While running courses for the World Bank on real estate appraisal in the former Soviet Union taught by western appraisers, I passed the time during the courses by working out the mathematics behind all the cookbook formulas used by the appraisers. The results were written up and then translated into Russian for the course. This English version of the paper is my most downloaded paper on the SSRN site! Hence I might as well make it available here too.

Click here to download the paper.