Quality Treadmills
from spar*
First of Michigan
Corporation
Members New York Stock Eximage, Mt
FoM
INVESI ► IENTS
CERTIFICATE OF DEPOSIT OFFERINGS
AS OF DECEMBER 14, 1994
international political and eco-
nomic status.
Evidence of this can be found
in the gradual diminishment of
damage caused by the Arab boy-
cott and the opening of new ex-
port markets.
Between 1980 and 1991, Is-
rael's Gross National Product
grew at an annual rate of 3.7 per-
cent. Only Japan and Taiwan
achieved higher growth rate dur-
ing this period. The highest fig-
ures came in 1991 and 1992,
when growth was over 6 percent
per annum.
The relatively low 1993 level
(3.5 percent) was still higher than
those of the West. This was due
mostly to the cancellation of
building projects that historical-
ly had been subsidized by the
government.
Even with this change, indus-
trial production finished up by
6.6 percent for the year.
Growth estimates for the Is-
raeli economy in coming years
range between 5-7 percent, de-
pending on the progress in the
peace process.
Accordingly, Israel meets the
most important criterion for an
emerging market; economic
growth. In this context, the seem-
ing drawback of high per-capita
is transformed into a strong ad-
vantage.
1 YEAR
SAVE $100-$500
Over Comparable Treadmills
GROWTH
page 40
F.D.I.C. INSURED
7. 2 '
F.D.I.C. INSURED
Ask Us About Our Other Maturities
c740CYCLE & FITNESS USA
.....
14 MILE AT HAGGERTY IN THE
NEWBERRY SQ. (810) 960-1371
CALL 1-800-826-2039
The principal and interest payments are insured up to $100,000 per individu-
al account by the FDIC. Rates and availability are subject to change. Those CD's
will not redeemed by this issue prior to date of majority (except upon death of
incompetency. In the event you choose to sell your CD prior to its maturity date,
the resale price may be more or less than the face value of the certificate de-
pending upon market prices.
SALE
30% OFF
LEATHER JACKETS, OVERCOATS,
Find out how to turn
$5,000 into $25,000*
with zeros.
TROUSERS AND FALL SWEATERS
Starting December 24th
Zero coupon bonds, because of their potential return upon
maturity of 500%* or more, have become one of today's most
popular investments.
Israel's rapid
growth is being
nourished by the
peace process.
The growth expected in Israel
is based on the industrial sector,
which boasts such rich techno-
logically advanced human re-
sources and infrastructure that
it competes successfully and cred-
ibly within the international
markets.
Many investment companies
point to the potential which Is-
rael holds by virtue of its high
quality, professional workforce
and the level of investment in re-
search and development.
Israel annually devotes 3 per-
cent of GDP to R&D (research
and development) — a rate
which is high even in comparison
to the most advanced Western
economies.
Israel excels in applied acade-
mic research, with more than
double the number of published
articles per capita in the United
States.
The immigration wave from
the Commonwealth of Indepen-
dent States (the former Soviet
Union) of the early 1990s in-
creased Israel's population by
more than 500,000.
Of the working population that
came, over 60 percent had high-
3 YEAR
, 0
Trt PERFECT MT
*This represents a maturity of 11115/15; yield to maturity of 7.976%. Prices and
yields represent those available on 12/05/94; and vary daily. Other maturities
available. Yield and principal value may vary if sold prior to maturity. Interest
income subject to annual taxation.
CUSTCDP1 C LOT Ii I C12
11, ,,11•,1\\
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Tuc., Wcd.,
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Call Gerald E. Naftaly or Man A. Gildenberg
at (810) 851-1001.
Bloomfield • SIO.Q-32.1 I»
• Thur.
,tin-; lain
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