Management Accounting 2 Formulas

Accounting rate of return (ARR)

Average increase in annual net income
=
Net original investment outlay
or
Average increase in annual net income
=
Average investment

Original investment + salvage value

where: Average investment =
2

Present value of tax shield

⎛ cdt 1 + .5i ⎞ ⎛⎜ sdt 1 ⎞

⎟
=⎜ × ⎟ –⎜ × ⎟
⎝ d + i 1 + i ⎠ ⎝ d + i (1 + i) n ⎠

Bonus Plans
When actual ≥ target
Bonus = b(target) + a(actual – target)

When actual < target

Bonus = b(target) + c(actual – target)

Economic Value Added

= NOPAT – (WACC × total capital)

Sales equivalent percentage

= (Cost savings as a percentage of sales) / (Profit before tax as a percentage of sales)

Additional sales volume opportunity

= Sales equivalent × current sales volume
or
= Cost reduction / Profit before tax as a percentage of sales

EMA2M07 [MA2.0607] ©CGA-Canada, 2007 Attachment 1 of 4

 1
Table 1 Present Value of $1
(1 + i) n
Period 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 18% 20%
1 .9901 .9804 .9709 .9615 .9524 .9434 .9346 .9259 .9174 .9091 .9009 .8929 .8850 .8772 .8696 .8621 .8475 .8333
2 .9803 .9612 .9426 .9246 .9070 .8900 .8734 .8573 .8417 .8264 .8116 .7972 .7831 .7695 .7561 .7432 .7182 .6944
3 .9706 .9423 .9151 .8890 .8638 .8396 .8163 .7938 .7722 .7513 .7312 .7118 .6931 .6750 .6575 .6407 .6086 .5787
4 .9610 .9238 .8885 .8548 .8227 .7921 .7629 .7350 .7084 .6830 .6587 .6355 .6133 .5921 .5718 .5523 .5158 .4823
5 .9515 .9057 .8626 .8219 .7835 .7473 .7130 .6806 .6499 .6209 .5935 .5674 .5428 .5194 .4972 .4761 .4371 .4019
6 .9420 .8880 .8375 .7903 .7462 .7050 .6663 .6302 .5963 .5645 .5346 .5066 .4803 .4556 .4323 .4104 .3704 .3349
7 .9327 .8706 .8131 .7599 .7107 .6651 .6227 .5835 .5470 .5132 .4817 .4523 .4251 .3996 .3759 .3538 .3139 .2791
8 .9235 .8535 .7894 .7307 .6768 .6274 .5820 .5403 .5019 .4665 .4339 .4039 .3762 .3506 .3269 .3050 .2660 .2326
9 .9143 .8368 .7664 .7026 .6446 .5919 .5439 .5002 .4604 .4241 .3909 .3606 .3329 .3075 .2843 .2630 .2255 .1938
10 .9053 .8203 .7441 .6756 .6139 .5584 .5083 .4632 .4224 .3855 .3522 .3220 .2946 .2697 .2472 .2267 .1911 .1615
11 .8963 .8043 .7224 .6496 .5847 .5268 .4751 .4289 .3875 .3505 .3173 .2875 .2607 .2366 .2149 .1954 .1619 .1346
12 .8874 .7885 .7014 .6246 .5568 .4970 .4440 .3971 .3555 .3186 .2858 .2567 .2307 .2076 .1869 .1685 .1372 .1122
13 .8787 .7730 .6810 .6006 .5303 .4688 .4150 .3677 .3262 .2897 .2575 .2292 .2042 .1821 .1625 .1452 .1163 .0935
14 .8700 .7579 .6611 .5775 .5051 .4423 .3878 .3405 .2992 .2633 .2320 .2046 .1807 .1597 .1413 .1252 .0985 .0779
15 .8613 .7430 .6419 .5553 .4810 .4173 .3624 .3152 .2745 .2394 .2090 .1827 .1599 .1401 .1229 .1079 .0835 .0649
16 .8528 .7284 .6232 .5339 .4581 .3936 .3387 .2919 .2519 .2176 .1883 .1631 .1415 .1229 .1069 .0930 .0708 .0541
17 .8444 .7142 .6050 .5134 .4363 .3714 .3166 .2703 .2311 .1978 .1696 .1456 .1252 .1078 .0929 .0802 .0600 .0451
18 .8360 .7002 .5874 .4936 .4155 .3503 .2959 .2502 .2120 .1799 .1528 .1300 .1108 .0946 .0808 .0691 .0508 .0376
19 .8277 .6864 .5703 .4746 .3957 .3305 .2765 .2317 .1945 .1635 .1377 .1161 .0981 .0829 .0703 .0596 .0431 .0313
20 .8195 .6730 .5537 .4564 .3769 .3118 .2584 .2145 .1784 .1486 .1240 .1037 .0868 .0728 .0611 .0514 .0365 .0261
21 .8114 .6598 .5375 .4388 .3589 .2942 .2415 .1987 .1637 .1351 .1117 .0926 .0768 .0638 .0531 .0443 .0309 .0217
22 .8034 .6468 .5219 .4220 .3418 .2775 .2257 .1839 .1502 .1228 .1007 .0826 .0680 .0560 .0462 .0382 .0262 .0181
23 .7954 .6342 .5067 .4057 .3256 .2618 .2109 .1703 .1378 .1117 .0907 .0738 .0601 .0491 .0402 .0329 .0222 .0151
24 .7876 .6217 .4919 .3901 .3101 .2470 .1971 .1577 .1264 .1015 .0817 .0659 .0532 .0431 .0349 .0284 .0188 .0126
25 .7798 .6095 .4776 .3751 .2953 .2330 .1842 .1460 .1160 .0923 .0736 .0588 .0471 .0378 .0304 .0245 .0160 .0105
30 .7419 .5521 .4120 .3083 .2314 .1741 .1314 .0994 .0754 .0573 .0437 .0334 .0256 .0196 .0151 .0116 .0070 .0042
40 .6717 .4529 .3066 .2083 .1420 .0972 .0668 .0460 .0318 .0221 .0154 .0107 .0075 .0053 .0037 .0026 .0013 .0007
50 .6080 .3715 .2281 .1407 .0872 .0543 .0339 .0213 .0134 .0085 .0054 .0035 .0022 .0014 .0009 .0006 .0003 .0001

1 − (1 + i) − n
Table 2 Present Value of an Annuity of $1 Per Period for n Periods
i
Number
of
Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 18% 20%
1 .9901 .9804 .9709 .9615 .9524 .9434 .9346 .9259 .9174 .9091 .9009 .8929 .8850 .8772 .8696 .8621 .8475 .8333
2 1.9704 1.9416 1.9135 1.8861 1.8594 1.8334 1.8080 1.7833 1.7591 1.7355 1.7125 1.6901 1.6681 1.6467 1.6257 1.6052 1.5656 1.5278
3 2.9410 2.8839 2.8286 2.7751 2.7232 2.6730 2.6243 2.5771 2.5313 2.4869 2.4437 2.4018 2.3612 2.3216 2.2832 2.2459 2.1743 2.1065
4 3.9020 3.8077 3.7171 3.6299 3.5460 3.4651 3.3872 3.3121 3.2397 3.1699 3.1024 3.0373 2.9745 2.9137 2.8550 2.7982 2.6901 2.5887
5 4.8534 4.7135 4.5797 4.4518 4.3295 4.2124 4.1002 3.9927 3.8897 3.7908 3.6959 3.6048 3.5172 3.4331 3.3522 3.2743 3.1272 2.9906
6 5.7955 5.6014 5.4172 5.2421 5.0757 4.9173 4.7665 4.6229 4.4859 4.3553 4.2305 4.1114 3.9975 3.8887 3.7845 3.6847 3.4976 3.3255
7 6.7282 6.4720 6.2303 6.0021 5.7864 5.5824 5.3893 5.2064 5.0330 4.8684 4.7122 4.5638 4.4226 4.2883 4.1604 4.0386 3.8115 3.6046
8 7.6517 7.3255 7.0197 6.7327 6.4632 6.2098 5.9713 5.7466 5.5348 5.3349 5.1461 4.9676 4.7988 4.6389 4.4873 4.3436 4.0776 3.8372
9 8.5660 8.1622 7.7861 7.4353 7.1078 6.8017 6.5152 6.2469 5.9952 5.7590 5.5370 5.3282 5.1317 4.9464 4.7716 4.6065 4.3030 4.0310
10 9.4713 8.9826 8.5302 8.1109 7.7217 7.3601 7.0236 6.7101 6.4177 6.1446 5.8892 5.6502 5.4262 5.2161 5.0188 4.8332 4.4941 4.1925
11 10.3676 9.7868 9.2526 8.7605 8.3064 7.8869 7.4987 7.1390 6.8052 6.4951 6.2065 5.9377 5.6869 5.4527 5.2337 5.0286 4.6560 4.3271
12 11.2551 10.5753 9.9540 9.3851 8.8633 8.3838 7.9427 7.5361 7.1607 6.8137 6.4924 6.1944 5.9176 5.6603 5.4206 5.1971 4.7932 4.4392
13 12.1337 11.3484 10.6350 9.9856 9.3936 8.8527 8.3577 7.9038 7.4869 7.1034 6.7499 6.4235 6.1218 5.8424 5.5831 5.3423 4.9095 4.5327
14 13.0037 12.1062 11.2961 10.5631 9.8986 9.2950 8.7455 8.2442 7.7862 7.3667 6.9819 6.6282 6.3025 6.0021 5.7245 5.4675 5.0081 4.6106
15 13.8651 12.8493 11.9379 11.1184 10.3797 9.7122 9.1079 8.5595 8.0607 7.6061 7.1909 6.8109 6.4624 6.1422 5.8474 5.5755 5.0916 4.6755
16 14.7179 13.5777 12.5611 11.6523 10.8378 10.1059 9.4466 8.8514 8.3126 7.8237 7.3792 6.9740 6.6039 6.2651 5.9542 5.6685 5.1624 4.7296
17 15.5623 14.2919 13.1661 12.1657 11.2741 10.4773 9.7632 9.1216 8.5436 8.0216 7.5488 7.1196 6.7291 6.3729 6.0472 5.7487 5.2223 4.7746
18 16.3983 14.9920 13.7535 12.6593 11.6896 10.8276 10.0591 9.3719 8.7556 8.2014 7.7016 7.2497 6.8399 6.4674 6.1280 5.8178 5.2732 4.8122
19 17.2260 15.6785 14.3238 13.1339 12.0853 11.1581 10.3356 9.6036 8.9501 8.3649 7.8393 7.3658 6.9380 6.5504 6.1982 5.8775 5.3162 4.8435
20 18.0456 16.3514 14.8775 13.5903 12.4622 11.4699 10.5940 9.8181 9.1285 8.5136 7.9633 7.4694 7.0248 6.6231 6.2593 5.9288 5.3527 4.8696
21 18.8570 17.0112 15.4150 14.0292 12.8212 11.7641 10.8355 10.0168 9.2922 8.6487 8.0751 7.5620 7.1016 6.6870 6.3125 5.9731 5.3837 4.8913
22 19.6604 17.6580 15.9369 14.4511 13.1630 12.0416 11.0612 10.2007 9.4424 8.7715 8.1757 7.6446 7.1695 6.7429 6.3587 6.0113 5.4099 4.9094
23 20.4558 18.2922 16.4436 14.8568 13.4886 12.3034 11.2722 10.3711 9.5802 8.8832 8.2664 7.7184 7.2297 6.7921 6.3988 6.0442 5.4321 4.9245
24 21.2434 18.9139 16.9355 15.2470 13.7986 12.5504 11.4693 10.5288 9.7066 8.9847 8.3481 7.7843 7.2829 6.8351 6.4338 6.0726 5.4509 4.9371
25 22.0232 19.5235 17.4131 15.6221 14.0939 12.7834 11.6536 10.6748 9.8226 9.0770 8.4217 7.8431 7.3300 6.8729 6.4641 6.0971 5.4669 4.9476
30 25.8077 22.3965 19.6004 17.2920 15.3725 13.7648 12.4090 11.2578 10.2737 9.4269 8.6938 8.0552 7.4957 7.0027 6.5660 6.1772 5.5168 4.9789
40 32.8347 27.3555 23.1148 19.7928 17.1591 15.0463 13.3317 11.9246 10.7574 9.7791 8.9511 8.2438 7.6344 7.1050 6.6418 6.2335 5.5482 4.9966
50 39.1961 31.4236 25.7298 21.4822 18.2559 15.7619 13.8007 12.2335 10.9617 9.9148 9.0417 8.3045 7.6752 7.1327 6.6605 6.2463 5.5541 4.9995

EMA2M07 [PVALUE.TBL] ©CGA-Canada, 2007 Attachment 2 of 4

 Table 3 Future Value of $1 at the End of n Periods (1 + i) n
Period 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 18% 20%
1 1.0100 1.0200 1.0300 1.0400 1.0500 1.0600 1.0700 1.0800 1.0900 1.1000 1.1100 1.1200 1.1300 1.1400 1.1500 1.1600 1.1800 1.2000
2 1.0201 1.0404 1.0609 1.0816 1.1025 1.1236 1.1449 1.1664 1.1881 1.2100 1.2321 1.2544 1.2769 1.2996 1.3225 1.3456 1.3924 1.4400
3 1.0303 1.0612 1.0927 1.1249 1.1576 1.1910 1.2250 1.2597 1.2950 1.3310 1.3676 1.4049 1.4429 1.4815 1.5209 1.5609 1.6430 1.7280
4 1.0406 1.0824 1.1255 1.1699 1.2155 1.2625 1.3108 1.3605 1.4116 1.4641 1.5181 1.5735 1.6305 1.6890 1.7490 1.8106 1.9388 2.0736
5 1.0510 1.1041 1.1593 1.2167 1.2763 1.3382 1.4026 1.4693 1.5386 1.6105 1.6851 1.7623 1.8424 1.9254 2.0114 2.1003 2.2878 2.4883
6 1.0615 1.1262 1.1941 1.2653 1.3401 1.4185 1.5007 1.5869 1.6771 1.7716 1.8704 1.9738 2.0820 2.1950 2.3131 2.4364 2.6996 2.9860
7 1.0721 1.1487 1.2299 1.3159 1.4071 1.5036 1.6058 1.7138 1.8280 1.9487 2.0762 2.2107 2.3526 2.5023 2.6600 2.8262 3.1855 3.5832
8 1.0829 1.1717 1.2668 1.3686 1.4775 1.5938 1.7182 1.8509 1.9926 2.1436 2.3045 2.4760 2.6584 2.8526 3.0590 3.2784 3.7589 4.2998
9 1.0937 1.1951 1.3048 1.4233 1.5513 1.6895 1.8385 1.9990 2.1719 2.3579 2.5580 2.7731 3.0040 3.2519 3.5179 3.8030 4.4355 5.1598
10 1.1046 1.2190 1.3439 1.4802 1.6289 1.7908 1.9672 2.1589 2.3674 2.5937 2.8394 3.1058 3.3946 3.7072 4.0456 4.4114 5.2338 6.1917
11 1.1157 1.2434 1.3842 1.5395 1.7103 1.8983 2.1049 2.3316 2.5804 2.8531 3.1518 3.4785 3.8359 4.2262 4.6524 5.1173 6.1759 7.4301
12 1.1268 1.2682 1.4258 1.6010 1.7959 2.0122 2.2522 2.5182 2.8127 3.1384 3.4985 3.8960 4.3345 4.8179 5.3503 5.9360 7.2876 8.9161
13 1.1381 1.2936 1.4685 1.6651 1.8856 2.1329 2.4098 2.7196 3.0658 3.4523 3.8833 4.3635 4.8980 5.4924 6.1528 6.8858 8.5994 10.6993
14 1.1495 1.3195 1.5126 1.7317 1.9799 2.2609 2.5785 2.9372 3.3417 3.7975 4.3104 4.8871 5.5348 6.2613 7.0757 7.9875 10.1472 12.8392
15 1.1610 1.3459 1.5580 1.8009 2.0789 2.3966 2.7590 3.1722 3.6425 4.1772 4.7846 5.4736 6.2543 7.1379 8.1371 9.2655 11.9737 15.4070
16 1.1726 1.3728 1.6047 1.8730 2.1829 2.5404 2.9522 3.4259 3.9703 4.5950 5.3109 6.1304 7.0673 8.1372 9.3576 10.7480 14.1290 18.4884
17 1.1843 1.4002 1.6528 1.9479 2.2920 2.6928 3.1588 3.7000 4.3276 5.0545 5.8951 6.8660 7.9861 9.2765 10.7613 12.4677 16.6722 22.1861
18 1.1961 1.4282 1.7024 2.0258 2.4066 2.8543 3.3799 3.9960 4.7171 5.5599 6.5436 7.6900 9.0243 10.5752 12.3755 14.4625 19.6733 26.6233
19 1.2081 1.4568 1.7535 2.1068 2.5270 3.0256 3.6165 4.3157 5.1417 6.1159 7.2633 8.6128 10.1974 12.0557 14.2318 16.7765 23.2144 31.9480
20 1.2202 1.4859 1.8061 2.1911 2.6533 3.2071 3.8697 4.6610 5.6044 6.7275 8.0623 9.6463 11.5231 13.7435 16.3665 19.4608 27.3930 38.3376
21 1.2324 1.5157 1.8603 2.2788 2.7860 3.3996 4.1406 5.0338 6.1088 7.4002 8.9492 10.8038 13.0211 15.6676 18.8215 22.5745 32.3238 46.0051
22 1.2447 1.5460 1.9161 2.3699 2.9253 3.6035 4.4304 5.4365 6.6586 8.1403 9.9336 12.1003 14.7138 17.8610 21.6447 26.1864 38.1421 55.2061
23 1.2572 1.5769 1.9736 2.4647 3.0715 3.8197 4.7405 5.8715 7.2579 8.9543 11.0263 13.5523 16.6266 20.3616 24.8915 30.3762 45.0076 66.2474
24 1.2697 1.6084 2.0328 2.5633 3.2251 4.0489 5.0724 6.3412 7.9111 9.8497 12.2392 15.1786 18.7881 23.2122 28.6252 35.2364 53.1090 79.4968
25 1.2824 1.6406 2.0938 2.6658 3.3864 4.2919 5.4274 6.8485 8.6231 10.8347 13.5855 17.0001 21.2305 26.4619 32.9190 40.8742 62.6686 95.3962
30 1.3478 1.8114 2.4273 3.2434 4.3219 5.7435 7.6123 10.0627 13.2677 17.4494 22.8923 29.9599 39.1159 50.9502 66.2118 85.8499 143.3706 237.3763
40 1.4889 2.2080 3.2620 4.8010 7.0400 10.2857 14.9745 21.7245 31.4094 45.2593 65.0009 93.0510 132.7816 188.8835 267.8635 378.7212 750.3783 1469.7716
50 1.6446 2.6916 4.3839 7.1067 11.4674 18.4202 29.4570 46.9016 74.3575 117.3909 184.5648 289.0022 450.7359 700.2330 1083.6574 1670.7040 3927.3570 9100.4382

(1 + i) n − 1
Table 4 Sum of an Annuity of $1 Per Period for n Periods
i
Number
of
Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 18% 20%
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
2 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 2.1400 2.1500 2.1600 2.1800 2.2000
3 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 3.4396 3.4725 3.5056 3.5724 3.6400
4 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 4.9211 4.9934 5.0665 5.2154 5.3680
5 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 6.6101 6.7424 6.8771 7.1542 7.4416
6 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 8.5355 8.7537 8.9775 9.4420 9.9299
7 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 10.7305 11.0668 11.4139 12.1415 12.9159
8 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 13.2328 13.7268 14.2401 15.3270 16.4991
9 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 16.0853 16.7858 17.5185 19.0859 20.7989
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 19.3373 20.3037 21.3215 23.5213 25.9587
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 23.0445 24.3493 25.7329 28.7551 32.1504
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 27.2707 29.0017 30.8502 34.9311 39.5805
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 32.0887 34.3519 36.7862 42.2187 48.4966
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 37.5811 40.5047 43.6720 50.8180 59.1959
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 43.8424 47.5804 51.6595 60.9653 72.0351
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 50.9804 55.7175 60.9250 72.9390 87.4421
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 59.1176 65.0751 71.6730 87.0680 105.9306
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 68.3941 75.8364 84.1407 103.7403 128.1167
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 78.9692 88.2118 98.6032 123.4135 154.7400
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 91.0249 102.4436 115.3797 146.6280 186.6880
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 104.7684 118.8101 134.8405 174.0210 225.0256
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 120.4360 137.6316 157.4150 206.3448 271.0307
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 138.2970 159.2764 183.6014 244.4868 326.2369
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 158.6586 184.1678 213.9776 289.4945 392.4842
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 181.8708 212.7930 249.2140 342.6035 471.9811
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 356.7868 434.7451 530.3117 790.9480 1181.8816
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 1342.0251 1779.0903 2360.7572 4163.2130 7343.8578
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 4994.5213 7217.7163 10435.6488 21813.0937 45497.1908

EMA2M07 [PVALUE.TBL] ©CGA-Canada, 2007 Attachment 3 of 4

 ⎡ 1 ⎤
⎢1 − ⎥
(1 + i) n
Table 5 Present Value of an Annuity Due of $1 per Period for n Periods ⎢ ⎥ × (1 + i)
⎢ i ⎥
⎢ ⎥
⎣ ⎦
n
Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 18% 20%
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
2 1.9901 1.9804 1.9709 1.9615 1.9524 1.9434 1.9346 1.9259 1.9174 1.9091 1.9009 1.8929 1.8850 1.8772 1.8696 1.8621 1.8475 1.8333
3 2.9704 2.9416 2.9135 2.8861 2.8594 2.8334 2.8080 2.7833 2.7591 2.7355 2.7125 2.6901 2.6681 2.6467 2.6257 2.6052 2.5656 2.5278
4 3.9410 3.8839 3.8286 3.7751 3.7232 3.6730 3.6243 3.5771 3.5313 3.4869 3.4437 3.4018 3.3612 3.3216 3.2832 3.2459 3.1743 3.1065
5 4.9020 4.8077 4.7171 4.6299 4.5460 4.4651 4.3872 4.3121 4.2397 4.1699 4.1024 4.0373 3.9745 3.9137 3.8550 3.7982 3.6901 3.5887
6 5.8534 5.7135 5.5797 5.4518 5.3295 5.2124 5.1002 4.9927 4.8897 4.7908 4.6959 4.6048 4.5172 4.4331 4.3522 4.2743 4.1272 3.9906
7 6.7955 6.6014 6.4172 6.2421 6.0757 5.9173 5.7665 5.6229 5.4859 5.3553 5.2305 5.1114 4.9975 4.8887 4.7845 4.6847 4.4976 4.3255
8 7.7282 7.4720 7.2303 7.0021 6.7864 6.5824 6.3893 6.2064 6.0330 5.8684 5.7122 5.5638 5.4226 5.2883 5.1604 5.0386 4.8115 4.6046
9 8.6517 8.3255 8.0197 7.7327 7.4632 7.2098 6.9713 6.7466 6.5348 6.3349 6.1461 5.9676 5.7988 5.6389 5.4873 5.3436 5.0776 4.8372
10 9.5660 9.1622 8.7861 8.4353 8.1078 7.8017 7.5152 7.2469 6.9952 6.7590 6.5370 6.3282 6.1317 5.9464 5.7716 5.6065 5.3030 5.0310
11 10.4713 9.9826 9.5302 9.1109 8.7217 8.3601 8.0236 7.7101 7.4177 7.1446 6.8892 6.6502 6.4262 6.2161 6.0188 5.8332 5.4941 5.1925
12 11.3676 10.7868 10.2526 9.7605 9.3064 8.8869 8.4987 8.1390 7.8052 7.4951 7.2065 6.9377 6.6869 6.4527 6.2337 6.0286 5.6560 5.3271
13 12.2551 11.5753 10.9540 10.3851 9.8633 9.3838 8.9427 8.5361 8.1607 7.8137 7.4924 7.1944 6.9176 6.6603 6.4206 6.1971 5.7932 5.4392
14 13.1337 12.3484 11.6350 10.9856 10.3936 9.8527 9.3577 8.9038 8.4869 8.1034 7.7499 7.4235 7.1218 6.8424 6.5831 6.3432 5.9095 5.5327
15 14.0037 13.1062 12.2961 11.5631 10.8986 10.2950 9.7455 9.2442 8.7862 8.3667 7.9819 7.6282 7.3025 7.0021 6.7245 6.4675 6.0081 5.6106
16 14.8651 13.8493 12.9379 12.1184 11.3797 10.7122 10.1079 9.5595 9.0607 8.6061 8.1909 7.8109 7.4624 7.1422 6.8474 6.5755 6.0916 5.6755
17 15.7179 14.5777 13.5611 12.6523 11.8378 11.1059 10.4466 9.8514 9.3126 8.8237 8.3792 7.9740 7.6039 7.2651 6.9542 6.6685 6.1624 5.7296
18 16.5623 15.2919 14.1661 13.1657 12.2741 11.4773 10.7632 10.1216 9.5436 9.0216 8.5488 8.1196 7.7291 7.3729 7.0472 6.7487 6.2223 5.7746
19 17.3983 15.9920 14.7535 13.6593 12.6896 11.8276 11.0591 10.3719 9.7556 9.2014 8.7016 8.2497 7.8399 7.4674 7.1280 6.8179 6.2732 5.8122
20 18.2260 16.6785 15.3238 14.1339 13.0853 12.1581 11.3356 10.6036 9.9501 9.3649 8.8393 8.3658 7.9380 7.5504 7.1982 6.8775 6.3162 5.8435
21 19.0456 17.3514 15.8775 14.5903 13.4622 12.4699 11.5940 10.8181 10.1285 9.5136 8.9633 8.4694 8.0248 7.6231 7.2593 6.9288 6.3528 5.8696
22 19.8570 18.0112 16.4150 15.0292 13.8212 12.7641 11.8355 11.0168 10.2922 9.6487 9.0751 8.5620 8.1016 7.6870 7.3125 6.9731 6.3837 5.8913
23 20.6604 18.6580 16.9369 15.4511 14.1630 13.0416 12.0612 11.2007 10.4424 9.7715 9.1757 8.6446 8.1695 7.7429 7.3587 7.0113 6.4099 5.9094
24 21.4558 19.2922 17.4436 15.8568 14.4886 13.3034 12.2722 11.3711 10.5802 9.8832 9.2664 8.7184 8.2297 7.7921 7.3988 7.0443 6.4321 5.9245
25 22.2434 19.9139 17.9355 16.2470 14.7986 13.5504 12.4693 11.5288 10.7066 9.9847 9.3481 8.7843 8.2829 7.8351 7.4338 7.0726 6.4510 5.9371
30 26.0658 22.8444 20.1885 17.9837 16.1411 14.5907 13.2777 12.1584 11.1983 10.3696 9.6501 9.0218 8.4701 7.9830 7.5509 7.1656 6.5098 5.9747
40 33.1630 27.9026 23.8082 20.5845 18.0170 15.9491 14.2649 12.8786 11.7255 10.7570 9.9357 9.2330 8.6268 8.0997 7.6380 7.2309 6.5468 5.9959
50 39.5881 32.0521 26.5017 22.3415 19.1687 16.7076 14.7668 13.2122 11.9482 10.9063 10.0362 9.3010 8.6730 8.1312 7.6596 7.2457 6.5539 5.9993

EMA2M07 [PVALUE.TBL] ©CGA-Canada, 2007 Attachment 4 of 4