary to be put away each year in order to reach a
certain goal once the daughter attends college?
A. The present value of $1

B. The future value of $1.
C. The future value of an annuity of $1.
D. Present value of an annuity of $1.
Blooms: Understand
Gradable: automatic
57. Shah sets aside $2,000 each year for five years. After five years, he then withdraws the funds on an
equal annual basis for the next four years. If Shah wishes to determine the amount of the annuity to be
withdrawn in years 6 through 9, he should use the following two tables in this order:
A. present value of an annuity of $1; future value of an annuity of $1

B. future value of an annuity of $1; present value of an annuity of $1
C. future value of an annuity of $1; present value of $1
D. future value of an annuity of $1; future value of $1
Blooms: Understand
Gradable: automatic
Topic: Annuities
58. To save for her newborn son ’s college education, Lea Wilson will invest $1,000 at the end of each year
for the next 20 years. The interest rate is 10%. What is the future value?
A. $8,514
B. $2,980
C. $63,440
D. $57,275
FVA = A × FVIFA (App. C: 10%, 20 periods)

= $1,000 × (57.275 ) = $57,275
Blooms: Apply
Gradable: automatic
59. If you were to put $1,000 in the bank at 6% interest each year for the next 10 years, which table would
you use to find the ending balance in your account?
A. Present value of $1
B. Future value of $1
C. Present value of an annuity of $1
D. Future value of an annuity of $1
09-11
Blooms: Understand
Difficulty: Basic
Gradable: automatic
60. If you were to put $1,000 in the bank at 6% interest each year for the next 10 years, how much would
you have as an ending balance in your account?
A. Present value of $1
B. Future value of $1
C. Present value of an annuity of $1
D. Future value of an annuity of $1
Blooms: Understand
Difficulty: Basic
Gradable: automatic
61. The interest factor (IF) for the future value of an ordinary annuity is 4.641 at 10% for four years. If we
wish to accumulate $8,000 by the end of four years, how much should the annual payments be?
A. $2,500
B. $2,000
C. $1,724
D. $37,128
(App. C: 10%, 4 periods)

A $8,000/4.641
A = $1,724
Blooms: Apply
Gradable: automatic
Topic: Time value payments
62. Mr. Blochirt is creating a college investment fund for his daughter. He will put in $1,000 per year for the
next 5 years starting one year from now and expects to earn a 6% annual rate of return. How much money
will his daughter have when she starts college?
A. $4,212
B. $12,263
C. $5,000
D. $5,637
FVA = A × FVIFA (App. C: 6%, 5 periods)

= $1,000 ×5.637 = $5,637
Blooms: Apply
Gradable: automatic
63. Mr. Nailor invests $5,000 in a money market account at his local bank. He receives annual interest of
8% compounded for four years. How much total return will his investment earn during this time period?
A. $3,675
B. $1,800
C. $6,254
09-12
D. $8,570
FV = PV × FVIF (App. A: 8%, 4 periods)

= $5,000 × 1.360 = $6,800
$6,800 - Initial investment of $5,000 = $1,800
Blooms: Apply
Gradable: automatic
64. Lou Lewis borrows $10,000 to be completely repaid over 10 years at 8%. Repayment of principal in the
first year is ______.
A. $1,493
B. $693
C. $690
D. $885
(App. D: 8%, 10 periods)

A = $10,000/6.710
A = $1,493 annual payment less interest in year 1 ($10,000 × 8%) of $800 = $693
Blooms: Apply
Gradable: automatic
Topic: Amortization
65. Sharon Smith will receive $1 million in 20 years. The discount rate is 10%. As an alternative, she can
receive $200,000 today. Which should she choose?
A. The $200,000 today.

B. The $1 million in 20 years.
C. Both equal the same value.
D. Neither option would be preferred.
PV = FV × PVIF (App. B: 10%, 20 periods)

= ($1,000,000 /(1 + .10)20 = $149,000
Blooms: Apply
Difficulty: Basic
Gradable: automatic
66. Pedro Gonzalez will invest $5,000 at the end of each year. If the interest rate is 8%, what will the value
be after three years?
A. $12,885
B. $6,300
C. $16,230
D. $15,400
FVA = A × FVIFA (App. C: 8%, 3periods)

= $5,000 × (3.246) = $16,230
Blooms: Apply
Gradable: automatic
09-13
67. Ambrin Corp. expects to receive $2,000 at the end of each year for 10 years. Then the corporation
expects to receive $3,500 per year for the following 10 years, at the end of each year. What is the
approximate present value of this 20-year cash flow? Use an 8% discount rate.
A. $24,294
B. $27,870
C. $32,389
D. $2,547
PVA = A × PVIFA (App. D: 8%, 10 periods)

= $2,000 ×6.710 = $13,420
= $3,500 ×6.710 = $23,485× PVIF (App. B: 8%, 10 periods)
PVIF = $23,485× (.463) = $10,874
$13,420 + $10,874 = $24,294
OR
PVIFA(8%, 20 periods) minus PVIFA (8%, 10 periods) = PVIFA years 11 through 20
PLUS PVIFA (8%, 10 periods)× $2,000
TOTAL of present values of both cash streams
Blooms: Apply
Gradable: automatic
68. Fishermen’s Corp. is considering purchasing a boat. If the boat was purchased, it is expected to
receive $20,000 at the end of the first year, $40,000 at the end of the second year, and $60,000 at the end
of the third year within its business. What is the boat worth to Fishermen’s Corp today, assume an 8%
discount rate.
A. $120,000
B. $100,440
C. $47,640
D. $98,756
Using Present value of $1 table: ($20,000*.926) + ($40,000 * .857) + ($60,000 * .794) = $100,440
Blooms: Apply
Gradable: automatic
69. Dr. J. wants to buy a Dell computer that will cost $3,000 three years from today. He would like to set
aside an equal amount at the end of each year in order to accumulate the amount needed. He can earn an
8% annual return. How much should he set aside at the end of each year?
A. $879
B. $627
C. $924
D. $9,738
(App. C: 8%, 3 periods)

A = $3,000/3.246
A = $924
09-14
Blooms: Apply
Gradable: automatic
70. Mr. Fish wants to build a house in ten years. He estimates that the total cost will be $150,000. If he can
put aside $10,000 at the end of each year, what rate of return must he earn in order to have the amount
needed?
A. Between 8% and 10%

B. Between 6% and 8%
C. Above 10%
D. Between 4% and 6%
FVIFA = FVA (App. C: 10 periods)/A

FVIFA = $150,000/10,000 = 15.0 Rate of return = between 8% to 10% on the future value of an annuity
table.
Blooms: Apply
Gradable: automatic
Topic: Interest rates
71. Babe Ruth Jr. has agreed to play for the Cleveland Indians for $3 million per year for the next 10 years.
What table would you use to calculate the value of this contract in today's dollars?
A. Present value of an annuity

B. Present value of a single amount
C. Future value of an annuity
D. Future value of a dollar
Blooms: Understand
Gradable: automatic
72. Football player Walter Johnson signs a contract calling for payments of $250,000 per year, which
begins 10 years from now and then continue for five more years after that. To find the value of this contract
today, which table or tables should you use?
A. The future value of $1

B. The future value of an annuity of $1 and the future value of $1
C. The present value of an annuity of $1 and the present value of $1
D. The present value of $1 and the future value of $1
Blooms: Understand
Gradable: automatic
73. Mike Carlson will receive $12,000 a year from the end of the third year to the end of the 12th year (10
payments). The discount rate is 10%. The present value today of this deferred annuity is ______.
A. $61,450
B. $42,185
C. $60,909
D. $55,379
09-15
= $12,000 × 6.145 = $73,740
= $73,740 × .751 = $55,379

Blooms: Apply
Gradable: automatic
74. The shorter the length of time between a present value and its corresponding future value,
A. the lower the present value, relative to the future value.

B. the higher the present value, relative to the future value.
C. the higher the interest rate used in the discounting to the present value.
D. None of these options are correct.
Blooms: Understand
Gradable: automatic
75. A dollar today is worth more than a dollar to be received in the future because
A. a stated rate of return is guaranteed on all investment opportunities.

B. the dollar can be invested today and earn interest.
C. inflation will increase the purchasing power of a future dollar.
D. None of these options are true.
Blooms: Understand
Difficulty: Basic
Gradable: automatic
76. The higher the interest rate used in determining the future value of a $1 annuity,
A. the smaller the future value at the end of the period.

B. the greater the future value at the end of a period.
C. the greater the present value at the beginning of a period.
D. None of these options. The interest has no effect on the future value of an annuity.
Blooms: Understand
Difficulty: Basic
Gradable: automatic
77. Mr. Darden is selling his house for $200,000. He bought it for $164,000 ten years ago. What is the
annual return on his investment?
A. 2%
C. 10%
D. Less than 1%
PVIF = PV (App. B: 10 periods)/FV

= $164,000/$200,000 = 0.82; Return = 2%
Blooms: Apply
Gradable: automatic
09-16
78. Mr. Bubble wants to sell his bubble machine for $1,000,000, but it might take awhile before it is valued
that high. He bought it for $149,000 and is earning annual interest of 10% on the machine. How long will
Mr. Bubble have to wait before the machine is valued at $1,000,000?
A. 20 years
B. 10 years
C. 5 years
D. More than 20 years
= $149,000 / $1,000,000 = .149 on table present value of $1 (future value of $1 table can also be used.
Take the .149 factor and find 10% next to 20 years. 20 years is the answer.
Blooms: Apply
Gradable: automatic
79. Increasing the number of periods will increase all of the following except
A. the present value of an annuity.

B. the present value of $1.
C. the future value of $1.
D. the future value of an annuity.
Blooms: Understand
Gradable: automatic
Topic: Number of time periods
80. Joe Nautilus has $210,000 and wants to retire. What approximate return must his money earn so he
may receive annual benefits of $30,000 for the next 10 years?
A. Greater than 10%

C. Between 6% and 8%
D. Lower than 6%
PVIFA = PVA (App. D: 10 periods)/A

= $210,000/$30,000 = 7.0; Return = between 6% and 8%
Blooms: Apply
Gradable: automatic
81. You will deposit $2,000 today. It will grow for five years at 12% interest, but compounded semi-
annually. You will then withdraw the funds annually over the next four years at the end of each year, with
an annual interest rate of 8%. Your annual withdrawal will be approximately ______.
A. $2,340
B. $4,332
C. $797
D. $1,082

= $2,000 × 1.791 = $3,582
09-17
A = PVA (App. D: 8%, 4 periods)
PVIFA= $3,582/3.312 = $1,082
Blooms: Apply
Gradable: automatic
82. You will deposit $200,000 today. It will grow for five years at 12% interest, but compounded semi-
annually. What will your investment grow to?
A. $111,600
B. $1,120,000
C. $352,468
D. $358,200

= $200,000 × 1.791 = $358,200
Blooms: Apply
Gradable: automatic
83. Carol Thomas will pay out $6,000 at the end of year two and $8,000 at the end of year three. Then
Carol will receive $10,000 at the end of year four. With an interest rate of 10%, what is the net value of the
payments versus receipts in today's dollars?
A. $7,326
B. $10,242
C. $17,794
D. $4,134

= $6,000 × .826 = $4,956
= $8,000 × .751 = $6,008
= $10,000 × .683 = $6,830
Net Value of Payments = ($4,956) + ($6,008) + $6,830 = $4,134
Blooms: Apply
Gradable: automatic
84. John Doeber borrowed $150,000 to buy a house. His loan cost was 16% annually because of his bad
credit score. He promised to repay the loan in 5 years on a quarterly basis.. How much are the quarterly
payments?
A. $11,453
B. $45,811
C. $13,113
D. $11,038
PVA = A × PVIFA (App. D: 16%/4 = 4%, 5 * 4 = 20 periods)
09-18
A = PVA/PVIFA = $150,000/13.590 = $11,038
Blooms: Apply
Gradable: automatic
85. John Doeber borrowed $150,000 to buy a house. His loan cost was 6% and he promised to repay the
loan in 10 equal annual payments. What is the principal outstanding after the first loan payment?
A. $143,555
B. $134,560
C. $141,200
D. $138,620

= $150,000/7.360 = $20,380
Annual Payment - Interest = Amount to be applied to principal
$20,380 - (.06 × $150,000) = $11,380
Outstanding principal at end of year 1 = Loan - Payment to principal
= $150,000 - $11,380
= $138,620
Blooms: Apply
Gradable: automatic
Topic: Amortization
86. John Doeber borrowed $150,000 to buy a house. His loan cost was 6% and he promised to repay the
loan in 10 equal annual payments. What are John’s annual payment amounts?
A. $15,000
B. $20,380
C. $15,445
D. $11,453

= $150,000/7.360 = $20,380
Blooms: Apply
Gradable: automatic
Topic: Amortization
87. A home buyer signed a 20-year, 8% mortgage for $72,500. Given the following information, how much
should the annual loan payments be?
A. $1,584
B. $7,384
C. $15,555
D. $15,588
$72,500/9.818 = $7,384.
Blooms: Apply
09-19
Gradable: automatic
88. A retirement plan guarantees to pay to you or your estate a fixed amount for 20 years. At the time of
retirement, you will have $73,425. The plan anticipates earning 8% interest. Given the following
information, how much will you be able to take out on an annual basis while you are retired?
A. $1,435
B. $13,070
C. $7,479
D. $13,102
$73,425/9.818 = $7,479
Blooms: Apply
Gradable: automatic
89. After 10 years, some shares of stock originally purchased for $500 total were sold for $900 total. What
was the yield on the investment? Choose the closest answer.
A. 10%
B. 4%
C. 8%
D. 6%
PVIF = PV/FV (App. B: 10 periods)

= $500/$900 = 0.555 Yield = approx 6%

Blooms: Apply
Gradable: automatic
90. Dr. Stein has just invested $10,000 for his son (age 7). The money will be used for his son's education
10 years from now. He calculates that he will need $21,598 for his son's education by the time the boy
goes to school. What rate of return will Dr. Stein need to achieve this goal? Choose the closest answer.
A. 10%
B. 8%
C. 4%
D. 1%
PVIF = PV/FV (App. B: 10 periods)

= $10,000/$21,598 = 0.463 Return: 8%
Blooms: Apply
Gradable: automatic
91. The future value of a $500 investment today at 8% annual interest compounded semiannually for five
years is ______.
A. $805
09-20
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be determined.
Jeduthun] See note on xvi. 41.
Berechiah the son of Asa, the son of Elkanah] Not mentioned in

Nehemiah He probably represented the Kohathite division of the
singers; compare vi. 33‒38 (18‒23 Hebrew), where the name
Elkanah occurs several times in the genealogy of the Kohathites.
the villages of the Netophathites] Compare Nehemiah xii. 28, 29

(Revised Version), whence it appears that these villages were close
to Jerusalem. The exact site is uncertain.
17‒27 (compare Nehemiah xi. 19; 1 Chronicles xxvi. 1‒19).

Organisation and Duties of the Porters (Doorkeepers).
17‒27. The same subject is treated in xxvi. 1‒19, and this fact
has been urged as an argument for the view that chapter ix. is an
addition to the Chronicler’s work (see Introduction p. xxiii). But it is
also reasonable to suppose that the Chronicler would here give a
register of inhabitants of Jerusalem (which could not be included in
the list of the separate tribes), and such a register would probably
give a survey of the Levitical classes.
The verses present on analysis several confusing features, see

notes on verses 17, 22, 25, 33.
¹⁷And the porters; Shallum, and Akkub, and

Talmon, and Ahiman, and their brethren:
Shallum was the chief;
17. And the porters] Render, doorkeepers as in xvi. 38 and xxvi.
1. In Solomon’s Temple there were “keepers of the threshold,” three
in number (2 Kings xxv. 18), priests in rank (2 Kings xii. 9).
A distinction between the doorkeepers and the Levites (verse 14)

seems to be implied, but in verses 19, 26 the doorkeepers, or at any
rate their leaders, are called Levites (compare Nehemiah xi. 15, 19
with 1 Chronicles xxvi.). The supposed distinction may have died out
before the Chronicler’s period, or perhaps earlier and later stages
are reflected in the chapter (see also the note on verse 26).
Shallum...Ahiman] These two names are absent from Nehemiah

xi. 19 together with the clause Shallum was the chief. This omission
of all reference to Shallum must be accidental.
Shallum, and Akkub, and Talmon] The three names represent

families, not individuals; compare Ezra ii. 42 = Nehemiah vii. 45,
where the fuller form is given, the children of Shallum, ... the children
of Talmon, the children of Akkub.... These names persist in the five
lists of porters which refer to post-exilic times; Ezra ii. 42 =
Nehemiah vii. 45; Nehemiah xi. 19 = 1 Chronicles ix. 17 (Shallum is
to be supplied in Nehemiah from Chronicles); Nehemiah xii. 5
(Meshullam = Shallum). For the Chronicler’s traditions of Levites,
singers, and doorkeepers of the Davidic period, see chapters xv.,
xxiv. ff.
Ahiman] Elsewhere in the Old Testament this name occurs only

among the names of the sons of Anak, and it is probable that the
Chronicler (or some scribe) made here an error of transcription, and
that Ahiman has arisen from the word aheihem “their brethren” which
follows. A fourth name was probably given in the original text, for see
verse 26.
¹⁸who hitherto waited in the king’s gate

eastward: they were the porters for the camp
of the children of Levi.
18. who] i.e. Shallum (verse 17), called Shelemiah in xxvi. 14 (=
Meshelemiah, xxvi. verse 1). As mentioned above, a family is meant.
hitherto] i.e. to the time of the Chronicler.

the king’s gate eastward] That the king had an entrance into the
Temple named after him appears from 2 Kings xvi. 18, and that this
gate was on the east from Ezekiel xlvi. 1, 2.
for the camp of the children of Levi] i.e. the Temple; but the
phrase, which is derived from Numbers ii. 17, in its original context of
course signifies the Tabernacle of the Mosaic period. Doubtless it is
used with the implication that the institution of the gatekeepers dated
back to that age: compare verse 19 ad fin., and contrast verse 22.
¹⁹And Shallum the son of Kore, the son of

Ebiasaph, the son of Korah, and his brethren,
of his father’s house, the Korahites, were over
the work of the service, keepers of the gates ¹
of the tabernacle ²: and their fathers had been
over the camp of the Lord, keepers of the
entry;
¹ Hebrew thresholds. ² Hebrew Tent.
19. over the camp of the Lord, keepers] We might expect the
reference to the Temple or Tabernacle to be continued; but, as
nothing is said in the Pentateuch of “keepers of the entry to the
tabernacle,” probably the entry to the camp, not to the tabernacle, is
meant in the present phrase. With this view agrees the mention of
Phinehas (verse 20), for it apparently was the profanation of the
camp in general, not of the tabernacle, which Phinehas avenged
(Numbers xxv. 6‒8), thus earning a blessing (Numbers xxv. 11‒13).
²⁰and Phinehas the son of Eleazar was ruler

over them in time past, and the Lord was with
him.
20. and the Lord was with him] Render, May the Lord be with
him, a pious exclamation, customary on mentioning the name of a
famous and righteous person deceased. The phrase is common in
later Jewish literature; but this passage seems to be the earliest
instance of its use.
²¹Zechariah the son of Meshelemiah was

porter of the door of the tent of meeting. All
these which were chosen to be porters in the
gates ¹ were two hundred and twelve.
¹ Hebrew thresholds.
21. Zechariah the son of Meshelemiah] Compare xxvi. 2, 14,

according to which Zechariah’s watch was on the north.
the tent of meeting] The reference would be to the Mosaic tent, if

the verse be taken, as is natural, in close connection with verses 19,
20. If the verse be treated in conjunction with verse 22 it must refer
to the tent of the ark in David’s time. The ambiguity is perhaps
intentional.
²²These were reckoned by genealogy in their

villages, whom David and Samuel the seer did
ordain in their set ¹ office.
¹ Or, trust.
22. All these] Compare Ezra ii. 42 (= Nehemiah vii. 45);

Nehemiah xi. 19. The discrepancy in numbers between Chronicles
and Nehemiah and also between Nehemiah vii. and Nehemiah xi.
may be explained by supposing some difference in the manner of
reckoning or some difference in the period referred to.
in their villages] Compare verses 16 and 25.
whom David ... did ordain] The Chronicler attributes to David the
organisation of the priests (xxiv. 3), of the Levites (xxiii. 27; xxiv. 31),
of the singers (xxv. 1 ff.), and of the doorkeepers (in this passage). It
has been thought that this verse is at variance with verses 18, 19,
where the Mosaic origin of the gatekeepers seems to be implied. But
in answer it may be said that the Chronicler is guilty of no
inconsistency in ascribing the origin of the doorkeepers to the
Mosaic period and saying here that David and Samuel “ordained
them in their set office,” for the phrase refers, not to their origin, but
to their organisation. For another suggestion see below on verse 26.
Samuel] The association of Samuel with the organisation of the

sanctuary is confined to this passage, and is a significant illustration
of the working of late Jewish thought, which was little concerned with
historic probability and much with edification. The tradition has
probably arisen from the remark in 1 Samuel iii. 15, that Samuel
“opened the doors of the house of the Lord.” As Samuel died before
the reign of David, the Chronicler doubtless does not intend to
represent him as contemporary with David in the organisation of the
Temple, but probably supposes that Samuel’s work was done in
connection with the tent, which according to the Chronicler was
located in Gibeon (2 Chronicles i. 3).
the seer] For the title, xxvi. 28, xxix. 29; 1 Samuel ix. 9; and
compare 2 Chronicles xvi. 7.
in their set office] or in their trust; i.e. in their responsible

positions.
²³So they and their children had the oversight

of the gates of the house of the Lord, even
the house of the tabernacle ¹, by wards.
¹ Hebrew Tent.
23. the house of the tabernacle] margin Tent. The phrase
designates the period before the building of the Temple.
²⁴On ¹ the four sides were the porters, toward

the east, west, north, and south.
¹ Hebrew Towards the four winds.
24. On the four sides] Fuller details are given in xxvi. 14‒18.
²⁵And their brethren, in their villages, were to

come in every seven days from time to time to
be with them:
25. in their villages] No special villages inhabited by porters are
mentioned, but perhaps porters as well as singers dwelt in the
“villages of the Netophathites” (verse 16; Nehemiah xii. 28, Revised
Version).
²⁶for the four chief porters, who were Levites,

were in a set office, and were over the
chambers and over the treasuries in the house
of God. ²⁷And they lodged round about the
house of God, because the charge thereof
was upon them, and to them pertained the
opening thereof morning by morning.
26. the four chief porters, who were Levites] It seems clear from
this verse (and from the structure of the chapter, compare verses 10,
14, 17—as is pointed out in the note on verse 17) that the
doorkeepers were not, as a body, Levites; and according to verse 25
they dwelt outside Jerusalem, whilst their leaders (verse 27) were
within the city. Perhaps this distinction between the leaders and the
rank and file could be used to explain the supposed inconsistency (if
any exists—see above verse 22, note on whom David ...) between
verses 19 and 22, as regards the tradition of origin: it might be said
that whilst the leaders claimed that their office dated from the time of
Moses (verse 19), the rank and file traced their institution to David
(verse 22). (In 2 Chronicles xxxiv. 9 Levites appear exercising the
duties of doorkeepers, but this does not prove that all doorkeepers
were Levites.)
chambers] i.e. store-chambers in which tithes and sacred vessels

were kept; compare 2 Chronicles xxxi. 5, 11, 12; Nehemiah xiii. 4‒9:
in verse 33 of this chapter they seem to be in use also as rooms in
which Levites could dwell. The chambers were probably built as
outbuildings round the Court of the Temple; compare xxiii. 28, xxviii.
12.
28, 29.
Duties of the Levites.
²⁸And certain of them had charge of the

vessels of service; for by tale were they
brought in and by tale were they taken out.
28. And certain of them] The reference is to the Levites. The
contents of verses 28, 29 clearly refer to Levitical duties (compare
xxiii. 29), and the transition from porters to Levites is made easier by
the fact that the four porters last mentioned (verses 26, 27) are
Levites. Some commentators hold that the paragraph dealing with
the duties of the Levites begins in verse 26 with the words “And they
were over,” etc.
²⁹Some of them also were appointed over the

furniture, and over all the vessels of the
sanctuary, and over the fine flour, and the
wine, and the oil, and the frankincense, and
the spices.
29. compare xxiii. 29.
30.
A Priestly Duty.
³⁰And some of the sons of the priests prepared

the confection of the spices.
30. the sons of the priests] i.e. “members of the priesthood,
priests.” Compare 2 Chronicles xxv. 13, “the soldiers of the army”
(literally “the sons of the troop”) and the common expression “the
sons of the prophets.”
confection] (For the word, compare 1 Samuel viii. 13, Revised

Version text and margin) This “ointment” was peculiarly holy (Exodus
xxx. 23‒25). The Levites might have charge of the oil and spices
(verse 29), but only the priests might make the confection.
31, 32.
Other Levitical Duties.
³¹And Mattithiah, one of the Levites, who was

the firstborn of Shallum the Korahite, had the
set office over the things that were baked in
pans.
31. who was the firstborn of Shallum] In xxvi. 2 the firstborn of
Meshelemiah (= Shallum) is called Zechariah. Probably Mattithiah
and Zechariah represent each a household belonging to an elder
branch of the great family of Shallum.
³²And some of their brethren, of the sons of
the Kohathites, were over the shewbread, to
prepare it every sabbath.
32. the shewbread] Literally the bread of the Row (or of the Pile),
for it had to be arranged in order before the Lord (Leviticus xxiv. 6).
The Chronicler prefers this term to the older “Bread of the Presence”
(i.e. of Jehovah). See more fully Driver, Exodus, pp. 274, 275, in this
series.
to prepare it every sabbath] “Every sabbath he shall set it in order

before the Lord continually” (Leviticus xxiv. 8). In 2 Chronicles ii. 4
(= ii. 3, Hebrew) it is called the continual shewbread (literally “the
continual Row”).
³³And these are the singers, heads of fathers’

houses of the Levites, who dwelt in the
chambers and were free from other service:
for they were employed in their work day and
night. ³⁴These were heads of fathers’ houses
of the Levites, throughout their generations,
chief men: these dwelt at Jerusalem.
33. And these are] This verse may be intended as a conclusion to
verses 15, 16, for the names there given are those of singers;
compare Nehemiah xi. 17. On the other hand it may have been
intended as the heading of such a list as appears in vi. 33‒47 (= 18‒
32, Hebrew), the list itself having somehow been omitted.
day and night] Compare Psalms cxxxiv. 1; Revelation iv. 8.
35‒44 (= viii. 29‒38).

The Genealogy of the house of Saul.
³⁵And in Gibeon there dwelt the father of
Gibeon, Jeiel, whose wife’s name was
Maacah: ³⁶and his firstborn son Abdon, and
Zur, and Kish, and Baal, and Ner, and Nadab;
³⁷and Gedor, and Ahio, and Zechariah, and
Mikloth. ³⁸And Mikloth begat Shimeam. And
they also dwelt with their brethren in
Jerusalem, over against their brethren. ³⁹And
Ner begat Kish; and Kish begat Saul; and Saul
begat Jonathan, and Malchi-shua, and
Abinadab, and Eshbaal. ⁴⁰And the son of
Jonathan was Merib-baal; and Merib-baal
begat Micah. ⁴¹And the sons of Micah; Pithon,
and Melech, and Tahrea, and Ahaz. ⁴²And
Ahaz begat Jarah; and Jarah begat Alemeth,
and Azmaveth, and Zimri; and Zimri begat
Moza: ⁴³and Moza begat Binea; and Rephaiah
his son, Eleasah his son, Azel his son: ⁴⁴and
Azel had six sons, whose names are these;
Azrikam, Bocheru, and Ishmael, and
Sheariah, and Obadiah, and Hanan: these
were the sons of Azel.
See notes on viii. 29 ff. The passage serves here as an
introduction to the story of the death of Saul. Whether it is in its
original setting here or in viii. 29 ff., or possibly is original in both
chapters, there is not sufficient evidence to determine (see note on
viii. 29).
Chapters X.‒XXIX.
The Reign of David.
At this point the Chronicler begins his narrative of Israel’s history.
It commences abruptly with an account of the defeat and death of
Saul, which however is given not for its own interest, but to serve as
a brief introduction to the reign of David (chapter xi. ff.). Why does
the Chronicler choose to begin his narrative at this point, passing
over in silence (a) the Mosaic period, (b) the stories of Judges and of
1 Samuel i.‒xxx.? As regards (a) his silence is due to the
assumption that those for whom he writes are no less familiar than
he is himself with the account of the Mosaic age as presented by the
fully developed tradition of the Pentateuch. As for (b), his silence
probably arises neither from the difficulty of retelling the narratives of
Judges in accordance with his theory of the early history, nor yet
from the fact that they were doubtless familiar to his readers; but,
again, from a consideration of the central purpose of his work. His
theme is the Divine guidance of Israel’s destiny, and, since that
destiny had ultimately centred upon the fortunes of Jerusalem and
the worship maintained through its Temple, all else in Israel’s history
becomes of quite secondary importance. He begins therefore where
(for Israel) Jerusalem and the Temple began—with David, who
conquered the city and planned the Temple. The tales of the Judges,
of Samuel, and of David’s early life and his magnanimity toward Saul
(a tempting source for the exaltation of the character of the ideal
king), all these are logically ignored, since they lie outside the scope
of the Chronicler’s design.
Chapter X.
1‒12 (= 1 Samuel xxxi. 1‒13).
The Defeat, Death, and Burial of Saul.
1‒12. There are several variations between the text given here
and the text of 1 Samuel, to which attention will be called in the
notes below.
¹Now the Philistines fought against Israel:

and the men of Israel fled from before the
Philistines, and fell down slain ¹ in mount
Gilboa.
¹ Or, wounded.
1. in mount Gilboa] In the campaign of Gilboa the Philistines

showed new and skilful strategy. Instead of at once marching
eastward up the ravines which lead into Judah and Benjamin—in
which there was no room for their chariots (2 Samuel i. 6) to
manœuvre—they first marched northward along the sea-coast and
then turned eastward just before reaching Mount Carmel. This
movement brought them into the great fertile plain watered by the
Kishon, ground over which chariots could act with decisive effect. At
the north-east end of the plain rose the heights of Gilboa. When Saul
and his Benjamites advanced to meet the Philistines, the latter
succeeded in interposing themselves between the Israelite army and
its base in Benjamin—an easy achievement for an enemy who by his
chariots possessed a high degree of mobility. Saul was therefore
driven to take up his position on the north side of the plain on Mount
Gilboa, where he was attacked by the Philistines, probably from the
south-west on which side the slopes of the mountain are
comparatively gentle. The Israelites, cut off from their homes,
outmarched, outgeneralled, and probably outnumbered, were
speedily routed. The battle of Gilboa was won, like that of Hastings,
by cavalry (chariots) and archers (verse 3) against infantry, which
was obliged to stand on the defensive, under pain of being cut to
pieces if it ventured to attack. See G. A. Smith, Historical Geography
of the Holy Land, pp. 400 ff.
²And the Philistines followed hard after Saul

and after his sons; and the Philistines slew
Jonathan, and Abinadab ¹, and Malchi-shua,
the sons of Saul. ³And the battle went sore
against Saul, and the archers overtook him;
and he was distressed by reason of the
archers.
¹ In 1 Samuel xiv. 49, Ishvi.
2. Malchi-shua] This is the correct spelling, not Melchi-shua.
⁴Then said Saul unto his armourbearer, Draw

thy sword, and thrust me through therewith;
lest these uncircumcised come and abuse ¹
me. But his armourbearer would not; for he
was sore afraid. Therefore Saul took his
sword, and fell upon it. ⁵And when his
armourbearer saw that Saul was dead, he
likewise fell upon his sword, and died.
¹ Or, make a mock of me.
4. unto his armourbearer] Compare Judges ix. 54 (the death of

Abimelech). One function of an armourbearer was to give the “coup
de grâce” to fallen enemies (1 Samuel xiv. 13), but sometimes the
same office had to be executed for friends. Possibly the man refused
from fear of blood-revenge, which would be the more certainly
exacted in the case of the Lord’s Anointed, compare 1 Samuel ii. 22,
xxvi. 9 (so Curtis).
and abuse me] i.e. wreak their cruel will upon me; compare
Judges i. 6.
⁶So Saul died, and his three sons; and all his
house died together.
6. all his house] In Samuel “his armourbearer and all his men.”
The reference may be to Saul’s servants: his family was not
exterminated in this battle.
⁷And when all the men of Israel that were in

the valley saw that they fled, and that Saul
and his sons were dead, they forsook their
cities, and fled; and the Philistines came and
dwelt in them.
⁸And it came to pass on the morrow, when
the Philistines came to strip the slain, that they
found Saul and his sons fallen in mount
Gilboa.
7. that were in the valley] The “valley of Jezreel” (Hosea i. 5),
called in later times the “plain of Esdrelon” (Esdraelon), is meant.
forsook their cities] Among these was no doubt Beth-shan

(Beisan) “the key of Western Palestine” (see G. A. Smith, Historical
Geography of the Holy Land pp. 358 f.), where Saul’s body was
exposed (1 Samuel xxxi. 12).
and dwelt in them] Perhaps for a short while only, compare 2

Samuel ii. 9, “[Abner] made him (Ish-bosheth) king over ... Jezreel.”
Ish-bosheth, however, may have “ruled” only in acknowledgment of a
Philistine suzerainty.
⁹And they stripped him, and took his head,

and his armour, and sent into the land of the
Philistines round about, to carry the tidings
unto their idols, and to the people.
9. to carry the tidings unto their idols] Better, as in Samuel, “to
publish it in the house (or houses) of their idols”; compare the next
verse. The news was published by the exhibition of trophies of the
victory in the Philistine temples.
¹⁰And they put his armour in the house of their

gods, and fastened his head in the house of
Dagon.
10. in the house of their gods] In Samuel (more definitely) “in the
house (or houses) of Ashtaroth,” Ashtaroth being the plural of
Ashtoreth, a goddess, who seems here to bear a martial character.
(The name Ashtoreth is an artificial formation, the proper form being
Ashtarte. The vowels of the word bōshĕth, i.e. shame, were used for
the last two syllables in place of the true vowels; compare note on
viii. 33.) She was apparently consort of the Phoenician Baal (Judges
ii. 13, x. 6).
fastened his head in the house of Dagon (literally Beth-Dagon)] In

Samuel fastened his body to the wall of Beth-shan. The reading of
Chronicles is probably an arbitrary alteration made by the Chronicler
out of regard for 1 Samuel xxxi. 9, where it is related that the
Philistines cut off Saul’s head. It is just possible that the variation
points to a fuller original text containing all three statements—that
Saul’s armour was placed in the temple of Ashtarte, his head in the
“house of Dagon,” and his headless corpse fastened to the walls of
Beth-shan. Beth-shan is north-east of Gilboa, about four miles
distant from the Jordan, and about a day’s march (1 Samuel xxxi.
12) from Jabesh (verse 11), which was situated on the other side of
Jordan in Gilead.
¹¹And when all Jabesh-gilead heard all that the

Philistines had done to Saul,
11. Jabesh-gilead] See 1 Samuel xi. 1‒11; 2 Samuel ii. 4‒7.
¹²all the valiant men arose, and took away the

body of Saul, and the bodies of his sons, and
brought them to Jabesh, and buried their
bones under the oak ¹ in Jabesh, and fasted
seven days.
¹ Or, terebinth.
12. took away] i.e. from the walls of Beth-shan (so Peshitṭa).
to Jabesh] Samuel adds “and burned them there.” The Chronicler

omits this statement perhaps because he inferred that the bones
were not destroyed by this burning; compare 2 Samuel xxi. 12‒14
(the bones of Saul and Jonathan brought from Jabesh in David’s
reign and re-interred in the family sepulchre) or more probably
because burning was not a usual funeral rite among the Jews
(compare 2 Chronicles xvi. 14, note), and indeed was regarded with
abhorrence (compare Amos ii. 1).
under the oak] margin, terebinth. Large trees, being rare in

Palestine, frequently serve as landmarks; compare Judges iv. 5; 1
Samuel xxii. 6 (“tamarisk tree” Revised Version).
fasted seven days] Fasting involved abstinence from food during

daylight. David fasted “till the evening” in mourning for Saul (2
Samuel i. 12) and for Abner (2 Samuel iii. 35). The fast of Jabesh
was a sevenfold fast.
13, 14 (peculiar to Chronicles).

The Moral of the Overthrow of the House of Saul.
Such reflexions as these are characteristic of the Chronicler;

compare 2 Chronicles xii. 2 (note), xxii. 7, xxiv. 24, xxv. 27. They are
not so frequent in Samuel and Kings.
¹³So Saul died for ¹ his trespass which he

committed against the Lord, because of the
word of the Lord, which he kept not; and also
for that he asked counsel of one that had a
familiar spirit, to inquire thereby,
¹ Or, in.
13. his trespass] compare 2 Chronicles xxvi. 16. The reference is

to Saul’s sacrifice (1 Samuel xiii. 13, 14), and disobedience (1
Samuel xv. 23).
asked counsel ... spirit] i.e. of the witch of Endor, 1 Samuel xxviii.
7 ff.
¹⁴and inquired not of the Lord: therefore he

slew him, and turned the kingdom unto David
the son of Jesse.
14. and inquired not of the Lord] Compare xiii. 3. The Chronicler
presumably does not count inquiries made too late; compare 1
Samuel xxviii. 6 (Saul inquires of the Lord, but receives no answer).
Chapter XI.
1‒3 (= 2 Samuel v. 1‒3).
David made King over all Israel.
The remaining chapters of the first book of Chronicles are

occupied with the reign of David, who is represented as a king
fulfilling the Chronicler’s highest ideals of piety and prosperity. For
some general remarks on the difference between the picture thus
given and the David of Samuel see the note on xxviii. 1.
¹Then all Israel gathered themselves to

David unto Hebron, saying, Behold, we are thy
bone and thy flesh.
1. Then] Render And.
all Israel] Chronicles has nothing here corresponding to 2 Samuel

i.‒iv., chapters which cover a period of seven years (2 Samuel v. 5).
David’s earlier coronation by the men of Judah (2 Samuel ii. 4), the
reign of Ish-bosheth over Northern and Eastern Israel (2 Samuel ii. 8
ff.), and the “long war” (2 Samuel iii. 1) with the house of Saul are
omitted not of course because the Chronicler was ignorant of these
events (for see the references in verses 15, 17; xii. 1, 23, 29, etc.),
but for the reason set forth above in the head-note to chapters x.‒
xxix. The Chronicler’s account is perhaps deliberately adapted to
convey an impression of the ease with which the ideal David
ascends the throne of a united Israel; and, if we had not the narrative
in Samuel to help us, we should be left with a conception of the
period very different from the actual course of events. How strange,
too, would be the sudden transition from the picture of defeat and
flight of Israel in chapter x. to the calm assemblage of all Israel in
chapter xi., and how obscure the various references to David’s
earlier life in xi. 15 ff.!
we are thy bone and thy flesh] The phrase is not to be taken
strictly as implying kinship, for only the tribe of Judah could say “The
king is near of kin to us” (2 Samuel xix. 42). The other tribes mean
that they will obey David as though he were their own kin.
²In times past, even when Saul was king, it

was thou that leddest out and broughtest in
Israel: and the Lord thy God said unto thee,
Thou shalt feed my people Israel, and thou
shalt be prince ¹ over my people Israel.
¹ Or, leader.
2. the Lord thy God said] Compare verses 3, 10; 1 Samuel xvi.
1‒13.
prince] compare v. 2, note.
³So all the elders of Israel came to the king to

Hebron; and David made a covenant with
them in Hebron before the Lord; and they
anointed David king over Israel, according to
the word of the Lord by the hand of Samuel.
3. made a covenant] i.e. gave them a charter in which he
promised to respect existing rights; compare 1 Samuel x. 25
(Samuel writes the “manner” of the kingdom).
before the Lord] One method of entering into a covenant “before

the Lord” was to pass between the parts of a sacrificed animal;
compare Jeremiah xxxiv. 18, 19.
Chronicles has nothing here corresponding with 2 Samuel v. 4, 5;
but compare xxix. 27.
according ... Samuel] Compare 1 Samuel xv. 28, xvi. 1, 3.
4‒9 (= 2 Samuel v. 6‒10).

The “City of David” captured and made a royal residence.
⁴And David and all Israel went to Jerusalem

(the same is Jebus); and the Jebusites, the
inhabitants of the land, were there.
4. David and all Israel] In Samuel (more accurately) “The king
and his men,” i.e. his household and body-guard; compare x. 6, note.
The exploit recorded in Samuel is invested by the Chronicler with the
grandeur of a state campaign.
the same is Jebus] Jerusalem (or Jebus) consisted, it seems

(compare verse 8; Judges i. 21), of a citadel inhabited by Jebusites
and of a lower city inhabited by a mixed population of Jebusites and
Benjamites. It was the citadel only which David stormed. Jerusalem
is called Jebus only here and in Judges xix. 10 f. The notion that
Jebus was an ancient name for the city may be only a late fancy, but
it is possible that it was sometimes so called in the days of the
Jebusite rule. What is certain is that the name Jerusalem is ancient,
for it occurs frequently (as Urusalim) in the Amarna tablets, circa
1400 b.c. See G. A. Smith, Jerusalem.
the Jebusites, the inhabitants of the land] i.e. masters of that

territory before the Israelite invasion. The Jebusites have been
thought to be of Hittite origin, but they were probably Semites, like
the Israelites (see G. A. Smith, Jerusalem, ii. 16‒18).
⁵And the inhabitants of Jebus said to David,

Thou shalt not come in hither. Nevertheless

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Foundations of Financial Management

16th Edition Block Test Bank

Foundations of Financial Management 16th Edition Block

Foundations of Financial Management 14th Edition Block

Foundations of Financial Management 15th Edition Block

Foundations of Financial Management 17th Edition Block

Foundations of Financial Management Canadian 10th

Foundations of Financial Management Canadian 1st

Foundations of Financial Management Canadian 8th

Foundations of Financial Management 15th Edition Block

19. Higher interest rates reduce the present value amount.

PV = FV × PVIF (App. B: 6%, 1 period)

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

PV = FV × PVIF (App B: 3 periods, 6%)

PVA = A × PVIFA (App. D: 3 periods, 10%)

FV = PV × FVIF (App. A: 10%, 10 years)

A. it emphasizes earning a return on invested capital.

PV = A × PVIF (App. B: 8%, 10 periods)

50. An annuity may best be defined as

A. a payment at a fixed interest rate.

A. Present value of an annuity of $1

A. Present value of an annuity of $1

53. As the interest rate increases, the present value

A. the present value of $1 or the future value of $1.

A. The present value of $1

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

FVA = A × FVIFA (App. C: 10%, 20 periods)

(App. C: 10%, 4 periods)

FVA = A × FVIFA (App. C: 6%, 5 periods)

FV = PV × FVIF (App. A: 8%, 4 periods)

(App. D: 8%, 10 periods)

A. The $200,000 today.

PV = FV × PVIF (App. B: 10%, 20 periods)

FVA = A × FVIFA (App. C: 8%, 3periods)

PVA = A × PVIFA (App. D: 8%, 10 periods)

(App. C: 8%, 3 periods)

A. Between 8% and 10%

FVIFA = FVA (App. C: 10 periods)/A

A. Present value of an annuity

A. The future value of $1

PVA = A × PVIFA (App. D: 10%, 10 periods)

AACSB: Analytical Thinking

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

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

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

PVIF = PV (App. B: 10 periods)/FV

A. the present value of an annuity.

A. Greater than 10%

PVIFA = PVA (App. D: 10 periods)/A

FV = PV × FVIF (App. A: 6%, 10 periods)

FV = PV × FVIF (App. A: 6%, 10 periods)

PV = FV × PVIF (App. B: 10%, 2 periods)

PVA = A × PVIFA (App. D: 16%/4 = 4%, 5 * 4 = 20 periods)

PVA = A × PVIFA (App. D: 6%, 10 periods)

PVA = A × PVIFA (App. D: 6%, 10 periods)

PVIF = PV/FV (App. B: 10 periods)

AACSB: Analytical Thinking

PVIF = PV/FV (App. B: 10 periods)

Jeduthun] See note on xvi. 41.

Berechiah the son of Asa, the son of Elkanah] Not mentioned in

the villages of the Netophathites] Compare Nehemiah xii. 28, 29

17‒27 (compare Nehemiah xi. 19; 1 Chronicles xxvi. 1‒19).

The verses present on analysis several confusing features, see

¹⁷And the porters; Shallum, and Akkub, and