on 10-Jul-2017 (Mon)

The study also found that temporal spacing could be a factor— interleaving with more (rather than fewer) intervening items from other categories, between successive presentations of a given category, improved learning. Attentional lapses may also play a role. Mind wandering is more likely during blocked than interleaved training

Ludzie tak usposobieni studiują teolo- giczne traktaty, mając nadzieję na nawiązanie relacji z Bogiem po- przez rozum, ponieważ zbyt obawiają się więzi poprzez serce.

Language is not arbitrary linguistic forms applied to a cultural reality that can be found outside of language in the real world. Without language, the habits, beliefs, institutions, and monuments that we call culture would be just observable realities, not cultural phenomena. To become culture, they have to have meaning, which, when given to foods, gardens and ways of life, constitutes culture.

CALL research studies range from very carefully controlled laboratory setting studies, to those that gather data in contexts approximating everyday life. This is important in CALL where learners utilize their own personal technologies in their language learning outside of class

that aim to gather data in natural contexts approximating everyday life. This issue is important in an area such as CALL where learners are increasingly uti- lizing their own powerful, personal technologies in their language learning independently outside of class without a teacher present.

Jako człowiek dorosły musisz być sobą i być równy z innymi doro- słymi (to sedno tego rozdziału). Obydwa zadania wymagają przeciw- stawienia się matce i odnalezienia siebie. Pierwsze zadanie dotyczy tego, na ile jesteś oddzielony od matki i różny od niej, drugie wymaga zamknięcia pewnego etapu i stanięcia na tej samej płaszczyźnie, co matka. Obydwoje jesteście dorośli i żadne z was nie ma prawa sądzić drugiego.

The quantitative findings demonstrate that students are not confined to using the centrally provisioned technologies made available through their institutional studies. In fact in this study they played a relatively minor role. Instead they are drawing upon their own personal technologies that are fit for disciplinary purpose. Additionally, the results clearly highlight that the technologies and tools that language learners now potentially have at their fingertips are powerful, expansive and changing. These results indicate the importance of listening to the learners’ voice, as indicated by Conole earlier. For this to occur, qualitative approaches to research are key.

Czas na wyzwolenie się z relacji „zawsze gorszy” czy „zawsze lep- szy” zarówno w stosunku do mamy, jak i do innych dorosłych. Czas dorosnąć do równości z innymi.

When you make a single investment today, its future value, received N years from now, is as follows:

• FV = future value at time n
• PV = present value
• r = interest rate per period
• N = number of years

A key assumption of the future value formula is that interim interest earned is reinvested at the given interest rate (r). This is known as compounding.

In order to receive a single future cash flow N years from now, you must make an investment today in the following amount:

Notice that the future cash flow is discounted back to the present. Therefore, the interest rate is called the discount rate.

You should be able to calculate PVs and FVs using your calculator.

• N = number of periods
• I/Year = yield in market place or the required rate of return
• PV = present value
• PMT = payment amount per period
• FV = the future value of the investment

One can solve for any of the above variables. Just input the other variables and solve for the unknown. Using the calculator on the test will prove to be a very time-efficient manner of calculating present values and future values.

Example 1

An analyst invests $5 million in a 5-year certificate of deposit (CD) at a local financial institution. The CD promises to pay 7% per year compounded annually. The institution also allows him to reinvest the interest at the same CD rate for the duration of the CD. How much will the analyst have at the end of five years if his money remains invested at 7% for five years with no withdrawals of interest?

Before using the Texas Instruments BAII PLUS and HP 12C calculator, it is essential to ensure that your settings are correct. The default settings on the calculator are not necessarily the settings you need when making the calculations. Follow these steps to ensure that your calculator is correctly set.

Texas Instruments BAII PLUS Settings

• Press 2nd QUIT 2nd [CLR TVM] to clear the worksheet.
• Press 2nd [P/Y] to enter payments per year and/or compounding periods per year.
• The P/Y label and current value are displayed. The default value is 12. You must now key in 1 and then ENTER since you want 1 payment per year.
• If the question says there are 12 payments per year, you would change this to 12.

HP 12C Settings

• Turn the calculator on by pressing the ON key.
• Clear the memory and set decimals to 2 places by pressing the following keys:
• CLEAR REG f 2 - 0.00 will display.
• CLEAR FIN - this clears all the data in the financial mode.

The calculator keys to press are:

If you are given the FV and need to solve for PV, the calculator keys to press are:

When compounding periods are not annual

Some investments pay interest more than once a year. When you calculate these amounts, make sure that periodic interest rates correspond to the number of compounding periods in the year. For example, if time periods are quoted in quarters, quarterly interest rates should be used.

When compounding periods are other than annual

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Annuity is a finite set of sequential cash flows, all with the same value.

Ordinary annuity has a first cash flow that occurs one period from now (indexed at t = 1). In other words, the payments occur at the end of each period.

• Future value of a regular annuity
  

  where

  • A = annuity amount
  • N = number of regular annuity payments
  • r = interest rate per period

• Present value of a regular annuity
  

Annuity due has a first cash flow that is paid immediately (indexed at t = 0). In other words, the payments occur at the beginning of each period.

• Future value of an annuity due

  This consists of two parts: the future value of one annuity payment now, and the future value of a regular annuity of (N -1) period. Calculate the two parts and add them together. Alternatively, you can use this formula:

  

  Note that, all other factors being equal, the future value of an annuity due is equal to the future value of an ordinary annuity multiplied by (1 + r).

• Present value of an annuity due

  This consists of two parts: an annuity payment now and the present value of a regular annuity of (N - 1) period. Use the above formula to calculate the second part and add the two parts together. This process can also be simplified to a formula:

  

  Note that, all other factors being equal, the present value of an annuity due is equal to the present value of an ordinary annuity multiplied by (1 + r).

Hint: Remember these formulas - you can use them to solve annuity-related questions directly, or to double-check the answers given by your calculator.

A perpetuity is a perpetual annuity: an ordinary annuity that extends indefinitely. In other words, it is an infinite set of sequential cash flows that have the same value, with the first cash flow occurring one period from now.

This equation is valid for a perpetuity with level payments, positive interest rate r. The first payment occurs one period from now (like a regular annuity). An example of a perpetuity is a stock paying constant dividends.

Example: Future value of a regular annuity

An analyst decides to set aside $10,000 per year in a conservative portfolio projected to earn 8% per annum. If the first payment he makes is one year from now, calculate the accumulated amount at the end of 10 years.

Method 1: Using a formula

• Identify the given variables: A = 10,000, r = 0.08, N = 10
• Identify the appropriate formula: FV = A x {[(1 + r)^N - 1] / r}
• Solve for the unknown: FV = 10,000 {[(1 + 0.08)¹⁰ - 1] / 0.08} = $144,865

Method 2: Using a calculator

Texas Instruments settings:

• 2nd P/Y = 1 and key in 1 ENTER.
• SET END since this is a regular annuity. You do this by pressing 2nd BGN 2nd SET until you see END displaying. Press 2nd SET twice if necessary. After setting to END,

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