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\\ r1.1.1• (6950n:hard i \ Tuc., Wcd., R,),1,i • we,t SAL 10 ;un - I) r Call Gerald E. Naftaly or Man A. Gildenberg at (810) 851-1001. Bloomfield • SIO.Q-32.1 I» • Thur. ,tin-; lain STOCKS TAX-FREE BONDS MUTUAL FUNDS T A X E F First of Michigan Corporation E Members New York Stock Exchange, Inc P T FoNI Herman Schwartz' Senior Vice President - Investments T A A L PaineWebber We invest in relationships? 32300 Northwestern Highway, Suite 150 Farmington Hills, MI 48334 © 1994 PaineWebber Incorporated. Member SIPC 'kits • Afita4 P L A T R U S N 6230 Orchard Lake Road, Suite 230 West Bloomfield, MI 48322 (810) 855-2100 1-800-654-1443 S TAX DEFERRED ANNUITIES IRA's N. G MONEY MANAGEMENT Give your heart an extra helping. /Pad akithei Custom Clutliter Custom Made Suits From '495 0, Say no to high-fat foods. Cr w • 4 gm American Heart Ny Association Detroit's Premiere Custom Clothier Since 1949 Benchmade Suits • Custom Made Suits • Custom Made Shirts • Custom Alterations • Accessories • 271 MERRILL • BIRMINGHAM, MI 48009 • (810) 646-0535 co 2 w CD LLI 39