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Solved: Sinking Fund Scott and Alice want to purchase a

Algebra and Trigonometry | 8th Edition | ISBN: 9780132329033 | Authors: Michael Sullivan ISBN: 9780132329033 217

Solution for problem 13.3.93 Chapter 13

Algebra and Trigonometry | 8th Edition

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Algebra and Trigonometry | 8th Edition | ISBN: 9780132329033 | Authors: Michael Sullivan

Algebra and Trigonometry | 8th Edition

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Problem 13.3.93

Sinking Fund Scott and Alice want to purchase a vacation home in 10 years and need $50,000 for a down payment. How much should they place in a savings account each month if the per annum rate of return is assumed to be 6% compounded monthly?

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MGMT 3720 Organizational Behavior Chapter Review Chapter 9: Foundations of Group Behavior 1. Define group, and distinguish the different types of groups.  Group o Two or more individuals interacting and interdependent, who have come together to achieve particular objectives.  Groups can be either formal or informal. o Formal groups  A Designated work group defined by an organization’s structure. o Informal group  A group that is neither formally structured nor organizationally determined; such a group appears in response to the need for social contract.  Social identity theory o Perspective that considers when and why individuals consider themselves members of groups. o People have emotional reactions to the failure or success of their group because their self­esteem gets tied into the performance of the group. o Social identities help us understand who we are and where we fit in with people.  Ingroup favoritism o Perspective in which we see members of our ingroup as better than other people, and people not in our group as all the same.  Several characteristics make a social identity important to a person o Similarity o Distinctiveness o Status o Uncertainty reduction 2. Identify the five stages of group development.  Five­stage group development model o The five distinct stages groups go through: forming, storming, norming, performing, and adjourning.  Forming stage o The first stage in group development, characterized by much uncertainty  Storming stage o The second stage in group development, characterized by intragroup conflict  Norming stage o The third stage in group development, characterized by close relationships and cohesiveness  Performing stage o The Fourth stage in group development, during which the group is fully functional  Adjourning stage o The final stage in group development for temporary groups, characterized by concern with wrapping up activities rather than task performance.  Temporary groups with deadlines have their own unique sequencing of actions o Their first meeting sets the group’s direction o The first phase of group activity is one of inertia o A transition takes place exactly when the group has used up half its allotted time o This transition initiates major changes o A second phase of inertia follows the transition, and o The group’s last meeting is characterized by markedly accelerated activity. This pattern is called the punctuated­equilibrium model  A set of phases that temporary groups go through that involves transitions between inertia and activity.  The punctuated­equilibrium model characterizes groups as exhibiting long periods of inertia interspersed with brief revolutionary changes triggered primarily by members’ awareness of time and deadlines. 3. Show how role requirements change in different situations.  Role o A set of expected behavior patterns attributed to someone occupying a given position in a social unit.  Role Perception o An individual’s view of how he or she is supposed to act in a given situation.  Role Expectations o How others believe a person should act in a given situation. o Psychological contract  An unwritten agreement that sets out what management expects from an employee and vice versa.  Role Conflict o A situation in which an individual is confronted by divergent role expectations. 4. Demonstrate how norms and status exert influence on an individual’s behavior.  Norms o Acceptable standards of behavior within a group that are shared by the group’s members o Performance norms o Appearance norms o Social arrangement norms o Resource allocation norms  Conformity o The adjustment of one’s behavior to align with the norms of the group  Reference groups o Important groups to which individuals belong or hope to belong and with those whose norms individuals are likely to conform  Deviant Workplace behavior o Voluntary behavior that violates significant organizational norms and, in so doing, threatens the well­being of the organization or its members. Also called antisocial behavior or workplace incivility. o Production, property, political, personal aggression = types of deviant workplace behavior  Status o A socially defined position or rank given to groups or group members by others. o Status characteristics theory  Differences in status characteristics create status hierarchies within groups.  Status is derived from one of three sources: o The power a person wields over others o A person’s ability to contribute a group’s goals o An individual’s personal characteristics.  Status and Norms o High status individuals often have more freedom to deviate from norms  Status and Group interaction o High status people are often more assertive  Status inequity o Perceived inequity creates disequilibrium and can lead to resentment and corrective behavior.  Status and Stigmatization o Stigma by association 5. Show how group size affects group performance.  Group size affects the group’s overall behavior. o Large groups are good for gaining diverse input. o Smaller groups are better doing something with input.  Social loafing: o The tendency for individuals to expend less effort when working collectively than when working individually.  Synergy­ in a group, each contributing what their best at (opposite of social loafing) 6. Contrast the benefits and disadvantages of cohesive groups.  Cohesiveness o The degree to which group members are attracted to each other and are motivated to stay in the group.  7. Explain the implications of diversity for group effectiveness.  Diversity o The degree to which members of the group are similar to, or different from, one another.  Diversity appears to increase group conflict, especially in the early stages of a group’s tenure, which often lowers group morale and raises dropout rates.  However if members can weather their differences, over time diversity may help them be more open­minded and creative to do better. 8. Contrast the strengths and weaknesses of group decision­making.  Strengths of group decision making: o More complete information and knowledge o Increased diversity of views o Increased acceptance of solutions  Weaknesses of group decision making: o Time consuming o Conformity pressures o Dominance of a few members o Ambiguous responsibility o Groupthink  Situations in which group pressures for conformity deter the group from critically appraising unusual, minority, or unpopular views. o Groupshift  A change between a group’s decision and an individual decision that a member within the group would make; the shift can be toward either conservatism or greater risk but it generally is toward a more extreme version of the group’s original position.  Group member rationalize any resistance to the assumptions they’ve made  Members apply direct pressures on those who momentarily express doubts about any of the group’s shared views  Members who have doubts or differing points of view seek to avoid deviating from what appears to be group consensus  There is an illusion of unanimity  Effectiveness and efficiency of group decisions: o Accuracy o Speed o Creativity o Acceptance 9. Compare the effectiveness of interacting, brainstorming, and the normal group technique.  Interacting groups o Typical groups in which members interact with each other face to face.  Brainstorming o An idea­generation process that specifically encourages any and all alternatives while withholding any criticism of those alternatives. o In a brainstorming session:  The group leader states the problem clearly  Members then “free­wheel” as many alternatives as they can  No criticism is allowed  One idea stimulates others, and group members are encouraged to “think the unusual”  Nominal group technique o A group decision­making method in which individual members meet face to face to pool their judgments in a systematic but independent fashion. o Group members are all physically present, but members operate independently o The chief advantage of the nominal group technique is that it permits a group to meet formally but does not restrict independent thinking, as does an interacting group.

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Chapter 13, Problem 13.3.93 is Solved
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Textbook: Algebra and Trigonometry
Edition: 8
Author: Michael Sullivan
ISBN: 9780132329033

Algebra and Trigonometry was written by and is associated to the ISBN: 9780132329033. This textbook survival guide was created for the textbook: Algebra and Trigonometry, edition: 8. This full solution covers the following key subjects: . This expansive textbook survival guide covers 15 chapters, and 8585 solutions. Since the solution to 13.3.93 from 13 chapter was answered, more than 244 students have viewed the full step-by-step answer. The full step-by-step solution to problem: 13.3.93 from chapter: 13 was answered by , our top Math solution expert on 01/04/18, 09:25PM. The answer to “Sinking Fund Scott and Alice want to purchase a vacation home in 10 years and need $50,000 for a down payment. How much should they place in a savings account each month if the per annum rate of return is assumed to be 6% compounded monthly?” is broken down into a number of easy to follow steps, and 46 words.

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