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INTRODUCTION AND SCOPE This chapter is intended as a brief review of the mathematics of compound interest and of the meaning of time equivalent money. In order to make valid economic evaluations of various investment alternatives, it is important that they be analyzed on an equivalent basis, taking into account the time value of money. Compound interest has been said to be one of the eighth wonders of the world. Certainly compound interest is a fact of life in today's economy. Whenever we deal with money over time-investments, earnings, savings, loans, etc.-we are immediately confronted with the principles and effects of compound interest. In such an environment it is necessary to be able to determine time value equivalence of various sums of money received or paid at different dates. It follows that all future payments or series of payments that would repay a present sum with interest at a stated rate can be said to be equivalent with each other. Equivalence, then, is a function of the interest rate. MATHEMATICS OF COMPOUND INTEREST FACTORS In order to develop mathematical formulas for various time value equivalence of compound interest we will use symbol designations: P is Present or principal sum of money; usually refers to value at time zero. F is a single sum of money at some designated future date. R is The amount of each payment in a uniform series of equal payments made at the end of each period. n is Number of interest compounding periods (may represent annual, semiannual, quarterly, or even daily periods). i is the period compound interest rate. Figure 20-1 illustrates the increase of princi-

Jan 1, 1980

By H. F. Seifert

THE classification and preparation of non-ferrous scrap metals is a subject of interest to every individual and corporation that employs in its processes of manufacture non-ferrous metals and alloys and accumulates in such manufacture scrap from these materials for disposition in the form of turnings, borings, short ends, punchings, clippings, grindings, washings, etc. All too frequently the disposition of such scrap is left to individuals who have no knowledge of the subject either from a metallurgical or a commercial standpoint, or both. Much money is thus lost which with a little more intelligent effort might be saved, and in this day of fierce competition and small profits such an opportunity cannot be ignored. The Mineral Resources of the United States for the year 1925, the latest issue available (Part 1, page 221), gives the secondary non-ferrous TABLE 1.-Some Secondary Non-ferrous Metals Recovered in the United States for the Year 1924-25 Material Short Tons Value Copper, including that in alloys other than brass.... 250,600 $ 71,170,400 Brass, scrap remelted 242,300 56,270,800 Lead as metal 112,4201 39,477,100 Lead as alloys 112,460 Zinc as metal 61,430 11,359,000 Zinc -in alloys other than brass 13,300 Tin as metal 1 7,950 35,165,400 Tin in alloys 23,000 Antimony as metal 1 } 3;794,000 Antimony in alloys 10,839 Aluminum as metal 17,700 24 Aluminum in alloys 26,300 ,816,000 Nickel as metal 19 1 1,518,000 Nickel in non-ferrous alloys 2,109 Total 882,600 $243,570,700

Jan 1, 1928

By H. F. Seifert

THE classification and preparation of non-ferrous scrap metals is a subject of interest to every individual and corporation that employs in its processes of manufacture non-ferrous metals and alloys and accumulates in such manufacture scrap from these materials for disposition in the form .of turnings, borings, short ends, punchings, clippings, grindings, washings, etc. All too frequently the disposition-of such scrap is left to individuals who have no knowledge of the subject either from a metallurgical or a commercial standpoint, or both. Much money is thus lost which with a little more intelligent effort might be saved, and in this day of fierce competition and small profits such an opportunity cannot be ignored. The Mineral Resources of the United States for the year 1925, the latest issue available (Part 1, page 221), gives the secondary non-ferrous TABLE 1.-Some. Secondary Non-ferrous Metals Recovered in the United States for the -Year 1924-25 Material Short Tons Value Copper, including that in alloys other than brass.... 250,600 8 71,170,400 Brass, scrap remelted : 242,300 56,270,800 Lead as metal : 112,420 39,477,100 Lead as alloys 112,460 Zinc as metal 61,430 11,359,000 Zinc in alloys other than brass 13,300 Tin as metal 7,950 Tin in alloys 23,000, 35,165,400 Antimony as metal 1 3,794,000 Antimony in alloys : 10,839 Aluminum as metal 17,700 24,816,000 Aluminum in alloys 26,300 Nickel as metal 191 1,518,000 Nickel in non-ferrous alloys 2,109 Total l 882,600 $243,570,700

Jan 1, 1928

LIST OF REFERENCES COMPILED BY ENGINEERING SOCIETIES LIBRARY FUEL POSSIBILITIES IN STEEL MAKING. Iron Age, November 6, 1913, p. 1056-1059. Paper read before the American Iron and Steel Institute, by William Whigham. The author discusses the use of pulverized coal as a fuel for open-hearth furnaces. IMPROVED PULVERIZED FUEL FEED DEVICE. Iron Age, November 6, 1913, p. 1024. Brief description of the Dunn apparatus, especially intended for cement kilns, but used also in the nodulizing of iron ore. WIDER UTILIZATION OF PULVERIZED COAL, H. R. Barnhurst. Iron Age, October 23, 1913, p. 906-908. Part of discussion of paper by James Lord on The Use of Pulverized Fuel in Metallurgical Furnaces, read before the Engineers' Society of Western Pennsylvania. POWDERED COAL FOR OPEN HEARTH FURNACES. Iron Age, October 16, 1913, p. 855. Abstract from the "Coal and Coke Operator." USE OF PULVERIZED COAL AS A FUEL FOR BOILERS, R. C. Carpenter. Sibley Journal of Engineering, December 1913, p. 85. COAL-DUST FIRED BOILER. Indian Engineering, November 29, 1913, p. 301. PROGRESS IN FUEL UTILIZATION. Mining and Scientific Press, October 25, 1913, p. 638. BUFFALO GRAIN-ELEVATOR DUST EXPLOSION. Engineering News, July 31, 1913, p. 223-24. Reprinted in the National Fire Protection Association Quarterly, October, 1913, p. 149-151. Mention is made of the danger of explosions in connection with the burning of powdered coal. POWDERED FUEL AND EXPLOSIONS. Railway Age Gazette, July 18, 1913, p. 53-84. Letter by W. D. Wood. USE OF PULVERIZED COAL IN METALLURGICAL FURNACES, James Lord. Engineers' Society of Western Pennsylvania, Proc., October, 1913, p. 363-371; discussion, p. 371-417. With bibliography.

Jan 3, 1914

By E. A. Moulder

The mining industry is continually faced with problems involving dewatering, pollution, water supply, leaching and hydrochemical mining and prospecting. Greater application of the principles of ground-water hydrology to solution of these problems promises improved operating efficiency, increased safety and better public relations. Estimating the magnitude of dewatering for a proposed mine may be a major factor in determining the feasibility of proceeding with mine development. Diverting the source of ground water to an abandoned mine may save costly treatment of acid-mine drainage. Development of a large ground-water supply near an ore deposit may enhance the possibilities of a leaching operation. Detection of certain dissolved minerals in water from springs or wells may lead to hitherto unknown mineral deposits. Current efforts of industry, educational institutions and government are making these kind of events more commonplace. Dewatering of Mines The magnitude of dewatering problems was dramatized by a flooding that occurred last year in a gold mine in South Africa. During drilling operations at the West Driefortein mine, a major fracture was encountered from which large volumes of water issued necessitating evacuation of 1350 men from the mine. Dewatering required an increase in pumping of more than 80 million gpd. Models of ground-water systems are being used to test alternate plans for dewatering mines. Using the models in conjunction with computer optimization programs may lead to minimizing costs of operation. In addition to computer simulation of aquifers associated with phosphate deposits in North Carolina mentioned in last year's report, two USGS employees developed a model to estimate the amount of pumping required to dewater a mine site in Colorado.

Jan 1, 1970

By F. W. Osterwald, C. R. Dunrud

A continuously recording seismic network was constructed in 1962 by the U.S. Geological Survey to locate epicenters and record incidence of bumps (bounces, rock bursts) that occur in the bituminous coal mines of the Book Cliffs coal field near Sunny-side, Utah. The coal is mined because of its value as coking coal, although these bumps may be a hazard to life and property. Daily records of tremors caused by bumps for 1 3/4 years indicate that a seasonal pattern, as well as a daily pattern, exists for the number of bumps that occur in a given period. Maxima occur in May and June and November and December. Marked increases at 5-day to 9-day intervals are superimposed on these seasonal maxima. The largest bumps commonly occur during seasonal maxima when the rate of occurrence suddenly decreases and the amplitude of the individual bumps increases. Knowledge of this pattern may lead to prediction of general locations and periods of increased hazard from bumps. Experience to date has shown that prediction of precise times and locations of hazardous bumps is not possible, and may never be; primarily because even a small bump can be a hazard to life and property. Some bumps or bump sequences are actually composites, consisting or two or more discrete bumps a few tenths of a second to a few seconds apart. Violent and spontaneous releases of coal and rock from faces, ribs and roofs of mines (termed bumps or bounces by miners) are a common hazard to life and property in the coal mines located in the Book Cliffs near Sunnyside, Utah (Fig. 1). These bumps

Jan 1, 1965

By H. P. Willard, R. W. Gates

Basic Inc., has been mining magnesite and brucite for 27 years at Gabbs, Nev. This is a medium sized open-pit mine. The magnesite deposits are in north-western Nye County about 30 miles east of Luning, Nev., on the west slope of the Paradise Range, at an elevation between 5000 and 6000 ft. The magnesite and associated brucite is used to make magnesia refractories employed principally in the steel industry and magnesium oxide for various chemical uses.

Jan 10, 1963

The Mines Handbook, Published by Mines Information Bureau, Inc., Suffern, N Y. It is felt that the Mines Information Bureau should be included in this directory, as publishers of a valuable reference book of mining companies of the United States and Canada, known as the "Mmes Handbook "

Jan 1, 1933

MINING ASSOCIATION OF UNIVERSITY OF CALIFORNIA At a meeting of the Mining Association of the University of California, held May 22, .the .following officers were elected for the fall, semester: President, Sam Grinsfelder; vice-president, Marcus. Peterson; secretary, Ferdinand Trescher; treasurer, Carlton Hulin. F. G. TRESCHER, Secretary.

Jan 8, 1919

By V. R. Garfias

After a series of fruitless negotiations, the Mexican Government, on March 18, 1938, decreed the expropriation of several oil companies, and took possession of the properties, offices and records not only of the expropriated companies but of others not legally expropriated. This condition prevails to date.

Jan 1, 1939

By V. R. Garfias

After a series of fruitless negotiations, the Mexican Government, on March 18, 1938, decreed the expropriation of several oil companies, and took possession of the properties, offices and records not only of the expropriated companies but of others not legally expropriated. This condition prevails to date.

Jan 1, 1939

Early data about the amounts of coal used in making coke, and even of the first oven plants are meager. Table 84 shows the data about beehive ovens from 1841 to 1940, inclusive, and Table 85 shows the data about byproduct ovens from 1895 to 1940, inclusive.

Jan 1, 1942

By J. E. Warren, J. H. Hartsock

In the receipt of J. E. Warren and J. H. Hartsock's comments on our paper, "Aspects of Gas Deliverability", We wish to point out that all the physical characteristics we conceived as constant were absorbed in the gas deliverability constant of the individual well's performance, listed

By E. K. Landis

IK connection with the interesting paper of Mr. Glenn on "Sampling Ores Without Use of Machinery " (page 156 of the present volume), I venture to offer the results of ten years' experience in the sampling of iron-ore by a method adopted when I first became

Jan 1, 1892

CENTRAL EMERGENCY COMMITTEE Chairman, MRS. H. N. SPICER As no further requisition will be Made for knitted garments, for the boys of the 27th Engineers, all completed garments and wool have been collected and returned to Mr. W. R. Ingalls, and the activities of the

Jan 12, 1918

By G. H. Kennedy

CYCLONE thickeners are "hydraulic centrifuges" designed either to produce a maximum practical separation between the water and solids of a feed slurry or to classify the slurry solids according to particle settling rate. The possibilities of utilizing the thickener to "close" plant water circuits have been investigated.

Jan 3, 1951

By E. Gybbon Spilsbury

From time to time, for the last quarter of a century, considerable attention has been called to the gold deposits of North Carolina and Georgia, and much capital has been expended in their development; but the existence of large areas of gold-bearing rocks in the State

Jan 1, 1884

By James B. Fletcher

Leaching of the block caved mine from 1941 through 1970 is described, and the improvements made are listed. Detailed is the increased knowledge of leaching gained through this operation, including methods used in forecasting production, prediction of the economical end point, rate of recovery, and ultimate recovery.

Jan 1, 1972

By N. M. Macmillan, R. S. Kalyoncu, A. R. C. Westwood

The environment-sensitive hardness and laboratory-scale rotary drilling behavior of granite, quartz, and feldspar have been studied. By controlling the chemistry of the drilling environment, it is possible to triple the rate of drilling granite. Pre-existing flaws or other microstructural features play a minor role.

Jan 1, 1975

By Jacob Reeese

I HAVE discovered a new method by which steel and other metals may be burnished by the automatic action of the burnishing machine, and by which the cost is greatly diminished, and more perfect work produced. And in addition to the polishing and burnishing action of

Jan 1, 1881