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Jack Kapoor - Personal Finance

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Jack Kapoor Personal Finance

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page i

Personal Finance

THIRTEENTH EDITION

page ii

The McGraw-Hill Education Series in Finance, Insurance, and Real Estate

FINANCIAL MANAGEMENT

Block, Hirt, and Danielsen

Foundations of Financial Management

Seventeenth Edition

Brealey, Myers, and Allen

Principles of Corporate Finance

Thirteenth Edition

Brealey, Myers, and Allen

Principles of Corporate Finance, Concise

Second Edition

Brealey, Myers, and Marcus

Fundamentals of Corporate Finance

Tenth Edition

Brooks

FinGame Online 5.0

Bruner

Case Studies in Finance: Managing for Corporate Value Creation

Eighth Edition

Cornett, Adair, and Nofsinger

Finance: Applications and Theory

Fifth Edition

Cornett, Adair, and Nofsinger

M: Finance

Fourth Edition

DeMello

Cases in Finance

Third Edition

Grinblatt (editor)

Stephen A. Ross, Mentor: Influence through Generations

Grinblatt and Titman

Financial Markets and Corporate Strategy

Second Edition

Higgins

Analysis for Financial Management

Twelfth Edition

Ross, Westerfield, Jaffe, and Jordan

Corporate Finance

Twelfth Edition

Ross, Westerfield, Jaffe, and Jordan

Corporate Finance: Core Principles and Applications

Fifth Edition

Ross, Westerfield, and Jordan

Essentials of Corporate Finance

Tenth Edition

Ross, Westerfield, and Jordan

Fundamentals of Corporate Finance

Twelfth Edition

Shefrin

Behavioral Corporate Finance: Decisions That Create Value

Second Edition

INVESTMENTS

Bodie, Kane, and Marcus

Essentials of Investments

Eleventh Edition

Bodie, Kane, and Marcus

Investments

Eleventh Edition

Hirt and Block

Fundamentals of Investment Management

Tenth Edition

Jordan, Miller, and Dolvin

Fundamentals of Investments: Valuation and Management

Eighth Edition

Stewart, Piros, and Heisler

Running Money: Professional Portfolio Management

First Edition

Sundaram and Das

Derivatives: Principles and Practice

Second Edition

FINANCIAL INSTITUTIONS AND MARKETS

Rose and Hudgins

Bank Management and Financial Services

Ninth Edition

Rose and Marquis

Financial Institutions and Markets

Eleventh Edition

Saunders and Cornett

Financial Institutions Management: A Risk Management Approach

Ninth Edition

Saunders and Cornett

Financial Markets and Institutions

Seventh Edition

INTERNATIONAL FINANCE

Eun and Resnick

International Financial Management

Eighth Edition

REAL ESTATE

Brueggeman and Fisher

Real Estate Finance and Investments

Sixteenth Edition

Ling and Archer

Real Estate Principles: A Value Approach

Fifth Edition

FINANCIAL PLANNING AND INSURANCE

Allen, Melone, Rosenbloom, and Mahoney

Retirement Plans: 401(k)s, IRAs, and Other Deferred Compensation Approaches

Twelfth Edition

Altfest

Personal Financial Planning

Second Edition

Harrington and Niehaus

Risk Management and Insurance

Second Edition

Kapoor, Dlabay, Hughes, and Hart

Focus on Personal Finance: An Active Approach to Help You Achieve Financial Literacy

Sixth Edition

Kapoor, Dlabay, Hughes, and Hart

Personal Finance

Thirteenth Edition

Walker and Walker

Personal Finance: Building Your Future

Second Edition

page iii

Personal Finance

THIRTEENTH EDITION

JACK R. KAPOOR

College of DuPage

LES R. DLABAY

Lake Forest College

ROBERT J. HUGHES

Dallas County Community Colleges

MELISSA M. HART

North Carolina State University

Personal Finance - image 1

page iv

Personal Finance - image 2

PERSONAL FINANCE, THIRTEENTH EDITION

Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright 2020 by McGraw-Hill Education. All rights reserved. Printed in the United States of America. Previous editions 2017, 2015, and 2012. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.

Some ancillaries, including electronic and print components, may not be available to customers outside the United States.

This book is printed on acid-free paper.

1 2 3 4 5 6 7 8 9 0 LWI 21 20 19 18 17 16

ISBN 978-1-260-01399-3 (bound edition)

MHID 1-260-01399-5 (bound edition)

ISBN: 978-1-260-79978-1 (loose-leaf edition)

MHID: 1-260-79978-6 (loose-leaf edition)

Portfolio Manager: Charles Synovec

Product Developer: Jennifer Lohn Upton

Marketing Manager: Trina Maurer

Content Project Managers: Fran Simon/Angela Norris

Buyer: Laura Fuller

Design: Jessica Cuevas

Content Licensing Specialists: Abbey Jones/Shawntel Schmitt

Cover Image: Upper left - oatawa/Getty Images; Lower left - Cultura/Image Source; Top right - Uber Images/Shutterstock; Middle right - PhotoInc/Getty Images; Bottom right - oliveromg/Shutterstock

Compositor: SPi Global

All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.

Library of Congress Cataloging-in-Publication Data

Names: Kapoor, Jack R., 1937- author. | Dlabay, Les R., author. | Hughes, Robert James, 1946- author.

Title: Personal finance / Jack R. Kapoor, College of DuPage, Les R. Dlabay, Lake Forest College, Robert J. Hughes, Dallas County Community Colleges, Melissa M. Hart, North Carolina State University.

Description: Thirteenth Edition. | Dubuque, IA: McGraw-Hill Education, [2019] | Revised edition of Personal finance, [2017]

Identifiers: LCCN 2018055023 | ISBN 9781260013993 (alk. paper)

Subjects: LCSH: Finance, Personal.

Classification: LCC HG179 .K37 2019 | DDC 332.0024dc23 LC record available at

https://lccn.loc.gov/2018055023

The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites.

mheducation.com/highered

page v

To the memory of my parents, Ram and Susheela Kapoor; and to my wife, Theresa; and my children, Karen, Kathryn, and Dave

To my wife, Linda Dlabay; and my children, Carissa and Kyle, and their spouses, Doug Erickson and Anne Jaspers

To my wife, Robin; and to the memory of my mother, Barbara Y. Hughes

To my husband, David Hart; and my children, Alex and Madelyn

page vi

Brief Contents
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