Business

duplicated, in whole or in part. WCN 02-200-203

15e

Australia ● Brazil ● Mexico ● Singapore ● United Kingdom ● United States

EugEnE F. Brigham University of Florida

JoEl F. houston University of Florida

Fundamentals of FinanCial

managEmEnt

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Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203

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Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203

Printed in the United States of America Print Number: 01 Print Year: 2018

Fundamentals of Financial Management, Fifteenth edition Eugene F. Brigham and Joel F. Houston

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Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203

MindTap for Fundamentals of Financial Management MindTap, featuring all-new Excel Online integration powered by Microsoft, is a complete

digital solution for the corporate finance course. It has enhancements that take students

from learning basic financial concepts to actively engaging in critical-thinking applications,

while learning valuable Excel skills for their future careers.

EvErything you nEEd in onE placE. Cut prep time with MindTap preloaded, organized course materials. Teach more efficiently with interactive multimedia, assignments, quizzes, and more.

EmpowEr your studEnts to rEach thEir potEntial. Built-in metrics provide insight into student engagement. Identify topics needing extra instruction. Instantly communicate with struggling students to speed progress.

your coursE. your contEnt. MindTap gives you complete control over your course. You can rearrange textbook chapters, add your own notes, and embed a variety of content—including Open Educational Resources (OER).

a dEdicatEd tEam, whEnEvEr you nEEd it. MindTap is backed by a personalized team eager to help you every step of the way. We’ll help set up your course, tailor it to your specific objectives, and stand by to provide support.

iii

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203

practicE problEms All of the end-of-chapter problems are available in algorithmic format for either student practice of applying content presented in the chapter or alternative graded assignment. MindTap is a highly customizable assessment delivery platform, so you can pick and choose from a large bank of algorithmic problem sets to assign to your students.

bluEprint practicE problEms Blueprint Practice Problems combine conceptual and application-driven problems with a tutorial emphasis. Students will know with certainty their level of competency for every chapter, which will improve course outcomes.

Elevate Critical thinking through a variety of unique assessment tools

iv

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203

gradEd homEwork MindTap offers an assignable, algorithmic homework tool that is based on our proven and popular Aplia product for Finance. These homework problems include rich explanations and instant grading, with opportunities to try another algorithmic version of the

problem to bolster confidence with problem solving.

FinancE in action casEs MindTap offers a series of Finance in Action analytical cases that assess students’ ability to perform higher-

level problem solving and critical thinking/ decision making.

tEsting Mindtap offers the ability to modify existing assignments and to create new assignments by adding questions from the Test Bank.

v

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203

Cengage Learning and Microsoft have partnered in MindTap to provide students with a

uniform, authentic Excel assignment experience. It provides instant feedback, built-in video

tips, and easily accessible spreadsheet work. These features allow you to spend more time

teaching finance applications and less time teaching and troubleshooting Excel.

These new algorithmic activities offer pre-populated data directly in Microsoft Excel Online, which runs seamlessly on all major platforms and browsers. Students each receive their own version of the problem data in order to use Excel Online to perform the necessary financial analysis calculations. Their work is constantly saved in Cengage cloud storage as part of homework assignments in MindTap. It’s easily retrievable so students can review their answers without cumbersome file management and numerous downloads/uploads.

Access to Excel Online as used in these activities is completely free for students as part of the MindTap course for Fundamentals of Financial Management, 15e. It is not in any way connected to personal Office 365 accounts/ local versions of Excel, nor are Microsoft accounts required to complete these activities in MindTap.

Microsoft Excel Online activities are aimed at meeting students where they are with unparalleled support and immediate feedback.

Building valuable Excel skills for future business careers while making data-driven decisions

vi

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203

ExcEl vidEo tips Each activity includes a walk- through video of a similar problem being worked in Excel Online to offer suggested formulas to use for solving the problem. It also offers tips and strategies, which assist in understanding the underlying financial concepts while working within Excel.

calculation stEps and ExcEl solutions Each activity offers configurable displays that include the correct answers, the manual calculation steps, and an Excel solution (with suggested formulas) that matches the exact version of the problem the student received. Students can check their work against the correct solution to identify improvement areas. Instructors always have access to review the student’s answers and Excel work from the MindTap progress app to better assist in error analysis and troubleshooting.

Microsoft Excel Online activities aimed at meeting students where they are with unparalleled

support and immediate feedback

vii

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203

viii

Encouraging those ‘aha!’ moments with all new Exploring Finance visualizations

All-new in MindTap for Fundamentals of Financial Management, 15e, Exploring Finance

activities offer instructors and students interactive visualizations that engage with

“lean forward” interactivity. Exploring Finance activities provide instructors visual,

interactive tools that can be used to help students “see” the statistical concept being

presented directly within MindTap.

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203

ix

Exploring Finance visualizations are found at the chapter level of the MindTap learning path for easy retrieval in class to show on projector screens.

Exploring Finance visualizations have a pre-built activity in the learning path within MindTap that allows students to manipulate the values and then respond to questions that reinforce their understanding of the concept being conveyed. These activities can be assigned as practice or for a grade and often offer an interactive, conceptual activity immediately reinforcing student understanding.

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203

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