Deitz J.E., Southam J.L. Contemporary Business Mathematics for Colleges
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Contemporary Business
Mathematics
for Colleges
15e
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Contemporary Business
Mathematics
for Colleges
15e
James E. Deitz, Ed.D.
Past President of Heald Colleges
James L. Southam, Ph.D.
San Francisco State University
Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States
Contemporary Business Mathematics
for Colleges, 15e
James E. Deitz, Ed.D., and James L. Southam, Ph.D.
Vice President of Editorial, Business: Jack W. Calhoun
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Library of Congress Control Number: 2008936672
Student Edition ISBN 13: 978-0-324-66315-0
Student Edition ISBN 10: 0-324-66315-3
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Contemporary Business Mathematics for Colleges presents an arithmetic-based, basic
approach to business mathematics. It emphasizes a practical, skill-building approach
to prepare students for future careers in business through step-by-step development
of concepts, numerous practice exercises, and a focus on real-world application of
techniques. The text progresses from the most basic to more complex business mathe-
matics topics.
During its previous editions, Contemporary Business Mathematics for Colleges sold more
copies than any other business mathematics textbook. As always, the goal of this new
fifteenth edition is to make a successful book even better. This edition continues to main-
tain its coverage of practical, real-world, business math problems, and offers step-by-step
solutions to help you solve these problems. The content of the new edition continues to
be focused entirely on business mathematics with its emphasis on both the needs of con-
temporary business students and the requirements of shorter regular and online courses.
Contemporary Business Mathematics for Colleges presents the basic principles of mathe-
matics and immediately applies them in a series of practical business problems. This new
edition continues to provide a balance among conceptual understanding, skill develop-
ment, and business applications.
In the modern business environment, managers, employees, and consumers all need
knowledge of and skill in business mathematics. Although computers and calculators are
used to do many of the calculations, it is important to understand the concepts behind
mechanical computations. The purpose of this business mathematics textbook is to
increase your mathematics knowledge and to develop your skills at applying this knowl-
edge. This will make you a more valuable employee and a wiser consumer.
KEY FEATURES
Contemporary Business Mathematics for Colleges uses special features to aid you in read-
ing, learning, and practicing for your exams.
Integrated Learning Objectives: These icons identify the sections of each chapter
where each specific Learning Objective is addressed. The Learning Objectives are there to
remind you of the organization of the chapter.
Concept Checks: At the end of the section for each Learning Objective is a Concept
Check to reinforce your understanding of that particular Learning Objective.
Step-by-Step Problem-Solving Approach: Short, concise text sections are
followed by examples with step-by-step solutions. You will learn mathematical concepts
by immediately applying practical solutions to common business problems, and you
will gain confidence in your own problem-solving skills by studying the way example
problems are worked out.
Business Examples and Problems: Abundant practical business problems and
examples from a variety of businesses will help you better relate to the material as you
see how it is applied to modern life.
v
To the Student
Bottom Line: This end-of-chapter feature ties each Learning Objective to self-test
problems (with answers). You have the opportunity to check whether you have mastered
the chapter’s key skills before moving on to the assignments.
Self-Check Review Problems: Located at the end of each chapter, self-check review
problems provide yet another opportunity for you to test yourself before completing the
end-of-chapter assignments. Answers are provided at the end of the text.
Video Icons: Video icons are placed where appropriate throughout the text to direct
you to video clips. The clips cover 12 major mathematical concepts and apply them to a
series of practical business problems. A digital version of the video segments is included
on the Student CD-ROM for easier access.
Microsoft
®
Excel Templates: Spreadsheet templates give you practice with both
mathematics and spreadsheet software where relevant. The Excel templates were pre-
pared by Adele Stock, faculty, Minnesota State Colleges and Universities, and are avail-
able on the Student CD-ROM.
Student Resource CD-ROM: The Student CD-ROM is packaged with every new
text. It includes the Excel templates, digitized Topic Review Videos, and the Math in
Employment Tests. These tests are supplementary material for use in class or for review
by the individual student.
Product Website: The text Website at www.cengage.com/bmath/deitz provides finan-
cial calculator material from Chapter 23, online quizzes, Internet links for the text, and
more. The online quizzes may be used as practice before assignments or exams. Your
instructor may also use them as additional assignments for you.
SUGGESTIONS TO IMPROVE YOUR STUDY
The special features in Contemporary Business Mathematics for Colleges are meant to help
you focus your study. Keeping up with the coursework and making consistent use of the
features will improve your performance on homework assignments and exams.
1. Read the text and study the step-by-step illustrations and examples carefully.
2. Work the Concept Check and the Bottom Line problems. These features will give
you a comprehensive review of the problems in each chapter, before you get to the
assignments.
3. Read the instructions carefully for each assignment before solving the problems.
4. Your instructor may tell you whether you are to work in groups or by yourself. How-
ever, you will not have learned until you can do the calculations yourself. Ask your
instructor for help if you have difficulty understanding what you are asked to do, or
how to do it.
5. Before working a problem, try to estimate your answer. The early chapters present
methods for doing this.
6. Use shortcuts in your calculations to increase your confidence. Shortcuts are pre-
sented in several chapters.
7. Write numbers neatly and clearly, and align them in columns to help avoid errors.
8. Space is provided on the assignment sheets to compute most problems. Show each
step in the solution so that if you make an error, your instructor can help you locate
the cause.
9. Record your scores for each assignment on the Progress Report at the end of the
book.
vi
We would like to acknowledge the work of reviewers and verifiers who provided sugges-
tions about this edition’s reorganization and comments about other ways to continually
improve the accuracy in our text.
Barbara Bidwell Gray Coombs, Academy of Court Reporting, Columbus, OH
Paul H. Martin, Aims Community College
Veronica Liebold Cook, Austin Community College
Melissa Kemp, Bauder College
Diane F. Hendrickson, Becker College
Karen May, Blinn College
Ellen Sawyer, College of DuPage
Yvonne Block, College of Lake County
Pamela N. McGlasson, College of San Mateo
Rhonda Coleman-Posey, Copiah-Lincoln Community College
Pam Perry, Hinds Community College
Allan L. Sheets, International Business College, Indianapolis
Carol A. Perry, Marshall Community & Technical College
Susan Bell, Mendocino College
Steve Hixenbaugh, Mendocino College
Deborah H. White, Mendocino College
Dr. Jamie L. Summerville, Mid-Continent University
Lana K. LaBruyere, Mineral Area College
Susan J. Peterson, Minnesota State Community and Technical College—Moorhead
Amanda Hardin, Mississippi Delta Community College
Dr. Patrick J. Nedry, Monroe County Community College
Julia L. Angel, North Arkansas College
Dawn W. Stevens, Northwest Mississippi Community College—Desoto Center
Diane Andrews Hagan, Ohio Business College
Joyce Coleman, Palo Verde College
Sharon J. Brown, Randolph Community College
Nicholas Providence, Valencia Community College
Marilyn K. St. Clair, Weatherford College
Kathy H. Scott, Western Piedmont Community College
We also thank the staff at South-Western who worked to make this new edition the
best business mathematics text possible: Sr. Content Project Manager, Kim Kusnerak;
Sr. Acquisitions Editor, Charles McCormick, Jr.; Marketing Manager, Bryant Chrzan; and
Associate Developmental Editor, Julie Klooster.
James E. Deitz
James L. Southam
vii
Acknowledgments
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Contents ixix
About the Authors
JAMES E. DEITZ
PAST PRESIDENT OF HEALD COLLEGES
Author James E. Deitz brings both a thorough understanding of effective
education today and a practical business knowledge to the latest edition
of this leading text. Dr. Deitz earned his bachelor’s degree in accounting
from Memphis State University and doctorate of education from UCLA. Dr.
Deitz has been an educator for more than 35 years, including professorships
with UCLA and Los Angeles State College and a long-standing position as
President of Heald Colleges. An active member of the business community,
Dr. Deitz is a recognized international speaker and has served on regional
educational accrediting commissions. Dr. Deitz serves currently on the
Executive Committee and Board of Trustees of Dominican University of
California and as a member of the Board of Directors of Bank of Marin. He
has authored several texts in addition to this best-selling Contemporary
Business Mathematics for Colleges.
JAMES L. SOUTHAM
SAN FRANCISCO STATE UNIVERSITY
Author James L. Southam has a diverse background of professional,
educational, and teaching experience in business and mathematics. Dr.
Southam holds bachelor’s and master’s degrees in mathematics education
from Southern Oregon College, a Ph.D. in mathematics from Oregon State
University, an MBA in finance from University of California, Berkeley, and a
law degree from University of California, Hastings. Dr. Southam’s 40 years
of teaching experience include San Francisco State University College of
Business, California State University, Stanislaus, Southern Oregon College,
Oregon State University, and the University of International Business and
Economics in Beijing. Both domestically and internationally, Dr. Southam
has participated in business ventures, has been a business consultant, and
is a successful author. He is a member of the San Francisco State University
Athletics Hall of Fame.