Today's deposit

Interest rate
Years
Future value

600
15%
10
2,427.33 <-- =B3*(1+B4)^B5

A
1
2
3 Interest rate
4
5

8.00%

Future value
in year 10
6 Year
Gift
7
0
10,000
21,589.25 <-- =B7*(1+$B$3)^(10-A7)
8
1
10,000
9
2
10,000
10
3
10,000
11
4
10,000
12
5
10,000
13
6
10,000
14
7
10,000
15
8
10,000
16
9
10,000
17
18 Total (summing C7:C16)
19 Using FV function
???

Interest rate

8.00%

Year

Gift
0
1
2
3
4
5
6
7
8
9

Total

10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000

Future value
in year 10
21,589.25
19,990.05
18,509.30
17,138.24
15,868.74
14,693.28
13,604.89
12,597.12
11,664.00
10,800.00
156,454.87
$156,454.87 <-- =FV(B3,10,-10000,,1)

Interest rate

7%

Year
1
2
3
4
Present value

Present
value
Gift
10,000.00
9,345.79 <-- =B6/((1+$B$3)^A6)
10,000.00
8,734.39
10,000.00
8,162.98
10,000.00
7,628.95
$ 33,872.11 <-- =SUM(C6:C9)
$33,872.11 <-- =PV(B3,4,-B6)

A
1
2
3
4
5
6
7
8
9
10
11
12

Interest rate

14%

Year
1
2
3
4
Total of C6:C9
Using NPV function

Payment PV
1,000
877.19 <-- =B6/(1+$B$3)^A6
1,000
1,000
1,000

Interest rate

14%

Year
1
2
3
4
Total of C6:C9
Using NPV function

Payment PV
1,000
877.19 <-- =B6/(1+$B$3)^A6
1,000
769.47
1,000
674.97
1,000
592.08
2913.71 <-- =SUM(C6:C9)
$2,913.71 <-- =NPV(B3,B6:B9)

A
1
2
3
Year
4
0
5
1
6
2
7
3
8
4
9
5
10
6
11
7
12
8
13
9
14
10
15
11
16
12
17
13
18
14
19
15
20
21 Using IRR
22 Using RATE

Payment
-1,000
150
150
150
150
150
150
150
150
150
150
150
150
150
150
150

Year
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
IRR
Using RATE

Payment
-1,000
150
150
150
150
150
150
150
150
150
150
150
150
150
150
150
12.40% <-- =IRR(B4:B19)
12.40% <-- =RATE(15,150,-1000)

Year
0
1
2
3
4
5
6
7
8
9
10
IRR

Payment
-1,000
100
200
300
400
500
600
700
800
900
1000
32.36% <-- =IRR(B4:B14)

Amortization table
Principal
beg. year
Year
1
2
3
4
5
6
7
8
9
10
11

1,000.00
1,223.64
1,419.65
1,579.10
1,690.15
1,737.14
1,699.34
1,549.31
1,250.72
755.49
0.00

Payment
end year
100.00
200.00
300.00
400.00
500.00
600.00
700.00
800.00
900.00
1,000.00

Of which:
Interest
323.64
396.01
459.45
511.05
546.99
562.20
549.97
501.41
404.78
244.51

Of which:
Principal
-223.64
-196.01
-159.45
-111.05
-46.99
37.80
150.03
298.59
495.22
755.49

APPALACHIAN DEVELOPMENT AUTHORITY BOND

Year
1
2
3
4
5
6
Discount rate
Value

Payment
120.00
120.00
120.00
120.00
120.00
1,120.00
7%
$1,238.33

A
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

Interest
earned
during year

Total in
account
end of year

SAVING FOR THE FUTURE

Your age today
Retirement age
Planned age of demise
Annual desired pension payout
Annual payment
Interest rate

Your age
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84

35
65
85
100,000
???
8%

Account
balance, beg.
year

Deposit or
withdrawal
beginning of
year

A
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

SAVING FOR THE FUTURE

Your age today
Retirement age
Planned age of demise
Annual desired pension payout
Annual payment
Interest rate

Your age
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84

35
65
85
100,000
67,774
8%

Account
balance, beg.
year
73,196
152,248
237,624
329,830
429,412
536,961
653,114
778,560
914,041
1,060,360
1,037,189
1,012,164
985,137
955,948
924,424
890,378
853,608
813,896
771,008
724,689
674,664
620,637
562,288
499,271
431,213
357,710
278,326
192,593
100,000

Deposit or
withdrawal
Interest
beginning of
earned
year
during year
67,774
5,422
67,774
11,278
67,774
17,602
67,774
24,432
67,774
31,808
67,774
39,775
67,774
48,379
67,774
57,671
67,774
67,707
67,774
78,545
(100,000)
76,829
(100,000)
74,975
(100,000)
72,973
(100,000)
70,811
(100,000)
68,476
(100,000)
65,954
(100,000)
63,230
(100,000)
60,289
(100,000)
57,112
(100,000)
53,681
(100,000)
49,975
(100,000)
45,973
(100,000)
41,651
(100,000)
36,983
(100,000)
31,942
(100,000)
26,497
(100,000)
20,617
(100,000)
14,266
(100,000)
7,407
(100,000)
0

Total in
account
end of year
73,196
152,248
237,624
329,830
429,412
536,961
653,114
778,560
914,041
1,060,360
1,037,189
1,012,164
985,137
955,948
924,424
890,378
853,608
813,896
771,008
724,689
674,664
620,637
562,288
499,271
431,213
357,710
278,326
192,593
100,000
0

SAVING FOR THE FUTURE

Your age today
Retirement age
Planned age of demise
Annual desired pension payout
Annual payment
Interest rate

Your age
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72

35
65
90
50,000
33,887
10%
Deposit or
Account withdrawal
Interest
Total in
balance, beginning
earned
account
beg. year
of year
during year end of year
0.00
2,759.08
275.91
3,034.99
3,034.99
2,759.08
579.41
6,373.47
6,373.47
2,759.08
913.26
10,045.81
10,045.81
2,759.08
1,280.49
14,085.37
14,085.37
2,759.08
1,684.45
18,528.90
18,528.90
2,759.08
2,128.80
23,416.78
23,416.78
2,759.08
2,617.59
28,793.44
28,793.44
2,759.08
3,155.25
34,707.77
34,707.77
2,759.08
3,746.68
41,213.53
41,213.53
2,759.08
4,397.26
48,369.87
48,369.87
2,759.08
5,112.90
56,241.85
56,241.85
2,759.08
5,900.09
64,901.02
64,901.02
2,759.08
6,766.01
74,426.11
74,426.11
2,759.08
7,718.52
84,903.71
84,903.71
2,759.08
8,766.28
96,429.07
96,429.07
2,759.08
9,918.81 109,106.96
109,106.96
2,759.08
11,186.60 123,052.64
123,052.64
2,759.08
12,581.17 138,392.89
138,392.89
2,759.08
14,115.20 155,267.17
155,267.17
2,759.08
15,802.62 173,828.87
173,828.87
2,759.08
17,658.80 194,246.75
194,246.75
2,759.08
19,700.58 216,706.41
216,706.41
2,759.08
21,946.55 241,412.04
241,412.04
2,759.08
24,417.11 268,588.23
268,588.23
2,759.08
27,134.73 298,482.04
298,482.04
2,759.08
30,124.11 331,365.23
331,365.23
2,759.08
33,412.43 367,536.74
367,536.74
2,759.08
37,029.58 407,325.40
407,325.40
2,759.08
41,008.45 451,092.92
451,092.92
2,759.08
45,385.20 499,237.20
499,237.20 -50,000.00
44,923.72 494,160.92
494,160.92 -50,000.00
44,416.09 488,577.01
488,577.01 -50,000.00
43,857.70 482,434.71
482,434.71 -50,000.00
43,243.47 475,678.19
475,678.19 -50,000.00
42,567.82 468,246.00
468,246.00 -50,000.00
41,824.60 460,070.61
460,070.61 -50,000.00
41,007.06 451,077.67
451,077.67 -50,000.00
40,107.77 441,185.43

73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89

441,185.43
430,303.98
418,334.37
405,167.81
390,684.59
374,753.05
357,228.36
337,951.19
316,746.31
293,420.94
267,763.03
239,539.34
208,493.27
174,342.60
136,776.86
95,454.55
50,000.00

-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00
-50,000.00

39,118.54
38,030.40
36,833.44
35,516.78
34,068.46
32,475.31
30,722.84
28,795.12
26,674.63
24,342.09
21,776.30
18,953.93
15,849.33
12,434.26
8,677.69
4,545.45
0.00

430,303.98
418,334.37
405,167.81
390,684.59
374,753.05
357,228.36
337,951.19
316,746.31
293,420.94
267,763.03
239,539.34
208,493.27
174,342.60
136,776.86
95,454.55
50,000.00
0.00

Present value of all payments

0.00 <-- =NPV(B9,C12:C66)

A
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

SAVING FOR THE FUTURE

Your age today
Retirement age
Planned age of demise
Annual desired pension payout
Annual payment
Interest rate
Years of saving
Years of withdrawal
Discount factor
Checking results
Present value withdrawals to beg. of 65th year
Future value of savings to beginning of 65th year

55
65
85

50,000
33,887 <-- =IF(B9<>0%,B7*(1-B13^B12)/((1+B9)^B11*(1-B13
8%
10
20
0.925925926

530,179.96
530,179.96

Interest rate

Saving
<-- Data table header (hidden)

0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%

100,000.00
86,241.57
74,665.98
64,888.48
56,597.56
49,540.14
43,509.98
38,338.41
33,887.08
30,042.08
26,709.35
23,810.92
21,282.00
19,068.53
17,125.28
15,414.25
13,903.45
12,565.85
11,378.50
10,321.93
9,379.48

20 years of $50,00
120,000
100,000
80,000
60,000
40,000
20,000
0

1
2
3
4
5
6
7
0%,B7*(1-B13^B12)/((1+B9)^B11*(1-B13^B11)),B12*B7/B11)
8
9
10
11
12
13
14
15
16
17
18
19
20
<-- Data table
21 header (hidden)
22
23
Annual Savings Required to Fund
24 20 years of $50,000 Pension Starting at Age 65
25
26
120,000
27
28
100,000
29
30
80,000
31
32
60,000
33
40,000
34
35
20,000
36
37 0
38 0%
5%
10%
15%
39
40
41
42

20%

Year
0
1
2
3
4
5
6
7
8
9
10

-25,000
0
0
0
0
0
0
0
0
0
50,000

IRR

7.18%

Interest rate
Alternative
a
b
c
d

5%
PV
5,000
7,835 <-- =10000/(1+B3)^5
7,404 <-- =9000/(1+B3)^4
6,000 <-- =300/B3

Interest rates:
Two years
First year
Second Year
Investment

8%
6%
10%
15,000

Future Value

A
17,496

B
17,490

Required return
Salary
Alternative 1: 50% of your salary immediately
Alternative 2: $6,000 per year forever

11%
100,000
50,000
54,545 <-- =6000/$B$2

Annual return

7%

Cost of move
Yearly cost

200,000
25,000

Cost of retirement at age 65

a) PV of cost of retirement at age 40
Initial savings
Balance

523,692 <-- =B5+PV(B3,35,-B6)

96,490 <-- =B8/(1+B3)^25
50,000
46,490 <-- =B9-B10

b) Needed annual savings

PV of cost of retirement at age 45

3,989 <-- =PMT(B3,25,-B11)

135,332 <-- =B9*(1+B3)^5

c) Needed annual savings

12,774 <-- =-PMT(B3,20,B14)

PV
PMT
Periods
Interest rate

10,000
1,500
10
8.144% <-- =RATE(B5,B4,-B3)

Year
0
1
2
3
4
5
6
7
8
9
10
IRR

Payment
-10,000
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
8.144%

Car cost today

Price growth per year
Car future price

15,000
2%
16,561 <-- =B3*(1+B4)^5

Yearly contribution
Interest rate
Future value of savings

1,000
5%
6,802 <-- =FV(B8,6,-B7)

a) Balance

9,759 <-- =B5-B9

Dealer's loan rate

b) Yearly payment

7%
1,811 <-- =PMT(B13,7,-B11)

ALTERNATIVE WAYS TO VIEW THIS PROBLEM (my thanks to Jon Fantell)

Year 0
End of
year 1

Today
John's age

End of
year 2

End of
year 3

End of
year 5

13
14
15
16
17
18
Beginning Beginning Beginning Beginning Beginning Beginning
of year 1
of year 2
of year 3
of year 4
of year 5
of year 6
1

Car
FV

5
|

15,000
16,561

Savings
FV

1,000

1,000

1,000

1,000

Balance to be paid off with dealer loan

13
14
15
16
17
18

1,000

1,000
6,802
9,759

Yet another way to think about this

Car Cost
r=

Alternatively:

End of
year 4

2%
0
1
2
3
4
5

15,000
15,300
15,606
15,918
16,236
16,561
16,561 <-- =FV(C39,5,,-C41,0)

FV of Savings

r=

13
14
15
16
17
18

5%

1
2
3
4
5
6

Account
balance
beg. year

Deposit at
Interest
Total in
beginning
earned
account
of year
during year end of year

0
1,050
2,050
3,050
4,050
5,050

More thanks: Krishna Kumaar and his daughter suggested this problem.

1,000
1,000
1,000
1,000
1,000
1,000

50
0
0
0
0
0

1,050
2,050
3,050
4,050
5,050
6,050

End of
year 6
19
Beginning
of year 7
6
|

<-- =FV(B4,G24,,-B27)

<-- =FV(B8,5,-B30,,1)+G30

$5,801.91
$6,801.91

Mary
Tuition of MBA program
Annual desired pension payout
Annual payment
Interest rate

Year
0
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

20,000
60,000
36,999.63
7%

Balance
beg. year
0.000
0.000
0.000
39,589.601
81,950.475
105,876.609
91,887.972
137,909.731
187,153.014
239,843.326
296,221.960
356,547.098
421,094.997
490,161.248
564,062.136
643,136.087
663,545.215
645,793.380
626,798.916
606,474.840
584,728.079
561,459.045
536,561.178
509,920.460
481,414.892
450,913.935
418,277.910
383,357.364
345,992.380
306,011.846
263,232.675
217,458.963
168,481.090
116,074.766
60,000.000

Beginning
of year
0
0
36,999.63
36,999.63
16,999.63
(20,000.00)
36,999.63
36,999.63
36,999.63
36,999.63
36,999.63
36,999.63
36,999.63
36,999.63
36,999.63
(23,000.37)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)
(60,000.00)

Earned
during
year
0.000
0.000
2,589.974
5,361.246
6,926.507
6,011.363
9,022.132
12,243.655
15,690.685
19,379.007
23,325.511
27,548.271
32,066.624
36,901.261
42,074.323
43,409.500
42,248.165
41,005.537
39,675.924
38,253.239
36,730.966
35,102.133
33,359.282
31,494.432
29,499.042
27,363.975
25,079.454
22,635.015
20,019.467
17,220.829
14,226.287
11,022.127
7,593.676
3,925.234
0.000

Account
end of year
0.000
0.000
39,589.601
81,950.475
105,876.609
91,887.972
137,909.731
187,153.014
239,843.326
296,221.960
356,547.098
421,094.997
490,161.248
564,062.136
643,136.087
663,545.215
645,793.380
626,798.916
606,474.840
584,728.079
561,459.045
536,561.178
509,920.460
481,414.892
450,913.935
418,277.910
383,357.364
345,992.380
306,011.846
263,232.675
217,458.963
168,481.090
116,074.766
60,000.000
0.000

Notice: The expenditures a

The savings are in the end
Recall that: end of year 1=b

Notice: The expenditures are in the beginning of the year

The savings are in the end of the year.
Recall that: end of year 1=beginning of year 2.

Workforce
Life expectancy
Annual initial salary
Salary yearly growth
Annual return
Year

Retirees
1
2
3
4
5
6
7
8
9

Total

40
20
40,000
4%
10%
Pension Liability at Retirement PV of Pension Liability
2,833,314
2,575,740

8
0
8
0
8
0
8
0
8
40

3,064,512

2,302,414

3,314,577

2,058,091

3,585,046

1,839,696

3,877,586

1,644,475
10,420,415

Salary
41,600
43,264
44,995
46,794
48,666
50,613
52,637
54,743
56,932

(a) Without MBA (b) With MBA

50,000
60,000
3%
4%
8%
8%

First salary
Yearly salary growth
Annual return
Age
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
NPV
IRR

(a) Without MBA

51,500
53,045
54,636
56,275
57,964
59,703
61,494
63,339
65,239
67,196
69,212
71,288
73,427
75,629
77,898
80,235
82,642
85,122
87,675
90,306
93,015
95,805
98,679
101,640
104,689
107,830
111,064
114,396
117,828
121,363
125,004
128,754
132,617
136,595
140,693
$833,976.27

(b) With MBA

-20,000
-20,000
60,000
62,400
64,896
67,492
70,192
72,999
75,919
78,956
82,114
85,399
88,815
92,367
96,062
99,904
103,901
108,057
112,379
116,874
121,549
126,411
131,467
136,726
142,195
147,883
153,798
159,950
166,348
173,002
179,922
187,119
194,604
202,388
210,484
$880,208.05

(b) - (a)
-71,500
-73,045
5,364
6,125
6,932
7,789
8,698
9,661
10,680
11,760
12,902
14,111
15,388
16,738
18,164
19,669
21,258
22,935
24,704
26,568
28,534
30,606
32,788
35,086
37,506
40,053
42,734
45,554
48,520
51,639
54,918
58,365
61,987
65,793
69,790
$46,231.78
9.99%

SAVING FOR THE FUTURE

Your age today
Retirement age
Planned age of demise
Annual desired pension payout
Annual payment
Interest rate
Years of saving
Years of withdrawal
Discount factor
Checking results
Present value withdrawals to beg. of 65th year
Future value of savings to beginning of 65th year

55
65
85
50,000
33,887 <-- =B7*(1-B13^B12)/((1+B9)^B11*(1-B13^B11))
8%
10
<-- =B4-B3
20
<-- =B5-B4
0.925925926 <-- =1/(1+B9)

530,179.96 <-- =B7*(1-B13^B12)/(1-B13)

530,179.96 <-- =B8*(1+B9)^B11*(1-B13^B11)/(1-B13)

Age today

Saving
<-- Data table header (hidden)

20
23
26
29
32
35
38
41
44
47
50
53
56
59

1,270.12
1,613.53
2,054.51
2,623.74
3,363.52
4,333.45
5,619.95
7,352.79
9,735.80
13,108.26
18,079.90
25,868.37
39,311.72
66,918.23

80,000
70,000
Annual saving

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

60,000
50,000
40,000
30,000
20,000
10,000

1
2
3
4
5
6
7
13^B12)/((1+B9)^B11*(1-B13^B11))
8
9
10
11
12
13
14
15
16
9)^B11*(1-B13^B11)/(1-B13)
17
18
19
20
<-- Data table
21 header (hidden)
22
23
Annual Savings Required to Fund
24
20 years of $50,000 Pension, Starting
2580,000
at Age 65
26
70,000
27
2860,000
2950,000
30
40,000
31
3230,000
3320,000
34
10,000
35
0
36
20
30
40
50
37
Age today
38
39

60

SAVING FOR COLLEGE

Interest rates
On positive balances
On negative balances
Annual deposit
Annual cost of college

Birthday
10
11
12
13
14
15
16
17
18
19
20
21
22

8%
10%
4,000.00
20,000
In bank on birthday,
before
deposit/withdrawal
0.00
4,320.00
8,985.60
14,024.45
19,466.40
25,343.72
31,691.21
38,546.51
45,950.23
28,026.25
8,668.35
-12,464.82
-35,711.30

Deposit
or withdrawal
at begin. of year
4,000.00
4,000.00
4,000.00
4,000.00
4,000.00
4,000.00
4,000.00
4,000.00
-20,000.00
-20,000.00
-20,000.00
-20,000.00

End of year
with interest
Total
4,000.00
4,320.00
8,320.00
8,985.60
12,985.60
14,024.45
18,024.45
19,466.40
23,466.40
25,343.72
29,343.72
31,691.21
35,691.21
38,546.51
42,546.51
45,950.23
25,950.23
28,026.25
8,026.25
8,668.35
-11,331.65
-12,464.82
-32,464.82
-35,711.30

<-- =IF(D9>0,D9*(1+$B$3),D9*(1+$B$4))
<-- =IF(D10>0,D10*(1+$B$3),D10*(1+$B$4))
<-- =IF(D11>0,D11*(1+$B$3),D11*(1+$B$4))

A
1
2 Interest rates
3
On positive balances
4
On negative balances
5 Annual deposit
6 Annual cost of college
7

8
9
10
11
12
13
14
15
16
17
18
19
20
21

Birthday
10
11
12
13
14
15
16
17
18
19
20
21
22

Total

End of year
with interest

SAVING FOR COLLEGE

8%
10%
4,000.00
20,000
In bank on birthday,
before
deposit/withdrawal

Deposit
or withdrawal
at begin. of year
4,000.00
4,000.00
4,000.00
4,000.00
4,000.00
4,000.00
4,000.00
4,000.00
-20,000.00
-20,000.00
-20,000.00
-20,000.00

Fund budget
Payment forever

$10,000.00
$250.00

The present value of the perpetuity payments (which will start at the end of the year)
equals to $10,000. From this equation we can calculate the IRR.
Therefore:
IRR

2.50% <-- =B4/B3

A
1
2 Interest
3

4
5
6
7
8
9

10
11
12
13
14
15
16
17
18
19
20
21

Year
1
2
3
4
5

FUTURE VALUE
6%
Account
Deposit at
Interest
Total in
balance,
beginning
earned
account at
beg. year
of year
during year end of year
0.00
100.00
6.00
106.00 <-- =B5+C5+D5
106.00
100.00
12.36
218.36 <-- =B6+C6+D6
218.36
100.00
19.10
337.46
337.46
100.00
26.25
463.71
463.71
100.00
33.82
597.53
Future value
using Excel's
FV function
$ 597.53 <-- =FV(B2,5,-100,,1)
$ 597.53 <-- =FV(B2,5,-100)*(1+B2)

FV (r,5,100, ) 100 100(1 r ) 100(1

FV (r,5,100, ,1) 100(1 r ) 100(1 r ) 2

Therefore:
FV (r,5,100) * (1 r ) FV (r,5,100, ,1)

1
2
3

4
5
6
7
8
9

10
11
12
13
14
15
16
17
18
19
20
21

0, ) 100 100(1 r ) 100(1 r ) 2 100(1 r ) 3 100(1 r ) 4

0, ,1) 100(1 r ) 100(1 r ) 2 100(1 r ) 3 100(1 r ) 4 100(1 r ) 5

0) * (1 r ) FV (r,5,100, ,1)