Managerial Finance Global Edition Fourteenth Edition Lawrence J. Gitman San Diego State University Chad J. Zutter University of Pittsburgh PEARSON Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montréal Toronto Delhi Mexico City Sao Paulo Sydney HongKong Seoul Singapore Taipei TokyoEditor in Chief: Donna Batista Operations Specialist: Carol Melville Editorial Project Manager: Mary Kate Murray ‘Medic: Production Manager, Global Editions: M. Vikram Kumar Editorial Assistant: Elissa Senra-Sorgent Senior Production Controller, Global Editions: Trudy Kimber Head of Learning Asset Acquisition, Global Editions: Laura Dent Art Director: Jonathan Boylan Senior Acquisitions Editor, Global Editions: Steven Jackson Cover Designer: Lumina Datamatics Project Editor, Global Editions: Suchismita Ukil Cover Art: © David Crockett/Shutterstock Project Editor, Global Editions: Laura Thompson Content Lead, MyFinancelab: Miguel Leonarte Executive Marketing Manager: Anne Fahlgren Senior Media Producer: Melissa Honig ‘Managing Editor: Jeff Holeomb Permissions Associate Project Manager: Samantha Graham Production Project Manager: Alison Eusden Credis and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on page C-1 Pearson Education Limited Edinburgh Gate Harlow Essex CM20 QE England ‘and Associated Companies throughout the world Visit us on the World Wide Web at: www pearsongloboleditions.com © Pearson Education Limited 2015 ‘The rights of Lawrence J. Gitman and Chad J. Zutter to be identified as authors of this work have been asserted by them in accordance with the Copyright, Designs and Patents Act 1988. Authorised adaptation from the United States edition, entitled Principles of Managerial Finance, 14° edition, ISBN 978-0-13-350769-0 by Lawrence J. Gitman and Chad J. Zutter, published by Pearson Education © 2015. {Allright reserved. No part of this publication may be reproduced, stored in «retrieval system, of transmitted in any form or by any means, electronic, mechanical, photocopying, recording or oth: erwise, without either the prior writen permission ofthe publisher ora licence permiting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Lid, Saffron House, 6-10 Kirby Street, London EC1N 8TS. All rademarks used herein are the property oftheir respective owners. The use of any trademark in this toxt does not vest inthe author or publisher any trademark ownership rights in such trade- marks, nor does the use of such trademarks imply any affiliation with or endorsement ofthis book by such owners, Microsoff® and Windows® are registered trademarks of the Microsoft Corporation in the U.S.A. and ‘other countries. Screen shots and icons reprinted with permission from the Microsoft Corporation. This book is not sponsored or endorsed by or affiliated with the Microsoft Corporation, ISBN 10: 1-292-01820-8 ISBN 13: 978-1-292-01820-1 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library 1098765432 14 ‘Typeset in 10/12 Sabon IT Std by Cenveo Publisher Services/Nesbitt Printed and bound by Courier Kendallville in the United States of America PEARSON