CHAPTER 5

TIME VALUE OF MONEY

1. What is Time Value of Money (TVM)?
Time Value of Money (TVM) is an important concept in financial management. It can be used
to compare investment alternatives and to solve problems involving loans, mortgages, leases,
savings, and annuities. TVM is based on the concept that a dollar that you have today is worth
more than the promise or expectation that you will receive a dollar in the future. Money that you
hold today is worth more that money you hold in the future because you can invest it and earn
interest. In other words, value of $1 today is worth more than value of $1 in the future, for
example, in year 1. After all, you should receive some compensation for foregoing spending.
This is called the opportunity cost, that is, the opportunity that you give up from making a certain
decision (e.g., an investment). For example, by investing in a certain financial instrument, you
are giving up an opportunity of enjoying a purchase of a new car. You need certain
compensations for such opportunity that you give up and that can be translated into interest or
return. For a numerical example, you can invest $100 for one year at a 6% annual interest rate
and accumulate $106 at the end of the year. You can say that the future value of the $100 is
$106 given a 6% interest rate and a one-year period. It also follows that the present value of the
$106 you expect to receive in one year is only $100.
A key concept of TVM is that a single sum of money or a series of equal, evenly-spaced
payments or receipts promised in the future can be converted to an equivalent value today (called,
Present Value). Conversely, you can determine the value to which a single sum or a series of
future payments will grow to at some future date (called, Future Value). You can calculate the
fourth value if you are given any three of: Interest Rate, Number of Periods, Payments, and
Present or Future Value.
Interest Rate
Interest is a charge for borrowing money, usually stated as a percentage of the amount borrowed
over a specific period of time. Interest rate includes two things: 1) opportunity cost, and 2)
inflation. Simple interest is computed only on the original amount borrowed. It is the return on
that principal for one time period. In contrast, compound interest is calculated each period on the
original amount borrowed plus all unpaid interest accumulated to date. Compound interest is
always assumed in TVM problems.
Number of Periods
Periods are evenly-spaced intervals of time. They are intentionally not stated in years since each
interval must correspond to a compounding period for a single amount or a payment period for
an annuity. A compounding period can be any period, such as a year, semi-year, quarter, month,
or day.
Payments
Payments are a series of equal, evenly-spaced cash flows. In TVM applications, payments must
represent all outflows (negative amount) or all inflows (positive amount). If you receive

payments, those are inflows (positive amount) and if you make payments, those are outflows
(negative amount).
Present Value
Present Value is an amount today that is equivalent to a future payment, or series of payments,
that has been discounted by an appropriate interest rate. The future amount can be a single sum
that will be received at the end of the last period, as a series of equally-spaced payments (an
annuity), or both. Since money has time value, the present value of a promised future amount is
worth less the longer you have to wait to receive it.
Future Value
Future Value is the amount of money that an investment with a fixed, compounded interest rate
will grow to by some future date. The investment can be a single sum deposited at the beginning
of the first period, a series of equally-spaced payments (an annuity), or both. Since money has
time value, we naturally expect the future value to be greater than the present value. The
difference between the two depends on the number of compounding periods involved and the
going interest rate.

2. Simple Future Value

The first TVM concept to be presented is how to calculate the future value of a lump sum or an
individual cash flow. In other words, what is a certain sum of money worth in the future at a
particular rate of interest? An example would be that you deposit $1,000 into a bank account
today that pays 5% interest annually. In this case, $1,000 is a lump sum or an individual cash
flow which represents present value (PV), and 0 represents today. The timelines presented
below often helps us understand the problem clearly.

One year from today, the bank account will have a balance of $1,000 plus interest earned over
that one year. Since the interest rate is 5%, you will earn $50 (5% of $1,000 = $1,0000.05).
Thus, the balance of the account after one year will be $1,050 ($1,000 + $50). This can be
depicted as follows: FV1 = $1,000 (1 + 0.05)1. If we decide to keep the money in the account
for another year and earn another 5% interest for the second year, the balance will grow to
$1,102.50 (= $1,050 + $52.50; $52.50 = 5% of $1,050 = $1,0500.05). This can be depicted as
follows: FV2 = $1,000 (1 + 0.05)2.

The general calculation of the future value can be formularized as follows: FVn = PV (1 + i)n,
where FV represents the future value; PV represents the present value; i represents the interest
rate, and n represents the number of periods between the future value and the present value.
As can be seen from the example above, the interest is compounded, meaning that you earn
interest on interest; for the second year, you earn 5% interest not only on $1,000 (original
deposit), but also on $50 (interest income from the previous period Year1).
In this course, we use Time Value of Money Tables to calculate the future value (and other
values). The tables are designed to save the user from working through the mathematics, using
the formula. For this type of problem, the table provides a factor that we multiply by the known
present value to solve for the future value. Because we are solving for a future value, the factor
is called a future value interest factor (FVIF). FVIFi,n is equal to (1 + i)n, so that the equation of
FVn = PV (1 + i)n can be written as FVn = PV (FVIFi,n); (FVIFi,n) is the FVIF for a given
interest rate (i) and a given number of periods (n).
To solve the preceding problem using Time Value of Money Tables (specifically Simple
Future Value Table) we can write the equation as FV2 = $1,000 (FVIF5%,2). From Simple
Future Value Table (Appendix), we can find FVIF, using the two given information; 5% of
interest rate (i) and 2 of time periods (n). Each row of the table represents the number of periods
while each column represents the interest rate. Therefore, we find the intersection of 5% of i in
columns and 2 of n in rows, which shows 1.1025 as FVIF. Thus, by inputting 1.1025 into the
equation, FV2 = $1,000 1.1025, we can calculate the future value of $1,102.50.

3. Simple Present Value

Now, we know the future value and want to calculate the present value. We will explain the
concept with an example. What is $1,320 worth today at a 10% annual interest rate? In other
words, how much do you have to invest today at a 10% annual interest rate to receive $1,320
after one year. We call the process of calculating the present value of a future value, discounting.
We can visualize this problem set as below.

First, this problem can be solved using the following equation:

3

PV = FVn / (1 + i)n = $1,320 / (1 + 10%)1 = $1,200

Using Simple Present Value Table, we can write the equation as
PV = FVn (PVIFi,n) = $1,320 (PVIF10%,1) = $1,320 0.9091 = $1,200
(PVIFi,n) is equal to 1 / (1 + i)n.
(PVIF10%,1) can be found from Simple Present Value Table by looking at the intersection of 10%
of interest rate (i) in columns and 1 of time period (n) in rows 0.9091.

4. Annuity
Up to this point, we calculated the future and present value of a single lump sum, but now we
are going to find the future value of a series of payments called annuity payments. An annuity
is defined as a series of payments of a fixed amount for a specified number of periods of equal
length. In other words, if there is the same amount of payment more than once over the same
length of interval, that entire cash flow is considered as an annuity. For example, if you deposit
$1,000 every year for 5 years, the entire cash flow is considered as an annuity; the same amount
of payments of $1,000 and the length of interval is a year. The timelines of this example can be
drawn as below:

If the third years deposit changes to $2,000, there is no longer one annuity, but are two annuities.

Examples of an annuity in our daily lives include the car payments you make to pay off a car
loan, the mortgage payments made to pay off a home mortgage, or even the lease payments you
make on an apartment rental to fulfill a rent contract. Of course, these examples call for monthly
payments (that is, compounding period is a month), but for the time being we will look at solving
problems with annual payments (that is, compounding period is a year). Later, we will deal with
monthly payments or other periodic payments (that is, compounding periods other than annual).
There are two types of annuity: 1) an ordinary annuity, and 2) an annuity due. In this course, we
will consider only an ordinary annuity. For an ordinary annuity, each payment or cash flow
happens at the end of each time period. In other words, the first payment happens at the end of
4

the first time period, the second payment happens at the end of the second time periods, and so
on, thus the last payment happens at the end of the last time period. In such case, the timeline of
the entire annuity begins one period ahead of the first payment and ends at the last payment. For
the example of the 5-year with $1,000 deposit, if we see this annuity as an ordinary annuity, we
can find out the beginning and ending lines of the annuity as below.

This ordinary annuity begins at year 0 and ends at year 5. We can determine the number of time
period (n) of this ordinary annuity, using either of the following two methods. First, it is the
number of payments so, you can simply count them. For the example, there are five payments
of $1,000, thus the number of time periods of the annuity (n) is five. The second method is to
use the beginning and ending lines; n = Ending Year Beginning Year. So, for the example, n is
5 (= 5 0). It is often easy to count the number of payments with relatively a small number of
payments, such as the above example. However, if we have to deal with a large number of
payments, such as a fixed amount of annual investment from your 23rd birthday to 65th birthday,
or monthly payments for 30 years (i.e., a 30-year mortgage payment), the second method will be
very useful.
Knowing the correct beginning and ending lines is critical to calculate the future and present
values of an annuity. It is because when we apply the future value concept to an annuity, we
basically calculate the value of the entire annuity at the ending line. For the example above, we
will be calculating the value of the entire annuity (including all five $1,000s over the five years)
at the end of Year 5. When we apply the present value concept to an annuity, we basically
calculate the value of the entire annuity at the beginning line. For the example above, we will be
calculating the value of the entire annuity at Year 0. Now, we will show how to calculate the
future and present values of an annuity (i.e., an ordinary annuity).

5. Future Value of an Annuity

Lets consider the following example to illustrate the future value of an annuity. If you deposit
$50,000 at the end of each year for the next four years, earning 10% annual interest, what will be
the value of your account at the end of Year 4? First, lets draw the timeline of this example.

We can first determine that the entire cash flow is an annuity. Second, we will consider this
annuity as an ordinary annuity (because in this course, we will consider all annuities as an
ordinary annuity), we can draw the beginning line of the annuity at Year 0 and the ending line at
Year 4. Now, our concern is to calculate the value of the annuity at the end of Year 4 (that is,
future value of the annuity). That is one of the two things that we can calculate by using the
annuity concept; again, we can calculate the value of the entire annuity either at the beginning
line (when we apply the present value concept) or ending line (when we apply the future value
concept). Thus, if we apply the future value concept to this annuity, we can solve the problem.
Using Time Value of Money Table (specifically, Future Value of an Ordinary Annuity Table)
and the following formula, we can accomplish the goal. The formula is
FVAn = PMT (FVIFAi,n)
where FVAn represents the future value of an annuity at the time period of n; PMT represents the
payment per period, and (FVIFAi,n) represents the future value interest factor of an annuity from
the table, using the interest rate of i and the number of time period of n.
Now, using this formula and the table, we can solve the future value of the annuity of the
example as follows:
FVA4 = $50,000 (FVIFA10%,4) = $50,000 4.6410 = $232,050
Thus, the future value of this annuity at Year 4 is $230,050.

6. Present Value of an Annuity

Now, we calculate the present value of an annuity. Lets say that you plan to withdraw $1,000
annually from an account at the end of each of the next five years. If the account pays 12%
interest annually, what must you deposit today to have just enough to cover the five withdrawals?
This can be viewed on a timeline as follows.

The timeline shows five annual payments of $1,000 each which consists of an ordinary annuity
and FVA=? indicates we are looking for the present value of this annuity including all five
payments. The beginning line of this ordinary annuity is Year 0 and the ending line is Year 5.
Therefore, when we apply the present value concept to this annuity, we calculate the value of the
entire annuity at the beginning line which happens to be Year 0. Now, we use the following
formula to solve the problem.
PVAn = PMT (PVIFAi,n)
where PVAn represents the present value of an annuity at the time period of n; PMT represents
the payment per period, and (PVIFAi,n) represents the present value interest factor of an annuity
from the table, using the interest rate of i and the number of time period of n.
By plugging numbers in this formula, we can solve the problem.
PVA5 = $1,000 (PVIFA12%,5) = $1,000 3.6048 = $3,604.80
Thus, the present value of this annuity (at Year 0) is $3,604.80.

7. Future Value of a Deferred Annuity

Now, lets consider the following example. Suppose that you would like to make an investment
of $3,000 annually starting at the end of year 1 for next 10 years (10 investments) at 12% return
rate. Then, put the entire money into a safer investment for additional 10 years at 8% return rate.
What will the future value of this investment at the end of year 20? Lets visualize this on a
timeline.

Now, we have to realize that we cannot calculate the future value of this annuity at Year 20 with
one step. It is because, by using the annuity concept, we can calculate the value of this annuity at
only two time periods, beginning (Year 10 in this case) and ending lines (Year 10 in this case).

In such case, we can achieve the ultimate goal of this problem (that is, to calculate the future
value at Year 20) with two steps. Those two steps are visualized on the timeline below.

With the first step, we can calculate the future value of the annuity at Year 10 (which is the
ending line of the annuity). Then, we will have one lump sum value of the annuity at Year 10.
Once we figure out such value, then we can calculate the simple future value of such one lump
sum at Year 20 which is the second step. Therefore, in the first step, we use the future value of
an annuity concept with the formula of FVAn = PMT (FVIFAi,n), then in the second step, we
use the simple future value concept with the formula of FVn = PV (FVIFi,n).
Lets see how the calculations can be done. First, the annuity has $3,000 of PMT for each year
for 10 years and the interest rate is 12%. By plugging these numbers into the formula, we can
calculate the future value of this annuity at the ending line of this annuity (which is, again, Year
10): FVA10 = $3,000 (FVIFA12%,10) = $3,000 17.5487 = $52,646.10. Lets see this on the
timeline.

Now, we took care of the annuity part, and have one lump sum of $52,646.10 at Year 10. With
the second step, we can calculate the future value of this one lump sum at Year 20 which is the
solution of this problem. For the second investment (from Year 10 to Year 20), the number of
time period is 10 (n) and the interest rate is 8% (i); FV10 = $52,646.10 (FVIF8%,10) =
$52,646.10 2.1589 = $113,658.98. So, the solution is $113,658.98.
We have to understand that the second part of this problem (that is, the second investment), the
timeline begins at Year 10 and ends at Year 20. The second investment does not concern Year 0
to Year 10. Therefore, FV10 represents the future value at the tenth year from the beginning of
this part (which is Year 10, not Year 0). So, FV10 means the future value at Year 20. In the
same vein, PV in the second investment is the value at Year 10, not Year 0. So, PV is
$52,646.10.
When we need two steps to solve the problem for an annuity, we call it a deferred annuity.
8

8. Present Value of a Deferred Annuity

Now, lets try to calculate the present value of a deferred annuity. Suppose there is an
investment that promises to pay you $100 annually beginning at the end of year 5 and continuing
until the end of year 10. If you decide 7 percent is an appropriate rate of return, what is the
present value of these cash flows? The timeline for this problem can be drawn as below.

Now, we have to realize that we cannot calculate the present value of this annuity at Year 0 with
one step. It is because, by using the annuity concept, we can calculate the value of this annuity at
only two time periods, beginning (Year 4 in this case) and ending lines (Year 10 in this case). In
such case, we can achieve the ultimate goal of this problem (that is, to calculate the value at Year
0) with two steps. Those two steps are visualized on the timeline below.

With the first step, we can calculate the present value of the annuity at Year 4 (which is the
beginning line of the annuity). Then, we will have one lump sum value of the annuity at Year 4.
Once we figure out such value, then we can calculate the simple present value of such one lump
sum at Year 0 which is the second step. Therefore, in the first step, we use the present value of
an annuity concept with the formula of PVAn = PMT (PVIFAi,n), then in the second step, we
use the simple present value concept with the formula of PVn = FV (PVIFi,n).
Lets see how the calculations can be done. First, the annuity has $100 of PMT for each year for
6 years and the interest rate is 7%. By plugging these numbers into the formula, we can calculate
the present value of this annuity at the ending line of this annuity (which is, again, Year 4): PVA4
= $100 (PVIFA7%,6) = $100 4.7665 = $476.65. Lets see this on the timeline.

Now, we took care of the annuity part, and have one lump sum of $476.65 at Year 4. With the
second step, we can calculate the present value of this one lump sum at Year 0 which is the
solution of this problem. For the second part (from Year 4 to Year 0), the number of time period
is 4 (n) and the interest rate is still 7% (i); PV0 = $476.65 (PVIF7%,4) = $476.65 0.7629 =
$363.64. So, the solution is $363.64. In other words, if you invest $363.64 today and earn 7%
annually, then you will be able to withdraw $100 from Year 5 to Year 10, annually.

9. Time Value of Non-Constant Cash Flows

Now, it is time to investigate how to value a complex stream of cash flows. Obviously not all
cash flow streams meet the definition of an annuity. Here, we deal with a stream of cash flows
that are not constant which possibly consists of both individual cash flows and an annuity(ies).
Lets try an example to illustrate the case. You are considering new kitchen equipment for your
restaurant that is expected to save you $1,000 the first year, $500 a year for years 2 through 5,
and $750 in the sixth year. If you believe 10 percent is a fair discount rate, what is the present
value of this non-constant stream of cash flow savings?

These six cash flows are not constant. This stream of cash flows includes three components: 1)
one lump sum of $1,000 from Year 1, 2) an annuity of $500 of PMT per year for 4 years from
Year 2 to Year 5, and 3) one lump sum of $750 from Year 6. Now, we just have to take care of
these three components, one by one. When you work on each component, you consider only that
component, ignoring other components. We can see these three components separately as below.
[The first component of $1,000]

10

[The second component of an annuity]

[The third component of $750]

Now, lets calculate the present values of each of the three components.
First, we can calculate the present value (Year 0) of one lump sum of $1,000 from Year 1 as
follows: PV0 = FV (PVIF10%, 1) = $1,000 (PVIF10%, 1) = $1,000 0.9091 = $909.10.
Second, to calculate the present value of the ordinary annuity (from Year 2 to Year 5), we have
to understand that this annuity is a deferred annuity. That means, we have to go through two
steps to solve this part of the problem. First, we have to find out the present value of the fourpayments (four annual $500s). The beginning line is Year 1 and ending line is Year 5.
Therefore, when we calculate the present value of this annuity, we calculate the value of this
annuity at the beginning line (Year 1) as follows: PVA1 = PMT (PVIFAi,n) = $500
(PVIFA10%,4) = $500 3.1699 = $1,584.95. Next, we have to calculate the present value (at
Year 0) of this lump sum of $1,584.95 from Year 1 by using the simple present value concept as
follows: PV0 = $1,584.95 (PVIF10%,1) = $1,584.95 0.9091 = $1,440.88.
Third, we calculate the present value (Year 0) of a lump sum of $750 from Year 6 as follows:
PV0 = FVn (PVIFi,n) = $750 (PVIF10%,6) = $750 0.5645 = $423.38.
Last, we can simply sum all of these three present values to calculate the present value of all
three components as follows: Total PV0 = $909.10 + $1,440.88 + $423.38 = $2,773.36.

10. Compounding Periods Other Than Annual

Up to this point, we have assumed annual compounding and annual payments. Yet there are
many real-world applications using compounding and payments that are not annual. In reality,
the interest can be compounded annually, semi-annually, quarterly, monthly or even daily. In
this section, we deal with compounding periods other than annual. Lets suppose that you have
$100 to invest for a year and have narrowed down your choices to two banks. The Blue Bank
pays 10% annually, compounded annually while the White Bank pays 10% annually,
compounded semi-annually (every six months). The difference between the two banks is
illustrated in the timelines below.
11

[Blue Bank]

[White Bank]

On the first timeline, $100 earns 10% interest once for one year (the compounding period is
annual) while on the second timeline, $100 earns 5% interest twice for one year (the
compounding period is semi-annual). As we can see from this example, with the given annual
rate (in this example, 10%), we earn more interest income when the interest is compounded more
often.
Now, lets see how we can calculate the future value of each case, using the formula. For the
Blue Bank case, the present value (PV) is $100, the number of compounding period (n) is 1, and
the interest per compounding period (i) is 10%. Thus, the future value can be calculated as
follows: FV1 = PV (FVIFi,n) = $100 (FVIF10%,1) = $100 1.1 = $110. For the White Bank
case, the present value (PV) is $100, same as the Blue Bank case. However, the number of
compounding period (n) is 2 for the White Bank because we have two six-months for a year.
Also, the interest rate per compounding period for the White Bank is 5%. It is the interest rate
per six months for the White Bank, so we can calculate it by dividing the annual rate (10%) by
the number of compounding period per year (n=2): 10% / 2 = 5%. Then, the future value can be
calculated as follows: FV2 = PV (FVIFi,n) = $100 (FVIF5%,2) = $100 1.1025 = $110.25.
Lets consider another example. If a bank pays 12% annual interest, compounded monthly, your
$100 deposit today will grow to $112.68 after one year: FV12 = PV (FVIFi,n) = $100
(FVIF1%,12) = $100 1.1268 = $112.68. The compounding period is a month, thus over the year,
there are 12 compounding periods (n=12). Also, the interest rate per compounding period is 1%
per month (=12% / 12 months).
The annual interest rate in these examples is called, nominal annual rate. When compounding
periods are not annual, the actual annual interest rate paid or received is referred to as the
effective annual rate which would be different from nominal annual interest rate. Considering
the Blue and White Bank example, we can calculate the effective annual rate for the White Bank
as follows: ($110.25 / $100) 1 = 1.1025 1 = 0.1025, 10.25%. Of course, the effective annual
12

rate for the Blue Bank is 10%, the same as the nominal annual interest rate, because the
compounding period is annual for the Blue Bank.
Lets try one more example. Suppose you are planning to invest in $1,000 of a certificate of
deposit for 10 years beginning today at 8% annual interest rate, compounded quarterly. What is
the future value of this investment and effect annual rate? First, the future value of the
investment can be calculated as follows: FVn = PV (FVIFi,n) = $1,000 (FVIF2%,40) = $1,000
2.2080 = $2,208. The number of compounding period (n) is 40: 4 quarters 10 years = 40
quarters. The interest rate per quarter (compounding period) is 2% (= 8% / 4 quarters). The
effect annual rate can be calculated as follows: (FV at Year 1 / PV) 1 = [(PV 1.0824) / PV]
1 = ($1,082.40 / $1,000) 1 = 1.0824 1 = 0.0824, 8.24%. Again, we can see that the effective
annual rate is greater than the nominal annual rate. We use only one year, not the entire 10-year
period, to calculate the effective annual rate because it is an annual rate.

11. When Payment is Unknown

Basically, to this point, we tried to calculate either future value or present value of a time value
of money problem. In this section, we discuss a case where we have three values available
(Interest Rate, Number of Periods, and Present or Future Value) and thus figure out the fourth
value of Payments.
Lets suppose that you are planning to buy a computer for $2,000 on a loan. You have to make
monthly payments for one year with the annual interest rate of 12%, compounded monthly. The
first payment starts at the end of the first month. How much do you have to pay per month? We
can draw the timeline as below.

In this case, we know three values: present value of $2,000, interest rate of 1% (12% / 12
months), and the number of compounding periods of 12 (= 12 months). Then, we should be able
to figure out the fourth value, payments (PMT). Clearly, these payments form an ordinary
annuity and the present value of the annuity is $2,000. Therefore, by applying the present value
concept to this annuity, we can solve the problem as follows:
PVA = PMT (PVIFAi,n)
$2,000 = PMT (PVIFA1%, 12)
$2,000 = PMT 11.2551
Then, divide the both sides by 11.2551; $2,000 / 11.2551 = (PMT 11.2551) / 11.2551
Then, PMT = $2,000 / 11.2551 = $177.70 (monthly payment)
Now, we can construct a table called, Amortization Table of this loan payment.
[Amortization Table]
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Month Payment Interest

Principal
0
1
177.70
20
157.70
2
177.70
18.42
159.28
3
177.70
16.83
160.87
4
177.70
15.22
162.48
5
177.70
13.60
164.10
6
177.70
11.96
165.74
7
177.70
10.30
167.40
8
177.70
8.62
169.08
9
177.70
6.93
170.77
10
177.70
5.23
172.47
11
177.70
3.50
174.20
12
177.70
1.76
175.94
Total
2132.40
132.371
2000

Balance
2000
1842.30
1683.02
1522.15
1359.67
1195.57
1029.83
862.43
693.35
522.58
350.11
175.91
0 (-0.03)

First, the balance starts as $2,000 today (Month 0). Then, after the first month, you make the
first monthly payment of $177.70 as calculated before. This monthly payment incurs for every
month for the entire period of 12 months, and consists of two components: interest payment and
principal payment. Interest payment is calculated by multiplying the balance by the interest rate
per compounding period. Thus, for the first month, the interest payment is calculated by the
balance of $2,000 by the interest rate of 1% per month; $20 = $2,000 1%. After the bank takes
this interest payment of $20 out of the monthly payment of $177.70, the remaining portion of the
monthly payment is $157.70 (= $177.70 $20) that is called Principal Payment. This principal
payment reduces the balance, thus the balance after the first month becomes $1,842.30 (= $2,000
$157.70). After the second month, you make another monthly payment of $177.70. The
interest payment for the second month is calculated by multiplying the balance of $1,842.30 by
the interest rate per month of 1% = $18.42. The principal payment is calculated after taking the
interest payment ($18.42) from the monthly payment ($177.70); $159.28 (=$177.70 $18.42).
The same procedure is repeated for the remaining 10 months. After making the last monthly
payment, the balance should become zero. In the table above, the final balance is -$0.03, not
exactly $0, just because the monthly payment used in this problem is a round-up value.

12. When Interest Rate is Unknown

In this section, we discuss a case where we have two or three values available (Number of
Periods, Present or Future Value, and/or Payments) and thus can figure out the interest rate.
Lets see an example. If you invest $4,000 in a certificate of deposit today, a bank promises the
certificate of deposit will be worth $5,000 in five years. What is your interest rate return on this
investment? Since we deal with one lump sum in this case, we apply either simply future or
present value concept. Lets use the simple future value;
FV = PV (FVIFi,n)
14

$5,000 = $4,000 (FVIFi,5)

Divide the both sides by $4,000; ($5,000 / $4,000) = ($4,000 (FVIFi,5))/$4,000
Then, (FVIFi,5) = $5,000 / $,4000 = 1.25
Now, we know the future value interest factor (with the number of period of 5) is 1.25. Then, we
can figure out the interest rate by looking at Simple Future Value Table. We know two values;
n of 5 and the interest factor of 1.25. Thus, in the row of 5 (n=5), we should be able to find the
interest factor of 1.25 or the closest number to 1.25. From the table, we can see that 1.2763 is
the closest value to 1.25, and this interest factor is in the column of 5%. Thus, the solution we
are looking for is 5% of interest rate.

15

[Problems]
1. What is the future value of $1,000 invested for five years at the following interest rates?
a. 5%
b. 8%
c. 10%
2. What is the future value of $1,000 invested at a 7 percent rate for the following length of time?
a. 2 years
b. 5 years
c. 10 years
3. What is the present value of $10,000 to be received in four years at the following interest rates?
a. 4%
b. 7%
c. 12%
4. Using an 8 percent interest rate, what is the present value of $10,000 to be received in the following
number of years?
a. 3 years
b. 6 years
c. 12 years
5. A bond issued by Frieds Restaurants pays no interest but will return $1,000 in 15 years. If you buy
the bond for $326.39 today, what will be your interest rate of return on the investment?
6. If you invest $4,000 in a certificate of deposit today, a bank promises the certificate of deposit will be
worth $5,000 in five years. What is your interest rate return on this investment?
7. Brewer Resort is considering the purchase of a piece of real estate for the future site if a new project.
The real estate costs $5 million. A bank has offered to finance the purchase at a 7 percent interest rate
with a 10 percent down payment. The loan would be repaid with 15 equal, annual, end-of-year
payments. If Brewer borrows the $4.5 million (90 percent of $5 million), what is the amount of each
payment?
8. Grace turned 25 years old today and would like to retire by the time of her 60th birthday. In addition
to social security and her company pension plan, she plans to invest $3,000 annually into an
investment that promises to return 9 percent annually. If her first $3,000 payment is on her 26th
birthday and her last $3,000 payment is on her 60th birthday, what will be the value of this investment
on her 60th birthday?

16

9. Andy wants to take out a loan to purchase a new home. He is willing to pay up to $10,000 at the end
of each of the next 30 years to repay the loan. If the loan interest rate is 6 percent, what is the most he
can borrow?
10. An investment costs $20,000 today and will return $3,000 at the end of each of the next 10 years.
What is the interest rate of return on this investment?
11. Carl would like to save $100,000 by his 40th birthday to pay for a special mildlife crisis vacation. He
plans to achieve this by investing equal annual amounts each year beginning on his 24th birthday and
ending and including a payment on his 40th birthday. If the investment pays an 11 percent interest
rate, what is the size of each annual payment Carl needs to invest?
12. An investment of $1,000 annually at the end of each year for the next 15 years will be worth $30,000
at the end of 15 years. What is the interest rate return on this investment?
13. A $20,000 loan requires equal annual end-of-year payments for four years. The interest rate is 10
percent.
a. What is the amount of each loan payment?
b. Construct a loan amortization schedule to include the amount of interest and principal paid each
year as well as the remaining balance at the end of each year.
14. A $100,000 loan requires equal annual end-of-year payments of $38,803.35 for three years.
a. What is the annual interest rate?
b. Construct a loan amortization schedule to include the amount of interest and principal paid each
year as well as the remaining balance at the end of each year.
15. An investment promises to return $2,000 at the end of each of the next 10 years and then $5,000 at
the end of each of the next five years (years 11 through 15). What is the value of this investment
today at a 7 percent interest rate?
16. An investment promises to return $8,000 at the end of each of the next eight years and then $3,000 at
the end of each of the remaining seven years (years 9 through 15). What is the value of this
investment today at a 9 percent interest rate?
17. You plan to invest $10,000 into a bank certificate of deposit for three years. The certificate of deposit
pays a 12 percent annual nominal rate. What is the value of your investment in three years if the 12
percent rate is compounded at the following periods?
a.
b.
c.
d.

annually
semiannually (every six months)
quarterly (every three months)
monthly

17

18. You plan to invest $5,000 into a bank certificate of deposit for five years. The certificate of deposit
pays a 6 percent annual nominal rate. What is the value of your investment in five years if the 6
percent rate is compounded at the following periods?
a.
b.
c.
d.

annually
semiannually (every six months)
quarterly (every three months)
monthly

19. An investment promises to return $1,000 annually with the first $1,000 to be received at the end of 10
years and the last $1,000 to be received at the end of 25 years. What is the value of this investment
today at a 7 percent rate of return?
20. An investment promises to return $1,500 annually with the first $1,500 to be received at the end of 5
years and the last $1,500 to be received at the end of 12 years. What is the value of this investment
today at a 5 percent rate of return?
21. Andy just won a lottery. The prize is 20 annual payments of $100,000 each with the first payment to
be today. What is the value of this prize (the 20 payments of $100,000 each) today at an 8 percent
interest rate?
22. You just celebrated your 25th birthday today. You plan to invest $1,000 annually, with the first
$1,000 invested today and the last invested on your 59th birthday.
a. What is the value of this investment on your 60th birthday if all invested funds earn 6 percent
annually?
b. What interest rate do you need to earn for the investment to be worth $150,000 on your 60th
birthday?
23. You just celebrated your 25th birthday today. You plan to invest $2,000 annually, with the first
$2,000 invested on your 26th birthday and the last invested on your 60th birthday.
a. What is the value of this investment on your 61st birthday if all invested funds earn 6 percent
annually?
b. What interest rate do you need to earn for the investment to be worth $300,000 on your 61st
birthday?
24. Mike is planning to provide for his sons future college tuition. He expects to need $40,000 in 15
years, $42,000 in 16 years, $45,000 in 17 years, and $50,000 in 18 years for this purpose. If he can
earn 10 percent annually, what single amount does he need to invest today to provide for his sons
future college tuition?
25. Mike is planning to provide for his sons future college tuition. He expects to need $40,000 in 15
years, $42,000 in 16 years, $45,000 in 17years, and $50,000 in 18 years for this purpose. He plans to
provide for this by investing equal annual end-of-year payments for the next 15 years. If he can earn
10 percent annually, what is the required amount of each payment?

18

26. Ted and Carol are planning to provide for their two daughters future college tuition. The oldest
daughter is expected to need $8,000 in 8 years, $9,000 in 9 years, $10,000 in 10 years, and $11,000 in
11 years. The youngest daughter is expected to need $14,000 in 14 years, $15,000 in 15 years,
$16,000 in 16 years, and $17,000 in 17 years. If Ted and Carol can earn 8 percent annually, what
single amount do they need to invest today to provide for their daughters future college tuition?
27. Ted and Carol are planning to provide for their two daughters future college tuition. The oldest
daughter is expected to need $8,000 in 8 years, $9,000 in 9 years, $10,000 in 10 years, and $11,000 in
11 years. The youngest daughter is expected to need $14,000 in 14 years, $15,000 in 15 years,
$16,000 in 16 years, and $17,000 in 17 years. Ted and Carol plan to provide for this by investing
equal annual end-of-year payments for the next 8 years. If they can earn 8 percent annually, what is
the required amount of each payment?
28. Larry plans to retire in his 60s. In addition to social security and his company pension plan, he has a
supplemental retirement investment plan. All funds invested in this plan will earn 12 percent
annually. From this supplemental investment plan, he hopes to make 20 annual withdrawals of
$100,000, with the first withdrawal on his 66th birthday and the last on his 85th birthday.
a. What single amount does Larry need to invest on his 30th birthday to provide for the 20
withdrawals of $100,000 each?
b. What equal annual payment does Larry need to invest in order to provide for the 20 withdrawals?
The first payment will be on his 31st birthday, and the last payment will be on his 65th birthday.
29. Larry plans to retire in his 60s. In addition to social security and his company pension plan, he has a
supplemental retirement investment plan. All funds invested in this plan will earn 12 percent
annually. From this supplemental investment plan, he hopes to withdraw $500,000 on his 66th
birthday and also make 20 annual withdrawals of $100,000, with the first withdrawal on his 66th
birthday and the last on his 85th birthday.
a. What single amount does Larry need to invest on his 30th birthday to provide for these
withdrawals?
b. What equal annual payment does Larry need to invest to provide for these withdrawals? The first
payment will be on his 31st birthday, and the last payment will be on his 65th birthday.
30. Larry plans to retire in his 60s. In addition to social security and his company pension plan, he has a
supplemental retirement investment plan. All funds invested in this plan will earn 12 percent
annually. Currently (assume today is Larrys 30th birthday), Larry has $15,000 invested in this plan.
From this supplemental investment plan, he hopes to withdraw $500,000 on his 66th birthday and also
make 20 annual withdrawals of $100,000, with the first withdrawal on his 66th birthday and the last
on his 85th birthday.
a. To provide for these withdrawals, what single amount does Larry need to invest on his 30th
birthday in addition to the $15,000 already there?
b. To provide for these withdrawals, what equal annual payment does Larry need to invest in
addition to the $15,000 already there? The first payment will be on his 31st birthday, and the last
payment will be on his 65th birthday.

19

Answers to Problem Sets

Time Value of Money

1.
a. FV = PV FVIF (5%, 5) = $1,000 1.2763 = $1,276.30
b. FV = PV FVIF (8%, 5) = $1,000 1.4693 = $1,469.30
c. FV = PV FVIF (10%, 5) = $1,000 1.6105 = $1,610.50
2.
a. FV = PV FVIF (7%, 2) = $1,000 1.1449 = $1,144.90
b. FV = PV FVIF (7%, 5) = $1,000 1.4026 = $1,402.60
c. FV = PV FVIF (7%, 10) = $1,000 1.9672 = $1,967.20
3.
a. PV = FV PVIF (4%, 4) = $10,000 0.8548 = $8,548
b. PV = FV PVIF (7%, 4) = $10,000 0.7629 = $7,629
c. PV = FV PVIF (12%, 4) = $10,000 0.6355 = $6,355
4.
a. PV = FV PVIF (8%, 3) = $10,000 0.7938 = $7,938
b. PV = FV PVIF (8%, 6) = $10,000 0.6302 = $6,302
c. PV = FV PVIF (8%, 12) = $10,000 0.3971 = $3,971
5.
FV = PV FVIF (i=?, n=15)
$1,000 = $326.39 FVIF (i=?, n=15)
FIVF (i=?, n=15) = $1,000 / 326.39 = 3.0638
From the table of Simple Future Value, i=8% (approximately)
6.
FV = PV FVIF (i=?, n=5)
$5,000 = $4,000 FVIF (i=?, n=5)
FIVF (i=?, n=5) = $5,000 / 4,000 = 1.25
From the table of Simple Future Value, i=5% (approximately)
7.
20

The loan is structured as an ordinary annuity where $4,500,000 is the present value of the
annuity.
PVA = CF PVIFA (7%, 15)
$4,500,000 = CF 9.1079
CF = $4,500,000 / 9.1079 = 494.076.57
8.
This investment is structured as an ordinary annuity where the value on Graces 60th birthday is
the future value of the annuity.
FVA = $3,000 FVIFA (9%, 35) = $3,000 215.7108 = $647,132.40
9.
This loan is structured as an ordinary annuity where the most Andy can borrow is the present
value of the annuity.
PVA = $10,000 PVIFA (6%, 30) = $10,000 13.7648 = $137,648
10.
PVA = CF PVIFA (i=?, n=10)
$20,000 = $3,000 PVIFA (i=?, n=10)
PVIFA (i=?, n=10) = $20,000 / $3,000 = 6.6667
From the table of Present Value of an Ordinary Annuity, i=8% (approximately)
11.
This investment is structured as an ordinary annuity where $100,000 is the future value of the
annuity.
FVA = CF FVIFA (11%, 17)
$100,000 = CF 44.5008
CF = $100,000 / 44.5008 = $2,247.15
12.
FVA = CF FVIFA (i=?, n=15)
$30,000 = $1,000 FVIFA (i=?, n=15)
FVIFA (i=?, n=15) = $30,000 / $1,000 = 30
From the table of Future Value of an Ordinary Annuity, i=9% (approximately)
21

13.
(a)
PVA = CF PVIFA (10%, 4)
$20,000 = CF 3.1699
CF = $20,000 / 3.1699 = $6,309.35
14.
(a)
PVA = CF PVIFA (i=?, n=3)
$100,000 = $38,803.35 PVIFA (i=?, n=3)
PVIFA (i=?, n=3) = 2.5771
From the table of Present Value of an Ordinary Annuity, i=8% (approximately)
15.
The value of the investment today is the present value of a 10 payment ordinary annuity plus the
present value of a 5 payment deferred annuity.
There are two annuities. The first one is:
PVA = $2,000 PVIFA (7%, 10) = $2,000 7.0236 = $14,047.20
The second annuity is a deferred annuity as follows:
PVA = $5,000 PVIFA (7%, 5) = $5,000 4.1002 = $20,501 (at the end of Year 10)
PV = FV10 PVIF (7%, 10) = $20,501 0.5083 = $10,420.66
Total PV = $14,047.20 + $10,420.66 = $24,467.86
16.
The value of the investment today is the present value of an 8 payment ordinary annuity plus the
present value of a 7 payment deferred annuity.
There are two annuities. The first one is:
PVA = $8,000 PVIFA (9%, 8) = $8,000 5.5348 = $44,278.40
The second annuity is a deferred annuity as follows:
22

PVA = $3,000 PVIFA (9%, 7) = $3,000 5.0330 = $15,099 (at the end of Year 8)
PV = FV8 PVIF (9%, 8) = $15,099 0.5019 = $7,578.19
Total PV = $44,278.40 + $7,578.19 = $51,856.59
17.
We incorporate the compounding into the future value of a single lump sum equation.
a. FV = $10,000 FVIF (12%, 3) = $10,000 1.4049 = $14,049
b. FV = $10,000 FVIF (6%, 6) = $10,000 1.4185 = $14,185
6% = 12% (Annual Nominal Rate) / 2 (Annual Compounding Periods)
6 = 2 (Annual Compounding Periods) 3 (Number of Years)
c. FV = $10,000 FVIF (3%, 12) = $10,000 1.4258 = $14,258
3% = 12% (Annual Nominal Rate) / 4 (Annual Compounding Periods)
12 = 4 (Annual Compounding Periods) 3 (Number of Years)
d. FV = $10,000 FVIF (1%, 36) = $10,000 1.4308 = $14,308
1% = 12% (Annual Nominal Rate) / 12 (Annual Compounding Periods)
36 = 12 (Annual Compounding Periods) 3 (Number of Years)
18.
We incorporate the compounding into the future value of a single lump sum equation.
a. FV = $5,000 FVIF (6%, 5) = $5,000 1.3382 = $6,691
b. FV = $5,000 FVIF (3%, 10) = $5,000 1.3439 = $6,719.50
3% = 6% (Annual Nominal Rate) / 2 (Annual Compounding Periods)
10 = 2 (Annual Compounding Periods) 5 (Number of Years)
c. Not possible with using the tables.
d. Not possible with using the tables.
19.
This investment is structured as a deferred annuity where the value today is the present value of
the deferred annuity.
PVA = $1,000 PVIFA (7%, 16) = $1,000 9.4466 = $9,446.60 (at the end of Year 9)
23

PV = $9,446.60 PVIF (7%, 9) = $9,446.60 0.5439 = $5,138.01

20.
This investment is structured as a deferred annuity where the value today is the present value of
the deferred annuity.
PVA = $1,500 PVIFA (5%, 8) = $1,500 6.4632 = $9,694.80 (at the end of Year 9)
PV = $9,694.80 PVIF (5%, 4) = $9,694.80 0.8227 = $7,975.91
21.
The value of the prize today is the present value of an annuity due. It is an annuity due because
the first payment of $100,000 is today, the same date as the present value.
PVAD = CF PVIFA (8%, 20) (1+i) = $100,000 9.8181 1.08 = $1,060,354.80
22.
The value of this investment on your 60th birthday is the future value of an annuity due. It is an
annuity due because the future value is one period after the last payment.
a. FVAD = CF FVIFA (6%, 35) (1+i) = $1,000 111.4348 1.06 = $118,120.89
b. Not possible with using the tables.
23.
a. FVAD = CF FVIFA (6%, 35) (1+i) = $2,000 111.4348 1.06 = $236,241
b. Not possible with using the tables.
24.
The single amount Mike needs to invest today is the present value of a series of non-constant
cash flows.
PV = [$40,000 PVIF (10%, 15)] + [$42,000 PVIF (10%, 16)] + [$45,000 PVIF (10%, 17)]
+ [$50,000 PVIF (10%, 18)]
= [$40,000 0.2394] + [$42,000 0.2176] + [$45,000 0.1978] + [$50,000 0.1799]
= $9,576 + $9,139.20 + $8,901 + $8,995 = $36,611.20
25.
The first step is to find the value of the four uneven cash flows at year 15 or year 0. If at year 15,
this value is the future value of the 15-payment annuity. If at year 0, this value is the present
value of the 15-payment annuity. Lets use the later approach since we have already computed
the value of the four uneven cash flows at year 0 to answer Problem #24.

24

PVA = CF PVIFA (10%, 15)

$36,611.20 = CF 7.6061
CF = $36,611.20 / 7.6061 = $4,813.40
26.
The single amount Ted and Carol need to invest today is the present value of a series of nonconstant cash flows.
PV = [$8,000 PVIF (8%, 8)] + [$9,000 PVIF (8%, 9)] + [$10,000 PVIF (8%, 10)] +
[$11,000 PVIF (8%, 11)] + [$14,000 PVIF (8%, 14)] + [$15,000 PVIF (8%, 15)] +
[$16,000 PVIF (8%, 16)] + [$17,000 PVIF (8%, 17)]
= [$8,000 0.5403] + [$9,000 0.5002)] + [$10,000 0.4632)] + [$11,000 0.4289)] +
[$14,000 0.3405] + [$15,000 0.3152] + [$16,000 0.2919] + [$17,000 0.2703]
= $4,322.40 + $4,501.80 + $4,632 + $4,717.90 + $4.767 + $4,728 + $4,670.40 + $4,595.10 =
$ 36,934.60
27.
The first step is to find the value of the eight uneven cash flows at year 8 or year 0. If at year 8,
this value is the future value of the 8-payment annuity. If at year 0, this value is the present
value of the 8-payment annuity. Lets use the later approach since we have already computed
the value of the eight uneven cash flows at year 0 to answer Problem #26.
PVA = CF PVIFA (8%, 8)
$36,934.60 = CF 5.7466
CF = $36,934.60 / 5.7466 = $6,427.21
28.
a. This can be solved as the present value of a deferred annuity. The present value is the single
amount Larry needs on his 30th birthday. This is a deferred annuity because the payments begin
36 years later after the present value.
PVA = CF PVIFA (12%, 20) = $100,000 7.4694 = $746,940 (at the end of Year 65)
PV = FV PVIF (12%, 35) = $746,940 0.0189 = $14,117.17
b. The first step is to find the value of the twenty $100,000 annuity cash flows at year 65 or year
30. If at year 65, this value is the future value of the 35-payment annuity. If at year 30, this
value is the present value of the 35-payment annuity. Lets use the later approach since we have
already computed the value of the twenty $100,000 cash flows at year 30 to answer part a.
PVA = CF PVIFA (12%, 35)
25

$14,117.17 = CF 8.1755
CF = $14,117.17 / 8.1755 = $1,726.77
29.
a. This can be solved as the present value of a deferred annuity plus the present value of the
$500,000. Both present values need to be on Larrys 30th birthday and then added together for
the answer. The annuity is deferred because the payments begin 36 years later after the present
value on the 30th birthday.
Total PV
= PV (from #28, part a.) + [$500,000 PVIF (12%, 36)]
= $14,117.17 + [$500,000 0.0169] = $14,117.17 + $8,450
= 22,567.17
b. The first step is to find the value of the $500,000 and the twenty $100,000 annuity cash flows
at year 65 or year 30. If at year 65, this value is the future value of the 35-payment annuity. If at
year 30, this value is the present value of the 35-payment annuity. Lets use the later approach
since we have already computed the value of the $500,000 and the twenty $100,000 cash flows
at year 30 to answer part a.
PVA = CF PVIFA (12%, 35)
$22,567.17 = CF 8.1755
CF = $22,567.17 / 8.1755 = $2,760.34
30.
a. This can be solved as the present value of a deferred annuity plus the present value of the
$500,000 minus the $15,000 already invested. Both present values need to be computed to
Larrys 30th birthday, added together and then subtract the $15,000. The annuity is deferred
because the payments begin 36 years later after the present value on the 30th birthday.
PV = $22,567.17 (from #29, part a.) - $15,000 = $7,567.17
b. The first step is to find the value of the $500,000 and the twenty $100,000 annuity cash flows
at year 30. Then subtract the $15,000 from the sum of these two numbers. This value is the
present value of the 35-payment annuity and this value has already been computed to answer part
a.
PVA = CF PVIFA (12%, 35)
$7,567.17 = CF 8.1755
CF = $7,567.17 / 8.1755 = $925.59
26

APPENDIX
[Simple Future Value Table]
N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

1%
1.0100
1.0201
1.0303
1.0406
1.0510
1.0615
1.0721
1.0829
1.0937
1.1046
1.1157
1.1268
1.1381
1.1495
1.1610
1.1726
1.1843
1.1961
1.2081
1.2202
1.2324
1.2447
1.2572
1.2697
1.2824
1.2953
1.3082
1.3213
1.3345
1.3478
1.3613
1.3749
1.3887
1.4026
1.4166
1.4308
1.4451
1.4595
1.4741
1.4889
1.5038
1.5188
1.5340
1.5493
1.5648
1.5805
1.5963
1.6122
1.6283
1.6446

2%
1.0200
1.0404
1.0612
1.0824
1.1041
1.1262
1.1487
1.1717
1.1951
1.2190
1.2434
1.2682
1.2936
1.3195
1.3459
1.3728
1.4002
1.4282
1.4568
1.4859
1.5157
1.5460
1.5769
1.6084
1.6406
1.6734
1.7069
1.7410
1.7758
1.8114
1.8476
1.8845
1.9222
1.9607
1.9999
2.0399
2.0807
2.1223
2.1647
2.2080
2.2522
2.2972
2.3432
2.3901
2.4379
2.4866
2.5363
2.5871
2.6388
2.6916

3%
1.0300
1.0609
1.0927
1.1255
1.1593
1.1941
1.2299
1.2668
1.3048
1.3439
1.3842
1.4258
1.4685
1.5126
1.5580
1.6047
1.6528
1.7024
1.7535
1.8061
1.8603
1.9161
1.9736
2.0328
2.0938
2.1566
2.2213
2.2879
2.3566
2.4273
2.5001
2.5751
2.6523
2.7319
2.8139
2.8983
2.9852
3.0748
3.1670
3.2620
3.3599
3.4607
3.5645
3.6715
3.7816
3.8950
4.0119
4.1323
4.2562
4.3839

4%
1.0400
1.0816
1.1249
1.1699
1.2167
1.2653
1.3159
1.3686
1.4233
1.4802
1.5395
1.6010
1.6651
1.7317
1.8009
1.8730
1.9479
2.0258
2.1068
2.1911
2.2788
2.3699
2.4647
2.5633
2.6658
2.7725
2.8834
2.9987
3.1187
3.2434
3.3731
3.5081
3.6484
3.7943
3.9461
4.1039
4.2681
4.4388
4.6164
4.8010
4.9931
5.1928
5.4005
5.6165
5.8412
6.0748
6.3178
6.5705
6.8333
7.1067

5%
1.0500
1.1025
1.1576
1.2155
1.2763
1.3401
1.4071
1.4775
1.5513
1.6289
1.7103
1.7959
1.8856
1.9799
2.0789
2.1829
2.2920
2.4066
2.5270
2.6533
2.7860
2.9253
3.0715
3.2251
3.3864
3.5557
3.7335
3.9201
4.1161
4.3219
4.5380
4.7649
5.0032
5.2533
5.5160
5.7918
6.0814
6.3855
6.7048
7.0400
7.3920
7.7616
8.1497
8.5572
8.9850
9.4343
9.9060
10.4013
10.9213
11.4674

6%
1.0600
1.1236
1.1910
1.2625
1.3382
1.4185
1.5036
1.5938
1.6895
1.7908
1.8983
2.0122
2.1329
2.2609
2.3966
2.5404
2.6928
2.8543
3.0256
3.2071
3.3996
3.6035
3.8197
4.0489
4.2919
4.5494
4.8223
5.1117
5.4184
5.7435
6.0881
6.4534
6.8406
7.2510
7.6861
8.1473
8.6361
9.1543
9.7035
10.2857
10.9029
11.5570
12.2505
12.9855
13.7646
14.5905
15.4659
16.3939
17.3775
18.4202

7%
1.0700
1.1449
1.2250
1.3108
1.4026
1.5007
1.6058
1.7182
1.8385
1.9672
2.1049
2.2522
2.4098
2.5785
2.7590
2.9522
3.1588
3.3799
3.6165
3.8697
4.1406
4.4304
4.7405
5.0724
5.4274
5.8074
6.2139
6.6488
7.1143
7.6123
8.1451
8.7153
9.3253
9.9781
10.6766
11.4239
12.2236
13.0793
13.9948
14.9745
16.0227
17.1443
18.3444
19.6285
21.0025
22.4726
24.0457
25.7289
27.5299
29.4570

27

8%
1.0800
1.1664
1.2597
1.3605
1.4693
1.5869
1.7138
1.8509
1.9990
2.1589
2.3316
2.5182
2.7196
2.9372
3.1722
3.4259
3.7000
3.9960
4.3157
4.6610
5.0338
5.4365
5.8715
6.3412
6.8485
7.3964
7.9881
8.6271
9.3173
10.0627
10.8677
11.7371
12.6760
13.6901
14.7853
15.9682
17.2456
18.6253
20.1153
21.7245
23.4625
25.3395
27.3666
29.5560
31.9204
34.4741
37.2320
40.2106
43.4274
46.9016

9%
1.0900
1.1881
1.2950
1.4116
1.5386
1.6771
1.8280
1.9926
2.1719
2.3674
2.5804
2.8127
3.0658
3.3417
3.6425
3.9703
4.3276
4.7171
5.1417
5.6044
6.1088
6.6586
7.2579
7.9111
8.6231
9.3992
10.2451
11.1671
12.1722
13.2677
14.4618
15.7633
17.1820
18.7284
20.4140
22.2512
24.2538
26.4367
28.8160
31.4094
34.2363
37.3175
40.6761
44.3370
48.3273
52.6767
57.4176
62.5852
68.2179
74.3575

10%
1.1000
1.2100
1.3310
1.4641
1.6105
1.7716
1.9487
2.1436
2.3579
2.5937
2.8531
3.1384
3.4523
3.7975
4.1772
4.5950
5.0545
5.5599
6.1159
6.7275
7.4002
8.1403
8.9543
9.8497
10.8347
11.9182
13.1100
14.4210
15.8631
17.4494
19.1943
21.1138
23.2252
25.5477
28.1024
30.9127
34.0039
37.4043
41.1448
45.2593
49.7852
54.7637
60.2401
66.2641
72.8905
80.1795
88.1975
97.0172
106.7190
117.3909

11%
1.1100
1.2321
1.3676
1.5181
1.6851
1.8704
2.0762
2.3045
2.5580
2.8394
3.1518
3.4985
3.8833
4.3104
4.7846
5.3109
5.8951
6.5436
7.2633
8.0623
8.9492
9.9336
11.0263
12.2392
13.5855
15.0799
16.7386
18.5799
20.6237
22.8923
25.4104
28.2056
31.3082
34.7521
38.5749
42.8181
47.5281
52.7562
58.5593
65.0009
72.1510
80.0876
88.8972
98.6759
109.5302
121.5786
134.9522
149.7970
166.2746
184.5648

12%
1.1200
1.2544
1.4049
1.5735
1.7623
1.9738
2.2107
2.4760
2.7731
3.1058
3.4785
3.8960
4.3635
4.8871
5.4736
6.1304
6.8660
7.6900
8.6128
9.6463
10.8038
12.1003
13.5523
15.1786
17.0001
19.0401
21.3249
23.8839
26.7499
29.9599
33.5551
37.5817
42.0915
47.1425
52.7996
59.1356
66.2318
74.1797
83.0812
93.0510
104.2171
116.7231
130.7299
146.4175
163.9876
183.6661
205.7061
230.3908
258.0377
289.0022

13%
1.1300
1.2769
1.4429
1.6305
1.8424
2.0820
2.3526
2.6584
3.0040
3.3946
3.8359
4.3345
4.8980
5.5348
6.2543
7.0673
7.9861
9.0243
10.1974
11.5231
13.0211
14.7138
16.6266
18.7881
21.2305
23.9905
27.1093
30.6335
34.6158
39.1159
44.2010
49.9471
56.4402
63.7774
72.0685
81.4374
92.0243
103.9874
117.5058
132.7816
150.0432
169.5488
191.5901
216.4968
244.6414
276.4448
312.3826
352.9923
398.8813
450.7359

[Simple Present Value Table]

N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

1%
0.9901
0.9803
0.9706
0.9610
0.9515
0.9420
0.9327
0.9235
0.9143
0.9053
0.8963
0.8874
0.8787
0.8700
0.8613
0.8528
0.8444
0.8360
0.8277
0.8195
0.8114
0.8034
0.7954
0.7876
0.7798
0.7720
0.7644
0.7568
0.7493
0.7419
0.7346
0.7273
0.7201
0.7130
0.7059
0.6989
0.6920
0.6852
0.6784
0.6717
0.6650
0.6584
0.6519
0.6454
0.6391
0.6327
0.6265
0.6203
0.6141
0.6080

2%
0.9804
0.9612
0.9423
0.9238
0.9057
0.8880
0.8706
0.8535
0.8368
0.8203
0.8043
0.7885
0.7730
0.7579
0.7430
0.7284
0.7142
0.7002
0.6864
0.6730
0.6598
0.6468
0.6342
0.6217
0.6095
0.5976
0.5859
0.5744
0.5631
0.5521
0.5412
0.5306
0.5202
0.5100
0.5000
0.4902
0.4806
0.4712
0.4619
0.4529
0.4440
0.4353
0.4268
0.4184
0.4102
0.4022
0.3943
0.3865
0.3790
0.3715

3%
0.9709
0.9426
0.9151
0.8885
0.8626
0.8375
0.8131
0.7894
0.7664
0.7441
0.7224
0.7014
0.6810
0.6611
0.6419
0.6232
0.6050
0.5874
0.5703
0.5537
0.5375
0.5219
0.5067
0.4919
0.4776
0.4637
0.4502
0.4371
0.4243
0.4120
0.4000
0.3883
0.3770
0.3660
0.3554
0.3450
0.3350
0.3252
0.3158
0.3066
0.2976
0.2890
0.2805
0.2724
0.2644
0.2567
0.2493
0.2420
0.2350
0.2281

4%
0.9615
0.9246
0.8890
0.8548
0.8219
0.7903
0.7599
0.7307
0.7026
0.6756
0.6496
0.6246
0.6006
0.5775
0.5553
0.5339
0.5134
0.4936
0.4746
0.4564
0.4388
0.4220
0.4057
0.3901
0.3751
0.3607
0.3468
0.3335
0.3207
0.3083
0.2965
0.2851
0.2741
0.2636
0.2534
0.2437
0.2343
0.2253
0.2166
0.2083
0.2003
0.1926
0.1852
0.1780
0.1712
0.1646
0.1583
0.1522
0.1463
0.1407

5%
0.9524
0.9070
0.8638
0.8227
0.7835
0.7462
0.7107
0.6768
0.6446
0.6139
0.5847
0.5568
0.5303
0.5051
0.4810
0.4581
0.4363
0.4155
0.3957
0.3769
0.3589
0.3418
0.3256
0.3101
0.2953
0.2812
0.2678
0.2551
0.2429
0.2314
0.2204
0.2099
0.1999
0.1904
0.1813
0.1727
0.1644
0.1566
0.1491
0.1420
0.1353
0.1288
0.1227
0.1169
0.1113
0.1060
0.1009
0.0961
0.0916
0.0872

6%
0.9434
0.8900
0.8396
0.7921
0.7473
0.7050
0.6651
0.6274
0.5919
0.5584
0.5268
0.4970
0.4688
0.4423
0.4173
0.3936
0.3714
0.3503
0.3305
0.3118
0.2942
0.2775
0.2618
0.2470
0.2330
0.2198
0.2074
0.1956
0.1846
0.1741
0.1643
0.1550
0.1462
0.1379
0.1301
0.1227
0.1158
0.1092
0.1031
0.0972
0.0917
0.0865
0.0816
0.0770
0.0727
0.0685
0.0647
0.0610
0.0575
0.0543

7%
0.9346
0.8734
0.8163
0.7629
0.7130
0.6663
0.6227
0.5820
0.5439
0.5083
0.4751
0.4440
0.4150
0.3878
0.3624
0.3387
0.3166
0.2959
0.2765
0.2584
0.2415
0.2257
0.2109
0.1971
0.1842
0.1722
0.1609
0.1504
0.1406
0.1314
0.1228
0.1147
0.1072
0.1002
0.0937
0.0875
0.0818
0.0765
0.0715
0.0668
0.0624
0.0583
0.0545
0.0509
0.0476
0.0445
0.0416
0.0389
0.0363
0.0339

28

8%
0.9259
0.8573
0.7938
0.7350
0.6806
0.6302
0.5835
0.5403
0.5002
0.4632
0.4289
0.3971
0.3677
0.3405
0.3152
0.2919
0.2703
0.2502
0.2317
0.2145
0.1987
0.1839
0.1703
0.1577
0.1460
0.1352
0.1252
0.1159
0.1073
0.0994
0.0920
0.0852
0.0789
0.0730
0.0676
0.0626
0.0580
0.0537
0.0497
0.0460
0.0426
0.0395
0.0365
0.0338
0.0313
0.0290
0.0269
0.0249
0.0230
0.0213

9%
0.9174
0.8417
0.7722
0.7084
0.6499
0.5963
0.5470
0.5019
0.4604
0.4224
0.3875
0.3555
0.3262
0.2992
0.2745
0.2519
0.2311
0.2120
0.1945
0.1784
0.1637
0.1502
0.1378
0.1264
0.1160
0.1064
0.0976
0.0895
0.0822
0.0754
0.0691
0.0634
0.0582
0.0534
0.0490
0.0449
0.0412
0.0378
0.0347
0.0318
0.0292
0.0268
0.0246
0.0226
0.0207
0.0190
0.0174
0.0160
0.0147
0.0134

10%
0.9091
0.8264
0.7513
0.6830
0.6209
0.5645
0.5132
0.4665
0.4241
0.3855
0.3505
0.3186
0.2897
0.2633
0.2394
0.2176
0.1978
0.1799
0.1635
0.1486
0.1351
0.1228
0.1117
0.1015
0.0923
0.0839
0.0763
0.0693
0.0630
0.0573
0.0521
0.0474
0.0431
0.0391
0.0356
0.0323
0.0294
0.0267
0.0243
0.0221
0.0201
0.0183
0.0166
0.0151
0.0137
0.0125
0.0113
0.0103
0.0094
0.0085

11%
0.9009
0.8116
0.7312
0.6587
0.5935
0.5346
0.4817
0.4339
0.3909
0.3522
0.3173
0.2858
0.2575
0.2320
0.2090
0.1883
0.1696
0.1528
0.1377
0.1240
0.1117
0.1007
0.0907
0.0817
0.0736
0.0663
0.0597
0.0538
0.0485
0.0437
0.0394
0.0355
0.0319
0.0288
0.0259
0.0234
0.0210
0.0190
0.0171
0.0154
0.0139
0.0125
0.0112
0.0101
0.0091
0.0082
0.0074
0.0067
0.0060
0.0054

12%
0.8929
0.7972
0.7118
0.6355
0.5674
0.5066
0.4523
0.4039
0.3606
0.3220
0.2875
0.2567
0.2292
0.2046
0.1827
0.1631
0.1456
0.1300
0.1161
0.1037
0.0926
0.0826
0.0738
0.0659
0.0588
0.0525
0.0469
0.0419
0.0374
0.0334
0.0298
0.0266
0.0238
0.0212
0.0189
0.0169
0.0151
0.0135
0.0120
0.0107
0.0096
0.0086
0.0076
0.0068
0.0061
0.0054
0.0049
0.0043
0.0039
0.0035

13%
0.8850
0.7831
0.6931
0.6133
0.5428
0.4803
0.4251
0.3762
0.3329
0.2946
0.2607
0.2307
0.2042
0.1807
0.1599
0.1415
0.1252
0.1108
0.0981
0.0868
0.0768
0.0680
0.0601
0.0532
0.0471
0.0417
0.0369
0.0326
0.0289
0.0256
0.0226
0.0200
0.0177
0.0157
0.0139
0.0123
0.0109
0.0096
0.0085
0.0075
0.0067
0.0059
0.0052
0.0046
0.0041
0.0036
0.0032
0.0028
0.0025
0.0022

[Future Value of an Ordinary Annuity Table]

N

1%

2%

3%

4%

5%

6%

7%

8%

9%

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

2.0100

2.0200

2.0300

2.0400

2.0500

2.0600

2.0700

2.0800

2.0900

2.1000

2.1100

2.1200

2.1300

3.0301

3.0604

3.0909

3.1216

3.1525

3.1836

3.2149

3.2464

3.2781

3.3100

3.3421

3.3744

3.4069

4.0604

4.1216

4.1836

4.2465

4.3101

4.3746

4.4399

4.5061

4.5731

4.6410

4.7097

4.7793

4.8498

5.1010

5.2040

5.3091

5.4163

5.5256

5.6371

5.7507

5.8666

5.9847

6.1051

6.2278

6.3528

6.4803

6.1520

6.3081

6.4684

6.6330

6.8019

6.9753

7.1533

7.3359

7.5233

7.7156

7.9129

8.1152

8.3227

7.2135

7.4343

7.6625

7.8983

8.1420

8.3938

8.6540

8.9228

9.2004

9.4872

9.7833

10.0890

10.4047

8.2857

8.5830

8.8923

9.2142

9.5491

9.8975

10.2598

10.6366

11.0285

11.4359

11.8594

12.2997

12.7573

9.3685

9.7546

10.1591

10.5828

11.0266

11.4913

11.9780

12.4876

13.0210

13.5795

14.1640

14.7757

15.4157

10

10.4622

10.9497

11.4639

12.0061

12.5779

13.1808

13.8164

14.4866

15.1929

15.9374

16.7220

17.5487

18.4197

11

11.5668

12.1687

12.8078

13.4864

14.2068

14.9716

15.7836

16.6455

17.5603

18.5312

19.5614

20.6546

21.8143

12

12.6825

13.4121

14.1920

15.0258

15.9171

16.8699

17.8885

18.9771

20.1407

21.3843

22.7132

24.1331

25.6502

13

13.8093

14.6803

15.6178

16.6268

17.7130

18.8821

20.1406

21.4953

22.9534

24.5227

26.2116

28.0291

29.9847

14

14.9474

15.9739

17.0863

18.2919

19.5986

21.0151

22.5505

24.2149

26.0192

27.9750

30.0949

32.3926

34.8827

15

16.0969

17.2934

18.5989

20.0236

21.5786

23.2760

25.1290

27.1521

29.3609

31.7725

34.4054

37.2797

40.4175

16

17.2579

18.6393

20.1569

21.8245

23.6575

25.6725

27.8881

30.3243

33.0034

35.9497

39.1899

42.7533

46.6717

17

18.4304

20.0121

21.7616

23.6975

25.8404

28.2129

30.8402

33.7502

36.9737

40.5447

44.5008

48.8837

53.7391

18

19.6147

21.4123

23.4144

25.6454

28.1324

30.9057

33.9990

37.4502

41.3013

45.5992

50.3959

55.7497

61.7251

19

20.8109

22.8406

25.1169

27.6712

30.5390

33.7600

37.3790

41.4463

46.0185

51.1591

56.9395

63.4397

70.7494

20

22.0190

24.2974

26.8704

29.7781

33.0660

36.7856

40.9955

45.7620

51.1601

57.2750

64.2028

72.0524

80.9468

21

23.2392

25.7833

28.6765

31.9692

35.7193

39.9927

44.8652

50.4229

56.7645

64.0025

72.2651

81.6987

92.4699

22

24.4716

27.2990

30.5368

34.2480

38.5052

43.3923

49.0057

55.4568

62.8733

71.4027

81.2143

92.5026

105.4910

23

25.7163

28.8450

32.4529

36.6179

41.4305

46.9958

53.4361

60.8933

69.5319

79.5430

91.1479

104.6029

120.2048

24

26.9735

30.4219

34.4265

39.0826

44.5020

50.8156

58.1767

66.7648

76.7898

88.4973

102.1742

118.1552

136.8315

25

28.2432

32.0303

36.4593

41.6459

47.7271

54.8645

63.2490

73.1059

84.7009

98.3471

114.4133

133.3339

155.6196

26

29.5256

33.6709

38.5530

44.3117

51.1135

59.1564

68.6765

79.9544

93.3240

109.1818

127.9988

150.3339

176.8501

27

30.8209

35.3443

40.7096

47.0842

54.6691

63.7058

74.4838

87.3508

102.7231

121.0999

143.0786

169.3740

200.8406

28

32.1291

37.0512

42.9309

49.9676

58.4026

68.5281

80.6977

95.3388

112.9682

134.2099

159.8173

190.6989

227.9499

29

33.4504

38.7922

45.2189

52.9663

62.3227

73.6398

87.3465

103.9659

124.1354

148.6309

178.3972

214.5828

258.5834

30

34.7849

40.5681

47.5754

56.0849

66.4388

79.0582

94.4608

113.2832

136.3075

164.4940

199.0209

241.3327

293.1992

31

36.1327

42.3794

50.0027

59.3283

70.7608

84.8017

102.0730

123.3459

149.5752

181.9434

221.9132

271.2926

332.3151

32

37.4941

44.2270

52.5028

62.7015

75.2988

90.8898

110.2182

134.2135

164.0370

201.1378

247.3236

304.8477

376.5161

33

38.8690

46.1116

55.0778

66.2095

80.0638

97.3432

118.9334

145.9506

179.8003

222.2515

275.5292

342.4294

426.4632

34

40.2577

48.0338

57.7302

69.8579

85.0670

104.1838

128.2588

158.6267

196.9823

245.4767

306.8374

384.5210

482.9034

35

41.6603

49.9945

60.4621

73.6522

90.3203

111.4348

138.2369

172.3168

215.7108

271.0244

341.5896

431.6635

546.6808

36

43.0769

51.9944

63.2759

77.5983

95.8363

119.1209

148.9135

187.1021

236.1247

299.1268

380.1644

484.4631

618.7493

37

44.5076

54.0343

66.1742

81.7022

101.6281

127.2681

160.3374

203.0703

258.3759

330.0395

422.9825

543.5987

700.1867

38

45.9527

56.1149

69.1594

85.9703

107.7095

135.9042

172.5610

220.3159

282.6298

364.0434

470.5106

609.8305

792.2110

39

47.4123

58.2372

72.2342

90.4091

114.0950

145.0585

185.6403

238.9412

309.0665

401.4478

523.2667

684.0102

896.1984

40

48.8864

60.4020

75.4013

95.0255

120.7998

154.7620

199.6351

259.0565

337.8824

442.5926

581.8261

767.0914

1013.7042

41

50.3752

62.6100

78.6633

99.8265

127.8398

165.0477

214.6096

280.7810

369.2919

487.8518

646.8269

860.1424

1146.4858

42

51.8790

64.8622

82.0232

104.8196

135.2318

175.9505

230.6322

304.2435

403.5281

537.6370

718.9779

964.3595

1296.5289

43

53.3978

67.1595

85.4839

110.0124

142.9933

187.5076

247.7765

329.5830

440.8457

592.4007

799.0655

1081.0826

1466.0777

44

54.9318

69.5027

89.0484

115.4129

151.1430

199.7580

266.1209

356.9496

481.5218

652.6408

887.9627

1211.8125

1657.6678

45

56.4811

71.8927

92.7199

121.0294

159.7002

212.7435

285.7493

386.5056

525.8587

718.9048

986.6386

1358.2300

1874.1646

46

58.0459

74.3306

96.5015

126.8706

168.6852

226.5081

306.7518

418.4261

574.1860

791.7953

1096.1688

1522.2176

2118.8060

47

59.6263

76.8172

100.3965

132.9454

178.1194

241.0986

329.2244

452.9002

626.8628

871.9749

1217.7474

1705.8838

2395.2508

48

61.2226

79.3535

104.4084

139.2632

188.0254

256.5645

353.2701

490.1322

684.2804

960.1723

1352.6996

1911.5898

2707.6334

49

62.8348

81.9406

108.5406

145.8337

198.4267

272.9584

378.9990

530.3427

746.8656

1057.1896

1502.4965

2141.9806

3060.6258

50

64.4632

84.5794

112.7969

152.6671

209.3480

290.3359

406.5289

573.7702

815.0836

1163.9085

1668.7712

2400.0182

3459.5071

29

10%

11%

12%

13%

[Present Value of an Ordinary Annuity Table]

N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

1%
0.9901
1.9704
2.9410
3.9020
4.8534
5.7955
6.7282
7.6517
8.5660
9.4713
10.3676
11.2551
12.1337
13.0037
13.8651
14.7179
15.5623
16.3983
17.2260
18.0456
18.8570
19.6604
20.4558
21.2434
22.0232
22.7952
23.5596
24.3164
25.0658
25.8077
26.5423
27.2696
27.9897
28.7027
29.4086
30.1075
30.7995
31.4847
32.1630
32.8347
33.4997
34.1581
34.8100
35.4555
36.0945
36.7272
37.3537
37.9740
38.5881
39.1961

2%
0.9804
1.9416
2.8839
3.8077
4.7135
5.6014
6.4720
7.3255
8.1622
8.9826
9.7868
10.5753
11.3484
12.1062
12.8493
13.5777
14.2919
14.9920
15.6785
16.3514
17.0112
17.6580
18.2922
18.9139
19.5235
20.1210
20.7069
21.2813
21.8444
22.3965
22.9377
23.4683
23.9886
24.4986
24.9986
25.4888
25.9695
26.4406
26.9026
27.3555
27.7995
28.2348
28.6616
29.0800
29.4902
29.8923
30.2866
30.6731
31.0521
31.4236

3%
0.9709
1.9135
2.8286
3.7171
4.5797
5.4172
6.2303
7.0197
7.7861
8.5302
9.2526
9.9540
10.6350
11.2961
11.9379
12.5611
13.1661
13.7535
14.3238
14.8775
15.4150
15.9369
16.4436
16.9355
17.4131
17.8768
18.3270
18.7641
19.1885
19.6004
20.0004
20.3888
20.7658
21.1318
21.4872
21.8323
22.1672
22.4925
22.8082
23.1148
23.4124
23.7014
23.9819
24.2543
24.5187
24.7754
25.0247
25.2667
25.5017
25.7298

4%
0.9615
1.8861
2.7751
3.6299
4.4518
5.2421
6.0021
6.7327
7.4353
8.1109
8.7605
9.3851
9.9856
10.5631
11.1184
11.6523
12.1657
12.6593
13.1339
13.5903
14.0292
14.4511
14.8568
15.2470
15.6221
15.9828
16.3296
16.6631
16.9837
17.2920
17.5885
17.8736
18.1476
18.4112
18.6646
18.9083
19.1426
19.3679
19.5845
19.7928
19.9931
20.1856
20.3708
20.5488
20.7200
20.8847
21.0429
21.1951
21.3415
21.4822

5%
0.9524
1.8594
2.7232
3.5460
4.3295
5.0757
5.7864
6.4632
7.1078
7.7217
8.3064
8.8633
9.3936
9.8986
10.3797
10.8378
11.2741
11.6896
12.0853
12.4622
12.8212
13.1630
13.4886
13.7986
14.0939
14.3752
14.6430
14.8981
15.1411
15.3725
15.5928
15.8027
16.0025
16.1929
16.3742
16.5469
16.7113
16.8679
17.0170
17.1591
17.2944
17.4232
17.5459
17.6628
17.7741
17.8801
17.9810
18.0772
18.1687
18.2559

6%
0.9434
1.8334
2.6730
3.4651
4.2124
4.9173
5.5824
6.2098
6.8017
7.3601
7.8869
8.3838
8.8527
9.2950
9.7122
10.1059
10.4773
10.8276
11.1581
11.4699
11.7641
12.0416
12.3034
12.5504
12.7834
13.0032
13.2105
13.4062
13.5907
13.7648
13.9291
14.0840
14.2302
14.3681
14.4982
14.6210
14.7368
14.8460
14.9491
15.0463
15.1380
15.2245
15.3062
15.3832
15.4558
15.5244
15.5890
15.6500
15.7076
15.7619

7%
0.9346
1.8080
2.6243
3.3872
4.1002
4.7665
5.3893
5.9713
6.5152
7.0236
7.4987
7.9427
8.3577
8.7455
9.1079
9.4466
9.7632
10.0591
10.3356
10.5940
10.8355
11.0612
11.2722
11.4693
11.6536
11.8258
11.9867
12.1371
12.2777
12.4090
12.5318
12.6466
12.7538
12.8540
12.9477
13.0352
13.1170
13.1935
13.2649
13.3317
13.3941
13.4524
13.5070
13.5579
13.6055
13.6500
13.6916
13.7305
13.7668
13.8007

30

8%
0.9259
1.7833
2.5771
3.3121
3.9927
4.6229
5.2064
5.7466
6.2469
6.7101
7.1390
7.5361
7.9038
8.2442
8.5595
8.8514
9.1216
9.3719
9.6036
9.8181
10.0168
10.2007
10.3711
10.5288
10.6748
10.8100
10.9352
11.0511
11.1584
11.2578
11.3498
11.4350
11.5139
11.5869
11.6546
11.7172
11.7752
11.8289
11.8786
11.9246
11.9672
12.0067
12.0432
12.0771
12.1084
12.1374
12.1643
12.1891
12.2122
12.2335

9%
0.9174
1.7591
2.5313
3.2397
3.8897
4.4859
5.0330
5.5348
5.9952
6.4177
6.8052
7.1607
7.4869
7.7862
8.0607
8.3126
8.5436
8.7556
8.9501
9.1285
9.2922
9.4424
9.5802
9.7066
9.8226
9.9290
10.0266
10.1161
10.1983
10.2737
10.3428
10.4062
10.4644
10.5178
10.5668
10.6118
10.6530
10.6908
10.7255
10.7574
10.7866
10.8134
10.8380
10.8605
10.8812
10.9002
10.9176
10.9336
10.9482
10.9617

10%
0.9091
1.7355
2.4869
3.1699
3.7908
4.3553
4.8684
5.3349
5.7590
6.1446
6.4951
6.8137
7.1034
7.3667
7.6061
7.8237
8.0216
8.2014
8.3649
8.5136
8.6487
8.7715
8.8832
8.9847
9.0770
9.1609
9.2372
9.3066
9.3696
9.4269
9.4790
9.5264
9.5694
9.6086
9.6442
9.6765
9.7059
9.7327
9.7570
9.7791
9.7991
9.8174
9.8340
9.8491
9.8628
9.8753
9.8866
9.8969
9.9063
9.9148

11%
0.9009
1.7125
2.4437
3.1024
3.6959
4.2305
4.7122
5.1461
5.5370
5.8892
6.2065
6.4924
6.7499
6.9819
7.1909
7.3792
7.5488
7.7016
7.8393
7.9633
8.0751
8.1757
8.2664
8.3481
8.4217
8.4881
8.5478
8.6016
8.6501
8.6938
8.7331
8.7686
8.8005
8.8293
8.8552
8.8786
8.8996
8.9186
8.9357
8.9511
8.9649
8.9774
8.9886
8.9988
9.0079
9.0161
9.0235
9.0302
9.0362
9.0417

12%
0.8929
1.6901
2.4018
3.0373
3.6048
4.1114
4.5638
4.9676
5.3282
5.6502
5.9377
6.1944
6.4235
6.6282
6.8109
6.9740
7.1196
7.2497
7.3658
7.4694
7.5620
7.6446
7.7184
7.7843
7.8431
7.8957
7.9426
7.9844
8.0218
8.0552
8.0850
8.1116
8.1354
8.1566
8.1755
8.1924
8.2075
8.2210
8.2330
8.2438
8.2534
8.2619
8.2696
8.2764
8.2825
8.2880
8.2928
8.2972
8.3010
8.3045

13%
0.8850
1.6681
2.3612
2.9745
3.5172
3.9975
4.4226
4.7988
5.1317
5.4262
5.6869
5.9176
6.1218
6.3025
6.4624
6.6039
6.7291
6.8399
6.9380
7.0248
7.1016
7.1695
7.2297
7.2829
7.3300
7.3717
7.4086
7.4412
7.4701
7.4957
7.5183
7.5383
7.5560
7.5717
7.5856
7.5979
7.6087
7.6183
7.6268
7.6344
7.6410
7.6469
7.6522
7.6568
7.6609
7.6645
7.6677
7.6705
7.6730
7.6752