APPENDIX C Compounding, D

and Present Value

)
n 6
io 1
ut (20
Appendix Outline

C-1 Future Value and Compounding

rib s
C-2 Present Value and Discounting

st s
C-3 Future Value of an Annuity

di Pre
C-4 Present Value of an Annuity
C-5
er y Compounding and Discounting Periods
C-6 Determining the Interest Rate
th sit
C-7 Perpetuities
ur er

I
n this appendix, we examine compounding, discounting, and the present value of money.
These concepts are widely used in all aspects of business and economics and especially
r f iv

in managerial economics. Specifically, it is important to recognize that $1 received

fo Un

today is worth more than $1 received next year because $1 deposited in a bank today will
earn interest and grow to more than $1 by the end of the year. Similarly, $1 received next
year is worth less than $1 received today because an amount less than $1 deposited in a
bank today will grow (with the interest earned) to $1 by the end of the year. This is often
N ord

referred to as the time value of money.

xf

C-1 Future Value is left untouched and each year’s interest is com-

ot

and Compounding pounded on the previous year’s ending balance. We

O

can derive the formula for determining the future or

The process of determining the amount to which a sum compound value of a sum by defining the following
©

will accumulate or grow over a specified number of pe- terms:

riods of time at a given interest rate per time period is
called compounding. For example, $100 deposited in a PV = present value or beginning amount deposited
bank savings account that pays 12 percent interest per i = interest rate earned on the account, expressed
year will grow to ($100)(1.12) = $112 by the end of the as a decimal per year
year. If the $112 is left on deposit for another year, it FVn = future value or ending amount of the account
will  grow to ($112)(1.12)  = $125.44 by the end of the at the end of n years, after the interest has
second year. been added or compounded
We can easily derive a formula for determining At the end of the first year,
the amount to which a sum will accumulate or grow
at the end of any number of years when the account FV1 = PV + PV(i) = PV(1 + i) [C-1]

­­­­681

16-Salvatore-Appendix C.indd 681 02/06/14 2:52 PM

 682   AppendixES

For example, $100 deposited in a savings account that The value of 1.7623 for (1.12)5 was obtained by (1.12)
pays 12 percent (i.e., 0.12) interest per year will have (1.12)(1.12)(1.12)(1.12). Such a time-consuming calc-
grown by the end of the year to ulation is not necessary, however, because a table has
been constructed for the compound value of the interest
FV1 = $100(1 + 0.12)
factor (1 + i)n for many values of i and n. This is Table
= $100(1.12) = $112 D-1 in Appendix D. In Table D-1, FVIFi, n (the future
This is equal to the $100 deposit plus the $12 interest value interest factor) equals (1 + i)n. Thus, FVn = PV(1 +

)
earned and is shown in the first row of Table C-1. i)n = PV(FVIFi, n). For i = 12 percent and n = 5, the FVIF12,

n 6
At the end of the second year, is obtained by moving across Table D-1 until we reach

io 1
5
the column headed 12 percent and then moving down
FV2 = FV1(1 + i) = PV(1 + i)(1 + i)

ut (20
five rows for n = 5. The value we get is 1.7623 (the same
= PV(1 + i)2 obtained by multiplying 1.12 by itself five times). Thus,
Thus, by the end of the second year the $100 deposited FV5 = $100(FVIF12, 5) = $100(1.7623)
will have grown to

rib s
= $176.23
FV2 = $100(1.12)2 = $100(1.2544)

st s
(the same amount found in the fifth row of Table C-1
= $125.44

di Pre
below).
This is shown in the second row of Table C-1. Using Table D-1, we can find that if the interest rates
Continuing, we see that FV3, the balance after three had been 10 percent and 14 percent, respectively, the
years, is $100 deposit would have grown by the end of the fifth
er y year to
FV3 = FV2(1 + i) = PV(1 + i)(1 + i)(1 + i)
th sit
= PV(1 + i)3 FV5 = $100(FVIF10, 5) = $100(1.6105)
= $161.05
Thus, by the end of the third year the $100 will have
ur er

grown to and
r f iv

FV3 = $100(1.12)  = $100(1.4049)

3
FV5 = $100(FVIF14, 5) = $100(1.9254)
= $140.49
fo Un

= $192.54
This is shown in the third row of Table C-1. On the other hand, with the interest rate of 12 percent,
Generalizing, we can say that FVn, the future value the $100 would have grown by the end of the tenth year
at the end of n years, is to
N ord

FVn = PV(1 + i)n [C-2] FV10 = $100(FVIF12, 10) = $100(3.1058)

For example, by the end of five years the $100 depos- = $310.58
xf

ited in the savings account paying 12 percent interest

Thus, the higher the interest rate, the greater is the rate
ot

compounded annually will have grown to

O

of growth of the deposit, and the greater the number of

FV5 = $100(1.12)5 = $100(1.7623) years that the sum is left on deposit, the larger will be
= $176.23 the amount accumulated or compounded.
©

tABle C-1 Compound interest Calculations

Beginning Amount Ending Amount

Year (PV) 1+i (FV)

1 $100.00 1.12 $112.00

2 112.00 1.12 125.44
3 125.44 1.12 140.49
4 140.49 1.12 157.35
5 157.35 1.12 176.23

16-Salvatore-Appendix C.indd 682 02/06/14 2:52 PM

 Appendix C Compounding, discounting, and present Value 683

C-2 preSent VAlue PV = FV10(PVIF12, 10) = $176.23(0.3220)

and Discounting = $56.75
The present value of a sum due in n years is the amount Thus, the higher the discount rate and the longer the
that, if invested today at a specified rate of interest, discounting period, the smaller is the present value of a
would grow to the future sum in n years. For example, sum to be received in the future. From Table D-2, it can
since $100 invested today at 12 percent interest per year be seen that the present value of a sum to be received in

)
will grow to $176.23 in five years (see Section C-1 and 25 years or more and discounted at the rate of 10 per-

n 6
Table C-1), $100 is the present value of $176.23 due in cent or more per year is less than one-tenth of the value

io 1
five years when the interest rate is 12 percent per year. of the future sum.
Thus, finding the present value, or discounting, is the

ut (20
reverse of finding the future value of compounding. C-3 Future VAlue
The interest rate used in such calculations is called the of an Annuity
discount rate because the present value is smaller than
the future value by the specific percentage each year. An annuity is a fixed sum that is received at the end

rib s
The formula to find the present value (PV) can easily of each year for a specified number of years into the

st s
be derived from Equation C-2, which was used to find future. The value of an annuity is the sum to which such

di Pre
the future value (FV). Specifically, by solving equation year-end receipts would accumulate or grow if left in
an account at a specified rate of interest compounded
FVn = PV(1 + i)n
annually. For example, the future value of a five-year
for PV, we get annuity (FVA5) of $100 left in an account paying 12 per-
er y cent interest compounded annually is $635.28. This is
FVn  1 
PV = = FVn  [C-3]
th sit
n
obtained as follows:
(1 + i ) n
 (1 + i ) 
FVA5 = $1100
42 (1.4 )4 + $1
123 100
42 (1.4
123
)3
The term in square brackets in Equation C-3 is called
ur er

the present value interest factor (PVIF). Table D-2 in from year 1 from year 2
Appendix D gives the value of the present value interest + $1100 (1.4 )2 + $1
123 100 (1.4
123
)1
r f iv

42 42
factor for each value of i and n (i.e., PVIFi, n). For example, from year 3 from year 4
fo Un

by moving across Table D-2 until we reach the column

+ $1100
42 (1.4 )0 = $635.28
123
headed 12 percent and then moving down five rows for n =
5, we get the value of PVIF12, 5 = 0.5674, to be used to find from year 5
the present value of $176.23 to be received in five
N ord

years and discounted at the annual rate of 12 percent. Note that since the first sum is received at the end
That is, of the first year, interest is compounded for only four
PV = FVn(PVIFi, n)
= FV5(PVIF12, 5) years on this sum. Interest is compounded for three
xf

years on the second sum, two years on the third sum,

= $176.23(0.5674)
ot

one year on the fourth sum, and zero years on the fifth
O

= $99.99 or $100 sum (since it is received at the end of the fifth year).
Using Table D-2 we can find that if the discount rate had More generally, letting FVAn be the future value of
©

been 10 percent and 14 percent, respectively, the $176.23 the annuity, R the yearly receipts, and n the number
to be received in five years would have a present value of of years of the annuity, we can derive the formula for
FVAn as follows:
PV = FV5(PVIF10, 5) = $176.23(0.6209)
FVAn = R(1 + i )n −1 + R(1 + i )n −1
 = $109.42
+ ⋅ ⋅ ⋅ + R(1 + i )1 + R(1 + i )0
and
= R[(1 + i )n −1 + (1 + i )n −1
PV = FV5(PVIF14, 5) = $176.23(0.5194)
+ ⋅ ⋅ ⋅ + (1 + i )1 + (1 + i )0 ]
 = $91.53 n n
= R∑ (1 + i )n − t = R∑ (1 + i )t −1
On the other hand, with the discount rate of 12 percent,
t =1 t =1
$176.23 to be received in 10 years would have a present
= R( FVIFAi, n ) [C-4]
value of

16-Salvatore-Appendix C.indd 683 02/06/14 2:52 PM

 684   AppendixES

where FVIFAi, n is the future value interest factor for an Table D-4 in Appendix D gives the values of PVIFAi, n
annuity with interest i compounded annually for n for various values of i and n. For example, for i = 12
years. Table D-3 in Appendix D gives the values of percent and n = 5 years, PVIFA12, 5 = 3.6048. Thus, the
FVIFAi, n for various values of i and n. For example, present value of a five-year annuity of $100 discounted
by moving across Table D-3 until we reach the column at the annual rate of 12 percent is
headed 12 percent and then moving down five rows for
PVAn = R(PVIFAi, n)
n = 5, we get the value of FVIFA12, 5 = 6.3528 to be used

)
to find the future value of $635.28 for i = 12 percent and = $100(PVIFA12, 5)

n 6
n = 5 years. That is, = $100(3.6048)

io 1
= $360.48
FVAn = R(FVIFAi, n)

ut (20
= $100(FVIFA12, 5) This is the same answer that we obtained above by
= $100(6.3528) long-hand calculation. From Table D-4, we can see that
the value of PVIFAi, n is always smaller than n.
= $635.28

rib s
This is the same answer that we obtained above by C-5 Compounding

st s
long-hand calculation. From Table D-3, we can see that and Discounting Periods

di Pre
the value of FVIFAi, n is always equal to or larger than n.
Until now we assumed that interest was compounded or
C-4 preSent VAlue oF An Annuity earned annually or at the end of each year. Some bonds,
however, compound or pay interest semiannually, some
The present value of a five-year annuity (PVA5) of $100
er y banks pay interest quarterly, and some cash receipts
discounted at the annual rate of 12 percent is $360.48. and payments occur monthly. The more frequently in-
th sit
This is obtained as follows: terest is compounded or earned, the larger will be the
future value of a sum and the smaller its present value
ur er

$100 $100 $100

PVA5 = + + for a given interest rate.
(1.12)1 (1.12)2 (1.12)3 For example, a sum deposited at 12 percent interest
r f iv

$100 $100 compounded semiannually will earn 6 percent inter-

+ +
(1.12)4 (1.12)5 est at the end of every six months or half year. Thus,
fo Un

= $360.48 $100 deposited at the beginning of the year will grow to

$100(1.06) = $106 at the end of the first six months and
This means that investing $360.48 today at 12 percent then by another 6 percent, or to $106(1.06) = $112.36,
N ord

will return exactly $100 at the end of each of the next by the end of the second six-month period (i.e., by the
five years. end of the first year), as compared to $112 at the rate of
More generally, letting PVAn be the present value of 12 percent compounded annually. Thus, a 12 percent
the annuity, R the yearly receipts, and n the number of interest rate compounded semiannually is equivalent to
xf

years of the annuity, we can derive the formula for PVAn an effective annual rate of ($112.36/$100)—1 = 0.1236,
ot

as follows:
O

or 12.36 percent, compounded annually. The more fre-

quently interest is compounded or earned, the greater
R R R is the effective annual rate corresponding to a given
FVAn = + + ⋅⋅⋅ +
©

(1 + i )1 (1 + i ) 2 (1 + i )n nominal or stated annual rate (i.e., interest rate com-

 1 1 1  pounded annually).
= R + + ⋅⋅⋅ +
(1 + i )n 
To find the future value of a sum when compound-
(1 + i ) (1 + i )2
1

n
ing occurs more frequently than once a year, we use the
1
= R∑ following formula:
t =1 (1 + i )t
mn
i
= R( PVIFAi, n) [C-5] FVn = PV 1 + 
[C-6]
 m
where PVIFAi, n is the present value interest factor for where m is the number of times per year that compound-
an annuity discounted at the annual rate of i for n years. ing occurs. Equation C-6 is obtained by dividing i by m

16-Salvatore-Appendix C.indd 684 02/06/14 2:52 PM

 Appendix C Compounding, discounting, and present Value 685

and multiplying n by m in Equation C-2. For example, By then moving across the fifth row (for n = 5 years) in
for $100 deposited for 1 year at the nominal or stated Table D-2 in Appendix D, we find that 0.5674 is under
interest rate of 12 percent compounded semiannually, the 12 percent column. Thus, you are paying a 12 per-
m = 2 so that i/m = 12 percent/2 = 6 percent, and mn = cent interest rate.
2(1) = 2. From Table D-1 in Appendix D, we find that Similarly, if you borrow $100,000 today to purchase
FVIF6, 2 = 1.1236, so that $100 grows to $100(1.1236) = a home and sign a mortgage agreement to pay $12,750
$112.36 (the same result obtained above by long-hand at the end of each of the next 25 years, the implied inter-

)
calculation). est rate that you are paying can be found by first recog-

n 6
If the $100 had been deposited for 5 years at the nizing that $100,000 is the present value of a 25-year,

io 1
nominal or stated interest rate of 12 percent com- $12,750 annuity. Thus,

ut (20
pounded semiannually, m = 2, i/m = 12 percent/2 = 6 PVAn = R( PVIFAi, n )
[C-8]
percent, mn = 2(5) = 10, so that FVIF6, 10 = 1.7908, and
$100 grows to $100(1.7908)  = $179.08 (as compared $100, 000 = $12, 750( PVIFi, 25 )
with $176.23 found in Section C-1 for $100 deposited $100, 000
= PVIFi, 25

rib s
at 12 percent per year compounded annually). Finally, $12, 750

st s
for $100 deposited for five years at the nominal or PVIFi, 25 = 7.8431
stated interest rate of 12 percent compounded quar-

di Pre
terly, we have m = 4, i/m = 12 percent/4 = 3 percent, By then moving across the twenty-fifth row (for n = 25
mn  = 4(5)  = 20, so that FVIF3, 20  = 1.8061, and $100 years) in Table D-4 in Appendix D, we find that 7.8431
grows to $100(1.8061) = $180.61. is under the 12 percent column. Thus, you are paying a
The same method is used in discounting. For exam- 12 percent interest rate on your mortgage loan.
er y
ple, to find the present value of $176.23 to be received If the yearly payments in the above mortgage loan had
th sit
in five years and discounted semiannually at the nomi- been $13,000 instead of $12,750, the implied interest rate
nal or stated annual rate of 12 percent, m  = 2, i/m  = that you would be paying can be found as follows:
ur er

12 percent/2  = 6 percent, mn  = 2(5)  = 10, PVIF6,  10 

= 0.5584 (from Table D-2 in Appendix D), so that the $100, 000
= 7.6923 = PVIFi, 25
r f iv

present value of $176.23 is $176.23(0.5584) = $98.41 (as $13, 000

compared with $100 found with annual discounting in
fo Un

Section C-2). The same general procedure is used to Moving across the twenty-fifth row in Table D-4, we
find the future or present value of an annuity with other than find 7.8431 under the 12 percent column and 6.8729
annual compounding or discounting. under the 14 percent column. Since PVIFi, 25 = 7.6923
lies between these two values, the implied interest rate
N ord

C-6 determining the intereSt rAte is between 12 percent and 14 percent and is found by
interpolation to be
Sometimes we know the present value and the future
xf

value of a sum or an annuity and we want to determine i = 12%

ot

or solve for the implied rate of interest. For example, 7.8431 − 7.6923
O

suppose you borrow $100 and promise to repay $176.23 +

(7.8431 − 7.6923) + ( 7.6923 − 6.8729)
at the end of five years. Since $100 is the present value
× (14% − 12%)
©

of $176.23, the implied rate of interest that you are pay-

ing can be found as follows: 0.1508
= 12% + (2%)
0.9702
[C-7] 1
PVA5 = FVn = 12.31%
(1 + i )n
= FVn ( PVIFi, n )
s
$100 = $176.23( PVIFi,5 )
Sometimes we are interested in finding the present
$100 value of an annuity for an infinite number of years, or
= PVIFi,5
$176.23 perpetuity. The present value of a perpetuity of R equal
PVIFi,5 = 0.5674 cash flows and interest rate i is given by

16-Salvatore-Appendix C.indd 685 02/06/14 2:52 PM

 686   AppendixES

∞
R ∞
1 For example, the present value of $100 to be re-
PVA∞ = ∑ (1 + i)t = R∑
(1 + i )t
ceived each year in perpetuity, discounted at 12
t =1 t =1
percent, is $100/0.12  = $833.33. At i  = 10 percent,
However, it can be shown that the above expression the present value of the perpetuity would be $100/0.1 =
­reduces to $1,000, and at i = 14 percent, it would be $100/0.14 =
$714.29.
R
PVA∞ = [C-9]

)
i

n 6
io 1
ut (20
rib s
st s
di Pre
er y
th sit
ur er
r f iv
fo Un
N ord
xf
ot
O
©

16-Salvatore-Appendix C.indd 686 02/06/14 2:52 PM

 appendix D Interest Factor Tables

)
n 6
io 1
ut (20
APPENDIX OUTLINE

TABLE D-1 Compound Value of $1

rib s
TABLE D-2 Present Value of $1

st s
TABLE D-3 Future Value of an Annuity of $1 for n Periods

di Pre
TABLE D-4 Present Value of an Annuity of $1 for n Periods
er y
th sit
ur er
r f iv
fo Un
N ord
xf
ot
O
©

­­­­687

17-Salvatore-Appendix D.indd 687 02/06/14 2:52 PM

 TABLE D-1 Compound Value of $1: FVIFi, n = (1 + i)n
©
Period 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% 24% 28% 32% 36%

17-Salvatore-Appendix D.indd 688

 1 1.0100 1.0200 1.0300 1.0400
O 1.0500 1.0600 1.0700 1.0800 1.0900 1.1000 1.1200 1.1400 1.1500 1.1600 1.1800 1.2000 1.2400 1.2800 1.3200 1.3600
688   AppendixES

 2 1.0201 1.0404 1.0609 1.0816 1.1025 1.1236 1.1449 1.1664 1.1881 1.2100 1.2544 1.2996 1.3225 1.3456 1.3924 1.4400 1.5376 1.6384 1.7424 1.8496
 3 1.0303 1.0612 1.0927 1.1249 1.1576 1.1910 1.2250 1.2597 1.2950 1.3310 1.4049 1.4815 1.5209 1.5609 1.6430 1.7280 1.9066 2.0972 2.3000 2.5155
xf
 4 1.0406 1.0824 1.1255 1.1699 1.2155 1.2625 1.3108 1.3605 1.4116 1.4641 1.5735 1.6890 1.7490 1.8106 1.9388 2.0736 2.3642 2.6844 3.0360 3.4210
 5 1.0510 1.1041 1.1593 1.2167 1.2763 1.3382 1.4026 1.4693 1.5386 1.6105 1.7623 1.9254 2.0114 2.1003 2.2878 2.4883 2.9316 3.4360 4.0075 4.6526
 6 1.0615 1.1262 1.1941 1.2653 1.3401 1.4185 1.5007 1.5869 1.6771 1.7716 1.9738 2.1950 2.3131 2.4364 2.6996 2.9860 3.6352 4.3980 5.2899 6.3275
N ord
 7 1.0721 1.1487 1.2299 1.3159 1.4071 1.5036 1.6058 1.7138 1.8280 1.9487 2.2107 2.5023 2.6600 2.8262 3.1855 3.5832 4.5077 5.6295 6.9826 8.6054
 8 1.0829 1.1717 1.2668 1.3686 1.4775 1.5938 1.7182 1.8509 1.9926 2.1436 2.4760 2.8526 3.0590 3.2784 3.7589 4.2998 5.5895 7.2058 9.2170 11.703
ot
 9 1.0937 1.1951 1.3048 1.4233 1.5513 1.6895 1.8385 1.9990 2.1719 2.3579 2.7731 3.2519 3.5179 3.8030 4.4355 5.1598 6.9310 9.2234 12.166 15.916
10 1.1046 1.2190 1.3439 1.4802 1.6289 1.7908 1.9672 2.1589 2.3674 2.5937 3.1058 3.7072 4.0456 4.4114 5.2338 6.1917 8.5944 11.805 16.059 21.646
fo Un
11 1.1157 1.2434 1.3842 1.5395 1.7103 1.8983 2.1049 2.3316 2.5804 2.8531 3.4785 4.2262 4.6524 5.1173 6.1759 7.4301 10.657 15.111 21.198 29.439
12 1.1268 1.2682 1.4258 1.6010 1.7959 2.0122 2.2522 2.5182 2.8127 3.1384 3.8960 4.8179 5.3502 5.9360 7.2876 8.9161 13.214 19.342 27.982 40.037
13 1.1381 1.2936 1.4685 1.6651 1.8856 2.1329 2.4098 2.7196 3.0658 3.4523 4.3635 5.4924 6.1528 6.8858 8.5994 10.699 16.386 24.758 36.937 54.451
r f iv
14 1.1495 1.3195 1.5126 1.7317 1.9799 2.2609 2.5785 2.9372 3.3417 3.7975 4.8871 6.2613 7.0757 7.9875 10.147 12.839 20.319 31.691 48.756 74.053
15 1.1610 1.3459 1.5580 1.8009 2.0789 2.3966 2.7590 3.1722 3.6425 4.1772 5.4736 7.1379 8.1371 9.2655 11.973 15.407 25.195 40.564 64.358 100.71
ur er
16 1.1726 1.3728 1.6047 1.8730 2.1829 2.5404 2.9522 3.4259 3.9703 4.5950 6.1304 8.1372 9.3576 10.748 14.129 18.488 31.242 51.923 84.953 136.96
17 1.1843 1.4002 1.6528 1.9479 2.2920 2.6928 3.1588 3.7000 4.3276 5.0545 6.8660 9.2765 10.761 12.467 16.672 22.186 38.740 66.461 112.13 186.27
18 1.1961 1.4282 1.7024 2.0258 2.4066 2.8543 3.3799 3.9960 4.7171 5.5599 7.6900 10.575 12.375 14.462 19.673 26.623 48.038 85.070 148.02 253.33
th sit
19 1.2081 1.4568 1.7535 2.1068 2.5270 3.0256 3.6165 4.3157 5.1417 6.1159 8.6128 12.055 14.231 16.776 23.214 31.948 59.567 108.89 195.39 344.53
20 1.2202 1.4859 1.8061 2.1911 2.6533 3.2071 3.8697 4.6610 5.6044 6.7275 9.6463 13.743 16.366 19.460 27.393 38.337 73.864 139.37 257.91 468.57
er y
21 1.2324 1.5157 1.8603 2.2788 2.7860 3.3996 4.1406 5.0338 6.1088 7.4002 10.803 15.667 18.821 22.574 32.323 46.005 91.591 178.40 340.44 637.26
22 1.2447 1.5460 1.9161 2.3699 2.9253 3.6035 4.4304 5.4365 6.6586 8.1403 12.100 17.861 21.644 26.186 38.142 55.206 113.57 228.35 449.39 866.67
23 1.2572 1.5769 1.9736 2.4647 3.0715 3.8197 4.7405 5.8715 7.2579 8.9543 13.552 20.361 24.891 30.376 45.007 66.247 140.83 292.30 593.19 1178.6
di Pre
24 1.2697 1.6084 2.0328 2.5633 3.2251 4.0489 5.0724 6.3412 7.9111 9.8497 15.178 23.212 28.625 35.236 53.108 79.496 174.63 374.14 783.02 1602.9
25 1.2824 1.6406 2.0938 2.6658 3.3864 4.2919 5.4274 6.8485 8.6231 10.834 17.000 26.461 32.918 40.874 62.668 95.396 216.54 478.90 1033.5 2180.0
st s
26 1.2953 1.6734 2.1566 2.7725 3.5557 4.5494 5.8074 7.3964 9.3992 11.918 19.040 30.166 37.856 47.414 73.948 114.47 268.51 612.99 1364.3 2964.9
27 1.3082 1.7069 2.2213 2.8834 3.7335 4.8223 6.2139 7.9881 10.245 13.110 21.324 34.389 43.535 55.000 87.259 137.37 332.95 784.63 1800.9 4032.3
rib s
28 1.3213 1.7410 2.2879 2.9987 3.9201 5.1117 6.6488 8.6271 11.167 14.421 23.883 39.204 50.065 63.800 102.96 164.84 412.86 1004.3 2377.2 5483.8
29 1.3345 1.7758 2.3566 3.1187 4.1161 5.4184 7.1143 9.3173 12.172 15.863 26.749 44.693 57.575 74.008 121.50 197.81 511.95 1285.5 3137.9 7458.0
30 1.3478 1.8114 2.4273 3.2434 4.3219 5.7435 7.6123 10.062 13.267 17.449 29.959 50.950 66.211 85.849 143.37 237.37 634.81 1645.5 4142.0 10143.
ut (20
40 1.4889 2.2080 3.2620 4.8010 7.0400 10.285 14.974 21.724 31.409 45.259 93.050 188.88 267.86 378.72 750.37 1469.7 5455.9 19426. 66520. *
io 1
50 1.6446 2.6916 4.3839 7.1067 11.467 18.420 29.457 46.901 74.357 117.39 289.00 700.23 1083.6 1670.7 3927.3 9100.4 46890. * * *
60 1.8167 3.2810 5.8916 10.519 18.679 32.987 57.946 101.25 176.03 304.48 897.59 2595.9 4383.9 7370.1 20555. 56347. * * * *
n 6
* FVIF > 99,999.
)

02/06/14 2:52 PM
 TABLE D-2 Present Value of $1: PVIFi, n = 1/(1 + i)n = 1/FVIFi, n
©
Period 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% 24% 28% 32% 36%

17-Salvatore-Appendix D.indd 689

 1 .9901 .9804 .9709 .9615
O
.9524 .9434 .9346 .9259 .9174 .9091 .8929 .8772 .8696 .8621 .8475 .8333 .8065 .7813 .7576 .7353
 2 .9803 .9612 .9426 .9246 .9070 .8900 .8734 .8573 .8417 .8264 .7972 .7695 .7561 .7432 .7182 .6944 .6504 .6104 .5739 .5407
 3 .9706 .9423 .9151 .8890 .8638 .8396 .8163 .7938 .7722 .7513 .7118 .6750 .6575 .6407 .6086 .5787 .5245 .4768 .4348 .3975
xf
 4 .9610 .9238 .8885 .8548 .8227 .7921 .7629 .7350 .7084 .6830 .6355 .5921 .5718 .5523 .5158 .4823 .4230 .3725 .3294 .2923
 5 .9515 .9057 .8626 .8219 .7835 .7473 .7130 .6806 .6499 .6209 .5674 .5194 .4972 .4761 .4371 .4019 .3411 .2910 .2495 .2149
 6 .9420 .8880 .8375 .7903 .7462 .7050 .6663 .6302 .5963 .5645 .5066 .4556 .4323 .4104 .3704 .3349 .2751 .2274 .1890 .1580
N ord
 7 .9327 .8706 .8131 .7599 .7107 .6651 .6227 .5835 .5470 .5132 .4523 .3996 .3759 .3538 .3139 .2791 .2218 .1776 .1432 .1162
 8 .9235 .8535 .7894 .7307 .6768 .6274 .5820 .5403 .5019 .4665 .4039 .3506 .3269 .3050 .2660 .2326 .1789 .1388 .1085 .0854
ot
 9 .9143 .8368 .7664 .7026 .6446 .5919 .5439 .5002 .4604 .4241 .3606 .3075 .2843 .2630 .2255 .1938 .1443 .1084 .0822 .0628
10 .9053 .8203 .7441 .6756 .6139 .5584 .5083 .4632 .4224 .3855 .3220 .2697 .2472 .2267 .1911 .1615 .1164 .0847 .0623 .0462
fo Un
11 .8963 .8043 .7224 .6496 .5847 .5268 .4751 .4289 .3875 .3505 .2875 .2366 .2149 .1954 .1619 .1346 .0938 .0662 .0472 .0340
12 .8874 .7885 .7014 .6246 .5568 .4970 .4440 .3971 .3555 .3186 .2567 .2076 .1869 .1685 .1372 .1122 .0757 .0517 .0357 .0250
13 .8787 .7730 .6810 .6006 .5303 .4688 .4150 .3677 .3262 .2897 .2292 .1821 .1625 .1452 .1163 .0935 .0610 .0404 .0271 .0184
r f iv
14 .8700 .7579 .6611 .5775 .5051 .4423 .3878 .3405 .2992 .2633 .2046 .1597 .1413 .1252 .0985 .0779 .0492 .0316 .0205 .0135
15 .8613 .7430 .6419 .5553 .4810 .4173 .3624 .3152 .2745 .2394 .1827 .1401 .1229 .1079 .0835 .0649 .0397 .0247 .0155 .0099
ur er
16 .8528 .7284 .6232 .5339 .4581 .3936 .3387 .2919 .2519 .2176 .1631 .1229 .1069 .0930 .0708 .0541 .0320 .0193 .0118 .0073
17 .8444 .7142 .6050 .5134 .4363 .3714 .3166 .2703 .2311 .1978 .1456 .1078 .0929 .0802 .0600 .0451 .0258 .0150 .0089 .0054
th sit
18 .8360 .7002 .5874 .4936 .4155 .3503 .2959 .2502 .2120 .1799 .1300 .0946 .0808 .0691 .0508 .0376 .0208 .0118 .0068 .0039
19 .8277 .6864 .5703 .4746 .3957 .3305 .2765 .2317 .1945 .1635 .1161 .0829 .0703 .0596 .0431 .0313 .0168 .0092 .0051 .0029
20 .8195 .6730 .5537 .4564 .3769 .3118 .2584 .2145 .1784 .1486 .1037 .0728 .0611 .0514 .0365 .0261 .0135 .0072 .0039 .0021
er y
21 .8114 .6598 .5375 .4388 .3589 .2942 .2415 .1987 .1637 .1351 .0926 .0638 .0531 .0443 .0309 .0217 .0109 .0056 .0029 .0016
22 .8034 .6468 .5219 .4220 .3418 .2775 .2257 .1839 .1502 .1228 .0826 .0560 .0462 .0382 .0262 .0181 .0088 .0044 .0022 .0012
23 .7954 .6342 .5067 .4057 .3256 .2618 .2109 .1703 .1378 .1117 .0738 .0491 .0402 .0329 .0222 .0151 .0071 .0034 .0017 .0008
di Pre
24 .7876 .6217 .4919 .3901 .3101 .2470 .1971 .1577 .1264 .1015 .0659 .0431 .0349 .0284 .0188 .0126 .0057 .0027 .0013 .0006
st s
25 .7798 .6095 .4776 .3751 .2953 .2330 .1842 .1460 .1160 .0923 .0588 .0378 .0304 .0245 .0160 .0105 .0046 .0021 .0010 .0005
26 .7720 .5976 .4637 .3607 .2812 .2198 .1722 .1352 .1064 .0839 .0525 .0331 .0264 .0211 .0135 .0087 .0037 .0016 .0007 .0003
rib s
27 .7644 .5859 .4502 .3468 .2678 .2074 .1609 .1252 .0976 .0763 .0469 .0291 .0230 .0182 .0115 .0073 .0030 .0013 .0006 .0002
APPEndix D

28 .7568 .5744 .4371 .3335 .2551 .1956 .1504 .1159 .0895 .0693 .0419 .0255 .0200 .0157 .0097 .0061 .0024 .0010 .0004 .0002
29 .7493 .5631 .4243 .3207 .2429 .1846 .1406 .1073 .0822 .0630 .0374 .0224 .0174 .0135 .0082 .0051 .0020 .0008 .0003 .0001
30 .7419 .5521 .4120 .3083 .2314 .1741 .1314 .0994 .0754 .0573 .0334 .0196 .0151 .0116 .0070 .0042 .0016 .0006 .0002 .0001
ut (20
35 .7059 .5000 .3554 .2534 .1813 .1301 .0937 .0676 .0490 .0356 .0189 .0102 .0075 .0055 .0030 .0017 .0005 .0002 .0001 *
io 1
40 .6717 .4529 .3066 .2083 .1420 .0972 .0668 .0460 .0318 .0221 .0107 .0053 .0037 .0026 .0013 .0007 .0002 .0001 * *
45 .6391 .4102 .2644 .1712 .1113 .0727 .0476
n 6
.0313 .0207 .0137 .0061 .0027 .0019 .0013 .0006 .0003 .0001 * * *
50 .6080 .3715 .2281 .1407 .0872 .0543 .0339 .0213 .0134 .0085 .0035 .0014 .0009 .0006 .0003 .0001 * * * *
)
Interest Factor Tables

55 .5785 .3365 .1968 .1157 .0683 .0406 .0242 .0145 .0087 .0053 .0020 .0007 .0005 .0003 .0001 * * * * *

* The factor is zero to four decimal places.

689

02/06/14 2:52 PM
 TABLE D-3 Future Value of an Annuity of $1 for n Periods:
FVIFAi, n = ∑tn=1 (1 + i)t–1

Number
©
of

17-Salvatore-Appendix D.indd 690

Periods 1% 2% 3% 4% O 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% 24% 28% 32% 36%
690   AppendixES

 1 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 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
 2 2.0100 2.0200 2.0300 2.0400 2.0500 2.0600 2.0700 2.0800 2.0900 2.1000 2.1200 2.1400 2.1500 2.1600 2.1800 2.2000 2.2400 2.2800 2.3200 2.3600
xf
 3 3.0301 3.0604 3.0909 3.1216 3.1525 3.1836 3.2149 3.2464 3.2781 3.3100 3.3744 3.4396 3.4725 3.5056 3.5724 3.6400 3.7776 3.9184 4.0624 4.2096
 4 4.0604 4.1216 4.1836 4.2465 4.3101 4.3746 4.4399 4.5061 4.5731 4.6410 4.7793 4.9211 4.9934 5.0665 5.2154 5.3680 5.6842 6.0156 6.3624 6.7251
 5 5.1010 5.2040 5.3091 5.4163 5.5256 5.6371 5.7507 5.8666 5.9847 6.1051 6.3528 6.6101 6.7424 6.8771 7.1542 7.4416 8.0484 8.6999 9.3983 10.146
N ord
 6 6.1520 6.3081 6.4684 6.6330 6.8019 6.9753 7.1533 7.3359 7.5233 7.7156 8.1152 8.5355 8.7537 8.9775 9.4420 9.9299 10.980 12.135 13.405 14.798
 7 7.2135 7.4343 7.6625 7.8983 8.1420 8.3938 8.6540 8.9228 9.2004 9.4872 10.089 10.730 11.066 11.413 12.141 12.915 14.615 16.533 18.695 21.126
ot
 8 8.2857 8.5830 8.8923 9.2142 9.5491 9.8975 10.259 10.636 11.028 11.435 12.299 13.232 13.726 14.240 15.327 16.499 19.122 22.163 25.678 29.731
 9 9.3685 9.7546 10.159 10.582 11.026 11.491 11.978 12.487 13.021 13.579 14.775 16.085 16.785 17.518 19.085 20.798 24.712 29.369 34.895 41.435
fo Un
10 10.462 10.949 11.463 12.006 12.577 13.180 13.816 14.486 15.192 15.937 117.548 19.337 20.303 21.321 23.521 25.958 31.643 38.592 47.061 57.351
11 11.566 12.168 12.807 13.486 14.206 14.971 15.783 16.645 17.560 18.531 20.654 23.044 24.349 25.732 28.755 32.150 40.237 50.398 63.121 78.998
12 12.682 13.412 14.192 15.025 15.917 16.869 17.888 18.977 20.140 21.384 24.133 27.270 29.001 30.850 34.931 39.580 50.894 65.510 84.320 108.43
r f iv
13 13.809 14.680 15.617 16.626 17.713 18.882 20.140 21.495 22.953 24.522 28.029 32.088 34.351 36.786 42.218 48.496 64.109 84.852 112.30 148.47
14 14.947 15.973 17.086 18.291 19.598 21.015 22.550 24.214 26.019 27.975 32.392 37.581 40.504 43.672 50.818 59.195 80.496 109.61 149.23 202.92
ur er
15 16.096 17.293 18.598 20.023 21.578 23.276 25.129 27.152 29.360 31.772 37.279 43.842 47.580 51.659 60.965 72.035 100.811 41.30 197.99 276.97
16 17.257 18.639 20.156 21.824 23.657 25.672 27.888 30.324 33.003 35.949 42.753 50.980 55.717 60.925 72.939 87.442 126.01 181.86 262.35 377.69
17 18.430 20.012 21.761 23.697 25.840 28.212 30.840 33.750 36.973 40.544 48.883 59.117 65.075 71.673 87.068 105.93 157.25 233.79 347.30 514.66
th sit
18 19.614 21.412 23.414 25.645 28.132 30.905 33.999 37.450 41.301 45.599 55.749 68.394 75.836 84.140 103.74 128.11 195.99 300.25 459.44 700.93
19 20.810 22.840 25.116 27.671 30.539 33.760 37.379 41.446 46.018 51.159 63.439 78.969 88.211 98.603 123.41 154.74 244.03 385.32 607.47 954.27
er y
20 22.019 24.297 26.870 29.778 33.066 36.785 40.995 45.762 51.160 57.275 72.052 91.024 102.44 115.37 146.62 186.68 303.60 494.21 802.86 1298.8
21 23.239 25.783 28.676 31.969 35.719 39.992 44.865 50.422 56.764 64.002 81.698 104.76 118.81 134.84 174.02 225.02 377.46 633.59 1060.7 1767.3
22 24.471 27.299 30.536 34.248 38.505 43.392 49.005 55.456 62.873 71.402 92.502 120.43 137.63 157.41 206.34 271.03 469.05 811.99 1401.2 2404.6
di Pre
23 25.716 28.845 32.452 36.617 41.430 46.995 53.436 60.893 69.531 79.543 104.60 138.29 159.27 183.60 244.48 326.23 582.62 1040.3 1850.6 3271.3
24 26.973 30.421 34.426 39.082 44.502 50.815 58.176 66.764 76.789 88.497 118.15 158.65 184.16 213.97 289.49 392.48 723.46 1332.6 2443.8 4449.9
st s
25 28.243 32.030 36.459 41.645 47.727 54.864 63.249 73.105 84.700 98.347 133.33 181.87 212.79 249.21 342.60 471.98 898.09 1706.8 3226.8 6052.9
26 29.525 33.670 38.553 44.311 51.113 59.156 68.676 79.954 93.323 109.18 150.33 208.33 245.71 290.08 405.27 567.37 1114.6 2185.7 4260.4 8233.0
rib s
27 30.820 35.344 40.709 47.084 54.669 63.705 74.483 87.350 102.72 121.09 169.37 238.49 283.56 337.50 479.22 681.85 1383.1 2798.7 5624.7 11197.9
28 32.129 37.051 42.930 49.967 58.402 68.528 80.697 95.338 112.96 134.20 190.69 272.88 327.10 392.50 566.48 819.22 1716.0 3583.3 7425.6 15230.2
29 33.450 38.792 45.218 52.966 62.322 73.639 87.346 103.96 124.13 148.63 214.58 312.09 377.16 456.30 669.44 984.06 2128.9 4587.6 9802.9 20714.1
ut (20
30 34.784 40.568 47.575 56.084 66.438 79.058 94.460 113.28 136.30 164.49 241.33 356.78 434.74 530.31 790.94 1181.8 2640.9 5873.2 12940. 28172.2
io 1
40 48.886 60.402 75.401 95.025 120.79 154.76 199.63 259.05 337.88 442.59 767.09 1342.0 1779.0 2360.7 4163.2 7343.8 22728. 69377. * *
50 64.463 84.579 112.79 152.66 209.34 290.33 406.52 573.76 815.08 1163.9 2400.0 4994.5 7217.7 10435. 21813. 45497. * * * *
n 6
60 81.669 114.05 163.05 237.99 353.58 533.12 813.52 1253.2 1944.7 3034.8 7471.6 18535. 29219. 46057. * * * * * *
)
*FVIFA > 99,999.

02/06/14 2:52 PM
   n 1
Present Value of an Annuity of $1 for n Periods: PVIFAi, n = ∑t=1
(1 + i )t–1
©

17-Salvatore-Appendix D.indd 691

Number    O
of
Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% 24% 28% 32%

 1 0.9901 0.9804 0.9709 0.9615 0.9524

xf
0.9434 0.9346 0.9259 0.9174 0.9091 0.8929 0.8772 0.8696 0.8621 0.8475 0.8333 0.8065 0.7813 0.7576
 2 1.9704 1.9416 1.9135 1.8861 1.8594 1.8334 1.8080 1.7833 1.7591 1.7355 1.6901 1.6467 1.6257 1.6052 1.5656 1.5278 1.4568 1.3916 1.3315
 3 2.9410 2.8839 2.8286 2.7751 2.7232 2.6730 2.6243 2.5771 2.5313 2.4869 2.4018 2.3216 2.2832 2.2459 2.1743 2.1065 1.9813 1.8684 1.7663
N ord
 4 3.9020 3.8077 3.7171 3.6299 3.5460 3.4651 3.3872 3.3121 3.2397 3.1699 3.0373 2.9137 2.8550 2.7982 2.6901 2.5887 2.4043 2.2410 2.0957
 5 4.8534 4.7135 4.5797 4.4518 4.3295 4.2124 4.1002 3.9927 3.8897 53.7908 3.6048 3.4331 3.3522 3.2743 3.1272 2.9906 2.7454 2.5320 2.3452
ot
 6 5.7955 5.6014 5.4172 5.2421 5.0757 4.9173 4.7665 4.6229 4.4859 4.3553 4.1114 3.8887 3.7845 3.6847 3.4976 3.3255 3.0205 2.7594 2.5342
 7 6.7282 6.4720 6.2303 6.0021 5.7864 5.5824 5.3893 5.2064 5.0330 4.8684 4.5638 4.2883 4.1604 4.0386 3.8115 3.6046 3.2423 2.9370 2.6775
 8 7.6517 7.3255 7.0197 6.7327
fo Un
6.4632 6.2098 5.9713 5.7466 5.5348 5.3349 4.9676 4.6389 4.4873 4.3436 4.0776 3.8372 3.4212 3.0758 2.7860
 9 8.5660 8.1622 7.7861 7.4353 7.1078 6.8017 6.5152 6.2469 5.9952 5.7590 5.3282 4.9464 4.7716 4.6065 4.3030 4.0310 3.5655 3.1842 2.8681
10 9.4713 8.9826 8.5302 8.1109 7.7217 7.3601 7.0236 6.7101 6.4177 6.1446 5.6502 5.2161 5.0188 4.8332 4.4941 4.1925 3.6819 3.2689 2.9304
r f iv
11 10.3676 9.7868 9.2526 8.7605 8.3064 7.8869 7.4987 7.1390 6.8052 16.4951 5.9377 5.4527 5.2337 5.0286 4.6560 4.3271 3.7757 3.3351 2.9776
12 11.2551 10.5753 9.9540 9.3851 8.8633 8.3838 7.9427 7.5361 7.1607 16.8137 6.1944 5.6603 5.4206 5.1971 4.7932 4.4392 3.8514 3.3868 3.0133
13 12.1337 11.3484 10.6350 9.9856 9.3936 8.8527 8.3577 7.9038 7.4869 7.1034 6.4235 5.8424 5.5831 5.3423 4.9095 4.5327 3.9124 3.4272 3.0404
ur er
14 13.0037 12.1062 11.2961 10.5631 9.8986 9.2950 8.7455 8.2442 7.7862 7.3667 6.6282 6.0021 5.7245 5.4675 5.0081 4.6106 3.9616 3.4587 3.0609
15 13.8651 12.8493 11.9379 11.1184 10.3797 9.7122 9.1079 8.5595 8.0607 17.6061 6.8109 6.1422 5.8474 5.5755 5.0916 4.6755 4.0013 3.4834 3.0764
th sit
16 14.7179 13.5777 12.5611 11.6523 10.8378 10.1059 9.4466 8.8514 8.3126 .8237 6.9740 6.2651 5.9542 5.6685 5.1624 4.7296 4.0333 3.5026 3.0882
17 15.5623 14.2919 13.1661 12.1657 11.2741 10.4773 9.7632 9.1216 8.5436 8.0216 7.1196 6.3729 6.0472 5.7487 5.2223 4.7746 4.0591 3.5177 3.0971
er y
18 16.3983 14.9920 13.7535 12.6593 11.6896 10.8276 10.0591 9.3719 8.7556 8.2014 7.2497 6.4674 6.1280 5.8178 5.2732 4.8122 4.0799 3.5294 3.1039
19 17.2260 15.6785 14.3238 13.1339 12.0853 11.1581 10.3356 9.6036 8.9501 8.3649 7.3658 6.5504 6.1982 5.8775 5.3162 4.8435 4.0967 3.5386 3.1090
20 18.0456 16.3514 14.8775 13.5903 12.4622 11.4699 10.5940 9.8181 9.1285 8.5136 7.4694 6.6231 6.2593 5.9288 5.3527 4.8696 4.1103 3.5458 3.1129
di Pre
21 18.8570 17.0112 15.4150 14.0292 12.8212 11.7641 10.8355 10.0168 9.2922 8.6487 7.5620 6.6870 6.3125 5.9731 5.3837 4.8913 4.1212 3.5514 3.1158
22 19.6604 17.6580 15.9369 14.4511 13.1630 12.0416 11.0612 10.2007 9.4424 8.7715 7.6446 6.7429 6.3587 6.0113 5.4099 4.9094 4.1300 3.5558 3.1180
st s
23 20.4558 18.2922 16.4436 14.8568 13.4886 12.3034 11.2722 10.3711 9.5802 8.8832 7.7184 6.7921 6.3988 6.0442 5.4321 4.9245 4.1371 3.5592 3.1197
24 21.2434 18.9139 16.9355 15.2470 13.7986 12.5504 11.4693 10.5288 9.7066 8.9847 7.7843 6.8351 6.4338 6.0726 5.4510 4.9371 4.1428 3.5619 3.1210
rib s
APPEndix D

25 22.0232 19.5235 17.4131 15.6221 14.0939 12.7834 11.6536 10.6748 9.8226 9.0770 7.8431 6.8729 6.4642 6.0971 5.4669 4.9476 4.1474 3.5640 3.1220
26 22.7952 20.1210 17.8768 15.9828 14.3752 13.0032 11.8258 10.8100 9.9290 9.1609 7.8957 6.9061 6.4906 6.1182 5.4804 4.9563 4.1511 3.5656 3.1227
27 23.5596 20.7069 18.3270 16.3296 14.6430 13.2105 11.9867 10.9352 0.0266 9.2372 7.9426 6.9352 6.5135 6.1364 5.4919 4.9636 4.1542 3.5669 3.1233
ut (20
28 24.3164 21.2813 18.7641 16.6631 14.8981 13.4062 12.1371 11.0511 10.1161 9.3066 7.9844 6.9607 6.5335 6.1520 5.5016 4.9697 4.1566 3.5679 3.1237
io 1
29 25.0658 21.8444 19.1885 16.9837 15.1411 13.5907 12.2777 11.1584 10.1983 9.3696 8.0218 6.9830 6.5509 6.1656 5.5098 4.9747 4.1585 3.5687 3.1240
30 25.8077 22.3965 19.6004 17.2920 15.3725 13.7648 12.4090 11.2578 10.2737 9.4269 8.0552 7.0027 6.5660 6.1772 5.5168 4.9789 4.1601 3.5693 3.1242
n 6
35 29.4086 24.9986 21.4872 18.6646 16.3742 14.4982 12.9477 11.6546 10.5668 9.6442 8.1755 7.0700 6.6166 6.2153 5.5386 4.9915 4.1644
) 3.5708 3.1248
40 32.8347 27.3555 23.1148 19.7928 17.1591 15.0463 13.3317 11.9246 10.7574 9.7791 8.2438 7.1050 6.6418 6.2335 5.5482 4.9966 4.1659 3.5712 3.1250
Interest Factor Tables

45 36.0945 29.4902 24.5187 20.7200 17.7741 15.4558 13.6055 12.1084 10.8812 9.8628 8.2825 7.1232 6.6543 6.2421 5.5523 4.9986 4.1664 3.5714 3.1250
50 39.1961 31.4236 25.7298 21.4822 18.2559 15.7619 13.8007 12.2335 10.9617 9.9148 8.3045 7.1327 6.6605 6.2463 5.5541 4.9995 4.1666 3.5714 3.1250
691

55 42.1472 33.1748 26.7744 22.1086 18.6335 15.9905 13.9399 12.3186 11.0140 9.9471 8.3170 7.1376 6.6636 6.2482 5.5549 4.9998 4.1666 3.5714 3.1250

02/06/14 2:52 PM