, Seventh Canadian Edition
JACK R. KAPOOR
College of DuPage
LES R. DLABAY
Lake Forest College
ROBERT J. HUGHES
Dallas County Community Colleges
LEWIS STEVENSON
Brock University
ERNEST J. KERST
Sheridan College
ARSHAD AHMAD
McMaster University
JORDAN FORTINO
McMaster University
,Personal Finance
Seventh Canadian Edition
Copyright © 2018, 2015, 2012, 2009, 2006, 2004, 2001 by McGraw-Hill Ryerson Limited. Copyright © 2009, 2007, 2004,
2001, 1999, 1996, 1994, 1991, 1988 by McGraw-Hill Education LLC. All rights reserved. No part of this publication may
be reproduced or transmitted in any form or by any means, or stored in a data base or retrieval system, without the
prior written permission of McGraw-Hill Ryerson Limited, or in the case of photocopying or other reprographic copy-
ing, a licence from The Canadian Copyright Licensing Agency (Access Copyright). For an Access Copyright licence,
visit http://www.accesscopyright.ca or call toll-free to 1-800-893-5777.
Statistics Canada information is used with the permission of Statistics Canada. Users are forbidden to copy this mate-
rial and/or redisseminate the data, in an original or modified form, for commercial purposes, without the expressed
permission of Statistic Canada. Information on the availability of the wide range of data from Statistics Canada can
be obtained from Statistics Canada’s Regional Offices, its World Wide Web site at http://www.statcan.ca and its toll-free
access number 1-800-263-1136.
The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a Web site does not
indicate an endorsement by the authors or McGraw-Hill Ryerson, nor does McGraw-Hill Ryerson guarantee the accu-
racy of information presented at these sites.
ISBN-13: 978-1-25-965065-9
ISBN-10: 1-25-965065-0
1 2 3 4 5 6 7 8 9 TCP 22 21 20 19 18
Printed and bound in Canada.
Care has been taken to trace ownership of copyright material contained in this text; however, the publisher will welcome
any information that enables them to rectify any reference or credit for subsequent editions.
Portfolio Director, Business & Economics, International: Nicole Meehan
Portfolio Manager: Alwynn Pinard
Senior Marketing Manager: Cathie Lefebvre
Content Development Manager: Denise Foote
Content Developers: Loula March, Tammy Mavroudi, and Lindsay MacDonald
Senior Portfolio Associate: Stephanie Giles
Supervising Editor: Jessica Barnoski
Photo Research: Derek Capitaine
Copy Editor: Karen Rolfe
Plant Production Coordinator: Michelle Saddler
Manufacturing Production Coordinator: Sheryl MacAdam
Cover Design: Liz Harasymczuk
Cover Image: Panther Media GmbH/Alamy Stock Photo
Feature Icons: Financial Planning for Life’s Situations: Kaspars Grinvalds/Shutterstock; Advice from a Pro: Monkey
Business/Shutterstock; Financial Planning Calculations: OvertheHill/Getty Images; Life Situation Case: Naypong/
Getty Images; Continuing Case: goodluz/Shutterstock; Daily Spending Diary: Compassionate Eye Foundation/Getty
Images
Interior Design: Liz Harasymczuk
Page Layout: MPS Limited
Printer: Transcontinental Printing Group
, About the Authors
JACK KAPOOR
College of DuPage
Jack Kapoor is a Professor of Business and Economics in the Business and Technology Division. Dr.
Kapoor has taught Business and Economics at College of DuPage since 1969. He received his B.A.
and M.S. from San Francisco State College and his Ed.D. from Northern Illinois University. Professor
Kapoor was awarded the Business and Services Division’s Outstanding Professor Award for l999–2000.
Dr. Kapoor is known internationally as a co-author of several textbooks including Business: A
Practical Approach (Rand McNally), Business (Houghton Mifflin), and Focus on Personal Finance
(Richard D. Irwin/McGraw-Hill).
LES DLABAY
Lake Forest College
Les Dlabay teaches in the Department of Economics and Business at Lake Forest College, Lake
Forest, Illinois. Over the past 25 years he has taught more than 30 different courses in high school,
community college, university, adult education, and teacher preparation programs. Dr. Dlabay has
developed a wide variety of textbook materials, student activity guides, instructor manuals, testing
programs, audio-visual materials, and software packages in the areas of Personal Finance, Consumer
Economics, and International Business.
Dr. Dlabay has served as a consultant to corporations, educational institutions, and government
agencies. He has presented more than 140 workshops and seminars in over 20 states to encourage
teachers to actively involve students in the learning process with video presentations, newsletters,
interviews, and Internet research activities.
ROBERT HUGHES
Dallas County Community Colleges
Robert Hughes teaches Business, Management, and Finance courses at Dallas County Community
Colleges. In addition to Personal Finance, he has written college texts for Introduction to Business,
Small Business Management and Entrepreneurship, and Business Math and currently has five books
in publication. Dr. Hughes received his bachelor’s degree from Southern Nazarene University and his
master’s and doctorate degrees from the University of North Texas.
LEWIS STEVENSON
Brock University
Lewis Stevenson is a part-time lecturer at Brock University. He has taught both Corporate and Per-
sonal Finance at the undergraduate level since 2007. Lewis graduated from Brock in 1991 with a
Bachelor of Business and Economics degree. Lewis has been working in the financial industry since
graduation; he attained the CFP designation (Certified Financial Planner) in 2003, and provides a full
range of financial planning advice and services to his clients.
iii
JACK R. KAPOOR
College of DuPage
LES R. DLABAY
Lake Forest College
ROBERT J. HUGHES
Dallas County Community Colleges
LEWIS STEVENSON
Brock University
ERNEST J. KERST
Sheridan College
ARSHAD AHMAD
McMaster University
JORDAN FORTINO
McMaster University
,Personal Finance
Seventh Canadian Edition
Copyright © 2018, 2015, 2012, 2009, 2006, 2004, 2001 by McGraw-Hill Ryerson Limited. Copyright © 2009, 2007, 2004,
2001, 1999, 1996, 1994, 1991, 1988 by McGraw-Hill Education LLC. All rights reserved. No part of this publication may
be reproduced or transmitted in any form or by any means, or stored in a data base or retrieval system, without the
prior written permission of McGraw-Hill Ryerson Limited, or in the case of photocopying or other reprographic copy-
ing, a licence from The Canadian Copyright Licensing Agency (Access Copyright). For an Access Copyright licence,
visit http://www.accesscopyright.ca or call toll-free to 1-800-893-5777.
Statistics Canada information is used with the permission of Statistics Canada. Users are forbidden to copy this mate-
rial and/or redisseminate the data, in an original or modified form, for commercial purposes, without the expressed
permission of Statistic Canada. Information on the availability of the wide range of data from Statistics Canada can
be obtained from Statistics Canada’s Regional Offices, its World Wide Web site at http://www.statcan.ca and its toll-free
access number 1-800-263-1136.
The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a Web site does not
indicate an endorsement by the authors or McGraw-Hill Ryerson, nor does McGraw-Hill Ryerson guarantee the accu-
racy of information presented at these sites.
ISBN-13: 978-1-25-965065-9
ISBN-10: 1-25-965065-0
1 2 3 4 5 6 7 8 9 TCP 22 21 20 19 18
Printed and bound in Canada.
Care has been taken to trace ownership of copyright material contained in this text; however, the publisher will welcome
any information that enables them to rectify any reference or credit for subsequent editions.
Portfolio Director, Business & Economics, International: Nicole Meehan
Portfolio Manager: Alwynn Pinard
Senior Marketing Manager: Cathie Lefebvre
Content Development Manager: Denise Foote
Content Developers: Loula March, Tammy Mavroudi, and Lindsay MacDonald
Senior Portfolio Associate: Stephanie Giles
Supervising Editor: Jessica Barnoski
Photo Research: Derek Capitaine
Copy Editor: Karen Rolfe
Plant Production Coordinator: Michelle Saddler
Manufacturing Production Coordinator: Sheryl MacAdam
Cover Design: Liz Harasymczuk
Cover Image: Panther Media GmbH/Alamy Stock Photo
Feature Icons: Financial Planning for Life’s Situations: Kaspars Grinvalds/Shutterstock; Advice from a Pro: Monkey
Business/Shutterstock; Financial Planning Calculations: OvertheHill/Getty Images; Life Situation Case: Naypong/
Getty Images; Continuing Case: goodluz/Shutterstock; Daily Spending Diary: Compassionate Eye Foundation/Getty
Images
Interior Design: Liz Harasymczuk
Page Layout: MPS Limited
Printer: Transcontinental Printing Group
, About the Authors
JACK KAPOOR
College of DuPage
Jack Kapoor is a Professor of Business and Economics in the Business and Technology Division. Dr.
Kapoor has taught Business and Economics at College of DuPage since 1969. He received his B.A.
and M.S. from San Francisco State College and his Ed.D. from Northern Illinois University. Professor
Kapoor was awarded the Business and Services Division’s Outstanding Professor Award for l999–2000.
Dr. Kapoor is known internationally as a co-author of several textbooks including Business: A
Practical Approach (Rand McNally), Business (Houghton Mifflin), and Focus on Personal Finance
(Richard D. Irwin/McGraw-Hill).
LES DLABAY
Lake Forest College
Les Dlabay teaches in the Department of Economics and Business at Lake Forest College, Lake
Forest, Illinois. Over the past 25 years he has taught more than 30 different courses in high school,
community college, university, adult education, and teacher preparation programs. Dr. Dlabay has
developed a wide variety of textbook materials, student activity guides, instructor manuals, testing
programs, audio-visual materials, and software packages in the areas of Personal Finance, Consumer
Economics, and International Business.
Dr. Dlabay has served as a consultant to corporations, educational institutions, and government
agencies. He has presented more than 140 workshops and seminars in over 20 states to encourage
teachers to actively involve students in the learning process with video presentations, newsletters,
interviews, and Internet research activities.
ROBERT HUGHES
Dallas County Community Colleges
Robert Hughes teaches Business, Management, and Finance courses at Dallas County Community
Colleges. In addition to Personal Finance, he has written college texts for Introduction to Business,
Small Business Management and Entrepreneurship, and Business Math and currently has five books
in publication. Dr. Hughes received his bachelor’s degree from Southern Nazarene University and his
master’s and doctorate degrees from the University of North Texas.
LEWIS STEVENSON
Brock University
Lewis Stevenson is a part-time lecturer at Brock University. He has taught both Corporate and Per-
sonal Finance at the undergraduate level since 2007. Lewis graduated from Brock in 1991 with a
Bachelor of Business and Economics degree. Lewis has been working in the financial industry since
graduation; he attained the CFP designation (Certified Financial Planner) in 2003, and provides a full
range of financial planning advice and services to his clients.
iii
